press release mergermarket Preliminary Global M&A Round-up for H1 2009 18 June 2009, for immediate release

Contact:

Europe & Americas: Asia-Pacifi c: Hannah Bagshawe Seye Im [email protected] [email protected] Tel: +44 20 7059 6118 Tel: +852 2158 9706 www.mergermarket.com mergermarket Preliminary Global M&A Round-up H1 2009

Contents , and JPMorgan continue to dominate the global M&A advisory league tables, positions which are largely based on their roles advising on the large US healthcare takeovers announced in the fi rst half of 2009. The three fi rms were heavily involved in Pfi zer’s takeover of Wyeth, Roche’s buy-out of Genentech and Merck’s bid for Schering Plough, for a combined value of $154bn or 23% of total deal value in the fi rst half of this year. This highlights the importance of the US Section 1: market and the healthcare sector in what has otherwise been a very weak half-year for M&A across the board. The $673.2bn p. 2 - 7 Global of deals announced so far this year is 46% less than the fi rst half of 2008, with deal volumes down 52%. The healthcare sector along with the energy, mining & utilities sector make up also 53% of total deal values in the year to date. The US market alone making up 46%. Section 2: Goldman also secured its position by advising on the three large deals in the European regulated utilities sector, which have p. 8 -17 Europe made up the vast bulk of European M&A activity in so far this year (23%). These deals are Enel’s $14.2bn acquisition of a 25% stake in Endesa, RWE’s takeover of Essent for $12.4bn and Vattenfall’s $10.8bn bid for Nuon.

Section 3: In the Asian tables, by contrast, Goldman is a non-entity, ranking ninth by value and twelfth by volume. Similarly, the US-based investment banking boutiques like Greenhill and Evercore as well as the pure advisory fi rms like Rothschild and Lazard were p.18 - 25 Americas much less evident on the ground in Asian M&A, underlining their reliance on relationships with large western corporates for deal-fl ow.

Section 4: M&A tends to be a lagging indicator and it is likely that the rebound in the equity markets from the March 2009 lows and the economic green shoots emerging in the US and in Asia will be followed by a spurt of deal-making. Companies in the technology p. 26 - 33 Asia-Pacifi c sector such as Microsoft and Dell have raised money in the debt markets and have fl agged M&A as a possible use of proceeds, indicating that this sector will follow healthcare as a happy hunting ground for cash-rich companies.

p. 34 Criteria Large private equity deal fl ow remains virtually non-existent in 2009 so far. However, the level of interest shown by buy-out fi rms in Barclays’ iShares as well as reports of buy-out interest in Anheuser Busch/InBev’s eastern European assets, and Apollo p. 35 About mergermarket Management’s $538m joint bid with The Carlyle Group for BPP plc all bode well for M&A in the second half of the year.

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 2 www.mergermarket.com Global: League Tables of Financial Advisers

League Table of Financial Advisers to Global M&A: Value League Table of Financial Advisers to Global M&A: Volume Y/E 2008 H1 2009 House Value (US$m) Deal Count Y/E 2008 H1 2009 House Value (US$m) Deal Count 2 1 Goldman Sachs 267,814 81 6 1 JPMorgan 214,810 86 7 2 Morgan Stanley 214,811 81 2 2 UBS Investment Bank 62,137 82 1 3 JPMorgan 214,810 86 7 3 Goldman Sachs 267,814 81 4 4 172,026 72 11 4 Morgan Stanley 214,811 81 3 5 Bank of America Merrill Lynch 171,083 69 9 5 Citigroup 172,026 72 28 6 Barclays Bank 118,452 22 4 6 Bank of America Merrill Lynch 171,083 69 6 7 108,829 46 8 7 Rothschild 49,051 68 8 8 81,592 62 13 8 Lazard 67,022 64 29 9 Evercore Partners 72,865 7 10 9 Credit Suisse 81,592 62 10 10 Lazard 67,022 64 5 10 Deloitte 3,452 62 5 11 UBS Investment Bank 62,137 82 1 11 PricewaterhouseCoopers 6,488 56 11 12 Rothschild 49,051 68 23 12 Nomura Holdings 16,855 51 43 13 Greenhill & Co 47,826 8 12 13 Ernst & Young 6,812 47 17 14 Mediobanca 33,092 14 14 14 Deutsche Bank 108,829 46 26 15 RBC Capital Markets 31,526 26 3 15 KPMG 11,232 39 30 16 Santander Global Banking and Markets 25,576 11 33 16 4,339 31 32 17 CIBC World Markets 24,652 13 15 17 Houlihan Lokey 1,969 29 13 18 Royal Bank of Scotland Group 22,216 24 34 18 Mizuho Financial Group 3,780 28 154 19 Banco Bilbao Vizcaya Argentaria 19,324 5 26 19 RBC Capital Markets 31,526 26 12 20 BNP Paribas 18,720 24 18 20 Royal Bank of Scotland Group 22,216 24

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 3 www.mergermarket.com Global: League Tables of Financial Advisers

League Table of Financial Advisers to Global Mid-Market M&A: Value League Table of Financial Advisers to Global Mid-Market M&A: Volume Y/E 2008 H1 2009 House Value (US$m) Deal Count Y/E 2008 H1 2009 House Value (US$m) Deal Count 3 1 JPMorgan 5,133 38 6 1 JPMorgan 5,133 38 8 2 Lazard 3,632 32 8 2 Lazard 3,632 32 7 3 Citigroup 3,496 26 20 3 Nomura Holdings 2,355 27 10 4 Credit Suisse 3,344 23 3 4 Deloitte 1,875 27 13 5 Morgan Stanley 3,245 23 7 5 Citigroup 3,496 26 9 6 UBS Investment Bank 2,865 25 2 6 PricewaterhouseCoopers 2,347 26 2 7 Bank of America Merrill Lynch 2,852 23 10 7 UBS Investment Bank 2,865 25 20 8 Nomura Holdings 2,355 27 23 8 Daiwa Securities Group 1,860 25 11 9 Goldman Sachs 2,354 19 12 9 Credit Suisse 3,344 23 4 10 PricewaterhouseCoopers 2,347 26 15 10 Morgan Stanley 3,245 23 5 11 Deloitte 1,875 27 9 11 Bank of America Merrill Lynch 2,852 23 28 12 Daiwa Securities Group 1,860 25 5 12 Ernst & Young 1,356 23 30 13 Mizuho Financial Group 1,859 16 4 13 Rothschild 1,588 22 25 14 RBC Capital Markets 1,835 18 11 14 Goldman Sachs 2,354 19 6 15 KPMG 1,611 18 30 15 RBC Capital Markets 1,835 18 1 16 Rothschild 1,588 22 1 16 KPMG 1,611 18 14 17 Deutsche Bank 1,357 17 19 17 Deutsche Bank 1,357 17 12 18 Ernst & Young 1,356 23 26 18 Mizuho Financial Group 1,859 16 32 19 Mitsubishi UFJ Securities 1,310 9 13 19 Houlihan Lokey 1,101 14 43 20 ING 1,240 12 18 20 Jeff eries & Company 934 13

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

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 4 www.mergermarket.com Global: Top Announced Deals H1 2009

Top 10 Announced Global Deals H1 2009 Announced Bidder Company Bidder Financial Advisor Target Company Target/Seller Financial Advisor Seller Company Deal Value Date (US$m) 26-Jan-09 Pfi zer Inc Bank of America Merrill Lynch; Wyeth Evercore Partners; Morgan 64,015 Barclays Bank; Citigroup; Stanley Goldman Sachs; JPMorgan

30-Jan-09 Roche Holding Ltd Greenhill & Co Genentech Inc (44.10% stake) Goldman Sachs 47,120

09-Mar-09 Merck & Co Inc JPMorgan Schering Plough Corporation Goldman Sachs; Morgan Stanley 43,198

23-Mar-09 Suncor Energy Inc CIBC World Markets; Morgan Petro-Canada Deutsche Bank; RBC Capital 18,993 Stanley Markets

16-May-09 China Yangtze Power Co Ltd CITIC Securities Co China Three Gorges Project China Three Gorges Project 15,818 Corporation (hydroelectricity Corporation generation assets and stakes in peripheral service companies)

04-May-09 The DirecTV Group Inc Morgan Stanley Liberty Entertainment Inc Goldman Sachs; JPMorgan 15,519

20-Feb-09 Enel SpA Banco Bilbao Vizcaya Endesa SA (25.01% stake) Advising seller: Citigroup; Acciona SA 14,246 Argentaria; Credit Suisse; Deutsche Bank; Lazard; Santander Goldman Sachs; JPMorgan; Global Banking and Markets Mediobanca

19-Mar-09 OneWest Bank FSB Bank of America Merrill Lynch IndyMac Federal Bank FSB Barclays Bank; Deutsche Bank 13,900 (consortium)

11-Jun-09 BlackRock Inc Bank of America Merrill Lynch; Barclays Global Investors Advising seller: Barclays Bank; Barclays Plc 13,653 Citigroup; Credit Suisse; Morgan Lazard Stanley; Perella Weinberg Partners

12-Jan-09 RWE AG JPMorgan Essent NV Citigroup; Deutsche Bank; Lazard 12,426

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 5 www.mergermarket.com Global: M&A Activity Trend

Global M&A Activity - Quarterly Global Buyout M&A Activity - Quarterly 1,400 4,500 400 800

Value Value 4,000 Volum e 350 Volum e 700 1,200

3,500 300 600 1,000

3,000

250 500

800 2,500

200 400

2,000 600 Volume of Deals Volume of Deals

Value of Deals ($bn) Value of Deals ($bn) 150 300

1,500

400 100 200 1,000

200 50 100 500

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

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 6 www.mergermarket.com Global: Breakdown of Announced Deals H1 2009

Mix of Announced Global Deals by Industry Sector H1 2009 - Value Mix of Announced Global Deals by Industry Sector H1 2009 - Volume Real Estate Real Estate Agriculture Agriculture 1.8% 2.1% Construction 1.0% 0.6% 3.9% Industrials & Chemicals Construction Defence 5.0% 1.4% 0.4% Industrials & Chemicals Pharma, Medical & Biotech 17.8% 6.3% Financial Services 15.6% Transport 3.1% Pharma, Medical & Biotech 26.3% Leisure 3.7%

Telco Business Services 2.0% 4.2% Financial Services Media 11.1% 3.6%

Consumer 5.4%

Transport Technology 0.9% 9.6% Leisure 0.8% Telco Business Services 4.1% 10.6%

Media 3.0%

Technology Energy, Mining & Utilities 4.1% Energy, Mining & Utilities 10.7% 26.6% Consumer 14.2%

Mix of Announced Deals by Geographic Region H1 2009 - Value Mix of Announced Deals by Geographic Region H1 2009 - Volume

South & Central Asia South East Asia South & Central Asia South East Asia 2.6% 1.2% 1.5% 1.8% Australasia 2.5% Africa & Middle East Australasia Africa & Middle East 1.1% 3.3% 2.0% Japan 3.6%

Japan North Asia 5.4% 9.9% North America 32.1%

Central & Eastern Europe North Asia 2.9% 9.5%

Northern Europe 1.1% North America 51.1% Central & Eastern Europe 5.2%

Southern Europe 7.7%

Northern Europe 4.8% Central & South America 4.6%

Southern Europe Western Europe 6.9% 12.6%

Western Europe Central & South America 21.8% 4.1%

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 7 www.mergermarket.com Europe: M&A roundup H1 2009

European M&A Activity - Quarterly 600 1,800 European M&A 69% lower than same period last year

Value 1,600 The year to date has seen 1,344 deals valued at $163.1bn, a decrease of 68% by value and 58% by volume Volum e 500 from the fi rst half of 2008, in which 3,174 deals with a total value of $503.2bn were announced. Meanwhile 1,400 activity is down 39% from the second half of 2008 (from 2,219 deals) with deal values down 70% (from

$548.6bn). European activity makes up 24% of global M&A activity by value and 39% by number of deals 400 1,200 announced so far this year, compared to 40% and 44% respectively for the fi rst half of last year.

1,000

Energy, Mining & Utilities dominates; Benelux and Germanic regions most active 300

800 Volume of Deals

Over 52% of the total value of European M&A so far this year has taken place in the Energy, Mining & Value of Deals ($bn) Utilities sector compared to only 15.7% in H1 2008. Eight out of the top ten announced deals for the region 200 600 this year fall into the sector. Energy, Mining & Utilities has seen 106 deals announced this year with a total 400 value of $85.7bn. 100

200 The Benelux region has been the most dominant in terms of total deal value, contributing 21.7% of the overall value of European M&A this year. Two of the top three transactions announced in Europe this year 0 0 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 have involved Dutch energy companies – RWE’s acquisition of Essent for $12.4bn and Vattenfall’s bid to 03 03 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 acquire Nuon for $10.8bn. Meanwhile the Germanic region is currently the most active region by volume European Mid Market M&A Activity - Quarterly this year, accounting for 18.4% of European M&A transactions, compared to the UK & Ireland which con- 50 800 ($10m to $250m) tribute 18.2%, down from 25.2% in the fi rst half of last year. 45 Value Volum e 700 Barclays’ disposal brings Citigroup to the top three 40

600 Barclays’ $13.7bn disposal of Barclays Global Investor to BlackRock has taken Citigroup to second place 35 behind Goldman Sachs in the 2009 value table to date, with $67.8bn in total deal value from 27 deals, up 500 two places from 2008. The transaction helped Lazard climb six places to third in the value table compared 30 to 2008. Lazard continues to be the most active fi rm in terms of deal volume, advising on 51 deals totalling 25 400 $65.8bn.

20 Volume of Deals EC regulatory proposal may hurt the private equity industry even more Value of Deals ($bn) 300

15 The EC is proposing tougher regulation for PE funds; imposing compulsory disclosure, and a minimum 200 capital requirement to limit over-leveraging. PE fi rms are lobbying both Brussels and the UK government to 10

100 make sure that the proposal will not become a law, at least not in its current form. This could further damage 5 PE deal fl ow, which is already lower than in the fi rst half of last year, by 90% in value and 66% by volume.

0 0 However, the second quarter of 2009 so far has seen an increase of 42.3% in the value of buyout deals in Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 03 03 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 comparison with the previous quarter, though this is on 16.1% fewer deals.

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 8 www.mergermarket.com Europe: League Tables of Financial Advisers

League Table of Financial Advisers to European M&A: Value League Table of Financial Advisers to European M&A: Volume Y/E 2008 H1 2009 House Value (US$m) Deal Count Y/E 2008 H1 2009 House Value (US$m) Deal Count 2 1 Goldman Sachs 103,593 36 9 1 Lazard 65,808 51 4 2 Citigroup 67,834 27 4 2 Rothschild 37,718 49 9 3 Lazard 65,808 51 5 3 UBS Investment Bank 37,098 45 3 4 Deutsche Bank 63,335 23 7 4 JPMorgan 53,778 44 7 5 Credit Suisse 60,993 32 1 5 Deloitte 1,688 40 6 6 Bank of America Merrill Lynch 57,601 29 12 6 Goldman Sachs 103,593 36 1 7 JPMorgan 53,778 44 3 7 PricewaterhouseCoopers 2,866 35 40 8 Greenhill & Co 47,275 4 14 8 Morgan Stanley 40,986 33 10 9 Morgan Stanley 40,986 33 11 9 Credit Suisse 60,993 32 12 10 Rothschild 37,718 49 10 10 Bank of America Merrill Lynch 57,601 29 5 11 UBS Investment Bank 37,098 45 13 11 Citigroup 67,834 27 17 12 Mediobanca 33,092 14 2 12 KPMG 9,205 27 22 13 Santander Global Banking and Markets 25,489 10 8 13 Deutsche Bank 63,335 23 41 14 Barclays Bank 20,701 7 18 14 BNP Paribas 17,858 21 101 15 Banco Bilbao Vizcaya Argentaria 19,324 5 30 15 ING 15,468 21 11 16 BNP Paribas 17,858 21 6 16 Ernst & Young 552 21 16 17 Royal Bank of Scotland Group 17,430 17 17 17 Royal Bank of Scotland Group 17,430 17 24 18 ING 15,468 21 15 18 560 17 23 19 Perella Weinberg Partners 13,808 2 28 19 HSBC Bank 9,467 15 35 20 Banca IMI/Intesa Sanpaolo 12,523 9 21 20 Mediobanca 33,092 14

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 9 www.mergermarket.com Europe: League Tables of Financial Advisers

League Table of Financial Advisers to European Mid-Market M&A: Value League Table of Financial Advisers to European Mid-Market M&A: Volume Y/E 2008 H1 2009 House Value (US$m) Deal Count Y/E 2008 H1 2009 House Value (US$m) Deal Count 5 1 Lazard 3,196 26 7 1 Lazard 3,196 26 9 2 JPMorgan 2,674 21 9 2 JPMorgan 2,674 21 11 3 UBS Investment Bank 1,420 13 1 3 Deloitte 1,053 17 12 4 Citigroup 1,370 8 3 4 PricewaterhouseCoopers 1,183 14 15 5 Morgan Stanley 1,361 9 12 5 UBS Investment Bank 1,420 13 10 6 Credit Suisse 1,332 8 30 6 ING 1,240 12 24 7 ING 1,240 12 4 7 Rothschild 813 12 4 8 PricewaterhouseCoopers 1,183 14 2 8 KPMG 711 11 2 9 Deloitte 1,053 17 17 9 Morgan Stanley 1,361 9 8 10 Bank of America Merrill Lynch 870 8 5 10 Ernst & Young 552 9 19 11 Goldman Sachs 855 7 15 11 Citigroup 1,370 8 1 12 Rothschild 813 12 11 12 Credit Suisse 1,332 8 84 13 Arctic Securities 754 6 10 13 Bank of America Merrill Lynch 870 8 3 14 KPMG 711 11 28 14 Goldman Sachs 855 7 18 15 BNP Paribas 574 5 66 15 Arctic Securities 754 6 7 16 Close Brothers Group 560 6 6 16 Close Brothers Group 560 6 6 17 Ernst & Young 552 9 65 17 Seymour Pierce 406 6 319 18 Bank Degroof 488 2 14 18 Grant Thornton Corporate Finance 341 6 48 19 RBC Capital Markets 475 3 23 19 BNP Paribas 574 5 116 20 Mitsubishi UFJ Securities 459 2 16 20 Deutsche Bank 454 5

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

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 10 www.mergermarket.com Europe: Top Announced Deals H1 2009

Top 10 Announced European Deals H1 2009 Announced Date Bidder Company Bidder Financial Advisor Target Company Target/Seller Financial Advisor Seller Company Deal Value (US$m) 20-Feb-09 Enel SpA Banco Bilbao Vizcaya Endesa SA (25.01% stake) Advising seller: Citigroup; Acciona SA 14,246 Argentaria; Credit Suisse; Deutsche Bank; Lazard; Goldman Sachs; JPMorgan; Santander Global Banking and Mediobanca Markets

12-Jan-09 RWE AG JPMorgan Essent NV Citigroup; Deutsche Bank; 12,426 Lazard

23-Feb-09 Vattenfall AB Bank of America Merrill Lynch; nv Nuon Goldman Sachs; ING; KPMG; 10,789 NIBC Bank; Rothschild; Royal Sequoia Bank of Scotland Group

19-Jan-09 HM Treasury Credit Suisse; Deutsche Bank Royal Bank of Scotland Group Bank of America Merrill 7,688 Plc (29.79% stake) Lynch; Morgan Stanley; UBS Investment Bank

07-Mar-09 HM Treasury Credit Suisse; Deutsche Bank Lloyds Banking Group Plc Bank of America Merrill Lynch; 5,638 (21.60% stake) Citigroup; UBS Investment Bank

12-Feb-09 Snam Rete Gas SpA Mediobanca Italgas SpA Advising seller: Banca IMI/Intesa ENI SpA 5,410 Sanpaolo; Rothschild

07-Apr-09 OAO Gazprom Citigroup JSC Gazprom Neft (20% stake) Advising seller: Bank of America ENI SpA 4,100 Merrill Lynch; Deutsche Bank ; JPMorgan

31-Mar-09 International Petroleum Compania Espanola de Advising seller: Bank of America Santander Central Hispano 3,802 Investment Company Petroleos SA (32.50% stake) Merrill Lynch; Rothschild; SA Santander Global Banking and Markets

20-Feb-09 Acciona SA Citigroup; Deutsche Bank; Endesa SA (renewable energy Advising seller: Banco Endesa SA 3,707 Lazard; Santander Global generation assets) Bilbao Vizcaya Argentaria; Banking and Markets Commerzbank; Credit Suisse; Goldman Sachs; JPMorgan; Mediobanca

11-May-09 Centrica Plc Credit Suisse; Goldman Sachs; British Energy Group Plc (20% Advising seller: Bank of America Electricite de France SA 3,460 UBS Investment Bank stake) Merrill Lynch; BNP Paribas; Citigroup

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 11 www.mergermarket.com Europe: Breakdown of Announced Deals H1 2009

Mix of Announced European Deals by Industry Sector H1 2009 - Value Mix of Announced European Deals by Industry Sector H1 2009 - Volume Agriculture Real Estate Pharma, Medical & Biotech Construction Real Estate 1.1% 2.2% 3.2% 1.9% 4.7% Construction Defence Industrials & Chemicals 4.8% 0.3% Transport 4.2% Leisure 1.1% Industrials & Chemicals 1.1% Pharma, Medical & Biotech 20.9% 5.2% Financial Services Telco 18.2% 3.9% Transport 3.4% Media 1.3% Leisure 4.1%

Technology 1.7% Telco Business Services 2.0% 1.7%

Media Financial Services 4.1% Consumer 9.6% 4.4%

Technology 7.0%

Business Services 10.4% Energy, Mining & Utilities 7.9%

Energy, Mining & Utilities 52.6% Consumer 16.8%

Mix of Announced European Deals by Geographic Region H1 2009 - Value Mix of Announced European Deals by Geographic Region H1 2009 - Volume

South Eastern Europe 1.3%

South Eastern Europe Other Other 3.7% 0.2% Central & Eastern Europe 0.1% UK & Ireland 11.4% UK & Ireland 16.8% Central & Eastern Europe 18.2% 12.4%

Nordic 4.4%

Germanic 10.2% Nordic 12.4%

Germanic Benelux 18.4% France 21.7% 3.3%

Benelux 9.3% Italy 10.6%

Iberia France 8.1% 10.4% Iberia Italy 20.1% 6.8%

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 12 www.mergermarket.com Europe: League Tables of Financial Advisers

Financial Advisers to UK M&A: Value Financial Advisers to UK M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 2 1 Bank of America Merrill Lynch 33,219 9 6 1 UBS Investment Bank 19,657 20 4 2 Credit Suisse 33,097 12 2 2 Rothschild 8,402 20 8 3 Morgan Stanley 26,650 10 7 3 JPMorgan Cazenove 4,977 19 7 4 Citigroup 25,428 12 23 4 Lazard 23,581 16 12 5 Lazard 23,581 16 3 5 PricewaterhouseCoopers 303 13 3 6 Deutsche Bank 21,326 10 10 6 Credit Suisse 33,097 12 1 7 UBS Investment Bank 19,657 20 12 7 Citigroup 25,428 12 24 8 Barclays Bank 18,746 5 14 8 Goldman Sachs 11,314 11 30 9 Perella Weinberg Partners 13,653 1 1 9 Deloitte 775 11 9 10 Goldman Sachs 11,314 11 13 10 Morgan Stanley 26,650 10 5 11 Rothschild 8,402 20 11 11 Deutsche Bank 21,326 10 6 12 JPMorgan Cazenove 4,977 19 8 12 Bank of America Merrill Lynch 33,219 9 110 13 Jamieson Corporate Finance 4,404 1 4 13 KPMG 284 8 11 14 BNP Paribas 3,571 2 15 14 Grant Thornton Corporate Finance 962 7 17 15 Royal Bank of Scotland Group 3,496 2 48 15 Seymour Pierce 406 6

Financial Advisers to German M&A: Value Financial Advisers to German M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 2 1 Deutsche Bank 15,634 4 13 1 Rothschild 224 7 7 2 Citigroup 14,200 2 3 2 KPMG 150 7 5 3 JPMorgan 13,015 4 18 3 Lincoln International 43 7 20 4 Lazard 12,447 2 6 4 Goldman Sachs 7,616 6 1 5 Goldman Sachs 7,616 6 15 5 Morgan Stanley 2,608 6 4 6 UBS Investment Bank 4,640 5 5 6 PricewaterhouseCoopers 1,788 6 18 7 Credit Suisse 3,895 3 4 7 UBS Investment Bank 4,640 5 9 8 Morgan Stanley 2,608 6 17 8 Close Brothers Group 154 5 21 9 PricewaterhouseCoopers 1,788 6 2 9 Ernst & Young 113 5 23 10 Metzler Corporate Finance 1,774 2 1 10 Deutsche Bank 15,634 4 - 11 Barclays Bank 1,675 1 11 11 JPMorgan 13,015 4 6 12 Bank of America Merrill Lynch 1,068 3 26 12 Mummert & Company 352 4 - 13 Nordea Corporate Finance 554 1 37 13 HSBC Bank - 4 62 14 Mummert & Company 352 4 12 14 Credit Suisse 3,895 3 61 15 goetzpartners 265 3 19 15 Bank of America Merrill Lynch 1,068 3

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 13 www.mergermarket.com Europe: League Tables of Financial Advisers

Financial Advisers to French M&A: Value Financial Advisers to French M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 2 1 BNP Paribas 7,770 11 3 1 Lazard 3,310 19 4 2 Citigroup 6,124 7 2 2 BNP Paribas 7,770 11 10 3 Goldman Sachs 4,540 4 1 3 Rothschild 1,202 10 3 4 UBS Investment Bank 4,362 7 12 4 Citigroup 6,124 7 6 5 Bank of America Merrill Lynch 4,180 3 4 5 UBS Investment Bank 4,362 7 14 6 Credit Suisse 3,515 3 7 6 Close Brothers Group 291 6 7 7 Lazard 3,310 19 41 7 Financiere Cambon 39 6 26 8 HSBC Bank 2,866 4 13 8 Goldman Sachs 4,540 4 11 9 CALYON 1,624 4 18 9 HSBC Bank 2,866 4 1 10 JPMorgan 1,465 4 9 10 CALYON 1,624 4 21 11 Mediobanca 1,389 3 8 11 JPMorgan 1,465 4 5 12 Rothschild 1,202 10 5 12 SG 925 4 - 13 Banca IMI/Intesa Sanpaolo 1,007 2 14 13 Bank of America Merrill Lynch 4,180 3 8 14 SG 925 4 22 14 Credit Suisse 3,515 3 - 15 Messier Partners 810 2 37 15 Mediobanca 1,389 3

Financial Advisers to Benelux M&A: Value Financial Advisers to Benelux M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 3 1 Lazard 15,591 9 11 1 ING 15,088 16 1 2 JPMorgan 15,290 6 1 2 Deloitte 366 13 30 3 ING 15,088 16 7 3 Lazard 15,591 9 6 4 Citigroup 14,438 3 4 4 PricewaterhouseCoopers 355 9 8 5 Deutsche Bank 14,226 2 2 5 KPMG 5,152 8 2 6 Goldman Sachs 13,600 7 5 6 Goldman Sachs 13,600 7 12 7 Rothschild 12,464 7 10 7 Rothschild 12,464 7 16 8 Royal Bank of Scotland Group 11,366 7 8 8 Royal Bank of Scotland Group 11,366 7 7 9 Bank of America Merrill Lynch 11,124 3 6 9 JPMorgan 15,290 6 - 10 Sequoia 10,879 2 15 10 Morgan Stanley 2,141 6 137 11 NIBC Bank 10,789 2 22 11 BNP Paribas 2,459 5 24 12 KPMG 5,152 8 9 12 Close Brothers Group 135 5 31 13 Petercam 2,676 2 21 13 Bank Degroof 1,341 4 33 14 Nomura Holdings 2,468 3 25 14 Ernst & Young 142 4 5 15 BNP Paribas 2,459 5 18 15 Citigroup 14,438 3

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 14 www.mergermarket.com Europe: League Tables of Financial Advisers

Financial Advisers to Nordic M&A: Value Financial Advisers to Nordic M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 17 1 Bank of America Merrill Lynch 11,698 4 1 1 PricewaterhouseCoopers 358 8 7 2 Rothschild 11,348 6 11 2 JPMorgan 824 7 25 3 Royal Bank of Scotland Group 10,789 3 20 3 Rothschild 11,348 6 12 4 Goldman Sachs 10,789 2 21 4 Morgan Stanley 1,111 6 - 5= ING 10,789 1 2 5 SEB Enskilda 807 6 - 5= NIBC Bank 10,789 1 23 6 Arctic Securities 754 6 - 5= Sequoia 10,789 1 10 7 UBS Investment Bank 736 5 52 8 KPMG 5,024 3 17 8 Pareto 168 5 8 9 Morgan Stanley 1,111 6 3 9 Ernst & Young 70 5 3 10 JPMorgan 824 7 22 10 Bank of America Merrill Lynch 11,698 4 9 11 SEB Enskilda 807 6 24 11 Lazard 367 4 30 12 Arctic Securities 754 6 6 12 Handelsbanken Capital Markets 182 4 2 13 UBS Investment Bank 736 5 97 13 Swedbank Markets 78 4 29 14 Nordea Corporate Finance 578 3 33 14 Royal Bank of Scotland Group 10,789 3 1 15 Deutsche Bank 554 1 4 15 KPMG 5,024 3

Financial Advisers to Swedish M&A: Value Financial Advisers to Swedish M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 20 1 Bank of America Merrill Lynch 11,343 2 12 1 Morgan Stanley 789 4 21 2 Rothschild 10,789 3 5 2 JPMorgan 394 4 12 3 Goldman Sachs 10,789 2 16 3 Lazard 367 4 - 4= ING 10,789 1 1 4 PricewaterhouseCoopers 289 4 - 4= NIBC Bank 10,789 1 56 5 Swedbank Markets 78 4 15 4= Royal Bank of Scotland Group 10,789 1 15 6 Rothschild 10,789 3 - 4= Sequoia 10,789 1 9 7 UBS Investment Bank 723 3 39 8 KPMG 5,024 2 3 8 SEB Enskilda 155 3 3 9 Morgan Stanley 789 4 2 9 Ernst & Young 70 3 11 10 UBS Investment Bank 723 3 28 10 Bank of America Merrill Lynch 11,343 2 18 11 Nordea Corporate Finance 554 2 19 11 Goldman Sachs 10,789 2 2 12 Deutsche Bank 554 1 8 12 KPMG 5,024 2 1 13 JPMorgan 394 4 11 13 Nordea Corporate Finance 554 2 25 14 Lazard 367 4 36 14 Lenner & Partners 235 2 27 15 PricewaterhouseCoopers 289 4 10 15 Credit Suisse 200 2

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 15 www.mergermarket.com Europe: League Tables of Financial Advisers

Financial Advisers to Italian M&A: Value Financial Advisers to Italian M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 1 1 Mediobanca 29,385 12 1 1 Mediobanca 29,385 12 2 2 JPMorgan 24,649 8 3 2 Banca IMI/Intesa Sanpaolo 12,523 9 21 3 Citigroup 18,778 3 15 3 JPMorgan 24,649 8 19 4 Deutsche Bank 18,506 3 2 4 Rothschild 10,471 8 5 5 Credit Suisse 16,410 2 6 5 Lazard 15,926 7 7 6 Lazard 15,926 7 20 6 BNP Paribas 5,935 6 - 7= Banco Bilbao Vizcaya Argentaria 14,246 1 9 7 Bank of America Merrill Lynch 7,277 5 6 7= Goldman Sachs 14,246 1 8 8 Morgan Stanley 7,060 5 20 7= Santander Global Banking and Markets 14,246 1 4 9 KPMG 2,457 5 3 10 Banca IMI/Intesa Sanpaolo 12,523 9 5 10 Group 2,398 4 4 11 Rothschild 10,471 8 14 11 Deloitte 244 4 9 12 Bank of America Merrill Lynch 7,277 5 26 12 Citigroup 18,778 3 13 13 Morgan Stanley 7,060 5 24 13 Deutsche Bank 18,506 3 11 14 BNP Paribas 5,935 6 10 14 UBS Investment Bank 2,572 3 17 15 UBS Investment Bank 2,572 3 7 15 Credit Suisse 16,410 2

Financial Advisers to Central & Eastern European M&A: Value Financial Advisers to Central & Eastern European M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 8 1 JPMorgan 6,207 3 2 1 PricewaterhouseCoopers 26 5 1 2 Bank of America Merrill Lynch 5,115 3 20 2 Goldman Sachs 3,175 4 9 3 Citigroup 4,485 3 17 3 Royal Bank of Scotland Group 2,023 4 2 4 Deutsche Bank 4,100 1 8 4 Rothschild 285 4 15 5 Goldman Sachs 3,175 4 12 5 JPMorgan 6,207 3 11 6 UBS Investment Bank 2,039 3 7 6 Bank of America Merrill Lynch 5,115 3 6 7 Royal Bank of Scotland Group 2,023 4 10 7 Citigroup 4,485 3 50 8 Lazard 1,115 2 19 8 UBS Investment Bank 2,039 3 17 9 BNP Paribas 650 1 22 9 ING 467 3 - 10 Ural-Invest 650 1 23 10 Lazard 1,115 2 10 11 Morgan Stanley 514 1 41 11= Canaccord Adams 509 2 21 12= Canaccord Adams 509 2 28 11= HSBC Bank 509 2 14 12= HSBC Bank 509 2 4 13 Ernst & Young 78 2 41 14 ING 467 3 14 14 Raiff eisen Investment 35 2 - 15 BMO Capital Markets 430 1 29 15 Evli Bank 8 2

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 16 www.mergermarket.com Europe: League Tables of Financial Advisers

Financial Advisers to Russian M&A: Value Financial Advisers to Russian M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 9 1 JPMorgan 6,207 3 8 1 JPMorgan 6,207 3 3 2 Bank of America Merrill Lynch 4,601 2 5 2 Citigroup 4,485 3 13 3 Citigroup 4,485 3 14 3 Goldman Sachs 3,097 3 2 4 Deutsche Bank 4,100 1 3 4 Bank of America Merrill Lynch 4,601 2 15 5 Goldman Sachs 3,097 3 12 5 UBS Investment Bank 1,139 2 7 6 UBS Investment Bank 1,139 2 22 6= Canaccord Adams 509 2 35 7= BNP Paribas 650 1 36 6= HSBC Bank 509 2 - 7= Ural-Invest 650 1 2 8 Deutsche Bank 4,100 1 16 9= Canaccord Adams 509 2 41 9= BNP Paribas 650 1 28 9= HSBC Bank 509 2 - 9= Ural-Invest 650 1 - 11 BMO Capital Markets 430 1 - 11 BMO Capital Markets 430 1 - 12= Standard Bank Group 300 1 - 12= Standard Bank Group 300 1 1 12= Troika Dialog Group 300 1 1 12= Troika Dialog Group 300 1 37 14= M&A International 240 1 24 14= M&A International 240 1 8 14= Renaissance Capital 240 1 4 14= Renaissance Capital 240 1 56 14= Strand Partners 240 1 56 14= Strand Partners 240 1

Financial Advisers to Spanish M&A: Value Financial Advisers to Spanish M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 2 1 Santander Global Banking and Markets 23,883 9 6 1 Santander Global Banking and Markets 23,883 9 4 2 Lazard 23,324 8 4 2 Lazard 23,324 8 6 3 Goldman Sachs 19,910 6 11 3 Goldman Sachs 19,910 6 1 4 JPMorgan 19,868 5 5 4 JPMorgan 19,868 5 9 5 Citigroup 19,650 5 7 5 Citigroup 19,650 5 16 6 Deutsche Bank 18,621 4 27 6 Credit Suisse 17,923 5 3 7 Mediobanca 17,953 2 21 7 Deutsche Bank 18,621 4 32 8 Credit Suisse 17,923 5 22 8 Banco Bilbao Vizcaya Argentaria 17,718 4 19 9 Banco Bilbao Vizcaya Argentaria 17,718 4 1 9 Deloitte 90 4 13 10 Rothschild 4,387 3 20 10 Rothschild 4,387 3 10 11 Bank of America Merrill Lynch 4,146 3 19 11 Bank of America Merrill Lynch 4,146 3 43 12 Commerzbank 3,707 1 18 12 UBS Investment Bank 1,560 3 8 13 UBS Investment Bank 1,560 3 25 13 Mediobanca 17,953 2 5 14= BNP Paribas 1,340 1 30 14 CALYON 372 2 11 14= KPMG 1,340 1

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 17 www.mergermarket.com Americas: M&A roundup H1 2009

North American M&A Activity - Quarterly 600 1,600 (USA and Canada) M&A numbers continue to fall in the second quarter

Value Volum e 1,400 Another slow quarter for M&A suggests that increasing investor optimism has yet to spill into the North American 500 deal-making community. Overall deal values are down by 62% compared to the second quarter of 2008, while 1,200 deal volume has dropped by 56%. Even against the fi rst quarter of this year this quarter promises a signifi cant decline, with deal values so far down by 49% and deal volumes by 14%. 400 1,000

Pharma cooling off, private equity showing signs of a comeback

300 800 The pharmaceutical sector has cooled off during the second quarter, after unprecedented highs in the fi rst few Volume of Deals months of the year, with the only noteworthy deal being GlaxoSmithKline’s $3.3bn acquisition of privately held Value of Deals ($bn) 600 200 Florida based Stiefel Laboratories.

400 While buyout activity remains a fraction of North American M&A, there were signs of a return of the LBO with 100 both CVC Capital Partners and Platinum Equity launching what can only be described as large deals in today’s 200 private equity landscape.

0 0 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 In April CVC announced a $4.4bn deal to acquire Barclays’ iShares exchange traded funds business, although 03 03 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 after a “go-shop” period, Barclays agreed to a $13.7bn offer from BlackRock for all of Barclays asset manage- North American Mid market M&A Activity - Quarterly 45 700 ment unit, including the iShares business. CVC waived its right to come up with an alternative proposal and (USA and Canada, $10m to $250m) settled for the $175m break-up fee. Value 40 Volum e 600 Platinum is working on a $3.6bn deal for most of the global operations of Delphi Corporation. The deal is likely 35 to have been boosted by federal judge approval for Delphi to tap bankrupt former parent General Motors for 500 access to $250m in funding which is expected to support the company until it can emerge from bankruptcy. 30

400 Goldman Sachs 25

Little has changed in the fi nancial adviser ranking tables since last quarter. Goldman Sachs continues to main- 20 300 Volume of Deals tain its top ranking by both value and volume, having advised on 48 transactions valued at $217.8bn, including Value of Deals ($bn) the three mega pharmaceutical deals announced earlier in the year. Morgan Stanley has held onto second spot 15 200 by value working on 38 deals valued at $158.3bn. 10

100 5

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

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 18 www.mergermarket.com Americas: League Tables of Financial Advisers

League Table of Financial Advisers to US M&A: Value League Table of Financial Advisers to US M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 1 1 Goldman Sachs 217,822 48 2 1 Goldman Sachs 217,822 48 7 2 Morgan Stanley 158,282 38 1 2 Bank of America Merrill Lynch 122,771 40 2 3 JPMorgan 152,578 39 3 3 JPMorgan 152,578 39 3 4 Bank of America Merrill Lynch 122,771 40 5 4 Morgan Stanley 158,282 38 19 5 Barclays Bank 118,452 22 7 5 UBS Investment Bank 16,239 37 4 6 Citigroup 109,166 26 6 6 Credit Suisse 35,254 31 17 7 Evercore Partners 72,865 7 4 7 Houlihan Lokey 1,915 27 26 8 Greenhill & Co 47,711 7 8 8 Citigroup 109,166 26 8 9 Credit Suisse 35,254 31 13 9 Rothschild 16,130 24 5 10 Deutsche Bank 27,952 22 36 10 Barclays Bank 118,452 22 10 11 Lazard 24,085 21 10 11 Deutsche Bank 27,952 22 9 12 UBS Investment Bank 16,239 37 9 12 Lazard 24,085 21 22 13 Rothschild 16,130 24 25 13 Sandler O'Neill & Partners 450 14 21 14 Perella Weinberg Partners 13,653 1 12 14 Jeff eries & Company 1,493 13 31 15 Blackstone Group Holdings 6,400 6 20 15 PricewaterhouseCoopers 1,858 10 34 16 Scotia Capital 4,431 5 29 16 Oppenheimer & Co 178 10 - 17 Jamieson Corporate Finance 4,404 1 24 17 RBC Capital Markets 4,098 9 102 18 Nomura Holdings 4,228 3 23 18 Piper Jaff ray & Co 1,661 9 42 19 RBC Capital Markets 4,098 9 35 19 Keefe, Bruyette & Woods 425 9 15 20 Royal Bank of Scotland Group 3,242 5 14 20 William Blair & Company 292 9

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 19 www.mergermarket.com Americas: League Tables of Financial Advisers

League Table of Financial Advisers to US Mid-Market M&A: Value League Table of Financial Advisers to US Mid-Market M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 1 1 JPMorgan 2,541 18 2 1 JPMorgan 2,541 18 3 2 Goldman Sachs 1,749 13 5 2 Goldman Sachs 1,749 13 5 3 Credit Suisse 1,505 12 7 3 UBS Investment Bank 1,387 13 10 4 Morgan Stanley 1,481 10 6 4 Credit Suisse 1,505 12 6 5 UBS Investment Bank 1,387 13 1 5 Houlihan Lokey 1,047 12 7 6 Houlihan Lokey 1,047 12 3 6 Bank of America Merrill Lynch 1,034 12 2 7 Bank of America Merrill Lynch 1,034 12 14 7 Deutsche Bank 928 11 13 8 Deutsche Bank 928 11 13 8 Morgan Stanley 1,481 10 8 9 Lazard 928 10 8 9 Lazard 928 10 9 10 Citigroup 853 8 10 10 Rothschild 719 10 12 11 Rothschild 719 10 4 11 Jeff eries & Company 594 10 20 12 RBC Capital Markets 596 7 23 12 Sandler O'Neill & Partners 444 9 4 13 Jeff eries & Company 594 10 11 13 Citigroup 853 8 46 14 Barclays Bank 584 8 57 14 Barclays Bank 584 8 57 15 Scotia Capital 479 3 27 15 Keefe, Bruyette & Woods 425 8 31 16 Thomas Weisel Partners Group 473 5 17 16 RBC Capital Markets 596 7 23 17 KeyBanc Capital Markets 464 3 20 17 Oppenheimer & Co 165 6 21 18 Sandler O'Neill & Partners 444 9 30 18 Thomas Weisel Partners Group 473 5 36 19 Keefe, Bruyette & Woods 425 8 9 19 Piper Jaff ray & Co 311 5 34 20 Raymond James & Associates 386 3 19 20 Wachovia 295 4

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

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 20 www.mergermarket.com Americas: Top Announced Deals H1 2009

Top 10 Announced North American Deals H1 2009 Announced Date Bidder Company Bidder Financial Advisor Target Company Target/Seller Financial Advisor Seller Company Deal Value (US$m) 26-Jan-09 Pfi zer Inc Bank of America Merrill Lynch; Wyeth Evercore Partners; Morgan 64,015 Barclays Bank; Citigroup; Stanley Goldman Sachs; JPMorgan

30-Jan-09 Roche Holding Ltd Greenhill & Co Genentech Inc (44.10% stake) Goldman Sachs 47,120

09-Mar-09 Merck & Co Inc JPMorgan Schering Plough Corporation Goldman Sachs; Morgan 43,198 Stanley

23-Mar-09 Suncor Energy Inc CIBC World Markets; Morgan Petro-Canada Deutsche Bank; RBC Capital 18,993 Stanley Markets

04-May-09 The DirecTV Group Inc Morgan Stanley Liberty Entertainment Inc Goldman Sachs; JPMorgan 15,519

19-Mar-09 OneWest Bank FSB Bank of America Merrill Lynch IndyMac Federal Bank FSB Barclays Bank; Deutsche Bank 13,900 (consortium)

11-Jun-09 BlackRock Inc Bank of America Merrill Lynch; Barclays Global Investors Advising seller: Barclays Bank; Barclays Plc 13,653 Citigroup; Credit Suisse; Lazard Morgan Stanley; Perella Weinberg Partners

13-May-09 Frontier Communications Citigroup; Evercore Partners Verizon (local wireline Advising seller: Barclays Bank; Verizon Communications Inc 8,600 operations in 14 states) JPMorgan

20-Apr-09 Oracle Corporation Sun Microsystems Inc Credit Suisse 6,708

28-May-09 Time Warner Inc (Shareholders) AOL LLC Time Warner Inc 5,480

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 21 www.mergermarket.com Americas: Breakdown of Announced Deals H1 2009

Mix of North American Deals by Industry Sector H1 2009 - Value Mix of North American Deals by Industry Sector H1 2009 - Volume Construction Agriculture Real Estate 2.7% 0.4% 0.6%

Pharma, Medical & Biotech Defense 49.2% 0.8% Pharma, Medical & Biotech 9.2% Industrials & Chemicals 15.5%

Transport 1.8%

Leisure 3.3% Construction 0.9% Telco 1.3% Agriculture 0.6% Financial Services Real Estate 12.9% 0.1% Media Defense 4.1% Leisure 0.1% 0.2% Industrials & Chemicals Telco 3.9% 3.5%

Technology Media 14.7% 4.9% Business Services Financial Services 11.3% 11.2%

Technology 5.4%

Business Services Energy, Mining & Utilities Energy, Mining & Utilities Consumer 5.9% Consumer 10.9% 12.8% 1.2% 10.5%

Mix of Announced Americas Deals by Geographic Region H1 2009 - Value Mix of Announced Americas Deals by Geographic Region H1 2009 - Volume

Central & South America 7.5% Central & South America US (North East) 12.8% 15.8% Canada 9.0%

US (North East) 33.3% Canada 10.2%

US (Mid West) 15.3%

US (West) US (West) 20.8% 36.2% US (Mid West) 7.1%

US (South) 25.1% US (South) 6.9%

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 22 www.mergermarket.com Americas: League Tables of Financial Advisers

Financial Advisers to Canadian M&A: Value Financial Advisers to Canadian M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 3 1 RBC Capital Markets 30,451 14 3 1 RBC Capital Markets 30,451 14 2 2 CIBC World Markets 24,333 11 1 2 CIBC World Markets 24,333 11 15 3 Morgan Stanley 24,112 8 4 3 BMO Capital Markets 2,710 11 9 4 Deutsche Bank 19,498 2 11 4 3,339 10 4 5 Scotia Capital 4,878 9 2 5 Scotia Capital 4,878 9 10 6 Goldman Sachs 4,854 6 9 6 Morgan Stanley 24,112 8 11 7 Peters & Co 4,713 5 15 7 FirstEnergy Capital 1,169 7 7 8 Rothschild 3,645 5 7 8 GMP Securities 1,117 7 14 9 Macquarie Group 3,339 10 6 9 TD Securities 597 7 8 10 BMO Capital Markets 2,710 11 37 10 Goldman Sachs 4,854 6 19 11 UBS Investment Bank 2,659 4 14 11 Canaccord Adams 238 6 13 12 JPMorgan 2,541 4 18 12 Peters & Co 4,713 5 24 13 Genuity Capital Markets 2,065 4 21 13 Rothschild 3,645 5 - 14 HSBC Bank 2,028 1 17 14 National Bank Financial 685 5 22 15 FirstEnergy Capital 1,169 7 28 15 Cormark Securities 567 5

Financial Advisers to Central & South American M&A: Value Financial Advisers to Central & South American M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 6 1 UBS Investment Bank 9,259 8 1 1 UBS Investment Bank 9,259 8 48 2 Banco Bradesco 5,770 5 2 2 JPMorgan 2,359 7 2 3 Morgan Stanley 5,769 6 6 3 Morgan Stanley 5,769 6 5 4 Citigroup 3,871 6 4 4 Citigroup 3,871 6 1 5 Rothschild 3,860 3 35 5 Banco Bradesco 5,770 5 3 6 Credit Suisse 3,114 4 3 6 Credit Suisse 3,114 4 4 7 JPMorgan 2,359 7 5 7 Rothschild 3,860 3 24 8 BNP Paribas 2,186 2 15 8 Santander Global Banking and Markets 1,796 3 - 9 Vergent Partners 2,164 1 7 9 Goldman Sachs 953 3 64 10 Deutsche Bank 2,000 1 18 10 BNP Paribas 2,186 2 - 11 Banco Fator 1,895 1 46 11 Estater Assessoria Financeira 1,744 2 20 12 Santander Global Banking and Markets 1,796 3 31 12 HSBC Bank 1,606 2 22 13 Estater Assessoria Financeira 1,744 2 8 13 Bank of America Merrill Lynch 536 2 29 14 HSBC Bank 1,606 2 28 14 Jeff eries & Company 56 2 32 15= Banco Bilbao Vizcaya Argentaria 1,606 1 - 15 Vergent Partners 2,164 1 19 15= Royal Bank of Scotland Group 1,606 1

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 23 www.mergermarket.com Americas: League Tables of Financial Advisers

Financial Advisers to US (North East) M&A: Value Financial Advisers to US (North East) M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 8 1 Morgan Stanley 129,122 22 5 1 Morgan Stanley 129,122 22 1 2 Goldman Sachs 124,200 20 1 2 Goldman Sachs 124,200 20 3 3 JPMorgan 123,753 20 2 3 JPMorgan 123,753 20 2 4 Citigroup 97,165 12 8 4 UBS Investment Bank 6,474 18 18 5 Barclays Bank 87,973 5 7 5 Credit Suisse 16,995 14 4 6 Bank of America Merrill Lynch 81,936 13 3 6 Bank of America Merrill Lynch 81,936 13 16 7 Evercore Partners 72,615 3 10 7 Houlihan Lokey 1,272 13 11 8 Lazard 19,007 12 4 8 Citigroup 97,165 12 7 9 Credit Suisse 16,995 14 6 9 Lazard 19,007 12 22 10 Perella Weinberg Partners 13,653 1 11 10 Deutsche Bank 5,176 11 10 11 UBS Investment Bank 6,474 18 15 11 Rothschild 876 8 31 12 Blackstone Group Holdings 5,500 5 12 12 Jeff eries & Company 953 6 6 13 Deutsche Bank 5,176 11 23 13 Sandler O'Neill & Partners 362 6 73 14 Nomura Holdings 3,260 2 33 14 Barclays Bank 87,973 5 50 15 HSBC Bank 1,881 3 27 15 Blackstone Group Holdings 5,500 5

Financial Advisers to US (Mid-West) M&A: Value Financial Advisers to US (Mid-West) M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 3 1 Goldman Sachs 21,834 14 2 1 Goldman Sachs 21,834 14 2 2 Bank of America Merrill Lynch 13,204 10 16 2 Rothschild 10,785 11 19 3 Rothschild 10,785 11 1 3 Bank of America Merrill Lynch 13,204 10 8 4 Morgan Stanley 9,846 5 8 4 Citigroup 8,739 7 4 5 Citigroup 8,739 7 5 5 Credit Suisse 8,646 7 12 6 Credit Suisse 8,646 7 3 6 JPMorgan 7,984 6 1 7 JPMorgan 7,984 6 9 7 UBS Investment Bank 3,824 6 13 8 Barclays Bank 6,387 4 4 8 Houlihan Lokey 310 6 6 9 UBS Investment Bank 3,824 6 11 9 William Blair & Company 177 6 7 10 Deutsche Bank 3,703 4 7 10 Morgan Stanley 9,846 5 42 11= RBC Capital Markets 3,502 1 40 11 Keefe, Bruyette & Woods 208 5 - 11= Scotia Capital 3,502 1 19 12 Sandler O'Neill & Partners 91 5 25 13 PricewaterhouseCoopers 1,683 3 46 13 Barclays Bank 6,387 4 29 14 Piper Jaff ray & Co 849 3 20 14 Deutsche Bank 3,703 4 - 15 Paragon Capital Partners 587 1 6 15 Lazard 246 4

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 24 www.mergermarket.com Americas: League Tables of Financial Advisers

Financial Advisers to US (South) M&A: Value Financial Advisers to US (South) M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 1 1 Bank of America Merrill Lynch 17,012 15 1 1 Bank of America Merrill Lynch 17,012 15 3 2 Goldman Sachs 9,817 10 2 2 JPMorgan 7,952 15 14 3 Barclays Bank 8,208 8 6 3 UBS Investment Bank 5,364 13 2 4 JPMorgan 7,952 15 4 4 Houlihan Lokey 538 12 6 5 Citigroup 6,637 10 3 5 Goldman Sachs 9,817 10 5 6 UBS Investment Bank 5,364 13 8 6 Citigroup 6,637 10 4 7 Morgan Stanley 5,233 10 5 7 Morgan Stanley 5,233 10 32 8 Blackstone Group Holdings 4,200 2 38 8 Barclays Bank 8,208 8 20 9 Lazard 3,859 7 14 9 Deutsche Bank 3,568 8 16 10 Deutsche Bank 3,568 8 7 10 Credit Suisse 1,514 8 - 11 China International Capital 2,278 1 10 11 Lazard 3,859 7 8 12 Credit Suisse 1,514 8 21 12 Rothschild 1,428 7 23 13 Rothschild 1,428 7 9 13 Jeff eries & Company 1,098 7 12 14 Royal Bank of Scotland Group 1,349 2 30 14 Sandler O'Neill & Partners 95 7 - 15 Bank of China International Holdings 1,200 1 12 15 Wachovia 636 5

Financial Advisers to US (West) M&A: Value Financial Advisers to US (West ) M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 2 1 Goldman Sachs 76,511 20 3 1 Goldman Sachs 76,511 20 16 2 Greenhill & Co 47,173 2 1 2 Bank of America Merrill Lynch 35,807 18 14 3 Barclays Bank 44,599 12 6 3 Credit Suisse 24,369 15 3 4 Morgan Stanley 37,314 13 5 4 Morgan Stanley 37,314 13 4 5 Bank of America Merrill Lynch 35,807 18 37 5 Barclays Bank 44,599 12 1 6 JPMorgan 28,128 12 4 6 JPMorgan 28,128 12 7 7 Citigroup 25,563 8 7 7 UBS Investment Bank 6,622 12 10 8 Credit Suisse 24,369 15 12 8 Lazard 18,424 10 12 9 Deutsche Bank 19,866 8 9 9 Citigroup 25,563 8 13 10 Lazard 18,424 10 8 10 Deutsche Bank 19,866 8 9 11 Perella Weinberg Partners 13,653 1 2 11 Houlihan Lokey 394 7 11 12 Evercore Partners 8,600 4 20 12 Oppenheimer & Co 97 7 21 13 Rothschild 8,465 6 16 13 Rothschild 8,465 6 6 14 UBS Investment Bank 6,622 12 25 14 Piper Jaff ray & Co 1,449 6 - 15 Jamieson Corporate Finance 4,404 1 17 15 RBC Capital Markets 383 6

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 25 www.mergermarket.com Asia-Pacifi c: M&A roundup H1 2009

Asia-Pacific M&A Activity - Quarterly 150 800 Slowest quarter by deal volume in four years; yet deal value boost bucks global trend (incl Japan)

Value With only 370 deals announced so far this quarter, M&A activity in Asia-Pacifi c is continuing the downward trend Volum e 700 which has lasted for six quarters already, and seeing the slowest quarter in terms of deal volume since Q1 2005. 125

Deal volume in Q2 2009 so far is 41% lower than in Q2 2008. 600

However, regional deal value for the quarter-to-date has increased by 70% from Q1 2009 to $82.2bn – in sharp 100 500 contrast with global deal value which has declined by 46% over the same periods.

75 400 Asia-Pacifi c as a whole is playing an increasingly important role in global M&A deal-making, contributing 19.4% of the global deal value and 23% of the global deal volume for the fi rst half of the year, up from just under 18% Volume of Deals

Value of Deals ($bn) 300

for the fi rst half of 2008. 50

Overseas fi nancial institutions rush to offl oad Asian bank holdings 200

25 Thanks to the need for overseas fi nancial institutions to increase liquidity, the Financial Services sector has 100 accounted for over 23% of the total deal value in Asia-Pacifi c for the year-to-date.

0 0 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 In the past few months, several banking giants in Europe and the US have offl oaded their Asian operations or 03 03 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 Asian banking stocks. Citigroup has sold its holdings in for $7.8bn, having acquired them in 2007 Asia-Pacific Mid Market M&A Activity - Quarterly 30 500 for approximately $12.5bn. Bank of America has sold a 5.78% stake in China Construction Bank for $7.3bn, (incl Japan, $10m to $250m) after doubling its stake to almost 20% late last year. RBS has sold its 4.26% stake in Bank of China to Hopu Value 450 Investment Management for $2.4bn and is in discussion with potential bidders to sell its Asia-Pacifi c operations; Volum e 25 while Goldman Sachs placed a 0.9% stake in Bank of China on the market in June for some $1.9bn. 400

Increased scrutiny in the Energy, Mining & Utilities sector 350 20

300 Increased protectionist concern over mining assets in Australia has derailed several high profi le deals in the

Energy, Mining & Utilities sector. The $19.5bn deal between Chinalco and Rio Tinto (including $7.2bn con- 15 250 vertible bond component) lapsed in June after months of heated debates by politicians over national interest.

200 Volume of Deals

Minmetals’ $2.4bn acquisition of Oz Minerals also had to be revised to exclude the militarily sensitive Prominent Value of Deals ($bn) Hill assets following rejection from Australian regulators. 10 150

CITIC Securities and Ernst & Young rise to the top of league tables 100 5

The lapsing of the Chinalco-Rio Tinto deal has paved the way for Bank of America Merrill Lynch to move to sec- 50 ond place in the Asia-Pacifi c (excluding Japan) league table rankings by value with 16 deals valued at $17bn. 0 0 CITIC Securities, however, takes top spot with $18.2bn worth of deals. The most active fi nancial advisor for the Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Qtr 1 Qtr 2 03 03 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 year-to-date is Ernst & Young with 21 transactions valued at $5.8bn.

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 26 www.mergermarket.com Asia-Pacifi c: League Tables of Financial Advisers

League Table of Financial Advisers to Asia-Pacifi c ex. Japan M&A: Value League Table of Financial Advisers to Asia-Pacifi c ex. Japan M&A: Volume Y/E 2008 H1 2009 House Value (US$m) Deal Count Y/E 2008 H1 2009 House Value (US$m) Deal Count 3 1 CITIC Securities Co 18,233 3 4 1 Ernst & Young 5,844 21 5 2 Bank of America Merrill Lynch 16,976 16 6 2 Morgan Stanley 13,446 18 2 3 JPMorgan 14,453 13 10 3 Bank of America Merrill Lynch 16,976 16 7 4 Morgan Stanley 13,446 18 1 4 PricewaterhouseCoopers 2,477 16 16 5 Deutsche Bank 9,923 13 5 5 UBS Investment Bank 6,652 15 4 6 Citigroup 9,568 12 8 6 Deloitte 981 14 23 7 Nomura Holdings 9,318 13 11 7 JPMorgan 14,453 13 19 8 Royal Bank of Scotland Group 8,692 9 14 8 Deutsche Bank 9,923 13 11 9 Goldman Sachs 7,017 11 41 9 Nomura Holdings 9,318 13 6 10 UBS Investment Bank 6,652 15 9 10 Citigroup 9,568 12 30 11 Ernst & Young 5,844 21 2 11 Macquarie Group 3,527 12 14 12 Caliburn Partnership 5,752 4 7 12 Goldman Sachs 7,017 11 1 13 China International Capital 5,111 6 22 13 Somerley 2,393 11 45 14 Bank of China International Holdings 4,234 3 13 14 Credit Suisse 1,588 11 31 15 HSBC Bank 3,942 7 17 15 Royal Bank of Scotland Group 8,692 9 13 16 Macquarie Group 3,527 12 12 16 CIMB Group 329 9 15 17 Lazard 3,495 7 15 17 Rothschild 1,161 8 20 18 BNP Paribas 3,370 5 16 18 Optima Capital 1,080 8 36 19 JM Financial 3,266 3 37 19 HSBC Bank 3,942 7 29 20 3,244 4 24 20 Lazard 3,495 7

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 27 www.mergermarket.com Asia-Pacifi c: League Tables of Financial Advisers

League Table of Financial Advisers to Asia-Pacifi c ex. Japan Mid-Market M&A: Value League Table of Financial Advisers to Asia-Pacifi c ex. Japan Mid-Market M&A: Volume Y/E 2008 H1 2009 House Value (US$m) Deal Count Y/E 2008 H1 2009 House Value (US$m) Deal Count 10 1 Bank of America Merrill Lynch 1,597 9 4 1 Ernst & Young 388 10 23 2 Credit Suisse 893 6 11 2 Bank of America Merrill Lynch 1,597 9 4 3 UBS Investment Bank 767 4 1 3 PricewaterhouseCoopers 461 8 8 4 JPMorgan 738 5 18 4 Somerley 449 8 20 5 Lazard 578 4 5 5 CIMB Group 319 8 11 6 Citigroup 570 3 12 6 Deutsche Bank 446 7 2 7 PricewaterhouseCoopers 461 8 9 7 Optima Capital 411 7 16 8 Somerley 449 8 6 8 Deloitte 345 7 7 9 Deutsche Bank 446 7 22 9 Credit Suisse 893 6 24 10 Optima Capital 411 7 20 10 Morgan Stanley 411 6 15 11 Morgan Stanley 411 6 14 11 Rothschild 385 6 9 12 Ernst & Young 388 10 3 12 Macquarie Group 352 6 13 13 Rothschild 385 6 10 13 JPMorgan 738 5 28 14 BNP Paribas 363 2 38 14 Access Capital 300 5 - 15 Caliburn Partnership 357 2 7 15 UBS Investment Bank 767 4 1 16 Macquarie Group 352 6 27 16 Lazard 578 4 - 17 ING 351 2 34 17 Taifook Securities 237 4 6 18 Deloitte 345 7 8 18 OSK Investment Bank 201 4 31 19 China Merchants Securities 344 2 13 19 Citigroup 570 3 5 20 CIMB Group 319 8 - 20 BMR Advisors Private 235 3

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

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 28 www.mergermarket.com Asia-Pacifi c: Top Announced Deals H1 2009

Top 10 Announced Asia-Pacifi c Deals H1 2009 Announced Date Bidder Company Bidder Financial Advisor Target Company Target/Seller Financial Advisor Seller Company Deal Value (US$m) 16-May-09 China Yangtze Power Co Ltd CITIC Securities Co China Three Gorges Project China Three Gorges Project 15,818 Corporation (hydroelectricity Corporation generation assets and stakes in peripheral service companies)

01-May-09 Sumitomo Mitsui Banking Goldman Sachs Nikko Business Systems; Nikko Advising seller: Citigroup Citigroup Inc 7,822 Corporation Citigroup (domestic equity and debt underwriting business); Nikko Cordial Securities Inc; and Nikko Systems Solutions

13-May-09 BOCI Asia Limited; China Life Bank of China International China Construction Bank Advising seller: Bank of America Bank of America Corporation 7,319 Insurance (Group) Company; Holdings Corporation (5.78% stake) Merrill Lynch Hopu Investment Management Co Ltd; and Temasek Holdings Pte Ltd 11-May-09 Kirin Holdings Company Limited Deutsche Bank; JPMorgan Lion Nathan Limited (53.87% Caliburn Partnership 4,009 stake)

20-Apr-09 National Company Citigroup; Royal Bank of JSC MangistauMunaiGaz Bank of America Merrill Lynch; Medco Energy US LLC 3,300 KazMunaiGaz; and CNPC Scotland Group JPMorgan; Advising seller: Exploration and Development Morgan Stanley Company Limited

14-Jan-09 Hopu Investment Management Bank of China Limited (4.26% Advising seller: Bank of China Royal Bank of Scotland Group 2,381 Co stake) International Holdings; Morgan Plc Stanley; Royal Bank of Scotland Group

12-Jun-09 Ping An Insurance (Group) China International Capital Shenzhen Development Bank Not disclosed TPG LLP; and Newbridge 2,278 Company of China Ltd Co Ltd (16.76% stake) Capital Group LLC

24-May-09 PetroChina International Deutsche Bank Singapore Petroleum Company Keppel Oil and Gas Services 2,267 (Singapore) Pte Ltd Limited Pte

02-Feb-09 Government of Kazakhstan BTA Bank JSC (78% stake) 2,027

16-Mar-09 Tianjin Port Development Bank of America Merrill Lynch; Tianjin Port Company Limited CITIC Securities Co Tianjin Port (Group) Company 1,936 Holdings Ltd Morgan Stanley; Somerley (56.81% stake) Limited

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 29 www.mergermarket.com Asia-Pacifi c: Breakdown of Announced Deals H1 2009

Mix of Announced Asia-Pacific Deals by Industry Sector H1 2009 - Value Mix of Announced Asia-Pacific Deals by Industry Sector H1 2009 - Volume Pharma, Medical & Biotech Agriculture Agriculture Construction 1.7% 0.5% 1.0% 2.3%

Real Estate Real Estate 3.5% 1.9% Construction Transport Industrials & Chemicals 3.8% Industrials & Chemicals 2.9% 7.3% 17.2% Pharma, Medical & Biotech Leisure 4.9% 1.8%

Telco Transport 5.6% 4.5%

Media 0.4% Financial Services 23.4% Leisure 3.6%

Technology Telco 4.7% 1.8% Financial Services 11.1% Media 2.6%

Technology 8.7%

Business Services 4.0% Business Services 10.9%

Energy, Mining & Utilities 29.1%

Energy, Mining & Utilities Consumer 12.8% 14.3% Consumer 13.7%

Mix of Announced Asia-Pacific Deals by Geographic Region H1 2009 - Value Mix of Announced Asia-Pacific Deals by Geographic Region H1 2009 - Volume

Other Philippines Malaysia 6.5% Other 5.1% Malaysia 0.6% 8.6% Japan 1.7% 16.8% Philippines Indonesia 2.2% 1.4% Indonesia Japan 3.1% 28.1% South Korea 4.6% South Korea Hong Kong 5.0% 1.6%

Hong Kong India 5.6% 8.5%

China 21.2%

India 8.1%

Australia China 13.1% 24.7% Australia 33.7%

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 30 www.mergermarket.com Asia-Pacifi c: League Tables of Financial Advisers

Financial Advisers to Asia (ex. Japan & Australasia) M&A: Value Financial Advisers to Asia (ex. Japan & Australasia) M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 2 1 CITIC Securities Co 18,233 3 6 1 Morgan Stanley 13,446 18 5 2 Bank of America Merrill Lynch 16,606 14 2 2 Ernst & Young 5,279 17 6 3 Morgan Stanley 13,446 18 5 3 Bank of America Merrill Lynch 16,606 14 19 4 Nomura Holdings 8,542 12 36 4 Nomura Holdings 8,542 12 3 5 JPMorgan 8,501 10 4 5 Citigroup 7,962 11 4 6 Citigroup 7,962 11 8 6 UBS Investment Bank 4,886 11 29 7 Royal Bank of Scotland Group 6,964 4 1 7 PricewaterhouseCoopers 2,464 11 11 8 Goldman Sachs 6,294 7 20 8 Somerley 2,393 11 13 9 Deutsche Bank 5,835 10 11 9 JPMorgan 8,501 10 31 10 Ernst & Young 5,279 17 13 10 Deutsche Bank 5,835 10 1 11 China International Capital 5,111 6 3 11 CIMB Group 329 9 10 12 UBS Investment Bank 4,886 11 7 12 Credit Suisse 1,429 8 39 13 Bank of China International Holdings 4,234 3 14 13 Optima Capital 1,080 8 30 14 JM Financial 3,266 3 10 14 Goldman Sachs 6,294 7 25 15 Standard Chartered 3,244 4 - 15 BMR Advisors Private 249 7

Financial Advisers to Greater China M&A: Value Financial Advisers to Greater China M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 2 1 CITIC Securities Co 18,233 3 4 1 Morgan Stanley 8,674 12 4 2 Bank of America Merrill Lynch 13,275 6 5 2 Somerley 2,393 11 8 3 Morgan Stanley 8,674 12 1 3 Optima Capital 1,080 8 1 4 China International Capital 5,111 6 18 4 CIMB Group 262 7 19 5 Bank of China International Holdings 4,234 3 23 5 Bank of America Merrill Lynch 13,275 6 3 6 JPMorgan 4,071 3 3 6 China International Capital 5,111 6 52 7 Royal Bank of Scotland Group 4,031 2 32 7 Taifook Securities 251 6 11 8 Goldman Sachs 3,486 4 14 8 Deutsche Bank 3,173 5 13 9 Deutsche Bank 3,173 5 24 9 Access Capital 300 5 12 10 Somerley 2,393 11 11 10 Goldman Sachs 3,486 4 - 11 Grant Samuel 2,157 3 7 11 PricewaterhouseCoopers 2,104 4 33 12 PricewaterhouseCoopers 2,104 4 64 12 Nomura Holdings 1,977 4 95 13 Nomura Holdings 1,977 4 16 13 KPMG 777 4 9 14 UBS Investment Bank 1,911 3 48 14 Deloitte 125 4 90 15 Guotai Junan Securities Co 1,855 2 8 15 CITIC Securities Co 18,233 3

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 31 www.mergermarket.com Asia-Pacifi c: League Tables of Financial Advisers

Financial Advisers to Australasian M&A: Value Financial Advisers to Australasian M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 9 1 JPMorgan 7,058 6 1 1 Macquarie Group 3,113 11 3 2 Caliburn Partnership 5,752 4 2 2 Deloitte 820 10 2 3 UBS Investment Bank 5,125 8 5 3 UBS Investment Bank 5,125 8 12 4 Deutsche Bank 4,859 5 7 4 JPMorgan 7,058 6 4 5 Macquarie Group 3,113 11 8 5 Ernst & Young 607 6 1 6 Grant Samuel 2,196 4 14 6 Deutsche Bank 4,859 5 8 7 Goldman Sachs 2,109 5 6 7 Goldman Sachs 2,109 5 10 8 Citigroup 1,844 3 9 8 Royal Bank of Scotland Group 1,728 5 14 9 Gryphon Partners 1,781 3 10 9 Rothschild 1,099 5 45 10 BNP Paribas 1,735 2 17 10 Gresham Advisory Partners 808 5 11 11 Royal Bank of Scotland Group 1,728 5 4 11 PricewaterhouseCoopers 13 5 - 12 Genuity Capital Markets 1,695 1 13 12 Caliburn Partnership 5,752 4 - 13= Banco Bilbao Vizcaya Argentaria 1,606 1 12 13 Grant Samuel 2,196 4 - 13= HSBC Bank 1,606 1 16 14 Citigroup 1,844 3 25 13= Santander Global Banking and Markets 1,606 1 47 15 Gryphon Partners 1,781 3

Financial Advisers to Japanese M&A: Value Financial Advisers to Japanese M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 13 1 Citigroup 11,787 16 1 1 Nomura Holdings 10,443 40 1 2 Nomura Holdings 10,443 40 3 2 Daiwa Securities Group 4,224 30 2 3 Goldman Sachs 9,420 4 4 3 Mizuho Financial Group 3,780 27 8 4 Daiwa Securities Group 4,224 30 5 4 Citigroup 11,787 16 21 5 Deutsche Bank 4,154 2 7 5 GCA Savvian 588 13 32 6= Caliburn Partnership 4,009 1 9 6 PricewaterhouseCoopers 1,423 10 11 6= JPMorgan 4,009 1 2 7 Mitsubishi UFJ Securities Co 2,015 9 12 8 Mizuho Financial Group 3,780 27 17 8 Deloitte 362 7 - 9 Standard Chartered 2,607 2 11 9 Ernst & Young 2,153 6 20 10 Ernst & Young 2,153 6 18 10 Credit Suisse 1,377 5 5 11 UBS Investment Bank 2,129 3 6 11 Goldman Sachs 9,420 4 4 12 Morgan Stanley 2,099 3 8 12 KPMG 995 4 7 13 Mitsubishi UFJ Securities Co 2,015 9 13 13 Bank of America Merrill Lynch 480 4 15 14 PricewaterhouseCoopers 1,423 10 12 14 UBS Investment Bank 2,129 3 10 15 Credit Suisse 1,377 5 10 15 Morgan Stanley 2,099 3 - 15= ING 668 1

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 32 www.mergermarket.com Asia-Pacifi c: League Tables of Financial Advisers

Financial Advisers to South East Asian M&A: Value Financial Advisers to South East Asian M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 2 1 Citigroup 4,364 5 8 1 Citigroup 4,364 5 15 2 Bank of America Merrill Lynch 3,814 3 22 2 Deutsche Bank 3,129 5 8 3 JPMorgan 3,635 2 11 3 UBS Investment Bank 2,230 5 4 4 Morgan Stanley 3,345 3 2 4 OSK Investment Bank 201 4 23 5 Deutsche Bank 3,129 5 13 5 Bank of America Merrill Lynch 3,814 3 21 6 Standard Chartered 2,942 3 10 6 Morgan Stanley 3,345 3 46 7 Royal Bank of Scotland Group 2,883 2 29 7 Standard Chartered 2,942 3 16 8 UBS Investment Bank 2,230 5 - 8 Nomura Holdings 2,062 3 - 9 Nomura Holdings 2,062 3 9 9 AmInvestment Bank 207 3 66 10 Ernst & Young 1,233 1 1 10 CIMB Group 104 3 10 11 Macquarie Group 749 2 14 11 JPMorgan 3,635 2 1 12 Credit Suisse 681 2 55 12 Royal Bank of Scotland Group 2,883 2 26 13= ANZ Bank 369 1 6 13 Macquarie Group 749 2 12 13= ING 369 1 3 14 Credit Suisse 681 2 - 15= Emindobiz 212 1 - 15 Somerley 21 2 - 15= Truscel Capital 212 1

Financial Advisers to Indian M&A: Value Financial Advisers to Indian M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 2 1 Citigroup 3,598 5 1 1 Ernst & Young 2,192 11 10 2 JM Financial 3,266 3 - 2 BMR Advisors Private 249 7 19 3 Kotak Investment Banking 2,532 3 5 3 Citigroup 3,598 5 14 4 Ernst & Young 2,192 11 4 4 Bank of America Merrill Lynch 2,164 4 1 5 Bank of America Merrill Lynch 2,164 4 8 5 Avendus Capital 615 4 4 6 Morgan Stanley 1,954 2 15 6 JM Financial 3,266 3 55 7= Barclays Bank 1,700 1 9 7 Kotak Investment Banking 2,532 3 31 7= Royal Bank of Scotland Group 1,700 1 21 8 UBS Investment Bank 745 3 6 9 Nomura Holdings 1,312 2 7 9 PricewaterhouseCoopers 175 3 18 10 UBS Investment Bank 745 3 - 10 o3 Capital Advisors 18 3 30 11 Avendus Capital 615 4 13 11 Morgan Stanley 1,954 2 8 12 Goldman Sachs 578 1 27 12 Nomura Holdings 1,312 2 11 13 Ambit Corporate Finance 337 1 3 13 ICICI Bank 256 2 21 14 ICICI Bank 256 2 17 14 Rothschild 53 2 - 15 BMR Advisors Private 249 7 19 15 Singhi Advisors 15 2

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 33 www.mergermarket.com Asia-Pacifi c: League Tables of Financial Advisers

Financial Advisers to South Korean M&A: Value Financial Advisers to South Korean M&A: Volume Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count Y/E 2008 H1 2009 Company Name Value (US$m) Deal Count 6 1 JPMorgan 3,753 3 1 1 PricewaterhouseCoopers 539 6 21 2 Nomura Holdings 3,191 3 2 2 Ernst & Young 1,842 4 9 3 Morgan Stanley 2,869 3 6 3 JPMorgan 3,753 3 - 4 ING 1,917 2 15 4 Nomura Holdings 3,191 3 17 5 Ernst & Young 1,842 4 8 5 Morgan Stanley 2,869 3 15 6 Korea Investment & Securities 1,810 2 - 6 ING 1,917 2 26 7= Samsung Securities 1,805 1 9 7 Korea Investment & Securities 1,810 2 7 7= Woori Investment & Securities 1,805 1 13 8 Credit Suisse 179 2 14 9= Deutsche Bank 1,800 1 17 9= Samsung Securities 1,805 1 8 9= Goldman Sachs 1,800 1 4 9= Woori Investment & Securities 1,805 1 19 9= HSBC Bank 1,800 1 14 11= Deutsche Bank 1,800 1 - 9= Lazard 1,800 1 18 11= Goldman Sachs 1,800 1 - 13 Cowen and Company 968 1 22 11= HSBC Bank 1,800 1 3 14 PricewaterhouseCoopers 539 6 - 11= Lazard 1,800 1 20 15= Hana Daetoo Investment Bank 378 1 - 15 Cowen and Company 968 1 - 15= KB Investment & Securities 378 1

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 34 www.mergermarket.com Criteria

The global H1 2009 house league tables are based on announced transactions over US$ 5m in the period from 1 January 2009 to 17 June 2009. Deals with undisclosed deal values are included where the target’s turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$ 100m. Activities excluded from the league tables include property transactions and restructurings where the ultimate shareholders’ interests are not changed. League tables are based on the dominant geography of the target, bidder or seller.

The trend graphs and pie charts are based on the dominant industry and/or dominant geography of the target and include announced transactions over US$ 5m in the given time period. Deals with undis- closed deal values are included where the target’s turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$ 100m. Activities excluded from the graphs and charts include property transactions and restructurings where the ultimate shareholders’ interests are not changed.

The top deals tables are based on announced transactions between 1 January 2009 and 17 June 2009 and are based on dominant geography of the target only.

Unless stated otherwise, all data excludes lapsed and withdrawn bids.

All data correct as of 18 June 2009.

Nordic: Denmark, Sweden, Finland, Norway, Faroe Islands, Greenland and Iceland Benelux: Belgium, the Netherlands and Luxembourg Iberia: Portugal and Spain CEE: Armenia, Azerbaijan, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Hungary, Latvia, Lithuania, Macedonia, Moldova, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Ukraine

US (Mid-West): llinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Wisconsin US (North East): Connecticut, Maine, Massachusetts, New Hamshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont US (South): Alabama, Arkansas, Delaware, District of Columbia, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, West Virginia US (West): Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming

Greater China: China, Hong Kong, Macau, Taiwan South East Asia: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, Vietnam

Press Release: mergermarket Preliminary Global M&A Round-up for H1 2009 35 www.mergermarket.com About mergermarket

mergermarket is a mergers & acquisitions (M&A) intelligence service.

mergermarket is part of The Mergermarket Group which has over 450 employees worldwide and regional head offices in New York, London and Hong Kong.

In any market, the life blood of advisers is deal flow. mergermarket is unique in the provision of origination intelligence to the investment banking, Financial, private equity, acquisition finance, public relations (PR) and corporate markets.

With an unrivalled network of analysts covering M&A in the Amerias, Europe, Middle-East, Africa and Asia-Pacific, mergermarket generates proprietary intelligence and delivers it together with daily aggregated content, on its mergermarket.com platform and by real-time email alerts to subscribers.

This wealth of intelligence, together with a series of deal databases, individual and house league tables, profiles and editorial have proven time and time again that this product can and does generate real revenues for clients. This is apparent when you see that mergermar- ket is used by over 1500 of the world’s foremost advisory firms to assist in their origination process.

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Contact: 91 Brick Lane 11 West 19th Street Suite 2001 London, E1 6QL 4nd Floor Grand Millennium Plaza United Kingdom New York 181 Queen’s Road, Central NY 10011, USA Hong Kong Europe & Americas Asia-Pacifi c: t: +44 (0)20 7059 6100 t: +1 212-686-5606 t: +852 2158 9700 f: +44 (0)20 7059 6101 f: +1 212-686-2664 f: +852 2158 9701 [email protected] [email protected] [email protected] Hannah Bagshawe Seye Im [email protected] [email protected] Tel: +44 20 7059 6118 Tel: +852 2158 9706

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