Thomson Reuters M&A Middle Market 2Q09

173 9,762.7

South Africa 3,009.1 123

ItalyRussian FederationNorwaySweden

Spain

South KoreaHong Kong

IndonesiaJapan

India

Asia-PacificKuwait

ChinaAustralia

▼

SwitzerlandNetherlands

Africa/Middle East210

-50.8

3,930.2

France

21

3021,437

1,459.91,456.47,631.3

174282223

20,160.7

1/1/2008 - 6/30/2008

27,997.215,376.810,941.511,199.3

5,091.412,396.2

99,431.6151.2

WorldwideAmericas

United States of America

5,788.6

Canada

Europe

ChileColombia

213,298.8

452.74,887

12139 -23.4

▲

6,346.912,135.37,497.0

10,631.0

210288487

2,968.4

587

30,684.0

Mid-Market M&A valued up to US$500 million totaled US$213.3billion in announced deals during the first six months of 2009, adecrease of 45.7% from the same period last year.

Mid-Market M&A valued up to US$500 million resulted in US$5billion in estimated fees according to ThomsonReuters/Freeman & Co.

5,2083,5081,044

6,05110,246.5United Kingdom

Brazil

1,370971335421

677360440

394

1731,233

1/1/2009 - 6/30/2009

1,090831544353

499544

6,825.1

65,317.1

3,932.13,490.42,916.12,027.8

835.7

-38.4 ▼

23,407.69,023.0

365

4,559

https://www.thomsonone.com

Friday, July 10, 2009DEALS VALUED UP TO US$500 MILLION

MID-MARKET M&A REVIEW

▼-0.8-7.2

▼2,738.818,716.0

961,242

2,759.9

▼

-27.1

▼-42.2-44.4

-41.3

-69.9

-44.1

▼▼▼

-66.6-8.8

-65.3▼Germany

▼381 -30.1

-60.8

4,215.94,192.9

48,924.5

2,368.71,684.5

54

11,579.95,952.56,342.9

214

37

1,544377

1,283.71,185.4

869372

4,7981,055

98,255.817,665.0

124,792.1

7747

6,563

Mid-Market Deals Intelligence Announced Mid-Market M&A by Target Nation Up To US$500m

Rank Val US$m

No. Deals

% Change in Rank Value

Rank Val US$m

No. Deals

Region/Nation

17,416 ▼-45.719,836392,968.1-46.6

-28.5

72,710.044,548.212,627.4

6,657136,187.6 ▼▼

-34.3

7,979.6▼

▼

▼

▼-16.4

-51.0

6,470.75,513.7 5259,910.1528

▼

▼▼

-68.0

-71.4

▼-63.0

-54.7

▼

▼

▲▲

▼

▼

84.542.1

Mid-Market M&A Rankings For Deals Valued Up To US$50m, US$100m, and US$200m Are Also Available

Worldwide Mid-Market M&A up to US$500mby Rank Value Range

$0

$50

$100

$150

$200

$250

$300

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

Ran

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(US$

b)

-

2,000

4,000

6,000

8,000

10,000

12,000#

of D

eals

US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m # of Deals

Worldwide Mid-Market M&A up to US$500m by Target Industry

16%

16%

14%

11%

9%

9%

6%

5%

4%

4%3% 3%

Energy and Power

Financials

Materials

Real Estate

High Technology

Industrials

Consumer Staples

Healthcare

Media and Entertainment

Consumer Products and Services

Retail

Telecommunications

Government and Agencies

Worldwide Mid-Market M&A up to US$500m by Target Nation Region

January 1 - June 30

$0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500

2009

2008

2007

2006

2005

Rank Value (US$b)

Africa/Middle East Americas Asia-Pacific Europe Japan

1 of 20

http://image.thomsonreuters-email.com/lib/fefe1176756707/d/1/2Q09%20Mid-Market%20MA%20Review_USD200M.pdf



48 0.28.3 49 0.2 12

0.1 987.66 Keefe Bruyette & Woods Inc 13 46*Raymond James Financial Inc 700.1 50 0.346* 0.1 25.9 Oppenheimer Holdings Inc

13Arctic Securities ASA 724.2 49 0.3 7 Baker Tilly & Co 13

0.1 1,658.1 Close Brothers Ltd 8.513 Santander 13 46*Greenhill & Co, LLC 737.1 48 0.48.7 47 0.2 646* 0.1 232.9 Wells Fargo & Co

46 0.2 61GCA Savvian Group Corp 803.6 47 0.4 36 GF Securities 13

0.1 737.1 Deloitte & Touche 9.02 Greenhill & Co, LLC 13 46*Perella Weinberg Partners LP 803.9 46 0.49.1 45 0.2 1041* 0.1 189.6 CIBC World Markets Inc

44 0.2 12Intesa SanPaolo 817.5 45 0.4 9 Close Brothers Ltd 15

0.1 143.0 Santander 9.38 BDO International 15 41*BMR Advisors 833.9 44 0.410.0 43 0.2 741* 0.1 873.7 Arctic Securities ASA

42 0.2 8Wells Fargo & Co 851.2 43 0.4 7 Piper Jaffray Cos 15

0.1 1,740.9 Sandler O'Neill Partners 10.117 Mediobanca 15 41*HSBC Holdings PLC 862.5 42 0.411.1 41 0.2 2441* 0.1 2,016.2 GCA Savvian Group Corp

40 0.2 5Piper Jaffray Cos 873.7 41 0.4 15 CIBC World Markets Inc 15

0.1 2,635.0 Greenhill & Co, LLC 11.38 Scotiabank-Bank of Nova Scotia 16 40SEB Enskilda 914.4 40 0.411.8 39 0.2 1739 0.1 862.5 BDO International

38 0.3 20Jones Lang LaSalle Inc 916.1 39 0.4 7 HSBC Holdings PLC 17

0.1 1,417.5 Global M&A 12.268 Jefferies & Co Inc 18 34*Deloitte & Touche 933.8 38 0.412.4 37 0.3 1134* 0.1 476.5 Mediobanca

35* 0.3 24RBS 963.5 37 0.5 29 Sandler O'Neill Partners 18

0.1 363.6 Lincoln International 12.831 Optima Capital Ltd 18 34*CIMB Group Sdn Bhd 981.9 36 0.512.8 35* 0.3 8134* 0.1 252.6 KPMG

34 0.3 16Grant Samuel 982.4 35 0.5 5 Global M&A 18

0.1 306.6 TD Securities Inc 13.313 Guangdong Securities 18 34*Keefe Bruyette & Woods Inc 987.6 34 0.513.5 33 0.3 932* 0.1 1,770.4 SEB Enskilda

32 0.3 30CITIC 1,081.1 33 0.5 9 Barclays Capital 19

0.1 421.4 Daiwa Securities SMBC 13.97 Somerley Ltd 19 32*FirstEnergy Capital Corp 1,084.1 32 0.514.0 31 0.3 2529* 0.1 296.1 M&A International

30 0.3 27Standard Chartered PLC 1,119.6 31 0.5 8 M&A International 23

0.1 2,920.6 Mitsubishi UFJ Financial Group 14.10.3 9

Houlihan Lokey Howard & Zukin 1,247.3 30 0.6 28 BMO Capital Markets 23 29*2,677.4 Evercore Partners 14.2 29

9ING 1,249.9 29 0.6 27 BNP Paribas SA 23 29* 0.1

0.1 231.4 Scotiabank-Bank of Nova Scotia 14.879 Lincoln International 25 28Ernst & Young LLP 1,289.6 28 0.627 0.2 2,918.5 Piper Jaffray Cos0.6 6 Macquarie Group 26

0.0 Intesa SanPaolo 16.0 14Rabo Rembrandt F&O 27 25* 0.2


15.4 27 0.3 1128 0.3

213,298.8- 100.0 Industry Total 4,953.0 12,367103,721.6- 13.5

Industry Total

0.2281,249.925* 0.2271,247.324

963.523 0.229

360.236

0.231

5,790.615 0.4

0.2

2,160.6171,674.8

0.30.2

6* 0.4727,769.06* 0.4724,987.5

13,214.45 0.476

0.5904,793.02* 0.5817,832.5

1/1/2009 - 6/30/2009Date Effective / Unconditional

DealsMktEst. Fees No.

Financial Advisor US$m Rank ShareRothschild 141.0 80JP Morgan 131.5 70

1 2.92 2.7

UBS 116.8 67Goldman Sachs & Co 107.5 594 2.2

3 2.4

Lazard 95.2 55Deutsche Bank AG 86.1 566 1.7

5 1.9

Citi 82.3 63Morgan Stanley 81.3 538 1.6

7 1.7

Bank of America Merrill Lynch 80.8 47Credit Suisse 77.4 4610 1.6

9 1.6

Houlihan Lokey Howard & Zukin 47.0 27Nomura 38.5 47

11 1.012 0.8

RBC Capital Markets 37.2 36Jefferies & Co Inc 33.8 20

13 0.814 0.7

Mizuho Financial Group 30.7 52RBS 29.0 2316 0.6

15 0.6

Macquarie Group 26.6 25Barclays Capital 19.7 1318 0.4

17 0.5

IMAP 18.4 34HSBC Holdings PLC 18.0 14

19 0.420 0.4

BNP Paribas SA 17.7 24ING 17.6 16

21 0.422 0.4

12BMO Capital Markets 16.2 24* 0.3 14Keefe Bruyette & Woods Inc 17.2 23 0.4

Rabo Rembrandt F&O 16.2 26

Subtotal with Financial Advisor 2,903.5 1,921

24* 0.326 0.3

July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors

Worldwide Mid-Market Rankings (MM1)

MM1 - Undisclosed Values & Values up to US$500mMM1 - Undisclosed Values & Values up to US$500m

Based on Rank Value Based on Number of Deals

MM1 - Undisclosed Values & Values up to US$500m

Based on Estimated Fees

Rank Date 1/1/2009 - 6/30/2009Mkt No.

1/1/2009 - 6/30/2009No.

Share1 6.2 76

UBS 7,832.5 2

Rank ValueDeals

Mkt

90JP Morgan 13,214.4

Rank Date

US$mRank Value

Financial Advisor US$m Rank Share

3.772

Goldman Sachs & Co 7,670.3 4 3.6 66Citi 7,769.0 3 3.6

70Morgan Stanley 6,590.8 6 3.1 70Nomura 6,649.7 5 3.1

63Mizuho Financial Group 4,987.5 8 2.3 72Credit Suisse 5,790.6 7 2.7

81Bank of America Merrill Lynch 4,506.8 10 2.1 59Rothschild 4,793.0 9 2.3

67Lazard 4,058.0 12 1.9 64Deutsche Bank AG 4,483.2 11 2.1

23Macquarie Group 2,918.5 14 1.4 26BMO Capital Markets 2,920.6 13 1.4

23Scotiabank-Bank of Nova Scotia 2,635.0 16 1.2 16BNP Paribas SA 2,677.4 15 1.3

81PricewaterhouseCoopers 2,164.6 18 1.0 69KPMG 2,373.6 17 1.1

47CIBC World Markets Inc 2,016.2 20 1.0 15Daiwa Securities SMBC 2,160.6 19 1.0

36Barclays Capital 1,770.4 22 0.8 19Mitsubishi UFJ Financial Group 1,898.2 21 0.9

15RBC Capital Markets 1,674.8 24 0.8 38Mediobanca 1,740.9 23 0.8

Jefferies & Co Inc 1,417.5 26 0.7

Rothschild

2,342Industry Total 213,298.8 - 100.0 17,417Subtotal with Financial Advisor 103,721.6 -

UBSDeals RankFinancial Advisor

1

81

JP Morgan

Subtotal with Financial Advisor 2,342

Mizuho Financial GroupCiti

Deutsche Bank AG

Daiwa Securities SMBCBank of America Merrill Lynch

70

7,670.3

Ernst & Young LLPKPMG 2,373.6

1,289.60.5

4 0.5792*

10 2,164.6933.8

Goldman Sachs & Co 0.4664,483.212 0.467

13

Morgan Stanley 6,590.88*

PricewaterhouseCoopers

0.46,649.78* 0.470

381,898.2

4,058.014 0.463

4,506.816 0.359

GCA Savvian Group Corp

Source: Thomson Reuters/Freeman & Co.

Houlihan Lokey Howard & Zukin

0.23622

17,417

ING

- 100.0- 58.6

Nomura

LazardCredit Suisse

Deloitte & Touche

CIMB Group Sdn BhdRBS

48.6

13Santander 1,658.1 25 0.818

Banco Bradesco SA 1,346.9 27

64

IMAP 470.319*

981.9803.619*

4718RBC Capital Markets

Mitsubishi UFJ Financial Group 19*

0.46911 0.468

2 of 20


Subtotal with Financial Advisor 501


US Target Mid-Market Rankings (MM2)

Industry Total 3,509 100.0 44,551.8

Based on Estimated FeesBased on Rank Value Based on Number of Deals

MM2 - Undisclosed Values & Values up to US$500mDate Effective / Unconditional 1/1/2009 - 6/30/2009

Est. Fees No.MktFinancial Advisor US$m DealsUBS 51.7 241 3.6

Rank Share

Houlihan Lokey Howard & Zukin 45.4 24Bank of America Merrill Lynch 42.4 233 3.0

2 3.2

Goldman Sachs & Co 41.1 19JP Morgan 36.6 185 2.6

4 2.9

Morgan Stanley 31.1 19Lazard 30.5 167 2.1

6 2.2

Rothschild 26.1 13Credit Suisse 21.6 109 1.5

8 1.8

RBC Capital Markets 18.5 19Deutsche Bank AG 17.8 1111 1.3

10 1.3

Keefe Bruyette & Woods Inc 15.8 11Jefferies & Co Inc 14.2 813 1.0

12 1.1

Piper Jaffray Cos 13.9 10Citi 13.8 1215 1.0

14 1.0

Evercore Partners 12.8 8Barclays Capital 11.2 817 0.8

16 0.9

Sandler O'Neill Partners 10.1 8Greenhill & Co, LLC 9.3 419 0.7

18 0.7

KeyBanc Capital Markets Inc 8.2 6RBS 8.1 121 0.6

20 0.6

Oppenheimer Holdings Inc 7.8 11Wells Fargo & Co 7.6 523 0.5

22 0.6

2Thomas Weisel Partners 6.4 6

24 0.5Miller Buckfire 6.50.525

434Industry Total 1,423.6 2,784- 100.0

- 59.6Subtotal with Financial Advisor 848.53,509 -Industry Total 44,551.8 - 100.0

Subtotal with Financial Advisor 23,166.9 - 52.0 501 - 14.3 23,166.9BMO Capital Markets 378.1 25 0.9 4

0.2 398.59 Jefferies & Co Inc 8 24Piper Jaffray Cos 398.4 24 0.90.3 133.08 William Blair & Co 9 21*Jefferies & Co Inc 398.5 23 0.90.3 398.46 Piper Jaffray Cos 9 21*Evercore Partners 399.9 22 0.90.3 530.31 Greenhill & Co, LLC 9 21*Tudor Pickering & Co LLC 400.0 21 0.90.3 130.317 Oppenheimer Holdings Inc 10 20RBC Capital Markets 415.7 20 0.90.3 29.418 Generational Equity 11 18*Sandler O'Neill Partners 476.5 19 1.10.3 113.16 Ernst & Young LLP 11 18*Thomas Weisel Partners 483.6 18 1.10.3 93.79 Lincoln International 12 16*Greenhill & Co, LLC 530.3 17 1.20.3 96.03 PricewaterhouseCoopers 12 16*Peter J. Solomon Co Ltd 582.7 16 1.30.4 987.64 Keefe Bruyette & Woods Inc 13 14*Raymond James Financial Inc 663.6 15 1.50.4 1,591.226 Barclays Capital 13 14*Lazard 763.2 14 1.70.4 1,812.96 Deutsche Bank AG 14 13Wells Fargo & Co 821.2 13 1.80.4 892.715 Citi 15 12Citi 892.7 12 2.00.5 415.713 RBC Capital Markets 17 10*Keefe Bruyette & Woods Inc 987.6 11 2.2

1,470.725 Rothschild 17 10*Houlihan Lokey Howard & Zukin 1,092.7 10 2.5476.521 Sandler O'Neill Partners 18 9Bank of America Merrill Lynch 1,392.7 9 3.1

2,295.517 Morgan Stanley 19 8 0.5Rothschild 1,470.7 8 3.31,946.513 Credit Suisse 20 7 0.6Barclays Capital 1,591.2 7 3.61,392.714 Bank of America Merrill Lynch 21 6 0.6Deutsche Bank AG 1,812.9 6 4.13,210.120 JP Morgan 23 5 0.7Credit Suisse 1,946.5 5 4.42,377.719 Goldman Sachs & Co 25 3*Morgan Stanley 2,295.5 4 5.2

25 Houlihan Lokey Howard & Zukin 25 3*Goldman Sachs & Co 2,377.7 3 5.335 Lazard 26 2UBS 2,409.1 2 5.423 UBS 35 1JP Morgan 3,210.1 1 7.2

Deals Financial Advisor Deals RankFinancial Advisor US$m Rank ShareNo. No.Rank Value Mkt

MM2 - Undisclosed Values & Values up to US$500m MM2 - Undisclosed Values & Values up to US$500mRank Date 1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009


763.2

Mkt Rank Value

1,092.7

2,409.1

0.50.5

Share US$m1.00.70.70.7

US Mid-Market M&A up to US$500mby Rank Value Range

$0$10$20$30$40$50$60$70$80

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

Ran

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(US$

b)

-

500

1,000

1,500

2,000

2,500

3,000#

of D

eals


US Mid-Market M&A up to US$500m by Target Industry

18%

13%

13%

11%

8%

7%

7%

6%

6%

6%3% 2%

Energy and Power

High Technology

Financials

Healthcare

Materials


Industrials


Consumer Staples

Real Estate

Telecommunications

Retail


3 of 20




Latin America Involvement Mid-Market Rankings (MM17)

Est. Fees No.Financial Advisor US$m DealsRank Share

Mkt

JP Morgan 24.7 11Citi 10.8 72 4.2

1 9.6

Goldman Sachs & Co 10.6 5Credit Suisse 8.4 94 3.3

3 4.1

Santander 7.5 9UBS 6.5 46 2.5

5 2.9

Itau Unibanco 5.8 4BNP Paribas SA 5.6 88 2.2

7 2.2

Rothschild 5.1 3Banco Bradesco SA 2.9 210 1.1

9 2.0

HSBC Holdings PLC 2.8 4IMAP 2.5 412 1.0

11 1.1

Barclays Capital 2.2 1Morgan Stanley 2.2 313* 0.9

13* 0.8

Patria Investimentos 2.0 4Bank of America Merrill Lynch 1.8 116* 0.7

15 0.8

Analytica Investments 1.8 4RBC Capital Markets 1.7 118* 0.6

16* 0.7

G5 Advisors 1.7 1Global M&A 1.6 320* 0.6

18* 0.6

Angra Partners 1.6 1Bancolombia SA 1.4 122* 0.6

20* 0.6

Lazard 1.4 1RBS 1.1 124 0.4

22* 0.5

Subtotal with Financial Advisor 153.2 77- 59.2Industry Total 258.6 412- 100.0100.0 14,682.5624 -Industry Total 14,682.5 - 100.0 624

12.8 7,013.380 -Subtotal with Financial Advisor 80Subtotal with Financial Advisor 7,013.3 - 47.80.2 50.03 Deloitte & Touche 1 23*Global M&A 18.0 25 0.10.2 0.04 RBS 1 23*IMAP 22.4 24 0.20.2 0.01 IM Trust SA 1 23*Jefferies & Co Inc 29.6 23 0.20.3 242.12 G5 Advisors 2 19*Patria Investimentos 43.0 22 0.30.3 43.01 Patria Investimentos 2 19*Deloitte & Touche 50.0 21 0.30.3 330.91 Mitsubishi UFJ Financial Group 2 19*Nomura 60.0 20 0.40.3 240.01 National Bank Financial Inc 2 19*Lazard 65.0 19 0.40.5 400.54 Goldman Sachs & Co 3 13*HSBC Holdings PLC 93.1 18 0.60.5 409.06 BNP Paribas SA 3 13*UBS 214.6 17 1.50.5 552.72 Estater Gestao e Financas 3 13*National Bank Financial Inc 240.0 16 1.60.5 18.02 Global M&A 3 13*G5 Advisors 242.1 15 1.70.5 301.61 Rothschild 3 13*KPMG 284.2 14 1.90.5 0.03 Deutsche Bank AG 3 13*Rothschild 301.6 13 2.10.6 953.72 Bank of America Merrill Lynch 4 9*Mitsubishi UFJ Financial Group 330.9 12 2.30.6 93.13 HSBC Holdings PLC 4 9*Goldman Sachs & Co 400.5 11 2.70.6 0.03 Analytica Investments 4 9*BNP Paribas SA 409.0 10 2.80.6 22.43 IMAP 4 9*Estater Gestao e Financas 552.7 9 3.80.8 699.25 Itau Unibanco 5 7*Itau Unibanco 699.2 8 4.80.8 759.45 Credit Suisse 5 7*Credit Suisse 759.4 7 5.21.0 214.66 UBS 6 4*Morgan Stanley 844.4 6 5.81.0 844.44 Morgan Stanley 6 4*Bank of America Merrill Lynch 953.7 5 6.51.0 1,346.99 Banco Bradesco SA 6 4*Santander 1,237.7 4 8.41.1 1,465.86 Citi 7 3Banco Bradesco SA 1,346.9 3 9.21.4 1,237.77 Santander 9 2Citi 1,465.8 2 10.02.4 1,769.415 JP Morgan 15 1JP Morgan 1,769.4 1 12.1

Share US$mDeals Financial Advisor Deals RankFinancial Advisor US$m Rank ShareRank ValueNo. No.

Based on Rank Value

Rank Value Mkt


Industry Total


Based on Estimated FeesBased on Number of Deals

Mkt

Latin American Mid-Market M&A up to US$500mby Rank Value Range

$0$2$4$6$8

$10$12$14$16

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

Ran

k Va

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(US$

b)

-50100150200250300350400450500

# of

Dea

ls


Latin American Mid-Market M&A up to US$500m by Target Industry

21%

18%

14%13%

9%

8%

7%

6%2%1%

Financials

Materials

Energy and Power

Industrials

Retail

Telecommunications


Consumer Staples

Real Estate


High Technology

Healthcare

4 of 20



European Involvement Mid-Market Rankings (MM3)

85365.60.5

Based on Estimated FeesBased on Rank Value Based on Number of Deals


Est. Fees No.MktFinancial Advisor Euro mil DealsRothschild 67.7 541 4.7

Rank Share

Lazard 52.8 41UBS 47.7 363 3.3

2 3.7

JP Morgan 36.3 27Goldman Sachs & Co 33.0 225 2.3

4 2.5

Credit Suisse 30.9 25Deutsche Bank AG 29.9 247 2.1

6 2.2

Morgan Stanley 20.5 20RBS 18.7 179 1.3

8 1.4

Bank of America Merrill Lynch 16.8 13Citi 13.5 1011 0.9

10 1.2

Rabo Rembrandt F&O 12.2 26Jefferies & Co Inc 12.0 913 0.8

12 0.8

Intesa SanPaolo 11.9 14IMAP 11.2 2615 0.8

14 0.8

HSBC Holdings PLC 10.6 9SEB Enskilda 10.1 917 0.7

16 0.7

12

6.4 13

100.01,439.0 5,458Industry Total 49,644.4 - 100.0 49,644.4 Industry Total-

6,909 -Subtotal with Financial Advisor 943.8

-13.9

100.0957 Subtotal with Financial AdvisorSubtotal with Financial Advisor 24,020.4 - 48.4 957

Industry Total 6,90924,020.4-

34 Baker Tilly & Co 13 24*PricewaterhouseCoopers 492.0 25 1.0 24*0.2 98.1 Global M&A 6.4

Close Brothers Ltd0.2 19.31411 Lincoln International 13 24* 24* 0.5HSBC Holdings PLC 512.2 24 1.0

23 0.56.5 140.2 13.2 Lincoln International7 M&A International 14 23Calyon 519.3 23 1.122 0.57.7 70.2 145.0 Arctic Securities ASA7 Close Brothers Ltd 15 20*Arctic Securities ASA 561.1 22 1.121 0.68.1 160.2 107.5 BDO International9 BDO International 15 20*Nomura 596.5 21 1.220 0.68.2 149 Mediobanca 15 20*

0.69.0 11Intesa SanPaolo 611.7 20 1.2 0.2 1,281.0 BNP Paribas SA

0.2 707.6 Mediobanca4 Bank of America Merrill Lynch 16 18*Scotiabank-Bank of Nova Scotia 627.3 19 1.30.2 1,277.2 ING 9.325 BNP Paribas SA 16 18*ING 636.7 18 1.30.3 1,869.36 Citi 17 17Jones Lang LaSalle Inc 662.7 17 1.30.3 2,348.033 Goldman Sachs & Co 21 15*Deutsche Bank AG 672.4 16 1.40.3 415.08 RBS 21 15*SEB Enskilda 699.4 15 1.40.4 636.716 ING 25 14Bank of America Merrill Lynch 707.6 14 1.40.4 28.28 IMAP 26 13Jefferies & Co Inc 745.3 13 1.50.4 0.08 Rabo Rembrandt F&O 27 10*Santander 824.8 12 1.70.4 1,613.249 Credit Suisse 27 10*KPMG 949.6 11 1.90.4 2,123.216 Morgan Stanley 27 10*BNP Paribas SA 1,277.2 10 2.60.5 3,360.615 JP Morgan 31 9Mediobanca 1,281.0 9 2.60.5 672.427 Deutsche Bank AG 33 8Credit Suisse 1,613.2 8 3.30.5 204.756 Deloitte & Touche 34 6*Rothschild 1,776.1 7 3.60.5 492.017 PricewaterhouseCoopers 34 6*Citi 1,869.3 6 3.80.6 296.427 Ernst & Young LLP 38 5Morgan Stanley 2,123.2 5 4.30.6 2,325.343 Lazard 43 4Lazard 2,325.3 4 4.70.7 949.621 KPMG 49 3Goldman Sachs & Co 2,348.0 3 4.70.8 3,117.155 UBS 55 2UBS 3,117.1 2 6.30.8 1,776.131 Rothschild 56 1JP Morgan 3,360.6 1 6.8

Share Euro milDeals Financial Advisor Deals RankFinancial Advisor Euro mil Rank ShareMkt Rank ValueNo. No.Rank Value Mkt



18 0.719

European Mid-Market M&A up to US$500mby Rank Value Range

$0

$20

$40

$60

$80

$100

$120

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

Ran

k Va

lue

(US$

b)

-5001,0001,5002,0002,5003,0003,5004,0004,5005,000

# of

Dea

ls


European Mid-Market M&A up to US$500m by Target Industry

17%

15%

14%

9%

8%

7%

6%

6%

6%

4%4% 4%

Energy and Power

Financials

Real Estate

Materials

Industrials

High Technology

Healthcare

Consumer Staples



Retail

Telecommunications

5 of 20

Est. Fees No.Mkt


-

Date Effective / Unconditional 1/1/2009 - 6/30/2009



UK Involvement Mid-Market Rankings (MM4)


100.0382.7 1,085Industry Total- 100.0 14,788.4Industry Total 1,398- 67.5258.4 25720.7 8,072.6 Subtotal with Financial Advisor290 -Subtotal with Financial Advisor 290

1,398Subtotal with Financial Advisor 8,072.6 - 54.6Industry Total 14,788.4 - 100.0

24* 0.62.1 6Global M&A2BNP Paribas SA 139.8 25 1.024* 0.62.1 80.4 90.4 Seymour Pierce1 Close Brothers Ltd 5 19*Endeavor Financial Corp 143.1 24 1.023 0.72.7 30.4 5.9 RBS7 M&A International 5 19*Citi 147.6 23 1.019* 0.72.8 20.4 17.4 Gleacher Partners7 IMAP 5 19*Seymour Pierce 176.9 22 1.219* 0.72.8 10.4 99.4 Pohjola Bank PLC1 Global M&A 5 19*Liberum Capital Limited 189.3 21 1.319* 0.72.8 30.4 132.3 Jones Lang LaSalle Inc1 ING 5 19*Tricorn Partners LLP 192.1 20 1.319* 0.72.8 10.4 55.0 Scotiabank-Bank of Nova Scotia3 RBS 5 19*Canaccord Capital Corp 196.5 19 1.318 0.82.9 70.4 37.9 Hawkpoint Partners1 Grant Thornton LLP 6 17*Peter J. Solomon Co Ltd 212.7 18 1.417 0.83.0 20.4 359.1 SEB Enskilda1 Hawkpoint Partners 6 17*Intesa SanPaolo 236.0 17 1.615* 0.83.2 30.5 147.6 RBC Capital Markets1 Citi 7 14*SEB Enskilda 277.1 15* 1.915* 0.93.2 40.5 679.0 Lexicon Partners1 Credit Suisse 7 14*Pohjola Bank PLC 277.1 15* 1.913* 0.93.3 40.5 176.9 Bank of America Merrill Lynch11 Seymour Pierce 7 14*Deutsche Bank AG 323.4 14 2.213* 0.93.3 20.6 771.6 HSBC Holdings PLC2 Morgan Stanley 8 12*Scotiabank-Bank of Nova Scotia 325.4 13 2.211* 1.24.7 40.6 28.3 Jefferies & Co Inc3 Ernst & Young LLP 8 12*HSBC Holdings PLC 330.2 12 2.211* 1.24.7 130.6 953.1 Baker Tilly & Co6 Goldman Sachs & Co 9 10*Hawkpoint Partners 359.1 11 2.410 1.34.9 100.6 96.6 BDO International4 BDO International 9 10*RBC Capital Markets 396.8 10 2.79 1.76.3 40.7 105.4 Credit Suisse4 PricewaterhouseCoopers 10 7*Jones Lang LaSalle Inc 463.8 9 3.18 1.97.2 70.7 49.3 Morgan Stanley16 Deloitte & Touche 10 7*Rothschild 490.0 8 3.36* 2.18.0 70.7 4.1 Citi12 KPMG 10 7*Lazard 502.1 7 3.46* 2.18.0 90.8 323.4 UBS4 Deutsche Bank AG 11 6Jefferies & Co Inc 515.3 6 3.55 2.59.6 90.9 502.1 Deutsche Bank AG7 Lazard 12 5Credit Suisse 679.0 5 4.64 2.810.8 70.9 17.8 Goldman Sachs & Co8 Baker Tilly & Co 13 4Morgan Stanley 771.6 4 5.23 4.115.7 151.1 1,539.0 Lazard9 JP Morgan 15 3Goldman Sachs & Co 953.1 3 6.42 4.316.6 141.1 490.0 JP Morgan22 Rothschild 16 2UBS 1,412.1 2 9.61 4.718.2 181.6 1,412.1 Rothschild15 UBS 22 1JP Morgan 1,539.0 1 10.4

Rank ShareGBP mil DealsShare GBP mil Financial AdvisorDeals Financial Advisor Deals RankFinancial Advisor GBP mil Rank ShareMkt Rank ValueNo. No.Rank Value Mkt

Rank Date 1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009

Based on Rank Value Based on Number of Deals Based on Estimated Fees


UK Mid-Market M&A up to US$500mby Rank Value Range

$0$5

$10$15$20$25$30$35$40$45

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

Ran

k Va

lue

(US$

b)

-2004006008001,0001,2001,4001,600

# of

Dea

ls


UK Mid-Market M&A up to US$500m by Target Industry

19%

15%

14%10%

9%

9%

6%

6%

5%4% 3%

Energy and Power

Financials

Real Estate


High Technology

Materials

Healthcare

Industrials

Consumer Staples


Retail

Telecommunications

6 of 20

Date Effective / Unconditional 1/1/2009 - 6/30/2009Est. Fees No.Mkt



French Involvement Mid-Market Rankings (MM5)



- 100.0221.6 643100.0 6,193.9 Industry Total775 -Industry Total 775Industry Total 6,193.9 - 100.0- 72.8161.3 13519.7 3,247.3 Subtotal with Financial Advisor153 -Subtotal with Financial Advisor 153Subtotal with Financial Advisor 3,247.3 - 52.4

24* 0.61.4 30.4 6.5 Rabobank1 M&A International 3 18*Numis 63.4 24* 1.024* 0.61.4 20.4 232.5 Nomura5 JP Morgan 3 18*RBS 63.4 24* 1.023 0.71.5 10.4 430.8 Evercore Partners1 Nomura 3 18*Natixis 68.4 23 1.119* 0.71.6 10.4 33.1 SEB Enskilda1 ING 3 18*BMR Advisors 77.5 22 1.319* 0.71.6 10.4 110.0 Arctic Securities ASA2 Aforge Finance SA 3 18*Stamford Partners Ltd 99.5 21 1.619* 0.71.6 10.4 683.0 Intesa SanPaolo6 Mediobanca 3 18*Close Brothers Ltd 105.5 20 1.719* 0.71.6 40.4 119.5 Wagram Corporate Finance1 Morgan Stanley 3 18*Arcano Asesores Financieros SL 107.8 19 1.716* 0.81.7 10.4 174.7 Bank of America Merrill Lynch4 CIBC World Markets Inc 3 18*Wagram Corporate Finance 109.5 18 1.816* 0.81.7 20.5 430.8 Stamford Partners Ltd3 Citi 4 11*Aforge Finance SA 110.0 17 1.816* 0.81.7 30.5 1.6 Calyon3 HSBC Holdings PLC 4 11*Morgan Stanley 119.5 16 1.915 0.91.9 40.5 42.9 Montfort & Co4 Rabobank 4 11*Deutsche Bank AG 151.7 15 2.514 0.92.0 60.5 109.5 Close Brothers Ltd1 Wagram Corporate Finance 4 11*Goldman Sachs & Co 153.0 14 2.513 0.92.1 40.5 0.0 RBS1 Montfort & Co 4 11*Oyak Yatirim Menkul Degerler 164.1 13 2.712 1.02.3 40.5 151.7 CIBC World Markets Inc3 Deutsche Bank AG 4 11*CIBC World Markets Inc 174.7 12 2.811 1.12.5 30.5 0.0 Aforge Finance SA2 KPMG 4 11*Jones Lang LaSalle Inc 210.0 11 3.410 1.22.7 20.7 262.5 Mediobanca3 Societe Generale 5 8*JP Morgan 232.5 10 3.89 1.32.9 10.7 38.0 EFG Group5 Financiere Cambon 5 8*Societe Generale 262.5 9 4.28 1.63.5 30.7 63.4 Citi1 RBS 5 8*Intesa SanPaolo 323.0 8 5.26* 1.73.7 60.8 105.5 Societe Generale4 Close Brothers Ltd 6 7Citi 430.8 6* 7.06* 1.73.7 41.0 4.1 HSBC Holdings PLC3 MK Finance SA 8 5*Nomura 430.8 6* 7.04* 2.96.3 41.0 11.9 Goldman Sachs & Co11 Ernst & Young LLP 8 5*BNP Paribas SA 442.3 5 7.14* 2.86.3 41.2 513.7 UBS19 UBS 9 4Rothschild 467.7 4 7.63 3.37.4 111.4 442.3 BNP Paribas SA9 BNP Paribas SA 11 3UBS 513.7 3 8.32 9.921.9 182.2 815.2 Lazard3 Lazard 17 2Mediobanca 683.0 2 11.01 12.828.3 202.5 467.7 Rothschild17 Rothschild 19 1Lazard 815.2 1 13.2

Rank ShareEuro mil DealsShare Euro mil Financial AdvisorDeals Financial Advisor Deals RankFinancial Advisor Euro mil Rank ShareMkt Rank ValueNo. No.Rank Value Mkt



French Mid-Market M&A up to US$500mby Rank Value Range

$0$2$4$6$8

$10$12$14$16

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

Ran

k Va

lue

(US$

b)

-

100

200

300

400

500

600

700#

of D

eals


French Mid-Market M&A up to US$500m by Target Industry

16%

14%

13%

10%9%

8%

7%

5%

5%

5%4%

4%Real Estate

Consumer Staples

Industrials

High Technology

Energy and Power

Healthcare


Materials

Telecommunications

Financials

Retail


7 of 20




German Involvement Mid-Market Rankings (MM6)

- 100.0223.0 645100.0 5,463.0 Industry Total836 -Industry Total 836Industry Total 5,463.0 - 100.0- 68.7153.1 13918.2 1,923.1 Subtotal with Financial Advisor152 -Subtotal with Financial Advisor 152Subtotal with Financial Advisor 1,923.1 - 35.2

1Union Square CDO Ltd 8.1 25 0.222* 0.61.4 3Ferber & Co GmbH1Robert W Baird & Co Inc 9.4 24 0.222* 0.61.4 3Corporate Finance Partners CFP1JM Financial Group 9.6 23 0.222* 0.61.4 3goetzpartners Corp Finance5Close Brothers Ltd 15.0 22 0.320* 0.71.5 1Noqca Partners2Commerzbank AG 23.4 21 0.420* 0.71.5 1Barclays Capital3Calyon 57.6 20 1.119 0.71.6 1Jones Lang LaSalle Inc2BMR Advisors 58.7 19 1.118 0.81.7 4Raiffeisen Zentralbank1KeyBanc Capital Markets Inc 61.6 18 1.116* 0.81.8 1Moseley Securities Corporation7PricewaterhouseCoopers 64.8 17 1.216* 0.81.8 1Yes Bank Ltd3Credit Suisse 72.9 16 1.314* 0.91.9 1Citi3Houlihan Lokey Howard & Zukin 74.7 15 1.414* 0.91.9 10.5 336.2 Intesa SanPaolo7 JP Morgan 4 9*Ernst & Young LLP 81.1 14 1.513 1.02.2 10.5 5.0 Banque Degroof2 Mummert & Company 4 9*Nomura 88.1 13 1.611* 1.32.9 20.5 0.0 Lazard11 goetzpartners Corp Finance 4 9*Lincoln International 98.1 12 1.811* 1.32.9 20.5 0.0 Houlihan Lokey Howard & Zukin4 Lazard 4 9*Morgan Stanley 113.2 11 2.110 1.63.6 20.5 113.2 Gleacher Partners1 Morgan Stanley 4 9*Noqca Partners 115.0 10 2.19 1.73.7 40.5 0.0 Sal Oppenheim1 Barclays Capital 4 9*Gut Corporate Finance 116.4 9 2.18 1.94.2 30.6 15.0 JP Morgan1 Close Brothers Ltd 5 8Moseley Securities Corporation 142.6 7* 2.67 2.55.6 120.8 64.8 Lincoln International1 PricewaterhouseCoopers 7 5*Jones Lang LaSalle Inc 142.6 7* 2.66 2.86.3 50.8 81.1 Morgan Stanley13 Ernst & Young LLP 7 5*Deutsche Bank AG 157.6 6 2.95 3.16.8 50.8 0.0 Jefferies & Co Inc1 KPMG 7 5*Banque Degroof 186.0 5 3.44 3.27.2 51.2 254.2 Bank of America Merrill Lynch14 UBS 10 4Rothschild 240.1 4 4.43 4.710.4 81.3 98.1 Rothschild2 Lincoln International 11 3Sal Oppenheim 251.8 3 4.62 5.712.8 101.6 157.6 Deutsche Bank AG10 Deutsche Bank AG 13 2UBS 254.2 2 4.71 6.013.5 91.7 240.1 UBS4 Rothschild 14 1JP Morgan 336.2 1 6.2





MM6 - Undisclosed Values & Values up to US$500m MM6 - Undisclosed Values & Values up to US$500m


German Mid-Market M&A up to US$500mby Rank Value Range

$0$2$4$6$8

$10$12$14$16$18

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

Ran

k Va

lue

(US$

b)

-100200300400500600700800

# of

Dea

ls


German Mid-Market M&A up to US$500m by Target Industry

27%

14%

12%10%

8%

8%

6%

6%

5%2%2%

Real Estate

Financials

Energy and Power

Industrials


High Technology

Retail

Consumer Staples

Materials


Healthcare

Telecommunications

8 of 20

100.0 4,315.7


20.0 2,208.1Industry Total 4,315.7 - 100.0 385 Industry Total 385 -Subtotal with Financial Advisor 2,208.1 - 51.2 77 Subtotal with Financial Advisor 77 -

Date Effective / Unconditional 1/1/2009 - 6/30/2009Est. Fees No.


Italian Involvement Mid-Market Rankings (MM7)

310Industry Total 138.3 - 100.0


Subtotal with Financial Advisor 98.9 - 71.5 71

Mkt


22 0.50.7 1Covington Associates1Mooreland Partners LLC 9.3 22 0.218* 0.70.9 2Fineurop SpA1Banca MB SpaA 10.0 19* 0.218* 0.70.9 1IMAP1Zolfo Cooper LLC 10.0 19* 0.218* 0.70.9 2UniCredit Group2Deutsche Bank AG 10.0 19* 0.218* 0.70.9 3BNP Paribas SA1CORPIN Partners 19.0 18 0.417 0.81.1 120.5 0.0 KPMG1 Fineurop SpA 2 11*Covington Associates 19.2 17 0.516 0.91.3 20.5 334.0 Nomura6 Nomura 2 11*Rothschild 33.5 16 0.815 1.01.4 10.5 3.3 Morgan Stanley1 EnVent Srl 2 11*RBS 39.3 15 0.914 1.11.5 10.5 147.3 Greenhill & Co, LLC7 Standard Chartered PLC 2 11*KPMG 44.1 14 1.013 1.21.6 10.5 0.0 Jones Lang LaSalle Inc1 Deloitte & Touche 2 11*Houlihan Lokey Howard & Zukin 48.9 13 1.112 1.31.8 10.5 10.0 Moseley Securities Corporation1 Deutsche Bank AG 2 11*Moseley Securities Corporation 142.6 11* 3.311 1.52.0 10.5 0.0 HSBC Holdings PLC1 Greenhill & Co, LLC 2 11*Jones Lang LaSalle Inc 142.6 11* 3.310 1.52.1 20.8 0.0 Standard Chartered PLC2 UniCredit Group 3 7*Standard Chartered PLC 147.3 10 3.49 1.92.6 10.8 408.0 JP Morgan5 Morgan Stanley 3 7*UBS 210.4 9 4.97* 2.53.5 20.8 1.0 Citi1 BNP Paribas SA 3 7*Santander 233.0 8 5.47* 2.63.5 20.8 0.0 Bank of America Merrill Lynch1 Ernst & Young LLP 3 7*JP Morgan 264.8 7 6.16 2.73.7 31.3 210.4 Deutsche Bank AG1 UBS 5 6Citi 323.0 6 7.55 4.15.7 51.6 33.5 Lazard2 Rothschild 6 5Nomura 334.0 5 7.74 4.76.5 41.8 44.1 UBS3 KPMG 7 4Morgan Stanley 408.0 4 9.53 5.37.3 102.3 611.7 Mediobanca9 Intesa SanPaolo 9 3Intesa SanPaolo 611.7 3 14.22 8.611.9 142.6 859.0 Intesa SanPaolo10 Lazard 10 2Lazard 859.0 2 19.91 8.712.0 103.6 1,121.0 Rothschild14 Mediobanca 14 1Mediobanca 1,121.0 1 26.0





DDA & Co LLC 8.4 23 0.2EnVent Srl 3.3 24 0.1 2

1

BNP Paribas SA 1.0 25 0.0 3

Italian Mid-Market M&A up to US$500mby Rank Value Range

$0

$2

$4

$6

$8

$10

$12

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

Ran

k Va

lue

(US$

b)

-

50

100

150

200

250

300

350#

of D

eals


Italian Mid-Market M&A up to US$500m by Target Industry

29%

19%

16%

10%

7%

6%

3%3%

3% 2%2%Industrials

Financials

Real Estate

High Technology

Energy and Power

Telecommunications

Healthcare

Consumer Staples

Materials



Retail

9 of 20

- 100.0 5,959.4


Industry Total 136.0 - 100.0- 11.3 1,726.7

Industry Total 5,959.4 - 100.0 460 Industry Total 460Subtotal with Financial Advisor 1,726.7 - 29.0 52 Subtotal with Financial Advisor 52


383

1Subtotal with Financial Advisor 83.6 - 61.5 59Robert W Baird & Co Inc 0.6 24* 0.4




Spanish Involvement Mid-Market Rankings (MM8)

24* 0.50.6 1Lincoln International23 0.50.7 1N+11Eurohold SL 2.5 23 0.020* 0.70.9 2Siebiera & Co1Piper Jaffray Cos 10.3 22 0.220* 0.70.9 2Nomura3PricewaterhouseCoopers 13.9 21 0.220* 0.60.9 2Hawkpoint Partners1Lincoln International 23.4 20 0.419 0.71.0 9KPMG2Deloitte & Touche 25.0 19 0.417* 1.01.4 2Calyon4Ahorro Corporacion Financiera 41.7 18 0.717* 1.01.4 3Ambers & Co1N+1 45.0 17 0.815* 1.11.5 1Noqca Partners1Arcano Asesores Financieros SL 107.8 15* 1.815* 1.11.5 10.4 343.4 UBS1 Commerzbank AG 2 11*Nomura 107.8 15* 1.814 1.21.6 10.4 0.0 Jones Lang LaSalle Inc1 Siebiera & Co 2 11*Noqca Partners 115.0 14 1.913 1.41.9 10.4 255.1 Bank of America Merrill Lynch1 Bank of America Merrill Lynch 2 11*Jones Lang LaSalle Inc 125.8 13 2.110* 1.82.4 30.4 25.0 Close Brothers Ltd3 Deloitte & Touche 2 11*Credit Suisse 160.6 12 2.710* 1.82.4 20.4 0.0 Citi2 Rothschild 2 11*Bank of America Merrill Lynch 255.1 10* 4.310* 1.72.4 20.7 0.0 Intesa SanPaolo1 Close Brothers Ltd 3 4*Morgan Stanley 255.1 10* 4.39 2.02.7 20.7 13.9 Commerzbank AG1 PricewaterhouseCoopers 3 4*Goldman Sachs & Co 320.0 6* 5.47* 2.23.0 70.7 475.2 Santander1 UBS 3 4*JP Morgan 320.0 6* 5.47* 2.23.0 20.7 427.8 Rothschild1 Citi 3 4*Lazard 320.0 6* 5.45* 2.53.5 20.7 160.6 Credit Suisse1 Credit Suisse 3 4*BNP Paribas SA 320.0 6* 5.45* 2.53.5 20.7 0.0 RBS2 Ambers & Co 3 4*Commerzbank AG 343.4 5 5.84 2.94.0 50.7 0.0 BBVA3 BBVA 3 4*Citi 427.8 4 7.23 3.54.7 50.9 41.7 Ahorro Corporacion Financiera3 Ahorro Corporacion Financiera 4 3UBS 475.2 3 8.02 3.95.2 31.3 545.4 Goldman Sachs & Co6 Santander 6 2Santander 545.4 2 9.21 6.08.2 52.2 805.9 Lazard10 KPMG 10 1KPMG 805.9 1 13.5

Rank ShareEuro mil DealsShare Euro mil Financial AdvisorDeals Financial Advisor Deals RankFinancial Advisor Euro mil Rank ShareMktEst. Fees No.Mkt Rank ValueNo. No.Rank Value Mkt



Spanish Mid-Market M&A up to US$500mby Rank Value Range

$0$1$2$3$4$5$6$7$8$9

$10

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

Ran

k Va

lue

(US$

b)

-

50

100

150

200

250

300

350#

of D

eals


Spanish Mid-Market M&A up to US$500m by Target Industry

33%

26%

15%

9%

5%

3%3%2%2%

Real Estate

Energy and Power

Financials

Materials

Consumer Staples

Healthcare



High Technology

Retail

Industrials

Telecommunications

10 of 20



912 -Industry Total 912


Nordic Involvement Mid-Market Rankings (MM9)

Subtotal with Financial Advisor 149.8 123- 73.9



672100.0 6,323.5 Industry Total - 100.0202.7Industry Total 6,323.5 - 100.015.2 3,955.5139 -Subtotal with Financial Advisor 139Subtotal with Financial Advisor 3,955.5 - 62.6

2Advium Corporate Finance 86.3 25 1.43 0.81.6 4Swedbank 24Danske Markets 93.7 24 1.5

21* 0.81.7 2Raiffeisen Zentralbank2Raiffeisen Zentralbank 98.1 22* 1.621* 0.91.7 4LNP Corporate Finance AB3RBS 98.1 22* 1.621* 0.81.7 4Cenkos Securities PLC2First Securities ASA 102.4 21 1.619* 0.91.8 1Standard Bank Group Ltd3Pareto Securities 105.5 20 1.719* 0.91.8 2RBS3Nordea 111.6 19 1.818 1.12.3 40.4 0.0 Global M&A10 LNP Corporate Finance AB 4 13*Swedbank 120.2 18 1.917 1.22.4 50.4 568.2 DnB NOR BANK ASA1 Morgan Stanley 4 13*Credit Suisse 139.9 17 2.216 1.32.7 20.4 240.0 Jefferies & Co Inc4 Lazard 4 13*DnB NOR BANK ASA 170.5 16 2.715 1.53.1 40.4 170.5 Morgan Stanley7 DnB NOR BANK ASA 4 13*Carnegie 194.8 15 3.114 1.73.5 20.4 12.0 Pohjola Bank PLC2 Catella AB 4 13*Lenner & Partners 199.9 14 3.212* 1.83.6 70.4 77.1 Handelsbanken Capital Markets4 Rothschild 4 13*Lazard 240.0 13 3.812* 1.83.6 20.6 699.4 Goldman Sachs & Co5 SEB Enskilda 5 11*FIH Partners AS 242.0 12 3.811 1.93.9 90.6 242.0 IMAP9 FIH Partners AS 5 11*PricewaterhouseCoopers 254.3 11 4.010 2.04.0 50.7 74.3 Carnegie1 Handelsbanken Capital Markets 6 10Perella Weinberg Partners LP 294.5 9* 4.79 2.24.4 30.8 561.1 Credit Suisse8 Arctic Securities ASA 7 8*UBS 294.5 9* 4.78 2.44.9 40.8 194.8 Nordea3 Carnegie 7 8*Golden Prospect PLC 302.8 8 4.87 2.75.5 30.9 712.1 FIH Partners AS2 JP Morgan 8 6*Pohjola Bank PLC 304.8 7 4.86 2.85.7 40.9 294.5 Lazard3 UBS 8 6*Bank of America Merrill Lynch 310.8 6 4.94* 3.87.7 71.0 254.3 Arctic Securities ASA2 PricewaterhouseCoopers 9 5Standard Bank Group Ltd 373.7 5 5.94* 3.87.7 61.1 8.9 Rothschild7 IMAP 10 1*Arctic Securities ASA 561.1 4 8.93 4.59.1 81.1 120.2 UBS4 Swedbank 10 1*Morgan Stanley 568.2 3 9.02 4.69.3 71.1 51.4 SEB Enskilda5 Ernst & Young LLP 10 1*SEB Enskilda 699.4 2 11.11 5.811.7 91.1 0.0 JP Morgan8 KPMG 10 1*JP Morgan 712.1 1 11.3

Rank ShareEuro mil DealsShare Euro mil Financial AdvisorDeals Financial Advisor Deals RankFinancial Advisor Euro mil Rank ShareMktEst. Fees No.Mkt Rank ValueNo. No.Rank Value Mkt



Nordic Mid-Market M&A up to US$500mby Rank Value Range

$0$2$4$6$8

$10$12$14$16

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

Ran

k Va

lue

(US$

b)

-100200300400500600700800

# of

Dea

ls


Nordic Mid-Market M&A up to US$500m by Target Industry

27%

19%

14%

8%

8%

7%

5%

4%3%

2% 2%Energy and Power

Financials

Materials

Industrials

High Technology

Healthcare


Consumer Staples


Telecommunications

Retail

Real Estate

11 of 20



Subtotal with Financial Advisor 166Industry Total 597


Benelux Involvement Mid-Market Rankings (MM10)

Subtotal with Financial Advisor 92.2 133Industry Total 141.6 463- 100.0

- 65.1


22* 0.71.0

- 5,157.227.8 3,404.3-

Industry Total 5,157.2 - 100.0166597 100.0

Subtotal with Financial Advisor 3,404.3 - 66.02Axis Bank Ltd 48.9 25 1.0

2Clairfield Partners4Petercam SA 70.6 24 1.422* 0.71.0 12Deloitte & Touche4Goldman Sachs & Co 94.8 22* 1.822* 0.71.0 2TD Securities Inc12KPMG 94.8 22* 1.820* 0.81.1 2Santander6Ernst & Young LLP 95.3 21 1.920* 0.81.1 13KPMG15Deloitte & Touche 102.8 20 2.017* 0.91.3 3M&A International2HSBC Holdings PLC 123.3 19 2.417* 0.91.3 30.5 0.0 PhiDelphi Corporate Finance BV1 M&A International 3 15*Societe Generale 150.4 17* 2.917* 0.91.3 10.5 0.0 Morgan Stanley2 PhiDelphi Corporate Finance BV 3 15*Bank of America Merrill Lynch 150.4 17* 2.916 1.01.4 20.5 184.5 Credit Suisse2 Morgan Stanley 3 15*Credit Suisse 154.7 16 3.015 1.21.7 10.5 37.0 Mediobanca1 Deutsche Bank AG 3 15*Citi 176.5 15 3.414 1.31.8 10.7 261.0 Deutsche Bank AG3 Banque Degroof 4 12*Morgan Stanley 184.5 14 3.613 1.42.0 10.7 94.8 HSBC Holdings PLC2 Goldman Sachs & Co 4 12*UBS 200.0 12* 3.912 1.52.1 30.7 70.6 Goldman Sachs & Co2 Petercam SA 4 12*Lazard 200.0 12* 3.911 1.62.2 50.8 435.1 BDO International13 JP Morgan 5 9*RBS 214.2 11 4.29* 1.92.6 20.8 0.0 Banque Degroof1 BDO International 5 9*Scotiabank-Bank of Nova Scotia 229.3 9* 4.59* 1.82.6 60.8 0.0 RBS1 PricewaterhouseCoopers 5 9*FirstEnergy Capital Corp 229.3 9* 4.58 1.92.7 11.0 0.0 Commerzbank AG4 Van Oers Corporate Finance BV 6 7*Banque Degroof 261.0 8 5.17 2.02.8 61.0 95.3 Van Oers Corporate Finance BV2 Ernst & Young LLP 6 7*Jefferies & Co Inc 271.5 7 5.36 2.13.0 21.2 415.3 Lazard2 Rothschild 7 6Mitsubishi UFJ Financial Group 334.5 6 6.55 2.53.5 22.0 94.8 Rothschild2 KPMG 12 5Mediobanca 360.0 5 7.04 2.63.7 42.2 214.2 JP Morgan16 RBS 13 4ING 365.9 4 7.13 2.83.9 42.5 102.8 Nomura7 Deloitte & Touche 15 3Rothschild 415.3 3 8.12 3.24.5 72.7 365.9 ING5 ING 16 2JP Morgan 435.1 2 8.41 8.612.2 264.5 0.0 Rabo Rembrandt F&O2 Rabo Rembrandt F&O 27 1BNP Paribas SA 514.0 1 10.0






Benelux Mid-Market M&A up to US$500mby Rank Value Range

$0$2$4$6$8

$10$12$14$16

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

Ran

k Va

lue

(US$

b)

-

100

200

300

400

500

600#

of D

eals


Benelux Mid-Market M&A up to US$500m by Target Industry

19%

14%

11%

11%

10%

8%

8%

5%

5%3%

3% 3%Energy and Power

Financials

Real Estate

High Technology

Industrials


Materials

Healthcare

Retail

Consumer Staples

Telecommunications


12 of 20



Subtotal with Financial Advisor 76Industry Total 2,021


Eastern Europe Involvement Mid-Market Rankings (MM16)

Date Effective / Unconditional 1/1/2009 - 6/30/2009Est. Fees No.

1,632

Mkt

- 100.0100.0 6,266.42,021 - Industry Total 186.6Industry Total 6,266.4 - 100.0- 54.0100.7 663.8 2,433.3 Subtotal with Financial Advisor76 -Subtotal with Financial Advisor 2,433.3 - 38.8

1Collins Stewart Tullett 8.0 25 0.124 0.40.7 1Close Brothers Ltd1EPIC 10.0 22* 0.223 0.40.8 2Global M&A1Zolfo Cooper LLC 10.0 22* 0.220* 0.50.9 2SEB Enskilda1Mediobanca 10.0 22* 0.220* 0.50.9 2PRAGMA Corporate Finance1CORPIN Partners 19.0 21 0.320* 0.50.9 10.1 413.5 Carnegie1 Goldman Sachs & Co 2 10*24.5 20 0.4Close Brothers Ltd19 0.71.3 10.1 168.0 Turkiye Sinai Kalkinma Bankasi2 HSBC Holdings PLC 2 10*Ernst & Young LLP 94.8 18* 1.518 0.81.5 30.1 0.0 UniCredit Group1 PRAGMA Corporate Finance 2 10*KPMG 94.8 18* 1.517 0.91.7 20.1 6.0 Societe Generale3 Evli Bank Plc 2 10*Raiffeisen Zentralbank 98.1 16* 1.616 1.01.8 20.1 0.0 Morgan Stanley2 UniCredit Group 2 10*RBS 98.1 16* 1.615 1.01.9 10.1 0.0 Wood & Co1 Lincoln International 2 10*Renaissance Capital Group 123.4 15 2.014 1.12.1 30.1 345.4 Raiffeisen Zentralbank1 UBS 2 10*Troika Dialog 157.1 14 2.513 1.22.2 20.1 0.0 Nomura1 Lazard 2 10*JP Morgan 164.1 12* 2.612 1.32.3 20.1 1.5 Goldman Sachs & Co1 Seymour Pierce 2 10*Oyak Yatirim Menkul Degerler 164.1 12* 2.611 1.52.7 10.1 98.1 Commerzbank AG2 RBS 2 10*HSBC Holdings PLC 168.0 10* 2.710 1.52.9 20.1 94.8 ING1 Ernst & Young LLP 2 10*Endeavor Financial Corp 168.0 10* 2.79 1.63.1 20.2 98.1 Lazard1 Raiffeisen Zentralbank 3 7*Wood & Co 177.5 9 2.88 2.14.0 20.2 0.0 EFG Group1 SEB Enskilda 3 7*EFG Group 190.0 7* 3.07 2.34.3 80.2 190.0 IMAP3 ING 3 7*ING 190.0 7* 3.06 2.54.6 30.2 390.4 JP Morgan4 Citi 4 4*Rothschild 215.2 6 3.45 2.54.7 40.2 2.9 Deutsche Bank AG1 Morgan Stanley 4 4*Calyon 230.4 5 3.74 2.75.1 50.2 215.2 Rothschild1 Rothschild 4 4*BMO Capital Markets 318.8 4 5.13 4.38.1 30.3 1.7 RBS2 Credit Suisse 6 2*UBS 345.4 3 5.52 5.19.5 60.3 0.0 Credit Suisse4 Deutsche Bank AG 6 2*Citi 390.4 2 6.21 7.213.5 30.4 0.0 UBS2 IMAP 7 1Goldman Sachs & Co 413.5 1 6.6



Based on Number of Deals Based on Estimated Fees

MM16 - Undisclosed Values & Values up to US$500m MM16 - Undisclosed Values & Values up to US$500m MM16 - Undisclosed Values & Values up to US$500m

Based on Rank Value

Eastern European Mid-Market M&A up to US$500mby Rank Value Range

$0$2$4$6$8

$10$12$14$16$18

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

Ran

k Va

lue

(US$

b)

-

200

400

600

800

1,000

1,200#

of D

eals


Eastern European Mid-Market M&A up to US$500m by Target Industry

32%

18%16%

7%

6%

5%

5%

4%3% 2% 2%

Energy and Power

Financials

Materials

Telecommunications

Industrials

Retail

Consumer Staples

Real Estate

Healthcare


High Technology


13 of 20



- 100.0 1,219100.0 43,788.7 Industry Total 567.92,591 Industry Total 2,591 -Industry Total 43,788.7 - 100.0293.4 - 51.7 236- 14.6 20,385.1 Subtotal with Financial AdvisorSubtotal with Financial Advisor 20,385.1 - 46.6 377 Subtotal with Financial Advisor 377

19Somerley Ltd 421.4 25 1.02.7 24 0.5 222* 0.2 260.8 Platinum Securities Co Ltd

23 0.5 3Rothschild 448.8 24 1.0 7 Asian Capital (Corp Fin) Ltd 6

0.2 85.3 Guoyuan Securities Co Ltd 2.93 KPMG 6 22*Everbright Securities Co 450.1 23 1.03.0 22 0.5 322* 0.2 153.8 Macquarie Group

21 0.6 4Mizuho Financial Group 454.4 22 1.0 3 OSK Holdings Bhd 6

0.3 638.5 GF Securities 3.15 Citi 7 17*Piper Jaffray Cos 461.8 21 1.13.2 20 0.6 317* 0.3 263.4 Yes Bank Ltd

19 0.6 3Orient Securities Co Ltd 468.8 20 1.1 4 M&A International 7

0.3 692.6 Credit Suisse 3.38 Bank of America Merrill Lynch 7 17*Haitong Securities 469.8 19 1.13.4 18 0.6 717* 0.3 40.5 AmInvestment Bank Group

17 0.6 3Credit Suisse 553.6 18 1.3 5 Partners Capital International 7

0.3 448.8 Hwang DBS Securities Sdn Bhd 3.63 Rothschild 7 17*BNP Paribas SA 582.2 17 1.33.8 15* 0.7 314* 0.3 833.9 Malayan Banking Bhd

15* 0.7 3Avendus Capital Pvt Ltd 584.9 16 1.3 4 BMR Advisors 8

0.3 227.3 Ambit Corporate Finance 3.85 Access Capital Ltd 8 14*China Merchants Bank 593.7 15 1.43.9 14 0.7 414* 0.3 469.8 Goldman Sachs & Co

13 0.7 7Citi 638.5 14 1.5 7 Haitong Securities 8

0.4 1,081.1 China Galaxy Securities Co 4.02 CITIC 9 12*Scotiabank-Bank of Nova Scotia 654.3 13 1.54.2 11* 0.7 312* 0.4 146.2 Bank of America Merrill Lynch

11* 0.7 3Kotak Mahindra Bank Ltd 682.1 12 1.6 3 Taifook Securities Group Ltd 9

0.4 278.2 Standard Chartered PLC 4.27 Guotai Junan Securities 10 10*Bank of America Merrill Lynch 692.6 11 1.64.3 10 0.8 1410* 0.4 1,847.2 CIMB Group Sdn Bhd

9 0.8 7Standard Chartered PLC 709.1 10 1.6 4 Deutsche Bank AG 10

0.4 345.2 BMR Advisors 4.71.0 7

Grant Samuel 769.8 9 1.8 2 Veda Capital Ltd 11 8*1,632.4 UBS 5.7 7*

11Morgan Stanley 770.4 8 1.8 15 UBS 11 8* 0.4

Guodu Securities Co Ltd 5.7 7* 1.013

CIMB Group Sdn Bhd 798.9 7 1.8 25 GF Securities 13 7 0.5Optima Capital Ltd 6.7 6 1.2

6BMR Advisors 833.9 6 1.9 8 Morgan Stanley 15 5* 0.6

JP Morgan 7.8 5 1.48

Goldman Sachs & Co 875.6 5 2.0 5 Ernst & Young LLP 15 5* 0.6Citi 10.3 4 1.8

7CITIC 1,081.1 4 2.5 9 Optima Capital Ltd 17 4 0.7

Deutsche Bank AG 11.8 3 2.15

UBS 1,632.4 3 3.7 11 Guangdong Securities 18 3 0.7Morgan Stanley 12.8 2 2.3

9JP Morgan 1,647.0 2 3.8 5 Somerley Ltd 19 2 0.7

Rothschild 16.4 1 2.9Deals

Deutsche Bank AG 1,847.2 1 4.2 10 CIMB Group Sdn Bhd 25 1 1.0Financial Advisor US$m Rank Share

No.Financial Advisor US$m Rank Share Deals Financial Advisor Deals Rank Share

Est. Fees MktNo. No.Rank Value Mkt

MM13 - Undisclosed Values & Values up to US$500m MM13 - Undisclosed Values & Values up to US$500m MM13 - Undisclosed Values & Values up to US$500m

1/1/2009 - 6/30/2009 Rank Date


Hochinma Involvement Mid-Market Rankings (MM13)


Rank Date 1/1/2009 - 6/30/2009Mkt Rank Value

US$m798.9421.4306.6349.4189.1770.4232.9


Hochinma Mid-Market M&A up to US$500mby Rank Value Range

$0$5

$10$15$20$25$30$35$40$45

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

Ran

k Va

lue

(US$

b)

-2004006008001,0001,2001,4001,6001,8002,000

# of

Dea

ls


Hochinma Mid-Market M&A up to US$500m by Target Industry

19%

18%

14%11%

10%

7%

6%

4%

3%3%

3% 2%Materials

Real Estate

Financials

Energy and Power

Industrials

High Technology

Consumer Staples


Retail


Telecommunications

Healthcare

14 of 20





Hong Kong Involvement Mid-Market Rankings (MM12)


210


Date Effective / Unconditional 1/1/2009 - 6/30/2009Rank Date 1/1/2009 - 6/30/2009

MM12 - Undisclosed Values & Values up to US$500mMM12 - Undisclosed Values & Values up to US$500mRank Date 1/1/2009 - 6/30/2009

Based on Rank Value

- 100.0100.0 13,587.6 Industry Total 134.1589 -Industry Total 13,587.6 - 100.0- 53.471.6 6928.5 8,186.2 Subtotal with Financial Advisor168 -Subtotal with Financial Advisor 8,186.2 - 60.3

22* 0.50.6 1Goldman Sachs & Co1Lazard 235.4 24* 1.722* 0.50.6 4PricewaterhouseCoopers1ING 235.4 24* 1.722* 0.50.6 1Azure Capital Pty Ltd6Asian Capital (Corp Fin) Ltd 260.8 23 1.922* 0.50.6 1Gryphon Partners7M&A International 263.4 22 1.918* 0.50.7 1ING2Platinum Securities Co Ltd 279.3 21 2.118* 0.50.7 1Lazard1UBS 284.3 20 2.118* 0.60.7 1Rothschild3Goldman Sachs & Co 290.7 19 2.118* 0.50.7 1BNP Paribas SA2Citi 294.3 18 2.217 0.60.8 4INCU Corporate Finance Ltd1Jones Lang LaSalle Inc 297.1 17 2.215* 1.01.3 7M&A International18Guangdong Securities 306.6 16 2.315* 1.01.3 10.7 440.7 Standard Chartered PLC3 Piper Jaffray Cos 4 14*Rothschild 306.9 15 2.313* 1.11.4 70.7 842.0 CIMB Group Sdn Bhd9 Deutsche Bank AG 4 14*Morgan Stanley 315.5 14 2.313* 1.01.4 40.9 93.5 Guangdong Securities1 GF Securities 5 13Macquarie Group 335.0 12* 2.511* 1.11.5 11.0 260.8 Hercules Capital Ltd1 Asian Capital (Corp Fin) Ltd 6 11*Standard Chartered PLC 335.0 12* 2.511* 1.11.5 11.0 692.6 Piper Jaffray Cos11 Bank of America Merrill Lynch 6 11*Veda Capital Ltd 345.2 11 2.510 1.31.7 41.2 263.4 Access Capital Ltd17 M&A International 7 9*Optima Capital Ltd 349.4 10 2.69 1.72.2 51.2 40.5 Somerley Ltd16 Partners Capital International 7 9*Somerley Ltd 405.3 9 3.07* 1.72.3 11.4 227.3 Citi4 Access Capital Ltd 8 7*Piper Jaffray Cos 440.7 8 3.27* 1.72.3 11.4 146.2 UBS3 Taifook Securities Group Ltd 8 7*Mizuho Financial Group 454.4 7 3.36 2.02.7 21.5 315.5 Platinum Securities Co Ltd2 Morgan Stanley 9 6BNP Paribas SA 462.2 6 3.44* 2.12.8 21.9 345.2 JP Morgan1 Veda Capital Ltd 11 5CITIC 480.6 5 3.54* 2.12.8 22.7 405.3 Macquarie Group20 Somerley Ltd 16 4CIMB Group Sdn Bhd 555.1 4 4.13 2.23.0 22.9 349.4 Deutsche Bank AG6 Optima Capital Ltd 17 3Bank of America Merrill Lynch 692.6 3 5.12 4.45.9 33.1 306.6 Morgan Stanley4 Guangdong Securities 18 2Deutsche Bank AG 842.0 2 6.21 5.06.7 133.4 555.1 Optima Capital Ltd3 CIMB Group Sdn Bhd 20 1JP Morgan 877.1 1 6.5

Rank ShareUS$m DealsUS$m Financial AdvisorDeals Financial Advisor Deals Rank ShareFinancial Advisor US$m Rank ShareMktEst. Fees No.No. No.Rank Value Mkt

Based on Number of Deals

Mkt Rank Value

Hong Kong Mid-Market M&A up to US$500mby Rank Value Range

$0$2$4$6$8

$10$12$14$16$18

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

Ran

k Va

lue

(US$

b)

-50100150200250300350400450500

# of

Dea

ls


Hong Kong Mid-Market M&A up to US$500m by Target Industry

25%

22%

17%

8%

7%

5%

4%

4%4% 3%1%

Real Estate

Financials

Materials

Consumer Staples

Energy and Power

High Technology


Retail


Industrials

Telecommunications

Healthcare

15 of 20


244.3143.2 -


- 100.0 719100.0 11,848.5 Industry Total1,072 Industry Total 1,072 -Industry Total 11,848.5 - 100.0106- 11.6 6,288.8 Subtotal with Financial Advisor124 Subtotal with Financial Advisor 124 58.6Subtotal with Financial Advisor 6,288.8 - 53.1

1.1 23* 0.4 2Bank of America Merrill Lynch23* 0.5 1

Ernst & Young LLP 86.3 25 0.7 5Global Leisure Partners LLP 1.12Ferghana Partners Group 86.9 24 0.7

1.1 23* 0.4 1Tricom Equities Ltd21* 0.5 1

Greenhill & Co, LLC 104.1 23 0.9 1Helfen Corporate Advisory Pty 1.211Deloitte & Touche 120.9 22 1.0

1.2 21* 0.5 116* 0.3 23.2 Adelaide Equity Partners Ltd19* 0.5 1

Lazard 135.5 21 1.1 2 New Holland Capital Pty Ltd 30.3 327.5 Standard Chartered PLC 1.38 Citi 3 16*RBS 141.0 20 1.2

1.3 19* 0.6 1616* 0.3 576.0 KPMG18 0.7 12

China International Capital Co 141.9 19 1.2 1 Gryphon Partners 30.3 10.6 Deloitte & Touche 1.73 Cameron Partners Ltd 3 16*Gresham Partners 166.0 18 1.4

1.9 16* 0.8 116* 0.3 39.4 Moelis & Co16* 0.8 1

Azure Capital Pty Ltd 213.4 17 1.8 1 RBC Capital Markets 30.3 166.0 Morgan Stanley 1.94 Gresham Partners 3 16*Credit Suisse 268.5 16 2.3

2.1 15 0.9 311* 0.4 1,569.8 Caliburn Partnership Pty Ltd13* 0.9 2

Standard Bank Group Ltd 281.2 15 2.4 1 JP Morgan 40.4 268.5 Lexicon Partners 2.22 Credit Suisse 4 11*Golden Prospect PLC 284.6 14 2.4

2.2 13* 0.9 111* 0.4 300.1 Gresham Partners11* 1.0 4

UBS 300.1 13 2.5 4 UBS 40.4 512.4 Azure Capital Pty Ltd 2.43 Morgan Stanley 4 11*Citi 327.5 12 2.8

2.4 11* 1.0 211* 0.4 416.5 Grant Samuel10 1.1 3

Rothschild 353.8 11 3.0 6 Caliburn Partnership Pty Ltd 40.5 982.4 Gryphon Partners 2.72 Grant Samuel 5 9*Standard Chartered PLC 385.7 10 3.3

3.4 9 1.4 69* 0.5 86.3 RBS8 2.4 4

Caliburn Partnership Pty Ltd 416.5 9 3.5 4 Ernst & Young LLP 50.6 353.8 JP Morgan 5.81 Rothschild 6 8BMO Capital Markets 474.9 8 4.0

6.0 7 2.5 37 0.8 141.0 Lazard6 2.8 5

Morgan Stanley 512.4 7 4.3 4 RBS 80.9 1,086.3 Citi 6.83 Deutsche Bank AG 10 6Gryphon Partners 576.0 6 4.9

7.2 5 2.9 54* 1.0 120.9 Rothschild4 3.9 9

Goldman Sachs & Co 789.3 5 6.7 15 Deloitte & Touche 111.0 72.9 Goldman Sachs & Co 9.65 PricewaterhouseCoopers 11 4*Grant Samuel 982.4 4 8.3


Mkt Rank Value


Australia/New Zealand Involvement Mid-Market Rankings (MM11)

UBS 10.6 3 4.3 7



MM11 - Undisclosed Values & Values up to US$500m1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009 Date Effective / UnconditionalRank Date 1/1/2009 - 6/30/2009

Rank Value Mkt No. No. Est. Fees Mkt No.Financial Advisor US$m Rank Share Deals Financial Advisor Deals Rank Share US$m

57.41* 1.4 789.31* 6.5

4.61.4

144 KPMG 15

Financial Advisor US$m Rank Share DealsJP Morgan 1,569.8 1 13.3 Deutsche Bank AG 15.8 1 10Macquarie Group 1,236.4 2 10.4 Goldman Sachs & Co 15 Macquarie Group 11.3 2 12Deutsche Bank AG 1,086.3 3 9.2 10 Macquarie Group 14 3 1.3 1,236.4

Australia/New Zealand Mid-Market M&A up to US$500mby Rank Value Range

$0

$5

$10

$15

$20

$25

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

Ran

k Va

lue

(US$

b)

-1002003004005006007008009001,000

# of

Dea

ls


Australia/New Zealand Mid-Market M&A up to US$500m by Target Industry

31%

17%13%

11%

7%

6%

4%3%

2%2%2%2%Materials

Energy and Power

Real Estate

Financials

Consumer Staples


Industrials


High Technology

Retail

Telecommunications

Healthcare


16 of 20





Singapore Involvement Mid-Market Rankings (MM14)





- 100.068.0297 -Industry Total 2,703.7 - 204100.0 2,703.7 Industry Total100.0- 29.420.027 - 229.1 762.7 Subtotal with Financial AdvisorSubtotal with Financial Advisor 762.7 - 28.2

18 0.10.1 1K&N Kenanga Holdings Berhad1Guangdong Securities 0.1 18 0.015* 0.30.2 1Close Brothers Ltd1HSBC Holdings PLC 2.0 17 0.115* 0.30.2 1BMR Advisors1K&N Kenanga Holdings Berhad 3.1 16 0.115* 0.30.2 1Business Development Asia LLC1NRA Capital Pte Ltd 3.9 15 0.114 0.50.3 5KPMG1BMR Advisors 7.7 14 0.312* 0.70.5 2NRA Capital Pte Ltd3Collins Stewart Tullett 9.1 13 0.312* 0.70.5 2ANZ Banking Group1Optima Capital Ltd 14.1 12 0.59* 0.90.6 1DMG & Partners Securities Pte1PricewaterhouseCoopers (SG) 18.1 11 0.79* 0.90.6 3Stirling Coleman Capital Ltd1Bank Street Group LLC 28.0 10 1.09* 0.90.6 1Standard Chartered PLC2Standard Chartered PLC 35.2 9 1.38 1.20.8 1Malayan Banking Bhd7CIMB Group Sdn Bhd 80.8 8 3.06* 1.30.9 5CIMB Group Sdn Bhd1Karl Thomson Holdings Ltd 121.7 6* 4.56* 1.40.9 3DBS Group Holdings1DMG & Partners Securities Pte 121.7 6* 4.55 2.01.4 2United Overseas Bank Ltd1ING 165.0 3* 6.14 2.61.8 20.7 286.6 ING1 DBS Group Holdings 2 3*United Overseas Bank Ltd 165.0 3* 6.13 2.92.0 10.7 35.2 Citi1 Standard Chartered PLC 2 3*ANZ Banking Group 165.0 3* 6.12 4.43.0 21.0 9.1 Bank of America Merrill Lynch2 Collins Stewart Tullett 3 2DBS Group Holdings 286.6 2 10.61 4.63.1 22.4 80.8 Credit Suisse1 CIMB Group Sdn Bhd 7 1JP Morgan 309.4 1 11.4

Rank ShareUS$m DealsShare US$m Financial AdvisorDeals Financial Advisor Deals RankFinancial Advisor US$m Rank ShareMktEst. Fees No.Mkt Rank ValueNo. No.Rank Value Mkt

1/1/2009 - 6/30/2009Rank Date 1/1/2009 - 6/30/2009Rank Date


Singapore Mid-Market M&A up to US$500mby Rank Value Range

$0$1$2$3$4$5$6$7$8$9

$10

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

Ran

k Va

lue

(US$

b)

-

50

100

150

200

250

300#

of D

eals


Singapore Mid-Market M&A up to US$500m by Target Industry

27%

17%

14%

11%

11%

10%

4%3% 2%

Industrials

Consumer Staples

Materials

High Technology

Real Estate

Financials


Energy and Power


Retail

Healthcare

Telecommunications

17 of 20


Japanese Involvement Mid-Market Rankings (MM15)

1,055





- Industry Total 423.2 - 100.0100.0 22,838.1


59.7252.5 247Industry Total 22,838.1 - 100.0 1,426 Industry Total 1,426

-Subtotal with Financial Advisor 328 -Subtotal with Financial Advisor 14,428.2 - 63.2 23.0 14,428.2 Subtotal with Financial Advisor32824* 0.31.4 424* 0.31.4

Mirai Consulting Inc5Goldman Sachs & Co 152.9 25 0.73Lincoln International1Standard Chartered PLC 162.9 24 0.7

22* 0.41.5 1SEB Enskilda1Banco Bradesco SA 166.6 23 0.722* 0.41.5 2Masters Trust Inc5Deutsche Bank AG 200.9 22 0.919* 0.41.6 60.4 152.9 ORIX M&A Solutions Corp1 Goldman Sachs & Co 5 17*ING 223.5 20* 1.019* 0.41.6 10.4 139.6 Credit Suisse1 Frontier Management Inc 5 17*BNP Paribas SA 223.5 20* 1.019* 0.41.6 120.4 32.1 PricewaterhouseCoopers3 Corporate Advisors Accounting 5 17*Jefferies & Co Inc 253.1 19 1.118 0.41.7 30.4 46.6 AGS Consulting Co Ltd3 ORIX M&A Solutions Corp 5 17*Shinsei Bank 307.0 18 1.317 0.51.9 50.4 200.9 ABeam M&A Consulting Ltd4 Deutsche Bank AG 5 17*UBS 345.1 17 1.516 0.52.0 10.4 97.4 Greenhill & Co, LLC4 Mirai Consulting Inc 6 15*RBS 352.0 16 1.515 0.93.7 30.4 139.7 Jefferies & Co Inc3 ABeam M&A Consulting Ltd 6 15*Macquarie Group 368.2 15 1.614 0.93.8 140.5 589.0 Deloitte & Touche15 Credit Suisse 7 13*Bank of America Merrill Lynch 373.5 14 1.613 1.04.2 30.5 7.1 Lazard15 AER Corp 7 13*Deloitte & Touche 454.9 13 2.012 1.14.7 80.6 46.4 KPMG2 Anglo Chinese Corp Finance 8 11*BMO Capital Markets 461.5 12 2.011 1.35.4 40.6 527.2 Bank of America Merrill Lynch8 Ernst & Young LLP 8 11*Ernst & Young LLP 527.2 11 2.310 1.35.5 50.6 829.2 JP Morgan7 KPMG 9 10Credit Suisse 589.0 10 2.69 1.56.4 60.8 1,321.8 Goldman Sachs & Co33 PricewaterhouseCoopers 11 9GCA Savvian Group Corp 794.0 9 3.58 1.98.0 201.1 373.5 GCA Savvian Group Corp9 Bank of America Merrill Lynch 15 7*KPMG 829.2 8 3.67 1.98.2 51.1 454.9 Morgan Stanley4 Deloitte & Touche 15 7*JP Morgan 867.0 7 3.86 2.19.0 61.9 2,383.3 Deutsche Bank AG11 Citi 27 6PricewaterhouseCoopers 1,321.8 6 5.85 3.313.9 302.3 794.0 Daiwa Securities SMBC35 GCA Savvian Group Corp 33 5Mitsubishi UFJ Financial Group 1,889.6 5 8.34 3.314.1 272.5 1,889.6 Mitsubishi UFJ Financial Group47 Mitsubishi UFJ Financial Group 35 4Daiwa Securities SMBC 2,160.6 4 9.53 6.226.4 243.3 2,160.6 Citi27 Daiwa Securities SMBC 47 3Citi 2,383.3 3 10.42 7.330.7 524.1 5,210.7 Mizuho Financial Group69 Nomura 59 2Mizuho Financial Group 4,533.1 2 19.91 7.431.2 404.8 4,533.1 Nomura59 Mizuho Financial Group 69 1Nomura 5,210.7 1 22.8

Rank ShareUS$m DealsShare US$m Financial AdvisorDeals Financial Advisor Deals RankFinancial Advisor US$m Rank ShareMkt Rank ValueNo. No.Rank Value Mkt




Japanese Mid-Market M&A up to US$500mby Rank Value Range

$0

$5

$10

$15

$20

$25

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

Ran

k Va

lue

(US$

b)

-100200300400500600700800900

# of

Dea

ls


Japanese Mid-Market M&A up to US$500m by Target Industry

23%

15%

13%12%

12%

7%

5%

5%3%

2%2%1%High Technology

Materials

Real Estate

Financials

Industrials

Consumer Staples


Retail

Energy and Power

Healthcare


Telecommunications


18 of 20

-

-

-

-

-Asia-PacificJason PacannuayanTel: +632 858 7262E-mail: [email protected]

Japan -Tomomi TeraharaTel: +813 5218 6582

-E-mail: [email protected]

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


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.

© 2009 Thomson Reuters. All rights reserved.

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

E-mail: [email protected] 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.

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.

Europe, Middle East & AfricaBenedikt SchuellerTel: +44 (0) 207 542 9059

Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of announcement of terms.

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.

If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:

Announced league tables include all deals that were announced between January 1, 2008 and June 30, 2009 and of which Thomson Reuters was made aware. All current data and previous year's data is as of 12:00pm EST on July 9, 2009.

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

AmericasAudrey BrownTel: +1 646 223 8414E-mail: [email protected]


Ranking Criteria Summary

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Thomson Reuters M&A Middle Market 2Q09

Economy & Finance

Transcript of Thomson Reuters M&A Middle Market 2Q09