Global MA Financial Review

MERGERS & ACQUISITIONS REVIEW
FINANCIAL ADVISORS
Full Year 2010
Full Year 2010 | Mergers & Acquisitions | Financial Advisors
M&A Financial Advisory Review

Table of Contents
Global M&A
Any European Involvement Announced (AD21)
10
Any New Zealand Involvement Announced (AD39)
17
Global Deals Intelligence
Any European Involvement Completed (AF3)
10
Any New Zealand Involvement Completed (AF46)
17
Scorecard: Worldwide Announced M&A
Any UK Involvement Announced (AD32)
11
Scorecard: Worldwide Completed M&A
Any UK Involvement Completed (AF39)
11
Japan Deals Intelligence
18
Top Fifteen Worldwide Announced Deals
Any French Involvement Announced (AD33)
11
Top Ten Japanese Involvement Announced Deals
18
Worldwide Announced (AD1)
Any French Involvement Completed (AF40)
11
Any Japanese Involvement Announced (AD19)
19
Worldwide Completed (AF1)
Any Spanish Involvement Announced (AD34)
12
Any Japanese Involvement Completed (AF23)
19
Any Spanish Involvement Completed (AF41)
12
Americas Deals Intelligence
Any German Involvement Announced (AD35)
12
Top Ten US Announced Deals
Any German Involvement Completed (AF42)
12
Americas M&A
Any Americas Involvement Announced (AD49)

Any Americas Involvement Completed (AF55)
7
7
Any Italian Involvement Announced (AD36)

Any Italian Involvement Completed (AF43)
18
Fairness Opinion Rankings
20
Worldwide Announced Fairness Opinion
20
Any Americas Announced Fairness Opinion
20
Any USAnnounced Fairness Opinion
20
Any EMEA Announced Fairness Opinion
20
Any Asia Pacific Announced Fairness Opinion
20
Any Japanese Announced Fairness Opinion
20
13
13
US Target Announced (AD2)
Any Nordic Involvement Announced (AD37)
13
US Target Completed (AF2)
Any Nordic Involvement Completed (AF44)
13
Any US Involvement Announced (AD41)
Any Benelux Involvement Announced (AD40)
14
Any US Involvement Completed (AF48)
Any Benelux Involvement Completed (AF47)
14
Any Canadian Involvement Announced (AD42)
Any Canadian Involvement Completed (AF49)
Asia Pacific (ex-Japan) M&A
Japan M&A
Criteria Summary
21
15
Mergers & Acquisitions Criteria Summary
21
Asia Pacific (ex-Japan) Deals Intelligence
15
Regional Contacts
21
Top Ten Any Asia (ex-Japan) Involvement Announced Deals
15
European Deals Intelligence
Any Asia (ex-Japan) Involvement Announced (AD25)
16
Top Ten European Involvement Announced Deals
Any Asia (ex-Japan) Involvement Completed (AF32)
16
Any EMEA Involvement Announced (AD47)
10
Any Australian Involvement Announced (AD24)
16
Any EMEA Involvement Completed (AF53)
10
Any Australian Involvement Completed (AF31)
16
EMEA M&A
Thomson ONE for Investment Banking

About Thomson Reuters
22
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Full Year 2010

FINANCIAL ADVISORS
MERGERS & ACQUISITIONS REVIEW

Worldwide M&A Up 23% to US$2.4 trillion l Emerging Markets Drive 33% of M&A l Goldman Sachs Tops Rankings l Estimated Advisory Fees Up 29%
Global Deals Intelligence
Worldwide Completed M&A by Region - Imputed Fees
WORLDWIDE M&A UP 23%, STRONGEST QUARTER SINCE Q308 - The value of worldwide M&A totalled
US$2.4 trillion during full year 2010, a 22.9% increase from comparable 2009 levels and the strongest full year
period for M&A since 2008. By number of deals, M&A activity is up 3% compared to last year with over 40,000
announced deals. Fourth quarter M&A activity increased 21.2% over the fourth quarter of 2009, to US$716.2
billion, the largest quarter for worldwide M&A since the third quarter of 2008.
Americas
$7
Emea
Asia Pacific (ex Central Asia)
$6
COMPLETED ADVISORY FEES UP 29% - According to estimates from Thomson Reuters/Freeman Consulting,
M&A advisory fees from completed transactions totalled US$29.2 billion for full year 2010, a 29.3% increase from
the comparable period in 2009. Deal activity in the Americas accounted for 51.4% of the worldwide fee pool, while
Europe, Middle East and Africa accounted for 31.3%. Asia Pacific and Japan contributed 14.1% and 4.2%,
respectively.
Japan
$5
Imputed Fees (US$b)
EMERGING MARKETS ACCOUNT FOR 33% OF M&A - M&A involving companies located in the emerging
markets totalled US$806.3 billion during full year 2010, a 76.2% increase over 2009. For full year 2010, emerging
markets M&A accounted for a record-setting 33.1% of worldwide M&A volume compared to 18.8% during the
comparable period in 2009. Cross Border M&A activity totalled US$952.5 billion during full year 2010, accounting
for 39.1% of overall M&A volume, compared to 27.6% last year at this time. Cross border M&A was driven by tripledigit year-over-year growth in the Materials, Financials and Retail sectors.
RESOURCES, FINANCIALS LEAD ACTIVITY - The Energy and Power sector was most active during full year
2010, commanding 20.6% of announced M&A, while the Financials and Materials sectors accounted for 15.2%
and 10.8% of M&A activity, respectively. Deals in the Financials, Healthcare and Industrials sectors were the only
sectors to experience year-over-year percentage declines over full year 2009.
$4
$3
$2
$1
PRIVATE EQUITY M&A UP 89% OVER 2009 - Worldwide private equity-backed M&A activity totalled US$225.4
billion during full year 2010, the biggest year for global buyout activity since 2008. Accounting for 9% of worldwide
announced M&A during 2010, private equity-backed M&A increased 89.2% compared to full year 2009.
$0
1Q07
Worldwide Volume by Deal Status

$1,800
Pending
2Q07
3Q07
4Q07
1Q08
Completed
Withdrawn
$300
70%
% of Withdrawn to Completed
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
Q3 Volume (US$b)
7.0%
59.3%
60%
8%
Q4 Volume (US$b)
7%
Q2 Volume (US$b)
$250
6.2%
Q1 Volume (US$b)
$1,400
6.2%
6%
% of YTD Global M&A
50%
5.1%
$200
29.6%
28.4%
24.4%
23.5%
21.8%
20.4%21.2%
18.8%
16.0%
16.5%
14.7%
$400
22.8%
9.3%
4.3%
9.7%
7.5%
10%
10
4Q10
10
3Q10
10
2Q10
10
1Q10
09
4Q09
09
3Q09
09
2Q09
09
1Q09
08
4Q08
08
3Q08
08
2Q08
08
1Q08
07
4Q07
07
3Q07
07
2Q07
07
1Q07
06
4Q06
06
3Q06
06
2Q06
1Q06
06
4%
3.2%
2.8%
$100
3%
2.6%
2.2%
2%
$50
1%
$0
0%
$0
4.2%
$150
20%
15.6%15.7%
13.5%
$200
30%
5%
4.7%
% of Global M&A
30.5%
$800
Rank Value (US$b)
40%
$1,000
% of Global Volume
$1,200
Rank Value (US$b)
3Q08
Worldwide Unsolicited Bids
$1,600
$600
2Q08
0%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Mergers & Acquisitions

Scorecard: Worldwide Announced M&A
Target Region/Nation
1/1/2010 - 12/31/2010
Rank Val
No.
US$m
Deals
Worldwide
2,434,203.6
Americas
1,136,282.8
Caribbean
18,470.8
52,954.4
Central America
Mexico
47,836.1
North America
921,194.8
United States
821,552.1
Canada
99,642.7
143,662.8
South America
Brazil
104,173.8
15,397.4
Chile
Africa/Middle East
91,010.6
30,265.3
Middle East
9,156.3
North Africa
43,670.7
Sub-Saharan Africa
Europe
641,020.6
Eastern Europe
117,664.0
523,356.7
Western Europe
United Kingdom
162,881.5
Spain
62,820.6
52,067.5
France
Asia-Pacific
482 008 5
482,008.5
Australasia
143,447.3
Australia
131,685.6
Papua New Guinea
8,782.9
South East Asia
85,849.2
Indonesia
40,328.4
16,370.1
Malaysia
214,503.2
North Asia
131,120.8
China
Hong Kong
36,999.0
South Asia
38,208.9
7,918.2
Central Asia
Japan
83,881.1
Worldwide Announced M&A by Target Industry
Scorecard: Worldwide Completed M&A

1/1/2009 - 12/31/2009
Rank Val
No.
US$m
Deals
40,660
12,013
215
335
261
10,080
7,789
2,291
1,383
597
170
1,143
470
138
483
14,779
4,766
10,013
2,301
924
1,291
10 564
10,564
2,057
1,851
12
2,486
680
436
4,866
3,093
677
1,155
52
2,161
1,980,347.2
921,679.9
6,490.1
7,111.3
5,106.0
815,259.8
719,362.0
95,897.8
92,818.7
65,438.8
2,153.2
49,288.8
11,654.9
9,794.8
17,456.1
580,985.4
52,260.4
528,725.1
159,973.4
59,131.1
80,585.1
323 502 6
323,502.6
56,647.8
54,837.0
182.0
44,098.6
6,257.3
14,659.9
202,836.6
108,746.3
34,433.1
19,919.6
10,383.0
104,890.5
% Change
in Rank
Value
39,481
11,776
178
252
185
10,206
7,817
2,389
1,140
442
138
1,010
371
100
460
13,825
4,316
9,509
2,155
824
1,259
10 386
10,386
1,986
1,783
20
2,318
751
381
4,848
2,710
800
1,234
79
2,484
22.9
23.3
184.6
644.7
836.9
13.0
14.2
3.9
54.8
59.2
615.1
84.6
159.7
-6.5
150.2
10.3
125.1
-1.0
1.8
6.2
-35.4
49 0
49.0
153.2
140.1
4,725.8
94.7
544.5
11.7
5.8
20.6
7.5
91.8
-23.7
-20.0
Target Region/Nation
Worldwide
Americas
Caribbean
Central America
Mexico
North America
United States
Canada
South America
Brazil
Chile
Africa/Middle East
Middle East
North Africa
Sub-Saharan Africa
Europe
Eastern Europe
Western Europe
United Kingdom
Germany
France
Asia-Pacific
Australasia
Australia
New Zealand
South East Asia
Singapore
Thailand
North Asia
China
Hong Kong
South Asia
Central Asia
Japan
1/1/2010 - 12/31/2010
No.
Rank Val
Deals
US$m
1,838,870.7
916,201.6
7,377.8
49,687.6
44,844.8
764,154.7
687,156.8
76,998.0
94,981.5
67,142.5
10,327.6
57,529.3
14,745.6
11,863.9
22,797.8
483,645.3
45,171.7
438,473.6
146,423.8
46,706.0
45,569.5
273 384 8
273,384.8
77,378.1
66,662.3
8,797.6
40,371.5
12,863.5
9,686.3
134,257.6
55,383.1
31,020.6
21,377.6
8,122.0
108,109.8
29,896
9,241
126
195
145
7,978
6,496
1,482
942
420
138
668
319
74
240
12,225
4,040
8,185
1,950
1,052
1,214
5 984
5,984
1,494
1,336
8
1,637
282
495
2,121
912
717
732
35
1,778
1/1/2009 - 12/31/2009
Rank Val
No.
US$m
Deals
1,822,391.2
926,233.6
5,692.9
2,253.9
1,846.1
816,344.4
731,653.7
84,690.7
101,942.5
79,008.3
5,364.4
37,904.1
8,168.5
5,499.6
15,135.9
587,561.8
44,618.8
542,942.9
178,087.4
74,026.8
37,294.4
203 886 2
203,886.2
52,968.1
50,750.4
395.3
41,011.0
12,560.6
5,012.7
91,336.4
48,099.0
24,183.6
18,570.7
9,100.1
66,805.6
29,992
9,147
120
138
96
8,104
6,504
1,600
785
331
132
621
245
69
259
11,642
3,681
7,961
1,836
1,031
1,060
6 243
6,243
1,464
1,300
11
1,665
263
611
2,341
983
882
773
48
2,339
% Change
in Rank
Value
0.9
-1.1
29.6
2,104.5
2,329.2
-6.4
-6.1
-9.1
-6.8
-15.0
92.5
51.8
80.5
115.7
50.6
-17.7
1.2
-19.2
-17.8
-36.9
22.2
34 1
34.1
46.1
31.4
2,125.6
-1.6
2.4
93.2
47.0
15.1
28.3
15.1
-10.7
61.8
3%
Date Effective
6/16/2010
Pending
Pending
Pending
Pending
11/1/2010
Intended
10/3/2010
10/4/2010
Pending
8/27/2010
Pending
2/17/2010
Pending
6/8/2010
Target (% Sought/Acquired)
Carso Global Telecom SAB de CV (100%)
GDF Suez Energy International (100%)
Qwest Commun Intl Inc (100%)
Weather Investments Srl (100%)
Genzyme Corp (100%)
American Life Insurance Co Inc (100%)
British Sky Bdcstg Grp PLC (60.9%)
Coca-Cola Entr Inc-NA Bus (100%)
Coca-Cola Enterprises Inc (100%)
Zain Group (51%)
Smith International Inc (100%)
Alcon Inc (24.6%)
The Williams Cos Inc-Gas (100%)
Plus Expressways Bhd (100%)
Zain Africa BV (100%)
20%
5%
7%
7%
15%
8%
8%
11%
9%
Energy and Power
Financials
Materials
Industrials
Healthcare
Telecommunications
Real Estate
High Technology
Consumer Staples
Media and Entertainment
Consumer Products and Services
Retail
Government and Agencies
Top Fifteen Worldwide Announced Deals

Rank Date
1/13/2010
8/10/2010
4/22/2010
10/4/2010
8/29/2010
3/8/2010
6/15/2010
2/25/2010
10/4/2010
9/30/2010
2/21/2010
1/4/2010
1/19/2010
12/20/2010
2/15/2010
2%
4%
Jan 1 2010 Dec 31 2010

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

Mexico / Mexico
United Kingdom / United States
United States / United States
Russian Fed / Italy
France / United States
United States / United Kingdom
Utd Arab Em / Kuwait
Switzerland / Switzerland
Malaysia / Malaysia
India / Nigeria
Rank Value (US$m)

27,483.4
25,090.2
22,170.2
20,655.4
19,259.8
16,053.8
13,730.4
13,440.7
13,091.5
13,028.4
12,223.6
12,144.4
11,750.4
10,954.5
10,700.0
Target Macro / Mid Industry

Telecommunications / Telecommunications Services
Energy and Power / Power
Healthcare / Biotechnology
Financials / Insurance
Media and Entertainment / Cable
Consumer Staples / Food and Beverage
Telecommunications / Wireless
Energy and Power / Oil & Gas
Healthcare / Healthcare Equipment & Supplies
Industrials / Transportation & Infrastructure
Worldwide Rankings
Worldwide Announced (AD1)
Financial Advisor
Goldman Sachs & Co
Morgan Stanley
JP Morgan
Credit Suisse
Deutsche Bank AG
UBS
Bank of America Merrill Lynch
Citi
Lazard
Barclays Capital
Rothschild
BNP Paribas SA
Nomura
Societe Generale
HSBC Holdings PLC
Evercore Partners
Macquarie Group
Blackstone Group LP
Greenhill & Co, LLC
Perella Weinberg Partners LP
RBC Capital Markets
Santander
Jefferies & Co Inc
Standard Chartered PLC
Houlihan Lokey
Industry Total
Jan 1 2010 Dec 31 2010
Rank Value per Advisor (US$m)

Market
Rank Value Market
2010 2009
Rank Rank
US$m Sh (%) Share Ch.
-3.6
1
554,549.0
22.8
2
1
22.1
-6.2
2
538,058.3
3
440,127.3
-5.7
3
18.1
4
6
412,764.2
17.0
2.1
5
7
341,779.6
14.0
-0.6
329,451.9
13.5
6
8
-1.0
5
293,119.0
12.0
-4.3
7
8
4
279,567.1
11.5
-11.4
11.3
-0.5
275,745.5
10
9
-3.4
257,750.7
10
9
10.6
155,630.4
6.4
-4.2
11
11
128,592.9
5.3
2.3
12
20
16
120,366.6
4.9
1.2
13
98,789.4
28
14
2.2
4.1
15
17
81,423.8
3.3
-0.2
16
12
80,610.9
3.3
-6.7
35
1.7
17
75,870.6
3.1
18
19
75,337.3
3.1
-0.1
19
31
72,655.9
3.0
1.3
30
64,463.0
20
2.7
0.9
21
15
59 860 1
59,860.1
25
2.5
-1.3
13
22
22
54,935.6
2.3
-0.2
23
18
44,244.7
1.8
-1.7
1.7
40,631.4
1.2
24
53
1.5
25
14
-2.4
36,643.8
2,434,203.6
100.0
Industry % Change from Same Period Last Year

Industry % Change from Last Quarter
22.9%
12.4%
# of Deals per Advisor

# of Market Change in
Deals Sh ($) # of Deals
0.9 +54
370
394
1.0 +80
320
0.8 +8
318
0.8 +48
259
0.6 +29
288
0.7 +27
241
0.6 +36
204
0.5 -15
0.7 +34
277
159
0.4 +61
0.6 +1
261
125
0.3
-4
-1
0.4
171
46
0.1 +16
-1
0.2
80
0.1 +6
38
139
0.3 +21
44
0.1 +21
61
0.2 +16
25
0.1 +10
135
0 3 +24
0.3
0.1 +17
56
118
0.3 +32
36
0.1 +1
154
-2
0.4
40,660
+1,179
3.0%
0.3%
Worldwide Completed (AF1)
Jan 1 2010 Dec 31 2010

Rank Value Market
Market
2010 2009
Rank Rank
1
3
432,282.1
23.5
-7.0
-14.9
19.5
1
357,620.7
2
18.9
3
7
347,882.5
2.2
4
5
321,789.9
17.5
-6.9
5
2
313,130.3
17.0
-13.6
2.5
6
10
264,362.9
14.4
7
247,470.2
13.5
-3.6
6
243,555.1
13.2
-3.3
8
8
9
4
232,831.4
12.7
-13.7
10
9
187,555.1
10.2
-5.1
11
11
118,208.5
6.4
-5.2
28
86,845.2
4.7
2.0
12
13
15
-0.4
84,542.5
4.6
14
26
82,749.1
4.5
1.6
15
12
79,257.2
4.3
-5.6
16
13
72,545.1
4.0
-5.7
39
66,983.5
3.6
2.2
17
18
27
60,956.6
3.3
0.5
19
-0.3
21
51,740.1
2.8
20
19
2.8
-1.0
50,798.4
21
48
50 160 7
50,160.7
27
2.7
20
2.0
22
17
46,846.2
2.6
-1.9
18
23
46,497.9
2.5
-1.4
50
24
43,279.7
1.7
2.4
32
40,621.7
25
2.2
-0.1
1,838,870.7
100.0
Financial Advisor
Goldman Sachs & Co
Morgan Stanley
Credit Suisse
JP Morgan
Citi
Barclays Capital
UBS
Deutsche Bank AG
Lazard
Rothschild
HSBC Holdings PLC
Greenhill & Co, LLC
Nomura
Evercore Partners
BNP Paribas SA
Jefferies & Co Inc
Houlihan Lokey
Blackstone Group LP
RBS
Centerview Partners LLC
Santander
RBC Capital Markets
Mizuho Financial Group
Industry Total

0.9%
9.1%

Deals Sh (%) # of Deals
319
1.1 +69
324
1.1 +79
0.8 +11
238
0.9
-1
268
179
0.6 -26
131
0.4 +51
228
0.8 +7
0.7
-3
209
197
0.7
-9
241
0.8 +31
227
0.8
-6
71
0.2 +11
0.2 +9
48
162
0.5 +28
34
0.1 +3
99
0.3 -15
104
0.3 +36
152
0.5 +21
36
0.1 +17
57
0.2 -12
13
0 0 +9
0.0
44
0.1 +3
0.4 +26
121
0.4
-4
121
22
0.1 +13
29,896
-96
-0.3%
-6.4%
Imputed Fees (US$m)

Advisor Market
Market
Fees Sh (%) Share Ch.
1,961.1
6.7
0.9
1,431.8
4.9
0.4
1,035.8
3.5
0.3
1,361.9
4.7
0.5
722.5
2.5
0.4
720.5
2.5
0.6
843.8
2.9
0.1
2.7
0.1
792.6
0.7
879.1
3.0
851.8
2.9
0.1
2.4
702.8
0.3
178.3
0.6
0.0 213.4
0.7
0.1
278.2
1.0
0.1
0.6
0.1
172.7
247.0
0.2
0.9
324.6
1.1
0.4
1.0
0.0 289.5
0.6
0.3
159.8
148.4
0.5
0.2
81 9
81.9
03
0.3
02
0.2
0.3
97.8
0.3
303.4
0.1
1.0
135.1
0.5
0.0 0.3
139.2
0.5
29,230.4
100.0
29.3%
12.3%
* tie
Top Worldwide Announced M&A Advisors by Target Industry

Energy and Power
Goldman Sachs & Co
Morgan Stanley
JP Morgan
Financials
Morgan Stanley
Deutsche Bank AG
Goldman Sachs & Co
Materials
Goldman Sachs & Co
Credit Suisse
Industrials
JP Morgan
UBS
Goldman Sachs & Co
Healthcare
Goldman Sachs & Co
Credit Suisse
JP Morgan
501,345.1
137,139.1
108,041.3
92,196.4
370,945.4
80,919.1
78,197.3
66,747.9
260,915.6
48,607.5
38,191.0
36,251.7
221,607.6
51,678.8
48,813.3
41,408.5
182,294.7
70,611.4
56,503.4
47,579.1
Mkt.
Rank Share
1
2
3
27.3
21.5
18.3
1
2
3
21.9
21.2
18.1
1
2
3
18.8
14.8
14.0
1
2
3
23.5
22.2
18.9
1
2
3
38.9
31.1
26.2
Top Worldwide Announced M&A Advisors by Transaction Size (AD1)
No.
Deals
3,512
60
50
54
5,126
83
63
56
5,835
48
42
27
5,635
22
27
22
2,166
38
19
36
Jan 1 2010 - Dec 31 2010

Qwest Commun/CenturyLink
$600
GDF Suez/International Power

Carso Global/America Movil
$500
Weather Investments/VimpelCom
Other Top 15 Deals
$400
Rank Value (US$b)
Rank Val
US$m
All Other Transactions

$300
$200
$100
$0
Goldman
Sachs & Co
Morgan
Stanley
JP Morgan
Credit Suisse
Deutsche
Bank AG
UBS
Bank of
America
Merrill Lynch
Citi
Lazard
Barclays
Capital
Worldwide M&A Matrix
Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA

2010 UP
2010 DOWN
World
Americas
USA
Canada
EMEA
Europe
UK
Asia ex. Japan
Japan
2009
12.5x
11.4x
12.1x
13.1x
12.5x
11.4x
5.8x
13.0x
11.4x
13.1x
11.5x
9.3x
10.2x
12.3x
11.9x
11.8x
11.9x
Consumer Staples
10.1x
10.7x
11.0x
11.6x
10.1x
10.7x
9.0x
3.2x
10.9x
10.7x
11.0x
7.4x
7.2x
7.6x
9.9x
11.0x
5.3x
11.0x
Energy and Power
12.2x
9.5x
13.0x
6.4x
12.2x
9.5x
13.5x
6.0x
11.1x
9.5x
11.2x
11.6x
12.4x
18.4x
12.5x
12.9x
11.4x
12.9x
Healthcare
12.3x
11.2x
11.3x
9.8x
12.3x
11.2x
3.8x
0.6x
14.8x
11.2x
15.1x
12.6x
6.9x
12.9x
16.6x
13.2x
7.8x
13.2x
High Technology
12.1x
10.8x
14.5x
13.8x
12.1x
10.8x
12.1x
11.8x
11.6x
10.8x
12.0x
9.8x
12.5x
10.6x
11.6x
11.6x
11.4x
11.6x
Industrials
10.5x
10.5x
10.6x
8.1x
10.5x
10.5x
6.1x
7.6x
9.9x
10.5x
9.8x
10.3x
8.2x
12.1x
12.5x
12.2x
6.0x
12.2x
Materials
11.5x
10.8x
11.7x
14.4x
11.5x
10.8x
15.6x
12.5x
13.0x
10.8x
14.2x
14.0x
24.7x
12.7x
11.0x
9.7x
7.3x
9.7x
10.7x
10.1x
9.4x
10.7x
10.7x
10.1x
4.3x
6.0x
11.1x
10.1x
11.0x
9.5x
8.0x
8.0x
12.4x
11.5x
8.5x
11.5x
Real Estate
20.6x
15.3x
24.5x
15.8x
20.6x
15.3x
19.2x
11.6x
26.2x
15.3x
27.5x
19.5x
27.7x
15.9x
15.9x
12.9x
17.1x
12.9x
Retail
10.8x
11.6x
13.5x
12.4x
10.8x
11.6x
8.9x
11.9x
10.8x
11.6x
10.6x
9.6x
13.4x
10.2x
13.1x
15.1x
8.6x
15.1x
8.2x
9.5x
10.2x
8.7x
8.2x
9.5x
5.7x
6.8x
9.5x
7.0x
8.4x
11.5x
20.6x
10.2x
11.2x
9.3x
11.2x
11.7x
10.9x
12.4x
11.1x
11.7x
10.9x
13.0x
8.6x
11.9x
10.9x
12.0x
10.9x
11.8x
11.4x
12.1x
11.6x
9.3x
11.6x
Telecommunications
Average Industry Total
Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price
2010 UP
2010 DOWN
World
Americas
USA
Canada
EMEA
Europe
UK
Asia ex. Japan
Japan
2009
32.6
33.9
40.1
29.4
40.1
29.8
Consumer Staples
28.0
28.3
27.6
43.2
25.8
47.1
1.0
27.4
33.3
31.1
33.3
31.5
22.7
31.4
32.1
38.2
26.1
25.4
26.1
25.8
89.2
44.1
19.4
19.1
52.7
Energy and Power
25.0
37.0
29.0
39.2
29.2
32.9
33.7
31.1
41.8
24.2
30.9
23.7
30.9
37.1
34.1
14.7
36.3
1.9
Financials
29.7
23.6
45.0
21.2
44.9
20.4
41.9
31.2
30
23.6
25.1
25.1
24.6
40.7
25.6
21.7
20.2
26.6
31.2
Healthcare
35.1
30.9
40.6
32.8
41.3
High Technology
26.7
32.2
35.8
41.5
36.7
33.1
25.1
31.3
34.6
22.9
35.0
22.9
63.4
26.6
23.5
29.9
19.3
21.7
42.4
34.4
41.6
22.7
26.8
21.4
26.1
29.5
27.7
24.3
27.3
22.5
Industrials
24.9
31.0
38.1
46.0
36.0
35.3
50.1
31.9
53.9
26.0
29.4
26.0
28.8
39.8
25.1
19.4
18
25.9
Materials
31.2
35.2
35.2
39.2
40.1
40.4
49.7
34.3
38.3
28.5
21.1
30.1
21.8
33.6
41.2
21.8
23.4
32.3
26.9
29.6
36.6
56.3
33.0
40.1
24.6
13.0
23.3
24.3
42.5
22.7
42.5
37.2
29.9
25.5
15.9
24.1
Real Estate
24.9
30.7
30.8
36.7
32.6
21.8
38.2
33.8
23.7
28.4
26.3
31.4
27
33.6
32.9
19.3
30.6
24.2
Retail
28.8
33.1
24
25.1
22.3
30.9
29.4
3.4
11.7
36.4
35
38.3
35
31.2
43.4
13.1
37.1
37.8
35.9
Telecommunications
31.2
Average Industry Total
28.9
30.5
40.1
37.1
49.4
40.2
33.4
50
14.4
29.3
14.4
30.4
18.8
25
26.4
22.5
47.8
32.7
31.5
35.8
35.0
37.9
33.0
33.2
38.8
26.6
27.9
27.0
28
38.0
30.7
21.2
24.4
30.2
36.4
*Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by
target macro industries. The data given refers to the time period 01/01/2010 - 12/31/2010. The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year
listed in black. Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%. All spinoffs, splitoffs, open market repurchases,
exchange offers and equity carveouts are excluded.
Worldwide Announced Rankings* - A Decade in Review
Rank
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Goldman Sachs & Co
Morgan Stanley
JP Morgan
Credit Suisse
Deutsche Bank AG
UBS
Citi
Lazard
10
Barclays Capital
10
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
*League Table positions reflect consolidation within the banking sector
Americas M&A
US M&A Increases 19% | US Leveraged Deals Accounts for 15% of US Volume | Energy & Power Sector Gains Lead
LBOs as a Percentage of US Targeted Announced M&A
M&A activity with US involvement during 2010 increased 18.5% compared to last year, reaching US$1 trillion. This
represents the first yearly increase since 2007. By number of deals, US M&A activity is up 2.9% compared to last year,
with over 10,000 announced deals.
US LBO transactions largely held onto the M&A market share re-established in the second quarter of 2010, at just under
15% of total value, a level not seen since late 2007. Notable buyout transactions in 2010 included the US$5.3 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.
Non-LBO
LBO as % of US M&A
35%
$600
30%
$500
25%
$400
20%
$300
15%
$200
10%
$100
5%
$0
0%
1Q02
2Q02
3Q02
4Q02
1Q03
2Q03
3Q03
4Q03
1Q04
2Q04
3Q04
4Q04
1Q05
2Q05
3Q05
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
M&A activity with Canadian involvement during 2010 increased by 24.6% compared to last year, to US$172.1 billion. The
value of Canadian M&A deals increased in 2010 while volume remained flat
LBO
Rank Value (US$b)
The Energy & Power sector led the market, with deal volume totalling US$230.7 billion, a 28.1% share of US M&A activity
during 2010 and a 155.8% increase compared to last year. Healthcare took the second slot with US$108.3 billion. High
Technology led the market based on number of deals with 1,482 transactions.
40%
$700
% of US M&A
Americas Deals Intelligence
Jan 1 2010 Dec 31 2010
Top 10 US Announced M&A Advisors by Target Industry (AD2)
US Announced Advisors by Target Industry

Rank Val
(US$m)
Energy and Power
Goldman Sachs & Co
Barclays Capital
Morgan Stanley
Healthcare
Goldman Sachs & Co
JP Morgan
Morgan Stanley
High Technology
Goldman Sachs & Co
Morgan Stanley
JP Morgan
Financials
Goldman Sachs & Co
Morgan Stanley
100%
90%
% Volume Composition
80%
70%
60%
50%
40%
30%
20%
10%
0%
Goldman Sachs & Morgan Stanley

Co
JP Morgan
Barclays Capital
Credit Suisse
Bank of America
Merrill Lynch
Deutsche Bank
AG
Lazard
Citi
Telecommunications
Retail
Real Estate
Materials
Industrials
High Technology
Healthcare
Financials
Energy and Power
Consumer Staples
UBS
Date Effective
Pending
Pending
Pending
11/1/2010
10/3/2010
10/4/2010
8/27/2010
2/17/2010
11/22/2010
Pending
Rank
Mkt.
Share
1
2
3
43.0
27.5
26.7
1
2
3
45.0
38.3
33.4
1
2
3
38.0
34.6
26.8
1
2
3
42.3
41.2
41.0
No.
Deals
773
29
24
23
740
28
22
11
1,482
27
24
23
902
22
20
22
* tie
Top Ten US Announced Deals

Rank Date
8/10/2010
4/22/2010
8/29/2010
3/8/2010
2/25/2010
10/4/2010
2/21/2010
1/19/2010
9/7/2010
2/11/2010
230,750.4
99,011.9
63,253.8
61,460.5
108,324.6
48,643.5
41,331.5
36,071.4
95,315.2
36,019.9
32,813.5
25,390.7
74,749.1
31,079.5
30,311.0
30,169.5
Jan 1 2010 Dec 31 2010

Qwest Commun Intl Inc (100%)
Genzyme Corp (100%)
American Life Insurance Co Inc (100%)
Coca-Cola Entr Inc-NA Bus (100%)
Coca-Cola Enterprises Inc (100%)
Smith International Inc (100%)
The Williams Cos Inc-Gas (100%)
Enterprise GP Holdings LP (100%)
Allegheny Energy Inc (100%)
Acquiror
CenturyLink Inc
Sanofi-Aventis SA
MetLife Inc
Coca-Cola Co
Coca-Cola Enterprises Inc
Schlumberger Ltd
Williams Partners LP
Enterprise Products Partners
FirstEnergy Corp

Rank Value (US$m)

25,090.2
22,170.2
19,259.8
16,053.8
13,440.7
13,091.5
12,223.6
11,750.4
9,000.5
8,943.9

Americas Rankings
Any Americas Involvement Announced (AD49)
Financial Advisor
Goldman Sachs & Co
Morgan Stanley
JP Morgan
Credit Suisse
Barclays Capital
Citi
Deutsche Bank AG
UBS
Lazard
Evercore Partners
Blackstone Group LP
Rothschild
Societe Generale
BNP Paribas SA
RBC Capital Markets
Santander
Jefferies & Co Inc
Nomura
Greenhill & Co, LLC
Houlihan Lokey
Banco BTG Pactual SA
HSBC Holdings PLC
BMO Capital Markets
Industry Total

Rank Value Market
Market
2010 2009
Rank Rank
1
2
378,991.2
28.2
-5.2
2
1
338,053.8
25.2
-8.5
3
3
323,667.6
24.1
-5.9
4
8
293,684.3
21.9
8.5
5
6
224,187.5
16.7
-4.8
6
5
215,187.8
16.0
-8.0
7
4
189,738.7
14.1
-12.0
8
10
182,033.7
13.6
4.1
9
12
173,085.0
12.9
3.6
10
9
129,642.1
9.7
-3.1
11
7
76,847.6
5.7
-12.6
12
16
71,582.3
5.3
-0.6
13
11
70,897.1
5.3
-4.1
14
25
63,971.1
4.8
2.4
15
33
57,951.2
4.3
3.3
16
28
53,992.9
4.0
2.1
17
14
50,358.8
3.8
-2.8
18
26
47,814.5
3.6
1.2
19
15
43,691.5
3.3
-2.8
20
32
42,393.4
3.2
2.0
21
23
39,342.2
2.9
0.4
22
13
35,746.0
2.7
-4.3
23
36
34,759.8
2.6
1.7
24
22
33,896.0
2.5
-0.5
25
35
33,322.6
2.5
1.5
1 342 366 2 100.0
1,342,366.2
100 0

23.9%
8.5%
US Target Announced (AD2)
Financial Advisor
Goldman Sachs & Co
Morgan Stanley
JP Morgan
Barclays Capital
Credit Suisse
Deutsche Bank AG
Lazard
Citi
UBS
Blackstone Group LP
Evercore Partners
BNP Paribas SA
Societe Generale
Jefferies & Co Inc
Greenhill & Co, LLC
Tudor Pickering & Co LLC
Nomura
Rothschild
Houlihan Lokey
Ondra Partners
HSBC Holdings PLC
Allen & Co Inc
Industry Total
Jan 1 2010 Dec 31 2010


250
1.7 +76
216
1.5 +42
198
1.4 +16
206
1.4 +66
186
1.3 +57
128
0.9 +49
124
0.8
-9
130
0.9 +34
1.1 +41
156
134
0.9 +1
32
0.2 +2
37
0.3 +15
96
0.7
-3
22
0.2 +10
10
0.1 +2
29
0.2 -13
118
0.8 +19
44
0.3 +14
108
0.7 +41
26
0.2 +3
37
0.3 +5
138
0.9 +4
56
0.4 +48
29
0.2 +9
60
0.4 +6
14 636
14,636
+591
Financial Advisor
Goldman Sachs & Co
Credit Suisse
Morgan Stanley
Barclays Capital
JP Morgan
Citi
Deutsche Bank AG
UBS
Lazard
Evercore Partners
Jefferies & Co Inc
Houlihan Lokey
Rothschild
HSBC Holdings PLC
Blackstone Group LP
Santander
Greenhill & Co, LLC
RBC Capital Markets
Moelis & Co
CIBC World Markets Inc
Allen & Co Inc
Industry Total
4.2%
-4.5%

Jan 1 2010 Dec 31 2010

Rank Value Market
Market
2010 2009
Rank Rank
1
1
310,239.7
37.8
-2.1
2
2
235,409.7
28.7
-10.4
3
3
229,645.3
28.0
-9.9
4
5
183,127.0
22.3
-5.4
5
9
175,685.0
21.4
11.2
6
7
136,445.8
16.6
-9.3
7
17
108,717.7
13.2
7.5
100,059.1
12.2
8
8
-1.8
9
4
98,469.6
12.0
-18.1
10
14
91,485.1
11.1
4.7
11
11
64,146.9
7.8
-0.8
6
12
58,483.0
7.1
-20.1
13
19
56,515.7
6.9
3.3
14
51
48,842.2
6.0
5.8
15
26
46,676.5
4.9
5.7
36,799.7
4.5
12
16
-4.0
17
20
34,594.4
4.2
1.2
18
33
32,971.0
4.0
3.5
19
35
31,735.4
3.9
3.5
20
10
31,200.8
-5.2
3.8
21
13
26,180.7
3.2
-4.2
22
25,090.2
3.1
3.1
23
21
24,458.8
3.0
0.7
24
48
2.9
23,739.7
2.7
25
25
19,046.5
2.3
1.5
821,552.1 100.0
14.2%
5.6%
Any Americas Involvement Completed (AF55)

169
2.2 +52
128
1.6 +36
120
1.5 +20
97
1.2 +32
97
1.2 +20
127
1.6 +40
0.7 +5
58
88
1.1
-7
74
1.0
-2
89
1.1 +25
31
0.4 +12
25
0.3
-3
16
0.2 +4
6
0.1 +1
5
0.1 +3
89
1.1 +38
0.3 +1
21
0.5 +28
37
0.1
0
7
0.4 -12
30
119
1.5 +1
1
0.0 +1
0.2 +8
13
7
0.1 +3
7
0.1
-1
7,789
-28
-0.4%
-11.0%

Rank Value Market
Market
2010 2009
Rank Rank
1
2
310,942.5
28.5
-9.4
2
10
245,292.6
22.5
12.1
3
1
221,251.4
20.3
-20.6
4
6
218,985.5
20.1
0.3
5
5
212,753.1
19.5
-4.0
6
4
206,582.1
18.9
-11.6
7
3
173,190.1
15.9
-15.8
8
11
149,269.0
13.7
4.3
9
12
137,499.0
12.6
4.2
10
8
116,662.9
10.7
-0.3
11
7
75,494.0
6.9
-10.3
12
31
66,161.2
6.1
3.9
13
20
60,403.4
5.5
0.6
14
9
55,700.7
5.1
-5.4
15
35
51,171.0
4.7
3.5
16
34
49,660.8
4.6
3.3
17
17
49,002.8
4.5
-0.9
18
27
45,154.1
4.1
1.2
19
13
42,537.4
3.9
-3.8
20
14
38,381.6
3.5
-3.0
21
30
31,755.2
2.9
0.5
22
58
31,094.0
2.9
2.6
23
32
23,955.8
2.2
0.2
24
19
23,866.6
2.2
-2.9
25
48
23,790.1
2.2
1.7
1 090 442 5 100.0
1,090,442.5
100 0
4.3%
29.6%
Jan 1 2010 Dec 31 2010

216
1.9 +82
154
1.4 +32
169
1.5 +21
105
0.9 +37
180
1.6 +38
111
1.0 -10
155
1.4 +30
114
1.0 +39
129
1.2 +36
132
1.2 +25
28
0.3
0
92
0.8 +37
139
1.2 +29
92
0.8 +13
27
0.2 +11
12
0.1 +8
30
0.3 +12
34
0.3 +4
34
0.3 +9
107
1.0 +24
19
0.2 +15
33
0.3 +25
52
0.5 +15
49
0.4 +15
9
0.1
0
11 182
11,182
+331
3.1%
-6.5%
US Target Completed (AF2)
Financial Advisor
Goldman Sachs & Co
Barclays Capital
JP Morgan
Morgan Stanley
Credit Suisse
Citi
Deutsche Bank AG
Lazard
Evercore Partners
UBS
Jefferies & Co Inc
Blackstone Group LP
Greenhill & Co, LLC
Houlihan Lokey
HSBC Holdings PLC
Allen & Co Inc
Moelis & Co
Guggenheim Securities LLC
Miller Buckfire
RBC Capital Markets
Rothschild
Industry Total
51.3%
17.7%
Jan 1 2010 Dec 31 2010

Market
Rank Value Market
2010 2009
Rank Rank
1
2
243,396.0
35.4
-12.6
7
24.6
0.5
2
169,066.3
5
-3.5
3
23.1
158,796.5
128,017.1
18.6
-30.3
4
1
18.6
-18.9
5
3
127,498.6
6
14
122,302.2
17.8
10.1
7
4
15.7
-20.5
107,718.3
11.0
1.3
8
10
75,472.6
9
8
72,904.9
10.6
-3.4
10
6
68,472.9
10.0
-14.3
11
13
64,997.6
9.5
1.0
12
26
63,470.9
9.2
6.6
16
41,767.4
-1.4
13
6.1
14
9
38,159.6
5.6
-4.8
15
37
31,094.0
4.5
4.0
16
17
29,555.9
4.3
-2.5
17
24
29,264.8
4.3
0.9
27
28,242.7
4.1
2.3
18
19
73
24,444.5
3.6
3.5
20
1.7
31
15,643.1
2.3
12,228.1
1.8
-1.0
21
25
22
1.1
34
10,659.1
1.6
23
32
10,275.3
0.9
1.5
24
33
9,773.4
0.9
1.4
25
12
9,008.9
1.3
-7.5
687,156.8 100.0

Imputed Fees (US$m)

Advisor Market
Market
1,460.4
8.1
1.1
762.4
4.2
0.8
957.4
5.3
0.7
637.8
3.6
0.3
990.5
5.5
0.0 502.7
2.8
0.6
726.5
4.0
0.6
530.9
3.0
1.2
540.8
3.0
0.5
460.6
2.6
0.3
149.9
0.8
0.5
305.0
1.7
0.5
266.1
1.5
0.1
331.1
1.8
0.3
70.0
0.4
0.1
80.4
0.5
0.4
143.7
0.8
0.2
87.4
0.5
0.3
141.1
0.8
0.1
270.9
1.5
0.1
101.9
0.6
0.4
106.2
0.6
0.4
163.3
0.9
0.2
181.6
1.0
0.1
52.1
0.3
0.1
17 980 4 100.0
17,980.4
100 0
-6.1%
46.7%

149
2.3 +61
87
1.3 +29
107
1.6 +35
1.5 +17
97
111
1.7 +31
77
1.2 +14
68
1.0 +9
55
0.8 +11
87
1.3 +10
25
0.4
-1
68
1.0 +12
78
1.2 +40
27
0.4 +12
21
0.3 +7
33
0.5 +25
1.8 +23
120
16
0.2 +12
10
0.2 +6
10
0.2 +8
7
0.1 +1
46
0.7 +9
0.1 +5
6
14
0.2
0
53
0.8 +14
30
0.5
0
6,496
-8
-0.1%
-7.6%
Imputed Fees (US$m)

Advisor Market
Market
1,141.3
10.1
1.7
523.9
4.6
0.1
6.2
707.0
1.0
671.6
5.9
1.1
588.8
5.2
0.3
435.6
3.9
0.9
352.3
3.1
0.3
329.1
2.9
1.0
341.1
3.0
0.8
140.1
1.2
0.8
305.6
2.7
0.2
2.4
272.5
1.0
1.2
0.2
134.7
112.6
1.0
0.0 106.2
0.9
0.6
231.4
2.0
0.4
86.5
0.8
0.4
73.4
0.7
0.5
35.7
0.3
0.3
34.5
0.3
0.1
130.6
1.2
0.6
31.2
0.3
0.2
51.2
0.5
0.0 120.0
1.1
0.4
101.8
0.9
0.8
11,322.8 100.0
55.9%
29.5%
* tie
Americas Rankings
Any US Involvement Announced (AD41)
Financial Advisor
Goldman Sachs & Co
Morgan Stanley
JP Morgan
Credit Suisse
Barclays Capital
Deutsche Bank AG
UBS
Lazard
Citi
Evercore Partners
Blackstone Group LP
BNP Paribas SA
Rothschild
Societe Generale
Nomura
Jefferies & Co Inc
Greenhill & Co, LLC
Houlihan Lokey
HSBC Holdings PLC
Ondra Partners
RBC Capital Markets
Industry Total

Rank Value Market
Market
2010 2009
Rank Rank
34.2
-5.5
1
1
350,392.6
29.0
-9.2
2
2
296,778.5
27.2
3
3
278,130.9
-7.7
20.7
8.0
4
9
211,777.4
5
5
203,348.7
19.9
-7.0
6
7
182,532.2
17.8
-4.8
7
16.0
7.0
12
163,725.7
8
10
136,477.9
13.3
3.3
9
-3.0
8
128,180.4
12.5
10
12.5
-18.9
4
127,637.1
7.5
-15.4
11
6
76,686.6
12
14
71,493.3
7.0
-0.4
3.1
13
62,462.3
6.1
21
4.9
4.6
14
54
50,274.7
15
11
48,813.9
4.8
-4.2
16
47,197.8
3.7
26
4.6
17
23
40,641.8
4.0
2.6
39,510.6
3.9
18
15
-3.4
19
22
38,766.0
3.8
1.2
20
13
35,610.1
3.5
-5.1
21
43
32,971.0
3.2
2.8
22
18
28,624.1
-1.6
2.8
23
19
28,054.8
2.7
-0.6
24
25,090.2
2.5
2.5
25
24
22,815.2
2.2
0.9
1 023 685 1 100.0
1,023,685.1
100 0

18.5%
6.7%
Any Canadian Involvement Announced (AD42)
Financial Advisor
Morgan Stanley
Goldman Sachs & Co
RBC Capital Markets
BMO Capital Markets
JP Morgan
TD Securities Inc
Citi
UBS
Scotiabank-Bank of Nova Scotia
Barclays Capital
GMP Capital Corp
Credit Suisse
Deutsche Bank AG
Rothschild
Jefferies & Co Inc
Macquarie Group
Canaccord Genuity
Houlihan Lokey
Moelis & Co
Dundee Securities Corporation
Miller Buckfire
Deloitte
Industry Total
Jan 1 2010 Dec 31 2010

24.6%
14.6%

218
2.1 +60
186
1.8 +45
170
1.6 +23
154
1.5 +54
122
1.2 +49
157
1.5 +45
111
1.1 +24
133
1.3 +36
118
0
1.1
1.0
107
-2
31
0.3 +1
0.3 +14
36
20
0.2 +8
17
0.2 +4
70
0.7
-1
8
0.1 +3
21
0.2
0
104
1.0 +41
36
0.3 +13
136
1.3 +9
37
0.4 +28
17
0.2 +11
20
0.2 +7
1
0.0 +1
70
0.7 +15
10 453
10,453
+296
Financial Advisor
Goldman Sachs & Co
Barclays Capital
JP Morgan
Morgan Stanley
Credit Suisse
Citi
Deutsche Bank AG
Lazard
UBS
Evercore Partners
Jefferies & Co Inc
Houlihan Lokey
Blackstone Group LP
HSBC Holdings PLC
Greenhill & Co, LLC
Rothschild
Moelis & Co
Allen & Co Inc
RBC Capital Markets
Peter J. Solomon Co Ltd
Industry Total
2.9%
-9.6%

Jan 1 2010 Dec 31 2010

Rank Value Market
Market
2010 2009
Rank Rank
1
6
34,130.4
3.8
19.8
2
8
33,759.7
19.6
5.4
3
1
32,154.8
18.7
-26.5
18.0
4
13
31,041.1
12.0
2
28,329.7
16.5
5
-20.8
11
27,198.5
15.8
7.9
6
3
22,872.5
13.3
-10.5
7
8
10
22,534.7
13.1
0.8
15
20,097.7
11.7
6.6
9
16
19,857.0
11.5
6.5
10
4
15,938.2
9.3
-11.8
11
12
5
12,549.2
7.3
-11.1
13
17
12,113.3
7.0
3.1
14
-2.0
12
9,937.6
5.8
15
7
9,139.9
5.3
-9.1
16
14
4.9
-0.7
8,372.6
17
19
6,449.7
3.8
0.5
18
9
4,400.3
2.6
-11.2
19
23
4,167.0
2.4
0.2
20
32
3,991.3
2.3
1.4
2.2
21
111*
3,859.9
2.2
22
73
3,753.6
2.2
2.1
66
3,359.0
2.0
1.9
23
24
91
3,273.8
1.9
1.9
25
46
3,250.0
1.9
1.7
172,077.0 100.0
Any US Involvement Completed (AF48)

Rank Value Market
Market
2010 2009
Rank Rank
1
1
295,331.5
34.2
-11.3
2
6
207,107.4
24.0
2.1
3
5
187,822.0
-5.7
21.7
21.4
4
2
185,343.4
-23.5
5
14
177,484.8
20.5
12.9
6
4
154,770.5
17.9
-17.1
3
144,761.9
16.8
-18.6
7
6.0
8
9
131,076.7
15.2
9
8
115,105.6
13.3
0.1
10
112,915.4
13.1
4.3
11
11
7
75,332.9
8.7
-13.1
12
26
66,047.6
7.6
5.1
13
17
60,403.4
7.0
1.0
14
27
49,660.8
5.7
4.1
15
15
48,913.8
5.7
-1.1
16
35
48,514.6
5.6
4.9
17
10
41,961.2
4.9
-4.3
18
13
33,602.6
3.9
-4.0
19
44
31,094.0
3.6
3.2
24
20
30,246.4
3.5
0.5
25
20,986.3
21
2.4
-0.1
22
39
16,465.1
1.9
1.3
23
32
15,408.1
1.8
0.7
24
72
13,377.3
1.6
1.5
25
41
10,659.1
1.2
0.7
864 452 7 100.0
864,452.7
100 0
4.4%
37.3%
Jan 1 2010 Dec 31 2010

2.3 +78
195
99
1.2 +35
153
1.8 +36
146
1.7 +30
124
1.4 +44
97
1.1 +8
137
1.6 +29
101
1.2 +35
114
1.3 +19
109
1.3 +29
27
0.3
-1
90
1.1 +37
136
1.6 +30
12
0.1 +8
29
0.3 +11
22
0.3 +13
33
0.4 +17
72
0.8 +23
33
0.4 +25
17
0.2 +13
0.6 +12
49
8
0.1
0
64
0.7 +18
6
0.1 +3
6
0.1 +5
8 564
8,564
+238
2.9%
-10.6%
Any Canadian Involvement Completed (AF49)

27
0.8 +12
24
0.7 +2
58
1.7 +1
44
1.3 +4
52
1.5 +14
-2
13
0.4
19
0.5 +11
55
1.6 +16
8
0.2
0
0.6 +12
21
20
-4
0.6
9
0.3 +4
33
1.0 +3
10
0.3 +1
0.3 +5
10
15
0.4 +3
0.2
-2
8
19
0.5 -25
19
0.5 +5
9
0.3 +2
3
0.1 +2
11
0.3 +5
3
0.1 +1
8
0.2
-3
1
0.0
0
3,460
+6
Financial Advisor
Goldman Sachs & Co
RBC Capital Markets
Morgan Stanley
BMO Capital Markets
UBS
JP Morgan
TD Securities Inc
Citi
Barclays Capital
GMP Capital Corp
Deutsche Bank AG
Rothschild
Credit Suisse
Jefferies & Co Inc
Macquarie Group
Moelis & Co
Houlihan Lokey
FirstEnergy Capital Corp
Miller Buckfire
Canaccord Genuity
National Bank Financial Inc
Industry Total

Rank Value Market
Market
2010 2009
Rank Rank
1
5.9
9
25,046.0
19.3
2
2
23,866.6
18.4
-21.5
18.3
1
-27.0
3
23,763.8
4
5
22,646.2
17.5
-2.5
5
12
21,579.6
16.6
10.3
6
14.7
16
19,126.9
9.7
7
13
16,784.4
12.9
6.6
8
10
16,571.1
12.8
1.5
9
13,854.0
3
10.7
-13.7
10
15
9.9
4.7
12,861.7
11
7
11,477.2
8.8
-9.0
12
4
11,117.1
8.6
-12.4
13
18
10,209.4
7.9
4.3
14
8
9,322.3
7.2
-7.2
15
14
8,941.4
6.9
1.3
16
11
6,867.9
5.3
-3.1
17
21
5,977.2
4.6
2.3
18
6
4,615.7
3.6
-15.2
3,859.9
19
3.0
3.0
3.0
2.1
20
32
3,855.5
21*
17
3,439.2
2.7
-1.6
2.7
2.7
21*
87
3,439.2
23
48
3,250.0
2.5
2.3
24
26
2,835.2
2.2
0.6
25
19
2,620.3
2.0
-0.9
129,775.6 100.0
0.2%
9.6%

-2.1%
6.8%
Imputed Fees (US$m)

Advisor Market
Market
1,360.0
9.3
1.1
600.2
4.1
0.1
886.5
6.1
0.2
865.3
5.9
0.9
646.0
4.4
1.5
463.2
3.2
0.3
667.2
4.6
0.8
473.7
3.2
1.3
427.8
2.9
0.7
455.4
3.1
0.3
148.4
1.0
0.6
303.6
2.1
0.7
265.1
1.8
0.2
80.4
0.6
0.4
142.8
1.0
0.2
60.0
0.4
0.1
138.9
1.0
0.2
257.1
1.8
0.1
106.2
0.7
0.4
95.0
0.4
0.7
143.8
1.0
0.4
38.7
0.3
0.1
141.7
1.0
0.3
29.1
0.2
0.1
31.2
0.2
0.1
14 618 0 100.0
14,618.0
100 0
58.9%
21.8%
Jan 1 2010 Dec 31 2010

22
0.1 +5
49
0.2 +15
50
0.2 +5
18
0.1 +6
38
0.1 +6
0.1 +12
19
15
0.1 +5
48
0.2 +11
13
0.0 +4
6
0.0
0
6
0.0 +3
13
0.0
-6
37
0.1 +16
9
0.0 +4
14
0.0 +3
0.0
0
7
7
0.0 +1
20
0.1 -17
4
0.0 +4
9
0.0 +3
16
0.1
0
4
0.0 +3
1
0.0
0
15
0.1 +2
15
0.1 +3
2,129
-118
-5.3%
5.8%
Imputed Fees (US$m)

Advisor Market
Market
133.3
4.8
0.9
181.6
6.5
1.0
137.6
2.0
5.0
113.1
4.1
1.0
138.1
5.0
1.7
81.4
2.9
1.7
80.9
2.9
0.7
136.0
4.9
0.9
52.4
1.9
1.1
1.2
0.2
32.7
32.1
1.2
0.6
37.9
1.4
1.0
70.4
2.5
1.0
40.1
1.4
0.3
37.1
1.3
0.1
33.6
1.2
1.0
27.7
1.0
0.0 41.2
1.5
4.1
24.0
0.9
0.9
17.0
0.6
0.1
31.5
1.1
1.1
16.4
0.6
0.6
20.0
0.7
0.6
30.5
1.1
0.1
23.4
0.8
0.1
2,781.2 100.0
45.7%
0.6%
* tie
EMEA M&A
EMEA Announced M&A Up 32% While Fees from Completed M&A Up 10% | Financial Sponsor Activity on the Rise | Morgan Stanley Finishes First
European Financial Sponsor Investments
$300
Announced M&A with EMEA involvement totalled US$1.1 trillion during 2010 and represented a 32.3% increase compared to
last year. EMEA fee volumes on deals completed in 2010 reached US$11.9 billion, a 10.3% increase compared to last year,
according to estimates from Thomson Reuters/Freeman Consulting.
$250
Rank Value (US$b)
Buy-side financial sponsor activity involving European targets recovered during 2010 with the announcements of 1,517 deals
worth a combined US$80 billion, an 83.6% 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%. Onexs US$4.6 billion joint bid with
Canada Pension Investment Board to acquire Tomkins was the largest sponsor-driven deal during 2010. Other notable
sponsor-driven transactions included CVC and ACS's US$3.7 billion purchase of a minority in Abertis and 3i, Morgan Stanley
Infrastructure Partners and Star Capitals joint bid to purchase Eversholt Rail for US$3.4 billion.
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
% of Europe
$200
$0
15.9%
12.5%
8.8%
15%
10%
7.5%
4.9%
5%
0%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
European Involvement Announced Advisors by Target Industry

Outbound (US$m)
Number of deals
1 800
1,800
$800,000
1,600
$700,000
1,400
$600,000
1,200
$500,000
1,000
$400,000
800
$300,000
600
$200,000
400
$100,000
200
0
Energy and Power

Goldman Sachs & Co
JP Morgan
Morgan Stanley
Financials
Deutsche Bank AG
Morgan Stanley
UBS
Materials
JP Morgan
Credit Suisse
Lazard
Healthcare
Goldman Sachs & Co
Morgan Stanley
JP Morgan
Industrials
JP Morgan
Rothschild
Citi
Rank Val US$m

249,867.0
82,284.7
68,026.5
62,407.6
155,730.9
56,276.4
32,581.5
26,965.3
94,082.4
16,438.2
15,845.2
14,158.0
81,716.5
47,137.1
27,775.9
27,158.8
81,369.0
18,369.2
17,399.5
17,192.9
Rank
Mkt
Mkt.
Share
1
2
3
33.5
27.7
25.4
1
2
3
36.9
21.3
17.7
1
2
3
23.9
23.0
20.6
1
2
3
60.9
35.9
35.1
1
2
3
25.8
24.4
24.1
No. Deals
1,552
29
34
20
2,157
37
40
39
1,536
16
22
14
795
11
10
14
2,936
11
33
8
1Q02
2Q02
3Q02
4Q02
1Q03
2Q03
3Q03
4Q03
1Q04
2Q04
3Q04
4Q04
1Q05
2Q05
3Q05
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
$0
# of Deals
Rank Value (US$m)
17.0%
8.2%
$100
The largest EMEA transaction of the year was International Power's US$25.1 billion reverse takeover of GDF Suez Energy
International which is the largest cross border Energy & Power deal since the 2007 acquisition of Endesa.
Inbound (US$m)
17.0%
12.6%
$50
$900 000
$900,000
20%
16.3%
$150
Cross border activity involving European companies during 2010 totalled US$716.1 billion, a 35.8% increase. This was
largely due to activity by European buyers as outbound investments increased by 57.2% to US$388.1 billion.
Quarterly European Cross Border Volume
25%
21.3%
% of Europe
EMEA Deals Intelligence
Top Ten European Involvement Announced Deals

Rank Date
8/10/2010
10/4/2010
8/29/2010
6/15/2010
1/4/2010
5/10/2010
12/15/2010
7/30/2010
12/20/2010
6/22/2010
Date Effective
Pending
Pending
Pending
Intended
Pending
9/27/2010
Intended
10/29/2010
Pending
Pending
Weather Investments Srl (100%)
Genzyme Corp (100%)
British Sky Bdcstg Grp PLC (60.9%)
Alcon Inc (24.6%)
Brasilcel NV (50%)
Capital Shopping Centres Grp (94.9%)
EDF Energy-UK Power Distn Bus (100%)
Sil'vinit (80%)
Bancaja SA (100%)
Jan 1 2010 Dec 31 2010

Russian Fed / Italy
Switzerland / Switzerland
Spain / Brazil
Hong Kong / United Kingdom
Russian Fed / Russian Fed
Spain / Spain
Acquiror
VimpelCom Ltd
Sanofi-Aventis SA
News Corp
Novartis AG
Telefonica SA
Simon Property Grp Inc
Investor Group
Uralkaliy
Caja Madrid
Rank Value (US$m)

25,090.2
20,655.4
19,259.8
13,730.4
12,144.4
9,742.8
9,596.1
9,056.4
8,221.7
8,140.3

Healthcare / Healthcare Equipment & Supplies
Real Estate / Non Residential
Materials / Metals & Mining
Financials / Banks
EMEA Rankings
Any EMEA Involvement Announced (AD47)
Financial Advisor
Morgan Stanley
Goldman Sachs & Co
JP Morgan
Deutsche Bank AG
Credit Suisse
UBS
Lazard
Citi
Rothschild
BNP Paribas SA
Societe Generale
Barclays Capital
HSBC Holdings PLC
Nomura
Blackstone Group LP
Evercore Partners
RBC Capital Markets
Credit Agricole CIB
Mediobanca
Macquarie Group
RBS
Ondra Partners
Greenhill & Co, LLC
Industry Total

Market
Rank Value Market
2010 2009
Rank Rank
1
1
295,090.4
27.6
-3.1
2
244,469.3
22.9
5
-2.6
3
7
222,223.5
20.8
0.1
4
213,639.6
20.0
4
-7.4
2
188,287.1
5
17.6
-11.3
6
188,081.3
6
17.6
-7.9
155,548.3
8
7
-4.2
14.6
8
3
134,356.6
12.6
-15.6
9
134,165.5
10
0.4
12.6
129,518.0
9
12.1
10
-3.7
11
13
123,126.6
11.5
4.9
98,789.4
17
12
9.3
4.8
11
77,862.8
7.3
13
-2.6
12
53,093.3
14
-2.8
5.0
15
2.6
26
4.9
52,693.6
33
4.6
49,072.6
16
3.5
17
3.9
41,681.6
27
1.8
18
25
33,212.6
3.1
0.6
3.0
2.4
19
41
31,951.6
20
29
31,604.7
1.2
3.0
16
28,690.5
-1.8
21
2.7
63
28,531.7
22
2.4
2.7
14
23
-2.9
28,045.2
2.6
2.4
2.4
25,090.2
24
1.7
25
24,864.4
2.3
45
1 067 994 3
1,067,994.3
100 0
100.0

* tie
Jan 1 2010 Dec 31 2010

Market
Rank Value Market
2010 2009
Rank Rank
26.9
1
262,282.4
-3.9
1
223,252.5
22.9
-3.8
2
5
211,854.5
21.8
1.7
7
3
4
-7.7
4
20.8
202,470.9
5
19.3
-10.8
187,782.1
2
153,445.7
-10.5
6
6
15.8
7
143,082.6
14.7
-5.2
8
3
130,987.3
13.5
-15.6
8
10
13.3
0.8
9
129,816.1
9
13.1
-3.5
10
127,336.5
11.2
4.2
13
108,829.6
11
17
12
98,789.4
10.2
5.4
13
11
6.4
-4.1
62,715.4
14
26
51,569.2
5.3
3.0
15
5.0
3.8
32
49,072.6
4.3
2.1
16
27
41,681.6
17
39,443.7
-3.8
12
4.1
31,853.7
25
18
3.3
1.0
1.4
19
29
31,604.7
3.3
20
16
28,690.5
3.0
-1.8
21
64
28,251.0
2.9
2.6
-2.4
22
14
28,045.2
2.9
23
2.6
2.6
25,090.2
44
24
24,258.8
2.5
1.9
25
365*
23,935.6
2.5
2.5
973,708.8
100.0

29.7%
4.1%

0.5 +42
191
147
0.4 +4
-6
167
0.4
154
0.4 +27
162
0.4 +11
146
0.4
-9
186
0.5 +36
91
0.2 +2
0.2 +3
79
203
0.5 +16
0.3 +2
107
46
0.1 +17
0.1 +21
58
0.2 +3
61
64
0.2 +27
19
0.0 +13
13
0.0 +7
0.1 +7
33
23
0.1 +1
48
0.1 +14
62
0.2 +21
50
0.1 +27
0.1 -17
41
1
0.0 +1
22
0.1 +11
18 072
18,072
+1 258
+1,258
7.5%
2.0%
34.0%
-2.6%
Any European Involvement Announced (AD21)
Financial Advisor
Morgan Stanley
Goldman Sachs & Co
JP Morgan
Deutsche Bank AG
Credit Suisse
UBS
Lazard
Citi
Rothschild
BNP Paribas SA
Societe Generale
Barclays Capital
Nomura
Blackstone Group LP
Evercore Partners
HSBC Holdings PLC
RBC Capital Markets
Credit Agricole CIB
Mediobanca
Macquarie Group
RBS
Ondra Partners
Greenhill & Co, LLC
VTB Capital
Industry Total
Jan 1 2010 Dec 31 2010

183
1.1 +43
137
-2
0.8
156
0.9 +1
138
0.8 +15
0.9 +15
160
136
0.8 -11
178
1.0 +32
81
0.5
-1
74
0.4 +3
200
1.2 +15
103
0.6 +3
46
0.3 +17
53
0.3 +16
59
0.3 +23
19
0.1 +13
13
0.1 +7
55
0.3 +2
0.2 +11
31
48
0.3 +14
0.4 +21
62
47
0.3 +27
39
0.2 -17
1
0.0 +1
0.1 +11
20
0.1 +16
17
16,956
+1,105
7.0%
2.0%
Any EMEA Involvement Completed (AF53)
Financial Advisor
Morgan Stanley
Goldman Sachs & Co
Credit Suisse
Citi
UBS
Deutsche Bank AG
JP Morgan
Lazard
Barclays Capital
Rothschild
BNP Paribas SA
HSBC Holdings PLC
RBS
Houlihan Lokey
Greenhill & Co, LLC
Societe Generale
Credit Agricole CIB
RBC Capital Markets
Mediobanca
Blackstone Group LP
UniCredit Group
Industry Total

Market
Rank Value Market
2010 2009
Rank Rank
1
174,940.8
24.1
6
-4.5
5
2
-5.1
169,928.7
23.5
3
2
166,733.2
23.0
-7.0
4
1
-13.5
145,878.8
20.1
140,620.3
19.4
-9.8
5
3
-7.1
18.4
6
7
133,351.9
7
-11.7
123,796.1
4
17.1
8
107,264.0
8
14.8
-9.3
9.3
105,954.3
9
19
14.6
10
94,716.5
-0.2
11
13.1
9
69,919.5
-14.1
11
9.7
9.0
12
10
65,474.9
-6.5
13
18
57,130.4
7.9
2.5
20
14
43,494.7
1.4
6.0
81
15
5.1
4.9
37,021.9
16
4.9
-1.9
35,329.3
16
17
17
34,895.2
4.8
-1.8
2.0
27
30,408.7
4.2
18
1.5
26
3.9
19
28,222.5
20
3.5
25,617.9
3.5
21
25,567.3
15
3.5
-3.4
47
24,631.4
22
3.4
3.0
34
22,648.8
3.1
23
1.9
22
24
20,972.5
2.9
-0.8
2.0
-0.1
25
28
14,311.8
724 676 0
724,676.0
100 0
100.0

-9.8%
-13.5%
Jan 1 2010 Dec 31 2010

1.0 +35
151
0.8
-4
116
117
0.8
-9
0.5 -16
68
107
0.7 -29
0.8 -17
109
0.8 -40
123
1.1 +18
155
51
0.4 +22
175
1.2 +12
0.4 -39
54
78
0.5 -21
47
0.3 +4
40
0.3 -14
0.3 +2
38
0.1 +6
17
29
0.2 +2
32
0.2
-3
0.2 +5
26
5
0.0 +5
41
0
0.3
0.1
-5
12
12
0.1 +4
9
0.1 +3
0.3 +13
46
14 494
14,494
+740
5.4%
-3.6%
Any European Involvement Completed (AF3)
Financial Advisor
Goldman Sachs & Co
Credit Suisse
Morgan Stanley
Citi
Deutsche Bank AG
UBS
JP Morgan
Lazard
Rothschild
Barclays Capital
BNP Paribas SA
HSBC Holdings PLC
RBS
Houlihan Lokey
Greenhill & Co, LLC
Societe Generale
Credit Agricole CIB
RBC Capital Markets
Mediobanca
Blackstone Group LP
UniCredit Group
Banco Espirito Santo SA
Industry Total

Market
Rank Value Market
2010 2009
Rank Rank
-4.3
167,880.4
1
4
25.2
2
2
166,228.2
-6.0
24.9
156,084.1
23.4
3
6
-4.8
145,276.0
21.8
1
-12.8
4
-6.5
19.6
5
7
130,717.0
6
3
121,709.7
18.2
-11.8
17.5
-11.3
7
5
116,609.2
-10.7
8
8
14.6
97,609.6
0.4
9
11
94,673.7
14.2
19
10
8.5
91,235.3
13.7
-14.4
11
9
65,568.1
9.8
12
10
-8.1
54,774.9
8.2
18
45,001.1
6.7
13
1.4
43,494.7
20
14
6.5
2.0
15
5.3
81
36,822.5
5.5
16
16
34,996.9
-1.9
5.2
17
17
34,895.2
-1.8
5.2
18
30,408.7
4.6
2.3
26
26,776.7
4.0
19
28
1.8
3.8
20
3.8
25,617.9
3.8
21
25,567.3
15
-3.5
34
2.0
22
22,316.4
3.3
23
3.1
22
20,602.2
-0.7
27
14,311.8
2.1
-0.2
24
25
77
13,703.5
1.9
2.1
100.0
667,636.5

10
-12.5%
-11.2%
Imputed Fees (US$m)

Market
Advisor Market
584.3
4.8
0.9
743.5
6.1
0.1
488.9
4.0
0.1
261.6
2.2
0.7
392.9
0.8
3.2
335.5
2.8
0.5
520.1
4.3
1.8
532.9
0.7
4.4
230.6
0.6
1.9
552.9
4.6
1.0
242.5
2.0
1.4
200.1
1.7
0.4
106.5
0.9
0.0 120.9
0.1
1.0
0.6
70.1
0.1
69.6
0.2
0.6
0.3
94.7
0.8
66.3
0.2
0.6
94.2
0.2
0.8
14.7
0.1
0.1
83.3
0.7
0.2
97.9
0.6
0.8
65.4
0.2
0.5
0.5
80.7
0.7
0.6
0.2
74.8
12 152 9
12,152.9
100 0
100.0
12.4%
8.5%
Jan 1 2010 Dec 31 2010

112
0.8
-3
-5
115
0.8
1.0 +41
145
0.5 -14
63
0.7 -19
101
100
0.7 -24
116
0.8 -31
149
1.1 +14
173
1.3 +13
0.3 +22
48
51
0.4 -36
0.5 -14
76
0.3 +2
42
0.3 -15
38
0.2 +1
34
0.1 +7
16
29
0.2 +2
0.2
-3
32
23
0.2 +6
0.0 +5
5
0
41
0.3
0.1 +3
11
0.1 +3
8
46
0.3 +13
26
0.2 +8
+679
13,821
5.2%
-3.3%
Imputed Fees (US$m)

Advisor Market
Market
731.7
0.1
6.4
478.5
0.1
4.2
544.8
4.8
1.2
2.2
0.6
250.9
318.4
2.8
0.6
352.1
3.1
0.8
481.1
4.2
1.6
0.1
465.3
4.1
1.0
4.8
543.3
0.6
209.6
1.9
1.3
232.8
2.1
185.9
1.6
0.5
0.1
96.5
0.9
1.1
119.7
0.1
66.7
0.1
0.6
0.2
67.3
0.6
94.7
0.8
0.3
66.3
0.6
0.1
0.2
90.2
0.8
0.1
0.1
14.7
0.7
83.3
0.3
61.9
0.6
0.2
0.5
75.8
0.7
74.8
0.7
0.3
0.3
31.6
0.1
11,353.8
100.0
12.1%
10.5%
EMEA Rankings
Any UK Involvement Announced (AD32)
Financial Advisor
JP Morgan
Morgan Stanley
Goldman Sachs & Co
UBS
Rothschild
Credit Suisse
Deutsche Bank AG
Citi
BNP Paribas SA
Barclays Capital
Nomura
Lazard
Blackstone Group LP
Societe Generale
Ondra Partners
RBC Capital Markets
RBS
Evercore Partners
HSBC Holdings PLC
Macquarie Group
Lexicon Partners
Greenhill & Co, LLC
Industry Total

Rank Value Market
Market
2010 2009
Rank Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
9
3
6
4
16
10
2
5
1
23
8
20
7
19
115*
18
15
36
121
11
48
44
77
34

114,451.7
94,958.3
76,677.2
74,875.0
73,991.8
66,126.2
65,611.4
61,739.1
61,111.3
46,121.8
39,502.9
34,784.2
34,082.8
30,091.6
29,612.3
25,090.2
21,571.7
18,173.1
16,861.0
12,602.9
11,613.4
10,686.3
7,545.3
7,410.6
5,251.2
336 590 3
336,590.3
Financial Advisor
BNP Paribas SA
Societe Generale
Morgan Stanley
JP Morgan
Goldman Sachs & Co
Rothschild
Deutsche Bank AG
Credit Suisse
Nomura
Lazard
Blackstone Group LP
Ondra Partners
UBS
Credit Agricole CIB
Evercore Partners
Barclays Capital
Macquarie Group
HSBC Holdings PLC
RBS
Citi
RBC Capital Markets
Greenhill & Co, LLC
Jefferies & Co Inc
Hawkpoint Partners
Industry Total
17.1
-15.5
1.1
-20.9
18.0
4.8
-27.6
-19.3
-29.7
12.7
-6.1
9.1
-10.1
7.3
8.8
7.5
4.6
-3.2
4.4
3.7
-8.2
2.8
1.8
2.1
1.0
52.7%
-49.1%
Any UK Involvement Completed (AF39)
Jan 1 2010 Dec 31 2010

Rank Value Market
Market
2010 2009
Rank Rank

2.1 +31
79
58
1.6 +25
1.5 +14
56
1.7 +12
65
89
2.4 +37
0.8 +8
30
1.7 +15
62
27
-1
0.7
35
0.9 +9
24
0.6 +16
0.9 +19
32
28
0.7 +14
56
1.5 +14
9
0.2 +7
7
0.2 +6
0.0 +1
1
16
0.4 +6
21
-4
0.6
15
0.4 +5
0.1 +4
5
0.9 +12
34
0.8 +22
30
18
0.5 +5
2
0.1 +1
15
0.4 +11
3 734
3,734
+340
Financial Advisor
Credit Suisse
UBS
Citi
Morgan Stanley
Barclays Capital
JP Morgan
Deutsche Bank AG
Goldman Sachs & Co
Lazard
RBS
HSBC Holdings PLC
Rothschild
Houlihan Lokey
RBC Capital Markets
BNP Paribas SA
Greenhill & Co, LLC
Mediobanca
Societe Generale
Nomura
Hawkpoint Partners
Gleacher & Co Inc
Industry Total
10.0%
-5.4%

Jan 1 2010 Dec 31 2010

Rank Value Market
Market
2010 2009
Rank Rank
2
16.5
1
79,133.8
47.7
38.5
63,941.2
2
3
11.7
60,095.7
23.1
3
12
36.2
3.4
60,041.7
4
1
36.2
5
8
58,794.3
35.4
14.8
6
9.9
6
53,867.5
32.5
10
45,843.2
27.6
9.7
7
5
36,767.9
22.2
8
-0.9
9
14.4
16.9
21
28,032.7
15.9
10
4
-8.0
26,411.3
25,281.4
15.2
14.7
11
40
25,090.2
15.1
15.1
12
14
4.0
13
20,990.3
12.7
11.6
1.9
14
13
19,289.0
7.5
15
18
19,259.8
11.6
16
10.9
3.6
16
18,142.9
46
17
15,855.1
9.4
9.6
7
12,752.7
18
7.7
-14.1
19
80
7.3
7.3
12,175.5
11
6.7
20
11,108.8
-10.1
9
21
7,001.5
4.2
-14.2
22
6,893.0
31
4.2
3.3
6,041.2
3.6
3.6
23
24
2,895.6
1.7
0.9
33
1.6
1.6
25
75*
2,614.5
100.0
165,987.4

* tie
34.0
28.2
22.8
22.3
22.0
19.7
19.5
18.3
18.2
13.7
11.7
10.3
10.1
8.9
8.8
7.5
6.4
5.4
5.0
3.7
3.5
3.2
2.2
2.2
1.6
100 0
100.0
39.9%
-33.7%
Any French Involvement Announced (AD33)

* tie
Jan 1 2010 Dec 31 2010
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
2
4
1
3
13
8
6
10
7
16
17
5
11
48
20
12
15
33
84
29
96*
22
30
14
71,019.3
70,126.2
67,139.6
64,634.7
59,250.7
58,810.1
58,671.2
51,622.7
41,671.3
30,767.9
28,197.4
27,911.5
26,816.3
24,410.9
21,418.0
21,067.1
14,448.3
12,751.5
8,832.3
6,114.3
4,860.3
4,522.1
4,476.5
4,306.2
3,690.5
233 070 9
233,070.9
30.5
30.1
28.8
27.7
25.4
25.2
25.2
22.2
17.9
13.2
12.1
12.0
11.5
10.5
9.2
9.0
6.2
5.5
3.8
2.6
2.1
1.9
1.9
1.9
1.6
100 0
100.0
-23.9
-13.8
-27.3
-17.4
17.3
6.1
-7.1
9.3
-6.1
8.9
9.2
-24.2
1.4
10.2
9.2
7.6
-2.6
-0.6
3.3
2.5
1.5
1.9
0.8
1.3
-5.0
-5.3%
-17.9%

40
0.1
-1
48
0.2 +10
23
0.1 -10
0.2 +24
51
27
0.1 +18
0.2 +8
52
23
0.1
-7
46
0.2 +16
50
0.2 +8
22
0.1 +2
27
0.1 +14
21
0.1
-4
75
0.3 +28
12
-1
0.0
3
0.0 +3
14
0.0 +6
0.1 +7
16
0.0 +3
5
6
0.0
-1
12
0.0 +9
5
0.0
0
5
0.0 +3
0.1 +11
20
22
0.1 +3
2
0.0
-3
3 010
3,010
+206

3.1 +9
64
1.3 +6
28
20
1.0
-7
27
1.3 +4
16
0.8
-4
64
3.1 +7
35
1.7 +16
0
1.0
21
11
0.5 +4
53
2.5 +13
0.1 +1
3
0.0 +1
1
1.3 +3
28
36
1.7 +10
0.1
2
0
6
0.3 +2
0.7 +13
15
11
0.5
-3
0
0.4
8
-9
8
0.4
-8
5
0.2
0.2 +2
4
2
0.1 +2
5
0.2 +3
10
0.5 +5
2,079
+250
Financial Advisor
BNP Paribas SA
JP Morgan
Rothschild
Deutsche Bank AG
Lazard
Goldman Sachs & Co
Barclays Capital
Credit Agricole CIB
Morgan Stanley
Societe Generale
Credit Suisse
Citi
HSBC Holdings PLC
RBS
UBS
RBC Capital Markets
Jefferies & Co Inc
Hawkpoint Partners
Ernst & Young LLP
Gruppo Banca Leonardo
Nomura
Itau Unibanco
Banco Standard De Investimento
Industry Total
13.7%
-7.1%

11

Market
Rank Value Market
2010 2009
Rank Rank
31,322.7
-29.7
1
1
29.5
26,723.5
2
25.1
2
-22.6
5
26,442.3
-12.4
3
24.9
6.6
4
11
24,960.0
23.5
5
23,615.5
4
22.2
-15.6
20.0
21,283.5
10.2
6
15
7
19.2
27
17.8
20,383.0
20,061.8
6.9
8
14
18.9
10
20,011.9
18.8
-1.1
9
18,053.2
7
17.0
-15.2
10
11
16.3
-14.0
8
17,309.7
14,694.1
6
-22.1
13.8
12
12
12,083.2
13
-5.1
11.4
14
10,254.6
7.6
9.7
21
9,477.8
15
8.9
8.9
16
9
8,847.6
8.3
-17.2
17
3
7,080.3
-36.6
6.7
18
29
5,298.4
5.0
4.2
31
19
2,895.6
1.9
2.7
20
90*
2,653.5
2.5
2.5
2,616.3
21
41
2.5
2.1
2,032.2
1.9
1.5
22
42
23
1,929.8
1.8
22
-0.1
24*
18
1,777.4
1.7
-1.7
24*
20
1,777.4
1.7
-0.6
106,315.7
100.0
-5.1%
20.2%
40.2%
1.2%
7.3%
-7.2%
Any French Involvement Completed (AF40)
Imputed Fees (US$m)

Market
Advisor Market
0.5
177.8
4.5
0.3
168.8
4.3
1.3
92.4
2.3
184.8
4.7
1.6
102.8
2.6
1.4
0.5
231.1
5.8
95.7
2.4
0.0 243.1
6.1
0.1
180.7
4.6
0.5
0.2
71.8
1.8
49.1
1.2
0.3
102.1
2.6
1.4
226.8
5.7
2.0
27.6
0.7
0.4
7.5
0.2
0.2
50.3
0.8
1.3
37.6
1.0
0.6
54.7
1.1
1.4
60.6
1.5
1.1
1.0
39.7
0.9
13.0
0.0 0.3
14.0
0.4
0.4
0.6
0.1
25.5
0.1
32.6
0.8
0.7
0.2
5.9
3 962 8
3,962.8
100 0
100.0
Jan 1 2010 Dec 31 2010

39
2.2 -12
17
0
1.0
3.2
56
-1
1.0 +3
18
2.4 +3
42
1.1 +7
19
0.3 +5
6
29
1.6 +1
1.2 +11
22
21
1.2 +2
1.2 +6
21
10
-4
0.6
-6
6
0.3
7
-1
0.4
2
0.1 +2
20
1.1 +1
5
0.3 -14
3
0.2 +1
5
0.3 +3
11
0.6 +9
14
0.8 +3
7
0.4 +5
0.5 +3
9
1
0.1
-2
1
0.1
-1
1,767
+154
9.5%
-8.7%
Imputed Fees (US$m)

Market
Advisor Market
5.2
100.8
2.7
4.7
0.2
89.8
0.3
172.7
9.0
0.1
2.6
50.4
5.9
1.0
112.7
1.9
4.8
91.9
1.6
1.8
34.6
3.0
0.9
58.1
2.5
92.4
4.8
0.9
3.2
60.6
1.3
100.4
5.2
1.7
1.5
33.0
27.1
1.4
0.6
36.9
1.3
1.9
2.1
2.1
40.9
2.3
44.6
1.0
17.2
0.9
4.4
0.7
0.8
15.4
26.4
0.9
1.4
0.8
0.7
14.5
0.1
0.0 1.7
0.5
13.2
0.7
0.7
1.2
13.9
6.2
0.3
0.2
2.9
0.1
0.2
1,923.5
100.0
17.3%
8.9%
EMEA Rankings
Any Spanish Involvement Announced (AD34)
Financial Advisor
Morgan Stanley
Deutsche Bank AG
Societe Generale
Lazard
Credit Suisse
Goldman Sachs & Co
UBS
Mediobanca
Citi
KPMG
BBVA
Credit Agricole CIB
Santander
Nomura
Caixa Geral de Depositos
JP Morgan
BNP Paribas SA
Allied Irish Banks PLC
Natixis
William Blair & Co
Rothschild
Deloitte
Industry Total

Market
Rank Value Market
2010 2009
Rank Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22*
22*
24
25
8
5
22
9
7
11
6
13
10
4
20
24
3
23
2
39*
21
1
14
15
33

43,728.9
37,824.0
29,442.1
25,011.3
22,999.6
20,348.3
19,863.0
17,475.7
17,233.4
15,835.0
12,742.9
11,689.3
11,564.5
10,753.4
10,545.2
10,108.3
9,909.5
9,230.4
7,111.0
5,735.6
5,533.8
4,015.6
4,015.6
3,575.3
2,524.1
123 366 3
123,366.3
8.8
1.0
21.8
-5.5
-8.7
-4.1
-11.9
2.2
-10.8
-17.8
7.4
7.5
-28.4
6.7
-30.2
8.0
5.7
-32.0
5.8
-6.3
4.5
3.3
3.3
-7.5
1.6
-27.5%
65.8%
Any Spanish Involvement Completed (AF41)
Jan 1 2010 Dec 31 2010

Market
Rank Value Market
2010 2009
Rank Rank

2.2 +13
26
20
1.7 +7
1.2 +11
14
18
1.5 +8
1.0 +2
12
0.7
8
0
11
0.9
0
10
0.9
-5
1.0 +6
12
13
1.1 +1
18
1.5 +14
-3
29
2.5
18
1.5 +6
0.3
3
0
22
1.9 +5
7
0.6 +5
0.3 +1
4
-6
1.1
13
0.1 +1
1
0.3 -13
2
0.2 +2
1
0.1 +1
0.1 +1
1
11
0.9 +1
2.2 +14
26
1 167
1,167
+143
Financial Advisor
UBS
Morgan Stanley
Mediobanca
Societe Generale
Citi
Credit Suisse
Caixa Geral de Depositos
Credit Agricole CIB
JP Morgan
BNP Paribas SA
Rothschild
Santander
Goldman Sachs & Co
Deutsche Bank AG
Lazard
RBC Capital Markets
Violy & Co
Tegris Advisors
DC Advisory Partners
Deloitte
Barclays Capital
KPMG
Industry Total
14.0%
11.9%

Jan 1 2010 Dec 31 2010

Rank Value Market
Market
2010 2009
Rank Rank
1
2
31,826.7
-11.8
33.3
29,697.3
2
31.0
1
-14.6
18.0
3
7
17,245.6
-8.3
4
8
16,865.3
17.6
-1.9
-0.4
16.2
15,467.5
5
9
25
15,065.4
14.5
6
15.7
14,458.6
15.1
7
3
-29.2
8
81
7,753.0
8.1
8.1
9
7,625.0
8.0
8.0
7,144.0
15
10
7.5
1.1
7.3
-0.9
7,010.5
11
11
6,869.0
12
7.2
7.2
6,635.9
6.9
6.7
13
36
6,410.0
6
6.7
-26.6
14
4.9
15
22
5,884.4
6.2
6.0
5,723.5
14.5
16
4
17
5,370.0
5.6
84*
-29.2
18
28
8.1
4,931.3
5.2
8.0
19
16
3,058.0
3.2
20
2,563.1
1.1
5
2.7
21
1,932.1
2.0
-0.9
1,136.1
1.2
7.2
13
22
23
1,108.9
1.2
6.7
12
953.1
1.0
-26.6
24*
54
953.1
1.0
4.9
24*
95,709.0
100.0

* tie
35.5
30.7
23.9
20.3
18.6
16.5
16.1
14.2
14.0
12.8
10.3
9.5
9.4
8.7
8.6
8.2
8.0
7.5
5.8
4.7
4.5
3.3
3.3
2.9
2.1
100 0
100.0
56.9%
-8.7%
Any German Involvement Announced (AD35)
Financial Advisor
Goldman Sachs & Co
Deutsche Bank AG
Lazard
JP Morgan
Credit Suisse
Morgan Stanley
HSBC Holdings PLC
Blackstone Group LP
Barclays Capital
BNP Paribas SA
Rothschild
RBS
UBS
Societe Generale
Commerzbank AG
Ernst & Young LLP
Citi
Evercore Partners
Nomura
UniCredit Group
Gresham Partners
Macquarie Group
Industry Total
Jan 1 2010 Dec 31 2010
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20*
20*
22
23
24
25
9
15
6
18
5
26
14
31*
28
11
2
8
20
1
4
13
3
22*
35
34
24*
7
19,015.7
18,842.1
15,863.9
15,387.5
15,172.3
13,357.6
11,289.2
11,056.5
10,691.5
10,601.7
8,929.9
7,262.8
7,111.0
6,655.2
5,960.5
5,767.2
4,941.2
2,971.9
2,337.9
2,220.0
2,220.0
2,038.1
1,746.1
1,662.1
1,370.3
70 624 5
70,624.5
26.9
26.7
22.5
21.8
21.5
18.9
16.0
15.7
15.1
15.0
12.6
10.3
10.1
9.4
8.4
8.2
7.0
4.2
3.3
3.1
3.1
2.9
2.5
2.4
1.9
100 0
100.0
-3.5
11.1
-12.9
13.6
-25.9
17.8
-5.6
15.1
14.2
-12.7
-50.7
-20.4
10.1
4.4
-55.2
-40.5
-14.9
-44.9
0.9
3.1
3.1
2.7
2.2
0.5
-29.7
-30.5%
-2.7%

12
1.3 +5
16
1.7 +11
9
1.0 +1
0.5 +2
1.5 +4
14
1.6 +12
15
0.7
-3
5
0.5 +3
-2
0.2
2
3
0.3 -10
1.4 -10
13
-1
9
1.0
0.1 +1
1
12
1.3 +6
-2
20
2.2
10
-2
1.1
1.0
0
9
1.2
-5
11
3
0.3 +2
0.1 +1
1
1
0.1 +1
10
1.1 +1
24
2.6 +12
0.2 +1
2
-6
24
2.6
919
+49

Market
Rank Value Market
2010 2009
Rank Rank
1
2
50,636.7
50.4
1.4
2
27.6
1
27,798.0
-24.2
18,165.1
18.1
-13.6
3
7
5
4
18,009.8
-14.5
17.9
5
-18.7
4
15,670.9
15.6
6
14
15,365.2
15.3
3.5
7
14,695.7
14.6
12
1.2
9
8
14,595.5
14.5
-6.2
12,688.4
12.6
9
8
-10.7
10.1
10,111.8
10
4.8
24
13
9,126.1
9.1
11
-3.3
12
8,798.8
8.8
6
-23.0
7,625.0
39
13
7.6
7.0
21
14
7.5
-0.3
7,531.2
7.0
-1.0
19
7,023.9
15
6,869.0
6.8
6.8
16
17
3
5,702.9
5.7
-31.5
16
5,701.4
-5.5
18
5.7
4.9
4,931.3
-10.2
19
11
4.1
17
-6.2
20
4,138.4
1,648.9
1.6
-6.8
21
18
1.3
1.3
22
1,338.7
1.2
10
1,244.1
-19.3
23
0.6
24
49*
581.6
0.4
0.6
54
556.9
0.5
25
100.0
100,561.1

1.0 -18
20
1.6 -18
31
22
1.1
-1
-3
17
0.9
14
0.7 +2
9
0.5 +1
23
1.2 -12
-1
6
0.3
2
0.1 +2
2
0.1 +1
0.2
-4
4
1
0.1 +1
0.5 +6
9
1.0 -13
20
2
-1
0.1
8
0.4 -18
4
0.2 +3
10
0.5
0
24
1.2
-3
0.4
-2
2
0.1 +2
7
0.4 +1
0.7
-1
13
0.1 +1
0.2 +1
4
-10
1,955
Financial Advisor
Goldman Sachs & Co
Deutsche Bank AG
UBS
JP Morgan
Morgan Stanley
Credit Suisse
Lazard
Barclays Capital
UniCredit Group
Rothschild
Blackstone Group LP
RBS
BNP Paribas SA
Citi
Nomura
Commerzbank AG
Ernst & Young LLP
ING
Duff and Phelps
KPMG
Jones Lang LaSalle Inc
Jefferies & Co Inc
Industry Total
-0.5%
3.8%

12
-12.7%
-17.8%
-4.2%
23.4%
5.6%
-4.6%
Any German Involvement Completed (AF42)
Imputed Fees (US$m)

Advisor Market
Market
45.8
4.2
1.5
57.3
5.3
3.6
2.2
1.4
23.5
2.0
22.0
1.4
4.4
47.7
1.4
2.3
1.6
24.6
38.4
0.9
3.6
10.3
0.8
1.0
9.4
0.9
0.5
10.7
1.0
4.5
37.6
5.4
3.5
36.3
0.4
3.4
19.5
1.8
1.8
25.8
0.7
2.4
24.1
4.2
2.2
33.1
3.1
6.7
30.0
2.8
1.6
28.7
2.7
1.7
16.4
1.5
1.1
4.4
0.4
0.4
15.5
1.4
1.4
12.2
1.1
0.4
16.2
1.5
1.2
.2
0.0
1.3
2.9
0.3
0.1
1 078 5
1,078.5
100 0
100.0
Jan 1 2010 Dec 31 2010

19
1.2 -12
2.3 -12
36
9
0.6 -17
0.8 -10
13
1.3
21
-8
2
0.1
0
7
-5
0.4
-2
0.7
11
-6
0.9
15
4
-2
0.3
0.6 +1
10
-7
19
1.2
0
1
0.1
0.2
3
0
0.6 +6
9
1
0.1 +1
-3
6
0.4
6
0.4 +1
0.5
-5
8
-3
1.3
21
-1
0.1
2
2
0.1 +2
-8
23
1.4
0.3 +3
4
-3
4
0.3
1,592
-15
Imputed Fees (US$m)

Advisor Market
Market
13.2
3.5
192.5
100.1
6.9
1.6
2.5
36.5
3.4
5.2
1.2
76.1
0.6
93.0
6.4
3.1
3.0
45.1
60.5
4.2
2.1
40.2
2.8
1.3
75.5
5.2
1.5
18.5
1.3
0.5
23.0
1.6
0.8
50.7
3.5
0.5
18.7
1.3
1.2
19.8
1.4
0.6
0.7
1.2
16.7
0.9
12.7
0.9
2.6
15.7
1.1
1.0
14.7
0.7
0.3
17.1
1.2
3.4
0.2
0.0 6.1
0.4
0.3
5.7
0.4
0.4
0.1
6.3
0.4
0.6
0.5
9.0
0.1
0.6
8.5
100.0
1,457.2
-0.9%
0.0%
-14.7%
-19.5%
EMEA Rankings
Any Italian Involvement Announced (AD36)
Financial Advisor
Deutsche Bank AG
Goldman Sachs & Co
Morgan Stanley
Credit Suisse
Lazard
Citi
UBS
EFG Hermes
Mediobanca
JP Morgan
Intesa SanPaolo
UniCredit Group
Rothschild
BNP Paribas SA
Santander
Nomura
Deloitte
Tamburi & Associati
KPMG
Credit Agricole CIB
HSBC Holdings PLC
WGZ-Bank WestdeutscheGenossen
BBVA
Industry Total

Rank Value Market
Market
2010 2009
Rank Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
40
8
5
3
7
9
10
16
1
4
2
15
13
12
6
27
58*
24
19
14
25
17
11

31,509.8
29,881.2
27,187.4
24,212.1
24,014.9
23,956.3
21,589.1
20,655.4
12,776.0
10,940.8
6,661.2
4,336.4
3,370.4
2,876.6
2,136.0
1,876.3
1,261.4
1,119.4
1,076.1
1,038.0
965.5
947.8
911.7
587.5
506.7
57 0
57.0
60,301.6
22.2
14.7
7.1
9.9
10.8
11.3
31.1
34.3
-33.2
-19.6
-27.3
1.0
-3.7
4.8
-8.5
-28.0
1.3
1.9
-0.1
1.7
-2.0
-5.1
0.5
-3.1
0.8
-24.1
24 1
44.8%
27.7%

12
1.4 +3
9
1.1 +3
15
1.8 +2
1.2 +2
10
3.0 +7
25
8
1.0 +4
4
0.5
0
0.1 +1
1
6.1 +15
51
1.1
-2
9
27
3.2 -10
25
3.0 +3
19
2.3
-6
0.7 +6
6
1.5
-8
13
5
-1
0.6
5
0.6 +3
4
0.5 +3
1.3 +4
11
0.1 +1
1
1.8 -11
15
-4
0.2
2
0.2 +1
2
0.2
-2
2
1
0.1 +1
3
0 4 +1
0.4
841
-94
-10.1%
-3.4%
Jan 1 2010 Dec 31 2010

Rank Value Market
Market
2010 2009
Rank Rank
8
1
15,600.7
18.7
-0.4
11
12,454.2
14.9
1.8
2
12,102.3
14.4
14.5
3
64
-9.3
4
5
9,367.3
11.2
5.8
8.3
5
18
6,915.7
6,404.9
7.7
-24.8
6
2
-1.8
7
6,272.1
7.5
13
5,036.4
6.0
8
24
4.2
9
5.8
1
4,849.3
-31.1
-5.5
10
12
4,166.0
5.0
11
14
4,144.4
5.0
-1.5
4.8
-12.5
12
3,981.2
10
13
4
4.7
3,962.0
-17.9
4.4
2.1
14
19
3,701.9
15
31
3,674.1
4.4
3.4
3.0
16
44
2,727.4
3.3
17
21
2,563.4
3.1
1.1
23
18
3.0
1.2
2,479.9
19
2,331.4
2.8
89*
2.8
2.5
2.5
20
2,060.8
21
2.5
-16.6
6
2,051.6
22
36
2.3
1,920.5
1.7
23
29
1,865.0
2.2
1.1
25
24
1,819.1
2.2
0.6
2.1
25
89*
1,726.2
2.1
83,658.3
100.0

* tie
52.3
49.6
45.1
40.2
39.8
39.7
35.8
34.3
21.2
18.1
11.1
7.2
5.6
4.8
3.5
3.1
2.1
1.9
1.8
1.7
1.6
1.6
1.5
1.0
0.8
01
0.1
100.0
8.1%
207.4%
Any Nordic Involvement Announced (AD37)
Financial Advisor
Morgan Stanley
UBS
Citi
JP Morgan
Deutsche Bank AG
Goldman Sachs & Co
SEB Enskilda
BNP Paribas SA
Rothschild
Lazard
Carnegie
Credit Suisse
Jefferies & Co Inc
FIH Partners AS
ABG Sundal Collier
Nordea
DnB NOR BANK ASA
TD Securities Inc
HSBC Holdings PLC
KPMG
Pareto Securities
Danske Markets
First Securities ASA
Nomura
Industry Total
Jan 1 2010 Dec 31 2010
Any Italian Involvement Completed (AF43)
Financial Advisor
Mediobanca
Intesa SanPaolo
Morgan Stanley
Deutsche Bank AG
Goldman Sachs & Co
Rothschild
Lazard
Citi
UniCredit Group
Credit Suisse
BNP Paribas SA
KPMG
Santander
JP Morgan
Barclays Capital
Duff and Phelps
Nomura
Deloitte
Tamburi & Associati
Credit Agricole CIB
UBS
Piper Jaffray Cos
Macquarie Group
Industry Total
Jan 1 2010 Dec 31 2010

Rank Value Market
Market
2010 2009
Rank Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
1
5
4
9
7
16
3
8
17
6
12
22
10
2
51*
27
24
19
15
14
37

11,129.1
9,902.8
7,927.3
6,985.8
6,199.6
3,792.6
3,407.3
3,300.9
3,134.1
2,942.3
1,806.2
1,656.8
1,626.3
1,521.2
1,375.1
1,338.7
1,119.4
1,109.2
1,069.0
1,038.0
959.4
911.7
810.4
500.0
444.9
34 282 0
34,282.0
32.5
28.9
23.1
20.4
18.1
11.1
9.9
9.6
9.1
8.6
5.3
4.8
4.7
4.4
4.0
3.9
3.3
3.2
3.1
3.0
2.8
2.7
2.4
1.5
1.3
100 0
100.0
-23.7
-13.4
-19.9
-13.1
-16.0
5.6
-35.3
-24.2
3.9
-32.6
-12.0
1.6
-27.9
-43.0
4.0
3.9
3.3
2.2
0.8
3.0
-0.6
-5.3
-5.8
1.5
1.2
-26.9%
101.8%

36
5.3 +6
31
-6
4.6
2.5 +8
17
9
1.3 +1
1.3 +5
9
-4
16
2.4
26
3.9 +10
0.9 +1
6
17
2.5 +1
0.9 +1
6
0.9 -10
18
2.7
-6
4
0.6 +1
-8
0.6
0.4 +3
3
0.1 +1
1
0.6 +3
4
4
0.6 +2
0.9 +2
0.1 +1
1
3
0.4 +1
2
0
0.3
2
0.3
-2
1
0.1 +1
1
0
0.1
-67
673
67
Imputed Fees (US$m)

Market
Advisor Market
73.2
10.3
2.7
6.7
0.5
47.6
1.7
5.6
39.9
2.1
1.1
14.9
43.0
6.1
3.4
40.3
1.2
5.7
0.2
43.5
6.1
3.1
21.8
0.0 3.3
0.3
23.1
0.3
12.4
1.8
5.4
2.4
0.8
0.7
5.0
0.4
6.5
0.9
0.0 8.8
5.0
1.2
2.9
0.4
0.4
0.7
4.9
0.7
6.0
0.8
0.7
0.5
0.3
3.3
0.1
0.1
.6
1.3
0.2
0.2
0.4
0.0 2.7
.6
0.1
0.6
3.6
0.5
1.9
6.0
0.9
0.9
0.2
1.9
0.3
709 4
709.4
100 0
100.0
-9.1%
1.7%
-13.5%
37.6%
Any Nordic Involvement Completed (AF44)

0.9 +1
20
12
0.5
-4
11
0.5 +9
8
0.3 -11
8
0.3 +4
-2
8
0.3
34
1.5 +5
+4
0.2
5
-3
0.5
11
0.7 +6
16
22
0.9 +11
4
-4
0.2
0
6
0.3
6
0.3 +1
14
0.6 +5
19
0.8 +8
12
0.5
-3
-5
2
0.1
2
0.1
0
0.2 +5
5
25
1.1 +12
7
0.3 +2
20
0.9 +8
10
0.4 +1
7
0.3 +5
+368
2,341
Financial Advisor
JP Morgan
Morgan Stanley
UBS
Rothschild
Credit Suisse
SEB Enskilda
Lazard
ING
Carnegie
Deutsche Bank AG
Goldman Sachs & Co
Citi
BNP Paribas SA
FIH Partners AS
KPMG
Danske Markets
ABG Sundal Collier
Nordea
DC Advisory Partners
First Securities ASA
Greenhill & Co, LLC
Allen & Co Inc
HDR Partners
Industry Total
18.7%
12.3%

13

Market
Rank Value Market
2010 2009
Rank Rank
29.5
26.0
1
19
16,223.5
2
9
16,107.7
29.3
16.4
10,673.7
11.2
19.4
11
3
7,642.4
-3.5
13.9
4
4
12.0
-0.3
5
10
6,600.9
6
10.4
-5.9
5,733.4
6
15
5,712.4
10.4
4.0
7
8
5,588.9
10.2
-5.7
7*
9
33
5,331.9
9.7
7.8
10
16
4,436.5
8.1
2.0
-20.1
11
1
4,419.9
8.0
6.6
12
24
3,600.9
3.6
13
26*
3,268.9
6.0
3.4
14
32
2,480.3
4.5
2.1
-14.1
2,283.8
4.2
15
3
16
2
3.9
-15.9
2,160.2
17
3.4
0.3
23
1,860.0
3.2
1.8
18
37
1,761.5
-4.4
19
13
2.4
1,315.2
2.4
20
1,300.0
2.4
21
1,148.8
2.1
54*
1.9
49
22
915.8
1.4
1.7
1.5
23*
822.0
1.5
822.0
1.5
23*
1.5
25
768.4
1.4
1.4
54,965.2
100.0
42.2%
185.6%
Jan 1 2010 Dec 31 2010

9
0.5
-9
17
1.0 +1
0.4
-8
7
8
0.5
-8
4
0.2
-3
35
2.0 +7
11
0.6 +3
0.1 +1
2
19
1.1 +8
8
0.5 +4
6
0.3
-4
5
0.3 +4
1
0.1
0
12
0.7 +4
22
1.2 +11
5
0.3
0
16
0.9 +6
15
0.9 +6
12
0.7 +1
1
0.1 +1
3
0.2 +1
6
0.3
-1
2
0.1 +2
1
0.1 +1
2
0.1 +2
1,764
+238
15.6%
7.0%
Imputed Fees (US$m)

Advisor Market
Market
5.7
68.2
2.7
68.1
5.7
2.3
28.3
2.4
0.6
39.1
0.1
3.3
15.1
1.3
0.8
64.4
5.4
0.3
41.3
3.4
1.1
1.1
0.1
0.6
29.3
2.5
1.1
0.7
30.7
2.6
35.0
2.9
0.5
18.9
1.2
1.6
9.1
0.8
0.2
15.2
1.3
0.0 3.4
0.3
0.2
19.6
1.6
0.1
20.0
1.7
0.7
19.8
1.7
1.3
1.3
0.6
15.7
6.1
0.5
0.5
6.9
0.6
0.1
0.7
8.3
0.3
4.8
0.4
0.4
4.2
0.4
0.4
7.3
0.6
0.6
1,199.0
100.0
24.3%
98.8%
EMEA Rankings
Any Benelux Involvement Announced (AD40)
Financial Advisor
Citi
Morgan Stanley
Credit Suisse
Deutsche Bank AG
Lazard
JP Morgan
UBS
Goldman Sachs & Co
EFG Hermes
Rothschild
BNP Paribas SA
Barclays Capital
Moelis & Co
Houlihan Lokey
Allen & Co Inc
Evercore Partners
RBC Capital Markets
Duff and Phelps
Blackstone Group LP
Jefferies & Co Inc
Banco BTG Pactual SA
TD Securities Inc
KPMG
Industry Total
Jan 1 2010 Dec 31 2010

Rank Value Market
Market
2010 2009
Rank Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20*
20*
22
23
24
25
7
10
11
3
8
2
15
1
4
12
22
9
53
16
24
25
36
74
5

41,234.8
39,766.4
38,302.8
37,228.5
37,208.5
36,710.3
36,324.5
34,826.3
20,655.4
18,755.3
12,557.7
11,338.6
9,999.9
9,849.8
9,781.2
8,915.5
8,322.8
7,224.3
6,894.1
6,840.0
6,840.0
5,425.5
4,925.0
4,171.5
4,072.0
132 051 9
132,051.9
31.2
30.1
29.0
28.2
28.2
27.8
27.5
26.4
15.6
14.2
9.5
8.6
7.6
7.5
7.4
6.8
6.3
5.5
5.2
5.2
5.2
4.1
3.7
3.2
3.1
100 0
100.0
10.1
15.4
14.5
2.4
8.4
0.3
17.7
-4.5
15.6
-9.1
-4.2
5.6
7.6
-8.4
7.4
6.6
6.3
-2.1
2.8
5.2
2.9
2.9
3.7
3.2
-19.2
11.3%
96.3%

1.3 +11
21
1.8 +12
28
24
1.5 +8
24
1.5 +7
1.6 +5
26
30
1.9 +2
35
2.2 +26
20
1.3 -11
2
0.1 +2
19
1.2 -10
14
0.9 +8
21
1.3 +3
2
0.1 +2
0.7
-2
11
5
0.3 +5
5
0.3
-2
2
0.1 +2
2
0.1 +1
8
0.5 +6
1
0.1 +1
0.1
1
0
6
0.4 +1
1
0.1 +1
-1
2
0.1
3.6
-3
57
1 590
1,590
-383
383
2.8%
1.0%
Any Benelux Involvement Completed (AF47)
Financial Advisor
Morgan Stanley
Rothschild
Citi
Deutsche Bank AG
Credit Suisse
JP Morgan
UBS
Goldman Sachs & Co
Barclays Capital
Lazard
Moelis & Co
Houlihan Lokey
BNP Paribas SA
Allen & Co Inc
Evercore Partners
Duff and Phelps
Blackstone Group LP
RBS
UniCredit Group
KPMG
RBC Capital Markets
Nomura
Ernst & Young LLP
Industry Total
Jan 1 2010 Dec 31 2010

Rank Value Market
Market
2010 2009
Rank Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18*
18*
20
21
22
23
24
25

6
13
3
9
17
1
8
4
14
2
52
5
56
12
23
15
74
10
22
26
49
30,352.8
26,540.2
25,656.4
24,353.3
21,636.1
18,945.3
16,944.8
16,885.0
12,722.9
12,325.2
9,999.9
9,781.2
8,779.6
8,470.7
7,325.0
7,224.3
6,886.3
6,840.0
6,840.0
5,967.0
5,960.4
5,642.1
5,590.9
5,301.1
4,747.5
93 318 6
93,318.6
32.5
28.4
27.5
26.1
23.2
20.3
18.2
18.1
13.6
13.2
10.7
10.5
9.4
9.1
7.9
7.7
7.4
7.3
7.3
6.4
6.4
6.1
6.0
5.7
5.1
100 0
100.0
9.9
15.9
-4.1
5.3
16.4
-23.9
-3.1
-7.2
1.9
-30.3
10.7
10.5
9.1
-15.7
7.9
7.4
-10.0
7.3
4.5
-3.3
6.4
-14.0
3.0
3.8
4.7

2.2 +16
28
1.3
-4
16
12
0.9 +2
20
1.6 +4
1.6 +11
20
1.8 +4
23
1.3 +7
17
15
-9
1.2
0.8 +2
10
19
1.5 +4
0.2 +2
2
5
0.4 +5
0.3
-3
4
12
0.9
-9
1
0.1 +1
0.2 +1
2
8
-1
0.6
1
0.1 +1
1
0.1
0
9
0.7 -11
-1
4
0.3
54
4.3 +6
4
0.3 +2
4
0.3
-1
0.8 +1
10
1 266
1,266
-260
260
0.2%
-10.8%
-3.4%
54.7%
Imputed Fees (US$m)

Market
Advisor Market
100.7
6.3
4.2
72.7
0.5
4.5
63.7
4.0
0.1
5.0
80.0
1.9
63.7
4.0
2.8
103.6
6.4
0.7
67.6
2.1
4.2
101.7
6.3
1.9
54.2
3.4
0.7
45.6
2.8
1.7
11.5
0.7
0.7
24.4
1.5
1.5
1.3
0.8
20.9
29.4
1.8
0.1
13.4
0.8
0.8
0.6
12.5
0.8
25.0
1.2
1.6
7.9
0.5
0.5
7.0
0.4
0.1
29.0
1.8
0.3
12.5
0.8
0.7
7.0
0.4
0.0 1.2
0.7
18.8
0.4
0.0 7.0
2.5
0.2
0.2
1 610 6
1,610.6
100 0
100.0
18.6%
20.0%
* tie
Top 10 European Involvement Announced M&A Advisors by Target Industry (AD21)
Jan 1 2010 Dec 31 2010
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Morgan Stanley
Goldman Sachs & Co
JP Morgan
Deutsche Bank AG
Credit Suisse
UBS
Lazard
Citi
Bank of America Merrill

Lynch
Consumer Staples
Energy and Power
Financials
Healthcare
High Technology
Industrials
Materials
Real Estate
Retail
Telecommunications
14
Rothschild
Asia Pacific (ex-Japan) M&A

Asian M&A Reaches All Time High I Deal Fees Up 41% I Australian M&A More Than Doubles
Asia Pacific (ex-Japan) Deals Intelligence
Asian Completed M&A by Region - Imputed Fees
In 2010, Asian M&A activity reached a record-high US$474.6 billion, a 48.2% increase from US$320.2 billion recorded
last year and a 10.9% increase from the previous high recorded in 2007. Fourth quarter activity included the largest
Malaysian deal in history, the US$10.9 billion competing offer by Jelas Ulung to acquire Plus Expressways, which
topped the US$10.2 billion offer from state-owned Employees Provident Fund Board and UEM Group.
North Asia
$0.7
South Asia
Southeast Asia
$0.6
Fees earned for the year amounted to US$4 billion, up 40.5% from the US$2.8 billion recorded last year, according to
Thomson Reuters/Freeman Consulting. Morgan Stanley earned the most fees with US$192.4 million. UBS and
Goldman Sachs followed with US$142.2 million and US$137.1 million, respectively.
M&A activity in Australia totalled US$164.4 billion, more than doubling from the US$68.8 billion recorded last year. This
was the largest recorded volume since 2007.
$0.5
Imputed Fees (US$b)
China cross border activity amounted to US$80.7 billion, a 21.2% rise from the US$63.6 billion recorded in 2009.
Outbound activity reached US$55.6 billion, with US$26 billion being invested in the Energy & Power industry. Inbound
activity totalled US$25.1 billion.
Australasia
China Cross Border Announced M&A

$50
$0.4
$0.3
$0.2
100%
Outbound (US$b)
$0.1
Inbound (US$b)
% of Cross Border is Outbound
$40
80%
$0.0
60%
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
Energy and Power

Deutsche Bank AG
Credit Suisse
Financials
Morgan Stanley
UBS
Credit Suisse
Materials
UBS
JP Morgan
Credit Suisse
Rank Val US$m

88,582.1
20,033.2
17,259.9
16,425.6
86,732.3
13,055.5
12,602.2
12,459.7
80,798.7
9,211.7
7,687.6
7,644.6
Top Ten Any Asia (ex-Japan) Involvement Announced Deals

Rank Date
12/20/2010
2/15/2010
10/15/2010
7/30/2010
10/25/2010
10/1/2010
8/16/2010
3/5/2010
11/29/2010
3/19/2010
Date Effective
Pending
6/8/2010
Intended
10/29/2010
Pending
12/28/2010
Pending
10/16/2010
Pending
5/12/2010
Zain Africa BV (100%)
EDF Energy-UK Power Distn Bus (100%)
ASX Ltd (100%)
Repsol YPF Brasil SA (40%)
Cairn India Ltd (40%)
Shanghai Pudong Dvlp Bk (13.33%)
Henan Luohe Shuanghui Ind-Asts (100%)
Republic of Venezuela-Carabobo (40%)
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
Asia (ex-Japan) Involvement Announced Advisors by Target Industry
4Q10
3Q10
2Q10
1Q10
4Q09
3Q09
2Q09
1Q09
4Q08
3Q08
2Q08
1Q08
4Q07
3Q07
2Q07
1Q07
4Q06
3Q06
0%
2Q06
$0
1Q06
20%
4Q05
$10
3Q05
40%
2Q05
$20
% Outbound
$30
1Q05
Rank Value (US$b)
1Q07
Rank
Mkt.
Share
1
2
3
22.6
19.5
18.5
1
2
3
15.1
14.5
14.4
1
2
3
11.4
9.5
9.5
No. Deals
682
8
8
16
1,390
20
6
12
1,576
18
10
17
Jan 1 2010 Dec 31 2010

Acquiror
Jelas Ulung Sdn Bhd
Bharti Airtel Ltd
Investor Group
Investor Group
Singapore Exchange Ltd
Sinopec Group
Vedanta Resources PLC
China Mobile Grp Guangdong Co
Henan Shuanghui Invest & Dvlp
Investor Group

Malaysia / Malaysia
India / Nigeria
Malaysia / Malaysia
Hong Kong / United Kingdom
Singapore / Australia
China / Brazil
United Kingdom / India
China / China
China / China
India / Venezuela
15
Rank Value (US$m)

10,954.5
10,700.0
10,158.9
9,056.4
8,304.7
7,111.0
6,568.5
5,830.6
5,052.3
4,848.0

Financials / Brokerage
Financials / Banks
Asia (ex-Japan) Rankings

Any Asia (ex-Japan) Involvement Announced (AD25) Jan 1 2010 Dec 31 2010
Financial Advisor
Morgan Stanley
Goldman Sachs & Co
UBS
Credit Suisse
Deutsche Bank AG
BNP Paribas SA
Barclays Capital
China International Capital Co
JP Morgan
Citi
Rothschild
RHB
RBS
HSBC Holdings PLC
CIMB Group Sdn Bhd
Nomura
AMMB Holdings Bhd
Macquarie Group
Global Investment House (KSCC)
CITIC
Somerley Ltd
Guotai Junan Securities
Industry Total

Rank Value Market
Market
2010 2009
Rank Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
1
5
2
3
9
16
34
8
10
6
4
19
41
80
29
13
27
7
51
38
17
32
43
103

59,254.5
51,036.9
46,764.3
42,040.8
35,179.2
26,310.2
25,748.8
25,698.7
25,392.2
25,214.7
23,119.3
22,217.7
20,948.4
18,709.5
18,204.7
17,892.4
16,660.5
15,612.9
13,206.9
12,089.5
10,700.0
10,528.4
8,213.8
8,211.0
5,660.7
474 577 5
474,577.5
12.5
10.8
9.9
8.9
7.4
5.5
5.4
5.4
5.4
5.3
4.9
4.7
4.4
3.9
3.8
3.8
3.5
3.3
2.8
2.6
2.3
2.2
1.7
1.7
1.2
100 0
100.0
3.6%
2.5%
Jan 1 2010 Dec 31 2010

Market
Rank Value Market
2010 2009
Rank Rank
66,424.7
1
3
40.4
20.9
2
58,313.2
35.5
2
10.6
3
1
37,838.4
23.0
-9.2
15
28,682.7
4
17.5
13.7
28,405.1
8.9
8
5
17.3
10.4
27,348.8
11
16.6
6
7.7
21,418.2
13.0
7
12
8
7
11.3
18,584.9
2.8
9
6
18,317.2
11.1
2.3
10.0
16,499.8
17
6.7
10
5
15,000.8
9.1
-0.9
11
12
6.9
11,401.9
9
-1.1
6,490.8
13
4
-8.0
4.0
5,377.6
3.3
14
3.3
3,723.9
-5.4
15
10
2.3
-0.9
16
19
3,154.2
1.9
42*
2,925.0
1.4
17
1.8
18
72
2,839.5
1.7
1.7
19
1.7
1.7
2,739.9
20
1.2
42*
2,572.4
1.6
76
2,503.0
21
1.5
1.5
22
1.5
52
1.4
2,430.4
23
2,283.6
13
-3.1
1.4
2,254.5
1.4
1.4
24
25
2,081.6
1.3
1.3
164,412.1
100.0

* tie
48.2%
49.0%
Any Australian Involvement Announced (AD24)
Financial Advisor
UBS
Macquarie Group
Goldman Sachs & Co
Lazard
Deutsche Bank AG
Morgan Stanley
Credit Suisse
Greenhill & Co, LLC
Citi
Rothschild
Gresham Partners
JP Morgan
Barclays Capital
RBS
BMO Capital Markets
Somerley Ltd
Singhi Advisors Ltd
PricewaterhouseCoopers
Moelis & Co
RBC Capital Markets
Grant Samuel
ANZ Banking Group
Nomura
Industry Total
1.6
4.6
3.2
2.3
2.6
3.0
4.3
0.4
1.0
-0.4
-1.6
2.6
3.5
3.7
2.4
0.5
2.1
-2.0
2.2
1.5
2.3
-0.2
0.5
0.8
1.1
138.9%
128.4%

57
0.6 -12
0.6 +18
54
0.6 +8
59
0.8 +36
79
43
0.4 +1
22
0.2
-4
0.2 +10
17
30
0.3 +15
0.4 +12
37
0.3 -11
26
38
0.4 +6
0.3 +9
29
37
0.4 +16
24
0.3 +10
0.1 +7
14
24
0.3
-2
58
0.6 -13
0.2
-7
23
38
0.4 +21
0.3 +3
32
1
0.0 +1
14
0.1
-7
42
0.4
-9
0.0
2
-1
-3
10
0.1
9 573
9,573
+331
Any Asia (ex-Japan) Involvement Completed (AF32)
Financial Advisor
Morgan Stanley
UBS
Deutsche Bank AG
Barclays Capital
BNP Paribas SA
Goldman Sachs & Co
HSBC Holdings PLC
JP Morgan
Credit Suisse
Yuanta Financial Hldg Co Ltd
RBS
Nomura
CIMB Group Sdn Bhd
Global Investment House (KSCC)
Citi
KPMG
RHB
CITIC
Rothschild
Ernst & Young LLP
Somerley Ltd
Industry Total
Jan 1 2010 Dec 31 2010

Rank Value Market
Market
2010 2009
Rank Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
2
4
8
64
14
13
15
5
10
7
1
96
6
22
9
42
3
53
28
143
34
12
20
31

50,560.0
33,418.1
29,055.4
27,818.5
27,741.1
24,376.2
19,734.2
18,433.2
17,341.3
17,156.5
17,062.8
16,230.3
16,180.3
15,410.3
13,197.9
11,100.4
10,700.0
10,094.1
7,111.0
6,726.8
5,536.2
5,351.2
5,338.8
5,071.3
4,761.2
283 537 2
283,537.2
17.8
11.8
10.3
9.8
9.8
8.6
7.0
6.5
6.1
6.1
6.0
5.7
5.7
5.4
4.7
3.9
3.8
3.6
2.5
2.4
2.0
1.9
1.9
1.8
1.7
100 0
100.0
5.5
2.7
3.8
9.5
6.5
5.1
3.9
-2.2
1.3
-1.2
-6.5
5.6
-1.7
3.2
-0.9
3.0
3.8
-6.1
2.0
1.0
2.0
0.7
-1.7
-0.7
0.4
48.7%
8.8%

58
1.1 +20
50
1.0 +17
28
0.5
-5
15
0.3 +13
25
0.5 +12
15
0.3 +3
17
0.3 +4
42
0.8 +19
23
0.4 +5
30
0.6 +14
49
0.9 +20
10
0.2 +3
24
0.5
-7
9
0.2 +3
23
0.4 +5
39
0.7
-1
1
0.0 +1
-4
27
0.5
0.0
0
1
48
0.9
-5
20
0.4 +9
8
0.2 +3
23
0.4
0
64
1.2 +18
28
0.5
0
-95
5 212
5,212
95

Rank Value Market
Market
2010 2009
Rank Rank
25.8
3
1
6.8
23,198.0
2
1
21,658.9
24.1
-8.7
15.5
17,206.2
3
16
19.2
2
19.1
-7.7
17,161.2
4
18.4
14.9
17
16,538.5
5
8.7
6
15,710.6
10
17.5
13.2
7
19
14,813.5
16.5
8
13
13,939.4
15.5
11.0
10,889.1
12.1
2.9
7
9
-5.8
10
7,176.0
6
8.0
11
6,829.8
7.6
-6.9
5
6,315.1
12
7.0
-8.5
4
4,477.8
5.0
5.0
13
2,837.5
3.2
-5.6
14
9
15
-5.9
8
3.1
2,811.5
16
3.1
2,739.9
3.1
11
2.6
-2.1
17
2,342.1
18
2.4
2,140.8
83
2.4
1,625.0
1.4
19
1.8
45
20
1,524.2
1.7
0.5
30
1,213.0
21
1.4
-1.9
18
1.0
1.0
22
924.3
23
645.3
22*
-2.0
0.7
24
28
627.4
0.7
-1.6
0.7
586.5
0.7
84*
25
100.0
89,823.8

1.9 +18
44
-5
48
2.0
45
1.9
0
16
0.7 +8
0
0.9
22
0.7 +7
17
23
1.0 +8
17
0.7 +4
11
0
0.5
12
0.5 +9
21
0.9 +10
0.5 -10
12
14
0.6 +2
5
0.2 +5
0.3
-6
6
5
0.2 +1
0.2 +3
4
3
0.1 +2
1
0.0 +1
0.8 +6
19
0.1 +1
2
0.4 +4
9
6
-7
0.3
4
0.2 +4
5
0.2 +5
2,360
+106
Financial Advisor
UBS
Goldman Sachs & Co
Morgan Stanley
Macquarie Group
Credit Suisse
Citi
Lazard
Greenhill & Co, LLC
Rothschild
Deutsche Bank AG
JP Morgan
Barclays Capital
RBS
Gresham Partners
Singhi Advisors Ltd
Grant Samuel
ANZ Banking Group
Ernst & Young LLP
Gryphon Partners
Fort Street Advisers
BNP Paribas SA
Azure Capital
Cameron Partners Ltd
Industry Total
4.7%
-3.7%

16
47.5%
17.4%
40.5%
-2.7%
-1.8%
-11.0%
Any Australian Involvement Completed (AF31)
Imputed Fees (US$m)

Advisor Market
Market
192.4
4.8
1.1
142.2
3.6
1.0
99.4
2.5
0.2
58.2
1.5
1.3
74.0
1.9
1.1
25.1
0.6
0.0 55.6
1.4
0.3
137.1
3.4
0.9
52.6
1.3
0.2
108.8
2.7
1.0
117.3
2.9
1.0
42.5
1.1
0.9
85.1
2.1
1.1
41.4
1.0
0.7
1.7
0.3
66.5
42.8
1.1
0.6
5.9
0.2
0.2
66.3
1.7
0.9
19.5
0.5
0.4
5.7
0.1
0.1
18.6
0.5
0.4
15.2
0.4
0.2
49.0
1.2
0.1
9.6
0.2
0.0 23.2
0.6
0.5
3 998 9
3,998.9
100 0
100.0
Jan 1 2010 Dec 31 2010

1.9 +9
31
40
2.5 +4
12
0.7 +5
37
2.3
-7
16
1.0 +7
11
0.7 +1
9
0.6 +5
7
-1
0.4
10
0.6
-3
0.9 +1
14
12
0.7 -14
15
0.9 +4
3
0.2 +3
8
0.5
-2
11
0.7
-4
1
0.1 +1
8
0.5
0
3
0.2 +2
3
0.2 +2
14
-3
0.9
4
0.2
-1
5
0.3 +5
0.2 +1
3
0.6 +1
0.1 +1
2
+57
1,618
3.7%
-16.0%
Imputed Fees (US$m)

Market
Advisor Market
113.5
7.6
2.3
0.4
140.0
9.4
3.9
57.7
2.1
4.7
3.4
69.8
4.2
3.0
63.1
1.1
47.2
3.2
2.1
41.6
2.8
2.5
36.7
1.2
0.0 36.8
2.5
2.3
0.3
34.3
2.1
37.7
2.5
40.1
1.0
2.7
13.6
0.9
0.9
8.2
1.6
0.6
24.0
1.5
1.6
11.5
0.8
0.8
0.4
5.5
0.4
0.8
12.4
0.8
15.2
0.9
1.0
2.2
0.1
0.2
0.7
0.2
10.6
0.6
0.6
8.7
0.6
0.5
8.7
0.6
8.2
0.1
1.8
0.1
0.1
1,489.3
100.0
41.3%
2.1%
Asia (ex-Japan) Rankings

Any New Zealand Involvement Announced (AD39)
Financial Advisor
Credit Suisse
HSBC Holdings PLC
UBS
Nomura
Macquarie Group
First NZ Capital
KPMG
Goldman Sachs & Co
Forsyth Barr
Rabobank NV
Ernst & Young LLP
Greenstone Partners
Azure Capital
Industry Total
Jan 1 2010 Dec 31 2010

Market
Rank Value Market
2010 2009
Rank Rank
64.0
16
1
62.8
7,151.2
5,998.6
2*
53.7
53.7
5,998.6
2*
53.7
53.7
4
4
1,400.8
12.5
6.1
5
980.0
8.8
8.8
6
7.8
13
872.7
6.4
6
2.7
302.6
7
-2.5
2.3
252.5
5
-3.0
8
239.7
9
2.2
1.3
19
10
1.5
164.3
1.5
152.4
0.9
20
11
1.4
1.1
125.4
12
1.1
-1.2
89.2
0.8
13
8
0.6
67.3
0.6
14
63.3
0.6
0.6
15
11,174.1
100.0

Any New Zealand Involvement Completed (AF46)

3
1.4 +2
1
0.5 +1
1
0.5 +1
3
1.4
0
1
0.5 +1
3
1.4 +1
2.7 +4
6
12
5.5
-8
4
1.8 +1
1
0.5 +1
-2
3
1.4
2
0.9 +2
3.2 +3
7
2
0.9 +2
0.5 +1
220
+1
Financial Advisor
Credit Suisse
HSBC Holdings PLC
UBS
First NZ Capital
Goldman Sachs & Co
Macquarie Group
Ernst & Young LLP
KPMG
Greenstone Partners
Rabobank NV
Azure Capital
Adelaide Equity Partners Ltd
Grant Thornton LLP
Industry Total
0.5%
3.7%
394.9%
-60.1%
Jan 1 2010 Dec 31 2010

Market
Rank Value Market
2010 2009
Rank Rank
1
6,197.3
74.9
74.9
2*
5,998.6
72.5
72.5
72.5
72.5
5,998.6
2*
3.0
677.7
8.2
4
9
4.4
362.4
4.4
5
17*
1.3
14
152.4
1.8
6
0.2
10
134.5
1.6
7
1.5
4
123.3
8
-9.4
110.3
9
13
1.3
0.7
10
8
88.2
1.1
-4.1
11*
67.3
0.8
0.8
11*
0.8
67.3
0.8
13
63.3
0.8
0.8
14
48.9
0.6
0.6
0.0 15*
16
35.4
0.4
8,276.4
100.0

265.0%
1842.9%

3
1.8 +3
1
0.6 +1
1
0.6 +1
3
1.8 +1
2.3 +2
1.8
3
-3
3
1.8
-1
0.6
1
-2
5
2.9 +2
6.4 -11
11
2
1.2 +2
1
0.6 +1
1
0.6 +1
1
0.6 +1
2
1.2 +1
171
-14
-7.6%
-19.6%
Imputed Fees (US$m)

Market
Advisor Market
5.3
4.4
5.3
3.6
3.6
3.0
7.4
7.4
6.1
9.1
3.8
7.5
4.2
4.0
4.8
0.8
1.9
2.3
3.1
3.7
0.1
1.9
2.3
1.8
.3
0.4
0.3
.3
0.4
0.7
1.1
1.3
1.3
.5
0.6
0.6
1.0
1.2
1.2
.9
1.0
1.0
.1
0.1
0.0 82.6
100.0
18.7%
61.1%
* tie
Top 10 Asia (ex-Japan) Involvement Announced M&A Advisors by Target Industry (AD25)
Jan 1 2010 Dec 31 2010
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Morgan Stanley
Goldman Sachs & Co
UBS
Credit Suisse
Deutsche Bank AG
BNP Paribas SA
Barclays Capital
China International
Capital Co
JP Morgan
Telecommunications
Retail
Real Estate
Materials
Industrials
High Technology
Healthcare
Financials
Energy and Power
Consumer Staples
17

Lynch
Japan M&A
Japanese M&A Down 2% | Number of Outbound Deals Breaks Record | Completed Transactions Fees Up 24% to US$1.9 billion
Any Japanese Involvement Announced M&A
Announced Japanese M&A activity totalled US$123.2 billion in 2010, down 1.6% from last years US$125.2 billion. A
total of 2,786 deals were announced in 2010, a 4.5% decline from last year. Japanese M&A activity for the fourth
quarter of the year posted a total of US$19.3 billion, a 50.5% decrease from the same quarter last year and the lowest
quarterly deal activity since 2004.
$175
Financials remained the most targeted industry in Japan with a 24% market share and included the largest deal of the
year: the US$9.1 billion merger between Chuo Mitsui Trust Holding and Sumitomo Trust & Banking.
Rank
1
2
3
74.1
64.8
35.9
1
2
3
54.4
38.4
32.7
1
2
3
69.1
68.4
7.1
1
2
3
15.4
12.2
3.6
No. Deals
225
19
6
6
424
15
10
12
405
2
12
25
153
3
3
6
2,500
$125
2,000
$100
1,500
$75
1,000
500
$25
$0
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Japanese Cross Border Volume

Inbound (US$b)
$35
Outbound (US$b)
# of Deals
200
180
$30
160
$25
140
120
$20
100
$15
# of Deals
Financials
Nomura
JP Morgan
High Technology
Nomura
Mitsubishi UFJ Morgan Stanley
Industrials
Deutsche Bank AG
Nomura
Real Estate
JP Morgan
Sumitomo Mitsui Finl Grp Inc
Mkt.
Share
Rank Value (US$b)
Rank Val
US$m
29,516.3
21,859.1
19,132.7
10,601.1
19,595.4
10,650.3
7,518.0
6,404.4
12,966.0
8,952.7
8,874.5
925.4
12,719.1
1,956.0
1,545.7
455.9
3,000
$50
Estimated fees on completed Japanese deals totalled US$1.9 billion in 2010, a 23.5% increase from last year,
according to Thomson Reuters/Freeman Consulting. Advisory fees in the fourth quarter reached US$487.2 million, a
24.3% increase from the previous quarter.
Japanese Involvement Announced M&A - Top Advisors by Target Industry
3,500
$150
Rank Value (US$b)
Outbound Japanese cross border M&A activity increased by 98.2% compared to 2009, with deal volumes reaching
US$38.4 billion. In terms of number of deals, 2010 recorded a total of 520 deals, the highest number on record. Asia
Pacific companies were most targeted by Japanese firms in terms of number of deals, with a total of 268 announced
Asia Pacific-Japan outbound transactions, representing about 51.5% of Japanese outbound deals by count. Deal
activity involving Japanese acquisitions of Americas companies reached US$21.3 billion from 147 deals.
Q4 Volume (US$b)
Q3 Volume (US$b)
Q2 Volume (US$b)
Q1 Volume (US$b)
# of Deals
$200
# of Deals
Japan Deals Intelligence
80
60
$10
40
$5
20
$0
Top Ten Japanese Involvement Announced Deals

Rank Date
8/24/2010
1/19/2010
8/26/2010
9/30/2010
9/10/2010
1/24/2010
3/1/2010
7/29/2010
7/29/2010
7/15/2010
Date Effective
Pending
12/1/2010
8/31/2010
Pending
9/29/2010
2/18/2010
6/8/2010
10/6/2010
10/6/2010
12/13/2010
Sumitomo Trust & Bkg Co Ltd (100%)
Japan Airlines Corp (100%)
Resona Holdings Inc (31.46%)
AIG Star Life Insurance Co Ltd (100%)
JNFL (66.67%)
Liberty Global-Subsidiaries(3) (100%)
OSI Pharmaceuticals Inc (100%)
Panasonic Elec Works Co Ltd (32.16%)
Sanyo Electric Co Ltd (30.8%)
Dimension Data Holdings PLC (100%)
4Q10
3Q10
2Q10
1Q10
4Q09
3Q09
2Q09
1Q09
4Q08
3Q08
2Q08
1Q08
4Q07
3Q07
2Q07
1Q07
4Q06
3Q06
2Q06
1Q06
4Q05
3Q05
2Q05
1Q05
4Q04
3Q04
2Q04
1Q04
Jan 1 2010 Dec 31 2010

Acquiror
Chuo Mitsui Trust Holdings Inc
ETIC
Resona Holdings Inc
Prudential Financial Inc
Investor Group
KDDI Corp
Ruby Acquisition Inc
Panasonic Corp
Panasonic Corp
Nippon Telegraph & Telephone

Japan / Japan
Japan / Japan
Japan / Japan
United States / Japan
Japan / Japan
Japan / United States
Japan / Japan
Japan / Japan
Japan / South Africa
18
Rank Value (US$m)

9,148.9
8,174.3
5,040.1
4,800.0
4,752.8
4,000.0
3,837.9
3,040.6
3,004.4
2,730.3

Financials / Banks
Financials / Banks
Healthcare / Pharmaceuticals
High Technology / Electronics
High Technology / Electronics
High Technology / IT Consulting & Services
Japan Rankings
Any Japanese Involvement Announced (AD19)
Financial Advisor
Nomura
JP Morgan
Daiwa Securities Group Inc
Citi
UBS
Deutsche Bank AG
Goldman Sachs & Co
KPMG
ABeam M&A Consulting Ltd
Barclays Capital
Lazard
Rothschild
GCA Savvian Group Corp
Greenhill & Co
Co, LLC
Deloitte
BNP Paribas SA
Credit Suisse
Lexicon Partners
Industry Total
Jan 1 2010 Dec 31 2010

Market
Rank Value Market
2010 2009
Rank Rank
1
1
44.9
9.7
55,275.1
2
5
24.0
29,516.4
3.6
3
17.2
- 21,249.9
3
15.6
-10.0
4
19,257.1
-0.5
5
9
18,701.1
15.2
6
8
14,030.9
11.4
-4.4
7
6
13,624.5
11.1
-7.8
2
8
11,963.0
-23.5
9.7
9
11
10,504.5
8.5
1.2
10
4
9,846.8
8.0
-13.4
11
16
7.9
9,670.5
5.5
21
6,631.8
5.4
12
3.6
35
5,676.8
13
4.6
4.1
15
5,527.0
14
4.5
1.9
15
34
4,800.0
3.9
3.3
16
18
4,187.4
3.4
1.3
3.1
3.1
17
3,837.9
18
58
3,022.2
2.5
2.4
2.1
0.8
19
25
2,621.7
20
13
1 799 7
1,799.7
15
1.5
24
-2.4
21
20
1,753.0
1.4
-0.4
22
32
1,278.7
1.0
0.2
-2.5
23
14
1,166.6
1.0
24
12
1,085.9
0.9
-5.9
25
1,066.5
0.9
0.9
100.0
123,232.1

Any Japanese Involvement Completed (AF23)

114
4.1 -13
18
0.6 +3
49
1.8
57
2.0 -38
20
0.7
-7
19
0.7 -12
7
0.3 -13
3.7 -40
104
20
0.7 +4
0.5
-2
15
3.6 +66
101
-2
32
1.1
9
0.3
-5
8
0.3 +4
2
0.1
0
-7
6
0.2
1
0.0 +1
7
0.3 +3
27
1.0 -19
6
0 2 +2
0.2
40
1.4 +14
6
0.2 +3
21
-9
0.8
6
0.2
-9
4
0.1 +4
2,786
-132
Financial Advisor
Nomura
JP Morgan
Daiwa Securities Group Inc
UBS
Goldman Sachs & Co
Citi
Mitsubishi UFJ Financial Group
Deutsche Bank AG
KPMG
Lazard
Credit Suisse
ABeam M&A Consulting Ltd
GCA Savvian Group Corp
Deloitte
Rothschild
Greenhill & Co, LLC
Sangyo Sosei Advisory Inc
ING
BNP Paribas SA
Industry Total
-4.5%
12.6%
-1.6%
-61.8%
Jan 1 2010 Dec 31 2010

Market
Rank Value Market
2010 2009
Rank Rank
1
1
59,583.3
41.8
19.3
17.1
2
4
43,075.3
30.2
11.5
3
7
33,764.7
23.7
6.0
4
2
32,793.1
23.0
8
20.6
5
29,460.3
10.2
16.7
6
13
23,825.8
9.9
0.8
7
3
23,499.4
16.5
15.2
- 8
21,710.6
9
20,555.5
1.6
5
14.4
10
12
11.5
4.3
16,337.0
11
10.0
2.4
14,279.7
11
9,444.4
12
23
6.6
4.1
13
1.5
7,003.5
4.9
19
5,176.8
16
14
3.6
-1.1
15
14
5,091.3
3.6
-2.4
16
3,837.9
2.7
2.7
-3.0
17
15
3,791.7
2.7
1.7
-6.4
18
2,474.9
9
19
31
2,410.2
1.7
0.8
20
30
2 272 8
2,272.8
16
1.6
06
0.6
21
18
1,877.8
1.3
-2.7
1,692.3
1.2
-6.7
10
22
1,654.3
1.2
1.2
23
33*
1,624.5
1.1
0.3
24
1.1
33*
25
1,570.5
0.3
142,713.8
100.0
61.3%
39.3%


5.8 +25
126
-1
120
5.5
18
0.8 +2
67
3.1 -12
16
0.7
-8
10
0.5
-7
0.9 +6
20
44
2.0
23
1.1
-3
45
2.1 -13
21
1.0 +5
89
4.1 +55
34
1.6 +2
11
0.5 +1
0.3
6
-4
1
0.0 +1
9
0.4
-3
28
1.3 -19
1.7 +12
37
5
0 2 +1
0.2
4
0.2 +1
21
1.0 -14
3
0.1 +3
0.2 +3
0.4 +7
8
2,169
-513
-19.1%
-8.6%
Imputed Fees (US$m)

Advisor Market
Market
176.1
9.5
0.0 0.5
7.1
132.8
89.9
4.8
0.9
0.6
77.4
4.2
2.0
3.0
56.1
1.1
1.9
36.2
1.6
78.7
4.2
117.1
6.3
- 0.3
54.6
2.9
52.5
0.0 2.8
49.2
2.6
0.5
1.8
54.4
2.9
0.9
28.4
1.5
0.0 1.4
25.3
0.4
18.6
1.0
7.9
0.4
0.4
24.3
1.3
0.7
25.4
1.4
0.3
3.4
0.2
0.0 14 2
14.2
08
0.8
02
0.2
8.0
0.4
0.5
4.2
0.2
0.1
4.8
0.3
0.3
9.4
0.5
0.4
10.4
0.6
0.5
1,863.6
100.0
23.5%
24.3%
* tie
Top 10 Any Japanese Involvement Announced M&A Advisors by Target Industry (AD19)
Jan 1 2010 Dec 31 2010
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Nomura
JP Morgan
Mitsubishi UFJ Morgan

Stanley
Daiwa Securities Group

Inc

Lynch
Citi
UBS
Deutsche Bank AG
Consumer Staples
Energy and Power
Financials
Healthcare
High Technology
Industrials
Materials
Real Estate
Retail
Telecommunications
19
Goldman Sachs & Co
Fairness Opinion Rankings

Worldwide Announced
Fairness Opinion
Any Americas Announced

Fairness Opinion
Jan 1 2010 Dec 31 2010
Based on Number of Transactions
Fairness Opinion Provider

UBS
Houlihan Lokey
JP Morgan
Morgan Stanley
KPMG
Deutsche Bank AG
Credit Suisse
Goldman Sachs & Co
Lazard
Huatai Securities
Nomura
Barclays Capital
RBC Capital Markets
Moelis & Co
China Merchants Securities Co
Guangdong Securities
Industry Total
742
-188
Rank Value (US$m)

Rank Value Market
US$m Sh (%)
65,655.1
11.7
8,635.8
1.5
72,339.4
12.9
68,186.8
12.2
12,324.9
2.2
28,407.1
5.1
9,026.4
1.6
49,479.5
8.9
57,844.1
10.3
8,810.5
1.6
2,829.8
0.5
7,654.5
1.4
1,482.3
0.3
23,023.2
4.1
26,458.2
4.7
5,660.7
1.0
4,713.2
0.8
5,174.0
0.9
965.8
0.2
731.3
0.1
559,042.0
20.2%
12.7%

Houlihan Lokey
Morgan Stanley
JP Morgan
UBS
Goldman Sachs & Co
Credit Suisse
Barclays Capital
Moelis & Co
Deutsche Bank AG
RBC Capital Markets
Stifel Financial Corp
GMP Capital Corp
Jefferies & Co Inc
Sandler O'Neill Partners
Haywood Securities Ltd.
Piper Jaffray Cos
100.0

2010 2009
Rank Rank
1
2
38
9.8 +14
2
11*
26
6.7 +18
3
1
24
6.2
-1
5.4 +13
4
11*
21
5
4
16
4.1
-1
6
72*
15
3.9 +14
8*
13
7
+4
3.4
8*
2.6
8*
10
+1
+6
8*
26*
10
2.6
10*
21*
9
2.3
+4
10*
11*
9
2.3
+1
12*
8*
8
2.1
-1
12*
17*
8
2.1
+1
12*
19*
8
2.1
+2
12*
17*
8
2.1
+1
16
5*
7
1.8
-3
1.6
0
17*
19*
6
1.6
+2
17*
26*
6
Industry Total
14.3%
2.3%
Rank Value (US$m)

Rank Value Market
US$m Sh (%)
8,557.4
2.4
55,902.4
15.5
39,964.3
11.1
48,738.1
13.5
43,494.4
12.0
2.1
7,654.5
9.8
35,292.4
26,458.2
7.3
5,174.0
1.4
18,945.1
5.2
4,606.9
1.3
6,133.2
1.7
1.9
7,013.2
10,721.3
3.0
2,159.4
0.6
8,804.0
2.4
905.5
0.3
4,120.4
1.1
361,278.9
12.5%
18.2%
100.0
16.9%
30.8%
Any Asia Pacific Announced

Fairness Opinion
Jan 1 2010 Dec 31 2010

UBS
KPMG
JP Morgan
Lazard
Deutsche Bank AG
Houlihan Lokey
Credit Suisse
Morgan Stanley
Mediobanca
Rothschild
Goldman Sachs & Co
Berenson & Co LLP
Collins Stewart Tullett
Citi
Deloitte
+43
387

Any EMEA Announced Fairness

Opinion
Any US Announced Fairness

Opinion
Jan 1 2010 Dec 31 2010

2010 2009
Rank Rank
1
10*
45
6.1 +24
2
6
41
5.5 +15
3
2*
5.1
+8
38
4
8
33
4.5 +10
5
25
3.4
-3
5
6
10*
22
3.0
+1
7*
30*
18
2.4 +10
7*
22*
18
2.4
+7
7*
7
18
2.4
-7
2.2
+4
10
18*
16
11*
48*
15
2.0 +10
15
2.0 +14
11* 154*
11
1.5
+6
48*
13*
13* 114*
11
1.5
+9
15*
18*
10
1.4
-2
27*
1.4
+1
15*
10
15*
30*
10
1.4
+2
10
15*
63*
1.4
+6
18*
19
9
1.2
-3
20*
1
8
1.1
-23

Jan 1 2010 Dec 31 2010

Houlihan Lokey
Morgan Stanley
JP Morgan
UBS
Goldman Sachs & Co
Barclays Capital
Moelis & Co
Credit Suisse
Deutsche Bank AG
Stifel Financial Corp
Jefferies & Co Inc
Sandler O'Neill Partners
RBC Capital Markets
Piper Jaffray Cos
Robert W Baird & Co Inc
Duff and Phelps
Ladenburg Thalmann & Co
Evercore Partners
Industry Total

2010 2009
Rank Rank
1
1
38
12.5 +14
2
9*
24
7.9 +17
7.2
3
2
22
-1
15*
19
6.2 +14
4
5*
50*
15
4.9 +14
15
4.9
-2
5*
4
+1
7*
7*
10
3.3
7*
20*
10
3.3
+6
9
9*
9
3.0
+2
10*
15*
8
2.6
+3
10*
7*
8
2.6
-1
13*
8
2.6
+2
10*
10*
9*
8
2.6
+1
5*
7
2.3
-3
14
15*
32*
6
2.0
+4
15*
20*
6
2.0
+2
17*
50*
4
1.3
+3
17*
50*
4
1.3
+3
17*
3
4
1.3
-15
17*
20*
4
1.3
0
15*
3
21*
1.0
-2
305
+53

21.0%
21.2%
Rank Value (US$m)

Rank Value Market
US$m Sh (%)
3.0
8,557.4
17.5
49,388.5
13.1
36,881.0
46,338.7
16.4
7,654.5
2.7
42,196.7
15.0
26,458.2
9.4
5,174.0
1.8
26,963.0
9.6
18,813.1
6.7
6,133.2
2.2
10,721.3
3.8
2,159.4
0.8
8,804.0
3.1
2,221.3
0.8
4,120.4
1.5
15,249.1
5.4
1,579.2
0.6
89.1
0.0
203.5
0.1
2,454.8
0.9
281,820.1 100.0
21.1%
32.9%
Jan 1 2010 Dec 31 2010

2010 2009
Rank Rank Deals Sh (%) # of Deals
1
2*
30
17.1 +17
18
2
1
10.3
0
3
8*
16
9.1 +10
4
5*
14
8.0
+5
5
2*
13
7.4
0
5*
6
11
6.3
+2
7
8*
10
5.7
+4
8
9
2*
5.1
-4
5
9
12*
2.9
+1
10*
4
10*
2.3
-1
10*
12*
4
2.3
0
10*
7
4
2.3
-3
13*
3
1.7
+3
13*
3
1.7
+3
13*
17*
3
1.7
0
13*
17*
3
1.7
0
Industry Total
175
19.0%
5.1%
+28
Rank Value (US$m)

Rank Value Market
US$m Sh (%)
29,876.0
13.4
11,868.1
5.3
28,537.9
12.8
1,110.3
0.5
9,710.1
4.3
5,512.5
2.5
24,530.8
11.0
12,285.1
5.5
1,027.9
0.5
10,843.4
4.8
5,246.2
2.3
23,036.5
10.3
1,296.0
0.6
10.3
0.0
22,206.5
9.9
4.5
0.0
223,750.4

Huatai Securities
China Merchants Securities Co
Guangdong Securities
GF Securities
Everbright Securities Co
CITIC
China Securities Co Ltd
CIMB Group Sdn Bhd
Somerley Ltd
Southwest Securities Co
Haitong Securities
JP Morgan
Access Capital Ltd
Wallbanck Brothers Sec (HK)
Orient Securities Co Ltd
Qilu Securities Co Ltd
Ernst & Young LLP
China Galaxy Securities Co
UBS
Kotak Mahindra Bank Ltd
Industry Total
100.0
31.5%
8.1%

2010 2009
Rank Rank
1
14*
18
6.8 +10
2
23*
15
5.7 +10
3
13
10
3.8
+1
4
8*
9
3.4
-3
5*
1
8
3.0
-23
5*
7
8
3.0
-5
7*
7
2.6
+7
7*
45*
7
+4
2.6
7*
5*
7
2.6
-7
7*
23*
7
2.6
+2
7*
2
7
2.6
-23
12*
3
6
2.3
-23
12*
5*
6
2.3
-8
12*
4
6
2.3
-11
12*
6
2.3
+6
16*
14*
5
1.9
-3
16*
23*
5
1.9
0
16*
32*
5
1.9
+1
16*
79*
5
1.9
+4
20*
79*
4
1.5
+3
20*
45*
4
1.5
+1
20*
32*
4
1.5
0
20*
79*
4
1.5
+3
265
-234

46.9%
23.6%
Rank Value (US$m)

Rank Value Market
US$m Sh (%)
9,026.4
11.7
2,829.8
3.7
5,660.7
7.4
965.8
1.3
731.3
1.0
1,536.9
2.0
1,054.9
1.4
1,765.9
2.3
5,133.2
6.7
461.9
0.6
1,245.0
1.6
946.5
1.2
3,976.0
5.2
3,709.0
4.8
4,496.0
5.8
284.0
0.4
342.4
0.4
401.9
0.5
201.2
0.3
201.5
0.3
.0
0.0
1,609.7
2.1
22.1
0.0
76,916.3 100.0
18.2%
55.8%
* tie
Fairnes Opinion rankings include fairness opinions provided as a standalone mandate as well as fairness
opinions provided as part of a broader advisory mandate.
20
Ranking Criteria Summary

- Announced league tables include all deals that were announced between January 1, 2009 and December 31, 2010 and of which Thomson Reuters was made aware. All current data
If you would like to participate in the submission

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questions about league table criteria please
contact:
and previous year's data is as of 5:00pm EST on December 31, 2010.
Americas
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Europe
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Tel: +632 858 7262
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League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.
- A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.
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time of announcement of terms.
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or advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are
allocated to syndicated members.
League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firms
in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established joint ventures are
reflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley.
Japan
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Global MA Financial Review

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MERGERS & ACQUISITIONS REVIEW

Full Year 2010 | Mergers & Acquisitions | Financial Advisors

M&A Financial Advisory Review

Any European Involvement Announced (AD21)

Any New Zealand Involvement Announced (AD39)

Global Deals Intelligence

Any European Involvement Completed (AF3)

Any New Zealand Involvement Completed (AF46)

Scorecard: Worldwide Announced M&A

Any UK Involvement Announced (AD32)

Scorecard: Worldwide Completed M&A

Any UK Involvement Completed (AF39)

Japan Deals Intelligence

Top Fifteen Worldwide Announced Deals

Any French Involvement Announced (AD33)

Top Ten Japanese Involvement Announced Deals

Worldwide Announced (AD1)

Any French Involvement Completed (AF40)

Any Japanese Involvement Announced (AD19)

Worldwide Completed (AF1)

Any Spanish Involvement Announced (AD34)

Any Japanese Involvement Completed (AF23)

Any Spanish Involvement Completed (AF41)

Americas Deals Intelligence

Any German Involvement Announced (AD35)

Top Ten US Announced Deals

Any German Involvement Completed (AF42)

Any Americas Involvement Announced (AD49)

Any Italian Involvement Announced (AD36)

Fairness Opinion Rankings

Worldwide Announced Fairness Opinion

Any Americas Announced Fairness Opinion

Any USAnnounced Fairness Opinion

Any EMEA Announced Fairness Opinion

Any Asia Pacific Announced Fairness Opinion

Any Japanese Announced Fairness Opinion

US Target Announced (AD2)

Any Nordic Involvement Announced (AD37)

US Target Completed (AF2)

Any Nordic Involvement Completed (AF44)

Any US Involvement Announced (AD41)

Any Benelux Involvement Announced (AD40)

Any US Involvement Completed (AF48)

Any Benelux Involvement Completed (AF47)

Any Canadian Involvement Announced (AD42)

Any Canadian Involvement Completed (AF49)

Asia Pacific (ex-Japan) M&A

Mergers & Acquisitions Criteria Summary

Asia Pacific (ex-Japan) Deals Intelligence

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

European Deals Intelligence

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

Top Ten European Involvement Announced Deals

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

Any EMEA Involvement Announced (AD47)

Any Australian Involvement Announced (AD24)

Any EMEA Involvement Completed (AF53)

Any Australian Involvement Completed (AF31)

Thomson ONE for Investment Banking

Full Year 2010

MERGERS & ACQUISITIONS REVIEW

Worldwide Completed M&A by Region - Imputed Fees

Imputed Fees (US$b)

Worldwide Volume by Deal Status