press release mergermarket Preliminary Global M&A Round-up for Year End December 2009, for immediate release Contact:s :

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1 press release 21 December 20, for immediate release Contact:s : Europe : Americas and Asia-Pacific: : Flora Wilke Hannah Bagshawe Tel: Tel:

2 mergermarket Preliminary Global M&A Round-up Year End 20 Contents Section 1: p. 2-7 Global Section 2: p Europe Section 3: p Americas Section 4: p Asia-Pacific p. 36 Criteria p. 37 About mergermarket Goldman Sachs likely to lose top position in global league tables Morgan Stanley is just ahead of Goldman Sachs so far and if they maintain this lead to the end of the year they will knock Goldman Sachs off the top of the league table for the fi rst time in recent years. The dynamic duo of the M&A world have benefi ted from advising clients across the globe on the majority of the largest transactions in sectors as far apart as Australian commodities and American healthcare and technology. In many cases bankers at the two fi rms advised the same clients on the same deals, as is the case with Cadbury in its bid to fend off Kraft Foods as well as Rio Tinto and BHP Billiton on the combination of their Australian iron ore assets. JPMorgan takes third place in both the value and volume tables with its ranking due primarily to its role advising on US takeovers, most recently advising ExxonMobil on its US$ 40.4bn takeover of XTO Energy. However, its position in the European and Asia-Pacifi c league tables was less remarkable. Independent advisory fi rms and corporate fi nance boutiques such as Lazard, Rothschild and Evercore Partners have also fared well in 20, buoyed by key roles on large corporate restructurings. These fi rms all had a part in the largest of such deals, the US$ 48.2bn sale of GM assets to the US government. Q4 20 forecast to be the best quarter since Q3 20 The return of deal-making which began to accelerate towards the end of the third quarter this year has continued into the fi nal quarter, where US$ 575bn worth of deals have been announced so far. Q4 looks set to be the largest value by quarter since the third quarter of 20. Overall activity for the year is 30% down from 20, a percentage which has improved steadily over the course of the year. It should be noted that while US M&A activity continues to dominate the global M&A scene, the Asia-Pacifi c region is the only market achieving close to its 20 peak by value (currently only down 5%), offering a glimpse of where future growth potential lies. The return of the LBO The increase of M&A deals also includes a rise in activity in the moribund leveraged buyout industry. Many of these transactions were small when compared with the strategic takeovers that made up the bulk of the 20 deal-making activity, however there is much to suggest that larger and more frequent LBOs are in the offi ng. Debt to EBITDA multiples have increased signifi cantly since the third quarter, providing private equity with the leverage required to execute deals. Most recently, mainstream LBO fi rms have emerged as bidders for the set-top box business being sold by Motorola in a deal that could be valued at up to US$ 5bn. 2

3 Global: Top Announced Deals Year End 20 Top 10 Announced Global Deals Year End 20 Announced Date Bidder Company Bidder Financial Advisor Target Company Target/Seller Financial Advisor Seller Company Deal Value (US$m) 26-Jan- Pfi zer Inc Bank of America Merrill Lynch; Barclays Capital; Citigroup; Goldman Sachs; JPMorgan Wyeth Evercore Partners; Morgan Stanley 63,266 5-Dec- Rio Tinto/BHP Billiton (Joint Venture) BHP Billiton (Western Australian iron ore assets); and Rio Tinto Plc (Western Australian iron ore assets) 1-Jun- Vehicle Acquisition Holdings LLC KPMG; Lazard; Rothschild Motors Liquidation Co (bulk of GM assets) Advising sellers: Credit Suisse; Goldman Sachs; Gresham Advisory Partners; Lazard; Macquarie Group; Morgan Stanley Advising seller: AlixPartners; Blackstone Group Holdings; Evercore Partners; Morgan Stanley BHP Billiton Plc; and Rio Tinto Plc Motors Liquidation Co (old General Motors Company) 30-Jan- Roche Holding Ltd Greenhill & Co Genentech Inc (44.20% stake) Goldman Sachs 44,291 58,000 48,2 9-Mar- Merck & Co Inc JPMorgan Schering Plough Corporation Credit Suisse; Goldman Sachs; Morgan Stanley 43,198 3-Nov- HM Treasury Citigroup; Credit Suisse; Deutsche Bank Royal Bank of Scotland Group Plc (14.10% stake) Bank of America Merrill Lynch; Morgan Stanley; UBS Investment Bank 41, Dec- ExxonMobil Corporation JPMorgan XTO Energy Inc Barclays Capital; Jefferies & Company 40,361 3-Nov- Berkshire Hathaway Inc Burlington Northern Santa Fe Corporation Evercore Partners; Goldman Sachs 35, Jun- United States Department of the Treasury Citigroup Inc (33.60% stake) Citigroup 25,000 9-Nov- Kraft Foods Inc Centerview Partners; Citigroup; Credit Suisse; Deutsche Bank; Lazard; Royal Bank of Scotland Group Cadbury Plc Goldman Sachs; Morgan Stanley; UBS Investment Bank 19,6 3

4 Global: M&A Activity Trend Global M&A Activity - Quarterly Global PE Buyout M&A Activity - Quarterly 1,300 4, ,200 Value ($bn) Volume 4, Value ($bn) Volume 1,100 4,000 3, ,000 3,500 3, , Value of Deals ($bn) ,750 2,500 2,250 2,000 1,750 Volume of Deals Value of Deals ($bn) Volume of Deals 1, ,250 1,

5 Global: Breakdown of Announced Deals Year End 20 Mix of Announced Global Deals by Industry Sector 20 - Value Agriculture Real Estate 0.4% 2.5% Construction Defence 2.3% 0.2% Industrials & Chemicals 9.6% Pharma, Medical & Biotech 13.1% Mix of Announced Global Deals by Industry Sector 20 - Volume Real Estate Agriculture 2.3% Construction 1.1% 3.9% Defence 0.3% Pharma, Medical & Biotech Industrials & Chemicals 6.4% 17.9% Transport 3.7% Financial Services 17.0% Transport 3.0% Leisure 3.6% Leisure 1.1% Telco 1.9% Media 3.4% Financial Services 11.1% Telco 5.6% Business Services 3.4% Media 3.4% Technology 9.0% Technology 4.3% Consumer 8.0% Business Services 11.2% Energy, Mining & Utilities 11.4% Energy, Mining & Utilities 25.2% Consumer 13.5% Mix of Announced Deals by Geographic Region 20 - Value South East Asia South & Central Asia 1.8% 2.6% Africa & Middle East 2.0% Australasia 5.8% Mix of Announced Deals by Geographic Region 20 - Volume South East Asia South & Central Asia 2.5% 1.5% Africa & Middle East Australasia 2.5% 3.7% Japan 4.3% Japan 4.3% North America 32.7% North Asia 10.0% North America 44.4% North Asia 10.7% Central & Eastern Europe 3.2% Northern Europe 0.9% Central & Eastern Europe 4.8% Southern Europe 5.3% Northern Europe 4.2% Central & South America 3.8% Southern Europe 6.7% Western Europe 17.0% Central & South America 3.3% Western Europe 21.5% 5

6 Global: League Tables of Financial Advisers League Table of Financial Advisers to Global M&A: Value Y/E 20 Y/E 20 House Value (US$m) Deal Count 7 1 Morgan Stanley 574, Goldman Sachs 535, JPMorgan 4, Citigroup 385, Bank of America Merrill Lynch 335, Credit Suisse 322, UBS Investment Bank 255, Barclays Capital 228, Deutsche Bank 224, Lazard 2, Evercore Partners 176, Rothschild 123, Macquarie Group 80, Blackstone Group Holdings 70, Nomura Holdings 69, Greenhill & Co 65, Gresham Advisory Partners 61, Royal Bank of Scotland Group 60, RBC Capital Markets 58, Jefferies & Company 53, League Table of Financial Advisers to Global M&A: Volume Y/E 20 Y/E 20 House Value (US$m) Deal Count 7 1 Goldman Sachs 535, Morgan Stanley 574, JPMorgan 4, Credit Suisse 322, UBS Investment Bank 255, KPMG 26, Citigroup 385, Rothschild 123, Bank of America Merrill Lynch 335, Deloitte 26, Lazard 2, PricewaterhouseCoopers 28, Deutsche Bank 224, Ernst & Young 18, Nomura Holdings 69, Houlihan Lokey 4, M&A International 9, RBC Capital Markets 58, BNP Paribas 40, Macquarie Group 80,

7 Global: League Tables of Financial Advisers League Table of Financial Advisers to Global Mid-Market M&A: Value Y/E 20 Y/E 20 House Value (US$m) Deal Count 4 1 JPMorgan 9, Credit Suisse 7, Morgan Stanley 6, Goldman Sachs 6, Bank of America Merrill Lynch 5, Citigroup 5, UBS Investment Bank 5, Lazard 5, PricewaterhouseCoopers 5, Deutsche Bank 4, RBC Capital Markets 4, Ernst & Young 4, Nomura Holdings 4, Deloitte 4, Rothschild 4, KPMG 4, Macquarie Group 3, Houlihan Lokey 3, Mizuho Financial Group 2, Jefferies & Company 2, League Table of Financial Advisers to Global Mid-Market M&A: Volume Y/E 20 Y/E 20 House Value (US$m) Deal Count 6 1 JPMorgan 9, Credit Suisse 7, PricewaterhouseCoopers 5, Ernst & Young 4, Deloitte 4, KPMG 4, Morgan Stanley 6, Nomura Holdings 4, Goldman Sachs 6, Lazard 5, Rothschild 4, UBS Investment Bank 5, Deutsche Bank 4, Bank of America Merrill Lynch 5, Citigroup 5, RBC Capital Markets 4, Houlihan Lokey 3, Macquarie Group 3, Daiwa Securities Group 2, M&A International 2, * Mid-Market based on deal value range of US$ 10m - US$ 250m 7

8 Europe: M&A roundup Year End 20 European M&A down 56% European M&A Activity - Quarterly The 3,288 transactions valued at US$ 458.4bn announced so far this year represent a decrease of 56% by value and 39% by volume from the same period in 20, in which 5,365 deals with a total value of US$ 1,4bn were announced Value ($bn) Volume 1,800 1,700 1,600 1,500 European M&A activity makes up 27% of global activity by value and 37% by volume of deals announced so far this year, compared to 43% for the same period last year ,400 1, ,200 Financial Services and Energy, Mining & Utilities sectors continue to dominate; Iberia and CEE on the rise as UK & Ireland still on top Over half of the total value of European M&A in 20 including six of the ten largest European deals this year - has taken place in the Financial Services and Energy, Mining & Utilities sectors, up from 44% for the Value of Deals ($bn) ,100 1, Volume of Deals same period last year The UK & Ireland remains the largest M&A market, contributing 29% to the total value of European M&A Iberia and CEE meanwhile experienced the largest increase as they contribute 13% and 12% to Europe s 400 total value respectively, up from 7% and 8% in Morgan Stanley overtakes JPMorgan in the league tables by value; Rothschild busiest firm to date 0 0 Morgan Stanley is currently Europe s leading advisory fi rm by value, leading the league table with 95 deals totaling US$ 245.9bn so far this year. Western Europe contributes to 83% of Goldman Sachs total deal value this year, of which 65% comes from the UK, where it is second to Credit Suisse. Both fi rms are advis- 50 European Mid Market M&A Activity - Quarterly ($10m to $250m) 750 ing on Kraft s US$ 19.6bn hostile offer for Cadbury. Value ($bn) Volume 700 Rothschild tops Europe s volume table for the year to date, with 130 deals valued at US$ 74.6bn Europe 20: Surprising early return for buyout activities The European buyout fi nancing recovery may have come earlier than expected. Q2 20 saw a 62.5% increase in European buyout deals in value terms over the previous quarter, after the 68.7% and 49.2% quarterly drops in Q4 20 and Q1 20 respectively. The growth gained momentum as Q3 and Q4 20 reported 23.5% and 33.3% quarterly increases respectively. Q4 20 is particularly strong, posting a 268.5% increase in total value of mega buyouts (>US$ 500m) over the previous quarter. Value of Deals ($bn) Volume of Deals Outlook for There seems to be a move away from mergers of necessity towards mergers of growth, as the Cadbury/ 200 Kraft deal signals. It is also represents an increase in mega deals, which the VW/Porsche transaction under lines. As the uncertainty of Eurozone states credit ratings increases, the euro may depreciate, in particular against the US dollar as investors seek security. This might lead to increased inbound transatlantic activity 50 as European companies become relatively cheap

9 Europe: Top Announced Deals Year End 20 Top 10 Announced European Deals Year End 20 Announced Date Bidder Company Bidder Financial Advisor Target Company Target/Seller Financial Advisor Seller Company Deal Value (US$m) 3-Nov- HM Treasury Citigroup; Credit Suisse; Deutsche Bank Royal Bank of Scotland Group Plc (14.10% stake) Bank of America Merrill Lynch; Morgan Stanley; UBS Investment Bank 41,912 9-Nov- Kraft Foods Inc Centerview Partners; Citigroup; Credit Suisse; Deutsche Bank; Lazard; Royal Bank of Scotland Group 20-Feb- Enel SpA Banca IMI/Intesa Sanpaolo; Banco Bilbao Vizcaya Argentaria; Credit Suisse; Goldman Sachs; JPMorgan; Mediobanca; Morgan Stanley 5-Oct- VimpelCom Morgan Stanley; UBS Investment Bank Cadbury Plc Endesa SA (25.01% stake) Goldman Sachs; Morgan Stanley; UBS Investment Bank Advising seller: Citigroup; Deutsche Bank; Lazard; Santander Global Banking and Markets 19,6 Acciona SA 14,246 Kyivstar GSM CJSC Advising seller: JPMorgan Altimo; and Telenor ASA 14, Feb- Vattenfall AB Bank of America Merrill Lynch; NIBC Bank; Rothschild; Royal Bank of Scotland Group Nuon NV Deloitte; Goldman Sachs; ING; KPMG; Sequoia 10, Jan- RWE AG JPMorgan Essent NV Citigroup; Deloitte; Deutsche Bank; Lazard 9, Jul- Cintra Concesiones de Infrastructuras de Transporte SA Bank of America Merrill Lynch Grupo Ferrovial SA Banco Bilbao Vizcaya Argentaria 8, Dec- Companhia Siderurgica Nacional Cimpor Cimentos De Portugal SGPS SA Banco Espirito Santo de Investimento 8, Jan- HM Treasury Citigroup; Credit Suisse; Deutsche Bank Royal Bank of Scotland Group Plc (29.79% stake) Bank of America Merrill Lynch; Morgan Stanley; UBS Investment Bank 7, May- Julius Baer Holding AG (Shareholders) Julius Baer Group Ltd Goldman Sachs; Advising seller: UBS Investment Bank Julius Baer Holding AG 7,218 9

10 Europe: Breakdown of Announced Deals Year End 20 Mix of Announced European Deals by Industry Sector 20 - Value Real Estate Defence Agriculture 4.7% 0.5% 0.1% Construction 4.7% Industrials & Chemicals 7.1% Pharma, Medical & Biotech 4.6% Mix of Announced European Deals by Industry Sector 20 - Volume Real Estate Agriculture 2.0% 1.0% Construction Defence 4.7% 0.2% Pharma, Medical & Biotech Industrials & Chemicals 5.9% 19.6% Transport 2.3% Transport 3.4% Leisure 1.1% Financial Services 25.6% Leisure 4.2% Telco 7.5% Media 2.1% Telco 2.0% Media 4.3% Financial Services 9.4% Technology 3.0% Technology 6.5% Business Services 2.4% Business Services 12.1% Energy, Mining & Utilities Consumer 9.8% Energy, Mining & Utilities 8.6% 24.8% Consumer 16.3% Mix of Announced European Deals by Geographic Region 20 - Value Mix of Announced European Deals by Geographic Region 20 - Volume South Eastern Europe 2.2% Other 0.1% South Eastern Europe 3.6% Other 0.2% Central & Eastern Europe 11.5% UK & Ireland 19.2% Central & Eastern Europe UK & Ireland 12.0% Nordic 28.5% 3.5% Nordic 11.4% Benelux 13.1% Germanic 18.4% Benelux 9.4% Iberia 12.7% Germanic 17.6% Italy 5.6% France 5.1% Iberia 8.2% Italy 6.9% France 10.6% 10

11 Europe: League Tables of Financial Advisers League Table of Financial Advisers to European M&A: Value Y/E 20 Y/E 20 House Value (US$m) Deal Count 10 1 Morgan Stanley 245, Goldman Sachs 237, Credit Suisse 212, Lazard 168, Citigroup 165, UBS Investment Bank 160, Deutsche Bank 147, Bank of America Merrill Lynch 120, JPMorgan 1, Rothschild 74, Macquarie Group 59, Gresham Advisory Partners 59, Royal Bank of Scotland Group 51, Barclays Capital 48, Greenhill & Co 48, Mediobanca 34, BNP Paribas 32, Banco Bilbao Vizcaya Argentaria 29, Banca IMI/Intesa Sanpaolo 28, Santander Global Banking and Markets 27, League Table of Financial Advisers to European M&A: Volume Y/E 20 Y/E 20 House Value (US$m) Deal Count 4 1 Rothschild 74, KPMG 16, Goldman Sachs 237, JPMorgan 1, Deloitte 12, Lazard 168, UBS Investment Bank 160, Morgan Stanley 245, Credit Suisse 212, PricewaterhouseCoopers 19, Deutsche Bank 147, Ernst & Young 6, Citigroup 165, BNP Paribas 32, Bank of America Merrill Lynch 120, ING 26, M&A International 5, Royal Bank of Scotland Group 51, Close Brothers Group 2, HSBC Bank 24,

12 Europe: League Tables of Financial Advisers League Table of Financial Advisers to European Mid-Market M&A: Value Y/E 20 Y/E 20 House Value (US$m) Deal Count 9 1 JPMorgan 5, Lazard 4, Rothschild 3, UBS Investment Bank 3, PricewaterhouseCoopers 2, Credit Suisse 2, Morgan Stanley 2, Deloitte 2, KPMG 2, Goldman Sachs 2, Ernst & Young 2, BNP Paribas 2, Bank of America Merrill Lynch 2, Royal Bank of Scotland Group 1, Deutsche Bank 1, Citigroup 1, Jefferies & Company 1, Arctic Securities 1, ING 1, Nomura Holdings 1, League Table of Financial Advisers to European Mid-Market M&A: Volume Y/E 20 Y/E 20 House Value (US$m) Deal Count 10 1 JPMorgan 5, Deloitte 2, Lazard 4, Rothschild 3, PricewaterhouseCoopers 2, Ernst & Young 2, KPMG 2, Credit Suisse 2, UBS Investment Bank 3, Morgan Stanley 2, Goldman Sachs 2, BNP Paribas 2, Bank of America Merrill Lynch 2, ING 1, M&A International Grant Thornton Corporate Finance Royal Bank of Scotland Group 1, Close Brothers Group 1, Deutsche Bank 1, Jefferies & Company 1, * Mid-Market based on deal value range of US$ 10m - US$ 250m 12

13 Europe: League Tables of Financial Advisers Financial Advisers to UK M&A: Value 4 1 Credit Suisse 162, Morgan Stanley 160, Goldman Sachs 110, Lazard 1, Citigroup 100, UBS Investment Bank 97, Deutsche Bank 84, Bank of America Merrill Lynch 78, Gresham Advisory Partners 59, Macquarie Group 58, Royal Bank of Scotland Group 28, Barclays Capital 25, JPMorgan Cazenove 22, Centerview Partners 19, Perella Weinberg Partners 13,653 2 Financial Advisers to German M&A: Value 2 1 Goldman Sachs 30, UBS Investment Bank 27, Morgan Stanley 26, Deutsche Bank 21, Citigroup 17, Lazard 16, JPMorgan 15, Rothschild 14, PricewaterhouseCoopers 13, UniCredit Group 9, Barclays Capital 8, Nomura Holdings 7, Credit Suisse 5, Deloitte 3, Ernst & Young 3, Financial Advisers to UK M&A: Volume 1 1 Rothschild 10, JPMorgan Cazenove 22, Credit Suisse 162, Goldman Sachs 110, UBS Investment Bank 97, Deloitte 2, PricewaterhouseCoopers Lazard 1, KPMG 1, Morgan Stanley 160, Deutsche Bank 84, Citigroup 100, Grant Thornton Corporate Finance 1, Bank of America Merrill Lynch 78, Ernst & Young 1, Financial Advisers to German M&A: Volume 6 1 Goldman Sachs 30, Rothschild 14, Morgan Stanley 26, UBS Investment Bank 27, PricewaterhouseCoopers 13, KPMG Deutsche Bank 21, Lazard 16, UniCredit Group 9, Lincoln International JPMorgan 15, Deloitte 3, Ernst & Young 3, Close Brothers Group Credit Suisse 5,9 7 13

14 Europe: League Tables of Financial Advisers Financial Advisers to French M&A: Value 2 1 BNP Paribas 19, Citigroup 11, Credit Suisse 11, UBS Investment Bank 11, SG 10, HSBC Bank 10, Rothschild 10, Lazard 7, Goldman Sachs 6, CALYON 6, JPMorgan 6, Morgan Stanley 6, Barclays Capital 5, Bank of America Merrill Lynch 5, Nomura Holdings 5,8 5 Financial Advisers to Benelux M&A: Value 2 1 Goldman Sachs 25, Deutsche Bank 25, JPMorgan 24, ING 22, Rothschild 22, Citigroup 21, Lazard 21, Royal Bank of Scotland Group 15, Bank of America Merrill Lynch 14, Barclays Capital 13, NIBC Bank 11, Morgan Stanley 10, KPMG 9, Nomura Holdings 4, Petercam 4,644 3 Financial Advisers to French M&A: Volume 1 1 Rothschild 10, BNP Paribas 19, Lazard 7, UBS Investment Bank 11, SG 10, JPMorgan 6, Credit Suisse 11, Goldman Sachs 6, Close Brothers Group 1, Citigroup 11, HSBC Bank 10, CALYON 6, Deutsche Bank 1, Morgan Stanley 6, Deloitte Financial Advisers to Benelux M&A: Volume 2 1 KPMG 9, ING 22, Goldman Sachs 25, Deloitte 4, PricewaterhouseCoopers Lazard 21, JPMorgan 24, Rothschild 22, Royal Bank of Scotland Group 15, Morgan Stanley 10, Credit Suisse 2, Deutsche Bank 25, BNP Paribas 2, KBC Securities Rabobank 2,

15 Europe: League Tables of Financial Advisers Financial Advisers to Nordic M&A: Value 14 1 Goldman Sachs 17, Rothschild 11, Bank of America Merrill Lynch 11, Royal Bank of Scotland Group 11, = ING 10, = NIBC Bank 10, Lazard 5, KPMG 5, SEB Enskilda 4, JPMorgan 4, UBS Investment Bank 4, Credit Suisse 4, Deutsche Bank 4, Carnegie Investment Bank 3, Morgan Stanley 3, Financial Advisers to Swedish M&A: Value 13 1 Goldman Sachs 14, Bank of America Merrill Lynch 11, Rothschild 11, Royal Bank of Scotland Group 11, ING 10, NIBC Bank 10, KPMG 5, UBS Investment Bank 3, Sequoia 3, Deutsche Bank 3, SEB Enskilda 3, = Barclays Capital 2, = UniCredit Group 2, Lazard 1, Morgan Stanley 1,411 7 Financial Advisers to Nordic M&A: Volume 2 1 SEB Enskilda 4, Arctic Securities 1, JPMorgan 4, DnB NOR Markets 1, PricewaterhouseCoopers KPMG 5, Morgan Stanley 3, Ernst & Young Rothschild 11, ABG Sundal Collier UBS Investment Bank 4, Global M&A Deloitte 1, Pareto 1, Lazard 5,734 8 Financial Advisers to Swedish M&A: Volume 3 1 SEB Enskilda 3, KPMG 5, Swedbank Markets Morgan Stanley 1, Lazard 1, JPMorgan Rothschild 11, Nordea Corporate Finance Evli Bank Ernst & Young UBS Investment Bank 3, Credit Suisse PricewaterhouseCoopers ABG Sundal Collier Global M&A

16 Europe: League Tables of Financial Advisers Financial Advisers to Italian M&A: Value 1 1 Mediobanca 30, Banca IMI/Intesa Sanpaolo 28, JPMorgan 24, Morgan Stanley 22, Deutsche Bank 20, Citigroup 18, Credit Suisse 17, Lazard 16, = Banco Bilbao Vizcaya Argentaria 14, = Goldman Sachs 14, = Santander Global Banking and Markets 14, Rothschild 10, Bank of America Merrill Lynch 7, BNP Paribas 6, KPMG 4,1 15 Financial Advisers to Irish M&A: Value 18 1 IBI Corporate Finance 1, Citigroup RBC Capital Markets Macquarie Group JPMorgan Goldman Sachs Davy Corporate Finance Morgan Stanley Piper Jaffray & Co Rothschild Rabobank Lazard Jefferies & Company Compass Advisers UBS Investment Bank Financial Advisers to Italian M&A: Volume 3 1 Banca IMI/Intesa Sanpaolo 28, Mediobanca 30, UniCredit Group 3, KPMG 4, Rothschild 10, Lazard 16, BNP Paribas 6, JPMorgan 24, Morgan Stanley 22, Deutsche Bank 20, Deloitte Bank of America Merrill Lynch 7, Credit Suisse 17, UBS Investment Bank 2, Global M&A 2,251 4 Financial Advisers to Irish M&A: Volume 1 1 IBI Corporate Finance 1, Davy Corporate Finance BDO Corporate Finance JPMorgan Goldman Sachs Rothschild KPMG RBC Capital Markets Morgan Stanley Rabobank = Goodbody Corp Fin = NCB Corporate Finance = Canterbury Partners = M&A International Citigroup

17 Europe: League Tables of Financial Advisers Financial Advisers to Iberian M&A: Value 22 1 Banco Bilbao Vizcaya Argentaria 28, Lazard 24, JPMorgan 22, Santander Global Banking and Markets 22, Citigroup 22, Morgan Stanley 22, Deutsche Bank 21, Goldman Sachs 20, Credit Suisse 19, Mediobanca 17, Banca IMI/Intesa Sanpaolo 14, Bank of America Merrill Lynch 12, Banco Espirito Santo de Investimento 10, Rothschild 7, UBS Investment Bank 5, Financial Advisers to Iberian M&A: Volume 4 1 Banco Espirito Santo de Investimento 10, Deloitte Rothschild 7, UBS Investment Bank 5, KPMG Lazard 24, Morgan Stanley 22, Goldman Sachs 20, JPMorgan 22, Santander Global Banking and Markets 22, Citigroup 22, BNP Paribas 4, Deutsche Bank 21, BDO Corporate Finance Banco Bilbao Vizcaya Argentaria 28,167 7 Financial Advisers to Spanish M&A: Value 20 1 Banco Bilbao Vizcaya Argentaria 28, Lazard 24, JPMorgan 22, Santander Global Banking and Markets 22, Citigroup 22, Morgan Stanley 22, Deutsche Bank 21, Goldman Sachs 20, Credit Suisse 19, Mediobanca 17, Banca IMI/Intesa Sanpaolo 14, Bank of America Merrill Lynch 12, Rothschild 7, UBS Investment Bank 5, BNP Paribas 4,8 9 Financial Advisers to Spanish M&A: Volume 1 1 Deloitte Rothschild 7, UBS Investment Bank 5, Lazard 24, Morgan Stanley 22, Goldman Sachs 20, KPMG JPMorgan 22, Santander Global Banking and Markets 22, Citigroup 22, Deutsche Bank 21, BNP Paribas 4, BDO Corporate Finance Banco Bilbao Vizcaya Argentaria 28, Credit Suisse 19,6 7 17

18 Europe: League Tables of Financial Advisers Financial Advisers to Russian M&A: Value 8 1 JPMorgan 16,101 8, Bank UBS Investment of America Bank Merrill Lynch 15,333 6, Morgan Credit Suisse Stanley 14,464 4, Citigroup Bank of America Merrill Lynch 4,485 6, Deutsche Goldman Sachs Bank 4,287 4, Deutsche Citigroup Bank 4,100 4, Renaissance Credit SuisseCapital 2,187 4, KIT Goldman Finance Sachs 2,164 4, PricewaterhouseCoopers Renaissance Capital 2,0 2, ING KIT Finance 2,4 2, PricewaterhouseCoopers UBS Investment Bank 1,139 2, = ING BNP Paribas 2, = 13 Ural-Invest Troika Dialog Group 1, = Canaccord BNP ParibasAdams = 15 Ural-Invest HSBC Bank Financial Advisers to Central & Eastern European M&A: Value 8 1 JPMorgan 19, UBS Investment Bank 16, Morgan Stanley 15, Bank of America Merrill Lynch 7, Citigroup 6, Credit Suisse 6, ING 5, Deutsche Bank 4, Goldman Sachs 4, Lazard 4, SG 2, Erste Group Bank 2, PricewaterhouseCoopers 2, Renaissance Capital 2, Barclays Capital 2,231 1 Financial Advisers to Russian M&A: Volume 14 1 Goldman Sachs 4,3 4, JPMorgan 16,101 8, Renaissance Deutsche Bank Capital 4,651 2, Bank Citigroup of America Merrill Lynch 4,585 6, Credit Renaissance Suisse Capital 2,187 4, Citigroup Troika Dialog Group 1,4 4, PricewaterhouseCoopers UBS Investment Bank 15,333 2, Deutsche Bank of America Bank Merrill Lynch 6,635 4, UBS Credit Investment Suisse Bank 4,535 1, = Canaccord PricewaterhouseCoopers Adams 2, = 11 HSBC Morgan Bank Stanley 14, = Evli BNP Bank Paribas = 13= Gazprombank Canaccord Adams = 14 KIT HSBC Finance Bank 5 2, ING Rothschild 281 2,4 21 Financial Advisers to Central & Eastern European M&A: Volume 21 1 UniCredit Group 1, JPMorgan 19, PricewaterhouseCoopers 2, Goldman Sachs 4, Rothschild 1, Citigroup 6, ING 5, Morgan Stanley 15, Bank of America Merrill Lynch 7, Credit Suisse 6, Deutsche Bank 4, Lazard 4, Renaissance Capital 2, Royal Bank of Scotland Group 2, KPMG

19 Americas: M&A roundup Year End 20 Return to normality for North American M&A after a slow year After having dropped to a six year low, we are now witnessing encouraging signs at the business end of North American M&A Activity - Quarterly (includes US and Canada) 1,500 which point towards a return to normality for North American M&A deal activity in The quarter is not over yet, but with a total of 7 deals valued at just over US$ 2bn announced since October 1st, the fi nal three 500 Value ($bn) Volume 1,400 1,300 months of the year could be not only the most active (by value) but also the catalyst to re-ignite M&A in the region. Even with the more promising fourth quarter, overall year on year values are down by just over 9% (only rescued by a number of blockbuster life sciences deals). While 9% may not seem too bad considering the economic climate, it is the massive drop in actual deal volumes that proves far more telling a decrease of 29%. Comparisons with 20 possibly more indicative given the turmoil that enveloped much of 20 show a far steeper drop of almost half by both value and volume in 20. Value of Deals ($bn) ,200 1,100 1, Volume of Deals 200 Lifesciences, Healthcare and Energy sectors hold up in a challenging year 500 There have been a few bright spots, the majority of which came as a result of rapid consolidation in the life sci ences and healthcare sectors. In the fi rst three months there were three deals in the space for an aggregated value of US$ 151bn, including the years largest deal New Jersey based Wyeth being taken over by pharmaceutical giant Pfi zer for US$ 63.3bn The Energy sector is another sector that has seen a number of high profi le deals this year, with the US$ 40.4bn buy of XTO Energy by ExxonMobil announced last week topping the list. The acquisition is expected to result 0 0 in oil majors globally re-focusing by trying to execute similar deals, seeking targets with strong US shale gas operations. 45 North American Mid Market M&A Activity - Quarterly (USA and Canada, $10m to $250m) 650 US shale assets in particular will interest the majors because the technology used in those areas to extract Value ($bn) Volume 600 resources can be used worldwide in similar formations, particularly in European countries such as France and Germany and in parts of Eastern Europe. Predictions are that XTO will serve as an example for majors to move back into the US seeking companies with large shale exposure. Texas based Marathon Oil or Arkansas s Murphy Oil could very well start seeing acquisition interest Goldman leads the tables Goldman Sachs is currently dominating the mergermarket fi nancial advisory tables for the US, ranking top in both value and volume of deals with US$ 361.4bn and 129 respectively. Morgan Stanley and JPMorgan round Value of Deals ($bn) Volume of Deals up the top three in value terms, although their positions are reversed in the volume tables owing to the fact that JPMorgan has worked on four more deals at 114 for the year thus far. Fresh from its integration of Lehman Brothers, Barclays Capital has had a solid year coming in fi fth on 54 deals valued at US$ 213.7bn up 15 places compared to last year

20 Americas: Top Announced Deals Year End 20 Top 10 Announced North American Deals Year End 20 Announced Date Bidder Company Bidder Financial Advisor Target Company Target/Seller Financial Advisor Seller Company Deal Value (US$m) 26-Jan- Pfi zer Inc Bank of America Merrill Lynch; Barclays Capital; Citigroup; Goldman Sachs; JPMorgan Wyeth Evercore Partners; Morgan Stanley 63,266 1-Jun- Vehicle Acquisition Holdings LLC KPMG; Lazard; Rothschild Motors Liquidation Co (bulk of GM assets) Advising seller: AlixPartners; Blackstone Group Holdings; Evercore Partners; Morgan Stanley Motors Liquidation Co (old General Motors Company) 30-Jan- Roche Holding Ltd Greenhill & Co Genentech Inc (44.20% stake) Goldman Sachs 44,291 48,2 9-Mar- Merck & Co Inc JPMorgan Schering Plough Corporation Credit Suisse; Goldman Sachs; Morgan Stanley 43, Dec- ExxonMobil Corporation JPMorgan XTO Energy Inc Barclays Capital; Jefferies & Company 40,361 3-Nov- Berkshire Hathaway Inc Burlington Northern Santa Fe Corporation Evercore Partners; Goldman Sachs 35, Jun- United States Department of the Treasury Citigroup Inc (33.60% stake) Citigroup 25, Mar- Suncor Energy Inc CIBC World Markets; Morgan Stanley Petro-Canada Deutsche Bank; RBC Capital Markets 18,400 4-May- The DirecTV Group Inc Morgan Stanley Liberty Entertainment Inc Goldman Sachs; JPMorgan 15, Mar- OneWest Bank FSB (consortium) Bank of America Merrill Lynch IndyMac Federal Bank FSB Barclays Capital; Deutsche Bank 13,900 20

21 Americas: Breakdown of Announced Deals Year End 20 Mix of North American Deals by Industry Sector 20 - Value Agriculture Real Estate 0.1% 0.5% Defense Construction 0.2% 0.7% Industrials & Chemicals 10.3% Mix of North American Deals by Industry Sector 20 - Volume Agriculture Real Estate 0.7% Construction 0.6% 2.9% Defense 0.7% Pharma, Medical & Biotech Industrials & Chemicals 9.1% 15.3% Pharma, Medical & Biotech 25.9% Financial Services 11.6% Transport 1.6% Leisure 3.4% Telco 1.3% Financial Services 13.1% Business Services 5.1% Media 3.6% Transport 4.9% Consumer 5.9% Technology 13.4% Leisure 1.3% Telco 2.8% Business Services 12.0% Media 5.8% Technology 4.6% Energy, Mining & Utilities 20.2% Energy, Mining & Utilities 12.7% Consumer 9.4% Mix of Announced Americas Deals by Geographic Region 20 - Value Mix of Announced Americas Deals by Geographic Region 20 - Volume Central & South America 7.0% Central & South America 10.5% US (North East) 15.9% Canada 9.2% US (North East) 27.7% Canada 11.7% US (Mid West) 14.6% US (West) 19.1% US (Mid West) 14.1% US (West) 21.6% US (South) 23.0% US (South) 25.6% 21

22 Americas: League Tables of Financial Advisers League Table of Financial Advisers to US M&A: Value 1 1 Goldman Sachs 361, Morgan Stanley 326, JPMorgan 282, Citigroup 234, Barclays Capital 213, Bank of America Merrill Lynch 194, Evercore Partners 175, Credit Suisse 128, Lazard 83, Deutsche Bank 83, UBS Investment Bank 73, Blackstone Group Holdings 70, Greenhill & Co 61, Rothschild 52, Jefferies & Company 50, AlixPartners 48, Centerview Partners 35, Royal Bank of Scotland Group 30, Perella Weinberg Partners 25, Nomura Holdings 20,2 15 League Table of Financial Advisers to US M&A: Volume 2 1 Goldman Sachs 361, JPMorgan 282, Morgan Stanley 326, Bank of America Merrill Lynch 194, Credit Suisse 128, Citigroup 234, UBS Investment Bank 73, Lazard 83, Houlihan Lokey 4, Deutsche Bank 83, Barclays Capital 213, Rothschild 52, Jefferies & Company 50, RBC Capital Markets 17, KPMG 7, Sandler O'Neill & Partners 3, PricewaterhouseCoopers 3, Blackstone Group Holdings 70, William Blair & Company Evercore Partners 175,

23 Americas: League Tables of Financial Advisers League Table of Financial Advisers to US Mid-Market M&A: Value 1 1 JPMorgan 4, Goldman Sachs 4, Credit Suisse 3, Morgan Stanley 3, Houlihan Lokey 3, RBC Capital Markets 2, Bank of America Merrill Lynch 2, Deutsche Bank 2, UBS Investment Bank 2, Jefferies & Company 2, Lazard 1, Citigroup 1, Barclays Capital 1, Stifel, Nicolaus & Company 1, Sandler O'Neill & Partners 1, KPMG 1, Rothschild 1, Thomas Weisel Partners Group Royal Bank of Scotland Group Macquarie Group League Table of Financial Advisers to US Mid-Market M&A: Volume 1 1 Houlihan Lokey 3, JPMorgan 4, Goldman Sachs 4, Credit Suisse 3, Morgan Stanley 3, RBC Capital Markets 2, Bank of America Merrill Lynch 2, Deutsche Bank 2, UBS Investment Bank 2, Jefferies & Company 2, Lazard 1, Sandler O'Neill & Partners 1, Rothschild 1, Stifel, Nicolaus & Company 1, KPMG 1, Thomas Weisel Partners Group Barclays Capital 1, Citigroup 1, PricewaterhouseCoopers Keefe, Bruyette & Woods * Mid-Market based on deal value range of US$ 10m - US$ 250m 23

24 Americas: League Tables of Financial Advisers Financial Advisers to Canadian M&A: Value 3 1 RBC Capital Markets 45, CIBC World Markets 28, Morgan Stanley 25, Deutsche Bank 19, Goldman Sachs 12, TD Securities 11, Credit Suisse 10, Scotia Capital 9, Macquarie Group 9, Bank of America Merrill Lynch 8, BMO Capital Markets 7, Peters & Co 5, JPMorgan 5, UBS Investment Bank 4, GMP Securities 4, Financial Advisers to Central & South American M&A: Value 3 1 JPMorgan 15, Citigroup 14, Credit Suisse 12, UBS Investment Bank 10, Morgan Stanley 9, Rothschild 8, BNP Paribas 7, Estater Assessoria Financeira 7, Banco Bradesco 6, CALYON 4, Goldman Sachs 3, Pohjola Corporate Finance 2, Global M&A 2, Deutsche Bank 2, Santander Global Banking and Markets 2,3 5 Financial Advisers to Canadian M&A: Volume 2 1 RBC Capital Markets 45, CIBC World Markets 28, GMP Securities 4, TD Securities 11, BMO Capital Markets 7, Macquarie Group 9, Peters & Co 5, Scotia Capital 9, FirstEnergy Capital 4, Goldman Sachs 12, National Bank Financial 3, Cormark Securities 1, JPMorgan 5, Morgan Stanley 25, KPMG 1,3 10 Financial Advisers to Central & South American M&A: Volume 3 1 Credit Suisse 12, JPMorgan 15, Morgan Stanley 9, Citigroup 14, UBS Investment Bank 10, Banco Bradesco 6, Rothschild 8, BNP Paribas 7, Goldman Sachs 3, Estater Assessoria Financeira 7, Santander Global Banking and Markets 2, Global M&A 2, Deutsche Bank 2, Bank of America Merrill Lynch Deloitte 2,

25 Americas: League Tables of Financial Advisers Financial Advisers to US (North East) M&A: Value 4 1 JPMorgan 189, Goldman Sachs 188, Citigroup 187, Morgan Stanley 183, Bank of America Merrill Lynch 141, Barclays Capital 123, Evercore Partners 91, Credit Suisse 79, UBS Investment Bank 32, Lazard 31, Deutsche Bank 30, Perella Weinberg Partners 25, Blackstone Group Holdings 19, Centerview Partners 16, Greenhill & Co 9, Financial Advisers to US (Mid-West) M&A: Value 10 1 Morgan Stanley 1, Goldman Sachs 100, Evercore Partners 84, Citigroup 56, Blackstone Group Holdings 50, AlixPartners 48, Rothschild 44, Lazard 36, Credit Suisse 34, Deutsche Bank 31, UBS Investment Bank 30, Bank of America Merrill Lynch 29, Barclays Capital 29, JPMorgan 25, Centerview Partners 25,148 3 Financial Advisers to US (North East) M&A: Volume 2 1 JPMorgan 189, Goldman Sachs 188, Morgan Stanley 183, Bank of America Merrill Lynch 141, Credit Suisse 79, Citigroup 187, Deutsche Bank 30, UBS Investment Bank 32, Lazard 31, Houlihan Lokey 2, Barclays Capital 123, Rothschild 7, Jefferies & Company 5, Blackstone Group Holdings 19, Evercore Partners 91, Financial Advisers to US (Mid-West) M&A: Volume 2 1 Goldman Sachs 100, JPMorgan 25, Bank of America Merrill Lynch 29, Morgan Stanley 1, Citigroup 56, Rothschild 44, Credit Suisse 34, Barclays Capital 29, Lazard 36, Houlihan Lokey UBS Investment Bank 30, Deutsche Bank 31, William Blair & Company Stifel, Nicolaus & Company Lincoln International

26 Americas: League Tables of Financial Advisers Financial Advisers to US (South) M&A: Value 15 1 Evercore Partners 101, JPMorgan 87, Morgan Stanley 84, Goldman Sachs 79, Barclays Capital 69, Blackstone Group Holdings 62, Citigroup 50, AlixPartners 48, Jefferies & Company 45, Bank of America Merrill Lynch 38, Lazard 37, Rothschild 34, Deutsche Bank 27, Credit Suisse 18, UBS Investment Bank 13, Financial Advisers to US (West) M&A: Value 2 1 Goldman Sachs 92, Morgan Stanley 59, Barclays Capital 54, Greenhill & Co 48, Bank of America Merrill Lynch 46, JPMorgan 41, Citigroup 30, Credit Suisse 29, Lazard 23, Deutsche Bank 21, UBS Investment Bank 16, Perella Weinberg Partners 13, Evercore Partners 10, Nomura Holdings 6, UniCredit Group 5,375 2 Financial Advisers to US (South) M&A: Volume 3 1 Goldman Sachs 79, JPMorgan 87, Bank of America Merrill Lynch 38, Morgan Stanley 84, Houlihan Lokey 2, Credit Suisse 18, Lazard 37, Deutsche Bank 27, Citigroup 50, UBS Investment Bank 13, Barclays Capital 69, RBC Capital Markets 5, Jefferies & Company 45, Greenhill & Co 10, Sandler O'Neill & Partners 1, Financial Advisers to US (West ) M&A: Volume 3 1 Goldman Sachs 92, Morgan Stanley 59, Credit Suisse 29, Bank of America Merrill Lynch 46, JPMorgan 41, Lazard 23, Houlihan Lokey 1, Deutsche Bank 21, UBS Investment Bank 16, Citigroup 30, Barclays Capital 54, RBC Capital Markets 5, Piper Jaffray & Co 2, Moelis & Company 1, Thomas Weisel Partners Group 1,

27 Asia-Pacific: M&A roundup Year End 20 Asia-Pacific M&A Activity - Quarterly Asia-Pacific M&A value almost back to 20 levels One word describes Asia-Pacifi c M&A in 20: resilience. With 2,4 announced deals worth US$ 402bn since Value ($bn) Volume 750 the start of the year, the region fi nishes the year with a drop of merely 1% in value, and 10% in volume com pared with 20 in sharp contrast with global declines of more than 30%. 650 For the year to date, Asia-Pacifi c makes up 24% of global M&A value and volume, up from 17% and 18% respectively in Two themes dominate Asian deal making The Asia-Pacifi c M&A picture in 20 is set against a backdrop of two major themes: China making outbound Value of Deals ($bn) Volume of Deals resource deals, and overseas banks and insurers selling Asian assets The deep depression in commodity prices in early 20 provided a brief window during which Chinese buyers 250 were able to snap up many energy and resource companies overseas to quench the nation s thirst for raw materials at attractive valuations but not without hiccups. The failures of the tie-up between Chinalco and Rio 150 Tinto, China Minmetals bid for Oz Minerals, and China Nonferrous Metals partial offer for Lynas, all suggest that Chinese enterprises still have something to learn about bringing deals to completion. Another major theme in 20 is the sale of Asian assets by overseas Financial Services companies. Citigroup and Bank of America have both offl oaded more than US$ 7bn worth in their bank holdings; while US insurance group AIG, as well as European banking giants ING and RBS, have each disposed of some US$ 3bn in their respective Asian operations. As the world economy gradually stabilizes, this trend should subside going forward Value ($bn) Volume Asia-Pacific Mid Market M&A Activity - Quarterly ($10m to $250m) Rio Tinto/BHP Billiton deal shapes the league table by value The Rio Tinto/BHP Billiton joint venture has a clear impact on the regional advisory league tables. The six fi nancial advisors involved: namely Morgan Stanley, Credit Suisse, Goldman Sachs, Macquarie, Gresham and Lazard, take up the top six spots on the Asia-Pacifi c (ex-japan) rankings by value. The Asian (ex-japan and Australasia) league table however has a decidedly different look, with four of the above six houses replaced by Bank of America Merrill Lynch, UBS, CITIC Securities and CICC. Value of Deals ($bn) Volume of Deals Yuanta Securities and Cometrue CPA, two Taiwanese fi nancial advisors with mandates on the US$ 11bn three way merger between LED panel makers Innolux Display, TPO Displays and Chi Mei Optoelectronics, made a 8 surprise appearance in the top 20 regional fi nancial advisory league table by value

28 Asia-Pacific: Top Announced Deals Year End 20 Top 10 Announced Asia-Pacific Deals Year End 20 Announced Date Bidder Company Bidder Financial Advisor Target Company Target/Seller Financial Advisor Seller Company Deal Value (US$m) 5-Dec- Rio Tinto/BHP Billiton (Joint BHP Billiton Plc; and Rio Tinto 58,000 Venture) Plc BHP Billiton (Western Australian iron ore assets); and Rio Tinto Plc (Western Australian iron ore assets) 16-May- China Yangtze Power Co Ltd CITIC Securities China Three Gorges Project Corporation (hydroelectricity generation assets and stakes in peripheral service companies) Advising sellers: Credit Suisse; Goldman Sachs; Gresham Advisory Partners; Lazard; Macquarie Group; Morgan Stanley China Three Gorges Project Corporation 15, Oct- Nippon Oil Corporation JPMorgan; Mizuho Financial Group; Nomura Holdings Nippon Mining Holdings Inc Bank of America Merrill Lynch; Daiwa Securities Group; UBS Investment Bank 12, Nov- Innolux Display Corp Cometrue CPA; Yuanta Securities Chi Mei Optoelectronics Corporation 9,948 1-May- 4-Mar- Sumitomo Mitsui Banking Corporation SDIC Huajing Power Holdings Co Ltd Goldman Sachs Nikko Business Systems; Nikko Citigroup (domestic equity and debt underwriting business); Nikko Cordial Securities Inc; and Nikko Systems Solutions Advising seller: Citigroup Citigroup Inc 7,822 China International Capital SDIC Electric Power Co Ltd State Development & Investment Corporation 7, May- BOCI Asia Limited; China Life Insurance (Group) Company; Hopu Investment Management Co Ltd; and Temasek Holdings Pte Ltd Bank of China International Holdings China Construction Bank Corporation (5.78% stake) Advising seller: Bank of America Merrill Lynch Bank of America Corporation 7, Sep- Singapore Technologies Telemedia Pte Ltd Macquarie Group eircom Holdings Limited Deloitte; Merrion Capital Group; Rothschild; UBS Investment Bank 5, Nov- Daqin Railway Co Ltd Shuhuang Railway Development Co Ltd (41.16% stake); TaiYuan Railway Administration (railway assets); and Taiyuan Railway Juli Zhuangxie Co Ltd (90.20% stake) 29-Jul- Sompo Japan Insurance Inc Goldman Sachs; Mizuho Financial Group; Nomura Holdings Nipponkoa Insurance Co Ltd Bank of America Merrill Lynch; Mitsubishi UFJ Securities TaiYuan Railway Administration 4,790 4,685 28

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