2q09 ma financial advisory review

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

https://www.thomsonone.com

M&A activity in the United States fell 49.2% below the first half of 2008 with US$289.4 billionin 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 thefirst 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 inAfrica/Middle East saw the lowest year-over-year declines for M&A, registering a 3.2% declineover 2008. Deals in Asia-Pacific fell 28.4% during the first half of 2009 despite strong dealactivity in Australia, while deal activity in Japan decreased 20.4%.

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

The volume of worldwide mergers and acquisitions totaled US$941 billion in announced dealsduring the first half of 2009, a decrease of 40.2% from 2008 totals and the lowest level fordeal activity for an opening six month period since the first half of 2004. M&A activity duringthe second quarter of 2009 totaled US$466.6 billion, a slight decrease from the first quarterand the slowest quarter for worldwide deal activity since the third quarter of 2004. Faroutpacing the declines in new deal announcements, imputed fees for completed M&A financialadvisory assignments fell 57.6% to US$7.9 billion during the first six months of 2009compared 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.

Dealmaking activity in the Financials, Materials, and Energy & Power sectors combined for55.5% of worldwide M&A activity during the first half of 2009. Healthcare and Materials dealswere 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, dealmakingactivity was marked by continued government investments in major financial institutions aswell as increased activity by government-controlled corporates. Overall investments bygovernment entities totaled US$196.9 billion during the first six months of 2009, or 20.9% ofworldwide M&A, the largest percentage on record.

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.

MERGERS & ACQUISITIONS REVIEW

SECOND QUARTER 2009 FINANCIAL ADVISORS

Government M&A Investments

2.0%3.2%

4.7%

10.1%

6.3%

2.9%

8.4%

20.9%

4.9%

9.8%

5.7%

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Ran

k Va

lue

(US$

b)

0%

5%

10%

15%

20%

25%

% o

f Glo

bal M

&A

Q4 Volume (US$b)Q3 Volume (US$b)Q2 Volume (US$b)Q1 Volume (US$b)% of H1 Global M&A

Worldwide Fee Volume By Target Region

$0

$1

$2

$3

$4

$5

$6

$7

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

Ran

k V

alue

(US

$b)

AmericasEMEAAsia Pacific (ex Central Asia)Japan

1 of 36

66.7

RankNo.

DealsMkt.

Share

84.1

22 2,359

12

1,469

2

876

11 6

14

11

3

162,583.41108,454.6

Second Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Mergers & Acquisitions

Citi

16

FeesRank% Change in

RankMkt. Imputed FeesNo.

721.1

US$m

71

5

Deutsche Bank AG

Financials46.5

320,162.6

27.8Citi

MaterialsGoldman Sachs & Co

91,414.7

Top Worldwide Announced M&A Advisors by Target IndustryRank Val

US$m

UBSCredit Suisse

44.7 30 288,512.9 3 43.2

25 204,694.1

95,144.7 12,345

265,682.8

155,303.921

3 40.4

1 34.7

7 63.212

JP Morgan

Morgan Stanley

Goldman Sachs & CoJP Morgan

Healthcare

53,870.0

594.6

26.9

1,171.8Deals

10197

82.33117,957.8

43,168.4 2

140,235.3341,783.2

1/1/2008 - 6/30/2008Imputed Fees

1/1/2009 - 6/30/2009

Telecommunications42.640.8

21,984.2 12

1

Worldwide Completed M&A (AF1) - Imputed Fees

39.1

85.92

115,455.0374

6

Financial Advisor ShareUS$m

4.46.41

2344.5

Lazard 102,728.1

21,032.7Standard Chartered PLC

Morgan Stanley

Deutsche Bank AG

Energy and Power

Bank of America Merrill Lynch

120,480.5

51,606.7

Industry Total 18,673.6 100.0

Source: Thomson Reuters/Freeman & Co.

- Industry Total 2,426.9 --


85

2.42.3

-11344.5

2.5 779

8

168.2 9172.1


3.27 487.66719.48

378.5

12,198100.0

99

7,910.776

9187.4182.6

Rothschild10

3

89.2 5*

26.1 34 343.6148.6

Bank of America Merrill Lynch3

54

-63.13.7 1053.6 101

750.1 42

4.1

▼

-50.5-47.0

▼▼

▼▼

106

771.73750.53.56 78

1

% Change inMkt. Imputed FeesNo.Rank

Goldman Sachs & Co22

241.4Rank

12148.8Citi

1/1/2008 - 6/30/2008Imputed Fees

ShareFinancial Advisor US$m

20Lazard

245.73.7 15 250.03.75*89.2UBS

21 331.5 4

Deutsche Bank AG 41.2

JP Morgan 78910 8

2,76015

6,298.9

US Completed M&A (AF2) - Imputed Fees

10.0FeesDeals US$m

31 690.1 ▼-65.0

1/1/2009 - 6/30/2009

▼

60.5 2.549.5 2.0 25 110.2 1144.7 1.8

▼▼▼▼

▼7

Morgan Stanley

▼Barclays Capital 630

36.1 33

▼

4.1-56.3-57.2

143.0 10340.4

6.1

4146.9

▼▼▼▼

▲▼▼

-63.7-64.3-81.7-55.1-73.4-76.1-61.5

-63.4-48.5

-57.61.7

Houlihan Lokey Howard & Zukin-73.0

-57.0-42.1-55.0-61.5

▼

504.2

251.2194.4

Goldman Sachs & CoCitiMorgan StanleyUBS

324.7288.6284.8274.5

Lazard

JP MorganBank of America Merrill LynchDeutsche Bank AGCredit Suisse

Worldwide Announced M&A by Target IndustryJanuary 1 - June 30

22%

17%

17%

15%

5%

5%

5%

4%

4%3% 2%1%

Financials

Materials

Energy and Power

Healthcare

Telecommunications

Consumer Staples

High Technology

Real Estate

Industrials

Media and Entertainment

Consumer Products and Services

Retail

Government and Agencies

2 of 36

289,363.3

50187

366

569,065.429,916.8

50,204.82,105.4

Asia-Pacific

South America

40

291,974.4134,022.1

196,874.1Spain

United KingdomNetherlands

Africa/Middle East

▲

Western Europe▲ United Kingdom▼

Germany▲

▼

4,538.2

248,538.516,197.2

▲

20,279.2

412,967.747,542.4

33,062.142,459.1

Australasia

Central America

Central Asia

South East Asia

North AsiaMalaysiaSingapore

North Africa

Spain

Eastern Europe

▼

416 ▼

340-38.6

Asia-Pacific

1,928.2

16,928.114,269.9

65.3

-62.8

Australasia

-69.0

▲

Singapore

141,426.7

-55.2

-40.2-45.7

-54.7-17.1

82637,892.2

1001,292.971836,594.0

99.1

-79.5

-79.3

-74.9-64.8

-59.7-67.0-84.6

-98.4

-91.1

19.713.2

-35.0-29.9

-95.96,014

83897.5 100124

21,972.11081,081.7

583,366.72,372.6

1514,789.7

194

-95.2Central America

WorldwideAmericas

▼▼

796,852

20,342

70

-49.3-35.5

-98.048

12,198

58

15,3225,636

MexicoNorth America

Colombia

42,876.735,730.3

United States

Brazil

Canada

4,941.128,598.4

219378

4,549

4961,0433,506

870

40,587.4

45,852.912,659.8

325,093.6

275,117.9

4,107

4,575

466,647.0

22,164.0

92,929.1

18,202.21,071.7

16,582.0

2,472

629

565617

79,606.7

644

33.6-48.7

-59.7-26.9

126

413

53 137.4

14,462.6

86818,083.633,523.3

875

3499,562.0

2,938.47,265.6

875

2,631.6-58.7


5,932.2

5,600

1,006

53,279.5

389

1,572299

49,943.8132

21,157.6

1,14288,087.5

972

66,142.9320161

908

40.9

246

1,147

199

72.7986

-65.0

4,981 -28.4

-74.5

8,021.422,592.3

Caribbean

WorldwideAmericas 374,602.4

941,037.2

5,550.5

Mergers & AcquisitionsSecond Quarter 2009 | Mergers & Acquisitions | Financial Advisors

17,389 1,573,324.6 728,598.55,223

Target Region/Nation

689,804.3 352,482.2

% Change in Rank Value

Rank Val US$m

Rank Val US$m

1/1/2009 - 6/30/2009

Rank Val US$m No. Deals

404.8321.2

299,217.4

73.9

-37.4-75.1

44.2

-3.2

▲

▲

2,057.4

31,218.236,797.9

18,035.2

24,716.4

310,009.6 539,105.6

9,892.5

6,74774.8

Middle EastNorth AfricaSub-Saharan Africa

Eastern EuropeWestern Europe

Europe18,977.1 175

5,9841,877

4,949

635402

38

1,065

Australia 828New Zealand

18,559.2492.0 65

87,494.4

South Asia▼18,655.2363

338 383230

22,385.1Japan

2,0824,425.3

2,230

27,200.0

140,330.61,104

▼

1,392ChinaSouth Korea 552

-35.9579 560

62,329.120,128.2

38,287.7

17,434.6South Asia15,078.1

North AsiaChina

▼

-25.1▼▼

-52.9

South Korea

131,26443,760.2 ▼-20.4

▲4,364.0 43 52.4346,650.01,240Japan 34,834.7

656,594.7

1,383160,866.6

321

133

6,158.237,350.2

▲▼

5,026

▼

21 11.7

34,225.1

▲

54,195.3

▼-49.8

2,857.5

Africa/Middle East 9,388.9

Canada

Colombia

632

Brazil2,501.54,981.7

136

9,730.6

37,415.9

89,704.0

5,106.3

▼

3,392United States 2,760

11834

412

47

▼36

329

264,735.7Sub-Saharan Africa

Middle East 2,168.5 1092,682.2

▼

32,303.4

17,677.2

▼

▲

South East Asia▼Philippines

AustraliaNew Zealand

6,783.1

Central Asia

4,277749

57

546,765.9

7959

1,436,332.8

23,054.020,742.6

No. Deals

1/1/2008 - 6/30/2008% Change in Rank ValueNo. DealsRank Val US$m No. Deals

1/1/2008 - 6/30/2008

Scorecard: Worldwide Announced M&A

Target Region/Nation

1/1/2009 - 6/30/2009

598,982.2

60,208.4

50,654.9

Scorecard: Worldwide Completed M&A

78,337.0

46,415.5528361

▼

▲

3,827

13,761.7

304131

1,204

13,533.8

2,742

460,510.1

▼

▼

▼▼ 41

578,257.6

17,430.3 40

22824

472

5,436

4,571865

▼

▲

▼

▼

▼

▼

▼

▼

▼

25,536.5

32154,982.8

134.7

-66.0498

10,854.4

72,458.7-42.5

95

-43.0

289,486.819.4

▼

-28.8▼

50,802.6South America

714

1,5213,275

24

4,796

▼

▼

-57.0-44.218.5-5.6

-43.7-53.3

▼▼

-45.7

-30.8

-50.5

Europe

-49.2

▼

▼

Mexico

Caribbean

North America

▲▼

▼▼

▼

▼

▼

▼▼

▼

▲

▼▼▲

3 of 36

* tie * tie

-49.1-37.7-46.8 -46.9Deutsche Bank AG

5 8103▼▼

-49.3

-80.8146.5

-46.7

-64.2-46.262.8

359.8


5,014.6134

Subtotal with Financial Advisor

147,228.8148,566.8

18.1

Financial Advisor

17.6

132,000.620.2

17.9130,613.1 9

6 20.4

10038.7Share US$m

36.0

24.7

2262,248.8Citi 281,782.3

No. Rank Value

96

59,931.175

10185 279,889.8

78258,102.0

119

Rank Val

42

1/1/2009 - 6/30/2009

-37.5 -26.2

-30.5

18

1

Greenhill & Co, LLC▲

5

5.2

▼▲

Lazard 87


50,629.0

128,558.6

UBS222,312.4180,004.2

14

BNP Paribas SA

118

6 94

4

19.15

3 32.226.022.6

112 480,982.8

-53.897

297,882.4

4

33 240,872.0

119,339.5

435,883.3

12

Rank Value

97

82

341,416.0100

121284,717.8

338,187.2

Mkt.Rank Value

13,874.8

41

Rank Value1/1/2009 - 6/30/2009

30.5 265,914.53 33.1

Rank

241,232.4

16▼▼

23

1950,197.9

4,145.711146,563.920

21 2.120

22

2.2

Financial Advisor

172.42.5

16

18

1DealsUS$m

343,103.5Rank

Mkt.1/1/2008 - 6/30/2008

Rank

35.2

% Chg. in

Worldwide Rankings

5277,272.2548,879.7

Share11236.5

US$m Deals

3Goldman Sachs & Co

US$m▼

19.42Goldman Sachs & Co

Worldwide Announced (AD1)

3

-40.21,573,324.6

2

17,389

-42.6▼▼

ING 16,449.7HSBC Holdings PLC

Perella Weinberg Partners LP

16,457.4

BNP Paribas SAMediobanca

19,573.920,262.021,220.022,354.8

RBSCIBC World Markets Inc

25,521.723,010.7

RothschildRBC Capital Markets

43,304.337,360.831,715.0

Standard Chartered PLCNomuraSantander

Gresham Partners

4.015

6.313

3.4

4.614

58,879.5 12

84

2.3

2.7111936

72,274.2

13,279.6

1,151.2

15

102,568.3 13

16

37

95

66

95

506,630.4

7374,070.4

3,351.1

22

244,990.1302,908.5

Morgan Stanley 331,121.3JP MorganCiti

Bank of America Merrill Lynch 179,835.3Deutsche Bank AG 212,614.0

41

25243,077.3

37,587.7

Societe Generale

20

15

▼

10

4.023

3.727,310.529,356.3

3.827,207.5

-14,896

Nomura


24

--

1.525

247,378.5-Centerview Partners LLC 13,506.7

▲

30,599.2

176,289.21.4

1.8

54,618.324

76

15.1

14,149.1

87.5- 12.5

1,325,946.1- -39.7

-92.3

2,493 -1,265,108.72,013-


-49.6

32

18

431.8

35

10,107.026

7 18.2Lazard18.0169,612.9 8

171,521.6

Credit SuisseBarclays CapitalEvercore Partners

UBS

11.876,053.0

160,015.2 9111,231.2

17.0

8.11110

1819

6.716*16*

6.9

87.0

6.7

5.2

307

6.46.6

-596,826.2

194,210.657,098.6 15

9

16

56 136,365.136,732.5

11,910.6

21

51

10,185

10

171,224.1 -5

13

-1,436,332.812,198100.0100.0 Industry Total-

-602.6

-7.9

Barclays Capital 37,272.4Mediobanca

46,286.046,315.9

24-34.2

▼▼▲

44

6

84.9117.9-63.74

14

3,714.0

12

140236130 113.2

745.066.4

519.1-49.7

-64.5213

▼-30.3

101▼

-15.5-16.47

-39.1430,717.8 1▼3

% Chg. in Rank ValRank

No.1/1/2008 - 6/30/2008

Morgan Stanley▲▼

43.7 JP Morgan

Worldwide Completed (AF1)

▼▼285,383.1

6 ▼-43.1

Evercore Partners

Rothschild

▼▼▲

Credit SuisseCommerzbank AG

-43.8

-57.8181.3

▼▲

388.7

378.3

▼

▲

-85.5-55.5

-65.5586.7

FPKCCWSantander

▼

Perella Weinberg Partners LPSubtotal without Financial Advisor

▼▲

▲▲

637,405.0

Wells Fargo & CoRBS

▼

48,766.2

91,193.5

KPMG

JC Flowers & Co LLC

1252,737.9

771499

11

13 7.27.9

11.8

47,957.948,766.2

50,172.6

57,667.785,902.7

Industry Total

Subtotal without Financial Advisor799,164.4141,872.9

941,037.2 -84.9

▼▲

▼

▲▼▲▼

-

▲▼▲▼▲▲▲

10

▼

24,735.4

▲

56.2

▼-80.0-25.9

▼

▼

22

5,991.6

1,278.630,150.6

2

11

1884

50,303.029,634.4

353,745.7

19

1

6.4

5.1

20

728,598.5

21

71,381.4414,919.4

114,743.8

381,808.7

-

4 of 36

* tie

* tie

-1,413.0

500.77*7*

500.7

6.8

1/1/2009 - 6/30/2009

9

100.0 26

No.

17*

342.6

-59.2


-82.8

52.9

-

Worldwide Rankings

Industry Total

4,938.4

7,795.8RBSBank of America Merrill LynchTD Securities IncCiti

7,795.8

500.7

1/1/2009 - 6/30/2009

48,684.9

US$m

73,215.0280.0

Rank Value

Worldwide Completed M&A - ECM Roles (AI)

▲10

12

42,249.4

7,517.619,697.6

6

3

987.2

UBS

Access Capital LtdDeutsche Bank AG

JP Morgan

Industry TotalCanaccord Capital Corp

Oriel Securities LimitedGoldman Sachs & Co


UBSGoldman Sachs & Co

1

Rank58,154.1

Financial Advisor

Canaccord Capital Corp

4,938.4

43,005.1-

Deutsche Bank AG47,785.550,544.8 5

3

1

2

10

Mkt.

5*7*

10.74 58.75*

10.7

Rank Value


1/1/2008 - 6/30/2008

-

170.3

-45.8

13,534.2 4

Rank ValRank

3▲▼

% Chg. In

465.0

No.

2

Share Deals

1

-3

-12

1,626.0

-

65,540.1280.0

RBS

Oriel Securities Limited

Citi

64,706.3JP MorganFinancial Advisor

1

100.0-

9

251.410

.5

-

74.3

.4 1

160,571.1

-722,372.2

--

65.3

.7

6.8

84.5

RankUS$mRank Value

11

1,195.2 12

1,626.0

69.0▲▲

1273.5

88.4

-

23,940.7US$m

31,847.9

Rank ValueUS$m

2,842.3

1/1/2008 - 6/30/2008

920

Deals

63

Share

1

30.1

.8 1

.81.5 1

Rank

75,312.2

30,777.848,412.6

1

70,745.5

5 11.5 1

88.7

4

-

Mkt.

64.57

-97.8

50.44

2-75.6

-

-59.35

35

-

38,662.0

219,266.8214,383.72

7

-

492.5-82.8

3.5

Chg. In

-58.1

▲▼-43.9

▼-59.5

Worldwide Announced M&A - ECM Roles (AH)

-

▼▼

▼▼

▼▼-

-▲

▼

▲

▲

Rank Val

962.0

5 of 36

Healthcare / Pharmaceuticals

Financials / Banks

Energy & Power / PowerTelecom / Wireless

Energy & Power / PowerConsumer Staples / Food & Beverage

Materials / Metals & Mining

Energy & Power / PowerFinancials / Asset Management

Top Fifteen Worldwide Announced DealsAcquiror / Target Nation

Schering-Plough Corp (100%)

United States / United StatesTarget (% Sought/Acquired)Wyeth (100%) Healthcare / PharmaceuticalsRio Tinto PLC-WA Iron Ore Asts (100%) Materials / Metals & Mining

BlackRock Inc

AcquirorPfizer IncBHP Billiton-WA Iron Ore AstsMerck & Co Inc

Rank Value (US$m)

18,596.522,315.8 Financials / Banks

United Kingdom / United Kingdom

Vattenfall ABPepsiCo IncHM Treasury

Sweden / Netherlands

Worldwide Analysis

64,479.7Target Macro / Mid Industry

PendingBharti Airtel Ltd


United States / United States

India / South AfricaRWE AG Germany / Netherlands 12,436.5

Liberty Entertainment (100%)Endesa SA (25.01%)Barclays Global Investors Ltd (100%)

Enel SpA13,345.213,470.0

Essent NV (100%)

Italy / Spain

5/25/20092/23/2009 Pending

MTN Group Ltd (36%)Nuon NV (49%)

Pending

4/20/2009 Pending2/26/2009 Pending 9,298.3RBS

9,610.210,891.8

Pepsi Bottling Group Inc (70.8%) United States / United States

Australia / Australia


Rank Date Date Effective1/26/2009 Pending

6/24/2009

1/12/200911,387.5

58,000.03/9/2009

3/7/2009 PendingIntended

HM Treasury

Pending6/5/2009 Pending

45,913.342,504.4Anglo American PLC (100%)

United States / United StatesSwitzerland / United KingdomXstrata PLCUnited Kingdom / United KingdomUnited Kingdom / United Kingdom

5/4/2009 Pending3/23/2009 Pending2/26/2009 Pending

Lloyds Banking Group PLC (12%)RBS (25%) HM Treasury

18,245.814,499.1 Media and Entertainment / Cable

Financials / BanksEnergy & Power / Oil & GasPetro-Canada (100%)

DirecTV Group IncSuncor Energy Inc Canada / Canada

United States / United States

6/11/2009 Pending2/20/2009 6/25/2009

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

$0

$50

$100

$150

$200

$250

$300

$350

$400

Goldman Sachs & Co Morgan Stanley JP Morgan Citi Deutsche Bank AG Bank of America MerrillLynch

Lazard UBS Credit Suisse Barclays Capital

Ran

k Va

lue

(US$

b)

Xstrata / Anglo AmericanBHP Billiton / Rio Tinto (Joint Venture)Pfizer / WyethMerck / Schering-PloughOther Top 15 Worldwide Announced DealsAll Other Transactions

6 of 36

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. Thedeal with the largest impact was Liberty Media's decision to withdraw itsplans to spin off Liberty Entertainment in a deal worth US$14.4 billion.

M&A activity with US involvement during the first half of 2009 decreased by57.5% to US$335.6 billion while Canadian M&A increased by 25.1% toUS$60.2 billion compared to the equivalent period last year.

Americas Deals Intelligence

US Volume Decreases YoY | Financials M&A Volume Increases | Withdrawn M&A On The Rise

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

120,122.4

17,800.2

Rank Val (US$m)

JP MorganMorgan Stanley

116,220.4

130,722.8 Rank

1

38,176.1

17,695.2

US Announced Advisors by Target IndustryNo.

Deals

10 Healthcare

Goldman Sachs & Co

Mkt.Share

91.9

611 68.9 10

7,723.6

26,306.221

10 3

88.925 87.7

36,622.9

Energy and Power7,191.3

19,072.7 1 37.7

5 4

FinancialsMorgan Stanley


114,669.5

High TechnologyCredit Suisse

Lazard

Citi46.43

25,290.8

Goldman Sachs & Co

22,318.6 7,913.6

9

9

267 6

3

23.7


Credit Suisse6,944.3 2 36.4

34.7Barclays Capital


Americas M&A

321

46.6

334.6

8

Barclays Capital

35.51657

6

US Announced M&A by Target Industry

$0

$20

$40

$60

$80

$100

$120

$140

Healthcare

Financials

High Technology

Energy and Power

Consumer Staples

Media and Entertainment

Materials

Telecommunications

Ran

k V

alue

(US

$b)

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

# of

Dea

ls

January 1, 2009 - June 30, 2009

January 1, 2008 - June 30, 2008

# of Deals

Withdrawn M&A in the AmericasJanuary 1 - June 30

11.2%

6.7%

8.1%

5.1%

8.5%

3.1%

7.6%

11.2%

4.6%

7.2%

8.5%

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Ran

k V

alue

(US

$b)

0%

3%

6%

9%

12%

15%

Rat

io o

f With

draw

n to

Com

plet

ed

Rank Value (US$b) Ratio of Withdrawn to Completed

7 of 36

* tie * tie


-72,820.1

780 702,642.189.6-- 10.4 ▼5,218

TD Securities Inc13.0

Subtotal with Financial Advisor 372,386.3428,141.1

Subtotal without Financial Advisor 55,754.8 -

Estater Gestao e Financas 6,267.5 24

14,052.611,617.7

12 12.1

HSBC Holdings PLC 1.5 116,288.7 23

18,685.9

1331,916.9

18

16

9.7 16

2

643

15

12.37

14.5 26 191,795.9

33

61

Rank ValueUS$m

147,193.439.646 344,630.1

4937.4

No.Deals

Mkt.

115,973.4

116,675.0

68

34,571.8 14

248,748.2 3

39,166.8

1,539.3287,120.8

-255,986.2 25 1.4 2,734.2 45 13,336.2▲ 3,882.6

6,756.8-

8 462.9 98 11

91,799.2

244,248.5

3,693Subtotal without Financial Advisor 39,593.925 1.0

1.117

1.5

2,915.9

▼

-

Scotiabank-Bank of Nova Scotia16,008.7

1012

221▼ 1.2

2.2-6.9

8,294.64,404.3 23

Macquarie GroupBMO Capital Markets

4820*

1211,617.7 3.0 11.6

Blackstone Group LPPerella Weinberg Partners LP8

1.8 1833

Grant Samuel 6,455.0 22 1.5Banco Bradesco SA 6,638.2 21

7,144.3 20 1.7

Santander 7,945.8 18Scotiabank-Bank of Nova Scotia 7,644.3 19

1.9

Perella Weinberg Partners LP 13,345.2 16 3.1Macquarie Group 9,821.1 17 2.3 ▲

6.829,879.9

6.025,855.322,903.0 17Credit Suisse

Centerview Partners LLC 13,506.7 15 3.25,578.81

10 JP Morgan2 176,289.2235.0 135

Rothschild 17,192.4 14 4.0 36 37,497.3 17 RBS-54.2 ▼CIBC World Markets Inc 20,059.2 13 4.7RBC Capital Markets 27,406.9 12 6.4Lazard 28,360.5 11 6.6

-83.8 ▼34 83,799.9 12 ▼-66.261UBS 29,804.1 10 7.0

Deutsche Bank AG 33,296.9 9 7.8-77.9226,522.9 ▼ FPKCCW6Credit Suisse 50,151.7 8 11.7

7 17.8 7 12.848,989.8

28.5 58474

55,290.2Citi 124,827.3 4 29.2 53 391,690.9Bank of America Merrill Lynch 121,867.1 5

6 26.0Evercore Partners 76,053.0

Any Americas Involvement Announced (AD49)

JC Flowers & Co LLC

6Evercore Partners 10

133,629.75

35.03 328,342.2

1

▼

▼3

472,949.639.7 65

▼

% Chg. in Rank Val

-48.2

▲

▼▼

-87.2

3182,559.1

Financial Advisor

142,903.1151,176.7 2Morgan Stanley

▼

170,031.8-68.1

5,339.911,105.0 24

130.5414.0

-44.7

-92.3

5.2

382,142.9

Goldman Sachs & Co

Barclays Capital 111,099.4

-61.42 42.6 60JP Morgan

47,088.846,172.9

Itau Unibanco

Greenhill & Co, LLCUBSBarclays Capital

Rothschild

▲48,766.2

903,023.4

-18.6 ▼

▲

48,766.2

Lazard

342,549.16,155 ▼

▼-

-40.2

29-

CIBC World Markets Inc

-

▲

Wells Fargo & Co

Share

Any Americas Involvement Completed (AF55)

1/1/2008 - 6/30/2008

Bank of America Merrill Lynch-41.6

47,957.9

-49.82.7

896.3

7

% Chg. in Rank Val

▼▲

Rank

107,789.1

244,869.0

5,057.1

9

-

1

4

12,876.5

9,803.9

184.5

5

6

194,210.610

-6,826.2

1,177.7

26

79

-90.8

-66.4

-27.6

399.74,040.8

-

-64.1-90.0

12.8 112.6

50,384.3 13.214

8* 12.8

15.2-71.2

21,579.7

4130

RankUS$m45.21172,843.7

1/1/2009 - 6/30/2009

Goldman Sachs & Co

11

Rank Value

20*19

8*

36

7

1414

-

4,261.0 36

7

1,545.8 529,387.2 26

-

48

2Deutsche Bank AG

28 240,785.4220,541.4 7

72,274.2 14 BNP Paribas SA

15 4,145.7 3834 8,769.4 28

36 259,953.8183,937.6 9

4

Morgan StanleyRank Share

1 48.4207,104.8US$m

1/1/2009 - 6/30/2009No.

DealsFinancial AdvisorRank Value Mkt.

1/1/2008 - 6/30/2008

US$m RankRank Value

70 8 4.0

9

199,169.0

-53.95

8.4

1215 7.814

51

1

18

8

3313

Citi

▼

10

Industry Total

▲

▲

▲33.8


Americas Rankings

Centerview Partners LLC

▲

212.537,140.5383.9

▼

-85.5-73.5

775,462.2 -

30,352.7

-70.9

87.0-Industry Total

▼▲

▲

▼▲▲▲-

11,307.8

▼

27

▼

-89.6

▼-57.2-80.9

▲182.3

▼▲

▲

▼

▼▼

▲

▼

- ▼▼- 4,473100.0

811,224.3100.0

937 Subtotal with Financial Advisor

602.6265.7

118.91,254.0 21

25,792.64.93.7 273.0

▼▼▼

-39.3-54.1-52.6

-45.6-51.2-50.7

8 of 36

* tie * tie

127,278.9

294.116.9 251,336.5

2

115,314.9

No.Mkt.DealsShare

Rank Value

165,363.6

Barclays CapitalBank of America Merrill Lynch


CitiEvercore PartnersCredit SuisseLazardCenterview Partners LLCUBS

JP Morgan

1/1/2009 - 6/30/2009

US Target Completed (AF2)

1/1/2009 - 6/30/2009

US$m

125,125.5

Financial Advisor

44.057.1

341

3343.238

170,111.383,241.6

175,341.021

159,475.1Morgan StanleyBank of America Merrill Lynch

4

Goldman Sachs & CoMorgan StanleyFinancial Advisor

60.6

No.

-15.3177,627.6-45.655.1 43

Rank

1/1/2008 - 6/30/2008

35 155,402.3 6Rank

12.8

% Chg. in Share

16.5

FPKCCW3.8

-56.8 ▼▲

916.6

6*

47,927.978,724.0

70,789.8236,575.7

3,001.9

▼14

11,787.2

Perella Weinberg Partners LP 11,617.7

Evercore Partners

35.3

47,728.129

2

825 48,766.2

47,793.8-68.7

JC Flowers & Co LLC

53,804.94,941.7

10-78.7

1814.346.8

11

15

100.0- 569,065.43,506Industry Total 289,363.3 Industry Total

20,311.6

15

5,578.8

JP Morgan

-

-92.0

2629

13

11 168,019.74.7

127,696.83.24.6

201

43

1328,703.0

47,088.8

17,118.714

1234,867.5

1.0

516.3

2.4 2

191

4.14.0

16

1917*17*

55,530.0

431.779,687.8

305.33,719.8

1,658.1123,626.6

28,272.9

7.093.0-

0.525-

10.92,265.4 0.8 25232,500.0 22

9

6,826.225

3 225,896.9

69

8,410.268,077.7

201,039.0

709.4

818 459.9

36

2710

1,631.1

14

2

3,705.3

5.9

71

-58.3

824.0

21

14,996.0121.4

1,530.0▼-95.1

53.7

▲

64

64,810.1 13

9522.3

12,925.813

9,213.5

Piper Jaffray Cos

Deutsche Bank AGBlackstone Group LPRothschild

4,532.34,452.6Scotiabank-Bank of Nova Scotia

Qatalyst Partners

5,650.0

Jefferies & Co Inc

Tudor Pickering & Co LLC

833.1

1,098.4

1,012.1

Allen & Co Inc987.6Keefe Bruyette & Woods Inc

1,547.9

Houlihan Lokey Howard & Zukin

90.7

Wells Fargo & Co

--Subtotal without Financial Advisor

Subtotal with Financial Advisor 262,383.026,980.3

821.2

14 2.0

0.3

0.50.7

1.9

0.4

1.517

0.4

5,587.3 15

1,961.619

16

18

1,092.7 0.421

25

22

2423

0.3

18

210

RBC Capital Markets

20

1.632 -

2,680.7

9.3537

514

2,969

▼▼-98.7

▲▼

89.1

2538

-70.9

-

1,503.8

0.3

-

1,916.2

▼

-49.2▼▼

KPMGRothschild

24

269,175.2289,486.8 100.0

11,617.7

7,036.7

0.7

2021

▲

-29.9412,967.7

▼

45,623.7367,344.0452

2,308

2,760

3,943.7

-26.7


▼--

▲ Centerview Partners LLC

▼

BNP Paribas SA

UBSGreenhill & Co, LLC

Lazard▲

▼

▲4,037.2

32953.1

-91.312,515.6

2,721.6

48,766.28

▼

▼

Deutsche Bank AG

▼

Citi5

Rank Val▲

▼▲

4,196.316.5

150,411.62139.8

52.03204,280.74

Wells Fargo & Co

102,180.2 6

24,659.0

12

91013,506.7

78

13,451.613,345.2

73,462.637,212.0

8.54.7

25.412.9

37.9 25 101,958.4109,651.9 54113,841.83 35

235.0

-42.464,571.8

63,334.0

-44.39

39.3

29

12.3

1

2

875

-92.8

28

7

11

12

33

2,859.3 31

-

4721

5620

-43.1

515,041.554,023.9

Credit Suisse

Houlihan Lokey Howard & Zukin

Subtotal without Financial Advisor

Macquarie Group

Subtotal with Financial Advisor--

Keefe Bruyette & Woods Inc-92.2 CIBC World Markets Inc

▼

Rank ValueMkt.

106,589.5

Rank ValueRank

30

3

Goldman Sachs & Co293,196.6

-

▲

-▼

▼

-50.1

15.2

66.1

7

1/1/2008 - 6/30/2008

US$m Rank

17.4

Rank Val


Americas Rankings

US$mRank Value

US Target Announced (AD2)

6

-6* 16.9 186

17.7 15 69,263.369,656.3

12.7

1

16,481.5-

602.1

-46.0-37.2

212.3

-86.2

-

▲▼

▲

▼▼

-

▼▲

▲

▲▲3

4

Deals US$m1 -2.8

52.9

-86.0-26.3

▲

▼

▲▲▲▼

▲

613 3,524.2

▼▲▼

-80.0

1334

16,193.31,626.5

2,600.128

▼▼

-57.3

▼

29

3

36,746.5

RBS12.0 13

▲Barclays Capital

9.9

7.565.5

-25.9

% Chg. in

-55.5-49.1

9 of 36

* tie * tie

16

2

4,513

5

3,787726

6

3

Americas Rankings

182,417.9Rank US$mDealsShare

Any US Involvement Announced (AD41)

171,182.1

No.

-71.8

107

Rank ValueRank

Mkt.Share

% Chg. in

▲

3535

▼▼

-45.6

896.3

▼1

▼-46.0

Deutsche Bank AG

53.5 307,004.6


187,233.9

39.2

7

34.8

55

41

5352

52.0

35.1

28

11.6

1.91.7

1/1/2009 - 6/30/2009

27

48.1

7.95.0

3.8

22.7

967.23

789,733.7

2

2

89.6

0.5BMO Capital MarketsING

23 0.51,547.9

24

▼

60

--

▼3,938.0

10,091.325

0.6

1.40.9

4

2,721.6

▼-

-17.1

-31.52229

-136

-68.73223

0.71,961.61,800.0

2,294.1 20

22

HSBC Holdings PLC

TD Securities Inc

Nomura

Scotiabank-Bank of Nova Scotia

RBC Capital Markets

Lazard39,068.0Credit Suisse

UBS 16,751.526,459.0

5,500.6

7,144.3

Centerview Partners LLCPerella Weinberg Partners LP

Blackstone Group LPDeutsche Bank AG 12,587.9

13,345.213,506.7

Rothschild

5

7

5,639.16,284.4

76,053.0

116,645.4

111213

15

Barclays CapitalEvercore Partners

111,099.4Citi

161,464.4117,857.9

JP Morgan

Rank Value

Goldman Sachs & Co

Financial Advisor US$m

174,602.9Morgan Stanley

118

2

- -

6,826.22729

18493.9

209,013.7 4

18,571.8

Qatalyst Partners

616 176,739.7

116,675.037,807.7

449,841.2

944

68,381.6

Tudor Pickering & Co LLC 380.5

10.40.325

-

24Cowen & Co

Industry Total300,681.5

1,127.834,876.8Subtotal without Financial Advisor

Subtotal with Financial Advisor335,558.3

3,158.1

1,776.60.9

21

97155.0320.86

-52.8-

4,622.9 19 11

Perella Weinberg Partners LP 11,617.711,617.7 3.6

3.6▼

-90.3

36

10

5223,888.0

173,108.1

33.1

54.4

235.0255,391.8 4

US$m41

1/1/2008 - 6/30/2008

72,274.2190,610.6

365,158.7218,450.1

▼▼

-92.3

▼80,976.6 12

9176,289.2

313,491.6

▼

▼

▲▼

Lazard

UBSGreenhill & Co, LLCWells Fargo & Co

FPKCCW

59,092.3

5

4.3

260.7

19,817.2

1812

7

2,875

144,844.5

30

46

221,411.9

0.6

--

-49.0

-57.5100.0-293,086.2

320,079.1 -

▼- -54.3721,352.1

- Industry Total 100.0

▼▼

26,992.9Subtotal without Financial AdvisorSubtotal with Financial Advisor

14

17*17*

Macquarie Group 7,246.5

Centerview Partners LLC

19

-67.3

Evercore Partners

7

▼

5.2

62

▼

Citi

1615

130,753.8

1Rank

48,766.248,766.2

15.7

41.6

24

Deals

612

21

39

40.9

41,849.8

1011

Credit Suisse

48,241.847,927.9

4,442.9

BNP Paribas SA

RBSJP Morgan

13,645.1

47,088.8

-4,856.8

5,578.8-95.1

685,574.0

787.68,233.1

5,339.9

115

10,712.5 ▼▲33.8

-41.3

16,379.4

7*

12

97*

699,988.1

0.8

9.0

15.2

-

2021

241325 40

2322

8.4

9

9

6

308

544.04.0

17 1.6

2.1

130

2

6

18

14

19

-68.1-50.4

▲

16.5

15.2

US$m

1/1/2009 - 6/30/2009

10

1/1/2008 - 6/30/2008

37.6

▼ Morgan Stanley▼ Goldman Sachs & Co

Rank Val Financial Advisor

▼

% Chg. in

-37.4

192.5-91.1-63.9-90.0

-

-44.2

-79.0

1.42015,143.0

2

1,367.2-97.9-80.2

5.6453.8 ▲Blackstone Group LP

-43.1 Houlihan Lokey Howard & Zukin2,051.2

CIBC World Markets Inc▲

▲ KPMG

2,507.02,883.3

2,267.4

0.917 -85.51,061.3

3,001.9Keefe Bruyette & Woods Inc

-86.2-47.9

▲598.4▼

43

5

JC Flowers & Co LLC

-48.5

-▲▲

-8.1

Rank Val▼

▲

14Barclays Capital

257.624,183.3 273,107.8

28,789.937,140.5 11.613

▼▼▼▼

▲▼▼▲

▲

▼-58.3

▲▼

4719

-50.3

16.6

▼

▼▼

3,489▼


-50.7 ▼589,850.5648,942.8 -

91.6 614 -

6

15.015.1

13.114.7

2,375.1

2.3

32


120,375.2

RankRank Value

-60.0-1.2

Bank of America Merrill Lynch 4

16,481.5

Any US Involvement Completed (AF48)

50,384.352,807.4

133,104.6

▲114

93,920.7

602.1265.7-58.1

8,776.5 449.7

12,876.5 249

294.1

43

1022

5,057.1

2 436,652.2

No.Mkt. Rank Value

541 184,626.3 8

-79.5

1

10 of 36

* tie * tie


1311

8

2,835.8

% Chg. in

CIBC World Markets Inc 3

Macquarie Group 127,921.9Morgan Stanley

7,974.6

2,272.0

-

13

2,222.6

488.5

171,584.4

3,747.5

14

2,384.2

125▲25.1 860100.0-Industry Total

45.824,020.5

Subtotal with Financial Advisor18.381.7

-19,615.1

25

-

--

1,490

11,709.6

48,102.3

1,32436,392.7166

20.6

61

710.6

0.6

835.30.0

692.0

15158.7 36

21

1,121.3

4

49.430.6

41,901.28

19

22

-39.0

2,408.0

-2577*

2342.8

6,510.8

Any Canadian Involvement Announced (AD42)

US$m RankShare1

Rank

6.2- -

3,210.2 4

81,702.7

FirstEnergy Capital Corp5 11.8

Any Canadian Involvement Completed (AF49)

RankShare DealsFinancial AdvisorRank Value % Chg. in

1/1/2008 - 6/30/2008

Rank Val

18,540.2633.2

17.7

2,332.0

14,382.1

1033.0

3

173.94

46,235.0BMO Capital Markets▲Scotiabank-Bank of Nova Scotia

7,443.8

10,760.7

12.4TD Securities Inc

28.4

16.3 14

2

5

376.9

17

1033.3

5

9,821.1

919

▲373.6▲519.9

22780.7

122711

-9

2,321.0

Cormark Securities Inc7,142.6

340.8

Industry Total


60,188.1Subtotal with Financial Advisor

Bank of America Merrill LynchFinancial Technology PartnersPeters & Co Ltd

370.0358.1

386.3

53,045.5

3.1

4.8

2.7

2,902.5

24

22

1,649.2

21

-- 100.0

5

0.60.6

88.111.9

23

-

398.2458.4624.7 1.018

0.80.720

10

JP Morgan

FirstEnergy Capital Corp

TD Securities Inc

UBSHSBC Holdings PLC

BMO Capital Markets

Genuity Capital Markets

Citi11

Tristone Capital Advisors IncIMAP

Scotiabank-Bank of Nova ScotiaGrant Samuel

5,986.2

National Bank Financial IncGMP Capital Corp

161,887.32,267.8

5,635.83,468.6

86,455.06,415.5 10

9

23,957.4CIBC World Markets Inc

67

Morgan Stanley

18,746.5

Macquarie GroupRothschildGoldman Sachs & Co 17,079.9

US$mFinancial Advisor

Deutsche Bank AG

Rank Value

44.8 17

2

RBC Capital Markets

20,059.2

26,991.3

11

110.710.0

10.715

3.8

39.412

1

131415

5.84

-

6421 11.3201.3

73*

448.6432.9

Blackstone Group LPM&A International

4,702.0- 15496.0

12.12.114

318.0

19JP MorganBrookfield Finl RE Grp

1,089.2

▼

18,266.5

32,787.2

21.60.0

16

18

22 9*

33

31,760.4

308.5 1.3

2354.5321.9

1

1.5

1.0867.1

1,812.50.6

460.9

2,573.4 21 ▼

7,724.2735 --91.7-43.0

-91.2-74.7

▼219.8

23227.724

--

150.0 325 25

93,284.785,560.6

4,405.3-

RothschildSubtotal without Financial Advisor

28

-

▼

Genuity Capital MarketsCanaccord Capital Corp

--94.5

-0.6

5.5

GMP Capital CorpLazardUBS

17

500.7

381.6

13

784.7

2.22.6

528.112617.1

▲▲ Deutsche Bank AG- Citi

Goldman Sachs & Co

1,771.361,882.2 7.87

30,128.913.4

15

-

6,593.96,887.6

-14

1

7.4

3.3

2303

3

1,503.23

37,464.6117.1

9,262.9 13

17 1

8241,926.34

39,053.6

9

151.110

1,497.21,320.8

11▲ Bank of America Merrill Lynch

- Peters & Co Ltd

Credit Suisse▲

▲

71.2 ▲

RBC Capital Markets

1,053.7

853.5

Cormark Securities Inc

17.997

Mkt. No.

15

Deals


1/1/2008 - 6/30/2008No.Mkt.

1/1/2009 - 6/30/2009Rank Value

US$m US$mRank

Americas Rankings

Rank Val

18,504.14,145.7

6,373.04,282.4

▼

1.81.9

5,746.2

30,178.9

Rank Value

-88.6

-95.5-0.4

▲323.5

7▲

3

▲

3

621,398.93

5

42

163

184 20,965.2 7

1/1/2009 - 6/30/2009

▼

-

1.6 20

31.2

39.8

120.4▲

459.4383.9 4,248.5

6

▼

▲

-▼

▼

-45.5

-52.3

-13.3-44.3

-

-81.0

-

▼▼

▼▼

▼▼

▼

▲▼

▼

▼-▲▼

▼

▼

▼

23 242.0-57.3-70.511-89.3

-2.3-69.4

5

▼▼

▲

▼

-

▼

▼▼

▼▼▼-95.5

-90.6-97.5

-97.9-92.5

-89.4-98.4

-98.3

-86.3-98.9

1,372.2-

-77.1-74.3

11 of 36

5,858.3

Pepsi Bottling Group Inc (70.8%)

Pending


Pending Verizon Commun Inc-Local (100%)

Pending Schering-Plough Corp (100%)Pending

6/3/2009 GMAC LLC


Express Scripts Inc United States / United States 4,675.0 Healthcare / Healthcare Providers & ServicesEnergy & Power / Oil & Gas

Pending Sun Microsystems Inc (100%)TEPPCO Partners LP (100%) Enterprise Products Partners United States / United States4/29/2009 Pending

4/20/2009

4/20/2009 PendingUnited States / United States

PepsiCo Inc United States / United States

US Dept of the Treasury United States / United States5/13/20095/20/2009

Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid IndustryRank DateWyeth (100%)Target (% Sought/Acquired)Date Effective

6/11/2009 Pending Barclays Global Investors Ltd (100%) BlackRock Inc5/4/2009 Liberty Entertainment (100%)

Merck & Co Inc

4/13/2009 Pending NextRx Inc (100%)

Americas Analysis

1/26/20093/9/2009

Top Ten US Announced Deals

Pfizer Inc United States / United States 64,479.7 Healthcare / Pharmaceuticals

9,610.2 Consumer Staples / Food & Beverage

DirecTV Group Inc United States / United States 14,499.1 Media & Entertainment / CableHealthcare / PharmaceuticalsUnited States / United States 45,913.3

13,345.2 Financials / Asset Management

Frontier Communications Corp7,500.0 Financials / Credit Institutions

United States / United States 8,583.0 Telecom / Telecom Services

Oracle Corp United States / United States 5,859.2 High Technology / Electronics

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

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Morgan Stanley Goldman Sachs & Co JP Morgan Bank of AmericaMerrill Lynch

Barclays Capital Citi Evercore Partners Credit Suisse Lazard Centerview PartnersLLC

% V

olum

e C

ompo

sitio

n

Consumer Products and Services Consumer Staples Energy and Power Financials Government and AgenciesHealthcare High Technology Industrials Materials Media and EntertainmentReal Estate Retail Telecommunications

12 of 36

The mean enterprise value to EBITDA multiple during the first six monthsof 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 inthe first half of 2007 but have declined continuously since, dropping froman average of 13.6 in the first half of 2008 to 11.6 in the second half.

European Deals Intelligence

M&A activity with European involvement totaled US$434.7 billion, 42.7%lower than the first half of 2008. Total estimated fees earned oncompleted deals in the second quarter were US$1.5 billion, dropping by25.9% compared to the first quarter and by 68.6% compared to thesecond quarter of 2008.

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

▼▼▼▼

444.3

▼▼▼▼

-51.3-63.7-55.1-61.9

11 -22.5

▼

316.633

417.3

-75.0

-72.3-62.8

-67.8

5158 182.8


360.43.1 ▼▼

253.1

1

114.3 78


Credit Suisse

Fees

6

459.6

9

356.7

Share7.5

Lazard

11

6 3

Morgan Stanley

Bank of America Merrill LynchRothschild

61,100.3 390,638.7

% Change inMkt. No. Imputed Fees

32

Deutsche Bank AG

1/1/2008 - 6/30/20081/1/2009 - 6/30/2009

46604.9

4.7

965

100.0 9,583.5

5 4.1

107.8 10 41

3.4117.9

4.6

Citi 8

648 5 102,215.0 1

159.1


Europe M&A

160.1

875 530.2 1

Imputed Fees

UBS

FinancialsCredit Suisse

88.94

141,090.7 US$m Rank

UBS

US$mGoldman Sachs & Co87,592.7

7287,485.9

1

32 62.0

60.885,720.0

Deals1

Financial Advisor

166.7258.3

JP Morgan 4141.6

Rank44

3.3 843

348.9

European Involvement Announced Advisors by Target Industry

Rank Val US$mMkt.

No. DealsRank Share

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

Goldman Sachs & Co

MaterialsLazard

100,950.4

114,984.2 Citi

87.8Morgan Stanley

-70.1

5412.03.3Energy and Power

JP Morgan 3

-64.16-33,401.2 5,4093,438.7 -

38.736.9

3041.8

112.2Citi3.2

640

13 3

37,865.4 110.935,109.3 2

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

14

11 21

62.1

Goldman Sachs & Co Industry Total

European Government M&A Investments

3.7%5.4%

16.4%

3.0% 2.9%

9.6%

19.3%

5.9% 5.8%

45.3%

$0

$25

$50

$75

$100

$125

$150

$175

$200

$225

$250

$275

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Ran

k Va

lue

(US$

b)

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

% o

f Eur

opea

n M

&A

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of H1 European M&A

13 of 36

▼

▼▼

▲▼

▲▼

▼▼▲

▼

▲

▲

Rank Val

11

67 26.8

2 -46.7 ▼

▲

-45.1

Financial Advisor

▼

▼▼▼

6

Deals

Europe Rankings

Any European Involvement Completed (AF3)

Rank ValueUS$m

% Chg. in Rank ValRankFinancial Advisor

Rank Value

43

175,500.54129.833

▲

270,671.03

1918

244,540.1

-58.057

▲

▼▼▼

100.0 -58.0

73.8

173,885.2

-57.2-47.4

225.1-57.8-25.5

4

238.1

-52.6596.8

39.838

1/1/2008 - 6/30/2008

1,586.8-58.7

15 11.0

5.54.94.6

▲268,886.5 -41.4

1.98142,179.14

-61.8-25.5

-55.5

Share

2

▼▲

5

41.8US$m

34.1

▼

Rank% Chg. in


-21.6

36.6-52.0

-▼ RBS


BNP Paribas SA

92,275.3Bank of America Merrill Lynch

37,905.6

15,168.6


HSBC Holdings PLC

ING

29,356.3

▼

▼ 316,009.5

346.1

65.9-61.6

▲14,163.1

Perella Weinberg Partners LP▼

10273,227.3

225-39.9

87,663.1

-50.03

25

37,587.7

412.4

95,504.8-87.09126,439.8

▲RothschildMediobanca

KPMG

8.5

-80.3

▲17

Nomura 18,820.8Societe Generale

16

▼▼

19 -51.0-

2,961.5

48

4920

3,077.318,707.6

419.4

1920Gleacher Partners 15,889.9

16,783.3

618

22.83.2

26,587.133

482 -

13.5

7.01367

7 Commerzbank AG▼

3.4

19274.3

5.1

▼

12

JP Morgan 117,874.1 34.24

▼12

23.924.9

40,695.6 15 82,250.01085,902.710

15.211

1▲11▼

68.0-48.6 Citi

134,260.4 39.0144,135.4

Goldman Sachs & Co60129,543.3 37.63UBS

301

51

10,447.4

279,240.6

4126.44626.6

239,675.0

218,317.9

36,131.858


1613,853.6

▲

-24.8

550.2-74.3 Ernst & Young LLP

98,891.11,0285,839 -53.2 ▼

- -41.1

-344,487.2- Industry Total▼


-

▲

▼Industry Total -42.7

109.0

▼▼

-83.9-63.1

-61.5-34.2146.5

1.389.4

25

* tie

3

46,306.4 - 10.7388,392.4

RBSPerella Weinberg Partners LP

5,650.0

14,664.113,728.012,137.610,891.9

KPMG

-

9,046.0 23

434,698.9

24

-

NomuraBlackstone Group LP

8,863.4


17

20

1819

10,213.8Societe Generale

NIBC NV 2.5RBC Capital MarketsHSBC Holdings PLC

2.410,359.3 2122

2.12.4

2.0

171113

6,867100.0 819,917.5

-69.6-7.040.7

-32.9

12

1815

10

14

16102

39

21

58,848.0

22

3213

27,303.215,483.5

20,972.7

8,058.9

8.3- 91.7-

25

* tie

-61.1-57.7

1029

11 116,788.911,910.657,098.698,457.5

2510.9

1824,751.6

6,243.8-

868.9

2534,457.812,030.8

100

758,789.9

23

659,898.8-

▼

28,477.7

11,338.0UniCredit Group

Barclays Capital3.516

16,416.015,382.4ING

13

Rothschild

3.8

6.022,354.818,846.8

MediobancaBNP Paribas SA

1514

136,730.8134,460.0

530.9

131,797.929.38

Morgan StanleyJP Morgan

127,449.8Credit Suisse

Citi

164,214.8US$m Deals

157,621.9144,870.9UBS

162,439.93

31.5

13.81237

14 Santander52,343.9

13▼Greenhill & Co, LLC▲

45,438.5

14

429

14

12,327.8

1813

223

31-746,754.0

942.0

46,594.93343

15,567.6

14,904.3

36,732.5

-

14906

5,4094,503 73,163.4

7

4.122

357

124.0

3

5365

50

32

212,235.5

4954

98,451.8

66.9142,186.2

2

1/1/2009 - 6/30/2009No.

37.8

▼102,569.6Credit Suisse▲

42

No.US$m

Mkt.

319,554.4Rank

Lazard 117,461.3▼

1/1/2009 - 6/30/2009

42Rank

191,409.5Deutsche Bank AG 8

991,627.8

Morgan Stanley 90,756.8

33.3

37.4

6274,443.3

58

76

96,697.3

30.3

36.34

58,713.5

54

Goldman Sachs & CoLazardDeutsche Bank AG

12

ShareRank Value

9Bank of America Merrill Lynch 12.5

12.714

Gresham Partners

Santander 26,052.530,301.854,382.9

4.4

3.3243.0

5,084.650,197.9

43,823.347,460.8

21

Rank Value1/1/2008 - 6/30/2008

Any European Involvement Announced (AD21)

Mkt.

14 of 36

Subtotal with Financial Advisor 419,509.7Subtotal without Financial Advisor 54,921.2 ▼

▼-57.24,698 80,544.7 -

* tie * tie

100.0 5,659 863,829.2 -▼ Industry Total 359,768.2 --

- 100.0Industry Total 474,430.8 7,265 795,804.4 -- 11.6

-40.4

90.4 961 783,284.59.6Subtotal without Financial Advisor 34,446.26,189 112,776.5

-▼▼ Subtotal with Financial Advisor 325,322.0

--38.6-51.3

▼- 88.4 1,076 683,027.9 -

14 15,567.6 32-58.5

ING 10,447.4 25 2.9▲

Nomura 8,863.4 25 1.9 13 34,457.8 16 -74.3 ▼40 9,623.3 40 18.0Ernst & Young LLP 11,357.0 24 3.2

▼Societe Generale 9,046.0 24 1.9 11 12,030.8 25 -24.8 ▼

7 14,904.3 34 -7.0UniCredit Group 13,853.6 23 3.9▼

NIBC NV 10,891.9 23 2.3 3 - - - -12 46,718.6 15 -69.7HSBC Holdings PLC 14,163.1 22 3.9

▼KPMG 12,267.6 22 2.6 50 24,751.6 19 -50.4 ▼

4 36,732.5 18 -57.6Perella Weinberg Partners LP 15,589.7 21 4.3▲

HSBC Holdings PLC 12,481.7 21 2.6 18 26,751.9 18 -53.3 ▼3 942.0 106 1,586.8Gleacher Partners 15,889.9 20 4.4

▼RBC Capital Markets 12,721.6 20 2.7 11 6,243.8 33 103.7 ▲

22 45,438.5 16 -63.1RBS 16,783.3 19 4.7▼

Perella Weinberg Partners LP 14,149.1 19 3.0 3 3,077.3 49 359.8 ▲12 122,405.6 9 -84.6Nomura 18,820.8 18 5.2

▲ING 15,382.4 18 3.2 29 2,961.5 50 419.4 ▲

13 11,910.6 39 146.5Societe Generale 29,356.3 17 8.2▼

Barclays Capital 16,416.0 17 3.5 10 127,058.5 9 -87.1 ▼18 57,098.6 14 -34.2Mediobanca 37,587.7 16 10.5

▼RBS 17,964.1 16 3.8 26 18,707.6 20 -4.0 ▼

65 98,764.9 12 -61.6Rothschild 37,905.6 15 10.5▲

BNP Paribas SA 18,949.3 15 4.0 29 95,939.8 12 -80.2 ▼56 22,325.2 23 97.0KPMG 43,984.3 14 12.2

▲Standard Chartered PLC 21,283.9 14 4.5 8 1,317.4 83 1,515.6 ▲

14 27,303.2 21 73.8Santander 47,460.8 13 13.2▲

Mediobanca 22,354.8 13 4.7 19 50,197.9 14 -55.5 ▼4 15,483.5 33 238.1Greenhill & Co, LLC 52,343.9 12 14.6

▲Santander 26,052.5 12 5.5 13 5,084.6 37 412.4 ▲

35 59,283.0 13 38.8BNP Paribas SA 82,274.7 11 22.9▲

Rothschild 30,301.8 11 6.4 67 41,528.0 15 -27.0 ▼23.9 14 12,327.8 38▲ Commerzbank AG 85,902.7 102 66.9 240 87,663.1Gresham Partners 58,713.5 10 12.426.2 50 226,464.3 5▼ Deutsche Bank AG 94,123.0 937 144,294.9 7 -48.2Bank of America Merrill Lynch 74,723.0 9 15.826.3 43 191,409.5 6▼ Morgan Stanley 94,670.8 852 216,750.8 5 -41.2Credit Suisse 127,449.8 8 26.9

96,298.0 7 26.8 3661 277,626.0 2 -50.5JP Morgan 137,378.2 7 29.0103,580.6 6 28.8 4450 100,998.5 10 36.4Morgan Stanley 137,760.0 6 29.0

5 32.7 1936,131.833.2

Citi 140,418.1 5 29.6 46 276,555.9 3 -49.2 117,461.33.8 ▲ 119,255.2 4

36.4 66 8UBS 148,769.0 4 31.4 80 143,380.7 8

58 96,697.3 11 68.0Lazard 162,439.9 3 34.2137,519.3 2 38.2 4643 328,196.4 1 -49.6Goldman Sachs & Co 165,492.0 2 34.9144,356.2 1 40.1 32270,099.2 4 -33.7 ▼Deutsche Bank AG 179,061.7 1 37.7

US$m Rank Share RankDeals US$mFinancial Advisor US$m Rank Share

▼

3

2225.1

-50.5-58.4596.8

-32.9-

-49.1259,348.4

7 -45.9

▲245,570.1 ▼

▼▼

▼

No.Mkt.

1

Rank Value1/1/2008 - 6/30/2008

283,457.3

% Chg. in

Citi▼ Goldman Sachs & Co

JP Morgan

Bank of America Merrill Lynch▼

-25.3 ▼

4 -57.8177,957.4

UBS 130,866.4 3

▼ Lazard▲ Credit Suisse

▲


1/1/2009 - 6/30/2009

Europe RankingsSecond Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Deals57

Rank Value Mkt. No.Rank Val

▼-47.0 ▼

Rank ValueUS$m Rank Rank Val

175,167.558 281,106.658

Financial AdvisorRank Value % Chg. in

Any EMEA Involvement Completed (AF53)

▼

-58.4

-57.6

Any EMEA Involvement Announced (AD47)

1/1/2009 - 6/30/2009 1/1/2008 - 6/30/2008

15 of 36

-61.6-67.6-

-7.3 819

276 -92.7-

23

-95.6--

-78.5-

2221

117*

16

1.5

1.6

1920

1.2

0.80.8

-72.9

-48.7

-99.0

-72.6-85.6

-6.1566.7

14.815,889.98,931.5

1213

-▲

333.712,895.8 ▲

▲

8.6191.7

506.7260.8

-120.9

▲Rank Val

▼Share

▲▲

Deutsche Bank AG

1,586.8

▼

-

▼

% Chg. in

▼▼-

Mkt. Mkt.

▼

▲▼▼▼

62,280.0

26

-3.7

2

74.6-17.4

-

-71.9-70.7238.0

57.9 7

20 84,068.610 312

37.4

55.253.2 -31.9

82,497.2 -28.1

7

2

54

59,350.4

43.76

57,286.6

40,238.846,997.4

32

▼▼

1 ▼▲

-51.8579.5

15

▲

-

4

-

-

▼▼

▼▼

-18.3Rank ValRankUS$m

33,984.134,701.8

Goldman Sachs & Co

JP Morgan CazenoveRothschild

16,007.9

7,806.1

BNP Paribas SAGleacher Partners

1,600.0Perella Weinberg Partners LP

670.8

809.0

713.5

Deloitte & Touche

HSBC Holdings PLC

Mitsubishi UFJ Financial Group

Jones Lang LaSalle IncMoseley Securities CorporationNomura

Gresham Partners

Subtotal with Financial AdvisorSubtotal without Financial Advisor

-▼

841.7

-78.7-

-87.7

Rank Value

21.5

-64.4

4,206.2RBS

Commerzbank AG

▼-46.9

▼

▼▲

▲

▼

▼-

▼▲

--67.973.4

-90.041.3

* tie

9

23,239.5

-9 224.3

41.1

3,077.3

10.54

6

87

1011 5.8

34.233.4

16,329.5398.2

2.1 38.0

6,773.5

11 3,039.1

20,506.2

-

3

-2,264.8

855.23

▼-54.9▲ 107,596.3 -1,095

-76.8

17* 11.5

1415

1,600.01,673.43,377.0 3.1

21,671.7

▲17,944.8

509.3Santander

Industry Total

17

4,805.123,367.8

34,871.6

27

15,164.6 11

36,504.922,913.2

▲

▲▲ Morgan Stanley

UBS▲ Bank of America Merrill Lynch

104

▲▲

223.6

164.261

386.03

Any UK Involvement Completed (AF39)

15,205.443,630.4

▲

Rank

3

1US$m

33,530.0 261.3689.4

14.910 21

31.620.116.7

8

11

169

59.1Deals

Citi 63,612.8 14

Rank Value % Chg. in 1/1/2009 - 6/30/2009

Europe Rankings

1/1/2008 - 6/30/2008

1,0935.4

Barclays Capital24 2,149.667330.3 4

469.7 ▲2

--- 190,364.8

4-

0.2

28,638.194.7 320 161,726.7

5,868.8

100.0

1,327.9

Jefferies & Co Inc

0.420

250.4

19814.5

778.22

230.40.3

22976.6

284,019.1

14


5.5 1

1.62

20

56

18

2

0.6

1.61615

0.6171,445.91,438.1

814.5

1,002.71,039.2

96

92,008.982,661.1

58,713.5

1624

38.1 20Lazard

▼

0.710.730.6 49

▼▼

-97.7

1,413 26.8Industry Total -62.1 ▼

* tie

- 100.0


80,629.0

25,376.3

13,345.21312

1

240.0

-

0.5

-

16

-

240.525

21

241,428.0

589.5 25765.9

12,908.0228,520.0

1,201.8Jones Lang LaSalle Inc

BNP Paribas SA

14,016.0

Deloitte & Touche

3,783.4


2,529.7

4,938.4

3,750.0Blackstone Group LP


Moseley Securities Corporation

RBC Capital MarketsJefferies & Co Inc

Nomura

JP Morgan Cazenove


TD Securities Inc

Barclays Capital

Rothschild

HSBC Holdings PLC

Strand Partners Ltd

RBS

112,942.9112,846.6

Deutsche Bank AGMorgan Stanley

Credit SuisseCiti

Gresham Partners

1818

49.7120,034.0115,260.9

1846.754 46.8 22

1/1/2009 - 6/30/2009

Any UK Involvement Announced (AD32)

32US$mFinancial Advisor RankShare

No.

32

50.2

47.7

Rank Deals

LazardUBS

Goldman Sachs & Co

1121,156.0

42


4

1

US$mFinancial Advisor5

64,696.8

1/1/2008 - 6/30/2008

Credit Suisse

Rank Value

9536,427.1

1215,336.5 20

29942.0

8

5811

-

22,587.3

81,338.532

10

32.3

23,414.5

1,306.9

32,903.3

1,782.3

-

3,612.6

18

4,736.4

2

18

5,921.7

61,174.777,025.9

19,871.241,124.1

97,541.714

77,903.5

Rank ValueNo.

8.3 1244

3.9

8 11

13

24,097.4259,921.7

42

-

70

5032-

1339

24

-520

16 of 36

1,821.6

1.7

1.6

16

26

15

838.4Standard Chartered PLC 838.4RBC Capital Markets

877.4Intesa SanPaolo 1,012.9

Santander2,372.9

3,829.13,824.0Credit Suisse

Mediobanca

RBS

Rank Val

▲▲364.6

154.1

9,460.2

-▼-

-70,704.4

▼-61.8--31.8-

▲▼▼▼

▼-▼

▼▲▲

-

▲

▼

▼

▼▲▼

14,940.4

▼

-

▲17.4▲

▲

▲90.1▲

23

1.6 644

19*

1.11.422

-83.5-

-51.06,886.7

2

13

-

3145.91,555.4

17

5 7,496.3

22,506.5-

330.5

-

11

4.67.47.4

1312

14

-21,143.8

-92.5451.2-68.3

38

2,016.8 89.9122

-29.3-82.811.7

328.835,235.9

46

10

30.2898 11,866.4 929.8

29.7 -

65,892.2

9.1275.7

52.4

6

32 61.0

56.9

Morgan StanleyCalyon 6,072.4

31,588.0

15,400.4Societe Generale 15,447.3

Citi25,810.923,087.522,134.4

Lazard

1,678.3

ING-

▲

-

▼▼-

-

▼

▼▼

-61.1

16

-

% Chg. in

Nomura


-

-76.2

-62.9

EFG Group

-74.0

-58.9

26,467.76

-83.6-75.7

3,611.648,196.7

-95.2568.50.8251.124

408.0

▼Industry Total- -100.0 -35.451,808.3

* tie

-

* tie

▼-▼

6477.0

93.0

-92.914


1

-70.3- 81.9

88* --66.0

2.0163

16,585.5617-66.8

▼Subtotal without Financial Advisor82,112.3

-780

4,919.5 - 18.1- 100.027,221.4 ▼

0.0

18.0614.4 32301,038.9

8

--

-88*

1213

12,269.1

10.2 8,785.1

1 - -101341

14.2

8.7 9,162.8

615,875.1

33

6

16.6

-39.130.4

3,692.03

17

-40.99

Rank Value Mkt. Rank ValueNo.

5

Deals

13,354.19 ▼

1/1/2008 - 6/30/2008

Europe Rankings

1/1/2009 - 6/30/2009

JP Morgan1

18,586.5

37,967.1

29,482.2

▼-19.3

Gleacher Partners

-58.0

-88.0-

▼

Goldman Sachs & Co

22.4 ▲▼▼

-68.4

323

2.1


7,991.5--

65,526.90.025

15

1817

1

113.1

15 -38.518,645.2

538.1

15.9

6.75.44.7

19*838.4

36.042.744.6

▼

Financial AdvisorBNP Paribas SA

US$m Share11 -7.9

Rank Val Financial Advisor

75

19

6

32,351.312,430.119,350.8

273.3

UBS12,673.2

5Rothschild7

15,212.1

49.842

6

56

7,843.3

Bank of America Merrill Lynch▼▼17,180.4 3

7

11,801.9

5,317.6

1 12.0

22

-144

80,164.6

16

4 0.0

2.5

7

88*2

18

-HSBC Holdings PLC

587.9Deutsche Bank AG

Jefferies & Co Inc698.0

-19*19*

17

3.1

3.7

838.4

-

--

-3.2

-

13.119*

22689.6

19*2.7 1

22,301.9

Nomura

Barclays Capital

568.5 24

45,345.3

11

22

8,987.3US$m Rank


11,986.6

1,821.6

4,826.1 8 17.7

28.7

1,274.5

3,850.7

47,083.756

14

910

1,473.2

Goldman Sachs & Co2,378.82,776.1

Morgan Stanley

1,012.9880.2

725.0

838.4

838.4

Gruppo Banca LeonardoSubtotal with Financial Advisor

Industry Total

Mediobanca

Singular Partners

Santander

Jefferies & Co IncRBC Capital Markets

UBSIntesa SanPaolo

Standard Chartered PLCING

Rothschild6,372.7

Societe Generale

Calyon

Credit Suisse5,213.6

4,520.04,331.9

Deutsche Bank AG

HSBC Holdings PLC

Rank

JP Morgan

5,914.6

Rank

Lazard

8,280.8Bank of America Merrill LynchCiti

BNP Paribas SA 7,798.8 3 178,133.8 2

1

Any French Involvement Completed (AF40)

1/1/2009 - 6/30/2009

Any French Involvement Announced (AD33)

1/1/2008 - 6/30/2008

Share US$mRank ValueRank Value No. % Chg. in

419.27

2023.421.7

26.0 8

29.9

3.2

1

211.6

53.5

1

2.0

-

503

226

6

1

23

3

Deals

--

165,555.1

158

17,092.5

12,143.7

--10

2314

-63.5-91.6

24

1,912.87,021.1

1,710.5

13

RankUS$mMkt.

17 of 36

16.9-88.2790.9

-4.9-15.2

6,083.8240.0-11.5

1,010.6-8.4

-

--96.8

1,341.745.5

52.8

7*

67* 48.4

48.4

-

* tie

▲▼▲▼

▼▲▲-

-▼-

3-

-88.6-14

-

▲▼

16*Morgan StanleyBarclays Capital

1516*

▼

3.2

38,861.3

1

42

3

1867.6

-3 7

20,097.3 12

-

▼

▼38,546.7

▲▲▼

16

3,210.0

-11.8

360.8

5 36,936.417

6,842.9

9

8

3 5,649.44 5

▼

▲▼

3

-77.9

-21.5630.9-51.5

32,180.04

9

17,899.023,461.4 10

11

▲

▲▲▲

45,952.3 2 0.44

Rank Val

-83.1-

-35.7-1.4

--

-34.0

▼▼▼

3

-

1,051.2

2,742.25

5

470.4

33.1

▲

Citi

Goldman Sachs & CoLazard

22.291.0

158.318,738.1151,796.6

48,401.7

Financial Advisor

▲Commerzbank AG

25,265.7

-

95

▲

120.0

▼

▼465

47,400.8

Mediobanca

KPMG

UBS28,855.7

JP MorganSantander

US$m1 32.011

Share81.5

Rank48,606.9

US$mDeals41

Rank

6

9 1310

38,599.324,814.3

81.1

413

79.0

23

-

Calyon

RBSAllied Irish Banks PLC

▲

▼▲▼

% Chg. in

5

386.0▼

Europe RankingsSecond Quarter 2009 | Mergers & Acquisitions | Financial Advisors

Mkt.1/1/2009 - 6/30/2009

Rank Value

Any Spanish Involvement Announced (AD34)

No.

Any Spanish Involvement Completed (AF41)

% Chg. in Rank Value1/1/2008 - 6/30/2008

Rank Value Mkt.

31,529.3

79.4

16*1,910.2

46,147.747,153.4

1,910.2

17,723.8

77.3

42.3

1/1/2009 - 6/30/2009No.

--88.3

Rank Value

13

10Rank

▲

4,949.6

-98.315- -

--

▼-38.8

1Rank

69.9Share

51.520,097.3

55

10Deals US$m Rank Val

1/1/2008 - 6/30/2008

23.6

4,371.9

1.91,053.41,245.9

10

1211

3.1

1.7

1

11

56

56,181.6

48,395.67,786.0

71.6

409

0.1 2-

1,835.9

1 -

1

11

470.44

1,555.7-

-

9 8,246.98,110.3

810,829.0 Nomura20,454.0

▼Societe Generale3

1 22,543.4▼

1,910.2-82.6-98.5

4,438.511▼


2,773.2

13.67.4

13.8-55.1-90.3-96.9

3,299.0

1312

4

18*

29.728.9

▼Credit Suisse

39.3

Deutsche Bank AG

▲30.012.0

12.719.0

249.9

33

BNP Paribas SA1,582.5 18*

176.3

6*2,971.1

18,738.1

3,210.0 121,582.5

▲19,863.3

19,105.117,712.4

302

23

4

620,897.5

55.6

8

51.1 3285.0

5,169.8

3351.1

4,138.4

4

4 51.217,623.8

17,575.9 5*17,575.9 5*

3.23.2 -

59,844.711

37,282.1

Subtotal with Financial Advisor-

-44.33.5

-0.0

Piper Jaffray Cos 13.5 0.0 24

Nomura

Lincoln International0.2

136.655.1Ahorro Corporacion Financiera

Arcano Asesores Financieros SL

0.132.5

Industry Total -

78.4

19


Jones Lang LaSalle Inc 169.3

23BBVA

387.9

37 ▼▼

-95.1

573.6

169.3

136.6

31.5

344.0

18

24

22Deloitte & Touche

21

Eurohold SL26,963.7Subtotal with Financial Advisor

25

20706.8549.7322.8 22

Close Brothers Ltd294.9

-

Keefe Bruyette & Woods Inc

-▼

▼

-20*

Ahorro Corporacion Financiera

-0.50.40.4

-91.228.0

2743

0.5

19*19*

17,155.4

1415

156.6

1617

640.113

6,537.4 9

1,262.0

55,148.9

178.023

-

1.0

192.4-

7.667

390100.0-7,431.2 - -4.621.6

- 100.034,394.84,593.1

90,357.259,678.7 -Industry Total

* tie

Subtotal without Financial Advisor 4,529.9

18

132.5

85,764.1

2440

31

-26

27

-


21

0.50.30.325

323-

2.1

2

1

0.50.91.2

3

28,855.751.15*

24,053.5

MediobancaJP MorganGoldman Sachs & Co

Credit SuisseLazard

Citi

US$m

17,575.9

Noqca Partners


Jones Lang LaSalle Inc

Rothschild

BNP Paribas SAKPMGUBS

Commerzbank AG

PricewaterhouseCoopersMorgan Stanley

SantanderDeutsche Bank AG

Financial Advisor

410.8-25.1

15127

-

3

14

1

18 of 36

295.8

RBS

310

14,456.4

▼13,717.4

8

31.6

-72.9 38.15

31.833.5

9

8,124.7 110.68

947.3

1,110.0

-48.4-54.194,173.2 -

▲▲

▲▲

▲-

-▼▼

▲

▲▲▲▲

▲▼▲▲

▼▼▲

▲40.2▼▼

1/1/2008 - 6/30/2008

-

4,344.3

222.3

-1.1

-1,266.6

320.4

3,701.5-66.9

152.5

15.7

3

7,697.9

210.0

-52.7

823.0

73.6-46.9

-21.0

19

3

94

13

4 18,303.2

11

51

4

-

19,370.2168.8

5,123.5

7,792.6

19,220.7

3,671.4

0.0

2

11

175.01,486.2

38,529.61

6,875.5

25715

-27.5Rank Val

% Chg. in Rank

25,361.0Deutsche Bank AG

Commerzbank AG▼

15

-

16

-

-

1/1/2009 - 6/30/2009

Rank

21 640.2

Share DealsNo.

1.2

-66.224.3 ▲

▲

▲

-

▼

-

▼

▼▲

▼

1.52.2

15

13

518.9

9.263

7

29.214

12.4

60.386.0

0.3 11

Credit Suisse

CitiBank of America Merrill Lynch

UBS

Ernst & Young LLP

JP MorganMorgan Stanley

KPMG

UniCredit GroupRothschildPerella Weinberg Partners LP

20.9

94.6 147

214

13.1

220.9

12.6

119

6,543.8

213

0.80.8

398.8-

71,142.8

2,919.6

11,114.6

9,019.73,705.4 Nomura

MediobancaHSBC Holdings PLC

BNP Paribas SA

ING

Lazard

▼-84.3-72.2

-

13,568.612,068.7

13,646.3

9,019.7

21*16*

245,450.2

Subtotal without Financial AdvisorIndustry Total

▼▼

-2,316.440,888.8

25

9,246.716*

9,019.7 16*

9,019.7 16*16*

9,019.7

-64.2-96.1

▼

* tie

42,531.0 -

305.3

398.8

89,682.0

2,870.6

2,481.0

10,965.8

▼-4,491.2

314.914.9

20.9 6

40*

46

32

73*

108

-

52

-

14-

-91.3-

-▼

--

1

0.41 -

-0.4

-

1

% Chg. in 1/1/2008 - 6/30/2008

21*23Greenhill & Co, LLC 5,649.1

Gruppo Banca Leonardo

0.6

1

16,304.8

Mkt.

36,568.3-

1576,730.45,962.7

-674

648


- 100.0 - -40.2Industry Total ▼

500.1-54.4

PricewaterhouseCoopers▼Subtotal with Financial Advisor

20

9,121.9

613.9114.0151.9

1,710.51418

263.6

▼

5

8

-

-53.12

831

Lincoln International-

31*

100.0

-43.2-11.4

1--

1

1,662.1

-

-80.4▼

-

--

-

38Subtotal with Financial AdvisorSubtotal without Financial Advisor 14.0

-5015.4

▼2564,412.3

0.4

142.6 24

156.90.4

2223

Ernst & Young LLP 112.8

156.6Noqca Partners

20*

Lincoln International

Jones Lang LaSalle Inc 20*189.2Moseley Securities Corporation 189.2Gut Corporate Finance

Banque Degroof 19241.3Rothschild

37.215,822.6

Sal Oppenheim1817325.1

320.6

8

6 13.9

16-12.82 7

36,616.4

Rank Value

33

1,027.8 2029,565.9

-83.4

3

229,002.631,901.8

4 -79.6

-

5

1017

3,539.83

2,766.925

-

371.5

-

-

5,255.0

17,359.0

Mkt.

64.727,949.7

Rank ValueRank

58.71

Deals

▼

Rank Val▲

US$m Share

-56.8 Goldman Sachs & Co

Financial Advisor

Europe Rankings

Any German Involvement Announced (AD35)

US$mUS$mRank Value

Financial AdvisorRank

--

20.9 2

43,205.1

▼

-3.7

6,416.96,416.9

-

1,611.6

16Nordea 512.9

423.253.912

983.9

1

142.3

1

Bank of America Merrill Lynch 2.4Commerzbank AG

Strand Partners LtdGreenhill & Co, LLC

644.6951.4 1

1,675.01,026.8

11

5,927.0

3,890.65,290.2

Morgan Stanley

94.210

Credit Suisse 8.1

7

Metzler Corporate Finance 1,773.8

Goldman Sachs & Co

JP MorganDeutsche Bank AG

14,210.3

17,113.9

Citi

Nomura3,438.7

UBSLazard


33.434

8,020.5 512,436.5

16,445.035,331.514

234 38.7

8

30,946.7

44,674.3

96

4,834.5

US$mRank ValueNo.

9,100.0

18

7

36.67 34.7

212

31.41127.9 11

131415

2

25.7

425.421.4

6

20.9

15,800.3

16,725.3

14,988.96

Any German Involvement Completed (AF42)

-43.2

1/1/2009 - 6/30/2009

-

30

-

9

* tie

Barclays Capital

19 of 36

22985,579.1

4,653.3

* tie

6,216.4

23,263.1

324,165.7

616.0

448.7

7

57.7

Deutsche Bank AG 13,723.3

16,737.016,644.2 60.1

-67.8-64.2

80,925.8

--

--▼▼

▼

--

▼▼▼

-79.021

▼

▼▼

▼▼▲▼

-95.7-98.021,933.5

38,900.822,074.0

2

1110

▲

▼▼▼▲▼

-54.8-35.1

4

33,531.81,457.4

-86.3

121

21,156.75

1/1/2008 - 6/30/2008

Rank

72 26,489.9

53,895.985

--92.5

-- -1,162.9

--

KPMG 23-

0.7Jones Lang LaSalle Inc

0.3

1 -

509.8-39.6

422

2617

625.7

35,115.9

1,714.71415,960.5

251317,552.2

39

-68.5

-93.1-96.0-96.7

35.3

824.2

-98.6

-33.9

-

1

19,226.3

10,106.04,141.0

Industry Total ▼-57.5


* tie

100.0- 383297

UBS

104,093.2

13122,586.5

2,760.9 11

2,078.4

Gazprombank6.7

RothschildIntesa SanPaolo

1,999.916

14

1,500.0Vergent Partners

6.9

27,430.3

13

3,756.5

▼

Goldman Sachs & Co▼

Santander

Citi

Bank of America Merrill Lynch▼

Calyon

▲

Financial Advisor% Chg. in

Any Italian Involvement Completed (AF43)

Mkt.

12

10952.4 17 3.41.6 2

0.7

13,470.0

12

16

4,588.8

5.88.4

212.113.6

50.25

69.266.860.5

US$m

613,901.9

▲

-75.924

3.987

-61.8

-86.5

--68.5

9.7

14,891.3

6,493.7 -55.3

-49.8 RBS

Morgan Stanley

-96.1

Standard Chartered PLC▲-68.392.3

HSBC Holdings PLC

-Gruppo Banca Leonardo

▼ Nomura▼

-10.7

25.0

21*189.2

Europe Rankings

Rank Value1/1/2008 - 6/30/2008

% Chg. in Rank Value

▼

15,980.7

225,787.0

US$m▼

16-64.5190.5

1

▼▼-37.2

-35.1

1/1/2009 - 6/30/2009

RankRankRank Value Rank ValueNo.

DealsMkt.

43

Credit SuisseJP Morgan

830,745.3

6

Any Italian Involvement Announced (AD36)

17Financial Advisor US$mShareMediobanca ▼

6,362.313

US$m1 1Mediobanca-57.4 19,152.161.3218,198.6 ▲18,481.775.51310,369.4

16,668.4

18,446.4JP MorganGoldman Sachs & Co

Citi


SantanderLazardDeutsche Bank AG

BNP Paribas SAMorgan Stanley

55.4Credit Suisse

3

-

22,884.410,725.4

7

33

5


14,984.0

12

2

13.6

45.8

8.6

17

49.8

30,073.1 -

---

90.427,170.12,902.9 -

70,842.6

Nomura

Jones Lang LaSalle Inc 12Standard Chartered PLC 22

189.2197.0 0.7

2

HSBC Holdings PLC

15

2.31.8

183.7

Gruppo Banca Leonardo

5.0Calyon

18.3

59.2

12,339.0

86.8

6

▼

▼ 2,320.0-79.8

- - UBS1,405.0-

▼

161,298.9

1,602.5

15,469.915,401.9

5,505.7

78

14,629.713,777.3

9

6

4

189.2

446.5 180.9

2021*

19197.0239.3

2

1,119.1

2,043.6

55.14.7

-90.9 ▼

1415

Rothschild

446.5

679.9

19*21

19*538.1538.1

1.81,698.7

25

23*Moseley Securities Corporation 23*

65.5189.2

Houlihan Lokey Howard & Zukin 0.2

0.60.6

1.5

11

2-

17,552.2

Societe Generale

12

▲1,122.6

9 ▼-80.3

33*

14

22

Rank Val RankNo.


Lazard

Deals

1/1/2009 - 6/30/2009

Share Rank Val

--

10

-39.22

611

2 1,126.9

17

3

4 14,032.1

11 -

64,348.9

-

86

-

279.8

288,171.2

-625.7

-57.8

Moseley Securities Corporation

▼▼ 26,020.9

--


87.0

-

▼


Covington AssociatesCORPIN Partners

15

▼

-94.5▼

-94.0

24

-

23

2524.8--

-27,689.0Industry Total

0.10.1

6.0

9

76

1-

-67.6305


-

--

1 -

100.0

3,356.0 123,755.2

85

49.6

109

5

51.2▼

-11.2-23.4

3 17,347.044

11 12,292.519,568.2

BNP Paribas SA7

11 ▲19.048.7

11

16.613.6

Intesa SanPaolo

51.4

60.5 543,289.7

20 of 36

-11,911.2 -

6,537.8100.0

-

-18.414

▲

25 3,376.2382.4

1,646.1


▼▲

▼▼

54.3

-94.2-86.9

▼▼▼

5Morgan Stanley12,596.4

ShareUS$mRank Value

▼

▼▼

-91.1-75.1-72.8-74.8

▼

▼▼▲▼Lazard

21

-

68

--10.0

824.111

3▲

-91.4

▼▲▼▼

-93.6843.0

5

8,820.3

-40.8

7

7 212.9133.7

367.7

55*340.9

▼170.2

466.9 6 -89.23

39*

▲

▲602.0▲1,128.5

643.7

7,683.5177

9,643.4

32535.12,406.6

▲▲ Nordea

UBS

- 311.4

331.9

21▼

--

342.9--

-79.72311.3

- 100.0 908

Subtotal with Financial Advisor4,931.8

Industry TotalSubtotal without Financial Advisor

13,691.3Subtotal without Financial Advisor

-54,396.228,758.3

64

-

98.8

4.5

2

162

8

59126.2

86.3

6.9

% Chg. in Rank Rank Val

7

US$m

9,397.1 ▼

4

-51.2 ▼

-83.8-84.7

▲▲

▼

▼

▼▼

▼

Rank Val

-

* tie

-89.5

--

--

--

-

75,659.9

612.9

14,120.1

-

7,138.3

47,858.4

938.6

FIH Partners AS

-71.2

▼--

-1,692.3

19

2521 PricewaterhouseCoopers

▼

Pohjola Bank PLC

▼-83.8-87.5 Carnegie

ABG Sundal Collier

Industry Total

33

258.9 0.9

469.3

331.9

400.3398.31,152.0 43.1▼

▼

11,953.8 -58.7--62.663,706.2

1,920.2300.8

-89.9-

* tie


Barclays Capital

-

SEB EnskildaSwedbank

UBSDeutsche Bank AGJP Morgan

ING

KPMG

Bank of America Merrill LynchGoldman Sachs & Co

RothschildRBS

NIBC NV


Financial Advisor

Europe Rankings

Mkt.Mkt.Rank

1/1/2008 - 6/30/2008

Morgan StanleySequoia

Financial AdvisorRank Value

DealsUS$m16,186.0

No.

41Rank

56.3

2,935.46,555.7

62.7 ▲64.4 ▲

-77.3

3,502.3-67.93,020.8

-5*

237.9

5*2

37.917,814.3

3

5*

10,891.910,891.9

82,723.0

10,891.9

64.9

12,164.6 7.59

9.5

101,415.8

5914.4

1,412.9923.9 3.2

131211

11

1.5

4

3

12

2.37

122.3

33.2

41271,010.03511

8

2.72.5

24 1.12322 1.2

1.2

417.4 19

382.8398.3 20 1.4

--

6,198.9

2

16

1817

1.8650.0

311.7PricewaterhouseCoopers

524.5Standard Bank Group Ltd

FIH Partners AS

Golden Prospect PLCPohjola Bank PLCPerella Weinberg Partners LP

Citi

25- 82.9

765143

- 17.2

-28.394.5

74

59

2,068.9

342.6

Carnegie23,826.5

-62.013.0

-1,780.1 540

1265

87.02.2

666

Nordea 666.4

779.6

Any Nordic Involvement Announced (AD37)

-

% Chg. in

1514

724.2Arctic Securities ASA

▼ Arctic Securities ASA34.9 18,046.0 1 -92.2

10

505.1

16,011.46,985.9

13,068.1

-60.8 63

10

-

40362.4623.8

7,264.8

-

38.4

11

4 165.738.337.9

5

5

41.1

1/1/2009 - 6/30/2009

Share

2

4

11,820.1

11,000.311,028.5

-89.2

--87.5

4

33

50

17,310.7

1/1/2008 - 6/30/2008Rank Value

US$m9,843.4 6

Rank

▲

- Citi996.9▼ Swedbank

▲

13 -46.810,294.9

4,420.03

2,238.5


-1.718Goldman Sachs & Co 1,560.0

SEB Enskilda

Deutsche Bank AG 2,351.52,338.92,201.5

12*

23

12*12*

20

16*16*

19

21

938.6

24

6.8

6.96.8

6.6

2.92.93.4

22

1,572.6

76.4

8

2

12

4,667.3521.5

406.7

2

1

1

No.

7.3

17.217.1

7.3

10

38.6

322.1

616.1

▼25.6

1/1/2009 - 6/30/2009

Any Nordic Involvement Completed (AF44)

2

34

-72.2

Rank ValueDeals

9

6.96.9

8.6

95.318 2

938.6

JP MorganCredit Suisse 900.3Evli Bank Plc 931.7

720.3

931.7Catella AB

Atrium Partners

12*

56

993.7

81,175.4 7

950.7938.6

1,174.0

11

12

10

34

9

Commerzbank AG

Lenner & Partners

Danske MarketsKPMG

2

21 of 36

9

-28.63,253.3

42.930,006.9

5553.6 41

-93.0-94.2

--87.6

486.3-52.955.0

-87.7

▼

▼

▼-

▼

1 14

1/1/2008 - 6/30/2008

223.9RankShare Rank Val

BNP Paribas SA

Any Benelux Involvement Completed (AF47)

Mkt. % Chg. in

▼▼

-▲838.4 551

15* -470.72.7 146.9

4,146.6

3,180.1

13,364.5

3,397.210 10.4

3,174.22,332.0

11 10.47.612

18,564.018,564.0 26,011.04

60.65* 4

▼▲

Morgan Stanley 60.663.1

565.78

5* ▼

▲▲17,079.5JP Morgan

RankFinancial Advisor US$m

Europe Rankings

% Chg. in

6.1

Financial Advisor US$m

1/1/2009 - 6/30/2009

Rank Share


US$mNo.

1,029.1

Nomura

Goldman Sachs & Co

18

ING

15*

239.3

Commerzbank AG

3.41445 29,059.811

13 5.6

-

* tie

18,803.37 10

HSBC Holdings PLC

Standard Chartered PLC 2.7

1,699.9

838.4

100.0--58.3 114,747.3

- 86.826,575.0Subtotal with Financial Advisor

- -

90.916

-73.354,285.0 30,634.8Industry Total-


465607 ▼Subtotal without Financial Advisor

838.4

-70.3-56.8

100.0

-99.3-92.2-

14239.3

-88.2-

RBC Capital Markets

▼-

20.8 1 3,050.7

33,953.821*

▼

▼▼

1

-99.2

-66.2

166.5 ▲8

▼

13,254.5

177.5

-76.9

-91.4

-96.7-

1,264.8

-

24*24*

1Standard Chartered PLC 838.4 1Fortis Bank Nederland NV

Nomura

Jefferies & Co Inc 1,220.2

1,002.6Credit Suisse 1,133.1

1,773.8Metzler Corporate Finance3

2.123 1.9

2

1

3

Rank Value

2.32221

US$mRank Value

1 -8

-14,793.0

-6

3,189.42

125,958.53

-

▲6.511.1 22▼

13-86.2

78 3

9,351.343.622

▲▲

13.5

No.1/1/2009 - 6/30/2009

1,860.0

2

Any Benelux Involvement Announced (AD40)

-

-82.7174,733.7

20 3.3

14.5

66,906.3

1/1/2008 - 6/30/2008

-▲

--

▼

▲-

▼-

1,704.5 9.1

-9.6--

26 Intesa SanPaolo21*

Banque Degroof 2021*

Deutsche Bank AG

19254.4

239.3

40.81.9

241.3 21

0.8

RBC Capital Markets▼▼

▲

CitiBank of America Merrill Lynch▲

RBSCalyon

▲

▼

1,241.22,727.0

15*PricewaterhouseCoopers

838.4Jefferies & Co Inc585.6

1

0.80.8

-32.5-78.5

1,238.8

30

3125

-79.5

2.7

▼

-1 -▼--

410.0 46

-

63

23

-41.1

-74.1-

451.1

24,658.7 ▼

12,005.9327138

0.4 1102,741.4

24 0.6196.2▲ UniCredit Group 25136.2

92.1535.2132.0

▼

-1.5 54

-1.5

Subtotal with Financial Advisor13.34,059.8 -▼14,510.6

179 115,687.349,969.2 -

Industry Total ▼Subtotal without Financial Advisor 4,315.8 - -8.0

130,197.8 -428

39,605.91,349.6

1 -3

19 3.41817 3.6

3.6

Morgan StanleyBNP Paribas SA

1,962.41,936.4

Societe GeneraleHSBC Holdings PLC

2,345.82,220.7 16

20.110

1514 5.0

4.1

1120.3

4.3Sequoia 2,723.0

8.610.2

Petercam SA5,545.2

134,647.312UBS

15,024.116,061.9

Bank of America Merrill Lynch12,318.8

14,889.612,951.8

Deutsche Bank AGINGGoldman Sachs & Co

16,267.516,293.0Citi

Lazard

NIBC NV 10,891.9

RothschildRBS 11,639.8KPMG 11,020.7

-

-

Mediobanca

-3,972.1

1218

▲

-Credit Suisse

4

10,969.9

5

23

1340.5

64,737.4

10,172.8

13

27.4

21.422.7

48

15

23.96

6,454.59

3

8

5

76

430.0

27.7

Deals31.5

-74.9

-79.7

-77.8524.5

Societe Generale

Lazard▼UBSJP Morgan

▼▼▲

29.6

Rank Value

▼30.02

Mkt.Rank Val-76.0

Rank1 71,187.3

20

64,945.669,132.9

8

45

9

73,439.92,405.8

72,190.0203

2

71.0

Rank Value

19,330.1

221,738.320,122.0 3

4

21,831.6Deals

13,707.66

6

12

1942,681.512,474.3

71.3 6,740.7

* tie

-

2374-613-

408

74

5

▼

-76.5

22 of 36


13,345.2 Financials / Asset Management12,436.5 Energy & Power / Power

Financials / BanksEnergy & Power / Power

9,298.3

6/24/2009


Europe Analysis

Rank Value (US$m)

Materials / Metals & MiningRio Tinto PLC-WA Iron Ore Asts (100%)6/5/2009

Target Macro / Mid IndustryAcquiror Acquiror / Target NationDate Effective Target (% Sought/Acquired)Rank Date

Anglo American PLC (100%)

Addax Petroleum Corp (100%)

Nuon NV (49%)RBS

Lloyds Banking Group PLC (12%)

Essent NV (100%)Barclays Global Investors Ltd (100%)Endesa SA (25.01%)RBS (25%)

6/24/2009 Intended2/26/2009 Pending

3/7/2009

6/25/20096/11/2009

2/23/2009 Pending1/12/2009 Pending

2/26/2009 Pending2/20/2009

42,504.4

Pending

Xstrata PLCMaterials / Metals & Mining58,000.0BHP Billiton-WA Iron Ore Asts Australia / AustraliaPending

Pending

Enel SpAHM Treasury

Top Ten European Involvement Announced Deals

United Kingdom / United Kingdom 18,596.5

BlackRock Inc United States / United States

10,891.8Germany / Netherlands

China / Switzerland 8,931.4 Energy & Power / Oil & Gas

Sweden / NetherlandsUnited Kingdom / United Kingdom

Sinopec IntlHM TreasuryVattenfall ABRWE AG

Financials / BanksItaly / Spain 13,470.0

Intended

Energy & Power / Power

HM Treasury United Kingdom / United Kingdom 22,315.8 Financials / BanksSwitzerland / United Kingdom

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

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Goldman Sachs & Co Lazard Deutsche Bank AG UBS Citi Morgan Stanley JP Morgan Credit Suisse Gresham Partners Bank of America MerrillLynch

% V

olum

e C

ompo

sitio

n

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

23 of 36

▲- -

▼2 -31.8

114.7

Although Asian M&A in the first half fell by 48.2% toUS$142.9 billion from an all time first half volume high in2008, quarter-on-quarter activity grew by 83.1%, intandem with the slight upswing of Asian stock markets.

The Telecommunications industry recorded the most activitywith 115 deals worth US$30 billion. The sector was aided inpart by the US$20.2 billion announced deal between BhartiAirtel and MTN Group.

Australian M&A increased by 34.2% from the first half of2008, largely due to the announcement of a US$58billion joint venture partnership between Rio Tinto andBHP Billiton.

Asia Pacific (ex-Japan) Deals Intelligence

▼12

29.4 2 9.0 1234.9 1 10.6

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

Financial AdvisorMorgan Stanley

Fees83.046.4

RothschildLazard

UBS

US$m Rank

Goldman Sachs & Co

Source: Thomson Reuters/Freeman & Co. Source: Thomson Reuters/Freeman & Co.

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

Financial AdvisorUBSGoldman Sachs & CoDeutsche Bank AG

CitiNomura

Deutsche Bank AGCredit SuisseRothschildJP Morgan

▼

34.3Standard Chartered PLCIndustry Total

5 30.4 62 4

-77.6 ▼▼-82.2

12 -45.02.2 4 8.4 15 -14.3

5 2.67.3 6 2.2

1 -▼-

1 -76.64 4.2 13 59.111 22.6 7 1.3

Deals US$m Rank

1/1/2009 - 6/30/2009

5 -9.3

Imputed Fees % Change inFeesUS$m Rank Share

No. Imputed FeesMkt.Imputed Fees

Telecommunications Sector Most Active I Rio Tinto - BHP Billiton Joint Venture Partnership Drives Australian M&A

No. % Change in

51.2

1/1/2008 - 6/30/2008

4▲


Asia Pacific (ex-Japan) M&A

▼ 2.2 ▼5 13.1

32.43 7.0 ▲

63.73.4 272

7.2 7*15.1 17

▼▼

22.9

86.8

13.88.5

Macquarie GroupBMO Capital MarketsGresham Partners

-43.51,173.2 2,054


11

1 4.02 2.8

2.0713

8*55.7 5

1511

1513

39.6

82.3

28.5 4 2.428.3 5 2.4

1/1/2008 - 6/30/2008Mkt.

1/1/2009 - 6/30/2009

DealsUS$m Rank ShareImputed Fees

-44.1 ▼2 -60.0 ▼1

▼31.8 3 2.732.9

14 651.0-28.0-49.2

-62.6

-37.6

3 7.2 7*Citi-61.3

-69.2 ▼▼

▼ 328.5 804.9100.0-Industry Total

2.16.1 10

71.9-48.1 ▼

6.8 9Morgan Stanley

9 49.31.612-

.8- 100.0

10 18.92,077.6

1.7 1274

▼660 - -59.2

28.2 6 2.423.8

9.8

819.719.1

64.0

Asia (ex-Japan) Involvement Announced M&Aby Target Industry

$0 $10 $20 $30 $40 $50 $60 $70

Telecommunications

Energy and Power

Financials

Materials

Industrials

Consumer Staples

Rank Value (US$b)

January 1, 2009 - June 30, 2009

January 1, 2008 - June 30, 2008

Any Australian Involvement Announced M&A

$0

$25

$50

$75

$100

$125

$150

$175

$200

$225

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Ran

k Va

lue

(US$

b)

0

200

400

600

800

1,000

# of

Dea

ls

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

# of Q2 Deals

24 of 36

-

214

-

2.5

38,333.6

86

1123,265.4

--90.3-75.2

1,293.9

-51.8

104.0-86.0

-138.9

360.2-

-4.0-68.5-57.2

▼▲-▼

-55.2▼

-▼▼

-89.0

▼▼▲▼

308.8-▲-▼

-▲▼-

▼▲

-65.5-53.8-40.1 ▼

▼

10

28,528.8

12,809.2

▼▼▼

-48.7

52

1/1/2008 - 6/30/20081/1/2009 - 6/30/2009% Chg. in % Chg. in Rank Value

165

1614

-88.4

2

-80.35

3

23.37

3

-5.4-59.9 ▼

▼-13.927

84

4

4

8 4,416.7 23

5.8 52,325.9

4.2639,494.0

52,434.5

8.5 1416 24,066.117

25.81

7,582.8

222,258.2

1,835.8132,068.5 2.812

▲Samsung Securities

2,725.4-37.1

3,950.0

Deutsche Bank AG 3,653.6

JP MorganRothschild

22,816.630,960.8

42,008.8

-41.318.5

51,663.8

4,958.9

4,677.8

3,081.3

Ernst & Young LLPCiti 3.14

-74.8

--21.8-29.628

16

2.1

13

1,936.0-

22

28

RankUS$m

▼

▼▲▼▼

27

58.93,196.6

24

3

-

5

2

7,145.5 17

10

20

3,255.532,011.9

48

9

7.16.3

715.310.1 28

7.6

6.1

Rank Value

45

14,357.8

Share Deals

21,924.6 3

12

US$m18.817.0

Mkt. Mkt. No.Rank ValueNo. Rank Value

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

-83.3

1.3

2.0

2.7

222.0

2.118

1.31.71.8

Financial Advisor Rank

1/1/2009 - 6/30/2009

Financial AdvisorRank US$m Share Rank ValDeutsche Bank AG

Standard Chartered PLCBank of America Merrill Lynch

26,929.724,260.8

6

10

-30,287.3141,594.8171,882.1

--

1,745-67.6 Subtotal with Financial Advisor

3,46832.4 Subtotal without Financial Advisor507 -53.7

67,260.244,553.2208,695.5 ▼


30960.5142,911.9 ▼- 100.0 Industry Total3,975 73,623.9 2,054

33 ▲-55.54,280.2

2,247.525 ▼

2.82.7

4.0

11

13

15 3.3

5.4

3.7

5,995.25,769.1

8,742.0

7

127,777.6

8,931.4

8,328.1

89

12,108.8Goldman Sachs & Co

16RBS

144,687.95,235.3

3,965.2

UBS

HSBC Holdings PLC

JP MorganCiti

BNP Paribas SA

Morgan Stanley

China International Capital Co

Credit Suisse

RBC Capital Markets10,106.410,876.7

Nomura

ING3,024.4

202,802.4

3,830.73,852.8First Shanghai Capital Ltd

Industrial & Comm Bank China

-

180.4

2,867.3

2,564.1

96,628.8

25-

4,380.1

145*

21

19JM Financial Group

Lazard

Ernst & Young LLP17

▼

46,283.1

275,955.7 -48.2

-31.2

▼

Subtotal without Financial AdvisorWoori Invest & Sec Co LtdSomerley Ltd

* tie

-Subtotal with Financial AdvisorIndustry Total

965.53▼-

CITIC

1,837.4241,904.4

Kotak Mahindra Bank Ltd 232,373.1

131.7

2,143.9

39.5

1.92.0

1.3

2.5

1

72

1222

12

21

977.8

1,509.91,475.1

25

21

1,386.0 24-

2.1

56

14,284.2

30-8--

442.8

5

-92.0 RBS5.6

90.3 Cowen & Co

3

-1

2

2.218*

1.9

1,599.4

Fortman Cline Capital Markets

15* 12.5

3,657.1 4

2,356.6

8

15

Woori Invest & Sec Co Ltd

Nomura 4,116.8

7,673.3Credit Suisse 8,541.3

65,293.18,635.4

22 11,034.7115 Morgan Stanley23 11,420.6

Goldman Sachs & Co

1313.411.6

5

3

10.4 11

5.4

5.0

25.0

6.6

4

4,870.3 6

-

26

14

1

36-

2,387.313

1,530.6

7 29,402.05

911

105.67

18,481.2

211.921,528.015.02 1115,881.4

-60.9

US$mDeals

▼

Rank

Asia (ex-Japan) Rankings

31 14

▲

9,828.4

1

UBS

-28.115.5 6

20

95

1,574.7 18*China International Capital Co

1,810.0

1,574.717▲

Korea Investment Holdings Co-5.5

6,403.7

-9.52,035.7

ING

2322

BNP Paribas SA

Standard Chartered PLC 1,405.162301.21

▲

100.0

Caliburn Partnership Pty Ltd

29,070.7

▼

▼

▼

▼

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

Lazard

Rank Val

704.5-62.8

-84.19

14

10

-

4

3.2


3,134.43

1,810.0

-

* tie

5,859.4

1/1/2008 - 6/30/2008

34,517.8

▲▼

▼-75.9-54.8

▼

▲

▲2.12.120

▼

1,514.3First Capital Securities

15*Gryphon Partners

Lexicon Partners

25 of 36

-47.6

▲


1,73866.7

-50.0

72*

18*7*2*

11Optima Capital Ltd

20

6* 0.6-57.1450.0

% Chg. in

▼

▲

0.0

-39.10.4


▲▼▼-8.5

▼▼

▲

▲

▼▲

▲

-

72* 250.02

▼▼

▲

▼▼▲44.422*

-65.4-

600.0

5

102*

-45.0-54.2

9

-

410*

2

-51.9-26.3

751.90.70.8

425.9

10*

▼▼-6.3▼-26.3

No. Deals-21.4-57.5

1/1/2008 - 6/30/2008

Rank

▼

▼

▲▼

1-

-45.818.2

2428

82.37,673.3

7*24

26▼▼

▼

▼ 19

4,870.3

14

Rothschild 927

13

3

13

Morgan StanleyUBS

15

4*14

▼

11,420.60.7 9,828.44*

13 6*-23.1

▼

1/1/2008 - 6/30/2008

200.0

11*

Deals

-48.1

1/1/2009 - 6/30/2009Mkt. Rank ValueNo.

0.40.4

12,108.8

17*

17*

1,904.4870.0

0.2

12*

9

15 0.3

0.4

3414,357.8DealsUS$mShare

0.50.5

24,260.8

8,328.1345.2

5*

9

105*228

34

30

938.1

11*

1

28

8,742.0

2,564.18

16* 0.30.4

11,034.70.50.5

888.3

11*14 0.4

1.1

1011*

2,258.2

6*6*

578.20.6

0.5

3,653.6

0.60.7

8,541.30.6

DealsNo.

2,068.5

522.9

40 12*28

21*

85.0

19

▼

0.3

0.6

15

7

▲0.30.3

▲

DBS Group Holdings

Nomura▼▲

▲

7 16*

Industry Total -

-7.8

-0.5-38.6

3,48787.3

100.03,975507 - 82612.8 96,628.8

142,911.9Industry Total -

31*

3,468 - -

Rothschild


▼

0.6

37

Rank% Chg. in

Rank

14*16

22

1920

Optima Capital Ltd

Credit Suisse 10*1616 10*UBS

Nomura

Somerley Ltd

17

29Bank of America Merrill Lynch26

0.5 12Guangdong Securities 18

▼

No. Deals-17.6 Ernst & Young LLP

CIMB Group Sdn Bhd1*

DealsFinancial AdvisorNo.


CIMB Group Sdn Bhd28

Financial Advisor

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

Morgan Stanley 0.7

9

Goldman Sachs & Co

Based on Number of Deals

14

Rank

GF Securities

Deutsche Bank AGErnst & Young LLP 27

14

28

8

65

23

12*

7

1*3

22468.8

5,235.328

9

Anglo Chinese Corp FinanceGCA Savvian Group Corp

38*0.2

BNP Paribas SAJP Morgan

0.2 222.1▼11*17*

0.28

98 24*

24*

0.2

17*

9

Citi 14

17*CITIC

12*11

9

9

Veda Capital Ltd10

Taifook Securities Group Ltd

Guotai Junan Securities

KPMG

Haitong Securities

0.216

9 0.20.2

0.3

9 17*17*

0.2

* tie

4

54956.10.70.7 3,965.20.6 3326,929.7

20

240

10,106.4306.6

2116

3*

14*

7▼

-27.0

-24.1

5*1

-30.3▼

Rank Value

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

Mkt.

21

3126

314

138*

10

BMR Advisors

67

Guodu Securities Co Ltd

JP Morgan

AmInvestment Bank Group

119

78

44*65*

18*

▲-71.0125.0

24*

0.30.3

Asia (ex-Japan) Rankings


50.20.3

288.119

105*

77*21*6

0.3621*

816*

50*

--Subtotal with Financial Advisor-

15.0 50729,070.7-

5

16*

13

11*11

616.77

112.1

4,313

146.21,447.0

198.3132.9

0.224*

44,553.2-

45.0 1920.1

31,514.3

10*

14

2,24573,623.9

-68.4

4,116.8741.7 27* -12.5

-58.817 13

580.1

8

500.0

-12.5

102*17 -57.127*

▲▼

0.4

0.4

10,876.70.4 7,777.6

23*

31.9M&A International

Goldman Sachs & Co

1,574.716*

11

▼

▲

Deutsche Bank AG

1/1/2009 - 6/30/2009

Share US$m

Credit SuisseCiti

212

No.

2217

1

▼

▼

Somerley Ltd

Bank of America Merrill LynchK&N Kenanga Holdings Berhad

Subtotal without Financial Advisor▼▲

* tie

1,745

-

-58.8

800.0

-67.9-63.6

350.050.0

900.0

-11.1

138*

600.0

2,054309

- ▼

China International Capital Co

▲

▼ KPMGChina Galaxy Securities Co

6.3-46.7-42.9

-52.5▼

50.0

▼

5

100.0

ING

PricewaterhouseCoopers

Access Capital Ltd 8 24* 0.2 227.3 22 18* -63.6BMR Advisors 8 24* 0.2 833.9 4 65* 100.0

26 of 36

-

96

-2 -

Grant Samuel▲

Ernst & Young LLP-

% Chg. in

▲2,715.2


-63.1

7.4

-81.3

1/1/2008 - 6/30/2008

RankUS$m

▼


100.0 -67.7-

-54.3-70.0

-

-

-

▼

▼

▼-

-▼

--

-

-

25.5-69.0

-▼

▼

▼▲

-84.2

-90.8

▼▼

-50.0

▼▼

5,118.212 14,050.27,030.1

35.326,423.7 12▼

Australia Rankings

No.

38.6Financial Advisor

Mkt.

UBS

1112

812.8

1716

13

769.8809.0

589.9

4.41415 4.2

4

1113

10.8

3,936.4

US$m

16

-83.3

1

12,393.49,554.0

8,413.618612 -50.6

▼▼

Rank Value No.1/1/2009 - 6/30/2009

70,427.3 1US$m Deals

1

67.1

1

5

Share

1

211

320.019* 1.8

2,098.3 17

513.1

-

--95.7

320.0

-

-

1

▲

-90.1-

-77.8RBS

-249.7354.2

-43.7-74.2 ▼

▲

▲

-29.2

▲Helfen Corporate Advisory Pty-

292.5

▲

1,207.6

-

52.8

20 47.4 Moelis & Co280.1

- 34.2


-▼

--

-51.0--

Lexicon Partners▼

-

-56.6

-

-

-230.3

25

-

-73.1

31 250.9

--

- -

Global Leisure Partners LLP

Mizuho Financial GroupCiti

-

Rank ValDealsRank

- -

102

16

24

5195

1/1/2009 - 6/30/2009

ShareFinancial Advisor

443.4387.03

67

65.6

Any Australian Involvement Completed (AF31)

4Goldman Sachs & Co

12,152.1

2,501.7

65.9

21

1,321.88,053.9

18

11,092.3

1,151.2

5

Mkt.

▲▲

US$mRank Value

1▲

22.617

17

▲

5,014.6

704.7▼▲

▲88.2

462.7

-

-

--

-

1,631.8

1,631.816*1,631.8

16*

16*

16*1,631.8

16*

69,870.5

1,666.0

1,959.2 131415

1,772.8

7,437.47,407.06,864.1UBS

JP Morgan

1278.4

Any Australian Involvement Announced (AD24)

1/1/2008 - 6/30/2008

Rank Rank Rank ValGoldman Sachs & Co

Rank Value

32

4

7.68

8.37

58.3

11.0

5.95.1

97.6

1.8

1,962.0

5,277.1

121110

4,532.4

2.0

2.22.2

25,478.4

1.8

284.9

1,564.9

1,631.8

221.7

1.81.8

513.1

846.126,462.3

Lazard

▼-50.9▼ BMO Capital Markets-80.1

3,786.610

4 868.4Azure Capital Pty Ltd-48.2 ▼Gresham Partners9,230.4

114 4

Nomura16 21.2▼-82.4 Morgan Stanley

1.9 - -7

1-

LazardMorgan StanleyGresham PartnersMacquarie GroupGrant Samuel


59,180.560,280.4

6,808.8

58,879.5

RothschildCaliburn Partnership Pty Ltd

89,795.2

-

11,109.7

-

▲

Deloitte & ToucheTricom Equities Ltd

6 1,380.4

0.3

0.7

1879

-

6

93.8

1.81

* tie

-

997

Deutsche Bank AGGryphon Partners

RBS


Industry Total

HSBC Holdings PLC


Genuity Capital Markets

7

7

0.6

8

1,107.3

465.0-

1,463.1

65

11.4

8.6

2,962.92,071.01,962.0

47.6

1,570.01,381.2

1,101.5

Gryphon PartnersCaliburn Partnership Pty Ltd

JP Morgan5

87

6.196.0

6.6 4

1,090.04

1,022.810 1

-

BNP Paribas SABBVA

BMO Capital Markets

Mizuho Financial GroupGolden Prospect PLCStandard Bank Group Ltd

-

-

100.055,534.866,903.0

599.421

224

-281.6

6.2118

5,576.1 3,754.4- 51.7

- ▼79.4

564 8,207.248,206.256,413.4

11,368.3

Citi

Santander

Ernst & Young LLP

84,219.1

0.6

11

-

29

26

3

9

-

21

-

35

-

2

753.0

8

1,949.9

3,973.6

2,144.74,265.1

-

40*191.25

Rank Value % Chg. in

2.4

19*

18

416.33

--

4,886.51,598.0

1

5

-

-

10,037.8

543.6

Deutsche Bank AGMacquarie Group

Rothschild

* tie


430.3

-

120.9 23

25110.5120.6

207.5

24

-

21

4

22

121 1.5

8,848.3

-

1.1

1.8

4.85.6 2

3.2

4.5

2

9

16

0.70.7 1

20.6

18,206.0▲▲ Industry Total 660

14,451.6

27 of 36

- ▼▼

-66.7

100.0300.0-33.3-82.4

-66.7

-33.3

11*-

▲▲

▼

33.3

▲

Ernst & Young LLP

▼

▼-

Rothschild

1,101.5 3

6

1,962.01

RBS

▼▼

-70.064.1120.9

▲7

1.41.4

120.0

-40.0

-25.0-55.6

▼▼

2,962.96,423.77,030.1

Deloitte & Touche

▲

▼▼▲

430.3

0.6

Lazard 11*11*

4Gryphon Partners 4

CitiCaliburn Partnership Pty Ltd

1311*

7*

11*39*30*

1022*

8

6

16*6

30 1

95

3

Rank

33.3

-53.6

-

4

▲▼

22*-

200.0

- -

39*

-37.5 ▼▼-42.9

0.05 -30.8

▼

No. Deals% Chg. in

1/1/2008 - 6/30/2008No.

DealsShareRank Value

Deutsche Bank AG 4KPMG 5*

5*9

▼

0.5

15.1

13*

7*

0.5

110.5

▲▲

-55.6

0.0-14.3

-16.725.0

0.0

85.5

-

▼▼

13

60,280.4

0.3

4

267.2

1,962.01,959.2

1/1/2008 - 6/30/2008

92

5

No. Deals

7*7*

0.6

0.6

0.70.7

0.513*

0.7

16*

0.416*

0.40.4

16*

10*0.6

7,437.4599.4Ernst & Young LLP

5

610*6

6 10*13*

7

29*

67

6 13*15*5

71,570.00.6

17

2

1

8

31,022.8

18*

Morgan StanleyFerghana Partners Group

2Grant Samuel 2Bank of America Merrill Lynch

96Industry Total 18,206.0

* tie

-564

660 -

-

- - -26.8


902100.0Industry Total 997

0.0589.9 85

1,381.2-37.57*

5 16*

▼-65.4

7*40.0

-12.5

2

7,407.0

6,808.8 15*▼▲

6

714

▼

Rank

11

US$m2,071.0

1212

1.71.8

10.9

769.8-75.0

11*7*

86.9

15.1

207.5

22028

-6812.8-

▲ Macquarie Group 2.0

Goldman Sachs & Co▲▼ UBS 2* 1.8

1

4,532.4 42.99,870.52

10*7

5-43.3320.0

130

DealsFinancial Advisor

Any Australian Involvement Completed (AF31)

No.

15*

Rank

3

15*

5

4

▼-

▼

-

-

▼▲--

22 0.2

-

22*

-118879

22*22*19*

4

3

4

22

33

0.2

19*

55

4

Morgan Stanley

Gryphon Partners

RBC Capital Markets

Credit SuissePricewaterhouseCoopers

Citi

Lazard

JP Morgan

UBS

Gresham PartnersGrant Samuel

Financial Advisor

Subtotal without Financial AdvisorSubtotal with Financial Advisor

Golden Prospect PLC

Adelaide Equity Partners LtdFerghana Partners Group

50.0

14.6-21.0

Gresham PartnersLexicon Partners


Mkt.


--

-48.9-188

-33.3

-17.314,451.6

49.8 ▼

3

1,06384,219.189,795.2

5,576.1-

* tie

- - -Subtotal without Financial AdvisorSubtotal with Financial Advisor

▼

2

--

23*

---

284.986.9

- -

-

23.2

88.211.8

1,564.9

-

0.319* 31.0

25.7

33.9

Deals70,427.3

6,864.15

US$m

26

0.2

0.2

22*

0.3

1/1/2009 - 6/30/2009

DealsNo. Rank Value

38.9

59,180.5

1,772.8

58,879.5

5,277.1

Taylor Collison LtdNew Holland Capital Pty Ltd

% Chg. in

88

10*

12120.9

13*

10*7*

3

▼▼▼

-12.5

100.0

-14.3

3 16*

9

16*

8*8*

44

11*

11*

Deloitte & Touche 4*

3 1.0

0.90.94*


1.7

18

Australia Rankings

1/1/2009 - 6/30/2009Mkt.

Share

0.86

Rank1

No.

7

2.1

RBS

9

10KPMG

78

Rothschild

9Deutsche Bank AG

Caliburn Partnership Pty Ltd7

1721Goldman Sachs & Co

0.30.3

2

18*

3,754.4

Azure Capital Pty LtdJP Morgan

-20.00.3

18*

18*

18* 0.30.3

22

0.6

0.9

0.8

0.6

0.3

0.8

18*

188100.0 1,251

6

-76.9

-37.2-

29*

-

-20.3

▲▼

19*▲

▼

Any Australian Involvement Announced (AD24)

Macquarie Group

6

13

▲0.8

2*

RBC Capital Markets

8*455


11*

2

0.6

0.5

868.41,207.6

0.5

BMO Capital Markets 2 22* 0.2

28 of 36

-78.7 ▼

476.7


--

▼


-85.2 ▼-71.5


-72.7▼

-97.0-97.9

Industry Total

10.6

Any New Zealand Involvement Completed (AF46)

1/1/2009 - 6/30/2009

New Zealand Rankings

Any New Zealand Involvement Announced (AD39)

1/1/2008 - 6/30/2008

2,472.7--

▲

-

31.4

214.6

5

1/1/2008 - 6/30/2008% Chg. in

Rank

-22.2

20.4

48.8

Rank Value

770.1


52.6

Deloitte & Touche

89100.0-

* tie

PricewaterhouseCoopers10.6Cameron Partners Ltd

Rank US$mNo. Rank Value

US$m% Chg. in Rank Value Rank ValueMkt.

US$mNo.

2*4.5

Goldman Sachs & Co

Financial AdvisorKPMGDeutsche Bank AGMorgan Stanley

5 4.3

Mkt.

67.31*Rank Share Deals

8

6616.3

62.7

539.3

Rank Val

--

-

-770.1 -

---

11

-40.3▼▼

-97.9-98.0

-

--

914

4

4.64 ▼

▼

3 ▲343.5

0.99

8

1.81.18

72

1*

-15*0.0--

2-

12.7

▲1

6

3*18.83*18.8

2.7

19.2 23

214.6

▼

▼

▼▼

508.3 66- 80.8-121.0

629.3

48.8 7.8

--

121

4.6

1Share

86.0US$mRank

20.42*28.5

34* 3.3

28.5

4*

7

-7

-4.5

-43.3

26

1/1/2009 - 6/30/2009

669.112.0

31.7616.3531.2

3.3

Deloitte & Touche5 Goldman Sachs & Co

PricewaterhouseCoopers7 -98.0

KPMG

JP Morgan▼

Rank ValMorgan StanleyFinancial Advisor

-

343.5-

Macquarie GroupDeutsche Bank AG

3,816.625374.342

Cameron Partners Ltd

1

20.412.7

6.6-95.1

Subtotal without Financial Advisor 55.4Subtotal with Financial Advisor

--1,088.2 95.2

4.9

67.3

100.0

Deals

7

Industry Total 1,143.6 -

* tie

67 4,190.8

--

9

29 of 36

--▼-

-44.0 ▼-51.0

6.05

.0 2

10.6

8*3*5

10*50.0

-

No.1/1/2009 - 6/30/2009

.0

2

20.4

196

Rank ValueFinancial Advisor

▼

Mkt.

-


48.8


3*3

920

6*

-28.528.5

20.4

Rank

▼

-46.8

100.00.0 ▲

-65.0

-

66.73

RankDeals

-

▼▲

US$m

- ▼

Any New Zealand Involvement Announced (AD39)

4 0.0-40.0

-80.0

▲▼▲▲

-

448.8

6.0 12.78

2*1

1/1/2008 - 6/30/2008

-78.91

No. Deals

-

--33.3

4*

6*

4.5

1.5

4*6*

-3*

8*3.0 214.6

-

--

.03

-

▼

RBS


6*

2 KPMG 11.9RankDeals

* tie



Deloitte & Touche


Share

2*

▼-50.0-83.3

-66.7

▼

.0 6*

Deutsche Bank AG

Goldman Sachs & CoFirst NZ Capital 1Morgan Stanley

Macquarie Group

Deloitte & Touche10.6

Share


▼Subtotal with Financial AdvisorSubtotal without Financial Advisor

-67 -1,143.6100.0

62.7

Industry Total

-

-

-

-6*

33.3

-

126

214.6

New Zealand Rankings

Financial Advisor

▼5137.3 1,088.2-61.0▼-42.6

25.8

34*36*1

-55.4 75

14.5

31.43.0

770.15

1

770.1.0

1.5

1.51 8*1.5

1.5

22

11

Macquarie Group

4

3

-25-42-

▲

No. % Chg. in

6*

▼No. Deals-22.2

20.45.6

33.4

7.9

-50.03.4

Mkt.


% Chg. in 1/1/2008 - 6/30/2008

3

Subtotal with Financial AdvisorIndustry Total

59▼-48.989 -

23 ▼-

Rothschild

6

7.9

4*

1*1*

-

6.0-

1.1

1.11.11.11.1

1 6*1

No.

6*

1

Rank Value

1

1/1/2009 - 6/30/2009

Deals RankNo.

US$m

12.7

Deals

RBS

KPMG

5PricewaterhouseCoopers

77

6*

9*

66 - 74.2

Morgan StanleyFirst NZ Capital

Deutsche Bank AG

1JP Morgan

174121.0

115

8*8*8*

2

629.3

508.3

100.0-

Goldman Sachs & Co

Any New Zealand Involvement Completed (AF46)

-

* tie

-3*

3

30 of 36

South Africa / India

11,387.5

1,800.0

2,278.92,094.1

2,456.2

3,300.0China / Kazakhstan8,775.1

GCL-Poly Energy Holdings Ltd 2,919.1Hong Kong / China High Technology / Semiconductors

Energy & Power / Oil & Gas8,931.4

Energy & Power / Oil & Gas

Telecom / WirelessIndia / South AfricaAcquiror / Target Nation Target Macro / Mid Industry


Financials / BanksFinancials / Banks

Asia (ex-Japan) Analysis

Telecom / Wireless

Telecom / Wireless

Rank Value (US$m)

United States / South Korea1,810.0

Pending Addax Petroleum Corp (100%)

KT Corp South Korea / South Korea

Rank Date Date Effective Target (% Sought/Acquired)

MTN Group Ltd

MTN Group Ltd (36%)Pending5/25/20096/24/2009

Shenzhen Dvlp Bank Co Ltd (16.8%)Kazakhstan / Kazakhstan

Australia / AustraliaVodafone Group-Au Telecom Bus

BTA Bank JSC (78.14%) Samruk-Kazyna FondPing An Ins(Grp)Co of China China / China

2/3/2009

5/7/2009 PendingKTF Co Ltd (45.75%)1/20/2009 1/0/1900Oriental Brewery Co Ltd (100%)

1/0/1900Pending

OAO MangistauMunaiGaz (100%)4/24/2009 PendingGCL Solar Energy Tech Hldg Inc (100%)Hutchison Au-Telecommun Bus (100%)

6/23/2009 Pending2/9/2009 1/0/1900

5/25/2009 Pending

6/12/2009

Kohlberg Kravis Roberts & Co

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

Telecommunications / Wireless

Bharti Airtel LtdSinopec Intl China / Switzerland

Investor Group

Acquiror

Consumer Staples / Food & Beverage

Bharti Airtel Ltd (25%)

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

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Deutsche Bank AG Bank of America MerrillLynch

Standard CharteredPLC

Morgan Stanley Goldman Sachs & Co Credit Suisse Nomura RBC Capital Markets JP Morgan Citi

% V

olum

e C

ompo

sitio

n

Consumer Products and Services Consumer Staples Energy and Power Financials Government and AgenciesHealthcare High Technology Industrials Materials Media and EntertainmentReal Estate Retail Telecommunications

31 of 36

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

Japanese acquirors in the Consumer Staples sector madestrategic investments outside of Japan, most notably inAustralia, Philippines and China.

Japan Deals Intelligence

Japanese M&A activity for the first half of 2009 decreasedby 35.6% compared to the same period last year with1,435 deals worth US$44.9 billion, the lowest first halfvolume since 2003.

-

▼▲▼▼

▲▼

▼▲

1

Consumer StaplesDeutsche Bank AGCaliburn Partnership Pty LtdJP Morgan

1,185.7

3,474.6 1* 1 49.4

Real EstateMorgan Stanley 19.2


Industry Total 100.0Bank of America Merrill Lynch1,185.7 1*1,185.7 1* 1 ▼

1 19.2999 1,094.6 -49.319.2

Blackstone Group LP

49.43,474.6 1*6,171.4

49.481

1

211*▼▼

6 2

7 65.6 2 -76.77*

1

2 41.4

88 7,037.2 3,035.4

19.7

13,964.2

3

3,474.6 1*CitiMorgan Stanley

5,787.2 1 42.9

2.1 6 28.7

-38.11

% Change in

8 38.4

Deals US$m Rank Fees44

8 11.7

2.815.3 7* 2.8

-48.7

13.69-23.1

34.5

10

Deutsche Bank AG 18.1

23.8 4.3

Bank of America Merrill Lynch 11.7

Mitsubishi UFJ Financial GroupJP Morgan

8 -31.0

167

11 -59.2

70.4

33 39.9 654 33.2

3

Financials

Japanese Involvement Completed M&A (AF23) - Imputed FeesJapanese Involvement Announced M&A - Top Advisors by Target Industry

Financial AdvisorRank Val US$m

Mkt.No. Deals

129 Imputed FeesNo.Imputed Fees

ShareMkt.

4

US$m7.8

5.537.7 2 6.830.7

Rank1Citi 43.65,987.0

21.7 6 Mizuho Financial GroupNomura

Daiwa Securities SMBCGoldman Sachs & CoNomura

5 3.5


2754.7

GCA Savvian Group Corp 13.2 2.415.3

8.2

3 -74.6

9 12.2

60.2

21

555.4 -

3.36

14*


Japan M&AJapanese M&A Activity Down 36% | Japanese buyers shop in ASPAC | Outbound M&A Activity Drops 60%

Share1/1/2009 - 6/30/2009

Rank1/1/2008 - 6/30/2008

Japanese Cross Border Volume

$0

$5

$10

$15

$20

$25

$30

$35

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

Ran

k Va

lue

(US$

b)

0

20

40

60

80

100

120

140

160

180

200

# of

Dea

ls

Inbound (US$b) Outbound (US$b) Number of Cross Border Deals

Any Japanese Involvement Announced M&A

$0

$25

$50

$75

$100

$125

$150

$175

$200

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Ran

k Va

lue

(US$

b)

0

200

400

600

800

1,000

# of

Dea

ls

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

# of Q2 Deals

32 of 36

Subtotal without Financial Advisor 9,794.1Subtotal with Financial Advisor 35,134.0

--

-32.2

-31.5--

-85.1

-38.4--

Citi

4,564.3869.5

-

UBSRBS-

▼

-48.673.8

-78.0-9.0

41.8-50.5

▼

▲▲▲

▼▼-

--

▼

-38.594.5

-25.5-31.341.3

3,152.7-72.932.6

-71.2▲▼▼▼

▲▼▼▼

▲▼▲▼

Goldman Sachs & Co▲-

362.3

-77.0-86.4-25.9-86.4

--

1,005.4-25.7

▲▼

JP Morgan11.5

2,876.4

17

63,834.9 41

13

7

Any Japanese Involvement Completed (AF23)

117.9 37*

7,627.5 7

▼▲▼

▲▼

% Chg. in

20

3.1 8

-1.2

-

3,850.0 10

29

71

Any Japanese Involvement Announced (AD19)

▼

-


12,072.8192

1,478.13.7

19

-

23- -

▼

▼▼-

184.4

14,017.2

3 14.5 7

1 23.5 632 20.7

3,619.1

3162,378.79

271211

7,729.8 6

2,160.6

1,649.712,012.5

131,270.9

96,400.721

218

18

5.5 21

4.8 1

15 5.4 2

4.41,225.1 20* 1 -

3-

10,856.4 5152.4 1

- -2.3 9 1,688.2

1,600.0- - Perella Weinberg Partners LP- -1,645.1 17 4.91,781.4 16 5.4

1,321.8 15 2.9417.9

111,188.4 16 2.7 3

1,789.8857.3 18 Credit Suisse▲54.25.4 141,446.8 1,802.4 1416 Deloitte & Touche▼-5.0

1,577.1 12 3.5 5

1,374.5 14131,387.9 13 3.1 2 1,846.1- - GCA Savvian Group Corp

- --

KPMG 6.5Mitsubishi UFJ Financial Group 2,645.7

2,165.77.9

2,867.11,645.8 11 3.7 16

4 Deutsche Bank AG2,404.2 13

-65.010

2,964.1 10 6.6 36 10 8.6 8-

8,466.03,474.6 9 7.7 1 Bank of America Merrill Lynch- 2,967.9-

85,771.79 8.9 6

9.3 7 2,340.53,746.4 8 8.3 497 8.5 6

3,103.811 Ernst & Young LLP3,767.9 -0.6 ▼3,799.3 7

4,341.5 6 9.7 5 5,842.0 5 Lazard11.43,803.9

15PricewaterhouseCoopers 4,063.5 5 12.27,263.1 8

4,696.8 5 10.5 7 424.9 224,992.5 4 334,617.5 9 Daiwa Securities SMBC▲25.0 15.0

810,605.6 3 3 17.0Morgan Stanley 5,679.2-38.8 ▼3,006.454Mizuho Financial Group 5,847.5 2 17.64,899.2 8 89.3 ▲

11,674.9 421.5 44Nomura 1Deals

7,176.420,946.1 1 -49.6US$m Rank Rank ValFinancial Advisor US$m Rank Share

Mkt. No. Rank ValueRank Value Rank Value1/1/2008 - 6/30/2008

% Chg. in 1/1/2009 - 6/30/2009 1/1/2009 - 6/30/2009

Mkt. No.1/1/2008 - 6/30/2008

Deals RankUS$mRank Value

Financial Advisor US$m Rank ShareNomuraCitiGoldman Sachs & Co

10,560.7

6,491.69,275.9

Mizuho Financial Group 5,774.1 4 12.9Deutsche Bank AGJP MorganMorgan StanleyDaiwa Securities SMBCCaliburn Partnership Pty LtdMitsubishi UFJ Financial GroupBank of America Merrill LynchRBSStandard Chartered PLCCredit SuissePricewaterhouseCoopersLazardBlackstone Group LPAmerican Appraisal Assoc., IncErnst & Young LLP

1,185.71,074.51,040.3

17 2.6

2.0 42

2

1918

80*INGMacquarie Group 881.3 21

890.5 20 2.00.0 1,225.1 20* 3.7 1

14.3 608 5,573.0 6 ▼

▲ 1667.0153.5 24* 2.0BNP Paribas SA 667.0 25 BNP Paribas SA24 1.5 1 263.1BMO Capital Markets 461.5 25 1.0

Industry Total 44,928.1 -

-21,095

78.2 55,365.814,436.721.8

▼253 63,180.7

Industry Total 999--

33,327.4 100.0-59.5

▼

ING 2.0

25,614.3Subtotal without Financial Advisor - 23.1Subtotal with Financial Advisor

-- -

-100.0 1,435 69,802.4- -36.5

-35.6340

-58.0--

79,437.0

667.07,713.2 16,256.3

68.824* 1--

23

74676.9

▼▼

-52.6

* tie

22809.0

Japan Rankings

* tie

45*

-33 2,895.9 12KPMG 829.2 23 1.9

1GCA Savvian Group Corp 880.5 22 2.0 -69.6--

Rank Val

14

▼ Blackstone Group LPStandard Chartered PLC

1,185.7 3.612.4 175.0Rothschild 34*

-


33 of 36

Resona Holdings Inc

Resolution & Collection CorpMitsubishi Estate Co LtdBeckman Coulter Inc

Kirin Holdings Co LtdNippon Life Insurance CoLone Star FundsBank of Ikeda Ltd

Financials / BanksReal Estate / Non Residential

Healthcare / Healthcare Equipment & Supplies

Resona Holdings Inc (6.4%)San Miguel Brewery Inc (43.25%)Marunouchi AIG Building (100%)New City Residence Investment (68.7%)

North Pacific Bank LtdAsahi Mutual Life-HQ (100%)Olympus Corp-Diagnostic Bus (100%)

Senshu Bank Ltd (100%)

4/27/2009 Pending

Rank Date


5,787.2Rank Value (US$m) Target Macro / Mid Industry

Financials / Brokerage5/1/2009 PendingDate Effective

Japan / Japan

Target (% Sought/Acquired)Nikko Cordial Securities Inc (100%)Lion Nathan Ltd (53.9%)

AcquirorSumitomo Mitsui Banking CorpKirin Holdings Co Ltd

Japan / PhilippinesJapan / Japan

Consumer Staples / Food and BeverageFinancials / Other Financials

Consumer Staples / Food and BeverageReal Estate / Non Residential

1,828.41,225.1

5/28/20095/11/20091,081.04/7/2009 Pending United States / Japan1,185.7

3/13/2009 3/31/20095/25/2009 Pending

817.7United States / Japan 785.5

Real Estate / REITs1,074.51,021.3

Japan / JapanJapan / JapanJapan / Japan

Financials / Banks

2/27/2009 Pending3/27/2009 3/27/2009

Japan AnalysisSecond Quarter 2009 | Mergers & Acquisitions | Financial Advisors

1/20/2009 5/22/20093/10/2009 Pending

Acquiror / Target NationJapan / JapanJapan / Australia 3,474.6

Top Ten Japanese Involvement Announced Deals

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

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Nomura Citi

Goldman Sachs & Co

Mizuho Financial Group

Deutsche Bank AGJP Morgan

Morgan Stanley

Daiwa Securities SMBC

Caliburn Partnership Pty Ltd

Mitsubishi UFJ Financial Group

% V

olum

e C

ompo

sitio

n

Consumer Products and Services Consumer Staples Energy and Power Financials Government and Agencies

Healthcare High Technology Industrials Materials Media and EntertainmentReal Estate Retail Telecommunications

34 of 36

-

-

-

-

-Asia-PacificJason PacannuayanTel: +632 858 7262E-mail: [email protected]

Japan -Tomomi TeraharaTel: +813 5218 6582

-


Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless theyrepresent minority sellers or advise on only a portion of the transaction or Thomson Reuters has not been made aware of theirparticipation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the transaction agreed toor, 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) inthe specified region or nation.

E-mail: [email protected] tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partiallycomplete, completed, pending regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement ofwhen a value can be applied to a transaction.

E-mail: [email protected]

If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:

Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactionsare converted to the US dollar equivalent at the time of announcement of terms.

Europe

Tel: +44 (0) 207 542 1990Leon Saunders Calvert

E-mail: [email protected]


Ranking Criteria Summary

Tel: +1 646 223 8473Victor EngUnited States

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

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

Announced league tables include all deals that were announced between January 1, 2008 and June 30, 2009 and of which ThomsonReuters was made aware. All current data and previous year's data is as of 5:00pm EST on June 30, 2009.

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 contentproviders 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 Reutersdisclaims 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 notappropriate 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 orsolicitations 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 ofsecurities 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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