Greater China M&A Roundup Q1 2011

Summary Overview Despite a lack of mega deals this year, M&A activities in Q1 2011 totalled US$ 29.4bn, which is a slight increase of 1.5% compared to Q1 2010. Most notably, there was a 100% increase of deal worth in mid-cap transactions. With only 32 outbound deals worth of US$ 8.7bn in value, this represents a decrease of 70.5% and 31.9% in value and volume respectively compared to Q1 2010. But foreign investments had been the most bullish since Q4 2008, accounting for 48 deals worth of US$ 6.5bn. Industrials & Chemicals continues to be the most active sector with 38 transactions. By value as well, out of the top 5 announced deals in Greater China, 3 deals took place in the Industrials & Chemicals sector. Freshfields Bruckhaus Deringer retained its top spot for legal advisor league tables for Greater China, while Junhe Law Offices came first when the data is limited to China only. M&A Trend Q1 2011

GREATER CHINA (China, Hong Kong, Taiwan, Macau) Financial Adviser League Tables by Value Q1 2011
Rank Q1 2010 2011 7 1 2 2 1 3 11 4 5 6 73 7 8 42 9 10 4 11 5 12 34 13 13= 13= House Morgan Stanley China International Capital Goldman Sachs Citigroup Compass Advisers Royal Bank of Scotland Group Moelis & Company Bank of America Merrill Lynch Haitong Securities Kim Eng Securities JPMorgan GF Securities Bank of China International Guoyuan Securities Huatai United Securities Value ($m) 5,987 5,457 4,083 3,243 2,423 2,000 2,000 1,701 1,696 1,255 1,105 1,073 1,025 1,025 1,025 Deal count 5 6 4 4 1 2 1 1 5 3 2 2 1 1 1 % Value change 92.1% -23.6% -53.0% 73.1% N/A 1,053.7% -79.2% -74.4% 385.8% -

Financial Adviser League Tables by Deal Count Q1 2011

Rank Q1 2010 2011 2 1 1 2 51 3 7 4 4 5 10 6 7 8 32 9 12 10 5 11 23 12 13 14 9 15 House China International Capital Morgan Stanley Haitong Securities Goldman Sachs Citigroup UBS Investment Bank Kim Eng Securities Standard Chartered CITIC Securities Access Capital Somerley China eCapital M&A International Royal Bank of Scotland Group JPMorgan Value ($m) 5,457 5,987 1,696 4,083 3,243 418 1,255 970 816 469 384 246 142 2,000 1,105 Deal count 6 5 5 4 4 4 3 3 3 3 3 3 3 2 2 Count change 0 -2 4 1 0 1 3 3 2 0 -1 1 3 3 -1

Legal Adviser League Tables by Value Q1 2011

Rank Q1 2010 2011 1 1 2 43 3 5 4 17 5 60 6 19 7 8= 8= 8= 15 11 9 12 13= 13= 13= House Freshfields Bruckhaus Deringer Jun He Law Offices Lee and Li Attorneys at Law Simpson Thacher & Bartlett Skadden Arps Slate Meagher & Flom DLA Piper Allen & Overy GKH Law Offices Goldfarb, Levy, Eran, Meiri & Co Herzog, Fox and Neeman Baker & McKenzie Debevoise & Plimpton Selmer Thommessen Wiersholm Value ($m) 4,724 2,740 2,735 2,703 2,608 2,562 2,461 2,423 2,423 2,423 2,396 2,160 2,000 2,000 2,000 Deal count 7 2 4 2 3 3 4 1 1 1 3 1 1 1 1 % Value change -88.6% 685.9% -92.4% -28.7% 1,797.8% -0.7% -58.3% -93.9% -

Legal Adviser League Tables by Deal Count Q1 2011

Rank Q1 2010 2011 1 1 2 2 16 3 13 4 49 5 20 6 7 7 3 8 4 9 41 10 22 11 5 12 15 13 29 14 12 15 House Freshfields Bruckhaus Deringer Jones Day Lee and Li Attorneys at Law Allen & Overy LLinks Law Offices Clifford Chance Skadden Arps Slate Meagher & Flom DLA Piper Baker & McKenzie Sullivan & Cromwell Fangda Partners King & Wood Latham & Watkins Mallesons Stephen Jaques Linklaters Value ($m) 4,724 302 2,735 2,461 1,961 1,726 2,608 2,562 2,396 1,940 1,225 535 514 414 335 Deal count 7 5 4 4 4 4 3 3 3 3 3 3 3 3 3 Count change -9 -8 0 0 3 1 -3 -9 -7 2 0 -4 -1 1 -1

CHINA Financial Adviser League Tables by Value Q1 2011

Rank Q1 2010 2011 2 1 1 2 8 3 4 5= 5= 7 28 8 10 9 5 10 House China International Capital Goldman Sachs Morgan Stanley Compass Advisers Moelis & Company Royal Bank of Scotland Group Bank of America Merrill Lynch Haitong Securities Citigroup GF Securities Value ($m) 4,957 3,697 2,901 2,423 2,000 2,000 1,701 1,696 1,083 1,073 Deal count 5 2 2 1 1 1 1 5 3 2 % Value change -30.6% -55.1% 9.1% 1,053.7% -42.2% -74.4%

Financial Adviser League Tables by Deal Count Q1 2011

Rank Q1 2010 2011 1 1 33 2 3 3 22 4 16 5 7 6 2 7 18 8 9 45 10 House China International Capital Haitong Securities Citigroup CITIC Securities China eCapital Goldman Sachs Morgan Stanley GF Securities Kim Eng Securities Access Capital Value ($m) 4,957 1,696 1,083 816 246 3,697 2,901 1,073 732 417 Deal count 5 5 3 3 3 2 2 2 2 2 Count change -1 4 -1 2 1 0 -2 1 1

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Greater China M&A Roundup Q1 2011

Legal Adviser League Tables by Value Q1 2011
Rank Q1 2010 2011 1 29 2 35 3 4= 4= 4= 11 7 7 8 9= 9= 9= House Jun He Law Offices Simpson Thacher & Bartlett DLA Piper GKH Law Offices Goldfarb, Levy, Eran, Meiri & Co Herzog, Fox and Neeman Allen & Overy Skadden Arps Slate Meagher & Flom Selmer Thommessen Wiersholm Value ($m) 2,740 2,703 2,562 2,423 2,423 2,423 2,324 2,280 2,000 2,000 2,000 Deal count 2 2 3 1 1 1 3 2 1 1 1 % Value change 1,007.8% 2,071.2% -6.2% -29.8% -

Legal Adviser League Tables by Deal Count Q1 2011

Rank Q1 2010 2011 1 29 2 35 3 4= 4= 4= 11 7 7 8 9= 9= 9= House Jun He Law Offices Simpson Thacher & Bartlett DLA Piper GKH Law Offices Goldfarb, Levy, Eran, Meiri & Co Herzog, Fox and Neeman Allen & Overy Skadden Arps Slate Meagher & Flom Selmer Thommessen Wiersholm Value ($m) 2,740 2,703 2,562 2,423 2,423 2,423 2,324 2,280 2,000 2,000 2,000 Deal count 2 2 3 1 1 1 3 2 1 1 1 Count change 10 21 0 0 -

HK Financial Adviser League Tables by Value Q1 2011

Rank Q1 2010 2011 8 1 2 2 3 9 4 6 5= 5= 29 7 8= 18 8= 1 8= House China International Capital Goldman Sachs Standard Chartered JPMorgan Deutsche Bank Kim Eng Securities Access Capital Greenhill & Co Macquarie Group Morgan Stanley Value ($m) 2,997 2,883 970 925 523 523 469 457 457 457 Deal count 2 3 3 1 1 1 3 1 1 1 % Value change 608.5% -0.8% 126.7% 7.6% 517.1% 101.3% -85.3%

Financial Adviser League Tables by Deal Count Q1 2011

Rank Q1 2010 2011 4 1 2 9 3 2 4 5 6 6 7 8 12 9 10 House Goldman Sachs Standard Chartered Access Capital Somerley M&A International China International Capital Credit Suisse Ample Capital UBS Investment Bank INCU Corporate Finance Value ($m) 2,883 970 469 384 142 2,997 454 385 196 54 Deal count 3 3 3 3 3 2 2 2 2 2 Count change 1 1 -1 0 1 -

Legal Adviser League Tables by Value Q1 2011

Rank Q1 2010 2011 51 1= 1= 3 3 4 12 5 6 23 7 21 8 9= 43 9= 9= 17 9= House DLA Piper Jun He Law Offices Zhong Lun Law Firm Freshfields Bruckhaus Deringer Skadden Arps Slate Meagher & Flom Allen & Gledhill Clifford Chance Mallesons Stephen Jaques Jincheng, Tongda & Neal King & Wood Morrison & Foerster Richards Butler in association with Reed Smith Value ($m) 2,497 2,497 925 863 608 523 500 414 402 402 402 402 Deal count 1 1 1 5 2 1 2 1 1 1 1 1 % Value change 9,148.1% -97.6% -81.9% -6.7% -59.3% 268.8% -72.1%

Legal Adviser League Tables by Deal Count Q1 2011

Rank Q1 2010 2011 1 1 6 2 17 3 2 4 16 5 19 6= 6= 8 9 15 10 House Freshfields Bruckhaus Deringer Skadden Arps Slate Meagher & Flom Clifford Chance Slaughter and May Linklaters DLA Piper Jun He Law Offices Zhong Lun Law Firm Allen & Gledhill Mallesons Stephen Jaques Value ($m) 863 608 500 369 196 2,497 2,497 925 523 414 Deal count 5 2 2 2 2 1 1 1 1 1 Count change -5 -2 0 -3 0 -1 -1

Cross Border M&A

Deal Value Breakdown Q1 2011

Change Deal Value ($m) Deal count % Value count 14,114 162 33.8% -23 7,059 10 99.6% 5 8,197 5 -9.6% 1 0 0 -100.0% -1 29,370 177 1.5% -18

Deal Size ($m) 5 500m* 501m 1,000m 1,001m 5,000m 5,000m and over Total

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Greater China M&A Roundup Q1 2011

Industry Analysis
Sector Financial Services Industrials & Chemicals Energy, Mining & Utilities Media Consumer Real Estate Technology Pharma, Medical & Biotech Transport Construction Telecommunications Business Services Leisure Agriculture Total Value ($m) 8,665 5,839 3,953 1,958 1,804 1,378 1,231 1,054 911 796 637 573 469 103 29,371 2011Q1 market share 29.5% 19.9% 13.5% 6.7% 6.1% 4.7% 4.2% 3.6% 3.1% 2.7% 2.2% 2.0% 1.6% 0.4% Deal count 16 38 21 5 21 8 18 14 7 8 2 11 6 2 177 Value ($m) 8,199 1,973 6,435 47 2,011 3,916 1,284 431 2,333 677 630 692 111 194 28,933 2010Q1 market share 28.3% 6.8% 22.2% 0.2% 7.0% 13.5% 4.4% 1.5% 8.1% 2.3% 2.2% 2.4% 0.4% 0.7% change Deal count 16 37 27 5 27 19 19 12 10 8 2 7 4 2 195 Value (%) 5.7% 195.9% -38.6% 4,066.0% -10.3% -64.8% -4.1% 144.5% -61.0% 17.6% 1.1% -17.2% 322.5% -46.9% 1.5% Deal count 0 1 -6 0 -6 -11 -1 2 -3 0 0 4 2 0 -18

Top Announced Deals Q1 2011

Ann. Date Bidder company 14-Mar-11 Dr Cheng Yu-Tung (Private Investor) Target Company Ping An Insurance (Group) Company of China Ltd (3.44% Stake) Makhteshim Agan Industries Limited (60% Stake) Seller company Buy-side Advisory Sell-side Advisory FA: China International Capital; Goldman Sachs LA: DLA Piper; Jun He Law Offices LA: Goldfarb, Levy, Eran, Meiri & Co.; Herzog, Fox and Neeman; Kirkland & Ellis FA: Morgan Stanley LA: Debevoise & Plimpton; Lee and Li Attorneys at Law FA: Moelis & Company LA: Thommessen; Wiersholm FA: Morgan Stanley LA: Freshfields Bruckhaus Deringer; Clifford Chance Deal Value ($m) 2,497

11-Jan-11 China National Chemical Corporation

FA: Compass Advisers LA: GKH Law Offices; Simpson Thacher & Bartlett American International Group Inc FA: Citigroup LA: Baker & McKenzie; Freshfields Bruckhaus Deringer FA: Royal Bank of Scotland Group LA: Selmer; Skadden Arps Slate Meagher & Flom FA: Bank of America Merrill Lynch LA: Allen & Overy

2,423

12-Jan-11 Ruentex Group; and Pou Chen Corporation

Nan Shan Life Insurance Company Ltd

2,160

11-Jan-11 China National Bluestar (Group) Co Ltd

Elkem AS

Orkla ASA

2,000

1-Feb-11

Wanhua Industrial Group Co BorsodChem Zrt (58% Stake) VCP Vienna; and Permira Ltd

1,701

Notes All data is based on announced transactions over US$ 5m. Deals with undisclosed deal values are included where the targets turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$ 100m. Activities excluded include property transactions and restructurings where the ultimate shareholders interests are not changed. All data excludes minority stake deals (10% - 30%) where the dominant target geography is Asia-Pacific and the deal value is less than US$ 100m. M&A Trend: Based on the dominant geography of the target company being China, Hong Kong, Taiwan or Macau. Excludes lapsed and withdrawn bids; League Tables: Based on the dominant geography of the target, bidder or seller company being China, Hong Kong, Taiwan or Macau for Greater China tables, and China/Hong Kong for their respective tables. The financial adviser tables exclude lapsed and withdrawn bids and the legal adviser tables include lapsed and withdrawn bids. Previous period changes refer to the time period Q1 2010; Cross Border M&A: Inbound refers to cross border M&A where the dominant geography of the target company is China, Hong Kong, Taiwan & Macau. Outbound refers to cross border M&A where the dominant geography of the bidder company is China, Hong Kong, Taiwan & Macau. Excludes lapsed and withdrawn bids; Deal Value Breakdown: Excludes lapsed and withdrawn bids. Previous period changes refer to the time period Q1 2010. $5m to $500m range includes undisclosed deals; Industry Analysis: Based on the dominant geography of the target company being China, Hong Kong, Taiwan or Macau. Industry sectors represent the primary industry sector of the target company only. Excludes lapsed and withdrawn bids; Top Announced Deals: Based on the dominant geography of the target, bidder or seller company being China, Hong Kong, Taiwan or Macau. Excludes lapsed and withdrawn bids. FA refers to Financial Adviser and LA refers to Legal Adviser. Criteria: http://www.mergermarket.com/pdf/deal_criteria.pdf All data correct as of 13 April 2011.

Contacts PR: Michel Chau michel.chau@mergermarket.com Tel: +852 2158 9706 Deal Submissions: Terre Choi terre.choi@mergermarket.com Tel: +852 2158 9733

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