GLOBAL MERGERS & ACQUISITIONS REVIEW LEGAL ADVISORS. Full Year 2012

Transcription

1 GLOBAL MERGERS & ACQUISITIONS REVIEW LEGAL ADVISORS Full Year 01

2 Full Year 01 Mergers & Acquisitions s M&A y Review Table of Contents Global M&A 1 EMEA M&A 8 Asia Pacific (ex-japan) M&A 13 Global Deals Intelligence 1 European Deals Intelligence 8 Asia Pacific (ex-japan) Deals Intelligence 13 Scorecard: Worldwide Announced M&A Top Ten European Involvement Announced Deals 8 Top Ten Any Asia (ex-japan) Involvement Announced Deals 13 Scorecard: Worldwide Completed M&A Any European Involvement Announced (AE39) 9 Any Asian (ex-japan) Involvement Announced (AE31) 14 Top Fifteen Worldwide Announced Deals Any European Involvement Completed (AG40) 9 Any Asian (ex-japan) Involvement Completed (AG3) 14 Worldwide Announced (AE1) 3 Any UK Involvement Announced (AE40) 9 Any Asia Pacific (ex-japan) Involvement Announced (AE30) 14 Worldwide Completed (AG1) 3 Any UK Involvement Completed (AG41) 9 Any Asia Pacific (ex-japan) Involvement Completed (AG31) 14 Any French Involvement Announced (AE41) 10 Any Australia or NZ Involvement Announced (AE7) 15 Americas M&A 5 Any French Involvement Completed (AG4) 10 Any Australia or New Zealand Involvement Completed (AG8) 15 Americas Deals Intelligence 5 Any Spanish Involvement Announced (AE4) 10 Top Ten US Announced Deals 5 Any Spanish Involvement Completed (AG43) 10 Japan M&A 16 Any US Involvement Announced (AE33) 6 Any German Involvement Announced (AE43) 11 Japan Deals Intelligence 16 Any US Involvement Completed (AG34) 6 Any German Involvement Completed (AG44) 11 Top Ten Japanese Involvement Announced Deals 16 US Target Announced (AE) 6 Any Italian Involvement Announced (AE44) 11 Any Japanese Involvement Announced (AE51) 17 US Target Completed (AG) 6 Any Italian Involvement Completed (AG45) 11 Any Japanese Involvement Completed (AG5) 17 Any Canadian Involvement Announced (AE34) 7 Any Nordic Involvement Announced (AE45) 1 Any Canadian Involvement Completed (AG35) 7 Any Nordic Involvement Completed (AG46) 1 Criteria Summary 18 Any US Public Involvement Completed 7 Any Benelux Involvement Announced (AE46) 1 Mergers & Acquisitions Criteria Summary 18 Any Benelux Involvement Completed (AG47) 1 Regional Contacts 18 Thomson Reuters Soultions for the Deal Making Community 19

3 Full Year 01 LEGAL ADVISORS MERGERS & ACQUISITIONS REVIEW Spinoffs & Divestitures Push Worldwide M&A Up % to US$.6 trillion l Cross Border M&A Up 6% Global Deals Intelligence Worldwide Announced Financial Sponsor Activity WORLDWIDE M&A UP %, SPINOFFS & DIVESTITURES ACCOUNT FOR 47% OF M&A - Bolstered by record levels of spinoff and divestiture activity, the value of worldwide M&A totalled US$.6 trillion during full year 01, a % increase from comparable 011 levels. Worldwide spinoffs and divestitures, which totalled US$1. trillion for full year 01, accounted for 47% of overall M&A activity this year, the highest annual percentage since records began in Compared to the third quarter of 01, the value of announced mergers & acquisitions increased 53% during the fourth quarter of 01. $900 $800 $ % 18.6% Q4 Volume (US$b) Q3 Volume (US$b) Q Volume (US$b) Q1 Volume (US$b) % of YTD Global M&A 5% 0% EMERGING MARKETS ACCOUNT FOR 8% OF M&A; CROSS BORDER UP 6% Accounting for over onequarter of worldwide announced merger activity, M&A involving companies located in the emerging markets totalled US$73.0 billion during full year 01, a 9% increase from 011. Cross Border M&A activity totalled US$944.1 billion during full year 01, accounting for 36% of overall M&A volume and up 6% compared to full year 011. Cross border M&A was driven by the energy & power, industrials, and consumer staples sectors, which comprised 4% of cross-border deal volume during 01. RESOURCES, REAL ESTATE, FINANCIALS LEAD ACTIVITY - The energy & power sector was most active during full year 01, commanding 18% of announced M&A, while the financials and real estate sectors accounted for 13% and 11% of M&A activity, respectively. Consumer staples and retail deal making led all sectors as to growth rate, up 71% and 38%, respectively, during full year 01, while materials and high technology registered declines of % and 18% over full year 011. Rank Value (US$b) $600 $500 $400 $300 $00 9.6% 10.6% 13.4% 1.9% 8.4% 6.0% 9.9% 1.7% 1.4% 15% 10% 5% % of Global M&A BUYSIDE PRIVATE EQUITY M&A FLAT COMPARED TO 011 Worldwide private equity-backed M&A activity totalled US$31.4 billion during full year 01. Private equity deal making in the energy & power, industrials and financial sectors accounted for 40% of activity during full year 01. Accounting for 1% of worldwide M&A during 01, private equity-backed M&A was flat compared to 011 levels. $100 $ % Worldwide Cross Border Volume $,000 $1,800 $1,600 $1,400 Q4 Volume (US$b) Q3 Volume (US$b) Q Volume (US$b) Q1 Volume (US$b) % of YTD Global M&A 31.7% 33.7% 33.5% 45.0% 37.3% 37.% 35.0% 36.5% 50% 45% 40% 35% Rank Value (US$b) $1,00 $1,000 $800 9.% 6.7% 7.0% 30% 5% 0% % of Global M&A $600 15% $400 10% $00 5% $ % 1

4 Full Year 01 Mergers & Acquisitions s Mergers & Acquisitions Scorecard: Worldwide Announced M&A Scorecard: Worldwide Completed M&A Worldwide Announced M&A by Target Industry Target Region/Nation 1/1/01-1/31/01 1/1/011-1/31011 Rank Val No. Rank Val No. US$m Deals US$m Deals % Change in Rank Value Target Region/Nation 1/1/01-1/31/01 Rank Val No. US$m Deals 1/1/011-1/31011 Rank Val No. US$m Deals % Change in Rank Value Worldwide,588, ,93,545, , Worldwide,040, ,449,44, , Americas 1,14,3.8 11,883 1,34, ,801.7 Americas 1,085,3.3 9,667 1,144, ,405. Caribbean 11, , Caribbean 4, , Central America 35, , Central America 10, , Panama 1, Mexico 7, , North America 1,075, ,037 1,075, ,730.1 North America 984, , ,67.9 8, United States 935, , ,0.8 8, United States 88,19.9 6, , , Canada 140,07.4 1,918 95,539.9, Canada 10, ,451 96, , South America 91, , , , South America 84,739. 1, , , Brazil 57, , Brazil 58, , Chile 14, , Chile 11, , Africa/Middle East 65,43.4 1,67 47,495. 1, Africa/Middle East 41, , Middle East 1, , Middle East 13, , North Africa 8, , North Africa 3, , Sub-Saharan Africa 5, , Sub-Saharan Africa 14, , Europe 785, ,38 711, , Europe 51, ,09 748, , Eastern Europe 143, , ,84.5 4, Eastern Europe 68,97.6,87 135, , Western Europe 641,63.6 9, , , Western Europe 444, ,0 613, , United Kingdom 134,350.6, ,004.5, United Kingdom 116,564.8,073 13,754.8, Spain 19, , , Spain 59, , Switzerland 89, , Germany 50, ,118 53, , Asia-Pacific 438,06. 9, , ,1-1.4 Asia-Pacific 97,58.8 5,479 40, , Australasia 73,473. 1,645 17,97.7 1, Australasia 78, ,4 135,788. 1,9-4.6 Australia 67,81.0 1, ,310. 1, Australia 7, ,088 19, , New Zealand 4, , New Zealand 5, , South East Asia 103, ,856 70,96.5, South East Asia 5,80.0 1,189 61,774. 1, Singapore 49, , Malaysia 1, , Malaysia, , Singapore 17, , North Asia 3, ,957 17, , North Asia 154,336.6, ,850.3, China 157, , , , China 83,59.3 1,359 98, , South Korea 4, ,00 45, ,16.0 South Korea 46, , South Asia 8, , South Asia 1, , Central Asia 9, , Central Asia 10, , Japan 85,944.7, ,813. 1, Japan 103, ,503 90,75.7 1, % 11% 18% 10% 3% Energy and Power Financials Real Estate Materials Industrials Consumer Staples Healthcare High Technology Telecommunications Media and Entertainment Retail 9% 4% 5% 8% 5% 8% 6% Top Fifteen Worldwide Announced Deals Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) 1/10/01 Pending Abbott Laboratories-Research (100%) Shareholders United States / United States 66,416.8 /7/01 Pending Xstrata PLC (65.9%) Glencore International PLC Switzerland / Switzerland 45, /17/01 10/1/01 Kraft Foods Inc-N Amer Grocery (100%) Shareholders United States / United States 36, //01 Pending TNK-BP Ltd (50%) NK Rosneft' Russian Fed / Russian Fed 8, //01 Pending TNK-BP Ltd (50%) NK Rosneft' Russian Fed / Russian Fed 6,469. 1/1/01 Pending Bankia SA-Bad RE Assets (100%) SAREB Spain / Spain 5, /5/01 6/7/01 Banco Financiero y de Ahorros (100%) FROB Spain / Spain 3, /1/01 4/30/01 ConocoPhillips-Refining,Mktg (100%) Shareholders United States / United States 1, /19/01 Intended Alliance Boots GmbH (55%) Walgreen Co United States / Switzerland 1, /15/01 Pending Sprint Nextel Corp (70%) SoftBank Corp Japan / United States 0, /9/01 Pending Grupo Modelo SAB de CV (49.7%) Anheuser-Busch Inbev Belgium / Mexico 0, //01 Pending China Telecom Corp-3G Assets (100%) China Telecom Corp Ltd China / China 18, /6/01 Pending Bankia SA (%) FROB Spain / Spain 17, /3/01 Pending Nexen Inc (100%) CNOOC Canada Holding Ltd Canada / Canada 17, /5/01 Pending Plains Expl & Prodn Co (100%) Freeport-McMoRan Copper & Gold United States / United States 17, Target Macro / Mid Industry Healthcare / Pharmaceuticals Materials / Metals & Mining Consumer Staples / Food and Beverage Real Estate / Residential Financials / Banks Retail / Other Retailing Telecommunications / Telecommunications Services Consumer Staples / Food and Beverage Telecommunications / Wireless Financials / Banks

5 Full Year 01 Mergers & Acquisitions s Worldwide Rankings Worldwide Announced (AE1) Jan 1 Dec 31 Worldwide Completed (AG1) Jan 1 Dec 31 Rank Value Market Market US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Value US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals , , Freshfields Bruckhaus Deringer 8 56, Simpson Thacher & Bartlett 1 81, , * , , , , , , , Simpson Thacher & Bartlett 7 03, Freshfields Bruckhaus Deringer , , , , Dewey & LeBoeuf LLP , * Cleary Gottlieb Steen & Hamilton , , , Cleary Gottlieb Steen & Hamilton , * , , * , , White & Case LLP , , * Kirkland & Ellis , , Allen & Overy , Gibson Dunn & Crutcher , * Kirkland & Ellis , , * , Allen & Overy , McCarthy Tetrault , * , Paul, Weiss , Vinson & Elkins LLP , , Mori Hamada & Matsumoto , * , , Morrison & Foerster , White & Case LLP , Gibson Dunn & Crutcher , McCarthy Tetrault , Mattos Filho Veiga Filho Marrey Jr , * Bracewell & Giuliani , * 0.1,588, ,918-4,156,040, ,454-3, % -9.9% 53.4% 5.7% 19.6% -0.% -15.8% -10.7% Worldwide Announced (AE1) - Based on Number of Deals Jan 1 Dec 31 Worldwide Completed (AG1) - Based on Number of Deals Jan 1 Dec 31 # Rank Value Market Market Of Dealshare (%) Deals US$m Rank Sh (%) Share Ch , DLA Piper , , Kirkland & Ellis , , , Allen & Overy , Freshfields Bruckhaus Deringer , , * , * , White & Case LLP 1 18* , Hogan Lovells , * , CMS 15 8* ,407 Gowling Lafleur Henderson LLP 16* 59* ,83 Ashurst 16* , Simpson Thacher & Bartlett , , Mayer Brown LLP 0* ,067 Paul Hastings 0* ,581 Mori Hamada & Matsumoto * 5* , * 16* , Norton Rose 4 16* ,99 Herbert Smith Freehills LLP 5 8* ,569 37,918-4,156,588, Rank 011 Rank # Of Deals Market Sh (%) Change in Deals Rank Value US$m Rank Market Sh (%) Market Share Ch , DLA Piper ,107 Kirkland & Ellis , , , , Allen & Overy , , , Freshfields Bruckhaus Deringer , , Hogan Lovells ,0 - White & Case LLP , , CMS ,751 Gowling Lafleur Henderson LLP 16 63* ,591 Mori Hamada & Matsumoto 17* , Ashurst 17* , Simpson Thacher & Bartlett , Paul Hastings , , Herbert Smith Freehills LLP 37* , * , Mayer Brown LLP ,166 Norton Rose ,96-8,454-3,395,040, % 1.7% 5.7% 53.4% -10.7% -15.8% -0.% 19.6% 3

6 Full Year 01 Mergers & Acquisitions s Worldwide M&A Matrix Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA Jan 1 Dec UP 01 DOWN 011 Consumer Products and Services Media and Entertainment Average 11.6x World Materials 10.3x 11.9x 10.x 10.8x 11.7x 9.1x Americas Consumer Staples 1.0x 11.5x 11.x 10.1x 1.0x 11.5x 7.3x 8.6x 10.3x 11.5x 10.7x 10.5x 6.x 9.8x 13.4x 1.8x x Energy and Power 11.4x 11.1x 1.7x 1.x Healthcare 14.3x 1.9x 14.6x 1.x 14.3x 1.9x 11.8x 11.8x 1.7x 1.9x Industrials 10.5x 11.7x 10.9x 14.3x 10.5x 14.0x 10.3x 14.8x 10.8x Retail 11.1x 11.x 11.5x 8.3x 11.1x 11.x 11.9x 11.9x 13.1x 11.x 13.1x 1.9x 7.7x 17.x 1.5x 14.6x 9.4x 14.6x Telecommunications 9.6x 10.9x 11.7x 1.5x 10.9x x USA 11.9x 6.1x 11.7x 1.x 1.x 13.8x 11.6x 1.x 11.7x 13.8x 10.4x Canada EMEA Europe 9.8x 11.4x 9.3x 1.7x 9.8x 11.4x x 7.3x 11.4x 7.5x 10.5x 6.x 7.0x 13.3x 14.8x 5.9x 14.8x 11.4x 11.1x 15.0x 1.x 10.x 11.1x 10.1x 9.x 4.8x 6.8x 10.8x 1.3x 11.0x 1.3x 11.7x 8.9x 8.4x 9.4x 11.7x 10.x 11.9x 1.9x 10.8x 15.x 7.9x 11.9x 1.6x 5.9x 10.9x 15.1x 1.0x High Technology 11.9x 13.1x 14.7x 16.0x 11.9x 13.1x 10.8x 10.4x 10.0x 13.1x 10.3x 14.9x 11.4x 15.7x 13.0x 1.0x 7.1x 1.6x 11.5x 11.1x 11.7x 11.4x 13.5x 13.5x Real Estate 18.3x 18.8x 1.5x 4.7x 18.3x 18.8x 17.6x 5.1x 0.7x 18.8x 0.7x 17.3x 15.8x 15.8x 16.x 11.6x 19.5x 11.3x UK 8.x 8.7x 7.3x 7.3x 15.8x 16.0x Asia ex. Japan 7.6x 9.8x 1.x 11.4x 1.0x 13.1x 6.1x 6.4x 6.3x 6.3x 11.6x 1.6x 1.0x 8.0x 11.7x 10.3x 1.x 10.6x 11.8x 9.3x 11.4x 1.9x 1.5x 9.3x 1.5x 4.8 Japan 1.0x 1.0x 9.x 11.4x 8.9x 13.1x 11.6x 1.6x Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price Jan 1 Dec UP 01 DOWN Consumer Staples 011 Consumer Products and Services Financials Healthcare High Technology Industrials Materials Media and Entertainment Real Estate 30.8 Retail Telecommunications 37.6 World Americas USA Canada EMEA Europe UK Asia ex. Japan Japan Energy and Power Average * Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 01/01/01-1/31/01 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. * The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. * Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%. 4

7 Overall US M&A Decreases 4%; Falls 1% Exclusive of Spinoff Value Canadian Activity Up 36% Full Year 01 Mergers & Acquisitions s Americas M&A Americas Deals Intelligence Overall M&A activity with US involvement decreased 3.8% from 011, reaching US$1. trillion. The number of US-involved M&A transactions decreased by 5.5%, dropping from 11,517 to 10,88 announced deals. Exclusive of the over $140 billion of value attributed to spinoffs executed in 01 (including 4 of the top 10 overall deals in the year), US-involved M&A activity declined 11.9% over the course of 01. Despite a 13.1% decrease in the number of announced M&A deals with Canadian involvement and an 8.7% decrease in the number of completed M&A deals with Canadian involvement, the value of both announced and completed M&A activity in Canada involvement surpassed 011 totals by 38.7% and 1%, respectively. The Energy & Power sector led the US market, with deal volume totaling US$173.4 billion, a 18.5% market share and a 3% decrease compared to last year. Healthcare placed second, with US$154.4 billion, a 16.5% share. By deal count, High Technology was the most prolific sector, with 1,553 transactions. On average, EBITDA multiples for Americas Targets during 01 decreased to 1.x from the 13.8x reported in 011. From an industry perspective, among US target transactions, average industry multiples ranged from 9.6x for Telecommunications to 18.0x for Real Estate targets. US Announced Advisors by Target Industry Jan 1 -Dec Rank Val Mkt. No. Rank Val Mkt. No. (US$m) Rank Share Deals (US$m) Rank Share Deals Energy & Power 173, Industrials 74, , Simpson Thacher & Bartlett 18, , Kirkland & Ellis 14, Bracewell & Giuliani 37, , Healthcare 154, Materials 44, , , , , Minter Ellison 66, Kirkland & Ellis 7, High Technology 65, , , Consumer Products & Services Allen & Overy 34, , Kirkland & Ellis 9, Simpson Thacher & Bartlett 8, , , Financials 80, Real Estate 83, , , , , , Morrison & Foerster 16, Consumer Staples 90, Media , , , , A&L Goodbody 47, , US Target Announced M&A Target Industry by Value 01 LBOs as a Percentage of US Targeted Announced M&A 9.6% 8.9% 8.7% 8.0% $700 $600 LBO Non-LBO LBO as % of US M&A 40% 35% 16.5% 7.0% $500 30% 0% 3.5% 3% 4.5% 5% 7% 0.0% Rank Value (US$b) $400 $300 $00 5% 0% 15% 10% % of US M&A Energy and Power Healthcare Consumer Staples Financials Real Estate Industrials High Technology Media and Entertainment Telecommunications Materials Consumer Products and Services Retail Government and Agencies $100 $0 1Q05 Q05 3Q05 4Q05 1Q06 Q06 3Q06 4Q06 1Q07 Q07 3Q07 4Q07 1Q08 Q08 3Q08 4Q08 1Q09 Q09 3Q09 4Q09 1Q10 Q10 3Q10 4Q10 1Q11 Q11 3Q11 4Q11 1Q1 Q1 3Q1 4Q1 5% 0% Top Ten US Announced Deals 01 Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry 1/10/01 Pending Abbott Laboratories-Research (100%) Shareholders United States / United States 66,416.8 Healthcare / Pharmaceuticals 9/17/01 10/1/01 Kraft Foods Inc-N Amer Grocery (100%) Shareholders United States / United States 36,088.7 Consumer Staples / Food and Beverage 4/1/01 4/30/01 ConocoPhillips-Refining,Mktg (100%) Shareholders United States / United States 1, /15/01 Pending Sprint Nextel Corp (70%) SoftBank Corp Japan / United States 0,140.0 Telecommunications / Telecommunications Services 1/5/01 Pending Plains Expl & Prodn Co (100%) Freeport-McMoRan Copper & Gold United States / United States 17, /6/01 Pending Archstone Enterprise LP (100%) Investor Group United States / United States 16,306.1 Real Estate / REITs 4/3/01 11/30/01 Pfizer Nutrition (100%) Nestle SA Switzerland / United States 11,850.0 Consumer Staples / Food and Beverage 1/3/01 1/3/01 Archstone-Smith Trust (6.5%) Lehman Brothers Holdings Inc United States / United States 11,810.0 Real Estate / REITs 9/8/01 9/8/01 Tyco International Ltd-ADT (100%) Shareholders United States / United States 10,570.8 Consumer Products and Services / Professional Services 1/0/01 Pending NYSE Euronext (100%) IntercontinentalExchange Inc United States / United States 10,191.3 Financials / Brokerage 5

8 Full Year 01 Mergers & Acquisitions s Americas Rankings Any US Involvement Announced (AE33) Jan 1 Dec 31 Any US Involvement Completed (AG34) Jan 1 Dec 31 Rank Value Market Market US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Value US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals , * , , , * Simpson Thacher & Bartlett 3 18, Simpson Thacher & Bartlett , , , , , * , , , * Dewey & LeBoeuf LLP , Kirkland & Ellis , , , Kirkland & Ellis , , Cleary Gottlieb Steen & Hamilton , * , Gibson Dunn & Crutcher , * 1.14 Cleary Gottlieb Steen & Hamilton , , , , Paul, Weiss , * Vinson & Elkins LLP , * 1.0 Freshfields Bruckhaus Deringer , * Freshfields Bruckhaus Deringer , White & Case LLP , * , * Gibson Dunn & Crutcher , Bracewell & Giuliani , * 0.4 Allen & Overy , , * Morrison & Foerster , * A&L Goodbody , * Minter Ellison , * , Musat & Asociatii 1-66, * 0.0 Baker Botts LLP 1 59, A&L Goodbody 90 64, * Greenberg Traurig 31 57, Debevoise & Plimpton , Allen & Overy , McCarthy Tetrault , White & Case LLP , , Dechert , * ,11, , ,076, , % 35.0% -5.5% -8.5% 11.1% 16.9% -6.5% 9.9% US Target Announced (AE) Jan 1 Dec 31 US Target Completed (AG) Jan 1 Dec 31 Rank Value Market Market US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals 1 0, * , , Simpson Thacher & Bartlett , * , * , , Kirkland & Ellis , , * , * , Paul, Weiss , * Minter Ellison 13 9* 66, * 0.1 Musat & Asociatii 14-66, * , * Morrison & Foerster , White & Case LLP , * A&L Goodbody , * Alston & Bird 19 45, Vinson & Elkins LLP , * Gibson Dunn & Crutcher 1 1 4, * Fried Frank Harris Shriver & Jacobson 17 41, * 0.6 McCarthy Tetrault , * Debevoise & Plimpton , Cleary Gottlieb Steen & Hamilton , * , , Value US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals , , Simpson Thacher & Bartlett , , * , Dewey & LeBoeuf LLP , , , Kirkland & Ellis , Gibson Dunn & Crutcher , * Vinson & Elkins LLP , * , Bracewell & Giuliani , Cleary Gottlieb Steen & Hamilton , * , * , * , Greenberg Traurig , * , * 0. - Baker Botts LLP , * 0.7 Freshfields Bruckhaus Deringer 1 55, * 0. A&L Goodbody 36 53, * Dechert , * 0.7 Alston & Bird , * 0.7 Fried Frank Harris Shriver & Jacobson , * , , % 6.% -5.% 16.5% -1.8% 19.9% -5.8% 19.6% *tie 6

9 Full Year 01 Mergers & Acquisitions s Americas Rankings Any Canadian Involvement Announced (AE34) Jan 1 Dec 31 Any Canadian Involvement Completed (AG35) Jan 1 Dec 31 Rank Value Market Market US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Value US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals , Osler Hoskin & Harcourt LLP 1 1 3, Osler Hoskin & Harcourt LLP 48, Torys 3 3, Stikeman Elliott 3 7 4, , Burnet Duckworth & Palmer , * McCarthy Tetrault 4 4 7, Torys , Norton Rose 5 5 7, McCarthy Tetrault 6 4 8, Stikeman Elliott 6 6 1, Norton Rose 7 5 5, Fasken Martineau DuMoulin LLP , Paul, Weiss 8 0 4, * , * Bennett Jones 9 13, Bennett Jones 9 16, * , * Davies Ward Phillips & Vineberg LLP , * Cleary Gottlieb Steen & Hamilton , * , , * 0. Burnet Duckworth & Palmer , * 1. Morrison & Foerster , * Paul, Weiss , Richard A Shaw Professional Corp 14-17, * , * 0.3 Fasken Martineau DuMoulin LLP , Goodmans , , , * , * 0.5 Fried Frank Harris Shriver & Jacobson , * , * , * , * , Fried Frank Harris Shriver & Jacobson , * , * 0.1 Sidley Austin LLP , * Sidley Austin LLP , * Davies Ward Phillips & Vineberg LLP 6 9, * Borden Ladner Gervais LLP 34 9, * Ashurst , * Simpson Thacher & Bartlett , * Goodmans 4 9 8, * Gowling Lafleur Henderson LLP 4 7 8, , * Paul Hastings , * , , , , % 10.4% -13.1% 17.6% 1.0% 69.3% -8.7% 7.8% Any US Public Involvement Completed (Published in Collaboration with Westlaw Business) Jan 1 Dec 31 US Target Announced (AE) - Based on Number of Deals Jan 1 Dec 31 Rank Value Market Market US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals , , * Simpson Thacher & Bartlett 3 1 0, , , Dewey & LeBoeuf LLP , * , , Cleary Gottlieb Steen & Hamilton , * 1.13 Gibson Dunn & Crutcher , * Kirkland & Ellis , Vinson & Elkins LLP , , * , Bracewell & Giuliani , Freshfields Bruckhaus Deringer , * , * A&L Goodbody , * , , Baker Botts LLP , * Alston & Bird 57 51, * Dechert , * Greenberg Traurig , * McCarthy Tetrault , * , ,185 *tie -8.9% 0.3% -1.% 8.9% Rank Value Market Market Deals Sh (%) Deals US$m Rank Sh (%) Share Ch , Kirkland & Ellis , , DLA Piper , , * , Wilson Sonsini Goodrich & Rosati 7* ,396.6 Simpson Thacher & Bartlett 7* , Gibson Dunn & Crutcher 9* , Vinson & Elkins LLP 9* , Dorsey & Whitney LLP ,981.7 Morgan Lewis & Bockius 1* , * , Bryan Cave LLP ,735.9 K&L Gates 15* ,763.7 Paul Hastings 15* ,343.1 Morrison & Foerster , * , Fenwick & West LLP 19 3* ,131.8 Paul, Weiss 0* , White & Case LLP 0* , Hogan Lovells , Ropes & Gray 3 6* ,57.3 Sidley Austin LLP 4* 3* , * 0* * , Cooley LLP 6* ,68.7 8, ,064-5.% -4.6% 16.5% 6.% 7

10 EMEA Announced M&A rises at 13% Energy & Power Most Active Sector in First Place Full Year 01 Mergers & Acquisitions s EMEA M&A EMEA Deals Intelligence EMEA Financial Sponsor Investments Announced M&A activity with EMEA involvement totalled US$1.145 trillion in 01, rising 13% from the full year 011 totals. Fourth quarter 01 deal value was more than double the totals recorded in the third quarter. Energy and Power finished 01 as the most active sector, with 1,475 deals grossing a combined US$198 billion, just edging out Financials which accrued US$196.9 billion. Industrials finished third, with US$131.8 billion worth of activity. EMEA Targeted buyside financial sponsor activity reached only US$87.3 billion, falling short of the US$99.1 billion reported last year. However, fourth quarter totals in 01 reached US$3.7 billion, accounting for the most activity in a single quarter since the second quarter of 011. Although 01 totals lagged behind those seen in 011, the market largely held onto annual volume levels regained after the 009 trough. Acquirors on the London exchange were EMEA's most acquisitve companies in 01, with 479 deals accounting for a combined total of US$99.1 billion in offers. The US$46 billion Xstrata / Glencore transaction from the first quarter accounted for a significant portion of this M&A activity. Rank Value (US$b) $300 $50 $00 $150 $100 $ % 7.3% 16.0% 16.7% 19.% 15.4% 9.3% 6.9% Q4 Volume (US$b) Q3 Volume (US$b) Q Volume (US$b) Q1 Volume (US$b) % of YTD EMEA M&A 13.0% 1.4% 10.3% 5% 0% 15% 10% 5% % of EMEA $ % Primary Stock Exchange Listing of Most Acquisitive EMEA Companies - Top 10 (US$ bil) $5.9 $31.0 $1. $1.1 $9.1 $0.0 $0.0 $0.0 $67.5 $99.1 London Russian Trading System Euronext Brussels Frankfurt New York Zurich Euronext Paris EMEA Involvement Announced Advisors by Target Industry 01 Mkt. Rank Val US$m Rank Share No. Deals Energy and Power 198, ,475 8, Cleary Gottlieb Steen & Hamilton 60, , Financials Garrigues 196,94.1 7, , , Freshfields Bruckhaus Deringer 1, Industrials 131,806.8,875 Freshfields Bruckhaus Deringer 36, , , Real Estate 130, ,010 Freshfields Bruckhaus Deringer 13, White & Case LLP 4, , Materials 117,91. 1,464 Freshfields Bruckhaus Deringer 54, , , Top Ten EMEA Involvement Announced Deals Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation /7/01 Pending Xstrata PLC (65.9%) Glencore International PLC Switzerland / Switzerland 10//01 Pending TNK-BP Ltd (50%) NK Rosneft' Russian Fed / Russian Fed 10//01 Pending TNK-BP Ltd (50%) NK Rosneft' Russian Fed / Russian Fed 1/1/01 Pending Bankia SA-Bad RE Assets (100%) SAREB Spain / Spain 5/5/01 6/7/01 Banco Financiero y de Ahorros (100%) FROB Spain / Spain 6/19/01 Intended Alliance Boots GmbH (55%) Walgreen Co United States / Switzerland 6/9/01 Pending Grupo Modelo SAB de CV (49.7%) Anheuser-Busch Inbev Belgium / Mexico 1/6/01 Pending Bankia SA (%) FROB Spain / Spain 3/9/01 6/9/01 International Power PLC (40.93%) Electrabel SA Belgium / United Kingdom 5/1/01 11/30/01 Cooper Industries PLC (100%) Eaton Corp United States / Ireland-Rep Jan 1 Dec Rank Value (US$m) Target Macro / Mid Industry 45,803.1 Materials / Metals & Mining 8, ,469. 5,686.0 Real Estate / Residential 3,785.7 Financials / Banks 1,361.5 Retail / Other Retailing 0,093.4 Consumer Staples / Food and Beverage 17,805.3 Financials / Banks 1,855.9 Energy and Power / Power 1,40.3 Industrials / Other Industrials 8

11 Full Year 01 Mergers & Acquisitions s EMEA Rankings Any European Involvement Announced (AE39) Any European Involvment Completed (AG40) Rank Value Market Market US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals Value US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals 1 1 8, Freshfields Bruckhaus Deringer 1 109, Freshfields Bruckhaus Deringer 01, , , * , * , , Cleary Gottlieb Steen & Hamilton , Allen & Overy , * Allen & Overy , Cleary Gottlieb Steen & Hamilton , , * , * , , * , * , , * White & Case LLP , , * , White & Case LLP , * Slaughter & May , * , * , * McCarthy Tetrault , * Garrigues , , * , * Mattos Filho Veiga Filho Marrey Jr , * , * Slaughter & May , * , * Simpson Thacher & Bartlett , * Kirkland & Ellis , * Bennett Jones , * 0. A&L Goodbody , * , Simpson Thacher & Bartlett , * Gibson Dunn & Crutcher , * , Kirkland & Ellis 54 4, * Hengeler Mueller 4 3, * , * , , Hogan Lovells , * , * 1.35 McCarthy Tetrault , * ,091, ,638 -, , ,730 -, % 98.1% -15.5% 1.4% -8.6%.4% -16.4% -5.4% Any UK Involvment Announced (AE40) Any UK Involvment Completed (AG41) Rank Value Market Market US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals Value US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals , Freshfields Bruckhaus Deringer 1 47, , * , Cleary Gottlieb Steen & Hamilton , * , Freshfields Bruckhaus Deringer , Allen & Overy 4 3 7, Mattos Filho Veiga Filho Marrey Jr 5 70* 57, * , * , * 0. 4 Slaughter & May 6 6 4, , , * , , * , * , * White & Case LLP , Kirkland & Ellis , * Allen & Overy 11 8, Hogan Lovells , * , * , * Slaughter & May 13 7, * McCarthy Tetrault , * Kirkland & Ellis , Herbert Smith Freehills LLP , , * , * DLA Piper , Cleary Gottlieb Steen & Hamilton , * Herbert Smith Freehills LLP , , * , * Ashurst , * Hogan Lovells , * , , * DLA Piper 0 0 9, , * , * 0.4 Ashurst 3 10, White & Case LLP 7 8, , * 0. Eversheds , * , * Arnold & Porter 4 6 7, * 0. Fried Frank Harris Shriver & Jacobson , * Fried Frank Harris Shriver & Jacobson , * , , , , % -5.5% 131.8%.3% -8.7% -6.5% -8.0% -13.8% *tie 9

12 Full Year 01 Mergers & Acquisitions s EMEA Rankings Any French Involvement Announced (AE41) Any French Involvment Completed (AG4) Rank Value Market Market US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals Value US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals , , , , , * Cleary Gottlieb Steen & Hamilton , , * , * , * , * Darrois Villey Maillot Brochier , * , Cleary Gottlieb Steen & Hamilton 7 6 8, * Bredin Prat 7 3 7, Bredin Prat 8 5 7, * , * Gide Loyrette Nouel 9 7 6, Paul, Weiss 9 89* 7, * 0. Allen & Overy , Freshfields Bruckhaus Deringer 10 7, * Freshfields Bruckhaus Deringer 11 6, Gianni Origoni Grippo Cappelli & Partners , * , Darrois Villey Maillot Brochier 1 7 6, * , * 0.4 Willkie Farr & Gallagher , * , * Allen & Overy , De Brauw Blackstone Westbroek , * Simpson Thacher & Bartlett , * 0. - PLMJ Internacional SGPS SA 16-4, * , * , * , * Hogan Lovells , * Hogan Lovells , * Vinson & Elkins LLP , * , * 0.5 Hengeler Mueller 0 131*, * Ashurst , * Simpson Thacher & Bartlett 1 57*, * , * Osler Hoskin & Harcourt LLP 38 1, * Gide Loyrette Nouel 18 3, Zaki Hashem & Partners 3-1, * 0.1 Tozzini Freire Teixeira e Silva , * 0. Dechert , * De Brauw Blackstone Westbroek 4 55, * Simmons & Simmons 5* 151 1, * Bonelli Erede e Pappalardo 5 3, * Stevens & Bolton 5* - 1, * , , , , % -11.1% -46.4% -1.8% 9.9% -8.3% 59.5% -0.% Any Spanish Involvment Announced (AE4) Any Spanish Involvment Completed (AG43) Rank Value Market Market US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals Value US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals Garrigues 1 5 9, Garrigues , Uria Menendez 1 7, Uria Menendez 1 1, Freshfields Bruckhaus Deringer 3 3 6, , * , Freshfields Bruckhaus Deringer 4 6, * Cuatrecasas Goncalves Pereira , Cuatrecasas Goncalves Pereira 5 1 5, , , * 3, * , * , * Mattos Filho Veiga Filho Marrey Jr , * , Hogan Lovells , * Allen & Overy , * Perez Llorca 10 86* 1, * Mattos Filho Veiga Filho Marrey Jr , * Lefosse Advogados 11-1, * 0.1 Hogan Lovells 1 1, * , Lefosse Advogados 13-1, * 0.1 Allen & Overy , * Covington & Burling 14* - 1, * , * Haynes & Boone 14* - 1, * 0.1 DLA Piper , DLA Piper , Souza, Cescon, Barrieu & Flesch Advog 16* 6 1, * , * 0.1 Kirkland & Ellis 16* - 1, * 0.1 Souza, Cescon, Barrieu & Flesch Advog 18* 14 1, * Debevoise & Plimpton 18* 37* 1, * Kirkland & Ellis 18* - 1, * 0.1 Slaughter & May 18* 18 1, * Debevoise & Plimpton 0* 4* 1, * McGrigors LLP 18* - 1, * 0.1 McGrigors LLP 0* - 1, * 0.1 Dechert 1* - 1, * 0. Slaughter & May 0* 44 1, * 0.1 Posse, Herrera & Ruiz 1* - 1, * 0.1 Herbert Smith Freehills LLP 3 8* * 0.3 Herbert Smith Freehills LLP * Deloitte Deloitte Bird & Bird 5 8* * 0.4 Ashurst * , , , % % -.1% -.5% -7.8% 177.3% -17.7% -10.7% *tie 10

13 Full Year 01 Mergers & Acquisitions s EMEA Rankings Any German Involvement Announced (AE43) Any German Involvment Completed (AG44) Rank Value Market Market US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals Value US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals Freshfields Bruckhaus Deringer 1 44, Freshfields Bruckhaus Deringer , Hengeler Mueller 1 36, Hengeler Mueller 3, , , , White & Case LLP , * 1. Allen & Overy , Hogan Lovells , Hogan Lovells , Allen & Overy , * White & Case LLP , , CMS , CMS , , * , , * , * 0. Gibson Dunn & Crutcher 11-7, * , * , * , * , * Slaughter & May , * , * , , * 0.7 Cleary Gottlieb Steen & Hamilton , * , * , P+P Pollath + Partners , , * Paul Hastings , * 0.5 P+P Pollath + Partners , , * 0.1 Willkie Farr & Gallagher , * Willkie Farr & Gallagher 0 77* 4, * Greenberg Traurig 0* - 4, * 0.1 Cleary Gottlieb Steen & Hamilton 1 4 4, * * 57 4, * 0. - Greenberg Traurig - 4, * 0.1 Gibson Dunn & Crutcher 139* 4, * , * 0. - Bonelli Erede e Pappalardo 3 7 4, * , Castren & Snellman 4* 139* 3, * 0.1 Bonelli Erede e Pappalardo 5 0 4, * 0.1 Hannes Snellman 4* 83* 3, * , , , , % -5.% -14.1%.6% 4.4% -9.8% -17.4% -6.9% Any Italian Involvment Announced (AE44) Any Italian Involvment Completed (AG45) Rank Value Market Market US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals Value US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals Chiomenti Studio Legal , Chiomenti Studio Legal , Origoni & Partners - 8, * 0.3 Gianni Origoni Grippo Cappelli & Partne 1 11, Freshfields Bruckhaus Deringer 3 8 6, * Origoni & Partners 3-8, * , * Cleary Gottlieb Steen & Hamilton 4 3 8, * Gianni Origoni Grippo Cappelli & Partne 5 3 4, , * * 4, * 0.6 Paul, Weiss 6 93* 6, * 0.6 Bonelli Erede e Pappalardo 7 6, * * 57 5, * , * Willkie Farr & Gallagher 7* 7* 5, * 0.6 White & Case LLP 9 93*, * 0.6 Freshfields Bruckhaus Deringer , * Legance Studio Legale Associato 10 1, Bonelli Erede e Pappalardo , , *.4 White & Case LLP 11 93*, * 0.8 DLA Piper 1 9 1, * , Torys , * , * , * 1.14 Torys 14-1, * 0. Cleary Gottlieb Steen & Hamilton , * Debevoise & Plimpton 15-1, * 0.4 Pinheiro Neto Advogados 16 93* 1, * , * 0. 17* - 1, * 0. Pinheiro Neto Advogados 17 93* * 0. De Brauw Blackstone Westbroek 17* 33 1, * Paul Hastings * , * 0. McCarthy Tetrault * 0. McCarthy Tetrault * 0. Cuatrecasas Goncalves Pereira 0 53* * 0. Studio Pedersoli e Associati Squire Sanders & Dempsey LLP 1 77* * 0.4 Cuatrecasas Goncalves Pereira 51* * 0.5 Studio Pedersoli e Associati * Debevoise & Plimpton 3* * 0. Legance Studio Legale Associato * 1. - Squire Sanders & Dempsey LLP 3* 93* * * 0.4 Paul Hastings * 0.7 Grimaldi e Associati * , , % 78.5% -1.9% -1.4% -43.7% 43.0% -8.4% -41.7% *tie 11

14 Full Year 01 Mergers & Acquisitions s EMEA Rankings Any Nordic Involvement Announced (AE45) Any Nordic Involvment Completed (AG46) Rank Value Market Market US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals Value US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals , * Freshfields Bruckhaus Deringer 1 14, * 0.9 Freshfields Bruckhaus Deringer 1, * , * 0.7 Advokatfirman Vinge 3 5 9, Advokatfirmaet Thommessen AS , , * Advokatfirmaet Wiersholm AS , *.5 16 Advokatfirmaet Thommessen AS 5 9 6, Roschier , Kirkland & Ellis , * Hannes Snellman , Advokatfirmaet Wiersholm AS , Kromann Reumert 7 7 7, * * 6, * Herbert Smith Freehills LLP , * , * 1.3 Mannheimer Swartling Advokatbyra , *.5-1 Eversheds , * Advokatfirman Vinge , Hannes Snellman , , * 0.4 Castren & Snellman , , * , * Eversheds , * Hengeler Mueller , Slaughter & May , * 0.3 Mannheimer Swartling Advokatbyra , Gernandt & Danielsson , * Bonelli Erede e Pappalardo 16-3, * 0.1 Allen & Overy , * , * Castren & Snellman , Kromann Reumert , * , Advokatfirmaet Haavind Vislie DA * 3, * 0.1 Cleary Gottlieb Steen & Hamilton , * 0.3 Davies Ward Phillips & Vineberg LLP 3, * 0.1 Dewey & LeBoeuf LLP 0 81* 4, * 0. Herbert Smith Freehills LLP , * 0.1 Hengeler Mueller 1 8 3, * 0.3 Allen & Overy 0 3, * Bonelli Erede e Pappalardo - 3, * 0.1 Roschier , * , * , * 0. Gorrissen & Federspiel 4 4 3, Gernandt & Danielsson 5 15, Advokatfirmaet Haavind Vislie DA 5* 153* 3, * , , , , % 74.4% -15.6% 15.4% -9.3% 57.0% -11.5% 8.0% Any Benelux Involvment Announced (AE46) Any Benelux Involvment Completed (AG47) Rank Value Market Market US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals Value US$m Sh ($) Share Ch. Deals Rank Sh ($) Deals Allen & Overy 1 3 5, , , , * , * * 19, * Freshfields Bruckhaus Deringer 4 4, Allen & Overy , , * , * , * Cleary Gottlieb Steen & Hamilton , * 1.7 Cleary Gottlieb Steen & Hamilton , , * , De Brauw Blackstone Westbroek , *.6-9 Gibson Dunn & Crutcher , * NautaDutilh , * , * , * Simpson Thacher & Bartlett , * , Darrois Villey Maillot Brochier 1* 133 8, * 0.1 Morrison & Foerster , * 0.3 McCann Fitzgerald 1* - 8, * 0.1 Gibson Dunn & Crutcher , * Bar & Karrer 1* 44 8, * 0.3 Dechert , * 0.5 Slaughter & May , * Simpson Thacher & Bartlett 15 31* 9, * 0.3 De Brauw Blackstone Westbroek 16 34, * Loyens & Loeff , * , * Mayer Brown LLP , * , * Squire Sanders & Dempsey LLP , * 0.5 Greenberg Traurig , * 0.3 Bar & Karrer , * 0.3 Alston & Bird 0 166* 0, * 0.1 Freshfields Bruckhaus Deringer 0 7, * Creel, Garcia Cuella, Aiza y Enriquez 1-0, * 0.1 Darrois Villey Maillot Brochier 1* 140 6, * , * McCann Fitzgerald 1* - 6, * , * , * 0.3 Stibbe 4* 166* 6, * McCarthy Tetrault , * 0.3 Drew & Napier 4* - 6, * 0.1 White & Case LLP 5 3 6, , , , , % -8.% -19.1% -5.0% -30.4% -45.9% -0.5% -6.3% *tie 1

15 Full Year 01 Mergers & Acquisitions s Asia Pacific (ex-japan) M&A Asian M&A Recovers I Fees Earned Drop 9% I Australian M&A Value Halved Asia Pacific (ex-japan) Deals Intelligence Any Asian (Ex-Japan) Involvement Advisors by Target Industry 01 M&A activity with Asian involvement in 01 increased 16.7% over 011, to US$488.9 billion, from the US$40. billion recorded last year. Deals in the Energy & Power sector registered the highest value in 01, accruing US$8 billion in activity from 637 deals. The Materials sector reached US$64.1 billion in value, from a market-leading deal count of 1,49. Activity in the Financials sector amounted to US$63.6 billion from 99 deals. China outbound activity in the fourth quarter of 01 decreased by 15.% compared to the fourth quarter last year, reaching US$18.1 billion. Despite being behind 011 totals at the end of the third quarter, China cross border activity for full-year 01 reached US$96.7 billion, just surpassing the US$91 billion in activity recorded last year. Australian M&A activity amounted to US$88 billion, a 50% decline from the US$173 billion grossed in 011. Australian cross border activity totaled US$46.6 billion in 01, falling far short of the US$88.9 billion accrued last year. Foreign companies invested US$11. billion in the Australian Materials sector, representing 8.6% of inbound volume. Financials Freshfields Bruckhaus Deringer Energy & Power Burnet Duckworth & Palmer Osler Hoskin & Harcourt LLP Telecommunications Freshfields Bruckhaus Deringer Arthur Cox Real Estate Allen & Gledhill Rank Val Mkt. No. Rank Val Mkt. No. (US$m) Rank Share Deals (US$m) Rank Share Deals 63, Materials 64, ,49 15, , , Amarchand Mangaldas 5, , , , , Industrials Simpson Thacher & Bartlett 51, , , , Debevoise & Plimpton 4, , Freshfields Bruckhaus Deringe, , , Consumer Staples Stamford Law Corp 57, , , WongPartnership LLP 14, , Allen & Gledhill 4, , Healthcare 13, , AZB & Partners 1, , Grandall Law Firm 1, , Z&T Law Firm 1, Any Asian (Ex-Japan) Involvement Announced M&A by Target Industry 01 China Cross Border Announced M&A 13.0% 11.8% 10.6% 8.5% $50 Outbound (US$b) Inbound (US$b) % of Cross Border is Outbound 100% 13.1% 7.% $40 80% 16.8% 1.9%.7% 3.1% 4.8% 6.3% Rank Value (US$b) $30 $0 60% 40% % Outbound Energy and Power Financials Industrials High Technology Media and Entertainment Healthcare Government and Agencies 0.1% Materials Consumer Staples Real Estate Telecommunications Consumer Products and Services Retail $10 $0 3Q07 4Q07 1Q08 Q08 3Q08 4Q08 1Q09 Q09 3Q09 4Q09 1Q10 Q10 3Q10 4Q10 1Q11 Q11 3Q11 4Q11 1Q1 Q1 3Q1 4Q1 0% 0% Top Ten Asia Pacific (ex-japan) Announced Deals 01 Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry 8//01 Pending China Telecom Corp-3G Assets (100%) China Telecom Corp Ltd China / China 18,047.3 Telecommunications / Wireless 7/3/01 11/15/01 Pending Pending Nexen Inc (100%) Fraser & Neave Ltd (100%) CNOOC Canada Holding Ltd OUE Baytown Pte Ltd Canada / Canada Singapore / Singapore 17, ,491.0 Consumer Staples / Food and Beverage 1/5/01 Pending Ping An Insurance(Group)Co (15.6%) Investor Group Thailand / China 9,385.9 Financials / Insurance 9/13/01 Pending Fraser & Neave Ltd (69.6%) TCC Assets Ltd British Virgin / Singapore 9,19.3 Consumer Staples / Food and Beverage 5/0/01 9/18/01 Alibaba Group Holding Ltd (0%) Alibaba Group Holding Ltd China / China 7,100.0 Consumer Products and Services / Professional Services 9/1/01 9/1/01 Hankook Tire Co Ltd-Tire Bus (100%) Shareholders South Korea / South Korea 6,090.6 Industrials / Automobiles & Components 6/8/01 1/1/01 Progress Energy Resources Corp (100%) Petronas Carigali Canada Ltd Canada / Canada 5, /6/01 Pending NCOC BV (8.4%) ONGC Videsh Ltd India / Kazakhstan 5, //01 Pending Bank Danamon Tbk PT (67.4%) DBS Group Holdings Ltd Singapore / Indonesia 4,970.5 Financials / Banks 13

16 Full Year 01 Mergers & Acquisitions s Asia (Ex-Japan) Rankings Any Asian (ex-japan) Involvement Announced (AE31) Jan 1 Dec 31 Any Asian (ex-japan) Involvement Completed (AG3) Jan 1 Dec 31 Rank Value Market Market US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Value US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Freshfields Bruckhaus Deringer , * 0.5 Freshfields Bruckhaus Deringer 1 3 1, * Paul, Weiss 116 7, * , * , * , * , * , * Burnet Duckworth & Palmer , * 0.0 Allen & Overy 5 16, WongPartnership LLP , , * Osler Hoskin & Harcourt LLP , , * Kim & Chang Lee & Ko ,0.9 13, , Bae Kim & Lee , , , Allen & Overy 11 0, * Norton Rose , * Cleary Gottlieb Steen & Hamilton , * Herbert Smith Freehills LLP , , * , Stikeman Elliott , * Allen & Gledhill , * Morrison & Foerster , * Fangda Partners , Stamford Law Corp , Jingtian & Gongcheng , * Richard A Shaw Professional Corp 17-17, * , * , Shin & Kim , , * Slaughter & May , * 0.3 Allen & Gledhill , White & Case LLP 0 3 8, * , Paul, Weiss , * 0. Fangda Partners 6 13, Vinson & Elkins LLP 7 7, * Amarchand Mangaldas , Fenwick & West LLP , * 0.1 Shook Lin & Bok LLP , , Simpson Thacher & Bartlett , * 0. O'Melveny & Myers , * , , , , % -10.4% -3.% 9.0% -14.3% 7.1% -1.% 0.5% Any Asia Pacific (ex-japan) Involvement Announced (AE30) Jan 1 Dec 31 Any Asia Pacific (ex-japan) Involvement Completed (AG31) Jan 1 Dec 31 Rank Value Market Market US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Value US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Freshfields Bruckhaus Deringer , , * Paul, Weiss , * 0. Herbert Smith Freehills LLP 1 30, * , Allen & Overy 3 4, , * Ashurst 4 3 4, , , , * , Osler Hoskin & Harcourt LLP , * 0.1 Freshfields Bruckhaus Deringer 7 13, Burnet Duckworth & Palmer , * 0.0 Gilbert + Tobin 8 0 1, WongPartnership LLP , Allens 9 6 1, Allen & Overy , * , Herbert Smith Freehills LLP 11 3, Clayton Utz , * , , , * Norton Rose , * Cleary Gottlieb Steen & Hamilton , * , , Kim & Chang , Stikeman Elliott , * Corrs Chambers Westgarth , * Morrison & Foerster , * Lee & Ko , , * 0. 1 Bae Kim & Lee , Stamford Law Corp , * Minter Ellison , * Richard A Shaw Professional Corp 17, * , Ashurst , , * , * Allen & Gledhill 9 10, * , * Fangda Partners , Allen & Gledhill , Jingtian & Gongcheng , Allens , * White & Case LLP , * , , , ,59-3.8% 0.9% -7.9% 4.4% -8.3% -10.4% 14.8% -4.0% * tie 14

17 Full Year 01 Mergers & Acquisitions s Australia & New Zealand Rankings Any Australia or New Zealand Involvement Announced (AE7) Jan 1 Dec 31 Any Australia or New Zealand Involvement Completed (AG8) Jan 1 Dec 31 Rank Value Market Market US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Value US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Herbert Smith Freehills LLP , , , Herbert Smith Freehills LLP 1 7, Allens , Ashurst 3 4 3, Gilbert + Tobin , Gilbert + Tobin , *.5 5 Ashurst 5 1, Allens 5 3 0, Clayton Utz 6 5 6, * Clayton Utz 6 17, , Corrs Chambers Westgarth , * , * Minter Ellison , Minter Ellison 9 7 5, Allen & Overy , *.3 Norton Rose , , , * Norton Rose , *.3-5 Jipyong Jisung 1-3, * , * Allen & Overy , * , * , Kirkland & Ellis , * Corrs Chambers Westgarth 15 8, * , * 0.4 Osler Hoskin & Harcourt LLP 16 4, * 0.3 Bell Gully , , * 0.3 McCullough Robertson , White & Case LLP *, * , Paul, Weiss 19 -, * 0.1 Jipyong Jisung 19-3, * 0.1 Bell Gully 0 9, * Baker Botts LLP, * 0.1 DLA Piper 1 76, Orrick Herrington & Sutcliffe LLP 1 1*, * 0. Johnson Winter & Slattery 13 1, * Stikeman Elliott 55, * 0.3 Middletons Lawyers 3-1, * Mayer Brown LLP 3 53, * 0.4 Squire Sanders & Dempsey LLP 4 144* 1, * Osler Hoskin & Harcourt LLP 4 6, * Simpson Thacher & Bartlett 5 6 1, * Simpson Grierson 5 98, , ,035 93, , % 40.1% 4.1% -13.8% -5.3% -4.4% 55.3% -17.5% * tie Australian Cross Border Announced M&A Asia (ex-japan) Buyside Financial Sponsor Activity $40 $30 Outbound (US$b) Inbound (US$b) % of Cross Border is Outbound 100% 80% $50 $45 $40 $35 Q4 Volume (US$b) Q3 Volume (US$b) Q Volume (US$b) Q1 Volume (US$b) % of Asia (ex-japan) Volume YTD 0% 18% 16% 14% Rank Value (US$b) $0 $10 60% 40% 0% Outbound Rank Value (US$b) $30 $5 $0 $15 $10 1% 10% 8% 6% 4% % of Asia (ex-japan) Volume $5 % $0 1Q08 Q08 3Q08 4Q08 1Q09 Q09 3Q09 4Q09 1Q10 Q10 3Q10 4Q10 1Q11 Q11 3Q11 4Q11 1Q1 Q1 3Q1 4Q1 0% $ % 15

18 Full Year 01 Mergers & Acquisitions s Japan M&A Japanese Announced M&A Down 1.3% Outbound Deals Volume Reach Record High Japan Deals Intelligence In 01, announced M&A activity with Japanese involvement reached US$18.7 billion, a 1.3% decrease from the US$185 billion of value recorded in 011. In spite of the slight annual decline, the fourth quarter of 01 recorded the highest quarterly announced volume for Japanese deals since 000, with deal value reaching US$60 billion. SoftBank s acquisition of a 70% interest in Sprint Nextel worth $0.1 billion was 01 s largest Japanese announced and cross-border transaction, as well as the eighth largest Japanese involvement deal in history. Japanese outbound M&A reached a record high in 01, with 679 deals accruing $85.9 billion, a 3.4% increase in value compared to 011. US target transactions accounted for approximately 64% of the total value. Three UStarget deals SoftBank s acquisition of Sprint Nextel, Marubeni s acquisition of Gavilon Group, and Daikin Industries acquisition of Goodman Global Group were included in the list of top ten deals with Japanese involvement in 01. On average, acquirors paid 10.3x EBITDA for Japanese targets in 01, representing a decline of.5 "turns" from 011 averages. Average bid premia (to 4-week prior stock price) for Japanese targets increased 0.8 percetage points over 011 to 35.5%. Japanese Involvement Announced M&A Target Industry by Value 01 Any Japanese Involvement Advisors by Target Industry Rank Val Rank Val US$m Mkt. US$m Mkt. (US$m) Rank Share No. Deals (US$m) Rank Share Energy and Power 30, Materials 15,338.3 Nishimura & Asahi 17, Nagashima Ohno & Tsunematsu 3, Nagashima Ohno & Tsunematsu 17, Nishimura & Asahi 3, Mori Hamada & Matsumoto 1, Mori Hamada & Matsumoto, Telecommunications 1,5.0 6 Real Estate 14, , Freshfields Bruckhaus Deringer 5, ,140.0 * Nagashima Ohno & Tsunematsu, Mori Hamada & Matsumoto 0,140.0 * , Polsinelli Shughart PC 0,140.0 * Financials 13,985.6 Morrison & Foerster 0,140.0 * Nagashima Ohno & Tsunematsu, Paul, Weiss 0,140.0 * Freshfields Bruckhaus Deringer 1, Foulston, Siefkin, Powers & Elkouri (KS 0,140.0 * , Potter Anderson & Corroon 0,140.0 * Media and Entertainment 11,888.1 High Technology 1, Mori Hamada & Matsumoto 7, Mori Hamada & Matsumoto 11, Morrison & Foerster 10, Nagashima Ohno & Tsunematsu 9, Industrials 17, Mori Hamada & Matsumoto 5, , , Consumer Staples 16, , ,600.0 * Paul, Weiss 5,600.0 * ,600.0 * Any Japanese Involvement Announced M&A 01 No. Deals White & Case LLP 4, ,96.4 3* ,96.4 3* 41.7 Healthcare 8, , Cooley LLP, Dewey & LeBoeuf LLP, * Mintz Levin Cohn Ferris Glovsky & Pop, * *tie 11.5% 9.6% 9.3% 8.4% 8.% $00 $175 Q4 Volume (US$b) Q3 Volume (US$b) Q Volume (US$b) Q1 Volume (US$b) Deals 3,500 3, % 16.9% 3.3% 4.8% 6.5% 7.7% Rank Value (US$b) $150 $15 $100 $75,500,000 1,500 Deals.% $50 1,000 Energy and Power Telecommunications High Technology Industrials Consumer Staples Materials $5 500 Real Estate Financials Media and Entertainment Healthcare Retail Consumer Products and Services $ Top Ten Japanese Involvement Announced Deals Rank Date Date Effective Target (% Sought/Acquired) 10/15/01 Pending Sprint Nextel Corp (70%) 5/9/01 7/31/01 TEPCO (75.73%) 5/9/01 Pending Gavilon Group LLC (100%) 11/19/01 1/14/01 Annington Homes Ltd (100%) 1/9/01 6/1/01 Exxon Mobil (99%) 10/1/01 Pending eaccess Ltd (100%) 7/1/01 Pending Aegis Group PLC (86.4%) 8/9/01 11/1/01 Goodman Global Group Inc (100%) 10/4/01 Intended Jupiter Telecommunications (8.6%) /9/01 4/5/01 Boston Biomedical Inc (100%) Acquiror SoftBank Corp NDF Marubeni Corp Terra Firma Capital Partners TonenGeneral Sekiyu KK SoftBank Corp Dentsu Inc Daikin Industries Ltd Investor Group Dainippon Sumitomo Pharma Co Acquiror / Target Nation Japan / United States Japan / Japan Japan / United States United Kingdom / United Kingdom Japan / Japan Japan / Japan Japan / United Kingdom Japan / United States Japan / Japan Japan / United States Rank Value (US$m) 0, ,61.0 5, , , , ,311. 3,700.0,707., Target Macro / Mid Industry Telecommunications / Telecommunications Services Energy and Power / Power Consumer Staples / Agriculture & Livestock Real Estate / Residential High Technology / Internet Software & Services Media and Entertainment / Advertising & Marketing Industrials / Other Industrials Media and Entertainment / Broadcasting Healthcare / Biotechnology 16

19 ors s Any Japanese Involvement Announced (AE51) Jan1 Dec 31 Any Japanese Involvement Completed (AG5) Jan1 Dec 31 Rank Value Market Market US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Value US$m Sh (%) Share Ch. Deals Rank Sh (%) Deals Mori Hamada & Matsumoto 1 71, Mori Hamada & Matsumoto 1 66, Nagashima Ohno & Tsunematsu 1 45, Nagashima Ohno & Tsunematsu 1 61, Nishimura & Asahi , Nishimura & Asahi , Morrison & Foerster , , , Anderson Mori & Tomotsune , Paul, Weiss , * , * 0.6 Anderson Mori & Tomotsune 7 7 4, Simpson Thacher & Bartlett 7 5 8, * * 0, * 0.1 Clayton Utz 8 46, * Polsinelli Shughart PC 9-0, * 0.1 Cleary Gottlieb Steen & Hamilton , * 0.3 Potter Anderson & Corroon (DE) 10* - 0, * 0.0 Allen & Overy , Foulston, Siefkin, Powers & Elkouri (KS) 10* - 0, * , * , * 0. 4 Lee and Li 1-9, * Simpson Thacher & Bartlett , * Morrison & Foerster , , * Freshfields Bruckhaus Deringer , , * , * 0.3 Freshfields Bruckhaus Deringer , , * , , , * Allen & Gledhill , * , * WongPartnership LLP , * , * , , O'Melveny & Myers , * White & Case LLP 71 6, * TMI Associates 40 5, Ashurst , Ashurst , * 0.5 Hogan Lovells , * Hogan Lovells , * 0.3 Slaughter & May , * , * 0. 18, , , , % 4.4% 41.4% 5.3% 5.6% 13.1% 11.5% -14.6% *Tie Japense Outbound M&A Target Nation Region Jan1 Dec Americas Europe Asia Pacific 350 Americas Number of Deals 300 Rank Value (US$b) Europe Number of Deals Asia Pacific Number of Deals Deals

20 Full Year 01 Mergers & Acquisitions s Ranking Criteria Summary If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact: Americas Robert Levine Tel: robert.levine@thomsonreuters.com Announced league tables include all deals that were announced between January 1, 011 and December 31, 01 and of which Thomson Reuters was made aware. All current data and previous year's data is as of 5:00pm EST on December 31, 01. League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings. A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional. EMEA Serkan Tecimer Tel: +44 (0) serkan.tecimer@thomsonreuters.com - Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of announcement of terms. Asia-Pacific Jason Pacannuayan Tel: jason.pacannuayan@thomsonreuters.com Japan Akemi Mamiya Tel: akemi.mamiya@thomsonreuters.com - - Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the transaction agreed to or, in the absence of an agreement, the value of the highest offer. Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. - League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction. While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. 01 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party. 18

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