Top M&A Rankings. Sullivan & Cromwell US$ Deals announced worldwide ranked by dollar value (US$ billions) Source: Bloomberg, April 1, 2008

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1 Top M&A Rankings n the first quarter of 2008, Sullivan & Cromwell led the global M&A Ileague tables, ranking first by value among law firms representing principals in announced transactions worldwide. This achievement is consistent with our top global performance in each of the past four years. GLOBAL M&A RANKINGS: TOP LEGAL ADVISOR TO PRINCIPALS announced worldwide ranked by dollar value (US$ billions) FIRST QUARTER 2008 Davies Ward $50.3 Allens Arthur $52.7 Slaughter and May $54.4 Linklaters $205.3 Skadden Arps $2.9 Sullivan & Cromwell US$ Source: Bloomberg, April, 2008

2 Top M&A Rankings ullivan & Cromwell retained the top spot in announced deals in the Sfirst quarter of 2008, according to data compiled from Bloomberg, Dealogic, Mergermarket and Thomson Financial. # in Global M&A Advising principals (Bloomberg) Advising principals and financial advisors combined (Bloomberg, Dealogic) # in U.S. M&A Advising principals (Bloomberg) Advising principals and financial advisors combined (Bloomberg, Dealogic) # U.S. Firm in European M&A Advising principals (Bloomberg) Advising principals and financial advisors combined (Bloomberg, Mergermarket) # U.S. Firm in AsiaPacific exjapan M&A Advising principals and financial advisors combined (Bloomberg, Mergermarket, Thomson Financial) # U.S. Firm in Latin American M&A Advising principals and financial advisors combined (Mergermarket) # U.S. Firm in Cross Border M&A Advising principals and financial advisors combined (Bloomberg) # in Private Equity M&A Advising principals and financial advisors combined (Bloomberg)

3 2008 Global M&A Top 0 ur record in the first quarter of 2008 included advising one of the Oprincipals on five of the 0 largest deals announced worldwide. Acquirer Target (US$ billions) BHP Billiton Ltd Rio Tinto plc* $5.0 Microsoft Corp* Yahoo! Inc $42.3 BHP Billiton Ltd Rio Tinto plc* $32.2 Multiple Acquirers Scottish & Newcastle plc $8.7 Shining Prospect Pte Ltd Rio Tinto plc $4. Bolsa de Mercadorias e Futuros Bovespa Holding SA $0.6 Nymex Holdings Inc CME Group Inc $9.7 PernodRicard SA Vin & Sprit AB $8.9 Govt of Singapore Inv Corp Citigroup* $6.9 Multiple Acquirers Merrill Lynch & Co Inc* $6.6 Source: Bloomberg (April, 2008) * S&C represented the company

4 Bloomberg Table of Contents. Introduction 2. Global Market Commentary 3. Global M&A Activity 4. Top 0 Global Announced 5. Global Legal Announced By Volume 6. Global Legal Announced By Deal Count 9. Cross Border Announced 0. Global Private Equity Announced. M&A League Tables By Industry 2. Americas Market Commentary 9. Europe Market Commentary 3. Asia Market Commentary 40. Disclaimer Bloomberg 2008 Q Legal Mergers & Acquisitions Advisory Rankings From the megadeals to the smallest private transactions, Bloomberg s M&A league tables are your onestop shopping source for constant and timely access to the most comprehensive information available on financial and legal deal representation. Our team of expert analysts provide 24hour, realtime coverage of global merger and Just type 7 <GO> to either select a standardized league table or create up to 4 customizable searches based on the criteria most relevant to your business strategy. For more on Bloomberg's valuation and standards, type MA <HELP> 9 <GO>. Alternatively, press the green <Help> key on your Bloomberg Professional for further instructions. Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table results. 03/3/2008 For data submissions or queries, please contact: Contact Phone Fax Americas EMEA Asia Pacific Siddharth Sanghani Natalia Shaw Katie Kang ssanghani@bloomberg.net nshaw3@bloomberg.net kkang4@bloomberg.net General M&A queries may be submitted to: ma@bloomberg.net For 24 hour global customer support call or press the HELP key twice on the BLOOMBERG PROFESSIONAL(R) service. LMX <GO>

5 Bloomberg Global Market Commentary The 30% decline in global M&A deal volume this quarter from last year's comparable period comes as no surprise to observers and market participants as the deterioration of the equity and credit markets across various regions and industries clearly affected the pace of deal activity. However, this quarter's aggregate announced deal volume still amounted to a sizable $680bln as a number of prominent mega deals were announced and completed. Mega Grab Headlines As a result of diminished activity, mega deals that were either announced or completed in this quarter grabbed an unusually high level of prominence and scrutiny. The year kicked off with Microsoft's $42bln bid for Yahoo! in a move meant to challenge Google's internet search dominance, and BHP Billiton's hostile $47bln takeover offer for fellow mining giant Rio Tinto in a bid to capitalize on the recent global boom in the demand for commodities. It came as little surprise that the boards of both Yahoo! and Rio Tinto rejected the respective offers citing their view that the offers significantly undervalued their companies. With Microsoft and BHP Billiton showing no signs of backing down from their offers, it is clear that many significant developments are still ahead before these deals are resolved. Deal Volume (USD Billions) Global Q Historical M&A Activity $,200 $,000 $800 $600 $400 $200 $ Volume (Billions) Deal Count Grabbing an equally large share of the spotlight were several mega deals announced in 2007 that managed to close this quarter, despite volatile conditions within the financial markets. As the quarter came to a close, Altria Group completed the $07bln spinoff of its Philip Morris subsidiary in what is ranked as the fourth largest transaction of all time. Private equity titans TPG and Apollo Management also managed to close the $27bln leveraged buyout of Harrah's after an arduous regulatory approval process that lasted over a year. Market Volatility Affects M&A Activity Despite the noise generated by hotlycontested mega deals, clear evidence of the farreaching effects of the dislocation of the credit markets could be in the drastic slowdown of dealmaking activity by players who are highly dependent on the availability of cheap credit financing such as private equity firms and other financial sponsors. This quarter's private equity deal volume accounted for a mere 9% of global activity a sharp reduction from its 29% representation in last year's first quarter activity. Global Industry Sector Breakdown Basic Materials 29% Communication 2% Consumer, Non cyclical % Consumer, Non cyclical 2% Consumer, Cyclical % On a geographic basis, this quarter's deal activity was led by the EMEA region which accounted for 45% of global deal volume. With only $229bln in aggregate deal volume, the Americas region was relegated to second place for the first time in recent history as it accounted for only 35% of global M&A activity. Overall, the softening trend in dealmaking activity can be expected to hold until conditions in the global capital markets improve. Utilities 2% Financial 20% Consumer, Cyclical 7% Industrial 8% LMX <GO>

6 Bloomberg GLOBAL M&A ACTIVITY Regional Breakdown by Target Regional Breakdown by Target Region/Country Region/Country //08 3/3/ FIRM VOLUME USD (Mln) DEAL COUNT VOLUME USD (Mln) DEAL COUNT VOLUME CHANGE Americas $237,547 2,359 $457,370 3, % Latin America $27, $4, % North America Canada United States $23,0 2,233 $444,685 2, % $8, $4, % $89,806,885 $398,064 2, % EMEA $307,609,974 $358,425 2, % Eastern Europe $33, $29, % Western Europe UK Germany France $264,659,498 $33,84, % $73, $92, % $6, $28, % $9, $28, % AsiaPacific exjapan $2,54,564 $3,544, % Australia $50, $27, % New Zealand China Hong Kong South East Asia India $42 24 $2, % $5, $22, % $6,89 4 $4, % $8, $5, % $7, $26, % Japan $2, $40, % Global *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. $680,08 6,329 $97,240 7, % Americas 34.96% $,600,000 $,400,000 $,200,000 $,000,000 $800,000 $600,000 $400,000 $200,000 Asia Pacific exjapan 6.56% Japan 3.20% QUARTERLY VOLUME USD (Mln) / # EMEA 45.27% 0,000 8,000 6,000 4,000 2,000 $ Q Q Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q 0 LMX <GO>

7 Bloomberg Q Largest M&A Transactions TOP 0 GLOBAL ANNOUNCED DEALS Ranked by Total Announced Date Rank Total (USD Mln) Target Name Acquirer Name Seller Name (if applicable) 02/06/08 $4,96 RIO TINTO PLC BHP BILLITON LTD 02/0/08 2 $42,255 YAHOO! INC MICROSOFT CORP 02/06/08 3 $32,83 RIO TINTO PLC BHP BILLITON LTD 0/25/08 4 $8,748 SCOTTISH & NEWCASTLE PLC MULTIPLE ACQUIRERS* 02/0/08 5 $4,35 RIO TINTO PLC SHINING PROSPECT PTE LTD** 03/25/08 6 $0,566 BOVESPA HOLDING SA BOLSA DE MERCADORIAS E FUTUROS 03/7/08 7 $9,743 NYMEX HOLDINGS INC CME GROUP INC 03/3/08 8 $8,894 VIN & SPRIT AB PERNODRICARD SA 0/5/08 9 $6,880 CITIGROUP GOVT OF SINGAPORE INV CORP 0/5/08 0 $6,600 MERRILL LYNCH & CO INC MULTIPLE ACQUIRERS*** * Heineken NV, Carlsberg A/S ** Alcoa Inc, Aluminum Corp of China *** Kuwait Investment Authority, M izuho Financial Group, TPGAXON Capital M anagement, T Rowe Price Group Inc, Korean Investment Corp, Olayan Group, New Jersey Division of investment TOP 0 ALL TIME LARGEST DEALS Ranked by Total Announced Date Rank Total (USD Mln) Target Name Acquirer Name Seller Name (if applicable) /0/00 $86,236 TIME WARNER INC AMERICA ONLINE INC /4/99 2 $85,066 VODAFONE HOLDING GMBH VODAFONE GROUP PLC 02/06/08 3 $4,96 RIO TINTO PLC BHP BILLITON LTD 08/29/07 4 $07,650 PHILIP MORRIS INTERNATIONAL SHAREHOLDERS ALTRIA GROUP INC 04/25/07 5 $00,028 ABN AMRO HOLDING NV RFS HOLLAND HOLDING BV* /04/99 6 $87,39 WARNERLAMBERT CO PFIZER INC 03/05/06 7 $83,05 BELLSOUTH CORP AT&T INC 2/0/98 8 $80,338 MOBIL CORP EXXON MOBIL CORP 0/28/04 9 $80,38 SHELL TRANSPRT&TRADNG CO PLC ROYAL DUTCH SHELL PLC 07/09/0 0 $76,057 COMCAST CABLE COMM HOLDINGS COMCAST CORP AT&T CORP *Royal Bank of Scotland, Fortis, Banco Santander Central Hispano LMX <GO>

8 Bloomberg M&A Legal Advisory League Tables GLOBAL LEGAL ANNOUNCED DEALS BY VOLUME Ranked by Volume //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Sullivan & Cromwell , Skadden Arps Slate Meagher & Flom , Linklaters , Cravath Swaine & Moore , Herbert Smith/Gleiss Lutz/Stibbe , Slaughter and May , Allens Arthur Robinson , Lovells LLP , Davies Ward Phillips & Vineberg LLP , Blake Dawson , Clifford Chance , Gibson Dunn & Crutcher , Mallesons Stephen Jaques , Cadwalader Wickersham & Taft , Minter Ellison , Munger Tolles & Olsen , Allen & Overy LLP , (.8) Freshfields Bruckhaus Deringer , (.0) Ashurst , Cleary Gottlieb Steen & Hamilton , TOTAL $680,90 6,329 $97,240 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. $,800,000 $,600,000 $,400,000 $,200,000 $,000,000 $800,000 $600,000 $400,000 $200,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q 0,000 8,000 6,000 4,000 2,000 0 LMX <GO> 5

9 Bloomberg M&A Legal Advisory League Tables GLOBAL LEGAL ANNOUNCED DEALS BY DEAL COUNT Ranked by Deal Count //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Jones Day.6, (.) Linklaters , DLA Piper US LLP , (0.6) Clifford Chance , Freshfields Bruckhaus Deringer , (.0) Skadden Arps Slate Meagher & Flom , Allen & Overy LLP , (.8) Baker & McKenzie , (4.8) CMS , (0.9) Freehills , (2.6) Sullivan & Cromwell , Latham & Watkins LLP 0.8 5, (6.8) O'Melveny & Myers LLP 3. 7, Blake Cassels & Graydon LLP , (.4) Weil Gotshal & Manges LLP , (.5) Dorsey & Whitney 5 0.3, (0.6) Lovells LLP , Shearman & Sterling LLP , (.5) Gibson Dunn & Crutcher , Mallesons Stephen Jaques , TOTAL $680,90 6,329 $97,240 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. *Tables based on deal count, then volume. Market share based on deal volume. $,800,000 $,600,000 $,400,000 $,200,000 $,000,000 $800,000 $600,000 $400,000 $200,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q 0,000 8,000 6,000 4,000 2,000 0 LMX <GO> 6

10 Bloomberg M&A Legal Advisory League Tables GLOBAL ANNOUNCED DEALS COUNSEL TO PRINCIPALS Ranked by Volume //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Sullivan & Cromwell , Skadden Arps Slate Meagher & Flom , Linklaters , Slaughter and May , Allens Arthur Robinson , Davies Ward Phillips & Vineberg LLP , Blake Dawson , Clifford Chance , Mallesons Stephen Jaques , Cadwalader Wickersham & Taft , Minter Ellison , Munger Tolles & Olsen , Allen & Overy LLP , (.3) Freshfields Bruckhaus Deringer , (0.8) Cleary Gottlieb Steen & Hamilton , Wachtell Lipton Rosen & Katz , (2.3) Advokatfirman Vinge KB , Weil Gotshal & Manges LLP , (0.9) Wong Partnership , Davis Polk & Wardwell , (.7) TOTAL $680,90 6,329 $97,240 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. $,800,000 $,600,000 $,400,000 $,200,000 $,000,000 $800,000 $600,000 $400,000 $200,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q 0,000 8,000 6,000 4,000 2,000 0 LMX <GO> 7

11 Bloomberg M&A Legal Advisory League Tables GLOBAL ANNOUNCED DEALS COUNSEL TO PRINCIPALS Ranked by Deal Count //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Jones Day.4 9, (0.7) Linklaters , DLA Piper US LLP , (0.7) Freshfields Bruckhaus Deringer , (0.8) Clifford Chance , Skadden Arps Slate Meagher & Flom , Allen & Overy LLP , (.3) Baker & McKenzie , (4.9) CMS , (0.9) Freehills , (2.6) Weil Gotshal & Manges LLP 2.6 7, (0.9) Blake Cassels & Graydon LLP 2.3 5, (.6) O'Melveny & Myers LLP 0.9 6, Dorsey & Whitney 0.3, (0.6) Sullivan & Cromwell , Latham & Watkins LLP , (4.5) Advokatfirman Vinge KB , Shearman & Sterling LLP , (.0) Lovells LLP , (.8) Kirkland & Ellis , (.7) TOTAL $680,90 6,329 $97,240 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. *Tables based on deal count, then volume. Market share based on deal volume. $,800,000 $,600,000 $,400,000 $,200,000 $,000,000 $800,000 $600,000 $400,000 $200,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q 0,000 8,000 6,000 4,000 2,000 0 LMX <GO> 8

12 Bloomberg M&A Legal Advisory League Tables CROSS BORDER ANNOUNCED DEALS Ranked by Volume //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Linklaters , Sullivan & Cromwell , Skadden Arps Slate Meagher & Flom , Herbert Smith/Gleiss Lutz/Stibbe , Slaughter and May , Cravath Swaine & Moore , Lovells LLP , Davies Ward Phillips & Vineberg LLP , Blake Dawson , Allens Arthur Robinson , Allen & Overy LLP , (3.9) Ashurst , Freshfields Bruckhaus Deringer , (0.5) Advokatfirman Vinge KB , Cleary Gottlieb Steen & Hamilton , Clifford Chance , (8.5) Wachtell Lipton Rosen & Katz , (.8) Mallesons Stephen Jaques , Wong Partnership , Davis Polk & Wardwell , (4.9) TOTAL $378,97 2,528 $454,209 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. $,000,000 $800,000 $600,000 $400,000 $200,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q 4,000 3,500 3,000 2,500 2,000,500, LMX <GO> 9

13 Bloomberg M&A Legal Advisory League Tables GLOBAL PRIVATE EQUITY ANNOUNCED DEALS Ranked by Volume //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Sullivan & Cromwell 5.7 9, (0.0) Simpson Thacher & Bartlett , (36.2) Slaughter and May , (3.4) Linklaters , Shearman & Sterling LLP , Weil Gotshal & Manges LLP , (0.8) O'Melveny & Myers LLP , Jones Day , Herbert Smith/Gleiss Lutz/Stibbe , Blake Cassels & Graydon LLP , Hengeler Mueller 4.4 2, Bass Berry & Sims PLC , Osler Hoskin & Harcourt LLP , Davis Polk & Wardwell , (25.8) DLA Piper US LLP , Ogilvy Renault LLP , White & Case LLP , Skadden Arps Slate Meagher & Flom , (.5) Allen & Gledhill , Roschier , TOTAL $6, $99,942 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $50,000 $00,000 $50,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q, LMX <GO> 0

14 Bloomberg M&A LEAGUE TABLES BY INDUSTRY Global Announced Basic Materials 0/0/08 03/3/ FIRM RANK MKT SHARE VOLUME USD (Mln) DEAL COUNT Linklaters ,068 6 Cravath Swaine & Moore ,204 5 Sullivan & Cromwell ,644 4 Davies Ward Phillips & Vineberg LLP ,93 6 Allens Arthur Robinson ,47 3 Blake Dawson ,730 7 Skadden Arps Slate Meagher & Flom ,954 3 Herbert Smith/Gleiss Lutz/Stibbe ,262 3 Slaughter and May ,70 3 Lovells LLP ,44 2 TOTAL $20, Global Announced Financial 0/0/08 03/3/ MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT Sullivan & Cromwell ,688 7 Fried Frank Harris Shriver & Jacobson 2.0 4,5 3 Skadden Arps Slate Meagher & Flom ,362 3 Gibson Dunn & Crutcher ,94 5 Simpson Thacher & Bartlett 5 8.6,08 5 Weil Gotshal & Manges LLP 6 8.6,0 4 Davis Polk & Wardwell ,58 3 Wachtell Lipton Rosen & Katz ,690 6 Cleary Gottlieb Steen & Hamilton ,935 4 Shearman & Sterling LLP ,600 2 TOTAL $28,587,00 Global Announced Consumer, Noncyclical 0/0/08 03/3/ MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT Linklaters ,83 4 Freshfields Bruckhaus Deringer ,243 2 Allen & Overy LLP ,930 6 Ashurst ,038 7 Advokatfirman Vinge KB ,768 5 Macfarlanes ,520 5 Debevoise & Plimpton LLP ,459 3 Dechert ,5 5 Gernandt & Danielsson ,922 2 Gide Loyrette Nouel ,894 2 TOTAL $84,465,27 Global Announced Communications 0/0/08 03/3/ MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT Sullivan & Cromwell ,656 6 Skadden Arps Slate Meagher & Flom ,853 5 Minter Ellison ,6 3 Clifford Chance ,448 3 Cadwalader Wickersham & Taft ,255 Gibson Dunn & Crutcher ,255 3 Mallesons Stephen Jaques ,255 Munger Tolles & Olsen ,255 Weil Gotshal & Manges LLP ,309 5 Linklaters ,224 3 TOTAL $74, LMX <GO>

15 Bloomberg Americas Market Commentary Keeping with global trends, the Americas region experienced a significant decline in dealmaking activity. This quarter's aggregate deal volume was 52% less than last year's, while deal count was 22% less. Some of the most prominent deals within the region largely involved cash injection by outside investors into banks that were affected by the credit crisis such as Citi and Merrill Lynch who raised approximately $20 bln in stake sales in an effort to shore up their balance sheets. Other key deals within the US financial sector involved the complete takeover of Countrywide and Bear Stearns major institutions that succumbed to the adverse market conditions. Private Equity % Private Equity Component of Total M&A 40% 35% 30% 25% 20% 5% 0% 5% 0% Global PE % US PE % Deal Volume (USD Billions) US Q Deal Volume & Deal Premium $500 $400 $300 $200 $00 $ Volume (Billions) Deal Premiums (%) Unsolicited bids also ruled the day as Yahoo! and TakeTwo received bear hugs from Microsoft and Electronic Arts respectively. Meanwhile, the global consolidation of stock exchanges continued with the announced mergers between Bovespa and Bolsa de Mercadorias in Brazil and between Nymex and CME Group in the US. Not surprising to observers was the relative lack of private equity participation in this quarter's Americas dealmaking activity. Within the top 20 deals announced in the region, only two (First Reserve's buyout of CHC Helicopter and Hellman & Friedman's buyout of Getty Images) involved private equity firms. As weak economic conditions continue to prevail within the region, it may be reasonable to expect stagnant levels of M&A activity going into the next quarter. 50% 40% 30% 20% 0% 0% LMX <GO>

16 Bloomberg M&A Legal Advisory League Tables UNITED STATES ANNOUNCED DEALS Any Involvement, Ranked by Volume //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Sullivan & Cromwell , Gibson Dunn & Crutcher , Skadden Arps Slate Meagher & Flom , Clifford Chance , Mallesons Stephen Jaques , Cadwalader Wickersham & Taft , Minter Ellison , Munger Tolles & Olsen , Wachtell Lipton Rosen & Katz , (0.4) Cleary Gottlieb Steen & Hamilton , Linklaters 8.0 9, Simpson Thacher & Bartlett , (4.3) Fried Frank Harris Shriver & Jacobson , (8.6) Weil Gotshal & Manges LLP , Cravath Swaine & Moore , (6.8) Wong Partnership , Ashurst , Davis Polk & Wardwell , (2.6) Shearman & Sterling LLP 9 4.8, Jones Day , TOTAL $247,955 2,470 $536,297 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $00,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q 3,500 3,000 2,500 2,000,500, LMX <GO>

17 Bloomberg M&A Legal Advisory League Tables UNITED STATES ANNOUNCED DEALS Any Involvement, Ranked by Deal Count //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Jones Day 4.0 9, Skadden Arps Slate Meagher & Flom , DLA Piper US LLP , (0.) O'Melveny & Myers LLP , Latham & Watkins LLP , (.) Dorsey & Whitney 6 0.5, (0.5) Gibson Dunn & Crutcher , Kirkland & Ellis 8.0 2, (0.6) Sullivan & Cromwell , Clifford Chance , Weil Gotshal & Manges LLP , Morrison & Foerster LLP 2.0 2, Linklaters , Paul Weiss Rifkind Wharton & Garrison 4.2 3, (2.6) Hogan & Hartson LLP 4. 2, (3.9) Simpson Thacher & Bartlett , (4.3) Freshfields Bruckhaus Deringer , (0.2) Morgan Lewis & Bockius 8. 2, (.6) Wilson Sonsini Goodrich & Rosati 8.0 2, Baker & McKenzie (7.0) TOTAL $247,955 2,470 $536,297 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. *Tables based on deal count, then volume. Market share based on deal volume. $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $00,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q 3,500 3,000 2,500 2,000,500, LMX <GO>

18 Bloomberg M&A Legal Advisory League Tables US ANNOUNCED DEALS COUNSEL TO PRINCIPALS Any Involvement, Ranked by Volume //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Sullivan & Cromwell , Skadden Arps Slate Meagher & Flom , Clifford Chance , Mallesons Stephen Jaques , Cadwalader Wickersham & Taft , Minter Ellison , Munger Tolles & Olsen , Wachtell Lipton Rosen & Katz , (0.4) Cleary Gottlieb Steen & Hamilton , Linklaters , Weil Gotshal & Manges LLP 6.8 6, Gibson Dunn & Crutcher , (3.2) Wong Partnership , Cravath Swaine & Moore , (6.0) Simpson Thacher & Bartlett , (7.2) Shearman & Sterling LLP , Jones Day , Freshfields Bruckhaus Deringer , (0.2) Blake Cassels & Graydon LLP , (3.6) Slaughter and May , (3.3) TOTAL $248,064 2,47 $536,297 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $00,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q 3,500 3,000 2,500 2,000,500, LMX <GO> 5

19 Bloomberg M&A Legal Advisory League Tables US ANNOUNCED DEALS COUNSEL TO PRINCIPALS Any Involvement, Ranked by Deal Count //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Jones Day 3.4 8, Skadden Arps Slate Meagher & Flom , DLA Piper US LLP 3.8 4, (0.3) O'Melveny & Myers LLP , Dorsey & Whitney 5 0.5, (0.5) Latham & Watkins LLP 6.3 3, (7.3) Kirkland & Ellis 7.0 2, (2.6) Clifford Chance , Weil Gotshal & Manges LLP , Gibson Dunn & Crutcher , (3.2) Morrison & Foerster LLP , Linklaters , Paul Weiss Rifkind Wharton & Garrison 2.2 3, (2.4) Hogan & Hartson LLP 2. 2, (3.9) Freshfields Bruckhaus Deringer , (0.2) Morgan Lewis & Bockius 6. 2, (.6) Wilson Sonsini Goodrich & Rosati 6.0 2, Sullivan & Cromwell , Simpson Thacher & Bartlett , (7.2) Baker & McKenzie (7.) TOTAL $248,064 2,47 $536,297 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. *Tables based on deal count, then volume. Market share based on deal volume. $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $00,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q 3,500 3,000 2,500 2,000,500, LMX <GO> 6

20 Bloomberg M&A Legal Advisory League Tables CANADA ANNOUNCED DEALS Any Involvement, Ranked by Volume //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Blake Cassels & Graydon LLP , Osler Hoskin & Harcourt LLP , (3.0) Cleary Gottlieb Steen & Hamilton , Ogilvy Renault , (2.5) DLA Piper US LLP , O'Melveny & Myers LLP , Simpson Thacher & Bartlett , (5.5) Slaughter and May , Davies Ward Phillips & Vineberg LLP , (.4) Cravath Swaine & Moore , Fried Frank Harris Shriver & Jacobson 7.2, (5.0) Bingham McCutchen LLP 2 6.6, Borden Ladner Gervais LLP 3 6.4, (0.2) Torys 4 6., (8.3) Sullivan & Cromwell 5 5.2, Dewey & LeBoeuf LLP 6 5., (2.8) Gibson Dunn & Crutcher 6 5., McCarthy Tetrault 8 5., (2.5) Stikeman Elliott 9 4.9, (20.9) Cassels Brock & Blackwell LLP , TOTAL $25, $65,328 *Includes mergers, acquisitions, divestitures, selftenders, spinoffs, debtforequity swaps, private placements of common equity and *Total convertible Volume securities, represents and all purchases announced of convertible transactions securities in US$ millions. and cash injection components of recapitalizations. Excludes Open Market $80,000 $60,000 $40,000 $20,000 $00,000 $80,000 $60,000 $40,000 $20,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q LMX <GO>

21 Bloomberg M&A Legal Advisory League Tables CANADA ANNOUNCED DEALS Any Involvement, Ranked by Deal Count //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Blake Cassels & Graydon LLP , McCarthy Tetrault 2 5., (2.5) Osler Hoskin & Harcourt LLP , (3.0) Ogilvy Renault , (2.5) Stikeman Elliott 4 4.9, (20.9) Fasken Martineau DuMoulin LLP (7.9) Davies Ward Phillips & Vineberg LLP , (.4) Torys 7 6., (8.3) Burnet Duckworth & Palmer Borden Ladner Gervais LLP 0 6.4, (0.2) Cassels Brock & Blackwell LLP 0 4.3, Cravath Swaine & Moore , Dorsey & Whitney (5.7) Shearman & Sterling LLP (5.5) Jones Day (2.5) Fried Frank Harris Shriver & Jacobson 6 7.2, (5.0) Gibson Dunn & Crutcher 6 5., Bennett Jones (0.7) Goodmans LLP (6.9) Hogan & Hartson LLP (7.9) TOTAL $25, $65,328 *Includes mergers, acquisitions, divestitures, selftenders, spinoffs, debtforequity swaps, private placements of common equity and *Total convertible Volume securities, represents and all purchases announced of convertible transactions securities in US$ millions. and cash injection components of recapitalizations. Excludes Open Market *Tables based on deal count, then volume. Market share based on deal volume. $80,000 $60,000 $40,000 $20,000 $00,000 $80,000 $60,000 $40,000 $20,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q LMX <GO>

22 Bloomberg EMEA Market Commentary This quarter's M&A activity in the EMEA region was significantly diminished. Both the region's deal count and aggregate deal volume declined by 4% and 7% respectively compared to last year's comparable period. With a total deal volume of $339bln, the region's volume was significantly propped up by BHP Billiton's $47bln bid for Rio Tinto. Excluding this deal, deal volume would be suffered a whopping 46% decline compared to last year's first quarter. The silver lining the region's otherwise bleak numbers was the 2% deal count and 3% deal volume increase within Eastern Europe. This improvement bolstered Eastern Europe's contribution to the region's overall activity to % of aggregate regional deal volume, up from 8% in last year's first quarter. Deal Volume (USD Billions) EMEA Q Historical M&A Activity $400 $300 $200 $00 $ At a total of $24bln, the involvement of private equity sponsors accounted for a mere 8% of deal volume within the region down from 2% last year. The adverse conditions in the global capital markets effectively chilled the previous tear in private equity deals that was previously being experienced within the region. Within the region the largest private equity deal was the relatively meager $3bln buyout of Biffa PLC. Despite the general doom and gloom, sovereign wealth funds undeniably made a splash by investing their considerable capital in several highprofile deals. These investments ranged from cash injections in troubled lenders to stake purchases in European oil companies. As with other geographic regions, it is clear that EMEA's dealmaking environment will be closely tied to the ultimate performance of global financial markets. Deal Volume (USD Billions) $40 $30 $20 $0 $ Volume (Billions) Deal Count Eastern Europe Q Growth Volume (Billions) Deal Count LMX <GO>

23 Bloomberg M&A Legal Advisory League Tables EUROPE ANNOUNCED DEALS Any Involvement, Ranked by Volume //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Linklaters , Sullivan & Cromwell , Herbert Smith/Gleiss Lutz/Stibbe , Cravath Swaine & Moore , Skadden Arps Slate Meagher & Flom , Slaughter and May , Lovells LLP , Davies Ward Phillips & Vineberg LLP , Blake Dawson , Allens Arthur Robinson , Ashurst , Allen & Overy LLP , (5.4) Freshfields Bruckhaus Deringer , (3.4) Advokatfirman Vinge KB , Cleary Gottlieb Steen & Hamilton , Clifford Chance , (2.6) Wachtell Lipton Rosen & Katz , (0.9) Mallesons Stephen Jaques , Wong Partnership , Davis Polk & Wardwell , (2.4) TOTAL $355,678 2,269 $433,555 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. $,000,000 $800,000 $600,000 $400,000 $200,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q 3,500 3,000 2,500 2,000,500, LMX <GO> 20

24 Bloomberg M&A Legal Advisory League Tables EUROPE ANNOUNCED DEALS Any Involvement, Ranked by Deal Count //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Clifford Chance , (2.6) Linklaters , Freshfields Bruckhaus Deringer , (3.4) CMS , (.6) Allen & Overy LLP , (5.4) Jones Day , (0.5) Baker & McKenzie 7.0 3, (6.7) DLA Piper US LLP (.6) Advokatfirman Vinge KB , Lovells LLP , Mannheimer Swartling 0.4, (0.) Ashurst , White & Case LLP , Shearman & Sterling LLP , (2.3) Uria Menendez Law Firm (2.) Skadden Arps Slate Meagher & Flom , Herbert Smith/Gleiss Lutz/Stibbe , Sullivan & Cromwell , Loyens & Loeff (0.5) Eversheds (0.2) TOTAL $355,678 2,269 $433,555 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. *Tables based on deal count, then volume. Market share based on deal volume. $,000,000 $800,000 $600,000 $400,000 $200,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q 3,500 3,000 2,500 2,000,500, LMX <GO> 2

25 Bloomberg M&A Legal Advisory League Tables EUROPE ANNOUNCED DEALS COUNSEL TO PRINCIPALS Any Involvement, Ranked by Volume //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Linklaters , Sullivan & Cromwell , Skadden Arps Slate Meagher & Flom , Slaughter and May , Davies Ward Phillips & Vineberg LLP , Blake Dawson , Allens Arthur Robinson , Allen & Overy LLP , (4.4) Freshfields Bruckhaus Deringer , (3.3) Advokatfirman Vinge KB , Cleary Gottlieb Steen & Hamilton , Clifford Chance , (2.8) Wachtell Lipton Rosen & Katz , (0.9) Mallesons Stephen Jaques , Wong Partnership , Davis Polk & Wardwell , (.0) Gibson Dunn & Crutcher , Debevoise & Plimpton LLP 8 3., Shearman & Sterling LLP , (3.2) Gide Loyrette Nouel , TOTAL $355,678 2,269 $433,555 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. $,000,000 $800,000 $600,000 $400,000 $200,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q 3,500 3,000 2,500 2,000,500, LMX <GO> 22

26 Bloomberg M&A Legal Advisory League Tables EUROPE ANNOUNCED DEALS COUNSEL TO PRINCIPALS Any Involvement, Ranked by Deal Count //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Linklaters , Clifford Chance 5.9 2, (2.8) Freshfields Bruckhaus Deringer , (3.3) Allen & Overy LLP , (4.4) CMS , (.5) Jones Day 6 0.5, (0.8) Baker & McKenzie 7.0 3, (6.7) DLA Piper US LLP (.6) Advokatfirman Vinge KB , Lovells LLP , (4.) Mannheimer Swartling 0.4, (0.) White & Case LLP , Ashurst (4.8) Uria Menendez Law Firm (2.) Skadden Arps Slate Meagher & Flom , Shearman & Sterling LLP , (3.2) Herbert Smith/Gleiss Lutz/Stibbe , (2.2) Loyens & Loeff (0.5) Eversheds (0.2) Mayer Brown LLP (.5) TOTAL $355,678 2,269 $433,555 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. *Tables based on deal count, then volume. Market share based on deal volume. $,000,000 $800,000 $600,000 $400,000 $200,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q 3,500 3,000 2,500 2,000,500, LMX <GO> 23

27 Bloomberg M&A Legal Advisory League Tables UNITED KINGDOM ANNOUNCED DEALS Any Involvement, Ranked by Volume //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Linklaters , Sullivan & Cromwell , Herbert Smith/Gleiss Lutz/Stibbe , Slaughter and May , Cravath Swaine & Moore , Skadden Arps Slate Meagher & Flom , Davies Ward Phillips & Vineberg LLP , Lovells LLP , Allens Arthur Robinson , Blake Dawson , Ashurst , Freshfields Bruckhaus Deringer , (9.2) Allen & Overy LLP , (0.8) Clifford Chance , (8.3) Advokatfirman Vinge KB , Wachtell Lipton Rosen & Katz , Mallesons Stephen Jaques , Cleary Gottlieb Steen & Hamilton , Wong Partnership , Shearman & Sterling LLP , TOTAL $229, $8,783 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. $600,000 $500,000 $400,000 $300,000 $200,000 $00,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q,200, LMX <GO> 24

28 Bloomberg M&A Legal Advisory League Tables UNITED KINGDOM ANNOUNCED DEALS Any Involvement, Ranked by Deal Count //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE DLA Piper US LLP (.7) Freshfields Bruckhaus Deringer , (9.2) Linklaters , Allen & Overy LLP , (0.8) Clifford Chance , (8.3) Jones Day , (.5) Ashurst , Eversheds (0.5) Slaughter and May , CMS 9 0.8, (3.) Olswang (0.7) Taylor Wessing Sullivan & Cromwell , Lovells LLP , Macfarlanes (2.9) Herbert Smith/Gleiss Lutz/Stibbe , Skadden Arps Slate Meagher & Flom , Morgan Lewis & Bockius Dechert (0.5) Gibson Dunn & Crutcher , TOTAL $229, $8,783 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. *Tables based on deal count, then volume. Market share based on deal volume. $600,000 $500,000 $400,000 $300,000 $200,000 $00,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q,200, LMX <GO> 25

29 Bloomberg M&A Legal Advisory League Tables GERMANY ANNOUNCED DEALS Any Involvement, Ranked by Deal Count //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Freshfields Bruckhaus Deringer 4.8, (3.3) CMS (2.3) Baker & McKenzie (0.3) Linklaters , Clifford Chance (3.4) Shearman & Sterling LLP (27.4) Hengeler Mueller Hogan & Hartson LLP Jones Day (0.4) Dorsey & Whitney DLA Piper US LLP Ashurst (0.5) Allen & Overy LLP (9.0) Mannheimer Swartling (0.3) Mayer Brown LLP (0.8) Roschier , White & Case LLP Mallesons Stephen Jaques Lovells LLP (2.3) Herbert Smith/Gleiss Lutz/Stibbe (.2) TOTAL $20, $6,535 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. *Tables based on deal count, then volume. Market share based on deal volume. $80,000 $60,000 $40,000 $20,000 $00,000 $80,000 $60,000 $40,000 $20,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q LMX <GO> 26

30 Bloomberg M&A Legal Advisory League Tables FRANCE ANNOUNCED DEALS Any Involvement, Ranked by Deal Count //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Linklaters 3.9 3, Jones Day 4., Gide Loyrette Nouel , CMS (3.6) Willkie Farr & Gallagher (3.) Mayer Brown LLP (3.5) Lovells LLP (4.6) Bredin Prat & Associes , (27.7) Clifford Chance 8 6.2, Freshfields Bruckhaus Deringer (8.0) Allen & Overy LLP Baker & McKenzie (8.6) Akin Gump Strauss Hauer & Feld LLP , Latham & Watkins LLP White & Case LLP (0.7) Bird & Bird Cuatrecasas Norton Rose LLP (.0) Debevoise & Plimpton LLP , Dechert , TOTAL $27, $53,405 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. *Tables based on deal count, then volume. Market share based on deal volume. $20,000 $00,000 $80,000 $60,000 $40,000 $20,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q LMX <GO> 27

31 Bloomberg M&A Legal Advisory League Tables BENELUX ANNOUNCED DEALS Any Involvement, Ranked by Deal Count //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Loyens & Loeff (5.4) Linklaters , Nauta Dutilh 2 4.2, Allen & Overy LLP , Freshfields Bruckhaus Deringer , Houthoff Buruma 5 3.6, Clifford Chance (6.7) Herbert Smith/Gleiss Lutz/Stibbe 8 3.9, Baker & McKenzie (3.4) De Brauw Blackstone Westbroek (0.9) CMS (4.4) Ashurst , White & Case LLP , Bonelli Erede Pappalardo Sullivan & Cromwell (27.8) Cleary Gottlieb Steen & Hamilton 6 4.4, (2.3) Skadden Arps Slate Meagher & Flom (27.3) Hogan & Hartson LLP (.4) Elvinger Hoss & Prussen Lovells LLP (30.8) TOTAL $38, $49,680 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. *Tables based on deal count, then volume. Market share based on deal volume. $350,000 $300,000 $250,000 $200,000 $50,000 $00,000 $50,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q LMX <GO> 28

32 Bloomberg M&A Legal Advisory League Tables IBERIA ANNOUNCED DEALS Any Involvement, Ranked by Deal Count //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Uria Menendez Law Firm (49.2) Cuatrecasas (23.) Araoz & Rueda Clifford Chance , (7.) Freshfields Bruckhaus Deringer 4.4, CMS 6 3., Bonelli Erede Pappalardo 7.9, Lovells LLP 7 8.6, Allen & Overy LLP (20.9) Linklaters (2.4) Jones Day (0.) Goncalves Pereira Castelo Branco & Associado Weil Gotshal & Manges LLP (3.0) Bird & Bird Garrigues & Andersen Fried Frank Harris Shriver & Jacobson (6.4) Nauta Dutilh TOTAL $2, $87,69 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. *Tables based on deal count, then volume. Market share based on deal volume. $320,000 $280,000 $240,000 $200,000 $60,000 $20,000 $80,000 $40,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q LMX <GO> 29

33 Bloomberg M&A Legal Advisory League Tables NORDIC ANNOUNCED DEALS Any Involvement, Ranked by Deal Count //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Advokatfirman Vinge KB , Mannheimer Swartling 2 2., (3.3) White & Case LLP , Linklaters , Thommessen Krefting Greve Lund 4.7, (2.6) Roschier , CMS (0.2) Ashurst , Hannes Snellman 8.9, (9.4) Jones Day (2.0) Allen & Overy LLP , Freshfields Bruckhaus Deringer , Gide Loyrette Nouel 4.0 9, Baker & McKenzie 2., (7.5) DLA Piper US LLP (0.5) Gernandt & Danielsson , Cleary Gottlieb Steen & Hamilton , Herbert Smith/Gleiss Lutz/Stibbe , Blake Cassels & Graydon LLP , Lovells LLP 6 2.8, TOTAL $64, $40,64 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. *Tables based on deal count, then volume. Market share based on deal volume. $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $0,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q LMX <GO> 30

34 Bloomberg Asia Pacific Market Overview Having experienced stellar levels of M&A activity last year, the number of M&A deals in the region fell by 6% compared to last year's first quarter as the effects of the instability generated by the U.S. credit crisis spread. Dealmaking volume, however, surpassed last year's first quarter largely on account of the mega takeover bid for the Australian mining company Rio Tinto by BHP Billiton. This transaction alone accounted for 59% of the total transaction volume in Asia Pacific region and 89% of deal volume in Australia market alone. Despite the gloomy outlook this years for M&A deals worldwide, dealmakers within the region seem to relatively optimistic and are expecting more dealmaking by Asian investors seeking opportunities outside the region who are attracted to the cheap valuation of US stocks. Deal Volume (USD Billions) $ $50.00 $00.00 Asia Q Historical M&A Activity $50.00 $ This quarter's top financial advisory spots in Asia Pac (excluding Japan) were claimed by UBS and Citi respectively on the strength of their advisory work on major deals such as the takeovers of Korea Express, Zinifex, and Dyno Nobel. Meanwhile, Nomura Holdings took the top spot for its advisory work in Japan advising three times the number of deals and twice the volume in country than its closest competitor, Morgan Stanley. Volume (Billions) Deal Count Asia Pacific Q M&A Volume by Country Asia Pacific Market Outlook With HK/China being least affected by the global slowdown along with the Korean market where several major deals are set to take place, the Asia Pac region seems poised to experience better levels of M&A activity than the North American and European markets. Deal Volume (USD Billions) $70 $60 $50 $40 $30 $20 $0 $0 Q 2004 Q 2005 Q 2006 Q 2007 Q 2008 HK/China Japan India South Korea LMX <GO>

35 Bloomberg M&A Legal Advisory League Tables ASIA PACIFIC EXJAPAN ANNOUNCED DEALS Any Involvement, Ranked by Volume //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Linklaters , Sullivan & Cromwell , Allens Arthur Robinson , Blake Dawson , Davies Ward Phillips & Vineberg LLP , Skadden Arps Slate Meagher & Flom , Herbert Smith/Gleiss Lutz/Stibbe , Slaughter and May , Lovells LLP , Cravath Swaine & Moore , Mallesons Stephen Jaques , (.0) Wong Partnership , Clifford Chance , Ashurst , Cleary Gottlieb Steen & Hamilton , Wachtell Lipton Rosen & Katz , Allen & Gledhill , (0.9) Blake Cassels & Graydon LLP , Shin & Kim , Bae Kim & Lee , TOTAL $264,279,830 $46,343 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. $280,000 $240,000 $200,000 $60,000 $20,000 $80,000 $40,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q 2,800 2,400 2,000,600, LMX <GO> 32

36 Bloomberg M&A Legal Advisory League Tables ASIA PACIFIC EXJAPAN ANNOUNCED DEALS Any Involvement, Ranked by Deal Count //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Freehills. 2, (8.2) Mallesons Stephen Jaques , (.0) Jones Day 3 0.4, (2.0) Allen & Gledhill , (0.9) Linklaters , Blake Dawson , Wong Partnership , Freshfields Bruckhaus Deringer 8.0 2, (.3) Baker & McKenzie , (5.4) Minter Ellison (7.8) Sullivan & Cromwell , Kim & Chang 2 0.4, (.5) LCS & Partners (0.3) Skadden Arps Slate Meagher & Flom , Shin & Kim , O'Melveny & Myers LLP (0.3) Allens Arthur Robinson , Herbert Smith/Gleiss Lutz/Stibbe , Lovells LLP , Allen & Overy LLP 7.9 5, (2.2) TOTAL $264,279,830 $46,343 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. *Tables based on deal count, then volume. Market share based on deal volume. $280,000 $240,000 $200,000 $60,000 $20,000 $80,000 $40,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q 2,800 2,400 2,000,600, LMX <GO> 33

37 Bloomberg M&A Legal Advisory League Tables AUSTRALIA & NEW ZEALAND ANNOUNCED DEALS Any Involvement, Ranked by Volume //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Allens Arthur Robinson , Sullivan & Cromwell , Blake Dawson , Skadden Arps Slate Meagher & Flom , Linklaters , Cravath Swaine & Moore , Davies Ward Phillips & Vineberg LLP , Herbert Smith/Gleiss Lutz/Stibbe , Lovells LLP , Slaughter and May , Mallesons Stephen Jaques 3.5 5, (22.5) Clayton Utz , (7.8) Freehills 3.7 2, (54.3) Blake Cassels & Graydon LLP 4.5 2, (0.3) O'Sullivan Pullini 4.5 2,485.5 Corrs Chambers Westgarth 6.2 2, Baker & McKenzie 7 0.7, (2.3) Jones Day Deacons (3.2) Gilbert + Tobin (0.7) TOTAL $69, $48,06 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. $80,000 $60,000 $40,000 $20,000 $00,000 $80,000 $60,000 $40,000 $20,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q LMX <GO> 34

38 Bloomberg M&A Legal Advisory League Tables AUSTRALIA & NEW ZEALAND ANNOUNCED DEALS Any Involvement, Ranked by Deal Count //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Freehills.7 2, (54.3) Mallesons Stephen Jaques , (22.5) Blake Dawson , Minter Ellison (24.3) Baker & McKenzie 5 0.7, (2.3) Allens Arthur Robinson , Sullivan & Cromwell , Jones Day Skadden Arps Slate Meagher & Flom , Lovells LLP , Corrs Chambers Westgarth 9.2 2, Gilbert + Tobin (0.7) Linklaters , Clayton Utz , (7.8) Deacons (3.2) Cravath Swaine & Moore , Davies Ward Phillips & Vineberg LLP , Herbert Smith/Gleiss Lutz/Stibbe , Slaughter and May , Cochrane Lishman (.5) TOTAL $69, $48,06 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. *Tables based on deal count, then volume. Market share based on deal volume. $80,000 $60,000 $40,000 $20,000 $00,000 $80,000 $60,000 $40,000 $20,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q LMX <GO> 35

39 Bloomberg M&A Legal Advisory League Tables HONG KONG & CHINA ANNOUNCED DEALS Any Involvement, Ranked by Volume //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Linklaters , (3.0) Wong Partnership , Mallesons Stephen Jaques , Ashurst , Cleary Gottlieb Steen & Hamilton , Clifford Chance , Wachtell Lipton Rosen & Katz , Allen & Gledhill , Allen & Overy LLP , White & Case LLP , Sullivan & Cromwell 6.2 3, (22.3) Lauseed & Tittan Law Firm 2 2., Freshfields Bruckhaus Deringer (3.7) Grandall Legal Group/Beijing Herbert Smith/Gleiss Lutz/Stibbe (28.5) O'Melveny & Myers LLP (0.) Baker & McKenzie Blake Dawson Blakiston & Crabb Skadden Arps Slate Meagher & Flom TOTAL $49, $46,688 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $0,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q,200, LMX <GO> 36

40 Bloomberg M&A Legal Advisory League Tables HONG KONG & CHINA ANNOUNCED DEALS Any Involvement, Ranked by Deal Count //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Linklaters , (3.0) Freshfields Bruckhaus Deringer (3.7) Jones Day Wong Partnership , Allen & Gledhill , O'Melveny & Myers LLP (0.) Mallesons Stephen Jaques , Lauseed & Tittan Law Firm 8 2., Herbert Smith/Gleiss Lutz/Stibbe (28.5) Baker & McKenzie Freehills Beijing Junzhi Law Firm Paul Weiss Rifkind Wharton & Garrison (29.2) Ashurst , Cleary Gottlieb Steen & Hamilton , Clifford Chance , Wachtell Lipton Rosen & Katz , Allen & Overy LLP , White & Case LLP , Sullivan & Cromwell , (22.3) TOTAL $49, $46,688 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. *Tables based on deal count, then volume. Market share based on deal volume. $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $0,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q,200, LMX <GO> 37

41 Bloomberg M&A Legal Advisory League Tables KOREA ANNOUNCED DEALS Any Involvement, Ranked by Deal Count //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Kim & Chang 9.4, (25.5) Shin & Kim , Bae Kim & Lee , White & Case LLP Linklaters Yulchon Blake Dawson Yoon Yang Kim Shin & Yu (0.) Gerald R Newman Nishimura & Asahi TOTAL $0, $7,80 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. *Tables based on deal count, then volume. Market share based on deal volume. $24,000 $20,000 $6,000 $2,000 $8,000 $4,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q LMX <GO> 38

42 Bloomberg M&A Legal Advisory League Tables SOUTH EAST ASIA ANNOUNCED DEALS Any Involvement, Ranked by Deal Count //08 3/3/ MKT MKT VOLUME DEAL FIRM RANK SHARE USD (Mln) COUNT RANK MKT SHARE SHARE CHANGE Allen & Gledhill 20. 5, Wong Partnership , (5.) Sullivan & Cromwell , Baker & McKenzie (6.4) Mallesons Stephen Jaques (34.6) Simmons & Simmons Blake Dawson (34.6) Shearman & Sterling LLP Skadden Arps Slate Meagher & Flom Freshfields Bruckhaus Deringer (3.5) Jones Day (3.4) Blakiston & Crabb Bonelli Erede Pappalardo Elvinger Hoss & Prussen Lovells LLP Allen & Overy LLP Norton Rose LLP Nishimura & Asahi Stamford LLC Linklaters (40.3) TOTAL $28, $29,249 *Includes Mergers, Acquisitions, Divestitures, Selftenders and Spinoffs. Excludes Open Market Transactions. *Total Volume represents all announced transactions in US$ millions. *Tables based on deal count, then volume. Market share based on deal volume. $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $0,000 $ Q Q3 QUARTERLY VOLUME USD (Mln) / # 2004 Q Q 2005 Q Q Q Q 2006 Q Q Q Q 2007 Q Q Q Q LMX <GO> 39

43 Bloomberg For data submissions or queries, please contact: Siddharth Sanghani Americas Bloomberg 2008 Q Legal Mergers & Acquisitions Advisory Rankings Bloomberg M&A league tables represent transactions that are either pending or completed, and for which Bloomberg has been notified. 03/3/2008 Natalia Shaw EMEA nshaw3@bloomberg.net Katie Kang Asia Pacific kkang4@bloomberg.net Bloomberg M&A league tables include mergers, acquisitions, divestitures, selftenders, spinoffs, debtforequity swaps, private placements of common equity and convertible securities, and purchases of convertible securities and cash injection components of recapitalizations according to Bloomberg standards. All deals except additional stake purchases are subjected to a minimum threshold of 5% equity or USD 50 million total value. League table credit is based on announced total value of a deal. Bloomberg LP and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. For 24 hour global customer support call or press the HELP key twice on the BLOOMBERG PROFESSIONAL(R) service. 40

44 Final Results For Immediate Release April 0, 2008 PRESS INFORMATION Global M&A Review First Quarter 2008 Media Contacts: Natalie Cogan, New York Tel: (22) John Ward, London Tel: Jennifer Cheung, Hong Kong Tel: Content: Global Highlights... 2 Financial Sponsor M&A Buyouts... 4 US Announced M&A... 5 EMEA Announced M&A... 6 Asia Pacific Announced M&A... 7 Top Global Transactions... 8 Top Global Buyouts... 9 Top Emerging Market Buyouts... 9 M&A by Nationality & Sector... 0 Global Rankings... US Rankings... 2 European Rankings... 3 Asia Pacific (ex Japan) Rankings... 4 Global Financial Sponsor Rankings 5 Attorney Rankings... 6 Announced League Tables... 8 Completed League Tables... 9 Dealogic M&A Coverage & Criteria.20 Contacts:... 2 Global Announced M&A Volume Down 22% to $86.2bn Acquisitions by Emerging Markets into Developed Nations up 9% Global M&A Advisory Revenue Down 28% Global M&A totaled $86.2bn in Q 2008, down 22% from Q 2007, the lowest Q volume since Q 2005 ($677.9bn). While volume has decreased, deal count was up 4% from Q 2007, driven by deals between $00 and $bn, now accounting for 34% of global volume, up 7 percentage points from Q Financial Sponsor M&A Buyout volume totaled $63.bn, down 65% from $79.8bn in Q 2007, the lowest Q since Financial Sponsor M&A Buyout volume accounted for 7% of global volume in Q 2008 compared to 6% in Q Asia Pacific (ex Japan) was the only region to experience an increase, up 5% from Q The largest buyout in Q was the acquisition of Friends Provident by JC Flowers for $6.8bn. EMEA announced M&A fell 23% from Q 2007 with a volume of $328.0bn, the slowest start to the year since Hostile or Unsolicited deals totaled $99.9bn, up 52% on Q Europe targeted M&A accounted for 36% of global volume with $308.2bn. Eastern Europe volume reached the highest Q volume on record with $56.6bn, up 63% to Q US targeted M&A totaled $38.0bn in Q 2008, down 28% from Q 2007 and the lowest Q since Over onethird of the volume was driven by the Altria spinoff of Philip Morris International ($.3bn). Despite the sharp drop in volume, deal count was up 6% on Q Average deal size dropped to $385m, 37% lower than the $6m average in Q between $00m and $bn accounted for 2% of US volume. Sovereign Wealth Fund investments totaled $25.0bn in Q 2008, up from $3.9bn in Q Since 998 there has been $06.9bn of cross border SWF investment from 68 deals with 93% of the total invested after Volume reached $48.5bn in 2007 up 65% from 2006 and from 2007 through Q 2008, SWF investments totaled $73.5bn. Finance accounted for 82% fueled by investments in Citi, UBS, Merrill Lynch and Morgan Stanley. Emerging market targeted M&A volume reached $98.6bn in Q, accounting for 2% of global volume. Acquisitions by Emerging markets into developed nations totaled $5.5bn, up 9% from Q China was the top emerging market nation to invest in developed nations boosted by the acquisition of UK based Rio Tinto by Aluminum Corp of China for $4.3bn. Goldman Sachs led the Global and US advisory rankings in Q 2008 while JPMorgan led the European ranking and UBS led the Asia Pacific (ex Japan) ranking. Advisory revenue generated from global M&A reached $4.3bn in Q 2008, down 28% from $6.0bn in Q US companies generated $.6bn in advisory revenue, while European companies generated $.8bn.

45 Global Highlights Europe vs US Global M&A volume totaled $86.2bn in Q 2008, down 22% from Q 2007, the lowest Q volume since Q 2005 ($677.9bn) European M&A reached $308.2bn, accounting for 36% of global volume, while the US totaled $38.0bn. Q 2007 was the first quarter since Q 2007 where US has surpassed Europe volume $bn European volume Quarterly Europe Vs Us Volume US volume In Q 2008 the average deal size in the US was $384m, 94% greater than the $98m European average. In Q 2007 average deal size in the US was $6m, 07% greater than Europe at $295m European mid market deals (valued between $00m and $bn) accounted for $7.2bn, up 4% on Q In the US, mid market deals accounted for $67.5bn, a 9% reduction compared to Q 2007 There have been 65 European targeted deals valued at over $bn in Q 2008, a 24% decrease in deal count compared to Q The US saw 34 deals valued over $bn in Q 2008, a 57% decrease on the same quarter last year European targeted cross border M&A reached $78.bn via 43 deals in Q 2008, more than double that of US targeted cross border M&A ($35.6bn), the first time Europe has surpassed the US since Q 2004 Of the top ten deals announced in Q 2008 four were European, in line with Q 2007 while four were US, two fewer than Q 2007 Global Premiums Global average day prior premiums increased in Q 2008 to 29%, up from 20% in Q 2007 and the highest since Q 2003 when premiums were 30% Asia Pacific average day prior premiums reached 32%, up percentage points from Q 2007 and the highest on record $bn Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Global Premiums Q 2003 Q 2008 Americas average day prior premiums reached 29% while EMEA averaged 26%, both up eight percentage points from Q Q 2004 Q 2005 Q 2006 Q 2007 Q 2008 Q Americas Asia Pacific EMEA Dealogic Mergers & Acquisitions Review Q 2008 Final Results April 0, 2008 Page 2

46 Emerging Markets Emerging Market targeted M&A reached $98.6bn via 3,09 deals in Q 2008, up 2% on the same period in 2007 but down 22% from 4Q 2007 Emerging Market targeted M&A volume accounted for 2% of global M&A volume in Q 2008, up six percentage points from Q 2007 and the highest start to a year on record Acquisitions by Emerging Market companies into Developed Markets accounted for 26% of total Emerging Market acquiror M&A volume ($5.5bn via 230 deals), up 9% from in Q 2007 ($26.9bn via 27 deals) o o Average deal size was $299m in Q 2008, up 6% compared to $283m in Q 2007 China was the leading emerging markets acquirer with $20.8bn, boosted by the $4.3bn acquisition of Rio Tinto by Aluminum Corp of China Sovereign Wealth Funds (CrossBorder Investments*) Sovereign Wealth Fund investments totaled a volume of $25.0bn in Q 2008, up from $3.9bn in Q 2007 Since 998 there has been $06.9bn of cross border SWF investments from 68 deals with $99.3bn of the total invested after Volume reached $48.5bn in 2007 up 65% from Sovereign Wealth Fund investments were announced in Q 2008 compared with 38 in both full year 2007 and 2006 Finance was the top industry for SWF investment in 2007 through Q 2008 with $60.7bn, spurred by investments into Citi, UBS and Merrill Lynch United States was the top targeted nationality for Sovereign Wealth Fund investments in 2007 through Q 2008 with $43.bn followed by Switzerland with $2.bn and the United Kingdom with $8.8bn $bn Emerging Markets Acquisition of Developed Market Companies Q 2000 Q $bn Volume Number of Sovereign Wealth Fund Investments CAGR = 76% Q % 5% 4% 3% 2% % 0% # *A crossborder investment made by a SWF as a lead investor, does not include private equity investments Deal $bn % of all M&A Dealogic Mergers & Acquisitions Review Q 2008 Final Results April 0, 2008 Page 3

47 Financial Sponsor M&A Buyouts Announced Global Financial Sponsor M&A Buyouts totaled $63.bn in Q 2008, down 65% from $79.8bn in Q 2007 and down 6% from 4Q 2007 o o o o o There were 5 deals over $bn and no deals over $0bn announced in Q 2008 compared to 37 deals over $bn in Q Average deal size was $226m in Q 2008 compared to $64m in Q 2007 Global Financial Sponsor Buyouts account for 7% of global M&A volume in Q 2008, down from 6% in Q 2007, making it the lowest Q percentage since Q 2002 Finance was the leading sector with volume of $8.5bn, up 8% on Q 2007 and fueled by the $2.8bn acquisition of Ashikaga Bank by Nomura Principal Finance, Next Capital Partners and JAFCO. Finance had the largest percentage increase of all sectors compared to Q 2007 Merrill Lynch led the global advisory ranking for financial sponsor M&A buyouts with $3.4bn, followed by Citi with $.9bn The leading Financial Sponsor in Q 2008 was JC Flowers with a volume of $6.8bn. The largest Financial Sponsor buyout in Q 2008 was the acquisition of UK Friends Provident by JC Flowers for $6.8bn US Financial Sponsor M&A volume totaled $5.5bn, down 85% from $0.3bn in Q 2007, the biggest Q drop on record. Volume was also down 40% from 4Q 2007 o between $00m and $bn accounted for 57% of total Financial Sponsor buyouts in Q 2008, compared to 5% of in Q 2007 Asia Pacific (ex Japan) was the only region to experience an increase in buyout volume with $5.8bn in Q 2008, up 5% from $5.0bn in Q 2007, boosted by two deals over $bn o India was the most targeted nation with a total sponsor buyout volume of $.9bn, followed by Australia with $.3bn and South Korea with $.2bn 2008 Q 2007 Q 2006 Q 2005 Q 2004 Q 2003 Q US Financial Sponsor M&A Buyouts between $00m $bn vs over $bn 0% 20% 40% 60% 80% 00% % $00m $bn over $bn Financial Sponsor M&A Buyouts Changes by Region Region Q 2008 $bn Q 2007 $bn Changes Global % US % Europe % Asia Pacific ex Japan % Japan % Dealogic Mergers & Acquisitions Review Q 2008 Final Results April 0, 2008 Page 4

48 US Announced M&A US Highlights US targeted announced M&A volume totaled $38.0bn in Q 2008, down 28% from Q 2007 and up 5% from 4Q However, deal count was up 6% from Q 2007 o US represented 37% of global M&A volume, an increase from 24% in 4Q 2007 but the lowest Q share since 27% in Q 2003 o Average deal size was $385m, down 37% compared to the average deal size in Q 2007 when it stood at $6m o Consumer Products was the leading sector with $4.3bn in Q 2008, an increase of 438%, fueled by the Altria Group spinoff of Philip Morris International for $.3bn US targeted cross border M&A totaled $34.9bn in Q 2008, down 50% from Q 2007 o Canada was the leading acquiror of US companies with $7.0bn, down 54% from Q US domestic M&A volume accounted for 89% of total US M&A volume in Q 2008, up five percentage points from Q 2007 o US outbound M&A totaled $58.2bn in Q 2008, down 2% from $73.7bn in Q UK was the most targeted nation with $2.9bn, up 9% from UK represented 22% of total outbound volume $bn Quarterly US M&A Volume # 3,000 Deal 2,500 2,000,500, Q 2Q 3Q4Q Q 2Q 3Q 4Q Q 2Q3Q 4Q Q 2Q 3Q 4Q Q 2Q 3Q 4Q Q 2Q 3Q4Q Q 2Q 3Q 4Q Q 2Q3Q 4Q Q US Deal Bands US mid market M&A volume (deals between $00m and $bn) accounted for 2% of total US M&A, up three percentage points from Q 2007 o o between $bn and $0bn accounted for 22% of US volume in Q 2008, down 30 percentage points from Q The value of these deals was down 70% on Q 2007 There were only three deals announced over $0bn for a volume of $67.0bn, an increase of 38% in value from Q 2007 % of Volume 50% 40% 30% 20% US Deal Bands between $00m $bn vs $bn $0bn Advisory revenue generated from US companies reached $.6bn in Q 2008, down 38% on the $2.6bn in Q % Q 04 Q 05 Q 06 Q 07 Q 08 $00m to $bn $bn to $0bn Dealogic Mergers & Acquisitions Review Q 2008 Final Results April 0, 2008 Page 5

49 EMEA (Europe, Middle East and Africa) Announced M&A European Highlights European targeted announced M&A volume reached $308.2bn via 3,328 deals, down 22% compared to $395.2bn via 2,849 deals in Q 2007 and down 47% from 4Q The decline was due to a slow down in Western Europe where volume dropped 35% compared to Q 2007 o Eastern European volume reached $56.6bn in Q 2008, up 63% compared to Q 2007, the highest Q on record. Eastern Europe saw the third largest buyout this quarter, Migros Turk, announced for $3.2bn o Nordic region volume totaled $38.2bn in Q 2008, up 46% compared to Q Average deal size in the Nordic region increased by 48% in Q 2008 compared to Q 2007 The most targeted nation was the UK with $97.2bn, followed by Russia with $33.5bn and Spain with $3.3bn Finance was the most targeted industry with $36.6bn via 225 deals, followed by Utility & Energy with $33.8bn via 08 deals and Real Estate/Property with $27.0bn via 248 deals Advisory revenue generated from European companies in Q 2008 totaled $.8bn, down 3% from $2.6bn in Q 2007 $bn $bn 20 European Targeted M&A Volume by Quarter Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Western Europe Top 5 European Nations Q Comparison Eastern Europe EMEA Highlights Average deal size for EMEA targeted totaled $93m in Q 2008, down 34% from Q 2007 and 46% down from $355m in 4Q EMEA targeted hostile or unsolicited deals reached a volume of $99.9bn via 365 deals, up 52% from $65.7bn via 6 deals in Q Middle East volume stood at $8.6bn via 70 deals in Q 2008, a 38% decrease compared to $3.8bn via 65 deals in Q 2007 o The acquisition of Abraaj Capital by Orascom Construction for $2.7bn is the largest deal in the Middle East in Q 2008 Africa Q 2008 volume was $7.bn via 26 deals, a 50% decrease compared to $4.4bn via 0 deals in Q United Kingdom Russian Federation Spain Sweden Italy Q 2005 Q 2006 Q 2007 Q 2008 Dealogic Mergers & Acquisitions Review Q 2008 Final Results April 0, 2008 Page 6

50 Asia Pacific (ex Japan) Asia Pacific (ex Japan) targeted M&A totaled $2.3bn via 2,35 deals in Q 2008, up 4% from Q 2007 but a decline of % from 4Q 2007 o Finance and Mining were the leading industries with $8.4bn each, up 6% and 59% respectively from Q 2007 China led the region with $35.4bn via 759 deals, an increase of 4% on $25.bn in 2007, accounting for 29% of the region s total volume India M&A volume reached $2.8bn, down 39% on Q 2007, the first Q to see a yearonyear decline in volume since Q 2003 Acquisitions of companies outside the region reached $36.5bn in Q 2008, up 27% from Q China was the top acquiror with $9.0bn via 26 deals, driven by the $4.3bn acquisition of 2% of Rio Tinto by Aluminum Corp of China and Alcoa, the fourth largest outbound deal on record Inbound cross region M&A was down 32% on Q 2007 with just $9.7bn via 356 deals, making it the slowest quarter since 3Q 2006 Advisory revenue generated from Asia Pacific (ex Japan) companies reached $360m in Q 2007, up % on $324m in 2007 Asia Pacific Announced M&A $bn Asia Pacific (ex Japan) Quarterly Volume Deal Q 2Q 3Q 4Q Q 2Q 3Q 4Q Q 2Q 3Q 4Q Q 2Q 3Q 4Q Q 2Q 3Q 4Q Q 2Q 3Q 4Q Q 2Q 3Q 4Q Q ,500 3,000 2,500 2,000,500, # Japan Japan targeted M&A reached $45.0bn via 89 deals in Q 2008, down 26% on Q 2007 and the slowest first quarter since Q 2005 Japan Top Industries: Q 2008 Volume in $ bn Finance was the leading sector in Q 2008 with $0.5bn via 57 deals, down 63% on $28.6bn last year Outbound cross border volume in Q 2008 was up 40% on the same period last year at $6.2bn via 65 deals. US companies were the top targets for Japanese firms with $3.9bn via 3 deals, accounting for 63% of all Japan outbound deals Inbound cross border volume reached $0.8bn in Q 2008, down 42% from $8.4bn in Q The US was the top acquiror of Japanese companies with $7.9bn via 37 deals, accounting for 74% of all Japan inbound cross border activity Finance Property Technology Healthcare Transportation Consumer Products Insurance Advisory revenue generated from Japanese companies reached $32m in Q 2008, up 39% on $95m reported during the same period last year Others Dealogic Mergers & Acquisitions Review Q 2008 Final Results April 0, 2008 Page 7

51 Top 0 Global Transactions Q 2008 (Announced 2008) Announcement Date Target Target Nationality Acquiror Acquiror Nationality 30 Jan 2008 Philip Morris International United States Existing Shareholders United States Feb 2008 Yahoo! United States Microsoft United States Target Advisor(s) JPMorgan Goldman Sachs Deutsche Bank Lehman Brothers Credit Suisse Citi Goldman Sachs Lehman Brothers Moelis & Co Acquiror Advisor(s) Blackstone Morgan Stanley Deal ($bn) Feb 2008 Rio Tinto (2%) United Kingdom Aluminum Corp of China; Alcoa China Lehman Brothers China International Capital Jan 2008 Nymex Holdings (Bid No 2) United States CME Group United States JPMorgan Goldman Sachs Merrill Lynch William Blair Sandler O'Neill & Partners Lehman Brothers. 0 Mar 2008 BP (5%) United Kingdom Legal & General Group ; Legal & General Investment United Kingdom 0.0 Management 25 Mar 2008 Bolsa de Mercadorias & Futuros BM&F Brazil Bovespa Holding Brazil Rothschild Citi Goldman Sachs Credit Suisse Mar 2008 V&S Vin & Sprit Sweden Pernod Ricard France Morgan Stanley JPMorgan Deutsche Bank Ernst & Young Calyon PK Group Jan 2008 BEA Systems United States Oracle United States Goldman Sachs Mar 2008 Friends Provident (98.3%) United Kingdom JC Flowers United Kingdom Citi Mar 2008 Weyerhaeuser (Containerboard, Packaging and Recycling business) United States International Paper United States Morgan Stanley Lazard UBS 6.0 Dealogic Mergers & Acquisitions Review Q 2008 Final Results April 0, 2008 Page 8

52 Announcement Date Top 0 Global Financial Sponsor M&A Buyout Transactions Q 2008 (Announced 2008) Target Acquiror/Financial Sponsor Target Sector Target Nationality Deal ($bn) 3 Mar 2008 Friends Provident (98.3%) JC Flowers Insurance United Kingdom Feb 2008 CHC Helicopter First Reserve Transportation Canada Feb 2008 Migros Turk 24 Jan 2008 Biffa 4 Mar 2008 Ashikaga Bank BC Partners Turkven Private Equity De Agostini Capital DeA Capital Montagu Private Equity Global Infrastructure Partners Nomura Principal Finance Next Capital Partners JAFCO Retail Turkey 3.2 Utility & Energy United Kingdom 3. Finance Japan Feb 2008 Getty Images Hellman & Friedman Professional Services United States Mar 2008 TietoEnator Nordic Capital Svenska Technology Finland 2.0 Mar 2008 Sintonia (4.3%) Government of Singapore Investment Finance Italy.5 8 Mar 2008 Giochi Preziosi (52%) Clessidra Sgr Consumer Products Italy.4 4 Jan 2008 Bright Horizons Family Solutions Bain Capital Partners Professional Services United States.3 Note: Italicized acquirors are not financial sponsors Announcement Date 4 Feb 2008 Migros Turk 2 Jan 2008 Mando (72.4%) Note: Italicized acquirors are not financial sponsors Top 5 Emerging Market Financial Sponsor M&A Buyout Transactions Q 2008 (Announced 2008) Target Acquiror/Financial Sponsor Target Sector 2 Feb 2008 Bahamas Oil Refining BORCO 3 Mar 2008 Gilat Satellite Networks BC Partners Turkven Private Equity De Agostini Capital DeA Capital Halla Engineering & Construction H&Q Asia Pacific KCC Korea Development Bank KDB First Reserve Vopak Logistics Nordic Gores Group Mivtach Shamir Target Nationality Retail Turkey 3.2 Auto/Truck South Korea.2 Oil & Gas Venezuela 0.9 Telecommunications Israel Feb 2008 EON Capital (20.2%) Primus Pacific Partners Finance Malaysia 0.4 Deal ($bn) Dealogic Mergers & Acquisitions Review Q 2008 Final Results April 0, 2008 Page 9

53 Announced M&A by Nationality Quarterly Q 08 Q 07 4Q 07 Target Nationality $bn $bn $bn % Change Q 08 vs Q 07 % Change Q 08 vs 4Q 07 United States 37.7, , ,980 28% 5% United Kingdom % 66% Japan % 23% China ,07 4% 25% Russian Federation % 39% Spain % 4% Australia % 2% Canada % 46% Germany % 67% France % 7% Total ,209,00.3 8,078,66.2 0,067 22% 26% Announced M&A by Sector Quarterly Q 08 Q 07 4Q 07 Target Sector $bn $bn $bn % Change Q 08 vs Q 07 % Change Q 08 vs 4Q 07 Consumer Products % 297% Finance % 28% Technology 93.7, , ,2 74% 9% Real Estate/Property % 0% Mining % 73% Oil & Gas % 8% Utility & Energy % 5% Insurance % 49% Healthcare % 49% Telecommunications % 56% Total ,209,00.3 8,078,66.2 0,067 22% 26% Dealogic Mergers & Acquisitions Review Q 2008 Final Results April 0, 2008 Page 0

54 Global Rankings 2008 Q Final Results Global Volume Ranking Announced Global Revenue Ranking Rank Advisor ($bn) Q 2007 Rank Rank Advisor Revenue ($m) Goldman Sachs Goldman Sachs Lehman Brothers JPMorgan JPMorgan Merrill Lynch Citi UBS Credit Suisse Credit Suisse Deutsche Bank Lehman Brothers Morgan Stanley Citi UBS Morgan Stanley Merrill Lynch Deutsche Bank Blackstone Rothschild Moelis & Co Lazard Rothschild RBS Lazard HSBC Sandler O'Neill & Partners Banc of America China International Capital CIBC World Markets Ernst & Young Jefferies & Company Inc William Blair. 7 7 Bear Stearns Wachovia Wachovia Calyon RBC Capital Markets PK Group Nomura Mkt Share (%) Criteria: Excludes withdrawn deals, buyback programs and carveouts, includes assumption of debt; Based on full amount credit; Announced deals Jan Mar Criteria: Dealogic Revenue Analytics employed where fees are not disclosed; Amalgamation of realized fees from announced and completed deals Jan Mar Dealogic Mergers & Acquisitions Review Q 2008 Final Results April 0, 2008 Page

55 US Rankings 2008 Q Final Results US Volume Ranking Announced US Revenue Ranking Rank Advisor ($bn) Q 2007 Rank Rank Advisor Revenue ($m) Mkt Share (%) Goldman Sachs Goldman Sachs Lehman Brothers Lehman Brothers JPMorgan Merrill Lynch Citi JPMorgan Deutsche Bank Morgan Stanley Credit Suisse Citi Morgan Stanley UBS Blackstone Credit Suisse Moelis & Co Deutsche Bank Merrill Lynch Lazard UBS Banc of America Sandler O'Neill & Partners Wachovia Lazard Bear Stearns William Blair. 7 4 Jefferies & Company Inc Wachovia Rothschild Banc of America Sandler O'Neill & Partners 8. 7 Jefferies & Company Keefe Bruyette & Woods Scotia Capital HSBC Rothschild Blackstone RBS Evercore Partners Inc Criteria: Excludes withdrawn deals, buyback programs and carveouts, includes assumption of debt; Based on full amount credit; Announced deals Jan Mar Criteria: Dealogic Revenue Analytics employed where fees are not disclosed; Amalgamation of realized fees from announced and completed deals Jan Mar Dealogic Mergers & Acquisitions Review Q 2008 Final Results April 0, 2008 Page 2

56 European Rankings 2008 Q Final Results European Volume Ranking Announced European Revenue Ranking Rank Advisor ($bn) Q2007 Rank Rank Advisor Revenue ($m) Mkt Share (%) JPMorgan JPMorgan Merrill Lynch UBS Deutsche Bank Merrill Lynch UBS Goldman Sachs Citi Deutsche Bank Lehman Brothers Rothschild Morgan Stanley Credit Suisse Goldman Sachs Morgan Stanley Credit Suisse Citi Rothschild Lazard China International Capital 4.3 Lehman Brothers Ernst & Young RBS Calyon Banco Santander SA PK Group IFC Metropol Close Brothers Network Greenhill & Co Troika Dialog BNP Paribas SEB Close Brothers Network Banco Itau UniCredit Group Blackstone Jefferies & Company Inc PriceWaterhouseCoopers Lexicon Partners Criteria: Excludes withdrawn deals, buyback programs and carveouts, includes assumption of debt; Based on full amount credit; Announced deals Jan Mar Criteria: Dealogic Revenue Analytics employed where fees are not disclosed; Amalgamation of realized fees from announced and completed deals Jan Mar Dealogic Mergers & Acquisitions Review Q 2008 Final Results April 0, 2008 Page 3

57 Asia Pacific (ex Japan) Rankings 2008 Q Final Results Asia Pacific (ex Japan) Volume Ranking Announced Asia Pacific (ex Japan) Revenue Ranking Rank Advisor ($bn) Q2007 Rank Rank Advisor Revenue ($m) UBS UBS Citi Morgan Stanley Lehman Brothers Credit Suisse Credit Suisse Goldman Sachs China International Capital Citi Merrill Lynch Lehman Brothers Morgan Stanley JPMorgan Goldman Sachs China International Capital Corp Ltd Lazard Deutsche Bank Caliburn Partnership Merrill Lynch Mkt Share (%) Criteria: Excludes withdrawn deals, buyback programs and carveouts, includes assumption of debt; Based on full amount credit; Announced deals Jan Mar Criteria: Dealogic Revenue Analytics employed where fees are not disclosed; Amalgamation of realized fees from announced and completed deals Jan Mar Dealogic Mergers & Acquisitions Review Q 2008 Final Results April 0, 2008 Page 4

58 Global Financial Sponsor Rankings 2008 Q Final Results Rank Financial Sponsor M&A Buyouts Volume Ranking Financial Sponsor ($bn) JC Flowers & Co LLC First Reserve Corp Montagu Private Equity Ltd i Group plc BC Partners Ltd Turkven Private Equity JAFCO Co Ltd Hellman & Friedman LLC Nomura Principal Finance Co Ltd Next Capital Partners Co Ltd 2.8 Criteria: Excludes withdrawn deals, buyback programs and carveouts, includes assumption of debt; includes addon transactions; Based on full amount credit; Announced deals Jan Mar Financial Sponsor M&A Fee Ranking Financial Sponsor M&A Bank Revenue Ranking Rank Financial Sponsor Revenue ($m) Mkt Share (%) Criteria: Dealogic Revenue Analytics employed where fees are not disclosed; Amalgamation of realized fees from announced and completed deals Jan Mar Rank Advisor Revenue ($m) Criteria: Dealogic Revenue Analytics employed where fees are not disclosed; Amalgamation of realized fees from announced and completed deals Jan Mar Mkt Share (%) Apollo Advisors LP Goldman Sachs TPG Capital LP (Texas Pacific) Credit Suisse Alfa Capital Partners Lehman Brothers Madison Dearborn Partners LLC JPMorgan Apax Partners LP Deutsche Bank Kohlberg Kravis Roberts & Co KKR UBS Bain Capital Partners LLC Merrill Lynch First Reserve Corp Rothschild Francisco Partners LP Morgan Stanley Candover Investments plc Citi Dealogic Mergers & Acquisitions Review Q 2008 Final Results April 0, 2008 Page 5

59 Attorney Rankings (Including Attorneys to Advisors) 2008 Q Final Results Rank Attorney Rank Attorney Global Attorney Ranking ($bn) Sullivan & Cromwell Skadden Arps Slate Meagher & Flom Latham & Watkins Gibson Dunn & Crutcher Simpson Thacher & Bartlett Cadwalader Wickersham & Taft Munger Tolles & Olson Clifford Chance Wachtell Lipton Rosen & Katz Cleary Gottlieb Steen & Hamilton 28.9 Criteria: Excludes withdrawn deals, buyback programs and carveouts, includes assumption of debt; includes addon transactions; Based on full amount credit; Announced deals Jan Mar All Attorneys US Attorney Ranking European Attorney Ranking ($bn) Criteria: Excludes withdrawn deals, buyback programs and carveouts, includes assumption of debt; includes addon transactions; Based on full amount credit; Announced deals Jan Mar All Attorneys Rank Attorney Sullivan & Cromwell Clifford Chance Skadden Arps Slate Meagher & Flom Cleary Gottlieb Steen & Hamilton Simpson Thacher & Bartlett Macfarlanes Latham & Watkins Wachtell Lipton Rosen & Katz Gibson Dunn & Crutcher Sullivan & Cromwell Cadwalader Wickersham & Taft Ashurst Munger Tolles & Olson Debevoise & Plimpton Wachtell Lipton Rosen & Katz Gide Loyrette Nouel Fried Frank Harris Shriver & Jacobson Advokatfirman Vinge Weil Gotshal & Manges White & Case ($bn) Criteria: Excludes withdrawn deals, buyback programs and carveouts, includes assumption of debt; includes addon transactions; Based on full amount credit; Announced deals Jan Mar All Attorneys Dealogic Mergers & Acquisitions Review Q 2008 Final Results April 0, 2008 Page 6

60 Attorney Rankings (Corporate Advisory Only) 2008 Q Final Results Rank Attorney Rank Attorney Global Attorney Ranking ($bn) Skadden Arps Slate Meagher & Flom Sullivan & Cromwell Latham & Watkins Simpson Thacher & Bartlett Gibson Dunn & Crutcher Cadwalader Wickersham & Taft Munger Tolles & Olson Clifford Chance Wachtell Lipton Rosen & Katz Cleary Gottlieb Steen & Hamilton Criteria: Excludes withdrawn deals, buyback programs and carveouts, includes assumption of debt; includes addon transactions; Based on full amount credit; Announced deals Jan Mar Corporate Advice Only US Attorney Ranking European Attorney Ranking ($bn) Criteria: Excludes withdrawn deals, buyback programs and carveouts, includes assumption of debt; includes addon transactions; Based on full amount credit; Announced deals Jan Mar Corporate Advice Only Rank Attorney Skadden Arps Slate Meagher & Flom Clifford Chance Simpson Thacher & Bartlett Macfarlanes Latham & Watkins Cleary Gottlieb Steen & Hamilton Gibson Dunn & Crutcher Wachtell Lipton Rosen & Katz Sullivan & Cromwell Ashurst Cadwalader Wickersham & Taft Sullivan & Cromwell Munger Tolles & Olson Debevoise & Plimpton Wachtell Lipton Rosen & Katz Gide Loyrette Nouel Weil Gotshal & Manges Advokatfirman Vinge Jones Day White & Case LLP ($bn) Criteria: Excludes withdrawn deals, buyback programs and carveouts, includes assumption of debt; includes addon transactions; Based on full amount credit; Announced deals Jan Mar Corporate Advice Only Dealogic Mergers & Acquisitions Review Q 2008 Final Results April 0, 2008 Page 7

61 Announced League Tables 2008 Q Final Results Global Announced M&A European Announced M&A US Announced M&A Asia Pacific (ex Japan) Announced M&A Advisor d $m Rank 07 Advisor d $m Rank 07 Advisor d $m Rank 07 Advisor d $m Rank 07 Goldman Sachs 242,05 66 JPMorgan 52, Goldman Sachs 2,37 47 UBS 2, Lehman Brothers 207, Merrill Lynch 43, Lehman Brothers 83, Citi 9, JPMorgan 86, Deutsche Bank 43, JPMorgan 50, Lehman Brothers 8, Citi 8, UBS 38, Citi 27, Credit Suisse 6,335 5 Credit Suisse 70, Citi 38, Deutsche Bank 24, China International Capita 5, Deutsche Bank 64, Lehman Brothers 3, Credit Suisse 22, Merrill Lynch 3, Morgan Stanley 03, Morgan Stanley 28, Morgan Stanley 76, Morgan Stanley 3, UBS 77, Goldman Sachs 24, Blackstone 50, Goldman Sachs 9, Merrill Lynch 76, Credit Suisse 23, Moelis & Co 44, Lazard 9, Blackstone 50, Rothschild 6, Merrill Lynch 34, Caliburn Partnership Pty Lt 7,658 3 Total 859, Total 363, Total 39, Total 59, UK Announced M&A France Announced M&A German Announced M&A Italian Announced M&A Advisor d $m Rank 07 Advisor d $m Rank 07 Advisor d $m Rank 07 Advisor d $m Rank 07 Citi 22, JPMorgan 4, JPMorgan 5, Lehman Brothers 4, Lehman Brothers 2, Deutsche Bank, Goldman Sachs 5, Rothschild 4, UBS 20, Morgan Stanley 9, UBS 4, Merrill Lynch 4, JPMorgan 7,485 4 Calyon 8, SEB 4, Citi 3, Merrill Lynch 5, PK Group 8,886 5 Deutsche Bank, Intesa Sanpaolo 3, China International Capital 4,36 6 Ernst & Young 8,886 6 Greenhill & Co,466 6 Banca Leonardo 2, Credit Suisse 2, Merrill Lynch 5, Rothschild Goldman Sachs 2, Rothschild 0, Rothschild 4, Sal Oppenheim Credit Suisse 2, Goldman Sachs 0, Lehman Brothers 3, Citi Mediobanca 2, Deutsche Bank 9, Citi 3, Blackstone 47 0 UBS 2,80 3 Total 49,7,238 Total 39, Total 27, Total 26,02 82 Spanish Announced M&A Canadian Announced M&A Japanese Announced M&A Australian Announced M&A Advisor d $m Rank 07 Advisor d $m Rank 07 Advisor d $m Rank 07 Advisor d $m Rank 07 Close Brothers Network 4,6 4 Deutsche Bank 7,70 3 Nomura 7, UBS 3, Deutsche Bank 4,5 2 Merrill Lynch 6, Morgan Stanley 3, Citi, Banco Santander SA 2,784 3 Morgan Stanley 5, Mizuho 3, Lazard 8, Citi 2, Goldman Sachs 5, UBS 2, Caliburn Partnership Pty Lt 7, Morgan Stanley 2, Scotia Capital 4, Credit Suisse, Morgan Stanley 6, UBS 2, Credit Suisse 4, Daiwa Securities SMBC Co, Gryphon Partners Pty Ltd 6, Rothschild, JPMorgan 3, KPMG Corporate Finance, Credit Suisse 3, KPMG Corporate Finance, RBC Capital Markets 2, Ernst & Young, 2 8 Macquarie Group 3, SG Corporate & Investmen,094 9 Rothschild 2, Merrill Lynch, O'Sullivan Pullini 2,72 0 Merrill Lynch, ING, Citi, Merrill Lynch 2, Total 38, Total 29, Total 5, Total 33, Nordic Announced M&A Benelux Announced M&A Eastern European Announced M&A Latin American Announced M&A Advisor d $m Rank 07 Advisor d $m Rank 07 Advisor d $m Rank 07 Advisor d $m Rank 07 Deutsche Bank 9,44 5 JPMorgan 8,5 4 Merrill Lynch 7, Credit Suisse 6, Morgan Stanley 2, Merrill Lynch 4, Deutsche Bank, UBS 0, UBS, Deutsche Bank 4, JPMorgan 0, Citi 9, Credit Suisse 9, Lehman Brothers 4, Citi 8, Rothschild 9, JPMorgan 9, Morgan Stanley 2, UBS 6, Goldman Sachs 8,975 6 Ernst & Young 8, UBS 2, Troika Dialog 6,3 6 6 Banco Itau SA 5,59 7 PK Group 8,886 7 ING, Credit Suisse 6, JPMorgan 3, Calyon 8,886 8 Van Lanschot NV,423 8 Goldman Sachs 5, HSBC,900 9 Merrill Lynch 6, KPMG Corporate Finance Morgan Stanley 4, Jefferies Randall & Dewey,800 0 Goldman Sachs 6, Credit Suisse RBS 3, Morgan Stanley,03 9 Total 55, Total 3, Total 66, Total 35, Criteria: Excludes withdrawn deals, share buybacks, Includes Assumption of debt, Announced deals Jan to Mar , all Tables are based on target, acquiror or divestor nationality, Australian League Table excludes Fairness Opinion Dealogic Mergers & Acquisitions Review Q 2008 Final Results April 0, 2008 Page 8

62 Completed League Tables 2008 Q Final Results Global Completed M&A European Completed M&A US Completed M&A Asia Pacific (ex Japan) Completed M&A Advisor d $m Rank 07 Advisor d $m Rank 07 Advisor d $m Rank 07 Advisor d $m Rank 07 JPMorgan 254, Merrill Lynch 96, Goldman Sachs 202, Lehman Brothers 26, Goldman Sachs 242, JPMorgan 67, JPMorgan 9, Credit Suisse 5, Credit Suisse 23, Morgan Stanley 64, Citi 68, China International Capital 4,36 4 Citi 230, Credit Suisse 60, Deutsche Bank 56, Merrill Lynch, Lehman Brothers 89, Rothschild 53, Credit Suisse 55, Goldman Sachs 0, Deutsche Bank 74, Citi 52, Lehman Brothers 48, UBS 8, Merrill Lynch 54, UBS 5, Merrill Lynch 6, Morgan Stanley 8, Morgan Stanley 5, Goldman Sachs 44, Morgan Stanley 57, Citi 7, UBS 93, Lehman Brothers 4, UBS 38, Deutsche Bank 5, Rothschild 59, Banco Santander SA 25, Banc of America 35, Industrial & Commercial Ba 5,490 Total 873, Total 400, Total 388, Total 69,62 64 UK Completed M&A French Completed M&A German Completed M&A Italian Completed M&A Advisor d $m Rank 07 Advisor d $m Rank 07 Advisor d $m Rank 07 Advisor d $m Rank 07 Merrill Lynch 66,755 2 Goldman Sachs 7, Goldman Sachs, Mediobanca 0, Morgan Stanley 43, BNP Paribas 2, Deutsche Bank 0, Rothschild 6, JPMorgan 39, Deutsche Bank 8, BNP Paribas 8, Merrill Lynch 5, Credit Suisse 39, Rothschild 8, Houlihan Lokey Howard & Z 6,785 4 Banca Leonardo 5, Citi 38, Houlihan Lokey Howard & Zuk 6, UBS 4, JPMorgan 5, Rothschild 36, RBS 5, Merrill Lynch 3, UniCredit Group 3, Lehman Brothers 36, Merrill Lynch 4, Credit Suisse 3, UBS 3, UBS 24, UBS 3, Lehman Brothers 2, Calyon 3, Banco Santander SA 23, Citi 3, Lazard 2, Intesa Sanpaolo 2, Perella Weinberg Partners L 8, JPMorgan 2, Gut Corporate Finance,696 0 Goldman Sachs 2,628 2 Total 86, Total 38, Total 34, Total 5,760 5 Spanish Completed M&A Canadian Completed M&A Japanese Completed M&A Australian Completed M&A Advisor d $m Rank 07 Advisor d $m Rank 07 Advisor d $m Rank 07 Advisor d $m Rank 07 Banco Santander SA 24,385 4 TD Securities Inc 8,593 5 Citi 7, Lehman Brothers 5, Rothschild 22, Goldman Sachs 2, JPMorgan 6, Deutsche Bank 5, Credit Suisse 22, Citi, Morgan Stanley 6, Macquarie Group 3, Citi 22, JPMorgan 0, Nomura 5, UBS 3, JPMorgan 2, CIBC World Markets 0, Lehman Brothers 5, Morgan Stanley 3, Merrill Lynch 2, Keefe Bruyette & Woods 8,273 6 GCA Savvian Group Corp 5, Caliburn Partnership Pty Ltd 3, Morgan Stanley 2, Scotia Capital 8, Greenhill & Co 4,829 7 Credit Suisse 2, Lehman Brothers 20, RBC Capital Markets 7, PriceWaterhouseCoopers 4, Oppenheimer & Co Inc,798 9 UBS 4, BMO Capital Markets 7,2 6 9 Credit Suisse 3, Rothschild, BNP Paribas 2, Lehman Brothers 5, Merrill Lynch 2, Goldman Sachs, Total 52, Total 30, Total 63, 992 Total 30, Nordic Completed M&A Benelux Completed M&A Eastern European Completed M&A Latin American Completed M&A Advisor d $m Rank 07 Advisor d $m Rank 07 Advisor d $m Rank 07 Advisor d $m Rank 07 Credit Suisse 0,423 6 Merrill Lynch 23,035 6 JPMorgan 9, Credit Suisse 7, SEB 9, Morgan Stanley 2, Credit Suisse 7, Citi 7, JPMorgan 8, UBS 20, IFC Metropol 7, JPMorgan 4, HSBC 8, Goldman Sachs 2, UniCredit Group 6, Banco Santander SA 3, ABG Sundal Collier 8, RBS 8, UBS 5, UBS 3, UBS 7, Deutsche Bank 5, Mediobanca 4, Merrill Lynch 2, Morgan Stanley 5, Rothschild 4, Merrill Lynch 4, Deutsche Bank 2,0 3 8 Lenner & Partners Corporat 4,876 8 BNP Paribas 4, Deloitte 4, Calyon 2,0 2 9 Goldman Sachs 3, Lazard 4, Calyon 3,543 9 HSBC, Merrill Lynch 2, JPMorgan 3, Deutsche Bank 3, RBS,893 3 Total 35, Total 49, Total 53, Total 26,6 92 Criteria: Excludes withdrawn deals, share buybacks, Includes Assumption of debt, Completed deals Jan to Mar , all Tables are based on target, acquiror or divestor nationality, Australian League Table excludes Fairness Opinion Dealogic Mergers & Acquisitions Review Q 2008 Final Results April 0, 2008 Page 9

63 Dealogic M&A Coverage & Criteria The following is an Executive Summary of the coverage & criteria used to produce this document. To obtain a comprehensive document detailing Dealogic s precise scope, policies and methodologies, please contact one of the Analysts listed on the front page of this release. GENERAL Tables appearing in this document are based on announcement dates, unless otherwise specified. League tables based on announcement date include all transactions announced during the specified period except withdrawn or failed, and use announced or revised transaction values. In Japan, the announcement date is considered the date on which full terms are disclosed. Announced league tables are based on transaction values at announcement of most recent terms. Transactions not denominated in US dollars are converted to a US dollar equivalent at the date of announcement. Tables appearing in this document are complete and current to the best of Dealogic s knowledge. While an official snapshot of the investment banking landscape as of the date of publication, rankings are subject to retroactive change due to a variety of factors, including, but not limited to, revaluation, withdrawal or termination, and changes in advisor roles. The deadline for end of quarter submission is ten business days prior to the last day of the quarter. To be eligible for league table credit, a financial advisor must submit notification of involvement in a transaction before the deadline, subject to certain restrictions and amendments (refer to official documentation). COVERAGE Acquisitions, acquisitions of assets (divestitures), and stake purchases. Mergers, Joint Ventures, Spinoffs & Splitoffs. Privatizations, Governmentawarded PCS/wireless licenses. Pharmaceutical rights and brands. Real estate property transactions defined as managed companies, portfolios or completed buildings only, are tracked and eligible if valued $00m or above. Buyback transactions structured as public tender offers, as divestments or as a defensive technique in response to an unsolicited takeover approach. Recapitalizations & restructurings. ELIGIBILITY Both target and acquiror advisors are eligible for league table credit. The group head, which is the investment banking division name of the parent entity, appears in league tables. Financial advisor league tables include the following roles: Financial Advisor, Providers of Fairness Opinions. Advisors to the acquiror are eligible for full league table credit when advising the acquiror or its parent. Advisors to companies with a controlling stake, but less than 50%, of the acquiror are eligible for full league table credit. Advisors to the target are eligible for full league table credit when advising a shareholder with an interest of at least 50% in the target. Advisors to shareholders with minority interest in the target are also eligible for league table credit in proportion to the stake held. In the case of pending competing offers, the target advisor to the largest offer only is eligible for league table credit. Rumors, preliminary discussions, repurchases and withdrawn deals are not included in league tables, unless otherwise specified. Regionspecific league tables are based upon target, bidder, acquiring subsidiary or divestor nationality. The consideration for nationalityspecific league tables is based upon the target, acquiror or divestor s ultimate parent nation, primarily the nationality of the headquarters of the parent, and if that is unclear, the nationality of incorporation. VALUATION The Dealogic valuation methodology defines the value of a transaction as the cost to acquiror. In all cases, only the percentage acquired is eligible for league table credit. League tables appearing in this report are ordered by Deal, defined as amount paid by the acquiror for the target, including net debt. Dealogic Mergers & Acquisitions Review Q 2008 Final Results April 0, 2008 Page 20