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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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mergermarket is an unparalleled mergers and acquisitions (M&A) intelligence tool. In any market, the life blood
Hannah Bagshawe
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Tel: +44 20 7059 6118
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mergermarket M&A league tables of financial advisers - First Half 2008 - July 1, 2008 Page 35