MERGERS & ACQUISITIONS REVIEW FINANCIAL ADVISORS. Full Year 2012

Transcription

1 MERGERS & ACQUISITIONS REVIEW FINANCIAL ADVISORS Full Year 0

2 First Nine Months 0 Mergers & Acquisitions s M&A y Review Table of Contents Global M&A Any European Involvement Announced (AD) 0 Any New Zealand Involvement Announced (AD) 7 Global Deals Intelligence Any European Involvement Completed (AF) 0 Any New Zealand Involvement Completed (AF46) 7 Scorecard: Worldwide Announced M&A Any UK Involvement Announced (AD) Japan M&A 8 Scorecard: Worldwide Completed M&A Any UK Involvement Completed (AF) Japan Deals Intelligence 8 Top Fifteen Worldwide Announced Deals Any French Involvement Announced (AD) Top Ten Japanese Involvement Announced Deals 8 Worldwide Announced (AD) Any French Involvement Completed (AF40) Any Japanese Involvement Announced (AD) Worldwide Completed (AF) Any Spanish Involvement Announced (AD4) Any Japanese Involvement Completed (AF) Americas M&A 6 Any Spanish Involvement Completed (AF4) Fairness Opinion Rankings 0 Americas Deals Intelligence 6 Any German Involvement Announced (AD5) Worldwide Announced Fairness Opinion 0 Top Ten US Announced Deals 6 Any German Involvement Completed (AF4) Any Americas Announced Fairness Opinion 0 Any Americas Involvement Announced (AD4) 7 Any Italian Involvement Announced (AD6) Any USAnnounced Fairness Opinion 0 Any Americas Involvement Completed (AF55) 7 Any Italian Involvement Completed (AF4) Any EMEA Announced Fairness Opinion 0 US Target Announced (AD) 7 Any Nordic Involvement Announced (AD7) Any Asia Pacific Announced Fairness Opinion 0 US Target Completed (AF) 7 Any Nordic Involvement Completed (AF44) Any Japanese Announced Fairness Opinion 0 Any US Involvement Announced (AD4) 8 Any Benelux Involvement Announced (AD40) 4 Any US Involvement Completed (AF48) 8 Any Benelux Involvement Completed (AF47) 4 Criteria Summary Any Canadian Involvement Announced (AD4) 8 Asia Pacific (exjapan) M&A 5 Mergers & Acquisitions Criteria Summary Any Canadian Involvement Completed (AF4) 8 Asia Pacific (exjapan) Deals Intelligence 5 Regional Contacts EMEA M&A European Deals Intelligence Top Ten Any Asia (exjapan) Involvement Announced Deals 5 Any Asia (exjapan) Involvement Announced (AD5) 6 Thomson Reuters Soultions for the Deal the Deal Making Community Top Ten European Involvement Announced Deals Any Asia (exjapan) Involvement Completed (AF) 6 Any EMEA Involvement Announced (AD47) 0 Any Australian Involvement Announced (AD4) 6 Any EMEA Involvement Completed (AF5) 0 Any Australian Involvement Completed (AF) 6

3 Full Year 0 FINANCIAL ADVISORS MERGERS & ACQUISITIONS REVIEW Spinoffs & Divestitures Push Worldwide M&A Up % to US$.6 trillion l Cross Border M&A Up 6% l Goldman Sachs Top Advisor l Advisory Fees Down % Global Deals Intelligence Worldwide Completed M&A by Region Imputed Fees WORLDWIDE M&A UP %, SPINOFFS & DIVESTITURES ACCOUNT FOR 47% OF M&A Bolstered by record levels of spinoff and divestiture activity, the value of worldwide M&A totalled US$.6 trillion during full year 0, a % increase from comparable 0 levels. Worldwide spinoffs and divestitures, which totalled US$. trillion for full year 0, accounted for 47% of overall M&A activity this year, the highest annual percentage since records began in 80. Compared to the third quarter of 0, the value of announced mergers & acquisitions increased 5% during the fourth quarter of 0. $5 $5 Americas Asia Pacific EMEA Japan 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$7.0 billion during full year 0, a % increase from 0. Cross Border M&A activity totalled US$44. billion during full year 0, accounting for 6% of overall M&A volume and up 6% compared to full year 0. Cross border M&A was driven by the energy & power, industrials, and consumer staples sectors, which comprised 4% of crossborder deal volume during 0. COMPLETED ADVISORY FEES DOWN % YTD; UP 7% FROM Q' According to estimates from Thomson Reuters/Freeman Consulting, M&A advisory fees from completed transactions totalled US$4.7 billion during full year 0, a % decrease from the comparable period in 0. Deal activity in the Americas accounted for 58% of the worldwide fee pool, while Europe, Middle East and Africa accounted for 8%. Asia Pacific and Japan contributed 0% and 5%, respectively. Imputed Fees (US$b) $4 $4 $ $ $ RESOURCES, REAL ESTATE, FINANCIALS LEAD ACTIVITY The energy & power sector was most active during full year 0, commanding 8% of announced M&A, while the financials and real estate sectors accounted for % and % of M&A activity, respectively. Consumer staples and retail deal making led all sectors as to growth rate, up 7% and 8%, respectively, during full year 0, while materials and high technology registered declines of % and 8% over full year 0. $ $ BUYSIDE PRIVATE EQUITY M&A FLAT COMPARED TO 0 Worldwide private equitybacked M&A activity totalled US$.4 billion during full year 0. Private equity deal making in the energy & power, industrials and financial sectors accounted for 40% of activity during full year 0. Accounting for % of worldwide M&A during 0, private equitybacked M&A was flat compared to 0 levels. $ $0 Q08 Q08 Q08 4Q08 Q0 Q0 Q0 4Q0 Q0 Q0 Q0 4Q0 Q Q Q 4Q Q Q Q 4Q Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity $,000 $,800 $,600 $,400 Q4 Volume (US$b) Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) % of YTD Global M&A.7%.5%.7% 45.0% 7.% 7.% 5.0% 6.5% 50% 45% 40% 5% $00 $800 $700 $600.0% 8.6% Q4 Volume (US$b) Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) % of YTD Global M&A 5% 0% Rank Value (US$b) $,00 $,000 $800 $600.% 6.7% 7.0% 0% 5% 0% 5% % of Global M&A Rank Value (US$b) $500 $400 $00.6% 0.6%.4%.% 8.4% 6.0%.%.7%.4% 5% 0% % of Global M&A $400 0% $00 5% $00 5% $00 $ % $ %

4 Full Year 0 Mergers & Acquisitions s Mergers & Acquisitions Scorecard: Worldwide Announced M&A Jan Dec Scorecard: Worldwide Completed M&A Jan Dec Worldwide Announced M&A Target Industry by Value Target Region/Nation //0 //0 //0 //0 Rank Val US$m No. Deals Rank Val US$m No. Deals % Change in Rank Value Target Region/Nation //0 //0 Rank Val No. US$m Deals //0 //0 Rank Val No. US$m Deals % Change in Rank Value Worldwide,588,07. 7,,545,00.0 4,074 Americas,4,.8,88,4,0.5,800 Caribbean,4.5, Central America 5, ,78.8 Mexico, North America,075,0.7 0,07,075, ,70 United States 5, , 80,0.8 8,555 Canada 40,07.4,8 5,5.,75 South America,847.7,4 0,758.,5 Brazil 57, , Chile 4,46.5 5,744. Africa/Middle East 65,4.4,67 47,45., Middle East, , North Africa 8,0., SubSaharan Africa 5,040. 5,. 44 Europe 785,0.,8 7,76. 6,06 Eastern Europe 4,476.6,544 0,84.5 4,60 Western Europe 64,6.6,88 600,8.7,47 United Kingdom 4,50.6,5 4,004.5,46 Spain, ,7.,06 Switzerland 8, , AsiaPacific 48,06.,84 444,8. 0, Australasia 7,47.,645 7,7.7,4 Australia 67,8.0,444,0., New Zealand 4, , South East Asia 0,668.,856 70,6.5,0 Singapore 4, , Malaysia, , North Asia,4. 4,57 7, ,48 China 57,5.,4 40,57.,64 South Korea 4,800.4,00 45,550.8,0 South Asia 8, ,50. Central Asia,487. 6, Japan 85,44.7,006 06,8.,887.7 Worldwide,040,67. 8,44,44,40.4, Americas,085,.,667,44,68.7 0, Caribbean 4, , Central America 0,68.8 8, Mexico 7,., North America 84,7.7 8,7 4,67. 8, United States 88,. 6,46 88,6.5 7, Canada 0,867.8,45 6,0.4, South America 84,7.,00 06,48.5, Brazil 58, , Chile, , Africa/Middle East 4, , Middle East,47.0, North Africa,8. 7, SubSaharan Africa 4, , Europe 5,680.6,0 748,64.,4.5.5 Eastern Europe 68,7.6,87 5,08., Western Europe 444,8.0 8,0 6,855., United Kingdom 6,564.8,07,754.8, Spain 5, , Germany 50,567.4,8 5,785., AsiaPacific 7,58.8 5,47 40,60.6 6, Australasia 78,000.8,4 5,788., Australia 7,56.5,088,046., New Zealand 5,0. 6, South East Asia 5,80.0,8 6,774., Malaysia, , Singapore 7, , North Asia 54,6.6,40 67,850., China 8,5.,5 8,6.6, South Korea 46, , South Asia, , Central Asia 0,660.4, Japan 0,057.5,50 0,75.7,8.6.7% 0.%.% 7.% Energy and Power Real Estate Industrials Healthcare Telecommunications Retail Government and Agencies.5% 8.4% 8.% 6.0% 4.6% 4.6% 4.%.% Financials Materials Consumer Staples High Technology Media and Entertainment Consumer Products and Services Top Fifteen Worldwide Announced Deals Rank Date Date Effective Target (% Sought/Acquired) /0/0 Pending Abbott LaboratoriesResearch (00%) /7/0 Pending Xstrata PLC (65.%) /7/0 0//0 Kraft Foods IncN Amer Grocery (00%) 0//0 Pending TNKBP Ltd (50%) 0//0 Pending TNKBP Ltd (50%) //0 Pending Bankia SABad RE Assets (00%) 5/5/0 4//0 6/7/0 4/0/0 Banco Financiero y de Ahorros (00%) ConocoPhillipsRefining,Mktg (00%) 6//0 Intended Alliance Boots GmbH (55%) 0/5/0 Pending Sprint Nextel Corp (70%) 6//0 Pending Grupo Modelo SAB de CV (4.7%) 8//0 Pending China Telecom CorpG Assets (00%) /6/0 Pending Bankia SA (%) 7//0 Pending Nexen Inc (00%) /5/0 Pending Plains Expl & Prodn Co (00%) Acquiror Acquiror / Target Nation Rank Value (US$m) Shareholders United States / United States 66,46.8 Glencore International PLC Switzerland / Switzerland 45,80. Shareholders United States / United States 6,088.7 NK Rosneft' Russian Fed / Russian Fed 8,000.0 NK Rosneft' Russian Fed / Russian Fed 6,46. SAREB Spain / Spain 5,686.0 FROB Spain / Spain,785.7 Shareholders United States / United States,657. Walgreen Co United States / Switzerland,6.5 SoftBank Corp Japan / United States 0,40.0 AnheuserBusch Inbev Belgium / Mexico 0,0.4 China Telecom Corp Ltd China / China 8,047. FROB Spain / Spain 7,805. CNOOC Canada Holding Ltd Canada / Canada 7,665.6 FreeportMcMoRan Copper & Gold United States / United States 7,04. Jan Dec 0 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 0 Mergers & Acquisitions s Worldwide Rankings Worldwide Announced (AD) Jan Dec Worldwide Completed (AF) Jan Dec 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh ($) # of Deals 77, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Mizuho Financial Group , , , VTB Capital 60 65, , Greenhill & Co, LLC , Sumitomo Mitsui Finl Grp Inc , BMO Capital Markets 4 64, , Mizuho Financial Group 6, , Moelis & Co 0 5, Moelis & Co 4 46, , BMO Capital Markets , M Klein & Co LLC 5 45, Itau Unibanco , ,588, ,8 4,56,040, ,454,5 4, % 5.4%.% 5.7% 5.8% 0.7%.%.6% 0.% 7.% Top WW Announced M&A Advisors by Target Industry Jan Dec Top Worldwide Announced M&A Advisors by Transaction Size (AD) Jan Dec 0 Rank Val US$m Rank Mkt. Share Energy and Power 464, , ,.6 4.6, Financials 4,0.6 8, , , Real Estate 8,55. 65,886.. Gleacher & Co Inc 8,6. 0.0, Materials 5, , , ,4..5 Industrials 46, , , , No. Deals, , ,47 4, , Rank Value (US$b) $700 $600 $500 $400 $00 $00 $ Grupo Modelo/AnheuserBusch Inbev Kraft Foods/Shareholders Xstrata/Glencore TNKBP/NK Rosneft' ($6.5 bil) TNKBP/NK Rosneft' ($8 bil) Abbott Labs/Shareholders Other Top 5 Deals All Other Transactions $0 Goldman Sachs & Co Morgan Stanley Credit Suisse Deutsche Bank Bank of America Merrill Lynch

6 Full Year 0 Mergers & Acquisitions s Worldwide M&A Matrix Exit Multiple Matrix Average Rank Value / EBITDA 0 UP 0 DOWN Consumer Products and Services Consumer Staples Energy and Power Healthcare High Technology Industrials Materials Media and Entertainment Real Estate Retail Telecommunications Average 0 0.x 0.6x 0.5x 0.x.0x.5x 6.6x.7x.x.5x World.x.x.x 4.8x 4.5x.x.x.6x.x.5x.6x.6x 0.x.x.0x.8x 8.x 0.x.6x 4.5x.x 0.6x 0.5x 4.8x.x.x.x 0.x.5x.5x.x.5x.5x 0.x.x 5.4x 6.7x.x.x 6.6x 6.7x.7x.x.x.5x USA 0.x.x.6x.6x.6x.x 5.7x.8x Canada.x.8x 5.x.x.x.4x.0x 0.5x 5.4x.x.x 0.8x 6.5x 6.5x.x.x 0.x.0x.8x.x Americas.5x.x.7x 7.x.4x 7.x.6x 7.7x 7.x.6x 7.5x 8.7x.8x.x 0.x.x 7.7x.0x.x 4.x.x 8.x.x.5x 0.x 5.8x 0.5x 8.5x 8.x.6x 5.5x 0.x 8.5x.7x.7x.6x.x.4x 6.5x 5.4x 6.x.7x.x 5.4x 0.6x.x 8.x.x 5.6x.4x 4.5x 4.5x 4.7x 0.5x 8.x.7x 0.8x.7x.4x.5x 6.4x 6.5x 0.x 0.x EMEA.6x.x 7.8x 0.x 0.4x Europe 5.x.7x.7x.0x.0x 8.7x.x.4x 8.5x.5x.4x 7.6x 7.6x.x.8x.6x.8x.4x.6x 5.4x.4x.5x 7.x 0.8x.5x 4.x 7.0x.x 0.x 4.5x.x.0x 5.5x 8.x 6.x 6.x.x UK 6.8x 6.8x 0.5x 5.x.0x.7x.x Asia ex. Japan.x.x.8x.8x Jan Dec 6.x 4.4x.5x.x 0.x Japan 4.7x.x.7x.4x.6x.4x 4.x.8x.8x Bid Premium Matrix Average Premium to 4 Week Stock Price Jan Dec 0 UP 0 DOWN Consumer Products and Services Consumer Staples Energy and Power Financials Healthcare High Technology Industrials Materials Media and Entertainment Real Estate Retail Average Telecommunications 4..6 Americas USA Canada EMEA World Europe x 60.0 UK Asia ex. Japan Japan * 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 0/0/0 //0 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 00%. 4

7 Full Year 0 Mergers & Acquisitions s Worldwide Announced Rankings* A Decade in Review Rank *League Table positions reflect consolidation within the banking sector Rankings shown are as of the current quarter end in each calendar year 5

8 Overall US M&A Decreases 4%; Falls % Exclusive of Spinoff Value Canadian Activity Up 6% Full Year 0 Mergers & Acquisitions s Americas M&A Americas Deals Intelligence US Announced Advisors by Target Industry Jan Dec 0 Overall M&A activity with US involvement decreased.8% from 0, reaching US$. trillion. The number of USinvolved M&A transactions decreased by 5.5%, dropping from,57 to 0,88 announced deals. Exclusive of the over $40 billion of value attributed to spinoffs executed in 0 (including 4 of the top 0 overall deals in the year), USinvolved M&A activity declined.% over the course of 0. According to Thomson Reuters/Freeman Consulting estimates, the total fees from completed M&A activity in the Americas reached $7. billion in 0, a 6.% decrease from the $8. billion earned last year. Despite a.% 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 0 totals by 8.7% and %, respectively. The Energy & Power sector led the US market, with deal volume totaling US$7.4 billion, a 8.5% market share and a % decrease compared to last year. Healthcare placed second, with US$54.4 billion, a 6.5% share. By deal count, High Technology was the most prolific sector, with,55 transactions. On average, EBITDA multiples for Americas Targets during 0 decreased to.x from the.8x reported in 0. From an industry perspective, among US target transactions, average industry multiples ranged from.6x for Telecommunications to 8.0x for Real Estate targets. Energy and Power Healthcare Consumer Staples Real Estate Gleacher & Co Inc Financials Rank Val (US$m) 7,40. 7,50. 65,. 60,.4 54,40. 8,4. 7,54.,76. 0,4. 56,6.5 55,56. 8,00.0 8,05. 8,6., , ,67.8 8,76.6 7,5.,77.4 Rank Mkt. No. Deals Share US Target Announced M&A Target Industry by Value (US$ bil) 0 Americas Target Completed M&A Fees 6.5%.7% 8.% 8.6% 7.% 7.0% $5 $0 4Q Q Q Q YTD Number of Deals 6.0 5,000, % Energy and Power Healthcare Consumer Staples Real Estate Financials Industrials High Technology Media and Entertainment Telecommunications Materials Consumer Products and Services Retail Government and Agencies 4.% 5.% Imputed fees (US$m) $5 $0 $5 $ ,000 6,000,000 0 # of Deals Top Ten US Announced Deals 0 Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry /0/0 Pending Abbott LaboratoriesResearch (00%) Shareholders United States / United States 66,46.8 Healthcare / Pharmaceuticals /7/0 0//0 Kraft Foods IncN Amer Grocery (00%) Shareholders United States / United States 6,088.7 Consumer Staples / Food and Beverage 4//0 4/0/0 ConocoPhillipsRefining,Mktg (00%) Shareholders United States / United States,657. 0/5/0 Pending Sprint Nextel Corp (70%) SoftBank Corp Japan / United States 0,40.0 Telecommunications / Telecommunications Services /5/0 Pending Plains Expl & Prodn Co (00%) FreeportMcMoRan Copper & Gold United States / United States 7,04. /6/0 Pending Archstone Enterprise LP (00%) Investor Group United States / United States 6,06. Real Estate / REITs 4//0 /0/0 Pfizer Nutrition (00%) Nestle SA Switzerland / United States,850.0 Consumer Staples / Food and Beverage //0 //0 ArchstoneSmith Trust (6.5%) Lehman Brothers Holdings Inc United States / United States,80.0 Real Estate / REITs /8/0 /8/0 Tyco International LtdADT (00%) Shareholders United States / United States 0,570.8 Consumer Products and Services / Professional Services /0/0 Pending NYSE Euronext (00%) IntercontinentalExchange Inc United States / United States 0,. Financials / Brokerage 6

9 Full Year 0 Mergers & Acquisitions s Americas Rankings Any Americas Involvement Announced (AD4) Any Americas Involvement Completed (AF55) 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , BMO Capital Markets , BMO Capital Markets 6 7 4, Greenhill & Co, LLC , Itau Unibanco 7 7 7, Moelis & Co 8 0, Foros 8 5, Perella Weinberg Partners LP 8, Moelis & Co 5 4, Wells Fargo & Co 0 7, Banco BTG Pactual SA 0 4, , TD Securities Inc, TD Securities Inc 5, Greenhill & Co, LLC 4 8, , Scotiabank 7, Mizuho Financial Group 4 40, Banco Bradesco SA 4 7 5, Gleacher & Co Inc 5 0, , ,50, ,5,06,, ,7 0 7, % 7.% 7.7% 7.% 6.%.6%.%.% 7.6%.6% US Target Announced (AD) US Target Completed (AF) 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals 5, , , , , , , , , , , , , , , , , , , , , , , , , , Foros 6 5, Greenhill & Co, LLC 4 0 5, , , , , Moelis & Co 6 8 8, Wells Fargo & Co 7 8 6, Greenhill & Co, LLC 7 4, Perella Weinberg Partners LP 8 4 6, Qatalyst Partners 8 6, Moelis & Co 7 4, Wells Fargo & Co 5, Mizuho Financial Group 0 7, , Gleacher & Co Inc 6, Perella Weinberg Partners LP 4 0, Tudor Pickering & Co LLC, Tudor Pickering & Co LLC, BMO Capital Markets 5 0, Houlihan Lokey 4, The Raine Group LLC 4 0, Gleacher & Co Inc 4 67, Blackstone Group LP 5 8, , , , , ,5 40, % 5.% 6.% 6.5%.8% 5.8%.%.6% 0.% 4.0% 7

10 Full Year 0 Mergers & Acquisitions s Americas Rankings Any US Involvement Announced (AD4) Any US Involvement Completed (AF48) 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals, , , , , , , , , , , , , , , , , , , , , , , , , , , , , Greenhill & Co, LLC , Foros 5 8 5, , Moelis & Co 6, Moelis & Co 7 8 8, , Perella Weinberg Partners LP 8 8, Greenhill & Co, LLC 8 4 8, Wells Fargo & Co 7, Wells Fargo & Co, Mizuho Financial Group 0 0, Qatalyst Partners 0 4, , Perella Weinberg Partners LP, Gleacher & Co Inc 86, Tudor Pickering & Co LLC 5, Blackstone Group LP 7 5, , BMO Capital Markets 4 4, Blackstone Group LP 4 7 7, Tudor Pickering & Co LLC 5, , ,, ,88 65,076, ,75 6 4, % 5.0% 5.5%.% 8.5% 6.% 6.5%.% 8.6%.7% Any Canadian Involvement Announced (AD4) Any Canadian Involvement Completed (AF4) 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals 76, , , BMO Capital Markets 8, BMO Capital Markets 47, , TD Securities Inc 4 4, TD Securities Inc 4, CIBC World Markets Inc 5, , , Scotiabank 6 6, Scotiabank 7 4, , , CIBC World Markets Inc 8 8, , National Bank of Canada Fin'l 6 7, National Bank of Canada Fin'l 0 4 7, , , , , , , , , , , GMP Capital Corp 5 0, Canaccord Genuity 6 0, Canaccord Genuity 6 0, , , ,75.0, ,8. 6, , LionTree Advisors LLC 0 6, , Desjardins Securities Inc. 45 6, GMP Capital Corp 0 6, , LionTree Advisors LLC 6, * 5, FirstEnergy Capital Corp 4 0 5, SEB Enskilda , , , , , , ,47 05, % 0.4%.% 7.6%.0% 6.% 8.7% 7.8% 0.6% 67.0% 0 8

11 Full Year 0 Mergers & Acquisitions s EMEA Announced M&A Rises % Energy and Power Highest Valued Sector Strong Fourth Quarter Buyside Sponsor Activity EMEA M&A EMEA Deals Intelligence Announced M&A activity with EMEA involvement totalled US$.45 trillion in 0, rising % from the full year 0 totals. Fourth quarter 0 deal value was more than double the totals recorded in the third quarter. EMEA fees accumulated on deals completed throughout 0 fell short of 0 totals, reaching only US$.7 billion, a 7.% decrease compared to last year, according to estimates from Thomson Reuters/Freeman Consulting. Energy and Power finished 0 as the most active sector, with,475 deals grossing a combined US$8 billion, just edging out Financials which accrued US$6. billion. Industrials finished third, with US$.8 billion worth of activity. EMEA Targeted buyside financial sponsor activity reached only US$87. billion, falling short of the US$. billion reported last year. However, fourth quarter totals in 0 reached US$.7 billion, accounting for the most activity in a single quarter since the second quarter of 0. Although 0 totals lagged behind those seen in 0, the market largely held onto annual volume levels regained after the 00 trough. Acquirors on the London exchange were EMEA's most acquisitve companies in 0, with 47 deals accounting for a combined total of US$. billion in offers. The US$46 billion Xstrata / Glencore transaction from the first quarter accounted for a significant portion of this M&A activity. EMEA Involvement Announced Advisors by Target Industry Jan Dec 0 Rank Val US$m Rank Mkt. Share No. Deals Energy and Power 8,000.,475, , , Financials 6,4.,47 70, , , Industrials,806.8,875 50, , , Real Estate 0,868.5,00 6, , ,08.0. Materials 7,.,464 6, , , Primary Listing of Most Acquisitive EMEA Companies Top 0 (US$B) Jan Dec 0 EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity) London $00 Q4 Volume (US$b) Q Volume (US$b) 5% $5. $. $.0 $. $. $8. $67.5 $. Russian Trading System Euronext Brussels Frankfurt New York Zurich Euronext Paris Milan Madrid Rank Value (US$b) $50 $00 $50 $00 $50.% 7.% 6.0% 6.7%.% 5.4%.% 6.% Q Volume (US$b) Q Volume (US$b) % of YTD EMEA M&A.4%.0% 0.% 0% 5% 0% 5% % of EMEA Johannesburg $ % Top Ten EMEA Involvement Announced Deals 0 Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry /7/0 Pending Xstrata PLC (65.%) Glencore International PLC Switzerland / Switzerland 45,80. Materials / Metals & Mining 0//0 Pending TNKBP Ltd (50%) NK Rosneft' Russian Fed / Russian Fed 8, //0 Pending TNKBP Ltd (50%) NK Rosneft' Russian Fed / Russian Fed 6,46. //0 Pending Bankia SABad RE Assets (00%) SAREB Spain / Spain 5,686.0 Real Estate / Residential 5/5/0 6/7/0 Banco Financiero y de Ahorros (00%) FROB Spain / Spain,785.7 Financials / Banks 6//0 Intended Alliance Boots GmbH (55%) Walgreen Co United States / Switzerland,6.5 Retail / Other Retailing 6//0 Pending Grupo Modelo SAB de CV (4.7%) AnheuserBusch Inbev Belgium / Mexico 0,0.4 Consumer Staples / Food and Beverage /6/0 Pending Bankia SA (%) FROB Spain / Spain 7,805. Financials / Banks //0 6//0 International Power PLC (40.%) Electrabel SA Belgium / United Kingdom,855. Energy and Power / Power 5//0 /0/0 Cooper Industries PLC (00%) Eaton Corp United States / IrelandRep,40. Industrials / Other Industrials

12 Full Year 0 Mergers & Acquisitions s EMEA Rankings Any EMEA Involvement Announced (AD47) Any EMEA Involvement Completed (AF5) 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals 4, , , , , , , , , , , , , , , , , , , , , , VTB Capital M Klein & Co LLC Credit Agricole CIB 0 5 Lambert Energy Advisory Ltd 05 Renaissance Capital Group 4 Ondra Partners , , , , , , , , , , , , , , ,45, ,865, , , , , , Credit Agricole CIB 7 6 0, , , , , PricewaterhouseCoopers 4 7, Sberbank CIB 58 6, ING 4 6, Mediobanca , , ,48, , % 0.6%.8% 0.%.0% 4.% 5.5% 6.% 7.% 0.4% Any European Inv Announced (AD) Any European Involvement Completed (AF) 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Rank Rank US$m Sh (%) Share Ch. 40, , , , , , , , , , , , , , , , , , VTB Capital M Klein & Co LLC Credit Agricole CIB Lambert Energy Advisory Ltd Renaissance Capital Group Ondra Partners 0 4, , , , , , , , , , , , , , , Credit Agricole CIB 7 6 0, , , , , , , , , , PricewaterhouseCoopers 4 6, , Sberbank CIB 58 6, , ING 4 6, , Mediobanca , ,0, ,68, , ,70,48 # of Market Change in Advisor Market Market Deals Sh (%) # of Deals Fees Sh (%) Share Ch , % 8.% 5.5%.4% 8.6%.4% 6.4% 5.4% 6.%.7% 0

13 Full Year 0 Mergers & Acquisitions s EMEA Rankings Any UK Involvement Announced (AD) Any UK Involvement Completed (AF) # of Market Change in Rank Value Market # of Market Change in Advisor Market Market 0 0 Rank Value Market Market 0 0 Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals, , , , , , , , , , , , , , , , VTB Capital 5* 5, , , , , , , , , , Lambert Energy Advisory Ltd 4 57, , Renaissance Capital Group 5 0, , , Ondra Partners 6 7, Ondra Partners 7 0 5, RBS 7, , , , Standard Chartered PLC 64 8, , Moelis & Co 0 8, Moelis & Co 0 0, , , , , , Banco Bradesco SA 4 4 7, PricewaterhouseCoopers 4 8 5, , Ernst & Young LLP 5 4 4, , ,80 4, ,06 78, %.8% 5.5%.% 8.7% 6.5% 8.0%.8%.%.5% Any French Involvement Announced (AD) Any French Involvement Completed (AF40) 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals, , , , , , , , , , , , , , , , , , Ondra Partners 0, , , , , Ondra Partners 6* 5, Credit Agricole CIB 0, , , Mediobanca 4 0 8, , Leonardo & Co 5 8, , Intesa SanPaolo 6 8, Banco Espirito Santo SA , , , Credit Agricole CIB 8 7, , , , , Qatar National Bank, , Messier & Associes 4, Houlihan Lokey 64*, Beltone Investment Banking *, , Cairo Financial Investments Co *, Ernst & Young LLP 4 6, UniCredit 5* 8, Beltone Investment Banking 5*, , , , ,, % 5.5%.8% 0.% 60.8%.%.% 8.%.% 4.5%

14 Full Year 0 Mergers & Acquisitions s EMEA Rankings Any Spanish Inv Announced (AD4) Any Spanish Involvement Completed (AF4) 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals, , , Credit Agricole CIB 4, Credit Agricole CIB, , , , , , Mediobanca 6, PricewaterhouseCoopers 6 4 7, Banco BTG Pactual SA 7 7, , BBVA 8 5 7, , Santander 6, , , Santander 0 5, , , , , , Banco BTG Pactual SA 4, , , , BBVA 5 8, , , , , , Ernst & Young LLP 8 7, Deloitte 4, Deloitte 8, , , Ernst & Young LLP 0, AZ Capital, PricewaterhouseCoopers, RBS 40, AZ Capital 7, , RBS 4 7, , , Itau Unibanco 5 7, , , , % 70.0%.%.5% 7.8% 77.% 7.7% 0.7% 5.6%.% Any German Inv Announced (AD5) Any German Involvement Completed (AF4) 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals 4 4, , , , , , , , , , , , , , , * 8, , , , Perella Weinberg Partners LP 0 8 8, *, , , , Perella Weinberg Partners LP 8, Lincoln International 8 5, , , , , , , Nordea 7* 00*, PricewaterhouseCoopers 7 78, MCF Corporate Finance GmbH 7* 7, MCF Corporate Finance GmbH 8* 74, , Nordea 8* 7*, , RoelfsPartner 0 4, Houlihan Lokey 00*, , Ondra Partners, , Ernst & Young LLP, , , TAP Advisors LLC 4, TAP Advisors LLC 5, , , ,07 4, ,644 47, % 4.% 4.4% 7.4% 8.% 5.%.6%.8% 6.%.%

15 Full Year 0 Mergers & Acquisitions s EMEA Rankings Any Italian Involvement Announced (AD6) Any Italian Involvement Completed (AF4) 0 Rank 0 Rank Value Market Market Rank US$m Sh (%) Share Ch. # of Market Change in Deals Sh (%) # of Deals 0 Rank Value Market Market Rank US$m Sh (%) Share Ch. # of Market Change in Deals Sh (%) # of Deals Advisor Market Market Fees Sh (%) Share Ch. 8 8, , , , Mediobanca, , , , , Mediobanca 5 8 4, Intesa SanPaolo 6 0, Intesa SanPaolo 6, , , , , , Leonardo & Co 0, , , , , , , Banco BTG Pactual SA 6* 5, , UniCredit 4 7 4, UniCredit 4 0, , , Leonardo & Co 6 7, RBS 6 5, , Banco BTG Pactual SA 7 6*, , Santander 8, , , Santander 0, , , LF & Co, Banco Bradesco SA * Banco Bradesco SA * Itau Unibanco * 6* Itau Unibanco * 6* BBVA BBVA , Renaissance Capital Group 6* * %.% 46, %.4% 4.7% 8.4% 45.% 4.0% 4.7% 5.% 0 Rank Any Nordic Involvement Announced (AD7) Any Nordic Involvement Completed (AF44) 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals 4, , , , , SEB Enskilda 4, , , , , SEB Enskilda 6 0, , , , Nordea 8 6 7, * 0, , , , , , , , , ABG Sundal Collier 8 5, Nordea 6 7, Handelsbanken Capital Markets 4 4, , , Handelsbanken Capital Markets 5 6, , ABG Sundal Collier , , , MCF Corporate Finance GmbH 8* 8, , Perella Weinberg Partners LP 8*, Carnegie 4, , MCF Corporate Finance GmbH 0* 8, Scotiabank *, Perella Weinberg Partners LP 0* 6, Mitsubishi UFJ Financial Group *, , National Bank of Canada Fin'l *, Scotiabank *, Rabobank NV * 7*, Mitsubishi UFJ Financial Group *, CIMB Group Sdn Bhd 5*, National Bank of Canada Fin'l *, Malayan Banking Bhd 5*, , ,70, , , 4.%.5%.0%.% 5.6% 57.0% 8.0% 55.5% 74.4% 5.4%

16 Full Year 0 Mergers & Acquisitions s EMEA Rankings Any Benelux Inv Announced (AD40) Any Benelux Involvement Completed (AF47) 0 0 Rank Value Market Rank Rank US$m Sh (%) 78, , , , , , , , , , , , , ,5. 7. Ondra Partners 5, RBS 6 4 6, , Greenhill & Co, LLC 8 * 5,48..8 ING 6 5, ,44.8. Sberbank CIB 6 4, ,44.. *,.7. Scotiabank 4 7*,64..6 Santander 5 6,04.8., Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Share Ch. Deals Sh (%) # of Deals , , , , , , , , , , , , * 5, , ING 5, Ondra Partners 6 7*, Standard Chartered PLC 7 60* 5, Banco Espirito Santo SA 8 86* 4, , Sberbank CIB 0, China Construction Bank 6*, , , Scotiabank 4 4, Greenhill & Co, LLC 5 7*, ,4,4 7, ,5 708, % 8.%.% 5.0% 0.4% 0.5%.7% 45.% 6.%.4% EMEA Inv. Announced M&A Target Sector by Value ($bil) 0 Quarterly EMEA Cross Border Volume $55.0 $5. $4.8 $40.6 $5. $8.0 ` $,000 $00 Inbound (US$b) Outbound (US$b) Number of deals,500 $55.4 $800,000 $86. $6. $700 $7. $0. $.8 Rank Value (US$b) $600 $500 $400 $00,500,000 # of Deals Energy and Power Financials Industrials $ Real Estate Materials Consumer Staples Retail Healthcare Telecommunications High Technology Consumer Products and Services Media and Entertainment Government and Agencies $00 $

17 Full Year 0 Mergers & Acquisitions s Asia Pacific (exjapan) M&A Asian M&A Recovers I Fees Earned Drop % I Australian M&A Value Halved Asia Pacific (exjapan) Deals Intelligence M&A activity with Asian involvement in 0 increased 6.7% over 0, to US$488. billion, from the US$40. billion recorded last year. Deals in the Energy & Power sector registered the highest value in 0, accruing US$8 billion in activity from 67 deals. The Materials sector reached US$64. billion in value, from a marketleading deal count of,4. Activity in the Financials sector amounted to US$6.6 billion from deals. Estimated buyside and sellside banking fees earned in the region totaled US$.4 billion, a 5.5% decrease from totals recorded last year, according to Thomson Reuters/Freeman Consulting. Goldman Sachs, the top earner, accumulated US$4.4 million in fees, a 5.% wallet share. placed second, grossing US$.5 million. followed, with US$0.4 million. China outbound activity in the fourth quarter of 0 decreased by 5.% compared to the fourth quarter last year, reaching US$8. billion. Despite being behind 0 totals at the end of the third quarter, China cross border activity for fullyear 0 reached US$6.7 billion, just surpassing the US$ billion in activity recorded last year. Australian M&A activity amounted to US$88 billion, a 50% decline from the US$7 billion grossed in 0. Australian cross border activity totaled US$46.6 billion in 0, falling far short of the US$88. billion accrued last year. Foreign companies invested US$. billion in the Australian Materials sector, representing 8.6% of inbound volume. Asia (exjapan) Involvement Announced Advisors by Target Industry Rank Val US$m Energy and Power 8,0.8 0,07.7 BMO Capital Markets,5.,65.6 8,7. 4 Materials 64,4.7 8,05.5 6,.6 5,678. Financials 6,580.,78.6,44.,66. Consumer Staples 57, ,55.6,07.7 8,868.8 Industrials 5,.4,0. 6,45.8 5,60.0 Rank Mkt. Share No. Deals , , Jan Dec 0 China Cross Border Announced M&A Asian Completed M&A by Region Imputed Fees $50 Outbound (US$b) Inbound (US$b) % of Cross Border is Outbound 00% $0.5 $0.4 North Asia South Asia Southeast Asia Australasia $40 80% $0.4 Rank Value (US$b) $0 $0 60% 40% % Outbound Imputed Fees (US$b) $0. $0. $0. $0. $0 0% $0. $0. $0 Q07 4Q07 Q08 Q08 Q08 4Q08 Q0 Q0 Q0 4Q0 Q0 Q0 Q0 4Q0 Q Q Q 4Q Q Q Q 4Q 0% $0.0 Q0 Q0 Q0 4Q0 Q0 Q0 Q0 4Q0 Q Q Q 4Q Q Q Q 4Q Top Ten Any Asia (exjapan) Involvement Announced Deals Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) 8//0 Pending China Telecom CorpG Assets (00%) China Telecom Corp Ltd China / China 8,047. 7//0 Pending Nexen Inc (00%) CNOOC Canada Holding Ltd Canada / Canada 7,665.6 /5/0 Pending Fraser & Neave Ltd (00%) OUE Baytown Pte Ltd Singapore / Singapore,4.0 /5/0 Pending Ping An Insurance(Group)Co (5.6%) Investor Group Thailand / China,85. //0 Pending Fraser & Neave Ltd (6.6%) TCC Assets Ltd British Virgin / Singapore,. 5/0/0 /8/0 Alibaba Group Holding Ltd (0%) Alibaba Group Holding Ltd China / China 7,00.0 //0 //0 Hankook Tire Co LtdTire Bus (00%) Shareholders South Korea / South Korea 6,00.6 6/8/0 //0 Progress Energy Resources Corp (00%) Petronas Carigali Canada Ltd Canada / Canada 5,865.5 /6/0 Pending NCOC BV (8.4%) ONGC Videsh Ltd India / Kazakhstan 5, //0 Pending Bank Danamon Tbk PT (67.4%) DBS Group Holdings Ltd Singapore / Indonesia 4,70.5 Jan Dec 0 Target Macro / Mid Industry Telecommunications / Wireless Consumer Staples / Food and Beverage Financials / Insurance Consumer Staples / Food and Beverage Consumer Products and Services / Professional Services Industrials / Automobiles & Components Financials / Banks 5

18 Full Year 0 Mergers & Acquisitions s Asia (exjapan) Rankings Any Asia (exjapan) Inv Announced (AD5) Any Asia (exjapan) Involvement Completed (AF) 0 Rank 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals 00, , , , , , , , , , , , , , , , , , China International Capital Co 0 0 4, , BMO Capital Markets, China International Capital Co 4 4, CIMB Group Sdn Bhd, CIMB Group Sdn Bhd 5 0, , Standard Chartered PLC, DBS Group Holdings 4 4 8, Moelis & Co 4 5, , Malayan Banking Bhd 5 8, , CITIC 6 8, Standard Chartered PLC 7, Allen & Co Inc 7 8, Moelis & Co 8 5, , , , Ondra Partners 0, , United Overseas Bank Ltd, BMO Capital Markets 45 7, , , Malayan Banking Bhd 8, Scotiabank 54 5, Allen & Co Inc 4 8, , Somerley Ltd , AMMB Holdings Bhd 5 5 5, , ,78,0 07, ,7 5,66, % 0.4% 4.%.%.%.0% 7.% 0.5% 5.5% 8.% Any Australian Involvement Announced (AD4) Any Australian Involvement Completed (AF) 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals 8 4, , , , , , , , , , , Gresham Partners 6 0 8, , , , Aquasia Pty Ltd 8 7 7, , , Greenhill & Co, LLC 0 7, , Moelis & Co 5, , , , , , Aquasia Pty Ltd 4, Grant Samuel , *, , , , , Moelis & Co 7, BMO Capital Markets 8 *, Fort Street Advisers 8, , BMO Capital Markets 7, , RBS 0, Gresham Partners 0, Blackstone Group LP 4, Canaccord Genuity 5, Azure Capital 6, Grant Samuel 6, Paradigm Capital Inc, Haywood Securities Ltd. 4, , Wells Fargo & Co , , , , ,6 5, % 4.% 4.6%.% 5.4% 45.%.7% 6.5% 5.4%.% 6

19 Asia (exjapan) Buyside Financial Sponsor Activity Any New Zealand Inv Announced (AD) Full Year 0 Mergers & Acquisitions s Asia (exjapan) Rankings Rank Value (US$b) $50 $45 $40 $5 $0 $5 $0 $5 $0 $5 $0 Q4 Volume (US$b) Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) % of Asia (exjapan) Volume YTD Any Asian (exjapan) Involvement Announced M&A by Target Industry ($bil) 0% 8% 6% 4% % 0% 8% 6% 4% % 0% % of Asia (exjapan) Volume 0 0 Rank Value Market Market Rank Rank US$m Sh (%) Share Ch., , First NZ Capital 5, * Banco BTG Pactual SA 5* Itau Unibanco 5* , % 0.% 0.7% 0.6% Any New Zealand Involvement Completed (AF46) First NZ Capital 0 Rank Rank Value Market Market # of Market Change in Advisor Market Market Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch., , , , , % 700.8% Australian Cross Border Announced M&A # of Market Change in Deals Sh (%) # of Deals % 6.8% 57.5% 40.5% $40 Outbound (US$b) Inbound (US$b) % of Cross Border is Outbound 00% 0% % 80% % 7% $0 5% 7% % % % 4% 4% 5% Rank Value (US$b) $0 60% 40% Outbound $0 0% Energy and Power Materials Financials Consumer Staples Industrials Real Estate High Technology Telecommunications Media and Entertainment Consumer Products and Services Healthcare Retail Government and Agencies $0 Q08 Q08 Q08 4Q08 Q0 Q0 Q0 4Q0 Q0 Q0 Q0 4Q0 Q Q Q 4Q Q Q Q 4Q 0% 7

20 Japanese Announced M&A Down.% Outbound Deals & Japanese Fees Volume Reach Record High Full Year 0 Mergers & Acquisitions s Japan M&A Japan Deals Intelligence In 0, announced M&A activity with Japanese involvement reached US$8.7 billion, a.% decrease from the US$85 billion of value recorded in 0. In spite of the slight annual decline, the fourth quarter of 0 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. billion was 0 s largest Japanese announced and crossborder transaction, as well as the eighth largest Japanese involvement deal in history. Japanese outbound M&A reached a record high in 0, with 67 deals accruing $85. billion, a.4% increase in value compared to 0. US target transactions accounted for approximately 64% of the total value. Three UStarget deals SoftBank s acquisition of Sprint Nextel, Marubeni s acquisition of Gavilon Group, and Daikin Industries acquisition of Goodman Global Group were included in the list of top ten deals with Japanese involvement in 0. On average, acquirors paid 0.x EBITDA for Japanese targets in 0, representing a decline of.5 "turns" from 0 averages. Average bid premia (to 4week prior stock price) for Japanese targets increased 0.8 percetage points over 0 to 5.5%. Any Japanese Involvement Announced M&A Rank Value (US$b) $00 $75 $50 $5 $00 $75 $50 $5 $0 Top Ten Japanese Involvement Announced Deals Rank Date 0/5/0 5//0 5//0 //0 //0 0//0 7//0 8//0 0/4/0 //0 Q4 Volume (US$b) Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) # of Deals Date Effective Pending 7//0 Pending /4/0 6//0 Pending Pending //0 Intended 4/5/0,500,000,500,000,500, # of Deals Japanese Involvement Announced M&A Top Advisors by Target Industry Jan Dec 0 Energy and Power 0,805. 0, , Mizuho Financial Group, Telecommunications,5.0 6 Mizuho Financial Group 0, , ,40.0 * 4. The Raine Group LLC 0,40.0 0,40.0 0,40.0 * * * High Technology, , Mizuho Financial Group, Plutus Consulting Co Ltd 6, Industrials 7, , Mitsubishi UFJ 5,.6 0. Mizuho Financial Group 4, Consumer Staples 6, , , Mizuho Financial Group 7, Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Sprint Nextel Corp (70%) SoftBank Corp Japan / United States 0,40.0 TEPCO (75.7%) NDF Japan / Japan,6.0 Gavilon Group LLC (00%) Marubeni Corp Japan / United States 5,600.0 Annington Homes Ltd (00%) Terra Firma Capital Partners United Kingdom / United Kingdom 5,08.0 Exxon Mobil (%) TonenGeneral Sekiyu KK Japan / Japan 4,65. eaccess Ltd (00%) SoftBank Corp Japan / Japan 4,55. Aegis Group PLC (86.4%) Dentsu Inc Japan / United Kingdom 4,. Goodman Global Group Inc (00%) Daikin Industries Ltd Japan / United States,700.0 Jupiter Telecommunications (8.6%) Investor Group Japan / Japan,707. Boston Biomedical Inc (00%) Dainippon Sumitomo Pharma Co Japan / United States,60.0 Japanese Outbound M&A Target Nation Region Rank Value (US$b) Americas Europe Asia Pacific Americas Number of Deals Asia Pacific Number of Deals Europe Number of Deals Rank Val US$m Rank Mkt. Share No. Deals Jan Dec Jan Dec 0 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 50 0 # of Deals 8

21 Full Year 0 Mergers & Acquisitions s Japan Rankings Any Japanese Involvement Announced (AD) Jan Dec Any Japanese Involvement Completed (AF) Jan Dec 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Mizuho Financial Group Mitsubishi UFJ 6 6,8. 6,78. 5, Mitsubishi UFJ Mizuho Financial Group 4 6,88. 5, , , , ,470.8, Sumitomo Mitsui Finl Grp Inc , , Sumitomo Mitsui Finl Grp Inc 7 7 8, , , Daiwa Securities Group Inc 8, , , , , The Raine Group LLC 0, , , GCA Savvian Group Corp 7, , , , , Daiwa Securities Group Inc 5 0, , GCA Savvian Group Corp Plutus Consulting Co Ltd Greenhill & Co, LLC Sangyo Sosei Advisory Inc , ,0. 5,68.6 5,44. 4, Credit Agricole CIB * * ,77.0 4,88.8 4,.,40., , , Credit Agricole CIB Deloitte * * 5,7.4,40.,40.,76. 8, , Sangyo Sosei Advisory Inc Deloitte Brown Brothers Harriman & Co 4 5 8,674.,556.,7.,. 68, , , % 4.4% 4.4% 5.% 5.6%.%.5% 4.6%.5% 5.0% Japanese Involvement Announced M&A Target Industry by Value Japanese Target Completed M&A Fees $,00 4Q 000 Q $,000 Q %.%.5% 8.4%.6% 6.5% 6.%.%.% 4.8% Energy and Power Telecommunications High Technology Industrials Consumer Staples Materials 8.% 7.7% Imputeed Fees (US$mil) $800 $600 $400 $00 $0 Q YTD Number of Deals Number of Deals Real Estate Financials Media and Entertainment Healthcare Retail Consumer Products and Services

22 Full Year 0 Mergers & Acquisitions s Fairness Opinion Rankings Worldwide Announced Fairness Opinion Any Americas Inv Announced Fairness Opinion Any US Inv Announced Fairness Opinion Based on Number of Transactions Based on Number of Transactions Based on Number of Transactions Rank Value (US$m) Rank Value (US$m) Rank Value (US$m) 0 0 # of Market Change in Rank Value Market 0 0 # of Market Change in Rank Value Market 0 0 # of Market Change in Rank Value Market Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) , * ,40.0. Stout Risius Ross Inc 7* Houlihan Lokey 4 7.7, Stout Risius Ross Inc * , Stout Risius Ross Inc * Houlihan Lokey * ,7.8. Houlihan Lokey , * ,04.8. Duff and Phelps , Duff and Phelps , Duff and Phelps 4*.6, * ,74.. Sandler O'Neill Partners , * 0* , Sandler O'Neill Partners 6 * 4.8 +, , * 0* ,.7.5 7* 7*. 5,46.. 7* 5* , CITIC 6* 5* , BMO Capital Markets 7* *. +, * 5* , ,4. 5. * , , * , * 8*.0 + 6, * , * 6* 6. 7, * 7*.0 4, * 8* 8. +,40..6 * , * ,76.. 0* , China International Capital Co * 0* 4. 6, TD Securities Inc * 7* , Greenhill & Co, LLC * * , * 0* ,87.7. * 4.4 4, * 8* , * , * 8. 5,05.8. Perella Weinberg Partners LP * 4* , Sandler O'Neill Partners * 7* 4. +, Greenhill & Co, LLC 6* 0* , * * 7.5 4,48.. 7* 7*.7 +, * * , * , * 5*.7 + 4,780.. Raymond James Financial Inc 6* Moelis & Co 7* 7* 6. 7, BMO Capital Markets 7* 7*.7 +,0.4.6 Perella Weinberg Partners LP 6* 46* 7. +5, Stifel Financial Corp * * 5.8 0, Haitong Securities Co Ltd 7* 0* * * ,86.. Keefe Bruyette & Woods Inc * 5* * 6*.7 75, National Bank of Canada Fin'l 6* ,77..7 Piper Jaffray Cos * 6* 4.4 0, Huatai United Securities Co * 7* FirstEnergy Capital Corp * * 6.6 4,0.4.5 * * Southwest Securities Co Ltd * 56*.5 +7, Scotiabank * 4* 6.6 +, William Blair & Co * 4* Guangdong Securities 4* 0* Moelis & Co * * 6.6 7,088.. Wells Fargo & Co 4* 6*., , Evans & Evans Inc * * Fig Partners LLC 4* 56* Canaccord Genuity * * 6.6 7, Blackstone Group LP 4* %.% Stifel Financial Corp 7* 0* 5.4 0, Stephens Inc 4*. +, %.% , , % 4.% 4.8% 4.7%.% 5.7% 50.0% 47.6% Any EMEA Inv Announced Fairness Opinion Based on Number of Transactions Rank Value (US$m) 0 0 # of Market Change in Rank Value Market Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) , , , * 5* , * , * 5* , * * , BDO 4* 5* , * , Greenhill & Co, LLC 0* , Houlihan Lokey 0* 5* 5. 4, * * , * * , Canaccord Genuity 4* * ,46.. Grant Thornton 4* , * 5* 4.5 +, RBS 7* 7* *.. +,50.5 4, PricewaterhouseCoopers 7* 5* * *. + 46, , % 5.5% 4.% 6.4% Fairness Opinion rankings include fairness opinions provided as a standalone mandate as well as fairness opinions provided as part of a broader advisory mandate. Any Asia Pacific Inv Announced Fairness Opinion Any Japan Inv Announced Fairness Opinion Based on Number of Transactions Based on Number of Transactions Rank Value (US$m) Rank Value (US$m) 0 0 # of Market Change in Rank Value Market 0 0 # of Market Change in Rank Value Market Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) CITIC 6* , , China International Capital Co , Mizuho Financial Group 6* , Haitong Securities Co Ltd 4* ,6.7.8 Huatai United Securities Co 4* 0* Greenhill & Co, LLC 4* ,6.4.6 Southwest Securities Co Ltd 4* * 4. +7, Advisory Plus Co Ltd 4* * Guangdong Securities 6* 4* Plutus Consulting Co Ltd 4* 5* Somerley Ltd 6* 0.8 4, * * 5.7 4, Guosen Securities Co Ltd 6* 5* 0.8 +,0..8 8* , * 6* GF Securities 0 * * 6*., Shenyin & Wanguo Securities * * Houlihan Lokey 8* *.. 0. Qilu Securities Co Ltd * 6* DBS Group Holdings 8* Caitong Securities Co Ltd * 5* 6. +5, *. + 4,55..4 Houlihan Lokey 4* 5* 5. +4,7.6.0 Huaxi Securities Co Ltd 8* * * Frontier Management Inc 8* Chinalion Securities Co Ltd 4* Sumitomo Mitsui Finl Grp Inc 8* *. 5, China Securities Co Ltd 4* 6* 5. 4,7.. 8* Guotai Junan Securities 8* 8* 4.5 +, * China Galaxy Securities Co 8* Aoyama Sogo Accounting Office 8* * , Duff and Phelps 8* CIMB Group Sdn Bhd 8* * Sandler O'Neill Partners 8*. +, Hollyhigh International 8* 5* * 6*. 4, , Daiwa Securities Group Inc 8* 6*., Deloitte 8* % 6.5% GCA Savvian Group Corp 8* % 74.0% 5 7 6, % 57.% 4.% 66.7%

23 Full Year 0 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, 0 and December st, 0 and of which Thomson Reuters was made aware. All current data and previous year's data is as of 5:00pm EDT on December st, 0. League tables include rank eligible mergers, acquisitions, repurchases, spinoffs, selftenders, 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. NonUS dollar denominated transactions are converted to the US dollar equivalent at the time of announcement of terms. AsiaPacific 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. Any involvement league tables also include the nation of the seller and seller ultimate parent on privately negotiated stake purchases 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. Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to syndicated members. League table volumes for Mitsubishi UFJ Financial Group and, included herein reflect the changes after the commencement of their jointly established securities firms in Japan: () Mitsubishi UFJ Securities and () MUFG Securities. Accreditation for transactions involving the newly established joint ventures are reflected in totals for. For Japanese related rankings, is represented as "Mitsubishi UFJ. 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. 0 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.

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