1q09 financial advisory[1]

8/8/2019 1Q09 Financial Advisory[1]

http://slidepdf.com/reader/full/1q09-financial-advisory1 1/34



-60.5 ▼

-48.9

-47.1-28.7

-66.1

-69.5

-46.7

-31.8

-77.0

-68.5

-80.4

285.9

383.3

-78.8

-60.4

▼

▼

▼

▼

▼▼

▼

▼▲

▼

▼

-28.231.2

-63.1

▼3

Citi

▼

▼

▲

▲

▼

▼

32.7 2.5

27.5 2.1 1 7.1 33

25.6

US Completed M&A (AF2) - Imputed Fees

11.8

FeesDeals US$m

15 398.5 ▼-61.4

1/1/2009 - 3/31/2009

6

9 166.9 5

8

1,327

5

3,278.6

1.8

Greenhill & Co, LLC

Macquarie Group

3.3

UBS

2.0

Deutsche Bank AG 23.1

Barclays Capital

13 188.8

2.8 15 114.6

173.7 496.1 6 60.4

9.6

1/1/2008 - 3/31/2008

Imputed Fees

ShareFinancial Advisor US$m

Goldman Sachs & Co

14

153.9

Rank

1

2

1

% Change inMkt. Imputed FeesNo.

Rank

3124.8Morgan Stanley

Rothschild

3440.33.56

3.3

5.2

-49.6

-73.8

7

8

9

10

▼

▼

4

5

76.9

43.3

7

3.8 52

443.7

347.6

43

Bank of America Merrill Lynch

JP Morgan5

4

-58.0

3.9 37

3

36.1 6

25.9 14 208.5

79.2

5,578100.0

56

3,825.8

8

9

10

104.3

101.8

134.5

UBS

JP Morgan

Deutsche Bank AG

10

2.6 385.0

146.1

126.5 7 9

11

237.5

2.7

http://banker.thomsonib.com

100.0Industry Total 1,298.8 --

Source: Thomson Reuters/Freeman & Co.

1 5.3 45

109.0

34Lazard

100.8

-

Credit Suisse

Industry Total

2

49

36

35

9,686.9

2.7 202.0

152.9

-

5

Source: Thomson Reuters/Freeman & Co.

Citi 73,257.4

4,707.2


Deutsche Bank AG

Deutsche Bank AG

Energy and Power

Goldman Sachs & Co

23,983.2

16,368.2

150.6

214.3


Citi 197.5

Industrials

Financial Advisor

Goldman Sachs & Co

Morgan Stanley

ShareUS$m

5.6

294.8 7.7

Mkt.

Rank

1

Materials

2

1 41.5

30.5

2

28.8

4,983.8 1

34,426.4 2

49,470.7

404.8

36.3

577.1

Deals

43

50

38.63

Citi

JP Morgan

Credit Suisse

Morgan Stanley 23,303.7

57,760.9

3

22,298.5

32,713.9

18 62.2

18 72,623.2

90,089.0

9

3 61.7

1 54.9

6

120,926.7

115,749.5 1

408

2

Top Worldwide Announced M&A Advisors by Target Industry

Rank ValUS$m

Morgan Stanley

JP Morgan

95.5 6 2

110,979.7 3 91.8

Deutsche Bank AG

Healthcare

95.7

33,474.3

38.2

JP Morgan

Financials

UBS

115,455.0

Imputed FeesNo.

2

6

277.1

US$m

4

1

Worldwide Completed M&A (AF1) - Imputed Fees

21.2

1/1/2008 - 3/31/2008

Imputed Fees

1/1/2009 - 3/31/2009

FeesRank

% Change in

Mergers & Acquisitions

Goldman Sachs & Co

8

6

First Quarter 2009 | Mergers & Acquisitions | Financial Advisors

117,778.3

175,316.5 14

590

7

1,033

16

18

6

16

4

5 1,106

Rank

No.Deals

Mkt.

Share

40.4

1,071

64.0

Worldwide Announced M&A by Target Industry

January 1 - March 31

27%

25%19%

12%

3%

3%

3%2%

2%2%1%1%Healthcare

Financials

Energy and Power

Materials

Industrials

Real Estate

Media and Entertainment

Consumer Staples

High Technology

Telecommunications

Consumer Products and Services

Retail

Government and Agencies

2 of 34



-

▼

▼

-

▼

-

-

▲

-

▼

-

▲

▲

-82.8

-1.5

-

-

-67.8

Chg. In

Rank Val

▲

44.0

-

-

-

84.51

1

4

-

32,830.3

-

-

54.2

7

5

-

.0

-

30,401.9

5 .6 1

91.5

4

-

Mkt.

.1

.3 1

Deals

43

Share

61.9

1

33.6

3

12

-

-

5

-

-

-

1/1/2008 - 3/31/2008

1

4

1

Rank

23,795.5

-

18,856.5

1

-

1,593.0

US$m

1,864.9

Rank Value

US$m

9,834.9

80.0

▲

▲

6

48.9

86,385.9

-

--

- -

-

4

88.0

80.0

.1

3.5

.1

-

1

82.0

Rank

100.0- 1455,345.9

Goldman Sachs & Co

Numis

Citi

1,626.0

-

▼

Rank Value

14,472.8

-

1

-

527.2

Share Deals

Worldwide Announced M&A - ECM Roles (AH)

% Chg. InNo.

Rank ValRank

2*

US$m

Rank Value

1/1/2008 - 3/31/2008

2 5,262.6 4

5*

7

5.4

4 13.8

5*

5.4

5

3

1,348.4

27,837.0

7,837.0

Mkt.

8

2*

18,033.7


404.3UBS

Financial Advisor


RBS


1

Rank

50,636.6

Financial Advisor

Daniel Stewart

280.0

Industry Total

Daniel Stewart

UBS

HSBC Holdings PLC

Altium Capital Limited

JP Morgan

34,256.9

342.6

18,576.8

6

3

164.0

48,684.9

US$m

9,793.0

4.8

Rank Value

Worldwide Completed M&A - ECM Roles (AI)

▼

10

1

2

JP Morgan

1/1/2009 - 3/31/2009

100.0 12

No.

1

Industry Total

342.6

530.0Deutsche Bank AG

Oriel Securities Limited

Goldman Sachs & Co

Canaccord Capital Corp

530.0

8.3

Worldwide Rankings

2,510.6

-


-35.9

-45.9

-86.3

49.1

8

7

4.8

2.9

1/1/2009 - 3/31/2009

9

* tie

* tie

5 of 34



Financials / Banks

Financials / Banks2/26/2009 Intended

2/26/2009 Pending

12,436.5

10,891.8 Energy and Power / Power

Essent NV (100%)

Vattenfall AB

RWE AG Germany / Netherlands

Sweden / Netherlands

Petro-Canada (100%)

Endesa SA (25%)

Suncor Energy Inc

Enel SpA Italy / Spain

2/23/2009 Pending

1/12/2009 Pending

2/20/2009 Pending

3/23/2009 Pending

Pending

22,315.8

18,596.5RBS (25%)

United Kingdom / United Kingdom

United Kingdom / United KingdomHM Treasury

3/7/2009 Pending

3/9/2009 Pending


Rank Date Date Ef fective

1/26/2009 Pending

2/26/2009

3/16/2009

6,297.2

45,913.3United States / United States

4,371.9CEPSA (37.5%)

2/12/2009 Pending

3/31/2009 Pending

3/31/2009

4,535.0

5,150.12/12/2009 Pending

Macquarie Communications (100%)

Hamersley Iron Pty Ltd (15%)

Rio Tinto PLC China / United Kingdom

Canada Pension Plan

7,558.8

Nuon NV (100%)

RBS

RBS

HM Treasury

8,583.0

9,298.3

RBS (30%)



Pending Canada / Australia

HM Treasury United Kingdom / United KingdomPending


Utd Arab Em / Spain

Chinalco

Chinalco

IPIC

China / Australia

Worldwide Analysis

64,479.7

Target Macro / Mid Industry

Healthcare / Pharmaceuticals

HM Treasury

Acquiror

Pfizer Inc

Merck & Co Inc

HM Treasury

Rank Value (US$m)

14,248.9

18,245.8Canada / Canada

Top Fifteen Worldwide Announced Deals

Acquiror / Target Nation

Lloyds Banking Group PLC (12%)

United States / United States

Target (% Sought/Acquired)

Wyeth (100%) Healthcare / Pharmaceuticals

Schering-Plough Corp (100%)

Energy and Power / Oil & Gas

Energy and Power / Power


Financials / Banks

Energy and Power / Oil & Gas

Financials / Banks

Media and Entertainment / Broadcasting

Materials / Metals & Mining


Financials / Banks

Top Worldwide Announced M&A Advisors by Transaction Size (AD1)

$0

$50

$100

$150

$200

$250

$300

$350

Morgan Stanley JP Morgan Citi Goldman Sachs & Co Deutsche Bank AG Credit Suisse Bank of America Merrill

Lynch

UBS Barclays Capital Evercore Partners

R a n k V a l u e ( U S $ b )

Pfizer / Wyeth

Merck / Schering-Plough

Other Top 15 Worldwide Announced Deals

All Other Transactions

6 of 34



Credit Suisse

9,423.7

4,459.7

4

47.3

2

17.6 3 3


Americas M&A

141

27.5

45.3

5

4,641.3

2

1,547.9


Morgan Stanley

24.7

16.5

Lazard

118

2

2

95

2

324

35.8 7

Citi

Materials

Morgan Stanley

4,271.7

Tudor Pickering & Co LLC

110,979.7

3,511.0

Financials

Morgan Stanley

Barclays Capital

Energy and Power

3

5

3

97.72

5 94.5

2,700.0

1,727.0

1

1

764.5

33.4

1,147.9

98.3

1

1

2

1

9,808.8

US Announced Advisors by Target Industry

No.Deals

5

Healthcare

Goldman Sachs & Co

Mkt.

ShareRank

Rank Val(US$m)

Morgan Stanley

JP Morgan

114,669.5

117,418.0

115,391.4

Americas LBOs declined by 88.4% to just US$1.4 billion during the firstquarter of 2009, the lowest quarterly LBO volume since the US$1.1 billion indeal activity recorded during the first quarter of 2002.

US M&A was largely driven by two Healthcare mega mergers: Pfizer'sUS$64.5 billion agreement to acquire Wyeth and Merck's US$45.9 billionagreement to acquire Schering-Plough. The Pfizer/Wyeth transaction wasthe second largest Healthcare deal on record in the US behind Pfizer'sUS$88.8 billion acquisition of Warner-Lambert in 2000.

Americas target M&A activity during the first quarter of 2009 increased by5.9% to US$211.8 billion compared to the equivalent period last year whileUS M&A increased by 10.1% to US$158.3 billion.

Consolidation in the US Healthcare sector picked up as deal volume totaledUS$117.4 billion for a 74.2% share of M&A activity during the quarter, thelargest quarterly market share of any US sector on record.

Americas Deals Intelligence

Healthcare Sector Drives US M&A I LBOs Hit Seven Year Lows I US Government Continues to Invest in Ailing Banks

LBOs as a Percentage of Americas Announced M&A

$0

$100

$200

$300

$400

$500

$600

$700

$800

1 Q 0 2

2 Q 0 2

3 Q 0 2

4 Q 0 2

1 Q 0 3

2 Q 0 3

3 Q 0 3

4 Q 0 3

1 Q 0 4

2 Q 0 4

3 Q 0 4

4 Q 0 4

1 Q 0 5

2 Q 0 5

3 Q 0 5

4 Q 0 5

1 Q 0 6

2 Q 0 6

3 Q 0 6

4 Q 0 6

1 Q 0 7

2 Q 0 7

3 Q 0 7

4 Q 0 7

1 Q 0 8

2 Q 0 8

3 Q 0 8

4 Q 0 8

1 Q 0 9

R a n

k V a

l u e

( U S $ b )

0%

5%

10%

15%

20%

25%

30%

% o

f A m e r i c a s

M & A

LBO

Non-LBO

LBO as % of Americas M&A

US Announced M&A

January 1 - March 31

$45.9

$64.5

10.9%7.5%

12.6%

6.2% 7.1% 4.9%

11.1%7.8%

74.2%

$0

$100

$200

$300

$400

$500

2001 2002 2003 2004 2005 2006 2007 2008 2009

R a n

k V a

l u e

( U S $ b )

0%

20%

40%

60%

80%

100%

H e a

l t h c a r e a s

% o

f U S M &

Merck / Schering-Plough Pfizer / Wyeth Healthcare as % of US M&A

7 of 34



Gilead Sciences Inc United States / United States 1,358.4 Healthcare / Pharmaceuticals

2,810.7 Materials / Chemicals

Morgan Stanley

1,400.0 Media and Entertainment / Casinos & Gaming

United States / United States 2,700.0 Financials / Asset Management

Healthcare / Pharmaceuticals

2,740.0 Healthcare / Healthcare Equipment & Supplies

Agrium Inc Canada / United States 3,759.7 Materials / Chemicals

Healthcare / PharmaceuticalsUnited States / United States 45,913.3

3/3/2009 Pending Magellan Midstream Hldg LP (45.4%)

Americas Analysis

1/26/2009

3/9/2009

Top Ten US Announced Deals

Pfizer Inc United States / United States 64,479.7

2/25/2009 CF Industries Holdings Inc (100%)

Merck & Co Inc

1/15/2009 Pending Terra Industries Inc (100%) CF Industries Holdings Inc

Wyeth (100%)

Target (% Sought/Acquired)Date Effective Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid IndustryRank Date

3/12/2009

1/12/2009 2/24/2009

United States / United States

Abbott Laboratories United States / United States

Crown Ltd Australia / United States

1/13/2009

3/12/2009

IndyMac Bancorp Inc,Pasadena, (100%) Investor Group United States / United States1/2/2009 3/20/2009

Intended Cannery Casino Resorts LLC (75.5%)


Magellan Midstream Partners LP United States / United States 1,147.9 Energy and Power / Pipelines

Financials / Other Financials

Pending CV Therapeutics Inc (100%)

Pending Morgan Stanley Smith Barney (51%)

Pending Schering-Plough Corp (100%)

Pending

1,300.0

Advanced Medical Optics Inc (100%)

Pending


Top 10 US Announced M&A Advisors by Target Industry* (AD2)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Morgan Stanley Goldman Sachs & Co JP Morgan Barclays Capital Bank of AmericaMerrill Lynch

Citi Evercore Partners Credit Suisse UBS Rothschild

% V

o l u m e

C o m p o s

i t i o n

Consumer Products and Services Consumer Staples Energy and Power Financials Government and Agencies

Healthcare High Technology Industrials Materials Media and Entertainment

Real Estate Retail Telecommunications* Includes Rank Ineligibles

12 of 34



-94.9

-

--95.3

-90.5

-

-98.8

-65.9

8.5

-4.2

-4.2

-

533.1

-4.2

1,034.6

63.7

-

-

-

792.0

-

-

-72.8

-88.5

-5.3

23,863.4

21,489.4 8 -61.6

3

Deals US$m

Rank Value

Rank

No.

Rank Val

▼

▲

▼

▼

▼

-

-

-

▼

-

-

▼

-

▲

-

--

-92.3

47.7

7*

5*

7*

1

-

24,844.0

-

▲

▼

-

Societe Generale -

▼

▼

-1

1

8,246.9

BNP Paribas SA

Mediobanca 8,110.3

▼

-

▼

▼-64.4

-56.6

-

-

-

-61.5

52.5

-

--

-55.7

2.7 2

1,186.5

1

-

-

23,724.4

1

1

-

18Ahorro Corporacion Financiera 472.9

▼

KPMG

UBS

Financial Advisor

Nomura

Goldman Sachs & Co

Lazard

Citi

-

11

176.3

▼

▼

Santander

JP Morgan

▲

- 8,246.9

8,446.4

10,020.5

▼

47.7

-

48.8

57.9 6

23,716.46

2 23,070.7

54

10,500.8

US$m1

3

2

Share69.311,983.3

Rank ValUS$m RankDeals▲29 37,347.8

-60.7

32.08

5

Commerzbank AG

Credit Suisse

Calyon

BBVA

194

* tie

-

Subtotal without Financial Advisor

-

35*

3*

3*

7

4,949.66

2

18,738.1

18,738.1

2

8

12*

Any Spanish Involvement Announced (AD34)

9Rank

▲

2

3*

12*1,582.5

18,738.1

▲

▼

▲

% Chg. in

5*

356.8

▲


1/1/2008 - 3/31/2008

% Chg. inRank Value

1/1/2008 - 3/31/2008

Mkt.

1/1/2009 - 3/31/2009

No.

2

2,836.0

-

-

36.9

1,582.5

4

16,681.2

2

3

Rank ValueMkt.

1/1/2009 - 3/31/2009

Rank Value

1Rank

89.1Share

71.3

3* 70.8

2

5,907.2

136.6

10

11*

11*

10.5

0.0

4,371.9 9

6

0.5

1.2302.1

0.0

31.5

25,369.8 215 -32.4

▼

▼

-

2,568.6 - 10.1

- 100.0

1

0.1 2 1,910.2

1,910.2

19666.213

13*

16

13*

1,910.2

RBS

17.2

1

46.9

11.0

46.9

15.1

14.3

46.9

46.970.8

70.8

70.8

18,092.3

Bank of America Merrill Lynch136.6

1

3* 70.817,955.8

17,955.8

17,955.8 3*

17,955.8 3*

Any Spanish Involvement Completed (AF41)

Europe Rankings

2,610.3 11

94,954.7

22,789.4

-

7

3

4.1

5.8

11.0

11.0 1

-

21*112.3

-

2

1

- -

17Allied Irish Banks PLC

30

Keefe Bruyette & Woods Inc

Morgan Stanley▼

1,001.7

706.8

34,499.521 -33.9 82.4-

* tie

3,052.3

37,551.8

- -15.8

89.9-22,801.2Subtotal with Financial Advisor

Industry Total

143.5

19


Hawkpoint Partners

Arcano Asesores Financieros SL

178.0

39.1

23

21*

24

294.9

17,955.8

20

275.2

275.2

Barclays Capital

3*

322.8

14,263.1

136.6

Subtotal with Financial Advisor

-3,040.3

522.6

2

Close Brothers Ltd

17.6

195100.0

-1,993.4

39,061.117,303.4 -Industry Total

34

-

-

12

-

4

-

37,067.6

-

13


21*

1.0

0.8

0.225

161

-

1.9

1

2

1.6

1.6

1.7

2

-

1

8,110.3 7*

2,617.0

8,110.3 7*

11

12

2

13*

8,110.3

70.83* 1 229.9

1

22,611.8

JP Morgan

Goldman Sachs & Co

Lazard

Deutsche Bank AG

Credit Suisse

Mediobanca

US$m

17,955.8

Rothschild

KPMG

Arcano Asesores Financieros SLDeloitte & Touche

Eurohold SL

Nomura

Santander

Citi

Financial Advisor

10

▼

▲

▲

18

-65.4

3,427.8

164.5

9

2

3,066.3

2

2,472.6

18 of 34



124

37,945.8

2,738.7

* tie

2.5

-

-

3

1

-85.4

13

.6

0.3

0.5

8.2

7

14.2

Rothschild 540.2

908.3

871.9 16.64

▼

▼

-

-

-▼

-

-

▼

-

0.0

▼

-

▼

▼

▼

▼

▼

▼

6

-86.3

17.3 2

Mediobanca

Intesa SanPaolo

655.7 412.5

744.6 5

1US$m

▼

-7.7

-82.4

18 ▼

9

1,522.0

▼

-

-


-

-88.1

-62.0

35,207.1

-

14

0.0 35*

-

1,749.7

4,930.4

-86.3

-

-

17

19

-

-

981.9--

-

-96.8

-92.8

-

-

-97.5

-91.2

-

▲

1

1,298.9

-80.4

2 6,362.3

2 24.8

3

3

-94.04

26.8

4,201.1 80.2 24

1,698.7

412.8

1,641.0

-

-

525.2


* tie

100.0- -48.4178

151Subtotal without Financial Advisor 5.0 ▼948.8 2,665.1 -64.4

-47.2 ▼

-

1 -

-- -

-

-

1

1

---

12*

462.8

16

12*

13.4

2.9

12.2

Nomura

2.5

Societe Generale

CalyonGruppo Banca Leonardo

102,518.7

2,306.2 11

12*538.1

Credit Suisse

UBS

Citi

Santander

Goldman Sachs & Co

Morgan Stanley

BNP Paribas SA

-

Lazard

Nomura

239.3

17,853.5

-73.7

1431.9

-

2,188.0

1

2

1

1

15.0

1

▲24 880.3

775.5

1

▼

1

% Chg. in

Rank

4,644.0

7,531.7

Any Italian Involvement Completed (AF43)

Mkt.

10

8

1

3

20,806.0

12,451.9

Financial Advisor US$m94.3 1,405.0

1/1/2009 - 3/31/2009

Rank

Rank Value Rank ValueNo.

1/1/2008 - 3/31/2008

1Morgan Stanley-26.2

No.

Financial Advisor

Rank Value

US$m

3

2

2

1

23


11

1

Share

77.8

Deutsche Bank AG

Mediobanca

14,680.8

17,794.4

JP Morgan

1

3

3,603.94

1

5

19,226.3

1 1,097.9

20,864.9

-17,914.7

18,863.6 -

-

Subtotal without Financial Advisor 19.9

-

-

Covington Associates

15

0.1

0.1

18

0.3

Rothschild

2.3

KPMG 17

-

-

-99.3

-

-97.4 ▼

-

14,248.9

▼

3,164.3

288.8

19,951.7

2

15,632.2

2

2.9

-87.4

4*

14,248.9

14,248.9

2,831.0

4*

4*

14,248.9

14,248.9

9

4*

0.1

1

1

0.5

0.5

0.1

2.9

15

KPMG

Mooreland Partners LLC 22

538.1

24.8

24.8

56.9

538.1

431.9

Intesa SanPaolo

Banca MB SpaA

Swedbank .6 23

14.0

25.0

19*

21

19*

0.1

0.0

11.8

CORPIN Partners

3

▼-8.8

4 ▼-88.0

-

▲

▼

Goldman Sachs & Co▲

▲

3,456.4

Rank Val

% Chg. inRank Value

477.5

▼

7,401.0

15

Rank Rank

UBS

Deals

1/1/2009 - 3/31/2009

Share

Lazard

16,541.9

4*

Any Italian Involvement Announced (AD36)

87.7 3

24,108.7

2,864.4

9Deals

Mkt.

US$m Rank Val

95.0 33,912.627

36,577.7Industry Total ▼

-

15

-

22

8

10

16

13

-

-

5,241.5Industry Total 148


-86.2100.0

CORPIN Partners

-1,040.4

▼-68.3

1

14.0

24.5

14

Swedbank

Banca MB SpaA

4

9*

1

24.8 12

8

1

10.3

Covington Associates 11

4.6

4.69*

25.0

HSBC Holdings PLC

Deutsche Bank AG

239.3

75.5

75.5

75.5

75.5

▲1,197.817*

▼5

14

▼2

633.8

-31.7

1 1,941.8

-20.2

Europe Rankings

1/1/2008 - 3/31/2008

20 of 34



-61.9

-95.8

9

-91.9

-

-41.1

8,345.5

8

0.0 55*

-95.2

-94.3

-95.8

-71.7

-

-99.6

-

- -

-

-

▼

Any Benelux Involvement Completed (AF47)

Mkt. % Chg. in

1* 3 ▼

Rank Val

1/1/2008 - 3/31/2008

RankUBS

43

1

-

1

1

197.3-1 -

-

64.3

53.9

241.3

60.0

10 1.3

3.8

3.8

11* 0.1

0.1

254.4

599.3 7,365.63

6.06 1

▼

DealsShare

▼

▼

▼

JP Morgan 14.2

14.2

123.0

1

4*

Rank972.4

Financial Advisor US$m

1/1/2009 - 3/31/2009

Any Benelux Involvement Announced (AD40)

Europe Rankings

Financial Advisor US$m

15

-

563.3

US$m

No.

1/1/2008 - 3/31/2008

Industry Total

11*


-

-


-

-

-61.3

13.2 ▲

100.029,660.8 4,233.1Industry Total- -92.8


0.2

▼

▼

▼

-

29

-

494.1

-

41

-

4,020.0

24.3

164.6

2

1

2

Rank Value

1

-

274.2

1

23 0.0

US$m

Rank Value

.7 13 0.0

-

-

1,720.11 ▼-96.51.4 26

▼

36

-99.2

7

8 7

410.05.7

2

2

-

▼

1.5

No.

1/1/2009 - 3/31/2009

Ernst & Young LLP

Investec

Brookfield Finl RE Grp 53.9

127.2

.7

22Deloitte & Touche 48.6

60.0Santander

21

51.1

-

71.036,369.7

-

-

-

-

- -

-

--

-

-

Ernst & Young LLP-22.9

▼-27.1

▲

▼

▲

▲

Banque Degroof

ING▲

Public Investment Bank Bhd

Hwang DBS Securities Sdn Bhd

▲

-

▲

-53,796.6

-

-59,001.2

5,204.6

223

171

5291.5 63 -23,951.6 2,250.0 53.2-

279

-

100.0-

46.91,983.1 -6,556.4 ▼

-2.8

Subtotal with Financial Advisor 27,124.8 -

▼

Subtotal without Financial Advisor 2,536.0 - 8.6

30,508.0 -

216

51*

1

0.0

-

2 0.0 51*

4

0.2

20 0.2

19 0.4

17*

17* 0.5

0.5

Societe Generale

Banque Degroof

135.2

135.2

UniCredit Group

Nomura

1,750.7

340.9 16

9.2

7*

13*

13* 5.9

1.2

11

36.7

5.9

UBS 1,750.7

5.97.5

Morgan Stanley2,220.7

13*1,750.712BNP Paribas SA

11,559.8

12,436.5

RBS

10,891.9

11,033.2

10,891.9

ING

Goldman Sachs & Co

14,792.4JP Morgan

Citi

12,436.5

14,187.2Lazard

Deutsche Bank AG

Sequoia 2,723.0

Rothschild

NIBC NV 10,891.9

Bank of America Merrill Lynch 10,891.9

-

Santander

-

1,833.4

-

14

-

-

Brookfield Finl RE Grp

-

2,400.0

4010

8

1

-

1

1

2

1

2,271.253.9

-

2

37.2

36.7

36.7

5

2

2

36.7

1,642.1

7*

3*

7*

5

7*

6

3*

41.9

39.0

Rank Share7

Deals49.9

% Chg. in

11,596.0

392.7

5,444.6

43.5

▲

121.5

Commerzbank AG

Goldman Sachs & Co▲


Citi

▲

▲

▲

41.9

Rank Value

▲

47.82

Mkt.

Rank Val78.8

Rank1 8,271.1

4

121.3

5,613.6

1

3

1 5

6 2,239.2

8,053.6

224.3

2

32 599.3

1*972.4

972.4 1*

4*

23.0 20,268.2

1

16,959.82

1

23.0

Rank Value

24

4

22,969.9

2,116.8


* tie

11

1

36

* tie

22 of 34




9,298.3 Financials / Banks



Financials / Banks

5,150.1

Date Effective Target (% Sought/Acquired)

Top Ten European Involvement Announced Deals

Rank Date

HM Treasury

Pending

RBS (25%)2/26/2009

3/7/2009

Target Macro / Mid IndustryAcquiror Acquiror / Target Nation

Pending

Pending


Rio Tinto PLC

RBS (30%)

Hamersley Iron Pty Ltd (15%)

Endesa SA (25%)

RBS3/16/2009 Pending

2/12/2009 Pending

2/12/2009 Pending

2/26/2009 Intended

RBS

1/12/2009 Pending

2/23/2009 Nuon NV

Essent NV

Pending

2/26/2009 Pending

2/20/2009

Financials / Banks22,315.8

Enel SpA Italy / Spain 14,248.9 Energy and Power / Power

HM Treasury United Kingdom / United Kingdom


Lloyds Banking Group PLC (12%)

Europe Analysis

Rank Value (US$m)



RWE AG Germany / Netherlands 12,436.5 Energy and Power / Power

Vattenfall AB Sweden / Netherlands 10,891.8

HM Treasury United Kingdom / United Kingdom

7,558.8United Kingdom / United Kingdom

Chinalco China / United Kingdom 4,535.0 Materials / Metals & Mining

Chinalco

HM Treasury United Kingdom / United KingdomHM Treasury

China / Australia

Top 10 European Involvement Announced M&A Advisors by Target Industry* (AD21)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Credit Suisse Deutsche Bank AG Citi JP Morgan UBS Morgan Stanley Lazard Goldman Sachs & Co Bank of America Merrill

Lynch

Rothschild

% V

o l u m e C o m p o s i t i o n



Real Estate Retail Telecommunications

* Includes Rank Ineligibles

23 of 34



Rio Tinto Escondida Ltd (49.8%)

Chinalco

Acquiror

2/3/2009

2/16/2009 Pending

2/12/2009 Pending

1/20/2009 Pending3/24/2009

Rio Tinto Ltd2/12/2009 Pending

Hutchison Au-Telecommun Bus (100%)

OZ Minerals Ltd (100%)

2/9/2009 Pending

3/16/2009 Pending

Reliance Petroleum Ltd (24.6%)3/2/2009 Pending

Tianjin Port Co Ltd (56.8%)

BTA Bank JSC (78.14%)South Korea / South Korea

China / Australia

Reliance Industries Ltd

China Minmetals Nonferrous Met

KTF Co Ltd (45.8%) KT CorpSamruk-Kazyna Fund

India / India

Kazakhstan / Kazakhstan

Rank Value (US$m)

Hong Kong / China

Chinalco China / United Kingdom

China / Australia

Grand Point Investment Ltd

1,691.1

2,094.11,810.0

Rank Date Date Effective Target (% Sought/Acquired)

Chinalco

Hamersley Iron Pty Ltd (15%)Pending2/12/2009

2/12/2009 Pending Rio Tinto PLC

Top Ten Asia (ex-Japan) Target Involvement Announced Deals


Telecommunications / WirelessFinancials / Banks

1,483.0


3,388.0

Asia (ex-Japan) Analysis


Acquiror / Target Nation Target Macro / Mid Industry

2,374.0

2,627.0

Chinalco


Australia / Australia Telecommunications / Wireless

Materials / Metals & Mining4,535.0


Energy and Power / Petrochemicals

Industrials / Transportation & Infrastructure


China / Australia

China / Chile

5,150.1

Vodafone Group-Au Telecom Bus 2,456.2

Top 10 Asia (ex-Japan) Involvement Announced M&A Advisors by Target Industry* (AD25)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Morgan Stanley Nomura JP Morgan China International

Capital Co

Credit Suisse Blackstone Group LP UBS Goldman Sachs & Co Citi Bank of America Merrill

Lynch

% V o l u m e C o m p o s i t i o n





29 of 34



Target (% Sought/Acquired)

Resona Holdings Inc (6.4%)

San Miguel Brewery Inc (43.3%)

Acquiror / Target Nation

Japan / Japan

Japan / Philippines 1,225.1

Top Ten Japanese Involvement Announced Deals

2/27/2009 Pending

3/13/2009 3/31/2009


Japan Analysis

1/23/2009 Pending

2/16/2009 Pending 513.1

Japan / Japan 491.2

Financials / Credit Institutions

571.1536.7

Japan / JapanJapan / Japan

Japan / Australia

3/12/2009 Pending3/19/2009 Pending

Pending1/23/2009

655.73/6/2009 3/30/2009 Japan / Japan

667.0

Japan / Japan

United States / Japan

Japan / China

Consumer Staples / Food and Beverage

Financials / Banks

Healthcare / Healthcare Equipment & Supplies

Consumer Staples / Food and Beverage

1,021.3

785.5

Rank Date

3/10/2009 Pending

Date Effective

1,828.4

Rank Value (US$m) Target Macro / Mid Industry

Financials / Other Financials

Pending


USJ Co Ltd (48.5%)

1/20/2009

Media and Entertainment / Recreation & LeisureMaterials / Chemicals

Materials / Paper & Forest Products

Consumer Products and Services / Other Consumer Products

North Pacific Bank

Olympus Corp-Diagnostic Bus (100%)

Tsingtao Brewery Co Ltd (19.9%)

APLUS Co Ltd

Otsuka Chemical Holdings (33.3%)

Australian Paper (100%)

Tokyo Leasing Co Ltd (99.9%)

Acquiror

Resona Holdings Inc

Kirin Holdings Co Ltd

Resolution & Collection Corp

Beckman Coulter Inc

Asahi Breweries Ltd

Shinsei Bank Ltd

SG InvestmentsOtsuka Holdings Co Ltd

Nippon Paper Group Inc

Century Leasing System Inc

Top 10 Any Japanese Involvement Announced M&A Advisors by Target Industry* (AD19)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

N o m u r a

M i z u h o F i

n a n c i a l G r

o u p

D a i w a S e

c u r i t i e s S M

B C

M o r g a n S

t a n l e y C i t i

D e u t s c h e

B a n k A G

C r e d i t S u

i s s e

P r i c e w a t e

r h o u s e C o o

p e r s

G o l d m a n

S a c h s & C

o L a z a

r d

% V

o l u m e C o m p o s i t i o n





32 of 34

1q09 financial advisory[1]

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