MERGERS & ACQUISITIONS REVIEW

FINANCIAL ADVISORS
First Nine Months 2010

First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors

M&A Financial Advisory Review
Table of Contents
Global M&A

1

Any European Involvement Announced (AD21)

10

Any New Zealand Involvement Announced (AD39)

17

Global Deals Intelligence

1

Any European Involvement Completed (AF3)

10

Any New Zealand Involvement Completed (AF46)

17

Scorecard: Worldwide Announced M&A

2

Any UK Involvement Announced (AD32)

11

Scorecard: Worldwide Completed M&A

2

Any UK Involvement Completed (AF39)

11

Japan Deals Intelligence

18

Top Fifteen Worldwide Announced Deals

2

Any French Involvement Announced (AD33)

11

Top Ten Japanese Involvement Announced Deals

18

Worldwide Announced (AD1)

3

Any French Involvement Completed (AF40)

11

Any Japanese Involvement Announced (AD19)

19

Worldwide Completed (AF1)

3

Any Spanish Involvement Announced (AD34)

12

Any Japanese Involvement Completed (AF23)

19

6

Any Spanish Involvement Completed (AF41)

12

Americas Deals Intelligence

6

Any German Involvement Announced (AD35)

12

Top Ten US Announced Deals

6

Any German Involvement Completed (AF42)

12

Americas M&A

Any Americas Involvement Announced (AD49)
Any Americas Involvement Completed (AF55)

7
7

Any Italian Involvement Announced (AD36)
Any Italian Involvement Completed (AF43)

18

Fairness Opinion Rankings

20

Worldwide Announced Fairness Opinion

20

Any Americas Announced Fairness Opinion

20

Any USAnnounced Fairness Opinion

20

Any EMEA Announced Fairness Opinion

20

Any Asia Pacific Announced Fairness Opinion

20

Any Japanese Announced Fairness Opinion

20

13
13

US Target Announced (AD2)

7

Any Nordic Involvement Announced (AD37)

13

US Target Completed (AF2)

7

Any Nordic Involvement Completed (AF44)

13

Any US Involvement Announced (AD41)

8

Any Benelux Involvement Announced (AD40)

14

Any US Involvement Completed (AF48)

8

Any Benelux Involvement Completed (AF47)

14

Any Canadian Involvement Announced (AD42)

8

Any Canadian Involvement Completed (AF49)

8

Asia Pacific (ex-Japan) M&A

Japan M&A

Criteria Summary

21

15

Mergers & Acquisitions Criteria Summary

21

Asia Pacific (ex-Japan) Deals Intelligence

15

Regional Contacts

21

9

Top Ten Any Asia (ex-Japan) Involvement Announced Deals

15

European Deals Intelligence

9

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

16

Top Ten European Involvement Announced Deals

9

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

16

Any EMEA Involvement Announced (AD47)

10

Any Australian Involvement Announced (AD24)

16

Any EMEA Involvement Completed (AF53)

10

Any Australian Involvement Completed (AF31)

16

EMEA M&A

Thomson ONE for Investment Banking
About Thomson Reuters

22
22

https://www.thomsonone.com

0% 8% Q2 Volume (US$b) $250 7. the largest quarter for worldwide M&A since the third quarter of 2008. Third quarter M&A activity increased 21% over the second quarter of 2010.000 % of Global Volume $1.Imputed Fees WORLDWIDE M&A UP 21%.0% Q1 Volume (US$b) 7% 6.7% 13.5% and 12.000 announced deals.1% 9.3% Rank Value (US$b) 40% $1. M&A advisory fees from completed transactions totaled US$19.2% $50 1% 0% $0 2000 10 3Q10 10 2Q10 10 1Q10 09 4Q09 09 3Q09 09 2Q09 09 1Q09 08 4Q08 08 3Q08 08 2Q08 08 1Q08 07 4Q07 07 3Q07 07 2Q07 07 1Q07 06 4Q06 06 3Q06 4. months of 2010.400 Rank Value (US$b) 2Q08 Worldwide Unsolicited Bids $1.5% 28. STRONGEST QUARTER SINCE Q308 .2% % of YTD Global M&A 50% $200 30. Middle East and Africa accounted for 32%. $0 1Q07 $1.5% of announced M&A.200 18.2% 16.5% $200 6% 5. a 72. $4 $3 $2 $1 LARGEST QUARTER FOR PRIVATE EQUITY M&A SINCE Q208 .8% of M&A activity.0 billion during the first nine months of 2010.9 billion for the first nine months of 2010.2% of overall M&A volume.3% 2% $0 1Q06 06 5% 4. a 38% increase from the comparable period in 2009. By number of deals. Asia Pacific and Japan contributed 14% and 4%. emerging markets M&A accounted for 32.7 billion during the first nine months of 2010.9 billion.4% 21.7% $400 23.com 1 . respectively.8% $100 3% 2.5% 16.6 billion during the first nine months of 2010. the largest opening period since the first nine months of 2008.8% compared to last year with over 29. Healthcare and Industrials sectors have all experienced double-digit percentage declines over the first nine months of 2009. Deals in the Financials.8% 3Q10 9% Q3 Volume (US$b) 59. COMPLETED ADVISORY FEES UP 38% .2% of worldwide M&A volume compared to 22% during the comparable period in 2009.The value of worldwide M&A totaled US$1. to US$676.thomsonone. while the Financials and Materials sectors accounted for 15.Mergers and acquisitions involving companies located in the emerging markets totaled US$551.2% 0% 06 2Q06 4.3% $800 2Q10 Q4 Volume (US$b) $1. M&A activity is up 3. For the three quarters of 2010.1% $150 20% 11.Worldwide private-equity-backed M&A activity totaled US$149.8% 20. Cross Border M&A activity totaled US$723.800 Withdrawn 3Q07 4Q07 Completed Pending $300 70% % of Withdrawn to Completed 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 60% 8.6% 15. commanding 20.1% last year at this time. private-equity-backed M&A increased 116. compared to 26. a 21% increase from comparable 2009 levels and the strongest nine month period for M&A since 2008.6% 2. while Europe.6% 14.7% 15.6% increase over the first nine months of 2009. Deal activity in the Americas accounted for 49% of the worldwide fee pool. respectively.3% 23.First Nine Months 2010 FINANCIAL ADVISORS MERGERS & ACQUISITIONS REVIEW Worldwide M&A Up 21% to US$1.75 trillion l Emerging Markets Drive 32% of M&A l Goldman Sachs Tops Rankings l Estimated Advisory Fees Up 38% Global Deals Intelligence Worldwide Completed M&A by Region . Emea Asia Pacific (ex Central Asia) $6 Japan $5 Imputed Fees (US$b) EMERGING MARKETS ACCOUNT FOR 32% OF M&A .7% 30% 21.According to estimates from Thomson Reuters/Freeman Consulting. Accounting for 9% of worldwide announced M&A during the first nine months. Americas $7 RESOURCES FINANCIALS LEAD ACTIVITY .8% 10% 4% 2.0% 24.600 $600 1Q08 % of Global M&A Worldwide Volume by Deal Status 2Q07 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 https://www.75 trillion during the first nine months of 2010.2% compared to the first nine months of 2009. accounting for 41.2% 3.The Energy and Power sector was most active during the first nine RESOURCES.7% 7.

923 1.717.974.4 303.0 9.3 75.8 -11.3 112.9 98.9 119.2 -8.6 5.1 2.0 -28.802.264.1 60.thomsonone.658.085.654.429.9 363.265 1.642.6 32.8 577.915 1.7 32.4 11.499 1.614 5.1 28.858.090.552 2.3 77.720 1.750.657.002 8 1.com 2 .200.7 46.428.952 1.6 37.5 2.2 595.950.676 665 660 609 30 1.752.483.6 29.393 1.919.8 6.1 37.8 28.393.439.354.428.8 102.8 11.4 389.114.666 974 424 131 880 357 104 377 10.2 47.601 277 514 3.771.3 -1.203.0 51.742.106.419.3 ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▲ ▼ ▼ ▲ ▲ ▲ ▼ ▼ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ Target Region/Nation Worldwide Americas Caribbean Central America Mexico North America United States Canada South America Brazil Chile Africa/Middle East Middle East North Africa Sub-Saharan Africa Europe Eastern Europe Western Europe United Kingdom Germany France Asia-Pacific Australasia Australia New Zealand South East Asia Singapore Thailand North Asia China Hong Kong South Asia Central Asia Japan 1/1/2010 .7 -12.309 524 917 42 1.8 Target Macro / Mid Industry Materials / Metals & Mining Telecommunications / Telecommunications Services Energy and Power / Power Telecommunications / Telecommunications Services Healthcare / Biotechnology Financials / Insurance Media and Entertainment / Cable Consumer Staples / Food and Beverage Energy and Power / Oil & Gas Telecommunications / Wireless Energy and Power / Oil & Gas Healthcare / Healthcare Equipment & Supplies Telecommunications / Wireless Materials / Metals & Mining Telecommunications / Telecommunications Services https://www.222.1 71.5 31.681.5 202.703.730.3 334.547.490 1.869.924.5 32.735 1.0 96.8 5.5 124.0 54.961.891.8 41.9 110.6 1.2 37.6 7.784 1.168.704.2 38.113.807.7 12. Rank Val Deals US$m 1.700.4 54.665 84 106 70 5.872.218.603.5 76.4 30.760 1.3 8.824 571 909 50 1.8 13.159.5 14.2 6.4 12.2 ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▲ ▼ ▼ ▲ ▲ ▲ ▲ ▲ ▼ ▲ ▼ ▼ ▼ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ Top Fifteen Worldwide Announced Deals Rank Date 8/17/2010 1/13/2010 8/10/2010 4/22/2010 8/29/2010 3/8/2010 6/15/2010 2/25/2010 2/21/2010 9/30/2010 1/19/2010 1/4/2010 2/15/2010 6/30/2010 5/10/2010 Date Effective Pending 6/16/2010 Pending Pending Pending Pending Intended Pending 8/27/2010 Pending 2/17/2010 Pending 6/8/2010 Pending 9/27/2010 Target (% Sought/Acquired) Potash Corp of Saskatchewan (100%) Carso Global Telecom SAB de CV (100%) GDF Suez Energy International (100%) Qwest Commun Intl Inc (100%) Genzyme Corp (100%) American Life Insurance Co Inc (100%) British Sky Bdcstg Grp PLC (60.3 21.7 6.9/30/2009 Rank Val No.4 33.2 -13.6 16.9 78.441.850 5.7 6.6 106. Deals US$m 1.716 1.5 33.3 83.921 4.268.4 7.8 15.357 10 1.748 321 506 3.2 46.209.5 178.3 1.6 10.675 102 140 108 5.603.750 664 963 7 716 7.176 211 397 1.First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors Mergers & Acquisitions Scorecard: Worldwide Announced M&A Target Region/Nation Worldwide Americas Caribbean Central America Mexico North America United States Canada South America Brazil Chile Africa/Middle East Middle East North Africa Sub-Saharan Africa Europe Eastern Europe Western Europe United Kingdom Spain France Asia-Pacific Australasia Australia Papua New Guin South East Asia Indonesia Malaysia North Asia China Hong Kong South Asia Central Asia Japan 1/1/2010 .6 11.017.5 6.9 46.1 869.5 56.2 64.4 3.197.161.332.7 3.095.0 8.626.102.9 8.4 10.0 -21.5 5.512.4 15.840.563 1.9 20.829.6 20.067 631 280 88 503 232 57 184 8.440 5.7 29.0 136 106 5 136.8 418.9 119.2 18.200.426 5.5 16.1 162.2 275 547 3 275.9 32.416.802 4.5 6.880.279.1 435.2 26.3 61.6%) Zain Africa BV (100%) Polyus Zoloto (100%) Brasilcel NV (50%) 3% 2% 4% 20% 5% 6% 7% 16% 8% 8% 13% 8% Energy and Power Materials Healthcare High Technology Consumer Staples Consumer Products and Services Government and Agencies Financials Telecommunications Industrials Real Estate Media and Entertainment Retail Jan 1 2010 – Sep 30 2010 Acquiror BHP Billiton PLC America Movil SAB de CV International Power PLC CenturyLink Inc Sanofi-Aventis SA MetLife Inc News Corp Coca-Cola Co Schlumberger Ltd Etisalat Williams Partners LP Novartis AG Bharti Airtel Ltd KazakhGold Group Ltd Telefonica SA Acquiror / Target Nation United Kingdom / Canada Mexico / Mexico United Kingdom / United States United States / United States France / United States United States / United States United States / United Kingdom United States / United States United States / United States Utd Arab Em / Kuwait United States / United States Switzerland / Switzerland India / Nigeria Kazakhstan / Russian Fed Spain / Brazil Rank Value (US$m) 43.541.3 1.312.9 4.752.736.477.4 21.7 159.380.098 985 8 1.805 6.7 -28.264.5 92.004.5 27.4 2.2 32.5 70. US$m Deals 1.6 141.4 108.5 -20.2 17.7 441.180.5 70.5 51.565.7 44.327.946 6.425.961.213.678.2 28.0 10.4 10.090.170.444.223.231.1 197 629 5 197.324.5 13.899.574.012.2 22.2 26.422.3 629.886 21.9 23.0 27.1 292 095 3 292.2 1.438.532 608 828 7 393 7.1 11.8 -38.340 7.312.2 19.564.6 54.2 5.316.2 13.248.0 75.699.682.343 1/1/2009 .3 8.9 25.9 35.7 60 6.095.830.605 3.0 409.589 8.5 27.9/30/2010 Rank Val No.261.235.3 458.3 59.5 45.3 556.098.6 40.4 21.1 49.5 122.3 13.750 % Change in Rank Value 6.624.504 8.259.111.620.519 110 176 128 7.720 793 310 123 685 251 69 315 10.0 127.997.6 3.092.8 5.1 14.638.6 3.7 304.2 20.9 45 2 45.639.2 31.423.5 7.549.8 35.482 1.934.394.0 38.440.1 11.098 6.958.826.692.2 114.2 35.2 19.667.376.6 2.595.339 15 1.012.0 104.806 170 236 187 7.310.2 506.7 33.768.3 40.393 1.3 65.3 105.120.921.9/30/2010 No.3 71.172.797.2 131.115 1.9 85.9/30/2009 Rank Val No.7 17.457.7 15.448.0 3.6 174.985.1 9.420.530.606.1 707.3 12.137 554 239 88 439 176 49 184 8.718.280.6 42.568.6 74.802 2.602.1 3.730.0 38.638 784 476 570 30 1.6 616.533.307.4 -1.6 55.927.722.6 499.502.021 3.543.2 26.582 Worldwide Announced M&A by Target Industry Scorecard: Worldwide Completed M&A 1/1/2009 .875.1 451. US$m Deals 1.674.3 29.163 196 428 1.771.9%) Coca-Cola Entr Inc-NA Bus (100%) Smith International Inc (100%) Zain Group (46%) The Williams Cos Inc-Gas (100%) Alcon Inc (24.629.195.1 2.385.4 % Change in Rank Value 28.9 2.636.6 380.3 133.847.2 5.325 772 752 4 563 4.166.7 501.1 11.586.4 4.4 25.1 7.474 774 846 4 482 4.9 31.529 2.4 13.6 46.462.6 48.072.6 -20.019.7 71.079.

4 +8 ▲ 53 -2 ▼ 0.7% ▲ -12.1 -4.3 6 7 13.8 -4.5 +21 0.0 71.545.156.4 31.8 67.372.2 ▲ 136.3 ▼ 655.9 5.0 1.6 3.9 2.4 -11 16 0 1 +8 0.976.1 ▲ 201.5 1 2 3 30.3 0.8 2.1 ▲ 926.4 +49 ▲ -4 162 0.7 Top Worldwide Announced M&A Advisors by Transaction Size (AD1) No.6 30.752.1 77.3 4.7 ▼ 250.8 36.2 4.6 7 174.1 8 11.8 6.756.6 ▼ 12 54.921.3 3.0 ▼ 151.2 1.4 18 -9.3 -7.6 +17 ▲ 111 0.4 ▼ 10 12 13 19 104.8% ▲ -5.4 0.9 1.887.4 4.1 ▲ 2.9 0.8 58.174.1 ▲ 78 0.0 535.5 99.7 ▼ 33.8 399.0 4.2 1.1 ▲ 1.1 22 48.223.704.7 0.9 3.3 +29 ▲ 29 0.8 41.2 14 ▲ 1.1 51 27.1 +4 ▲ 26 ▲ 0.7 ▼ 20.Sep 30 2010 $450 Qwest Commun/CenturyLink GDF Suez/International Power $400 Carso Global/America Movil $350 Potash Corp/BHP Billiton Other Top 15 Deals $300 Rank Value (US$b) Rank Val US$m All Other Transactions $250 $200 $150 $100 $50 $0 Goldman Sachs & Co Morgan Stanley JP Morgan Credit Suisse Bank of America Merrill Lynch Deutsche Bank AG Barclays Capital UBS Lazard Citi https://www.627.2 100.3 0.3 0.5 ▼ 15 45.781.thomsonone.2 ▼ 8 4 -12.744.287.7 +19 ▲ 0.207.4 ▲ 90.1 -2 ▼ 17 -141 21.4 2.1 136.4 23 -1.1 -1.3 ▼ -2 ▼ -5 24 0.4 94.5 5.First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors Worldwide Rankings Worldwide Announced (AD1) Financial Advisor Goldman Sachs & Co Morgan Stanley JP Morgan Credit Suisse Bank of America Merrill Lynch Deutsche Bank AG Barclays Capital UBS Lazard Citi BNP Paribas SA Rothschild Nomura Societe Generale Santander RBC Capital Markets RBS Blackstone Group LP HSBC Holdings PLC TD Securities Inc Perella Weinberg Partners LP Evercore Partners Greenhill & Co.2 59.805 -0.6 ▲ 14 30 5.896. LLC Centerview Partners LLC BNP Paribas SA Santander Mizuho Financial Group Perella Weinberg Partners LP RBC Capital Markets Houlihan Lokey Daiwa Securities Group Inc Societe Generale Industry Total 3.2 -4 53 ▼ 47 0.7 211.8 4.0 ▼ 13 28 1.909.1 +12 96 ▲ 0.4 +29 ▲ 109 0 189 0.7 0.463.1 ▲ 507.5 18.3 0.1 +8 ▲ 25 114 ▲ 0.2 +22 ▲ 22 0 1 +12 0.9 -5.5 0.0 53.4 -3.0 34.255.7 5.com 3 .2 0.9 +54 ▲ 287 1.1 -0.0 22.3 -7.3 +32 ▼ 39 0.4 01 ▲ 0.3 2.280.784.3 10 3 10.2 14.589.1 +9 76 0.6 -2.9 -0.9% ▼ Industry % Change from Same Period Last Year Industry % Change from Last Quarter Jan 1 2010 – Sep 30 2010 Rank Value per Advisor (US$m) Rank Value Market Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.4 0.7 ▼ 18.5 1.2 +4 ▲ 47 66 0.7 ▼ 0.176.9 ▲ 20 46 2.557 29 22 12 Jan 1 2010 .4 2 3 4 353.4 -23 ▼ 0.6 +24 ▲ ▲ 192 0.3 ▼ -2.3 ▲ 132.187.5 117 2 117.184.185.085 Financial Advisor Goldman Sachs & Co Morgan Stanley Citi JP Morgan Credit Suisse Barclays Capital UBS Bank of America Merrill Lynch Deutsche Bank AG Lazard Rothschild Evercore Partners Nomura HSBC Holdings PLC Jefferies & Co Inc Greenhill & Co.0 ▼ 180.557 37 40 31 3.1 100.4 ▲ 0.2 ▼ 18 17 19 3.6 04 ▲ 0.0 15.612.197.318.366.1 ▼ 78 0.9 0.7 ▲ 16 8 13.6 -12.3 9 7 164.2 ▲ 14 29 56.4 +20 ▲ 90 0.1 -16 30 0. 22.3% ▼ Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch.7 7.4 2.6 ▲ 494.1 +11 ▲ 0.1 ▲ 0.5 91.7 ▲ 11 21 114.7 4.947.4 0.2 ▲ 23 31 2.2 20.0 20.4 24.0 0.7 140.8 1.037.3 9.4 -7.626.6 1.3 ▼ 5 9 205.0 2.6 -1.331.398.1 ▲ 19.8 22.990.4 4.416.3 -17.549.1 -2.3 11 12 69.6 ▲ 41 21 28 55 921 1 55.0% ▲ 21.0 18.1 30.0 0.8 ▼ 10 93.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter 21.4 24 2.6 0 128 0.5 ▲ 24 17 73.1 ▲ 0.1 +4 38 20 -6 0.6 68.770.4 ▲ 13 61.9 1.1 +2 29.1 ▼ ▲ 43 0.0 -1.3 59.228.5 3.985.362.9 575.8 ▼ 6 180.0 +47 ▲ 1.6 21 32 31 291 6 31.7 15.3% ▼ # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 210 1.3 ▼ 567.0 ▲ 575.0% ▲ -2.827.0 0.408.7 1.8 +8 221 0.8 1 2 3 49.7 +4 ▲ ▼ 163 0.550.7 -18 ▼ 153 0.9 67. 1.7 ▼ 19 17 2.3 ▼ 2.6 2.8 24 51 2.5 0.9 651.9 0.5 ▼ 2.5 -6.4 Rank Mkt.7 0.0% ▼ * tie Top Worldwide Announced M&A Advisors by Target Industry Energy and Power Goldman Sachs & Co JP Morgan Morgan Stanley Financials Deutsche Bank AG Morgan Stanley Goldman Sachs & Co Materials Goldman Sachs & Co JP Morgan Bank of America Merrill Lynch Telecommunications Morgan Stanley Credit Suisse Barclays Capital Healthcare Goldman Sachs & Co JP Morgan Credit Suisse 358.5 ▼ 22 30 30.2 66.2 3.1 4 5 231.2 274.0 38.020.1 ▲ 22 85.1 16.3 42 3.257.4 0.1 +6 ▲ 11 ▲ 0.154.1 1.6 0.6 968. Deals 2.4 49.3 0.8 33.881.5 223.571.1 0.7 +19 93 0.4 ▼ 10 6 103.791.4 ▲ 30 0.8 ▲ 15 23 2.8 1.7 ▼ 3 2 232.1 +11 ▲ 39 0.5 -2.190 33 25 17 601 23 8 8 1. 1 3 282.2 ▼ 54.4 193.0 6.0% ▲ Worldwide Completed (AF1) # of Deals per Advisor # of Market Change in Deals Sh ($) # of Deals 263 0.8 8.217.6 0.0 2. LLC Standard Chartered PLC BMO Capital Markets Industry Total Jan 1 2010 – Sep 30 2010 Rank Value per Advisor (US$m) Rank Value Market Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.1 ▼ 169.5 65.7 0.5 -16 119 ▼ 190 0.6 24 2.458.796.6 +1 ▲ 139 149 0.3 0. Share 1 2 3 26.1 0.6 ▼ 2.2 16 4.9 15.9 +9 ▲ 157 ▲ 0.1 ▼ 0.959.824 47 63 39 4.5 6.2 6.1 -10.2 11 1.6 100.4 3.7 ▼ 26 1.6 35.4 +50 ▲ 202 0.991.782.0 22.905.1 ▲ 15 69 16 52.0 49.3 -12.0 1.5 ▲ 6 196.0 +57 226 ▲ 0.1 32 3.3 46.5 ▲ 25 26.3 1 2 3 22.6 18.3 0.408.7 -12 0.3 142.3 12.427.690.087.447.2 ▼ 1 2 1 20.6% ▼ -12.2 ▲ 177.8 1.5 ▲ 0.8 66.583.2 ▼ 355.4 ▼ 0.7 +33 199 130 0.5 236.5 ▼ 25 30.6 ▼ 4 5 5 8 263.589 +1.178.388.570.6 3.5 29.1 ▼ 86.7 -5.595.7 +37 ▲ 173 0.950.0 9 10.6 4.508.9 1 2 3 49.3 -16.3 ▼ 2 1 238.6 ▲ 25 45 31.6 ▲ 17 11 43.2 2.5 1.3 13.0 ▲ 18 20 59.2 06 0.291.8 0.2 68.269.202.7 ▲ 7 9 203.326.0 +73 ▲ ▲ 223 0.6 ▼ -5.8 162.435.8 272.0 8.1 -3.

3x 6.8 33.4x 8.4x Retail 10.9 62.2 32.0x 7.2x 10.9x 11.2x - 4.2x 10.2x 8.4 Telecommunications 28.4 43.1 18.6 30.0x 12.6x 14.9 26.com 4 .7x 10.3x 11.7x - 11.First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors Worldwide M&A Matrix Exit Multiple Matrix .3 Materials 32.4 *Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region.4 36.6 23.2 35.0x 3.7x 13.8 34.9 31.5 33.4x 10.7x 13.3 14.7 43.9x 8.9 35.1 25 30.1x 9. The figures in red indicate a decline.6 35.8x 10.2 27.1x 14.7 31.0x 11.7 38.9x 13.0x 14.1 24.6x 12.2 23.4x 18.2 39.8 26.1 27.9 24.7 29.1x 13.3x 7.3x 7.9 29.5x 10.thomsonone.3x 7.8 89.8x 11.1 19.0x 11.6 38.1 29.4x 14.5x 11.1 50.5 34.0 Retail 30.8x 10.6 19.4x Industrials 10.9x 11.1x 11.7 43. splitoffs.3x - 5. The data given refers to the time period 01/01/2010 .5 21.3 24.6 22.8x 9.4 38.5x 10.2 24.2x 7.5x 11.0 30. Japan Japan 2009 Consumer Products and Services 30.1 13.3 36.9 28.6 35.9 33.7 38.5 28.5x 13.3x 12.7x 18.3x 15.2 27.3x 14.2 72.4x 11.6 21.6x 20.Year to Date Average Premium to 4 Week Stock Price 2010 UP 2010 DOWN World USA Americas Canada Europe EMEA UK Asia ex.5x 14.8x 11.6x 12.0x 11.6 31.8x 4.3x 13.4x 10.8 33.3 39.4 41.3 39.6 46.9 26.9 35.6 30 22.2 15.2x 11.7x 34.8 - 33.3 29.0x 10.5 31.0 23.4x 8.7x 7.9 33.4x 13. compared to the figures from the same time period last year listed in black.2 47.7x 5.3x 6.9x 11.9x 11.7 27.7x 9.6x 11.7x 5.0x 4.4x 11.6x 12.1x Healthcare 12.3x 7.9x 13.8x 10.1 32.8 38.2x 8.5 25.9 26.3x 10.8x 10.3x 11.9 17.4x 11.5 40.2 27.3 31.4 27.3x 19.3 72. for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.0x 13.5x 8.1 - - 15.9x 9.1x 12.4 50.3 19. while green indicates an increase.8x - 13.9x 9.4x 12.8 54.6 44.9x 11.2 36.7 39 Financials 26.8 34.6 28.7 30.0 21.3x 12.1 23.4x 12.9x 14.6x 8.0 - 22.8x 10.6 54.8 40.4 33.4x 9.2 40.0 36.8x 7.8x 14.9 32.7 43.4 8.06/30/2010.1 28.8x 14.1 34.7x 5.0x 9.8 27.7 36.2 34 20.0x 14.3 41.3 29.4x 13.8 Energy and Power 27.3 37.6 33.3x 13.4 37.9x 5.7 23.6x High Technology 12.6 1.1x 10.6 33.6x 14.6x 13.4 23.8 33.8 Healthcare 38.6x 12.3 19.6x 11.4x Media and Entertainment 11.8 25.6x 10.1x 8.5x 9.2 27.5 38.7x 26.5 27.5x 5.6x 14. Japan Japan 2009 Consumer Products and Services 11.8x 11.7 33.6x 11.5x 10.2 28.5x 10.8 High Technology 28.1x 11.5 32.5 27.0x 9.5x 10.6 45.3x 10.8x Consumer Staples 10.6 Real Estate 25.8x 12.5 19.2 36.5 32.9 59.2x - 13.2x 14.2x 10.8x 7.4 33.5x Materials 11.8 31.3x 12.6x 15.0 44.8 27. All spinoffs.2 44.0 38.7 46.5x 6.5 53.1 31. which is indicated in the top row and broken down by target macro industries.9 35.8 21.9 32.3 1.1x Real Estate 19.7 31.5 25.0 51.1 44.8x 10. Additionally.8 24.2x 10.5 Industrials 26.6x 8.1 26.1x 8.4 43.5 36.1 32.8 41.6 18.8x 14.8 36.4 38.9 38.5 38.8x 10.9x 12.4 23.3x Telecommunications Average Industry Total 11.8 42.3x 11.0x 10.0x 5.9 22.0x 3.8 35.3x 12.3 25.8 50.1x 13.7x 5.5 16.5x 11.Year to Date Average Rank Value / EBITDA 2010 UP 2010 DOWN World Americas USA Canada EMEA Europe UK Asia ex.9x 11.1x 6.1x 11.6x 10.8x 12.2 34.3x 6.2x 16.7x 12. exchange offers and equity carveouts are excluded.8 24.1x 14.3 15.9x 11.3 17.2 38.6 42.8 33.5x 17.8x 12.5x 13.8x 10.2 30.7 37.0x 9.8x 11.2 38.9 26.8 11.3x 13.5 33.2 20.1x 9.1x 12.7x 20.1x 10.0x 10.5x 14.2 25.0 31.3 - 42 37.5x 10.5x 10.7 32.6x 28.9 18.4 - 16.9 38. open market repurchases.6x 11.4x 7.0x 9.9 33.3 43.2x 12.7 19.1 33.4 35.3x 12.1 23.4x Bid Premium Matrix .2x 11.1x 9.8x 9.3x 12.5 24.7x 11.7 Media and Entertainment 28.7 17.2x 8. https://www.8 19.9 29.1 53 53.1x 12.1x 6.4 - Average Industry Total 29.9 30.2x 10.3x 12.8x 9.7x 9.1x 8.7 29.5 47.6x 10.7x 9.4x 9.5 34.0 38.0x Energy and Power 12.3 39.1 26.2 3.9x 10.3x - 12.9 42.4 11.6 43.1x 11.2 - Consumer Staples 30.7x 9.1x 12.

A Decade in Review rank 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 0 0 1 1 Goldman Sachs & Co 2 2 Morgan Stanley 3 3 JP Morgan 4 4 Credit Suisse 5 5 Bank of America Merrill Lynch 6 6 Deutsche Bank AG 7 7 Barclays Capital 8 8 UBS 9 9 Lazard 10 Citi 10 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 *League Table positions reflect consolidation within the banking sector https://www.First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors Worldwide Announced Rankings* .thomsonone.com 5 .

750.9 46.1 4 1. Healthcare took the second slot.170.993.4 47.972.676.9 12 42.130.9 billion acquisition of Burger King Holdings Inc.286.534 deals.com .1%. by 3G Capital.7 52.1 14.122 40.9% compared to the same period last year. compared to the equivalent period last year. with 1.9 7.6 10 671 50. to 2.First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors Americas M&A US M&A Increases 19% | US Leveraged Deals Accounts for 9% of US Volume | Energy & Power Sector Gains Lead LBOs as a Percentage of US Targeted Announced M&A M&A activity with US involvement in the first nine months of 2010 increased 21. Share Deals 554 43.6 11. LBO Rank Value (US$b) The Energy & Power sector led the market.064. This represents the first year-on-year increase since 2007.5 15 528 61.943..122 transactions.7 20 43. with deal volume totaling US$179.543.4 9. a 30.173.5 8.813.8% increase compared to the same period last year.9 22.4 28.thomsonone. US LBO transactions largely held onto the M&A market share re-established in the second quarter of 2010.6 20 30.1 19. to US$732 billion.328.7 78. 40% $700 % of US M&A Americas Deals Intelligence T Top 10 US A Announced d M&A Ad Advisors i b by T Targett IIndustry d t (AD2) Jan 1 2010 – Sep 30 2010 US Announced Advisors by Target Industry Rank Val (US$m) Energy and Power Goldman Sachs & Co Morgan Stanley JP Morgan Healthcare Goldman Sachs & Co JP Morgan Credit Suisse High Technology Goldman Sachs & Co Morgan Stanley Barclays Capital Financials Bank of America Merrill Lynch Morgan Stanley Goldman Sachs & Co 100% 90% % Volume Composition 80% 70% 60% 50% 40% 30% 20% 10% 0% Goldman Sachs & Morgan Stanley Co Telecommunications Industrials Energy and Power JP Morgan Credit Suisse Retail High Technology Consumer Staples Barclays Capital Bank of America Merrill Lynch Real Estate Healthcare Consumer Products and Services Deutsche Bank AG Lazard Media and Entertainment Government and Agencies Citi Blackstone Group LP Date Effective Pending Pending Pending Pending Pending 8/27/2010 2/17/2010 Pending Pending 7/1/2010 Rank 1 2 3 1 2 3 1 2 3 1 2 3 No.5 22.259.148.9% compared to the same period last year.4 22 17 29.000.6 78. at just under 10% of total value.409. to US$159.401.8 15.8 14 35.5 21.4 26.223.601.440.2% share of US M&A activity during the first nine months of 2010 and a 428. Notable buyout transactions in the first nine months included the US$4.532.7 12.9 billion. Non-LBO LBO as % of US M&A 35% $600 30% $500 25% $400 20% $300 15% $200 10% $100 5% $0 0% 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 M&A activity with Canadian involvement during the first nine months of 2010 increased by 76.4 billion.3 17 25. Canadian activity based on number of deals increased by 3.0 Jan 1 2010 – Sep 30 2010 Target (% Sought/Acquired) GDF Suez Energy International (100%) Qwest Commun Intl Inc (100%) Genzyme Corp (100%) American Life Insurance Co Inc (100%) Coca-Cola Entr Inc-NA Bus (100%) Smith International Inc (100%) The Williams Cos Inc-Gas (100%) Enterprise GP Holdings LP (100%) Allegheny Energy Inc (100%) Questar Market Resources Inc (100%) Acquiror International Power PLC CenturyLink Inc Sanofi-Aventis SA MetLife Inc Coca-Cola Co Schlumberger Ltd Williams Partners LP Enterprise Products Partners FirstEnergy Corp Shareholders Acquiror / Target Nation United Kingdom / United States United States / United States France / United States United States / United States United States / United States United States / United States United States / United States United States / United States United States / United States United States / United States 6 Rank Value (US$m) 25. High Technology led the market based on number of deals.6 26.2 66.2 54.2 19.974. BHP Billiton's proposed acquisition of Canadian company Potash Corp for US$43. Mkt.1 billion was the largest global transaction announced in the first nine months of 2010.2 22.723.1 billion.421.5 27.5 13.090.4 22 36.7 billion acquisition of Dynegy Inc by Blackstone Group and the US$3.0 Target Macro / Mid Industry Energy and Power / Power Telecommunications / Telecommunications Services Healthcare / Biotechnology Financials / Insurance Consumer Staples / Food and Beverage Energy and Power / Oil & Gas Energy and Power / Oil & Gas Energy and Power / Oil & Gas Energy and Power / Power Energy and Power / Oil & Gas https://www. with US$78.6 12 * tie Materials Financials Top Ten US Announced Deals Rank Date 8/10/2010 4/22/2010 8/29/2010 3/8/2010 2/25/2010 2/21/2010 1/19/2010 9/7/2010 2/11/2010 6/16/2010 179.

653.8 21.0 0.4 100 0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter 35.3 4.6 2.9 ▲ 403.2 +10 ▲ 22 0.9 ▲ 22 19 20.0 -1.3 +10 ▲ 44 0.4 0.076.7 ▲ 8 3 138.265.2% ▲ * tie 7 https://www.0 ▲ 8 8 73.2 ▲ 19 7 51.981.4 ▲ 3 10 116.2 5.9 15.637.3 ▲ 0.4 0.7 7.6 7.5 5 7 128.4 7.7 26.5 -13.9 ▼ 5 3 76.965.3 -1 ▼ 14 0.4 ▲ 16 10 57.160.7 -12 ▼ 114 1.1 25.889.0 0.6 24.8 5.5 19.0 334.3 -12.428.0% ▲ -7.8 +15 ▲ 13 0.7% ▲ 3.893.0 3.7 ▼ 13 15 49.7 ▼ 24 18 2.550.999.008.8 1.556.104.1 -7.7 ▲ 8 4 114.463.3 -8.3 31.3 +10 ▲ 80 0.1 +5 ▲ 12 0.8 0.167.6 ▲ 11 25 12 23 24.7 ▲ 492.7 ▼ 12 56 55.4 1.1 ▼ 88.897.9 -19.thomsonone.5 +38 ▲ 115 1.1 0 3 0.4 3.1 ▲ 364.493.7 0.0 ▼ 20 30 22.6% ▲ 11.7 2.090.8 ▲ 4 4 78.9 +30 ▲ 77 0.2% ▲ 19.2 +1 ▲ 82 1.4 +7 ▲ 66 ▲ 1.7 0.3% ▲ US Target Announced (AD2) Financial Advisor Goldman Sachs & Co Morgan Stanley JP Morgan Credit Suisse Barclays Capital Bank of America Merrill Lynch Deutsche Bank AG Lazard Citi Blackstone Group LP UBS Evercore Partners Perella Weinberg Partners LP Societe Generale BNP Paribas SA Rothschild Nomura Tudor Pickering & Co LLC Jefferies & Co Inc Ondra Partners HSBC Holdings PLC Greenhill & Co.3 0.534.1 30.756 +607 Financial Advisor Goldman Sachs & Co Citi Barclays Capital JP Morgan Morgan Stanley Credit Suisse Deutsche Bank AG Bank of America Merrill Lynch UBS Evercore Partners Lazard Jefferies & Co Inc Centerview Partners LLC Rothschild Santander Houlihan Lokey HSBC Holdings PLC Tudor Pickering & Co LLC RBC Capital Markets Perella Weinberg Partners LP Blackstone Group LP BMO Capital Markets CIBC World Markets Inc Societe Generale Greenhill & Co.0 ▼ 1 011 493 4 100.754.3 1.5 +6 ▲ ▲ 0.2 +7 ▲ 15 0.7 ▲ 11 9 85.6 1.7 ▼ 63.6 5.0 1.2 ▼ 17 31 29.1 3.2 -6 ▼ 68 8 ▲ 0.492.0 0.3 14.846.8 2.6 ▼ 15 25 59.1 1.0 29.760 +40 Financial Advisor Goldman Sachs & Co JP Morgan Barclays Capital Bank of America Merrill Lynch Citi Evercore Partners Morgan Stanley Jefferies & Co Inc Deutsche Bank AG UBS Credit Suisse Centerview Partners LLC Tudor Pickering & Co LLC Lazard Perella Weinberg Partners LP Blackstone Group LP Greenhill & Co.8 +36 ▲ 99 0.5 21.9 +4 46 1.2 1.7 ▲ 19 23 22.3 16.2 5.7 ▼ 20.1 -0.7 1.9 0.1 +3 ▲ 5 0.5 +4 4 0.6 ▲ 10 26 92.4 ▲ 14 45.8 -0.3 5.9 ▼ 427.6 +71 ▲ 136 1.2 38.3 +9 ▲ 0.4 +6 ▲ 60 1.8 3.4 3.First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors Americas Rankings Any Americas Involvement Announced (AD49) Financial Advisor Goldman Sachs & Co JP Morgan Morgan Stanley Credit Suisse Bank of America Merrill Lynch Barclays Capital Deutsche Bank AG Citi UBS BNP Paribas SA Lazard Santander RBC Capital Markets Blackstone Group LP TD Securities Inc Rothschild Societe Generale Perella Weinberg Partners LP Evercore Partners RBS Nomura Jefferies & Co Inc Tudor Pickering & Co LLC Banco BTG Pactual SA HSBC Holdings PLC Industry Total Rank Value per Advisor (US$m) Rank Value Market Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.229.1 0.8 ▼ 6 5 98.3 11.1 1.465.7% ▼ Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch.8 1.1 0.0 12.4 ▼ 17 64 56.8 4.4 7.1 +4 ▲ 3 0.4 -2.2 +39 ▲ 83 1.9 1.2 +27 ▲ 76 1.1 1.3 ▲ 15 16 15.9 4.4 0.760.384.6 ▼ 3 1 245.3 6. 724.7 -6.666.5% ▼ Industry % Change from Same Period Last Year Industry % Change from Last Quarter Jan 1 2010 – Sep 30 2010 Rank Value per Advisor (US$m) Rank Value Market Market 2010 2009 US$m Sh (%) Share Ch.031.1 ▲ 68.8 -1.0 73.533.493.2 4.7 +27 ▲ 11 0.389.9 ▲ 422.3 ▲ 13 29 45.1 18.330.1 ▲ 596.2 ▲ 21 16 16.5 +7 ▲ 19 0.4 -1.3 +30 ▲ 92 1.9 ▲ 21 35 38.5 7.1 -4 ▼ 3 5.318.648.409.2 1.218.9 2.4 +10 ▲ 19 12 0.8 1.947.7 ▼ 22 40 14.7 1.4 0.4 12.0 0.3 +16 ▲ 153 1.6 7.5 18.0 ▲ 451.9 +40 ▲ 75 1.5 6.204.321.9 ▼ 24 251* 14.0 18.7 ▼ 3 3 150.4 ▲ 20 25.5 0.8 3.9 2.9 25.4 24 69 1.8 4.2 ▲ 91.4 16 19 29.8% ▲ 7.8 0.1 +22 ▲ 22 0.865.4 4.1 -6.9 +33 ▲ 126 1.735 -49 -1.0% ▲ -1. LLC Houlihan Lokey Centerview Partners LLC Allen & Co Inc Industry Total Jan 1 2010 – Sep 30 2010 Industry % Change from Same Period Last Year Industry % Change from Last Quarter # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 177 1.3 5.7 ▲ 25 19 27.2 ▼ 6 20 139.8 0.2 3.3 1.7 ▼ 7 10.790.6 +26 ▲ ▲ 42 0.7 5.1 ▼ 9 11 92.2 +6 ▲ 3 0.923.8 ▼ 11 16 64.6 1.525.4 ▲ 162.2 +5 ▲ 10 756 10.0 738.5 5.7 0.6 ▲ 35.6 100 0 11.1 1.094.0 -2 ▼ -1 ▼ 44 0.2 +7 ▲ 47 0.3 5.0 -27.5 6.2 ▼ 10 13 37. LLC Industry Total 6.447.0 4.1 -15.329.8 ▲ -8.0 281.0 5.3 3.8 ▼ 18 19 8.6 2.7% ▼ Jan 1 2010 – Sep 30 2010 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 129 1.477.9 ▲ 92.1 1.804.4% ▼ -1.7 23 1.8 1.8 0.5 ▲ 85.8 ▲ 5 5 211.5 8.4 3.2 ▲ 595.0% ▼ -3.2 +2 ▲ 13 0.5 6.4 +12 ▲ 101 1.3 2.8 1.0 99.5 ▼ 10 11 64.5 +18 26 ▲ 1.9 -6 ▼ 70 0.7 12.2 0.0 16 10 29.3 0.245.4 -17.1 +6 ▲ 20 0.6 +26 ▲ 80 1.4 +57 ▲ 137 1.1 ▲ 23 47 29.9 0.0 +21 ▲ 9 0.9 2.0 ▲ 22 31 30.2 +22 ▲ 72 1.3 9.285.9 ▲ 7 6 117.1 ▲ 77.826.1 ▼ 165.0 11.7 7.8 0.0 3.8 +10 ▲ 18 0.6 2.732.3 ▲ 19 23 26.1 +32 ▲ 27 0.7 8.6 ▼ 6 5 66.0 3.2 0. LLC Rothschild Foros Guggenheim Securities LLC Houlihan Lokey RBC Capital Markets Moelis & Co Stifel Financial Corp SunTrust Banks Industry Total 0.9 +8 ▲ 29 0.2 10.0 -1.7 ▼ 9 13 124.9 +6 20 0.2 ▼ 24 21.3 ▼ 17 7.9 15.2 0.4 +5 ▲ 32 0.8 ▲ 20 8.9 11.1 1.7 ▲ 15 52 44.0 ▼ 15 4.6 +38 ▲ 58 1.8 11.2 -5.6 ▼ 9 4 71.0 -7.918.6 100.8 21 22 1.3 3.3 1.893.5 ▼ 12 17 2.2 ▼ 11 968 8 100.1 ▲ 4 8 151.2 +18 ▲ 40 0.2 20.9 1.1 ▲ 373.9 -9.8 12.5 ▲ 18 46 22. 1 2 136.2 ▲ 7.3 0. Rank Rank 1 3 179.8 16. 1 2 312.2 4.1 2. Rank Rank 1 2 228.2 10.1 +9 ▲ 68 0.968.473.4 ▲ 88.2 +8 ▲ 65 0.9 1.8 4.7 ▲ 13 28 22.6 0.865.636.4 -21.1 ▼ 79.632.7 -6.1 +3 ▲ 71 1.8 4.437.4 2.1 ▲ 5.1 2.7 +34 ▲ 26 0.1 ▲ 192.6 0.2 0 1.2 ▼ 155.7 -17.8 0.1 0.7 ▼ 3 12 160.3 100.7 0.0 ▼ 12 23 83.0 +9 ▲ 17 0.310.0 1.7 2.5 2.560.6 3.1 29.7 ▲ 258.057.5 ▲ 9 8 50.5 ▲ 24 29 28.1 ▲ 512.9 1.086.3 +7 ▲ 93 0.1 +7 ▲ 22 0.2 +58 ▲ 91 1.7 9.9 ▲ 701.4 +22 ▲ 72 0.7 +2 ▲ 7 0.9 14.8 +12 36 24 0.8 ▼ 2 18 118.7 ▲ 28 36.3 -17.6 1.5 -7.4 ▲ 18 21 55.6 5.4 ▼ 40.251.1 2.3 ▲ 2 1 172.6 ▼ 7 11 147.189.1 ▼ 10 5 67.4 14.0 11 9 55.149 +238 3.3 15.6 +51 ▲ 72 0.474.988.4 ▲ 14 7 44. 914.793.5 8.1 +17 18 0.4 ▲ 18 26 29.364.2 ▼ 459.9 1.3 0.847.6 3.3 ▼ 229.150.3 4.4 ▲ 36 7.1 0.3 +4 ▲ ▲ 24 0.8 100 0 67.3 +7 ▲ 8 149 8.2 0.333.0 +1 ▲ 6 0.2 +2 ▲ 73 0.5 3.3 ▲ 14 14 64.2 25 42 5.1 0.4 1.5 2.8 ▲ 9.6 1.281.5 -3.1 -3 ▼ 17 0.966.3 -6.2 4.7 100.8 0.2 +5 ▲ 15 0.4 5.3 ▲ 7.287.9 ▲ 25 10 13.2 +12 ▲ 22 0.5 -6.7 24.6 +32 ▲ 0.2 7.9 1.1 3.8 -3.4 -2.786.4 +15 ▲ 71 1.8 20 8.8 8.1 9.1% ▲ Any Americas Involvement Completed (AF55) Rank Value per Advisor (US$m) Rank Value Market Market 2010 2009 US$m Sh (%) Share Ch.9 2.7 2.0 +30 ▲ 60 1 0.2 -18.027.089.0% ▲ Industry % Change from Same Period Last Year Industry % Change from Last Quarter Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch.4 -3.1 +3 ▲ 12 0.9 4.8 ▲ 99.8 2.7 0.012.6 0.443.7 12.0 +27 ▲ 105 1.9 -1.2 0.2 1.8 0.0 1.952.509.527.8 -6.6 0.0 -19.4 17.9 3.1 -2.4 21.0 ▼ 22.335.1 +1 ▲ 22 0.0 +15 ▲ 54 0.4 -7 ▼ 0.845.2 0.850.5 ▼ 2 2 164.7 ▼ 2 4 260.1 ▼ 17 34 26.1 4.113.2 -8.1 3.011.2 ▲ 5 1 148.8 ▲ 13 17 77.076.1 1.4 ▼ 119.com .2 0.3 ▲ 235.458.9 ▲ 345.3 4.450.7 +22 ▲ 25 0.9 +27 ▲ 40 0.4 2.4 3.5 ▲ 4 9 132.8 1.5 ▼ 7 1 14.0 22.5% ▼ Jan 1 2010 – Sep 30 2010 Rank Value per Advisor (US$m) Rank Value Market Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.8% ▲ -0.0 13.5 16.4 20.7 3.4 ▼ 6 6 195.3 1.1 +2 ▲ 4.175.0 -10.2 12.1 ▼ 71.2 7.9 2.5 -7.818.450.9 ▼ 4 8 227.0 8 34 53.6 ▼ 25 22 13.6 2.5 2.2 ▲ 151.6 0.257.5 5.3 5.3 ▲ 259.3 8.6 1.3 ▲ 16.3 +10 ▲ 34 0.1% ▼ # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 90 1.7 2.1 ▼ 77.0 1.6 12.0 2.9 -1.8 +10 ▲ 43 ▲ 0.8 ▼ 7 17 90.3 +8 ▲ 50 1.5 ▲ 14 6 22.3 1.7 2.0 -23.944.4% ▼ US Target Completed (AF2) # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 126 2.0 -3.5 ▼ 8.926.3 -11.9 4.2 ▲ 123.9 0.2 ▲ 21 123 23.5 -12.7 ▼ 81.5 1.8 6.881.6 2.9% ▲ -22.4 3.7 6.2 5.3 22.7 0.641.8 22 0.5 ▲ 84.1 +6 0.0 ▲ 23 12 16.229.4 1.3 3.4 11.0 ▲ 12 6 49.4 +24 ▲ 147 1.197.2 ▲ 38 6.4 +9 ▲ 8 0.3 +7 ▲ 82 1.2 0.5 0.4 ▼ 182.6 4.1 ▼ 52.1 0.1 -2.3 +46 ▲ 88 0.6 -3.2 25.0 0.3 +23 ▲ 86 1.425.0 7.9 0.8 +10 ▲ 46 60 1.1 ▲ 23 26 14.5 ▼ 20 37 47.4 1.6 ▲ 192.0 ▼ 738 329 6 100.044.4 1.5 30.4 +7 ▲ 4 0.874.4 +35 ▲ 19 0.1 ▲ 114.

3 0.6 +2 38 1.4 24.5 ▲ 10.4 11 -6 ▼ 0.6 6 -6.0 63.8 ▲ 1.6 ▲ 408.3 -5.543 -24 -1.389.3 12.2 6 14 132.1 +5 ▲ 15 0.5 37.1 +5 ▲ 6 296 6.7 ▼ 5 14 10.3 -0.0 +30 ▲ 105 1.8 ▼ 14 15 19 25.7 ▲ 1.6 -1 ▼ 43 1.1 +6 ▲ 3 0.0 ▲ 8* 19 43.5 1.3 0.044.0 15 -15.7 ▲ 24 44 3.9 0.1 27.2 1.4 10.3 5.1 ▼ 20 21 4.3 +9 ▲ 54 0.2 0.3 16 15 8.1 +69 ▲ 130 1.4 2.3 0.6 32.1 +9 ▲ 0.9 9.6 ▲ 8* 43.9 0.8 0.9 ▲ 626.0 +1 ▲ 13 0.7 ▲ 25 95 6.925.5 +21 ▲ 111 1.9 2.7 3.0 2.8 ▲ 30.5 ▼ 18 13 8.8 1.6 1.8 ▲ 7 8 9.9 6.9 ▼ 21 48 11.752.9 5.089.5 0.694.5 27.0 0.2 9.1 0 6 0.4% ▼ Industry % Change from Same Period Last Year Industry % Change from Last Quarter Rank Value per Advisor (US$m) Rank Value Market Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.217.6 1.2 6.1 -15.9 -1.2 ▲ 24* 1.238.2 0.0 +3 ▲ 24 0.1 0.4 ▲ 3.0 -25.1% ▲ Any Canadian Involvement Announced (AD42) Financial Advisor RBC Capital Markets Goldman Sachs & Co TD Securities Inc Bank of America Merrill Lynch JP Morgan Barclays Capital RBS BNP Paribas SA Santander BMO Capital Markets Morgan Stanley CIBC World Markets Inc UBS Scotiabank-Bank of Nova Scotia Deutsche Bank AG GMP Capital Corp Rothschild Citi Credit Suisse Jefferies & Co Inc Moelis & Co Macquarie Group Standard Chartered PLC Houlihan Lokey FirstEnergy Capital Corp Industry Total Jan 1 2010 – Sep 30 2010 Industry % Change from Same Period Last Year Industry % Change from Last Quarter 76.482.1 -6.8 26.2 +10 ▲ 21 0.4 6.6 7.0 9.9 ▼ 3 3 16.420.8 2.1% ▲ -8.1 1.7 +15 ▲ 6 0.3 ▲ 15.1 +12 ▲ 11 0.0 22.6 ▲ 14 52 6.7 0.9 +20 ▲ 14 0.4 ▲ 87.2 -1 0.534 +76 Financial Advisor Morgan Stanley BMO Capital Markets CIBC World Markets Inc RBC Capital Markets Scotiabank-Bank of Nova Scotia JP Morgan TD Securities Inc Rothschild Bank of America Merrill Lynch GMP Capital Corp Goldman Sachs & Co Deutsche Bank AG UBS Barclays Capital Jefferies & Co Inc Citi Credit Suisse Macquarie Group FirstEnergy Capital Corp Canaccord Genuity Cormark Securities Inc National Bank Financial Inc Lazard Nomura Mackie Research Capital Corp Industry Total 3.219.445.0 -6.2 32.934.8 0.0 1.3 +1 ▲ 5 0.353.2 0.7 0.0 Any US Involvement Completed (AF48) Rank Value per Advisor (US$m) Rank Value Market Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.6 3.4 ▲ 24* 68 1.209.4 ▼ 16 38 24.9 6.1 23.6 20.2 1.6 ▲ 10 3 19.6 ▲ 23 8.3 0.7 2.8 1.2 3.4 ▲ 6.137.2 100.4 ▲ 85.0 -5 ▼ 7 0.3 +44 ▲ 72 1.736.2 ▲ 20.First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors Americas Rankings Any US Involvement Announced (AD41) Financial Advisor Goldman Sachs & Co Morgan Stanley JP Morgan Credit Suisse Barclays Capital Bank of America Merrill Lynch Deutsche Bank AG UBS Citi Lazard Blackstone Group LP Perella Weinberg Partners LP Evercore Partners Societe Generale BNP Paribas SA Nomura Rothschild Tudor Pickering & Co LLC Jefferies & Co Inc Ondra Partners Greenhill & Co.7 0.9 +52 ▲ 66 1.1 3.8 4.6 0.5 +34 ▲ 1.8 +26 ▲ 71 1.4 ▼ 8 23 10.4 +48 ▲ 83 1.4 -8.2 12.9 -4 ▼ 83 1.9 3.9 -4.0 6.0 19.7 +19 ▲ 13 0.2 +7 ▲ 78 1.859.4 +18 ▲ 81 1.6 1.6 9.651.3 ▼ 5 1 116.9 1.0 732.4 ▲ 48 46.317.6% ▼ Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch.5 +2 ▲ 38 15 0.4 ▼ 159.2 -2.7 5.1 +1 ▲ 12 0.964.822.2 0.1 ▼ 14.7 ▼ 13 24 45.4 ▲ 8.344.9% ▲ 12.877.0 +4 ▲ 3 0.3 39.4% ▲ -4.4 ▲ 79.402.830.5 2 10 152.2 +11 ▲ 19 21 0.5 ▲ 5.6 ▼ 1 2 174.3 17.296 +149 2.7 ▲ 7 18.5 4.0 +1 ▲ ▲ 30 1.5 ▲ 3 7 59.2 +26 96 ▲ 67 0.8 9 -25.706.7 8.1 -12 ▼ 14 0.9 11.9 5.7 +33 ▲ 64 1.0 1.759. 1 1 63.3 25.8 -7.7 ▲ 2.0 +2 ▲ 11 0.3 ▲ 25 17 14.225.9 +34 ▲ 1 0.9 1.0 +1 ▲ 4 4 0.7 ▲ 284.5 -9.7 -6.180.4 12.7 12.1 1.9 12.0 2.9% ▲ # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 163 2.2 3.0 2.2 +3 ▲ 4 0.365.1 ▲ 16 24 37.2 4.863.2 +28 89 1.4 1.3 -2.756.0 -18.4 ▲ 6 22 3.8 6 7 44.7 0.966.5 3.0 1.465.982.8 4.607.4 ▼ 6 9 101.3 +18 ▲ 71 0.3 1.1 -1.5 -7.682.4% ▼ Jan 1 2010 – Sep 30 2010 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 119 1.1 ▲ 9 54.0 ▼ 24 25 16.1 +4 ▲ 34 0.271.1 ▼ 356.3 3.5 9 21 8.3 ▼ 13 11 9.2 +8 ▲ 0.1 ▲ 0.1 +5 ▲ 4 0.1 3.4 0.734.7 4.6 11.3 +9 ▲ 21 0.1 100 0 10.9 -7.3 -18.865.thomsonone.6 5.7 2.0 0.8 0.0 1.386.2 ▼ 18.1 ▲ 17 10 36.6 1.1 +6 ▲ 8 0.195.180.5 0.1 ▲ 3 86.0 0 1.5 1.4 1.5 1.9 ▲ 85.5 ▲ 3 7 23.4 ▲ 21 20 24.3 +2 ▲ 12 0.9 2.257.859.0 121.3 ▲ 12 6 54.0 +6 ▲ 6 0.3 20 18 2.3 1.9 2.3 10 11.7 24.3 -2 ▼ 5 0.1 +5 ▲ 25 0.0 3.8 11.5 27.0 4 3 117.6 12 18 55.8 ▲ 20 25.0 ▲ 16 5.087. LLC RBC Capital Markets Foros Guggenheim Securities LLC Nomura UniCredit Group Industry Total 4.3 15 6.4 1.8 ▲ 25 52.835.3 -10.3% ▲ -0.3 +4 ▲ 7 ▲ 18 0.2 ▲ 33.8 3.238.310.7 0.7 ▼ 4 8.926.214.1 1.5 10.4 8.090.3 0.6 2.3 ▲ 2 13 -13.8 35.9 0.048.2 +6 ▲ 13 0.5% ▲ * tie 8 https://www.0 -0.8 ▼ 99.8 1.6 +7 0.5 ▼ 378.196.0 +8 ▲ 97 ▲ 1.072.3 1.4 1.4 ▲ 25.330.357.6 ▼ 27.9 -7.1 1.4 ▼ 35.9 6.1 ▼ 3 4 189.6 1.1% ▲ Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch.4 ▲ 24 32 7.4 10.0 ▲ 27.4 13 12 7.2 ▲ 87.5 +16 ▲ ▲ 15 0.424.4 ▲ 21 3.0 100 0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter 21.0 15.5 ▲ 19 23 27.5 ▼ 19 8 6.8 2.5 ▲ 5 143.5 5.1 13.7% ▼ Any Canadian Involvement Completed (AF49) # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 1.1 +3 ▲ 12 0.8 1.1 ▲ 579 734 1 100.6 0.754.3 ▲ 10 5 66.0 3.8 1.7 28.0 15 7.8 ▲ 164.6 +6 ▲ ▼ 4 0.742.6 ▲ 15.089.0 +3 ▲ 2 0.149.2 1.5 1.6 4.4 0.382.893.7 ▼ 23 11 18.8 ▲ 7 4 88.7 1.1 +6 ▲ 13 0.4 -6.3 1.0 +1 ▲ 24 0.1 1.8 -2.1 +5 ▲ 32 0.2 527.881.8 0.568.094.1 +8 ▲ 12 0.4 3.7 ▲ 8 10 8.812.0 ▲ 3.6 7.0 ▲ 135.3 ▲ 35.3 2.7 4.3 7.6 ▲ 45.2 20.8 1.844.3 3.1 +7 10 ▲ 7 725 7.7 2.0 +3 ▲ 9 0.2 +2 ▲ 5 3 0.0% ▲ Jan 1 2010 – Sep 30 2010 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 15 0.5 ▲ 21 20 2.9 ▼ 11 12 64.381.9 28.2 -1 ▼ 51 0.3 0.3 4.5 14 16 6.1 4.038.8 1.9 12.2 19.164.1 ▼ 32.6 0.7 0. LLC HSBC Holdings PLC Houlihan Lokey Allen & Co Inc Centerview Partners LLC Industry Total Rank Value per Advisor (US$m) Rank Value Market Market 2010 2009 US$m Sh (%) Share Ch.8 ▲ 25 17 2.1 100.8 ▲ 33 22.0 0 1 0.2 0.5 -5.1 -3.7 +4 ▲ 26 0.1 1.6 ▼ 14 46.8 100.863.4 1.9 2.3% ▼ Industry % Change from Same Period Last Year Industry % Change from Last Quarter Jan 1 2010 – Sep 30 2010 Rank Value per Advisor (US$m) Rank Value Market Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.2 ▼ 68. Rank Rank 1 2 258.3 +11 ▲ 42 0.7 -14.3 0.4 ▼ 19 16 3. 87.079.5 ▲ 463.4 0.6 2.9% ▲ 1.8 14.9 ▼ 5 6 133.2 22 35 1.2 2.7 7.3 -0.1 4 1 14.8 ▲ 10 26 8.2 +2 ▲ 6 0.0 ▲ 263.2 -15.7 5.5 ▲ 15.9 4.704.9 0.576.9 15.2 +8 ▲ 13 0.3 -14.823.2 ▲ 6 9 10.2 ▼ 34.8% ▲ -13.0 ▼ 7.068.508.6 ▼ 18 5 3.2 ▼ 114.3 +6 ▲ 53 0.1 ▼ 28.4 0.5 ▲ 17.9 1.725 +320 Financial Advisor Goldman Sachs & Co Barclays Capital JP Morgan Citi Morgan Stanley Deutsche Bank AG Bank of America Merrill Lynch Credit Suisse UBS Evercore Partners Jefferies & Co Inc Lazard Centerview Partners LLC Houlihan Lokey Rothschild HSBC Holdings PLC Tudor Pickering & Co LLC Perella Weinberg Partners LP Blackstone Group LP Greenhill & Co.4 40.249.0 579.424.8 0.5 ▼ 204.135.5 0.1 +34 ▲ ▲ 114 1.9 ▼ 8 84.076. 1 2 21.0 28.0 0 7 0.com .2 0.0 3.0 9.1 +12 ▲ 11 0.9 1.5 0.8 ▲ 1.790.425.2 +2 ▲ 16 0.8 ▼ 23 41 3.2 ▼ 732 072 0 100.0 34.867.1 13 94.3 +6 24 ▲ 0.133.2 +4 ▲ 1 0.4 -17.5 7.5 +20 73 1.5 1.7 ▼ 2 5 62.1 +1 ▲ 12 0.3 5.4 ▼ 343.504.2 ▼ 20 8 13.5% ▼ -11.9 0.4 ▼ 8.1 +7 14 ▲ 8 0.5 -17 ▼ 1 0.4 5.9 13.9 ▲ 17 10 8.267.9 2.5 +1 ▲ 2.0 0.7 4.4 ▲ 17 25 22.4 14.2 6.4 -4.078.552.1 -1 ▼ 0.4 1.196.0 0.2 +26 ▲ 91 1.748.250.5 ▲ 47.8 0.1 +9 ▲ 28 0.9 0.4 ▼ 21.3 1.3 ▲ 22 19 23.1 -3 ▼ 7 0.9 2.9 ▲ 77.1 ▲ 12 20.7 +1 14 0.6 ▲ 18 29.1 3.7 -18.2 +8 ▲ 15 0.9% ▲ 114.691. 30.225.3 ▼ 11 17 7 5. 880.0 3.5 8.8% ▲ 43.9 0.071.4 3.093.4 9 12 75.0 89.0 +3 ▲ 0.7 +29 ▲ 117 1.9 ▲ 4 14 59.0 13 -18.4 8.443.6 ▼ 11 43 55.1 ▼ 11 12 2 19.9 8 4.2 0.6 0.3 11.1 +16 ▲ 21 0.4 -12.4 4.5 12.9 0.4 1.0 2.8 0.9 ▲ 23 28 1.538.1 100 0 74.7 2.3 ▲ 16.941.0 96.6 5.4 2.4 -4.5 10.2 ▲ 9 682 1 100.4 6.6 ▲ 61.7 ▲ 18 19 14 16.401.614.3 +9 ▲ 14 0.2 +9 ▲ 80 1.5 37.4 0.0 4.4 4 9 156.3 0.5 ▲ 7 51.9 ▼ 2 1 209.1 0.1 ▲ 16.253.5 +9 ▲ 7 0.406.9 3.0 5 23.2 ▲ 77.0 72.6 9.5 9.3 1.3 ▼ 18.0% ▲ 24.1 +1 ▲ 15 0.1 ▲ 29.1 ▲ 181.7 4.4 3.0 2.6 ▼ 18 32 29.6 11.1 16.6 ▼ 11 12 4 7.8 ▲ 22 8.0 9.

0% % of YTD European M&A 16.5 25.6 52. a 4.788.000 800 $300.400 $600.4% 5% $50 Quarterly European Cross Border Volume $25 Outbound (US$m) Inbound (US$m) 1 800 1. which was the highest quarterly volume in two years and was a 31.599. GDF Suez Energy International and Genzyme Corp were worth a combined US$87.000 Jan 1 2010 – Sep 30 2010 Acquiror BHP Billiton PLC International Power PLC Sanofi-Aventis SA News Corp Novartis AG KazakhGold Group Ltd Telefonica SA Investor Group Caja Madrid RSA Insurance Group PLC Acquiror / Target Nation United Kingdom / Canada United Kingdom / United States France / United States United States / United Kingdom Switzerland / Switzerland Kazakhstan / Russian Fed Spain / Brazil Hong Kong / United Kingdom Spain / Spain United Kingdom / United Kingdom Rank Value (US$m) 43. a 12.443.787.4 21. 25% Q4 Volume (US$b) 20% 18.607.511.6% $150 9.600 $700.3 billion.0% $100 % of European M&A EMEA Deals Intelligence 5.9% Q1 Volume (US$b) $225 Rank Value (US$b) The third quarter saw a number of mega transactions as each of the top three deals for the year thus far were announced in August.6%) Polyus Zoloto (100%) Brasilcel NV (50%) EDF Energy-UK Power Distn Bus (100%) Bancaja SA (100%) Aviva PLC-Insurance Business (100%) 2007 2008 2009 2010 European Involvement Announced Advisors by Target Industry Energy and Power JP Morgan Goldman Sachs & Co Rothschild Financials Deutsche Bank AG Morgan Stanley Lazard Materials JP Morgan Goldman Sachs & Co BNP Paribas SA Rank Val US$m 162.5 No. Deals 1.9 54.4 8.1 26.7 66.140.125.049 11 15 9 * tie 3Q10 4Q09 1Q10 2Q10 2Q09 3Q09 1Q09 3Q08 4Q08 4Q07 1Q08 2Q08 3Q07 2Q07 1Q07 3Q06 4Q06 1Q06 2Q06 2Q05 3Q05 4Q05 4Q04 1Q05 2Q04 3Q04 1Q04 4Q03 3Q03 4Q02 1Q03 2Q03 0 1Q02 2Q02 3Q02 0% $0 $800.000 $400.8 9.730. The largest sponsor-driven deals included the US$4.4% last year).261.5 49.074.3 7.9% decrease from the previous quarter.200 $500.320. year-to-date fees reached US$8.259.000 # of Deals Rank Value (US$m) $900 000 $900. Share 1 2 3 39.3% $200 $175 13.2 billion.7 1 2 3 56.9 19. Deal activity during the third quarter reached US$343.849.5 38.thomsonone.6 23.4% Q2 Volume (US$b) $250 Estimated fees on completed EMEA deals totaled US$2.4 10.4% $75 4.000 200 $0 2000 2001 2002 2003 2004 2005 Date Effective Pending Pending Pending Intended Pending Pending 9/27/2010 Pending Pending Intended Target (% Sought/Acquired) Potash Corp of Saskatchewan (100%) GDF Suez Energy International (100%) Genzyme Corp (100%) British Sky Bdcstg Grp PLC (60.8 44.510.3% 15% 13. 21.000 1.057 28 18 15 1.2 55.399.4% increase from the second quarter.com 9 .5 Target Macro / Mid Industry Materials / Metals & Mining Energy and Power / Power Healthcare / Biotechnology Media and Entertainment / Cable Healthcare / Healthcare Equipment & Supplies Materials / Metals & Mining Telecommunications / Telecommunications Services Energy and Power / Power Financials / Banks Financials / Insurance https://www. However. according to Thomson Reuters/Freeman Consulting.2 19.4 1 2 3 32.6% of regional activity (compared to 5.5 Top Ten European Involvement Announced Deals Rank Date 8/17/2010 8/10/2010 8/29/2010 6/15/2010 1/4/2010 6/30/2010 5/10/2010 7/30/2010 6/22/2010 8/16/2010 2006 Rank Mkt.056.000 400 $100.180.6% increase compared to the same period last year.1 9.6 billion during the third quarter of 2010.000 1. Q3 Volume (US$b) $275 Buy-side financial sponsor activity continued its recovery in Europe with the announcements of deals worth a combined US$32.9% $125 10% 9.9%) Alcon Inc (24.090.2 52.8 13. These pending acquisitions of Potash Corp.000 600 $200.800 Number of deals 1.521 30 36 35 1.First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors EMEA M&A EMEA Announced M&A Up 24% While Fees from Completed M&A Up 13% | Busiest Quarter in Two Years | JP Morgan Finishes First European Financial Sponsor Investments $300 EMEA M&A announced during the first nine months of the year totaled US$797.3 32.8 billion minority stake purchase in Abertis. representing a 23. 19.3 26.1 119.000 1.4 11.1 billion.5 billion and accounted for approximately a quarter of EMEA deal activity during the last three months and 11% year-to-date.8 92.6 billion offer for Tomkins by Onex and Canada Pension Investment Board and CVC and ACS's US$3.120.0% 12.281.8% increase compared to the same period last year.1 53.742.7 billion. almost 50% higher than the first two quarters of 2010 combined as year-to-date volume comprised 12.

4 12 6 10.8 0.2 ▲ 2 6 25.051. 525.0 +4 ▲ 4 ▼ 24 0.2 ▲ 19 38.9% ▼ Jan 1 2010 – Sep 30 2010 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 0.6 -4.4 ▲ 25 24 11.7 ▼ 43.151.7 25 31 2.0 26 2.612.301.0 0.490.0 2.1 ▼ 19 0.8 ▼ 6.0 ▼ 21 22 30 16.0 14.0 ▼ 154.7 -26 ▼ ▼ 80 0.2 0.7 25.9 ▼ 13 4 -22.6 4.7 2.0 12 7 40.3 17.6 1 78.3 -7 ▼ 1 0.5 -13.7 10.0 46.3 ▲ 32.8 3.3 0.3 +4 100 ▲ 138 0.0 0.5 ▼ 3 2 156.0 ▲ 15 16 8.4 34.2 +12 30 ▲ 91 0.6 ▲ 17 5.6 0.6 1.612.2 -2 ▼ 20 0.0 0.0 +3 8 ▲ 42 0.1 +24 ▲ 49 0.3 3.5 +11 ▲ 149 0.0 16.3 1.1 32 18 35 46.2 2.7 -26 ▼ 68 0.7 ▼ 10.1 1.2 +3 ▲ 4 0.758.1 1.6% ▲ -4.0 -26. Rank Rank 9 133.9 19.0 0.860.5 17 36 5.6 8 -5.4 2.854.8% ▲ 31.6 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 110 0.0 4.3% ▼ Industry % Change from Same Period Last Year Industry % Change from Last Quarter * tie -15.9 0.7 ▼ 498 993 0 498.2 ▼ +17 ▲ 0.0 +1 ▲ 0.7 ▲ 370.311.6 0.714.0 -18. LLC BNP Paribas SA Societe Generale Houlihan Lokey Centerview Partners LLC RBS Credit Agricole CIB Perella Weinberg Partners LP Mediobanca RBC Capital Markets Banco Espirito Santo SA UniCredit Group Nomura Industry Total 5.337.1 ▼ 2 21.0 1 27.7 ▼ 3 123.1 13 -13.1 170.2 1.0 27 14 67.0 452.6 8 13.5 364.0 46.1 +7 ▲ 31 0.748.5 0.6 29.8 ▼ 19 18 19 28 3.6 -13.3 3.2 +5 ▲ 0.9 +4 ▲ 93 0.0 -15.4 +20 85 0.7 ▼ 0.7 0.2 +5 ▲ 12.2 ▲ 86.869.6 -3 10 0.6 0.6 126.8 ▲ 19 33 5.020.3 -1 ▼ 9 0.9 +7 ▲ 115 ▲ 146 1.339.0 20.3 18.1 0.6 1.1 3.2 ▲ 0.9 5.2 -11 ▼ 0.9 3.5 -7.1 ▲ 13.6 0.919.125 +658 Financial Advisor Goldman Sachs & Co Credit Suisse Morgan Stanley Citi Deutsche Bank AG UBS JP Morgan Rothschild Barclays Capital Lazard Bank of America Merrill Lynch HSBC Holdings PLC Greenhill & Co.995.0 6 5 143.6 7 29 17.5 46.219.3 0 36 0.026.784.9 1.2 +5 ▲ -8 ▼ 0.0 ▲ 31.507.334.9 ▼ 71.8 ▼ 15 6 132.4 1.8 18.1 4 104.6 0.6 0.592.246.2 3.1 +10 ▲ ▲ 30 0.0 ▼ 256.2 +27 ▲ -1 7 0.9 ▼ 2 3 198.029.6 1.481.1 +3 ▲ -2 17 0.9 3.209.2 ▼ 14 16 67.0 ▼ 0.3 -2.953.4 3.1 5.973.7 10 7 8.6 55.2 ▲ 0.414.3 -16 ▼ 98 ▲ 0.0 100 0 100.4 26.2 25.4% ▲ -17.5 ▲ 797 311 1 797.4% ▲ Imputed Fees (US$m) Market Advisor Market Fees Sh (%) Share Ch.2 7.498.7 -28 -23 79 0.3 -26 28 0.2 0.3 16 3.9 ▲ 6.com 10 .8 2.831.9 ▼ 122.2 ▼ 87.839.4 22 -5.7 8 183 0 8.6 ▲ 86 23 24 11.1 5 102.962.0 100 0 100.6 ▲ 65.133.7 ▲ 4.4 0.784.7 -19.8 0.8 0 134 1.6 27.6 11 18 49.0 ▲ 5.118.3 ▲ 4 10 142.2% ▼ Industry % Change from Same Period Last Year Industry % Change from Last Quarter Jan 1 2010 – Sep 30 2010 Rank Value per Advisor (US$m) Rank Value Market Market 2010 2009 US$m Sh (%) Share Ch.4 -13.2 122.9 ▼ 4.1 3.4 +25 47 ▲ 12 0.4 117 ▲ 0.1 ▲ 63.6 0.7 0.0 ▲ 24 17.9 ▼ 3.7 0.0 -1 ▼ 0.2 22 3.1 ▲ 45.7 ▼ 15 7.3 +6 ▲ 10 412 10.2 ▼ 235.8 -28 ▼ 1.8 4.0 -4 ▼ ▼ 34 0.4 0.903.6 ▼ 12 18 40.3% ▲ Rank Value per Advisor (US$m) Rank Value Market Market 2010 2009 US$m Sh (%) Share Ch.3 -0.5 +27 55 0.0 ▲ 537.934.9 ▼ 4.6 10 4 63.3 ▼ 7 117.7 ▼ -5 72 79 ▼ 0.3 +10 ▲ 35 0.9 46.5 +2 ▲ ▲ 104 0.0 5.9 -17.090.5 -0.6 12 6 86.1 -4.3 18 32 46.4 0.5 0.9 0.775.7 -10.5 94.3 -26.4 -9.0 ▲ 9 75.6 19.4 0.798.394.6 14.0 12.1 9.5 16 4.3 326.7 5.548.668.3 ▼ 6 92.2 ▼ 23 0.1 +3 ▲ 8 42 ▲ 0.6 15.6 19 0.4 6.6 0.2 +4 ▲ 0.5 ▼ 9 9 12.8 ▲ 1.9 ▼ 183.3 +15 37 0.2 -10.484.0 +1 ▲ 0.7 ▼ 17 26.6 5.1 2.0 18 19 19.802. 415.2 ▲ 0.6 10 22 13.1 ▲ 33 41.9 1.7 4.0 -5 ▼ 1 0.8 5 5 133.6 ▲ 25 31 719. Rank Rank 1 28.4 +2 116 0.9 -4.2 +13 ▲ 0.3 26 3.4 4.8 0.7 +30 ▲ 0.7 0.3 -29 ▼ 63 ▼ 0.8 31 16.935.5 ▲ 23 3.8 -2.8 -20 ▲ 129 1.1 +7 50 0.9 -14.4 4.7 9.5 ▲ 425.3 +10 9 -5 ▼ 0.2 -4 7 0.6 100.9 0.7 ▼ 4 13 70.8 68.6 -14.6 3.2 -15 ▼ 23 0.2 3.045.7 0.0 1.8 8 11 14.8% ▲ -5.5 ▲ 11.8 ▲ 307.4 -15 36 71 0.4 12.6 ▼ 98.967 +844 Financial Advisor Morgan Stanley Goldman Sachs & Co Credit Suisse Citi UBS Deutsche Bank AG Barclays Capital JP Morgan Rothschild Lazard HSBC Holdings PLC Bank of America Merrill Lynch BNP Paribas SA Greenhill & Co.6 4.4 0.977.160.2 14 15 -2.5 1.1 0.8 0.421.0 ▲ 16.2 ▼ 3 24.4 +21 97 1.4 10.9 1.6 0.7 ▼ 17 26.5 6.9 ▼ 23 22.3 ▼ 59.9 9.8 ▲ 41.2 0.911.9 ▲ 10 143.0 166.0 0.199.162.3 ▼ 0.0 10.6 ▲ 12.051.2 2.0 ▼ 275.2 ▲ 7 1 117.1 ▲ 25.5 17.071.8 0.0 ▼ 241.026. -3.2 1.4 4.2 5.3 0.5 ▼ 8.8 3.7 ▲ 20 55.1 24 2.7% ▲ 23.9 18.602.1 ▼ 6 84.8 0.1 ▲ 16 3.3 +11 ▲ 31 +278 9.8 50.2 ▲ 59.6 -19.090.8 ▼ 37 ▲ 0.0 4.6 ▲ 25.1 +36 ▲ ▼ 0.8 -17 ▼ 128 1.4 -12 ▼ 25 0.961.9 +8 87 0.5 +44 ▲ ▲ 91 0.0 ▼ 1 16.7 ▼ 90.732.4% ▼ Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch.4 0.4 0.1 +34 ▲ 0.090.1 +10 25 ▲ ▼ 27 0.1 ▲ 5.9 5.0 11.1 13 10 -2.0 Any EMEA Involvement Completed (AF53) -11.7 ▲ 151.0 25.9 -7.1 30 0.5 1.2 ▲ 20 7.1 ▼ 11 7 47.1 1.5 17.1 18.2 0.6 20 14 26.6 3 2 23.573.0% ▲ -13.6 0.8 25 17.811.902.8 -6.3 ▲ 17 5.448.7 0.924.1 1.2 ▲ 23.2 -11 6 ▲ 0.5 14 15 32.1 ▲ 43.1 +5 12 967 12.5 ▲ 21 30 17.1 47 2.993.3 15 0.1 2.5 ▲ 100.2 +6 ▲ 19 0.1 +18 ▲ 40 0.511.301.8 -23.6 6.4 -18 ▼ 75 ▼ 0.2 ▲ 13.5 -2.6 ▲ 8 12 75.138.2 ▲ 54.8 -2.thomsonone. 9.2 ▲ 54.8 0.051.1 100 0 100.0 ▲ 17.641.8 -7 38 0.2 100.2 ▲ 3 9 116.4 0.6 ▲ 17 -1.732.5 3.7 5.4% ▲ Any European Involvement Announced (AD21) Financial Advisor JP Morgan Goldman Sachs & Co Morgan Stanley Bank of America Merrill Lynch Deutsche Bank AG BNP Paribas SA Credit Suisse Rothschild Barclays Capital Societe Generale UBS Lazard Citi RBS RBC Capital Markets Santander TD Securities Inc Nomura Blackstone Group LP HSBC Holdings PLC Ondra Partners Evercore Partners Mediobanca Standard Chartered PLC Credit Agricole CIB Industry Total Jan 1 2010 – Sep 30 2010 Industry % Change from Same Period Last Year Industry % Change from Last Quarter 17.481.7 2 23.7 -5 68 ▼ ▼ 0.376.0 ▼ 10 6.8 -3 78 105 1.958.2 +5 ▲ 30 0.0 31 0.4 5 8 19.6 +3 ▲ 17 0.4 0.7 ▲ 6.266.1 -14 ▲ 22 0.1 16 5.3 3.0 ▲ 1 2 3 125.0 17 -0.4 ▼ 63.3 6.0 ▼ 4.3 +6 ▲ 30 0.7 ▲ 159.2 ▼ 7 3.6 -0.7% ▲ -13.6 0.0 ▼ 24 22.5 ▲ 335.228.1 -6 ▼ 14 0.2 28 15 9.701.474.4 ▼ 425.3 25 100.2 +7 ▲ 22 6 0.6 5.1 26.2 ▲ 63.1 1.7% ▼ 4.1 20 28 3.1 9 12.8 4.0 +4 ▲ 24 0.2 0.1 17 17.1 +12 30 ▲ 134 0.6 5 -6.2 -11 ▼ 15 0.7 5.6 ▲ 1 8 214.2 21.8 3.334.9 3.7 ▼ 77.4 ▼ 46.8 26.5 75.1 112.1 ▲ 3 2 190.First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors EMEA Rankings Any EMEA Involvement Announced (AD47) Financial Advisor JP Morgan Goldman Sachs & Co Morgan Stanley BNP Paribas SA Bank of America Merrill Lynch Deutsche Bank AG Credit Suisse Barclays Capital Rothschild UBS Societe Generale Lazard Citi RBC Capital Markets RBS Santander Nomura TD Securities Inc Blackstone Group LP HSBC Holdings PLC Standard Chartered PLC Ondra Partners Evercore Partners Mediobanca Credit Agricole CIB Industry Total Rank Value per Advisor (US$m) Market Rank Value Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.0 16.4 67.6 0.337.1 +4 ▲ 61 0.5 2.9 ▼ 9 11 13.912 2.5 0.6% ▼ Any European Involvement Completed (AF3) Rank Value per Advisor (US$m) Market Rank Value Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.4 -0.3 18.660.2 -8 ▼ 0.7 ▲ 0.9% ▲ -17.6 ▲ 1.3 2.2 +10 ▲ 0.1 +46 ▲ 55 0.9 -3.1 ▼ 25.3 63 23 24 87 12.3 0.7% ▼ https://www.802.5 ▲ 21 22 26 23.5 0.3 340.641.0 +7 12 ▲ 35 0.317.9 20 16 17.891.8 -13.6 46.1 ▲ 7.4 ▲ 53.3 ▲ 17. LLC Societe Generale Houlihan Lokey Centerview Partners LLC RBS Perella Weinberg Partners LP RBC Capital Markets Credit Agricole CIB Mediobanca Standard Chartered PLC Banco Espirito Santo SA UniCredit Group Industry Total 7.498.3 +29 56 -1 0.7 ▼ 10.351.9 2.092.9 ▼ 20 14 44 3.7 ▲ 17.2 ▲ 387.8 9 12 15.3 2.7 25.1 2.9 1.1 9.3 3.5 ▲ 8 82.4 ▼ 75.1 15 -9 ▼ 26 0.7 9.8 0.4 15 5.412 +346 3.0 ▼ 8 100.1 -15.0 4 15 146.183.2 +9 130 ▲ 102 0 1.2 5.5 ▲ 11 79.4 ▲ 158.6 ▼ 20 -2.3 ▼ 6.6 1.0 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals -2 ▼ 116 0.118.3 24.7 15.9 11 22 94.232.5% ▲ Jan 1 2010 – Sep 30 2010 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 110 1.0 0.661.6 5.020.8 ▲ 100.9 -16.7 ▼ 5 -9.1 +1 ▲ 5 26 -9 ▼ 0.1 ▲ 0.1 18.8 207.367.4 12.1 2.818.162.1 +1 18 0.2 97 26.7 2.2 ▲ 21 29.389.6 ▲ 68.3 0.9 ▼ 141.4 -17.4 12.7 6 4 105.1 4.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter 23.6 ▲ 10 4 72.4 0.9 ▼ 3.1 7 11.2 3.5 ▲ 5 18.2 3.7 2.831.068.232.1 ▲ 48.1 ▼ 1 14.6% ▼ 8.2 0.903.0 8.6 ▲ 16 97 25.2 4.6 -4.

5 ▲ 3 61.4 -22.7 ▼ 4 6.1 31.090.9% ▼ -12.8 8.2 ▲ 38.2 +1 ▲ 34 24 0.1 -4 ▼ ▲ 15 1.9 46 1.1 1.1 15.7 1.3 -40.6 -26.0 1.8 13.1 ▲ ▼ ▼ ▼ ▼ ▲ ▲ ▼ ▼ ▲ ▲ ▲ ▲ ▼ ▲ ▲ ▲ ▲ ▼ ▲ ▲ ▲ ▲ ▲ ▲ -1.0 .5 +1 ▲ 14 ▲ 0.6 17.087.6 10.2 0.380.842.8 167.949.625.091.0 5.5 +10 47 ▲ 1.7 2.6 0.0 ▲ 36 37 2.4 4.119.7 -7.6 13.797.445.090.8 26.9 +14 ▲ 19 0.1 14.3 46.1% ▲ 10.8 31.004.6 -1 2 0.6 -8.417.0 10.1 +21 ▲ 25 0.6 0.7 ▲ 6.5 -3 ▼ 39 3.5 2.4% ▼ Imputed Fees (US$m) Market Advisor Market Fees Sh (%) Share Ch.0 ▼ 8 7.0 2.9 ▲ 44.0 4.1 -9 ▼ 31 0.4 2.0% ▼ Any UK Involvement Completed (AF39) Financial Advisor Barclays Capital Morgan Stanley UBS Credit Suisse Citi JP Morgan Goldman Sachs & Co Deutsche Bank AG Lazard HSBC Holdings PLC Rothschild Houlihan Lokey Centerview Partners LLC Bank of America Merrill Lynch RBC Capital Markets Perella Weinberg Partners LP RBS Greenhill & Co.7 8.196.2 ▲ 3.3 +2 ▲ 3 0.034.6 0.4 43.5 17.0 80.0 0.1 +1 ▲ ▲ 12 1.3 32.5 ▲ 10 6.7 1.7 22.1 7 5 29.7 +12 ▲ 41 1.3 +5 7 -6 ▼ 17 0.1 0 19 0.8 -4 ▼ ▼ -1 0.5 11.6 3 ▲ 0.1 20.032.3 62.2% ▲ Jan 1 2010 – Sep 30 2010 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 0 1.7 5.0 1.0 7 2 34.607.8 0.0 ▼ 36.1 +9 ▲ 55 0.1 14.279.1 66.3 +16 ▲ 8 0.5 22.9 32.1 2.179.8 119.5 +10 ▲ 0.0 19.9 -34.8 4 -38.4 ▲ 21* 23 2.2 ▲ 96.9 3.0 5.8 75.7 ▲ 1.5 +12 ▲ 68 2.159.142.1 -1 ▼ 2.2 0.7 1.5 0.7 1.3% ▲ Any French Involvement Announced (AD33) * tie Jan 1 2010 – Sep 30 2010 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 3.8 ▲ 150.5 10* 34 25.7 ▲ 0. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 12 11 4 10 22 2 18 16 49 6 7 19 1 21 20 3 95* 5 30 67 13 36 Industry % Change from Same Period Last Year Industry % Change from Last Quarter 143.2 2.6 2.5 1.0 1.com 11 .3 -9.7 0.7 8 24 20.7 +7 ▲ 6 0.6 11.0 -3 ▼ 1 0 0.7 1.7 ▲ 35.1 21.1 10.489.0 ▲ 1.540.1 +7 0.7 0.0 39.9 -21.3 -6 ▼ 8 ▼ 0.4 61.1 0.3 37.2 10.9 ▲ 77.6 1.8 2.4 2.0 60.0 20.1 -5 ▼ 29 2.7 4 12 54.6 21.1 2.5 21 3.680.0 5.0 9.628.3 +4 ▲ 2 0.2 43.0 43.4 6.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter 106.4 ▲ 10.5 ▲ 27.8 9.2 -9.7 88.2 +17 28 0.0 +1 ▲ 19 ▲ 0.031.0 ▲ 1.4 1.212.9 13 1.9 ▼ 17 5.1 4.9 15 1.5 ▼ 60.9 4.872.3 -7.1 +4 ▲ 4 0.9 Financial Advisor BNP Paribas SA Societe Generale JP Morgan Goldman Sachs & Co Rothschild Morgan Stanley Credit Suisse Nomura Deutsche Bank AG Ondra Partners Blackstone Group LP Evercore Partners Lazard Barclays Capital Credit Agricole CIB RBS Citi RBC Capital Markets Bank of America Merrill Lynch HSBC Holdings PLC UBS Jefferies & Co Inc Wagram Corporate Finance Ernst & Young LLP Gruppo Banca Leonardo Industry Total 49.933.1 +1 14 ▲ 11 0.1 3.6 9.227.6% ▼ Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch.8 2.8 ▼ 1 27.417.3 7.0 0 14 1.1 +2 2 ▲ 1 0 0.1 44.1 2.3 ▲ 7.184.9 ▼ 9 4 27.7 100 0 100.1 +1 ▲ 1 0.4 17.166.3 5 14 17.777.3 ▼ 1.1 ▼ 12 6 10.1 25.3 -2 ▼ ▼ -6 13 1.5 0.1 ▲ 11.8 +4 12 ▲ ▲ 3.0 16 77* 8.890.1 -53.3 16.1 6.2 23.1 2 3 0.1 20.0 30.1 42.6 5.0% ▲ -17.4 +3 ▲ 22 0.7 11 -3.3 0.2 59.2 30.326.194 +164 8.7 -33.7 288 842 9 288.4 1.6 13.000.0 3.0 +3 3 ▲ 0.937.259.7 +27 ▲ 55 ▲ 1.5 3.0 14.8 15.1 +5 16 ▲ 9 ▲ 0.3 +9 1.477.8 15. Rank Rank 1 2 23.8 12.1 ▼ 1.2 ▲ 6.4 ▼ 5.3 31.1 +7 ▲ 0.2 +1 ▲ 4 ▲ 0.0 1 0.2 0.8 ▲ 19 2.5 ▲ 42.261.3 20.2 20.1 +14 ▲ 36 0.1 -11 ▼ 32 0.3 13.8 31.3 8 -1 ▼ 0.2 26.4 10.2 2.3 +1 ▲ 4 ▼ 0.874.3 ▲ 6.4 1.7 ▼ 1.6 9.9 50.902.5 10.9 0.4% ▲ 117.3 1.3 +3 5 ▲ +171 1.8 27.7 ▼ 30.849.9 ▲ 7 16.1 16.3 2.5 60.3 22.6 34.8 +4 ▲ 12 1.1 1 -1 ▼ 1 0.896.9 2.332.5 ▲ 10* 25.0 +1 15 23 1.041.1 ▲ 74.3 100.1 12.243.3 75.1 0 18 0.6 +4 24 1.241 +70 6.3 37.0 2.9 1.5 -2.1 2.3 ▲ ▲ ▼ ▲ ▲ ▼ ▲ ▲ ▲ ▼ ▼ ▲ ▲ ▼ ▲ ▲ ▼ ▲ ▲ ▼ ▲ ▲ ▲ ▼ ▲ Jan 1 2010 – Sep 30 2010 Rank Value per Advisor (US$m) Rank Value Market Market 2010 2009 US$m Sh (%) Share Ch.0 21.8 0.1 2.8 +14 ▲ 0.7 1.1 +4 26 ▼ 12 0.0 19.9 15.6 0.1% ▼ * tie https://www.3 ▲ -14.0 1.5 ▲ 0.112.4 50.873.7 +3 21 0.9 3.0 +3 ▼ 4 0.3 22.9 2.6 ▲ 37.1 ▲ 15.9 3.2 6 10 22.7 12.658.3 0.7 26.3 2.4 2.546.4 64.0 +2 ▲ 0.6 ▼ 0.1 0.1 1.3 15.6 7.6% ▲ 214.2 6 6.0 0.8 28.853.4 0.247.8 100 0 100.486.9 21.592.9 21.619.2 1.6 2 628 0 2.8 9 15.3 ▲ 3.864.9 3.2 ▲ 12.1 0.6 11.1 0.2 ▼ 13 18.6 21.5 ▼ 16.1 +2 1 0.8 ▲ 59.4 ▼ 40.0 0.7 17 18.313.2 2.4 1.0 2.9 ▲ 34.6 -28.0 0.321.6 ▲ 17.3 4 0.8 2.4 ▼ 30.9 ▲ 76.9 ▼ 14.032.152.1 6.3 0.4 ▲ 21* 1.627.4 43.8 -9.2 11.486 13.945.2 0.2 2.5 6.766.3 25.090.4 2.1 +9 ▲ 14 2 194 2.7 2.0 3 -14.313.1 +3 ▲ ▲ 38 1.1 0.4 0.8% ▼ 12.2 15.4 ▲ 100.075.0 13 31 2.1 ▼ 8 5.9 0.3 2.5 12 14 19.929.4 26 6.150.2 8 11 20.9 ▲ 11 13.9 158.6 17.885.6 +8 ▲ 0.759.8 15.7 ▲ 0.0 27.0 +5 0.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter -8.3 8.492.0 5.5 0.5 12.1 0.3 6 13 -9.4 3.979.5 3.8 +7 ▲ 0 4 0.4 0 5 -5 ▼ 0.5 15.4 ▲ 20 1.0 1.3 -7 21 1.7 ▼ 129.0 5.0 5.0 -2 ▼ 3 0.7 29.7 9.4 +4 ▲ 5 0.6 32.7 25.6 +3 1 0.6 0.6 4.5 +9 ▲ 0.6 ▲ 23 2.6 -1.836.4 14 12.3 -8 2 0.3 +4 ▲ 16 1.8 20. 2.4 2.051.708.0 50.6 ▲ 9.7 2.0 62 24 1.037.2 2.072.4 27.323.1 ▲ 18 25 1.612.633.0 +1 ▲ 42 1.7 16 -35.1 +4 ▲ 6 0.9 12.7 0.893.7 25 122.6 15 -18.1 107.1 1.5 ▼ 3 5 20.4 ▲ 18 25* 2.7 7. Rank Rank 1 1 74.9 0.0% ▲ -13.019.9 1.6 ▲ 20.0 8.thomsonone.7 21.6 1.1 18.1 ▼ -3 ▲ 0.180.8 14.0 21 0.1 ▲ 16.0 1.3 20.4 ▲ 11.1 ▲ 24.8 ▲ 18 5.8 ▼ 9 18.919. Solomon Co Ltd Foros DC Advisory Partners Ernst & Young LLP Nomura Industry Total Jan 1 2010 – Sep 30 2010 Rank Value per Advisor (US$m) Market Rank Value Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.1 -4.2 -13.9 ▲ 45.7 2.7 ▼ 2 28.1 +7 28 ▲ 15 0.6 29.4 -13.9 +11 ▲ 1.6 -28.9 0.7 15.4 9.6 +10 ▲ 38 0.608.3 0.5 ▲ 3 58.3 78.5 1.3 +4 4 ▲ 7 ▲ 0.0 +1 2 ▲ 11 0.1 +1 ▲ 1 0.0 ▼ 10 12 15.566.7% ▲ -13.9 ▼ 4. LLC Broadpoint Gleacher Sec Group Standard Chartered PLC Peter J.2 0.1 ▲ 30.5 +30 ▲ 14 0.2 15.2 1.1 ▼ 23.2 16.2 ▲ 1.0 171.9 ▼ 0.4 1.1 -2 0.2 -27.8 10.2 +2 ▲ 4 0.9 ▲ 0.1 2.3 ▲ 2.2 +6 47 0.1 -18.6 32.973.0 2.971.5 -2.6 -6.951.216.439. 1.6 21 2.3 +3 0.4% ▲ -35.531.363.0 0.4 94.6 ▲ 49.3 9.3 -22.9 ▼ 43.9 17 25* 5.3 +3 4 ▲ 25 1.7 3.388.0 +5 ▲ 1 0.2 22.9% ▼ Any French Involvement Completed (AF40) Financial Advisor JP Morgan Lazard Rothschild BNP Paribas SA Credit Agricole CIB Morgan Stanley Goldman Sachs & Co Deutsche Bank AG Societe Generale Credit Suisse HSBC Holdings PLC Citi Perella Weinberg Partners LP Barclays Capital UBS Bank of America Merrill Lynch RBC Capital Markets Jefferies & Co Inc Gruppo Banca Leonardo Nomura Itau Unibanco Banco Standard De Investimento Aurige Finance Ernst & Young LLP RBS Industry Total Rank Value per Advisor (US$m) Market Rank Value Market 2010 2009 US$m Sh (%) Share Ch.First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors EMEA Rankings Any UK Involvement Announced (AD32) Financial Advisor JP Morgan Bank of America Merrill Lynch Goldman Sachs & Co Barclays Capital BNP Paribas SA Morgan Stanley Rothschild RBS RBC Capital Markets UBS Deutsche Bank AG TD Securities Inc Santander Credit Suisse Nomura Blackstone Group LP Citi Societe Generale Ondra Partners Lazard Standard Chartered PLC Enam Securities Scotiabank-Bank of Nova Scotia HSBC Holdings PLC Mediobanca Industry Total Rank Value per Advisor (US$m) Market Rank Value Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.8 19.5 ▲ 9 7 15.1 3.0 ▲ 27* 22 2.9 ▲ 14 20* 15 15.5 146 279 3 146.8 93.518.8 2.7 ▲ 0.3 3.2 ▲ 23.1 ▲ 3.777.2 13 12.9 0.5 0.7 2.0 ▼ 2.2 14.4 1.432.7% ▲ # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 59 2.7% ▼ # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 20 0.5 0.301.884.748 +309 12.8 ▲ 2 5 47.1 2 748 2.4 2.0 26.8 24 2.2 -7 ▼ 5 ▼ 0.4% ▼ -38.1 10.418.1 +1 ▲ 1 0.9 4.0 ▲ 16 1.3 -17.0 2.698.3 0.4 20 -26.5 2.0 100 0 100.3 21.211.2 100.1 5.3 -1 1.1 ▼ 28.5 0.0 8.3 1.2 21.550.7 29.108.2 2.2 19.0 +7 ▲ 13 11 -3 ▼ 0.0 3.2 1.8 1.0 38.1 ▼ 19 5.7 32.3 3. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 18 5 2 3 1 9 11 8 6 16 10 69 4 38 23* 14 79* 13 42 52* 33 83 19 Industry % Change from Same Period Last Year Industry % Change from Last Quarter 47.1% ▲ -19.

6 -10.2 0.0 8.2 19.7 20 1.3 18 -2 ▼ ▼ 0.2 ▼ 9 7.thomsonone.708.9 ▼ 14.0 ▼ 2 0.1 29.244.2 2.4 -17 20 ▼ -3 0.8 1.9 3.740.536.7 ▼ 19 17* 1.2 0.6 ▲ 3.7 70.7 13 1.4 5.1 +1 ▲ 1 -7 ▼ 3 0.9 3.2 1.3 4.8 +1 ▲ 7 1.301.6 -1 1 0.2 ▲ 19 1.3 1 32.5 8.7 17.0 10.4 ▲ 10 1.2 22 23 24 592.9 0.135.601.6 ▲ 64.9 1.4 0.2 21.216.0 2.603.1 ▼ 28.3 +5 0.1 8.361.3 -9.3 22 14* 6.754.1 +1 830 +86 11.0 1.2 2.5 5.1 ▲ 6.7 ▲ 1.5 ▼ 2 27.533.7 858.869.1 11.635.5 38.403 Financial Advisor Goldman Sachs & Co Deutsche Bank AG Perella Weinberg Partners LP JP Morgan UBS Morgan Stanley Barclays Capital UniCredit Group RBS Guggenheim Securities LLC Bank of America Merrill Lynch Credit Suisse Nomura Commerzbank AG Lazard Rothschild Ernst & Young LLP BNP Paribas SA ING Duff and Phelps KPMG Citi Jefferies & Co Inc Societe Generale Freitag & Co Industry Total -0.2 2.6 -18.5% ▼ 91.5 4.9 ▲ 16.3 -4 ▼ 3 0.0 0.3 17.3 ▼ 12 15 6.6 -6.8 21 ▼ -3 ▼ 4 0.625.3 -8 ▼ ▼ 3 -5 0.6 -13 7 ▲ 20 1.3% ▼ Jan 1 2010 – Sep 30 2010 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▼ 13 -5 1.3 ▲ 2 20.3 5.4 24.2 4.8 +7 ▲ 1.3 10 6.5 11.1 -5 1 ▼ 0.0% ▲ -55.3% ▲ -27.829.8 0.3 ▲ 8.1 +4 ▲ 0.5 0.4 11.9 1.1 3.1 1.0 35.461.1 1.7 14.676.8 1.5 1.096.0 0.7 ▲ 1.7 +5 ▲ 2 0.8 7.9 28.5 -9.4 3.2 1.0 8* 10.7 -19.9 4.8 0.0 3.712.2 ▲ 40.2 ▲ 36.259.6 ▲ 8.2 ▼ 11 9.973.6 723.0 2.5 0.4 0.111.0 ▼ 16 12 5.7 ▼ 14 5.9 3.7 21 5 1.3 64* 13 8.5 42.7 23 46 556.2 0.7 3.0 1.4 -35.8 ▲ 21 913.9 10.3 +2 2 673 +28 4.9 0.3 0 0.5% ▼ -8.First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors EMEA Rankings Any Spanish Involvement Announced (AD34) Financial Advisor Morgan Stanley Deutsche Bank AG Societe Generale Lazard Credit Suisse Bank of America Merrill Lynch Goldman Sachs & Co UBS Mediobanca Citi Banco Espirito Santo SA Santander Nomura Allied Irish Banks PLC JP Morgan BBVA Natixis Rothschild Violy & Co Tegris Advisors KPMG Berenson & Co LLP DC Advisory Partners Ernst & Young LLP RBC Capital Markets Industry Total Rank Value per Advisor (US$m) Rank Value Market Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.6 5.020.4 100.1 0.5 ▲ 6.5 ▼ 7 17.6 10.5 ▼ 1.1 ▲ 6 8 9.0 7 -8 7 ▼ -2 1.3 956.8 ▲ 1.8 -20.4 9.2 4.1 .6 ▲ 8* 6.0 16 4.6 -7.0 ▼ 4 1.4 -11 ▼ 28 2 0.7 0.1% ▼ -36.1 +1 1 ▲ 1 0.2 0 ▲ 1 0.1 ▲ 2.3 ▼ 35.7 -18.4 -7.3 +2 ▲ 4 8 ▼ -3 0.2 0 12 1.3 +1 ▲ 3 -3 5 ▼ 0.8 -55.9 -49.8 15.5 ▲ 0.9 +13 ▲ 15 1.3 -6.9% ▼ -2.4 ▼ -9.414.9 9.7 0.8 5.5 0.3 2.8 10.4 +2 6 1.8 17.1 +1 ▲ 2 0.5 -1 ▼ 0 3 0.662.0 1.6 11.3% ▼ 67.8 -13 11 ▼ 1.0 1.5 ▼ 14.1 22. 5.7 ▼ .6 ▲ 7.7 +6 1.3 ▼ 1 0.7 1.3 1.7 1.366.0 -28.0 1.162 -2.1 5 6 8 11.4 6.6 0.2 3.4 0.0 ▼ 4.0 1.1 ▼ 4.2 ▲ 4 9 12.8 ▲ 11.1 -9.3 2.5 0.5 20.1 12.0 2.6 +12 13 ▲ ▲ 14 1.2 28.993.534. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19* 19* 21 22 23 24 25 11 3 28 5 6 10 7 17 9 8 19 2 32* 4 1 13 18 20 - Industry % Change from Same Period Last Year Industry % Change from Last Quarter 36.1 1 0 2 0.6 1.3 +2 11 ▲ 10 1.5 ▲ 5 7 17.5 14.0 0 7 10 1.1 +1 5 ▼ 0.0 8.1 ▲ 1.1 1.9 0.0 10.2 15.0 1.1 25.7 2.3% ▲ Imputed Fees (US$m) Market Advisor Market Fees Sh (%) Share Ch.7 4.3 2.0 2.3 +1 2 ▲ 1.3 +1 9 ▲ ▼ 0.5 4.5 12.149.9 3.7 +2 6 ▲ 1.8 1 -28.5 ▲ 45.2 21.8 15.0 14.652.9 2.5 +3 ▲ 17 ▲ 0.3 1.3 ▲ 2.737.7 ▲ 19.057.3 ▲ 5.3 12 6 8.7 ▲ 152.515.6 42.4 2.1 ▲ 21.666.2 20 16 1.3 +2 1.4 -15.338.7 5.5 19.3 628 2 628.2 2 0 2 0.869.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter -31.648.1% ▼ Industry % Change from Same Period Last Year Industry % Change from Last Quarter 2.7 ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▼ ▲ ▼ ▼ ▼ ▼ ▼ ▲ ▲ ▼ ▲ ▲ ▼ ▲ ▲ ▲ ▲ ▲ -50.0 ▲ ▼ ▲ ▼ ▼ ▼ ▼ ▲ ▼ ▼ ▲ ▼ ▲ ▲ ▼ ▼ ▲ ▼ ▲ ▲ ▼ ▲ ▼ ▲ ▲ Jan 1 2010 – Sep 30 2010 Rank Value per Advisor (US$m) Rank Value Market Market 2010 2009 US$m Sh (%) Share Ch.1 +1 ▲ 1 0.9 ▲ 18 2.9 ▼ 4.069.1 -5.6 ▼ 0.5 +19 ▲ 21 ▲ 15 1.4 17.6 0.4 21.3 ▼ 22 1.8 +10 12 ▲ 10 1.214.3 0.7 +3 0.2 +3 10 ▲ 16 1.7 -4 ▼ 8 ▲ 15 1.5 28.6 11.508.557.8 0.6 4 13.4 1.0 78.9 20.5 ▲ 5 4.1 -1 ▼ 4 0.4 +3 3 ▲ -1 8 1.6 1.2 3.6 2.9 -15 15 1.2 +2 ▲ 1.938.4 24.1 1.3 -1.305.4 ▼ 1.6 9.6 18.5 -13 ▼ 7 2 ▲ 0.5% ▲ * tie https://www.7 989.678.1 ▲ 0.0 5.2 +2 ▲ -7 1.612.9 1.5 ▲ 13.3 25 10.2 45.4 1.543.931.1 3.6 8.9 5.8 1.4 1.1 1.9 ▼ ▼ 1.4 4.2 -34 1.0 8.3 -16.6 2.2 4.575.6 ▲ 24 64* 500.1 1.8 ▼ ▲ 0.6 +5 7 0.0 ▼ 45.259.0 0.3 14 9 4.4 8.3 2.4 4.0 1.7 +3 ▼ 13 0.6 ▲ 3 32.3 7.8 11 10 -11.6 2.1 -1 ▼ ▲ 10 0.8 19.080.115.3 -2 ▼ 4 0.9 ▲ 3 -27.4 10.9 13 7.3 -34.2 0.1 ▲ 5.9 0.887.5 28.3 +2 ▲ ▲ 0.8 7.8 9.1 ▼ 0.1 4.9 5.0 10.2 1.6 41.2 100.3 89. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 9 15 26* 19 14 13 6 5 20 2 8 4 11 3 32 21* 1 46* 26* 7 46* 24 - Industry % Change from Same Period Last Year Industry % Change from Last Quarter 19.5 -51.2 -23.1 -3 ▼ -3 4 0.6 64* 4.061.1 -2 ▼ 1 0.5 ▼ 6.7 0.0 1.049.1 4.4 ▼ 5 10 0 0.5 0.1 0.1 4.6 -0.1 +1 ▲ ▲ 19 2.5 421.483.9 ▲ 46 24 556.8 7 10.8 ▲ 8.5 8.6 6.531.6 0.9 15.3 6.410.1 +4 9 ▲ 9 1.3 7 -2 0.0 8.400.2 5.5 1.1 ▲ 0.1 1.8 -8 ▼ 12 1 0 0.8 -19.7 -34.4 2.8 +7 1.3 ▼ 2 14.3 15.7 17.050.7 0.9 0.3 -0.1 1.3 2.0 0.931.6 -29.268.7 1.1 2 -1 16 1.3 ▲ 7.8 23.1 -14.4 976.3 ▲ 10.6 +8 ▲ 8 0.2 -8.9 1.2 17* 18 3.5 100.6 10.125.3 6.187.5 16.0 -1 ▼ ▼ 0.2 25.338.931. 4.0 ▲ 19.9 1.7% ▼ Imputed Fees (US$m) Market Advisor Market Fees Sh (%) Share Ch.5 ▼ 17.5 +8 ▲ 4 ▲ 0.2 9.477.3 2.9 -34.9 0.4% ▼ 4.6 0.3 ▲ 17 4.8 2.2 17* 10 6.380.1 0.6 8.8 ▼ 17 16 4.9 19.5 ▼ 15 4.4 1.6 0.1 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 0.6 4.6 ▼ 2.220.7 0.6 ▲ 7.7 9.8 21.5 25.1 +1 ▲ ▲ 0.8 7 7.1 ▼ 22.1 1.885.1 2.2 1.0 8 9.0 12.5% ▼ Any German Involvement Completed (AF42) Rank Value per Advisor (US$m) Market Rank Value Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.0 1.0 3.3 0.0 10.4 13.4 1 0.3 948.1 0.3 0.9 785.2 2.5 6.2 0.9 0.4% ▼ # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 2.1 ▲ 15.4 1.833.1 -6.6 1.2% ▲ # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 12 1.9 2.3 ▼ 67.370.2 33.8 ▲ 11.8% ▼ -13.0 0.4 ▲ 11 12 5.3 20.194.1 4.7 9.869.4 3 -5 ▼ 8 0 1.5 ▲ 25 64* 0.9 2 2.3 ▲ 0.6 0.3 1.6 16.6 +2 2 0.1 3. Rank Rank 1 27.931.9 7.0 23.3 14* 7.224.4 3 0 0.8 1.6 ▲ 3.2 ▲ 64* 803.6 15.7% ▼ Any German Involvement Announced (AD35) Financial Advisor Goldman Sachs & Co Deutsche Bank AG Bank of America Merrill Lynch Credit Suisse Lazard JP Morgan Blackstone Group LP Guggenheim Securities LLC Perella Weinberg Partners LP BNP Paribas SA Barclays Capital UBS Societe Generale RBS Commerzbank AG Rothschild Morgan Stanley Citi Evercore Partners Nomura KPMG Freitag & Co Ernst & Young LLP Jefferies & Co Inc Jones Lang LaSalle Inc Industry Total Jan 1 2010 – Sep 30 2010 Any Spanish Involvement Completed (AF41) Financial Advisor UBS Morgan Stanley Banco Espirito Santo SA Societe Generale Bank of America Merrill Lynch Credit Suisse Mediobanca Citi Rothschild JP Morgan BNP Paribas SA Goldman Sachs & Co Deutsche Bank AG Lazard DC Advisory Partners Barclays Capital Santander Duff and Phelps Caixa Geral de Depositos KPMG Socios Financieros SA Credit Agricole CIB Ernst & Young LLP HSBC Holdings PLC Moseley Securities Corporation Industry Total Jan 1 2010 – Sep 30 2010 Rank Value per Advisor (US$m) Rank Value Market Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.7 29.8 2.7 -3 ▼ 0.4 ▲ 2.6 45.8 41 676 6 41.0 20.2 +2 ▲ ▲ 1 0.365.3 ▲ 0.9 2.6 15.6% ▲ -24.7 100 0 100.0 1.2 +2 ▲ -1 1.035.370.9 2.9 ▲ 11.5 ▲ 5.2 ▼ 3 34.8 12.095.6 ▲ 6.1 -35.9 -5 6 -3 6 0.639.6 0.1 +1 ▲ 0.9 ▲ 25 37* 362.296.0 6.4 2.5 0.8 6 -21.1 6.0 -13.3 +3 ▲ 11 0.1 -53.374.7 1.8 18.3 0.1 18.0 2.220.0 100 0 100.6 4.6 23.810.7 4 3.2 ▲ 47.4 ▲ 6. 1 43.3 3 20 13.8 1.4 1.5 -5 ▼ 1.6 -2.9 0.3 9.779.8 8.9 13 -3 11 0.8 +5 ▲ 6 0.2 100 0 100.015.6 6.572.949.1 0.4 15.1 +1 1 0.1 10.5 4.com 12 .791.1 +1 1 0.4 11.7 -69.4% ▲ 62.8 4.7 96 414 5 96.2 ▲ 2.4 +2 3 ▲ 17 2.

7 3 1.958.294.5 2.2 9. Rank Rank 12.2 ▲ 2 4 7.1 2.2 +1 ▼ 13 2.2 ▲ 3.289.com 13 .272 +148 13.2 7.4 2.3% ▲ Jan 1 2010 – Sep 30 2010 Rank Value per Advisor (US$m) Rank Value Market Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.5 0.080.8 6.0 7.730.5 -4 ▼ 0.2 3.2 26.8 0.2 4.3% ▼ Any Nordic Involvement Completed (AF44) Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch.704.5 -2.7 ▲ 23 19 1.882.5 ▲ 2.8 0.2 13.2 -22.9 ▲ 28.2 +1 ▲ ▼ 2 0.6 1.7 7.9 3.0 0.2 +3 1.2 +1 ▲ ▲ 4 0.7 ▲ 17 40 1.0 11.0 ▼ 24 21 -1.9 5.6 ▼ 3.5 ▲ 5.5 8.9 0.2 6 12.4 0 ▲ 0.1 11 10 -1.7 12.3 13.4 23.2 0.5 ▲ 1.7 1.6 1.8 3.6 7.9 1.2 ▲ 57.9 -47.6 100.1 1.7 -23.410.8 16 43 915.4 4.8 0.0 +4 ▲ 1.1 0.5 1.2 -5 4 ▼ 0.4 2.027.588.3 0 10 0.364.0% ▼ -36.1 0.9 7 8 12.6 ▲ 12 15 3.8 3.9 2.5 8 -6 ▼ 8 ▲ 0.8 -10.174.4 -14.7 3.3 ▲ -112 593 Any Italian Involvement Completed (AF43) Financial Advisor Mediobanca Morgan Stanley Intesa SanPaolo Deutsche Bank AG Goldman Sachs & Co Rothschild Credit Suisse BNP Paribas SA Lazard Barclays Capital Duff and Phelps KPMG Deloitte & Touche Nomura Gruppo Banca Leonardo Credit Agricole CIB UniCredit Group Piper Jaffray Cos Ernst & Young LLP Greenhill & Co.1 ▼ 8.7 06 0.079.3 20.1 +2 ▲ 2 1.643.6 -0.5 +3 5 0.5 16 69* 1. 54.4 0 14 14 2.620.3 -7 12 0.7 11.5 3.2 1.3 19 059 7 19.6 +3 ▲ 0.1 +1 ▲ 7 ▲ 0.6 1.4 5.616.234.1 6.1 ▼ 1.4 18 27 2.7 ▲ 23 1 547.5 1.0 ▲ 24 1.0 0.0 1.1 3.4 7.0 5.3 ▼ 1.2 ▼ 0.1 ▲ 17.4 ▲ 3 7.0 4.4 100.2% ▲ -22.676.2 4.0 7.9 0.8 4.9 +6 ▲ 1.0 -28.7 -10 17 ▼ ▼ -1 6 1.3 7.9 4.9 11.8 11 16.5 ▲ 733.6 0.7 100.0 ▼ 8 1.3 ▼ 10 1.0 +3 6 18 3.5 29.8 +3 ▲ 5 10 1.7 0.0 .7 0.6 ▲ 0.4 -19.4 ▲ 2.6 +3 3 0.0 10.7 1.3 136.8 ▼ 3.2 911.3 ▲ 12 2 1.3 0.1 0.2 2.7 11 23 2.8 0.2 ▼ -1 24 13 ▲ 2.3 0.0 500.4 ▼ 12.8 0.4 ▼ 0.8 1.1 ▲ 1.2 -1 ▼ 1 0.4 1.4 20.2 +3 4 ▲ 11 0.9 ▲ 2 9.4 9.508.0 ▲ 31.6 0.3% ▼ # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 5.7 1.5 -2.7 2.4 751.2 -1 -4 ▼ 2 0.915.4 1.5 4.2 +11 5 0.7 148.2 2.9 ▲ 9 3 2.1 -23.3% ▼ 41.4 -19.0 1.1 18 -28.338.2 0.3 +2 ▲ ▲ 2 0.2 ▲ 2.003.3 0.4 32.2 +4 ▲ 7 12 -1 2.7 12.3 8.3 ▲ 32.2 -1 ▼ 3 0.9 ▼ 505.6 0.6 437.7 0.0 2.7 3.6% ▲ -52.5 2.2 +1 -138 459 138 Rank Value per Advisor (US$m) Market Rank Value Market 2010 2009 US$m Sh (%) Share Ch.2 1.7 2.6 ▼ 5 0.3 0.8 +6 14 0.8 22.7 +4 ▲ 4 0 0.7 -28.550.4 ▼ -9 0.7 -3 ▼ 4 0.4 2.2 0.9 13.1 ▲ 8 35 18 2.6 ▼ 28.8 148.0 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 8 ▲ 0.6 2.6 -3.8 4.1 0.2 +1 ▲ 5 1.059.3 26 2.6 -4.1 1.2 +2 16 1.0 Jan 1 2010 – Sep 30 2010 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals -9 6 0.0 1.2 -1 ▼ 1 9 2.1 0.5 +3 ▲ -6 ▼ 11 2.5 +4 5 0.6 5.338.109.3 ▼ -8 7 0.8 2.0 5 6.8 0.9 2.2 ▲ 4 14 6.6 0.648.4 +6 ▲ 6 2 ▲ 0.4 911.4 2.0 0.7 100 0 100.5 ▲ 2.2 1.2 ▲ 16 1 6.6 1.1 +1 ▲ 1 0.0 ▲ 13 14 11 1.3 7 1.5 1.3 25.9 +9 ▲ 9 0.2 +1 ▲ 1 ▲ 0.7 ▼ 588. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17* 17* 19 20 21 22* 22* 24 25* 25* 1 2 10 4 5 9 7 6 12 16 14 8 3 25 21 48* 23 15 19 30* 24 - Industry % Change from Same Period Last Year Industry % Change from Last Quarter 6.1 4.1 ▲ 0.1 6.6 -38.480.9 4.2 10.3 +1 -1 0.0 327.5 8.212.9 +4 11 ▲ -7 18 3.129.2 ▲ 11.538.6 4.0 186.3 +4 ▲ 11 ▲ 0.453.9 +2 ▲ 4 1 0.7 8.819.6 1.9 2.2 1.5 ▼ 0. 1 2 3 4 5 6 7 8 9 10* 10* 12 13 14 15* 15* 17 18 19 20 21 22* 22* 24* 24* 1 6 4 8 7 21 5 13 2 20 22 25 17 14 16 45* 30 - Industry % Change from Same Period Last Year Industry % Change from Last Quarter 7.148.2 22.7 -21.5 16.557.8 ▼ 8.4 23.7 781.9 3.7 +3 4 ▲ 2 0.7 -0.5 -0.5 ▲ 7.0 3.0 4.6 ▲ 51.1 ▲ 0.1% ▲ -9.1 53 20.8% ▼ https://www.4 -19.4 -0.5 .8 8.4 38 25 1.0 2.3 19.7 +1 2 0.6 ▲ 3.2 ▼ 25 29 1.1 ▲ 6.3 3. 10.0 0.7 3.778.321.3 36.9 3.5 ▲ . LLC PricewaterhouseCoopers Itau Unibanco Banco BTG Pactual SA Bain & Co Roland Berger & Partner GmbH Industry Total Jan 1 2010 – Sep 30 2010 Rank Value per Advisor (US$m) Market Rank Value Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.7% ▲ Any Nordic Involvement Announced (AD37) Financial Advisor Citi Morgan Stanley UBS Deutsche Bank AG JP Morgan Goldman Sachs & Co SEB Enskilda Carnegie Rothschild BNP Paribas SA Lazard Jefferies & Co Inc Credit Suisse DnB NOR BANK ASA KPMG Danske Markets First Securities ASA Bank of America Merrill Lynch FIH Partners AS Pareto Securities Nomura HSBC Holdings PLC Nordea ABG Sundal Collier Barclays Capital Industry Total Jan 1 2010 – Sep 30 2010 -15.6 7.2 3 -1 ▼ 12 ▲ 0.6 33.1% ▼ -9.4 ▼ 2 0.5% ▼ -33.984.6 2.1 0.7 7.2 3 ▼ 0.7 3.7 4.4 6.0 -1 ▼ 1 0.8 2.999.1 7.7 1.0 0.7 +6 ▲ 0.179.9 2.919.019.2 2.6 19 738.3 ▲ 13 13 14 2.7 +2 ▲ 2 0.0 1.7% ▼ # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 36 6.0 +5 17 15 ▲ 0.4 148.3 +1 ▲ ▲ 1.7 ▲ 30 4.284.3 -28.5 ▲ 8.3 1.2 ▲ 22.6 ▼ 0.7 1.3 -30.0 ▼ 2.0 ▲ 8 11.9 3.0 0.0 6.0 6.4 ▲ 0.1 0.4% ▼ Industry % Change from Same Period Last Year Industry % Change from Last Quarter * tie 17.4 17.843.2 ▲ 9.360.4 5.9 1 16 9 8.9 12.3 0.3 1.7 +3 0.8 3.532.6 ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▲ ▲ ▼ ▼ ▲ ▲ ▲ ▲ ▲ ▼ ▼ ▲ ▲ ▲ ▲ ▼ ▲ -46.5 ▲ 30 5* -25.2 30.1 9.1 +2 6 0.674 +268 Financial Advisor JP Morgan Morgan Stanley Rothschild UBS Credit Suisse Carnegie SEB Enskilda Lazard Citi KPMG Danske Markets Bank of America Merrill Lynch Scotiabank-Bank of Nova Scotia Deutsche Bank AG DC Advisory Partners First Securities ASA HDR Partners DnB NOR BANK ASA FIH Partners AS PricewaterhouseCoopers Nordea Hawkpoint Partners Goldman Sachs & Co Catella AB ABG Sundal Collier Industry Total 19. 1 11.2 +2 ▲ -1 5 0.425.9 15.3 ▼ 2 10 ▼ 1.6 ▲ 1.4 ▼ 19.1 1.2 ▼ .4 ▲ 1.7 2.2 0.2 ▼ 9 2 4.261.9 ▲ 4 10 15 5 5.119.7 ▼ ▼ ▼ ▼ ▼ ▲ ▼ ▼ ▼ ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▼ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ -50.8 1.0 ▲ 7 9 4.307.0 -22.1 +9 8 0.7 0.9 2.6 ▼ 20 32 666.0 ▲ 18.9 3.3 +1 ▲ 2 0 3 +2 0.556.First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors EMEA Rankings Any Italian Involvement Announced (AD36) Financial Advisor Mediobanca Morgan Stanley Deutsche Bank AG Intesa SanPaolo Credit Suisse Citi Lazard Goldman Sachs & Co BNP Paribas SA UniCredit Group Rothschild Santander JP Morgan Nomura Deloitte & Touche Banco Espirito Santo SA Gruppo Banca Leonardo Credit Agricole CIB UBS KPMG Piper Jaffray Cos Sonenshine Pastor & Co LLC Borghesi Colombo & Associati Vitale & Associati SpA Itau Unibanco Banco BTG Pactual SA Industry Total Rank Value per Advisor (US$m) Market Rank Value Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.6 1.6 15 69* 3.2 0.0 4.2 +1 ▲ 4 0.7 911.0 0.0 3 1.9 ▼ 3.2 0.8 ▼ .5 5.3 ▲ 37.431.9 -33.9 1.5 ▼ 3.4 3.551.6 +1 ▲ 16 1.0 500.7 22 1.6 2.0 7.3 37 20 21 1.4 -4 ▼ 0 4 0.0 6.4 148 4 148.6 0.1 ▼ 2.4 6.5 ▲ 32.0 0.2 26.8 5.2 ▼ 6.9% ▼ 3.0 ▲ 756.4 0 27 1.642.300.1 -5 ▼ 1 7 0.7 6.1 1.2 +1 1 0.4 ▲ 1.6 8 22 4.4 ▲ 17 768.7 771.8 2.136.0 ▲ 3.0 11.8 2.8 ▲ 14.4 ▲ 10 17* 3.7 0.1% ▲ -66.5 0.404.0 250.3 11.2 +1 1 ▲ 0.1 19 25 1.9 0.3 3.4 0.689.7 38.1 +3 ▲ 5 0.2 4.8 1.8 2.712.7 1.thomsonone.3 0.3 ▼ -2 6 17 ▲ 3.7 ▲ 21 12 -6.5 0.7 ▲ 6.4 1.6 06 0.509.2 2.9 7.5 +6 ▲ 1.8 1.8 22 54 588.335.5 30.1 2.2 5.6 0.1 .2 +1 ▲ 1 ▲ 1 0.6% ▲ -15.6 14.4 0.1 4.3 +4 ▲ 9 0.7 2.0 403 1 403.0 -1.2 2.1 3.3 1.0 250.8 +1 10 ▲ 7 -7 0.4 -3.3 -0.9 +3 ▲ 28 2.8 ▲ 21.8 +7 3.809.1 0.3 6.1 3.7 3 12.1 1.1 -18.5% ▼ -23.1 3.388.0 100.652.2 1.1 1.844.7 -6 1 0.7 0.8 -4 1.868.7 5.8 ▲ 42.0 1.1 2.173.7 911.6 ▲ 7.4 +2 2 ▲ 2 0.0 410.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter 55.6 -5.5 30.1 100 0 100.2% ▼ -47.0 1.9 33.7 ▲ 2.848.3 3.5 ▲ -34.404.4 +2 ▲ ▲ 1 0.4 14.0 8.9 0 0.051.6 +13 ▲ 18 ▲ 1.092.0 0.7 0.9 +6 3 0.1 ▲ 7.7 1.6 0.2 1.7 ▲ 2.8 6.0 252.4 136.3 ▼ 6 10.5 8.4 0 ▲ 3 0.876.4 2.5 1.3 2.2 3.6 0.167.2 13.609.8 4.2 1.4 0 0.9 2.2 ▼ -1 0.6 7.1 4.0 1.2 +2 ▲ 0.3 1.0 .5 ▼ 15 2.4% ▼ Imputed Fees (US$m) Market Advisor Market Fees Sh (%) Share Ch.7 2.0 +5 16 0.1 +9 ▲ 13 ▲ 2.0 7.6 -11.7 1.5 -26.4 0.8 0.1 0.8 0.1 2.3 -5.8 3.

800.935.7 ▼ 1.5 -0.3 -1 ▼ 4.3 0.3 4.925.0 5.8 3.9 +11 15 1.162.3 17.4 +2 ▲ 23 2. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 6 4 13 14 5 16 1 2 11 18 9 19 8 32 3 10 46 61 20 66* - Industry % Change from Same Period Last Year Industry % Change from Last Quarter 21.325.653.8 8.2% ▼ Jan 1 2010 – Sep 30 2010 Rank Value per Advisor (US$m) Rank Value Market Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.1 ▼ 14.1 4.8 -11.7 17.6 2.7 2.9 -8 ▼ 0.5 0.728.919.1 +19 ▲ 12 1.4 +3 ▲ 4 1 0.4 5.200.2 4.9 2.4 62.7 2.653.0 4.5 2.2 ▼ 27.7 6.3 0.7 1.4 5.5 -4.6 100 0 100.5 +5 1 0.6 ▼ ▲ ▲ ▲ ▲ ▲ ▼ ▼ ▲ ▼ ▲ ▼ ▲ ▼ ▼ ▲ ▲ ▲ ▲ ▼ ▼ ▼ ▲ ▲ ▲ -10.914.149.9 -30.4 4.8 +3 ▲ 4 ▲ 0.965.6 4.9% ▼ -31.4 -4.2 3.8 2.0 11.5% ▲ -2.8 -14.8 18.6 2.159.8 2.5 -7. Solomon Co Ltd KPMG Moelis & Co RBS Houlihan Lokey TD Securities Inc Rabobank NV Gruppo Banca Leonardo Centerview Partners LLC Industry Total Jan 1 2010 – Sep 30 2010 Rank Value per Advisor (US$m) Rank Value Market Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.5 2.306.7% ▼ Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch.7 ▼ 66.5 ▼ 12.4 +3 4 ▲ 0.3 9.4 1. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 3 5 9 14 16 38 6 10 13 2 21 8 11 41 29* 31 12 1 4 63* 70* 70* Industry % Change from Same Period Last Year Industry % Change from Last Quarter 23.4 -23 ▼ 0.1 1.4 35.4 +4 ▲ 4 ▲ 15 1.688.6 15.0 11.221.4 ▲ 75.1 4.0 -5 ▼ 0.0 2.8 1.3 +3 10 1.2 0.7 5.1 -24.994.3 5.2 13.5 +1 ▲ 5 ▲ 0.9 +1 17 1.3 14.4 1.7 9.1 +1 ▲ 3 0.0 10.2 14.7 +2 ▲ 10 ▲ 0.8 2.7 -11.733.7 5.6 1.thomsonone.1 ▲ 2.6 +4 1.3 5.5 ▲ 16.0 0.2 -16.603.8 +2 ▲ 18 1.6 100 0 100.195.1 -11.9 19.0 5.3 7.1 7.8 -9 ▼ 15 1.3 5.590.2% ▲ Any Benelux Involvement Completed (AF47) # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 19 1.2 0.6 2.9 1.490.4 11.5 ▲ 5.5 11.7 9.3 ▲ 6.5 +8 ▲ 21 ▲ 1.0 -11.4 0.9 3.325.6 ▲ ▼ ▲ ▲ ▼ ▲ ▼ ▼ ▼ ▲ ▲ ▼ ▲ ▼ ▲ ▲ ▲ ▼ ▲ ▼ ▲ ▲ ▼ ▲ ▲ -15.1 -2 ▼ 1 0.6 18.814.9 +1 2.8 5.3 -8.1 1.7 2.7 -11 ▼ 4 0.0 76 914 5 76.3% ▼ -12.9 1.2 10.0 1.891.485.0 -8.1 20.7 12.2 +2 ▲ 42 3.9 31.1 +1 ▲ 6 0.9 15.426.1 -10 ▼ 1.3 -2 ▼ 2 0.5 -20 ▼ 2 0.5 +3 17 ▲ 1.1 +1 ▲ 8 0.0 -3.5 1.4 4.8 9.3 6.9 ▲ 1 149 6 1.455.2 63 814 7 63.332.4 +6 ▲ 40 4 0.2 2.251.8 22.4 -2 ▼ 7 -1 0.6 11.391.6 +5 ▲ 9 1.7 ▲ 4.5 2.7 7.9 2.7% ▼ # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 8 ▲ 0.5 27.3 7.1 ▲ 4.0 0.396.5 9.5 1.4 +4 8 0.0 6.1 -46.4 ▲ 23.8 23.7 0. 43.9 3.0 15.6 4.8 3.1 19.960.9 11.072.8 2.0 1.899.2 8.910.2 3.2 2.2 ▲ 29.3 17.0 1.3 +2 14 1.6 +7 ▲ 1 0.com 14 .9 5.1 6.946.885.795.5 1.3 +12 ▲ 21 15 ▲ 1.2 1.2 0.5 2.2 12.9 19.7 9. Solomon Co Ltd ING Lazard BNP Paribas SA Gruppo Banca Leonardo Kempen and Co NV Clairfield Partners Industry Total 0.9 +11 8 0.4 5.1 0.2 +2 ▲ 16 1.6 1.8 1.5 1.4 4.First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors EMEA Rankings Any Benelux Involvement Announced (AD40) Financial Advisor JP Morgan Citi Credit Suisse Morgan Stanley Deutsche Bank AG UBS Rothschild Goldman Sachs & Co Barclays Capital BNP Paribas SA Allen & Co Inc Bank of America Merrill Lynch RBC Capital Markets Lazard Banco BTG Pactual SA Jefferies & Co Inc Peter J.5 17.5 0.5 1.6 50.4 -3 ▼ ▼ 1 0.8 ▼ ▲ 3 0.8 3.0 ▲ 69.221.6 ▼ 0.5 -3.2% ▼ * tie Top 10 European Involvement Announced M&A Advisors by Target Industry (AD21) Jan 1 2010 – Sep 30 2010 100% 90% 80% % Volume Composition 70% 60% 50% 40% 30% 20% 10% 0% JP Morgan Goldman Sachs & Co Telecommunications Retail Real Estate Morgan Stanley Media and Entertainment Bank of America Merrill Lynch Materials Industrials Deutsche Bank AG High Technology Healthcare BNP Paribas SA Credit Suisse Government and Agencies Financials Rothschild Energy and Power Consumer Staples Barclays Capital Societe Generale Consumer Products and Services https://www.9 +7 ▲ ▲ 12 1.6 ▲ 51.075.6 9.5 1.2 1.4 6.5 -18.1 1.7 2.3 -37.9 4.877.1 17.5 20.1 +5 ▲ 910 -214 214 -2.5 3.8 4.7 7.1 +1 ▲ 1 111 1.6 ▲ 41.298.6 8.2 ▼ 4.508.5 8.7 2.8 16.1 5.6 13.0 4.1 -9 ▼ 12 9 0.3 8.4 2.1 ▼ 0.6 +3 3 0.111 -295 295 Financial Advisor Citi Morgan Stanley Deutsche Bank AG Rothschild Credit Suisse Barclays Capital UBS Goldman Sachs & Co Allen & Co Inc RBS UniCredit Group JP Morgan Nomura KPMG Bank of America Merrill Lynch Ernst & Young LLP RBC Capital Markets Rabobank NV Peter J.0 30.5 28.4 0.6 52.1 8.7 ▼ 1.650.4 9.0% ▼ 37.5 3.6 6.946.1 2.747.4 0.5 1.5 9.0 3.6 100 0 100.5 7.2 2.0 1.1 ▼ 6.9 1.2 2.6 +4 15 ▲ 17 ▲ 1.9 4.041.5 7.3 3.6 3.0 35.159.3 21.1 ▼ 1 -2 10 1.0 -3.7 ▲ 6.1 -2 16 1.7 36.733.6 7.0% ▲ -29.695.7 7.0 5.699.2 1.1 2.

317.352.0 9.288.057.1 billion recorded in the same period in 2009.First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors Asia Pacific (ex-Japan) M&A Asian M&A Grows 50% I China Outbound Focuses on Energy & Power I Australian M&A Driven by BHP Offer for Potash Corp Asia Pacific (ex-Japan) Deals Intelligence Asia (ex-Japan) Involvement Announced M&A by Target Industry In the first nine months of 2010.2% off the record volume registered for the equivalent period of 2008.848.0 12.8 8.5 7. a 49.0 12.1 22. the Energy & Power industry accounted for US$65.5 4.804.810.2 14.(100%) Bridas Corp (50%) Peregrino Project.2 10.0 Target Macro / Mid Industry Telecommunications / Wireless Energy and Power / Power Energy and Power / Oil & Gas Financials / Banks Energy and Power / Oil & Gas Energy and Power / Oil & Gas Financials / Banks Healthcare / Pharmaceuticals Energy and Power / Oil & Gas Energy and Power / Oil & Gas https://www.3 14.7 billion and US$55.03%) Shenzhen Dvlp Bank Co Ltd (24.2 billion increasing by 10.0 4.2 21.0 4.138 14. a 17. The largest deal for the region thus far this year was Bharti Airtel’s acquisition of Zain Africa for US$10.4 14. Outbound activity reached US$35.312.070.9/30/2009 With 6 out of the top 10 deals.6 15.7 billion in deal activity with a 21.5 billion.8% increase from US$205.0 1.3 No.7 1 2 3 17. Telecommunications 1/1/2009 . This was the largest announced deal globally for the first three quarters of 2010.0 Jan 1 2010 – Sep 30 2010 Acquiror Bharti Airtel Ltd Investor Group Vedanta Resources PLC China Mobile Grp Guangdong Co Investor Group Sinopec Intl Ping An Ins(Grp)Co of China Abbott Laboratories CNOOC Ltd Sinochem Group Acquiror / Target Nation India / Nigeria Hong Kong / United Kingdom United Kingdom / India China / China India / Venezuela China / Canada China / China United States / India China / Argentina China / Brazil Rank Value (US$m) 10. Deals 498 5.595.7 3.8 19.0 4.056. Real Estate M&A activity in Australia totaled US$127. respectively.9 3.3 billion.0 3.708.6% from the US$115 billion recorded last year.8 57.2 billion hostile offer for Potash Corp. Inbound activity totaled US$19. Share 1 2 3 30.0 7. 1/1/2010 .613.0 10.066 2.143.5 Top Ten Any Asia (ex-Japan) Involvement Announced Deals Rank Date 2/15/2010 7/30/2010 8/16/2010 3/5/2010 3/19/2010 4/12/2010 9/1/2010 5/21/2010 3/14/2010 5/21/2010 Date Effective 6/8/2010 Pending Pending Pending 5/12/2010 6/25/2010 Pending 9/8/2010 Pending Pending Target (% Sought/Acquired) Zain Africa BV (100%) EDF Energy-UK Power Distn Bus (100%) Cairn India Ltd (40%) Shanghai Pudong Dvlp Bk (20%) Republic of Venezuela-Carabobo (40%) Syncrude Canada Ltd (9.0 4.650.712.9/30/2010 Industrials China cross-border activity amounted to US$55.3% market share.8% rise from the US$47.8 billion.0 5.4 6.2%) Piramal Healthcare Ltd. Asian M&A reached US$308 billion.6 billion recorded in the same period last year and only 7.620.thomsonone.7 billion.0 1.7 billion. with US$13.8 7.8 8.Campos Basin (40%) Rank Mkt.698.3 billion being invested in the Energy & Power industry.5 1 2 3 13. Materials China Cross-Border Announced M&A $50 Financials 100% Outbound (US$b) Energy and Power Inbound (US$b) % of Cross Border is Outbound $40 $0 80% $10 $20 $30 $40 $50 $60 $70 60% Asia (ex-Japan) Involvement Announced Advisors by Target Industry Rank Val US$m Energy and Power Deutsche Bank AG JP Morgan RBS Financials China International Capital Co Goldman Sachs & Co Credit Suisse Materials UBS Goldman Sachs & Co Credit Suisse 3Q10 2Q10 1Q10 4Q09 3Q09 2Q09 1Q09 4Q08 3Q08 2Q08 1Q08 4Q07 3Q07 2Q07 1Q07 4Q06 3Q06 0% 2Q06 $0 1Q06 20% 4Q05 $10 3Q05 40% 2Q05 $20 % Outbound $30 1Q05 Rank Value (US$b) Rank Value (US$b) 65.3 8.700.6 4.100.com 15 .3 55. Financials and Materials followed with US$57. mainly due to BHP Billiton’s US$43.9 5.728.830.

6 17.1 ▼ 18 6 5.2 -5 ▼ 0.0 100 0 100.6 ▲ 8.155.0 2.5 +3 ▲ 0.830.3 ▼ -6.8 7.com 16 .321.6 ▲ 1.8 ▲ 7.2 4.4 20.1 -1.0 8.915.9 17 19 1.0% ▲ # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▼ 39 0.0 3.5 -2.8 ▼ 94.0 -0.2 +3 3 0.2 0.5 7 43.9 24 14 475.9 6.3 0.5 ▼ 61.1 0.2% ▲ 66.7 0.8 ▲ 12 21 5.8 +30 ▲ 0.465.3 13.5 13.5 3.846.7 1.1 16 13 3.2 +2 ▲ 34 0.7 ▲ 9 21* 43.2 -2.0 10.3 ▼ 7.5 24 1.7 -14 ▼ 8 0.0 1.5 ▲ 8 44 9.7 2.386.3 0.853.7 ▲ 25 39 100.1 12.748.5 3.5 ▲ 4 43.2 5.0 -1.4 -3.8 3.8 22.6 +1 ▲ 7 0.763.9 9.1 32.6% ▲ -1.049.1 ▼ 519.0 -4.0 ▲ 44.8 11.1 20.8 ▼ 2.1 1.7 1. 167.991.8 8.8 1.8 2.6 12.3 5 25.1 5.7 0.1 13.5 ▼ 8 -6 0.8 2.3 2.7 8.2 0.5 +4 ▲ 30 0.965.3 4.308.376.2 2.2 ▲ 1.6% ▲ 127.3 20 594.9 -4 +2 1.1 1.5 6.900.3 +3 ▲ 19 0.2 +23 41 1.8 100 0 100.109.5 2.876.5 0.1 5.126.0 1.5 +20 ▲ 12 0.9 0.1 2.100.8 ▼ 24.6 0.9 2.1 0.6 0.6 18.3 +4 ▲ 17 0.2 34.8% ▲ 12.4 ▲ 7 6.4 10 -14.7 13 34.1 0.041.2 ▲ 2.2 +7 ▲ 0.668.6 +2 11 ▼ 0.714.6 3.5 0.180.5 ▲ 59 30.7 23 22.8 0.9 +8 8 ▼ 0.7 ▲ 2.0 23 63* 0.6 ▼ 19.731.851.1 15.3 5.2 2.591.7 -3 8 0.4 8.0 +6 ▲ 4 0.5 ▲ 1.700.9 16 6.5 2.2 +10 ▲ 26 0.7 28.4 17 5.484.7 2.5 6.4 +4 ▼ 0.124.8 4.9 -2 ▼ 35 0.8 1.3 5 -2 ▲ 2 0.4 ▼ -9 32 0.890.1 ▲ 22 540.3 ▼ 12 4.5 11 3.310.2 1.2 1.6 5.6 6.191 0.4 13 2.4 -2 ▼ 9 0.8 9.4 307 984 8 307.4 ▲ 48.7 ▲ 41.498.393.7 +46 1.8 1.831.4 9.8 -2 ▼ 10 3 0.1 5.4 -10 ▼ 16 0.2 8.5 34.0 ▲ 9 4.9 7.644.4 +5 ▲ 33 0.700.3 0.3 35.7 ▲ 22 2.2 +2 3 ▲ 1 0.5 ▼ 19 42.019 +558 Financial Advisor Morgan Stanley UBS Barclays Capital Deutsche Bank AG Standard Chartered PLC Yuanta-Corepacific Securities Bank of America Merrill Lynch China International Capital Co HSBC Holdings PLC BNP Paribas SA Credit Suisse Nomura Goldman Sachs & Co Global Investment House (KSCC) CIMB Group Sdn Bhd JP Morgan Citi RBS KPMG Deloitte & Touche Rothschild Somerley Ltd Macquarie Group Ernst & Young LLP CITIC Industry Total 8.thomsonone.2 +3 ▲ 13 0.1 ▲ 5.9 11.6 ▲ 18.3% ▲ * tie https://www.5 5.2 0.1 ▲ 0.7 7.0 1.0 ▲ 23.3 ▼ 87.3 9.2 4.7 15.9% ▲ -8.0 1.739.2 +4 ▲ 7 0.0 +1 ▲ 29 0.2 +7 ▲ 29 0.3 4.0 27.5 1.8 ▲ 0.1 +1 1 ▲ 0.6 -5.4 8.1 ▼ -15.6 6 9 16.5 3.1 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 34 2.5 3.7 2.2 ▲ 2.1 8.2 1.4 1.305.7 25 28 0.3 4.3 -7 ▼ 53 0.6 0.4 23.6 10.8 17.5 3.7 2.9 +28 ▲ 14 0.1 ▲ 0.4 6.8 +12 ▲ 1 0.393.6 41.8 2.3 ▼ 0.4 -2.9 -8 ▼ 30 2.8 0.6 5.9 1.0 ▲ 18 1.4 -5 ▼ 7 0.5 2.0 16.2 +2 ▲ 6 0 0.8 2.4 3.1 1.7 +4 ▲ ▲ 4 0.4 5.5 ▲ 0.4 1.1 0.188.8 1.5 7.5 +6 8 12 0.6 7.1 3 7.708.1 +1 1 3 ▲ 0.7 9.710 Financial Advisor UBS Macquarie Group Goldman Sachs & Co Bank of America Merrill Lynch Lazard Greenhill & Co.216.2 +2 ▲ 6 0 0.2 34.8 11.3 ▲ 47.9 4.0 ▼ 17. 70.7 1.4 7.1 1.3 +3 9 0.4 11 -32.2 ▲ 1.3 0.0 ▲ 1.9 ▲ 20.4 100 0 100.2 0.6 -2 ▼ 0.046.984.2 4.1 0.3 0.2 19.3% ▲ Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch.3 3.2 5 34.5 -11 ▼ 16 0. 1 4 15.2 0.9 16.0 0.5 0 ▲ 11 0.9 -0.8 4.7 47.2 3.4 26.4 +10 ▲ 37 0.4 -3 ▼ 20 0.543.2 21 2.6 +2 ▲ 0 1 0.7 1.1 ▲ 0.4 4.872.3 1.6 3.5 +2 ▲ 12 0.6 13 3.9 ▼ 4 15 5.586.6 1.125.931 +125 3.2 ▲ 1.114.0 42.7 43.3 +2 0 0.133.6 13.741.0 53.7 3.5 ▼ 1.9 72.3% ▲ 168.0 31.2 ▲ 7.0 59.2 -1.2 9.4 ▲ 5.0 5.1 1.390.6 1.8 10 8.1 +5 ▲ 13 0.5 1.0 ▲ 11 7.0 0.2 5.9 -22 ▼ 16 10 0.357.2 +4 ▲ 4 12 -1 ▼ 0.4 1.023.6 55.411.3 +3 ▲ 2 0.1 0.1 5.1 4.5 5.163.3 26.9 5.7 0.First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors Asia (ex-Japan) Rankings Any Asia (ex-Japan) Involvement Announced (AD25) Jan 1 2010 – Sep 30 2010 Financial Advisor Morgan Stanley UBS Deutsche Bank AG Standard Chartered PLC Barclays Capital JP Morgan BNP Paribas SA Bank of America Merrill Lynch Credit Suisse Goldman Sachs & Co China International Capital Co RBS HSBC Holdings PLC Rothschild CIMB Group Sdn Bhd Nomura Global Investment House (KSCC) Enam Securities Citi KPMG Jefferies & Co Inc RHB Somerley Ltd Deloitte & Touche Lazard Industry Total Rank Value per Advisor (US$m) Rank Value Market Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.3 6 -7.4 5.8 5.8 3.4 ▲ 0.3% ▲ -14.9 38.856.5 0.0 ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▼ ▲ ▲ ▲ ▲ ▲ ▼ ▲ ▲ ▼ ▲ ▲ ▲ ▲ ▲ - 49.5 ▲ 2.4 6.3 ▲ 19 693.2 ▲ 0.6 +10 22 ▲ 21 0.5 3.6 20.4 ▲ 1.1 ▲ 0.9 -45.6 100.3 -2 ▼ 5 0.337.9 10.4 1.6 6.1 0.8 15.1 100.120.8 +5 ▲ 11 0.1 28.5 ▲ 2.6 0. LLC Morgan Stanley Citi Credit Suisse Rothschild Deutsche Bank AG JP Morgan Singhi Advisors Ltd Barclays Capital Grant Samuel Gresham Partners Ernst & Young LLP Fort Street Advisers CIBC World Markets Inc RBS SFRI LLC Nomura Cameron Partners Ltd Azure Capital KPMG Industry Total 2.9 ▲ 6 43.0 8.4 +2 ▲ 17 0.2 ▲ 87. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 2 4 120 7 22 72 18 21 9 11 1 10 3 40 5 8 35 50 71 13 25 27 17 41 45.3 1.1 3.0 ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▼ ▼ ▲ ▲ ▼ ▼ ▲ ▲ ▲ ▼ ▲ ▲ ▼ ▲ 64.6 0.5 0.367.0 2.8 5 11.0 +16 ▲ 13 0.4% ▼ Any Australian Involvement Completed (AF31) Rank Value per Advisor (US$m) Rank Value Market Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.9 7.382.8 1.3 9.0 3.3 ▼ 6.0 0.0 0.4 4.909.4 +11 ▲ 22 0.8 20.526.8 +13 ▲ 18 0.3 0.5 37.184.6 -8 40 0.5 3.5 +4 ▲ 7 0.1 +6 ▲ 10 19 0.1 0.7 0.8% ▲ 15.2 +7 ▲ 7 019 7.555.2 1.1 1 ▲ 7 0.1 2.7 2.5 ▼ 19.191.5 0 6 0.9 -9.4 ▲ 32 21 565.5 +12 ▲ 37 23 0.1 2.5 ▼ 2 20.5 6.6 830.2 0.5 ▼ 21 -6 11 0.8 ▲ 0.047.512.0 5.7 1.3 +3 ▲ 25 0.1 15.2 37.4 ▼ 454.0 9.0 1.1 4.1 +2 ▲ 3 931 3.178.3 +4 ▲ 24 40 0.7 ▲ 76. 70.0 2.6 ▲ 10 7 29.2 10.6 14.0 10.3 -4 ▼ 39 1.4% ▲ Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch.8 27.0 14 10.4 20 63 2.1 ▼ 2 882 0 2.769.3 -4 ▼ 5 0.0 5.7 1.6 20.3 0.3 ▼ 2.9 0.123.881.454.481.7 +1 ▲ 0.8% ▲ Any Australian Involvement Announced (AD24) Financial Advisor Goldman Sachs & Co Bank of America Merrill Lynch JP Morgan Barclays Capital RBC Capital Markets RBS TD Securities Inc BNP Paribas SA Santander UBS Lazard Macquarie Group Greenhill & Co.5 ▲ 33.6 2.3 11.0 ▲ 1.9 ▲ 2 2 25.4 1.4 1.3 -1.6 +1 ▲ 13 0.785.3 15.3 22 0.313.1 31.7 -8 ▼ 12 ▼ 6 0.6 ▲ 1.8 -47.5 ▼ 19 9 3.7 8.2 7.6 1.1 ▲ 15 7 4.2% ▲ Industry % Change from Same Period Last Year Industry % Change from Last Quarter 38.227.6 3.4 0.3 ▼ 3 4.8 17.7 8.1 0.6 2.311.1 20.4 1.8 -5.8 0.2% ▲ 2.9 6.882.0 127.9 ▼ 12 5 5.946.426.0 ▲ 110.6 ▲ 3 8 48.3 0.5 4.7 0.7 +2 ▲ 0.0 12.0 ▲ 35.1% ▲ -23.1 +1 2 0.2 4.1 16 8.4% ▼ Jan 1 2010 – Sep 30 2010 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 1.2 3.208.1 ▲ 14 5.3 ▼ 0.4 27.5 -1.151.734.2 ▲ 2.7 -0.2 0.7 ▲ 13.3 +14 ▲ 0.658.6 ▲ 37.7 8.262.0 32.2 ▼ 1.1 ▼ 3.0 18 -1.6 0.5 8 0.1 0 ▲ 23 1.3 +12 ▲ 0. LLC Gresham Partners Deutsche Bank AG Morgan Stanley Citi Credit Suisse Rothschild Moelis & Co Singhi Advisors Ltd Blackstone Group LP Grant Samuel ANZ Banking Group Ernst & Young LLP Industry Total 0.1 +2 0.4 3 1 23.6 +4 ▲ 3 0.6 +9 ▲ 25 0.7 4.8 +5 21 23 1.5 34.8 +5 ▲ 6 0.974.0 75.2 0.3 0.4 3.5% ▼ Industry % Change from Same Period Last Year Industry % Change from Last Quarter Jan 1 2010 – Sep 30 2010 Rank Value per Advisor (US$m) Market Rank Value Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.7 ▲ 0.1 10.2 ▲ 8 21* 43.4 206 124 8 206.239.4 ▼ 0.3 36.0 0.7 0 ▲ 1 0.463.5 0.261.5 -49.1 4.269.3 1.2 3.4 27.5 Any Asia (ex-Japan) Involvement Completed (AF32) Jan 1 2010 – Sep 30 2010 Rank Value per Advisor (US$m) Rank Value Market Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.4 -3 14 0.3 1.9 34.3 ▼ 52.1% ▼ # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 48 ▲ 1.7 5.287.7 6.585.3 16.9 12 15.3 1.3 +4 ▲ +4 ▲ 10 0.800.0 +1 ▲ 1 14 0.7 6.9 13.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter 10.4 1.0 -8 ▼ ▲ 0.739.3 -3.395.1 9.9 14.6 26.8 1.8 4.8 1.5 1 1 -13.1 ▲ 5.0 981.5 3. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 1 6 8 20 29 13 15 14 2 3 9 46 12 33 50 4 95 5 35 90 126 26 73 24 Industry % Change from Same Period Last Year Industry % Change from Last Quarter 34.7 6.2 ▲ 2 55.5 ▼ 23 15 2.7 ▲ 4 12.9 -46.

2 13 8 6.3 ▲ 1.6 ▲ 26.5% ▼ -17.8 -2 ▼ 12 7.171.0 ▲ 2.1 -2 ▼ 10 8.6% ▲ -27.6 +1 ▲ 0.6 ▲ 3.2 290.4 ▲ .4 3.3 ▼ 8* 11 63.4 0.7 ▲ 10 0.2 0.7 8* 0.6 1 2 1.9 3. 677.2 ▲ 11.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter 19.3 0.0 -2.4 +1 ▲ 1 ▲ 0.4 ▲ 11 0.4 0.2 5.2 ▼ 15 5.1 0.6 +3 4 ▲ 3 1.1 0.6 +2 3 2.6 +1 ▲ ▲ 1 0.5 100.0 1.4 9* 2.7 1.2 1.0 -5.6 0.3 -0.6 +1 1.6% ▼ Jan 1 2010 – Sep 30 2010 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 3 2.4 +1 ▲ 1 -2 0.5% ▲ 1865.4 ▲ .998.3 -1.4 ▲ 2.First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors Asia (ex-Japan) Rankings Any New Zealand Involvement Announced (AD39) Financial Advisor Credit Suisse Perella Weinberg Partners LP HSBC Holdings PLC UBS First NZ Capital Goldman Sachs & Co Macquarie Group Ernst & Young LLP Azure Capital Rabobank NV Campbell MacPherson Ltd KPMG Deloitte & Touche Brewin Dolphin Jan 1 2010 – Sep 30 2010 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 1.1 5.6 7 63.4 16.5 100.0 1.3 0.6 ▼ .1 0.5 ▲ 134.6 +1 ▲ ▲ 0.6 ▲ 1.4 0.7 30.3 1.0 37.6 +1 1 9 5.4 7 -0.6 69.3 ▼ .8 +3 ▲ 2 1.4 ▲ .6 4 6 -9.0 4.4 0.3 ▲ 2 11* 16.3 2.7 38. 71.3 -1 ▼ ▲ 1 0.6 0.4 ▲ 3 4 -1.2 0.3 0.0 ▲ 9* 35.6 1.0 12 8 0.9 ▼ 123.9 2.6 +1 1 ▲ 0.1 0.4 2.5 0.1 -1.5% ▼ * tie Top 10 Asia (ex-Japan) Involvement Announced M&A Advisors by Target Industry (AD25) Jan 1 2010 – Sep 30 2010 100% 90% 80% % Volume Composition 70% 60% 50% 40% 30% 20% 10% 0% Morgan Stanley UBS Deutsche Bank AG Standard Chartered PLC Barclays Capital JP Morgan BNP Paribas SA Bank of America Merrill Lynch Credit Suisse Telecommunications Retail Real Estate Media and Entertainment Materials Industrials High Technology Healthcare Government and Agencies Financials Energy and Power Consumer Staples Consumer Products and Services Goldman Sachs & Co https://www.5 651.7 ▲ 6 10 134.998.1 +1 ▲ 2 1.6 2 ▲ 1.4 ▲ 5.9 4 5.8 +1 ▲ 1 0.4 0.776.4 12 4 17.3 +2 ▲ Rank Value per Advisor (US$m) Market Rank Value Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.3% ▼ Rank Value per Advisor (US$m) Rank Value Market Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.5 2.8 ▲ 9* 10 35.4 +2 0 2 1.8 0.8 +1 2 1.8 +1 1 1 0.643.9 5.2 ▲ 3.2 ▼ .5 1.7 63.com 17 .2 ▲ 58.8 ▼ 3 2.4 69.thomsonone.4 2.8 8 48.4 1 6.4 2.6 2.6 Industry % Change from Same Period Last Year Industry % Change from Last Quarter Any New Zealand Involvement Completed (AF46) 154 100.3 0.6 +2 ▲ 123 -10 -7.1 ▼ 0.3 +2 2 ▲ 1 0.2 ▲ 1 11* 38.5 13 5 17.8 +1 ▲ 8 6.2 ▲ 7.5 ▲ .1 ▲ 6 1.3 5.7 11.0 528.4 69.3 2 0 2.2 0.0 .0 2.1 4.1 0. 8.8 ▲ 3.2 1.9 .5 7.0 1.5 1.4 7.7 5 14* 230.4 ▲ 6 11* 95.0 1.2 71.7% ▼ -7.4 ▲ 35.3 6.4 ▲ 2* 5.1 ▲ Industry Total 8.9 ▼ 14 7 5.3 3 198.1 0.9 0 -1 ▼ 0.5 ▼ 14 5.7 ▼ 5 123.1 0.2 0.7 ▲ 58.4% ▼ Imputed Fees (US$m) Market Advisor Market Fees Sh (%) Share Ch.2 0.0% ▲ Financial Advisor UBS First NZ Capital Credit Suisse Goldman Sachs & Co Macquarie Group Ernst & Young LLP Azure Capital Adelaide Equity Partners Ltd Grant Thornton LLP RFC Corporate Finance Blair Franklin Capital Part PricewaterhouseCoopers KPMG Deloitte & Touche Brewin Dolphin Industry Total -11 -6.5 -6 ▼ 10 8.2% ▲ -64.6 2* 69.5 12.4 ▼ 1.1 ▼ 7.

9 7.730.0 3.9 16.000.5 7.6 1 2 3 62.7%. driven by notable transactions including the US$9.Top Advisors by Target Industry # of Deals Financials was the most active sector during the first nine months of 2010.2 1.000 $50 Announced inbound deals also increased by 204.9 2.9 7.7 19.7 74.956.426.413.7 816.6 28.5% to US$109 billion compared to the same period last year. Share 79. the lowest deal count since 2005 for the first nine months of the year.5 No.780.com 18 .024 deals.6 10.615.0 13.6 4.67%) Panasonic Elec Works Co Ltd (48.2 5.7 443.6 7.First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors Japan M&A Japan M&A Up 25% | Financials Leads Activity | Cross-border M&A Surges Japan Deals Intelligence Any Japanese Involvement Announced M&A Any Japanese Involvement M&A activity during the first nine months of 2010 increased by 24.990.5 29. Resona Holdings’ US$5 billion buyback transaction and Prudential Financial's US$4.6 11.9 4.500 $75 1.46%) Sanyo Electric Co Ltd (49.1 billion merger between Chuo Mitsui Trust Holdings and Sumitomo Trust & Banking.545.859. outbound activity increased by 100.7 Rank Value (US$b) Japanese Involvement Announced M&A .8 billion acquisition of AIG Star Life Insurance and AIG Edison Life Insurance. Deals 161 14 6 5 316 12 9 2 119 3 3 5 281 2 9 19 2002 2003 2004 2005 2006 2007 2008 2009 2010 Japanese Cross Border Volume $35 Outbound (US$b) Inbound (US$b) 200 # of Deals 180 $30 160 $25 140 120 $20 100 $15 # of Deals Rank Val US$m 25.132.000 $100 1.945. the number of deals decreased by 8.1 67.4 20.9 1 2 3 71.4 5.0 4.8%) AIG Star Life Insurance Co Ltd (100%) JNFL (66.6 1 2 3 17.518. to 2.029.thomsonone. the first nine months of 2010 marked the highest number of announced transactions in history with 367 deals.500 Q3 Volume (US$b) Q2 Volume (US$b) $175 3.800.040.0 1.2% during the first nine months of 2010 compared to the same period last year.7 10.560. with China ranking in second place. In terms of number of deals. 500 $25 $0 0 2001 Financials Nomura JP Morgan Daiwa Securities Group Inc High Technology Nomura Daiwa Securities Group Inc ABeam M&A Consulting Ltd Real Estate Mitsubishi UFJ Morgan Stanley JP Morgan Sumitomo Mitsui Finl Grp Inc Industrials Deutsche Bank AG Nomura Mizuho Financial Group Rank 1 2 3 Mkt.002.2 10.2%) Liberty Global-Subsidiaries(3) (100%) OSI Pharmaceuticals Inc (100%) Dimension Data Holdings PLC (100%) 3Q10 2Q10 1Q10 4Q09 3Q09 2Q09 1Q09 4Q08 3Q08 2Q08 1Q08 4Q07 3Q07 2Q07 1Q07 4Q06 3Q06 2Q06 1Q06 4Q05 3Q05 2Q05 1Q05 4Q04 3Q04 2Q04 1Q04 0 Jan 1 2010 – Sep 30 2010 Acquiror / Target Nation Japan / Japan Japan / Japan Japan / Japan Japan / Japan United States / Japan Japan / Japan Japan / Japan Japan / United States United States / United States Japan / South Africa Acquiror Chuo Mitsui Trust Holdings Inc ETIC Resona Holdings Inc Panasonic Corp Prudential Financial Inc Investor Group Panasonic Corp KDDI Corp Ruby Acquisition Inc Nippon Telegraph & Telephone Rank Value (US$m) 9.3% with a total value of US$31.618. The US remains the most targeted nation based on number of deals by Japanese companies. 80 60 $10 40 $5 20 * tie $0 Top Ten Japanese Involvement Announced Deals Rank Date 8/24/2010 1/19/2010 8/26/2010 7/29/2010 9/30/2010 9/10/2010 7/29/2010 1/24/2010 3/1/2010 7/15/2010 Date Effective Pending Pending 8/31/2010 Pending Pending 9/29/2010 Pending 2/18/2010 6/8/2010 Pending Target (% Sought/Acquired) Sumitomo Trust & Bkg Co Ltd (100%) Japan Airlines Corp (100%) Resona Holdings Inc (31.3 Target Macro / Mid Industry Financials / Banks Industrials / Transportation & Infrastructure Financials / Banks High Technology / Electronics Financials / Insurance Energy and Power / Oil & Gas High Technology / Electronics Media and Entertainment / Cable Healthcare / Pharmaceuticals High Technology / IT Consulting & Services https://www. Q4 Volume (US$b) $200 3.5 billion. Rank Value (US$b) $150 2.837.1 4.148. In contrast.148.752.4 3.500 $125 2. the second highest volume recorded for the first nine months of the year since 2000.0 4.7 39.000 Q1 Volume (US$b) # of Deals Backed by the strong yen.859.8 4.

5 1.1 +2 2 3 0 2 +2 0.0 0.0 ▲ 13 10 5.2 -1.1 2.3 1.9 ▲ 0.3 +4 ▲ 2 0.3 +4 ▲ 1.807.800.6 3.2 ▼ 12.4 +43 12 0.8 .3 ▲ 0.6 1.4 .9 -10 ▼ 16 ▼ 1.6 18.6 4 7 28.0 26.837.7 -10 ▼ 12 ▲ 0.176.8 -2.8 24.5 4.2 0.6 0.5 38.0 ▲ 3 6 28.475.11.7 51 3.3 ▼ 16.9 ▼ 5.5 0.1 6.1 +1 ▲ 1.617 -395 -19.3 0.1 12.9 +2 -6 ▼ 11 0.2 ▲ 22 1.234.0 -0.6% ▲ -20.719.1 9.2 21 30 1.8 31.8 ▲ 47.2 4.thomsonone.3 46.554.8 7.6 ▲ 124.1 -3 ▼ 5 0.6 19.9 ▲ 7.7 ▲ -3.7 14 1.9 3.6 15.0 1.com 19 .877.264.793.4 1.0 42.5 +6 ▲ 24 3 0.8 ▲ 71.6 0.735.1 2.4 50.0 0.3 5.3 1.3% ▼ Industry % Change from Same Period Last Year Industry % Change from Last Quarter # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 87 5.5 +30 ▲ 26 1.0 4.681.7 .7 5.0 107.3 1. LLC Sangyo Sosei Advisory Inc ING Societe Generale Barclays Capital PricewaterhouseCoopers GCA Savvian Group Corp BNP Paribas SA Industry Total -8.0 ▲ 23 1.8 -11 ▲ 14 0. 1 1 50.2 +2 ▲ ▼ 19 0.2 50.0 ▲ 12 17.362.6 ▼ 24 16 1.1 5.8 0 13 ▲ 10 0.6 +3 ▲ 0.559.0 2.5 9.7 18.977.2 +1 ▲ ▲ 0.8 ▲ 24.417.339.8 5.6 +13 4 0.7 -1.0 2.0 +1 15 ▼ 0.9 0.484.1 14.3 ▼ 3.2 21 104* 1.102.9 ▲ 20 27* 1 278 3 1.9 10 11 8.6 ▲ 11 16.6 3.197.3 5.8 ▲ 6 8 12.2 +5 ▲ 2.4 45.1 17 31 1.1 ▲ 22 23 5 1.066.6 ▼ 25 25* 1.6% ▼ Jan 1 2010 – Sep 30 2010 Rank Value per Advisor (US$m) Rank Value Market Market 2010 2009 US$m Sh (%) Share Ch.0 91.313.6 ▼ 8 5.2 ▲ 7 14 23.8 2.0 ▲ 12 15 6.3 ▲ 11 22 6.4 0.6 +1 5 0.2 ▲ 2 0.3 12 1.7 ▲ 1.3 ▲ 2 10 31.2 -4 ▼ 1 0.4 0.5 ▲ 16.631.7 0.0 +1 ▲ 5 0.6 +2 69 ▲ 3.0 13.1 16.3 5 6 23.2 0.8 14 4.2 22.1 +2 ▲ 68 3.5 ▲ 18 76 2.6% ▼ Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch.3 ▲ ▲ 33 1.3 0.023.000.391.4 -48 ▼ 5 0.4 02 ▲ 0.841.8 ▲ 3.7 ▼ 35.6 0.4 ▲ 12 32 15 5.9 1.4 2.1 -0.5 -8.4 17.6% ▼ -11.0 2.2 ▼ 1.7 ▼ 86.316.451.2 13.8 3.9 0.5 17 14.8 100.187.0 ▲ 4 25.7 0.9 11 24 7.2 02 ▲ 0.035.9 9 8.6 ▼ 18.2 0.1% ▲ Industry % Change from Same Period Last Year Industry % Change from Last Quarter Any Japanese Involvement Completed (AF23) # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▼ 85 4.1 -29 ▼ 15 0.7 1.8 7.1 +1 ▲ 5 0.537.7 ▲ 0.174.8 ▼ 24 17 839.4 ▲ 39* 1.9 +8 ▲ 42 2.6 ▲ 2.0 ▲ 8 20.743.7% ▼ -0.4% ▲ -49.3 7 5 10.4 3.2 +4 ▲ 1 ▲ 0.6 -2 ▼ 17 1.2 100.2 ▼ -4 6 0.2 ▼ 37.7 3.278.3 9 29 9.3 0.1 0.7 -10 ▼ 1.8 1.8 -1.3 -5 15 0.2 10 12.3 3 4 9 17.5 57 3.9 2.6 06 0.13.8 ▼ 15 16 19 4.5 1.290.5 3.9 -20 6 0 3 +4 0.7 1.1 -9 ▼ 24 1.3 4 5 16.6 05 ▲ 0.8 ▼ 7.2 0.2 ▲ 13 4.3 +8 ▲ 21 34 2.4 +18 ▲ ▼ 78 4.3 1.3 18.4 21.0 3 4.6 ▲ 2.3 +4 ▲ 14 0.4 1.4 0.7 -6 5 0.5% ▲ 205.9 20.4 4.5 20 25* 1 475 7 1.First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors Japan Rankings Any Japanese Involvement Announced (AD19) Financial Advisor Nomura JP Morgan Daiwa Securities Group Inc Bank of America Merrill Lynch Mitsubishi UFJ Morgan Stanley UBS Citi Goldman Sachs & Co Sumitomo Mitsui Finl Grp Inc Deutsche Bank AG KPMG ABeam M&A Consulting Ltd Barclays Capital Perella Weinberg Partners LP Mizuho Financial Group Lazard Centerview Partners LLC Rothschild GCA Savvian Group Corp BNP Paribas SA Deloitte & Touche Lexicon Partners Grisons Peak LLP PricewaterhouseCoopers RBC Capital Markets Industry Total Jan 1 2010 – Sep 30 2010 Rank Value per Advisor (US$m) Market Rank Value Market 2010 2009 Rank Rank US$m Sh (%) Share Ch.7 ▲ 25 771.9 ▼ 8 2 11.9 0.2 0.9 3. Rank Rank 1 1 41.183.9 ▲ 16.024 -192 Financial Advisor Nomura Mizuho Financial Group JP Morgan Bank of America Merrill Lynch Daiwa Securities Group Inc UBS Goldman Sachs & Co Citi Mitsubishi UFJ Financial Group Mitsubishi UFJ Morgan Stanley Sumitomo Mitsui Finl Grp Inc KPMG Deutsche Bank AG Lazard Credit Suisse Centerview Partners LLC Deloitte & Touche Greenhill & Co.806.3 ▲ 26.1 +7 ▲ 1.9 0.4 0.0 24.2 ▼ 5.6 4.4 2.6% ▼ * tie Top 10 Any Japanese Involvement Announced M&A Advisors by Target Industry (AD19) Jan 1 2010 – Sep 30 2010 100% 90% 80% % Volume Composition 70% 60% 50% 40% 30% 20% 10% 0% Nomura Telecommunications JP Morgan Retail Real Estate Daiwa Securities Group Inc Media and Entertainment Bank of America Merrill Lynch Materials Industrials Mitsubishi UFJ Morgan Stanley High Technology UBS Healthcare Government and Agencies Citi Financials Goldman Sachs & Co Energy and Power Sumitomo Mitsui Finl Grp Inc Consumer Staples Deutsche Bank AG Consumer Products and Services https://www.6 109.0 100.3 0.9 8.2 ▼ 11.5 0.6 ▲ 2 3 33.0 -20.654.0 ▲ 17 3.5 ▲ 18 44 1.3 0.0 -19 5 0.8 4.0 4.4 ▲ 2.40.3 ▲ 76 7.9 38 6 ▼ 0.8 28.0 6.0 -2.2 -12 18 0.3 -7.7 0.2 1.6 +3 ▲ 23 1.5 1.3 ▲ 1.4 ▼ 47.4 ▲ 19 23 2.9 3.225.5 26.813.5 1. 2.2 -4 ▼ 9 0.0 1.2 1.375.077.610.3 -14.5 ▲ 19 1.401.8 1.085.3 ▼ 13 16 3.3 6.4 ▲ 14 4.5 63.1 ▲ 6.2 3.4 2.6 ▼ 15 5.088.837.309.465.6 ▲ 11.3 -3 ▼ 1 0.9 7.

7 3.5% ▼ Fairness Opinion Provider JP Morgan Houlihan Lokey UBS Goldman Sachs & Co Morgan Stanley RBC Capital Markets Tudor Pickering & Co LLC Deutsche Bank AG Credit Suisse Banco Bradesco SA Ladenburg Thalmann & Co Paradigm Capital Inc Stifel Financial Corp Berenson & Co LLP Wallbanck Brothers Sec (HK) GMP Capital Corp Western Reserve Partners LLC Jefferies & Co Inc # of Deals per Advisor # of Market Change in 2010 2009 Rank Rank Deals Sh (%) # of Deals 1 1 14 8.7 +3 ▲ 10* 35* 6 1.590.9 +3 ▲ ▲ 12* 3 1.9 +4 ▲ 9* 42* 4 2.5 10.5 +2 ▲ 5* 3 4 4.451.5 1.003.3 +2 ▲ Industry Total Industry % Change from Same Period Last Year Industry % Change from Last Quarter 89 41.4 +4 ▲ 4* 3 5 3.1 2.6 +8 2 42* 7 5.4 +4 ▲ 6 31* +2 7 17* 4 3.5 90.5 1.829.203.2 10.0 58.3 5.5 +1 ▲ 20* 15* 2 1.5 0 ‐ 5* 4* 4 4.3 -2 ▼ 12* 2 2.3 1.413.1% ▲ 163.8 0 ‐ 15* 2 1.8 229.0 426.148.9 0 ‐ 9* 2 4 2.003.025.1 38.0 1.0 2.0 19.5 0.9 1.6 +3 ▲ 11* 3 2.6 707.8 +2 ▲ 31* 2 15* 1.9 124.4 4.1 173.7 +3 ▲ 10* 35* 6 +4 10* 58* 6 1.1 24.4 14.4 1.9 0 12* 15* 3 ‐ Industry Total 100.3 0.0 2.0 8.5 19.3 37.5 +2 ▲ 20* 42* 2 1.852.6 707.2 486.3% ▲ 7.2 1.0 0.040.9 4.0 0.1 0.8 0.1 1.6 0 ‐ 8* 15* 31* ▲ 2 1.0 0.296.2 687.4 11.6 +4 ▲ 5 9* 6* 15* ▲ 5 3.1 161.4 +4 1* 1 13 11.7 541.7 13.6 380.280.1 3.8 4.9 -10 ▼ 16* 24* 3 2.1 2.2 +6 ▲ 3 24* 6 4.5 +3 ▲ Industry Total Industry % Change from Same Period Last Year Industry % Change from Last Quarter 345 -56 Rank Value (US$m) Rank Value Market US$m Sh (%) 38.1 236.6 ­14.9% ▲ ­8.7 -8 ▼ 4* 8 5 3.691.9 +3 ▲ 9* 24* 4 2.6 3.7 3.6 1.1 +4 ▲ 3* 9* 11 6.329.4 15.1 10.6 0 ‐ 8* 3 2.7 +20 ▲ 2 3* 20 5.7 -3 ▼ 4* 42* 5 3.9 23.6 984.5 +1 ▲ 20* 42* 2 1.0 0.7 335.2 21.5 5.7 1.360.8 1.3 37.6 +2 ▲ 8* 3 2.756.3 0 ‐ 12* 9* 2 2.4 18.First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors Fairness Opinion Rankings † Worldwide Announced Fairness Opinion Any Americas Announced Fairness Opinion Jan 1 2010 – Sep 30 2010 # of Deals per Advisor # of Market Change in 2010 2009 Deals Sh (%) # of Deals Rank Rank 1 8* 30 8.thomsonone.9 12* 44* 3 +2 ▲ 12* 15* 3 1.7 +3 ▲ 4 11* 10 8.1 21.0 6.5 0.1 114.0 ­35.7% ▲ 7.6 0.3 10.5 +4 ▲ 14* 58* 5 1.389.9 +2 ▲ 9* 10* 4 2.7 10.0 1.9 +3 ▲ 3 12* 1.4 -5 ▼ 12* 14* 2 2.0 0.1 0.6 99.1 +5 ▲ 14 3* 35* 14 4.852.296.9 16.2 3.1 0.7% ▲ Any Asia Pacific Announced Fairness Opinion Jan 1 2010 – Sep 30 2010 Based on Number of Transactions Fairness Opinion Provider UBS Lazard Deutsche Bank AG JP Morgan Mediobanca Houlihan Lokey Morgan Stanley Credit Suisse Berenson & Co LLP Collins Stewart Tullett KPMG Deloitte & Touche PricewaterhouseCoopers Santander Goldman Sachs & Co Societe Generale Any US Announced Fairness Opinion Jan 1 2010 – Sep 30 2010 Based on Number of Transactions Based on Number of Transactions Based on Number of Transactions Fairness Opinion Provider UBS JP Morgan Houlihan Lokey Lazard Deutsche Bank AG Morgan Stanley Goldman Sachs & Co China International Capital Co Everbright Securities Co PricewaterhouseCoopers China Merchants Bank RBC Capital Markets Credit Suisse Somerley Ltd GF Securities CITIC Tudor Pickering & Co LLC Qilu Securities Co Ltd Huatai United Securities Co Ladenburg Thalmann & Co Jan 1 2010 – Sep 30 2010 Fairness Opinion Provider Houlihan Lokey JP Morgan Goldman Sachs & Co UBS Morgan Stanley Tudor Pickering & Co LLC Ladenburg Thalmann & Co Deutsche Bank AG Paradigm Capital Inc Stifel Financial Corp RBC Capital Markets Berenson & Co LLP Western Reserve Partners LLC Jefferies & Co Inc Thomas Weisel Partners Lazard Kotak Mahindra Bank Ltd Piper Jaffray Cos Centerview Partners LLC Moelis & Co KeyBanc Capital Markets Inc Industry Total # of Deals per Advisor # of Market Change in 2010 2009 Rank Rank Deals Sh (%) # of Deals ▲ 1* 2 13 11.5 1.1% ▼ Rank Value (US$m) Rank Value Market US$m Sh (%) 1.169.6 1.1 1.0% ▼ ­17.8 +7 ▲ 5 ▲ 7* 8 7.7 9* 1 4 2.1 109.433.2 +3 ▲ 20* 2 1.9 -2 ▼ 1.184.372.3 8.4 +3 ▲ 9* 1 3 3.9 0.5 37.411.0 1.2 3.9 0.1 1.7 1.6 +3 ▲ 8* 8* 3 2.1 12.4 3.2 203.5 1.8 0.6 4.0 173.4 +3 ▲ 3 9* 3.197.2 0 ‐ 8 92* 9 2.451.9 -12 ▼ 9* 9 4 2.0 ­44.7 2.8 0.5 -1 ▼ 136 -64 Industry % Change from Same Period Last Year Industry % Change from Last Quarter ­32.5 0.1 +2 44* 5 6* 3.0 3.6 +3 ▲ 3 2.9 +3 12* 9* 3 1.5 ▲ 8* 31* 3 2.2 +1 ▲ 16* 42* 3 2.1 5.8 0 ‐ 15* 17* 2 1.161.5 2.7 6.9 7.6 0.7 -1 ▼ 4* 5* 5 3.170.2 100.6 +3 ▲ 8* 11* 3 2.8 3.6 +8 ▲ 9 92* 7 2.5 +4 ▲ 7 5* 11 3.632.6 6.519.2 322.5 0 ‐ 4 5* 14* 4.3 5.3 203.8 +1 15* 17* 2 1.1 1.5 +2 ▲ 1.2 0.5 +4 ▲ 92* 14* 5 1.0 +6 ▲ 1.com .187.5 +4 ▲ 8* 25* 4 2.1 259.161.7 +15 ▲ 22 2 20* 14.3% ▲ Rank Value (US$m) Rank Value Market US$m Sh (%) 4.3 0.0 0.3% ▲ # of Deals per Advisor # of Market Change in 2010 2009 Rank Rank Deals Sh (%) # of Deals 1 42* 9 ▲ 6.0 ­20.6 7.5 4.3 5.4 863.7 2.4 9.519.2% ▼ 0.0 6.7 +4 ▲ 4* 42* 5 +4 ▲ 3.9 9.9 0.0% ▲ +26 Rank Value (US$m) Rank Value Market US$m Sh (%) 21.101.5 3.2 3.292.4 6.8 +7 ▲ 3* 10* 4.6 5.1 4.317. 20 https://www.0 4.426.5 +3 ▲ ▼ 8* 7* 4 2.7 0.3 13.3 17.5 -8 14* 20* 5 1.0 309.7 4.1 +4 ▲ 44* 8* 4 2.8 161.4 16.106.5 +4 ▲ 5* 12* 12 3.1 747.8 747.519.4 203.4 0.5 -2 8* 4 2.2 486.360.765.451.328.4 +3 ▲ 3 3 11 9.8 2.500.355.9 -1 ▼ 9* 4 2.8 +1 ▲ +3 114 Industry % Change from Same Period Last Year Industry % Change from Last Quarter 2.103.2 1.5 0.0 +4 5 4.121.101.9 0 ‐ 12* 3 1.3% ▲ Jan 1 2010 – Sep 30 2010 Based on Number of Transactions # of Deals per Advisor # of Market Change in 2010 2009 Rank Rank Deals Sh (%) # of Deals 1 2 24.2 12.4 9.5 8.2 +3 ▲ 16* 3 2.4 21.7 1.0 2.7 1.2 337.415.4 4.6 +12 ▲ 13 3 4* 9 10.765.1 +11 ▲ 5* 12* 12 3.2% ▼ 25.7 5.7 21.0 0.7 -2 ▼ 10* 12* 14* 3* ▼ 5 1.5 -1 ▼ 12* 1.4 31.5 +4 ▲ 5 14* 92* 1.1 0.3 2.2% ▲ 161 Industry % Change from Same Period Last Year Industry % Change from Last Quarter Any EMEA Announced Fairness Opinion +3 Rank Value (US$m) Rank Value Market US$m Sh (%) 25.1 31.5 -3 ▼ 14* 5 14* 92* 5 1.2 18.296.5 1.8 0 ‐ 15* 2 1.4% ▼ ­43.4 2.0 4.3 0.8 173.3 1.8 10.163.283.3% ▼ 100.8 +2 ▲ 15* 17* 2 1.7 +3 ▲ 5* 4* 4 4.2 2.221.5 0.3 -1 ▼ 2 12* 2.7 ▲ 6 1.594.2 18.7 1.296.557.1 0.7 0.0 1.5 -1 ▼ 3 9* 3.4 0.3 1.0% ▼ ­34.1 25.355.3 5.161.9 8.0 231.5 0.9 100.8 Fairness Opinion Provider China International Capital Co Everbright Securities Co China Merchants Bank Somerley Ltd GF Securities CITIC Qilu Securities Co Ltd Huatai United Securities Co Guangdong Securities Southwestern Securities Co PricewaterhouseCoopers Access Capital Ltd Wallbanck Brothers Sec (HK) Orient Securities Co Ltd CIMB Group Sdn Bhd Guosen Securities Co Ltd UBS Kotak Mahindra Bank Ltd Public Investment Bank Bhd Industrial & Comm Bank China DBS Group Holdings Hongta Securities Co Ltd Veda Capital Ltd Industry Total 100.5 20.3 0.7 +3 ▲ 2 2* 13 8.1 6.2 1.1 2.1 +5 ▲ 4 9* 6 6.0 4.4 32.3 +2 ▲ 12* 4* 2 2.7% ▼ * tie † Fairnes Opinion rankings include fairness opinions provided as a standalone mandate as well as fairness opinions provided as part of a broader advisory mandate.0 2.2 27.8 +3 9 5.0 ­19.2% ▼ 7.8 +6 ▲ 3* 4 11 ▲ 6.0 0.8 37.426.2 +2 ▲ 16* 3 2.1 730.0 11.

Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction. - Imputed fees are calculated using Freeman & Co.com Asia-Pacific Jason Pacannuayan Tel: +632 858 7262 E-mail: jason. 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.com . Thomson Reuters disclaims all warranties. - Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services. nor make any recommendations or solicitations regarding particular financial instruments.com 21 . or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. as to the accuracy or completeness of any of the content provided.pacannuayan@thomsonreuters.  For Japanese related rankings. No fees are allocated to syndicated members. express or implied. self-tenders. based on the number of underwriters or advisors on the deal and their role.com 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. in the absence of an agreement. .  Accreditation for transactions involving the newly established joint ventures are reflected in totals for Morgan Stanley. including the buying or selling of securities. Japan Catherina Guinto-Roldan Tel: +813 5218 6591 E-mail: catherina. legal) amounting to investment advice. Any third party name or mark herein belongs to the relevant third party. - League tables include rank eligible mergers. - League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley. advisors to targets of multiple bids receive credit for the transaction agreed to or. pending. 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. receive quarterly press releases.guinto@thomsonreuters.First Nine Months 2010 | Mergers & Acquisitions | Financial Advisors Ranking Criteria Summary If you would like to participate in the submission process. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. - Any Involvement league tables include deals where the target. and unconditional transactions. 2010 and of which Thomson Reuters was made aware.thomsonone. All current data and previous year's data is as of 5:00pm EST on September 30.eng@thomsonreuters. nor for any actions taken in reliance thereon. completed. and charts citing announced activity are based on Rank Date and include intended. All rights reserved. inaccuracies or delays in the information. 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. repurchases. proprietary algorithm where spreads or fees are not disclosed. or as to the fitness of the content for any purpose to the extent permitted by law. or have questions about league table criteria please contact: Americas Stephen Case Tel: +1 646 223 8424 E-mail: stephen. . 2010.Announced league tables include all deals that were announced between January 1. the value of the highest offer. - League tables. allocation methodology. pending regulatory. 2009 and September 30. commentary. investments or products. neither Thomson Reuters nor its third party content providers shall be liable for any errors.case@thomsonreuters. acquisitions. partially complete. tax. For pending transactions. Deal fees are on a gross basis before all expenses. Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of announcement of terms. https://www. spin-offs. included herein reflect the changes after the commencement of their jointly established securities firms in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities.Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. nor does it endorse any views or opinions of any third party content provider.com Europe Victor Eng Tel: +44 (0) 207 542 9665 E-mail: victor.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. minority stake purchases and debt restructurings. Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”. © 2010 Thomson Reuters. Each underwriter or advisor is allocated its share of deal fees using Freeman & Co. acquiror.

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