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DEALS INTELLIGENCE I SEPTEMBER 16, 2010

INVESTMENT BANKING SCORECARD
Investment Banking Volume by Asset Class

Equity Capital Markets by Issue Type

$1,400

2010ytd
Loans

ECM

DCM

M&A

$1,200

2009ytd
$0

$1,000

$100

$200

$300

$400

$500

$600

Volume ($b)

Volume ($b)

Follow-On

$800

Convertible

IPO

Debt Capital Markets by Issue Type
$600

2010ytd
$400

2009ytd

$0

$200

$1,000

$2,000

$3,000

$4,000

$5,000

Volume ($b)

$0
J 09

F

M

A

M

J

J

A

S

O

N

D

J10

F

M

A

M

J

J

A

S

Investment Grade Corporate

Agency, Supranational, Sovereign

Federal Credit Agency

MBS

ABS

High Yield Corporate

Emerging Market Corporate

Weekly Headlines
LARGEST YTD NUMBER OF EU BANKING M&A

RECORD OIL & GAS DEAL ANNOUNCED IN JAPAN

LOWEST WEEKLY IPOS SINCE MAY 31, 2009

Two of the top five M&A deals in the European banking
sector this year were recently announced with the $5.3 billion
acquisition of Bank Zachodni and a $4.9 billion investment in
Deutsche Postbank AG, ranking third and fifth place,
respectively. Volume in the sector is down 39% in Europe
compared to the same time last year, despite 381
announced deals so far in 2010 (up 11% from 344 deals at
this point in 2009) - the highest year-to-date number of deals
on record.
Activity in the broader financials sector in Europe follows the
same trend, with year-to-date number of deals totaling 1,290,
the largest on record, and total value down 29% from the
same time last year. M&A in the financial sector is the top
industry in Europe, with total value of $101.4 billion,
representing 25% of total activity in the region this year.

The recently announced $4.75 billion acquisition of oil & gas
company Japan Nuclear Fuel Limited by a consortium of 13
investors is the largest oil & gas M&A transaction on record in
Japan. Overall M&A activity is up 14% so far this year in
Japan, despite a 16% decline in the number of announced
deals with 1,489 deals in 2010 compared to 1,762 announced
this time last year. M&A activity is focused on the financial
industry in Japan, with 110 announced deals and total value
of just under $17 billion, accounting for 25% of all M&A
activity by value.

Despite this week's $1 billion IPO from China-based
Ningbo Port Co Ltd, there were just four global IPO's this
week, the lowest weekly number of offerings since the
week of May 31, 2009 which also saw four offerings.
Overall global ECM activity saw a slowdown this week,
with just 44 total offerings, the slowest week by number of
issues since February 14 2010, which saw 42.

Ningbo Port's IPO helps brings the total number of global
ECM offerings in the industrials sector to 334, the highest
year-to-date number of offerings since the same period in
Worldwide, M&A activity in 2010 in oil & gas has reached the 2007 which saw 361. Despite this uptick in number of
highest year-to-date level on record. With 1,178 deals this
offerings in the sector, total year-to-date proceeds is down
year and total value of $229 billion, activity in oil & gas M&A 2% compared to the same period last year.
has nearly doubled year-to-date compared to $114.6 from the
same time last year.

1

http://online.thomsonreuters.com/DealsIntelligence/

8 186.9) ▼ (1.4 4 5.1 5 5.8) ▼ (2.3 268.3 4.914.0 3.892.4) ▼ (1.7 261.1 54.3 171.024.9 66. Deals 212 144 181 163 165 152 137 98 61 77 2.5 100.3) ▼ (1.0 7 4.1 3 20.7) ▼ (16.3 ▲ 0.928.3 1 11.5 8 4.1 38.090.4) ▼ (3.628.2 1 23.9 3 8.7 168.9 ▲ 1.006.8 1 7.6 53.3 27.5 ▲ 05 0.7 8 11.0 Global Syndicated Loans (R1) Year-to-Date Proceeds Mkt.817.4 240.0 No.0 6 60.763.1 13 8 3.9) ▼ (3.9 7 4.9 5 5.7 4 7.0 10 2.057.0 Global Equity and Equity-related (C1) No.672.874.1) ▼ ▲ 1.6) ▼ (1.436.com/DealsIntelligence/ .303.0 Chg.6 16.7 158.541 http://online.681.5 100.0) ▼ (1.287.1 1 3 6.635.7 5 5.371.044.6 6 18.0 Chg.217.4) ▼ 0.1 9 147. Share Rank 2 8.540.6 5 6.4 5 5.1 1.7 100.2) ▼ (1.796.4 5.2 1 37.2 40. Deals 584 354 191 371 440 272 198 314 129 127 3. Deals 249 213 270 212 166 178 100 181 183 115 27.5 3 7.9 33.2 9.525 YTD Last Yr Mkt.5 5.056.446.444. in Mkt.2) ▼ 1.969.9 9 4.6 2 7.4 149.993.0) ▼ ▲ 1.1 100.4 57.thomsonreuters.0 8 4.2 3.4 3 6.0 10 2 10.584 YTD Last Yr Mkt.7 5 15. Rank Share 2 30.0 7 4.5 6 6.4 6 2.4 10 4.624.0 6 4.5 6 14.3 9 3.8 ▲ (3.974.515. 2010 LEAGUE TABLES Global Announced Mergers and Acquisitions (AD1) Advisor Goldman Sachs & Co JP Morgan Morgan Stanley Credit Suisse Bank of America Merrill Lynch Deutsche Bank AG Barclays Capital UBS Lazard Citi Industry Total Year-to-Date Volume Mkt.7 1 8.155.321. Share (0.9 278. Share Rank 1 15.5 229.3 7 4.4 10 4.768.3 4 7. Share (6. Deals 745 850 764 932 595 607 635 576 492 444 10.0 2 8.5 10 3.990. Share US$m Rank 37.8 5 22.1) ▼ YTD Last Yr Mkt.3) ▼ (0.9 12 3.5 ▲ (14.7 7 5.5 51.321.1 25.1 2.0 1.4 52.3) ▼ (8.1) ▼ (17 0) ▼ (17.0) ▼ (1.2 1.6 338.3 255. Share (7.7 2 11.567.9 7 17.1 8 3.4 168 790 0 10 168.4 4 7.4 4. in Mkt.535.3 3 7.3 ▲ (2.0 (0.0 Chg.9 ▲ (1.0) Bookrunner JP Morgan Goldman Sachs & Co Morgan Stanley Bank of America Merrill Lynch UBS Credit Suisse Citi Deutsche Bank AG Nomura Barclays Capital Top Ten Total Industry Total Global Debt (B1) Bookrunner Barclays Capital JP Morgan Bank of America Merrill Lynch Deutsche Bank AG Credit Suisse Citi Morgan Stanley UBS RBS Goldman Sachs & Co Top Ten Total Industry Total Year-to-Date Proceeds Mkt.2 9 10 874 2 10 10.3 4 16.0 31.7) ▼ (1.0 Chg.5 334.2 5.5 7 13. Proceeds Share US$m Rank 143.5 4 5 4.9 6 4.538.5 18.8 9 10.516.1 100.7 100.2 11 12.8) ▼ ▲ 0.3) ▼ (0.5 3 27 2 27.0 6 7 47.2) ▼ 0.DEALS INTELLIGENCE I SEPTEMBER 16. in Mkt.2) ▼ 1.1 18.974.3 36.3 68.1) ▼ Bookrunner Bank of America Merrill Lynch JP Morgan Citi Mizuho Financial Group Mitsubishi UFJ Financial Group Wells Fargo & Co BNP Paribas SA Sumitomo Mitsui Finl Grp Inc Deutsche Bank AG RBS Top Ten Total Industry Total Source: Thomson Reuters LPC 2 Year-to-Date Mkt. US$m Rank Share 284.0 4 22.6 458.0 227.8 11 19 1.790.1 141.0 4 6.0 No. Share 2.031.2 100.0 2 7.8 2 20.899.2 8 16. US$m Rank Share 388.2 259.0 ▲ (0.061.9) ▼ (0.3 15. Rank Share 2 8.5 701.0 3.3) ▼ (0.0 9 2.261.2) ▼ (0.3 No.492.305.2 179. in Mkt.1 100.5 57.7 3 7.648.0 9 14.9 ▲ (0.667.2 24 2.0 169.2) ▼ (2.0 79.7 8 3.686 YTD Last Yr Mkt.613.7) ▼ (5.2 1 9.119.

316. Japan) Australia China India Japan BRIC YTD Proceeds (US$b) 3.283 .9 14.5 758.1 2.489 5. 2.8 12.2 41.9 39.7 STRATEGIC M&A Deals % Change YoY 7.7 22.6 1.9 53.001 7.6 82.7 80.4 162.357 563 436 22 4 18 1.546 311 547 78 154 306 50 2.5 46.625 870 394 610 870 2.4 Deals 2.0 3.0 0.3 246.9 6.5 19. 2. Japan) Australia China India Japan BRIC YTD Volume (US$b) 1.DEALS INTELLIGENCE I SEPTEMBER 16.164 780 685 21 17 12 965 177 118 39 64 184 18 269 47 48 85 121 172 % Change YoY 145% ▲ 183% ▲ 232% ▲ 3% ▲ -53% ▼ -40% ▼ 179% ▲ 423% ▲ 27% ▲ 55% ▲ 320% ▲ 135% ▲ -61% ▼ 39% ▲ 276% ▲ 37% ▲ 136% ▲ -21% ▼ 47% ▲ HIGH YIELD CORPORATE DEBT YTD Proceeds (US$b) 193.9 276.0 34.9 Issues 388 313 294 0 2 57 13 8 3 4 9 16 1 10 10 % Change YoY 96% ▲ 79% ▲ 85% ▲ 167% 2654% 417% -20% ▲ ▲ ▲ ▼ 242% ▲ 372% ▲ 323% 927% ▲ 216% ▲ http://online.com/DealsIntelligence/ .3 313.2 0.8 264.1 56.5 56.4 1.8 41.5 66.7 31.420 7.236 .9 13.0 12.844 91% ▲ 317% ▲ 2.576 172 265 370 363 694 % Change YoY -10% ▼ -16% ▼ -20% ▼ 62% ▲ 18256% ▲ -53% ▼ -12% ▼ 2% ▲ -43% ▼ -15% ▼ 32% ▲ -2% ▼ 51% ▲ 5% ▲ 31% ▲ -22% ▼ 59% ▲ -11% ▼ -2% ▼ YTD Volume (US$b) 134.657 47 8 27 2.6 396.0 180.5 148.0 100.584 8.2 27.3 751.3 152.3 830.7 1.2 0.3 215.6 257.1 373.167 5.2 88.5 72.115 315% ▲ 982 185 371% ▲ 230 310% ▲ 168% ▲ 119 6% ▲ 3.1 14.2 13.0 5.9 17.9 0.1 2.291 561 64% ▲ -4% ▼ 323 117% ▲ 153 -45% ▼ 171 186% ▲ 244 -58% ▼ 331 1.7 562.0 19.6 18.8 37.6 367.3 321.3 Issues 4.1 7.0 363.2 72.9 30.0 72.613.7 25.505.187 % Change YoY 16% ▲ 31% ▲ 8% ▲ 68% ▲ 135% ▲ 118% ▲ -9% ▼ -19% ▼ -48% ▼ -27% ▼ 10% ▲ 8% ▲ 141% ▲ 7% ▲ -43% ▼ 18% ▲ 123% ▲ 16% ▲ 58% ▲ INVESTMENT GRADE CORPORATE DEBT SECURITIZATIONS YTD Proceeds (US$b) 510.0 0.1 78.0 41.3 30.1 12.5 7.7 2.9 Deals 27.019 7.4 YTD Volume (US$b) 1.0 1.5 218.7 36. 2010 REGIONAL DEALS MATRIX CROSS-BORDER M&A (by Target Nation) ALL M&A M&A Target Region/Nation Worldwide Americas United States Brazil Africa Middle East Europe United Kingdom Germany Italy Spain France Russia Asia (ex.0 3.0 386.4 0.836 1.2 143.4 15.1 410.3 78.9 31.2 0.7 13.9 38.2 83.168 780 1.0 5.359 % Change YoY 21% ▲ 38% ▲ 17% ▲ 65% ▲ 130% ▲ 116% ▲ -1% ▼ -6% ▼ -47% ▼ -21% ▼ 22% ▲ 17% ▲ 138% ▲ 8% ▲ -40% ▼ 19% ▲ 124% ▲ 14% ▲ 58% ▲ ALL DEBT CAPITAL MARKETS DCM Issuer Region/Nation Worldwide Americas United States Brazil Africa Middle East Europe United Kingdom Germany Italy Spain France Russia Asia (ex.120 695 1.6 25.8 69.0 0.8 2.6 497.239 206 279 373 585 749 % Change YoY -16% ▼ -16% ▼ -20% ▼ 74% ▲ -15% ▼ -24% ▼ -20% ▼ 4% ▲ -22% ▼ -16% ▼ -6% ▼ -38% ▼ 178% ▲ -7% ▼ -26% ▼ -18% ▼ 56% ▲ -5% ▼ 10% ▲ YTD Volume (US$b) 664.5 1.0 0.4 193.7 5.9 3.573.387 4.8 11.5 7.6 PRIVATE EQUITY M&A % Change YoY 51% ▲ 41% ▲ 41% ▲ -100% ▼ -81% ▼ 490% 503% 54% -13% 4122% -100% ▲ ▲ ▲ ▼ ▲ ▼ 36% ▲ 107% ▲ 98% ▲ -28% ▼ -45% ▼ YTD Proceeds (US$b) 1.6 24.0 0.200 Issues 785 568 536 0 1 0 97 35 6 2 7 0 0 64 19 0 3 55 3 3 Deals 25.4 7.0 0.115 4.2 10.266 207 160 65 77 237 37 1.0 70.6 172.548.9 117.3 47.8 72.0 141.0 34.3 18.2 2.4 21.0 225.8 98.1 47.9 115.3 14.1 16.4 4.4 66.0 34.9 190.944 49% ▲ 387 3% ▲ 489 11% ▲ 287% ▲ 195 64% ▲ 127 121% ▲ 1.321 1.3 3.2 65.801 1.5 2.2 5.2 5.448 752 355 546 686 2.9 0.9 Issues 10.648.643 371 428 320 8.0 149.8 59.0 7.4 0.368 5.8 3.9 128.328 392 445 332 9.thomsonreuters.3 2.4 97.513.052 1.525 5.9 0.0 74.

flasseur@thomsonreuters.541 1.0 163. With headquarters in New York and major operations in London and Eagan.8 0.5 10.toole@thomsonreuters.6 11.2 1.3 16.7 69.0 0.3 2.1 18.0 48.4 300.6 2.3 Issues % Change YoY 1.6 25.5 4.2 77.9 6.2 Issues 1.4 11.6 11.6 20. About Thomson Reuters Deals Intelligence Thomson Reuters Deals Intelligence.com http://online.6 59. Japan) Australia China India Japan BRIC YTD Proceeds (US$b) 458.com ASIA Amy Wang l +852 2843-1684 l amy.0 137.606 1.7 19.3 6.000 people and operates in over 100 countries.1 15.DEALS INTELLIGENCE I SEPTEMBER 16.2 0.686 728 457 18 30 26 428 132 45 16 16 38 10 1. tax and accounting.3 6.0 6.1 12.7 6.coldwell@thomsonreuters.0 80.2 2.3 Issues 2.com Elaine Tan l elaine.7 35.2 19.5 78.7 0.tan@thomsonreuters.9 5. powered by the world's most trusted news organization.6 11.7 671.101 52% ▲ 966 78% ▲ 96% ▲ 921 1 56% ▲ 4 2 -89% ▼ 80 6% ▲ 118% ▲ 19 -26% ▼ 9 14 173% ▲ 13 152% ▲ 6 8% ▲ 39 -29% ▼ 1 -97% ▼ 1 9 -63% ▼ 11 161% ▲ -31% ▼ 17 4 YTD Proceeds (US$b) 262.8 6.3 0.3 3.7 93. Japan) Australia China India Japan BRIC Source: Thomson Reuters LPC YTD Proceeds (US$b) 1.3 0.6 68.7 1.4 2.5 1.822 543 333 10 17 14 318 106 36 11 8 22 6 870 243 113 49 59 178 CONVERTIBLES % Change YoY -37% ▼ -38% ▼ -44% ▼ 89% ▲ 61% ▲ -30% ▼ -63% ▼ -82% ▼ 342% ▲ -36% ▼ -74% ▼ -79% ▼ 134% ▲ -17% ▼ -78% ▼ 59% ▲ 35% ▲ 16% ▲ 59% ▲ YTD Proceeds (US$b) 54.2 1.8 11. weekly Investment Banking Scorecard.7 10.9 10. monthly Deals Snapshots and our industry-leading quarterly reviews highlighting trends in M&A and Capital Markets.7 Issues 1.8 60.1 2.1 1. For more information. Contact Information: AMERICAS Matt Toole I (646)-223-7212 I matthew. 2010 REGIONAL DEALS MATRIX ALL EQUITY CAPITAL MARKETS ECM Issuer Region/Nation Worldwide Americas United States Brazil Africa Middle East Europe United Kingdom Germany Italy Spain France Russia Asia (ex. Minnesota.5 22.1 102.7 86.8 8. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial.056 199 % Change YoY 26% ▲ 61% ▲ 70% ▲ -9% ▼ 73% ▲ 8% ▲ -7% ▼ 20% ▲ -29% ▼ 31% ▲ -18% ▼ -4% ▼ 98% ▲ 32% ▲ 0% ▼ -75% ▼ 51% ▲ -5% ▼ 9% ▲ FOLLOW-ONS IPOs YTD Proceeds (US$b) 141. Thomson Reuters employs more than 50.388 10 16 13 324 53 50 29 44 51 15 527 25 44 130 1.2 12.7 8.wang@thomsonreuters.5 51.4 138.9 0.4 604.7 9.7 13.7 20. Thomson Reuters shares are listed on the Toronto Stock Exchange and New York Stock Exchange.7 178 85 49 2 1 36 7 2 4 3 6 42 6 8 6 12 14 % Change YoY 1% ▲ 15% ▲ 9% ▲ 51% ▲ -49% -32% -98% 111% -28% -80% ▼ ▼ ▼ ▲ ▼ ▼ 65% -5% 698% 444% ▲ ▼ ▲ ▲ 146% ▲ About Thomson Reuters Thomson Reuters is the world's leading source of intelligent information for businesses and professionals.3 3.com/DealsIntelligence/ . a part of Thomson Reuters Investment Banking division.0 49.com Jennifer Coldwell I +44(0)20 7324 9665 I jennifer.3 2.thomsonreuters. healthcare and science and media markets.0 2.2 0.7 30. brings up to the minute market intelligence to our clients and the financial media through a variety of research reports including Daily Deals Insight.1 26.0 4.7 84.5 8.4 1.5 4.com Elaine Spero I (646)-223-8817 I elaine.8 178.1 2.thomsonreuters.6 312.5 11.387 269 408 88 86 524 % Change YoY -9% ▼ -24% ▼ -31% ▼ 39% ▲ 140% ▲ -20% ▼ -46% ▼ -72% ▼ 175% ▲ -22% ▼ -36% ▼ -76% ▼ 178% ▲ 40% ▲ -74% ▼ 184% ▲ 32% ▲ 56% ▲ 127% ▲ ALL SYNDICATED LOANS LOAN Borrower Region/Nation Worldwide Americas United States Brazil Africa Middle East Europe United Kingdom Germany Italy Spain France Russia Asia (ex.4 2.3 11.4 4.4 43.4 0.8 147.4 284.8 8.8 6. go to www.7 4.7 0.8 99.4 1.4 53.7 9.com.com EUROPE Vincent Flasseur I +44(0)20 7542 1958 I vincent.8 44.2 0.287.2 15.3 2. legal.spero@thomsonreuters.9 Issues 3.0 4.9 Issues 686 100 75 8 11 11 74 19 7 1 5 10 4 475 20 287 33 15 332 % Change YoY 294% ▲ 100% ▲ 148% ▲ -6% ▼ 1216% ▲ -24% ▼ 8641% ▲ 34082% ▲ 61925% ▲ 428% ▲ 576200% ▲ 269% 359% 279% 9% 2949% 213% ▲ ▲ ▲ ▲ ▲ ▲ LEVERAGED LOANS YTD Proceeds (US$b) 395.

Last Seven Days M&A Ann.555 1.5 107.8 221.1 156.thomsonreuters. Sovereign ECM Issue Date 9/15/10 9/15/10 9/15/10 Issuer Name Ningbo Port Co Ltd AngloGold Ashanti Ltd AngloGold Ashanti Hlgs Finance Issuer Nation China South Africa South Africa Proceeds ($mil) 1.4 97.1 583.886 1.9 60.2 46.1 128.0 686.2 Deals 2.5 Issue Type Agency.3 16. Sovereign Agency.5 5 Acquiror Name Banco Santander SA Deutsche Bank AG Investor Group Acquiror Nation Spain Germany Japan http://online. Supranational.8 17.9 0.2 32.0 211.075 3.DEALS INTELLIGENCE I SEPTEMBER 16. 1 Finland Issuer Nation Germany Canada Finland Proceeds ($mil) 6. 2.2 58.4 4.0 DCM Deals 118 318 327 210 360 334 471 62 203 87 143 51 2 % Change YoY 21% ▲ ▲ 17% -9% ▼ 52% ▲ ▲ 48% -2% ▼ -43% ▼ -31% ▼ ▼ -42% 78% ▲ -15% ▼ 39% ▲ - YTD Volume (US$b) 35.1 59. Supranational.5 4.343.768 554 33 ECM % Change YoY 94% ▲ 70% ▲ ▼ -16% ▼ -25% 45% ▲ -20% ▼ 31% ▲ 78% ▲ ▲ 52% 80% ▲ -2% ▼ 179% ▲ ▼ -48% YTD Volume (US$b) 10.916 1.7 133.1 49.398 % Change YoY -2% ▼ ▼ -39% 8% ▲ ▼ -57% 4% ▲ -17% ▼ -29% ▼ 3% ▲ ▲ 65% ▼ -10% -32% ▼ -38% ▼ ▼ -38% YTD Volume (US$b) 53.0 208.3 46.9 46.6 84.8 DCM Issue Date 9/14/10 9/16/10 9/14/10 Issuer Name KfW Bankengruppe Canada Housing Trust No.2 5.349.752.6 10.606 73 93 491 249 87 174 90 102 96 .0 10.185.6 75.4 346.741 3.0 84.2 892.2 Issue Type IPO Follow-On Convertible LOAN Close Date 9/10/10 9/10/10 9/16/10 Issuer Name Bonavista Energy Trust Kirin Holdings Co Ltd Unicharm Corp Issuer Nation Canada Japan Japan Proceeds ($mil) 1.1 69.2 7.7 65.4 908.3 127.4 74.1 1.3 34. 2010 INDUSTRY ANALYSIS AND TOP DEALS M&A Industry Consumer Prod/Svcs Energy and Power Financials Healthcare High Technology Industrials Materials Media and Entertainment Real Estate Retail Consumer Staples Telecommunications g Government and Agencies YTD Volume (US$b) 47.3 35.7 Syndicated Loans Deals 420 455 5. Date 9/10/10 9/12/10 9/10/10 Target Name Bank Zachodni WBK SA Deutsche Postbank AG JNFL Target Nation Poland Germany Japan Deal Value ($mil) 5.com/DealsIntelligence/ .8 47.221 1.458 3.6 274.0 255. Supranational.9 594.098.3 0.6 6.9 126.0 78.6 Deals 237 468 429 160 247 631 355 172 285 202 241 74 40 % Change YoY 51% ▲ ▲ 29% ▲ 72% -1% ▼ 31% ▲ 8% ▲ ▼ -11% 117% ▲ 34% ▲ 23% ▲ ▲ 65% 21% ▲ -66% ▼ Top Deals .9 45.9 35.562 1.380 3.1 157.869. Sovereign Agency.5 49.5 12.082.1 59.434 2.8 125.4 38.880.485.