Final Results – For Immediate Release

January 04, 2010

PRESS INFORMATION

Global M&A Review Global M&A Volume at Lowest Level Since 2004
Full Year 2009 Global Restructuring M&A Reached Highest Annual Volume on Record
Government Backed Acquisitions Accounted for 15% of Global M&A Volume in 2009
Media Contacts:
Global M&A volume totaled $2.40tr in 2009, the lowest annual total since 2004 and down 24% on $3.17tr
Natalie Cogan, New York announced in 2008. Volume reached $739.7bn in 4Q 2009, an increase of 46% on 3Q 2009.
Tel: (212) 577 4486
natalie.cogan@dealogic.com Financial sponsor M&A buyouts totaled $75.9bn in 2009, down 60% from $191.8bn in 2008, to become the
lowest annual volume since 2001. A pick up towards the end of the year saw volume for 4Q 2009 reach $35.7bn,
Edward Jones, London the highest quarterly total since 3Q 2008 and an increase of 122% on 3Q 2009.
Tel: +44 20 7440 6196
edward.jones@dealogic.com Emerging market targeted M&A volume reached $564.3bn in 2009 and accounted for 24% of global M&A
volume, the highest portion on record, although total volume was down 19% compared with 2008. China
Jennifer Cheung, Hong Kong remained the leading emerging market target in 2009 with $166.4bn.
Tel: +852 3698 4707
Jennifer.cheung@dealogic.com Government backed M&A accounted for 15% of total global volume in 2009 with $354.0bn, the highest volume
on record, led by the UK’s $41.8bn share placement in Royal Bank of Scotland taking its stake to 84.9%.
Content:
M&A Market Overview.................... 2 
Global restructuring M&A, through bankruptcy or distressed situations, reached $320.2bn in 2009, the highest
Market Metrics .............................. 3 
Financial Sponsor M&A Buyouts ...... 4 
annual volume on record. 4Q 2009 distressed volume more than doubled (167%) compared to 3Q 2009 but was
Strategic Alternatives & Rumors ..... 4  down 47% on the record quarterly volume of $164.4bn set in 4Q 2008.
Boutique M&A Analysis .................. 5 
Emerging Markets ......................... 5  US targeted M&A volume totaled $783.4bn in 2009, down 24% on the $1.03tr announced in 2008 and the lowest
Advisory Fee Analysis .................... 6  annual total since 2003. The largest US targeted deal in 2009 was Pfizer’s $68.4bn acquisition of Wyeth,
Restructuring M&A ........................ 6  announced in January.
Americas Highlights ....................... 7 
EMEA Highlights ............................ 8  European M&A volume totaled $718.5bn in 2009, down 44% compared with $1.27tr in 2008. Europe accounted
Asia Pacific Highlights .................... 9  for 30% of global M&A volume in 2009, the lowest share in over a decade.
Top Global Transactions ............... 10 
M&A by Nationality & Sector ......... 11 
Asia Pacific (ex Japan) volume reached $493.1bn in 2009, up 9% compared with $453.8bn in 2008. The largest
Global Rankings .......................... 12 
US Rankings ............................... 13 
deal in the region was Rio Tinto’s $58.0bn acquisition of BHP Billiton’s Western Australian iron ore assets,
European Rankings ..................... 14  announced in June.
Asia Pacific (ex Japan) Rankings ... 15 
Financial Sponsor Rankings .......... 16  Goldman Sachs led the global, US, European, and Asia Pacific (ex. Japan) announced rankings in 2009.
Attorney Rankings ....................... 17 
Announced League Tables ............ 19  Global M&A advisory fees reached $12.9bn in 2009, down 41% compared to the $21.9bn generated in 2008
Completed League Tables ............ 20  and the lowest annual total since 2003.
Dealogic M&A Coverage & Criteria . 21 
 M&A Market Overview

• Global M&A volume reached $2.40tr via 35,998 deals in 2009, down 24% $bn #
M&A Volume by Deal Value Band in 2009
on the $3.17tr recorded in 2008 to become the lowest annual total since 350 3,500
2004
300 3,000
o November announced volume reached $323.0bn, the highest monthly
volume since July 2008 and included six deals valued at $10.0bn or 250 2,500
higher totaling $134.7bn
200 2,000
o Advised M&A volume totaled $1.88tr in 2009, representing 78% of 150 1,500
total M&A volume
100 1,000
• Finance remained the most targeted industry globally in 2009 with
$418.9bn. The largest Finance targeted deal in 2009 was the United 50 500
Kingdom’s $41.1bn injection into the Royal Bank of Scotland, helping
0 0
EMEA become the most targeted world region for Finance M&A
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
• Oil & Gas jumped up three places to become the second most targeted 100m - 500m 500m - 1bn Less than 100m
industry 2009 with the announcement of Exxon Mobil Corp’s $41.1bn 1bn - 10bn Over 10bn Total # Deals
acquisition of XTO Energy, bumping Healthcare down to the third most
targeted industry rank

$bn Top M&A Sectors by World Region $bn Advisor Gains by Quarter in 2009 (Top Ten Global Advisors)
450 700
400 600
350
500
300
250 400

200 300
150
200
100
100
50
0 0
FIN OIL HC TEL TECH UTIL REAL MNG FOOD TRANS GS MS JPM Citi BOAML CS UBS BarCap DB Laz

Americas ASIAPAC EMEA 1Q Volume 2Q Volume 3Q Volume 4Q Volume

Dealogic Mergers & Acquisitions Review – Full Year 2009 – Final Results – January 04, 2010 Page 2
 Market Metrics
Hostile Bid Premium Analysis*
# Bids Prem %
• The number of hostile and unsolicited bids* fell to 1,209 in 2009, 900 35
down from the 1,882 in 2008. Total volume reached $238.2bn, a
800
decrease of 65% on 2008 volume 30
700 1421
o 1 week pre bid premiums for hostile bids peaked at 29% in the 25
600
first quarter of 2009, the same quarter as the S&P 500 index
500 106920
bottomed
400 15
798
• Average global quarterly transaction multiples declined through 1Q 300 578
2009, but increased through the rest of 2009, with EBITDA multiples 424
479
441
10
200 400
reaching an average of 10.7x in 4Q 2009 381
328
236 247 237 5
100 218 203

o This rise of transaction multiples coincided with the decline in 0 0

average global one week premiums which reached a high of 30.4% 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
in 4Q 2008 but fell back to 23.0% in 4Q 2009 # Bids S&P 500 Quarterly Close Premium Pre Bid, 1 Week

*Hostile bids include successful and unsuccessful bids

Transaction Multiples & Premiums

X %
14 35

12 30

10 25

8 20

6 15

4 10

2 5

0 0

EV/Sales EV/EBITDA 1 Week Premium

Dealogic Mergers & Acquisitions Review – Full Year 2009 – Final Results – January 04, 2010 Page 3
 Financial Sponsor M&A Buyouts

• Global announced financial sponsor M&A buyout* volume totaled $bn #

Financial Sponsor M&A Buyouts
$75.9bn in 2009, down 60% from $191.8bn in 2008, to become the
320 800
lowest annual volume since 2001
Deal Value $bn # of deals
280 700
• Financial sponsor M&A buyouts totaled $35.7bn in 4Q 2009, up 122%
from 3Q 2009 and more than double the 4Q 2008 total 240 600

200 500
o Financial sponsor M&A buyout volume has steadily increased
throughout 2009 from $11.8bn in 1Q to $35.7bn in 4Q 160 400
although the number of deals continued to decline 120 300

• The Technology sector led the financial sponsor industry ranking with 80 200
$14.3bn worth of deals in 2009, down 8% from $15.6bn in 2008,
40 100
followed by Finance with $8.8bn and Leisure & Recreation with
$6.9bn 0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
• The $5.2bn acquisition of IMS Health by TPG Capital and Canada
Pension Plan Investment Board was the largest financial sponsor 2007 2008 2009
buyout in 2009
*Buyouts include all entry deals (incl. late stage investment) but exclude add-on transactions
Largest Outstanding Rumors/Strategic Alternatives: 2009
Exploring Strategic Alternatives & Rumors
Deal
• There were 4,604 rumored deals or reports of companies exploring Rumor Deal Target
Target Acquiror Value
strategic alternatives in 2009. The potential M&A volume from these Date Status Nation
$bn
deals was $1.96tr
6-Apr-09 RUMOR Bayer AG Novartis AG 56.8 Germany
• Of these, 23% or 1,105 deals went on to sign merger agreements. The
total volume for these deals was $690.0bn
4-Nov-09 RUMOR Societe Generale BNP Paribas 47.6 France
• EMEA had the most rumors, but the lowest conversion percentage with
19% of the rumors going through to announcement. Asia had the highest 23-Sep-09 RUMOR TeliaSonera AB France Telecom SA 46.9 Sweden
rate with 32%, followed by the Americas with a 25% conversion rate
United
• The average number of days from the discovery of a rumor or strategic 20-Nov-09 RUMOR Colgate-Palmolive Reckitt Benckiser plc 44.3
States
alternative exploration to announcement was 70 days
United
23-Jan-09 RUMOR BG Group plc Undisclosed Acquiror 41.6
• The largest currently outstanding rumor or strategic alternative Kingdom
announced in the full year 2009 is Novartis’s rumored interest in
acquiring Bayer for approximately $56.8bn from April

Dealogic Mergers & Acquisitions Review – Full Year 2009 – Final Results – January 04, 2010 Page 4
 Boutique M&A Analysis M&A Boutique Advisor Rankings: Full Year 2009

• Boutique M&A firms advised on $613.8bn worth of M&A deals in 2009, Boutique Global
Advisor Value $m Deals
down 32% on 2008 volume Rank Rank
1 Lazard 275,643 197 10
o 4Q 2009 volume of $132.4bn was the lowest quarterly boutique 2 Evercore Partners 158,949 24 12
volume since 3Q 2004 ($80.0bn)
3 Rothschild 161,852 194 11

• Boutique advisory revenue wallet share reached 13% of all fees in 2009, 4 Gresham Partners 62,203 22 17
up two percentage points from the 11% that they accounted for in 2008 5 Blackstone 53,442 27 19
6 Perella Weinberg Partners 51,346 13 22
• Lazard was the top boutique advisor in the global announced ranking in 7 Centerview Partners 36,660 5 25
2009, advising on 197 deals worth $275.6bn. Evercore Partners was
8 Greenhill & Co 31,423 30 30
second, advising on 24 deals valued at $159.0bn, $68.1bn of which was
attributed to Pfizer’s acquisition of Wyeth 9 Grant Samuel & Associates 9,158 22 49
10 Caliburn Partnership 6,000 11 56
Emerging Markets

• Emerging market targeted M&A volume reached $564.3bn in 2009 and

accounted for 24% of global M&A volume, the highest portion on record,
although total volume was down 19% compared with 2008

• China remained the leading emerging market target in 2009 with

$166.4bn. Of the leading emerging market nations Taiwan saw the $bn Outbound* Volume
largest year on year increase with volume up 239% to reach $26.9bn in Emerging Market (EM) vs Non-Emerging Markets
250 2004 - 2009
2009
+27%

• For the first time on record, emerging market outbound* M&A volume 200 -16%
+19% +57%
of $133.0bn was higher than non-emerging market outbound volume of -7%
$80.2bn in 2009 +44%
150 -16%
o Brazil was the leading emerging market target for non-emerging +109%
acquirors with $11.8bn in volume. In 2008 Brazil ranked fourth with 100 -55%
$17.7bn
+40%
o The US and Australia overtook the UK in 2009 as the most 50
targeted nations for outbound emerging market acquisitions with
$29.8bn and $20.2bn, respectively 0
*Outbound refers to cross border M&A outside of the specified region i.e. Emerging 2004 2005 2006 2007 2008 2009
market acquisitions of non-emerging market targets Non-EM Outbound M&A EM Outbound M&A

Dealogic Mergers & Acquisitions Review – Full Year 2009 – Final Results – January 04, 2010 Page 5
 Advisory Fee Analysis*

• Global M&A advisory fees reached $12.9bn in 2009, down 41%

compared to the $21.9bn generated in 2008 and the lowest annual total
since 2003

• For the first time since 2002, the Financial Institutions sector did not
generate the highest advisory fee volume. Instead, the Energy &
Natural Resources sector generated the most fees for advisors in 2009
with $2.9bn, despite being down 28% on 2008 volume

o Healthcare saw the smallest drop in fee volume from 2008 to 2009,
despite 2009 volume of $1.2bn being down 24% on 2008 volume

• Goldman Sachs led the M&A revenue ranking with $1.3bn in 2009,
followed by JP Morgan with $1.1bn

* Dealogic Revenue Analytics employed where fees are not disclosed; Amalgamation of realized
fees from announced and completed deals Jan 1 – Dec 21 2009

Restructuring (Bankruptcy & Distressed)

Advisor Ranking – Bankruptcy & Distressed M&A - 2009
• Global restructuring M&A, through bankruptcy or distressed situations,
reached $320.2bn in 2009, the highest annual volume on record. 4Q 2009
Rank Advisor Value $bn Deals
distressed volume more than doubled (167%) 3Q 2009 volume, but was
down 47% on the record quarterly volume of $164.4bn set in 4Q 2008
1 Morgan Stanley 110.5 27
• EMEA saw the highest quarterly distressed volume in 4Q 2009 at 2 Citi 85.9 18
$68.6bn, $41.8bn of which was attributed to RBS’s participation in the 3 UBS 82.4 29
UK’s Asset Protection Scheme (APS)
4 Credit Suisse 80.6 18
o The Americas had the highest annual volume of all the regions, with 5 JPMorgan 72.4 24
$142.6bn
6 Lazard 60.8 40
• The largest distressed acquisition without government involvement was 7 Goldman Sachs 58.1 28
Reliance Industries $10bn bid for LyondellBasell Industries, after 8 Deutsche Bank 52.7 17
LyondellBasell filed for bankruptcy in January of 2009
9 Rothschild 43.4 34
• Morgan Stanley was the top advisor on distressed and bankrupt 10 Bank of America Merrill Lynch 35.9 19
acquisitions in 2009, advising on $110.5bn in deal volume, including
RBS’s APS participation and the acquisition of GM ($23.1bn) by the US,
Canada and VEBA

Dealogic Mergers & Acquisitions Review – Full Year 2009 – Final Results – January 04, 2010 Page 6
 US Highlights

• US targeted M&A volume totaled $783.4bn in 2009, down 24% on the #

$bn US Targeted M&A by Month in 2009
$1.03tr announced in 2008 and the lowest annual total since 2003 140 800

o January recorded the highest monthly volume in 2009 with $125.7bn 120 700
while August recorded a low of $28.3bn. Volume increased again
towards the end of the year, with December recording the second 100 600
highest monthly volume annually with $106.7bn
80 500
• Healthcare remained the most targeted US industry in 2009 with
$179.1bn, accounting for 22.9% of total US targeted volume 60 400

40 300
o Healthcare was boosted by Pfizer’s $68.4bn acquisition of Wyeth in
January 2009, the largest US targeted deal announced this year
20 200

• US targeted financial sponsor buyout volume reached $34.8bn in 2009, 0 100

down 44% on 2008 volume of $62.0bn to become the lowest annual total
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
for US targeted sponsor buyouts since 2001
Deal Volume ($bn) # Deals
o The largest US targeted sponsor buyout in 2009 was TPG Capital and
Canada Pension Plan Investment Board’s $5.2bn acquisition of IMS
Health in November 2009
5 Most-Targeted LatAm Nations in 2009
Latin America Highlights
Argentina 165%
• Latin America targeted volume totaled $87.6bn in 2009, down 22% on the
$111.7bn worth of M&A transactions in 2008. Six of Latin America’s ten Mexico 55%
most targeted nationalities in 2009 saw improvements on 2008 M&A
volume
Chile 61%
o Brazil remained the most targeted Latin American nation with volume
reaching $60.0bn in 2009, down 26% compared with $80.6bn in 2008 106%
Colombia
• The Food & Beverage sector was the most targeted industry in Latin
America in 2009 with $14.9bn, accounting for 17% of total Latin America Brazil 26%
M&A volume

o The sector was boosted by Brazilian meat processing firm JBS’s $6.4bn 0 20 40 60 80 $bn
acquisition of Bertin Ltda in September 2009, the largest Latin 2008 Volume 2009 Volume
America targeted deal in 2009

Dealogic Mergers & Acquisitions Review – Full Year 2009 – Final Results – January 04, 2010 Page 7
 European Highlights

• European M&A volume totaled $718.5bn in 2009, down 44% European M&A Volume
$bn #
compared to $1.27tr in 2008. Europe accounted for 30% of global 2005 - 2009
700 4,500
M&A volume in 2009, the lowest proportion in over a decade
600 4,000
• Finance was the most targeted sector in Europe with $176.7bn in 3,500
2009 although volume was down 46% from $327.3bn in 2008. The 500
3,000
industry’s volume was largely driven, 50%, by distressed transactions.
400 2,500
Utility & Energy followed with $81.6bn
300 2,000
• The UK was the most targeted nation in Europe with $174.0bn, down 1,500
46% from 2008 200
1,000
100 500
o France was the only leading European nation to see an increase in
M&A volume year on year, up 13% on 2008 volume 0 0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
• There were 571 European hostile or unsolicited bids announced in
2009, 44% less than the number announced in 2008. Volume dropped 2005 2006 2007 2008 2009
60% to $128.4bn compared with $319.1 the previous year Cross Border Domestic Deals

• The number of European bankruptcy-related deals soared to 466

in 2009 compared with 128 in 2008, with the UK accounting for 37% Top 10 European Sectors
of bankruptcy related targets
Finance
• The average one week premium for European targeted deals was Utility & Energy
27% in 2009, an increase of five percentage points compared with
2008 Real Estate/Property

Oil & Gas

Middle East and Africa
Telecommunications
• Middle East targeted M&A volume totaled $28.2bn in 2009, up 18% Food & Beverage
compared to 2008
Transportation
o Etemad Mobin’s $7.9bn acquisition of Telecommunication Co of 2008
Auto/Truck
Iran TCI in September 2009 was the largest Middle Eastern 2009
targeted deal on record Insurance

Healthcare
• Africa targeted M&A volume reached $32.0bn in 2009, down 23%
from $41.6bn in 2008 $bn
0 100 200 300

Dealogic Mergers & Acquisitions Review – Full Year 2009 – Final Results – January 04, 2010 Page 8
 Asia Pacific (ex Japan)

• Asia Pacific (ex Japan) volume totaled $493.1bn in 2009, up 9%

Asia Pacific (Ex Japan) M&A Top 10 Targeted Countries
compared with $453.8bn during 2008. The largest deal in the
region was Rio Tinto’s $58.0bn acquisition of BHP Billiton’s
Western Australian iron ore assets China
Australia
• China overtook Australia as the most targeted nation in the region
South Korea
with $166.4bn and accounted for 34% of total Asia Pacific (ex Japan)
volume, matching 2008’s volume. Taiwan
India
• Australia ranked a close second with $161.1bn in 2009, comprising
25% of total Asia Pacific targeted M&A in 2009 Hong Kong 2009
Singapore 2008
o Chinese inbound cross border volume dropped 22% from the
Philippines
record high of $41.2bn reached in 2008 and accounted for just
19% of China targeted M&A in 2009, the lowest proportion since Indonesia
2003 Malaysia

• SE Asia volume reached just $45.8bn in 2009, down 34% on 2008. 0 40 80 120 160
Singapore remained the leading SE Asia nation despite volume $bn
dropping 40% to just $14.6bn. Cross border inflow into the region
dropped 43% to $15.8bn, while outflow was up 5% to $24.3bn

Japan Japan Targeted M&A Volume

$bn #
• Japan targeted M&A reached $142.2bn in 2009, down 4% compared 300 6,000
to the $136.4bn announced during 2008. 92% of Japan targeted
volume was from domestic deals, compared to 78% in 2008 250 5,000

• Inbound volume was down 60% to $12.0bn via 194 deals, marking 200 4,000
the lowest level since 2006. The US was the largest acquiror into
Japan with $6.0bn via 76 deals 150 3,000

• Outbound cross border volume reached $26.8bn, down 64% from 100 2,000
2008 and the lowest level since 2005 when just $16.3bn of outbound
deals were announced 50 1,000

• Deals over $1bn accounted for 51% of total volume in 2009, up 0 0

substantially from just 26% in 2008. Nippon Oil Corp’s $12.0bn 2004 2005 2006 2007 2008 2009
acquisition of Nippon Mining Holdings announced during 4Q was
the biggest Japan deal of the year Deal Value ($bn) No.

Dealogic Mergers & Acquisitions Review – Full Year 2009 – Final Results – January 04, 2010 Page 9
 Top 10 Global Transactions
(Announced –2009)

Announcement Acquiror Deal Value

Target Target Nationality Acquiror Target Advisor Parent Acquiror Advisor Parent
Date Nationality $bn
Barclays Capital
Citi
Evercore Partners JPMorgan
26th Jan 2009 Wyeth United States Pfizer United States 68.4
Morgan Stanley Goldman Sachs
BOAML
JPMorgan
Rio Tinto (Western Goldman Sachs Morgan Stanley
BHP Billiton (Western
5th Jun 2009 Australia Australian iron ore Australia Lazard Credit Suisse 58.0
Australian iron ore assets)
assets) Gresham Partners Macquarie Group

Goldman Sachs
9th Mar 2009 Schering-Plough United States Merck United States JPMorgan 53.9
Morgan Stanley

Citi
Royal Bank of Scotland UBS
3rd Nov 2009 United Kingdom United Kingdom United Kingdom Deutsche Bank 41.8
Group (14.07%) Morgan Stanley
Credit Suisse

Barclays Capital JPMorgan

14th Dec 2009 XTO Energy United States Exxon Mobil United States 41.1
Jefferies

Goldman Sachs
Burlington Northern Santa
3rd Nov 2009 United States Berkshire Hathaway United States Evercore Partners - 35.9
Fe (77.4%)

ING Groep (Alt-A mortgage JPMorgan

26th Jan 2009 United States State of the Netherlands Netherlands - 28.1
securities, United States) Goldman Sachs

27th Feb 2009 Citigroup (34%) United States United States of America United States - - 25.0
United States of America Rothschild
Blackstone
Creditors Houlihan Lokey Howard &
27th Apr 2009 General Motors (99%) United States United States Evercore Partners 23.1
VEBA Zukin
Morgan Stanley
Canada Lazard
CIBC World Markets
RBC Capital Markets
2nd Nov 2009 Cenovus Energy Canada Existing Shareholders Canada BOAML - 23.1
Barclays Capital
Scotia Capital

Dealogic Mergers & Acquisitions Review – Full Year 2009 – Final Results – January 04, 2010 Page 10
 Announced M&A by Nationality

2009 2008 4Q 2009 4Q 2008

% Change % Change
Target Nationality
2009 vs 2008 4Q 09 vs 4Q 08
Value $bn Deals Value $bn Deals Value $bn Deals Value $bn Deals

United States 783.4 7,157 1,025.5 8,678 -24 224.4 1,860 99.5 1,989 126
United Kingdom 174.0 2,364 324.7 3,087 -46 67.1 531 77.4 508 -13
China 166.4 3,421 167.1 3,574 -0 49.4 1,108 51.4 905 -4
Australia 161.1 1,641 87.3 1,686 84 48.1 399 15.1 411 219
Japan 142.2 2,905 136.4 3,382 4 39.3 618 29.7 724 32
Canada 106.7 1,396 99.6 2,037 7 47.2 365 15.0 473 215
Germany 94.1 1,136 174.6 1,491 -46 20.7 244 48.4 319 -57
France 72.8 1,295 64.6 1,266 13 19.1 362 11.2 349 70
Netherlands 70.8 569 73.5 554 -4 26.4 73 26.0 104 2
Brazil 60.0 311 80.6 466 -26 10.0 103 22.6 111 -56
Total 2,395.5 35,998 3,169.9 41,707 -24 738.3 9,020 603.4 9,520 22

Announced M&A by Sector

2009 2008 4Q 2009 4Q 2008

% Change % Change
Target Sector
2009 vs 2008 4Q09 Vs 4Q08
Value $bn Deals Value $bn Deals Value $bn Deals Value $bn Deals

Finance 418.9 2,905 595.8 3,014 -30 100.8 764 216.9 786 -54
Oil & Gas 245.8 1,444 208.0 1,621 18 111.2 380 28.3 307 292
Healthcare 225.5 2,121 192.0 2,341 17 28.0 561 18.4 549 52
Telecommunications 190.9 1,228 244.7 1,420 -22 79.2 317 29.6 308 167
Computers & Electronics 160.5 4,952 172.2 5,576 -7 61.7 1,202 22.1 1,404 179
Real Estate/Property 156.0 2,335 230.9 2,887 -32 50.7 714 43.5 634 17
Utility & Energy 146.7 1,394 224.2 1,336 -35 30.8 375 32.1 352 -4
Mining 132.8 1,913 136.8 1,982 -3 21.4 589 16.2 461 32
Food & Beverage 101.3 1,369 149.9 1,509 -32 20.7 297 11.5 333 80
Transportation 99.8 1,236 93.7 1,455 7 54.3 292 26.3 344 106
Total 2,395.5 35,998 3,169.9 41,707 -24 738.3 9,020 603.4 9,520 22

Dealogic Mergers & Acquisitions Review – Full Year 2009 – Final Results – January 04, 2010 Page 11
 Global Rankings
2009
Final Results

Global M&A Volume Ranking

Global M&A Revenue Ranking
Announced Deals

Mkt Mkt
Value 2008 Revenue
Rank Advisor Deals Share Rank Advisor Share
($bn) Rank ($m)
(%)* (%)
1 Goldman Sachs 645.0 278 27.2 2 1 Goldman Sachs 1256.5 9.7
2 Morgan Stanley 616.0 292 25.9 6 2 JPMorgan 1105.3 8.6
3 JPMorgan 600.5 322 25.3 1 3 Morgan Stanley 957.7 7.4
4 Citi 446.6 214 18.8 3 4 Bank of America Merrill Lynch 784.6 6.1
5 Bank of America Merrill Lynch 386.1 212 16.3 - 5 Citi 773.3 6.0
6 Credit Suisse 331.1 222 13.9 8 6 UBS 752.8 5.8
7 UBS 320.3 232 13.5 4 7 Credit Suisse 687.9 5.3
8 Barclays Capital 296.4 88 12.5 9 8 Lazard 596.4 4.6
9 Deutsche Bank 278.9 214 11.7 7 9 Deutsche Bank 546.3 4.2
10 Lazard 275.6 197 11.6 10 10 Barclays Capital 364.7 2.8
11 Rothschild 161.9 194 6.8 12 11 Rothschild 323.9 2.5
12 Evercore Partners Inc 158.9 24 6.7 - 12 Macquarie Group 234.6 1.8
13 Macquarie Group 102.8 114 4.3 - 13 Nomura 214.9 1.7
14 Nomura 83.5 163 3.5 13 14 BNP Paribas 197.2 1.5
15 RBC Capital Markets 80.7 105 3.4 - 15 RBC Capital Markets 145.7 1.1
16 BNP Paribas 75.7 108 3.2 11 16 RBS 123.1 1.0
17 Gresham Partners 62.2 22 2.6 - 17 Evercore Partners Inc 118.4 0.9
18 Jefferies & Company Inc 55.1 64 2.3 - 18 Houlihan Lokey Howard & Zukin 117.0 0.9
19 Blackstone 53.4 27 2.3 - 19 Greenhill & Co 116.6 0.9
20 HSBC 52.3 66 2.2 - 20 Jefferies & Company Inc 107.3 0.8

Criteria: Excludes withdrawn deals, buyback programs and carve-outs, includes
assumption of debt; Based on full amount credit;
Announced deals Jan 1 – Dec 31 2009
*Due to credit being given to each advisor on a deal, the sum of the Mkt shares
will not equal 100%
Criteria: Dealogic Revenue Analytics employed where fees are not
disclosed; Amalgamation of realized fees from announced and
completed deals Jan 1 – Dec 31 2009

Dealogic Mergers & Acquisitions Review – Full Year 2009 – Final Results – January 04, 2010 Page 12
 US Rankings
2009
Final Results

US M&A Volume Ranking

US M&A Revenue Ranking
Announced Deals

Mkt
Value 2008 Revenue Mkt Share
Rank Advisor Deals Share Rank Advisor
($bn) Rank ($m) (%)
(%)*
1 Goldman Sachs 395.9 135 40.6 1 1 Goldman Sachs 580.9 13.5
2 JPMorgan 366.6 140 37.5 2 2 Morgan Stanley 492.6 11.5
3 Morgan Stanley 346.0 134 35.4 7 3 JPMorgan 451.8 10.5
4 Citi 263.1 96 27.0 3 4 Bank of America Merrill Lynch 361.4 8.4
5 Barclays Capital 252.2 71 25.8 5 5 Citi 358.2 8.3
6 Bank of America Merrill Lynch 231.9 110 23.8 - 6 Barclays Capital 266.7 6.2
7 Evercore Partners Inc 158.6 23 16.3 16 7 Credit Suisse 178.4 4.2
8 Lazard 109.0 85 11.2 12 8 Lazard 173.9 4.0
9 Credit Suisse 96.5 94 9.9 8 9 UBS 162.4 3.8
10 UBS 91.8 89 9.4 9 10 Deutsche Bank 118.5 2.8
11 Deutsche Bank 81.6 80 8.4 6 11 Houlihan Lokey Howard & Zukin 100.0 2.3
12 Blackstone 52.5 24 5.4 - 12 Evercore Partners Inc 96.1 2.2
13 Rothschild 51.2 42 5.3 - 13 Greenhill & Co 59.3 1.4
14 Jefferies & Company Inc 50.5 42 5.2 - 14 Blackstone 57.7 1.3
15 Centerview Partners 36.7 5 3.8 10 15 Jefferies & Company Inc 54.3 1.3
16 Perella Weinberg Partners LP 36.1 7 3.7 - 16 Moelis & Co 40.5 0.9
17 Greenhill & Co 26.0 21 2.7 17 17 Rothschild 37.3 0.9
18 Nomura 18.5 20 1.9 - 18 Keefe Bruyette & Woods 36.1 0.8
19 RBC Capital Markets 15.4 54 1.6 - 19 Macquarie Group 32.3 0.8
20 Houlihan Lokey Howard & Zukin 8.9 78 0.9 - 20 RBC Capital Markets 30.5 0.7

Criteria: Excludes withdrawn deals, buyback programs and carve-outs, includes
assumption of debt; Based on full amount credit;
Announced deals Jan 1 – Dec 31 2009
*Due to credit being given to each advisor on a deal, the sum of the Mkt shares
will not equal 100%
Criteria: Dealogic Revenue Analytics employed where fees are
not disclosed; Amalgamation of realized fees from announced and
completed deals Jan 1 – Dec 31 2009

Dealogic Mergers & Acquisitions Review – Full Year 2009 – Final Results – January 04, 2010 Page 13
 European Rankings
2009
Final Results

European M&A Volume Ranking

European M&A Revenue Ranking
Announced Deals

Mkt
Value 2008 Revenue Mkt Share
Rank Advisor Deals Share Rank Advisor
($bn) Rank ($m) (%)
(%)*
1 Goldman Sachs 284.0 136 28.5 3 1 Goldman Sachs 479.2 9.0
2 Morgan Stanley 273.4 125 27.4 7 2 JPMorgan 454.1 8.5
3 Credit Suisse 270.3 114 27.1 9 3 UBS 409.3 7.6
4 JPMorgan 239.0 167 24.0 1 4 Lazard 370.4 6.9
5 UBS 206.5 125 20.7 2 5 Deutsche Bank 309.9 5.8
6 Citi 205.6 85 20.6 6 6 Credit Suisse 299.2 5.6
7 Lazard 204.5 133 20.5 8 7 Citi 294.0 5.5
8 Deutsche Bank 202.3 110 20.3 5 8 Morgan Stanley 252.5 4.7
9 Bank of America Merrill Lynch 131.7 85 13.2 - 9 Bank of America Merrill Lynch 248.0 4.6
10 Rothschild 112.3 152 11.3 11 10 Rothschild 224.1 4.2
11 Barclays Capital 93.5 32 9.4 - 11 BNP Paribas 162.0 3.0
12 Macquarie Group 72.1 17 7.2 - 12 Mediobanca 95.1 1.8
13 BNP Paribas 69.5 92 7.0 10 13 RBS 92.1 1.7
14 Gresham Partners 59.3 5 5.9 - 14 Barclays Capital 74.3 1.4
15 HSBC 40.9 46 4.1 19 15 ING 66.8 1.3
16 Perella Weinberg Partners LP 38.8 9 3.9 - 16 Commerzbank Group 55.4 1.0
17 RBS 34.0 55 3.4 15 17 HSBC 54.0 1.0
18 Mediobanca 31.1 26 3.1 14 18 Nomura 53.2 1.0
19 SG Corporate & Investment Banking 29.8 22 3.0 16 19 SEB 48.0 0.9
20 ING 28.4 68 2.8 - 20 Calyon 48.0 0.9

Criteria: Excludes withdrawn deals, buyback programs and carve-outs, includes
assumption of debt; Based on full amount credit;
Announced deals Jan 1 – Dec 31 2009
*Due to credit being given to each advisor on a deal, the sum of the Mkt shares
will not equal 100%
Criteria: Dealogic Revenue Analytics employed where fees are
not disclosed; Amalgamation of realized fees from announced and
completed deals Jan 1 – Dec 31 2009

Dealogic Mergers & Acquisitions Review – Full Year 2009 – Final Results – January 04, 2010 Page 14
 Asia Pacific (ex Japan) Rankings
2009
Final Results

Asia Pacific (ex Japan) M&A Volume Ranking

Asia Pacific (ex Japan) M&A Revenue Ranking
Announced Deals

Mkt
Value 2008 Revenue Mkt Share
Rank Advisor Deals Share Rank Advisor
($bn) Rank ($m) (%)
(%)*
1 Goldman Sachs 104.4 57 18.1 10 1 Macquarie Group 136.0 12.5
2 Morgan Stanley 101.2 73 17.6 6 2 UBS 89.6 8.2
3 Macquarie Group 94.5 70 16.4 - 3 Goldman Sachs 75.8 7.0
4 Credit Suisse 80.5 42 14.0 7 4 Credit Suisse 71.6 6.6
5 Lazard 73.7 19 12.8 - 5 Citi 48.0 4.4
6 Gresham Partners 62.2 22 10.8 - 6 Morgan Stanley 47.9 4.4
7 JPMorgan 57.0 42 9.9 2 7 Deutsche Bank 46.6 4.3
8 UBS 55.4 61 9.6 1 8 JPMorgan 45.7 4.2
9 Deutsche Bank 38.3 62 6.7 - 9 Bank of America Merrill Lynch 42.2 3.9
10 Citi 36.7 40 6.4 4 10 Nomura 27.6 2.5

Criteria: Excludes withdrawn deals, buyback programs and carve-outs, includes
assumption of debt; Based on full amount credit;
Announced deals Jan 1 – Dec 31 2009
*Due to credit being given to each advisor on a deal, the sum of the Mkt shares
will not equal 100%
Criteria: Dealogic Revenue Analytics employed where fees are
not disclosed; Amalgamation of realized fees from announced and
completed deals Jan 1 – Dec 31 2009

Dealogic Mergers & Acquisitions Review – Full Year 2009 – Final Results – January 04, 2010 Page 15
 Global Financial Sponsor Rankings
2009
Final Results
Financial Sponsor M&A Buyouts – Volume Ranking
Mkt
Value
Rank Financial Sponsor Deals Share
($bn)
(%)
1 TPG Capital LP (Texas Pacific) 7.1 11 7.7
2 Blackstone Group LP 4.2 5 4.6
3 Kohlberg Kravis Roberts & Co - KKR 3.9 5 4.2
4 EQT Partners AB 3.7 6 4.1
5 GIC Special Investments Pte Ltd 3.5 2 3.9
6 Apollo Advisors LP 3.1 8 3.3
7 CVC Capital Partners Ltd 3.0 1 3.3
8 Apax Partners LP 2.9 6 3.1
9 Advent International Corp 2.8 9 3.0
10 AXA Private Equity 2.0 11 2.2

Criteria: Excludes withdrawn deals, buyback programs and carve-outs,

includes assumption of debt; excludes add-on transactions; Based on full
amount credit; Announced deals Jan 1 – Dec 31 2009

Financial Sponsor M&A – Fee Ranking Financial Sponsor M&A – Bank Revenue Ranking

Revenue Mkt Share Revenue Mkt Share

Rank Financial Sponsor Rank Advisor
($m) (%) ($m) (%)
1 Blackstone Group LP 57 5.7 1 Goldman Sachs 132 13.0
2 Goldman Sachs Capital Partners 45 4.5 2 Bank of America Merrill Lynch 96 9.5
3 TPG Capital LP (Texas Pacific) 43 4.2 3 Citi 64 6.4
4 Warburg Pincus LLC 42 4.1 4 JPMorgan 55 5.5
5 Cerberus Partners LP 30 3.0 5 UBS 55 5.5
6 Apax Partners LP 24 2.4 6 Credit Suisse 54 5.4
7 CVC Capital Partners Ltd 22 2.2 7 Morgan Stanley 51 5.0
8 Advent International Corp 22 2.2 8 Barclays Capital 50 4.9
9 JC Flowers & Co LLC 21 2.0 9 Deutsche Bank 39 3.8
10 Matrix Partners 21 2.0 10 Rothschild 33 3.3

Criteria: Dealogic Revenue Analytics employed where fees are not Criteria: Dealogic Revenue Analytics employed where fees are not
disclosed; Amalgamation of realized fees from announced and disclosed; Amalgamation of realized fees from announced and
completed deals Jan 1 –Dec 31 2009 completed deals Jan 1 – Dec 31 2009

Dealogic Mergers & Acquisitions Review – Full Year 2009 – Final Results – January 04, 2010 Page 16
 Attorney Rankings
(Including Attorneys to Advisors)
2009
Final Results

Global Attorney Ranking

Value Mkt
Rank Attorney Deals
($bn) Share %
1 Skadden Arps Slate Meagher & Flom 373.6 178 15.7
2 Allens Arthur Robinson 248.6 96 10.5
3 Sullivan & Cromwell 248.2 99 10.4
4 Davis Polk & Wardwell 239.7 92 10.1
5 Freshfields 238.0 193 10.0
6 Simpson Thacher & Bartlett 230.9 89 9.7
7 Shearman & Sterling 224.6 139 9.5
8 Clifford Chance LLP 214.5 162 9.0
9 Weil Gotshal & Manges 200.0 124 8.4
10 Cravath Swaine & Moore 173.5 49 7.3
Criteria: Excludes withdrawn deals, buyback programs and carve-outs,
includes assumption of debt; includes add-on transactions; Based on full
amount credit; Announced deals Jan 1 –Dec 31 2009 – All Attorneys
US Attorney Ranking European Attorney Ranking
Value Mkt Value Mkt
Rank Attorney Deals Rank Attorney Deals
($bn) Share % ($bn) Share %
1 Skadden Arps Slate Meagher & Flom 327.8 129 33.6 1 Freshfields 178.3 149 17.9
2 Simpson Thacher & Bartlett 214.0 73 21.9 2 Clifford Chance LLP 118.7 136 11.9
3 Davis Polk & Wardwell 207.4 65 21.2 3 Freehills 97.9 22 9.8
4 Weil Gotshal & Manges 188.9 93 19.4 4 Linklaters 97.5 104 9.8
5 Sullivan & Cromwell 172.9 64 17.7 5 Slaughter and May 90.1 57 9.0
6 Wachtell Lipton Rosen & Katz 167.4 42 17.1 6 Allens Arthur Robinson 83.8 23 8.4
7 Cravath Swaine & Moore 158.1 43 16.2 7 Blake Dawson 74.2 12 7.4
8 Allens Arthur Robinson 144.7 18 14.8 8 Sullivan & Cromwell 72.5 45 7.3
9 Clifford Chance LLP 133.1 47 13.6 9 Allen & Overy 71.6 157 7.2
10 Debevoise & Plimpton 130.3 50 13.4 10 Mallesons Stephen Jaques 71.3 29 7.2
Criteria: Excludes withdrawn deals, buyback programs and carve-outs, Criteria: Excludes withdrawn deals, buyback programs and carve-outs,
includes assumption of debt; includes add-on transactions; Based on full includes assumption of debt; includes add-on transactions; Based on full
amount credit; Announced deals Jan 1 –Dec 31 2009– All Attorneys amount credit; Announced deals Jan 1 –Dec 31 2009– All Attorneys

Dealogic Mergers & Acquisitions Review – Full Year 2009 – Final Results – January 04, 2010 Page 17
 Attorney Rankings
(Corporate Advisory Only)
2009
Final Results

Global Attorney Ranking

Mkt Share
Rank Attorney Value ($bn) Deals
%
1 Skadden Arps Slate Meagher & Flom 259.9 147 10.9
2 Allens Arthur Robinson 248.6 96 10.5
3 Freshfields 238.0 193 10.0
4 Clifford Chance LLP 202.6 157 8.5
5 Simpson Thacher & Bartlett 196.5 77 8.3
6 Weil Gotshal & Manges 186.8 117 7.9
7 Wachtell Lipton Rosen & Katz 169.7 43 7.1
8 Davis Polk & Wardwell 164.3 76 6.9
9 Cravath Swaine & Moore 149.0 42 6.3
10 Blake Cassels & Graydon LLP 148.9 108 6.3
Criteria: Excludes withdrawn deals, buyback programs and carve-outs,
includes assumption of debt; includes add-on transactions; Based on full
amount credit; Announced deals Jan 1 – Dec 31 2009 – Corporate Advice Only
US Attorney Ranking European Attorney Ranking
Value Mkt Value Mkt
Rank Attorney Deals Rank Attorney Deals
($bn) Share % ($bn) Share %
1 Skadden Arps Slate Meagher & Flom 233.1 113 23.9 1 Freshfields 178.3 149 17.9
2 Simpson Thacher & Bartlett 181.9 62 18.6 2 Clifford Chance LLP 116.7 133 11.7
3 Weil Gotshal & Manges 179.1 88 18.3 3 Freehills 97.9 22 9.8
4 Wachtell Lipton Rosen & Katz 167.4 42 17.1 4 Linklaters 96.6 100 9.7
5 Allens Arthur Robinson 144.7 18 14.8 5 Slaughter and May 90.1 57 9.0
6 Davis Polk & Wardwell 133.9 50 13.7 6 Allens Arthur Robinson 83.8 23 8.4
7 Cravath Swaine & Moore 133.6 36 13.7 7 Mallesons Stephen Jaques 71.3 29 7.2
8 Clifford Chance LLP 121.6 44 12.5 8 Blake Dawson 60.7 11 6.1
9 Cleary Gottlieb Steen & Hamilton 104.7 44 10.7 9 Skadden Arps Slate Meagher & Flom 59.3 44 5.9
10 Blake Cassels & Graydon LLP 102.3 46 10.5 10 Shearman & Sterling 57.7 47 5.8
Criteria: Excludes withdrawn deals, buyback programs and carve-outs, Criteria: Excludes withdrawn deals, buyback programs and carve-outs, includes
includes assumption of debt; includes add-on transactions; Based on full assumption of debt; includes add-on transactions; Based on full amount credit;
amount credit; Announced deals Jan 1 – Dec 31 2009– Corporate Advice Announced deals Jan 1 – Dec 31 2009– Corporate Advice Only
Only

Dealogic Mergers & Acquisitions Review – Full Year 2009 – Final Results – January 04, 2010 Page 18
 Announced League Tables
2009
Final Results
Global Announced M &A European Announced M &A US Announced M &A Asia Pacific (ex Japan) Announced M &A
Advisor Valued $m Deals %share Rank 08 Advisor Valued $m Deals %share Rank 08 Advisor Valued $m Deals %share Rank 08 Advisor Valued $m Deals %share Rank 08
1 Goldman Sachs 644,993 278 27.2 2 1 Goldman Sachs 284,001 136 28.5 3 1 Goldman Sachs 395,933 135 40.6 1 1 Goldman Sachs 104,367 57 18.1 10
2 M organ Stanley 616,043 292 25.9 6 2 M organ Stanley 273,432 125 27.4 7 2 JPM organ 366,593 140 37.5 2 2 M organ Stanley 101,203 73 17.6 6
3 JPM organ 600,518 322 25.3 1 3 Credit Suisse 270,290 114 27.1 9 3 M organ Stanley 345,997 134 35.4 7 3 M acquarie Group 94,515 70 16.4 -
4 Citi 446,640 214 18.8 3 4 JPM organ 238,979 167 24.0 1 4 Citi 263,120 96 27.0 3 4 Credit Suisse 80,537 42 14.0 7
5 BOAM L 386,056 212 16.3 - 5 UBS 206,506 125 20.7 2 5 Barclays Capital 252,177 71 25.8 5 5 Lazard 73,745 19 12.8 -
6 Credit Suisse 331,081 222 13.9 8 6 Citi 205,557 85 20.6 6 6 BOAM L 231,941 110 23.8 - 6 Gresham Partners 62,203 22 10.8 -
7 UBS 320,289 232 13.5 4 7 Lazard 204,499 133 20.5 8 7 Evercore Partners Inc 158,619 23 16.3 - 7 JPM organ 56,956 42 9.9 2
8 Barclays Capital 296,382 88 12.5 9 8 Deutsche Bank 202,320 110 20.3 5 8 Lazard 109,049 85 11.2 - 8 UBS 55,417 61 9.6 1
9 Deutsche Bank 278,922 214 11.7 7 9 BOAM L 131,736 85 13.2 - 9 Credit Suisse 96,509 94 9.9 8 9 Deutsche Bank 38,301 62 6.7 -
10 Lazard 275,643 197 11.6 10 10 Rothschild 112,332 152 11.3 - 10 UBS 91,810 89 9.4 9 10 Citi 36,743 40 6.4 4
Total 2,375,352 35,998 100.0 Total 997,522 14,600 100.0 Total 976,328 9,081 100.0 Total 575,440 10,694 100.0

UK Announced M &A France Announced M &A German Announced M &A Italian Announced M &A
Advisor Valued $m Deals %share Rank 08 Advisor Valued $m Deals %share Rank 08 Advisor Valued $m Deals %share Rank 08 Advisor Valued $m Deals %share Rank 08
1 Credit Suisse 153,867 33 46.4 6 1 JPM organ 58,672 21 36.0 2 1 UBS 50,044 26 35.6 3 1 JPM organ 31,288 12 48.8 5
2 M organ Stanley 148,662 35 44.8 4 2 BNP Paribas 45,623 52 28.0 1 2 Goldman Sachs 45,005 30 32.0 2 2 M ediobanca 30,895 25 48.2 1
3 Goldman Sachs 114,241 43 34.4 9 3 BOAM L 39,444 15 24.2 - 3 M organ Stanley 41,748 26 29.7 6 3 Deutsche Bank 24,903 11 38.9 -
4 Lazard 107,106 34 32.3 10 4 Deutsche Bank 37,824 14 23.2 - 4 Deutsche Bank 41,575 37 29.6 1 4 Citi 23,667 8 36.9 -
5 Citi 99,489 28 30.0 7 5 Credit Suisse 36,241 14 22.3 - 5 JPM organ 31,171 22 22.2 4 5 M organ Stanley 22,081 10 34.5 -
6 UBS 94,153 42 28.4 2 6 Citi 34,414 17 21.1 3 6 Credit Suisse 27,415 13 19.5 - 6 Credit Suisse 20,931 8 32.7 7
7 Deutsche Bank 77,579 31 23.4 3 7 Lazard 32,107 38 19.7 9 7 Lazard 26,086 20 18.6 - 7 Goldman Sachs 20,547 6 32.1 3
8 Gresham Partners 59,178 4 17.8 - 8 Goldman Sachs 30,515 20 18.7 - 8 Citi 24,338 6 17.3 5 8 Lazard 20,143 18 31.4 -
9 M acquarie Group 58,760 9 17.7 - 9 Rothschild 27,107 42 16.7 5 9 BOAM L 20,024 8 14.3 - 9 Banco Santander SA 17,628 3 27.5 -
10 Barclays Capital 57,932 14 17.5 - 10 HSBC 26,420 16 16.2 - 10 Rothschild 18,774 28 13.4 - 10 BBVA 17,382 2 27.1 -
Total 331,685 3,372 100.0 Total 162,809 1,798 100.0 Total 140,467 1,692 100.0 Total 64,070 865 100.0

Spanish Announced M &A Canadian Announced M &A Japanese Announced M &A Australian Announced M &A
Advisor Valued $m Deals %share Rank 08 Advisor Valued $m Deals %share Rank 08 Advisor Valued $m Deals %share Rank 08 Advisor Valued $m Deals %share Rank 08
1 JPM organ 31,944 22 40.2 2 1 RBC Capital M arkets 58,757 50 40.1 1 1 Nomura 51,726 124 29.9 1 1 M acquarie Group 91,530 50 50.9 4
2 Banco Santander SA 25,873 11 32.6 5 2 CIBC World M arkets 51,437 32 35.1 2 2 M izuho 42,346 101 24.5 9 2 Goldman Sachs 88,329 31 49.1 9
3 Deutsche Bank 23,310 11 29.3 - 3 Scotia Capital 34,619 30 23.6 5 3 JPM organ 30,726 16 17.7 7 3 Lazard 70,272 11 39.1 -
4 M organ Stanley 23,112 11 29.1 - 4 BOAM L 32,655 9 22.3 - 4 Citi 30,644 33 17.7 - 4 Gresham Partners 62,203 22 34.6 -
5 Citi 23,027 12 29.0 1 5 Goldman Sachs 28,041 21 19.1 7 5 Daiwa Securities SM BC 29,974 90 17.3 8 5 M organ Stanley 61,772 6 34.3 6
6 Lazard 22,387 16 28.2 4 6 M organ Stanley 26,781 14 18.3 9 6 Goldman Sachs 27,045 14 15.6 2 6 Credit Suisse 61,275 14 34.1 5
7 Credit Suisse 22,384 10 28.2 - 7 Barclays Capital 24,970 3 17.1 - 7 BOAM L 27,034 21 15.6 - 7 UBS 40,937 28 22.8 1
8 Goldman Sachs 21,478 14 27.0 7 8 Deutsche Bank 19,650 5 13.4 6 8 UBS 26,288 20 15.2 6 8 JPM organ 31,004 19 17.2 7
9 BBVA 21,273 9 26.8 - 9 JPM organ 17,866 19 12.2 - 9 M organ Stanley 21,781 23 12.6 3 9 Deutsche Bank 20,458 25 11.4 -
10 M ediobanca 19,141 4 24.1 6 10 UBS 16,978 12 11.6 - 10 M itsubishi UFJ Financial 21,640 69 12.5 5 10 Citi 9,372 10 5.2 8
Total 79,469 1,080 100.0 Total 146,474 2,092 100.0 Total 173,208 3,339 100.0 Total 179,925 865 100.0

Nordic Announced M &A Russian Announced M &A Eastern European Announced M &A Latin American Announced M &A
Advisor Valued $m Deals %share Rank 08 Advisor Valued $m Deals %share Rank 08 Advisor Valued $m Deals %share Rank 08 Advisor Valued $m Deals %share Rank 08
1 Rothschild 20,927 17 26.5 - 1 JPM organ 14,992 10 27.1 5 1 JPM organ 26,786 26 28.3 2 1 JPM organ 25,288 37 24.2 4
2 Goldman Sachs 20,733 12 26.2 7 2 Credit Suisse 9,365 5 16.9 1 2 Credit Suisse 13,373 15 14.1 3 2 Credit Suisse 22,594 32 21.6 1
3 JPM organ 16,741 18 21.2 1 3 Deutsche Bank 7,798 11 14.1 2 3 BOAM L 12,400 9 13.1 - 3 BNP Paribas 16,515 13 15.8 -
4 UBS 16,359 11 20.7 4 4 BOAM L 6,933 3 12.5 - 4 Citi 11,448 10 12.1 5 4 Citi 14,569 21 13.9 7
5 M organ Stanley 16,086 19 20.3 5 5 UBS 6,557 4 11.9 9 5 M organ Stanley 10,329 11 10.9 6 5 UBS 14,240 15 13.6 5
6 Credit Suisse 14,278 9 18.1 6 6 Citi 5,987 6 10.8 8 6 Deutsche Bank 7,850 13 8.3 4 6 M organ Stanley 13,895 19 13.3 3
7 BOAM L 14,225 8 18.0 - 7 Rothschild 5,926 5 10.7 - 7 Lazard 7,122 10 7.5 - 7 Rothschild 12,919 12 12.4 2
8 RBS 12,386 11 15.7 - 8 Gazprombank 5,694 8 10.3 - 8 UBS 6,789 6 7.2 - 8 Banco Santander SA 10,964 8 10.5 -
9 NIB Capital 12,045 4 15.2 - 9 M organ Stanley 5,684 4 10.3 6 9 Rothschild 6,527 14 6.9 7 9 Banco Bradesco SA 9,346 18 8.9 9
10 ING 12,045 5 15.2 - 10 Goldman Sachs 5,047 9 9.1 7 10 Gazprombank 5,722 9 6.0 - 10 BOAM L 8,448 8 8.1 -
Total 79,100 1,805 100.0 Total 55,346 2,291 100.0 Total 94,707 3,796 100.0 Total 104,509 901 100.0

C r it er ia: Excludes withdrawn deals, share buy-backs, carve-outs, Includes Assumption of debt, Announced deals - Jan 1 to Dec 31 2009, all Tables are based on target, acquiror, acquiring subsidiary or divestor nationality, Australian League Table excludes Fairness Opinion

Dealogic Mergers & Acquisitions Review – Full Year 2009 – Final Results – January 04, 2010 Page 19
 Completed League Tables
2009
Final Results
Global Completed M &A European Completed M &A US Completed M &A Asia Pacific (ex Japan) Completed M &A
Advisor Valued $m Deals %share Rank 08 Advisor Valued $m Deals %share Rank 08 Advisor Valued $m Deals %share Rank 08 Advisor Valued $m Deals %share Rank 08
1 Goldman Sachs 643,744 242 28.9 2 1 Citi 318,571 88 30.7 7 1 Goldman Sachs 413,769 109 48.1 1 1 Citi 36,047 39 9.4 5
2 M organ Stanley 642,816 248 28.9 5 2 JPM organ 312,332 159 30.1 1 2 M organ Stanley 378,167 115 44.0 8 2 UBS 28,778 55 7.5 1
3 Citi 591,757 211 26.6 6 3 Goldman Sachs 299,696 121 28.9 5 3 Citi 272,917 86 31.7 3 3 M organ Stanley 28,423 51 7.4 7
4 JPM organ 559,475 276 25.1 1 4 UBS 279,497 130 26.9 3 4 JPM organ 272,032 110 31.6 2 4 Goldman Sachs 28,369 45 7.4 9
5 BOAM L 490,570 202 22.0 - 5 M organ Stanley 231,851 98 22.3 4 5 BOAM L 251,045 94 29.2 - 5 Credit Suisse 25,329 30 6.6 4
6 UBS 371,885 232 16.7 4 6 Credit Suisse 229,997 112 22.1 - 6 Barclays Capital 185,798 62 21.6 7 6 JPM organ 24,384 32 6.4 3
7 Deutsche Bank 308,301 191 13.9 7 7 BOAM L 225,664 93 21.7 - 7 Evercore Partners Inc 139,169 21 16.2 - 7 M acquarie Group 23,495 69 6.1 10
8 Credit Suisse 295,876 209 13.3 8 8 Deutsche Bank 216,800 99 20.9 6 8 Lazard 89,047 79 10.4 - 8 Deutsche Bank 21,700 54 5.7 -
9 Lazard 276,352 192 12.4 9 9 Lazard 214,455 129 20.6 10 9 Greenhill & Co 78,267 19 9.1 - 9 Deloitte 17,128 58 4.5 -
10 Barclays Capital 222,129 73 10.0 - 10 BNP Paribas 151,298 90 14.6 8 10 UBS 75,064 90 8.7 9 10 BOAM L 17,075 27 4.5 -
Total 2,226,047 34,924 100.0 Total 1,038,914 14,345 100.0 Total 859,775 8,709 100.0 Total 383,256 10,194 100.0

UK Completed M &A French Completed M &A German Completed M &A Italian Completed M &A
Advisor Valued $m Deals %share Rank 08 Advisor Valued $m Deals %share Rank 08 Advisor Valued $m Deals %share Rank 08 Advisor Valued $m Deals %share Rank 08
1 Citi 132,111 32 48.2 7 1 BNP Paribas 82,258 54 56.7 1 1 Goldman Sachs 99,358 34 51.6 2 1 M ediobanca 38,549 24 54.3 1
2 Credit Suisse 105,342 34 38.4 5 2 BOAM L 64,422 19 44.4 - 2 Deutsche Bank 82,722 35 43.0 1 2 JPM organ 34,186 14 48.1 7
3 UBS 101,835 41 37.1 1 3 Citi 64,338 18 44.4 - 3 UBS 73,938 28 38.4 3 3 Lazard 27,961 16 39.4 -
4 M organ Stanley 98,265 30 35.8 2 4 JPM organ 61,083 16 42.1 5 4 JPM organ 66,939 24 34.8 9 4 Credit Suisse 27,809 7 39.1 8
5 Deutsche Bank 76,585 29 27.9 6 5 Rothschild 53,022 49 36.6 4 5 Citi 66,506 9 34.6 10 5 Citi 23,521 7 33.1 -
6 BOAM L 75,383 22 27.5 - 6 Lazard 48,983 38 33.8 10 6 M organ Stanley 65,635 23 34.1 4 6 Deutsche Bank 23,427 9 33.0 10
7 Lazard 51,783 33 18.9 - 7 UBS 38,477 19 26.5 8 7 BOAM L 54,558 11 28.3 - 7 M organ Stanley 22,561 8 31.8 3
8 JPM organ 47,333 49 17.3 4 8 Credit Suisse 34,516 15 23.8 - 8 Commerzbank Group 47,364 10 24.6 - 8 Goldman Sachs 21,288 7 30.0 5
9 Rothschild 34,861 49 12.7 8 9 SG CIB 29,124 14 20.1 - 9 UniCredit Group 42,138 11 21.9 - 9 Banco Santander SA 17,382 2 24.5 -
10 Commerzbank Group 31,026 3 11.3 - 10 Gleacher Shacklock Ltd 23,143 1 16.0 - 10 Credit Suisse 39,909 15 20.7 - 10 BBVA 17,382 2 24.5 -
Total 274,178 3,285 100.0 Total 145,068 1,765 100.0 Total 192,479 1,666 100.0 Total 71,041 848 100.0

Spanish Completed M &A Canadian Completed M &A Japanese Completed M &A Australian Completed M &A
Advisor Valued $m Deals %share Rank 08 Advisor Valued $m Deals %share Rank 08 Advisor Valued $m Deals %share Rank 08 Advisor Valued $m Deals %share Rank 08
1 JPM organ 71,869 20 58.1 3 1 CIBC World M arkets 56,459 33 47.9 4 1 Nomura 35,610 112 26.1 1 1 M acquarie Group 21,304 51 27.0 4
2 Lazard 65,936 17 53.3 - 2 RBC Capital M arkets 53,846 42 45.7 1 2 Goldman Sachs 19,463 12 14.2 5 2 Goldman Sachs 16,597 28 21.0 10
3 Citi 52,343 7 42.3 8 3 BOAM L 32,748 9 27.8 - 3 Citi 19,138 30 14.0 7 3 UBS 15,882 21 20.1 1
4 Banco Santander SA 50,726 13 41.0 - 4 Scotia Capital 29,608 26 25.1 10 4 BOAM L 18,901 21 13.8 - 4 Deutsche Bank 10,122 24 12.8 9
5 M ediobanca 42,424 4 34.3 9 5 Barclays Capital 23,229 2 19.7 - 5 Daiwa Securities SM BC 16,715 78 12.2 9 5 JPM organ 9,233 15 11.7 8
6 KPM G Corporate Finance 38,366 21 31.0 - 6 M organ Stanley 22,105 12 18.8 6 6 JPM organ 15,978 18 11.7 4 6 Citi 8,414 9 10.7 7
7 UBS 37,287 7 30.1 5 7 Deutsche Bank 21,128 4 17.9 - 7 M izuho 14,074 90 10.3 - 7 Rothschild 7,367 14 9.3 -
8 Goldman Sachs 36,676 11 29.6 - 8 M acquarie Group 17,257 31 14.7 - 8 M organ Stanley 11,784 20 8.6 2 8 Caliburn Partnership 5,734 10 7.3 3
9 Credit Suisse 22,415 9 18.1 7 9 Goldman Sachs 12,348 15 10.5 7 9 GCA Savvian Advisors 10,860 47 7.9 - 9 Gresham Partners 4,000 18 5.1 -
10 Deutsche Bank 22,182 8 17.9 10 10 TD Securities Inc 11,262 37 9.6 9 10 M itsubishi UFJ Financial 7,117 61 5.2 3 10 RBS 3,601 12 4.6 -
Total 123,803 1,059 100.0 Total 117,773 1,945 100.0 Total 136,711 3,286 100.0 Total 79,003 2,026 100.0

Nordic Completed M &A Russian Completed M &A Eastern European Completed M &A Latin American Completed M &A
Advisor Valued $m Deals %share Rank 08 Advisor Valued $m Deals %share Rank 08 Advisor Valued $m Deals %share Rank 08 Advisor Valued $m Deals %share Rank 08
1 Goldman Sachs 12,158 10 21.4 - 1 JPM organ 10,467 11 20.1 2 1 JPM organ 21,099 24 22.2 2 1 M organ Stanley 33,723 24 32.3 9
2 Rothschild 9,051 10 15.9 8 2 Gazprombank 9,340 9 17.9 - 2 BOAM L 16,630 13 17.5 - 2 Credit Suisse 26,156 34 25.0 1
3 SEB 9,013 23 15.8 6 3 BOAM L 8,139 6 15.6 - 3 Citi 10,886 9 11.5 10 3 Rothschild 26,018 17 24.9 6
4 BOAM L 7,985 6 14.0 - 3 Deutsche Bank 7,361 9 14.1 7 4 Gazprombank 9,367 10 9.9 - 4 JPM organ 21,590 36 20.7 2
5 RBS 6,460 6 11.4 - 5 Citi 6,087 6 11.7 - 5 Credit Suisse 7,783 13 8.2 3 5 Citi 20,094 25 19.2 3
6 NIB Capital 6,197 1 10.9 - 6 Credit Suisse 3,971 4 7.6 - 6 Deutsche Bank 7,361 9 7.8 6 6 UBS 18,142 16 17.4 4
7 ING 6,197 2 10.9 - 7 Goldman Sachs 2,722 6 5.2 - 7 Lazard 7,112 10 7.5 - 7 Banco Itau SA 17,828 16 17.1 8
8 KPM G Corporate Finance 5,828 15 10.3 - 8 KIT Finance 2,172 2 4.2 5 8 RBS 6,280 11 6.6 - 8 BOAM L 10,217 10 9.8 -
9 Nordea Bank AB 4,586 10 8.1 - 9 Troika Dialog 1,534 5 3.0 10 9 Rothschild 4,177 14 4.4 - 9 Banco Bradesco SA 8,975 17 8.6 7
10 Credit Suisse 3,839 8 6.8 3 10 VTB Capital 1,378 4 2.7 - 10 BNP Paribas 4,147 6 4.4 - 10 BTG Pactual 5,438 4 5.2 -
Total 56,887 1,775 100.0 Total 52,069 2,257 100.0 Total 95,002 3,756 100.0 Total 104,454 900 100.0

C r it er ia: Excludes withdrawn deals, share buy-backs, carve-outs, Includes Assumption of debt, Completed deals - Jan 1 to Dec 31 2009, all Tables are based on target, acquiror, acquiring subsidiary or divestor nationality, Australian League Table excludes Fairness Opinion

Dealogic Mergers & Acquisitions Review – Full Year 2009 – Final Results – January 04, 2010 Page 20
 Dealogic M&A Coverage & Criteria

The following is an Executive Summary of the coverage & criteria used to produce this document. To obtain a comprehensive document detailing Dealogic’s
precise scope, policies and methodologies, please contact one of the Analysts listed on the front page of this release.

GENERAL
• Tables appearing in this document are based on announcement dates,
unless otherwise specified. League tables based on announcement date
include all transactions announced during the specified period except
withdrawn or failed, and use announced or revised transaction values.
In Japan, the announcement date is considered the date on which full
terms are disclosed.
• Announced league tables are based on transaction values at
announcement of most recent terms.
• Transactions not denominated in US dollars are converted to a US
dollar equivalent at the date of announcement.
• Tables appearing in this document are complete and current to the best
of Dealogic’s knowledge. While an ‘official’ snapshot of the investment
banking landscape as of the date of publication, rankings are subject to
retroactive change due to a variety of factors, including, but not limited
to, revaluation, withdrawal or termination, and changes in advisor
roles.
• The deadline for end of quarter submission is ten business days prior to
the last day of the quarter.
• To be eligible for league table credit, a financial advisor must submit
notification of involvement in a transaction before the deadline, subject
to certain restrictions and amendments (refer to official
documentation).
ELIGIBILITY
• Both target and acquiror advisors are eligible for league table credit.
• The group head, which is the investment banking division name of the
parent entity, appears in league tables.
• Financial advisor league tables include the following roles: Financial
Advisor, Providers of Fairness Opinions.
• Advisors to the acquiror are eligible for full league table credit when
advising the acquiror or its parent. Advisors to companies with a
controlling stake, but less than 50%, of the acquiror are eligible for full
league table credit.
• Advisors to the target are eligible for full league table credit when
advising a shareholder with an interest of at least 50% in the target.
Advisors to shareholders with minority interest in the target are also
eligible for league table credit in proportion to the stake held. In the
case of pending competing offers, the target advisor to the largest offer
only is eligible for league table credit.
• Rumors, preliminary discussions, buybacks, carve-outs and withdrawn
deals are not included in league tables, unless otherwise specified.
• Region-specific league tables are based upon target, acquiror, acquiring
subsidiary or divestor nationality, primarily the nationality of the
headquarters of the parent, and if that is unclear, the nationality of
incorporation.

COVERAGE VALUATION
• Acquisitions, acquisitions of assets (divestitures), and stake purchases. • The Dealogic valuation methodology defines the value of a transaction
• Mergers, Joint Ventures, Spin-offs & Split-offs. as the cost to acquiror. In all cases, only the percentage acquired is
• Privatizations, Government-awarded PCS/wireless licenses. eligible for league table credit.
• Pharmaceutical rights and brands. • League tables appearing in this report are ordered by Deal Value,
• Real estate property transactions defined as managed companies, defined as amount paid by the acquiror for the target, including net
portfolios or completed buildings only, are tracked and eligible if valued debt.
$100m or above.
• Buyback transactions structured as public tender offers, as divestments
or as a defensive technique in response to an unsolicited takeover
approach.
• Recapitalizations & restructurings.

Dealogic Mergers & Acquisitions Review – Full Year 2009 – Final Results – January 04, 2010 Page 21
Contacts:

Media Contacts

Natalie Cogan, New York Edward Jones, London Jennifer Cheung, Hong Kong
Tel: (212) 577 4486 Tel: +44 20 7440 6196 Tel: +852 3698 4707
natalie.cogan@dealogic.com edward.jones@dealogic.com jennifer.cheung@dealogic.com

M&A Contacts

Johnny Chen New York Nisha Bharadwa, London Marco Lee, Hong Kong
Tel: (212) 577 4485 Tel +44 20 7440 6437 Tel: +852 2804 1223
johnny.chen@dealogic.com nisha.bharadwa@dealogic.com marco.lee@dealogic.com

Notes to Editors:

Dealogic is the pre-eminent provider of Global Investment Banking analysis and systems. With offices throughout the
world, Dealogic offers the most comprehensive coverage of global capital markets, credit markets, and mergers &
acquisitions activity available.

Dealogic Mergers & Acquisitions Review is a quarterly compilation of Global Mergers & Acquisitions activity. Data,
research and ranking provided via the M&A Analytics platform.

Dealogic Mergers & Acquisitions NewsSheet is a daily analysis and compilation of Global Mergers & Acquisitions
activity. Data, research and ranking provided via the M&A Analytics platform.

Dealogic Mergers & Acquisitions Fee Alert is a daily highlight of a recently disclosed financial advisory fee. Data,
research and ranking provided via the M&A Analytics platform.

Dealogic Revenue Analytics creates a single, objective set of standards that allows for direct comparison of trending
across, products, regions and industries for all investment banks. In instances where fees are not disclosed, Dealogic
projects estimates based on historical disclosed precedent across dozens of statistically tested variables and thousands of
individual fee scenarios. Dealogic Revenue Analytics rules are applied to recognition, booking, and classification of deal
revenue to provide a standard metric for competitive analysis and benchmarking of investment banks.

Dealogic Mergers & Acquisitions Review – Full Year 2009 – Final Results – January 04, 2010 Page 22