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Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
Press Release For Financial Advisers H1 2008 Global Final
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Press Release For Financial Advisers H1 2008 Global Final

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  • 1. July 1, 2008 For Immediate Release mergermarket league tables of financial advisers to global M&A: H1 2008 Contacts: The first half 2008 M&A league tables saw Goldman Sachs just eke out a leading position over JPMorgan to emerge as the leading M&A firm by Europe & North America value. While Goldman’s was simply maintaining its leading position, JPMorgan was able to significantly improve on its fourth place finish in 2007. Hannah Bagshawe This impressive finish was aided in part because its traditional strengths in the US were buttressed by the inclusion of all Bear Stearns’ deals by hannah.bagshawe@mergermarket.com virtue of its takeover of the latter. However this formed only a small part of their story, which also featured very strong performances in Europe in Tel: +44 20 7059 6118 Asia, offered a few other surprises, notably the weak showing of industry heavyweight Morgan Stanley and Lehman Brothers. Morgan Stanley, which had grown used to shadowing industry leader Goldman Sachs for years, advised on just half as many deals by value as its nemesis in the Asia-Pacific US market in the first half of 2008. And Lehman Brothers, which a decade ago had been a leading light in the process of European consolidation by virtue of its key role advising and financing on the ground-breaking hostile bid for Telecom Italia, ranks just 16th in that market in the year so Seye Im far. seye.im@mergermarket.com Tel: +852 2158 9706 Meanwhile, the emergence of China’s CICC in 20th position – the first time a Chinese firm has ever appeared in the upper echelons of the M&A league tables – could herald a taste of things to come as M&A activity continues to grow in regions outside of Europe and North America. China makes up a growing portion of Asian M&A nowadays, in contrast with the recent past which has seen Australian deals dominate the market. The long line of strategic buyers that have emerged following General Electric’s recent decision to put its Kentucky-based appliances business up for sale offers a couple of key insights into the current M&A market. Had this sale process been announced just one year ago, private equity firms would have dominated the auction process yet the principle parties to have shown an interest are known to have comprised large strategic Table of Contents: buyers from all four corners of the globe. Likewise the global M&A markets have been affected by the deleveraging of the banking system in the form of a severe decline in the leveraged Global League Tables & Data 2-4 buy-out market, leaving strategic buyers to fill in the void in a variety of sectors. And while cross-border M&A has yet to seriously take off to the Expected Deals 5 extent it had been expected, encouraging signs have recently emerged in key sectors. The best example was seen at the beginning of June when Top Firm Profiles 6-10 the Japanese pharmaceuticals giant Daiichi Sankyo surprised the market with a USD 4.6 bid for India’s Ranbaxy. European League Tables & Data 11-19 North American Tables & Data 20-26 Given the weakness of the US and European banking sector, it is not surprising to see that this sector has grown quiet in these geographies, while Asia-Pacific League Tables & Data 27-32 remaining a solid area of activity in Asia. Energy and commodities remains a major M&A sector in 2008 across the globe although it showing signs Global M&A Breakdown 33 of plateauing. The more consistent sectors of activity going forward comprise industrials as well as the consumer sector. Criteria 34 About mergermarket 35 Europe has marginally exceeded the US in terms of overall M&A activity, a rare occurrence which underlines the weaknesses of the latter. How- ever, as much of the expected cross-border activity is likely to involve US companies as targets, this situation could be reversed quite quickly. More disappointing has been the comparatively low levels of M&A activity in Latin America, despite the strength of markets there due to commod- ity price increases. mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 1
  • 2. Global League Table of Financial Advisers to Global M&A: Value League Table of Financial Advisers to Global M&A: Volume Value No of Value No of Y/E 2007 H1 2008 Company Name (USDm) Deals Y/E 2007 H1 2008 Company Name (USDm) Deals 1 1 Goldman Sachs 566,555 122 2 1 JPMorgan 561,190 140 4 2 JPMorgan 561,190 140 5 2 UBS 407,877 135 3 3 Citi 523,910 116 4 3 KPMG Corp Fin 15,220 126 9 4 Deutsche Bank 464,540 81 3 4 Goldman Sachs 566,555 122 8 5 Credit Suisse 453,675 113 7 5 Rothschild 323,396 122 2 6 Morgan Stanley 416,422 108 1 6 Citi 523,910 116 7 7 UBS 407,877 135 8 7 Credit Suisse 453,675 113 5 8 Merrill Lynch 375,425 113 11 8 Merrill Lynch 375,425 113 10 9 Rothschild 323,396 122 6 9 Deloitte 10,919 110 6 10 Lehman Brothers 311,335 70 10 10 Morgan Stanley 416,422 108 11 11 Lazard 280,694 82 9 11 PricewaterhouseCoopers Corp Fin 17,979 108 14 12 BNP Paribas 263,087 41 12 12 Ernst & Young 30,752 92 27 13 Macquarie Group 241,974 46 13 13 Lazard 280,694 82 87 14 SG 230,963 17 15 14 Deutsche Bank 464,540 81 58 15 Gresham Advisory Partners 228,810 9 14 15 Lehman Brothers 311,335 70 19 16 HSBC Bank 219,325 24 19 16 Houlihan Lokey 10,103 67 30 17 Centerview Partners 109,926 4 21 17 Jefferies & Company 11,474 49 12 18 ABN AMRO 60,240 48 17 18 M&A International 1,559 49 16 19 Banc of America Securities 45,461 31 16 19 ABN AMRO 60,240 48 131 20 China International Capital (CICC) 44,790 8 22 20 Macquarie Group 241,974 46 mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 2
  • 3. Global League Table of Financial Advisers to Global Buyouts: Value League Table of Financial Advisers to Global Buyouts: Volume Value No of Value No of Y/E 2007 H1 2008 Company Name (USDm) Deals Y/E 2007 H1 2008 Company Name (USDm) Deals 3 1 Deutsche Bank 19,794 12 1 1 PricewaterhouseCoopers Corp Fin 7,495 23 7 2 Merrill Lynch 14,152 10 5 2 KPMG Corp Fin 1,670 23 5 3 Morgan Stanley 12,801 9 2 3 Deloitte 2,985 21 2 4 Goldman Sachs 12,638 9 4 4 Ernst & Young 9,221 20 20 5 Rothschild 9,946 14 12 5 Rothschild 9,946 14 26 6 Ernst & Young 9,221 20 14 6 Deutsche Bank 19,794 12 13 7 PricewaterhouseCoopers Corp Fin 7,495 23 13 7 Merrill Lynch 14,152 10 8 8 Credit Suisse 6,585 9 15 8 Grant Thornton Corporate Finance 380 10 14 9 UBS 6,392 8 10 9 Morgan Stanley 12,801 9 46 10 RBC Capital Markets 5,932 3 7 10 Goldman Sachs 12,638 9 4 11 Lehman Brothers 5,294 6 6 11 Credit Suisse 6,585 9 23 12 Mediobanca 4,790 4 17 12 BDO Corporate Finance 125 9 6 13 JPMorgan 4,591 4 11 13 UBS 6,392 8 24 14 ABN AMRO 4,487 7 20 14 ABN AMRO 4,487 7 48 15 Barclays Bank 4,222 4 9 15 Lehman Brothers 5,294 6 - 16 Sardis Capital 3,227 1 3 16 Citi 3,068 6 172 17 Hawkpoint Partners 3,102 1 22 17 Close Brothers Group 1,581 5 1 18 Citi 3,068 6 16 18 Macquarie Group 586 5 15 19 Deloitte 2,985 21 42 19 Mediobanca 4,790 4 196 20 Banca IMI/Intesa Sanpaolo 2,749 4 8 20 JPMorgan 4,591 4 Note: based on firms advising the bidder on buyout deals mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 3
  • 4. Global M&A Trend Data and Top Deals Global M&A Activity - Quarterly Global Buyout M&A Activity - Yearly 1,400 4,500 450 800 Value Value Volume Volume 4,000 400 1,200 700 3,500 350 600 1,000 3,000 300 Value of Deals ($bn) Value of Deals ($bn) 500 Volume of Deals Volume of Deals 800 250 2,500 400 2,000 200 600 300 1,500 150 400 200 100 1,000 200 50 100 500 0 0 0 0 Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr 1 03 2 03 3 03 4 03 1 04 2 04 3 04 4 04 1 05 2 05 3 05 4 05 1 06 2 06 3 06 4 06 1 07 2 07 3 07 4 07 1 08 2 08 1 03 2 03 3 03 4 03 1 04 2 04 3 04 4 04 1 05 2 05 3 05 4 05 1 06 2 06 3 06 4 06 1 07 2 07 3 07 4 07 1 08 2 08 Top Announced Deals H1 2008 - All Regions Deal Value Announced Date Bidder Company Bidder Financial Adviser Target Company Target/Seller Financial Adviser Seller Company USD (m) BNP Paribas; Citi; Goldman Sachs; Credit Suisse; Deutsche Bank; JPMorgan 06-Feb-08 BHP Billiton Ltd Gresham Advisory Partners; HSBC Bank; Rio Tinto plc Cazenove; Macquarie Group; Morgan 210,868 Lazard; Merrill Lynch; UBS Stanley; Rothschild; SG Advising seller: Centerview Partners; Citi; Philip Morris 30-Jan-08 Altria Group Inc (Shareholders) Credit Suisse; Deutsche Bank; Goldman Altria Group Inc 106,884 International Inc Sachs; JPMorgan; Lehman Brothers China Netcom Group China International Capital (CICC); 02-Jun-08 China Unicom Ltd Corporation (Hong Citi; Rothschild 29,589 JPMorgan; Lehman Brothers Kong) Limited ABN AMRO; Advising seller: Citi; Atlantis Holdings LLC (af- Alltel Corporation 05-Jun-08 Verizon Wireless Inc Lehman Brothers; Morgan Stanley; UBS Goldman Sachs; Royal Bank of Scotland filiate of TPG LLP and GS 28,100 Inc Group Capital Partners Evercore Partners; Morgan Stanley; Time Warner Cable Inc Time Warner Cable Advising seller: Banc of America 21-May-08 Time Warner Inc 25,461 (Shareholders) Inc (86.30% stake) Securities; BNP Paribas; Citi; Deutsche Bank; Goldman Sachs; Wachovia mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 4
  • 5. Expected Deals Europe Value Pre- Ann. Date Potential Bidder Company Bidder Financial Adviser Target Company Target Financial Adviser EUR (m) 05-Jun-08 France Telecom SA BNP Paribas TeliaSonera AB Goldman Sachs; Merrill Lynch; Morgan Stanley 27,060 17-Mar-08 Electricite de France SA; Centrica plc; and Iberdrola British Energy Group Plc 7,677 17-Jun-08 Hellman & Friedman LLC; Providence Equity Jefferies Group; JPMorgan Informa Plc Greenhill & Co 2,533 06-Nov-07 Credit Mutuel SA Morgan Stanley Banca Popolare di Milano 4,454 05-May-08 WPP Group Plc Taylor Nelson Sofres Plc Deutsche Bank; JPMorgan Cazenove 1,213 North America Value Pre- Ann. Date Potential Bidder Company Bidder Financial Adviser Target Company Target Financial Adviser USD (m) Deutsche Bank; JPMorgan Cazenove; BNP Paribas; Citi; Merrill Lynch; Goldman Sachs; Moelis & 11-Jun-08 InBev SA Anheuser-Busch Companies Inc 46,349 Lazard Company 20-May-08 NRG Energy Inc Credit Suisse; Merrill Lynch Calpine Corporation Goldman Sachs 8,960 10-Mar-08 Nationwide Mutual Insurance Company Goldman Sachs; UBS Nationwide Financial Services Inc Lazard 6,510 02-Mar-08 United Technologies Corporation Morgan Stanley Diebold Incorporated Goldman Sachs 2,632 10-Jun-08 Precision Drilling Trust RBC Capital Markets Grey Wolf Inc UBS 1,788 Asia-Pacific Value Pre- Ann. Date Potential Bidder Company Bidder Financial Adviser Target Company Target Financial Adviser USD (m) 12-Dec-07 KT Corporation KT Freetel Co Ltd 5,137 Goldman Sachs; Deutsche Bank; Morgan Stanley; 24-Jun-08 BG Group Plc Contact Energy Ltd 3,565 Gresham Advisory Partners 05-Dec-07 Nakheel Group; and Lend Lease Corporation Mirvac Group 3,024 15-Feb-08 Steel Partners Japan Strategic Fund (Offshore) LP Sapporo Holdings Limited Mizuho Financial Group; Citi 2,724 14-May-08 Country Garden Holdings Co Ltd; and Yeung Kwok Television Broadcasts Limited 2,526 mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 5
  • 6. Goldman Sachs Mix of Announced Global Deals by Industry Sector H1 2008 - Value Regional Rankings Value Volume Regional Rankings Value Volume Construction Agriculture Defence 0.3% 0.9% Industrials & Chemicals 0.3% Pharma, Medical & Biotech 3.3% Global 1 4 Europe: 3 12 3.8% Financial Services Transport 7.6% 0.1% Americas: UK 7 13 Leisure Business Services 0.8% 2.7% USA 1 2 Germany 4 9 TMT 13.5% Mid Atlantic 1 3 France 24 18 Consumer 24.4% Mid West 2 1 Benelux 4 9 New England 1 1 Ireland - - South/South West 1 2 Iberia 36 25 Energy, Mining & Utilities 42.3% West 5 2 Italy 10 16 Canada 8 29 Nordic 14 18 Central & South America 5 8 Central & Eastern Europe 18 22 Mix of Announced Global Deals by Industry Sector H1 2008 - Volume Asia-Pacific Spain 32 19 Construction Agriculture Defence 1.6% 0.8% 0.8% Asia-Pacific (excl Japan) 7 7 Sweden 10 12 Pharma, Medical & Biotech 6.3% Industrials & Chemicals Transport 12.5% Asia (excl Japan) 9 3 Russia 15 15 0.8% Leisure South East Asia 4 2 Buyouts: 4.7% Financial Services Greater China 14 14 Global 4 10 TMT 18.8% 16.4% Australasia 6 9 USA 14 4 India 7 10 Europe 3 11 Energy, Mining & Utilities Japan 3 9 Asia-Pacific (excl Japan) - - 9.4% Business Services 13.3% Consumer 14.8% Global M&A Activity - Quarterly 600 140 Mix of Announced Deals by Geographic Region H1 2008 - Value Value Mix of Announced Deals by Geographic Region H1 2008 - Volume South & Central Asia North Asia Volume 120 Japan Australasia 0.1% South East Asia South East Asia 500 0.5% 0.8% Africa & Middle East 0.2% 3.0% South & Central Asia 6.3% Northern Europe Africa & Middle East 2.3% 1.6% 100 0.5% 0.9% Australasia Value of Deals ($bn) North America Japan 400 Volume of Deals 3.1% 28.7% North Asia 2.3% Southern Europe 2.3% 80 1.0% l & Eastern Europe 300 1.6% 60 Northern Europe 2.3% 200 North America Central & South America Southern Europe 52.3% 40 2.0% 4.7% 100 20 Western Europe Western Europe 18.0% 62.3% 0 0 Central & South America 3.1% mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 6
  • 7. Citi Mix of Announced Global Deals by Industry Sector H1 2008 - Value Construction Industrials & Chemicals Regional Rankings Value Volume Regional Rankings Value Volume Pharma, Medical & Biotech 0.4% 2.2% Financial Services Transport 3.1% 4.1% 0.7% Global 3 6 Europe: 5 11 Leisure Business Services 0.5% 3.2% Americas: UK 11 11 TMT Consumer USA 3 8 Germany 22 15 20.6% 21.9% Mid Atlantic 2 6 France 19 12 Mid West 8 7 Benelux 19 11 New England 4 6 Ireland - - South/South West 6 9 Iberia 1 2 Energy, Mining & Utilities 43.2% West 4 8 Italy 15 19 Canada - - Nordic 16 19 Mix of Announced Global Deals by Industry Sector H1 2008 - Volume Central & South America 3 4 Central & Eastern Europe 10 5 Construction Pharma, Medical & Biotech 6.2% Asia-Pacific Spain 1 2 5.3% Industrials & Chemicals 13.3% Transport Asia-Pacific (excl Japan) 1 9 Sweden 11 23 3.5% Leisure Asia (excl Japan) 3 5 Russia 10 4 1.8% Financial Services 15.0% South East Asia 1 5 Buyouts: TMT 15.9% Greater China 4 12 Global 18 16 Australasia 8 7 USA 4 2 Business Services 10.6% India 6 6 Europe 38 29 Energy, Mining & Utilities 17.7% Consumer 10.6% Japan 9 5 Asia-Pacific (excl Japan) - - Global M&A Activity - Quarterly 500 140 Mix of Announced Deals by Geographic Region H1 2008 - Volume Value Mix of Announced Deals by Geographic Region H1 2008 - Value 450 Japan South East Asia Volume 120 0.6% Australasia 2.7% Africa & Middle East 1.5% South East Asia 2.7% 400 South & Central Asia 0.1% South & Central Asia 0.2% 2.7% 350 100 Africa & Middle East Value of Deals ($bn) Central & Eastern Europe North Asia Australasia 0.6% Volume of Deals 0.8% 6.4% 5.3% Northern Europe North America 300 0.1% North America 31.0% 80 19.7% Southern Europe 250 2.0% Japan 15.9% 60 Central & South America 200 3.5% 150 40 North Asia 3.5% 100 Central & South America Central & Eastern Europe 20 5.3% 6.2% 50 Northern Europe 2.7% Southern Europe Western Europe 0 0 Western Europe 8.8% 13.3% 64.5% mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 7
  • 8. JPMorgan Mix of Announced Global Deals by Industry Sector H1 2008 - Value Construction Defence Regional Rankings Value Volume Regional Rankings Value Volume TransportPharma, Medical & Biotech 0.3% 0.9% Industrials & Chemicals 1.3% 2.1% 4.0% Global 2 1 Europe: 2 6 Leisure 0.6% Financial Services 7.3% Americas: UK 5 7 TMT 11.0% Business Services 3.8% USA 2 1 Germany 3 4 Mid Atlantic 4 1 France 2 8 Consumer Mid West 1 2 Benelux 3 4 27.1% New England 11 4 Ireland 9 15 Energy, Mining & Utilities 41.7% South/South West 2 1 Iberia 13 15 West 3 5 Italy 9 10 Canada 30 33 Nordic 7 7 Central & South America 4 1 Central & Eastern Europe 3 11 Mix of Announced Global Deals by Industry Sector H1 2008 - Volume Asia-Pacific Spain 12 13 Construction Defence 2.8% 0.7% Asia-Pacific (excl Japan) 2 10 Sweden 1 3 Pharma, Medical & Biotech 7.0% Industrials & Chemicals Transport 16.1% Asia (excl Japan) 2 4 Russia 4 7 1.4% Leisure 2.8% South East Asia 9 17 Buyouts: TMT Greater China 3 4 Global 13 20 16.8% Financial Services 20.3% Australasia 10 13 USA 1 5 India 14 30 Europe 64 69 Energy, Mining & Utilities Business Services 12.6% Japan 14 16 Asia-Pacific (excl Japan) - - Consumer 6.3% 13.3% Global M&A Activity - Quarterly Mix of Announced Deals by Geographic Region H1 2008 - Value 450 140 Mix of Announced Deals by Geographic Region H1 2008 - Volume Australasia South & Central Asia Value 0.2% South & Central Asia 0.4% South East Asia 400 Volume Central & Eastern Europe North Asia Australasia 2.1% 120 South East Asia 0.7% 6.2% Africa & Middle East 2.8% 1.5% 0.5% Africa & Middle East Northern Europe 0.1% 350 North Asia 2.1% 1.9% North America 100 2.8% Value of Deals ($bn) 20.8% Central & Eastern Europe 300 Southern Europe Volume of Deals 4.2% 1.7% Northern Europe 250 80 4.2% Central & South America Southern Europe 1.9% 5.6% 200 60 North America 49.0% 150 40 100 20 Western Europe 50 23.1% 0 0 Western Europe Central & South America 64.8% 3.5% mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 8
  • 9. UBS Mix of Announced Global Deals by Industry Sector H1 2008 - Value Construction Defence 0.6% 0.2% Agriculture Regional Rankings Value Volume Regional Rankings Value Volume Pharma, Medical & Biotech <0.1% Industrials & Chemicals Transport 3.8% 8.8% Global 7 2 Europe: 7 7 1.6% Financial Services Leisure 7.0% 0.4% Americas: UK 2 6 Business Services 2.6% TMT USA 9 7 Germany 2 3 10.0% Consumer 6.7% Mid Atlantic 9 9 France 17 3 Mid West 13 16 Benelux 10 10 Energy, Mining & Utilities New England 10 3 Ireland - - 56.5% South/South West 3 5 Iberia 16 9 West 6 6 Italy 16 13 Canada 14 17 Nordic 2 6 Central & South America 7 5 Central & Eastern Europe 11 13 Mix of Announced Global Deals by Industry Sector H1 2008 - Volume Agriculture Asia-Pacific Spain 20 17 Construction 1.4% 4.3% Defence Asia-Pacific (excl Japan) 3 2 Sweden 8 9 Pharma, Medical & Biotech 3.8% 0.7% Industrials & Chemicals 20.3% Asia (excl Japan) 8 8 Russia 9 13 Transport 2.9% South East Asia 15 6 Buyouts: Leisure 2.2% Greater China 7 5 Global 9 13 TMT Financial Services 10.9% 16.7% Australasia 2 2 USA 10 9 Business Services India - - Europe 9 13 7.2% Energy, Mining & Utilities Consumer Japan 2 8 Asia-Pacific (excl Japan) - - 13.0% 11.6% Global M&A Activity - Quarterly 400 120 Mix of Announced Deals by Geographic Region H1 2008 - Volume Value Mix of Announced Deals by Geographic Region H1 2008 - Value 350 Volume Australasia South East Asia 100 South & Central Asia South & Central Asia 6.6% 2.2% 2.6% 0.7% Africa & Middle East North Asia Africa & Middle East 300 Japan 2.2% 2.9% 0.3% 0.7% South East Asia Australasia Value of Deals ($bn) 80 Central & Eastern Europe 0.3% 11.6% Volume of Deals 250 0.1% Northern Europe North America Japan 1.4% 23.2% North America 2.9% 200 60 Southern Europe 35.5% North Asia 1.3% entral & Eastern Europe 5.1% 2.2% 150 Central & South America 40 1.9% Northern Europe 2.9% 100 Southern Europe 20 4.3% 50 Central & South America 4.3% Western Europe 0 0 Western Europe 26.1% 60.4% mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 9
  • 10. KPMG Corp Fin Mix of Announced Global Deals by Industry Sector H1 2008 - Value Transport Construction Regional Rankings Value Volume Regional Rankings Value Volume 0.4% Pharma, Medical & Biotech 1.3% Agriculture 3.5% 0.6% Leisure Global 37 3 Europe: 34 3 TMT 1.3% Industrials & Chemicals 14.4% 3.9% Americas: UK 29 5 Energy, Mining & Utilities 11.9% USA 54 21 Germany 25 5 Mid Atlantic 39 24 France 44 10 Consumer 10.8% Mid West 43 22 Benelux 15 3 Business Services New England 37 55 Ireland 32 11 4.0% Financial Services 47.8% South/South West 86 44 Iberia 19 4 West 41 22 Italy 18 3 Canada 54 21 Nordic 40 5 Mix of Announced Global Deals by Industry Sector H1 2008 - Volume Central & South America 36 13 Central & Eastern Europe 56 34 Agriculture Asia-Pacific Spain 18 3 Pharma, Medical & Biotech Construction 7.9% 0.8% 6.3% Industrials & Chemicals Asia-Pacific (excl Japan) 39 3 Sweden 36 5 Transport 22.8% 1.6% Asia (excl Japan) 44 15 Russia - - Leisure 6.3% South East Asia - - Buyouts: TMT Greater China 45 19 Global 27 2 10.2% Financial Services 15.0% Australasia 25 3 USA 38 15 Energy, Mining & Utilities 7.1% India 22 2 Europe 20 4 Consumer Business Services 11.8% 10.2% Japan 5 6 Asia-Pacific (excl Japan) 11 4 Global M&A Activity - Quarterly 60 140 Mix of Announced Deals by Geographic Region H1 2008 - Value Mix of Announced Deals by Geographic Region H1 2008 - Volume Value South East Asia Africa & Middle East South East Asia 0.6% 1.0% Africa & Middle East 1.6% Volume 120 South & Central Asia 1.6% North America 50 2.5% North America South & Central Asia 7.9% 2.9% 3.1% Australasia 8.6% Australasia 100 Central & South America Value of Deals ($bn) Western Europe 11.8% 40 2.4% Volume of Deals 24.8% 80 Japan 30 9.4% 60 North Asia Western Europe 1.6% 35.4% Japan 20 36.7% Central & Eastern Europe 40 Southern Europe 2.4% 17.7% Northern Europe 10 8.7% 20 North Asia Northern Europe Southern Europe 1.6% Central & Eastern Europe 3.0% 14.2% 0.6% 0 0 mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 10
  • 11. Europe Deutsche Bank is the uncontested leader in H1 2008, jumping up from 10th posi- tion at the year end 2007 to top the European H1 2008 table by value. The firm European M&A Activity - Quarterly has also topped the global and European buyout tables by value, as well as the 450 1,800 value tables in the UK, Germany, the Nordic region and in Russia. Value Volume 400 1,600 The bank has advised on four out of the top five European deals in 2008 includ- 350 1,400 ing the largest deal globally so far this year, BHP Billiton’s EUR 144bn bid for Rio Tinto. 300 1,200 Value of Deals (€bn) Volume of Deals The top spots in Europe have seen some movement this quarter, with the excep- 250 1,000 tion of Goldman Sachs, which is down to third place from second at the year end 200 800 2007. JPMorgan, the runner up by value, is up from 6th place from the end of last year, while Credit Suisse, now in fourth position, was ranked just ninth at the 150 600 year end 2007. 100 400 European M&A activity is down in Q2 this year with 60% less by value and 8% 50 200 less by volume since Q1. Compared to Q2 2007, the busiest quarter over the past few years, activity is down 68% by value and 22% by volume. 0 Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr 0 1 03 2 03 3 03 4 03 1 04 2 04 3 04 4 04 1 05 2 05 3 05 4 05 1 06 2 06 3 06 4 06 1 07 2 07 3 07 4 07 1 08 2 08 Top Announced Deals H1 2008 - Europe Deal Value Announced Date Bidder Company Bidder Financial Adviser Target Company Target/Seller Financial Adviser Seller Company EUR (m) BNP Paribas; Citi; Goldman Sachs; Credit Suisse; Deutsche Bank; JPMorgan 06-Feb-08 BHP Billiton Ltd Gresham Advisory Partners; HSBC Bank; Rio Tinto plc Cazenove; Macquarie Group; Morgan 144,085 Lazard; Merrill Lynch; UBS Stanley; Rothschild; SG Advising seller: Centerview Partners; Citi; Philip Morris 30-Jan-08 Altria Group Inc (Shareholders) Credit Suisse; Deutsche Bank; Goldman Altria Group Inc 71,922 International Inc Sachs; JPMorgan; Lehman Brothers Scottish & Newcastle Access Partners; Deutsche Bank; FIH 25-Jan-08 Carlsberg A/S; and Heineken NV Credit Suisse; Lehman Brothers 13,007 plc PARTNERS; Rothschild; UBS Credit Suisse; Deutsche Bank; JPMorgan Aluminum Corporation of China; China International Capital (CICC); Rio Tinto plc (12% 01-Feb-08 Cazenove; Macquarie Group; Morgan 9,458 and Alcoa Inc Lehman Brothers stake) Stanley; Rothschild Alcon Inc (24.85% 07-Apr-08 Novartis AG Goldman Sachs Advising seller: Citi; Credit Suisse Nestle SA 6,746 stake) mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 11
  • 12. Europe League Table of Financial Advisers to European M&A: Value League Table of Financial Advisers to European M&A: Volume Value No of Value No of Y/E 2007 H1 2008 Company Name (EURm) Deals Y/E 2007 H1 2008 Company Name (EURm) Deals 10 1 Deutsche Bank 286,198 54 3 1 Rothschild 184,861 102 6 2 JPMorgan 278,999 65 1 2 Deloitte 4,876 96 2 3 Goldman Sachs 266,780 45 2 3 KPMG Corp Fin 5,519 88 9 4 Credit Suisse 261,522 54 5 4 PricewaterhouseCoopers Corp Fin 6,183 79 4 5 Citi 246,319 49 4 5 Ernst & Young 15,979 74 5 6 Merrill Lynch 193,050 54 7 6 JPMorgan 278,999 65 3 7 UBS 192,961 64 6 7 UBS 192,961 64 1 8 Morgan Stanley 189,808 45 12 8 Deutsche Bank 286,198 54 7 9 Rothschild 184,861 102 15 9 Credit Suisse 261,522 54 13 10 Lazard 163,999 45 14 10 Merrill Lynch 193,050 54 12 11 BNP Paribas 158,061 30 9 11 Citi 246,319 49 63 12 SG 156,813 17 8 12 Goldman Sachs 266,780 45 30 13 Macquarie Group 154,758 9 10 13 Morgan Stanley 189,808 45 228 14 Gresham Advisory Partners 154,413 3 13 14 Lazard 163,999 45 24 15 HSBC Bank 148,765 18 11 15 ABN AMRO 17,182 35 8 16 Lehman Brothers 114,018 28 19 16 BDO Corporate Finance 369 32 202 17 Centerview Partners 71,922 1 16 17 BNP Paribas 158,061 30 27 18 CALYON 19,084 13 17 18 M&A International 662 30 11 19 ABN AMRO 17,182 35 18 19 Lehman Brothers 114,018 28 20 20 Ernst & Young 15,979 74 20 20 Close Brothers Group 2,589 27 mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 12
  • 13. Europe League Table of Financial Advisers to European Buyouts: Value League Table of Financial Advisers to European Buyouts: Volume Value No of Value No of Y/E 2007 H1 2008 Company Name (USDm) Deals Y/E 2007 H1 2008 Company Name (USDm) Deals 9 1 Deutsche Bank 16,685 7 2 1 PricewaterhouseCoopers Corp Fin 6,063 20 6 2 Merrill Lynch 12,744 7 1 2 Deloitte 2,794 20 3 3 Goldman Sachs 11,052 5 3 3 Ernst & Young 8,671 19 18 4 Morgan Stanley 9,917 5 4 4 KPMG Corp Fin 1,413 18 17 5 Rothschild 8,860 14 5 5 Rothschild 8,860 14 19 6 Ernst & Young 8,671 19 9 6 Grant Thornton Corporate Finance 380 10 11 7 PricewaterhouseCoopers Corp Fin 6,063 20 7 7 BDO Corporate Finance 125 9 14 8 Mediobanca 4,790 4 15 8 Deutsche Bank 16,685 7 7 9 UBS 4,556 5 21 9 Merrill Lynch 12,744 7 42 10 RBC Capital Markets 3,933 1 13 10 Close Brothers Group 1,581 6 22 11 ABN AMRO 3,329 5 6 11 Goldman Sachs 11,052 5 - 12 Sardis Capital 3,227 1 19 12 Morgan Stanley 9,917 5 2 13 Deloitte 2,794 20 8 13 UBS 4,556 5 132 14 Banca IMI/Intesa Sanpaolo 2,749 4 23 14 ABN AMRO 3,329 5 5 15 UniCredit Group 2,134 4 34 15 Mediobanca 4,790 4 118 16= Hawkpoint Partners 2,016 1 139 16 Banca IMI/Intesa Sanpaolo 2,749 4 15 16= Lehman Brothers 2,016 1 17 17 UniCredit Group 2,134 4 53 18 Close Brothers Group 1,581 6 39 18 CALYON 1,425 3 34 19 CALYON 1,425 3 54 19 Sal Oppenheim jr & Cie 1,260 3 21 20 KPMG Corp Fin 1,413 18 24 20 BNP Paribas 504 3 Note: based on firms advising the bidder on buyout deals where the dominant geography of the target company is Europe mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 13
  • 14. Europe Financial Advisers to UK M&A: Value Financial Advisers to UK M&A: Volume Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals 10 1 1 Deutsche Bank UBS 177,292 186,693 27 22 1 1 Rothschild 172,185 48 10 1 2 UBS Deutsche Bank 176,603 175,391 27 20 3 2 PricewaterhouseCoopers Corp Fin 4,127 40 6 3 Rothschild 172,185 171,746 46 48 2 3 Deloitte 3,751 40 2 9 4 Morgan Stanley Credit Suisse 168,455 168,794 14 15 5 4 Ernst & Young 6,960 37 7 5 JPMorgan Cazenove 168,438 167,731 26 27 4 5 KPMG Corp Fin 2,511 37 9 3 6 Credit Lynch Merrill Suisse 167,568 159,493 16 18 6 6 UBS 176,603 27 4 2 7 Goldman Sachs Morgan Stanley 166,752 158,225 17 13 11 7 JPMorgan Cazenove 168,438 27 3 4 8 Merrill Lynch Goldman Sachs 156,678 159,493 16 18 9 8 BDO Corporate Finance 351 26 141 5 9 Gresham Advisory Partners Citigroup 154,413 151,970 17 3 14 9 Deutsche Bank 186,693 22 26 20 10 Macquarie Group Lazard 154,285 149,393 5 8 8 10 Merrill Lynch 159,493 18 40 5 11 Citi BNP Paribas 153,130 146,943 18 8 7 11 Citi 153,130 18 20 21 12 Lazard HSBC Bank 149,393 145,984 8 7 13 12 Grant Thornton Corporate Finance 1,022 18 141 40 13 Gresham Advisory Partners BNP Paribas 144,271 146,943 2 8 12 13 Goldman Sachs 166,752 17 21 26 14 HSBC Bank Macquarie Group 145,984 144,211 7 4 16 14 Credit Suisse 167,568 16 58 15 SG 144,154 3 10 15 Morgan Stanley 168,455 14 Financial Advisers to French M&A: Value Financial Advisers to French M&A: Volume Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals 8 1 CALYON 17,417 9 1 1 Rothschild 6,294 28 4 2 JPMorgan 15,745 10 3 2 Lazard 12,024 16 21 3 Merrill Lynch 13,907 7 5 3 UBS 3,842 16 28 4 SG 12,728 15 7 4 SG 12,728 15 9 5 Lazard 12,024 16 2 5 BNP Paribas 8,595 13 2 6 BNP Paribas 8,595 13 8 6 Aforge Finance 600 11 14 7 Deutsche Bank 7,636 4 6 7 CALYON 17,417 10 16 8 Ernst & Young 7,625 9 10 8 JPMorgan 15,745 10 32 9 Natixis 6,364 3 13 9 Close Brothers Group 864 10 3 10 Rothschild 6,294 28 11 10 KPMG Corp Fin 225 10 5 11 Morgan Stanley 5,886 2 4 11 Ernst & Young 7,625 9 56 12 Ricol et Lasteyrie et Associes 5,723 2 17 12 Citi 2,390 9 - 13 PK Partners 5,626 1 23 13 Deloitte 31 8 - 14= Credit Mutuel-CIC Asset Management 5,558 1 25 14 Merrill Lynch 13,907 7 126 14= Fortis 5,558 1 mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 14
  • 15. Europe Financial Advisers to German M&A: Value Financial Advisers to German M&A: Value Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals 3 1 Deutsche Bank 13,242 19 2 1 Deutsche Bank 13,242 19 4 2 UBS 11,533 13 1 2 Ernst & Young 3,680 14 7 3 JPMorgan 9,010 9 4 3 UBS 11,533 13 1 4 Goldman Sachs 7,775 7 9 4 JPMorgan 9,010 9 2 5 Morgan Stanley 5,092 6 5 5 KPMG Corp Fin 744 9 12 6 Merrill Lynch 5,049 3 10 6 PricewaterhouseCoopers Corp Fin 188 9 6 7 Rothschild 4,808 8 3 7 Rothschild 4,808 8 73 8 Metzler Corporate Finance 3,948 3 12 8 Credit Suisse 3,523 8 5 9 Ernst & Young 3,680 14 6 9 Goldman Sachs 7,775 7 13 10 Credit Suisse 3,523 8 13 10 Sal Oppenheim jr & Cie 990 7 - 11 EFG Eurobank Ergasias 2,986 2 7 11 Lazard 394 7 122 12 SEB Enskilda 2,944 3 8 12 Morgan Stanley 5,092 6 - 13 Investment Bank of Greece 2,549 1 17 13 Close Brothers Group 165 6 - 14= Lilja & Co 2,400 1 30 14 UniCredit Group 2,024 5 29 14= Mediobanca 2,400 1 15 15 Citi 1,478 5 - 14= Sietz and Partner Limited & Co 2,400 1 Financial Advisers to Spanish M&A: Value Financial Advisers to Spanish M&A: Value Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals 1 1 Citi 3,830 8 1 1 Deloitte 775 19 9 2 BNP Paribas 2,538 5 8 2 Citi 3,830 8 34 3 CALYON 1,832 3 2 3 KPMG Corp Fin 650 7 4 4 Morgan Stanley 1,774 3 5 4 Ernst & Young 1,084 6 3 5 Lehman Brothers 1,746 3 3 5 Atlas Capital Close Brothers 440 6 14 6 Rothschild 1,633 2 16 6 BNP Paribas 2,538 5 42 7 N+1 1,119 3 17 7 Lazard 878 5 28 8 Ernst & Young 1,084 6 6 8 Socios Financieros 218 4 - 9= goetzpartners 1,026 1 38 9 CALYON 1,832 3 6 9= Merrill Lynch 1,026 1 13 10 Morgan Stanley 1,774 3 7 11 Santander Global Banking and Markets 939 1 18 11 Lehman Brothers 1,746 3 2 12 JPMorgan 881 3 25 12 N+1 1,119 3 18 13 Lazard 878 5 4 13 JPMorgan 881 3 11 14 Deutsche Bank 876 1 12 14 ABN AMRO 412 3 - 15 Natixis 806 2 11 15 Rothschild 1,633 2 mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 15
  • 16. Europe Financial Advisers to Irish M&A: Value Financial Advisers to Irish M&A: Volume Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals - 1= BNP Paribas 2,023 3 2 1 Davy Corporate Finance 928 8 3 1= Credit Suisse 2,023 3 7 2 Goodbody Corp Fin 171 4 18 3= Dresdner Kleinwort 1,455 1 - 3= BNP Paribas 2,023 3 - 3= Lexicon Partners 1,455 1 10 3= Credit Suisse 2,023 3 10 3= NCB Corporate Finance 1,455 1 - 5 Banc of America Securities 665 3 6 6 Davy Corporate Finance 928 8 - 6 Swiss Capital Group 568 2 - 7 Banc of America Securities 665 3 18 7 Merrion Capital Group 232 2 - 8 Swiss Capital Group 568 2 4 8 Deloitte 190 2 14 9 JPMorgan 345 1 1 9 IBI Corporate Finance 85 2 - 10 Kotak Mahindra Group 290 1 - 10 Baker Tilly Corporate Finance 38 2 26 11 Merrion Capital Group 232 2 5 11 KPMG Corp Fin - 2 27 12= AIB Corporate Finance 216 1 33 12= Dresdner Kleinwort 1,455 1 - 12= UniCredit Group 216 1 - 12= Lexicon Partners 1,455 1 16 14 Deloitte 190 2 6 12= NCB Corporate Finance 1,455 1 23 15 Goodbody Corp Fin 171 4 31 15 JPMorgan 345 1 Financial Advisers to Italian M&A: Value Financial Advisers to Italian M&A: Volume Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals 1 1 Merrill Lynch 8,653 10 3 1 Rothschild 6,934 25 12 2 Rothschild 6,934 25 1 2 Mediobanca 6,606 21 2 3 Mediobanca 6,606 21 2 3 KPMG Corp Fin 1,125 12 18 4 Lazard 5,199 6 15 4 Morgan Stanley 3,014 11 30 5 ABN AMRO 5,152 2 6 5 Merrill Lynch 8,653 10 26 6 CALYON 5,052 2 10 6 UniCredit Group 3,485 10 5 7 Lehman Brothers 4,703 5 8 7 Credit Suisse 4,608 9 3 8 Credit Suisse 4,608 9 7 8 Banca IMI/Intesa Sanpaolo 4,069 9 9 9 JPMorgan 4,419 6 4 9 Lazard 5,199 6 7 10 Goldman Sachs 4,344 4 16 10 JPMorgan 4,419 6 17 11 Banca IMI/Intesa Sanpaolo 4,069 9 27 11 Fineurop Soditic 433 6 11 12 BNP Paribas 4,052 1 18 12 Lehman Brothers 4,703 5 15 13 UniCredit Group 3,485 10 13 13 UBS 1,660 5 8 14 Morgan Stanley 3,014 11 5 14 Deloitte 314 5 4 15 Citi 1,891 3 17 15 PricewaterhouseCoopers Corp Fin 49 5 mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 16
  • 17. Europe Financial Advisers to Nordic M&A: Value Financial Advisers to Nordic M&A: Volume Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals 8 1 Deutsche Bank 24,912 7 3 1 Ernst & Young 6,436 19 7 2 UBS 22,364 11 2 2 PricewaterhouseCoopers Corp Fin 1,081 17 13 3 Credit Suisse 18,499 10 1 3 SEB Enskilda 4,619 13 25 4 FIH PARTNERS 14,102 10 10 4 Danske Markets Corporate Finance 885 12 24 5 Lehman Brothers 13,327 2 7 5 KPMG Corp Fin 289 12 26 6 Rothschild 13,262 5 9 6 UBS 22,364 11 4 7 JPMorgan 12,673 11 16 7 JPMorgan 12,673 11 5 8 Morgan Stanley 10,963 5 36 8 Credit Suisse 18,499 10 15 9 Ernst & Young 6,436 19 23 9 FIH PARTNERS 14,102 10 68 10 SG 5,957 3 5 10 Deloitte 467 10 146 11= CALYON 5,626 1 8 11 Nordea Corporate Finance 486 9 - 11= PK Partners 5,626 1 4 12 D Carnegie & Co 1,074 8 10 13 SEB Enskilda 4,619 13 14 13 Lazard 873 8 1 14 Goldman Sachs 3,998 5 20 14 Deutsche Bank 24,912 7 3 15 Merrill Lynch 3,433 4 12 15 ABG Sundal Collier 777 6 Financial Advisers to Swedish M&A: Value Financial Advisers to Swedish M&A: Volume Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals 12 1 JPMorgan 9,317 7 6 1 Ernst & Young 6,306 12 13 2 Deutsche Bank 8,703 4 11 2 Danske Markets Corporate Finance 102 8 3 3 Morgan Stanley 8,669 3 15 3 JPMorgan 9,317 7 15 4 Ernst & Young 6,306 12 1 4 SEB Enskilda 3,734 7 - 5 SG 5,957 3 7 5 KPMG Corp Fin 80 7 95 6= CALYON 5,626 1 41 6 Credit Suisse 2,574 6 - 6= PK Partners 5,626 1 5 7 D Carnegie & Co 541 6 4 8 UBS 4,015 5 3 8 PricewaterhouseCoopers Corp Fin 366 6 9 9 SEB Enskilda 3,734 7 4 9 UBS 4,015 5 2 10 Goldman Sachs 3,280 4 2 10 Handelsbanken Capital Markets 2,348 5 14 11 Citi 2,669 2 20 11 Deutsche Bank 8,703 4 10 12 Credit Suisse 2,574 6 13 12 Goldman Sachs 3,280 4 1 13 Handelsbanken Capital Markets 2,348 5 8 13 Nordea Corporate Finance 270 4 28 14 ABN AMRO 1,496 3 9 14 Lazard 264 4 27 15 Erneholm & Haskel 1,002 3 28 15 FIH PARTNERS 133 4 mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 17
  • 18. Europe Financial Advisers to Central Eastern Europe M&A: Value Financial Advisers to Central Eastern Europe M&A: Volume Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals 2 1 Merrill Lynch 9,938 12 10 1 Merrill Lynch 9,938 12 7 2 Deutsche Bank 7,509 8 5 2 Rothschild 4,309 10 9 3 JPMorgan 5,443 6 1 3 Deloitte 256 10 11 4 Troika Dialog Group 5,115 8 7 4 Renaissance Capital 3,714 9 3 5 Credit Suisse 5,081 6 15 5 Citi 3,689 9 13 6 Rothschild 4,309 10 3 6 Deutsche Bank 7,509 8 8 7 ABN AMRO 3,815 4 19 7 Troika Dialog Group 5,115 8 28 8 Alfa Bank 3,726 4 14 8 Raiffeisen Investment 1,044 8 6 9 Renaissance Capital 3,714 9 13 9 PricewaterhouseCoopers Corp Fin 656 7 5 10 Citi 3,689 9 8 10 Ernst & Young 553 7 1 11 UBS 3,383 5 18 11 JPMorgan 5,443 6 4 12 Morgan Stanley 3,083 5 6 12 Credit Suisse 5,081 6 10 13 BNP Paribas 2,856 3 9 13 UBS 3,383 5 34 14 HSBC Bank 2,417 4 4 14 Morgan Stanley 3,083 5 19 15 Dresdner Kleinwort 2,284 3 34 15 ING 873 5 Financial Advisers to Russian M&A: Value Financial Advisers to Russian M&A: Volume Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals 7 1 Deutsche Bank 6,897 7 8 1 Merrill Lynch 6,679 8 2 2 Merrill Lynch 6,679 8 9 2 Troika Dialog Group 5,115 8 11 3 Troika Dialog Group 5,115 8 2 3 Renaissance Capital 3,564 8 9 4 JPMorgan 5,093 5 10 4 Citi 3,173 8 4 5 Credit Suisse 4,957 5 1 5 Deutsche Bank 6,897 7 8 6 ABN AMRO 3,815 4 13 6 Rothschild 2,643 7 19 7 Alfa Bank 3,726 4 5 7 JPMorgan 5,093 5 6 8 Renaissance Capital 3,564 8 4 8 Credit Suisse 4,957 5 1 9 UBS 3,259 4 3 9 Morgan Stanley 3,083 5 5 10 Citi 3,173 8 - 10 Urals Energy Management Company 333 5 3 11 Morgan Stanley 3,083 5 11 11 ABN AMRO 3,815 4 13 12 Rothschild 2,643 7 26 12 Alfa Bank 3,726 4 17 13 Dresdner Kleinwort 2,284 3 7 13 UBS 3,259 4 - 14 Handelsbanken Capital Markets 2,233 1 18 14 Dresdner Kleinwort 2,284 3 12 15 Goldman Sachs 1,588 3 6 15 Goldman Sachs 1,588 3 mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 18
  • 19. Europe Financial Advisers to Benelux M&A: Value Financial Advisers to Benelux M&A: Volume Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals 5 1 Merrill Lynch 8,329 9 1 1 ABN AMRO 7,958 14 3 2 ABN AMRO 7,958 14 3 2 Deloitte 325 14 12 3 JPMorgan 7,145 10 2 3 KPMG Corp Fin 1,151 13 1 4 Goldman Sachs 6,226 7 9 4 JPMorgan 7,145 10 11 5 Lazard 4,730 5 4 5 ING 670 10 22 6 BNP Paribas 4,200 3 18 6 Merrill Lynch 8,329 9 39 7 CALYON 4,052 1 6 7 Rothschild 1,727 8 6 8 Lehman Brothers 3,828 3 17 8 PricewaterhouseCoopers Corp Fin 834 8 10 9 Deutsche Bank 3,263 3 5 9 Goldman Sachs 6,226 7 4 10 UBS 2,602 7 12 10 UBS 2,602 7 8 11 Citi 2,027 4 11 11 Rabobank 1,483 7 7 12 Rothschild 1,727 8 50 12 Close Brothers Group 554 7 26 13 Rabobank 1,483 7 14 13 M&A International 42 7 20 14 Credit Suisse 1,237 5 20 14 KBC Securities 456 6 16 15 KPMG Corp Fin 1,151 13 25 15 BDO Corporate Finance - 6 Financial Advisers to Iberian M&A: Value Financial Advisers to Iberian M&A: Volume Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals Y/E 2007 H1 2008 Company Name Value (EURm) No of Deals 1 1 Citi 3,830 8 1 1 Deloitte 874 20 9 2 BNP Paribas 2,538 5 10 2 Citi 3,830 8 35 3 CALYON 1,927 4 6 3 Ernst & Young 1,107 8 4 4 Morgan Stanley 1,774 3 2 4 KPMG Corp Fin 650 7 3 5 Lehman Brothers 1,746 3 18 5 Lazard 1,068 6 14 6 Rothschild 1,688 3 4 6 Atlas Capital Close Brothers 440 6 7 7 Santander Global Banking and Markets 1,257 2 17 7 BNP Paribas 2,538 5 44 8 N+1 1,119 3 39 8 CALYON 1,927 4 29 9 Ernst & Young 1,107 8 8 9 UBS 813 4 19 10 Lazard 1,068 6 11 10 Socios Financieros 218 4 - 11= goetzpartners 1,026 1 14 11 Morgan Stanley 1,774 3 6 11= Merrill Lynch 1,026 1 19 12 Lehman Brothers 1,746 3 2 13 JPMorgan 881 3 13 13 Rothschild 1,688 3 11 14 Deutsche Bank 876 2 27 14 N+1 1,119 3 28 15 Deloitte 874 20 7 15 JPMorgan 881 3 mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 19
  • 20. The Americas Goldman Sachs lead the US H1 2008 table by value, with 84 deals worth a total of North American M&A Activity - Quarterly USD 288bn. The leading investment bank globally, Goldman are advisers to the top (USA and Canada) three North American American deals this quarter. 700 1,600 Value Volume American rival JPMorgan is close behind, however, with a total of USD 236bn and 600 1,400 85 deals, pushing them into top position in the US volume table. The US runners up 1,200 by value are also second in the global value table, and are in first place in the US 500 buyout table in H1 2008. Value of Deals ($bn) 1,000 Volume of Deals 400 800 Meanwhile US heavyweight Morgan Stanley, seems to be among the firms most 300 affected by current market conditions, with less than half of leading firm Goldman 600 Sachs’ deal value. Morgan Stanley is ranked 7th in H1 2008, down from 3rd place at 200 the year end 2007. However the firm have risen dramatically in the volume tables to 400 3rd place so far this quarter, up from 8th position at the end of last year. 100 200 Despite the weakness of the US market, American M&A has seen a rise in value in 0 0 the second quarter of 2008, with all of the region’s top deals this year being an- Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr 1 03 2 03 3 03 4 03 1 04 2 04 3 04 4 04 1 05 2 05 3 05 4 05 1 06 2 06 3 06 4 06 1 07 2 07 3 07 4 07 1 08 2 08 nounced in Q2. Deal value is up 98% in Q2 compared to Q1 so far this year, how- ever, it is down 50% compared to last year’s record quarter - Q2 2007. Top Announced Deals H1 2008 - North America (US and Canada) Deal Value Announced Date Bidder Company Bidder Financial Adviser Target Company Target/Seller Financial Adviser Seller Company USD (m) Atlantis Holdings LLC (af- ABN AMRO; Advising seller: Citi; Goldman 05-Jun-08 Verizon Wireless Inc Lehman Brothers; Morgan Stanley; UBS Alltel Corporation Inc filiate of TPG LLP and GS 28,100 Sachs; Royal Bank of Scotland Group Capital Partners Evercore Partners; Morgan Stanley; Time Warner Cable Inc Time Warner Cable Inc Advising seller: Banc of America 21-May-08 Time Warner Inc 25,461 (Shareholders) (86.30% stake) Securities; BNP Paribas; Citi; Deutsche Bank; Goldman Sachs; Wachovia The Wm Wrigley Jr 28-Apr-08 Mars Incorporated JPMorgan Goldman Sachs; William Blair & Company 22,638 Company EnCana Corporation EnCana Corporation CIBC World Markets; Lehman Brothers; (Integrated Oil and Advising seller: Merrill Lynch; RBC Capital 11-May-08 EnCana Corporation 21,545 (Shareholders) Scotia Capital Canadian Plains Markets divisions) Electronic Data Systems 13-May-08 Hewlett-Packard Company JPMorgan; Lehman Brothers Citi; Evercore Partners 13,044 Corporation mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 20
  • 21. The Americas League Table of Financial Advisers to US M&A: Value League Table of Financial Advisers to US M&A: Volume Value No of Value No of Y/E 2007 H1 2008 Company Name (USDm) Deals Y/E 2007 H1 2008 Company Name (USDm) Deals 1 1 Goldman Sachs 288,339 84 1 1 JPMorgan 235,582 85 4 2 JPMorgan 235,582 85 2 2 Goldman Sachs 288,339 84 2 3 Citi 218,595 48 8 3 Morgan Stanley 139,720 64 5 4 Lehman Brothers 207,693 45 10 4 Houlihan Lokey 8,875 62 8 5 Deutsche Bank 154,318 34 4 5 Credit Suisse 145,564 60 6 6 Credit Suisse 145,564 60 7 6 Merrill Lynch 74,510 56 3 7 Morgan Stanley 139,720 64 5 7 UBS 91,837 55 15 8 Centerview Partners 109,926 4 3 8 Citi 218,595 48 9 9 UBS 91,837 55 6 9 Lehman Brothers 207,693 45 7 10 Merrill Lynch 74,510 56 9 10 Lazard 35,490 44 11 11 Banc of America Securities 44,133 27 13 11 Jefferies & Company 10,243 42 18 12 Evercore Partners 43,400 10 11 12 Deutsche Bank 154,318 34 20 13 ABN AMRO 41,718 15 12 13 Banc of America Securities 44,133 27 16 14 Wachovia 40,124 27 16 14 Wachovia 40,124 27 45 15 William Blair & Company 36,277 23 14 15 Rothschild 11,498 27 10 16 Lazard 35,490 44 18 16 William Blair & Company 36,277 23 24 17 Royal Bank of Scotland Group 30,163 2 25 17 Lincoln International 273 20 48 18 BNP Paribas 26,177 3 23 18 M&A International 485 19 12 19 Greenhill & Co 17,587 5 15 19 RBC Capital Markets 3,023 18 28 20 Sandler O'Neill & Partners 16,462 17 20 20 Sandler O'Neill & Partners 16,462 17 mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 21
  • 22. The Americas League Table of Financial Advisers to US Buyouts: League Table of Financial Advisers to US Buyouts: Volume Value Value No of Value No of Y/E 2007 H1 2008 Company Name (USDm) Deals Y/E 2007 H1 2008 Company Name (USDm) Deals 4 1 Credit Suisse 3,507 4 6 1 JPMorgan 4,270 2 1 2 Citi 2,352 3 19 2 Barclays Bank 3,634 2 11 3 Wachovia 1,996 3 9 3 Credit Suisse 3,507 4 5 4 Goldman Sachs 1,010 3 1 4 Citi 2,352 3 3 5 JPMorgan 4,270 2 - 5 Royal Bank of Scotland Group 2,063 1 18 6 Barclays Bank 3,634 2 11 6 Wachovia 1,996 3 7 7 Deutsche Bank 1,845 2 5 7 Deutsche Bank 1,845 2 10 8 Banc of America Securities 1,571 2 - 8 Broadpoint Securities Group 1,815 1 9 9 UBS 1,500 2 8 9 Banc of America Securities 1,571 2 42 10 Duff & Phelps 1,300 2 13 10 UBS 1,500 2 2 11 Lehman Brothers 840 2 90 11 RBC Capital Markets 1,345 1 12 12 Houlihan Lokey 219 2 31 12 Duff & Phelps 1,300 2 25 13 Lazard - 2 29 13 Jefferies & Company 1,300 1 - 14 Royal Bank of Scotland Group 2,063 1 2 14 Goldman Sachs 1,010 3 - 15 Broadpoint Securities Group 1,815 1 - 15 Greenwich Capital Markets 985 1 Note: based on firms advising the bidder on buyout deals where the dominant geography of the target company is USA mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 22
  • 23. The Americas League Table of Financial Advisers to Canadian M&A: Value League Table of Financial Advisers to Canadian M&A: Volume Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals 14 1 Merrill Lynch 27,459 6 1 1 CIBC World Markets 24,548 20 15 2 Scotia Capital 25,976 13 4 2 Scotia Capital 25,976 13 1 3 RBC Capital Markets 25,544 13 2 3 RBC Capital Markets 25,544 13 2 4 CIBC World Markets 24,548 20 5 4 GMP Securities 3,751 10 27 5 Lehman Brothers 21,545 1 7 5 BMO Capital Markets 3,486 8 6 6 Deutsche Bank 7,366 4 3 6 TD Securities 1,671 8 20 7 GMP Securities 3,751 10 20 7 Macquarie Group 1,997 7 4 8 Goldman Sachs 3,632 2 10 8 Merrill Lynch 27,459 6 23 9 Handelsbanken Capital Markets 3,500 1 17 9 FirstEnergy Capital 2,099 6 10 10 BMO Capital Markets 3,486 8 15 10 National Bank Financial 2,023 6 9 11 Morgan Stanley 3,272 4 23 11 Peters & Co 950 6 28 12 ABN AMRO 2,519 2 13 12 Canaccord Adams 1,927 5 11 13 Credit Suisse 2,324 2 19 13 Tristone Capital 990 5 8 14 UBS 2,153 4 49 14 Jefferies & Company 412 5 30 15 FirstEnergy Capital 2,099 6 30 15 Deutsche Bank 7,366 4 League Table of Financial Advisers to US (Mid Atlantic) M&A: Value League Table of Financial Advisers to US (Mid Atlantic) M&A: Volume Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals 1 1 Goldman Sachs 200,365 31 1 1 JPMorgan 151,979 36 4 2 Citi 185,013 27 4 2 Morgan Stanley 85,132 34 5 3 Lehman Brothers 160,710 20 2 3 Goldman Sachs 200,365 31 3 4 JPMorgan 151,979 36 5 4 Credit Suisse 129,981 29 7 5 Deutsche Bank 140,130 16 11 5 Houlihan Lokey 5,716 28 8 6 Credit Suisse 129,981 29 3 6 Citi 185,013 27 11 7 Centerview Partners 109,011 3 10 7 Lazard 27,180 27 2 8 Morgan Stanley 85,132 34 8 8 Merrill Lynch 39,849 25 10 9 UBS 39,950 21 7 9 UBS 39,950 21 6 10 Merrill Lynch 39,849 25 6 10 Lehman Brothers 160,710 20 14 11 Wachovia 33,850 11 15 11 Jefferies & Company 4,020 18 20 12 ABN AMRO 29,160 3 9 12 Deutsche Bank 140,130 16 9 13 Banc of America Securities 28,888 10 13 13 Wachovia 33,850 11 - 14 Royal Bank of Scotland Group 28,100 1 12 14 Banc of America Securities 28,888 10 12 15 Lazard 27,180 27 14 15 Rothschild 3,512 10 mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 23
  • 24. The Americas League Table of Financial Advisers to US (Mid West) M&A: Value League Table of Financial Advisers to US (Mid West) M&A: Volume Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals 3 1 JPMorgan 60,238 28 2 1 Goldman Sachs 53,325 29 1 2 Goldman Sachs 53,325 29 1 2 JPMorgan 60,238 28 27 3 William Blair & Company 35,573 10 3 3 Credit Suisse 26,050 23 8 4 Merrill Lynch 27,975 15 7 4 Houlihan Lokey 1,851 21 4 5 Morgan Stanley 27,010 16 11 5 Morgan Stanley 27,010 16 5 6 Credit Suisse 26,050 23 8 6 Merrill Lynch 27,975 15 7 7 Lehman Brothers 17,378 8 4 7 Citi 12,473 13 2 8 Citi 12,473 13 5 8 Lazard 5,185 13 9 9 Greenhill & Co 9,805 2 9 9 William Blair & Company 35,573 10 31 10 Sandler O'Neill & Partners 9,691 6 10 10 Banc of America Securities 7,101 10 13 11 Banc of America Securities 7,101 10 12 11 Lehman Brothers 17,378 8 18 12 Lazard 5,185 13 19 12 Wachovia 3,683 8 11 13 UBS 4,805 7 18 13 Rothschild 2,294 8 19 14 Rothschild 4,509 9 13 14 Robert W Baird & Co 795 8 21 15 Wachovia 3,683 8 20 15 RSM EquiCo Capital Markets 226 8 League Table of Financial Advisers to US (New England) M&A: Value League Table of Financial Advisers to US (New England) M&A: Volume Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals 1 1 Goldman Sachs 46,002 17 1 1 Goldman Sachs 46,002 17 5 2 Morgan Stanley 36,449 9 10 2 Jefferies & Company 2,078 13 11 3 Deutsche Bank 33,763 7 4 3 UBS 11,823 12 3 4 Citi 29,022 8 2 4 JPMorgan 7,060 10 10 5 Evercore Partners 26,721 2 9 5 Morgan Stanley 36,449 9 19 6 Wachovia 26,011 4 8 6 Citi 29,022 8 14 7 Banc of America Securities 25,618 3 5 7 Lehman Brothers 12,705 8 170 8 BNP Paribas 25,461 1 11 8 Deutsche Bank 33,763 7 2 9 Lehman Brothers 12,705 8 7 9 Lazard 1,137 6 8 10 UBS 11,823 12 6 10 Merrill Lynch 4,968 5 4 11 JPMorgan 7,060 10 17 11 Houlihan Lokey 89 5 59 12 ABN AMRO 5,733 4 15 12 Wachovia 26,011 4 6 13 Merrill Lynch 4,968 5 39 13 ABN AMRO 5,733 4 *Includes: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont - 14 Scotia Capital 2,298 1 54 14 Thomas Weisel Partners Group 764 4 13 15 Jefferies & Company 2,078 13 30 15 Lincoln International 13 4 mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 24
  • 25. The Americas League Table of Financial Advisers to US (South/South West) M&A: Value League Table of Financial Advisers to US (South/South West) M&A: Volume Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals 1 1 Goldman Sachs 77,773 29 1 1 JPMorgan 71,592 35 5 2 JPMorgan 71,592 35 2 2 Goldman Sachs 77,773 29 9 3 UBS 65,626 22 7 3 Morgan Stanley 59,157 23 3 4 Lehman Brothers 61,489 17 8 4 Houlihan Lokey 6,398 23 4 5 Morgan Stanley 59,157 23 9 5 UBS 65,626 22 2 6 Citi 54,491 16 5 6 Credit Suisse 12,433 22 15 7 ABN AMRO 32,246 4 6 7 Merrill Lynch 27,664 18 97 8 Royal Bank of Scotland Group 28,100 1 4 8 Lehman Brothers 61,489 17 7 9 Merrill Lynch 27,664 18 3 9 Citi 54,491 16 56 10 William Blair & Company 23,237 11 10 10 Banc of America Securities 10,494 13 30 11 Evercore Partners 15,407 5 12 11 Lazard 9,044 13 6 12 Credit Suisse 12,433 22 13 12 Jefferies & Company 5,822 13 10 13 Banc of America Securities 10,494 13 16 13 BB&T Capital Markets 229 12 8 14 Lazard 9,044 13 21 14 William Blair & Company 23,237 11 21 15 Greenhill & Co 8,829 2 11 15 Wachovia 8,058 10 League Table of Financial Advisers to US (West) M&A: Value League Table of Financial Advisers to US (West) M&A: Volume Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals 3 1 Lehman Brothers 31,789 13 8 1 Houlihan Lokey 1,718 23 2 2 Morgan Stanley 31,606 18 2 2 Goldman Sachs 24,165 21 4 3 JPMorgan 31,197 18 4 3 Credit Suisse 9,748 20 10 4 Citi 24,423 14 9 4 Morgan Stanley 31,606 18 1 5 Goldman Sachs 24,165 21 1 5 JPMorgan 31,197 18 7 6 UBS 18,346 17 3 6 UBS 18,346 17 12 7 Evercore Partners 14,492 4 11 7 Jefferies & Company 2,171 15 8 8 Credit Suisse 9,748 20 6 8 Citi 24,423 14 15 9 Lazard 7,780 9 7 9 Merrill Lynch 5,990 14 9 10 Banc of America Securities 6,853 6 5 10 Lehman Brothers 31,789 13 5 11 Merrill Lynch 5,990 14 13 11 Deutsche Bank 4,635 12 22 12= Greenhill & Co 5,915 1 21 12 Wachovia 3,735 11 - 12= Moelis & Company 5,915 1 10 13 Lazard 7,780 9 6 14 Deutsche Bank 4,635 12 28 14 William Blair & Company 112 9 29 15 Sandler O'Neill & Partners 4,420 5 14 15 RBC Capital Markets 2,170 8 mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 25
  • 26. The Americas League Table of Financial Advisers to South and Central American League Table of Financial Advisers to South and Central American M&A: Value M&A: Volume Value No of Value No of Y/E 2007 H1 2008 Company Name (USDm) Deals Y/E 2007 H1 2008 Company Name (USDm) Deals 2 1 Credit Suisse 24,243 8 2 1 JPMorgan 13,498 9 7 2 Rothschild 18,588 7 3 2 Credit Suisse 24,243 8 1 3 Citi 18,543 7 6 3 Rothschild 18,588 7 3 4 JPMorgan 13,498 9 1 4 Citi 18,543 7 8 5 Goldman Sachs 11,179 4 5 5 UBS 9,317 7 9 6 Morgan Stanley 10,473 4 7 6 Merrill Lynch 870 6 4 7 UBS 9,317 7 4 7 ABN AMRO 3,692 5 25 8 Banco Bradesco BBI 9,288 3 8 8 Goldman Sachs 11,179 4 19 9 Banco Itau Holding Financeira 8,214 2 12 9 Morgan Stanley 10,473 4 - 10 Lehman Brothers 4,141 3 9 10 PricewaterhouseCoopers Corp Fin 32 4 5 11 ABN AMRO 3,692 5 25 11 Banco Bradesco BBI 9,288 3 27 12 Jefferies & Company 1,800 1 - 12 Lehman Brothers 4,141 3 20 13 Dresdner Kleinwort 1,367 2 15 13 KPMG Corp Fin - 3 26 14 BNP Paribas 958 1 16 14 Banco Itau Holding Financeira 8,214 2 53 15 HSBC Bank 925 2 19 15 Dresdner Kleinwort 1,367 2 mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 26
  • 27. Asia-Pacific M&A in Asia has remained strong this quarter with several large scale deals being an- Asia-Pacific M&A Activity - Quarterly nounced recently. The largest deal was announced in China, which involved China Unicom (incl Japan) merging with a competitor, China Netcom Group, in a deal worth USD 29.6bn. This deal 150 800 Value was made on the Chinese government’s instruction in order to restructure the Chinese Volume telecoms sector and to prevent China Mobile from continuing to dominate the market. 125 700 600 In May this year Westpac Bank agreed to acquire St George Bank for USD 17.9bn. If com- 100 Value of Deals ($bn) pleted, the deal will create the largest bank, by market value, within Australia. 500 Volume of Deals 75 400 The 15 investment banks that were involved in BHP Billiton’s offer for Rio Tinto earlier this year have taken the top spots in the Asia-pacific league tables by value. Citi leads 300 50 the tables H1 2008, with 20 deals worth USD 266bn, followed by JPMorgan, also with 20 200 deals, with a total of USD 262bn. Macquarie have held on to their top position in the Asia- 25 Pacific (ex.Japan) table by volume, overtaking UBS by just one deal. 100 Activity in Asia-Pacific is up 65% by value compared to Q1 2008, but down 13% by vol- 0 Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr Qtr 0 ume. Compared to the same period last year, deal value is up 56% and volume is down 1 03 2 03 3 03 4 03 1 04 2 04 3 04 4 04 1 05 2 05 3 05 4 05 1 06 2 06 3 06 4 06 1 07 2 07 3 07 4 07 1 08 2 08 by 14%. Top Announced Deals H1 2008 - Asia-Pacific Deal Value Announced Date Bidder Company Bidder Financial Advisor Target Company Target Financial Advisor (USDm) China International Capital (CICC); China Netcom Group Corporation 02-Jun-08 China Unicom Ltd Citi; Rothschild 29,589 JPMorgan; Lehman Brothers (Hong Kong) Limited 13-May-08 Westpac Banking Corporation Caliburn Partnership St George Bank Ltd UBS 17,936 Deutsche Bank; Goldman Sachs; 24-Jun-08 BG Group Plc Gresham Advisory Partners; Morgan Origin Energy Limited Macquarie Group 15,723 Stanley 02-Jun-08 China Merchants Bank Co Ltd JPMorgan Wing Lung Bank Limited Credit Suisse; UBS 4,655 Daiichi Sankyo Company Ranbaxy Laboratories Limited 11-Jun-08 Nomura Religare Capital Markets 4,625 Limited (60.62% stake) mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 27
  • 28. Asia-Pacific League Table of Financial Advisers to Asia-Pacific (ex Japan) M&A: League Table of Financial Advisers to Asia-Pacific (ex Japan) M&A: Value Volume Value No of Value No of Y/E 2007 H1 2008 Company Name (USDm) Deals Y/E 2007 H1 2008 Company Name (USDm) Deals 4 1 Citi 266,098 20 1 1 Macquarie Group 239,059 30 7 2 JPMorgan 262,335 20 5 2 UBS 252,163 29 1 3 UBS 252,163 29 3 3 KPMG Corp Fin 2,206 27 3 4 Morgan Stanley 250,426 22 7 4 Merrill Lynch 228,199 23 19 5 Rothschild 242,950 12 4 5 PricewaterhouseCoopers Corp Fin 7,929 23 5 6 Deutsche Bank 240,555 19 8 6 Morgan Stanley 250,426 22 6 7 Goldman Sachs 240,531 21 11 7 Goldman Sachs 240,531 21 2 8 Macquarie Group 239,059 30 6 8 Ernst & Young 4,244 21 8 9 Lazard 233,998 10 2 9 Citi 266,098 20 9 10 Credit Suisse 230,990 18 9 10 JPMorgan 262,335 20 14 11 Gresham Advisory Partners 228,810 9 18 11 Deutsche Bank 240,555 19 10 12 Merrill Lynch 228,199 23 10 12 CIMB Group 5,083 19 21 13 BNP Paribas 217,146 14 12 13 Credit Suisse 230,990 18 12 14 HSBC Bank 213,619 5 23 14 Lehman Brothers 57,207 15 195 15 SG 210,868 1 22 15 BNP Paribas 217,146 14 15 16 Lehman Brothers 57,207 15 14 16 Rothschild 242,950 12 37 17 China International Capital (CICC) 44,790 8 17 17 Deloitte 931 12 23 18 Caliburn Partnership 23,967 6 19 18 Lazard 233,998 10 20 19 PricewaterhouseCoopers Corp Fin 7,929 23 13 19 ABN AMRO 6,154 10 11 20 ABN AMRO 6,154 10 24 20 Gresham Advisory Partners 228,810 9 mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 28
  • 29. Asia-Pacific League Table of Financial Advisers to Asia-Pacific (ex Japan) League Table of Financial Advisers to Asia-Pacific (ex Japan) Buyouts: Value Buyouts: Volume Value No of Value No of Y/E 2007 H1 2008 Company Name (USDm) Deals Y/E 2007 H1 2008 Company Name (USDm) Deals 13 1 Credit Suisse 2,021 3 10 1 Credit Suisse 2,021 3 10 2 PricewaterhouseCoopers Corp Fin 1,292 2 14 2 Deutsche Bank 1,264 3 1 3 Deutsche Bank 1,264 3 1 3 Macquarie Group 376 3 3 4 Morgan Stanley 1,194 2 20 4 KPMG Corp Fin 196 3 - 5 Woori Investment & Securities Co 780 1 5 5 PricewaterhouseCoopers Corp Fin 1,292 2 12 6 Ernst & Young 550 1 3 6 Morgan Stanley 1,194 2 17 7 Lehman Brothers 412 1 - 7 Woori Investment & Securities Co 780 1 5 8 Macquarie Group 376 3 16 8 Ernst & Young 550 1 6 9 ABN AMRO 258 1 12 9 Lehman Brothers 412 1 21 10 Oaktower Partnership 257 1 7 10 ABN AMRO 258 1 28 11 KPMG Corp Fin 196 3 17 11 Oaktower Partnership 257 1 42 12= Deloitte 191 1 42 12= Deloitte 191 1 - 12= Pacific Road Corporate Finance 191 1 - 12= Pacific Road Corporate Finance 191 1 24 14 DBS Bank 72 1 19 14 DBS Bank 72 1 20 15 Somerley 61 1 26 15 Somerley 61 1 Note: based on firms advising the bidder on buyout deals where the dominant geography of the target company is Asia- Pacific (ex Japan) mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 29
  • 30. Asia-Pacific League Table of Financial Advisers to Asian M&A League Table of Financial Advisers to Asian M&A (ex Japan and Australasia): Value (ex Japan and Australasia): Volume Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals 13 1 Lehman Brothers 55,525 13 3 1 CIMB Group 5,083 19 9 2 JPMorgan 50,778 15 6 2 Merrill Lynch 16,848 17 1 3 Citi 48,605 15 13 3 Goldman Sachs 12,592 16 31 4 China International Capital (CICC) 44,790 8 12 4 JPMorgan 50,778 15 21 5 Rothschild 31,146 7 1 5 Citi 48,605 15 6 6 Merrill Lynch 16,848 17 7 6 Ernst & Young 4,136 15 5 7 Credit Suisse 16,515 14 11 7 Credit Suisse 16,515 14 4 8 UBS 14,528 14 9 8 UBS 14,528 14 3 9 Goldman Sachs 12,592 16 2 9 PricewaterhouseCoopers Corp Fin 6,113 14 2 10 Morgan Stanley 11,830 13 22 10 Lehman Brothers 55,525 13 18 11 Lazard 11,239 4 4 11 Morgan Stanley 11,830 13 14 12 Macquarie Group 7,361 12 17 12 BNP Paribas 6,278 13 15 13 BNP Paribas 6,278 13 24 13 Deutsche Bank 6,168 13 12 14 Deutsche Bank 6,168 13 14 14 Macquarie Group 7,361 12 17 15 PricewaterhouseCoopers Corp Fin 6,113 14 5 15 KPMG Corp Fin 889 12 League Table of Financial Advisers to Japanese M&A: Value League Table of Financial Advisers to Japanese M&A: Volume Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals 2 1 Nomura 17,440 40 1 1 Nomura 17,440 40 15 2 UBS 10,564 7 3 2 Mizuho Financial Group 5,749 24 13 3 Goldman Sachs 9,134 7 2 3 Daiwa Securities Group 4,228 23 1 4 Mizuho Financial Group 5,749 24 4 4 Mitsubishi UFJ Securities 5,047 19 11 5 KPMG Corp Fin 5,628 14 5 5 Citi 3,259 18 10 6 Mitsubishi UFJ Securities 5,047 19 6 6 KPMG Corp Fin 5,628 14 - 7 Religare Capital Markets 4,625 1 10 7 GCA Savvian 2,957 14 7 8 Daiwa Securities Group 4,228 23 13 8 UBS 10,564 7 4 9 Citi 3,259 18 12 9 Goldman Sachs 9,134 7 3 10 GCA Savvian 2,957 14 7 10 Ernst & Young 2,090 7 - 11 SBI Holdings 2,724 1 11 11 Morgan Stanley 1,366 5 12 12 Ernst & Young 2,090 7 14 12 Merrill Lynch 1,230 4 50 13 Rothschild 1,660 2 8 13 PricewaterhouseCoopers Corp Fin 774 4 6 14 JPMorgan 1,608 2 74 14 Orix M&A Solutions 6 3 17 15 Credit Suisse 1,572 2 55 15 Rothschild 1,660 2 mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 30
  • 31. Asia-Pacific League Table of Financial Advisers to Greater China M&A: Value League Table of Financial Advisers to Greater China M&A: Volume Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals 8 1 Lehman Brothers 49,835 9 20 1 Lehman Brothers 49,835 9 20 2 China International Capital (CICC) 44,790 8 8 2 Optima Capital 269 9 9 3 JPMorgan 39,611 8 34 3 China International Capital (CICC) 44,790 8 1 4 Citi 30,765 4 11 4 JPMorgan 39,611 8 35 5 Rothschild 29,589 2 18 5 UBS 7,956 8 7 6 Credit Suisse 9,875 7 1 6 Somerley 2,935 8 4 7 UBS 7,956 8 16 7 Credit Suisse 9,875 7 2 8 Morgan Stanley 7,192 5 5 8 BNP Paribas 2,497 7 26 9 Shenyin Wanguo Securities 5,382 3 3 9 Morgan Stanley 7,192 5 10 10 Merrill Lynch 4,637 4 19 10 Deutsche Bank 3,636 5 6 11 Deutsche Bank 3,636 5 60 11 M&A International 115 5 16 12 Somerley 2,935 8 2 12 Citi 30,765 4 18 13 BNP Paribas 2,497 7 7 13 Merrill Lynch 4,637 4 3 14 Goldman Sachs 2,196 4 10 14 Goldman Sachs 2,196 4 46 15 Everbright Securities 2,029 2 23 15 DBS Bank 1,363 4 League Table of Financial Advisers to Australasian M&A: Value League Table of Financial Advisers to Australasian M&A: Volume Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals 4 1 Morgan Stanley 239,475 10 1 1 Macquarie Group 232,761 21 3 2 UBS 238,428 17 3 2 UBS 238,428 17 2 3 Deutsche Bank 234,387 6 2 3 KPMG Corp Fin 1,378 16 1 4 Macquarie Group 232,761 21 13 4 Morgan Stanley 239,475 10 7 5 Gresham Advisory Partners 228,810 9 8 5 Gresham Advisory Partners 228,810 9 10 6 Goldman Sachs 228,631 7 5 6 PricewaterhouseCoopers Corp Fin 1,816 9 18 7 Lazard 222,759 6 4 7 Citi 218,598 8 6 8 Citi 218,598 8 10 8 Deloitte 877 8 11 9 Credit Suisse 214,475 4 11 9 Goldman Sachs 228,631 7 5 10 JPMorgan 212,436 6 18 10 Merrill Lynch 212,281 7 9 11 Merrill Lynch 212,281 7 16 11 Deutsche Bank 234,387 6 15 12 Rothschild 211,865 6 19 12 Lazard 222,759 6 - 13 BNP Paribas 211,333 2 17 13 JPMorgan 212,436 6 17 14= HSBC Bank 210,868 1 12 14 Rothschild 211,865 6 - 14= SG 210,868 1 15 15 Caliburn Partnership 23,967 6 mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 31
  • 32. Asia-Pacific League Table of Financial Advisers to Indian M&A: Value League Table of Financial Advisers to Indian M&A: Volume Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals 16 1= Nomura 4,625 1 1 1 Ernst & Young 3,592 10 - 1= Religare Capital Markets 4,625 1 13 2 KPMG Corp Fin 571 7 26 3 Lehman Brothers 4,209 3 6 3 Merrill Lynch 2,661 6 8 4 Ernst & Young 3,592 10 5 4 Yes Bank 104 6 - 5 JM Financial 3,295 5 - 5 JM Financial 3,295 5 3 6 Citi 3,271 5 4 6 Citi 3,271 5 5 7 Goldman Sachs 2,715 3 7 7 Ambit Corporate Finance 2,605 4 7 8 Merrill Lynch 2,661 6 15 8 Avendus Advisors 80 4 2 9 Morgan Stanley 2,625 3 28 9 Lehman Brothers 4,209 3 41 10 HSBC Bank 2,606 2 40 10 Goldman Sachs 2,715 3 9 11 Ambit Corporate Finance 2,605 4 11 11 Morgan Stanley 2,625 3 18 12 ABN AMRO 2,600 1 12 12 Rothschild 1,201 3 - 13 Dalal and Shah 2,378 1 10 13 ENAM Securities Private 757 3 44 14 JPMorgan 2,300 1 2 14 PricewaterhouseCoopers Corp Fin 90 3 14 15 Standard Chartered plc 1,305 2 18 15 HSBC Bank 2,606 2 League Table of Financial Advisers to South-East Asian M&A: Value League Table of Financial Advisers to South-East Asian M&A: Volume Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals Y/E 2007 H1 2008 Company Name Value (USDm) No of Deals 6 1 Citi 13,326 7 1 1 CIMB Group 4,854 16 23 2 Lazard 10,005 2 11 2 Goldman Sachs 8,247 10 7 3 Credit Suisse 8,786 5 9 3 Aseambankers Malaysia 4,740 9 2 4 Goldman Sachs 8,247 10 10 4 OSK Investment Bank 369 8 1 5 CIMB Group 4,854 16 23 5 Citi 13,326 7 22 6 Aseambankers Malaysia 4,740 9 13 6 UBS 1,735 6 14 7 Lehman Brothers 4,525 3 4 7 Credit Suisse 8,786 5 8 8 Morgan Stanley 3,665 4 15 8 BNP Paribas 3,629 5 9 9 JPMorgan 3,650 3 7 9 Merrill Lynch 2,524 5 13 10 BNP Paribas 3,629 5 8 10 Macquarie Group 1,156 5 3 11 Merrill Lynch 2,524 5 14 11 Morgan Stanley 3,665 4 5 12 RHB Investment Bank 2,213 3 3 12 DBS Bank Ltd 1,736 4 - 13 Woori Investment & Securities 2,073 1 35 13 Deutsche Bank 1,510 4 24 14 DBS Bank 1,736 4 6 14 PricewaterhouseCoopers Corp Fin 818 4 12 15 UBS 1,735 6 20 15 Kenanga Investment Bank 108 4 mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 32
  • 33. Breakdown of Deals by Region and Industry Mix of Announced Global Deals by Industry Sector H1 2008 - Value Mix of Announced Deals by Geographic Region H1 2008 - Value Agriculture South East Asia Construction South & Central Asia 0.2% 2.4% Pharma, Medical & Biotech 1.8% 2.6% 4.9% Defence Australasia Africa & Middle East Transport 0.4% 4.1% 1.3% Industrials & Chemicals 2.1% 10.7% Japan Leisure 1.9% 1.3% North America North Asia 30.4% 6.5% TMT Financial Services 13.8% 14.1% Central & Eastern Europe 4.9% Northern Europe 2.6% Business Services Southern Europe 4.3% 4.4% Central & South America 3.4% Consumer Energy, Mining & Utilities 16.1% 30.2% Western Europe 36.7% Mix of Announced Deals by Geographic Region H1 2008 - Volume Mix of Announced Global Deals by Industry Sector H1 2008 - Volume South East Asia Agriculture South & Central Asia 2.8% 0.8% 1.5% Construction Africa & Middle East 5.0% Defence Pharma, Medical & Biotech Australasia 3.1% 0.4% 6.0% 3.4% Industrials & Chemicals 20.7% Japan Transport 3.6% North America 2.9% 31.8% Leisure 3.6% North Asia 7.2% Central & Eastern Europe TMT 6.7% Financial Services 13.5% 10.9% Northern Europe 4.9% Central & South America 3.4% Southern Europe Energy, Mining & Utilities Business Services 7.3% 10.3% 12.3% Western Europe Consumer 23.9% 13.6% mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 33
  • 34. Criteria • The H1 2008 house league tables are based on announced transactions (where the bidder or target or parent of either is from the country or region to which the table refers), over USD 5m in the period from 1 January 2008 to 30 June 2008. Deals with undisclosed deal values are included where the target’s turnover exceeds USD 10m. Activities excluded from the league tables include property transactions and restructurings where the ultimate shareholders’ interests are not changed. • The trend graphs and pie charts are based on the dominant geography or industry of the target and include announced transactions over USD 5m in the given time period. Deals with undisclosed deal values are included where the target’s turnover exceeds USD 10m. Activities excluded from the graphs and charts include property transactions and restructurings where the ultimate shareholders’ interests are not changed. • The top deals tables are based on announced transactions between 1 January 2008 and 30 June 2008, and reflect the domi- nant geography of the target company. • Top Firm Profiles: trend and pie chart data all based on dominant geography and industry of the target company. Nordic: Denmark, Sweden, Finland, Norway, Faroe Islands, Greenland and Iceland Benelux: Belgium, the Netherlands and Luxembourg Iberia: Portugal and Spain CEE: Armenia, Azerbaijan, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Hungary, Latvia, Lithuania, Macedonia, Moldova, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Ukraine US (mid-Atlantic): Delaware, District Columbia, Maryland, New Jersey, New York, Pennsylvania US (mid-West): llinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Da- kota, Wisconsin New England: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont South/SouthWest: Alabama, Arizona, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, New Mexico, North Caro lina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, West Virginia West: Alaska, California, Colorado, Hawaii, Idaho, Montana, Nevada, Oregon, Utah, Washington, Wyoming Greater China: China, Hong Kong, Macau, Taiwan South East Asia: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, Vietnam mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 34
  • 35. About mergermarket mergermarket is part of The Mergermarket Group which has over 450 employees worldwide and regional head Contacts: offices in London, New York and Hong Kong. Europe & North America mergermarket is an unparalleled mergers and acquisitions (M&A) intelligence tool. In any market, the life blood Hannah Bagshawe of advisers is deal flow. mergermarket is unique in the provision of origination intelligence to the investment hannah.bagshawe@mergermarket.com banking, Financial, private equity, acquisition finance, public relations (PR) and corporate markets. Tel: +44 20 7059 6118 With an unrivalled network of analysts covering M&A in North America, Europe and Asia-Pacific, mergermarket Asia-Pacific generates proprietary intelligence and delivers it together with daily aggregated content, on its mergermarket.com Seye Im platform and by real-time email alerts to subscribers. seye.im@mergermarket.com Tel: +852 2158 9706 This wealth of intelligence, together with a series of deal databases, individual and house league tables, profiles and editorial have proven time and time again that this product can and does generate real revenues for clients. This is apparent when you see that mergermarket is used by over 1000 of the world’s foremost advisory firms to assist in their origination process. Visit us at: www.mergermarket.com mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 35

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