EVIEW REVIEW FINANCIAL ADVISORS

Transcription

1 MERGERS & ACQUISITIONS REVIEW FINANCIAL ADVISORS First Quarter 0

2 First Quarter 0 Mergers & Acquisitions s M&A y Review Table of Contents Global M&A Any European Involvement Announced (AD) 0 Any New Zealand Involvement Announced (AD9) 7 Global Deals Intelligence Any European Involvement Completed (AF) 0 Any New Zealand Involvement Completed (AF46) 7 Scorecard: Worldwide Announced M&A Any UK Involvement Announced (AD) Japan M&A 8 Scorecard: Worldwide Completed M&A Any UK Involvement Completed (AF9) Japan Deals Intelligence 8 Top Fifteen Worldwide Announced Deals Any French Involvement Announced (AD) Top Ten Japanese Involvement Announced Deals 8 Worldwide Announced (AD) Any French Involvement Completed (AF40) Any Japanese Involvement Announced (AD9) 9 Worldwide Completed (AF) Any Spanish Involvement Announced (AD4) Any Japanese Involvement Completed (AF) 9 Americas M&A 6 Any Spanish Involvement Completed (AF4) Fairness Opinion Rankings 0 Americas Deals Intelligence 6 Any German Involvement Announced (AD5) Worldwide Announced Fairness Opinion 0 Top Ten US Announced Deals 6 Any German Involvement Completed (AF4) Any Americas Announced Fairness Opinion 0 Any Americas Involvement Announced (AD49) 7 Any Italian Involvement Announced (AD6) Any USAnnounced Fairness Opinion 0 Any Americas Involvement Completed (AF55) 7 Any Italian Involvement Completed (AF4) Any EMEA Announced Fairness Opinion 0 US Target Announced (AD) 7 Any Nordic Involvement Announced (AD7) Any Asia Pacific Announced Fairness Opinion 0 US Target Completed (AF) 7 Any Nordic Involvement Completed (AF44) Any Japanese Announced Fairness Opinion 0 Any US Involvement Announced (AD4) 8 Any Benelux Involvement Announced (AD40) 4 Any US Involvement Completed (AF48) 8 Any Benelux Involvement Completed (AF47) 4 Criteria Summary Any Canadian Involvement Announced (AD4) 8 Asia Pacific (exjapan) M&A 5 Mergers & Acquisitions Criteria Summary Any Canadian Involvement Completed (AF49) 8 Asia Pacific (exjapan) Deals Intelligence 5 Regional Contacts EMEA M&A European Deals Intelligence 9 9 Top Ten Any Asia (exjapan) Involvement Announced Deals 5 Any Asia (exjapan) Involvement Announced (AD5) 6 Thomson Reuters Soultions for the Deal the Deal Making Community Top Ten European Involvement Announced Deals 9 Any Asia (exjapan) Involvement Completed (AF) 6 Any EMEA Involvement Announced (AD47) 0 Any Australian Involvement Announced (AD4) 6 Any EMEA Involvement Completed (AF5) 0 Any Australian Involvement Completed (AF) 6

3 First Quarter 0 FINANCIAL ADVISORS MERGERS & ACQUISITIONS REVIEW Deal Making Over US$5 billion Lifts Worldwide M&A to US$54 billion Up 0% from 0 l Cross Border M&A Down 4% l Goldman Sachs Top Advisor Global Deals Intelligence Worldwide Completed M&A by Region Imputed Fees WORLDWIDE M&A UP 0%, DEALS OVER US$5 BILLION ACCOUNT FOR % OF M&A Bolstered by a 6% increase in deals valued over US$5 billion, the value of worldwide M&A totalled US$54.8 billion during the first quarter of 0, a 0% increase from comparable 0 levels. Worldwide deals valued over US$5 billion totalled US$67.8 billion during the first quarter, accounting for % of announced deal activity in the quarter compared to % during the first quarter of 0. Just over 8,00 worldwide deals were announced during the first quarter of 0, a 6% decline from a year ago and the slowest quarter for M&A, by number of deals, since the third quarer of 004. $5 $4 Americas Asia Pacific EMEA Japan CROSS BORDER DOWN 4%; EMERGING MARKETS ACCOUNT FOR 5% OF M&A Cross Border M&A activity totalled US$4 billion during the first quarter of 0, accounting for 5% of overall M&A volume and down 4% compared to first quarter 0. Accounting for nearly onequarter of worldwide announced merger activity, M&A involving companies located in the emerging markets totalled US$8.9 billion during first quarter 0, a 6% decrease from 0. COMPLETED ADVISORY FEES DOWN % According to estimates from Thomson Reuters/Freeman Consulting, M&A advisory fees from completed transactions totalled US$4.7 billion during the first quarter of 0, an % decrease from the comparable period in 0. Deal activity in the Americas accounted for 5% of the worldwide fee pool, while Europe, Middle East and Africa accounted for 0%. Asia Pacific and Japan contributed % and 5%, respectively. Imputed Fees (US$b) $ $ ENERGY & POWER, REAL ESTATE AND TECH LEAD ACTIVITY The energy & power sector was most active during the first quarter of 0, commanding.4% of announced M&A, while the real estate and high technology sectors accounted for.% and.% of M&A activity, respectively. Telecommunications and consumer staples led all sectors as to growth rate with tripledigit percentage increases over 0. Materials and energy & power registered declines of 6% and % from the first quarter of 0. BUYSIDE PRIVATE EQUITY M&A DOUBLES COMPARED TO 0 Worldwide private equitybacked M&A activity totalled US$7.4 billion during the first quarter of 0. Private equity deal making in the high technology and consumer staples sectors accounted for twothirds of activity during first quarter 0. Accounting for % of worldwide M&A during the first quarter, private equitybacked M&A doubled compared to 0 levels. $ $0 Q08 Q08 Q08 4Q08 Q09 Q09 Q09 4Q09 Q0 Q0 Q0 4Q0 Q Q Q 4Q Q Q Q 4Q Q Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity Rank Value (US$b) $,000 $,800 $,600 $,400 $,00 $,000 $800 $600 $400 $00 $0 Q4 Volume (US$b) Q Volume (US$b) Q Volume (US$b) Q Volume (US$b) % of YTD Global M&A 7.% $55.0 $5.8 $9.6.9% $5.7 $6.8 $4. $0. $49..6% $406.6 $54. $7. $ % $4.5 $70.0 $644.9 $46.8 $55.9 $5.0 $6.0 $ % 7.% $68. $50.7 $.8 $0.4 7.% $6. $05.7 $7.6 $70.8 $99.6 $7.0 5.% $06.4 $06.7 $47.0 $4. 7.% $ % $76. $ % 45% 40% 5% 0% 5% 0% 5% 0% 5% 0% % of Global M&A Rank Value (US$b) $900 $800 $700 $600 $500 $400 $00 $00 $00 $0 Q4 Volume (US$b) 5% Q Volume (US$b).% Q Volume (US$b).6% Q Volume (US$b) $00.8 % of YTD Global M&A 0% 8.8% $80.5 $6..5%.9% 5%.9% $ %.7% $.9 0% $ % 6.% $09. $05.9 $7. $65.5 $7.4 $. $8.4 $56.4 $68.9 $87.0 5% $86.5 $06.8 $76.9 $7. $00.4 $49.8 $85. $69. $54.7 $5.0 $4.4 $55.5 $7.4 $46. $7.9 $78. $.7 $6.6 $58.5 0% % of Global M&A

4 First Quarter 0 Mergers & Acquisitions s Mergers & Acquisitions Scorecard: Worldwide Announced M&A First Quarter Scorecard: Worldwide Completed M&A First Quarter Worldwide Announced M&A Target Industry by Value Target Region/Nation //0 /8/0 //0 //0 Rank Val US$m No. Deals Rank Val US$m No. Deals % Change in Rank Value Target Region/Nation //0 /8/0 Rank Val No. US$m Deals //0 //0 Rank Val No. US$m Deals % Change in Rank Value Worldwide 54,754. 8,5 49, , Worldwide 489,0.6 5,99 44,6. 7, Americas,95.6,657 0,67.0, Americas 56,45.8,48 0,058.7,485. Caribbean 5, ,5.5 Caribbean Central America 8,85. 6, Central America,58.5 4, Mexico, Mexico,7.8 5, North America 89,6., 8,56.4, North America 46,940.7,9 94,590., United States 69,64.7,97 4,70.7, United States,5.8,64 68,87.9, Canada 9, , Canada 4, , South America 0, , South America 6,7. 67, Brazil 5,89.9, Brazil 4, , Chile, , Chile, Africa/Middle East 6,45.4 4, Africa/Middle East 9, , Middle East 4, , Middle East,94.5 8, North Africa,70. 9, North Africa,., SubSaharan Africa 8, , SubSaharan Africa, , Europe 5,7.,705 65,0.0,600.9 Europe 8,76.9,80 00,86.0, Eastern Europe 8, , Eastern Europe 67, , Western Europe 96,74.4,00 46,57.6, Western Europe 7,04.7,66 85,48.,8 6. United Kingdom Netherlands,5.7 9, , , United Kingdom Netherlands 8,780. 9, ,9.8, Germany 0,7.6 00, Germany 6, , AsiaPacific 7,894.0,04 8,480.7,7.9 AsiaPacific 6,986.4, ,68.,88 9. Australasia 9, ,4.5.4 Australasia 0, , Australia 9,.5 89, Australia 9, , New Zealand New Zealand South East Asia 9, , South East Asia 9,5. 59, Malaysia 4, , Singapore, , Singapore, , Malaysia, , North Asia 48,84.0,09 4,644.4, North Asia 0, , China 5, , China 9, ,5..7 South Korea 8, , South Korea 5, , South Asia,78.5 5, South Asia, , Central Asia ,47.5 Central Asia , Japan 5, , Japan 0, , %.%.%.4% Energy and Power High Technology Financials Telecommunications Media and Entertainment Retail Government and Agencies 9.6% 9.6% 8.% 7.% 6.% 5.%.%.% Real Estate Consumer Staples Industrials Materials Healthcare Consumer Products and Services Top Fifteen Worldwide Announced Deals Rank Date Date Effective Target (% Sought/Acquired) /4/0 Pending HJ Heinz Co (97.4%) /5/0 Pending Virgin Media Inc (00%) //0 Pending Dell Inc (00%) /5/0 Pending Dell Inc (86.%) //0 /9/0 NBCUniversal Media LLC (49%) //0 Pending Dell Inc (59.%) /0/0 /8/0 Pending Intended Cole Credit Ppty Tr III Inc (00%) DE Master Blenders 75 BV (85%) /8/0 Intended Clearwire Corp (00%) /5/0 Pending Elan Corp PLC (00%) /7/0 Pending CommonWealth REIT (90.%) /4/0 Pending US Airways Group Inc (00%) //0 //0 SNS Reaal NV (00%) /9/0 Pending Copano Energy LLC (00%) /6/0 Pending RepsolLNG Bus,Trinidad (00%) Acquiror Acquiror / Target Nation Rank Value (US$m) Investor Group 7,6.7 Liberty Global Inc,048. Boulder Acquisition Corp,4.4 Investor Group 8,.9 Comcast Corp 6,700.0 Icahn Enterprises LP,694.0 American Rlty Capital Ppty Inc 9,78.7 Investor Group Austria / Netherlands 8,65.0 DISH Network Corp 8,7.6 RP Management LLC United States / IrelandRep 6,96.6 Investor Group 6,775. AMR Corp 5,497.0 The Netherlands Netherlands / Netherlands 5,047. Kinder Morgan Energy Partners 4,960.4 Royal Dutch Shell PLC Netherlands / Trinidad&Tob 4,900.0 Jan Mar 8 0 Target Macro / Mid Industry Consumer Staples / Food and Beverage Telecommunications / Space and Satellites High Technology / Computers & Peripherals High Technology / Computers & Peripherals Media and Entertainment / Broadcasting High Technology / Computers & Peripherals Real Estate / REITs Consumer Staples / Food and Beverage Telecommunications / Other Telecom Healthcare / Biotechnology Real Estate / REITs Industrials / Transportation & Infrastructure Financials / Insurance Energy and Power / Oil & Gas Energy and Power / Oil & Gas

5 First Quarter 0 Mergers & Acquisitions s Worldwide Rankings Worldwide Announced (AD) Jan Mar 8 Worldwide Completed (AF) Jan Mar Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market Rank Rank US$m Sh (%) Share Ch. Deals Sh ($) # of Deals 5, , , , , , , , , , , , , , , , Centerview Partners LLC , VTB Capital 9 4 6, , , LionTree Advisors LLC 4, , Moelis & Co 6 40, , Wells Fargo & Co 4 4, Greenhill & Co, LLC, , RBC Capital Markets 4, , Renaissance Capital Group 5* 40* 0, Jefferies & Co Inc 6, Lambert Energy Advisory Ltd 5* 79 0, RBC Capital Markets 7 4, Centerview Partners LLC 7 6 8, , HSBC Holdings PLC 8, Ondra Partners 9 0, BMO Capital Markets 9 7, Greenhill & Co, LLC 0 0, , Canaccord Genuity 7 8, Gleacher & Co Inc 0 6, , Jefferies & Co Inc 5 6, PricewaterhouseCoopers 40 8, Ondra Partners 9, TD Securities Inc 4 0 7, , Houlihan Lokey , Mizuho Financial Group , , ,5,50 489, ,99,707 4, % 4.6% 5.6% 4.9% 7.9%.%.4% 0.4% 5.9% 4.0% Top WW Announced M&A Advisors by Target Industry First Quarter Top Worldwide Announced M&A Advisors by Transaction Size (AD) Jan Mar 8 0 Mkt. Rank Val US$m Rank Share Energy and Power 7,67.9 8,96. 6., , Real Estate 7, , , , High Technology 66,54.,80.4.8,77.9.7,66..6 Consumer Staples 5,0.0, , , Financials 5,48. 8, , , No. Deals , Rank Value (US$bil) $40 $0 $00 $80 $60 $40 $0 $0 $. $8. $6.7 $6.7 $8. $8. $.05 $56.6 $.05 $7.4 $5. Goldman Sachs & Co $6.5 $6.7 $44.0 Morgan Stanley $6.7 $8. $8. $7.4 $4.7 Bank of America Merrill Lynch $.05 $.6 $7.8 Credit Suisse $9.6 $4.7 $5.0 $8. $7.4 $8. $0.5 Other Top 5 Deals NBC Universal/Comcast Corp Dell Inc/Investors Virgin Media Inc/Liberty Global Heinz/Investors All Other Transactions $.8 $6.7 $7.4 $5.5 Centerview Partners LLC $8. $9. Evercore Partners

6 First Quarter 0 Mergers & Acquisitions s Worldwide M&A Matrix Exit Multiple Matrix Average Rank Value / EBITDA 0 UP 0 DOWN 0 Consumer Products and Services Consumer Staples Energy and Power Healthcare High Technology Industrials Materials Media and Entertainment Real Estate Retail Telecommunications Average World Americas USA Canada.6x 7.8x 7.9x.x 7.7x.x 7.x 5.8x 7.x 8.0x 5.7x 8.0x.x 6.5x.8x 9.9x 9.4x 7.9x 5.x 7.6x 7.x 6.7x 8.x 6.7x 7.9x 4.5x 5.x.6x.x 0.5x 4.x 8.8x.x 6.x 6.x 0.6x 7.4x.7x 7.4x.0x.x 7.0x.8x 9.6x 9.5x.5x 0.9x 9.x 0.9x 9.x 8.7x 9.8x 6.x 0.0x 7.8x 0.x 6.x 0.4x.9x 5.7x.7x 6.x 5.4x.x 7.x 8.x.9x 8.x 4.x 9.4x 4.8x 0.x.4x.x.x.0x 8.9x.x 8.4x 0.8x 0.0x 8.7x 8.7x 8.6x 9.x 9.8x.4x 7.5x 7.x.4x 0.0x.7x 7.x 0.8x 9.5x 7.5x 7.6x 4.9x 7.9x 7.x 8.6x 7.x 8.8x 8.8x.7x 4.8x 9.8x.0x.7x 4.9x.7x.8x 0.x 8.x.9x 8.x.9x.x.0x.x 8.x.x.9x 4.0x 7.4x.5x 4.4x 7.4x 9.6x 7.6x.x 9.x.9x.9x.7x.x.4x.6x.0x.4x 6.x 0.9x 6.x 8.9x 8.9x.x.0x.x.x 6.6x.6x 5.0x 9.5x.x.x.7x.x 8.8x 5.9x 6.7x 5.9x 7.0x 9.9x 4.x 6.x.x.7x.0x.x.5x.5x.0x 0.x 0.9x 0.x.x 0.8x 5.8x 0.x 4.7x.7x.x EMEA Europe UK Asia ex. Japan First Quarter Japan 0.x.4x 7.x 4.8x.x.x.6x 4.x.7x Bid Premium Matrix Average Premium to 4 Week Stock Price 0 UP 0 DOWN Consumer Products and Services Consumer Staples Energy and Power Financials Healthcare High Technology Industrials Materials Media and Entertainment Real Estate Retail 8. Telecommunications 5.5 Average World Americas USA Canada EMEA First Quarter x Europe UK Asia ex. Japan Japan * Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 0/0/0 /8/0 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. * The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. * Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 00%. 4

7 First Quarter 0 Mergers & Acquisitions s Worldwide Announced Rankings* A Decade in Review 4 4 Bank of America Merrill Lynch 5 5 Rank Centerview Partners LLC *League Table positions reflect consolidation within the banking sector Rankings shown are as of the current quarter end in each calendar year 5

8 Overall US M&A Increases 68% From Q0 Lowest Fee Volume Since Q 009 Canadian Activity Falls 9% First Quarter 0 Mergers & Acquisitions s Americas M&A Americas Deals Intelligence While total values of M&A activity with US involvement during the first three months of 0 fell 6.7% from last quarter, volumes increased significantly over the sluggish first quarter totals in 0, reaching US$0. billion and representing a 67.7% increase in transaction value. Despite a 7.6% increase in value of completed Americas M&A activity, the first quarter saw a.9% decrease in total M&A fees earned, according to estimates by Thomson Reuters/Freeman Consulting. The US$ billion total was the lowest opening quarter since 009. Accumulating US$0. billion in transaction value, announced Canadian Involvement activity fell 8.7% from the totals reached in the same period last year, and 48% from last quarter. Conversely, completed Canadian Involvement activity rose, posting an 8.5% increase over first quarter 0 levels. The High Technology sector led the US market, with deal volume totaling US$56. billion, a % market share and a % decrease compared to last year. Energy & Power placed second, with US$5.6 billion, a.% share. High Technology also emerged as the most active sector, outpacing Real Estate by 74 deals. On average, EBITDA multiples for Americas Targets during the first three months of 0 decreased slightly to.0x from the.x averaged during the first quarter of 0. Average industry multiples ranged from 7.x for Materials to 4x for Real Estate targets. US Announced Advisors by Target Industry Jan Mar 8 0 Rank Val Mkt. No. (US$m) Rank Share Deals High Technology 56,45. 4, , , Real Estate 5, , , , Energy and Power 5, , , , Telecommunications,79.4 0,.5 7.7,048. * 69.4 LionTree Advisors LLC,048. * 69.4,048. * 69.4 US Target Announced M&A Target Industry by Value (US$ bil) Jan Mar 8 0 Any Americas Involvement Completed M&A Fees.%.% 0.9%.8%.6%.0% High Technology Real Estate Energy and Power Telecommunications Consumer Staples Media and Entertainment Industrials Healthcare Materials Financials Retail Consumer Products and Services Government and Agencies.7% 5.% 9.8% Rank Val (US$bil) , Q Fee Volume (US$ bil) Q Fee Volume (US$ bil) Q Fee Volume (US$ bil) Q4 Fee Volume (US$ bil),955 Q Historical Deal Volume,54 $7.0,66,005,98 $6.5,697 $6.97 $4.47 $.9 $5.45 $5.59,604 $4.7 $4.48 $4.54 $6.5 $4. $4.0 $4.9 $5.0 $4.5 $.59 $.88 $5.5 $4.49 $4.7 $5.70 $4.87 $.77 $.08 $.50 $.85 $.47 $ # of Deals Top Ten USTarget Announced Deals Jan Mar 8 0 Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry /4/0 Pending HJ Heinz Co (97.4%) Investor Group 7,6.7 Consumer Staples / Food and Beverage /5/0 Pending Virgin Media Inc (00%) Liberty Global Inc,048. Telecommunications / Space and Satellites //0 Pending Dell Inc (00%) Boulder Acquisition Corp,4.4 High Technology / Computers & Peripherals /5/0 Pending Dell Inc (86.%) Investor Group 8,.9 High Technology / Computers & Peripherals //0 /9/0 NBCUniversal Media LLC (49%) Comcast Corp 6,700.0 Media and Entertainment / Broadcasting //0 Pending Dell Inc (59.%) Icahn Enterprises LP,694.0 High Technology / Computers & Peripherals /0/0 Pending Cole Credit Ppty Tr III Inc (00%) American Rlty Capital Ppty Inc 9,78.7 Real Estate / REITs /8/0 Intended Clearwire Corp (00%) DISH Network Corp 8,7.6 Telecommunications / Other Telecom /7/0 Pending CommonWealth REIT (90.%) Investor Group 6,775. Real Estate / REITs /4/0 Pending US Airways Group Inc (00%) AMR Corp 5,497.0 Industrials / Transportation & Infrastructure 6

9 First Quarter 0 Mergers & Acquisitions s Americas Rankings Any Americas Involvement Announced (AD49) Jan Mar 8 Any Americas Involvement Completed (AF55) Jan Mar Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market, , , , , , , , , , Centerview Partners LLC , , , RBC Capital Markets 7 9, , Centerview Partners LLC 8 9 8, , Greenhill & Co, LLC 9 8, , , LionTree Advisors LLC 4, BMO Capital Markets 4, Moelis & Co 40, , Wells Fargo & Co 4, Gleacher & Co Inc 6, Jefferies & Co Inc 4 7, Jefferies & Co Inc 4 8 5, RBC Capital Markets 5 8, , , HSBC Holdings PLC , , , Ondra Partners , , Greenhill & Co, LLC 9 9 9, , , United Overseas Bank Ltd 0* 6, TD Securities Inc 4 7, DBS Group Holdings 0* 6, Canaccord Genuity 7, Peter J. Solomon Co Ltd 98* 5, CIBC World Markets Inc 7 6, Wells Fargo & Co 4 4, Groton Partners LLC 4 6, Houlihan Lokey 4 0, Millstein & Co LP 5 5, FirstEnergy Capital Corp 5 59, , , , , , % 9.9% 7.6%.5%.9% 8.5% 6.%.6% 8.% 45.8% US Target Announced (AD) Jan Mar 8 US Target Completed (AF) Jan Mar Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market 7 98, , , , , , Centerview Partners LLC , , , , , , , Centerview Partners LLC 7 5* 8, , Greenhill & Co, LLC 8 8, , , LionTree Advisors LLC 0 4, Gleacher & Co Inc 0 0 6, , Jefferies & Co Inc 0 4, Moelis & Co 9 9, , Wells Fargo & Co 8 4, , RBC Capital Markets 4 4 9, , Jefferies & Co Inc 5 6 9, , , Peter J. Solomon Co Ltd 6 0* 5, Greenhill & Co, LLC 7 7 9, RBC Capital Markets 7 4, , Wells Fargo & Co 8 4, , FTI Consulting Inc 9 55, Millstein & Co LP 0 5, Houlihan Lokey 0 8, Simmons & Co International 4 4, , Gleacher & Co Inc, BMO Capital Markets 6*, Ondra Partners 7, Moelis & Co, Guggenheim Securities LLC 4 6, Perella Weinberg Partners LP 4 4, Houlihan Lokey 5, KeyBanc Capital Markets Inc 5 70, , ,97 8, ,64 7, % 4.% 9.7% 9.4% 5.6% 6.7% 5.8% 5.7%.% 49.8% 7

10 First Quarter 0 Mergers & Acquisitions s Americas Rankings Any US Involvement Announced (AD4) Jan Mar 8 Any US Involvement Completed (AF48) Jan Mar Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market 06,490. 0, ,5.4 97, , , , , , , Centerview Partners LLC , , , Centerview Partners LLC 7 6* 8, , Greenhill & Co, LLC 8 4 8, , , LionTree Advisors LLC 0 4, , , Gleacher & Co Inc 6, Moelis & Co 9 40, Jefferies & Co Inc 0 5, Wells Fargo & Co 0 4, , Jefferies & Co Inc 4 6, , RBC Capital Markets 5 5 9, , , RBC Capital Markets 6 0 9, , , Ondra Partners , Peter J. Solomon Co Ltd 8 6* 5, Greenhill & Co, LLC 9 8 9, HSBC Holdings PLC 9 * 4, , Wells Fargo & Co 0 0 4, Groton Partners LLC 6, Houlihan Lokey 8, Millstein & Co LP 5, KPMG, Simmons & Co International 4 4, FTI Consulting Inc 84, Houlihan Lokey 4 6 4, BMO Capital Markets 4, Gleacher & Co Inc 5, Perella Weinberg Partners LP 5 6, , ,5 67 5, ,, % 6.7% 6.% 5.9% 0.9% 9.4% 0.% 8.5% 7.4% 44.% Any Canadian Involvement Announced (AD4) Jan Mar 8 Any Canadian Involvement Completed (AF49) Jan Mar Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market TD Securities Inc 7, RBC Capital Markets 6, Canaccord Genuity 6 7, , CIBC World Markets Inc 7 6, BMO Capital Markets 9, , , BMO Capital Markets 5 4 4, , , , , FirstEnergy Capital Corp 7 4, , , RBC Capital Markets 9, , , CIBC World Markets Inc 0, GMP Capital Corp, TD Securities Inc 4, Houlihan Lokey, , Scotiabank 5, Canaccord Genuity 8, , Haywood Securities Ltd. 4, Scotiabank 5, Houlihan Lokey Macquarie Group GMP Capital Corp HSBC Holdings PLC HSBC Holdings PLC Wells Fargo & Co 0 59* Jones Lang LaSalle Inc Jones Lang LaSalle Inc Robert W Baird & Co Inc 59* Robert W Baird & Co Inc 58* Oriel Securities Limited * Greenhill & Co, LLC Cenkos Securities PLC * Clarus Securities Inc. 4* Moelis & Co 5 6* AltaCorp Capital Inc 4* , , % 47.9% 7.0% 8.5% 0.% 9.4%.8% 4.% 4.9% 49.8% 8

11 EMEA Announced M&A Falls 0% Energy and Power Highest Valued Sector Lowest Q Activity in 0 Years First Quarter 0 Mergers & Acquisitions s EMEA M&A EMEA Deals Intelligence Announced M&A activity with EMEA involvement totalled US$8. billion in the first quarter of 0, down 0% compared to the US$6.4 billion reached in the same period last year. This represented the lowest quarterly activity since the third quarter of 009, and the slowest start to a year since 00. EMEA fees accumulated on deals completed in the first three months of 0 fell short of 0 totals as well, reaching only US$.9 billion, a.% decrease compared to the US$ billion total for the same period last year, according to estimates from Thomson Reuters/Freeman Consulting. Energy and Power was the most active sector in the first three months of 0, with 77 deals grossing a combined US$0.4 billion. Financials accrued US$0. billion and Industrials represented US$ billion worth of activity. EMEAtargeted buyside financial sponsor activity reached only US$4.6 billion, falling short of the US$9.5 billion reported in the first quarter of last year and even further behind the US$7. billion reached in the previous quarter, making it the slowest quarter since the second quarter of 00. Acquirors listed on the Milan stock exchange were EMEA's most acquisitive companies in the first three months of 0, with 8 deals accounting for a combined total of US$7.5 billion in offers. Atlantia s US$4. billion offer for Gemina accounted for the majority of this activity. Primary Listing of Most Acquisitive EMEA Companies Top 0 (US$B) Jan Mar 8 0 EMEA Involvement Announced Advisors by Target Industry Jan Mar 8 0 Mkt. Rank Val US$m Rank Share No. Deals Energy and Power 0, , , , Financials 0, , , , Industrials, , , , Materials 8,86.8 4,84.0., VTB Capital,60.0 * 9. Societe Generale,60.0 * 9. Healthcare 6, ,66.6 * 6.8 Ondra Partners 0,66.6 * 6.8 8, EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity) $4.9 $.5 $.8 $5.4 $.6 $7.5 $6. $6.4 Milan Frankfurt London OMX Stockholm Amsterdam Bratislava Abu Dhabi Stock Market Lisbon Swiss Stock Exchange Johannesburg Rank Value (US$b) $00 $50 $00 $50 $00 $50 $0 94.0% 75.% 75.% 7.0% $90. $ % $50.5 $45. $60. Q4 Volume (US$b) Q Volume (US$b) 00% Q Volume (US$b) 90% Q Volume (US$b) % of YTD EMEA M&A 80% 70% 60% 47.% 46.7% 50%.0% 40% $8.9 $.9 $8. $44.5 $.6 0% $7. $. $.0 $7. $8.0 $58.6.% 0% $8.6 $6.9 $6. $76. $7.0 $9.7 $6.8 $5.4 $0. 0.% 0% $. $.4 $6. $6.8 $. $8.4 $. $9.5 $4.6 0% % of EMEA Top Ten EMEA Involvement Announced Deals Jan Mar 8 0 Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry /8/0 /5/0 Intended Pending DE Master Blenders 75 BV (85%) Elan Corp PLC (00%) Investor Group RP Management LLC Austria / Netherlands United States / IrelandRep 8,65.0 6,96.6 Consumer Staples / Food and Beverage Healthcare / Biotechnology //0 //0 SNS Reaal NV (00%) The Netherlands Netherlands / Netherlands 5,047. Financials / Insurance /6/0 Pending RepsolLNG Bus,Trinidad (00%) Royal Dutch Shell PLC Netherlands / Trinidad&Tob 4,900.0 Energy and Power / Oil & Gas /7/0 //0 Groupe BPCE SA (0%) Groupe BPCE SA France / France 4,476. Financials / Banks //0 /8/0 Pending Pending ENI East Africa SpA (8.6%) GEMINA (00%) PetroChina Co Ltd Atlantia SpA China / Mozambique Italy / Italy 4,0.0 4,097.7 Energy and Power / Oil & Gas Industrials / Transportation & Infrastructure //0 /8/0 Intended Pending MAN SE (6.%) Tele Russia (00%) Volkswagen AG Investkompaniya A Germany / Germany Russian Fed / Russian Fed 4,0.7 4,000.0 Industrials / Automobiles & Components Telecommunications / Telecommunications Services //0 //0 Polyus Gold International Ltd (7.78%) Investor Group United Kingdom / United Kingdom,60.0 Materials / Metals & Mining 9

12 First Quarter 0 Mergers & Acquisitions s EMEA Rankings Any EMEA Involvement Announced (AD47) Jan Mar 8 Any EMEA Involvement Completed (AF5) Jan Mar Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market 6, , , , ,69. 70, , , , , , VTB Capital 6 7 6, , , , , , , , , Ondra Partners 5 0, , , Renaissance Capital Group * 6* 0, PricewaterhouseCoopers 9 7, Lambert Energy Advisory Ltd * 48 0, VTB Capital 4 4 7, , Groton Partners LLC 5 6, HSBC Holdings PLC 5 5, Leonardo & Co 6 9 6, Ondra Partners 6 9, Intesa SanPaolo , Societe Generale 7 6, UniCredit , , , , HSBC Holdings PLC 0 4 4, Greenhill & Co, LLC 0 4, Handelsbanken Capital Markets 4 4, ING, Detroyat Associes SA 4, Handelsbanken Capital Markets 9, Mediobanca 44 4, Mediobanca 44, Societe Generale 4 4, Nordea 4 94, Banca Agricola Mantovana 5* 4, Intesa SanPaolo 5 60, RBS 5* 40 4, , ,75,050, , ,9,088 7.% 7.9%.% 0.0% 4.%.6%.4% 40.% 49.9% 6.% Any European Inv Announced (AD) Jan Mar 8 Any European Involvement Completed (AF) Jan Mar 8 Ondra Partners PricewaterhouseCoopers VTB Capital Groton Partners LLC Leonardo & Co Intesa SanPaolo UniCredit Handelsbanken Capital Markets Detroyat Associes SA Mediobanca Societe Generale Banca Agricola Mantovana RBS 0 0 Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market 4, , , , , , , , , , , VTB Capital 6 7 6, , , , , , , , , , , , Renaissance Capital Group * * 0, , Lambert Energy Advisory Ltd * 48 0, , , , HSBC Holdings PLC 5 5, , Ondra Partners 6 9, , Societe Generale 7 6, , , , , , Greenhill & Co, LLC 0 4, , ING, , Handelsbanken Capital Markets 9, , Mediobanca 44, * 4, Nordea 4 9, * 9 4, Intesa SanPaolo 5 59, , ,6,00 86, ,557 99, % 49.% 4.4% 6.5% 7.6%.9% 8.0% 4.% 4.8% 40.9% te 0

13 First Quarter 0 Mergers & Acquisitions s EMEA Rankings Any UK Involvement Announced (AD) Jan Mar 8 Any UK Involvement Completed (AF9) Jan Mar Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market 6, , , , Societe Generale 4, VTB Capital 8* 6, HSBC Holdings PLC 4 4, , , , VTB Capital 6 8*, , , , , , , , ING 0, , Bancolombia SA, , BMO Capital Markets *, Renaissance Capital Group * 0, Jones Lang LaSalle Inc 6, Lambert Energy Advisory Ltd * 0, , HSBC Holdings PLC 4 4, Macquarie Group 5 44, Ondra Partners 5 9, PricewaterhouseCoopers 6 8, , , Greenhill & Co, LLC 7 4, Eidos Partners 8*, Societe Generale 8 4*, Intesa SanPaolo 8*, Intesa SanPaolo 9, * 7, ING 0 64, , Macquarie Group * 47, , Moelis & Co * 8, , , Canaccord Genuity 4 4, PricewaterhouseCoopers 4 44, CITIC 5, Eidos Partners 5, , , % 7.% 0.4%.7% 9.6% 7.5% 8.9%.% 7.% 9.% Any French Involvement Announced (AD) Jan Mar 8 Any French Involvement Completed (AF40) Jan Mar Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market 9 7, , , , , , , * 4, Detroyat Associes SA 5 4, , , *, , , , , , Qatar National Bank 9, * 6, , * 5*, Societe Generale 6, Intesa SanPaolo, Jones Lang LaSalle Inc Credit Agricole CIB, * UniCredit 4, * Jones Lang LaSalle Inc Macquarie Group 4* 5* * Societe Generale Swedbank * L Etoile Properties 9* RBS 9* Le Breton & Associes SARL 9* Jefferies & Co Inc 9* Consensus Advisory Services * Intesa SanPaolo Peter J. Solomon Co Ltd * Credit Agricole CIB CIBC World Markets Inc * Perella Weinberg Partners LP BMO Capital Markets * BBVA 5* L Etoile Properties 5* Santander 5* Le Breton & Associes SARL 5* , , % 4.6%.5% 5.4%.% 6.9%.5%.8% 45.%.7%

14 First Quarter 0 Mergers & Acquisitions s EMEA Rankings Any Spanish Inv Announced (AD4) Jan Mar 8 Any Spanish Involvement Completed (AF4) Jan Mar Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market 9* 6, *, BBVA 4, , , BBVA 6, Santander 4 4, *, Banco BTG Pactual SA 5, Santander 5, , Macquarie Group *, *, * * 7, * * 6, Moelis & Co 9* Mediobanca Societe Generale * Benedetto, Gartland & Co, Inc PricewaterhouseCoopers EPIC 5* Banco Espirito Santo SA Credit Agricole CIB 5* AZ Capital DC Advisory * PricewaterhouseCoopers Macquarie Group Ernst & Young LLP Ernst & Young LLP Societe Generale KPMG Banco Espirito Santo SA Banco de Sabadell * 4* * N+ * 4* AZ Capital Raiffeisen Bank International * Banco de Sabadell 4* 5* * N+ 4* 5* , , % 7.4% 7.% 0.9% 4.% 6.4% 4.% 4.% 4.6% 50.5% Any German Inv Announced (AD5) Jan Mar 8 Any German Involvement Completed (AF4) Jan Mar Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market 4 5, , , , , , , Mediobanca 4* 5*, , *, UniCredit 6 7, HSBC Holdings PLC 4*, * 7*, * 6* , Yapi Kredi Yatirim Menkul 8* KPMG KPMG TD Securities Inc Banco Bradesco SA Jones Lang LaSalle Inc Jones Lang LaSalle Inc TD Securities Inc DC Advisory Christie and Co 5* DC Advisory 6 45* Ernst & Young LLP 5* Macquarie Group 7 6* Christie and Co 8* RBS 8* Ernst & Young LLP 8* ABN AMRO Bank 8* Houlihan Lokey 0 45* Credit Agricole CIB 0 45* Lincoln International 45* SEB Enskilda PricewaterhouseCoopers Santander * 5* AZ Capital Societe Generale * RBC Capital Markets 4* Global M&A 5 45* * , , % 9.4% 0.0% 9.4% 5.7% 6.% 8.0% 9.4% 7.5% 5.6%

15 First Quarter 0 Mergers & Acquisitions s EMEA Rankings Any Italian Involvement Announced (AD6) Jan Mar 8 Any Italian Involvement Completed (AF4) Jan Mar Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market 7* 9, Intesa SanPaolo, * 7, , Intesa SanPaolo 6, , UniCredit 4 5, * 8*, , Eidos Partners 4*, Mediobanca ,48. 4, HSBC Holdings PLC UniCredit 4* 7 0*,490., Banca Agricola Mantovana 8* 4, , RBS 8* 4, * * 4, * PricewaterhouseCoopers 8* * 4, Standard Chartered PLC * * 7* 4, * * 0* 4, Banco BTG Pactual SA Leonardo & Co 8* 5 9 4,097.7, Mediobanca 4 5 * Eidos Partners 6*, AZ Capital HSBC Holdings PLC 6* 4, Yuanta Financial Hldg Co Ltd Electa SpA 8* Yapi Kredi Yatirim Menkul * Societe Generale 8* Natixis Altium Capital Limited Macquarie Group 6* , Banco BTG Pactual SA 7* Global M&A 4* %.7% 5.8% Lincoln International 4* % 7.4% 4.9% 7, % 4.0% 4.0%.4% Any Nordic Involvement Announced (AD7) Jan Mar 8 Any Nordic Involvement Completed (AF44) Jan Mar Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market 4, Handelsbanken Capital Markets 0, Handelsbanken Capital Markets 8 5 4,57.6 4, Nordea 6,9., , * VTB Capital 5, * Nordea 6, Pangea Property Partners AB SEB Enskilda 7, Catella AB 7 6* Erneholm & Haskel AB 8 57*, TD Securities Inc Pangea Property Partners AB 9 57* TD Securities Inc Sterne Agee & Leach Inc * * SEB Enskilda CITIC * Arctic Securities ASA * FIH Partners AS Ernst & Young LLP PricewaterhouseCoopers Swedbank Leimdorfer AB Ernst & Young LLP Santander Millington Advisory Partners Deloitte 9 57* DNB ASA PricewaterhouseCoopers DC Advisory Leimdorfer AB * Carnegie Alpha Corporate Finance Millington Advisory Partners Lincoln International * 6* FIH Partners AS Valence Group * DC Advisory HLP Corporate Finance Oy , , % 7.6% 7.% 7.4% 64.6%.5% 9.%.5% 47.% 5.8%

16 First Quarter 0 Mergers & Acquisitions s EMEA Rankings Any Benelux Inv Announced (AD40) Jan Mar 8 Any Benelux Involvement Completed (AF47) Jan Mar Rank Value Market Market # of Market Change in 0 0 Rank Value Market Market # of Market Change in Advisor Market Market 8 9, , , , , , , , , , * 4, , , , Rabobank NV 8 7, , Nordea 9*, , Handelsbanken Capital Markets 9*, Nordea 0*, Houlihan Lokey * 8, Handelsbanken Capital Markets 0* *, Leonardo & Co * 5*, , CI Capital Investment Banking *, RBS 48*, Allen & Co Inc *, HSBC Holdings PLC 4 4*, , ING 5, , Santander 6, PricewaterhouseCoopers 7 5, * 0, , Rabobank NV 7* 46, RBC Capital Markets 9, Jefferies & Co Inc 9, * Leonardo & Co 0 7, Wells Fargo & Co Banco Bradesco SA Wells Fargo & Co KBC Group NV Macquarie Group Sterne Agee & Leach Inc Jefferies & Co Inc Credit Agricole CIB , , % 0.9% 0.7% 6.8%.%.6% 7.% 7.% 4.%.% EMEA Inv. Announced M&A Target Sector by Value ($bil) Jan Mar 8 0 Quarterly EMEA Cross Border Volume $6. $5.5 $5.4 $.5 $0.4 ` $,000 Inbound (US$b) Outbound (US$b) Number of deals,500 $.8 $900 $4.6 $6. $6.5 $8.8 $.0 $0. Rank Value (US$b) $800 $700 $600 $500 $400 $00,000,500,000 # of Deals Energy and Power Financials Industrials $ Materials Healthcare Consumer Staples Real Estate Telecommunications High Technology Media and Entertainment Retail Consumer Products and Services Government and Agencies $00 $