Q2 Data Set

SECOND QUARTER 2008 FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEWWorldwide M&A Falls 36%YTD to US$1.6 Trillion l Unsolicited Bids Triple to US$237 Billion l Estimated Financial Advisory Fees Down 30%

http://banker.thomsonib.com

Facing continued uncertainty in the global credit markets and a steep decline in stockmarkets around the globe, the volume of worldwide mergers and acquisitions totaledUS$1.6 trillion in announced deals during the first half of 2008, a decrease of 36%over the record-breaking first half of 2007 and the lowest levels for first half dealactivity since the opening six months of 2006. However, worldwide announced M&Afor the second quarter of 2008 totaled US$885.5 billion, a 30% increase from the firstquarter of 2008. Activity in Europe declined 43% over the year-ago period to reachUS$534.7 billion during the first half of 2008, while Africa/Middle East saw declines of18%. Deals in Japan saw a decrease of 44%, and deal volume in the United Statestumbled 40%, accounting for 38% of worldwide volume compared to 41% during thefirst half of 2007. Bolstered by strong deal activity in Australia and China, volume inAsia Pacific increased by 24% and was the only region to see advancing deal volumeover the first half of 2007. Keeping pace with declines in new deal announcements,imputed fees for completed M&A financial advisory assignments fell 30% to US$15.9 of 2008 compared to US$22.7 billion during the same period last year accordingto Thomson Reuters/Freeman & Co.

Cross border deal activity, aided by emerging economies with cash to spend and favorable exchange rates inthe US, totaled US$630.9 billion during the first half of 2008 or 40% of worldwide M&A volume. Last year atthis time, cross border acquisitions accounted for 44% of overall volume. Demonstrating the confidence ofstrong global corporations, unsolicited transactions nearly tripled during the first half 2008, totaling US$237.0billion compared to US$29.8 billion during the same period last year.

Deal making activity in the consumer staples, energy and power and financials sectors combined for nearlyhalf of worldwide activity during the first half of 2008, bolstered by InBev’s proposed acquisition of AnheuserBusch for US$55.5 billion, Mars’ US$23.2 billion acquisition of William Wrigley and Australia’s WestpacBanking’s US$17.9 billion acquisition of rival St George Bank. Activity in the industrials and high technologysectors topped all industry groups, by number, with over 2,500 deals announced during the first half of 2008.

Private Equity firms, a major driver of worldwide mergers and acquisitions over the past three years, were leftlargely on the sidelines during the first half of 2008 as dealmakers approached the one year anniversary ofthe global credit crisis. With just US$152.4 billion in announced deals, the volume of financial sponsor-backed transactions reached its lowest levels since 2005. With little financing opportunities available forprivate equity firms to make acquisitions, not one leveraged buyout over US$5 billion has been announcedsince July 2007. As a result, financial sponsors accounted for just over 9% of announced transactions duringthe first six months of 2008 compared to 25% during the first half of 2007.

Worldwide Buyside Financial Sponsor Volume January 1 - June 30

4.1%3.3%

6.8% 6.6%

9.4%

11.3%

13.7%

20.1%

24.7%

9.7%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Ran

k Va

lue

(US$

b)

0%

5%

10%

15%

20%

25%

30%

% o

f Glo

bal V

olum

e

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of H1 Global Volume

Worldwide Volume By Region

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08

Vol

ume

(US

$m)

AmericasEMEAAsia Pacific (ex Central Asia)Japan

1

Mkt.ShareRank

50.2 84

307 Merrill Lynch

Second Quarter 2008 | Mergers & Acquisitions | Financial Advisors

26.5

2,311

34.7 112

131

Mergers & Acquisitions

Top Worldwide Announced M&A Advisors by Target IndustryRank Val

US$m

Goldman Sachs & CoCiti

Goldman Sachs & Co

Energy and PowerGoldman Sachs & Co

No. Deals

1,145 Consumer StaplesJP Morgan 53.3 109

259,237.9 407,484.0 1383,532.5 2

2

3513,897.9 2

248,893.5169,205.6

1,936

2,666

29.3 287

109

241

177

222,235.6

230,392.3 1

459,511.7

491,179.0

472,830.3

142,217.0

20.1

52,161.4

Industrials33.73

Morgan Stanley

Deutsche Bank AG

UBSMorgan Stanley

18

1

2

497,069.6 1 36.4

23.5128,536.1

567,271.5

25.3

17.8 122

% Change in

Worldwide Completed M&A (AF1) - Imputed Fees

3

Imputed Fees

112

32

1,423 27.8 20

2 27.2

3 44.6

141161

155

3 21.0

Imputed Fees1/1/2007 - 6/29/2007

174,698.7

Mkt. No.Rank1

US$m

920.3

1,361.11,051.3

UBS

Financials

Goldman Sachs & Co

3.8

Materials

655.2

1/1/2008 - 6/29/2008

3.9

US$m Deals

340,943.5

3.33.3

Merrill Lynch 67,709.8

196,820.6Morgan Stanley

Morgan Stanley

136

-46.9-32.1

150145

1,344.8887.8

123148

-4.585 550.0

471.7

Source: Thomson Reuters/Freeman & Co.

Rothschild -29.6-29.9

12222,759.3

728.3

Share984.5 6.2

4.6

Rank12


Fees

-54.9

572

-30.7-27.7

3-28.8-29.0

142.1-70.3

2.235 411.6 62.2-5.2

12,720100.0

103

-9

2.6 431.8 102.1

606.3

527.7

630.0

605.3Morgan StanleyMerrill LynchCiti

Financial AdvisorGoldman Sachs & CoJP MorganUBSCredit Suisse

8910

525.3409.5

5

3

238.4 6

332.0

4.14 4

5271.5250.9

Lehman Brothers48

6994.3891.93.86

Deutsche Bank AG

--

78910

Industry Total 15,961.9

7

276.023

319.1JP Morgan

% Change inMkt. Imputed FeesNo.

611.6Rank

1 15.7

Rank

1/1/2008 - 6/29/2008 1/1/2007 - 6/29/2007Imputed Fees

ShareFinancial Advisor US$mGoldman Sachs & Co

48 582.6 3 -45.28 -24.3

-55.04.9 40 364.64.8 45 603.8 24.5 56 513.34.2 55 502.4

7

-40.59,464.3

153.4 -16.02.7 39 182.6 10122.3

Lehman BrothersMorgan StanleyCredit Suisse

Deutsche Bank AG

Lazard Citi

UBSMerrill Lynch


100.0Industry Total122.0

5,632.7 -11

3,851-14.230

US Completed M&A (AF2) - Imputed Fees

10.9FeesDeals US$m-31.376 890.1

231.4 4.1 -38.7

-51.1-52.5

45

38 377.5

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

$0$30,000$60,000$90,000

$120,000$150,000$180,000$210,000$240,000$270,000$300,000

Con

sum

er S

tapl

es

Ener

gy a

nd P

ower

Fina

ncia

ls

Mat

eria

ls

Indu

stria

ls

Tele

com

mun

icat

ions

Hea

lthca

re

Rea

l Est

ate

Hig

h Te

chno

logy

Med

ia a

ndEn

terta

inm

ent

Con

sum

er P

rodu

cts

and

Serv

ices R

etai

l

Ran

k Va

lue

(US$

m)

0

500

1,000

1,500

2,000

2,500

3,000

# of

Dea

ls

Rank Value (US$m) # of Deals

2

709,929.4111

308

1,002,293.0

180


Mergers & Acquisitions

36

1,861

40.4

4,890

-46.8-2.5

1,406

395

-61.1

53.9

6,377

Argentina

Region/Nation

6,157.821,493.0 93

21,115.719,899.347,441.1

45413.0

5,810.0

% Change in

Rank Value

1,193,235.4

29,714.4

92.8

6,409

-59.2

148

249.0

67

Worldwide

163

470

-35.77,785 -40.5

21,861

219.4122

1/1/2008 - 6/30/2008Rank Val

US$m

Worldwide

6,866.4

No. Deals

1,566,774.5 18,488Americas

2,435,623.9

Rank Val US$m

9,599.5

4,410.8

Central America 21,928.6Mexico

South America

Brazil

57,740.3

594,736.1Canada

523

45

71

4,655

4,369.913,198.7205

5,70510,934.8

20398439,189.5

3,573.5

South Asia 3648,051.421

20,670.4

-20.1126,585.5

6.6296

-14.6718

-66.7

1,032 -38.8

15,362.7

272,547.52,716.644,824.181643,245.5


15,517 -29.41,840,065.8

Scorecard: Worldwide Announced M&A

No. Deals

1/1/2007 - 6/30/2007

12,720

-25.1

Mexico63

487,752.5

232Brazil

20,226.9

32355

Central AmericaAmericas

234-66.3

1,135,305.1 7,085 -45.0

29,948.2

Philippines13,430.7

South East Asia

Australasia

-40.3

36,874.1

Middle East

Africa/Middle East

2,758.7

260,710.573,159.570,335.8 1,181

4,72267,897.01,10963,887.2

-57.0477610 42627,610.1

773-58.4

France87,625.8 71,086.7

Eastern EuropeWestern Europe

Europe

-52.3

-10.94,986 -3.1

678534,736.0

34,050.2

Asia-PacificUK

FranceGermany

1,403

4,77882,722.3

452,013.7927

93,982.731,793.9

Sub-Saharan AfricaNorth Africa

23,474.4United States

Africa/Middle East

9,464.1Middle East

46,180.5North America

391430

-77.71,247

207

5,672North America

113

33,877.6536,219.9

4,509

607,380.0 4,2594,608.2

374,121.6

17,048.4 31

153,931.8

296

6634,243.5

59989

759

1,164 192,609.7

60,223.5

663

38,684.0

3,596

8451,411.2

35,457.5

169,000.8

625

79,845.1553,659.3

-21.2

380

-62.97,562.1 40

38,429.5 623302

46

34313,622.8

-61.0

2,424

173

349

-36.6

-12.60.7

749 47,129.9

Australasia

South East Asia 977

Australia 964New Zealand

55,023.92,132.6 122

67,315.7

16,039.65,007.4Philippines

15,332.4Malaysia

103,605.3North Asia85

416

South Asia

ChinaHong Kong

50,189.5

24,609.231,156.1

753

9,663.4 26.67,633.8 210Hong Kong 164

1,298,620.8

12,000.9Sub-Saharan Africa

20,662.2

71,160.1

2,804.9

10,729.31,087 59.9North Asia 40,259.4

88

China

81.5

38.5 Central Asia1,254 68,005.637,924.2 Japan1,332 -3.5Japan

1,30284.7

477

2,118

16,864.733,334.9

31,382.6

-26.2597482

23.67.8

New Zealand

Malaysia

10.1

-4.4

Australia

Europe

Western Europe

210,851.0UKGermany

Eastern Europe

Asia-Pacific1,763230,619.8

76,459.9

850,192.5

871

935,028.51,05484,836.0

-42.87,463-12.2-28.3

432

Central Asia-44.2

414,312.6 3,113.9 42

6,0809871

31,399.6 324

42,737.039,548.9

970,465.6

104

24,641.93,650.1

47

17,315.622,146.3

33,657.5

46

3,851658

248

133,012.1

1,226.9 Argentina63

28,503.45,838

-72.5420,302.1

United States

Caribbean

1,017

0.9-17.6

624,450.5

South America

North Africa

Canada-40.7

Caribbean138.4 174

-21.5-48.9

-0.2175.143

-49.7-51.7

-54.3

-52.852

-36.68414,765

5,606313.5

51.1513.121

22,270.7 2562,780.8

2.4132-40.7

5,664 -4.11037,771.3

633,504.4

11,718.6

1,326.917,343.7

818,104.7

4,973

72,868.1

5,356.3890,972.7

Region/Nation

1/1/2007 - 6/30/2007Rank Val

US$m No. Deals

1/1/2008 - 6/30/2008

Rank Val US$m No. Deals

654

55,923.5

1,53564,243.5

2,764

Scorecard: Worldwide Completed M&A%

Change in Rank Value

3

* tie * tie


Rank Val US$mFinancial AdvisorGoldman Sachs & Co 403,352.0

4

3.3

52,243.8

116,675.0

22

-

-50.8

-70.5

16

3.0

2.4

17

20

Rank Value

-3.8Citi

-31.1

Rank

RBS

BNP Paribas SA- 14

No.

5564,866.73 27.2

Mkt.US$m

652,399.9833,811.134.9

1/1/2008 - 6/30/2008 1/1/2007 - 6/30/2007

Worldwide Completed (AF1)

Rank ValueRank ValRank

136

US$m

120

459,851.5

101

% Chg. in

244,229.7

-20.3

No.Mkt.Deals

31.1Share

25.6

6326

19

-60.3

270284.06

14,819

19

Subtotal without Financial Advisor

187

-65.41-47.2

-24.7

8 -35.1

-34.4

9134

Citi 449,715.2 2 18928.7

Financial Advisor US$m DealsShareRank

68.728

10

13-7.2

-35.6

4

3

Rank2

Rank Value1/1/2007 - 6/30/2007

% Chg. in Rank Value

Lehman Brothers

246,931.7

393,304.6JP Morgan

Deutsche Bank AG

349,592.6Credit Suisse

5

19.6

332,940.5 4

274,371.8254,951.6

6301,822.9

8

23.2

123 26.9

30.3

21.1

19.07

Worldwide Rankings

1/1/2008 - 6/30/2008

Worldwide Announced (AD1)

Caliburn Partnership Pty LtdCalyon

Subtotal without Financial Advisor82.7-

-1.3

26,053.8

17.3Nomura

116,740.0110,419.5

3.6

4.0

1112

1560,244.6 3.956,935.4

60,575.9

50,787.22.519

173.2

39,799.118

China International Capital CoMacquarie Group

22 1.821 2.2

Evercore Partners

RothschildMoelis & Co

Lazard

Banc of America Securities LLC

BNP Paribas SA14677,164.8 13

3.9

4.9

3461462,698.7

20,943.026,034.1

16Wachovia Corp

MediobancaRBS

William Blair & Co

27,765.734,649.738,679.1

5.3

226,815.6

7

9 157164

6

15.114.5

4,747.7

272,343.4

448.832

2,163,280.4

-52.0

18,488

- -0.4

Industry Total--

1.7

306.0

4226,285.9

6124

54,196.562

84

28

7

572,026.5

20

7.17.5

100 171,387.769,212.1

1.7

14

19.1

425,599.4JP MorganDeutsche Bank AG

187

10

Credit Suisse 298,516.8345,005.7

Goldman Sachs & Co 1547,396.6

2.5

2423

9,676.7

Subtotal with Financial Advisor-Industry Total

1,295,521.8 3,669

240,721.391,505.8

6041

11.59,525.7

31,073.25837

-56.5

105,298.259,658.5

123,208.0

-78.911

-42.8-50.8

-4.6

21

22.0 358,633.4

25

56,388.5

47,097.8-

261,524.3

151631

Morgan Stanley 292,191.9

88,516.3

845,049.8

Merrill LynchCenterview Partners LLC

82,186.0

543,975.2479,390.8

54

68 7

518.76

168171

87

459,843.7

3.615

11

910

12

4.0

5.613

7.9

44240

Merrill Lynch 243,766.4

72,581.3

Mediobanca

Centerview Partners LLC102,093.3Rothschild

2.32.422

2.821

22

-2.12.1

25

2324

3.23.3

181644

154,804.6 102433

74.1

-5.3

-15.3

14

11

27

17

18.61 -57.97

9

30,014.4

231,252.0

260,708.4605,841.9

84147149

243

353,292.1

-23.2160 525,147.2439,454.5140 -10.5

4.3

79.5-32.7

9.05

64,983.7362,442.6141

618.8

122

76,995.958 -26.81699 93,879.9 13 -22.7

120,488.9

16,725.8 35

-47.85.8

18,559.1

23

122.6-72.6

40,130.990,265.6

-33.3

160.0

46,464.2 21

15,380.9 39 138.84015,019.2

88.8

3,757.0184

4472 452.3

147.512,061.0

1

212 5,004.3

710.1-19.7

1,647,306.93,110192,758.9 -

- -30.69,61011.9

-35.7Subtotal with Financial Advisor

2,435,623.9-40.1 - 88.1

-29.4


-1,840,065.812,720100.0-

271,252.7

100.01,566,774.5 1,298,620.8

154,874.2

TD Securities Inc36,732.539,046.5

Global Leisure Partners LLP

31,584.4

27,388.727,640.7

30,999.3

1,143,746.6

-5.8-24.0

86

23.6

Perella Weinberg Partners LP

Calyon

Lazard

235,938.6287,247.0

UBS

RBC Capital Markets42,419.4Banc of America Securities LLC42,456.6

41,314.7

UBS18.3Lehman Brothers Morgan Stanley

Peter J. Solomon Co Ltd

Santander Global Banking

BMO Capital MarketsHSBC Holdings PLC

29,851.6

4

* tie

* tie

25


Rank1

-96.0-

2.5 8


Worldwide Rankings

93

1

JP Morgan49,809.3

125,750.81

16,553.5

1/1/2008 - 6/30/2008

DealsNo.Mkt.

US$m70,556.5

18,631.5

6

18,631.5

22,372.229,616.8

Morgan Stanley

Canaccord Capital Corp

29,785.731,847.9

45,797.9

91,471.9

1,626.0

RBSDeutsche Bank AG

Credit SuisseInvestec

Morgan Stanley

Financial AdvisorUBS

CitiMerrill Lynch

Industry TotalAlfa Bank

Lehman BrothersCredit Suisse

-

5,980.5RBSDeutsche Bank AG

Industry Total

2,675.52,308.8

1,398.4

4

JP Morgan41,258.7

Alfa Bank

67

3

55,562.9

Rank Value

17.215.8

UBS

3

1 54.5

10

89

Rank

26.7 7

12 1829.6

1045.7Share

6.1242.5

1/1/2007 - 6/30/2007

1.86

2.9

1.5100.0 49

35,249.5

6.54

Mkt.

Merrill Lynch

-83.2Rank

-71.8

--24

-90.0

24,499.8

46,465.86,646.0472.1 21

-11.23

4 -11.733,716.1

69,553.5

2

1

68,317.5

Rank ValueUS$m

87.6

Worldwide Completed M&A - ECM Roles (AI)

-76.6391,538.8

Chg. InRank Val

1,756.2

2

29

154,521.9

2

100.0-

8*

5

7

70210.7

20.6

112.114.5 2

19.3 5519.2 26

-12.1

10

-8* - -

--

55,903.0

1,003.3

16.2

-91.1

-91.0

-76.6

-33.01.4

No.

13.512,381.8 -14,472.815,737.4

US$mRank Value

1

67,221.923,773.32

15

144,608.3

297,029.9

1/1/2008 - 6/30/2008

14

Rank ValueDeals US$m

7

32

Rank

Worldwide Announced M&A - ECM Roles (AH)

Rank ValFinancial Advisor Share% Chg. In

1/1/2007 - 6/30/2007

-11.5-174,527.5

20.96819,257.1

5 -36.929,546.6

5


Worldwide Analysis

3/28/2008 Completed Endesa Italia

Hewlett-Packard Co2/1/2008 Completed

5/13/2008 Pending Electronic Data Systems Corp United StatesRio Tinto PLC

E ON AGMaterials

Energy and PowerItaly 14,342.2Shining Prospect Pte Ltd Singapore 14,284.2

Germany

Energy and PowerGovernment and Agencies

High TechnologyUnited StatesSpain 12,800.0

13,031.0

Republic Services Inc United States 12,728.8Investor Group

United States5/19/2008 Pending Pennsylvania Turnpike United States6/23/2008 Pending Allied Waste Industries Inc

United Kingdom


Rank Date Status Target3/18/2008 Completed Philip Morris Intl Inc Shareholders

6/5/2008

Top Fifteen Worldwide Announced DealsAcquior Nation Rank Value (US$m)

Alltel Corp5/21/2008 Pending Time Warner Cable Inc

Pending

4/28/2008 Pending William Wrigley Jr Co4/7/2008 Intended Alcon Inc

4/30/2008 Pending Origin Energy Ltd5/13/2008 Pending St George Bank Ltd

6/10/2008 Completed Telmex-International OperationUnited States5/21/2008 Intended Calpine Corp

112,955.26/11/2008 Intended Anheuser-Busch Cos Inc InBev NV

SwitzerlandBelgium

Mexico

United StatesUnited StatesSwitzerland

United States

Energy and Power

23,194.217,933.0

28,100.027,733.7

Energy and PowerFinancials

Consumer Staples

16,047.4

Acquiror

Mexico

17,345.616,475.0

55,544.142,129.7

AustraliaUnited Kingdom

United StatesNRG Energy IncShareholders

ShareholdersVerizon Wireless IncNovartis AGMars IncWestpac Banking Corp

United StatesUnited StatesUnited States

BG Group PLC

Target NationSwitzerland

United StatesUnited States

Australia

Telecommunications

Target IndustryConsumer StaplesConsumer Staples

Media and EntertainmentTelecommunications

Healthcare

Australia

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

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

$500,000

$550,000

$600,000

$650,000

Goldman Sachs & Co Citi JP Morgan Deutsche Bank AG Credit Suisse Morgan Stanley Lehman Brothers UBS Merrill Lynch Centerview PartnersLLC

Ran

k Va

lue

(US$

m)

Top 15 Worldwide Announced Deals

All Other Transactions

6

6

367 Goldman Sachs & Co 49,086.9 1 66.7

Citi

3

1

US Announced Advisors by Target IndustryNo.

Deals

6 Consumer Staples

JP Morgan

Mkt.Share

Rank Val (US$m) Rank

21

83.3

104,544.7 89,105.487,042.6Goldman Sachs & Co

Lazard

2 Credit Suisse 39,552.4 53.72

3 52.038,281.1

Healthcare

7

JP Morgan 11 73,593.8

31.2

60,576.376,805.3 35,447.8

Goldman Sachs & Co74,308.0 33,014.0

Goldman Sachs & Co

Energy and PowerMerrill Lynch

UBS

25,490.6

24,142.121,825.3

Lehman Brothers

Financials

InBev's Unsolicited All Cash Bid for Anheuser-Busch Largest Ever | LBOs Continue to Decline - Reaching a 5-Year Quarterly Low


44.4

9 23

12

9

34.3 9

57.9 4 367

46.2 14

487

177 85.2

7

19

31.428.4


Americas M&A

Belgian brewer InBev launched the largest unsolicited all cash offer of US$55.5 billion for US rivalbrewer Anheuser-Busch. If successful, it would be the largest all cash deal and the second largestUS cross-border deal behind Vodafone’s 1999 acquisition of AirTouch Communications for US$65.7billion. The deal remains in jeopardy as the board has unanimously rejected InBev's offer despite the29.4% premium offered to Anheuser-Busch's shareholders.

In another recent unsolicited bid, Microsoft withdrew its US$41.9 billion offer for Yahoo after its bidwas rejected, prompting activist investor Carl Icahn to launch a formal proxy fight to unseat Yahoo'sboard.

InBev's Unsolicited All Cash Bid for Anheuser-Busch Largest Ever

LBOs Continue to Decline - Reaching a 5-Year Quarterly LowThe leveraged buyout market continued to experience the lingering effects of the credit crunch duringthe first half of 2008 as Americas LBO volume totaled just US$26 billion, a 91.7% decline from thesame period last year and the average LBO size decreased from US$2.1 billion to US$394.1 million.LBO volume during the second quarter accounted for just 3% of Americas M&A, the lowest quarterlylevel in five years.

323,161.7

Americas M&A Target Announced LBO Volume

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

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

Ran

k Va

lue

(US$

bil)

0%

5%

10%

15%

20%

25%

30%

35%

% o

f Am

eric

as V

olum

e

LBO

Non-LBO

LBO Market Share

US Announced M&A by Target Industry

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

ConsumerStaples

Energy andPower

Financials Healthcare Media andEntertainment

HighTechnology

Materials Industrials

Rank

Val

ue (U

S$m

)

0

100

200

300

400

500

600

700

800

900

1000

# of

Dea

ls

January 1, 2008 - June 30, 2008

January 1, 2007 - June 30, 2007

Number of Deals YTD

US Unsolicited Bids by Deal Status

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2000 2001 2002 2003 2004 2005 2006 2007 2008

Rank

Val

ue (%

)

Withdrawn Completed Pending

7

* tie * tie

1,424--

25Greenhill & Co, LLC

17 10,135.8 37 -6.7- 10.8

-90.1

-14.6Subtotal without Financial Advisor 98,505.7

2.1Houlihan Lokey Howard & Zukin2.115,115.3CIBC World Markets Inc

15,087.920

Global Leisure Partners LLP 18

Banco Bradesco SA 11,105.0 23 7,286.81.2 914,621.814,378.4 23Rothschild

22

235

213

55


5,962 - -37.2- 100.0 1,128,275.2-38.5

4,538-

93,914.889.8

-22.81,034,360.4

-- - -

6,101 115,408.5 -1.8

72,472.212,385.5Grant Samuel

10.2Subtotal without Financial Advisor1Scotiabank-Bank of Nova Scotia 9,458.8 25 1.0

372412,860.5 -68.140,361.9 161.8 4

192.0

-68.047,164.4 15

RBC Capital Markets 9,639.9 24 1.1 36 97,454.6 15

235.04,365.2 47-46.726,975.2

Sandler O'Neill Partners 17,979.1 22 2.0 21 21,565.6 2967-83.1 21

-16.6 Keefe Bruyette & Woods Inc 2.1 18

-31.021,913.1 20Greenhill & Co, LLC 18,111.2 21 2.0 5 107,283.9 11

-78.0Banco Itau Holding Financeira 18,522.1 20 2.0 12 4,057.2 59 356.5

2.823 9,455.9 38

12Blackstone Group LP 19,817.2 19 90,002.236.145 25,449.8 27William Blair & Co 38,523.1 18 4.2Rothschild 34,648.7 19 3.8

452.3307.4 - -27,388.7 -3.9 1

3.9 2 461,146.6 Peter J. Solomon Co Ltd 27,640.7 1710 3,555.8 69 5,004.3BNP Paribas SA 44,326.2 17 4.912,061.0 32 147.5BMO Capital Markets 29,851.6 16 4.227 98,285.1 14 -53.1RBS 46,105.6 16 5.1

2,849.6 59 1,113.2Perella Weinberg Partners LP 34,571.8 15 4.928 59,658.5 20 -4.6Wachovia Corp 56,935.4 15 6.258,019.0 14 -35.2Lazard 37,620.3 14 5.315,019.2 26 160.0

Banc of America Securities LLC 60,175.8 14 6.6 32 116,091.8 1039,046.5 13 5.5 16

18,229.7 23 124.8Evercore Partners 60,244.6 13 6.6 14 105,298.2 12

40,986.2 12 5.8 39154,804.6 9 -72.6

Moelis & Co 62,698.7 12 6.9 6 - -42,419.4 11 6.0 24

235,148.1 6 -57.3Lazard 81,200.7 11 8.9 57 103,246.4 13

100,297.6 10 14.2 84164,545.6 8 -38.8

Centerview Partners LLC 116,740.0 10 12.8 6 69,212.1 19100,707.3 9 14.2 71

64,983.7 13 79.5UBS 137,101.2 9 15.0 88 174,041.8 9

116,675.0 8 16.5 6459,809.2 1 -74.2

Merrill Lynch 155,092.0 8 17.0 84 282,247.1 7118,757.6 7 16.8 75

147,867.3 10 25.1Morgan Stanley 207,021.3 7 22.7 102 509,081.3 2

184,953.4 6 26.1 47195,704.9 7 4.3

Lehman Brothers 246,320.7 6 27.0 64 331,641.8 5204,034.2 5 28.8 59

329,957.4 4 -33.8Deutsche Bank AG 248,356.9 5 27.2 64 220,278.7 8

218,363.9 4 30.8 67268,671.2 5 -12.6

Credit Suisse 248,572.8 4 27.2 103 320,963.2 6234,767.9 3 33.1 98

334,017.7 3 -18.9JP Morgan 339,936.9 3 37.2 115 419,019.3 4

270,989.5 2 38.3 83Citi 376,290.7 2 41.2

Any Americas Involvement Announced (AD49)

46.0 111 408,473.7

Any Americas Involvement Completed (AF55)

326,076.7 2 -20.2

% Chg. in Rank Val

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

Industry Total

Financial Advisor DealsMkt.

-19.8

1,314,481.6

-25.7

-21.2

52.4

US$m RankUS$m Rank

1/1/2007 - 6/30/2007

-48.2

-

-

3 -17.3

-21.4

-45.1-59.3

-18.9

45

Merrill LynchBanc of America Securities LLCRBC Capital Markets

-42.8 TD Securities Inc

Centerview Partners LLC

1

Rank ValueShare

- 100.0

133

7,69889.2 --

Goldman Sachs & Co92

Morgan Stanley

Financial AdvisorGoldman Sachs & Co

Rank Share1 51.7471,972.6

US$m% Chg. in Rank Val

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

No.Deals

Rank Value1/1/2007 - 6/30/2007

US$m Rank588,130.1

JP Morgan

Deutsche Bank AG

-22.6 Citi

1

12.7 Lehman Brothers

Credit Suisse454,744.8

UBS68.7

815,354.8913,860.5

635,953.9708,426.1

Subtotal with Financial AdvisorIndustry Total

-38.0-36.1

1,5971,429,890.1

Subtotal with Financial Advisor


Americas Rankings

8

* tie * tie

32

-33.9

--

-20.3-64.0

11

-- -13.5

-42.7

-78.5

Jefferies & Co Inc 7,152.8

Sandler O'Neill Partners

Citi

Banc of America Securities LLCWachovia CorpBNP Paribas SA

JP Morgan

1/1/2007 - 6/30/2007

100.0

6 20.0

Rank Val2354,258.6

US$m-54.576

Rank

37.6

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

4Goldman Sachs & Co1 43.1

US$m1161,260.0

Share

5434

3,669

Rank Value No.

52

5228.5

7852

23.8

815.47.120

10.5

6.4

-1

39,169.6

41

20

13.1

17.914.6

2

85.7

0.8

5

0.8

23,015.828,010.0

68,959.0933,334.0986

26

16,643.0

8

10.0

17,979.1 1963

211.4

2120

1.28,246.5

3.0

Merrill Lynch

2223,689.0194,086.4

141,532.8169,428.0

3

5Morgan Stanley 4

80,970.4116,909.4

77,871.5

-27.8 JP Morgan

Credit SuisseMorgan Stanley-40.9

-61.821.6

5

2

43

18.220.8

828

9

11100,486.2

28-

17-51.8-59.7

462.5

-64.6

-72.8-75.9

231.6

-64.964

747.1-7.7

-26.2

-82.8

-35.010-54.69

7.4

13.98

4,914.211.0

137.3 -

4.07.2

818,104.788587.8

52,159.7

27,640.7

14,901.8

27,388.7

374,121.6

41,116.5

4,196.3

6,826.2RBC Capital Markets

Grant Samuel


TD Securities IncGreenhill & Co, LLC

Keefe Bruyette & Woods Inc

10

5,076.8

19

9,139.28,394.27,116.5

27,038.4

24

12

1716

-


-54.33,851

12.2756,267.8

--

61,836.8

225,896.9235,197.7

2521,973.0

-56.6

-52.7

-0.21526

180.2

-33.1

-

56,075.4

17,751.6

4,365.2

3,261.1-

18

-1

36,961.039

150,941.8

10-

27

14

-4,632.44,941.7 24

25

90.0

174,639.2

17

4034

2

62

1

216,297.3

3.3

11

32.22.4

3

1

18

1.9 32

45,625.3328,496.3

Blackstone Group LP

Subtotal without Financial AdvisorSubtotal with Financial Advisor

RBC Capital Markets

Houlihan Lokey Howard & Zukin

Evercore Partners

RBSGreenhill & Co, LLC

William Blair & Co

Mediobanca4,949.8Duff and Phelps

Industry Total

5,482.2

535,104.359,631.8

Robert W Baird & Co Inc


BNP Paribas SA

Evercore PartnersSubtotal without Financial Advisor

Raptor LLC

Industry Total

Deutsche Bank AG106,333.5

Lazard 77,894.2

Lehman Brothers116,460.3119,006.2UBS

-41.5Moelis & Co

Credit Suisse

-49.4914 9.6

304.5

114,117.126

-57.016

9,455.9

-4.259,460.1

-53.8

78

15.51715

20Wachovia CorpJefferies & Co Inc

211.8

29,273.6

-16.4-72.2

25

2321,518.229,686.1

6,251.2

2,966

1.4

100.0

1.1

1.723

171.41.6 3

35

2339,708.4

23.0

10,643.5

6,264.2

613.66,389.8

7725

93,487.7

-

-95.5

-

3

11-

-14

30

187

3.1

57,731.4

11

8

62,698.758,760.1

86,902.4

12

910

13

-

56,935.4

18,111.2

1638,250.133,804.7

42,129.7

17

15

18

-594,736.1

2223

0.90.8

19

-40.7

-76.124-82.4

19,374.8

-

16.816.9

5,066.8

-

18

143.9

16.4

21

191,933.3

138,622.9

5438 96,954.4

22

1,002,293.04,655

97,718.9

89

241,643.8

85,038.4

328,365.9443,020.2

303,726.0150,016.2

214,115.8

US Target Announced (AD2) US Target Completed (AF2)

1/1/2008 - 6/30/2008

US$m US$mNo. Rank ValueRank Value

1/1/2007 - 6/30/2007Mkt.

Deals

32.6

303,042.1Rank

% Chg. in

51.0309,745.5471,018.3

Mkt.

-77.831.3

15

Lehman Brothers 61,278.4

% Chg. in


Americas Rankings

6Banc of America Securities LLC

14,474.812,385.5

Houlihan Lokey Howard & ZukinLazard


UBS

5 -65.0Citi

8 Deutsche Bank AG-22.4

-58.2

56

4843

279,799.2365,200.8171,971.4

17 -54.75

712 39.9 6

68,026.8Merrill Lynch63,046.762,922.2

7

RankGoldman Sachs & Co

Deals1

RankRank ValFinancial Advisor Share-35.7

Financial Advisor

-

7

1227

9.9

42

9.7

57

644

19.6

9

* tie * tie

19

Morgan Stanley


BMO Capital MarketsBlackstone Group LP

-38.0 Subtotal with Financial AdvisorIndustry Total

26,742.2

27,843.327,640.727,388.7

-


JP Morgan

12

17

Lehman BrothersDeutsche Bank AG

Credit Suisse

36,361.134,571.8

Citi

-31.0-30.2

% Chg. in

-20.3

Rank ValGoldman Sachs & Co

Deals

19.0

1/1/2008 - 6/30/2008

8

535,160.6-9.5387,613.8

44.9

1 -17.74

409,061.1 3

1Rank Deals

103

67

57,925.22,849.6

9,088.111

50

28

28

1

--34.7

22.5

Rank Val

-38.2-68.1

194.3-

235.0-68.0

-58.2-36.379.5

-24.4

-3.9

1.5

452.3

-37.2

-77.9

1,113.2136.4

3636.1

203,126.6222,966.9

2.4

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

647.35

328,164.2394,718.9

Rank ValueUS$m

71

116,916.4

4

1514

6

3.3

5.6

4.54.5

52

8572

13409,236.7

149,012.8

-72.3

-18.4

-71.4

-26.3

% Chg. in

237.1

11

128

14

9.87.87.513

9

29,742.8

1,207.1

-42.8

-23.5

16

-70.821

50,808.1

1.6

9,455.9

21,565.626

-

27

30

23,208.0

95,606.6 Subtotal without Financial Advisor9.3 4,70619

1,274,901.3

56

-62.0

298,382.2

23

US$m

186,563.4

16

42,189.093,953.7

79

5.9

18.9

15.2

7

994,992.88116,675.0

332.12.0

2.21.1

-90.7

1.11.0

731,524.3 1,338-100.0

21

Houlihan Lokey Howard & Zukin 8,697.0

25

8,530.62423

5

8

7.4

4.8

5.75.4

23

3028Wachovia Corp

Financial Advisor

59,739.1

Moelis & Co

Deutsche Bank AG

Centerview Partners LLC 116,740.0

244,331.9

Banc of America Securities LLCEvercore Partners

BNP Paribas SA

18,111.2Greenhill & Co, LLC

Rothschild

43,298.8William Blair & Co

17,979.1Sandler O'Neill Partners8,869.2

RBS

6,450.774,830.8

8,072.1

38,523.1

Subtotal without Financial AdvisorRBC Capital MarketsScotiabank-Bank of Nova Scotia

806,355.0

Lazard 78,928.9

UBS 126,632.4275,205.1

103,152.66

10

12

8

60,244.662,698.7

153,525.6192,313.9

14

15.7 7277

53614.5

Merrill Lynch

Citi


JP Morgan

Morgan Stanley

Financial Advisor

Any US Involvement Completed (AF48)

350,868.2

Any US Involvement Announced (AD41)

78

US$mGoldman Sachs & Co 48.3

Share

1/1/2007 - 6/30/2007

33

Rank

38

1

27

194,218.34

18.9 659

44

15.4

275,679.8

147,671.9

2

64,983.7

-

2.43.2

23

4.3

6.8

4.4

14

2,690.3

152,326.5

-

4

224,647.49

219,706.7

56

73

82

58

523

1

22

559,972.1

2425RBS

90.6


9,841.2 23

-923,819.3-

4,933

-30.558,085.4-39.4

9.4 83,606.6

-1,203

-38.6

3,730

4,365.2

11,777.65,004.3

1,007,425.9

-40,361.9

15,060.019

22Jefferies & Co Inc 50

0.8

1.1

8

70

30

18

2019

2.22.3

56,935.445,704.2

171615

107

43.3

180,928.4

32267,635.6

529.330.232.9

506,103.3

328,713.4168,659.4

104

28.56161

30.3

23.9

Rank

3

7

54

6

326,006.2

440,564.5Share

40.4

1 54.62 43.5

26.3229,423.3

81212,405.687

No.


Mkt. Rank Value

Americas Rankings

Rank Value Rank Value No.Rank

1/1/2007 - 6/30/2007

US$m

Merrill Lynch

116,091.8

153,120.8

105,298.2-

69,212.1

-48.5

-

UBS68.7

12

18

16-

15411921,816.2

89,688.647,164.4

307.4

-4.6-10.0

3,312.534

-53.2

1,179,294.8

3,628.139,534.3

12,385.5

618,057.4

Grant Samuel

5

13

15

6307,751.0

21

18

14,621.820

1011

13

20,103.319,817.215,087.9

12,860.5

- -36.8Industry TotalSubtotal with Financial Advisor -


- 100.06,044 -

-70.028

-21.7

-16.6

-83.7-

18,216.2

21

122.5

-61.8

-17.3Centerview Partners LLC-44.2

2

59,658.5

60,448.0

62

14

1011

12-

Rothschild

Banc of America Securities LLCLazardPerella Weinberg Partners LPTD Securities Inc


Keefe Bruyette & Woods Inc

RBC Capital Markets

10

* tie * tie

Ernst & Young LLP

Alfaro Asesores Financieros

Banco Bradesco SA

Estater Gestao e Financas

Banco Espirito Santo SA

Uniao de Bancos Brasileiros SA

1,912.6

HSBC Holdings PLC

2,418.1

US$m

5,518.3

% Chg. in Rank Val Financial Advisor

60.2

KeyBanc Capital Markets Inc

24293.7295.0


825.5

Stirling Coleman Capital Ltd

Rothschild

Banco Itau Holding Financeira

41

--93.5

Lazard

-

-94.7

3,850.53

12,520.9

54,063.250,850.814

149,572.2

10

Merrill Lynch

3

3,145.0

5,522.7 4Citi

78

6

89

7,339.2

16,128.0

Rank Value

19,497.4

10

12

--

102.4

118

4,627.3

12

1,411.1

2,718.1572.0

8

1,900.0

8,965.33,500.0

2.2 4

16

2

28,400.0

HSBC Holdings PLC

JP Morgan

RBS

Morgan Stanley

Lehman Brothers

Banco Bradesco SAUBS

4.111

16,126.711,105.0

10.5

5

18.9

2.11.61.2

5

1

1.1BNP Paribas SA

0.2

27

96.624

2221

1,027.4

15,702.6

-

Subtotal without Financial AdvisorSubtotal with Financial AdvisorIndustry Total

6-

13

-

---

--57.4

1Macquarie Group

171

1,644.5

4,547.58 -97.89-

20.1-

-92.5

5,695.378,273.6


-40.7

68.4-48.6

340Subtotal without Financial Advisor11280.7

-

-18.4 556 84.3-

-

143.6--

41- -

--

100.0 83,968.9 -Industry Total

50.3

40,204.519.3

-9,592.9

25

19

121,417.81,027.4

995.72.1

3.2

1413

-

18 -55.9

-42.3

-75.31,968.81,567.7

1317

237.7

% Chg. in No. Rank Value1/1/2008 - 6/30/2008

Rank Value

Goldman Sachs & Co17,575.0

118.8Rank Share

1

830.5

877.3

Credit SuisseRothschild

Banco Itau Holding Financeira 18,522.116,129.6 14

25,292.9

7

3 30.333.32

33,440.9DealsShare

15

Rank

155

25,834.04

Credit SuisseUS$m

Goldman Sachs & Co

223.2

1

3

24- -

587.9428269

11

35.3

Deals638.4

US$m

11.1

1/1/2007 - 6/30/2007

Rank Val5

Rank82.910,447.5

Mkt.

Any Latin American Involvement Completed (AF45)

9

22.829.6

312

18.9 1113.0

21.7

7,286.8

71.0

224,057.21,650.4

510

2

6

49*

27

-

5,248.613 5

299.4

37

252

2,576.1324.9 977.3

70.8

131,366.6 14

Merrill Lynch1516

Dresdner KleinwortLazard 1,771.0

945.6

18Scotiabank-Bank of Nova Scotia 1.1920.0

342.20.0

-1 -1

2019

40.8

0.50.4 1

64,804.7

0.717

Uniao de Bancos Brasileiros SA112.2122.9

Evercore PartnersSantander Global Banking 387.6

565.0

Estater Gestao e FinancasSingular Partners 168.6

310.0

-53.9

356.4

2

6

18

9

-89.1

-5.1

-82.3

6.4 7

4

19.2

11 5,519.6

11.1

3,408.86.5

3

2.9 467.44

-34

-79.3

-

-58.1

6,816.66.3

40.8

1.76

3.6 524.9

-7.6

620.5

-

2,418.1-36.5

29* 203.343

10

159.7

-

77.0

326.61

187.6168.6

1

0.6

1.2

10.6

0.610.6

2

-

49,797.4

2223

298.10.6

0.41

-

1918

301.9

20*20*

543.6

298.1

-

100.0

8,520.9 --

Piper Jaffray CosPatria InvestimentosVioly & Co

0.199.1

0.1

250.1

23

1/1/2007 - 6/30/2007

98.842,947.934,427.0

-

2,217.2

10

4 52.4

-69,681.7452679

81.6 12385,384.3

1.1 5

3.8

3.4

3

7

1

2,631.7

151617 7 2,432.3

2.0

-

3,308.6356.5

1,685.01,611.2

248.51,900.0

UBS

3,236.3Santander Global Banking

JP Morgan

599.9

3,185.2

BNP Paribas SA

1,772.8RBS

Lehman Brothers19,111.6

Singular Partners

Dresdner Kleinwort

3

--

-

RankUS$m

Citi

Financial Advisor1

Any Latin American Involvement Announced (AD38)

Rank Value


Americas Rankings

1/1/2008 - 6/30/2008

2

No.

39.2 15,282.6

Mkt.

24

11

* tie * tie

Broadspan Capital 10.4

Subtotal without Financial Advisor 10,627.4

Industry Total49,566.2 - 100.0 348 23,637.9 22,297.4 - -7.620,597.2 - 100.0-89.7 Subtotal with Financial Advisor 12,914.8 - 62.7 71 20,462.4

268 3,108.2 - 241.9 1,835.1 - 318.6Subtotal without Financial Advisor 7,682.4 - 37.3 195- 21.49 304.9

-94.719 -80.6PricewaterhouseCoopers 59.2 25 0.3

0.3 1 1,127.1 12ING 59.9 24- -Linklaters 75.0 23 0.4 1 -

62.01 - - - 0.523 0.0

81 196.0 19 -94.7

-Stratus Servicos Financeiros 32.6 22 0.1 23 59.8Patria Investimentos 99.1 22

0.5 1 - --80.6 Pron Asociados 100.5 21- - -

PricewaterhouseCoopers 59.2 21 0.1 12 304.9 17168.6 20 0.8 51,127.1 15 -94.7 Singular PartnersING 59.9 20 0.1

1 - - -Dresdner Kleinwort 293.7 19 1.4- -

Dresdner Kleinwort 96.6 18* 0.2 1 - - -18 1.4 1 -

- -Piper Jaffray Cos 96.6 18* 0.2 - - KeyBanc Capital Markets Inc 295.0

17 1.5 1 -6 -97.8 Estater Gestao e Financas 301.9Patria Investimentos 99.1 17 0.23 753.0 13 -50.7JP Morgan 371.1 16 1.8Uniao de Bancos Brasileiros SA 122.9 16 0.3

2,631.7Singular Partners 168.6 15 0.3 15 2.2 5 4,406.2

-93.19 -75.3

-

8 -79.313 2.914 2.6 5

7 2,432.36 6,855.5 4 -94.31 - - -Lehman Brothers 677.7 12 3.3

20481.921296.1Rothschild-57.4Merrill Lynch 945.6 11 1.9 11

4.2 2 150.03 208.44.0

Uniao de Bancos Brasileiros SA 995.7 92,576.1 RBS 872.8 10

UBS 7,151.3 9 14.4

7.871,611.23 52.4 Banco Espirito Santo SA 1,417.816

8

Merrill Lynch1,900.0 5

Lazard6

13 HSBC Holdings PLC 9.2737.8

16.0

13,013.2 6 26.3 2,911.07 8.21,693.3347.0

14.62,998.2 4

2

356.5 Goldman Sachs & Co1,060.5 3Credit Suisse

Santander Global Banking5,678.9 1

Financial AdvisorCiti

825.5

24.8

2,217.2

2 1,644.5

27.9 11 1,650.4

1 -

12

No.

9

376.59 7,286.83

Rank ValueUS$m Rank Share

3,287.7

27.63,937.0

3.8

109.7

3,163.4

- -

11

14 -92.5

10

1

4 71.05

8 4,547.5

1.1

4 37.4

1

165.72 278.3

% Chg. in

11 64.9

Mkt.US$m

266

Morgan StanleyJP Morgan

Credit Suisse 32,142.2

HSBC Holdings PLC 1,900.0

Industry Total

Evercore Partners


Citi

18,522.1

Estater Gestao e Financas

-

4,478.11Santander Global Banking 387.6 13

0.6

-565.0

78.6

Banco Bradesco SA

-

7*

80

11,105.0 8 22.4

0.8310.0 14

13,827.3 5

10

7

12

8,496.1

129

8,891.4

4,057.22,002.311

2111

Banco Itau Holding Financeira

23,625.6 47.746.93

2

Goldman Sachs & Co 12,286.6

Rothschild 23,237.5

5 -

-36.938,938.8 20,529.7 --

5 -89.6

5,068.6

Banco Bradesco SA 599.9

UBS 460.0Banco Itau Holding Financeira 543.6

5 41.121


8,394.944

1

1,567.7 11 -36.54.8 6

12

5-

4

3 -68.44 -64.3

14*

-35.77

203.3467.4

2 -46.1-62.91

2,632.8133.5

10,403.110,617.2

% Chg. in Rank Value


Rank10,544.3

US$mDeals8

12

No.

- -

22 1,106.9

19.1

Rank ValueMkt.

Any Brazilian Involvement Completed (AF51)

Rank Value

Rank Val

6.9

Americas Rankings

Any Brazilian Involvement Announced (AD44)

Rank

Rank Value

ShareRank ValueRank Value

US$m Rank Val

Rank Value

Financial Advisor Rank Deals

12

* tie * tie

-200,000.3- 100.0Industry Total


100.0-Industry Total 91,138.1 938

13 4.2

83,786.97

12,661.13,878.2

-

3.6

184,624.71,313

1.41.8

2.6

2.32.4

4

RothschildTD Securities Inc

1,901.2

2,272.0

GMP Capital Corp 2,009.12,017.8

3.3

Raymond James Financial Inc

Dresdner KleinwortTristone Capital Advisors IncNational Bank Financial IncCanaccord Capital Corp 950.8

19

22

20

47,535.8

-82.0

1 37 8.4554.2 45 108.0

331,171.6

73.61,513

21

6,235.4

33,252.544 2,945.3

6

200 179-- -80.8

8.791.3

-17.5 -83,248.9

-84.1Credit Suisse

26.4- 15,375.6

3.7 10

626.62.0

8

Deutsche Bank AG

Lehman Brothers-97.9-96.4

Lazard

2.7

3.1

22

204.4

5,060.5 16

18 4.64,225.017

13,488.8

6 -95.5

1118,266.518,266.5

Perella Weinberg Partners LP

-97.5

2,658.8

-51.0

Handelsbanken Capital Markets

Merrill Lynch

9,101.9Keefe Bruyette & Woods IncScotiabank-Bank of Nova Scotia

-30.4

5,746.2

1825 6,472.2

22,133.7

544.9

-

504.8

120

15,404.817

9,917.66

35.53

US$m

UBS

TD Securities Inc

20,611.1

Blackstone Group LP21,131.618,812.8

-

141.1

1032.5

6.315

11

-23.4

16,623.61,992.7

6 23.511,696.3

3

35

14 7.110

510.0

12

105.0

1

6

-12.7

-3.3

-

3

153.3

2

1

35

-92.2

5 -89.2

% Chg. in

11

46,865.064,085.3

9,032.5121

4.2

-

1,567.8

7.998

6

6.0

3

Subtotal with Financial Advisor48,094.2

JP Morgan12,682.4

539.5

35,411.8Subtotal without Financial Advisor

1.11.3

23

5

24

7 8.4

11.08.6

4.7

21

1817

25

4,025.0

5,309.038,305.1

7,942.14 34.7

32,341.4RBC Capital Markets

Paradigm Capital Inc

871.2

FirstEnergy Capital Corp

1,270.0


Peters & Co Ltd

643.4

BMO Capital Markets

653.1

UBSCIBC World Markets IncScotiabank-Bank of Nova ScotiaHandelsbanken Capital MarketsMorgan Stanley

Rank Value

3,819.1

Macquarie Group

1,121.1

5,785.9

Deutsche Bank AG

1,584.4

1,152.5

1,782.6

8,252.2

-57.96,313.8Banc of America Securities LLC23

2.9GMP Capital Corp 1421 125,352.0

-69.2-

15,097.9

2,865.92,447.7

16

125

234

2,275.4

17

6

2

-88.4National Bank Financial Inc 2,615.1

7

-

2,482.5 -5.1117.030-75.4

23

13

7,996.3759

2.68,992.8

846.22.1

1062.4

1,074.7Macquarie Group2,211.8

232,332.024Genuity Capital Markets

1,926.3 725 127.631

-15.5-

--

-14.4

-1.3-98.4

106,509.798,513.4

12

-76.0

7,889.2-Subtotal with Financial Advisor

FirstEnergy Capital CorpSubtotal without Financial Advisor

-78.228* -77.930

48

2,958.9

207 8,225.8119.9 61

7

1514

CIBC World Markets Inc

4.0

1211

1080,191.1 3

20.0

11.6

9*

13

14.8

20.087 22.6

20.218,446.59*

54

29,627.931,587.5

21,398.9

226.1139.715,624.222 5

7 12

6

26

7-

6,259.814,844.9

-15

9.6

-

--18.9

-8.2-56.4

-

4,650.9

4

9

5.15.6

-

10 11,878.610,564.1

-4,025.0 -2,802.9

1-47.6

--

419

10 5.1 10 -94.8

Goldman Sachs & Co- --57.719 Morgan Stanley

Share

17RBC Capital Markets

US$m Rank1

6,817.2 14.2

12.051517,634.4

12.2

BMO Capital Markets

1

21

-91.7 CitiJP Morgan

-33.2-67.2

86,924.3

6

Any Canadian Involvement Announced (AD42)

1/1/2008 - 6/30/2008

Rank Val

3 70,596.03

Financial AdvisorNo.

4,155.6

5,885.0Merrill LynchGoldman Sachs & Co

Credit Suisse

1/1/2007 - 6/30/2007Mkt.

-83.148,783.3 717.2 4Deals

Rank ValueUS$m Rank

8 158.1Rank

Any Canadian Involvement Completed (AF49)

14,990.238,696.5Rank

15US$mDealsShare

42.5Rank Val

% Chg. in


Americas Rankings

2

1/1/2007 - 6/30/2007Rank ValueMkt.

2 37,458.4

Rank ValueFinancial Advisor

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

13

United States

United StatesSpain

Mars IncNovartis AGVerizon Wireless Inc

Investor GroupHewlett-Packard Co

Pending Pennsylvania Turnpike United States

Intended United States

Intended Calpine Corp United StatesHigh Technology

Government and AgenciesEnergy and Power12,728.8

12,800.0


CME Group Inc United States 11,071.7 Financials

5/21/2008 United States 16,475.013,031.05/13/2008 Pending Electronic Data Systems Corp United States

NRG Energy Inc

Allied Waste Industries Inc United States Republic Services Inc United States6/23/2008 Pending5/19/2008

Consumer Staples4/28/2008 Pending William Wrigley Jr Co United States United States 23,194.227,733.7 Healthcare4/7/2008 Intended Alcon Inc United States Switzerland28,100.0 Telecommunications6/5/2008 Pending Alltel Corp United States United States

InBev NV5/21/2008 Pending Time Warner Cable Inc United States Shareholders

Acquior NationTarget Nation AcquirorAnheuser-Busch Cos Inc


Belgium 55,544.1

Energy and Power

Top Ten US Announced DealsRank Date Status Target Target IndustryRank Value (US$m)6/11/2008

42,129.7Consumer Staples

Media and Entertainment

Americas Analysis

1/28/2008 Pending NYMEX Holdings Inc United States

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

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Goldman Sachs & Co Citi JP Morgan Morgan Stanley Merrill Lynch UBS Deutsche Bank AG Lehman Brothers Credit Suisse Lazard

% V

olum

e C

ompo

sitio

n

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

* Includes Rank Ineligibles

14

Record Quarter for Cross-Atlantic M&A Activity into US

European M&A Recovers to 2006 levelsEuropean M&A activity showed signs of recovery with volume in the second quarter of 2008 closeto the equivalent period in 2006 with 3,391 deals worth US$380.7 billion. Levels are still wellbelow those of 2007, a record breaking year, but 2008 could record the second highest volume ofM&A activity ever if activity for the remainder of the year continues to pick up.

European buyside financial sponsor M&A activity decreased significantly, down 66% incomparison to deal activity during the same period last year. The largest European financialsponsor deal was the US$3.8 billion competing bid by a Candover-led consortium for ExproInternational. By comparison, the first half of 2007 saw 25 financial sponsor backed deals valuedover US$5 billion. The decline in financial sponsor backed activity is largely due to the creditcrunch as the availability of attractive financing is no longer available to execute leveragedbuyouts.

5,230 10,334.4 - -22.3Industry Total 8,031.4 -

Energy and PowerDeutsche Bank AGMorgan Stanley


Goldman Sachs & CoIndustrials

JP MorganUBS 37

European Involvement Announced Advisors by Target Industry

Rank Val US$mMkt.

Rank Share

10

Consumer StaplesDeutsche Bank AGJP Morgan 8 178,446.6 2 86.6

206,141.6

175,906.3

100.0


Morgan Stanley

European M&A Volume At Par With 2006 Levels | Financial Sponsor Activity Down 66% | Record Quarter for Europe to US Activity


Europe M&A

Goldman Sachs & Co524

16 45,694.9 1

200.6 12 -0.9Lehman Brothers 198.8 10 2.5102 419.6 5 -32.4Rothschild 283.8 9 3.5

73 307.4 9 -0.7Deutsche Bank AG 305.2 8 3.873 451.2 3 -28.7Citi 321.6 7 4.072 336.3 8 0.6Credit Suisse 338.2 6 4.279 381.5 7 -4.9Merrill Lynch 362.8 5 4.581 410.4 6 -5.6JP Morgan 387.2 4 4.874 444.6 4 -11.8UBS 392.0 3 4.9

-3.2Morgan Stanley 395.6 2 4.9 69 642.8 1 -38.5

5.6 75 466.4 2

Imputed Fees

Goldman Sachs & Co 451.4 1Deals US$m Rank FeesFinancial Advisor US$m Rank Share

Mkt.

Any European Involvement Completed M&A (AF3) - Imputed Fees1/1/2008 - 6/29/2008 1/1/2007 - 6/29/2007

No. Imputed Fees % Change in

10 20

9 16,786.1 2 21.513,454.4 3 17.2

17,180.5 1 22.0

2 32.239,930.2 3

33.5136,358.8

1,286 29.3

11 7

No. Deals507

11 185,428.2 1

3 85.3

78,270.3

90.0

43,920.0

The second quarter saw the highest activity on record for European firms buying US targets as192 deals were announced with a combined value of US$127.2 billion. This marks the secondtime volume has surpassed US$100 billion in a quarter. The previous high was recorded in thethird quarter of 2000 with 287 deals totaling US$120 billion. Driving cross-Atlantic activity was theUS$55.5 billion offer for Anheuser-Busch by Belgium's InBev and the Swiss firm Novartis’US$38.3 billion bid for Alcon.

European Buyside Financial Sponsor Volume January 1 - June 30

5.2%

3.6%

9.3% 9.0%

12.6%

15.8%

21.4%20.4%

16.8%

11.5%

$0

$50

$100

$150

$200

$250

$300

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Ran

k Va

lue

(US$

b)

0%

5%

10%

15%

20%

25%

% o

f H1

EU V

olum

e

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of H1 EU Volume

15

* tie * tie

41

-63.3

3

-73.2- -

-75.4

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

Rank Value

Any European Involvement Completed (AF3)Any European Involvement Announced (AD21)

Rank Value Mkt.1/1/2007 - 6/30/2007

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

Rank Value1/1/2007 - 6/30/2007

216,011.0214,874.4

11

5.6

55,613.0

Morgan Stanley

Merrill Lynch

42,395.721

113,805.2

5.315

96,959.4

52,243.8

Rothschild

182,036.9

167,311.1

39,927.3

167,502.8

137,081.2

73,712.6

190,440.7

13,156.4

39,216.52,463.4

39,927.9

Rank ValRank US$m% Chg. in

RankDealsShareRank ValueNo.Mkt.

US$m Rank Share US$m

-

7

10

371,014.08

11.914.7 1

78

372,353.8

Financial Advisor

68

Credit Suisse

112,955.2Centerview Partners LLC

278,443.1270,829.7

312,191.1Deals

35.1 773

806 20.5 34

Morgan Stanley

LazardUBS

17.7Lehman Brothers

5 26.1201,207.0157,620.8

Deutsche Bank AG267,090.1 -41.06211,067.8

Citi

Lehman Brothers

4

Moelis & Co 55,683.9

Merrill Lynch113,406.1

82,798.391,708.9

136,061.3

13

1514 5.2

5.3 251,871.7117

62,373.1 21-7

63

91,505.8 -56.517 RBS

7.312

146.913

183.4374.7

22313,995.251,014.981,518.9

1.210

182336

242284.0

10178,875.4115.9

--

20

4

19 -85.1-

-38.3

Goldman Sachs & CoDeutsche Bank AGJP Morgan

12281,534.4

-4.41

3,704

65

2.5

36 67,841.568

92,671.3

12,532.1

24

-

35,970.726,034.1

RothschildMediobanca

CalyonBNP Paribas SA

40,736.139,799.1

100.0-Industry Total

19,516.3

22

1.9

23Troika Dialog

13,145.9 21

-10.7-Subtotal without Financial Advisor 109,993.3

1

123,170.1

Macquarie Group

352*

-1,070,786.0

5,3611,651

64,290.20.0

449.4

Gresham PartnersRBSChina International Capital Co

17,734.914,355.014,284.2

192

Metropol Invest Financial Co

1.31.6


KIT Finance Investment Bank10,030.7

8,888.0Dresdner Kleinwort

660,719.5PK Corporate Finance LLP

9,571.6

770,712.7

16

2,173.0

25

561727

0.00.0

334*

12,208.9

7

24,374.2-10.9

15 -0.5

1910

-22.274.1

3

11

-7.3

8133

179.2146.2

-

29.9

-3.5

-30.0740.9

-42.5

136 3,616.9

-4.7

702,789.1449.4

-1.9-

755.6

-334*1,771.196

62

-7,012 -35.41,193,956.1 757,739.0

1.285.7

- 14.3

25

4 994.723

KIT Finance Investment Bank 2.2 174

16,703.82.524

18,737.218,612.2BMO Capital Markets18,592.1

Blackstone Group LP

TD Securities Inc


Industry TotalSubtotal without Financial Advisor 68,169.4 - 9.0

- 795,460.45,230100.0-

1,526--26.4

12

3

43427

8

2

53102 108,856.0

465.0

26 30,014.4

40,130.9

71,498.4

51

8180,550.9128,958.822.1

7522.174

9

216.712

98.82

9

6

54 36.7

41.7

122.697,018.8

75

7271

172,191.962.8

266,876.8

142,898.6

188,351.673

30.731.13

232,611.3

41

7895 35.22

1JP Morgan

Goldman Sachs & CoCiti

235,330.1

375,078.936.5 159,254.2

248,544.4

40.5

36.1 94

5

12.815.0

4

10

28.528.46

7 24.0423,580.414.7 81

12 7.2 -

9

210.711

Financial Advisor272,581.7

US$m8036.0

16

1.943

1

2.317

20

182.5 7

31.7

-92.0

2.572.8

222,688.6

180*

148

27,443.1HSBC Holdings PLC

-49.0

BNP Paribas SA

FIH Partners AS

Mediobanca

4,929.617,957.6

15,201.9

RBC Capital Markets

39.4

-55.9

Centerview Partners LLC

UBS

Perella Weinberg Partners LPLazardCalyon

32.7

-83.8-

270,098.9 Credit Suisse59

0.3-4.7

8

Rank ValRank2 -16.8

76.812.0

11


19,153.0

5.1

18

203.6

4.94.0

2.7

1738,531.2

19

- 2.5

25689,569.6Subtotal with Financial Advisor 91.0


Europe Rankings

-

20,715.421

1636,732.530,061.4

16

* tie * tie

6.9

15.213.6

18,955.4

13

73,999.3

6.85.7

46

8.59.5

7.0 225

10.1

20

-48.712

-70.525 202.6

--

625.816

1

5

57,440.818,313.3

Rank Value

26.127.7

662,593.4 23.4

22.6

36,427.1

8

622,612.025,391.3

20,139.4 1419

7.5

12

-

190.719.2

5,975.2414.5

-71.98,299.4

-45.8

15.936.9

28.8

Any UK Involvement Completed (AF39)

Financial Advisor

89

1112,531.4 18

1302.3

854,020.9 744,035.2

318

3

15

95,779.0

34,057.9

3,253.8

3,854.8

KPMG Corporate Finance

56

87

32

4

1/1/2007 - 6/30/2007

43,739.3

US$m

Deutsche Bank AGGoldman Sachs & CoFinancial Advisor

47,226.7

Rank Value

16 -33.527

21.11 -74.2

ShareRank4183,281.122.8

US$mDeals

Merrill LynchLehman Brothers

Morgan StanleyJP Morgan CazenoveUBS

Rothschild21,909.9

Wachovia CorpBanco Itau Holding Financeira

China International Capital Co8,472.8

6,465.0

14,284.2

Babcock & Brown IncHSBC Holdings PLC

16,183.5Gresham Partners 17,345.6

Lazard



Industry TotalSubtotal without Financial Advisor

PricewaterhouseCoopers

Dresdner KleinwortSardis Capital Ltd

Hawkpoint Partners

Credit Suisse

Citi

Macquarie Group

7,011.0

5,868.85,500.0

3,253.8

RBC Capital Markets

-44.4

1041

3.010,098.1

7

3.823 4.4

354

14,158.991.5

1,767

20

22 5.1

15

5.3

6.9

7.1

18

21

16 -3,684.3

941,684.6

-27

331.5 84

280.25

46 42.4

15

255

12,139.3172,308.4

-8.5

9 448.810

20

1819

3,901.94,005.74,730.6

22

517,684.4

-

21

617

1.9

524,820.7

7,267.79,820.9

43,677.336,186.1

3,006.0

207,276.1

25,209.134,823.6

23,077.5

18,138.7

33,379.1173,897.0

16.1100.0 -13.3

8.6Subtotal without Financial Advisor 22,858.81,604267,249.5

23*

485,997.4

9

231

25-

1.5

23*

8 14,399.9-

1.92.3

1.6

1.9

18,451.2 1718,631.5

18,683.62421

15,336.5

33

BMO Capital Markets

18,266.5Blackstone Group LP6.3

-96.7-47.0

14,284.213,504.5

2,221-14.0- 38,823.3

22

-244,390.7 -

-79.1-

25

11,858.91.6

83.9-

Rothschild40,597.9 9

26,866.11011Goldman Sachs & Co

Deutsche Bank AGPerella Weinberg Partners LP

60,279.2-89.545.7

-64.2

-82.4

-73.2-89.8

379,987.9

91,481.42

21

63,742.14

Morgan Stanley 34.2184,308.5

Citi 54,271.528.9

Merrill Lynch 31.6 2321.1

3219

65,736.4212,212.5

RankMkt. No. Rank Value

-79.4

% Chg. in Rank Value No.US$m RankRank Val

% Chg. in Mkt.1/1/2007 - 6/30/20071/1/2008 - 6/30/20081/1/2008 - 6/30/2008

Any UK Involvement Announced (AD32)

Rank ValShare RankDeals US$m

7,873.5

65,509.2

31.5 27

7

24

994.718,304.5

5.4239.6

Credit Suisse14

JP Morgan Cazenove69,628.7Lehman Brothers

31.9UBS3

15

11

119,980.9

14,066.3

638.3

1

26

26

Greenhill & Co, LLC-66.9

-

-64.223 PricewaterhouseCoopers


1,755.05513,231.8137.3

- -19116*

-114 29,900.5

4,462.7-

40,153.31,391.4

32

- 100.0 308,366.8


-1,213 30,528.0

277,838.8554 -12.0-25.1-

- -60.5 Industry Total

439

- -

402

28

83,766.8

13108,870.1

-

1

6.97.812

1

8.411

14

171615

17.5 40 100,964.0

143,386.212.2 1016.8 232,394.230

2518 81,686.5

11.1 226,426.010.6

1

4.13.4

201

3.1

2.78

10,767.4

172.8

-85.1-

641.1

295-85.0


Nomura

China International Capital CoLexicon Partners

RBS

TD Securities Inc

1984,060.7 377,299.3

RBC Capital Markets

FIH Partners ASLazard

HSBC Holdings PLC

-

3,727.1

-

8938

47.6

-

-

-

-68.6-54.0

-9

-21.3


Europe Rankings

17

* tie * tie

10

-6,561.2

-16

11-

15,251.36

-

67

104,866.4

9 14.210 13.7

31-

1,122.5-38.3

-11,365.2

37

812

4,064.6

7,606.3

2220

45,420.4

15

29,048.515

448.5

-87.5

-36.0-65.2

1,316.0 21

6

436

613.87

8

CitiGoldman Sachs & Co

Rank29,019.7

645.02

Share46.9

US$m

Any French Involvement Completed (AF40)

1/1/2007 - 6/30/2007

18,558.7 2

23

20.513,751.415,512.7

24.63 13

5

1

1/1/2008 - 6/30/2008

DealsUS$m US$m

4 12,507.4

246,121.6440,024.8

12,673.2

Rank

Lazard

26,034.1BNP Paribas SACalyon


Merrill LynchJP Morgan

PK Corporate Finance LLP

Mediobanca10,439.2

9,162.88,888.0

Rothschild

Morgan Stanley10,252.4

Societe Generale

Citi

goetzpartners Corp Finance

2,946.2


Lehman Brothers5,313.15,874.78,302.0

1,596.2


UBS

Credit Mutuel SA

HSBC Holdings PLC

Troika Dialog

Goldman Sachs & Co

Bucephale FinanceBorghesi Colombo & Associati

Hawkpoint Partners

Jefferies & Co IncSubtotal with Financial Advisor

Industry Total

Nomura

1122,530.4

18Rank

10-53.6

Financial Advisor

20

9

8.314

-0.9

24

-57.3

-46.1367.0

35,243.6

22,681.1

23,919.3

20,846.034,684.7

2,516.0

25,816.1

20986.6-458667

1,555.4 23

-52.0 74,701.3

-72.3 Societe Generale6 25.0

15.718,696.911,750.7 7

Rothschild131.7

Merrill Lynch 10,588.011,582.0JP Morgan

20

511

100.0

2.6

3.97.1

3

6

1

15

2221

2.1

20

2.3

-

1,286.0

57,650.017,877.1

2,767.2

1,561.5

3,683.6

1,873.3

4,597.8 Natixis

1,166.0

15.58

2,806.0

9,168.5

3.8

7,021.1

8,234.0

Industry Total -75,527.0 - -35.7116,231.6 -


20.7Deals

5

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

No.

23.0317.7

75.79.6104.9

5,272.9

167.1

-12.0

3,426.321

-76.3

1812

-

-

-34.5

-24.4

-48.9

3322

-59.0

2,342.2

-53.6

8

7

4533,633.9

Rank ValRankFinancial Advisor% Chg. in


Europe Rankings

Rank Value Mkt.Rank Value Rank Value

BNP Paribas SA 33,619.71

1/1/2007 - 6/30/2007Rank Value

Any French Involvement Announced (AD33)

-43.6

20,659.4

21,143.8

27.727.7

320,681.0

28.34550.6

10,219.4

19

37,728.7

23.0

15,076.1

5,751.848,026.9

29,443.01,639.5

34,914.1

2,136.0

10

1

161718

201.7

3.7

1.722

7,140.2 15

14.3 Gruppo Banca Leonardo

RBS

17Deutsche Bank AG23.8

19

9.4

18ING 5,317.6

2,946.2

7

7,758.8

6

3 23-75.6

-80.9

13* 10.47,758.8

12.312

10.411.0

24

-41.3

1-27.2-26.0

Rank Val35,034.0

US$m

Morgan Stanley-31.1

Calyon

12.1

No.

16

Share34.5

Mkt.

13.6

18.218.016.8

2.1

6.14.93.9

2.5

7.07.8

910

2

-

61211 20

9

11.811.0

-

3

3

Credit Mutuel SA

Lehman Brothers

UBSLazard

13*

11 19,767.0 10

6

969.415,170.73

2

44,285.84,604.2

6

2.1

1.5

2

1

157,337.121,610.762623.7

849100.0

-57.5

9.9

28

5,469.3

97

82,380.0

-90.6

9,025.3

-106.5

185

29,070.7

17

-38.4

-80.7-84.8

-71.4

-

--

-71

42

5,491.3

162.4

-89.3

1

1513

-21

42,774.3

30,412.7

3

-

135,726.4395.9

-

1,710.5

1,398.8-

57

RBC Capital Markets1,903.2HSBC Holdings PLC24

goetzpartners Corp FinanceHawkpoint Partners

64,705.4848.5


Credit SuisseTroika Dialog 1,166.0

13.4

1.62524

1.11,148.6

1.4 21,038.9 25124

-17.3 -9,996.0

1314

-

41

3

76.3

23 1.5

223

13

78.25

9

14

-

-

--

15

1


Aforge Finance SA

18

* tie * tie

37,471.721,841.0

539.0

RankUS$m

1/1/2007 - 6/30/2007

198.9

63

18

161.767.8

876.5

4,319.0

-97.7

10.7

26.2

539.844

-1.2

153.68

33,254.0ShareUS$m

Deutsche Bank AG

UBSMorgan Stanley

Financial Advisor

BNP Paribas SA


Banco de Sabadell

Dresdner Kleinwort

Calyon

Lehman Brothers

LazardN+1Ernst & Young LLP

US$m

1/1/2007 - 6/30/2007

Any Spanish Involvement Announced (AD34)


Financial Advisor Rank ValDeals

Santander Global BankingJP MorganGoldman Sachs & Co

CitiMediobanca

4

No.

11

1/1/2008 - 6/30/2008

43.22

38,599.345,952.3

Rank

Europe Rankings

65.9 1Deals

58,898.7 1

Rank Value

12,410.0 103,853.1

18,360.7

57.2

Mkt.

12,690.86

12,231.1

12,626.0

13,856.6

11

75

3 22,009.83

18,738.1 2,784.1

4,322.3

5

29

125

940.6

20,097.327,618.3

736,257.1

1011

32,180.08

36,936.4

7

14

-

1922

12

15

2111

1.7

6

0.70.81.7

22

6

64.3

--30.8128.9

-73.3

573.0-57.2

-

88.8

9,622.8

576.533.7

28

3429

229.0

75,406.5

3,717.6

100.0

22

-54.90.0

-

50*55*

27,230.2 2528.7

-39.1-

63.5

6.683,485.5

406.3 0.5

257-5,855.685,029.3

24

-

0.60.5

89,341.1 -

25

23

2021

19

727.4630.8522.6

1,555.7

432.3

1,489.2

395

1

593.5

Subtotal without Financial Advisor-59.8


14,382.53,901.9

422.576.18

4.4

2.62.8

-64.0

4

138

4

6

3

1,209.2920.0

11

1,255.5

16*16*

14

18

4.0

Deloitte & Touche

Socios Financieros SA

850.3794.7

KPMG Corporate Finance 577.3406.3

-3.2-

Credit Suisse

Subtotal without Financial Advisor 10,556.9Industry Total

Merrill Lynch20 1.4

1,608.5Rothschild 1,582.5

1,555.7

2.0

Scotiabank-Bank of Nova Scotia

1,555.7

24

19

21

23

1.9

100.0

83.5

1.3

0.90.6

30,530.2

2.4

2.5

2.4

47

13,591.9

7

34

874.5

0.031,301.6

22,414.73

112 148,038.2

63.562,936.0

196820.314 30

3,050.64814

3,104.2HSBC Holdings PLCDresdner Kleinwort

-94.9

135,459.350.2

782.0 31 114.43,210.0

BNP Paribas SA

1,676.7

2,901.42,742.2

1.91817

15

3.13.3

3.6

16

143.4

33,095.7 921 52.0

Rank

19,772.33 31.44 30.9

20,097.3

29.329.3 -47.31318,738.1 5*

18,738.1 5*

110.24

205.35

110.4

942.1

41.3

6.1

30.922.521.0

36.0

41.5

12,767.6

1,197.8

12

16-

12,041.4

4,195.73

7

3,210.0 9

1,676.712

2,790.82,583.1

131,803.0

10

22RBS

285.053,361.2Subtotal with Financial Advisor

6

10,908.3

0.5

158,946.5-16.5

2.515

438 - 5.1

15

63,918.1

25

-

-

-

-

1.2

326

Mkt.

38,656.2 1253,205.075,636.3 4

15.0

41,173.8

29

5

21

17

349.4

84,524.5

1

70,116.5

-14

-

2

4

9

49

51.88

Share

1/1/2008 - 6/30/2008

-99.5

15

-57.4

-18.3Rank Rank Val

-76.72-49.2

-81.0

11

8

10

59*

7

-93.75

539.8


Industry Total

4

4

Rank Value

5

5

40,692.5

12 84,845.4

35,535.7

Citi

US$m

93,669.3

43,982.8

39,587.5

Any Spanish Involvement Completed (AF41)

% Chg. in Rank Value No. % Chg. in Rank Value

Credit Suisse

RothschildMerrill Lynch 637,099.2

37,624.6 5

13111

43.2JP Morgan

38,546.7

-64.7

UBS

51.43

Morgan Stanley

-91.7-92.7

Ernst & Young LLP

Calyon

Lehman BrothersMediobanca

Deutsche Bank AG




Goldman Sachs & Co

-98.62,441.5

-94.1

-96.0

-93.1-

Socios Financieros SAPricewaterhouseCoopers

-29.6

-2.8-94.2

Deloitte & ToucheRBSAtlas Capital

-

N+1

19

* tie* tie

10

1

-54.6

-83.1

11,400.5

100.3

-64.3-90.3

-

1,764.155.2

3,831.3

-72.1-46.5

13.46.9

147.2

23.2-

-1.3

Rank Val% Chg. in

1/1/2007 - 6/30/2007Rank Value

Arma Partners LtdCredit Suisse

42.7

Rank Value

33,029.6

Rank

37,468.3 2

Share

1/1/2008 - 6/30/2008

US$m

Any German Involvement Completed (AF42)

2.2

-0.6

6

1.5 5 20*

112,524.3-

11

3

11

3.0

3.63.4

88

-70.9

11,120.4

7Citi 6

519,257.6

Mediobanca

35,331.5Morgan Stanley 30,861.7

40.334 35.2

11,400.5

-79.8 SEB Enskilda 4,485.24,671.8-5,255.0

225

36.0 281.9

150.0

5.3

6.7

3,010.54451

1

431,243.6815,749.15

87

7,144.7

19 14,292.8

8.1

1622.1 5

12

19,370.2

UBS

Mkt.% Chg. in Financial Advisor

37

Deals1

No.US$m

1Goldman Sachs & Co

Citi

Morgan Stanley

42Rank

244.1

Financial Advisor

418

-34.6

-22.349,702.142.48

-8.3486

-36.3

-34

4.6

-

-

1

1/1/2007 - 6/30/2007

32,419.0

1.7

1.0

2019

2223

391

0.9

1.3

1.21.3

0.7

100.0

2

Rank52.6

Mkt.Share

6,583.2

3

10,861.68

6

4

Rothschild

17,209.2JP Morgan

-31

1

0.0

Lazard

Lehman Brothers

Mediobanca

UBS31,958.9

38,626.8

29,353.618,738.1

Deutsche Bank AG2

Malayan Banking Bhd

20*19

532.1

532.1

20*

25*

Network Corporate FinanceZJ Advisory Sdn Bhd

Any German Involvement Announced (AD35)

1211

9

4,485.2

3.5

0.7

73,453.8

Mitsubishi UFJ Financial Group

Merrill Lynch

976.9

6,568.7

4,377.5

Nord/LB

SEB EnskildaErneholm & Haskel ABDresdner Kleinwort

Metzler Corporate Finance


3,360.9

105,255.0

13

152,546.52,739.4 14

16

8.9

540.025.5

79.0

7.2

23.414.8 437,328.6

49,171.2

26,298.4

0.017,480.1 9

3.7

6.0

7

510

142

6.1

7

1

50,187.2

--62.4

14

11

-75.4

5

9

Goldman Sachs & Co

4

-

-

911.4

4

44,674.3


-LazardRBS

-93.8

-

46.5

-

-

Deutsche Bank AG

Erneholm & Haskel AB

3

37

7

-15

-

39

50.9 19

461.0

-86.6

2425

1.8

1.6

RankUS$m1 41,806.1

Subtotal without Financial Advisor - 7646,967.7Industry Total 999

9.5

-3.7

78*-98.3

-

-

150,126.6-

163,506.1 -55.113,379.5

-

-55.7

20*

0.5

10.7

0.60.6

25,365.6

-

66,486.1 23590.5-

-18

657.6

11,092.5

552.8

1/1/2008 - 6/30/2008

43.515

167.032,002.3

22,762.0

Rank Value

39.0-

10

453.9

US$mNo.

78*66

11,119.2 1416,674.2

-

DealsRank Value

39.0

JP Morgan

Dresdner Kleinwort

BNP Paribas SAHoulihan Lokey Howard & ZukinMetzler Corporate Finance

5,896.9

Lehman Brothers

803.91,198.5

-

3,176.1

275.1

-

-

15,565.8

-67

45

14-

510

3227 61.5

--

-59.2-

-28.5-100.0

440.2

21

2230.6

5

---

-54.3-26.2

-716

10,262.5493122,786.8

1,486.2

1,296.9

8,718.698

1,439.0 21

3,020.13,153.7 154,377.5

18

1312

16

-15,624.9

31,283.6

8,825.231,006.2

11.622.0

9.919,067.1

5.05.1

311

9-

2,628.2

1,610.5

171,935.4

963.5911.4682.8

1817

Grant Thornton LLP 398.8

23470.7423.2 24

Blackstone Group LP

Rank Val

4,686.3

-Subtotal with Financial Advisor

Industry Total-47.9

HSBC Holdings PLCAlegro Capital

482.6


560.8

94.7- 5.3-83,064.9

-



--

87,751.3


UniCredit Group

Credit Suisse

BDO International

-Merrill Lynch


Europe Rankings

14

2

10,198.5

1011

532.1


68 1,127.1Lincoln International 398.8 25* 0.5 3 32.5

20

* tie * tie

1/1/2007 - 6/30/2007

51612

0.018,794.2

976.15

3,967.110

Subtotal without Financial Advisor 5,492.2100.080,393.9Industry Total

4,607.7Subtotal with Financial Advisor

1,714.7

625.775,786.3

746.0KBC Group NV1,162.9

-

20-72.0

-95.7 Santander Global Banking1,654.5

RBS

1,457.4Nomura-89.5

326

5,834.8

3,503.75,575.9

Standard Chartered PLC

3,159.3

136.1-64.9

910

Intesa SanPaoloLehman Brothers

6.3

21,008.8

Poli e Associati SpA

-92.6-82.3

CalyonGruppo Banca Leonardo-88.2

-93.8

UniCredit Group

Lazard

Dresdner KleinwortBorghesi Colombo & Associati 6.9

11.67.3157.3

1716

14

12

5,857.2

11

13

19,919.9

9,297.811,510.012,889.6

18

2.1212.1

194.43.9

3858*0.9

107,331.0

14

5126

5,074.933,856.0

65,243.242,328.9

17.420.3

3019

527.8

36.831.728.4

-

24

--

112,823.2

240.8 100.9

19

12,163.3


11.6

1

1017,450.0 18

27

43,236.7

Financial Advisor

25,352.0 2

Deutsche Bank AG5

US$m

3

Mediobanca

21,845.0

38,613.1Goldman Sachs & CoMorgan Stanley

% Chg. in

30,598.6

25,442.0-81.3

34,076.5Morgan Stanley

-66.3JP MorganCredit Suisse


Rothschild

Deutsche Bank AG

-90.0

-75.1

-84.4

Rank Val-55.6 Mediobanca

-71.9

15

82

4

13

17

1038,806.6

3 21,360.0

63.5

-58.3

5123

-

1,126.92

1011,900.110,541.2

137,483.3

1014.7

165,404.5

21,794.3

-84.2

21,525.6

24.816.0

22

Subtotal with Financial Advisor25 1.1

1.423

-783.5790.6941.5

89.9 -156,812.48,592.1 -

4.5

2.32.3

26,505.0

Rank Val

10,299.4

11,979.9

78

14,004.112,008.8

2211

Goldman Sachs & Co

1024

Deals RankUS$mNo.

1/1/2008 - 6/30/2008

3,085.0

17.417.3

14.915.3

9,613.710.913.9

1112

19,568.2

1,714.7Intesa SanPaolo

-

2,065.522

2,547.2

-1.7

4039

Gruppo Banca Leonardo 1,281.8 20

UniCredit Group

RBS

3,334.13,210.0Dresdner Kleinwort

1,561.51,573.9

8

15

67.3362.5

1-87.5

211 5,575.9

450

1.2-

6

-18.9136

18.5- -

1.5KPMG Corporate Finance4,173.5

-

62,018.86,965.8 31410.1

100.0-

2

-- 94.3

208118

5.7

25


9

-28.7-

-29.4-16.1

1.8-

-60.5

-

42,726.2

9

5

6

1,613.5

7 53,774.0

96,320.8

5

2221

27 12,601.1

2

19

1.9

16

14

20

69

63,325.14.8

1718 2.5

16

US$m

5

39

238

42,242.3

5

58,782.6 7

16.0

122.1

813

1159.5

5UBS

RothschildMerrill Lynch

17,347.019,194.1

Citi3

92,855.189,858.7

1,220.5

-2.0-15.5

2.9

-

30,347.4

14

-73.1-

-25.2

-23.5

71.2-83.4

47.1

55,951.8

8

5

25,955.1

17,470.230,014.4

214

67,560.2

315

9

7

25

58*10

6BNP Paribas SA

Calyon



Borghesi Colombo & AssociatiKPMG Corporate Finance

China Euro Securities


JP Morgan

Lazard

341.7

520.1

-11

2 -

1,183.20.01

13,019.4

30-

17

13

388.2

0.0 58*

INGFineurop SpA

56,891.8

DealsRank Value

86,905.832,065.5

6

4

56.0

Mkt.

25.2

1

47

11

12

8

6

14.3

7,651.7

6,721.4

19,361.328,099.5

2

Any Italian Involvement Completed (AF43)

Mkt.

26.1

8

48.3

31.765

26.8

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

4

27.1

1

31.97

42.4

30,468.2

ShareRank1


Any Italian Involvement Announced (AD36)

Europe Rankings

1/1/2007 - 6/30/2007% Chg. in Rank ValueRank Value

-55.0-66.7-48.3

UBS

37.938.1 -54.7

-20.9

Citi67,730.9

70.1

Rank ValueRankUS$m

51,057.8RankShare Financial Advisor

21

* tie* tie

Arctic Securities ASA 1,010.01,136.8

LazardABG Sundal Collier

1,148.6

4,571.74,420.0

9,385.89,095.1

Rank

4

ABG Sundal CollierDeutsche Bank AG

LazardCarnegie

Handelsbanken Capital MarketsTroika DialogCiti

2,237.6

801.7

706.9

RBSAdvium Corporate Finance

1,221.0

1,887.2

756.4706.9

1,713.4

Michael Elliott & Partners

-

Numis

Banc of America Securities LLC

Cushman & Wakefield Inc

1

14.3

1


3.4

-

1819

1.2Kempen and Co NV

1,145.0

UBSSEB EnskildaCredit Suisse

9,902.2

14,368.9

Goldman Sachs & Co

12,345.1

No.Mkt.Rank

4

16

587.9

0.0

3

-

23*

25*

20

2221

5

35

5

0.02

1,481.4

8 5,008.34

2

6.4

9.28.88.1 2,030.5

--

1,206.2

-11,346.2

560.2

61685.7

811


-11,991.07,147.2

-

100.0Subtotal without Financial Advisor

56,767.9195

-80* -25* 1.2 1 0.0

--40.4-24.5

-

2.42.3

8

1.41.4

1

1.5

19

205.9

12

7

85.5

10,847.0

788.8

21

24.728.7

2

Any Nordic Involvement Completed (AF44)

Share

1/1/2008 - 6/30/2008

17.57

10.9

119.29.59

10

8

6

-9.9

214.7

Morgan Stanley-29.8


-24.8Lenner Corporate Finance AB

18.2

HSBC Holdings PLCErneholm & Haskel AB

8,752.2

5,461.14,741.0

7,328.5

4,579.6

90

108- - JP Morgan


Europe Rankings


3.0

1,713.4

2,097.51514

2.1

2.6Carnegie

FIH Partners AS

1,831.4Advium Corporate Finance

3

35.53

Rank ValueUS$mFinancial Advisor

% Chg. in US$m Rank

Rank Value1/1/2007 - 6/30/2007

Financial AdvisorNo.Rank Value

Deals


Landsbanki Islands 612.6Subtotal with Financial Advisor

19.8 7

16,574.6

US$m

10,690.05,273.8

8,903.87,918.8

Deals

1118.8114

-89.18

30

34

4035

-27.1

-

68,758.9

139.2

29.4

---

79.8

-

-27.3

-

7,379.3

23*

420.7 461.6

1

10

17 3.8

34.84.5

95

2-

2 885.0251,674.5

-78.9

6

6,367.8

-420.7

15,609.8

13

4.6-22.2

-85.5

-

12

15

4,031.0 133,188.1 142,399.015

28

2,353.6

2,247.7

5,807.51,102.2

- 612.6

90,848.342,840.4

1,692.315

91,445.4

17

7,778.5

5,903.4

12,959.4-

6,523.60.0

Cushman & Wakefield Inc-

1-27.8

24*-75,238.624376.9

-

79.8Ernst & Young LLP

706.9 --1.0

921.4

1

1.351

Industry Total

9

Michael Elliott & Partners

Subtotal with Financial Advisor706.9 1.0

756.424*

54,325.7

1

21

1.1Numis18

2322

1918

-52.2

7,146.4

2,378.5-

-68.555.5

14

--23

-24.7-79.89-51.2

-5

96*

-64.5-

-66.9-

Rank ValRank

2.4

26

12

1

10

8

1212,178.2

6

7*

1312

10,607.2

4,166.6

4,889.44,287.0

3

10 9.9

6.1

9

16 6

5

1.46

5

6

25.9

6.9

6,392.114,100.5

17.2

20

2.4

1.6

11

1.6

7*

4

6.69.9 21

15.2 68.41

13,658.4

-13.1

1115.0

12.6

11112.6

13.6Calyon

JP Morgan

1 813,339.7

9,585.88,888.0

1

10,763.39

383.925.5

13,005.012 2,756.818.9

-6.4204

13,322.7

Goldman Sachs & Co

Credit Suisse

UBSMorgan Stanley

7

80*

208.6

-12.2-45.1

-679.0

46.3

398.5

-59.3

10,501.2 5

19

-48.080*

2838

87.8

-

Rank Val

1/1/2007 - 6/30/2007% Chg. in

1

55.961.46

Rank Value

18,046.0

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

Deutsche Bank AG

Any Nordic Involvement Announced (AD37)

US$m Share

Merrill Lynch

8,888.0

6,955.97,011.5SEB Enskilda

PK Corporate Finance LLP

Erneholm & Haskel ABHandelsbanken Capital MarketsTroika DialogCiti

-Subtotal without Financial Advisor

100.0 1,23970,651.416,325.6 - 23.1 996 -

38

24

-

22

1/1/2007 - 6/30/2007

* tie * tie

19,298.1

9

21

28,085.42,345.9

% Chg. in

3Rank

5

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

Rank Rank ValRank Value

9

5

2

24.61329.4134

24.2

19,348.3

127.96

-20.0

978.8

99.21

11

925

122.611,882.43

40.2

2,926.3

Any Benelux Involvement Completed (AF47)

Mkt.Rank Value

123.2166.0

112

US$m

12,629.8253.2

US$m

33,598.3UBSFinancial Advisor

Deutsche Bank AG31,569.211 18,368.0

47.516

50.750.4

12

8284.0

20,274.455* 22,507.7

162

Mkt.US$m

No. % Chg. in

18 13,574.7

Rank

1/1/2008 - 6/30/2008

617

121Deals

57.3Rank Share

64,205.964,606.1

Financial Advisor73,018.0Merrill Lynch

US$m

Goldman Sachs & Co67,816.168,443.8

9

3

8

5

76

4

192,065.0

161,813.7

-

5.97.2

110

8

43.6

8

137,101.2

4

137

25,529.51,565.0

-93.77109,574.3

4,195.3587.5

332245 965.5

303.5

23,739.2

-95.7FIH Partners AS 9

16,833.3417.515.710

12

24

Lehman Brothers18,814.5

-95.3-94.5

14,182.3 1111,422.9

5

24,882.0Credit Suisse-

14 Rothschild24,065.2-

198.4

53.7

1/1/2007 - 6/30/2007Rank Value

176,783.5

404.2269.2

132,427.0Rank Val

Merrill Lynch-63.5 26,445.2Goldman Sachs & Co

43,178.2-44.9

Rothschild 6,889.7

Morgan StanleyLehman Brothers 7,530.5RBS 7,035.5

CitiMoelis & Co

9,118.2

60,495.755,544.1

Rank Value

Lazard

JP MorganDeutsche Bank AG

Calyon 6,260.14.95.0

Mediobanca6,314.0

13*6,260.112BNP Paribas SA

16

5.410

1513* 4.9

3.7

115.5

3.7Credit SuisseUBS

2,658.82,618.3

KPMG Corporate FinancePricewaterhouseCoopers

4,708.74,657.6

19 1.41817 2.1

2.1

22*21 1.320 1.4

1.1

-67.5-

6-

4,952.5

10.41

23

94,424.5- -56.6-


Industry Total 127,382.112,425.9

Industry Total- 100.0Subtotal without Financial Advisor 16,883.9 - 13.3Subtotal with Financial Advisor 110,498.3 - 86.8

107,378.912,954.4 -

100.0-12.1

-

3

25 224

2223

87.9

2.82.7

610

1,782.8

3,457.2

3

607.1

-

387223

1

10,795.6

545.5-

384.24.1

234

9 8,039.2

2

164.715

11,887.7714 4.88,294.3

3,310.83,658.1 3.4

3.1

3.44.0

13

4.6

7.7

2021

1918

9

-

-

10.6

5,972.0

81 -3

-

-12.8

383.2-

17

4

4,913.2

32,434.07

1917

12,489.710,560.8

4-

7

2

14

17

13.2

23.2622.47

8 22.1

2.562.5

11.7

- 10.785,323.8--96,119.4

20.0

345.4

-23-

45-21.1

28

264,584.7

16

19

-14

-49

55

209.3

-56.4-

-70.5386.9

71.1

-54.5

-809.1

1,007.5-38.1

-

4,255.0KPMG Corporate Finance3,697.7

Kempen and Co NV-52.83 -97.2

DealsShare

31.3

20

25,952.9

4,423.4

Morgan Stanley

-31.0

788 266,828.0 -

-

540

--

-23.2-

5,637.3

254,402.12481 - 2,704.1Catalyst Advisors BV

-

2,856.33,050.7

LazardSantander Global Banking

30

Citi

RBS

Gruppo Banca LeonardoRaptor LLC

INGJP Morgan

BNP Paribas SA

2,727.02

168,130.0

22,337.5

-

9

10

623

-52.335.9

Landsbanki Islands

Sagent Advisors IncHSBC Holdings PLC



--

2524

-37

21,283.722*

1.1

1.01.1

Kempen and Co NV 1,417.7

1,795.2

Grant Samuel 1,223.1

1,417.7FIH Partners AS 1,353.8Catalyst Advisors BV

ING

3,796.6

Any Benelux Involvement Announced (AD40)

12.2

13.2

24

Europe Rankings

4,959.15,076.85,182.7

25

1


1,832.0Macquarie Group


Ernst & Young LLP 1,607.3

23

3/28/2008

4/7/2008

Acquiror Target Industry

United States Consumer Staples

14,342.2

Rank Value (US$m)

Energy and Power

2/1/2008 Completed Rio Tinto PLC

Switzerland

Endesa ItaliaAustralia

Italy4/30/2008 Pending

6/11/2008

Target Nation

United States

Energy and Power

Healthcare

Consumer Staples112,955.2Acquior Nation

Novartis AG SwitzerlandBG Group PLC

Shareholders Switzerland

5/19/2008 Pending United States

BelgiumIntended

Origin Energy Ltd

3/18/2008 Completed

Government and AgenciesInvestor Group Spain 12,800.0Russian Fed 12,381.82/11/2008 Completed

3/31/2008 Pending4/7/2008 Pending

55,544.1

E ON AG Germany

InBev NV

United Kingdom 17,345.627,733.7


Consumer StaplesPernod Ricard SA France 8,888.0

MaterialsUnited Kingdom

SwitzerlandVin & Sprit AB Sweden

HydroOGK Russian Fed

Singapore 14,284.2

Energy and PowerNovartis AGAlcon Inc United States

Completed

Shareholders

Shining Prospect Pte Ltd

10,547.5

Top Ten European Involvement Announced Deals

Pennsylvania Turnpike

Healthcare

Rank Date Status Target

Europe Analysis

Alcon Inc

Philip Morris Intl IncAnheuser-Busch Cos Inc


Intended

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

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Goldman Sachs & Co Deutsche Bank AG JP Morgan Citi Credit Suisse Lehman Brothers Merrill Lynch Morgan Stanley Centerview PartnersLLC

UBS

% V

olum

e C

ompo

sitio

n

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

Healthcare High Technology Industrials Materials Media and Entertainment

Real Estate Retail Telecommunications


24

14,284.2 2 28.5

271


Asia ex-Japan M&A

493

Rank Val US$m

Recovering from the global effect of the credit crunch, Asia ex-Japan M&A volume reacheda record first half with US$242.7 billion in deal activity, a 27.8% jump from the US$189.9billion recorded in the similar period of 2007. This was the only region that experiencedgrowth in M&A activity as Europe, Americas, and Japan experienced declines of 35.4%,36.1% and 21.9%, respectively.

Asian Investors Shopping Outside the Region

Financials Most Active Sector

Asia ex-Japan cross border M&A totaled US$168.5 billion, a 27.5% year-over-yearincrease. Cross border activity comprised 69.4% of the total M&A volume in the region.Outbound M&A outpaced inbound activity as Asian investors continued to shop forbargains outside the region. Outbound activity amounted to US$89 billion while inboundM&A reached US$79.5 billion.

59,363.7 14,305.8

624 3

9

33.750,119.1 16,884.2 1

1 21.7 4

3

26,102.0

Credit Suisse

5,660.3 Lehman Brothers

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

1 3,910.4

2 17.1

Mkt.

UBS

5 4,234.8 3 16.24,464.9

1 24.1

Financials emerged as the most active industry for both local and foreign investors withdeals totaling US$59.4 billion, or a 24.5% market share. This was mainly due to the US$9billion TM International spinoff and Singapore Investment’s US$6.9 billion stake purchasein Citi. The Materials sector followed with US$50.1 billion and was largely driven byShining Prospect's US$14.3 billion acquisition of a minority stake in Rio Tinto, the largestannounced transaction during the first half of 2008.

3 7.8 1 China International Capital CoDanatama Makmur

Energy and Power

Industry Total

9 8,688.7 3 14.6 6

10,680.6 2 18.0

Financials

Citi

CIMB Investment Bank BhdJP Morgan

MaterialsLehman Brothers

% Change inImputed Fees Mkt. Imputed Fees1/1/2008 - 6/29/2008 1/1/2007 - 6/29/2007

Asia ex-Japan M&A Grows Despite Global Decline I Asian Investors Shopping Outside the Region I Financials Sector Grabs Investor Appeal

Asia ex-Japan Involvement Announced Advisors by Target Industry

Asia ex-Japan M&A Grows Despite Global Decline

No. DealsRank ShareUS$m Rank Share

No.Deals US$m Rank Fees

80.1 3 -23.653.2 2 3.2

2111

61.2 1 3.725.1 13 111.928.0 12 76.7

49.0 4 2.92121

49.5 3 3.057.4 5 -14.596.7 2 -52.4

43.9 6 2.61715

46.1 5 2.875.3 4 -41.7

143.7 1 -69.737.0 8 2.2

1418

43.5 7 2.641.1 8 -9.915.9 17 106.0

26.4 10 1.62121

32.7 9 2.06 -45.2

-14.91,963.5 -48.1


1,9341,670.2 - 100.0CIMB Investment Bank Bhd

Merrill LynchMacquarie Group

Lehman Brothers

Financial Advisor

JP Morgan

Credit SuisseMorgan Stanley

Citi

Goldman Sachs & Co

UBS


Asia ex-Japan Involvement Announced M&A by Target Industry

$0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000

Financials

Materials

Energy and Power

Industrials

Real Estate

Telecommunications

Healthcare

Media and Entertainment

Rank Value (US$m)

January 1, 2008 - June 30, 2008

January 1, 2007 - June 30, 2007

25

* tie * tie


10

Asia ex-Japan Rankings

Rank ValRank Value

9,530.2

2.2

9,429.7 1211

3.0

825

4,512.4

853.44,162.6

222,356.9

155

1/1/2008 - 6/30/2008

30

26,953.0 5.51,572 -279.6979.7

574118

13

5,313.9 15

7,374.6

5,135.1

5,509.6

18

2.117

4,702.2

164,811.5 2.0

14

4,668.2

212,914.9

193,233.3 20

3.93.9

10.07.6

6.0

19

189,925.94,054

1.91.9

3,056.72,061.2

6393,415

6,388.7

24,228.4

18,101.078

18,539.5

56

12.011.7

10.525,540.7

2,742.2

163,344.9

23

1

100.0

1.0

23.0

8,688.0

-

2,489.279,373.2


-Subtotal with Financial Advisor

2,652.125


2,722.8


1.1

-

1.1

24

32.7

22

Woori Invest & Sec Co Ltd11

323 15,385.8

- -

15

-HSBC Holdings PLC

24

4414,779.9

1.1

9

1.2 22

10,395.9

13

7.59 6.1

14,604.2

China International Capital Co

Lazard

Credit Suisse

Macquarie Group

Merrill Lynch

Rothschild


Goldman Sachs & CoCIMB Investment Bank BhdMorgan Stanley

HSBC Holdings PLC

Ernst & Young LLPSomerley Ltd

UBS

Nomura

Danatama MakmurRBS

Caliburn Partnership Pty LtdMalayan Banking Bhd

Deutsche Bank AGBNP Paribas SA

2425

23Somerley Ltd

IMAPErnst & Young LLP

22Malayan Banking Bhd21

1,992.4

-4.633.0

2,166.4

2,341.8

23 489.2- -

495

442.1

6 -76.0

-76.383021267

100.080.3-

-


-8.8127,287.0362144,464.1

57,118.4 Subtotal without Financial Advisor2

19.71.2-

39.0 28,433.71,662.0

-6.3154,240.01,934--

116,030.5-

183,131.8-26.4

20

--

3,081.3-46.31.3

Industry Total




27.8-

1810

868

-74.1

-15.1-31.0113.618

25,571.6

1 1,310.4

21

990.1

-54.952.5

-29.4-33.2

301.3

204.4

2,901.5

9,296.6PricewaterhouseCoopers 8,893.7

Industrial & Comm Bank China

JP Morgan


5,616.7

6 -68.722,350.5

17 18,734.716

2.2Standard Chartered PLC

RBS-

73

3.2

4022

4,085.2

7,272.0

5,135.14,594.7

-48.9 Danatama Makmur545.6

77.2

494.4103.4

702.0

1.51.4

1.6693.5

5,847.2 -60.012

-78.270.5

1,885.4316

155.2

2,491.7

2,057.0

318.4

11

304.4

59.8

293

17

10

1,837.2

15

6.4 15

142.8

3.9

5

Citi

27,765.7 4 6

29,198.528,484.3

23

29JP Morgan

RankRank Value Mkt.

DealsNo.

15,565.36

12.217,633.417,640.5 3

4 12.210.8

10,607.9

13,163.6

9

14,284.2

10,763.878

15,020.38

20,770.1

7,287.534

4,324.8

1335

19

1

19 5,345.3

0.016,124.1

2,216.2

47

719

152*

14

% Chg. in Rank

-

2

1

21

17

25 -6.0

Rank Value

-79.4-

4-

5,562.6

2835,896.7

16,109.010

5.0

Share Rank ValUS$mDeals401.7-35.141,670.9

11

15

Rank Value

109.0 Macquarie Group

UBS

Morgan Stanley

Citi81.3CIMB Investment Bank Bhd

-54.2

239.4

20

27,030.0Lehman Brothers

Mkt. No.

2 1418.719.327,908.0 1

15,657.2 5

China International Capital Co

4 Credit Suisse

-42.1

15.9

19 709.6

20

4,632.8Financial Advisor

% Chg. in US$m

Merrill Lynch58

86.5

9,676.7 Goldman Sachs & Co1

-46.42

1410

26

25 24,586.7

9,251.131,883.2

13,446.2

11,484.5

11

284.0

2.3

7,137.910,226.8

3226

33,791.0

11.444,141.8

Lehman BrothersFinancial Advisor US$m

15.537,509.1 1Rank Share

5.3

67.3 132,807.5

6.2

21

1/1/2007 - 6/30/2007

Any Asia ex-Japan Involvement Announced (AD25)

1/1/2008 - 6/30/20081/1/2007 - 6/30/2007

Any Asia ex-Japan Involvement Completed (AF32)

9.1

1.6

Rank

2.1

143.6

9.9

13

US$m

2,336.2

14

21

1112 5.6

7.37.5

19

26

* tie* tie

1925

26*4,668.2

24*HSBC Holdings PLC 0.3

242,718.1

37,509.10.4

10.024*

8

RBS

DBS Group HoldingsIMAPAmInvestment Bank Group

PricewaterhouseCoopersGuangdong Securities

18 0.417 0.5

37*-46.2

-16 RBS

Rothschild

100.025*

18* -36.4

8

0.4

8

21*

10,607.9


-23.6

0.4

6

-20.022*

66.7200.0

0.4

3

2,166.41,206.0

0.5

0.7

0.60.6

0.6

0.7

27,908.0

72.7

-45.9

125*

1 -59.618*

47

16.7

1/1/2007 - 6/30/2007

9

Deals

10*2

25Rank

Any Asia ex-Japan Involvement Completed (AF32)

21

No.Share

31.31618

Asia ex-Japan Rankings

Citi72* 2,100.0Financial Advisor

9

% Chg. in

133.3No. Deals

8,152.8

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

1.01.11.1

1*21

13,163.6

1.0

35

420

1*21

152511

15,565.31,992.4

US$m1.1

Deals Rank1*

8

26*-54.2

-7.77

57.1

14*

46*10

14-21.1

--

5*13

24

14*

691

22 8*

18 13*21*13

10

21*

163,344.93,860

18*7.8

CIMB Investment Bank BhdPricewaterhouseCoopers

31.8

23.852.9

Macquarie Group

Deutsche Bank AGMalayan Banking Bhd 10*23

23Credit Suisse

UBS

24252526

JP Morgan

Optima Capital LtdCIMB Investment Bank Bhd

Citi 29Merrill Lynch

Goldman Sachs & Co

26

3

1*

3244

Share

5*

Rank

Any Asia ex-Japan Involvement Announced (AD25)

8*29,198.518,101.0

Morgan Stanley

1*

No.1/1/2007 - 6/30/2007

DealsMkt.

US$mNo.

4,054639

84.2

12*

100.0-

21*0.30.3

4,702.2

11

21*11

-3,415

1212

12*

21

15

22Ernst & Young LLPVeda Capital LtdMacquarie Group

22

Industry Total

12*22

15.8-

15


KPMG Corporate FinanceBNP Paribas SALehman Brothers

161917

Somerley Ltd20

201321* 0.312

0.3

2,077.4

0.60.5

0.50.50.5

0.59,429.7

2,914.9

2,742.2

1,545.5

-

3,169 -79,373.2Subtotal with Financial Advisor

48

1

1262

16

106*1

1,200.0

34

9Malayan Banking Bhd-75.8

8

36*

18* Lehman Brothers18.83* DBS Group Holdings

21*2

JP Morgan

69.2

15*10*21

14,604.225,540.7

610*

32

No. Deals


Based on Number of Deals

17,640.5

15

0.90.9

1.00.9


5*

10*1818

19

7*7*

1819

10

Somerley Ltd

-35.3633.3

-56.3-41.2

Optima Capital Ltd

Veda Capital Ltd

Deutsche Bank AG

131.82,901.5

21*

20

AmInvestment Bank GroupBNP Paribas SA

15

UBS

0.80.8

0.53,131.8

0.5127.2

7,272.0

4,085.2

9,296.6

27,030.0

10,763.8

0.0

-57.1

-28.02,341.820.0

-45.5433

8,893.7

28,433.7

144,464.1

7.7

474--

2.7

14*

22*

-

1,449.9

4,594.7

3

212.3

19

2,336.2-

1313

21*


766.0

7,374.6204.8

57*

22*

0.4

1,572

10

7

37

13

25 -44.0

-20.0

4-20.0

28*

16*11

34544.4 3

-7.7-33.3

-45.5998.5

10*2,652.1

0.6 4,811.5

4250.8

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

1.134

44

5*

9 24,228.47*7*

0.6

28,484.30.60.60.6

DealsNo.

1,023.3 2

% Chg. in Rank

19

3*

-21.9

22

2115*

28.01.1 29.414,779.9

0.60.7

7

1718,539.5

12

3*

-31.3

13 HSBC Holdings PLC

617

31.6

Morgan Stanley14.3

283.335.3

Merrill Lynch

17,633.4

1514

Ernst & Young LLP

Goldman Sachs & Co


12* 0.710*

7*

Rank Value

12*12

14 12*14

5*

Credit Suisse


Financial Advisor

7

-362

7 25*

5.0-3.52,0041,934

116,030.5Industry Total 100.0Subtotal with Financial Advisor 18.7

-

18*

-

0.3

5,313.9

-7.5

16*1141.7

1,530

10

1018*

IMAP

81.3

0.4

0.4 1,509.7 11

27

Announced New Zealand M&A volume plunged to a five-year low as its first half total amountedto just US$2.5 billion. Based on Freeman & Co’s methodology, imputed fees for New ZealandM&A totaled US$56.9 million during the first half of 2008, down from the US$116.4 million earnedduring the same period last year.

US$m

475.6 201.9

44.8

Share17.2Lehman Brothers

First NZ Capital 7.2

Financial Advisor

1.0

13.8

20.9

2.6

1/1/2008 - 6/29/2008

14.2Credit Suisse2.7

100.010

24

1.7

53.1

Rank

Completed M&A (AF46) by Imputed Fees

87

31.2Citi

Merrill Lynch

83.183.9

1*

531.2

636.5 Rank

616.5 1*1*

21,586.0

3

18,107.6

CitiCaliburn Partnership Pty Ltd

6,274.9 4,733.6 2 2

4.6 1

31.541.8

348

2

1

17,933.0 1,000.0

15,006.4

Energy and Power

Macquarie GroupGresham PartnersGoldman Sachs & Co

UBSFinancials

Materials

UBS

Lehman BrothersCaliburn Partnership Pty Ltd

Deloitte & Touche

PricewaterhouseCoopersGrant Samuel

Consumer StaplesRothschildPricewaterhouseCoopers

1.1

1.789

30.3 1

67

233*5

6

9

5

7.4

-

2.8

4.2

2Macquarie Group54.8 1122

1 5 71.5Energy and Power

Rank ValUS$m

No. No.Rank

RBS

UBSGoldman Sachs & Co

1

616.5

616.5

Cameron Partners Ltd574.7 Industrials

3

57

1.91.9

6

69

2.8

12.7

4.6

1.1

100.0

7.1

Financial Advisor

1/1/2008 - 6/29/2008

3 1

Completed M&A (AF31) by Imputed Fees

Mkt.Imputed FeesUS$m Share

6

4.6

1.9

4.6 16

1

20Deals

6

823

No.

108

1

191

-

1

3.0

3 4

Share

13.8 4

3

Deals


Rank Val

6 4,637.4 3

Announced M&A by Target Industry

Any New Zealand Involvement

Mkt.

1.6

525.6 19.8

68.9

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

.3

Mkt. No.

30.9

1/1/2008 - 6/30/2008

Announced by Target Industry

Share

1

25,772.8 18,414.1 18,134.7

1

17,768.1

UBSRank

Any Australian Involvement

New Zealand M&A - A Five Year Low

32

1

1

1

2

9

70.4

9.4

1

Caliburn Partnership Pty Ltd

Goldman Sachs & Co

Imputed Fees

91.5

36 92.4

2.2

1.1PricewaterhouseCoopersGoldman Sachs & CoUBS

22

3 6

1

.6Industry Total4

M&A International

56.9

Cameron Partners Ltd

.69*

2

Deutsche Bank AG

108

44.43

20.1

34.3Morgan Stanley

Deals

Deals

3.5

Australia M&A - A Downward Trend | Westpac-St George Bank Largest AU Deal of All Time | New Zealand M&A Drops to Five Year Low

Macquarie Group

Lehman Brothers

21.0

6.0

Credit SuisseLazard

2.6

US$m

4

745.1Industry Total


Australia/New Zealand M&A

2

96.9

96.9

2

96.9

3

1 42.5

Australian deal making activity during the first half of 2008 decreased by 9.6% from US$94.1billion to US$85.1 billion despite the announcement of the largest Australian domestic deal ofall time: Westpac's US$17.9 billion buyout offer for St George Bank. Australian companiesinvesting outside the country declined as outbound activity amounted to only US$12.3 billion,a 58.3% decrease from the first half of 2007 deal activity.

Australia M&A - A Downward Trend

Australian Involvement Announced M&A by Target Industry

$0

$10,000

$20,000

$30,000

$40,000

$50,000

Energy andPower

Financials Materials Industrials Real Estate

Ran

k V

alue

(US

$m)

January 1, 2008 - June 30, 2008

January 1, 2007 - June 30, 2007

New Zealand Involvement Announced M&A by Target Industry

$0

$100

$200

$300

$400

$500

$600

$700

Energy andPower

Industrials ConsumerStaples

Real Estate HighTechnology

Ran

k V

alue

(US

$m)

January 1, 2008 - June 30, 2008January 1, 2007 - June 30, 2007

28

* tie * tie

Any Australian Involvement Completed (AF31)

-

0.0

10

4

3,759.42,567.6

16,041.613

100.0 1,211Subtotal with Financial Advisor-11.2

-9.6-167

Rank

17,069.5

2

Deals

1/1/2007 - 6/30/2007

40,231.4

26

6.0

9

279.9

-

0.0

225.3

518

141,701.5 18

Industry Total80,859.0

- RBS

JP MorganRothschild

Deloitte & Touche

-9.6198.3 KPMG Corporate Finance

3,973.6

1,948.0

-56.1

OSullivan Pullini

20

4,597.3

4,265.14,424.9

2,065.8 16

1,739.7

12

9

-5.3

377.2

7.98.2

-84.515

-74.430

10

-

-

-21.1

100.0

663

322.0

-33.6

-38.2

-71.9--


-40.576,511.3Industry Total -

6,181.5

1,465.914

-

-

53,780.7

529.7--

25

-

201,035.6

844.0

668.5592.5

85,105.1

7

209.8

-64.0

-92.9

--50.4

2,470.5

94,118.5

19

698.024

-

3

5.42,919.8 14

-467.6 30

-181,893.6

2,500.5Merrill Lynch

3,377.0PricewaterhouseCoopers 13

8.6

8,057.54,807.7 8

7 15.08.9

4616.1

15.6

15

3.617

4.7

Grant Samuel

-

7 -25.2Credit SuisseGoldman Sachs & Co

5 8,475.0

117.4

-79.7719.9 Gryphon Partners

6.3

Lazard

37

29

23

6

4

1,030.32

26

132

-50.6

58* -1,752.0 17

19,368.8

606.9

-

166.2

1.91,584.5

5

3.2

2.0

18

162.3

1.6

8.2 125,229.0

-8

8

1724.6

30.1

11.314.1 522.9

30.0

115

5.0

16,390.97Caliburn Partnership Pty Ltd

Macquarie Group2

25,431.120,924.2

4,230.7

19,491.3

9,572.212,002.2

Gresham Partners

Citi

JP Morgan

Deutsche Bank AGUBS

LazardGoldman Sachs & Co

7,011.0

7

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

12

29.9

4.4

3

9

4

6

8

5

Morgan Stanley

5,129.9

3,723.6

Any Australian Involvement Announced (AD24)

516.0

7

1,205.3

-36.856

49.61


Gryphon Partners

Lehman BrothersPricewaterhouseCoopersOSullivan Pullini

123

1,04415.725 0.7-

21

10

15

11

1413

17

1,978.5

1,395.0

0.8

1.0

0.8

888.4844.3

1.0

1.0

22

1.2

2,270.2

13,363.3 37,386.2

12

-56.6


US$mShare

2,795.5

Blackwood Capital Pty Ltd

Euroz Securities Ltd


RBSRothschild

25,539.1

29,497.7

25,596.630.626,053.8

1

6 82,675.8

29.8 2027,184.323 1

135

US$mRank Rank ValShare

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

Euroz Securities LtdCIBC World Markets Inc

3824

1,035.6ANZ Banking Group

698.01,532.2

0.5

Keefe Bruyette & Woods Inc 798.0

8,248.8Cameron Partners Ltd

9

-

235 9,378.0

Subtotal without Financial Advisor71,777.0

Subtotal without Financial Advisor-13,328.184.3

13,259.5

973.4

1,695.0

Caliburn Partnership Pty Ltd

Financial Advisor

659.1

213

2,061.648.5

456.6

Financial Advisor34.7 UBS

% Chg. in No.US$m

19,869.28

Rank Value

19,801.3

Rank Value

Lehman Brothers

Deutsche Bank AGMorgan Stanley 48,848.3

10,268.6

Citi 568,390.9

8,632.7

11,802.4Macquarie Group

Rank

36.32RFC Corporate Finance

Babcock & Brown Inc

1,680.9

2,742.8

Merrill Lynch

Credit Suisse

Grant Samuel

Deloitte & Touche

56.223

US$m16,027.6

19.116.5

3.2-

-86,962.5 -

1.8 17-21

45,531.9

291.3

1.0

1.549156.5

10,451.1

200.2-35.4

6

10,545.7 6

14

30

516.0

5

7

5

254.9

16

346.072*

-

-

-

Rank

1/1/2007 - 6/30/2007

-19.12

19.8

Australia Rankings

Rank ValueDeals

% Chg. in Rank Val

283.822.0

1

36

4

448.72,056.8

1,030.3 23

919

31.9

84.715.3

3.23

823160

22

274.0

5142.7

136.1

2

1,285.6

-59.6-46.1

670.1

7

191,947.18,213.2

68

5

335

3.5

16 707.661

11,415.5

13,332.53.8

29

* tie

* tie

Any Australian Involvement Completed (AF31)

21*

223 -

15*

4,230.7

-

12,002.2 90.415*

2015*

0.3Gryphon Partners

Credit Suisse

7*7*

Deutsche Bank AG

88

15*

Goldman Sachs & Co

Grant Samuel

Lazard

Rothschild

1/1/2007 - 6/30/2007

-14.3Credit Suisse

7

-30.0

15*6

0.4

-2

4- M&A International28* Lehman Brothers 4

0.4 6

5Rothschild

-16.715*

6

614

Caliburn Partnership Pty Ltd 11*

11*777

-39.5-28.6

-

-16.7

-42.9

-28.6-37.5

-66.7

100.0

-58.3

100.0

No. Deals% Chg. in Rank Value

6*

-24*

275.0

9-

24*2

8*-

209.7 2

-100.9

973.4

1,035.622*322*

0.5

18*

418*

0.50.5

19.480.6

0.40.4

0.40.4

-

-33.3

18*

18*

8*

8*8*

16*

4

13*

-33.3

-50.01267

-1,106

-24.9

2,065.84,807.7 8

12

4,597.3Deutsche Bank AG

108,848.3

Citi 6-30.0 Morgan Stanley

9*9*

8,632.7

Any Australian Involvement Announced (AD24)

-11.10.0

14 -57.110 0.0

-11.1

6

13*8*

513

9

-53.8-12.5

Rank ValueFinancial Advisor Deals Rank

9

2838


Australia Rankings

ShareNo.

9*

1

0.733.3 Caliburn Partnership Pty Ltd

-32.0-48.0-26.7 Deloitte & Touche

Financial Advisor

8250.8-27.3

7 0.9

160.0

Mkt.

-33.3

No. Deals

12.5

-25.7

-46.7

US$m% Chg. in

Goldman Sachs & Co

92,919.8

1*26UBS

9*Macquarie Group


KPMG Corporate Finance25,596.625,431.1

13 1,978.51.11.4

4

668.5

3Gresham Partners

-44.4

-

JP MorganANZ Banking Group-64.3


Lazard

663 -Subtotal without Financial Advisor

3 22*3 22*

200.0

Pacific Road Corporate Finance100.0

- -35*


-1601,211

53,780.7- -25.6

21*

Industry Total

Industry Total

- 100.0

3

Subtotal without Financial Advisor 1,044

First NZ CapitalPitt Capital PartnersM&A International

13,328.1 1,328

1 Euroz Securities Ltd

-2 28* 50.0

Pitt Capital Partners-21.4

45,531.9 -28.3883

-8,248.8 -

223

-

-

100.0823

- -

-21.91,551

--25.1

55

321* 0.3

19.4

54

21*3 0.3

7*

556

3 21*3

11*

15*

140.6

0.4

0.70.7

0.4

0.5

0.60.6

0.7

86.2

6

7*

0.7

23.90.7

1/1/2008 - 6/30/2008

3

844.3

25,539.1888.4

26,053.81,395.0

9,572.2

2.2

5 0.9Gresham Partners


Pacific Road Corporate FinanceEuroz Securities Ltd

JP MorganRBS

Merrill Lynch

820,924.2 4*

2*

1,584.5

698.0

2*12.2

13

Macquarie Group 23

Rank8

Share1,893.6US$mDeals

3.730

6*1.0

3,377.05 1.1

6*

4


16

1*

20

No.

10Rank

No.Deals

89*6

Merrill Lynch 9*6RBS

8

-16.7 Grant Samuel6

14

8

-16.7

75.05

8 Ernst & Young LLP

6

0.54

5

18*

6

5 14*

14*14*

14*

0.7

2

Rank

9

167 -

15*15*12

4

35

5,129.9

29,497.7

15

2525

11

9*9*

23*

4*15712

3,723.6

KPMG Corporate Finance 26

11

17PricewaterhouseCoopersUBS

Citi

Ernst & Young LLPDeloitte & Touche

89

8Morgan Stanley

0.3

191.2

13.8 71,777.0

0.3 227.5

85,105.1

0.3

105.71,035.6

19,491.3


3

0.70.7

0.6

2.8 11,802.4

4,424.9

Mkt.

1

1/1/2007 - 6/30/2007No.

1/1/2008 - 6/30/2008

16*

32

Deals

24

6*

7

9

13*

18*

698.0

16,027.6

3 22* 0.4 230.8

0.6

292.5

8,390.9

4,265.1

Investec PLC

0.7

10,268.61,948.0

0.6

-50.0

0.6

2.4

8,057.51,739.7

1.9

1.0

227.5 2 24* 50.0

- -

6 18*

-2 24* 50.0

CIBC World Markets Inc 3 22* 0.4 1,695.0

30

* tie * tie

14 -90.3

Rothschild

Macquarie GroupGrant Samuel

20

KPMG Corporate FinanceDeloitte & Touche

Simmons Corporate Finance Ltd

First NZ CapitalPricewaterhouseCoopers

BNP Paribas SA

-

Mitsubishi UFJ Financial Group1

12*

--59.7

5,508.3- Subtotal with Financial Advisor

Subtotal without Financial Advisor 10752 -

-159Industry Total


67.31,933.8

18868 -

-43.1

100.032.7

2,474.3 -256

-

-37.9-23.5

-

19.8.01.3

0.6

201.9.0

0.6

0.6

4

% Chg. in

1

22

9*

9*9*

12*

1.3

1.3

-

-83.2

-226.3

2,170.1

Rank Val Financial Advisor-72.5

No.1/1/2007 - 6/30/2007

Rank ValueDeals DealsUS$mRank

No.Mkt.Share

6.95

6 3

1.91.9

73.1

531.25*

RBS4.6

Cameron Partners Ltd626.1

3 5*

5

3

12*

-84.3 Credit SuisseGoldman Sachs & Co

1

.0

DBB Capital

3 5*

3

1 12*

25*

2

.0 1

.0-

1.91.9

4

12*

3.8 29.9

3

1/1/2008 - 6/30/2008

14

12.6

-15*

103

105

- --

-

-

- 540.5

-0.6 -11*

.01 12*21

0.0

-50.0UBSM&A International

616.5

-50.00.6

7*669.1- -4

50.05*101*

0.0

-50.0

11*-40.0

7*

-14.3

No. DealsRank

4

-80.0-40.05*

1*

7*

-50.0

75.0616.3 9

7 2 4.4 397.8642.8616.5

RBS 626.1 25.3 -69.8UBS 83.0 12

122.2

Any New Zealand Involvement Announced (AD39)

Goldman Sachs & Co


2,433.2 1

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

US$m


New Zealand Rankings

Any New Zealand Involvement Announced (AD39)

1/1/2007 - 6/30/2007Rank Value % Chg. in

669.1 1Rank

27.0

397.85531.24616.3

Rank Value

0.30.211

6

Mkt.

2Deals

2124.933

Simmons Corporate Finance Ltd 6.919.8

7

Grant Samuel

201.9KPMG Corporate Finance 29.9Rothschild

Financial Advisor

Based on Rank Value

Cameron Partners LtdFirst NZ Capital


715.64,792.752

19*23.4

11

10

47.215

53.8

-Subtotal without Financial AdvisorSubtotal with Financial Advisor

1-44.4

--13

53 44.0

121.9

118.262

Industry Total 2,474.31,933.8

540.5

159100.078.2

10721.9

Deloitte & Touche

1.29

4.610

0.016

RankUS$m

22,071.2

2024.9

716.121.5 3

Share

80.8

8.2

-

- -55.1

-24.5

0.6

31

* tie * tie


New Zealand Rankings

13.16 12

2,700.0

10*Mitsubishi UFJ Financial Group

19

-77.8

11 0.20.210

-110*

3

3.0

9 92,700.0

5

1

4

65.6

87

2*2* 65.6

65.62*

No. DealsRank% Chg. in

DealsNo.

-33.39*

-57.150.0

9*

-20.0

4-70.02

5*

1/1/2008 - 6/30/2008Based on Number of Deals

1/1/2007 - 6/30/2007

Any New Zealand Involvement Completed (AF46)

Financial AdvisorUS$mRank ValueMkt.No.

2.8

Share

2.8 6.96.7

US$m

2.83.7

3,097.85.6

52.6

107

539.3

2

1.65

3

87.8.0

-

2,700.0

-8.1.0

-1 0.0

-

3

0.01-

0.0

5

13*

-

1 13*

-80.0-80.0

-80.0-

13*

5*5*

-5*-

-

-

5

5


212 - -49.14,117.9100.0

57.4-32.442.6 3,861.2 -68

256.7 -56.9144 -

0.90.9

0.9

0.90.9

8*1.98*1.9

.02.89.6

.0

58.31593.73 100.0

129*

Deals

4*Cameron Partners Ltd 3

1921

6

34

3

4*33 4*

Lehman Brothers 11

1UBSCredit Suisse 1


Lazard

RBS 2Grant Samuel

12

DBB Capital 1

Goldman Sachs & Co

62

Industry Total

Pacific Road Corporate Finance 1M&A International 1

Subtotal with Financial Advisor-108-46

10*

10*10*

-

10*

10*10*

4*

Rank

0.9

0.90.9

2,940.411

-

5

15

--

-18

2,223.0

18.19.6

87.8

18.552.6

-48.4-44.4-75.2

-95.8

3

1Cameron Partners Ltd

Lazard2,700.0


Credit Suisse

0.5

2.11.3

6

1

75.21

Rank Value Mkt.Share

37.9

20*

-66.2-87.5

-

14

-99.5

4

539.3

2,700.0

2,700.0593.7 14.4

US$m3,097.8

-

Any New Zealand Involvement Completed (AF46)

DealsNo.

Rank

1/1/2008 - 6/30/2008

First NZ Capital

Lehman Brothers

Goldman Sachs & Co

100.0

1,879.3

30.0

2

6293.8

1 0.0

1,033.3

-20.453.7

6.2

136.9 12

0.20.2

1.66.7

7,979.51086,946.246

Subtotal without Financial Advisor 256.7

Industry Total 4,117.9 -Subtotal with Financial Advisor

KPMG Corporate FinanceDeloitte & Touche

Ferrier Hodgson Corporate AdvRBSPacific Road Corporate Finance

UBS

Based on Rank Value

Financial Advisor

-2

Rank

86

Simmons Corporate Finance Ltd

14

Rank Value

23.4 1732,413.0

3,518.3

- - Deloitte & Touche

Rank Val

-8.2

PricewaterhouseCoopersFirst NZ Capital

1/1/2007 - 6/30/2007

500.0889.9 248.1

% Chg. in

440.0

1 -97.5

KPMG Corporate Finance-75.42,204.7

Macquarie GroupSimmons Corporate Finance Ltd

10*0.90.9

10*0.9

0.01 10*1

.0 - - -

-97.6

WGZ-Bank WestdeutscheGenossenFerrier Hodgson Corporate Adv

17.6

18.5

--3,861.2

32

Asia ex-Japan AnalysisSecond Quarter 2008 | Mergers & Acquisitions | Financial Advisors

Completed TM International Sdn Bhd4/28/2008Completed2/1/2008 Rio Tinto PLC


Top Ten Asia ex-Japan Target Involvement Announced DealsRank Date Status Target Target Nation Acquiror Acquior Nation Rank Value (US$m) Target Industry

3,072.2 Energy and Power

3,358.9 Financials

3,910.4 Materials

6,880.0 Financials

8,976.6

SinoSing Power Pte Ltd SingaporeTuas Power Ltd Singapore3/14/2008 Completed3,274.7 TelecommunicationsChina Telecom Corp Ltd ChinaChina Unicom Ltd-CDMA Telecom China6/2/2008 Pending

Ping An Ins(Grp)Co of China ChinaFortis Investments Belgium3/19/2008 Pending3,441.7 HealthcareDaiichi Sankyo Co Ltd JapanRanbaxy Laboratories Ltd India6/11/2008 Pending

Bakrie & Brothers Tbk PT IndonesiaBumi Resources Tbk PT Indonesia1/18/2008 Completed4,333.8 IndustrialsInvestor Group South KoreaKorea Express Co Ltd South Korea1/25/2008 Completed

GIC SingaporeCitigroup Inc United States1/15/2008 Pending6/2/2008 Pending China Netcom Grp(HK)Corp Ltd

Financials7,785.0 TelecommunicationsHong Kong China Unicom Ltd Hong Kong

Malaysia Shareholders MalaysiaUnited Kingdom Shining Prospect Pte Ltd Singapore 14,284.2 Materials

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

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Lehman Brothers Citi JP Morgan China InternationalCapital Co

UBS Credit Suisse Merrill Lynch Goldman Sachs & Co CIMB InvestmentBank Bhd

Morgan Stanley

% V

olum

e C

ompo

sitio

n

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


33

Cross Border M&A Activity Declines

Despite the increase in the Asia ex-Japan M&A market, Indian activity during the first half of 2008 totaled US$32.8 billion, a27.8% decline from last year’s record first half. Domestic activity was up by 47.5% from the same period last year but was notenough to prevent overall decline. The Healthcare sector was the most active industry with a total of US$5.9 billion while theMaterials and Energy & Power sectors rounded out the top three with deals worth US$5.3 billion and US$4.5 billion,respectively.

Imputed Fees

3/26/2008Pending

Completed

Rank Value (US$m)3,441.7

Any Indian Involvement Completed M&A (AF66) - Imputed Fees

100.0Industry Total 264.8 -


% Change inFinancial Advisor US$m Rank Deals

Mkt.US$m Rank

1/1/2008 - 6/29/2008 1/1/2007 - 6/29/2007 Nu. Imputed Fees

Fees5 10.0 12 5.0

Share

6 27.1Citi 10.5 1 4.0Goldman Sachs & Co 10.4 2 3.9 3 -61.5RBS 8.8 3 3.3 2 16.9 5 -47.9

3.3 21 132.8Standard Chartered PLC 7.7 4 2.9 41.1 30 454.5Houlihan Lokey Howard & Zukin 6.2 5 2.3 2

13.7 9 -54.7HSBC Holdings PLC 6.2 6 2.3 7- -Jefferies & Co Inc 6.1 7 2.3 2

14.8 8 -60.5JP Morgan 5.8 8 2.2 329.5 2 -81.7Morgan Stanley 5.4 9 2.0 2

4.1 10 1.5 2


- -42.5

Indian M&A Activity Slows Down | Healthcare Sector Most Active I Cross Border M&A Activity Declines

AcquirorDaiichi Sankyo Co LtdSterlite Industries India LtdPending

16 -21.5Lazard 398 460.1

Rank Date6/11/2008

StatusPending

1/20/2008 Completed Energy and Power

5.2

1,997.9

Centurion Bank of Punjab Ltd

Reliance Energy Ltd

Indian M&A Activity Slows Down, Healthcare Sector Most Active

5/31/20082/25/2008

AAA Project Ventures Pvt Ltd

2,600.0

Indian cross border M&A fell to US$21.1 billion during the first half of the 2008, representing a 46.4% decrease from theUS$39.4 billion in deal activity last year. Cross border inbound volume decreased by more than half with just US$13.6 billionworth of deals. A large percentage of this total came from the US$5 billion Daiichi Sankyo-Ranbaxy Laboratories transactions.Cross border outbound volume amounted to US$7.6 billion, a 46.2% decrease from the same period last year, and includedTata Motors' US$2.3 billion acquisition of UK-based Jaguar Cars and Land Rover from Ford Motor of the US.

Target Macro Industry

ASARCO LLCHealthcare

Tata Motors LtdJaguar Cars Ltd Industrials2,386.62,300.0

0

India M&A

Top Five Any Indian Involvement Announced Deals

HDFC Bank LtdMaterialsFinancials

TargetRanbaxy Laboratories Ltd

Any India Involvement Announced M&Aby Target Industry

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

Healthcare Materials Energy andPower

Financials Industrials

Ran

k Va

lue

(US$

m)

January 1, 2008 - June 30, 2008

January 1, 2007 - June 30, 2007

India Cross Border Announced M&A January 1 - June 30

$0

$10

$20

$30

$40

$50

2003 2004 2005 2006 2007 2008

Ran

k Va

lue

(US$

b)

0

100

200

300

400

500

# of

Dea

ls

Inbound (US$b) Outbound (US$b) # of Deals

34

* tie * tie

140.00.7PricewaterhouseCoopers


-

0.648* -25 0.4 1- Lincoln International

13,176.5231.7

2499.4 22*90.3

79.9

46,421.163.6

398-77.7

--

15,195.443,347.5

-67.3

Subtotal without Financial AdvisorSubtotal with Financial Advisor 73

100.0

---

93.7

45,466.2

-66.35,531.0 3,073.7325 -36.4-

- 9,664.4-42.7Industry Total 32,838.4 - 100.0 Industry Total623 - -27.8

Subtotal without Financial Advisor 9,647.4Subtotal with Financial Advisor 23,191.0

--

521 4,981.029.470.6 102 40,485.1

Compass Rondelli Advisers 108.00.0Global M&A 108.0 24* 0.3 2

-88.72 876.0 18-99.3- - Rothschild 224* 0.3 1 - 5

-Houlihan Lokey Howard & Zukin 116.1 23 0.4 1 35.0 35Credit Suisse 22 0.4 1 1,719.9 11 - -99.4 22* 0.7 1Ruegg & Co Ltd-91.9

-1,341.5 Global M&A 108.0 20* 0.7 2 -0.5 4 11.8 42Banc of America Securities LLCState Bank of India 170.1 21

230.4 20

Enam SecuritiesKPMG Corporate FinanceNumisDeutsche Bank AG

CIMB Investment Bank BhdRothschildStandard Chartered PLCJefferies & Co Inc

HSBC Holdings PLCErnst & Young LLPMorgan StanleyJP Morgan

CitiGoldman Sachs & CoLazardRBS

NomuraMerrill LynchLehman Brothers 579.4

5,033.5 1 15.3 24,679.7 2

Rank ValFinancial Advisor US$m Rank Share Deals RankUS$m% Chg. in

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

1/1/2007 - 6/30/2007% Chg. in Mkt. No. Rank Value

1/1/2007 - 6/30/2007

US$m Rank Rank ValFinancial Advisor US$m Rank Share Deals1,242.6 3,277.5 5374.9 22 1,419.0 1321.6Citi 1

14.3 13,768.32RBS 2,738.2 2 18.0 412 2,372.2 9 97.34,344.2 3 13.2 3 639.4 18 3 16.0Goldman Sachs & Co 2,425.9 6 12,768.0 8 -81.03,338.6 4 10.2 6 8,550.5 4 -61.0 HSBC Holdings PLC 2,412.2 4 15.9 7 12,895.6 7 -81.33,016.1 5 9.2 10 19,389.8 2 -84.4 Morgan Stanley 2,300.0 5* 15.1 2 6,057.6 9 -62.02,944.1 6 9.0 4 697.9 17 321.9 JP Morgan 2,300.0 5* 15.1 3 13,126.3 6 -82.52,721.0 7 8.3 2 552.8 20* 392.2 Standard Chartered PLC 1,419.7 7 9.3 4 1,277.3 15 11.12,650.0 8 8.1 5 340.7 23 677.8 Lazard 1,235.4 8 8.1 2 701.7 19 76.12,638.5 9 8.0 16 2,643.3 8 -0.2 Jefferies & Co Inc 1,005.0 9 6.6 2 - - -2,628.5 10 8.0 8 10 5.8 212,942.4 3 -79.7 Merrill Lynch 2,202.5 112,540.5 11 7.7 3 775.7 15 227.5

883.1

76 99.6 34

12Deutsche Bank AG11 2.1

2.1KPMG Corporate Finance 321.8

1 - - -1,708.7 12 5.2-131,313.3 13 4.0 4

314.7

1,307.4 14 4.0 2 1.5 16,900.6 230.4 145 -81.1 Banc of America Securities LLC1.7 1 -729.7 16 80.0 Numis 255.6

91,126.0 15 3.4 3 1,216.2Ernst & Young LLP 207.1- - - State Bank of India- - -

637.1 16 1.9 1321.8 17 1.0 6 116.1 17 0.8

-178.1 - -5231.7

18 0.8 1Houlihan Lokey Howard & Zukin151.7 31 112.1

2,913.3 7 -92.0112.2- - - DBS Group Holdings

Credit Suisse 112.2234.0 19 0.7 70.7 1 165.4 29

-99.239.3 Compass Rondelli Advisers 108.0 20*

3255.6

-

-47.7

0.718* 0.7

1 -4 14,414.5

27*36

-80.1

1 35.016 1.215 1.4

165.4 29 39.3

131.0

15,197.9 2 -97.9-

223.1-59.9

-

Any Indian Involvement Completed (AF66)Any Indian Involvement Announced (AD60)

214.418* 0.7 1

-

16 -83.0

0

India Rankings

35

Japanese M&A activity during the first half of 2008 totaled US$64.1 billion in announced deals,a decrease of 21.9% compared to the same period in 2007 and was the lowest recorded firsthalf volume since 2005. Cross border volume involving Japanese target companies totaledUS$5.8 billion, a 69.4% decrease from the US$19 billion in deal activity last year. Conversely,Japanese companies acquiring non-Japanese targets reached its highest levels with US$24.2billion in value, a 174% increase from last year’s US$8.8 billion.

FinancialsNomuraKPMG Corporate FinanceMitsubishi UFJ Financial Group

CitiDaiwa Securities SMBC

1,774.8 2

Japanese M&A Volume Lowest Since 2005

High TechnologyNomura

HealthcareGoldman Sachs & CoNomura

Cross border acquisitions by Japanese companies were primarily driven by the Healthcaresector, led by Takeda Pharmaceutical’s US$8.1 billion acquisition of US-based MillenniumPharmaceuticals. UBS advised Takeda while Goldman Sachs advised Millennium.

UBS

Healthcare M&A Activity Rises - Highest Volume To Date

The Healthcare industry emerged as the most active sector for takeovers as the Japanesegovernment continues to push for increasing availability of generic drugs and as the competitionfrom international pharmaceutical companies increases. Japanese drug makers have beencompelled to acquire additional capabilities, turning to M&A as a means to increase theirinternational presence. Healthcare M&A activity saw 47 deals totaling US$18.6 billion, thehighest volume from this sector to date.

1,679.8 3 19.2 12

283

20.31 31.4 8

6 2,742.4

3 2,137.0 3 21.3 5 3,122.0 2 31.2

8,732.4

96 4,765.5 1 47.6 7

10,019.9

8 8,127.5 3 43.8 1 8,190.3 2 44.2

Share47

8,241.5 1 44.4 2 18,550.6

Japanese Involvement Announced Advisors by Target Industry

Japanese M&A Volume Lowest Since 2005 | Healthcare M&A Activity - Highest Volume To Date | Outbound Cross Border Soars

950 982.9 -

Rank Val US$mMkt.

No. DealsRank

-11.0


28 41.3 7 -40.8Citi 24.5 10 2.854 45.4 5 -36.8Mizuho Financial Group 28.7 9 3.313 52.9 3 -44.4Morgan Stanley 29.4 8 3.4

4 13.5 15 150.5Lehman Brothers 33.9 7 3.97 48.0 4 -16.3Goldman Sachs & Co 40.1 6 4.6

40 28.1 9 50.7Daiwa Securities SMBC 42.4 5 4.88 15.1 14 202.3UBS 45.6 4 5.2

10

45.4 6 32.393.9 1 -33.0

3 6.9 5953Nomura 62.9 2 7.2

Share16.4 11

% Change inDeals US$m Rank Fees

301.17.5

Industry Total 100.0


Mitsubishi UFJ Financial Group 60.0

Any Japanese Involvement Completed M&A (AF23) - Imputed Fees1/1/2008 - 6/29/2008 1/1/2007 - 6/29/2007

Mkt. No. Imputed Fees

JP Morgan 65.6 1Financial Advisor US$m Rank


Japan M&A

Imputed Fees

874.6 -

Any Japanese Involvement Announced M&Aby Target Industry

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

Healthcare Financials High Technology Industrials Materials Real Estate

Ran

k V

alue

(US

$m)

January 1, 2008 - June 30, 2008

January 1, 2007 - June 30, 2007

36

* tie * tie

799.8476.7 19

856.0 17 1.3

-

Any Japanese Involvement Completed (AF23)Any Japanese Involvement Announced (AD19)

1,135.818 2.8 22

-

207,853.6

432.4

9

177.8

5.2 4 8,294.1

49.3

2,166.9

8,725.2 8 -26.7

13,175.3 6 -41.513 98.8

19

98.1

18,799.9 3* -76.2-73.5

11 -63.3-57.3

625.016 3.4

2430

15 4.3 1,452.011

-

68.8

1.819 2.4

1 -4 2,586.6 -36.6

-82.9 Cantor Fitzgerald Inc 1,224.8 20*17

0.7 3 2,491.5 140.7 3 0.0 68* - Deutsche Bank AG 1,639.7

18 1.3 11 1,917.31,778.8 17 -55.0 KPMG Corporate Finance2,160.6 17 3.2

63.42,307.2 1,411.9 219245.719

15 -47.9 Ernst & Young LLPPerella Weinberg Partners LP1,172.5 20 -27.0

1,256.0 15 2.02,271.9

31,182.9 16 1.9 7

2,876.42,224.6 16 -43.5 PricewaterhouseCoopers4.3 543,723.2 2,882.8 1412 -63.2 Mizuho Financial Group2.1 3

2,336.2 12 3.6 11

1,369.5 14131,716.3 13 2.7 3 3,541.7834.9 21 105.6 Credit Suisse

9,918.5 7 -76.4 12Greenhill & Co, LLC11 8.4

6.6Merrill Lynch 5,647.4

4,466.3 110 21,329.4 2

6,019.02,676.3 11 4.2 12

2 -81.1 Lehman Brothers10,627.6 5 -74.8

7 -35.32,910.8 10 4.5 18 10 8.9 4

5,723.5 10 -38.615,371.6

3,515.4 9 5.5 37 Morgan Stanley 6,256.28

9,665.49 9.3 139.5 146,394.84,620.1 8 7.2 56 14,132.7 3 -67.3 GCA Savvian Group Corp

7 10.8 40 3,654.84,885.7 7 7.6 38 13,755.2 4 -64.57,703.7

Daiwa Securities SMBC 7,267.26 11.4 2810,445.8 6 -51.2 Citi5,099.1 6 8.0 28

53 18,173.0 5 -50.5Nomura 9,000.9 5 13.34,023.4 12 169.8

5,286.9 5 8.3 9 3,452.6 13 53.110,856.4 4 16.1 89,224.2 9 -8.2 UBS8,465.8 4 13.2 51

7 26,115.8 1 -56.19,913.3 8 3 17.0Goldman Sachs & Co 11,464.410,757.4 3 16.8 111011 5,209.2 11 146.820.1 8,005.959Mitsubishi UFJ Financial Group 11,953.3 2 17.7

2,632.8 1620.7JP Morgan 1Deals

-18.3 14,017.2 1025,536.9 1Financial Advisor US$m Rank Share

1/1/2007 - 6/30/2007

US$m Rank Rank ValMkt. No. Rank Value % Chg. in

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

1/1/2007 - 6/30/2007% Chg. in

Rank ValFinancial Advisor US$m Rank Share Deals RankUS$mNomuraUBSGoldman Sachs & Co 8.5

20,854.3 1 32.5 6012,857.6 2

Mitsubishi UFJ Financial GroupJP MorganKPMG Corporate FinanceCitiMizuho Financial GroupDaiwa Securities SMBCGCA Savvian Group CorpMorgan StanleyMerrill LynchRothschildCredit SuisseLehman BrothersErnst & Young LLPPricewaterhouseCoopersDeloitte & ToucheJefferies & Co IncDeutsche Bank AGLazard 417.9 21

424.9 200.7 2 484.8 26 --13.8 Sandler O'Neill Partners 1,224.8 20* 1.8 1 -

1,020.0 22 1.5 4-

ABeam M&A Consulting Ltd 377.9 22 0.6 10 668.0 23 745.0 27

- -

36.9Houlihan Lokey Howard & Zukin 240.0 23 0.4 3 35.0 53

-24 0.4 2 - - - Lexicon Partners 1883.64,426.47 20.8 51

Duff and Phelps 239.0-ZECOO Partners Inc 234.8 25 0.4 1

1,076 10,760.416.7 - -0.7

Industry Total 64,099.9 -

Subtotal without Financial Advisor 10,683.0Subtotal with Financial Advisor 53,416.9 83.3 71,270.8

--


950-

9.5

82,590.3100.089.4

--883.6

7,155.9 6,534.46281

-18.1- -20.5

--60,450.1 322 76,055.9

67,606.0100.0Subtotal with Financial AdvisorIndustry Total1,447 82,031.3 - -21.9

-25.1371 -

-43.4

- -24*

1.4Deloitte & Touche585.7

- 10.61.3

24* 1.3- FPKCCW


941.5 23Houlihan Lokey Howard & Zukin


Japan Rankings

37

3/14/2008 Pending Ashikaga BankIndia

4/10/2008 HealthcareDaiichi Sankyo Co Ltd Japan6/11/2008 Pending Ranbaxy Laboratories Ltd

Completed Millennium Pharmaceuticals IncHealthcare

United States

Japan Investor Group

United States Mahogany Acquisition Corp

6/11/20081,500.0 HealthcareUnited States Takeda Pharmaceutical Co Ltd Japan3/19/2008 Completed TAP Pharmaceutical Products

Intended

Japan Airlines Corp Japan2/29/2008 Completed IndustrialsInvestor Group Japan 1,479.7Antofagasta PLC-Esperanza & El Tesoro Chile4/25/2008 Pending MaterialsMarubeni Corp Japan 1,310.0Alma Group France5/28/2008 Pending Consumer StaplesOtsuka Pharmaceutical Co Ltd Japan 1,148.6SBI E*Trade Securities Co Ltd Japan1/15/2008 Pending FinancialsSBI Holdings Inc Japan 1,125.0


Top Ten Japanese Involvement Announced DealsRank Date Status Target Target Nation Acquiror Acquior Nation Rank Value (US$m) Target Industry

5/28/2008 Pending Mitsubishi UFJ NICOS Co Ltd JapanRanbaxy Laboratories Ltd India Daiichi Sankyo Co Ltd HealthcareJapan 1,591.9

FinancialsMitsubishi UFJ Financial Group Japan Financials

Japan 2,829.1

8,127.5

1,936.4

3,441.7


Japan Analysis

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

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Nomura UBS Goldman Sachs & Co Mitsubishi UFJ FinancialGroup

JP Morgan KPMG CorporateFinance

Citi Mizuho Financial Group Daiwa Securities SMBC GCA Savvian GroupCorp

% V

olum

e C

ompo

sitio

n

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

Healthcare High Technology Industrials Materials Media and Entertainment

Real Estate Retail Telecommunications* Includes Rank Ineligibles

38

-

-

-

-

-

-

-Katerina YlenTel: +632 858 7260

Japan -Tomomi TeraharaTel: +813 5218 6582

-

-

Thomson Reuters must receive notification of a financial advisor’s role on any transaction with a Rank Value of US$250 million or greater within 15 business days of the public announcement of the definitive or binding merger agreement to be eligible for league table credit. Transactions or advisory roles not received by the applicable survey deadline are not eligible for league table credit until ten business days after the quarter in which they are submitted has ended.

If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact:

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.

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 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.


Ranking Criteria Summary

Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value.

Tel: +1 646 822 6672

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

Victor Eng

Announced league tables include all deals that were announced between January 1, 2007 and June 30, 2008 and of which Thomson Reuters was made aware. All current data and previous year's data is as of 5:00pm EST on June 30, 2008.

E-mail: [email protected]



Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of announcement of terms.

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.

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.

Mergers values are based on the target company, not on the combined value of the two companies.

United States


Europe

Asia-Pacific

Tel: +44 (0) 20 7068 3008Leon Saunders Calvert


To replicate any of the graphs or figures displayed in this document, please contact our Capital Markets Consulting Team at: [email protected].

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.

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39


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Thomson ONE's open framework puts you in control of your workflow. View content sets from disparate databases side by side for over60,000 domestic and global companies. You have the flexibility to integrate your own proprietary or other third party information. Simplyselect the content you’d like to view and designate how and where you want it to be displayed on your pages.

Comprehensive ContentThomson ONE Investment Banking offers you quick and easy access to quotes, earnings estimates, financial fundamentals, market movingnews, transaction data, corporate filings, ownership profiles and research from industry leading sources:

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Search across multiple databases simultaneously to receive the most in-depth and up-to-date information available.

View streaming market data allowing you to stay on top of market conditions.

Low cost integration - reducing overall market data costs by minimizing infrastructure overhead and leveraging existing contracts.

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, scientific, healthcare and media markets, powered by the world’s most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 50,000 people in 93 countries. Thomson Reuters shares are listed on the New York Stock Exchange (NYSE: TRI); Toronto Stock Exchange (TSX: TRI); London Stock Exchange (LSE: TRIL); and Nasdaq (NASDAQ: TRIN). For more information, go to www.thomsonreuters.com.

To replicate any of the graphs or figures displayed in this review, please contact our Capital Markets Consulting Team at: [email protected].

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Open Framework

Unsurpassed FunctionalityCustomize the type of content you want to receive by choosing only data that is relevant to your workflow.

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About Thomson Reuters

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One Solution. One Framework

Receive only relevant information through tailored pages for user workflow.

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Thomson ONE is a revolutionary desktop solution that combines real-time market data and news with authoritative content from industryleading sources. Critical information that previously needed to be co-ordinated and collected from internal and external sources is now atyour finger tips in a remarkably easy-to-use format.

Global real-time and/or delayed market data

Thomson Worldscope

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Q2 Data Set

Business

Transcript of Q2 Data Set