MERGERS & ACQUISITIONS REVIEW

FINANCIAL ADVISORS

First Half 2010

 First Half 2010 | Mergers & Acquisitions | Financial Advisors

M&A Financial Advisory Review

Table of Contents

Global M&A 1 Any European Involvement Announced (AD21) 9 Any New Zealand Involvement Announced (AD39) 16

Global Deals Intelligence 1 Any European Involvement Completed (AF3) 9 Any New Zealand Involvement Completed (AF46) 16

Scorecard: Worldwide Announced M&A 2 Any UK Involvement Announced (AD32) 10 Japan M&A 17

Scorecard: Worldwide Completed M&A 2 Any UK Involvement Completed (AF39) 10 Japan Deals Intelligence 17

Top Fifteen Worldwide Announced Deals 2 Any French Involvement Announced (AD33) 10 Top Ten Japanese Involvement Announced Deals 17

Worldwide Announced (AD1) 3 Any French Involvement Completed (AF40) 10 Any Japanese Involvement Announced (AD19) 18

Worldwide Completed (AF1) 3 Any Spanish Involvement Announced (AD34) 11 Any Japanese Involvement Completed (AF23) 18

Americas M&A 5 Any Spanish Involvement Completed (AF41) 11

Fairness Opinion Rankings 19
Americas Deals Intelligence 5 Any German Involvement Announced (AD35) 11
Worldwide Announced Fairness Opinion 19
Top Ten US Announced Deals 5 Any German Involvement Completed (AF42) 11
Any Americas Announced Fairness Opinion 19

Any Americas Involvement Announced (AD49) 6 Any Italian Involvement Announced (AD36) 12
Any USAnnounced Fairness Opinion 19
Any Americas Involvement Completed (AF55) 6 Any Italian Involvement Completed (AF43) 12
Any EMEA Announced Fairness Opinion 19
US Target Announced (AD2) 6 Any Nordic Involvement Announced (AD37) 12
Any Asia Pacific Announced Fairness Opinion 19
US Target Completed (AF2) 6 Any Nordic Involvement Completed (AF44) 12
Any Japanese Announced Fairness Opinion 19
Any US Involvement Announced (AD41) 7 Any Benelux Involvement Announced (AD40) 13

Any US Involvement Completed (AF48) 7 Any Benelux Involvement Completed (AF47) 13 Criteria Summary 20

Any Canadian Involvement Announced (AD42) 7 Asia Pacific (ex-Japan) M&A 14 Mergers & Acquisitions Criteria Summary 20

Any Canadian Involvement Completed (AF49) 7 Asia Pacific (ex-Japan) Deals Intelligence 14 Regional Contacts 20

EMEA M&A 8 Top Ten Any Asia (ex-Japan) Involvement Announced Deals 14
Thomson ONE for Investment Banking 21

European Deals Intelligence 8 Any Asia (ex-Japan) Involvement Announced (AD25) 15

About Thomson Reuters 21
Top Ten European Involvement Announced Deals 8 Any Asia (ex-Japan) Involvement Completed (AF32) 15

Any EMEA Involvement Announced (AD47) 9 Any Australian Involvement Announced (AD24) 15

Any EMEA Involvement Completed (AF53) 9 Any Australian Involvement Completed (AF31) 15

https://www.thomsonone.com
 First Half 2010
FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEW

Worldwide M&A Up 9% to US$1.1 trillion l Emerging Markets Drive 32% of M&A l Goldman Sachs Tops Rankings l Estimated Advisory Fees Up 41%

Global Deals Intelligence Worldwide Completed M&A by Region - Imputed Fees

WORLDWIDE M&A UP 9%, NUMBER OF DEALS UP 4% - The value of worldwide M&A totaled US$1.1 trillion
during the first half of 2010, a 9.4% increase from first half 2009 levels and the strongest opening six month period $7 Americas
for M&A since 2008. By number of deals, M&A activity is up 3.8% compared to last year with over 19,000
announced deals. Second quarter M&A activity increased 5.4% over the first quarter of 2010, to US$546.5 billion. Emea

$6 Asia Pacific (ex Central Asia)

EMERGING MARKETS ACCOUNT FOR 32% OF M&A - Mergers and acquisitions involving companies located in
the emerging markets totaled US$345.5 billion during the first half of 2010, an 84.4% increase over the first half of Japan
2009. For the six months of 2010, emerging markets M&A accounted for 32.4% of worldwide M&A volume
compared to 19.2% during the comparable period in 2009. Cross Border M&A activity totaled US$388.6 billion $5
during the first half of 2010, accounting for 36.5% of overall M&A volume, compared to 22.8% last year at this time.

Imputed Fees (US$b)

COMPLETED ADVISORY FEES UP 41% - According to estimates from Thomson Reuters/Freeman Consulting,
$4
M&A advisory fees from completed transactions totaled US$12.8 billion for the first half of 2010, a 41.2% increase
from the first half of 2009. Deal activity in the Americas accounted for 41.1% of the worldwide fee pool, while
Europe, Middle East and Africa accounted for 34.4%. Asia Pacific and Japan contributed 7.7% and 2.6%,
respectively. $3

ENERGY & POWER, FINANCIALS LEAD ACTIVITY - The Energy and Power sector was most active during the
first half of 2010, commanding 19.3% of announced M&A, while the Financials and Telecommunications sectors
accounted for 15% and 11.8% of M&A activity, respectively. Deals in the Financials, Materials and Healthcare $2
sectors have all experienced double-digit percentage declines over the first half of 2009.

PRIVATE EQUITY M&A MORE THAN DOUBLES - Worldwide private-equity-backed M&A activity totaled US$73.4
billion during the first half of 2010, the largest opening period since the first quarter of 2008. Accounting for 6.9% of $1
worldwide announced M&A during the first quarter, private-equity-backed M&A increased 125.1% compared to the
first half of 2009.
$0
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

Worldwide Volume by Deal Status Worldwide Unsolicited Bids

$1,800 70% $300 8%

Withdrawn Completed Pending % of Withdrawn to Completed Q4 Volume (US$b)

7.0% Q3 Volume (US$b)

$1,600 60.4% 6.9%
7%
60% Q2 Volume (US$b)
$250
6.2%
$1,400 Q1 Volume (US$b)
6%
50% % of YTD Global M&A 5.0%
$1,200 $200
Rank Value (US$b)

4.7% 5%
% of Global Volume

4.2%

% of Global M&A
40% 4.3%
Rank Value (US$b)

$1,000
$150 4%
31.1%
$800 29.0% 3.2%
30%
23.9% 24.2% 24.9% 2.8% 3%
22.3% 2.6%
$600 20.6% 21.4% $100
2.2%
19.0%
17.1% 16.9% 20%
16.2% 15.1% 15.5% 2%
$400 14.2%

9.4% $50
7.4% 10% 1%
$200

$0 0% $0 0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

https://www.thomsonone.com
1
 First Half 2010 | Mergers & Acquisitions | Financial Advisors

Mergers & Acquisitions

Scorecard: Worldwide Announced M&A Scorecard: Worldwide Completed M&A Worldwide Announced M&A by Target Industry

1/1/2010 - 6/30/2010 1/1/2009 - 6/30/2009 % Change 1/1/2010 - 6/30/2010 1/1/2009 - 6/30/2009 % Change
Rank Val No. Rank Val No. in Rank Rank Val No. Rank Val No. in Rank
Target Region/Nation US$m Deals US$m Deals Value Target Region/Nation US$m Deals US$m Deals Value
2%
2%
Worldwide 1,065,045.1 19,230 973,839.8 18,522 9.4 ▲ Worldwide 811,154.4 13,919 801,175.7 14,506 1.2 ▲
Americas 523,399.3 5,595 442,705.8 5,505 18.2 ▲ Americas 404,732.5 4,189 373,222.3 4,359 8.4 ▲ 5%
20%
Caribbean 9,320.5 107 4,350.4 70 114.2 ▲ Caribbean 5,163.2 67 2,694.6 52 91.6 ▲
Central America 48,542.3 141 1,385.2 109 3,404.4 ▲ Central America 45,307.0 84 949.9 66 4,669.7 ▲ 6%
Mexico 47,107.3 113 1,201.0 82 3,822.3 ▲ Mexico 43,335.5 67 783.6 46 5,430.3 ▲
North America 403,977.6 4,731 391,661.2 4,801 3.1 ▲ North America 325,499.2 3,658 317,048.6 3,871 2.7 ▲
United States 364,589.9 3,612 357,128.8 3,738 2.1 ▲ United States 295,359.9 2,959 304,426.4 3,159 -3.0 ▼
Canada 39,387.8 1,119 34,532.4 1,063 14.1 ▲ Canada 30,139.3 699 12,622.2 712 138.8 ▲ 7%
South America 61,558.9 616 45,309.1 525 35.9 ▲ South America 28,763.0 380 52,529.3 370 -45.2 ▼
Brazil 44,150.5 268 29,176.4 208 51.3 ▲ Brazil 20,133.0 176 38,890.1 154 -48.2 ▼
Chile 5,428.5 74 2,835.8 79 91.4 ▲ Chile 5,067.8 52 4,131.1 58 22.7 ▲
Africa/Middle East 41,585.8 574 16,425.9 389 153.2 ▲ Africa/Middle East 31,813.0 330 18,586.0 276 71.2 ▲
Middle East 11,092.5 228 3,810.6 154 191.1 ▲ Middle East 10,525.9 153 4,587.5 123 129.4 ▲ 7%
15%
North Africa 5,470.1 75 1,922.2 41 184.6 ▲ North Africa 7,027.2 42 2,964.3 30 137.1 ▲
Sub-Saharan Africa 25,023.3 271 10,693.1 194 134.0 ▲ Sub-Saharan Africa 14,260.0 135 11,034.2 123 29.2 ▲
Europe 268,579.4 6,939 293,275.1 6,705 -8.4 ▼ Europe 200,020.2 5,663 295,077.5 5,781 -32.2 ▼
Eastern Europe 28,020.5 2,138 21,748.8 2,034 28.8 ▲ Eastern Europe 20,318.9 1,770 21,061.1 1,742 -3.5 ▼
Western Europe 240,558.9 4,801 271,526.3 4,671 -11.4 ▼ Western Europe 179,701.3 3,893 274,016.4 4,039 -34.4 ▼ 8%
United Kingdom 70,216.7 1,179 88,915.6 1,007 -21.0 ▼ United Kingdom 60,683.6 987 91,618.4 866 -33.8 ▼
Spain 35,978.9 453 32,379.3 408 11.1 ▲ Germany 20,092.6 535 34,824.1 518 -42.3 ▼
France 26,912.0 619 24,715.3 582 8.9 ▲ France 19,659.2 538 8,645.6 527 127.4 ▲
Asia-Pacific 199,945.3 5,007 187,798.6 4,667 6.5 ▲ Asia-Pacific 114,137.8 2,907 85,810.2 2,898 33.0 ▲ 8% 12%
Australasia 54,494.9 919 89,724.7 962 -39.3 ▼ Australasia 16,426.3 672 20,081.5 737 -18.2 ▼
Australia 43,651.3 826 89,139.2 869 -51.0 ▼ Australia 14,999.2 596 18,598.3 661 -19.4 ▼ 9%
Papua New Guin 8,768.2 5 23.6 5 37,053.4 ▲ New Zealand 1,062.4 67 1,159.5 69 -8.4 ▼
South East Asia 25,320.6 1,168 16,543.7 977 53.1 ▲ South East Asia 18,324.6 783 18,936.1 713 -3.2 ▼
Indonesia 6,118.0 258 3,539.1 170 72.9 ▲ Singapore 5,785.0 136 5,176.1 128 11.8 ▲
Energy and Power Financials Telecommunications
Malaysia 5,813.8 348 2,089.5 320 178.2 ▲ Thailand 4,687.4 101 1,292.5 94 262.7 ▲
North Asia 90,597.2 2,285 69,253.9 2,082 30.8 ▲ North Asia 70,871.9 1,065 34,793.1 1,027 103.7 ▲ Materials Industrials Healthcare

China 53,196.3 1,500 41,073.1 1,102 29.5 ▲ China 28,398.6 545 19,124.8 431 48.5 ▲
Real Estate Consumer Staples High Technology
Hong Kong 23,462.9 350 8,753.4 350 168.0 ▲ Hong Kong 14,516.2 182 3,865.0 142 275.6 ▲
South Asia 28,298.9 614 8,922.9 614 217.1 ▲ South Asia 7,709.6 376 9,061.1 405 -14.9 ▼ Media and Entertainment Retail Consumer Products and Services

Central Asia 1,233.8 21 3,353.4 32 -63.2 ▼ Central Asia 805.3 11 2,938.4 16 -72.6 ▼ Government and Agencies
Japan 31,535.3 1,114 33,630.2 1,255 -6.2 ▼ Japan 60,451.0 830 28,475.5 1,191 112.3 ▲

Top Fifteen Worldwide Announced Deals

Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
1/13/2010 6/16/2010 Carso Global Telecom SAB de CV (100%) America Movil SAB de CV Mexico / Mexico 27,387.9 Telecommunications / Telecommunications Services
4/22/2010 Pending Qwest Commun Intl Inc (100%) CenturyLink Inc United States / United States 22,170.2 Telecommunications / Telecommunications Services
3/8/2010 Pending American Life Insurance Co Inc (100%) MetLife Inc United States / United States 15,543.5 Financials / Insurance
6/15/2010 Intended British Sky Bdcstg Grp PLC (60.9%) News Corp United States / United Kingdom 13,730.4 Media and Entertainment / Cable
2/25/2010 Pending Coca-Cola Entr Inc-NA Bus (100%) Coca-Cola Co United States / United States 13,440.7 Consumer Staples / Food and Beverage
2/21/2010 Pending Smith International Inc (100%) Schlumberger Ltd United States / United States 12,223.6 Energy and Power / Oil & Gas
1/19/2010 2/17/2010 The Williams Cos Inc-Gas (100%) Williams Partners LP United States / United States 11,750.4 Energy and Power / Oil & Gas
1/4/2010 Pending Alcon Inc (24.6%) Novartis AG Switzerland / Switzerland 11,120.4 Healthcare / Healthcare Equipment & Supplies
6/27/2010 Pending Reliance Infratel Ltd-Telecom (100%) GTL Infrastructure Ltd India / India 10,858.0 Telecommunications / Telecommunications Services
2/15/2010 6/8/2010 Zain Africa BV (100%) Bharti Airtel Ltd India / Nigeria 10,700.0 Telecommunications / Wireless
2/11/2010 Pending Allegheny Energy Inc (100%) FirstEnergy Corp United States / United States 8,943.9 Energy and Power / Power
5/10/2010 Pending Brasilcel NV (50%) Telefonica SA Spain / Netherlands 8,711.0 Telecommunications / Telecommunications Services
4/1/2010 Pending Lihir Gold Ltd (100%) Newcrest Mining Ltd Australia / Papua N Guinea 8,577.5 Materials / Metals & Mining
6/22/2010 Pending Bancaja SA (100%) Caja Madrid Spain / Spain 8,140.3 Financials / Banks
6/20/2010 Pending Telstra Corp Ltd-Wholesale (100%) NBN Australia / Australia 7,932.6 Telecommunications / Telecommunications Services

https://www.thomsonone.com
2
 First Half 2010 | Mergers & Acquisitions | Financial Advisors

Worldwide Rankings

Worldwide Announced (AD1) First Half 2010 Worldwide Completed (AF1) First Half 2010

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh ($) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Goldman Sachs & Co 1 2 213,351.3 20.0 -11.2 ▼ 157 0.8 +27 ▲ Goldman Sachs & Co 1 3 168,528.5 20.8 -12.6 ▼ 131 0.9 +17 ▲ 745.6 5.8 0.6 ▼
Morgan Stanley 2 1 189,865.1 17.8 -24.9 ▼ 177 0.9 +43 ▲ JP Morgan 2 6 161,935.5 20.0 -1.8 ▼ 124 0.9 +2 ▲ 662.5 5.2 0.0 -
Deutsche Bank AG 3 8 182,179.1 17.1 0.3 ▲ 120 0.6 +12 ▲ Morgan Stanley 3 2 153,156.3 18.9 -14.5 ▼ 150 1.1 +34 ▲ 719.0 5.6 0.8 ▲
JP Morgan 4 3 168,141.8 15.8 -11.0 ▼ 143 0.7 +4 ▲ Citi 4 1 149,347.9 18.4 -17.0 ▼ 75 0.5 -18 ▼ 402.5 3.1 0.0 -
Credit Suisse 5 5 159,654.0 15.0 -8.6 ▼ 131 0.7 +20 ▲ Barclays Capital 5 22 140,655.7 17.3 12.1 ▲ 54 0.4 +28 ▲ 317.0 2.5 1.2 ▲
Bank of America Merrill Lynch 6 7 144,793.8 13.6 -5.5 ▼ 99 0.5 +1 ▲ Credit Suisse 6 10 137,043.7 16.9 0.7 ▲ 106 0.8 +15 ▲ 465.3 3.6 1.1 ▲
Lazard 7 6 135,364.7 12.7 -7.2 ▼ 126 0.7 +12 ▲ Deutsche Bank AG 7 7 110,492.2 13.6 -4.7 ▼ 91 0.7 -9 ▼ 427.7 3.3 0.5 ▲
Citi 8 4 130,289.6 12.2 -14.2 ▼ 86 0.4 -8 ▼ UBS 8 5 104,690.9 12.9 -10.8 ▼ 98 0.7 -19 ▼ 378.6 3.0 1.0 ▼
Barclays Capital 9 12 124,654.7 11.7 -0.6 ▼ 66 0.3 +29 ▲ Bank of America Merrill Lynch 9 4 98,611.0 12.2 -17.8 ▼ 78 0.6 -10 ▼ 387.6 3.0 0.4 ▼
UBS 10 11 111,962.0 10.5 -2.3 ▼ 116 0.6 -8 ▼ Rothschild 10 13 60,199.7 7.4 -1.7 ▼ 99 0.7 -17 ▼ 337.4 2.6 0.2 ▼
Rothschild 11 10 58,827.7 5.5 -7.9 ▼ 117 0.6 -8 ▼ Lazard 11 8 59,016.8 7.3 -10.9 ▼ 86 0.6 -10 ▼ 352.6 2.8 0.2 ▲
HSBC Holdings PLC 12 23 47,804.2 4.5 1.4 ▲ 42 0.2 +9 ▲ HSBC Holdings PLC 12 29 55,124.7 6.8 4.6 ▲ 32 0.2 +10 ▲ 97.3 0.8 0.4 ▲
Greenhill & Co, LLC 13 34 38,879.2 3.7 2.6 ▲ 20 0.1 +2 ▲ Evercore Partners 13 15 54,535.8 6.7 0.4 ▲ 12 0.1 +1 ▲ 74.6 0.6 0.3 ▲
Santander 14 22 38,639.0 3.6 0.3 ▲ 27 0.1 +3 ▲ Jefferies & Co Inc 14 63 48,720.1 6.0 5.7 ▲ 38 0.3 +14 ▲ 111.3 0.9 0.4 ▲
BNP Paribas SA 15 19 37,721.1 3.5 -0.2 ▼ 62 0.3 +12 ▲ Centerview Partners LLC 15 33 44,434.4 5.5 4.0 ▲ 10 0.1 +8 ▲ 83.7 0.7 0.6 ▲
Nomura 16 24 35,011.8 3.3 0.4 ▲ 82 0.4 -6 ▼ Nomura 16 23 42,223.8 5.2 1.4 ▲ 74 0.5 +9 ▲ 129.8 1.0 0.1 ▲
Perella Weinberg Partners LP 17 26 34,980.9 3.3 0.7 ▲ 12 0.1 +6 ▲ BNP Paribas SA 17 9 33,575.1 4.1 -12.5 ▼ 54 0.4 0 - 145.5 1.1 0.2 ▼
Blackstone Group LP 18 16 32,482.5 3.1 -2.1 ▼ 16 0.1 +7 ▲ Santander 18 14 33,475.4 4.1 -3.4 ▼ 13 0.1 -12 ▼ 61.0 0.5 0.3 ▼
Macquarie Group 19 14 31,809.0 3.0 -4.3 ▼ 44 0.2 -6 ▼ Mizuho Financial Group 19 41 33,086.4 4.1 3.3 ▲ 59 0.4 -3 ▼ 77.6 0.6 0.1 ▲
Evercore Partners 20 9 31,171.5 2.9 -10.7 ▼ 12 0.1 -1 ▼ Houlihan Lokey 20 53 29,004.6 3.6 3.2 ▲ 56 0.4 +4 ▲ 111.5 0.9 0.2 ▲
Standard Chartered PLC 21 53 24,732.2 2.3 1.9 ▲ 8 0.0 -4 ▼ Daiwa Securities Group Inc 21 43 24,799.4 3.1 2.5 ▲ 30 0.2 -7 ▼ 32.0 0.3 0.1 ▼
Allen & Co Inc 22 95 23,273.7 2.2 2.1 ▲ 7 0.0 +1 ▲ Perella Weinberg Partners LP 22 25 21,108.9 2.6 -0.8 ▼ 11 0.1 +5 ▲ 58.5 0.5 0.2 ▲
RBC Capital Markets 23 21 22,197.9 2.1 -1.3 ▼ 61 0.3 +18 ▲ Mitsubishi UFJ Financial Group 23 59 16,040.3 2.0 1.7 ▲ 32 0.2 +4 ▲ 45.9 0.4 0.2 ▲
Societe Generale 24 28 21,084.9 2.0 -0.1 ▼ 16 0.1 +4 ▲ Standard Chartered PLC 24 51 14,874.2 1.8 1.3 ▲ 6 0.0 -3 ▼ 21.7 0.2 0.0 -
Jefferies & Co Inc 25 55 20,831.0 2.0 1.6 ▲ 49 0.3 +15 ▲ Blackstone Group LP 25 56 14,042.3 1.7 1.3 ▲ 8 0.1 +1 ▲ 48.3 0.4 0.3 ▲
Industry Total 1,065,045.1 100.0 19,230 +708 Industry Total 811,154.4 100.0 13,919 -587 12,818.4 100.0

Industry % Change from Same Period Last Year 9.4% ▲ 3.8% ▲ Industry % Change from Same Period Last Year 1.2% ▲ -4.0% ▼ 41.2% ▲
Industry % Change from Last Quarter 5.4% ▲ -4.0% ▼ Industry % Change from Last Quarter 12.3% ▲ -10.9% ▼ 0.7% ▲

* tie

Top Worldwide Announced M&A Advisors by Target Industry Top Worldwide Announced M&A Advisors by Transaction Size (AD1)
Rank Val Mkt. No.
US$m Rank Share Deals $250 British Sky/News Corp
Energy and Power 205,293.8 1,685
Goldman Sachs & Co 45,615.2 1 22.2 19 American Life/Metlife
JP Morgan 35,162.4 2 17.1 28
Qwest Commun/CenturyLink
Credit Suisse 33,581.9 3 16.4 27
Financials 160,223.4 2,413 $200
Carso Global/America Movil
Deutsche Bank AG 49,553.7 1 30.9 31
Morgan Stanley 34,233.1 2 21.4 37 Other Top 15 Deals
Goldman Sachs & Co 32,423.4 3 20.2 22
Rank Value (US$b)

Telecommunications 125,199.1 373 $150 All Other Transactions

Barclays Capital 40,661.5 1 32.5 7
Credit Suisse 35,867.5 2 28.7 5
Citi 34,997.8 3 28.0 5
Materials 99,281.0 2,735
$100
Bank of America Merrill Lynch 19,599.3 1 19.7 11
JP Morgan 17,772.4 2 17.9 18
Goldman Sachs & Co 16,251.4 3 16.4 20
Industrials 83,987.8 2,602
JP Morgan 21,209.4 1 25.3 9 $50
Deutsche Bank AG 18,786.9 2 22.4 10
Morgan Stanley 17,439.6 3 20.8 20

$0
Goldman Morgan Deutsche JP Morgan Credit Suisse Bank of Lazard Citi Barclays UBS
Sachs & Co Stanley Bank AG America Merrill Capital
Lynch

https://www.thomsonone.com
3
 First Half 2010 | Mergers & Acquisitions | Financial Advisors

Worldwide M&A Matrix

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

2010 World Americas USA Canada EMEA Europe UK Asia ex. Japan Japan
2009
Consumer Products and Services 10 9.1
10.3 11.2
10 9.1
- 5.4
9.1 9.1
9.1 10.8
7.4 9.1
4.6 6.9
12.4 6.9
Consumer Staples 11.4 10.8
9.8 12.2
11.4 10.8
- 3.2
12.6 10.8
12.6 7.3
8.5 5.8
11.3 12.7
5.7 12.7
Energy and Power 11.3 8.9
11 5.3
11.3 8.9
13 4.1
10.5 8.9
10.6 11.9
13.7 20.6
14 11.4
8.4 11.4
Healthcare 13.2 9.3
10.2 8.3
13.2 9.3
1.7 -
20 9.3
20 9.2
7.6 8.6
17.2 12.4
9.3 12.4
High Technology 12.4 10.2
12.9 15
12.4 10.2
14 10.1
11 10.2
11.2 8.9
8.6 9.4
13.2 10.5
12.7 10.5
Industrials 10.5 8.4
9.7 7
10.5 8.4
6.3 4.1
12 8.4
12 7.4
10.2 4.8
11.5 9.2
6.4 9.2
Materials 11.6 10.8
10.7 15.1
11.6 10.8
13.3 13.6
13.1 10.8
11.6 16.4
11.6 11.6
12.7 10.2
8.4 10.2
Media and Entertainment 12.2 9.9
11.3 13.4
12.2 9.9
- 16.6
12.4 9.9
11.5 8.4
8.5 6.8
14.3 10.2
8.5 10.2
Real Estate 21.2 14.7
22.1 14.4
21.2 14.7
- 20
34.7 14.7
34.7 21.2
- 16
16.5 13.9
17.9 13.9
Retail 12.6 10.1
17.3 12.8
12.6 10.1
8.9 5.3
19.3 10.1
19.3 7.3
15.1 4.7
11.3 12.5
7.9 12.5
Telecommunications 6.8 8.1
6.7 4
6.8 8.1
- -
6 8.1
6 6.6
7.3 -
- 9.8
17.9 9.8
Average Industry Total 12 10
11.8 10.8
12 10
11.4 7.8
11.7 10
11.5 9.9
9.5 9.6
12.8 10.8
10.2 10.8

Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price

2010 World Americas USA Canada EMEA Europe UK Asia ex. Japan Japan
2009
Consumer Products and Services 31.7 39.9
38.4 41.9
38.4 38.5
- 51.9
34.5 37.6
34.7 37.6
- -
12.1 50.1
22.5 38.5
Consumer Staples 25.8 32
28.5 43.9
28.5 53.6
- -
35.9 20.2
35.9 20.2
89.2 -
20.6 20.8
41.5 41.6
Energy and Power 25.8 39.8
31.3 44.5
38.3 39.6
28.7 44.3
19.8 32.4
19.8 32.4
28.6 34
13 28.2
- -
Financials 25.1 24.8
41.8 21
46 19.9
13.8 30
24.2 30.9
27.9 31.1
52.4 30.4
15.1 16
24.4 37.8
Healthcare 36.8 35.6
42.5 31.7
44.8 31.7
16.3 31.3
30.4 29.7
30.4 29.7
65.4 26.8
19.6 74.2
27.2 23.6
High Technology 26.9 31.1 37.7 45 37.2 45.3 40.1 43.6 25.6 26.5 24.8 26.5 34.5 35.8 21.8 19.9 19.1 36.6
Industrials 25.8 36.3
37.8 45.2
39.9 49
19.5 46.4
30.1 37.2
30.1 34.3
43.9 34
20.2 18.6
23.9 46.1
Materials 29.5 40.9
30.9 43.4
27.6 54.6
30.5 42.7
22 34.5
22.3 37.5
32.3 83.7
25.7 21
39.5 57.9
Media and Entertainment 25.4 35.4
37.2 53.4
37.2 11.1
- -
9 44.1
9 44.1
7.3 46.5
32.5 22.9
19.5 25.3
Real Estate 26.2 31.2
29.1 38.9
18.5 45.3
47 28.9
31.5 28.8
37.8 30.2
44.2 28
12.8 22
26 34.2
Retail 30.3 37.3
24.3 29.3
34.3 50.2
3.4 -
16 37.7
16 37.7
31.2 72.4
7.4 23
47.6 42.4
Telecommunications 22.3 30.1 28 32 41.2 32 - - 14.4 25.4 14.4 25.4 20.8 25 21.4 23.9 - 42
Average Industry Total 27.9 33.7
35 35.9
38.5 31.9
29.9 41.5
26.3 32.1
27.2 31.9
39.5 38.7
20 22.2
27.9 39.8

*Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by
target macro industries. The data given refers to the time period 01/01/2010 - 06/30/2010. The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year
listed in black. Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%. All spinoffs, splitoffs, open market repurchases,
exchange offers and equity carveouts are excluded.

https://www.thomsonone.com
4
 First Half 2010 | Mergers & Acquisitions | Financial Advisors

Americas M&A
US M&A Increases 12% | US Leveraged Deals Accounts for 13% of US Volume | Energy & Power Sector Gains Lead

Americas Deals Intelligence LBOs as a Percentage of US Targeted Announced M&A

M&A activity with US involvement in the first half of 2010 increased 12.4% compared to the first half of 2009, to US$451.4 $700 40%
billion. This represents the first year-on-year increase since 2007. LBO Non-LBO LBO as % of US M&A
$600 35%
US LBO transactions are showing signs of strength in the first half of 2010, accounting for 12.5% of total US M&A volume.
Notable transactions announced in the first half of 2010 included the US$3.9 billion acquisition of Extented Stay America 30%
$500
Inc by Centerbridge Group, Blackstone Group, and Paulson & Co, and the US$3 billion acquisition of Interactive Data

Rank Value (US$b)

Corp by Silver Lake and Warburg Pincus LLC. 25%

% of US M&A
$400

20%

The Energy & Power sector led the market, with deal volume totaling US$109.4 billion, a 30% share of US M&A activity $300

during the first half and a 488.6% increase from the first half of 2009. High Technology took the second slot, with 15%

US$37.1 billion, and led the market based on number of deals, with 740 transactions. $200
10%

M&A activity with Canadian involvement during the first half of 2010 increased by 4.8% compared to the first half of 2009, $100
to US$66.9 billion. Canadian activity based on number of deals also increased by 13.3%, compared to the equivalent 5%

period last year, to 1,706 deals.

$0 0%

1Q02
2Q02
3Q02
4Q02
1Q03
2Q03
3Q03
4Q03
1Q04
2Q04
3Q04
4Q04
1Q05
2Q05
3Q05
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
Top 10 US Announced M&A Advisors by Target Industry (AD2) US Announced Advisors by Target Industry
Rank Val Mkt. No.
(US$m) Rank Share Deals
100% Energy and Power 109,430.9 356
Goldman Sachs & Co 37,164.6 1 34.0 10
90% Barclays Capital 23,584.3 2 21.6 9
80% Credit Suisse 19,411.3 3 17.7 14
High Technology 37,130.5 740
% Volume Composition

70% Barclays Capital 11,721.7 1 31.6 7

60% Bank of America Merrill Lynch 9,521.5 2 25.6 9
Goldman Sachs & Co 9,511.1 3 25.6 12
50%
Healthcare 36,984.3 321
40% Goldman Sachs & Co 21,729.7 1 58.8 12
Morgan Stanley 14,434.4 2 39.0 4
30%
Bank of America Merrill Lynch 7,946.8 3 21.5 7
20% Financials 34,314.3 396
Bank of America Merrill Lynch 19,393.2 1 56.5 10
10%
Goldman Sachs & Co 18,944.1 2 55.2 6
0% Barclays Capital 18,255.8 3 53.2 5
Goldman Sachs & Morgan Stanley Barclays Capital Bank of America JP Morgan Deutsche Bank Credit Suisse Lazard Citi UBS
Co Merrill Lynch AG * tie

Telecommunications Retail Real Estate Media and Entertainment

Materials Industrials High Technology Healthcare
Government and Agencies Financials Energy and Power Consumer Staples

Top Ten US Announced Deals

Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
4/22/2010 Pending Qwest Commun Intl Inc (100%) CenturyLink Inc United States / United States 22,170.2 Telecommunications / Telecommunications Services
3/8/2010 Pending American Life Insurance Co Inc (100%) MetLife Inc United States / United States 15,543.5 Financials / Insurance
2/25/2010 Pending Coca-Cola Entr Inc-NA Bus (100%) Coca-Cola Co United States / United States 13,440.7 Consumer Staples / Food and Beverage
2/21/2010 Pending Smith International Inc (100%) Schlumberger Ltd United States / United States 12,223.6 Energy and Power / Oil & Gas
1/19/2010 2/17/2010 The Williams Cos Inc-Gas (100%) Williams Partners LP United States / United States 11,750.4 Energy and Power / Oil & Gas
2/11/2010 Pending Allegheny Energy Inc (100%) FirstEnergy Corp United States / United States 8,943.9 Energy and Power / Power
6/16/2010 Pending Questar Market Resources Inc (100%) Shareholders United States / United States 7,723.0 Energy and Power / Oil & Gas
4/28/2010 Pending E.ON US LLC (100%) PPL Corp United States / United States 7,625.0 Energy and Power / Oil & Gas
5/3/2010 Pending Continental Airlines Inc (100%) UAL Corp United States / United States 7,018.7 Industrials / Transportation & Infrastructure
3/11/2010 Pending Devon Energy Corp-Assets (100%) British Petroleum Co PLC United Kingdom / United States 7,000.0 Energy and Power / Oil & Gas

https://www.thomsonone.com
5
 First Half 2010 | Mergers & Acquisitions | Financial Advisors

Americas Rankings
Any Americas Involvement Announced (AD49) First Half 2010 Any Americas Involvement Completed (AF55) First Half 2010

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Goldman Sachs & Co 1 2 150,721.8 24.7 -11.3 ▼ 99 1.4 +27 ▲ Citi 1 4 131,541.1 26.8 -8.0 ▼ 47 0.9 -6 ▼ 306.6 4.0 0.5 ▼
Credit Suisse 2 10 133,041.5 21.8 8.9 ▲ 86 1.2 +31 ▲ Goldman Sachs & Co 2 1 119,806.3 24.4 -17.4 ▼ 76 1.5 +25 ▲ 535.1 7.0 0.5 ▼
Morgan Stanley 3 1 131,331.8 21.5 -30.2 ▼ 86 1.2 +3 ▲ Barclays Capital 3 14 115,248.1 23.5 13.6 ▲ 39 0.8 +17 ▲ 276.3 3.6 1.0 ▲
Deutsche Bank AG 4 15 121,460.6 19.9 12.4 ▲ 66 1.0 +27 ▲ Credit Suisse 4 19 109,235.7 22.3 16.7 ▲ 64 1.2 +23 ▲ 346.2 4.6 2.4 ▲
JP Morgan 5 3 117,464.8 19.2 -15.9 ▼ 83 1.2 +12 ▲ JP Morgan 5 13 105,168.1 21.5 11.3 ▲ 79 1.5 +20 ▲ 452.8 6.0 1.4 ▲
Bank of America Merrill Lynch 6 5 113,629.8 18.6 -8.7 ▼ 80 1.2 +18 ▲ Morgan Stanley 6 2 94,680.7 19.3 -19.7 ▼ 71 1.4 +2 ▲ 423.6 5.6 1.4 ▼
Citi 7 4 107,349.2 17.6 -11.5 ▼ 51 0.7 -4 ▼ Deutsche Bank AG 7 6 81,483.9 16.6 3.3 ▲ 50 1.0 +21 ▲ 290.2 3.8 2.4 ▲
Barclays Capital 8 7 99,214.5 16.2 -6.3 ▼ 49 0.7 +19 ▲ Bank of America Merrill Lynch 8 3 69,692.2 14.2 -22.4 ▼ 62 1.2 +8 ▲ 335.1 4.4 0.5 ▼
Lazard 9 8 71,628.3 11.7 -4.7 ▼ 54 0.8 -4 ▼ Evercore Partners 9 7 54,535.8 11.1 -1.0 ▼ 12 0.2 +2 ▲ 74.6 1.0 0.5 ▲
UBS 10 17 67,642.7 11.1 5.1 ▲ 59 0.9 +2 ▲ Jefferies & Co Inc 10 53 48,312.4 9.9 9.7 ▲ 32 0.6 +14 ▲ 105.3 1.4 0.8 ▲
Santander 11 23 38,602.1 6.3 4.3 ▲ 24 0.3 +8 ▲ UBS 11 8 46,096.4 9.4 -2.5 ▼ 46 0.9 +4 ▲ 190.1 2.5 0.4 ▼
Perella Weinberg Partners LP 12 18 34,610.6 5.7 0.9 ▲ 10 0.1 +6 ▲ Centerview Partners LLC 12 21 44,434.4 9.1 6.2 ▲ 10 0.2 +8 ▲ 83.7 1.1 0.9 ▲
Blackstone Group LP 13 11 31,015.8 5.1 -4.8 ▼ 14 0.2 +5 ▲ Lazard 13 17 44,194.7 9.0 3.1 ▲ 49 1.0 +8 ▲ 181.3 2.4 0.1 ▲
Evercore Partners 14 6 28,987.2 4.7 -21.5 ▼ 11 0.2 -2 ▼ Santander 14 20 33,438.4 6.8 3.6 ▲ 10 0.2 -5 ▼ 60.6 0.8 0.0 -
Allen & Co Inc 15 51 23,273.7 3.8 3.5 ▲ 7 0.1 +1 ▲ Rothschild 15 15 31,096.5 6.3 -1.5 ▼ 40 0.8 +1 ▲ 159.5 2.1 0.1 ▲
HSBC Holdings PLC 16 28 21,566.4 3.5 2.2 ▲ 16 0.2 +5 ▲ Houlihan Lokey 16 35 28,786.2 5.9 5.2 ▲ 51 1.0 +5 ▲ 107.6 1.4 0.3 ▲
Jefferies & Co Inc 17 45 20,515.3 3.4 3.0 ▲ 43 0.6 +19 ▲ HSBC Holdings PLC 17 27 27,185.1 5.6 4.2 ▲ 13 0.3 +4 ▲ 29.3 0.4 0.1 ▼
Rothschild 18 9 19,244.2 3.2 -13.1 ▼ 50 0.7 +1 ▲ Blackstone Group LP 18 36 14,042.3 2.9 2.2 ▲ 8 0.2 +1 ▲ 48.3 0.6 0.4 ▲
Greenhill & Co, LLC 19 31 19,181.3 3.1 2.1 ▲ 16 0.2 +4 ▲ Tudor Pickering & Co LLC 19 63 12,856.7 2.6 2.5 ▲ 8 0.2 +7 ▲ 55.5 0.7 0.6 ▲
RBC Capital Markets 20 16 17,207.5 2.8 -3.6 ▼ 50 0.7 +13 ▲ RBC Capital Markets 20 28 12,467.4 2.5 1.4 ▲ 45 0.9 +11 ▲ 107.8 1.4 0.3 ▲
Tudor Pickering & Co LLC 21 49 14,956.4 2.5 2.2 ▲ 11 0.2 +9 ▲ Perella Weinberg Partners LP 21 22 12,242.3 2.5 -0.3 ▼ 8 0.2 +6 ▲ 21.3 0.3 0.1 ▼
Banco BTG Pactual SA 22 25 13,072.5 2.1 0.4 ▲ 20 0.3 +15 ▲ Greenhill & Co, LLC 22 5 9,165.7 1.9 -14.5 ▼ 10 0.2 +2 ▲ 50.9 0.7 0.3 ▼
Houlihan Lokey 23 12 12,987.2 2.1 -7.1 ▼ 41 0.6 -10 ▼ Allen & Co Inc 23 102 8,636.6 1.8 1.8 ▲ 3 0.1 -1 ▼ 18.3 0.2 0.1 ▲
Guggenheim Securities LLC 24 - 8,234.0 1.4 1.4 ▲ 2 0.0 +2 ▲ BNP Paribas SA 24 9 6,860.6 1.4 -10.4 ▼ 19 0.4 +1 ▲ 42.9 0.6 0.1 ▼
TD Securities Inc 25 30 8,142.3 1.3 0.2 ▲ 32 0.5 +17 ▲ Nomura 25 44 6,581.8 1.3 0.9 ▲ 9 0.2 +2 ▲ 17.0 0.2 0.0 -
Industry Total 611,247.8 100.0 6,891 +348 Industry Total 490,105.6 100.0 5,147 -25 7,613.4 100.0

Industry % Change from Same Period Last Year 21.2% ▲ 5.3% ▲ Industry % Change from Same Period Last Year 17.8% ▲ -0.5% ▼ 80.1% ▲
Industry % Change from Last Quarter 3.6% ▲ -9.0% ▼ Industry % Change from Last Quarter 21.1% ▲ -12.0% ▼ 7.6% ▲

US Target Announced (AD2) First Half 2010 US Target Completed (AF2) First Half 2010

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Goldman Sachs & Co 1 2 135,977.8 37.3 -6.5 ▼ 70 1.9 +22 ▲ JP Morgan 1 16 87,303.5 29.6 23.2 ▲ 47 1.6 +24 ▲ 329.7 7.3 4.1 ▲
Morgan Stanley 2 1 94,917.4 26.0 -36.4 ▼ 51 1.4 +11 ▲ Goldman Sachs & Co 2 1 83,337.0 28.2 -26.3 ▼ 53 1.8 +19 ▲ 416.8 9.2 0.6 ▼
Barclays Capital 3 7 92,054.2 25.3 -6.1 ▼ 42 1.2 +15 ▲ Barclays Capital 3 13 79,699.1 27.0 14.4 ▲ 33 1.1 +15 ▲ 218.9 4.8 1.1 ▲
Bank of America Merrill Lynch 4 5 78,840.1 21.6 -14.2 ▼ 57 1.6 +19 ▲ Evercore Partners 4 10 54,535.8 18.5 2.8 ▲ 11 0.4 +2 ▲ 70.6 1.6 0.8 ▲
JP Morgan 5 3 78,454.3 21.5 -21.9 ▼ 47 1.3 +9 ▲ Bank of America Merrill Lynch 5 2 53,024.4 18.0 -26.6 ▼ 44 1.5 +9 ▲ 256.8 5.7 0.6 ▼
Deutsche Bank AG 6 19 76,735.3 21.1 17.9 ▲ 32 0.9 +11 ▲ Citi 6 4 51,832.3 17.6 -21.3 ▼ 26 0.9 +3 ▲ 168.3 3.7 0.6 ▼
Credit Suisse 7 14 64,204.1 17.6 6.6 ▲ 43 1.2 +15 ▲ Jefferies & Co Inc 7 41 46,853.7 15.9 15.8 ▲ 26 0.9 +16 ▲ 97.5 2.2 1.6 ▲
Lazard 8 8 61,854.0 17.0 -5.0 ▼ 32 0.9 -11 ▼ Morgan Stanley 8 3 38,718.1 13.1 -27.7 ▼ 37 1.3 +3 ▲ 284.5 6.3 0.7 ▼
Citi 9 6 53,792.6 14.8 -19.8 ▼ 29 0.8 0 - Deutsche Bank AG 9 6 27,287.8 9.2 -7.7 ▼ 25 0.8 +9 ▲ 151.8 3.4 1.8 ▲
UBS 10 16 45,662.1 12.5 6.8 ▲ 33 0.9 -8 ▼ Centerview Partners LLC 10 17 23,016.4 7.8 3.8 ▲ 8 0.3 +6 ▲ 76.8 1.7 1.3 ▲
Perella Weinberg Partners LP 11 15 33,255.0 9.1 2.3 ▲ 8 0.2 +4 ▲ Lazard 11 15 17,994.0 6.1 -1.2 ▼ 32 1.1 +4 ▲ 137.1 3.0 0.3 ▲
Blackstone Group LP 12 10 30,709.4 8.4 -5.2 ▼ 13 0.4 +7 ▲ Credit Suisse 12 21 17,672.9 6.0 4.7 ▲ 25 0.8 +10 ▲ 141.4 3.1 1.4 ▲
Evercore Partners 13 4 28,987.2 8.0 -28.3 ▼ 10 0.3 -2 ▼ Blackstone Group LP 13 29 13,735.9 4.7 4.3 ▲ 7 0.2 +3 ▲ 47.3 1.0 0.7 ▲
HSBC Holdings PLC 14 90 17,266.3 4.7 4.7 ▲ 5 0.1 +4 ▲ Tudor Pickering & Co LLC 14 40 12,856.7 4.4 4.3 ▲ 8 0.3 +7 ▲ 55.5 1.2 1.0 ▲
Jefferies & Co Inc 15 27 16,505.3 4.5 4.1 ▲ 35 1.0 +16 ▲ Perella Weinberg Partners LP 15 18 12,242.3 4.1 0.3 ▲ 8 0.3 +6 ▲ 21.3 0.5 0.1 ▼
Greenhill & Co, LLC 16 20 15,376.8 4.2 3.3 ▲ 7 0.2 +1 ▲ UBS 16 12 11,438.0 3.9 -9.3 ▼ 16 0.5 -13 ▼ 89.7 2.0 1.4 ▼
Tudor Pickering & Co LLC 17 25 14,956.4 4.1 3.7 ▲ 11 0.3 +9 ▲ Greenhill & Co, LLC 17 5 9,011.7 3.1 -19.3 ▼ 8 0.3 +2 ▲ 48.3 1.1 0.5 ▼
Allen & Co Inc 18 28 13,665.7 3.8 3.5 ▲ 2 0.1 -2 ▼ Rothschild 18 20 7,674.7 2.6 1.3 ▲ 15 0.5 -1 ▼ 63.5 1.4 0.2 ▼
Houlihan Lokey 19 11 12,735.0 3.5 -9.2 ▼ 37 1.0 -7 ▼ Houlihan Lokey 19 25 7,251.9 2.5 1.7 ▲ 48 1.6 +7 ▲ 96.4 2.1 0.5 ▲
Guggenheim Securities LLC 20 - 8,234.0 2.3 2.3 ▲ 2 0.1 +2 ▲ RBC Capital Markets 20 33 5,887.6 2.0 1.8 ▲ 25 0.8 +6 ▲ 62.4 1.4 0.6 ▲
Centerview Partners LLC 21 17 8,025.3 2.2 -2.0 ▼ 6 0.2 +4 ▲ Foros 21 - 5,127.2 1.7 1.7 ▲ 2 0.1 +2 ▲ 17.5 0.4 0.4 ▲
Miller Buckfire 22 76* 7,487.0 2.1 2.1 ▲ 4 0.1 +2 ▲ Stifel Financial Corp 22 72 4,886.1 1.7 1.7 ▲ 12 0.4 +4 ▲ 29.3 0.7 0.5 ▲
RBC Capital Markets 23 44 5,658.7 1.6 1.5 ▲ 31 0.9 +15 ▲ HSBC Holdings PLC 23 81 3,190.9 1.1 1.1 ▲ 5 0.2 +4 ▲ 13.3 0.3 0.3 ▲
Stifel Financial Corp 24 59 5,085.3 1.4 1.3 ▲ 10 0.3 -1 ▼ Moelis & Co 24 32 2,961.9 1.0 0.8 ▲ 12 0.4 +2 ▲ 34.1 0.8 0.2 ▲
Natixis 25 - 3,980.3 1.1 1.1 ▲ 2 0.1 +2 ▲ Raymond James Financial Inc 25 125* 1,955.7 0.7 0.7 ▲ 15 0.5 +13 ▲ 21.3 0.5 0.4 ▲
Industry Total 364,589.9 100.0 3,612 -126 Industry Total 295,359.9 100.0 2,959 -200 4,533.8 100.0

Industry % Change from Same Period Last Year 2.1% ▲ -3.4% ▼ Industry % Change from Same Period Last Year -3.0% ▼ -6.3% ▼ 79.1% ▲
Industry % Change from Last Quarter 15.5% ▲ -11.4% ▼ Industry % Change from Last Quarter -12.7% ▼ -16.2% ▼ -0.7% ▼

* tie

https://www.thomsonone.com
6
 First Half 2010 | Mergers & Acquisitions | Financial Advisors

Americas Rankings
Any US Involvement Announced (AD41) First Half 2010 Any US Involvement Completed (AF48) First Half 2010

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Goldman Sachs & Co 1 2 143,440.5 31.8 -11.0 ▼ 85 1.7 +21 ▲ Goldman Sachs & Co 1 1 116,468.7 30.0 -19.3 ▼ 69 1.8 +24 ▲ 511.0 8.4 0.3 ▼
Morgan Stanley 2 1 122,530.6 27.2 -29.8 ▼ 74 1.5 +11 ▲ Barclays Capital 2 13 112,977.8 29.1 17.3 ▲ 37 0.9 +15 ▲ 268.0 4.4 1.2 ▲
Deutsche Bank AG 3 18 108,762.3 24.1 20.4 ▲ 58 1.2 +25 ▲ JP Morgan 3 14 96,879.2 24.9 14.4 ▲ 64 1.6 +14 ▲ 410.4 6.7 1.6 ▲
JP Morgan 4 3 103,630.6 23.0 -18.3 ▼ 71 1.5 +16 ▲ Citi 4 4 89,855.5 23.1 -12.4 ▼ 42 1.1 +7 ▲ 244.3 4.0 0.1 ▲
Bank of America Merrill Lynch 5 6 100,954.1 22.4 -10.4 ▼ 67 1.4 +13 ▲ Morgan Stanley 5 3 83,587.2 21.5 -16.7 ▼ 58 1.5 +6 ▲ 385.3 6.3 1.2 ▼
Barclays Capital 6 7 99,214.5 22.0 -6.2 ▼ 49 1.0 +19 ▲ Deutsche Bank AG 6 6 69,991.3 18.0 2.8 ▲ 41 1.0 +17 ▲ 240.3 4.0 2.5 ▲
Credit Suisse 7 14 81,393.6 18.0 7.7 ▲ 72 1.5 +35 ▲ Bank of America Merrill Lynch 7 2 59,828.7 15.4 -27.5 ▼ 53 1.3 +3 ▲ 285.9 4.7 1.3 ▼
Lazard 8 8 71,266.5 15.8 -4.3 ▼ 49 1.0 -1 ▼ Credit Suisse 8 23 57,776.4 14.9 13.5 ▲ 50 1.3 +27 ▲ 252.1 4.1 2.5 ▲
UBS 9 16 62,938.0 13.9 8.0 ▲ 49 1.0 -3 ▼ Evercore Partners 9 7 54,535.8 14.0 -0.5 ▼ 12 0.3 +2 ▲ 74.6 1.2 0.5 ▲
Citi 10 4 61,218.5 13.6 -20.7 ▼ 45 0.9 +2 ▲ Jefferies & Co Inc 10 41 48,209.4 12.4 12.2 ▲ 31 0.8 +13 ▲ 104.2 1.7 0.9 ▲
Perella Weinberg Partners LP 11 15 34,610.6 7.7 1.7 ▲ 10 0.2 +6 ▲ Centerview Partners LLC 11 17 44,434.4 11.4 7.9 ▲ 10 0.3 +8 ▲ 83.7 1.4 1.1 ▲
Blackstone Group LP 12 10 31,015.8 6.9 -5.6 ▼ 14 0.3 +5 ▲ Lazard 12 16 43,716.9 11.3 4.3 ▲ 42 1.1 +7 ▲ 172.2 2.8 0.2 ▲
Evercore Partners 13 5 28,987.2 6.4 -26.5 ▼ 11 0.2 -2 ▼ UBS 13 12 43,588.2 11.2 -1.9 ▼ 35 0.9 -4 ▼ 162.9 2.7 0.6 ▼
HSBC Holdings PLC 14 25 19,245.0 4.3 3.7 ▲ 13 0.3 +9 ▲ Houlihan Lokey 14 29 28,786.2 7.4 6.7 ▲ 51 1.3 +6 ▲ 107.6 1.8 0.5 ▲
Greenhill & Co, LLC 15 21 18,605.1 4.1 3.3 ▲ 15 0.3 +6 ▲ HSBC Holdings PLC 15 49 25,470.2 6.6 6.4 ▲ 11 0.3 +8 ▲ 25.9 0.4 0.3 ▲
Jefferies & Co Inc 16 31 17,445.3 3.9 3.5 ▲ 42 0.9 +19 ▲ Rothschild 16 24 21,295.3 5.5 4.3 ▲ 34 0.9 +10 ▲ 136.4 2.2 0.7 ▲
Allen & Co Inc 17 35 15,927.7 3.5 3.2 ▲ 6 0.1 +1 ▲ Blackstone Group LP 17 26 14,042.3 3.6 2.8 ▲ 8 0.2 +1 ▲ 48.3 0.8 0.5 ▲
Tudor Pickering & Co LLC 18 32 14,956.4 3.3 2.9 ▲ 11 0.2 +9 ▲ Tudor Pickering & Co LLC 18 51 12,856.7 3.3 3.2 ▲ 8 0.2 +7 ▲ 55.5 0.9 0.8 ▲
Houlihan Lokey 19 11 12,851.4 2.9 -8.4 ▼ 39 0.8 -10 ▼ Perella Weinberg Partners LP 19 18 12,242.3 3.2 -0.1 ▼ 8 0.2 +6 ▲ 21.3 0.4 0.1 ▼
RBC Capital Markets 20 54 8,818.6 2.0 1.9 ▲ 33 0.7 +13 ▲ RBC Capital Markets 20 38 9,992.5 2.6 2.4 ▲ 30 0.8 +8 ▲ 73.1 1.2 0.5 ▲
Rothschild 21 9 8,594.7 1.9 -14.0 ▼ 37 0.8 +2 ▲ Greenhill & Co, LLC 21 5 9,165.7 2.4 -17.2 ▼ 10 0.3 +2 ▲ 50.9 0.8 0.5 ▼
Guggenheim Securities LLC 22 - 8,234.0 1.8 1.8 ▲ 2 0.0 +2 ▲ Nomura 22 33 6,128.2 1.6 1.2 ▲ 6 0.2 0 - 13.6 0.2 0.0 -
Centerview Partners LLC 23 17 8,025.3 1.8 -1.9 ▼ 7 0.1 +5 ▲ UniCredit Group 23 - 6,042.3 1.6 1.6 ▲ 4 0.1 +4 ▲ 12.4 0.2 0.2 ▲
Miller Buckfire 24 104* 7,487.0 1.7 1.7 ▲ 4 0.1 +1 ▲ Foros 24 - 5,949.2 1.5 1.5 ▲ 4 0.1 +4 ▲ 22.8 0.4 0.4 ▲
Nomura 25 22 5,814.7 1.3 0.5 ▲ 7 0.1 -1 ▼ Stifel Financial Corp 25 98 4,886.1 1.3 1.3 ▲ 12 0.3 +4 ▲ 29.3 0.5 0.3 ▲
Industry Total 451,389.3 100.0 4,879 +38 Industry Total 388,435.1 100.0 3,941 -118 6,089.2 100.0

Industry % Change from Same Period Last Year 12.4% ▲ 0.8% ▲ Industry % Change from Same Period Last Year 11.5% ▲ -2.9% ▼ 79.6% ▲
Industry % Change from Last Quarter 16.2% ▲ -8.7% ▼ Industry % Change from Last Quarter -2.4% ▼ -13.8% ▼ 0.6% ▲

Any Canadian Involvement Announced (AD42) First Half 2010 Any Canadian Involvement Completed (AF49) First Half 2010

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Goldman Sachs & Co 1 5 13,565.4 20.3 -0.2 ▼ 12 0.7 +1 ▲ TD Securities Inc 1 10 6,204.3 14.4 7.9 ▲ 23 0.2 +3 ▲ 58.0 5.3 2.1 ▲
RBC Capital Markets 2 1 8,633.9 12.9 -37.1 ▼ 22 1.3 +1 ▲ CIBC World Markets Inc 2 3 6,046.6 14.0 -1.5 ▼ 20 0.1 +8 ▲ 57.5 5.2 0.0 -
TD Securities Inc 3 10 8,142.3 12.2 3.3 ▲ 29 1.7 +15 ▲ Deutsche Bank AG 3 16 5,773.9 13.4 11.6 ▲ 4 0.0 +3 ▲ 28.6 2.6 1.9 ▲
CIBC World Markets Inc 4 2 6,970.1 10.4 -21.5 ▼ 25 1.5 +12 ▲ Credit Suisse 4 15 5,103.7 11.8 9.6 ▲ 3 0.0 +2 ▲ 33.6 3.0 2.4 ▲
Credit Suisse 5 7 6,893.3 10.3 -4.2 ▼ 5 0.3 +3 ▲ BMO Capital Markets 5 6 4,566.5 10.6 -1.3 ▼ 15 0.1 +1 ▲ 52.6 4.8 1.3 ▲
Morgan Stanley 6 3 6,350.9 9.5 -21.7 ▼ 10 0.6 0 - Morgan Stanley 6 2 3,296.3 7.6 -21.2 ▼ 9 0.1 +3 ▲ 27.1 2.5 2.2 ▼
BMO Capital Markets 7 14 6,287.2 9.4 5.2 ▲ 23 1.3 +2 ▲ RBC Capital Markets 7 4 3,265.3 7.6 -7.0 ▼ 20 0.1 +5 ▲ 41.6 3.8 1.0 ▼
Deutsche Bank AG 8 4 6,063.5 9.1 -20.3 ▼ 4 0.2 +2 ▲ Bank of America Merrill Lynch 8 14 3,183.4 7.4 4.5 ▲ 5 0.0 +2 ▲ 27.3 2.5 1.0 ▲
Jefferies & Co Inc 9 28 4,810.9 7.2 6.7 ▲ 3 0.2 +2 ▲ Scotiabank-Bank of Nova Scotia 9 5 3,017.6 7.0 -5.2 ▼ 9 0.1 -1 ▼ 21.4 1.9 2.4 ▼
Scotiabank-Bank of Nova Scotia 10 17 3,885.8 5.8 3.0 ▲ 8 0.5 -4 ▼ Goldman Sachs & Co 10 13 2,758.2 6.4 2.2 ▲ 7 0.1 +2 ▲ 27.5 2.5 0.6 ▼
UBS 11 13 3,696.8 5.5 0.9 ▲ 9 0.5 +5 ▲ Canaccord Genuity 11 25 2,154.8 5.0 3.9 ▲ 11 0.1 +2 ▲ 22.6 2.0 0.3 ▲
Bank of America Merrill Lynch 12 25 3,473.5 5.2 4.6 ▲ 6 0.4 +5 ▲ Barclays Capital 12 35 1,817.1 4.2 4.0 ▲ 3 0.0 +2 ▲ 10.7 1.0 0.8 ▲
Houlihan Lokey 13 42 2,927.9 4.4 4.3 ▲ 5 0.3 +3 ▲ JP Morgan 13 21 1,609.9 3.7 2.4 ▲ 7 0.1 +4 ▲ 25.5 2.3 1.6 ▲
Miller Buckfire 14 - 2,714.0 4.1 4.1 ▲ 3 0.2 +3 ▲ GMP Capital Corp 14 20 1,573.4 3.6 2.2 ▲ 17 0.1 +11 ▲ 24.5 2.2 1.1 ▲
Barclays Capital 15 45 2,625.0 3.9 3.8 ▲ 2 0.1 +1 ▲ Cormark Securities Inc 15 12 1,424.4 3.3 -1.5 ▼ 9 0.1 +6 ▲ 11.2 1.0 0.2 ▲
FirstEnergy Capital Corp 16 19 2,613.3 3.9 2.1 ▲ 9 0.5 +2 ▲ Macquarie Group 16 1 1,311.9 3.0 -26.2 ▼ 7 0.1 -5 ▼ 18.7 1.7 3.3 ▼
Macquarie Group 17 6 2,248.2 3.4 -12.5 ▼ 9 0.5 -9 ▼ Lazard 17 18 1,205.0 2.8 1.2 ▲ 5 0.0 +1 ▲ 9.5 0.9 0.0 -
GMP Capital Corp 18 22 2,085.3 3.1 2.4 ▲ 14 0.8 +6 ▲ Rothschild 18 27 1,185.5 2.7 2.2 ▲ 8 0.1 +5 ▲ 14.5 1.3 0.4 ▲
Rothschild 19 9 2,018.1 3.0 -7.4 ▼ 10 0.6 +5 ▲ Jefferies & Co Inc 19 - 1,154.0 2.7 2.7 ▲ 3 0.0 +3 ▲ 6.4 0.6 0.6 ▲
Canaccord Genuity 20 16 1,848.1 2.8 -0.5 ▼ 10 0.6 0 - UBS 20 7* 1,124.5 2.6 -5.6 ▼ 9 0.1 +6 ▲ 24.1 2.2 0.8 ▲
JP Morgan 21 8 1,606.8 2.4 -9.3 ▼ 4 0.2 -1 ▼ National Bank Financial Inc 21 57 991.8 2.3 2.3 ▲ 9 0.1 +8 ▲ 9.3 0.8 0.8 ▲
National Bank Financial Inc 22 21 1,548.3 2.3 1.5 ▲ 9 0.5 +4 ▲ Foros 22 - 822.0 1.9 1.9 ▲ 2 0.0 +2 ▲ 5.2 0.5 0.5 ▲
Nomura 23* - 1,225.3 1.8 1.8 ▲ 3 0.2 +3 ▲ Blair Franklin Capital Part 23 - 685.4 1.6 1.6 ▲ 2 0.0 +2 ▲ 2.9 0.3 0.3 ▲
Mackie Research Capital Corp 23* 57 1,225.3 1.8 1.8 ▲ 2 0.1 0 - Paradigm Capital Inc 24 33 661.0 1.5 1.2 ▲ 6 0.0 0 - 3.2 0.3 0.1 ▲
Mitsubishi UFJ Financial Group 25 - 1,100.0 1.6 1.6 ▲ 1 0.1 +1 ▲ Peters & Co Ltd 25 11 644.7 1.5 -3.9 ▼ 9 0.1 +6 ▲ 12.0 1.1 0.1 ▼
Industry Total 66,907.5 100.0 1,706 +200 Industry Total 43,222.4 100.0 1,014 +52 1,105.0 100.0

Industry % Change from Same Period Last Year 4.8% ▲ 13.3% ▲ Industry % Change from Same Period Last Year 56.9% ▲ 5.4% ▲ 100.8% ▲
Industry % Change from Last Quarter 53.3% ▲ -15.0% ▼ Industry % Change from Last Quarter 16.8% ▲ -19.3% ▼ -11.9% ▼

* tie

https://www.thomsonone.com
7
 First Half 2010 | Mergers & Acquisitions | Financial Advisors

EMEA M&A
EMEA Announced M&A Up 2% While Fees from Completed M&A Up 15% | European Financial Sponsor Activity Increases | Deutsche Bank Finishes First

EMEA Deals Intelligence European Financial Sponsor Investments

$300 25%
EMEA M&A announced during the first half of the year totaled US$447.6 billion, representing a 1.8% increase compared to
Q4 Volume (US$b)
the same period last year which makes it the second lowest first half since 2004. Deal activity picked up during the second $275
quarter as volume increased by 21.4% to US$245.4 billion over the first quarter despite the burgeoning Eurozone debt Q3 Volume (US$b)
21.2%
Q2 Volume (US$b) 20.7%
concerns. $250
Q1 Volume (US$b) 20%
Estimated fees on completed EMEA deals totaled US$5.4 billion during the first half, a 14.5% increase from the same period $225
% of YTD European M&A
last year, according to Thomson Reuters/Freeman Consulting. However, advisory fees in the second quarter decreased by 16.7%
$200 15.8%
6.8% compared to the first three months of the year.

Rank Value (US$b)

% of European M&A
15%
$175
Buyside financial sponsor activity in the first half of 2010 increased by 131.6% compared to the same period last year as deal 12.8% 11.9%
volume reached US$21.8 billion. This represented 8.4% of transactions involving European targets, more than double the $150
3.2% market share from the previous year.
$125 9.4% 9.2% 10%
Following the collapse of the US$35.5 billion Prudential/AIA deal, the largest European deal announced for 2010 was News 8.4%
$100
Corp's US$13.7 billion offer to acquire the remaining 60% stake in UK media firm BSkyB. Deutsche Bank and JP Morgan
Cazenove advised News Corp while BSkyB's advisors were Bank of America Merrill Lynch, Morgan Stanley and UBS. $75
3.2% 5%
$50
3.6%
Quarterly European Cross Border Volume
$25
$900 4,000
Outbound (US$b) Inbound (US$b) Number of deals $0 0%
$800 3,500 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

$700 European Involvement Announced Advisors by Target Industry

3,000
Rank Value (US$b)

Mkt.
$600
Rank Val US$m Rank Share No. Deals
2,500
Financials 82,922.5 1,029

No. Deals
$500 Deutsche Bank AG 29,566.1 1 35.7 18
2,000 Lazard 24,522.2 2 29.6 28
$400 Deloitte & Touche 15,848.6 3 19.1 11
Energy and Power 75,022.1 737
1,500
JP Morgan 22,975.5 1 30.6 19
$300
Credit Suisse 17,791.7 2 23.7 13
1,000 Goldman Sachs & Co 16,761.1 3 22.3 9
$200 Healthcare 40,196.2 383
Goldman Sachs & Co 27,964.1 1 70.9 6
$100 500 Greenhill & Co, LLC 11,120.4 2 28.2 1
Morgan Stanley 7,656.4 3 19.4 5
$0 0
* tie
1Q02
2Q02
3Q02
4Q02
1Q03
2Q03
3Q03
4Q03
1Q04
2Q04
3Q04
4Q04
1Q05
2Q05
3Q05
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10

Top Ten European Involvement Announced Deals

Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
6/15/2010 Intended British Sky Bdcstg Grp PLC (60.9%) News Corp United States / United Kingdom 13,730.4 Media and Entertainment / Cable
1/4/2010 Pending Alcon Inc (24.6%) Novartis AG Switzerland / Switzerland 11,120.4 Healthcare / Healthcare Equipment & Supplies
5/10/2010 Pending Brasilcel NV (50%) Telefonica SA Spain / Netherlands 8,711.0 Telecommunications / Telecommunications Services
6/22/2010 Pending Bancaja SA (100%) Caja Madrid Spain / Spain 8,140.3 Financials / Banks
4/28/2010 Pending E.ON US LLC (100%) PPL Corp United States / United States 7,625.0 Energy and Power / Oil & Gas
1/11/2010 4/30/2010 FEMSA-Beer Op (100%) Investor Group Netherlands / Mexico 7,346.1 Consumer Staples / Food and Beverage
3/11/2010 Pending Devon Energy Corp-Assets (100%) British Petroleum Co PLC United Kingdom / United States 7,000.0 Energy and Power / Oil & Gas
2/28/2010 Pending Millipore Corp (100%) Merck KGaA Germany / United States 6,869.0 Healthcare / Healthcare Equipment & Supplies
3/30/2010 Pending AXA Asia Pacific Holdings Ltd (53.9%) National Australia Bank Ltd Australia / Australia 6,579.8 Financials / Insurance
1/20/2010 6/7/2010 Areva T&D SAS (100%) Investor Group France / France 5,768.7 Energy and Power / Power

https://www.thomsonone.com
8
 First Half 2010 | Mergers & Acquisitions | Financial Advisors

Europe Rankings
Any EMEA Involvement Announced (AD47) First Half 2010 Any EMEA Involvement Completed (AF53) First Half 2010

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Deutsche Bank AG 1 6 94,271.4 21.1 -7.7 ▼ 64 0.3 +5 ▲ Morgan Stanley 1 6 85,064.6 29.0 1.9 ▲ 70 1.1 +20 ▲ 323.0 6.0 2.2 ▲
JP Morgan 2 8 84,193.8 18.8 -1.8 ▼ 72 0.4 -6 ▼ Credit Suisse 2 8 68,703.3 23.5 -2.4 ▼ 53 0.8 -2 ▼ 202.8 3.8 0.9 ▲
Morgan Stanley 3 2 80,666.6 18.0 -20.9 ▼ 82 0.4 +30 ▲ Deutsche Bank AG 3 9 68,545.0 23.4 0.6 ▲ 43 0.7 -16 ▼ 178.9 3.3 0.4 ▼
Goldman Sachs & Co 4 5 73,127.3 16.3 -12.8 ▼ 59 0.3 +9 ▲ UBS 4 4 67,900.1 23.2 -11.1 ▼ 53 0.8 -22 ▼ 202.2 3.8 1.5 ▼
Lazard 5 4 63,691.9 14.2 -15.5 ▼ 95 0.5 +23 ▲ Goldman Sachs & Co 5 3 59,591.7 20.4 -14.5 ▼ 42 0.6 -13 ▼ 249.9 4.6 2.5 ▼
Bank of America Merrill Lynch 6 9 59,902.6 13.4 -1.6 ▼ 28 0.1 -12 ▼ Barclays Capital 6 31 58,581.8 20.0 18.3 ▲ 20 0.3 +9 ▲ 92.8 1.7 0.5 ▲
Credit Suisse 7 1 59,506.3 13.3 -30.9 ▼ 71 0.4 +6 ▲ Citi 7 1 52,287.9 17.9 -17.9 ▼ 20 0.3 -17 ▼ 117.7 2.2 0.2 ▼
UBS 8 7 53,743.9 12.0 -11.3 ▼ 61 0.3 -19 ▼ Rothschild 8 16 51,790.6 17.7 7.9 ▲ 83 1.3 +5 ▲ 283.6 5.3 1.7 ▲
Rothschild 9 12 53,413.7 11.9 -0.5 ▼ 92 0.5 +3 ▲ HSBC Holdings PLC 9 21 51,474.9 17.6 13.3 ▲ 20 0.3 +3 ▲ 66.8 1.2 0.5 ▲
Citi 10 3 44,828.1 10.0 -20.2 ▼ 32 0.2 -9 ▼ JP Morgan 10 2 50,490.0 17.2 -18.4 ▼ 54 0.8 -22 ▼ 257.6 4.8 2.0 ▼
Barclays Capital 11 19 39,619.3 8.9 3.8 ▲ 24 0.1 +12 ▲ Lazard 11 5 44,917.1 15.3 -14.4 ▼ 59 0.9 -6 ▼ 238.2 4.4 1.0 ▲
BNP Paribas SA 12 14 33,520.9 7.5 0.4 ▲ 54 0.3 +13 ▲ BNP Paribas SA 12 11 30,415.8 10.4 -10.3 ▼ 40 0.6 -7 ▼ 121.0 2.2 0.0 -
HSBC Holdings PLC 13 18 27,735.6 6.2 0.4 ▲ 28 0.1 +3 ▲ Houlihan Lokey 13 100 25,788.8 8.8 8.8 ▲ 13 0.2 +1 ▲ 25.2 0.5 0.2 ▲
Societe Generale 14 20 21,084.9 4.7 0.1 ▲ 16 0.1 +4 ▲ Centerview Partners LLC 14 - 25,118.0 8.6 8.6 ▲ 4 0.1 +4 ▲ 13.2 0.2 0.2 ▲
Nomura 15 27 18,894.0 4.2 2.1 ▲ 34 0.2 +20 ▲ Bank of America Merrill Lynch 15 7 19,933.8 6.8 -19.2 ▼ 21 0.3 -22 ▼ 80.0 1.5 1.5 ▼
Deloitte & Touche 16 39 17,073.5 3.8 3.2 ▲ 77 0.4 +31 ▲ Standard Chartered PLC 16 49 12,777.2 4.4 4.1 ▲ 4 0.1 -1 ▼ 14.8 0.3 0.1 ▲
Blackstone Group LP 17 29 14,760.5 3.3 2.0 ▲ 7 0.0 +4 ▲ Global Investment House (KSCC) 17 220* 10,700.0 3.7 3.7 ▲ 1 0.0 0 - 5.0 0.1 0.1 ▲
Greenhill & Co, LLC 18 58 14,301.2 3.2 2.9 ▲ 10 0.1 +6 ▲ Societe Generale 18 17 10,634.4 3.6 -3.7 ▼ 11 0.2 -3 ▼ 44.6 0.8 0.4 ▲
Credit Agricole CIB 19 28 13,192.3 3.0 1.5 ▲ 19 0.1 +7 ▲ UniCredit Group 19 25 10,559.3 3.6 0.1 ▲ 20 0.3 +8 ▲ 41.3 0.8 0.6 ▲
Standard Chartered PLC 20 59 11,777.2 2.6 2.3 ▲ 5 0.0 -2 ▼ RBS 20 19 9,550.4 3.3 -1.4 ▼ 15 0.2 -11 ▼ 40.2 0.8 0.6 ▼
Jefferies & Co Inc 21 44 11,061.4 2.5 2.1 ▲ 17 0.1 +3 ▲ Credit Agricole CIB 21 30 9,082.6 3.1 1.4 ▲ 8 0.1 -1 ▼ 23.9 0.4 0.0 -
Perella Weinberg Partners LP 22 24 10,967.5 2.5 -0.7 ▼ 6 0.0 +3 ▲ Perella Weinberg Partners LP 22 24 8,866.5 3.0 -0.9 ▼ 3 0.0 -1 ▼ 37.3 0.7 0.5 ▲
Global Investment House (KSCC) 23 - 10,700.0 2.4 2.4 ▲ 1 0.0 +1 ▲ Nomura 23 18 8,490.2 2.9 -1.9 ▼ 21 0.3 +8 ▲ 43.1 0.8 0.3 ▲
RBS 24 13 10,331.6 2.3 -4.9 ▼ 16 0.1 -12 ▼ Ernst & Young LLP 24 26 7,506.4 2.6 -0.5 ▼ 44 0.7 -12 ▼ 8.6 0.2 0.1 ▲
RBC Capital Markets 25 25 9,944.3 2.2 -0.7 ▼ 13 0.1 +1 ▲ Allen & Co Inc 25 129 7,346.1 2.5 2.5 ▲ 1 0.0 0 - 13.4 0.3 0.3 ▲
Industry Total 447,594.1 100.0 8,462 +392 Industry Total 292,872.6 100.0 6,537 -283 5,394.3 100.0

Industry % Change from Same Period Last Year 1.8% ▲ 4.9% ▲ Industry % Change from Same Period Last Year -27.6% ▼ -4.1% ▼ 14.5% ▲
Industry % Change from Last Quarter 21.4% ▲ 1.0% ▲ Industry % Change from Last Quarter 16.8% ▲ -9.2% ▼ -6.8% ▼

Any European Involvement Announced (AD21) First Half 2010 Any European Involvement Completed (AF3) First Half 2010

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Deutsche Bank AG 1 6 89,146.9 22.0 -7.8 ▼ 55 0.7 -3 ▼ Morgan Stanley 1 6 82,062.3 30.7 3.3 ▲ 68 1.1 +22 ▲ 305.1 6.1 2.5 ▲
JP Morgan 2 8 82,445.5 20.3 0.6 ▲ 70 0.9 +2 ▲ Credit Suisse 2 7 68,752.0 25.7 -1.5 ▼ 54 0.8 +2 ▲ 195.3 3.9 1.0 ▲
Morgan Stanley 3 2 79,237.4 19.5 -21.2 ▼ 81 1.0 +29 ▲ Deutsche Bank AG 3 9 66,752.1 25.0 1.5 ▲ 38 0.6 -17 ▼ 166.3 3.3 0.5 ▼
Goldman Sachs & Co 4 5 71,079.1 17.5 -12.7 ▼ 56 0.7 +7 ▲ Goldman Sachs & Co 4 2 58,087.6 21.7 -14.4 ▼ 43 0.7 -9 ▼ 252.0 5.0 2.3 ▼
Lazard 5 4 60,219.3 14.8 -16.2 ▼ 92 1.2 +21 ▲ UBS 5 4 55,780.1 20.9 -14.6 ▼ 51 0.8 -17 ▼ 176.9 3.5 1.7 ▼
Credit Suisse 6 1 59,506.3 14.7 -31.5 ▼ 71 0.9 +8 ▲ Citi 6 1 51,917.6 19.4 -18.4 ▼ 19 0.3 -14 ▼ 115.5 2.3 0.2 ▼
Bank of America Merrill Lynch 7 9 58,602.6 14.4 -1.2 ▼ 27 0.3 -10 ▼ Rothschild 7 16 51,747.8 19.4 9.0 ▲ 83 1.3 +6 ▲ 287.5 5.7 1.9 ▲
Rothschild 8 12 53,370.8 13.2 0.2 ▲ 91 1.2 +3 ▲ Barclays Capital 8 33 46,581.8 17.4 16.4 ▲ 18 0.3 +9 ▲ 83.3 1.7 0.7 ▲
Citi 9 3 44,387.8 10.9 -20.7 ▼ 27 0.3 -11 ▼ JP Morgan 9 3 46,575.5 17.4 -18.5 ▼ 49 0.8 -17 ▼ 227.2 4.5 1.8 ▼
UBS 10 7 41,623.9 10.3 -13.2 ▼ 58 0.7 -19 ▼ Lazard 10 5 44,917.1 16.8 -14.7 ▼ 58 0.9 -6 ▼ 218.4 4.3 0.6 ▲
Barclays Capital 11 19 27,619.2 6.8 1.5 ▲ 21 0.3 +9 ▲ HSBC Holdings PLC 11 24 39,345.6 14.7 10.7 ▲ 19 0.3 +4 ▲ 55.9 1.1 0.6 ▲
BNP Paribas SA 12 14 22,820.9 5.6 -1.8 ▼ 52 0.7 +13 ▲ Houlihan Lokey 12 104 25,943.1 9.7 9.7 ▲ 13 0.2 +3 ▲ 25.8 0.5 0.3 ▲
Societe Generale 13 20 21,084.9 5.2 0.4 ▲ 16 0.2 +4 ▲ Centerview Partners LLC 13 - 25,118.0 9.4 9.4 ▲ 4 0.1 +4 ▲ 13.2 0.3 0.3 ▲
Nomura 14 27 18,824.0 4.6 2.4 ▲ 32 0.4 +18 ▲ BNP Paribas SA 14 11 20,940.1 7.8 -14.2 ▼ 44 0.7 +3 ▲ 108.7 2.2 0.1 ▼
Deloitte & Touche 15 39 17,027.9 4.2 3.6 ▲ 74 0.9 +30 ▲ Bank of America Merrill Lynch 15 8 18,824.2 7.0 -19.7 ▼ 22 0.3 -18 ▼ 76.8 1.5 1.5 ▼
HSBC Holdings PLC 16 18 15,606.3 3.9 -1.6 ▼ 24 0.3 +1 ▲ Societe Generale 16 17 10,634.4 4.0 -3.7 ▼ 11 0.2 -3 ▼ 44.6 0.9 0.5 ▲
Blackstone Group LP 17 29 14,760.5 3.6 2.3 ▲ 7 0.1 +4 ▲ UniCredit Group 17 25 10,559.3 4.0 0.3 ▲ 22 0.3 +10 ▲ 41.9 0.8 0.6 ▲
Greenhill & Co, LLC 18 59 14,301.2 3.5 3.2 ▲ 10 0.1 +8 ▲ RBS 18 19 9,626.2 3.6 -1.4 ▼ 16 0.3 -10 ▼ 40.8 0.8 0.8 ▼
Credit Agricole CIB 19 28 13,192.3 3.3 1.7 ▲ 19 0.2 +7 ▲ Credit Agricole CIB 19 30 9,082.6 3.4 1.6 ▲ 8 0.1 -1 ▼ 23.9 0.5 0.1 ▲
Jefferies & Co Inc 20 44 11,011.4 2.7 2.3 ▲ 15 0.2 +1 ▲ Perella Weinberg Partners LP 20 23 8,496.2 3.2 -0.8 ▼ 2 0.0 -1 ▼ 32.4 0.6 0.5 ▲
Perella Weinberg Partners LP 21 24 10,597.2 2.6 -0.7 ▼ 5 0.1 +3 ▲ Nomura 21 18 8,490.2 3.2 -1.9 ▼ 22 0.3 +10 ▲ 43.1 0.9 0.4 ▲
RBS 22 13 10,331.6 2.6 -4.9 ▼ 14 0.2 -14 ▼ Allen & Co Inc 22 124 7,346.1 2.8 2.8 ▲ 1 0.0 0 - 13.4 0.3 0.3 ▲
Macquarie Group 23 11 9,832.2 2.4 -11.5 ▼ 12 0.2 +1 ▲ Ernst & Young LLP 23 26 6,790.2 2.5 -0.8 ▼ 40 0.6 -11 ▼ 8.0 0.2 0.1 ▲
RBC Capital Markets 24 26 8,585.5 2.1 -0.4 ▼ 11 0.1 +3 ▲ KPMG 24 15 5,953.2 2.2 -9.6 ▼ 75 1.2 -13 ▼ 13.4 0.3 0.1 ▲
Allen & Co Inc 25 131 8,168.1 2.0 2.0 ▲ 3 0.0 +2 ▲ RBC Capital Markets 25 48 4,331.2 1.6 1.2 ▲ 9 0.1 +2 ▲ 20.0 0.4 0.2 ▲
Industry Total 405,862.9 100.0 7,900 +249 Industry Total 267,434.1 100.0 6,381 -140 5,035.4 100.0

Industry % Change from Same Period Last Year -3.4% ▼ 3.3% ▲ Industry % Change from Same Period Last Year -29.9% ▼ -2.1% ▼ 15.8% ▲
Industry % Change from Last Quarter 35.2% ▲ 2.2% ▲ Industry % Change from Last Quarter 8.9% ▲ -5.8% ▼ -9.1% ▼

* tie
https://www.thomsonone.com
9
 First Half 2010 | Mergers & Acquisitions | Financial Advisors

Europe Rankings
Any UK Involvement Announced (AD32) First Half 2010 Any UK Involvement Completed (AF39) First Half 2010

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
JP Morgan 1 13 43,506.1 34.4 27.5 ▲ 37 2.0 +10 ▲ Barclays Capital 1 24 32,609.0 37.1 36.5 ▲ 10 0.1 +7 ▲ 33.0 2.1 1.2 ▲
Deutsche Bank AG 2 7 31,817.1 25.2 -9.0 ▼ 10 0.6 -8 ▼ Morgan Stanley 2 5 31,826.4 36.2 -6.5 ▼ 21 0.2 +7 ▲ 99.1 6.4 1.6 ▲
UBS 3 5 31,400.5 24.8 -13.7 ▼ 30 1.7 -4 ▼ Credit Suisse 3 2 30,583.0 34.8 -19.2 ▼ 14 0.1 -3 ▼ 53.0 3.5 0.3 ▲
Morgan Stanley 4 2 26,544.4 21.0 -46.2 ▼ 26 1.4 +9 ▲ UBS 4 3 29,605.3 33.7 -18.1 ▼ 18 0.1 -6 ▼ 69.9 4.5 2.7 ▼
Rothschild 5 16 26,062.2 20.6 18.6 ▲ 47 2.6 +23 ▲ Goldman Sachs & Co 5 13 26,571.1 30.2 21.9 ▲ 14 0.1 +1 ▲ 78.2 5.1 0.3 ▼
Bank of America Merrill Lynch 6 10 24,799.9 19.6 5.2 ▲ 10 0.6 0 - HSBC Holdings PLC 6 15 25,858.7 29.4 25.7 ▲ 12 0.1 +6 ▲ 30.6 2.0 1.3 ▲
Credit Suisse 7 1 20,682.2 16.4 -53.7 ▼ 24 1.3 +2 ▲ Deutsche Bank AG 7 8 25,795.4 29.4 0.0 ▲ 7 0.1 -10 ▼ 31.1 2.0 0.6 ▼
Barclays Capital 8 11 19,984.6 15.8 7.8 ▲ 15 0.8 +10 ▲ Lazard 8 7 25,657.0 29.2 -1.8 ▼ 20 0.1 0 - 85.3 5.5 1.7 ▲
Lazard 9 4 17,248.7 13.6 -26.8 ▼ 30 1.7 +6 ▲ Citi 9 1 24,884.8 28.3 -26.9 ▼ 4 0.0 -12 ▼ 35.4 2.3 1.7 ▼
Citi 10 3 11,861.9 9.4 -35.8 ▼ 8 0.4 -10 ▼ Houlihan Lokey 10 46 21,627.7 24.6 24.5 ▲ 4 0.0 -1 ▼ 14.9 1.0 0.4 ▲
Goldman Sachs & Co 11 6 11,736.2 9.3 -27.9 ▼ 21 1.2 +1 ▲ Centerview Partners LLC 11 - 21,418.0 24.4 24.4 ▲ 3 0.0 +3 ▲ 7.5 0.5 0.5 ▲
RBC Capital Markets 12 30 8,525.7 6.7 6.4 ▲ 9 0.5 +5 ▲ JP Morgan 12 9 14,707.7 16.7 -4.2 ▼ 12 0.1 -11 ▼ 74.7 4.9 2.1 ▼
HSBC Holdings PLC 13 19 5,243.3 4.1 3.3 ▲ 14 0.8 +8 ▲ Rothschild 13 10 12,881.4 14.7 -0.9 ▼ 35 0.3 +11 ▲ 103.8 6.8 2.5 ▲
RBS 14 12 4,107.1 3.3 -4.0 ▼ 5 0.3 0 - Perella Weinberg Partners LP 14 16* 8,496.2 9.7 8.3 ▲ 1 0.0 0 - 32.4 2.1 1.9 ▲
Nomura 15 18 3,927.9 3.1 1.8 ▲ 17 0.9 +14 ▲ Bank of America Merrill Lynch 15 4 6,334.8 7.2 -44.1 ▼ 6 0.0 -4 ▼ 20.4 1.3 2.4 ▼
Broadpoint Gleacher Sec Group 16 - 3,607.5 2.9 2.9 ▲ 1 0.1 +1 ▲ RBC Capital Markets 16 29 4,097.5 4.7 4.3 ▲ 6 0.0 +3 ▲ 15.5 1.0 0.6 ▲
Blackstone Group LP 17 17 3,435.1 2.7 0.8 ▲ 4 0.2 +2 ▲ Broadpoint Gleacher Sec Group 17 12 3,607.5 4.1 -9.6 ▼ 1 0.0 -2 ▼ 5.0 0.3 1.2 ▼
Peter J. Solomon Co Ltd 18 41 3,159.9 2.5 2.3 ▲ 1 0.1 0 - Peter J. Solomon Co Ltd 18 32 3,159.9 3.6 3.3 ▲ 1 0.0 0 - 3.7 0.2 0.0 -
Foros 19 - 3,031.2 2.4 2.4 ▲ 1 0.1 +1 ▲ RBS 19 14 2,162.4 2.5 -1.4 ▼ 6 0.0 +2 ▲ 9.2 0.6 0.7 ▼
Perella Weinberg Partners LP 20 14 2,746.6 2.2 -4.6 ▼ 2 0.1 +1 ▲ DC Advisory Partners 20 19 2,142.5 2.4 1.6 ▲ 13 0.1 +4 ▲ 18.1 1.2 0.4 ▲
DnB NOR BANK ASA 21 - 2,479.2 2.0 2.0 ▲ 1 0.1 +1 ▲ PricewaterhouseCoopers 21 57 1,667.0 1.9 1.8 ▲ 21 0.2 -2 ▼ 3.3 0.2 0.1 ▲
DC Advisory Partners 22 27 2,456.9 1.9 1.4 ▲ 15 0.8 +5 ▲ Ernst & Young LLP 22 114 1,427.0 1.6 1.6 ▲ 12 0.1 +3 ▲ 2.3 0.2 0.2 ▲
Greenhill & Co, LLC 23 63* 2,358.8 1.9 1.8 ▲ 6 0.3 +5 ▲ KPMG 23 88 1,287.3 1.5 1.5 ▲ 22 0.2 +5 ▲ 3.2 0.2 0.1 ▲
Evercore Partners 24 - 2,184.3 1.7 1.7 ▲ 1 0.1 +1 ▲ Greenhill & Co, LLC 24 - 1,200.0 1.4 1.4 ▲ 2 0.0 +2 ▲ 7.9 0.5 0.5 ▲
BNP Paribas SA 25 24 1,970.8 1.6 1.0 ▲ 11 0.6 +7 ▲
Industry Total 126,516.6 100.0 1,813 +208 Industry Total 87,888.6 100.0 1,405 +66 1,539.5 100.0

Industry % Change from Same Period Last Year -35.4% ▼ 13.0% ▲ Industry % Change from Same Period Last Year -24.0% ▼ 4.9% ▲ 35.2% ▲
Industry % Change from Last Quarter 55.8% ▲ -2.7% ▼ Industry % Change from Last Quarter 94.4% ▲ -12.4% ▼ 7.2% ▲

Any French Involvement Announced (AD33) First Half 2010 Any French Involvement Completed (AF40) First Half 2010

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
* tie 2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Deutsche Bank AG 1 4 18,043.9 31.3 -12.8 ▼ 11 1.1 0 - JP Morgan 1 2 17,152.6 33.0 -25.6 ▼ 9 1.2 +3 ▲ 65.8 7.0 2.6 ▲
Lazard 2 6 16,943.8 29.3 -12.4 ▼ 31 3.2 +7 ▲ Morgan Stanley 2 10 16,495.2 31.7 6.3 ▲ 14 1.8 +10 ▲ 73.0 7.8 6.1 ▲
JP Morgan 3 3 16,845.2 29.2 -15.9 ▼ 14 1.4 +5 ▲ Goldman Sachs & Co 3 17 16,090.2 30.9 27.8 ▲ 10 1.3 +5 ▲ 66.2 7.1 5.0 ▲
BNP Paribas SA 4 1 15,041.4 26.1 -24.6 ▼ 34 3.5 +14 ▲ BNP Paribas SA 4 1 12,716.2 24.4 -47.6 ▼ 18 2.3 -7 ▼ 49.9 5.3 4.2 ▼
Credit Suisse 5 9 14,060.6 24.4 -11.0 ▼ 12 1.2 +7 ▲ Rothschild 5 7 11,144.7 21.4 -14.6 ▼ 22 2.8 -6 ▼ 54.7 5.8 4.5 ▼
Rothschild 6 8 12,960.7 22.4 -15.0 ▼ 27 2.8 0 - HSBC Holdings PLC 6 18 10,975.5 21.1 18.1 ▲ 3 0.4 -2 ▼ 19.0 2.0 0.3 ▲
Credit Agricole CIB 7 11 10,748.0 18.6 8.8 ▲ 16 1.6 +10 ▲ Lazard 7 4 9,767.5 18.8 -30.5 ▼ 19 2.4 -4 ▼ 69.3 7.4 0.3 ▲
Societe Generale 8 2 10,519.4 18.2 -28.8 ▼ 9 0.9 0 - Societe Generale 8 8 9,169.4 17.6 -11.1 ▼ 9 1.2 0 - 35.2 3.8 2.1 ▲
Nomura 9 16 10,021.0 17.4 14.8 ▲ 9 0.9 +5 ▲ Perella Weinberg Partners LP 9 - 8,496.2 16.3 16.3 ▲ 1 0.1 +1 ▲ 32.4 3.5 3.5 ▲
Morgan Stanley 10 13 9,208.1 16.0 9.5 ▲ 7 0.7 +3 ▲ Credit Agricole CIB 10 11 8,478.5 16.3 3.6 ▲ 6 0.8 -2 ▼ 22.1 2.4 0.2 ▼
Macquarie Group 11 - 8,753.5 15.2 15.2 ▲ 4 0.4 +4 ▲ Credit Suisse 11 12 8,189.1 15.7 7.2 ▲ 9 1.2 +5 ▲ 34.3 3.7 3.3 ▲
Goldman Sachs & Co 12 12 8,680.5 15.0 7.9 ▲ 6 0.6 +3 ▲ UBS 12 6 7,763.2 14.9 -26.5 ▼ 15 1.9 +4 ▲ 28.1 3.0 1.7 ▼
Bank of America Merrill Lynch 13 7 6,627.6 11.5 -30.2 ▼ 3 0.3 -3 ▼ Deutsche Bank AG 13 26 7,180.4 13.8 12.7 ▲ 4 0.5 0 - 14.1 1.5 1.0 ▲
HSBC Holdings PLC 14 5 6,218.8 10.8 -33.3 ▼ 5 0.5 -4 ▼ Bank of America Merrill Lynch 14 5 5,938.7 11.4 -30.1 ▼ 3 0.4 -4 ▼ 9.3 1.0 4.4 ▼
Citi 15 10 5,967.2 10.3 -9.2 ▼ 4 0.4 -4 ▼ Citi 15 3 3,898.5 7.5 -47.2 ▼ 4 0.5 -3 ▼ 12.0 1.3 1.2 ▼
Barclays Capital 16 - 4,211.5 7.3 7.3 ▲ 3 0.3 +3 ▲ Jefferies & Co Inc 16 23* 2,340.0 4.5 2.9 ▲ 3 0.4 +2 ▲ 18.1 1.9 0.9 ▲
RBC Capital Markets 17 21* 4,051.9 7.0 4.8 ▲ 2 0.2 +1 ▲ Nomura 17 19 1,929.8 3.7 1.8 ▲ 5 0.6 +2 ▲ 17.2 1.8 0.8 ▲
UBS 18 14 2,425.3 4.2 0.8 ▲ 19 1.9 +8 ▲ Banco Standard De Investimento 18 - 1,777.4 3.4 3.4 ▲ 1 0.1 +1 ▲ 2.9 0.3 0.3 ▲
Jefferies & Co Inc 19 21* 2,340.0 4.1 1.9 ▲ 3 0.3 +2 ▲ Gruppo Banca Leonardo 19 - 1,769.7 3.4 3.4 ▲ 3 0.4 +3 ▲ 8.4 0.9 0.9 ▲
Wagram Corporate Finance 20 32 2,261.0 3.9 3.5 ▲ 1 0.1 -4 ▼ Socios Financieros SA 20* - 948.7 1.8 1.8 ▲ 1 0.1 +1 ▲ 5.9 0.6 0.6 ▲
Gruppo Banca Leonardo 21 - 1,769.7 3.1 3.1 ▲ 3 0.3 +3 ▲ DC Advisory Partners 20* 40 948.7 1.8 1.4 ▲ 5 0.6 -4 ▼ 7.7 0.8 0.0 -
RBS 22 58* 1,266.9 2.2 2.2 ▲ 4 0.4 0 - Mediobanca 22 13 912.8 1.8 -5.3 ▼ 2 0.3 -2 ▼ 2.7 0.3 1.1 ▼
Bucephale Finance 23 - 1,070.0 1.9 1.9 ▲ 1 0.1 +1 ▲ Intesa SanPaolo 23 20 911.7 1.8 -0.1 ▼ 1 0.1 -1 ▼ .0 0.0 0.6 ▼
Shearman & Sterling 24 - 1,056.5 1.8 1.8 ▲ 1 0.1 +1 ▲ RBS 24 14 858.0 1.7 -2.7 ▼ 2 0.3 -3 ▼ 9.3 1.0 0.1 ▲
Ricol Lasteyrie & Associes SA 25 40 1,001.1 1.7 1.5 ▲ 2 0.2 +1 ▲ UniCredit Group 25 63* 695.5 1.3 1.3 ▲ 6 0.8 +5 ▲ 11.3 1.2 1.1 ▲
Industry Total 57,747.9 100.0 978 +76 Industry Total 52,053.5 100.0 777 -30 938.5 100.0

Industry % Change from Same Period Last Year 48.5% ▲ 8.4% ▲ Industry % Change from Same Period Last Year -3.5% ▼ -3.7% ▼ 48.8% ▲
Industry % Change from Last Quarter -30.9% ▼ -2.4% ▼ Industry % Change from Last Quarter 34.5% ▲ -8.6% ▼ 5.6% ▲

* tie

https://www.thomsonone.com
10
 First Half 2010 | Mergers & Acquisitions | Financial Advisors

Europe Rankings
Any Spanish Involvement Announced (AD34) First Half 2010 Any Spanish Involvement Completed (AF41) First Half 2010

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Deutsche Bank AG 1 2 20,529.4 33.8 -20.5 ▼ 9 1.6 +4 ▲ UBS 1 8* 9,272.9 36.8 -3.4 ▼ 9 2.3 +5 ▲ 31.6 6.8 3.3 ▲
Morgan Stanley 2 10 16,977.7 27.9 -11.4 ▼ 15 2.7 +13 ▲ Morgan Stanley 2 14 7,562.3 30.0 8.6 ▲ 10 2.5 +8 ▲ 39.3 8.4 6.6 ▲
Lazard 3 4 16,721.3 27.5 -25.4 ▼ 11 2.0 +5 ▲ Rothschild 3 37* 6,427.4 25.5 25.5 ▲ 5 1.3 +2 ▲ 17.2 3.7 2.8 ▲
Deloitte & Touche 4 33 15,967.2 26.3 26.2 ▲ 9 1.6 +5 ▲ JP Morgan 4 1 4,962.5 19.7 -61.6 ▼ 6 1.5 -5 ▼ 17.3 3.7 6.2 ▼
Bank of America Merrill Lynch 5 12 12,069.9 19.8 3.5 ▲ 3 0.5 -1 ▼ Citi 5 5 4,868.0 19.3 -45.0 ▼ 5 1.3 -2 ▼ 30.8 6.6 2.5 ▲
Societe Generale 6 - 10,502.8 17.3 17.3 ▲ 6 1.1 +6 ▲ BNP Paribas SA 6 8* 4,132.7 16.4 -23.8 ▼ 5 1.3 +2 ▲ 32.0 6.9 3.7 ▲
Goldman Sachs & Co 7 6 9,556.3 15.7 -35.9 ▼ 4 0.7 0 - Goldman Sachs & Co 7 3 3,528.5 14.0 -54.2 ▼ 3 0.8 -7 ▼ 17.7 3.8 11.2 ▼
Citi 8 8 5,193.1 8.5 -41.9 ▼ 4 0.7 -1 ▼ Deutsche Bank AG 8 11 3,017.3 12.0 -15.1 ▼ 4 1.0 -1 ▼ 15.4 3.3 0.1 ▼
BBVA 9 7 4,059.9 6.7 -44.8 ▼ 5 0.9 -2 ▼ Lazard 9 4 2,201.3 8.7 -59.1 ▼ 6 1.5 -6 ▼ 20.6 4.4 1.6 ▼
Nomura 10* 28* 3,949.6 6.5 6.1 ▲ 1 0.2 0 - DC Advisory Partners 10 27 1,829.4 7.3 7.0 ▲ 8 2.0 +2 ▲ 13.7 2.9 2.1 ▲
Natixis 10* - 3,949.6 6.5 6.5 ▲ 1 0.2 +1 ▲ Barclays Capital 11 20* 1,662.1 6.6 3.9 ▲ 2 0.5 +1 ▲ .2 0.1 2.1 ▼
UBS 12 20 3,132.5 5.2 3.4 ▲ 3 0.5 0 - HSBC Holdings PLC 12 - 1,641.6 6.5 6.5 ▲ 2 0.5 +2 ▲ 3.8 0.8 0.8 ▲
Santander 13 1 2,773.1 4.6 -60.0 ▼ 7 1.3 -3 ▼ Banco Espirito Santo SA 13 37* 1,491.3 5.9 5.9 ▲ 5 1.3 +4 ▲ 10.2 2.2 2.1 ▲
Rothschild 14 13 2,755.5 4.5 -7.9 ▼ 4 0.7 0 - Societe Generale 14 19 1,465.0 5.8 -5.5 ▼ 2 0.5 0 - 9.4 2.0 1.4 ▲
Credit Suisse 15 3 1,866.7 3.1 -50.0 ▼ 7 1.3 0 - Santander 15 2 1,223.9 4.9 -74.9 ▼ 5 1.3 -13 ▼ 4.0 0.9 8.5 ▼
JP Morgan 16 5 1,833.5 3.0 -49.7 ▼ 4 0.7 -1 ▼ Caixa Geral de Depositos 16 - 1,187.6 4.7 4.7 ▲ 2 0.5 +2 ▲ 2.8 0.6 0.6 ▲
Berenson & Co LLP 17 - 1,296.0 2.1 2.1 ▲ 3 0.5 +3 ▲ Socios Financieros SA 17 37* 989.3 3.9 3.9 ▲ 2 0.5 0 - 6.8 1.5 1.3 ▲
Violy & Co 18* - 1,095.1 1.8 1.8 ▲ 1 0.2 +1 ▲ KPMG 18 7 483.1 1.9 -42.2 ▼ 10 2.5 -6 ▼ 1.3 0.3 0.1 ▲
Tegris Advisors 18* - 1,095.1 1.8 1.8 ▲ 1 0.2 +1 ▲ Credit Suisse 19 12 250.5 1.0 -23.9 ▼ 2 0.5 -4 ▼ 5.3 1.1 1.2 ▼
KPMG 20 16 1,067.2 1.8 -1.5 ▼ 13 2.3 0 - Plenium Partners 20 - 209.6 0.8 0.8 ▲ 2 0.5 +2 ▲ 4.3 0.9 0.9 ▲
DC Advisory Partners 21 17* 880.7 1.5 -1.2 ▼ 8 1.4 +2 ▲ Corporate Finance Partners CFP 21 - 207.8 0.8 0.8 ▲ 1 0.3 +1 ▲ 1.8 0.4 0.4 ▲
Banco Espirito Santo SA 22 21* 344.4 0.6 -1.2 ▼ 4 0.7 +2 ▲ Cushman & Wakefield Inc 22 - 198.1 0.8 0.8 ▲ 1 0.3 +1 ▲ 2.9 0.6 0.6 ▲
Barclays Capital 23 - 323.4 0.5 0.5 ▲ 1 0.2 +1 ▲ Eurohold SL 23 35 175.6 0.7 0.7 ▲ 1 0.3 -2 ▼ 2.3 0.5 0.5 ▲
Plenium Partners 24 - 209.6 0.3 0.3 ▲ 2 0.4 +2 ▲ Catella AB 24 - 113.3 0.5 0.5 ▲ 1 0.3 +1 ▲ 2.1 0.5 0.5 ▲
Cushman & Wakefield Inc 25 - 198.1 0.3 0.3 ▲ 1 0.2 +1 ▲ BBVA 25 13 77.6 0.3 -24.4 ▼ 3 0.8 -5 ▼ 1.3 0.3 1.6 ▼
Industry Total 60,826.6 100.0 559 +60 Industry Total 25,207.9 100.0 394 -50 467.3 100.0

Industry % Change from Same Period Last Year 73.0% ▲ 12.0% ▲ Industry % Change from Same Period Last Year -64.9% ▼ -11.3% ▼ -32.7% ▼
Industry % Change from Last Quarter 483.8% ▲ 20.1% ▲ Industry % Change from Last Quarter 20.3% ▲ -12.4% ▼ -2.5% ▼

Any German Involvement Announced (AD35) First Half 2010 Any German Involvement Completed (AF42) First Half 2010

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Goldman Sachs & Co 1 8 22,898.5 48.0 48.0 ▲ 7 0.8 -1 ▼ Deutsche Bank AG 1 2 11,541.2 31.6 -20.2 ▼ 13 1.7 -8 ▼ 38.3 6.0 4.0 ▼
Bank of America Merrill Lynch 2 20 13,035.5 27.4 27.4 ▲ 4 0.4 -1 ▼ JP Morgan 2 3 10,328.5 28.3 -14.8 ▼ 7 0.9 -2 ▼ 56.4 8.8 3.7 ▲
Deutsche Bank AG 3 2 11,137.7 23.4 23.4 ▲ 12 1.3 -5 ▼ Morgan Stanley 3 11 10,080.4 27.6 0.7 ▲ 14 1.8 +4 ▲ 63.7 10.0 6.0 ▲
Credit Suisse 4 13 8,898.1 18.7 18.7 ▲ 8 0.9 +3 ▲ UBS 4 4 9,673.5 26.5 -14.3 ▼ 6 0.8 -10 ▼ 32.6 5.1 4.5 ▼
JP Morgan 5 1 8,061.3 16.9 16.9 ▲ 8 0.9 +1 ▲ Goldman Sachs & Co 5 1 8,863.7 24.3 -32.5 ▼ 6 0.8 -5 ▼ 50.5 7.9 1.5 ▼
Lazard 6 4 7,842.1 16.5 16.5 ▲ 7 0.8 0 - UniCredit Group 6 9 8,557.8 23.4 -5.8 ▼ 4 0.5 0 - 13.8 2.2 1.5 ▲
Blackstone Group LP 7 - 7,625.0 16.0 16.0 ▲ 1 0.1 +1 ▲ Perella Weinberg Partners LP 7 10 8,496.2 23.3 -5.6 ▼ 1 0.1 -1 ▼ 32.4 5.1 4.9 ▲
Guggenheim Securities LLC 8* - 6,869.0 14.4 14.4 ▲ 1 0.1 +1 ▲ Credit Suisse 8 14 6,146.2 16.8 -6.6 ▼ 6 0.8 0 - 14.7 2.3 0.4 ▼
Perella Weinberg Partners LP 8* - 6,869.0 14.4 14.4 ▲ 1 0.1 +1 ▲ Nomura 9 16* 5,534.3 15.2 -4.0 ▼ 4 0.5 +3 ▲ 11.5 1.8 1.3 ▲
Barclays Capital 10 10 5,410.5 11.4 11.4 ▲ 1 0.1 -5 ▼ Barclays Capital 10 54* 4,701.3 12.9 12.9 ▲ 2 0.3 +1 ▲ 7.4 1.2 0.9 ▲
BNP Paribas SA 11 - 5,150.2 10.8 10.8 ▲ 3 0.3 +3 ▲ Ernst & Young LLP 11 13 4,077.1 11.2 -12.5 ▼ 12 1.6 +2 ▲ 2.6 0.4 0.1 ▲
RBS 12* 44* 4,931.3 10.4 10.4 ▲ 1 0.1 0 - BNP Paribas SA 12 16* 2,694.9 7.4 -11.8 ▼ 5 0.7 +3 ▲ 13.4 2.1 1.5 ▲
Commerzbank AG 12* 21 4,931.3 10.4 10.4 ▲ 3 0.3 0 - RBS 13 16* 2,599.9 7.1 -12.1 ▼ 2 0.3 0 - 6.8 1.1 0.6 ▼
UBS 14 6 4,822.5 10.1 10.1 ▲ 2 0.2 -11 ▼ Sal Oppenheim 14 24 1,741.7 4.8 0.6 ▲ 5 0.7 -1 ▼ 10.6 1.7 0.3 ▲
Rothschild 15 9 3,810.7 8.0 8.0 ▲ 7 0.8 -10 ▼ ING 15 16* 1,648.9 4.5 -14.7 ▼ 1 0.1 -1 ▼ 5.5 0.9 0.6 ▲
Morgan Stanley 16 7 1,445.1 3.0 3.0 ▲ 11 1.2 +3 ▲ Citi 16 7 1,115.7 3.1 -27.7 ▼ 4 0.5 0 - 16.5 2.6 0.6 ▲
Citi 17 3 1,115.7 2.3 2.3 ▲ 3 0.3 +1 ▲ Bank of America Merrill Lynch 17 6 951.0 2.6 -29.3 ▼ 2 0.3 -7 ▼ 5.4 0.9 2.6 ▼
Ernst & Young LLP 18 30 592.1 1.2 1.2 ▲ 13 1.4 +3 ▲ Lazard 18 15 741.0 2.0 -17.7 ▼ 4 0.5 -1 ▼ 18.0 2.8 0.2 ▲
KPMG 19 5 517.7 1.1 1.1 ▲ 12 1.3 +3 ▲ KPMG 19 12 387.5 1.1 -24.6 ▼ 13 1.7 -1 ▼ 5.0 0.8 0.4 ▲
Jefferies & Co Inc 20 44* 469.7 1.0 1.0 ▲ 3 0.3 -2 ▼ Kirkland Capital 20* - 325.6 0.9 0.9 ▲ 1 0.1 +1 ▲ 2.2 0.4 0.4 ▲
Jones Lang LaSalle Inc 21 25* 362.9 0.8 0.8 ▲ 3 0.3 +2 ▲ Jefferies & Co Inc 20* 44 325.6 0.9 0.8 ▲ 1 0.1 -3 ▼ 4.5 0.7 0.3 ▼
Nomura 22 12 339.1 0.7 0.7 ▲ 4 0.4 +2 ▲ Piper Jaffray Cos 22 - 201.4 0.6 0.6 ▲ 1 0.1 +1 ▲ 2.9 0.5 0.5 ▲
Kirkland Capital 23 - 325.6 0.7 0.7 ▲ 1 0.1 +1 ▲ Deloitte & Touche 23 54* 173.7 0.5 0.5 ▲ 9 1.2 +6 ▲ .6 0.1 0.0 -
Piper Jaffray Cos 24 - 201.4 0.4 0.4 ▲ 1 0.1 +1 ▲ Rothschild 24 8 146.9 0.4 -29.5 ▼ 9 1.2 -2 ▼ 22.5 3.5 0.1 ▼
Deloitte & Touche 25 44* 148.3 0.3 0.3 ▲ 9 1.0 +6 ▲
Industry Total 47,667.9 100.0 927 -6 Industry Total 36,514.9 100.0 765 -43 639.5 100.0

Industry % Change from Same Period Last Year -0.8% ▼ -0.6% ▼ Industry % Change from Same Period Last Year -22.2% ▼ -5.3% ▼ -11.3% ▼
Industry % Change from Last Quarter 16.0% ▲ -8.5% ▼ Industry % Change from Last Quarter -31.1% ▼ -28.9% ▼ -36.5% ▼

* tie

https://www.thomsonone.com
11
 First Half 2010 | Mergers & Acquisitions | Financial Advisors

Europe Rankings
Any Italian Involvement Announced (AD36) First Half 2010 Any Italian Involvement Completed (AF43) First Half 2010

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Mediobanca 1 1 2,938.1 31.4 -33.3 ▼ 16 4.4 -4 ▼ Intesa SanPaolo 1 3 4,295.2 37.1 -20.3 ▼ 10 3.7 -8 ▼ 12.9 4.9 0.4 ▼
Lazard 2 6 2,692.3 28.8 -15.1 ▼ 14 3.8 +2 ▲ Mediobanca 2 2 4,004.6 34.6 -30.5 ▼ 7 2.6 -7 ▼ 16.5 6.2 0.3 ▲
Deutsche Bank AG 3 10 2,075.8 22.2 -19.9 ▼ 5 1.4 +1 ▲ Goldman Sachs & Co 3 6 3,251.0 28.1 -26.4 ▼ 5 1.8 +1 ▲ 15.3 5.8 0.7 ▲
Intesa SanPaolo 4 7 1,594.3 17.0 -26.7 ▼ 12 3.3 -2 ▼ Rothschild 4 18 3,079.6 26.6 23.6 ▲ 9 3.3 -2 ▼ 21.7 8.2 3.3 ▲
Morgan Stanley 5 2 1,046.8 11.2 -42.1 ▼ 4 1.1 -4 ▼ Morgan Stanley 5 7 2,813.7 24.3 -26.4 ▼ 6 2.2 +3 ▲ 25.7 9.7 5.4 ▲
Gruppo Banca Leonardo 6* - 911.7 9.7 9.7 ▲ 2 0.5 +2 ▲ Deutsche Bank AG 6 9 2,266.4 19.6 -27.2 ▼ 4 1.5 0 - 13.7 5.2 1.1 ▲
Credit Agricole CIB 6* 22 911.7 9.7 8.1 ▲ 2 0.5 +1 ▲ Barclays Capital 7 - 1,338.7 11.6 11.6 ▲ 1 0.4 +1 ▲ .2 0.1 0.1 ▲
Credit Suisse 8 9 614.4 6.6 -36.6 ▼ 3 0.8 -1 ▼ Lazard 8 1 1,017.1 8.8 -57.0 ▼ 6 2.2 -3 ▼ 17.9 6.8 2.2 ▼
UniCredit Group 9 19 591.3 6.3 4.1 ▲ 8 2.2 0 - Gruppo Banca Leonardo 9* 16 911.7 7.9 2.4 ▲ 1 0.4 -1 ▼ .0 0.0 0.7 ▼
Rothschild 10 15 586.6 6.3 0.2 ▲ 7 1.9 -5 ▼ Credit Agricole CIB 9* 14 911.7 7.9 -4.9 ▼ 1 0.4 -1 ▼ 2.7 1.0 0.2 ▼
KPMG 11 28 526.7 5.6 5.1 ▲ 8 2.2 0 - KPMG 11 21 833.7 7.2 5.9 ▲ 7 2.6 -7 ▼ 1.7 0.6 0.3 ▲
JP Morgan 12 3 462.2 4.9 -48.4 ▼ 3 0.8 -3 ▼ UniCredit Group 12 29 497.8 4.3 4.2 ▲ 5 1.8 +1 ▲ 8.3 3.1 2.5 ▲
Goldman Sachs & Co 13 4 429.4 4.6 -42.0 ▼ 3 0.8 0 - Ernst & Young LLP 13 37* 400.5 3.5 3.5 ▲ 3 1.1 0 - 2.3 0.9 0.9 ▲
Santander 14 5 287.0 3.1 -41.2 ▼ 3 0.8 -1 ▼ Greenhill & Co, LLC 14 - 327.0 2.8 2.8 ▲ 1 0.4 +1 ▲ 2.0 0.8 0.8 ▲
Nomura 15 24 223.4 2.4 1.1 ▲ 2 0.5 0 - Banco BTG Pactual SA 15 - 148.4 1.3 1.3 ▲ 2 0.7 +2 ▲ 2.6 1.0 1.0 ▲
Banco BTG Pactual SA 16 - 148.4 1.6 1.6 ▲ 2 0.5 +2 ▲ PricewaterhouseCoopers 16 26 116.5 1.0 0.6 ▲ 3 1.1 -1 ▼ .5 0.2 0.1 ▲
DGPA & CO 17 - 102.1 1.1 1.1 ▲ 2 0.5 +2 ▲ Nomura 17 19 71.2 0.6 -0.9 ▼ 1 0.4 -1 ▼ 1.2 0.4 0.0 -
BNP Paribas SA 18 12 99.9 1.1 -9.1 ▼ 6 1.6 0 - UBS 18 17 63.0 0.5 -3.9 ▼ 1 0.4 -1 ▼ 1.3 0.5 2.1 ▼
Vitale & Associati SpA 19 42* 73.7 0.8 0.8 ▲ 3 0.8 +1 ▲ KeyBanc Capital Markets Inc 19 - 54.4 0.5 0.5 ▲ 1 0.4 +1 ▲ 1.2 0.5 0.5 ▲
KeyBanc Capital Markets Inc 20 - 54.4 0.6 0.6 ▲ 1 0.3 +1 ▲ Klecha & Co 20 - 53.9 0.5 0.5 ▲ 3 1.1 +3 ▲ 1.3 0.5 0.5 ▲
Klecha & Co 21 - 53.9 0.6 0.6 ▲ 3 0.8 +3 ▲ Banco Espirito Santo SA 21 37* 43.2 0.4 0.4 ▲ 3 1.1 +2 ▲ 1.5 0.6 0.5 ▲
Banco Espirito Santo SA 22 42* 43.2 0.5 0.5 ▲ 3 0.8 +2 ▲ Singhi Advisors Ltd 22 - 37.2 0.3 0.3 ▲ 1 0.4 +1 ▲ .8 0.3 0.3 ▲
Singhi Advisors Ltd 23 - 37.2 0.4 0.4 ▲ 1 0.3 +1 ▲ BBVA 23* 10* 37.0 0.3 -45.6 ▼ 2 0.7 +1 ▲ .9 0.3 0.2 ▼
BBVA 24 11 37.0 0.4 -37.2 ▼ 2 0.5 +1 ▲ Santander 23* 10* 37.0 0.3 -45.6 ▼ 2 0.7 +1 ▲ .4 0.2 0.8 ▼
UBS 25 14 26.7 0.3 -6.9 ▼ 1 0.3 -2 ▼ Clairfield Partners 25 - 16.3 0.1 0.1 ▲ 2 0.7 +2 ▲ 1.0 0.4 0.4 ▲
Industry Total 9,363.0 100.0 366 -88 Industry Total 11,582.4 100.0 273 -123 265.5 100.0

Industry % Change from Same Period Last Year -73.8% ▼ -19.4% ▼ Industry % Change from Same Period Last Year -60.5% ▼ -31.1% ▼ -38.7% ▼
Industry % Change from Last Quarter 46.7% ▲ 28.8% ▲ Industry % Change from Last Quarter 60.7% ▲ 22.0% ▲ 17.4% ▲

Any Nordic Involvement Announced (AD37) First Half 2010 Any Nordic Involvement Completed (AF44) First Half 2010

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Citi 1 - 11,195.1 30.5 30.5 ▲ 6 0.6 +6 ▲ JP Morgan 1 21 10,734.9 42.1 37.2 ▲ 5 0.6 -5 ▼ 49.5 8.8 4.9 ▲
Rothschild 2 2 4,832.6 13.2 -40.3 ▼ 8 0.7 -1 ▼ Morgan Stanley 2 2 8,032.3 31.5 13.0 ▲ 7 0.9 0 - 29.0 5.2 2.5 ▲
UBS 3 10 4,431.8 12.1 7.1 ▲ 5 0.5 -5 ▼ UBS 3 3 7,008.3 27.5 10.1 ▲ 3 0.4 -8 ▼ 18.4 3.3 1.6 ▼
Deutsche Bank AG 4 11 3,646.8 9.9 5.0 ▲ 6 0.6 +3 ▲ Rothschild 4 36* 6,142.4 24.1 23.5 ▲ 6 0.7 -4 ▼ 22.3 4.0 0.5 ▼
Jefferies & Co Inc 5 32 3,165.4 8.6 8.3 ▲ 3 0.3 +1 ▲ Credit Suisse 5 11 5,778.9 22.7 16.0 ▲ 3 0.4 0 - 12.3 2.2 0.8 ▲
Credit Suisse 6 28 3,027.0 8.3 7.6 ▲ 3 0.3 +2 ▲ Carnegie 6 27 4,324.6 17.0 14.7 ▲ 8 1.0 +2 ▲ 18.7 3.4 2.0 ▲
Carnegie 7 22 3,025.6 8.2 7.2 ▲ 10 0.9 +3 ▲ Lazard 7 28 3,609.3 14.1 12.5 ▲ 4 0.5 0 - 16.5 2.9 1.3 ▲
DnB NOR BANK ASA 8 26 2,479.2 6.8 6.0 ▲ 1 0.1 -4 ▼ SEB Enskilda 8 1 3,040.6 11.9 -13.1 ▼ 19 2.4 +6 ▲ 41.2 7.4 1.2 ▲
JP Morgan 9 13 2,474.7 6.7 3.6 ▲ 3 0.3 -6 ▼ Danske Markets 9 16* 1,679.5 6.6 0.9 ▲ 8 1.0 +4 ▲ 15.4 2.8 2.0 ▲
Lazard 10 21 2,122.6 5.8 4.7 ▲ 4 0.4 0 - KPMG 10 16* 1,381.6 5.4 -0.3 ▼ 7 0.9 -3 ▼ 1.5 0.3 0.2 ▲
SEB Enskilda 11 12 2,050.7 5.6 1.1 ▲ 16 1.5 +10 ▲ Bank of America Merrill Lynch 11 7 1,364.1 5.4 -1.8 ▼ 3 0.4 0 - 15.2 2.7 0.9 ▲
Danske Markets 12 53* 1,684.5 4.6 4.6 ▲ 11 1.0 +6 ▲ Scotiabank-Bank of Nova Scotia 12 - 1,300.0 5.1 5.1 ▲ 1 0.1 +1 ▲ 6.1 1.1 1.1 ▲
HSBC Holdings PLC 13 - 1,550.4 4.2 4.2 ▲ 2 0.2 +2 ▲ Citi 13 8 1,152.5 4.5 -2.7 ▼ 2 0.2 +1 ▲ 10.9 2.0 1.3 ▲
Morgan Stanley 14 8 1,303.9 3.6 -4.0 ▼ 4 0.4 -2 ▼ DC Advisory Partners 14 - 1,148.8 4.5 4.5 ▲ 2 0.2 +2 ▲ 6.3 1.1 1.1 ▲
DC Advisory Partners 15 55* 1,148.8 3.1 3.1 ▲ 2 0.2 +1 ▲ Deutsche Bank AG 15 4 962.9 3.8 -10.6 ▼ 2 0.2 -2 ▼ 11.4 2.0 2.0 ▼
KPMG 16 5* 1,070.2 2.9 -34.9 ▼ 7 0.6 -5 ▼ First Securities ASA 16 34 820.4 3.2 2.5 ▲ 3 0.4 -3 ▼ 5.4 1.0 0.3 ▲
Goldman Sachs & Co 17 1 1,066.2 2.9 -53.4 ▼ 2 0.2 -2 ▼ HDR Partners 17 - 768.4 3.0 3.0 ▲ 2 0.2 +2 ▲ 7.3 1.3 1.3 ▲
Greenhill & Co, LLC 18* - 822.0 2.2 2.2 ▲ 1 0.1 +1 ▲ DnB NOR BANK ASA 18 22 756.6 3.0 -0.8 ▼ 1 0.1 -5 ▼ 3.6 0.6 0.1 ▲
Allen & Co Inc 18* - 822.0 2.2 2.2 ▲ 1 0.1 +1 ▲ PricewaterhouseCoopers 19 26 596.4 2.3 -0.1 ▼ 11 1.4 0 - .6 0.1 0.1 ▼
Leimdorfer AB 20 29 687.2 1.9 1.3 ▲ 1 0.1 -1 ▼ Hawkpoint Partners 20 - 588.1 2.3 2.3 ▲ 2 0.2 +2 ▲ 6.2 1.1 1.1 ▲
Catella AB 21 39 565.7 1.5 1.3 ▲ 5 0.5 -4 ▼ Catella AB 21 14 505.6 2.0 -3.9 ▼ 4 0.5 -3 ▼ 8.2 1.5 0.1 ▲
Nordea 22 15 563.3 1.5 -1.3 ▼ 4 0.4 0 - FIH Partners AS 22 20 474.7 1.9 -3.1 ▼ 3 0.4 -1 ▼ 6.1 1.1 0.8 ▼
Handelsbanken Capital Markets 23 31 514.1 1.4 1.0 ▲ 8 0.7 +2 ▲ Lenner & Partners 23 15 309.6 1.2 -4.6 ▼ 2 0.2 -1 ▼ 4.2 0.8 0.7 ▼
FIH Partners AS 24 17 500.9 1.4 -0.3 ▼ 6 0.6 +1 ▲ Goldman Sachs & Co 24 6 303.6 1.2 -11.3 ▼ 1 0.1 -5 ▼ 3.6 0.6 3.3 ▼
Lenner & Partners 25 24 415.3 1.1 0.2 ▲ 3 0.3 +1 ▲ Pareto Securities 25 40 271.9 1.1 0.6 ▲ 2 0.2 -1 ▼ 4.6 0.8 0.6 ▲
Industry Total 36,700.6 100.0 1,090 +112 Industry Total 25,518.6 100.0 808 -3 559.7 100.0

Industry % Change from Same Period Last Year 28.4% ▲ 11.5% ▲ Industry % Change from Same Period Last Year 56.2% ▲ -0.4% ▼ 23.3% ▲
Industry % Change from Last Quarter 102.0% ▲ 0.0% ▲ Industry % Change from Last Quarter 31.2% ▲ -10.3% ▼ -10.8% ▼

* tie

https://www.thomsonone.com
12
 First Half 2010 | Mergers & Acquisitions | Financial Advisors

Europe Rankings
Any Benelux Involvement Announced (AD40) First Half 2010 Any Benelux Involvement Completed (AF47) First Half 2010

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Citi 1 4 14,687.0 23.9 -5.4 ▼ 5 0.7 0 - Citi 1 7 19,527.1 44.0 4.7 ▲ 5 0.9 +2 ▲ 50.9 6.3 4.4 ▲
Bank of America Merrill Lynch 2 10 12,637.5 20.6 -1.3 ▼ 3 0.4 -1 ▼ Deutsche Bank AG 2 50* 17,734.1 40.0 40.0 ▲ 8 1.4 +7 ▲ 32.8 4.0 4.0 ▲
JP Morgan 3 2 12,484.2 20.3 -11.0 ▼ 11 1.6 0 - Rothschild 3 22 16,417.6 37.0 35.6 ▲ 10 1.8 +6 ▲ 57.5 7.1 4.3 ▲
Rothschild 4 5 11,223.1 18.3 -10.7 ▼ 8 1.1 -5 ▼ Credit Suisse 4 10 12,151.8 27.4 18.1 ▲ 13 2.3 +10 ▲ 38.9 4.8 4.2 ▲
Credit Suisse 5 28 10,854.7 17.7 15.8 ▲ 10 1.4 +7 ▲ Morgan Stanley 5 5 12,075.0 27.2 -29.3 ▼ 11 1.9 +4 ▲ 40.9 5.0 1.3 ▲
Morgan Stanley 6 14 9,828.9 16.0 11.7 ▲ 12 1.7 +7 ▲ Barclays Capital 6 - 10,800.8 24.4 24.4 ▲ 5 0.9 +5 ▲ 39.5 4.9 4.9 ▲
Allen & Co Inc 7 - 7,346.1 12.0 12.0 ▲ 1 0.1 +1 ▲ Allen & Co Inc 7 - 7,346.1 16.6 16.6 ▲ 1 0.2 +1 ▲ 13.4 1.7 1.7 ▲
Deutsche Bank AG 8 8 7,305.3 11.9 -12.7 ▼ 6 0.9 -1 ▼ Bank of America Merrill Lynch 8 8 5,302.4 12.0 -0.9 ▼ 4 0.7 +1 ▲ 15.0 1.9 1.3 ▼
UBS 9 12 6,777.8 11.0 1.5 ▲ 16 2.3 +13 ▲ RBS 9 13 5,060.9 11.4 4.5 ▲ 4 0.7 -6 ▼ 24.5 3.0 1.1 ▲
Goldman Sachs & Co 10 3 5,898.7 9.6 -21.3 ▼ 6 0.9 -5 ▼ JP Morgan 10 4 4,676.3 10.6 -47.3 ▼ 13 2.3 +5 ▲ 45.4 5.6 0.5 ▲
Banco BTG Pactual SA 11 - 4,925.0 8.0 8.0 ▲ 1 0.1 +1 ▲ Ernst & Young LLP 11 28 4,194.2 9.5 9.1 ▲ 6 1.1 -1 ▼ 2.3 0.3 0.2 ▲
Jefferies & Co Inc 12 27 4,748.7 7.7 5.6 ▲ 3 0.4 0 - Goldman Sachs & Co 12 12 3,888.3 8.8 1.9 ▲ 5 0.9 -1 ▼ 29.2 3.6 0.3 ▼
BNP Paribas SA 13 16 4,599.7 7.5 3.3 ▲ 11 1.6 +3 ▲ RBC Capital Markets 13* 16* 3,159.9 7.1 4.6 ▲ 2 0.4 +1 ▲ 4.5 0.6 0.2 ▲
Lazard 14 7 4,019.6 6.5 -19.7 ▼ 11 1.6 +5 ▲ Peter J. Solomon Co Ltd 13* - 3,159.9 7.1 7.1 ▲ 2 0.4 +2 ▲ 7.7 1.0 1.0 ▲
RBC Capital Markets 15 31* 3,699.5 6.0 4.6 ▲ 3 0.4 +2 ▲ ING 15 14 2,863.0 6.5 3.2 ▲ 9 1.6 -3 ▼ 19.2 2.4 0.2 ▲
Barclays Capital 16 15 3,526.1 5.7 1.4 ▲ 2 0.3 -1 ▼ KPMG 16 15 2,839.3 6.4 3.5 ▲ 22 3.9 -1 ▼ 2.6 0.3 0.1 ▲
Peter J. Solomon Co Ltd 17 - 3,159.9 5.1 5.1 ▲ 2 0.3 +2 ▲ UBS 17 3 2,535.3 5.7 -53.4 ▼ 8 1.4 +2 ▲ 29.1 3.6 0.7 ▲
RBS 18 9 1,832.8 3.0 -19.7 ▼ 7 1.0 -10 ▼ Sal Oppenheim 18 - 1,648.9 3.7 3.7 ▲ 1 0.2 +1 ▲ 4.1 0.5 0.5 ▲
KPMG 19 1 1,778.7 2.9 -39.7 ▼ 27 3.8 -1 ▼ Kempen and Co NV 19 50* 1,603.0 3.6 3.6 ▲ 1 0.2 -1 ▼ 2.7 0.3 0.0 -
Rabobank NV 20 33 1,676.2 2.7 1.7 ▲ 15 2.1 -15 ▼ Lazard 20 2 1,440.9 3.3 -60.6 ▼ 9 1.6 +4 ▲ 18.6 2.3 0.6 ▼
Gresham Partners 21 - 1,242.9 2.0 2.0 ▲ 1 0.1 +1 ▲ BNP Paribas SA 21 1 1,264.8 2.9 -61.3 ▼ 6 1.1 -6 ▼ 5.8 0.7 1.8 ▼
Gruppo Banca Leonardo 22 52* 1,072.6 1.8 1.8 ▲ 3 0.4 +2 ▲ Gruppo Banca Leonardo 22 45* 1,072.6 2.4 2.4 ▲ 3 0.5 +2 ▲ 11.4 1.4 1.3 ▲
Clairfield Partners 23 56* 978.3 1.6 1.6 ▲ 6 0.9 +3 ▲ Mizuho Financial Group 23 - 952.1 2.2 2.2 ▲ 1 0.2 +1 ▲ 7.2 0.9 0.9 ▲
CITIC 24 - 925.6 1.5 1.5 ▲ 1 0.1 +1 ▲ Standard Chartered PLC 24 16* 766.6 1.7 -0.8 ▼ 1 0.2 0 - 4.1 0.5 0.1 ▲
Standard Chartered PLC 25 31* 766.6 1.3 -0.1 ▼ 1 0.1 -1 ▼ UniCredit Group 25 - 765.2 1.7 1.7 ▲ 3 0.5 +3 ▲ 7.2 0.9 0.9 ▲
Industry Total 61,468.2 100.0 702 -276 Industry Total 44,338.7 100.0 570 -241 812.0 100.0

Industry % Change from Same Period Last Year 5.3% ▲ -3.0% ▼ Industry % Change from Same Period Last Year 30.2% ▲ -6.6% ▼ 101.0% ▲
Industry % Change from Last Quarter -28.5% ▼ -13.8% ▼ Industry % Change from Last Quarter -18.6% ▼ -20.8% ▼ -8.7% ▼

* tie

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

100%

90%

80%

70%

60%
% Volume Composition

50%

40%

30%

20%

10%

0%
Deutsche Bank AG JP Morgan Morgan Stanley Goldman Sachs & Co Lazard Credit Suisse Bank of America Merrill Rothschild Citi UBS
Lynch

Telecommunications Retail Real Estate Media and Entertainment Materials

Industrials High Technology Healthcare Government and Agencies Financials
Energy and Power Consumer Staples Consumer Products and Services

https://www.thomsonone.com
13
 First Half 2010 | Mergers & Acquisitions | Financial Advisors

Asia Pacific (ex-Japan) M&A

Asian M&A Up 78% I China Cross-Border Remains Active I Australia M&A Down 34%

Asia Pacific (ex-Japan) Deals Intelligence Asia (ex-Japan) Involvement Announced M&A by Target Industry
Asian M&A in the first half of 2010 totaled US$206.6 billion, a 77.8% increase from US$116.2 billion in the same period
in 2009, despite the withdrawal of Prudential's US$35.5 billion offer for AIA Group. This transaction was the largest
withdrawn deal in Asia since CNOOC’s failed bid for Unocal Corp valued at US$19.5 billion in 2005.
Industrials
1/1/2009 - 6/30/2009
The Financials industry was the most targeted sector, with an 18.4% market share from US$37.9 billion in deal activity.
Energy & Power and Materials followed with US$34.2 billion and US$29 billion, respectively. 1/1/2010 - 6/30/2010

Real Estate
Continuing the trend from last quarter, China cross-border activity increased 39%, amounting to US$42 billion in the first
half of 2010 from US$30.2 billion in the first half of 2009. Outbound activity reached US$32 billion, while inbound activity
totaled US$10 billion.
Telecommunications
M&A activity in Australia decreased by 33.8%, totaling US$60.5 billion from the US$91.4 billion recorded last year. This
marked the lowest first-half total since 2006.

Materials

China Cross-Border Announced M&A Energy and Power

$50 100%
Outbound (US$b) Financials

Inbound (US$b)
% of Cross Border is Outbound $0 $5 $10 $15 $20 $25 $30 $35 $40
$40 80%
Rank Value (US$b)
Rank Value (US$b)

$30 60%

% Outbound
Asia (ex-Japan) Involvement Announced Advisors by Target Industry
Rank Val Mkt.
US$m Rank Share No. Deals
$20 40% Financials 37,923.6 677
China International Capital Co 5,830.6 1 15.4 1.0
JP Morgan 5,187.5 2 13.7 9.0
Deutsche Bank AG 4,677.7 3 12.3 5.0
Energy and Power 34,242.5 318
$10 20% Deutsche Bank AG 10,748.0 1 31.4 4.0
Credit Suisse 5,244.7 2 15.3 4.0
UBS 5,018.6 3 14.7 5.0
Materials 28,969.7 745
Goldman Sachs & Co 2,754.1 1 9.5 8.0
$0 0% China International Capital Co 2,705.6 2 9.3 3.0
1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

Southwestern Securities Co 1,996.1 3 6.9 2.0

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

Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
6/27/2010 Pending Reliance Infratel Ltd-Telecom (100%) GTL Infrastructure Ltd India / India 10,858.0 Telecommunications / Telecommunications Services
2/15/2010 6/8/2010 Zain Africa BV (100%) Bharti Airtel Ltd India / Nigeria 10,700.0 Telecommunications / Wireless
3/5/2010 Pending Shanghai Pudong Dvlp Bk (20%) China Mobile Grp Guangdong Co China / China 5,830.6 Financials / Banks
3/19/2010 Pending Republic of Venezuela-Carabobo (40%) Investor Group India / Venezuela 4,848.0 Energy and Power / Oil & Gas
4/12/2010 6/25/2010 Syncrude Canada Ltd (9.03%) Sinopec Intl China / Canada 4,650.0 Energy and Power / Oil & Gas
5/21/2010 Pending Piramal Healthcare Ltd- (100%) Abbott Laboratories United States / India 3,720.0 Healthcare / Pharmaceuticals
3/14/2010 Pending Bridas Corp (50%) CNOOC Ltd China / Argentina 3,100.0 Energy and Power / Oil & Gas
5/21/2010 Pending Peregrino Project,Campos Basin (40%) Sinochem Corp China / Brazil 3,070.0 Energy and Power / Oil & Gas
5/19/2010 Pending Denway Motors Ltd (62.1%) China Lounge Investments Ltd Hong Kong / Hong Kong 3,047.5 Industrials / Automobiles & Components
6/9/2010 Pending Hangang Hanbao Iron & Steel Co (100%) Hebei Iron & Steel Co Ltd China / China 2,345.0 Materials / Metals & Mining

https://www.thomsonone.com
14
 First Half 2010 | Mergers & Acquisitions | Financial Advisors

Asia (ex-Japan) Rankings

Any Asia (ex-Japan) Involvement Announced (AD25) First Half 2010 Any Asia (ex-Japan) Involvement Completed (AF32) First Half 2010

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Standard Chartered PLC 1 21 24,732.2 12.0 9.6 ▲ 8 0.2 +1 ▲ Morgan Stanley 1 1 21,161.4 16.3 0.2 ▲ 37 1.4 +19 ▲ 132.3 7.3 2.0 ▲
UBS 2 6 22,962.5 11.1 4.2 ▲ 25 0.5 +5 ▲ Barclays Capital 2 88 17,952.3 13.8 13.7 ▲ 10 0.4 +9 ▲ 39.5 2.2 2.1 ▲
Deutsche Bank AG 3 7 18,814.1 9.1 2.3 ▲ 18 0.4 -6 ▼ UBS 3 3 16,554.4 12.7 -0.9 ▼ 24 0.9 +9 ▲ 88.2 4.9 2.1 ▲
Barclays Capital 4 - 17,982.7 8.7 8.7 ▲ 11 0.2 +11 ▲ China International Capital Co 4 11 14,007.9 10.8 6.8 ▲ 12 0.5 +4 ▲ 12.4 0.7 0.3 ▲
JP Morgan 5 12 17,482.1 8.5 3.7 ▲ 19 0.4 +8 ▲ Standard Chartered PLC 5 12 13,574.2 10.4 6.7 ▲ 5 0.2 -1 ▼ 16.2 0.9 0.1 ▼
HSBC Holdings PLC 6 10 15,551.8 7.5 1.7 ▲ 15 0.3 +6 ▲ BNP Paribas SA 6 16 12,702.0 9.8 6.8 ▲ 13 0.5 +9 ▲ 41.7 2.3 1.4 ▲
Morgan Stanley 7 3 15,318.3 7.4 -2.4 ▼ 27 0.6 -4 ▼ HSBC Holdings PLC 7 37 12,599.6 9.7 8.8 ▲ 11 0.4 +7 ▲ 25.6 1.4 1.3 ▲
BNP Paribas SA 8 11 15,140.1 7.3 2.4 ▲ 11 0.2 +1 ▲ Yuanta-Corepacific Securities 8 61 11,882.7 9.1 8.8 ▲ 4 0.2 +1 ▲ 9.9 0.6 0.4 ▲
China International Capital Co 9 8 11,986.5 5.8 -0.6 ▼ 14 0.3 +8 ▲ Deutsche Bank AG 9 9 10,847.7 8.4 3.3 ▲ 14 0.5 -2 ▼ 63.8 3.5 1.0 ▲
Credit Suisse 10 4 11,441.4 5.5 -4.2 ▼ 25 0.5 +12 ▲ Global Investment House (KSCC) 10 - 10,700.0 8.2 8.2 ▲ 1 0.0 +1 ▲ 5.0 0.3 0.3 ▲
Goldman Sachs & Co 11 2 11,294.8 5.5 -4.3 ▼ 25 0.5 +11 ▲ Credit Suisse 11 4 9,943.2 7.7 -3.6 ▼ 23 0.9 +10 ▲ 69.0 3.8 1.2 ▲
Global Investment House (KSCC) 12 - 10,700.0 5.2 5.2 ▲ 1 0.0 +1 ▲ Goldman Sachs & Co 12 2 8,608.1 6.6 -9.0 ▼ 21 0.8 +9 ▲ 60.5 3.3 0.3 ▼
Nomura 13 1 6,986.1 3.4 -7.3 ▼ 12 0.3 -6 ▼ Nomura 13 7 6,055.4 4.7 -1.2 ▼ 12 0.5 +2 ▲ 24.4 1.4 1.2 ▼
Rothschild 14 57 6,225.8 3.0 2.6 ▲ 14 0.3 +7 ▲ JP Morgan 14 5 5,724.1 4.4 -5.8 ▼ 16 0.6 +6 ▲ 57.7 3.2 0.5 ▲
Jefferies & Co Inc 15 67 5,164.1 2.5 2.2 ▲ 6 0.1 +5 ▲ Citi 15 13 5,096.5 3.9 0.4 ▲ 15 0.6 +2 ▲ 41.5 2.3 0.3 ▲
Citi 16 9 5,012.2 2.4 -3.5 ▼ 18 0.4 +4 ▲ Bank of America Merrill Lynch 16 36 5,013.7 3.9 2.9 ▲ 9 0.3 0 - 35.4 2.0 0.2 ▲
CIMB Group Sdn Bhd 17 42 4,676.0 2.3 1.4 ▲ 24 0.5 -8 ▼ Somerley Ltd 17 29 2,863.4 2.2 0.9 ▲ 13 0.5 +7 ▲ 8.3 0.5 0.4 ▲
Bank of America Merrill Lynch 18 13 4,414.7 2.1 -2.4 ▼ 9 0.2 -10 ▼ Guotai Junan Securities 18 83 2,658.4 2.1 2.0 ▲ 4 0.2 0 - .4 0.0 0.0 -
Anglo Chinese Corp Finance 19 128* 3,407.7 1.7 1.7 ▲ 7 0.2 +5 ▲ Haitong Securities 19 - 2,634.2 2.0 2.0 ▲ 3 0.1 +3 ▲ .7 0.0 0.0 -
Lazard 20 20 3,365.5 1.6 -0.8 ▼ 9 0.2 +5 ▲ Rothschild 20 6 2,460.8 1.9 -4.7 ▼ 5 0.2 -7 ▼ 8.3 0.5 1.8 ▼
Somerley Ltd 21 24 3,294.9 1.6 -0.4 ▼ 16 0.3 -5 ▼ CITIC 21 - 2,244.3 1.7 1.7 ▲ 3 0.1 +3 ▲ 2.8 0.2 0.2 ▲
Macquarie Group 22 35 2,527.2 1.2 0.0 ▲ 7 0.2 -4 ▼ Ernst & Young LLP 22 15 2,155.5 1.7 -1.4 ▼ 26 1.0 -2 ▼ 4.1 0.2 0.0 -
RBS 23 34 2,290.5 1.1 -0.2 ▼ 4 0.1 +1 ▲ Hongyuan Securities Co Ltd 23 - 2,038.1 1.6 1.6 ▲ 1 0.0 +1 ▲ .4 0.0 0.0 -
Southwestern Securities Co 24 101 2,148.2 1.0 0.9 ▲ 4 0.1 -1 ▼ KPMG 24 63 2,032.5 1.6 1.3 ▲ 13 0.5 -6 ▼ 1.7 0.1 0.0 -
Santander 25 - 2,033.0 1.0 1.0 ▲ 8 0.2 +8 ▲ Deloitte & Touche 25 107 1,945.6 1.5 1.5 ▲ 28 1.1 +26 ▲ 3.3 0.2 0.2 ▲
Industry Total 206,614.9 100.0 4,592 +591 Industry Total 129,975.1 100.0 2,577 +199 1,810.2 100.0

Industry % Change from Same Period Last Year 77.8% ▲ 14.8% ▲ Industry % Change from Same Period Last Year 76.5% ▲ 8.4% ▲ 61.6% ▲
Industry % Change from Last Quarter -2.5% ▼ 2.0% ▲ Industry % Change from Last Quarter -16.5% ▼ -8.4% ▼ 4.0% ▲

Any Australian Involvement Announced (AD24) First Half 2010 Any Australian Involvement Completed (AF31) First Half 2010

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Macquarie Group 1 2 28,127.3 46.5 -27.8 ▼ 17 1.6 -6 ▼ Goldman Sachs & Co 1 2 7,027.5 31.5 1.8 ▲ 18 2.5 +2 ▲ 53.4 10.6 2.4 ▲
Goldman Sachs & Co 2 1 17,459.6 28.9 -49.1 ▼ 22 2.1 -5 ▼ UBS 2 1 5,739.2 25.8 -6.3 ▼ 11 1.5 -4 ▼ 38.9 7.7 1.8 ▼
UBS 3 8 16,367.2 27.1 19.5 ▲ 12 1.1 +3 ▲ Morgan Stanley 3 16 2,706.9 12.2 8.5 ▲ 6 0.8 +3 ▲ 27.6 5.5 3.5 ▲
Lazard 4 3 13,545.5 22.4 -43.5 ▼ 5 0.5 0 - Macquarie Group 4 5 2,422.9 10.9 0.1 ▲ 17 2.3 +1 ▲ 25.4 5.0 1.3 ▲
Bank of America Merrill Lynch 5 17* 11,767.0 19.5 17.7 ▲ 4 0.4 +3 ▲ JP Morgan 5 4 1,979.8 8.9 -2.1 ▼ 6 0.8 +1 ▲ 12.4 2.5 0.6 ▼
Deutsche Bank AG 6 11 11,387.7 18.8 13.9 ▲ 8 0.8 -6 ▼ Grant Samuel 6 15 1,892.9 8.5 4.7 ▲ 4 0.5 +1 ▲ 1.1 0.2 0.3 ▼
JP Morgan 7 7 10,939.9 18.1 10.0 ▲ 10 1.0 +2 ▲ Credit Suisse 7 40* 1,764.7 7.9 7.8 ▲ 6 0.8 +5 ▲ 16.5 3.3 3.2 ▲
Greenhill & Co, LLC 8 10 8,731.6 14.4 8.6 ▲ 3 0.3 -4 ▼ Gresham Partners 8 14 1,584.5 7.1 2.1 ▲ 7 1.0 +3 ▲ 5.0 1.0 0.9 ▼
Nomura 9 - 8,719.8 14.4 14.4 ▲ 3 0.3 +3 ▲ Ernst & Young LLP 9 18 1,237.8 5.6 3.2 ▲ 7 1.0 0 - 1.5 0.3 0.2 ▲
Morgan Stanley 10 4 5,702.9 9.4 -55.6 ▼ 4 0.4 -1 ▼ Citi 10 20 798.0 3.6 1.6 ▲ 3 0.4 -1 ▼ 9.8 1.9 0.6 ▲
Rothschild 11 9 5,642.6 9.3 1.8 ▲ 9 0.9 +2 ▲ Fort Street Advisers 11 - 509.5 2.3 2.3 ▲ 1 0.1 +1 ▲ 4.6 0.9 0.9 ▲
Citi 12 13 4,226.3 7.0 4.8 ▲ 4 0.4 -2 ▼ KBC Group NV 12 - 451.2 2.0 2.0 ▲ 1 0.1 +1 ▲ 5.6 1.1 1.1 ▲
Credit Suisse 13 6 2,687.6 4.4 -59.3 ▼ 6 0.6 +1 ▲ BKK Partners 13 - 436.7 2.0 2.0 ▲ 1 0.1 +1 ▲ 4.2 0.8 0.8 ▲
Barclays Capital 14 - 2,471.5 4.1 4.1 ▲ 2 0.2 +2 ▲ Azure Capital 14 10 419.7 1.9 -3.9 ▼ 5 0.7 0 - 5.1 1.0 0.2 ▲
Grant Samuel 15 12 2,066.6 3.4 0.9 ▲ 3 0.3 -4 ▼ TD Securities Inc 15 - 340.5 1.5 1.5 ▲ 2 0.3 +2 ▲ 5.1 1.0 1.0 ▲
Gresham Partners 16 5 1,412.2 2.3 -62.2 ▼ 5 0.5 -1 ▼ Bank of America Merrill Lynch 16 34 340.0 1.5 1.3 ▲ 1 0.1 -1 ▼ 4.3 0.9 0.6 ▲
Ernst & Young LLP 17 25 1,274.1 2.1 1.5 ▲ 8 0.8 0 - Deutsche Bank AG 17 3 326.2 1.5 -17.6 ▼ 4 0.5 -11 ▼ 4.8 1.0 6.4 ▼
Investec 18 33 843.9 1.4 1.3 ▲ 2 0.2 +1 ▲ O'Sullivan Partners 18 - 306.6 1.4 1.4 ▲ 1 0.1 +1 ▲ 4.5 0.9 0.9 ▲
SFRI LLC 19 - 565.0 0.9 0.9 ▲ 1 0.1 +1 ▲ CIBC World Markets Inc 19* - 300.8 1.4 1.4 ▲ 1 0.1 +1 ▲ 2.4 0.5 0.5 ▲
RBS 20 15 527.7 0.9 -1.0 ▼ 2 0.2 -3 ▼ Canaccord Genuity 19* - 300.8 1.4 1.4 ▲ 1 0.1 +1 ▲ 2.4 0.5 0.5 ▲
RBC Capital Markets 21 40 457.2 0.8 0.8 ▲ 4 0.4 +1 ▲ Rothschild 21 7 210.2 0.9 -6.8 ▼ 1 0.1 -5 ▼ 3.3 0.7 1.5 ▼
KBC Group NV 22 - 451.2 0.8 0.8 ▲ 2 0.2 +2 ▲ Guangdong Securities 22 - 208.9 0.9 0.9 ▲ 2 0.3 +2 ▲ 2.7 0.5 0.5 ▲
KPMG 23 36 434.7 0.7 0.7 ▲ 7 0.7 -2 ▼ First NZ Capital 23 45* 172.5 0.8 0.8 ▲ 1 0.1 0 - 1.1 0.2 0.1 ▲
TD Securities Inc 24* - 300.8 0.5 0.5 ▲ 1 0.1 +1 ▲ Greenhill & Co, LLC 24 8 154.0 0.7 -6.5 ▼ 1 0.1 -3 ▼ .0 0.0 1.0 ▼
CIBC World Markets Inc 24* - 300.8 0.5 0.5 ▲ 1 0.1 +1 ▲ PricewaterhouseCoopers 25 33 136.8 0.6 0.3 ▲ 6 0.8 -1 ▼ .6 0.1 0.0 -
Industry Total 60,490.1 100.0 1,044 -5 Industry Total 22,279.8 100.0 731 -45 504.4 100.0

Industry % Change from Same Period Last Year -33.8% ▼ -0.5% ▼ Industry % Change from Same Period Last Year 1.6% ▲ -5.8% ▼ 21.4% ▲
Industry % Change from Last Quarter 28.2% ▲ -8.4% ▼ Industry % Change from Last Quarter -15.1% ▼ -12.6% ▼ -18.8% ▼

* tie

https://www.thomsonone.com
15
 First Half 2010 | Mergers & Acquisitions | Financial Advisors

Asia (ex-Japan) Rankings

Any New Zealand Involvement Announced (AD39) First Half 2010 Any New Zealand Involvement Completed (AF46) First Half 2010

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
UBS 1 - 651.5 28.1 28.1 ▲ 2 2.0 +2 ▲ UBS 1 - 677.7 46.6 46.6 ▲ 3 3.8 +3 ▲ 7.5 18.4 18.4 ▲
First NZ Capital 2* 11* 172.5 7.4 7.4 ▲ 3 3.0 +2 ▲ First NZ Capital 2 11* 290.4 20.0 20.0 ▲ 2 2.5 0 - 3.0 7.3 6.0 ▲
Credit Suisse 2* - 172.5 7.4 7.4 ▲ 1 1.0 +1 ▲ Credit Suisse 3 - 198.7 13.7 13.7 ▲ 2 2.5 +2 ▲ 1.4 3.4 3.4 ▲
Macquarie Group 4 2 123.3 5.3 0.3 ▲ 1 1.0 -1 ▼ Macquarie Group 4 4 123.3 8.5 -9.4 ▼ 1 1.3 -1 ▼ 1.9 4.7 1.6 ▼
Deloitte & Touche 5 5 6.4 0.3 -3.1 ▼ 12 12.1 +4 ▲ Adelaide Equity Partners Ltd 5 - 48.9 3.4 3.4 ▲ 1 1.3 +1 ▲ .9 2.1 2.1 ▲
KPMG 6 1 2.9 0.1 -7.4 ▼ 5 5.1 -3 ▼ Grant Thornton LLP 6* 10 35.4 2.4 1.7 ▲ 2 2.5 +1 ▲ .1 0.2 0.1 ▲
RFC Corporate Finance 6* - 35.4 2.4 2.4 ▲ 1 1.3 +1 ▲ .2 0.5 0.5 ▲
Blair Franklin Capital Part 6* - 35.4 2.4 2.4 ▲ 1 1.3 +1 ▲ .2 0.5 0.5 ▲
Ernst & Young LLP 9 11* 32.0 2.2 2.2 ▲ 2 2.5 0 - .2 0.4 0.3 ▲
PricewaterhouseCoopers 10 8 26.2 1.8 0.7 ▲ 6 7.5 -6 ▼ .2 0.5 0.4 ▼
Deloitte & Touche 11 7 5.8 0.4 -1.5 ▼ 10 12.5 +3 ▲ .1 0.3 0.1 ▼
KPMG 12 5 2.9 0.2 -3.9 ▼ 6 7.5 -3 ▼ .1 0.3 0.9 ▼
Industry Total 2,318.2 100.0 99 -4 Industry Total 1,455.2 100.0 80 -8 40.9 100.0

Industry % Change from Same Period Last Year 256.8% ▲ -3.9% ▼ Industry % Change from Same Period Last Year 21.5% ▲ -9.1% ▼ 36.8% ▲
Industry % Change from Last Quarter -83.9% ▼ 15.2% ▲ Industry % Change from Last Quarter 65.5% ▲ 22.2% ▲ 24.0% ▲

* tie

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

100%

90%

80%

70%

60%
% Volume Composition

50%

40%

30%

20%

10%

0%
Standard Chartered PLC UBS Deutsche Bank AG Barclays Capital JP Morgan HSBC Holdings PLC Morgan Stanley BNP Paribas SA China International Credit Suisse
Capital Co

Telecommunications Retail Real Estate Media and Entertainment Materials Industrials High Technology Healthcare Government and Agencies Financials Energy and Power Consumer Staples Consumer Products and Services

https://www.thomsonone.com
16
 First Half 2010 | Mergers & Acquisitions | Financial Advisors

Japan M&A
Japanese M&A Increased by 16% | Second Quarter Volume Lowest Since 2004 | Inbound & Outbound M&A Increases

Japan Deals Intelligence Any Japanese Involvement Announced M&A

The volume of announced Japanese mergers and acquisitions totaled US$51.9 billion during the first half of 2010, a 16% $200 3,500
Q4 Volume (US$b)
increase from the same period last year. On the other hand, Japanese M&A activity during the second quarter of 2010
Q3 Volume (US$b)
posted a total of US$19 billion, a 42.2% decrease from the first quarter and the lowest level of quarterly deal activity since $175
Q2 Volume (US$b) 3,000
the fourth quarter of 2004. Q1 Volume (US$b)
$150 # of Deals
In terms of number of deals, the first six months of 2010 recorded a total of 1,388 announced M&A deals, a 5.4% decline 2,500

Rank Value (US$b)

compared to the same period last year and the lowest recorded first-half deal count since 2004. $125

# of Deals
2,000
Deal making in the Industrials sector accounted for 19% of the total Japanese announced deals during the first half of
$100
2010. ETIC’s US$7 billion acquisition of Japan Airlines and Daimler’s acquisition of a stake in Nissan Motor accounted
1,500
for 78.8% of the industrial sector’s total volume.
$75

Inbound M&A deal activity increased by 121.6% compared to the same period in 2009, with US$3.6 billion in announced 1,000
$50
transactions. US companies were the most active acquirors of Japanese companies, with a total of US$1.2 billion in
announced deals. On the other hand, announced outbound volume increased by 89.1%, posting a total of US$19.9
500
billion in deal activity from 227 deals. $25

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

Japanese Involvement Announced M&A - Top Advisors by Target Industry Japanese Cross Border Volume
Rank Val Mkt.
US$m Rank Share No. Deals $35 200
Industrials 9,873.7 183 Outbound (US$b) Inbound (US$b) # of Deals
Deutsche Bank AG 7,780.6 1 78.8 2 180
$30
Nomura 7,407.6 2 75.0 9
Mizuho Financial Group 815.2 3 8.3 16 160
Real Estate 8,584.8 90
Rank Value (US$b)

$25 140
Mitsubishi UFJ Morgan Stanley 1,956.0 1 22.8 3
JP Morgan 1,545.7 2 18.0 3

# of Deals
120
Sumitomo Mitsui Finl Grp Inc 443.2 3 5.2 5 $20
Media and Entertainment 6,424.4 122
100
UBS 4,000.0 1* 62.3 1
JP Morgan 4,000.0 1* 62.3 1 $15
80
Nomura 1,554.7 3 24.2 5
Materials 5,230.8 129
$10 60
Mitsubishi UFJ Morgan Stanley 2,624.1 1 50.2 3
JP Morgan 1,905.0 2 36.4 4
40
Mizuho Financial Group 1,030.7 3 19.7 9
$5
20
* tie
$0 0
1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10
Top Ten Japanese Involvement Announced Deals
Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
1/19/2010 Pending Japan Airlines Corp (100%) ETIC Japan / Japan 7,002.2 Industrials / Transportation & Infrastructure
1/24/2010 2/18/2010 Liberty Global-Subsidiaries(3) (100%) KDDI Corp Japan / United States 4,000.0 Media and Entertainment / Cable
3/1/2010 6/3/2010 OSI Pharmaceuticals Inc (88.47%) Ruby Acquisition Inc United States / United States 3,014.3 Healthcare / Pharmaceuticals
6/30/2010 Pending Mineracao Usiminas SA (30%) Sumitomo Corp Japan / Brazil 1,900.0 Materials / Metals & Mining
1/14/2010 3/8/2010 Bare Escentuals Inc (86.92%) Shiseido Co Ltd Japan / United States 1,521.5 Consumer Staples / Household & Personal Products
4/22/2010 Pending Nippon Commercial Investment (100%) United Urban Investment Corp Japan / Japan 1,513.7 Real Estate / REITs
2/16/2010 5/3/2010 Anadarko Petro Corp-Shale Asts (32.5%) Mitsui E&P USA LLC United States / United States 1,500.0 Energy and Power / Oil & Gas
2/15/2010 4/14/2010 Jupiter Telecom Co Ltd (12.61%) Sumitomo Corp Japan / Japan 1,357.9 Media and Entertainment / Cable
4/8/2010 4/13/2010 Tokyo Shiodome Building (100%) Mori Trust Sogo Reit Inc Japan / Japan 1,177.9 Real Estate / Non Residential
2/10/2010 4/27/2010 Cia Minera del Pacifico SA (15.9%) Mitsubishi Corp Japan / Chile 924.0 Materials / Metals & Mining

https://www.thomsonone.com
17
 First Half 2010 | Mergers & Acquisitions | Financial Advisors

Japan Rankings

Any Japanese Involvement Announced (AD19) First Half 2010 Any Japanese Involvement Completed (AF23) First Half 2010

Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2010 2009 Rank Value Market Market # of Market Change in 2010 2009 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Nomura 1 1 12,615.2 24.3 0.5 ▲ 53 3.8 -11 ▼ Mizuho Financial Group 1 2 33,086.4 41.5 25.3 ▲ 59 5.9 -3 ▼ 77.6 7.8 0.1 ▲
Deutsche Bank AG 2 5 8,414.3 16.2 5.8 ▲ 9 0.6 +2 ▲ Nomura 2 1 28,655.8 36.0 12.0 ▲ 55 5.5 +5 ▲ 74.0 7.4 0.1 ▼
JP Morgan 3 6 7,797.5 15.0 4.9 ▲ 13 0.9 +6 ▲ Daiwa Securities Group Inc 3 4 24,765.2 31.1 18.7 ▲ 29 2.9 -8 ▼ 31.3 3.1 2.0 ▼
Mitsubishi UFJ Morgan Stanley 4 - 7,056.2 13.6 - - 25 1.8 - - UBS 4 14 23,806.2 29.9 24.3 ▲ 8 0.8 +2 ▲ 38.8 3.9 1.7 ▲
Bank of America Merrill Lynch 5 13 6,151.7 11.9 8.4 ▲ 11 0.8 -5 ▼ JP Morgan 5 6 23,753.8 29.8 20.1 ▲ 13 1.3 +4 ▲ 62.6 6.3 3.1 ▲
Citi 6 2 4,847.3 9.3 -7.2 ▼ 12 0.9 +1 ▲ Goldman Sachs & Co 6 12 21,769.4 27.3 21.3 ▲ 14 1.4 +4 ▲ 69.9 7.0 4.9 ▲
UBS 7 28 4,248.3 8.2 7.3 ▲ 3 0.2 -1 ▼ Bank of America Merrill Lynch 7 9 21,758.1 27.3 20.1 ▲ 7 0.7 0 - 29.4 2.9 0.1 ▲
Goldman Sachs & Co 8 3 4,162.3 8.0 -6.5 ▼ 6 0.4 0 - Mitsubishi UFJ Financial Group 8 11 16,028.1 20.1 13.7 ▲ 30 3.0 +2 ▲ 45.8 4.6 2.1 ▲
Lazard 9 17 3,722.6 7.2 4.5 ▲ 4 0.3 -2 ▼ Citi 9 18 13,376.8 16.8 13.1 ▲ 17 1.7 +8 ▲ 67.2 6.7 4.5 ▲
Centerview Partners LLC 10 - 3,461.5 6.7 6.7 ▲ 2 0.1 +2 ▲ Mitsubishi UFJ Morgan Stanley 10 - 11,691.3 14.7 - - 14 1.4 - - 39.3 3.9 - -
Sumitomo Mitsui Finl Grp Inc 11 25 2,517.5 4.9 3.2 ▲ 47 3.4 +25 ▲ Credit Suisse 11 16 4,917.5 6.2 1.9 ▲ 4 0.4 0 - 13.5 1.4 0.2 ▲
Mizuho Financial Group 12 4 2,511.7 4.8 -8.2 ▼ 51 3.7 -27 ▼ Lazard 12 7 4,700.9 5.9 -3.4 ▼ 7 0.7 0 - 22.3 2.2 0.1 ▼
Deloitte & Touche 13 27 1,095.1 2.1 1.1 ▲ 20 1.4 +5 ▲ Deutsche Bank AG 13 10 3,742.2 4.7 -2.3 ▼ 9 0.9 0 - 36.2 3.6 0.7 ▲
BNP Paribas SA 14 22* 1,085.4 2.1 0.1 ▲ 4 0.3 +2 ▲ Centerview Partners LLC 14 - 3,461.5 4.3 4.3 ▲ 2 0.2 +2 ▲ 8.7 0.9 0.9 ▲
Daiwa Securities Group Inc 15 7 1,071.5 2.1 -6.4 ▼ 25 1.8 -28 ▼ Sumitomo Mitsui Finl Grp Inc 15 26 2,046.8 2.6 1.6 ▲ 32 3.2 +10 ▲ 22.9 2.3 1.2 ▲
GCA Savvian Group Corp 16 24 1,045.1 2.0 0.2 ▲ 13 0.9 -20 ▼ ING 16 23* 1,475.7 1.9 0.3 ▲ 3 0.3 +2 ▲ 7.6 0.8 0.6 ▲
KPMG 17 20 758.2 1.5 -0.6 ▼ 13 0.9 -6 ▼ Societe Generale 17 80* 1,465.0 1.8 1.8 ▲ 2 0.2 +1 ▲ 9.4 0.9 0.8 ▲
Ernst & Young LLP 18 12 596.5 1.2 -2.3 ▼ 7 0.5 -5 ▼ KPMG 18 13 1,194.4 1.5 -4.1 ▼ 12 1.2 -7 ▼ 12.1 1.2 0.7 ▲
Hong Leong Financial Group Bhd 19 - 580.5 1.1 1.1 ▲ 3 0.2 +3 ▲ BNP Paribas SA 19 23* 1,088.1 1.4 -0.2 ▼ 5 0.5 +4 ▲ 13.5 1.3 1.1 ▲
ABeam M&A Consulting Ltd 20 34 574.4 1.1 0.8 ▲ 3 0.2 -3 ▼ PricewaterhouseCoopers 20 5 1,050.7 1.3 -8.8 ▼ 6 0.6 -9 ▼ 2.0 0.2 0.2 ▼
HSBC Holdings PLC 21 - 483.6 0.9 0.9 ▲ 4 0.3 +4 ▲ GCA Savvian Group Corp 21 15 1,048.8 1.3 -3.2 ▼ 12 1.2 -10 ▼ 10.1 1.0 1.1 ▼
PricewaterhouseCoopers 22 14 477.5 0.9 -2.6 ▼ 7 0.5 -6 ▼ Barclays Capital 22* 31* 783.5 1.0 0.7 ▲ 2 0.2 +1 ▲ 5.1 0.5 0.3 ▲
Greenhill & Co, LLC 23 9 469.7 0.9 -7.0 ▼ 2 0.1 -1 ▼ Perella Weinberg Partners LP 22* 17 783.5 1.0 -2.9 ▼ 2 0.2 +1 ▲ 10.5 1.1 0.8 ▲
es Networks Co Ltd 24 81* 436.3 0.8 0.8 ▲ 9 0.6 +5 ▲ Kyokuto Securities 24 - 609.7 0.8 0.8 ▲ 1 0.1 +1 ▲ 5.9 0.6 0.6 ▲
Credit Suisse 25 16 373.8 0.7 -2.4 ▼ 2 0.1 -6 ▼ RBS 25 19* 435.0 0.6 -2.8 ▼ 3 0.3 +1 ▲ 6.3 0.6 0.1 ▲
Industry Total 51,921.0 100.0 1,388 -80 Industry Total 79,695.2 100.0 1,008 -344 1,001.5 100.0

Industry % Change from Same Period Last Year 16.0% ▲ -5.4% ▼ Industry % Change from Same Period Last Year 93.4% ▲ -25.4% ▼ 58.4% ▲
Industry % Change from Last Quarter -42.2% ▼ -23.2% ▼ Industry % Change from Last Quarter 56.0% ▲ -35.0% ▼ 8.1% ▲

* tie

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

100%

90%

80%

70%
% Volume Composition

60%

50%

40%

30%

20%

10%

0%
Nomura Deutsche Bank AG JP Morgan Mitsubishi UFJ Morgan Bank of America Merrill Citi UBS Goldman Sachs & Co Lazard Centerview Partners LLC
Stanley Lynch

Telecommunications Retail Real Estate Media and Entertainment Materials Industrials High Technology Healthcare Government and Agencies Financials Energy and Power Consumer Staples Consumer Products and Services

https://www.thomsonone.com
18
 First Half 2010 | Mergers & Acquisitions | Financial Advisors

Fairness Opinion Rankings †

Worldwide Announced Fairness Opinion First Half 2010 Any Americas Announced Fairness Opinion First Half 2010 Any US Announced Fairness Opinion First Half 2010
Based on Number of Transactions Based on Number of Transactions Based on Number of Transactions
# of Deals per Advisor Rank Value (US$m) # of Deals per Advisor Rank Value (US$m) # of Deals per Advisor Rank Value (US$m)
2010 2009 # of Market Change in Rank Value Market 2010 2009 # of Market Change in Rank Value Market 2010 2009 # of Market Change in Rank Value Market
Financial Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Financial Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Financial Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%)
UBS 1 8* 30 9.6 +20 ▲ 38,106.9 20.3 JP Morgan 1 1 15 10.2 +4 ▲ 25,327.4 17.5 JP Morgan 1 1 14 13.5 +4 ▲ 24,403.4 24.3
JP Morgan 2 3* 21 6.7 +8 ▲ 38,696.4 20.7 Houlihan Lokey 2 2* 12 8.2 +3 ▲ 4,949.0 3.4 Houlihan Lokey 2 2 12 11.5 +3 ▲ 4,949.0 4.9
Lazard 3 36* 13 4.2 +10 ▲ 7,716.9 4.1 UBS 3 9* 11 7.5 +6 ▲ 31,691.2 21.9 UBS 3 11* 10 9.6 +7 ▲ 31,451.2 31.3
Houlihan Lokey 4* 10* 12 3.8 +3 ▲ 4,949.0 2.6 Morgan Stanley 4 9* 10 6.8 +5 ▲ 20,283.0 14.0 Morgan Stanley 4 7* 9 8.7 +5 ▲ 19,829.3 19.8
Deutsche Bank AG 4* 12* 12 3.8 +4 ▲ 10,979.7 5.9 Goldman Sachs & Co 5 4 7 4.8 -1 ▼ 27,697.1 19.2 Goldman Sachs & Co 5 3 7 6.7 -1 ▼ 27,697.1 27.6
Morgan Stanley 4* 12* 12 3.8 +4 ▲ 22,094.5 11.8 RBC Capital Markets 6* 15* 5 3.4 +2 ▲ 3,101.3 2.1 Tudor Pickering & Co LLC 6 31* 5 4.8 +4 ▲ 2,519.7 2.5
China International Capital Co 7 93* 9 2.9 +8 ▲ 1,355.6 0.7 Tudor Pickering & Co LLC 6* 43* 5 3.4 +4 ▲ 2,519.7 1.7 Ladenburg Thalmann & Co 7 17* 4 3.9 +2 ▲ 203.5 0.2
Everbright Securities Co 8* 93* 7 2.2 +6 ▲ 1,765.9 0.9 Deutsche Bank AG 8* 43* 4 2.7 +3 ▲ 3,329.1 2.3 Deutsche Bank AG 8* 31* 3 2.9 +2 ▲ 3,197.1 3.2
Goldman Sachs & Co 8* 5* 7 2.2 -4 ▼ 27,697.1 14.8 Banco Bradesco SA 8* - 4 2.7 +4 ▲ 4,163.7 2.9 Stifel Financial Corp 8* 11* 3 2.9 0 - 4,451.0 4.4
GF Securities 10* 20* 6 1.9 0 - 707.5 0.4 Ladenburg Thalmann & Co 8* 25* 4 2.7 +2 ▲ 203.5 0.1 RBC Capital Markets 8* - 3 2.9 +3 ▲ 1,280.5 1.3
China Merchants Bank 10* 59* 6 1.9 +4 ▲ 485.8 0.3 Stifel Financial Corp 11* 15* 3 2.0 0 - 4,451.0 3.1 Berenson & Co LLP 8* - 3 2.9 +3 ▲ 1,296.0 1.3
RBC Capital Markets 10* 36* 6 1.9 +3 ▲ 3,203.5 1.7 Paradigm Capital Inc 11* 43* 3 2.0 +2 ▲ 161.0 0.1 Western Reserve Partners LLC 8* - 3 2.9 +3 ▲ 12.8 0.0
Somerley Ltd 13* 3* 5 1.6 -8 ▼ 1,389.8 0.7 Berenson & Co LLP 11* - 3 2.0 +3 ▲ 1,296.0 0.9 Paradigm Capital Inc 8* - 3 2.9 +3 ▲ 161.0 0.2
PricewaterhouseCoopers 13* 36* 5 1.6 +2 ▲ 485.0 0.3 Wallbanck Brothers Sec (HK) 11* - 3 2.0 +3 ▲ 303.2 0.2 Thomas Weisel Partners 14* 31* 2 1.9 +1 ▲ 687.1 0.7
CITIC 13* 12* 5 1.6 -3 ▼ 5.7 0.0 GMP Capital Corp 11* 9* 3 2.0 -2 ▼ 322.5 0.2 Lazard 14* 17* 2 1.9 0 - 7,103.7 7.1
Tudor Pickering & Co LLC 13* 93* 5 1.6 +4 ▲ 2,519.7 1.3 Western Reserve Partners LLC 11* - 3 2.0 +3 ▲ 12.8 0.0 Kotak Mahindra Bank Ltd 14* - 2 1.9 +2 ▲ 18.0 0.0
Qilu Securities Co Ltd 13* 93* 5 1.6 +4 ▲ 173.1 0.1 Piper Jaffray Cos 14* 17* 2 1.9 0 - 2,732.7 2.7
Huatai United Securities Co 13* 93* 5 1.6 +4 ▲ 747.1 0.4 Centerview Partners LLC 14* 17* 2 1.9 0 - 863.8 0.9
Ladenburg Thalmann & Co 13* 59* 5 1.6 +3 ▲ 203.5 0.1 Moelis & Co 14* - 2 1.9 +2 ▲ 1,055.2 1.1
Citi 14* 7* 2 1.9 -2 ▼ 1,981.3 2.0
Sandler O'Neill Partners 14* 11* 2 1.9 -1 ▼ 389.3 0.4
Industry Total 313 -92 187,350.0 100.0 Industry Total 147 -10 144,574.6 100.0 Industry Total 104 -7 100,369.8 100.0

Industry % Change from Same Period Last Year -22.7% ▼ -36.0% ▼ Industry % Change from Same Period Last Year -6.4% ▼ -33.4% ▼ Industry % Change from Same Period Last Year -6.3% ▼ -43.1% ▼
Industry % Change from Last Quarter -27.1% ▼ -34.5% ▼ Industry % Change from Last Quarter -20.7% ▼ -31.3% ▼ Industry % Change from Last Quarter -7.4% ▼ -0.6% ▼

Any EMEA Announced Fairness Opinion First Half 2010 Any Asia Pacific Announced Fairness Opinion First Half 2010
Based on Number of Transactions Based on Number of Transactions
# of Deals per Advisor Rank Value (US$m) # of Deals per Advisor Rank Value (US$m)
2010 2009 # of Market Change in Rank Value Market 2010 2009 # of Market Change in Rank Value Market
Financial Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Financial Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%)
UBS 1 2 22 30.6 +15 ▲ 21,433.2 33.4 China International Capital Co 1 43* 9 7.2 +8 ▲ 1,355.6 6.9
Lazard 2 20* 12 16.7 +11 ▲ 698.2 1.1 Everbright Securities Co 2 43* 7 5.6 +6 ▲ 1,765.9 9.1
Deutsche Bank AG 3 4* 9 12.5 +5 ▲ 8,050.6 12.6 GF Securities 3* 8 6 4.8 0 - 707.5 3.6
JP Morgan 4 9* 7 9.7 +4 ▲ 15,561.3 24.3 China Merchants Bank 3* 25* 6 4.8 +4 ▲ 485.8 2.5
Morgan Stanley 5 14* 4 5.6 +2 ▲ 3,054.2 4.8 Somerley Ltd 5* 3 5 4.0 -8 ▼ 1,389.8 7.1
Berenson & Co LLP 6* - 3 4.2 +3 ▲ 1,296.0 2.0 CITIC 5* 5* 5 4.0 -3 ▼ 5.7 0.0
Credit Suisse 6* 3 3 4.2 -2 ▼ 3,132.2 4.9 Qilu Securities Co Ltd 5* 43* 5 4.0 +4 ▲ 173.1 0.9
Mediobanca 8* 4* 2 2.8 -2 ▼ 90.0 0.1 Huatai United Securities Co 5* 43* 5 4.0 +4 ▲ 747.1 3.8
Houlihan Lokey 8* 4* 2 2.8 -2 ▼ 3,759.6 5.9 Southwestern Securities Co 9* 9 4 3.2 -1 ▼ 2,148.2 11.0
Deloitte & Touche 8* 14* 2 2.8 0 - 4.5 0.0 PricewaterhouseCoopers 9* - 4 3.2 +4 ▲ 231.8 1.2
Collins Stewart Tullett 8* - 2 2.8 +2 ▲ .0 0.0 Wallbanck Brothers Sec (HK) 9* 25* 4 3.2 +2 ▲ 305.3 1.6
KPMG 8* 1 2 2.8 -6 ▼ 841.4 1.3 Orient Securities Co Ltd 9* 10* 4 3.2 0 - 380.1 1.9
Santander 8* - 2 2.8 +2 ▲ 37.0 0.1 CIMB Group Sdn Bhd 9* 2 4 3.2 -10 ▼ 229.6 1.2
Guangdong Securities 14* 1 3 2.4 -12 ▼ 67.7 0.3
Guosen Securities Co Ltd 14* 25* 3 2.4 +1 ▲ 730.6 3.7
UBS 14* 43* 3 2.4 +2 ▲ 1,594.9 8.2
Public Investment Bank Bhd 14* - 3 2.4 +3 ▲ 1,296.7 6.6
Industrial & Comm Bank China 18* - 2 1.6 +2 ▲ 109.3 0.6
Phillip Securities 18* 25* 2 1.6 0 - .1 0.0
Kotak Mahindra Bank Ltd 18* - 2 1.6 +2 ▲ 18.0 0.1
Hongta Securities Co Ltd 18* 43* 2 1.6 +1 ▲ 19.3 0.1
Veda Capital Ltd 18* 16* 2 1.6 -1 ▼ 25.9 0.1
JP Morgan 18* - 2 1.6 +2 ▲ 2,111.3 10.8
Industry Total 72 +9 64,136.3 100.0 Industry Total 125 -79 19,508.1 100.0

Industry % Change from Same Period Last Year 14.3% ▲ 2.2% ▲ Industry % Change from Same Period Last Year -38.7% ▼ -50.0% ▼
Industry % Change from Last Quarter -5.4% ▼ 41.0% ▲ Industry % Change from Last Quarter -37.7% ▼ -57.4% ▼

* tie

†
Fairnes Opinion rankings include fairness opinions provided as a standalone mandate as well as fairness
opinions provided as part of a broader advisory mandate.
https://www.thomsonone.com
19
 First Half 2010 | Mergers & Acquisitions | Financial Advisors

Ranking Criteria Summary

- Announced league tables include all deals that were announced between January 1, 2009 and June 30, 2010 and of which Thomson Reuters was made aware. All current data and
If you would like to participate in the submission previous year's data is as of 5:00pm EST on June 30, 2010.
process, receive quarterly press releases, or have
questions about league table criteria please
contact:
- League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.
Americas
Stephen Case
Tel: +1 646 223 8424
E-mail: [email protected] - A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.

Europe
Victor Eng
Tel: +44 (0) 207 542 9665 - Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the
E-mail: [email protected] time of announcement of terms.

Asia-Pacific
Jason Pacannuayan
Tel: +632 858 7262 - Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion
E-mail: [email protected] of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for
the transaction agreed to or, in the absence of an agreement, the value of the highest offer.
Japan
Catherina Guinto-Roldan
Tel: +813 5218 6591
E-mail: [email protected]
- Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation.

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

- Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter
or advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are
allocated to syndicated members.

- League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firms
in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities.  Accreditation for transactions involving the newly established joint ventures are
reflected in totals for Morgan Stanley.  For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”.

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

© 2010 Thomson Reuters. All rights reserved.

Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

https://www.thomsonone.com
20
 First Half 2010 | Mergers & Acquisitions | Financial Advisors

Thomson ONE for Investment Banking

One Solution. One Framework

Thomson ONE is a revolutionary desktop solution that combines real-time market data and news with authoritative content from industry leading sources. Critical information that About Thomson Reuters
previously needed to be co-ordinated and collected from internal and external sources is now at your finger tips in a remarkably easy-to-use format.
Thomson Reuters is the world’s leading
source of intelligent information for businesses
and professionals. We combine industry
expertise with innovative technology to deliver
critical information to leading decision makers
in the financial, legal, tax and accounting,
Comprehensive Content
scientific, healthcare and media markets,
Thomson ONE Investment Banking offers you quick and easy access to quotes, earnings estimates, financial fundamentals, market moving news, transaction data, corporate filings,
powered by the world’s most trusted news
ownership profiles and research from industry leading sources:
organization.

Thomson I/B/E/S Thomson Investext Thomson SDC

With headquarters in New York and major
Thomson Worldscope Thomson First Call Earnings Data Thomson Extel operations in London and Eagan, Minnesota,
Global real-time and/or delayed market data And many more… Thomson Reuters employs more than 50,000
people in 93 countries. Thomson Reuters
shares are listed on the New York Stock
Exchange (NYSE: TRI) and Toronto Stock
Exchange (TSX: TRI).

Open Framework
Thomson ONE's open framework puts you in control of your workflow. View content sets from disparate databases side by side for over 60,000 domestic and global companies. You For more information, go to
have the flexibility to integrate your own proprietary or other third party information. Simply select the content you’d like to view and designate how and where you want it to be displayed www.thomsonreuters.com.
on your pages.

Thomson Reuters Deals Content is the most

extensive and flexible resource available for
timely M&A and capital markets transactions.
Our leading edge products for the deal-
Unsurpassed Functionality Unmatched Benefits
making community enable you to analyze the
Customize the type of content you want to receive by choosing only data that is current trends in the market and assess the
Receive only relevant information through tailored pages for user workflow.
relevant to your workflow. changing competitive landscape by building
Desktop Delivery—the first fully integrated product for the investment banking your own custom leagues tables and reports.
Design your own layout for a personalized view of content and functional components.
community. Please send an email to
[email protected] for more
Search across multiple databases simultaneously to receive the most in-depth and up-
Low cost integration - reducing overall market data costs by minimizing infrastructure information.
to-date information available.
overhead and leveraging existing contracts.
View streaming market data allowing you to stay on top of market conditions.

To purchase individual Thomson Reuters Deals or League Table reports, please contact our Thomson Reuters On Demand group:

Web: http://financial.thomsonreuters.com/ondemand
Email: [email protected]

Copyright 2010 Thomson Reuters. All rights reserved.

21