JPM Global and European M a Trends

8/6/2019 JPM Global and European M a Trends

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o a & tren s

Global deal value amounted to $867bn in 1Q 2011 with 2,683 deals, an increase of 5.6% over 4Q 2010 and 28.5% compared to 1Qlast year

The number of $1bn plus transactions is up 44% in1Q 2011 with 148 deals compared to 100 deals in 1Q 2010

The Americas accounts for 50% of global targeted M&A activity year-to-date, driven by an 69% increase in North American targeted M&A

Eight of the top 10 M&A deals were US targeted companies, including, $39bn acquisition of T-Mobile by AT&T, $25.8bn acquisition ofProgress Energy by Duke Energy, $14.9bn spin-off of Mosaic and $12.5bn bid by Deutsche Boerse for NYSE Euronext

Global annualized M&A value in 2011 indicate M&A activity would increase 25% to $3.5bn over last years $2.8bn

I O N S

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Global M&A value rebounded in 2010 after bottomin in 2009

o a & tren s

9793,468

3,887

4,593

4,000

5,000$10bn Annualised

5yrs2yrs

(49)%

$bn

1,091 1,315 1,1811,514

1,995

1,127 1,229275

775

1,176 980

330372

664

1,050746

535

397

1,533

2,305

,

1,7291,301 1,439

2,046

2,9263,130

2,272

2,7793,213

1 068

2,000

3,000

2yrs(61)%

3yrs+162%

113 151 179 192 227 166 156 169 206 242 268 316 289 212 251 63234 320 362 446

475 333 318 342 424545 641 769 613 432 562

135122 207

230 308321

186 181 179259 293

415 355223

341

93445

580 758 712 480 555442

153166

135867

0

1,000

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011# of4,611 6,237 7,419 8,290 9,719 6,959 6,835 6,835 8,364 10,080 11,623 13,831 11,969 8,949 10,865 2,683

Global M&A value by acquirer region, 19962011YTDGlobal M&A value by target region, 19962011YTD

EM EA Americas APAC EM EA Americas APAC

Source: Dealogic

I O N S

R E V I E

66% 67% 71%54% 55% 53% 43% 44% 47% 45% 46% 42% 39% 43% 45% 50%

8% 10% 13% 14% 16% 16% 17% 15% 16% 19% 23% 23% 20%7% 7% 5%

65% 65% 65%50% 46% 52% 43% 47% 47% 44% 44% 38% 35%

43% 42% 48%

10% 12% 14% 15% 15% 17% 17% 16% 19% 24% 25% 21%7%4%7%5%

&

A C Q U I S I T

Source:

27% 26% 25%38% 35% 34% 42% 40% 37% 38% 40% 43% 42% 34% 32% 31%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

30% 29% 32%43% 43% 37% 43% 38% 37% 39% 40% 34% 33% 31%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Source: J.P. Morgan, Dealogic Source: J.P. Morgan, Dealogic A

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urope & tren s

Euro ean M&A value is steadil recoverin An Euro ean Involvement bn

845Less than $100mm $100mm500mm $500mm1bn $1bn10bn Greater than $10bn

1,400

MSCI Euro e Index

Indexvalues

11294

318

12583

406

472

400358

542

480505

545

371407

477

347356

800

1,000

,

53 66 58 76 67 70 72 86 86 8686 93 95 77 63 48 51 48 51 56 55 47

36 38 30 41 41 57 4473 54 73 68 59 53 63

44 32 23 25 1930 29 29 33 40 45

101137 171

159127

180 163

243218

338

191276

165 147158

150

90 101 115109 112 137

154 158 178

76 38101 212 66 51 24

8598

56 15 3554 41 14

48 4670

214 217 198228

266 249 251312 321-

200

400

600

24 25 26 29 25 26 28 28 28 29 35 34 34 34 27 20 17 19 18 22 19 21 20 23 20

1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q110

Source: J.P. Morgan, Dealogic, FactSet

# ofdeals 914 1,007 1,005 1,164 1,015 1,125 1,125 1,216 1,217 1,277 1,399 1,439 1,411 1,289 1,061 639 716 720 881 765 765 816 822855 905

I O N S

R E V I E

European M&A increased in 1Q 2011 to $356bn, up 12% from last quarter and up 48.7% from 1Q last year, while the MSCI Europe Index

was up 3.1% in 1Q 2011Although the deal value increased, the number of deals above $10mm in 1Q 2011 fell by 9.2% to 822 from 4Q 2010, but increased 7.5%over the same period last year &

A C Q U I S I T

Source:

The mid-market deals also increased 46% to 64 deals from 44 deals in 1Q 2010

Withdrawn deals fell by 61% over the last quarter to $125bn, including $9bn bid by Merk & Co to acquire Sanofi-Aventis Merial AnimalHealth Business and $8.8bn acquisition of Capital Shopping Centres by Simon Property Group

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European trends in public status and consi

Non-cash consideration was highest in 1Q2011

85% 88% 86% 87%

67% 70%76% 72% 72% 70% 77%

58%

2%5% 6% 5%

9% 4%9%

8% 10% 15% 2%

19%

2%1% 2% 1%

8% 13%3% 9% 6% 1% 7% 15%

6% 7% 8%15% 14% 12% 11% 12% 14% 15%

8%11%

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

Cas h Stock Mixed Others

1Q11 target composition has remained similar 4Q 2010

54% 60% 55%45%

35% 42%50% 46% 44% 41% 42% 44%

26%29% 34%

31% 47% 37%36%

31%42%

30%

41% 39%

20%10% 12%

25% 18% 22%15%

23%13%

28%17% 17%

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

Pub Pv t Others

Source: J.P. Morgan, Dealogic

Source: J.P. Morgan, DealogicNote: Others includes Government, Assets sale, JVs, Consortium

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A C Q U I S I T I O N S

R E V I E W

eration

Use of earn-outs in M&A had been increasing ($bn)

1 8

. 7

1 0

. 1

1 1

. 6

1 1

. 2

1 2

. 7

2 8

. 2

3 2

. 1

2 5

. 23

2 . 0

3 9

. 7

5 1

. 4

1 4

. 3

3 . 1

2 .

2 4

. 0 7

. 3 9 .

1 9

. 4 1 2

. 9

2 . 6

9 .

0 8

. 3

2 .

5

4 . 6

0

10

20

30

40

50

60

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20102011YTD

0%

1%

2%

3%

4%

5%

Total earnout deal val Total earnout v al Earnout deals % of total Eur M&A

1Q11 saw larger participation by public acquirers

57% 56%37% 45%

48%58% 50%

65% 62% 61% 62%69%

34% 30%

17%13%

23%

28%

20%

26% 24% 26% 24%18%

6% 9%

44% 39%24%

11% 11% 8% 13% 6%

20%

4%7%

1%5%

3%10%5%6%

4%3%1%4%5%

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

Pub Pv t Gov t ot hers


Source: J.P. Morgan, DealogicNote: Others includes Spin-offs, JVs, Consortium, Private investors

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va a ty o qu ty w t arge uropean compan es

Total cash and short term investments available with large Total retained earnin s for lar e Euro ean com aniesEuropean companies is $1.5trn, the highest in the past 10 years

Cash as a % debt has increased to 11.4%, against 7.1% duringthe peak in 2008

Top 10 corporates have $222bn in cash (15% of total cash).

has built up in last 2 years ($bn)

1,200

1,400D iv i dend Buy bac ks R et ent ion

These include Volkswagen, EDF, Siemens, Enel SpA, TotalSA, BP, Daimler, Nestle, Fiat and BHP Billiton

Total retained earnings for large European companies is $471bn,level similar to the peak of 2007

400

600

800

1,000

Top 10 companies have retained earnings of $74bn with anavg. retention of 82%, against the total of 65%. These includeGazprom, BHP Billiton, Vodafone, Anglo American, Daimler,Novartis, AP Moller-Maersk, Xstrata, Investor and BMW

0

200

2010200920082007200620052004200320022001

Cash & short term investments available with largeEuropean companies is the highest in the past 10 years

1,526 1,600

1,80016%Cash ($bn) Cash % of debt

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Net inc. 161 69 361 527 663 790 1,160 615 575 883

Dividend 111 125 147 204 240 335 416 428 341 305

I O N S

R E V I E

1,412

1,1721,142985

843846715

541491 600

800

1,000

1,200

1,400

6%

8%

10%

12%

uy ac 50 73 59 104 148 182 271 204 83 106

Retainedearning

(1) (129) 155 219 275 273 472 (17) 151 471

Payoutratio

69% 182% 41% 39% 36% 42% 36% 70% 59% 35% & A C Q U

I S I T

0

200

400

20102009200820072006200520042003200220010%

2%

4%

Buyback% divs 45% 58% 40% 51% 62% 54% 65% 48% 24% 35%

Retainedearnings

growth

NM NM 41% 26% (1%) 73% NM NM 213%

A

N

M E R G E R

. . ,Note: Large companies refers to companies with a market cap of $1bn and above

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uropean nanc a sponsor tren s

Exits b financial s onsors boosted the Euro ean s onsor related M&A value in 1Q2011 $bn

140

Less than $100mm $100mm500mm $500mm1bn $1bn10bn Greater than $10bnDry powder ($bn)

2009 - $273bn

300

350

21

16

1194

126

103

87

114

2010 - $173bn

2010 - $248bn

200

250

3837

37 28

3866

57

79

45 59

2131 24 35

14

11

12 39

50

77

60

73

67

53

65

54

28

44

58

32

64 71

50

2009 - $119bn100

150

4 5 6 5 4 3 5 5 5 5 6 5 4 5 4 2 2 2 2 3 2 2 3 3 212 18 14

2012 14 13

23 16 23 19 15 18 12 124 5 5 8

10 9 9 11 9 8

1012 11

107

18 1015

1713 7 16 13

5 2 4 15 4

9 9 16 123 9 8

1625

1723 12

191813

1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q110

50

I O N S

R E V I E

Financial sponsor related M&A increased to $50bn, up 28% from last quarter and up 56% from 1Q 2010

Source: J.P. Morgan, Dealogic, Prequin

# ofdeals

192 228 236 239 186 184 226 254 241 266 267 225 210 209 186 87 83 77 116 139 104 131 127139 126

&

A C Q U

I S I T

,Mid-market deals reduced to 17 deals in 1Q 2011 against 22 deals in 4Q 2010, but were three times the deals in 1Q last year

1Q2011 saw the highest quarterly financial sponsor exits (excluding SBO) amounting to $22bn, since the market peak in 3Q 2007with $23.5bn

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uropean nanc a sponsor tren s cont

Euro ean financial s onsor deal t e 2010 vs. 2011 YTD To 10 financial s onsors b deal value 2011YTD

17%

28%

Entry Exit SBO

Financial sponsor Deal value ($mm) No. % share

EQT Partners AB 8,984 3 12.80%

TPG Capital LP 3,459 4 4.93%

Barclays Private Equity Ltd 3,240 2 4.61%

LBO France SA 3,200 1 4.56%

CVC Capital Partners Ltd 2,792 6 3.98%Permira Ltd 2,738 4 3.90%

Advent International Corp 2,261 4 3.22%

PAI Partners 2,154 2 3.07%38%

39%2010YTD 2011 YTD

Largest announced financial sponsor M&A deals with any European involvement, 2011YTD

ac s one roup , .

Terra Firma Capital Partners 1,909 1 2.72%

Deal value Target AcquirorAnn. Date ($mm) Target Acquiror nationality nationality FS Role Financial Sponsor21-Mar-11 4,482 Kabel Baden-Wuerttemberg Liberty Global Inc Germany US Target EQT Partners AB

29-Mar-11 3,200 Converteam Group (90%) General Electric Co France US Target;Target

LBO France SA;Barclays Private Equity Ltd

07-Mar-11 2,625 CaridianBCT Holding Corp Terumo Corp US Japan Target EQT Partners AB I O N S

R E V I E

- e - , ey c anay ve care ageo p c ur ey arge ap a

11-Jan-11 2,000 ELKEM AS (Silicon Materials, Foundry

Products, Carbon and Elkem Solar)

China National Chemical Corp Norway China Acquiror Blackstone Group LP

01-Feb-11 1,909 EMI Group Ltd Citigroup Inc UK US Target Terra Firma Capital Partners Lt

25-Feb-11 1,878 Dometic International AB EQT Partners AB Sweden Sweden Acquiror EQT Partners AB

01-Feb-11 1 532 BorsodChem Rt 58% Wanhua Industrial Grou Co Ltd Hun ar China Tar et VCP Vienna Ca ital Partners &

A C Q U

I S I T

,Target Permira Ltd

18-Jan-11 1,469 Priory Healthcare Holdings Advent International Corp UK UK Acquiror Advent International Corp

11-Mar-11 1,200 Taikang Life Insurance (15.6%) Goldman Sachs; GIC; ChianGuardian Auctions

China US Acquiror Goldman Sachs Capital Partners

Source: J.P. Morgan, Dealogic A N

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urope cross- or er & tren s

European cross-border M&A was $131bn in 1Q2011, highest Euro ean cross-border M&A was at the hi hest level inlevel seen in the first quarter of any year since 2000

The number of deals in 1Q 2010 also increased to 265 from 228in 1Q 2010

last 11 years ($bn)

13125 125 122

131$10bn

,

21 in 1Q 2010Cross-border activity formed 61% of the total European M&A in2011, against 55% in 2010

This was driven b a 34% increase outbound M&A

84

24 36

5354

66

8037 12

27 1494

36 4041

81

59

95

Oil & gas was the top sector for cross-border activity in 1Q 2011,contributing 19% of the outbound M&A and 35% of the inboundM&A in Europe

21 14 10 8 12 1217 23

2615 16

1514 11 9

1016

101720 12

13 1615

5965 6444446 7 72 3 4

26

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

100% stack bars for

2011 cross-border formed 61% of total European M&A

Less than$100mm $100500mm $500mm1bn $110bn

Greaterthan $10bn Total

2001 (20.2)% (31.7)% (6.0)% (71.5)% NM (25.3)%

Y/Y growth by deal size

11% 11%

Domes tic Inf low Outf low Within Europe

I O N S

R E V I E

omes c, n ow,outflow, within Europe

2002 (23.0)% (30.1)% (84.0)% (16.7)% NM (61.7)%2003 0.5% (15.8)% 22.1% (41.8)% NM (26.1)%2004 1.8% 39.0% 302.2% 16.4% NM 50.5%2005 7.0% 6.6% (21.4)% 17.7% NM 2.8%2006 37.6% 37.5% 17.7% 126.1% NM 98.1%

67% 71%

9%

18%12%

11%6%

10% 8% 12% 21% 7%24%

23%

19% 27% 13%

6% 12%

10% 11% 15% 13% 21%

20%22%

31% 26% 30% 29% 25% 26%

&

A C Q U

I S I T

. . . . . .2008 34.0% 15.2% 15.4% 2.9% (47.6)% (2.6)%2009 (56.6)% (72.9)% (78.4)% (71.4)% 96.0% (52.1)%2010 21.1% 106.3% 143.5% 384.2% NM 77.9%2011 21.2% 8.1% 70.9% 21.8% NM 37.9%

55%36% 44%

54% 51% 44% 41% 46% 46% 39%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 A N

M E R G E R

ource: . . organ, ea og c,Note: Represents 1Q data for all years

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urope cross- or er & tren s cont

Inbound and outbound M&A with Euro e involvement 2011YTD

# of deals

South and SE Asia

$1.4bnDeal value

7

North Asia

$10.1bnDeal value # of deals

24

North America

$44.1bnDeal value # of deals

89$17.6bn 21$3.6bn 16$30.8bn 47

Outbound

Inbound Overall

Deal value # of deals

Legend

$67.7bn$63.8bn

140126

I O N S

R E V I E

&

A C Q U

I S I T

$11.4bn$4.4bn

Deal value # of deals1516

$0.3bn$0.3bn


$0.3bn$7.1bn


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urope cross- or er & tren s cont

Inbound and outbound M&A with Euro e involvement b sectors 2011YTD

$4.8bn$9.7bn $8.0bn $5.0bn $1.2bn$1.7bn $1.3bn $0.1bn $0.0bn

South and SE AsiaNorth AsiaNorth America

.. . . .. . . .

DiversifiedFIG

LegendInboundOutbound Overall

$12.7bn $11.0bn $10.2bnTechnologyTrans/PP/BPConsumerReal estateHealthcareMining

$22.2bn $19.8bn $6.3bn

I O N S

R E V I E

Oil & GasMediaRetailTelecommunicationsUtility & Energy

&

A C Q U

I S I T

Australasia

$0.2bn

$0.1bn $0.1bn $0.1bn

Africa and Middle East

$2.8bn $0.4bn

$3.6bn $0.2bn

$7.6bn

$0.3bn

Latin America

$0.3bn

$3.1bn $2.1bn $0.9bn

$0.1bn $0.0bn

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urope ransat ant c tren s

Transatlantic M&A value b deal size 20002011YTDTranslantic M&A with Euro ean tar ets amounted to $44bn in 1Q(European targets) ($bn)2011, up 34% from 4Q 2010 and up 45% from 1Q 2010

Deals greater than $1bn were flat compared to the last quarterwith eight deals including $6.5bn acquisition of E.ON UK Plc byPPL Cor , the $6bn ac uisition of Danisco b EI du Pont de

177154

$10bn Annualised

Nemours and the $4.5bn acquisition of Kabel Baden-Wuerttemberg by Liberty Global

Mid-market deals amounted to $8bn in 1Q 2011, up 29% fromlast uarter and u 68% from 1Q last ear 7 5 5 5 7 7 7 7 9 5 7 2

20 15 15 11 20 23 23 27 25 18 22 7

16 12 6 1014 12 19

25 193

158

5323 28 31

2343 27

6338

3648

27

1010

1522

1496

55 5468 64

86 86

107

84

105

44

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Lar est announced transatlantic M&A deals involvin Euro ean tar ets 2011YTD


# ofdeals 323 247 216 205 299 315 305 353 371 216 302 89

Ann. Date Deal Value ($mm) Target Acquiror Target nationality Acquiror Nationality

1-Mar-11 6,468 E.ON UK plc PPL Corp United Kingdom United States

9-Jan-11 6,117 Danisco A/S EI du Pont de Nemours & Co Denmark United States21-Mar-11 4,482 Kabel Baden-Wuerttemberg GmbH & Co KG Liberty Global Inc Germany United States I O

N S

R E V I E

29-Mar-11 3,200 Converteam Group SAS (90%) General Electric Co France United States14-Feb-11 2,903 TransContainer OAO (20.38%) Bank of New York Russian Federation United States1-Feb-11 1,909 EMI Group Ltd Citigroup Inc United Kingdom United States18-Mar-11 1,118 Yoplait SAS (51%) General Mills Inc France United States11-Mar-11 1,000 Chevron Corp (Inventory & Other Items) Valero Energy Corp United Kingdom United States &

A C Q U

I S I T

24-Jan-11 957 LyondellBasell Industries NV (6.03758%) Access Industries Netherlands United States23-Mar-11 955 Unilever plc (Sanex brand ) Colgate-Palmolive Co United Kingdom United States


A N

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urope ransat ant c tren s cont

Transatlantic M&A value b deal size 20002011YTDTranslantic M&A with Euro ean ac uirers doubled from last(European acquirors) ($bn)quarter to $31bn in 1Q 2011, and up 30% from 1Q 2010

Only one $10bn plus deal was announced during 1Q with the$12.5bn agreed acquisition of NYSE Euronext by DeutscheBoerse

278327

$10bn Annualised

Mid-market deals amounted to $2.7bn in 1Q 2011, up 52% fromlast quarter and doubled from 1Q last year

8 6 4 4 4 4 4 6 7 4 4 128 15 11 7 14 15 18 20 18 10 16 321

6 3 1 9 9 1421 14 9 6 3

138

41 26 11 1372 65

153

5520 60

12

12 14 10

50

77

117

2824

13

123

8058

2450

100152

71110

31


2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011# ofdeals 418 267 182 149 193 224 217 218 312 191 222 48

,

Ann. Date Deal value ($mm) Target Acquiror Target Nationality Acquiror nationality15-Feb-11 12,543 NYSE Euronext (Bid No 1) Deutsche Boerse AG United States Germany7-Feb-11 8,718 Pride International Inc Ensco plc United States United Kingdom9-Feb-11 3,218 TMX Group Inc London Stock Exchange Group plc Canada United Kingdom I O

N S

R E V I E

7-Mar-11 768 Oil & Gas Assets (Gas block in Alaska) Repsol YPF SA United States Spain

18-Jan-11 685 Danaher Corp (Pacific Scientific Aerospace business) Meggitt plc United States United Kingdom21-Feb-11 677 Zoran Corp CSR plc United States United Kingdom24-Mar-11 635 Vector Aerospace Corp European Aeronautic Defence & Space Canada Netherlands

26-Jan-11 479 Sherritt International Corp (18.27%) M&G Investment Management Ltd Canada United Kingdom & A C Q U

I S I T

24-Jan-11 453 Genoptix Inc Novartis AG United States Switzerland

4-Mar-11 324 Property Portfolio (Former NBA Store ) Inditex SA- Industria de Diseno Textil United States SpainSource: J.P. Morgan, Dealogic

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uropean tren s n ost e ea s

Hostile/unsolicited offers on Euro ean tar ets increased 40% in 1Q 2011 $bn

30

43222

Cash Share Mixed

10 9

149

711130

71

2 10 23

12

1 43 20 2 0

43

81

10 13 1 5 7

83

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011# ofdeals 0 3 1 3 2 4 18 17 17 8 10 8


Note: Represents 1Q data for all years

Top European hostile deals, 2011YTD

Ann. date Deal value ($mm) Target Acquiror Target nationality Acquiror nationality18-Feb-11 3,945 Alpha Bank AE National Bank of Greece SA Greece Greece21-Mar-11 2,815 Imerys SA (25.61%) Groupe Bruxelles Lambert SA - GBL France Belgium

I O N S

R E V I E

- - . -07-Jan-11 60 Duc Lamothe Participations SA (22.4%) Fonciere PH Green - FPHG France France

08-Mar-11 50 Tharreau Industries SA (85.3%) Schouw & Co A/S France Denmark21-Feb-11 33 Compagnie Financiere Geo (Cofigeo) (61%) Compagnie Des Minquiers SAS France France11-Mar-11 17 Mintails Ltd (86.2%) Private Investor (Seager Rex Harbour) Australia Monaco18-Jan-11 12 Pharms nthez OAO 34.3% E ha AS Russian Federation Estonia

&

A C Q U

I S I T

.Source: J.P. Morgan, Dealogic

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European trends in control premiums

European unsolicited control premiums median reducedin 1Q 2011 vs. 4Q 2010

2 2

2

2 5

( 2 )

69

4 3

3 3

1 7

1 5

9

2 5

1 6

2 8

5

( 1 )

2 3

4 9

3 6

2 0

1 6

3 3

4 2

1 3

4

2 0

1 6

5 1

3 6

1 9

1 6

4 0

1 7

2 3

( 1 )

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

One-day % median One-week % median One-month % medianAvg -Avg -

Avg -

European 1 month median control premiums byconsideration, last 12 quarters

3 1

2 0 2

3

3 5

3 4

2 5

2 4

1 8

3 1

2 9 3

3

6

( 1 2 )

( 8 )

2 8

5 4

1 7

2 9

1 5

2 2

2 1

5 7

4

1 6

2 8

3 7

3 0

2 1

1 4

2 6

3

9

1 6

2 3

3 0

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q1

Cash Share Mixed


Avg - 2Avg - 1

Avg - 2


E U R O P E A N

M E R G E R S

&

A C Q U I S I T I O N S

R E V I E W

European friendly control premiums median reduced in1Q 2011 vs. 4Q 2010

2 2

1 7

2 3

2 0

1 6

1 3

1 7

1 3

2 3

2 1

1 9

1 3

2 2

2 0

2 9

2 7

1 7

1 6

2 1

1 1

2 9

2 3

1 8

3

1

1 9

2 3

3 5

3 3

2 6

2 1

1 4

2 8 3

0

1 7 2

0 2 4

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

One-day % median One-week % median One-month % medianAvg - 21Avg - 25

Avg - 18

2324

16

The spread between the European 1 month mediandomestic and cross-border control premiums is widening

3 6

3 1 3

2

4 8

4 1

3 6

2 5

2 2

3 4

3 3 3

6

1 8

1 1 1

3

1 8

2 8

2 4

1 9

1 4 1

6

2 5

1 4

2 9

1 0

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

Cross-border Domestic

1



Avg- 17Avg- 34

38

7

16


19/63

uropean tren s y country

The UK remained the biggest market by deal value with $110bn, followed by Germany with $82bn and France with $45bn

Russian deal value increased more than five times in 1Q 2011 compared to 1Q 2010 to reach $37bn, while other key growth marketsincluded Italy ($31bn) and Germany ($82bn) which trebled, Nordic ($35bn) which doubled and UK +76%, Iberia +45% and France +43%.

The fall in deal value during 1Q 2011 was in the Benelux region, which declined by 8% compared to 1Q 2010 ($32bn)

s me as year w zer an was e mos ac ve acqu rer w a mar e s are o , u s ppe o n n pos on w a mar e s are o

3% in 1Q 2011, replaced by UK as the most active acquirer with 27% market share compared to 20% last year

Euro ean tar ets b countr Euro ean ac uirers b countr

17% 17%

UK Russia Italy Spain Germany France Denmark Netherlands Sweden Ot hers

15%

UK Germany F rance It aly R us sia Spain Net herlands B elgium Switzerland Ot hers

I O N S

R E V I E

5%

4%3%

16%

14%

4%5%

13%

38%2010YTD

2011 YTD 4%

3%3%

7%

27%20%

7%

10%

3%

28%

11%

2010YTD

2011 YTD

&

A C Q U I S I T

8% 13%

11%

10%7%1%4%

4% 12%9%

10%10%

3%7%10%

1%

Source: J.P. Morgan, Dealogic A N

M E R G E R

17 E U R O P


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uropean tren s y n ustry

Telecom was the lar est sector in Euro e in 1Q 2011Telecoms accounted for 17% of the M&A in 1Q 2011 compared to3% in 1Q 2010

Transport/paper & packaging/building products has the highestamount of cash & short term investment available at $281bn,followed by utilities with $177bn. The least cash & short term 17%5%

4%3%2%

1% 1%

Telecom FIG O&G Divs ConsUtilities Trans/PP /BP RE Health. Tech

securities available is with real estate with $16bn

Technology has the lowest gearing (total debt/total assets) of17.6%, followed by retail with 18.8%. Real estate has the highestgearing of 40.8%, followed by media with a gearing of 29.8%

17%

8%

7%

5%15%

7%

9%

11%

26%

3%3%3%2%2%

2010YTD

2011 YTD

16%14%


5%4%

Sector exit multiples vs. sector valuationTrans/PP/BP has the highest amount of cash available

29x 27x24x30 30

1Q2011 Industry avg.281

300 50%

Cash ($bn) Total debt/total assets I O N S

R E V I E

21x 20x 20x 19x 17x 16x 16x

11x 10x 9x

05

1015

2025

r l P051015

2025

165 140118 104 94 85 80

50 35 16

177

050

100150

200250

P r l0%10%20%30%40%

&

A C Q U I S I T

R e a

l e s

t a t

T e c

h n o

l o g F

I

M i n i n

M e

d i

H e a

l t h c a r

T e

l e c o

C o n s u m e

D i v e r s

i f i e

R e

t a i

O i l & G a

T r a n s

/ P P / B

U t i l i t i e s

T r a n s

/ P P / B

U t i l i t i e

O i l & G a

D i v e r s

i f i e

T e

l e c o

M e

t a l / M i n i n

C o n s u m e

R e

t a i

H e a

l t h c a r

T e c

h n o

l o g

M e

d i

R e a

l E s

t a t

Source: J.P. Morgan, Dealogic, FactSetSource: J.P. Morgan, FactSet A N

M E R G E R

.

18 E U R O P


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uropean top ea s ana ys s

Markets have ositivel reacted to ac uirers of to Euro ean deals in 2011 YTD.

10%

15%

u n o

f t h e

Deutsche BoerseNYSE Euronext

TotalNovatek

AT&T

LVMHBulgari

Telefonica

(5)%

0%

5%

o n

t h e x c e s s

r e t

a c q u i r e r

Avg. 1 month excess return of acquirer : 4.1%EnscoPride International

EI du Pont

BP plcReliance Industries (O&G Blocks)

at o na an oGreece Alpha Bank

-

BPRosneft

Vivo Participacoes

(10)%(10)% 0% 10% 20% 30% 40% 50% 60% 70%

1 month premium

1 de NemoursDanisco

Acquirer analysis Target analysis

Moody's Rating Broker Recommendation Moody's Rating Broker Recommendation

Ann. Date $bn Target Acquiror - 3m +3m # of est. Change in rating - 3m +3m # of est. Change in rating

with brokers upgrading most of the acquirers for the top European M&A in 2011 YTD

I O N S

R E V I E

20-Mar-11 39.0 T-Mobile USA Inc AT&T Inc A2 A2 8 DW

15-Feb-11 12.5 NYSE Euronext Deutsche Boerse AG WR WR 8 UP A3 A3 7 UP

21-Feb-11 9.0 Reliance Ind. (23 O&G Blocks) BP plc A2 A2 10 UP Baa2 Baa2 14 DW7-Feb-11 8.7 Pride International Inc Ensco plc Ba1 Ba1 13 DW

14-Jan-11 7.9 Rosneft OAO BP plc A2 A2 10 UP Baa1 Baa1 2 UP

9-Jan-11 6.1 Danisco EI du Pont de Nemours A2 A2 3 UP 7 UP &

A C Q U I S I T

Source: J.P. Morgan, Dealogic, FactSet

Note: Labels indicate ac uirer followed b tar et

25-Mar-11 5.5 Vivo Participacoes SA Telefonica SA Baa1 Baa1 13 UP 3 DW

7-Mar-11 5.5 Bulgari SpA LVMH Moet Hennessy Louis Vuitton 7 DW 12 DW

2-Mar-11 4.8 Novatek OAO Total SA Aa1 Aa1 9 UP Baa3 Baa3

18-Feb-11 3.9 Alpha Bank AE National Bank of Greece 1 DW WR WR 5 UP

A N

M E R G E R

Since target is private, no data on premiums is available

19 E U R O P


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Euro ean consumer & retail M&A value rebounded to $37bn in 1Q 2011, an increase of 51% a ainst the revious uarter and u 18%

onsumer & eta

against the same quarter last yearNumber of deals in the sector increased 15% to 170 against 148 in the same quarter last year$1bn plus deals increased to nine deals in this quarter against four deals in the same period last year

An Euro ean involved consumer & retail M&A value constituted 56% of the lobal consumer and retail M&A value in this uarter a ainst45% in the same quarter last year

Financial sponsor activity in the European consumer & retail sector increased 92% in 1Q 2011 compared to 1Q 2010 to $11bn with the$2.1bn divestment of Mey Icki Sanayi ve Ticaret by TPG Capital, which was the biggest consumer & retail sponsor related deal of thequarter

Food & beverage continued to be the leading subsector accounting for 44% of the 1Q 2011 European consumer & retail M&A against 58%in 1Q 2010

Cash available with large European consumer & retail companies has increased over the past five years to $137bn and the gearing fallingto 23%. Nestle has the highest available cash in the consumer & retail sector with $18.5bn

I O N S

R E V I E

&

A C Q U I S I T

A N

M E R G E R

20 E U R O P


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onsumer & eta cont

Euro ean consumer & retail M&A value b deal size Euro ean consumer & retail M&A value as % of lobal

251

$10bn Annualised

20002011YTD ($bn)

M&A, 20002011YTD

66%58% 55%

62%56%60%

70%

13 12 12 13 15 15 16 1428 20 21 18 26 30 33 37 28 16 19 712 13 13 11 18

24 25 20 168 20 7

6135 40 39

54 5854

10755

1752

20

66

12 14

18 19 71

22

148

181

92 84 93111 145

146

73101

37

23% 21%

39% 40%

28%23%

10%

20%

30%40%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Euro ean consumer & retail financial s onsor M&A

0%2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011# ofdeals 1,002 960 849 800 774 880 943 891 843 658 679 170

97

$10bn Annualised

European consumer & retail by sub-sector, 2011YTD

0%8%

Food & Beverage Consumer Products Retail Leisure & Recreation Textile

value, 20002011YTD ($bn)

I O N S

R E V I E

5 58 15 7 8 11

7 3 617

1922

53

1211

16

21

44

2212 15

19

3643

52

3122

34

11

44%

18%

58%11%

17%

10%4%

2010YTD

2011 YTD

&

A C Q U I S I T

2 2 2 3 3 3 3 4 2 2 2 08 3 6 6 8 6 6 23 2

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 30%


Note: Represents 1Q data for all years

# ofdeals 134 119 129 127 147 184 186 199 123 104 117 31

A N

M E R G E R

21 E U R O P


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onsumer & eta cont

Consumer & retail median control remiums 20092011Consumer and retail balance sheet stren th last 5 ears

32.0%

40.3%

30.0%

45.0%C ons um er R et ail

137

109

125

106

125

120

140

160

25%

30%

Cash ($ bn) To tal debt /t ot al as set s

16.3%

7.7%

(5.5)%

0.0%

15.0%

20

40

60

80

100

5%

10%

15%

To consumer & retail deals 2011YTD

(15.0)%2009 2010 2011

0Current2010200920082007

0%

Consumer and retail exit multi les vs. sector valuation

Source: J.P. Morgan , FactSetNote: Total of companies in the sector with a market cap greater than $1bn

Source: J.P. Morgan, DealogicNote: Median 1 month control premiums

Ann. date $bn Target AcquirorTargetnation

Acquirornation

9-Jan-11 6.1 Danisco A/S EI du Pont de Nemours Denmark US

7-Mar-11 5.6 Bulgari SpA LVMH Italy France

21-Feb-11 2.1 Mey Icki Sanayi ve Ticaret Diageo plc Turkey UK

15.0x16.0x 16.6x

18.7x

15.8x

14

161820

14

161820

Retail (M &A) Consumer (M &A) Retail (Actual) Consumer (actual)

I O N S

R E V I E

25-Feb-11 1.9 Dometic International EQT Partners AB Sweden Sweden3-Mar-11 1.3 Delta Maxi doo Delhaize Group Serbia Belgium

18-Mar-11 1.1 Phones 4u BC Partners Ltd UK UK18-Mar-11 1.1 Yoplait SAS General Mills Inc France US

22-Mar-11 1.1 Parmalat SpA Lactalis Group, CreditAgricole , Societe Generale

Italy France

9.3x

24

68

1012

24

68

1012

&

A C Q U I S I T

23-Mar-11 1.0 Unilever plc Colgate-Palmolive Co UK US

21-Jan-11 0.9 Northern Foods Boparan Holdings Ltd UK UKSource: J.P. Morgan, Dealogic , FactSetNote: Actual represents average of companies in the sector with a market cap greater than $1bn

02009 2010 2011

0


A N

M E R G E R

22 E U R O P


25/63

ea t care

Euro ean healthcare M&A value increased 19% to $13bn in 1Q 2011 com ared to the revious uarter but was down 80% a ainst thesame quarter last year, due to the absence of a single $10bn transaction in 1Q 2011

Number of deals in the sector decreased to 89 in 1Q 2011 against 107 in the same quarter last yearNumber of $1bn plus deals in European healthcare sector decreased to three deals in this quarter against five deals in the sameperiod last year

Any European involved healthcare M&A value constituted 27% of the global healthcare M&A value in this quarter down from 82% in thesame quarter last year

Financial sponsor activity in the European healthcare sector more than doubled in 1Q 2011 to $8bn with 14 deals against $4bn in 1Q 2010

1Q 2010

Total cash available with large European healthcare firms is $73bn, of which 70% is held by five companies alone, including AstraZeneca,Roche Holding, GlaxoSmithKline, Sanofi-Aventis and Novartis

I O N S

R E V I E

&

A C Q U I S I T

A N

M E R G E R

23 E U R O P


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27/63

ea t care cont

Healthcare median control remiums 20092011YTDHealthcare balance sheet stren th last 5 ears

27.7%

37.3%

30.0%

45.0%

73

86

6471 73

708090100

25%

30%Cash ($ bn) To tal debt /t ot al as set s

13.3%15.0%

1020304050

60

5%

10%

15%

To Healthcare deals 2011YTD

0.0%2009 2010 2011

0Current2010200920082007

0%

Healthcare exit multi les vs. sector valuation




Acquirornation

07-Mar-11 2.6 CaridianBCT Holding Corp Terumo Corp US Japan

18-Jan-11 1.5 Priory Healthcare Holdings Advent International UK UK

07-Jan-11 1.2 Capio Sanidad SL CVC Capital Partners Spain Spain

23.3x

20.1x20

25

25

30

H ealt hc are (M &A ) H eat hc are (A c tuals )

I O N S

R E V I E

28-Feb-11 0.9 Plexxikon Inc Daiichi Sankyo Co Ltd US Japan

31-Jan-11 0.8 Quest Diagnostics Inc (9.9%) Quest Diagnostics Inc US US

28-Jan-11 0.7 Integrated Dental Holdings Carlyle Group; PalamonCapital

UK US

23-Feb-11 0.7 SteriGenics International Inc GTCR US US

04-Jan-11 0.6 Euromedic International (IDC) Fresenius Medical Care Hungary Germany

. x

5

10

15

5

10

15

&

A C Q U I S I T

21-Feb-11 0.5 ProStrakan Group plc Kyowa Hakko Kirin Co UK Japan

24-Jan-11 0.5 Genoptix Inc Novartis AG US Switss.2009 2010 2011

Source: J.P. Morgan, Dealogic , FactSetNote: Actual represents average of companies in the sector with a market cap greater than $1bn


A N

M E R G E R

25 E U R O P


28/63

vers e

Euro ean diversified M&A value more than doubled to $66bn in 1Q 2011 a ainst the same uarter last ear and is down 5% a ainst theprevious quarter

Number of deals in the sector increased to 381 in 1Q 2011 against 352 deals in the same quarter last yearDeals in the range of $1bn-$10bn more than doubled to 10 deals in this quarter against four deals in the same period last yearThe first quarter saw the emergence of a $10bn plus transaction with the $18bn spin-off of Fiat Industrial by Fiat

Any European involved diversified M&A value constituted 40% of the global diversified M&A value in this quarter up from 35% in thesame quarter last year

Financial sponsor activity more than doubled in 1Q 2011 to $12.6bn with 46 deals against $5.4bn in 1Q 2010

o a cas ava a e w arge uropean vers e rms s n, o w c a mos a s w compan es, o swagen, emens,Daimler, Fiat, Audi, Peugeot, European Aeronautic Defence & Space, BMW, Vinci and Actividades de Construccion y Servicios

I O N S

R E V I E

&

A C Q U I S I T

A N

M E R G E R

26 E U R O P


29/63

vers e cont

Euro ean Diversified M&A value b deal size Euro ean Diversified M&A value as % of lobal M&A 20002011YTD ($bn)

20002011YTD

56%

46%

56%49% 47% 48%

57% 55% 56%

41% 40%50%

60%

498

$10bn Annualised

35%

10%

20%

30%

40%

30 24 24 29 31 35 3357 43 41 27 45 54 63

83 7029 43

38 17 22 16 3938 52

64 5316 29 10

11757 77 74 60

123153

188119

6997

22

12 13

44 96 36

1218

264241

141174

139181

288 310

144191

66

Euro ean Diversified financial s onsor M&A value

0%2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011# ofdeals 2,125 1,871 1,790 1,448 1,576 1,882 2,010 2,165 2,079 1,398 1,511 381

European Diversified by sub-sector, 2011YTD20002011 YTD ($bn)

3% 0%0%

M achinery Building M etal & Steel Chemicals Transp. Auto/TruckProf. Services Aerospace Agri. Paper Defense

105121

$10bn Annualised

I O N S

R E V I E

0%

10%

10%

31%7%

17%

9%14%

9%

3%

13%1%

1%

2010YTD

2011 YTD

20 22 249 3 9 821 13 16 22 18

105 9 1318

23 2060

67

16 2812

51

29 2836 40

70

61 55

28

54

13 &

A C Q U I S I T

11%

12%

15%26%


5 5 5 6 6 8 7 7 5 3 4 110 10 9 8 7 12 25

5

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011# ofdeals 290 276 290 265 325 356 366 398 306 174 228 46

A N

M E R G E R

o e: epresen s a a or a years

27 E U R O P


30/63

vers e cont

Diversified median control remiums 20092011YTDDiversified balance sheet stren th last 5 ears

24.1%25.5%

19.5%20.0%

25.0%

30.0%

352349

275276

331

350

400

25%

30%

C ash ($ bn) Tot al debt /t ot al ass et s

5.0%

10.0%

15.0%

50

100

150

200

250

5%

10%

15%

20%

To Diversified deals 2011YTD

0.0%2009 2010 2011

0Current2010200920082007

0%

Sector exit multi les vs. sector valuation

Source: J.P. Morgan, FactSetNote: Total of companies in the sector with a market cap greater than $1bn



Acquirornation

3-Jan-11 18.0 Fiat Industrial Existing Shareholders Italy Italy

26-Jan-11 4.9 Aperam (Stainless steel) Existing Shareholders Luxbourg Luxbourg

9-Mar-11 3.3 Tognum AG (71.6%) Daimler; Rolls-Royce Germany Germany

18.2x16.9x 16.3x

11.3x11.0x 11.1x16

1820

161820

Auto (M &A) Chem. (M &A) Constr'n (M &A) Transp. (M &A)Auto (Act) Chem. (Act) Constr'n (Act) Transp. (Act)

I O N S

R E V I E

14-Feb-11 2.9 TransContainer (20.4%) Bank of New York Russia US

21-Mar-11 2.8 Imerys SA (25.6%) Groupe Bruxelles Lambert France Belgium

18-Feb-11 2.6 Lafarge (UK business) Anglo American (Tarmac) UK UK

16-Feb-11 2.4 Sued-Chemie (96.4%) Clariant AG Germany Swiss.

11-Jan-11 2.0 ELKEM CNCC Norway China

8.1x9.3x

5.5x

8.4x

11.3x. x

2468

1012

2468

1012

&

A C Q U I S I T

1-Feb-11 1.5 BorsodChem Rt (58%) Wanhua Industrial Hungary China

7-Mar-11 1.3 Forth Ports plc (77.2%) Arcus Infra. Partners UK UK2009 2010 2011

Source: J.P. Morgan, Dealogic, FactSetNote: Actual represents average of companies in the sector with a market cap greater than $1bn


A N

M E R G E R

28 E U R O P


31/63

nanc a , nsurance an overnment

Euro ean FIG M&A value increased b 66% to $59bn in 1Q 2011 a ainst $36bn in 1Q 2010 and increased 46% from revious uarter,mainly driven by transatlantic stock exchange consolidation

However the number of deals fell to 157 deals in 1Q 2011 from 165 deals in the same quarter last yearDeals in the range of $1bn-$10bn increased by 40% to 14 deals in 1Q 2011 from 10 deals in 1Q 2010The first quarter saw the return of a $10bn plus transaction with the $12.5bn bid for NYSE Euronext by Deutsche Boerse

Any European involved FIG M&A constituted 57% of global FIG M&A value in 1Q 2011 against 39% in 1Q 2010

The financial sponsor activity in the European FIG sector more than doubled to $3.2bn in 1Q 2011 against the same period last year withthe $1.2bn minority stake acquisition in Taikang Life Insurance by Goldman Sachs and GIC

uropean governmen a ou s ave ncrease n o . n aga ns . n n

I O N S

R E V I E

&

A C Q U I S I T

A N

M E R G E R

29 E U R O P


32/63

cont

Euro ean FIG M&A value b deal size Euro ean FIG M&A value as % of lobal M&A 20002011YTD ($bn)

20002011YTD

69%

60%53%

57%60%

70%

80%

419512

$10bn Annualised

40%

20% 17%

35%

47%

38% 39%

20%

30%

40%

50%

31 30 28 35 24 35 42 45 47 32 3638 17 18 14 24 13 33 43

42 20 235

15092 33 61 43

115 125237 182

121 105

33

67

3431 27

2289

173134

111

13

238297

185120 120 128

196

300 295

174

59

Euro ean FIG financial s onsor M&A value

0%2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011# ofdeals 752 696 653 626 558 677 694 795 877 667 625 157

European FIG by sub-sector, 2011YTD20002011YTD ($bn)

0%8%

Finance Insurance Holding Companies Government37

$10bn Annualised

I O N S

R E V I E

21%

2%

69%

29%2010YTD

2011 YTD

5 3 5 64

11 11

24

8

84

11

46

4 4

11

21 21 19

13 13

&

A C Q U I S I T

71%


1 1 1 1 1 1 2 2 2 1 1 013 1 2 3

5 5 5 4 3 4 12

21 1

2 11

2 1

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011# ofdeals 40 44 38 48 54 67 76 90 81 48 48 11

A N

M E R G E R


30 E U R O P


33/63

cont

FIG median control remiums 20092011YTDEuro ean overnment bailouts $bn

18 1%

27.3%

25.0%

30.0%

Finance Insurance124

100

120

140 Financial institutes Corporates

16.2%.

14.0%11.8%

5.0%

10.0%

15.0%

.

124

60

10

478

0

0

0 028

0

28

60

19

4

4 7

3 38 6 5

20

40

60

80

To FIG deals 2011YTD

0.0%2009 2010 2011

02Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

FIG exit multi les vs. sector valuation




Acquirornation

15-Feb-11 12.5 NYSE Euronext Deutsche Boerse AG US Germany

7-Mar-11 4.2 ING Groep NV (5.2%) ING Groep NV Nethland Nethland

18-Feb-11 3.9 Alpha Bank AE National Bank of Greece Greece Greece

39.1x45 45

Finance (M &A) Insurance (M &A) Finance (A ctual) Insurance (actual)

I O N S

R E V I E

14-Feb-11 3.5 Bank of Moscow (46.5%) VTB Bank OAO Russia Russia

9-Feb-11 3.2 TMX Group Inc LSE Canada UK

6-Feb-11 2.8 Amagerbanken (All Assets) Finansiel Stabilitet Denmark Denmark24-Mar-11 2.4 Catalunya Caixa (Stake%) FROB Spain Spain

27-Jan-11 2.4 La Caixa (Banking ops) Criteria CaixaCorp SA Spain Spain

3-Mar-11 2.1 NPM/CNP 28.3% Erbe SA Bel ium Bel ium

14.2x16.7x

.

6.0x10.2x15 15

&

A C Q U I S I T

22-Feb-11 1.9Zurich SantanderInsurance America (51%) Zurich Financial Services Brazil Switss.

2009 2010 2011



A N

M E R G E R

31 E U R O P


34/63

atura esources an as

Natural resources rou NRG saw M&A deal value more than double in 1Q 2011 to $87bn com ared to $35bn in the same eriod lastyear. This increase coincides by the rising cost of oil which has risen 43% in the last 12 months

Number of deals remained same in 1Q 2011 at 188 deals against 1Q 2010Number of deals in the $1bn-$10bn range increased to 20 deals in 1Q 2011 against 12 deals in 1Q 2010Mid-market activity more than doubled to 13 deals in this quarter against six deals in the same period last year

Financial sponsor activity in the European NRG sector increased 8% to $2bn in 1Q 2011 against 1Q 2010

Oil & gas continued to be the top sub sector in 1Q 2011 with 68% against 50% in 1Q 2010

Cash & short term investments available with large European NRG companies is $371bn, more than half of which is held by 10compan es, ec r c e e rance, ne p , o a , c, on, uez, n esa, oya u c e , . anSurgutneftegaz

I O N S

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Euro ean NRG M&A value b deal size Euro ean NRG M&A value as % of lobal M&A 20002011YTD ($bn)

20002011YTD

59% 57%

70%66%

55%60%

70%

80%

122 347360

450$10bn Annualised

150

44%

36% 36% 36%28%

45%

20%

30%

40%

50%

21 19 19 22 25 30 36 49 40 30 4121 15 11 17 1523 28

39 32 22 2710

9244 61 37 61

69127

226162

96170

6839 17

51

160 82

14

23140 124 114

83110

183 173

273

8750

100

Brent Oil $/bbl

Euro ean NRG financial s onsor M&A value

0%2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011466 424 385 417 470 600 677 770 838 780 842 188# ofdeals

European NRG by sub-sector, 2011YTD20002011YTD ($bn)

3%

Mining Oil & Gas Utility & Energy36

$10bn Annualised

I O N S

R E V I E

29%

31%

19%

2010YTD

2011 YTD

39 11

19 18 20

4 7

7

46

9

17 16

25 26

912

&

A C Q

U I S I T

68%50%


0 0 0 0 1 1 1 1 1 1 0 00 1 1 24 3 4 3 4 2 3 11 1

4 1 2 4 1 2 23 3 11 2

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011# ofdeals 14 17 16 24 42 47 39 52 57 44 34 8

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cont

NRG median control remiums 20092011YTDNRG balance sheet stren th last 5 ears

43.5%40.2%

26.9%

43.4%

29.5%30.0%

40.0%

50.0%

M ining O&G Ut ilit y

371344

318275

362

300

350

400

25%

30%

Cash ($bn) Total debt/total assets

17.4%

6.8%12.1%

(11.4)%(10.0)%

0.0%

10.0%

20.0%

50

100

150200

250

5%

10%

15%

To NRG deals 2011YTD

(20.0)%2009 2010 2011

0Current2010200920082007

0%

NRG exit multi les vs. sector valuation




Acquirornation

21-Feb-11 9.0 Reliance Industries (Oil &Gas Blocks) BP plc India UK7-Feb-11 8.7 Pride International Ensco plc US UK14-Jan-11 7.9 Rosneft (9.5%) BP plc Russia UK

24.8x

21.0x25

30

25

30

M ining (M &A) O&G (M &A) Utility (M &A)M ining (Act.) O&G (Act.) Utility (Act.)

I O N S

R E V I E

16-Feb-11 7.6 CEPSA (52.9%) IPIC Spain UAE1-Mar-11 6.5 E.ON UK PPL Corp UK US2-Mar-11 4.8 Novatek (12.1%) Total SA Russia France19-Jan-11 2.9 Elektro Eletricidade e Servicos (99.7%) Iberdrola Brazil Spain14-Mar-11 2.8 Iberdrola (6. 2%) Qatar Invest.

AuthoritySpain Qatar

13-Feb-11 2 8 John Wood Grou Well Su ort General US US

9.1x 9.0x

11.7x 10.9x10.9x 10.6x8.7x

5

10

15

20

5

10

15

20

&

A C Q

U I S I T

.Division) Electric

8-Mar-11 2.1 Iberdrola Renovables (19.6%) Iberdrola SA Spain Spain2009 2010 2011



A N

M E R G E R

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ea estate

With ust one $1bn lus transaction, Euro ean real estate M&A value has declined 21% to $17bn in 1Q 2011 a ainst the revious uarterand down 28% from the same period last year

The number of deals in the European real estate sector fell to 146 against 163 deals in the same period last yearMid-market deals increased to five deals against four deals in same period last year

Financial s onsor related M&A value in this sector almost doubled to $2bn a ainst the revious uarter but decreased 71% a ainst thesame period last year

Activity from the dining & lodging subsector is 11% of total European real estate M&A value in 1Q 2011 against 3% in 1Q 2010

I O N S

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ea estate cont

Euro ean Real estate M&A value b deal size Euro ean Real estate M&A value as % of lobal M&A 20002011YTD ($bn)

20002011YTD

69%60%

56% 59% 57%60%

70%

80%

51226

267$10bn Annualised

47%

37%

45% 43%

31%

20%20%

30%

40%

50%

12 17 21 25 16 13 1316 16 17 2233 60

72 75 48 29 348

12 9 8 618

1749 42

2410 11

432 13 21 36

5559

84 75

46

20 19

1

17

1268

84

44 5472

119

152 147

72 78

17

Euro ean Real estate financial s onsor M&A value

0%2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011# ofdeals

423 412 428 466 633 862 1038 1169 843 628 614 146

European Real estate by sub-sector, 1Q 2010 vs. 1Q 201120002011YTD ($bn)

11%

Dining & Lodging Real Estate/Property35 35

$10bn Annualised

I O N S

R E V I E

3%

2010YTD

2011 YTD

6 2 5 69

17

2418

24

16

7

98 7

12

22

7 6

10

27

&

A C Q

U I S I T

89%

97%


1 0 1 1 1 2 1 2 1 0 0 01 2 14 4 5 4 2 2 2 12

2 2 2 2 1 12

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011# ofdeals 24 33 37 48 62 86 72 70 43 28 25 13

A N

M E R G E R


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ea estate cont

Real estate median control remiums 20092011YTDReal estate balance sheet stren th last 5 ears

12.9% 12.2%

23.1%

15.0%

20.0%

25.0%

R eal es tat e D ining & Lo dging

10

8 710

12

40%

50%C ash ($ bn) Tot al debt /t ot al ass et s

(5.8)%

1.2%

(5.0)%

0.0%

5.0%

10.0%67

2

4

6

10%

20%

30%

To Real estate deals 2011YTD

.2009 2010 2011Current2010200920082007

Real estate exit multi les vs. sector valuation




Acquirornation

23-Mar-11 1.2 Rosimushchestvo Inter RAO UES OAO Russia Russia15-Feb-11 0.9 ING RE (Europe & Asia) CBRE Nethland US15-Feb-11 0.7 Colonia RE (0.3%) TAG Immobilien Germany Germany

41.3x

29.1x

45 45

RE(M &A) Lodging (M &A) RE (Actual) Lodging (Actual)

I O N S

R E V I E

23-Mar-11 0.7 Redefine International Wichford plc UK UK20-Mar-11 0.7 Property Portfolio Keppel Land Sing. Sing.21-Mar-11 0.6 Barclays Bank (Comm.

RE Portfolio)CreXus Investment US US

14-Jan-11 0.4 River Court Holdings Chinese Estates UK HK16-Mar-11 0.4 Logistics Portfolio AEW Europe; Tristan

Ca italCzechRe

France

17.2x 18.3x

12.1x15 15

&

A C Q

U I S I T

27-Mar-11 0.4 Delek Global (Bell Tower) Undisclosed Acquiror Canada Canada24-Mar-11 0.4 Wagamama Ltd Duke Street Capital UK UK

02009 2010 2011

0



A N

M E R G E R

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e ecommun cat on, me a an tec no ogy

Driven b the $39bn divestment of T-Mobile USA Inc b Deutche Telecom, Euro ean telecoms, media and technolo TMT deal valuealmost quadrupled in 1Q 2011 to $78bn compared to $20bn in 1Q last year and was up 65% from $47bn in 4Q 2010

Number of deals in 1Q 2011 was up 14% to 225 deals against 197 deals in 1Q 2010Deals in the $1bn-$10bn range increased to eight deals in 1Q 2011 against five deals in 1Q 2010

Financial s onsor activit in the Euro ean TMT sector has almost trebled to $11.7bn in 1Q 2011 a ainst $4bn in 1Q 2010 with the $4.5bndivestment by EQT Partners in Kabel Baden-Wuerttemberg, in what is the biggest sponsor deal of the quarter

European TMT companies have been reducing their gearing which stands at 25.7% and have also been building up their cash whichcurrently stands at $187bn, of which $100bn is held by ten companies, Nokia Corp, Vodafone Group, Ericsson, Telecom Italia, ABB,Koninklijke Philips Electronics, Telefonica, Alcatel-Lucent, France Telecom and Deutsche Telekom

I O N S

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Euro ean TMT M&A value b deal size Euro ean TMT M&A value as % of lobal M&A 20002011YTD ($bn)

20002011YTD

77%

70%80%90%

150

570$10bn Annualised

37%

55%47%

21%27% 27%

46%36%

21% 21%

53%

20%30%40%50%

60%

2750 26 18 17 29 37 38 46 36 16 2440

21 14 12 19 20 1931 16 10 11 5

302

60 57 41 40108 125 133

46 68 8525

22 44 28

69 46 46

3839

312

144101 127

132

251 244

115 105171

78

274

Euro ean TMT financial s onsor M&A value

0%2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011# ofdeals 2,118 1,450 1,090 934 1,026 1,204 1,125 1,157 1,206 898 937 225

European TMT by sub-sector, 1Q2010 vs. 1Q201120002011YTD ($bn)

4%

Media Technology Telecom

89 96

$10bn Annualised

I O N S

R E V I E

40% 33%2010YTD

2011 YTD

1112

8 2312

49 53 46

20 16

14 1116

47

2417 20

36 35 3527 30

12 &

A C Q

U I S I T

83%

27%


4 3 3 3 4 5 4 4 3 2 2 17 6 3 5 10 11 12

17 8 5 8 15 2 4 6

41 3

16 11

10

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011# ofdeals 297 260 210 199 222 262 222 266 212 152 154 28

A N

M E R G E R


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cont

TMT median control remiums 20092011YTDTMT balance sheet stren th last 5 ears

38.6%33.7%

42.5%42.1%

35.0%40.0%45.0%

Techno lo gy M edia Telec om

184176167

137

176

160

200

28%

29%

30%

C ash ($ bn) Tot al debt /t ot al ass et s

12.4%

25.7%

19.5%

5.0%10.0%15.0%20.0%25.0%30.0%

40

80

120

24%

25%

26%

27%

To TMT deals 2011YTD

.2009 2010 2011Current2010200920082007

TMT exit multi les vs. sector valuation




Acquirornation

20-Mar-11 39.0 T-Mobile USA Inc AT&T Inc US US

25-Mar-11 5.5 Vivo Participacoes (37.8%) Telefonica SA Brazil Spain

31-Mar-11 5.0 Vodafone Essar (33.0%) Vodafone Group India UK

28.8x27.2x

25

30

25

30

Tech. (M &A) M edia (M &A) Telecom (M &A)Tech. (Actual) M edia (Actual) Telecom (Actual)

I O N S

R E V I E

21-Mar-11 4.5 Kabel Baden-Wuerttemberg Liberty Global Inc Germany US

29-Mar-11 3.2 Converteam Group (90%) General Electric Co France US

21-Mar-11 2.0 Telekom Serbia (Srbija) (51%) Telekom Austria AG Serbia Austria

1-Feb-11 1.9 EMI Group Ltd Citigroup Inc UK US

18-Feb-11 1.5 TeliaSonera AB (3.6%) TeliaSonera AB Sweden Sweden

31-Jan-11 1.3 Siemens Ltd (19.7%) Siemens AG India Germany

9.5x

.

13.0x14.9x

19.0x

10.0x 10.3x

5

10

15

20

5

10

15

20

&

A C Q

U I S I T

31-Jan-11 0.8 Lagardere (International pressand magazine business)

Hearst Corp Spain US2009 2010 2011



A N

M E R G E R

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acro econom c ata

Macro economic data for the euro zone

Currency Current Last quater Last year q-o-q change y-o-y changeGBPUSD 1.6030 1.5657 1.5169 2.4% 5.7%EURUSD 1.4191 1.3416 1.3531 5.8% 4.9%CHFUSD 1.0931 1.0728 0.9501 1.9% 15.1%SEKUSD 0.1585 0.1487 0.1389 6.6% 14.1%

Euro zone France Germany Norway United Kingdom

t h 2009 (4.1%) (2.5%) (4.7%) (1.4%) (4.9%)

G D P G r o 2010 1.8% 1.5% 3.5% 0.4% 1.3%

2011E 1.8% 1.6% 2.5% 2.9% 1.7%2012E 2.1% 1.8% 2.1% 2.5% 2.3%

n t

U n e m p l o y m e

2009 NA 9.5% 7.5% 3.2% 7.5%2010 10.0% 9.7% 6.9% 3.6% 7.8%

2011E 9.9% 9.5% 6.6% 3.6% 7.8%2012E 9.3% 9.1% 6.5% 3.5% 7.7%

I O N S

R E V I E

&

A C Q

U I S I T

A N

M E R G E R

Source: IMF, FactSet

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rance

French M&A value for 1Q 2011 reached $45bn, 43% above 1Q last ear at $32bn, however it was 11% below the level in the last uarterof $51bn

Deal volume fell by 34% to 136 deals in 1Q 2011 vs. 207 deals during the same time last yearNumber of deals in the range of $1bn$10bn almost doubled to 13 deals compared to eight deals in 1Q last yearMid market deals also halved to 20 deals in 1Q 2011 vs. 40 in 1Q 2010

On an annulised basis, French M&A for 2011 could reach $181bn, 9% below 2010 with $198bn

Cross-border M&A formed 87% of the total French M&A in 1Q 2011, against 66% in 1Q 2010This was driven by 83% increase of inbound M&A to $9bn and 65% increase of outbound M&A to $18bn

.company Bulgari

I O N S

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U I S I T

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An French involvement activit 20002011YTD $bn

rance cont

An French involvement b cross border 20002011YTD

116 10694

208 198204

308315 322

$10bn Annualised

France CAC 40 4%8% 11%

37%23% 11% 17% 23% 20% 16%

46%

Domes tic Inf low Outf low

10 9 8 7 9 10 8 12 10 8 10 233 33 25 20 28 32 42 44 35 21 33 528 20 13 18 24 21

28 37 3020 24

5

127 7856 59 44

57124

13695

83 63

33

11 16 14 7187

3468

181151

118 118

176

133

45

8%31%

50% 49%

84%

31%

70%51%

31%

74%

34%13%

21%

13%

14%27%

52%29%

9% 20%29%

71%

To French involvement deal list 2011YTD

# ofdeals

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011712 657 516 433 550 586 573 679 674 695 750 136

Ann. DateDeal Value

($mm) Target AcquirorTargetnationality

Acquirornationality

16-Feb-11 7,608 Compania Espanola de Petroleos (52.9%) International Petroleum Investment Co - IPIC Spain UAE7-Mar-11 5,519 Bulgari SpA LVMH Moet Hennessy Louis Vuitton SA Italy France

I O N S

R E V I E

- ar- , ova e . o a uss a rance29-Mar-11 3,200 Converteam Group SAS (90%) General Electric Co France United States

21-Mar-11 2,815 Imerys SA (25.6%) Groupe Bruxelles Lambert SA - GBL France Belgium18-Feb-11 2,633 Lafarge SA (UK Cement, Aggregates & Concrete Business) Anglo American plc (Tarmac Ltd ) United Kingdom United Kingdom30-Mar-11 1,467 Oil & Gas Assets (Exploration areas 1, 2 and 3A in Uganda) Total SA Uganda France

- - &

A C Q

U I S I T

, .18-Mar-11 1,118 Yoplait SAS (51%) General Mills Inc France United States22-Mar-11 1,055 Parmalat SpA (15.3%) Lactalis Group; Credit Agricole; Societe

GeneraleItaly France

Source: J.P. Morgan, DealogicNote: Represents 1Q data for all years A

N

M E R G E R

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An German involvement activit 20002011YTD $bn

ermany cont

An German involvement b cross border 20002011YTD

64329

384

$10bn Annualised

Germany DAX

45%27% 34%

17% 13% 25%36%

53%30% 34%

52%


11 9 8 9 11 11 12 15 14 10 8 231 23 28 30 31 3342 56 38 20 27 5

30 16 11 13 27 24 3546 30

10 12 5

16775 80 55 60

109 110

203

10790 64

18

45

3322

6359

14 2052

156128 107 128

199248

143 13282

262

32%47%

28% 34%42% 44% 44%

21% 21%

60%

11% 23%

23%

26%

38%

49%45%

31% 20%

26% 21%

10%

54% 26%

To German involvement deal list 2011YTD

# ofdeals 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011731 631 592 515 619 600 662 850 755 518 470 127

Ann. DateDeal Value


Acquirornationality

20-Mar-11 39,000 T-Mobile USA Inc AT&T Inc United States United States15-Feb-11 12,543 NYSE Euronext (Bid No 1) Deutsche Boerse AG United States Germany

I O N S

R E V I E

- ar- , . p c orp n e ng om n e a es21-Mar-11 4,482 Kabel Baden-Wuerttemberg GmbH & Co KG Liberty Global Inc Germany United States

9-Mar-11 3,309 Tognum AG (71.6%) Daimler AG/ Rolls-Royce Group plc Germany Germany16-Feb-11 2,371 Sued-Chemie AG (96.4%) Clariant AG Germany Switzerland31-Jan-11 1,347 Siemens Ltd (19.6963%) Siemens AG India Germany

- - - - &

A C Q U I S I T

,engine business)

.

10-Jan-11 854 China Pacific Insurance (Group) Co Ltd (2.3079%) Allianz SE China Germany

15-Feb-11 744 Colonia Real Estate AG (0.3%) TAG Immobilien AG Germany GermanySource: J.P. Morgan, Dealogic, FactSetNote: Represents 1Q data for all years A

N

M E R G E R

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er cont


49/63

An Iberian involvement activit 20002011YTD $bn

er a cont

An Iberian involvement b cross border 20002011YTD

115 169221

303

$10bn Annualised

Spain IBEX 35 30% 45%19%

46%24%

12% 6%30%

4%


7 7 6 8 8 9 12 11 9 6 8 224 15 13 14 2027 35 43 31 20 24 6

19 6 12 6 1414 25 25 16 9 20

5

76

11 8 18 2038

102 10861

3786

3017

42

47

471438 40 46

78

131164

86

138

42

126

31% 28% 35%47%

22%42% 36%

21%47%

27%45%

28%

11%43% 21%

34%

20%12% 7% 55%

41%67%

42%

To Iberian involvement deal list 2011YTD

# ofdeals

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011545 425 408 394 443 478 583 651 536 383 451 102

Ann. DateDeal Value


Acquirornationality

16-Feb-11 7,608 Compania Espanola de Petroleos SA - CEPSA (52.9%) International Petroleum Investment Co - IPIC Spain UAE25-Mar-11 5,542 Vivo Participacoes SA (37.8%) Telefonica SA Brazil Spain

I O N S

R E V I E

- an- , e ro e r c a e e erv cos . er ro a raz pa n14-Mar-11 2,811 Iberdrola SA (6.2%) Qatar Investment Authority Spain Qatar

24-Mar-11 2,433 Catalunya Caixa - Caixa d'Estalvis de Catalunya Tarragona &Manresa (Stake%)

FROB - Fondo de Restructuracion OrdenadaBancaria

Spain Spain

27-Jan-11 2,431 Caja de Ahorros y Pensiones de Barcelona - La Caixa (Bankingoperations)

Criteria CaixaCorp SA Spain Spain & A C Q U I S I T

8-Mar-11 2,094 Iberdrola Renovables SA (19.6%) Iberdrola SA Spain Spain22-Feb-11 1,890 Zurich Santander Insurance America SL (51%) Zurich Financial Services Group AG Brazil Switzerland

14-Jan-11 1,418 VidaCaixa Adeslas SA de Seguros Generales & Reaseguros (50%) Mutua Madrilena Automovilista Spain Spain7-Jan-11 1,180 Capio Sanidad SL CVC Capital Partners Ltd Spain Spain

Source: J.P. Morgan, Dealogic , FactSet

A N

M E R G E R

47 E U R O P

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ta y

Italian M&A trebled in the first uarter to $33bn a ainst $11bn in 1Q last ear, on back of the $18bn s in-off of Fiat Industrial b FiatThe number of deals in 1Q 2011 fell by 8% to 83 deals, against 90 deals in the same period last yearMid-market deal value doubled to $3.3bn in 1Q 2011 against $1.7bn during the same period last year

Cross-border M&A as a percentage of total Italian M&A reduced to 31% in 1Q 2011 against 43% in 1Q 2010, although in terms of valueit more than doubled to $10bn from $4bn in 1Q 2010

Inbound M&A more than doubled to $9bn in 1Q 2011 from $4bn in 1Q2010, driven mainly by investments in the consumer & retail

sector, with the $5.5bn acquisition of Bulgari by French retail company LVMHDomestic M&A more than trebled to $21bn in 1Q 2011, from $6bn in 1Q 2010

I O N S

R E V I E

&

A C Q U I S I T

A N

M E R G E R

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ta y cont

An Italian involvement activit 20002011YTD $bn An Italian involvement b cross border 20002011YTD

290

$10bn Annualised

Italy FTSE Italia All-Share 7%10%

4%

8% 16% 38%29%

12%

50%

5% 1%17% 16% 25%

53%42%

5% 2%


7 7 6 7 8 9 9 8 9 5 7 122 18 23 16 1727 22 30 24 12 14 3

15 8 13 6 13 10 20 17 19 6 7 4

8545 32 34 19

47 67121

5730 22

7

1744 28

45 49

14 2518

132

77 74108

85

138109

68 75

33

166147

82%

37%

86% 95% 76% 68%

29% 22%38% 33%

57%69%

13%46%

26%21%

4%

To Italian involvement deal list 2011YTD

# ofdeals

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011510 472 439 354 431 503 484 488 483 323 370 83

Ann. DateDeal Value


Acquirornationality

3-Jan-11 18,032 Fiat Industrial SpA Existing Shareholders Italy Italy7-Mar-11 5,519 Bulgari SpA LVMH Moet Hennessy Louis Vuitton SA Italy France

I O N S

R E V I E

- ar- , arma a p . ac a s roup re gr co e oc e e enera e a y rance15-Mar-11 747 Maritza East III Power Holding BV / Maritza O&M Holding

Netherlands BVContourGlobal Bulgaria United States

28-Mar-11 743 Telecom Italia SpA (2.531%) BNP Paribas SA Italy France31-Jan-11 706 Empresa de Telecomunicaciones de Cuba SA (27%) Rafin SA Cuba Cuba

9-Mar-11 673 Ansaldo Energia SpA (45%) Ansaldo Electric Drives SpA - AED Italy Italy &

A C Q U I S I T

23-Jan-11 525 SNAI - Sindicato Nazionale Agenzie Ippiche SpA (50.68%) InvestIndustrial LP / Palladio Finanziaria SpA Italy Italy17-Mar-11 441 Parmalat SpA (7.278%) Lactalis Group Italy France

25-Feb-11 399 Set Group Holding AS Limak Holding AS Turkey TurkeySource: J.P. Morgan, Dealogic , FactSetNote: Represents 1Q data for all years A

N

M E R G E R

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or c

Deal value for Nordic M&A more than doubled in 1Q 2011 to $35bn from $14bn in 1Q last ear, and increased 12% over 4Q 2010The deal volume increased 7% in 1Q 2011 to 202 deals from 188 deals in 1Q 2010Number of deals above $1bn increased to 11 deals from three deals in 1Q 2010 and eight deals in 4Q 2010There were no mid-market deals in the Nordic in this quarterThirteenth straight quarter without a single $10bn plus deal

Cross border deals were 48% of total Nordic deals in 1Q 2011 against 58% in 1Q 2010Inbound M&A more than doubled in 1Q 2011 to $11bn from $5bn in 1Q 2010, with more than 50% of the activity coming from theconsumer and retail sector. The top deal was the $6bn acquisition of Danisco by EI du Pont de NemoursDomestic M&A more than doubled in 1Q 2010 against the same period last year to $13.3bn, comprising 52% of the total Nordic M&A

I O N S

R E V I E

&

A C Q U I S I T

A N

M E R G E R

50 E U R O P

or c cont


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or c cont

An Nordic involvement activit 20002011YTD $bn An Nordic involvement b cross border 20002011YTD

35 30

20140

191

157 159

129 135

$10bn Annualised

MSCI Nordic Countries7% 11%

26%37%

22% 19% 23% 18% 16% 21% 21%47%

21%7%


14 10 8 9 10 13 14 16 16 10 13 427 22 15 16 20

32 38 39 37 18 245

2313 5 11 15

17 24 30 20

917

59

2329 25

3154

53 61

3137

27

14

57 6276

6835

67 91

38% 42%55% 59% 62%

75% 73%56%

23%45% 42% 52%

36% 21%24% 23%

56%8%

37%

To Nordic involvement deal list 2011YTD

# ofdeals

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011953 759 555 592 599 800 807 895 923 750 854 202

Ann. DateDeal Value


Acquirornationality

9-Jan-11 6,117 Danisco A/S EI du Pont de Nemours & Co Denmark United States21-Mar-11 4,482 Kabel Baden-Wuerttemberg GmbH & Co KG Liberty Global Inc Germany United States

I O N S

R E V I E

- - ,7-Mar-11 2,625 CaridianBCT Holding Corp Terumo Corp United States Japan11-Jan-11 2,000 ELKEM AS (Silicon Materials, Foundry Products, Carbon and

Elkem Solar)

China National Chemical Corp - CNCC Norway China

25-Feb-11 1,877 Dometic International AB EQT Partners AB Sweden Sweden26-Jan-11 1,681 Fingrid Oyj (30.22%) Republic of Finland Finland Finland

&

A C Q U I S I T

18-Feb-11 1,547 TeliaSonera AB (3.57142%) TeliaSonera AB Sweden Sweden9-Mar-11 1,248 Rolls-Royce Group plc (Bergen gas and diesel medium-speed

engine business)Daimler AG (28.4% stake in Tognum AG) Norway Germany

7-Jan-11 1,180 Capio Sanidad SL CVC Capital Partners Ltd Spain SpainSource: J.P. Morgan, Dealogic , FactSet

A N

M E R G E R

51 E U R O P


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cont


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An UK involvement activit 20002011YTD $bn An UK involvement b cross border 20002011YTD

316

848784

$10bn Annualised

FTSE 100

17% 16%14% 15%

32% 40%12%

26% 20% 36% 31% 40% 35%53%


45 34 31 30 36 42 41 46 40 24 26 776 52 48 46 71 93 96 110 86 44 67 1556 30 24 29 44

54 70 78 5231 40 17

366

85 98 97 121197 177 298 174

80182

71

66 44 1027

60 151111

9237

437

267 244 212299

446 463

109

535

353

271

# of

69%

33% 37%46%

71%50%

28%46%

34% 42% 33%21%

52%32% 15%

24%51% 18% 35% 18%

33%27%

To UK involvement deal list 2011YTD

deals(000s) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 20113.2 2.5 2.2 1.9 2.1 2.5 2.5 2.7 2.4 1.5 1.7 0.4

Ann. DateDeal Value


Acquirornationality

21-Feb-11 9,000 Reliance Industries Ltd (23 Oil and Gas Blocks) BP plc India United Kingdom7-Feb-11 8,718 Pride International Inc Ensco plc United States United Kingdom

I O N S

R E V I E

- an- , osne . p c uss a n e ng om1-Mar-11 6,468 E.ON UK plc PPL Corp United Kingdom United States

31-Mar-11 5,000 Vodafone Essar (33.02%) Vodafone Group plc India United Kingdom9-Feb-11 3,218 TMX Group Inc London Stock Exchange Group plc Canada United Kingdom29-Mar-11 3,200 Converteam Group SAS (90%) General Electric Co France United States19-Jan-11 2 897 Elektro Eletricidade e Servicos SA 99 68% Iberdrola SA Brazil S ain

&

A C Q U I S I T

, .13-Feb-11 2,800 John Wood Group plc (Well Support Division, headquartered in

Houston, the USA)General Electric Co United States United States

18-Feb-11 2,633 Lafarge SA (Lafarge UK Cement, Aggregates & Concrete Business) Anglo American plc (Tarmac Ltd ) United Kingdom United KingdomSource: J.P. Morgan, Dealogic , FactSetNote: Represents 1Q data for all years A

N

M E R G E R

53 E U R O P

e ast & r ca


56/63

Deal values in Middle East & Africa increased 20% in 1Q 2011 to $35bn from $29bn in 4Q 2010 but mar inall fell from $37bn in 1Q2010

However deal volume fell by 28% to 174 deals in 1Q 2011 from 242 deals in 4Q 2010 and 5% from 183 deals in 1Q 2010Deals valued between $1bn-$10bn increased to 10 deals in 1Q 2011 against six deals in 1Q 2010

On an annualised basis, deal value in Middle East & Africa could reach $140bn in 2011, 14% above $123bn in 2010

Cross-border M&A was 65% of Middle East & African M&A deal value in 1Q 2011 againstThis was due in part to the 72% increase in outbound M&A with and boosted by the $7.6bn acquisit

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