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Thomson Reuters M&A Middle Market 2Q09

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  • 1. Friday, July 10, 2009 DEALS VALUED UP TO US$500 MILLION MID-MARKET M&A REVIEW Mid-Market M&A Rankings For Deals Valued Up To US$50m, US$100m, and US$200m Are Also Available Mid-Market Deals Intelligence Announced Mid-Market M&A by Target Nation Up To US$500m 1/1/2009 - 6/30/2009 1/1/2008 - 6/30/2008 % Change Mid-Market M&A valued up to US$500 million totaled US$213.3 Mid-Market M&A valued up to US$500 million resulted in US$5 billion in announced deals during the first six months of 2009, a billion in estimated fees according to Thomson Region/Nation Rank Val No. Rank Val No. in Rank US$m Deals US$m Deals Value decrease of 45.7% from the same period last year. Reuters/Freeman & Co. Worldwide 213,298.8 17,416 392,968.1 19,836 -45.7 ▼ Americas 72,710.0 5,208 136,187.6 6,657 -46.6 ▼ United States of America 44,548.2 3,508 98,255.8 4,798 -54.7 ▼ Worldwide Mid-Market M&A up to US$500m Canada 12,627.4 1,044 17,665.0 1,055 -28.5 ▼ Brazil 6,825.1 173 9,762.7 381 -30.1 ▼ by Target Nation Region Chile 2,368.7 77 1,283.7 54 84.5 ▲ January 1 - June 30 Colombia 1,684.5 47 1,185.4 37 42.1 ▲ Europe 48,924.5 6,051 124,792.1 6,563 -60.8 ▼ United Kingdom 10,246.5 869 30,684.0 1,544 -66.6 ▼ 2005 Spain 5,788.6 372 6,346.9 377 -8.8 ▼ France 4,215.9 499 12,135.3 587 -65.3 ▼ Germany 4,192.9 544 7,497.0 677 -44.1 ▼ 2006 Italy 3,932.1 302 10,631.0 360 -63.0 ▼ Russian Federation 3,490.4 1,437 11,579.9 440 -69.9 ▼ 2007 Norway 2,916.1 174 5,952.5 214 -51.0 ▼ Sweden 2,027.8 282 6,342.9 394 -68.0 ▼ Switzerland 1,459.9 223 2,968.4 210 -50.8 ▼ 2008 Netherlands 1,456.4 210 5,091.4 288 -71.4 ▼ Africa/Middle East 7,631.3 365 12,396.2 487 -38.4 ▼ 2009 South Africa 3,009.1 123 3,930.2 139 -23.4 ▼ Kuwait 835.7 21 151.2 12 452.7 ▲ Asia-Pacific 65,317.1 4,559 99,431.6 4,887 -34.3 ▼ $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 China 23,407.6 1,090 27,997.2 1,370 -16.4 ▼ Australia 9,023.0 831 15,376.8 971 -41.3 ▼ Rank Value (US$b) South Korea 7,979.6 544 10,941.5 335 -27.1 ▼ Hong Kong 6,470.7 353 11,199.3 421 -42.2 ▼ India 5,513.7 528 9,910.1 525 -44.4 ▼ Africa/Middle East Americas Asia-Pacific Europe Japan Indonesia 2,738.8 173 2,759.9 96 -0.8 ▼ Japan 18,716.0 1,233 20,160.7 1,242 -7.2 ▼ Worldwide Mid-Market M&A up to US$500m Worldwide Mid-Market M&A up to US$500m by Rank Value Range by Target Industry $300 12,000 Energy and Power 3% 3% Financials 16% 4% $250 10,000 Rank Value (US$b) Materials 4% Real Estate $200 8,000 # of Deals 5% High Technology $150 6,000 Industrials 16% 6% Consumer Staples $100 4,000 Healthcare $50 2,000 Media and Entertainment 9% Consumer Products and Services $0 - 14% Retail 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 9% Telecommunications US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m # of Deals 11% Government and Agencies https://www.thomsonone.com 1 of 20
  • 2. July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors Worldwide Mid-Market Rankings (MM1) Based on Rank Value Based on Number of Deals Based on Estimated Fees MM1 - Undisclosed Values & Values up to US$500m MM1 - Undisclosed Values & Values up to US$500m MM1 - Undisclosed Values & Values up to US$500m Rank Date 1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009 Date Effective / Unconditional 1/1/2009 - 6/30/2009 Rank Value Mkt No. No. Mkt Rank Value Est. Fees Mkt No. Financial Advisor US$m Rank Share Deals Financial Advisor Deals Rank Share US$m Financial Advisor US$m Rank Share Deals JP Morgan 13,214.4 1 6.2 76 UBS 90 1 0.5 7,832.5 Rothschild 141.0 1 2.9 80 UBS 7,832.5 2 3.7 90 Rothschild 81 2* 0.5 4,793.0 JP Morgan 131.5 2 2.7 70 Citi 7,769.0 3 3.6 72 KPMG 81 2* 0.5 2,373.6 UBS 116.8 3 2.4 67 Goldman Sachs & Co 7,670.3 4 3.6 66 Ernst & Young LLP 79 4 0.5 1,289.6 Goldman Sachs & Co 107.5 4 2.2 59 Nomura 6,649.7 5 3.1 70 JP Morgan 76 5 0.4 13,214.4 Lazard 95.2 5 1.9 55 Morgan Stanley 6,590.8 6 3.1 70 Mizuho Financial Group 72 6* 0.4 4,987.5 Deutsche Bank AG 86.1 6 1.7 56 Credit Suisse 5,790.6 7 2.7 63 Citi 72 6* 0.4 7,769.0 Citi 82.3 7 1.7 63 Mizuho Financial Group 4,987.5 8 2.3 72 Morgan Stanley 70 8* 0.4 6,590.8 Morgan Stanley 81.3 8 1.6 53 Rothschild 4,793.0 9 2.3 81 Nomura 70 8* 0.4 6,649.7 Bank of America Merrill Lynch 80.8 9 1.6 47 Bank of America Merrill Lynch 4,506.8 10 2.1 59 PricewaterhouseCoopers 69 10 0.4 2,164.6 Credit Suisse 77.4 10 1.6 46 Deutsche Bank AG 4,483.2 11 2.1 67 Deloitte & Touche 68 11 0.4 933.8 Houlihan Lokey Howard & Zukin 47.0 11 1.0 27 Lazard 4,058.0 12 1.9 64 Deutsche Bank AG 67 12 0.4 4,483.2 Nomura 38.5 12 0.8 47 BMO Capital Markets 2,920.6 13 1.4 23 Goldman Sachs & Co 66 13 0.4 7,670.3 RBC Capital Markets 37.2 13 0.8 36 Macquarie Group 2,918.5 14 1.4 26 Lazard 64 14 0.4 4,058.0 Jefferies & Co Inc 33.8 14 0.7 20 BNP Paribas SA 2,677.4 15 1.3 23 Credit Suisse 63 15 0.4 5,790.6 Mizuho Financial Group 30.7 15 0.6 52 Scotiabank-Bank of Nova Scotia 2,635.0 16 1.2 16 Bank of America Merrill Lynch 59 16 0.3 4,506.8 RBS 29.0 16 0.6 23 KPMG 2,373.6 17 1.1 81 Daiwa Securities SMBC 47 17 0.3 2,160.6 Macquarie Group 26.6 17 0.5 25 PricewaterhouseCoopers 2,164.6 18 1.0 69 RBC Capital Markets 38 18 0.2 1,674.8 Barclays Capital 19.7 18 0.4 13 Daiwa Securities SMBC 2,160.6 19 1.0 47 Mitsubishi UFJ Financial Group 36 19* 0.2 1,898.2 IMAP 18.4 19 0.4 34 CIBC World Markets Inc 2,016.2 20 1.0 15 IMAP 36 19* 0.2 470.3 HSBC Holdings PLC 18.0 20 0.4 14 Mitsubishi UFJ Financial Group 1,898.2 21 0.9 36 GCA Savvian Group Corp 36 19* 0.2 803.6 BNP Paribas SA 17.7 21 0.4 24 Barclays Capital 1,770.4 22 0.8 19 CIMB Group Sdn Bhd 31 22 0.2 981.9 ING 17.6 22 0.4 16 Mediobanca 1,740.9 23 0.8 15 RBS 29 23 0.2 963.5 Keefe Bruyette & Woods Inc 17.2 23 0.4 12 RBC Capital Markets 1,674.8 24 0.8 38 Houlihan Lokey Howard & Zukin 28 24 0.2 1,247.3 BMO Capital Markets 16.2 24* 0.3 14 Santander 1,658.1 25 0.8 13 ING 27 25* 0.2 1,249.9 Rabo Rembrandt F&O 16.2 24* 0.3 26 Jefferies & Co Inc 1,417.5 26 0.7 18 Rabo Rembrandt F&O 27 25* 0.2 0.0 Intesa SanPaolo 16.0 26 0.3 14 Banco Bradesco SA 1,346.9 27 0.6 6 Macquarie Group 26 27 0.2 2,918.5 Piper Jaffray Cos 15.4 27 0.3 11 Ernst & Young LLP 1,289.6 28 0.6 79 Lincoln International 25 28 0.1 231.4 Scotiabank-Bank of Nova Scotia 14.8 28 0.3 9 ING 1,249.9 29 0.6 27 BNP Paribas SA 23 29* 0.1 2,677.4 Evercore Partners 14.2 29 0.3 9 Houlihan Lokey Howard & Zukin 1,247.3 30 0.6 28 BMO Capital Markets 23 29* 0.1 2,920.6 Mitsubishi UFJ Financial Group 14.1 30 0.3 27 Standard Chartered PLC 1,119.6 31 0.5 8 M&A International 23 29* 0.1 296.1 M&A International 14.0 31 0.3 25 FirstEnergy Capital Corp 1,084.1 32 0.5 7 Somerley Ltd 19 32* 0.1 421.4 Daiwa Securities SMBC 13.9 32 0.3 30 CITIC 1,081.1 33 0.5 9 Barclays Capital 19 32* 0.1 1,770.4 SEB Enskilda 13.5 33 0.3 9 Keefe Bruyette & Woods Inc 987.6 34 0.5 13 Guangdong Securities 18 34* 0.1 306.6 TD Securities Inc 13.3 34 0.3 16 Grant Samuel 982.4 35 0.5 5 Global M&A 18 34* 0.1 252.6 KPMG 12.8 35* 0.3 81 CIMB Group Sdn Bhd 981.9 36 0.5 31 Optima Capital Ltd 18 34* 0.1 363.6 Lincoln International 12.8 35* 0.3 24 RBS 963.5 37 0.5 29 Sandler O'Neill Partners 18 34* 0.1 476.5 Mediobanca 12.4 37 0.3 11 Deloitte & Touche 933.8 38 0.4 68 Jefferies & Co Inc 18 34* 0.1 1,417.5 Global M&A 12.2 38 0.3 20 Jones Lang LaSalle Inc 916.1 39 0.4 7 HSBC Holdings PLC 17 39 0.1 862.5 BDO International 11.8 39 0.2 17 SEB Enskilda 914.4 40 0.4 8 Scotiabank-Bank of Nova Scotia 16 40 0.1 2,635.0 Greenhill & Co, LLC 11.3 40 0.2 5 Piper Jaffray Cos 873.7 41 0.4 15 CIBC World Markets Inc 15 41* 0.1 2,016.2 GCA Savvian Group Corp 11.1 41 0.2 24 HSBC Holdings PLC 862.5 42 0.4 17 Mediobanca 15 41* 0.1 1,740.9 Sandler O'Neill Partners 10.1 42 0.2 8 Wells Fargo & Co 851.2 43 0.4 7 Piper Jaffray Cos 15 41* 0.1 873.7 Arctic Securities ASA 10.0 43 0.2 7 BMR Advisors 833.9 44 0.4 8 BDO International 15 41* 0.1 143.0 Santander 9.3 44 0.2 12 Intesa SanPaolo 817.5 45 0.4 9 Close Brothers Ltd 15 41* 0.1 189.6 CIBC World Markets Inc 9.1 45 0.2 10 Perella Weinberg Partners LP 803.9 46 0.4 2 Greenhill & Co, LLC 13 46* 0.1 737.1 Deloitte & Touche 9.0 46 0.2 61 GCA Savvian Group Corp 803.6 47 0.4 36 GF Securities 13 46* 0.1 232.9 Wells Fargo & Co 8.7 47 0.2 6 Greenhill & Co, LLC 737.1 48 0.4 13 Santander 13 46* 0.1 1,658.1 Close Brothers Ltd 8.5 48 0.2 13 Arctic Securities ASA 724.2 49 0.3 7 Baker Tilly & Co 13 46* 0.1 25.9 Oppenheimer Holdings Inc 8.3 49 0.2 12 Raymond James Financial Inc 700.1 50 0.3 6 Keefe Bruyette & Woods Inc 13 46* 0.1 987.6 Subtotal with Financial Advisor 103,721.6 - 48.6 2,342 Subtotal with Financial Advisor 2,342 - 13.5 103,721.6 Subtotal with Financial Advisor 2,903.5 - 58.6 1,921 Industry Total 213,298.8 - 100.0 17,417 Industry Total 17,417 - 100.0 213,298.8 Industry Total 4,953.0 - 100.0 12,367 Source: Thomson Reuters/Freeman & Co. https://www.thomsonone.com 2 of 20
  • 3. July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors US Target Mid-Market Rankings (MM2) Based on Rank Value Based on Number of Deals Based on Estimated Fees MM2 - Undisclosed Values & Values up to US$500m MM2 - Undisclosed Values & Values up to US$500m MM2 - Undisclosed Values & Values up to US$500m Rank Date 1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009 Date Effective / Unconditional 1/1/2009 - 6/30/2009 Rank Value Mkt No. No. Mkt Rank Value Est. Fees Mkt No. Financial Advisor US$m Rank Share Deals Financial Advisor Deals Rank Share US$m Financial Advisor US$m Rank Share Deals JP Morgan 3,210.1 1 7.2 23 UBS 35 1 1.0 2,409.1 UBS 51.7 1 3.6 24 UBS 2,409.1 2 5.4 35 Lazard 26 2 0.7 763.2 Houlihan Lokey Howard & Zukin 45.4 2 3.2 24 Goldman Sachs & Co 2,377.7 3 5.3 25 Houlihan Lokey Howard & Zukin 25 3* 0.7 1,092.7 Bank of America Merrill Lynch 42.4 3 3.0 23 Morgan Stanley 2,295.5 4 5.2 19 Goldman Sachs & Co 25 3* 0.7 2,377.7 Goldman Sachs & Co 41.1 4 2.9 19 Credit Suisse 1,946.5 5 4.4 20 JP Morgan 23 5 0.7 3,210.1 JP Morgan 36.6 5 2.6 18 Deutsche Bank AG 1,812.9 6 4.1 14 Bank of America Merrill Lynch 21 6 0.6 1,392.7 Morgan Stanley 31.1 6 2.2 19 Barclays Capital 1,591.2 7 3.6 13 Credit Suisse 20 7 0.6 1,946.5 Lazard 30.5 7 2.1 16 Rothschild 1,470.7 8 3.3 17 Morgan Stanley 19 8 0.5 2,295.5 Rothschild 26.1 8 1.8 13 Bank of America Merrill Lynch 1,392.7 9 3.1 21 Sandler O'Neill Partners 18 9 0.5 476.5 Credit Suisse 21.6 9 1.5 10 Houlihan Lokey Howard & Zukin 1,092.7 10 2.5 25 Rothschild 17 10* 0.5 1,470.7 RBC Capital Markets 18.5 10 1.3 19 Keefe Bruyette & Woods Inc 987.6 11 2.2 13 RBC Capital Markets 17 10* 0.5 415.7 Deutsche Bank AG 17.8 11 1.3 11 Citi 892.7 12 2.0 15 Citi 15 12 0.4 892.7 Keefe Bruyette & Woods Inc 15.8 12 1.1 11 Wells Fargo & Co 821.2 13 1.8 6 Deutsche Bank AG 14 13 0.4 1,812.9 Jefferies & Co Inc 14.2 13 1.0 8 Lazard 763.2 14 1.7 26 Barclays Capital 13 14* 0.4 1,591.2 Piper Jaffray Cos 13.9 14 1.0 10 Raymond James Financial Inc 663.6 15 1.5 4 Keefe Bruyette & Woods Inc 13 14* 0.4 987.6 Citi 13.8 15 1.0 12 Peter J. Solomon Co Ltd 582.7 16 1.3 3 PricewaterhouseCoopers 12 16* 0.3 96.0 Evercore Partners 12.8 16 0.9 8 Greenhill & Co, LLC 530.3 17 1.2 9 Lincoln International 12 16* 0.3 93.7 Barclays Capital 11.2 17 0.8 8 Thomas Weisel Partners 483.6 18 1.1 6 Ernst & Young LLP 11 18* 0.3 113.1 Sandler O'Neill Partners 10.1 18 0.7 8 Sandler O'Neill Partners 476.5 19 1.1 18 Generational Equity 11 18* 0.3 29.4 Greenhill & Co, LLC 9.3 19 0.7 4 RBC Capital Markets 415.7 20 0.9 17 Oppenheimer Holdings Inc 10 20 0.3 130.3 KeyBanc Capital Markets Inc 8.2 20 0.6 6 Tudor Pickering & Co LLC 400.0 21 0.9 1 Greenhill & Co, LLC 9 21* 0.3 530.3 RBS 8.1 21 0.6 1 Evercore Partners 399.9 22 0.9 6 Piper Jaffray Cos 9 21* 0.3 398.4 Oppenheimer Holdings Inc 7.8 22 0.6 11 Jefferies & Co Inc 398.5 23 0.9 8 William Blair & Co 9 21* 0.3 133.0 Wells Fargo & Co 7.6 23 0.5 5 Piper Jaffray Cos 398.4 24 0.9 9 Jefferies & Co Inc 8 24 0.2 398.5 Miller Buckfire 6.5 24 0.5 2 BMO Capital Markets 378.1 25 0.9 4 Thomas Weisel Partners 6.4 25 0.5 6 Subtotal with Financial Advisor 23,166.9 - 52.0 501 Subtotal with Financial Advisor 501 - 14.3 23,166.9 Subtotal with Financial Advisor 848.5 - 59.6 434 Industry Total 44,551.8 - 100.0 3,509 Industry Total 3,509 - 100.0 44,551.8 Industry Total 1,423.6 - 100.0 2,784 Source: Thomson Reuters/Freeman & Co. US Mid-Market M&A up to US$500m US Mid-Market M&A up to US$500m by Rank Value Range by Target Industry Energy and Power $80 3,000 3% 2% 6% High Technology 18% $70 Financials 2,500 Rank Value (US$b) 6% $60 Healthcare $50 2,000 # of Deals Materials 6% $40 1,500 Consumer Products and Services $30 13% Industrials 1,000 7% $20 Media and Entertainment $10 500 Consumer Staples 7% Real Estate $0 - 13% Telecommunications 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 8% Retail US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m # of Deals 11% Government and Agencies https://www.thomsonone.com 3 of 20
  • 4. July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors Latin America Involvement Mid-Market Rankings (MM17) Based on Rank Value Based on Number of Deals Based on Estimated Fees MM17 - Undisclosed Values & Values up to US$500m MM17 - Undisclosed Values & Values up to US$500m MM17 - Undisclosed Values & Values up to US$500m Rank Date 1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009 Date Effective / Unconditional 1/1/2009 - 6/30/2009 Rank Value Mkt No. No. Mkt Rank Value Est. Fees Mkt No. Financial Advisor US$m Rank Share Deals Financial Advisor Deals Rank Share US$m Financial Advisor US$m Rank Share Deals JP Morgan 1,769.4 1 12.1 15 JP Morgan 15 1 2.4 1,769.4 JP Morgan 24.7 1 9.6 11 Citi 1,465.8 2 10.0 7 Santander 9 2 1.4 1,237.7 Citi 10.8 2 4.2 7 Banco Bradesco SA 1,346.9 3 9.2 6 Citi 7 3 1.1 1,465.8 Goldman Sachs & Co 10.6 3 4.1 5 Santander 1,237.7 4 8.4 9 Banco Bradesco SA 6 4* 1.0 1,346.9 Credit Suisse 8.4 4 3.3 9 Bank of America Merrill Lynch 953.7 5 6.5 4 Morgan Stanley 6 4* 1.0 844.4 Santander 7.5 5 2.9 9 Morgan Stanley 844.4 6 5.8 6 UBS 6 4* 1.0 214.6 UBS 6.5 6 2.5 4 Credit Suisse 759.4 7 5.2 5 Credit Suisse 5 7* 0.8 759.4 Itau Unibanco 5.8 7 2.2 4 Itau Unibanco 699.2 8 4.8 5 Itau Unibanco 5 7* 0.8 699.2 BNP Paribas SA 5.6 8 2.2 8 Estater Gestao e Financas 552.7 9 3.8 3 IMAP 4 9* 0.6 22.4 Rothschild 5.1 9 2.0 3 BNP Paribas SA 409.0 10 2.8 3 Analytica Investments 4 9* 0.6 0.0 Banco Bradesco SA 2.9 10 1.1 2 Goldman Sachs & Co 400.5 11 2.7 3 HSBC Holdings PLC 4 9* 0.6 93.1 HSBC Holdings PLC 2.8 11 1.1 4 Mitsubishi UFJ Financial Group 330.9 12 2.3 2 Bank of America Merrill Lynch 4 9* 0.6 953.7 IMAP 2.5 12 1.0 4 Rothschild 301.6 13 2.1 3 Deutsche Bank AG 3 13* 0.5 0.0 Barclays Capital 2.2 13* 0.8 1 KPMG 284.2 14 1.9 1 Rothschild 3 13* 0.5 301.6 Morgan Stanley 2.2 13* 0.9 3 G5 Advisors 242.1 15 1.7 2 Global M&A 3 13* 0.5 18.0 Patria Investimentos 2.0 15 0.8 4 National Bank Financial Inc 240.0 16 1.6 2 Estater Gestao e Financas 3 13* 0.5 552.7 Bank of America Merrill Lynch 1.8 16* 0.7 1 UBS 214.6 17 1.5 6 BNP Paribas SA 3 13* 0.5 409.0 Analytica Investments 1.8 16* 0.7 4 HSBC Holdings PLC 93.1 18 0.6 4 Goldman Sachs & Co 3 13* 0.5 400.5 RBC Capital Markets 1.7 18* 0.6 1 Lazard 65.0 19 0.4 1 National Bank Financial Inc 2 19* 0.3 240.0 G5 Advisors 1.7 18* 0.6 1 Nomura 60.0 20 0.4 1 Mitsubishi UFJ Financial Group 2 19* 0.3 330.9 Global M&A 1.6 20* 0.6 3 Deloitte & Touche 50.0 21 0.3 1 Patria Investimentos 2 19* 0.3 43.0 Angra Partners 1.6 20* 0.6 1 Patria Investimentos 43.0 22 0.3 2 G5 Advisors 2 19* 0.3 242.1 Bancolombia SA 1.4 22* 0.6 1 Jefferies & Co Inc 29.6 23 0.2 1 IM Trust SA 1 23* 0.2 0.0 Lazard 1.4 22* 0.5 1 IMAP 22.4 24 0.2 4 RBS 1 23* 0.2 0.0 RBS 1.1 24 0.4 1 Global M&A 18.0 25 0.1 3 Deloitte & Touche 1 23* 0.2 50.0 Subtotal with Financial Advisor 7,013.3 - 47.8 80 Subtotal with Financial Advisor 80 - 12.8 7,013.3 Subtotal with Financial Advisor 153.2 - 59.2 77 Industry Total 14,682.5 - 100.0 624 Industry Total 624 - 100.0 14,682.5 Industry Total 258.6 - 100.0 412 Source: Thomson Reuters/Freeman & Co. Latin American Mid-Market M&A up to US$500m Latin American Mid-Market M&A up to US$500m by Rank Value Range by Target Industry Financials 2% 1% $16 500 6% Materials $14 450 21% Energy and Power Rank Value (US$b) 400 7% $12 350 Industrials $10 # of Deals 300 Retail 8% $8 250 Telecommunications $6 200 150 Media and Entertainment $4 100 9% 18% Consumer Staples $2 50 Real Estate $0 - Consumer Products and Services 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 13% High Technology 14% US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m # of Deals Healthcare https://www.thomsonone.com 4 of 20
  • 5. July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors European Involvement Mid-Market Rankings (MM3) Based on Rank Value Based on Number of Deals Based on Estimated Fees MM3 - Undisclosed Values & Values up to US$500m MM3 - Undisclosed Values & Values up to US$500m MM3 - Undisclosed Values & Values up to US$500m Rank Date 1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009 Date Effective / Unconditional 1/1/2009 - 6/30/2009 Rank Value Mkt No. No. Mkt Rank Value Est. Fees Mkt No. Financial Advisor Euro mil Rank Share Deals Financial Advisor Deals Rank Share Euro mil Financial Advisor Euro mil Rank Share Deals JP Morgan 3,360.6 1 6.8 31 Rothschild 56 1 0.8 1,776.1 Rothschild 67.7 1 4.7 54 UBS 3,117.1 2 6.3 55 UBS 55 2 0.8 3,117.1 Lazard 52.8 2 3.7 41 Goldman Sachs & Co 2,348.0 3 4.7 21 KPMG 49 3 0.7 949.6 UBS 47.7 3 3.3 36 Lazard 2,325.3 4 4.7 43 Lazard 43 4 0.6 2,325.3 JP Morgan 36.3 4 2.5 27 Morgan Stanley 2,123.2 5 4.3 27 Ernst & Young LLP 38 5 0.6 296.4 Goldman Sachs & Co 33.0 5 2.3 22 Citi 1,869.3 6 3.8 17 PricewaterhouseCoopers 34 6* 0.5 492.0 Credit Suisse 30.9 6 2.2 25 Rothschild 1,776.1 7 3.6 56 Deloitte & Touche 34 6* 0.5 204.7 Deutsche Bank AG 29.9 7 2.1 24 Credit Suisse 1,613.2 8 3.3 27 Deutsche Bank AG 33 8 0.5 672.4 Morgan Stanley 20.5 8 1.4 20 Mediobanca 1,281.0 9 2.6 15 JP Morgan 31 9 0.5 3,360.6 RBS 18.7 9 1.3 17 BNP Paribas SA 1,277.2 10 2.6 16 Morgan Stanley 27 10* 0.4 2,123.2 Bank of America Merrill Lynch 16.8 10 1.2 13 KPMG 949.6 11 1.9 49 Credit Suisse 27 10* 0.4 1,613.2 Citi 13.5 11 0.9 10 Santander 824.8 12 1.7 8 Rabo Rembrandt F&O 27 10* 0.4 0.0 Rabo Rembrandt F&O 12.2 12 0.8 26 Jefferies & Co Inc 745.3 13 1.5 8 IMAP 26 13 0.4 28.2 Jefferies & Co Inc 12.0 13 0.8 9 Bank of America Merrill Lynch 707.6 14 1.4 16 ING 25 14 0.4 636.7 Intesa SanPaolo 11.9 14 0.8 14 SEB Enskilda 699.4 15 1.4 8 RBS 21 15* 0.3 415.0 IMAP 11.2 15 0.8 26 Deutsche Bank AG 672.4 16 1.4 33 Goldman Sachs & Co 21 15* 0.3 2,348.0 HSBC Holdings PLC 10.6 16 0.7 9 Jones Lang LaSalle Inc 662.7 17 1.3 6 Citi 17 17 0.3 1,869.3 SEB Enskilda 10.1 17 0.7 9 ING 636.7 18 1.3 25 BNP Paribas SA 16 18* 0.2 1,277.2 ING 9.3 18 0.7 12 Scotiabank-Bank of Nova Scotia 627.3 19 1.3 4 Bank of America Merrill Lynch 16 18* 0.2 707.6 Mediobanca 9.0 19 0.6 11 Intesa SanPaolo 611.7 20 1.2 9 Mediobanca 15 20* 0.2 1,281.0 BNP Paribas SA 8.2 20 0.6 14 Nomura 596.5 21 1.2 9 BDO International 15 20* 0.2 107.5 BDO International 8.1 21 0.6 16 Arctic Securities ASA 561.1 22 1.1 7 Close Brothers Ltd 15 20* 0.2 145.0 Arctic Securities ASA 7.7 22 0.5 7 Calyon 519.3 23 1.1 7 M&A International 14 23 0.2 13.2 Lincoln International 6.5 23 0.5 14 HSBC Holdings PLC 512.2 24 1.0 11 Lincoln International 13 24* 0.2 98.1 Global M&A 6.4 24* 0.5 14 PricewaterhouseCoopers 492.0 25 1.0 34 Baker Tilly & Co 13 24* 0.2 19.3 Close Brothers Ltd 6.4 24* 0.5 13 Subtotal with Financial Advisor 24,020.4 - 48.4 957 Subtotal with Financial Advisor 957 - 13.9 24,020.4 Subtotal with Financial Advisor 943.8 - 65.6 853 Industry Total 49,644.4 - 100.0 6,909 Industry Total 6,909 - 100.0 49,644.4 Industry Total 1,439.0 - 100.0 5,458 Source: Thomson Reuters/Freeman & Co. European Mid-Market M&A up to US$500m European Mid-Market M&A up to US$500m by Rank Value Range by Target Industry Energy and Power 4% $120 5,000 4% Financials 17% 4,500 4% $100 Real Estate Rank Value (US$b) 4,000 6% $80 3,500 Materials # of Deals 3,000 6% Industrials $60 2,500 High Technology 2,000 15% $40 1,500 6% Healthcare $20 1,000 Consumer Staples 500 7% Consumer Products and Services $0 - Media and Entertainment 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 8% 14% Retail US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m # of Deals 9% Telecommunications https://www.thomsonone.com 5 of 20
  • 6. July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors UK Involvement Mid-Market Rankings (MM4) Based on Rank Value Based on Number of Deals Based on Estimated Fees MM4 - Undisclosed Values & Values up to US$500m MM4 - Undisclosed Values & Values up to US$500m MM4 - Undisclosed Values & Values up to US$500m Rank Date 1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009 Date Effective / Unconditional 1/1/2009 - 6/30/2009 Rank Value Mkt No. No. Mkt Rank Value Est. Fees Mkt No. Financial Advisor GBP mil Rank Share Deals Financial Advisor Deals Rank Share GBP mil Financial Advisor GBP mil Rank Share Deals JP Morgan 1,539.0 1 10.4 15 UBS 22 1 1.6 1,412.1 Rothschild 18.2 1 4.7 18 UBS 1,412.1 2 9.6 22 Rothschild 16 2 1.1 490.0 JP Morgan 16.6 2 4.3 14 Goldman Sachs & Co 953.1 3 6.4 9 JP Morgan 15 3 1.1 1,539.0 Lazard 15.7 3 4.1 15 Morgan Stanley 771.6 4 5.2 8 Baker Tilly & Co 13 4 0.9 17.8 Goldman Sachs & Co 10.8 4 2.8 7 Credit Suisse 679.0 5 4.6 7 Lazard 12 5 0.9 502.1 Deutsche Bank AG 9.6 5 2.5 9 Jefferies & Co Inc 515.3 6 3.5 4 Deutsche Bank AG 11 6 0.8 323.4 UBS 8.0 6* 2.1 9 Lazard 502.1 7 3.4 12 KPMG 10 7* 0.7 4.1 Citi 8.0 6* 2.1 7 Rothschild 490.0 8 3.3 16 Deloitte & Touche 10 7* 0.7 49.3 Morgan Stanley 7.2 8 1.9 7 Jones Lang LaSalle Inc 463.8 9 3.1 4 PricewaterhouseCoopers 10 7* 0.7 105.4 Credit Suisse 6.3 9 1.7 4 RBC Capital Markets 396.8 10 2.7 4 BDO International 9 10* 0.6 96.6 BDO International 4.9 10 1.3 10 Hawkpoint Partners 359.1 11 2.4 6 Goldman Sachs & Co 9 10* 0.6 953.1 Baker Tilly & Co 4.7 11* 1.2 13 HSBC Holdings PLC 330.2 12 2.2 3 Ernst & Young LLP 8 12* 0.6 28.3 Jefferies & Co Inc 4.7 11* 1.2 4 Scotiabank-Bank of Nova Scotia 325.4 13 2.2 2 Morgan Stanley 8 12* 0.6 771.6 HSBC Holdings PLC 3.3 13* 0.9 2 Deutsche Bank AG 323.4 14 2.2 11 Seymour Pierce 7 14* 0.5 176.9 Bank of America Merrill Lynch 3.3 13* 0.9 4 Pohjola Bank PLC 277.1 15* 1.9 1 Credit Suisse 7 14* 0.5 679.0 Lexicon Partners 3.2 15* 0.9 4 SEB Enskilda 277.1 15* 1.9 1 Citi 7 14* 0.5 147.6 RBC Capital Markets 3.2 15* 0.8 3 Intesa SanPaolo 236.0 17 1.6 1 Hawkpoint Partners 6 17* 0.4 359.1 SEB Enskilda 3.0 17 0.8 2 Peter J. Solomon Co Ltd 212.7 18 1.4 1 Grant Thornton LLP 6 17* 0.4 37.9 Hawkpoint Partners 2.9 18 0.8 7 Canaccord Capital Corp 196.5 19 1.3 3 RBS 5 19* 0.4 55.0 Scotiabank-Bank of Nova Scotia 2.8 19* 0.7 1 Tricorn Partners LLP 192.1 20 1.3 1 ING 5 19* 0.4 132.3 Jones Lang LaSalle Inc 2.8 19* 0.7 3 Liberum Capital Limited 189.3 21 1.3 1 Global M&A 5 19* 0.4 99.4 Pohjola Bank PLC 2.8 19* 0.7 1 Seymour Pierce 176.9 22 1.2 7 IMAP 5 19* 0.4 17.4 Gleacher Partners 2.8 19* 0.7 2 Citi 147.6 23 1.0 7 M&A International 5 19* 0.4 5.9 RBS 2.7 23 0.7 3 Endeavor Financial Corp 143.1 24 1.0 1 Close Brothers Ltd 5 19* 0.4 90.4 Seymour Pierce 2.1 24* 0.6 8 BNP Paribas SA 139.8 25 1.0 2 Global M&A 2.1 24* 0.6 6 Subtotal with Financial Advisor 8,072.6 - 54.6 290 Subtotal with Financial Advisor 290 - 20.7 8,072.6 Subtotal with Financial Advisor 258.4 - 67.5 257 Industry Total 14,788.4 - 100.0 1,398 Industry Total 1,398 - 100.0 14,788.4 Industry Total 382.7 - 100.0 1,085 Source: Thomson Reuters/Freeman & Co. UK Mid-Market M&A up to US$500m UK Mid-Market M&A up to US$500m by Rank Value Range by Target Industry Energy and Power 3% $45 1,600 4% Financials 5% 19% $40 1,400 Real Estate Rank Value (US$b) $35 1,200 6% Consumer Products and Services $30 1,000 # of Deals $25 High Technology 6% 800 Materials $20 $15 600 15% Healthcare $10 400 9% Industrials $5 200 Consumer Staples $0 - 9% Media and Entertainment 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 14% Retail 10% Telecommunications US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m # of Deals https://www.thomsonone.com 6 of 20
  • 7. July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors French Involvement Mid-Market Rankings (MM5) Based on Rank Value Based on Number of Deals Based on Estimated Fees MM5 - Undisclosed Values & Values up to US$500m MM5 - Undisclosed Values & Values up to US$500m MM5 - Undisclosed Values & Values up to US$500m Rank Date 1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009 Date Effective / Unconditional 1/1/2009 - 6/30/2009 Rank Value Mkt No. No. Mkt Rank Value Est. Fees Mkt No. Financial Advisor Euro mil Rank Share Deals Financial Advisor Deals Rank Share Euro mil Financial Advisor Euro mil Rank Share Deals Lazard 815.2 1 13.2 17 Rothschild 19 1 2.5 467.7 Rothschild 28.3 1 12.8 20 Mediobanca 683.0 2 11.0 3 Lazard 17 2 2.2 815.2 Lazard 21.9 2 9.9 18 UBS 513.7 3 8.3 9 BNP Paribas SA 11 3 1.4 442.3 BNP Paribas SA 7.4 3 3.3 11 Rothschild 467.7 4 7.6 19 UBS 9 4 1.2 513.7 UBS 6.3 4* 2.8 4 BNP Paribas SA 442.3 5 7.1 11 Ernst & Young LLP 8 5* 1.0 11.9 Goldman Sachs & Co 6.3 4* 2.9 4 Nomura 430.8 6* 7.0 3 MK Finance SA 8 5* 1.0 4.1 HSBC Holdings PLC 3.7 6* 1.7 4 Citi 430.8 6* 7.0 4 Close Brothers Ltd 6 7 0.8 105.5 Societe Generale 3.7 6* 1.7 6 Intesa SanPaolo 323.0 8 5.2 1 RBS 5 8* 0.7 63.4 Citi 3.5 8 1.6 3 Societe Generale 262.5 9 4.2 5 Financiere Cambon 5 8* 0.7 38.0 EFG Group 2.9 9 1.3 1 JP Morgan 232.5 10 3.8 3 Societe Generale 5 8* 0.7 262.5 Mediobanca 2.7 10 1.2 2 Jones Lang LaSalle Inc 210.0 11 3.4 2 KPMG 4 11* 0.5 0.0 Aforge Finance SA 2.5 11 1.1 3 CIBC World Markets Inc 174.7 12 2.8 3 Deutsche Bank AG 4 11* 0.5 151.7 CIBC World Markets Inc 2.3 12 1.0 4 Oyak Yatirim Menkul Degerler 164.1 13 2.7 1 Montfort & Co 4 11* 0.5 0.0 RBS 2.1 13 0.9 4 Goldman Sachs & Co 153.0 14 2.5 1 Wagram Corporate Finance 4 11* 0.5 109.5 Close Brothers Ltd 2.0 14 0.9 6 Deutsche Bank AG 151.7 15 2.5 4 Rabobank 4 11* 0.5 42.9 Montfort & Co 1.9 15 0.9 4 Morgan Stanley 119.5 16 1.9 3 HSBC Holdings PLC 4 11* 0.5 1.6 Calyon 1.7 16* 0.8 3 Aforge Finance SA 110.0 17 1.8 3 Citi 4 11* 0.5 430.8 Stamford Partners Ltd 1.7 16* 0.8 2 Wagram Corporate Finance 109.5 18 1.8 4 CIBC World Markets Inc 3 18* 0.4 174.7 Bank of America Merrill Lynch 1.7 16* 0.8 1 Arcano Asesores Financieros SL 107.8 19 1.7 1 Morgan Stanley 3 18* 0.4 119.5 Wagram Corporate Finance 1.6 19* 0.7 4 Close Brothers Ltd 105.5 20 1.7 6 Mediobanca 3 18* 0.4 683.0 Intesa SanPaolo 1.6 19* 0.7 1 Stamford Partners Ltd 99.5 21 1.6 2 Aforge Finance SA 3 18* 0.4 110.0 Arctic Securities ASA 1.6 19* 0.7 1 BMR Advisors 77.5 22 1.3 1 ING 3 18* 0.4 33.1 SEB Enskilda 1.6 19* 0.7 1 Natixis 68.4 23 1.1 1 Nomura 3 18* 0.4 430.8 Evercore Partners 1.5 23 0.7 1 RBS 63.4 24* 1.0 5 JP Morgan 3 18* 0.4 232.5 Nomura 1.4 24* 0.6 2 Numis 63.4 24* 1.0 1 M&A International 3 18* 0.4 6.5 Rabobank 1.4 24* 0.6 3 Subtotal with Financial Advisor 3,247.3 - 52.4 153 Subtotal with Financial Advisor 153 - 19.7 3,247.3 Subtotal with Financial Advisor 161.3 - 72.8 135 Industry Total 6,193.9 - 100.0 775 Industry Total 775 - 100.0 6,193.9 Industry Total 221.6 - 100.0 643 Source: Thomson Reuters/Freeman & Co. French Mid-Market M&A up to US$500m French Mid-Market M&A up to US$500m by Rank Value Range by Target Industry Real Estate 4% $16 700 4% Consumer Staples 16% 5% $14 600 Industrials Rank Value (US$b) $12 500 5% High Technology $10 # of Deals 400 5% Energy and Power $8 Healthcare 300 14% $6 7% Media and Entertainment $4 200 Materials $2 100 Telecommunications 8% $0 - 13% Financials 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 9% Retail US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m # of Deals 10% Consumer Products and Services https://www.thomsonone.com 7 of 20
  • 8. July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors German Involvement Mid-Market Rankings (MM6) Based on Rank Value Based on Number of Deals Based on Estimated Fees MM6 - Undisclosed Values & Values up to US$500m MM6 - Undisclosed Values & Values up to US$500m MM6 - Undisclosed Values & Values up to US$500m Rank Date 1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009 Date Effective / Unconditional 1/1/2009 - 6/30/2009 Rank Value Mkt No. No. Mkt Rank Value Est. Fees Mkt No. Financial Advisor Euro mil Rank Share Deals Financial Advisor Deals Rank Share Euro mil Financial Advisor Euro mil Rank Share Deals JP Morgan 336.2 1 6.2 4 Rothschild 14 1 1.7 240.1 UBS 13.5 1 6.0 9 UBS 254.2 2 4.7 10 Deutsche Bank AG 13 2 1.6 157.6 Deutsche Bank AG 12.8 2 5.7 10 Sal Oppenheim 251.8 3 4.6 2 Lincoln International 11 3 1.3 98.1 Rothschild 10.4 3 4.7 8 Rothschild 240.1 4 4.4 14 UBS 10 4 1.2 254.2 Bank of America Merrill Lynch 7.2 4 3.2 5 Banque Degroof 186.0 5 3.4 1 KPMG 7 5* 0.8 0.0 Jefferies & Co Inc 6.8 5 3.1 5 Deutsche Bank AG 157.6 6 2.9 13 Ernst & Young LLP 7 5* 0.8 81.1 Morgan Stanley 6.3 6 2.8 5 Jones Lang LaSalle Inc 142.6 7* 2.6 1 PricewaterhouseCoopers 7 5* 0.8 64.8 Lincoln International 5.6 7 2.5 12 Moseley Securities Corporation 142.6 7* 2.6 1 Close Brothers Ltd 5 8 0.6 15.0 JP Morgan 4.2 8 1.9 3 Gut Corporate Finance 116.4 9 2.1 1 Barclays Capital 4 9* 0.5 0.0 Sal Oppenheim 3.7 9 1.7 4 Noqca Partners 115.0 10 2.1 1 Morgan Stanley 4 9* 0.5 113.2 Gleacher Partners 3.6 10 1.6 2 Morgan Stanley 113.2 11 2.1 4 Lazard 4 9* 0.5 0.0 Houlihan Lokey Howard & Zukin 2.9 11* 1.3 2 Lincoln International 98.1 12 1.8 11 goetzpartners Corp Finance 4 9* 0.5 0.0 Lazard 2.9 11* 1.3 2 Nomura 88.1 13 1.6 2 Mummert & Company 4 9* 0.5 5.0 Banque Degroof 2.2 13 1.0 1 Ernst & Young LLP 81.1 14 1.5 7 JP Morgan 4 9* 0.5 336.2 Intesa SanPaolo 1.9 14* 0.9 1 Houlihan Lokey Howard & Zukin 74.7 15 1.4 3 Citi 1.9 14* 0.9 1 Credit Suisse 72.9 16 1.3 3 Yes Bank Ltd 1.8 16* 0.8 1 PricewaterhouseCoopers 64.8 17 1.2 7 Moseley Securities Corporation 1.8 16* 0.8 1 KeyBanc Capital Markets Inc 61.6 18 1.1 1 Raiffeisen Zentralbank 1.7 18 0.8 4 BMR Advisors 58.7 19 1.1 2 Jones Lang LaSalle Inc 1.6 19 0.7 1 Calyon 57.6 20 1.1 3 Barclays Capital 1.5 20* 0.7 1 Commerzbank AG 23.4 21 0.4 2 Noqca Partners 1.5 20* 0.7 1 Close Brothers Ltd 15.0 22 0.3 5 goetzpartners Corp Finance 1.4 22* 0.6 3 JM Financial Group 9.6 23 0.2 1 Corporate Finance Partners CFP 1.4 22* 0.6 3 Robert W Baird & Co Inc 9.4 24 0.2 1 Ferber & Co GmbH 1.4 22* 0.6 3 Union Square CDO Ltd 8.1 25 0.2 1 Subtotal with Financial Advisor 1,923.1 - 35.2 152 Subtotal with Financial Advisor 152 - 18.2 1,923.1 Subtotal with Financial Advisor 153.1 - 68.7 139 Industry Total 5,463.0 - 100.0 836 Industry Total 836 - 100.0 5,463.0 Industry Total 223.0 - 100.0 645 Source: Thomson Reuters/Freeman & Co. German Mid-Market M&A up to US$500m German Mid-Market M&A up to US$500m by Rank Value Range by Target Industry Real Estate $18 800 2% 2% 5% Financials $16 700 Energy and Power Rank Value (US$b) 6% 27% $14 600 Industrials $12 6% 500 # of Deals $10 Media and Entertainment 400 High Technology $8 $6 300 8% Retail $4 200 Consumer Staples $2 100 14% Materials 8% $0 - Consumer Products and Services 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 Healthcare 10% 12% US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m # of Deals Telecommunications https://www.thomsonone.com 8 of 20
  • 9. July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors Italian Involvement Mid-Market Rankings (MM7) Based on Rank Value Based on Number of Deals Based on Estimated Fees MM7 - Undisclosed Values & Values up to US$500m MM7 - Undisclosed Values & Values up to US$500m MM7 - Undisclosed Values & Values up to US$500m Rank Date 1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009 Date Effective / Unconditional 1/1/2009 - 6/30/2009 Rank Value Mkt No. No. Mkt Rank Value Est. Fees Mkt No. Financial Advisor Euro mil Rank Share Deals Financial Advisor Deals Rank Share Euro mil Financial Advisor Euro mil Rank Share Deals Mediobanca 1,121.0 1 26.0 14 Mediobanca 14 1 3.6 1,121.0 Rothschild 12.0 1 8.7 10 Lazard 859.0 2 19.9 10 Lazard 10 2 2.6 859.0 Intesa SanPaolo 11.9 2 8.6 14 Intesa SanPaolo 611.7 3 14.2 9 Intesa SanPaolo 9 3 2.3 611.7 Mediobanca 7.3 3 5.3 10 Morgan Stanley 408.0 4 9.5 3 KPMG 7 4 1.8 44.1 UBS 6.5 4 4.7 4 Nomura 334.0 5 7.7 2 Rothschild 6 5 1.6 33.5 Lazard 5.7 5 4.1 5 Citi 323.0 6 7.5 1 UBS 5 6 1.3 210.4 Deutsche Bank AG 3.7 6 2.7 3 JP Morgan 264.8 7 6.1 1 Ernst & Young LLP 3 7* 0.8 0.0 Bank of America Merrill Lynch 3.5 7* 2.6 2 Santander 233.0 8 5.4 1 BNP Paribas SA 3 7* 0.8 1.0 Citi 3.5 7* 2.5 2 UBS 210.4 9 4.9 5 Morgan Stanley 3 7* 0.8 408.0 JP Morgan 2.6 9 1.9 1 Standard Chartered PLC 147.3 10 3.4 2 UniCredit Group 3 7* 0.8 0.0 Standard Chartered PLC 2.1 10 1.5 2 Jones Lang LaSalle Inc 142.6 11* 3.3 1 Greenhill & Co, LLC 2 11* 0.5 0.0 HSBC Holdings PLC 2.0 11 1.5 1 Moseley Securities Corporation 142.6 11* 3.3 1 Deutsche Bank AG 2 11* 0.5 10.0 Moseley Securities Corporation 1.8 12 1.3 1 Houlihan Lokey Howard & Zukin 48.9 13 1.1 1 Deloitte & Touche 2 11* 0.5 0.0 Jones Lang LaSalle Inc 1.6 13 1.2 1 KPMG 44.1 14 1.0 7 Standard Chartered PLC 2 11* 0.5 147.3 Greenhill & Co, LLC 1.5 14 1.1 1 RBS 39.3 15 0.9 1 EnVent Srl 2 11* 0.5 3.3 Morgan Stanley 1.4 15 1.0 1 Rothschild 33.5 16 0.8 6 Nomura 2 11* 0.5 334.0 Nomura 1.3 16 0.9 2 Covington Associates 19.2 17 0.5 1 Fineurop SpA 2 11* 0.5 0.0 KPMG 1.1 17 0.8 12 CORPIN Partners 19.0 18 0.4 1 BNP Paribas SA 0.9 18* 0.7 3 Deutsche Bank AG 10.0 19* 0.2 2 UniCredit Group 0.9 18* 0.7 2 Zolfo Cooper LLC 10.0 19* 0.2 1 IMAP 0.9 18* 0.7 1 Banca MB SpaA 10.0 19* 0.2 1 Fineurop SpA 0.9 18* 0.7 2 Mooreland Partners LLC 9.3 22 0.2 1 Covington Associates 0.7 22 0.5 1 DDA & Co LLC 8.4 23 0.2 1 EnVent Srl 3.3 24 0.1 2 BNP Paribas SA 1.0 25 0.0 3 Subtotal with Financial Advisor 2,208.1 - 51.2 77 Subtotal with Financial Advisor 77 - 20.0 2,208.1 Subtotal with Financial Advisor 98.9 - 71.5 71 Industry Total 4,315.7 - 100.0 385 Industry Total 385 - 100.0 4,315.7 Industry Total 138.3 - 100.0 310 Source: Thomson Reuters/Freeman & Co. Italian Mid-Market M&A up to US$500m Italian Mid-Market M&A up to US$500m by Rank Value Range by Target Industry Industrials $12 350 2% 2% 3% Financials 3% $10 300 3% Real Estate Rank Value (US$b) 29% 250 6% High Technology $8 # of Deals 200 Energy and Power $6 7% Telecommunications 150 $4 Healthcare 100 Consumer Staples $2 50 10% Materials $0 - Media and Entertainment 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 19% Consumer Products and Services 16% US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m # of Deals Retail https://www.thomsonone.com 9 of 20
  • 10. July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors Spanish Involvement Mid-Market Rankings (MM8) Based on Rank Value Based on Number of Deals Based on Estimated Fees MM8 - Undisclosed Values & Values up to US$500m MM8 - Undisclosed Values & Values up to US$500m MM8 - Undisclosed Values & Values up to US$500m Rank Date 1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009 Date Effective / Unconditional 1/1/2009 - 6/30/2009 Rank Value Mkt No. No. Mkt Rank Value Est. Fees Mkt No. Financial Advisor Euro mil Rank Share Deals Financial Advisor Deals Rank Share Euro mil Financial Advisor Euro mil Rank Share Deals KPMG 805.9 1 13.5 10 KPMG 10 1 2.2 805.9 Lazard 8.2 1 6.0 5 Santander 545.4 2 9.2 6 Santander 6 2 1.3 545.4 Goldman Sachs & Co 5.2 2 3.9 3 UBS 475.2 3 8.0 3 Ahorro Corporacion Financiera 4 3 0.9 41.7 Ahorro Corporacion Financiera 4.7 3 3.5 5 Citi 427.8 4 7.2 3 BBVA 3 4* 0.7 0.0 BBVA 4.0 4 2.9 5 Commerzbank AG 343.4 5 5.8 2 Ambers & Co 3 4* 0.7 0.0 RBS 3.5 5* 2.5 2 BNP Paribas SA 320.0 6* 5.4 1 Credit Suisse 3 4* 0.7 160.6 Credit Suisse 3.5 5* 2.5 2 Lazard 320.0 6* 5.4 1 Citi 3 4* 0.7 427.8 Rothschild 3.0 7* 2.2 2 JP Morgan 320.0 6* 5.4 1 UBS 3 4* 0.7 475.2 Santander 3.0 7* 2.2 7 Goldman Sachs & Co 320.0 6* 5.4 1 PricewaterhouseCoopers 3 4* 0.7 13.9 Commerzbank AG 2.7 9 2.0 2 Morgan Stanley 255.1 10* 4.3 1 Close Brothers Ltd 3 4* 0.7 0.0 Intesa SanPaolo 2.4 10* 1.7 2 Bank of America Merrill Lynch 255.1 10* 4.3 2 Rothschild 2 11* 0.4 0.0 Citi 2.4 10* 1.8 2 Credit Suisse 160.6 12 2.7 3 Deloitte & Touche 2 11* 0.4 25.0 Close Brothers Ltd 2.4 10* 1.8 3 Jones Lang LaSalle Inc 125.8 13 2.1 1 Bank of America Merrill Lynch 2 11* 0.4 255.1 Bank of America Merrill Lynch 1.9 13 1.4 1 Noqca Partners 115.0 14 1.9 1 Siebiera & Co 2 11* 0.4 0.0 Jones Lang LaSalle Inc 1.6 14 1.2 1 Nomura 107.8 15* 1.8 1 Commerzbank AG 2 11* 0.4 343.4 UBS 1.5 15* 1.1 1 Arcano Asesores Financieros SL 107.8 15* 1.8 1 Noqca Partners 1.5 15* 1.1 1 N+1 45.0 17 0.8 1 Ambers & Co 1.4 17* 1.0 3 Ahorro Corporacion Financiera 41.7 18 0.7 4 Calyon 1.4 17* 1.0 2 Deloitte & Touche 25.0 19 0.4 2 KPMG 1.0 19 0.7 9 Lincoln International 23.4 20 0.4 1 Hawkpoint Partners 0.9 20* 0.6 2 PricewaterhouseCoopers 13.9 21 0.2 3 Nomura 0.9 20* 0.7 2 Piper Jaffray Cos 10.3 22 0.2 1 Siebiera & Co 0.9 20* 0.7 2 Eurohold SL 2.5 23 0.0 1 N+1 0.7 23 0.5 1 Lincoln International 0.6 24* 0.5 1 Robert W Baird & Co Inc 0.6 24* 0.4 1 Subtotal with Financial Advisor 1,726.7 - 29.0 52 Subtotal with Financial Advisor 52 - 11.3 1,726.7 Subtotal with Financial Advisor 83.6 - 61.5 59 Industry Total 5,959.4 - 100.0 460 Industry Total 460 - 100.0 5,959.4 Industry Total 136.0 - 100.0 383 Source: Thomson Reuters/Freeman & Co. Spanish Mid-Market M&A up to US$500m Spanish Mid-Market M&A up to US$500m by Rank Value Range by Target Industry Real Estate $10 350 2%2% 3% Energy and Power $9 3% 300 Financials Rank Value (US$b) $8 5% $7 250 33% Materials # of Deals $6 200 Consumer Staples $5 9% 150 Healthcare $4 $3 Media and Entertainment 100 $2 Consumer Products and Services 50 $1 High Technology 15% $0 - Retail 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 Industrials 26% US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m # of Deals Telecommunications https://www.thomsonone.com 10 of 20
  • 11. July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors Nordic Involvement Mid-Market Rankings (MM9) Based on Rank Value Based on Number of Deals Based on Estimated Fees MM9 - Undisclosed Values & Values up to US$500m MM9 - Undisclosed Values & Values up to US$500m MM9 - Undisclosed Values & Values up to US$500m Rank Date 1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009 Date Effective / Unconditional 1/1/2009 - 6/30/2009 Rank Value Mkt No. No. Mkt Rank Value Est. Fees Mkt No. Financial Advisor Euro mil Rank Share Deals Financial Advisor Deals Rank Share Euro mil Financial Advisor Euro mil Rank Share Deals JP Morgan 712.1 1 11.3 8 KPMG 10 1* 1.1 0.0 JP Morgan 11.7 1 5.8 9 SEB Enskilda 699.4 2 11.1 5 Ernst & Young LLP 10 1* 1.1 51.4 SEB Enskilda 9.3 2 4.6 7 Morgan Stanley 568.2 3 9.0 4 Swedbank 10 1* 1.1 120.2 UBS 9.1 3 4.5 8 Arctic Securities ASA 561.1 4 8.9 7 IMAP 10 1* 1.1 8.9 Rothschild 7.7 4* 3.8 6 Standard Bank Group Ltd 373.7 5 5.9 2 PricewaterhouseCoopers 9 5 1.0 254.3 Arctic Securities ASA 7.7 4* 3.8 7 Bank of America Merrill Lynch 310.8 6 4.9 3 UBS 8 6* 0.9 294.5 Lazard 5.7 6 2.8 4 Pohjola Bank PLC 304.8 7 4.8 2 JP Morgan 8 6* 0.9 712.1 FIH Partners AS 5.5 7 2.7 3 Golden Prospect PLC 302.8 8 4.8 3 Carnegie 7 8* 0.8 194.8 Nordea 4.9 8 2.4 4 UBS 294.5 9* 4.7 8 Arctic Securities ASA 7 8* 0.8 561.1 Credit Suisse 4.4 9 2.2 3 Perella Weinberg Partners LP 294.5 9* 4.7 1 Handelsbanken Capital Markets 6 10 0.7 74.3 Carnegie 4.0 10 2.0 5 PricewaterhouseCoopers 254.3 11 4.0 9 FIH Partners AS 5 11* 0.6 242.0 IMAP 3.9 11 1.9 9 FIH Partners AS 242.0 12 3.8 5 SEB Enskilda 5 11* 0.6 699.4 Goldman Sachs & Co 3.6 12* 1.8 2 Lazard 240.0 13 3.8 4 Rothschild 4 13* 0.4 77.1 Handelsbanken Capital Markets 3.6 12* 1.8 7 Lenner & Partners 199.9 14 3.2 2 Catella AB 4 13* 0.4 12.0 Pohjola Bank PLC 3.5 14 1.7 2 Carnegie 194.8 15 3.1 7 DnB NOR BANK ASA 4 13* 0.4 170.5 Morgan Stanley 3.1 15 1.5 4 DnB NOR BANK ASA 170.5 16 2.7 4 Lazard 4 13* 0.4 240.0 Jefferies & Co Inc 2.7 16 1.3 2 Credit Suisse 139.9 17 2.2 1 Morgan Stanley 4 13* 0.4 568.2 DnB NOR BANK ASA 2.4 17 1.2 5 Swedbank 120.2 18 1.9 10 LNP Corporate Finance AB 4 13* 0.4 0.0 Global M&A 2.3 18 1.1 4 Nordea 111.6 19 1.8 3 RBS 1.8 19* 0.9 2 Pareto Securities 105.5 20 1.7 3 Standard Bank Group Ltd 1.8 19* 0.9 1 First Securities ASA 102.4 21 1.6 2 Cenkos Securities PLC 1.7 21* 0.8 4 RBS 98.1 22* 1.6 3 LNP Corporate Finance AB 1.7 21* 0.9 4 Raiffeisen Zentralbank 98.1 22* 1.6 2 Raiffeisen Zentralbank 1.7 21* 0.8 2 Danske Markets 93.7 24 1.5 3 Swedbank 1.6 24 0.8 4 Advium Corporate Finance 86.3 25 1.4 2 Subtotal with Financial Advisor 3,955.5 - 62.6 139 Subtotal with Financial Advisor 139 - 15.2 3,955.5 Subtotal with Financial Advisor 149.8 - 73.9 123 Industry Total 6,323.5 - 100.0 912 Industry Total 912 - 100.0 6,323.5 Industry Total 202.7 - 100.0 672 Source: Thomson Reuters/Freeman & Co. Nordic Mid-Market M&A up to US$500m Nordic Mid-Market M&A up to US$500m by Rank Value Range by Target Industry Energy and Power $16 800 2% 2% 3% Financials $14 700 4% Materials Rank Value (US$b) 27% $12 600 5% Industrials $10 500 # of Deals High Technology $8 400 7% Healthcare $6 300 Consumer Products and Services $4 200 8% Consumer Staples $2 100 Media and Entertainment $0 - 19% 8% Telecommunications 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 Retail US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m # of Deals 14% Real Estate https://www.thomsonone.com 11 of 20
  • 12. July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors Benelux Involvement Mid-Market Rankings (MM10) Based on Rank Value Based on Number of Deals Based on Estimated Fees MM10 - Undisclosed Values & Values up to US$500m MM10 - Undisclosed Values & Values up to US$500m MM10 - Undisclosed Values & Values up to US$500m Rank Date 1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009 Date Effective / Unconditional 1/1/2009 - 6/30/2009 Rank Value Mkt No. No. Mkt Rank Value Est. Fees Mkt No. Financial Advisor Euro mil Rank Share Deals Financial Advisor Deals Rank Share Euro mil Financial Advisor Euro mil Rank Share Deals BNP Paribas SA 514.0 1 10.0 2 Rabo Rembrandt F&O 27 1 4.5 0.0 Rabo Rembrandt F&O 12.2 1 8.6 26 JP Morgan 435.1 2 8.4 5 ING 16 2 2.7 365.9 ING 4.5 2 3.2 7 Rothschild 415.3 3 8.1 7 Deloitte & Touche 15 3 2.5 102.8 Nomura 3.9 3 2.8 4 ING 365.9 4 7.1 16 RBS 13 4 2.2 214.2 JP Morgan 3.7 4 2.6 4 Mediobanca 360.0 5 7.0 2 KPMG 12 5 2.0 94.8 Rothschild 3.5 5 2.5 2 Mitsubishi UFJ Financial Group 334.5 6 6.5 2 Rothschild 7 6 1.2 415.3 Lazard 3.0 6 2.1 2 Jefferies & Co Inc 271.5 7 5.3 2 Ernst & Young LLP 6 7* 1.0 95.3 Van Oers Corporate Finance BV 2.8 7 2.0 6 Banque Degroof 261.0 8 5.1 4 Van Oers Corporate Finance BV 6 7* 1.0 0.0 Commerzbank AG 2.7 8 1.9 1 FirstEnergy Capital Corp 229.3 9* 4.5 1 PricewaterhouseCoopers 5 9* 0.8 0.0 RBS 2.6 9* 1.8 6 Scotiabank-Bank of Nova Scotia 229.3 9* 4.5 1 BDO International 5 9* 0.8 0.0 Banque Degroof 2.6 9* 1.9 2 RBS 214.2 11 4.2 13 JP Morgan 5 9* 0.8 435.1 BDO International 2.2 11 1.6 5 Lazard 200.0 12* 3.9 2 Petercam SA 4 12* 0.7 70.6 Goldman Sachs & Co 2.1 12 1.5 3 UBS 200.0 12* 3.9 2 Goldman Sachs & Co 4 12* 0.7 94.8 HSBC Holdings PLC 2.0 13 1.4 1 Morgan Stanley 184.5 14 3.6 3 Banque Degroof 4 12* 0.7 261.0 Deutsche Bank AG 1.8 14 1.3 1 Citi 176.5 15 3.4 1 Deutsche Bank AG 3 15* 0.5 37.0 Mediobanca 1.7 15 1.2 1 Credit Suisse 154.7 16 3.0 2 Morgan Stanley 3 15* 0.5 184.5 Credit Suisse 1.4 16 1.0 2 Bank of America Merrill Lynch 150.4 17* 2.9 2 PhiDelphi Corporate Finance BV 3 15* 0.5 0.0 Morgan Stanley 1.3 17* 0.9 1 Societe Generale 150.4 17* 2.9 1 M&A International 3 15* 0.5 0.0 PhiDelphi Corporate Finance BV 1.3 17* 0.9 3 HSBC Holdings PLC 123.3 19 2.4 2 M&A International 1.3 17* 0.9 3 Deloitte & Touche 102.8 20 2.0 15 KPMG 1.1 20* 0.8 13 Ernst & Young LLP 95.3 21 1.9 6 Santander 1.1 20* 0.8 2 KPMG 94.8 22* 1.8 12 TD Securities Inc 1.0 22* 0.7 2 Goldman Sachs & Co 94.8 22* 1.8 4 Deloitte & Touche 1.0 22* 0.7 12 Petercam SA 70.6 24 1.4 4 Clairfield Partners 1.0 22* 0.7 2 Axis Bank Ltd 48.9 25 1.0 2 Subtotal with Financial Advisor 3,404.3 - 66.0 166 Subtotal with Financial Advisor 166 - 27.8 3,404.3 Subtotal with Financial Advisor 92.2 - 65.1 133 Industry Total 5,157.2 - 100.0 597 Industry Total 597 - 100.0 5,157.2 Industry Total 141.6 - 100.0 463 Source: Thomson Reuters/Freeman & Co. Benelux Mid-Market M&A up to US$500m Benelux Mid-Market M&A up to US$500m by Rank Value Range by Target Industry Energy and Power $16 600 3% 3% 3% Financials 19% $14 5% 500 Real Estate Rank Value (US$b) $12 5% High Technology $10 400 # of Deals Industrials $8 300 8% Consumer Products and Services $6 200 14% Materials $4 Healthcare $2 100 8% Retail $0 - Consumer Staples 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 10% 11% Telecommunications US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m # of Deals 11% Media and Entertainment https://www.thomsonone.com 12 of 20
  • 13. July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors Eastern Europe Involvement Mid-Market Rankings (MM16) Based on Rank Value 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 Rank Date 1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009 Date Effective / Unconditional 1/1/2009 - 6/30/2009 Rank Value Mkt No. No. Mkt Rank Value Est. Fees Mkt No. Financial Advisor Euro mil Rank Share Deals Financial Advisor Deals Rank Share Euro mil Financial Advisor Euro mil Rank Share Deals Goldman Sachs & Co 413.5 1 6.6 2 IMAP 7 1 0.4 0.0 UBS 13.5 1 7.2 3 Citi 390.4 2 6.2 4 Deutsche Bank AG 6 2* 0.3 0.0 Credit Suisse 9.5 2 5.1 6 UBS 345.4 3 5.5 2 Credit Suisse 6 2* 0.3 1.7 RBS 8.1 3 4.3 3 BMO Capital Markets 318.8 4 5.1 1 Rothschild 4 4* 0.2 215.2 Rothschild 5.1 4 2.7 5 Calyon 230.4 5 3.7 1 Morgan Stanley 4 4* 0.2 2.9 Deutsche Bank AG 4.7 5 2.5 4 Rothschild 215.2 6 3.4 4 Citi 4 4* 0.2 390.4 JP Morgan 4.6 6 2.5 3 ING 190.0 7* 3.0 3 ING 3 7* 0.2 190.0 IMAP 4.3 7 2.3 8 EFG Group 190.0 7* 3.0 1 SEB Enskilda 3 7* 0.2 0.0 EFG Group 4.0 8 2.1 2 Wood & Co 177.5 9 2.8 1 Raiffeisen Zentralbank 3 7* 0.2 98.1 Lazard 3.1 9 1.6 2 Endeavor Financial Corp 168.0 10* 2.7 1 Ernst & Young LLP 2 10* 0.1 94.8 ING 2.9 10 1.5 2 HSBC Holdings PLC 168.0 10* 2.7 2 RBS 2 10* 0.1 98.1 Commerzbank AG 2.7 11 1.5 1 Oyak Yatirim Menkul Degerler 164.1 12* 2.6 1 Seymour Pierce 2 10* 0.1 1.5 Goldman Sachs & Co 2.3 12 1.3 2 JP Morgan 164.1 12* 2.6 1 Lazard 2 10* 0.1 0.0 Nomura 2.2 13 1.2 2 Troika Dialog 157.1 14 2.5 1 UBS 2 10* 0.1 345.4 Raiffeisen Zentralbank 2.1 14 1.1 3 Renaissance Capital Group 123.4 15 2.0 1 Lincoln International 2 10* 0.1 0.0 Wood & Co 1.9 15 1.0 1 RBS 98.1 16* 1.6 2 UniCredit Group 2 10* 0.1 0.0 Morgan Stanley 1.8 16 1.0 2 Raiffeisen Zentralbank 98.1 16* 1.6 3 Evli Bank Plc 2 10* 0.1 6.0 Societe Generale 1.7 17 0.9 2 KPMG 94.8 18* 1.5 1 PRAGMA Corporate Finance 2 10* 0.1 0.0 UniCredit Group 1.5 18 0.8 3 Ernst & Young LLP 94.8 18* 1.5 2 HSBC Holdings PLC 2 10* 0.1 168.0 Turkiye Sinai Kalkinma Bankasi 1.3 19 0.7 1 Close Brothers Ltd 24.5 20 0.4 1 Goldman Sachs & Co 2 10* 0.1 413.5 Carnegie 0.9 20* 0.5 1 CORPIN Partners 19.0 21 0.3 1 PRAGMA Corporate Finance 0.9 20* 0.5 2 Mediobanca 10.0 22* 0.2 1 SEB Enskilda 0.9 20* 0.5 2 Zolfo Cooper LLC 10.0 22* 0.2 1 Global M&A 0.8 23 0.4 2 EPIC 10.0 22* 0.2 1 Close Brothers Ltd 0.7 24 0.4 1 Collins Stewart Tullett 8.0 25 0.1 1 Subtotal with Financial Advisor 2,433.3 - 38.8 76 Subtotal with Financial Advisor 76 - 3.8 2,433.3 Subtotal with Financial Advisor 100.7 - 54.0 66 Industry Total 6,266.4 - 100.0 2,021 Industry Total 2,021 - 100.0 6,266.4 Industry Total 186.6 - 100.0 1,632 Source: Thomson Reuters/Freeman & Co. Eastern European Mid-Market M&A up to US$500m Eastern European Mid-Market M&A up to US$500m by Rank Value Range by Target Industry Energy and Power $18 1,200 2% 2% 3% Financials 4% $16 1,000 Materials Rank Value (US$b) $14 5% 32% Telecommunications $12 800 # of Deals 5% Industrials $10 600 Retail $8 6% $6 400 Consumer Staples $4 Real Estate 200 $2 7% Healthcare $0 - Media and Entertainment 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 18% High Technology 16% US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m # of Deals Consumer Products and Services https://www.thomsonone.com 13 of 20
  • 14. July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors Hochinma Involvement Mid-Market Rankings (MM13) Based on Rank Value Based on Number of Deals Based on Estimated Fees MM13 - Undisclosed Values & Values up to US$500m MM13 - Undisclosed Values & Values up to US$500m MM13 - Undisclosed Values & Values up to US$500m Rank Date 1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009 Date Effective / Unconditional 1/1/2009 - 6/30/2009 Rank Value Mkt No. No. Mkt Rank Value Est. Fees Mkt No. Financial Advisor US$m Rank Share Deals Financial Advisor Deals Rank Share US$m Financial Advisor US$m Rank Share Deals Deutsche Bank AG 1,847.2 1 4.2 10 CIMB Group Sdn Bhd 25 1 1.0 798.9 Rothschild 16.4 1 2.9 9 JP Morgan 1,647.0 2 3.8 5 Somerley Ltd 19 2 0.7 421.4 Morgan Stanley 12.8 2 2.3 5 UBS 1,632.4 3 3.7 11 Guangdong Securities 18 3 0.7 306.6 Deutsche Bank AG 11.8 3 2.1 7 CITIC 1,081.1 4 2.5 9 Optima Capital Ltd 17 4 0.7 349.4 Citi 10.3 4 1.8 8 Goldman Sachs & Co 875.6 5 2.0 5 Ernst & Young LLP 15 5* 0.6 189.1 JP Morgan 7.8 5 1.4 6 BMR Advisors 833.9 6 1.9 8 Morgan Stanley 15 5* 0.6 770.4 Optima Capital Ltd 6.7 6 1.2 13 CIMB Group Sdn Bhd 798.9 7 1.8 25 GF Securities 13 7 0.5 232.9 Guodu Securities Co Ltd 5.7 7* 1.0 11 Morgan Stanley 770.4 8 1.8 15 UBS 11 8* 0.4 1,632.4 UBS 5.7 7* 1.0 7 Grant Samuel 769.8 9 1.8 2 Veda Capital Ltd 11 8* 0.4 345.2 BMR Advisors 4.7 9 0.8 7 Standard Chartered PLC 709.1 10 1.6 4 Deutsche Bank AG 10 10* 0.4 1,847.2 CIMB Group Sdn Bhd 4.3 10 0.8 14 Bank of America Merrill Lynch 692.6 11 1.6 7 Guotai Junan Securities 10 10* 0.4 278.2 Standard Chartered PLC 4.2 11* 0.7 3 Kotak Mahindra Bank Ltd 682.1 12 1.6 3 Taifook Securities Group Ltd 9 12* 0.4 146.2 Bank of America Merrill Lynch 4.2 11* 0.7 3 Scotiabank-Bank of Nova Scotia 654.3 13 1.5 2 CITIC 9 12* 0.4 1,081.1 China Galaxy Securities Co 4.0 13 0.7 7 Citi 638.5 14 1.5 7 Haitong Securities 8 14* 0.3 469.8 Goldman Sachs & Co 3.9 14 0.7 4 China Merchants Bank 593.7 15 1.4 5 Access Capital Ltd 8 14* 0.3 227.3 Ambit Corporate Finance 3.8 15* 0.7 3 Avendus Capital Pvt Ltd 584.9 16 1.3 4 BMR Advisors 8 14* 0.3 833.9 Malayan Banking Bhd 3.8 15* 0.7 3 BNP Paribas SA 582.2 17 1.3 3 Rothschild 7 17* 0.3 448.8 Hwang DBS Securities Sdn Bhd 3.6 17 0.6 3 Credit Suisse 553.6 18 1.3 5 Partners Capital International 7 17* 0.3 40.5 AmInvestment Bank Group 3.4 18 0.6 7 Haitong Securities 469.8 19 1.1 8 Bank of America Merrill Lynch 7 17* 0.3 692.6 Credit Suisse 3.3 19 0.6 3 Orient Securities Co Ltd 468.8 20 1.1 4 M&A International 7 17* 0.3 263.4 Yes Bank Ltd 3.2 20 0.6 3 Piper Jaffray Cos 461.8 21 1.1 5 Citi 7 17* 0.3 638.5 GF Securities 3.1 21 0.6 4 Mizuho Financial Group 454.4 22 1.0 3 OSK Holdings Bhd 6 22* 0.2 153.8 Macquarie Group 3.0 22 0.5 3 Everbright Securities Co 450.1 23 1.0 3 KPMG 6 22* 0.2 85.3 Guoyuan Securities Co Ltd 2.9 23 0.5 3 Rothschild 448.8 24 1.0 7 Asian Capital (Corp Fin) Ltd 6 22* 0.2 260.8 Platinum Securities Co Ltd 2.7 24 0.5 2 Somerley Ltd 421.4 25 1.0 19 Subtotal with Financial Advisor 20,385.1 - 46.6 377 Subtotal with Financial Advisor 377 - 14.6 20,385.1 Subtotal with Financial Advisor 293.4 - 51.7 236 Industry Total 43,788.7 - 100.0 2,591 Industry Total 2,591 - 100.0 43,788.7 Industry Total 567.9 - 100.0 1,219 Source: Thomson Reuters/Freeman & Co. Hochinma Mid-Market M&A up to US$500m Hochinma Mid-Market M&A up to US$500m by Rank Value Range by Target Industry Materials $45 2,000 3% 2% 3% Real Estate $40 1,800 3% 19% Financials Rank Value (US$b) $35 1,600 4% $30 1,400 Energy and Power # of Deals 6% 1,200 Industrials $25 1,000 $20 High Technology 800 7% $15 600 Consumer Staples $10 18% 400 Consumer Products and Services $5 200 Retail 10% $0 - Media and Entertainment 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 Telecommunications 11% 14% US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m # of Deals Healthcare https://www.thomsonone.com 14 of 20
  • 15. July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors Hong Kong Involvement Mid-Market Rankings (MM12) Based on Rank Value Based on Number of Deals Based on Estimated Fees MM12 - Undisclosed Values & Values up to US$500m MM12 - Undisclosed Values & Values up to US$500m MM12 - Undisclosed Values & Values up to US$500m Rank Date 1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009 Date Effective / Unconditional 1/1/2009 - 6/30/2009 Rank Value Mkt No. No. Mkt Rank Value Est. Fees Mkt No. Financial Advisor US$m Rank Share Deals Financial Advisor Deals Rank Share US$m Financial Advisor US$m Rank Share Deals JP Morgan 877.1 1 6.5 3 CIMB Group Sdn Bhd 20 1 3.4 555.1 Optima Capital Ltd 6.7 1 5.0 13 Deutsche Bank AG 842.0 2 6.2 4 Guangdong Securities 18 2 3.1 306.6 Morgan Stanley 5.9 2 4.4 3 Bank of America Merrill Lynch 692.6 3 5.1 6 Optima Capital Ltd 17 3 2.9 349.4 Deutsche Bank AG 3.0 3 2.2 2 CIMB Group Sdn Bhd 555.1 4 4.1 20 Somerley Ltd 16 4 2.7 405.3 Macquarie Group 2.8 4* 2.1 2 CITIC 480.6 5 3.5 1 Veda Capital Ltd 11 5 1.9 345.2 JP Morgan 2.8 4* 2.1 2 BNP Paribas SA 462.2 6 3.4 2 Morgan Stanley 9 6 1.5 315.5 Platinum Securities Co Ltd 2.7 6 2.0 2 Mizuho Financial Group 454.4 7 3.3 3 Taifook Securities Group Ltd 8 7* 1.4 146.2 UBS 2.3 7* 1.7 1 Piper Jaffray Cos 440.7 8 3.2 4 Access Capital Ltd 8 7* 1.4 227.3 Citi 2.3 7* 1.7 1 Somerley Ltd 405.3 9 3.0 16 Partners Capital International 7 9* 1.2 40.5 Somerley Ltd 2.2 9 1.7 5 Optima Capital Ltd 349.4 10 2.6 17 M&A International 7 9* 1.2 263.4 Access Capital Ltd 1.7 10 1.3 4 Veda Capital Ltd 345.2 11 2.5 11 Bank of America Merrill Lynch 6 11* 1.0 692.6 Piper Jaffray Cos 1.5 11* 1.1 1 Standard Chartered PLC 335.0 12* 2.5 1 Asian Capital (Corp Fin) Ltd 6 11* 1.0 260.8 Hercules Capital Ltd 1.5 11* 1.1 1 Macquarie Group 335.0 12* 2.5 1 GF Securities 5 13 0.9 93.5 Guangdong Securities 1.4 13* 1.0 4 Morgan Stanley 315.5 14 2.3 9 Deutsche Bank AG 4 14* 0.7 842.0 CIMB Group Sdn Bhd 1.4 13* 1.1 7 Rothschild 306.9 15 2.3 3 Piper Jaffray Cos 4 14* 0.7 440.7 Standard Chartered PLC 1.3 15* 1.0 1 Guangdong Securities 306.6 16 2.3 18 M&A International 1.3 15* 1.0 7 Jones Lang LaSalle Inc 297.1 17 2.2 1 INCU Corporate Finance Ltd 0.8 17 0.6 4 Citi 294.3 18 2.2 2 BNP Paribas SA 0.7 18* 0.5 1 Goldman Sachs & Co 290.7 19 2.1 3 Rothschild 0.7 18* 0.6 1 UBS 284.3 20 2.1 1 Lazard 0.7 18* 0.5 1 Platinum Securities Co Ltd 279.3 21 2.1 2 ING 0.7 18* 0.5 1 M&A International 263.4 22 1.9 7 Gryphon Partners 0.6 22* 0.5 1 Asian Capital (Corp Fin) Ltd 260.8 23 1.9 6 Azure Capital Pty Ltd 0.6 22* 0.5 1 ING 235.4 24* 1.7 1 PricewaterhouseCoopers 0.6 22* 0.5 4 Lazard 235.4 24* 1.7 1 Goldman Sachs & Co 0.6 22* 0.5 1 Subtotal with Financial Advisor 8,186.2 - 60.3 168 Subtotal with Financial Advisor 168 - 28.5 8,186.2 Subtotal with Financial Advisor 71.6 - 53.4 69 Industry Total 13,587.6 - 100.0 589 Industry Total 589 - 100.0 13,587.6 Industry Total 134.1 - 100.0 210 Source: Thomson Reuters/Freeman & Co. Hong Kong Mid-Market M&A up to US$500m Hong Kong Mid-Market M&A up to US$500m by Rank Value Range by Target Industry Real Estate 3% 1% $18 500 4% Financials 450 4% $16 Materials Rank Value (US$b) 400 4% 25% $14 $12 350 5% Consumer Staples # of Deals 300 Energy and Power $10 250 $8 7% High Technology 200 $6 150 Media and Entertainment $4 100 Retail 8% $2 50 Consumer Products and Services $0 - 22% Industrials 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 Telecommunications 17% US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m # of Deals Healthcare https://www.thomsonone.com 15 of 20
  • 16. July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors Australia/New Zealand Involvement Mid-Market Rankings (MM11) Based on Rank Value Based on Number of Deals Based on Estimated Fees MM11 - Undisclosed Values & Values up to US$500m MM11 - Undisclosed Values & Values up to US$500m MM11 - Undisclosed Values & Values up to US$500m Rank Date 1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009 Date Effective / Unconditional 1/1/2009 - 6/30/2009 Rank Value Mkt No. No. Mkt Rank Value Est. Fees Mkt No. Financial Advisor US$m Rank Share Deals Financial Advisor Deals Rank Share US$m Financial Advisor US$m Rank Share Deals JP Morgan 1,569.8 1 13.3 4 KPMG 15 1* 1.4 57.4 Deutsche Bank AG 15.8 1 6.5 10 Macquarie Group 1,236.4 2 10.4 14 Goldman Sachs & Co 15 1* 1.4 789.3 Macquarie Group 11.3 2 4.6 12 Deutsche Bank AG 1,086.3 3 9.2 10 Macquarie Group 14 3 1.3 1,236.4 UBS 10.6 3 4.3 7 Grant Samuel 982.4 4 8.3 5 PricewaterhouseCoopers 11 4* 1.0 72.9 Goldman Sachs & Co 9.6 4 3.9 9 Goldman Sachs & Co 789.3 5 6.7 15 Deloitte & Touche 11 4* 1.0 120.9 Rothschild 7.2 5 2.9 5 Gryphon Partners 576.0 6 4.9 3 Deutsche Bank AG 10 6 0.9 1,086.3 Citi 6.8 6 2.8 5 Morgan Stanley 512.4 7 4.3 4 RBS 8 7 0.8 141.0 Lazard 6.0 7 2.5 3 BMO Capital Markets 474.9 8 4.0 1 Rothschild 6 8 0.6 353.8 JP Morgan 5.8 8 2.4 4 Caliburn Partnership Pty Ltd 416.5 9 3.5 4 Ernst & Young LLP 5 9* 0.5 86.3 RBS 3.4 9 1.4 6 Standard Chartered PLC 385.7 10 3.3 2 Grant Samuel 5 9* 0.5 982.4 Gryphon Partners 2.7 10 1.1 3 Rothschild 353.8 11 3.0 6 Caliburn Partnership Pty Ltd 4 11* 0.4 416.5 Grant Samuel 2.4 11* 1.0 2 Citi 327.5 12 2.8 3 Morgan Stanley 4 11* 0.4 512.4 Azure Capital Pty Ltd 2.4 11* 1.0 4 UBS 300.1 13 2.5 4 UBS 4 11* 0.4 300.1 Gresham Partners 2.2 13* 0.9 1 Golden Prospect PLC 284.6 14 2.4 2 Credit Suisse 4 11* 0.4 268.5 Lexicon Partners 2.2 13* 0.9 2 Standard Bank Group Ltd 281.2 15 2.4 1 JP Morgan 4 11* 0.4 1,569.8 Caliburn Partnership Pty Ltd 2.1 15 0.9 3 Credit Suisse 268.5 16 2.3 4 Gresham Partners 3 16* 0.3 166.0 Morgan Stanley 1.9 16* 0.8 1 Azure Capital Pty Ltd 213.4 17 1.8 1 RBC Capital Markets 3 16* 0.3 39.4 Moelis & Co 1.9 16* 0.8 1 Gresham Partners 166.0 18 1.4 3 Cameron Partners Ltd 3 16* 0.3 10.6 Deloitte & Touche 1.7 18 0.7 12 China International Capital Co 141.9 19 1.2 1 Gryphon Partners 3 16* 0.3 576.0 KPMG 1.3 19* 0.6 16 RBS 141.0 20 1.2 8 Citi 3 16* 0.3 327.5 Standard Chartered PLC 1.3 19* 0.5 1 Lazard 135.5 21 1.1 2 New Holland Capital Pty Ltd 3 16* 0.3 23.2 Adelaide Equity Partners Ltd 1.2 21* 0.5 1 Deloitte & Touche 120.9 22 1.0 11 Helfen Corporate Advisory Pty 1.2 21* 0.5 1 Greenhill & Co, LLC 104.1 23 0.9 1 Tricom Equities Ltd 1.1 23* 0.4 1 Ferghana Partners Group 86.9 24 0.7 2 Global Leisure Partners LLP 1.1 23* 0.5 1 Ernst & Young LLP 86.3 25 0.7 5 Bank of America Merrill Lynch 1.1 23* 0.4 2 Subtotal with Financial Advisor 6,288.8 - 53.1 124 Subtotal with Financial Advisor 124 - 11.6 6,288.8 Subtotal with Financial Advisor 143.2 - 58.6 106 Industry Total 11,848.5 - 100.0 1,072 Industry Total 1,072 - 100.0 11,848.5 Industry Total 244.3 - 100.0 719 Source: Thomson Reuters/Freeman & Co. Australia/New Zealand Mid-Market M&A up to US$500m Australia/New Zealand Mid-Market M&A up to US$500m by Rank Value Range by Target Industry Materials 2% $25 1,000 2%2% Energy and Power 2% 900 3% Real Estate Rank Value (US$b) $20 800 4% Financials 700 6% 31% # of Deals $15 600 Consumer Staples 500 Consumer Products and Services $10 400 7% Industrials 300 Media and Entertainment $5 200 High Technology 100 11% Retail $0 - Telecommunications 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 17% Healthcare 13% US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m # of Deals Government and Agencies https://www.thomsonone.com 16 of 20
  • 17. July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors Singapore Involvement Mid-Market Rankings (MM14) Based on Rank Value Based on Number of Deals Based on Estimated Fees MM14 - Undisclosed Values & Values up to US$500m MM14 - Undisclosed Values & Values up to US$500m MM14 - Undisclosed Values & Values up to US$500m Rank Date 1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009 Date Effective / Unconditional 1/1/2009 - 6/30/2009 Rank Value Mkt No. No. Mkt Rank Value Est. Fees Mkt No. Financial Advisor US$m Rank Share Deals Financial Advisor Deals Rank Share US$m Financial Advisor US$m Rank Share Deals JP Morgan 309.4 1 11.4 1 CIMB Group Sdn Bhd 7 1 2.4 80.8 Credit Suisse 3.1 1 4.6 2 DBS Group Holdings 286.6 2 10.6 2 Collins Stewart Tullett 3 2 1.0 9.1 Bank of America Merrill Lynch 3.0 2 4.4 2 ANZ Banking Group 165.0 3* 6.1 1 Standard Chartered PLC 2 3* 0.7 35.2 Citi 2.0 3 2.9 1 United Overseas Bank Ltd 165.0 3* 6.1 1 DBS Group Holdings 2 3* 0.7 286.6 ING 1.8 4 2.6 2 ING 165.0 3* 6.1 1 United Overseas Bank Ltd 1.4 5 2.0 2 DMG & Partners Securities Pte 121.7 6* 4.5 1 DBS Group Holdings 0.9 6* 1.4 3 Karl Thomson Holdings Ltd 121.7 6* 4.5 1 CIMB Group Sdn Bhd 0.9 6* 1.3 5 CIMB Group Sdn Bhd 80.8 8 3.0 7 Malayan Banking Bhd 0.8 8 1.2 1 Standard Chartered PLC 35.2 9 1.3 2 Standard Chartered PLC 0.6 9* 0.9 1 Bank Street Group LLC 28.0 10 1.0 1 Stirling Coleman Capital Ltd 0.6 9* 0.9 3 PricewaterhouseCoopers (SG) 18.1 11 0.7 1 DMG & Partners Securities Pte 0.6 9* 0.9 1 Optima Capital Ltd 14.1 12 0.5 1 ANZ Banking Group 0.5 12* 0.7 2 Collins Stewart Tullett 9.1 13 0.3 3 NRA Capital Pte Ltd 0.5 12* 0.7 2 BMR Advisors 7.7 14 0.3 1 KPMG 0.3 14 0.5 5 NRA Capital Pte Ltd 3.9 15 0.1 1 Business Development Asia LLC 0.2 15* 0.3 1 K&N Kenanga Holdings Berhad 3.1 16 0.1 1 BMR Advisors 0.2 15* 0.3 1 HSBC Holdings PLC 2.0 17 0.1 1 Close Brothers Ltd 0.2 15* 0.3 1 Guangdong Securities 0.1 18 0.0 1 K&N Kenanga Holdings Berhad 0.1 18 0.1 1 Subtotal with Financial Advisor 762.7 - 28.2 27 Subtotal with Financial Advisor 27 - 9.1 762.7 Subtotal with Financial Advisor 20.0 - 29.4 22 Industry Total 2,703.7 - 100.0 297 Industry Total 297 - 100.0 2,703.7 Industry Total 68.0 - 100.0 204 Source: Thomson Reuters/Freeman & Co. Singapore Mid-Market M&A up to US$500m Singapore Mid-Market M&A up to US$500m by Rank Value Range by Target Industry Industrials $10 300 3% 2% 4% Consumer Staples $9 250 Materials Rank Value (US$b) $8 27% 10% $7 200 High Technology # of Deals $6 Real Estate $5 150 Financials $4 100 11% Consumer Products and Services $3 $2 50 Energy and Power $1 Media and Entertainment $0 - 17% 11% Retail 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 Healthcare US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m # of Deals 14% Telecommunications https://www.thomsonone.com 17 of 20
  • 18. July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors Japanese Involvement Mid-Market Rankings (MM15) Based on Rank Value Based on Number of Deals Based on Estimated Fees MM15 - Undisclosed Values & Values up to US$500m MM15 - Undisclosed Values & Values up to US$500m MM15 - Undisclosed Values & Values up to US$500m Rank Date 1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009 Date Effective / Unconditional 1/1/2009 - 6/30/2009 Rank Value Mkt No. No. Mkt Rank Value Est. Fees Mkt No. Financial Advisor US$m Rank Share Deals Financial Advisor Deals Rank Share US$m Financial Advisor US$m Rank Share Deals Nomura 5,210.7 1 22.8 59 Mizuho Financial Group 69 1 4.8 4,533.1 Nomura 31.2 1 7.4 40 Mizuho Financial Group 4,533.1 2 19.9 69 Nomura 59 2 4.1 5,210.7 Mizuho Financial Group 30.7 2 7.3 52 Citi 2,383.3 3 10.4 27 Daiwa Securities SMBC 47 3 3.3 2,160.6 Citi 26.4 3 6.2 24 Daiwa Securities SMBC 2,160.6 4 9.5 47 Mitsubishi UFJ Financial Group 35 4 2.5 1,889.6 Mitsubishi UFJ Financial Group 14.1 4 3.3 27 Mitsubishi UFJ Financial Group 1,889.6 5 8.3 35 GCA Savvian Group Corp 33 5 2.3 794.0 Daiwa Securities SMBC 13.9 5 3.3 30 PricewaterhouseCoopers 1,321.8 6 5.8 11 Citi 27 6 1.9 2,383.3 Deutsche Bank AG 9.0 6 2.1 6 JP Morgan 867.0 7 3.8 4 Deloitte & Touche 15 7* 1.1 454.9 Morgan Stanley 8.2 7 1.9 5 KPMG 829.2 8 3.6 9 Bank of America Merrill Lynch 15 7* 1.1 373.5 GCA Savvian Group Corp 8.0 8 1.9 20 GCA Savvian Group Corp 794.0 9 3.5 33 PricewaterhouseCoopers 11 9 0.8 1,321.8 Goldman Sachs & Co 6.4 9 1.5 6 Credit Suisse 589.0 10 2.6 7 KPMG 9 10 0.6 829.2 JP Morgan 5.5 10 1.3 5 Ernst & Young LLP 527.2 11 2.3 8 Ernst & Young LLP 8 11* 0.6 527.2 Bank of America Merrill Lynch 5.4 11 1.3 4 BMO Capital Markets 461.5 12 2.0 2 Anglo Chinese Corp Finance 8 11* 0.6 46.4 KPMG 4.7 12 1.1 8 Deloitte & Touche 454.9 13 2.0 15 AER Corp 7 13* 0.5 7.1 Lazard 4.2 13 1.0 3 Bank of America Merrill Lynch 373.5 14 1.6 15 Credit Suisse 7 13* 0.5 589.0 Deloitte & Touche 3.8 14 0.9 14 Macquarie Group 368.2 15 1.6 3 ABeam M&A Consulting Ltd 6 15* 0.4 139.7 Jefferies & Co Inc 3.7 15 0.9 3 RBS 352.0 16 1.5 4 Mirai Consulting Inc 6 15* 0.4 97.4 Greenhill & Co, LLC 2.0 16 0.5 1 UBS 345.1 17 1.5 4 Deutsche Bank AG 5 17* 0.4 200.9 ABeam M&A Consulting Ltd 1.9 17 0.5 5 Shinsei Bank 307.0 18 1.3 3 ORIX M&A Solutions Corp 5 17* 0.4 46.6 AGS Consulting Co Ltd 1.7 18 0.4 3 Jefferies & Co Inc 253.1 19 1.1 3 Corporate Advisors Accounting 5 17* 0.4 32.1 PricewaterhouseCoopers 1.6 19* 0.4 12 BNP Paribas SA 223.5 20* 1.0 1 Frontier Management Inc 5 17* 0.4 139.6 Credit Suisse 1.6 19* 0.4 1 ING 223.5 20* 1.0 1 Goldman Sachs & Co 5 17* 0.4 152.9 ORIX M&A Solutions Corp 1.6 19* 0.4 6 Deutsche Bank AG 200.9 22 0.9 5 Masters Trust Inc 1.5 22* 0.4 2 Banco Bradesco SA 166.6 23 0.7 1 SEB Enskilda 1.5 22* 0.4 1 Standard Chartered PLC 162.9 24 0.7 1 Lincoln International 1.4 24* 0.3 3 Goldman Sachs & Co 152.9 25 0.7 5 Mirai Consulting Inc 1.4 24* 0.3 4 Subtotal with Financial Advisor 14,428.2 - 63.2 328 Subtotal with Financial Advisor 328 - 23.0 14,428.2 Subtotal with Financial Advisor 252.5 - 59.7 247 Industry Total 22,838.1 - 100.0 1,426 Industry Total 1,426 - 100.0 22,838.1 Industry Total 423.2 - 100.0 1,055 Source: Thomson Reuters/Freeman & Co. Japanese Mid-Market M&A up to US$500m Japanese Mid-Market M&A up to US$500m by Rank Value Range by Target Industry High Technology $25 900 2%2%1% 3% Materials 800 5% 23% Real Estate Rank Value (US$b) $20 700 5% Financials 600 # of Deals $15 Industrials 500 7% Consumer Staples 400 $10 Consumer Products and Services 300 Retail $5 200 15% Energy and Power 100 12% Healthcare $0 - Media and Entertainment 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 Telecommunications 12% 13% US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m # of Deals Government and Agencies https://www.thomsonone.com 18 of 20
  • 19. July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors Ranking Criteria Summary - 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 If you would like to participate in the submission year's data is as of 12:00pm EST on July 9, 2009. process, receive quarterly press releases, or have questions about league table criteria please contact: - League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings. Americas Audrey Brown - 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. Tel: +1 646 223 8414 E-mail: audrey.brown@thomsonreuters.com Europe, Middle East & Africa - 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 Benedikt Schueller announcement of terms. Tel: +44 (0) 207 542 9059 E-mail: benedikt.schueller@thomsonreuters.com - 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 Asia-Pacific 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 Jason Pacannuayan Tel: +632 858 7262 agreed to or, in the absence of an agreement, the value of the highest offer. E-mail: jason.pacannuayan@thomsonreuters.com Japan - 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. Tomomi Terahara Tel: +813 5218 6582 E-mail: tomomi.terahara@thomsonreuters.com - 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. https://www.thomsonone.com 19 of 20
  • 20. July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors Thomson ONE Investment Banking One Solution. One Framework Thomson ONE is a revolutionary desktop solution that combines real-time market data and news with authoritative content from industry leading sources. Critical information that About Thomson Reuters previously needed to be co-ordinated and collected from internal and external sources is now at your finger tips in a remarkably easy-to-use format. Thomson Reuters is the world’s leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading Comprehensive Content decision makers in the financial, legal, tax and Thomson ONE Investment Banking offers you quick and easy access to quotes, earnings estimates, financial fundamentals, market moving news, transaction data, corporate filings, accounting, scientific, healthcare and media markets, ownership profiles and research from industry leading sources: 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 I/B/E/S Thomson Investext Thomson SDC Thomson Reuters shares are listed on the New York Stock Exchange (NYSE: TRI); Toronto Stock Exchange (TSX: TRI); London Stock Exchange (LSE: TRIL); and Thomson Worldscope Thomson First Call Earnings Data Thomson Extel Nasdaq (NASDAQ: TRIN). For more information, go to www.thomsonreuters.com. Global real-time and/or delayed market data And many more… Open Framework Thomson Reuters Deals Content is the most extensive Thomson ONE's open framework puts you in control of your workflow. View content sets from disparate databases side by side for over 60,000 domestic and global companies. You and flexible resource available for timely M&A and capital have the flexibility to integrate your own proprietary or other third party information. Simply select the content you’d like to view and designate how and where you want it to be markets transactions. Our leading edge products for the displayed on your pages. deal-making community enable you to analyze the current trends in the market and assess the changing competitive landscape by building your own custom Unsurpassed Functionality Unmatched Benefits leagues tables and reports. Please send an email to salesinquiry@thomson.com for more information. Customize the type of content you want to receive by Receive only relevant information through tailored pages for choosing only data that is relevant to your workflow. user workflow. Design your own layout for a personalized view of content Desktop Delivery—the first fully integrated product for the and functional components. investment banking community. Low cost integration - reducing overall market data costs by Search across multiple databases simultaneously to receive minimizing infrastructure overhead and leveraging existing the most in-depth and up-to-date information available. contracts. View streaming market data allowing you to stay on top of market conditions. Copyright 2009 Thomson Reuters. All rights reserved. 20 of 20

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