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MERGERS & ACQUISITIONS REVIEWMERGERS & ACQUISITIONS REVIEWFINANCIAL ADVISORS

Full Year 2010

M&A Financial Advisory ReviewFull Year 2010 | Mergers & Acquisitions | Financial Advisors

1 Any New Zealand Involvement Announced (AD39)

Any New Zealand Involvement Completed (AF46)

Japan M&A

Worldwide Completed (AF1)

Americas Deals Intelligence

Japan Deals Intelligence

Any European Involvement Announced (AD21)

10

Americas M&A

Global M&A

Global Deals Intelligence

Scorecard: Worldwide Announced M&A

Scorecard: Worldwide Completed M&A

Top Fifteen Worldwide Announced Deals

Any German Involvement Announced (AD35)

17

17

18

18

Top Ten Japanese Involvement Announced Deals

19Any Japanese Involvement Completed (AF23)Any Spanish Involvement Announced (AD34)

Any Spanish Involvement Completed (AF41) 12

12

Any European Involvement Completed (AF3)

Any UK Involvement Announced (AD32)

Any UK Involvement Completed (AF39)

Any French Involvement Announced (AD33)

Any French Involvement Completed (AF40)

11

123

3

2

2

6

6

10

18

Any Japanese Involvement Announced (AD19) 19

20

11

Table of Contents

1

Worldwide Announced (AD1)

20

2

11

Fairness Opinion Rankings

Worldwide Announced Fairness Opinion

11

10

9

Any Asia (ex-Japan) Involvement Announced (AD25)

Any Asia (ex-Japan) Involvement Completed (AF32)

Top Ten US Announced Deals

Any Americas Involvement Announced (AD49) 7

US Target Completed (AF2)

Any US Involvement Announced (AD41)

7

6

US Target Announced (AD2)

Any Americas Involvement Completed (AF55)

7

Mergers & Acquisitions Criteria Summary

Any US Involvement Completed (AF48)

16

Any Italian Involvement Announced (AD36)

Any Nordic Involvement Announced (AD37)

Any Italian Involvement Completed (AF43)

20

20

21

Thomson ONE for Investment Banking

13

12

22

21

20

15

15EMEA M&A

Any EMEA Involvement Announced (AD47)

European Deals Intelligence

Any EMEA Involvement Completed (AF53)

Any Benelux Involvement Completed (AF47)

10 16

Any Canadian Involvement Completed (AF49)

Any Australian Involvement Completed (AF31)

13

Asia Pacific (ex-Japan) M&A

Asia Pacific (ex-Japan) Deals Intelligence

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

Any Canadian Involvement Announced (AD42) 8

Any Benelux Involvement Announced (AD40)

8

8

9

Any Japanese Announced Fairness Opinion

20

14

20

8 14

Any Nordic Involvement Completed (AF44)

7

Any German Involvement Completed (AF42)

13

13

Any Asia Pacific Announced Fairness Opinion

22About Thomson Reuters

Regional Contacts

Criteria Summary

20

16

16Any Australian Involvement Announced (AD24)

9

Top Ten European Involvement Announced Deals

21

15

Worldwide Announced Fairness Opinion

Any Americas Announced Fairness Opinion

Any USAnnounced Fairness Opinion

Any EMEA Announced Fairness Opinion

https://www.thomsonone.com

WORLDWIDE M&A UP 23%, STRONGEST QUARTER SINCE Q308 - The value of worldwide M&A totalledUS$2.4 trillion during full year 2010, a 22.9% increase from comparable 2009 levels and the strongest full yearperiod for M&A since 2008. By number of deals, M&A activity is up 3% compared to last year with over 40,000announced deals. Fourth quarter M&A activity increased 21.2% over the fourth quarter of 2009, to US$716.2billion, the largest quarter for worldwide M&A since the third quarter of 2008.

EMERGING MARKETS ACCOUNT FOR 33% OF M&A - M&A involving companies located in the emergingmarkets totalled US$806.3 billion during full year 2010, a 76.2% increase over 2009. For full year 2010, emergingmarkets M&A accounted for a record-setting 33.1% of worldwide M&A volume compared to 18.8% during thecomparable period in 2009. Cross Border M&A activity totalled US$952.5 billion during full year 2010, accountingfor 39.1% of overall M&A volume, compared to 27.6% last year at this time. Cross border M&A was driven by triple-digit year-over-year growth in the Materials, Financials and Retail sectors.

COMPLETED ADVISORY FEES UP 29% - According to estimates from Thomson Reuters/Freeman Consulting,M&A advisory fees from completed transactions totalled US$29.2 billion for full year 2010, a 29.3% increase fromthe comparable period in 2009. Deal activity in the Americas accounted for 51.4% of the worldwide fee pool, whileEurope, Middle East and Africa accounted for 31.3%. Asia Pacific and Japan contributed 14.1% and 4.2%,respectively.

Full Year 2010 FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEWWorldwide M&A Up 23% to US$2.4 trillion l Emerging Markets Drive 33% of M&A l Goldman Sachs Tops Rankings l Estimated Advisory Fees Up 29%

Worldwide Completed M&A by Region - Imputed FeesGlobal Deals Intelligence

$3

$4

$5

$6

$7

Impu

ted

Fees

(US

$b)

Americas

Emea

Asia Pacific (ex Central Asia)

Japan

Worldwide Unsolicited Bids Worldwide Volume by Deal Status

RESOURCES, FINANCIALS LEAD ACTIVITY - The Energy and Power sector was most active during full year2010, commanding 20.6% of announced M&A, while the Financials and Materials sectors accounted for 15.2%and 10.8% of M&A activity, respectively. Deals in the Financials, Healthcare and Industrials sectors were the onlysectors to experience year-over-year percentage declines over full year 2009. PRIVATE EQUITY M&A UP 89% OVER 2009 - Worldwide private equity-backed M&A activity totalled US$225.4billion during full year 2010, the biggest year for global buyout activity since 2008. Accounting for 9% of worldwideannounced M&A during 2010, private equity-backed M&A increased 89.2% compared to full year 2009.

2.2%

7.0%

2.6%

3.2%

4.7%

4.3% 4.2%

6.2%

5.1%

2.8%

6.2%

0%

1%

2%

3%

4%

5%

6%

7%

8%

$0

$50

$100

$150

$200

$250

$300

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

% o

f Glo

bal M

&A

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of YTD Global M&A

$0

$1

$2

$3

$4

$5

$6

$7

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

Impu

ted

Fees

(US

$b)

Americas

Emea


Japan

18.8%20.4%21.2%

16.0%

28.4%

21.8%

14.7%

23.5%

9.3%

30.5%

16.5%

59.3%

7.5%

24.4%

15.6%15.7%13.5%

22.8%

9.7%

29.6%

0%

10%

20%

30%

40%

50%

60%

70%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10

% o

f Glo

bal V

olum

e

Ran

k Va

lue

(US

$b)

Pending Completed Withdrawn % of Withdrawn to Completed


2.2%

7.0%

2.6%

3.2%

4.7%

4.3% 4.2%

6.2%

5.1%

2.8%

6.2%

0%

1%

2%

3%

4%

5%

6%

7%

8%

$0

$50

$100

$150

$200

$250

$300

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

% o

f Glo

bal M

&A

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of YTD Global M&A

$0

$1

$2

$3

$4

$5

$6

$7


Impu

ted

Fees

(US

$b)

Americas

Emea


Japan

18.8%20.4%21.2%

16.0%

28.4%

21.8%

14.7%

23.5%

9.3%

30.5%

16.5%

59.3%

7.5%

24.4%

15.6%15.7%13.5%

22.8%

9.7%

29.6%

0%

10%

20%

30%

40%

50%

60%

70%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

% o

f Glo

bal V

olum

e

Ran

k Va

lue

(US

$b)

Pending Completed Withdrawn % of Withdrawn to Completed

1

Western Europe

Mexico921,194.8

Brazil143,662.8

Canada 99,642.7

15,397.4

North AmericaUnited States 821,552.1 7,789 719,362.0

815,259.8

Full Year 2010 | Mergers & Acquisitions | Financial Advisors

1,980,347.29,241

1/1/2010 - 12/31/2010 1/1/2009 - 12/31/2009No.

DealsNo.

DealsRank Val

US$m

1,822,391.2

1/1/2010 - 12/31/2010

Target Region/Nation

47,836.1252

Worldwide

No. Deals

▲

▲18552,954.4

5,106.0

Target Region/Nation

Worldwide 40,6602,434,203.6Americas

18,470.8

Rank Val US$m

1,136,282.8

104,173.8South America

4,766

138

United Kingdom

North Africa

10 564

10,0132,301

2,153.21701,143

95,897.892,818.765,438.8

2,291

597

49,288.8

1,383

Chile

62,820.6

Western Europe162,881.5

France

Americas

Central America

Scorecard: Worldwide Announced M&A

Eastern Europe523,356.7

323 502 6 10 386

▲125.1

6.2

▲France1,259

-1.0528,725.14,3169,509

10.3

80,585.1 -35.4▲

49 0

117,664.0

482 008 5

924Spain

641,020.6

52,067.5

14,779Europe

30,265.3 470 11,654.9 371

483

1,291

17,456.1

Asia-Pacific

91,010.6Africa/Middle EastMiddle East

Sub-Saharan Africa-6.5

2,155

13,825460

1.8

150.243,670.79,156.3

▼▲

Sub-Saharan Africa580,985.4

52,260.4Europe

Eastern Europe▲

45,569.5▼203 886 2

59,131.1 824159,973.4

1,140

1009,794.8

Germany

Asia-Pacific

United Kingdom438,473.6

46,706.0

4,040

1,950

1,2145 984

483,645.3 -17.745,171.7

34 1

542,942.9178,087.4

6 243273 384 8

44,618.812,225

7,961146,423.8

1,052

8,185

74,026.837,294.4

1,836

▲

8,168.5▲

▼1.2

22.21,060-36.9

74 69259 50.6

587,561.8

37,904.1

11,642

-15.0

15,135.9

245

5,364.479,008.3 331

132621

5,499.680.5

1,010Chile

84.6159.7

615.1

240

319Middle East

138

▲

785420

▲23.3

195Central America

13.0

Canada

59.2

22.9

2,389 1,482

7,978

54.8442

3.914.2

76,998.0

10,2067,817

▲▼

▲

94,981.567,142.5

22,797.8

14,745.611,863.9

10,327.6

▲

29.6

29,992-1.1

2,104.5138120

0.99,147926,233.6▲

126

29,896

CaribbeanCaribbean 184.6215 5,692.9335

6,490.1644.7

12,013

Rank Val US$m

17811,77639,481

7,111.3

% Change in Rank Value

26110,080

921,679.9

8,104145

North America836.9 Mexico

▲96

2,253.9

North Africa

South America

6,496

942

Africa/Middle East 668138

57,529.3

Brazil

No. Deals

49,687.6▲

▲

7,377.8

▲ United States

1,838,870.7916,201.6

Rank Val US$m

▲

▲

-6.184,690.7

101,942.5

44,844.8 1,846.1

687,156.8 731,653.71,600

▲-6.4764,154.7 816,344.4 ▼

▼

2,329.2

▼6,504

▼

115.7

51.8

▼

▲▲▲

-6.8-9.1

92.5

▲▼

▲▲

Mergers & Acquisitions

% Change in Rank Value

1/1/2009 - 12/31/2009

Worldwide Announced M&A by Target IndustryScorecard: Worldwide Completed M&A

▼▼-17.8

-19.2 ▼▲

▲

3,681

1,031

▲

20%

15%

11%

9%

8%

8%

7%

7%

5%

4%3% 2%

South East Asia

Intended

12/20/2010

Zain Group (51%)8/27/20102/21/2010Pending

Rank Date1/13/2010

Zain Africa BV (100%)

1/4/2010 Pending

Pending10/4/2010

8/10/2010

10/3/201010/4/2010

8/29/2010

Pending

Pending1/19/2010 2/17/2010

16,053.8

2,05710,564

British Sky Bdcstg Grp PLC (60.9%)

6/8/2010

11/1/2010

Pending Weather Investments Srl (100%)

9/30/2010

Hong Kong

143,447.3

85,849.2

MalaysiaIndonesia

China

Pending

16,370.1

Date Effective

48,099.0

83,881.1

North Asia

South Asia 1,234

Qwest Commun Intl Inc (100%)

3/8/2010

Coca-Cola Co

United States / United States

61.8104,890.5 1,778

Coca-Cola Entr Inc-NA Bus (100%)

12,144.4Williams Partners LP

Schlumberger Ltd

6/15/2010

2/15/2010Jelas Ulung Sdn Bhd

The Williams Cos Inc-Gas (100%)

Bharti Airtel Ltd

Russian Fed / Italy

United States / United StatesFrance / United States 19,259.8

United States / United StatesUnited States / United Kingdom

Etisalat13,091.5Coca-Cola Enterprises Inc

Novartis AG

Plus Expressways Bhd (100%)

13,440.713,730.4


2/25/2010

Alcon Inc (24.6%)

Coca-Cola Enterprises Inc (100%)

792,484

214,503.2

Genzyme Corp (100%)

JapanCentral Asia -23.7 ▼

34,433.1

4/22/2010

Sanofi-Aventis SA

Switzerland / Switzerland

News Corp

8,122.0

CenturyLink Inc

America Movil SAB de CV



MetLife Inc

Utd Arab Em / Kuwait

▲

Australasia

38,208.9

131,685.6

4,848

800▲

2,486

202,836.63,093 108,746.3

4364,866

31,020.6

323,502.6

▲▲

12,863.5

New Zealand

544.5

Australasia1,783

10,386

Hong KongSouth Asia▲

▲

▲

China

381

2,16110,383.0

680

1,851

19,919.6

American Life Insurance Co Inc (100%)

Smith International Inc (100%)

49.0482,008.5

6/16/2010

10/4/2010

International Power PLCCarso Global Telecom SAB de CV (100%)

-10.748

2,710

91.8 732

-20.0

67721,377.6

VimpelCom Ltd

India / Nigeria

36,999.0131,120.8

1,155

Target (% Sought/Acquired)

7,918.2▼

52

Malaysia / Malaysia

6,257.314,659.9

40,328.4

134,257.620.6

7.5

12Australia

Asia-Pacific

93.24955.8

11.7 ▲2,121North Asia

Thailand▲

9,686.3

882

47.0

41,011.0

Australia

▲

1,494▲203,886.2

2,341

2,318

153.2

91,336.45,012.7

▲4,725.8

94.7

140.177,378.1

24,183.6

Asia-Pacific

54,837.0

75144,098.6

20182.0

56,647.8 1,986

GDF Suez Energy International (100%) United Kingdom / United StatesMexico / Mexico

20,655.4

Central Asia108,109.8

35

Rank Value (US$m)

Japan

Acquiror

18,570.79,100.1

Energy and Power / Power27,483.4

Acquiror / Target Nation

2,339 ▲▼

25,090.2

55,383.1 ▲717

66,805.6

28.3773

15.1983912

15.1

Singapore

66,662.3

282

8,797.61,637

1,336

South East Asia 40,371.5

5,984 34.16,243273,384.8

▲

13,028.4

10,700.0

11,750.4

▲

▲

2.412,560.61,665 -1.6

395.350,750.4

1,464

111,300

611

52,968.1

8

263

2,125.6

46.1▲

▲

Consumer Staples / Food and Beverage

Financials / Insurance

Energy and Power / Oil & Gas


Media and Entertainment / Cable

Telecommunications / Wireless

Telecommunications / WirelessIndustrials / Transportation & Infrastructure

12,223.6 Energy and Power / Oil & GasHealthcare / Healthcare Equipment & Supplies

Healthcare / Biotechnology

Telecommunications / Telecommunications ServicesTelecommunications / Telecommunications Services

▲▲

▼▲

Telecommunications / Telecommunications ServicesTarget Macro / Mid Industry

31.4

10,954.5

22,170.2

Top Fifteen Worldwide Announced Deals Jan 1 2010 – Dec 31 2010

8,782.9Papua New Guinea

20%

15%

11%

9%

8%

8%

7%

7%

5%

4%3% 2%

Energy and Power Financials

Materials Industrials

Healthcare Telecommunications

Real Estate High Technology

Consumer Staples Media and Entertainment

Consumer Products and Services Retail

Government and Agencies


20%

15%

11%

9%

8%

8%

7%

7%

5%

4%3% 2%

Energy and Power Financials

Materials Industrials

Healthcare Telecommunications

Real Estate High Technology

Consumer Staples Media and Entertainment

Consumer Products and Services Retail

Government and Agencies

2

Barclays Capital Lazard

▲64,463.0 ▲

▲

59 860 1

35

30

18

1350.1

Blackstone Group LP

6

12

3119

Evercore Partners

3.175,870.6 3.1Macquarie Group 1775,337.372,655.9Greenhill & Co, LLC

RBC Capital Markets

80,610.916 12

Deutsche Bank AG

1528

Nomura 13

HSBC Holdings PLC14Societe Generale

BNP Paribas SA

0.3

▼

1.7

25

4461

▼

1 3

3.0 19

2 0

▼

1350,798.451,740.1 2.8

▲

36-1.0-0.3

2 7

0.5

0 0-12

159.8▼

+17

▲

▲148.4 ▼0.520 2.819 0.2

50 160 7 ▲81 9 0 3 0 2+921

▲57

15 +242 50.9

▲ Centerview Partners LLC 48

+160.2

0 3

1.3+21 ▲

▲

21RBS ▼

3.6393.3 15260,956.6

1390.1 ▲ 0.5

▲

Perella Weinberg Partners LP 20

27Blackstone Group LP19Houlihan Lokey 18

2.7 +10

-0.1▲0.6 0.3

1.0▲

0.01.1

-0.4

21▲ 289.5+21

▲4.0 -5.7 ▼0.2

2.2

1299

104▲66,983.5+2116

Jefferies & Co IncBNP Paribas SA 72,545.1 247.013

79,257.2 ▼162▲

4.3 3482,749.1

-5.6▼-1 ▼+30.5 +28

0.6 0.10.1 ▲0.1

81,423.8 3.3+16

15

Greenhill & Co, LLC-1 ▼14▲

16 120,366.6 4.9 1.2

17▼3.3▼▲

-6.7

4.684,542.5▲ 0.4278.2 1.0 0.14.5

0.9172.7

▲2.2-0.2

38Evercore Partners0.2

▲

Nomura 26

0.3

1.6

▼

+9

0.30.0 -

▼

▼

-5.2 -6 702.8+11 ▲

▲0.70.6

0.112

-0.4▲

0.2178.3213.413 15 ▼

0.8HSBC Holdings PLC

155,630.4 6.4 -4.22.0

227118,208.54.72.3

9-9

28

187,555.1 10.2 -5.1▼

71

▼

128,592.9 5.3 0.211 6.4261

125▲▼

0.3

10▼

▼0.6

159

-4 86,845.211▲

+612.4

0.7▼

▲▼ 0.13.0

209▼▼

241 0.8

▼0.7 -3

▲

▲-15 243,555.14▲ 9+34 Bank of America Merrill Lynch 232,831.4 ▼12.7 197-13.7 0.7

13.2 -3.3 792.6+36 UBS 7 ▼-3.6247,470.2 228 0.813.5+27

▼0.6

204▼ 241

0.7288▼

0.5

0.6▲ Barclays Capital

8▲

86

Deutsche Bank AG▼

264,362.96 13114.4 ▲ 720.50.410▲

▲7 341,779.6 14.0

412,764.2▼-0.6

4▲ Citi

0.8 ▲17.0259 +290.6

17.5-13.6

318 +483

321,789.95347,882.57

JP Morgan ▼0.40.5

17.05 2 313,130.3268

0.6

Credit Suisse 2.2

▼

3.5 0.32

▲+8 ▲ 1,035.8 ▲

2010 Rank # of Deals

0.44.91,431.8▲1

Market

▼▲440,127.3

22.1320-5.7 ▼

-6.2 3940.8

Morgan Stanley3 -7.0 ▼1 23.5

19.5432,282.1

▲

Sh (%)+54# of Deals

-3.6 0.9Sh ($)

1.0▲

MarketChange in

1.1 0.9Sh (%)

▲Share Ch.

6.7

18.1

MarketRank Value per Advisor (US$m)

Worldwide Announced (AD1)


Market Change in 2010 Rank

5

4 63

Goldman Sachs & Co13

5UBS 329,451.9 13.5

-3.4

98,789.4

11.3 -0.5

Worldwide Completed (AF1)

Sh (%)

Rank Value per Advisor (US$m)MarketRank Value # of

Jan 1 2010 – Dec 31 2010

Share Ch.

Credit SuisseJP Morgan

Market# of Deals per Advisor

US$m Deals

Morgan Stanley

Deals370554,549.01 ▼22.8

# of Deals per Advisor

-6.9 ▼

2

Financial AdvisorGoldman Sachs & Co

# of2009 Rank

▼ +80

275,745.5

12.0

▲2.1

-4.3293,119.0-1.0

-11.4279,567.1

2

CitiBank of America Merrill Lynch

11.578

538,058.3

8

4

257,750.7

MarketUS$m

Lazard

11

10

0.3

0.1

804.1

+617

10 9

2011

0.2

▼

Rothschild

277

Financial Advisor

171

2009 Rank

+1▲

▼

▲48

+7

0.146

0.40.7

+36▼-15

9

Rank Value

Rothschild10.6

Worldwide Rankings

2.5

18.9357,620.7

179

3191.10.8

Jan 1 2010 – Dec 31 2010

+11238-1 ▼

Market

722.5

Imputed Fees (US$m)

+79▲1,961.1+69

-26 2.5

0.1843.8

-14.9

2.5▼

▲+51

324

0.9

AdvisorFees

4.71,361.9

0.12.9

Sh (%)

▲

2.7

2.9

324.6

851.8

Share Ch.

▼

879.1+31

* tie

59,860.154,935.6 ▼Santander

135

2524

14

▲RBC Capital Markets+32

36

0.1▲

+17118

22RBC Capital Markets

22Jefferies & Co Inc 23 18 ▼

561.844,244.7

-0.2-1.7

▼-1.32.3

Standard Chartered PLC

Industry % Change from Last Quarter ▲

36,643.8Houlihan Lokey

Industry % Change from Same Period Last Year ▲

JP Morgan

Rank Val US$m

501,345.1

108,041.3Morgan StanleyGoldman Sachs & Co

Energy and Power

530.3

3,512

No. Deals

0.40.1

-2.42,434,203.6

▲1541.5

40,631.4

3.0%0.3%12.4%

1.7

Mkt.

54

▲22.9%

Top Worldwide Announced M&A Advisors by Target Industry

92,196.4

Industry Total

2

Share

18.3

40,660

▲

3

100.0

Rank

50

2.4

Industry Total

5,126

+1 Mizuho Financial Group▼▲

+1,179

1.2▼

46,497.9 -1.423

-2 Perella Weinberg Partners LP

2.524

46,846.2

43,279.7 1.7

171850

40,621.732

0.9%

▲

22Santander2.0 13

0.5 -▲0.5

0.0

▲

2.2 -0.1121

▼25 139.2+13-96

221,838,870.7

0.1100.0

▲

100.0

▼-0.3%Industry % Change from Same Period Last Year

29,896

▼▲

29.3%

29,230.40.3

▲0.1303.40.4

+26 ▲▼

-40.4▼

2.6▲

-1.92.7

1210.10.0

44▲

1.0+3 0.397.8

50,160.7▼▲81.9 0.3

0.30.2

▲+921 15 +242.5 ▲ Centerview Partners LLC 480.3 21

Deutsche Bank AG

Financials

2Morgan Stanley

66,747.9

UBS

221,607.6

48,813.3

31.12

36,251.7 14.0

Healthcare

JP Morgan

370,945.480,919.1

18.1260,915.6

321.278,197.3

48,607.5

Industrials

14.8Bank of America Merrill Lynch

218.8

3

Goldman Sachs & Co38,191.0

Goldman Sachs & Co 41,408.5 3182,294.7

Goldman Sachs & Co

26.23

22

Materials

Credit Suisse

JP MorganCredit Suisse

70,611.4

18.927 22.2

56,503.4

▲Industry % Change from Last Quarter 12.3%

Goldman Sachs & Co

19

21.560

21.9

5,835

36

23.5

42

38 2,166

27.3

1

38.9

51,678.8

47,579.1

56

1

137,139.1

5,635

1

2

1

9.1% ▲

83

27

63

48

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

▼

22

-6.4%

1

135.1

Jan 1 2010 - Dec 31 2010

$0

$100

$200

$300

$400

$500

$600

Goldman Sachs & Co

Morgan Stanley

JP Morgan Credit Suisse Deutsche Bank AG

UBS Bank of America

Merrill Lynch

Citi Lazard Barclays Capital

Ran

k Va

lue

(US

$b)

Qwest Commun/CenturyLink

GDF Suez/International Power

Carso Global/America Movil

Weather Investments/VimpelCom

Other Top 15 Deals

All Other Transactions


$0

$100

$200

$300

$400

$500

$600

Goldman Sachs & Co

Morgan Stanley

JP Morgan Credit Suisse Deutsche Bank AG

UBS Bank of America

Merrill Lynch

Citi Lazard Barclays Capital

Ran

k Va

lue

(US

$b)

Qwest Commun/CenturyLink

GDF Suez/International Power

Carso Global/America Movil

Weather Investments/VimpelCom

Other Top 15 Deals

All Other Transactions

3

Industrials

Materials

Healthcare

High Technology

12.2x 9.5x

Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA

11.9x

11.0x11.0x

9.8x

11.2x

27.7x

15.1x

5.3x

Worldwide M&A MatrixFull Year 2010 | Mergers & Acquisitions | Financial Advisors

12.9x

Japan

11.8x

12.1x

11.3x12.3x

10.7x

11.2x

Retail

Telecommunications 8.2x

20.6x

12.5x

10.1x

11.5x

10.8x

17.1x

14.0x

6.9x

12.7x

12.6x

8.6x13.4x 10.2x 13.1x 15.1x9.3x 11.2x11.5x 20.6x 10.2x 11.2x

12.9x

8.5x11.5x27.5x

10.6x

15.9x 12.9x15.9x

15.1x

11.5x8.0x9.7x

10.1x 11.0x 9.5x 8.0x 12.4x

11.0x 9.7x 7.3x

8.2x9.9x 10.5x 9.8x 10.3x

26.2x 15.3x 19.5x

24.7x13.0x 14.2x10.8x

12.2x

11.4x10.6x 11.6x12.5x 12.2x 6.0x12.1x

13.2x

10.8x 12.1x 11.8x 11.6x11.2x 14.8x

9.8x 11.6x12.5x11.2x

10.8x

11.4x12.5x18.4x 12.9x7.8x16.6x 13.2x12.9x

13.5x 6.0x 11.1x 11.6x 12.4x

11.0x

9.5x

9.0x 3.2x 10.9x

11.6x

9.5x

10.8x

6.0x 11.1x

6.1x 7.6x15.6x 12.5x

UKEMEA

11.5x

Asia ex. JapanEurope

13.1x 12.3x10.2x11.4x13.0x

11.0x

11.9x9.3x

7.4x 9.9x7.2x 7.6x

5.7x-11.6x8.9x

8.4x6.8x 9.5x

9.6x7.0x

10.8x

Media and Entertainment 9.4x 10.7x24.5x 15.8x

10.1x

15.3xReal Estate

8.2x8.7x

12.4x13.5x

11.7x

10.1x10.7x

2010 UP 2010 DOWN 2009

World Americas

-

10.6x10.5x

13.0x

14.5x 13.8x

13.1x

CanadaUSA

5.8x12.5x 11.4x

10.7x

10.8x

10.5x

Energy and Power

Consumer Products and Services 11.4x 12.1xConsumer Staples 10.7x 10.1x

9.5x

8.1x

11.6x

20.6x 15.3x

10.2x

10.8x

11.6x

9.5x

11.6x

11.9x

10.5x 10.5x

0.6x

19.2x 11.6x10.8x

12.3x

12.1x

4.3x

3.8x

12.0x

11.5x14.4x

12.2x6.4x

10.7x

*Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. The data given refers to the time period 01/01/2010 - 12/31/2010. The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%. All spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded.

Consumer Staples

Healthcare

32.6

29.7

35.8

38.2

32.8

25.1

34.349.7

21.441.6

24.619.328.4

42.524.3 25.5

26.3

28.5

36.427.030.4 26.4 22.5 47.8 32.7

24.430.726.633.2

33.6

24.2

30.2

29.9

37.813.135

40.1

32.9

41.5

37.1

38.027.9 21.228

35.9

29.3 14.4 18.8

40.1

31.2

26.7

40.1

25.8

24.9

37.0

32.2

21.8

40.139.2

46.0 36.0

41.3

Average Industry Total

22.3

35.0

Telecommunications 31.2

25.0

23.6 45.039.229.0

40.630.935.1

10.9x

36.7

43.2

44.9

28.3

35.2 35.2

40.2

Retail

30.8 32.6

29.4

Media and Entertainment

21.2

24.9 31.0 38.1

33.927.6

High Technology

Industrials

Energy and Power

Materials

2010 UP 2010 DOWN

9.3x

32.1

35.3

40.4

52.7

1.9

30.6

15.9

26.6 23.5

56.3

31.238.3

24.1

43.435

22.7

18

24.3

28.9 31.5 35.8

28.8 33.1 25.1

30.5 40.1

38.837.9

23.7

33.0

33.4 50

3.4

49.4

30.9 29.4

26.9 29.6 36.6 33.0 13.0

14.411.7

37.1

36.430.7 33.8

37.223.3 42.5

38.3 30.1

31.4 27 33.6

21.8 41.2 21.821.1

28.8 39.8 25.126.026.0 29.4 19.4

22.7 27.726.8 26.1 29.5

50.1 53.931.942.4 34.433.1 25.1

21.7

22.935.0 63.425.1

34.6

23.6 25.6

-

29.9

19.119.4

20.2

30.9

31.3 22.9

24.6 40.734.123.7 30.9

89.2

37.124.225.426.1

23.4 32.3

31.1

21.7

36.3

19.3

25.9

26.6

11.6x

31.2

Japan

22.5

1.0

41.914.7

31.1- 33.3

11.4x

38.2

44.1

25

12.1x

24

27.3

36.7

UK Asia ex. Japan

31.422.7

26.147.1

Europe

25.8

31.5 -27.4 -

11.9x 10.9x

29.8 33.3

Canada

Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price

11.8x12.0x 10.9x 11.6x

31.2 30

29.2 41.832.9 33.7

20.4

Americas EMEA

12.4x 11.1x 11.7x 10.9x 13.0x 8.6x

USAWorld2009

28.0

Average Industry Total 11.7x

Real Estate

Financials

Consumer Products and Services

https://www.thomsonone.com 4


Worldwide Announced Rankings* - A Decade in Review

0

1

2

3

4

0

1

2

3

4

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Goldman Sachs & Co

Morgan Stanley

JP Morgan

Credit Suisse

*League Table positions reflect consolidation within the banking sector

0

1

2

3

4

5

6

7

8

9

102001 2002 2003 2004 2005 2006 2007 2008 2009 2010

0

1

2

3

4

5

6

7

8

9

10

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Ran

k

Goldman Sachs & Co

Morgan Stanley

JP Morgan

Credit Suisse

Deutsche Bank AG

UBS

Bank of America Merrill Lynch

Citi

Lazard

Barclays Capital


*League Table positions reflect consolidation within the banking sector

0

1

2

3

4

5

6

7

8

9

102001 2002 2003 2004 2005 2006 2007 2008 2009 2010

0

1

2

3

4

5

6

7

8

9

10

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Ran

k

Goldman Sachs & Co

Morgan Stanley

JP Morgan

Credit Suisse

Deutsche Bank AG

UBS


Citi

Lazard

Barclays Capital

5

US LBO transactions largely held onto the M&A market share re-established in the second quarter of 2010, at just under15% of total value, a level not seen since late 2007. Notable buyout transactions in 2010 included the US$5.3 billionacquisition of Del Monte Foods by Kohlberg Kravis Roberts & Co LLP, Vestar Capital Partners, and Centerview PartnersHoldings LLC and the US$5.2 billion acquisition of EXCO Resources Inc, by a management-led investor group, comprisedof EXCO's Chief Executive Officer Douglas H. Miller.

M&A activity with Canadian involvement during 2010 increased by 24.6% compared to last year, to US$172.1 billion. Thevalue of Canadian M&A deals increased in 2010 while volume remained flat

LBOs as a Percentage of US Targeted Announced M&A

M&A activity with US involvement during 2010 increased 18.5% compared to last year, reaching US$1 trillion. Thisrepresents the first yearly increase since 2007. By number of deals, US M&A activity is up 2.9% compared to last year,with over 10,000 announced deals.

The Energy & Power sector led the market, with deal volume totalling US$230.7 billion, a 28.1% share of US M&A activityduring 2010 and a 155.8% increase compared to last year. Healthcare took the second slot with US$108.3 billion. HighTechnology led the market based on number of deals with 1,482 transactions.

Americas M&AFull Year 2010 | Mergers & Acquisitions | Financial Advisors

US M&A Increases 19% | US Leveraged Deals Accounts for 15% of US Volume | Energy & Power Sector Gains Lead

Americas Deals Intelligence

0%

5%

10%

15%

20%

25%

30%

35%

40%

$0

$100

$200

$300

$400

$500

$600

$700

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

% o

f US

M&A

Ran

k Va

lue

(US$

b)

LBO Non-LBO LBO as % of US M&A

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

* tie

36,071.4

28

41.0

38.3

13,091.5

23

38.095,315.2

33.422

31,079.5

11

32,813.5 2

1,482

902 22

27 34.6

22 Goldman Sachs & Co 30,311.0

30,169.5

1

Morgan Stanley41.2

Coca-Cola CoUnited States / United States

26.8

42.320


24

International Power PLC

3JP Morgan 41,331.5

23

740 45.0

327.52

23 26.724

773

US Announced Advisors by Target IndustryNo.

Deals

29 Energy and Power

Goldman Sachs & Co

Rank Val (US$m) Rank230,750.4

Share

43.0

1

1

48,643.5

JP Morgan

Goldman Sachs & CoMorgan Stanley

Financials25,390.7

36,019.9

74,749.1

High Technology

Barclays CapitalMorgan Stanley 61,460.5

63,253.8

2

1

3

Healthcare

Morgan Stanley

CenturyLink Inc United States / United StatesUnited Kingdom / United StatesPending GDF Suez Energy International (100%)

Pending Qwest Commun Intl Inc (100%)

1/19/2010

8,943.9Enterprise GP Holdings LP (100%) Enterprise Products Partners

Williams Partners LP United States / United StatesThe Williams Cos Inc-Gas (100%)

2/11/2010

11,750.49,000.5

Coca-Cola Enterprises Inc (100%)

Energy and Power / Oil & Gas

Schlumberger Ltd

Genzyme Corp (100%)

Pending Allegheny Energy Inc (100%)

10/4/2010

United States / United States9/7/2010FirstEnergy Corp United States / United States

Coca-Cola Enterprises IncUnited States / United States

Smith International Inc (100%)2/17/201011/22/2010

8/27/2010 United States / United States

11/1/2010 United States / United StatesFrance / United States

Rank Date Target Macro / Mid Industry

Sanofi-Aventis SAPending

Rank Value (US$m)Date Effective

12,223.6

13,440.7

25,090.2Acquiror / Target Nation

22,170.2

3/8/201019,259.816,053.8American Life Insurance Co Inc (100%) MetLife Inc

8/29/2010

Goldman Sachs & Co108,324.6

Mkt.

99,011.9

Energy and Power / PowerTelecommunications / Telecommunications Services

Target (% Sought/Acquired) Acquiror8/10/2010

10/4/20102/25/2010

4/22/2010

Energy and Power / Power

Healthcare / BiotechnologyFinancials / Insurance

Consumer Staples / Food and BeverageConsumer Staples / Food and Beverage

Energy and Power / Oil & GasEnergy and Power / Oil & Gas

Top Ten US Announced Deals Jan 1 2010 – Dec 31 2010

Jan 1 2010 – Dec 31 2010

2/21/2010

10/3/2010 Coca-Cola Entr Inc-NA Bus (100%)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Goldman Sachs & Co

Morgan Stanley JP Morgan Barclays Capital Credit Suisse Bank of America Merrill Lynch

Deutsche Bank AG

Lazard Citi UBS

% V

olum

e C

ompo

sitio

n

Telecommunications Retail Real Estate Media and Entertainment MaterialsIndustrials High Technology Healthcare Government and Agencies FinancialsEnergy and Power Consumer Staples Consumer Products and Services

0%

5%

10%

15%

20%

25%

30%

35%

40%

$0

$100

$200

$300

$400

$500

$600

$700

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

% o

f US

M&A

Ran

k Va

lue

(US$

b)



0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Goldman Sachs & Co

Morgan Stanley JP Morgan Barclays Capital Credit Suisse Bank of America Merrill Lynch

Deutsche Bank AG

Lazard Citi UBS

% V

olum

e C

ompo

sitio

n

Telecommunications Retail Real Estate Media and Entertainment MaterialsIndustrials High Technology Healthcare Government and Agencies FinancialsEnergy and Power Consumer Staples Consumer Products and Services

0%

5%

10%

15%

20%

25%

30%

35%

40%

$0

$100

$200

$300

$400

$500

$600

$700

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

% o

f US

M&A

Ran

k Va

lue

(US$

b)


6

Lazard Lazard

Americas Rankings

100 017 980 4Industry Total +3311 090 442 5 11 1821 342 366 2 100 0 +591▲

14 636 100 02.2 1.7

Industry Total0.3 0.10.1 0 - 52.1 ▲1.5 ▲ 60 0.4 48 23,790.1Allen & Co Inc 25 9

▲BMO Capital Markets 25 35 33,322.6 2.5

2.2 -2.9+6 ▲

19 23,866.6 1.0 0.1▲ 181.6▼ 49 0.4 +15-0.5 ▼ 29 0.2 CIBC World Markets Inc 24+9 ▲▼

HSBC Holdings PLC 24 22 33,896.0 2.556 0.4 +48 ▲ 0.9 0.232 23,955.8 2.2 0.2 0.5 +15 ▲ 163.3Moelis & Co 23

0.6 0.40.3 +25 ▲ 106.2▲ 52

▲Banco BTG Pactual SA 23 36 34,759.8 2.6 1.7 ▲

▲ 33+4 ▲ Tudor Pickering & Co LLC 220.6 0.4

58 31,094.030 31,755.2 0.2 +15

2.9 2.62.7▲

-4.3 ▼+5 ▲

138 0.937 0.3

Houlihan Lokey 22 13 35,746.0

▼Greenhill & Co, LLC 21 23 39,342.2 2.9 0.4 ▲ ▲101.9

26 0.2 +3 ▲ ▼ 1073.5 -3.0Perella Weinberg Partners LP 21RBC Capital Markets 20

▲ 192.9 0.514 38,381.6 1.0 +24 1.5 0.1▲ 270.9

3.9 -3.8 0.8 0.10.3 +9 ▲ 141.1▼ 34 ▼Nomura 20 32 42,393.4 3.2 2.0 ▲

-2.8 ▼ 108 0.7 13 42,537.4Greenhill & Co, LLC 19▼

Jefferies & Co Inc 19 15 43,691.5 3.34.1 1.2

+41 ▲27 45,154.1 0.5 0.3▲ 87.4▲ 34 0.3 +41.2 ▲ 44 0.3 Santander 18+14 ▲

▲Santander 18 26 47,814.5 3.6

118 0.8 +19 ▲ 0.8 0.217 49,002.8 4.5 -0.9 0.3 +12 ▲ 143.7Blackstone Group LP 170.5 0.40.1 +8 ▲ 80.4

▼ 30▲

RBC Capital Markets 17 14 50,358.8 3.8 -2.8 ▼▲ 12-13 ▼ Centerview Partners LLC 16

0.4 0.134 49,660.835 51,171.0 0.2 +11

4.6 3.34.0▲

2.1 ▲+2 ▲

29 0.210 0.1

BNP Paribas SA 16 28 53,992.9

▼Societe Generale 15 33 57,951.2 4.3 3.3 ▲ ▲70.0

22 0.2 +10 ▲ ▼ 925.1 -5.4HSBC Holdings PLC 15Rothschild 14

▲ 274.7 3.59 55,700.7 0.8 +13 1.8 0.3▲ 331.1

5.5 0.6 1.5 0.11.2 +29 ▲ 266.1▲ 139 ▼Perella Weinberg Partners LP 14 25 63,971.1 4.8 2.4 ▲

-4.1 ▼ 96 0.7 20 60,403.4Houlihan Lokey 13▲

Rothschild 13 11 70,897.1 5.36.1 3.9

-3 ▼1.7 0.5▲ 305.0▲ 92 0.8 +37Jefferies & Co Inc 12+15 ▲ 31 66,161.2-0.6 ▼ 37 0.3

-12.6 ▼ ▼Blackstone Group LP 12 16 71,582.3 5.3

32 0.2 +2 ▲ 0.8 0.57 75,494.0 6.9 -10.3 0.3 0 - 149.9Evercore Partners 112.6 0.31.2 +25 ▲ 460.6

▼ 28

3.0 0.5▼ 132 ▼

Evercore Partners 11 7 76,847.6 5.7

1.2 +3610.7 -0.3

▲ 12912.6 4.290.9

+41 ▲ ▲ 540.88 116,662.912 137,499.0

-3.1 ▼ 134156

10+1 ▲UBS3.6 ▲

10 9 129,642.1 9.7

▲UBS 9 12 173,085.0 12.9 ▲1.1

▲ 114130 0.9 +34 ▲ Deutsche Bank AG 8 11 149,269.0 13.7 4.3 1.0 +39 530.915.9 -15.8 4.0 0.61.4 +30155 ▼

Deutsche Bank AG 8 10 182,033.7 13.6 3.0 1.2▲4.1 ▲-12.0 ▼14.1

18.9-9 ▼124 0.8 Bank of America Merrill Lynch 7Citi 7 4 189,738.7

▼111 1.0 -10 2.83 173,190.1 ▲ 726.5▼

206,582.1Citi 6 4 0.6▼ 502.70.9990.5 -1.3 +57 5.5

+49 ▲ ▼-11.6

▲

Barclays Capital 6 5 215,187.8 16.0186

-8.0 ▼ 1280.05 212,753.1 19.5 -4.0 1.6 +38 ▲JP Morgan 5 ▼ 180

3.60.9 +37 ▲ 637.8218,985.5Bank of America Merrill Lynch 5 6 224,187.5

0.7

16.7 -4.8

3Barclays Capital 105▲

▲

-5.921.9 1.4

▼24.1

▼▲0.3

+2120.1 0.3

-20.6 ▼▲ 5.31.568.5 ▲ 206Credit Suisse 4 8 293,684.3 4+66

▼ 169+16 ▲ 1Morgan Stanley 221,251.4 20.3▲762.4 0.8▲ 154 1.4 +32 ▲ 4.2

957.422.5

JP Morgan 3 3 323,667.62

198 1.4216 12.11.5

-9.42 310,942.5+42 ▲ 10 245,292.6

1Morgan Stanley 2 1 338,053.8

▲ 1,460.4Goldman Sachs & Co 1 2 ▼378,991.2Share Ch.

250 1.7US$m

28.5▼

28.2 -5.2 ▼ +76 Goldman Sachs & Co25.2 -8.5 Credit Suisse

1.9▲ +82

Market

▲8.1

MarketShare Ch.

216

Market Change in AdvisorSh (%)Sh (%) # of Deals Fees

# ofRank ValueSh (%) DealsUS$m

Rank Value Market # of2010 RankFinancial Advisor Sh (%) Share Ch. Deals

Rank Value per Advisor (US$m) # of Deals per AdvisorMarket Change in Market2009

Rank

Imputed Fees (US$m)

Jan 1 2010 – Dec 31 2010Any Americas Involvement Announced (AD49) Jan 1 2010 – Dec 31 2010 Any Americas Involvement Completed (AF55)

Market# of Deals

2010 Rank

2009 RankSh (%) Financial Advisor

1.1


Rank Value per Advisor (US$m) # of Deals per AdvisorMarket

UBS Evercore Partners

+8

▼0.1

Industry % Change from Last Quarter

11,322.8Industry Total

-11.0%Industry % Change from Same Period Last Year -0.1%

-7.6% ▲▲55.9%

▼▲

* tie

100.0687,156.8

14.2%Industry % Change from Last Quarter 46.7%

▼

-8

▲

6,496

-0.4%

100.0821,552.1

▼29.5%

0.5 0

▲

101.8

-1.0

100.0▼- 0.9 0.89,008.9 30▼1.3 -7.5

Industry Total

▲

Allen & Co Inc 25 25 19,046.5 120.4 ▲0.9 ▲ 120.053 0.8 +14▲

251.5 ▲33

Rothschild24RBC Capital Markets7▲

Miller Buckfire 23▲

0.9 ▲▲ ▲

14 0.2 0 - 0.0 -0.50.1

51.224 48

▲0.2

1.1▲2.910,275.30.29,773.4

Centerview Partners LLC 23 21 24,458.8+5Ondra Partners 22 Guggenheim Securities LLC0.0 +1

4631.2 0.3

3.0 0.71.1 ▲

3222

▲

Houlihan Lokey 21 13 26,180.7 3.2 -4.2 0.7▼12,228.1 1.8▼- 25,090.2 3.1 3.1 1

30 ▲▲ 0.6 ▼130.6

34.5+1119 +9

▲1.2

3.8 0.3 0.131 15,643.1 2.3 1.7 0.1 +1-5.2 7-12 ▲Allen & Co Inc 20▼ ▼0.4Nomura ▲ 10 0.23.5 0.3▲ 0.1 0 0.3 ▲3.5-19 35 35.7▲31,735.4 3.9 HSBC Holdings PLCRothschild 20 10 31,200.8

0.2 +619 73 24,444.5 3.6 +8

0.30.527 10 73.42.3 ▲

0.2 0.4Tudor Pickering & Co LLC 18 33 32,971.0

▼+1

1.8 +23 ▲▲

0.44.234,594.4

▲

231.4 2.036,799.7 4.5

0.74.186.517 ▲+12 ▲ 0.80.929,264.817 20

4.0 0.5▲ 16Perella Weinberg Partners LP 4.3

28,242.724

▲112.621

0.5 +25 106.2 0.90.3

33 ▲ 0.637 31,094.0 4.54.95.8

4.0 ▲Tudor Pickering & Co LLC 15Societe Generale 15 26 46,676.5

▲BNP Paribas SA 14 51 48,842.2 6.0 -6 0.0▲ 14 9 +738,159.6 -4.8 ▼

▲0.4▲5.6

▲ 2.4-1.4 ▼ 1.2

1.0

6

▲0.2

0.1+1216 41,767.4 6.1Blackstone Group LP 133.3 ▲ 16Perella Weinberg Partners LP 13 19 56,515.7

272.5134.727

Blackstone Group LP1.0▼ Jefferies & Co IncEvercore Partners 12

6.958,483.0 -37.1 -20.1 ▲63,470.9 9.2 6.6 ▲ 1.278 +4012 26

7.8 -0.8 31 64,997.60.3

11 2.7▲11 11 64,146.90.410.0

+12 ▲ UBS

0.814

9.5 1.0 ▲ 0.268 1.0 +12 305.6-1 ▼

▼341.1 3.0

▲0.81.2140.1 ▼

-3.4 ▼68,472.9 -14.3 ▼ 25

+10 ▲-1.8

-18.1 9Deutsche Bank AG 8 10 75,472.6

10.6▲1.1

12.0 Lazard-2 1.310 6

8 8791,485.1 11.1 4.7 89

Citi 9 4 98,469.610

▲1.0▲ 55 ▲ 329.10.8 +11 2.9▼

Lazard 8 8 100,059.1 12.2▲7

11.0 1.30.31.0 +915.7 -20.5 ▼ 352.3680.7 +5 Citi 3.1

+14+40 ▲ 774

▲Deutsche Bank AG 7 17 108,717.7 13.2 7.5 ▲

▼ 3.9 0.914 122,302.2 17.8 10.1 ▲ 435.6▲ 1.2127 Credit Suisse 6▼

1.6Bank of America Merrill Lynch 6 7 136,445.8 16.6 -9.321.4 11.2 588.8▲ 1.2 Bank of America Merrill Lynch+2097 ▲111 1.7 +31

▼5.9 1.15.2 0.3 ▼-18.918.6Credit Suisse 5 9 175,685.0

671.61.5 +17 ▲22.3 Morgan Stanley 128,017.1 18.6 -30.3▲ 1.0

-5.4 ▼ 1.2 +329723.1 707.0

▼Barclays Capital 4 5 183,127.0

+29 ▲1.6 +35 ▲JP Morgan1.324.6 877 0.5 ▲

6.2▼523.9 4.6▲

0.1JP Morgan 3 3 229,645.3 28.0 -9.9 ▼ 1.5

+36▼ 1.6128120 +20 ▼ 107-3.55

Morgan Stanley 2 2 235,409.73

Barclays Capital▲

28.7 -10.4+61 ▲243,396.0 35.4 -12.6 ▼

▲

Financial Advisor1 310,239.7 1.710.1149 2.31 2169 1,141.32.2 +52 ▲ Goldman Sachs & Co

MarketShare Ch. Deals Sh (%) # of Deals

Market

37.8 -2.1 ▼US$mDeals Sh (%) Share Ch.Sh (%)

AdvisorFees

# of Change in 2010 Rank

2009 Rank

Rank Value Market Change in Market# of Deals Sh (%)

2009 Rank

Market

US Target Announced (AD2) Jan 1 2010 – Dec 31 2010

MarketRank Value Market2010 Rank

Industry % Change from Same Period Last Year 4.3%

US Target Completed (AF2) Jan 1 2010 – Dec 31 2010

3.1% ▲ 51.3% ▲Industry % Change from Last Quarter 29.6%

▲

100.0

-6.5% ▼▲

Imputed Fees (US$m)

▲

17,980.4

Rank Value per Advisor (US$m) # of Deals per Advisor

▼ 17.7%

Rank Value per Advisor (US$m) # of Deals per Advisor

Industry % Change from Last Quarter 8.5% ▲ -4.5%Industry % Change from Same Period Last Year 23.9% ▲ 4.2% ▲

Industry Total +3311,090,442.5 11,1821,342,366.2 100.0 +59114,636 100.0Industry Total

Greenhill & Co, LLC

13

16

18

3425

12Greenhill & Co, LLC

Market # ofFinancial Advisor US$m Sh (%) Share Ch.Goldman Sachs & Co 1

1.4

-6.1%

Jefferies & Co Inc 16 29,555.9 4.3

1.5

Centerview Partners LLC

▼

169,066.3158,796.5

4▲ 5 3

1

2

▲

17

10,659.1 1.6

21

6

3.5

Houlihan Lokey 120▼

1.5

5888 1.1

-2.5

-7

▼

1.0

+3

▼

+4+1

5

+25

13

▼ 74▲

1.2

▼

▲

▲

▲ 37

HSBC Holdings PLC 2.7

-28

+3

▼

23,739.7 0.1-12.3

5.6%Industry % Change from Same Period Last Year

5.7 ▲1.1 +38890.1▲

▲-4.0 ▼

7

7,789

▼

7

+28 ▲

▲ Moelis & Co 21

▼

▲0.2

0.4

97

▲

25

107,718.3

72,904.9

127,498.6


tie

7

Citi UBS

Deutsche Bank AG

▲

▲

8

11

JP Morgan

Americas Rankings

3 5

15.2

Any US Involvement Completed (AF48)


131,076.7

187,822.0▲

-2

▲

36

-▼▲

107

▼

▲

▲

▲+8

▲

▲

▲▲

5

0.3

▲

13Centerview Partners LLC

3.1

11▲

Houlihan Lokey

▲-▲

▲

Evercore Partners

13.3136,477.9

-15.4 +1-18.9

31

3.3

7.5

UBS

6

8

1012.5 ▼10118

7.0 ▲

+54122154

0

Barclays Capital

Deutsche Bank AG 7

Lazard 910

Rothschild

Blackstone Group LP

Greenhill & Co, LLC

1.3

1.0

9

15

1817

14

Ondra Partners 24

7

Market

2.1Sh (%)

1.2

# of Deals+60

▲▲

US$m

4

2

Any US Involvement Announced (AD41) Jan 1 2010 – Dec 31 2010

Change in 2009 Rank

2010 Rank

Rank Value

5

Morgan Stanley

Credit Suisse

Financial Advisor

Rank Value per Advisor (US$m)

-9.2 ▼

Market Market

▲

Share Ch.-5.5

-7.7 ▼

▼

▼


218Deals

# of

21.7


Barclays Capital 2 6 207,107.4

# of Deals per AdvisorMarket

1.6 +231.8

1.1

+45

1.5

+36

+49

+24

1.5

Sh (%)34.2

18627.2

157

▼-3.0133

1708.0

11116.0

20.7

29.0

▲

Jan 1 2010 – Dec 31 2010

195

▲

-10.1

70▲

Nomura16

Rothschild 15 0.73.7 8

11Societe Generale 47,197.8

JP Morgan 3 3 278,130.9

182,532.212 163,725.7

9 211,777.4


Goldman Sachs & Co 1 1 350,392.62 296,778.5

-7.0 ▼203,348.717.819.9

▲+45▲

▲7 ▼-4.8

1.1

48

127,637.1128,180.4 12.5

Evercore Partners

62,462.3 6.1Blackstone Group LP

11 67.0

76,686.6

Perella Weinberg Partners LP 13+417 0.2

0.220

▼ 0.3+14

4.9

12 71,493.314

▼

▲

-4.24.6

▼-0.421

39,510.6 3.9

BNP Paribas SA 54 50,274.748,813.9 4.8

14

17 23+3

0.2 026 4.6

2.6 21▲40,641.8 4.0

Houlihan Lokey 20 13

Jefferies & Co Inc19 22

1538,766.0 3.8

18 1.0 +41104▼1.2 ▲ 0.3 +13

-3.4

Tudor Pickering & Co LLC

36Greenhill & Co, LLC3.5 -5.1 ▼3.2 2.8 ▲

-1.6 ▼

35,610.121 43 32,971.0

2.8+28

1.3 +9

+110.2

136

170.437

HSBC Holdings PLC 23 19 28,054.8Centerview Partners LLC 22 18 28,624.1

25,090.2 2.5 ▲ 120 0.22.7 ▼-0.6 +7

0.7 +150.0

0.9RBC Capital Markets 25 24 22,815.2 2.2 ▲2.5-

70100 0 +29610 453

-5.721.4

Bank of America Merrill LynchCiti 6

+1

Industry Total 1 023 685 1

Imputed Fees (US$m)2010 Rank

2009 Rank

Rank Value Market Market Change in Advisor Market# of MarketDeals Sh (%) # of Deals Fees Sh (%) Share Ch.

▲Financial Advisor US$m Sh (%) Share Ch.Goldman Sachs & Co 1 1 295,331.5 ▼

0.1 ▲34.2 -11.3 ▲ 1,360.02.3 +78 9.3 1.1

1.8 +364.1+35 ▲

▲ 886.5600.224.0 2.1 ▲ 99 1.2

▼▲ 5.9▲153

Morgan Stanley 4 2 185,343.4 146 1.7-23.5 ▼▲

6.1 0.2

646.0 4.4 1.50.9

▲865.3

124+30

Credit Suisse 5 14 177,484.8 20.5 12.9 1.4 +44▼97 1.1 +8 ▲ 463.2 3.2 0.34 154,770.5 17.9 -17.1

144,761.9 1.63 +29▼

▲ 667.216.8 -18.6 ▼ 137 4.6 0.8 ▼6.0 ▲ 101 1.2 +35 ▲ 473.7 3.2 1.3 ▲

Lazard 9 8 115,105.6 13.3 0.1 ▲ 427.8 2.9 0.7 ▼114 1.3 +19 ▲0.3 ▲109 1.3 +29 ▲

7 75,332.9455.4 3.1112,915.4 13.1 4.3 ▲

0.3 -1 ▼ 148.48.7 -13.1 ▼ 27 1.0 0.6 ▼Jefferies & Co Inc 12 26 66,047.6 7.6 5.1 ▲ 90 1.1 +37 ▲ 2.1303.6

▲ 1360.7

▲12 0.1 +8 ▲1.8

▲0.2 ▼17 60,403.4 1.6 +30 ▲ 265.17.0 1.0

15 48,913.8 5.7 -1.1 ▼ 29 1.0 0.20.3 +11 ▲ 142.80.427 49,660.8 5.7 4.1 0.680.4▲

▲HSBC Holdings PLC 16 35 48,514.6 5.6 4.9 ▲ 60.0 0.4 0.1 ▲22 0.3 +13 ▲

0.2 ▲33 0.4 +17 ▲ 138.9 1.013 33,602.6

41,961.2 4.93.9

10 -4.3 ▼0.8 +23 ▲ 257.1-4.0 ▼ 72 1.8 0.1 ▲

Tudor Pickering & Co LLC 19 44 31,094.0 3.6 3.2 ▲ 0.70.4 ▲17 0.2 +13 ▲ 95.00.4 ▲

25 20,986.3

▲ 106.233 0.4 +2524

0.6 +12Perella Weinberg Partners LP 20Moelis & Co 21

0.730,246.4 3.52.4

0.5 ▲▲ 143.8-0.1 ▼ 49 1.0 0.4 ▼

Allen & Co Inc 22 39 16,465.1 1.9 1.3 ▲ 0.1 ▲8 0.1 0 - 38.7 0.3RBC Capital Markets 23 32 15,408.1 0.7 +18 ▲ 141.71.8 0.7 ▲ 64 1.0 0.3 ▲Peter J. Solomon Co Ltd 24 72 13,377.3 1.6 1.5 ▲ 0.1 ▲6 0.1 +3 ▲ 29.1 0.2Guggenheim Securities LLC 25 41 10,659.1 1.2 0.7 0.1 +5 ▲ 31.2▲ 6 0.2 0.1 ▲

14 618 0 100 0Industry Total 864 452 7 8 564100 0 +238

UBS Citi

▼

▲

Miller Buckfire 23

GMP Capital Corp

▼12 5.8

Deutsche Bank AG

▲

0.3

▲0.8

3.1 ▲▼

+128

0.413

-

0.519

21

9,937.6

▲

▼

+5

8,372.6▼

-25

▼▲

15

13 17Credit Suisse 0.314

9▼ -4 ▼

Sh (%)

6.9-9.140.1 1.4-2.0 9

46

14 8,941.4Rothschild0.3 +5 ▲

7366

Deloitte 24

Industry Total25Standard Chartered PLC

Industry % Change from Same Period Last Year

* tie

Moelis & Co22 Miller Buckfire

+1 ▲8

14

3,753.6 0.32.2

Change in # of Deals per Advisor

7.012,113.3 1.0

▲11

0.620

Credit Suisse

▲

Macquarie GroupJefferies & Co Inc

4.9 -0.7

47

2

▲13 10,209.418 ▲4.3 70.4▼ 13

▼1.0+3 ▲ 37 +160.3

0.1 2.5▼

7 9,139.9 141.35.3 ▲15▲+410 9,322.3 7.2 -7.2 0.08▲+1

▼-11.11.2

-12.47.9GMP Capital Corp

+4▲▲ 12Barclays Capital 12 5 12,549.2 7.3 37.911,117.1 8.6Scotiabank-Bank of Nova Scotia

0.60.0 1.4 1.0-6 ▼

32.1+3

22,646.2

1511,477.2 8.8 -9.0 ▲0.0 ▲

6 -4.710.7

▲ ▲12.8+4

9.9 0.0

18.4

32.7

23,866.6

012,861.7-13.7

4 15,938.2 9.3 -11.816 19,857.0 11.5 6.5 ▲0.2

▲▲

2.0

1.2▼

9.7

▲▼0.2

13+118

19,126.9

1.5

16

20,097.715 11.7

0.7▲19

80.92.981.4 1.7

▲

34.92.9

3010 13.1

0.00.9

0.26.68

Rothschild 16 14

▲▲▼

1.9 1.152.4▲ 16,571.1

9136.0

▲JP Morgan 7 13 16,784.4 12.9 +50.1

0.1

10

▲

13,854.0Bank of America Merrill Lynch

▼

+16▲▲ 10TD Securities Inc

7.915

14.7▲ 6UBS-26.6 ▲

0.8 55 1.622,872.5 +1122,534.7

13.3 -10.5

▲▼ 52 51.5 16.612+14 1.7+6 138.1 5.0▲11 27,198.5 15.8 +12 ▲

Morgan Stanley0.1

53821,579.6▲ BMO Capital Markets

▲ 1810.3

▲ 113.1 1.04.12 28,329.7 16.5

+418.0 17.5 0.1▼4 -2.5RBC Capital Markets▲

+6▼

0.94.86.5

1

MarketSh (%)

49▼ 50 0.2

Deals

-21.5-27.0 5.0

0.1 +5

18.3+15 181.6+5 ▲ 137.6

▲▲

Market2009 Rank

Rank Value per Advisor (US$m)Change in

6.7%

Sh (%)Market# of

# of Deals Fees


Share Ch.

26 ▲

▲

0.734,130.4 133.3Goldman Sachs & Co▲

24 ▲0.2▲ 22

1.01

▼5.9

2009 Rank

32,154.8

3.8

Market

2

Sh (%)

18.71

1

3

Any Canadian Involvement Announced (AD42)

Financial Advisor Share Ch.US$mRank Value

Rank Value per Advisor (US$m)Market2010

Rank

Jan 1 2010 – Dec 31 2010

# of Market# of Deals Sh (%) Share Ch.US$m

2010 RankDeals

MarketFinancial Advisor

23,763.8+2 ▲

19.3+12CIBC World Markets Inc

9 25,046.0

+1 3

Morgan Stanley

10

RBC Capital Markets

JP Morgan 67Bank of America Merrill Lynch

TD Securities Inc9

19.8 27

Citi

-2

Goldman Sachs & Co

Scotiabank-Bank of Nova Scotia 11

8 ▲

33

-26.51.331,041.1

CIBC World Markets IncBMO Capital Markets 4 13

5

33,759.7 19.61.7

5.4

-20.8

▼12.0 44

58▲

Barclays Capital

10

0.50.2

0.6

0.4

Deutsche Bank AG

+3158

Market

▼

3.6 -15.2

3,439.2

7

Imputed Fees (US$m)# of Deals per Advisor

Jan 1 2010 – Dec 31 2010Any Canadian Involvement Completed (AF49)

3.0 2.1

Advisor

3,859.94,615.7

Rank Value

37.1

6

48

▲

- 19 2.0

Moelis & Co

▲

0.2%

Dundee Securities Corporation

14.6%Industry % Change from Last Quarter

20 32 3,991.3 2.3 +21.4 92.2

Houlihan Lokey

1919

-9.6% ▼

100.0

2.9%

+296

▲

10,453Industry Total 1,023,685.1

Industry % Change from Same Period Last Year 18.5% ▲

14,618.0 100.0Industry Total 864,452.7

▼

8,564100.0 +238

2.9% ▲21.8% ▲58.9% ▲Industry % Change from Same Period Last Year 4.4%

Industry % Change from Last Quarter 37.3% ▲ -10.6%▲

6,867.9 -3.1 ▼5.316▲ 111.3 0.1 ▼1.2

▲0.0 +30 - 33.6

0.027.7▼

0.0 1.0 -0.0 1.0

▲Jefferies & Co Inc 17 19 6,449.7 3.8 0.5 ▲▼

17 4.6 2.3 +1721 5,977.26

0.2 ▲2.6 -11.2 ▼

0.0▲3.03.0- +418

Canaccord Genuity 19 23 4,167.0 2.4 ▲0.5Macquarie Group 18 9 4,400.3 ▼0.1 -1720 1.5▼ 41.2 4.1

21 111* 3,859.9 2.2

▲19 ▲ 24.04 0.90.9▲+3▲ 9 0.617.00.0 ▲

1.1▼+2▲ 0.3 32Houlihan Lokey

0.1 2.7 -1.60.1

▲ 21*3,855.5

17FirstEnergy Capital Corp 1.120

3 31.521* 87 3,439.2 0.02.72.7

▼16 0.1 0 -

1.92.1 11

▲4

▲+5 0.6

23 48 3,250.0 2.5+3 ▲▲ ▲0.6

91 3,273.8 1.9 1.90 -Standard Chartered PLC ▲0.13

0.220.0 0.712.3 0.0

▼ 24 0.13,250.0 1.9

-3▲ 0.1-0.92,620.325▲

▲

100.0

15 +2▲

▲ 30.5+3 23.4 0.8

100.0 +61.7 0.01

9.6%

03,460

▲

15 0.1

5.8%6.8%

26 2,835.2Canaccord Genuity 2.2

▲

National Bank Financial Inc


129,775.6Industry Total

▼0.6%

-2.1%▲ ▲

2,129

▲-5.3%▲

-118100.0

16.4

▲0.6 1.10.1▲▼

2,781.2

24.6% ▲

172,077.0

▼ 45.7%Industry % Change from Same Period Last Year

▲3,359.0 2.0 0.6

tie


Announced M&A with EMEA involvement totalled US$1.1 trillion during 2010 and represented a 32.3% increase compared tolast year. EMEA fee volumes on deals completed in 2010 reached US$11.9 billion, a 10.3% increase compared to last year,according to estimates from Thomson Reuters/Freeman Consulting.

Buy-side financial sponsor activity involving European targets recovered during 2010 with the announcements of 1,517 dealsworth a combined US$80 billion, an 83.6% increase compared to last year. Financial sponsor activity made up 12.5% ofEuropean deal making activity this year, an increase from the previous year's 7.5%. Onex’s US$4.6 billion joint bid withCanada Pension Investment Board to acquire Tomkins was the largest sponsor-driven deal during 2010. Other notablesponsor-driven transactions included CVC and ACS's US$3.7 billion purchase of a minority in Abertis and 3i, Morgan StanleyInfrastructure Partners and Star Capital’s joint bid to purchase Eversholt Rail for US$3.4 billion.

Cross border activity involving European companies during 2010 totalled US$716.1 billion, a 35.8% increase. This waslargely due to activity by European buyers as outbound investments increased by 57.2% to US$388.1 billion.

The largest EMEA transaction of the year was International Power's US$25.1 billion reverse takeover of GDF Suez EnergyInternational which is the largest cross border Energy & Power deal since the 2007 acquisition of Endesa.

Quarterly European Cross Border Volume European Involvement Announced Advisors by Target Industry

European Financial Sponsor InvestmentsEMEA Deals Intelligence


EMEA M&AEMEA Announced M&A Up 32% While Fees from Completed M&A Up 10% | Financial Sponsor Activity on the Rise | Morgan Stanley Finishes First

Mkt

4.9%

8.2%

12.6%

16.3% 17.0% 17.0%

21.3%

15.9%

8.8%7.5%

12.5%

0%

5%

10%

15%

20%

25%

$0

$50

$100

$150

$200

$250

$300

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

% o

f Eur

ope

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)Q3 Volume (US$b)Q2 Volume (US$b)Q1 Volume (US$b)% of Europe

1 800$900 000

6/15/20101/4/2010

Rank Date8/10/201010/4/2010

Alcon Inc (24.6%)

Pending GDF Suez Energy International (100%)

12/15/2010

Pending9/27/2010

8/29/2010

5/10/2010

Intended

Intended

United States / United KingdomSwitzerland / Switzerland

Telecommunications / Telecommunications Services

PendingPending Genzyme Corp (100%) Sanofi-Aventis SA

Weather Investments Srl (100%) Telecommunications / Telecommunications Services

Healthcare / Healthcare Equipment & Supplies

Healthcare / BiotechnologyMedia and Entertainment / Cable

Telefonica SA 9,742.8

20,655.4

13,730.419,259.8France / United States

VimpelCom Ltd Russian Fed / Italy25,090.2

20.6Credit Suisse

United Kingdom / United StatesAcquiror / Target Nation

Jan 1 2010 – Dec 31 2010Target Macro / Mid Industry


Top Ten European Involvement Announced Deals

International Power PLC

Financials / Banks


215,845.2 23.0

Rank Value (US$m)

3Lazard

9,596.1

121.336.9

17.7

1 16

40 37

34

2

Energy and Power

56,276.4

3Financials

JP Morgan

155,730.9

16,438.2 Materials

JP Morgan 23.994,082.4

326,965.3

62,407.6

Novartis AGNews CorpBritish Sky Bdcstg Grp PLC (60.9%)

Target (% Sought/Acquired)Date Effective Acquiror

EDF Energy-UK Power Distn Bus (100%)10/29/20107/30/2010

6/22/201012/20/2010

Brasilcel NV (50%)

Uralkaliy

Capital Shopping Centres Grp (94.9%)

Sil'vinit (80%)Investor Group

United States / United KingdomSimon Property Grp IncSpain / Brazil

Pending

9,056.48,221.78,140.3Caja Madrid Spain / Spain

Hong Kong / United KingdomRussian Fed / Russian Fed

Bancaja SA (100%)Pending

UBS

27.7

32,581.5

Morgan Stanley

Rank Val US$m

82,284.7

Morgan StanleyDeutsche Bank AG

249,867.0

Morgan Stanley 27,775.9 2 35.911

Healthcare14,158.0

Real Estate / Non Residential

Materials / Metals & Mining

12,144.4

Goldman Sachs & Co

JP Morgan 35.1 14

20 2,157

14

1,536 39

22

25.4

Rank

29 68,026.5

81,716.5 47,137.1

27,158.8 3

2

795 1 60.9

10

11 2,936

No. Deals

Goldman Sachs & Co

Mkt.

33.51,552

Share

1

Industrials 81,369.0

Citi 17,192.9 3

JP Morgan 18,369.2 1 25.833

24.1 8 Rothschild 17,399.5 2 24.4

4.9%

8.2%

12.6%

16.3% 17.0% 17.0%

21.3%

15.9%

8.8%7.5%

12.5%

0%

5%

10%

15%

20%

25%

$0

$50

$100

$150

$200

$250

$300

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

% o

f Eur

ope

Ran

k Va

lue

(US

$b)


0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

$900,000

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

# of

Dea

ls

Ran

k Va

lue

(US

$m)

Inbound (US$m) Outbound (US$m) Number of deals


4.9%

8.2%

12.6%

16.3% 17.0% 17.0%

21.3%

15.9%

8.8%7.5%

12.5%

0%

5%

10%

15%

20%

25%

$0

$50

$100

$150

$200

$250

$300

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

% o

f Eur

ope

Ran

k Va

lue

(US

$b)


0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

$900,000

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

# of

Dea

ls

Ran

k Va

lue

(US

$m)

Inbound (US$m) Outbound (US$m) Number of deals

9

Rothschild Rothschild

Greenhill & Co, LLC-Ondra Partners

222,223.55

JP Morgan

5

7

12

3 7

Morgan Stanley 1 1Goldman Sachs & Co 2

27

Citi

Blackstone Group LP 16

10

13

Macquarie Group

Evercore Partners

UBS

Barclays Capital


Societe Generale

Credit Agricole CIB

HSBC Holdings PLC

Mediobanca

BNP Paribas SA

27.6244,469.3

213,639.6 20.020.8

295,090.4

Rank Value

Any EMEA Involvement Announced (AD47) Jan 1 2010 – Dec 31 2010 Any EMEA Involvement Completed (AF53)

Sh (%)2009 Rank

0.5

Jan 1 2010 – Dec 31 2010

Sh (%)FeesDealsChange in

0.6

Sh (%)

▼

▲▲

▲

▲ Societe Generale

BNP Paribas SA

2.6

-3.1

2.7

4.8-2.6

5.0

12.6-3.7

1.2

+1 258

+1-17

50 +27

+11

0.121

52,693.6

24

3.0 ▲▼

▲2.73.0

▲

Market2010 Rank

28250.1

▼

Share Ch.

0.112

68

46724 676 0 100 0

▲▲▲+13

14 494

0.59

-5+4

0.697.912 0.2▲ 65.4

▼41

0.1

+2

0

-30.2

5RBC Capital Markets 19

Financial Advisor

Nomura

RBC Capital Markets 66.3

120.9

-0.1 0.31 0.0

41

Industry Total

22RBS 23

▲2.31 067 994 3

45

28,690.5

28,045.225,090.224,864.4

1929 31,604.741 31,951.6

20

25

14

16

19

Mediobanca

3

1711

2.6

▲

98,789.4

6

9

13

8

11

134,165.5

155,548.3

4

188,081.3

134,356.68

2Deutsche Bank AG 4

6Credit Suisse

Lazard

+379

1070.1

4.9+3


▲+130.0

0.214 -2.8 ▼▼

10

▲ Greenhill & Co, LLC▲

91

0.3+1746

203+2 Bank of America Merrill Lynch

JP Morgan

0.4

-11.7

69,919.5

0.87

-14.1 ▼175

9

▲ +18

1.251

94,716.5

1.1

10

8

-0.2

107,264.0

▼

1.50.2

29

0.3

322.0

▼

▼9.3

4.0▼261.6488.9

0.50.8 -9

▼-40

-6.5

145,878.8

-7.1▼

▼0.4▲

9.0

532.9▲

▲▲

552.9230.6

▲

335.5392.9

116

-290.8

▼▼

0.8

107

+351.0

0.7-16

-5.1

-13.5 ▼

-4117▼

# of Deals per AdvisorMarketMarket

Rank Value per Advisor (US$m)Market

# of Deals per AdvisorMarket2009

Rank

4Citi▼

5-6

▲

▲+27

147

2010 Rank Deals

# of

-2.6

MarketUS$m

▼22.9

Share Ch.Market

19.4

4.9

140,620.3

105,954.3

65,474.9

+4

1

0.4 2+42

US$mFinancial AdvisorChange in

Credit Suisse

# of Deals# of DealsMorgan StanleyGoldman Sachs & Co

▼

123,796.1▼▼

18.4

3 2 ▼

520.1

0.1

0.8

1.8

-9.820.1

4.3

▼

2.8 0.5-17 ▼

166,733.2

6 -4.5

23.0 -7.023.5169,928.7

EMEA Rankings

Sh (%)



Share Ch.584.31▼ ▲191

Rank Value

4.824.1

Imputed Fees (US$m)

▼ 151Sh (%)

174,940.8

Advisor# of

0.1 ▼0.9 ▲

6.1743.5

Market

Houlihan Lokey

18Credit Agricole CIB▲

100 0

0.1

18 072▲

RBS 14


16+7

20Centerview Partners LLC▲+21

22

-15.6

123,126.6129,518.0

11.5

12.6

0.5▼0.4

▲

0.2

Blackstone Group LP24

15

22,648.83.43.1

20,972.5Perella Weinberg Partners LP 2.92.0

25,567.3

22

47 24,631.421

34

17 17

8120

12

15

1013 18

-2627

34,895.2 ▼

57,130.4

3.5

4.23.9

30,408.7

47

17-1.9

1.443,494.7 40▲5.1 38

▲ -▼

▲▲

0.0

▼

0.6

▼▲▲

▲

0.7 ▲

0.3

▲

26

4.9 ▲▼

80.7

0.3

▲

▲

74.8▼ +3

+5

2.57.9

25,617.9

35,329.337,021.9

-0.8

3.53.5

4.8

6.0

16

-3.4

-1.8

1.9

28,222.5

14,311.8

33

3.5▲41,681.6

49,072.6

77,862.8

12.1

127.3

53,093.30.1

9 +16

64

13 0.0

+219.3 ▲

6158

1.8 +2

+5

▲

▲

0.1

0.20.1

0.70.1▲

83.3-

▲0.2

0.2

94.2

+6

▲0.1

▼

69.6

14.7

94.7 ▲0.2 ▲

0.60.1

▲ 0.20.1

▼

0.6

0.60.8

0.8

1.70.9

1.04.6

0.01.0

0.41.42.0

0.73.2

1.9 ▲4.4 ▲

▼

2.2

0.7

▼37▼ Deutsche Bank AG 6

5▲ UBS+11▼

-7.9 ▼ -9

0.4162 0.4154-7.4

▼

0.1 ▲

0.40.5

146186

0.4167

0.2

+36

188,287.1 17.6

▼-4.217.6

▼14.6

-11.3

7854

14.6

▼▲

▲

0.3▼0.5

+4-140.3

242.5

+22

-21▼

+12-39

106.5200.1

70.1▼

▲

▲

109123155-9.3

19Barclays Capital 9

133,351.917.14

Lazard

11

8

9.7

23

13.1

▲▲

14.8

4.9

0.2 +27

+2

HSBC Holdings PLC

11

+740 12 152 9

0.8▲0.5

100 00.6 0.2UniCredit Group0.122

Industry Total

▲

▼2.4

▲

-1.8▲

-2.92.41.7

62 0.2

18

15

253.9

3326

33,212.6 3.1

4.617

+14+10.1

▲3.0

▲▲2.4

0.1

▲

+7

▲4823

▼28,531.7

2.4

63

Rothschild Barclays Capital

25 365*

2.0%

+1,258

▲

7.0%

-2.6%

Market

▼

▼

2009 Rank

▼

Sh (%)

▲

7651

101

▼

▼ 415

8

38

5.2

34

100.0 13,821

▼

5.2

▼ 22

16

2.1

3.322,316.4

▲

▲4.1% ▲

973,708.8 16,9560.1

+1125,090.2

Industry % Change from Last Quarter29.7%

Industry Total


667,636.5+1,1052.5 17

▲2.5 ▲23,935.6 +16

▲

▲

25,617.9

24Banco Espirito Santo SA

0.1 UniCredit Group▲

26

▼

25.2

8.254,774.99.8

91,235.365,568.1

14.213.7

97,609.6

-9.8%

724,676.0 100.0

▼

14,494


▼-3.6%▲

▲

0

10.5%▼ 5.2% ▲

-3.3%▼

▲▲

0.3 +13 ▲▲

0.30.731.6 0.1


0.213,703.5Industry Total

▲12.1%

100.0+8

0.8 -3

46

112

42

-10.7

124

Ondra Partners 2324,258.8 2.5

2.62.6 0.0

64 28,251.0 2.9-2.4 ▼

7714,311.827 2.1

+67926

▼-0.21.9

▲0.2Perella Weinberg Partners LP 20,602.2 ▲0.70.1 75.8

0.6+322 -0.7

▲2.022 28,045.2 2.914 34▲

11 61.9152.6 0.347 -3.5 0.3Mediobanca

Blackstone Group LP ▲

1.8▲14.7▼

▲0.383.3

0.1 +3

+60.2 90.2 0.828

21 25,567.3

RBC Capital Markets19 23▲

0.0 +5▲+21RBC Capital Markets 19

▼ 66.348

32

Mediobanca 20Credit Agricole CIB 3.3

1629

12 4.1

0.431,604.728,690.5

▲0.10.2 -3 0.6

41,681.6Evercore Partners 16

18

270.3HSBC Holdings PLC 17 55-3.8

+739,443.7

30,408.7 4.6▲▼

31 2.3

2.1

▲

0.1 0.6Societe Generale

67.30.8 0.394.729 0.2 +2

6.4 -4.1 ▼

36,822.50.30.1 +133.8

5919 +1

▲5.3 3.05.5 0.25.0 ▲

▲▲

+23▲0.3 +2 0.9▲ 96.5

2.06.51.453 0.3 13▲ HSBC Holdings PLC

46 +17 12BNP Paribas SA+16

10.2 ▲ 100.35.40.4▼

-8.1 ▼▲Bank of America Merrill Lynch11.2 94.2 +3 ▲103▲ 0.6

4.1465.3

8.5 48+15 ▲

149▼0.4 ▲ 543.3 4.8+131.3173

13.1 -3.5Rothschild

▼ 200 ▲13.3

1.2+3 ▲

13.5 -15.6 ▼ Lazard-181 0.5 ▼0.8 ▲ 74 0.4 94,673.79 11

8 80.8116,609.21.114.6

▼4.2 1.6481.1▼

-31136 0.8 18.2121,709.7 0.73

57100-11.8116

15.8

0.8160

6UBS1.0178

4

▼+15

▼+15

143,082.6 14.7 -5.2 ▼153,445.7 -10.5

+32 JP Morgan

▼

▲-11

+1-12.8

-4.8▼

51▲

130,717.0

3

0.9

6

Deutsche Bank AG▲138

-10.8 ▼ 7CitiMorgan Stanley156 0.9 ▲

20.8

22.921.8

-7.7Credit Suisse

223,252.5 ▼26.9

1.7

▲

1

19.3

-3.8211,854.5

2

187,782.1

13

6

202,470.9

262,282.4


Financial Advisor1

JP Morgan 3Goldman Sachs & Co

BNP Paribas SA 11

Industry Total

Deutsche Bank AG7

127,336.5129,816.1

10108,829.6

9Citi 8

2010 Rank

8

2009 Rank

62

1,067,994.3

130,987.3

Morgan StanleyUS$m

98,789.4

49,072.6

34.0%

62,715.451,569.2

54


2614

25

RBS

73

32

Barclays CapitalNomura

UBS

VTB Capital


Lazard

Macquarie Group

Greenhill & Co, LLC

Blackstone Group LP

Societe Generale

21

-

12

15

11

4

13

109

Credit Agricole CIB

▲+70.1 Greenhill & Co, LLC4.3+2

24.9

21.823.4156,084.1

145,276.0

▲ 13

▲▼

19.6

167,880.4-6.0

17.5

-6.5

-11.3▼▼

▼166,228.2

▼

▲▲

-1.8

-14.4

-1.9

3.1

6.714

34,895.2

4.03.8

18 45,001.1

20

17

26,776.7▲

3.8

20▲

34,996.9

43,494.75.3

3.8

-11.2%

-

1516


18

Houlihan Lokey

Centerview Partners LLC

19

171681

25

10

23

0.21.4

31,853.7 3.3

Jan 1 2010 – Dec 31 2010

100.0 18,072

Rank ValueRank Value per Advisor (US$m)

US$m

Any European Involvement Completed (AF3)

Industry % Change from Last Quarter -13.5%

Market # of MarketDealsShare Ch. Sh (%)

0.374.8

Fees

250.9

▼

4.2

0.1

0.5

1.0

▲0.8

2.1

▲0.20.1

0.7-

▲

MarketImputed Fees (US$m)

12.4%

0.5

0.6▲

0.5

▼▼

1.6

▲

▲

▼0.10.1

▲0.2

209.6 1.9232.8

119.7

▼ 478.5

352.12.83.1

2.20.51.0

0.7

+41115

63145

-19

4.8544.8▲

5.4%

-4.3 731.7Sh (%)

2

-12.5%

44

17▼

1.2

0.1

▲▲

0.1

▼0.60.8

0.1

0.1

▲0.61.3

0.3

66.7

2

▲

100.011,353.8

▼

8.5%

▲

318.4

1.1

+22

▼-14-36

Advisor

+14

-5

-14

185.9

Change in

Jan 1 2010 – Dec 31 2010

+740

▼▼

▲

Share Ch.

0.6▼

▲

12,152.9

▲

0.3 -15 ▼

▼

-24

▼# of Deals

6.4

▲

100.0

Market

▲

▲

▲

▲

11

RBS

▲

▲

Financial Advisor2010 Rank

1 4Credit SuisseGoldman Sachs & Co183 1.1

7.5%

Industry Total


▼

# of Deals# of

+43137

▲Deals

-2▼


-3.9Share Ch.Sh (%)


Sh (%)Change in Market

0.8

2.0%

62▲

3.0▲▼

39

▲

▲

▲20+1

+11

-1.8+14

1.9

▲

0.31.0

0.2+27-17

5

Rank Value

Any European Involvement Announced (AD21)

Market

* tiehttps://www.thomsonone.com

10

BNP Paribas SA RBS

EMEA Rankings

12.1

25

24,410.9

58,671.251,622.7

8,832.3

1.5

Change in

Jan 1 2010 – Dec 31 2010

MarketMarket

28.8

▲▲

6.1

▲

9.2 ▲

▼

▼▲

17.3

Credit Suisse

Rank Value2009 Rank

27.7

-13.8

Sh (%)

▼


▼

▼

2

Any UK Involvement Completed (AF39)

12.0

21,418.0 9.2 ▲9.0

▲11.510.2

27,911.5

2.6

21,067.1

▼

▲▲▲

6,114.3

7.66.2

3.3

Gleacher & Co IncHawkpoint Partners 30

96*1.9

1.6

23

14

Societe Generale

-5.0

0.8

2.5

-24.217HSBC Holdings PLC

Morgan StanleyCiti

0.0

Market

0.2

222

+3

0.0

0.2

0.5

0.0

▼

▼0.31.3

0.8

▼

▲

-

Market# of Deals

40Share Ch.


Sh (%)

Jan 1 2010 – Dec 31 2010

Imputed Fees (US$m)Change in Market# of


▼1.1

0.0

▼0.7

0.1▲▲

▲▲

100 0

528,197.4

2.8 +221830

1.8 0.5▲

▼

0.4

-3.2

+4

+5

▲+11

▲

▲

4.6

0.2

1.8

1.01.3

0.7

5.9

▲0.32.65.7

▼

▲

0.6

1.11.4

0.9

0.5

-

0.4

▲

▼

▲

▲

▲2.01.4

4.3168.8

▲

Sh (%)177.8

▼▲▼

92.4184.8

FeesAdvisor

▲

4.5

4.7

▲

6.1

▲

1.6

5.8

0.1

2.3

Any UK Involvement Announced (AD32)

2010 Rank

231.1

243.1

▲

49.1 1.2▲71.8

▼

37.6

▲

0.1

20

5

4823

-7

-10

0.0

-1

0

0.832.6

0.0▲

25.5

▼▲

3 962 8

0.014

0.2

0.2

+16 ▲▼▲

0.2

3

54.7

+35

16

0.0

+2063,690.5

-23.9

29

13

1 30.5

34

23

71,019.3

Lazard 9

15


16

1211

Houlihan LokeyCenterview Partners LLC

19Perella Weinberg Partners LP

3384


Greenhill & Co, LLC21

Standard Chartered PLC20

BNP Paribas SA 17

+5

▼

0.7

3062

2.158

0.6

0.7 +14

▲

▲

-4

+6

+14+7 ▲

▼ 32

▲

0.9

+1+6

44

210.1

+12

▲

100 0

0.4

▲▼

155

0.8

▲

3411

Greenhill & Co, LLC 25 34 5,251.2336 590 3

1.6 1.0 ▲2.2Scotiabank-Bank of Nova Scotia 24 77 7,410.6 2.1

3.22.27,545.3

RBS 18 15 18,173.1

Lexicon Partners

HSBC Holdings PLC

23

3.5 -8.2

4.43.7 3.7

21

▲

5.4 ▼

Macquarie Group

Evercore Partners11,613.410,686.3

20 121 12,602.9

4822

6.4

5.016,861.0Standard Chartered PLC 3619

17 18 21,571.7RBC Capital Markets

Nomura

1▲25,090.2

LazardBlackstone Group LP 14 19 ▲

9.1

4.6

0.2

7.5

12 207 34,082.813

34,784.2 10.3 ▲ 28

7.30.2

16▲

7▲

0.4

8.8Societe Generale 15

1.59

56-10.1 ▼30,091.6

10.1

7.5115* 29,612.3

-8.88.9

▲

153 734

▲

▲

2 0.1 +1 ▲

# of Deals per AdvisorMarket# of

Rank Value per Advisor (US$m)2010 RankFinancial Advisor US$m# of DealsShare Ch. DealsShare Ch.Sh (%)

MarketDealsFinancial Advisor

Market

34.0US$m

114,451.7

Rank Value2009 Rank Sh (%)

5 73,991.874,875.0

JP Morgan 1 9Morgan Stanley 2 3 94,958.3

8 5

Barclays Capital 11

18.3

Ondra Partners 16

8

61,739.1Deutsche Bank AG

22.8 1.1 ▲ 56

17.128.2 -15.5

16Rothschild

▲1.6

+31▲

79▲+25▼ +100.24 70,126.2 30.1+14

UBS-27.3Goldman Sachs & Co 3 6 76,677.2

51-17.464,634.7+12 ▲65UBS 4 4▲1.425.4 0.1 2.6▲ 102.8

▲ 67,139.61▲0.2

0.1+24+18Barclays Capital

1.75 27

JP Morgan 6 528▲

22.3 -20.989 59,250.72.4

10 25.2 +822.0 18.0

▲+8+37▲

0.866,126.2 19.7 4.8 ▲-27.6 ▼

Bank of America Merrill Lynch 6 0.595.7▲ 67Deutsche Bank AG

58,810.12 0.0

-1 ▼ Goldman Sachs & Co 8 ▲10 22.20.1 2.4

180.718.2 -29.7 ▲0.2 +841,671.3 50-6.1▲1 61,111.3

+15

0.9 +9

2325.21.765,611.4

35 7

19.546

-7.1 ▼Credit Suisse 79.3

Citi 910 23 46,121.8 13.7 30,767.9100.624 +16 ▲

39,502.9

-19.3

+198.9

17.913.2

▼

0.9

27

11.7 -6.1

▼12.7 ▲

▲▼

+216 0.122

▲75Rothschild 13▲

26,816.311▼

▲ 1.4

+1427 0.1

226.821 0.1 -4 102.1

0.3 +28▲4814 10.5

-2.6 ▼▲

9.2

14,448.3

-12

50.3

27.6▼+3 ▲+6

7.5-1

▲

6 0.0 1.5▼5.5 -0.6

-1 60.6▲12,751.51518

39.7+90.3-

▲12 0.0

0.1 +7 ▲

1.0Mediobanca 2.1 1.5

3.8

13.0▲

4,860.34,522.1

Nomura 0.11.9

22 4,476.5

5

1.3

0.414.0 0.40.6

22 1.9

0.1+11

Industry Total +340 Industry Total 233 070 9 100 0 3 010

24 1.90.0 -30.1 +3▲4,306.2

* tie

Lazard Societe Generale

UBS

26,411.3 ▲

Ondra Partners▲

21 28,032.7

1Financial Advisor

▼

29.5

▲

5

▲

1236

14,694.1+1

Rothschild 26,442.3

8

Financial Advisor2

Morgan Stanley

12,083.2

-5.3%

1021

18

11

▲

Societe GeneraleBNP Paribas SA

2010 Rank

2009 Rank

1

3312

236.2

JP Morgan

5.2

9.0

1.9

4.81.8

5.9

36.9

5.2

3.0

3.24.8

2.6

92.458.1

60.6

1.4

▲

0.6

44.640.9

▼ 27.1▼ 33.0

1.0

100.4▲

▲

▲

▲▲

▼

▲

▼

-4

▼

▲

▲

MarketRank Value

2

13.8

-22.6

22

56

6

▼

▼

125.1 17

Share Ch.

▼

▲

-12.4

-

8

21

17,309.7 16.36

▼

-1415.4

▲

▲+1

+2

0.329 1.6

1.21.2▼

▲

1.2

-6

21+11

+60.1

▲+1

-

15,855.1

6 0.3

▼

3

▲

▲

# of

1942

7.3%

39

Any French Involvement Completed (AF40)

1.0

Jan 1 2010 – Dec 31 2010

3.2

+9

1,767 +154

+50.5

9.5%

14

23

9.67.718

6.77,001.5

7.3

4.221

80

2,895.624

6,893.0

1.71.6

6,041.2 3.622

10.9Macquarie GroupHSBC Holdings PLC

19

16

12,752.7717

Barclays Capital

119

10 411 4012

14

46

25,281.4 14.715.2

9

- 25,090.2 15.1 15.1

11.6

▲

1.97.5

▲

3.4

64

▼

▲

5315.9

9.9610 ▲

1.12.4

-

6

60,041.760,095.7

54 1 36.2

Imputed Fees (US$m)

4.7 0.2

Market

▼

Sh (%)

100.0

7 19.2

0

▲+7

-1

+3+3 ▲

1.0

Goldman Sachs & Co

8

12

18.920,383.0

14

15Barclays Capital

6

Credit Agricole CIB9

Citi

Morgan Stanley+4+13

▲

+1▲

1011

Evercore Partners 18 19,259.815

1.3

11.619,289.0

12.720,990.313

18,142.916

31

75*25Hawkpoint Partners

RBC Capital MarketsGreenhill & Co, LLC

20

Nomura

Citi


33


Credit Suisse

Rothschild

Jefferies & Co Inc

Blackstone Group LP

13

Deutsche Bank AG

2.5▼RBS

-5.1%

100.0

12,175.5

165,987.42,614.5

11,108.8

4.2

-49.1%

▼-3

+3

Nomura

0+10 RBS▲

+13 ▲

-10.1

0.3

8

4

1511 0.5

0.40.2

0.7

1

2

21

5

6

3.3

▼-14.2

▼8

7

1.7

0.0

35

28

3

0.52.5

1.011

0

Credit Agricole CIB 14

27.6

35.453,867.558,794.3

32.5Goldman Sachs & Co

16.98

▲

14.8 ▲

-0.914.4

45,843.236,767.9 22.25

4.0

-8.0

▲

▲7.3

9.4 ▲

▼

▲

3.6 ▲0.25▲

▼Industry % Change from Last Quarter52.7%

Industry Total

▲

100.01.6

9.7

-14.1

▲0.9

▲

3.6

1.323.1

▲+9

20

3.1

▼

▲

11.7

▲

+73.1

1.0+6

64

16 -41.3 +4270.8

+16

▼

# of Deals

▲

-7

Change in

▲

▲

-

▲

1.7

▲

112.7▲

8.38.9

-17.2 ▼6.7

2.7▲

+3

▼▲

0.6

▼

0.4

0.60.8

+3

34.6

50.4

▲

3,962.8

2.2 100.8

Market

▲

▼

Market

91.9+5

1.2%

▲

2.789.8


-7.2%

0.3

Share Ch.▼

▲

+206

Fees

40.2%

172.7

1.3

0.9

▲

▲

▲

1.0 ▲1.91.6

0.1

▲

2.5 ▲▲0.9

1.3

▼

1.7

2.3

▼

2.1

▼1.5

▲▲

2.1

▲

0.7

1,923.5 100.0

1.40.8

14.51.7

13.2

0.2

17.2 4.4

0.90.7

▼▲

26.4 ▲

0.9

-0.00.1

▼0.2

▲

0.3

0.51.20.7

6.2

17.3%

0.12.9 ▼

▲

0.8 0.7

8.9% ▲

1,777.41,777.4

2224* ▼▼24*

1820

▼

1,929.823 1.8Itau Unibanco

-8.7%

106,315.7

15

2,032.2

5,298.4

18,053.2

18 29

2,616.3

31

149,477.8

20.0

26,723.5

Sh (%)2009 Rank

▼

31,322.7▲Deals

▼

# of Deals per AdvisorRank Value per Advisor (US$m)


100.0

10

63,941.2


Rank Value per Advisor (US$m)2010 Rank

2-29.7

▼

+5 Banco Standard De Investimento▲Industry Total

Industry % Change from Last QuarterIndustry % Change from Same Period Last Year

20.2% ▲

▲

▼

7.6▼

-14.0

-5.1-22.1

9.711.4

US$m

Lazard

Sh (%) Share Ch.79,133.8 BNP Paribas SA

Deutsche Bank AG

Sh (%)47.7

28

336,590.3

39.9%

-7.1% ▼

▲+3

+2502,0790.5

3,734

0.1

▲13.7%

Market

Jan 1 2010 – Dec 31 2010

Market

16.538.5

Industry Total +340 Industry Total 233,070.9 100.0 3,010

▼Industry % Change from Last Quarter

AdvisorSh (%)US$m

MarketDeals # of Deals

Change in

10.0%

Market

▲ Industry % Change from Same Period Last Year

17.0

27

-33.7% ▼ -5.4%

17.8

-1.120,061.8 6.920,011.9

718.810

-15.2

10.24

34 11 24,960.0

24.9

22.2 -15.623.5

-17.9%

Any French Involvement Announced (AD33)

10,254.613▲

-12

21,283.5

6.6

▼

▲23,615.5

Credit Suisse

# ofRank Value

16UBS

HSBC Holdings PLC

5

-

JP Morgan

7

+1

-1+20.1

1.12

20+2 ▲3 7,080.317Bank of America Merrill Lynch9 8,847.6

Perella Weinberg Partners LP

0.3▲


-36.6 ▼

▲8.9

5.0 0.2

-90.3

2,653.551.92,895.60 19

4.2- Jefferies & Co Inc

90*

0.2 +2 42

0.42.5

21Hawkpoint Partners 20

2.541Ernst & Young LLP

+2 ▲▲ 22Gruppo Banca Leonardo

▲2.1▲▲ 0.47

2

-81.9 1.5

▼

0.1 ▲ 13.9+3

1.7 0.1 -11-0.6 ▼-1.71.7 1 -2

▼-0.1▼

90.1

* tie


Citi Bank of America Merrill Lynch▼

▲

-17.8

3

0.1

-

-6+49

1.1

+1

▼▼

▼2.2▼

▼

1

9

20+6

131.0

112

0.2

-1

1115

▲

EMEA Rankings

+30.5

24.6

0.5

0.9

0.1

0.3▼

3

▼

▼

9▲

▼

0

-2

1.0

919

56

11

1.3

1.1

14

▲

+4

Change in

▲

+2

+5

+1 ▲

-10-2

0.71.8

3.61.0

1.4

▲

2.8

▲0.5

0.9

▼1.6▼1.7

1.4▲0.4

1.40.4

▼1.3

▲

0.01.21.5 ▲

▲1.11.5

0.41.112.2

0.3 ▲2.9

+12

1 078 5 100 0

▲

▼

▲

▲

▲


-2

1.0

23.516

47.7▲14

Financial Advisor # of Deals

15,863.9

1.31.7

12

MarketDeals

1.0

▲

▼

-13

▼2▲

-3+6

+5 Santander

+1

+1

Goldman Sachs & Co

1.9

22*

BBVA 13 3

Santander 15Credit Agricole CIB 14

8.6710,108.3 8.2

22▼-30.2

JP MorganCaixa Geral de Depositos 17

18

Nomura10,545.22

1

10

11,689.312,742.9

9 17,233.4

16

11,564.510,753.423

138

Credit Suisse

6Bank of America Merrill Lynch 116

20.3

Any Spanish Involvement Announced (AD34)

-5.5

Banco Espirito Santo SA10

-11.920,348.3

7-4.1

19,863.0

1

9Societe Generale

2010 Rank

Goldman Sachs & Co

29,442.1

43,728.9

KPMG 12

4

2411 20

MediobancaUBS

18.6

35.5

Rank Value

45

82

7Lazard

522

8.8

22,999.6

18,842.1

▲ 15,387.5

-

▼-12.9

Sh (%)Morgan Stanley

1.52.5

18

+14

25,011.33

0

1437,824.0

JP Morgan

0.912

2918 1.5

-510Credit Agricole CIB

2

18

0

+6▲

11▲10

1.90.6

▲

Industry Total

22

5,960.5

Barclays Capital

DC Advisory Partners

2,220.0

5,767.2

24

▲-55.215

180.9

9.4

▼-44.92,971.9

3.1

28-12.7

-5.616.0

10.1

8,929.9

Market

-25.9

14.211,056.5

▲13.621.5

▲▼

11,289.2

Sh (%)

30.7

US$m

-20.4

18

Jan 1 2010 – Dec 31 2010


Market

10,601.710,691.5

Share Ch.

6

14

11▲

7,262.8

20

8-

▼Scotiabank-Bank of Nova Scotia▲

0.3▲

0.3

-29.7

4,941.213

24*

35

3

4

-

70 624 5

Rothschild 4.4

▲17

1

-14.9-40.5

8.48.2

2.624▼

12.6

15.115.115.7

15.0

7.04.2

0.5

1.1+1

0.3-6

0.1

8.0 +17.5

8.0 ▲

12.9

▲

▲5.8

1.6

2009 Rank

39*21

9,230.49,909.5

-

3.3

5.8

16.5

9.5

14.214.0

10.312.8

16.1

▲

17,475.7

15,835.0

8.7▼

▲-10.8

▼

6.79.4

Deutsche Bank AG

▼5.7

▼

-32.0

-8.7

▼

-28.4

-6.34.5

Industry Total 100 0123 366 3

▲ +1▲

▼

▲-7.5

3.3 0.1

MarketShare Ch.

Imputed Fees (US$m)

▲

Fees

57.3 5.345.8

MarketSh (%)

▲

▲1.5

▲

4.4

4.23.6

▼1.4

AdvisorMarket

2

26

# of Deals per Advisor2010 Rank


13,357.6

+1126.7

Jan 1 2010 – Dec 31 2010

1

100 0

Any Spanish Involvement Completed (AF41)

# of# of Deals

Change in 2009 Rank

▼

▲

-


Deals Sh (%)

1.5

3

1.1

12

1

113

26

0▲

4

2 0.2

+5

▲+143+14

1 1672.2 KPMG 25 7

12

31*

6,655.2

19,015.7Share Ch.Sh (%)

▼-3.5

▼

7,111.0

Rank ValueUS$m

BNP Paribas SA

26.9

6

Financial Advisor

CitiBanco Espirito Santo SA

Market

▲

# of

+1326

8▼

7.4

2.2

7.5

13▲

UBS15

4

Morgan StanleyMediobancaSociete Generale

9

-

2.2▲+7

+11 ▲

▲

0.7+2+8

21.81.7

23.9 ▲▲ 201.0

1.2

30.0

8

24.110

1.037.610.7

0.9

10.1

▼

▲15,172.35

1.0▲

1.522.0 1.4

2.221.8

95

22.5

Credit Suisse 7

3

1417.8

▼

51.6

▼ 38.418.9

0.7 -3

2.0

36.3

9.410.3

0.45.4

2.3 1.6

0.8▲

▼3.133.12.22.41.8

▲4.2 ▼6.7

▲

9

▼

11.1 ▲

3.4

▼1.4 -10

+2 ▲4.4▲

28.7 2.7-5 ▼

19.525.8

Caixa Geral de Depositos

▲

4.5 ▼▲

▼-50.7 3.510.3

▼ Violy & Co▲ 19RBC Capital Markets

20*

13

16Deutsche Bank AG

7,111.03.1 ▲

Lazard0.3▲2,337.9 3.31.2

30.1

+110

16.4BNP Paribas SA 20 5,735.6 4.7Scotiabank-Bank of Nova Scotia 19

15.5▲13.1 ▲ 0.1▲

3.1+12,038.1

20* - 2,220.02.72.9 ▲

Tegris Advisors

+1

+2 ▲

23

Allied Irish Banks PLC 21 5,533.8 4.5---

Natixis 22* 4,015.6 3.316.22.6 +12William Blair & Co 22* 0.13.34,015.6 1,746.134 2.5▲

▲▲2.2 24Deloitte

+1▲

.211 0.20.9 2.41,662.1+1 2▲ ▲Rothschild 24 3,575.315Deloitte 25 2,524.1 2.133 1,370.3

Perella Weinberg Partners LP Barclays Capital

Deals

+49

15.7

34

0.90.7

0.8

215,365.2

18,009.8


7

5.6%

919

75.5

1

0.66,869.06,635.9

3.513.2 ▲

▲

2.5

Sh (%)Market

▼

▲

▼

▼5.2 1.2

3.1 3.00.6

▼6.9

1.55.22.8 1.3

2.1

6.4

4.2▲

3.4

▼

0.5 ▼

▼▲

36.5

Fees

1.3

1.6

Share Ch.Market

Jan 1 2010 – Dec 31 2010

1.2

▲23.4%

Advisor

1,078.5 100.0

-4.2%

Imputed Fees (US$m)

11

13

Goldman Sachs & Co

0.1 0

-17-10-8

19

21

0.4

# of Deals

0.6

-2

2.3

1.3▼

1.0


▼1.1▼

Change in

7,531.2

50.70.1 -

▼▼

Blackstone Group LP

0.3+110

197.6

37.0

▼

▲

11

9

▲▲

+17.3 -0.9 ▼ UniCredit Group

▲

+113+6

1.0 -13 140.5

▼

4.8

▲▼-1.0

-0.3▲

6,410.09

▲20

6.9

5,884.4 6.2

6.7-26.66.7

16.7

23.0

96,869.07,023.9

-3.3

7.5

▼

6.8

-23.0

1.30.1

▲+2

4

▼

▲

7.0

24-3

0.3

▼-0.9%0.0% ▲

▼▲+3▼

-8

▼100.0

0.40.3

-19.5%

▲

▼▲

-

▲0.5

▲0.1

0.1

0.6 ▲▲0.7

0.9 ▲

▲0.3

▲

▼

8.0

4.9 2 -16.0 -18▲

▲

▲

▲

8.18.1

▲1.18.0

7.5

+1

0.2

6

-4

0.3

2

23 1.2

40.1

0.59

1

▼

24 1.2

▲

0.1

22

0.2

▼

▲1.20.60.6 ▲

JP Morgan

1.3

4,931.3

10

17

Industry Total

5

Jones Lang LaSalle Inc


Commerzbank AG

19-


0.7

31

0.917-1

▲

Macquarie Group 24*1

100.04

1,955

▲

▲ 13▼

▲

+1

3.8%

8.1

14.50.1

104

0.4

0.5-29.2 ▼ 0.2 ▲

0-3

0.4

▼

+3

+1

-2+2

Ernst & Young LLP▼

RBS15

Citi▼ Guggenheim Securities LLC

- Nomura

BNP Paribas SA

ING 21

5.718

184,138.4

Duff and PhelpsKPMG 23

11

24*

Nomura 22UniCredit Group

Industry Total


1920

Evercore Partners

23

21

Gresham Partners

CitiErnst & Young LLPCommerzbank AG 18Societe Generale 17

6

-

16

12

5

2884*

22

13

4

11Barclays Capital 11

UBS 1615

-

RBSRothschild 14BNP Paribas SAGuggenheim Securities LLC ▲7.212

137.2

▲36 ▲0.50.8

3.51.6

1.2

▲

1.3

7,010.5

2 0.1 +2

▲

22-3

+2

-2.7% ▼

70,624.5

▲2

Change in

-30.5%

50,636.7▼

Market

-18 27.6-18

1.6▼

Sh (%)

▼

20

Market Market

33.3

▼

▼

▼

-14.6-8.3-1.9

-11.8▼

Credit Suisse 5 9

17,245.617.68 16,865.3

15,467.5

10

Deutsche Bank AG 1Lazard 3 7JP Morgan 4

Bank of America Merrill Lynch 6

HSBC Holdings PLC-Blackstone Group LP

Morgan Stanley 7813

89

▼

21

10.1

8.87,625.08,798.8

9

12

12,688.48

1.3

1315

16.2

▼

10,111.89,126.1 9.1

4.9

0.2+6

▼

▲

18.0

15,065.425

7,753.014,458.6

7,625.0 8.0

15.1

-0.4

7,144.0

14.514

▲▼

▲▲

▼

-29.2

31.0

▲-12

Morgan StanleyPerella Weinberg Partners LP

Rothschild

-1

0.1▲

129,697.331,826.7

▼-8.7%

2

Rank ValueUS$m

2010 Rank

2


Rank Value per Advisor (US$m)2009 Rank

Jan 1 2010 – Dec 31 2010

Sh (%)# of

Financial Advisor

Any German Involvement Announced (AD35)

56.9% ▲

Share Ch.Goldman Sachs & Co

Industry Total 100.0123,366.3


-13.6 9

Deals

▼

Any German Involvement Completed (AF42)

118.118,165.1

27,798.0

Market

-18.7-14.5

Market

15,670.9

▼

17.915.6

▼

-10.7

▲1.2

▼3.5

100.0

14.0%

# of Deals

+143

▲11.9%

1,167

Sh (%)

▲

12Bank of America Merrill Lynch

2010 Rank


14,695.7Credit Suisse

6

12.614,595.5 14.5

14.615.3

7

8

+10.6

▼

▲

00

-2

-7

▲

-640.2

▼

1.212.7

1.419.8

18.5

▼

-18.7

0.9

-15.7

▼-3

0.60.4

0.715.714.7

1.1

9.08.5

6.3

2.6

0.4

0.0

1.0

0.46.1

17.10.23.4

2UBS

Lazard


6

1

2009 Rank

Deutsche Bank AG

14

5

Industry Total

39

3

Financial Advisor

25

1719

Jefferies & Co Inc

16

20

7

4

24

-0.5%

-24.250.4

US$mRank Value

▼

Share Ch.1.4

60.5

76.1

-12

▲

Sh (%)

-4.6%

# of Market

▼36

▼▼-

▼

93.0

▼

45.1

192.5

-6.215

1.2

▼

▲

100.1-12

▼-5

5.75,702.916 +15,701.4 ▼

▼ -3

0.5

1

0.40.46

6

0.16.8

1.2-54.1

-10.2

▲▼▲-5.5

-31.55,723.5 8

1.1

5,370.0 5.6

▲8

3.24,931.3

2.7 218 ▼

▼

5.23,058.02,563.1 ▼▼ -6.21,932.1 2.0 -0.9 ▼

1,338.7▼1.60.1

+1-6.8

23▼-19.3-1,136.1 ▲0.41.2 7.2

-1

2

▼1,108.9 10 1.4

20.127

1,648.9

953.1 1.0 -26.66.7 1,244.1

-0.71.2

▲0.6

0.40.5

581.649* 44 0.354 556.9

1,592


100.095,709.0 100,561.154 953.1 1.0 4.9

-10

-12.7%▼-17.8%

-27.5% ▼65.8%


1,457.2

▼▼-14.7%

-15

https://www.thomsonone.com * tie 12

JP Morgan Credit Suisse

5.64.8 0.7

2.3+6-619 ▼

7.2▼

0.4

EMEA Rankings

BNP Paribas SA 2.92,876.6

4,336.4


6.1▼

0.1

8.6

20,655.4

-12.0

-27.94.8 1.65.3

-32.6

18.1

39.923.1▼

-16.020.4 ▲-13.1 1.3

1.3

18

▼

▼

▲ 17▼

6

4▲

43.5

+1 23.1

▲▼

▲+1

40.3

14.9

-8

9

-13.4

21.8▲

9,902.8▼

Share Ch.


3,407.3 -35.311.1

9.99.63,300.9

-4+5

▲+8▼▲

Change in

-6

Sh (%)Market

▲0.5

Sh (%)

9

0.9

# of Deals+636

Deals

312.5

5.3Share Ch.

5.412.4

Advisor

43.0

47.6▲2.7

+3▲

109.9 ▲7.1

+4

1.8+2

8▲

▲+2

▲Deutsche Bank AG

34.3 34.3

39.7Lazard

▲25

▲

519

1.0-

1.23.0 +7

▲

1.1

▲

11

▼▲

-27.3

-33.2

27-19.6

+113

-10 ▼3.2

70.5 0

6▼-21,806.2

13221212

179 3,134.1

▲3.0

6

1,656.810 1,626.3

25 KPMG

▲Santander

13

15

▼

-8.5▲▼

11▲

0.6

4▲

▼-28.0

0.5

1.8

+3+4

▲1.31.9

1.3

2▲

2

3

▼▲

+10.1

Barclays Capital▼1.5

1.9

1-3.1

-5.1 0.2

▼2

1,375.1

0.5

0.8506.71.0

3.5 -8 15

0.8 ▲0 1 24 1

2557 0

1.5▼

20

911.7587.5

▼

▼

1,261.4

40 11

-0.1

-3.74.8

1.81.7

-2.01.7

-10.6

31.111.3

3.12.1 5

5

+3

+15

▼1

1.0

+3

-4 ▼

0.1-11+1

+1-20.2

0.2

1.412Sh (%)

Rank Value per Advisor (US$m)MarketMarket

6.7

3.1

▲

Fees

5.6▼

▲

▼

10.373.2

▲

▲

-

1.1

▼0.2

4

1.7

8.8

5.0

-19.9 ▼2.1

0.30.9

▼0.3

0.90.7▼

3.3

3.2 ▲

▲

2.2

3.9

17 51* 1,119.4

3.11,038.01,069.0

▲▼

▲Nomura

1,338.7

24

▼

▲

--

▲

23

4.0

20

Any Italian Involvement Completed (AF43)

-23.7

Duff and PhelpsBanco Espirito Santo SA

JP Morgan

6

Credit Agricole CIB

WGZ-Bank WestdeutscheGenossen17

BBVA

2524

-

23HSBC Holdings PLC

947.8Bank of America Merrill Lynch

24-

Deloitte

1.622 141.6965.5

1,876.3Santander

19

58*27

1,119.4

21

6

1,076.11,038.0

12

19

-

Banco Espirito Santo SANomura 17

Gruppo Banca Leonardo 14

11

Tamburi & AssociatiKPMG

15

12UniCredit Group

16

18

11.118.1

1 12,776.04 10,940.8

2,136.0

10

Rothschild 131513

2 6,661.2

3,370.4

Intesa SanPaolo

EFG Hermes

39.8

7Citi

4

Mediobanca

UBS

98

21.2

5 24,014.940.2

29,881.2

24,212.1

49.6

421,589.123,956.3

16

10.8▲▲

10

2010 Rank

2009 Rank

-

9

35.8

7LazardCredit Suisse

6

52.331,509.8 22.2

Market

Any Italian Involvement Announced (AD36)

DealsMarketRank Value

Sh (%)US$m

Jan 1 2010 – Dec 31 2010

14.7▲

▲27,187.4

9▲45.1 15

# ofShare Ch.

1.1

Sh (%)

▲8Citi

UniCredit Group

▲Financial Advisor

5Goldman Sachs & Co 716

-

6,199.6

▼

8

▲

▼

1,109.219

3.3

3.0

810.414 -5.8

Tamburi & Associati

3.33.9

180.8

16

3Goldman Sachs & Co 2

158

Morgan Stanley 3

Deutsche Bank AG

Gruppo Banca LeonardoCredit Agricole CIB

3.46.1

5.00.0

1.2

0.7

0.06.15.7

0.4

▼

0.5 0.3

1.8 ▲+1-10

▲

▲

▲

▲

2.4

0.6

▼

6.5 0.9 -

▲

▲

▲

2,942.3

27

4.6

Rothschild

BNP Paribas SA10

0.2

▼

32.5

UBS

Deloitte

51

0.3

Intesa SanPaolo

▲

1.2

0.21.3

0.8

.63.3

2.7

▲

100 00.2

6

2 0.3

+2

-2

▲

▼ 3.6.6

+1

▲

+1

+10

4.9

Market

5.6

Jan 1 2010 – Dec 31 2010

0.40.7

▼

1

94Morgan Stanley

43

2010 Rank

2

14

-

Change in # of Deals per Advisor

▲

# ofMarket# of Deals

Rank Value

Mediobanca 11,129.1+3

Rank Value per Advisor (US$m)2009 Rank US$mFinancial Advisor

MarketImputed Fees (US$m)

7,927.36,985.8

17

2.5

2616

63.92.43,792.6

4.744.4

▼28.9

▼▲

-24.29.1

6

2 1,521.2

4

3▲▲

14.03.9

-43.0

2.7 -6

0.80.7

6.0

+3

+1

0.10.9 0.1

▼0.40.1

0.6

0.6

▲

▲0.1 +1

+30.6

▲

+2

▲▲

-0.4▲

21 2.81▲3.0

+1 0.0▼- 0.60.122 15 2.7 -5.3911.7 0

1.5 ▲

2

+1

19 ▼

2.40.3

-0.6959.4

0.90.1

3▼

1

0.4 ▲

1.90.50.9Piper Jaffray Cos 1.5500.0

▲24

1.9-37 0.1 0▲6.0

1.3Macquarie Group 11.225 ▲444.9 ▲Industry Total

+10 4 673 709 434 282 0 100 0 67

Lazard Deutsche Bank AG

▲ 18.7% ▲ 42.2%7.0%

15.6% 24.3%▲Industry % Change from Same Period Last Year 44.8%▲ 98.8%Industry % Change from Last Quarter 27.7% ▲ 12.3%

83,658.3

Industry % Change from Same Period Last Year▲

100.0 Industry Total +2382,341 100.01,199.01,764▲0.6768.4HDR Partners 1.425 1.4 +2▲25 1,726.2 2.189*

0.4▲0.6▲ 7.3

▲ ▲-23* 1.5 1▲0.4

0.44.84.2

0.40.1 +1

0.3

▲

+5

▲ 2 0.1 +2

2 0.1

Danske Markets 23 1,865.0 2.229 23* 822.0 1.51.4915.8First Securities ASA

21 1,148.8 2.1

-Greenhill & Co, LLC+8 ▲20 0.97 1.7▲0.3

-16.6 0.654* 6.9▲

▲1.7 0.3

0.2 +18.3▼

1.9 3▲+12▲▼0.1

▼20 - 1,300.0 2.4 0.5▲

+1 ▲ 15.76.1▲ ▲+1 0.5

1.3 0.689*2.5-

2.8 ▼1,315.22.4▲+5

371918

13HSBC Holdings PLC 2.5TD Securities Inc 19 2,331.4

-5 ▲20.0 1.7

▲ 19.8 1.31.7▲0.7▲▼1.6 0.15 0.3 19.6-0

0.2 ▲3.40.0

0.315.2 -1.332+1

15 31413BNP Paribas SA 26*

▲-

22 1.20.7▲ ▲

+11 ▲+4

▼Bank of America Merrill Lynch

15 31+8

0.6 ▲3.3

3.44.43,674.1

-17.9 6 0.3

▲

Jefferies & Co Inc

ABG Sundal Collier 16 2,727.4

14 3,701.9FIH Partners AS

19

44

▲12

0.12,480.3

13.46.03,268.92.14.5

▲5 0.3

-0▲3.6

0.20.89.1▲ 1.6▲+4 1.218.924

11 4,419.9 8.012

1

▲0.7

-20.1 -40.38 0.56▼

▲ ▲2.935.0

▲▼ ▼0.5

▲ 0.1+8 ▲ 2.5

1.1+129.3

2.011 0.6 ▲35

5,588.9 2▼10.2 -5.741.3

5.4 0.364.4▲+7+3

▼1.50.38

▼ 34 ▲4.0

5 10 6,600.910.4 ▼-5.9

5,712.46

8-3.5-3-0.3 ▼ 4

39.1▼7,642.4 -8 ▼15.10.212.0 ▼

0.50.419.4 28.3-8

▲ 17 +1

Rank Value

9 16,107.7 68.19

▲Morgan Stanley 1.016.429.3

Deals

2▲▼-4

2.70.5# of Deals

▼Fees

-9Sh (%)

68.2Sh (%) Share Ch.

Advisor# of Change in Market2010 Rank

▲

Market

16,223.5

Goldman Sachs & Co

ING 7*

Rothschild 4UBS 3

7Lazard

ABG Sundal Collier

US$m

DC Advisory Partners

FIH Partners AS

Scotiabank-Bank of Nova Scotia

2009 Rank

SEB Enskilda 5,733.4

3,600.9

▲

▲


Allen & Co Inc

22

▲

Credit Suisse 12

12

33

15

11

+9

Danske Markets23

3 +1

26.0


▲

-24.8-1.8

12,102.3

7.76,404.9

5,036.4

14.4▲

▲

0.1 -24.1

Any Nordic Involvement Announced (AD37)

57.060,301.6

8.1%

3,981.2

207.4% ▲

6.0

100.0▼

Share Ch.Rank Value MarketMarket

40 11


▼

Change in # of Deals

841

+10.9

-94

0.9

1

19

1516

0.1

12 0.70.1

0.9

13

6

▲▲

17

Nordea

1 19


▼

+5

10

Citi


JP Morgan


▼

0.2

14▲

16

▲▼

7 6,272.1 7.5

3,962.010

▼

Industry TotalBBVA

9.7

4

Market

▲

7.8

6

▲2,479.9

2.8

+11

0.3

0.512

▼0.2 ▲

0.9224

19 0.8

0.5 9+4 8

Carnegie

16

+6

-40

+5

-3

Share Ch.

▲


11.210,673.7

▲

29.5

▼

6

Credit Suisse

Sh (%)Market


11▲

# of

▲Financial Advisor

Any Nordic Involvement Completed (AF44)

16

100.0

2.08.1

822.0

4,436.5

3.9

1.5

-15.92

11

2.4

3.4

5,331.9

13.9

10.4

6.6

-

3.2

2.1+368

▲

0.7

-2

KPMG

1.5

54,965.2

▲-4.41.8

▼-14.1

0.3 ▲

10

49

+1

+6

0.3

0.1

▲

▼

1.1+4

-1

+6

▼

Jan 1 2010 – Dec 31 2010

Imputed Fees (US$m)Market

101.8%

2,283.8

23 1,860.02,160.2

30.7

Sh (%)

0.6

2.61.1

▲2.35.72.4

1.3

1.1

▼3.3▼▼

0.8

▲3.4

0.6

100.0

▲▲

0.7

Market

5.7

▼7

185.6%

1,761.5

▲

▲

▲

4.2

Industry Total

▼Industry % Change from Same Period Last Year -26.9%

0.4 673 709.434,282.0 100.0

▼

1.7%-9.1%

-67

-13.5% ▼▲

▼

7

-3

▼

Jan 1 2010 – Dec 31 2010

-10.1% ▼-3.4%

8-11+40.3 ▲

▲ 37.6%

25

0.1▼-

0.3

▼

8

020

▲0.4▲

2.3 ▲▼

51.1

Industry Total

+2▲

0.62.21,819.1241.1

Nomura

▲ 0.122▲

▲ 0.2

DnB NOR BANK ASA 1.23.12,563.417Nordea 21 1.1

18 3.0

-12.54.8

4.4

11 14 4,144.4

4

5.0

4.72.1

-5.59 5.8

-1.512 4,166.0 5.0101 4,849.3

Carnegie

5▲4.224

11.2

2

8BNP Paribas SA-31.1

1.8

Sh (%)-0.418.7

14.912,454.2

US$m1

11

2009 Rank

53

8

2010 Rank

1865 6,915.7

264

9,367.3

15,600.7

First Securities ASA

2,051.66KPMG2,060.8

13

1,920.5Pareto Securities

4CitiJP Morgan

Rothschild

Goldman Sachs & CoSEB Enskilda

Financial Advisor

UBSMorgan Stanley

Deutsche Bank AG

21

25

36222.5

▲3.0

▼

0.5

8.3

14.5-9.35.8

▼

0.520▼

Deals


Rothschild Lazard

4,747.5

6.0 43.0

10▲

0.30.4▼

+11 266

5.1260

▲0.8 2.5▲

1 610 6

-0.0

1 590

24

93 318 649

NomuraErnst & Young LLP

0.0 -

▲0.2 0.2

0.7 ▲1.222 10

4.73.6 -3 ▼Industry Total383

KPMG 25 5 4,072.0 250.34,171.5 -1 5.724 74 4

7.0 0.4+6 ▲

-118.8▲

KPMG

7.0▲+2RBC Capital Markets 5,590.9

3.8▲23+1

21

Blackstone Group LP 20* ▲ 05.2

Banco BTG Pactual SA 23

6,840.06 -14.0

26 5,301.1▼

▲21 74

▲Jefferies & Co Inc 22 36 5,425.5

TD Securities Inc

29.0

5422

0.4 ▼ 4.3+1

6.4 -3.3 ▼ ▼9 0.7 -11 1.8 0.3▼-1 ▲-1 ▼ 0.712.5 0.8

5,967.06,840.0▲

▲ 4 0.35,960.4 6.4▲Duff and Phelps 20* - 6,840.0 20 1515.2 0.1 +1

▲7.0 0.41 0.1 0.10 -18*0.1 Duff and Phelps

Blackstone Group LP+6 23▲ 18* ▲6,840.0 7.3 7.3 ▲ 7.9 0.50.1 0.5▲

▲

-+1-10.0+2 Bank of America Merrill Lynch 12 6,886.317

1

+1 ▲

7.4

7.3

25.0+1

+18 -1

0.2▲

▼56

1.6▼2 0.812.5

0.67,224.3

0.1

-30.3

7,325.0- 7.95 0.9 -9-15.7

▲ 413 9.152 8,779.6 9.4

Jan 1 2010 – Dec 31 2010

Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)

Any Benelux Involvement Completed (AF47)

31.2

Rank Value

+16

Change in

1

2010 RankFinancial Advisor Deals

MarketRank Value

28

Market Advisor

EMEA Rankings

2010 Rank US$m

# ofDeals

Moelis & Co 12 10.5 10.5

26,540.2 16

24,353.3▲

3

-30.3

▼ 72.7

+5

-4

+4

+4

▲

80.0+11

▲

▲

100.7 6.3▲

Houlihan Lokey

Deutsche Bank AGCredit Suisse

Financial Advisor

2


▲# of DealsSh (%)

Citi

RBS

20.9

Fees

▲0.1

24.4▲1.31.829.4

▼1.5

▼

4.59.9

2009 Rank

Market

7US$m Sh (%)

10.141,234.8Rothschild

▲Share Ch.

EFG Hermes 9Goldman Sachs & Co 8 1

LazardJP Morgan

Citi

5

Credit Suisse 3

UBS 76

Deutsche Bank AG 4

Morgan Stanley 2 15.429.038,302.8 14.5

10 39,766.4 30.111

228.2

37,228.5 2.438

27.836,710.337,208.5 ▲

▲

2426

▲28

12,557.7Bank of America Merrill Lynch 11 12

17.7

▼▲

9,999.9

20,655.4-18,755.3

15 36,324.50.3

-4.534,826.3 ▼▲

11,338.6

27.5

1.5▲28.2

▲8.4

Share Ch.

27.59

2009 Rank

13

Market

25,656.43

Sh (%)

28.41

+81.5

30,352.8Sh (%)

6▲

1.32.2

-11

+1224

Market

Jan 1 2010 – Dec 31 2010

8 18.2 172320

1.8

+26

16.421,636.1 23.2

13.210.7

13.620

+51.6+230 1.9 JP Morgan

6.46.15,642.1

8,470.7

▲▲9,999.9

▼

▲4.5

Evercore Partners

2

Allen & Co Inc▼

7.7

132 051 9

10

- 9,781.2

UniCredit Group

1415

BNP Paribas SA

▼

13.416 7.4 ▲

100 0

▲

3.1

4.2

1.5

-20.80.80.6 ▲1.2

▲0.8 ▲

▲0.5

▼

▲

▲

▼

1.9

▲0.7

2.8 ▲0.7103.6

+2 54.2▲

▲

1.9▼3.4

63.7 4.0

4.2101.7 6.3

0.163.7 4.0▼ +2

▲2.1

▲

6.4

5.0

0.4

16,944.87

+11

+717

1.3

6

▲

# of Deals32.5

15.9 ▲

▼20.3

-4.1 12▲5.3 20

-23.91.61.8

0.9

2.21.3

+71.3

1.6

67.6

10

▼

Barclays Capital

-3.1UBS-916,885.0 15

▲

▲ 12,722.99▼ Goldman Sachs & Co

▲14 1.9

9.1▲7.9 1

10.7

12

Share Ch.

5

19

Sh (%)

0.8

0.2

1.2

2

▼26.1

Market Market

4

4

1 18,945.335

21

# of

▲

11Peter J. Solomon Co Ltd▲+8 -

5

+2

Morgan Stanley

2▲0.7

2.8 1.70.7

▼45.6+4▼

▲

-10 ▼

-7.218.18 ▼

12,325.2+2

▲▲

▲

▲

8 0.5

0.1

11.5▲1.5▲

100 0

▲▼

Any Benelux Involvement Announced (AD40)


16

7.6

▼

Change in

+2+3

5.52▲

3.7

▲▼

▲

▲

3.2

6.3

3.7

Evercore Partners

53

10

Barclays Capital-

6.3-2.1

4

Peter J. Solomon Co LtdBNP Paribas SA

8,915.5

12

18

9,849.8

8,322.8

229.5

Market

8.6

4.1

7.5

5.2

26.4

2.9

0.13.2

2.9

-19.2

0.1

▲

57

+5▲6.6 -20.35

0.1

▲

0.119

2

141.2

▼ 0.9

16

0.1

0.39

5

13 27.611

▲

Industry Total

1415Moelis & Co

RBC Capital Markets

Allen & Co Inc 17

19

Houlihan Lokey- 7.49,781.2

25

- 4,925.0

24

100 0

-

7.4

1.321▲5.6

-8.4 0.7▼

6,894.1

-4.2

15.615.6

6.8

7,224.3

-9.114.2

5.2 2.8

* tie

-10.8% 20.0%▲ ▲

Jan 1 2010 – Dec 31 2010

▼96.3% 54.7%▲ ▲-3.4% ▼

1,266 -260

▲0.2% 18.6%▲

1,610.61,590

2.8%

93,318.6


Industry Total-383

1.0% Industry % Change from Last Quarter11.3%Industry % Change from Same Period Last Year


132,051.9

▲

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

100.0 100.0Industry Total 100.0

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

Rothschild

% V

olum

e C

ompo

sitio

n

Consumer Products and Services Consumer Staples Energy and Power Financials Government and AgenciesHealthcare High Technology Industrials Materials Media and EntertainmentReal Estate Retail Telecommunications


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

Rothschild

% V

olum

e C

ompo

sitio

n

Consumer Products and Services Consumer Staples Energy and Power Financials Government and AgenciesHealthcare High Technology Industrials Materials Media and EntertainmentReal Estate Retail Telecommunications

14

Asia Pacific (ex-Japan) Deals Intelligence

China Cross Border Announced M&A

Asian Completed M&A by Region - Imputed Fees

Asian M&A Reaches All Time High I Deal Fees Up 41% I Australian M&A More Than Doubles


Asia Pacific (ex-Japan) M&A

In 2010, Asian M&A activity reached a record-high US$474.6 billion, a 48.2% increase from US$320.2 billion recordedlast year and a 10.9% increase from the previous high recorded in 2007. Fourth quarter activity included the largestMalaysian deal in history, the US$10.9 billion competing offer by Jelas Ulung to acquire Plus Expressways, whichtopped the US$10.2 billion offer from state-owned Employees Provident Fund Board and UEM Group.

Fees earned for the year amounted to US$4 billion, up 40.5% from the US$2.8 billion recorded last year, according toThomson Reuters/Freeman Consulting. Morgan Stanley earned the most fees with US$192.4 million. UBS andGoldman Sachs followed with US$142.2 million and US$137.1 million, respectively.

China cross border activity amounted to US$80.7 billion, a 21.2% rise from the US$63.6 billion recorded in 2009.Outbound activity reached US$55.6 billion, with US$26 billion being invested in the Energy & Power industry. Inboundactivity totalled US$25.1 billion.

M&A activity in Australia totalled US$164.4 billion, more than doubling from the US$68.8 billion recorded last year. Thiswas the largest recorded volume since 2007.

100%$50

$0.2

$0.3

$0.4

$0.5

$0.6

$0.7

Impu

ted

Fees

(US

$b)

North Asia

South Asia

Southeast Asia

Australasia

10/1/2010 Energy and Power / Oil & Gas8/16/2010 Energy and Power / Oil & Gas

10/15/2010EDF Energy-UK Power Distn Bus (100%) Investor Group Hong Kong / United Kingdom

3/19/2010 Energy and Power / Oil & Gas

Financials / Banks

5/12/2010 Republic of Venezuela-Carabobo (40%) Investor Group

China / ChinaChina Mobile Grp Guangdong Co3/5/201011/29/2010

Sinopec Group China / Brazil 7,111.08,304.7

Repsol YPF Brasil SA (40%)

2/15/2010

9,056.4Plus Expressways Bhd (100%) 10,158.9

12/28/2010

Telecommunications / Wireless6/8/2010 Bharti Airtel Ltd India / Nigeria 10,700.0

10/25/2010 Pending ASX Ltd (100%)

Zain Africa BV (100%)

Financials / Brokerage

Pending

7/30/2010

Pending

Intended

10/16/2010

10/29/2010

Henan Shuanghui Invest & Dvlp China / China 5,052.3Shanghai Pudong Dvlp Bk (13.33%) 5,830.6

Pending Cairn India Ltd (40%) United Kingdom / India

Industrials / Transportation & InfrastructureInvestor Group Malaysia / Malaysia

Top Ten Any Asia (ex-Japan) Involvement Announced DealsAcquiror

12/20/2010

17,259.9

Financials

7,687.6 JP Morgan

Rank Date

Credit Suisse

Jan 1 2010 – Dec 31 2010Date Effective Target (% Sought/Acquired)

109.5

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

614.514.4 12

UBS

UBS

181

22.619.5 8

16

8

18.5

201,390

2

Energy and PowerRank

Deutsche Bank AG 20,033.2

3

Asia (ex-Japan) Involvement Announced Advisors by Target Industry

682 No. DealsRank Val US$m

88,582.1 Share

Mkt.

86,732.3 16,425.6

Bank of America Merrill LynchCredit Suisse

1

Materials 80,798.7

12,602.2 215.1113,055.5

3

Morgan Stanley

12,459.7 Credit Suisse

11.49.5

7,644.6 1732

Industrials / Transportation & InfrastructureAcquiror / Target Nation

India / Venezuela

Malaysia / Malaysia

Henan Luohe Shuanghui Ind-Asts (100%)4,848.0

Singapore Exchange Ltd Singapore / AustraliaEnergy and Power / Power

Vedanta Resources PLC 6,568.5


Plus Expressways Bhd (100%) Jelas Ulung Sdn Bhd 10,954.5

9,211.7 1,576

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

$50

1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

% O

utbo

und

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

$0.0

$0.1

$0.2

$0.3

$0.4

$0.5

$0.6

$0.7


Impu

ted

Fees

(US

$b)

North Asia

South Asia

Southeast Asia

Australasia


0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

$50

1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

% O

utbo

und

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

$0.0

$0.1

$0.2

$0.3

$0.4

$0.5

$0.6

$0.7


Impu

ted

Fees

(US

$b)

North Asia

South Asia

Southeast Asia

Australasia

15

Bank of America Merrill Lynch JP Morgan

Any Asia (ex-Japan) Involvement Announced (AD25) Jan 1 2010 – Dec 31 2010

3 998 9

Asia (ex-Japan) Rankings

-Industry Total


9 573474 577 5 100 0▲0.4

+331 283 537 2 100 0 5 212281.74,761.2

95 100 0Guotai Junan Securities 25 103 0.11.25,660.7 1.1 ▲

-1.20.5 ▲0.6 0.5

9.6 0.023.2

+18 0.22▼10

-1 ▼ ▲64025

0.40.0 1.8 -0.7

▼1.20 0.1- 49.0Somerley Ltd 23 321.7Scotiabank-Bank of Nova Scotia 24 ▲43 8,211.0

120.8

▲ 4220

8,213.8 1.7▲+3 ▲ 15.2 0.4 0.2

0.5 ▼ Rothschild 23-1.70.4 23 ▼1.95,338.8▼

143▼

0.034

▲ 2114 0.1 -7CITIC 22 17 10,528.4 2.2 -0.2

0.40.7 ▲

2.00.25,351.2 1.9 8

18.65,536.2▼5.7

2.0 ▲▲ 20 0.4 +9▼-5

0.52.3 ▲▲ KPMG▲

RHB28

▲+3

0.42.4 1.0 0.1 0.148

▲ 1▲ 0.9

0.50 ▲Macquarie Group 20 38 12,089.5 2.6

0.4 19.5AMMB Holdings Bhd 19 53 7,111.0 2.02.52.2 Scotiabank-Bank of Nova Scotia2.8 0.0 -7 15,612.9 3.6▼ 23 ▼ 10,094.1Citi ▼-6.1 0.5 0.91.7▼▼ 27Nomura

19 51

CIMB Group Sdn Bhd 1766.3-4

-130.6-7-2.0

▲

3.5 2.1 0.2▲ 5.9 0.210,700.00.2

27 16,660.5

13,206.918

Global Investment House (KSCC)▼

38 +21

583.3

3.8 3.8 +11 0.0▲0.6▲▲

11,100.4 3.9 3.0 ▲ 42.8 1.139 ▼0.5 ▲ 24 -2 420.30.4 ▲ 66.5

HSBC Holdings PLC 16 13 17,892.4 3.8Nomura3.8 4.7

-1+7

RBS▲

+10 22 15,410.3+5

0.7

▲0.7▼-0.9 1.7 0.3

1.0▲▼ 2314 0.1RBS 15 29 18,204.7 2.4 ▲

3.2 ▲ 9 41.4+30.21.1 ▼

12 96 16,230.3 5.7 5.6 ▲5.7 2.1Bank of America Merrill Lynch

RHB 14 80 18,709.5

▲41 20,948.4

3.9 3.7+164.4

▲ 24 0.3▲ 37

0.9 ▲3.5

+3 ▲0.3 +9 ▲ Yuanta Financial Hldg Co Ltd▲ 85.1-1.7 ▼ -7 ▼24 0.5

1.110 0.2▼ 49 0.9 +20 2.9

42.51.0 ▼

Standard Chartered PLC 12 19 22,217.7 4.7▲ 117.36.0▲ 108.87 17,156.5 6.1 -1.2 30▼

Citi 11 4 23,119.3 -1.6 ▼4.9 +638 ▲ 17,062.80.410

-6.51Credit Suisse 11

▲10 6 25,214.7 5.3 -0.4 2.7 1.0 ▲0.6

▲ 23 1.3 0.20.4 +5 ▲ 52.65.4▼

37▼-110.3▲

+1410 25,392.28 25,698.7China International Capital Co 8

JP Morgan 9 1.317,341.30.4 +12 10HSBC Holdings PLC 9+15 ▲▲0.4

6.1Goldman Sachs & Co30

▲1.06.5 ▲-2.2 ▼ 42 3.4 0.90.8 +19 ▲ 137.1

▲+4 ▲ 55.6 0.31.4▲18,433.2

4.3 19,734.2Standard Chartered PLC 75

0.280.3

▲5.13.9 ▲

15 0.37.0

▲0.5 +120.6 0.01.9 1.1

-+3 ▲34 25,748.8

24,376.215

6-422 0.25.4 +10 0.317

BNP Paribas SA 6 16 26,310.2 5.5Barclays Capital

▼7

43 0.48.6

5 27,741.1 9.8China International Capital Co 13BNP Paribas SA 25

4 0.364▲ 74.0

+1315

25.1Deutsche Bank AG 5 9 35,179.2 7.4 ▲▲

3.0 ▲+1 ▲6.514

27,818.50.6

▲8

0.8 +36+8 ▲ Deutsche Bank AG 3

▲9.5 1.3▲ 9.8Barclays Capital 1.558.2▲8.9599.9 ▲79

3.22.3

▲▼ 99.4▲ -5 0.2▲1.01.0 +17 ▲ 142.2 3.650

10.333,418.1

0.5 2.52829,055.4 3.8

50,560.0UBS

2▲

0.6574

5.511.8 2.70.6

Morgan Stanley 1+18 ▲ 2

1.1▲Sh (%) DealsShare Ch.

5817.8Financial Advisor US$mMorgan Stanley 1 1 59,254.5

Share Ch.▼

Sh (%)12.5

Goldman Sachs & Co 2 5 51,036.9

Share Ch.

10.8▲

MarketChange in Advisor

▲4.8 1.1192.4+20

# of# of Deals per Advisor

Deals Sh (%)Market

Financial AdvisorChange in # of Deals

# ofMarket# of Deals FeesSh (%) Sh (%)

MarketUS$m

MarketMarket MarketRank Value per Advisor (US$m)

2010 Rank

2009 Rank

Rank ValueImputed Fees (US$m)

2010 Rank

2009 Rank

Rank Value Market

1.5

Any Asia (ex-Japan) Involvement Completed (AF32) Jan 1 2010 – Dec 31 2010


Global Investment House (KSCC) 21 - 10,700.0 2.3 1

UBS 3 2 46,764.3

Rothschild29

26

13

3 42,040.8Credit Suisse 4

13

Ernst & Young LLP-9

5.4

0.3

0.4▲ 14

▲

▲

▲

2032

-124.61.6

2.6

17

▲

2.6

54

5.4

▲▼ CIMB Group Sdn Bhd

31

+1

▲

Somerley LtdIndustry Total

16,180.36

18

91617 -

15

3

13,197.9

CITIC 22

-3

6,726.8

5,071.324 ▼

Bank of America Merrill Lynch Rothschild

-51.9

0

Change in

45+8

3,998.9

Any Australian Involvement Completed (AF31)

Market# of Deals

0

2.5%

Market# of Deals per Advisor

-

# ofDeals

11,401.9

Lazard

Financial Advisor

28,682.715

2010 Rank

2009 Rank


48.2%

Market

▲

Industry Total

Industry % Change from Last Quarter▲

Jan 1 2010 – Dec 31 2010

▲ ▼▲

-2.00.7

Change in

9

Sh (%)

-1.6 ▼

2.1%-16.0% ▼17.4% ▲Industry % Change from Last Quarter

BNP Paribas SA▼

+5 ▲0.2

9,573474,577.5

49.0%3.6%

100.0

▲▲


Market

-2.7%

Imputed Fees (US$m)Market

2

Cameron Partners Ltd

0.322

Industry % Change from Same Period Last Year8.8% ▲

- 924.3

Financial Advisor1

48.7%

Fort Street Advisers

40.5%

Advisor

-1.8% ▼

▲

22*


1.0

Jan 1 2010 – Dec 31 2010

1.0

84*0.2

+331

23 645.30.6

8.78.7

+10.10.6

0.3

1,618

283,537.2 100.0 5,212

# ofDeals

-11.0% ▼

# of Deals

-95 100.0

1.32,081.6

8

▲▼-3.7%

4.7%▲

-Nomura164,412.1

32Macquarie Group

100.01.3

10

1

Rank ValueUS$m

Goldman Sachs & Co

UBS 66,424.7

24

11

94

13 -3.1

2.3

1.5

1.9

1.6

1.8

1.4

2,739.9

Share Ch.▲+18

MarketMarketSh (%)US$m

UBS1 348

20.9 ▲58,313.237,838.4

-1.1

1.9 3123,198.0Sh (%)

▲

▲

▲

23.035.5 ▲

4.0▼

16.6

17.5 0.75

Sh (%) Share Ch.Market

-9.2

17.3 ▲4

2.0

-0.9

2213.7 ▲

▼

6.7 ▲ 0.5

16

▼

3.3

4440.4

Rothschild 1110

10.62

Credit Suisse 7 126

Deutsche Bank AG

Citi

Morgan Stanley

Greenhill & Co, LLC

9

-10

6

0.61214

0.4 +4

+24

+1 ▲

Industry Total

+3

1.2

▲▲

-74

▲6

1.9 ▲

627.4 ▲

25.8

-8.5

100.02

+9Share Ch.

▲▲

15.22.2

0.8

-▼

▲

▲

113.5 7.6Fees

2.3Sh (%)

0.4▲▼


Industry Total+1

3.7%

+57

-6.9

-7.7

▲▲

2

24

JP Morgan

▲

47.5%

▲

19.1

1114.9

2.9

8.713.2

12.1

18.4 16

▼

0.728

586.5

Grant Samuel18

0.7

12 0.7

5

▲

▲▼▲

8 0.5

14

▲41.3%

+5

0.4

1.60.6

▼

41.6

2.737.7 2.5

2.847.2

9.457.7

1.2

0.336.8

3.2

3.43.0

2.1

+10.7

37

36.7

2.3

▼

1.12.1 ▲

0.07,176.0

▲ 63.115,710.6

11.0

8.0

15.5 0.4

34.3▼ ▲2.5

0.6▲ 9

▲▲

4.7

▲

▼

40+5▲ 0.712

2.5▲

140.03.9

4.2

+4

2.3▲

15.5

1.0▼

+7

2.5▼

258.2

89,823.8

0.7

▲

▲

+106

0.1

17,206.2Macquarie Group

+1 21

Goldman Sachs & Co

Citi

Morgan Stanley 3 16



2 1 21,658.9

2010 Rank

2009 Rank

Rank Value

3

17

8.9-7 ▼ 69.8

6.8-8.7▼

18,584.9 2.8

9.1

1.4

6.9

11.3

15,000.8

▲2,503.01.4

138.9%

Grant Samuel 23 2,283.6

128.4% ▲

-25

17 16,538.5

+87.7 ▲

5+9

9-

19

5

1.017.51016.5▲

▲7 14,813.5

Credit Suisse

21,418.2+717

13.027,348.8

Bank of America Merrill Lynch23

28,405.1 0.9

24.1

4-

10.4 ▲ 0.7

19.2

6

17,161.2▲

6120.9▼

0.5▲

7

+104

6,490.8 ▼

▲

▲16,499.8

▲

Greenhill & Co, LLC10.0

11

0.7 ▲17

7.0

13,939.411

Lazard 13

7.6

0+4

2.3

Deutsche Bank AG

6 18,317.2 11.1 10,889.18 89

7

21510

6,829.8120.5

Barclays Capital

16

Ernst & Young LLP

▼5

▲

▲

+1▲

Gryphon Partners

0.25

-30.6107 -1

0.9 +1-5.8

▼-

6,315.1

▼-5.9

4,477.8▼

150.3

1.45

1

0.2

2,254.5ANZ Banking Group

Industry Total


22

Singhi Advisors Ltd42*



Gresham Partners 12

BMO Capital Markets 16

14Barclays CapitalJP Morgan 13

RBS 15

▲

▼

1.71.719

PricewaterhouseCoopers

18

20

3,723.9

2,925.0CIBC World Markets Inc

-

-

3,154.2

1.7

19

Somerley Ltd 2,839.517

▲ +3 ▲8.2▼3.3 +5 RBS

+2 13

-42,811.52,739.9 3.1

5,377.6

72

0.58-5.4

42*

15 0.9

3.1 ▼ 11+1

3 0.2

0.7-2

-14 ▼1.0 ▼0.9

2.1

▲0.9+4 ▲

▼

▼▼1.5

1.6

40.1

▼

13.6

24.0Singhi Advisors Ltd-0.9

1.5

1.4

0.2▲

Azure Capital

2,140.8

0.1

▲+4

0.2

▲+6

0.0200.8

-2.111

5.02,837.5 -5.6

5.0

2.6

3.28

3.1

▲ 3 0.1

Moelis & Co 21 1.5▲

2,360

19

9▲

17

Gresham Partners14

83▲

-6

45+2 ▲

-8.0

2,430.4

▼2,342.1

ANZ Banking Group

-

30

2.4 0.8

1- 0.4

30

0.1

12.4

0.8▲ 11.5▼5.5

0.8 ▲

1.4

▲

-1.9 ▼ 10.6

1.81.7 -3

0.90.1

-11,213.0

0.21,625.0 3

4

1.414

2.4

1,524.2 ▲

▲▲1,489.3 100.0

0.1 0.11.8

▲

▲

0.2 ▲

0.5 ▲0.60.6

▼

▼

+1 ▲+5 ▲

3 0.6

0.70.2

Any Australian Involvement Announced (AD24)

2,572.41.7

18

▲ CIBC World Markets Inc0.519 ▲

1.00.90.2

0.2▲+2 ▲

▼


Forsyth Barr KPMG

0.0 -2 1.2 +1 ▲ .1 0.1▲ .9 1.0 1.0 ▲

Grant Thornton LLP 15* 16 35.4 0.4

1.2 ▲- 48.9 0.6 0.6 ▲ 1 0.6 +1

1 0.6 +1 ▲ 1.0 1.2

▲ 0.5

63.3 0.8 0.8 ▲

0.0 -

7Adelaide Equity Partners Ltd

Jan 1 2010 – Dec 31 2010

Azure Capital

+3+2 ▲

Azure Capital

1 +1 ▲15

▲


Jan 1 2010 – Dec 31 2010

Greenstone Partners1314

8-

64.0

Goldman Sachs & Co

MarketFinancial Advisor

Rabobank NV

16

Market

1289.2Ernst & Young LLP

19164.3

US$m

- 125.4

- 63.3

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

+1+3

Share Ch.

72.5

3

+1 Perella Weinberg Partners LP▲72.5

▲▲

1

4.0 4.8▲

1 0.5 +1 -

362.4 4.4+1

Change in

5,998.6 ▲ ▲

Advisor

3.0

Market

74.9Sh (%)

1 0.672.572.574.9 3 1.86,197.3

Market

-US$m # of DealsDeals

# of# of Deals per Advisor

Sh (%)

Any New Zealand Involvement Completed (AF46)

Rank Value

▲8.2677.7

+15,998.6 0.61▲1.8

+27.5

▲

▲

4.4

Imputed Fees (US$m)

6.1▲

▲

152.4

2.9

1.9-1

1.8Goldman Sachs & Co 134.510

141.81.6

1.3 0.30.7 .3

2.3▲

-3

0.4▲-2

6.4 3 1.4▼

51.8 134 123.3

945.5

1

2.7

▲-8 ▼

+1Macquarie Group

▲

12

Market

▼-2.5

▲

-9.48

53.7

980.01,400.8

62.8 ▲

6.153.7

12.58.8 8.8

Jan 1 2010 – Dec 31 2010

5,998.6

3

▲

Credit Suisse0.5

Deals

▲

17*94

+2

Change in Fees


+4

HSBC Holdings PLC

+1▲

+1

Ernst & Young LLP

7Cameron Partners Ltd

▲6

UBS

▲5First NZ Capital

-2*

▲+101.4

# of

1.4

2009 RankFinancial Advisor

2010 RankShare Ch.

Rank Value

53.7


7,151.2

2009 Rank Sh (%)

53.7 ▲

Any New Zealand Involvement Announced (AD39)

Credit Suisse

0.80.60.6 0.6

67.3

+2

5,998.6--

3.1▼0.6

0.7

1.9▲3.7 0.1

6.4

1.8▲

1.3

▲

▼ 2.3▼

▼-11 ▼ .3 0.4

0.6+1 ▲+20.8

4.4

-4.1

1.5▲

0.2

▲0.80.6

2 1.2 1.1 1.31 0.6

1.3▲.5+2

▼▲ 2

3.20.9

Rabobank NV 0.8▲ 2 0.9

0.6

1.1-1.2

* tie

-2

220

11*▲

▲

1

1# of Deals

67.311*

110.3

Industry Total

--

Greenstone Partners8 88.2

67.3

10

13 -

▼▲

14

1.1

Sh (%)

3.0

100.9 ▲

239.7

152.41.5 ▲1.39 2.2

20 3

Market

1.40.5

2.7▲

252.5

7.866

2.3

872.713

-3.0

4 4UBSHSBC Holdings PLC 2*Perella Weinberg Partners LP 2*

1

2010 Rank

-

8

Macquarie GroupFirst NZ Capital 7KPMG

5Nomura

11

0.84.2

Share Ch.▲

▲▲

5.33.6 3.6

Market

9.17.4

Market

5.3

▲

Sh (%)

100.0 100.082.6

▼▼

▲▲

0.8

▲

8,276.4

▲Industry % Change from Last Quarter

265.0%▲ 1842.9% ▼-19.6% 61.1% ▲

18.7% ▲▼

11,174.1 100.0

-7.6%Industry % Change from Same Period Last Year

+1Industry Total

6

1.11.41.5-

302.65

Cameron Partners Ltd 11

Asia (ex-Japan) Rankings

171 -14

▲

-60.1%Industry % Change from Same Period Last Year

3.7%0.5%394.9%

▼▲

▼

1

4

3▲ 3

3

1.8

▲2* -


3.87.4

2.30.5


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Morgan Stanley Goldman Sachs & Co UBS Credit Suisse Deutsche Bank AG BNP Paribas SA Barclays Capital China International Capital Co

JP Morgan Bank of America Merrill Lynch

% V

olum

e C

ompo

sitio

n

Telecommunications Retail Real Estate Media and Entertainment Materials

Industrials High Technology Healthcare Government and Agencies Financials

Energy and Power Consumer Staples Consumer Products and Services


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Morgan Stanley Goldman Sachs & Co UBS Credit Suisse Deutsche Bank AG BNP Paribas SA Barclays Capital China International Capital Co

JP Morgan Bank of America Merrill Lynch

% V

olum

e C

ompo

sitio

n

Telecommunications Retail Real Estate Media and Entertainment Materials

Industrials High Technology Healthcare Government and Agencies Financials

Energy and Power Consumer Staples Consumer Products and Services

17


Japan M&AJapanese M&A Down 2% | Number of Outbound Deals Breaks Record | Completed Transactions Fees Up 24% to US$1.9 billion

Any Japanese Involvement Announced M&AJapan Deals Intelligence

Announced Japanese M&A activity totalled US$123.2 billion in 2010, down 1.6% from last year’s US$125.2 billion. Atotal of 2,786 deals were announced in 2010, a 4.5% decline from last year. Japanese M&A activity for the fourthquarter of the year posted a total of US$19.3 billion, a 50.5% decrease from the same quarter last year and the lowestquarterly deal activity since 2004.

Outbound Japanese cross border M&A activity increased by 98.2% compared to 2009, with deal volumes reachingUS$38.4 billion. In terms of number of deals, 2010 recorded a total of 520 deals, the highest number on record. AsiaPacific companies were most targeted by Japanese firms in terms of number of deals, with a total of 268 announcedAsia Pacific-Japan outbound transactions, representing about 51.5% of Japanese outbound deals by count. Dealactivity involving Japanese acquisitions of Americas companies reached US$21.3 billion from 147 deals.

Financials remained the most targeted industry in Japan with a 24% market share and included the largest deal of theyear: the US$9.1 billion merger between Chuo Mitsui Trust Holding and Sumitomo Trust & Banking.

Estimated fees on completed Japanese deals totalled US$1.9 billion in 2010, a 23.5% increase from last year,according to Thomson Reuters/Freeman Consulting. Advisory fees in the fourth quarter reached US$487.2 million, a24.3% increase from the previous quarter. 0

500

1,000

1,500

2,000

2,500

3,000

3,500

$0

$25

$50

$75

$100

$125

$150

$175

$200

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

# of

Dea

ls

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)Q3 Volume (US$b)Q2 Volume (US$b)Q1 Volume (US$b)# of Deals

NomuraJP Morgan

121,859.1

7/15/20107/29/2010 Japan / Japan High Technology / Electronics

Japan / South Africa

6/8/2010

10/6/2010 Sanyo Electric Co Ltd (30.8%)Panasonic Elec Works Co Ltd (32.16%)


Panasonic Corp10/6/2010

Ruby Acquisition IncLiberty Global-Subsidiaries(3) (100%) 4,000.0

High Technology / IT Consulting & Services

Japan / JapanOSI Pharmaceuticals Inc (100%)

Mitsubishi UFJ Morgan StanleyJP Morgan 1,545.7

Top Ten Japanese Involvement Announced Deals

Industrials / Transportation & Infrastructure

11,956.0

Chuo Mitsui Trust Holdings Inc 9,148.9

2

Resona Holdings IncPrudential Financial Inc

ETIC Japan / Japan

Pending AIG Star Life Insurance Co Ltd (100%)

Japan Airlines Corp (100%)Resona Holdings Inc (31.46%)

Industrials 12,966.0

2NomuraMitsubishi UFJ Morgan Stanley 7,518.0

3 153

25 7.112

925.4 68.428,874.5

Real Estate

NomuraDeutsche Bank AG

Mizuho Financial Group12,719.1

3

8,952.7 1

Financials

6 19,132.7 210,601.1

19 6 64.8

74.1


Acquiror / Target Nation

Mkt.Share

225 Rank

3

High Technology

Japanese Involvement Announced M&A - Top Advisors by Target Industry

35.9

29,516.3

Rank Val US$m No. Deals

Japanese Cross Border Volume

Dimension Data Holdings PLC (100%)

3/1/2010

Energy and Power / Oil & Gas2/18/20101/24/2010

9/10/2010

Healthcare / PharmaceuticalsKDDI Corp Japan / United States

9/29/2010Media and Entertainment / Cable

United States / JapanJNFL (66.67%)

9/30/2010

3,040.6Panasonic Corp

12/13/2010 2,730.3Nippon Telegraph & Telephone3,004.4

Japan / Japan 5,040.1

High Technology / Electronics

Financials / Insurance4,752.84,800.0

3,837.9

Japan / Japan

7/29/2010

Target Macro / Mid Industry

Financials / Banks8/31/20101/19/20108/26/2010

Target (% Sought/Acquired)Date EffectiveRank Date

Investor Group

319,595.4

6,404.4 Mizuho Financial Group

10,650.3 1

2

6

54.438.432.7

12.23.6

69.1

15.4

405 12

15 10

424

Pending12/1/2010

455.9

Rank Value (US$m)

Sumitomo Mitsui Finl Grp Inc

8,174.3Japan / Japan8/24/2010

Jan 1 2010 – Dec 31 2010

Sumitomo Trust & Bkg Co Ltd (100%)Acquiror

3

Financials / Banks

3

0

20

40

60

80

100

120

140

160

180

200

$0

$5

$10

$15

$20

$25

$30

$35

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

# of

Dea

ls

Ran

k Va

lue

(US

$b)

Inbound (US$b) Outbound (US$b) # of Deals

0

500

1,000

1,500

2,000

2,500

3,000

3,500

$0

$25

$50

$75

$100

$125

$150

$175

$200

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

# of

Dea

ls

Ran

k Va

lue

(US

$b)



0

20

40

60

80

100

120

140

160

180

200

$0

$5

$10

$15

$20

$25

$30

$35

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

# of

Dea

ls

Ran

k Va

lue

(US

$b)

Inbound (US$b) Outbound (US$b) # of Deals

0

500

1,000

1,500

2,000

2,500

3,000

3,500

$0

$25

$50

$75

$100

$125

$150

$175

$200

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

# of

Dea

ls

Ran

k Va

lue

(US

$b)


18

Goldman Sachs & Co

14 20 2 0 8+10.2▲

0 2+2 0 61 62 4 60.0▲ 37 3.4+12

20 ▲2 272 8Rothschild 5▲1 5Greenhill & Co LLC 20 13GCA Savvian Group Corp 19 25 2,621.7

1 799 7

0.3▼0.7

-1928▼

25.41.324.3

▼▼-30.4

7 0.3 1.7 -6.4 1.39-3.0

18 58 3,022.2 2.52,410.2

1.42.1 0.8 ▲ 27 0.8 1.7Deloitte▼ 1.719 31

2.4 ▲3.1 3.1 ▲

--7

9+1 ABeam M&A Consulting Ltd

3,837.963,791.70.0 17 151

Centerview Partners LLC▼ 16▲Centerview Partners LLC 17 - 3,837.9 2.7

1 0.4▲ 7.9 0.4+1▲ 0.02.73.9

2.71.3 0.25,091.302

Lazard 16 18 4,187.434 4,800.0Perella Weinberg Partners LP 15 3.3 ▲ 0.1

▲3.4- Credit Suisse -2.4 ▼

25.3+10.518.60.33.6 ▼ 1.0

+4 ▲ 3.614 -1.1 ▼15 14

114.5 Lazard8 0.3▲1.9-46

19 4.97,003.56.623

1.54.1

▲2.989 4.1▲ +55 54.4▲

▼-51.4▲

1.6 1.5+2 28.4▲34▼▲

1232 1.14.6 0.34.1 ▲ 9

1.0 +5▼

101 11Deutsche Bank AG

2.9▲4.3

-

-13

-

45 2.1

2.0 6.3117.11.6

-▲

--3 ▼1.1 54.6

-4.278.7▲

Mitsubishi UFJ Morgan Stanley 4415.2207 3

-38

23,499.4 ▲16.5

Bank of America Merrill Lynch0.7 -12 13

-76

6.0 ▲20.6

UBS2057

▼0.7 ▼2.0

100.7

9.95 9 18,701.1 15.2 29,460.3 10.25

1.9-8

4.2▲

▼▲ 0.5 -756.136.2

77.4▼▲

3.13.0▲ 16 ▼

67▼- 0.818

411.5

2 32,793.17 33,764.7- JP Morgan

5.530.24 43,075.3 1203 23.7

+25Mizuho Financial Group 20.6 ▲+3

1 59,583.3 41.8 19.3 ▲ 126

-19+3 ▲

8 21,710.6▼

1.00 2 ▲▼


MarketSh (%)Market

▲

2009 Rank

Rank Value

-13▼

5.5 ▲

▲

▼-0.5

-10.0▼

3.6

▲

▲

2010 Rank

5.8

MarketFinancial Advisor US$m Deals

1

MarketSh (%) Share Ch.

# ofFees Share Ch.Sh (%)

AdvisorShare Ch.Sh (%)

Rothschild

1JP MorganNomura

Mitsubishi UFJ Morgan Stanley 3

Mizuho Financial Group 8

1


5.4

Barclays CapitalABeam M&A Consulting Ltd

15

6,631.89,670.59,846.8

35 5,676.85,527.0

21

4

2 5-

16

7 6

3

11

2

10 0.5+4-2

2393.7

49.211-

2.62110.02.8

2.4 ▲ ▲

▲▼

Citi 6 8 19▼11.414,030.9

7.9

-

52.50.3

0.9

0.4

0.0

0.0

0.51.8

▼

▲

▲

▲▲

-

▲-▼

▼

1.6 ▲

0.6 ▼

1.1 ▼2.0

132.80.94.8

▲

-0.5

176.1 9.5

▲▲7.1

89.9-1

-12

▲+2

▼

Goldman Sachs & Co

8

+6

Daiwa Securities Group Inc

16.7

KPMG 121314

Sumitomo Mitsui Finl Grp Inc

Sh (%) # of Deals

3.6 +66

0.3

0.7

-2

8.0 15▼1.2 20

11,963.08.5

-23.5

-13.4 11.5

Sumitomo Mitsui Finl Grp IncKPMG

Mitsubishi UFJ Financial Group

135,176.8

20,555.5-

10Citi

125

14,279.79,444.4

-40▲

-7.8

11

Market

-4.4

Market

17.2

-13

9.7

4.118

Nomura

9

7104

▼

10,504.5

13,624.5▼

11.1

24.0

Change in

15.6

Market

▼

49

44.9 1149.7

1.8

Rank Value per Advisor (US$m)Rank Value per Advisor (US$m)

Japan Rankings

Any Japanese Involvement Completed (AF23)

# of Deals per Advisor # of Deals per Advisor

Jan 1 2010 – Dec 31 2010

Imputed Fees (US$m)

-

16,337.0

17.1

23.0

0.8

0.0

14.4

23,825.80.9

▲

UBS


16

2,474.9GCA Savvian Group Corp 18

30

421,249.919,257.1

-

# ofRank Value

3.655,275.1

Deals

29,516.4

Market

Jan 1 2010 – Dec 31 2010

2010 Rank US$m

Any Japanese Involvement Announced (AD19)

2009 RankFinancial Advisor

Deutsche Bank AG


▲

-513

▲▲

-8.6% ▼ 24.3%23.5%

142,713.8

▲▼

12.6%

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

Industry % Change from Same Period Last Year39.3% ▲

* tie


Industry % Change from Last Quarter -61.8%-1.6%

Industry Total 123,232.10.5

100.0▲

-132 2,169Industry Total

1,085.9

-4.5%

2,786

▼

100.00.1Lexicon Partners 25 - 1,066.5 ▲

0.31.10.9 0.9

0.9 6-5.9 0.2+44

0.324Credit Suisse 12

Sangyo Sosei Advisory Inc 1.21,654.3 1.21,624.5▼

0.1 +3▲0.2

10.4▲▲ 9.4

+7▲

▲1.1ING 33* 0.5

0.30.4

4.8▲30.11.0 -14 4.2 0.2▼211.21,692.3 -6.7

DeloittePricewaterhouseCoopersBNP Paribas SA

21 20 1,753.0

PricewaterhouseCoopers 23 14 1,166.6 1.0 -921▼

14.21.4 8.0

22 32 1,278.7 1.0 6 0.2 +321

▲0.5

0.20.4+10.20.8+1

▲10 ▼

0.2+2 0.64-2.7 ▼

1.61,877.8 1.3

-2.4 6 20 ▲2,272.8Rothschild 5-0.4 1840 1.4

▲1.5Greenhill & Co, LLC 20 13 1,799.7

▼

▲

0.8▲

0.2 ▲▼+14▼

0.2-2.5

▼

Jan 1 2010 – Dec 31 2010

▼▼

▲

▲

0.60.4 ▲1,863.6

-19.1% ▼

33*+3

▼

▲-9

100.0

48BNP Paribas SA

240.31,570.5

30

22Greenhill & Co, LLC

-23

25

61.3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Nomura JP Morgan Mitsubishi UFJ Morgan Stanley



Citi UBS Mizuho Financial Group Deutsche Bank AG Goldman Sachs & Co

% V

olum

e C

ompo

sitio

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


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Nomura JP Morgan Mitsubishi UFJ Morgan Stanley



Citi UBS Mizuho Financial Group Deutsche Bank AG Goldman Sachs & Co

% V

olum

e C

ompo

sitio

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 Telecommunications19

Industry Total Industry Total

2009 Rank Deals

+15 ▲38

6 1.5

12,324.9 2.26

Barclays Capital

4.1

Goldman Sachs & Co

2009 Rank

2010 Rank

# of Market Change in MarketSh (%)

8,635.81 10* ▲45

416.15.52

4 83 2* 72,339.4 12.9+8 ▲5.1

33 +10 ▲25 3.4

68,186.8-3 ▼

4.5

6 10* 3.0 +1 ▲5

227* 30* 9,026.4 1.618 2.4 +10 ▲

22* 49,479.5 8.918 2.4 +7 ▲

15 2.02.2

11* 48*+4+10

-7 ▼ 57,844.1 10.3

28,407.1

7* 7 18 2.47*

1.5 +6 ▲15 2.0 +14 ▲11

15* 18*13* 114*

10 1.4

2.1

▲ 5,174.0 1.4

5.19.8

26,458.2

+14

2.6

Stifel Financial CorpRBC Capital Markets

Deutsche Bank AGDeutsche Bank AG

Barclays CapitalMoelis & CoCredit Suisse

8*8* 13

▲

7,654.5 1.42,829.8 0.58,810.5 1.6

▲▲

26,458.2 4.7

0.3

5,660.7

23,023.21,482.3

Houlihan LokeyFairness Opinion Provider

Morgan Stanley

UBS

Goldman Sachs & Co

RBC Capital Markets

Sandler O'Neill PartnersBank of America Merrill Lynch

JP Morgan

Tudor Pickering & Co LLC

Lazard

▲

Tudor Pickering & Co LLCPricewaterhouseCoopersNomura

+127*10

1.5 +9

15* 30*

11

10 18* 16

1.41.4 +2

▲19 -3

1.1

100.0-188

1.40.2965.8

5,174.01.2 ▼

+6

Jefferies & Co Inc

Haywood Securities Ltd.

-2 ▼Bank of America Merrill Lynch

Piper Jaffray Cos4,713.2

1.00.8

▲

154*48*

90.9

Goldman Sachs & Co

Huatai Securities

15*

13*

10

15* 63*

Barclays Capital

11*

7.3+4+1

7China International Capital CoCredit Suisse

GMP Capital Corp

Sandler O'Neill Partners

JP MorganMorgan StanleyKPMG

72*Deutsche Bank AG

10Credit SuisseTudor Pickering & Co LLC

12.2

8*

-17,654.5

▲35,292.43.4

▼▲▲

11.148,738.1 13.543,494.4 12.0

39,964.315.5

▲3 1 24 6.2 -14 11* 21

8,557.4

JP Morgan

2.42 11* 26 6.7 +18 ▲ 55,902.4

MarketUS$m Sh (%)

1 2 38 9.8 +14 ▲

Rank Value

Morgan Stanley

5

MarketDeals Sh (%)

Houlihan Lokey+24US$m

65,655.1Sh (%)

▼

16UBS

# ofFairness Opinion ProviderUBSHoulihan Lokey

11.7

Rank Value# of Deals

2010 Rank

+6Moelis & Co

Based on Number of Transactions# of Deals per Advisor


5.4

Based on Number of Transactions

+135 4

8* 26* 10 2.6

15 3.94.1

10*+1 ▲

21* 9 2.3 +4 ▲10* 11* 9 2.3 4,606.9 1.3

1.7-1 ▼

+2+1

2.1

5.218,945.1

12* 17* 8 2.119* 8 2.112*

12* 8* 8

0.6▲

▲ 7,013.2▲ 10,721.3

12* +1-3

2.117* 87

17*17*

19*▼1.816 5*

66

Ladenburg Thalmann & Co

26,963.0

15.0

9.66.7

9.41.8

305Industry Total 281,820.1

▲▲

4,120.4

100.0

0 ‐

10 3.37* 7*

5,174.0

▲

+6 ▲

10*

3.0

Piper Jaffray Cos

Robert W Baird & Co IncPerella Weinberg Partners LP

8,804.0 2.4

6,133.2

+3

10 3.3

0.3

▲7* 20*

+2

5* 4+14

16.42.715 4.9

42,196.7

+14 ▲ 46,338.7

9

▼

▲15* 19 6.2

26,458.2▼

+1-2

7,654.515

3.810* 9*

9*

▲17.5

-1+17 ▲

13.134

3.02 9* 24

2 227.9

2010 Rank

2009 Rank

# of Market Change in Deals Sh (%) # of Deals

Any US Announced Fairness Opinion

MarketRank ValueSh (%)

18,813.110* 15* 8 2.6

+14

9 3.0

1 1 38 12.5

7.2

4.95* 50*

Stifel Financial CorpJefferies & Co Inc

2.210* 7* 8 2.6 -1 ▼ 6,133.2

8

361,278.9 100.0

13* 81.9

905.5

15* 3

▲ 10,721.32.6 +2

1.6 +21.6

2,159.4 15* 32*

0.82.6 +1 ▲ 2,159.4

4,120.4

5*

0.1

+43

0 ‐

▼7 2.3 -3▲▲

14+46 2.0

1.0

15* 20* 6 2.0 +217* 50*

21*Evercore Partners

Duff and Phelps1.1

731.3 17* 4 1.3

387

20*

1.326*17*

+53

203.5 0.1

Fairness Opinion Provider

36,881.0

-15

+3 ▲ 15,249.1

US$m8,557.4

49,388.5

89.10.65.4

2,221.3 0.88,804.0 3.1

1,579.2

1.5

3 0.0

-2 ▼

▼

2,454.8 0.9

4+3

4 1.3▲

-23 ▼1.3

17* 50* 4

Rank Value (US$m)


Fairness Opinion Rankings †

Rank Value (US$m)

Any Americas Announced Fairness Opinion

Worldwide Announced Fairness Opinion Jan 1 2010 – Dec 31 2010 Jan 1 2010 – Dec 31 2010

Based on Number of Transactions# of Deals per Advisor Rank Value (US$m)

Guangdong Securities 20* 1


Jan 1 2010 – Dec 31 2010

559,042.0742

8

Guotai Junan SecuritiesRBC Capital MarketsMoelis & CoChina Merchants Securities Co

1018*

Jan 1 2010 – Dec 31 2010 Jan 1 2010 – Dec 31 2010Any EMEA Announced Fairness Opinion

Any Asia Pacific Announced Fairness Opinion

▲20* 45* 4 1.5

+3 ▲‐

Kotak Mahindra Bank Ltd 20* 79* 41.5 01.5

China Galaxy Securities CoUBS 20* 32* 4

+1 .0 0.01,609.7 2.1

201.5 0.3

Industry % Change from Same Period Last Year 46.9% 18.2% ▼▲

342.4 0.4

100.022.1 0.0

76,916.3

+4 ▲

Industry % Change from Last Quarter 23.6% ▼ 55.8%

265

▼

20* 79* 1.5 ▲

-234

4 +3201.2 0.3

32* 5 1.9 ▲ 401.9 0.5+10 ‐16* 23* 5 1.9

16* 79* 5 1.9

16* 14* 5 1.9

16*

2.3▼ 284.0 0.4-3▲ 4,496.0 5.8

4 6 2.3 ▼ 3,709.0 4.8-115* 6 2.3

-23

12* - 6 +612*12* -8 ▼

1.6▼ 946.5 1.2

3,976.0 5.212* 3 6 2.3

▼ 1,245.0-237* 2 7 2.6

5* 7 2.67*

5,133.223* 7 2.6 +2

▼▲

7*0.6

+4 ▲ 1,765.9 2.36.7

461.9-7

7* 45* 7 2.67* - 7 2.6

731.3 1.0-23▼▲

1,536.9 2.01,054.9 1.4+7

41 88* 9

▼3.03.0

-3 ▼ 965.8

5* 7 8 -55*

1.33.8

3.7▲ 5,660.7 7.4+1

+105.7

3.4

23* 153 13 10

14* 1812

9,026.4▲

Change in MarketRank ValueMarketDeals Sh (%) # of Deals US$m Sh (%)

▲ 2,829.86.8 11.7+10

Industry % Change from Last Quarter 5.1% ▲ 8.1%Industry % Change from Same Period Last Year 19.0%

▲▲ 31.5% ▲

223,750.4 100.0+28

13* 17* 1.73 ‐ 4.5 0.000 ‐ 22,206.5 9.9

1,296.0 0.6▲ 0.0▲

10.317* 1.7

13* - 1.73

+3+31.7

2.3

4.8

-30 ‐ 5,246.2 2.3

▼ 23,036.5 10.3

-1

12,285.1

10,843.4

5.51,027.9 0.5

▼▲12* 2.9▼10* 2.3

2* 5.19 +1

-4

10* 12* 2.3

5.7

4.3

+4+2 ▲ 5,512.5 2.5

▲ 24,530.8 11.0

28,537.9 12.8

0+5 ▲ 1,110.3

▲

6.35 2* 7.4

0.5‐ 9,710.113

116

3 8* 9.1 +104 5* 8.0

1614

5.311,868.11 ▲

1 10.3 0 ‐17.1 +17

2

# of Deals US$m Sh (%)2*

2009 Rank

29,876.0

Market Change in Rank Value

13.4

MarketSh (%)

2010 Rank

▼ 2.3% ▲▼20.2%


12.7% 21.2% ▼

Fairness Opinion Provider

16.9%

Somerley Ltd

Rank Value (US$m)

GF SecuritiesGuangdong Securities

▼21.0% 21.1%

Industry Total 175

12.5%▼ 30.8%


2010 Rank

2009 Rank

4433

10*

13*

Everbright Securities CoCITIC

PricewaterhouseCoopers

# of

China International Capital CoHuatai Securities

▼

1095410*

Collins Stewart Tullett

713* -

8

Based on Number of Transactions# of Deals per Advisor



▲

7

Industry % Change from Last Quarter 18.2%

18

Industry % Change from Last Quarter ▼

Rank Value (US$m)

32.9%▼

Industry Total

# ofDeals

30

Guotai Junan SecuritiesChina Merchants Securities Co

Orient Securities Co Ltd

China Securities Co Ltd

Ernst & Young LLP

Southwest Securities CoHaitong Securities

Rothschild

JP Morgan

Qilu Securities Co Ltd

CIMB Group Sdn Bhd

Access Capital LtdWallbanck Brothers Sec (HK)

CitiDeloitte

Mediobanca

Fairness Opinion ProviderUBSKPMG

Morgan StanleyPricewaterhouseCoopers

Deutsche Bank AGHoulihan LokeyCredit Suisse 8*

JP MorganLazard

* tie

5*

14.3% ▼

Based on Number of Transactions

Goldman Sachs & CoBerenson & Co LLP

▲

https://www.thomsonone.com † Fairnes Opinion rankings include fairness opinions provided as a standalone mandate as well as fairness opinions provided as part of a broader advisory mandate.

20

-

-

-

-

-

Announced league tables include all deals that were announced between January 1, 2009 and December 31, 2010 and of which Thomson Reuters was made aware. All current dataand previous year's data is as of 5:00pm EST on December 31, 2010.


Ranking Criteria Summary

Victor Eng

If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:

League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.

A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.

AmericasStephen CaseTel: +1 646 223 8424

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 portionof 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 forthe transaction agreed to or, in the absence of an agreement, the value of the highest offer.

E-mail: [email protected]

Europe

Tel: +44 (0) 207 542 9665 Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at thetime of announcement of terms.

Tel: +632 858 7262E-mail: [email protected]

Japan


Asia-PacificJason Pacannuayan

Catherina Guinto-Roldan

-

-

-

-

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.

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 underwriteror 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 areallocated to syndicated members.


League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, andunconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.

League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firmsin Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established joint ventures arereflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”.

Tel: +813 5218 6591Catherina Guinto-Roldan

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 forany 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 tothe 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 transactionor 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 orselling 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.

© 2010 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.


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 forany 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 tothe 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 transactionor 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 orselling 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.

© 2010 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.

21

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