DEALS INTELLIGENCE

SECOND QUARTER 2010

PRELIMINARY MERGERS & ACQUISITIONS REVIEW

MEDIA CONTACTS

Europe
Jennifer Coldwell
Tel:+44(0)20 7542 1956
E-mail: Jennifer.Coldwell@thomsonreuters.com
Goldman Sachs Tops Global and US M&A rankings - Goldman Sachs takes top position in the Global Announced M&A ranking, up from 2nd at the same
Americas time last year and ahead of JP Morgan and Morgan Stanley. Goldman also lead the Any US involvement M&A rankings, up from 2nd last year, ahead of Morgan Stanley and JP
Matthew Toole Morgan. JP Morgan, Deutsche Bank and Morgan Stanley are the top 3 financial advisors in the Any European involvement M&A rankings.
Tel: +1 646 223 7212
E-mail: matthew.toole@thomsonreuters.com Global M&A Stable in H1 2010 - Announced global M&A totalled US$976bn so far in H1 2010, on par with H1 2009 (US$977bn). Q2 activity totalled US$454bn, down
10% from Q2 2009 and down 13% from the previous quarter. US targets accounted for 35% of global activity in the year to date, ahead of Europe (US$227bn, 23%) and Asia
Asia-Pacific Pacific (US$186bn, 19%).
Sophia Leung
Tel: +(852) 2843 6911 US M&A Stable in Q2, Down 5% YTD - Announced M&A targeting the US reached US$339bn in the year to date, down 5% from H1 2009 (US$358bn). This could
E-mail: sophia.leung@thomsonreuters.com mark the worst start of the year since H1 2003 (US$187bn). Q2 activity totalled US$171bn, up 2% from Q1 but down 15% from Q2 2009 (US$202bn).

Japan European M&A Up in Q2 2010, Down 23% YTD - European targeted M&A announced in Q2 2010 totalled US$122bn, up 16% from the
Yukiko Matsushima previous quarter (US$105bn) and up 7% from Q2 2009 (US$114bn). Year to date activity reached US$227bn, down 23% from H1 2009 (US$295bn). This
Tel: +813 6441 1617 could mark the worst start of the last 10 years.
E-mail: yukiko.matsushima@thomsonreuters.com
Asia Pac. M&A Down - Announced M&A targeting the Asia Pacific region reached US$89bn so far in Q2 , down 9% from the previous quarter
(US$97bn) and down 32% from Q2 2009 (US$130bn). Year to date activity totalled US$186bn, down 1.1% from H1 2009 (US$188bn).

Buyside Financial Sponsor M&A on the Up - Global private equity backed M&A totalled US$40bn in Q2 2010, up 33% from the previous
quarter and up 125% from Q2 2009 (US$18bn). Year to date activity reached US$70bn, up 102% from H1 2009 (US$35bn).

Cross Border M&A On The Up - Acquisitions abroad grew for the 5th consecutive quarter to reached US$197.5bn in Q2, up 10% from the
previous quarter. Year to date activity totalled US$376bn, up 69% from H1 2009 (US$223bn). Cross border M&A accounts for 39% of deals announced in 2010.

Withdrawn M&A Hits $143bn - With Prudential’s withdrawal of its US$35.5bn bid for AIA, global withdrawn M&A activity for year-to-date reached
US$143billion up 29% from the same period last year.

For Research Purposes Only. Data accurate as of 22/06/2010; Strictly embargoed for publication until 25/06/2010
 DEALS INTELLIGENCE

SECOND QUARTER 2010 | Mergers & Acquisitions |

M&A Rankings

Worldwide M&A Ranking 2010 YTD Any US Involvement M&A Ranking 2010 YTD Any Euro Involvement M&A Ranking 2010 YTD

2010 H1 2010 H1 2010 H1

YTD 2009 Rank Value No. YTD 2009 Rank Value No. YTD 2009 Rank Value No.
Rank Rank Financial Advisor US$ Deals Rank Rank Financial Advisor US$ Deals Rank Rank Financial Advisor US$ Deals
1 2 Goldman Sachs & Co 189,584.4 142 1 2 Goldman Sachs & Co 132,128.0 76 1 8 JP Morgan 77,152.4 66

2 1 Morgan Stanley 172,947.6 162 2 1 Morgan Stanley 114,402.7 68 2 6 Deutsche Bank AG 73,510.3 46

3 3 JP Morgan 168,854.5 138 3 3 JP Morgan 109,375.1 72 3 2 Morgan Stanley 71,770.4 73

4 8 Deutsche Bank AG 160,705.7 108 4 18 Deutsche Bank AG 105,027.8 57 4 5 Goldman Sachs & Co 64,690.5 48

5 5 Credit Suisse 157,387.4 129 5 6 Bank of America Merrill Lynch 96,381.7 63 5 1 Credit Suisse 57,239.6 72

6 7 Bank of America Merrill Lynch 138,329.7 90 6 7 Barclays Capital 95,391.5 45 6 9 Bank of America Merrill Lynch 56,683.4 24

7 4 Citi 128,008.1 81 7 14 Credit Suisse 81,393.6 72 7 12 Rothschild 52,262.6 86

8 12 Barclays Capital 116,480.0 59 8 8 Lazard 62,588.4 45 8 3 Citi 43,721.5 25

9 11 UBS 101,793.4 105 9 16 UBS 60,899.8 42 9 7 UBS 41,623.9 57

10 6 Lazard 100,090.0 117 10 4 Citi 57,628.7 40 10 4 Lazard 33,132.1 86

- - Industry Total 973,265.8 17,956 - - Industry Total 425,564.6 4,555 - - Industry Total 365,751.0 7,331

League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. Rank Date is defined as
the earliest public announcement of when a value can be applied to a transaction.

For Research Purposes Only. Data accurate as of 22/06/2010; Strictly embargoed for publication until 25/06/2010
 DEALS INTELLIGENCE

SECOND QUARTER 2010 | Mergers & Acquisitions |

M&A Volumes
GLOBAL M&A VOLUMES ANNUALLY
$4,500
Global M&A Stable 4,162
Announced global M&A totalled US$976bn so far in H1 $4,000 Global ($bln)
2010, on par with H1 2009 (US$977bn). Q2 activity 3,603
totalled US$454bn, down 10% from Q2 2009 and down 3,397 US Target ($bln)
$3,500
13% from the previous quarter.
US targets accounted for 35% of global activity in the Europe Target ($bln)
$3,000 2,885
year to date, ahead of Europe (US$227bn, 23%) and
Asia Pac. ex Japan Target ($bln) 2,679
Asia Pacific (US$186bn, 19%).

Value US$Bln
$2,500
2,059

1,705
1,877

1,594
$2,000
US M&A Stable in Q2,

1,572
1,469
1,688

1,324

1,170
1,133
Down 5% YTD $1,500 1,346

1,001
1,204

980

924
Announced M&A targeting the US reached US$339bn 976

795
752
$1,000

720
709
in the year to date, down 5% from H1 2009

586
550

539
506
480

458
439

431
(US$358bn). This could mark the worst start of the

407
360

339
238

233
$500

227
year since H1 2003 (US$187bn). Q2 activity totalled

186
169
165

136

138
US$171bn, up 2% from Q1 but down 15% from Q2
2009 (US$202bn). $0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

European M&A Up in $1,000

GLOBAL M&A VOLUMES QUARTERLY Global ($bln)

Q2 $900 878 893 US Target ($bln)

European targeted M&A announced in Q2 2010 European Target ($bln)
totalled US$122bn, up 16% from the previous quarter 799
$800
(US$105bn) and up 7% from Q2 2009 (US$114bn). Asia Pac. ex Japan ($bln)
Year to date activity reached US$227bn, down 23%
$700 668
from H1 2009 (US$295bn). This could mark the worst
start of the last 10 years. 605
Value US$bln

$600
525 522
503
$500 474 477
454
381

Asia Pac. M&A Down

349
$400
333

327
285

277
Announced M&A targeting the Asia Pacific region

249
245

$300

220
reached US$89bn so far in Q2 , down 9% from the

202
181
173

171
168
previous quarter (US$97bn) and down 32% from Q2

156

148
144

143
142
$200

130
123

122

121

122
114
2009 (US$130bn). Year to date activity totalled

105
99

98

97

89
US$186bn, down 1.1% from H1 2009 (US$188bn).

82
77

$100

58
$0
4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10

For Research Purposes Only. Data accurate as of 22/06/2010; Strictly embargoed for publication until 25/06/2010
 DEALS INTELLIGENCE

SECOND QUARTER 2010 | Mergers & Acquisitions |

Global M&A Top 10 Deals List

TOP 10 GLOBAL M&A DEALS 2010 YTD

Rank Rank Date Target Name Target Industry Sector Target Nation Acquiror Name Status Acquiror Advisors Target Advisors
Value($Mil)
27,387.9 13/01/10 Carso Global Telecommunications Mexico America Movil SAB de Completed Credit Suisse Group Santander
Telecom SAB de CV CV Citi

22,170.2 22/04/10 Qwest Commun Intl Telecommunications United States CenturyLink Inc Pending Barclays Capital Lazard
Inc Evercore Partners Deutsche Bank AG
JP Morgan Morgan Stanley
Perella Weinberg
Partners LP
15,543.5 08/03/10 American Life Insurance United States MetLife Inc Pending Credit Suisse Group Morgan Stanley
Insurance Co Inc Barclays Capital Goldman Sachs & Co
Bank of America Merrill Lynch Citi
Deutsche Bank AG Blackstone Group LP
HSBC Holdings PLC
13,730.4 15/06/10 British Sky Bdcstg Radio and Television United News Corp Intended Deutsche Bank AG Morgan Stanley
Grp PLC Broadcasting Stations Kingdom JP Morgan Cazenove UBS Investment Bank
Bank of America Merrill
Lynch
13,440.7 25/02/10 Coca-Cola Entr Inc- Food and Kindred Products United States Coca-Cola Co Pending Allen & Co Inc Greenhill & Co, LLC
NA Bus Goldman Sachs & Co Credit Suisse Group
Lazard
12,223.6 21/02/10 Smith International Machinery United States Schlumberger Ltd Pending Goldman Sachs & Co UBS Investment Bank
Inc
11,750.4 19/01/10 The Williams Cos Electric, Gas, and Water United States Williams Partners LP Completed Tudor Pickering & Co LLC Barclays Capital
Inc-Gas Distribution Citi

11,120.4 04/01/10 Alcon Inc Measuring, Medical, Photo Switzerland Novartis AG Pending Goldman Sachs & Co Greenhill & Co, LLC
Equipment; Clocks
10,700.0 15/02/10 Zain Africa BV Telecommunications Nigeria Bharti Airtel Ltd Completed Global Investment House (KSCC) UBS Investment Bank
Standard Chartered PLC BNP Paribas SA
Barclays PLC
HSBC Holdings PLC
Morgan Stanley

8,943.9 11/02/10 Allegheny Energy Electric, Gas, and Water United States FirstEnergy Corp Pending Morgan Stanley Goldman Sachs & Co
Inc Distribution

For Research Purposes Only. Data accurate as of 22/06/2010; Strictly embargoed for publication until 25/06/2010
 DEALS INTELLIGENCE

SECOND QUARTER 2010 | Mergers & Acquisitions |

M&A Industry Analysis

TARGET INDUSTRY BREAKDOWN ($ MLN) - GLOBAL M&A 2010 YTD TOP 5 SECTORS - TARGET REGION BREAKDOWN (MLN)
ENERGY & POWER
22098.5
Energy & Power 2% US (52%) Europe (15%) Asia Pacific (8%) Rest of the World (25%)

Announced M&A targeting the energy and power 24907.9

sector reached US$189bn in H1 2010, up 22% from 3%
H1 2009. The US concentrated a majority of the 106.3 98,782 27,671 15,147 47,560
activity (US$99bn, 52% of total) with transactions such 51499.3 0%
as the US$7.6bn acquisition of E.ON US LLC by PPL 5%
189160.9
Corp announced in April. 19% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
58624.6
6% FINANCIALS
US (25%) Europe (30%) Asia Pacific (29%) Rest of the World (16%)

Financials 67398.8
Announced M&A targeting the financial sector totalled 7% 33,743 41,072 38,829 21,621
US$135bn in H1 2010, down 40% from H1 2009.
Acquisitions in Europe accounted for 30% of the sector
and was home of the largest financial deal of the
quarter, the US$5bn acquisition of Cajastur by CAM. 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
70381.4 135265.4
Financials is the most targeted sector in Europe and 14% TELECOMMUNICATIONS
7%
Asia Pacific so far in 2010.
US (23%) Europe (26%) Asia Pacific (5%) Rest of the World (46%)

71027.7 23,829 27,402 4,756 47,818

Telecommunications 7%
Telecommunications acquisitions accounted for 11% of
global M&A in H1 with US$104bn worth of deals 103803.2
11% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
announced, up 202% from H1 2009. Over half of the 84469.4
sector's activity is derived from three deals, the 9% MATERIALS
US$27bn acquisition of Carso Global Telecom SAB, 97153.6
US (15%) Europe (13%) Asia Pacific (40%) Rest of the World (32%)
the US$22bn acquisition of Qwest Commun Intl Inc 10%
and the US$11bn acquisition of Zain Africa BV.

14,893 12,391 38,791 31,080

Energy and Power (22% Chg YoY)

Financials (-40% Chg YoY) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Telecommunications (202% Chg YoY)
Materials Materials (-20% Chg YoY)
INDUSTRIALS

Announced acquisitions of Materials targets totalled Industrials (-11% Chg YoY) US (21%) Europe (28%) Asia Pacific (30%) Rest of the World (21%)
Real Estate (67% Chg YoY)
US$97bln, down 20% from H1 2009. Asia Pacific Healthcare (-50% Chg YoY)
concentrated 40% of the sector's activity with US$39bn Consumer Staples (37% Chg YoY)
worth of transactions announced in2 010. High Technology (30% Chg YoY) 17,805 23,828 25,486 17,350
Media and Entertainment (42% Chg YoY)
Consumer Products and Services (43% Chg YoY)
Retail (39% Chg YoY)
Government and Agencies (-32% Chg YoY) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

For Research Purposes Only. Data accurate as of 22/06/2010; Strictly embargoed for publication until 25/06/2010
 DEALS INTELLIGENCE

SECOND QUARTER 2010 | Mergers & Acquisitions |

Global Buyside Financial Sponsor Analysis

GLOBAL BUYSIDE FINANCIAL SPONSOR VOLUMES ANNUALLY
Buyside Financial $900
Global ($bln)
Sponsor M&A on the $800
790 796
US Target ($bln)
Up $700
Global private equity backed M&A totalled US$43bn in Europe Target ($bln)
Q2 2010, up 54% from the previous quarter and up
$600
148% from Q2 2009 (US$18bn). Year to date activity
Asia Pac. 1Q
ex 2000
Japan ($bln)

Value US$Bln
reached US$72bn, up 106% from H1 2009 (US$35bn).
$500 2Q 2000

433
432
3Q 2000
$400 4Q 2000
343
Europe Up 110%

282

254
$300 254
Private equity backed M&A targeting Europe reached 235

167
US$9bn in Q2 2010, down 26% from the previous

148
$200 147
quarter but up 38% from Q2 2009 (US6.6$bn). Year to

120
105

103
116 117 123
date activity totalled US$21bn, up 110% from H1 2009 92 72

82

72
$100

60
55
(US$10bn). Europe accounts for 29% of all activity so

49
48
48

48
45

43
37
36

36
30

21
20

16
10

10
far in 2010.

6
5

4
$0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

GLOBAL BUYSIDE FINANCIAL SPONSOR VOLUMES QUARTERLY

US Up 200%
Private equity backed M&A targeting the US totalled $100 94.5
US$25bn in Q2 and marked the best quarterly activity
level of the last 2 years. Year to date activity reached Global ($bln)
$90
US$36bn, up 200% from H1 2009 (US$12bn). The US 80.7
targets accounted for 59% of all private equity backed $80 77.2 US Target ($bln)
acquisitions announced in Q2 and 50% of those
announced so far this year. $70 Europe Target ($bln)
Value US$Bln

$60 55.3 Asia Pac. ex Japan ($bln)

52.6
48.2

43.2

$50
43.4
$40 35.2
Asia Pac Doubles
27.5

25.4
28.2
24.8
24.6

23.0
Asia Pacific attracted US$6.6bn worth of private equity $30
21.6

21.6

22.1

18.5
18.2

backed deals in Q2 2010, double from the previous

17.8

14.2
quarter and up 46% from Q2 2009. The region $20 17.1

12.8

12.2
10.3
accounts for 15% of the announced activity globally in 10.2

9.1
8.6

6.9

6.6

6.6

6.6
Q2.

5.5
5.2
5.0

$10

4.9
4.7

4.5
4.4
3.9

3.5

3.2
1.0
$0
4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10

For Research Purposes Only. Data accurate as of 22/06/2010; Strictly embargoed for publication until 25/06/2010
 DEALS INTELLIGENCE

SECOND QUARTER 2010 | Mergers & Acquisitions |

Global Buyside Financial Sponsor M&A Top 10 Deals List

TOP 10 GLOBAL BUYSIDE FINANCIAL SPONSOR DEALS 2010 YTD

Rank Rank Date Target Name Target Nation Target Industry Acquiror Name Investor Status Target Advisors Acquiror Advisors
Value($Mil)
3,925.000 17/06/10 Extended Stay Hotels and United States Extended Stay Paulson & Co Inc Pending Lazard Deutsche Bank AG
America Inc Casinos America Inc SPV
3,031.172 04/05/10 Interactive Data Corp Business United States Interactive Data Silver Lake Pending Goldman Sachs & Co Credit Suisse Group
Services Corp SPV Warburg Pincus Intl Foros Barclays Capital
LLC Morgan Stanley
UBS Investment Bank
2,113.801 31/05/10 Healthscope Ltd Health Services Australia Healthscope Ltd Kohlberg Kravis Pending Goldman Sachs Morgan Stanley
SPV Roberts & Co JBWere Pty Ltd
CVC Capital Partners Lazard
Ltd
2,105.333 17/05/10 Healthscope Ltd Health Services Australia Healthscope Ltd Blackstone Group LP Pending Goldman Sachs Credit Suisse Group
SPV Carlyle Group LLC JBWere Pty Ltd Macquarie Bank
TPG Capital LP Lazard Bank of America Merrill Lynch
Deutsche Bank AG
Barclays Capital
UBS Investment Bank
1,700.000 21/05/10 Michael Foods Inc Food and United States GS Capital Pending Bank of America Merrill Goldman Sachs & Co
Kindred Partners LP Lynch
Products
1,630.000 02/03/10 Styron Corp Chemicals and United States Bain Capital Complet Deutsche Bank AG Blackstone Group LP
Allied Products Partners LLC ed HSBC Holdings PLC Barclays Capital
Moelis & Co
1,544.808 28/01/10 Pets At Home Ltd Miscellaneous United Kingdom Kohlberg Kravis Pending Rothschild Nomura
Retail Trade Roberts & Co JP Morgan Cazenove
1,402.263 12/04/10 DynCorp Business United States Cerberus Capital Pending Goldman Sachs & Co Evercore Partners
International LLC Services Management LP Bank of America Merrill Lynch
Citi
Barclays Capital
Deutsche Bank AG
1,400.000 10/06/10 Vertafore Inc Prepackaged United States TPG Capital LP Pending Barclays Capital Credit Suisse Group
Software Bank of America Merrill Lynch
1,300.000 21/04/10 American Tire Wholesale United States TPG Capital LP Complet Bank of America Merrill Barclays Capital
Distributors Inc Trade-Durable ed Lynch RBC Capital Markets
Goods Deutsche Bank AG UBS Investment Bank

* Includes M&A transactions where the Acquiror, Investor, Immediate/Ultimate Parent of Acquiror or Immediate Ultimate Parent of Investor is a Financial Sponsor, Venture Capital
Firm or a Private Equity Investor

For Research Purposes Only. Data accurate as of 22/06/2010; Strictly embargoed for publication until 25/06/2010
 DEALS INTELLIGENCE

SECOND QUARTER 2010 | Mergers & Acquisitions |

Cross Border Analysis

GLOBAL CROSS BORDER VOLUMES
Cross Border M&A On $700 Value (US$bln) 60%

The Up % of Total M&A

$643
$600 48%
Acquisitions abroad grew for the 5th consecutive 50%
43% 43%
quarter to reached US$197.5bn in Q2, up 10% from 41%
the previous quarter. Year to date activity totalled $500 45% 39%
38% 38%
US$376bn, up 69% from H1 2009 (US$223bn). Cross 40%
34%
border M&A accounts for 39% of deals announced in 33%

$422
$400

$417
2010 30% 29%
30%

$351

$339
23% 22%

$329
$300
US & UK Most 20%

$251
$200
Acquisitive & Targeted

$198
$179
$174
$157

$156
10%
Nations $100

$112
$111
The US and the UK initiated 36% of all acquisitions
abroad so far in 2010 ahead of China, Canada and $0 0%
India. The US and the UK were the target of over half 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10
of all acquisitions abroad so far in 2010.

TOP 10 MOST ACQUISITIVE NATIONS 2010 YTD ($MLN) TOP 10 MOST TARGETED NATIONS 2010 YTD ($MLN)

United States of America United States of America

3.1 2.5
3.2 2.6
4% United Kingdom United Kingdom 4%
4% 2.9 4%
4.7 17.3
4%
6% 24% China Australia 3
4%
4.9 23.4
Canada Brazil 3.4
6% 34%
5%
India Netherlands
5 3.8
7% Germany Canada 6%

10 Netherlands Hong Kong 3.9

5.5 13% 6%
7% Spain Mexico
4.1
6.1 Japan 6%
Nigeria
8% 8.2
7.1 11.4
7.8 11% France
Germany 10% 17%
10%
Australia
China

For Research Purposes Only. Data accurate as of 22/06/2010; Strictly embargoed for publication until 25/06/2010
 DEALS INTELLIGENCE

SECOND QUARTER 2010 | Mergers & Acquisitions |

Global Cross Border M&A Top 10 Deals List

TOP 10 GLOBAL CROSS BORDER M&A DEALS 2010 YTD

Rank Value($Mil) Rank Date Target Name Target Nation Acquiror Name Status Acquiror Advisors Target Advisors
13,730.423 15/06/10 British Sky Bdcstg Grp PLC United News Corp Intended Deutsche Bank AG Morgan Stanley
Kingdom JP Morgan Cazenove UBS Investment Bank
Bank of America Merrill
Lynch
10,700.000 15/02/10 Zain Africa BV Nigeria Bharti Airtel Ltd Completed Global Investment House (KSCC) UBS Investment Bank
Standard Chartered PLC BNP Paribas SA
Barclays PLC
HSBC Holdings PLC
Bank of America Merrill Lynch
Morgan Stanley
8,434.236 01/04/10 Lihir Gold Ltd Papua N Newcrest Mining Ltd Pending Lazard Caliburn Partnership Pty
Guinea Merrill Lynch Ltd
7,935.538 10/05/10 Brasilcel NV Netherlands Telefonica SA Pending Bank of America Merrill
Lynch
7,346.091 11/01/10 FEMSA-Beer Op Mexico Heineken NV Completed Citi Allen & Co Inc
Heineken Holding NV Credit Suisse Group Rothschild
7,132.620 12/05/10 Transurban Group Australia Canada Pension Plan Intended JP Morgan Lazard
Ontario Teachers Pension Plan Goldman Sachs & Co UBS Investment Bank
CP2 Ltd
7,000.000 11/03/10 Devon Energy Corp-Assets United States British Petroleum Co PLC Pending Deutsche Bank AG
JP Morgan
Scotia Capital Inc
6,869.016 28/02/10 Millipore Corp United States Merck KGaA Pending Guggenheim Securities LLC Goldman Sachs & Co
Perella Weinberg Partners LP
Bank of America Merrill Lynch
BNP Paribas SA
Commerzbank AG
5,601.070 12/05/10 Sybase Inc United States Sheffield Acquisition Corp Pending Barclays Capital Bank of America Merrill
Deutsche Bank AG Lynch
4,980.079 18/03/10 Ratiopharm International GmbH Germany Teva Pharm Inds Ltd Pending Goldman Sachs & Co RBS
Commerzbank AG

For Research Purposes Only. Data accurate as of 22/06/2010; Strictly embargoed for publication until 25/06/2010
 DEALS INTELLIGENCE

SECOND QUARTER 2010 | Mergers & Acquisitions |

Withdrawn M&A
$450 441 450

Withdrawn M&A Hit $400 Global 400

Europe
$143bn $350 US 350
With Prudential’s withdrawal of its US$35.5bn bid for
AIA, global withdrawn M&A activity for year-to-date Asia
reached US$143billion up 29% from the same period $300 300
ROW
last year.

$250 250

207
194
$200 200
Banks Miss out on
$852mln Worth of Fees

128
$150 150

110
117
98
on Pru/AIA $100 89 100

81
78

74
73

64
Banks were expected to earn $112mln in M&A 61 54

51

40
advisory fees on the Prudential/AIA deal and $740 37
37

36
$50 50

32
27

26

24
24
23
22
million in underwriting fees from the proposed $21.7

20
18

18

18
16

16
15

12
12
10

10
10
billion rights offering.

9
8

7
6
6

6
4

3
3
2
$0 0
2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2
TOP 5 GLOBAL WITHDRAWN M&A DEALS 2010 YTD

Rank Rank Date Date Target Name Target Nation Target Acquiror Name Acquiror Acquiror Acquiror Advisors Target Advisors
Value Withdrawn Macro Nation Macro
($Mil) Industry Industry
35,500 01/03/10 02/06/10 AIA Group Ltd Hong Kong Financials Prudential PLC United Financials JP Morgan Cazenove Citi
Kingdom Credit Suisse Morgan Stanley
Lazard Goldman Sachs & Co
Nomura Blackstone Group LP
Ondra Partners Deutsche Bank AG
HSBC Holdings PLC
27,498 16/02/10 07/05/10 General Growth United States Real Estate Simon Property Grp United Real Estate Lazard UBS Investment Bank
Properties Inc Inc States JP Morgan Miller Buckfire
Morgan Stanley Houlihan Lokey
8,109 05/11/09 05/02/10 Transurban Group Australia Industrials Canada Pension Plan Canada Financials Goldman Sachs & Co Lazard
Ontario Teachers JP Morgan UBS Investment Bank
Pension Plan
7,901 18/12/09 23/02/10 Cimpor Cimentos Portugal Materials Cia Siderurgica Brazil Materials Banco Espirito Santo BNP Paribas SA
de Portugal Nacional SA Morgan Stanley
Banco Itau SA Millennium BCP SA
Banco Bradesco BBI SA Caixa-Banco de
Investimento SA
6,348 08/11/09 06/02/10 AXA Asia Pacific Australia Financials AMP Ltd Australia Financials UBS Investment Bank Macquarie Bank
Holdings Ltd Deutsche Bank AG

For Research Purposes Only. Data accurate as of 22/06/2010; Strictly embargoed for publication until 25/06/2010