press release mergermarket M&A Round-up for Year End 2011 January 3 2012, for immediate release

PRESS CONTACTS

EMEA: Flora Wilke : Dara Silverstein -Pacific: Michel Chau [email protected] [email protected] [email protected] Tel: +44 207 059 6348 Tel: +1 646 3783118 Tel: +852 2158 9706

www.mergermarket.com mergermarket M&A Round‑up for Year End 2011

CONTENTS: Global M&A up 2.5% in 2011 2 mergermarket M&A Round‑up Global M&A in 2011 totalled US$ 2,178.4bn, up 2.5% from the same period in 2010 (US$ 2,125.9bn), in the busiest year since 2008 which saw US$ 2,405.8bn-worth of deals. Activity was, however, down for four successive quarters, with US$ 432bn-worth of deals announced globally in the 3 Global M&A Overview fourth quarter of 2011, down 22.5% from Q3 2011. 6 - Mid-Market 7 - Private Equity remains on top 9 - Emerging Markets Goldman Sachs topped the global M&A financial advisory tables by total deal value for 2011, having advised on 309 deals worth US$ 593.4bn. Goldman worked on five of the ten largest deals announced last year. 10 - Premia and Multiples Analysis 11 - Deal Type/Deal Value Breakdown US M&A strong in 2011 though dipping at end of year 12 - Consideration Structure/ The US saw the announcement of US$ 820.6bn-worth of deals in 2011, the highest annual total deal value since 2007 (US$ 1,328.1bn), and 14.4% higher than 2010 (US$ 717.2bn). Activity, however, waned in Q4 with a decrease of 9.3% compared to Q3. Insolvency 13 - Demerger Emerging Market M&A down in spite of strong cross border deal flow 14 - Global M&A Overview Emerging market deal activity in 2011 decreased 11.7% from the same period in 2010. However, inbound cross-border activity into emerging market countries in 2011 added up to US$ 200.3bn, up 19.1% compared to 2010 (US$ 168.2bn) and was the highest annual total on mergermar- 16 - European M&A Overview ket record. 29 - US M&A Overview 39 - Asia -Pacific (ex.Japan) M&A Private Equity Buyouts strongest since 2008 Overview 2011 was the strongest year for buyout activity since 2008, with deals announced with a total value of US$ 277.7bn, a 15.3% increase from the same period in 2010. The proportion of global M&A activity in 2011 accounted for by buyouts was 12.9%, up from 11.3% in 2010 and the highest 49 - Africa & Middle East M&A proportion since 2007. Overview 52 - Criteria/About mergermarket Highest exit premiums in US and since 2008 Last year was the first to see an upward trend in exit premiums in the US and Europe since 2008. European average premiums on private equity exits in 2011 were at their highest levels on mergermarket record (since 2001). PRESS CONTACTS: EMEA: Flora Wilke Energy, Mining & Utilities top sector in 2011 The Energy, Mining & Utilities sector saw the highest total value of M&A deals in 2011, accounting for 25.6% of global M&A deals announced, with [email protected] deals totalling US$ 557.7bn. Industrials & Chemicals followed with US$ 365bn-worth of deals. Tel: +44 207 059 6348 Americas: Dara Silverstein Busy year for Cross-border M&A [email protected] 2011 was the busiest year for cross-border M&A since 2008. Cross-border deals between individual countries accounted for 41.5% of global M&A activity, the second highest proportion since 2007. Tel: +1 646 378 3118 Asia-Pacific:Michel Chau European M&A for the year valued US$ 697.9bn, up 4.8% from 2010 (US$ 665.9bn) [email protected] Q4 2011 saw US$ 116.3bn-worth of deals, a 28.7% drop from the previous quarter (US$ 163.1bn in Q3). Tel: +852 2158 9706 Asia-Pacific M&A valued US$ 336.1bn, down 10.8% from 2010 (US$ 376.9bn) Q4 activity was down 31.9%, from US$ 100bn in Q3 to US$ 68bn.

Press Release: mergermarket M&A Round-up for Year End 2011 2 www.mergermarket.com Global M&A Overview

Global M&A for the year to date totalled US$ 2,178.4bn, up 2.5% from the same period in 2010 (US$ 2,125.9bn), making it the busiest year since 2008 (which saw US$ 2,405.8bn). 12,455 deals were announced in 2011, 1.3% Global M&A Activity - Quarterly below the number for 2010 (12,296 deals). 1,300 4,500 RoW M&A Activity did, however, decrease over four successive quarters, with US$ 432bn-worth of deals announced globally 4,250 in the fourth quarter of 2011, down 22.5% from Q3 2011 (US$ 557.5bn). Fourth quarter activity was 39% lower than 1,200 Asia-Pacific ex Jp M&A in Q4 2010 (US$ 708.1bn), with the lowest quarterly total since Q3 2009 (US$ 325.4bn). US M&A 4,000 1,100 European M&A 3,750 The largest deal of the year was Kinder Morgan’s US$ 37.4bn offer to acquire US-based El Paso, announced in 1,000 Volume 3,500 October, in the largest corporate deal since ExxonMobil’s US$ 40.6bn acquisition of XTO Energy in December 2009. 3,250 900 3,000 2011 was the busiest year for cross-border M&A since 2008, in spite of a gradual slowdown in M&A activity after the 800 2,750 first half of the year. Cross-border deals (by individual countries) announced in 2011 added up to US$ 874.4bn and 2,500 regional cross-border deals were up to US$ 593bn, an increase of 9.8% and 19.6% respectively since 2010, which 700 2,250 saw US$ 796.7bn-worth by country and US$ 495.7bn-worth by region. The year saw cross-border deals between 600 individual countries accounting for 41.5% of global M&A activity, the second highest proportion since 2007 when 2,000

US$ 1,564.4bn-worth accounted for 42.8%. 500 1,750 of Volume Deals 1,500

Value ofValue Deals (US$bn) 400 The Energy, Mining & Utilities sector was the sector with the highest total value of M&A deals in 2011, with deals 1,250 totalling US$ 557.1bn, up 3.6% from 2010 (US$ 537.7bn) and accounting for 25.6% of global M&A deals in 2011 300 1,000

200 750 Goldman Sachs topped the global M&A financial advisory tables by total deal value last year, having displaced 500 JPMorgan which led after the first quarter. Goldman Sachs, which was behind in the rankings in 100 2010, now leads (with Morgan Stanley in second) by more than US$ 141.7bn. Goldman worked on five of the ten 250 largest deals announced in 2011. 0 0 The top ten firms in the global M&A financial advisory tables saw an average increase of 3.5% in the total value of deals worked on last year as compared with 2010. , ranked fourth, was the top ranking non-US firm in the advisory tables, and there were nine other non-US firms in the top 20 rankings.

Global M&A Deal Size Breakdown - Deal Value Global Cross Border M&A Analysis - Value

1,500 4,000 Global Cross Border (regions) 1,400 Global M&A Global Cross Border (individual countries) 3,500 1,300

1,200 3,000 1,100

1,000 2,500 900

800 2,000 700

Value ofValue Deals (US$bn) 1,500 600 Value ofValue Deals ($bn) 500 1,000 400

300 500 200

100 0 2004 2005 2006 2007 2008 2009 2010 2011 0

$0m - $500m $501m - $2,000m $2,001 - $10,000m mega deals (over $10,001bn)

Press Release: mergermarket M&A Round-up for Year End 2011 3 www.mergermarket.com Global M&A Overview: Industry and Geography Breakdown

Y/E 2011 Y/E 2010 Change Sector Value ($bn) market share Deal count Value ($bn) market share Deal count Value (%) Deal count Energy, Mining & Utilities 557.1 25.6% 1,148 537.7 25.3% 1,327 3.6% -179 Industrials & Chemicals 365.0 16.8% 2,511 264.6 12.4% 2,218 38.0% 293 270.8 12.4% 1,088 288.6 13.6% 1,209 -6.2% -121 Pharma, Medical & Biotech 197.0 9.0% 953 182.5 8.6% 939 7.9% 14 Consumer 183.3 8.4% 1,651 180.4 8.5% 1,492 1.6% 159 Technology 145.3 6.7% 1,326 95.9 4.5% 1,258 51.6% 68 Telecommunications 102.7 4.7% 150 177.2 8.3% 207 -42.1% -57 Business Services 89.8 4.1% 1,550 120.3 5.7% 1,521 -25.3% 29 Real Estate 80.7 3.7% 207 55.8 2.6% 265 44.7% -58 Transport 51.1 2.3% 385 90.5 4.3% 363 -43.5% 22 Leisure 48.2 2.2% 454 37.1 1.7% 417 30.1% 37 Media 42.0 1.9% 393 33.6 1.6% 366 24.9% 27 Construction 28.5 1.3% 450 42.4 2.0% 508 -32.8% -58 Agriculture 9.8 0.4% 149 12.5 0.6% 149 -21.9% 0 Defence 7.1 0.3% 40 6.6 0.3% 54 8.2% -14 Total 2,178.4 12,455 2,126 12,293 2.5% 162

Mix of Announced Deals by Geographic Region 2011 - Value Mix of Announced Deals by Geographic Region 2011 - Volume South East Asia South & Central Asia South East Asia South & Central Asia 2.7% 1.7% 2.3% 2.1% Af rica & Middle East Af rica & Middle East Australasia 2.5% 1.7% Australasia 3.9% 3.7% Japan Japan 2.8% 3.1% North America 31.6% North Asia North Asia 7.9% 7.6% North America 41.6% Central & Eastern Europe Central & Eastern Europe 5.1% 5.1%

Northern Europe 3.2% Northern Europe 5.7%

Southern Europe Central & South America 6.3% 4.9% Southern Europe 6.2%

Western Europe Western Europe 17.4% 24.8% Central & South America 6.1%

Press Release: mergermarket M&A Round-up for Year End 2011 4 www.mergermarket.com Global M&A Overview: Top Deals

Activity Table of Global M&A for Y/E 2011 Announced Bidder Company Bidder Financial Advisor Target Company Target/Seller Financial Advisor Seller Company Deal Value Date (US$m) 16-Oct-11 Kinder Morgan Inc Capital; Partners El Paso Corporation Goldman Sachs; Morgan Stanley 37,439

21-Jul-11 Express Scripts Inc ; Credit Suisse Medco Health Solutions Inc Foros; JPMorgan; 33,430

10-Jan-11 Duke Energy Corporation of America Lynch; Progress Energy Inc Barclays Capital; Lazard 25,825 JPMorgan

22-Sep-11 Nippon Steel Corporation Merrill Lynch; Sumitomo Metal Industries Ltd ; Deutsche 22,474 JPMorgan; Mizuho Financial Group; (90.6% Stake) Bank; Goldman Sachs; Sumitomo Morgan Stanley Mitsui Financial Group

27-Apr-11 Johnson & Johnson Goldman Sachs Synthes GmbH Credit Suisse 21,191

21-Sep-11 United Technologies Corporation Goldman Sachs; JPMorgan Goodrich Corporation Citigroup; Credit Suisse 17,861

31-Jan-11 AMB Property Corporation JPMorgan ProLogis Morgan Stanley 14,833

18-Jan-11 Cargill Inc (Shareholders) Perella Weinberg Partners; UBS The Mosaic Company (40% Stake) JPMorgan; Lazard; Credit Suisse Cargill Inc 14,808 Investment Bank 14-Jul-11 BHP Billiton Ltd Barclays Capital; Scotia Capital Petrohawk Energy Corporation Goldman Sachs 14,760

13-Jan-11 Marathon Oil Corporation Marathon Petroleum Corporation Morgan Stanley Marathon Oil Corporation 14,667 (Shareholders)

Press Release: mergermarket M&A Round-up for Year End 2011 5 www.mergermarket.com Global M&A Overview: Mid-market M&A Activity (US$ 250m to US$ 2bn)

The global mid-market saw the announcement of US$ 165bn-worth of M&A deals in Q4 2011, bringing the total deal value for the year to US$ 788.9bn. The quarter’s total was 34.1% lower than the same period in 2010 (US$ Global Mid-Market M&A Activity - Quarterly RoW M&A 250.5bn in Q4 2010), and 20.3% lower than the previous quarter (US$ 207.1bn in Q3 2011). The second half of 2011 350 Asia-Pacific ex Jp Mid-Market M&A 50.0% US Mid-Market M&A saw a decrease of 10.7% compared to the first, and the total value of mid-market M&A in 2011 decreased by 0.3% European Mid-Market M&A % of Global M&A 45.0% compared to 2010, although it was 61.9% higher than the total for 2009. 300 40.0%

250 All regions saw a decrease in mid-market M&A in Q4 2011 compared with the previous quarter. Africa & the Middle 35.0%

East and the Central & South America regions saw the largest decreases with the announcement of mid-market 30.0% 200

deals adding up to US$ 4.1bn and US$ 9.7bn respectively, a 42.1% decrease for Africa & and the Middle East (US$ 25.0%

7.2bn in Q3 2011) and a 38.3% decrease for Central & South America (US$ 15.6bn in Q3 2011). All regions also saw 150 Global M&A 20.0%

a lower total value of mid-market M&A for Q4 2011 than in the same period the previous year, with the exception % of

of Japan, which saw US$ 4.4bn worth of deals in Q4 2011, a 15.3% increase compared to Q4 2010 (US$ 3.8bn). ofValue Deals ($bn) 100 15.0%

Energy, Mining & Utilities was the most active sector in the global mid-market in 2011, accounting for 23.2% of all 10.0% mid-market activity. The Leisure sector saw the biggest increase in mid-market activity with US$ 25.9bn-worth of 50 5.0% deals announced in 2011, 61% higher than in 2010 (US$ 16.1bn). The Telecommunications and Agriculture sectors 0 0.0% showed a 56% decrease from 2010 with US$ 20.1bn and US$ 3.5bn respectively, down from US$ 45.6bn and US$ 7.8bn in 2010.

Goldman Sachs topped the mid-market financial advisor league tables with US$ 127.2bn-worth of deals, maintaining its lead from 2010. With a 13.7% decrease in the value of deals worked on compared to the previous year (down to US$ 89.2bn from US$ 103.3bn), Morgan Stanley was in second place – also maintaining its position from 2010. Global Mid-Market Financial Adviser League Tables Y/E 2011: Value Mid Market M&A Industry Breakdown 2011 - Value

Ranking 2011 2010 Pharma, Medical & Biotech 6.7% Financial Services Company Value Deal Value % Val. 12.9% Technology Y/E 2011 Y/E 2010 Name (US$bn) Count (US$bn) Change 7.8% Business Services 1 1 Goldman Sachs 127.2 156 126.1 0.9% 6.1%

2 2 Morgan Stanley 89.2 111 103.3 -13.7% Consumer Media 10.8% 2.3% 3 4 JPMorgan 81.3 114 93.5 -13.0% Transport 2.8% 4 3 Credit Suisse 80.4 106 96.0 -16.3% Real Estate 5 5 Bank of America Merrill Lynch 79.5 111 75.7 5.0% 3.5% Leisure 6 7 72.0 89 70.7 1.7% 3.3%

7 6 UBS Investment Bank 71.5 89 73.6 -2.9% Industrials & Chemicals Telecommunications 15.6% 2.5% 8 9 Citigroup 63.7 87 60.7 5.0% Construction 1.5% 9 8 Barclays Capital 55.2 71 68.8 -19.7% Agriculture 0.4%

10 10 Rothschild 54.0 79 51.8 4.3% Defence Energy, Mining & Utilities 0.5% 23.2%

Press Release: mergermarket M&A Round-up for Year End 2011 6 www.mergermarket.com Global M&A Overview: Private Equity Buyouts

Private equity-backed buyouts in Q4 2011 added up to US$ 52.4bn, 33.7% less than the previous Global Private Equity Buyout Activity - Quarterly quarter (US$ 79bn in Q3 2011), and the lowest total since Q2 2010 (US$ 51.4bn). The year as a whole, however, was the strongest for buyout activity since 2008, with deals announced with a total value of 400 35% Rest of the World (Value) US$ 277.7bn, a 15.3% increase on the US$ 240.8bn in 2010. The proportion of global M&A activity in Asia-Pacific ex Japan (Value) 350 2011 accounted for by buyouts was 12.9%, up from 11.3% in 2010 and the highest proportion since US (Value) 30% 2007 (23%). Europe (Value) Buyouts (% of Total M&A) 300 The decrease in buyout activity seen in Q4 2011 was spread across all markets. European buyouts 25% in Q4 (US$ 17.6bn) were down 40% compared to Q3 2011 (US$ 29.4bn), US buyouts (US$ 25.3bn) 250 were down 4.9% compared to Q3 2011 (US$ 26.6bn) and Asia-Pacific buyouts (US$ 5.7bn) were down 20% 66.9% compared to the previous quarter (US$ 17.2bn). 200

15%

On leveraged buyouts (US$ 200m+ and excluding buy-ins), private equity firms raised, on average, ofValue Deals ($bn) 150

debt financing of 6.0x EBITDA last year, the highest level since 2007 (6.6x). Meanwhile, debt financing of Global M&A Percentage 10% on LBOs reached an average of 55.5% of total funding per deal in 2011, down from 59.3% in the full 100 year of 2010, and slightly up from 54.1% in 2009. 5% 50 2011 saw 69 large-cap deals (US$ 1bn+), with a total value of US$ 150.4bn, up 27.7% compared to the previous year’s US$ 117.8bn (59 deals). The largest buyout of the year was the acquisition of the 0 0% US operations of Centro Properties Group for US$ 9.4bn, announced by Blackstone Group in March.

Barclays Capital was the most active financial advisor on buyouts in 2011, advising on 21 buyouts with a total value of US$ 37.2bn. The Carlyle Group was the most active private equity house by deal count in 2011, with 28 buyouts with a total value of US$ 9bn. Both companies retain their top positions from 2010. Global Debt Financing Ratios Trend (US$200m+ buyouts, excluding buy-ins) 7 80% Debt/EBITDA Multiple (x) Debt/Total Funding (%) 70% Top 10 Global private equity firms Y/E 2011 - buyouts by deal count 6

Ranking House Value (US$m) Deal Count 60% 5 1 The Carlyle Group 8,992 28 50% 2 H.I.G. Capital 342 17 4

3 Blackstone Group 19,556 16 40%

4 Sun Capital Partners 652 16 3 5 Lloyds TSB Development Capital 597 16 (x) Debt/EBITDA 30% Debt/Total Funding (%) 6 The Riverside Company 30 16 2 20% 7 Bridgepoint Capital 4,172 14

1 8 Advent International 4,428 12 10% 9 Kohlberg Kravis Roberts 18,053 11 10 EQT Partners 3,270 11 0 0% 2004 2005 2006 2007 2008 2009 2010 2011

Press Release: mergermarket M&A Round-up for Year End 2011 7 www.mergermarket.com Global M&A Overview: Private Equity Exits

Private equity exits via secondary buyouts and trade sales in 2011 were up 13.8% from 2010, with a total value of US$ 252.5bn compared to US$ 221.8bn in 2010. This was the strongest performance Trade Sales vs SBO Exit Activity - Quarterly since 2007 which saw US$ 389.5bn. Q4 2011 saw US$ 30.4bn-worth of exits, down 53.9% from Q3 150 100% 2011 (US$ 65.9bn), and was the second lowest Q4 period in the last seven years after Q4 2008 (US$ Trade Sales (Value) 15.7bn). 140 SBOs (Value) Trade Sales (% of total exits) 90% 130 SBOs (% of total exits)

After steady growth in secondary buyout exits for the early part of the year, they levelled in Q4, which 120 80%

saw SBOs accounting for 32% of all exits, just failing to match Q3’s 33.3%. However, it was still the 110 highest proportion of SBO exits for a Q4 period since Q4 2007 when they accounted for 44.4%. 70% 100 Private equity firms exited their holdings at an average enterprise valuation of 11.8x EBITDA in 2011, 90 60% 80 slightly down from 12.5x in 2010 and the lowest since 2004 (10.8x). 50% 70

One-day-before average exit premiums increased in all regions in 2011. As in previous years, the US ofValue Deals ($bn) 60 40% accounted for the highest premiums, at an average of 42.8%, compared to 32% in Europe and 32.5% 50 30% globally. 2011 was the first year to see an upward trend in exit premiums in the US and Europe since 40 Percentage of Total Exits (excl. IPOs) 2008. European average premiums on exits in 2011 were at their highest levels on mergermarket 30 20% record (since 2001). 20 10% 10

Goldman Sachs topped the financial advisor league table for 2011, advising on 41 exit deals valued 0 0% at US$ 56.4bn. The Carlyle Group sold the most portfolio holdings for the year with 22 exits valued at US$ 11bn. Both companies retained their top positions from 2010.

Exit Premium Analysis - Average Top 10 Global private equity firms Y/E 2011 - exits by deal count

80% Ranking House Value (US$m) Deal Count Global 1 The Carlyle Group 10,997 22 Europe 70% US 2 Equistone Partners Europe 7,453 12

3 Intel Capital 795 12 60% 4 3i Group 506 10 5 New Enterprise Associates 120 10 50% 6 Redpoint Ventures 1,848 9 7 Lloyds TSB Development Capital 104 9 40%

8 Blackstone Group 8,163 8 Premium % 30% 9 CVC Capital Partners 5,339 8

10 Bain Capital 4,269 8 20%

10%

0% 2004 2005 2006 2007 2008 2009 2010 2011 r

Press Release: mergermarket M&A Round-up for Year End 2011 8 www.mergermarket.com Global M&A Overview: Emerging Markets

The emerging markets saw M&A activity with a total value of US$ 459.7bn in 2011, down 11.7% from 2010 (US$ 520.6bn), though still the second highest total on mergermarket record (since 2001). After a bounce-back in Q3 Emerging Markets M&A Activity Trend (which saw a 16.9% increase on Q2 2011 after two successive quarters of decline in the first half of the year), emerging market M&A reverted to a downward quarterly trend in the last quarter of the year. Q4 2011 M&A added 200 30% up to US$ 76.9bn, a 57.2% decrease from the US$ 179.9bn-worth of M&A seen in the same period in 2010, and a Other EM (Value) BRIC (Value) 41.8% decrease relative to the previous quarter (US$ 132.1.bn in Q3 2011). 180 EM M&A as % of Global M&A 25% BRIC M&A activity decreased by 45.9% in Q4 2011 (US$ 47.9bn) compared to Q3 2011 (US$ 88.5bn). This was the 160 lowest quarterly total since Q1 2009 (US$ 38.6bn) and the lowest Q4 since 2005 (US$ 23.1bn). 140 20% Emerging markets accounted for 21.3% of global M&A activity in 2011, a lower proportion than the 24.5% they had accounted for in 2010. In the last quarter of the year, they saw 18.3% of global M&A. BRIC countries saw a total 120 of US$ 288.4bn-worth of M&A last year, representing 62.7% of overall emerging markets activity, down 4.2% from the same period the previous year (US$ 301.2bn in 2010). 100 15%

80 Inbound cross-border activity into emerging market countries in 2011 added up to US$ 200.3bn, up 19.1% of Global M&A % Value ofValue Deals (US$bn) 10% compared to 2010 (US$ 168.2bn) and the highest annual total on mergermarket record (2001). Europe is the 60 region that invested the most in the emerging markets in 2011, accounting for 40.2% of cross-border deal value (US$ 80.4bn): the UK, France, and the Netherlands accounting for 21.1%, 17.6% and 9.6% (for both 40 Germany and the Netherlands) of European-related inbound deal value respectively. Energy, Mining & Utilities 5% remained the busiest sector for cross-border transactions in 2011, with US$ 69.4bn-worth of deals accounting for 20 34.6% of all cross-border deals. 0 0% Emerging market buyout activity, valued at US$ 32.3bn, accounted for 11.6% of global buyout activity in 2011, just up from 11.5% in 2010, and the highest contribution since 2009 (19.1%).

Goldman Sachs ranked first in the financial advisor league table for emerging markets M&A with a total value of US$ 78.9bn. Goldman Sachs had not previously ranked first since 2002 (US$ 21.1bn).

Emerging Markets Inbound/Outbound M&A

80 350 Emerging Markets Buyout Activity Trend Inbound Value ($bn) Outbound Value ($bn) 45 Value (US$bn) 25.0% 70 Inbound Volume % of Global BO (Value) 300 Outbound Volume 40 % of EM M&A (Value)

60 250 20.0% 35

50 200 30

40 15.0% 25 150

30 of Volume Deals 20 Percentage (%) Value (US$bn)Value Value ofValue Deals ($bn) 10.0% 100 20 15

50 10 10 5.0%

0 0 5

0 0.0% 2004 2005 2006 2007 2008 2009 2010 2011

Press Release: mergermarket M&A Round-up for Year End 2011 9 www.mergermarket.com Global M&A Overview: Premia and Multiples Analysis

EBITDA Multiple Analysis - Average The average premium (one day before) of global M&A deals in Q4 2011 increased to 33.5%, driving 30 Global the annual average up to 28.5%, up from 22.2% in 2010. North American premiums averaged 35.9% in Europe North America 25 2011, an increase from 31.6% in 2010. Meanwhile, European premiums for the year averaged 21.9%, Asia-Pacific (excl. Japan) the second highest average since 2002, only topped by 2008’s average of 22.9%. The Asia-Pacific region Japan saw an average premium of 21 %, again the highest average premium since 2008 (24.1%). 20 Average The average EBITDA multiple across global M&A in 2011 was 12.6x, down from 14.9x in 2010 and the - lowest average since 2003 (10.6x). The European average EBITDA multiple in 2011 was 12.1x, the 15 second-lowest since 2004, after 11.5x in 2009.

10

The quarterly average global EBITDA multiple decreased in the last quarter of the year to 12.1x, from the EBITDA Multiple (x) previous quarter’s 15.8x, a drop driven by significant decreases in North America and Asia-Pacific, from 5 16.3x in Q3 to 12.8x in Q4 in North America, and from 20.4x to 10.1x in Asia-Pacific. Europe, however, showed an increase in the average EBITDA multiple on M&A deals in Q4 2011 to 15.3x, up from 14.4x in Q3 2011. 0 2004 2005 2006 2007 2008 2009 2010 2011

The TMT (Technology, Media & Telecoms) sector recorded the highest average EBITDA multiple – at 15.7x – in 2011, overtaking 2010’s leading sector Energy, Mining & Utilities which saw 19.5x. Premium Analysis - Average

60% Global Europe North America Asia-Pacific (excl. Japan) 50% Japan

40%

30% Premiums %

20%

10%

0% 2004 2005 2006 2007 2008 2009 2010 2011

Press Release: mergermarket M&A Round-up for Year End 2011 10 www.mergermarket.com Global M&A Overview: Deal Type / Deal Value Breakdown

Deal Type M&A Deal Type - Deal Value

The total value of public M&A deals announced globally in 2011 was US$ 900.5bn, up 16.5% from 2010 (US$ 100% 773.1bn). 90% Fewer hostile offers were announced in 2011 than in the previous year, with 38 hostile deals valued at US$ 61bn. 80% 43.6% Compared to 2010, which saw 43 deals valued at US$ 97.1bn, hostile offers decreased 37.1% by deal value and 48.1% 49.7% 54.5% 54.9% 11.6% by deal count. 70% 61.3% 60.5% 67.1% Hostile offers accounted for 6.8% of the total value of all public M&A deals in 2011, just over half of the proportion 60% Deal Values - for the previous year. In 2010 hostile offers had accounted for 12.6% of public M&A deal values (which was the 8.6% 50% 1.4% average proportion of public deals accounted for by hostile offers since 2004). 6.6% 2.7% 1.7% 4.1% 2.4% 10.1% 0.7% 40% 6.0% 10.9% 0.5% 2.7% 2011 was one of the least hostile periods in the past seven years by deal value, with only 2007 seeing hostile deals 5.0% 1.2% accounting for a lower proportion of public deals (5.3%). 30% 4.1%

46.2% 20% 41.2% Hostile offers also accounted for 49.8% of global unsolicited offers in 2011 by value, with 32 deals valued at US$ 37.7% 37.7% 36.2% Share of total Global M&AShare 31.7% 33.2% 54.5bn. The proportion of unsolicited offers that were hostile in 2011 decreased 8.6% compared to 2010, when 35 27.5% 10% hostile deals valued at US$ 82.5bn represented 53% of unsolicited offers.

0% 2004 2005 2006 2007 2008 2009 2010 2011 Recommended Hostile Contested Non-public M&A

Global M&A Deal Size Breakdown - % by Deal Value

100%

15.7% 15.5% 90% 21.9% 24.5% 26.8% Deal Value Breakdown 31.9% 29.4% 29.6% 80%

Mega-deals (over US$ 10bn) accounted for 15.5% of the value of global M&A announced in 2011, with a total of 70% 32.6% 34.1% US$ 334.2bn, just topping the total for 2010 (US$ 333.1bn). 25.5% 60% 30.0% 29.8% 27.9% 27.5% 27.3% Deals valued between US$ 2bn and US$ 10bn added up to US$ 733.9bn, accounting for 34% of global M&A 50% announced in 2011, the highest proportion for this deal size range on mergermarket record (since 2001). 40% 24.5% 27.7% 26.0% 22.0% 23.0% 19.3% 20.5% In the last quarter of the year, deals valued between US$ 2bn and US$ 10bn dominated, accounting for 35.1% of 30% 20.8% total deal value, having represented 26% of total deal value in the previous quarter. 20%

28.0% 23.5% 23.4% 24.0% 24.3% The global average deal size for Q4 2011 was US$ 291m, the lowest Q4 average since 2007 (US$ 277m). 10% 20.0% 20.4% 22.4%

0% 2004 2005 2006 2007 2008 2009 2010 2011

$0m - $500m $501m - $2,000m $2,001 - $10,000m mega deals (over $10,001m)

Press Release: mergermarket M&A Round-up for Year End 2011 11 www.mergermarket.com Global M&A Overview: Consideration Structure / Insolvency

Consideration Structure % cash only deals % equity only deals Global Consideration Breakdown - Value The total value of equity-only deals in 2011 was US$ 348.4bn, 7.2% lower than the previous year, % cash & equity deals 100% which saw a total of US$ 375.3bn. Deals with a cash and equity consideration in 2011 amounted to 6.7% 14.6% 15.4% 13.3% 14.4% US$ 248.9bn, 12.4% higher than in 2010 (US$ 221.5bn). 90% 21.1% 24.4% 22.7%

23.5% The proportion of global transactions paid with only equity decreased to 20.1% of total deal value in 80% 17.8% 22.5% 20.1% 2011, compared to 22.5% in 2010. It was the lowest proportion since 2007, which saw equity-only 26.3% 70% 19.2% deals accounting for 17.8% of all deals. Cash and equity deals, meanwhile, increased relative to 2010, 18.6% 23.5% accounting for 14.4% of total deal value in 2011, compared to 13.3% in 2010. This proportion was the 60% second highest since 2007 (15.4%). The acquisition of Medco Health Solutions by Express Scripts for

US$ 33.4bn in July became the largest cash and equity deal in 2011, after AT&T’s attempted US$ 39bn 50% takeover of T-Mobile USA lapsed in December 2011. 40%

% of Global M&A % 69.8% In Q4 2011, cash and equity deals accounted for 23% of total deal value, a dramatic increase from 66.8% 64.2% 65.5% 30% 58.2% 59.1% below 20% in each of the previous three quarters, while the total proportion of M&A accounted for 57.0% 55.3% by equity-only deals declined for the fourth consecutive quarter, to 12% from 15% in Q3 and Q2 20% 2011 and 34% in Q1 2011. In North America, cash and equity deals accounted for 47% in Q4 2011, significantly higher than each of the past three quarters when they accounted for under 30%. 10%

Cash-only was the preferred structure for cross-border deals in Q4 2011, with cash-only deals 0% 2004 2005 2006 2007 2008 2009 2010 2011 accounting for approximately 94% of the value of all cross-border deals announced in Q4 2011, compared with 90% in Q3 2011.

Quarterly Insolvency Deals - Global

60 200 Insolvency Value ($bn) Volume 175 After a gradual increase over the first three quarters of 2011, the final quarter of the year saw the 50 total value of insolvency deals dropping to US$ 2.9bn, a big drop of 48.5% compared to the previous quarter (US$ 5.6bn), and the lowest quarterly total since Q4 2007 (US$ 0.8bn). The full year saw the 150 announcement of 360 insolvency deals with a total value of US$ 15.7bn, a 58.7% decrease in value 40 compared to 2010, and the lowest level since 2007 (US$ 15.1bn). 125

Japan showed the most dramatic decrease in insolvency deals in 2011, seeing the announcement of 30 100 only US$ 0.9bn-worth, a decrease of 86.2% compared to 2010. US insolvency deals were down by

75 Number of deals

68.9% from US$ 20.6bn in 2010 to US$ 6.4bn in 2011. Europe was the only region showing an increase ofValue Deals ($bn) 20 in the value of insolvency deals compared to 2010, with a total of US$ 5.8bn compared to US$ 2.9bn the previous year. Insolvency deals in Asia-Pacific and Central and South America last year had an 50 aggregate deal value of less than US$ 3.5bn. 10 25 The Consumer sector saw the highest value of insolvency deals last year, with 75 deals valued at US$ 3.9bn. The bankruptcy of Nueva Rumasa SA for US$ 2bn was the largest insolvency deal in 2011. 0 0

Press Release: mergermarket M&A Round-up for Year End 2011 12 www.mergermarket.com Global M&A Overview: Demerger

Global Demerger Activity Trend

Global demerger activity in 2011 totalled US$ 64.3bn (just over 2010’s US$ 64.1bn) and accounted for 250 10.0% RoW Value (US$bn) 3% of all global M&A activity. Although the number of demergers decreased globally (36 demergers Asia-Pacific Value (US$bn) 9.0% announced in 2011), the number and aggregate value of demergers in the US and in North America Europe Value (US$bn) as a whole significantly increased in 2011, with the value of demerger activity in the US seeing a 307% 200 N.America Value (US$bn) 8.0% % of Global M&A in value increase to US$ 42.7bn, and the value in North America almost quadrupling to a total of US$ 43.7bn. 7.0% North America was the region accounting for the highest number and value of demergers, with the 150 6.0% highest totals in the region since 2008. 5.0%

Europe, however, saw the lowest total value of demergers since 2004, with 11 demergers adding 100 4.0% of Global M&A % up to a total of US$ 6.4bn in 2011. It was a significant drop in value compared to 2010 (US$ 40.5bn), ofValue Deals (US$bn) 3.0% although the number of deals was almost the same as in 2010 (when there were ten demergers). 50 2.0%

North America accounted for 68.1% of global demergers in 2011, Asia-Pacific for 19.7% and Europe 1.0% for only 9.9% of global demerger transactions. 0 0.0% 2004 2005 2006 2007 2008 2009 2010 2011 The demerger pipeline decreased slightly with the announcements and completions of several expected deals, such as the Tyco International demerger. Kraft Foods announced the possible demerger and the appointments of leadership of both companies in the second half of 2011. The McGraw-Hill demerger still hinges on the management developing a separation plan for the transaction.

Lazard was the top financial advisor in terms of deal value with five demerger deals in 2011, adding up to US$ 21.2bn.

Press Release: mergermarket M&A Round-up for Year End 2011 13 www.mergermarket.com Global M&A Overview: 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 Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 2 1 Goldman Sachs 593,411 309 481,698 23.2% 2 1 Goldman Sachs 593,411 309 292 17 1 2 Morgan Stanley 451,770 246 492,656 -8.3% 3 2 KPMG 33,712 254 262 -8 4 3 JPMorgan 441,000 227 363,597 21.3% 1 3 Morgan Stanley 451,770 246 299 -53 3 4 Credit Suisse 356,701 209 435,412 -18.1% 6 4 JPMorgan 441,000 227 219 8 9 5 Barclays Capital 321,417 148 258,482 24.3% 5 5 PwC 16,429 226 242 -16 8 6 Bank of America Merrill Lynch 315,788 213 274,311 15.1% 12 6 Bank of America Merrill Lynch 315,788 213 182 31 5 7 Citigroup 296,214 170 316,046 -6.3% 4 7 Credit Suisse 356,701 209 249 -40 6 8 Deutsche Bank 260,684 177 276,497 -5.7% 10 8 UBS Investment Bank 226,506 209 199 10 11 9 Lazard 230,722 180 202,254 14.1% 7 9 Rothschild 139,286 209 219 -10 7 10 UBS Investment Bank 226,506 209 275,583 -17.8% 13 10 Ernst & Young 21,665 186 163 23 10 11 Rothschild 139,286 209 215,420 -35.4% 9 11 Lazard 230,722 180 206 -26 17 12 Evercore Partners 101,939 64 79,211 28.7% 11 12 Deutsche Bank 260,684 177 188 -11 13 13 HSBC 101,595 82 116,520 -12.8% 8 13 Deloitte 17,687 172 218 -46 14 14 SG 84,341 72 111,500 -24.4% 14 14 Citigroup 296,214 170 153 17 15 15 Nomura Holdings 81,956 119 107,348 -23.7% 15 15 Barclays Capital 321,417 148 137 11 12 16 BNP Paribas 80,660 94 135,881 -40.6% 16 16 Nomura Holdings 81,956 119 111 8 20 17 RBC Capital Markets 70,076 111 58,270 20.3% 18 17 Jefferies & Company 55,297 116 101 15 52 18 Moelis & Company 56,978 51 17,014 234.9% 17 18 RBC Capital Markets 70,076 111 106 5 26 19 Jefferies & Company 55,297 116 39,389 40.4% 23 19 M&A International 2,089 98 81 17 22 20 Perella Weinberg Partners 52,763 20 55,967 -5.7% 22 20 BNP Paribas 80,660 94 81 13

14 www.mergermarket.com Press Release: mermergermarket M&A Round-up for Year End 2011 Global M&A Overview: League Tables of Financial Advisers

League Table of Financial Advisers to Global Buyouts*: Value League Table of Financial Advisers to Global Buyouts*: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 1 1 Barclays Capital 37,164 21 37,572 -1.1% 10 1 Goldman Sachs 25,207 27 17 10 6 2 Citigroup 33,567 19 19,222 74.6% 3 2 PwC 1,862 25 31 -6 3 3 Bank of America Merrill Lynch 29,441 17 29,375 0.2% 29 3 RBC Capital Markets 23,343 23 5 18 7 4 Deutsche Bank 27,736 13 15,569 78.1% 5 4 Barclays Capital 37,164 21 27 -6 9 5 Goldman Sachs 25,207 27 10,403 142.3% 2 5 Credit Suisse 20,747 20 32 -12 4 6 Morgan Stanley 24,110 19 23,522 2.5% 4 6 Deloitte 1,572 20 28 -8 14 7 RBC Capital Markets 23,343 23 6,788 243.9% 9 7 Citigroup 33,567 19 17 2 2 8 Credit Suisse 20,747 20 31,051 -33.2% 8 8 Morgan Stanley 24,110 19 23 -4 73 9 Securities 18,602 4 410 4,437.1% 6 9 Ernst & Young 1,601 19 24 -5 8 10 UBS Investment Bank 18,597 14 14,834 25.4% 1 10 KPMG 2,073 18 41 -23 15 11 Nomura Holdings 16,242 16 6,711 142.0% 7 11 Bank of America Merrill Lynch 29,441 17 23 -6 17 12 HSBC 11,528 13 5,933 94.3% 23 12 Grant Thornton Corporate Finance 224 17 9 8 187 13 BMO Capital Markets 7,687 5 - - 12 13 Nomura Holdings 16,242 16 15 1 38 14 Jefferies & Company 7,344 11 1,412 420.1% 19 14 Lazard 6,341 15 10 5 19 15 Rothschild 6,926 13 4,593 50.8% 20 15 UBS Investment Bank 18,597 14 9 5 13 16 Lazard 6,341 15 7,384 -14.1% 13 16 Deutsche Bank 27,736 13 14 -1 5 17 JPMorgan 6,203 7 20,967 -70.4% 16 17 HSBC 11,528 13 11 2 20 18 Evercore Partners 5,950 3 3,976 49.6% 11 18 Rothschild 6,926 13 16 -3 58 19 Tudor, Pickering, Holt & Co 5,400 1 725 644.8% 17 19 DC Advisory Partners 2,326 12 11 1 37 20 Banca IMI/ 4,715 7 1,419 232.3% 35 20 Jefferies & Company 7,344 11 4 7

*Based on the target geography only and the advisor advising the buy-side only.

Press Release: mergermarket M&A Round-up for Year End 2011 15 www.mergermarket.com European M&A Overview In line with the global trend, European M&A decreased - in terms of both deal value and number of deals - over the second half of 2011, and the decline in Europe was more pronounced than in other major regions. Q4 2011 European M&A Activity - Quarterly saw US$ 116.3bn-worth of deals, a 28.7% decrease from the previous quarter (US$ 163.1bn in Q3), and a 52.4% decrease from the same period the previous year (US$ 244.3bn). The second half of 2011 saw US$ 279.4bn-worth 600 1,800 of deals, a total M&A value 33.2% lower than the first half (which saw US$ 418.5bn-worth). Value (US$bn) 1,700 550 Volume The majority of the larger European countries showed a decline of 50% or more in M&A activity by value in Q4 1,600 2011 compared to the previous quarter. Whilst this was not unexpected in some of these countries (such as Ireland 500 1,500 1,400 down 95% to US$ 820m, Spain down 61.6% to US$ 8.6bn and UK down 44.6% to US$ 21.4bn) due to the current 450 market conditions, some other decreases were more surprising with Russia down by 31.3% (to US$ 13.7bn), 1,300 Germany by 48.5% (to US$ 4.5bn), Turkey by 13.3% (to US$ 2.6bn) and Poland by 26.3% (to US$ 2.9bn). 400 1,200 1,100 350 Europe finished the year with a higher total M&A value than 2010, a total of US$ 697.9bn for the year compared 1,000 to US$ 665.9bn for 2010. 300 900 800 250 Northern Europe, and a few of the Western European countries, had a better year for M&A in 2011 than in 2010, 700 of Volume Deals 200 600

during which the Nordic countries saw a 70.8% increase to US$ 69bn-worth of deals. France, Ireland, Spain and ofValue Deals (US$bn) 500 Poland saw similar jumps of 47.9% (to US$ 71.7bn), 57.4% (to US$ 20.5bn), 169.3% (to US$ 81.2bn) and 88.1% (to 150 US$ 22.7bn) respectively. The poor M&A totals in H2 2011, however, affected many other European countries with 400 Portugal down 16.3% (to US$ 3.8bn), Austria 69.6% (to US$ 3.9bn), Italy 54.3% (to US$ 36bn), Turkey 43.6% (to US$ 100 300 200 12.6bn), the Netherlands and both down around 40% (to US$ 18.9bn and US$ 19.5bn respectively) and 50 Greece down 30.5% (to US$ 3.4bn). 100 0 0 Goldman Sachs and Morgan Stanley held onto their top rankings in the European M&A financial advisory tables by total deal value. Goldman Sachs worked on seven of the ten largest deals in Europe for 2011.

European Inbound/Outbound M&A European Private Equity Buyout Activity - Quarterly 150 300 Inbound Value ($bn) 130 400 140 Value (US$bn) Outbound Value ($bn) 275 375 120 130 Inbound Volume Volume 350 Outbound Volume 250 110 120 325 225 100 110 300

90 275 100 200 90 80 250 175 225 80 70 150 200 70 60 125 175 60 Volume of Volume Deals

50 150 of Volume Deals Value ofValue Deals ($bn) 50 100

Value ofValue Deals (US$bn) 40 125 40 75 100 30 30 75 50 20 20 50 25 10 10 25

0 0 0 0

Press Release: mergermarket M&A Round-up for Year End 2011 16 www.mergermarket.com European M&A Overview : Industry and Geography Breakdown

Y/E 2011 Y/E 2010 Change Sector Value ($bn) market share Deal count Value ($bn) market share Deal count Value (%) Deal count Energy, Mining & Utilities 159.1 22.8% 393 158.1 23.7% 381 0.6% 12 Industrials & Chemicals 120.5 17.3% 1,153 113.0 17.0% 969 6.7% 184 Financial Services 116.0 16.6% 394 70.1 10.5% 444 65.5% -50 Consumer 70.6 10.1% 799 61.8 9.3% 745 14.3% 54 Pharma, Medical & Biotech 59.0 8.4% 310 65.5 9.8% 322 -10.0% -12 Telecommunications 38.5 5.5% 66 52.5 7.9% 95 -26.8% -29 Technology 38.2 5.5% 432 19.8 3.0% 365 92.7% 67 Business Services 23.4 3.4% 704 33.2 5.0% 621 -29.5% 83 Transport 17.9 2.6% 192 40.2 6.0% 163 -55.6% 29 Real Estate 16.1 2.3% 86 17.9 2.7% 90 -9.8% -4 Leisure 14.2 2.0% 209 12.8 1.9% 189 10.8% 20 Media 11.7 1.7% 186 7.1 1.1% 151 64.2% 35 Construction 10.3 1.5% 217 10.1 1.5% 236 2.7% -19 Agriculture 1.5 0.2% 53 2.7 0.4% 50 -46.2% 3 Defence 0.9 0.1% 10 1.1 0.2% 17 -19.1% -7 Total 697.9 5,204 665.9 4,838 4.8% 366

Mix of Announced European Deals by Geographic Region 2011 - Value Mix of Announced European Deals by Geographic Region 2011 - Volume

South Eastern Europe South Eastern Europe 2.6% Other 3.6% 0.2%

Central & Eastern Europe UK & Ireland Central & Eastern Europe 11.4% UK & Ireland 15.7% 20.4% 21.1%

Nordic Nordic 13.7% 9.9%

Germanic Germanic 15.3% 16.4%

Benelux 8.3% Benelux 9.3%

France Iberia 10.4% Iberia 12.2% 6.4% Italy Italy France 5.2% 5.6% 12.4%

Press Release: mergermarket M&A Round-up for Year End 2011 17 www.mergermarket.com European M&A Overview: Top Deals

Activity Table of European M&A for Y/E 2011 Announced Bidder Company Bidder Financial Advisor Target Company Target/Seller Financial Advisor Seller Company Deal Value Date (US$m) 27-Apr-11 Johnson & Johnson Goldman Sachs Synthes GmbH Credit Suisse 21,191

19-May-11 Takeda Pharmaceutical Company Ltd Deutsche Bank; Nomura Holdings Nycomed International Management Credit Suisse; Goldman Sachs; Moelis DLJ Merchant Banking Partners; 13,740 GmbH (Excluding US business) & Company Coller International Partners; Nordic Capital; and Avista Capital Partners

25-Feb-11 Criteria CaixaCorp SA Citigroup; Morgan Stanley; SG (banking business) Barclays Capital; Goldman Sachs; la Caixa 13,024 KPMG

03-Apr-11 Vivendi SA Barclays Capital; Citigroup; Deutsche SFR SA (44% Stake) BNP Paribas; Lazard Vodafone Group Plc 11,032 Bank; HSBC; Rothschild; SG

17-Jun-11 KazakhGold Group Limited HSBC OJSC Polyus Gold 10,390

18-Aug-11 Hewlett-Packard Company Barclays Capital; Perella Weinberg Autonomy Corporation Plc Bank of America Merrill Lynch; 10,255 Partners Citigroup; Goldman Sachs; JPMorgan; Qatalyst Group; UBS Investment Bank 10-May-11 Microsoft Corporation Internal Skype Global Sarl Goldman Sachs; JPMorgan Silver Lake Partners; Canada 9,044 Pension Plan Investment Board; ebay International AG; Andreessen Horowitz; and Joltid Limited 02-Aug-11 Cheung Kong Infrastructure HSBC; RBC Capital Markets Northumbrian Water Group Plc Deutsche Bank 7,786 Holdings Limited

09-May-11 Volkswagen AG Citigroup; Credit Suisse; Rothschild MAN SE (26% Stake) Barclays Capital; Goldman Sachs 7,651

16-Feb-11 International Petroleum Investment Goldman Sachs Compania Espanola de Petroleos SA Banco Bilbao Vizcaya Argentaria; Total SA 7,645 Company (52.94% Stake) BNP Paribas

Press Release: mergermarket M&A Round-up for Year End 2011 18 www.mergermarket.com European M&A Overview: 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 Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 1 1 Goldman Sachs 278,203 131 250,276 11.2% 1 1 KPMG 25,208 182 182 0 3 2 Morgan Stanley 185,777 100 232,919 -20.2% 3 2 Rothschild 114,174 174 164 10 4 3 JPMorgan 162,606 103 190,448 -14.6% 2 3 PwC 11,078 161 165 -4 7 4 Deutsche Bank 161,243 90 145,958 10.5% 8 4 Goldman Sachs 278,203 131 105 26 2 5 Credit Suisse 154,888 94 247,851 -37.5% 12 5 Ernst & Young 11,230 116 89 27 6 6 Citigroup 130,264 78 146,825 -11.3% 7 6 Lazard 69,451 110 117 -7 8 7 Rothschild 114,174 174 129,287 -11.7% 4 7 Deloitte 6,393 107 155 -48 12 8 Barclays Capital 105,829 65 88,349 19.8% 9 8 JPMorgan 162,606 103 101 2 5 9 UBS Investment Bank 98,901 95 157,949 -37.4% 5 9 Morgan Stanley 185,777 100 136 -36 14 10 HSBC 87,728 56 74,631 17.5% 11 10 UBS Investment Bank 98,901 95 96 -1 13 11 Bank of America Merrill Lynch 87,147 83 87,436 -0.3% 6 11 Credit Suisse 154,888 94 124 -30 10 12 SG 83,891 70 111,500 -24.8% 10 12 Deutsche Bank 161,243 90 99 -9 9 13 BNP Paribas 77,861 81 119,298 -34.7% 17 13 Bank of America Merrill Lynch 87,147 83 55 28 11 14 Lazard 69,451 110 109,792 -36.7% 15 14 BNP Paribas 77,861 81 64 17 17 15 Royal Group 41,013 36 50,613 -19.0% 13 15 Citigroup 130,264 78 70 8 18 16 Nomura Holdings 40,816 30 46,763 -12.7% 27 16 SG 83,891 70 37 33 16 17 Credit Agricole CIB 36,029 30 53,888 -33.1% 16 17 BDO 8,310 67 61 6 35 18 ING 31,571 52 16,129 95.7% 19 18 Barclays Capital 105,829 65 51 14 42 19 Perella Weinberg Partners 30,237 12 11,547 161.8% 44 19 Leonardo & Co 14,929 59 19 40 33 20 KPMG 25,208 182 17,692 42.5% 14 20 DC Advisory Partners 5,396 59 65 -6

Press Release: mergermarket M&A Round-up for Year End 2011 19 www.mergermarket.com European M&A Overview: League Tables of Financial Advisers

League Table of Financial Advisers to European Buyouts*: Value League Table of Financial Advisers to European Buyouts:* Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 16 1 Goldman Sachs 13,603 12 3,735 264.2% 2 1 PwC 878 22 27 -5 7 2 HSBC 11,145 10 5,672 96.5% 3 2 Deloitte 790 17 26 -9 10 3 Bank of America Merrill Lynch 11,114 9 4,968 123.7% 20 3 Lazard 6,341 14 5 9 1 4 Citigroup 7,792 5 11,925 -34.7% 4 4 Ernst & Young 402 14 20 -6 9 5 Nomura Holdings 7,571 5 5,570 35.9% 12 5 Grant Thornton Corporate Finance 192 14 9 5 14 6 Rothschild 6,578 11 4,343 51.5% 1 6 KPMG 1,191 13 28 -15 13 7 Deutsche Bank 6,407 6 4,349 47.3% 27 7 Goldman Sachs 13,603 12 4 8 20 8 Lazard 6,341 14 3,223 96.7% 7 8 DC Advisory Partners 2,326 12 11 1 4 9 Morgan Stanley 6,323 7 7,767 -18.6% 5 9 Rothschild 6,578 11 15 -4 6 10 UBS Investment Bank 6,125 4 6,005 2.0% 10 10 HSBC 11,145 10 9 1 31 11 Banca IMI/Intesa Sanpaolo 4,715 7 1,419 232.3% 19 11 Bank of America Merrill Lynch 11,114 9 5 4 3 12 BNP Paribas 4,277 6 8,554 -50.0% 17 12 SG 2,866 8 6 2 19 13 Group 3,655 5 3,409 7.2% 9 13 Morgan Stanley 6,323 7 10 -3 42 14 Leonardo & Co 3,226 7 870 270.8% 28 14 Banca IMI/Intesa Sanpaolo 4,715 7 4 3 11 15 SG 2,866 8 4,836 -40.7% 34 15 Leonardo & Co 3,226 7 3 4

*Based on the target geography only and the advisor advising the buy-side only.

Press Release: mergermarket M&A Round-up for Year End 2011 20 www.mergermarket.com European M&A Overview: League Tables of Financial Advisers Financial Advisers to UK M&A: Value Financial Advisers to UK M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 4 1 Goldman Sachs 102,904 55 79,268 29.8% 1 1 Rothschild 39,987 69 81 -12 1 2 JPMorgan Cazenove 68,341 43 109,624 -37.7% 4 2 KPMG 5,028 66 53 13 3 3 Morgan Stanley 55,268 32 79,275 -30.3% 9 3 Goldman Sachs 102,904 55 44 11 7 4 Citigroup 53,471 33 52,134 2.6% 7 4 PwC 6,055 49 49 0 6 5 UBS Investment Bank 52,198 36 62,423 -16.4% 2 5 JPMorgan Cazenove 68,341 43 55 -12 8 6 Barclays Capital 49,047 27 51,285 -4.4% 6 6 Deloitte 1,450 39 51 -12 10 7 Deutsche Bank 45,748 24 47,627 -3.9% 5 7 UBS Investment Bank 52,198 36 52 -16 2 8 Rothschild 39,987 69 82,187 -51.4% 12 8 Grant Thornton Corporate Finance 784 36 33 3 11 9 Bank of America Merrill Lynch 38,530 31 43,651 -11.7% 8 9 Lazard 24,937 34 47 -13 5 10 Credit Suisse 32,471 31 63,540 -48.9% 11 10 Citigroup 53,471 33 37 -4 12 11 HSBC 31,529 20 43,051 -26.8% 16 11 Ernst & Young 4,695 33 29 4 15 12 Lazard 24,937 34 28,874 -13.6% 10 12 Morgan Stanley 55,268 32 43 -11 21 13 Group 20,839 13 16,659 25.1% 18 13 BDO 2,124 32 27 5 14 14 SG 18,438 16 31,491 -41.4% 13 14 Bank of America Merrill Lynch 38,530 31 32 -1 19 15 RBC Capital Markets 17,618 17 23,022 -23.5% 3 15 Credit Suisse 32,471 31 53 -22

Financial Advisers to French M&A: Value Financial Advisers to French M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 3 1 BNP Paribas 46,818 44 64,692 -27.6% 1 1 Rothschild 36,525 54 54 0 7 2 HSBC 38,172 26 52,054 -26.7% 2 2 BNP Paribas 46,818 44 36 8 6 3 Rothschild 36,525 54 52,828 -30.9% 5 3 SG 34,586 43 25 18 2 4 SG 34,586 43 65,945 -47.6% 3 4 Lazard 28,224 35 28 7 14 5 Barclays Capital 29,044 12 23,079 25.8% 20 5 Leonardo & Co 7,694 35 9 26 1 6 Morgan Stanley 28,975 19 73,806 -60.7% 6 6 PwC 2,920 28 23 5 15 7 Lazard 28,224 35 20,978 34.5% 15 7 HSBC 38,172 26 11 15 4 8 Goldman Sachs 27,333 19 56,784 -51.9% 4 8 Credit Agricole CIB 25,753 24 28 -4 11 9 Deutsche Bank 26,807 15 27,338 -1.9% 7 9 Morgan Stanley 28,975 19 19 0 8 10 Credit Suisse 26,460 17 48,891 -45.9% 17 10 Goldman Sachs 27,333 19 10 9 17 11 Credit Agricole CIB 25,753 24 16,874 52.6% 10 11 Credit Suisse 26,460 17 15 2 22 12 Citigroup 19,342 10 9,624 101.0% 9 12 Deutsche Bank 26,807 15 18 -3 27 13 Bank of America Merrill Lynch 14,928 13 2,049 628.6% 33 13 Bryan, Garnier & Co 1,240 15 6 9 18 14 UBS Investment Bank 10,204 14 16,771 -39.2% 8 14 DC Advisory Partners 964 15 19 -4 25 15 Hawkpoint 9,858 11 4,568 115.8% 23 15 UBS Investment Bank 10,204 14 8 6

Press Release: mergermarket M&A Round-up for Year End 2011 21 www.mergermarket.com European M&A Overview: League Tables of Financial Advisers Financial Advisers to German M&A: Value Financial Advisers to German M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 1 1 Goldman Sachs 31,949 12 27,549 16.0% 3 1 Rothschild 27,962 28 19 9 2 2 Deutsche Bank 31,447 19 25,839 21.7% 10 2 Ernst & Young 3,405 26 13 13 11 3 Rothschild 27,962 28 11,268 148.2% 4 3 Deutsche Bank 31,447 19 18 1 6 4 JPMorgan 26,764 13 19,466 37.5% 2 4 KPMG 590 19 21 -2 4 5 Credit Suisse 25,945 9 24,475 6.0% 13 5 DC Advisory Partners 380 16 12 4 21 6 Citigroup 24,895 6 2,972 737.7% 6 6 Lazard 11,125 15 18 -3 3 7 Morgan Stanley 20,598 11 24,974 -17.5% 161 7 Robert W. & Co 1,033 14 1 13 15 8 BNP Paribas 13,906 10 6,443 115.8% 12 8 JPMorgan 26,764 13 12 1 13 9 Perella Weinberg Partners 13,319 3 7,035 89.3% 1 9 241 13 27 -14 17 10 SG 12,968 4 5,587 132.1% 16 10 Deloitte 150 13 11 2 5 11 Barclays Capital 11,924 7 20,778 -42.6% 9 11 Goldman Sachs 31,949 12 14 -2 7 12 Lazard 11,125 15 19,244 -42.2% 39 12 Leonardo & Co 1,391 12 4 8 16 13 Royal Bank of Scotland Group 7,038 8 5,955 18.2% 5 13 Morgan Stanley 20,598 11 18 -7 10 14 UBS Investment Bank 5,291 10 11,953 -55.7% 49 14 407 11 3 8 19 15 5,168 6 5,295 -2.4% 28 15 BNP Paribas 13,906 10 6 4

Financial Advisers to Germanic M&A: Value Financial Advisers to Germanic M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 1 1 Goldman Sachs 76,570 28 70,020 9.4% 8 1 Rothschild 32,454 35 24 11 2 2 Credit Suisse 70,436 24 69,800 0.9% 5 2 KPMG 3,056 35 27 8 6 3 Deutsche Bank 51,379 25 37,581 36.7% 6 3 Ernst & Young 3,680 34 25 9 10 4 JPMorgan 34,778 20 22,966 51.4% 12 4 Goldman Sachs 76,570 28 22 6 13 5 Rothschild 32,454 35 12,250 164.9% 1 5 Deutsche Bank 51,379 25 29 -4 7 6 Morgan Stanley 28,797 18 35,643 -19.2% 10 6 PwC 1,963 25 24 1 3 7 Citigroup 25,964 9 39,881 -34.9% 2 7 Credit Suisse 70,436 24 28 -4 24 8 Nomura Holdings 18,506 9 4,259 334.5% 9 8 Deloitte 796 24 24 0 4 9 Lazard 16,121 22 39,148 -58.8% 7 9 Lazard 16,121 22 24 -2 15 10 BNP Paribas 15,921 13 9,749 63.3% 16 10 JPMorgan 34,778 20 14 6 17 11 Perella Weinberg Partners 15,459 4 7,035 119.7% 11 11 UBS Investment Bank 10,569 19 23 -4 16 12 SG 13,793 5 8,303 66.1% 4 12 Morgan Stanley 28,797 18 27 -9 9 13 Barclays Capital 12,226 8 23,680 -48.4% 25 13 M&A International 90 18 9 9 8 14 UBS Investment Bank 10,569 19 24,037 -56.0% 51 14 BDO 1,181 16 4 12 19 15 Royal Bank of Scotland Group 7,995 10 5,955 34.3% 14 15 DC Advisory Partners 380 16 15 1

Press Release: mergermarket M&A Round-up for Year End 2011 22 www.mergermarket.com European M&A Overview: League Tables of Financial Advisers Financial Advisers to Benelux M&A: Value Financial Advisers to Benelux M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 3 1 JPMorgan 31,568 18 45,683 -30.9% 1 1 KPMG 1,747 57 46 11 1 2 Goldman Sachs 30,533 14 67,101 -54.5% 3 2 ING 17,486 37 31 6 2 3 Morgan Stanley 25,303 13 59,976 -57.8% 4 3 PwC 4,030 26 23 3 7 4 UBS Investment Bank 25,207 18 31,943 -21.1% 17 4 Leonardo & Co 6,250 21 10 11 10 5 Deutsche Bank 21,242 14 28,966 -26.7% 2 5 Rabobank 3,397 20 40 -20 18 6 ING 17,486 37 14,329 22.0% 19 6 BNP Paribas 14,588 19 9 10 9 7 BNP Paribas 14,588 19 29,069 -49.8% 9 7 JPMorgan 31,568 18 15 3 4 8 Credit Suisse 11,469 12 45,200 -74.6% 10 8 UBS Investment Bank 25,207 18 15 3 21 9 Barclays Capital 11,317 7 7,357 53.8% 8 9 Deloitte 1,041 18 18 0 20 10 Bank of America Merrill Lynch 10,676 14 8,796 21.4% 14 10 Boer & Croon 17 17 13 4 - 11 9,000 1 - - 6 11 Rothschild 3,378 15 19 -4 13 12 HSBC 6,446 2 27,442 -76.5% 5 12 Goldman Sachs 30,533 14 19 -5 11 13 Lazard 6,409 14 28,624 -77.6% 15 13 Deutsche Bank 21,242 14 11 3 24 14 Leonardo & Co 6,250 21 4,906 27.4% 22 14 Bank of America Merrill Lynch 10,676 14 8 6 8 15 SG 6,206 3 30,671 -79.8% 11 15 Lazard 6,409 14 14 0

Financial Advisers to Italian M&A: Value Financial Advisers to Italian M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 10 1 Credit Agricole CIB 11,436 4 24,540 -53.4% 2 1 Banca IMI/Intesa Sanpaolo 10,043 24 20 4 5 2 Banca IMI/Intesa Sanpaolo 10,043 24 29,720 -66.2% 1 2 6,324 23 21 2 12 3 SG 9,736 10 23,539 -58.6% 5 3 Rothschild 8,108 21 12 9 6 4 UniCredit Group 9,661 19 28,257 -65.8% 3 4 UniCredit Group 9,661 19 20 -1 27 5 HSBC 8,180 5 592 1,281.8% 7 5 KPMG 1,256 16 10 6 17 6 Rothschild 8,108 21 3,558 127.9% 4 6 Lazard 7,560 14 14 0 11 7 Lazard 7,560 14 24,306 -68.9% 22 7 Leonardo & Co 4,704 11 3 8 3 8 Deutsche Bank 7,119 6 39,775 -82.1% 40 8 SG 9,736 10 1 9 1 9 Credit Suisse 6,897 3 47,968 -85.6% 8 9 Morgan Stanley 5,358 10 9 1 25 10 Bank of America Merrill Lynch 6,774 9 864 684.0% 45 10 Bank of America Merrill Lynch 6,774 9 1 8 4 11 Goldman Sachs 6,424 4 39,559 -83.8% 10 11 BNP Paribas 4,765 9 8 1 16 12 Mediobanca 6,324 23 7,652 -17.4% 19 12 Vitale & Associati 800 7 4 3 7 13 Morgan Stanley 5,358 10 26,150 -79.5% 9 13 Deutsche Bank 7,119 6 8 -2 9 14 BNP Paribas 4,765 9 24,606 -80.6% 17 14 Deloitte 347 6 5 1 18 15 Leonardo & Co 4,704 11 2,830 66.2% 16 15 Fineurop Soditic 96 6 5 1

Press Release: mergermarket M&A Round-up for Year End 2011 23 www.mergermarket.com European M&A Overview: League Tables of Financial Advisers Financial Advisers to Iberian M&A: Value Financial Advisers to Iberian M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 18 1 Goldman Sachs 36,104 21 5,257 586.8% 3 1 PwC 792 39 35 4 1 2 Morgan Stanley 34,932 12 28,937 20.7% 1 2 Deloitte 3,049 25 52 -27 10 3 Citigroup 32,490 14 12,971 150.5% 24 3 Goldman Sachs 36,104 21 6 15 7 4 SG 27,896 17 13,900 100.7% 8 4 Banco Bilbao Vizcaya Argentaria 17,361 19 14 5 27 5 Barclays Capital 21,450 10 3,121 587.3% 17 5 SG 27,896 17 8 9 2 6 Bank of America Merrill Lynch 20,417 8 21,076 -3.1% 4 6 Banco Espirito Santo de Investimento 11,147 15 29 -14 14 7 Santander Global Banking and 19,668 9 8,605 128.6% 10 7 Citigroup 32,490 14 13 1 Markets 2 8 KPMG 15,297 14 36 -22 34 8 Rothschild 17,390 11 1,042 1,568.9% 9 9 Morgan Stanley 34,932 12 13 -1 5 9 Banco Bilbao Vizcaya Argentaria 17,361 19 17,042 1.9% 21 10 Rothschild 17,390 11 7 4 4 10 UBS Investment Bank 17,039 10 18,589 -8.3% 7 11 Lazard 10,295 11 15 -4 26 11 HSBC 15,521 6 3,584 333.1% 5 12 BDO 4,927 11 20 -9 24 12 KPMG 15,297 14 3,648 319.3% 29 13 Barclays Capital 21,450 10 4 6 19 13 BNP Paribas 14,779 9 4,931 199.7% 22 14 UBS Investment Bank 17,039 10 6 4 11 14 Caixa Banco de Investimento 13,664 6 11,344 20.5% 12 15 Santander Global Banking and 19,668 9 11 -2 3 15 Credit Suisse 12,246 8 20,024 -38.8% Markets

Financial Advisers to Spanish M&A: Value Financial Advisers to Spanish M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 17 1 Goldman Sachs 35,544 20 5,257 576.1% 3 1 PwC 792 38 34 4 9 2 Citigroup 27,382 12 12,971 111.1% 1 2 Deloitte 3,049 25 47 -22 1 3 Morgan Stanley 26,258 9 27,890 -5.9% 21 3 Goldman Sachs 35,544 20 6 14 7 4 SG 23,096 16 13,900 66.2% 8 4 Banco Bilbao Vizcaya Argentaria 12,561 17 14 3 26 5 Barclays Capital 21,249 9 3,121 580.8% 15 5 SG 23,096 16 8 8 14 6 Santander Global Banking and 19,668 9 8,031 144.9% 2 6 KPMG 15,297 13 35 -22 Markets 9 7 Citigroup 27,382 12 13 -1 29 7 HSBC 15,521 6 2,019 668.7% 7 8 Lazard 10,295 11 15 -4 24 8 KPMG 15,297 13 3,490 338.3% 4 9 BDO 4,919 10 20 -10 18 9 BNP Paribas 14,779 9 4,931 199.7% 10 10 Morgan Stanley 26,258 9 11 -2 5 10 Banco Bilbao Vizcaya Argentaria 12,561 17 17,042 -26.3% 26 11 Barclays Capital 21,249 9 4 5 2 11 Bank of America Merrill Lynch 10,453 5 19,596 -46.7% 11 12 Santander Global Banking and 19,668 9 10 -1 19 12 Lazard 10,295 11 4,246 142.5% Markets 34 13 Rothschild 8,917 9 1,042 755.8% 28 13 BNP Paribas 14,779 9 3 6 3 14 UBS Investment Bank 8,729 8 18,589 -53.0% 22 14 Rothschild 8,917 9 6 3 13 15 Deutsche Bank 8,334 6 9,522 -12.5% 20 15 UBS Investment Bank 8,729 8 6 2 PressPre: Release: mergermarket M&A Round-up for Year End 2011 24 www.mergermarket.com European M&A Overview: League Tables of Financial Advisers Financial Advisers to Nordic M&A: Value Financial Advisers to Nordic M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 8 1 Goldman Sachs 47,855 14 5,517 767.4% 2 1 SEB Enskilda 9,274 31 31 0 11 2 Deutsche Bank 37,389 14 4,553 721.2% 11 2 ABG Sundal Collier 3,871 28 15 13 2 3 JPMorgan 21,728 14 9,359 132.2% 1 3 PwC 1,483 25 38 -13 14 4 Credit Suisse 21,173 6 4,039 424.2% 6 4 Carnegie Investment Bank 6,407 24 19 5 1 5 Morgan Stanley 18,329 12 16,453 11.4% 3 5 KPMG 1,383 21 25 -4 41 6 Nomura Holdings 17,323 6 990 1,649.8% 7 6 Corporate Finance 13,373 20 19 1 13 7 Nordea Corporate Finance 13,373 20 4,136 223.3% 15 7 Capital Markets 5,419 20 13 7 75 8 Royal Bank of Scotland Group 9,926 6 160 6,103.8% 10 8 Ernst & Young 1,508 19 16 3 4 9 SEB Enskilda 9,274 31 8,010 15.8% 8 9 Arctic Securities 3,958 15 16 -1 25 10 Bank of America Merrill Lynch 7,986 13 1,925 314.9% 23 10 Goldman Sachs 47,855 14 8 6 6 11 Lazard 7,921 11 5,971 32.7% 19 11 Deutsche Bank 37,389 14 9 5 68 12 Evercore Partners 7,024 3 200 3,412.0% 18 12 JPMorgan 21,728 14 9 5 3 13 UBS Investment Bank 6,707 11 8,987 -25.4% 33 13 Bank of America Merrill Lynch 7,986 13 5 8 7 14 Carnegie Investment Bank 6,407 24 5,780 10.8% 5 14 Morgan Stanley 18,329 12 20 -8 18 15 Barclays Capital 6,301 7 2,503 151.7% 22 15 Access Partners 1,238 12 9 3

Financial Advisers to Swedish M&A: Value Financial Advisers to Swedish M&A: Volume

Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name Value Deal Deal Count 10 1 Goldman Sachs 32,258 8 2,367 1,262.8% 2 1 SEB Enskilda 7,779 19 19 0 27 2 Deutsche Bank 27,706 9 822 3,270.6% 12 2 Handelsbanken Capital Markets 4,722 12 8 4 37 3 Nomura Holdings 17,091 3 308 5,449.0% 6 3 Carnegie Investment Bank 4,025 12 12 0 22 4 Credit Suisse 15,708 3 1,071 1,366.7% 8 4 Nordea Corporate Finance 4,120 11 11 0 1 5 Morgan Stanley 12,621 9 7,219 74.8% 3 5 KPMG 1,222 11 17 -6 15 6 JPMorgan 12,456 9 1,800 592.0% 10 6 Ernst & Young 568 11 10 1 2 7 SEB Enskilda 7,779 19 5,719 36.0% 11 7 ABG Sundal Collier 1,621 10 9 1 - 8 Evercore Partners 7,024 3 - - 1 8 PwC 673 10 22 -12 53 9 Royal Bank of Scotland Group 6,847 4 96 7,032.3% 17 9 Deutsche Bank 27,706 9 5 4 3 10 Lazard 6,492 7 4,018 61.6% 5 10 Morgan Stanley 12,621 9 12 -3 26 11 Barclays Capital 6,164 5 865 612.6% 24 11 JPMorgan 12,456 9 3 6 21 12 UBS Investment Bank 4,835 6 1,111 335.2% 22 12 Goldman Sachs 32,258 8 3 5 25 13 Handelsbanken Capital Markets 4,722 12 866 445.3% 7 13 Lazard 6,492 7 11 -4 - 14 Mizuho Financial Group 4,500 2 - - 16 14 Access Partners 1,198 7 6 1 16 15 Bank of America Merrill Lynch 4,474 4 1,641 172.6% 43 15 HDR Partners 186 7 2 5

Press Release: mergermarket M&A Round-up for Year End 2011 25 www.mergermarket.com European M&A Overview: League Tables of Financial Advisers

Financial Advisers to CEE M&A: Value Financial Advisers to CEE M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 28 1 Deutsche Bank 23,426 16 676 3,365.4% 7 1 Rothschild 8,616 20 11 9 2 2 Morgan Stanley 20,288 7 27,017 -24.9% 5 2 KPMG 508 20 13 7 13 3 HSBC 16,680 4 2,046 715.2% 13 3 Ernst & Young 923 18 7 11 1 4 VTB Capital 14,840 11 29,503 -49.7% 16 4 Deutsche Bank 23,426 16 5 11 12 5 Troika Dialog Group 12,378 15 2,986 314.5% 28 5 Troika Dialog Group 12,378 15 2 13 9 6 UniCredit Group 12,288 12 4,358 182.0% 3 6 UniCredit Group 12,288 12 16 -4 38 7 Credit Agricole CIB 10,838 3 302 3,488.7% 4 7 VTB Capital 14,840 11 14 -3 8 8 Credit Suisse 10,328 9 4,869 112.1% 9 8 PwC 190 11 10 1 6 9 Bank of America Merrill Lynch 9,981 6 9,924 0.6% 6 9 Renaissance Capital 9,009 10 12 -2 4 10 Renaissance Capital 9,009 10 10,776 -16.4% 17 10 ING 8,773 10 4 6 20 11 ING 8,773 10 1,250 601.8% 10 11 Credit Suisse 10,328 9 9 0 27 12 Rothschild 8,616 20 754 1,042.7% - 12 Gazprombank 5,981 9 - - 43 13 Nomura Holdings 7,958 5 190 4,088.4% 11 13 JPMorgan 6,022 8 8 0 19 14 Trigon Group 6,928 6 1,442 380.4% 2 14 Morgan Stanley 20,288 7 21 -14 5 15 JPMorgan 6,022 8 10,655 -43.5% 54 15 Citigroup 4,277 7 1 6

Financial Advisers to Russian M&A: Value Financial Advisers to Russian M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 11 1 HSBC 16,680 3 1,800 826.7% 12 1 Troika Dialog Group 12,307 12 2 10 1 2 VTB Capital 14,840 11 29,503 -49.7% 2 2 VTB Capital 14,840 11 14 -3 2 3 Morgan Stanley 14,487 5 26,702 -45.7% 3 3 Renaissance Capital 9,009 10 11 -1 9 4 Troika Dialog Group 12,307 12 2,986 312.2% - 4 Gazprombank 5,981 9 - - 8 5 Credit Suisse 9,959 7 3,720 167.7% 16 5 Deutsche Bank 7,306 8 2 6 4 6 Renaissance Capital 9,009 10 10,436 -13.7% 6 6 Credit Suisse 9,959 7 5 2 28 7 Deutsche Bank 7,306 8 113 6,365.5% - 7 Ernst & Young 178 6 - - - 8 Gazprombank 5,981 9 - - 7 8 PwC 127 6 5 1 5 9 JPMorgan 5,566 5 10,255 -45.7% 1 9 Morgan Stanley 14,487 5 18 -13 17 10 ING 4,030 2 969 315.9% 5 10 JPMorgan 5,566 5 6 -1 - 11 Credit Agricole CIB 4,000 1 - - 9 11 UniCredit Group 3,807 4 3 1 30 12 UniCredit Group 3,807 4 80 4,658.8% - 12 UBS Investment Bank 2,710 4 - - - 13 Xenon Capital Partners 3,597 1 - - 8 13 Rothschild 2,589 4 4 0 - 14 UBS Investment Bank 2,710 4 - - 28 14 Citigroup 1,996 4 1 3 24 15 Rothschild 2,589 4 371 597.8% 23 15 Barclays Capital 369 4 1 3

Press Release: mergermarket M&A Round-up for Year End 2011 26 www.mergermarket.com European M&A Overview: League Tables of Financial Advisers

Financial Advisers to Irish M&A: Value Financial Advisers to Irish M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 2 1 AIB Corporate Finance 16,410 8 5,568 194.7% 1 1 IBI Corporate Finance 3,488 14 8 6 31 2 Goldman Sachs 13,543 5 135 9,931.9% 6 2 AIB Corporate Finance 16,410 8 4 4 3 3 Morgan Stanley 12,433 4 5,368 131.6% 15 3 Davy Corporate Finance 1,707 7 2 5 12 4 Deutsche Bank 11,755 5 550 2,037.3% 8 4 Goodbody Corporate Finance 401 7 4 3 23 5 Bank of America Merrill Lynch 6,152 3 190 3,137.9% 9 5 KPMG 297 6 3 3 24 6= Nomura Holdings 5,828 1 190 2,967.4% 21 6 Goldman Sachs 13,543 5 2 3 - 6= Santander Global Banking and Markets 5,828 1 - - 26 7 Deutsche Bank 11,755 5 1 4 21 8 Hawkpoint 5,727 2 222 2,479.7% 3 8 Morgan Stanley 12,433 4 6 -2 6 9 IBI Corporate Finance 3,488 14 4,570 -23.7% 32 9 Royal Bank of Scotland Group 2,421 4 1 3 4 10 JPMorgan 3,311 3 5,349 -38.1% 29 10 Bank of America Merrill Lynch 6,152 3 1 2 26 11 Royal Bank of Scotland Group 2,421 4 164 1,376.2% 7 11 JPMorgan 3,311 3 4 -1 - 12 BDT Capital Partners 2,421 1 - - 36 12 Jefferies & Company 469 3 1 2 5 13 Credit Suisse 2,415 2 5,149 -53.1% 14 13 Barclays Capital 341 3 2 1 13 14 Davy Corporate Finance 1,707 7 430 297.0% 19 14 Deloitte 160 3 2 1 8 15= Citigroup 960 1 2,558 -62.5% - 15 74 3 - - 54 15= 960 1 - - - 15= Ondra Partners 960 1 - -

Press Release: mergermarket M&A Round-up for Year End 2011 27 www.mergermarket.com European M&A Overview: Individuals Activity Tables

Financial Advisors Individual Ranking to European M&A: Value Financial Advisors Individual Ranking to European M&A: Volume Y/E 2011 Individual Name Company Name Value (US$m) Deal Count Y/E 2011 Individual Name Company Name Value (US$m) Deal Count 1 Martin Reitz Rothschild 23,525 4 1 David Silver Robert W. Baird & Co 763 9 2 Peter Weinberg Perella Weinberg Partners 22,522 2 2 Gregoire Chertok Rothschild 6,269 8 3= John Powers Goldman Sachs 21,191 1 3 Laurent Baril Rothschild 5,585 8 3= Kenneth Hitchner Goldman Sachs 21,191 1 4 Andrew Pinder Investec 336 8 3= Boon Sim Credit Suisse 21,191 1 5 Emre Erginler 3 Seas Capital Partners 18 7 6 Luis Zubillaga SG 17,824 2 6 Ravi Gupta Rothschild 5,329 6 7 Thierry Varene BNP Paribas 17,478 2 7 Raul Moro BDO 4,919 6 8 Stephan Goetz SG 16,433 3 8 Martin Suter Rothschild 1,091 6 9 Sergei Chinkis HSBC 16,330 2 9 Manfred Ferber FERBER & CO 869 6 10 Paul Baker Morgan Stanley 16,174 2 10= David Worlidge Merchant Securities Group 851 6 11 Albrecht Stewen Rothschild 14,364 3 10= Simon Clements Merchant Securities Group 851 6 12 Laurent Meyer SG 14,146 5 12 Ibrahim Romano Standard Unlu Menkul Degerler 786 6 13 John Muncey JPMorgan 13,812 3 13 Stuart Vincent Rothschild 727 6 14 Jan Skarbek Citigroup 13,769 3 14 Pierpaolo Carpinelli Rothschild 398 6 15 Dietrich Becker Perella Weinberg Partners 13,319 3 15 Michael Meade Numis Securities 288 6 16= Nicholas Rowe Royal Bank of Scotland Group 12,925 1 16 Dagmar Enklaar Boer & Croon 6 6 16= Craig Evans Royal Bank of Scotland Group 12,925 1 17 Laurent Meyer SG 14,146 5 16= Christian Johnson Goldman Sachs 12,925 1 18 Bruno Bibas SG 5,092 5 16= Zac Fletcher Goldman Sachs 12,925 1 19 Rikard Schwalbe SEB Enskilda 3,058 5 20 Thierry Marais BNP Paribas 12,357 2 20 Alessandro Franzosi SG 2,610 5

* Based on information available on mergermarket record until 31 December 2011, and search limited to Managing Directors/Partners

Press Release: mergermarket M&A Round-up for Year End 2011 28 www.mergermarket.com US M&A Overview

After a strong first quarter in 2011 (US$ 259bn), US M&A saw a downward trend through the rest of the year. US$ US M&A Activity - Quarterly 177bn-worth of deals were announced in Q4, a 9.3% decrease since Q3 (US$ 195.1bn) and 26.7% less than the same

period the previous year (US$ 241.6bn). In the global picture, however, the US fared well in Q4 and accounted for 37.7% 500 1,300 of the value of global M&A (US$ 432bn). Value (US$bn) 1,200 450 Volume Despite the downward M&A trend, 2011 finished on a high note. The US saw the announcement of US$ 820.6bn-worth 1,100 of deals in 2011, the highest annual total deal value since 2007 (US$ 1,328.1bn), and 14.4% higher than 2010 (US$ 400 717.2bn). Buyout activity in the US was also strong in 2011 with US$ 113bn-worth of deals, just over 2010’s total of 1,000

US$ 103.1bn. 350 900

800 US transactions dominated the global top deals in 2011, with eight out of the ten biggest deals having US targets. 300 Kinder Morgan’s US$ 37.4bn merger proposal for El Paso Corporation, announced during Q4, was the largest 700 announced transaction of the year. 250 600

200

US inbound cross-border deals amounted to US$ 160.7bn last year - a decrease of 6.6% compared to 2010 (US$ 500 of Volume Deals 172.2bn) and the second lowest level since 2005 (US$ 107.3bn). US outbound cross-border total value was US$ 216bn, the highest level since 2008 (US$ 233.9bn). ofValue Deals (US$bn) 150 400 300 The Energy, Mining & Utilities sector, which saw four of the top ten deals globally in 2011, dominated in the US too, 100 with US$ 233.4bn-worth of deals accounting for 28.5% of total US deal value. The aggregate value of deals announced 200 50 in the sector increased by 32.6% compared to 2010 (US$ 176bn). 100

Non-traditional US M&A in the form of spin-offs saw US$ 42.7bn-worth of deals; a 306% increase compared to the 0 0 previous year (US$ 10.5bn). The 12 announced spin-offs during 2011 had a higher aggregate deal value than the previous two years combined (nine deals worth US$ 21.2bn).

Goldman Sachs topped the US financial advisory M&A league tables with US$ 354.1bn-worth of deals, regaining the top spot after falling behind Morgan Stanley in 2010. US Private Equity Buyout Activity - Quarterly US Inbound/Outbound M&A

140 325 220 280 Inbound Value ($bn) Value (US$bn) 130 Outbound Value ($bn) 300 260 200 Volume Inbound Volume 120 275 240 Outbound Volume 180 110 220 250 100 160 200 225 90 140 180 200 80 160 175 120 70 140 150 100

60 of Volume Deals 120 Value ofValue Deals ($bn) 125

Volume of Volume Deals 50 80 100 100

Value ofValue Deals (US$bn) 40 60 80 75 30 60 40 20 50 40 20 10 25 20 0 0 0 0

Press Release: mergermarket M&A Round-up for Year End 2011 29 www.mergermarket.com US M&A Overview: Industry and Geography Breakdown

Y/E 2011 Y/E 2010 change Sector Value ($bn) Market share Deal count Value ($bn) Market share Deal count Value (%) Deal count Energy, Mining & Utilities 233.5 28.5% 260 177.7 24.8% 348 31.4% -88 Industrials & Chemicals 142.3 17.3% 620 70.8 9.9% 552 101.0% 68 Pharma, Medical & Biotech 121.0 14.7% 415 91.1 12.7% 387 32.8% 28 Technology 78.0 9.5% 542 60.5 8.4% 566 29.0% -24 Financial Services 67.0 8.2% 360 110.8 15.4% 418 -39.5% -58 Business Services 46.4 5.7% 468 60.8 8.5% 522 -23.7% -54 Real Estate 36.7 4.47% 25 11.2 1.56% 37 228.3% -12 Consumer 32.1 3.9% 331 59.9 8.3% 300 -46.4% 31 Telecommunications 17.8 2.2% 31 33.3 4.6% 38 -46.5% -7 Media 15.7 1.9% 109 4.2 0.6% 109 270.2% 0 Leisure 15.4 1.9% 107 15.6 2.2% 118 -1.7% -11 Defence 6.1 0.7% 23 5.3 0.7% 30 16.4% -7 Transport 4.4 0.54% 58 10.1 1.41% 47 -55.9% 11 Construction 3.8 0.5% 85 5.8 0.8% 108 -34.7% -23 Agriculture 0.4 0.1% 15 0.3 0.04% 18 53.1% -3 Total 820.6 3,449 717.3 3,598 14.4% -149

Mix of Announced Americas Deals by Geographic Region 2011 - Value Mix of Announced Americas Deals by Geographic Region 2011 - Volume

Central & South America Central & South America 12.9% US (North East) 13.5% US (North East) 18.0% 16.5%

Canada 7.4% Canada 9.9%

US (Mid West) 14.0% US (Mid West) US (West) 14.7% 13.6%

US (West) 21.1%

US (South) US (South) 25.0% 33.3%

Press Release: mergermarket M&A Round-up for Year End 2011 30 www.mergermarket.com US M&A Overview: Top Deals

Activity Table of US M&A for Y/E 2011 Announced Bidder Company Bidder Financial Advisor Target Company Target/Seller Financial Advisor Seller Company Deal Value Date (US$m) 16-Oct-11 Kinder Morgan Inc Barclays Capital; Evercore Partners El Paso Corporation Goldman Sachs; Morgan Stanley 37,439

21-Jul-11 Express Scripts Inc Citigroup; Credit Suisse Medco Health Solutions Inc Foros ; JPMorgan; Lazard 33,430

10-Jan-11 Duke Energy Corporation Bank of America Merrill Lynch; Progress Energy Inc Barclays Capital; Lazard 25,825 JPMorgan

21-Sep-11 United Technologies Corporation Goldman Sachs; JPMorgan Goodrich Corporation Citigroup; Credit Suisse 17,861

31-Jan-11 AMB Property Corporation JPMorgan ProLogis Morgan Stanley 14,833

18-Jan-11 Cargill Inc (Shareholders) Perella Weinberg Partners; UBS The Mosaic Company (40% Stake) JPMorgan; Lazard; Credit Suisse Cargill Inc 14,808 Investment Bank

14-Jul-11 BHP Billiton Ltd Barclays Capital; Scotia Capital Petrohawk Energy Corporation Goldman Sachs 14,760

13-Jan-11 Marathon Oil Corporation Marathon Petroleum Corporation Morgan Stanley Marathon Oil Corporation 14,667 (Shareholders)

15-Feb-11 Deutsche Boerse AG Credit Suisse; Deutsche Bank NYSE Euronext BNP Paribas; Citigroup; Goldman 12,267 JPMorgan; Rothschild; SG Sachs; Morgan Stanley; Perella Weinberg Partners

28-Apr-11 Exelon Corporation Barclays Capital; Evercore Partners; Constellation Energy Group Inc Credit Suisse; Goldman Sachs; 10,410 JPMorgan; Loop Capital Markets Lazard; Morgan Stanley

Press Release: mergermarket M&A Round-up for Year End 2011 31 www.mergermarket.com Americas: League Tables of Financial Advisers

League Table of Financial Advisers to Americas M&A: Value League Table of Financial Advisers to Americas M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 2 1 Goldman Sachs 388,550 200 283,661 37.0% 1 1 Goldman Sachs 388,550 200 211 -11 4 2 JPMorgan 345,613 154 224,621 53.9% 2 2 Morgan Stanley 301,527 162 176 -14 1 3 Morgan Stanley 301,527 162 312,572 -3.5% 5 3 JPMorgan 345,613 154 143 11 3 4 Credit Suisse 270,307 137 261,041 3.5% 4 4 Bank of America Merrill Lynch 234,873 154 145 9 7 5 Barclays Capital 265,564 115 196,092 35.4% 3 5 Credit Suisse 270,307 137 171 -34 6 6 Bank of America Merrill Lynch 234,873 154 213,441 10.0% 6 6 UBS Investment Bank 153,906 122 118 4 5 7 Citigroup 206,685 113 220,989 -6.5% 7 7 Barclays Capital 265,564 115 115 0 10 8 Lazard 172,382 94 98,488 75.0% 10 8 Citigroup 206,685 113 97 16 9 9 UBS Investment Bank 153,906 122 126,606 21.6% 13 9 Jefferies & Company 52,517 101 91 10 8 10 Deutsche Bank 133,088 92 144,918 -8.2% 11 10 RBC Capital Markets 59,404 100 96 4 12 11 Evercore Partners 93,264 51 72,148 29.3% 8 11 Lazard 172,382 94 114 -20 11 12 Rothschild 60,953 76 92,384 -34.0% 9 12 Deutsche Bank 133,088 92 103 -11 14 13 RBC Capital Markets 59,404 100 49,358 20.4% 14 13 Rothschild 60,953 76 82 -6 16 14 Jefferies & Company 52,517 101 38,810 35.3% 12 14 Houlihan Lokey 20,321 75 92 -17 13 15 Perella Weinberg Partners 49,939 17 55,460 -10.0% 23 15 Lincoln International 4,832 57 43 14 30 16 BTG Pactual 41,029 38 20,101 104.1% 27 16 Robert W. Baird & Co 5,172 56 38 18 53 17 Qatalyst Group 40,177 20 6,939 479.0% 29 17 Evercore Partners 93,264 51 36 15 31 18 Moelis & Company 38,437 43 15,509 147.8% 21 18 PwC 4,775 50 48 2 25 19 BMO Capital Markets 35,248 45 25,809 36.6% 24 19 William Blair & Company 3,837 49 40 9 73 20 Foros 34,828 5 3,332 945.3% 31 20 Raymond James & Associates 6,295 48 34 14

Press Release: mergermarket M&A Round-up for Year End 2011 32 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 Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 2 1 Goldman Sachs 354,062 181 263,365 34.4% 1 1 Goldman Sachs 354,062 181 189 -8 3 2 JPMorgan 326,463 142 201,826 61.8% 5 2 JPMorgan 326,463 142 125 17 1 3 Morgan Stanley 271,012 142 276,387 -1.9% 2 3 Morgan Stanley 271,012 142 156 -14 6 4 Barclays Capital 246,354 108 185,716 32.7% 4 4 Bank of America Merrill Lynch 212,670 138 130 8 4 5 Credit Suisse 237,427 106 191,050 24.3% 6 5 Barclays Capital 246,354 108 110 -2 5 6 Bank of America Merrill Lynch 212,670 138 188,560 12.8% 3 6 Credit Suisse 237,427 106 140 -34 7 7 Citigroup 187,350 100 157,798 18.7% 7 7 UBS Investment Bank 122,818 102 106 -4 10 8 Lazard 158,110 83 97,053 62.9% 12 8 Citigroup 187,350 100 82 18 8 9 Deutsche Bank 124,845 83 140,048 -10.9% 11 9 Jefferies & Company 50,024 97 88 9 9 10 UBS Investment Bank 122,818 102 102,710 19.6% 8 10 Lazard 158,110 83 103 -20 12 11 Evercore Partners 93,222 49 67,237 38.6% 9 11 Deutsche Bank 124,845 83 94 -11 14 12 Jefferies & Company 50,024 97 37,682 32.8% 14 12 RBC Capital Markets 43,096 75 63 12 13 13 Perella Weinberg Partners 49,866 16 53,785 -7.3% 10 13 Houlihan Lokey 19,828 74 92 -18 18 14 RBC Capital Markets 43,096 75 26,453 62.9% 23 14 Robert W. Baird & Co 5,172 56 38 18 41 15 Qatalyst Group 40,177 20 6,939 479.0% 18 15 Lincoln International 4,312 56 43 13 25 16 Moelis & Company 38,437 43 14,533 164.5% 13 16 Rothschild 35,061 54 63 -9 11 17 Rothschild 35,061 54 71,882 -51.2% 24 17 Evercore Partners 93,222 49 34 15 57 18 Foros 34,828 5 3,332 945.3% 22 18 William Blair & Company 3,784 47 39 8 19 19 Centerview Partners 34,753 11 25,991 33.7% 17 19 Moelis & Company 38,437 43 45 -2 40 20 Wells Fargo Securities 29,045 27 7,161 305.6% 28 20 Raymond James & Associates 5,358 43 28 15

Press Release: mergermarket M&A Round-up for Year End 2011 33 www.mergermarket.com Americas: League Tables of Financial Advisers

League Table of Financial Advisers to US Buyouts*: Value League Table of Financial Advisers to US Buyouts*: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 1 1 Barclays Capital 34,669 15 27,548 25.8% 11 1 RBC Capital Markets 19,028 17 3 14 10 2 Citigroup 22,320 10 4,769 368.0% 1 2 Barclays Capital 34,669 15 21 -6 6 3 Deutsche Bank 21,329 7 8,391 154.2% 3 3 Credit Suisse 19,742 13 14 -1 3 4 Credit Suisse 19,742 13 20,970 -5.9% 8 4 Citigroup 22,320 10 7 3 13 5 RBC Capital Markets 19,028 17 2,016 843.8% 6 5 Morgan Stanley 16,144 10 8 2 2 6 Bank of America Merrill Lynch 18,113 7 21,016 -13.8% 17 6 Jefferies & Company 7,145 10 2 8 5 7 Morgan Stanley 16,144 10 14,431 11.9% 4 7 Goldman Sachs 7,856 8 9 -1 22 8 Wells Fargo Securities 15,102 3 410 3,583% 7 8 Deutsche Bank 21,329 7 8 -1 7 9 UBS Investment Bank 11,714 7 6,479 80.8% 2 9 Bank of America Merrill Lynch 18,113 7 14 -7 9 10 Goldman Sachs 7,856 8 5,064 55.1% 9 10 UBS Investment Bank 11,714 7 4 3 39 11 BMO Capital Markets 7,301 3 - - 12 11 Moelis & Company 2,399 7 3 4 20 12 Jefferies & Company 7,145 10 598 1,095% 14 12 2,456 5 3 2 12 13 Evercore Partners 5,950 3 3,940 51.0% 51 13 Lincoln International 180 5 1 4 19 14 Tudor, Pickering, Holt & Co 5,400 1 725 644.8% 13 14 Houlihan Lokey 1,507 4 3 1 4 15 JPMorgan 3,403 2 19,544 -82.6% - 15 Ernst & Young 305 4 - -

*Based on the target geography only and the advisor advising the buy-side only.

Press Release: mergermarket M&A Round-up for Year End 2011 34 www.mergermarket.com Americas: League Tables of Financial Advisers

Financial Advisers to Canadian M&A: Value Financial Advisers to Canadian M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 6 1 BMO Capital Markets 27,481 32 23,864 15.2% 2 1 RBC Capital Markets 27,071 39 44 -5 4 2 RBC Capital Markets 27,071 39 29,019 -6.7% 6 2 BMO Capital Markets 27,481 32 25 7 8 3 CIBC World Markets 23,791 15 20,008 18.9% 5 3 National Bank Financial 8,148 24 28 -4 5 4 TD Securities Inc 23,218 21 28,721 -19.2% 1 4 TD Securities 23,218 21 47 -26 1 5 Morgan Stanley 22,069 12 30,934 -28.7% 4 5 GMP Securities 14,110 21 28 -7 10 6 Bank of America Merrill Lynch 18,470 18 16,469 12.2% 14 6 Bank of America Merrill Lynch 18,470 18 14 4 3 7 Goldman Sachs 17,355 14 29,284 -40.7% 3 7 CIBC World Markets 23,791 15 35 -20 2 8 JPMorgan 16,997 9 30,477 -44.2% 10 8 Scotia Capital 9,871 15 20 -5 12 9 GMP Securities 14,110 21 11,074 27.4% 12 9 Macquarie Group 6,710 15 15 0 11 10 Scotia Capital 9,871 15 15,946 -38.1% 7 10 Canaccord Genuity 6,051 15 24 -9 9 11 UBS Investment Bank 9,045 12 16,967 -46.7% 19 11 KPMG 225 15 12 3 7 12 Citigroup 8,668 11 21,160 -59.0% 8 12 Goldman Sachs 17,355 14 23 -9 17 13 National Bank Financial 8,148 24 7,896 3.2% 9 13 Morgan Stanley 22,069 12 22 -10 38 14 Lazard 6,945 6 1,388 400.4% 11 14 UBS Investment Bank 9,045 12 15 -3 16 15 Barclays Capital 6,723 6 8,059 -16.6% 21 15 Citigroup 8,668 11 10 1

Financial Advisers to Central & South American M&A: Value Financial Advisers to Central & South American M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 6 1 BTG Pactual 41,029 38 19,748 107.8% 1 1 BTG Pactual 41,029 38 37 1 1 2 Credit Suisse 29,696 33 76,272 -61.1% 2 2 Credit Suisse 29,696 33 35 -2 7 3 Banco Itau BBA 28,704 32 13,199 117.5% 4 3 Banco Itau BBA 28,704 32 20 12 8 4 Goldman Sachs 27,435 23 12,694 116.1% 7 4 Goldman Sachs 27,435 23 16 7 14 5 UBS Investment Bank 23,942 14 10,768 122.3% 23 5 Banco Bradesco BBI 19,138 20 5 15 10 6 Rothschild 20,933 13 12,483 67.7% 9 6 Citigroup 18,276 19 14 5 20 7 Banco Bradesco BBI 19,138 20 6,263 205.6% 10 7 BR Partners 971 18 13 5 2 8 Citigroup 18,276 19 53,999 -66.2% 8 8 Morgan Stanley 16,602 17 15 2 9 9 JPMorgan 17,141 11 12,585 36.2% 19 9 PwC 1,252 15 7 8 5 10 Morgan Stanley 16,602 17 22,714 -26.9% 15 10 UBS Investment Bank 23,942 14 8 6 4 11 Bank of America Merrill Lynch 15,107 9 25,778 -41.4% 3 11 Santander Global Banking and 14,170 14 22 -8 21 12 Barclays Capital 14,880 6 6,015 147.4% Markets 3 13 Santander Global Banking and 14,170 14 45,681 -69.0% 11 12 Rothschild 20,933 13 12 1 Markets 6 13 JPMorgan 17,141 11 17 -6 13 14 Caixa Banco de Investimento 10,343 5 11,038 -6.3% 13 14 Banco Espirito Santo de Investimento 7,292 11 9 2 24 15 HSBC 9,025 6 3,482 159.2% 5 15 Bank of America Merrill Lynch 15,107 9 18 -9

Press Release: mergermarket M&A Round-up for Year End 2011 35 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 Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 5 1 Credit Suisse 150,119 62 103,901 44.5% 1 1 Goldman Sachs 131,574 94 112 -18 7 2 JPMorgan 140,962 77 85,932 64.0% 2 2 Morgan Stanley 111,426 84 89 -5 2 3 Goldman Sachs 131,574 94 162,340 -19.0% 7 3 JPMorgan 140,962 77 59 18 4 4 Citigroup 113,219 56 104,221 8.6% 4 4 Bank of America Merrill Lynch 88,230 66 72 -6 1 5 Morgan Stanley 111,426 84 169,130 -34.1% 3 5 Credit Suisse 150,119 62 74 -12 3 6 Bank of America Merrill Lynch 88,230 66 135,344 -34.8% 8 6 Barclays Capital 82,387 59 58 1 6 7 Barclays Capital 82,387 59 100,548 -18.1% 10 7 Citigroup 113,219 56 47 9 11 8 Lazard 66,231 32 39,988 65.6% 5 8 UBS Investment Bank 49,957 54 63 -9 8 9 Deutsche Bank 61,749 45 63,175 -2.3% 11 9 Jefferies & Company 18,203 49 46 3 10 10 UBS Investment Bank 49,957 54 46,732 6.9% 9 10 Deutsche Bank 61,749 45 50 -5 44 11 Foros 33,972 3 3,159 975.4% 12 11 Houlihan Lokey 8,194 34 36 -2 22 12 Moelis & Company 30,928 27 12,606 145.3% 6 12 Lazard 66,231 32 62 -30 9 13 Rothschild 25,453 23 59,206 -57.0% 15 13 Moelis & Company 30,928 27 27 0 14 14 BNP Paribas 19,570 11 23,217 -15.7% 22 14 Robert W. Baird & Co 2,400 26 19 7 17 15 Jefferies & Company 18,203 49 20,525 -11.3% 16 15 RBC Capital Markets 17,054 25 24 1

Financial Advisers to US (Mid-West) M&A: Value Financial Advisers to US (Mid-West) M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 2 1 JPMorgan 107,032 38 53,201 101.2% 5 1 JPMorgan 107,032 38 32 6 11 2 Lazard 89,505 33 13,351 570.4% 3 2 Bank of America Merrill Lynch 46,419 38 38 0 4 3 Credit Suisse 80,393 24 38,698 107.7% 10 3 Lazard 89,505 33 23 10 8 4 Citigroup 60,837 25 29,297 107.7% 1 4 Goldman Sachs 55,791 32 44 -12 1 5 Goldman Sachs 55,791 32 63,183 -11.7% 17 5 Robert W. Baird & Co 3,818 30 18 12 3 6 Morgan Stanley 52,555 28 52,698 -0.3% 14 6 Lincoln International 1,272 30 20 10 6 7 Bank of America Merrill Lynch 46,419 38 33,559 38.3% 2 7 Morgan Stanley 52,555 28 38 -10 7 8 Barclays Capital 42,868 24 31,678 35.3% 6 8 UBS Investment Bank 39,195 27 32 -5 5 9 UBS Investment Bank 39,195 27 38,175 2.7% 16 9 Jefferies & Company 7,944 27 19 8 - 10 Foros 33,642 2 - - 11 10 William Blair & Company 1,986 27 23 4 31 11 Evercore Partners 25,661 11 1,801 1,324.8% 13 11 Citigroup 60,837 25 21 4 16 12 Centerview Partners 17,997 4 7,333 145.4% 7 12 Credit Suisse 80,393 24 31 -7 13 13 Perella Weinberg Partners 14,554 2 8,541 70.4% 4 13 Barclays Capital 42,868 24 33 -9 - 14 Loop Capital Markets 10,410 1 - - 8 14 Houlihan Lokey 7,119 20 28 -8 - 15 Qatalyst Group 8,950 1 - - 19 15 RBC Capital Markets 6,023 20 11 9

Press Release: mergermarket M&A Round-up for Year End 2011 36 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 Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 5 1 Goldman Sachs 197,862 83 109,724 80.3% 1 1 Goldman Sachs 197,862 83 72 11 4 2 Barclays Capital 156,689 51 110,029 42.4% 4 2 Bank of America Merrill Lynch 103,458 63 50 13 1 3 Morgan Stanley 145,419 50 153,485 -5.3% 5 3 JPMorgan 128,381 53 49 4 6 4 JPMorgan 128,381 53 96,036 33.7% 6 4 Barclays Capital 156,689 51 47 4 3 5 Bank of America Merrill Lynch 103,458 63 114,310 -9.5% 3 5 Morgan Stanley 145,419 50 55 -5 7 6 Credit Suisse 86,044 41 91,318 -5.8% 10 6 UBS Investment Bank 47,507 43 36 7 2 7 Citigroup 73,684 41 115,589 -36.3% 2 7 Credit Suisse 86,044 41 56 -15 13 8 Evercore Partners 69,392 26 30,612 126.7% 9 8 Citigroup 73,684 41 37 4 8 9 Deutsche Bank 57,884 33 77,067 -24.9% 11 9 Jefferies & Company 32,197 40 35 5 9 10 Lazard 47,667 31 58,104 -18.0% 12 10 RBC Capital Markets 18,519 39 35 4 11 11 UBS Investment Bank 47,507 43 37,210 27.7% 13 11 Deutsche Bank 57,884 33 31 2 18 12 Jefferies & Company 32,197 40 17,016 89.2% 8 12 Lazard 47,667 31 40 -9 21 13 Scotia Capital 21,457 5 8,860 142.2% 7 13 Houlihan Lokey 4,744 28 43 -15 19 14 RBC Capital Markets 18,519 39 16,070 15.2% 19 14 Evercore Partners 69,392 26 16 10 14 15 Tudor, Pickering, Holt & Co 18,201 20 22,638 -19.6% 22 15 Raymond James & Associates 2,596 26 15 11

Financial Advisers to US (West) M&A: Value Financial Advisers to US (West) M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 1 1 Morgan Stanley 82,846 50 62,988 31.5% 3 1 Morgan Stanley 82,846 50 39 11 5 2 Goldman Sachs 81,828 43 47,014 74.1% 1 2 Goldman Sachs 81,828 43 53 -10 2 3 JPMorgan 66,346 37 54,151 22.5% 6 3 JPMorgan 66,346 37 36 1 3 4 Barclays Capital 53,408 26 49,311 8.3% 4 4 Bank of America Merrill Lynch 48,838 34 39 -5 7 5 Bank of America Merrill Lynch 48,838 34 29,273 66.8% 8 5 Lazard 28,634 31 30 1 17 6 Qatalyst Group 39,296 17 5,367 632.2% 5 6 Houlihan Lokey 7,978 31 38 -7 6 7 Lazard 28,634 31 34,042 -15.9% 15 7 RBC Capital Markets 17,932 29 15 14 4 8 Deutsche Bank 27,262 28 47,226 -42.3% 2 8 Jefferies & Company 8,236 29 40 -11 12 9 UBS Investment Bank 22,850 22 12,221 87.0% 10 9 Deutsche Bank 27,262 28 23 5 15 10 Centerview Partners 20,367 4 7,499 171.6% 7 10 Credit Suisse 18,439 28 33 -5 14 11 Citigroup 19,958 17 7,644 161.1% 9 11 Barclays Capital 53,408 26 27 -1 10 12 Credit Suisse 18,439 28 22,150 -16.8% 12 12 UBS Investment Bank 22,850 22 19 3 24 13 RBC Capital Markets 17,932 29 2,178 723.3% 17 13 Lincoln International 1,024 20 14 6 8 14 Perella Weinberg Partners 13,040 5 27,488 -52.6% 32 14 Evercore Partners 6,040 19 8 11 16 15 Moelis & Company 8,849 18 7,429 19.1% 11 15 Moelis & Company 8,849 18 23 -5

Press Release: mergermarket M&A Round-up for Year End 2011 37 www.mergermarket.com Americas: Individuals Activity Tables

Financial Advisors Individual Ranking to Americas M&A: Value Financial Advisors Individual Ranking to Americas M&A: Volume Y/E 2011 Individual Name Company Name Value (US$m) Deal Count Y/E 2011 Individual Name Company Name Value (US$m) Deal Count 1 Boon Sim Credit Suisse 58,952 3 1 Alessandro Farkuh Banco Bradesco BBI 18,068 17 2 Mark Shafir Citigroup 51,291 2 2 Jeff Raich Moelis & Company 5,918 9 3= Raymond Strong Evercore Partners 46,476 2 3= Tim Kingston Goldman Sachs 4,988 7 3= Robert Pacha Evercore Partners 46,476 2 3= Pedro Garcia de Souza Banco Itau BBA 4,988 7 5 Steve Munger Morgan Stanley 44,823 2 5 John Momtazee Moelis & Company 4,674 7 6= Lee Jacobe Barclays Capital 37,439 1 6 Glenn Gurtcheff Harris Williams & Co 187 7 6= Paul Bjorneby Barclays Capital 37,439 1 7 Chris Ventresca JPMorgan 30,542 5 8 Barry Blake Citigroup 35,277 4 8 Anton Sahazizian Moelis & Company 11,125 5 9 Christopher Hite Citigroup 34,600 3 9 Evan Winkler Moelis & Company 4,913 5 10 Raymond Cooper Citigroup 33,830 2 10 Navid Mahmoodzadegan Moelis & Company 4,194 5 11= Kenneth Jacobs Lazard 33,430 1 11 Brian McDonagh Robert W. Baird & Co 1,040 5 11= David Gluckman Lazard 33,430 1 12 Ira Wolfson Rothschild 864 5 11= James Woolery JPMorgan 33,430 1 13 Felipe Bittencourt Vinci Partners 292 5 11= Ravi Sachdev JPMorgan 33,430 1 14 Robert Ennis Petsky Prunier 40 5 11= Stuart Smith Credit Suisse 33,430 1 15 Barry Blake Citigroup 35,277 4 16 Chris Ventresca JPMorgan 30,542 5 16 Michael Macakanja JPMorgan 29,789 4 17 Michael Macakanja JPMorgan 29,789 4 17 Luiz Muniz Rothschild 18,916 4 18 George Bilicic Lazard 25,825 1 18 Anu Aiyengar JPMorgan 17,148 4 19= Chris Gallea JPMorgan 25,272 2 19 George Boutros Qatalyst Group 16,012 4 19= Michael Carr Goldman Sachs 25,272 2 20 Kenneth Moelis Moelis & Company 6,599 4

* Based on information available on mergermarket record until 31 December 2011, and search limited to Managing Directors/Partners

Press Release: mergermarket M&A Round-up for Year End 2011 38 www.mergermarket.com Asia-Pacific (ex. Japan) M&A Overview

After signs of recovery in the third quarter, M&A in Asia-Pacific (excluding Japan) reverted at the end of the year Asia-Pacific M&A Activity - Quarterly to the overall downward trend for the year seen across the globe. The last quarter saw the announcement in the (excluding Japan) region of 427 deals worth US$ 68bn, the lowest quarterly total since Q3 2009 (US$ 65.4bn). Usually the busiest 170 700 Value (US$bn) quarter of the year for M&A in the Asia-Pacific region, this quarter was the lowest Q4 since 2005 (US$39.5bn), and 160 showed a decrease of 31.9% in deal value compared to the previous quarter (US$ 99.9bn). Volume 650 150 600 140 After seeing the highest total annual deal value for the region the previous year, the 2011 total was dragged down 550 by the poor fourth quarter. With US$ 336bn-worth of deals, the total value of M&A in 2011 was 10.8% below 2010’s 130 total (US$ 376.9bn). It was the fourth busiest year on mergermarket record (since 2001). 120 500 110 450 100 Activity went down in almost all the major countries in the region, with India seeing a 43.9% drop in deal value 400 from US$ 51.8bn in 2010 to US$ 29.1bn in 2011, Malaysia seeing a 31.3% drop from US$ 22.1bn to US$ 15.2bn, 90 350 South Korea seeing a 14.3% drop to US$ 34.4bn, and Australia seeing a 12.6% drop to US$79.3bn. China was the 80 notable exception with an increase of 8% compared to 2010, from US$ 95.4bn to US$ 103bn. 300 70 Volume of Volume Deals 60 250 Asia-Pacific (excluding Japan) inbound cross-border deals added up to US$ 93.9bn in 2011, an 11.3% increase compared to 2010 (US$ 84.4bn) and the highest level on mergermarket record (since 2001). Outbound cross- ofValue Deals (US$bn) 50 200 40 border total deal value was US$ 113.6bn, a 16.7% increase since 2010 (US$ 97.4bn) and the highest total since 150 2007 (US$ 124.5bn). 30 100 20

Goldman Sachs was involved in five of the year’s ten largest deals in the region and dominates the financial advisor 10 50 league table for Asia-Pacific (excluding Japan) M&A by deal value in 2011. All firms in the top ten ranking are 0 0 companies from outside the region, with Macquarie Group, ranked 13th, the highest ranking Asia-Pacific-based firm.

Asia-Pacific Private Equity Buyout Activity - Quarterly Asia-Pacific (excl. Japan) Inbound/Outbound M&A (excluding Japan)

20 75 60 175 Inbound Value ($bn) Value (US$bn) 70 55 Outbound Value ($bn) 18 Volume Inbound Volume 65 150 50 Outbound Volume 16 60 45 55 125 14 50 40

12 45 35 100 40 10 30 35

25 75 of Volume Deals 8 30 ofValue Deals ($bn) Volume of Volume Deals 25 20

Value ofValue Deals (US$bn) 6 50 20 15 4 15 10 25 10 2 5 5

0 0 0 0

Press Release: mergermarket M&A Round-up for Year End 2011 39 www.mergermarket.com Asia-Pacific M&A Overview:Industry and Geography Breakdown

Y/E 2011 Y/E 2010 Change Sector Value ($bn) market share Deal count Value ($bn) market share Deal count Value (%) Deal count Media 67.2 20.0% 230 93.3 24.7% 274 -28.0% -44 Construction 53.0 15.8% 174 57.7 15.3% 193 -8.1% -19 Business Services 51.3 15.3% 428 45.4 12.0% 449 13.0% -21 Industrials & Chemicals 50.9 15.1% 261 33.8 9.0% 245 50.7% 16 Real Estate 19.9 5.9% 212 8.3 2.2% 179 138.6% 33 Telecommunications 13.0 3.9% 60 7.4 2.0% 67 76.5% -7 Consumer 12.9 3.8% 87 19.6 5.2% 105 -34.4% -18 Agriculture 11.7 3.5% 25 25.9 6.9% 43 -54.7% -18 Financial Services 11.2 3.3% 195 14.0 3.7% 196 -20.1% -1 Defence 11.1 3.3% 78 27.10 7.19% 103 -59.2% -25 Transport 10.9 3.2% 89 3.8 1.0% 61 182.7% 28 Leisure 10.5 3.1% 129 18.8 5.0% 144 -44.2% -15 Pharma, Medical & Biotech 8.1 2.4% 51 15.7 4.2% 100 -48.4% -49 Energy, Mining & Utilities 4.4 1.3% 33 6.0 1.6% 50 -26.4% -17 Technology 0.0 0.0% 1 0.0 0.0% 2 -100.0% -1 Total 336.1 2,053 376.9 2,211 -10.8% -158

Mix of Announced Asia-Pacific Deals by Geographic Region 2011 - Value Mix of Announced Asia-Pacific Deals by Geographic Region 2011 - Volume

Other Other Thailand Thailand 10.0% 8.3% 2.2% 1.7% Singapore China 2.9% China 24.0% 25.5% Singapore Malaysia 4.0% 3.7% Malaysia 3.3% Hong Kong 5.2% Hong Kong 4.6%

India 7.2% India 10.1%

South Korea Australia 8.5% 16.7% Australia 19.6% South Korea 11.0%

Japan Japan 16.9% 14.6%

Press Release: mergermarket M&A Round-up for Year End 2011 40 www.mergermarket.com Asia-Pacific M&A Overview:Top Deals

Activity Table of Asia-Pacific (ex. Japan) M&A for Y/E 2011 Announced Bidder Company Bidder Financial Advisor Target Company Target/Seller Financial Advisor Seller Company Deal Value Date (US$m) 17-Aug-11 SABMiller Plc JPMorgan; Moelis & Company; Foster's Group Limited Goldman Sachs; Grant Samuel; 12,925 Morgan Stanley; Royal Bank of Gresham Advisory Partners Scotland Group

29-Aug-11 Temasek Holdings Pte Ltd; China Construction Bank Bank of America Merrill Lynch Bank of America Corporation 8,288 Government of Singapore Corporation (5.44% Stake) Investment Corporation Pte Ltd; and CITIC Securities Co Ltd 21-Feb-11 BP Plc Morgan Stanley Reliance Industries Limited (23 Goldman Sachs Reliance Industries Limited 7,200 oil and gas production sharing contracts) (30% Stake)

14-Nov-11 Temasek Holdings Pte Ltd; and China China Construction Bank Bank of America Merrill Lynch Bank of America Corporation 6,600 Investment Corporation Corporation (4.14% Stake)

15-Feb-11 Shinsegae Co Ltd (Shareholders) Citigroup E-Mart Samsung Securities Co Shinsegae Co Ltd 6,222

25-Feb-11 PTT Chemical Public Company Kasikorn Securities Pcl; Kim Eng PTT Aromatics and Refining Public Trinity Securities Group 5,704 Limited Securities; UBS Investment Bank Company Ltd

01-Jul-11 Vodafone Group Plc Goldman Sachs; UBS Investment Vodafone Essar Limited (33% Stake) Citigroup; JPMorgan; Morgan Essar Group 5,460 Bank Stanley

08-Mar-11 Hyundai Motor Corporation; Goldman Sachs; HMC Investment Hyundai Engineering & Construction Bank of America Merrill Lynch; Hyundai Securities; Hana Bank; 4,443 Hyundai Mobils Ltd; and Kia Motors Securities Co Co (34.88% Stake) Korea Development Bank; Woori Korea Exchange Bank ; Kookmin Corporation Investment & Securities Co Bank; Korea Inc; Woori Bank; National Agricultural Cooperative Federation; Shinhan Bank; and Korea Finance Corporation 06-Apr-11 SAIC Motor Corporation Limited Co SAIC Group (independent auto Shanghai Automotive Industry 4,365 components assets); SAIC Group Corporation (Group) (auto service and trading business); and SAIC Group (new energy auto business) 21-Feb-11 West Australian Newspapers Ernst & Young; O’Sullivan Partners Seven Media Group Goldman Sachs; JPMorgan Kohlberg Kravis Roberts & Co; and 4,123 Holdings Limited Seven Group Holdings Limited

Press Release: mergermarket M&A Round-up for Year End 2011 41 www.mergermarket.com Asia-Pacific M&A Overview:League Tables of Financial Advisers

League Table of Financial Advisers to Asia-Pacific (ex. Japan) M&A: Value League Table of Financial Advisers to Asia-Pacific (ex. Japan) M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 3 1 Goldman Sachs 95,005 67 62,920 51.0% 2 1 Goldman Sachs 95,005 67 65 2 9 2 JPMorgan 62,928 38 41,793 50.6% 6 2 UBS Investment Bank 61,768 67 55 12 1 3 UBS Investment Bank 61,768 67 65,673 -5.9% 1 3 Ernst & Young 8,526 56 69 -13 2 4 Morgan Stanley 59,278 46 64,111 -7.5% 3 4 KPMG 5,696 55 61 -6 8 5 Bank of America Merrill Lynch 53,224 37 42,662 24.8% 4 5 PwC 4,002 51 59 -8 17 6 Citigroup 48,530 42 25,979 86.8% 11 6 Deloitte 8,411 50 46 4 10 7 Barclays Capital 42,326 20 39,330 7.6% 5 7 Morgan Stanley 59,278 46 58 -12 4 8 Credit Suisse 39,071 45 61,731 -36.7% 8 8 Macquarie Group 24,172 46 52 -6 5 9 Deutsche Bank 33,217 37 51,984 -36.1% 7 9 Credit Suisse 39,071 45 52 -7 15 10 Royal Bank of Scotland Group 26,109 18 26,794 -2.6% 15 10 Citigroup 48,530 42 27 15 128 11 Moelis & Company 24,990 7 511 4,790.4% 12 11 CIMB Group 11,651 41 40 1 14 12 HSBC 24,475 29 28,121 -13.0% 13 12 JPMorgan 62,928 38 39 -1 6 13 Macquarie Group 24,172 46 46,882 -48.4% 14 13 Bank of America Merrill Lynch 53,224 37 28 9 22 14 Scotia Capital 23,078 6 12,573 83.6% 10 14 Deutsche Bank 33,217 37 49 -12 13 15 Grant Samuel 21,439 9 28,184 -23.9% 17 15 HSBC 24,475 29 23 6 20 16 Lazard 21,003 18 21,903 -4.1% 9 16 Rothschild 12,318 27 52 -25 48 17 Gresham Advisory Partners 18,006 14 3,542 408.4% 20 17 Nomura Holdings 14,683 26 20 6 21 18 Nomura Holdings 14,683 26 15,891 -7.6% 33 18 OSK Investment Bank 4,735 24 12 12 37 19 RBC Capital Markets 14,065 9 5,456 157.8% 25 19 Barclays Capital 42,326 20 17 3 122 20 Flagstaff Partners 13,860 8 590 2,249.2% 42 20 DBS Bank 2,889 19 9 10

Press Release: mergermarket M&A Round-up for Year End 2011 42 www.mergermarket.com Asia-Pacific M&A Overview:League Tables of Financial Advisers

League Table of Financial Advisers to Asia-Pacific (ex. Japan) Buyouts*: Value League Table of Financial Advisers to Asia-Pacific (ex. Japan) Buyouts*: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 18 1 Citigroup 3,141 3 261 1,103.4% 4 1 Macquarie Group 1,906 4 3 1 - 2 Flagstaff Partners 2,658 1 - - 3 2 Goldman Sachs 1,368 4 4 0 10 3 CIMB Group 2,018 2 777 159.7% 26 3 DBS Bank 442 4 1 3 - 4 Nomura Holdings 1,998 3 - - 20 4 Citigroup 3,141 3 1 2 - 5= Maybank Investment Bank 1,930 1 - - - 5 Nomura Holdings 1,998 3 - - - 5= OSK Investment Bank 1,930 1 - - 14 6 UBS Investment Bank 758 3 1 2 1 7 Macquarie Group 1,906 4 4,601 -58.6% 1 7 KPMG 104 3 9 -6 13 8 Morgan Stanley 1,643 2 516 218.4% 16 8 CIMB Group 2,018 2 1 1 6 9 Barclays Capital 1,393 2 2,350 -40.7% 6 9 Morgan Stanley 1,643 2 3 -1 8 10 Goldman Sachs 1,368 4 1,604 -14.7% 13 10 Barclays Capital 1,393 2 1 1 - 11 Bravia Capital Hong Kong 1,049 1 - - 17 11 755 2 1 1 12 12 Ernst & Young 894 1 539 65.9% 9 12 Deloitte 497 2 2 0 7 13 UBS Investment Bank 758 3 2,350 -67.7% 2 13 Credit Suisse 409 2 4 -2 11 14 Standard Chartered 755 2 777 -2.8% 31 14 PwC 234 2 1 1 26 15 JPMorgan 702 1 80 777.5% 10 15 HSBC 223 2 2 0

*Based on the target geography only and the advisor advising the buy-side only.

Press Release: mergermarket M&A Round-up for Year End 2011 43 www.mergermarket.com Asia-Pacific M&A Overview:League Tables of Financial Advisers Financial Advisers to Asia (ex. Japan) M&A: Value Financial Advisers to Asia (ex. Japan) M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 2 1 Goldman Sachs 46,858 34 44,244 5.9% 9 1 UBS Investment Bank 37,069 43 35 8 11 2 Bank of America Merrill Lynch 46,376 26 26,437 75.4% 4 2 CIMB Group 11,661 41 40 1 16 3 Citigroup 42,736 36 20,468 108.8% 2 3 Morgan Stanley 41,192 37 48 -11 1 4 Morgan Stanley 41,192 37 54,726 -24.7% 15 4 Citigroup 42,736 36 22 14 5 5 UBS Investment Bank 37,069 43 36,136 2.6% 1 5 Ernst & Young 2,380 36 52 -16 3 6 Credit Suisse 27,526 34 42,963 -35.9% 8 6 Goldman Sachs 46,858 34 37 -3 4 7 JPMorgan 27,238 25 36,417 -25.2% 5 7 Credit Suisse 27,526 34 39 -5 15 8 HSBC 24,029 26 20,987 14.5% 7 8 KPMG 4,226 34 39 -5 10 9 Deutsche Bank 22,550 28 30,044 -24.9% 3 9 PwC 2,357 31 47 -16 7 10 China International Capital Corporation 12,686 12 35,560 -64.3% 10 10 Deutsche Bank 22,550 28 35 -7 8 11 Barclays Capital 12,643 15 34,609 -63.5% 11 11 Deloitte 4,445 28 31 -3 14 12 Royal Bank of Scotland Group 12,265 13 22,757 -46.1% 19 12 Bank of America Merrill Lynch 46,376 26 18 8 43 13 RBC Capital Markets 12,054 5 3,116 286.8% 16 13 HSBC 24,029 26 21 5 13 14 CIMB Group 11,661 41 23,166 -49.7% 12 14 JPMorgan 27,238 25 28 -3 61 15 Korea Development Bank 11,145 10 1,874 494.7% 30 15 OSK Investment Bank 4,714 24 12 12

Financial Advisers to Greater China M&A: Value Financial Advisers to Greater China M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 15 1 Bank of America Merrill Lynch 25,554 12 5,783 341.9% 9 1 UBS Investment Bank 22,194 29 13 16 13 2 UBS Investment Bank 22,194 29 6,635 234.5% 5 2 Goldman Sachs 18,659 20 16 4 3 3 Goldman Sachs 18,659 20 15,829 17.9% 14 3 Citigroup 18,165 19 9 10 16 4 Citigroup 18,165 19 5,348 239.7% 2 4 Deutsche Bank 17,411 17 20 -3 2 5 Deutsche Bank 17,411 17 19,656 -11.4% 12 5 JPMorgan 16,444 17 10 7 5 6 Morgan Stanley 16,526 16 13,920 18.7% 6 6 Credit Suisse 12,918 17 15 2 8 7 JPMorgan 16,444 17 10,975 49.8% 4 7 Morgan Stanley 16,526 16 18 -2 4 8 Credit Suisse 12,918 17 14,097 -8.4% 8 8 CITIC Securities Co 8,327 15 13 2 1 9 China International Capital Corporation 12,686 12 35,560 -64.3% 11 9 CIMB Group 1,970 14 11 3 99 10 RBC Capital Markets 10,841 4 211 5,037.9% 13 10 Somerley Limited 1,497 14 10 4 24 11 HSBC 9,153 10 2,906 215.0% 23 11 Bank of America Merrill Lynch 25,554 12 6 6 7 12 CITIC Securities Co 8,327 15 12,555 -33.7% 1 12 China International Capital Corporation 12,686 12 22 -10 10 13 Barclays Capital 8,050 8 9,323 -13.7% 7 13 PwC 1,515 11 15 -4 14 14 Rothschild 6,775 9 5,952 13.8% 28 14 HSBC 9,153 10 5 5 6 15 BNP Paribas 6,607 8 13,586 -51.4% 18 15 Nomura Holdings 5,030 10 8 2

Press Release: mergermarket M&A Round-up for Year End 2011 44 www.mergermarket.com Asia-Pacific M&A Overview:League Tables of Financial Advisers Financial Advisers to Australasian M&A: Value Financial Advisers to Australasian M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 6 1 Goldman Sachs 50,377 35 21,089 138.9% 2 1 Goldman Sachs 50,377 35 33 2 12 2 JPMorgan 36,000 14 7,737 365.3% 1 2 Macquarie Group 16,695 34 36 -2 19 3 Barclays Capital 29,943 6 4,721 534.3% 3 3 UBS Investment Bank 29,095 33 28 5 2 4 UBS Investment Bank 29,095 33 39,133 -25.7% 5 4 Deloitte 7,568 28 21 7 89 5 Moelis & Company 22,608 5 61 36,962% 12 5 PwC 1,825 23 12 11 3 6 Grant Samuel 21,439 9 28,184 -23.9% 6 6 Ernst & Young 6,752 22 21 1 - 7 Scotia Capital 19,510 2 - - 4 7 KPMG 1,633 22 24 -2 11 8 Morgan Stanley 18,543 10 9,509 95.0% 11 8 JPMorgan 36,000 14 12 2 22 9 Gresham Advisory Partners 18,006 14 3,542 408.4% 24 9 Gresham Advisory Partners 18,006 14 5 9 1 10 Macquarie Group 16,695 34 39,712 -58.0% 14 10 Bank of America Merrill Lynch 7,589 13 11 2 7 11 Lazard 15,444 7 19,604 -21.2% 7 11 Deutsche Bank 11,960 11 19 -8 21 12 Royal Bank of Scotland Group 14,171 6 4,037 251.0% 8 12 Credit Suisse 11,545 11 15 -4 42 13 Flagstaff Partners 13,860 8 590 2,249.2% 15 13 Morgan Stanley 18,543 10 11 -1 4 14 Deutsche Bank 11,960 11 24,258 -50.7% 9 14 Rothschild 5,061 10 15 -5 8 15 Credit Suisse 11,545 11 19,477 -40.7% 16 15 BDO 818 10 10 0

Financial Advisers to Japanese M&A: Value Financial Advisers to Japanese M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 8 1 Goldman Sachs 58,602 18 9,837 495.7% 1 1 Nomura Holdings 42,896 82 67 15 6 2 Bank of America Merrill Lynch 49,378 16 10,823 356.2% 2 2 Mizuho Financial Group 40,297 40 38 2 7 3 Deutsche Bank 46,014 14 10,580 334.9% 4 3 Daiwa Securities Group 27,928 34 31 3 1 4 Nomura Holdings 42,896 82 49,162 -12.7% 5 4 Sumitomo Mitsui Financial Group 33,439 31 31 0 13 5 Mizuho Financial Group 40,297 40 4,348 826.8% 3 5 Morgan Stanley 34,235 29 35 -6 4 6 Morgan Stanley 34,235 29 16,848 103.2% 10 6 KPMG 3,688 23 13 10 15 7 Sumitomo Mitsui Financial Group 33,439 31 3,870 764.1% 7 7 Deloitte 2,815 22 19 3 2 8 JPMorgan 31,093 11 24,180 28.6% 8 8 GCA Savvian Group Corporation 4,855 21 18 3 3 9 Daiwa Securities Group 27,928 34 19,871 40.5% 9 9 Goldman Sachs 58,602 18 14 4 21 10 Credit Suisse 25,344 12 1,497 1,593.0% 15 10 Bank of America Merrill Lynch 49,378 16 8 8 5 11 UBS Investment Bank 11,333 9 13,572 -16.5% 14 11 Ernst & Young 2,316 16 10 6 9 12 Citigroup 9,671 8 8,076 19.7% 6 12 PwC 1,888 16 21 -5 - 13 Jefferies & Company 7,200 2 - - 12 13 Deutsche Bank 46,014 14 10 4 16 14 Lazard 6,849 9 3,404 101.2% 17 14 Credit Suisse 25,344 12 6 6 12 15 Barclays Capital 6,627 5 4,692 41.2% 11 15 JPMorgan 31,093 11 11 0

Press Release: mergermarket M&A Round-up for Year End 2011 45 www.mergermarket.com Asia-Pacific M&A Overview:League Tables of Financial Advisers Financial Advisers to Indian M&A: Value Financial Advisers to Indian M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 2 1 Morgan Stanley 14,533 8 25,059 -42.0% 2 1 Ernst & Young 372 14 23 -9 8 2 Goldman Sachs 12,862 3 11,721 9.7% 6 2 Avendus Capital 2,036 13 12 1 5 3 UBS Investment Bank 7,455 5 17,639 -57.7% 15 3 KPMG 305 9 7 2 6 4 Citigroup 7,305 7 13,050 -44.0% 7 4 Morgan Stanley 14,533 8 11 -3 14 5 JPMorgan 6,335 2 10,316 -38.6% 11 5 PwC 376 8 8 0 7 6 HSBC 2,754 5 12,119 -77.3% 16 6 Citigroup 7,305 7 6 1 4 7 Standard Chartered 2,736 3 22,741 -88.0% 35 7 Yes Bank 809 7 3 4 50 8 Avendus Capital 2,036 13 128 1,490.6% 31 8 o3 Capital Advisors 383 7 4 3 20 9 Nomura Holdings 1,996 5 2,840 -29.7% 20 9 Singhi Advisors 173 7 6 1 9 10 Bank of America Merrill Lynch 1,933 4 11,663 -83.4% 9 10 Enam Securities 906 6 9 -3 19 11 Royal Bank of Scotland Group 1,654 2 3,460 -52.2% 3 11 BMR Advisors 252 6 14 -8 - 12 ANZ Bank 1,325 2 - - - 12 Translink 252 6 - - 23 13 Kotak 1,309 4 1,760 -25.6% 76 13 Veda Corporate Advisors 157 6 1 5 41 14 Ambit Corporate Finance 1,287 3 377 241.4% 5 14 ICICI Bank 135 6 13 -7 11 15= Credit Suisse 1,213 2 11,048 -89.0% 12 15 Mape Advisory Group 125 6 8 -2 33 15= Jefferies & Company 1,213 2 711 70.6%

Financial Advisers to South East Asian M&A: Value Financial Advisers to South East Asian M&A: Volume Ranking 2011 2010 Ranking 2011 2010

Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 19 1 Bank of America Merrill Lynch 16,459 7 2,955 457.0% 1 1 CIMB Group 10,338 29 33 -4 18 2 Citigroup 11,713 10 3,346 250.1% 10 2 OSK Investment Bank 4,682 23 11 12 1 3 CIMB Group 10,338 29 21,929 -52.9% 14 3 DBS Bank 2,559 17 9 8 5 4 UBS Investment Bank 9,810 10 11,597 -15.4% 21 4 Citigroup 11,713 10 6 4 2 5 Goldman Sachs 9,577 8 15,712 -39.0% 5 5 UBS Investment Bank 9,810 10 14 -4 13 6 Maybank Investment Bank 8,241 10 4,820 71.0% 25 6 Maybank Investment Bank 8,241 10 5 5 4 7 Credit Suisse 7,721 10 12,232 -36.9% 3 7 Credit Suisse 7,721 10 16 -6 40 8 Kim Eng Securities 6,605 6 738 795.0% 7 8 Morgan Stanley 4,503 9 11 -2 - 9= Kasikorn Securities 5,704 1 - - 2 9 AmInvestment Bank 2,948 9 19 -10 - 9= Trinity Securities Group 5,704 1 - - 4 10 Goldman Sachs 9,577 8 14 -6 29 11 OSK Investment Bank 4,682 23 1,524 207.2% 6 11 RHB Investment Bank 4,357 8 14 -6 6 12 Morgan Stanley 4,503 9 9,469 -52.4% 13 12 Deutsche Bank 4,072 8 9 -1 3 13 JPMorgan 4,498 5 14,616 -69.2% 16 13 KPMG 1,241 8 8 0 9 14 RHB Investment Bank 4,357 8 9,174 -52.5% 22 14 Bank of America Merrill Lynch 16,459 7 6 1 10 15 Deutsche Bank 4,072 8 8,056 -49.5% 9 15 HSBC 1,040 7 11 -4

Press Release: mergermarket M&A Round-up for Year End 2011 46 www.mergermarket.com Asia-Pacific M&A Overview:League Tables of Financial Advisers

Financial Advisers to South Korean M&A: Value Financial Advisers to South Korean M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 17 1 Korea Development Bank 11,145 10 1,874 494.7% 4 1 Woori Investment & Securities Co 10,999 14 10 4 4 2 Woori Investment & Securities Co 10,999 14 5,562 97.8% 6 2 KPMG 859 12 8 4 2 3 Bank of America Merrill Lynch 9,030 4 7,597 18.9% 3 3 Deloitte 246 11 12 -1 23 4 Samsung Securities Co 7,227 6 1,402 415.5% 12 4 Korea Development Bank 11,145 10 5 5 26 5 Citigroup 6,222 1 1,176 429.1% 1 5 Ernst & Young 804 8 20 -12 1 6 Morgan Stanley 6,066 5 8,634 -29.7% 2 6 PwC 202 8 20 -12 10 7 Goldman Sachs 5,506 3 3,529 56.0% 7 7 Samsung Securities Co 7,227 6 8 -2 3 8 Credit Suisse 5,240 5 5,743 -8.8% 5 8 Morgan Stanley 6,066 5 8 -3 - 9 HMC Investment Securities Co 4,443 1 - - 8 9 Credit Suisse 5,240 5 6 -1 6 10 Macquarie Group 3,306 4 4,807 -31.2% 15 10 Bank of America Merrill Lynch 9,030 4 3 1 8 11 Nomura Holdings 3,285 3 3,743 -12.2% 9 11 Macquarie Group 3,306 4 6 -2 9 12 Shinhan Investment Corp 3,074 3 3,547 -13.3% 53 12 Daewoo Securities Co 1,948 4 1 3 53 13 Daewoo Securities Co 1,948 4 11 17,609.1% 14 13 Deutsche Bank 1,830 4 4 0 24 14 Deutsche Bank 1,830 4 1,337 36.9% 19 14 UBS Investment Bank 1,023 4 3 1 - 15 Jefferies & Company 1,550 1 - - 27 15 HSBC 698 4 1 3

Press Release: mergermarket M&A Round-up for Year End 2011 47 www.mergermarket.com Asia-Pacific M&A Overview:Individuals Activity Tables

Financial Advisors Individual Ranking to Asia-Pacific (ex. Japan) M&A: Value Financial Advisors Individual Ranking to Asia-Pacific (ex. Japan) M&A: Volume Y/E 2011 Individual Name Company Name Value (US$m) Deal Count Y/E 2011 Individual Name Company Name Value (US$m) Deal Count 1 Zac Fletcher Goldman Sachs 15,624 3 1 Anthony Burgess Flagstaff Partners 13,790 6 2 Anthony Burgess Flagstaff Partners 13,790 6 2 Grey Warburton Hartleys Limited 1,338 5 3= Nicholas Rowe Royal Bank of Scotland Group 12,925 1 3 Hyun Kuk Park Samsung Securities Co 1,005 5 3= Craig Evans Royal Bank of Scotland Group 12,925 1 4 Ron Malek Greenhill & Co 3,018 4 3= Paul Baker Morgan Stanley 12,925 1 5 Jason Morris Nomura Holdings 1,963 4 3= John Muncey JPMorgan 12,925 1 6 Roger Feletto Greenhill & Co 1,666 4 3= Christian Johnson Goldman Sachs 12,925 1 7 Sung Woo Park Samsung Securities Co 950 4 8 Sergei Chinkis HSBC 10,390 1 8 Lalit Ratadia Enam Securities 153 4 9= Chris Wyke Moelis & Company 9,400 1 9 Zac Fletcher Goldman Sachs 15,624 3 9= Anton Sahazizian Moelis & Company 9,400 1 10 Garren Cronin O’Sullivan Partners 4,636 3 9= Alexander Rubin Moelis & Company 9,400 1 11 Jon Gidney JPMorgan 2,517 3 9= Steven Panagos Moelis & Company 9,400 1 12 Patrick Lee Nomura Holdings 1,800 3 9= Rick Leaman Moelis & Company 9,400 1 13 Pomjin Choi Daewoo Securities Co 1,797 3 14= Mark Preston RBC Capital Markets 7,786 1 14 Geoff Rasmussen Azure Capital 1,660 3 14= Edward Golder RBC Capital Markets 7,786 1 15= Jun Xu Co 1,435 3 14= Dai Clement RBC Capital Markets 7,786 1 15= Shoukang Lin China International Capital Corporation 1,435 3 14= Charles Packshaw HSBC 7,786 1 15= Guorong Jiang China International Capital Corporation 1,435 3 14= Eric Lyons HSBC 7,786 1 15= Chenli Huang China International Capital Corporation 1,435 3 14= Omar Faruqui Deutsche Bank 7,786 1 15= Zhaohui Huang China International Capital Corporation 1,435 3 14= Alan Brown Deutsche Bank 7,786 1 20 Jennifer Yu Rothschild 1,174 3

* Based on information available on mergermarket record until 31 December 2011, and search limited to Managing Directors/Partners

Press Release: mergermarket M&A Round-up for Year End 2011 48 www.mergermarket.com Africa & Middle East M&A Overview

Africa & Middle East M&A Activity - Quarterly

40 150 Value (US$bn) 140 Deal activity in Africa and the Middle East in 2011 had a total value of US$ 38.5bn, a decrease of 28.9% Volume 35 130 compared to 2010 (US$ 54.2bn), and the lowest value since 2009 (US$ 32.4bn). 120 30 110

After a strong first quarter in 2011 (US$ 15.6bn), the region saw a downward trend in deal activity 100 25 through the rest of the year. The last quarter saw a total of US$ 6.9bn-worth of deals announced, 90 80 20 down by 46.5% compared to Q4 2010 (US$ 12.8bn), and 27.7% compared to Q3 2011 (US$ 9.5bn). It 70

60 was the lowest Q4 M&A total in the region since Q4 2004 (US$ 4.6bn). 15 of Volume Deals 50 Value ofValue Deals (US$bn) 40 Goldman Sachs topped the financial advisory league table by deal value in 2011, moving up two 10 30 positions from its 2010 ranking. 5 20 10

0 0

Y/E 2011 Y/E 2010 Change Sector Value ($bn) market share Deal count Value ($bn) market share Deal count Value (%) Deal count Energy, Mining & Utilities 11.1 28.9% 46 9.5 17.5% 47 17.5% -1 Industrials & Chemicals 7.0 18.1% 51 2.6 4.7% 45 173.2% 6 Consumer 5.6 14.5% 52 4.1 7.6% 32 35.4% 20 Financial Services 3.9 10.2% 38 6.7 12.5% 41 -41.6% -3 Real Estate 3.8 10.0% 7 4.9 9.0% 15 -21.5% -8 Technology 2.5 6.4% 26 1.6 2.9% 35 57.2% -9 Pharma, Medical & Biotech 1.5 3.8% 19 0.6 1.1% 16 143.4% 3 Business Services 1.3 3.3% 26 3.8 7.0% 27 -66.5% -1 Telecommunications 0.76 2.0% 9 14.0 25.8% 11 -94.6% -2 Transport 0.42 1.08% 9 1.05 1.9% 7 -60.3% 2 Construction 0.3 0.9% 15 1.8 3.3% 19 -81.2% -4 Leisure 0.2 0.5% 10 3.3 6.1% 11 -93.6% -1 Defence 0.1 0.2% 3 0.1 0.2% 4 -48.9% -1 Agriculture 0.0 0.1% 5 0.2 0.3% 5 -80.7% 0 Media 0.0 0.0% 1 0.0 0.1% 2 -72.7% -1 Total 38.5 317 54.2 317 -28.9% 0

Press Release: mergermarket M&A Round-up for Year End 2011 49 www.mergermarket.com Africa & Middle East M&A Overview: Top Deals

Activity Table of Africa & Middle East M&A for Y/E 2011 Announced Bidder Company Bidder Financial Advisor Target Company Target/Seller Financial Advisor Seller Company Deal Value Date (US$m) 11-Jan-11 China National Chemical Compass Advisers Makhteshim Agan Industries Limited 2,508 Corporation (60% Stake)

25-Jan-11 Capital Property Fund Java Capital Pangbourne Properties Ltd 1,770

05-Jul-11 Jinchuan Group International Goldman Sachs Metorex Limited KPMG; One Capital; 1,393 Resources Co Ltd Group

14-Feb-11 Growthpoint Properties Ltd; and Investec V&A Waterfront Holdings Ltd Thirty3degrees Financial Services & Regional Properties Ltd; 1,341 Public Investment Corporation Ltd (Proprietary); Goldman Sachs and Istithmar World Capital

26-Sep-11 Tronox Incorporated Goldman Sachs; Moelis & Company Namakwa Sands and KZN Sands JPMorgan Exxaro Resources Limited 1,301 mines and smelters (74% Stake); and Tiwest Joint Venture (50% Stake)

08-Feb-11 Mvelaphanda Resources Limited Northam Platinum Ltd (50.4% Stake) Deutsche Bank; Ernst & Young; Mvelaphanda Resources Limited 1,129 (shareholders) JPMorgan; One Capita

29-Jan-11 Centurion Investment Company NMC Healthcare LLC (40% Stake) 1,089

19-Dec-11 KAP International Holdings Ltd PSG Capital Unitrans Holding (Pty) Ltd; PG Bison; Standard Bank Group Steinhoff International Holdings Ltd 1,075 and Steinhoff Raw Materials 19-Feb-11 Vitol Holding BV; and Helios Royal Dutch Shell plc (Downstream Royal Dutch Shell plc 1,000 Investment Partners LLP Businesses In Africa) (80% Stake)

14-Dec-11 The Coca-Cola Company Aujan Industries Co LLC (beverage Royal Bank of Scotland Group Aujan Industries Co LLC 980 business) (49% Stake)

Press Release: mergermarket M&A Round-up Year End 2011 50 www.mergermarket.com Africa & Middle East: League Tables of Financial Advisers

League Table of Financial Advisers to Africa & Middle East M&A: Value League Table of Financial Advisers to Africa & Middle East M&A: Volume Ranking 2011 2010 Ranking 2011 2010 Value Deal Value % Value Value Deal Deal Count Y/E 2010 Y/E 2011 House (US$m) Count (US$m) Change Y/E 2010 Y/E 2011 Company Name (US$m) Count Count Change 3 1 Goldman Sachs 22,820 16 15,918 43.4% 5 1 Rand 4,382 18 11 7 23 2 Bank of America Merrill Lynch 13,545 11 2,286 492.5% 1 2 Goldman Sachs 22,820 16 15 1 10 3 Deutsche Bank 12,298 15 9,540 28.9% 40 3 Standard Bank Group 7,553 16 2 14 7 4 BNP Paribas 11,273 4 11,282 -0.1% 12 4 Deutsche Bank 12,298 15 7 8 11 5 JPMorgan 9,521 11 8,626 10.4% 15 5 Investec 2,454 12 6 6 12 6 Credit Suisse 9,282 10 6,633 39.9% 7 6 Ernst & Young 2,024 12 10 2 - 7 Banco Bilbao Vizcaya Argentaria 7,645 1 - - 23 7 Bank of America Merrill Lynch 13,545 11 4 7 40 8 Standard Bank Group 7,553 16 597 1,165.2% 3 8 JPMorgan 9,521 11 12 -1 2 9 UBS Investment Bank 6,024 4 18,943 -68.2% 20 9 Credit Suisse 9,282 10 5 5 16 10 Royal Bank of Scotland Group 5,824 4 4,933 18.1% 2 10 KPMG 2,275 7 13 -6 5 11 Standard Chartered 5,515 5 14,681 -62.4% 4 11 Morgan Stanley 4,985 6 11 -5 32 12 Nomura Holdings 5,250 3 1,110 373.0% 16 12 Rothschild 3,936 6 6 0 1 13 Morgan Stanley 4,985 6 21,978 -77.3% 13 13 Lazard 1,887 6 7 -1 18 14 Citigroup 4,972 5 4,098 21.3% 14 14 Standard Chartered 5,515 5 6 -1 14 15 Rand Merchant Bank 4,382 18 5,582 -21.5% 6 15 Citigroup 4,972 5 11 -6 20 16 Rothschild 3,936 6 2,600 51.4% 36 16 Jefferies & Company 1,782 5 2 3 - 17 Santander Global Banking 2,828 1 - - - 17 Renaissance Capital 1,736 5 - - and Markets 22 18 BNP Paribas 11,273 4 4 0 73 18 One Capital 2,642 4 90 2,835.6% 8 19 UBS Investment Bank 6,024 4 9 -5 4 19 HSBC 2,602 4 14,930 -82.6% 26 20 Royal Bank of Scotland Group 5,824 4 3 1 - 20 Compass Advisers 2,508 1 - -

Press Release: mergermarket M&A Round-up for Year End 2011 51 www.mergermarket.com Criteria

The global Year End 2011 house league tables are based on announced transactions over US$5m in the period from 1 January 2011 to 31 December 2011. Deals with undisclosed deal values are included where the target’s turnover exceeds US$ 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 2011 and 31 December 2011 and are based on dominant geography of the target only.

All data excludes minority stake deals (10% - 30%) where dominant target geography is Asia-Pacific and the deal value is less than US$ 100m.

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

All data correct as of 3 January 2012.

Germanic: Germany, Austria and Switzerland 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 Hampshire, 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

Criteria: http://www.mergermarket.com/pdf/deal_criteria.pdf

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