press release

mergermarket Preliminary Global M&A Round-up for Q1-Q3 2009 23 September 2009, for immediate release
Contact:s : Europe : Flora Wilke flora.wilke@mergermarket.com Tel: +44 20 7059 6348 Americas: Hannah Bagshawe hannah.bagshawe@mergermarket.com Tel: +1 646 378 3194 Asia-Pacific: Seye Im seye.im@mergermarket.com Tel: +852 2158 9706
www.mergermarket.com

mergermarket Preliminary Global M&A Round-up Q1-Q3 2009
Contents

Section 1: p. 2 - 7 Global

The passing of the financial crisis appears to have made little impact on the established M&A advisory order as depicted in mergermarket’s preliminary third quarter 2009 M&A league tables, at least for now. In the aftermath of the financial crisis deal flow plummeted and long-standing heavyweights like Morgan Stanley saw their relative position in the M&A league tables weaken. However in the year since then Morgan Stanley in particular, which ranks second globally by value, has succeeded in re-establishing its credentials as the only serious rival to the long-standing champions, Goldman Sachs. Following the crisis, when a number of household names were disappearing from the tables entirely, changes in the M&A league table status quo were widely anticipated. As the universal investment banking model came under ever-greater scrutiny, many had expected independent advisory firms and corporate finance boutiques to gain market share at the expense of the traditional ‘bulge bracket.’ Yet, as deal flow starts to pick up in the final months of 2009, there is little to indicate that such changes are afoot. Clearly high profile boutiques like Greenhill and Evercore Partners enjoyed major success on the back of advisory mandates on large deals such Roche’s buy-out of Genentech and Pfizer’s bid for Wyeth. However, aside from some league table advance on the part of Lazard in Europe, pure advisory firms like Lazard and Rothschild have seen no significant improvement. The corporate advisory arms of the major accountancy firms have also done less well than may have been expected, particularly when ranked by volume. Meanwhile, Barclays Capital and Nomura, having acquired parts of what was Lehman Brothers, have enjoyed a fair degree of success in building on that franchise. Goldman Sachs’ dominance has so far remained limited to the American and European markets: in mergermarket’s Asian M&A league table by value it currently ranks eighth. Given that M&A activity in Asia remains at far lower levels than in the two other main markets, Goldman’s focus makes good business sense, for now. As such, Goldman would be wise to note that Asian M&A activity saw a much less dramatic fall in the wake of the crisis compared with Europe and the Americas. And few would dispute the likelihood that Asia offers banks greater growth potential than established markets. Global M&A activity continues to remain low. The 1,759 announced deals in Q1-Q3 2009 is the lowest since Q3 2003, with deal values at their lowest since Q1 2003 ($243.5bn). Activity to date is at 5,914 announced transactions valued at $978.9bn, a decline of 41% and 48% respectively for the same period in 2008. In the short term, US-based M&A activity shows the highest potential, driven by a series of high profile deals in the healthcare and technology sectors. Activity levels in the more depressed European markets are focused in more traditional hot spots like Energy, Mining & Utilities, Financial Services and Industrials.

Section 2: p. 8 -18 Europe

Section 3: p.19 - 26 Americas

Section 4: p. 27 - 35 Asia-Pacific

p. 36 p. 37

Criteria About mergermarket

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Global: Top Announced Deals Q1-Q3 2009
Top 10 Announced Global Deals Q1-Q3 2009
Announced Date 26-Jan-09 Bidder Company Pfizer Inc Bidder Financial Advisor Bank of America Merrill Lynch; Barclays Capital; Citigroup; Goldman Sachs; JPMorgan Greenhill & Co Target Company Wyeth Target/Seller Financial Advisor Evercore Partners; Morgan Stanley Seller Company Deal Value (US$m) 63,266

30-Jan-09

Roche Holding Ltd

Genentech Inc (44.20% stake)

Goldman Sachs

44,291

09-Mar-09

Merck & Co Inc

JPMorgan

Schering Plough Corporation

Credit Suisse; Goldman Sachs; Morgan Stanley Citigroup

43,198

10-Jun-09

United States Department of the Treasury Suncor Energy Inc CIBC World Markets; Morgan Stanley

Citigroup Inc (33.60% stake)

25,000

23-Mar-09

Petro-Canada

Deutsche Bank; RBC Capital Markets

18,400

16-May-09

China Yangtze Power Co Ltd

CITIC Securities

China Three Gorges Project Corporation (hydroelectricity generation assets and stakes in peripheral service companies) Liberty Entertainment Inc Goldman Sachs; JPMorgan

China Three Gorges Project Corporation

15,725

04-May-09

The DirecTV Group Inc

Morgan Stanley

15,519

20-Feb-09

Enel SpA

Banca IMI/Intesa Sanpaolo; Banco Bilbao Vizcaya Argentaria; Credit Suisse; Goldman Sachs; JPMorgan; Mediobanca; Morgan Stanley Bank of America Merrill Lynch

Endesa SA (25.01% stake)

Advising seller: Citigroup; Deutsche Bank; Lazard; Santander Global Banking and Markets

Acciona SA

14,246

19-Mar-09

OneWest Bank FSB (consortium)

IndyMac Federal Bank FSB

Barclays Capital; Deutsche Bank

13,900

11-Jun-09

BlackRock Inc

Bank of America Merrill Lynch; Citigroup; Credit Suisse; Morgan Stanley; Perella Weinberg Partners

Barclays Global Investors

Advising seller: Barclays Capital; Lazard

Barclays Plc

13,653

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Global: M&A Activity Trend

Global M&A Activity - Quarterly
1,400
Value Volume

Global Buyout M&A Activity - Quarterly
4,500 400
Value Volume

800

4,000 1,200

350

700

3,500 300 1,000 3,000 250 500 600

Value of Deals ($bn)

Value of Deals ($bn)

Volume of Deals

800

2,500

200

400

600

2,000

150 1,500 400 100 1,000

300

200

200 500

50

100

0 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 03 03 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09

0

0 Qtr 1 Qtr 2 03 03 Qtr 3 Qtr 4 03 03 Qtr 1 Qtr 2 04 04 Qtr 3 Qtr 4 04 04 Qtr 1 Qtr 2 05 05 Qtr 3 Qtr 4 05 05 Qtr 1 Qtr 2 Qtr 3 06 06 06 Qtr 4 Qtr 1 06 07 Qtr 2 Qtr 3 07 07 Qtr 4 Qtr 1 07 08 Qtr 2 Qtr 3 08 08 Qtr 4 Qtr 1 08 09 Qtr 2 Qtr 3 09 09

0

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Volume of Deals

Global: Breakdown of Announced Deals Q1-Q3 2009
Mix of Announced Global Deals by Industry Sector Q1-Q3 2009 - Value
Agriculture 0.3% Construction 2.4% Real Estate 2.2% Industrials & Chemicals 5.9%

Mix of Announced Global Deals by Industry Sector Q1-Q3 2009 - Volume
Construction 4.0% Agriculture 1.1% Real Estate 2.1% Defence 0.4% Pharma, Medical & Biotech 6.4% Industrials & Chemicals 17.7%

Pharma, Medical & Biotech 20.0%

Financial Services 17.7%

Transport 3.1% Leisure 3.6% Telco 2.0%

Transport 1.4% Business Services 3.7% Leisure 1.0% Telco 4.7%

Media 3.6%

Financial Services 11.4%

Consumer 7.4%

Technology 9.1%

Media 3.0%

Business Services 11.0%

Technology 5.0%

Energy, Mining & Utilities 10.9% Energy, Mining & Utilities 25.2% Consumer 13.7%

Mix of Announced Deals by Geographic Region Q1-Q3 2009 - Value
South & Central Asia 2.6% Australasia 3.1% South East Asia 1.7%

Mix of Announced Deals by Geographic Region Q1-Q3 2009 - Volume
South & Central Asia 1.5% Australasia 3.5% South East Asia 2.2% Africa & Middle East 2.1%

Africa & Middle East 1.5%

Japan 4.6%

Japan 4.5% North America 32.8%

North Asia 10.2% North Asia 10.4% Central & Eastern Europe 3.1%

North America 48.7%

Northern Europe 0.8%

Central & Eastern Europe 5.0%

Southern Europe 7.0%

Northern Europe 4.1% Central & South America 4.2% Southern Europe 7.0% Western Europe 13.2% Western Europe 21.9%

Central & South America 4.2%

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Global: League Tables of Financial Advisers
League Table of Financial Advisers to Global M&A: Value
Y/E 2008 2 7 1 4 3 8 37 6 5 10 28 11 43 26 17 35 156 55 14 31 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 House Goldman Sachs Morgan Stanley JPMorgan Citigroup Bank of America Merrill Lynch Credit Suisse Barclays Capital Deutsche Bank UBS Investment Bank Lazard Evercore Partners Rothschild Greenhill & Co RBC Capital Markets Mediobanca Nomura Holdings Banco Bilbao Vizcaya Argentaria Banca IMI/Intesa Sanpaolo Royal Bank of Scotland Group CIBC World Markets Value (US$m) 325,471 276,009 251,180 239,013 230,613 172,296 136,301 115,008 91,758 80,794 78,483 60,859 57,546 46,069 34,229 33,183 28,302 27,752 26,939 26,548 Deal Count 143 137 147 115 112 116 40 85 116 108 13 116 20 43 18 77 8 17 37 20

League Table of Financial Advisers to Global M&A: Volume
Y/E 2008 6 7 11 10 2 8 9 5 1 13 4 14 3 23 12 26 15 21 36 16 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 House JPMorgan Goldman Sachs Morgan Stanley Credit Suisse UBS Investment Bank Rothschild Citigroup Bank of America Merrill Lynch PricewaterhouseCoopers Lazard Deloitte Deutsche Bank KPMG Nomura Holdings Ernst & Young RBC Capital Markets Houlihan Lokey BNP Paribas Mizuho Financial Group M&A International Value (US$m) 251,180 325,471 276,009 172,296 91,758 60,859 239,013 230,613 12,272 80,794 15,933 115,008 14,244 33,183 8,889 46,069 2,939 26,011 12,457 3,895 Deal Count 147 143 137 116 116 116 115 112 111 108 99 85 79 77 70 43 43 41 41 41

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Global: League Tables of Financial Advisers
League Table of Financial Advisers to Global Mid-Market M&A: Value
Y/E 2008 4 10 13 7 2 8 3 9 14 1 11 20 5 6 25 30 12 18 26 19 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 House JPMorgan Credit Suisse Morgan Stanley Lazard Bank of America Merrill Lynch Citigroup PricewaterhouseCoopers UBS Investment Bank Deutsche Bank Rothschild Goldman Sachs Nomura Holdings Deloitte KPMG RBC Capital Markets Mizuho Financial Group Ernst & Young Houlihan Lokey Daiwa Securities Group Royal Bank of Scotland Group Value (US$m) 8,015 5,410 5,289 4,750 4,669 4,382 3,909 3,880 3,673 3,407 3,400 3,337 2,961 2,806 2,791 2,286 2,131 2,107 2,104 1,762 Deal Count 63 41 40 44 38 35 47 35 34 37 32 37 42 33 26 20 35 23 28 19

League Table of Financial Advisers to Global Mid-Market M&A: Volume
Y/E 2008 6 1 7 3 10 15 9 4 20 8 12 5 18 2 11 23 31 14 27 16 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 House JPMorgan PricewaterhouseCoopers Lazard Deloitte Credit Suisse Morgan Stanley Bank of America Merrill Lynch Rothschild Nomura Holdings Citigroup UBS Investment Bank Ernst & Young Deutsche Bank KPMG Goldman Sachs Daiwa Securities Group RBC Capital Markets Houlihan Lokey Mizuho Financial Group Macquarie Group Value (US$m) 8,015 3,909 4,750 2,961 5,410 5,289 4,669 3,407 3,337 4,382 3,880 2,131 3,673 2,806 3,400 2,104 2,791 2,107 2,286 1,748 Deal Count 63 47 44 42 41 40 38 37 37 35 35 35 34 33 32 28 26 23 20 20

* Mid-Market based on deal value range of US$ 10m - US$ 250m

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Europe: M&A roundup Q1-Q3 2009
European M&A Activity - Quarterly

European M&A down 70% from same period in 2008
600 1,800
Value Volume

The 2,248 transactions valued at $236.2bn announced so far this year is a decrease of 70% by value and 48% by volume from the same period in 2008, in which 4,308 deals with a total value of $776.7bn were announced. European M&A activity makes up 24% of global activity by value and 38% by number of deals announced so far this year, compared to 42% and 43% respectively for the same period last year.
Value of Deals ($bn)
400 500

1,600

1,400

1,200

Energy, Mining & Utilities sector continues to dominate; UK & Ireland most active region Over 40% of the total value of European M&A so far this year – including six of the ten largest European deals this year - has taken place in the Energy, Mining & Utilities sector , up from 20% in for the same period last year. The UK & Ireland continues to dominate the region, representing close to 20% of European M&A by both value and number of deals.

1,000 300 800

200

600

400 100 200

Goldman Sachs and Rothschild top league tables Goldman Sachs is still the most active financial adviser by deal value, advising on 63 transactions valued at $113.5bn so far this year. The firm has an impressive $35bn lead over second placed Credit Suisse. Citigroup, Bank of America Merrill Lynch and JPMorgan round off the top five positions. Rothschild has had a busy Q3 bring the firm to the top of the volume table. The firm has been mandated on 92 transactions valued at $44.6bn. Lazard moves into fourth position with 73 deals valued at $67.5bn, having dropped two positions from its H1 2009 standing but still up from its 11th-place ranking this time last year.
40 600 50
Value Volume

0 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 03 03 03 03 04 04 04 04 05 05 05 05 06 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 06 06 06 07 07 07 07 08 08 08 08 09 09 09

0

European Mid Market M&A Activity - Quarterly ($10m to $250m)
800

45 700

European buyouts remain low, though Russia could offer opportunities Private equity M&A investments in Europe continue to be extremely low. European buyout activity is down a massive 85% by value and 58% by volume for the first nine months of 2009 compared to the same period in 2008 – only 378 transactions announced valued at $17.8bn. One of the largest transactions announced this year was the secondary buyout of Wood Mackenzie by Charterhouse Capital. Goldman Sachs, Deloitte, HSBC, and Rothschild all worked on the transaction. One area of interest for private equity activity could be the Russian consumer retail sector, where it is expected that private equity firms and not European trade players will be looking to invest in profitable Russian retailers in need of capital injections.
Value of Deals ($bn)

35

500 30

25

400

20 300

15 200 10

100 5

0 Qtr 1 03 Qtr 2 Qtr 3 03 03 Qtr 4 03 Qtr 1 04 Qtr 2 Qtr 3 04 04 Qtr 4 04 Qtr 1 05 Qtr 2 Qtr 3 05 05 Qtr 4 05 Qtr 1 06 Qtr 2 Qtr 3 06 06 Qtr 4 06 Qtr 1 Qtr 2 07 07 Qtr 3 07 Qtr 4 07 Qtr 1 Qtr 2 08 08 Qtr 3 08 Qtr 4 08 Qtr 1 Qtr 2 09 09 Qtr 3 09

0

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Volume of Deals

Volume of Deals

Europe: Top Announced Deals Q1-Q3 2009
Top 10 Announced European Deals Q1-Q3 2009
Announced Date 20-Feb-09 Bidder Company Enel SpA Bidder Financial Advisor Banca IMI/Intesa Sanpaolo; Banco Bilbao Vizcaya Argentaria; Credit Suisse; Goldman Sachs; JPMorgan; Mediobanca; Morgan Stanley JPMorgan Target Company Endesa SA (25.01% stake) Target/Seller Financial Advisor Advising seller: Citigroup; Deutsche Bank; Lazard; Santander Global Banking and Markets Citigroup; Deloitte; Deutsche Bank; Lazard Deloitte; Goldman Sachs; ING; KPMG; Sequoia Seller Company Acciona SA Deal Value (US$m) 14,246

12-Jan-09

RWE AG

Essent NV

10,956

23-Feb-09

Vattenfall AB

Bank of America Merrill Lynch; NIBC Bank; Rothschild; Royal Bank of Scotland Group Bank of America Merrill Lynch

nv Nuon

10,789

31-Jul-09

Cintra Concesiones de Infrastructuras de Transporte SA

Grupo Ferrovial SA

Banco Bilbao Vizcaya Argentaria

8,263

19-Jan-09

HM Treasury

Credit Suisse; Deutsche Bank

Royal Bank of Scotland Group Plc (29.79% stake) Lloyds Banking Group Plc (21.60% stake) Italgas SpA

Bank of America Merrill Lynch; Morgan Stanley; UBS Investment Bank Bank of America Merrill Lynch; Citigroup; UBS Investment Bank Advising seller: Banca IMI/Intesa Sanpaolo; Rothschild ENI SpA

7,688

07-Mar-09

HM Treasury

Credit Suisse; Deutsche Bank

5,638

12-Feb-09

Snam Rete Gas SpA

Mediobanca

5,410

02-Jun-09

SoFFin

Hypo Real Estate Holding AG (81% stake)

4,233

07-Apr-09

OAO Gazprom

Citigroup

JSC Gazprom Neft (20% stake)

Advising seller: Bank of America Merrill Lynch; Deutsche Bank; JPMorgan

ENI SpA

4,100

31-Mar-09

International Petroleum Investment Company

Compania Espanola de Petroleos SA (32.50% stake)

Advising seller: Bank of America Merrill Lynch; Rothschild; Santander Global Banking and Markets

Banco Santander SA

3,802

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Europe: Breakdown of Announced Deals Q1-Q3 2009
Mix of Announced European Deals by Industry Sector Q1-Q3 2009 - Value
Agriculture 0.05% Pharma, Medical & Biotech 3.7% Construction 5.5% Real Estate 5.3%

Mix of Announced European Deals by Industry Sector Q1-Q3 2009 - Volume
Agriculture 1.1% Real Estate 2.0% Defence 0.2% Industrials & Chemicals 19.7% Construction 5.0%

Industrials & Chemicals 6.4%

Pharma, Medical & Biotech 5.7% Transport 1.3% Leisure 1.1% Telco 4.1% Media 1.3%

Financial Services 19.1%

Transport 3.5%

Leisure 4.3% Telco 2.1% Financial Services 9.5%

Technology 2.5%

Business Services 3.5%

Media 4.2%

Consumer 5.1%

Technology 6.4%

Business Services 12.0% Energy, Mining & Utilities 7.9%

Energy, Mining & Utilities 40.9%

Consumer 16.5%

Mix of Announced European Deals by Geographic Region Q1-Q3 2009 - Volume Mix of Announced European Deals by Geographic Region Q1-Q3 2009 - Value
South Eastern Europe 2.5% South Eastern Europe 3.6% Central & Eastern Europe 12.3% Other 0.2% UK & Ireland 19.4%

Other 0.2% UK & Ireland 19.6%

Central & Eastern Europe 12.1%

Nordic 3.4%

Nordic 10.8%

Benelux 17.2%

Germanic 13.6%

Germanic 18.8%

Benelux 9.7%

France 4.2%

Iberia 8.1% Iberia 18.1% Italy 9.2% Italy 7.4%

France 9.6%

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Europe: League Tables of Financial Advisers
League Table of Financial Advisers to European M&A: Value
Y/E 2008 2 7 4 6 1 9 10 3 5 39 12 17 103 35 22 41 11 16 24 23 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 House Goldman Sachs Credit Suisse Citigroup Bank of America Merrill Lynch JPMorgan Lazard Morgan Stanley Deutsche Bank UBS Investment Bank Greenhill & Co Rothschild Mediobanca Banco Bilbao Vizcaya Argentaria Banca IMI/Intesa Sanpaolo Santander Global Banking and Markets Barclays Capital BNP Paribas Royal Bank of Scotland Group ING Perella Weinberg Partners Value (US$m) 113,462 78,789 73,388 71,449 67,626 67,549 66,103 63,288 47,457 47,409 44,557 34,229 28,221 27,752 24,636 23,429 21,205 21,163 19,673 13,808 Deal Count 63 55 39 43 74 73 58 41 64 8 92 18 7 17 11 13 34 28 31 2

League Table of Financial Advisers to European M&A: Volume
Y/E 2008 4 3 7 11 1 6 12 14 10 2 9 8 13 19 30 5 17 15 16 28 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 House Rothschild PricewaterhouseCoopers JPMorgan Lazard Deloitte UBS Investment Bank Goldman Sachs Morgan Stanley Credit Suisse KPMG Bank of America Merrill Lynch Deutsche Bank Citigroup BNP Paribas ING Ernst & Young Royal Bank of Scotland Group Close Brothers Group M&A International HSBC Bank Value (US$m) 44,557 6,849 67,626 67,549 10,626 47,457 113,462 66,103 78,789 11,440 71,449 63,288 73,388 21,205 19,673 1,982 21,163 1,174 1,437 10,747 Deal Count 92 76 74 73 68 64 63 58 55 54 43 41 39 34 31 30 28 28 26 23

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Europe: League Tables of Financial Advisers
League Table of Financial Advisers to European Mid-Market M&A: Value
Y/E 2008 9 5 1 11 4 15 10 2 3 18 14 8 13 12 24 19 6 81 43 16 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 ] 11 12 13 14 15 16 17 18 19 20 House JPMorgan Lazard Rothschild UBS Investment Bank PricewaterhouseCoopers Morgan Stanley Credit Suisse Deloitte KPMG BNP Paribas Royal Bank of Scotland Group Bank of America Merrill Lynch Deutsche Bank Citigroup ING Goldman Sachs Ernst & Young Arctic Securities Houlihan Lokey Jefferies & Company Value (US$m) 4,733 3,827 2,542 2,313 2,224 2,106 1,872 1,662 1,541 1,471 1,439 1,438 1,396 1,337 1,202 1,188 996 867 864 851 Deal Count 39 32 26 21 28 15 14 28 19 12 14 14 11 8 12 10 13 7 9 10

League Table of Financial Advisers to European Mid-Market M&A: Volume
Y/E 2008 10 6 3 1 4 14 2 17 11 12 9 5 27 30 16 7 28 18 13 8 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 House JPMorgan Lazard PricewaterhouseCoopers Deloitte Rothschild UBS Investment Bank KPMG Morgan Stanley Credit Suisse Royal Bank of Scotland Group Bank of America Merrill Lynch Ernst & Young BNP Paribas ING Deutsche Bank Close Brothers Group Goldman Sachs Jefferies & Company Grant Thornton Corporate Finance M&A International Value (US$m) 4,733 3,827 2,224 1,662 2,542 2,313 1,541 2,106 1,872 1,439 1,438 996 1,471 1,202 1,396 787 1,188 851 467 443 Deal Count 39 32 28 28 26 21 19 15 14 14 14 13 12 12 11 11 10 10 10 10

* Mid-Market based on deal value range of US$ 10m - US$ 250m

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Europe: League Tables of Financial Advisers
Financial Advisers to UK M&A: Value
Y/E 2008 4 2 7 8 1 11 3 24 9 32 6 5 16 12 114 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Credit Suisse Bank of America Merrill Lynch Morgan Stanley Citigroup UBS Investment Bank Lazard Deutsche Bank Barclays Capital Goldman Sachs Perella Weinberg Partners JPMorgan Cazenove Rothschild Royal Bank of Scotland Group BNP Paribas Nomura Holdings Value (US$m) 37,210 35,164 32,545 28,676 26,787 23,597 18,565 17,699 17,405 13,653 13,459 9,265 6,215 3,970 3,531 Deal Count 17 14 20 17 29 23 14 8 21 1 29 33 5 5 7

Financial Advisers to UK M&A: Volume
Y/E 2008 1 6 8 3 23 2 14 13 10 12 15 4 7 11 9 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Rothschild UBS Investment Bank JPMorgan Cazenove PricewaterhouseCoopers Lazard Deloitte Goldman Sachs Morgan Stanley Credit Suisse Citigroup Grant Thornton Corporate Finance KPMG Bank of America Merrill Lynch Deutsche Bank BDO Corporate Finance Value (US$m) 9,265 26,787 13,459 720 23,597 2,414 17,405 32,545 37,210 28,676 1,109 607 35,164 18,565 160 Deal Count 33 29 29 28 23 22 21 20 17 17 16 15 14 14 10

Financial Advisers to German M&A: Value
Y/E 2008 2 7 5 20 1 18 4 38 9 23 6 21 169 16 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Deutsche Bank Citigroup JPMorgan Lazard Goldman Sachs Credit Suisse UBS Investment Bank Deloitte Barclays Capital Morgan Stanley Metzler Corporate Finance Bank of America Merrill Lynch PricewaterhouseCoopers William Blair & Company Ernst & Young Value (US$m) 15,001 12,730 12,319 11,434 10,050 5,199 4,418 3,914 3,425 2,791 2,334 2,138 2,015 1,517 1,099 Deal Count 6 2 9 6 14 5 6 8 3 9 3 5 10 3 6

Financial Advisers to German M&A: Volume
Y/E 2008 14 6 5 18 11 15 10 3 17 16 1 8 4 2 13 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Rothschild Goldman Sachs PricewaterhouseCoopers Lincoln International JPMorgan Morgan Stanley Deloitte KPMG Close Brothers Group UniCredit Group Deutsche Bank Lazard UBS Investment Bank Ernst & Young Credit Suisse Value (US$m) 805 10,050 2,015 675 12,319 2,791 3,914 150 275 74 15,001 11,434 4,418 1,099 5,199 Deal Count 15 14 10 10 9 9 8 8 7 7 6 6 6 6 5

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Europe: League Tables of Financial Advisers
Financial Advisers to French M&A: Value
Y/E 2008 2 15 10 3 4 11 6 7 5 79 9 26 1 13 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name BNP Paribas Credit Suisse Goldman Sachs UBS Investment Bank Citigroup CALYON Bank of America Merrill Lynch Lazard Rothschild Evercore Partners Morgan Stanley HSBC Bank Banca IMI/Intesa Sanpaolo JPMorgan Deutsche Bank Value (US$m) 11,470 9,129 7,335 6,823 6,124 5,378 4,497 4,405 4,007 4,000 2,942 2,866 1,727 1,561 980 Deal Count 19 9 7 11 7 8 4 24 22 1 4 5 3 7 8

Financial Advisers to French M&A: Volume
Y/E 2008 3 1 2 4 22 9 26 7 5 13 12 8 41 20 19 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Lazard Rothschild BNP Paribas UBS Investment Bank Credit Suisse CALYON Deutsche Bank Close Brothers Group SG Goldman Sachs Citigroup JPMorgan Financiere Cambon PricewaterhouseCoopers HSBC Bank Value (US$m) 4,405 4,007 11,470 6,823 9,129 5,378 980 305 268 7,335 6,124 1,561 39 774 2,866 Deal Count 24 22 19 11 9 8 8 8 8 7 7 7 7 6 5

Financial Advisers to Benelux M&A: Value
Y/E 2008 2 3 33 1 6 7 12 17 140 8 25 30 10 29 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Goldman Sachs Lazard ING JPMorgan Citigroup Deutsche Bank Rothschild Royal Bank of Scotland Group NIBC Bank Bank of America Merrill Lynch Sequoia KPMG Deloitte Morgan Stanley Petercam Value (US$m) 16,958 15,948 15,786 15,298 15,289 14,516 13,764 11,616 11,615 11,145 10,879 6,497 4,801 3,498 2,694 Deal Count 14 14 22 11 5 6 11 12 3 3 2 14 19 9 3

Financial Advisers to Benelux M&A: Volume
Y/E 2008 11 1 3 4 7 2 8 6 9 13 22 20 10 16 19 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name ING Deloitte PricewaterhouseCoopers Goldman Sachs Lazard KPMG Royal Bank of Scotland Group JPMorgan Rothschild Morgan Stanley BNP Paribas Deutsche Bank Close Brothers Group M&A International Citigroup Value (US$m) 15,786 4,801 117 16,958 15,948 6,497 11,616 15,298 13,764 3,498 2,680 14,516 135 15,289 Deal Count 22 19 17 14 14 14 12 11 11 9 8 6 6 6 5

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Europe: League Tables of Financial Advisers
Financial Advisers to Spanish M&A: Value
Y/E 2008 19 2 4 1 32 16 8 6 3 12 9 13 43 46 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Banco Bilbao Vizcaya Argentaria Santander Global Banking and Markets Lazard JPMorgan Credit Suisse Deutsche Bank Citigroup Goldman Sachs Mediobanca Morgan Stanley Banca IMI/Intesa Sanpaolo Bank of America Merrill Lynch Rothschild Commerzbank Banco Espirito Santo de Investimento Value (US$m) 26,615 22,964 22,868 19,241 19,115 19,100 18,780 18,570 17,953 14,987 14,246 12,549 5,702 3,740 1,673 Deal Count 6 9 10 6 7 7 5 5 2 4 1 5 6 2 4

Financial Advisers to Spanish M&A: Volume
Y/E 2008 3 4 7 27 21 15 5 20 1 9 12 19 25 14 28 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name PricewaterhouseCoopers Lazard Santander Global Banking and Markets Credit Suisse Deutsche Bank Banco Bilbao Vizcaya Argentaria JPMorgan Rothschild Deloitte Citigroup Goldman Sachs Bank of America Merrill Lynch UBS Investment Bank Morgan Stanley Banco Espirito Santo de Investimento Value (US$m) 293 22,868 22,964 19,115 19,100 26,615 19,241 5,702 354 18,780 18,570 12,549 1,439 14,987 1,673 Deal Count 11 10 9 7 7 6 6 6 6 5 5 5 5 4 4

Financial Advisers to Iberian M&A: Value
Y/E 2008 21 2 4 1 35 15 8 6 3 12 9 13 48 17 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Banco Bilbao Vizcaya Argentaria Santander Global Banking and Markets Lazard JPMorgan Credit Suisse Deutsche Bank Citigroup Goldman Sachs Mediobanca Morgan Stanley Banca IMI/Intesa Sanpaolo Bank of America Merrill Lynch Rothschild Commerzbank Banco Espirito Santo de Investimento Value (US$m) 26,615 23,030 22,868 19,241 19,115 19,100 18,780 18,570 17,953 14,987 14,246 12,549 5,702 3,740 1,729 Deal Count 6 10 10 6 7 7 5 5 2 4 1 5 6 2 11

Financial Advisers to Iberian M&A: Volume
Y/E 2008 4 3 8 5 31 15 1 21 6 20 9 13 26 18 19 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Banco Espirito Santo de Investimento PricewaterhouseCoopers Santander Global Banking and Markets Lazard Credit Suisse Deutsche Bank Deloitte Banco Bilbao Vizcaya Argentaria JPMorgan Rothschild Citigroup Goldman Sachs Bank of America Merrill Lynch UBS Investment Bank Morgan Stanley Value (US$m) 1,729 293 23,030 22,868 19,115 19,100 354 26,615 19,241 5,702 18,780 18,570 12,549 1,439 14,987 Deal Count 11 11 10 10 7 7 7 6 6 6 5 5 5 5 4

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Europe: League Tables of Financial Advisers
Financial Advisers to Nordic M&A: Value
Y/E 2008 14 16 7 24 51 9 8 36 1 3 49 28 Q1-Q3 2009 1 2 3 4 5= 5= 5= 8 9 10 11 12 13 14 15 Company Name Goldman Sachs Bank of America Merrill Lynch Rothschild Royal Bank of Scotland Group ING NIBC Bank Sequoia KPMG SEB Enskilda Morgan Stanley Lazard Deutsche Bank JPMorgan Deloitte Nordea Corporate Finance Value (US$m) 11,941 11,698 11,495 10,915 10,789 10,789 10,789 5,162 2,693 2,263 1,496 1,454 1,231 1,167 985 Deal Count 4 4 9 3 1 1 1 8 12 8 5 3 11 5 5

Financial Advisers to Nordic M&A: Volume
Y/E 2008 2 1 11 20 4 21 23 96 7 3 10 13 24 5 12 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name SEB Enskilda PricewaterhouseCoopers JPMorgan Rothschild KPMG Morgan Stanley Arctic Securities Swedbank Markets ABG Sundal Collier Ernst & Young UBS Investment Bank Global M&A Lazard Deloitte Nordea Corporate Finance Value (US$m) 2,693 509 1,231 11,495 5,162 2,263 867 747 153 88 868 125 1,496 1,167 985 Deal Count 12 12 11 9 8 8 7 7 7 7 6 6 5 5 5

Financial Advisers to Swedish M&A: Value
Y/E 2008 20 21 13 16 36 7 24 67 3 29 18 11 Q1-Q3 2009 1 2 3 4= 4= 4= 4= 8 9 10 11 12 13 14 15 Company Name Bank of America Merrill Lynch Rothschild Goldman Sachs ING NIBC Bank Royal Bank of Scotland Group Sequoia KPMG SEB Enskilda Lazard Deloitte Morgan Stanley Swedbank Markets Nordea Corporate Finance UBS Investment Bank Value (US$m) 11,343 10,789 10,789 10,789 10,789 10,789 10,789 5,106 1,968 1,496 1,126 789 747 727 723 Deal Count 2 3 2 1 1 1 1 6 7 5 2 4 7 3 3

Financial Advisers to Swedish M&A: Volume
Y/E 2008 3 56 8 5 16 2 12 31 15 11 9 10 1 17 28 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name SEB Enskilda Swedbank Markets KPMG JPMorgan Lazard Ernst & Young Morgan Stanley Global M&A Rothschild Nordea Corporate Finance UBS Investment Bank Credit Suisse PricewaterhouseCoopers ABG Sundal Collier Bank of America Merrill Lynch Value (US$m) 1,968 747 5,106 672 1,496 88 789 8 10,789 727 723 420 235 11,343 Deal Count 7 7 6 6 5 5 4 4 3 3 3 3 3 3 2

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Europe: League Tables of Financial Advisers
Financial Advisers to Italian M&A: Value
Y/E 2008 1 4 2 11 19 21 5 7 6 20 3 9 13 16 Q1-Q3 2009 1 2 3 4 5 6 7 8 9= 9= 9= 12 13 14 15 Company Name Mediobanca Banca IMI/Intesa Sanpaolo JPMorgan Morgan Stanley Deutsche Bank Citigroup Credit Suisse Lazard Banco Bilbao Vizcaya Argentaria Goldman Sachs Santander Global Banking and Markets Rothschild Bank of America Merrill Lynch BNP Paribas KPMG Value (US$m) 30,522 27,752 24,649 21,319 18,852 18,778 17,143 16,344 14,246 14,246 14,246 10,501 7,277 6,210 3,567 Deal Count 16 17 8 6 5 3 3 9 1 1 1 11 5 8 10

Financial Advisers to Italian M&A: Volume
Y/E 2008 3 1 2 5 4 6 13 23 8 24 9 15 26 7 10 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Banca IMI/Intesa Sanpaolo Mediobanca Rothschild UniCredit Group KPMG Lazard JPMorgan BNP Paribas Morgan Stanley Deutsche Bank Bank of America Merrill Lynch Deloitte Citigroup Credit Suisse UBS Investment Bank Value (US$m) 27,752 30,522 10,501 2,329 3,567 16,344 24,649 6,210 21,319 18,852 7,277 244 18,778 17,143 2,572 Deal Count 17 16 11 11 10 9 8 8 6 5 5 5 3 3 3

Financial Advisers to Central & Eastern European M&A: Value
Y/E 2008 8 1 9 5 15 2 41 12 19 42 6 11 10 51 17 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name JPMorgan Bank of America Merrill Lynch Citigroup Credit Suisse Goldman Sachs Deutsche Bank ING Renaissance Capital PricewaterhouseCoopers KIT Finance Royal Bank of Scotland Group UBS Investment Bank Morgan Stanley Lazard BNP Paribas Value (US$m) 8,938 7,244 6,897 4,534 4,471 4,100 3,723 2,327 2,169 2,164 2,133 2,039 1,172 1,115 940 Deal Count 7 6 7 2 7 3 5 5 9 1 5 3 3 2 2

Financial Advisers to Central & Eastern European M&A: Volume
Y/E 2008 2 12 10 20 8 7 22 11 17 28 15 1 21 4 19 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name PricewaterhouseCoopers JPMorgan Citigroup Goldman Sachs Rothschild Bank of America Merrill Lynch ING Renaissance Capital Royal Bank of Scotland Group HSBC Bank SEB Enskilda Deloitte UniCredit Group Deutsche Bank UBS Investment Bank Value (US$m) 2,169 8,938 6,897 4,471 575 7,244 3,723 2,327 2,133 869 701 687 621 4,100 2,039 Deal Count 9 7 7 7 7 6 5 5 5 4 4 4 4 3 3

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Europe: League Tables of Financial Advisers
Financial Advisers to Russian M&A: Value
Y/E 2008 8 3 4 13 15 2 9 30 20 43 7 36 16 28 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12= 12= 14= 14= Company Name JPMorgan Bank of America Merrill Lynch Credit Suisse Citigroup Goldman Sachs Deutsche Bank Renaissance Capital KIT Finance PricewaterhouseCoopers ING UBS Investment Bank BNP Paribas Ural-Invest Canaccord Adams HSBC Bank Value (US$m) 8,241 6,635 4,534 4,485 4,208 4,100 2,187 2,164 2,060 2,034 1,139 650 650 509 509 Deal Count 4 3 2 3 5 2 4 1 3 1 2 1 1 2 2

Financial Advisers to Russian M&A: Volume
Y/E 2008 14 8 4 3 5 17 6 2 11 22 36 18 27 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10= 10= 12= 12= 14 15 Company Name Goldman Sachs JPMorgan Renaissance Capital Bank of America Merrill Lynch Citigroup PricewaterhouseCoopers Credit Suisse Deutsche Bank UBS Investment Bank Canaccord Adams HSBC Bank Evli Bank Gazprombank KIT Finance ING Value (US$m) 4,208 8,241 2,187 6,635 4,485 2,060 4,534 4,100 1,139 509 509 2,164 2,034 Deal Count 5 4 4 3 3 3 2 2 2 2 2 2 2 1 1

Financial Advisers to Irish M&A: Value
Y/E 2008 28 17 7 31 4 10 Q1-Q3 2009 1 2 3 4 5 6 7= 7= 9 10 Company Name Citigroup Rothschild Lazard Davy Corporate Finance Jefferies & Company Bank of America Merrill Lynch Greenhill & Co North Sea Partners UBS Investment Bank Royal Bank of Scotland Group Value (US$m) 885 307 293 258 158 140 140 140 135 124 Deal Count 1 2 1 4 1 2 1 1 1 2

Financial Advisers to Irish M&A: Volume
Y/E 2008 2 12 33 4 10 47 1 Q1-Q3 2009 1 2 3 4 5 6 7= 7= 9 10 Company Name Davy Corporate Finance Deloitte BDO Corporate Finance Rothschild Bank of America Merrill Lynch Royal Bank of Scotland Group Canterbury Partners M&A International IBI Corporate Finance Citigroup Value (US$m) 258 21 5 307 140 124 49 49 44 885 Deal Count 4 3 3 2 2 2 2 2 2 1

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Americas: M&A roundup Q1-Q3 2009
A return of “Merger Mondays”? – Recent deal activity could lead M&A out of hibernation According to S&P’s Index Services unit, non financial companies are sitting on record levels of cash and are not spending it on share buybacks or dividend increases – so why has there not been a drastic upswing in M&A deal activity? So far this year 1,896 deals have been announced in North America with a combined value of $471.5bn, a drop of 41% and 34% in volume and value terms, respectively when compared to the same period last year. The average number of deals per month stands at approximately 217 for 2009 to date, the lowest level since 2002 which saw an average of 206 deals per month and far from the peak of 432 deals per month achieved in 2007.
200 400 1,000 500

North American M&A Activity - Quarterly (USA and Canada)
600
Value Volume

1,600

1,400

1,200

Value of Deals ($bn)

300

800

600

Yet optimism is rife, as recent deal activity seems to be signaling a welcome return to merger Monday’s. In what is usually a slow month for M&A the last two Mondays in August accounted for $16.2bn worth of deals including Walt Disney’s $3.9bn buy of Marvel Entertainment and Baker Hughes’ $5.5bn deal for Delaware’s BJ Services.
0 100

400

200

0 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 03 03 03 03 04 04 04 04 05 05 05 05 06 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 06 06 06 07 07 07 07 08 08 08 08 09 09 09

The trend looks set to continue as this week started off with Dell’s $3.8bn takeover of Perot Systems; a week after Adobe Systems splurged $1.6bn on online business optimization software provider Omniture. These deals are seen as catalysts for further consolidation in the technology sector. With stocks still depressed, cash rich bidders can offer significant premiums to ensure they obtain their coveted asset, illustrated by the 67.5% premium paid by Dell for Perot Systems. In fact, the aforementioned deals have a combined average premium of 35% over the target’s one day prior closing share price. While there is much talk of potential deals, announced deals will continue to be centered in sectors such as
Value of Deals ($bn)
40 45

North American Mid market M&A Activity - Quarterly (USA and Canada, $10m to $250m)
700
Value Volume

600

35 500 30

energy, technology, and pharmaceuticals. Caution seems to be the order of the day, with deals taking longer to execute despite improving credit markets and a seemingly recovering economy. Yet a healthy pipeline indicates a busy winter for the advisory community. The top end of the financial advisory league tables remains largely unchanged from the previous quarter. The

25

400

20

300

15

top three firms by both value and volume remain the same with Goldman Sachs continuing to top both the value and volume tables with 73 deals worth a total of $243.5bn. Morgan Stanley and JPMorgan have however managed to close the gap, with Morgan Stanley trailing Goldman in the value table with 72 deals worth $190.7bn, and JPMorgan equalling Goldman’s deal count but with a total deal value of $172.6bn.
5 10

200

100

0 Qtr 1 03 Qtr 2 Qtr 3 03 03 Qtr 4 03 Qtr 1 04 Qtr 2 Qtr 3 04 04 Qtr 4 04 Qtr 1 05 Qtr 2 Qtr 3 05 05 Qtr 4 05 Qtr 1 06 Qtr 2 Qtr 3 06 06 Qtr 4 06 Qtr 1 Qtr 2 07 07 Qtr 3 07 Qtr 4 07 Qtr 1 Qtr 2 08 08 Qtr 3 08 Qtr 4 08 Qtr 1 Qtr 2 09 09 Qtr 3 09

0

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Volume of Deals

Volume of Deals

Americas: Top Announced Deals Q1-Q3 2009
Top 10 Announced North American Deals Q1-Q3 2009
Announced Date 26-Jan-09 Bidder Company Pfizer Inc Bidder Financial Advisor Bank of America Merrill Lynch; Barclays Capital; Citigroup; Goldman Sachs; JPMorgan Greenhill & Co JPMorgan Target Company Wyeth Target/Seller Financial Advisor Evercore Partners; Morgan Stanley Seller Company Deal Value (US$m) 63,266

30-Jan-09 09-Mar-09 10-Jun-09

Roche Holding Ltd Merck & Co Inc United States Department of the Treasury Suncor Energy Inc The DirecTV Group Inc

Genentech Inc (44.20% stake) Schering Plough Corporation Citigroup Inc (33.60% stake)

Goldman Sachs Credit Suisse; Goldman Sachs; Morgan Stanley Citigroup

44,291 43,198 25,000

23-Mar-09 04-May-09

CIBC World Markets; Morgan Stanley Morgan Stanley

Petro-Canada Liberty Entertainment Inc

Deutsche Bank; RBC Capital Markets Goldman Sachs; JPMorgan

18,400 15,519

19-Mar-09

OneWest Bank FSB (consortium)

Bank of America Merrill Lynch

IndyMac Federal Bank FSB

Barclays Capital; Deutsche Bank

13,900

11-Jun-09

BlackRock Inc

Bank of America Merrill Lynch; Citigroup; Credit Suisse; Morgan Stanley; Perella Weinberg Partners Bank of America Merrill Lynch; Centerview Partners; Citigroup Credit Suisse

Barclays Global Investors

Advising seller: Barclays Capital; Lazard

Barclays Plc

13,653

04-Aug-09 24-Jun-09

PepsiCo Inc Sinopec International Petroleum Exploration and Production Corporation

Pepsi Bottling Group Inc (67% stake) Addax Petroleum Corporation

Morgan Stanley; Perella Weinberg Partners BNP Paribas; RBC Capital Markets

10,640 8,800

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Americas: Breakdown of Announced Deals Q1-Q3 2009
Mix of North American Deals by Industry Sector Q1-Q3 2009 - Value Mix of North American Deals by Industry Sector Q1-Q3 2009 - Volume
Construction 2.7% Pharma, Medical & Biotech 38.4% Pharma, Medical & Biotech 9.0% Transport 0.1% Leisure 0.7% Telco 2.9% Construction 0.9% Agriculture 0.1% Real Estate 0.2% Defense 0.2% Media 4.1% Transport 1.8% Leisure 3.4% Telco 1.4% Financial Services 14.0% Agriculture 0.5% Real Estate 0.7% Defense 0.8% Industrials & Chemicals 15.1%

Media 4.8%

Technology 5.9%

Industrials & Chemicals 3.9% Technology 14.2% Business Services 10.8%

Financial Services 13.7% Energy, Mining & Utilities 18.6% Business Services 4.2% Energy, Mining & Utilities 11.8% Consumer 9.7%

Consumer 5.5%

Mix of Announced Americas Deals by Geographic Region Q1-Q3 2009 - Value

Mix of Announced Americas Deals by Geographic Region Q1-Q3 2009 - Volume

Central & South America 8.0%

Central & South America 11.5%

US (North East) 15.5%

Canada 11.9% US (North East) 34.9% Canada 10.9%

US (Mid West) 14.6%

US (West) 26.9%

US (West) 22.9%

US (Mid West) 6.7% US (South) 24.6%

US (South) 11.5%

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Americas: League Tables of Financial Advisers
League Table of Financial Advisers to US M&A: Value
Y/E 2008 1 7 2 4 3 20 8 16 25 10 5 21 9 11 22 36 101 42 24 32 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Goldman Sachs Morgan Stanley JPMorgan Citigroup Bank of America Merrill Lynch Barclays Capital Credit Suisse Evercore Partners Greenhill & Co Lazard Deutsche Bank Perella Weinberg Partners UBS Investment Bank Centerview Partners Rothschild Blackstone Group Holdings Nomura Holdings RBC Capital Markets Jefferies & Company Allen & Company Value (US$m) 243,468 190,661 172,551 160,578 158,439 130,816 94,933 78,153 54,028 32,854 30,520 24,605 21,561 14,893 10,070 8,375 8,122 7,686 6,322 5,419 Deal Count 73 72 73 48 64 34 51 12 15 50 43 5 45 3 33 14 8 19 22 6

League Table of Financial Advisers to US M&A: Volume
Y/E 2008 2 3 5 1 6 9 8 7 12 4 35 13 11 25 20 24 14 62 16 17 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Goldman Sachs JPMorgan Morgan Stanley Bank of America Merrill Lynch Credit Suisse Lazard Citigroup UBS Investment Bank Deutsche Bank Houlihan Lokey Barclays Capital Rothschild Jefferies & Company Sandler O'Neill & Partners PricewaterhouseCoopers RBC Capital Markets William Blair & Company Greenhill & Co Wells Fargo Securities KPMG Value (US$m) 243,468 172,551 190,661 158,439 94,933 32,854 160,578 21,561 30,520 2,782 130,816 10,070 6,322 2,179 2,043 7,686 390 54,028 2,963 1,392 Deal Count 73 73 72 64 51 50 48 45 43 39 34 33 22 22 20 19 16 15 15 15

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Americas: League Tables of Financial Advisers
League Table of Financial Advisers to US Mid-Market M&A: Value
Y/E 2008 1 10 5 4 2 7 13 8 6 21 9 20 46 36 3 12 47 40 32 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name JPMorgan Morgan Stanley Credit Suisse Goldman Sachs Bank of America Merrill Lynch Houlihan Lokey Deutsche Bank Lazard UBS Investment Bank Sandler O'Neill & Partners Citigroup RBC Capital Markets Barclays Capital Keefe, Bruyette & Woods Jefferies & Company Rothschild Royal Bank of Scotland Group Greenhill & Co Stifel, Nicolaus & Company Tudor, Pickering, Holt & Co Value (US$m) 3,956 2,801 2,570 2,265 2,033 1,950 1,667 1,580 1,572 1,124 1,119 1,026 983 974 954 901 769 699 651 604 Deal Count 28 22 19 20 19 20 17 18 15 13 11 11 11 10 14 13 7 7 7 4

League Table of Financial Advisers to US Mid-Market M&A: Volume
Y/E 2008 2 15 5 1 6 3 8 13 7 4 23 10 11 17 58 30 28 20 43 67 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name JPMorgan Morgan Stanley Goldman Sachs Houlihan Lokey Credit Suisse Bank of America Merrill Lynch Lazard Deutsche Bank UBS Investment Bank Jefferies & Company Sandler O'Neill & Partners Rothschild Citigroup RBC Capital Markets Barclays Capital Keefe, Bruyette & Woods Thomas Weisel Partners Group Oppenheimer & Co Royal Bank of Scotland Group Greenhill & Co Value (US$m) 3,956 2,801 2,265 1,950 2,570 2,033 1,580 1,667 1,572 954 1,124 901 1,119 1,026 983 974 520 306 769 699 Deal Count 28 22 20 20 19 19 18 17 15 14 13 13 11 11 11 10 8 8 7 7

* Mid-Market based on deal value range of US$ 10m - US$ 250m

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Americas: League Tables of Financial Advisers
Financial Advisers to Canadian M&A: Value
Y/E 2008 3 2 15 9 10 12 14 4 24 19 11 8 13 1 7 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name RBC Capital Markets CIBC World Markets Morgan Stanley Deutsche Bank Goldman Sachs Credit Suisse Macquarie Group Scotia Capital TD Securities UBS Investment Bank Peters & Co BMO Capital Markets JPMorgan Bank of America Merrill Lynch Rothschild Value (US$m) 42,456 25,842 25,489 18,905 12,102 9,156 7,498 6,679 6,534 6,222 5,438 5,346 4,131 4,061 3,762 Deal Count 27 17 10 3 13 4 14 12 14 5 16 16 7 6 5

Financial Advisers to Canadian M&A: Volume
Y/E 2008 2 1 18 4 12 7 37 3 6 9 17 15 28 13 14 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name RBC Capital Markets CIBC World Markets Peters & Co BMO Capital Markets Macquarie Group TD Securities Goldman Sachs Scotia Capital GMP Securities Morgan Stanley National Bank Financial FirstEnergy Capital Cormark Securities Canaccord Adams JPMorgan Value (US$m) 42,456 25,842 5,438 5,346 7,498 6,534 12,102 6,679 1,830 25,489 3,296 3,233 898 409 4,131 Deal Count 27 17 16 16 14 14 13 12 12 10 10 10 9 8 7

Financial Advisers to Central & South American M&A: Value
Y/E 2008 6 4 1 3 47 2 23 5 77 61 63 57 20 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name UBS Investment Bank Credit Suisse Rothschild JPMorgan Banco Bradesco Morgan Stanley BNP Paribas Citigroup CALYON Estater Assessoria Financeira Global M&A Deutsche Bank Deloitte Banco Fator Santander Global Banking and Markets Value (US$m) 9,859 8,173 7,906 6,685 5,605 5,329 5,222 4,982 3,496 2,922 2,205 2,202 2,000 1,895 1,796 Deal Count 12 15 6 14 7 11 4 8 2 3 3 4 2 1 4

Financial Advisers to Central & South American M&A: Volume
Y/E 2008 3 2 1 6 4 34 5 18 36 15 12 7 9 8 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Credit Suisse JPMorgan UBS Investment Bank Morgan Stanley Citigroup Banco Bradesco Rothschild BNP Paribas Deutsche Bank Santander Global Banking and Markets Estater Assessoria Financeira Global M&A Goldman Sachs PricewaterhouseCoopers Bank of America Merrill Lynch Value (US$m) 8,173 6,685 9,859 5,329 4,982 5,605 7,906 5,222 2,202 1,796 2,922 2,205 953 685 545 Deal Count 15 14 12 11 8 7 6 4 4 4 3 3 3 3 3

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Americas: League Tables of Financial Advisers
Financial Advisers to US (North East) M&A: Value
Y/E 2008 2 8 1 4 3 24 16 7 21 11 9 6 10 40 26 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Citigroup Morgan Stanley Goldman Sachs JPMorgan Bank of America Merrill Lynch Barclays Capital Evercore Partners Credit Suisse Perella Weinberg Partners Lazard Centerview Partners Deutsche Bank UBS Investment Bank Blackstone Group Holdings Jefferies & Company Value (US$m) 147,144 147,001 139,900 136,714 111,814 92,869 77,903 70,531 24,593 20,938 14,881 9,740 9,012 6,530 4,932 Deal Count 28 40 32 35 32 11 7 26 3 24 2 22 24 8 13

Financial Advisers to US (North East) M&A: Volume
Y/E 2008 5 2 1 3 4 7 6 8 12 11 10 32 15 24 18 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Morgan Stanley JPMorgan Goldman Sachs Bank of America Merrill Lynch Citigroup Credit Suisse Lazard UBS Investment Bank Deutsche Bank Houlihan Lokey Jefferies & Company Barclays Capital Rothschild Sandler O'Neill & Partners KPMG Value (US$m) 147,001 136,714 139,900 111,814 147,144 70,531 20,938 9,012 9,740 1,726 4,932 92,869 1,366 1,729 1,257 Deal Count 40 35 32 32 28 26 24 24 22 16 13 11 11 10 9

Financial Advisers to US (Mid-West) M&A: Value
Y/E 2008 3 1 4 2 10 16 12 18 7 6 20 42 25 17 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Goldman Sachs Bank of America Merrill Lynch Citigroup JPMorgan Morgan Stanley Barclays Capital Credit Suisse Rothschild Deutsche Bank UBS Investment Bank Centerview Partners RBC Capital Markets Scotia Capital PricewaterhouseCoopers Greenhill & Co Value (US$m) 29,396 23,510 17,386 14,723 12,978 11,885 10,040 5,807 4,829 4,378 4,241 3,747 3,502 1,683 1,200 Deal Count 17 20 12 20 10 9 9 15 7 8 1 3 1 3 2

Financial Advisers to US (Mid-West) M&A: Volume
Y/E 2008 1 3 2 16 8 6 7 55 5 11 10 49 4 13 20 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Bank of America Merrill Lynch JPMorgan Goldman Sachs Rothschild Citigroup Lazard Morgan Stanley Barclays Capital Credit Suisse William Blair & Company UBS Investment Bank Keefe, Bruyette & Woods Houlihan Lokey Lincoln International Deutsche Bank Value (US$m) 23,510 14,723 29,396 5,807 17,386 1,032 12,978 11,885 10,040 177 4,378 524 483 41 4,829 Deal Count 20 20 17 15 12 12 10 9 9 9 8 8 8 8 7

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Americas: League Tables of Financial Advisers
Financial Advisers to US (South) M&A: Value
Y/E 2008 6 1 3 4 14 8 19 2 5 23 17 22 163 15 74 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Citigroup Bank of America Merrill Lynch Goldman Sachs Morgan Stanley Barclays Capital Credit Suisse Lazard JPMorgan UBS Investment Bank Greenhill & Co Deutsche Bank Rothschild Blackstone Group Holdings Evercore Partners Rabobank Value (US$m) 33,723 24,899 23,932 17,507 15,405 13,469 13,253 11,301 8,148 7,938 4,994 4,710 4,615 4,375 3,199 Deal Count 17 25 21 20 13 15 18 24 15 9 15 11 6 5 2

Financial Advisers to US (South) M&A: Volume
Y/E 2008 1 2 4 3 5 10 8 7 6 14 38 18 29 60 9 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Bank of America Merrill Lynch JPMorgan Houlihan Lokey Goldman Sachs Morgan Stanley Lazard Citigroup Credit Suisse UBS Investment Bank Deutsche Bank Barclays Capital Rothschild Sandler O'Neill & Partners Greenhill & Co Jefferies & Company Value (US$m) 24,899 11,301 934 23,932 17,507 13,253 33,723 13,469 8,148 4,994 15,405 4,710 536 7,938 2,309 Deal Count 25 24 22 21 20 18 17 15 15 15 13 11 11 9 8

Financial Advisers to US (West) M&A: Value
Y/E 2008 1 14 17 3 5 2 7 10 13 12 9 11 4 18 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Goldman Sachs Barclays Capital Greenhill & Co Morgan Stanley Bank of America Merrill Lynch JPMorgan Citigroup Credit Suisse Lazard Deutsche Bank Perella Weinberg Partners Evercore Partners UBS Investment Bank Allen & Company Guggenheim Securities Value (US$m) 78,671 44,920 44,446 43,061 41,828 33,368 27,751 26,905 19,331 19,089 13,653 10,406 8,405 4,605 3,925 Deal Count 27 13 3 23 22 20 13 23 23 17 1 5 13 4 1

Financial Advisers to US (West ) M&A: Volume
Y/E 2008 3 5 7 12 1 4 8 33 9 6 18 26 2 20 17 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Goldman Sachs Morgan Stanley Credit Suisse Lazard Bank of America Merrill Lynch JPMorgan Deutsche Bank Barclays Capital Citigroup UBS Investment Bank RBC Capital Markets Piper Jaffray & Co Houlihan Lokey Oppenheimer & Co Rothschild Value (US$m) 78,671 43,061 26,905 19,331 41,828 33,368 19,089 44,920 27,751 8,405 2,431 1,499 261 247 3,251 Deal Count 27 23 23 23 22 20 17 13 13 13 10 10 10 10 7

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Asia-Pacific: M&A roundup Q1-Q3 2009
Asia-Pacific M&A activity holding strong Asia-Pacific M&A activity continues to fare better than in other regions, with 1,359 transactions announced with a total value of $210bn – a drop in both value and volume of approximately 25% on the same period in 2008, as opposed to global drops exceeding 40%. The upward trend in the region’s contribution to global deal-making also continues, accounting for 21% of
600 125 150
Value Volume

Asia-Pacific M&A Activity - Quarterly (incl Japan)
800

700

global M&A value and 23% of global M&A volume this year to date, up from 15% and 18% respectively for the first three quarters of 2008. Aggregate deal value in Asia-Pacific exceeds that in Europe for the second quarter running. Significant Energy, Mining and Utilities deals lapsing More transactions in the Energy, Mining and Utilities sector have lapsed in 2009 than any other sector. During
50 100 500

Value of Deals ($bn)

75

400

300

the first nine months of 2009, the region has seen the lapsing of 18 deals worth $25.6bn in the sector – making up 66.8% of the total value of lapsed Asia-Pacific deals of $38.3bn. Two Sino-Australian deals – the $11.8bn tie-up between Chinalco and Rio Tinto (excluding a $7.2bn convertible bond component), and the $2.4bn deal for Oz Minerals by China Minmetals – failed to materialise after heated debates in Australia on national interests and the country’s national resources and rejection by Australian regu0 0 Qtr 1 Qtr 2 03 03 Qtr 3 Qtr 4 03 03 Qtr 1 Qtr 2 04 04 Qtr 3 Qtr 4 04 04 Qtr 1 Qtr 2 05 05 Qtr 3 Qtr 4 05 05 Qtr 1 Qtr 2 Qtr 3 06 06 06 Qtr 4 Qtr 1 06 07 Qtr 2 Qtr 3 07 07 Qtr 4 Qtr 1 07 08 Qtr 2 Qtr 3 08 08 Qtr 4 Qtr 1 08 09 Qtr 2 Qtr 3 09 09 25 100 200

lators. In China, regulators stopped the $7.4bn bid for SDIC Electric Power by SDIC Huajing Power. M&A in Financial Services dominates in Japan Most of the deal-making in Japan took place in the Financial Services sector, which provided $24bn of the total Japanese M&A deal value of $45.2bn announced so far this year. Three of the top 10 announced deals in AsiaPacific this year are Japanese Financial Services deals. South Korea overtakes India as fourth largest M&A market
22 32

Asia-Pacific Mid Market M&A Activity - Quarterly (incl Japan, $10m to $250m)
500
Value

30 28 26 24

Volume

450

400

350

With continued consolidation among South Korean enterprises, the country becomes the fourth largest M&A market in Asia-Pacific in terms of both deal value and deal volume this year to date, with 129 deals valued at $13.9bn. In Q3 2009, South Korea has seen Honam Petrochemical’s $633m privatization of KP Chemical, Hite Holdings’ stake acquisition in Hite Brewery for $318m, and Kumho Asiana’s $179m consolidation of Kumho Terminal with Korea Express, which is 55.7% owned by Kumho Asiana. International advisors regain top spots in league tables After a surprise performance by China’s CITIC Securities in H1 2009, Morgan Stanley once again tops the financial advisor league tables for Asia-Pacific (ex-Japan) by both value and volume with 35 deals valued at $24.9bn. UBS follows closely by value, and Ernst & Young by volume.
Value of Deals ($bn)

20 300 18 16 14 200 12 10 8 6 4 50 2 0 Qtr 1 03 Qtr 2 Qtr 3 03 03 Qtr 4 03 Qtr 1 04 Qtr 2 Qtr 3 04 04 Qtr 4 04 Qtr 1 05 Qtr 2 Qtr 3 05 05 Qtr 4 05 Qtr 1 06 Qtr 2 Qtr 3 06 06 Qtr 4 06 Qtr 1 Qtr 2 07 07 Qtr 3 07 Qtr 4 07 Qtr 1 Qtr 2 08 08 Qtr 3 08 Qtr 4 08 Qtr 1 Qtr 2 09 09 Qtr 3 09 0 100 250

150

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Volume of Deals

Volume of Deals

Asia-Pacific: Top Announced Deals Q1-Q3 2009
Top 10 Announced Asia-Pacific Deals Q1-Q3 2009
Announced Date 16-May-09 Bidder Company China Yangtze Power Co Ltd Bidder Financial Advisor CITIC Securities Target Company China Three Gorges Project Corporation (hydroelectricity generation assets and stakes in peripheral service companies) Nikko Business Systems; Nikko Citigroup (domestic equity and debt underwriting business); Nikko Cordial Securities Inc; and Nikko Systems Solutions China Construction Bank Corporation (5.78% stake) Advising seller: Citigroup Target/Seller Financial Advisor Seller Company China Three Gorges Project Corporation Deal Value (US$m) 15,725

01-May-09

Sumitomo Mitsui Banking Corporation

Goldman Sachs

Citigroup Inc

7,822

13-May-09

BOCI Asia Limited; China Life Insurance (Group) Company; Hopu Investment Management Co Ltd; and Temasek Holdings Pte Ltd Singapore Technologies Telemedia Pte Ltd Sompo Japan Insurance Inc

Bank of China International Holdings

Advising seller: Bank of America Merrill Lynch

Bank of America Corporation

7,319

14-Sep-09

Macquarie Group

eircom Holdings Limited

Merrion Capital Group; Rothschild; UBS Investment Bank Bank of America Merrill Lynch; Mitsubishi UFJ Securities

6,044

29-Jul-09

Goldman Sachs; Mizuho Financial Group; Nomura Holdings

Nipponkoa Insurance Co Ltd

4,685

11-May-09

Kirin Holdings Company Limited

Deutsche Bank; JPMorgan

Lion Nathan Limited (53.87% stake)

Caliburn Partnership

4,009

20-Apr-09

National Company KazMunaiGaz; and CNPC Exploration and Development Company Limited Daiwa Securities Group Inc Advanced Technology Investment Company GCL-Poly Energy Holdings Limited

Citigroup; Royal Bank of Scotland Group

MangistauMunaiGaz JSC

Bank of America Merrill Lynch; JPMorgan; Advising seller: Morgan Stanley

Medco Energy US LLC

3,300

10-Sep-09 07-Sep-09 23-Jun-09

Daiwa Securities SMBC Co. Ltd (40% stake) Credit Suisse First Shanghai Investments; HSBC Bank; Industrial and Commercial Bank of China Chartered Semiconductor Manufacturing Ltd GCL Solar Energy Technology Holdings Inc Citigroup; Deutsche Bank; Morgan Stanley

Sumitomo Mitsui Financial Group Inc Temasek Holdings Pte Ltd Happy Genius Holdings Limited; Mandra Esop Limited; Mandra Materials Limited; and Mandra Silicon Limited

2,922 2,861 2,794

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Asia-Pacific: Breakdown of Announced Deals Q1-Q3 2009
Mix of Announced Asia-Pacific Deals by Industry Sector Q1-Q3 2009 - Value Mix of Announced Asia-Pacific Deals by Industry Sector Q1-Q3 2009 - Volume
Agriculture 1.3% Financial Services 23.8% Real Estate 3.8% Construction 3.5% Business Services 3.5% Pharma, Medical & Biotech 4.4% Industrials & Chemicals 18.8%

Industrials & Chemicals 9.2%

Transport 4.3%

Real Estate 2.2%

Consumer 11.8%

Leisure 2.9% Telco 1.7%

Agriculture 0.7% Media 2.3% Construction 2.2% Technology 8.2% Financial Services 10.6%

Pharma, Medical & Biotech 2.2%

Transport 4.3%

Business Services 10.7% Energy, Mining & Utilities 23.6%

Leisure 1.3%

Telco 6.5% Media 1.4% Technology 7.3%

Energy, Mining & Utilities 13.5% Consumer 13.9%

Mix of Announced Asia-Pacific Deals by Geographic Region Q1-Q3 2009 - Value

Mix of Announced Asia-Pacific Deals by Geographic Region Q1-Q3 2009 - Volume

New Zealand 0.2% Other 9.3% Indonesia 1.5% Singapore 3.6% Hong Kong 5.0% China 33.3% New Zealand 2.1% Indonesia 2.1% Singapore 2.3% Hong Kong 6.1% China 27.7% Other 8.5%

India 4.8% India 8.8% South Korea 6.6%

South Korea 9.5% Australia 14.2% Japan 21.5% Japan 19.7%

Australia 13.1%

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Asia-Pacific: League Tables of Financial Advisers
League Table of Financial Advisers to Asia-Pacific ex. Japan M&A: Value
Y/E 2008 7 6 5 8 2 3 4 11 16 13 25 1 19 164 33 22 32 15 49 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 House Morgan Stanley UBS Investment Bank Bank of America Merrill Lynch Credit Suisse JPMorgan CITIC Securities Citigroup Goldman Sachs Deutsche Bank Macquarie Group Nomura Holdings China International Capital Royal Bank of Scotland Group RBC Capital Markets HSBC Bank BNP Paribas Ernst & Young Caliburn Partnership Bank of China International Holdings Industrial and Commercial Bank of China Value (US$m) 24,944 24,643 20,639 19,098 18,798 18,330 18,100 17,685 14,389 12,614 11,202 10,426 9,932 8,833 8,118 6,714 6,141 5,908 5,746 5,609 Deal Count 35 27 19 21 17 4 22 29 24 25 15 12 12 2 15 6 32 6 7 4

League Table of Financial Advisers to Asia-Pacific ex. Japan M&A: Volume
Y/E 2008 6 4 10 5 1 2 14 9 7 13 8 12 22 41 37 16 11 19 38 15 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 House Morgan Stanley Ernst & Young Goldman Sachs UBS Investment Bank PricewaterhouseCoopers Macquarie Group Deutsche Bank Deloitte Citigroup Credit Suisse Bank of America Merrill Lynch JPMorgan Somerley Nomura Holdings HSBC Bank Optima Capital CIMB Group M&A International Gresham Advisory Partners Rothschild Value (US$m) 24,944 6,141 17,685 24,643 2,820 12,614 14,389 4,656 18,100 19,098 20,639 18,798 2,527 11,202 8,118 1,796 691 3,126 1,631 5,403 Deal Count 35 32 29 27 27 25 24 23 22 21 19 17 16 15 15 15 15 14 14 13

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Asia-Pacific: League Tables of Financial Advisers
League Table of Financial Advisers to Asia-Pacific ex. Japan Mid-Market M&A: Value
Y/E 2008 24 10 1 12 6 11 2 22 4 25 9 5 13 8 14 19 23 31 166 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 House Credit Suisse Bank of America Merrill Lynch Macquarie Group Morgan Stanley Deutsche Bank Citigroup PricewaterhouseCoopers Gresham Advisory Partners UBS Investment Bank Optima Capital Ernst & Young CIMB Group Rothschild JPMorgan Somerley ICICI Bank M&A International Caliburn Partnership China Merchants Securities Guangdong Securities Value (US$m) 1,501 1,211 1,165 1,022 1,019 899 796 708 695 684 676 675 657 593 569 535 515 513 512 499 Deal Count 10 8 14 11 11 5 14 10 6 11 16 13 7 5 11 6 9 4 3 3

League Table of Financial Advisers to Asia-Pacific ex. Japan Mid-Market M&A: Volume
Y/E 2008 4 3 1 5 19 9 8 16 22 24 6 13 11 17 15 12 20 7 18 21 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 House Ernst & Young Macquarie Group PricewaterhouseCoopers CIMB Group Morgan Stanley Deutsche Bank Optima Capital Somerley Credit Suisse Gresham Advisory Partners Deloitte M&A International Bank of America Merrill Lynch Goldman Sachs Rothschild OSK Investment Bank AmInvestment Bank UBS Investment Bank ICICI Bank Royal Bank of Scotland Group Value (US$m) 676 1,165 796 675 1,022 1,019 684 569 1,501 708 405 515 1,211 472 657 471 393 695 535 492 Deal Count 16 14 14 13 11 11 11 11 10 10 10 9 8 8 7 7 7 6 6 6

* Mid-market based on deal value range of US$ 10m - US$ 250m

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Asia-Pacific: League Tables of Financial Advisers
Financial Advisers to Asia (ex. Japan & Australasia) M&A: Value
Y/E 2008 6 4 10 9 2 5 3 11 22 1 13 21 15 29 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Morgan Stanley Bank of America Merrill Lynch UBS Investment Bank Credit Suisse CITIC Securities Citigroup JPMorgan Goldman Sachs Nomura Holdings China International Capital Deutsche Bank RBC Capital Markets Royal Bank of Scotland Group Macquarie Group HSBC Bank Value (US$m) 22,075 20,322 19,129 18,848 18,330 16,066 12,367 11,756 10,426 10,426 9,838 8,800 8,204 7,543 6,125 Deal Count 32 18 20 16 4 20 14 15 14 12 17 1 7 11 13

Financial Advisers to Asia (ex. Japan & Australasia) M&A: Volume
Y/E 2008 6 2 8 5 1 4 12 7 18 11 14 3 10 37 32 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Morgan Stanley Ernst & Young UBS Investment Bank Citigroup PricewaterhouseCoopers Bank of America Merrill Lynch Deutsche Bank Credit Suisse Somerley Goldman Sachs Optima Capital CIMB Group JPMorgan Nomura Holdings HSBC Bank Value (US$m) 22,075 5,553 19,129 16,066 2,675 20,322 9,838 18,848 2,527 11,756 1,796 691 12,367 10,426 6,125 Deal Count 32 22 20 20 20 18 17 16 16 15 15 15 14 14 13

Financial Advisers to Greater China M&A: Value
Y/E 2008 2 4 8 1 10 9 13 3 23 20 6 99 15
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Financial Advisers to Greater China M&A: Volume
Value (US$m) 18,330 15,574 12,775 10,426 10,067 8,800 8,059 7,644 5,903 5,746 5,609 4,979 4,640 4,255 4,233 Deal Count 4 8 20 12 7 1 9 9 5 7 4 4 5 5 9
32

Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Company Name CITIC Securities Bank of America Merrill Lynch Morgan Stanley China International Capital Credit Suisse RBC Capital Markets UBS Investment Bank Goldman Sachs JPMorgan Bank of China International Holdings Industrial and Commercial Bank of China BNP Paribas Citigroup Nomura Holdings Deutsche Bank

Y/E 2008 4 5 1 2 7 16 3 11 13 27 22 18 6 37 28

Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Company Name Morgan Stanley Somerley Optima Capital China International Capital PricewaterhouseCoopers CIMB Group UBS Investment Bank Goldman Sachs Deutsche Bank Taifook Capital Bank of America Merrill Lynch M&A International Credit Suisse Bank of China International Holdings Access Capital

Value (US$m) 12,775 2,527 1,796 10,426 2,221 343 8,059 7,644 4,233 328 15,574 2,275 10,067 5,746 338

Deal Count 20 16 15 12 10 10 9 9 9 9 8 8 7 7 7

mergermarket Preliminary Global M&A Round-up for Q1-Q3 2009

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Asia-Pacific: League Tables of Financial Advisers
Financial Advisers to Australasian M&A: Value
Y/E 2008 2 4 9 8 3 12 18 10 16 6 1 30 14 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name UBS Investment Bank Macquarie Group JPMorgan Goldman Sachs Caliburn Partnership Deutsche Bank Rothschild Citigroup Deloitte Merrion Capital Group Morgan Stanley Grant Samuel Wilson HTM Corporate Finance HSBC Bank Gryphon Partners Value (US$m) 15,986 11,450 7,537 7,315 5,908 5,563 5,096 4,947 3,679 3,555 3,419 2,595 2,592 1,993 1,824 Deal Count 12 16 6 15 6 10 9 5 16 1 4 6 2 2 4

Financial Advisers to Australasian M&A: Volume
Y/E 2008 1 2 6 17 8 5 14 10 4 7 13 12 18 16 9 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Macquarie Group Deloitte Goldman Sachs Gresham Advisory Partners Ernst & Young UBS Investment Bank Deutsche Bank Rothschild PricewaterhouseCoopers JPMorgan Caliburn Partnership Grant Samuel Credit Suisse Citigroup Royal Bank of Scotland Group Value (US$m) 11,450 3,679 7,315 1,631 637 15,986 5,563 5,096 145 7,537 5,908 2,595 800 4,947 1,728 Deal Count 16 16 15 14 13 12 10 9 7 6 6 6 6 5 5

Financial Advisers to Japanese M&A: Value
Y/E 2008 1 2 13 12 7 11 8 3 4 21 32 5 31 20 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Nomura Holdings Goldman Sachs Citigroup Mizuho Financial Group Mitsubishi UFJ Securities JPMorgan Daiwa Securities Group Bank of America Merrill Lynch Morgan Stanley Deutsche Bank Caliburn Partnership UBS Investment Bank Standard Chartered Jefferies & Company Ernst & Young Value (US$m) 22,280 18,189 17,391 12,255 9,501 6,979 6,574 5,165 5,052 4,154 4,009 3,474 3,436 2,630 2,571 Deal Count 59 7 26 39 21 5 36 5 5 2 1 5 3 4 11

Financial Advisers to Japanese M&A: Volume
Y/E 2008 1 5 3 4 2 7 9 11 17 6 8 18 14 13 10 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Nomura Holdings Mizuho Financial Group Daiwa Securities Group Citigroup Mitsubishi UFJ Securities GCA Savvian PricewaterhouseCoopers Ernst & Young Deloitte Goldman Sachs KPMG Credit Suisse JPMorgan Bank of America Merrill Lynch Morgan Stanley Value (US$m) 22,280 12,255 6,574 17,391 9,501 1,130 2,470 2,571 556 18,189 1,158 1,362 6,979 5,165 5,052 Deal Count 59 39 36 26 21 18 16 11 8 7 7 6 5 5 5

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Asia-Pacific: League Tables of Financial Advisers
Financial Advisers to South East Asian M&A: Value
Y/E 2008 17 2 10 11 5 15 21 8 1 23 45 3 68 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name UBS Investment Bank Citigroup Macquarie Group Bank of America Merrill Lynch Morgan Stanley Deutsche Bank Standard Chartered JPMorgan Credit Suisse Rothschild Merrion Capital Group Royal Bank of Scotland Group Goldman Sachs Nomura Holdings Ernst & Young Value (US$m) 10,294 7,477 6,793 6,321 6,197 6,072 4,020 3,635 3,629 3,577 3,555 2,883 2,173 2,062 1,247 Deal Count 7 8 3 5 5 9 5 2 3 3 1 2 2 3 2

Financial Advisers to South East Asian M&A: Volume
Y/E 2008 18 8 9 12 1 11 10 25 2 26 27 6 3 20 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Deutsche Bank Citigroup AmInvestment Bank UBS Investment Bank CIMB Group Bank of America Merrill Lynch Morgan Stanley Standard Chartered OSK Investment Bank HSBC Bank KPMG Macquarie Group Credit Suisse Rothschild Nomura Holdings Value (US$m) 6,072 7,477 402 10,294 385 6,321 6,197 4,020 212 906 242 6,793 3,629 3,577 2,062 Deal Count 9 8 8 7 6 5 5 5 5 4 4 3 3 3 3

Financial Advisers to Indian M&A: Value
Y/E 2008 2 10 20 54 30 11 15 1 5 7 19 32 9 22 Q1-Q3 2009 1 2 3 4= 4= 4= 7 8 9 10 11 12 13 14 15 Company Name Citigroup JM Financial Kotak Investment Banking Barclays Capital Credit Suisse Royal Bank of Scotland Group Ernst & Young Bank of America Merrill Lynch Morgan Stanley Nomura Holdings Bryan, Garnier & Co UBS Investment Bank Avendus Capital Goldman Sachs ICICI Bank Value (US$m) 3,591 3,259 2,863 2,570 2,570 2,570 2,354 2,054 1,954 1,537 783 776 615 578 535 Deal Count 5 3 7 1 1 1 12 3 3 2 1 4 5 1 6

Financial Advisers to Indian M&A: Volume
Y/E 2008 1 8 3 5 9 22 7 14 4 13 40 20 27 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Ernst & Young BMR Advisors Private Kotak Investment Banking ICICI Bank Citigroup Avendus Capital UBS Investment Bank PricewaterhouseCoopers JM Financial Bank of America Merrill Lynch Morgan Stanley Grant Thornton Corporate Finance o3 Capital Advisors Singhi Advisors Nomura Holdings Value (US$m) 2,354 259 2,863 535 3,591 615 776 204 3,259 2,054 1,954 271 18 15 1,537 Deal Count 12 8 7 6 5 5 4 4 3 3 3 3 3 3 2

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Asia-Pacific: League Tables of Financial Advisers
Financial Advisers to South Korean M&A: Value
Y/E 2008 9 6 23 7 5 22 18 16 14 8 20 Q1-Q3 2009 1 2 3 4 5 6 7 8 9= 9= 11 12 13 14= 14= Company Name Morgan Stanley JPMorgan Nomura Holdings Woori Investment & Securities Citigroup Samsung Securities Ernst & Young Korea Investment & Securities Deutsche Bank Lazard Cowen and Company ING Goldman Sachs HSBC Bank WestLB Mergers & Acquisitions Value (US$m) 4,458 3,760 2,572 2,199 2,008 1,915 1,883 1,805 1,800 1,800 999 979 931 900 900 Deal Count 5 4 4 4 3 2 5 1 1 1 1 2 2 1 1

Financial Advisers to South Korean M&A: Volume
Y/E 2008 1 8 2 6 17 5 4 7 10 19 16 24 14 Q1-Q3 2009 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name PricewaterhouseCoopers Morgan Stanley Ernst & Young JPMorgan Nomura Holdings Woori Investment & Securities Macquarie Group Citigroup Samsung Securities ING Goldman Sachs Standard Chartered Hana Daetoo Investment Bank Credit Suisse KPMG Value (US$m) 501 4,458 1,883 3,760 2,572 2,199 503 2,008 1,915 979 931 738 501 179 167 Deal Count 6 5 5 4 4 4 4 3 2 2 2 2 2 2 2

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Criteria
The global Q1-Q1-Q3 2009 house league tables are based on announced transactions over US$ 5m in the period from 1 January 2009 to 22 September 2009. Deals with undisclosed deal values are included where the target’s turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$ 100m. Activities excluded from the league tables include property transactions and restructurings where the ultimate shareholders’ interests are not changed. League tables are based on the dominant geography of the target, bidder or seller. The trend graphs and pie charts are based on the dominant industry and/or dominant geography of the target and include announced transactions over US$ 5m in the given time period. Deals with undisclosed deal values are included where the target’s turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$ 100m. Activities excluded from the graphs and charts include property transactions and restructurings where the ultimate shareholders’ interests are not changed. The top deals tables are based on announced transactions between 1 January 2009 and 22 September 2009 and are based on dominant geography of the target only. Unless stated otherwise, all data excludes lapsed and withdrawn bids. All data correct as of 23 September 2009. Nordic: Benelux: Iberia: CEE: Denmark, Sweden, Finland, Norway, Faroe Islands, Greenland and Iceland Belgium, the Netherlands and Luxembourg Portugal and Spain Armenia, Azerbaijan, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Hungary, Latvia, Lithuania, Macedonia, Moldova, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Ukraine llinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Wisconsin Connecticut, Maine, Massachusetts, New Hamshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont Alabama, Arkansas, Delaware, District of Columbia, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, West Virginia Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming China, Hong Kong, Macau, Taiwan Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, Vietnam

US (Mid-West): US (North East): US (South): US (West): Greater China: South East Asia:

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About mergermarket
mergermarket is a mergers & acquisitions (M&A) intelligence service. mergermarket is part of The Mergermarket Group which has over 450 employees worldwide and regional head offices in New York, London and Hong Kong. In any market, the life blood of advisers is deal flow. mergermarket is unique in the provision of origination intelligence to the investment banking, Financial, private equity, acquisition finance, public relations (PR) and corporate markets. With an unrivalled network of analysts covering M&A in the Amerias, Europe, Middle-East, Africa and Asia-Pacific, mergermarket generates proprietary intelligence and delivers it together with daily aggregated content, on its mergermarket.com platform and by real-time email alerts to subscribers. This wealth of intelligence, together with a series of deal databases, individual and house league tables, profiles and editorial have proven time and time again that this product can and does generate real revenues for clients. This is apparent when you see that mergermarket is used by over 1500 of the world’s foremost advisory firms to assist in their origination process.

Contact: Europe: Flora Wilke flora.wilke@mergermarket.com Tel: +44 207 059 6348

Americas: Hannah Bagshawe hannah.bagshawe@mergermarket.com Tel: +1 646 378 3194

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