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Monthly M&A InsIder

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					A mergermArket report on globAl m&A Activity

Monthly M&A InsIder
FebruAry 2010
CONTENTS


GlobAl overvIew                                                                     01
AsiA-pAciFic                                                                        05
AmericAs: lAtin AmericA                                                             14
                   north AmericA                                                    20
europe                                                                              28
middle eAst & AFricA                                                                36




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                          Monthly M&A InsIder
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     glObal OvErviEw


01
     givEN THE SCalE aND SCOPE OF THE wOrST ECONOMiC DOwNTUrN iN DECaDES, iT iS OF liTTlE
     SUrPriSE THaT THE glObal M&a MarKET SUFFErED baDly iN 2009. a TOTal OF 9,493 DEalS wOrTH
     US$1.76TN CaME TO THE MarKET OvEr THE COUrSE OF THE yEar, rEPrESENTiNg a DECliNE OF
     MOrE THaN 25% iN TErMS OF bOTH DEal vOlUME aND valUE COMParED TO 2008 NUMbErS.

     Furthermore, global deal volume fell to the lowest level seen     Elsewhere, private equity players have continued to be
     since 2003 while the average deal size of US$185m is way          largely absent from the top end of the market with buyout
     down on the US$233m witnessed during the height of the            activity generally retrenching to the mid and low-cap space.
     M&a boom in 2007.                                                 Understandably, large leveraged buyouts - along the lines
                                                                       of the mega deals that dominated the private equity driven
     Despite this, there are a number of encouraging signs
                                                                       M&a landscape in the years running up to the financial
     that the M&a market has reached inflection point with
                                                                       crisis - have been largely put on hold since the acute onset
     dealmaking conditions and market confidence slowly
                                                                       of the financial crisis. while private equity equity-related deal
     improving. indeed, this can be seen to good effect by looking
                                                                       volumes are beginning to slowly recover as funds adjust to
     at the quarterly breakdown of 2009 deal flow with announced
                                                                       the new economic reality, valuations remain depressed – the
     activity increasing each quarter, trending upwards from
                                                                       average buyout size in 2009 was just US$90m, compared to
     2,093 transactions in Q1 to 2,686 deals in Q4. The second
                                                                       US$109m in 2008 and US$301m in 2007. Tellingly, at the time
     half of 2009 also accounted for 58% of the year’s US$1bn+
                                                                       of publication just 36 US$1bn+ private equity-related deals
     transactions as the financing environment, and the general
                                                                       have been announced since 2009, compared to 76 in 2008 and
     economic climate began to improve. This figure increases
                                                                       217 in 2007.
     further when government-related bailouts of ailing
     corporations/institutions are excluded from the analysis.         going forward, it is likely that private equity will continue
                                                                       to adopt a ‘back-to-basics’ approach with renewed focus
     remarkably, the largest transaction of 2009 was actually a
                                                                       on value creation at portfolio company level. The M&a
     strategic play that came to the market at the height of the
                                                                       environment is certainly improving although things are now
     financial crisis in the first quarter of the year. The deal was
                                                                       fundamentally different for the asset class; attractive targets
     announced in the traditionally counter-cyclical Pharma,
                                                                       are less commonplace and leverage is more difficult to obtain
     Medical & biotech space and saw US-based Pfizer acquire
                                                                       with loans widely syndicated as lenders look to diversify
     wyeth for a total consideration of US$63.27bn. Nevertheless,
                                                                       risk. as such, financial investors have generally shied away
     the climate for large-cap dealmaking undoubtedly improved
                                                                       from emerging market plays and predominantly focussed on
     as the year progressed, borne out by the fact that five of the
                                                                       acquisitions in the tried and tested markets of Europe and
     top 10 deals of the year were announced in either November
                                                                       North america. However, despite this fundamental shift in
     or December. This trend has continued into 2010 with several
                                                                       the modus operandi of the asset class, deals such as KKr’s
     significant deals being announced in the first few weeks
                                                                       recent acquisition of Pets at Home for a consideration of
     of the year, chief among them being Novartis’ US$26.30bn
                                                                       almost US$1.54bn and bC Partners’ move to buy Spotless for
     acquisition of 52% stake acquisition in alcon, the Switzerland-
                                                                       US$816m show that big deals could be making a comeback.
     based developer, manufacturer, and distributer of eye care
     products. Proof again that even in difficult times corporates
                                                                       by tom Coughlan, remark
     with strong balance sheets and well defined strategies are
     able to do big deals.



     head of research – Elias latsis                                   Global – Tom Coughlan
     editor – anna Henderson                                           Asia-Pacific – Debbie Jung, Shunsuke Okano, Chunshek Chan
                                                                       north America – aksana Fitzpatrick, irina arefyeva and Jason Cozza
     For advertising opportunities contact:
                                                                       latin America – Matthew albert
     erik wickman                                                      europe – giovanni gallorini, Samuel Tedjasukmana
     tel: + (1) 212 6863329                                            Middle east & Africa – Petra witowski, Nulifer Sezer
     erik.wickman@mergermarket.com

                                                                                                                     Monthly M&A Insider
     Trend graphs

     GLOBAL M&A quArterLy trend
02
      value                                                                                             volume
              1,400,000                                                                                                 4,500


                                                                                                                        4,000
              1,200,000

                                                                                                                        3,500
              1,000,000
                                                                                                                        3,000




                                                                                                      Volume of deals
     Value ($m)




                  800,000
                                                                                                                        2,500


                  600,000                                                                                               2,000


                                                                                                                        1,500
                  400,000
                                                                                                                        1,000

                  200,000
                                                                                                                         500


                       0                                                                                                   0
                            Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4                             Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
                            04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09                             04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09




     GLOBAL M&A quArterLy MId-MArket trend

      value                                                                                             volume
                  140,000                                                                                               2,000



                  120,000


                                                                                                                        1,500
                  100,000
                                                                                                      Number of deals
     Value ($m)




                   80,000

                                                                                                                        1,000

                   60,000



                   40,000
                                                                                                                         500


                   20,000



                       0                                                                                                   0
                            Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4                             Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
                            04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09                             04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09



                                                                                                                                                                                            Moving
                                                                                                                                                                                            average
                                                                                                                                                                                            trend line




                                                                                                                                                                               Monthly M&A Insider
     TrEND graPHS




     GlobAl M&A quArterly PrIvAte equIty trend
03
      valUE                                                                                                      vOlUME
                  400,000                                                                                                           800


                  350,000                                                                                                           700


                  300,000                                                                                                           600




                                                                                                               Number of deals
                  250,000                                                                                                           500
     Value ($m)




                  200,000                                                                                                           400


                  150,000                                                                                                           300


                  100,000                                                                                                           200


                   50,000                                                                                                           100


                       0                                                                                                                 0
                             Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4                                         Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
                             04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09                                         04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09



                                                                                              Global buyouts                                                                                                 Global buyouts

                                                                                              Global exits                                                                                                   Global exits




     GlobAl M&A seCtor breAkdown y/e 2009

     valUE                                                                                                      vOlUME
                                           0.5%
                                    2.8%
                                              0.2%                                                                                                      2.5% 1.1%    0.3%
                            1.1% 3.8%                9.6%                                                                                             2.9%
                                                                               Industrials & Chemicals                                         3.6%                         17.9%              Industrials & Chemicals
                        2.3%
                                                                               TMT                                                      3.8%                                                   TMT
                                                                    12.9%                                                                                                                      Consumer
          12.6%                                                                Consumer
                                                                                                                                 6.5%
                                                                               Energy, Mining & Utilities                                                                                      Energy, Mining & Utilities

                                                                               Business Services                                                                                               Business Services
                                                                                                                                                                                      14.3%
                                                                               Financial Services                                                                                              Financial Services
                                                                        8.5%                                    11.1%
                                                                               Pharma, Medical & Biotech                                                                                       Pharma, Medical & Biotech

     17.0%                                                                     Construction                                                                                                    Construction

                                                                               Leisure                                                                                                         Leisure
                                                                                                                                    11.2%
                                                                               Transportation                                                                                 13.3%            Transportation

                             3.7%                           24.9%              Real Estate                                                                                                     Real Estate
                                                                                                                                                             11.4%
                                                                               Agriculture                                                                                                     Agriculture

                                                                               Defence                                                                                                         Defence




                                                                                                                                                                                              Monthly M&A Insider
      TrEND graPHS




      GlobAl M&A deAl sIze breAkdown
04
       valUE                                                                                                      vOlUME
                   2,500                                                                                                         9,000


                                                                                                                                 8,000

                   2,000
                                                                                                                                 7,000


                                                                                                                                 6,000




                                                                                                               Number of deals
     Value (€bn)




                   1,500
                                                                                                                                 5,000


                                                                                                                                 4,000
                   1,000
                                                                                                                                 3,000


                                                                                                                                 2,000
                    500

                                                                                                                                 1,000


                      0                                                                                                             0
                            H1     H      H1     H2     H1     H2     H1     H2     H1     H2     H1     H2                               H1     H2     H1     H2     H1     H2     H1     H2      H1     H2     H1      H2
                           2004   2004   2005   2005   2006   2006   2007   2007   2008   2008   2009   2009                             2004   2004   2005   2005   2006   2006   2007   2007    2008   2008   2009    2009

                                                                                                 > €501m                                                                                                    > €501m

                                                                                                 €251m-€500m                                                                                                €251m-€500m

                                                                                                 €101m-€250m                                                                                                €101m-€250m

                                                                                                 €15m-€100m                                                                                                 €15m-€100m

                                                                                                 €5m-€14.9m                                                                                                 €5m-€14.9m

                                                                                                                                                                                                            Value not disclosed




                                                                                                                                                                                                 Monthly M&A Insider
               A mergermArket m&A report on



               ASIA-pAcIfIc

               DeSpIte tHe generAl DecreASe In gloBAl m&A ActIVItY, ASIA-pAcIfIc mAnAgeD to fInISH 2009
               WItH A SlIgHt IncreASe In oVerAll DeAl VAlUe. WItH A totAl of 2,218 AnnoUnceD DeAlS WortH
ASIA-PAcIfIc




               $419.6Bn, m&A VAlUe In tHe regIon roSe BY 6% from 2008 leVelS. AnD WHIle regIonAl DeAl
               VolUme fell BY 4% from 2008 leVelS, tHIS reSUlt IS StIll mUcH Better compAreD WItH tHe 26%
               DeclIne WItneSSeD In gloBAl DeAl VolUme.


               Energy, Mining and Utilities                                    Japan: following the government change in 2009, the new
                                                                               ruling Democratic party of Japan is expected to implement
               As in previous years, much of the deal value in the region
                                                                               several regulatory changes which will potentially limit parent
               stems from deals in the energy, mining and Utilities sector.
                                                                               companies’ holdings in their listed subsidiaries. Some large
               out of the ten largest deals announced in 2009, five of them
                                                                               companies in Japan have been criticized for acting against
               were in that space, including the $58bn West Australian
                                                                               minority shareholders’ interest in their listed subsidiaries.
               joint venture of rio tinto and BHp Billiton and the $15.8bn
                                                                               Some major companies such as Hitachi, nec and canon
               acquisition of hydroelectricity assets from china three
                                                                               have already acted in response and others such as nippon
               gorges project by china Yangtze power.
                                                                               telegraph and telephone and Softbank will likely follow suit.
               the sharp drop in commodity prices in early 2009 also           If the policy change is implemented, many companies are
               provided a brief window for chinese buyers to snap up energy    expected to either take full control of their listed subsidiaries
               and resource companies overseas. Australia, canada and          or be forced to divest their holdings.
               kazakhstan were popular destinations. However, escalating
                                                                               Australia: Setting aside the $58bn joint venture between rio
               concerns for national interest in Australia’s mineral assets
                                                                               tinto and BHp Billiton, Australian deal value and volumes
               had caused several Sino-Australian deals to lapse.
                                                                               in 2009 decreased to levels not seen since 2004. However,
               Financial Services                                              the global economic recovery could act as a catalyst for
               the global financial crisis catalyzed deals in the financial    Australian dealmaking in 2010. cash-rich Australian firms
               Services sector and saw many overseas financial services        are likely to take advantage of the strong Australian Dollar
               companies sell off their Asian assets. citigroup and Bank       to make acquisitions overseas, while foreign investors in
               of America both offloaded more than $7bn worth of their         Australian companies may find 2010 to be among the best
               Asian bank stakes; while US insurer AIg and european banks      years to reap profits from their holdings. there is also no lack
               Ing and rBS each disposed of some $3bn in their Asian           of speculation of deals in the financial space and overseas
               operations.                                                     players will continue to be interested in Australia’s mining
                                                                               assets.
               m&A oUtlook for 2010                                            South Korea: Deal flow in South korea is expected to see a
               Greater China: Driven by the recovery of the global economy     revival, as many deals that were cancelled or put on hold due
               and government policies, chinese m&A is expected to             to the economic slump will be brought up once again. the
               continue with its current momentum well into 2010. Deal         US pe firm lone Star is said to be mulling a sale of its 51%
               flow is expected to be especially strong in sectors such        stake in korea exchange Bank, while the korean government
               as Automotive, energy and mining, and Steel. there will         plans to offload 16% stake in Woori finance. kookmin Bank
               be further consolidation among regional medium and              and korea Development Bank, both interested in expanding
               small automakers and the ongoing Volvo / geely and              their foothold, are likely bidders for these stakes. other
               Hummer brand / Sichuan tengzhong Heavy Industrial               large enterprises such as Daewoo International and Hynix
               machinery deals are both expected to complete this year.        Semiconductor have are already been put up for sale.
               further developments in the capital market along with the
                                                                               India: the market expects a return in Indian m&A activity,
               establishment of rm B funds will further accelerate the
                                                                               with an emphasis on outbound deals led by such large firms
               consolidation in different industries and drive m&A activity.
                                                                               as reliance Industries, ongc, Bharti Airtel and Sterlite.




                                                                                                                             Monthly M&A Insider   05
               ASIA-pAcIfIc




               particular focus will be on the tmt and energy, mining and
               Utilities sectors. reliance, essar and ntpc are for example
ASIA PAcIfIc




               all mulling acquisitions in energy and mineral assets
               overseas. the lapsed tie-up between Bharti Airtel and South
               African telecom giant mtn in 2009 nonetheless highlights the
               need for further consolidation among telecom players. gtl
               Infrastructure is spending $1.84bn in Aircel’s telecom tower
               business in India; while Bharti Airtel is once again looking for
               outbound opportunities, after agreeing to the acquisition of
               70% stake in Warid telecom in Bangladesh for $300m, and
               entering into exclusive negotiation with Zain group to acquire
               its African assets for $10.7bn.

               South East Asia: on the back of a new mining law in
               Indonesia, enacted in 2009, foreign companies owning
               Indonesian mining operations will have to comply with foreign
               ownership limits on certain investments. newmont mining
               and eramet had both sold off parts of their Indonesian assets
               in 2009, while freeport mcmoran and BHp Billiton will follow
               suit in 2010. more deals in the space could follow. thailand is
               also expected to see a return in m&A activity after a multi-
               year slump, as the political situation gradually stabilizes and
               investor confidence picks up. the lack of energy resources in
               thailand will push such local players such as ptt and Banpu
               group into looking out for acquisition targets overseas.




                                                                                  Monthly M&A Insider   06
               top DeAlS & expecteD DeAlS

               Top 10 AsIA-pACIFIC AnnounCed deAls For Y/e 31 deCeMber 2009
ASIA PAcIfIc




                Announced       status   Target company              sector          bidder company         seller company              exit multiples (x)           bid premia     deal
                                                                                                                                revenue     ebITdA           p/e    1-day before    value
                                                                                                                                                                                    ($m)
                 5-Dec-09         p      BHp Billiton (Western      energy, mining rio tinto/BHp            BHp Billiton plc;                                            -         58,000
                                         Australian iron ore        & Utilities    Billiton (Joint          and rio tinto plc
                                         assets); and rio tinto plc                Venture)
                                         (Western Australian iron
                                         ore assets)
                16-may-09         c      china three gorges          energy, mining china Yangtze power china three               8.8                        21.1        -         15,725
                                         project corporation         & Utilities    co ltd              gorges project
                                         (hydroelectricity                                              corporation
                                         generation assets and
                                         stakes in peripheral
                                         service companies)
                30-oct-09         p      nippon mining Holdings      energy, mining nippon oil                                    0.3        (loss)      (loss)        2.0%        12,186
                                         Inc                         & Utilities    corporation
                12-feb-09         l      rio tinto (stakes in nine   energy, mining Aluminum                rio tinto plc                                                -         11,838
                                         mining assets)              & Utilities    corporation of china
                14-nov-09         p      chi mei optoelectronics     Industrials &   Innolux Display corp                         1.0          4.9       (loss)       20.7%        9,948
                                         corporation                 chemicals
                 1-may-09         c      nikko citigroup             financial       Sumitomo mitsui        citigroup Inc         n/a         n/a                        -         7,822
                                         (business acquired          Services        financial group Inc
                                         by Sumitomo mitsui
                                         financial group); and
                                         nikko cordial Securities
                                         Inc
                 4-mar-09         c      SDIc electric power         energy, mining SDIc Huajing power      State                11.4         14.0           6.8         -         7,367
                                         co ltd                      & Utilities    Holdings co ltd         Development
                                                                                                            & Investment
                                                                                                            corporation
                13-may-09         c      china construction      financial           Bank of china ltd;     Bank of America       n/a         n/a            9.2      -15.3%       7,319
                                         Bank corporation (5.78% Services            china life Insurance   corporation
                                         stake)                                      (group) company;
                                                                                     Hopu Investment
                                                                                     management co
                                                                                     ltd; and temasek
                                                                                     Holdings pte ltd
                14-Sep-09         c      eircom Holdings limited     tmt             Singapore                                    1.9        (loss)      (loss)        6.4%        5,768
                                                                                     technologies
                                                                                     telemedia pte ltd
                12-nov-09         p      Shuhuang railway            transport       Daqin railway co ltd taiYuan railway         3.1         57.3       (loss)          -         4,790
                                         Development co ltd                                               Administration
                                         (41.16% stake); taiYuan
                                         railway Administration
                                         (railway assets); and
                                         taiyuan railway Juli
                                         Zhuangxie co ltd (90.2%
                                         stake)
               c = completed; p = pending; l = lapsed                                                                                                                  Source: mergermarket




                                                                                                                                                                    Monthly M&A Insider       07
               top DeAlS & expecteD DeAlS




               Top 5 AsIA-pACIFIC AnnounCed deAls oF The MonTh (jAnuArY 2010)
ASIA PAcIfIc




                 Announced      status   Target company             sector             bidder company              seller company              exit multiples (x)           bid premia    deal
                                                                                                                                       revenue     ebITdA           p/e    1-day before   value
                                                                                                                                                                                          ($m)
                24-Jan-10         p      Jupiter                    tmt                kDDI corporation            liberty global        3.6          8.4           32.6     64.5%        4,014
                                         telecommunications                                                        Inc
                                         co ltd (37.8% stake)
                 6-Jan-10         p      San miguel                 consumer           roberto V. ongpin; Inigo                                                              12.0%        2,407
                                         corporation                                   Zobel; Jose campos; and
                                                                                       master Year limited
                18-Jan-10         p      orient overseas            real estate        capitaland limited          orient overseas       n/a         n/a        102.6           -         2,200
                                         Developments                                                              (International)
                                         limited                                                                   limited
                14-Jan-10         p      Aircel limited             tmt                gtl Infrastructure          Aircel limited                                               -         1,840
                                         (telecom tower                                limited
                                         business)
                21-Jan-10         l      eon capital Berhad         financial          Hong leong Bank                                                                        0.5%        1,465
                                                                    Services           Berhad
               c = completed; p = pending; l = lapsed                                                                                                                         Source: mergermarket




               pIpelIne oF AsIA-pACIFIC expeCTed deAls
               situation         Target company         sector               potential bidder   Financial         seller        Market cap/      Comments
                                                                             company            adviser to bidder company        est. value
                                                                                                (b); target (T);                   ($m)
                                                                                                seller (s)
               expected deal     Axa Asia pacific       financial            AxA; Amp           Deutsche                            10,000       Amp and AxA originally submitted a joint
                                                        Services             limited; and       Bank (t);                                        offer for AxA Asia pacific Holdings. the
                                                                             national           macquarie                                        offer would be equivalent to AxA selling its
                                                                             Australian         group (t); UBS                                   54% stake in AxA ApH's Australia & new
                                                                             Bank               Investment                                       Zealand business while acquiring the 46%
                                                                                                Bank (B - AxA                                    of AxA ApH's Asian operations that AxA
                                                                                                & Amp);                                          does not own for a net cash payment of eUr
                                                                                                Jpmorgan (B -                                    1.1bn. AxA also entered into an exclusivity
                                                                                                nAB)                                             agreement for the purpose of the offer, but
                                                                                                                                                 this subsequently expired, with nAB entering
                                                                                                                                                 the situation with its own proposal to AxA
                                                                                                                                                 ApH.
               expected deal     chuo mitsui trust      financial            Sumitomo                                                5,709       chuo mitsui trust and Sumitomo trust
                                 Holdings Inc           Services             trust &                                                             have announced a plan to consolidate the
                                                                             Banking                                                             business by creating a holding company by
                                                                                                                                                 April 2011.
               expected deal     Denway motors          Industrials &        guangzhou          china                                4,469       guangzhou Automobile group submitted
                                 limited                chemicals            Automobile         International                                    an application to list china lounge, and
                                                                             group              capital                                          as part of the process, intends to privatize
                                                                                                corporation                                      Denway motors gAc under a scheme of
                                                                                                (B); gf                                          arrangement, in which it plans to exchange
                                                                                                Securities (B)                                   its new H shares for those held by current
                                                                                                                                                 Denway shareholders.




                                                                                                                                                                           Monthly M&A Insider       08
               leAgUe tABleS

               Top 15 FInAnCIAl AdVIsers – AsIA-pACIFIC exCl jApAn
ASIA PAcIfIc




               VAlUe                                                                                           VolUme
                     Y/e          house                                            Value         deal                Y/e          house                                            Value        deal
                 31-dec-2009                                                       ($m)          count           31-dec-2009                                                       ($m)         count

                       1          morgan Stanley                                  97,054          56                   1          ernst & Young                                   10,531             63
                       2          credit Suisse                                   84,597          43                   2          morgan Stanley                                  97,054             56
                       3          goldman Sachs                                   84,169          47                   3          Deloitte                                        15,517             53
                       4          macquarie group                                 74,923          49                   4          kpmg                                             5,060             50
                       5          gresham Advisory partners                       61,987          23                   5          macquarie group                                 74,923             49
                       6          lazard                                          61,680          12                   6          UBS Investment Bank                             36,614             49
                       7          UBS Investment Bank                             36,614          49                   7          goldman Sachs                                   84,169             47
                       8          Bank of America merrill lynch                   31,961          30                   8          credit Suisse                                   84,597             43
                       9          cItIc Securities                                23,044          13                   9          pricewaterhousecoopers                           4,893             43
                      10          Jpmorgan                                        22,976          26                  10          Deutsche Bank                                   20,689             37
                      11          citigroup                                       21,477          30                  11          cImB group                                       3,679             31
                      12          china International capital                     21,212          19                  12          Bank of America merrill lynch                   31,961             30
                      13          Deutsche Bank                                   20,689          37                  13          citigroup                                       21,477             30
                      14          nomura Holdings                                 15,658          25                  14          Jpmorgan                                        22,976             26
                      15          Deloitte                                        15,517          53                  15          nomura Holdings                                 15,658             25
                                                                                   Source: mergermarket                                                                           Source: mergermarket


               the financial adviser league tables by value and volume have been run from 01 January 2009 to 31 December 2009 and exclude lapsed and withdrawn deals. the tables cover all sectors and
               are based on the geography of either the target, bidder or seller being Asia-pacifc excluding Japan.




               Top 15 legAl AdVIsers – AsIA-pACIFIC exCl jApAn

               VAlUe                                                                                           VolUme
                     Y/e          house                                            Value        deal                 Y/e          house                                            Value         deal
                 31-dec-2009                                                       ($m)         count            31-dec-2009                                                       ($m)          count

                       1          linklaters                                      96,743          46                   1          Baker & mckenzie                                29,824             69
                       2          freshfields Bruckhaus Deringer                  86,900          46                   2          freehills                                       76,415             56
                       3          Allens Arthur robinson                          81,083          21                   3          kim & chang                                     11,929             47
                       4          freehills                                       76,415          56                   4          linklaters                                      96,743             46
                       5          Blake Dawson                                    70,964          45                   5          freshfields Bruckhaus Deringer                  86,900             46
                       6          Slaughter and may                               62,220          13                   6          Blake Dawson                                    70,964             45
                       7          commerce and finance law offices                31,636          17                   7          mallesons Stephen Jaques                        27,078             44
                       8          Baker & mckenzie                                29,824          69                   8          clayton Utz                                      8,552             42
                       9          mallesons Stephen Jaques                        27,078          44                   9          minter ellison                                   3,973             39
                      10          clifford chance                                 19,559          31                  10          DlA piper                                        8,386             38
                      11          DeHeng law offices                              19,553           9                  11          lee & ko                                         7,083             35
                      12          tian Yuan law firm                              17,503           8                  12          clifford chance                                 19,559             31
                      13          Shearman & Sterling                             16,562          17                  13          Allen & gledhill                                11,372             29
                      14          Simpson thacher & Bartlett                      15,734          11                  14          Skadden Arps Slate meagher & flom               12,602             26
                      15          king & Wood                                     15,113          17                  15          Wongpartnership                                  9,195             25
                                                                                  Source: mergermarket                                                                            Source: mergermarket


               the legal adviser league tables by value and volume have been run from 01 January 2009 to 31 December 2009 and include lapsed and withdrawn deals. the tables cover all sectors and
               are based on the geography of either the target, bidder or seller being Asia-pacifc excluding Japan.




                                                                                                                                                                               Monthly M&A Insider        09
               leAgUe tABleS




               ACTIVITY TAble oF prIVATe equITY FIrMs on AsIA-pACIFIC buYouTs
ASIA PAcIfIc




               VAlUe                                                                                              VolUme
                     Y/e          house                                              Value         deal                  Y/e          house                                             Value         deal
                 31-dec-2009                                                         ($m)          count             31-dec-2009                                                        ($m)          count

                       1          Hopu Investment management                         10,489           3                    1          the carlyle group                                  656             6
                       2          temasek Holdings                                   7,851            3                    2          Intel capital                                       62             5
                       3          kohlberg kravis roberts & co                       2,122            3                    3          Sequoia capital                                    356             4
                       4          Affinity equity partners                           2,072            3                    4          matrix partners                                     50             4
                       5          mBk partners                                       1,840            3                    5          Hopu Investment management                        10,489           3
                       6          Bain capital                                       1,172            3                    6          temasek Holdings                                  7,851            3
                       7          the carlyle group                                   656             6                    7          kohlberg kravis roberts & co                      2,122            3
                       8=         Imm private equity                                  625             1                    8          Affinity equity partners                          2,072            3
                       8=         mirae Asset private equity fund                     625             1                    9          mBk partners                                      1,840            3
                       10         tpg capital                                         527             2                   10          Bain capital                                      1,172            3
                                                                                     Source: mergermarket                                                                               Source: mergermarket


               the private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is
               Asia-pacific. the tables by value and volume have been run from 01 January 2009 to 31 December 2009 and exclude lapsed and withdrawn deals




               ACTIVITY TAble oF prIVATe equITY FIrMs on AsIA-pACIFIC exITs

               VAlUe                                                                                              VolUme
                     Y/e          house                                              Value         deal                  Y/e          house                                              Value         deal
                 31-dec-2009                                                         ($m)          count             31-dec-2009                                                         ($m)          count

                       1=         newbridge capital group                            2,278           1                     1          citigroup capital partners Japan                  2,227            2
                       1=         tpg capital                                        2,278           1                     2          the carlyle group                                 1,789            2
                       3          citigroup capital partners Japan                   2,227           2                     3          oak Investment partners                           1,159            2
                       4          the carlyle group                                  1,789           2                     4          IDg technology Venture Investment                  572             2
                       5          oak Investment partners                            1,159           2                     5          Ashmore group                                      571             2
                       6=         cDH Investments management                          848            1                     6          telecom Investments (mauritius)                    464             2
                       6=         new Horizon capital                                 848            1                     7          Advantage partners                                 386             2
                       8          IDg technology Venture Investment                   572            2                    8=          mkS partners                                       275             2
                       9          Ashmore group                                       571            2                    8=          Unison capital                                     275             2
                       10         Accel partners & co                                 510            1                    10          cSV capital partners                                96             2
                                                                                    Source: mergermarket                                                                                Source: mergermarket



               the private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is Asia-
               pacific. the tables by value and volume have been run from 01 January 2009 to 31 December 2009 and exclude lapsed and withdrawn deals




                                                                                                                                                                                    Monthly M&A Insider        10
                   trenD grApHS

                   AsIA-pACIFIC M&A quArTerlY Trend
ASIA PAcIfIc




                    VAlUe                                                                                         VolUme
                            200,000                                                                                               800


                                                                                                                                  700


                            150,000                                                                                               600




                                                                                                                Number of deals
                                                                                                                                  500
               Value ($m)




                            100,000                                                                                               400


                                                                                                                                  300


                             50,000                                                                                               200


                                                                                                                                  100


                                 0                                                                                                  0
                                      Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4                           Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
                                      04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09                           04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09




                   AsIA-pACIFIC M&A quArTerlY MId-MArkeT Trend

                    VAlUe                                                                                         VolUme
                             35,000                                                                                               500



                             30,000
                                                                                                                                  400

                             25,000
                                                                                                                Numner of deals




                                                                                                                                  300
               Value ($m)




                             20,000



                             15,000
                                                                                                                                  200


                             10,000

                                                                                                                                  100
                              5,000



                                 0                                                                                                  0
                                      Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4                           Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
                                      04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09                           04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09



                                                                                                                                                                                                     moving
                                                                                                                                                                                                     average
                                                                                                                                                                                                     trend line




                                                                                                                                                                                      Monthly M&A Insider         11
               trenD grApHS




               AsIA-pACIFIC M&A quArTerlY prIVATe equITY Trend
ASIA PAcIfIc




                VAlUe                                                                                                 VolUme
                            25,000                                                                                                      100




                            20,000                                                                                                       80




                                                                                                                    Number of deals
                            15,000                                                                                                       60
               Value ($m)




                            10,000                                                                                                       40




                             5,000                                                                                                       20




                                   0                                                                                                         0
                                       Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4                                   Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
                                       04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09                                   04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09



                                                                                                     Asia-Pacific                                                                                             Asia-Pacific
                                                                                                     buyouts                                                                                                  buyouts

                                                                                                     Asia-Pacific                                                                                             Asia-Pacific
                                                                                                     exits                                                                                                    exits




               AsIA-pACIFIC M&A seCTor breAkdown Y/e 2009

               VAlUe                                                                                                 VolUme
                                               0.9% 0.7% 0.01%                                                                                                1.5%
                                           2.1%
                                          4.2%              11.4%                                                                                          2.9%
                                                                                                                                                    3.5%
                                  1.7%                                                Industrials & Chemicals                                                                                  Industrials & Chemicals
                                                                                                                                             4.0%                          19.6%
                              4.2%
                                                                                      Energy, Mining & Utilities                                                                               Energy, Mining & Utilities
                                                                                                                                      4.4%
                            2.2%
                                                                                      Consumer                                                                                                 Consumer

                                                                                      TMT                                 5.1%                                                                 TMT

                                                                                      Financial Services                                                                                       Financial Services
               16.5%
                                                                                      Business Services                                                                             13.4%      Business Services
                                                                                                                     9.7%
                                                                                      Real Estate                                                                                              Real Estate
                                                                          36.4%
                                                                                      Pharma, Medical & Biotech                                                                                Pharma, Medical & Biotech

                                                                                      Transport                                                                                                Transport
                                                                                                                                      9.9%
                              11.4%                                                   Construction                                                                                             Construction
                                                                                                                                                                           13.2%
                                                                                      Leisure                                                                                                  Leisure
                                                  8.2%                                                                                                     12.8%
                                                                                      Agriculture                                                                                              Agriculture

                                                                                      Defence




                                                                                                                                                                                               Monthly M&A Insider           12
                trenD grApHS




                AsIA-pACIFIC M&A geogrAphIC breAkdown Y/e 2009
ASIA PAcIfIc




                 VAlUe                                                                                                                   VolUme

                                                                                                                                                                       1.9%
                                             0.3%
                                                    5.0%                                                                                                        2.1%          5.5%
                                                                                                                                                            2.2%
                               1.5% 5.7%                                                              China                                                                                                                     China
                             0.8%                                                                                                                        2.3%
                                                                                27.3%                 Japan                                                                                                                     Japan
                             2.9%                                                                                                                        2.6%                                             28.5%
                                                                                                      Australia                                                                                                                 Australia
                     3.8%                                                                                                                      5.4%
                                                                                                      South Korea                                                                                                               South Korea

                4.4%                                                                                  India                                                                                                                     India

                                                                                                      Hong Kong                                                                                                                 Hong Kong
                                                                                                                                        9.2%
                6.3%                                                                                  Singapore                                                                                                                 Singapore

                                                                                                      Malaysia                                                                                                                  Malaysia

                                                                                                      Indonesia                                                                                                                 Taiwan
                                                                                                                                                         9.6%
                                                                                18.0%
                                                                                                      Taiwan                                                                                            18.0%                   Indonesia
                                     23.8%
                                                                                                      New Zealand                                                                                                               New Zealand
                                                                                                                                                                           12.9%
                                                                                                      Other                                                                                                                     Other




                AsIA-pACIFIC M&A deAl sIZe breAkdown

                VAlUe                                                                                                                   VolUme
                                300                                                                                                                       1,500



                                250
                                                                                                                                                          1,200


                                200
                                                                                                                                       Number of deals
               Value ($bn)




                                                                                                                                                            900

                                150

                                                                                                                                                            600
                                100


                                                                                                                                                            300
                                    50



                                     0                                                                                                                          0
                                          H1     H2         H1     H2     H1     H2      H1     H2       H1        H2     H1     H2                                  H1     H2      H1     H2     H1     H2        H1     H2       H1        H2     H1     H2
                                         2004   2004       2005   2005   2006   2006    2007   2007     2008      2008   2009   2009                                2004   2004    2005   2005   2006   2006      2007   2007     2008      2008   2009   2009

                                                                                                                         > $5$01m                                                                                                             > $5$01m

                                                                                                                         $251m-$500m                                                                                                          $251m-$500m

                                                                                                                         $101m-$250m                                                                                                          $101m-$250m

                                                                                                                         $15m-$100m                                                                                                           $15m-$100m

                                                                                                                         $5m-$14.9m                                                                                                           $5m-$14.9m

                                                                                                                                                                                                                                              Value not disclosed




                                                                                                                                                                                                                                Monthly M&A Insider                 13
                A MERgERMARkET M&A REpoRT oN



                LATIN AMERICA


                NoT SURpRISINgLy, M&A ACTIvITy IN LATIN AMERICA FoUNDERED IN 2009 AS THE FALLoUT FRoM THE
                gLoBAL FINANCIAL CRISIS gRIppED THE REgIoN, SHEARINg BACk TRANSACTIoN voLUMES AND vALUES
LATIN AMERICA




                AS BoTH TRADE pLAyERS AND pRIvATE EQUITy FUNDS Took A CoNSERvATIvE AppRoACH To DEALMAkINg.
                IN THE yEAR, THERE wERE 355 DEALS TRANSACTED CoLLECTIvELy vALUED AT US$71.54BN, REpRESENTINg
                RESpECTIvE FALLS oF 27% AND 30% ovER yEAR-EARLIER FIgURES.


                The contraction in deal activity was more pronounced in early    pilgrim’s pride, the US-based poultry and pork producer, via
                2009, when greater market uncertainty prevailed. Indeed,         a US-based subsidiary for a total consideration of US$2.75bn.
                by the final quarter of the year, Latin American transaction     JBS has capitalised on the downturn and consolidation in the
                volumes posted the first instance of quarterly growth in the     global meat packing industry, adroitly carrying out its M&A
                year, increasing by 7.4% to 87 transactions. Combined deal       strategy in order to position itself as the world’s leading firm
                valuations, on the other hand, were down by over one-third to    in the industry. Such a strategy almost certainly guarantees
                US$16.37bn in Q4 – albeit after climbing to US$25.88bn in the    further big and bold plays in the year ahead.
                previous quarter, a high not seen since Q1 2008.
                                                                                 Turning to the broader Latin American M&A market,
                Casting a look at the M&A breakdown by sector, Latin             prospects for the year ahead are strong, even at this early
                America’s Consumer markets stood out as the leading space        stage of 2010. In January, America Movil, the Mexican mobile
                by volume and value. In total, there were 77 transactions        telecoms giant, made a tender offer to acquire Carso global
                worth a record US$19.66bn in the sector over last year,          Telecom, the Mexico-based fixed line operator, for a total
                compared to 92 deals worth US$10.10bn in 2008. The boost         consideration of US$19.36bn. Notably, the transaction ranks
                in aggregate valuations came on the back of a spate of           as the largest deal undertaken in Latin America since 2006
                transactions in the large-cap segment of the deal market.        when America Movil moved to acquire national rival America
                                                                                 Telecom for US$31.70bn.
                Nowhere was this more apparent than in Brazil, the region’s
                largest economy and deal market. In the year, transaction        In January, Mexico saw another blockbuster transaction
                flows in the Brazilian Consumer M&A market increased to          come to market as well. The deal saw Dutch brewing group
                43 deals valued at US$15.79bn, compared to 35 deals worth        Heineken buy FEMSA Cerveza, the Mexican beer brewer
                US$3.36bn in the year prior. Impressively, this increase in      and distributor, in a transaction valued at US$7.69bn.
                deal volume and value defied a broader M&A downturn              Interestingly, both of the heftily-priced acquisitions
                seen across Latin America’s Consumer industry as well            undertaken by America Movil and Heineken have already
                as the wider Brazilian M&A market. In terms of Consumer          eclipsed the top transaction undertaken in 2009, hopefully
                subsectors, the food processing niche was clearly a hot spot,    indicative of better things to come for the wider Latin America
                accounting for two of the top five overall M&A transactions      M&A market in 2010.
                brokered last year in Latin America.

                The region’s largest transaction saw JBS, the São paulo-
                headquartered global leader in beef production and other
                meat processing activities, acquire national rival Bertin in a
                deal worth US$6.82bn. The acquisitive JBS was also active
                outside of Latin America, notably buying a 64% stake in




                                                                                                                              Monthly M&A Insider   14
                Top DEALS & EXpECTED DEALS

                Top 10 LATIn AMerIcAn Announced deALs Y/e 31 deceMber 2009
LATIN AMERICA




                 Announced       status    Target company         sector         bidder company           seller company               exit multiples (x)            bid premia       deal
                                                                                                                              revenue      ebITdA           p/e     1-day before      value
                                                                                                                                                                                      ($m)
                 16-Sep-09         p       Bertin SA              Consumer       JBS SA                   BNDES                                             1.7             -        6,815
                                                                                                          participacoes
                                                                                                          SA; J&F
                                                                                                          participacoes
                                                                                                          SA; and ZMF
                                                                                                          Fundo de
                                                                                                          Investimento em
                                                                                                          participacoes
                  21-Jul-09        C       Aracruz Celulose SA Industrials &     Fibria                                         2.3           6.4                           -        4,845
                                           (56.02% stake)      Chemicals
                  8-Sep-09         p       gvT SA                 TMT            vivendi SA                                     4.7          20.1         319.3        76.1%         4,306
                  7-oct-09           L     gvT SA                 TMT            Telecomunicacoes de                            4.2          17.8         281.8        28.6%         3,818
                                                                                 Sao paulo SA
                 19-May-09         C       Sadia SA (66.90%       Consumer       BRF Brasil Foods SA                            0.7           6.9                           -        2,923
                                           stake)
                  6-Dec-09         p       walmart                Consumer       wal-Mart de Mexico SA    wal-Mart Stores       0.8                                         -        2,717
                                           Centroamerica                         de Cv                    Inc
                 20-Apr-09         C       BTg pactual            Financial      BTg Investments Lp       UBS Ag                n/a          n/a                            -        2,500
                                                                  Services
                 22-oct-09         C       oy Metsa-Botnia        Agriculture    UpM-kymmene oyj          oy Metsa-Botnia                                                   -        2,405
                                           Ab (Uruguay                                                    Ab
                                           operations)
                 23-Apr-09         C       Terna participacoes    Energy, Mining Cemig geracao e          Terna - Rete          8.1           9.5           59.0       34.3%         2,177
                                           SA                     & Utilities    Transmissao SA           Elettrica
                                                                                                          Nazionale SpA
                 29-Jan-09         C       glencore               Energy, Mining Xstrata Coal South       glencore                                                          -        2,000
                                           International Ag       & Utilities    America Ltd              International Ag
                                           (prodeco business
                                           in Colombia)
                C = Completed; p = pending; L = Lapsed                                                                                                                 Source: mergermarket




                Top 5 LATIn AMerIcAn Announced deALs of The MonTh (jAnuArY 2010)
                 Announced    status      Target company         sector         bidder company           seller company              exit multiples (x)             bid premia     deal value
                                                                                                                             revenue      ebITdA          p/e      1-day before      ($m)

                 13-Jan-10       p        Carso global           TMT            America Movil SA de Cv                                                                  -           19,358
                                          Telecom SAB de Cv
                 13-Jan-10       p        Telmex                 TMT            America Movil SA de Cv                         7.1          1.7           2.3        34.8%
                                          Internacional SAB
                                          de Cv
                 11-Jan-10       p        FEMSA Cerveza SA       Consumer       Heineken Nv              Fomento                                                        -            7,692
                                          de Cv                                                          Economico
                                                                                                         Mexicano SAB
                                                                                                         de Cv
                 27-Jan-10       p        Bunge participacoes Industrials &     vale SA                  Bunge Limited                                                  -            3,800
                                          e Investimentos SA Chemicals
                 29-Jan-10       p        LQ Inversiones         Financial      Citigroup Inc            Quinenco SA           n/a          n/a                         -             534
                                          Financieras SA         Services
                                          (8.52% stake)
                C = Completed; p = pending; L = Lapsed                                                                                                                 Source: mergermarket




                                                                                                                                                                    Monthly M&A Insider         15
                Top DEALS & EXpECTED DEALS




                pIpeLIne of LATIn AMerIcAn expecTed deALs
LATIN AMERICA




                situation         Target        sector             potential bidder     financial     seller company   Market cap/ est.   comments
                                  company                          company              adviser to                       value ($m)
                                                                                        bidder (b);
                                                                                        target (T);
                                                                                        seller (s)
                Rumoured        TgN             Energy, Mining     Emgasud              Barclays      Techint          US$344m (TgN Emgasud, the Argentine energy company, has offered
                takeover target                 & Utilities                             plc (T)       Compania             debt)    to buy a majority stake in Transportadora de gas
                                                                                                      Tecnica                       del Norte (TgN), a local natural gas transporter,
                                                                                                      Internacional                 pagina/12 reported. The paper cited Alejandro
                                                                                                      SACI                          Ivanissevich, owner of Emgasud, as saying that that
                                                                                                                                    TgN business plan must be redone, the company has
                                                                                                                                    failed in its strategy and Emgasud can provide one
                                                                                                                                    for the company. As reported, TgN defaulted on its
                                                                                                                                    US$344m debt in December. The value of its bonds
                                                                                                                                    fell to 10 cents. Following the default declaration, the
                                                                                                                                    company must face government intervention.
                Rumoured        Express de      Transportation     grupo Rios                                             US$34m          It was reported that grupo Rios, the Colombia-
                takeover target Santiago                                                                                   (target        based conglomerate, is in talks to acquire Chilean
                                Uno                                                                                       revenue)        mass transportation company Express de Santiago
                                                                                                                                          Uno. According to the article sources say grupo
                                                                                                                                          Rios is currently restructuring the conglomerate’s
                                                                                                                                          management and is preparing a strategy to spur
                                                                                                                                          growth in Chile through acquisitions. It also states
                                                                                                                                          the group is already in advanced negotiations and,
                                                                                                                                          following the deal, may seek to merge Express de
                                                                                                                                          Santiago Uno with Alsacia, its mass transportation
                                                                                                                                          subsidiary. Express Santiago Uno, the operator of the
                                                                                                                                          Troncal 4 bus line, has annual revenues of US$34m.
                Expected deals based on confirmed announcements by companies involved




                                                                                                                                                                        Monthly M&A Insider       16
                LEAgUE TABLES

                Top 15 fInAncIAL AdVIsers – LATIn AMerIcA
LATIN AMERICA




                vALUE                                                                                            voLUME
                      Y/e         house                                              Value         deal                Y/e          house                                             Value         deal
                  31-dec-2009                                                        ($m)          count           31-dec-2009                                                        ($m)          count

                        1         JpMorgan                                          24,108          21                   1          Credit Suisse                                     15,885         25
                        2         BNp paribas                                       16,262          10                   2          JpMorgan                                          24,108         21
                        3         Credit Suisse                                     15,885          25                   3          Morgan Stanley                                    11,060         17
                        4         Citigroup                                         15,180          14                   4          UBS Investment Bank                               14,631         15
                        5         UBS Investment Bank                               14,631          15                   5          Citigroup                                         15,180         14
                        6         Morgan Stanley                                    11,060          17                   6          BNp paribas                                       16,262         10
                        7         Santander global Banking and Markets               9,198           6                   7          Rothschild                                        8,881           8
                        8         Rothschild                                         8,881           8                   8          Banco Bradesco                                    6,027           8
                        9         Banco Espirito Santo de Investimento               8,084           2                   9          Santander global Banking and Markets              9,198           6
                       10         Estater Assessoria Financeira                      7,950           5                   10         goldman Sachs                                     3,700           6
                       11         Banco Bradesco                                     6,027           8                   11         Estater Assessoria Financeira                     7,950           5
                       12         CALyoN                                             4,766           2                   12         Bank of America Merrill Lynch                      829            5
                       13         goldman Sachs                                      3,700           6                   13         pricewaterhouseCoopers                             756            5
                       14         pohjola Corporate Finance                          2,405           1                   14         global M&A                                        2,205           4
                       15         Barclays Capital                                   2,300           3                   15         Deutsche Bank                                     2,202           4
                                                                                    Source: mergermarket                                                                              Source: mergermarket


                The financial adviser leue tables by value and volume have been run from 01 January 2009 to 31 December 2009 and exclude lapsed and withdrawn deals. The tables cover all sectors and are
                based on the geography of either the target, bidder or seller being Latin America




                Top 15 LegAL AdVIsers – LATIn AMerIcA
                vALUE                                                                                            voLUME
                      Y/e          house                                             Value         deal                Y/e          house                                             Value         deal
                  31-dec-2009                                                        ($m)          count           31-dec-2009                                                        ($m)          count

                        1          Machado Meyer Sendacz e opice                    26,069          23                   1          Mattos Filho, veiga Filho, Marrey Jr. e           12,475         29
                        2          Barbosa, Mussnich & Aragao                       23,183          20                              Quiroga Advogados

                        3          pinheiro Neto Advogados                          16,863          20                   2          Machado Meyer Sendacz e opice                     26,069         23

                        4          Mattos Filho, veiga Filho, Marrey Jr. e          12,475          29                   3          Barbosa, Mussnich & Aragao                        23,183         20
                                   Quiroga Advogados                                                                     4          pinheiro Neto Advogados                           16,863         20
                        5          Shearman & Sterling                              12,249           9                   5          Souza, Cescon Avedissian, Barrieu e               11,718         17
                        6          Souza, Cescon Avedissian, Barrieu e              11,718          17                              Flesch Advogados
                                   Flesch Advogados                                                                      6          Tozzini Freire Teixeira E Silva Advogados         10,312         11
                        7          Simpson Thacher & Bartlett                       10,894           9                   7          Rodrigo Elias & Medrano                             78           11
                        8          Tozzini Freire Teixeira E Silva Advogados        10,312          11                   8          Estudio Muniz, Ramirez, perez-Taiman               252           10
                        9          Allen & overy                                     9,832           3                              & olaya Abogados

                       10          garrigues                                         8,430           3                   9          Shearman & Sterling                               12,249          9

                       11          AM pereira, Saragga Leal, oliveira                8,071           1                   10         Simpson Thacher & Bartlett                        10,894          9
                                   Martins, Judice & Associados                                                          11         Azevedo Sette Advogados                            602            9
                       12          Cleary gottlieb Steen & Hamilton                  8,028           5                   12         prieto & Carrizosa                                 583            9
                       13          Motta Fernandes Rocha Advogados                   7,490           5                   13         Skadden Arps Slate Meagher & Flom                 5,210           8
                       14          Bredin prat                                       7,316           4                   14         Linklaters                                        4,445           7
                       15          Freshfields Bruckhaus Deringer                    5,736           6                   15         gomez-pinzon Zuleta                               1,912           7
                                                                                     Source: mergermarket                                                                             Source: mergermarket


                The legal adviser leue tables by value and volume have been run from 01 January 2009 to 31 December 2009 and include lapsed and withdrawn deals. The tables cover all sectors and are based
                on the geography of either the target, bidder or seller being Latin America




                                                                                                                                                                                 Monthly M&A Insider          17
                TREND gRApHS

                LATIn AMerIcAn M&A quArTerLY Trend
LATIN AMERICA




                 vALUE                                                                                            voLUME
                             60,000                                                                                               175



                                                                                                                                  150
                             50,000


                                                                                                                                  125
                             40,000




                                                                                                                Number of deals
                Value ($m)




                                                                                                                                  100

                             30,000

                                                                                                                                   75

                             20,000
                                                                                                                                   50


                             10,000
                                                                                                                                   25



                                 0                                                                                                  0
                                      Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4                           Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
                                      04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09                           04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09




                LATIn AMerIcAn M&A quArTerLY MId-MArkeT Trend
                vALUE                                                                                            voLUME
                              6,000                                                                                               100



                              5,000
                                                                                                                                   80


                              4,000
                                                                                                                Number of deals




                                                                                                                                   60
                Value ($m)




                              3,000

                                                                                                                                   40
                              2,000


                                                                                                                                   20
                              1,000



                                 0                                                                                                  0
                                      Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4                           Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
                                      04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09                           04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09




                                                                                                                                                                                                      Moving
                                                                                                                                                                                                      average
                                                                                                                                                                                                      trend line




                                                                                                                                                                                       Monthly M&A Insider         18
                TREND gRApHS




                LATIn AMerIcAn M&A quArTerLY prIVATe equITY Trend
LATIN AMERICA




                 vALUE                                                                                                  voLUME
                             2,500                                                                                                             15




                             2,000                                                                                                             12




                                                                                                                      Number of deals
                             1,500                                                                                                              9
                Value ($m)




                             1,000                                                                                                              6




                              500                                                                                                               3




                                0                                                                                                               0
                                      Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4                                        Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
                                      04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09                                        04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09



                                                                                             Latin American buyouts                                                                                           Latin American buyouts

                                                                                             Latin American exits                                                                                             Latin American exits




                LATIn AMerIcAn M&A secTor breAkdown Y/e 2009

                vALUE                                                                                                  voLUME

                                                           0.4%
                                                   2.4%                                                                                                      3.1% 2.5%
                                     0.7%   6.0%                                                                                                      3.9%
                                                                                       Consumer                                                                                                     Consumer
                                     2.3%                                                                                                      3.9%                                21.7%
                                                                                       Industrials & Chemicals                                                                                      Industrials & Chemicals
                             4.2%                                      27.5%
                                                                                       Energy, Mining & Utilities                       4.5%                                                        Energy, Mining & Utilities

                      7.4%                                                             Financial Services                                                                                           Financial Services
                                                                                                                            4.8%
                                                                                       Business Services                                                                                            Business Services
                0.6%
                                                                                       TMT                             4.8%                                                                         TMT

                                                                                       Construction                                                                                                 Construction
                                                                                                                                                                                           15.8%
                                                                                       Pharma, Medical & Biotech                   6.8%                                                             Pharma, Medical & Biotech

                                                                                       Transport                                                                                                    Transport
                                                                        14.4%
                              14.9%
                                                                                       Agriculture                                                                                                  Agriculture
                                                                                                                                                    12.4%
                                                                                       Real Estate                                                                                                  Real Estate
                                                                                                                                                                          15.8%
                                                   19.5%
                                                                                       Leisure                                                                                                      Leisure




                                                                                                                                                                                                    Monthly M&A Insider                19
                A MERgERMARkET M&A REpORT ON



                NORTH AMERICA


                THE lAST TWO yEARS OF THE pREvIOUS dECAdE SAW A STEAdy FAll IN M&A ACTIvITy IN NORTH AMERICA
                bOTH IN TERMS OF vAlUATIONS ANd dEAl NUMbERS. A TOTAl OF 4,036 TRANSACTIONS WERE RECORdEd
NORTH AMERICA




                IN 2008 vAlUEd AT $826.9bN, WHIlE IN 2009 ACTIvITy dEClINEd TO 3,046 ANNOUNCEd dEAlS vAlUEd
                AT $764.2bN.



                M&A activity in 2010 may follow the trend of the previous          THE COST OF STAbIlIzATION, FINANCIAl
                years and continue to decline as economic recovery                 CRISIS RESpONSIbIlITy FEE TO RAISE $177bN
                expectations remain grim. The latest unemployment figures
                                                                                   OvER THE NExT 12 yEARS
                continue to disappoint as 14.8m are still out of work in US
                resulting in consumers spending less and saving more.              The US government has had a substantial impact on the
                Access to credit will remain the dominant challenge to M&A         M&A market in North America, acquiring ‘silent’ stakes
                activity particularly in relation to mid-market deals. However,    in numerous financial institutions and propping up the
                buyers with healthy balance sheets and cash reserves will be       automotive industry with billions of dollars, as part of the
                able to take advantage of some of the best valuations seen         economic recovery effort. The anticipated impact of the
                in recent years. The Fortune 1000 companies have $1.8tr of         stabilization efforts on the deficit was in excess of $550bn,
                cash reserves. Mergers of productivity will be the driving force   according to president Obama’s February budget. The US
                in 2010 as companies will look to merge with similar players       Treasury expects that impact to be less than $120bn. In its
                to improve efficiencies and grow revenues. International           report released on 10 February, the US treasury stated that
                buyers are also expected to continue acquiring US targets in       it has already recovered two-thirds of the TARp investments
                order to access US customers and the intellectual property         in financials institutions and earned $17bn in income from
                of American companies. In the private equity market,               those investments. JpMorgan repaid the funds in June, along
                momentum will pickup as firms will be looking to sell              with goldman Sachs and Morgan Stanley, while bank of
                businesses that they have owned for several years. Although,       America and Wells Fargo repaid $40bn in december 2009.
                mega buyouts are not expected, transactions in the $1bn to         In order to avoid adding to the deficit, the president has
                $5bn range are seen on the horizon.                                proposed a Financial Crisis Responsibility Fee that will apply
                                                                                   to some of the largest institutions and recipients of the TARp
                MId-MARkET dEAlS ARE ON THE RISE                                   funds. The 10 year fee which may go into effect at the end of
                                                                                   June is expected to raise $177bn over a 12 year period and
                North American mid-market deal activity has seen an
                                                                                   $90bn over the next 10 years. The government estimates that
                increase in value and volume after facing significant
                                                                                   over 60% of revenues will be paid by the 10 largest financial
                downturn at the end of 2008. Mid-market deals nearly
                                                                                   institutions.
                doubled in value from $12bn in Q408 to $24bn in Q409, while
                deal volume increased from 218 to 341 during the same fiscal
                quarters. despite the significant increase, mid-market deal
                activity remained at its lowest value since 2004. Whether the
                resurgence witnessed at the tail end of 2009 will continue to
                stimulate activity in 2010 remains to be seen, but it certainly
                provides a positive direction for what we can expect from mid-
                market dealmaking.




                                                                                                                               Monthly M&A Insider   20
                TOp dEAlS & ExpECTEd dEAlS

                Top 10 NorTh AMerIcAN ANNouNced deAls for Y/e 31 deceMber 2009
NORTH AMERICA




                 Announced       status    Target company            sector           bidder company             seller company              exit multiples (x)             bid premia    deal value
                                                                                                                                     revenue     ebITdA           p/e      1-day before     ($m)

                 26-Jan-09         C       Wyeth                     pharma,          pfizer Inc                                       2.8         11.6           15.3       14.7%         63,266
                                                                     Medical &
                                                                     biotech
                  1-Jun-09         C       Motors liquidation        Industrials &    The United States          Motors                                                         -          48,207
                                           Co (bulk of assets)       Chemicals        department of              liquidation Co
                                                                                      the Treasury; the
                                                                                      governments of Canada
                                                                                      and Ontario; and the
                                                                                      voluntary Employees
                                                                                      beneficiary Association
                 30-Jan-09         C       genentech Inc             pharma,          Roche Holding ltd                                7.7         17.4           29.6       13.0%         44,291
                                           (44.20% stake)            Medical &
                                                                     biotech
                  9-Mar-09         C       Schering plough           pharma,          Merck & Co Inc                                   2.3          8.7           22.1       33.9%         43,198
                                           Corporation               Medical &
                                                                     biotech
                 14-dec-09         p       xTO Energy Inc            Energy, Mining ExxonMobil Corporation                             5.2          7.3           14.5       24.6%         40,361
                                                                     & Utilities
                  3-Nov-09         p       burlington                Transportation berkshire Hathaway Inc                             2.4          8.1           16.4       31.5%         35,574
                                           Northern Santa Fe
                                           Corporation
                 10-Jun-09         C       Citigroup Inc (36%        Financial        United States                                    n/a         n/a                       -4.7%         25,000
                                           stake)                    Services         department of the
                                                                                      Treasury
                 23-Mar-09         C       petro-Canada              Energy, Mining Suncor Energy Inc                                  0.8          2.9           6.2        34.8%         18,400
                                                                     & Utilities
                  4-May-09         C       liberty                   TMT              The direcTv group Inc                                                                     -          15,519
                                           Entertainment Inc
                 19-Mar-09         C       IndyMac Federal           Financial        MSd Capital lp; J.C                              n/a         n/a                          -          13,900
                                           bank FSb                  Services         Flowers & Co llC;
                                                                                      Stone point Capital llC;
                                                                                      paulson & Co Inc; Soros
                                                                                      Strategic partners lp;
                                                                                      and Silar Advisors lp
                C = Completed; p = pending; l = lapsed                                                                                                                          Source: mergermarket




                Top 5 NorTh AMerIcAN ANNouNced deAls of The MoNTh (JANuArY 2010)
                 Announced    status      Target company             sector             bidder company             seller company               exit multiples (x)           bid premia   deal value
                                                                                                                                       revenue       ebITdA          p/e       1-day        ($m)
                                                                                                                                                                               before

                 19-Jan-10       p        The Williams               Energy, Mining     Williams partners lp       The Williams                                                     -       11,750
                                          Companies Inc              & Utilities                                   Companies Inc
                                          (certain gas pipeline
                                          and domestic
                                          midstream
                                          businesses)
                 5-Jan-10        p        kraft Foods (frozen        Consumer           Nestle SA                  kraft Foods Inc       1.8          12.5                          -       3,700
                                          pizza business)
                 18-Jan-10       p        brink's Home               Industrials &      Tyco International ltd                                                                 35.3%        1,838
                                          Security Holdings Inc      Chemicals
                 14-Jan-10       p        bare Escentuals Inc        Consumer           Shiseido Company                                                                       39.9%        1,807
                                                                                        limited
                 20-Jan-10       p        Nb power (7                Energy, Mining     Hydro Quebec               Nb power                                                         -       1,752
                                          hydroelectric facilities   & Utilities        International Inc
                                          and 2 diesel peaking
                                          units)
                C = Completed; p = pending; l = lapsed                                                                                                                         Source: mergermarket




                                                                                                                                                                           Monthly M&A Insider         21
                TOp dEAlS & ExpECTEd dEAlS




                pIpelINe of NorTh AMerIcAN expecTed deAls
NORTH AMERICA




                situation       Target company     sector           potential bidder    financial         seller      Market cap/   comments
                                                                    company             adviser to bidder company      est. value
                                                                                        (b); target (T);                 ($m)
                                                                                        seller (s)
                Expected deal   Ivanhoe Mines      Energy, Mining   bHp billiton        (T)Citigroup;                   7,090       Rio was tipped as the most likely bidder
                                                   & Utilities      plc, Rio Tinto      Hatch                                       of the vancouver-based copper and
                                                                    plc, xstrata plc,   Corporate                                   metals miner as a result of its recent joint
                                                                    vale SA, or Teck    Finance                                     venture with Ivanhoe, where it committed
                                                                    Resources                                                       US$388m to Ivanhoe to increase its stake
                                                                                                                                    to 19.7% from 9.5%. It also has the option
                                                                                                                                    to acquire up to 43.1% of Ivanhoe’s shares
                                                                                                                                    under fixed price options, with a right to
                                                                                                                                    further increase that interest to 46.65%
                                                                                                                                    through on-market purchases. Ivanhoe
                                                                                                                                    Mines announced Wednesday it had hired
                                                                                                                                    Citigroup and Hatch Corporate Finance to
                                                                                                                                    assess strategic options.
                Expected deal   Interactive data   business         Undisclosed         (S)goldman      pearson plc     2,401       The Interactive data Corporation (NySE:IdC)
                                Corporation        Services         bidder              Sachs                                       auction process is on a fast track, and first
                                                                                                                                    round bids are expected to be due within the
                                                                                                                                    first two weeks of February, sources close to
                                                                                                                                    the discussions said.
                Expected deal   Argon St Inc       defence          Undisclosed         (T)Stone key                     535        Argon ST (NASdAQ:STST), the defense
                                                                    bidder              partners                                    company exploring strategic alternatives
                                                                                                                                    with advisor Stone key partners, is yet to
                                                                                                                                    have solicited formal interest from bidders,
                                                                                                                                    claimed several industry sources following
                                                                                                                                    the situation. All of the industry sources
                                                                                                                                    noted Argon is trading significantly above its
                                                                                                                                    unaltered stock price, shrinking the potential
                                                                                                                                    for a significant deal premium.




                                                                                                                                                           Monthly M&A Insider       22
                lEAgUE TAblES

                Top 20 fINANcIAl AdVIsers – NorTh AMerIcA
NORTH AMERICA




                vAlUE                                                                                            vOlUME
                      Y/e         house                                              Value        deal                 Y/e          house                                             Value           deal
                  31-dec-2009                                                        ($m)         count            31-dec-2009                                                        ($m)            count

                        1         goldman Sachs                                    373,630         139                   1          goldman Sachs                                    373,630          139
                        2         Morgan Stanley                                   351,032         120                   2          JpMorgan                                         286,979          125
                        3         JpMorgan                                         286,979         125                   3          Morgan Stanley                                   351,032          120
                        4         Citigroup                                        236,679          79                   4          bank of America Merrill lynch                    203,530           99
                        5         barclays Capital                                 234,323          57                   5          Credit Suisse                                    107,391           98
                        6         bank of America Merrill lynch                    203,530          99                   6          UbS Investment bank                               90,563           81
                        7         Evercore partners                                175,828          23                   7          lazard                                            91,322           80
                        8         deutsche bank                                    107,737          75                   8          Citigroup                                        236,679           79
                        9         Credit Suisse                                    107,391          98                   9          Houlihan lokey                                    31,532           76
                       10         lazard                                            91,321          80                  10          deutsche bank                                    107,737           75
                       11         UbS Investment bank                               90,563          81                  11          RbC Capital Markets                               55,489           69
                       12         blackstone group                                  70,158          22                  12          barclays Capital                                 234,323           57
                       13         greenhill & Co                                    66,579          22                  13          Rothschild                                        57,093           48
                       14         Rothschild                                        57,093          48                  14          Jefferies & Company                               50,135           41
                       15         RbC Capital Markets                               55,489          69                  15          kpMg                                              8,852            40
                       16         Jefferies & Company                               50,135          41                  16          bMO Capital Markets                               8,566            37
                       17         Alixpartners                                      48,896           8                  17          Macquarie group                                   10,443           35
                       18         Centerview partners                               39,093           5                  18          CIbC World Markets                                29,044           32
                       19         Royal bank of Scotland group                      32,866          16                  19          Scotia Capital                                    11,889           32
                       20         Houlihan lokey                                    31,532          76                  20          pricewaterhouseCoopers                            4,814            32
                                                                                    Source: mergermarket                                                                              Source: mergermarket

                The financial adviser league tables by value and volume have been run from 01 January 2009 to 31 december 2009 and exclude lapsed and withdrawn deals. The tables cover all sectors and
                are based on the geography of either the target, bidder or seller being USA and Canada


                Top 20 legAl AdVIsers – NorTh AMerIcA
                vAlUE                                                                                            vOlUME
                      Y/e          house                                             Value         deal                Y/e          house                                             Value           deal
                  31-dec-2009                                                        ($m)          count           31-dec-2009                                                        ($m)            count

                        1          Skadden Arps Slate Meagher & Flom                321,808        135                   1          Jones day                                         19,034          168
                        2          Cravath Swaine & Moore                           293,682         52                   2          latham & Watkins                                 151,771          151
                        3          Cleary gottlieb Steen & Hamilton                 225,002         79                   3          Skadden Arps Slate Meagher & Flom                321,808          135
                        4          davis polk & Wardwell                            222,664         62                   4          kirkland & Ellis                                  17,763          117
                        5          Sullivan & Cromwell                              205,597         64                   5          dlA piper                                         10,982          114
                        6          Simpson Thacher & bartlett                       198,976         72                   6          blake, Cassels & graydon                         116,840           90
                        7          Weil gotshal & Manges                            162,257         79                   7          baker & Mckenzie                                  23,777           86
                        8          Wachtell, lipton, Rosen & katz                   155,800         41                   8          dewey & leboeuf                                  141,124           84
                        9          Shearman & Sterling                              152,070         72                   9          Cleary gottlieb Steen & Hamilton                 225,002           79
                       10          latham & Watkins                                 151,771        151                  10          Weil gotshal & Manges                            162,257           79
                       11          dewey & leboeuf                                  141,124         84                  11          Wilson Sonsini goodrich & Rosati                  66,161           79
                       12          Clifford Chance                                  119,988         55                  12          Osler, Hoskin & Harcourt                         101,058           77
                       13          blake, Cassels & graydon                         116,840         90                  13          Cooley godward kronish                            10,291           74
                       14          Cadwalader, Wickersham & Taft                    116,277          7                  14          Simpson Thacher & bartlett                       198,976           72
                       15          debevoise & plimpton                             116,097         45                  15          Shearman & Sterling                              152,070           72
                       16          paul Weiss Rifkind Wharton & garrison            114,236         54                  16          O'Melveny & Myers                                 9,874            65
                       17          Freshfields bruckhaus deringer                   113,290         47                  17          Sullivan & Cromwell                              205,597           64
                       18          Osler, Hoskin & Harcourt                         101,058         77                  18          gibson dunn & Crutcher                            57,984           63
                       19          Covington & burling                              100,975         24                  19          davis polk & Wardwell                            222,664           62
                       20          Stikeman Elliott                                 91,645          62                  20          Stikeman Elliott                                  91,645           62
                                                                                     Source: mergermarket                                                                             Source: mergermarket

                The legal adviser league tables by value and volume have been run from 01 January 2009 to 31 december 2009 and include lapsed and withdrawn deals. The tables cover all sectors and
                are based on the geography of either the target, bidder or seller being USA and Canada


                                                                                                                                                                                 Monthly M&A Insider          23
                lEAgUE TAblES



                AcTIVITY TAble of prIVATe equITY fIrMs oN NorTh AMerIcAN buYouTs
NORTH AMERICA




                vAlUE                                                                                              vOlUME
                      Y/e          house                                               Value         deal                 Y/e          house                                               Value         deal
                  31-dec-2009                                                          ($m)          count            31-dec-2009                                                          ($m)          count

                        1=         Stone point Capital                                13,900           1                    1          platinum Equity                                       94            6
                        1=         Soros Strategic partners                           13,900           1                    2          Marlin Equity partners                                43            6
                        1=         MSd Capital                                        13,900           1                    3          Tpg Capital                                         5,470           5
                        1=         J.C Flowers & Co                                   13,900           1                    4          golden gate Capital                                  528            5
                        5          Tpg Capital                                         5,470           5                    5          patriarch partners                                   125            4
                        6          Canada pension plan Investment board                5,057           1                    6          AbS Capital partners                                  99            4
                        7          blackstone group                                    3,200           3                    7          Wayzata Investment partners                           92            4
                        8          general Atlantic                                    2,800           3                    8          Milestone partners                                    31            4
                        9          Apollo Management                                   2,662           2                    9          Catterton partners                                     -            4
                        10         Advent International                                2,223           3                    10         blackstone group                                    3,200           3
                                                                                       Source: mergermarket                                                                                Source: mergermarket


                The private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is USA
                and Canada The tables by value and volume have been run from 01 January 2009 to 31 december 2009 and exclude lapsed and withdrawn deals




                AcTIVITY TAble of prIVATe equITY fIrMs oN NorTh AMerIcAN exITs

                vAlUE                                                                                              vOlUME
                      Y/e          house                                               Value         deal                 Y/e          house                                               Value         deal
                  31-dec-2009                                                          ($m)          count            31-dec-2009                                                          ($m)          count

                        1          blackstone group                                    3,320           2                    1          benchmark Capital                                   1,578           10
                        2          Sequoia Capital                                     2,363           7                    2          Intel Capital                                        361            9
                        3          Accel partners & Co                                 1,723           7                    3          Sequoia Capital                                     2,363           7
                        4          benchmark Capital                                   1,578           10                   4          Accel partners & Co                                 1,723           7
                        5          kleiner perkins Caufield & byers                    1,401           5                    5          New Enterprise Associates                           1,305           6
                        6          New Enterprise Associates                           1305            6                    6          TA Associates                                        788            6
                        7          vestar Capital partners                             1300            1                    7          American Capital                                     571            6
                        8          delphi ventures                                     1202            3                    8          US venture partners                                  418            6
                        9          Apax partners                                        930            2                    9          kleiner perkins Caufield & byers                    1,401           5
                        10         gTCR golder Rauner                                   900            3                    10         Warburg pincus                                       407            5
                                                                                       Source: mergermarket                                                                                Source: mergermarket


                The private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is USA and
                Canada The tables by value and volume have been run from 01 January 2009 to 31 december 2009 and exclude lapsed and withdrawn deals




                                                                                                                                                                                      Monthly M&A Insider         24
                TRENd gRApHS

                NorTh AMerIcAN M&A quArTerlY TreNd
NORTH AMERICA




                 vAlUE                                                                                             vOlUME
                             600,000                                                                                               1,400



                             500,000                                                                                               1,200



                                                                                                                                   1,000
                             400,000




                                                                                                                 Volume of deals
                Value ($m)




                                                                                                                                    800
                             300,000

                                                                                                                                    600

                             200,000
                                                                                                                                    400


                             100,000
                                                                                                                                    200



                                  0                                                                                                   0
                                       Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4                             Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
                                       04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09                             04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09




                NorTh AMerIcAN M&A quArTerlY MId-MArkeT TreNd

                 vAlUE                                                                                             vOlUME
                              40,000                                                                                               600


                              35,000
                                                                                                                                   500

                              30,000

                                                                                                                                   400
                                                                                                                 Number of deals




                              25,000
                Value ($m)




                              20,000                                                                                               300


                              15,000
                                                                                                                                   200

                              10,000

                                                                                                                                   100
                               5,000


                                  0                                                                                                   0
                                       Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4                             Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
                                       04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09                             04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09



                                                                                                                                                                                                         Moving
                                                                                                                                                                                                         average
                                                                                                                                                                                                         trend line




                                                                                                                                                                                          Monthly M&A Insider         25
                TRENd gRApHS




                NorTh AMerIcAN M&A quArTerlY prIVATe equITY TreNd
NORTH AMERICA




                vAlUE                                                                                                       vOlUME
                             225,000                                                                                                          275

                             200,000                                                                                                          250

                                                                                                                                              225
                             175,000
                                                                                                                                              200




                                                                                                                          Number of deals
                             150,000
                                                                                                                                              175
                Value ($m)




                             125,000
                                                                                                                                              150

                             100,000                                                                                                          125

                                                                                                                                              100
                              75,000

                                                                                                                                               75
                              50,000
                                                                                                                                               50
                              25,000
                                                                                                                                               25

                                  0                                                                                                             0
                                       Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4                                      Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
                                       04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09                                      04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09


                                                                                                 North American buyouts                                                                                    North American buyouts

                                                                                                 North American exits                                                                                      North American exits




                NorTh AMerIcAN M&A secTor breAkdowN Y/e 2009

                vAlUE                                                                                                      vOlUME
                                                                                                                                                               0.7%
                                                      0.5%                                                                                                          0.7%
                                               0.2%          0.3%                                                                                           1.7%        0.6%
                                            0.7%                                                                                                            2.8%
                                                                    10.8%
                                                                                       Industrials & Chemicals                                       3.5%                                           TMT                                  In
                                                                                                                                                                               18%
                                                                                       Financial services                                                                                           Industrials & Chemicals              Fi
                                                                                                                                             9.4%
                        24.8%
                                                                            12.0%      Business services                                                                                            Financial services                   Bu

                                                                                       Consumer                                                                                                     Energy, Mining & Utilites            Co

                                                                                       Energy, Mining & Utilites                                                                                    Business services                    En
                                                                                                                            9.4%
                                                                               5.7 %   TMT                                                                                               15.7%      Consumer                             TM

                                                                                       Leisure                                                                                                      Pharma, Medical & Biotech            Le
                4.8%
                                                                             5.8%      Transportation                                                                                               Leisure                              Tr
                        1.3%
                                                                                       Pharma, Medical & Biotech                            12.1%                                                   Construction                         Ph

                                                                                       Construction                                                                                                 Transportation                       Co
                                 13.4%                                                                                                                                          12.9%
                                                                    19.8%              Agriculture                                                                                                  Real Estate                          Ag
                                                                                                                                                              12.6%
                                                                                       Real Estate                                                                                                  Defence                              Re

                                                                                       Defence                                                                                                      Agriculture                          De




                                                                                                                                                                                                   Monthly M&A Insider              26
                 TRENd gRApHS




                 NorTh AMerIcAN M&A deAl sIze breAkdowN
NORTH AMERICA




                  vAlUE                                                                                                      vOlUME
                              1,000                                                                                                         3,000

                               900
                                                                                                                                            2,500
                               800

                               700
                                                                                                                                            2,000




                                                                                                                          Number of deals
                               600
                Value ($bn)




                               500                                                                                                          1,500

                               400
                                                                                                                                            1,000
                               300

                               200
                                                                                                                                             500
                               100

                                 0                                                                                                             0
                                       H1     H2     H1     H2     H1     H2     H1     H2     H1     H2     H1     H2                               H1     H2     H1     H2     H1     H2     H1     H2      H1     H2     H1     H2
                                      2004   2004   2005   2005   2006   2006   2007   2007   2008   2008   2009   2009                             2004   2004   2005   2005   2006   2006   2007   2007    2008   2008   2009   2009

                                                                                                            > $501m                                                                                                   > $501m

                                                                                                            $251m-$500m                                                                                               $251m-$500m

                                                                                                            $101m-$250m                                                                                               $101m-$250m

                                                                                                            $15m-$100m                                                                                                $15m-$100m

                                                                                                            $5m-$14.9m                                                                                                $5m-$14.9m

                                                                                                                                                                                                                      Value not disclosed




                                                                                                                                                                                                            Monthly M&A Insider             27
         A mergermArket m&A report on



         eUrope


         H2 2009 HAS Been DeSCrIBeD AS A tIme oF reCoVery AFter tHe CreDIt CrUnCH, AnD, notABLy,
         tHe Uk IS FoLLoWIng tHIS WIDer trenD AnD IS WeLL on tHe roAD to reVIVAL. tHe BIggeSt m&A
europe




         trAnSACtIon oF 2009 In eUrope oCCUrreD Here, WItH tHe Uk goVernment AgreeIng to FUrtHer
         reCApItALISe royAL BAnk oF SCotLAnD In A €28Bn DeAL.



         However, m&A activity in europe over the course of 2009          meanwhile, the market’s scrutiny over Spanish and
         remained pretty grim with a decrease of 53.4% in terms of        portuguese public debts may lead to an increase in inbound
         value and a 34.7% decline in terms of volume in comparison       m&A activities in the region, as both governments would
         to 2008. Deal flow overall was characterised by a high           welcome foreign ownership of local businesses to boost
         number of small-to-medium-sized deals across the region.         corporate tax revenues and avoid major private sector
                                                                          insolvencies.
         Despite this, 2009 witnessed the return of so called ‘mega
         deals’, albeit in small numbers. Among those the protracted      the French m&A-scene is also expected to be busy this year.
         kraft/Cadbury deal stands out – a deal which was only            m&A practitioners predict consolidation in Financial Services,
         recently announced after an improved offer from the US           telecom, and the pharmaceuticals sector. Analysts say that
         food giant, kraft, was accepted by the board of the Uk           cash-rich French corporations are willing to do deals this
         confectionary company, Cadbury.                                  year after a particularly cautious 2009. one potential deal
                                                                          on the radar is the possibility of Bnp paribas re-bidding
         playing host to the two largest deals of the year, the Uk was
                                                                          for Societe generale, a rumour borne out of the fact that
         also the most active country overall in europe with regards
                                                                          consolidation in the sector is needed at the moment.
         to m&A with a 26.7% share in value and a 17.3% in volume in
         2009. Looking at the same data, the Financial sector turned      However, for cash-strapped companies, finding debt
         out to be the largest segment in the Uk and in the whole         financing is still a tall order. Further equity issues are thus
         of europe, making up 50.8% and 26.1% of total deal flow in       expected, especially by companies, in the Industrials sector.
         terms of value respectively. As in previous years, the energy    For example, eADS, the Airbus manufacturer, is expected to
         sector was once again one of the most attractive sectors for     make rights issue this year to fuel its growth through m&A.
         consolidation, making up 26% of total deal flow value. Indeed,
         three of the top five deals in 2009 were announced in this
         space; the acquisition of essent nV by rWe Ag, nuon energy
         nV by Vattenfall AB, and a 25% stake in endesa by enel came
         to an aggregated valuation of €26.9bn.

         eUrope 2010: FrAnCe AnD IBerIA promISe
         to BeCome tHe regIon’S FoCUS
         m&A practitioners are keenly watching the potential bidding
         war erupting for Cimpor, as three Brazilian groups are lining
         up to get a hold of the listed portuguese cement producer.
         After being disappointed by the relatively lukewarm battle for
         Cadbury in the Uk, europe is now watching a heated auction
         mounting in portugal. Following the announcement of CSn’s
         €5.6bn tender offer late last year, Votorantim and Camargo
         Correa made off-market stake acquisitions in Cimpor by early
         February. Lafarge of France agreed to sell its 17.28% stake in
         Cimpor in Votorantim for about €727m, whilst teixeira Duarte
         of portugal sold 22.17% to Camargo Correa for €968m.




                                                                                                                       Monthly M&A Insider   28
         top DeALS & expeCteD DeALS

         Top 10 EuropEAn AnnouncEd dEAls for Y/E 31 dEcEMbEr 2009
europe




          Announced       status    Target company        sector          bidder company            seller company             Exit multiples (x)            bid premia     deal value
                                                                                                                      revenue      EbITdA           p/E     1-day before      (€m)

           3-nov-09         p       royal Bank of         Financial       Hm treasury                                   n/a          n/a          (loss)            -        28,469
                                    Scotland group plc    Services
                                    (14.1% stake)
           9-nov-09         C       Cadbury plc           Consumer        kraft Foods Inc                               2.7          18.2           36.2       10.8%         15,342
          20-Feb-09         C       endesa SA (25.01%     energy, mining enel SpA                   Acciona SA          2.7           8.5           18.6       76.0%         11,107
                                    stake)                & Utilities
          23-Feb-09         C       nuon nV               energy, mining Vattenfall AB                                  1.8          14.4           20.7            -         8,500
                                                          & Utilities
          12-Jan-09         C       essent nV             energy, mining rWe Ag                                         1.0                                         -         7,300
                                                          & Utilities
          19-Jan-09         C       royal Bank of         Financial       Hm treasury                                   n/a          n/a          (loss)       -8.5%          5,884
                                    Scotland group plc    Services
                                    (29.79% stake)
           31-Jul-09        C       grupo Ferrovial SA    Construction    Cintra Concesiones                            0.4           2.1         (loss)      -21.5%          5,796
                                                                          de Infrastructuras de
                                                                          transporte SA
          18-Dec-09         p       Cimpor Cimentos       Construction    Companhia Siderurgica                         2.8           9.8           17.4       5.2%           5,629
                                    De portugal SgpS                      nacional
                                    SA
          20-may-09         C       Julius Baer group     Financial       Julius Baer Holding Ag    Julius Baer         n/a          n/a            17.4            -         5,238
                                    Ltd                   Services        (Shareholders)            Holding Ag
          28-Sep-09         p       Solvay             pharma,            Abbott Laboratories       Solvay SA           1.7           7.3                           -         4,500
                                    pharmaceuticals SA medical &
                                                       Biotech
         C = Completed; p = pending; L = Lapsed                                                                                                                 Source: mergermarket




         Top 5 EuropEAn AnnouncEd dEAls of ThE MonTh (jAnuArY 2010)
         Announced     status      Target company        sector          bidder company            seller company            Exit multiples (x)             bid premia     deal value
                                                                                                                     revenue      EbITdA          p/E      1-day before      (€m)

         4-Jan-10         p        Alcon Inc (52%        pharma,         novartis Ag               nestle SA                                                  9.5%          18,247
                                   stake)                medical &
                                                         Biotech
         5-Jan-10         C        nk russneft oAo       energy, mining mikhail gutseriyev         en+ group Ltd                                                -            4,595
                                                         & Utilities    (private Investor)
         20-Jan-10        p        Areva t&D SA          Industrials &   Alstom SA; and            AreVA SA            2.4          7.0                         -            4,090
                                                         Chemicals       Schneider electric SA
         19-Jan-10        p        Cegelec SA            Industrials &   Vinci SA                  Qatari Diar                                                  -            1,291
                                                         Chemicals                                 real estate
                                                                                                   Investment Co
         27-Jan-10        p        pets At Home          Consumer        kohlberg kravis roberts   Bridgepoint         2.6         14.8           21.9          -            1,101
                                   Limited                               & Co                      Capital Limited
         C = Completed; p = pending; L = Lapsed                                                                                                                Source: mergermarket




                                                                                                                                                            Monthly M&A Insider          29
         top DeALS & expeCteD DeALS




         pIpElInE of EuropEAn ExpEcTEd dEAls
europe




         situation       Target company    sector     potential bidder   financial         seller       Market cap/   comments
                                                      company            adviser to bidder company       est. value
                                                                         (b); target (T);                  ($m)
                                                                         seller (s)
         rumoured        telecom Italia SpA tmt       telefonica                                          20,005      the Italian government has not given any
         takeover target                                                                                              favorable opinion to a possible telecom
                                                                                                                      Italia takeover by telefonica. the Italian
                                                                                                                      government is about to give clearance to a
                                                                                                                      merger between the two phone companies.
                                                                                                                      the Berlusconi adminstration is likely to put
                                                                                                                      a number of conditions on the merger such
                                                                                                                      as keeping telecom Italia phone network in
                                                                                                                      Italian hands and a lock-up clause to ensure
                                                                                                                      Italian shareholders will keep a stake in the
                                                                                                                      future merged company.
         takeover target SFr SA            tmt        Vivendi SA         Vodafone                         7,000       Vivendi, the listed French media and
                                                                         group plc                                    telecoms group, is considering acquiring the
                                                                                                                      44% it does not already own in the mobile
                                                                                                                      phone group SFr, from Uk mobile phone
                                                                                                                      giant Vodafone. the interest of Vivendi is
                                                                                                                      public knowledge and several analysts
                                                                                                                      believe that the new Vodafone Ceo is more
                                                                                                                      open to selling the shares. However, the two
                                                                                                                      parties have yet to engage in negotiations.
                                                                                                                      the 44% in SFr could be worth between
                                                                                                                      €7bn and €9bn.
         rumoured        orlen Lietuva     Consumer   Lukoil oAo,                        polski           3,000       the polish treasury would not oppose a sale
         takeover target                              tnk-Bp                             koncern                      of the Lithuanian oil refiner orlen Lietuva
                                                      Holding oAo                        naftowy                      (mazeikiu nafta) by the polish petrochemical
                                                                                         orlen SA,                    group pkn orlen should logistic situation of
                                                                                         government                   orlen Lietuva not improve.
                                                                                         of Lithuania




                                                                                                                                             Monthly M&A Insider      30
         LeAgUe tABLeS

         Top 20 fInAncIAl AdVIsErs
europe




         VALUe                                                                                            VoLUme
               Y/E         house                                              Value         deal                 Y/E         house                                              Value        deal
           31-dec-2009                                                        (€m)          count            31-dec-2009                                                        (€m)         count

                 1         goldman Sachs                                     174,781        114                   1          rothschild                                        57,708         135
                 2         morgan Stanley                                    170,206        103                   2          kpmg                                              12,956         125
                 3         Credit Suisse                                     155,249         96                   3          Deloitte                                          9,332          117
                 4         Lazard                                            122,085        108                   4          goldman Sachs                                    174,781         114
                 5         Citigroup                                         118,880         60                   5          Jpmorgan                                          73,302         111
                 6         UBS Investment Bank                               113,571        105                   6          Lazard                                           122,085         108
                 7         Deutsche Bank                                     111,226         69                   7          UBS Investment Bank                              113,571         105
                 8         Jpmorgan                                          73,302         111                   8          morgan Stanley                                   170,206         103
                 9         Bank of America merrill Lynch                     58,752          55                   9          pricewaterhouseCoopers                            13,687         101
                10         rothschild                                        57,708         135                   10         Credit Suisse                                    155,249          96
                11         Barclays Capital                                  47,659          27                   11         ernst & young                                     7,193           72
                12         macquarie group                                   40,323          12                   12         Deutsche Bank                                    111,226          69
                13         gresham Advisory partners                         39,900           5                   13         Bnp paribas                                       29,581          64
                14         royal Bank of Scotland group                      38,358          43                   14         Citigroup                                        118,880          60
                15         greenhill & Co                                    38,308           8                   15         Bank of America merrill Lynch                     58,752          55
                16         Bnp paribas                                       29,581          64                   16         Ing                                               19,639          47
                17         mediobanca                                        28,287          20                   17         m&A International                                 1,814           44
                18         Banca ImI/Intesa Sanpaolo                         23,475          24                   18         royal Bank of Scotland group                      38,358          43
                19         Banco Bilbao Vizcaya Argentaria                   22,252           8                   19         Close Brothers Corporate Finance                  1,450           43
                20         Santander global Banking and markets              21,364          15                   20         HSBC Bank                                         15,317          40
                                                                              Source: mergermarket                                                                             Source: mergermarket

         the financial adviser league tables by value and volume have been run from 01 January 2009 to 31 December 2009 and exclude lapsed and withdrawn deals. the tables cover all sectors and are
         based on the geography of either the target, bidder or seller being europe


         Top 20 lEgAl AdVIsErs
         VALUe                                                                                            VoLUme
               Y/E          house                                             Value         deal                 Y/E         house                                              Value        deal
           31-dec-2009                                                        (€m)          count            31-dec-2009                                                        (€m)         count

                 1          Freshfields Bruckhaus Deringer                   201,425         171                  1          Freshfields Bruckhaus Deringer                   201,425         171
                 2          Linklaters                                       163,452         166                  2          Linklaters                                       163,452         166
                 3          Slaughter and may                                110,895         59                   3          Allen & overy                                     35,456         151
                 4          Clifford Chance                                  83,388          123                  4          CmS                                               12,413         137
                 5          Sullivan & Cromwell                              72,400          39                   5          Clifford Chance                                   83,388         123
                 6          Cravath Swaine & moore                           63,939          16                   6          DLA piper                                         6,743           87
                 7          Latham & Watkins                                 61,253          64                   7          Herbert Smith/gleiss Lutz/Stibbe                  53,438          83
                 8          Skadden Arps Slate meagher & Flom                60,095          44                   8          Jones Day                                         7,290           81
                 9          Herbert Smith/gleiss Lutz/Stibbe                 53,438          83                   9          Baker & mckenzie                                  9,692           79
                10          Allens Arthur robinson                           52,673          12                   10         White & Case                                      9,106           71
                11          Davis polk & Wardwell                            47,401          12                   11         Lovells                                           13,260          67
                12          Freehills                                        42,254          13                   12         Latham & Watkins                                  61,253          64
                13          Cleary gottlieb Steen & Hamilton                 41,767          54                   13         Slaughter and may                                110,895          59
                14          Blake Dawson                                     40,778           8                   14         Cleary gottlieb Steen & Hamilton                  41,767          54
                15          Homburger                                        37,591          10                   15         eversheds                                         1,781           51
                16          Wilson Sonsini goodrich & rosati                 35,999           9                   16         Loyens & Loeff                                    7,832           50
                17          Allen & overy                                    35,456          151                  17         Weil gotshal & manges                             13,970          48
                18          Dewey & LeBoeuf                                  28,634          42                   18         Skadden Arps Slate meagher & Flom                 60,095          44
                19          gibson Dunn & Crutcher                           27,763          27                   19         norton rose                                       10,975          44
                20          Uria menendez                                    26,710          30                   20         Ashurst                                           5,440           44
                                                                              Source: mergermarket                                                                             Source: mergermarket

         the legal adviser league tables by value and volume have been run from 01 January 2009 to 31 December 2009 and include lapsed and withdrawn deals. the tables cover all sectors and are
         based on the geography of either the target, bidder or seller being europe


                                                                                                                                                                          Monthly M&A Insider          31
         LeAgUe tABLeS



         AcTIVITY TAblE of prIVATE EquITY fIrMs on EuropEAn buYouTs
europe




         VALUe                                                                                               VoLUme
               Y/E          house                                               Value         deal                  Y/E         house                                                Value         deal
           31-dec-2009                                                          (€m)          count             31-dec-2009                                                          (€m)          count

                 1          eQt partners                                        2,619           6                    1          Lloyds tSB Development Capital                       447            12
                 2          gIC Special Investments                             2,240           2                    2          AxA private equity                                  2,086               9
                 3          AxA private equity                                  2,086           9                    3          eQt partners                                        2,619               6
                 4          CVC Capital partners                                1,866           2                    4          gimv                                                 202                6
                 5          global Infrastructure partners                      1,609           1                    5          BLUo SICAV SIF                                       109                5
                 6          Index Ventures                                      1,433           2                    6          Advent International                                 708                4
                 7=         Andreessen Horowitz                                 1,424           1                    7          Barclays private equity                              475                4
                 7=         Silver Lake partners                                1,424           1                    8          HgCapital                                            454                4
                 9          Apax partners                                       1,080           2                    9          Waterland private equity Investments                 436                4
                 10         one equity partners                                  927            1                    10         Altor equity partners                                322                4
                                                                                Source: mergermarket                                                                                Source: mergermarket


         the private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is europe
         the tables by value and volume have been run from 01 January 2009 to 31 December 2009 and exclude lapsed and withdrawn deals




         AcTIVITY TAblE of prIVATE EquITY fIrMs on EuropEAn ExITs

         VALUe                                                                                               VoLUme
               Y/E          house                                               Value         deal                  Y/E         house                                                Value         deal
           31-dec-2009                                                          (€m)          count             31-dec-2009                                                          (€m)          count

                 1          BC partners                                         3,500           2                    1          3i group                                             142            11
                 2          Apollo management                                   3,500           1                    2          Arques Industries                                    134                6
                 3          Candover Investments                                2,894           3                    3          Cinven                                               2240               4
                 4          Lion Capital                                        2,354           2                    4          n.I. partners                                        159                4
                 5          Blackstone group Holdings                           2,245           1                    5          npm Capital                                           30                4
                 6          Cinven                                              2,240           4                    6          Candover Investments                                 2894               3
                 7=         Caisse de Depot et placement du Quebec              1,187           1                    7          Sofinnova partners                                   688                3
                 7=         Crestview partners                                  1,187           1                    8          montagu private equity                               639                3
                 7=         Hellman & Friedman                                  1,187           1                    9          gimv                                                 576                3
                 7=         new mountain Capital                                1,187           1                    10         Inflexion private equity partners                    230                3
                 7=         Stone point Capital                                 1,187           1                                                                                   Source: mergermarket

                 7=         Vestar Capital partners                             1,187           1
                                                                                Source: mergermarket


         the private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is europe
         the tables by value and volume have been run from 01 January 2009 to 31 December 2009 and exclude lapsed and withdrawn deals




                                                                                                                                                                               Monthly M&A Insider          32
         trenD grApHS

         EuropEAn M&A quArTErlY TrEnd
europe




          VALUe                                                                                                VoLUme
                                                                                                                              1,800
                      500,000

                      450,000                                                                                                 1,600


                      400,000                                                                                                 1,400

                      350,000                                                                                                 1,200




                                                                                                            Number of deals
                      300,000
         Value (€m)




                                                                                                                              1,000

                      250,000
                                                                                                                               800
                      200,000
                                                                                                                               600
                      150,000
                                                                                                                               400
                      100,000

                                                                                                                               200
                       50,000

                                                                                                                                 0
                           0
                                                                                                                                      Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
                                Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
                                                                                                                                      04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09
                                04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09




         EuropEAn M&A quArTErlY MId-MArkET TrEnd

          VALUe                                                                                                VoLUme
                       45,000                                                                                                  700

                       40,000
                                                                                                                               600
                       35,000

                                                                                                                               500
                       30,000
                                                                                                          Number of deals
         Value (€m)




                       25,000                                                                                                  400


                       20,000
                                                                                                                               300

                       15,000
                                                                                                                               200
                       10,000


                        5,000                                                                                                  100


                           0                                                                                                     0
                                Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4                               Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
                                04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09                               04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09


                                                                                                                                                                                                    moving
                                                                                                                                                                                                    average
                                                                                                                                                                                                    trend line




                                                                                                                                                                                    Monthly M&A Insider          33
         trenD grApHS




         EuropEAn M&A quArTErlY prIVATE EquITY TrEnd
europe




          VALUe                                                                                                        VoLUme
                      100,000                                                                                                            400

                       90,000
                                                                                                                                         350

                       80,000
                                                                                                                                         300
                       70,000




                                                                                                                     Number of deals
                                                                                                                                         250
                       60,000
         Value (€m)




                       50,000                                                                                                            200

                       40,000
                                                                                                                                         150

                       30,000
                                                                                                                                         100
                       20,000

                                                                                                                                          50
                       10,000

                             0                                                                                                                0
                                 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4                                          Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
                                 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09                                          04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09



                                                                                                  European buyouts                                                                                                European buyouts

                                                                                                  European exits                                                                                                  European exits




         EuropEAn M&A sEcTor brEAkdown Y/E 2009

         VALUe                                                                                                        VoLUme
                                         0.1%   0.4%                                                                                                             0.9%
                                                                                                                                                          2.2%
                                 2.6%                                                                                                                                   0.3%
                        1.1%            5.2%    5.9%                                                                                                     3.2%
                                                                             Industrials & Chemicals                                              4.2%                           19.4%           Industrials & Chemicals
                      4.6%                                10.2%
                                                                             Consumer                                                   4.7%                                                     Consumer
             4.7%
                                                                             TMT                                                                                                                 TMT
                                                                                                                               5.8%
                                                                  10.8%      Business Services                                                                                                   Business Services

                                                                             Financial Services                                                                                                  Financial Services

                                                                             Energy, Mining & Utilities               8.6%                                                                       Energy, Mining & Utilities
                                                                                                                                                                                         16.1%
                                                                  2.4%
                                                                             Pharma, Medical & Biotech                                                                                           Pharma, Medical & Biotech

         26%                                                                 Construction                                                                                                        Construction

                                                                             Leisure                                                   9.5%                                                      Leisure

                                                                             Transportation                                                                                                      Transportation
                                                       26.1%                                                                                                                   12.8%
                                                                             Real estate                                                                 12.1%                                   Real estate

                                                                             Agriculture                                                                                                         Agriculture

                                                                             Defence                                                                                                             Defence




                                                                                                                                                                                                 Monthly M&A Insider                 11
          trenD grApHS
europe




          EuropEAn M&A gEogrAphIc brEAkdown Y/E 2009

          VALUe                                                                                                             VoLUme

                                                1.9%                                                                                                             3.3%
                                       5.6%                                                                                                            5.8%
                                                                                             UK & Ireland                                                                            19.1%                         UK & Ireland
                           6.0%
                                                                       27.8%                 Germany                                         7.0%                                                                  Germany

                                                                                             CEE                                                                                                                   CEE

                                                                                             Nordic                                                                                                                Nordic
          13.3%                                                                                                             8.3%
                                                                                             France                                                                                                                France
                                                                                                                                                                                                    12.5%
                                                                                             Benelux                                                                                                               Benelux

                                                                                             Iberia                                                                                                                Iberia
                                                                                                                             9.6%
                                                                                             Italy                                                                                                                 Italy
                   13.9%                                                  11.8%
                                                                                             Other                                                                                                                 Other

                                                                                             SEE                                                                                           12.2%                   SEE
                                                                                                                                               10.6%
                                  5.6%                      10.2%
                                                4.0%                                                                                                                 11.5%




          EuropEAn M&A dEAl sIzE brEAkdown

           VALUe                                                                                                             VoLUme
                       700                                                                                                                   3,500

                       650

                       600                                                                                                                   3,000

                       550

                       500                                                                                                                   2,500
                                                                                                                           Number of deals




                       450
         Value (€bn)




                       400                                                                                                                   2,000

                       350

                       300                                                                                                                   1,500

                       250

                       200                                                                                                                   1,000

                       150

                       100                                                                                                                    500

                           50

                            0                                                                                                                   0
                                 H1       H2       H1     H2     H1     H2      H1     H2       H1     H2     H1     H2                               H1       H2     H1      H2     H1       H2      H1     H2        H1     H2       H1      H2
                                2004     2004     2005   2005   2006   2006    2007   2007     2008    008   2009   2009                             2004     2004   2005    2005   2006     2006    2007   2007      2008   2008     2009    2009

                                                                                                             > €501m                                                                                                              > €501m

                                                                                                             €251m-€500m                                                                                                          €251m-€500m

                                                                                                             €101m-€250m                                                                                                          €101m-€250m

                                                                                                             €15m-€100m                                                                                                           €15m-€100m

                                                                                                             €5m-€14.9m                                                                                                           €5m-€14.9m

                                                                                                                                                                                                                                  Value not disclosed




                                                                                                                                                                                                                   Monthly M&A Insider                  35
                       A MERgERMARkET M&A REpoRT on



                       THE MIDDLE EAST
                       & AFRICA

                       noT EvEn THE booMIng MIDDLE EAST MAnAgED To ESCApE THE EConoMIC CRISIS oF 2009, WITH M&A
                       ACTIvITy DRoppIng SIgnIFICAnTLy THRoUgHoUT THE yEAR. THE TMT, InDUSTRIAL AnD EnERgy SECToRS
Middle east & africa




                       REMAInED RELATIvELy ACTIvE, WITH THE bIggEST DEALS In THE REgIon CoMIng oUT oF THESE SECToRS.




                       The United Arab Emirates was particularly affected towards        AFRICAn M&A: nIgERIA’S bUSy yEAR
                       the end of the year, when Dubai World admitted in late
                       november they would not be able to pay their creditors            M&A activity in Africa dropped 68% and 55% by volume
                       on time.                                                          and value, respectively in 2009, with 174 deals valued at
                                                                                         $17.4bn, from the previous year. The most active sectors were
                       However, January has already seen an increase in activity
                                                                                         Financial Services with 34 deals valued at $3.2bn followed
                       in the region, with deals worth more than $2bn being
                                                                                         by the Mining, Telecommunications, Construction and
                       undertaken in the Middle East. In terms of value, 89% of
                                                                                         Consumer sectors. TMT was the most active sector in terms
                       these transactions were in the financial services and real
                                                                                         of value with $6.4bn counted 15 deals.
                       estate sectors, a trend which is likely to continue throughout
                       2010. As the hardest hit sectors in 2009, they are likely to be   Africa is also increasingly appearing on the radar of
                       the most active this year, particularly with a cash-stricken      international players looking to for new markets to do deals
                       Dubai attempting to sell off several assets in order to pay       in. both China Unicom and Telefonica recently expressed
                       its debts.                                                        their intention to launch joint investments in Africa. The
                                                                                         privatisation of at least 75% of nigeria’s mobile firm Mtel is
                       An increase in industry consolidation and private equity deals
                                                                                         one example of an ongoing sales process that could attract
                       is considered to be very likely, with private equity players
                                                                                         foreign bidders. Meanwhile, the European Investment bank
                       ready to re-enter the market after spending 2009 on the
                                                                                         confirmed that it is interested in investing in nigerian banks
                       sidelines. Istithmar, the investment arm of Dubai World, is
                                                                                         that were bailed out by the nigerian Central bank in 2009.
                       already attracting interest from several private equity groups
                                                                                         naspers, the South African telecom company, might execute
                       for the potential sale of Inchcape Shipping Services.
                                                                                         a deal with DST of Russia and poland’s nazsa klasa. The
                       overall, it is expected the effects of 2009 will continue to      South African and London listed mineral exploration firm,
                       an impact on the United Arab Emirates, as the country             African Eagle has been in talks with potential strategic
                       continues to recover. This could lead to investors looking        investors for its Dutwa nickel project.
                       into other Middle Eastern countries, such as Saudi Arabia.
                                                                                         Transactions in telecom, financial services and mining are
                       It is likely that oil and gas will remain a good source of M&A
                                                                                         expected to lead the African M&A this year. However, despite
                       within the region, and there may be increased activity in
                                                                                         the increasing interest in African assets, particularly from
                       healthcare and education.
                                                                                         Asian and Western companies, the outlook on African M&A
                                                                                         in 2010 remains gloomy . African assets continue to be
                                                                                         viewed as risky since for many foreign investors it is still
                                                                                         unknown territory. For M&A to really take off in the region,
                                                                                         they need to develop a deep understanding of African local
                                                                                         markets coupled with the establishment of strong networks
                                                                                         in the region.

                                                                                         While few African countries such as South Africa, Egypt,
                                                                                         Morocco and Tunisia are already safe places for M&A, the
                                                                                         other countries within the continent remain challenging.




                                                                                                                                     Monthly M&A Insider   36
                       Top DEALS & ExpECTED DEALS

                       Top 10 MIddle eAsT & AfrIcA Announced deAls for Y/e 31 deceMber 2009
Middle east & africa




                        Announced       status   Target company        sector         bidder company               seller company               exit multiples (x)             bid premia     deal
                                                                                                                                        revenue      ebITdA           p/e     1-day before    value
                                                                                                                                                                                              ($m)
                        27-Sep-09         C      Telecommunication    TMT             Etemad Mobin                                                                                            7,798
                                                 Company of Iran (50%                 Development
                                                 stake)
                        11-Dec-09         p      Egyptian Company      TMT            France Telecom SA                                   2.8          6.0           13.1        18.8%        2,944
                                                 for Mobile Services
                                                 (48.97% stake)
                         2-nov-09         L      Dragon oil plc        Energy, Mining Emirates national oil                               5.3          6.0           10.4        11.0%        1,876
                                                                       & Utilties     Company Limited
                        12-Aug-09         C      partner               TMT            Scailex Corporation Ltd      Advent                 1.9          5.2            9.7        1.0%         1,827
                                                 Communications                                                    Investments pte
                                                 Company Ltd (51.31%                                               Ltd
                                                 stake)
                        25-oct-09         p      bezeq The Israel      TMT            012 Smile.                   Apax partners          2.2          6.0           13.4        -6.7%        1,764
                                                 Telecommunication                    Communications Ltd           LLp; Arkin
                                                 Corporation Ltd                                                   communications
                                                 (30.60% stake)                                                    Ltd; and Saban
                                                                                                                   Capital group Inc
                        18-May-09         L      palestinian           TMT            Mobile                                              6.6         14.9           22.1                     1,483
                                                 Telecommunications                   Telecommunications
                                                 Company plc (56.53%                  Company k.S.C.
                                                 stake)
                        17-Mar-09         C      Anglogold Ashanti     Energy, Mining paulson & Co Inc             Anglo American         3.9                                    -5.7%        1,277
                                                 Limited (11.30%       & Utilties                                  plc
                                                 stake)
                         1-Sep-09         p      Medi Telecom SA       TMT            FinanceCom SA; Fipar         portugal Telecom       2.8          6.4           31.4                     1,138
                                                 (64.36% stake)                       Holding; and RMA             SgpS SA; and
                                                                                      Watanya SA                   Telefonica Moviles
                                                                                                                   Espana SA
                        15-Jan-09         C      ApexHi properties Ltd Real Estate    Redefine Income Fund                                                           32.7        -5.3%        928
                                                                                      Limited
                        31-Dec-09         p      Samcrete Egypt        Construction   Samcrete for                                                                                            747
                                                 - Engineers and                      Engineering Investment
                                                 Contractors (99.60%
                                                 stake)
                       C = Completed; p = pending; L = Lapsed                                                                                                                   Source: mergermarket




                       Top 5 MIddle eAsT & AfrIcA Announced deAls of The MonTh (jAnuArY 2010)
                       Announced       status    Target company        sector          bidder company           seller company                   exit multiples (x)             bid premia    deal
                                                                                                                                        revenue      ebITdA           p/e      1-day before   value
                                                                                                                                                                                              ($m)
                       10-Jan-10          p      Qatar Real Estate     Real Estate     barwa Real Estate                                                              10.1       30.6%         862
                                                 Investment Co                         Company QSC
                       18-Jan-10          p      bank Audi SAL -       Financial       M1 group Ltd             EFg-Hermes Holding                                                3.4%         450
                                                 Audi Saradar group    Services                                 Company
                                                 (13.95% stake)
                       8-Jan-10           p      Capevin Investments   Consumer        Remgro Limited; and                                11.2         11.2           11.2       -6.4%         158
                                                 Ltd (39.40% stake)                    Zeder Investments
                                                                                       Limited
                       8-Jan-10           p      Capevin Holdings      Consumer        Remgro Limited; and phetogo Investments            2.4          92.7           13.7                     142
                                                 Limited (65.10%                       Zeder Investments   (proprietary) Limited
                                                 stake)                                Limited
                       12-Jan-10          p      Crown Flour Mills     Consumer        olam International                                                                                      87
                                                 Limited (99.50%                       Limited
                                                 stake)
                       C = Completed; p = pending; L = Lapsed                                                                                                                   Source: mergermarket




                                                                                                                                                                             Monthly M&A Insider       37
                       Top DEALS & ExpECTED DEALS




                       pIpelIne of MIddle eAsT & AfrIcA expecTed deAls
Middle east & africa




                       situation         Target company           sector            potential bidder company   financial         seller company     Market     comments
                                                                                                               adviser to bidder                   cap/ est.
                                                                                                               (b); target (T);                   value ($m)
                                                                                                               seller (s)
                       Expected deal      Qatar Telecom           TMT               Apax partners LLp; The                      Qatar Telecom       6,154      Qatar Telecommunications Co
                                         (telecom tower                             Abu Dhabi Investment                        QSC                            (Qtel) is actively looking into
                                         business)                                  Company; Quippo                                                            selling some of its telecom tower
                                                                                    Telecom Infrastructure                                                     assets, a company source said.
                                                                                    Limited; gTL
                                                                                    Infrastructure Limited;
                                                                                    and new Silk Route
                       Expected deal     Inchcape Shipping        Transportation Cinven Limited;                                Istithmar World      700       Inchcape Shipping Services put
                                         Services Limited                        kohlberg kravis                                Capital                        up for sale by Istithmar with USD
                                                                                 Roberts & Co;                                                                 700m asking price; private equity
                                                                                 Charterhouse                                                                  groups interested
                                                                                 Capital partners
                                                                                 LLp; Tpg Capital Lp;
                                                                                 Advent International
                                                                                 Corporation
                       Expected deal     Dutwa nickel Mine        Energy, Mining not disclosed                                  African Eagle        450       African Eagle, the London and
                                                                  & Utilities                                                   Resources plc                  Johannesburg-listed diversified
                                                                                                                                                               mineral exploration company,
                                                                                                                                                               has been in talks with potential
                                                                                                                                                               strategic partners for its Dutwa
                                                                                                                                                               nickel project, said operations
                                                                                                                                                               director Chris Davies.
                       Expected deals based on confirmed announcements by companies involved




                                                                                                                                                                          Monthly M&A Insider      38
                       LEAgUE TAbLES

                       Top 15 fInAncIAl AdVIsers – MIddle eAsT & AfrIcA
Middle east & africa




                       vALUE                                                                                            voLUME
                             Y/e         house                                              Value         deal                 Y/e            house                                           Value        deal
                         31-dec-2009                                                        ($m)          count            31-dec-2009                                                        ($m)         count

                               1         Morgan Stanley                                    11,245          11                   1             Deutsche bank                                  8,757             12
                               2         Deutsche bank                                      8,757          12                   2             Morgan Stanley                                 11,245            11
                               3         goldman Sachs                                      7,627           9                   3             JpMorgan                                       4,448             11
                               4         bank of America Merrill Lynch                      7,253          10                   4             bank of America Merrill Lynch                  7,253             10
                               5         UbS Investment bank                                6,798           9                   5             goldman Sachs                                  7,627             9
                               6         HSbC bank                                          6,514           9                   6             UbS Investment bank                            6,798             9
                               7         Rothschild                                         5,519           9                   7             HSbC bank                                      6,514             9
                               8         Credit Suisse                                      4,672           8                   8             Rothschild                                     5,519             9
                               9         Citigroup                                          4,607           6                   9             Credit Suisse                                  4,672             8
                              10         JpMorgan                                           4,448          11                   10            nedbank Capital                                 746              8
                              11         Santander global banking and Markets               4,387           2                   11            kpMg                                            247              8
                              12         RbC Capital Markets                                2,316           4                   12            Standard bank group                             906              7
                              13         Deloitte                                           1,550           5                   13            Citigroup                                      4,607             6
                              14         banco Espirito Santo de Investimento               1,213           5                   14            Investec                                        840              6
                              15         Java Capital                                       1,173           3                   15            Rand Merchant bank                              641              6
                                                                                            Source: mergermarket                                                                             Source: mergermarket


                       The financial adviser league tables by value and volume have been run from 01 January 2009 to 31 December 2009 and exclude lapsed and withdrawn deals. The tables cover all sectors and are
                       based on the geography of either the target, bidder or seller being The Middle East & Africa.




                       Top 15 legAl AdVIsers – MIddle eAsT & AfrIcA
                       vALUE                                                                                            voLUME
                             Y/e          house                                             Value         deal
                         31-dec-2009                                                        ($m)          count                          Y/e          house                                            Value         deal
                                                                                                                                     31-dec-2009                                                       ($m)          count
                               1          Shearman & Sterling                              15,257          11
                                                                                                                                          1           Werksmans                                         981           22
                               2          Freshfields bruckhaus Deringer                    9,150           9
                                                                                                                                          2           DLA Cliffe Dekker Hofmeyer                       1,484          20
                               3          Skadden Arps Slate Meagher & Flom                 4,905           3
                                                                                                                                          3           Edward nathan Sonnenbergs                        2,667          18
                               4          Allen & overy                                     4,777          13
                                                                                                                                          4           Allen & overy                                    4,777          13
                               5          binder groesswang Rechtsanwaelte                  4,682           3
                                                                                                                                          5           Shearman & Sterling                             15,257          11
                               6          gomez-Acebo & pombo Abogados                      4,387           2
                                                                                                                                          6           Freshfields bruckhaus Deringer                   9,150          9
                               7          Clifford Chance                                   4,067           7
                                                                                                                                          7           Latham & Watkins                                 3,536          9
                               8          Debevoise & plimpton                              4,040           2
                                                                                                                                          8           Clifford Chance                                  4,067          7
                               9          Wongpartnership                                   3,980           4
                                                                                                                                          9           baker & Mckenzie                                 3,663          7
                              10=         Shook Lin & bok Singapore                         3,861           2
                                                                                                                                         10           Linklaters                                       2,389          7
                              10=         Uria Menendez                                     3,802           1
                                                                                                                                         11           gide Loyrette nouel                              2,098          6
                              12          bae kim & Lee                                     3,796           1
                                                                                                                                         12           Dewey & Leboeuf                                   614           6
                              13          Shin & kim                                        3,796           1
                                                                                                                                         13           Weil gotshal & Manges                            3,465          5
                              14          Allen & gledhill                                  3,717           2
                                                                                                                                         14              Herbert Smith/gleiss Lutz/Stibbe              1,891          5
                              15          baker & Mckenzie                                  3,663           7
                                                                                                                                         15              Webber Wentzel                                 911           5
                                                                                            Source: mergermarket
                                                                                                                                                                                                      Source: mergermarket

                       The legal adviser league tables by value and volume have been run from 01 January 2009 to 31 December 2009 and ludes lapsed and withdrawn deals. The tables cover all sectors and are based
                       on the geography of either the target, bidder or seller being The Middle East & Africa.




                                                                                                                                                                                        Monthly M&A Insider            39
                       LEAgUE TAbLES



                       AcTIVITY TAble of prIVATe equITY fIrMs on MIddle eAsT & AfrIcA buYouTs
Middle east & africa




                       vALUE                                                                                               voLUME
                             Y/e          house                                               Value         deal                  Y/e          house                                               Value         deal
                         31-dec-2009                                                          ($m)          count             31-dec-2009                                                          ($m)          count

                               1          Apax partners                                        624             1                    1          Investcorp                                           210            2
                               2          Actis Capital                                        244             1                    2          RMb Corvest                                          198            2
                               3          Investcorp                                           210             2                    3          Aureos Capital                                       27             2
                               4          Eastgate Capital group                               210             1                    4          Apax partners                                        624            1
                               5          RMb Corvest                                          198             2                    5          Actis Capital                                        244            1
                               6=         Citigroup venture Capital Equity partners            140             1                    6          Eastgate Capital group                               210            1
                               6=         Helios Investment partners                           140             1                   7=          Citigroup venture Capital Equity partners            140            1
                               8          vector Capital Corporation                           129             1                   7=          Helios Investment partners                           140            1
                               9          kuwait Finance House                                  52             1                    9          vector Capital Corporation                           129            1
                               10         Marlow Capital                                        40             1                   10          kuwait Finance House                                 52             1
                                                                                              Source: mergermarket                                                                                Source: mergermarket


                       The private equity buyout activity tables by value and volume are based on private equity firms advising the bidder on buyout deals where the dominant geography of the target company is The
                       Middle East & Africa. The tables by value and volume have been run from 01 January 2009 to 31 December 2009 and exclude lapsed and withdrawn deals.




                       AcTIVITY TAble of prIVATe equITY fIrMs on MIddle eAsT & AfrIcA exITs

                       vALUE                                                                                               voLUME
                             Y/e          house                                               Value         deal                  Y/e          house                                               Value         deal
                         31-dec-2009                                                          ($m)          count             31-dec-2009                                                          ($m)          count

                               1          Apax partners                                       1,764            2                    1          Apax partners                                       1,764           2
                               2          Saban Capital group                                 1,764            1                    2          Sequoia Capital                                      20             2
                               3          york Capital Management                              624             1                    3          Saban Capital group                                 1,764           1
                               4          gCC Energy Fund                                      252             1                    4          york Capital Management                              624            1
                               5=         Carmel ventures                                      136             1                    5          gCC Energy Fund                                      252            1
                               5=         Draper Fisher Jurvetson                              136             1                   6=          Carmel ventures                                      136            1
                               7=         EFg-Hermes                                            85             1                   6=          Draper Fisher Jurvetson                              136            1
                               7=         Tiger global Management                               85             1                   8=          EFg-Hermes                                           85             1
                               9          First Israel Mezzanine Investors Fund                 76             1                   8=          Tiger global Management                              85             1
                               10         Haykala Investment Managers                           46             1                   10          First Israel Mezzanine Investors Fund                76             1
                                                                                              Source: mergermarket                                                                                Source: mergermarket


                       The private equity exit activity tables by value and volume are based on private equity firms advising the vendor on exit deals where the dominant geography of the target company is The Middle
                       East & Africa. The tables by value and volume have been run from 01 January 2009 to 31 December 2009 and exclude lapsed and withdrawn deals.




                                                                                                                                                                                             Monthly M&A Insider          40
                       TREnD gRApHS

                       MIddle eAsT & AfrIcA M&A quArTerlY Trend
Middle east & africa




                        vALUE                                                                                            voLUME
                                    35,000                                                                                               140



                                    30,000                                                                                               120



                                    25,000                                                                                               100




                                                                                                                       Volume of deals
                       Value ($m)




                                    20,000                                                                                                80



                                    15,000                                                                                                60



                                    10,000                                                                                                40



                                     5,000                                                                                                20



                                        0                                                                                                  0
                                             Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4                           Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
                                             04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09                           04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09




                       MIddle eAsT & AfrIcA M&A quArTerlY MId-MArkeT Trend

                        vALUE                                                                                            voLUME
                                     6,000                                                                                                80


                                                                                                                                          70
                                     5,000

                                                                                                                                          60

                                     4,000
                                                                                                                       Volume of deals




                                                                                                                                          50
                       Value ($m)




                                     3,000                                                                                                40


                                                                                                                                          30
                                     2,000

                                                                                                                                          20

                                     1,000
                                                                                                                                          10


                                        0                                                                                                  0
                                             Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4                           Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
                                             04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09                           04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09



                                                                                                                                                                                                             Moving
                                                                                                                                                                                                             average
                                                                                                                                                                                                             trend line




                                                                                                                                                                                              Monthly M&A Insider         41
                       TREnD gRApHS




                       MIddle eAsT & AfrIcA M&A quArTerlY prIVATe equITY Trend
Middle east & africa




                        vALUE                                                                                                      voLUME
                                    7,000                                                                                                            20

                                                                                                                                                     18
                                    6,000
                                                                                                                                                     16

                                    5,000




                                                                                                                                 Number of deals
                                                                                                                                                     14

                                                                                                                                                     12
                       Value ($m)




                                    4,000

                                                                                                                                                     10

                                    3,000
                                                                                                                                                       8


                                    2,000                                                                                                              6

                                                                                                                                                       4
                                    1,000
                                                                                                                                                       2

                                           0                                                                                                           0
                                               Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4                                      Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
                                               04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09                                      04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09


                                                                                                              Middle East                                                                                                    Middle East
                                                                                                              & Africa buyouts                                                                                               & Africa buyouts
                                                                                                              Middle East                                                                                                    Middle East
                                                                                                              & Africa buyouts                                                                                               & Africa buyouts




                       MIddle eAsT & AfrIcA M&A secTor breAkdown Y/e 2009

                       vALUE                                                                                                      voLUME
                                                         0.8%                                                                                                               1.8%
                                                              0.5%
                                                     1.8%                                                                                                            2.5%          0.4%
                                                                     0.1%
                                         1.5%
                                                   5.0%                     14.6%                                                                                 3.6%
                                      0.6%                                                     Financial Services                                                                         17.6%             Financial Services
                                                                                                                                                           4.3%
                                           3.4%                                                TMT                                                                                                          TMT
                                                                                                                                                   4.3%
                                    4.4%                                                       Industrials & Chemicals                                                                                      Industrials & Chemicals

                                                                                               Energy, Mining & Utilites                 5.4%                                                               Energy, Mining & Utilites

                                                                                               Consumer                                                                                                     Consumer
                       11.0%
                                                                                               Construction                       5.8%                                                            17.3%     Construction

                                                                                               Business Services                                                                                            Business Services
                               2.3%                                                                                                                                                                         Pharma, Medical & Biotech
                                                                                               Pharma, Medical & Biotech
                                                                                                                                               11.9%
                                                                                               Real Estate                                                                                                  Real Estate

                                                                                               Leisure                                                                                                      Leisure
                                                                              53.9%                                                                                                       12.9%
                                                                                               Agriculture                                                                                                  Agriculture
                                                                                                                                                                    12.2%
                                                                                               Transportation                                                                                               Transportation

                                                                                               Defence                                                                                                      Defence




                                                                                                                                                                                                           Monthly M&A Insider                  42
                        TREnD gRApHS




                        MIddle eAsT & AfrIcA M&A geogrAphIc breAkdown Y/e 2009
Middle east & africa




                         vALUE                                                                                                            voLUME
                                                      0.9%
                                               1.1%      0.7%
                                        1.3% 1.2%            3.2%
                                      1.7%                                                                                                                                    13.6%
                                                                                                         Iran                                                                                                                       South Africa
                                        1.9%                                    22%                                                                              1.4%
                                                                                                         Israel                                              1.4%                                                                   Israel
                                     3.3%
                                                                                                                                                          1.8%
                                                                                                         South Africa                                                                                              32.6%            Egypt
                               6.0%                                                                                                              1.8%
                                                                                                         Egypt                                                                                                                      United Arab Emirates
                                                                                                                                            1.8%
                                                                                                         Morocco                         1.8%                                                                                       Saudi Arabia

                                                                                                         United Arab Emirates                             2.2%                                                                      Kuwait

                                                                                                         Kenya                                            3.2%                                                                      Morocco
                        17.1%
                                                                                                         Saudi Arabia                                       3.9%                                                                    Kenya
                                                                                       20.6%
                                                                                                         Kuwait                                                                                                                     Oman
                                                                                                                                                                  6.1%
                                                                                                         Angola                                                                                                                     Jordan

                                                                                                         Mali                                                                                           19.7%                       Congo, the Democratic
                                                                                                                                                                               8.6%
                                                         19.1%                                                                                                                                                                      Republic of
                                                                                                         Oman
                                                                                                                                                                                                                                    Angola
                                                                                                         Nigeria
                                                                                                                                                                                                                                    Nigeria
                                                                                                         Other
                                                                                                                                                                                                                                    Other




                        MIddle eAsT & AfrIcA M&A deAl sIZe breAkdown

                        vALUE                                                                                                            voLUME
                                        60                                                                                                                       250



                                        50
                                                                                                                                                                 200


                                        40
                                                                                                                                        Number of deals
                       Value ($bn)




                                                                                                                                                                 150

                                        30

                                                                                                                                                                 100
                                        20


                                                                                                                                                                  50
                                        10



                                         0                                                                                                                         0
                                                H1     H2       H1     H2     H1     H2     H1     H2       H1      H2     H1     H2                                    H1       H2     H1     H2     H1     H2     H1      H2      H1        H2     H1     H2
                                               2004   2004     2005   2005   2006   2006   2007   2007     2008    2008   2009   2009                                  2004     2004   2005   2005   2006   2006   2007    2007    2008      2008   2009   2009

                                                                                                                          > $5$01m                                                                                                             > $5$01m

                                                                                                                          $251m-$500m                                                                                                          $251m-$500m

                                                                                                                          $101m-$250m                                                                                                          $101m-$250m

                                                                                                                          $15m-$100m                                                                                                           $15m-$100m

                                                                                                                          $5m-$14.9m                                                                                                           $5m-$14.9m

                                                                                                                                                                                                                                               Value not disclosed




                                                                                                                                                                                                                                  Monthly M&A Insider                43
The following notes pertain to data contained in this publication:
•	 Deals	are	included	where	the	deal	value	is	greater	than	or	equal	to	EUR5m.
•	 Where	no	deal	value	has	been	disclosed,	deals	are	included	if	the	turnover	of	
   the target is greater than or equal to EUR10m.
•	 Deals	are	included	in	the	graphs	and	Top	Deals	in	each	section	based	on	
   the dominant geography and dominant sector of the target company. Data
   underlying the League Tables are based on deals where the bidder, target or
   parent geography of either is that of the geography in focus.
•	 Y/E	2009	refers	to	the	period	01	January	2009	to	31	December	2009.




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