US M&A News and Trends - Compliance Week

2 US Merger
Metrics
2 US Middle
Market Monitor
3 US Industry
Activity & Value
4 Global Industry
Spotlight
5 US Strategic
Buyer Report
5 US Private
Equity Report
6 Top US Advisors
7 Top US Deals
Scoreboard
March 2011
MERGERSTAT Monthly Review
US M&A News and Trends
Deal volume in the U.S. M&A market reported big declines in
February, dropping by 21% with 703 announcements compared to 889
in January. After setting a high bar to start the year – and continuing
from the 2010 year-end spree – dealmakers finally paused for a winter
vacation. On a rolling 12 month basis though, across the board deal
volume continues to rise – up by 22.5% compared to the prior 12
month period. Aggregate M&A spending on the other hand set a new
16-month high with $87.6 billion in February, up 15% from January’s
$76.4 billion level.
Over the past 3 months, the industries that have seen the
biggest increases in M&A deal activity, relative to the same three
month period one year ago, have been: Miscellaneous Services (317 vs.
231), Real Estate (42 vs. 13), Electronics (55 vs. 28), Food Processing
(42 vs. 22), and Instruments & Photographic Equipment (54 vs. 35). Still
clinging to the positive end of the spectrum, only 28 of the 49
industries tracked by FactSet Mergerstat posted relative gains in deal
flow over the last three months compared to the same three months
one year prior.
Over the past 3 months, the industries that have seen the
biggest declines in M&A deal volume, relative to the same three month
period one year ago have been: Computer Software, Supplies &
Services (393 vs. 428), Wholesale & Distribution (101 vs. 112),
Construction Mining & Oil Equipment & Machinery (4 vs. 12), and
Household Goods (10 vs. 17). Not surprisingly 17 of the 49 industries
tracked by FactSet Mergerstat posted negative relative losses in deal
flow over the last three months compared to the same three months
one year prior, for a combined loss of 97 deals.
Topping the list of the largest deals announced in February were:
Deutsche Börse AG’s $10.1 billion merger with NYSE Euronext, creating
a global exchange powerhouse; Blackstone Group’s $9.4 billion offer
for Centro Properties Group Ltd’s US operations; Ensco Plc’s $7.3 billion
deal for Pride International Inc; Trian Fund Management’s $7.0 billion
unsolicited offer for Family Dollar Stores Inc; and Danaher Corp’s $5.8
billion deal for Beckman Coulter Inc.
U.S. private equity volume reported a sharp drop for February, inline
with the overall M&A market, recording a 42% decline from
January and the lowest level in the past 12 months. Aggregate base
equity, however, ballooned with an increase of 155% to $14.0 billion in
February from $5.5 billion in January, reporting the third highest level
in the last 12 months.
British firms were the biggest buyers of U.S. companies in
February. They announced 17 deals for the month, with Canadian
companies in second with 15 deals, followed by Japan, France, and
Australia. Similarly, U.K. firms continue to be the biggest sellers to U.S.
companies in February, with 30 deals. Canadian firms came in second
with 13 deals, followed by German, Brazilian, and Chinese firms. Based
on deal value for February, deals for U.K. and Canadian firms were $3.7
billion and $1.8 billion, respectively. Conversely, the aggregate value of
top purchasers for the month was $10.1 billion by German firms and
$8.3 billion by U.K. firms.
The top five financial advisors through the first two months of
2011, based on deal announcements, were: Goldman Sachs, Bank of
America Merrill Lynch, Morgan Stanley, Deutsche Bank, and JPMorgan
Chase. The top five financial advisors through February, based on the
aggregate transaction value of the deals, were: JPMorgan Chase,
Morgan Stanley, Deutsche Bank, Goldman Sachs, and Lazard.
The top five legal advisors through the first two months of 2011,
based on deal announcements, were: Jones Day, Latham & Watkins,
Sullivan & Cromwell, Skadden, Arps, Slate, Meagher & Flom, and
Shearman & Sterling. The top five legal advisors through February,
based on the aggregate transaction value of the deals, were: Wachtell,
Lipton, Rosen & Katz, Skadden, Arps, Slate, Meagher & Flom, Latham &
Watkins, Dewey & LeBoeuf, and Simpson Thacher & Bartlett.
Bryan Adams, CFA
badams@factset.com
The US Mergers & Acquisitions Market Index
$100
$90
Aggregate Deal Value ($Bil)
FactSet Research Systems Inc © 2011
Volume
$87.6
1,000
900
$80
$70
$69.5
$78.4
$64.3
$63.0
$61.4
$63.3
$71.4
$66.1
$69.2
$71.4
$76.4
800
700
$60
$55.9
600
$49.7
$50
500
$40
$47.5
400
$30
$33.8
300
$20
200
$10
$0
619 709 786 718 799 713 697 855 834 746 738 698 762 897 889 703
Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11
Deal Volume
Aggregate Deal Value
100
-

US MergerMetrics .
Merger Stats
Number of Deals
Agg. Base Equity ($Bil)
12 Months Ended 12 Months Ended Average
Deal Size 02/28/11 02/28/10 Change 02/28/11 02/28/10 Change
P/E
$1 Billion + 172 91 89.0% $511.1 $385.3 32.6% 28.6
$500M to $999.9M 151 72 109.7% 108.2 47.8 126.4% 28.9
$250M to $499.9M 206 130 58.5% 70.6 46.8 50.9% 23.2
$100M to $249.9M 381 247 54.3% 60.9 38.8 57.0% 23.7
$50M to $99.9M 348 225 54.7% 24.7 15.5 59.4% 27.1
$25M to $49.9M 342 285 20.0% 12.2 10.1 20.8% 13.6
$10M to $24.9M 429 416 3.1% 6.9 6.7 3.0% 20.7
Under $10M 888 1,072 -17.2% 2.9 3.3 -12.1% 18.0
Undisclosed 6,414 5,081 26.2% N/A N/A N/A N/A
Total 9,331 7,619 22.5% $797.5 $554.3 43.9% 24.6
M&A at a Glance
Average P/E
Average Premium
30.0x
90.0%
25.0x
20.0x
24.4x
26.6x
80.0%
70.0%
60.0%
85.1%
15.0x
10.0x
5.0x
15.2x
50.0%
40.0%
30.0%
20.0%
10.0%
38.3%
32.9%
0.0x
0.0%
1q09 2q09 3q09 4q09 1q10 2q10 3q10 4q10 L3M
1q09 2q09 3q09 4q09 1q10 2q10 3q10 4q10 L3M
US Middle Market Monitor .
Average EV/EBITDA
Average Premium
12.0x
100.0%
10.0x
8.0x
6.0x
7.3x
9.8x
8.8x
90.0%
80.0%
70.0%
60.0%
50.0%
89.3%
4.0x
40.0%
30.0%
41.4%
38.7%
2.0x
20.0%
10.0%
0.0x
0.0%
1q09 2q09 3q09 4q09 1q10 2q10 3q10 4q10 L3M
1q09 2q09 3q09 4q09 1q10 2q10 3q10 4q10 L3M
* Middle Market defined as deals valued between $1 million and $500 million, plus undisclosed deals.
FactSet Flashwire US Monthly Staff: VP, Director-Bryan Adams, CFA (badams@factset.com); Research Manager-Kenneth Woo (kwoo@factset.com).
Subscription: Contact Business Valuation Resources at (888) 287-8258. Media: Media quotation with source attribution is encouraged. Reporters requesting
additional information or editorial comment should contact Kenneth Woo at (650) 287-4824. Mergerstat gathers its data from sources it considers reliable;
however, it does not guarantee the accuracy or completeness of the information provided in this publication. Copyright 2011 FactSet Research Systems Inc.
All rights reserved. It is illegal under federal copyright law to reproduce or redistribute this publication or any portion of its contents without written
authorization of the publisher.
www.factset.com March 2011 Copyright © 2011 FactSet Research Systems Inc. All rights reserved. 2

US Industry Activity & Value Comparisons .
Industry by Activity
Industry by Value
Target Industry
L3M 02/28/11
Deal Count
L3M 02/28/10
Deal Count
Diff
($Mil)
Target Industry
L3M 02/28/11
Value
L3M 02/28/10
Value
Diff
Miscellaneous Services 317 231 86 Brokerage, Investment & Mgmt. Consult $33,750.4 $17,427.7 $16,322.7
Real Estate 42 13 29 Banking & Finance 15,887.5 1,350.6 14,536.9
Electronics 55 28 27 Electric, Gas Water & Sanitary Services 17,464.6 7,450.2 10,014.4
Food Processing 42 22 20 Real Estate 9,949.0 137.0 9,812.0
Instruments & Photographic Equipment 54 35 19 Health Services 9,439.1 783.3 8,655.8
Brokerage, Investment & Mgmt. Consult 176 158 18 Mining & Minerals 13,034.6 5,067.8 7,966.8
Insurance 94 76 18 Retail 12,071.9 5,253.7 6,818.2
Energy Services 32 15 17 Transportation 5,550.1 202.3 5,347.8
Electrical Equipment 44 29 15 Computer Software, Supplies & Services 10,645.5 6,038.2 4,607.3
Chemicals, Paints & Coatings 42 28 14 Agricultural Production 5,164.8 561.7 4,603.1
Health Services 105 92 13 Wholesale & Distribution 5,993.9 1,391.1 4,602.8
Transportation 35 22 13 Electronics 5,815.0 1,260.6 4,554.4
Plastics & Rubber 24 13 11 Packaging & Containers 3,926.5 0.0 3,926.5
Industrial & Farm Equip & Machinery 49 40 9 Instruments & Photographic Equipment 11,234.3 7,394.0 3,840.3
Construction Contractors & Eng. Svcs. 94 86 8 Communications 4,024.0 443.7 3,580.3
Aerospace, Aircraft & Defense 14 7 7 Valves, Pumps & Hydraulics 3,542.5 25.6 3,516.9
Banking & Finance 93 86 7 Oil & Gas 4,150.2 804.1 3,346.1
Packaging & Containers 8 1 7 Construction Contractors & Eng. Svcs. 3,357.4 962.7 2,394.7
Agricultural Production 19 14 5 Chemicals, Paints & Coatings 3,239.3 1,500.7 1,738.6
Electric, Gas Water & Sanitary Services 50 45 5 Food Processing 6,635.0 4,900.8 1,734.2
Fabricated Metal Products 24 19 5 Electrical Equipment 3,264.0 1,660.8 1,603.2
Leisure & Entertainment 63 58 5 Miscellaneous Services 5,455.2 4,255.3 1,199.9
Valves, Pumps & Hydraulics 8 3 5 Plastics & Rubber 728.1 135.2 592.9
Beverages 14 11 3 Printing & Publishing 953.9 529.1 424.8
Drugs, Medical Supplies & Equipment 73 70 3 Aerospace, Aircraft & Defense 283.9 18.1 265.8
Printing & Publishing 32 29 3 Apparel 269.2 77.8 191.4
Furniture 2 0 2 Household Goods 534.4 433.6 100.8
Toiletries & Cosmetics 5 4 1 Automotive Products & Accessories 384.4 299.3 85.1
Miscellaneous Manufacturing 13 13 0 Furniture 16.0 0.0 16.0
Paper 9 9 0 Paper 34.4 18.5 15.9
Stone, Clay & Glass 8 8 0 Textiles 0.0 0.0 0.0
Timber & Forest Products 5 5 0 Timber & Forest Products 0.0 0.0 0.0
Apparel 16 17 (1) Industrial & Farm Equip & Machinery 786.0 809.4 (23.4)
Textiles 4 5 (1) Stone, Clay & Glass 6.8 235.4 (228.6)
Toys & Recreational Products 9 10 (1) Fabricated Metal Products 254.6 513.1 (258.5)
Automotive Products & Accessories 10 12 (2) Autos & Trucks 0.0 284.6 (284.6)
Broadcasting 12 14 (2) Office Equipment & Computer Hardware 1,159.2 1,511.5 (352.3)
Building Products 2 4 (2) Building Products 17.9 474.5 (456.6)
Retail 68 70 (2) Toys & Recreational Products 103.4 570.0 (466.6)
Oil & Gas 17 20 (3) Miscellaneous Manufacturing 55.1 632.3 (577.2)
Primary Metal Processing 19 22 (3) Toiletries & Cosmetics 9.5 588.5 (579.0)
Communications 32 36 (4) Primary Metal Processing 18.4 708.9 (690.5)
Office Equipment & Computer Hardware 8 12 (4) Insurance 2,198.8 3,284.0 (1,085.2)
Mining & Minerals 23 28 (5) Leisure & Entertainment 1,256.8 2,526.8 (1,270.0)
Autos & Trucks 1 7 (6) Drugs, Medical Supplies & Equipment 6,848.1 8,464.3 (1,616.2)
Household Goods 10 17 (7) Construct Mining & Oil Equip & Mach. 11.5 1,649.9 (1,638.4)
Construct Mining & Oil Equip & Mach. 4 12 (8) Beverages 336.8 4,246.1 (3,909.3)
Wholesale & Distribution 101 112 (11) Broadcasting 2,858.5 12,443.1 (9,584.6)
Computer Software, Supplies & Services 393 428 (35) Energy Services 7,769.6 41,721.1 (33,951.5)
Total 2,374 2,096 278 Total $220,490.1 $151,047.0 $69,443.1
www.factset.com March 2011 Copyright © 2011 FactSet Research Systems Inc. All rights reserved. 3

Industry Spotlight: Retail .
It appears as though the holiday shopping has continued past the traditional “Black Friday”
and post-holiday sales for the Retail sector in the M&A markets. With particular interest led
by Private Equity buyers, activity resurfaced late in 2010 and has continued into 2011. A
combination between companies having improved their balance sheets and posting stronger
sales and Private Equity buyers sitting on hoards of cash has led the resurgence. So while
signs indicate that financial buyers believe the retailers have reached the bottom of the cycle,
can this resurgence continue?
Symbolically, within the Retail business, when bargains can be found, shoppers will line up
for the sales. In this instance, the Private Equity firms became the buyers, and consumer
brand staples have become the feature item. Setting the pace was the acquisition of The
Gymboree Corp by Bain Capital LLC for $1.8 billion, announced in October 2010. The
following month saw the acquisition by TPG Capital LP and LGP Management Inc of J Crew
Group Inc for $2.8 billion, and subsequently in December, the acquisition by Leonard Green
& Partners LP of Jo-Ann Stores Inc for $1.6 billion.
Trickling into 2011, February’s unsolicited offer by Trian Fund Management LP to acquire
the remaining 92.1% stake in Family Dollar Stores Inc for $6.9 billion reinforces the
sector’s attractiveness to Private Equity buyers. The transaction ranks as the second largest
buy-out in 2011, which also holds hope the activity in this sector points to a rebound in the
economy, as retail expenditures directly aligns with consumer discretionary spending.
Providing support for future activity, buyers will look for a continued rebound in consumer
spending through the rest of 2011, opportunities within the global marketplace, and
continued attractive valuations.
As with the Retail industry, sellers can’t just focus on a singular demographic for sales. Not to
be outdone by their Private Equity counterparts, strategic buyers have plunged into the
acquisition spree as well. In February alone, DSW Inc announced the pending acquisition of
Retail Ventures Inc for $780 million, shortly followed by Nordstrom Inc’s acquisition of
HauteLook Inc for $270 million.
With the recent upsurge in activity, rumors of other deals in the pipeline are of
plenty. One such rumor is the sale of BJ’s Wholesale Club Inc, which the
company also announced that it hired Morgan Stanley to explore a possible sale.
Leonard Green & Partners LP was mentioned as a possible suitor and may partake
in a purchase should the company go to auction. Another candidate, teenage
apparel retailer dELiA’s has also been rumored to have put itself on the auction
block, soliciting interest from strategic buyers as well as Private Equity firms.
Although the headlines have been filled with fashionable names in recent
transactions, 2010 figures compiled by FactSet Mergerstat LLC indicate the
sector’s appeal to the marketplace may indeed be en vogue to all buyers. In 2010,
the Retail sector increased activity by 30%, with 360 announced transactions,
compared with the 276 transactions from the year prior. The overall value in the
marketplace spiked to $31.6 billion in 2010, up substantially from $7.5 billion in
2009. Looking deeper into the statistics within the industry, we see that deal
multiples have stayed relatively consistent despite the upsurge, suggesting that
valuations are still attractive. EBITDA multiples in 2009 averaged 10.6 times, while
2010 figures were 10.59 times. Retailer shops also sold for a revenue multiple of 1
times sales in 2009, climbing moderately higher in 2010 to 1.18 times. Lastly,
despite a rising stock market, 5 day premium multiples decreased 29.1% in 2010
to 21.5%, down from 30.31% in 2009, suggesting bargains are still to be found.
So while retail sales figures have increased – culminating from a renewed vigor in
consumer spending – deal multiples have remained largely in check, making this
industry particular attractive. As Private Equity firms continue shopping for retail
bargains, strategic buyers aren’t sitting idle either. With consumers slowly
returning to the marketplace, it may be the PE firms and strategic shoppers doing
most of the buying.
Kenneth Woo
kwoo@factset.com
$9,000
$8,000
$7,000
$6,000
$5,000
$4,000
$3,000
$2,000
$1,000
$0
Retail Activity and Value: Last 15 Months
Aggregate Deal Value ($Mil)
Volume
FactSet Research Systems Inc © 2011
$8,355.9
45
44
36
33
31 31
32
26 $3,542.8
26
$3,672.0
25
25
$3,221.6
23
$2,873.1
$2,633.2 21
23
$2,271.7
17
$1,573.9
$1,231.3
$994.8
$747.8
$1,851.4
$9.4
$112.4
$192.6
Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11
50
45
40
35
30
25
20
15
10
5
-
Top Advisors: LTM Ending 02/28/11
Transaction
Transaction
Financial Advisor
Value ($Mil) Volume Legal Advisor
Value ($Mil) Volume
Morgan Stanley $14,638.0 10 Cleary Gottlieb Steen & Hamilton LLP $7,816.4 2
Goldman Sachs & Co. 6,332.1 8 Skadden, Arps, Slate, Meagher & Flom LLP 4,788.1 4
JPMorgan Chase & Co., Inc. 5,905.1 6 Vinson & Elkins LLP 3,664.9 2
Barclays 3,974.5 3 Baker Botts LLP 3,364.9 1
Deutsche Bank 3,390.3 5 Dechert LLP 2,550.0 2
Robert W. Baird 3,364.9 3 Paul, Weiss, Rifkind, Wharton & Garrison LLP 2,371.7 2
Tudor Pickering Holt & Co. LLC 3,364.9 1 Latham & Watkins LLP 2,152.8 4
Bank of America Merrill Lynch 2,502.8 5 Wachtell, Lipton, Rosen & Katz 1,966.1 2
Rothschild 2,166.3 3 Weil, Gotshal & Manges LLP 1,913.8 4
Lazard 2,102.1 3 Gibson, Dunn & Crutcher LLP 1,872.8 4
www.factset.com March 2011 Copyright © 2011 FactSet Research Systems Inc. All rights reserved. 4

US Strategic Buyer Report .
Merger Stats
Number of Deals
Agg. Base Equity ($Bil)
12 Months Ended 12 Months Ended Average
Deal Size 02/28/11 02/28/10 Change 02/28/11 02/28/10 Change
P/E
$1 Billion + 96 54 77.8% $286.1 $265.9 7.6% 30.6
$500M to $999.9M 98 47 108.5% 69.1 31.4 120.1% 31.5
$250M to $499.9M 132 75 76.0% 44.6 26.9 65.8% 24.0
$100M to $249.9M 245 154 59.1% 39.6 24.6 61.0% 21.5
$50M to $99.9M 245 135 81.5% 17.3 9.4 84.0% 21.4
$25M to $49.9M 246 196 25.5% 8.7 7.0 24.3% 15.5
$10M to $24.9M 321 297 8.1% 5.1 4.8 6.3% 24.6
Under $10M 643 796 -19.2% 2.1 2.4 -12.5% 16.8
Undisclosed 4,740 3,742 26.7% N/A N/A N/A N/A
Total 6,766 5,496 23.1% $472.6 $372.4 26.9% 25.0
Public Buyer Index: LTM 02/28/11
$400
$334.0
$325.0
$360.0
$350
$297.0 $291.0 $286.0
$292.0
$298.0
$295.0
$263.0
$256.0
$264.0
$300
$250
$200
$150
$100
$50 45 39 31 31 31 29 40 26 34 40 59 40
$0
Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11
70
60
50
40
30
20
10
-
US Private Equity Report .
Indices Top Private Equity Fundraisings: YTD 2011
PE Buyer Index: LTM 02/28/11 Open Date Value ($Mil) Fund (Private Equity Sponsor)
Value ($Bil)
$16
140
$14.4
$14.4
$14.0
$14
$11.4
$11.8
120
$12
100
$8.5
$10
$7.7
80
$8
$6.4
$5.4
$5.5
$4.3
$4.3
60
$6
$4
40
$2 76 83 66 110 107 88 93 80 86 115 111 64
20
$0
-
Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11
Going Private Index: LTM 02/28/11
$14.0
Value ($Bil)
$13.2
14
$12.0
$10.6 12
$10.0
$8.2
10
$8.0
$5.8
8
$4.8
$6.0
$4.0
6
$2.7
$4.0
$2.2
$1.6
$1.8
4
$0.7
$1.0
$2.0
2
8 6 7 6 7 3 5 9 13 4 5 8
$0.0
-
Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11
21-Feb-11 2,000.0 RRJ Capital Master Fund I LP
RRJ Capital Ltd
08-Jan-11 1,600.0 ABRY Partners VII LP
ABRY Partners LLC
12-Jan-11 1,300.0 ABRY Advanced Securities Fund II LP
ABRY Partners LLC
28-Jan-11 818.0 Niam V Investments KB
Niam AB
11-Jan-11 600.0 Saints Capital Vii LP
Saints Ventures LLC
12-Jan-11 300.0 True North Venture Partners LP
True North Management Partners LLC
31-Jan-11 300.0 NAMF Fund II
Decorum Capital Partners (Pty) Ltd.
20-Jan-11 234.7 Diana Capital II FCR
Diana Capital SGECR SA
09-Feb-11 150.0 Monroe Capital Corp
Monroe Capital LLC
04-Feb-11 150.0 Tagua Capital Fund
Tagua Capital
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Top US Advisors .
Financial Advisor
Based on US Announced Deals – Ranked by Transaction Value: YTD 2011
Transaction
Value ($Mil)*
Total
Deals**
1. JPMorgan Chase & Co., Inc. $75,251.0 17
2. Morgan Stanley 52,732.7 19
3. Deutsche Bank AG 45,819.8 19
4. Goldman Sachs & Co. 43,712.4 23
5. Lazard 40,497.7 7
6. Bank of America Merrill Lynch 39,024.1 22
7. Barclays Plc 33,992.2 8
8. Citigroup 25,954.8 11
9. Credit Suisse 21,306.2 14
10. UBS AG 13,587.6 10
11. Wells Fargo & Co. 13,573.0 6
12. Moelis & Co. Holdings LLC 11,537.1 4
13. Perella Weinberg Partners LP 10,276.3 2
14. Societe Generale SA 10,127.1 2
14. BNP Paribas SA 10,127.1 1
16. Bank of Montreal 6,413.3 4
17. RBC Capital Markets 6,042.4 5
18. Nordea Bank AB 5,955.6 1
19. Centerview Partners LLC 5,679.4 1
20. GMP Capital, Inc. 4,269.9 1
21. Royal Bank of Scotland Group PLC 3,486.6 3
22. Qatalyst Group 3,418.4 2
23. Jefferies Group 3,063.8 12
24. Rothschild 2,667.0 4
25. Sandler O'Neill & Partners LP 1,695.1 4
26. Houlihan Lokey 1,104.1 8
27. Keefe, Bruyette & Woods, Inc. 972.9 10
28. HSBC Holdings PLC 935.0 2
29. Macquarie Group 787.8 2
30. Berenson & Co. 622.2 2
31. Raymond James Financial, Inc. 579.4 6
32. Nomura Securities Co., Ltd. 560.8 2
32. Sumitomo Mitsui Financial Group, Inc. 560.8 1
34. Greene Holcomb & Fisher LLC 540.0 2
35. Methuselah Advisors LLC 505.0 1
36. Gleacher & Co., Inc. 494.0 1
37. Endicott Group 477.3 1
38. William Blair & Co. LLC 452.1 10
39. Oppenheimer & Co., Inc. 442.4 3
40. Kim Eng Holdings Ltd. 364.4 1
41. Tudor Pickering Holt & Co. LLC 320.0 1
42. CB Richard Ellis Group, Inc. 313.5 1
43. Canaccord Financial, Inc. 292.8 2
44. Guggenheim Capital LLC 270.0 2
45. B. Riley & Co. 260.4 1
46. Berkshire Capital 244.5 3
47. Valence Group 180.0 2
48. O'Sullivan Pullini 165.6 1
49. Advanced Equities Financial Corp. 150.0 1
50. Lincoln International LLC 149.8 6
Legal Advisor
Transaction
Value ($Mil)*
Total
Deals**
1. Wachtell, Lipton, Rosen & Katz $ 72,441.6 11
2. Skadden, Arps, Slate, Meagher & Flom LLP 55,288.1 16
3. Latham & Watkins LLP 37,777.5 21
4. Dewey & LeBoeuf LLP 30,059.1 9
5. Simpson Thacher & Bartlett LLP 28,974.6 14
6. Cleary Gottlieb Steen & Hamilton LLP 27,365.7 8
7. Hunton & Williams LLP 25,657.7 2
8. Sullivan & Cromwell LLP 21,865.5 21
9. Shearman & Sterling LLP 18,964.0 15
10. Davis Polk & Wardwell LLP 18,491.9 4
11. Cravath, Swaine & Moore LLP 11,720.9 6
12. Covington & Burling LLP 11,266.5 5
13. King & Spalding LLP 11,040.1 7
14. Milbank, Tweed, Hadley & McCloy LLP 10,303.1 3
15. Linklaters LLP 10,127.1 2
15. Stibbe 10,127.1 1
17. Greenberg & Traurig LLP 10,085.3 2
18. Mayer Brown LLP 9,515.0 7
19. Freehills 9,400.0 1
20. Baker & McKenzie 8,594.3 2
21. Baker Botts LLP 8,541.7 1
22. Troutman Sanders LLP 7,914.3 1
23. Willkie Farr & Gallagher LLP 7,583.2 5
24. Blake, Cassels & Graydon LLP 5,980.9 2
25. Plesner & Gronborg 5,955.6 2
25. Carter, Ledyard & Milburn LLP 5,955.6 1
25. Crowell & Moring LLP 5,955.6 1
28. Jones Day LP 5,641.7 32
29. Fraser Milner Casgrain LLP 4,387.6 2
30. Cassels Brock & Blackwell LLP 4,269.9 1
31. Weil, Gotshal & Manges LLP 4,178.6 8
32. Stikeman Elliott LLP 4,052.6 3
33. Alston & Bird LLP 3,736.6 6
34. Kirkland & Ellis LLP 3,624.2 9
35. Slaughter & May 3,555.1 5
36. Allen & Overy LLP 3,437.9 3
37. Andrews Kurth LLP 3,367.3 3
38. Pillsbury Winthrop Shaw Pittman LLP 3,111.5 1
39. Vinson & Elkins LLP 3,111.0 2
40. Debevoise & Plimpton Ltd. 2,901.3 2
40. Kaye Scholer LLP 2,901.3 1
42. Arnall Golden Gregory LLP 2,400.0 1
42. Arnold & Porter LLP 2,400.0 1
42. Shumaker Loop & Kendrick LLP 2,400.0 1
42. Sidley Austin LLP 2,400.0 1
42. Williams Mullen PC 2,400.0 1
47. Advokatfirmaet Thommessen AS 2,001.8 1
47. Selmer 2,001.8 1
49. Akin, Gump, Strauss, Hauer & Feld LLP 1,987.6 2
50. O'Melveny & Myers LLP 1,866.8 11
* Transaction Value is the aggregate base equity plus the target’s net debt, where applicable. ** Total Deals includes deals that reported a deal value as well as those that did not.
If you would like to participate in our league table rankings or have questions about league table criteria, please contact advisors@factset.com or:
North America:
Kenneth Woo
E-Mail: kwoo@factset.com
Tel: +1.650.287.4824
Global: Anita Abbas
E-Mail: aabbas@factset.com
Tel: +1.650.287.4811
www.factset.com March 2011 Copyright © 2011 FactSet Research Systems Inc. All rights reserved. 6

Top US Deals Scoreboard .
Seller (Unit Sold) Buyer Transaction
Financial Advisor Financial Advisor Value**
Rank Legal Advisor Legal Advisor ($Mil) Seller Industry
1
Progress Energy, Inc.
Barclays
Lazard
Hunton & Williams LLP
Latham & Watkins LLP
Skadden, Arps, Slate, Meagher & Flom LLP
Duke Energy Corp.
Bank of America Merrill Lynch
JPMorgan Chase & Co., Inc.
Dewey & LeBoeuf LLP
Skadden, Arps, Slate, Meagher & Flom LLP
Wachtell, Lipton, Rosen & Katz
$13,614.7 Electric, Gas Water & Sanitary Services
2
NYSE Euronext
BNP Paribas SA
Goldman Sachs & Co.
Morgan Stanley
Perella Weinberg Partners LP
Cleary Gottlieb Steen & Hamilton LLP
Covington & Burling LLP
Milbank, Tweed, Hadley & McCloy LLP
Stibbe
Wachtell, Lipton, Rosen & Katz
Deutsche Börse AG
Credit Suisse
Deutsche Bank
JPMorgan Chase & Co., Inc.
Société Générale SA
Davis Polk & Wardwell LLP
Linklaters LLP
Simpson Thacher & Bartlett LLP
$10,127.1 Brokerage, Investment & Mgmt.
Consulting
3
Centro Properties Group Ltd.
(Centro Properties Group United States)
JPMorgan Chase & Co., Inc.
Lazard
Moelis & Co. LLC
Freehills
Skadden, Arps, Slate, Meagher & Flom LLP
Blackstone Group LP
Deutsche Bank
Wells Fargo & Co.
Simpson Thacher & Bartlett LLP
$9,400.0 Real Estate
4
ProLogis
Morgan Stanley
Greenberg & Traurig LLP
Mayer Brown LLP
AMB Property Corp.
JPMorgan Chase & Co., Inc.
Davis Polk & Wardwell LLP
Wachtell, Lipton, Rosen & Katz
$8,364.7 Brokerage, Investment & Mgmt.
Consulting
5
Pride International, Inc.
Goldman Sachs & Co.
Baker Botts LLP
Shearman & Sterling LLP
Sullivan & Cromwell LLP
Wachtell, Lipton, Rosen & Katz
Ensco Plc
Citigroup, Inc.
Deutsche Bank
Baker & McKenzie
$7,309.7 Energy Services
6
Massey Energy Co.
UBS AG
Cravath, Swaine & Moore LLP
Troutman Sanders LLP
Alpha Natural Resources, Inc.
Citigroup, Inc.
Morgan Stanley
Cleary Gottlieb Steen & Hamilton LLP
$7,080.0 Mining & Minerals
7
Family Dollar Stores, Inc.
Morgan Stanley
Cleary Gottlieb Steen & Hamilton LLP
Trian Fund Management LP $6,984.9 Retail
8
Beckman Coulter, Inc.
Goldman Sachs & Co.
Latham & Watkins LLP
Danaher Corp.
Morgan Stanley
King & Spalding LLP
Wachtell, Lipton, Rosen & Katz
$5,782.2 Instruments & Photographic Equipment
9
Nationwide Health Properties, Inc.
JPMorgan Chase & Co., Inc.
Simpson Thacher & Bartlett LLP
Skadden, Arps, Slate, Meagher & Flom LLP
Ventas, Inc.
Centerview Partners LLC
Wachtell, Lipton, Rosen & Katz
Willkie Farr & Gallagher LLP
$5,679.4 Brokerage, Investment & Mgmt.
Consulting
10
Danisco A/S
Deutsche Bank
Carter, Ledyard & Milburn LLP
E.I. du Pont de Nemours & Co.
Goldman Sachs & Co.
JPMorgan Chase & Co., Inc.
Nordea Bank AB
Crowell & Moring LLP
Plesner & Gronborg
Skadden, Arps, Slate, Meagher & Flom LLP
$5,526.7 Food Processing
Total Market Value of Top 10 Deals $79,869.5
www.factset.com March 2011 Copyright © 2011 FactSet Research Systems Inc. All rights reserved. 7