Local Player Analysis ‣ The following chart indicates revenue, EBITDA and net income information for companies active in the advisory sector for corporate finance transactions in Italy. Revenues EBITDA Net Income figures are in € ,000 2008 2009 2008 2009 2008 2009 KPMG <strong>Advisory</strong> Spa 175,205 169,310 14,080 17,938 11,703 13,039 Ernst&Young Finc Bis Adv * 137,950 126,156 14,864 9,314 7,204 2,020 PWC <strong>Advisory</strong> Spa* 82,208 86,286 NA NA 3,736 9,973 Deloitte Finc Adv Ser** 35,918 34,502 8,270 5,606 4,463 3,471 Gruppo Mittel ® 50,077 67,873 15,610 21,311 31,646 44,259 Lazard & Co 24,350 19,267 3,010 6,203 5,655 - 2,576 Vitale & Associati 8,738 11,455 1,919 3,015 875 765 Fineurop 11,144 10,910 7,001 6,374 4,996 5,067 Borghesi, Colombo & Assoc 9,378 10,193 3,346 4,354 2,172 2,852 Arthur D Little ® 13,726 8,787 104 - 1,822 - 1,057 - 1,690 <strong>Methorios</strong> <strong>Cap</strong>ital 2,689 4,168 587 1,850 309 950 Tamburi Investment ® 6,160 3,230 1,730 - 710 - 20,640 - 1,003 KON Business & Finc Adv 2,019 2,390 78 58 15 15 Eidos Partners 4,418 2,154 647 - 489 407 - 450 Consilia Business & Mgmt 1,743 2,152 34 53 2 5 Lucciola & Partners 1,774 1,821 277 224 86 - 15 EnVent 3,018 1,640 673 - 184 388 9 Arché 3,220 1,638 334 - 190 124 - 296 Arietti & Partners 2 126 1 593 42 36 1 Ambromobiliare 1,562 1,421 28 26 - 16 8 Caretti & Assoc*** 2,637 1,398 327 63 161 11 Baldi & Partners 1,316 1,377 244 209 94 107 K Finance 2,153 1,016 607 - 386 384 - 359 Universoft 464 1,013 77 32 48 16 Pentar ® 2,226 929 - 450 - 4,637 - 344 - 11,442 Cavour Corp Finc 1,538 868 - 6 63 - 51 1 Inteam 1,599 848 84 16 104 - 21 DGPA <strong>Advisory</strong>* - 747 - 4 39 - 27 Marco Polo Advisor 506 617 21 10 8 1 Natali and Partners 117 489 9 42 2 18 Cross Border 537 456 24 6 - 3 - 4 KEP Consulting 600 352 29 5 5 - 14 Cassiopea Partners NA 210 NA 74 NA 45 Klecha & Co NA 142 NA 38 NA 17 Madison Corporate Finance 55 100 3 4 1 - Continisio Sanfelice di Bag 17 36 - 13 - 20 - 12 - 20 AdviCorp <strong>Financial</strong> information not available for only <strong>Italian</strong> activity Bernardi, Postacchini & Assoc No company financials were available RDS No company financials il were available ilbl Studio Trementozzi No company financials were available Studio Cerioli Pellacini No company financials were available Syn&rgetica No company financials were available * Ernst & Young <strong>Financial</strong> Business <strong>Advisory</strong>, PWC <strong>Advisory</strong> and DGPA <strong>Advisory</strong> results are year end June 30, 2010 ** Deloitte <strong>Financial</strong> <strong>Advisory</strong> Services results year end May 2009 *** Caretti & Associates results year end March 31, 2010 ‣ Statistics for the “Big Four” (KPMG, Ernst and Young, PricewaterhouseCoopers and Deloitte) and others contain revenues for activities outside of corporate finance transaction advisory services. This is due to the fact that revenues were not segregated within their respective company financials. This being the case it makes it difficult to ascertain a specific size of the <strong>Italian</strong> market. Arietti & Partners 2,126 1,593 42 36 - 1 ‣ We are able to see that within the <strong>Italian</strong> boutiques, significant advisors in terms of revenues for the last reported financial year are: Vitale & Associati; Fineurop; Borghesi, Colombo & Associati; and <strong>Methorios</strong> <strong>Cap</strong>ital. Big Four s Domestic Boutiques <strong>Italian</strong> ® consolidated financials results not only for advisory activity Source: Company financials 14
Local Player Analysis ‣ The following graph indicates revenues for boutiques that earned in excess of € 1mln for 2009. As shown bl below, 8 of the 16 companies in this snapshot achieved a growth in revenues for 2009 on 2008 and only 5 achieved positive year end results in 2009. €mln 14 12 10 8 6 4 2 0 +31.1% 1% +8.7% 87% +55.0% +18.4% Revenue 2008 Revenue 2009 +23.5% +2.6% +4.6% +118.3% €mln 3.0 5.0 5.1 Net Income 2008 Net Income 2009 25 2.5 2.0 1.5 Positive result 2009 1.0 0.5 00 0.0 -0.5 -1.0 ** Caretti’s results recorded from financial year end March 31, 2010 15