Press Release: Mergermarket M&A Round-Up For Q1-Q3 2010 October 1 2010, For Immediate Release

press release mergermarket M&A Round-up for Q1-Q3 2010
October 1 2010, for immediate release

PRESS CONTACTS
EMEA: Flora Wilke Americas: Hannah Bagshawe Asia-Pacific: Michel Chau

flora.wilke@mergermarket.com hannah.bagshawe@mergermarket.com michel.chau@mergermarket.com
Tel: +44 207 059 6348 Tel: +1 646 209 8601 Tel: +852 2158 9706
www.mergermarket.com
mergermarket M&A Round-up for Q1-Q3 2010
CONTENTS: Global M&A up in Q3 2010
2 mergermarket M&A Round-up Global M&A totalled US$ 1,420.2bn for the first three quarters of 2010, up 24.8% from the same period in 2009. Deal count was also up by 16.7%
3 Global M&A Overview at 8,010 announced deals.
4 - Industry & Geography Breakdown
5 - Private Equity Goldman Sachs leads the global rankings
6 - Emerging Markets; Hostile vs Goldman Sachs are the leading financial advisors, having advised on 208 deals worth a total of US$ 369.7bn in the first three quarters of 2010.
Recommended They also lead the tables in Europe with 70 deals worth US$ 195.2bn and top the US tables with 143 deals worth US$ 201.7bn. Morgan Stanley are
7 - Mid-market M&A Activity the leaders in Asia-Pacific, having advised on 33 deals worth US$ 50.2bn so far this year.
8 - Top Deals
Private equity hits highest quarter since Q2 2008
9 - Financial Advisor Rankings
Private equity-backed buyouts reached US$ 69.1bn in Q3 2010, the highest quarter since Q2 2008. Activity for the first nine months of the year
10 European M&A Overview
had a total value of US$ 150.6bn, 93% more than the same time period in 2009.
11 - Industry & Geography Breakdown
12 - Top Deals Cross-border deal flow up 109% from the same period last year
13 - Financial Advisor Rankings Cross-border activity between regions has reached US$ 390.7bn so far this year, up 109% compared to the first three quarters of 2009. The largest
21 US M&A Overview cross-border deal so far this year is also the largest overall deal of the year – BHP Billiton’s hostile US$ 41.9bn bid for Potash. Cross-border deal
22 - Industry & Geography Breakdown flow makes up 27.5% of all global activity so far this year, the second highest percentage on mergermarket record.
23 - Top Deals
24 - Financial Advisor Rankings Lowest quarter for emerging markets since Q3 2009
29 Asia-Pacific M&A Overview The emerging markets saw US$ 357.3bn worth of deals announced in Q1-Q3 2010, up 51.9% from the same period in 2009. However activity
30 - Industry & Geography Breakdown dipped in Q3 2010, with only US$ 98.4bn worth of deals announced, the lowest since Q3 2009. European inbound and outbound M&A dominated
the majority of activity in the emerging markets in Q1-Q3 2010.
31 - Top Deals
32 - Financial Advisor Rankings
Average EBITDA multiples highest since 2008
37 Africa & ME M&A Overview
The average EBITDA multiple across global M&A for 2010 to date is 14.4x, the highest since 2008. The highest valuations have been seen in the
40 Criteria/About mergermarket Asia-Pacific region, where the average EBITDA multiple is 18.5x.
PRESS CONTACTS: Highest number of deals over US$ 500m since 2007
EMEA: Flora Wilke 6.4% of announced deals in Q1-Q3 2010 were valued over US$ 500m, the highest proportion since 2007. 515 deals with a deal value exceeding
flora.wilke@mergermarket.com US$ 500m have been announced so far this year, compared to 323 for the same period in 2009, a 59.4% increase.
Tel: +44 207 059 6348
Americas: Hannah Bagshawe European M&A up 50% by value and 18% by deal count from the same period last year
hannah.bagshawe@mergermarket.com
Tel: +1 646 209 8601 US M&A down 1% by value and up 24% by deal count from Q1-Q3 2009
Asia-Pacific: Michel Chau
michel.chau@mergermarket.com
Asia-Pacific M&A up 23% by deal value from the same period last year
Tel: +852 2158 9706
Press Release: mergermarket M&A Round-up for Q1-Q3 2010 2 www.mergermarket.com

Global M&A Overview
Global M&A totalled US$ 1,420.2bn for the first three quarters of 2010, up 24.8% from the same period in 2009. Global M&A Activity - Quarterly
Deal count was also up by 16.7% at 8,010 announced deals. After the fall in activity in the previous quarter, Q3 1,300 4,500
Value ($bn)
4,250
recovered 2010’s strong start and was up 13.7% compared to Q2. M&A in Q3 was boosted by a busy August, which 1,200 Volume
4,000
saw deals totalling US$ 216.5bn and was the second busiest August on mergermarket records. The average deal 1,100 3,750
3,500
size of US$ 463.6m was the highest for any August period. 1,000
3,250
900
3,000
Value of Deals ($bn)
Volume of Deals
800
6.4% of announced deals so far in 2010 have been valued over US$ 500m, the highest percentage since 2007. 515 2,750
2,500
700
deals with a deal value exceeding US$ 500m have been announced so far this year, compared to 323 for the same 2,250
600
period in 2009, a 59.4% increase. The average deal size for Q1-Q3 2010 was US$ 313m, the lowest since 2005, and 2,000
500 1,750
2.9% less than 2009’s average of US$ 322.3m. 1,500
400
1,250
300 1,000
Cross-border activity between regions has reached US$ 390.7bn so far this year, up 109% compared to the first 750
200
three quarters of 2009. Cross-border deal flow makes up 27.5% of all global activity so far this year, the second 500
100
250
highest percentage on mergermarket record.
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Goldman Sachs continues to top the Global M&A financial advisory tables by deal value, having worked on US$
369.7bn worth of deals, and holds a healthy US$ 67bn lead over Morgan Stanley.
Global M&A Deal Size Breakdown - Number of deals Global Cross Border M&A Analysis - Value
1,400
18,000 Global Cross Border (regions)
1,300 Global M&A
Global Cross Border (individual countries)
16,000 1,200
1,100
14,000
1,000

12,000 900
Volume of Deals
800
10,000
700
8,000 600
500
6,000
400
4,000 300
200
2,000
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Value not disclosed $5m - $14.9m $15m - $100m $101m - $250m $251m - $500m > $501m
Q

Global M&A Overview: Industry and Geography Breakdown
Q1-Q3 2010 Q1-Q3 2009 Change
Sector Value ($bn) mrk share Deal count Value ($bn) mrk share Deal count Value (%) Deal count
Energy, Mining & Utilities 368.0 25.9% 880 259.4 22.8% 745 41.8% 135
Industrials & Chemicals 181.6 12.8% 1,413 120.3 10.6% 1,230 51.0% 183
Financial Services 156.8 11.0% 837 204.5 18.0% 752 -23.3% 85
Telecommunications 138.3 9.7% 135 52.6 4.6% 132 163.0% 3
Pharma, Medical & Biotech 121.5 8.6% 604 206.7 18.2% 433 -41.2% 171
Consumer 116.8 8.2% 986 83.9 7.4% 939 39.3% 47
Business Services 93.1 6.6% 938 46.9 4.1% 771 98.4% 167
Technology 63.5 4.5% 848 45.6 4.0% 621 39.3% 227
Transport 49.5 3.5% 230 18.7 1.6% 212 164.8% 18
Real Estate 36.5 2.6% 173 29.5 2.6% 165 23.9% 8
Media 30.5 2.1% 274 28.1 2.5% 246 8.6% 28
Leisure 28.6 2.0% 244 10.9 1.0% 244 161.7% 0
Construction 18.6 1.3% 312 25.3 2.2% 274 -26.2% 38
Agriculture 11.6 0.8% 99 3.7 0.3% 76 215.0% 23
Defence 5.3 0.4% 37 1.8 0.2% 24 188.8% 13
Total 1,420.2 8,010 1,137.8 6,864 24.8% 1,146
Mix of Announced Deals by Geographic Region Q1-Q3 2010 - Value

South East Asia Mix of Announced Deals by Geographic Region Q1-Q3 2010 - Volume
2.6%
South & Central Asia South East Asia
3.3% Africa & Middle East 2.5%
2.8% South & Central Asia
2.5% Africa & Middle East
Australasia
2.5%
3.6% Australasia
3.6%
Japan
Japan
3.6%
2.9%
North Asia North America
6.5% 34.0%
North America North Asia
41.1% 9.3%
Central & Eastern Europe

3.8%
Northern Europe Central & Eastern Europe

4.9%
2.0%
Southern Europe
4.5% Northern Europe
5.5%
Central & South America

Southern Europe
3.8%
6.1%
Western Europe
18.0% Central & South America
8.1% Western Europe
22.3%

Global M&A Overview
Private Equity
Private Equity-backed buyouts have continued their upward trend, with Q3 2010 reaching US$ 69.1bn, the highest
Global PE Buyout M&A Activity - Quarterly
quarter since Q2 2008. Activity for the first nine months of the year stands at US$ 150.6bn, 93.3% higher than
the same period last year. Buyout deals represent 10.6% of global M&A so far this year, up from 6.8% in the same 375 800
Value ($bn)
period last year. There have been 72 buyout deals over US$ 500m announced so far this year, 50 more than 2009. 350 Volume
325 700
The largest buyout so far this year is Blackstone Group’s bid for Dynegy Inc valued at US$ 4.8bn.
300
600
275
The average EBITDA multiple paid by private equity firms so far this year is 10.3x, compared to 9.4x in 2009 and
250

14.1x during the private equity peak in 2007. The average premium offered has fallen to 17.7% from 47% in 2009 500
Volume of Deals
225
and is just slightly higher than the 2007 premium average of 11.4%. 200
400
175
Average debt financing on buyouts has increased to 44.3% of total funding per deal so far this year, up from 30.4% 150
300
125
in 2009. US based buyouts valued over US$ 1bn have been easier to finance with debt, with the average debt
100
200
financing of these deals standing at 66.4% of total funding per deal, on a par with 2007 levels.
75
50 100
Private equity exits via trade sales and secondary buyouts so far this year are up 235.9% from lows seen in the same 25
period last year, at US$ 134.2bn. 0 0
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Barclays Capital was the most active financial adviser advising private equity firms on buyouts, with 21 deals valued
at US$ 30.1bn. Goldman Sachs topped the private equity exits ranking with 25 deals valued at US$ 23.6bn.
Global Private Equity Exit Activity - Quarterly Global Private Equity SBO Exit Activity - Quarterly
(excluding IPO exits)
140 500 70 180
Value ($bn) Value ($bn)
130 Volume 65 Volume
450 160
120 60
110 400
55 140
100 350 50
120

90 45
Volume of Deals
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100
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60 80
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Global M&A Overview
Emerging Markets Hostile vs Recommended
The emerging markets saw US$ 357.3bn worth of deals announced in Q1-Q3 2010, up 51.9% from the same period 2010 to date has seen 15 contested deals, six of which were hostile. While this is fewer than the 23 deals witnessed
in 2009. However activity dipped in Q3 2010, with only US$ 98.4bn worth of deals announced, the lowest since during the same period last year, the total value of US$ 14.4bn is a 68.5% increase over the 2009 value of US$
Q3 2009. 8.6bn.
The emerging markets have accounted for 25.2% of total global M&A for the year to date, the highest percentage The largest unsolicited deal of the year so far is BHP Billiton’s US$ 41.9bn hostile bid for Canada’s Potash Corporation,
for a first nine month period on mergermarket records. BRIC M&A activity accounts for half (52.7%) of emerging announced in August. Andean Resources, the highly coveted Australian mining company, was the subject of the
markets M&A activity for 2010 to date. largest competing bid of the year to date. Having agreed to a US$ 3.2bn takeover from Eldorado Gold at the
beginning of September, local rival Goldcorp tabled a successful elevated cash and equity bid of A$ 6.77 per share
European buyers are the most active in the emerging markets, accounting for 55.1% of inbound M&A activity. (a 1.8% premium on Eldorado’s A$ 6.55 equity offer) five days later.
European corporations are also the favoured targets of emerging market based acquirers, accounting for 42.4% of
total outbound M&A activity. Q1-Q3 2010 has seen the announcement of 37 unsolicited deals, six more than in the same period in 2009.
Continuing a trend seen earlier this year, just under half of these deals are taking place in the Asia-Pacific region
Brazil and India were the most appealing targets in the emerging markets for the first three quarters of 2010, (18 in total; or 47%).
representing 24.3% and 23.2% of inbound emerging markets M&A activity. Energy, Mining & Utilities was the most
active sector representing 39% of the emerging markets activity.
Credit Suisse was the most active financial adviser within the emerging markets, advising on 51 transactions worth
a total of US$ 96.7bn. Morgan Stanley followed with US$ 74bn from 50 deals.
Global Unsolicited M&A Offers - Value
Emerging Markets M&A Activity - Quarterly
180 1,000
Value ($bn) 300
Volume
160 900
800 250
140
700
120

200
600
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100
500
150
80
400
60
300 100
40
200
50
20 100
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Unsolicited Recommended Unsolicited Hostile

Global M&A Overview
Mid-market M&A Activity (US$ 250m - US$ 2bn)
Global Mid-Market M&A Activity - Quarterly
Mid-market M&A in Q1-Q3 2010 was up 67.2% by value and 55.9% by deal count compared to the same period 350 600
Value ($bn)
in 2009. Deal value for the period totalled US$ 518.3bn up from the US$ 310bn recorded for the same period last Volume
year. 300
500
The mid market accounted for 36.5% of total global M&A value in Q1-Q3 2010, up from 27.2% in Q1-Q3 2009. 250
400

However by deal count the 747 mid-market deals so far this year represent just 9.3% of all announced M&A deals.
Volume of Deals
200
The US accounts for 34.1% of global mid-market activity so far this year, up from 25.5% for the same period in 2009. 300
150
Europe has also increased its share, from 26.5% to 32.6%. The Asia-Pacific (ex. Japan) region has seen its share fall
from 25.9% in the same period in 2009 to 18.5% so far this year. 200
100
Energy, Mining & Utilities is the most active sector in the mid market with a 23.5% market share, which is slightly 100
50
down from 27.1% for the first nine months of 2009, but far ahead of the second busiest sector, Financial Services,
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Goldman Sachs was the most active financial advisor in this deal size bracket, having advised on 92 deals valued
at US$ 87.8bn. The US investment bank, which topped the mid market financial adviser league tables last year, has
increased their total deal value by 50.4%, up from US$ 58.4bn in Q1-Q3 2009.
Mid Market M&A Industry Breakdown - Value
Business Services Technology

Financial Advisers to Mid-Market M&A: Value 7.2% 6.6%
Pharma, Medical & Biotech
5.6%
Ranking Q1-Q3 2010 Q1-Q3 2009 Industrials & Chemicals
10.4%
Q1-Q3 Q1-Q3 Value Value % Val. Telecommunications
2009 2010 Company Name (US$bn) Deal Count (US$bn) Change 7.2%
1 1 Goldman Sachs 87.8 97 58.4 50.4%

Real Estate
2 2 Morgan Stanley 68.5 80 48.9 40.0% Consumer 4.5%
9.9%
4 3 JPMorgan 65.2 76 44.4 46.9%
Transport
7 4 Credit Suisse 57.3 73 31.5 81.8% 3.5%
Media
9 5 Deutsche Bank 54.5 66 22.7 139.7% 2.5%
6 6 Bank of America Merrill Lynch 51.0 64 34.1 49.5% Construction
2.3%
11 7 Barclays Capital 49.5 53 17.3 186.2% Financial Services
Leisure
12.1%
2.5%
3 8 UBS Investment Bank 49.2 62 44.9 9.4%
Agriculture
5 9 Citigroup 41.6 51 39.7 4.8% 1.5%
Defence
12 10 Rothschild 37.1 45 16.3 127.4% Energy, Mining & Utilities 0.8%
23.5%

Global M&A Overview: Top Deals
Activity Table of Global M&A for Q1-Q3 2010
Announced Bidder Company Bidder Financial Advisor Target Company Target/Seller Financial Advisor Seller Company Deal Value
Date (US$m)
18-Aug-10 BHP Billiton Plc Barclays Capital; BNP Paribas; Potash Corporation of Saskatchewan Bank of America Merrill Lynch; 41,908
JPMorgan; Royal Bank of Scotland Inc Goldman Sachs; RBC Capital Markets
Group; Santander Global Banking
and Markets; TD Securities
13-Jan-10 America Movil SA de CV Citigroup; Credit Suisse Carso Global Telecom SAB de CV 28,055
10-Aug-10 International Power Plc JPMorgan Cazenove; Morgan GDF Suez Energy International Advising seller: Blackstone Group GDF Suez SA 27,278
Stanley; Nomura Holdings Holdings; BNP Paribas; Goldman
Sachs; Ondra Partners; Rothschild;
SG
04-Jan-10 Novartis AG Goldman Sachs Alcon Inc (52% stake) Greenhill & Co; Advising seller: Nestle SA 26,300
Citigroup; Credit Suisse
22-Apr-10 CenturyLink Barclays Capital; Evercore Partners; Qwest Communications Deutsche Bank; Lazard; Morgan 22,153
JPMorgan International Inc Stanley; Perella Weinberg Partners
08-Mar-10 MetLife Inc Bank of America Merrill Lynch; American Life Insurance Company Advising seller: Blackstone Group American International Group Inc 15,544
Barclays Capital; Credit Suisse; Holdings; Citigroup; Goldman Sachs;
Deutsche Bank; HSBC Bank Morgan Stanley
25-Feb-10 The Coca-Cola Company Allen & Company; Goldman Sachs Coca-Cola Enterprises Inc (North Advising seller: Credit Suisse; Coca-Cola Enterprises Inc 12,280
American operations) Greenhill & Co; Lazard
21-Feb-10 Schlumberger Limited Goldman Sachs Smith International Inc UBS Investment Bank 12,198
19-Jan-10 Williams Partners LP Tudor, Pickering, Holt & Co The Williams Companies Inc Advising seller: Barclays Capital; The Williams Companies Inc 11,750
(certain gas pipeline and domestic Citigroup
midstream businesses)
30-Mar-10 Bharti Airtel Limited Barclays Capital; Global Investment Zain Africa BV Advising seller: BNP Paribas; UBS Mobile Telecommunications 10,700
House; HSBC Bank; Morgan Stanley; Investment Bank Company KSC
Standard Chartered; State Bank of
India

Global M&A Overview: League Tables of Financial Advisers
League Table of Financial Advisers to Global M&A: Value League Table of Financial Advisers to Global M&A: Volume
Q1-Q3 Q1-Q3
Ranking Q1-Q3 2010 2009 Ranking Q1-Q3 2010 2009
Q1-Q3 Q1-Q3 Value Deal Value % Value Q1-Q3 Q1-Q3 Value Deal Deal Count
2009 2010 House (US$m) Count (US$m) Change 2009 2010 Company Name (US$m) Count Count Change
2 1 Goldman Sachs 369,747 209 335,219 10.3% 1 1 Goldman Sachs 369,747 209 160 49
1 2 Morgan Stanley 302,585 204 356,344 -15.1% 3 2 Morgan Stanley 302,585 204 148 56
7 3 Credit Suisse 289,120 165 142,623 102.7% 4 3 Credit Suisse 289,120 165 141 24
3 4 JPMorgan 280,545 146 278,613 0.7% 5 4 KPMG 18,938 153 135 18
6 5 Barclays Capital 235,544 96 144,203 63.3% 7 5 Rothschild 120,492 150 133 17
5 6 Bank of America Merrill Lynch 217,709 130 239,456 -9.1% 2 6 JPMorgan 280,545 146 157 -11
4 7 Citigroup 196,626 108 270,242 -27.2% 6 7 UBS Investment Bank 163,511 143 134 9
9 8 Deutsche Bank 183,432 136 128,131 43.2% 11 8 Lazard 132,667 137 121 16
10 9 UBS Investment Bank 163,511 143 108,478 50.7% 13 9 Deutsche Bank 183,432 136 105 31
11 10 Lazard 132,667 137 100,815 31.6% 10 10 PricewaterhouseCoopers 18,781 131 123 8
12 11 Rothschild 120,492 150 97,887 23.1% 12 11 Bank of America Merrill Lynch 217,709 130 117 13
20 12 BNP Paribas 117,422 47 29,066 304.0% 9 12 Deloitte 13,907 119 126 -7
17 13 Nomura Holdings 83,333 83 42,586 95.7% 8 13 Citigroup 196,626 108 127 -19
16 14 RBC Capital Markets 79,809 74 43,838 82.1% 22 14 Barclays Capital 235,544 96 43 53
23 15 Royal Bank of Scotland Group 75,736 29 27,702 173.4% 14 15 Ernst & Young 12,079 91 95 -4
80 16 SG 70,754 27 2,327 2,940.6% 15 16 Nomura Holdings 83,333 83 87 -4
31 17 HSBC Bank 68,422 46 17,850 283.3% 20 17 RBC Capital Markets 79,809 74 47 27
14 18 Blackstone Group Holdings 63,138 17 63,911 -1.2% 28 18 Jefferies & Company 23,451 67 37 30
13 19 Greenhill & Co 63,107 28 66,871 -5.6% 16 19 Houlihan Lokey 10,940 58 60 -2
54 20 TD Securities 55,728 41 4,821 1,055.9% 19 20 Macquarie Group 23,245 54 49 5

European M&A Overview
European M&A Activity - Quarterly
European M&A has continued to perform strongly in Q1-Q3 2010, with activity standing at US$ 600 1,800
Value ($bn)
406.1bn, up 49.6% from the same period in 2009. The number of deals announced in the period, 550 Volume
1,700
1,600
(3,111), was also up by 17.5% from Q1 -Q3 2009. 500 1,500
1,400
450
Europe’s share of global M&A for the period Q1-Q3 2010 increased to 28.6%, up from 23.9% in the 1,300
400 1,200
same period in 2009.
Volume of Deals
1,100
350
1,000
US$ 87.8bn of outbound M&A activity was recorded in Europe in Q3, the most active quarter since Q3 300 900
800
2008. Inbound M&A into Europe for 2010 to date remains healthy and over 2.5x higher than in 2009. 250
700
200 600
The largest announced deal in Europe to date this year is International Power’s US$ 27.3bn acquisition 150
500
400
of GDF Suez Energy, announced in August. 100 300
200
50
100
Goldman Sachs has regained its top ranking on the financial advisory league tables for European M&A
0 0
with US$ 195.2bn worth of deals. JPMorgan has moved up four places and Morgan Stanley has taken
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European Private Equity Buyout Activity - Quarterly European Inbound/Outbound M&A
130 400 130 300

Value ($bn)
Inbound Value ($bn)
120 Volume 375
120 Outbound Value ($bn) 275
350
110 Inbound Volume
325
110 250
Outbound Volume
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90 275
90
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Volume of Deals
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European M&A Overview : Industry and Geography Breakdown
Q1-Q3 2010 Q1-Q3 2009 Change
Industrials & Chemicals 50.3 12.4% 620 15.8 5.8% 525 218.7% 95
Pharma, Medical & Biotech 43.8 10.8% 216 16.6 6.1% 153 164.0% 63
Consumer 35.8 8.8% 485 15.0 5.5% 431 138.7% 54
Transport 19.0 4.7% 99 3.4 1.2% 91 466.6% 8
Technology 13.4 3.3% 249 6.3 2.3% 173 112.7% 76
Real Estate 9.8 2.4% 54 15.6 5.8% 61 -37.0% -7
Leisure 9.1 2.3% 115 13.4 4.9% 133 -3% -18
Construction 6.7 1.6% 142 2.8 1.0% 110 141.5% 32
Media 5.5 1.4% 107 3.6 1.3% 112 50.8% -5
Agriculture 1.9 0.5% 30 0.1 0.0% 26 1,459.7% 4
Defence 0.9 0.2% 11 0.6 0.2% 5 55.7% 6
Total 406.1 3,111 271.5 2,647 49.6% 464
Mix of Announced European Deals by Geographic Region Q1-Q3 2010 - Value Mix of Announced European Deals by Geographic Region Q1-Q3 2010 - Volume
South Eastern Europe Other

South Eastern Europe Other
3.2% 0.2%
3.7% 0.1%
Central & Eastern Europe Central & Eastern Europe UK & Ireland
13.2% UK & Ireland 12.0% 22.7%
25.6%
Nordic
7.1%
Nordic
14.1%
Benelux Germanic
11.6% 15.2%
Benelux
Germanic 7.9%
17.6%
Iberia Iberia
9.6% 7.7% France
Italy France Italy 11.6%
2.8% 8.9% 5.5%

European M&A Overview: Top Deals
Activity Table of European M&A for Q1-Q3 2010

Date (US$m)
10-Aug-10 International Power Plc JPMorgan Cazenove; Morgan GDF Suez Energy International Advising seller: Blackstone Group GDF Suez SA 27,278
Stanley; Nomura Holdings Holdings; BNP Paribas; Goldman
Sachs; Ondra Partners; Rothschild;
SG
04-Jan-10 Novartis AG Goldman Sachs Alcon Inc (52% stake) Greenhill & Co; Advising seller: Nestle SA 26,300
Citigroup; Credit Suisse
30-Jun-10 KazakhGold Group Limited BMO Capital Markets; HSBC Bank OJSC Polyus Gold Internal 10,238
07-Sep-10 Cheung Kong Infrastructure Royal Bank of Scotland Group Electricite de France SA (UK based Advising seller: Barclays Capital; BNP EDF Energy plc 8,870
Holdings Limited; Hongkong Electric distribution network) Paribas; Deutsche Bank
Holdings Limited; Li Ka Shing
(Overseas) Foundation; and Li Ka
Shing Foundation Limited
25-Sep-10 Caja de Ahorros del Mediterraneo Morgan Stanley Caja de Ahorros de Asturias Goldman Sachs; SG 6,649
05-Jan-10 Mikhail Gutseriyev (Private Investor) NK Russneft OAO Internal En+ Group Ltd 6,600
14-Jun-10 Aerellia Investments Limited; JSC Uralkali (53.20% stake) Advising seller: Goldman Sachs Madura Holding Limited 5,199
Becounioco Holdings Limited; and
Kaliha Finance Limited
18-Mar-10 Teva Pharmaceutical Industries Ltd Goldman Sachs Ratiopharm GmbH Commerzbank; Royal Bank of 4,933
Scotland Group
12-Sep-10 Deutsche Bank AG Deutsche Bank; SG Deutsche Postbank AG (70.05% 4,922

Stake)
08-Apr-10 British Airways Plc Bank of America Merrill Lynch; UBS Iberia Lineas Aereas de Espana SA Credit Suisse; JPMorgan; Morgan 4,806
Investment Bank Stanley

European M&A Overview: League Tables of Financial Advisers
League Table of Financial Advisers to European M&A: Value League Table of Financial Advisers to European M&A: Volume
Q1-Q3 Q1-Q3
1 1 Goldman Sachs 195,173 70 124,938 56.2% 1 1 Rothschild 95,093 111 104 7
6 2 JPMorgan 156,261 66 72,858 114.5% 2 2 KPMG 11,851 111 90 21
4 3 Morgan Stanley 140,742 95 80,257 75.4% 10 3 Morgan Stanley 140,742 95 62 33
3 4 Credit Suisse 135,599 82 85,236 59.1% 5 4 PricewaterhouseCoopers 11,400 88 81 7
5 5 Bank of America Merrill Lynch 105,804 37 75,631 39.9% 9 5 Credit Suisse 135,599 82 73 9
17 6 BNP Paribas 101,719 36 24,003 323.8% 4 6 Lazard 54,328 81 81 0
13 7 Barclays Capital 99,167 34 31,183 218.0% 3 7 Deloitte 7,729 81 85 -4
2 8 Citigroup 97,277 46 88,506 9.9% 7 8 Goldman Sachs 195,173 70 75 -5
10 9 Rothschild 95,093 111 54,348 75.0% 12 9 Deutsche Bank 78,983 69 49 20
8 10 Deutsche Bank 78,983 69 70,734 11.7% 6 10 JPMorgan 156,261 66 80 -14
76 11 SG 70,754 26 818 8,549.6% 8 11 UBS Investment Bank 66,129 64 74 -10
9 12 UBS Investment Bank 66,129 64 63,923 3.5% 14 12 Citigroup 97,277 46 45 1
18 13 Royal Bank of Scotland Group 64,730 17 21,584 199.9% 18 13 DC Advisory Partners 6,431 41 32 9
37 14 RBC Capital Markets 62,322 24 2,841 2,093.7% 11 14 Ernst & Young 2,489 41 51 -10
7 15 Lazard 54,328 81 70,784 -23.2% 13 15 Bank of America Merrill Lynch 105,804 37 46 -9
16 16 Santander Global Banking 50,228 11 24,582 104.3% 15 16 BNP Paribas 101,719 36 40 -4
and Markets
30 17 Barclays Capital 99,167 34 16 18
307 17 TD Securities 43,291 6 27
26 18 Nomura Holdings 42,320 31 19 12
27 18 Nomura Holdings 42,320 31 8,033 426.8%
23 19 Grant Thornton Corporate 925 31 26 5
28 19 Blackstone Group Holdings 39,184 5 5,880 566.4% Finance
11 20 Greenhill & Co 31,600 11 49,368 -36.0% 20 20 Global M&A 342 28 28 0

Financial Advisers to UK M&A: Value Financial Advisers to UK M&A: Volume
Q1-Q3 Q1-Q3
Value Value % Value Value Count
Q1-Q3 2009 Q1-Q3 2010 Company Name (US$m) Deal Count (US$m) Change Q1-Q3 2009 Q1-Q3 2010 Company Name (US$m) Deal Count Deal Count Change
10 1 JPMorgan Cazenove 131,729 39 14,883 785.1% 1 1 Rothschild 66,124 59 37 22
8 2 Goldman Sachs 112,034 34 19,125 485.8% 2 2 JPMorgan Cazenove 131,729 39 31 8
14 3 BNP Paribas 86,526 12 5,046 1,614.7% 4 3 UBS Investment Bank 45,963 38 29 9
9 4 Barclays Capital 80,923 22 17,549 361.1% 6 4 Lazard 24,022 35 27 8
3 5 Bank of America Merrill Lynch 76,097 25 35,841 112.3% 8 5 Goldman Sachs 112,034 34 26 8
4 6 Morgan Stanley 72,571 34 32,594 122.7% 9 6 Morgan Stanley 72,571 34 20 14
12 7 Rothschild 66,124 59 8,427 684.7% 7 7 Credit Suisse 48,615 33 26 7
13 8 Royal Bank of Scotland Group 58,421 10 5,958 880.5% 3 8 PricewaterhouseCoopers 5,791 29 30 -1
56 9 RBC Capital Markets 57,671 12 482 11,864.9% 5 9 Deloitte 1,929 29 28 1
1 10 Credit Suisse 48,615 33 38,730 25.5% 10 10 KPMG 3,668 27 20 7
5 11 UBS Investment Bank 45,963 38 27,013 70.2% 15 11 Bank of America Merrill Lynch 76,097 25 14 11
229 12 TD Securities 42,271 3 - - 14 12 Grant Thornton Corporate Finance 666 25 16 9
- 13 Santander Global Banking and Markets 42,259 2 - - 17 13 DC Advisory Partners 5,358 24 9 15
7 14 Deutsche Bank 41,702 22 19,621 112.5% 18 14 Barclays Capital 80,923 22 8 14
15 15 Nomura Holdings 35,491 16 3,408 941.4% 12 15 Deutsche Bank 41,702 22 17 5
Financial Advisers to French M&A: Value Financial Advisers to French M&A: Volume
Q1-Q3 Q1-Q3
10 1 Rothschild 44,009 37 3,720 1,083.0% 2 1 Rothschild 44,009 37 25 12
35 2 SG 43,189 15 309 13,877.0% 3 2 BNP Paribas 42,128 20 21 -1
1 3 BNP Paribas 42,128 20 12,737 230.8% 1 3 Lazard 14,176 16 27 -11
6 4 Goldman Sachs 34,877 7 5,549 528.5% 5 4 SG 43,189 15 11 4
11 5 Morgan Stanley 34,685 9 2,942 1,079.0% 8 5 Credit Agricole CIB 13,022 14 9 5
14 6 JPMorgan 33,522 8 1,569 2,036.5% 21 6 PricewaterhouseCoopers 796 14 5 9
29 7 Nomura Holdings 28,294 4 569 4,872.6% 6 7 Credit Suisse 22,986 13 10 3
30 8= Blackstone Group Holdings 27,278 1 530 5,046.8% 7 8 Deutsche Bank 11,343 11 10 1
- 8= Ondra Partners 27,278 1 - - 25 9 Morgan Stanley 34,685 9 4 5
2 10 Credit Suisse 22,986 13 9,129 151.8% 11 10 JPMorgan 33,522 8 8 0
8 11 Lazard 14,176 16 5,225 171.3% 111 11 Hawkpoint 2,037 8 1 7
4 12 Credit Agricole CIB 13,022 14 6,648 95.9% 12 12 DC Advisory Partners 548 8 8 0
15 13 Deutsche Bank 11,343 11 980 1,057.4% 9 13 Goldman Sachs 34,877 7 9 -2
9 14 Evercore Partners 8,725 2 4,426 97.1% 19 14 Ernst & Young 230 7 6 1
42 15 Barclays Capital 8,710 4 196 4,343.9% 20 15 Deloitte 193 7 5 2

Financial Advisers to German M&A: Value Financial Advisers to German M&A: Volume
Q1-Q3 Q1-Q3
4 1 Goldman Sachs 22,282 5 10,648 109.3% 3 1 KPMG 730 17 16 1
2 2 Deutsche Bank 17,808 11 14,300 24.5% 8 2 Lincoln International 299 14 10 4
14 3 Bank of America Merrill Lynch 12,727 3 2,138 495.3% 29 3 goetzpartners 15 13 3 10
5 4 Lazard 12,049 12 10,232 17.8% 11 4 Lazard 12,049 12 8 4
1 5 JPMorgan 9,168 7 15,583 -41.2% 12 5 Deutsche Bank 17,808 11 7 4
10 6 Credit Suisse 8,901 6 3,924 126.8% 1 6 Rothschild 3,945 10 19 -9
- 7 Blackstone Group Holdings 7,625 1 - - 2 7 PricewaterhouseCoopers 1,146 10 16 -6
- 8= Guggenheim Securities 6,760 1 - - 19 8 Commerzbank 5,116 9 5 4
- 8= Perella Weinberg Partners 6,760 1 - - 6 9 Morgan Stanley 2,254 9 11 -2
52 10 SG 5,423 2 41 13,126.8% 25 10 Metzler Corporate Finance 23 8 3 5
42 11 Commerzbank 5,116 9 113 4,427.4% 5 11 JPMorgan 9,168 7 11 -4
6 12 UBS Investment Bank 5,108 5 8,029 -36.4% 21 12 Credit Suisse 8,901 6 4 2
9 13 Barclays Capital 5,102 1 4,589 11.2% 26 13 Nomura Holdings 1,294 6 3 3
57 14 Royal Bank of Scotland Group 4,933 1 28 17,517.9% 7 14 Ernst & Young 367 6 10 -4
- 15 BNP Paribas 4,466 3 - - - 15 Altium Capital 206 6 - -
Financial Advisers to Germanic M&A: Value Financial Advisers to Germanic M&A: Volume
Q1-Q3 Q1-Q3
1 1 Goldman Sachs 50,704 9 66,888 -24.2% 1 1 KPMG 1,547 19 27 -8
8 2 Credit Suisse 38,676 16 12,504 209.3% 12 2 Deutsche Bank 25,597 17 11 6
6 3 Citigroup 34,604 6 15,589 122.0% 6 3 Morgan Stanley 12,669 17 19 -2
2 4 Greenhill & Co 26,300 1 45,951 -42.8% 7 4 Credit Suisse 38,676 16 18 -2
9 6 Lazard 19,021 15 11,980 58.8% 13 6 Lincoln International 299 15 10 5
13 7 Bank of America Merrill Lynch 12,727 4 4,294 196.4% 3 7 UBS Investment Bank 11,338 14 23 -9
7 8 Morgan Stanley 12,669 17 12,536 1.1% 5 8 Rothschild 4,849 14 21 -7
4 9 JPMorgan 12,461 8 20,019 -37.8% 2 9 PricewaterhouseCoopers 1,190 14 24 -10
18 10 Blackstone Group Holdings 11,464 3 2,050 459.2% 9 10 Ernst & Young 528 13 16 -3
3 11 UBS Investment Bank 11,338 14 24,746 -54.2% 39 11 goetzpartners 15 13 3 10
23 12 BNP Paribas 7,759 5 1,606 383.1% 8 12 Deloitte 415 11 18 -7
12 13 Barclays Capital 7,149 3 4,939 44.7% 4 13 Goldman Sachs 50,704 9 22 -13
- 14= Guggenheim Securities 6,760 1 - - 27 14 Commerzbank 5,116 9 5 4
- 14= Perella Weinberg Partners 6,760 1 - - 16 15 Global M&A - 9 9 0
Financial Advisers to Benelux M&A: Value Financial Advisers to Benelux M&A: Volume
Q1-Q3 Q1-Q3
11 1 Morgan Stanley 39,593 12 10,122 291.2% 1 1 KPMG 962 31 32 -1
3 2 Rothschild 37,570 11 19,909 88.7% 25 2 Rabobank 2,169 14 4 10
6 3 JPMorgan 33,983 9 15,841 114.5% 5 3 PricewaterhouseCoopers 1,694 13 18 -5
1 4 Goldman Sachs 30,901 8 20,677 49.4% 10 4 Morgan Stanley 39,593 12 10 2
50 5 SG 27,773 2 204 13,514.2% 6 5 Rothschild 37,570 11 14 -3
17 6 BNP Paribas 27,611 6 2,680 930.3% 13 6 Credit Suisse 14,766 11 8 3
21 7 Nomura Holdings 27,486 3 1,806 1,421.9% 22 7 UBS Investment Bank 7,180 11 4 7
- 8= Blackstone Group Holdings 27,278 1 - - 27 8 Boer & Croon 1,064 11 4 7
- 8= Ondra Partners 27,278 1 - - 2 9 ING 80 11 27 -16
2 10 Citigroup 17,462 6 20,672 -15.5% 3 10 Deloitte 3,671 10 20 -10
20 11 Credit Suisse 14,766 11 1,964 651.8% 9 11 JPMorgan 33,983 9 11 -2
- 12 Allen & Company 8,514 2 - - 7 12 Lazard 1,708 9 14 -5
18 13 UBS Investment Bank 7,180 11 2,374 202.4% 4 13 Goldman Sachs 30,901 8 19 -11
4 14 Deutsche Bank 6,821 8 19,905 -65.7% 15 14 Deutsche Bank 6,821 8 7 1
25 15 Jefferies & Company 4,849 3 1,221 297.1% 19 15 NIBC Bank 431 7 5 2
Financial Advisers to Italian M&A: Value Financial Advisers to Italian M&A: Volume
Q1-Q3 Q1-Q3
1 1 Mediobanca 5,202 13 30,268 -82.8% 2 1 Mediobanca 5,202 13 15 -2
2 2 Banca IMI/Intesa Sanpaolo 3,302 10 28,068 -88.2% 1 2 Banca IMI/Intesa Sanpaolo 3,302 10 19 -9
5 3 Deutsche Bank 2,566 4 18,852 -86.4% 3 3 Rothschild 2,029 9 13 -4
8 4 Credit Suisse 2,534 7 17,337 -85.4% 5 4 UniCredit Group 1,647 8 12 -4
4 5 Morgan Stanley 2,182 5 21,506 -89.9% 6 5 Lazard 630 8 10 -2
12 6 Rothschild 2,029 9 10,694 -81.0% 12 6 Credit Suisse 2,534 7 4 3
11 7 Santander Global Banking and Markets 1,803 2 14,246 -87.3% 4 7 KPMG 594 6 12 -6
17 8 UniCredit Group 1,647 8 2,988 -44.9% 9 8 Morgan Stanley 2,182 5 7 -2
9 9 Banco Bilbao Vizcaya Argentaria 1,553 1 14,246 -89.1% 39 9 PricewaterhouseCoopers 145 5 1 4
10 10 Goldman Sachs 1,274 2 14,246 -91.1% 11 10 Deutsche Bank 2,566 4 5 -1
23 11 Nomura Holdings 1,256 2 432 190.7% 15 11 Citigroup 878 4 3 1
21 12= Credit Agricole CIB 1,001 1 575 74.1% 65 12 Ernst & Young 68 4 1 3
- 12= Leonardo & Co 1,001 1 - - 18 13 Vitale & Associati 219 3 3 0
3 14 JPMorgan 907 2 24,700 -96.3% 8 14 BNP Paribas 87 3 8 -5
6 15 Citigroup 878 4 18,778 -95.3% 29 15 Santander Global Banking and Markets 1,803 2 1 1
Financial Advisers to Iberian M&A: Value Financial Advisers to Iberian M&A: Volume
Q1-Q3 Q1-Q3
10 1 Morgan Stanley 31,999 12 15,556 105.7% 8 1 KPMG 612 23 7 16
27 2 SG 22,643 10 279 8,015.8% 1 2 Banco Espirito Santo de Investimento 11,373 20 12 8
4 3 Credit Suisse 19,792 11 19,188 3.1% 7 3 Deutsche Bank 9,786 14 7 7
12 4 Bank of America Merrill Lynch 19,108 7 13,141 45.4% 2 4 Deloitte 492 14 12 2
16 5 UBS Investment Bank 17,751 5 1,439 1,133.6% 17 5 Morgan Stanley 31,999 12 4 8
9 6 Mediobanca 16,119 5 17,899 -9.9% 6 6 Credit Suisse 19,792 11 8 3
8 7 Goldman Sachs 12,971 6 18,521 -30.0% 4 7 Lazard 4,153 11 9 2
15 8 Banco Espirito Santo de Investimento 11,373 20 1,739 554.0% 39 8 SG 22,643 10 1 9
21 9 Caixa Banco de Investimento 11,038 5 811 1,261.0% 11 9 Citigroup 10,376 10 6 4
7 10 Citigroup 10,376 10 18,826 -44.9% 9 10 Banco Bilbao Vizcaya Argentaria 7,160 9 6 3
6 11 Deutsche Bank 9,786 14 19,046 -48.6% 12 11 Bank of America Merrill Lynch 19,108 7 6 1
17 12 Credit Agricole CIB 9,746 2 1,177 728.0% 15 12 Goldman Sachs 12,971 6 5 1
5 13 JPMorgan 9,416 6 19,187 -50.9% 10 13 JPMorgan 9,416 6 6 0
1 14 Banco Bilbao Vizcaya Argentaria 7,160 9 26,566 -73.0% 3 14 Santander Global Banking and Markets 5,810 6 10 -4
2 15 Santander Global Banking and Markets 5,810 6 22,976 -74.7% 21 15 PricewaterhouseCoopers 1,336 6 4 2
Financial Advisers to Spanish M&A: Value Financial Advisers to Spanish M&A: Volume
Q1-Q3 Q1-Q3
10 1 Morgan Stanley 30,952 10 15,556 99.0% 10 1 KPMG 612 23 6 17
27 2 SG 22,643 10 279 8,015.8% 17 2 Banco Espirito Santo de Investimento 11,138 13 4 9
4 3 Credit Suisse 18,241 8 19,188 -4.9% 4 3 Deloitte 485 13 9 4
16 4 UBS Investment Bank 17,751 5 1,439 1,133.6% 6 4 Deutsche Bank 8,565 12 7 5
12 5 Bank of America Merrill Lynch 17,628 5 13,141 34.1% 2 5 Lazard 4,153 11 9 2
9 6 Mediobanca 16,119 5 17,899 -9.9% 16 6 Morgan Stanley 30,952 10 4 6
8 7 Goldman Sachs 12,971 6 18,521 -30.0% 38 7 SG 22,643 10 1 9
15 8 Banco Espirito Santo de Investimento 11,138 13 1,673 565.8% 13 8 Citigroup 10,376 10 5 5
7 9 Citigroup 10,376 10 18,726 -44.6% 7 9 Banco Bilbao Vizcaya Argentaria 7,160 9 6 3
17 10 Credit Agricole CIB 9,746 2 1,177 728.0% 5 10 Credit Suisse 18,241 8 8 0
21 11 Caixa Banco de Investimento 9,746 1 634 1,437.2% 14 11 Goldman Sachs 12,971 6 5 1
6 13 Deutsche Bank 8,565 12 19,046 -55.0% 1 13 Santander Global Banking and 5,810 6 9 -3
Markets
1 14 Banco Bilbao Vizcaya Argentaria 7,160 9 26,566 -73.0%
11 14 DC Advisory Partners 850 6 6 0
2 15 Santander Global Banking and Markets 5,810 6 22,910 -74.6%
15 15 UBS Investment Bank 17,751 5 5 0
Financial Advisers to Nordic M&A: Value Financial Advisers to Nordic M&A: Volume
Q1-Q3 Q1-Q3
11 1 Morgan Stanley 11,966 14 2,310 418.0% 1 1 SEB Enskilda 7,247 23 14 9
- 2 Citigroup 7,560 3 - - 2 2 PricewaterhouseCoopers 2,191 23 13 10
9 3 SEB Enskilda 7,247 23 2,930 147.3% 25 3 Carnegie Investment Bank 5,920 16 4 12
14 4 JPMorgan 7,051 7 1,234 471.4% 21 4 Danske Markets Corporate Finance 2,901 16 5 11
2 5 Goldman Sachs 6,749 7 11,941 -43.5% 18 5 KPMG 2,163 15 5 10
21 6 UBS Investment Bank 6,156 7 1,004 513.1% 9 6 Morgan Stanley 11,966 14 8 6
28 7 Carnegie Investment Bank 5,920 16 424 1,296.2% 10 7 Deloitte 899 13 8 5
10 8 Lazard 4,310 9 2,648 62.8% 7 8 ABG Sundal Collier 3,011 10 10 0
17 10 BNP Paribas 3,638 3 1,079 237.2% 19 10 Nordea Corporate Finance 2,339 9 5 4
- 11 Barclays Capital 3,506 3 - - 13 11 Pareto 1,915 9 7 2
104 12 Simmons & Company International 3,203 3 - - 14 12 FIH Partners 1,147 9 7 2
30 13 ABG Sundal Collier 3,011 10 303 893.7% 4 13 Rothschild 2,577 8 11 -3
12 14 Credit Suisse 2,968 2 1,499 98.0% 6 14 Arctic Securities 1,741 8 10 -2
66 15 Danske Markets Corporate Finance 2,901 16 42 6,807.1% 78 15 Access Partners 234 8 1 7
Financial Advisers to Swedish M&A: Value Financial Advisers to Swedish M&A: Volume
Q1-Q3 Q1-Q3

12 1 Morgan Stanley 5,868 9 836 601.9% 1 1 SEB Enskilda 5,414 14 7 7
9 2 SEB Enskilda 5,414 14 1,968 175.1% 13 2 PricewaterhouseCoopers 2,094 14 3 11
25 3 Carnegie Investment Bank 2,734 9 118 2,216.9% 31 3 KPMG 2,015 10 1 9
- 4 Citigroup 2,660 2 - - 6 4 Morgan Stanley 5,868 9 4 5
3 5 Goldman Sachs 2,367 3 10,789 -78.1% 19 5 Carnegie Investment Bank 2,734 9 2 7
2 6 Rothschild 2,248 4 11,004 -79.6% 23 6 Danske Markets Corporate Finance 1,734 9 2 7
10 7 Lazard 2,192 5 1,569 39.7% 9 7 Deloitte 899 9 3 6
- 8 Credit Agricole CIB 2,125 1 - - 27 8 Keystone - 7 2 5
19 9 PricewaterhouseCoopers 2,094 14 235 791.1% 7 9 Ernst & Young 624 6 4 2
7 10 KPMG 2,015 10 4,855 -58.5% - 10 Access Partners 221 6 - -
16 11 JPMorgan 1,800 3 669 169.1% 4 11 Lazard 2,192 5 5 0
37 12 Danske Markets Corporate Finance 1,734 9 20 8,570.0% 10 12 Nordea Corporate Finance 1,343 5 3 2
- 13 DC Advisory Partners 1,531 2 - - 14 13 ABG Sundal Collier 770 5 3 2
- 14 Pangea Property Partners 1,485 1 - - 20 14 Handelsbanken Capital Markets 608 5 2 3
14 15 Nordea Corporate Finance 1,343 5 727 84.7% 26 15 Evli Bank 318 5 2 3
Financial Advisers to CEE M&A: Value Financial Advisers to CEE M&A: Volume
Q1-Q3 Q1-Q3

31 1 BMO Capital Markets 11,197 2 430 2,504.0% 20 1 Morgan Stanley 10,250 15 3 12
18 2 HSBC Bank 10,484 2 869 1,106.4% 18 2 Deloitte 639 14 4 10
17 3 Morgan Stanley 10,250 15 1,021 903.9% 10 3 UniCredit Group 1,210 11 5 6
5 4 Goldman Sachs 8,443 5 4,570 84.7% 11 4 KPMG 2,745 8 5 3
38 5 KPMG 2,745 8 190 1,344.7% 2 5 PricewaterhouseCoopers 885 6 9 -3
1 6 JPMorgan 2,330 5 9,018 -74.2% 68 6 Global M&A 124 6 1 5
13 7 BNP Paribas 1,269 4 2,054 -38.2% 1 7 Goldman Sachs 8,443 5 9 -4
7 8 ING 1,250 4 3,723 -66.4% 3 8 JPMorgan 2,330 5 8 -3
4 9 Credit Suisse 1,243 4 5,614 -77.9% 15 9 BNP Paribas 1,269 4 4 0
24 10 UniCredit Group 1,210 11 635 90.6% 7 10 ING 1,250 4 5 -1
30 11 Troika Dialog Group 1,000 1 430 132.6% 12 11 Credit Suisse 1,243 4 4 0
- 12 CIBC World Markets 959 1 - - 26 12 Houlihan Lokey 585 4 2 2
10 13 PricewaterhouseCoopers 885 6 2,235 -60.4% 55 13 CAG 407 4 1 3
8 14 Renaissance Capital 857 2 2,527 -66.1% 4 14 Rothschild 388 4 8 -4
22 15 Deloitte 639 14 687 -7.0% - 15 VCP Capital Partners 439 3 - -
Financial Advisers to Russian M&A: Value Financial Advisers to Russian M&A: Volume
Q1-Q3 Q1-Q3

17 1 BMO Capital Markets 11,197 2 430 2,504.0% - 1 Morgan Stanley 10,030 12 - -
15 2 HSBC Bank 10,238 1 509 1,911.4% 1 2 Goldman Sachs 8,443 5 7 -2
- 3 Morgan Stanley 10,030 12 - - 2 3 JPMorgan 1,930 3 5 -2
5 4 Goldman Sachs 8,443 5 4,307 96.0% 8 4 PricewaterhouseCoopers 95 3 3 0
1 5 JPMorgan 1,930 3 8,321 -76.8% 14 5 Evli Bank - 3 2 1
3 6 Credit Suisse 1,045 2 4,535 -77.0% 19 6 BMO Capital Markets 11,197 2 1 1
16 7 Troika Dialog Group 1,000 1 430 132.6% 5 7 Credit Suisse 1,045 2 3 -1
10 8 ING 969 2 2,034 -52.4% 17 8 ING 969 2 1 1
- 9 CIBC World Markets 959 1 - - 3 9 Renaissance Capital 857 2 4 -2
7 10 Renaissance Capital 857 2 2,387 -64.1% 12 10 HSBC Bank 10,238 1 2 -1
4 11= Citigroup 388 1 4,485 -91.3% 13 11 Troika Dialog Group 1,000 1 2 -1
- 11= Investec 388 1 - - - 12 CIBC World Markets 959 1 - -
- 13= Buccino & Associates 140 1 - - 6 13= Citigroup 388 1 3 -2
- 13= Jefferies & Company 140 1 - - - 13= Investec 388 1 - -
9 15 PricewaterhouseCoopers 95 3 2,060 -95.4% - 15= Buccino & Associates 140 1 - -
Press Release: mergermarket M&A Round-up for Q1-Q3 2010 19 - 15= Jefferies & Company 140 1 - -
www.mergermarket.com
Financial Advisers to Irish M&A: Value Financial Advisers to Irish M&A: Volume
Q1-Q3 Q1-Q3
5 1 JPMorgan 4,747 3 719 560.2% 13 1 Morgan Stanley 4,227 5 1 4
3 2 Morgan Stanley 4,227 5 1,309 222.9% 1 2 IBI Corporate Finance 1,694 4 6 -2
24 3 Credit Suisse 4,047 3 5 80,840.0% - 3 KPMG 957 4 - -
1 4 Citigroup 2,558 2 2,194 16.6% 5 4 JPMorgan 4,747 3 3 0
6 5 Piper Jaffray & Co 2,453 1 396 519.4% 24 5 Credit Suisse 4,047 3 1 2
7 6 Rothschild 2,111 3 307 587.6% 7 6 Rothschild 2,111 3 2 1
16 7 IBI Corporate Finance 1,694 4 64 2,546.9% - 7 AIB Corporate Finance 465 3 - -
- 8 Greenhill & Co 1,570 1 - - 10 8 NCB Corporate Finance 251 3 2 1
- 9 Barclays Capital 1,355 2 - - 19 9 PricewaterhouseCoopers 141 3 1 2
- 10 KPMG 957 4 - - 4 10 Citigroup 2,558 2 3 -1
- 11 Deutsche Bank 550 1 - - - 11 Barclays Capital 1,355 2 - -
- 12 AIB Corporate Finance 465 3 - - 2 12 Davy Corporate Finance 430 2 4 -2
4 13 Davy Corporate Finance 430 2 931 -53.8% 8 13 Goldman Sachs 300 2 2 0
- 14= Ernst & Young 399 1 - - 15 14 Lazard 280 2 1 1
9 14= Rabobank 399 1 293 36.2% 22 15 Goodbody Corp Fin 130 2 1 1

US M&A Overview
US M&A activity continues to lag behind 2009 figures, with US$ 485.3bn worth of deals announced
US M&A Activity - Quarterly
so far this year, down 0.9%. However, deal count is up by 24.1% indicating that deal sizes are below
those seen in 2009. 500
Value ($bn)
1,300
Volume 1,200
450
Despite a strong performance globally, M&A activity in the US in Q3 2010, totalling US$ 148.9bn, was 1,100
400
the lowest quarter since Q3 2009. 1,000
350 900
The US’ share in global M&A has also fallen dramatically from 43% in 2009 to 34.2% so far this year.
Volume of Deals
800
300
700
Outbound US M&A activity in Q3 2010 was the highest since Q4 2009, though the first nine months 250
600
of the year are up 138% from the same period in 2009. Inbound M&A activity dropped to its lowest 200
500
point this year in Q3. 150 400
300
100
CenturyLink’s US$ 22.2bn agreement to acquire Qwest Communications, announced in April, 200
continues to be the largest US-based transaction of the year so far. 50
100
0 0
Goldman Sachs has been the most active financial adviser on US announced deals, with US$ 201.7bn
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Q
US Private Equity Buyout Activity - Quarterly US Inbound/Outbound M&A
220 280 140 300

Value ($bn) Inbound Value ($bn)
Volume 260 130 Outbound Value ($bn)
200 275
Inbound Volume
240 120
180 Outbound Volume 250
220 110
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160 200 100
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140 90
Volume of Deals
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US M&A Overview: Industry and Geography Breakdown
Q1-Q3 2010 Q1-Q3 2009 Change
Pharma, Medical & Biotech 60.0 12.4% 250 181.9 37.2% 187 -67.0% 63
Consumer 46.2 9.5% 202 25.8 5.3% 191 78.7% 11
Technology 39.6 8.2% 377 22.9 4.7% 277 72.6% 100
Industrials & Chemicals 35.2 7.3% 342 70.0 14.3% 318 -49.7% 24
Leisure 13.7 2.8% 88 4.8 1.0% 70 183.4% 18
Transport 9.0 1.8% 36 0.9 0.2% 35 845.7% 1
Real Estate 8.3 1.7% 25 1.1 0.2% 14 681.2% 11
Media 5.0 1.0% 70 22.8 4.7% 86 -78.0% -16
Defence 4.3 0.9% 24 1.2 0.2% 16 269.1% 8
Construction 4.1 0.8% 69 4.4 0.9% 46 -7.1% 23
Agriculture 0.3 0.1% 9 0.6 0.1% 11 -46.3% -2
Total 485.3 2,369 489.6 1,910 -0.9% 459
Mix of Announced Americas Deals by Geographic Region Q1-Q3 2010 - Value Mix of Announced Americas Deals by Geographic Region Q1-Q3 2010 - Volume
Central & South America

US (North East)
Central & South America 10.2% US (North East)
13.7%
16.5% 16.2%
Canada
10.9%
US (Mid West)
11.0%
Canada US (Mid West)

13.6% 14.3%
US (West)
21.2%
US (West)
15.2% US (South)
30.1% US (South)
27.1%

US M&A Overview: Top Deals for Q1-Q3 2010
Activity Table of US M&A for Q1-Q3 2010
Date (US$m)
22-Apr-10 CenturyLink Barclays Capital; Evercore Partners; Qwest Communications Deutsche Bank; Lazard; Morgan 22,153
JPMorgan International Inc Stanley; Perella Weinberg Partners
08-Mar-10 MetLife Inc Bank of America Merrill Lynch; American Life Insurance Company Advising seller: Blackstone Group American International Group Inc 15,544
Barclays Capital; Credit Suisse; Holdings; Citigroup; Goldman Sachs;
Deutsche Bank; HSBC Bank Morgan Stanley
25-Feb-10 The Coca-Cola Company Allen & Company; Goldman Sachs Coca-Cola Enterprises Inc (North Advising seller: Credit Suisse; Coca-Cola Enterprises Inc 12,280
American operations) Greenhill & Co; Lazard
21-Feb-10 Schlumberger Limited Goldman Sachs Smith International Inc UBS Investment Bank 12,198
19-Jan-10 Williams Partners LP Tudor, Pickering, Holt & Co The Williams Companies Inc Advising seller: Barclays Capital; The Williams Companies Inc 11,750
(certain gas pipeline and domestic Citigroup
midstream businesses)
07-Sep-10 Enterprise Products Partners LP Barclays Capital; Credit Suisse Enterprise GP Holdings LP Morgan Stanley 9,121
11-Feb-10 FirstEnergy Corp Barclays Capital; Morgan Stanley Allegheny Energy Inc Goldman Sachs 8,960
09-Mar-10 Merial-Intervet Intervet/Schering-Plough Animal Advising sellers: Credit Suisse; Merck & Co Inc; and Sanofi-Aventis 8,250
Health; and Merial Limited Evercore Partners SA
28-Apr-10 PPL Corporation Bank of America Merrill Lynch; Credit E.ON US LLC Advising seller: Blackstone Group E.ON AG 7,625
Suisse Holdings; Goldman Sachs
11-Mar-10 BP Plc Devon Energy Corporation (Assets in Advising seller: Deutsche Bank; Devon Energy Corporation 7,000
the deepwater Gulf of Mexico, Brazil JPMorgan; Scotia Capital
and Azerbaijan)

Americas: League Tables of Financial Advisers
League Table of Financial Advisers to Americas M&A: Value League Table of Financial Advisers to Americas M&A: Volume
Ranking Q1-Q3 2010 Q1-Q3 Q1-Q3
2009 Ranking Q1-Q3 2010 2009
Q1-Q3 Q1-Q3 House Value Deal Value % Value Q1-Q3 Q1-Q3 Value Deal Deal Count
2009 2010 (US$m) Count (US$m) Change 2009 2010 Company Name (US$m) Count Count Change
8 2 Credit Suisse 210,405 114 77,127 172.8% 1 2 Morgan Stanley 181,630 118 92 26
6 3 Barclays Capital 197,678 79 138,763 42.5% 4 3 Credit Suisse 210,405 114 75 39
1 4 Morgan Stanley 181,630 118 288,072 -36.9% 5 4 Bank of America Merrill Lynch 179,609 107 70 37
5 5 Bank of America Merrill Lynch 179,609 107 166,878 7.6% 2 5 JPMorgan 175,296 94 92 2
3 6 JPMorgan 175,296 94 206,104 -14.9% 7 6 UBS Investment Bank 97,907 91 61 30
4 7 Citigroup 139,911 70 186,860 -25.1% 13 7 Barclays Capital 197,678 79 35 44
16 9 UBS Investment Bank 97,907 91 41,324 136.9% 9 9 Deutsche Bank 117,896 77 53 24
13 10 Lazard 82,385 78 52,757 56.2% 6 10 Citigroup 139,911 70 63 7
15 11 RBC Capital Markets 71,772 65 43,385 65.4% 12 11 RBC Capital Markets 71,772 65 44 21
36 12 TD Securities 55,728 41 4,821 1,055.9% 17 12 Jefferies & Company 23,043 60 26 34
22 13 Santander Global Banking 48,035 9 8,611 457.8% 11 13 Rothschild 30,995 56 46 10
and Markets
10 14 Houlihan Lokey 10,207 52 52 0
18 14 Perella Weinberg Partners 47,193 15 24,582 92.0%
23 15 TD Securities 55,728 41 18 23
39 15 Royal Bank of Scotland Group 45,572 10 3,733 1,120.8%
15 16 Macquarie Group 9,369 36 27 9
7 16 Evercore Partners 43,534 21 135,960 -68.0%
16 17 KPMG 4,894 34 26 8
20 17 BNP Paribas 42,764 8 11,658 266.8%
19 18 CIBC World Markets 17,969 33 20 13
9 18 Blackstone Group Holdings 35,742 15 63,911 -44.1%
51 19 Harris Williams & Co 716 31 10 21
12 19 Rothschild 30,995 56 54,806 -43.4%
38 20 Lincoln International 982 29 15 14
59 20 Tudor, Pickering, Holt & Co 29,475 21 1,793 1,543.9%

League Table of Financial Advisers to US M&A: Value League Table of Financial Advisers to US M&A: Volume
2009 Ranking Q1-Q3 2010 2009
2 1 Goldman Sachs 201,723 143 246,016 -18.0% 1 1 Goldman Sachs 201,723 143 81 62
1 2 Morgan Stanley 153,767 107 259,009 -40.6% 3 2 Morgan Stanley 153,767 107 75 32
9 3 Credit Suisse 147,872 94 58,528 152.7% 5 3 Credit Suisse 147,872 94 57 37
6 4 Barclays Capital 146,994 74 138,763 5.9% 4 4 Bank of America Merrill Lynch 113,615 93 64 29
5 6 Bank of America Merrill Lynch 113,615 93 163,583 -30.5% 9 6 UBS Investment Bank 79,740 81 51 30
14 7 Deutsche Bank 113,434 69 40,189 182.3% 12 7 Barclays Capital 146,994 74 34 40
4 8 Citigroup 85,348 61 176,883 -51.7% 6 8 Lazard 81,939 72 53 19
11 9 Lazard 81,939 72 50,806 61.3% 10 9 Deutsche Bank 113,434 69 48 21
15 10 UBS Investment Bank 79,740 81 26,995 195.4% 7 10 Citigroup 85,348 61 52 9
16 11 Perella Weinberg Partners 47,073 14 24,582 91.5% 13 11 Jefferies & Company 22,960 58 25 33
7 12 Evercore Partners 43,534 20 135,960 -68.0% 8 12 Houlihan Lokey 10,207 52 52 0
8 13 Blackstone Group Holdings 35,742 15 63,911 -44.1% 11 13 Rothschild 14,316 43 37 6
41 14 Tudor, Pickering, Holt & Co 29,475 21 1,793 1,543.9% 15 14 RBC Capital Markets 17,536 40 21 19
10 15 Greenhill & Co 25,773 19 58,099 -55.6% 37 15 Harris Williams & Co 716 31 10 21
29 16 HSBC Bank 24,714 13 2,497 889.7% 27 16 Lincoln International 982 29 15 14
22 17 Jefferies & Company 22,960 58 6,150 273.3% 34 17 Macquarie Group 6,893 27 11 16
24 18 RBC Capital Markets 17,536 40 4,376 300.7% 41 18 Robert W Baird & Co 5,281 27 9 18
19 19 Allen & Company 15,804 9 7,742 104.1% 16 19 KPMG 4,160 26 19 7
18 20 Nomura Holdings 15,691 12 8,138 92.8% 28 20 Moelis & Company 10,142 25 14 11

Financial Advisers to Canadian M&A: Value Financial Advisers to Canadian M&A: Volume
Q1-Q3 Q1-Q3
6 1 Goldman Sachs 60,557 17 8,195 639.0% 6 1 TD Securities 55,728 39 16 23
1 2 RBC Capital Markets 55,932 30 40,066 39.6% 2 2 CIBC World Markets 17,556 31 18 13
11 3 TD Securities 55,728 39 4,821 1,055.9% 1 3 RBC Capital Markets 55,932 30 29 1
14 4 Bank of America Merrill Lynch 51,809 9 4,061 1,175.8% 7 4 GMP Securities 9,069 22 16 6
12 5 JPMorgan 51,407 5 4,581 1,022.2% 10 5 National Bank Financial 2,958 21 11 10
65 6 Barclays Capital 48,436 4 63 76,782.5% 9 6 Goldman Sachs 60,557 17 13 4
- 7 Royal Bank of Scotland Group 42,680 3 - - 5 7 BMO Capital Markets 15,414 17 16 1
17 8= BNP Paribas 41,908 1 3,379 1,140.2% 12 8 Morgan Stanley 17,936 13 8 5
- 8= Santander Global Banking and Markets 41,908 1 - - 3 9 Macquarie Group 3,604 13 18 -5
3 10 Morgan Stanley 17,936 13 20,458 -12.3% 8 10 Scotia Capital 10,054 12 15 -3
2 11 CIBC World Markets 17,556 31 25,848 -32.1% 11 11 FirstEnergy Capital 3,620 12 10 2
9 12 BMO Capital Markets 15,414 17 5,365 187.3% 15 12 Canaccord Genuity 1,134 12 8 4
10 13 UBS Investment Bank 12,392 11 5,076 144.1% 4 13 Peters & Co 769 12 17 -5
15 14 Scotia Capital 10,054 12 3,698 171.9% 20 14 UBS Investment Bank 12,392 11 5 6
13 15 GMP Securities 9,069 22 4,284 111.7% 14 15 Cormark Securities 1,525 10 8 2
Financial Advisers to Central & South American M&A: Value Financial Advisers to Central & South American M&A: Volume
Q1-Q3 Q1-Q3
Value Deal Value % Value Value Deal Deal Count
Q1-Q3 2009 Q1-Q3 2010 Company Name (US$m) Count (US$m) Change Q1-Q3 2009 Q1-Q3 2010 Company Name (US$m) Count Count Change
2 1 Credit Suisse 69,878 25 11,153 526.5% - 1 BTG Pactual 12,146 27 - -
3 2 Citigroup 50,422 10 10,319 388.6% 1 2 Credit Suisse 69,878 25 19 6
20 3 Bank of America Merrill Lynch 24,469 16 829 2,851.6% 15 3 Bank of America Merrill Lynch 24,469 16 4 12
5 4 Morgan Stanley 16,852 8 9,305 81.1% 2 4 JPMorgan 8,850 11 15 -4
- 5 BTG Pactual 12,146 27 - - 5 5 Citigroup 50,422 10 11 -1
11 6 Credit Agricole CIB 11,732 7 4,766 146.2% 3 6 Morgan Stanley 16,852 8 14 -6
- 7 Caixa Banco de Investimento 11,038 5 - - 4 7 UBS Investment Bank 10,768 8 12 -4
4 8 UBS Investment Bank 10,768 8 9,912 8.6% 7 8 Rothschild 9,712 8 6 2
53 9 Banco Espirito Santo de Investimento 9,886 4 13 75,946.2% 14 9 Deutsche Bank 6,855 8 4 4
- 10= Mediobanca 9,746 1 - - 11 10 Goldman Sachs 6,370 8 5 3
- 10= SG 9,746 1 - - 17 11 Credit Agricole CIB 11,732 7 2 5
8 12 Rothschild 9,712 8 7,905 22.9% 12 12 Santander Global Banking and Markets 4,707 6 4 2
- 13 Allen & Company 9,132 2 - - 20 13 HSBC Bank 2,882 6 2 4
1 14 JPMorgan 8,850 11 18,413 -51.9% - 14 Caixa Banco de Investimento 11,038 5 - -
13 15 Deutsche Bank 6,855 8 2,202 211.3% 53 15 Banco Espirito Santo de Investimento 9,886 4 1 3

Financial Advisers to US (North East) M&A: Value Financial Advisers to (North East) M&A: Volume
Q1-Q3 Q1-Q3

4 1 Goldman Sachs 119,038 82 142,335 -16.4% 3 1 Goldman Sachs 119,038 82 35 47
8 2 Credit Suisse 81,293 55 30,859 163.4% 1 2 Morgan Stanley 68,753 63 44 19
6 3 Barclays Capital 78,752 40 97,755 -19.4% 6 3 Credit Suisse 81,293 55 29 26
5 4 Bank of America Merrill Lynch 77,316 52 116,882 -33.9% 4 4 Bank of America Merrill Lynch 77,316 52 34 18
2 5 Morgan Stanley 68,753 63 152,879 -55.0% 7 5 UBS Investment Bank 39,915 51 28 23
1 7 Citigroup 44,571 35 156,927 -71.6% 2 7 JPMorgan 41,987 42 39 3
3 8 JPMorgan 41,987 42 148,718 -71.8% 9 8 Deutsche Bank 55,692 41 24 17
13 9 UBS Investment Bank 39,915 51 12,923 208.9% 12 9 Barclays Capital 78,752 40 13 27
12 10 Blackstone Group Holdings 30,838 11 13,859 122.5% 5 10 Citigroup 44,571 35 31 4
10 11 Lazard 26,994 44 21,166 27.5% 11 11 Jefferies & Company 12,344 27 14 13
30 12 HSBC Bank 18,180 8 1,529 1,089.0% 36 12 Harris Williams & Co 396 21 5 16
7 13 Evercore Partners 17,396 11 87,431 -80.1% 13 13 Rothschild 5,208 19 12 7
9 14 Perella Weinberg Partners 16,868 10 24,570 -31.3% 25 14 RBC Capital Markets 9,711 16 7 9
18 15 Jefferies & Company 12,344 27 5,055 144.2% 10 15 Houlihan Lokey 2,459 15 23 -8
Financial Advisers to (Mid-West) M&A: Value Financial Advisers to (Mid-West) M&A: Volume
Q1-Q3 Q1-Q3
Ranking Q1-Q3 2010 2009 Deal Ranking Q1-Q3 2010 2009
Value Count Value Count
Q1-Q3 2009 Q1-Q3 2010 Company Name (US$m) Deal Count Deal Count Change Q1-Q3 2009 Q1-Q3 2010 Company Name (US$m) Deal Count Deal Count Change
1 1 Morgan Stanley 43,628 29 78,263 -44.3% 4 1 Goldman Sachs 42,379 34 17 17
6 2 Goldman Sachs 42,379 34 27,741 52.8% 7 2 Morgan Stanley 43,628 29 12 17
12 3 Credit Suisse 33,945 22 17,039 99.2% 2 3 Bank of America Merrill Lynch 19,050 23 20 3
11 4 JPMorgan 27,387 22 17,686 54.9% 8 4 Credit Suisse 33,945 22 12 10
14 5 UBS Investment Bank 27,231 21 6,378 327.0% 1 5 JPMorgan 27,387 22 22 0
9 6 Barclays Capital 24,273 21 18,464 31.5% 13 6 UBS Investment Bank 27,231 21 8 13
7 7 Bank of America Merrill Lynch 19,050 23 24,565 -22.5% 10 7 Barclays Capital 24,273 21 10 11
8 8 Citigroup 15,159 13 23,920 -36.6% 5 8 Lazard 12,626 18 14 4
2 9 Blackstone Group Holdings 14,125 5 48,887 -71.1% 12 9 Deutsche Bank 9,509 14 8 6
10 10 Lazard 12,626 18 18,443 -31.5% 14 10 Lincoln International 647 14 8 6
13 11 Deutsche Bank 9,509 14 11,408 -16.6% 58 11 Harris Williams & Co 157 14 2 12
- 12 Perella Weinberg Partners 8,339 4 - - 6 12 Citigroup 15,159 13 13 0
70 13 HSBC Bank 8,013 5 54 14,738.9% 9 13 Houlihan Lokey 5,864 13 11 2
59 14 Miller Buckfire & Co 7,050 2 100 6,950.0% 11 14 William Blair & Company 2,568 13 9 4
16 15 Centerview Partners 5,952 5 4,193 42.0% 40 15 Robert W Baird & Co 3,197 12 3 9

Financial Advisers to US (South) M&A: Value Financial Advisers to (South) M&A: Volume
Q1-Q3 Q1-Q3
11 2 Barclays Capital 95,706 35 15,257 527.3% 9 2 Credit Suisse 86,215 40 17 23
12 3 Credit Suisse 86,215 40 14,069 512.8% 4 3 Bank of America Merrill Lynch 56,997 40 25 15
1 4 Morgan Stanley 81,470 34 74,966 8.7% 11 4 Barclays Capital 95,706 35 12 23
10 5 JPMorgan 75,208 34 19,723 281.3% 5 5 Morgan Stanley 81,470 34 22 12
16 6 Deutsche Bank 69,347 21 5,347 1,196.9% 1 6 JPMorgan 75,208 34 28 6
9 7 Bank of America Merrill Lynch 56,997 40 25,997 119.2% 6 7 Lazard 56,727 28 20 8
7 8 Lazard 56,727 28 30,450 86.3% 8 8 UBS Investment Bank 29,138 27 18 9
5 9 Citigroup 53,826 26 41,915 28.4% 7 9 Citigroup 53,826 26 19 7
3 10 Evercore Partners 35,175 11 59,934 -41.3% 3 10 Houlihan Lokey 1,887 26 26 0
13 11 UBS Investment Bank 29,138 27 9,465 207.8% 12 11 Jefferies & Company 11,027 23 12 11
127 12 Perella Weinberg Partners 25,783 5 12 16 12 RBC Capital Markets 9,653 23 9 14
2 13 Blackstone Group Holdings 21,732 5 60,174 -63.9% 10 13 Deutsche Bank 69,347 21 16 5
23 14 Tudor, Pickering, Holt & Co 20,076 17 1,793 1,019.7% 19 14 Tudor, Pickering, Holt & Co 20,076 17 7 10
14 15 Greenhill & Co 19,762 8 8,307 137.9% 31 15 Harris Williams & Co 418 15 6 9
Financial Advisers to US (West) M&A: Value Financial Advisers to (West) M&A: Volume
Q1-Q3 Q1-Q3
3 1 Morgan Stanley 47,286 25 42,790 10.5% 1 1 Goldman Sachs 29,835 37 28 9
10 2 Deutsche Bank 39,444 17 19,161 105.9% 23 2 Jefferies & Company 10,234 29 6 23
6 3 JPMorgan 37,468 21 33,919 10.5% 5 3 Bank of America Merrill Lynch 19,059 27 22 5
4 4 Barclays Capital 37,161 18 42,350 -12.3% 4 4 Morgan Stanley 47,286 25 22 3
9 5 Lazard 32,707 19 19,223 70.1% 6 5 JPMorgan 37,468 21 21 0
1 6 Goldman Sachs 29,835 37 78,611 -62.0% 8 6 Houlihan Lokey 1,869 21 16 5
12 7 Evercore Partners 25,320 6 10,478 141.6% 3 7 Lazard 32,707 19 23 -4
11 8 Perella Weinberg Partners 23,448 2 13,653 71.7% 11 8 Barclays Capital 37,161 18 12 6
5 9 Bank of America Merrill Lynch 19,059 27 42,002 -54.6% 7 9 Deutsche Bank 39,444 17 19 -2
13 10 UBS Investment Bank 10,593 16 8,405 26.0% 2 10 Credit Suisse 10,387 17 23 -6
8 11 Credit Suisse 10,387 17 24,453 -57.5% 9 11 UBS Investment Bank 10,593 16 14 2
41 12 Jefferies & Company 10,234 29 316 3,138.6% 15 12 Pagemill Partners 170 14 9 5
34 13 Tudor, Pickering, Holt & Co 8,780 6 442 1,886.4% 10 13 Citigroup 6,444 13 13 0
7 14 Citigroup 6,444 13 28,104 -77.1% 136 14 GCA Savvian 1,230 13 1 12
28 15 Nomura Holdings 4,180 2 1,015 311.8% 16 15 Rothschild 2,338 10 8 2

Asia-Pacific (ex. Japan) M&A Overview
Asia-Pacific M&A Activity - Quarterly
(excluding Japan)
M&A activity has continued its upward trend in the Asia-Pacific region with activity for the first three 170 700
Value ($bn)
quarters standing at US$ 229.1bn, up 23.4% compared to Q1-Q3 2009. The region continues to 160 Volume 650
150
maintain its 16% share of global M&A. 600
140
550
130
Q3 2010 was the strongest quarter for M&A since Q4 2009 and the best performing Q3 period on 120 500
mergermarket record. 110

450
Volume of Deals
100
400
90
Outbound Asian M&A remains strong. Total outbound M&A of US$ 79bn for the first nine months of 80
350
300
the year was the highest since 2007. Inbound deal flow into the Asia Pacific region saw an increase to 70
60 250
US$ 33.8bn worth of deals last quarter, more than the first two quarters of the year combined and the
50 200
highest quarterly activity since Q4 2006. 40
150
30
100
20
Morgan Stanley tops the financial advisor rankings for the region, having advised on 33 deals worth 50
10
US$ 50.2bn in Q1-Q3 2010. Credit Suisse and Goldman Sachs follow, with just US$ 600m difference 0 0
between them.
Q 03
Q 03
Q 03
Q 03
Q 04
Q 04
Q 04
Q 04
Q 05
Q 05
Q 05
Q 05
Q 06
Q 06
Q 06
Q 06
Q 07
Q 07
Q 07
Q 07
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Q 08
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Asia-Pacific Private Equity Buyout Activity - Quarterly Asia-Pacific (excluding Japan) Inbound/Outbound M&A
(excluding Japan)
20 70 60 175
Value ($bn) Inbound Value ($bn)
Volume 65 Outbound Value ($bn)
18 55
Inbound Volume
60 150
50 Outbound Volume
16 55
45
14 50 125
40
45

Volume of Deals
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12
40 35 100
10 35 30
30 75
8 25
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Asia-Pacific M&A Overview: Industry and Geography Breakdown
Q1-Q3 2010 Q1-Q3 2009 Change
Energy, Mining & Utilities 56.3 24.6% 178 61.8 33.3% 205 -8.9% -27
Financial Services 30.6 13.3% 134 28.7 15.4% 128 6.6% 6
Consumer 16.4 7.1% 160 21.6 11.6% 171 -24.0% -11
Transport 14.7 6.4% 69 12.8 6.9% 55 15.5% 14
Real Estate 12.0 5.2% 69 6.3 3.4% 58 90.2% 11
Agriculture 6.3 2.7% 38 1.7 0.9% 19 262.4% 19
Technology 6.1 2.7% 125 9.7 5.2% 89 -37.2% 36
Construction 5.3 2.3% 68 4.5 2.4% 42 18.4% 26
Media 4.6 2.0% 41 1.2 0.7% 24 275.3% 17
Leisure 3.1 1.4% 41 1.3 0.7% 35 135.5% 6
Defence 0.0 0.0% 1 0.1 0.0% 1 - 0
Total 229.1 1,436 185.6 1,251 23.5% 185
Mix of Announced Asia-Pacific Deals by Geographic Region Q1-Q3 2010 - Value Mix of Announced Asia-Pacific Deals by Geographic Region Q1-Q3 2010 - Volume
Other
Indonesia Indonesia Other
7.2%
2.1% 2.3% 7.4%
China
Malaysia 18.4% Malaysia
4.6% 3.3% China
26.3%
Singapore Singapore
3.4% 4.4%
Hong Kong Hong Kong

6.7% 5.7%
South Korea Australia

6.5% 17.0%
South Korea
10.8%
Australia
15.2%
India India
15.8% 10.8%
Japan
18.3% Japan
13.9%

Asia-Pacific M&A Overview: Top Deals
Activity Table of Asia-Pacific (ex. Japan) M&A for Q1-Q3 2010
Date (US$m)
16-Aug-10 Vedanta Resources Plc Credit Suisse; ENAM Securities; Cairn India Limited (60% Stake) Bank of America Merrill Lynch; 9,177
Goldman Sachs; JM Financial; Rothschild
JPMorgan Cazenove; Morgan
Stanley; Standard Chartered
04-May-10 Newcrest Mining Limited Bank of America Merrill Lynch; Lihir Gold Limited Grant Samuel; Greenhill Caliburn; 8,286
Lazard Macquarie Group
10-Mar-10 China Mobile Limited China International Capital Shanghai Pudong Development Guotai Junan Securities 5,831
Bank (20% stake)
01-Sep-10 Ping An Bank Co Ltd China International Capital Shenzhen Development Bank Co Ltd CITIC Securities; Credit Suisse 4,269
(31.97% Stake)
21-May-10 Abbott Laboratories Morgan Stanley Piramal Healthcare Solutions Piramal Healthcare Limited 3,720
business
30-Aug-10 POSCO Macquarie Group; Shinhan Daewoo International Corporation Advising seller: Bank of America KAMCO 3,547
Investment; Woori Finance Holdings (68.15% Stake) Merrill Lynch; KPMG
22-Mar-10 PetroChina Company Limited; and Deloitte; Morgan Stanley; Rothschild Arrow Energy Limited Citigroup; UBS Investment Bank 3,352
Royal Dutch Shell Plc
03-Sep-10 Goldcorp Inc CIBC World Markets Andean Resources Limited BMO Capital Markets 3,309
18-May-10 Guangzhou Automobile Group Co China International Capital; Denway Motors Limited (62.1% BNP Paribas 3,293
Ltd JPMorgan; Morgan Stanley Stake)
06-May-10 Deutsche Bank Luxembourg SA; Hua Xia Bank Co Limited (27.15% 3,042
Shougang Group Corp; and State stake)
Grid Asset Management Company
Limited

Asia-Pacific M&A Overview: League Tables of Financial Advisers
League Table of Financial Advisers to Asia-Pacific (ex. Japan) M&A: Value League Table of Financial Advisers to Asia-Pacific (ex. Japan) M&A: Volume
Q1-Q3 Q1-Q3
1 1 Morgan Stanley 50,174 33 25,774 94.7% 1 1 Ernst & Young 9,101 45 39 6
7 2 Credit Suisse 40,964 32 18,508 121.3% 3 2 Goldman Sachs 40,304 43 36 7
4 3 Goldman Sachs 40,304 43 21,275 89.4% 6 3 UBS Investment Bank 39,801 37 32 5
5 4 UBS Investment Bank 39,801 37 19,746 101.6% 7 4 Deloitte 9,765 37 32 5
9 5 JPMorgan 35,588 29 17,581 102.4% 23 5 Rothschild 33,390 35 14 21
3 6 Bank of America Merrill Lynch 34,258 22 21,408 60.0% 9 6 KPMG 8,413 34 30 4
10 7 Deutsche Bank 33,744 32 15,393 119.2% 2 7 Morgan Stanley 50,174 33 38 -5
45 8 Rothschild 33,390 35 1,563 2,036.3% 10 8 Credit Suisse 40,964 32 24 8
14 9 HSBC Bank 33,390 17 7,885 323.5% 8 9 Deutsche Bank 33,744 32 31 1
83 10 Barclays Capital 31,618 14 452 6,895.1% 14 10 JPMorgan 35,588 29 18 11
23 11 Standard Chartered 26,632 13 5,256 406.7% 5 11 PricewaterhouseCoopers 6,958 29 33 -4
17 12 BNP Paribas 25,128 13 6,971 260.5% 12 12 CIMB Group 14,043 25 21 4
12 13 Royal Bank of Scotland Group 22,220 11 10,274 116.3% 13 13 Bank of America Merrill Lynch 34,258 22 19 3
6 14 China International Capital 20,213 13 19,179 5.4% 4 14 Macquarie Group 16,817 22 33 -11
15 15 Macquarie Group 16,817 22 7,759 116.7% 11 15 Citigroup 12,326 20 23 -3
27 16 Lazard 14,858 9 3,486 326.2% 21 16 HSBC Bank 33,390 17 14 3
51 17 BMO Capital Markets 14,583 5 1,088 1,240.3% 93 17 Barclays Capital 31,618 14 2 12
50 18 CIMB Group 14,043 25 1,254 1,019.9% 33 18 Standard Chartered 26,632 13 8 5
31 19 Grant Samuel 13,347 9 2,662 401.4% 32 19 BNP Paribas 25,128 13 8 5
8 20 Citigroup 12,326 20 18,344 -32.8% 20 20 China International Capital 20,213 13 14 -1

Financial Advisers to Asia (ex. Japan) M&A: Value Financial Advisers to Asia (ex. Japan) M&A: Volume
Q1-Q3 Q1-Q3
1 1 Morgan Stanley 44,718 30 22,653 97.4% 2 1 Ernst & Young 5,911 36 27 9
61 2 Rothschild 30,142 28 639 4,617.1% 1 2 Morgan Stanley 44,718 30 34 -4
10 3 JPMorgan 30,014 19 10,994 173.0% 23 3 Rothschild 30,142 28 10 18
5 4 Credit Suisse 28,242 25 18,264 54.6% 4 4 UBS Investment Bank 28,142 26 23 3
8 5 UBS Investment Bank 28,142 26 13,397 110.1% 9 5 Credit Suisse 28,242 25 19 6
14 6 HSBC Bank 27,486 16 6,035 355.4% 8 6 CIMB Group 14,043 25 21 4
21 7 Standard Chartered 26,632 13 5,256 406.7% 5 7 Deutsche Bank 26,126 24 22 2
11 8 Deutsche Bank 26,126 24 10,515 148.5% 15 8 Deloitte 3,934 24 15 9
73 9 Barclays Capital 25,233 10 452 5,482.5% 6 9 KPMG 7,420 23 22 1
18 10 BNP Paribas 24,482 11 5,365 356.3% 3 10 PricewaterhouseCoopers 6,221 23 24 -1
3 12 Bank of America Merrill Lynch 21,654 15 21,091 2.7% 17 12 JPMorgan 30,014 19 14 5
13 13 Royal Bank of Scotland Group 21,480 9 7,788 175.8% 20 13 HSBC Bank 27,486 16 12 4
4 14 China International Capital 20,213 13 19,179 5.4% 7 14 Citigroup 8,144 16 21 -5
45 15 CIMB Group 14,043 25 1,254 1,019.9% 10 15 Bank of America Merrill Lynch 21,654 15 18 -3
Financial Advisers to Greater China M&A: Value Financial Advisers to Greater China M&A: Volume
Q1-Q3 Q1-Q3
2 1 China International Capital 20,213 13 19,179 5.4% 6 1 Deutsche Bank 17,122 14 13 1
14 2 Deutsche Bank 17,122 14 4,658 267.6% 4 2 China International Capital 20,213 13 14 -1
12 3 BNP Paribas 13,186 6 5,236 151.8% 9 3 Credit Suisse 10,884 13 10 3
5 4 Credit Suisse 10,884 13 11,037 -1.4% 1 4 Morgan Stanley 7,847 12 22 -10
13 5 JPMorgan 10,355 9 5,030 105.9% 16 5 KPMG 2,178 12 9 3
84 6 Barclays Capital 9,050 2 212 4,168.9% 5 6 CIMB Group 1,562 10 14 -4
17 7 Royal Bank of Scotland Group 8,870 1 4,101 116.3% 26 7 JPMorgan 10,355 9 5 4
4 8 Morgan Stanley 7,847 12 12,762 -38.5% 7 8 UBS Investment Bank 4,615 9 12 -3
1 9 CITIC Securities 7,135 5 22,157 -67.8% 2 9 Optima Capital 715 9 18 -9
28 10 Guotai Junan Securities 6,505 3 1,855 250.7% 10 10 Goldman Sachs 6,054 8 10 -2
8 11 Goldman Sachs 6,054 8 7,921 -23.6% 27 11 Citigroup 2,773 7 5 2
7 12 UBS Investment Bank 4,615 9 8,416 -45.2% 3 12 Somerley 2,325 7 16 -9
- 13 Hopu Investment Management 3,100 1 - - 18 13 Guangdong Securities 966 7 8 -1
11 14 Industrial and Commercial Bank of China 2,804 2 5,609 -50.0% 20 14 BNP Paribas 13,186 6 6 0
15 15 Citigroup 2,773 7 4,644 -40.3% 17 15 Access Capital 280 6 9 -3

Financial Advisers to Australasian M&A: Value Financial Advisers to Australasian M&A: Volume
Q1-Q3 Q1-Q3
1 2 UBS Investment Bank 15,873 15 10,736 47.8% 3 2 Deloitte 6,437 16 20 -4
23 3 Credit Suisse 13,431 9 794 1,591.6% 5 3 UBS Investment Bank 15,873 15 14 1
10 4 Grant Samuel 13,347 9 2,662 401.4% 1 4 Macquarie Group 12,414 15 22 -7
38 5 Bank of America Merrill Lynch 13,150 8 317 4,048.3% 9 5 KPMG 1,136 12 10 2
28 6 Lazard 13,116 5 546 2,302.2% 6 6 Deutsche Bank 8,634 11 14 -3
4 7 Macquarie Group 12,414 15 6,256 98.4% 13 7 JPMorgan 7,935 11 7 4
6 8 Greenhill & Co 9,220 6 6,007 53.5% 4 8 Ernst & Young 5,571 11 15 -4
5 9 Deutsche Bank 8,634 11 6,121 41.1% 15 9 Credit Suisse 13,431 9 6 3
3 10 JPMorgan 7,935 11 7,693 3.1% 8 10 Grant Samuel 13,347 9 10 -1
8 11 Deloitte 6,437 16 4,450 44.7% 53 11 Bank of America Merrill Lynch 13,150 8 1 7
- 12 Barclays Capital 6,385 4 - - 12 12 Rothschild 3,248 7 8 -1
14 13= HSBC Bank 5,904 1 1,850 219.1% 14 13 Greenhill & Co 9,220 6 7 -1
- 13= Perella Weinberg Partners 5,904 1 - - 17 14 Citigroup 4,566 6 5 1
9 15 Morgan Stanley 5,580 4 3,671 52.0% 10 15 PricewaterhouseCoopers 737 6 9 -3
Financial Advisers to Japanese M&A: Value Financial Advisers to Japanese M&A: Volume
Q1-Q3 Q1-Q3
1 1 Nomura Holdings 36,640 54 26,308 39.3% 1 1 Nomura Holdings 36,640 54 64 -10
8 2 JPMorgan 24,180 11 6,979 246.5% 2 2 Mizuho Financial Group 3,962 32 43 -11
4 3 Daiwa Securities Group 16,565 24 13,753 20.4% 16 3 Morgan Stanley 11,523 25 5 20
6 4 UBS Investment Bank 13,405 5 9,813 36.6% 3 4 Daiwa Securities Group 16,565 24 41 -17
9 5 Morgan Stanley 11,523 25 6,361 81.2% 57 5 Sumitomo Mitsui Financial Group 2,071 19 1 18
11 6 Bank of America Merrill Lynch 10,374 6 5,165 100.9% 6 6 GCA Savvian 1,557 14 19 -5
3 7 Goldman Sachs 8,528 10 16,152 -47.2% 7 7 PricewaterhouseCoopers 1,088 12 17 -5
10 8 Deutsche Bank 7,763 6 5,995 29.5% 15 8 JPMorgan 24,180 11 5 6
2 9 Citigroup 5,987 6 20,354 -70.6% 13 9 Goldman Sachs 8,528 10 6 4
29 10 ABeam M&A Consulting Corp Fin 5,228 2 590 786.1% 9 10 KPMG 873 10 10 0
17 11 Barclays Capital 4,766 4 2,336 104.0% 8 11 Ernst & Young 647 7 14 -7
- 12 Perella Weinberg Partners 4,200 1 - - 17 12 Bank of America Merrill Lynch 10,374 6 5 1
5 13 Mizuho Financial Group 3,962 32 12,968 -69.4% 22 13 Deutsche Bank 7,763 6 3 3
12 14 Greenhill & Co 3,510 3 4,054 -13.4% 4 14 Citigroup 5,987 6 27 -21
19 15 Lazard 3,391 3 1,807 87.7% 11 15 UBS Investment Bank 13,405 5 8 -3

Financial Advisers to Indian M&A: Value Financial Advisers to Indian M&A: Volume
Q1-Q3 Q1-Q3
17 1 Rothschild 27,431 17 285 9,524.9% 1 1 Ernst & Young 1,143 18 14 4
6 2 Morgan Stanley 25,527 8 1,954 1,206.4% 22 2 Rothschild 27,431 17 2 15
- 3 Standard Chartered 22,203 6 - - 3 3 Kotak Investment Banking 939 10 8 2
- 4 Barclays Capital 14,005 6 - - 21 4 ENAM Securities 9,719 9 2 7
10 5 UBS Investment Bank 13,529 6 776 1,643.4% 15 5 Morgan Stanley 25,527 8 3 5
29 6 HSBC Bank 12,119 6 59 20,440.7% 7 6 Avendus Capital 128 7 5 2
14 7 Goldman Sachs 11,733 5 578 1,929.9% 2 7 BMR Advisors 34 7 9 -2
40 8 JPMorgan 11,293 4 14 80,564.3% - 8 Standard Chartered 22,203 6 - -
- 9 BNP Paribas 10,749 2 - - - 9 Barclays Capital 14,005 6 - -
- 10= Global Investment House 10,700 1 - - 10 10 UBS Investment Bank 13,529 6 4 2
- 10= State Bank of India 10,700 1 - - 33 11 HSBC Bank 12,119 6 1 5
5 12 Bank of America Merrill Lynch 10,431 4 2,054 407.8% 6 12 Deloitte 239 6 5 1
16 13 ENAM Securities 9,719 9 332 2,827.4% 30 13 Goldman Sachs 11,733 5 1 4
- 14 Credit Suisse 9,377 2 - - 9 14 JM Financial 3,963 5 4 1
2 15 JM Financial 3,963 5 3,332 18.9% 5 15 Citigroup 3,873 5 6 -1
Financial Advisers to South East Asian M&A: Value Financial Advisers to South East Asian M&A: Volume
Q1-Q3 Q1-Q3
16 1 CIMB Group 13,007 19 765 1,600.3% 1 1 CIMB Group 13,007 19 12 7
5 2 UBS Investment Bank 9,575 10 4,205 127.7% 4 2 UBS Investment Bank 9,575 10 7 3
7 3 JPMorgan 8,130 5 3,635 123.7% 16 3 Goldman Sachs 6,990 9 3 6
39 4 RHB Investment Bank 7,543 6 103 7,223.3% 6 4 Morgan Stanley 6,349 8 6 2
10 5 Goldman Sachs 6,990 9 2,252 210.4% 15 5 Credit Suisse 5,513 8 3 5
2 6 Deutsche Bank 6,749 7 6,446 4.7% 23 6 HSBC Bank 3,115 8 2 6
3 7 Morgan Stanley 6,349 8 6,359 -0.2% 13 7 Deloitte 1,117 8 4 4
6 8 Standard Chartered 5,528 5 4,020 37.5% 2 8 Deutsche Bank 6,749 7 11 -4
8 9 Credit Suisse 5,513 8 3,629 51.9% 19 9 Rothschild 2,509 7 3 4
9 10 Royal Bank of Scotland Group 4,719 3 2,883 63.7% 5 10 AmInvestment Bank 675 7 7 0
11 11 Nomura Holdings 4,420 3 2,062 114.4% 42 11 RHB Investment Bank 7,543 6 1 5
41 12 MIMB Investment Bank 4,034 2 66 6,012.1% 22 12 Ernst & Young 3,184 6 2 4
61 13 Public Investment Bank 3,393 3 13 26,000.0% 7 13 Bank of America Merrill Lynch 2,955 6 5 1
12 14 Ernst & Young 3,184 6 1,247 155.3% 9 14 KPMG 1,051 6 5 1
15 15 HSBC Bank 3,115 8 810 284.6% 10 15 OSK Investment Bank 716 6 5 1

Financial Advisers to South Korean M&A: Value Financial Advisers to South Korean M&A: Volume
Q1-Q3 Q1-Q3
- 1 Bank of America Merrill Lynch 7,597 3 - - 3 1 Ernst & Young 1,672 13 7 6
1 2 Morgan Stanley 5,120 2 3,769 35.8% 25 2 Deloitte 2,622 12 1 11
18 3 KPMG 4,355 6 685 535.8% 1 3 PricewaterhouseCoopers 725 11 10 1
17 4 Macquarie Group 3,703 2 742 399.1% 2 4 KPMG 4,355 6 10 -4
- 5= Shinhan Investment 3,547 1 - - 17 5 Credit Suisse 1,523 4 2 2
- 5= Woori Finance Holdings 3,547 1 - - - 6 Bank of America Merrill Lynch 7,597 3 - -
- 7= RBC Capital Markets 2,905 1 - - 13 7 Goldman Sachs 2,294 3 2 1
33 7= Royal Bank of Scotland Group 2,905 1 50 5,710.0% - 8 UBS Investment Bank 813 3 - -
21 9 Deloitte 2,622 12 502 422.3% 10 9 Samsung Securities 227 3 3 0
14 10 Goldman Sachs 2,294 3 937 144.8% 4 10 Morgan Stanley 5,120 2 5 -3
10 11 Ernst & Young 1,672 13 1,426 17.3% 5 11 Macquarie Group 3,703 2 5 -3
15 12= HSBC Bank 1,625 1 906 79.4% 9 12 Citigroup 924 2 3 -1
- 12= RHB Investment Bank 1,625 1 - - 18 13 Deutsche Bank 660 2 1 1
28 14 Credit Suisse 1,523 4 241 532.0% - 14 Rothschild 467 2 - -
- 15 Barclays Capital 1,145 1 - - - 15= Shinhan Investment 3,547 1 - -
- 15= Woori Finance Holdings 3,547 1 - -

Africa & Middle East M&A Overview
Africa & Middle East M&A Activity - Quarterly
36 140
Value ($bn)
M&A in Africa and the Middle East totalled US$36bn in Q1-Q3 2010, up 48.8% in value and 34
32
Volume 130
120
8.4% in volume - the highest Q1-Q3 period since 2007. 30
28 110
26 100
The majority of the deals were in the Industrials & Chemicals sector, with 35 deals. the 24

90
Volume of Deals
22
Telecoms sector saw 30.8% of total M&A activity in the region by value. 20
80
18 70
16
Morgan Stanley topped the African and Middle Eastern league table of financial advisers by 14
60
50
deal value, having worked on US$ 16.9bn-worth of deals. 12
40
10
8 30
6
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Q1-Q3 2010 Q1-Q3 2009 Change
Telecommunications 11.1 30.8% 6 12.6 52.3% 13 -12.0% -7
Financial Services 5.5 15.2% 32 2.5 10.4% 30 120.1% 2
Business Services 3.2 8.8% 17 0.2 0.8% 13 1,501.5% 4
Leisure 3.1 8.7% 5 0.2 0.8% 7 1,580.7% -2
Real Estate 2.0 5.5% 10 1.8 7.3% 9 12.5% 1
Consumer 1.2 3.3% 21 1.3 5.4% 26 -8.8% -5
Transport 1.0 2.7% 5 0.1 0.6% 3 573.2% 2
Technology 0.7 1.9% 21 0.5 2.0% 12 44.0% 9
Construction 0.3 0.8% 7 0.4 1.7% 14 -29.4% -7
Agriculture 0.2 0.5% 5 0.3 1.1% 6 -33.6% -1
Defence 0.0 0.1% 1 0.0 0.1% 1 38.2% 0
Media 0.0 0.1% 1 0.1 0.6% 5 -68.6% -4
Total 36.0 207 24.0 190 49.5% 17

Africa & Middle East M&A Overview: Top Deals
Activity Table of Africa & Middle East M&A for Q1-Q3 2010
Date (US$m)
30-Mar-10 Bharti Airtel Limited Barclays Capital; Global Investment Zain Africa BV Advising seller: BNP Paribas; UBS Mobile Telecommunications 10,700
House; HSBC Bank; Morgan Stanley; Investment Bank Company KSC
Standard Chartered; State Bank of
India
15-Jul-10 Nippon Telegraph and Telephone Morgan Stanley; Rand Merchant Dimension Data Holdings Plc JPMorgan Cazenove; Nomura 2,822
Corporation Bank Holdings
18-Feb-10 Gold Reef Resorts Limited Deutsche Bank; Grant Thornton Tsogo Sun Holdings Pty Ltd Investec Hosken Consolidated Investments 2,721
Corporate Finance Limited; and SABMiller Plc
28-Mar-10 China Petroleum & Chemical Goldman Sachs; ING; UBS Sonangol Sinopec International Sinopec Overseas Oil & Gas Limited 2,457
Corporation Investment Bank Limited (55% stake)
31-Mar-10 Metropolitan Life Limited Fidelis Partners Momentum Group Limited Advising seller: Rand Merchant Bank FirstRand Limited 2,408
10-May-10 Hindustan Zinc Limited Lazard Anglo American Zinc Advising seller: Goldman Sachs; Rand Anglo American Plc 1,338
Merchant Bank; UBS Investment
Bank
25-Mar-10 Redefine Income Fund Limited Hyprop Investments Limited (66.70% 942
stake)
21-Mar-10 Qatar Navigation Company QSC Qinvest Qatar Shipping Company QSC HSBC Bank; Morgan Stanley 917
10-Jan-10 Barwa Real Estate Company QSC Goldman Sachs Qatar Real Estate Investment Co JPMorgan 862
20-Jul-10 Apache Corporation Bank of America Merrill Lynch; BP Plc (Western Desert business Advising seller: Standard Chartered BP plc 650
Citigroup; Goldman Sachs; JPMorgan concessions and East Badr El-din
exploration concession in Egypt)

Africa & Middle East: League Tables of Financial Advisers
League Table of Financial Advisers to Africa & Middle East M&A: Value League Table of Financial Advisers to Africa & Middle East M&A: Volume
2009 Ranking Q1-Q3 2010 2009
6 1 Morgan Stanley 16,942 6 5,061 234.8% 4 1 Goldman Sachs 11,344 10 7 3
3 2 UBS Investment Bank 15,795 4 6,662 137.1% 12 2 Rand Merchant Bank 7,411 9 6 3
- 3 Barclays Capital 14,359 4 - - 3 3 Morgan Stanley 16,942 6 8 -2
31 4 Standard Chartered 11,875 4 249 4,669.1% 7 4 JPMorgan 5,201 6 7 -1
10 5 HSBC Bank 11,617 3 3,570 225.4% 17 5 Investec 4,103 6 4 2
2 6 Goldman Sachs 11,344 10 7,336 54.6% 18 6 Ernst & Young 559 6 4 2
24 7 BNP Paribas 10,700 3 407 2,529.0% 11 7 Lazard 4,795 5 6 -1
- 8= Global Investment House 10,700 1 - - 13 8 Citigroup 1,638 5 5 0
- 8= State Bank of India 10,700 1 - - 15 9 Deloitte 200 5 4 1
19 10 Rand Merchant Bank 7,411 9 641 1,056.2% 2 10 UBS Investment Bank 15,795 4 8 -4
12 11 JPMorgan 5,201 6 1,985 162.0% - 11 Barclays Capital 14,359 4 - -
- 12 Royal Bank of Scotland Group 4,933 2 - - 38 12 Standard Chartered 11,875 4 1 3
64 13 Commerzbank 4,933 1 - - 1 13 Deutsche Bank 4,596 4 10 -6
13 14 Lazard 4,795 5 1,734 176.5% 9 14 KPMG 537 4 7 -3
1 15 Deutsche Bank 4,596 4 8,679 -47.0% 5 15 Rothschild 308 4 7 -3
18 16 Investec 4,103 6 726 465.2% 8 16 Nedbank Capital 295 4 7 -3
9 17 Credit Suisse 3,399 3 4,254 -20.1% 41 17 M&A International 121 4 1 3
50 18 GrantThornton Corporate Finance 2,752 2 42 6,452.4% 20 18 PricewaterhouseCoopers 78 4 3 1
47 19 ING 2,457 1 75 3,176.0% 14 19 HSBC Bank 11,617 3 5 -2
- 20 Fidelis Partners 2,408 1 - - 26 20 BNP Paribas 10,700 3 2 1

Criteria
The global Q1-Q3 2010 house league tables are based on announced transactions over US$5m in the period from 1 January 2010 to 30 September 2010. Deals with undisclosed deal values are included
where the target’s turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$ 100m. Activities excluded from the league tables include
property transactions and restructurings where the ultimate shareholders’ interests are not changed. League tables are based on the dominant geography of the target, bidder or seller.
The trend graphs and pie charts are based on the dominant industry and/or dominant geography of the target and include announced transactions over US$ 5m in the given time period. Deals with undis-
closed deal values are included where the target’s turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$ 100m. Activities excluded
from the graphs and charts include property transactions and restructurings where the ultimate shareholders’ interests are not changed.
The top deals tables are based on announced transactions between 1 January 2010 and 30 September 2010 and are based on dominant geography of the target only.
All data excludes minority stake deals (10% - 30%) where dominant target geography is Asia-Pacific and the deal value is less than US$ 100m.
Unless stated otherwise, all data excludes lapsed and withdrawn bids.
All data correct as of 1 October 2010.
Germanic: Germany, Austria and Switzerland

Nordic: Denmark, Sweden, Finland, Norway, Faroe Islands, Greenland and Iceland
Benelux: Belgium, the Netherlands and Luxembourg
Iberia: Portugal and Spain
CEE: Armenia, Azerbaijan, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Hungary, Latvia, Lithuania, Macedonia, Moldova, Poland,
Romania, Russia, Serbia, Slovakia, Slovenia, Ukraine
US (Mid-West): llinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Wisconsin
US (North East): Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont
US (South): Alabama, Arkansas, Delaware, District of Columbia, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina,
Tennessee, Texas, Virginia, West Virginia
US (West): Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming
Greater China: China, Hong Kong, Macau, Taiwan

South East Asia: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, Vietnam
Criteria: http://www.mergermarket.com/pdf/deal_criteria.pdf

About mergermarket
mergermarket is a mergers & acquisitions (M&A) intelligence service.
mergermarket is part of The Mergermarket Group which has over 450 employees worldwide
and regional head offices in New York, London and Hong Kong.
In any market, the life blood of advisers is deal flow. mergermarket is unique in the provision
of origination intelligence to the investment banking, legal, private equity, acquisition finance,
public relations (PR) and corporate markets.
With an unrivalled network of analysts covering M&A in the Americas, Europe, Middle-East,
Africa and Asia-Pacific, mergermarket generates proprietary intelligence and delivers it
together with daily aggregated content, on its mergermarket.com platform and by real-time
email alerts to subscribers.
This wealth of intelligence, together with a series of deal databases, individual and house
league tables, profiles and editorial have proven time and time again that this product can and
Contact: does generate real revenues for clients. This is apparent when you see that mergermarket is
used by over 1500 of the world’s foremost advisory firms to assist in their origination process.
Europe:
Flora Wilke
flora.wilke@mergermarket.com
Tel: +44 207 059 6348
Americas:
Hannah Bagshawe
hannah.bagshawe@mergermarket.com
Tel: +1 646 378 3194
Asia-Pacific:
Michel Chau
michel.chau@mergermarket.com
Tel: +852 2158 9706

Press Release: Mergermarket M&A Round-Up For Q1-Q3 2010 October 1 2010, For Immediate Release

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Press Release: Mergermarket M&A Round-Up For Q1-Q3 2010 October 1 2010, For Immediate Release

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press release mergermarket M&A Round-up for Q1-Q3 2010

October 1 2010, for immediate release

EMEA: Flora Wilke Americas: Hannah Bagshawe Asia-Pacific: Michel Chau

Press Release: mergermarket M&A Round-up for Q1-Q3 2010 2 www.mergermarket.com

Value of Deals ($bn)

Value of Deals ($bn)

Press Release: mergermarket M&A Round-up for Q1-Q3 2010 3 www.mergermarket.com

Mix of Announced Deals by Geographic Region Q1-Q3 2010 - Value

Central & Eastern Europe

Northern Europe Central & Eastern Europe

Central & South America

Press Release: mergermarket M&A Round-up for Q1-Q3 2010 4 www.mergermarket.com

Value of Deals ($bn)

period last year, at US$ 134.2bn. 0 0

Value of Deals ($bn)

Press Release: mergermarket M&A Round-up for Q1-Q3 2010 5 www.mergermarket.com

Value of Deals ($bn)

2003 2004 2005 2006 2007 2008 2009 2010 YTD

Unsolicited Recommended Unsolicited Hostile

Press Release: mergermarket M&A Round-up for Q1-Q3 2010 6 www.mergermarket.com

Value of Deals ($bn)

Business Services Technology

1 1 Goldman Sachs 87.8 97 58.4 50.4%

Press Release: mergermarket M&A Round-up for Q1-Q3 2010 7 www.mergermarket.com

Press Release: mergermarket M&A Round-up for Q1-Q3 2010 8 www.mergermarket.com

Press Release: mergermarket M&A Round-up for Q1-Q3 2010 9 www.mergermarket.com

Value of Deals ($bn)

130 400 130 300

Value of Deals ($bn)

Press Release: mergermarket M&A Round-up for Q1-Q3 2010 10 www.mergermarket.com

South Eastern Europe Other

Press Release: mergermarket M&A Round-up for Q1-Q3 2010 11 www.mergermarket.com

Activity Table of European M&A for Q1-Q3 2010

12-Sep-10 Deutsche Bank AG Deutsche Bank; SG Deutsche Postbank AG (70.05% 4,922

Press Release: mergermarket M&A Round-up for Q1-Q3 2010 12 www.mergermarket.com

Press Release: mergermarket M&A Round-up for Q1-Q3 2010 13 www.mergermarket.com

Press Release: mergermarket M&A Round-up for Q1-Q3 2010 14 www.mergermarket.com

Value Value % Value Value Count

Value Value % Value Value Count

Value Value % Value Value Count

Press Release: mergermarket M&A Round-up for Q1-Q3 2010 20 www.mergermarket.com

Value of Deals ($bn)

point this year in Q3. 150 400

220 280 140 300

Value of Deals ($bn)

Press Release: mergermarket M&A Round-up for Q1-Q3 2010 21 www.mergermarket.com

Central & South America

Canada US (Mid West)

Press Release: mergermarket M&A Round-up for Q1-Q3 2010 22 www.mergermarket.com

Press Release: mergermarket M&A Round-up for Q1-Q3 2010 23 www.mergermarket.com

Press Release: mergermarket M&A Round-up for Q1-Q3 2010 24 www.mergermarket.com

Press Release: mergermarket M&A Round-up for Q1-Q3 2010 25 www.mergermarket.com

Press Release: mergermarket M&A Round-up for Q1-Q3 2010 26 www.mergermarket.com

Value Value % Value Value Count

16 15 Centerview Partners 5,952 5 4,193 42.0% 40 15 Robert W Baird & Co 3,197 12 3 9

Press Release: mergermarket M&A Round-up for Q1-Q3 2010 28 www.mergermarket.com

mergermarket record. 110

Value of Deals ($bn)

Value of Deals ($bn)

Press Release: mergermarket M&A Round-up for Q1-Q3 2010 29 www.mergermarket.com

Hong Kong Hong Kong

South Korea Australia