EVIEW REVIEW FINANCIAL ADVISORS

Transcription

1 MERGERS & ACQUISITIONS REVIEW FINANCIAL ADVISORS Full Year 10

2 Full Year 10 Mergers & Acquisitions s M&A y Review Table of Contents Global M&A 1 Any European Involvement Announced (AD21) 10 Any New Zealand Involvement Announced (AD9) 17 Global Deals Intelligence 1 Any European Involvement Completed (AF) 10 Any New Zealand Involvement Completed (AF4) 17 Scorecard: Worldwide Announced M&A 2 Any UK Involvement Announced (AD2) 11 Japan M&A 1 Scorecard: Worldwide Completed M&A 2 Any UK Involvement Completed (AF9) 11 Japan Deals Intelligence 1 Top Fifteen Worldwide Announced Deals 2 Any French Involvement Announced (AD) 11 Top Ten Japanese Involvement Announced Deals 1 Worldwide Announced (AD1) Any French Involvement Completed (AF40) 11 Any Japanese Involvement Announced (AD19) 19 Worldwide Completed (AF1) Any Spanish Involvement Announced (AD4) 12 Any Japanese Involvement Completed (AF2) 19 Americas M&A Any Spanish Involvement Completed (AF41) 12 Fairness Opinion Rankings Americas Deals Intelligence Any German Involvement Announced (AD5) 12 Worldwide Announced Fairness Opinion Top Ten US Announced Deals Any German Involvement Completed (AF42) 12 Any Americas Announced Fairness Opinion Any Americas Involvement Announced (AD49) 7 Any Italian Involvement Announced (AD) 1 Any Americas Involvement Completed (AF55) 7 Any Italian Involvement Completed (AF4) 1 US Target Announced (AD2) 7 Any Nordic Involvement Announced (AD7) 1 US Target Completed (AF2) Any US Involvement Announced (AD41) 7 Any Nordic Involvement Completed (AF44) Any Benelux Involvement Announced (AD40) 1 14 Any USAnnounced Fairness Opinion Any EMEA Announced Fairness Opinion Any Asia Pacific Announced Fairness Opinion Any Japanese Announced Fairness Opinion Any US Involvement Completed (AF4) Any Benelux Involvement Completed (AF47) 14 Criteria Summary 21 Any Canadian Involvement Announced (AD42) Asia Pacific (ex-japan) M&A 15 Mergers & Acquisitions Criteria Summary 21 Any Canadian Involvement Completed (AF49) Asia Pacific (ex-japan) Deals Intelligence 15 Regional Contacts 21 EMEA M&A 9 Top Ten Any Asia (ex-japan) Involvement Announced Deals 15 Thomson ONE for Investment Banking 22 European Deals Intelligence 9 Any Asia (ex-japan) Involvement Announced (AD25) 1 About Thomson Reuters 22 Top Ten European Involvement Announced Deals 9 Any Asia (ex-japan) Involvement Completed (AF2) 1 Any EMEA Involvement Announced (AD47) 10 Any Australian Involvement Announced (AD24) 1 Any EMEA Involvement Completed (AF5) 10 Any Australian Involvement Completed (AF1) 1

3 Full Year 10 FINANCIAL ADVISORS MERGERS & ACQUISITIONS REVIEW Worldwide M&A Up 2% to US$2.4 trillion l Emerging Markets Drive % of M&A l Goldman Sachs Tops Rankings l Estimated Advisory Fees Up 29% Global Deals Intelligence Worldwide Completed M&A by Region - Imputed Fees WORLDWIDE M&A UP 2%, STRONGEST QUARTER SINCE Q0 - The value of worldwide M&A totalled US$2.4 trillion during full year 10, a 22.9% increase from comparable 09 levels and the strongest full year period for M&A since 0. By number of deals, M&A activity is up % compared to last year with over 40,000 announced deals. Fourth quarter M&A activity increased 21.2% over the fourth quarter of 09, to US$71.2 billion, the largest quarter for worldwide M&A since the third quarter of 0. EMERGING MARKETS ACCOUNT FOR % OF M&A - M&A involving companies located in the emerging markets totalled US$0. billion during full year 10, a 7.2% increase over 09. For full year 10, emerging markets M&A accounted for a record-setting.1% of worldwide M&A volume compared to 1.% during the comparable period in 09. Cross Border M&A activity totalled US$952.5 billion during full year 10, accounting for 9.1% of overall M&A volume, compared to 27.% last year at this time. Cross border M&A was driven by tripledigit 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 10, a 29.% increase from the comparable period in 09. Deal activity in the Americas accounted for 51.4% of the worldwide fee pool, while Europe, Middle East and Africa accounted for 1.%. Asia Pacific and Japan contributed 14.1% and 4.2%, respectively. RESOURCES, FINANCIALS LEAD ACTIVITY - The Energy and Power sector was most active during full year 10, commanding.% of announced M&A, while the Financials and Materials sectors accounted for 15.2% and 10.% of M&A activity, respectively. Deals in the Financials, Healthcare and Industrials sectors were the only sectors to experience year-over-year percentage declines over full year 09. PRIVATE EQUITY M&A UP 9% OVER 09 - Worldwide private equity-backed M&A activity totalled US$225.4 billion during full year 10, the biggest year for global buyout activity since 0. Accounting for 9% of worldwide announced M&A during 10, private equity-backed M&A increased 9.2% compared to full year 09. Imputed Fees (US$b) $7 $ $5 $4 $ $2 $1 $0 Americas Emea Asia Pacific (ex Central Asia) Japan 1Q07 2Q07 Q07 4Q07 1Q0 2Q0 Q0 4Q0 1Q09 2Q09 Q09 4Q09 1Q10 2Q10 Q10 4Q10 Worldwide Volume by Deal Status Worldwide Unsolicited Bids $1,00 Pending Completed Withdrawn % of Withdrawn to Completed 70% $00 Q4 Volume (US$b) % Rank Value (US$b) $1,00 $1,400 $1,0 $1,000 $00 $00 $400 $0 59.% 0.5% 29.% 2.4% 2.5% 24.4% 22.% 21.% 1.%.4%21.2% 1.0% 14.7% 1.5% 15.%15.7% 1.5% 9.% 9.7% 7.5% 0% 50% 40% 0% % 10% % of Global Volume Rank Value (US$b) $250 $0 $150 $100 $50 2.2% 7.0% 2.% Q Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) % of YTD Global M&A 4.7%.2% 4.% 4.2%.2% 5.1% 2.%.2% 7% % 5% 4% % 2% 1% % of Global M&A $0 1Q0 2Q0 Q0 4Q0 1Q07 2Q07 Q07 4Q07 1Q0 2Q0 Q0 4Q0 1Q09 2Q09 Q09 4Q09 1Q Q10 Q10 4Q10 0% 1 $0 0%

4 Full Year 10 Mergers & Acquisitions s Mergers & Acquisitions Scorecard: Worldwide Announced M&A Scorecard: Worldwide Completed M&A Worldwide Announced M&A by Target Industry Target Region/Nation 1/1/10-12/1/10 1/1/09-12/1/09 Rank Val US$m No. Deals Rank Val US$m No. Deals % Change in Rank Value Target Region/Nation 1/1/10-12/1/10 Rank Val No. US$m Deals 1/1/09-12/1/09 Rank Val No. US$m Deals % Change in Rank Value Worldwide 2,44,. 40,0 1,90,47.2 9, Worldwide 1,, ,9 1,22, , Americas 1,1,22. 12,01 921, ,77 2. Americas 91,1. 9,241 92,2. 9, Caribbean 1, , Caribbean 7, , Central America 52, , Central America 49, , ,104.5 Mexico 47, , Mexico 44, , ,29.2 North America 921, ,00 15, , 1.0 North America 74, ,97 1,44.4, United States 21, ,79 719,2.0 7, United States 7,15.,49 71,5.7, Canada South America 99, ,2. 2,291 1, 95,97. 92,1.7 2,9 1, Canada South America 7, ,91.5 1, , , , Brazil 104, , Brazil 7, , Chile 15, , Chile 10, , Africa/Middle East 91,010. 1,14 49,2. 1, Africa/Middle East 57,529. 7, Middle East 0, , Middle East 14, , North Africa 9, , North Africa 11, , Sub-Saharan Africa 4, , Sub-Saharan Africa 22, , Europe 41,0. 14,779 50,95.4 1, Europe 4,45. 12,225 57,51. 11, Eastern Europe 117,4.0 4,7 52,20.4 4, Eastern Europe 45, ,040 44,1.,1 1.2 Western Europe 52,5.7 10,01 52, , Western Europe 4,47.,15 542, , United Kingdom 12,1.5 2,01 159,97.4 2, United Kingdom 14,42. 1,950 17,07.4 1, -17. Spain 2, , Germany 4,70.0 1,052 74,02. 1, France 52,07.5 1,291 0,55.1 1, France 45,59.5 1,214 7, , Asia-Pacific 42, ,54 2, , 49.0 Asia-Pacific 27,4.4 5,94,.2 2, Australasia 14,447. 2,057 5,47. 1, Australasia 77,7.1 1,494 52,9.1 1, Australia 11,5. 1,51 54,7.0 1, Australia,2. 1, 50, , Papua New Guinea, ,725. New Zealand, ,125. South East Asia 5,49.2 2,4 44,09. 2, South East Asia 40,71.5 1,7 41, ,5-1. Indonesia 40,2.4 0, Singapore 12, , Malaysia 1, , Thailand 9, , North Asia 214,50.2 4, 2,. 4,4 5. North Asia 14,257. 2,121 91,.4 2, China 11,1.,09 10,74. 2,710. China 55, , Hong Kong, , Hong Kong 1, , South Asia,.9 1,155 19,919. 1, South Asia 21, , Central Asia 7, , Central Asia, , Japan,1.1 2,11 104,90.5 2, Japan 10,109. 1,77,05. 2,9 1. % 2% 4% 5% 7% 7% % % 9% Energy and Power Materials Healthcare Real Estate Consumer Staples Consumer Products and Services Government and Agencies % 15% 11% Financials Industrials Telecommunications High Technology Media and Entertainment Retail Top Fifteen Worldwide Announced Deals Rank Date 1/1/10 Date Effective /1/10 Target (% Sought/Acquired) Carso Global Telecom SAB de CV (100%) /10/10 Pending GDF Suez Energy International (100%) 4/22/10 Pending Qwest Commun Intl Inc (100%) 10/4/10 Pending Weather Investments Srl (100%) /29/10 Pending Genzyme Corp (100%) //10 11/1/10 American Life Insurance Co Inc (100%) /15/10 Intended British Sky Bdcstg Grp PLC (0.9%) 2/25/10 10//10 Coca-Cola Entr Inc-NA Bus (100%) 10/4/10 10/4/10 Coca-Cola Enterprises Inc (100%) 9/0/10 Pending Zain Group (51%) 2/21/10 /27/10 Smith International Inc (100%) 1/4/10 Pending Alcon Inc (24.%) 1/19/10 2/17/10 The Williams Cos Inc-Gas (100%) 12//10 Pending Plus Expressways Bhd (100%) 2/15/10 //10 Zain Africa BV (100%) Acquiror America Movil SAB de CV International Power PLC CenturyLink Inc VimpelCom Ltd Sanofi-Aventis SA MetLife Inc News Corp Coca-Cola Co Coca-Cola Enterprises Inc Etisalat Schlumberger Ltd Novartis AG Williams Partners LP Jelas Ulung Sdn Bhd Bharti Airtel Ltd Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry Mexico / Mexico 27,4.4 Telecommunications / Telecommunications Services United Kingdom / United States 25,090.2 Energy and Power / Power 22,170.2 Telecommunications / Telecommunications Services Russian Fed / Italy,55.4 Telecommunications / Telecommunications Services France / United States 19,259. Healthcare / Biotechnology 1,05. Financials / Insurance United States / United Kingdom 1,70.4 Media and Entertainment / Cable 1,440.7 Consumer Staples / Food and Beverage 1,091.5 Consumer Staples / Food and Beverage Utd Arab Em / Kuwait 1,02.4 Telecommunications / Wireless 12,22. Energy and Power / Oil & Gas Switzerland / Switzerland 12,144.4 Healthcare / Healthcare Equipment & Supplies 11,750.4 Energy and Power / Oil & Gas Malaysia / Malaysia 10,954.5 Industrials / Transportation & Infrastructure India / Nigeria 10,700.0 Telecommunications / Wireless 2

5 Full Year 10 Mergers & Acquisitions s Worldwide Rankings Worldwide Announced (AD1) Worldwide Completed (AF1) Rank Rank US$m Sh (%) Share Ch. Deals Sh ($) # of Deals , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Societe Generale , , , Evercore Partners , Evercore Partners , , Macquarie Group , Jefferies & Co Inc 17 9, Blackstone Group LP , Houlihan Lokey , , Blackstone Group LP , Perella Weinberg Partners LP 0 4, RBS 19 50, , Centerview Partners LLC , Santander , Santander , Jefferies & Co Inc , , Standard Chartered PLC , Mizuho Financial Group , Houlihan Lokey 25 14, Perella Weinberg Partners LP , ,44, ,0 +1,179 1,, ,9-9 29, % 12.4%.0% 0.% 0.9% -0.% 29.% 9.1% -.4% 12.% Top Worldwide Announced M&A Advisors by Target Industry Rank Val US$m Rank Mkt. Share Energy and Power 501, , , , Financials 70, , , , Materials 20,915. 4, , , Industrials 221,07. 51, , , Healthcare 12, , , , No. Deals, ,12 5 5, , ,1 19 Top Worldwide Announced M&A Advisors by Transaction Size (AD1) Rank Value (US$b) $00 $500 $400 $00 $0 $100 Jan Dec 1 10 Qwest Commun/CenturyLink GDF Suez/International Power Carso Global/America Movil Weather Investments/VimpelCom Other Top 15 Deals All Other Transactions $0 Goldman Sachs & Co Morgan Stanley Deutsche Bank AG Bank of America Merrill Lynch Barclays Capital

6 Full Year 10 Mergers & Acquisitions s Worldwide M&A Matrix Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA 10 UP 10 DOWN 09 World Americas USA Canada EMEA Europe UK Asia ex. Japan Japan Consumer Products and Services Consumer Staples 12.5x 10.1x 11.4x 10.7x 12.1x 11.0x 1.1x 11.x 12.5x 10.1x 11.4x 10.7x - 9.0x 5.x.2x 1.0x 10.9x 11.4x 10.7x 1.1x 11.0x 11.5x 7.4x 9.x 7.2x 10.2x 7.x 12.x 9.9x 11.9x 11.0x 11.x 5.x 11.9x 11.0x Energy and Power 12.2x 9.5x 1.0x.4x 12.2x 9.5x 1.5x.0x 11.1x 9.5x 11.2x 11.x 12.4x 1.4x 12.5x 12.9x 11.4x 12.9x Healthcare High Technology 12.x 12.1x 11.2x 10.x 11.x 14.5x 9.x 1.x 12.x 12.1x 11.2x 10.x.x 12.1x 0.x 11.x 14.x 11.x 11.2x 10.x 15.1x 12.0x 12.x 9.x.9x 12.5x 12.9x 10.x 1.x 11.x 1.2x 11.x 7.x 11.4x 1.2x 11.x Industrials Materials 10.5x 11.5x 10.5x 10.x 10.x 11.7x.1x 14.4x 10.5x 11.5x 10.5x 10.x.1x 15.x 7.x 12.5x 9.9x 1.0x 10.5x 10.x 9.x 14.2x 10.x 14.0x.2x 24.7x 12.1x 12.7x 12.5x 11.0x 12.2x 9.7x.0x 7.x 12.2x 9.7x Media and Entertainment 10.7x 10.1x 9.4x 10.7x 10.7x 10.1x 4.x.0x 11.1x 10.1x 11.0x 9.5x.0x.0x 12.4x 11.5x.5x 11.5x Real Estate.x 15.x 24.5x 15.x.x 15.x 19.2x 11.x 2.2x 15.x 27.5x 19.5x 27.7x 15.9x 15.9x 12.9x 17.1x 12.9x Retail 10.x 11.x 1.5x 12.4x 10.x 11.x.9x 11.9x 10.x 11.x 10.x 9.x 1.4x 10.2x 1.1x 15.1x.x 15.1x Telecommunications.2x 9.5x 10.2x.7x.2x 9.5x - 5.7x.x 9.5x 7.0x.4x 11.5x.x 10.2x 11.2x 9.x 11.2x Average 11.7x 10.9x 12.4x 11.1x 11.7x 10.9x 1.0x.x 11.9x 10.9x 12.0x 10.9x 11.x 11.4x 12.1x 11.x 9.x 11.x Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price 10 UP 10 DOWN Consumer Products and Services Consumer Staples Energy and Power Financials Healthcare High Technology Industrials Materials Media and Entertainment Real Estate Retail Telecommunications Average World Americas USA.0.2 Canada. 2. EMEA 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 01/01/10-12/1/10. 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. 4

7 Full Year 10 Mergers & Acquisitions s Worldwide Announced Rankings* - A Decade in Review Rank *League Table positions reflect consolidation within the banking sector 5

8 US M&A Increases 19% US Leveraged Deals Accounts for 15% of US Volume Energy & Power Sector Gains Lead Full Year 10 Mergers & Acquisitions s Americas M&A Americas Deals Intelligence LBOs as a Percentage of US Targeted Announced M&A M&A activity with US involvement during 10 increased 1.5% compared to last year, reaching US$1 trillion. This represents the first yearly increase since 07. By number of deals, US M&A activity is up 2.9% compared to last year, with over 10,000 announced deals. $700 $00 LBO Non-LBO LBO as % of US M&A 40% 5% The Energy & Power sector led the market, with deal volume totalling US$20.7 billion, a 2.1% share of US M&A activity during 10 and a 155.% increase compared to last year. Healthcare took the second slot with US$10. billion. High Technology led the market based on number of deals with 1,42 transactions. US LBO transactions largely held onto the M&A market share re-established in the second quarter of 10, at just under 15% of total value, a level not seen since late 07. Notable buyout transactions in 10 included the US$5. billion acquisition of Del Monte Foods by Kohlberg Kravis Roberts & Co LLP, Vestar Capital Partners, and Centerview Partners Holdings LLC and the US$5.2 billion acquisition of EXCO Resources Inc, by a management-led investor group, comprised of EXCO's Chief Executive Officer Douglas H. Miller. Rank Value (US$b) $500 $400 $00 $0 0% 25% % 15% 10% M&A activity with Canadian involvement during 10 increased by 24.% compared to last year, to US$172.1 billion. The value of Canadian M&A deals increased in 10 while volume remained flat $100 5% $0 0% 1Q02 2Q02 Q02 4Q02 1Q0 2Q0 Q0 4Q0 1Q04 2Q04 Q04 4Q04 1Q05 2Q05 Q05 4Q05 1Q0 2Q0 Q0 4Q0 1Q07 2Q07 Q07 4Q07 1Q0 2Q0 Q0 4Q0 1Q09 2Q09 Q09 4Q09 1Q10 2Q10 Q10 4Q10 % of US M&A Top 10 US Announced M&A Advisors by Target Industry (AD2) % Volume Composition 100% 90% 0% 70% 0% 50% 40% 0% % 10% 0% Goldman Sachs & Bank of America Deutsche Bank Co Merrill Lynch AG Telecommunications Retail Real Estate Media and Entertainment Materials Industrials High Technology Healthcare Government and Agencies Financials Energy and Power Consumer Staples Consumer Products and Services US Announced Advisors by Target Industry Rank Val (US$m) Rank Energy and Power 20, , , ,40.5 Healthcare 10,24. 4, ,1.5 2,071.4 High Technology 95,15.2, , ,90.7 Financials 74, , , ,19.5 Mkt. Share No. Deals , Top Ten US Announced Deals Rank Date /10/10 4/22/10 /29/10 //10 2/25/10 10/4/10 2/21/10 1/19/10 9/7/10 2/11/10 Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Pending GDF Suez Energy International (100%) International Power PLC United Kingdom / United States Pending Qwest Commun Intl Inc (100%) CenturyLink Inc Pending Genzyme Corp (100%) Sanofi-Aventis SA France / United States 11/1/10 American Life Insurance Co Inc (100%) MetLife Inc 10//10 Coca-Cola Entr Inc-NA Bus (100%) Coca-Cola Co 10/4/10 Coca-Cola Enterprises Inc (100%) Coca-Cola Enterprises Inc /27/10 Smith International Inc (100%) Schlumberger Ltd 2/17/10 The Williams Cos Inc-Gas (100%) Williams Partners LP 11/22/10 Enterprise GP Holdings LP (100%) Enterprise Products Partners Pending Allegheny Energy Inc (100%) FirstEnergy Corp Rank Value (US$m) 25, , ,259. 1,05. 1, , ,22. 11, ,000.5,94.9 Target Macro / Mid Industry Energy and Power / Power Telecommunications / Telecommunications Services Healthcare / Biotechnology Financials / Insurance Consumer Staples / Food and Beverage Consumer Staples / Food and Beverage Energy and Power / Oil & Gas Energy and Power / Oil & Gas Energy and Power / Oil & Gas Energy and Power / Power

9 Full Year 10 Mergers & Acquisitions s Americas Rankings Any Americas Involvement Announced (AD49) Any Americas Involvement Completed (AF55) 1 2 7, , , , , , , , , , , , , , , , , , , , , Evercore Partners , Evercore Partners , Blackstone Group LP , Jefferies & Co Inc 12 1, , Houlihan Lokey 1 0, Perella Weinberg Partners LP 14 25, , Societe Generale 15 57, , , Centerview Partners LLC , , Blackstone Group LP , Santander , Santander , Jefferies & Co Inc , , , , , Perella Weinberg Partners LP , Houlihan Lokey , Tudor Pickering & Co LLC , Banco BTG Pactual SA 2 4, Moelis & Co 2 2 2, , CIBC World Markets Inc , BMO Capital Markets 25 5, Allen & Co Inc , ,42, , ,090, , , % 4.2% 4.%.1% 51.%.5% -4.5% 29.% -.5% 17.7% US Target Announced (AD2) US Target Completed (AF2) , , , , , , , , , , , , , , , , , , , , Evercore Partners 10, Blackstone Group LP , , Evercore Partners 12 5, Jefferies & Co Inc 12 2, Perella Weinberg Partners LP , Blackstone Group LP , , , Societe Generale , Tudor Pickering & Co LLC , Jefferies & Co Inc 1 12, Houlihan Lokey , , Perella Weinberg Partners LP , Tudor Pickering & Co LLC 1 2, Centerview Partners LLC , , , , Allen & Co Inc 1 15, Houlihan Lokey , Moelis & Co , Ondra Partners 22-25, Guggenheim Securities LLC , Centerview Partners LLC , Miller Buckfire , , , Allen & Co Inc , , , ,79-2 7, ,49-11, % 5.% -0.4% -11.0% -.1% -0.1% 55.9% 4.7% -7.% 29.5% 7

10 Full Year 10 Mergers & Acquisitions s Americas Rankings Any US Involvement Announced (AD41) Any US Involvement Completed (AF4) , , , , , , , , , , Evercore Partners 11 7, Blackstone Group LP , Perella Weinberg Partners LP , , , Societe Generale , , Jefferies & Co Inc , , Houlihan Lokey 1 5, Tudor Pickering & Co LLC , Centerview Partners LLC , , Ondra Partners 24-25, , ,02, , , , , , , , , , , , , Evercore Partners , Jefferies & Co Inc 12 2, Houlihan Lokey , Centerview Partners LLC , Blackstone Group LP , , , , Tudor Pickering & Co LLC , Perella Weinberg Partners LP 24 0, Moelis & Co 21 25, Allen & Co Inc , , Peter J. Solomon Co Ltd , Guggenheim Securities LLC , , , , %.7% 2.9% -9.% 4.4% 2.9% 7.% -10.% 5.9% 21.% Any Canadian Involvement Announced (AD42) Any Canadian Involvement Completed (AF49) 1 4, , , CIBC World Markets Inc 2 2 2, , , BMO Capital Markets 4 1 1, , CIBC World Markets Inc 5 2 2, BMO Capital Markets , , , TD Securities Inc , , TD Securities Inc ,74.4 1, , , , , Scotiabank-Bank of Nova Scotia , , , Scotiabank-Bank of Nova Scotia , GMP Capital Corp , GMP Capital Corp , , , , , , , Jefferies & Co Inc 17 19, Jefferies & Co Inc , Macquarie Group Canaccord Genuity ,400. 4, Macquarie Group Moelis & Co ,15.7, Houlihan Lokey 2, Houlihan Lokey 2, Moelis & Co *, FirstEnergy Capital Corp 21* 17, Dundee Securities Corporation 22 7, Miller Buckfire 21* 7, Miller Buckfire 2, Standard Chartered PLC 2 4, Deloitte 24 91, Canaccord Genuity , Standard Chartered PLC 25 4, National Bank Financial Inc , , , , , , % 14.% 0.2% 9.% -2.1%.% -5.% 45.7% 5.% 0.%

11 Full Year 10 Mergers & Acquisitions s EMEA M&A EMEA Announced M&A Up 2% While Fees from Completed M&A Up 10% Financial Sponsor Activity on the Rise Finishes First EMEA Deals Intelligence European Financial Sponsor Investments Announced M&A with EMEA involvement totalled US$1.1 trillion during 10 and represented a 2.% increase compared to last year. EMEA fee volumes on deals completed in 10 reached US$11.9 billion, a 10.% increase compared to last year, according to estimates from Thomson Reuters/Freeman Consulting. Buy-side financial sponsor activity involving European targets recovered during 10 with the announcements of 1,517 deals worth a combined US$0 billion, an.% increase compared to last year. Financial sponsor activity made up 12.5% of European deal making activity this year, an increase from the previous year's 7.5%. Onex s US$4. billion joint bid with Canada Pension Investment Board to acquire Tomkins was the largest sponsor-driven deal during 10. Other notable sponsor-driven transactions included CVC and ACS's US$.7 billion purchase of a minority in Abertis and i, Infrastructure Partners and Star Capital s joint bid to purchase Eversholt Rail for US$.4 billion. Cross border activity involving European companies during 10 totalled US$71.1 billion, a 5.% increase. This was largely due to activity by European buyers as outbound investments increased by 57.2% to US$.1 billion. Rank Value (US$b) $00 $250 $0 $150 $100 $50 Q4 Volume (US$b) Q Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) % of Europe 12.%.2% 4.9% 1.% 17.0% 17.0% 21.% 15.9%.% 7.5% 12.5% 25% % 15% 10% 5% % of Europe The largest EMEA transaction of the year was International Power's US$25.1 billion reverse takeover of GDF Suez Energy International which is the largest cross border Energy & Power deal since the 07 acquisition of Endesa. $ % Quarterly European Cross Border Volume Rank Value (US$m) $500,000 $400,000 $00,000 $0,000 $100,000 $0 1,00 1,00 1,400 1,0 1, European Involvement Announced Advisors by Target Industry Mkt. Rank Val US$m Rank Share No. Deals Energy and Power 249,7.0 1,552 2, , , Financials 155,70.9 2,157 5, , , Materials 94,02.4 1,5 1, , , Healthcare 1, , , , Industrials 1,9.0 2,9 1, , , Q02 2Q02 Q02 4Q02 1Q0 2Q0 Q0 4Q0 1Q04 2Q04 Q04 4Q04 1Q05 2Q05 Q05 4Q05 1Q0 2Q0 Q0 4Q0 1Q07 2Q07 Q07 4Q07 1Q0 2Q0 Q0 4Q0 1Q09 2Q09 Q09 4Q09 1Q10 2Q10 Q10 4Q10 $900, Inbound (US$m) Outbound (US$m) Number of deals $00,000 $700,000 $00,000 # of Deals Top Ten European Involvement Announced Deals Rank Date /10/10 10/4/10 /29/10 /15/10 1/4/10 5/10/10 12/15/10 7/0/10 12//10 /22/10 Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Pending GDF Suez Energy International (100%) International Power PLC United Kingdom / United States 25,090.2 Pending Weather Investments Srl (100%) VimpelCom Ltd Russian Fed / Italy,55.4 Pending Genzyme Corp (100%) Sanofi-Aventis SA France / United States 19,259. Intended British Sky Bdcstg Grp PLC (0.9%) News Corp United States / United Kingdom 1,70.4 Pending Alcon Inc (24.%) Novartis AG Switzerland / Switzerland 12, /27/10 Brasilcel NV (50%) Telefonica SA Spain / Brazil 9,742. Intended Capital Shopping Centres Grp (94.9%) Simon Property Grp Inc United States / United Kingdom 9, /29/10 EDF Energy-UK Power Distn Bus (100%) Investor Group Hong Kong / United Kingdom 9,05.4 Pending Sil'vinit (0%) Uralkaliy Russian Fed / Russian Fed,221.7 Pending Bancaja SA (100%) Caja Madrid Spain / Spain,140. Target Macro / Mid Industry Energy and Power / Power Telecommunications / Telecommunications Services Healthcare / Biotechnology Media and Entertainment / Cable Healthcare / Healthcare Equipment & Supplies Telecommunications / Telecommunications Services Real Estate / Non Residential Energy and Power / Power Materials / Metals & Mining Financials / Banks 9

12 Full Year 10 Mergers & Acquisitions s EMEA Rankings Any EMEA Involvement Announced (AD47) Any EMEA Involvement Completed (AF5) , , , , , , , , ,27.1 1, ,. 1, ,54. 14, , , , , , , , , Societe Generale , , , , ,09. 52, RBS Houlihan Lokey , , Blackstone Group LP 1 49, , Evercore Partners , Societe Generale , , Credit Agricole CIB , Standard Chartered PLC , , Credit Agricole CIB 29 1, Centerview Partners LLC - 25, Mediobanca , Mediobanca , Macquarie Group 22 2, Standard Chartered PLC , RBS , Blackstone Group LP , Ondra Partners 24-25, Perella Weinberg Partners LP 24 22, , UniCredit Group , ,07, ,072 +1,25 724, , , % -2.% 7.5% 2.0% -9.% -1.5% 5.4% -.% 12.4%.5% Any European Involvement Announced (AD21) Any European Involvement Completed (AF) , , , , , , , , , , , , , , , , , , , , , , Societe Generale , , , , , RBS 14 4, Blackstone Group LP , Houlihan Lokey 15 1, Evercore Partners , , , Societe Generale , , Credit Agricole CIB 1 2 0, Credit Agricole CIB , , Mediobanca 1 2, Centerview Partners LLC - 25, Macquarie Group , Mediobanca , RBS , Blackstone Group LP , Ondra Partners 2-25, Perella Weinberg Partners LP 2 22, , UniCredit Group , VTB Capital 25 5* 2, Banco Espirito Santo SA , , ,95 +1,105 7, , , % 4.1% 7.0% 2.0% -12.5% -11.2% 5.2% -.% 12.1% 10.5% 10

13 Full Year 10 Mergers & Acquisitions s EMEA Rankings Any UK Involvement Announced (AD2) Any UK Involvement Completed (AF9) , , , , , , , , , , , , , , , , , , , RBS , , , , , , , Blackstone Group LP , Houlihan Lokey , Societe Generale * 29, Centerview Partners LLC 15-21, Ondra Partners 1-25, , , , RBS , Perella Weinberg Partners LP , Standard Chartered PLC 19 1, Standard Chartered PLC 19, Evercore Partners , , , Mediobanca , Macquarie Group , Societe Generale 22 9* 4, Lexicon Partners , , Scotiabank-Bank of Nova Scotia , Hawkpoint Partners , , Gleacher & Co Inc 25 14, , , , ,010 +, % 10.0% -.7% -5.4% -5.% -17.9% 7.% -7.2% 40.2% 1.2% Any French Involvement Announced (AD) Any French Involvement Completed (AF40) , , Societe Generale 2, , , , , , , , , , , , , Credit Agricole CIB 14, , , , Societe Generale , Blackstone Group LP , , Ondra Partners 12-25, , , , Credit Agricole CIB , RBS , Evercore Partners , Perella Weinberg Partners LP 15-9, , , Macquarie Group , , , , RBS , Jefferies & Co Inc , , Hawkpoint Partners 90* 2, , Ernst & Young LLP , , Gruppo Banca Leonardo , , , Jefferies & Co Inc 24 2, Itau Unibanco 24* 1 1, Hawkpoint Partners 25 75* 2, Banco Standard De Investimento 24* 1, , , , , , % -49.1% 1.7% -7.1% -5.1%.2% 9.5% -.7% 17.%.9% 11

14 Full Year 10 Mergers & Acquisitions s EMEA Rankings Any Spanish Involvement Announced (AD4) Any Spanish Involvement Completed (AF41) 1 4, , , , Societe Generale 22 29, Mediobanca 15, , Societe Generale , , , , Banco Espirito Santo SA 2 1, , , , Caixa Geral de Depositos 1* 11, Mediobanca , Credit Agricole CIB , , , Banco Espirito Santo SA 11 12, , KPMG , , BBVA Credit Agricole CIB , , Scotiabank-Bank of Nova Scotia ,111.0, Santander , Santander , * 10, , Caixa Geral de Depositos , , , , Scotiabank-Bank of Nova Scotia 19-7, * 2, , Violy & Co * - 2, Allied Irish Banks PLC 21-5, Tegris Advisors * - 2, Natixis 22* - 4, DC Advisory Partners , William Blair & Co 22* - 4, Deloitte 2 4 1, , * 1, Deloitte 25 2, , , KPMG ,70. 70, , % -.7% 14.0% 11.9% -0.5% -2.7% 5.% -4.% -4.2% 2.4% Any German Involvement Announced (AD5) Any German Involvement Completed (AF42) 1 2 1, , , , , , , , , , , Perella Weinberg Partners LP 14 15, , , , , Blackstone Group LP 9-7, , Perella Weinberg Partners LP , , , UniCredit Group , Guggenheim Securities LLC 12 -, , , Blackstone Group LP 1 9 7, , RBS , RBS , , , Guggenheim Securities LLC 1 -, Societe Generale 17 4* 5, , Commerzbank AG 1 2 4, , Ernst & Young LLP 19 1, Commerzbank AG , , Ernst & Young LLP 17 4, Evercore Partners 21-1, ING , , Duff and Phelps 22-1, UniCredit Group , KPMG , Gresham Partners 24* Jones Lang LaSalle Inc 24 49* Macquarie Group 24* Jefferies & Co Inc , , , , , % 5.% -0.5%.% -12.7% -17.% -0.9% 0.0% -14.7% -19.5% 12

15 Full Year 10 Mergers & Acquisitions s EMEA Rankings Any Italian Involvement Announced (AD) Any Italian Involvement Completed (AF4) 1 1, Mediobanca , , Intesa SanPaolo 2 5 9, , , , , , , , , , , EFG Hermes -, , Mediobanca , UniCredit Group 9 17, , , Intesa SanPaolo 11 2, , UniCredit Group , KPMG , , Santander , Gruppo Banca Leonardo 14-2, , , , Santander 1 1, Duff and Phelps 1-1, , Banco Espirito Santo SA 17 51* 1, Banco Espirito Santo SA 1 5* 1, , Deloitte , Deloitte , Tamburi & Associati - 1, Tamburi & Associati - 1, KPMG Gruppo Banca Leonardo Credit Agricole CIB Credit Agricole CIB Piper Jaffray Cos WGZ-Bank WestdeutscheGenossen Macquarie Group BBVA , , % -9.1% -1.5%.1% -10.1% 101.% 1.7% 7.% 7.4% -.4% Any Nordic Involvement Announced (AD7) Any Nordic Involvement Completed (AF44) 1 15, , , , , , , , , , , SEB Enskilda 5, SEB Enskilda 7 1, , , ING 7* 5, , Carnegie 9 5, , , Carnegie , , , , , *, Jefferies & Co Inc 14 19, FIH Partners AS , FIH Partners AS 15 1, KPMG 15 2, ABG Sundal Collier , , Nordea , Danske Markets , DnB NOR BANK ASA 1 2 2, ABG Sundal Collier 1 7 1, TD Securities Inc 19 9* 2, Nordea , , Scotiabank-Bank of Nova Scotia - 1, KPMG 21 2, DC Advisory Partners 21 54* 1, Pareto Securities 22 1, First Securities ASA Danske Markets , * First Securities ASA , Allen & Co Inc 2* * 1, HDR Partners , , , , , % 1.7% 42.2% 27.7% 12.% 15.% 15.% 24.% 7.0% 9.% 1