Thomson Reuters M&A Middle Market 2Q09

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Thomson Reuters M&A Middle Market 2Q09

  1. 1. Friday, July 10, 2009 DEALS VALUED UP TO US$500 MILLION MID-MARKET M&A REVIEW Mid-Market M&A Rankings For Deals Valued Up To US$50m, US$100m, and US$200m Are Also Available Mid-Market Deals Intelligence Announced Mid-Market M&A by Target Nation Up To US$500m 1/1/2009 - 6/30/2009 1/1/2008 - 6/30/2008 % Change Mid-Market M&A valued up to US$500 million totaled US$213.3 Mid-Market M&A valued up to US$500 million resulted in US$5 billion in announced deals during the first six months of 2009, a billion in estimated fees according to Thomson Region/Nation Rank Val No. Rank Val No. in Rank US$m Deals US$m Deals Value decrease of 45.7% from the same period last year. Reuters/Freeman & Co. Worldwide 213,298.8 17,416 392,968.1 19,836 -45.7 ▼ Americas 72,710.0 5,208 136,187.6 6,657 -46.6 ▼ United States of America 44,548.2 3,508 98,255.8 4,798 -54.7 ▼ Worldwide Mid-Market M&A up to US$500m Canada 12,627.4 1,044 17,665.0 1,055 -28.5 ▼ Brazil 6,825.1 173 9,762.7 381 -30.1 ▼ by Target Nation Region Chile 2,368.7 77 1,283.7 54 84.5 ▲ January 1 - June 30 Colombia 1,684.5 47 1,185.4 37 42.1 ▲ Europe 48,924.5 6,051 124,792.1 6,563 -60.8 ▼ United Kingdom 10,246.5 869 30,684.0 1,544 -66.6 ▼ 2005 Spain 5,788.6 372 6,346.9 377 -8.8 ▼ France 4,215.9 499 12,135.3 587 -65.3 ▼ Germany 4,192.9 544 7,497.0 677 -44.1 ▼ 2006 Italy 3,932.1 302 10,631.0 360 -63.0 ▼ Russian Federation 3,490.4 1,437 11,579.9 440 -69.9 ▼ 2007 Norway 2,916.1 174 5,952.5 214 -51.0 ▼ Sweden 2,027.8 282 6,342.9 394 -68.0 ▼ Switzerland 1,459.9 223 2,968.4 210 -50.8 ▼ 2008 Netherlands 1,456.4 210 5,091.4 288 -71.4 ▼ Africa/Middle East 7,631.3 365 12,396.2 487 -38.4 ▼ 2009 South Africa 3,009.1 123 3,930.2 139 -23.4 ▼ Kuwait 835.7 21 151.2 12 452.7 ▲ Asia-Pacific 65,317.1 4,559 99,431.6 4,887 -34.3 ▼ $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 China 23,407.6 1,090 27,997.2 1,370 -16.4 ▼ Australia 9,023.0 831 15,376.8 971 -41.3 ▼ Rank Value (US$b) South Korea 7,979.6 544 10,941.5 335 -27.1 ▼ Hong Kong 6,470.7 353 11,199.3 421 -42.2 ▼ India 5,513.7 528 9,910.1 525 -44.4 ▼ Africa/Middle East Americas Asia-Pacific Europe Japan Indonesia 2,738.8 173 2,759.9 96 -0.8 ▼ Japan 18,716.0 1,233 20,160.7 1,242 -7.2 ▼ Worldwide Mid-Market M&A up to US$500m Worldwide Mid-Market M&A up to US$500m by Rank Value Range by Target Industry $300 12,000 Energy and Power 3% 3% Financials 16% 4% $250 10,000 Rank Value (US$b) Materials 4% Real Estate $200 8,000 # of Deals 5% High Technology $150 6,000 Industrials 16% 6% Consumer Staples $100 4,000 Healthcare $50 2,000 Media and Entertainment 9% Consumer Products and Services $0 - 14% Retail 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 9% Telecommunications US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m # of Deals 11% Government and Agencies https://www.thomsonone.com 1 of 20
  2. 2. July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors Worldwide Mid-Market Rankings (MM1) Based on Rank Value Based on Number of Deals Based on Estimated Fees MM1 - Undisclosed Values & Values up to US$500m MM1 - Undisclosed Values & Values up to US$500m MM1 - Undisclosed Values & Values up to US$500m Rank Date 1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009 Date Effective / Unconditional 1/1/2009 - 6/30/2009 Rank Value Mkt No. No. Mkt Rank Value Est. Fees Mkt No. Financial Advisor US$m Rank Share Deals Financial Advisor Deals Rank Share US$m Financial Advisor US$m Rank Share Deals JP Morgan 13,214.4 1 6.2 76 UBS 90 1 0.5 7,832.5 Rothschild 141.0 1 2.9 80 UBS 7,832.5 2 3.7 90 Rothschild 81 2* 0.5 4,793.0 JP Morgan 131.5 2 2.7 70 Citi 7,769.0 3 3.6 72 KPMG 81 2* 0.5 2,373.6 UBS 116.8 3 2.4 67 Goldman Sachs & Co 7,670.3 4 3.6 66 Ernst & Young LLP 79 4 0.5 1,289.6 Goldman Sachs & Co 107.5 4 2.2 59 Nomura 6,649.7 5 3.1 70 JP Morgan 76 5 0.4 13,214.4 Lazard 95.2 5 1.9 55 Morgan Stanley 6,590.8 6 3.1 70 Mizuho Financial Group 72 6* 0.4 4,987.5 Deutsche Bank AG 86.1 6 1.7 56 Credit Suisse 5,790.6 7 2.7 63 Citi 72 6* 0.4 7,769.0 Citi 82.3 7 1.7 63 Mizuho Financial Group 4,987.5 8 2.3 72 Morgan Stanley 70 8* 0.4 6,590.8 Morgan Stanley 81.3 8 1.6 53 Rothschild 4,793.0 9 2.3 81 Nomura 70 8* 0.4 6,649.7 Bank of America Merrill Lynch 80.8 9 1.6 47 Bank of America Merrill Lynch 4,506.8 10 2.1 59 PricewaterhouseCoopers 69 10 0.4 2,164.6 Credit Suisse 77.4 10 1.6 46 Deutsche Bank AG 4,483.2 11 2.1 67 Deloitte & Touche 68 11 0.4 933.8 Houlihan Lokey Howard & Zukin 47.0 11 1.0 27 Lazard 4,058.0 12 1.9 64 Deutsche Bank AG 67 12 0.4 4,483.2 Nomura 38.5 12 0.8 47 BMO Capital Markets 2,920.6 13 1.4 23 Goldman Sachs & Co 66 13 0.4 7,670.3 RBC Capital Markets 37.2 13 0.8 36 Macquarie Group 2,918.5 14 1.4 26 Lazard 64 14 0.4 4,058.0 Jefferies & Co Inc 33.8 14 0.7 20 BNP Paribas SA 2,677.4 15 1.3 23 Credit Suisse 63 15 0.4 5,790.6 Mizuho Financial Group 30.7 15 0.6 52 Scotiabank-Bank of Nova Scotia 2,635.0 16 1.2 16 Bank of America Merrill Lynch 59 16 0.3 4,506.8 RBS 29.0 16 0.6 23 KPMG 2,373.6 17 1.1 81 Daiwa Securities SMBC 47 17 0.3 2,160.6 Macquarie Group 26.6 17 0.5 25 PricewaterhouseCoopers 2,164.6 18 1.0 69 RBC Capital Markets 38 18 0.2 1,674.8 Barclays Capital 19.7 18 0.4 13 Daiwa Securities SMBC 2,160.6 19 1.0 47 Mitsubishi UFJ Financial Group 36 19* 0.2 1,898.2 IMAP 18.4 19 0.4 34 CIBC World Markets Inc 2,016.2 20 1.0 15 IMAP 36 19* 0.2 470.3 HSBC Holdings PLC 18.0 20 0.4 14 Mitsubishi UFJ Financial Group 1,898.2 21 0.9 36 GCA Savvian Group Corp 36 19* 0.2 803.6 BNP Paribas SA 17.7 21 0.4 24 Barclays Capital 1,770.4 22 0.8 19 CIMB Group Sdn Bhd 31 22 0.2 981.9 ING 17.6 22 0.4 16 Mediobanca 1,740.9 23 0.8 15 RBS 29 23 0.2 963.5 Keefe Bruyette & Woods Inc 17.2 23 0.4 12 RBC Capital Markets 1,674.8 24 0.8 38 Houlihan Lokey Howard & Zukin 28 24 0.2 1,247.3 BMO Capital Markets 16.2 24* 0.3 14 Santander 1,658.1 25 0.8 13 ING 27 25* 0.2 1,249.9 Rabo Rembrandt F&O 16.2 24* 0.3 26 Jefferies & Co Inc 1,417.5 26 0.7 18 Rabo Rembrandt F&O 27 25* 0.2 0.0 Intesa SanPaolo 16.0 26 0.3 14 Banco Bradesco SA 1,346.9 27 0.6 6 Macquarie Group 26 27 0.2 2,918.5 Piper Jaffray Cos 15.4 27 0.3 11 Ernst & Young LLP 1,289.6 28 0.6 79 Lincoln International 25 28 0.1 231.4 Scotiabank-Bank of Nova Scotia 14.8 28 0.3 9 ING 1,249.9 29 0.6 27 BNP Paribas SA 23 29* 0.1 2,677.4 Evercore Partners 14.2 29 0.3 9 Houlihan Lokey Howard & Zukin 1,247.3 30 0.6 28 BMO Capital Markets 23 29* 0.1 2,920.6 Mitsubishi UFJ Financial Group 14.1 30 0.3 27 Standard Chartered PLC 1,119.6 31 0.5 8 M&A International 23 29* 0.1 296.1 M&A International 14.0 31 0.3 25 FirstEnergy Capital Corp 1,084.1 32 0.5 7 Somerley Ltd 19 32* 0.1 421.4 Daiwa Securities SMBC 13.9 32 0.3 30 CITIC 1,081.1 33 0.5 9 Barclays Capital 19 32* 0.1 1,770.4 SEB Enskilda 13.5 33 0.3 9 Keefe Bruyette & Woods Inc 987.6 34 0.5 13 Guangdong Securities 18 34* 0.1 306.6 TD Securities Inc 13.3 34 0.3 16 Grant Samuel 982.4 35 0.5 5 Global M&A 18 34* 0.1 252.6 KPMG 12.8 35* 0.3 81 CIMB Group Sdn Bhd 981.9 36 0.5 31 Optima Capital Ltd 18 34* 0.1 363.6 Lincoln International 12.8 35* 0.3 24 RBS 963.5 37 0.5 29 Sandler O'Neill Partners 18 34* 0.1 476.5 Mediobanca 12.4 37 0.3 11 Deloitte & Touche 933.8 38 0.4 68 Jefferies & Co Inc 18 34* 0.1 1,417.5 Global M&A 12.2 38 0.3 20 Jones Lang LaSalle Inc 916.1 39 0.4 7 HSBC Holdings PLC 17 39 0.1 862.5 BDO International 11.8 39 0.2 17 SEB Enskilda 914.4 40 0.4 8 Scotiabank-Bank of Nova Scotia 16 40 0.1 2,635.0 Greenhill & Co, LLC 11.3 40 0.2 5 Piper Jaffray Cos 873.7 41 0.4 15 CIBC World Markets Inc 15 41* 0.1 2,016.2 GCA Savvian Group Corp 11.1 41 0.2 24 HSBC Holdings PLC 862.5 42 0.4 17 Mediobanca 15 41* 0.1 1,740.9 Sandler O'Neill Partners 10.1 42 0.2 8 Wells Fargo & Co 851.2 43 0.4 7 Piper Jaffray Cos 15 41* 0.1 873.7 Arctic Securities ASA 10.0 43 0.2 7 BMR Advisors 833.9 44 0.4 8 BDO International 15 41* 0.1 143.0 Santander 9.3 44 0.2 12 Intesa SanPaolo 817.5 45 0.4 9 Close Brothers Ltd 15 41* 0.1 189.6 CIBC World Markets Inc 9.1 45 0.2 10 Perella Weinberg Partners LP 803.9 46 0.4 2 Greenhill & Co, LLC 13 46* 0.1 737.1 Deloitte & Touche 9.0 46 0.2 61 GCA Savvian Group Corp 803.6 47 0.4 36 GF Securities 13 46* 0.1 232.9 Wells Fargo & Co 8.7 47 0.2 6 Greenhill & Co, LLC 737.1 48 0.4 13 Santander 13 46* 0.1 1,658.1 Close Brothers Ltd 8.5 48 0.2 13 Arctic Securities ASA 724.2 49 0.3 7 Baker Tilly & Co 13 46* 0.1 25.9 Oppenheimer Holdings Inc 8.3 49 0.2 12 Raymond James Financial Inc 700.1 50 0.3 6 Keefe Bruyette & Woods Inc 13 46* 0.1 987.6 Subtotal with Financial Advisor 103,721.6 - 48.6 2,342 Subtotal with Financial Advisor 2,342 - 13.5 103,721.6 Subtotal with Financial Advisor 2,903.5 - 58.6 1,921 Industry Total 213,298.8 - 100.0 17,417 Industry Total 17,417 - 100.0 213,298.8 Industry Total 4,953.0 - 100.0 12,367 Source: Thomson Reuters/Freeman & Co. https://www.thomsonone.com 2 of 20
  3. 3. July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors US Target Mid-Market Rankings (MM2) Based on Rank Value Based on Number of Deals Based on Estimated Fees MM2 - Undisclosed Values & Values up to US$500m MM2 - Undisclosed Values & Values up to US$500m MM2 - Undisclosed Values & Values up to US$500m Rank Date 1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009 Date Effective / Unconditional 1/1/2009 - 6/30/2009 Rank Value Mkt No. No. Mkt Rank Value Est. Fees Mkt No. Financial Advisor US$m Rank Share Deals Financial Advisor Deals Rank Share US$m Financial Advisor US$m Rank Share Deals JP Morgan 3,210.1 1 7.2 23 UBS 35 1 1.0 2,409.1 UBS 51.7 1 3.6 24 UBS 2,409.1 2 5.4 35 Lazard 26 2 0.7 763.2 Houlihan Lokey Howard & Zukin 45.4 2 3.2 24 Goldman Sachs & Co 2,377.7 3 5.3 25 Houlihan Lokey Howard & Zukin 25 3* 0.7 1,092.7 Bank of America Merrill Lynch 42.4 3 3.0 23 Morgan Stanley 2,295.5 4 5.2 19 Goldman Sachs & Co 25 3* 0.7 2,377.7 Goldman Sachs & Co 41.1 4 2.9 19 Credit Suisse 1,946.5 5 4.4 20 JP Morgan 23 5 0.7 3,210.1 JP Morgan 36.6 5 2.6 18 Deutsche Bank AG 1,812.9 6 4.1 14 Bank of America Merrill Lynch 21 6 0.6 1,392.7 Morgan Stanley 31.1 6 2.2 19 Barclays Capital 1,591.2 7 3.6 13 Credit Suisse 20 7 0.6 1,946.5 Lazard 30.5 7 2.1 16 Rothschild 1,470.7 8 3.3 17 Morgan Stanley 19 8 0.5 2,295.5 Rothschild 26.1 8 1.8 13 Bank of America Merrill Lynch 1,392.7 9 3.1 21 Sandler O'Neill Partners 18 9 0.5 476.5 Credit Suisse 21.6 9 1.5 10 Houlihan Lokey Howard & Zukin 1,092.7 10 2.5 25 Rothschild 17 10* 0.5 1,470.7 RBC Capital Markets 18.5 10 1.3 19 Keefe Bruyette & Woods Inc 987.6 11 2.2 13 RBC Capital Markets 17 10* 0.5 415.7 Deutsche Bank AG 17.8 11 1.3 11 Citi 892.7 12 2.0 15 Citi 15 12 0.4 892.7 Keefe Bruyette & Woods Inc 15.8 12 1.1 11 Wells Fargo & Co 821.2 13 1.8 6 Deutsche Bank AG 14 13 0.4 1,812.9 Jefferies & Co Inc 14.2 13 1.0 8 Lazard 763.2 14 1.7 26 Barclays Capital 13 14* 0.4 1,591.2 Piper Jaffray Cos 13.9 14 1.0 10 Raymond James Financial Inc 663.6 15 1.5 4 Keefe Bruyette & Woods Inc 13 14* 0.4 987.6 Citi 13.8 15 1.0 12 Peter J. Solomon Co Ltd 582.7 16 1.3 3 PricewaterhouseCoopers 12 16* 0.3 96.0 Evercore Partners 12.8 16 0.9 8 Greenhill & Co, LLC 530.3 17 1.2 9 Lincoln International 12 16* 0.3 93.7 Barclays Capital 11.2 17 0.8 8 Thomas Weisel Partners 483.6 18 1.1 6 Ernst & Young LLP 11 18* 0.3 113.1 Sandler O'Neill Partners 10.1 18 0.7 8 Sandler O'Neill Partners 476.5 19 1.1 18 Generational Equity 11 18* 0.3 29.4 Greenhill & Co, LLC 9.3 19 0.7 4 RBC Capital Markets 415.7 20 0.9 17 Oppenheimer Holdings Inc 10 20 0.3 130.3 KeyBanc Capital Markets Inc 8.2 20 0.6 6 Tudor Pickering & Co LLC 400.0 21 0.9 1 Greenhill & Co, LLC 9 21* 0.3 530.3 RBS 8.1 21 0.6 1 Evercore Partners 399.9 22 0.9 6 Piper Jaffray Cos 9 21* 0.3 398.4 Oppenheimer Holdings Inc 7.8 22 0.6 11 Jefferies & Co Inc 398.5 23 0.9 8 William Blair & Co 9 21* 0.3 133.0 Wells Fargo & Co 7.6 23 0.5 5 Piper Jaffray Cos 398.4 24 0.9 9 Jefferies & Co Inc 8 24 0.2 398.5 Miller Buckfire 6.5 24 0.5 2 BMO Capital Markets 378.1 25 0.9 4 Thomas Weisel Partners 6.4 25 0.5 6 Subtotal with Financial Advisor 23,166.9 - 52.0 501 Subtotal with Financial Advisor 501 - 14.3 23,166.9 Subtotal with Financial Advisor 848.5 - 59.6 434 Industry Total 44,551.8 - 100.0 3,509 Industry Total 3,509 - 100.0 44,551.8 Industry Total 1,423.6 - 100.0 2,784 Source: Thomson Reuters/Freeman & Co. US Mid-Market M&A up to US$500m US Mid-Market M&A up to US$500m by Rank Value Range by Target Industry Energy and Power $80 3,000 3% 2% 6% High Technology 18% $70 Financials 2,500 Rank Value (US$b) 6% $60 Healthcare $50 2,000 # of Deals Materials 6% $40 1,500 Consumer Products and Services $30 13% Industrials 1,000 7% $20 Media and Entertainment $10 500 Consumer Staples 7% Real Estate $0 - 13% Telecommunications 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 8% Retail US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m # of Deals 11% Government and Agencies https://www.thomsonone.com 3 of 20
  4. 4. July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors Latin America Involvement Mid-Market Rankings (MM17) Based on Rank Value Based on Number of Deals Based on Estimated Fees MM17 - Undisclosed Values & Values up to US$500m MM17 - Undisclosed Values & Values up to US$500m MM17 - Undisclosed Values & Values up to US$500m Rank Date 1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009 Date Effective / Unconditional 1/1/2009 - 6/30/2009 Rank Value Mkt No. No. Mkt Rank Value Est. Fees Mkt No. Financial Advisor US$m Rank Share Deals Financial Advisor Deals Rank Share US$m Financial Advisor US$m Rank Share Deals JP Morgan 1,769.4 1 12.1 15 JP Morgan 15 1 2.4 1,769.4 JP Morgan 24.7 1 9.6 11 Citi 1,465.8 2 10.0 7 Santander 9 2 1.4 1,237.7 Citi 10.8 2 4.2 7 Banco Bradesco SA 1,346.9 3 9.2 6 Citi 7 3 1.1 1,465.8 Goldman Sachs & Co 10.6 3 4.1 5 Santander 1,237.7 4 8.4 9 Banco Bradesco SA 6 4* 1.0 1,346.9 Credit Suisse 8.4 4 3.3 9 Bank of America Merrill Lynch 953.7 5 6.5 4 Morgan Stanley 6 4* 1.0 844.4 Santander 7.5 5 2.9 9 Morgan Stanley 844.4 6 5.8 6 UBS 6 4* 1.0 214.6 UBS 6.5 6 2.5 4 Credit Suisse 759.4 7 5.2 5 Credit Suisse 5 7* 0.8 759.4 Itau Unibanco 5.8 7 2.2 4 Itau Unibanco 699.2 8 4.8 5 Itau Unibanco 5 7* 0.8 699.2 BNP Paribas SA 5.6 8 2.2 8 Estater Gestao e Financas 552.7 9 3.8 3 IMAP 4 9* 0.6 22.4 Rothschild 5.1 9 2.0 3 BNP Paribas SA 409.0 10 2.8 3 Analytica Investments 4 9* 0.6 0.0 Banco Bradesco SA 2.9 10 1.1 2 Goldman Sachs & Co 400.5 11 2.7 3 HSBC Holdings PLC 4 9* 0.6 93.1 HSBC Holdings PLC 2.8 11 1.1 4 Mitsubishi UFJ Financial Group 330.9 12 2.3 2 Bank of America Merrill Lynch 4 9* 0.6 953.7 IMAP 2.5 12 1.0 4 Rothschild 301.6 13 2.1 3 Deutsche Bank AG 3 13* 0.5 0.0 Barclays Capital 2.2 13* 0.8 1 KPMG 284.2 14 1.9 1 Rothschild 3 13* 0.5 301.6 Morgan Stanley 2.2 13* 0.9 3 G5 Advisors 242.1 15 1.7 2 Global M&A 3 13* 0.5 18.0 Patria Investimentos 2.0 15 0.8 4 National Bank Financial Inc 240.0 16 1.6 2 Estater Gestao e Financas 3 13* 0.5 552.7 Bank of America Merrill Lynch 1.8 16* 0.7 1 UBS 214.6 17 1.5 6 BNP Paribas SA 3 13* 0.5 409.0 Analytica Investments 1.8 16* 0.7 4 HSBC Holdings PLC 93.1 18 0.6 4 Goldman Sachs & Co 3 13* 0.5 400.5 RBC Capital Markets 1.7 18* 0.6 1 Lazard 65.0 19 0.4 1 National Bank Financial Inc 2 19* 0.3 240.0 G5 Advisors 1.7 18* 0.6 1 Nomura 60.0 20 0.4 1 Mitsubishi UFJ Financial Group 2 19* 0.3 330.9 Global M&A 1.6 20* 0.6 3 Deloitte & Touche 50.0 21 0.3 1 Patria Investimentos 2 19* 0.3 43.0 Angra Partners 1.6 20* 0.6 1 Patria Investimentos 43.0 22 0.3 2 G5 Advisors 2 19* 0.3 242.1 Bancolombia SA 1.4 22* 0.6 1 Jefferies & Co Inc 29.6 23 0.2 1 IM Trust SA 1 23* 0.2 0.0 Lazard 1.4 22* 0.5 1 IMAP 22.4 24 0.2 4 RBS 1 23* 0.2 0.0 RBS 1.1 24 0.4 1 Global M&A 18.0 25 0.1 3 Deloitte & Touche 1 23* 0.2 50.0 Subtotal with Financial Advisor 7,013.3 - 47.8 80 Subtotal with Financial Advisor 80 - 12.8 7,013.3 Subtotal with Financial Advisor 153.2 - 59.2 77 Industry Total 14,682.5 - 100.0 624 Industry Total 624 - 100.0 14,682.5 Industry Total 258.6 - 100.0 412 Source: Thomson Reuters/Freeman & Co. Latin American Mid-Market M&A up to US$500m Latin American Mid-Market M&A up to US$500m by Rank Value Range by Target Industry Financials 2% 1% $16 500 6% Materials $14 450 21% Energy and Power Rank Value (US$b) 400 7% $12 350 Industrials $10 # of Deals 300 Retail 8% $8 250 Telecommunications $6 200 150 Media and Entertainment $4 100 9% 18% Consumer Staples $2 50 Real Estate $0 - Consumer Products and Services 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 13% High Technology 14% US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m # of Deals Healthcare https://www.thomsonone.com 4 of 20
  5. 5. July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors European Involvement Mid-Market Rankings (MM3) Based on Rank Value Based on Number of Deals Based on Estimated Fees MM3 - Undisclosed Values & Values up to US$500m MM3 - Undisclosed Values & Values up to US$500m MM3 - Undisclosed Values & Values up to US$500m Rank Date 1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009 Date Effective / Unconditional 1/1/2009 - 6/30/2009 Rank Value Mkt No. No. Mkt Rank Value Est. Fees Mkt No. Financial Advisor Euro mil Rank Share Deals Financial Advisor Deals Rank Share Euro mil Financial Advisor Euro mil Rank Share Deals JP Morgan 3,360.6 1 6.8 31 Rothschild 56 1 0.8 1,776.1 Rothschild 67.7 1 4.7 54 UBS 3,117.1 2 6.3 55 UBS 55 2 0.8 3,117.1 Lazard 52.8 2 3.7 41 Goldman Sachs & Co 2,348.0 3 4.7 21 KPMG 49 3 0.7 949.6 UBS 47.7 3 3.3 36 Lazard 2,325.3 4 4.7 43 Lazard 43 4 0.6 2,325.3 JP Morgan 36.3 4 2.5 27 Morgan Stanley 2,123.2 5 4.3 27 Ernst & Young LLP 38 5 0.6 296.4 Goldman Sachs & Co 33.0 5 2.3 22 Citi 1,869.3 6 3.8 17 PricewaterhouseCoopers 34 6* 0.5 492.0 Credit Suisse 30.9 6 2.2 25 Rothschild 1,776.1 7 3.6 56 Deloitte & Touche 34 6* 0.5 204.7 Deutsche Bank AG 29.9 7 2.1 24 Credit Suisse 1,613.2 8 3.3 27 Deutsche Bank AG 33 8 0.5 672.4 Morgan Stanley 20.5 8 1.4 20 Mediobanca 1,281.0 9 2.6 15 JP Morgan 31 9 0.5 3,360.6 RBS 18.7 9 1.3 17 BNP Paribas SA 1,277.2 10 2.6 16 Morgan Stanley 27 10* 0.4 2,123.2 Bank of America Merrill Lynch 16.8 10 1.2 13 KPMG 949.6 11 1.9 49 Credit Suisse 27 10* 0.4 1,613.2 Citi 13.5 11 0.9 10 Santander 824.8 12 1.7 8 Rabo Rembrandt F&O 27 10* 0.4 0.0 Rabo Rembrandt F&O 12.2 12 0.8 26 Jefferies & Co Inc 745.3 13 1.5 8 IMAP 26 13 0.4 28.2 Jefferies & Co Inc 12.0 13 0.8 9 Bank of America Merrill Lynch 707.6 14 1.4 16 ING 25 14 0.4 636.7 Intesa SanPaolo 11.9 14 0.8 14 SEB Enskilda 699.4 15 1.4 8 RBS 21 15* 0.3 415.0 IMAP 11.2 15 0.8 26 Deutsche Bank AG 672.4 16 1.4 33 Goldman Sachs & Co 21 15* 0.3 2,348.0 HSBC Holdings PLC 10.6 16 0.7 9 Jones Lang LaSalle Inc 662.7 17 1.3 6 Citi 17 17 0.3 1,869.3 SEB Enskilda 10.1 17 0.7 9 ING 636.7 18 1.3 25 BNP Paribas SA 16 18* 0.2 1,277.2 ING 9.3 18 0.7 12 Scotiabank-Bank of Nova Scotia 627.3 19 1.3 4 Bank of America Merrill Lynch 16 18* 0.2 707.6 Mediobanca 9.0 19 0.6 11 Intesa SanPaolo 611.7 20 1.2 9 Mediobanca 15 20* 0.2 1,281.0 BNP Paribas SA 8.2 20 0.6 14 Nomura 596.5 21 1.2 9 BDO International 15 20* 0.2 107.5 BDO International 8.1 21 0.6 16 Arctic Securities ASA 561.1 22 1.1 7 Close Brothers Ltd 15 20* 0.2 145.0 Arctic Securities ASA 7.7 22 0.5 7 Calyon 519.3 23 1.1 7 M&A International 14 23 0.2 13.2 Lincoln International 6.5 23 0.5 14 HSBC Holdings PLC 512.2 24 1.0 11 Lincoln International 13 24* 0.2 98.1 Global M&A 6.4 24* 0.5 14 PricewaterhouseCoopers 492.0 25 1.0 34 Baker Tilly & Co 13 24* 0.2 19.3 Close Brothers Ltd 6.4 24* 0.5 13 Subtotal with Financial Advisor 24,020.4 - 48.4 957 Subtotal with Financial Advisor 957 - 13.9 24,020.4 Subtotal with Financial Advisor 943.8 - 65.6 853 Industry Total 49,644.4 - 100.0 6,909 Industry Total 6,909 - 100.0 49,644.4 Industry Total 1,439.0 - 100.0 5,458 Source: Thomson Reuters/Freeman & Co. European Mid-Market M&A up to US$500m European Mid-Market M&A up to US$500m by Rank Value Range by Target Industry Energy and Power 4% $120 5,000 4% Financials 17% 4,500 4% $100 Real Estate Rank Value (US$b) 4,000 6% $80 3,500 Materials # of Deals 3,000 6% Industrials $60 2,500 High Technology 2,000 15% $40 1,500 6% Healthcare $20 1,000 Consumer Staples 500 7% Consumer Products and Services $0 - Media and Entertainment 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 8% 14% Retail US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m # of Deals 9% Telecommunications https://www.thomsonone.com 5 of 20
  6. 6. July 10, 2009 │ Mid-Market M&A Up To US$500m │ Financial Advisors UK Involvement Mid-Market Rankings (MM4) Based on Rank Value Based on Number of Deals Based on Estimated Fees MM4 - Undisclosed Values & Values up to US$500m MM4 - Undisclosed Values & Values up to US$500m MM4 - Undisclosed Values & Values up to US$500m Rank Date 1/1/2009 - 6/30/2009 Rank Date 1/1/2009 - 6/30/2009 Date Effective / Unconditional 1/1/2009 - 6/30/2009 Rank Value Mkt No. No. Mkt Rank Value Est. Fees Mkt No. Financial Advisor GBP mil Rank Share Deals Financial Advisor Deals Rank Share GBP mil Financial Advisor GBP mil Rank Share Deals JP Morgan 1,539.0 1 10.4 15 UBS 22 1 1.6 1,412.1 Rothschild 18.2 1 4.7 18 UBS 1,412.1 2 9.6 22 Rothschild 16 2 1.1 490.0 JP Morgan 16.6 2 4.3 14 Goldman Sachs & Co 953.1 3 6.4 9 JP Morgan 15 3 1.1 1,539.0 Lazard 15.7 3 4.1 15 Morgan Stanley 771.6 4 5.2 8 Baker Tilly & Co 13 4 0.9 17.8 Goldman Sachs & Co 10.8 4 2.8 7 Credit Suisse 679.0 5 4.6 7 Lazard 12 5 0.9 502.1 Deutsche Bank AG 9.6 5 2.5 9 Jefferies & Co Inc 515.3 6 3.5 4 Deutsche Bank AG 11 6 0.8 323.4 UBS 8.0 6* 2.1 9 Lazard 502.1 7 3.4 12 KPMG 10 7* 0.7 4.1 Citi 8.0 6* 2.1 7 Rothschild 490.0 8 3.3 16 Deloitte & Touche 10 7* 0.7 49.3 Morgan Stanley 7.2 8 1.9 7 Jones Lang LaSalle Inc 463.8 9 3.1 4 PricewaterhouseCoopers 10 7* 0.7 105.4 Credit Suisse 6.3 9 1.7 4 RBC Capital Markets 396.8 10 2.7 4 BDO International 9 10* 0.6 96.6 BDO International 4.9 10 1.3 10 Hawkpoint Partners 359.1 11 2.4 6 Goldman Sachs & Co 9 10* 0.6 953.1 Baker Tilly & Co 4.7 11* 1.2 13 HSBC Holdings PLC 330.2 12 2.2 3 Ernst & Young LLP 8 12* 0.6 28.3 Jefferies & Co Inc 4.7 11* 1.2 4 Scotiabank-Bank of Nova Scotia 325.4 13 2.2 2 Morgan Stanley 8 12* 0.6 771.6 HSBC Holdings PLC 3.3 13* 0.9 2 Deutsche Bank AG 323.4 14 2.2 11 Seymour Pierce 7 14* 0.5 176.9 Bank of America Merrill Lynch 3.3 13* 0.9 4 Pohjola Bank PLC 277.1 15* 1.9 1 Credit Suisse 7 14* 0.5 679.0 Lexicon Partners 3.2 15* 0.9 4 SEB Enskilda 277.1 15* 1.9 1 Citi 7 14* 0.5 147.6 RBC Capital Markets 3.2 15* 0.8 3 Intesa SanPaolo 236.0 17 1.6 1 Hawkpoint Partners 6 17* 0.4 359.1 SEB Enskilda 3.0 17 0.8 2 Peter J. Solomon Co Ltd 212.7 18 1.4 1 Grant Thornton LLP 6 17* 0.4 37.9 Hawkpoint Partners 2.9 18 0.8 7 Canaccord Capital Corp 196.5 19 1.3 3 RBS 5 19* 0.4 55.0 Scotiabank-Bank of Nova Scotia 2.8 19* 0.7 1 Tricorn Partners LLP 192.1 20 1.3 1 ING 5 19* 0.4 132.3 Jones Lang LaSalle Inc 2.8 19* 0.7 3 Liberum Capital Limited 189.3 21 1.3 1 Global M&A 5 19* 0.4 99.4 Pohjola Bank PLC 2.8 19* 0.7 1 Seymour Pierce 176.9 22 1.2 7 IMAP 5 19* 0.4 17.4 Gleacher Partners 2.8 19* 0.7 2 Citi 147.6 23 1.0 7 M&A International 5 19* 0.4 5.9 RBS 2.7 23 0.7 3 Endeavor Financial Corp 143.1 24 1.0 1 Close Brothers Ltd 5 19* 0.4 90.4 Seymour Pierce 2.1 24* 0.6 8 BNP Paribas SA 139.8 25 1.0 2 Global M&A 2.1 24* 0.6 6 Subtotal with Financial Advisor 8,072.6 - 54.6 290 Subtotal with Financial Advisor 290 - 20.7 8,072.6 Subtotal with Financial Advisor 258.4 - 67.5 257 Industry Total 14,788.4 - 100.0 1,398 Industry Total 1,398 - 100.0 14,788.4 Industry Total 382.7 - 100.0 1,085 Source: Thomson Reuters/Freeman & Co. UK Mid-Market M&A up to US$500m UK Mid-Market M&A up to US$500m by Rank Value Range by Target Industry Energy and Power 3% $45 1,600 4% Financials 5% 19% $40 1,400 Real Estate Rank Value (US$b) $35 1,200 6% Consumer Products and Services $30 1,000 # of Deals $25 High Technology 6% 800 Materials $20 $15 600 15% Healthcare $10 400 9% Industrials $5 200 Consumer Staples $0 - 9% Media and Entertainment 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 14% Retail 10% Telecommunications US$0 - 50m US$50 - 100m US$100 - 200m US$200 - 500m # of Deals https://www.thomsonone.com 6 of 20

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