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EMERGING MARKETS M&A REVIEW

FINANCIAL ADVISORS

First Quarter 2011


First Quarter 2011 | Mergers & Acquisitions | Financial Advisors

Emerging Markets M&A


Emerging Markets M&A Up 4% | Represents Quarter of Global M&A | Fees Up 27% | Energy & Power Most Active Sector

Emerging Markets Deals Intelligence Emerging Market Announced M&A

$900 18,000
Emerging Markets M&A announced during the first quarter of 2011 accounted for 24.5% of global activity Q4 Volume (US$b)
and reached US$196.3 billion, a 3.5% increase compared to the first three months of 2010 but a 28.7% Q3 Volume (US$b) 15,964
decline compared to the fourth quarter last year. $800 Q2 Volume (US$b) 16,000
Q1 Volume (US$b) 13,746
# of Deals 13,931
$700 14,000
The most targeted Emerging Market nation so far this year was China, with 827 deals worth a combined
US$30.5 billion. Russia and Brazil followed, with US$27.2 billion and US$17.6 billion worth of activity, 12,028
respectively. $600 12,000

Rank Value (US$b)

# of Deals
9,478
$500 10,000
Energy and Power was the most active sector in the first three months of the year and accounted for 33% of
Emerging Market volumes with US$65.6 billion in deal activity. The largest deal driving both the sector and 8,070
total Emerging Markets activity was BP's US$9 billion transaction with Indian firm Reliance Industries. $400 7,379 7,565 8,000
6,926
6,224
$300
5,666 6,000
Fees earned from completed Emerging Market M&A deals during the first three months of 2011 totalled
US$1.6 billion, an increase of 26.7% compared to the same period in 2010, according to Thomson
3,536
Reuters/Freeman Consulting. Despite the year-on-year increase in fees, the estimated financial advisory $200 4,000
fees earned during the first quarter declined 13.3% compared to the previous quarter.

$100 2,000

$0 0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Emerging Market Completed M&A - Imputed Fees Deals Involving Emerging Market Targets vs. The Rest of the World

$9 $1,600,000 16,000
Rest of World
Q4 Volume (US$b)
Emerging Markets
Q3 Volume (US$b)
$8 $1,400,000 14,000
# of Deals
Q2 Volume (US$b)
Q1 Volume (US$b)
$7
$1,200,000 12,000

$6
Imputed Fees (US$b)

$1,000,000 10,000
Rank Value (US$m)

# of Deals
$5

$800,000 8,000

$4

$600,000 6,000
$3

$400,000 4,000
$2

$200,000 2,000
$1

$0 $0 0
1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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First Quarter 2011 | Mergers & Acquisitions | Financial Advisors

Emerging Markets M&A

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


2011 UP BRIC Latin America Middle East & North South Africa Eastern Europe Asia Pacific China India
Emerging Markets
2011 DOWN 2010 Africa Emerging Mkts

Consumer Products and Services 9.3x 15.2x 9.1x 10.4x 22.7x 11.1x 14.1x 13.9x 8.4x 20.3x 14.4x 11.1x 7.6x 14.2x 3.7x 7.6x 9.9x 11.6x
Consumer Staples 11.2x 11.2x 12.0x 12.7x 14.7x 10.3x - - - 7.4x 10.5x 10.3x 10.9x 11.5x 11.0x 16.2x 11.6x 10.8x
Energy and Power 12.0x 11.9x 12.8x 12.0x 7.8x 6.6x 7.7x 10.4x - - 13.4x 6.6x 12.6x 12.8x 16.1x 11.2x 14.2x 11.6x
Healthcare 13.7x 13.9x 13.0x 13.4x - - - - 9.0x 8.7x 18.4x - 13.5x 14.0x 13.5x 10.9x 12.6x 16.4x
High Technology 8.7x 10.6x 9.0x 11.1x 9.7x 9.5x 7.3x 9.3x 8.6x 12.8x 7.7x 9.5x 8.7x 11.5x 9.0x 12.4x 8.4x 11.2x
Industrials 11.3x 11.3x 11.9x 10.9x 12.6x 9.3x 10.1x 6.6x 6.4x 6.2x 11.6x 9.3x 11.6x 12.3x 18.1x 14.8x 9.0x 8.7x
Materials 11.7x 10.5x 14.9x 10.9x 9.3x 14.0x 6.5x 11.7x 10.7x 11.0x 20.3x 14.0x 11.0x 9.3x 9.4x 12.9x 18.2x 8.7x
Media and Entertainment 10.5x 14.5x 15.5x 15.0x 1.7x 5.3x 10.3x 5.4x - - 8.1x 5.3x 11.5x 16.9x 5.7x 11.6x 16.9x 15.8x
Real Estate 20.3x 15.6x 19.3x 15.2x 27.3x 20.8x 42.2x 29.8x 18.2x 28.0x - 20.8x 18.3x 13.3x 18.5x 17.2x 21.3x 7.1x
Retail 14.0x 19.1x 16.9x 21.1x 18.9x 22.3x 4.3x 6.5x 11.6x - - 22.3x 14.0x 18.7x 27.8x 18.4x - 13.6x
Telecommunications 6.0x 9.9x 4.8x 15.3x 8.5x 7.5x 9.5x 6.5x 0.5x - 4.8x 7.5x 6.6x 12.6x 5.1x 5.4x 5.2x 18.5x
Average Industry Total 11.5x 12.0x 12.2x 12.5x 12.1x 12.0x 10.2x 10.5x 10.2x 11.4x 12.1x 12.0x 11.5x 12.2x 12.4x 13.7x 12.2x 11.3x

Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price
2011 UP BRIC Latin America Middle East & North South Africa Eastern Europe Asia Pacific China India
Emerging Markets
2011 DOWN 2010 Africa Emerging Mkts

Consumer Products and Services 21.7 39.6 34.3 35.2 51.8 - 33.2 25.3 - - 13.0 30.9 18.5 42.9 14.0 8.8 35.3 48.3
Consumer Staples 22.3 22.8 20.1 24.9 33.6 38.0 - 21.8 - - 11.7 18.2 22.3 20.5 25.8 19.1 11.6 30
Energy and Power 18.3 32.4 21.0 31.1 10.6 30.9 27.3 28 - - 35.3 21.9 15.7 37 19.5 42.6 6.7 31.4
Financials 24.8 23.0 27.6 23.8 46.8 18.9 13.4 22.2 24.9 28.4 45.2 37 22.1 20.8 28.1 35.9 19.2 16.8
Healthcare 14.4 31.9 12.0 33.1 9.7 27.4 16.1 27.5 - - - 18.7 15.0 36.3 9.9 12.4 19.6 50
High Technology 25.3 25.6 14.7 28.7 22.3 1.8 29.2 44.7 32.3 8.8 13.2 33 25.0 22.2 2.6 24 24.1 27.7
Industrials 23.8 20.2 19.4 18.9 48.4 13.9 27.9 18.1 - 53 14.3 23.8 21.0 18.3 29.3 16.2 7.0 21.1
Materials 28.8 28.0 33.1 28.0 25.9 25.1 21.3 54.5 17.6 18.7 33.1 22.9 29.6 29.3 33.6 34.6 35.7 19.5
Media and Entertainment 22.7 22.9 28.4 28.8 31.6 - 46.9 - - - 8.2 46.5 24.4 18.6 14.5 51.5 56.3 24.3
Real Estate 17.8 31.7 24.5 24.6 - 27.8 15.8 47.1 8.5 12.9 - - 20.0 30.7 24.5 23.7 - 27.4
Retail 12.3 22.5 12.6 25.8 9.7 8.4 19.7 92.5 21.5 - 0.8 - 11.1 28.2 12.6 12.1 - 92.5
Telecommunications 15.0 19.5 23.5 28.7 1.8 11.7 - 19 - - - 22.1 21.6 19.7 4.2 13 42.9 45.1
Average Industry Total 23.3 26.1 25.4 26.5 26.8 24.9 22.9 35.8 21.4 24.8 24.2 26.2 22.9 25.5 25.2 25.5 21.8 27.8

* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries.
* The data given refers to the time period 01/01/2011 - 03/31/2011 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded.
* The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black.
* Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.

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First Quarter 2011 | Mergers & Acquisitions | Financial Advisors

Emerging Markets M&A


Any Emerging Markets Involvement Announced Jan 1 2011 – March 31 2011 Any Emerging Markets Involvement Completed Jan 1 2011 – March 31 2011

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2011 2010 Rank Value Market Market # of Market Change in 2011 2010 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Goldman Sachs & Co 1 4 37,310.8 19.0 5.8 ▲ 23 0.7 +3 ▲ Morgan Stanley 1 1 32,306.7 24.0 8.6 ▲ 21 1.0 0 - 74.3 4.6 0.7 ▲
Morgan Stanley 2 5 19,899.7 10.1 -2.9 ▼ 12 0.3 -5 ▼ Bank of America Merrill Lynch 2 9 21,962.2 16.3 11.5 ▲ 17 0.8 +8 ▲ 60.1 3.8 2.4 ▲
Bank of America Merrill Lynch 3 15 15,499.1 7.9 2.0 ▲ 20 0.6 +6 ▲ Deutsche Bank AG 3 5 18,807.4 14.0 4.7 ▲ 15 0.7 +5 ▲ 54.0 3.4 1.6 ▲
Santander 4 3 13,769.2 7.0 -10.4 ▼ 10 0.3 0 - Citi 4 8 16,755.2 12.5 6.7 ▲ 16 0.8 +6 ▲ 44.4 2.8 0.3 ▲
Credit Suisse 5 2 11,829.0 6.0 -20.9 ▼ 20 0.6 -3 ▼ Goldman Sachs & Co 5 24 16,501.7 12.3 9.8 ▲ 20 1.0 +11 ▲ 53.4 3.3 1.7 ▲
JP Morgan 6 8 11,560.3 5.9 -3.5 ▼ 19 0.5 0 - JP Morgan 6 4 14,764.2 11.0 -0.6 ▼ 16 0.8 -2 ▼ 79.7 5.0 0.6 ▲
Citi 7 1 9,678.1 4.9 -22.3 ▼ 21 0.6 +5 ▲ Credit Suisse 7 3 13,524.6 10.1 -3.6 ▼ 19 0.9 -2 ▼ 89.0 5.6 1.3 ▲
Deutsche Bank AG 8 6 9,655.0 4.9 -5.2 ▼ 17 0.5 -6 ▼ Rothschild 8 13 9,703.1 7.2 3.8 ▲ 22 1.1 +16 ▲ 62.0 3.9 2.5 ▲
Lazard 9 25 9,283.1 4.7 3.1 ▲ 11 0.3 +1 ▲ UBS 9 30 9,374.1 7.0 5.3 ▲ 15 0.7 +4 ▲ 35.2 2.2 0.5 ▲
Jefferies & Co Inc 10 57 8,561.5 4.4 4.2 ▲ 11 0.3 +6 ▲ GF Securities 10* 38 8,961.2 6.7 5.8 ▲ 1 0.0 -4 ▼ #N/A #N/A #N/A ##
Lambert Energy Advisory Ltd 11 - 7,869.0 4.0 4.0 ▲ 1 0.0 +1 ▲ China Jianyin Invest Sec 10* - 8,961.2 6.7 6.7 ▲ 1 0.0 +1 ▲ 3.5 0.2 0.2 ▲
Itau Unibanco 12 54 7,555.5 3.9 3.6 ▲ 14 0.4 +9 ▲ Itau Unibanco 12 12 6,965.9 5.2 1.2 ▲ 10 0.5 +3 ▲ 27.9 1.7 0.2 ▲
HSBC Holdings PLC 13 11 7,473.7 3.8 -3.6 ▼ 7 0.2 +1 ▲ KPMG 13 34 6,645.5 4.9 3.9 ▲ 8 0.4 -2 ▼ 1.4 0.1 0.0 -
Rothschild 14 13 7,201.7 3.7 -2.9 ▼ 17 0.5 +6 ▲ Lazard 14 7 6,641.1 4.9 -2.5 ▼ 8 0.4 -2 ▼ 38.5 2.4 1.0 ▼
UBS 15 7 7,163.7 3.7 -5.8 ▼ 13 0.4 -6 ▼ VTB Capital 15 139* 6,459.8 4.8 4.8 ▲ 5 0.2 +4 ▲ 21.4 1.3 1.3 ▲
Trinity Securities Group 16* - 5,726.7 2.9 2.9 ▲ 1 0.0 +1 ▲ Santander 16 39 6,120.5 4.6 3.7 ▲ 7 0.3 +4 ▲ 11.4 0.7 0.4 ▲
Kim Eng Holdings Ltd 16* - 5,726.7 2.9 2.9 ▲ 3 0.1 +3 ▲ Banco BTG Pactual SA 17 29 6,001.0 4.5 2.8 ▲ 8 0.4 +6 ▲ 22.6 1.4 1.2 ▲
RBC Capital Markets 18 90 5,724.7 2.9 2.8 ▲ 3 0.1 0 - BBVA 18 131 5,945.0 4.4 4.4 ▲ 3 0.1 +2 ▲ 8.5 0.5 0.5 ▲
Barclays Capital 19 10 5,473.9 2.8 -4.9 ▼ 3 0.1 -5 ▼ Allied Irish Banks PLC 19* - 5,629.4 4.2 4.2 ▲ 1 0.0 +1 ▲ 8.0 0.5 0.5 ▲
China International Capital Co 20 17 4,897.2 2.5 -2.2 ▼ 9 0.3 +5 ▲ Nomura 19* 37 5,629.4 4.2 3.3 ▲ 2 0.1 -3 ▼ 5.4 0.3 0.4 ▼
RBS 21 19 4,528.4 2.3 -1.5 ▼ 3 0.1 0 - Caixa Geral de Depositos 21 31 4,747.5 3.5 2.0 ▲ 4 0.2 +2 ▲ 8.9 0.6 0.2 ▲
Xenon Capital Partners 22 - 2,770.0 1.4 1.4 ▲ 2 0.1 +2 ▲ HSBC Holdings PLC 22 6 4,624.1 3.4 -5.3 ▼ 6 0.3 +1 ▲ 12.4 0.8 0.5 ▼
Estructura Partners 23 - 2,097.2 1.1 1.1 ▲ 1 0.0 +1 ▲ Centerview Partners LLC 23 - 4,569.5 3.4 3.4 ▲ 1 0.0 +1 ▲ 10.8 0.7 0.7 ▲
ING 24 39 2,079.1 1.1 0.4 ▲ 2 0.1 -3 ▼ Barclays Capital 24 20 3,912.7 2.9 0.3 ▲ 2 0.1 -2 ▼ 10.0 0.6 0.0 -
Raiffeisen Zentralbank 25 82*
82 2 042 1
2,042.1 10
1.0 09 ▲
0.9 2 01
0.1 -2 ▼ Banco Espirito Santo SA 25 139*
139 3 786 2
3,786.2 28
2.8 28 ▲
2.8 4 0 2 +3
0.2 ▲ 84
8.4 05
0.5 04 ▲
0.4
Industry Total 196,264.8 100.0 3,536 -6 Industry Total 134,602.6 100.0 2,046 -281 1,603.6 100.0

Industry % Change from Same Period Last Year 3.5% ▲ -0.2% ▼ Industry % Change from Same Period Last Year 72.8% ▲ -12.1% ▼ 26.7% ▲
Industry % Change from Last Quarter -28.7% ▼ -22.8% ▼ Industry % Change from Last Quarter 13.8% ▲ -26.7% ▼ -13.3% ▼

* tie

Emerging Markets Involvement Announced M&A by Target Industry Jan 1 2011 – March 31 2011

16% 14%
7% Energy and Power Materials Financials
7%
6% Real Estate Telecommunications Industrials
33% 5%
1% 2% 2% 3% 4%
`
Consumer Staples High Technology Retail

Media and Entertainment Consumer Products and Services Healthcare

Any Emerging Markets Involvement Announced - Top Deals Jan 1 2011 – March 31 2011
Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
2/21/2011 Pending Reliance Industries Ltd-23 Oil BP PLC United Kingdom / India 9,000.0 Energy and Power / Oil & Gas
1/14/2011 Pending NK Rosneft BP PLC United Kingdom / Russian Fed 7,869.0 Energy and Power / Oil & Gas
1/6/2011 1/6/2011 Minera Frisco SAB de CV Shareholders Mexico / Mexico 7,677.1 Materials / Metals & Mining
2/16/2011 Pending CEPSA IPIC Utd Arab Em / Spain 7,432.8 Energy and Power / Oil & Gas
3/25/2011 Pending Vivo Participacoes SA Telecommunicacoes de Sao Paulo Brazil / Brazil 5,523.8 Telecommunications / Wireless
2/9/2011 Pending EnCana Corp-Cutbank Ridge PetroChina Intl Invest Co Ltd China / Canada 5,433.1 Energy and Power / Oil & Gas
3/2/2011 Pending Novatek Total SA France / Russian Fed 4,000.0 Energy and Power / Oil & Gas
2/22/2011 2/22/2011 AKB Bank Moskvy Bank VTB Russian Fed / Russian Fed 3,518.2 Financials / Banks
3/30/2011 Pending Tullow Oil-Exploration Areas Investor Group China / Uganda 2,900.0 Energy and Power / Oil & Gas
1/19/2011 Pending Elektro Eletricidade e Servico Iberdrola Energia do Brasil Brazil / Brazil 2,896.9 Energy and Power / Power

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BRIC M&A
Any BRIC Involvement Announced Jan 1 2011 – March 31 2011 Any BRIC Involvement Completed Jan 1 2011 – March 31 2011

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2011 2010 Rank Value Market Market # of Market Change in 2011 2010 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Goldman Sachs & Co 1 3 24,485.7 21.1 5.9 ▲ 8 0.4 -1 ▼ Morgan Stanley 1 2 17,566.9 24.5 3.6 ▲ 12 1.1 -4 ▼ 33.3 4.4 1.7 ▼
Morgan Stanley 2 1 15,838.2 13.7 -9.1 ▼ 9 0.4 -5 ▼ Bank of America Merrill Lynch 2 7 12,204.7 17.1 10.4 ▲ 10 0.9 +5 ▲ 34.1 4.5 3.2 ▲
Credit Suisse 3 14 10,531.9 9.1 2.2 ▲ 13 0.6 +2 ▲ Citi 3 14 11,086.3 15.5 10.7 ▲ 4 0.4 -3 ▼ 21.6 2.8 0.0 -
Santander 4 15 10,087.5 8.7 3.0 ▲ 4 0.2 -4 ▼ Goldman Sachs & Co 4 20 9,289.6 13.0 9.5 ▲ 6 0.5 -1 ▼ 18.3 2.4 0.3 ▼
Bank of America Merrill Lynch 5 21 8,136.2 7.0 4.7 ▲ 9 0.4 +2 ▲ Credit Suisse 5 3 9,067.7 12.7 -2.4 ▼ 10 0.9 -5 ▼ 50.9 6.7 0.8 ▲
Lambert Energy Advisory Ltd 6 - 7,869.0 6.8 6.8 ▲ 1 0.0 +1 ▲ GF Securities 6* 26 8,961.2 12.5 10.9 ▲ 1 0.1 -4 ▼ .4 0.1 0.1 ▲
Lazard 7 44 7,234.8 6.3 6.0 ▲ 5 0.2 +1 ▲ China Jianyin Invest Sec 6* - 8,961.2 12.5 12.5 ▲ 1 0.1 +12 ▲ 3.5 0.5 0.5 ▲
Jefferies & Co Inc 8 38 7,223.6 6.2 5.8 ▲ 6 0.3 +2 ▲ JP Morgan 8 8 6,722.5 9.4 3.2 ▲ 5 0.4 -1 ▼ 24.0 3.1 0.8 ▲
Itau Unibanco 9 35 6,428.7 5.6 5.0 ▲ 6 0.3 +1 ▲ Itau Unibanco 9 6 6,714.1 9.4 2.5 ▲ 4 0.4 -3 ▼ 24.9 3.3 0.3 ▲
Deutsche Bank AG 10 10 6,375.8 5.5 -6.5 ▼ 6 0.3 -4 ▼ VTB Capital 10 99* 6,459.8 9.0 9.0 ▲ 5 0.4 +4 ▲ 21.4 2.8 2.7 ▲
Barclays Capital 11* 5 5,433.1 4.7 -9.3 ▼ 2 0.1 -3 ▼ Rothschild 11 38 6,340.7 8.9 8.0 ▲ 13 1.2 +11 ▲ 36.3 4.8 3.5 ▲
RBC Capital Markets 11* 68* 5,433.1 4.7 4.6 ▲ 1 0.0 -1 ▼ Banco BTG Pactual SA 12 24 6,001.0 8.4 5.4 ▲ 8 0.7 +6 ▲ 22.6 3.0 2.5 ▲
China International Capital Co 13 13 4,897.2 4.2 -5.0 ▼ 9 0.4 +5 ▲ Caixa Geral de Depositos 13 25 4,747.5 6.6 4.0 ▲ 4 0.4 +2 ▲ 8.9 1.2 0.4 ▲
JP Morgan 14 6 4,472.0 3.9 -10.0 ▼ 6 0.3 -7 ▼ UBS 14 30 4,592.1 6.4 5.0 ▲ 7 0.6 +1 ▲ 12.9 1.7 0.4 ▲
Citi 15 12 3,965.3 3.4 -6.2 ▼ 5 0.2 -3 ▼ Centerview Partners LLC 15 - 4,569.5 6.4 6.4 ▲ 1 0.1 +12 ▲ 10.8 1.4 1.4 ▲
UBS 16 2 3,454.3 3.0 -12.3 ▼ 7 0.3 -3 ▼ Banco Espirito Santo SA 16 - 3,786.2 5.3 5.3 ▲ 4 0.4 +12 ▲ 8.4 1.1 1.1 ▲
RBS 17 34 2,875.0 2.5 1.8 ▲ 2 0.1 +1 ▲ China International Capital Co 17 1 3,164.9 4.4 -20.7 ▼ 6 0.5 -3 ▼ 3.5 0.5 0.6 ▼
Xenon Capital Partners 18 - 2,770.0 2.4 2.4 ▲ 2 0.1 +2 ▲ Barclays Capital 18* 17 2,162.7 3.0 -0.9 ▼ 1 0.1 -2 ▼ .2 0.0 1.1 ▼
Moelis & Co 19 74 2,000.0 1.7 1.6 ▲ 1 0.0 0 - Xenon Capital Partners 18* - 2,162.7 3.0 3.0 ▲ 1 0.1 +12 ▲ 9.2 1.2 1.2 ▲
Banco Bradesco SA 20 17 1,754.5 1.5 -3.1 ▼ 5 0.2 0 - Deutsche Bank AG 20 4 2,155.8 3.0 -6.7 ▼ 4 0.4 -3 ▼ 9.1 1.2 1.6 ▼
Houlihan Lokey 21* 39 1,700.5 1.5 1.1 ▲ 1 0.0 -2 ▼ Houlihan Lokey 21* 67* 1,700.5 2.4 2.3 ▲ 1 0.1 -1 ▼ 2.9 0.4 0.2 ▼
Lincoln International 21* 99 1,700.5 1.5 1.5 ▲ 1 0.0 -1 ▼ Lincoln International 21* 83 1,700.5 2.4 2.3 ▲ 1 0.1 -1 ▼ 2.9 0.4 0.3 ▲
DC Advisory Partners 21* 49 1,700.5 1.5 1.3 ▲ 2 0.1 +1 ▲ DC Advisory Partners 21* - 1,700.5 2.4 2.4 ▲ 2 0.2 +12 ▲ 3.5 0.5 0.5 ▲
Huatai Securities 24 32 1,651.1 1.4 0.6 ▲ 4 0.2 -1 ▼ Banco Bradesco SA 24 - 1,419.3 2.0 2.0 ▲ 2 0.2 +12 ▲ 8.2 1.1 1.1 ▲
Standard Chartered PLC 25 7 1,609.2 1.4 -11.9 ▼ 4 0.2 -1 ▼ Macquarie Group 25 49 1,186.6 1.7 1.4 ▲ 4 0.4 +3 ▲ 9.3 1.2 0.9 ▲
Industry Total 115,832.1 100.0 2,073 +43 Industry Total 71,572.0 100.0 1,128 -182 762.4 100.0

Industry % Change from Same Period Last Year 18.9% ▲ 2.1% ▲ Industry % Change from Same Period Last Year 58.6% ▲ -13.9% ▼ 18.2% ▲
Industry % Change from Last Quarter -27.3% ▼ -25.8% ▼ Industry % Change from Last Quarter -5.0% ▼ -31.3% ▼ -18.2% ▼

* tie

BRIC Involvement Announced M&A by Target Industry Jan 1 2011 – March 31 2011

15% 14%
8% Energy and Power Financials Materials

6%
37% Industrials Real Estate Telecommunications
6%
3% 5% `
1% 1% 1% 3% High Technology Consumer Staples Media and Entertainment

Consumer Products and Services Retail Healthcare

Any BRIC Involvement Announced - Top Deals Jan 1 2011 – March 31 2011
Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
2/21/2011 Pending Reliance Industries Ltd-23 Oil (30%) BP PLC United Kingdom / India 9,000.0 Energy and Power / Oil & Gas
1/14/2011 Pending NK Rosneft (9.5%) BP PLC United Kingdom / Russian Fed 7,869.0 Energy and Power / Oil & Gas
3/25/2011 Pending Vivo Participacoes SA (100%) Telecommunicacoes de Sao Paulo Brazil / Brazil 5,523.8 Telecommunications / Wireless
2/9/2011 Pending EnCana Corp-Cutbank Ridge (50%) PetroChina Intl Invest Co Ltd China / Canada 5,433.1 Energy and Power / Oil & Gas
3/2/2011 Pending Novatek (12.1%) Total SA France / Russian Fed 4,000.0 Energy and Power / Oil & Gas
2/22/2011 2/22/2011 AKB Bank Moskvy (46.48%) Bank VTB Russian Fed / Russian Fed 3,518.2 Financials / Banks
3/30/2011 Pending Tullow Oil-Exploration Areas (66%) Investor Group China / Uganda 2,900.0 Energy and Power / Oil & Gas
1/19/2011 Pending Elektro Eletricidade e Servico (99.7%) Iberdrola Energia do Brasil Brazil / Brazil 2,896.9 Energy and Power / Power
3/29/2011 Pending Inter RAO EES (0.1%) FSK EES Russian Fed / Russian Fed 2,770.0 Energy and Power / Power
3/14/2011 Pending Ping An Insurance(Group)Co (3.4%) Jinjun Ltd Hong Kong / China 2,496.3 Financials / Other Financials

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First Quarter 2011 | Mergers & Acquisitions | Financial Advisors

Latin American M&A


Any Latin American Inv Announced (AD38) Jan 1 2011 – March 31 2011 Any Latin American Involvement Completed (AF45) Jan 1 2011 – March 31 2011

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2011 2010 Rank Value Market Market # of Market Change in 2011 2010 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Goldman Sachs & Co 1 25 11,497.5 27.1 26.6 ▲ 10 2.2 +8 ▲ Itau Unibanco 1 5 6,965.9 18.1 1.8 ▲ 10 3.6 +3 ▲ 27.9 5.7 0.4 ▲
Santander 2 3 11,102.5 26.2 -14.1 ▼ 9 1.9 -1 ▼ Citi 2 8 6,950.1 18.1 5.0 ▲ 8 2.8 +4 ▲ 22.3 4.6 0.3 ▲
Itau Unibanco 3 22 7,555.5 17.8 17.1 ▲ 13 2.8 +8 ▲ Bank of America Merrill Lynch 3 11 6,573.4 17.1 8.1 ▲ 7 2.5 +4 ▲ 21.3 4.4 3.1 ▲
Lazard 4 32 5,530.0 13.1 12.9 ▲ 3 0.6 -2 ▼ Credit Suisse 4 2 6,313.6 16.4 -21.4 ▼ 12 4.3 +1 ▲ 45.6 9.3 0.1 ▼
Citi 5 2 4,524.2 10.7 -41.3 ▼ 10 2.2 +4 ▲ Banco BTG Pactual SA 5 13* 6,001.0 15.6 8.6 ▲ 8 2.8 +6 ▲ 22.6 4.6 3.8 ▲
Bank of America Merrill Lynch 6 8 2,440.8 5.8 -3.7 ▼ 3 0.6 -3 ▼ Morgan Stanley 6 4 5,809.4 15.1 -4.7 ▼ 8 2.8 +5 ▲ 19.3 4.0 2.1 ▲
Credit Suisse 7 1 2,372.5 5.6 -51.8 ▼ 7 1.5 -5 ▼ Rothschild 7 7 5,638.9 14.7 0.7 ▲ 8 2.8 +5 ▲ 22.6 4.6 1.6 ▲
Deutsche Bank AG 8 6 2,188.0 5.2 -9.0 ▼ 2 0.4 -4 ▼ Caixa Geral de Depositos 8 15 4,747.5 12.4 6.1 ▲ 4 1.4 +2 ▲ 8.9 1.8 0.4 ▲
Estructura Partners 9* - 2,097.2 5.0 5.0 ▲ 1 0.2 +1 ▲ Goldman Sachs & Co 9 22 4,013.5 10.4 8.3 ▲ 10 3.6 +8 ▲ 22.6 4.6 3.9 ▲
HSBC Holdings PLC 9* 15 2,097.2 5.0 2.8 ▲ 1 0.2 -2 ▼ Banco Espirito Santo SA 10 - 3,786.2 9.9 9.9 ▲ 4 1.4 +4 ▲ 8.4 1.7 1.7 ▲
JP Morgan 11 4 1,881.8 4.4 -11.8 ▼ 5 1.1 -5 ▼ Barclays Capital 11 - 1,750.0 4.6 4.6 ▲ 1 0.4 +1 ▲ 9.8 2.0 2.0 ▲
Banco Bradesco SA 12 11 1,754.5 4.1 -1.4 ▼ 5 1.1 0 - Banco Bradesco SA 12 - 1,419.3 3.7 3.7 ▲ 2 0.7 +2 ▲ 8.2 1.7 1.7 ▲
Banco BTG Pactual SA 13 5 1,247.1 2.9 -12.1 ▼ 5 1.1 -10 ▼ TD Securities Inc 13 - 1,134.9 3.0 3.0 ▲ 2 0.7 +2 ▲ 3.5 0.7 0.7 ▲
Morgan Stanley 14 10 867.5 2.1 -5.5 ▼ 2 0.4 -6 ▼ Mediobanca 14* - 761.9 2.0 2.0 ▲ 1 0.4 +1 ▲ .2 0.0 0.0 -
BMO Capital Markets 15 18 686.1 1.6 0.4 ▲ 1 0.2 -1 ▼ UBS 14* 24* 761.9 2.0 0.7 ▲ 2 0.7 0 - 4.9 1.0 0.3 ▼
Rothschild 16 7 244.3 0.6 -10.0 ▼ 4 0.9 -1 ▼ Credit Agricole CIB 14* 18* 761.9 2.0 -0.8 ▼ 2 0.7 +1 ▲ 2.9 0.6 0.3 ▲
Rabobank NV 17 - 238.0 0.6 0.6 ▲ 1 0.2 +1 ▲ Societe Generale 14* - 761.9 2.0 2.0 ▲ 1 0.4 +1 ▲ .2 0.0 0.0 -
Jefferies & Co Inc 18 37 207.8 0.5 0.4 ▲ 3 0.6 +2 ▲ Santander 18 17 491.1 1.3 -2.4 ▼ 6 2.1 +3 ▲ 6.1 1.2 0.1 ▲
IM Trust SA 19 - 198.5 0.5 0.5 ▲ 1 0.2 +1 ▲ Jefferies & Co Inc 19 - 201.5 0.5 0.5 ▲ 1 0.4 +1 ▲ 2.3 0.5 0.5 ▲
PricewaterhouseCoopers 20 45* 197.2 0.5 0.5 ▲ 1 0.2 0 - IM Trust SA 20 - 198.5 0.5 0.5 ▲ 1 0.4 +1 ▲ 2.3 0.5 0.5 ▲
Celfin Capital SA 21 - 125.0 0.3 0.3 ▲ 1 0.2 +1 ▲ PricewaterhouseCoopers 21 37* 197.2 0.5 0.5 ▲ 1 0.4 0 - .5 0.1 0.1 ▲
BR Partners 22 28 112.1 0.3 -0.1 ▼ 2 0.4 -2 ▼ Celfin Capital SA 22 - 125.0 0.3 0.3 ▲ 1 0.4 +1 ▲ 1.6 0.3 0.3 ▲
RBC Capital Markets 23 - 89.0 0.2 0.2 ▲ 1 0.2 +1 ▲ BR Partners 23 - 107.2 0.3 0.3 ▲ 3 1.1 +3 ▲ 3.2 0.7 0.7 ▲
BNP Paribas SA 24* 13 72.1 0.2 -3.6 ▼ 1 0.2 -4 ▼ BNP Paribas SA 24* 6 72.1 0.2 -15.8 ▼ 1 0.4 -5 ▼ 1.0 0.2 3.4 ▼
Alpax Inc 24* - 72 1
72.1 02
0.2 02 ▲
0.2 2 0 4 +2
0.4 ▲ Alpax Inc 24* - 72 1
72.1 02
0.2 02 ▲
0.2 1 0 4 +1
0.4 ▲ 11
1.1 02
0.2 02 ▲
0.2
Industry Total 42,385.1 100.0 465 +45 Industry Total 38,456.3 100.0 281 +5 488.4 100.0

Industry % Change from Same Period Last Year -48.2% ▼ 10.7% ▲ Industry % Change from Same Period Last Year 102.5% ▲ 1.8% ▲ 33.2% ▲
Industry % Change from Last Quarter -26.2% ▼ -15.6% ▼ Industry % Change from Last Quarter 4.1% ▲ -26.4% ▼ -6.5% ▼

* tie * tie

Latin American Involvement Announced M&A by Target Industry Jan 1 2011 – March 31 2011

15% 14%
11%

Materials Telecommunications Energy and Power


10%
32%
9% Consumer Staples Real Estate Financials
1% 2% 2% 4%
` Industrials High Technology Retail

Consumer Products and Services Healthcare Media and Entertainment

Any Latin American Inv Announced (AD38) - Top Deals Jan 1 2011 – March 31 2011
Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
1/6/2011 1/6/2011 Carso Global Telecom SAB de CV Shareholders Mexico / Mexico 7,677.1 Materials / Metals & Mining
3/25/2011 Pending Vivo Participacoes SA (100%) Telecommunicacoes de Sao Paulo Brazil / Brazil 5,523.8 Telecommunications / Wireless
1/19/2011 Pending Elektro Eletricidade e Servico (99.7%) Iberdrola Energia do Brasil Brazil / Brazil 2,896.9 Energy and Power / Power
1/6/2011 1/6/2011 Inmuebles Carso SAB de CV (100%) Shareholders Mexico / Mexico 2,849.2 Real Estate / Other Real Estate
1/24/2011 Pending Grupo Continental SAB de CV (100%) Embotelladoras Arca SAB de CV Mexico / Mexico 2,097.2 Consumer Staples / Food and Beverage
3/3/2011 Pending CBMM (15%) Investor Group Japan / Brazil 1,950.0 Materials / Metals & Mining
2/22/2011 Pending Banco Santander SA-LatAm Ins (51%) Zurich Financial Services AG Switzerland / Brazil 1,666.8 Financials / Insurance
1/24/2011 1/24/2011 Bracor-Properties(30) (100%) Prosperitas Investimentos SA Brazil / Brazil 1,316.6 Real Estate / Non Residential
3/4/2011 Pending Inforsa (18%) Empresas CMPC SA Chile / Chile 1,207.3 Materials / Paper & Forest Products
2/16/2011 Pending Minera Tayahua SA de CV (40.2%) Minera Frisco SAB de CV Mexico / Mexico 1,106.1 Materials / Metals & Mining

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Brazilian M&A
Any Brazilian Involvement Announced (AD44) Jan 1 2011 – March 31 2011 Any Brazilian Involvement Completed (AF51) Jan 1 2011 – March 31 2011

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2011 2010 Rank Value Market Market # of Market Change in 2011 2010 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Goldman Sachs & Co 1 28 10,370.7 55.9 55.6 ▲ 3 2.1 +2 ▲ Itau Unibanco 1 2 6,714.1 35.2 4.3 ▲ 4 4.7 -3 ▼ 24.9 8.9 0.8 ▼
Santander 2 6 10,087.5 54.4 32.7 ▲ 4 2.8 -4 ▼ Banco BTG Pactual SA 2 10* 6,001.0 31.5 18.2 ▲ 8 9.3 +6 ▲ 22.6 8.1 6.6 ▲
Itau Unibanco 3 18 6,428.7 34.7 32.4 ▲ 6 4.2 +1 ▲ Rothschild 3 16 5,638.9 29.6 25.6 ▲ 7 8.1 +6 ▲ 20.6 7.4 4.1 ▲
Lazard 4 26 5,523.8 29.8 29.4 ▲ 1 0.7 -1 ▼ Credit Suisse 4 1 5,549.6 29.1 -18.9 ▼ 8 9.3 0 - 34.4 12.3 2.2 ▼
Citi 5 16 2,896.9 15.6 12.5 ▲ 1 0.7 0 - Morgan Stanley 5* 7 5,509.4 28.9 13.8 ▲ 6 7.0 +4 ▲ 14.6 5.2 3.4 ▲
Deutsche Bank AG 6 3 1,950.0 10.5 -16.3 ▼ 1 0.7 -4 ▼ Bank of America Merrill Lynch 5* 9 5,509.4 28.9 15.2 ▲ 5 5.8 +3 ▲ 12.6 4.5 2.8 ▲
Credit Suisse 7 4 1,908.5 10.3 -14.5 ▼ 4 2.8 -3 ▼ Citi 7 19 4,948.3 26.0 25.0 ▲ 1 1.2 0 - 11.6 4.1 3.3 ▲
Banco Bradesco SA 8 7 1,754.5 9.5 -8.3 ▼ 5 3.5 0 - Caixa Geral de Depositos 8 12 4,747.5 24.9 13.0 ▲ 4 4.7 +2 ▲ 8.9 3.2 0.7 ▲
Bank of America Merrill Lynch 9* 11 1,666.8 9.0 1.3 ▲ 1 0.7 -3 ▼ Banco Espirito Santo SA 9 - 3,786.2 19.9 19.9 ▲ 4 4.7 +4 ▲ 8.4 3.0 3.0 ▲
JP Morgan 9* 2 1,666.8 9.0 -25.3 ▼ 2 1.4 -5 ▼ Goldman Sachs & Co 10 22 2,011.7 10.6 9.9 ▲ 2 2.3 +1 ▲ 10.4 3.7 3.1 ▲
Banco BTG Pactual SA 11 1 1,247.1 6.7 -41.6 ▼ 5 3.5 -10 ▼ Banco Bradesco SA 11 - 1,419.3 7.4 7.4 ▲ 2 2.3 +2 ▲ 8.2 2.9 2.9 ▲
Morgan Stanley 12 5 867.5 4.7 -19.9 ▼ 2 1.4 -6 ▼ TD Securities Inc 12 - 1,127.1 5.9 5.9 ▲ 1 1.2 +1 ▲ 3.4 1.2 1.2 ▲
BMO Capital Markets 13 - 686.1 3.7 3.7 ▲ 1 0.7 +1 ▲ Mediobanca 13* - 761.9 4.0 4.0 ▲ 1 1.2 +1 ▲ .2 0.1 0.1 ▲
PricewaterhouseCoopers 14 - 197.2 1.1 1.1 ▲ 1 0.7 +1 ▲ UBS 13* - 761.9 4.0 4.0 ▲ 1 1.2 +1 ▲ 2.9 1.1 1.1 ▲
BR Partners 15 22 112.1 0.6 -0.7 ▼ 2 1.4 -2 ▼ Credit Agricole CIB 13* 13* 761.9 4.0 -1.3 ▼ 1 1.2 0 - 2.3 0.8 0.2 ▲
Societe Generale 13* - 761.9 4.0 4.0 ▲ 1 1.2 +1 ▲ .2 0.1 0.1 ▲
Santander 17 13* 351.1 1.8 -3.5 ▼ 2 2.3 +1 ▲ 3.9 1.4 0.8 ▲
PricewaterhouseCoopers 18 - 197.2 1.0 1.0 ▲ 1 1.2 +1 ▲ .5 0.2 0.2 ▲
BR Partners 19 - 107.2 0.6 0.6 ▲ 3 3.5 +3 ▲ 3.2 1.1 1.1 ▲

Industry Total 18,549.3 100.0 142 -13 Industry Total 19,064.5 100.0 86 -14 280.1 100.0

Industry % Change from Same Period Last Year -26.9% ▼ -8.4% ▼ Industry % Change from Same Period Last Year 90.2% ▲ -14.0% ▼ 40.6% ▲
Industry % Change from Last Quarter -42.1% ▼ -26.0% ▼ Industry % Change from Last Quarter -29.4% ▼ -40.7% ▼ -19.4% ▼

* tie

Brazil Involvement Announced M&A by Target Industry Jan 1 2011 – March 31 2011

20% 16%

11%
Telecommunications Energy and Power Financials

8%
30% Materials Real Estate Consumer Staples
7%
1% 3% 4%
` High Technology Consumer Products and Services Industrials

Healthcare Retail Media and Entertainment

Any Brazilian Involvement Announced (AD44) - Top Deals Jan 1 2011 – March 31 2011
Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
3/25/2011 Pending Vivo Participacoes SA (100%) Telecommunicacoes de Sao Paulo Brazil / Brazil 5,523.8 Telecommunications / Wireless
1/19/2011 Pending Elektro Eletricidade e Servico (99.7%) Iberdrola Energia do Brasil Brazil / Brazil 2,896.9 Energy and Power / Power
3/3/2011 Pending CBMM (15%) Investor Group Japan / Brazil 1,950.0 Materials / Metals & Mining
2/22/2011 Pending Banco Santander SA-LatAm Ins (51%) Zurich Financial Services AG Switzerland / Brazil 1,666.8 Financials / Insurance
1/24/2011 1/24/2011 Bracor-Properties(30) (100%) Prosperitas Investimentos SA Brazil / Brazil 1,316.6 Real Estate / Non Residential
2/24/2011 Pending UNX Energy Corp (100%) HRT Participacoes em Petroleo Brazil / Canada 686.1 Energy and Power / Oil & Gas
3/11/2011 Pending Cia Nacional de Acucar e (83%) BP PLC United Kingdom / Brazil 680.0 Consumer Staples / Food and Beverage
1/31/2011 Intended Banco PanAmericano SA (58.7%) Banco BTG Pactual SA Brazil / Brazil 420.8 Financials / Banks
3/9/2011 3/8/2011 Cavo Servicos e Saneamento SA (100%) Estre Ambiental SA Brazil / Brazil 368.9 Consumer Products and Services / Professional Services
3/15/2011 Pending Fidelity Procesadora e Servico (%) CBSS Brazil / Brazil 335.2 High Technology / Computers & Peripherals

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Middle Eastern & North African M&A


Any Mid East & N African Inv Announced (AD53)Jan 1 2011 – March 31 2011 Any Middle Eastern & North African Inv Completed (AF60) Jan 1 2011 – March 31 2011

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2011 2010 Rank Value Market Market # of Market Change in 2011 2010 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Goldman Sachs & Co 1 8 7,615.5 36.9 12.4 ▲ 2 1.0 -4 ▼ UBS 1 - 2,887.7 37.6 37.6 ▲ 4 3.3 +4 ▲ 10.2 8.5 8.5 ▲
JP Morgan 2 12* 3,506.1 17.0 11.2 ▲ 2 1.0 +1 ▲ Deutsche Bank AG 2 5* 2,679.6 34.9 31.3 ▲ 2 1.6 +1 ▲ 5.9 4.9 2.8 ▲
Morgan Stanley 3 1* 2,979.8 14.4 -25.8 ▼ 2 1.0 0 - Citi 3 - 1,749.6 22.8 22.8 ▲ 2 1.6 +2 ▲ 7.1 5.9 5.9 ▲
Santander 4 - 2,666.8 12.9 12.9 ▲ 1 0.5 +1 ▲ JP Morgan 4 7 1,645.3 21.5 19.0 ▲ 4 3.3 +2 ▲ 16.8 14.0 8.3 ▲
Citi 5 18 2,110.9 10.2 8.7 ▲ 3 1.5 0 - HSBC Holdings PLC 5 1* 1,479.6 19.3 -21.7 ▼ 1 0.8 0 - 5.2 4.3 4.5 ▼
Credit Agricole CIB 6 - 950.2 4.6 4.6 ▲ 1 0.5 +1 ▲ Morgan Stanley 6* - 1,200.0 15.6 15.6 ▲ 1 0.8 +1 ▲ 1.8 1.5 1.5 ▲
Bank of America Merrill Lynch 7 - 839.3 4.1 4.1 ▲ 2 1.0 +2 ▲ Lazard 6* 1* 1,200.0 15.6 -25.4 ▼ 1 0.8 0 - 1.8 1.5 7.3 ▼
Rothschild 8 - 730.0 3.5 3.5 ▲ 1 0.5 +1 ▲ Goldman Sachs & Co 6* 8* 1,200.0 15.6 13.2 ▲ 1 0.8 -1 ▼ 1.8 1.5 2.6 ▼
Simpson, Thacher & Bartlett 9 - 300.0 1.5 1.5 ▲ 1 0.5 +1 ▲ Bank of America Merrill Lynch 9 - 1,010.4 13.2 13.2 ▲ 2 1.6 +2 ▲ 6.1 5.1 5.1 ▲
PricewaterhouseCoopers 10 - 182.7 0.9 0.9 ▲ 2 1.0 +2 ▲ BDO International 10 18* 159.6 2.1 1.9 ▲ 1 0.8 -1 ▼ 2.1 1.7 0.9 ▲
Piper Jaffray Cos 11 - 60.0 0.3 0.3 ▲ 1 0.5 +1 ▲ PricewaterhouseCoopers 11* - 120.0 1.6 1.6 ▲ 2 1.6 +2 ▲ .3 0.3 0.3 ▲
Jadwa Investment Co 12 - 53.0 0.3 0.3 ▲ 2 1.0 +2 ▲ PrinceRidge Group LLC 11* - 120.0 1.6 1.6 ▲ 1 0.8 +1 ▲ 2.2 1.8 1.8 ▲
UBS 13* 5* 48.5 0.2 -35.3 ▼ 1 0.5 0 - Jefferies & Co Inc 13 15 48.5 0.6 0.2 ▲ 1 0.8 0 - .8 0.7 0.0 -
Jefferies & Co Inc 13* 24 48.5 0.2 0.0 ▲ 1 0.5 0 - Roth Capital Partners Inc 14 - 37.4 0.5 0.5 ▲ 1 0.8 +1 ▲ .0 0.0 0.0 -
Roth Capital Partners Inc 15 - 37.4 0.2 0.2 ▲ 1 0.5 +1 ▲ Investec 15 - 26.0 0.3 0.3 ▲ 1 0.8 +1 ▲ .5 0.4 0.4 ▲
Ernst & Young LLP 16 27 37.0 0.2 0.1 ▲ 1 0.5 0 - IMAP 16 - 6.9 0.1 0.1 ▲ 1 0.8 +1 ▲ .1 0.1 0.1 ▲
K&N Kenanga Holdings Berhad 17 21 26.9 0.1 -0.4 ▼ 2 1.0 +1 ▲
Investec 18 - 26.0 0.1 0.1 ▲ 1 0.5 +1 ▲
Grant Thornton LLP 19* - 7.8 0.0 0.0 ▲ 1 0.5 +1 ▲
KBC Group NV 19* - 7.8 0.0 0.0 ▲ 1 0.5 +1 ▲
IMAP 21 - 6.9 0.0 0.0 ▲ 1 0.5 +1 ▲
WEPEAK Financial Consulting Co 22 - 6.5 0.0 0.0 ▲ 1 0.5 +1 ▲

Industry Total 20,637.4 100.0 198 -19 Industry Total 7,672.1 100.0 122 -21 120.4 100.0

Industry % Change from Same Period Last Year -31.6% ▼ -8.8% ▼ Industry % Change from Same Period Last Year -39.5% ▼ -14.7% ▼ -11.7% ▼
Industry % Change from Last Quarter 16.0% ▲ -15.0% ▼ Industry % Change from Last Quarter -49.0% ▼ -26.5% ▼ -60.1% ▼

* tie

Middle Eastern & N African Involvement Announced M&A by Target Industry Jan 1 2011 – March 31 2011

17%
Energy and Power Real Estate Financials
54%
11%
Telecommunications Consumer Products and Services Healthcare
6%
1% 1% 2% 4% 4%
` High Technology Materials Media and Entertainment

Industrials Consumer Staples Retail

Any Mid East & N African Inv Announced (AD53) - Top Deals Jan 1 2011 – March 31 2011
Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
2/16/2011 Pending CEPSA (52.9%) IPIC Utd Arab Em / Spain 7,432.8 Energy and Power / Oil & Gas
3/14/2011 Pending Iberdrola SA (5.8%) Qatar Holding Luxembourg II Luxembourg / Spain 2,666.8 Energy and Power / Power
1/13/2011 Pending Al Dar Properties-Certain Asts (100%) Goverment of Abu Dhabi Utd Arab Em / Utd Arab Em 1,497.6 Real Estate / Non Residential
3/10/2011 Intended EDT Retail Management Ltd (52%) EPN GP LLC United States / Australia 1,160.7 Real Estate / REITs
1/29/2011 1/29/2011 NMC Group (40%) Centurion Investment Co Utd Arab Em / Utd Arab Em 1,089.1 Financials / Other Financials
3/14/2011 Pending Mobile Telecommun Co Saudi (25%) Investor Group Saudi Arabia / Saudi Arabia 950.2 Telecommunications / Telecommunications Services
1/6/2011 2/18/2011 Pioneer Tunisia (100%) OMV (Tunesien) Production GmbH Tunisia / Tunisia 839.3 Energy and Power / Oil & Gas
3/7/2011 Pending Moody International Ltd (100%) Intertek Group PLC United Kingdom / United Kingdom 730.0 Consumer Products and Services / Professional Services
1/12/2011 1/12/2011 Arcapita Bank-Communities(29) (100%) Undisclosed Joint Venture United States / United States 630.0 Healthcare / Healthcare Providers & Services (HMOs)
3/21/2011 Pending Provigent LTd (100%) Broadcom Corp United States / Israel 313.0 High Technology / Semiconductors

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South African M&A


Any South African Inv Announced (AD54) an 1 2011 – March 31 2011 Any South African Involvement Completed (AF61) Jan 1 2011 – March 31 2011

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2011 2010 Rank Value Market Market # of Market Change in 2011 2010 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Rothschild 1 - 2,347.3 31.2 31.2 ▲ 2 2.1 +2 ▲ Investec 1 6 3,578.1 47.9 45.1 ▲ 2 4.9 -1 ▼ 24.4 20.7 18.6 ▲
RBS 2* - 1,653.4 22.0 22.0 ▲ 1 1.1 +1 ▲ Deutsche Bank AG 2 - 3,141.7 42.0 42.0 ▲ 3 7.3 +3 ▲ 18.7 15.9 15.9 ▲
Standard Bank Group Ltd 2* 7* 1,653.4 22.0 16.4 ▲ 1 1.1 -1 ▼ Grant Thornton LLP 3 - 2,774.7 37.1 37.1 ▲ 1 2.4 +1 ▲ .0 0.0 0.0 -
Citi 2* - 1,653.4 22.0 22.0 ▲ 1 1.1 +1 ▲ RBS 4* - 1,653.4 22.1 22.1 ▲ 1 2.4 +1 ▲ 1.9 1.6 1.6 ▲
Bank of America Merrill Lynch 2* - 1,653.4 22.0 22.0 ▲ 1 1.1 +1 ▲ Standard Bank Group Ltd 4* 10* 1,653.4 22.1 22.1 ▲ 1 2.4 0 - 1.9 1.6 0.3 ▼
HSBC Holdings PLC 2* - 1,653.4 22.0 22.0 ▲ 1 1.1 +1 ▲ Citi 4* - 1,653.4 22.1 22.1 ▲ 1 2.4 +1 ▲ 1.9 1.6 1.6 ▲
Morgan Stanley 7* - 1,081.7 14.4 14.4 ▲ 1 1.1 +1 ▲ Bank of America Merrill Lynch 4* 10* 1,653.4 22.1 22.1 ▲ 1 2.4 0 - 1.9 1.6 5.3 ▼
Jefferies & Co Inc 7* - 1,081.7 14.4 14.4 ▲ 1 1.1 +1 ▲ Rothschild 4* - 1,653.4 22.1 22.1 ▲ 1 2.4 +1 ▲ 10.5 8.9 8.9 ▲
Goldman Sachs & Co 7* 10* 1,081.7 14.4 9.3 ▲ 1 1.1 0 - HSBC Holdings PLC 4* - 1,653.4 22.1 22.1 ▲ 1 2.4 +1 ▲ 1.9 1.6 1.6 ▲
RMB Holdings Ltd 10 5 763.7 10.1 -2.8 ▼ 2 2.1 -3 ▼ Goldman Sachs & Co 10 - 1,368.6 18.3 18.3 ▲ 2 4.9 +2 ▲ 6.4 5.4 5.4 ▲
Deutsche Bank AG 11* 2 693.9 9.2 -40.8 ▼ 2 2.1 -1 ▼ Lazard 11 - 1,135.3 15.2 15.2 ▲ 2 4.9 +2 ▲ 10.5 8.9 8.9 ▲
Singer Capital Markets Ltd 11* - 693.9 9.2 9.2 ▲ 1 1.1 +1 ▲ Morgan Stanley 12* - 1,036.7 13.9 13.9 ▲ 1 2.4 +1 ▲ 7.5 6.3 6.3 ▲
JP Morgan 13 - 430.3 5.7 5.7 ▲ 3 3.2 +3 ▲ Jefferies & Co Inc 12* - 1,036.7 13.9 13.9 ▲ 1 2.4 +1 ▲ 4.9 4.2 4.2 ▲
RBC Capital Markets 14* 15* 202.6 2.7 1.8 ▲ 1 1.1 0 - RMB Holdings Ltd 14 - 698.9 9.4 9.4 ▲ 2 4.9 +2 ▲ 3.4 2.9 2.9 ▲
Canaccord Genuity 14* - 202.6 2.7 2.7 ▲ 1 1.1 +1 ▲ UBS 15 - 331.9 4.4 4.4 ▲ 1 2.4 +1 ▲ 1.5 1.3 1.3 ▲
KPMG 16* 6 59.4 0.8 -5.8 ▼ 3 3.2 -1 ▼ Azure Capital 16 2* 15.3 0.2 -10.7 ▼ 1 2.4 0 - .3 0.2 1.8 ▼
DBS Group Holdings 16* - 59.4 0.8 0.8 ▲ 1 1.1 +1 ▲ IMAP 17 - 6.9 0.1 0.1 ▲ 1 2.4 +1 ▲ .1 0.1 0.1 ▲
Azure Capital 18 - 15.3 0.2 0.2 ▲ 1 1.1 +1 ▲ PSG Capital (Pty) Ltd 18 8 5.0 0.1 -1.2 ▼ 1 2.4 0 - .1 0.1 0.9 ▼
Vunani Corporate Finance 19 24* 11.3 0.2 0.2 ▲ 2 2.1 +1 ▲ M&A International 19 - 4.8 0.1 0.1 ▲ 1 2.4 +1 ▲ .1 0.1 0.1 ▲
Arcay Moela Sponsors (Pty) Ltd 20 20 10.0 0.1 -0.2 ▼ 4 4.3 +2 ▲ Java Capital (Proprietary) Ltd 20 - 1.7 0.0 0.0 ▲ 1 2.4 +1 ▲ .0 0.0 0.0 -
Sasfin Holdings Ltd 21 - 8.5 0.1 0.1 ▲ 1 1.1 +1 ▲
IMAP 22 - 6.9 0.1 0.1 ▲ 1 1.1 +1 ▲
M&A International 23 - 4.8 0.1 0.1 ▲ 1 1.1 +1 ▲
Java Capital (Proprietary) Ltd 24 4 1.7 0.0 -14.8 ▼ 1 1.1 -1 ▼
Merchantec Capital(Pty)Ltd 25 - 14
1.4 00
0.0 00 ▲
0.0 1 1 1 +1
1.1 ▲
Industry Total 7,532.5 100.0 94 -4 Industry Total 7,473.4 100.0 41 -15 117.8 100.0

Industry % Change from Same Period Last Year 19.4% ▲ -4.1% ▼ Industry % Change from Same Period Last Year 883.9% ▲ -26.8% ▼ 271.6% ▲
Industry % Change from Last Quarter 13.7% ▲ -3.1% ▼ Industry % Change from Last Quarter 25.9% ▲ -16.3% ▼ 36.3% ▲

* tie

South African Involvement Announced M&A by Target Industry Jan 1 2011 – March 31 2011

26% 14%
Retail Financials Energy and Power
11%

7% Real Estate Materials Media and Entertainment


27% 6%
1%1% 2% 5% ` Consumer Staples Telecommunications High Technology

Consumer Products and Services Industrials Healthcare

Any South African Inv Announced (AD54) - Top Deals Jan 1 2011 – March 31 2011
Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
1/31/2011 3/18/2011 Conforama SA (99.98%) Steinhoff Intl Hldg Ltd South Africa / France 1,653.4 Retail / Internet and Catalog Retailing
2/10/2011 Pending Lexshell 44 General Trading (100%) Investor Group South Africa / United Kingdom 1,336.6 Financials / Other Financials
3/8/2011 Pending Talisman Energy Inc-Cypress A (50%) Sasol Ltd South Africa / Canada 1,081.7 Energy and Power / Oil & Gas
3/23/2011 Pending Redefine International PLC (100%) Wichford PLC Isle of Man / Jersey 693.9 Real Estate / REITs
3/1/2011 Pending Pepkor Holdings Ltd (24.6%) Capital Partners Group South Africa / South Africa 608.0 Financials / Other Financials
3/28/2011 Intended Avusa Ltd (100%) Investor Group South Africa / South Africa 471.4 Media and Entertainment / Publishing
3/14/2011 Pending Unitrans Motor Enterprises (100%) JD Group Ltd South Africa / South Africa 407.4 Retail / Automotive Retailing
1/21/2011 Pending Finsch & Namaqualand-De Beers (100%) Petra Diamonds Ltd United Kingdom / South Africa 202.6 Materials / Metals & Mining
2/16/2011 Pending Davita Trading(Pty)Ltd (100%) Tiger Brands Ltd South Africa / South Africa 185.6 Consumer Staples / Food and Beverage
3/18/2011 Pending Gold Fields La Cima SAA (8%) Gold Fields Corona(BVI)Ltd South Africa / Peru 174.0 Materials / Metals & Mining

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First Quarter 2011 | Mergers & Acquisitions | Financial Advisors

Eastern European M&A


Any Eastern European Inv Announced (AD52) Jan 1 2011 – March 31 2011 Any Eastern European Involvement Completed (AF59) Jan 1 2011 – March 31 2011

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2011 2010 Rank Value Market Market # of Market Change in 2011 2010 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Bank of America Merrill Lynch 1 6* 9,006.9 21.2 18.1 ▲ 6 0.6 +5 ▲ Morgan Stanley 1 18* 18,611.9 46.7 45.8 ▲ 8 1.0 +5 ▲ 37.9 8.4 6.9 ▲
Lambert Energy Advisory Ltd 2 - 7,869.0 18.6 18.6 ▲ 1 0.1 +1 ▲ Bank of America Merrill Lynch 2 - 12,725.0 31.9 31.9 ▲ 7 0.8 +7 ▲ 30.8 6.8 6.8 ▲
Credit Suisse 3 26* 7,553.0 17.8 17.8 ▲ 5 0.5 +4 ▲ JP Morgan 3 29* 11,106.1 27.9 27.9 ▲ 6 0.7 +5 ▲ 42.5 9.4 8.4 ▲
UBS 4 10 4,949.6 11.7 9.1 ▲ 5 0.5 +3 ▲ Deutsche Bank AG 4 - 10,559.4 26.5 26.5 ▲ 5 0.6 +5 ▲ 19.6 4.3 4.3 ▲
JP Morgan 5 1* 4,022.7 9.5 3.0 ▲ 3 0.3 -2 ▼ VTB Capital 5 29* 6,459.8 16.2 16.2 ▲ 5 0.6 +4 ▲ 21.4 4.7 4.4 ▲
Rothschild 6 3 3,880.2 9.2 3.2 ▲ 9 0.9 +7 ▲ KPMG 6 29* 6,181.5 15.5 15.5 ▲ 3 0.4 -1 ▼ .8 0.2 0.2 ▲
Deutsche Bank AG 7 1* 3,114.6 7.4 0.9 ▲ 8 0.8 +3 ▲ BBVA 7 - 5,925.0 14.9 14.9 ▲ 2 0.2 +2 ▲ 8.2 1.8 1.8 ▲
Morgan Stanley 8 4 3,076.2 7.3 2.9 ▲ 2 0.2 -1 ▼ Allied Irish Banks PLC 8* - 5,629.4 14.1 14.1 ▲ 1 0.1 +1 ▲ 8.0 1.8 1.8 ▲
Lazard 9 - 3,042.1 7.2 7.2 ▲ 5 0.5 +5 ▲ Nomura 8* 5 5,629.4 14.1 9.8 ▲ 1 0.1 -1 ▼ 5.4 1.2 1.5 ▼
Goldman Sachs & Co 10 19 3,001.1 7.1 6.2 ▲ 5 0.5 +4 ▲ Santander 8* - 5,629.4 14.1 14.1 ▲ 1 0.1 +1 ▲ 5.4 1.2 1.2 ▲
Xenon Capital Partners 11 - 2,770.0 6.5 6.5 ▲ 2 0.2 +2 ▲ Centerview Partners LLC 11 - 4,569.5 11.5 11.5 ▲ 1 0.1 +1 ▲ 10.8 2.4 2.4 ▲
HSBC Holdings PLC 12 15* 2,095.0 4.9 3.5 ▲ 1 0.1 0 - Credit Suisse 12 29* 4,019.1 10.1 10.1 ▲ 3 0.4 +2 ▲ 21.6 4.8 3.8 ▲
Raiffeisen Zentralbank 13 11* 2,042.1 4.8 2.3 ▲ 2 0.2 -2 ▼ Lazard 13 6 3,709.7 9.3 5.5 ▲ 2 0.2 +1 ▲ 21.3 4.7 1.8 ▲
Houlihan Lokey 14* 6* 1,700.5 4.0 0.9 ▲ 1 0.1 0 - Goldman Sachs & Co 14 - 3,096.7 7.8 7.8 ▲ 3 0.4 +3 ▲ 13.1 2.9 2.9 ▲
Lincoln International 14* - 1,700.5 4.0 4.0 ▲ 1 0.1 +1 ▲ UBS 15 29* 2,229.6 5.6 5.6 ▲ 2 0.2 +1 ▲ 2.3 0.5 0.5 ▼
DC Advisory Partners 14* 6* 1,700.5 4.0 0.9 ▲ 1 0.1 0 - Barclays Capital 16* - 2,162.7 5.4 5.4 ▲ 1 0.1 +1 ▲ .2 0.1 0.1 ▲
Centerview Partners LLC 17 - 1,375.7 3.2 3.2 ▲ 1 0.1 +1 ▲ Xenon Capital Partners 16* - 2,162.7 5.4 5.4 ▲ 1 0.1 +1 ▲ 9.2 2.0 2.0 ▲
Evercore Partners 18 - 1,192.0 2.8 2.8 ▲ 1 0.1 +1 ▲ Houlihan Lokey 18* 22* 1,700.5 4.3 4.0 ▲ 1 0.1 -1 ▼ 2.9 0.6 1.2 ▼
Greenhill & Co, LLC 19 - 1,000.0 2.4 2.4 ▲ 1 0.1 +1 ▲ Lincoln International 18* - 1,700.5 4.3 4.3 ▲ 1 0.1 +1 ▲ 2.9 0.6 0.6 ▲
VTB Capital 20 26* 744.1 1.8 1.8 ▲ 1 0.1 0 - DC Advisory Partners 18* 24 1,700.5 4.3 4.2 ▲ 1 0.1 0 - 2.9 0.6 0.5 ▲
PricewaterhouseCoopers 21 26* 562.6 1.3 1.3 ▲ 4 0.4 +1 ▲ BNP Paribas SA 21 22* 932.8 2.3 2.0 ▲ 2 0.2 +1 ▲ 5.8 1.3 1.1 ▲
KPMG 22* 9 552.1 1.3 -1.6 ▼ 2 0.2 -3 ▼ Renaissance Capital Group 22 13 787.9 2.0 0.7 ▲ 3 0.4 +2 ▲ 11.2 2.5 1.3 ▲
VCP Capital Partners 22* 26* 552.1 1.3 1.3 ▲ 1 0.1 -1 ▼ Macquarie Group 23* - 763.9 1.9 1.9 ▲ 1 0.1 +1 ▲ 2.6 0.6 0.6 ▲
Roland Berger & Partner GmbH 22* - 552.1 1.3 1.3 ▲ 1 0.1 +1 ▲ Solon Management Consulting Gm 23* - 763.9 1.9 1.9 ▲ 1 0.1 +1 ▲ 2.6 0.6 0.6 ▲
Mediobanca 25 - 400 3
400.3 09
0.9 09 ▲
0.9 1 0 1 +1
0.1 ▲ PricewaterhouseCoopers 25 12 562 6
562.6 14
1.4 00 ▲
0.0 4 05
0.5 0 - .4
4 01
0.1 02 ▼
0.2
Industry Total 42,403.4 100.0 1,054 -19 Industry Total 39,849.4 100.0 834 -62 452.4 100.0

Industry % Change from Same Period Last Year 590.6% ▲ -1.8% ▼ Industry % Change from Same Period Last Year 368.1% ▲ -6.9% ▼ 128.4% ▲
Industry % Change from Last Quarter -43.5% ▼ -35.1% ▼ Industry % Change from Last Quarter 81.1% ▲ -38.2% ▼ 8.2% ▲

* tie

Eastern Europe Involvement Announced M&A by Target Industry Jan 1 2011 – March 31 2011

14%
10%
Energy and Power Financials Materials
48% 9%
6% Consumer Staples Retail Telecommunications
1% 2% 4% 5%
`
Media and Entertainment Real Estate Industrials

Consumer Products and Services High Technology Healthcare

Any Eastern European Inv Announced (AD52) - Top Deals Jan 1 2011 – March 31 2011
Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
1/14/2011 Pending NK Rosneft (9.5%) BP PLC United Kingdom / Russian Fed 7,869.0 Energy and Power / Oil & Gas
3/2/2011 Pending Novatek (12.1%) Total SA France / Russian Fed 4,000.0 Energy and Power / Oil & Gas
2/22/2011 2/22/2011 AKB Bank Moskvy (46.48%) Bank VTB Russian Fed / Russian Fed 3,518.2 Financials / Banks
3/29/2011 Pending Inter RAO EES (0.1%) FSK EES Russian Fed / Russian Fed 2,770.0 Energy and Power / Power
2/21/2011 Pending Mey Icki Sanayi ve Ticaret AS (100%) Diageo PLC United Kingdom / Turkey 2,095.0 Consumer Staples / Food and Beverage
2/10/2011 12/20/2010 Novatek (9.4%) Dhignfinolhu Holding Cyprus / Russian Fed 1,958.4 Energy and Power / Oil & Gas
2/1/2011 2/1/2011 BorsodChem Zrt (58%) Yantai Wanhua Polyurethanes Co China / Hungary 1,700.5 Materials / Chemicals
2/3/2011 Pending VBD PP (23%) Pepsi-Cola(Bermuda)Ltd Bermuda / Russian Fed 1,375.7 Consumer Staples / Food and Beverage
2/18/2011 Pending Ukrtelekom (92.8%) ESU Ukraine / Ukraine 1,329.7 Telecommunications / Telecommunications Services
3/3/2011 Pending Delta Maxi Group (100%) Groupe Delhaize Belgium / Serbia 1,293.0 Retail / Food & Beverage Retailing

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First Quarter 2011 | Mergers & Acquisitions | Financial Advisors

Russian M&A
Any Russian Involvement Announced (AD58) Jan 1 2011 – March 31 2011 Any Russian Involvement Completed (AF65) Jan 1 2011 – March 31 2011

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2011 2010 Rank Value Market Market # of Market Change in 2011 2010 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Lambert Energy Advisory Ltd 1 - 7,869.0 26.2 26.2 ▲ 1 0.1 +1 ▲ JP Morgan 1 8* 6,722.5 35.9 35.9 ▲ 4 0.7 +3 ▲ 22.0 10.8 7.7 ▲
Credit Suisse 2 7* 7,288.2 24.3 24.3 ▲ 4 0.5 +3 ▲ VTB Capital 2 8* 6,459.8 34.5 34.5 ▲ 5 0.8 +4 ▲ 21.4 10.5 9.7 ▲
Bank of America Merrill Lynch 3 - 3,518.2 11.7 11.7 ▲ 2 0.3 +2 ▲ Morgan Stanley 3 3* 5,357.0 28.6 26.5 ▲ 4 0.7 +2 ▲ 15.8 7.8 6.6 ▲
Xenon Capital Partners 4 - 2,770.0 9.2 9.2 ▲ 2 0.3 +2 ▲ Bank of America Merrill Lynch 4 - 4,994.8 26.7 26.7 ▲ 4 0.7 +4 ▲ 12.8 6.3 6.3 ▲
Morgan Stanley 5* 2* 1,375.7 4.6 2.1 ▲ 1 0.1 -1 ▼ Centerview Partners LLC 5 - 4,569.5 24.4 24.4 ▲ 1 0.2 +1 ▲ 10.8 5.3 5.3 ▲
Centerview Partners LLC 5* - 1,375.7 4.6 4.6 ▲ 1 0.1 +1 ▲ Credit Suisse 6 8* 3,518.2 18.8 18.8 ▲ 2 0.3 +1 ▲ 16.5 8.1 5.0 ▲
JP Morgan 5* 7* 1,375.7 4.6 4.6 ▲ 1 0.1 -2 ▼ UBS 7 - 2,229.6 11.9 11.9 ▲ 2 0.3 +2 ▲ 2.1 1.0 1.0 ▲
UBS 8 - 1,342.0 4.5 4.5 ▲ 2 0.3 +2 ▲ Barclays Capital 8* - 2,162.7 11.6 11.6 ▲ 1 0.2 +1 ▲ .2 0.1 0.1 ▲
Evercore Partners 9 - 1,192.0 4.0 4.0 ▲ 1 0.1 +1 ▲ Xenon Capital Partners 8* - 2,162.7 11.6 11.6 ▲ 1 0.2 +1 ▲ 9.2 4.5 4.5 ▲
Deutsche Bank AG 10 7* 1,072.9 3.6 3.6 ▲ 2 0.3 -1 ▼ Deutsche Bank AG 10 - 2,153.0 11.5 11.5 ▲ 3 0.5 +3 ▲ 9.1 4.5 4.5 ▲
Greenhill & Co, LLC 11* - 1,000.0 3.3 3.3 ▲ 1 0.1 +1 ▲ Goldman Sachs & Co 11 - 1,400.0 7.5 7.5 ▲ 1 0.2 +1 ▲ 2.4 1.2 1.2 ▲
Lazard 11* - 1,000.0 3.3 3.3 ▲ 1 0.1 +1 ▲ Renaissance Capital Group 12 2 787.9 4.2 1.2 ▲ 2 0.3 +1 ▲ 9.7 4.8 1.1 ▲
VTB Capital 13 7* 744.1 2.5 2.5 ▲ 1 0.1 0 - Strand Hanson Ltd 13 - 76.6 0.4 0.4 ▲ 1 0.2 +1 ▲ .7 0.3 0.3 ▲
Rothschild 14 1 280.8 0.9 -11.0 ▼ 1 0.1 0 -

Industry Total 29,997.7 100.0 732 +73 Industry Total 18,708.6 100.0 604 +8 202.9 100.0

Industry % Change from Same Period Last Year 869.0% ▲ 11.1% ▲ Industry % Change from Same Period Last Year 401.0% ▲ 1.3% ▲ 212.2% ▲
Industry % Change from Last Quarter -38.7% ▼ -38.9% ▼ Industry % Change from Last Quarter 25.4% ▲ -41.8% ▼ -13.9% ▼

* tie

Russian Involvement Announced M&A by Target Industry Jan 1 2011 – March 31 2011

64% Energy and Power Financials Materials


16%

6% Consumer Staples Media and Entertainment Retail


2% 2% 3% 5%
`
Industrials Real Estate Telecommunications

Consumer Products and Services Healthcare High Technology

Any Russian Involvement Announced (AD58) - Top Deals Jan 1 2011 – March 31 2011
Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
1/14/2011 Pending NK Rosneft (9.5%) BP PLC United Kingdom / Russian Fed 7,869.0 Energy and Power / Oil & Gas
3/2/2011 Pending Novatek (12.1%) Total SA France / Russian Fed 4,000.0 Energy and Power / Oil & Gas
2/22/2011 2/22/2011 AKB Bank Moskvy (46.48%) Bank VTB Russian Fed / Russian Fed 3,518.2 Financials / Banks
3/29/2011 Pending Inter RAO EES (0.1%) FSK EES Russian Fed / Russian Fed 2,770.0 Energy and Power / Power
2/10/2011 12/20/2010 Novatek (9.4%) Dhignfinolhu Holding Cyprus / Russian Fed 1,958.4 Energy and Power / Oil & Gas
2/3/2011 Pending VBD PP (23%) Pepsi-Cola(Bermuda)Ltd Bermuda / Russian Fed 1,375.7 Consumer Staples / Food and Beverage
3/2/2011 Pending Severstal North America-Ops (100%) The Renco Group Inc United States / United States 1,192.0 Materials / Metals & Mining
3/11/2011 Pending IK Troyka Dialog (100%) Sberbank Rossii Russian Fed / Russian Fed 1,000.0 Financials / Brokerage
2/4/2011 2/4/2011 NTK (71.8%) Investor Group Russian Fed / Russian Fed 949.0 Media and Entertainment / Cable
3/1/2011 3/1/2011 Kovykta Gas Condensate Field (100%) Gazprom Russian Fed / Russian Fed 775.8 Energy and Power / Oil & Gas

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First Quarter 2011 | Mergers & Acquisitions | Financial Advisors

Asia Pacific M&A



Any AsPac Emerging Market Inv Announced† Jan 1 2011 – March 31 2011 Any Asia Pacific Emerging Market Involvement Completed Jan 1 2011 – March 31 2011

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2011 2010 Rank Value Market Market # of Market Change in 2011 2010 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Goldman Sachs & Co 1 1 14,115.0 16.8 -3.7 ▼ 5 0.3 -6 ▼ GF Securities 1* 22 8,961.2 19.5 17.6 ▲ 1 2.4 -4 ▼ .4 0.1 0.1 ▲
Morgan Stanley 2 2 13,595.1 16.2 -4.2 ▼ 6 0.3 0 - China Jianyin Invest Sec 1* - 8,961.2 19.5 19.5 ▲ 1 2.4 +1 ▲ 3.5 0.7 0.7 ▲
Jefferies & Co Inc 3 35 7,223.6 8.6 8.1 ▲ 6 0.3 +2 ▲ Morgan Stanley 3 2 7,349.2 16.0 -5.1 ▼ 4 2.0 -11 ▼ 10.7 2.2 4.5 ▼
Trinity Securities Group 4* - 5,726.7 6.8 6.8 ▲ 1 0.1 +1 ▲ Goldman Sachs & Co 4 17 7,154.8 15.6 11.7 ▲ 5 1.9 -1 ▼ 11.0 2.3 0.5 ▼
Kim Eng Holdings Ltd 4* - 5,726.7 6.8 6.8 ▲ 3 0.2 +3 ▲ Citi 5 8 6,402.1 14.0 8.7 ▲ 5 1.7 -1 ▼ 13.2 2.7 0.1 ▼
Barclays Capital 6* 5 5,433.1 6.5 -9.8 ▼ 2 0.1 -4 ▼ UBS 6 19 3,494.9 7.6 4.8 ▲ 7 0.9 -1 ▼ 17.8 3.6 1.1 ▲
RBC Capital Markets 6* - 5,433.1 6.5 6.5 ▲ 1 0.1 +1 ▲ Credit Suisse 7 3 3,191.9 7.0 -3.4 ▼ 4 0.9 -7 ▼ 21.8 4.5 1.1 ▲
China International Capital Co 8 9 4,897.2 5.8 -4.9 ▼ 9 0.5 +5 ▲ China International Capital Co 8 1 3,164.9 6.9 -22.3 ▼ 6 0.8 -3 ▼ 3.5 0.7 0.5 ▼
Deutsche Bank AG 9 11 3,658.5 4.4 -3.2 ▼ 5 0.3 0 - Deutsche Bank AG 9 13 2,426.7 5.3 0.3 ▲ 5 0.7 0 - 9.8 2.0 0.6 ▲
Bank of America Merrill Lynch 10 23 3,259.2 3.9 2.2 ▲ 8 0.5 +2 ▲ Rothschild 10 - 2,290.8 5.0 5.0 ▲ 8 0.6 +8 ▲ 17.4 3.6 3.6 ▲
RBS 11 17 2,875.0 3.4 0.7 ▲ 2 0.1 0 - JP Morgan 11 18 2,012.8 4.4 1.3 ▲ 3 0.5 -3 ▼ 13.6 2.8 0.6 ▼
UBS 12 3 2,165.6 2.6 -17.3 ▼ 7 0.4 -5 ▼ Houlihan Lokey 12 59* 1,750.5 3.8 3.6 ▲ 2 0.5 +1 ▲ 3.1 0.6 0.5 ▲
ING 13 30 2,079.1 2.5 1.6 ▲ 2 0.1 0 - Lincoln International 13* 74 1,700.5 3.7 3.6 ▲ 1 0.5 -1 ▼ 2.9 0.6 0.5 ▲
Moelis & Co 14 78 2,000.0 2.4 2.3 ▲ 1 0.1 0 - Bank of America Merrill Lynch 13* 11 1,700.5 3.7 -1.5 ▼ 1 0.5 -4 ▼ 8.7 1.8 0.0 -
Nomura 15 15 1,781.3 2.1 -1.6 ▼ 4 0.2 +1 ▲ DC Advisory Partners 13* - 1,700.5 3.7 3.7 ▲ 2 0.5 +2 ▲ 3.5 0.7 0.7 ▲
Houlihan Lokey 16* 36 1,700.5 2.0 1.6 ▲ 1 0.1 -2 ▼ CIMB Group Sdn Bhd 16 21 1,691.2 3.7 1.8 ▲ 9 0.5 -1 ▼ 11.0 2.3 0.8 ▲
Lincoln International 16* 105 1,700.5 2.0 2.0 ▲ 1 0.1 -1 ▼ RBS 17 20 1,672.9 3.7 1.0 ▲ 3 0.5 0 - 3.2 0.7 0.7 ▼
DC Advisory Partners 16* 47 1,700.5 2.0 1.8 ▲ 2 0.1 +1 ▲ HSBC Holdings PLC 18 45 1,491.0 3.3 2.9 ▲ 4 0.4 +2 ▲ 5.4 1.1 1.0 ▲
Huatai Securities 19 31 1,651.1 2.0 1.1 ▲ 4 0.2 -1 ▼ Macquarie Group 19 43 1,186.6 2.6 2.2 ▲ 4 0.3 +2 ▲ 9.3 1.9 1.5 ▲
HSBC Holdings PLC 20 7* 1,628.0 1.9 -10.9 ▼ 4 0.2 +3 ▲ AMMB Holdings Bhd 20 36 1,186.4 2.6 1.9 ▲ 3 0.3 +1 ▲ 7.7 1.6 1.0 ▲
Standard Chartered PLC 21 4 1,609.2 1.9 -17.5 ▼ 4 0.2 -7 ▼ Standard Chartered PLC 21 12 1,103.5 2.4 -2.6 ▼ 3 0.3 -2 ▼ 10.5 2.2 1.1 ▼
JP Morgan 22 12 1,529.5 1.8 -4.8 ▼ 4 0.2 0 - China Construction Bank 22* 92* 886.5 1.9 1.9 ▲ 1 0.2 0 - 6.4 1.3 1.3 ▲
Malayan Banking Bhd 23 - 1,389.5 1.7 1.7 ▲ 3 0.2 +3 ▲ Optima Capital Ltd 22* 69 886.5 1.9 1.8 ▲ 1 0.2 0 - 5.7 1.2 1.2 ▲
Credit Suisse 24 13 1,388.4 1.7 -3.2 ▼ 6 0.3 -4 ▼ RMB Holdings Ltd 24* - 877.9 1.9 1.9 ▲ 2 0.2 +2 ▲ 4.7 1.0 1.0 ▲
TC Capital 25 - 1 381 3
1,381.3 17
1.7 17 ▲
1.7 2 0 1 +2
0.1 ▲ Lazard 24* 59* 877 9
877.9 19
1.9 17 ▲
1.7 3 0 2 +1
0.2 ▲ 76
7.6 16
1.6 19 ▼
1.9
Industry Total 83,839.6 100.0 1,745 -13 Industry Total 45,881.2 100.0 813 -183 488.8 100.0

Industry % Change from Same Period Last Year 0.6% ▲ -0.7% ▼ Industry % Change from Same Period Last Year 18.3% ▲ -18.4% ▼ -16.4% ▼
Industry % Change from Last Quarter -36.6% ▼ -17.4% ▼ Industry % Change from Last Quarter -11.2% ▼ -10.7% ▼ -22.3% ▼

* tie

Asia Pacific Emerging Market Involvement Announced M&A by Target Industry Jan 1 2011 – March 31 2011

16% 15%
Energy and Power Materials Financials
11%

7% Industrials High Technology Real Estate


32% 6%
1%1% 2% 2% 3% 4%
` Telecommunications Media and Entertainment Healthcare

Consumer Staples Consumer Products and Services Retail

Any AsPac Emerging Market Inv Announced† - Top Deals Jan 1 2011 – March 31 2011
Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
2/21/2011 Pending Reliance Industries Ltd-23 Oil (30%) BP PLC United Kingdom / India 9,000.0 Energy and Power / Oil & Gas
2/25/2011 Pending PTT Aromatics & Refining PCL (100%) PTT Chemical PCL Thailand / Thailand 5,726.6 Energy and Power / Oil & Gas
2/9/2011 Pending EnCana Corp-Cutbank Ridge (50%) PetroChina Intl Invest Co Ltd China / Canada 5,433.1 Energy and Power / Oil & Gas
3/30/2011 Pending Tullow Oil-Exploration Areas (66%) Investor Group China / Uganda 2,900.0 Energy and Power / Oil & Gas
3/14/2011 Pending Ping An Insurance(Group)Co (3.4%) Jinjun Ltd Hong Kong / China 2,496.3 Financials / Other Financials
1/12/2011 Pending Nan Shan Life Insurance Co Ltd (97.6%) Ruen Chen Invest Hldg Co Ltd Taiwan / Taiwan 2,160.0 Financials / Insurance
1/11/2011 Pending Elkem AS (100%) China Bluestar(Group)Co Ltd China / Norway 2,000.0 Materials / Metals & Mining
3/29/2011 Pending Digitel (87.7%) PLDT Philippines / Philippines 1,965.7 Telecommunications / Telecommunications Services
2/1/2011 2/1/2011 BorsodChem Zrt (58%) Yantai Wanhua Polyurethanes Co China / Hungary 1,700.5 Materials / Chemicals
2/14/2011 Pending Joyou AG (83.3%) Grohe Asia AG China / Germany 1,417.7 Industrials / Other Industrials

† Asia Pacific Emerging Market totals include countries in North Asia


Asia, South Asia
Asia, Southeast Asia
Asia, and Australasia (excluding Australia
Australia, Hong Kong
Kong, Myanmar
Myanmar, New Zealand
Zealand, Singapore
Singapore, South Korea
Korea, Taiwan
Taiwan, and Western Samoa)
Samoa).

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First Quarter 2011 | Mergers & Acquisitions | Financial Advisors

Indian M&A
Any Indian Involvement Announced (AD60) Jan 1 2011 – March 31 2011 Any Indian Involvement Completed (AF67) Jan 1 2011 – March 31 2011

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2011 2010 Rank Value Market Market # of Market Change in 2011 2010 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Morgan Stanley 1 1 9,679.6 55.0 0.1 ▲ 3 1.0 0 - Goldman Sachs & Co 1 1 5,877.9 55.4 29.6 ▲ 3 1.5 -1 ▼ 5.5 4.9 3.1 ▼
Goldman Sachs & Co 2 9 9,000.0 51.2 29.4 ▲ 1 0.3 -3 ▼ Citi 2 8 5,469.0 51.5 44.1 ▲ 2 1.0 0 - 5.3 4.7 0.3 ▲
HSBC Holdings PLC 3 6* 1,568.0 8.9 -28.5 ▼ 3 1.0 +2 ▲ Morgan Stanley 3 6 5,000.0 47.1 39.1 ▲ 1 0.5 -2 ▼ .0 0.0 3.9 ▼
Bank of America Merrill Lynch 4 32* 1,244.5 7.1 6.8 ▲ 4 1.4 +3 ▲ UBS 4 5 1,600.6 15.1 6.5 ▲ 3 1.5 -1 ▼ 5.9 5.2 1.6 ▲
Credit Suisse 5* 23 1,220.5 6.9 6.0 ▲ 2 0.7 0 - Macquarie Group 5 - 1,186.6 11.2 11.2 ▲ 2 1.0 +2 ▲ 5.3 4.7 4.7 ▲
Jefferies & Co Inc 5* 16 1,220.5 6.9 5.8 ▲ 3 1.0 +1 ▲ RMB Holdings Ltd 6* - 877.9 8.3 8.3 ▲ 2 1.0 +2 ▲ 4.7 4.2 4.2 ▲
ANZ Banking Group 7* - 875.0 5.0 5.0 ▲ 1 0.3 +1 ▲ Lazard 6* 20* 877.9 8.3 7.2 ▲ 3 1.5 +2 ▲ 7.6 6.7 6.4 ▲
RBS 7* 15 875.0 5.0 2.6 ▲ 1 0.3 0 - Rothschild 8 - 701.8 6.6 6.6 ▲ 4 2.0 +4 ▲ 8.2 7.2 7.2 ▲
Standard Chartered PLC 7* 2 875.0 5.0 -40.3 ▼ 1 0.3 -4 ▼ Kotak Mahindra Bank Ltd 9 7 699.4 6.6 -1.2 ▼ 3 1.5 -3 ▼ 6.9 6.1 3.8 ▲
UBS 7* 4 875.0 5.0 -35.6 ▼ 1 0.3 -3 ▼ Enam Securities 10 9 474.4 4.5 -2.3 ▼ 1 0.5 -6 ▼ 3.7 3.2 1.4 ▲
Lazard 11 26* 711.0 4.0 3.4 ▲ 3 1.0 +1 ▲ Siam Commercial Bank PLC 11* - 469.0 4.4 4.4 ▲ 1 0.5 +1 ▲ 1.3 1.2 1.2 ▲
Deutsche Bank AG 12 10 679.6 3.9 -13.0 ▼ 1 0.3 0 - RBS 11* 3 469.0 4.4 -8.2 ▼ 1 0.5 0 - 1.3 1.2 0.9 ▼
Yes Bank Ltd 13 49 455.9 2.6 2.5 ▲ 7 2.4 +6 ▲ Hatch Corporate Finance 11* - 469.0 4.4 4.4 ▲ 1 0.5 +1 ▲ 1.3 1.2 1.2 ▲
JP Morgan 14 24* 350.0 2.0 1.3 ▲ 1 0.3 0 - Samsung Securities 14* - 464.0 4.4 4.4 ▲ 1 0.5 +1 ▲ 2.3 2.0 2.0 ▲
Ernst & Young LLP 15 12 271.3 1.5 -5.0 ▼ 9 3.1 -3 ▼ KPMG 14* 14 464.0 4.4 2.1 ▲ 2 1.0 0 - .4 0.4 0.1 ▲
Religare Enterprises Ltd 16 14 195.6 1.1 -2.0 ▼ 3 1.0 -2 ▼ Deloitte 16 30 324.8 3.1 2.6 ▲ 4 2.0 +1 ▲ .9 0.8 0.7 ▲
Deloitte 17 59* 175.0 1.0 1.0 ▲ 2 0.7 0 - Standard Chartered PLC 17 4 237.8 2.2 -8.2 ▼ 1 0.5 -2 ▼ 2.6 2.3 2.0 ▼
Macquarie Group 18 - 129.0 0.7 0.7 ▲ 1 0.3 +1 ▲ Religare Enterprises Ltd 18 2 61.9 0.6 -12.1 ▼ 2 1.0 0 - 1.0 0.8 3.0 ▼
RippleWave Equity Pvt Ltd 19 - 112.8 0.6 0.6 ▲ 1 0.3 +1 ▲ Fortress Capital Mgmt Svcs Pvt 19 - 49.4 0.5 0.5 ▲ 1 0.5 +1 ▲ .2 0.1 0.1 ▲
Avendus Capital Pvt Ltd 20 - 30.0 0.2 0.2 ▲ 3 1.0 +3 ▲ D&A Financial Services Pvt Ltd 20 - 36.5 0.3 0.3 ▲ 2 1.0 +2 ▲ .2 0.2 0.2 ▲
Singhi Advisors Ltd 21 37 17.8 0.1 -0.1 ▼ 1 0.3 -1 ▼ Avendus Capital Pvt Ltd 21 - 30.0 0.3 0.3 ▲ 3 1.5 +3 ▲ .9 0.8 0.8 ▲
MAPE Advisory Group 22 - 13.5 0.1 0.1 ▲ 1 0.3 +1 ▲ Ernst & Young LLP 22 16 27.8 0.3 -1.8 ▼ 6 3.0 -2 ▼ .2 0.2 0.1 ▼
ICICI Bank Ltd 23 43 11.3 0.1 0.0 ▲ 2 0.7 -1 ▼ Yes Bank Ltd 23 19 25.2 0.2 -1.1 ▼ 1 0.5 -1 ▼ .0 0.0 0.9 ▼
IMAP 24 50 11.0 0.1 0.1 ▲ 3 1.0 +1 ▲ Singhi Advisors Ltd 24 23 17.8 0.2 -0.9 ▼ 1 0.5 -1 ▼ .6 0.5 0.3 ▼
Challenge Consultancy Services 25 - 10 4
10.4 01
0.1 01 ▲
0.1 2 0 7 +2
0.7 ▲ MAPE Advisory Group 25* - 13 5
13.5 01
0.1 01 ▲
0.1 1 0 5 +1
0.5 ▲ .2
2 02
0.2 02 ▲
0.2
Industry Total 17,590.9 100.0 289 -128 Industry Total 10,615.7 100.0 198 -76 113.3 100.0

Industry % Change from Same Period Last Year -38.6% ▼ -30.7% ▼ Industry % Change from Same Period Last Year 95.2% ▲ -27.7% ▼ -27.0% ▼
Industry % Change from Last Quarter 67.9% ▲ -8.5% ▼ Industry % Change from Last Quarter 51.0% ▲ -1.5% ▼ 4.4% ▲

* tie

Indian Involvement Announced M&A by Target Industry Jan 1 2011 – March 31 2011

15% Energy and Power Industrials Financials


56%
9%
High Technology Materials Healthcare
9%
1% 2% 8% ` Real Estate Consumer Products and Services Consumer Staples

Telecommunications Media and Entertainment Retail

Any Indian Involvement Announced (AD60) - Top Deals Jan 1 2011 – March 31 2011
Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
2/21/2011 Pending Reliance Industries Ltd-23 Oil (30%) BP PLC United Kingdom / India 9,000.0 Energy and Power / Oil & Gas
1/31/2011 Intended Siemens Ltd (19.7%) Siemens AG Germany / India 1,354.0 Industrials / Building/Construction & Engineering
1/10/2011 Pending Patni Computer Systems Ltd (63%) Investor Group India / India 919.7 High Technology / IT Consulting & Services
1/31/2011 Pending Columbian Chemicals Co (100%) Aditya Birla Mgmt Corp Pvt India / United States 875.0 Materials / Chemicals
3/8/2011 3/22/2011 Hero Honda Motors Ltd (26%) Hero Investments Pvt Ltd India / India 852.3 Industrials / Automobiles & Components
3/14/2011 Pending Reliance Life Insurance Co Ltd (26%) Nippon Life Insurance Co Japan / India 679.6 Financials / Insurance
3/16/2011 Pending Hardt Group GmbH-Cenco Asts (100%) Cals Refineries Ltd India / United States 417.0 Energy and Power / Petrochemicals
3/7/2011 Pending Shriram Capital Ltd (15%) TPG Capital LP United States / India 399.6 Financials / Asset Management
2/18/2011 Pending Shell UK Ltd-Stanlow Refinery (100%) Essar Oil(UK)Ltd United Kingdom / United Kingdom 350.0 Energy and Power / Oil & Gas
1/10/2011 Intended Patni Computer Systems Ltd (20.6%) Investor Group India / India 300.8 High Technology / IT Consulting & Services

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Chinese M&A
Any Chinese Involvement Announced (AD56) Jan 1 2011 – March 31 2011 Any Chinese Involvement Completed (AF63) Jan 1 2011 – March 31 2011

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2011 2010 Rank Value Market Market # of Market Change in 2011 2010 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Jefferies & Co Inc 1 52 6,003.1 12.1 12.0 ▲ 3 0.3 +2 ▲ GF Securities 1* 16 8,961.2 38.7 36.0 ▲ 1 0.4 -4 ▼ .4 0.2 0.1 ▲
Barclays Capital 2* 25* 5,433.1 10.9 10.5 ▲ 2 0.2 +1 ▲ China Jianyin Invest Sec 1* - 8,961.2 38.7 38.7 ▲ 1 0.4 +1 ▲ 3.5 2.1 2.1 ▲
RBC Capital Markets 2* - 5,433.1 10.9 10.9 ▲ 1 0.1 +1 ▲ China International Capital Co 3 1 3,164.9 13.7 -28.7 ▼ 6 2.5 -3 ▼ 3.5 2.1 0.9 ▼
Goldman Sachs & Co 4 2 5,115.0 10.3 -10.0 ▼ 4 0.4 0 - Houlihan Lokey 4* - 1,700.5 7.3 7.3 ▲ 1 0.4 +1 ▲ 2.9 1.7 1.7 ▲
China International Capital Co 5 1 4,897.2 9.9 -11.4 ▼ 9 1.0 +5 ▲ Morgan Stanley 4* 2 1,700.5 7.3 -20.4 ▼ 1 0.4 -8 ▼ 2.9 1.7 10.3 ▼
Morgan Stanley 6 22* 3,915.5 7.9 7.4 ▲ 3 0.3 +2 ▲ Lincoln International 4* - 1,700.5 7.3 7.3 ▲ 1 0.4 +1 ▲ 2.9 1.7 1.7 ▲
Deutsche Bank AG 7 70* 2,673.4 5.4 5.4 ▲ 2 0.2 +1 ▲ Bank of America Merrill Lynch 4* 14* 1,700.5 7.3 1.7 ▲ 1 0.4 0 - 8.7 5.2 4.5 ▲
RBS 8* - 2,000.0 4.0 4.0 ▲ 1 0.1 +1 ▲ DC Advisory Partners 4* - 1,700.5 7.3 7.3 ▲ 2 0.8 +2 ▲ 3.5 2.1 2.1 ▲
Moelis & Co 8* - 2,000.0 4.0 4.0 ▲ 1 0.1 +1 ▲ China Construction Bank 9* 56* 886.5 3.8 3.8 ▲ 1 0.4 0 - 6.4 3.8 3.7 ▲
Bank of America Merrill Lynch 10 21 1,706.7 3.4 2.9 ▲ 2 0.2 0 - Optima Capital Ltd 9* 44* 886.5 3.8 3.7 ▲ 1 0.4 0 - 5.7 3.4 3.3 ▲
Houlihan Lokey 11* 22* 1,700.5 3.4 2.9 ▲ 1 0.1 0 - Citi 11 13 669.0 2.9 -3.3 ▼ 1 0.4 -3 ▼ 4.7 2.8 1.2 ▼
Lincoln International 11* - 1,700.5 3.4 3.4 ▲ 1 0.1 +1 ▲ Jefferies & Co Inc 12 - 640.0 2.8 2.8 ▲ 3 1.2 +3 ▲ 9.6 5.8 5.8 ▲
DC Advisory Partners 11* 22* 1,700.5 3.4 2.9 ▲ 2 0.2 +1 ▲ Tudor Pickering & Co LLC 13 - 570.0 2.5 2.5 ▲ 1 0.4 +1 ▲ 4.2 2.5 2.5 ▲
Huatai Securities 14 13 1,651.1 3.3 1.5 ▲ 4 0.4 -1 ▼ CIMB Group Sdn Bhd 14 40 380.3 1.6 1.4 ▲ 2 0.8 -1 ▼ 1.5 0.9 0.6 ▲
Golden Prospect PLC 15* - 1,255.7 2.5 2.5 ▲ 1 0.1 +1 ▲ Donghai Securities Ltd 15 - 258.4 1.1 1.1 ▲ 1 0.4 +1 ▲ .2 0.1 0.1 ▲
Azure Capital 15* - 1,255.7 2.5 2.5 ▲ 1 0.1 +1 ▲ Central China Securities 16* - 131.3 0.6 0.6 ▲ 4 1.7 +4 ▲ .6 0.3 0.3 ▲
Strand Hanson Ltd 15* - 1,255.7 2.5 2.5 ▲ 1 0.1 +1 ▲ Southwest Securities Co Ltd 16* - 131.3 0.6 0.6 ▲ 4 1.7 +4 ▲ .1 0.1 0.1 ▲
UBS 18 4 1,237.3 2.5 -4.4 ▼ 4 0.4 -1 ▼ Pingan Securities Co Ltd 18 23 118.5 0.5 -0.6 ▼ 2 0.8 0 - .1 0.1 0.0 -
JP Morgan 19 3 1,079.5 2.2 -8.8 ▼ 2 0.2 0 - Pacific Securities 19 - 82.7 0.4 0.4 ▲ 1 0.4 +1 ▲ .1 0.1 0.1 ▲
Citi 20 7 1,068.4 2.2 -1.6 ▼ 4 0.4 0 - Guosen Securities Co Ltd 20 24 82.5 0.4 -0.7 ▼ 1 0.4 0 - .1 0.0 0.1 ▼
GF Securities 21 16 1,049.1 2.1 0.8 ▲ 3 0.3 0 - Golden Sun Securities Co Ltd 21 - 54.1 0.2 0.2 ▲ 1 0.4 +1 ▲ .2 0.1 0.1 ▲
Bank of China Ltd 22 - 983.9 2.0 2.0 ▲ 1 0.1 +1 ▲ China eCapital Corp 22 34 48.9 0.2 -0.1 ▼ 2 0.8 +1 ▲ 1.1 0.7 0.1 ▼
DBS Group Holdings 23 36 915.7 1.8 1.6 ▲ 4 0.4 +3 ▲ Grand Vinco Capital Ltd 23 - 40.2 0.2 0.2 ▲ 1 0.4 +1 ▲ .5 0.3 0.3 ▲
CITIC 24 11* 816.6 1.6 -0.6 ▼ 2 0.2 +1 ▲ Somerley Ltd 24 5 8.5 0.0 -9.5 ▼ 4 1.7 0 - .2 0.1 2.9 ▼
Standard Chartered PLC 25 - 734 2
734.2 15
1.5 15 ▲
1.5 3 0 3 +3
0.3 ▲ China Merchants Securities Co 25 - 58
5.8 00
0.0 00 ▲
0.0 4 1 7 +4
1.7 ▲ .1
1 00
0.0 00 -
0.0
Industry Total 49,703.7 100.0 917 +113 Industry Total 23,183.3 100.0 241 -103 166.1 100.0

Industry % Change from Same Period Last Year 18.7% ▲ 14.1% ▲ Industry % Change from Same Period Last Year -13.2% ▼ -29.9% ▼ -30.7% ▼
Industry % Change from Last Quarter -34.9% ▼ -16.6% ▼ Industry % Change from Last Quarter -35.3% ▼ -10.1% ▼ -42.8% ▼

* tie

Chinese Involvement Announced M&A by Target Industry Jan 1 2011 – March 31 2011

16%
12% Materials Energy and Power Financials
20%
9%
Industrials Real Estate High Technology
8%
22% 4%
2% 2% 2% 2% ` Media and Entertainment Healthcare Consumer Products and Services

Telecommunications Consumer Staples Retail

Any Chinese Involvement Announced (AD56) - Top Deals Jan 1 2011 – March 31 2011
Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
2/9/2011 Pending EnCana Corp-Cutbank Ridge (50%) PetroChina Intl Invest Co Ltd China / Canada 5,433.1 Energy and Power / Oil & Gas
3/30/2011 Pending Tullow Oil-Exploration Areas (66%) Investor Group China / Uganda 2,900.0 Energy and Power / Oil & Gas
3/14/2011 Pending Ping An Insurance(Group)Co (3.4%) Jinjun Ltd Hong Kong / China 2,496.3 Financials / Other Financials
1/11/2011 Pending Elkem AS (100%) China Bluestar(Group)Co Ltd China / Norway 2,000.0 Materials / Metals & Mining
2/1/2011 2/1/2011 BorsodChem Zrt (58%) Yantai Wanhua Polyurethanes Co China / Hungary 1,700.5 Materials / Chemicals
2/14/2011 Pending Joyou AG (83.3%) Grohe Asia AG China / Germany 1,417.7 Industrials / Other Industrials
1/24/2011 Pending Beijing Boe Display Technology (49.8%) BOE Technology Grp Co Ltd China / China 1,315.5 High Technology / Electronics
3/7/2011 Pending Kalahari Minerals PLC (100%) CGNPC Uranium Resources Co China / United Kingdom 1,255.7 Materials / Metals & Mining
3/11/2011 Pending Taikang Life Insurance Co Ltd (15.6%) Investor Group United States / China 1,200.0 Financials / Insurance
1/31/2011 Pending INEOS Group Ltd-European (50%) PetroChina Co Ltd China / United Kingdom 1,015.0 Materials / Chemicals

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Ranking Criteria Summary

- Announced league tables include all deals that were announced between January 1, 2010 and March 31, 2011 and of which Thomson Reuters was made aware. All current data and
If you would like to participate in the submission previous year's data is as of 5:00pm EST on March 31, 2011.
process, receive quarterly press releases, or have
questions about league table criteria please
- League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.
contact: - A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.

- Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the
Americas time of announcement of terms.
Stephen Case
Tel: +1 646 223 8424 - Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion
E-mail: stephen.case@thomsonreuters.com of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for
the transaction agreed to or, in the absence of an agreement, the value of the highest offer.
Europe
Victor Eng - Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation.
Tel: +44 (0) 207 542 9665
E-mail: victor.eng@thomsonreuters.com - League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and
unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.
Asia-Pacific - Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter
Jason Pacannuayan or advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are
Tel: +632 858 7262
E-mail: jason.pacannuayan@thomsonreuters.com allocated to syndicated members.
- League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firms
in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established joint ventures are
Japan
Catherina Guinto-Roldan reflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”.
Tel: +813 5218 6591
E-mail: catherina.guinto@thomsonreuters.com

- Thomson Reuters includes the following nations in the Emerging Markets M&A Tables:

Americas Asia-Pacific Europe, Middle East & Africa

Central America South America Central Asia Australasia South-East Asia Eastern Europe Middle East Sub-Saharan Africa
Belize Argentina Afghanistan American Samoa Brunei Albania Iran Angola Guinea-Bissau Somalia
Costa Rica Bolivia Armenia Cook Islands Cambodia Belarus Iraq Benin Angola Kenya South Africa
El Salvador Brazil Azerbaijan Fiji Indonesia Bosnia-Herzegovina Jordan Botswana Lesotho St. Helena
Guatemala Chile Kazakhstan French Polynesia Laos Bulgaria Lebanon Burkina Faso Liberia Sudan
Honduras Columbia Kyrgyzstan Guam Malaysia Croatia Syria Burundi Madagascar Swaziland
Mexico Ecuador Tajikistan Kiribati Philippines Czech Republic Yemen Cameroon Malawi Tanzania
Nicaragua Falkland Islands (UK) Turkmenistan Marshall Islands Timor-Leste Estonia Bahrain Cape Verde Mali Togo
Panama Guyana Uzbekistan N. Mariana Islands Thailand Georgia Israel Central African Republic Mauritania Uganda
Paraguay Nauru Vietnam Hungary Kuwait Chad Mauritius Western Sahara
Peru South Asia New Caledonia Latvia Oman Comoros Mayotte Zaire
Suriname Bangladesh Niue North Asia Lithuania Qatar Congo, Republic of Mozambique Zambia
Uruguay Bhutan Norfolk Islands Mongolia Macedonia Saudi Arabia Cote d'Ivoire Namibia Zimbabwe
Venezuela India Palau North Korea Moldova United Arab Emirates Dijbouti Niger
Maldives Papua New Guina China Montenegro DR Congo Nigeria
Nepal Solomon Islands Russia North Africa Equatorial Guinea Reunion
Pakistan Tokelau Serbia Algeria Eritrea Rwanda
Sri Lanka Tonga Slovak Republic Egypt Ethiopia Sao Tome e Principe
Tuvalu Slovenia Libya Gabon Senegal
Wallis & Futuna Is. Turkey Morocco Gambria Seychelles
Western Somoa Ukraine Tunisia Ghana Sierra Leone

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for
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selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

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