2q09 Ma Financial Advisory Review

SECOND QUARTER 2009 FINANCIAL ADVISORS

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

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

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

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

Government M&A Investments

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

$500

25%

Q4 Volume (US$b) $450

Q3 Volume (US$b)

20.9%

Q2 Volume (US$b)

$400

20%

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

$350

Rank Value (US$b)

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

Americas EMEA Asia Pacific (ex Central Asia) Japan

$6

$300

15%

$250 10.1%

9.8%

$200 $150

5.7%

6.3% 4.9%

4.7%

$100 $50

10%

8.4%

3.2%

5%

2.9%

2.0%

$0

0%

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

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% of Global M&A

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

Worldwide Fee Volume By Target Region

$7

Rank Value (US$b)

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

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

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

Rank

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

Mkt. Share

1 2 3

46.5 44.7 43.2

1 2 3

66.7 63.2 40.4

1 2 3

34.7 27.8 26.9

1 2 3

85.9 84.1 82.3

1 2 3

42.6 40.8 39.1

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

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

1% 3% 2%

Financials

4%

Materials

22%

4%

Energy and Power 5%

Healthcare Telecommunications

5%

Consumer Staples High Technology

5%

Real Estate 17%

Media and Entertainment 15%

Consumer Products and Services Retail 17%

Government and Agencies

Worldwide Completed M&A (AF1) - Imputed Fees

US Completed M&A (AF2) - Imputed Fees

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

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

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

Industrials

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

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

Source: Thomson Reuters/Freeman & Co.

Source: Thomson Reuters/Freeman & Co.

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

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

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

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

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

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

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

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

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

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

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

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

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

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Worldwide Rankings

Worldwide Announced (AD1)

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

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

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

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

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

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

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

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

* tie

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Worldwide Rankings

Worldwide Announced M&A - ECM Roles (AH)

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

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

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

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

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

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

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

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

* tie

Worldwide Completed M&A - ECM Roles (AI)

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

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

* tie

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

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

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

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

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

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

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

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

$400

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

$350

$300

Rank Value (US$b)

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

$250

$200

$150

$100

$50

$0 Goldman Sachs & Co

Morgan Stanley

JP Morgan

Citi

Deutsche Bank AG

Bank of America Merrill Lynch

Lazard

UBS

Credit Suisse

Barclays Capital

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

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

1,800

January 1, 2009 - June 30, 2009

$120

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

January 1, 2008 - June 30, 2008 $100

Rank Value (US$b)

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

# of Deals

1,600 1,400 1,200

$80

1,000

$60

800 600

$40 400 $20

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

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

US Announced Advisors by Target Industry

15%

Rank Val (US$m)

$160

11.2%

11.2%

12%

$120

8.5%

8.5%

8.1%

$100

9%

7.2%

6.7%

7.6%

$80 6%

5.1%

4.6%

$60

3.1%

$40

3%

$20 $0

Ratio of Withdrawn to Completed

Rank Value (US$b)

$140

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

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

Rank

Mkt. Share

1 2 3

91.9 88.9 87.7

1 2 3

68.9 46.6 46.4

1 2 3

35.5 34.6 23.7

1 2 3

37.7 36.4 34.7

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

0%

1999

2000

2001

2002

2003

Rank Value (US$b)

2004

2005

2006

2007

2008

Ratio of Withdrawn to Completed

2009

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# of Deals

$140

Americas Deals Intelligence

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Americas Rankings

Any Americas Involvement Announced (AD49)

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

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

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

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

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

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

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

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

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

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

* tie

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Americas Rankings

US Target Announced (AD2)

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

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

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

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

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

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

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

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

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

* tie

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Americas Rankings

Any US Involvement Announced (AD41)

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

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

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

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

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

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

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

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

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

* tie

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Americas Rankings

Any Canadian Involvement Announced (AD42)

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

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

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

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

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

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

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

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

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

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

* tie

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

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

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

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

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

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

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

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

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

% Volume Composition

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

Morgan Stanley

Goldman Sachs & Co

JP Morgan

Bank of America Merrill Lynch

Barclays Capital

Citi

Evercore Partners

Credit Suisse

Lazard

Consumer Products and Services

Consumer Staples

Energy and Power

Financials

Government and Agencies

Healthcare

High Technology

Industrials

Materials

Media and Entertainment

Real Estate

Retail

Telecommunications

Centerview Partners LLC

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

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

European Government M&A Investments

$225

45.3%

Q3 Volume (US$b)

45%

Q2 Volume (US$b) 40%

Q1 Volume (US$b) $200

Rank Value (US$b)

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

$250

50%

Q4 Volume (US$b)

% of H1 European M&A

35%

$175 30% $150 25% $125

19.3%

20%

16.4%

$100

15%

$75

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

9.6%

10%

$50 $25

5.9%

5.4% 3.7%

3.0%

2.9%

2003

2004

5.8%

5%

$0

0%

2000

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

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

Rank

Mkt. Share

1 2 3

62.1 62.0 60.8

1 2 3

88.9 87.8 53.1

1 2 3

41.8 38.7 36.9

% of European M&A

$275

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

2001

2002

2005

2006

2007

2008

2009

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

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

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

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

1 2 3 4 5 6 7 8 9 10 -

7.5 4.9 4.7 4.6 4.1 3.4 3.3 3.3 3.2 3.1 100.0

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

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

1 2 7 4 11 9 5 8 3 6 -

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

▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼

Source: Thomson Reuters/Freeman & Co.

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Europe Rankings

Any European Involvement Announced (AD21)

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

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

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

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

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

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

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

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

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

* tie

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Europe Rankings

Any EMEA Involvement Announced (AD47)

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

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

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

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

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

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

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

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

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

* tie

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Europe Rankings

Any UK Involvement Announced (AD32)

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

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

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

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

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

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

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

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

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

* tie

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Europe Rankings

Any French Involvement Announced (AD33)

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

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

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

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

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

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

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

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

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

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

* tie

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Europe Rankings

Any Spanish Involvement Announced (AD34)

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

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

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

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

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

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

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

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

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

* tie

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Europe Rankings

Any German Involvement Announced (AD35)

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

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

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

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

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

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

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

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

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

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

* tie

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Europe Rankings

Any Italian Involvement Announced (AD36)

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

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

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

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

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

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

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

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

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

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

* tie

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Europe Rankings

Any Nordic Involvement Announced (AD37)

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

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

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

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

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

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

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

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

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

* tie

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Europe Rankings

Any Benelux Involvement Announced (AD40)

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

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

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

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

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

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

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

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

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

* tie

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

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

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

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

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

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

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

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

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

% Volume Composition

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

Lazard

Deutsche Bank AG

UBS

Citi

Morgan Stanley

JP Morgan

Credit Suisse

Gresham Partners

Consumer Products and Services

Consumer Staples

Energy and Power

Financials

Government and Agencies

Healthcare

High Technology

Industrials

Materials

Media and Entertainment

Real Estate

Retail

Telecommunications

Bank of America Merrill Lynch

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

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

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

Any Australian Involvement Announced M&A

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

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

$225

1,000

Q4 Volume (US$b)

January 1, 2009 - June 30, 2009

$200

January 1, 2008 - June 30, 2008

$175

Q2 Volume (US$b)

$150

Q1 Volume (US$b)

Rank Value (US$b)

Industrials Materials Financials Energy and Power

Q3 Volume (US$b)

800

600

# of Q2 Deals

$125 $100

400

$75 $50

Telecommunications

# of Deals

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

200

$25 $0

$10

$20

$30 $40 Rank Value (US$b)

$50

$60

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

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

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

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

$0

$70

0

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

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

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

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

Source: Thomson Reuters/Freeman & Co.

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

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

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

Source: Thomson Reuters/Freeman & Co.

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Asia (ex-Japan) Rankings

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

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

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

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

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

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

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

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

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

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

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

* tie

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Asia (ex-Japan) Rankings

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

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

Based on Number of Deals

Based on Number of Deals

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

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

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

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

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

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

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

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

* tie

* tie

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

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Australia Rankings

Any Australian Involvement Announced (AD24)

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

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

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

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

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

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

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

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

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

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

* tie

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

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Australia Rankings

Any Australian Involvement Announced (AD24)

Any Australian Involvement Completed (AF31)

Based on Number of Deals

Based on Number of Deals

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

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

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

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

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

Subtotal without Financial Advisor Subtotal with Financial Advisor Industry Total

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

564 96 660

-

85.5 14.6 100.0

3,754.4 14,451.6 18,206.0

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

714 188 902

-

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

-21.0 ▼ -48.9 ▼ -26.8 ▼

* tie

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

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

New Zealand Rankings

Any New Zealand Involvement Announced (AD39)

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

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

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

508.3 121.0 629.3

-

80.8 19.2 100.0

No. Deals 7 1 1 3 1 7 3

66 23 89

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

476.7 2,472.7 2,949.4

-

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

6.6 ▲ -95.1 ▼ -78.7 ▼

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

Subtotal without Financial Advisor Subtotal with Financial Advisor Industry Total

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

55.4 1,088.2 1,143.6

-

4.9 95.2 100.0

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

42 25 67

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

374.3 3,816.6 4,190.8

-

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

-85.2 ▼ -71.5 ▼ -72.7 ▼

* tie

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

New Zealand Rankings

Any New Zealand Involvement Announced (AD39)

Any New Zealand Involvement Completed (AF46)

Based on Number of Deals

Based on Number of Deals

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

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

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

66 23 89

-

74.2 25.8 100.0

508.3 121.0 629.3

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

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

115 59 174

-42.6 ▼ -61.0 ▼ -48.9 ▼

-

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

Subtotal without Financial Advisor Subtotal with Financial Advisor Industry Total

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

42 25 67

-

62.7 37.3 100.0

55.4 1,088.2 1,143.6

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

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

75 51 126

-44.0 ▼ -51.0 ▼ -46.8 ▼

-

* tie

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

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

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

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

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

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

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

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

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

% Volume Composition

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

Bank of America Merrill Lynch

Standard Chartered PLC

Morgan Stanley

Goldman Sachs & Co

Credit Suisse

Nomura

RBC Capital Markets

JP Morgan

Consumer Products and Services

Consumer Staples

Energy and Power

Financials

Government and Agencies

Healthcare

High Technology

Industrials

Materials

Media and Entertainment

Real Estate

Retail

Telecommunications

Citi

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

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

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

Q4 Volume (US$b)

$175

180 160

# of Q2 Deals

600

$100 400

$75

# of Deals

Q1 Volume (US$b)

Rank Value (US$b)

$25

800

Q2 Volume (US$b)

$125

200

$30

Q3 Volume (US$b)

$150

140 120

$20

100 $15

80 60

$10

40 $5

$50

20

200

$25

2001

2002

2003

2004

2005

2006

2007

2008

2009

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

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

Rank 1 2 3

42.9 41.4 21.7

1* 1* 1*

49.4 49.4 49.4

1* 1* 1*

19.2 19.2 19.2

2Q09

1Q09

4Q08

3Q08

2Q08

1Q08

4Q07

3Q07

2Q07

1Q07

4Q06

3Q06

2Q06

1Q06

4Q05

3Q05

2Q05

1Q05

4Q04

Outbound (US$b)

Number of Cross Border Deals

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

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

3Q04

2Q04

1Q04

Inbound (US$b)

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

4Q03

0

2000

3Q03

$0

0 1Q03

$0 2Q03

Rank Value (US$b)

1,000

# of Deals

$200

Japanese Cross Border Volume

$35

Any Japanese Involvement Announced M&A

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

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

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

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

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

Source: Thomson Reuters/Freeman & Co.

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Japan Rankings

Any Japanese Involvement Announced (AD19)

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

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

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

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

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

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

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

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

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

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

* tie

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

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

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

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

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

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

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

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

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

% Volume Composition

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

ura Nom

man Gold

o s&C Sach

in ho F Mizu

lG ancia

roup

che B Deuts

n orga JP M

G ank A

an Morg

ley Stan

a Se Daiw

s SM curitie

BC

rsh artne urn P Calib

ip Pty

Ltd

F UFJ bishi Mitsu

Consumer Products and Services

Consumer Staples

Energy and Power

Financials

Government and Agencies

Healthcare

High Technology

Industrials

Materials

Media and Entertainment

Real Estate

Retail

Telecommunications

roup ial G inanc

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Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

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

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

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

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

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

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

Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the transaction agreed to or, in the absence of an agreement, the value of the highest offer.

-

Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation.

-

League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.

Asia-Pacific Jason Pacannuayan Tel: +632 858 7262 E-mail: [email protected] Japan Tomomi Terahara Tel: +813 5218 6582 E-mail: [email protected]

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

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. © 2009 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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