SECOND QUARTER 2009

FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEW
Worldwide M&A Declines 40% to US$941 billion l Goldman Sachs Tops Rankings l Estimated Financial Advisory Fees Down 58%

$5

Private Equity firms continued to see major declines in M&A activity during the first half of
2009. First half volume totaled US$32.9 billion in announced transactions, the lowest opening
six month period for buyout activity since the first half of 1997. Registering a 78.8% decline
over the first half of 2008, financial sponsors accounted for just 3.5% of announced
transactions during the first half, the lowest percentage since the first half of 2000.

$4
$3
$2
$1
$0
1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

Government M&A Investments

Cross-border deal activity totaled US$287 billion during the first half of 2009 or 30.5% of
worldwide mergers. Compared to 2008, cross-border merger activity declined 54.5%, with
targets in the United Kingdom, Netherlands and Australia comprising 40% of overall activity.

$500

25%

Q4 Volume (US$b)
$450

Q3 Volume (US$b)

20.9%

Q2 Volume (US$b)

$400

20%

Q1 Volume (US$b)
% of H1 Global M&A

$350

Rank Value (US$b)

Dealmaking activity in the Financials, Materials, and Energy & Power sectors combined for
55.5% of worldwide M&A activity during the first half of 2009. Healthcare and Materials deals
were the only sectors to see year-over-year gains, by value. Activity in the Materials,
Financials, Industrials, and High Technology sectors topped all industry groups, by number,
with over 2,000 deals announced during the first half of 2009. During the first half, dealmaking
activity was marked by continued government investments in major financial institutions as
well as increased activity by government-controlled corporates. Overall investments by
government entities totaled US$196.9 billion during the first six months of 2009, or 20.9% of
worldwide M&A, the largest percentage on record.

Americas
EMEA
Asia Pacific (ex Central Asia)
Japan

$6

$300

15%

$250
10.1%

9.8%

$200
$150

5.7%

6.3%
4.9%

4.7%

$100
$50

10%

8.4%

3.2%

5%

2.9%

2.0%

$0

0%

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

https://www.thomsonone.com
1 of 36

% of Global M&A

M&A activity in the United States fell 49.2% below the first half of 2008 with US$289.4 billion
in announced deals. Slightly offsetting the decline in the United States was the 19.4%
increase in Canadian M&A activity which brought Americas M&A to US$374.6 billion for the
first half of 2009, a 45.7% decrease over last year. M&A activity in Europe declined 42.5%
over the year-ago period reaching US$310 billion during the first half of 2009. Companies in
Africa/Middle East saw the lowest year-over-year declines for M&A, registering a 3.2% decline
over 2008. Deals in Asia-Pacific fell 28.4% during the first half of 2009 despite strong deal
activity in Australia, while deal activity in Japan decreased 20.4%.

Worldwide Fee Volume By Target Region

$7

Rank Value (US$b)

The volume of worldwide mergers and acquisitions totaled US$941 billion in announced deals
during the first half of 2009, a decrease of 40.2% from 2008 totals and the lowest level for
deal activity for an opening six month period since the first half of 2004. M&A activity during
the second quarter of 2009 totaled US$466.6 billion, a slight decrease from the first quarter
and the slowest quarter for worldwide deal activity since the third quarter of 2004. Far
outpacing the declines in new deal announcements, imputed fees for completed M&A financial
advisory assignments fell 57.6% to US$7.9 billion during the first six months of 2009
compared to US$18.7 billion last year according to Thomson Reuters/Freeman & Co.
Estimated fees for deals completed during the second quarter of 2009 totaled US$3.4 billion,
the lowest quarterly total for completed M&A fees since records began in 1998.

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Mergers & Acquisitions
Top Worldwide Announced M&A Advisors by Target Industry
Rank Val
US$m
Financials
Citi
UBS
Credit Suisse
Materials
Goldman Sachs & Co
Lazard
Morgan Stanley
Energy and Power
Deutsche Bank AG
JP Morgan
Citi
Healthcare
Goldman Sachs & Co
JP Morgan
Morgan Stanley
Telecommunications
Bank of America Merrill Lynch
Deutsche Bank AG
Standard Chartered PLC

Rank

204,694.1
95,144.7
91,414.7
88,512.9
162,583.4
108,454.6
102,728.1
65,682.8
155,303.9
53,870.0
43,168.4
41,783.2
140,235.3
120,480.5
117,957.8
115,455.0
51,606.7
21,984.2
21,032.7
20,162.6

Mkt.
Share

1
2
3

46.5
44.7
43.2

1
2
3

66.7
63.2
40.4

1
2
3

34.7
27.8
26.9

1
2
3

85.9
84.1
82.3

1
2
3

42.6
40.8
39.1

Worldwide Announced M&A by Target Industry
January 1 - June 30

No.
Deals
2,345
25
30
22
2,359
12
7
12
1,469
21
16
14
876
11
11
6
374
3
6
2

1%
3% 2%

Financials

4%

Materials

22%

4%

Energy and Power
5%

Healthcare
Telecommunications

5%

Consumer Staples
High Technology

5%

Real Estate
17%

Media and Entertainment
15%

Consumer Products and Services
Retail
17%

Government and Agencies

Worldwide Completed M&A (AF1) - Imputed Fees

US Completed M&A (AF2) - Imputed Fees

1/1/2009 - 6/30/2009
Imputed Fees
Mkt.
No.
Deals
Financial Advisor
US$m Rank
Share
97
1
6.4
Goldman Sachs & Co
504.2
101
344.5
2
4.4
Citi
3
4.1
106
Morgan Stanley
324.7
4
3.7
105
UBS
288.6
5
3.6
101
284.8
JP Morgan
6
3.5
78
274.5
Bank of America Merrill Lynch
85
7
3.2
251.2
Deutsche Bank AG
2.5
77
8
194.4
Credit Suisse
2.4
Rothschild
187.4
9
99
2.3
182.6 10
76
Lazard
7,910.7
100.0 12,198
Industry Total
-

1/1/2009 - 6/30/2009
Mkt.
Imputed Fees
Financial Advisor
US$m Rank
Share
10.0
Goldman Sachs & Co
241.4
1
6.1
Citi
148.8
2
148.6
3
Morgan Stanley
6.1
Bank of America Merrill Lynch
6.1
146.9
4
UBS
89.2 5*
3.7
89.2 5*
Barclays Capital
3.7
60.5
2.5
JP Morgan
7
49.5
2.0
8
Houlihan Lokey Howard & Zukin
44.7
1.8
Lazard
9
Deutsche Bank AG
41.2 10
1.7
Industry Total
2,426.9
100.0

1/1/2008 - 6/30/2008
Imputed Fees
% Change in
US$m
Rank
Fees
1
1,171.8
-57.0 ▼
7
594.6
-42.1 ▼
5
721.1
-55.0 ▼
750.1
4
-61.5 ▼
2
-63.1 ▼
771.7
750.5
3
-63.4 ▼
487.6
8
-48.5 ▼
719.4
6
-73.0 ▼
9
-50.5 ▼
378.5
344.5
11
-47.0 ▼
18,673.6
-57.6 ▼

Industrials

No.
Deals
31
22
33
34
30
15
21
25
20
15
2,760

1/1/2008 - 6/30/2008
Imputed Fees
% Change in
US$m
Fees
Rank
690.1
-65.0 ▼
1
4.1 ▲
143.0
10
3
-56.3 ▼
340.4
343.6
2
-57.2 ▼
7
245.7
-63.7 ▼
6
250.0
-64.3 ▼
331.5
4
-81.7 ▼
110.2
11
-55.1 ▼
168.2
9
-73.4 ▼
172.1
8
-76.1 ▼
6,298.9
-61.5 ▼

Source: Thomson Reuters/Freeman & Co.

Source: Thomson Reuters/Freeman & Co.

https://www.thomsonone.com
2 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Mergers & Acquisitions
Scorecard: Worldwide Announced M&A
1/1/2009 - 6/30/2009
Target Region/Nation
Worldwide
Americas
Caribbean
Central America
Mexico
North America
United States
Canada
South America
Brazil
Colombia
Africa/Middle East
Middle East
North Africa
Sub-Saharan Africa
Europe
Eastern Europe
Western Europe
United Kingdom
Netherlands
Spain
Asia-Pacific
Australasia
Australia
New Zealand
South East Asia
Singapore
Malaysia
North Asia
China
South Korea
South Asia
Central Asia
Japan

Rank Val US$m No. Deals
941,037.2
374,602.4
5,550.5
1,081.7
897.5
325,093.6
289,363.3
35,730.3
42,876.7
28,598.4
4,941.1
24,716.4
3,366.7
2,372.6
18,977.1
310,009.6
18,035.2
291,974.4
134,022.1
36,797.9
31,218.2
196,874.1
88,087.5
87,494.4
492.0
18,559.2
5,932.2
4,425.3
66,142.9
38,287.7
15,078.1
17,434.6
6,650.0
34,834.7

17,389
5,223
70
108
83
4,549
3,506
1,043
496
187
50
366
151
40
175
5,984
1,877
4,107
870
219
378
4,575
908
828
65
972
161
320
2,082
1,104
552
579
34
1,240

Scorecard: Worldwide Completed M&A
1/1/2008 - 6/30/2008
Rank Val
No. Deals
US$m
1,573,324.6
689,804.3
8,021.4
22,592.3
21,972.1
598,982.2
569,065.4
29,916.8
60,208.4
50,204.8
2,105.4
25,536.5
9,892.5
4,789.7
10,854.4
539,105.6
72,458.7
466,647.0
92,929.1
21,157.6
22,164.0
275,117.9
53,279.5
50,654.9
1,928.2
49,943.8
16,928.1
14,269.9
140,330.6
62,329.1
20,128.2
27,200.0
4,364.0
43,760.2

20,342
6,852
79
124
100
6,014
4,949
1,065
635
402
38
498
194
58
246
6,747
1,147
5,600
1,572
299
389
4,981
1,142
986
132
1,006
199
416
2,230
1,392
340
560
43
1,264

1/1/2009 - 6/30/2009
% Change in
Rank Value
-40.2
-45.7
-30.8
-95.2
-95.9
-45.7
-49.2
19.4
-28.8
-43.0
134.7
-3.2
-66.0
-50.5
74.8
-42.5
-75.1
-37.4
44.2
73.9
40.9
-28.4
65.3
72.7
-74.5
-62.8
-65.0
-69.0
-52.9
-38.6
-25.1
-35.9
52.4
-20.4


































Target Region/Nation
Worldwide
Americas
Caribbean
Central America
Mexico
North America
United States
Canada
South America
Brazil
Colombia
Africa/Middle East
Middle East
North Africa
Sub-Saharan Africa
Europe
Eastern Europe
Western Europe
United Kingdom
Spain
Germany
Asia-Pacific
Australasia
Australia
New Zealand
South East Asia
Philippines
Singapore
North Asia
China
South Korea
South Asia
Central Asia
Japan

Rank Val US$m No. Deals
728,598.5
352,482.2
2,057.4
404.8
321.2
299,217.4
289,486.8
9,730.6
50,802.6
37,415.9
4,981.7
9,388.9
2,168.5
2,682.2
4,538.2
264,735.7
16,197.2
248,538.5
89,704.0
54,982.8
32,303.4
79,606.7
17,677.2
16,582.0
1,071.7
18,202.2
6,783.1
5,106.3
33,523.3
18,083.6
9,562.0
7,265.6
2,938.4
22,385.1

12,198
3,827
48
58
41
3,392
2,760
632
329
136
36
228
109
24
95
4,796
1,521
3,275
714
321
412
2,472
617
565
47
629
34
118
875
349
363
338
13
875

1/1/2008 - 6/30/2008
Rank Val
No. Deals
US$m
1,436,332.8
546,765.9
23,054.0
20,742.6
20,279.2
460,510.1
412,967.7
47,542.4
42,459.1
33,062.1
2,501.5
37,350.2
6,158.2
17,430.3
13,761.7
656,594.7
78,337.0
578,257.6
160,866.6
46,415.5
34,225.1
141,426.7
37,892.2
36,594.0
1,292.9
40,587.4
2,857.5
12,659.8
45,852.9
13,533.8
18,655.2
14,462.6
2,631.6
54,195.3

15,322
5,636
59
79
57
5,026
4,277
749
472
321
24
304
131
40
133
5,436
865
4,571
1,383
361
528
2,742
826
718
100
644
53
126
868
413
230
383
21
1,204

% Change in
Rank Value
-49.3
-35.5
-91.1
-98.0
-98.4
-35.0
-29.9
-79.5
19.7
13.2
99.1
-74.9
-64.8
-84.6
-67.0
-59.7
-79.3
-57.0
-44.2
18.5
-5.6
-43.7
-53.3
-54.7
-17.1
-55.2
137.4
-59.7
-26.9
33.6
-48.7
-49.8
11.7
-58.7


































https://www.thomsonone.com
3 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Worldwide Rankings

Worldwide Announced (AD1)

Financial Advisor
Goldman Sachs & Co
Morgan Stanley
JP Morgan
Citi
Deutsche Bank AG
Bank of America Merrill Lynch
Lazard
UBS
Credit Suisse
Barclays Capital
Evercore Partners
Gresham Partners
Rothschild
RBC Capital Markets
Santander
Nomura
Standard Chartered PLC
Mediobanca
BNP Paribas SA
CIBC World Markets Inc
RBS
HSBC Holdings PLC
ING
Perella Weinberg Partners LP
Centerview Partners LLC
Subtotal without Financial Advisor
Subtotal with Financial Advisor
Industry Total
* tie

1/1/2009 - 6/30/2009
Mkt.
Rank Value
No.
US$m Rank
Deals
Share
1
343,103.5
36.5
112
35.2
119
2
331,121.3
3
32.2
118
302,908.5
4
26.0
112
244,990.1
5
100
22.6
212,614.0
6
19.1
94
179,835.3
82
171,521.6
7
18.2
121
169,612.9
8
18.0
97
160,015.2
9
17.0
33
11.8
111,231.2 10
76,053.0 11
8.1
9
6.3
58,879.5 12
5
43,304.3 13
4.6
95
4.0
37,360.8 14
41
3.4
31,715.0 15
22
25,521.7 16
2.7
84
2.5
23,010.7 17
11
2.4
22,354.8 18
19
21,220.0 19
2.3
36
2.2
16
20,262.0 20
2.1
35
19,573.9 21
26
1.8
16,457.4 22
32
16,449.7 23
1.8
1.5
3
14,149.1 24
13,506.7 25
1.4
2
15.1 14,896
141,872.9
2,493
84.9
799,164.4
100.0 17,389
941,037.2
-

Worldwide Completed (AF1)
1/1/2008 - 6/30/2008
Rank Value
US$m Rank
1
548,879.7
8
277,272.2
435,883.3
3
480,982.8
2
341,416.0
4
338,187.2
5
119,339.5 12
297,882.4
6
284,717.8
7
240,872.0
9
72,274.2 16
1,151.2 134
102,568.3 13
13,279.6 37
6,630.4 50
74,070.4 15
3,351.1 73
50,197.9 20
146,563.9 11
4,145.7 66
54,618.3 18
30,599.2 24
10,107.0 43
3,077.3 76
176,289.2 10
247,378.5
1,325,946.1
1,573,324.6

% Chg. in
Rank Val
-37.5 ▼
19.4 ▲
-30.5 ▼
-49.1 ▼
-37.7 ▼
-46.8 ▼
43.7 ▲
-43.1 ▼
-43.8 ▼
-53.8 ▼
5.2 ▲
5,014.6 ▲
-57.8 ▼
181.3 ▲
378.3 ▲
-65.5 ▼
586.7 ▲
-55.5 ▼
-85.5 ▼
388.7 ▲
-64.2 ▼
-46.2 ▼
62.8 ▲
359.8 ▲
-92.3 ▼
-42.6 ▼
-39.7 ▼
-40.2 ▼

Financial Advisor
Citi
Goldman Sachs & Co
Morgan Stanley
Bank of America Merrill Lynch
UBS
Deutsche Bank AG
JP Morgan
Lazard
BNP Paribas SA
Credit Suisse
Commerzbank AG
Rothschild
Greenhill & Co, LLC
Evercore Partners
Santander
FPKCCW
JC Flowers & Co LLC
Wells Fargo & Co
RBS
KPMG
Mediobanca
Barclays Capital
Societe Generale
Nomura
Perella Weinberg Partners LP
Subtotal without Financial Advisor
Subtotal with Financial Advisor
Industry Total

1/1/2009 - 6/30/2009
Rank Value
Mkt.
No.
Share
US$m Rank
Deals
1
281,782.3
38.7
100
96
262,248.8
2
36.0
3
33.1
241,232.4
101
222,312.4
78
30.5
4
180,004.2
24.7
5
103
85
148,566.8
6
20.4
7
101
147,228.8
20.2
8
75
18.1
132,000.6
41
130,613.1
9
17.9
128,558.6 10
17.6
77
85,902.7 11
11.8
14
57,667.7 12
7.9
99
8
52,737.9 13
7.2
50,629.0 14
7.0
11
6.9
50,172.6 15
20
6.7
48,766.2 16*
2
6.7
48,766.2 16*
1
6.6
7
47,957.9 18
46,315.9 19
6.4
30
46,286.0 20
84
6.4
5.2
37,587.7 21
18
37,272.4 22
5.1
19
13
29,356.3 23
4.0
56
27,310.5 24
3.8
5
27,207.5 25
3.7
12.5 10,185
91,193.5
2,013
87.5
637,405.0
100.0 12,198
728,598.5

1/1/2008 - 6/30/2008
Rank Value
US$m Rank
3
381,808.7
430,717.8
1
285,383.1
5
265,914.5
7
258,102.0
8
279,889.8
6
2
414,919.4
71,381.4 13
59,931.1 14
4
353,745.7
13,874.8 44
114,743.8 12
24,735.4 30
5,991.6 61
30,150.6 23
1,278.6 140
6,826.2 59
50,303.0 16
29,634.4 24
57,098.6 15
194,210.6
9
11,910.6 51
136,365.1 10
36,732.5 21
171,224.1
1,265,108.7
1,436,332.8
-

% Chg. in
Rank Val
-26.2 ▼
-39.1 ▼
-15.5 ▼
-16.4 ▼
-30.3 ▼
-46.9 ▼
-64.5 ▼
84.9 ▲
117.9 ▲
-63.7 ▼
519.1 ▲
-49.7 ▼
113.2 ▲
745.0 ▲
66.4 ▲
3,714.0 ▲
- 602.6 ▲
-7.9 ▼
56.2 ▲
-34.2 ▼
-80.8 ▼
146.5 ▲
-80.0 ▼
-25.9 ▼
-46.7 ▼
-49.6 ▼
-49.3 ▼

* tie

https://www.thomsonone.com
4 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Worldwide Rankings

Worldwide Announced M&A - ECM Roles (AH)

Financial Advisor
JP Morgan
UBS
Goldman Sachs & Co
Deutsche Bank AG
RBS
Bank of America Merrill Lynch
TD Securities Inc
Citi
Oriel Securities Limited
Canaccord Capital Corp
Industry Total

1/1/2009 - 6/30/2009
Rank Value
Mkt.
US$m Rank
Share
88.4
64,706.3
1
69.0
50,544.8
2
65.3
47,785.5
3
43,005.1
4
58.7
7,795.8
5*
10.7
7,795.8
5*
10.7
6.8
4,938.4
7*
7*
4,938.4
6.8
.7
9
500.7
.4
10
280.0
100.0
73,215.0

No.
Deals
10
5
3
2
2
2
1
1
1
1
26

1/1/2008 - 6/30/2008
Rank Value
US$m
Rank
1
23,940.7
13,534.2
4
7
2,842.3
14,383.7
3
19,266.8
2
465.0
12
20
84.5
9
1,626.0
70,745.5
-

% Chg. In
Rank Val
170.3 ▲
273.5 ▲
- 1,413.0 ▲
-45.8 ▼
-59.5 ▼
- 962.0 ▲
492.5 ▲
-82.8 ▼
3.5 ▲

No.
Deals
5
3
6
7
1
1
1
1
1
1
25

1/1/2008 - 6/30/2008
Rank Value
Rank
US$m
38,662.0
3
4
31,847.9
1
75,312.2
48,412.6
2
30,777.8
5
22,372.2
7
1,195.2
12
1,626.0
11
160,571.1
-

Chg. In
Rank Val
50.4 ▲
52.9 ▲
-43.9 ▼
-59.3 ▼
-75.6 ▼
- -97.8 ▼
-58.1 ▼
- -82.8 ▼
-59.2 ▼

* tie

Worldwide Completed M&A - ECM Roles (AI)

Financial Advisor
Bank of America Merrill Lynch
Citi
UBS
JP Morgan
RBS
Access Capital Ltd
Deutsche Bank AG
Oriel Securities Limited
Goldman Sachs & Co
Canaccord Capital Corp
Industry Total

1/1/2009 - 6/30/2009
Mkt.
Rank Value
Share
US$m Rank
88.7
1
58,154.1
74.3
2
48,684.9
64.5
3
42,249.4
4
30.1
19,697.6
5
11.5
7,517.6
1.5
987.2
6
.8
500.7
7*
.8
500.7
7*
.5
9
342.6
10
.4
280.0
100.0
65,540.1

* tie

https://www.thomsonone.com
5 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Worldwide Analysis
Top Fifteen Worldwide Announced Deals
Rank Date
1/26/2009
6/5/2009
3/9/2009
6/24/2009
3/7/2009
2/26/2009
3/23/2009
5/4/2009
2/20/2009
6/11/2009
1/12/2009
5/25/2009
2/23/2009
4/20/2009
2/26/2009

Date Effective
Pending
Pending
Pending
Intended
Pending
Pending
Pending
Pending
6/25/2009
Pending
Pending
Pending
Pending
Pending
Pending

Target (% Sought/Acquired)
Wyeth (100%)
Rio Tinto PLC-WA Iron Ore Asts (100%)
Schering-Plough Corp (100%)
Anglo American PLC (100%)
Lloyds Banking Group PLC (12%)
RBS (25%)
Petro-Canada (100%)
Liberty Entertainment (100%)
Endesa SA (25.01%)
Barclays Global Investors Ltd (100%)
Essent NV (100%)
MTN Group Ltd (36%)
Nuon NV (49%)
Pepsi Bottling Group Inc (70.8%)
RBS

Acquiror / Target Nation
United States / United States
Australia / Australia
United States / United States
Switzerland / United Kingdom
United Kingdom / United Kingdom
United Kingdom / United Kingdom
Canada / Canada
United States / United States
Italy / Spain
United States / United States
Germany / Netherlands
India / South Africa
Sweden / Netherlands
United States / United States
United Kingdom / United Kingdom

Acquiror
Pfizer Inc
BHP Billiton-WA Iron Ore Asts
Merck & Co Inc
Xstrata PLC
HM Treasury
HM Treasury
Suncor Energy Inc
DirecTV Group Inc
Enel SpA
BlackRock Inc
RWE AG
Bharti Airtel Ltd
Vattenfall AB
PepsiCo Inc
HM Treasury

Rank Value (US$m)
64,479.7
58,000.0
45,913.3
42,504.4
22,315.8
18,596.5
18,245.8
14,499.1
13,470.0
13,345.2
12,436.5
11,387.5
10,891.8
9,610.2
9,298.3

Top Worldwide Announced M&A Advisors by Transaction Size (AD1)

$400

Xstrata / Anglo American
BHP Billiton / Rio Tinto (Joint Venture)
Pfizer / Wyeth
Merck / Schering-Plough
Other Top 15 Worldwide Announced Deals
All Other Transactions

$350

$300

Rank Value (US$b)

Target Macro / Mid Industry
Healthcare / Pharmaceuticals
Materials / Metals & Mining
Healthcare / Pharmaceuticals
Materials / Metals & Mining
Financials / Banks
Financials / Banks
Energy & Power / Oil & Gas
Media and Entertainment / Cable
Energy & Power / Power
Financials / Asset Management
Energy & Power / Power
Telecom / Wireless
Energy & Power / Power
Consumer Staples / Food & Beverage
Financials / Banks

$250

$200

$150

$100

$50

$0
Goldman Sachs & Co

Morgan Stanley

JP Morgan

Citi

Deutsche Bank AG

Bank of America Merrill
Lynch

Lazard

UBS

Credit Suisse

Barclays Capital

https://www.thomsonone.com
6 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Americas M&A
US Volume Decreases YoY | Financials M&A Volume Increases | Withdrawn M&A On The Rise
US Announced M&A by Target Industry

1,800

January 1, 2009 - June 30, 2009

$120

The Healthcare sector remained the leading sector most targeted in the US
with US$130.7 billion in M&A activity. Financials were the next most active
with BlackRock's US$13.4 billion acquisition of Barclays Global Investors
largely contributing to the sector's total of US$38.2 billion.

January 1, 2008 - June 30, 2008
$100

Rank Value (US$b)

M&A activity with US involvement during the first half of 2009 decreased by
57.5% to US$335.6 billion while Canadian M&A increased by 25.1% to
US$60.2 billion compared to the equivalent period last year.

# of Deals

1,600
1,400
1,200

$80

1,000

$60

800
600

$40
400
$20

The ratio of withdrawn to completed deal volume in the Americas was 11.2%
as the total value of withdrawn deals reached US$39.3 billion in 2009. The
deal with the largest impact was Liberty Media's decision to withdraw its
plans to spin off Liberty Entertainment in a deal worth US$14.4 billion.

200

$0

alt
He

0

are
hc

ls
cia
an
n
i
F

Hig

h
ec
hT

no

y
log
erg
En

nd
ya

Po

r
we
n
Co

rS
me
su

ta

s
ple

dia
Me

d
an

ta
ter
En

t
en
inm

ter
Ma

ials

m
om
lec
e
T

ic
un

s
on
ati

Withdrawn M&A in the Americas
January 1 - June 30
$180

US Announced Advisors by Target Industry

15%

Rank Val
(US$m)

$160

11.2%

11.2%

12%

$120

8.5%

8.5%

8.1%

$100

9%

7.2%

6.7%

7.6%

$80
6%

5.1%

4.6%

$60

3.1%

$40

3%

$20
$0

Ratio of Withdrawn to Completed

Rank Value (US$b)

$140

Healthcare
Goldman Sachs & Co
JP Morgan
Morgan Stanley
Financials
Morgan Stanley
Citi
Bank of America Merrill Lynch
High Technology
Credit Suisse
Goldman Sachs & Co
Barclays Capital
Energy and Power
Lazard
Barclays Capital
Credit Suisse

130,722.8
120,122.4
116,220.4
114,669.5
38,176.1
26,306.2
17,800.2
17,695.2
22,318.6
7,913.6
7,723.6
5,290.8
19,072.7
7,191.3
6,944.3
6,622.9

Rank

Mkt.
Share

1
2
3

91.9
88.9
87.7

1
2
3

68.9
46.6
46.4

1
2
3

35.5
34.6
23.7

1
2
3

37.7
36.4
34.7

No.
Deals
321
10
10
5
611
10
8
9
657
9
6
6
267
3
5
4

0%

1999

2000

2001

2002

2003

Rank Value (US$b)

2004

2005

2006

2007

2008

Ratio of Withdrawn to Completed

2009

https://www.thomsonone.com
7 of 36

# of Deals

$140

Americas Deals Intelligence

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Americas Rankings

Any Americas Involvement Announced (AD49)

Financial Advisor
Morgan Stanley
Goldman Sachs & Co
JP Morgan
Citi
Bank of America Merrill Lynch
Barclays Capital
Evercore Partners
Credit Suisse
Deutsche Bank AG
UBS
Lazard
RBC Capital Markets
CIBC World Markets Inc
Rothschild
Centerview Partners LLC
Perella Weinberg Partners LP
Macquarie Group
Santander
Scotiabank-Bank of Nova Scotia
Blackstone Group LP
Banco Bradesco SA
Grant Samuel
HSBC Holdings PLC
Estater Gestao e Financas
TD Securities Inc
Subtotal without Financial Advisor
Subtotal with Financial Advisor
Industry Total
* tie

1/1/2009 - 6/30/2009
Rank Value
Mkt.
US$m Rank
Share
207,104.8
1
48.4
182,559.1
2
42.6
170,031.8
39.7
3
124,827.3
4
29.2
121,867.1
5
28.5
6
26.0
111,099.4
76,053.0
7
17.8
50,151.7
8
11.7
33,296.9
9
7.8
29,804.1 10
7.0
28,360.5 11
6.6
27,406.9 12
6.4
20,059.2 13
4.7
17,192.4 14
4.0
13,506.7 15
3.2
13,345.2 16
3.1
9,821.1 17
2.3
7,945.8 18
1.9
1.8
7,644.3 19
7,144.3 20
1.7
6,638.2 21
1.6
6,455.0 22
1.5
6,288.7 23
1.5
1.5
6,267.5 24
5,986.2 25
1.4
55,754.8
13.0
372,386.3
87.0
428,141.1
100.0
-

No.
Deals
70
60
65
53
58
28
9
48
36
61
34
34
15
36
2
1
14
14
18
7
8
1
11
8
12
5,218
937
6,155

Any Americas Involvement Completed (AF55)
1/1/2008 - 6/30/2008
Rank Value
US$m Rank
199,169.0
8
472,949.6
1
3
328,342.2
391,690.9
2
220,541.4
7
5
240,785.4
72,274.2 14
226,522.9
6
259,953.8
4
183,937.6
9
83,799.9 12
8,769.4 28
4,145.7 38
37,497.3 17
176,289.2 10
235.0 135
4,261.0 36
1,545.8 52
9,387.2 26
5,339.9 33
11,105.0 24
6,756.8 29
462.9 98
2,734.2 45
91,799.2
811,224.3
903,023.4
-

% Chg. in
Rank Val
4.0 ▲
-61.4 ▼
-48.2 ▼
-68.1 ▼
-44.7 ▼
-53.9 ▼
5.2 ▲
-77.9 ▼
-87.2 ▼
-83.8 ▼
-66.2 ▼
212.5 ▲
383.9 ▲
-54.2 ▼
-92.3 ▼
5,578.8 ▲
130.5 ▲
414.0 ▲
-18.6 ▼
33.8 ▲
-40.2 ▼
- -6.9 ▼
1,254.0 ▲
118.9 ▲
-39.3 ▼
-54.1 ▼
-52.6 ▼

Financial Advisor
Goldman Sachs & Co
Morgan Stanley
Citi
Bank of America Merrill Lynch
Deutsche Bank AG
Evercore Partners
BNP Paribas SA
FPKCCW
JC Flowers & Co LLC
Wells Fargo & Co
Greenhill & Co, LLC
UBS
Barclays Capital
RBS
JP Morgan
Itau Unibanco
Credit Suisse
Rothschild
Lazard
Centerview Partners LLC
Perella Weinberg Partners LP
Macquarie Group
BMO Capital Markets
CIBC World Markets Inc
Scotiabank-Bank of Nova Scotia
Subtotal without Financial Advisor
Subtotal with Financial Advisor
Industry Total

1/1/2009 - 6/30/2009
Mkt.
Rank Value
Share
US$m Rank
172,843.7
1
45.2
151,176.7
2
39.6
142,903.1
3
37.4
4
133,629.7
35.0
55,290.2
5
14.5
6
50,384.3
13.2
48,989.8
7
12.8
48,766.2 8*
12.8
48,766.2 8*
12.8
47,957.9 10
12.6
47,088.8 11
12.3
46,172.9 12
12.1
37,140.5 13
9.7
31,916.9 14
8.4
29,879.9 15
7.8
25,855.3 16
6.8
22,903.0 17
6.0
18,685.9 18
4.9
14,052.6 19
3.7
11,617.7 20*
3.0
11,617.7 20*
3.0
8,294.6 22
2.2
4,404.3 23
1.2
1.1
4,248.5 24
3,882.6 25
1.0
10.4
39,593.9
89.6
342,549.1
382,142.9
100.0

No.
Deals
46
61
49
47
26
10
14
2
1
7
6
43
16
7
51
12
36
33
27
1
1
12
17
11
10
3,693
780
4,473

1/1/2008 - 6/30/2008
Rank Value
US$m Rank
1
344,630.1
7
147,193.4
244,869.0
4
115,973.4
9
6
191,795.9
5,057.1 41
9,803.9 30
1,177.7 79
6,826.2 33
12,876.5 26
107,789.1 10
194,210.6
5
11,307.8 27
287,120.8
2
1,539.3 68
248,748.2
3
25,792.6 18
39,166.8 13
8
116,675.0
34,571.8 14
2,915.9 48
30,352.7 15
16,008.7 21
13,336.2 25
72,820.1
702,642.1
775,462.2
-

% Chg. in
Rank Val
-49.8 ▼
2.7 ▲
-41.6 ▼
15.2 ▲
-71.2 ▼
896.3 ▲
399.7 ▲
4,040.8 ▲
- 602.6 ▲
265.7 ▲
-57.2 ▼
-80.9 ▼
182.3 ▲
-89.6 ▼
1,579.7 ▲
-90.8 ▼
-27.6 ▼
-64.1 ▼
-90.0 ▼
-66.4 ▼
184.5 ▲
-85.5 ▼
-73.5 ▼
-70.9 ▼
-45.6 ▼
-51.2 ▼
-50.7 ▼

* tie

https://www.thomsonone.com
8 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Americas Rankings

US Target Announced (AD2)

Financial Advisor
Morgan Stanley
Goldman Sachs & Co
JP Morgan
Bank of America Merrill Lynch
Barclays Capital
Citi
Evercore Partners
Credit Suisse
Lazard
Centerview Partners LLC
UBS
Perella Weinberg Partners LP
Deutsche Bank AG
Blackstone Group LP
Rothschild
RBC Capital Markets
Scotiabank-Bank of Nova Scotia
Qatalyst Partners
Tudor Pickering & Co LLC
Piper Jaffray Cos
Houlihan Lokey Howard & Zukin
Jefferies & Co Inc
Keefe Bruyette & Woods Inc
Allen & Co Inc
Wells Fargo & Co
Subtotal without Financial Advisor
Subtotal with Financial Advisor
Industry Total
* tie

1/1/2009 - 6/30/2009
Rank Value
Mkt.
US$m Rank
Share
175,341.0
1
60.6
159,475.1
2
55.1
150,411.6
52.0
3
39.3
113,841.8
4
109,651.9
5
37.9
35.3
102,180.2
6
7
73,462.6
25.4
8
37,212.0
12.9
24,659.0
9
8.5
13,506.7 10
4.7
4.7
13,451.6 11
4.6
13,345.2 12
3.2
9,213.5 13
2.0
5,650.0 14
5,587.3 15
1.9
1.6
4,532.3 16
1.5
4,452.6 17
1,961.6 18
0.7
0.5
1,547.9 19
0.4
1,098.4 20
1,092.7 21
0.4
0.4
1,012.1 22
0.3
987.6 23
0.3
833.1 24
821.2 25
0.3
9.3
26,980.3
262,383.0
90.7
289,363.3
100.0

US Target Completed (AF2)
No.
Deals
35
43
35
38
25
25
8
29
29
2
43
1
20
5
18
18
3
2
2
10
25
9
13
4
6
2,969
537
3,506

1/1/2008 - 6/30/2008
Rank Value
US$m Rank
155,402.3
6
1
293,196.6
177,627.6
4
204,280.7
3
9
101,958.4
236,575.7
2
70,789.8 12
64,571.8 14
78,724.0 11
63,334.0 15
168,019.7
5
235.0 87
127,696.8
7
4,941.7 26
3,804.9 29
4,037.2 28
2,680.7 33
2,721.6 32
953.1 47
12,515.6 21
12,925.8 20
522.3 56
2,859.3 31
64,810.1 13
54,023.9
515,041.5
569,065.4
-

% Chg. in
Rank Val
12.8 ▲
-45.6 ▼
-15.3 ▼
-44.3 ▼
7.5 ▲
-56.8 ▼
3.8 ▲
-42.4 ▼
-68.7 ▼
-78.7 ▼
-92.0 ▼
5,578.8 ▲
-92.8 ▼
14.3 ▲
46.8 ▲
12.3 ▲
66.1 ▲
- -43.1 ▼
15.2 ▲
-91.3 ▼
-92.2 ▼
89.1 ▲
-70.9 ▼
-98.7 ▼
-50.1 ▼
-49.1 ▼
-49.2 ▼

Financial Advisor
Goldman Sachs & Co
Bank of America Merrill Lynch
Morgan Stanley
Citi
Deutsche Bank AG
FPKCCW
JC Flowers & Co LLC
Wells Fargo & Co
Evercore Partners
BNP Paribas SA
Greenhill & Co, LLC
UBS
Barclays Capital
RBS
JP Morgan
Lazard
Centerview Partners LLC
Perella Weinberg Partners LP
Macquarie Group
Credit Suisse
Keefe Bruyette & Woods Inc
CIBC World Markets Inc
Houlihan Lokey Howard & Zukin
KPMG
Rothschild
Subtotal without Financial Advisor
Subtotal with Financial Advisor
Industry Total

1/1/2009 - 6/30/2009
Rank Value
Mkt.
US$m Rank
Share
1
57.1
165,363.6
44.0
127,278.9
2
43.2
125,125.5
3
4
115,314.9
39.8
17.7
51,336.5
5
48,766.2 6*
16.9
16.9
48,766.2 6*
47,927.9
16.6
8
47,793.8
9
16.5
47,728.1 10
16.5
47,088.8 11
16.3
12.7
36,746.5 12
34,867.5 13
12.0
28,703.0 14
9.9
17,118.7 15
5.9
11,787.2 16
4.1
4.0
11,617.7 17*
11,617.7 17*
4.0
2.4
7,036.7 19
3,943.7 20
1.4
1.0
3,001.9 21
2,500.0 22
0.9
2,265.4 23
0.8
1,916.2 24
0.7
0.5
1,503.8 25
20,311.6
7.0
93.0
269,175.2
289,486.8
100.0

No.
Deals
30
34
33
21
15
2
1
6
9
3
5
29
13
3
21
19
1
1
2
14
12
1
25
6
13
2,308
452
2,760

1/1/2008 - 6/30/2008
Rank Value
% Chg. in
Rank Val
US$m Rank
170,111.3
1
-2.8 ▼
83,241.6
4
52.9 ▲
17.4 ▲
3
106,589.5
69,656.3
6
65.5 ▲
69,263.3
7
-25.9 ▼
16,481.5 ▲
294.1 86
- 602.1 ▲
6,826.2 20
4,196.3 25
1,039.0 ▲
5,896.9 22
709.4 ▲
8,410.2 18
459.9 ▲
-46.0 ▼
68,077.7
8
55,530.0
-37.2 ▼
9
1,658.1 36
1,631.1 ▲
123,626.6
-86.2 ▼
2
28,272.9 10
-58.3 ▼
3,719.8 27
212.3 ▲
305.3 82
3,705.3 ▲
431.7 71
1,530.0 ▲
79,687.8
5
-95.1 ▼
14,996.0 14
-80.0 ▼
53.7 ▲
1,626.5 38
-86.0 ▼
16,193.3 13
-26.3 ▼
2,600.1 34
3,524.2 28
-57.3 ▼
45,623.7
-55.5 ▼
367,344.0
-26.7 ▼
412,967.7
-29.9 ▼

* tie

https://www.thomsonone.com
9 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Americas Rankings

Any US Involvement Announced (AD41)

Financial Advisor
Morgan Stanley
Goldman Sachs & Co
JP Morgan
Bank of America Merrill Lynch
Citi
Barclays Capital
Evercore Partners
Credit Suisse
Lazard
UBS
Centerview Partners LLC
Perella Weinberg Partners LP
Deutsche Bank AG
Blackstone Group LP
Rothschild
Scotiabank-Bank of Nova Scotia
TD Securities Inc
RBC Capital Markets
Nomura
HSBC Holdings PLC
Qatalyst Partners
ING
BMO Capital Markets
Tudor Pickering & Co LLC
Cowen & Co
Subtotal without Financial Advisor
Subtotal with Financial Advisor
Industry Total
* tie

1/1/2009 - 6/30/2009
Mkt.
Rank Value
US$m Rank
Share
1
54.4
182,417.9
2
174,602.9
52.0
3
161,464.4
48.1
4
117,857.9
35.1
116,645.4
5
34.8
6
111,099.4
33.1
76,053.0
7
22.7
8
11.6
39,068.0
9
26,459.0
7.9
16,751.5 10
5.0
13,506.7 11
4.0
13,345.2 12
4.0
12,587.9 13
3.8
2.1
7,144.3 14
6,284.4 15
1.9
5,639.1 16
1.7
1.6
5,500.6 17
4,622.9 18
1.4
3,158.1 19
0.9
0.7
2,294.1 20
0.6
1,961.6 21
0.5
1,800.0 22
1,776.6 23
0.5
0.5
1,547.9 24
0.3
1,127.8 25
10.4
34,876.8
300,681.5
89.6
335,558.3
100.0

Any US Involvement Completed (AF48)
No.
Deals
54
55
53
52
41
28
9
36
30
54
2
1
30
7
27
6
5
19
6
4
2
2
6
2
3
3,787
726
4,513

1/1/2008 - 6/30/2008
Rank Value
US$m Rank
184,626.3
8
1
436,652.2
3
313,491.6
6
218,450.1
2
365,158.7
223,888.0
5
72,274.2 14
7
190,610.6
80,976.6 12
173,108.1 10
176,289.2
9
235.0 115
255,391.8
4
5,339.9 29
10,712.5 22
8,233.1 24
787.6 68
5,574.0 25
10,091.3 23
4,856.8 32
155.0 136
320.8 97
2,721.6 38
967.2 60
68,381.6
721,352.1
789,733.7
-

% Chg. in
Rank Val
-1.2 ▼
-60.0 ▼
-48.5 ▼
-46.0 ▼
-68.1 ▼
-50.4 ▼
5.2 ▲
-79.5 ▼
-67.3 ▼
-90.3 ▼
-92.3 ▼
5,578.8 ▲
-95.1 ▼
33.8 ▲
-41.3 ▼
-31.5 ▼
598.4 ▲
-17.1 ▼
-68.7 ▼
-52.8 ▼
- 1,061.3 ▲
453.8 ▲
-43.1 ▼
16.6 ▲
-49.0 ▼
-58.3 ▼
-57.5 ▼

Financial Advisor
Goldman Sachs & Co
Morgan Stanley
Bank of America Merrill Lynch
Citi
Deutsche Bank AG
Evercore Partners
FPKCCW
JC Flowers & Co LLC
BNP Paribas SA
Wells Fargo & Co
Greenhill & Co, LLC
UBS
Barclays Capital
RBS
JP Morgan
Lazard
Centerview Partners LLC
Perella Weinberg Partners LP
Macquarie Group
Credit Suisse
Keefe Bruyette & Woods Inc
Blackstone Group LP
CIBC World Markets Inc
Houlihan Lokey Howard & Zukin
KPMG
Subtotal without Financial Advisor
Subtotal with Financial Advisor
Industry Total

1/1/2009 - 6/30/2009
Rank Value
Mkt.
US$m Rank
Share
171,182.1
53.5
1
41.6
2
133,104.6
40.9
3
130,753.8
4
37.6
120,375.2
5
16.5
52,807.4
15.7
50,384.3
6
15.2
48,766.2 7*
48,766.2 7*
15.2
48,241.8
15.1
9
47,927.9 10
15.0
14.7
47,088.8 11
41,849.8 12
13.1
37,140.5 13
11.6
28,789.9 14
9.0
24,183.3 15
7.6
13,645.1 16
4.3
11,617.7 17*
3.6
11,617.7 17*
3.6
2.3
7,246.5 19
4,442.9 20
1.4
3,001.9 21
0.9
2,883.3 22
0.9
2,507.0 23
0.8
2,267.4 24
0.7
2,051.2 25
0.6
26,992.9
8.4
91.6
293,086.2
100.0
320,079.1

No.
Deals
41
46
43
30
22
10
2
1
12
6
6
39
16
5
44
24
1
1
4
18
12
7
2
26
13
2,875
614
3,489

1/1/2008 - 6/30/2008
Rank Value
% Chg. in
Rank Val
US$m Rank
-44.2 ▼
307,004.6
1
-8.1 ▼
7
144,844.5
93,920.7 10
39.2 ▲
3
221,411.9
-45.6 ▼
187,233.9
5
-71.8 ▼
5,057.1 35
896.3 ▲
16,481.5 ▲
294.1 114
- 8,776.5 27
449.7 ▲
6,826.2 29
602.1 ▲
12,876.5 24
265.7 ▲
9
-58.1 ▼
99,988.1
176,739.7
6
-79.0 ▼
192.5 ▲
9,841.2 25
-91.1 ▼
2
273,107.8
-63.9 ▼
37,807.7 11
8
-90.0 ▼
116,675.0
-37.4 ▼
18,571.8 18
493.9 94
1,367.2 ▲
209,013.7
4
-97.9 ▼
15,143.0 20
-80.2 ▼
-85.5 ▼
19,817.2 17
2,375.1 47
5.6 ▲
-86.2 ▼
16,379.4 19
-47.9 ▼
3,938.0 40
-54.3 ▼
59,092.3
589,850.5
-50.3 ▼
648,942.8
-50.7 ▼

* tie

https://www.thomsonone.com
10 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Americas Rankings

Any Canadian Involvement Announced (AD42)

Financial Advisor
RBC Capital Markets
Morgan Stanley
CIBC World Markets Inc
Deutsche Bank AG
Goldman Sachs & Co
Rothschild
Macquarie Group
JP Morgan
Grant Samuel
Scotiabank-Bank of Nova Scotia
TD Securities Inc
Citi
BMO Capital Markets
UBS
HSBC Holdings PLC
Genuity Capital Markets
FirstEnergy Capital Corp
National Bank Financial Inc
GMP Capital Corp
Tristone Capital Advisors Inc
IMAP
Peters & Co Ltd
Financial Technology Partners
Bank of America Merrill Lynch
Cormark Securities Inc
Subtotal without Financial Advisor
Subtotal with Financial Advisor
Industry Total
* tie

1/1/2009 - 6/30/2009
Mkt.
Rank Value
Share
US$m Rank
1
26,991.3
44.8
2
23,957.4
39.8
3
33.3
20,059.2
4
18,746.5
31.2
28.4
17,079.9
5
10,760.7
6
17.9
16.3
9,821.1
7
7,443.8
12.4
8
9
10.7
6,455.0
10.7
6,415.5 10
5,986.2 11
10.0
9.4
5,635.8 12
5.8
3,468.6 13
2,902.5 14
4.8
3.8
2,267.8 15
3.1
1,887.3 16
1,649.2 17
2.7
624.7 18
1.0
458.4 19
0.8
398.2 20
0.7
386.3 21
0.6
376.9 22
0.6
370.0 23
0.6
358.1 24
0.6
340.8 25
0.6
7,142.6
11.9
53,045.5
88.1
60,188.1
100.0

No.
Deals
17
10
15
2
9
7
14
5
1
15
11
3
22
4
1
4
8
5
9
4
2
7
1
1
6
1,324
166
1,490

Any Canadian Involvement Completed (AF49)
1/1/2008 - 6/30/2008
Rank Value
US$m Rank
6,373.0
3
6
4,282.4
4,145.7
7
8,504.1
1
6,235.0
4
2,272.0 13
1,584.4 17
780.7 22
3,747.5
9
2,384.2 11
488.5 27
2,321.0 12
2,222.6 14
158.7 36
1,901.2 15
1,121.3 19
2,408.0 10
835.3 21
0.0 77*
692.0 25
6,510.8
2
342.8 28
11,709.6
36,392.7
48,102.3

% Chg. in
Rank Val
323.5 ▲
459.4 ▲
383.9 ▲
120.4 ▲
173.9 ▲
373.6 ▲
519.9 ▲
853.5 ▲
- 71.2 ▲
151.1 ▲
1,053.7 ▲
49.4 ▲
30.6 ▲
- 1,089.2 ▲
-13.3 ▼
-44.3 ▼
-81.0 ▼
-52.3 ▼
- -45.5 ▼
- -94.5 ▼
-0.6 ▼
-39.0 ▼
45.8 ▲
25.1 ▲

Financial Advisor
Macquarie Group
Morgan Stanley
CIBC World Markets Inc
BMO Capital Markets
Scotiabank-Bank of Nova Scotia
FirstEnergy Capital Corp
TD Securities Inc
RBC Capital Markets
Peters & Co Ltd
Cormark Securities Inc
Bank of America Merrill Lynch
Credit Suisse
Goldman Sachs & Co
Deutsche Bank AG
Citi
UBS
Lazard
GMP Capital Corp
JP Morgan
Brookfield Finl RE Grp
M&A International
Blackstone Group LP
Genuity Capital Markets
Canaccord Capital Corp
Rothschild
Subtotal without Financial Advisor
Subtotal with Financial Advisor
Industry Total

1/1/2009 - 6/30/2009
Rank Value
Mkt.
Share
US$m Rank
33.2
7,974.6
1
33.0
7,921.9
2
17.7
3
4,248.5
13.4
3,210.2
4
2,835.8
5
11.8
1,882.2
6
7.8
1,771.3
7
7.4
7.1
1,702.7
8
6.2
1,497.2
9
5.5
1,320.8 10
3.3
784.7 11
617.1 12
2.6
528.1 13
2.2
2.1
500.7 14
496.0 15
2.1
448.6 16
1.9
432.9 17
1.8
381.6 18
1.6
354.5 19
1.5
321.9 20
1.3
318.0 21
1.3
308.5 22
1.3
1.0
227.7 23
219.8 24
0.9
150.0 25
0.6
4,405.3
18.3
19,615.1
81.7
24,020.5
100.0

No.
Deals
10
6
11
13
8
4
17
11
3
3
3
1
4
1
2
3
3
5
3
2
1
1
4
6
3
735
125
860

1/1/2008 - 6/30/2008
Rank Value
US$m Rank
2,332.0 23
8
18,540.2
14,382.1 11
30,128.9
5
9,262.9 13
1,926.3 24
1
39,053.6
37,464.6
2
1,503.2 30
6,887.6 14
6,593.9 15
20,965.2
7
4,702.0 18
30,178.9
4
21,398.9
6
5,746.2 16
2,787.2 20
31,760.4
3
0.0 73*
21.6 64
18,266.5 9*
2,573.4 21
867.1 33
1,812.5 25
7,724.2
85,560.6
93,284.7
-

% Chg. in
Rank Val
242.0 ▲
-57.3 ▼
-70.5 ▼
-89.3 ▼
-69.4 ▼
-2.3 ▼
-95.5 ▼
-95.5 ▼
-0.4 ▼
- -88.6 ▼
-90.6 ▼
-97.5 ▼
-89.4 ▼
-98.4 ▼
-97.9 ▼
-92.5 ▼
-86.3 ▼
-98.9 ▼
- 1,372.2 ▲
-98.3 ▼
-91.2 ▼
-74.7 ▼
-91.7 ▼
-43.0 ▼
-77.1 ▼
-74.3 ▼

* tie

https://www.thomsonone.com
11 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Americas Analysis
Top Ten US Announced Deals
Rank Date
1/26/2009
3/9/2009
5/4/2009
6/11/2009
4/20/2009
5/13/2009
5/20/2009
4/20/2009
4/29/2009
4/13/2009

Date Effective
Pending
Pending
Pending
Pending
Pending
Pending
6/3/2009
Pending
Pending
Pending

Target (% Sought/Acquired)
Wyeth (100%)
Schering-Plough Corp (100%)
Liberty Entertainment (100%)
Barclays Global Investors Ltd (100%)
Pepsi Bottling Group Inc (70.8%)
Verizon Commun Inc-Local (100%)
GMAC LLC
Sun Microsystems Inc (100%)
TEPPCO Partners LP (100%)
NextRx Inc (100%)

Acquiror
Pfizer Inc
Merck & Co Inc
DirecTV Group Inc
BlackRock Inc
PepsiCo Inc
Frontier Communications Corp
US Dept of the Treasury
Oracle Corp
Enterprise Products Partners
Express Scripts Inc

Acquiror / Target Nation
United States / United States
United States / United States
United States / United States
United States / United States
United States / United States
United States / United States
United States / United States
United States / United States
United States / United States
United States / United States

Rank Value (US$m)
64,479.7
45,913.3
14,499.1
13,345.2
9,610.2
8,583.0
7,500.0
5,859.2
5,858.3
4,675.0

Target Macro / Mid Industry
Healthcare / Pharmaceuticals
Healthcare / Pharmaceuticals
Media & Entertainment / Cable
Financials / Asset Management
Consumer Staples / Food & Beverage
Telecom / Telecom Services
Financials / Credit Institutions
High Technology / Electronics
Energy & Power / Oil & Gas
Healthcare / Healthcare Providers & Services

Top 10 US Announced M&A Advisors by Target Industry (AD2)
100%
90%

% Volume Composition

80%
70%
60%
50%
40%
30%
20%
10%
0%

Morgan Stanley

Goldman Sachs & Co

JP Morgan

Bank of America
Merrill Lynch

Barclays Capital

Citi

Evercore Partners

Credit Suisse

Lazard

Consumer Products and Services

Consumer Staples

Energy and Power

Financials

Government and Agencies

Healthcare

High Technology

Industrials

Materials

Media and Entertainment

Real Estate

Retail

Telecommunications

Centerview Partners
LLC

https://www.thomsonone.com
12 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Europe M&A
European M&A Down 42.7% | Government Investments Make Up 45.3% of M&A Involving European Targets
European Deals Intelligence

European Government M&A Investments

$225

45.3%

Q3 Volume (US$b)

45%

Q2 Volume (US$b)
40%

Q1 Volume (US$b)
$200

Rank Value (US$b)

Government investments during the first half of 2009 totaled US$140.4
billion. This represented a record 45.3% of M&A activity involving
European targets and a 348.6% increase over the US$31.3 billion in
deal activity during the same period last year.

$250

50%

Q4 Volume (US$b)

% of H1 European M&A

35%

$175
30%
$150
25%
$125

19.3%

20%

16.4%

$100

15%

$75

The mean enterprise value to EBITDA multiple during the first six months
of 2009 was only 10.2, the lowest level since the second half of 2002.
During the M&A boom, deal multiples peaked at 13.9 times EBITDA in
the first half of 2007 but have declined continuously since, dropping from
an average of 13.6 in the first half of 2008 to 11.6 in the second half.

9.6%

10%

$50
$25

5.9%

5.4%
3.7%

3.0%

2.9%

2003

2004

5.8%

5%

$0

0%

2000

European Involvement Announced Advisors by Target Industry
Financials
Credit Suisse
UBS
Citi
Materials
Lazard
Goldman Sachs & Co
Morgan Stanley
Energy and Power
JP Morgan
Citi
Goldman Sachs & Co

Rank Val US$m
141,090.7
87,592.7
87,485.9
85,720.0
114,984.2
102,215.0
100,950.4
61,100.3
90,638.7
37,865.4
35,109.3
33,401.2

Rank

Mkt.
Share

1
2
3

62.1
62.0
60.8

1
2
3

88.9
87.8
53.1

1
2
3

41.8
38.7
36.9

% of European M&A

$275

M&A activity with European involvement totaled US$434.7 billion, 42.7%
lower than the first half of 2008. Total estimated fees earned on
completed deals in the second quarter were US$1.5 billion, dropping by
25.9% compared to the first quarter and by 68.6% compared to the
second quarter of 2008.

2001

2002

2005

2006

2007

2008

2009

Any European Involvement Completed M&A (AF3) - Imputed Fees

No. Deals
875
14
21
11
648
5
3
6
640
11
8
13

Financial Advisor
Goldman Sachs & Co
UBS
Deutsche Bank AG
JP Morgan
Lazard
Rothschild
Bank of America Merrill Lynch
Citi
Morgan Stanley
Credit Suisse
Industry Total

1/1/2009 - 6/30/2009
Imputed Fees
Mkt.
US$m Rank
Share
258.3
166.7
160.1
159.1
141.6
117.9
114.3
112.2
110.9
107.8
3,438.7

1
2
3
4
5
6
7
8
9
10
-

7.5
4.9
4.7
4.6
4.1
3.4
3.3
3.3
3.2
3.1
100.0

No.
Deals
44
60
46
51
58
65
33
30
43
41
5,409

1/1/2008 - 6/30/2008
Imputed Fees
% Change in
US$m
Rank
Fees
530.2
459.6
356.7
417.3
182.8
316.6
412.0
348.9
444.3
360.4
9,583.5

1
2
7
4
11
9
5
8
3
6
-

-51.3
-63.7
-55.1
-61.9
-22.5
-62.8
-72.3
-67.8
-75.0
-70.1
-64.1











Source: Thomson Reuters/Freeman & Co.

https://www.thomsonone.com
13 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Europe Rankings

Any European Involvement Announced (AD21)

Financial Advisor
Goldman Sachs & Co
Lazard
Deutsche Bank AG
UBS
Citi
Morgan Stanley
JP Morgan
Credit Suisse
Gresham Partners
Bank of America Merrill Lynch
Rothschild
Santander
Mediobanca
BNP Paribas SA
Barclays Capital
ING
RBS
Perella Weinberg Partners LP
KPMG
NIBC NV
RBC Capital Markets
HSBC Holdings PLC
Societe Generale
Nomura
Blackstone Group LP
Subtotal with Financial Advisor
Subtotal without Financial Advisor
Industry Total
* tie

1/1/2009 - 6/30/2009
Mkt.
Rank Value
Share
US$m Rank
37.8
1
164,214.8
162,439.9
37.4
2
157,621.9
3
36.3
144,870.9
33.3
4
31.5
136,730.8
5
6
134,460.0
30.9
7
30.3
131,797.9
8
29.3
127,449.8
58,713.5
9
13.5
54,382.9 10
12.5
7.0
30,301.8 11
6.0
26,052.5 12
5.1
22,354.8 13
4.3
18,846.8 14
16,416.0 15
3.8
15,382.4 16
3.5
3.4
14,664.1 17
3.2
13,728.0 18
2.8
12,137.6 19
10,891.9 20
2.5
10,359.3 21
2.4
10,213.8 22
2.4
9,046.0 23
2.1
8,863.4 24
2.0
1.3
5,650.0 25
388,392.4
89.4
46,306.4
10.7
434,698.9
100.0

No.
Deals
42
58
54
76
42
49
54
50
2
32
67
13
19
27
10
29
25
2
48
2
6
17
11
13
3
1,028
5,839
6,867

Any European Involvement Completed (AF3)
1/1/2008 - 6/30/2008
% Chg. in
Rank Value
Rank Val
US$m Rank
319,554.4
1
-48.6 ▼
96,697.3 11
68.0 ▲
268,886.5
4
-41.4 ▼
142,179.1
8
1.9 ▲
273,227.3
3
-50.0 ▼
98,451.8 10
36.6 ▲
2
-52.0 ▼
274,443.3
212,235.5
5
-39.9 ▼
66.9 225
87,663.1 ▲
142,186.2
7
-61.8 ▼
-25.5 ▼
40,695.6 15
412.4 ▲
5,084.6 37
-55.5 ▼
50,197.9 14
95,504.8 12
-80.3 ▼
126,439.8
9
-87.0 ▼
2,961.5 49
419.4 ▲
-21.6 ▼
18,707.6 20
346.1 ▲
3,077.3 48
-51.0 ▼
24,751.6 19
- 65.9 ▲
6,243.8 33
-61.6 ▼
26,587.1 18
-24.8 ▼
12,030.8 25
-74.3 ▼
34,457.8 16
550.2 ▲
868.9 100
-41.1 ▼
659,898.8
98,891.1
-53.2 ▼
-42.7 ▼
758,789.9

Financial Advisor
Citi
Goldman Sachs & Co
UBS
JP Morgan
Lazard
Credit Suisse
Bank of America Merrill Lynch
Deutsche Bank AG
Morgan Stanley
Commerzbank AG
BNP Paribas SA
Greenhill & Co, LLC
Santander
KPMG
Rothschild
Mediobanca
Societe Generale
Nomura
RBS
Gleacher Partners
Perella Weinberg Partners LP
HSBC Holdings PLC
UniCredit Group
Ernst & Young LLP
ING
Subtotal with Financial Advisor
Subtotal without Financial Advisor
Industry Total

1/1/2009 - 6/30/2009
Rank Value
Mkt.
US$m Rank
Share
144,135.4
1
41.8
134,260.4
39.0
2
129,543.3
3
37.6
117,874.1
4
34.2
117,461.3
34.1
5
29.8
6
102,569.6
92,275.3
7
26.8
91,627.8
8
26.6
90,756.8
9
26.4
85,902.7 10
24.9
82,250.0 11
23.9
52,343.9 12
15.2
13.8
47,460.8 13
12.7
43,823.3 14
37,905.6 15
11.0
37,587.7 16
10.9
29,356.3 17
8.5
5.5
18,820.8 18
4.9
16,783.3 19
4.6
15,889.9 20
15,168.6 21
4.4
4.1
14,163.1 22
13,853.6 23
4.0
11,338.0 24
3.3
10,447.4 25
3.0
316,009.5
91.7
28,477.7
8.3
344,487.2
100.0
-

No.
Deals
30
43
60
51
58
41
33
46
41
14
29
4
14
53
65
18
13
11
22
3
3
12
7
35
14
906
4,503
5,409

1/1/2008 - 6/30/2008
Rank Value
US$m Rank
270,671.0
2
244,540.1
3
8
173,885.2
1
279,240.6
36,131.8 19
4
239,675.0
7
175,500.5
5
218,317.9
6
191,409.5
12,327.8 38
58,848.0 13
15,483.5 32
27,303.2 21
20,972.7 22
98,457.5 12
57,098.6 14
11,910.6 39
116,788.9 10
45,438.5 16
942.0 102
36,732.5 18
46,594.9 15
14,904.3 33
8,058.9 43
15,567.6 31
746,754.0
73,163.4
819,917.5

% Chg. in
Rank Val
-46.7 ▼
-45.1 ▼
-25.5 ▼
-57.8 ▼
225.1 ▲
-57.2 ▼
-47.4 ▼
-58.0 ▼
-52.6 ▼
596.8 ▲
39.8 ▲
238.1 ▲
73.8 ▲
109.0 ▲
-61.5 ▼
-34.2 ▼
146.5 ▲
-83.9 ▼
-63.1 ▼
1,586.8 ▲
-58.7 ▼
-69.6 ▼
-7.0 ▼
40.7 ▲
-32.9 ▼
-57.7 ▼
-61.1 ▼
-58.0 ▼

* tie

https://www.thomsonone.com
14 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Europe Rankings

Any EMEA Involvement Announced (AD47)

Financial Advisor
Deutsche Bank AG
Goldman Sachs & Co
Lazard
UBS
Citi
Morgan Stanley
JP Morgan
Credit Suisse
Bank of America Merrill Lynch
Gresham Partners
Rothschild
Santander
Mediobanca
Standard Chartered PLC
BNP Paribas SA
RBS
Barclays Capital
ING
Perella Weinberg Partners LP
RBC Capital Markets
HSBC Holdings PLC
KPMG
NIBC NV
Societe Generale
Nomura
Subtotal with Financial Advisor
Subtotal without Financial Advisor
Industry Total
* tie

1/1/2009 - 6/30/2009
Rank Value
Mkt.
US$m Rank
Share
179,061.7
1
37.7
165,492.0
2
34.9
162,439.9
3
34.2
148,769.0
4
31.4
140,418.1
5
29.6
137,760.0
6
29.0
137,378.2
7
29.0
127,449.8
8
26.9
74,723.0
9
15.8
58,713.5 10
12.4
30,301.8 11
6.4
26,052.5 12
5.5
22,354.8 13
4.7
21,283.9 14
4.5
18,949.3 15
4.0
17,964.1 16
3.8
16,416.0 17
3.5
15,382.4 18
3.2
14,149.1 19
3.0
12,721.6 20
2.7
12,481.7 21
2.6
12,267.6 22
2.6
10,891.9 23
2.3
9,046.0 24
1.9
8,863.4 25
1.9
419,509.7
88.4
11.6
54,921.2
474,430.8
100.0

Any EMEA Involvement Completed (AF53)
No.
Deals
57
43
58
80
46
50
61
52
37
2
67
13
19
8
29
26
10
29
3
11
18
50
3
11
13
1,076
6,189
7,265

1/1/2008 - 6/30/2008
Rank Value
% Chg. in
US$m Rank
Rank Val
270,099.2
4
-33.7 ▼
328,196.4
1
-49.6 ▼
96,697.3 11
68.0 ▲
143,380.7
8
3.8 ▲
276,555.9
3
-49.2 ▼
100,998.5 10
36.4 ▲
277,626.0
2
-50.5 ▼
216,750.8
5
-41.2 ▼
144,294.9
7
-48.2 ▼
66.9 240
87,663.1 ▲
41,528.0 15
-27.0 ▼
5,084.6 37
412.4 ▲
50,197.9 14
-55.5 ▼
1,317.4 83
1,515.6 ▲
95,939.8 12
-80.2 ▼
18,707.6 20
-4.0 ▼
127,058.5
9
-87.1 ▼
2,961.5 50
419.4 ▲
3,077.3 49
359.8 ▲
6,243.8 33
103.7 ▲
26,751.9 18
-53.3 ▼
24,751.6 19
-50.4 ▼
- 12,030.8 25
-24.8 ▼
34,457.8 16
-74.3 ▼
683,027.9
-38.6 ▼
112,776.5
-51.3 ▼
795,804.4
-40.4 ▼

Financial Advisor
Citi
Goldman Sachs & Co
UBS
JP Morgan
Lazard
Credit Suisse
Bank of America Merrill Lynch
Morgan Stanley
Deutsche Bank AG
Commerzbank AG
BNP Paribas SA
Greenhill & Co, LLC
Santander
KPMG
Rothschild
Mediobanca
Societe Generale
Nomura
RBS
Gleacher Partners
Perella Weinberg Partners LP
HSBC Holdings PLC
UniCredit Group
Ernst & Young LLP
ING
Subtotal with Financial Advisor
Subtotal without Financial Advisor
Industry Total

1/1/2009 - 6/30/2009
Mkt.
Rank Value
US$m Rank
Share
144,356.2
1
40.1
137,519.3
2
38.2
130,866.4
3
36.4
119,255.2
4
33.2
117,461.3
5
32.7
103,580.6
6
28.8
96,298.0
7
26.8
94,670.8
8
26.3
94,123.0
9
26.2
85,902.7 10
23.9
82,274.7 11
22.9
52,343.9 12
14.6
47,460.8 13
13.2
43,984.3 14
12.2
37,905.6 15
10.5
37,587.7 16
10.5
29,356.3 17
8.2
18,820.8 18
5.2
16,783.3 19
4.7
15,889.9 20
4.4
15,589.7 21
4.3
14,163.1 22
3.9
13,853.6 23
3.9
11,357.0 24
3.2
10,447.4 25
2.9
325,322.0
90.4
34,446.2
9.6
359,768.2
100.0

No.
Deals
32
46
66
58
58
44
36
43
50
14
35
4
14
56
65
18
13
12
22
3
4
12
7
40
14
961
4,698
5,659

1/1/2008 - 6/30/2008
Rank Value
US$m Rank
283,457.3
1
3
259,348.4
8
175,167.5
2
281,106.6
36,131.8 19
4
245,570.1
177,957.4
7
191,409.5
6
226,464.3
5
12,327.8 38
59,283.0 13
15,483.5 33
27,303.2 21
22,325.2 23
98,764.9 12
57,098.6 14
11,910.6 39
122,405.6
9
45,438.5 16
942.0 106
36,732.5 18
46,718.6 15
14,904.3 34
9,623.3 40
15,567.6 32
783,284.5
80,544.7
863,829.2
-

% Chg. in
Rank Val
-49.1 ▼
-47.0 ▼
-25.3 ▼
-57.6 ▼
225.1 ▲
-57.8 ▼
-45.9 ▼
-50.5 ▼
-58.4 ▼
596.8 ▲
38.8 ▲
238.1 ▲
73.8 ▲
97.0 ▲
-61.6 ▼
-34.2 ▼
146.5 ▲
-84.6 ▼
-63.1 ▼
1,586.8 ▲
-57.6 ▼
-69.7 ▼
-7.0 ▼
18.0 ▲
-32.9 ▼
-58.5 ▼
-57.2 ▼
-58.4 ▼

* tie

https://www.thomsonone.com
15 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Europe Rankings

Any UK Involvement Announced (AD32)

Financial Advisor
UBS
Lazard
Goldman Sachs & Co
Deutsche Bank AG
Morgan Stanley
Citi
Credit Suisse
JP Morgan Cazenove
Gresham Partners
Bank of America Merrill Lynch
Barclays Capital
Perella Weinberg Partners LP
TD Securities Inc
Rothschild
Blackstone Group LP
Nomura
HSBC Holdings PLC
Jones Lang LaSalle Inc
RBS
BNP Paribas SA
Strand Partners Ltd
Deloitte & Touche
Moseley Securities Corporation
Jefferies & Co Inc
RBC Capital Markets
Subtotal with Financial Advisor
Subtotal without Financial Advisor
Industry Total
* tie

1/1/2009 - 6/30/2009
Rank Value
Mkt.
US$m Rank
Share
121,156.0
1
50.2
2
120,034.0
49.7
47.7
3
115,260.9
4
46.8
112,942.9
5
46.7
112,846.6
92,008.9
38.1
6
34.2
82,661.1
7
80,629.0
33.4
8
58,713.5
9
24.3
25,376.3 10
10.5
5.8
14,016.0 11
5.5
13,345.2 12
4,938.4 13
2.1
1.6
3,783.4 14
1.6
3,750.0 15
2,529.7 16
1.1
1,445.9 17
0.6
1,438.1 18
0.6
0.5
1,201.8 19
1,039.2 20
0.4
0.4
1,002.7 21
976.6 22
0.4
0.3
814.5 23
0.3
765.9 24
0.2
589.5 25
94.7
228,520.0
5.4
12,908.0
100.0
241,428.0

Any UK Involvement Completed (AF39)
No.
Deals
32
18
18
22
18
20
16
24
2
9
4
1
2
20
2
3
4
5
6
3
2
11
2
4
4
320
1,093
1,413

1/1/2008 - 6/30/2008
% Chg. in
Rank Value
US$m Rank
Rank Val
4
33,530.0
261.3 ▲
15,205.4 10
689.4 ▲
1
164.2 ▲
43,630.4
6
386.0 ▲
23,239.5
223.6 ▲
3
34,871.6
15,164.6 11
506.7 ▲
22,913.2
7
260.8 ▲
36,504.9
2
120.9 ▲
- 23,367.8
5
8.6 ▲
4,805.1 20
191.7 ▲
333.7 ▲
3,077.3 24
38.0 133
12,895.8 ▲
16,329.5
9
-76.8 ▼
398.2 70
841.7 ▲
20,506.2
8
-87.7 ▼
6,773.5 16
-78.7 ▼
- 2,264.8 32
-46.9 ▼
855.2 50
21.5 ▲
- 3,039.1 25
-67.9 ▼
469.7 67
73.4 ▲
2,149.6 33
-64.4 ▼
5,868.8 17
-90.0 ▼
161,726.7
41.3 ▲
28,638.1
-54.9 ▼
190,364.8
26.8 ▲

Financial Advisor
Citi
Credit Suisse
Bank of America Merrill Lynch
UBS
Morgan Stanley
Commerzbank AG
Lazard
Deutsche Bank AG
JP Morgan Cazenove
Rothschild
BNP Paribas SA
Gleacher Partners
Goldman Sachs & Co
HSBC Holdings PLC
RBS
Deloitte & Touche
Mitsubishi UFJ Financial Group
Perella Weinberg Partners LP
Jones Lang LaSalle Inc
Moseley Securities Corporation
Nomura
Jefferies & Co Inc
Gresham Partners
Barclays Capital
Santander
Subtotal with Financial Advisor
Subtotal without Financial Advisor
Industry Total

1/1/2009 - 6/30/2009
Rank Value
Mkt.
US$m Rank
Share
63,612.8
1
59.1
62,280.0
2
57.9
3
59,350.4
55.2
57,286.6
4
53.2
46,997.4
43.7
5
40,238.8
6
37.4
34,701.8
7
32.3
8
31.6
33,984.1
21,671.7
9
20.1
17,944.8 10
16.7
14.9
16,007.9 11
15,889.9 12
14.8
8.3
8,931.5 13
3.9
4,206.2 14
3,377.0 15
3.1
1,673.4 16
1.6
1.5
1,600.0 17*
1.5
1,600.0 17*
1,327.9 19
1.2
814.5 20
0.8
0.8
809.0 21
778.2 22
0.7
713.5 23
0.7
670.8 24
0.6
509.3 25
0.5
99,790.1
92.7
7.3
7,806.1
107,596.3
100.0

No.
Deals
14
12
10
20
14
2
18
16
18
21
2
3
12
4
4
11
1
1
4
2
1
4
1
3
1
276
819
1,095

1/1/2008 - 6/30/2008
Rank Value
US$m Rank
5
77,903.5
64,696.8
7
82,497.2
3
84,068.6
2
1
97,541.7
5,921.7 26
19,871.2 15
9
41,124.1
6
77,025.9
61,174.7
8
4,736.4 29
942.0 58
32,903.3 11
15,336.5 20
23,414.5 12
1,782.3 42
240.0 95
36,427.1 10
4
81,338.5
3,612.6 32
1,306.9 49
22,587.3 13
259,921.7
24,097.4
284,019.1
-

% Chg. in
Rank Val
-18.3 ▼
-3.7 ▼
-28.1 ▼
-31.9 ▼
-51.8 ▼
579.5 ▲
74.6 ▲
-17.4 ▼
-71.9 ▼
-70.7 ▼
238.0 ▲
1,586.8 ▲
-72.9 ▼
-72.6 ▼
-85.6 ▼
-6.1 ▼
566.7 ▲
-95.6 ▼
- - -99.0 ▼
-78.5 ▼
- -48.7 ▼
-97.7 ▼
-61.6 ▼
-67.6 ▼
-62.1 ▼

* tie

https://www.thomsonone.com
16 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Europe Rankings

Any French Involvement Announced (AD33)

Financial Advisor
Citi
Bank of America Merrill Lynch
BNP Paribas SA
Societe Generale
Lazard
Rothschild
Deutsche Bank AG
Credit Suisse
HSBC Holdings PLC
Calyon
JP Morgan
Goldman Sachs & Co
Morgan Stanley
Santander
Mediobanca
UBS
Intesa SanPaolo
ING
Standard Chartered PLC
RBC Capital Markets
Jefferies & Co Inc
Barclays Capital
Singular Partners
Nomura
Gruppo Banca Leonardo
Subtotal with Financial Advisor
Subtotal without Financial Advisor
Industry Total
* tie

1/1/2009 - 6/30/2009
Rank Value
Mkt.
US$m Rank
Share
1
8,280.8
30.4
8,133.8
2
29.9
7,798.8
3
28.7
26.0
7,083.7
4
23.4
6,372.7
5
5,914.6
21.7
6
7
19.2
5,213.6
4,826.1
8
17.7
4,520.0
9
16.6
15.9
4,331.9 10
3,850.7 11
14.2
2,776.1 12
10.2
2,378.8 13
8.7
6.7
1,821.6 14
5.4
1,473.2 15
4.7
1,274.5 16
3.7
1,012.9 17
880.2 18
3.2
3.1
838.4 19*
838.4 19*
3.1
3.1
838.4 19*
725.0 22
2.7
2.5
689.6 23
2.1
568.5 24
538.1 25
2.0
81.9
22,301.9
4,919.5
18.1
27,221.4
100.0

Any French Involvement Completed (AF40)
No.
Deals
9
5
17
8
20
22
4
3
6
6
6
3
3
1
4
7
2
4
1
1
1
1
1
3
1
163
617
780

1/1/2008 - 6/30/2008
Rank Value
US$m Rank
8,987.3 11
6
13,354.1
18,586.5
2
11,986.6
9
17,180.4
3
15,212.1
5
12,673.2
7
7,843.3 15
3,692.0 17
1
26,467.7
15,875.1
4
8,785.1 13
9,162.8 10
8
12,269.1
5,345.3 16
0.0 88*
0.0 88*
1,038.9 30
614.4 32
7,991.5 14
0.0 88*
65,526.9
16,585.5
82,112.3
-

% Chg. in
Rank Val
-7.9 ▼
-39.1 ▼
-58.0 ▼
-40.9 ▼
-62.9 ▼
-61.1 ▼
-58.9 ▼
-38.5 ▼
22.4 ▲
-83.6 ▼
-75.7 ▼
-68.4 ▼
-74.0 ▼
- -88.0 ▼
-76.2 ▼
- - - - -19.3 ▼
18.0 ▲
- -92.9 ▼
- -66.0 ▼
-70.3 ▼
-66.8 ▼

Financial Advisor
BNP Paribas SA
JP Morgan
Citi
Lazard
Bank of America Merrill Lynch
UBS
Rothschild
Societe Generale
Gleacher Partners
Morgan Stanley
Calyon
Mediobanca
Credit Suisse
RBS
Santander
Goldman Sachs & Co
Intesa SanPaolo
ING
Standard Chartered PLC
RBC Capital Markets
Jefferies & Co Inc
HSBC Holdings PLC
Deutsche Bank AG
Nomura
EFG Group
Subtotal with Financial Advisor
Subtotal without Financial Advisor
Industry Total

1/1/2009 - 6/30/2009
Rank Value
Mkt.
Share
US$m Rank
37,967.1
1
73.3
2
61.0
31,588.0
29,482.2
3
56.9
4
49.8
25,810.9
44.6
5
23,087.5
42.7
6
22,134.4
18,645.2
36.0
7
29.8
15,447.3
8
29.7
15,400.4
9
14,940.4 10
28.8
6,072.4 11
11.7
3,829.1 12
7.4
3,824.0 13
7.4
2,372.9 14
4.6
1,821.6 15
3.5
3.2
1,678.3 16
1,012.9 17
2.0
877.4 18
1.7
838.4 19*
1.6
838.4 19*
1.6
838.4 19*
1.6
698.0 22
1.4
587.9 23
1.1
568.5 24
1.1
408.0 25
0.8
93.0
48,196.7
7.0
3,611.6
51,808.3
100.0

No.
Deals
19
6
6
22
6
6
23
8
1
3
6
3
3
5
1
5
2
2
1
1
1
4
2
2
1
144
503
647

1/1/2008 - 6/30/2008
Rank Value
US$m Rank
32,351.3
2
7
12,430.1
5
19,350.8
5,555.1 16
12,143.7
8
5,892.2 15
6
17,092.5
11,866.4
9
21,143.8
4
1
35,235.9
2,016.8 22
1,555.4 26
7,496.3 13
330.5 38
22,506.5
3
5,317.6 17
1,710.5 24
12.0 64
1,912.8 23
7,021.1 14
11,801.9 10
70,704.4
9,460.2
80,164.6
-

% Chg. in
Rank Val
17.4 ▲
154.1 ▲
52.4 ▲
364.6 ▲
90.1 ▲
275.7 ▲
9.1 ▲
30.2 ▲
- -29.3 ▼
-82.8 ▼
89.9 ▲
145.9 ▲
-68.3 ▼
451.2 ▲
-92.5 ▼
- -83.5 ▼
- -51.0 ▼
6,886.7 ▲
-63.5 ▼
-91.6 ▼
-95.2 ▼
- -31.8 ▼
-61.8 ▼
-35.4 ▼

* tie

https://www.thomsonone.com
17 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Europe Rankings

Any Spanish Involvement Announced (AD34)

Financial Advisor
Santander
Deutsche Bank AG
Citi
Credit Suisse
Lazard
Goldman Sachs & Co
JP Morgan
Mediobanca
Bank of America Merrill Lynch
Rothschild
Commerzbank AG
BNP Paribas SA
KPMG
UBS
PricewaterhouseCoopers
Morgan Stanley
Jones Lang LaSalle Inc
Noqca Partners
Nomura
Arcano Asesores Financieros SL
Ahorro Corporacion Financiera
Lincoln International
Deloitte & Touche
Piper Jaffray Cos
Eurohold SL
Subtotal with Financial Advisor
Subtotal without Financial Advisor
Industry Total
* tie

1/1/2009 - 6/30/2009
Rank Value
Mkt.
US$m Rank
Share
24,053.5
1
69.9
55.6
19,105.1
2
17,712.4
3
51.5
17,623.8
4
51.2
17,575.9 5*
51.1
17,575.9 5*
51.1
51.1
17,575.9 5*
8
49.9
17,155.4
19.0
6,537.4
9
12.7
4,371.9 10
4,138.4 11
12.0
1,245.9 12
3.6
3.1
1,053.4 13
1.9
640.1 14
573.6 15
1.7
344.0 16
1.0
169.3 17
0.5
0.5
156.6 18
136.6 19*
0.4
136.6 19*
0.4
55.1 21
0.2
32.5 22
0.1
31.5 23
0.1
13.5 24
0.0
3.5 25
0.0
78.4
26,963.7
7,431.2
21.6
34,394.8
100.0

Any Spanish Involvement Completed (AF41)
No.
Deals
10
5
5
6
3
3
3
2
4
3
3
2
9
3
4
1
1
1
1
1
4
1
2
1
1
56
409
465

1/1/2008 - 6/30/2008
Rank Value
US$m Rank
4,949.6 10
4
20,097.3
20,897.5
2
285.0 30
5,169.8
9
19,863.3
5
1,582.5 18*
18,738.1 6*
2,971.1 13
1,582.5 18*
3,210.0 12
2,773.2 14
10,829.0
8
20,454.0
3
3,299.0 11
22,543.4
1
1,555.7 20*
28.0 43
470.4 27
1,835.9 15
71.6 37
48,395.6
7,786.0
56,181.6

% Chg. in
Rank Val
386.0 ▲
-4.9 ▼
-15.2 ▼
6,083.8 ▲
240.0 ▲
-11.5 ▼
1,010.6 ▲
-8.4 ▼
120.0 ▲
176.3 ▲
28.9 ▲
-55.1 ▼
-90.3 ▼
-96.9 ▼
-82.6 ▼
-98.5 ▼
- - -91.2 ▼
387.9 ▲
-88.3 ▼
- -98.3 ▼
- -95.1 ▼
-44.3 ▼
-4.6 ▼
-38.8 ▼

Financial Advisor
Lazard
Goldman Sachs & Co
Santander
JP Morgan
Citi
KPMG
BNP Paribas SA
UBS
Mediobanca
Commerzbank AG
Credit Suisse
Deutsche Bank AG
Nomura
Societe Generale
Bank of America Merrill Lynch
Barclays Capital
Morgan Stanley
Keefe Bruyette & Woods Inc
RBS
Allied Irish Banks PLC
Ahorro Corporacion Financiera
Calyon
BBVA
Close Brothers Ltd
Jones Lang LaSalle Inc
Subtotal with Financial Advisor
Subtotal without Financial Advisor
Industry Total

1/1/2009 - 6/30/2009
Rank Value
Mkt.
Share
US$m Rank
48,606.9
81.5
1
2
81.1
48,401.7
79.4
3
47,400.8
47,153.4
4
79.0
46,147.7
77.3
5
31,529.3
6
52.8
48.4
28,855.7 7*
28,855.7 7*
48.4
42.3
9
25,265.7
39.3
23,461.4 10
30.0
17,899.0 11
17,723.8 12
29.7
8,246.9 13
13.8
8,110.3 14
13.6
4,438.5 15
7.4
3.2
1,910.2 16*
3.2
1,910.2 16*
1,910.2 16*
3.2
2.1
1,262.0 19
706.8 20
1.2
549.7 21
0.9
322.8 22
0.5
294.9 23
0.5
0.3
178.0 24
169.3 25
0.3
92.4
55,148.9
4,529.9
7.6
59,678.7
100.0

No.
Deals
11
9
13
6
7
12
3
4
3
4
5
3
3
2
4
1
1
1
3
1
5
2
5
3
1
67
323
390

1/1/2008 - 6/30/2008
Rank Value
% Chg. in
US$m Rank
Rank Val
32.0 41 151,796.6 ▲
18,738.1 13
158.3 ▲
24,814.3 10
91.0 ▲
38,599.3
4
22.2 ▲
45,952.3
2
0.4 ▲
6,842.9 15
360.8 ▲
410.8 ▲
5,649.4 16
-25.1 ▼
38,546.7
5
9
32,180.0
-21.5 ▼
3,210.0 17
630.9 ▲
36,936.4
8
-51.5 ▼
20,097.3 12
-11.8 ▼
37,282.1
7
-77.9 ▼
- 38,861.3
3
-88.6 ▼
- 59,844.7
-96.8 ▼
1
132.5 31
1,341.7 ▲
45.5 ▲
867.6 26
- 16.9 ▲
470.4 27
-88.2 ▼
2,742.2 18
790.9 ▲
33.1 40
-83.1 ▼
1,051.2 24
- 85,764.1
-35.7 ▼
4,593.1
-1.4 ▼
90,357.2
-34.0 ▼

* tie

https://www.thomsonone.com
18 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Europe Rankings

Any German Involvement Announced (AD35)

Financial Advisor
JP Morgan
Deutsche Bank AG
Citi
Lazard
UBS
Morgan Stanley
Goldman Sachs & Co
Nomura
Credit Suisse
Metzler Corporate Finance
Barclays Capital
Bank of America Merrill Lynch
Commerzbank AG
Greenhill & Co, LLC
Strand Partners Ltd
Nordea
Sal Oppenheim
Rothschild
Banque Degroof
Jones Lang LaSalle Inc
Moseley Securities Corporation
Gut Corporate Finance
Noqca Partners
Lincoln International
Ernst & Young LLP
Subtotal with Financial Advisor
Subtotal without Financial Advisor
Industry Total
* tie

1/1/2009 - 6/30/2009
Rank Value
Mkt.
US$m Rank
Share
17,113.9
1
40.2
2
15,822.6
37.2
3
33.4
14,210.3
29.2
12,436.5
4
18.9
8,020.5
5
5,927.0
6
13.9
12.4
5,290.2
7
9.2
3,890.6
8
9
8.1
3,438.7
4.2
1,773.8 10
3.9
1,675.0 11
2.4
1,026.8 12
983.9 13
2.3
2.2
951.4 14
1.5
644.6 15
1.2
512.9 16
0.8
325.1 17
0.8
320.6 18
0.6
241.3 19
0.4
189.2 20*
0.4
189.2 20*
156.9 22
0.4
156.6 23
0.4
0.3
142.6 24
0.3
112.8 25
86.0
36,568.3
5,962.7
14.0
100.0
42,531.0

Any German Involvement Completed (AF42)
No.
Deals
6
16
2
5
14
7
6
3
5
2
5
5
3
1
1
1
2
13
1
1
1
1
1
11
6
157
674
831

1/1/2008 - 6/30/2008
Rank Value
US$m Rank
8,124.7
8
1
36,616.4
16,304.8
7
1,027.8 20
29,565.9
3
29,002.6
4
31,901.8
2
371.5 33
2,766.9 17
5,255.0 10
423.2 30
6,543.8
9
3,539.8 15
1,662.1 19
3,705.4 14
398.8 31*
2,919.6 16
64,412.3
6,730.4
71,142.8
-

% Chg. in
Rank Val
110.6 ▲
-56.8 ▼
-12.8 ▼
1,110.0 ▲
-72.9 ▼
-79.6 ▼
-83.4 ▼
947.3 ▲
24.3 ▲
-66.2 ▼
295.8 ▲
-84.3 ▼
-72.2 ▼
- - - -80.4 ▼
-91.3 ▼
- - - - - -64.2 ▼
-96.1 ▼
-43.2 ▼
-11.4 ▼
-40.2 ▼

Financial Advisor
Deutsche Bank AG
Goldman Sachs & Co
Commerzbank AG
UBS
Morgan Stanley
JP Morgan
Bank of America Merrill Lynch
Citi
UniCredit Group
Rothschild
Perella Weinberg Partners LP
KPMG
Ernst & Young LLP
Credit Suisse
Lazard
RBS
BNP Paribas SA
Nomura
ING
HSBC Holdings PLC
Mediobanca
Gruppo Banca Leonardo
Greenhill & Co, LLC
Lincoln International
PricewaterhouseCoopers
Subtotal with Financial Advisor
Subtotal without Financial Advisor
Industry Total

1/1/2009 - 6/30/2009
Rank Value
Mkt.
Share
US$m Rank
27,949.7
1
64.7
2
25,361.0
58.7
40.2
3
17,359.0
4
38.7
16,725.3
5
38.1
16,445.0
36.6
15,800.3
6
7
34.7
14,988.9
14,456.4
8
33.5
13,717.4
9
31.8
31.6
13,646.3 10
13,568.6 11
31.4
12,068.7 12
27.9
11,114.6 13
25.7
10,965.8 14
25.4
9,246.7 15
21.4
9,019.7 16*
20.9
20.9
9,019.7 16*
20.9
9,019.7 16*
9,019.7 16*
20.9
9,019.7 16*
20.9
6,416.9 21*
14.9
6,416.9 21*
14.9
13.1
5,649.1 23
5,450.2 24
12.6
1,611.6 25
3.7
40,888.8
94.6
2,316.4
5.4
43,205.1
100.0

No.
Deals
18
8
7
14
11
6
9
4
3
13
2
11
6
4
4
2
2
1
2
3
2
3
2
14
8
147
501
648

1/1/2008 - 6/30/2008
Rank Value
US$m Rank
38,529.6
2
44,674.3
1
6,875.5 11
35,331.5
3
4
30,946.7
9
9,100.0
4,834.5 15
18,303.2
7
1,486.2 25
175.0 51
305.3 46
2,870.6 19
613.9 32
5,123.5 14
3,671.4 18
2,481.0 20
7,792.6 10
9,121.9
8
0.0 73*
6
19,220.7
19,370.2
5
168.8 52
398.8 40*
500.1 38
89,682.0
4,491.2
94,173.2
-

% Chg. in
Rank Val
-27.5 ▼
-43.2 ▼
152.5 ▲
-52.7 ▼
-46.9 ▼
73.6 ▲
210.0 ▲
-21.0 ▼
823.0 ▲
7,697.9 ▲
4,344.3 ▲
320.4 ▲
1,710.5 ▲
114.0 ▲
151.9 ▲
263.6 ▲
15.7 ▲
-1.1 ▼
- -53.1 ▼
-66.9 ▼
3,701.5 ▲
- 1,266.6 ▲
222.3 ▲
-54.4 ▼
-48.4 ▼
-54.1 ▼

* tie

https://www.thomsonone.com
19 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Europe Rankings

Any Italian Involvement Announced (AD36)

Financial Advisor
Mediobanca
JP Morgan
Goldman Sachs & Co
Credit Suisse
Citi
Deutsche Bank AG
Lazard
Santander
Morgan Stanley
BNP Paribas SA
Bank of America Merrill Lynch
UBS
Intesa SanPaolo
Rothschild
Vergent Partners
Gazprombank
Calyon
HSBC Holdings PLC
Gruppo Banca Leonardo
Societe Generale
Nomura
Standard Chartered PLC
Jones Lang LaSalle Inc
Moseley Securities Corporation
Houlihan Lokey Howard & Zukin
Subtotal with Financial Advisor
Subtotal without Financial Advisor
Industry Total
* tie

1/1/2009 - 6/30/2009
Rank Value
Mkt.
US$m Rank
Share
1
61.3
18,446.4
60.5
18,198.6
2
16,668.4
3
55.4
51.4
15,469.9
4
15,401.9
51.2
5
49.8
6
14,984.0
48.7
14,629.7
7
13,777.3
8
45.8
5,505.7
18.3
9
4,093.2 10
13.6
2,760.9 11
9.2
2,586.5 12
8.6
6.9
2,078.4 13
6.8
2,043.6 14
1,999.9 15
6.7
1,500.0 16
5.0
1,119.1 17
3.7
679.9 18
2.3
538.1 19*
1.8
538.1 19*
1.8
446.5 21
1.5
197.0 22
0.7
189.2 23*
0.6
189.2 23*
0.6
65.5 25
0.2
27,170.1
90.4
9.7
2,902.9
30,073.1
100.0

Any Italian Involvement Completed (AF43)
No.
Deals
17
5
3
3
3
4
11
2
7
7
4
6
11
8
2
1
2
1
1
2
2
2
1
1
1
86
297
383

1/1/2008 - 6/30/2008
Rank Value
US$m Rank
43,289.7
1
10,369.4 13
27,430.3
2
14,891.3
8
7
17,347.0
19,568.2
4
12,292.5 11
1,126.9 24
3
22,884.4
10,725.4 12
14,032.1
9
5
19,226.3
4,141.0 17
10,106.0 14
12,339.0 10
6
17,552.2
1,698.7 22
279.8 33*
8,171.2 15
625.7 28
64,348.9
6,493.7
70,842.6

% Chg. in
Rank Val
-57.4 ▼
75.5 ▲
-39.2 ▼
3.9 ▲
-11.2 ▼
-23.4 ▼
19.0 ▲
1,122.6 ▲
-75.9 ▼
-61.8 ▼
-80.3 ▼
-86.5 ▼
-49.8 ▼
-79.8 ▼
- - -90.9 ▼
-96.1 ▼
-68.3 ▼
92.3 ▲
-94.5 ▼
-68.5 ▼
- - - -57.8 ▼
-55.3 ▼
-57.5 ▼

Financial Advisor
Mediobanca
Lazard
JP Morgan
Credit Suisse
Goldman Sachs & Co
Citi
Deutsche Bank AG
Santander
Bank of America Merrill Lynch
BNP Paribas SA
Calyon
Intesa SanPaolo
RBS
Gruppo Banca Leonardo
Morgan Stanley
UBS
Rothschild
Nomura
HSBC Holdings PLC
Standard Chartered PLC
Jones Lang LaSalle Inc
Moseley Securities Corporation
KPMG
Covington Associates
CORPIN Partners
Subtotal with Financial Advisor
Subtotal without Financial Advisor
Industry Total

1/1/2009 - 6/30/2009
Rank Value
Mkt.
Share
US$m Rank
69.2
19,152.1
1
2
66.8
18,481.7
16,737.0
3
60.5
16,644.2
60.1
4
57.7
15,980.7
5
13,901.9
6
50.2
13,723.3
7
49.6
48.7
13,470.0
8
4,588.8
16.6
9
3,756.5 10
13.6
3,755.2 11
13.6
3,356.0 12
12.1
8.4
2,320.0 13
1,602.5 14
5.8
5.1
1,405.0 15
1,298.9 16
4.7
952.4 17
3.4
1.6
446.5 18
0.9
239.3 19
0.7
197.0 20
189.2 21*
0.7
189.2 21*
0.7
87.0 23
0.3
25.0 24
0.1
24.8 25
0.1
26,020.9
94.0
1,668.1
6.0
100.0
27,689.0

No.
Deals
13
8
5
2
4
3
4
1
5
5
2
16
1
2
2
5
10
2
1
2
1
1
9
1
1
76
229
305

1/1/2008 - 6/30/2008
Rank Value
US$m Rank
1
53,895.9
6,362.3 16
25,787.0
7
6
26,489.9
8
24,165.7
30,745.3
5
21,156.7 12
1,457.4 22
33,531.8
4
616.0 26
6,216.4 17
15,960.5 14
1,714.7 21
23,263.1
9
3
35,115.9
38,900.8
2
22,074.0 10
21,933.5 11
17,552.2 13
625.7 25
1,162.9 23
80,925.8
4,653.3
85,579.1

% Chg. in
Rank Val
-64.5 ▼
190.5 ▲
-35.1 ▼
-37.2 ▼
-33.9 ▼
-54.8 ▼
-35.1 ▼
824.2 ▲
-86.3 ▼
509.8 ▲
-39.6 ▼
-79.0 ▼
35.3 ▲
-93.1 ▼
-96.0 ▼
-96.7 ▼
-95.7 ▼
-98.0 ▼
-98.6 ▼
-68.5 ▼
- - -92.5 ▼
- - -67.8 ▼
-64.2 ▼
-67.6 ▼

* tie

https://www.thomsonone.com
20 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Europe Rankings

Any Nordic Involvement Announced (AD37)

Financial Advisor
Goldman Sachs & Co
Bank of America Merrill Lynch
RBS
Rothschild
KPMG
NIBC NV
ING
Sequoia
Morgan Stanley
UBS
Deutsche Bank AG
JP Morgan
SEB Enskilda
Swedbank
Arctic Securities ASA
Nordea
Citi
Standard Bank Group Ltd
Golden Prospect PLC
Pohjola Bank PLC
Perella Weinberg Partners LP
FIH Partners AS
PricewaterhouseCoopers
Lazard
Carnegie
Subtotal with Financial Advisor
Subtotal without Financial Advisor
Industry Total
* tie

1/1/2009 - 6/30/2009
Rank Value
Mkt.
US$m Rank
Share
16,186.0
1
56.3
11,820.1
2
41.1
3
11,028.5
38.4
11,000.3
4
38.3
10,891.9 5*
37.9
10,891.9 5*
37.9
10,891.9 5*
37.9
2,723.0
8
9.5
2,164.6
9
7.5
1,415.8 10
4.9
1,412.9 11
4.9
923.9 12
3.2
914.4 13
3.2
2.7
779.6 14
2.5
724.2 15
2.3
666.4 16
650.0 17
2.3
1.8
524.5 18
417.4 19
1.5
398.3 20
1.4
382.8 21
1.3
1.2
342.9 22
1.2
331.9 23
311.7 24
1.1
258.9 25
0.9
82.9
23,826.5
17.2
4,931.8
100.0
28,758.3

Any Nordic Involvement Completed (AF44)
No.
Deals
4
5
4
5
11
2
2
1
6
10
3
8
5
11
7
4
1
2
3
2
1
5
9
4
7
143
765
908

1/1/2008 - 6/30/2008
% Chg. in
Rank Value
Rank Val
US$m Rank
64.4 ▲
9,843.4
6
62.7 ▲
7,264.8 10
6,555.7 ▲
165.7 50
2,935.4 ▲
362.4 40
1,646.1 ▲
623.8 33
- 17,814.3 ▲
60.8 63
- 2
17,310.7
-87.5 ▼
13,068.1
4
-89.2 ▼
18,046.0
1
-92.2 ▼
3
16,011.4
-94.2 ▼
6,985.9 11
-86.9 ▼
505.1 35
54.3 ▲
1,010.0 27
-28.3 ▼
342.6 41
94.5 ▲
-89.5 ▼
6,198.9 12
- - - - 1,692.3 23
-79.7 ▼
-71.2 ▼
1,152.0 25
-83.8 ▼
1,920.2 21
-87.5 ▼
2,068.9 19
63,706.2
-62.6 ▼
11,953.8
-58.7 ▼
75,659.9
-62.0 ▼

Financial Advisor
SEB Enskilda
Morgan Stanley
Deutsche Bank AG
UBS
Nordea
Goldman Sachs & Co
Bank of America Merrill Lynch
Citi
Swedbank
Arctic Securities ASA
Lenner & Partners
KPMG
Danske Markets
Atrium Partners
Commerzbank AG
Catella AB
Evli Bank Plc
Credit Suisse
JP Morgan
Barclays Capital
FIH Partners AS
ABG Sundal Collier
Pohjola Bank PLC
PricewaterhouseCoopers
Carnegie
Subtotal with Financial Advisor
Subtotal without Financial Advisor
Industry Total

1/1/2009 - 6/30/2009
Mkt.
Rank Value
US$m Rank
Share
1
3,502.3
25.6
2
3,020.8
22.1
3
17.2
2,351.5
4
17.1
2,338.9
5
16.1
2,201.5
6
11.4
1,560.0
1,175.4
7
8.6
1,174.0
8
8.6
9
7.3
996.9
993.7 10
7.3
950.7 11
6.9
938.6 12*
6.9
6.9
938.6 12*
938.6 12*
6.9
938.6 12*
6.9
931.7 16*
6.8
931.7 16*
6.8
900.3 18
6.6
720.3 19
5.3
612.9 20
4.5
469.3 21
3.4
400.3 22
2.9
398.3 23
2.9
331.9 24
2.4
2.2
300.8 25
11,911.2
87.0
1,780.1
13.0
100.0
13,691.3

No.
Deals
9
7
3
10
6
3
3
1
5
7
3
7
3
1
2
4
3
2
9
2
2
1
2
8
5
126
540
666

1/1/2008 - 6/30/2008
Rank Value
US$m Rank
2
12,596.4
9,397.1
5
4,420.0 13
10,294.9
3
2,238.5 18
4
9,643.4
7,683.5
7
2,406.6 17
535.1 32
367.7 39*
6
8,820.3
212.9 46
133.7 55*
76.4 64
126.2 59
1,572.6 21
98.8 62
14,120.1
1
7,138.3
8
521.5 33
4,667.3 11
43.1 68
406.7 38
3,376.2 14
47,858.4
6,537.8
54,396.2
-

% Chg. in
Rank Val
-72.2 ▼
-67.9 ▼
-46.8 ▼
-77.3 ▼
-1.7 ▼
-83.8 ▼
-84.7 ▼
-51.2 ▼
86.3 ▲
170.2 ▲
-89.2 ▼
340.9 ▲
602.0 ▲
1,128.5 ▲
643.7 ▲
-40.8 ▼
843.0 ▲
-93.6 ▼
-89.9 ▼
- -10.0 ▼
-91.4 ▼
824.1 ▲
-18.4 ▼
-91.1 ▼
-75.1 ▼
-72.8 ▼
-74.8 ▼

* tie

https://www.thomsonone.com
21 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Europe Rankings

Any Benelux Involvement Announced (AD40)

Financial Advisor
JP Morgan
Citi
Lazard
Goldman Sachs & Co
ING
Deutsche Bank AG
Bank of America Merrill Lynch
Rothschild
RBS
KPMG
NIBC NV
UBS
Petercam SA
Sequoia
Morgan Stanley
BNP Paribas SA
Societe Generale
HSBC Holdings PLC
Nomura
Metzler Corporate Finance
Jefferies & Co Inc
Credit Suisse
Fortis Bank Nederland NV
Standard Chartered PLC
RBC Capital Markets
Subtotal with Financial Advisor
Subtotal without Financial Advisor
Industry Total
* tie

1/1/2009 - 6/30/2009
Rank Value
Mkt.
US$m Rank
Share
31.5
1
17,079.5
16,293.0
2
30.0
16,267.5
30.0
3
16,061.9
4
29.6
27.7
15,024.1
5
6
14,889.6
27.4
7
12,951.8
23.9
12,318.8
8
22.7
11,639.8
9
21.4
11,020.7 10
20.3
10,891.9 11
20.1
5,545.2 12
10.2
4,647.3 13
8.6
2,723.0 14
5.0
4.3
2,345.8 15
4.1
2,220.7 16
3.6
1,962.4 17
3.6
1,936.4 18
1,860.0 19
3.4
1,773.8 20
3.3
1,220.2 21
2.3
1,133.1 22
2.1
1,002.6 23
1.9
1.5
838.4 24*
1.5
838.4 24*
92.1
49,969.2
4,315.8
8.0
54,285.0
100.0

Any Benelux Involvement Completed (AF47)
No.
Deals
9
4
5
8
20
6
4
8
15
13
2
3
5
1
4
2
2
3
3
1
3
3
1
1
1
179
428
607

1/1/2008 - 6/30/2008
Rank Value
% Chg. in
Rank Val
US$m Rank
4
-76.0 ▼
71,187.3
-74.9 ▼
7
64,945.6
5
-76.5 ▼
69,132.9
-77.8 ▼
72,190.0
3
524.5 ▲
2,405.8 20
-79.7 ▼
2
73,439.9
74,733.7
1
-82.7 ▼
6,454.5 16
90.9 ▲
10,969.9 12
6.1 ▲
3,972.1 18
177.5 ▲
- 64,737.4
-91.4 ▼
8
340.5 40
1,264.8 ▲
- 10,172.8 13
-76.9 ▼
-96.7 ▼
6
66,906.3
- 13,254.5 ▲
14.5 74
1,704.5 23
9.1 ▲
- -9.6 ▼
1,349.6 26
-88.2 ▼
9,605.9 14
- - 132.0 54
535.2 ▲
-56.8 ▼
115,687.3
14,510.6
-70.3 ▼
-58.3 ▼
130,197.8
-

Financial Advisor
BNP Paribas SA
Lazard
UBS
JP Morgan
Morgan Stanley
Societe Generale
Citi
Bank of America Merrill Lynch
Mediobanca
Credit Suisse
Calyon
RBS
Goldman Sachs & Co
ING
Standard Chartered PLC
RBC Capital Markets
Jefferies & Co Inc
PricewaterhouseCoopers
Commerzbank AG
Banque Degroof
Intesa SanPaolo
Deutsche Bank AG
HSBC Holdings PLC
Nomura
UniCredit Group
Subtotal with Financial Advisor
Subtotal without Financial Advisor
Industry Total

1/1/2009 - 6/30/2009
Rank Value
Mkt.
US$m Rank
Share
71.3
21,831.6
1
21,738.3
2
71.0
65.7
20,122.0
3
19,330.1
63.1
4
18,564.0 5*
60.6
18,564.0 5*
60.6
7
43.6
13,364.5
8
13.5
4,146.6
11.1
9
3,397.2
10.4
3,180.1 10
3,174.2 11
10.4
2,332.0 12
7.6
1,699.9 13
5.6
3.4
1,029.1 14
838.4 15*
2.7
838.4 15*
2.7
838.4 15*
2.7
585.6 18
1.9
254.4 19
0.8
0.8
241.3 20
0.8
239.3 21*
0.8
239.3 21*
239.3 21*
0.8
196.2 24
0.6
0.4
136.2 25
26,575.0
86.8
4,059.8
13.3
30,634.8
100.0

No.
Deals
6
6
5
8
4
4
2
2
2
3
1
7
5
8
1
1
1
4
1
2
1
1
1
4
1
138
327
465

1/1/2008 - 6/30/2008
Rank Value
US$m Rank
6,740.7 14
3,707.6 19
42,681.5
1
12,474.3 12
26,011.0
5
553.6 41
9,351.3 13
3
30,006.9
3,189.4 22
25,958.5
6
18,803.3 10
29,059.8
4
14,793.0 11
146.9 55
1,241.2 30
2,727.0 25
1,238.8 31
410.0 46
33,953.8
2
3,050.7 23
24,658.7
8
51.1 63
102,741.4
12,005.9
114,747.3
-

% Chg. in
Rank Val
223.9 ▲
486.3 ▲
-52.9 ▼
55.0 ▲
-28.6 ▼
3,253.3 ▲
42.9 ▲
-86.2 ▼
6.5 ▲
-87.7 ▼
- -87.6 ▼
-94.2 ▼
-93.0 ▼
- 470.7 ▲
-32.5 ▼
-78.5 ▼
-79.5 ▼
-41.1 ▼
- -99.3 ▼
-92.2 ▼
-99.2 ▼
166.5 ▲
-74.1 ▼
-66.2 ▼
-73.3 ▼

* tie

https://www.thomsonone.com
22 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Europe Analysis
Top Ten European Involvement Announced Deals
Rank Date
6/5/2009
6/24/2009
3/7/2009
2/26/2009
2/20/2009
6/11/2009
1/12/2009
2/23/2009
2/26/2009
6/24/2009

Date Effective
Pending
Intended
Pending
Pending
6/25/2009
Pending
Pending
Pending
Pending
Intended

Target (% Sought/Acquired)
Rio Tinto PLC-WA Iron Ore Asts (100%)
Anglo American PLC (100%)
Lloyds Banking Group PLC (12%)
RBS (25%)
Endesa SA (25.01%)
Barclays Global Investors Ltd (100%)
Essent NV (100%)
Nuon NV (49%)
RBS
Addax Petroleum Corp (100%)

Acquiror
BHP Billiton-WA Iron Ore Asts
Xstrata PLC
HM Treasury
HM Treasury
Enel SpA
BlackRock Inc
RWE AG
Vattenfall AB
HM Treasury
Sinopec Intl

Acquiror / Target Nation
Australia / Australia
Switzerland / United Kingdom
United Kingdom / United Kingdom
United Kingdom / United Kingdom
Italy / Spain
United States / United States
Germany / Netherlands
Sweden / Netherlands
United Kingdom / United Kingdom
China / Switzerland

Rank Value (US$m)
58,000.0
42,504.4
22,315.8
18,596.5
13,470.0
13,345.2
12,436.5
10,891.8
9,298.3
8,931.4

Target Macro / Mid Industry
Materials / Metals & Mining
Materials / Metals & Mining
Financials / Banks
Financials / Banks
Energy & Power / Power
Financials / Asset Management
Energy & Power / Power
Energy & Power / Power
Financials / Banks
Energy & Power / Oil & Gas

Top 10 European Involvement Announced M&A Advisors by Target Industry* (AD21)
100%
90%

% Volume Composition

80%
70%
60%
50%
40%
30%
20%
10%
0%
Goldman Sachs & Co

Lazard

Deutsche Bank AG

UBS

Citi

Morgan Stanley

JP Morgan

Credit Suisse

Gresham Partners

Consumer Products and Services

Consumer Staples

Energy and Power

Financials

Government and Agencies

Healthcare

High Technology

Industrials

Materials

Media and Entertainment

Real Estate

Retail

Telecommunications

Bank of America Merrill
Lynch

https://www.thomsonone.com
23 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Asia Pacific (ex-Japan) M&A
Telecommunications Sector Most Active I Rio Tinto - BHP Billiton Joint Venture Partnership Drives Australian M&A

Asia Pacific (ex-Japan) Deals Intelligence
The Telecommunications industry recorded the most activity
with 115 deals worth US$30 billion. The sector was aided in
part by the US$20.2 billion announced deal between Bharti
Airtel and MTN Group.

Any Australian Involvement Announced M&A

Asia (ex-Japan) Involvement Announced M&A
by Target Industry
Consumer Staples

Australian M&A increased by 34.2% from the first half of
2008, largely due to the announcement of a US$58
billion joint venture partnership between Rio Tinto and
BHP Billiton.

$225

1,000

Q4 Volume (US$b)

January 1, 2009 - June 30, 2009

$200

January 1, 2008 - June 30, 2008

$175

Q2 Volume (US$b)

$150

Q1 Volume (US$b)

Rank Value (US$b)

Industrials
Materials
Financials
Energy and Power

Q3 Volume (US$b)

800

600

# of Q2 Deals

$125
$100

400

$75
$50

Telecommunications

# of Deals

Although Asian M&A in the first half fell by 48.2% to
US$142.9 billion from an all time first half volume high in
2008, quarter-on-quarter activity grew by 83.1%, in
tandem with the slight upswing of Asian stock markets.

200

$25
$0

$10

$20

$30
$40
Rank Value (US$b)

$50

$60

Any Asia (ex-Japan) Involvement Completed M&A (AF32) - Imputed Fees

Financial Advisor
Morgan Stanley
Goldman Sachs & Co
UBS
Deutsche Bank AG
Credit Suisse
Rothschild
JP Morgan
Citi
Nomura
Standard Chartered PLC
Industry Total

1/1/2009 - 6/30/2009
Imputed Fees
Mkt.
US$m Rank
Share
1
4.0
46.4
32.9
2
2.8
31.8
3
2.7
28.5
4
2.4
28.3
5
2.4
28.2
6
2.4
7
2.0
23.8
1.7
19.7
8
9
1.6
19.1
10
.8
9.8
100.0
1,173.2

No.
Deals
15
11
14
15
13
13
11
12
7
4
2,054

$0

$70

0

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

Any Australia Involvement Completed M&A (AF31) - Imputed Fees

1/1/2008 - 6/30/2008
% Change in
Imputed Fees
Fees
US$m
Rank
1
-44.1 ▼
83.0
82.3
2
-60.0 ▼
51.0
6
-37.6 ▼
39.6
8*
-28.0 ▼
55.7
5
-49.2 ▼
15.1
17
86.8 ▲
4
-62.6 ▼
63.7
3
-69.2 ▼
64.0
49.3
7
-61.3 ▼
18.9
12
-48.1 ▼
2,077.6
-43.5 ▼

Financial Advisor
UBS
Goldman Sachs & Co
Deutsche Bank AG
Macquarie Group
BMO Capital Markets
Gresham Partners
Rothschild
Lazard
Citi
Morgan Stanley
Industry Total

Source: Thomson Reuters/Freeman & Co.

1/1/2009 - 6/30/2009
Imputed Fees
Mkt.
US$m Rank
Share
34.9
1
10.6
29.4
2
9.0
3
7.0
22.9
13.8
4
4.2
8.5
5
2.6
7.3
6
2.2
2.2
7.2
7*
7.2
7*
2.2
6.8
9
2.1
6.1
10
1.9
328.5
100.0

No.
Deals
12
12
11
13
1
2
5
4
5
2
660

1/1/2008 - 6/30/2008
Imputed Fees
% Change in
US$m
Rank
Fees
2
-31.8 ▼
51.2
32.4
5
-9.3 ▼
22.6
7
1.3 ▲
59.1
1
-76.6 ▼
- 114.7 ▲
3.4
27
13.1
12
-45.0 ▼
8.4
15
-14.3 ▼
30.4
6
-77.6 ▼
34.3
4
-82.2 ▼
804.9
-59.2 ▼

Source: Thomson Reuters/Freeman & Co.

https://www.thomsonone.com
24 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Asia (ex-Japan) Rankings

Any Asia (ex-Japan) Involvement Announced (AD25)

Financial Advisor
Deutsche Bank AG
Bank of America Merrill Lynch
Standard Chartered PLC
Morgan Stanley
Goldman Sachs & Co
Credit Suisse
Nomura
RBC Capital Markets
JP Morgan
Citi
UBS
China International Capital Co
HSBC Holdings PLC
BNP Paribas SA
RBS
Ernst & Young LLP
First Shanghai Capital Ltd
Industrial & Comm Bank China
JM Financial Group
ING
Lazard
CITIC
Kotak Mahindra Bank Ltd
Somerley Ltd
Woori Invest & Sec Co Ltd
Subtotal without Financial Advisor
Subtotal with Financial Advisor
Industry Total
* tie

1/1/2009 - 6/30/2009
Rank Value
Mkt.
US$m Rank
Share
26,929.7
1
18.8
24,260.8
2
17.0
21,924.6
3
15.3
14,357.8
4
10.1
12,108.8
5
8.5
10,876.7
6
7.6
10,106.4
7
7.1
8,931.4
8
6.3
8,742.0
9
6.1
8,328.1 10
5.8
7,777.6 11
5.4
5,995.2 12
4.2
5,769.1 13
4.0
5,235.3 14
3.7
4,687.9 15
3.3
3,965.2 16
2.8
3,852.8 17
2.7
3,830.7 18
2.7
3,024.4 19
2.1
2,867.3 20
2.0
2,802.4 21
2.0
2,564.1 22
1.8
2,373.1 23
1.7
1,904.4 24
1.3
1.3
1,837.4 25
32.4
46,283.1
96,628.8
67.6
142,911.9
100.0

No.
Deals
23
22
7
28
14
16
17
1
9
14
16
5
7
8
3
27
4
2
3
5
4
10
4
20
3
3,468
507
3,975

Any Asia (ex-Japan) Involvement Completed (AF32)

1/1/2008 - 6/30/2008
Rank Value
% Chg. in
Rank Val
US$m Rank
8,635.4 15
211.9 ▲
65,293.1
1
-62.8 ▼
704.5 ▲
2,725.4 31
22,816.6 11
-37.1 ▼
9
-60.9 ▼
30,960.8
-54.8 ▼
24,066.1 10
5
-75.9 ▼
42,008.8
34,517.8 ▲
25.8 165
-83.3 ▼
52,434.5
2
-84.1 ▼
52,325.9
3
39,494.0
6
-80.3 ▼
51,663.8
4
-88.4 ▼
4,677.8 22
23.3 ▲
18.5 ▲
4,416.7 23
-5.5 ▼
4,958.9 20
-9.5 ▼
4,380.1 24
2,035.7 ▲
180.4 95
6,403.7 ▲
58.9 145*
3,196.6 28
-5.4 ▼
7,145.5 17
-59.9 ▼
3,255.5 27
-13.9 ▼
-92.0 ▼
32,011.9
8
5.6 ▲
2,247.5 33
4,280.2 25
-55.5 ▼
90.3 ▲
965.5 48
67,260.2
-31.2 ▼
208,695.5
-53.7 ▼
275,955.7
-48.2 ▼

Financial Advisor
Morgan Stanley
Goldman Sachs & Co
UBS
Credit Suisse
JP Morgan
Rothschild
Nomura
Fortman Cline Capital Markets
Lazard
Deutsche Bank AG
Lexicon Partners
Citi
Ernst & Young LLP
Samsung Securities
Woori Invest & Sec Co Ltd
Korea Investment Holdings Co
Gryphon Partners
China International Capital Co
First Capital Securities
ING
BNP Paribas SA
RBS
Standard Chartered PLC
Caliburn Partnership Pty Ltd
Cowen & Co
Subtotal without Financial Advisor
Subtotal with Financial Advisor
Industry Total

1/1/2009 - 6/30/2009
Rank Value
Mkt.
US$m Rank
Share
11,420.6
1
15.5
11,034.7
2
15.0
3
13.4
9,828.4
8,541.3
11.6
4
7,673.3
5
10.4
4,870.3
6
6.6
4,116.8
7
5.6
8
5.4
3,950.0
3,657.1
5.0
9
5.0
3,653.6 10
2,356.6 11
3.2
3.1
2,258.2 12
2,068.5 13
2.8
2.5
1,835.8 14
2.5
1,810.0 15*
2.5
1,810.0 15*
1,599.4 17
2.2
1,574.7 18*
2.1
1,574.7 18*
2.1
1,514.3 20
2.1
1,509.9 21
2.1
1,475.1 22
2.0
1,405.1 23
1.9
1.9
1,386.0 24
977.8 25
1.3
29,070.7
39.5
60.5
44,553.2
100.0
73,623.9
-

No.
Deals
14
11
14
13
11
13
7
2
4
15
1
12
22
2
1
1
2
7
2
5
3
2
3
1
1
1,745
309
2,054

1/1/2008 - 6/30/2008
Rank Value
US$m Rank
15,881.4
6
4
21,528.0
28,528.8
2
18,481.2
5
12,809.2 10
2,387.3 26
29,402.0
1
1,530.6 36
7,582.8 14
3
23,265.4
8,333.6 13
131.7 86
3,081.3 22
442.8 56
8
14,284.2
1,936.0 30
2,143.9 28
5,859.4 16
3,134.4 21
301.2 62
30,287.3
141,594.8
171,882.1
-

% Chg. in
Rank Val
-28.1 ▼
-48.7 ▼
-65.5 ▼
-53.8 ▼
-40.1 ▼
104.0 ▲
-86.0 ▼
- 138.9 ▲
-51.8 ▼
- -90.3 ▼
-75.2 ▼
1,293.9 ▲
-41.3 ▼
308.8 ▲
- -89.0 ▼
- -21.8 ▼
-29.6 ▼
-74.8 ▼
-55.2 ▼
360.2 ▲
- -4.0 ▼
-68.5 ▼
-57.2 ▼

* tie

https://www.thomsonone.com
25 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Asia (ex-Japan) Rankings

Any Asia (ex-Japan) Involvement Announced (AD25)

Any Asia (ex-Japan) Involvement Completed (AF32)

Based on Number of Deals

Based on Number of Deals

Financial Advisor
Morgan Stanley
CIMB Group Sdn Bhd
Ernst & Young LLP
Deutsche Bank AG
Bank of America Merrill Lynch
Somerley Ltd
Optima Capital Ltd
Guangdong Securities
Nomura
UBS
Credit Suisse
GF Securities
Goldman Sachs & Co
Citi
Veda Capital Ltd
CITIC
KPMG
Taifook Securities Group Ltd
Haitong Securities
Guotai Junan Securities
GCA Savvian Group Corp
Anglo Chinese Corp Finance
JP Morgan
BNP Paribas SA
Rothschild
Access Capital Ltd
BMR Advisors
Subtotal without Financial Advisor
Subtotal with Financial Advisor
Industry Total

1/1/2009 - 6/30/2009
No.
Mkt. Rank Value
Share
US$m
Deals Rank
28 1*
0.7
14,357.8
28 1*
0.7
956.1
3
27
0.7
3,965.2
23
4
0.6
26,929.7
5
24,260.8
22
0.6
6
0.5
1,904.4
20
7
0.5
870.0
19
18
0.5
8
306.6
17
9
0.4
10,106.4
16 10*
0.4
7,777.6
16 10*
0.4
10,876.7
0.4
14 12*
938.1
14 12*
0.4
12,108.8
8,328.1
14 12*
0.4
0.3
345.2
11 15
2,564.1
10 16
0.3
112.1
9 17*
0.2
146.2
0.2
9 17*
1,447.0
9 17*
0.2
198.3
9 17*
0.2
132.9
9 17*
0.2
0.2
222.1
9 17*
9 17*
0.2
8,742.0
0.2
8 24*
5,235.3
8 24*
0.2
468.8
8 24*
0.2
227.3
8 24*
0.2
833.9
46,283.1
3,468
87.3
507
12.8
96,628.8
3,975
100.0
142,911.9

1/1/2008 - 6/30/2008
No.
Deals Rank
34 5*
54
1
37 3*
33
7
29 10
26 14*
40
2
12 23*
16 21
9
30
28 11*
2 105*
34 5*
28 11*
21 20
1 138*
31
8
4 65*
6 44*
2 105*
1 138*
3 77*
28 11*
22 18*
9 31*
22 18*
4 65*
3,487
826
4,313
-

% Chg. in
No. Deals
-17.6 ▼
-48.1 ▼
-27.0 ▼
-30.3 ▼
-24.1 ▼
-23.1 ▼
-52.5 ▼
50.0 ▲
6.3 ▲
-46.7 ▼
-42.9 ▼
600.0 ▲
-58.8 ▼
-50.0 ▼
-47.6 ▼
900.0 ▲
-71.0 ▼
125.0 ▲
50.0 ▲
350.0 ▲
800.0 ▲
200.0 ▲
-67.9 ▼
-63.6 ▼
-11.1 ▼
-63.6 ▼
100.0 ▲
-0.5 ▼
-38.6 ▼
-7.8 ▼

Financial Advisor
Ernst & Young LLP
CIMB Group Sdn Bhd
Deutsche Bank AG
UBS
Morgan Stanley
PricewaterhouseCoopers
Rothschild
Optima Capital Ltd
Credit Suisse
Citi
Guodu Securities Co Ltd
Goldman Sachs & Co
JP Morgan
KPMG
China Galaxy Securities Co
China International Capital Co
Nomura
AmInvestment Bank Group
BMR Advisors
M&A International
Somerley Ltd
K&N Kenanga Holdings Berhad
Bank of America Merrill Lynch
DBS Group Holdings
ING
Subtotal without Financial Advisor
Subtotal with Financial Advisor
Industry Total

1/1/2009 - 6/30/2009
Mkt. Rank Value
No.
Deals Rank
Share
US$m
1.1
22
1
2,068.5
2
0.8
751.9
17
15
3
3,653.6
0.7
14 4*
0.7
9,828.4
14 4*
11,420.6
0.7
13 6*
0.6
425.9
13 6*
4,870.3
0.6
13 6*
0.6
578.2
13 6*
0.6
8,541.3
2,258.2
12 10
0.6
11 11*
0.5
522.9
11 11*
0.5
11,034.7
11 11*
7,673.3
0.5
9 14
82.3
0.4
8 15
0.4
888.3
7 16*
0.3
1,574.7
4,116.8
0.3
7 16*
741.7
7 16*
0.3
7 16*
616.7
0.3
7 16*
0.3
31.9
6 21*
0.3
920.1
6 21*
0.3
45.0
6 21*
0.3
580.1
0.2
288.1
5 24*
5 24*
0.2
1,514.3
29,070.7
1,745
85.0
15.0
44,553.2
309
2,054
100.0
73,623.9
-

1/1/2008 - 6/30/2008
No.
Deals Rank
28 2*
40
1
16 14*
19 10*
19 10*
27
4
9 22*
11 18*
24 7*
28 2*
2 72*
24 7*
20
9
26
5
1 102*
17 13
8 27*
2 72*
8 27*
14 17
1 102*
19 10*
5 38*
3 50*
1,738
507
2,245

% Chg. in
No. Deals
-21.4 ▼
-57.5 ▼
-6.3 ▼
-26.3 ▼
-26.3 ▼
-51.9 ▼
44.4 ▲
18.2 ▲
-45.8 ▼
-57.1 ▼
450.0 ▲
-54.2 ▼
-45.0 ▼
-65.4 ▼
- 600.0 ▲
-58.8 ▼
-12.5 ▼
250.0 ▲
-12.5 ▼
-57.1 ▼
500.0 ▲
-68.4 ▼
0.0 ▲
66.7 ▲
0.4 ▲
-39.1 ▼
-8.5 ▼

* tie

* tie

https://www.thomsonone.com
26 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Australia Rankings

Any Australian Involvement Announced (AD24)

Financial Advisor
Goldman Sachs & Co
Lazard
Morgan Stanley
Gresham Partners
Macquarie Group
Grant Samuel
JP Morgan
UBS
Rothschild
Caliburn Partnership Pty Ltd
Deutsche Bank AG
Gryphon Partners
Citi
RBS
Genuity Capital Markets
BBVA
BNP Paribas SA
Santander
HSBC Holdings PLC
Bank of America Merrill Lynch
BMO Capital Markets
Ernst & Young LLP
Mizuho Financial Group
Golden Prospect PLC
Standard Bank Group Ltd
Subtotal without Financial Advisor
Subtotal with Financial Advisor
Industry Total
* tie

1/1/2009 - 6/30/2009
Rank Value
Mkt.
US$m Rank
Share
70,427.3
1
78.4
67.1
60,280.4
2
59,180.5
65.9
3
58,879.5
4
65.6
9,870.5
5
11.0
7,437.4
6
8.3
7
8.3
7,407.0
8
7.6
6,864.1
6,808.8
9
7.6
5,277.1 10
5.9
4,532.4 11
5.1
1,962.0 12
2.2
1,959.2 13
2.2
2.0
1,772.8 14
1,666.0 15
1.9
1,631.8 16*
1.8
1,631.8 16*
1.8
1,631.8 16*
1.8
1,631.8 16*
1.8
1,631.8 16*
1.8
1.7
1,564.9 21
599.4 22
0.7
0.6
513.1 23
0.3
284.9 24
281.6 25
0.3
5,576.1
6.2
84,219.1
93.8
100.0
89,795.2

No.
Deals
21
5
5
5
17
6
7
8
7
6
10
4
4
7
1
1
1
1
1
1
2
6
1
2
1
879
118
997

Any Australian Involvement Completed (AF31)
1/1/2008 - 6/30/2008
Rank Value
US$m Rank
2,501.7 12
11,092.3
5
12,152.1
3
1,151.2 19
8,053.9
7
1,321.8 18
3,936.4 10
25,478.4
2
846.1 24
26,462.3
1
9,230.4
6
3,786.6 11
11,109.7
4
1,463.1 16
465.0 31
1,107.3 20
1,380.4 17
11,368.3
55,534.8
66,903.0
-

% Chg. in
Rank Val
2,715.2 ▲
443.4 ▲
387.0 ▲
5,014.6 ▲
22.6 ▲
462.7 ▲
88.2 ▲
-73.1 ▼
704.7 ▲
-80.1 ▼
-50.9 ▼
-48.2 ▼
-82.4 ▼
21.2 ▲
- - 250.9 ▲
- - 47.4 ▲
- -56.6 ▼
- - - -51.0 ▼
51.7 ▲
34.2 ▲

Financial Advisor
UBS
Goldman Sachs & Co
Deutsche Bank AG
Macquarie Group
Gryphon Partners
Caliburn Partnership Pty Ltd
Rothschild
JP Morgan
Lazard
BMO Capital Markets
Gresham Partners
Azure Capital Pty Ltd
Morgan Stanley
Nomura
Grant Samuel
Ernst & Young LLP
Mizuho Financial Group
Citi
Global Leisure Partners LLP
Moelis & Co
Helfen Corporate Advisory Pty
RBS
Deloitte & Touche
Tricom Equities Ltd
Lexicon Partners
Subtotal without Financial Advisor
Subtotal with Financial Advisor
Industry Total

1/1/2009 - 6/30/2009
Rank Value
Mkt.
US$m Rank
Share
1
38.6
7,030.1
6,423.7
2
35.3
2,962.9
3
16.3
2,071.0
11.4
4
1,962.0
5
10.8
8.6
1,570.0
6
7
1,381.2
7.6
1,207.6
8
6.6
9
6.1
1,101.5
6.0
1,090.0 10
1,022.8 11
5.6
868.4 12
4.8
812.8 13
4.5
809.0 14
4.4
769.8 15
4.2
589.9 16
3.2
2.8
513.1 17
430.3 18
2.4
1.8
320.0 19*
320.0 19*
1.8
280.1 21
1.5
207.5 22
1.1
120.9 23
0.7
120.6 24
0.7
0.6
110.5 25
3,754.4
20.6
79.4
14,451.6
100.0
18,206.0

No.
Deals
12
12
11
13
4
4
5
4
4
1
2
4
2
1
2
5
1
5
1
1
1
6
9
1
2
564
96
660

1/1/2008 - 6/30/2008
Rank Value
US$m Rank
1
14,050.2
8
5,118.2
9,554.0
4
12,393.4
2
3,973.6 12
8,413.6
6
1,949.9 18
2,144.7 16
4,265.1 11
292.5 35
191.2 40*
5
8,848.3
753.0 26
4,886.5
9
1,598.0 21
10,037.8
3
2,098.3 17
543.6 29
8,207.2
48,206.2
56,413.4
-

% Chg. in
Rank Val
-50.0 ▼
25.5 ▲
-69.0 ▼
-83.3 ▼
-50.6 ▼
-81.3 ▼
-29.2 ▼
-43.7 ▼
-74.2 ▼
- 249.7 ▲
354.2 ▲
-90.8 ▼
7.4 ▲
-84.2 ▼
-63.1 ▼
- -95.7 ▼
- - - -90.1 ▼
-77.8 ▼
- - -54.3 ▼
-70.0 ▼
-67.7 ▼

* tie

https://www.thomsonone.com
27 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Australia Rankings

Any Australian Involvement Announced (AD24)

Any Australian Involvement Completed (AF31)

Based on Number of Deals

Based on Number of Deals

Financial Advisor
Goldman Sachs & Co
Macquarie Group
Deutsche Bank AG
KPMG
Deloitte & Touche
UBS
Rothschild
RBS
JP Morgan
Caliburn Partnership Pty Ltd
Ernst & Young LLP
Grant Samuel
Gresham Partners
Morgan Stanley
Lazard
Gryphon Partners
Citi
Credit Suisse
PricewaterhouseCoopers
RBC Capital Markets
New Holland Capital Pty Ltd
Taylor Collison Ltd
Golden Prospect PLC
Ferghana Partners Group
Adelaide Equity Partners Ltd
BMO Capital Markets
Subtotal without Financial Advisor
Subtotal with Financial Advisor
Industry Total
* tie

1/1/2009 - 6/30/2009
Mkt. Rank Value
No.
Share
US$m
Deals Rank
21
1
2.1
70,427.3
2
9,870.5
17
1.7
4,532.4
10
3
1.0
9 4*
33.9
0.9
9 4*
120.9
0.9
8
6
0.8
6,864.1
7 7*
6,808.8
0.7
7 7*
1,772.8
0.7
7 7*
7,407.0
0.7
5,277.1
0.6
6 10*
6 10*
0.6
599.4
0.6
6 10*
7,437.4
58,879.5
0.5
5 13*
5 13*
59,180.5
0.5
5 13*
0.5
60,280.4
4 16*
1,962.0
0.4
4 16*
1,959.2
0.4
4 16*
267.2
0.4
3 19*
0.3
15.1
3 19*
0.3
31.0
3 19*
23.2
0.3
2 22*
0.2
38.9
284.9
2 22*
0.2
86.9
2 22*
0.2
2 22*
0.2
25.7
2 22*
0.2
1,564.9
5,576.1
88.2
879
84,219.1
11.8
118
100.0
89,795.2
997
-

1/1/2008 - 6/30/2008
No.
Deals Rank
5 15*
30
1
7 10*
2
26
5
12
3
18
5 15*
8 7*
8 7*
7 10*
7 10*
6 13*
5 15*
6 13*
4 19*
2 29*
6
9
5 15*
4
13
2 29*
3 23*
1,063
188
1,251

% Chg. in
No. Deals
320.0 ▲
-43.3 ▼
42.9 ▲
-65.4 ▼
-25.0 ▼
-55.6 ▼
40.0 ▲
-12.5 ▼
-12.5 ▼
-14.3 ▼
-14.3 ▼
0.0 ▲
0.0 ▲
-16.7 ▼
25.0 ▲
100.0 ▲
-55.6 ▼
-20.0 ▼
-76.9 ▼
50.0 ▲
- - - - -33.3 ▼
- -17.3 ▼
-37.2 ▼
-20.3 ▼

Financial Advisor
Macquarie Group
UBS
Goldman Sachs & Co
Deutsche Bank AG
KPMG
Deloitte & Touche
RBS
Ernst & Young LLP
Rothschild
Citi
Caliburn Partnership Pty Ltd
Lazard
Gryphon Partners
Azure Capital Pty Ltd
JP Morgan
PricewaterhouseCoopers
RBC Capital Markets
Gresham Partners
Lexicon Partners
Morgan Stanley
Ferghana Partners Group
Grant Samuel
Bank of America Merrill Lynch

Subtotal without Financial Advisor
Subtotal with Financial Advisor
Industry Total

1/1/2009 - 6/30/2009
No.
Mkt. Rank Value
Deals Rank
US$m
Share
1
13
2.0
2,071.0
1.8
12 2*
7,030.1
12 2*
1.8
6,423.7
1.7
11
2,962.9
4
64.1
1.4
9 5*
120.9
1.4
9 5*
0.9
6
207.5
7
0.8
5 8*
589.9
5 8*
0.8
1,381.2
5 8*
0.8
430.3
4 11*
0.6
1,570.0
0.6
1,101.5
4 11*
0.6
1,962.0
4 11*
868.4
4 11*
0.6
0.6
1,207.6
4 11*
0.5
15.1
3 16*
0.5
10.9
3 16*
2 18*
0.3
1,022.8
2 18*
0.3
110.5
2 18*
0.3
812.8
2 18*
0.3
86.9
0.3
2 18*
769.8
0.3
2 18*
49.8

564
96
660

-

85.5
14.6
100.0

3,754.4
14,451.6
18,206.0

1/1/2008 - 6/30/2008
No.
Deals Rank
28
2
20
3
9
6
5 16*
30
1
13
5
6 11*
8 7*
5 16*
8 7*
7 10
3 22*
2 30*
1 39*
6 11*
17
4
1 39*
3 22*
6 11*
6 11*
8 7*

714
188
902

-

% Chg. in
No. Deals
-53.6 ▼
-40.0 ▼
33.3 ▲
120.0 ▲
-70.0 ▼
-30.8 ▼
0.0 ▲
-37.5 ▼
0.0 ▲
-37.5 ▼
-42.9 ▼
33.3 ▲
100.0 ▲
300.0 ▲
-33.3 ▼
-82.4 ▼
200.0 ▲
-33.3 ▼
- -66.7 ▼
- -66.7 ▼
-75.0 ▼

-21.0 ▼
-48.9 ▼
-26.8 ▼

* tie

https://www.thomsonone.com
28 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

New Zealand Rankings

Any New Zealand Involvement Announced (AD39)

Financial Advisor
KPMG
Deutsche Bank AG
Morgan Stanley
Deloitte & Touche
Goldman Sachs & Co
PricewaterhouseCoopers
Cameron Partners Ltd

Subtotal without Financial Advisor
Subtotal with Financial Advisor
Industry Total
* tie

1/1/2009 - 6/30/2009
Rank Value
Mkt.
US$m Rank
Share
48.8
7.8
1
4.5
28.5 2*
4.5
28.5 2*
3.3
20.4 4*
20.4 4*
3.3
12.7
6
2.0
7
1.7
10.6

508.3
121.0
629.3

-

80.8
19.2
100.0

No.
Deals
7
1
1
3
1
7
3

66
23
89

Any New Zealand Involvement Completed (AF46)
1/1/2008 - 6/30/2008
Rank Value
US$m Rank
9
86.0
4.6 12
669.1
2
616.3
5
7
531.2

476.7
2,472.7
2,949.4

-

% Chg. in
Rank Val
-43.3 ▼
- - 343.5 ▲
-97.0 ▼
-97.9 ▼
-98.0 ▼

6.6 ▲
-95.1 ▼
-78.7 ▼

Financial Advisor
Morgan Stanley
JP Morgan
Deutsche Bank AG
Macquarie Group
KPMG
Goldman Sachs & Co
Deloitte & Touche
PricewaterhouseCoopers
Cameron Partners Ltd

Subtotal without Financial Advisor
Subtotal with Financial Advisor
Industry Total

1/1/2009 - 6/30/2009
Mkt.
Rank Value
Share
US$m Rank
67.3
770.1 1*
67.3
770.1 1*
214.6 3*
18.8
214.6 3*
18.8
5
4.3
48.8
31.4
6
2.7
20.4
7
1.8
12.7
8
1.1
10.6
9
0.9

55.4
1,088.2
1,143.6

-

4.9
95.2
100.0

No.
Deals
1
1
1
2
8
2
3
4
4

42
25
67

1/1/2008 - 6/30/2008
Rank Value
US$m Rank
0.0 15*
62.7
8
52.6
9
4.6 14
5
616.3
539.3
6

374.3
3,816.6
4,190.8

-

% Chg. in
Rank Val
- - - - -22.2 ▼
-40.3 ▼
343.5 ▲
-97.9 ▼
-98.0 ▼

-85.2 ▼
-71.5 ▼
-72.7 ▼

* tie

https://www.thomsonone.com
29 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

New Zealand Rankings

Any New Zealand Involvement Announced (AD39)

Any New Zealand Involvement Completed (AF46)

Based on Number of Deals

Based on Number of Deals

Financial Advisor
KPMG
PricewaterhouseCoopers
RBS
Deloitte & Touche
Cameron Partners Ltd
Deutsche Bank AG
Morgan Stanley
First NZ Capital
Goldman Sachs & Co
Macquarie Group

Subtotal without Financial Advisor
Subtotal with Financial Advisor
Industry Total
* tie

1/1/2009 - 6/30/2009
No.
Mkt. Rank Value
Deals Rank
US$m
Share
7 1*
7.9
48.8
7 1*
12.7
7.9
5
5.6
3
.0
20.4
3 4*
3.4
10.6
3.4
3 4*
1.1
28.5
1 6*
1 6*
1.1
28.5
1.1
1 6*
.0
1 6*
1.1
20.4
1 6*
1.1
.0

66
23
89

-

74.2
25.8
100.0

508.3
121.0
629.3

1/1/2008 - 6/30/2008
No.
Deals Rank
2
9
1
20
3 6*
6 3*
3 6*
6 3*
2 9*
3 6*

% Chg. in
No. Deals
-22.2 ▼
-65.0 ▼
66.7 ▲
-50.0 ▼
0.0 ▲
- - -83.3 ▼
-50.0 ▼
-66.7 ▼

115
59
174

-42.6 ▼
-61.0 ▼
-48.9 ▼

-

Financial Advisor
KPMG
PricewaterhouseCoopers
Cameron Partners Ltd
Deloitte & Touche
RBS
Goldman Sachs & Co
Macquarie Group
Rothschild
Deutsche Bank AG
Morgan Stanley
First NZ Capital
JP Morgan

Subtotal without Financial Advisor
Subtotal with Financial Advisor
Industry Total

1/1/2009 - 6/30/2009
No.
Mkt. Rank Value
Deals Rank
Share
US$m
11.9
8
1
48.8
4 2*
6.0
12.7
4 2*
6.0
10.6
3 4*
4.5
20.4
3 4*
4.5
.0
2 6*
3.0
31.4
2 6*
3.0
214.6
1 8*
.0
1.5
214.6
1 8*
1.5
1.5
1 8*
770.1
1 8*
1.5
.0
1 8*
1.5
770.1

42
25
67

-

62.7
37.3
100.0

55.4
1,088.2
1,143.6

1/1/2008 - 6/30/2008
No.
Deals Rank
6
2
19
1
4
5
5 3*
2 8*
1 10*
3 6*
5 3*
-

% Chg. in
No. Deals
33.3 ▲
-78.9 ▼
0.0 ▲
-40.0 ▼
50.0 ▲
100.0 ▲
-33.3 ▼
- - - -80.0 ▼
- -

75
51
126

-44.0 ▼
-51.0 ▼
-46.8 ▼

-

* tie

https://www.thomsonone.com
30 of 36

Asia (ex-Japan) Analysis
Top Ten Asia (ex-Japan) Target Involvement Announced Deals
Rank Date
5/25/2009
6/24/2009
5/25/2009
4/24/2009
6/23/2009
2/9/2009
6/12/2009
2/3/2009
1/20/2009
5/7/2009

Date Effective
Pending
Pending
Pending
Pending
Pending
1/0/1900
Pending
1/0/1900
1/0/1900
Pending

Target (% Sought/Acquired)
MTN Group Ltd (36%)
Addax Petroleum Corp (100%)
Bharti Airtel Ltd (25%)
OAO MangistauMunaiGaz (100%)
GCL Solar Energy Tech Hldg Inc (100%)
Hutchison Au-Telecommun Bus (100%)
Shenzhen Dvlp Bank Co Ltd (16.8%)
BTA Bank JSC (78.14%)
KTF Co Ltd (45.75%)
Oriental Brewery Co Ltd (100%)

Acquiror
Bharti Airtel Ltd
Sinopec Intl
MTN Group Ltd
Investor Group
GCL-Poly Energy Holdings Ltd
Vodafone Group-Au Telecom Bus
Ping An Ins(Grp)Co of China
Samruk-Kazyna Fond
KT Corp
Kohlberg Kravis Roberts & Co

Acquiror / Target Nation
India / South Africa
China / Switzerland
South Africa / India
China / Kazakhstan
Hong Kong / China
Australia / Australia
China / China
Kazakhstan / Kazakhstan
South Korea / South Korea
United States / South Korea

Rank Value (US$m)
11,387.5
8,931.4
8,775.1
3,300.0
2,919.1
2,456.2
2,278.9
2,094.1
1,810.0
1,800.0

Target Macro / Mid Industry
Telecom / Wireless
Energy & Power / Oil & Gas
Telecom / Wireless
Energy & Power / Oil & Gas
High Technology / Semiconductors
Telecom / Wireless
Financials / Banks
Financials / Banks
Telecommunications / Wireless
Consumer Staples / Food & Beverage

Top 10 Asia (ex-Japan) Involvement Announced M&A Advisors by Target Industry (AD25)
100%
90%

% Volume Composition

80%
70%
60%
50%
40%
30%
20%
10%
0%
Deutsche Bank AG

Bank of America Merrill
Lynch

Standard Chartered
PLC

Morgan Stanley

Goldman Sachs & Co

Credit Suisse

Nomura

RBC Capital Markets

JP Morgan

Consumer Products and Services

Consumer Staples

Energy and Power

Financials

Government and Agencies

Healthcare

High Technology

Industrials

Materials

Media and Entertainment

Real Estate

Retail

Telecommunications

Citi

https://www.thomsonone.com
31 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Japan M&A
Japanese M&A Activity Down 36% | Japanese buyers shop in ASPAC | Outbound M&A Activity Drops 60%
Japan Deals Intelligence
Japanese acquirors in the Consumer Staples sector made
strategic investments outside of Japan, most notably in
Australia, Philippines and China.

Japanese M&A activity for the first half of 2009 decreased
by 35.6% compared to the same period last year with
1,435 deals worth US$44.9 billion, the lowest first half
volume since 2003.

Q4 Volume (US$b)

$175

180
160

# of Q2 Deals

600

$100
400

$75

# of Deals

Q1 Volume (US$b)

Rank Value (US$b)

$25

800

Q2 Volume (US$b)

$125

200

$30

Q3 Volume (US$b)

$150

140
120

$20

100
$15

80
60

$10

40
$5

$50

20

200

$25

2001

2002

2003

2004

2005

2006

2007

2008

2009

Rank Val US$m
Financials
Citi
Goldman Sachs & Co
Nomura
Consumer Staples
Deutsche Bank AG
Caliburn Partnership Pty Ltd
JP Morgan
Real Estate
Morgan Stanley
Blackstone Group LP
Bank of America Merrill Lynch

13,964.2
5,987.0
5,787.2
3,035.4
7,037.2
3,474.6
3,474.6
3,474.6
6,171.4
1,185.7
1,185.7
1,185.7

Rank
1
2
3

42.9
41.4
21.7

1*
1*
1*

49.4
49.4
49.4

1*
1*
1*

19.2
19.2
19.2

2Q09

1Q09

4Q08

3Q08

2Q08

1Q08

4Q07

3Q07

2Q07

1Q07

4Q06

3Q06

2Q06

1Q06

4Q05

3Q05

2Q05

1Q05

4Q04

Outbound (US$b)

Number of Cross Border Deals

Japanese Involvement Completed M&A (AF23) - Imputed Fees

No. Deals
129
6
2
6
88
1
1
1
81
1
1
1

3Q04

2Q04

1Q04

Inbound (US$b)

Japanese Involvement Announced M&A - Top Advisors by Target Industry
Mkt.
Share

4Q03

0

2000

3Q03

$0

0
1Q03

$0
2Q03

Rank Value (US$b)

1,000

# of Deals

$200

Japanese Cross Border Volume

$35

Any Japanese Involvement Announced M&A

Outbound cross-border activity totaled US$9.5 billion
from 159 deals, down 60.2% compared to last year’s
US$23.9 billion.

Financial Advisor
Nomura
Mizuho Financial Group
Daiwa Securities SMBC
Citi
Morgan Stanley
Deutsche Bank AG
Mitsubishi UFJ Financial Group
JP Morgan
GCA Savvian Group Corp
Bank of America Merrill Lynch
Industry Total

1/1/2009 - 6/30/2009
Imputed Fees
Mkt.
US$m Rank
Share
43.6
1
7.8
37.7
2
6.8
30.7
5.5
3
4
23.8
4.3
5
3.5
19.7
6
3.3
18.1
15.3
7*
2.8
15.3
7*
2.8
13.2
9
2.4
2.1
11.7
10
555.4
100.0

No.
Deals
44
54
33
21
8
8
27
7
21
6
999

1/1/2008 - 6/30/2008
Imputed Fees
% Change in
US$m
Rank
Fees
70.4
1
-38.1 ▼
33.2
9
13.6 ▲
39.9
6
-23.1 ▼
34.5
8
-31.0 ▼
38.4
7
-48.7 ▼
54.7 ▲
11.7
16
60.2
3
-74.6 ▼
65.6
2
-76.7 ▼
12.2
8.2 ▲
14*
28.7
11
-59.2 ▼
1,094.6
-49.3 ▼

Source: Thomson Reuters/Freeman & Co.

https://www.thomsonone.com
32 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Japan Rankings

Any Japanese Involvement Announced (AD19)

Financial Advisor
Nomura
Citi
Goldman Sachs & Co
Mizuho Financial Group
Deutsche Bank AG
JP Morgan
Morgan Stanley
Daiwa Securities SMBC
Caliburn Partnership Pty Ltd
Mitsubishi UFJ Financial Group
Bank of America Merrill Lynch
RBS
Standard Chartered PLC
Credit Suisse
PricewaterhouseCoopers
Lazard
Blackstone Group LP
American Appraisal Assoc., Inc
Ernst & Young LLP
ING
Macquarie Group
GCA Savvian Group Corp
KPMG
BNP Paribas SA
BMO Capital Markets
Subtotal without Financial Advisor
Subtotal with Financial Advisor
Industry Total
* tie

1/1/2009 - 6/30/2009
Rank Value
Mkt.
US$m Rank
Share
10,560.7
1
23.5
9,275.9
2
20.7
6,491.6
3
14.5
5,774.1
4
12.9
4,696.8
5
10.5
4,341.5
6
9.7
7
8.5
3,803.9
3,746.4
8
8.3
3,474.6
9
7.7
2,964.1 10
6.6
1,645.8 11
3.7
1,577.1 12
3.5
1,387.9 13
3.1
1,374.5 14
3.1
1,321.8 15
2.9
1,188.4 16
2.7
1,185.7 17
2.6
2.4
1,074.5 18
2.3
1,040.3 19
890.5 20
2.0
881.3 21
2.0
880.5 22
2.0
829.2 23
1.9
667.0 24
1.5
461.5 25
1.0
9,794.1
21.8
35,134.0
78.2
44,928.1
100.0

No.
Deals
63
29
7
71
7
5
6
49
1
36
16
5
2
8
11
3
2
1
9
2
4
33
8
1
2
1,095
340
1,435

Any Japanese Involvement Completed (AF23)
1/1/2008 - 6/30/2008
Rank Value
US$m Rank
20,946.1
1
4,899.2
8
10,605.6
3
4,617.5
9
424.9 22
5,842.0
5
3,850.0 10
3,767.9 11
8,466.0
4
2,404.2 13
1,446.8 16
857.3 18
417.9 23
1,688.2 15
0.0 80*
2,895.9 12
5,573.0
6
263.1 25
14,436.7
55,365.8
69,802.4
-

% Chg. in
Rank Val
-49.6 ▼
89.3 ▲
-38.8 ▼
25.0 ▲
1,005.4 ▲
-25.7 ▼
-1.2 ▼
-0.6 ▼
- -65.0 ▼
-31.5 ▼
- - -5.0 ▼
54.2 ▲
184.4 ▲
- - -38.4 ▼
- - -69.6 ▼
-85.1 ▼
153.5 ▲
- -32.2 ▼
-36.5 ▼
-35.6 ▼

Financial Advisor
Nomura
Mizuho Financial Group
Morgan Stanley
Daiwa Securities SMBC
PricewaterhouseCoopers
Lazard
JP Morgan
Ernst & Young LLP
Bank of America Merrill Lynch
Deutsche Bank AG
Mitsubishi UFJ Financial Group
KPMG
GCA Savvian Group Corp
Deloitte & Touche
Credit Suisse
Citi
Goldman Sachs & Co
Perella Weinberg Partners LP
UBS
RBS
Standard Chartered PLC
Blackstone Group LP
Rothschild
BNP Paribas SA
ING
Subtotal without Financial Advisor
Subtotal with Financial Advisor
Industry Total

1/1/2009 - 6/30/2009
Rank Value
Mkt.
US$m Rank
Share
7,176.4
1
21.5
5,847.5
2
17.6
5,679.2
3
17.0
4,992.5
4
15.0
4,063.5
5
12.2
3,834.9
6
11.5
3,799.3
11.4
7
3,103.8
8
9.3
2,967.9
9
8.9
2,867.1 10
8.6
2,645.7 11
7.9
2,165.7 12
6.5
1,846.1 13
5.5
1,802.4 14
5.4
1,789.8 15
5.4
1,781.4 16
5.4
1,645.1 17
4.9
1,600.0 18
4.8
1,478.1 19
4.4
3.7
1,225.1 20*
1,225.1 20*
3.7
1,185.7 22
3.6
2.4
809.0 23
667.0 24*
2.0
667.0 24*
2.0
7,713.2
23.1
76.9
25,614.3
33,327.4
100.0

No.
Deals
44
54
8
33
13
4
7
7
6
8
27
9
21
14
2
21
8
1
3
1
1
1
1
1
1
746
253
999

1/1/2008 - 6/30/2008
Rank Value
US$m Rank
11,674.9
4
3,006.4 14
7,627.5
7
7,263.1
8
2,876.4 15
117.9 37*
14,017.2
1
2,340.5 17
5,771.7 10
1,649.7 20
12,012.5
3
2,378.7 16
6,400.7
9
1,270.9 21
3,619.1 13
7,729.8
6
12,072.8
2
2,160.6 19
10,856.4
5
175.0 34*
14.3 60
68.8 45*
16,256.3
63,180.7
79,437.0
-

% Chg. in
Rank Val
-38.5 ▼
94.5 ▲
-25.5 ▼
-31.3 ▼
41.3 ▲
3,152.7 ▲
-72.9 ▼
32.6 ▲
-48.6 ▼
73.8 ▲
-78.0 ▼
-9.0 ▼
-71.2 ▼
41.8 ▲
-50.5 ▼
-77.0 ▼
-86.4 ▼
-25.9 ▼
-86.4 ▼
- - - 362.3 ▲
4,564.3 ▲
869.5 ▲
-52.6 ▼
-59.5 ▼
-58.0 ▼

* tie

https://www.thomsonone.com
33 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Japan Analysis
Top Ten Japanese Involvement Announced Deals
Rank Date
5/1/2009
4/27/2009
3/10/2009
1/20/2009
5/11/2009
4/7/2009
5/25/2009
3/13/2009
3/27/2009
2/27/2009

Date Effective
Pending
Pending
Pending
5/22/2009
5/28/2009
Pending
Pending
3/31/2009
3/27/2009
Pending

Target (% Sought/Acquired)
Nikko Cordial Securities Inc (100%)
Lion Nathan Ltd (53.9%)
Resona Holdings Inc (6.4%)
San Miguel Brewery Inc (43.25%)
Marunouchi AIG Building (100%)
New City Residence Investment (68.7%)
Senshu Bank Ltd (100%)
North Pacific Bank Ltd
Asahi Mutual Life-HQ (100%)
Olympus Corp-Diagnostic Bus (100%)

Acquiror
Sumitomo Mitsui Banking Corp
Kirin Holdings Co Ltd
Resona Holdings Inc
Kirin Holdings Co Ltd
Nippon Life Insurance Co
Lone Star Funds
Bank of Ikeda Ltd
Resolution & Collection Corp
Mitsubishi Estate Co Ltd
Beckman Coulter Inc

Acquiror / Target Nation
Japan / Japan
Japan / Australia
Japan / Japan
Japan / Philippines
Japan / Japan
United States / Japan
Japan / Japan
Japan / Japan
Japan / Japan
United States / Japan

Rank Value (US$m)
5,787.2
3,474.6
1,828.4
1,225.1
1,185.7
1,081.0
1,074.5
1,021.3
817.7
785.5

Target Macro / Mid Industry
Financials / Brokerage
Consumer Staples / Food and Beverage
Financials / Other Financials
Consumer Staples / Food and Beverage
Real Estate / Non Residential
Real Estate / REITs
Financials / Banks
Financials / Banks
Real Estate / Non Residential
Healthcare / Healthcare Equipment & Supplies

Top 10 Any Japanese Involvement Announced M&A Advisors by Target Industry (AD19)
100%
90%

% Volume Composition

80%
70%
60%
50%
40%
30%
20%
10%
0%
Citi

ura
Nom

man
Gold

o
s&C
Sach

in
ho F
Mizu

lG
ancia

roup

che B
Deuts

n
orga
JP M

G
ank A

an
Morg

ley
Stan

a Se
Daiw

s SM
curitie

BC

rsh
artne
urn P
Calib

ip Pty

Ltd

F
UFJ
bishi
Mitsu

Consumer Products and Services

Consumer Staples

Energy and Power

Financials

Government and Agencies

Healthcare

High Technology

Industrials

Materials

Media and Entertainment

Real Estate

Retail

Telecommunications

roup
ial G
inanc

https://www.thomsonone.com
34 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Ranking Criteria Summary
- Announced league tables include all deals that were announced between January 1, 2008 and June 30, 2009 and of which Thomson

If you would like to participate in the submission
process, receive quarterly press releases, or have
questions about league table criteria please
contact:
United States
Victor Eng
Tel: +1 646 223 8473
E-mail: victor.eng@thomsonreuters.com
Europe
Leon Saunders Calvert
Tel: +44 (0) 207 542 1990
E-mail: leon.saunderscalvert@thomsonreuters.com

Reuters was made aware. All current data and previous year's data is as of 5:00pm EST on June 30, 2009.
-

- A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared

wholly unconditional.
- Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions

are converted to the US dollar equivalent at the time of announcement of terms.
-

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 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.

-

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.

Asia-Pacific
Jason Pacannuayan
Tel: +632 858 7262
E-mail: jason.pacannuayan@thomsonreuters.com
Japan
Tomomi Terahara
Tel: +813 5218 6582
E-mail: tomomi.terahara@thomsonreuters.com

League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt
restructurings.

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 the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not
appropriate for the purposes of making a decision to carry out a transaction 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.
© 2009 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.

https://www.thomsonone.com
35 of 36

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Thomson ONE Investment Banking

One Solution. One Framework
Thomson ONE is a revolutionary desktop solution that combines real-time market data and news with authoritative content from industry
leading sources. Critical information that previously needed to be co-ordinated and collected from internal and external sources is now at
your finger tips in a remarkably easy-to-use format.

Comprehensive Content
Thomson ONE Investment Banking offers you quick and easy access to quotes, earnings estimates, financial fundamentals, market moving
news, transaction data, corporate filings, ownership profiles and research from industry leading sources:

Thomson I/B/E/S

Thomson Investext

Thomson SDC

Thomson Worldscope

Thomson First Call Earnings Data

Thomson Extel

Global real-time and/or delayed market data

And many more…

About Thomson Reuters
Thomson Reuters is the world’s leading source of
intelligent information for businesses and
professionals. We combine industry expertise with
innovative technology to deliver critical information
to leading decision makers in the financial, legal,
tax and accounting, scientific, healthcare and
media markets, powered by the world’s most
trusted news organization. With headquarters in
New York and major operations in London and
Eagan, Minnesota, Thomson Reuters employs
more than 50,000 people in 93 countries.
Thomson Reuters shares are listed on the New
York Stock Exchange (NYSE: TRI); Toronto Stock
Exchange (TSX: TRI); London Stock Exchange
(LSE: TRIL); and Nasdaq (NASDAQ: TRIN). For
more information, go to www.thomsonreuters.com.

Open Framework
Thomson ONE's open framework puts you in control of your workflow. View content sets from disparate databases side by side for over
60,000 domestic and global companies. You have the flexibility to integrate your own proprietary or other third party information. Simply
select the content you’d like to view and designate how and where you want it to be displayed on your pages.

Unsurpassed Functionality

Unmatched Benefits

Customize the type of content you want to receive by choosing only Receive only relevant information through tailored pages for user
workflow.
data that is relevant to your workflow.
Design your own layout for a personalized view of content and Desktop Delivery—the first fully integrated product for the investment
functional components.
banking community.

Thomson Reuters Deals Content is the most
extensive and flexible resource available for timely
M&A and capital markets transactions. Our leading
edge products for the deal making community
enable you to analyze the current trends in the
market and assess the changing competitive
landscape by building your own custom leagues
tables and reports. Please send an email to
salesinquiry@thomson.com for more information.

Search across multiple databases simultaneously to receive the
Low cost integration - reducing overall market data costs by
most in-depth and up-to-date information available.
minimizing infrastructure overhead and leveraging existing contracts.
View streaming market data allowing you to stay on top of market
conditions.

Copyright 2009 Thomson Reuters. All rights reserved.

36 of 36

Sign up to vote on this title
UsefulNot useful