Mergers & Acquisitions Review

Transcription

1 Media Contacts Americas Matthew Toole Tel: matthew.toole@thomson.com Europe Vincent Flasseur Tel: + (0) vincent.flasseur@thomson.com AsiaPacific Jerome Ongtiapco Tel: jerome.ongtiapco@thomson.com Japan Haruko Shimosakoda Tel: haruko.shimosakoda@thomson.com Quick Links Global Americas Europe Asia exjapan Japan Criteria Summary 31 Thomson ONE 32 Fourth Quarter 200 FINANCIAL ADVISORS Mergers & Acquisitions Review Global M&A Breaks 2000 Record Global announced merger and acquisition activity reached a record of US$3.8 trillion, an increase of 3.9% over last year's volume, surpassing the previous record of US$3. trillion set in The fourth quarter was the busiest quarter in 200, as deals announced in the last three months of the year approached US$1.3 trillion in rank value, representing 3.1% of global volume. US M&A activity in 200 approached US$1. trillion, a 3.% increase over last year's volume of US$1.2 trillion. Similar to global volume, the fourth quarter was the most active with US$0. billion in rank value, or 3.8% of overall US M&A volume. Financial Sponsors Fuel M&A Market Private equity firms continued to drive M&A activity in 200 as deals with buyside financial sponsor involvement announced during the year reached US$. billion, or 19.9% of global M&A volume. The growth was a result of increased financial sponsor activity in the US as volume totaled US$1. billion, or 2.% of US M&A volume. Financial sponsor M&A activity included leveraged buyouts (LBO) of wellknown publicly traded US companies, including Equity Office Properties Trust (US$32. billion), HCA (US$32.1 billion), Kinder Morgan (US$2. billion), Harrah's Entertainment (US$2. billion), and Clear Channel Communications (US$2. billion). Goldman Sachs & Top US$1 Trillion Mark Goldman Sachs retained the top financial advisor ranking with nearly US$1.1 trillion in worldwide announced M&A activity. also exceeded the US$1 trillion mark and improved on its fifth place ranking from 200 to place second in 200. Both firms advised on this year's largest announced transaction: AT&T's US$89. billion stock swap acquisition of BellSouth. rounded out the top three for worldwide announced M&A with US$9 billion in rank value. (US$b) $,000 $3,00 $3,000 $2,00 $2,000 $1,00 $1,000 $00 $0 Buyside Financial Sponsor Activity as a Percent of Overall M&A Volume US Volume (US$b) Sponsor Activity as % of US Global Volume (US$b) 30% 2% 20% 1% 10% % 0% Sponsor Activity as % of Global Percentage of Volume (%) 1

2 Fourth Quarter 200 Mergers & Acquisitions s Mergers & Acquisitions Energy and Power Sector Leads Energy & Power led as the most active sector in announced M&A for 200, narrowly topping Financials. The sector had volume totaling US$00 billion, which represented a 0.% increase in total volume from 200. The industry's total was aided by E ON's US$1. billion bid for Endesa and the US$1 billion Suez/Gaz de France transaction, which combined for 18.% of the sector's volume. The Financials sector ranked second with volume totaling US$81.2 billion, a 38% increase over its 200 totals. Media & Entertainment ranked a distant third with US$383.9 billion in activity, a 1.8% increase in volume from 200. (US$m) $00,000 $00,000 $00,000 $00,000 $300,000 $200,000 Worldwide Announced M&A by Target Industry,000,000,000 3,000 2,000 # of Deals Santander, Societe Generale Make Notable Moves Santander Investment and Societe Generale both made noteworthy movements in the announced worldwide rankings. Santander Investment garnered US$9.1 billion in rank value in announced M&A, a 1,03.9% increase over the firm's total volume in 200, to take the 2th place ranking, up from th last year. Societe Generale was credited for US$2. billion in transactions, a 28.1% increase from its totals last year, to jump 1 spots to its 18th place ranking for 200. Among the top ten, made a considerable increase in the rankings to take the sixth spot, up from tenth in 200. $100,000 $0 Energy and Power Financials Media and Entertainment Materials Real Estate Telecommunications (US$m) Industrials Healthcare High Technology # of Deals Retail Consumer Staples Consumer Products and Services 1,000 0 Imputed Fees Increase by 2.% Worldwide M&A advisory imputed fees reached US$32.8 billion according to Freeman & Co. This represented a 2.% increase from the US$2.9 billion of imputed fees tallied in 200. Goldman Sachs ranked first with US$2.3 billion in worldwide M&A fees, followed by with US$1. billion, and with US$1. billion. For US M&A, imputed fees totaled US$1.2 billion in 200, up from US$10. billion last year. Goldman Sachs ranked first with US$1.3 billion while ranked second with US$932 million and third with US$83.9 million. Worldwide M&A (AF1) Imputed Fees 1/1/200 /29/200 1/1/200 /29/200 Imputed Fees Mkt. Nu. Imputed Fees US$m Rank Share Deals US$m Rank 2, ,2. 1 1, , , ,08. 1, , , & Co Inc 1, , , ,93 2,92. % Change in Fees Source: Thomson Financial/Freeman & Co. 2

3 Fourth Quarter 200 Mergers & Acquisitions s Mergers & Acquisitions Scorecard: Worldwide Announced M&A Scorecard: Worldwide M&A Region/Nation 1/1/200 /31/200 Rank Val US$m Deals 1/1/200 /31/200 Rank Val US$m Deals % Change in Rank Value Region/Nation 1/1/200 /31/200 Rank Val US$m Deals 1/1/200 /31/200 Rank Val US$m Deals % Change in Rank Value Worldwide 3,99, ,98 2,,. 33,0 3.9 Worldwide 2,89,02.1 2,3 2,23, ,9 2.8 Americas Central America 1,8,3. 2,00.9, ,290,332.,3.8, Americas Central America 1,09, ,8.9 9,90 9 1,018,29.2,93.2 9, Mexico,3., Mexico, , South America Argentina 0,08., ,80. 2, South America Argentina 2,22.3 3, ,.2 3, Brazil 33,18. 23, Brazil 22, , Caribbean 1,3.0 3, Caribbean 10,.1 8 9, North America 1,2,.1,32 1,22,.2 10, 39.0 North America 1,,.8 9,33 91,990. 8,9 8.9 Canada,33.3 1,89 89,329. 1, Canada 8, ,2, , United States 1,, ,33 1,13,2.8 9,23 3. United States 1,308,81. 8,08 90,0.,3. Africa/Middle East, , Africa/Middle East 1, , North Africa 9,8. 9 2, North Africa, , SubSaharan Africa 31,1.3 1, SubSaharan Africa 21,9.0 21, Middle East 23,. 2 10, Middle East 1,80. 8, Europe 1,32,09.0,1 1,01,83. 10,8 3. Europe 999,.9 8,2 9,92.1 8, Eastern Europe Western Europe France 80,2. 1,31,3.,02. 1,398 10,33 1,21,283. 9,3.0 10,8. 1,222 9, 1, Eastern Europe Western Europe France 8,2.2 90,992. 8,2. 909,33 1,0 9,.2 82,2.9, , Germany,0.2 1,2 109, , Germany,10.8 1,0 8,3. 1,00 3. UK 38,9.8 2,9 30,0.3 2,1 1.2 UK 319,183. 2,08 31,. 2, AsiaPacific 33,3.8 8,2 230, , AsiaPacific 200,8.3, 181,2., Australasia,.8 2,1 9,30. 2,23 9. Australasia 8,23.1 1,2 8, ,0 0.3 Australia 108, ,002,83.9 1,88 8. Australia 9,99. 1,302,.1 1, New Zealand 8, , New Zealand, , South East Asia,38.9 1,9 3,98. 2, South East Asia 32,102. 1,181 3,8.8 1,3.2 Malaysia 2,0.8 83, Malaysia 8, , Philippines North Asia 8,21. 9,. 3,1,2.0 90,0. 1 2, Philippines North Asia 1,31.3 3, ,100,89. 3, , China 3,18. 1,923 30,8. 1, 1.3 China 22, , Hong Kong 2, , Hong Kong 18, , South Asia Central Asia 3,28.3 3,9.2 1,19 2,8.0 1,1.0 1, South Asia Central Asia 3,00. 2,030. 2,8.1 1, Japan 103,23.1 2,2,81.8 2,8 3.1 Japan 10,89. 1,28 10,29.8 1,

4 Fourth Quarter 200 Mergers & Acquisitions s Worldwide Rankings Worldwide Announced (AD1) Worldwide (AF1) 1/1/200 /31/200 1/1/200 /31/200 1/1/200 /31/200 1/1/200 /31/200 Mkt. Mkt. US$m Rank Share Deals US$m Rank Rank Val US$m Rank Share Deals US$m Rank Rank Val 1,08, , , , ,03, , , , , , , , , , , ,.3 3.8, , , , , , , ,38.0., , , , , , , , , , , , ,9.0 33, , ,02. 23,033. 1, Bear Stearns & Co Inc 310, , , , ,28. 3, HSBC Holdings PLC Banc of America Securities LLC 2, , , , Evercore Partners Banc of America Securities LLC 192, , ,38.3 9, Evercore Partners 19, , , ,8.. Bear Stearns & Co Inc 18,3.9 11, ,3.9 19, HSBC Holdings PLC Macquarie Bank 10, , ,2. 3, Societe Generale 2, , , , Macquarie Bank 9, , Calyon 90, , Houlihan Lokey Howard & Zukin 8, , Societe Generale 90, , Calyon Wachovia Corp, , ,892. 8, Houlihan Lokey Howard & Zukin Wachovia Corp 83,3. 82, ,00. 31, Blackstone Group LP 10, , Dresdner Kleinwort 80, , Santander Investment SA 9, ,1. 1,03.9 Blackstone Group LP, , Greenhill & Co, LLC 90, , CIBC World Markets Inc 9, , Subtotal without 1, ,90 3, Subtotal without 31, ,93 21, Subtotal with 3,282, ,09 2,388, Subtotal with 2,2, ,1 2,022, ,99, ,98 2,, ,89, ,90 2,23,

5 Fourth Quarter 200 Mergers & Acquisitions s Worldwide Rankings Worldwide Announced M&A ECM Roles (AH) & Co Inc Dresdner Kleinwort 1/1/200 /31/200 1/1/200 /31/200 Mkt. % Chg. In US$m Rank Share Deals US$m Rank Rank Val 0, , , , , ,1.,8.,03.,01. 0, , , , , , , , , ,90.9 8, , , , * tie Worldwide M&A ECM Roles (AI) 1/1/200 /31/200 1/1/200 /31/200 Mkt. Chg. In US$m Rank Share Deals US$m Rank Rank Val 9, , , , , , , , , , ,22.0, ,0. 1, , , , , Dresdner Kleinwort, , , , * tie

6 Fourth Quarter 200 Mergers & Acquisitions s Americas M&A M&A Activity Heats Up in the Americas Announced M&A deal volume in the Americas continued to increase as activity approached US$1.9 trillion at the end of the fourth quarter of 200, up from the US$1.3 trillion total of 200. Average deal size of announced deals increased in 200 by 23.% from US$3. million to US$10. million. M&A volume in 200 for announced deals with a US target increased 3.% to nearly US$1. trillion from US$1.2 trillion in 200. Americas Announced M&A by Target Industry $300,000 January 1, 200 December 31, 200 January 1, 200 December 31, 200 $20,000 Energy & Power Heats Up The Energy & Power sector was most active in 200 with US$28.8 billion in deal volume, a 32.9% increase over 200 volume. The surge in volume could be credited to a multitude of large deals that were announced during the year, including a managementled investor group's US$2. billion buyout of Kinder Morgan and Anadarko's US$18.2 billion acquisition of KerrMcGee. (US$m) $200,000 $10,000 $100,000 $0,000 Goldman's Still the One Goldman Sachs remained the top financial advisor in US M&A with US$2.9 billion in total rank value, a 30% increase from the firm's total last year. placed second with US$38 billion in activity, while rounded out the top three with US$1. billion. $0 Energy and Power Media and Entertainment Financials Telecommunications Healthcare Real Estate CIBC and Active in Canada CIBC World Markets surpassed RBC Capital Markets as the number one financial advisor for announced deals in Canada with US$3. billion in total rank value, up 108.% from its 200 total of US$30. billion. CIBC s year was highlighted by Xstrata s US$18 billion tender offer for Falconbridge in May. also moved up significantly in the announced Canadian league table rankings from number nine in 200 to number two this year with US$0 billion in M&A activity, up 320.8% from its US$1.3 billion total in 200. Top Ten Americas Announced Deals Rank Date Status Target Acquiror (US$m) 3//200 BellSouth Corp AT&T Inc 89,32.0 //200 Pending America Telecom SA de CV America Movil SA de CV 3,293. /19/200 Pending Equity Office Properties Trust Blackstone Group LP 32,. /2/200 HCA Inc Investor Group 32,1.0 /29/200 Pending Kinder Morgan Inc Investor Group 2,89. 10/2/200 Pending Harrah's Entertainment Inc Investor Group 2,388. //200 Pending Harrah's Entertainment Inc Penn National Gaming Inc 2,33.1 /1/200 Pending Clear Channel Commun Inc Investor Group 2,00.3 //200 Golden West Financial Corp,CA Wachovia Corp,Charlotte,NC 2,00.9 /18/200 Pending Caremark Rx Inc Express Scripts Inc 2,00.2

7 Fourth Quarter 200 Mergers & Acquisitions s Americas Rankings US Target Announced (AD2) US Target (AF2) 1/1/200 /31/200 1/1/200 /31/200 1/1/200 /31/200 1/1/200 /31/200 Mkt. Mkt. US$m Rank Share Deals US$m Rank Rank Val US$m Rank Share Deals US$m Rank Rank Val 2, , , , , ,.. 1, , , , , , , , , , , ,0..3 3, , , , , , , , , , , , , , Banc of America Securities LLC 209, , Bear Stearns & Co Inc 21, , , , , , Evercore Partners 13, , Banc of America Securities LLC 1, , Bear Stearns & Co Inc 1, , Evercore Partners, , , , Wachovia Corp 82, , Wachovia Corp 108, , Blackstone Group LP, , Blackstone Group LP 10, ,1.. Houlihan Lokey Howard & Zukin 1, , Houlihan Lokey Howard & Zukin 9, , , ,19.8.9, , Keefe Bruyette & Woods Inc 1,01. 1., Sandler O'Neill Partners 3, , Joseph Perella 3, Peter J. Solomon Co Ltd 28, , Sandler O'Neill Partners 22, , Global Leisure Partners LLP 2, , , Keefe Bruyette & Woods Inc 2, , Greenhill & Co, LLC 18, , , , ,33.9 Allen & Co Inc 18, , Greenhill & Co, LLC 21, , , , ,19.2 Macquarie Bank 21, , Stephens Inc 1, , Jefferies & Co Inc 1, ,. 2.1 Societe Generale 1, , Subtotal without, ,10, Subtotal without 0,2. 8.,8 103,2.8. Subtotal with 1,03, ,293 1,01, Subtotal with 1,198, ,98 802, ,, ,33 1,13, ,308, ,08 90,0..

8 Fourth Quarter 200 Mergers & Acquisitions s Americas Rankings Any US Involvement Announced (AD1) Any US Involvement (AF8) 1/1/200 /31/200 1/1/200 /31/200 1/1/200 /31/200 1/1/200 /31/200 US$m Rank Mkt. Share Deals US$m Rank Rank Val US$m Rank Mkt. Share Deals US$m Rank Rank Val 3, , , , , , , , , , , , , , , , , , , , , ,9.. 29, , , , , , , , , , Banc of America Securities LLC 230, , Bear Stearns & Co Inc 218, , , , , , Evercore Partners 18, , Banc of America Securities LLC 188, , , , Evercore Partners 13, , Bear Stearns & Co Inc 1, , , , Houlihan Lokey Howard & Zukin, , Wachovia Corp 82, , Wachovia Corp 109, , Houlihan Lokey Howard & Zukin 82, , Blackstone Group LP 10, , Blackstone Group LP, , , , Keefe Bruyette & Woods Inc 1, , , , , , , , Joseph Perella 3, Sandler O'Neill Partners 3, , , , Greenhill & Co, LLC 29, , , , Peter J. Solomon Co Ltd 28, , Sandler O'Neill Partners 23, , Global Leisure Partners LLP 2, Greenhill & Co, LLC 21, ,0. 2. Macquarie Bank 2, , CIBC World Markets Inc 18, , Societe Generale 2, , Allen & Co Inc 18, , Subtotal without 2, ,31 1, Subtotal without 13, ,2,8..1 Subtotal with 1,89, ,090 1,20, Subtotal with 1,20, ,29 9,3.. 1,900, ,0 1,32, ,3, ,2 1,103,

9 Fourth Quarter 200 Mergers & Acquisitions s Americas Rankings Any Latin American Involvement Announced (AD38) Any Latin American Involvement (AF) 1/1/200 /31/200 1/1/200 /31/200 1/1/200 /31/200 1/1/200 /31/200 Mkt. Mkt. US$m Rank Share Deals US$m Rank Rank Val US$m Rank Share Deals US$m Rank Rank Val 88, ,28.9 1, , ,22.2 1,19. 8, , , , , , , , , , ,01. 21, , , , , , , , Santander Investment SA 19, , ,2.1 22, , RBC Capital Markets 18, Santander Investment SA 20, , , , RBC Capital Markets 20, , , HSBC Holdings PLC 19, ,3., , , , ,2.0, , , , Banco Itau Holding Financeira, , , , HSBC Holdings PLC, ,2.2, , , ,33. 9., , ScotiabankBank of Nova Scotia 2, Banco Itau Holding Financeira, ,9. Arsenal BPW Investimentos 2, Greenhill & Co, LLC 2, Greenhill & Co, LLC 2, BBVA 2, , , , , Angra Partners 1, Arsenal BPW Investimentos 1, * 20.2 Uniao de Bancos Brasileiros SA 1, Angra Partners 1, Planconsult Planejamento Rio Bravo Investimentos SA 1, * BBVA Michel Dyens , ScotiabankBank of Nova Scotia , Rio Bravo Investimentos SA Jefferies & Co Inc Jefferies & Co Inc Subtotal without,8. 8.1, Subtotal without 9, , Subtotal with 18, , Subtotal with, , , , , ,

10 Fourth Quarter 200 Mergers & Acquisitions s Americas Rankings Any Canadian Involvement Announced (AD2) Any Canadian Involvement (AF9) 1/1/200 /31/200 1/1/200 /31/200 1/1/200 /31/200 1/1/200 /31/200 US$m Rank Mkt. Share Deals US$m Rank Rank Val US$m Rank Mkt. Share Deals US$m Rank Rank Val CIBC World Markets Inc 3, , CIBC World Markets Inc, , , , RBC Capital Markets 1, , RBC Capital Markets 3, , , , , , , , , , , , , , , , , , , , TD Securities Inc 31, , TD Securities Inc 3, , , , , , , , , , , , ScotiabankBank of Nova Scotia 2, , ScotiabankBank of Nova Scotia 2, , ,28.. 9, , ,1.1 BMO Capital Markets 21, , Santander Investment SA 20, GMP Capital Corp 18, , GMP Capital Corp 18, , , BMO Capital Markets 18, , Santander Investment SA 18, Genuity Capital Markets, , Orion Securities, , , , Canaccord Capital Corp, ,3.0 Orion Securities 10, , Genuity Capital Markets 9, , Canaccord Capital Corp 9, , Bear Stearns & Co Inc 8, , Bear Stearns & Co Inc, , , , Banc of America Securities LLC, ,3. National Bank Financial Inc, , Tristone Capital Advisors Inc, , Tristone Capital Advisors Inc, , HSBC Holdings PLC, , , , , First Energy Capital Corp, , Subtotal without 2,9..3 2,9 2, Subtotal without 21, ,10 1, Subtotal with 199, , Subtotal with 10, , , ,88, , ,8 10,

11 Fourth Quarter 200 Mergers & Acquisitions s Europe M&A European M&A Volume Surpasses US$1. Trillion Following Year of Mega Mergers 200 M&A activity with European involvement exceeded US$1. trillion, a 38.3% increase from the 200 totals. E ON s sweetened US$1. billion competing bid for Endesa and Suez's US$1 billion merger with Gaz de France were the two largest announced European deals followed by the US$39. billion Mittal/Arcelor transaction. These three mega mergers accounted for 8.9% of European M&A and boosted activity in the Energy & Power sector, which led all industries with 982 transactions worth an aggregate US$31. billion. UK Companies Most Targeted United Kingdom companies were the most targeted in Europe for 200 with 2,9 deals worth US$38.9 billion, followed by Spanish targets accounting for 9 deals worth US$182.2 billion and French targets with 1,21 deals worth US$. billion. Volume of Nordic acquisitions increased due to the December 200 announcement of the US$32 billion merger between Statoil and Norsk Hydro. Telecommunications European Involvement Announced M&A by Target Industry Healthcare Media and Entertainment Industrials Real Estate January 1, 200 December 31, 200 January 1, 200 December 31, 200 Materials Top Advisor in Europe secured the top spot for announced deals with European involvement with 18 deals worth an aggregate US$93.1 billion. This figure represented an increase of 9.8% over s total in 200. placed second with 198 deals and a total rank value of US$89 billion. Goldman Sachs ranked third with total volume of US$0.1 billion, slipping from the top spot last year. Financials Energy and Power $0 $0,000 $100,000 $10,000 $200,000 $20,000 $300,000 $30,000 $00,000 Goldman Maintains Position in Rankings Goldman Sachs finished at the top for completed deals with European involvement with 1 deals in 200 worth US$39. billion, a 2.2% increase over the firm's total rank value in 200. ranked second with US$331.2 billion in volume from 1 deals and Deutsche Bank rounded out the top three with a total of US$32. billion., which ranked first last year, dropped to fourth with a total volume of US$302.8 billion. Top Ten Any European Involvement Announced Deals (US$m) Rank Date Status Target Acquiror (US$m) 2/21/200 Intended Endesa SA E ON AG 1,38. 2/2/200 Pending Gaz de France SA Suez SA 0,91.1 1/2/200 Arcelor SA Mittal Steel Co NV 39,3. 8/2/200 Pending SanPaolo IMI SpA Banca Intesa SpA 3,2.2 /18/200 Pending Norsk Hydro ASA Statoil ASA 31,998. 3/1/200 BAA PLC Airport Development 30,190. /28/200 Intended Scottish Power PLC Iberdrola SA 2,3.8 3/23/200 Schering AG Bayer AG 19,28.8 /1/200 Pending Gallaher Group PLC JTI(UK)Management Ltd 18,99.9 /1/200 Falconbridge Ltd Xstrata PLC 18,23.

12 Fourth Quarter 200 Mergers & Acquisitions s Europe Rankings Any European Involvement Announced (AD21) Any European Involvement (AF3) 1/1/200 /31/200 1/1/200 /31/200 1/1/200 /31/200 1/1/200 /31/200 Mkt. Mkt. US$m Rank Share Deals US$m Rank Rank Val US$m Rank Share Deals US$m Rank Rank Val 93, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , HSBC Holdings PLC 28, , ,092.9, HSBC Holdings PLC,.2, ,.0 1, , , ,30., Societe Generale, , ,2.2 1, Societe Generale 2, , Calyon 83, , Calyon, , Dresdner Kleinwort, , Dresdner Kleinwort 9, , , , Santander Investment SA 1, , Macquarie Bank, , Greenhill & Co, LLC, , Hawkpoint Partners 1, ,39.1 1,03. Macquarie Bank 8, , Santander Investment SA, , Gruppo Banca Leonardo, BBVA 2, ,898.9 Hawkpoint Partners 2, , Evercore Partners 38, ,928. Mediobanca 9, , KPMG Corporate Finance 33, , BBVA, ,300. Mediobanca 32, , KPMG Corporate Finance 3, , Enskilda 31, , Subtotal with 1,83, ,8 1,10, Subtotal with 1,099, ,2 99,83..2 Subtotal without 21, ,30 10, Subtotal without 18,819..9,21 98, ,2, ,20 1,2, ,28, ,9 1,08,3.0 1.

13 Fourth Quarter 200 Mergers & Acquisitions s Europe Rankings Any UK Involvement Announced (AD32) Any UK Involvement (AF39) 1/1/200 /31/200 1/1/200 /31/200 Mkt. US$m Rank Share Deals US$m Rank Rank Val, , , , , , , , , , , , Cazenove 90,8.1, ,00., Cazenove HSBC Holdings PLC,83. 8, ,1.2, Macquarie Bank Macquarie Bank, , HSBC Holdings PLC Dresdner Kleinwort 3, , Dresdner Kleinwort 1, , ,81. 30, ,0.0 39, KPMG Corporate Finance Greenhill & Co, LLC 29, , Lexicon Partners 2, , Mizuho Financial Group KPMG Corporate Finance 2, , Lexicon Partners PricewaterhouseCoopers 20,.8 1, ,21.3 2, , PricewaterhouseCoopers Houlihan Lokey Howard & Zukin Mizuho Financial Group 1, Ernst & Young LLP AGM Partners LLC, * Evercore Partners CIBC World Markets Inc Hawkpoint Partners 9,93.3 9, ,8.9, Hawkpoint Partners Deloitte & Touche LLP Toulouse & Associes, Subtotal with 9, ,38 3,. 8.0 Subtotal with Subtotal without, ,00 8, Subtotal without, ,38 03, /1/200 /31/200 1/1/200 /31/200 Mkt. US$m Rank Share Deals US$m Rank Rank Val, , , , , , , , , , , , , , , , , , , , , , , , ,.. 23, , , , , , , , , , , , , , , , , , , , , , , , , ,1 3, , ,19,2. 1.3, ,32 80,

14 Fourth Quarter 200 Mergers & Acquisitions s Europe Rankings Any French Involvement Announced (AD33) Any French Involvement (AF0) 1/1/200 /31/200 1/1/200 /31/200 1/1/200 /31/200 Mkt. Mkt. US$m Rank Share Deals US$m Rank Rank Val US$m Rank Share, , , ,1.0, ,32. 9, ,3.9 8, , , , ,3. 10, ,88.8 8, ,18. 0, , , HSBC Holdings PLC, HSBC Holdings PLC, , , Societe Generale, , , Calyon,29.2 3, ,92.1 9, Societe Generale,91., , , , , , Calyon 1, , , ,83.2 2, Bucephale Finance 28, , Philippe Villin Conseil 21, Philippe Villin Conseil 21, Bucephale Finance 19, , ,3..3 1, Mediobanca 1, , Mediobanca, , ,2.. Macquarie Bank, Evercore Partners 10, Dresdner Kleinwort, Gruppo Banca Leonardo 10, Evercore Partners 10, Toulouse & Associes, ,2. 23* 1.8, PricewaterhouseCoopers goetzpartners Corp Finance,22., , ,10.2 Blackstone Group LP Gruppo Banca Leonardo 3,2. 3, Blackstone Group LP 3, Hawkpoint Partners 2, Subtotal with 2, , Subtotal with 200, Subtotal without 21,91.. 1,3 1, Subtotal without, , , , , Deals ,8 1/1/200 /31/200 US$m Rank Rank Val 8, , , , , , , , , , , , , , , , , ,3.3 2, , , ,98.8, ,

15 Fourth Quarter 200 Mergers & Acquisitions s Europe Rankings Any Spanish Involvement Announced (AD3) Any Spanish Involvement (AF1) 1/1/200 /31/200 1/1/200 /31/200 1/1/200 /31/200 1/1/200 /31/200 US$m Rank Mkt. Share Deals US$m Rank Rank Val US$m Rank Mkt. Share Deals US$m Rank, , , ,.9 HSBC Holdings PLC 101, ,2. 1* 1,21.8, ,2. 9 9, ,. 3.0, , , , ,38. 10, ,1., ,01.2,22. 81, , , ,13.0,., ,. 2, Macquarie Bank 31,08. 30, ,2.3 1, , , HSBC Holdings PLC 30, , , , , , , , , ,29. 2 Macquarie Bank 30, , , , ,. 32 2,32. Calyon, , , , Dresdner Kleinwort, ,0.2 23, , , ,8.9 Santander Investment SA, , , ,9. 3 Ahorro y Corporacion Finan, KPMG Corporate Finance, , KPMG Corporate Finance, , Societe Generale, ,2. 1* Societe Generale, ,2. 1* 18. Santander Investment SA, , Nmas1 Calyon,3. 3, , Bear Stearns & Co Inc Arcano Asesores Financieros SL 2,39.0 2, , Arcano Asesores Financieros SL 2, , Keefe Bruyette & Woods Inc 2, Keefe Bruyette & Woods Inc 2, Socios Financieros SA 2, Socios Financieros SA 2, Corporate 1, , BBVA 1, Ricol Lasteyrie & Associes SA 1, Subtotal with 23, , Subtotal with 10, ,3.2 Subtotal without 3, , Subtotal without 30, , , ,02 1, , ,18.3 Rank Val ,

16 Fourth Quarter 200 Mergers & Acquisitions s Europe Rankings Any German Involvement Announced (AD3) Any German Involvement (AF2) 1/1/200 /31/200 1/1/200 /31/200 1/1/200 /31/200 1/1/200 /31/200 Mkt. Mkt. US$m Rank Share Deals US$m Rank Rank Val US$m Rank Share Deals US$m Rank 12, , , ,2.2 9, , , ,332.9, , , , , , , ,.9 9,3.9 8, ,38.3, , , ,00., , ,81.8 Dresdner Kleinwort 29, ,. 9, , , , , , Greenhill & Co, LLC 22, ,3. 20 HSBC Holdings PLC 2, ,02. 19, , Greenhill & Co, LLC 3,3.2. 9, , ,08. Dresdner Kleinwort 2, , , , , , Macquarie Bank 1, , , , , , Macquarie Bank 1, , ,203. Freitag & Co, ,10. 2 Svenska Handelsbanken AB 1, Banc of America Securities LLC, * 1, , , ,09.3 Sal Oppenheim Jr & Cie KGaA 10, , Ernst & Young LLP 3, ,3.1 9 Freitag & Co, , Sal Oppenheim Jr & Cie KGaA 2, , Braveheart Financial Services, KPMG Corporate Finance 2, ,1.2 1 goetzpartners Corp Finance 3, ,39.3 PricewaterhouseCoopers 2, ,0. 33 Ernst & Young LLP 3, , Spayne Lindsay & Co LLP 2, Societe Generale 2, * Societe Generale 2, Spayne Lindsay & Co LLP 2, , ,1. 23 PricewaterhouseCoopers 2, , Deloitte & Touche LLP 1, Subtotal with 281, ,1.1. Subtotal with 1, ,829.2 Subtotal without 39, ,89 18, Subtotal without 23, ,1 1, , ,08 1, , ,00 1,880. Rank Val , ,

17 Fourth Quarter 200 Mergers & Acquisitions s Europe Rankings Any Italian Involvement Announced (AD3) Any Italian Involvement (AF3) 1/1/200 /31/200 1/1/200 /31/200 1/1/200 /31/200 1/1/200 /31/200 Mkt. Mkt. US$m Rank Share Deals US$m Rank Rank Val US$m Rank Share Deals US$m Rank Rank Val,2. 9, ,3., Mediobanca 32,22. 2, ,09. 1, Gruppo Banca Leonardo Mediobanca,91.2 9,2.3, ,338. 9, ,0.9 18,0.9 1, , ,1. 18, , , , , , , ,00.9 9, ,2.9, ,32.3 1, , ,2. 3., ,2. 9. Calyon 1,2.8 1,092.0,0. 10, ,3. 1,9. 21, * ,9.3,299.,8. 10,90.3 9, , ,0. 1, , , , , , Banca IMI, , Banca IMI, , UniCredit Group, , UniCredit Group, , Banca Intesa, * Banca Intesa, Houlihan Lokey Howard & Zukin, Houlihan Lokey Howard & Zukin, , , Gruppo Banca Leonardo 3, Societe Generale Capitalia SpA 2,2.0 2, ,. 1* 88.8 Dresdner Kleinwort Societe Generale 2,8.0 2, , *. HSBC Holdings PLC 1, * Calyon 2, * Ernst & Young LLP KPMG Corporate Finance 1,. 1, , Capitalia SpA HSBC Holdings PLC 2,. 1, , * 9. Dresdner Kleinwort 1, , KPMG Corporate Finance 1, , Subtotal with, , Subtotal with, ,9.0.8 Subtotal without 19, , Subtotal without, , , ,021 1,0.0.0, ,

18 Fourth Quarter 200 Mergers & Acquisitions s Europe Rankings Any Nordic Involvement Announced (AD3) Any Nordic Involvement (AF) 1/1/200 /31/200 1/1/200 /31/200 Mkt. US$m Rank Share Deals US$m Rank Rank Val 2, , , , , , Enskilda 3, , , , Carnegie Enskilda 28, , ,1. 1.0, Svenska Handelsbanken AB 18, ,02.8. Greenhill & Co, LLC 1, ,91.8 Carnegie, ,2. 10., , , , Svenska Handelsbanken AB 9, ,38. 9., , ABG Sundal Collier, , Lenner Corporate Finance AB Nordea, , Erneholm & Haskel AB Danske Markets, , Freitag & Co, , Nordea, , ABG Sundal Collier Freitag & Co, ,1. KPMG Corporate Finance Pareto Securities, Pareto Securities Dresdner Kleinwort 3, , Macquarie Bank KPMG Corporate Finance 3, , Dresdner Kleinwort Macquarie Bank 3, , Fondsfinans AS 3, ,01.8 Fondsfinans AS Subtotal with 18, , Subtotal with Subtotal without 28, , ,22 2,18 1,.1, Subtotal without 1/1/200 /31/200 1/1/200 /31/200 Mkt. US$m Rank Share Deals US$m Rank Rank Val 3, , , , , , , , , , , , , , , , , , , , , , , , , , , ,.2.0, ,203., ,0.0, ,1., , , , , , , , , , , , ,..8 3, ,2. 9, , , , , ,3 102,

19 Fourth Quarter 200 Mergers & Acquisitions s Europe Rankings Any Benelux Involvement Announced (AD0) Any Benelux Involvement (AF) 1/1/200 /31/200 1/1/200 /31/200 Mkt. US$m Rank Share Deals US$m Rank Rank Val 8, , , , , ,. 38.3, , , , , , , , Calyon 1, , Societe Generale 0, ,8.9, , BBVA 3, , , Santander Investment SA 1, ,9. Hawkpoint Partners 1, ,9. HSBC Holdings PLC 1,182. 3, ,31.0 3, , , Houlihan Lokey Howard & Zukin 19, ,.8 ING 1, , Evercore Partners, ,19. Banc of America Securities LLC 10, ,93.8 Deloitte & Touche LLP 10, , CIBC World Markets Inc 9, ,23.1, , , , Subtotal with 12, ,. 0.2 Subtotal without 23, ,02, , ,,.2. 1/1/200 /31/200 1/1/200 /31/200 Mkt. US$m Rank Share Deals US$m Rank Rank Val 2, ,. 9. 9, , , , , , , , , ,1.., , , , Santander Investment SA 1, * Hawkpoint Partners 1,. 10* ,0. BBVA 1,. 10* Calyon 1,. 10* , HSBC Holdings PLC 0, , , , Societe Generale 39, ,22.9 2, , , , ING 1, , , , Evercore Partners, ,09. Banc of America Securities LLC 10, ,93.8 Deloitte & Touche LLP 10, ,08.3 Houlihan Lokey Howard & Zukin 9, Mediobanca, ,09.2 RBC Capital Markets, Subtotal with 3, , Subtotal without, , , ,03 232,

20 Fourth Quarter 200 Mergers & Acquisitions s Asia exjapan M&A Asia exjapan M&A Up by.3% Announced Asia exjapan M&A activity reached US$2.9 billion during 200, a.3% upsurge from the US$190. billion recorded in 200. Moreover, the total number of announced transactions in the region increased by.% to,99 deals this year. Asia exjapan Involvement Announced M&A by Target Nation January 1, 200 December 31, 200 January 1, 200 December 31, 200 & Lead Asia exjapan Rankings topped the announced rankings in Asia exjapan advising on US$3.3 billion worth of deals. and Goldman Sachs rounded out the top three with US$3.2 billion and US$33.8 billion, respectively. secured the top spot in the completed rankings with US$3 billion from 2 transactions and outpaced Goldman Sachs by US$8. billion. closed 33 deals valued at US$1.9 billion to finish third. South Korea Malaysia Offer for Corus Group is Largest Deal Tata Steel s US$1.3 billion sweetened tender offer for the entire share capital of Corus Group was the top announced Asia exjapan transaction in 200. The spinoff of Reliance Industries telecommunications business worth US$8.1 billion was second while Shinhan Financial's acquisition of a majority interest in LG Card valued at US$.3 billion was third largest deal. Financials Most Preferred Sector Financials was the busiest sector in the Asia exjapan region with deals totaling US$. billion, or a 20% share of the market. The Industrials sector followed with a.8% market share from transactions totaling US$3. billion. The third most active industry was the Materials sector, which had an aggregate of US$3.3 billion worth of deals. Hong Kong India China $0 $10,000 $20,000 $30,000 $0,000 $0,000 (US$m) Chinese Companies Most Targeted Chinese companies once again emerged as the most favored targets with 1,923 deals totaling US$3.2 billion. Indianheadquartered targets followed with 1,10 transactions valued at US$3. billion. Hong Kong targets was third most sought after and accounted for 2 deals worth US$2.8 billion. Top Ten Any Asia exjapan Involvement Announced Deals Rank Date 10/1/200 3//200 //200 /10/200 /2/200 3//200 /1/200 /2/200 /21/200 1/2/200 Status Pending Pending Pending Intended Pending Intended Target Acquiror (US$m) Corus Group PLC Tata Steel UK Ltd 1,30.3 Reliance Inds LtdTelecom Bus Shareholders 8,03.0 LG Card Co Ltd Shinhan Financial Group Co Ltd,3.9 Daewoo Engineering & Constr Kumho Asiana Group,9.3 Advanced Semiconductor Reliance Infocomm Ltd Investor Group Reliance Commun Ventures Ltd,221.0,.2 Malakoff Bhd MMC Corp Bhd,9.2 Sime Darby Bhd Synergy Drive Sdn Bhd,3. Hutchison Port Holdings Ltd PSA Corp Ltd,388.0 ICBC Investor Group 3,

21 Fourth Quarter 200 Mergers & Acquisitions s Asia exjapan Rankings Any Asia exjapan Involvement Announced (AD2) Any Asia exjapan Involvement (AF32) Commerce Intl Merchant Bank China International Capital Co Deloitte & Touche LLP Dresdner Kleinwort Korea Development Bank Samsung Group Malayan Banking Bhd Newfields Advisors Sdn Bhd Macquarie Bank PricewaterhouseCoopers HSBC Holdings PLC Standard Chartered PLC ING Subtotal without Subtotal with 1/1/200 /31/200 1/1/200 /31/200 1/1/200 /31/200 1/1/200 /31/200 Mkt. Mkt. US$m Rank Share Deals US$m Rank Rank Val US$m Rank Share Deals US$m Rank 3, , , ,.0 1 3, , , , , , , , , , , , , , , , ,.. 2, , , , , Deloitte & Touche LLP 10, , , , Commerce Intl Merchant Bank 10, , , , , ,088.3, , PricewaterhouseCoopers 8, ,22.1 9, , , , , ,9. 1.0, ,9. 8 8, , Dresdner Kleinwort, , ,08., , , , Standard Chartered PLC, ,.2 20, ,2. China International Capital Co, ,08.0 1, , , ,322., , ,99.0 1, ,98. Macquarie Bank 3, ,8.8 23, , ING 2, ,0. 2, , Ernst & Young LLP 2, , , DBS Group Holdings 2, ,3.2 2, , KPMG Corporate Finance 2, , , BMA Capital Management 2, , , Somerley Ltd 2, , ,22. 2.,92, Subtotal without 3, ,93 3, , ,03, Subtotal with, ,3. 2, ,99 190,.0.3, ,320,3. Rank Val , ,

22 Fourth Quarter 200 Mergers & Acquisitions s Asia exjapan Rankings Any Asia exjapan Involvement Announced (AD2) Any Asia exjapan Involvement (AF32) Based on Number of Deals Based on Number of Deals 1/1/200 /31/200 1/1/200 /31/200 1/1/200 /31/200 1/1/200 /31/200 Mkt. Mkt. Deals Rank Share US$m Deals Rank Deals Deals Rank Share US$m Deals Rank Commerce Intl Merchant Bank , Commerce Intl Merchant Bank , ,1. 2* , PricewaterhouseCoopers , PricewaterhouseCoopers , Somerley Ltd ,0. 2* ,8. 3 Ernst & Young LLP , * 108. Ernst & Young LLP 31 * 0.9 2, * * 0. 28, * 0.9 2,30. * 0. 31, , , Somerley Ltd 28 8* 0.8 2, , *. KPMG Corporate Finance 28 8* 0.8 2, * , Standard Chartered PLC 2 10* 0.8, * DBS Group Holdings , * 0.8 1, * KPMG Corporate Finance 31 * 0. 1, * , * 0.,.0 2 * , * , * , * ,. 2 1* , , * ,931. 2* AMMB Holdings Bhd 23 1* 0.3 1, *.2 DBS Group Holdings , * 23 1* , ING 1 18* 0. 2, * IMAP 22 19* * 0. 8, * HSBC Holdings PLC 22 19* 0.3,2. 1 2*. Macquarie Bank , Standard Chartered PLC , China International Capital Co 21* 0.,89. 8* Nomura 19 22* * 90.0 Kingston Corporate Finance Ltd 21* * ING 19 22* 0.3, *.0 AMMB Holdings Bhd 23* China International Capital Co ,. * 1.1 IMAP 23* * Macquarie Bank , Mitsubishi UFJ Financial Group * Subtotal without, ,22.,1. Subtotal without 2, ,2.2 2,92 Subtotal with 1, , Subtotal with ,1.8 2, ,919.2,0. 3, ,99.0 3,0 Deals

23 Fourth Quarter 200 Mergers & Acquisitions s Australia M&A Australian M&A Activity Increases by.% Overall announced M&A activity in Australia showed a.% upsurge from US$10.8 billion worth of transactions in 200 to US$.9 billion in 200. The total number of deals increased by.1% from 2,31 in 200 to 2, in 200. Industrials Most Active Sector With 19.2% Market Share Industrials emerged as the leading sector for takeovers with deals valued at US$31. billion, corresponding to 19.2% of the market. The Energy and Power sector was a close second with US$2. billion or 1.% market share, while Materials seized a 1.3% market share with transactions totaling US$2 billion. Domestic Acquirors Lead Australian M&A Domestic acquirors, who spent US$1. billion on Australian targets, were the most acquisitive group with a.2% market share in Australian M&A activity. Mexican companies were the second most active having invested US$.8 billion in acquiring Australian companies. Top Deal Rinker Group Unsolicited Tender Offer Cemex s US$. billion unsolicited tender offer for Rinker Group was the largest transaction for an Australian target this year. Airline Partners Australia s US$ billion tender offer Qantas Airways ranked second while Suncorp Metway s US$.9 billion acquisition of Promina Group finished third. Macquarie Dominates Australian Tables Macquarie Bank was the top advisor in the announced Australian rankings having worked on deals with a total rank value of US$. billion., which advised on transactions totaling US$2.9 billion, placed second and was followed by Goldman Sachs with US$.3 billion from 0 deals. Macquarie also claimed the top spot in the completed rankings by closing 2 transactions amounting to US$32.3 billion. settled at second place with 3 deals valued at US$30. billion, while Goldman Sachs ranked third with 3 transactions worth US$28.9 billion. Top Ten Any Australian Involvement Announced Deals Rank Date Status Target 10/2/200 //200 Pending Intended Rinker Group Ltd Qantas Airways Ltd 10//200 /2/200 /1/200 Pending Promina Group Ltd AustralianInfrastructure Asts Eircom Group PLC 10/2/200 Aust Gas Light CoEnergy Bus 1/2/200 Indiana Toll Road 10/18/200 Pending Publishing & BdcstgCert Asts /9/200 Heritage Ppty Invest Trust Inc /19/200 Seven Network LtdTelevision, (US$m) $3,000 $30,000 $2,000 $20,000 $1,000 $10,000 $,000 Australian Involvement Announced M&A by Target Industry $0 Industrials Energy and Power January 1, 200 December 31, 200 January 1, 200 December 31, 200 Materials Real Estate Acquiror Cemex SAB de CV Airline Partners Australia SuncorpMetway Ltd Alinta Ltd BCM Ireland Holdings Ltd Shareholders Statewide Mobility Partners CVC Asia Pacific Ltd Centro Properties Group Kohlberg Kravis Roberts & Co Financials Media and Entertainment (US$m), ,92.,90.9,83.0,.3,92.1 3, ,30.1 3,3. 3,