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MERGERS & ACQUISITIONS REVIEW FINANCIAL ADVISORS

Full Year 2012

Any New Zealand Involvement Announced (AD39)

Any New Zealand Involvement Completed (AF46)

Japan M&A

Any Americas Involvement Announced (AD49) 7

US Target Completed (AF2)

Americas Deals Intelligence

6

US Target Announced (AD2) 7

M&A Financial Advisory Review

First Nine Months 2012 | Mergers & Acquisitions | Financial Advisors

1

Japan Deals Intelligence

Any European Involvement Announced (AD21)

Any Americas Involvement Completed (AF55)

17

17

18

18

Global M&A

Global Deals Intelligence

Scorecard: Worldwide Announced M&A

Scorecard: Worldwide Completed M&A

Top Fifteen Worldwide Announced Deals

Any German Involvement Announced (AD35)

Americas M&A Any Spanish Involvement Completed (AF41)

Any UK Involvement Announced (AD32)

Any UK Involvement Completed (AF39)

13

12

Any Italian Involvement Announced (AD36)

Any Nordic Involvement Announced (AD37)

Any European Involvement Completed (AF3)

https://www.thomsonone.com

10

12

12

Any French Involvement Announced (AD33)

Worldwide Completed (AF1)

Top Ten Japanese Involvement Announced Deals

Any Italian Involvement Completed (AF43)

20

20

19

Top Ten US Announced Deals

Any French Involvement Completed (AF40)

Any Japanese Involvement Completed (AF23)

20

19

15

Mergers & Acquisitions Criteria Summary

Any EMEA Involvement Announced (AD47)

European Deals Intelligence

Any Benelux Involvement Announced (AD40)

8

8

7

Any German Involvement Completed (AF42)

16

Any Canadian Involvement Completed (AF49)

Any Australian Involvement Completed (AF31)

10

9

Any Canadian Involvement Announced (AD42)

16

Any Asia (ex-Japan) Involvement Completed (AF32)

Any EMEA Involvement Completed (AF53)

Any Benelux Involvement Completed (AF47)

10

Any US Involvement Completed (AF48)

Top Ten Any Asia (ex-Japan) Involvement Announced Deals 15

7

8

9EMEA M&A

Any US Involvement Announced (AD41)

Any Spanish Involvement Announced (AD34)3

3

6

6

Any Japanese Announced Fairness Opinion13

Asia Pacific (ex-Japan) M&A

Asia Pacific (ex-Japan) Deals Intelligence

20

21

21

22

21

20

11

12

13

13

Regional Contacts

Criteria Summary

Any EMEA Announced Fairness Opinion

11

14

Worldwide Announced (AD1)

20

10

18

Any Japanese Involvement Announced (AD19)

Any Asia Pacific Announced Fairness Opinion

2

2

8

Table of Contents

16

16Any Australian Involvement Announced (AD24)

9

1

Top Ten European Involvement Announced Deals

Thomson Reuters Soultions for the Deal the Deal

Making CommunityAny Asia (ex-Japan) Involvement Announced (AD25)

20

2

11

15

Fairness Opinion Rankings

Worldwide Announced Fairness Opinion

Any Americas Announced Fairness Opinion

Any USAnnounced Fairness Opinion

11

14

Any Nordic Involvement Completed (AF44)

http://banker.thomsonib.com/

Full Year 2012

FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEW

Spinoffs & Divestitures Push Worldwide M&A Up 2% to US$2.6 trillion l Cross Border M&A Up 6% l Goldman Sachs Top Advisor l Advisory Fees Down 13%

Global Deals Intelligence

Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity


RESOURCES, REAL ESTATE, FINANCIALS LEAD ACTIVITY - The energy & power sector was most active

during full year 2012, commanding 18% of announced M&A, while the financials and real estate sectors accounted

for 13% and 11% of M&A activity, respectively. Consumer staples and retail deal making led all sectors as to

growth rate, up 71% and 38%, respectively, during full year 2012, while materials and high technology registered

declines of 22% and 18% over full year 2011.

BUYSIDE PRIVATE EQUITY M&A FLAT COMPARED TO 2011 –Worldwide private equity-backed M&A activity

totalled US$321.4 billion during full year 2012. Private equity deal making in the energy & power, industrials and

financial sectors accounted for 40% of activity during full year 2012. Accounting for 12% of worldwide M&A during

2012, private equity-backed M&A was flat compared to 2011 levels.

COMPLETED ADVISORY FEES DOWN 13% YTD; UP 27% FROM Q3'12 - According to estimates from Thomson

Reuters/Freeman Consulting, M&A advisory fees from completed transactions totalled US$24.7 billion during full

year 2012, a 13% decrease from the comparable period in 2011. Deal activity in the Americas accounted for 58%

of the worldwide fee pool, while Europe, Middle East and Africa accounted for 28%. Asia Pacific and Japan

contributed 10% and 5%, respectively.

WORLDWIDE M&A UP 2%, SPINOFFS & DIVESTITURES ACCOUNT FOR 47% OF M&A - Bolstered by record

levels of spinoff and divestiture activity, the value of worldwide M&A totalled US$2.6 trillion during full year 2012, a

2% increase from comparable 2011 levels. Worldwide spinoffs and divestitures, which totalled US$1.2 trillion for full

year 2012, accounted for 47% of overall M&A activity this year, the highest annual percentage since records began

in 1980. Compared to the third quarter of 2012, the value of announced mergers & acquisitions increased 53%

during the fourth quarter of 2012.

EMERGING MARKETS ACCOUNT FOR 28% OF M&A; CROSS BORDER UP 6% – Accounting for over one-

quarter of worldwide announced merger activity, M&A involving companies located in the emerging markets totalled

US$723.0 billion during full year 2012, a 9% increase from 2011. Cross Border M&A activity totalled US$944.1

billion during full year 2012, accounting for 36% of overall M&A volume and up 6% compared to full year 2011.

Cross border M&A was driven by the energy & power, industrials, and consumer staples sectors, which comprised

42% of cross-border deal volume during 2012.

Worldwide Completed M&A by Region - Imputed Fees

9.6%

10.6%

13.4% 12.9%

21.0% 18.6%

8.4%

6.0%

9.9%

12.7% 12.4%

0%

5%

10%

15%

20%

25%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

% o

f G

lob

al M

&A

Ra

nk V

alu

e (

US

$b

)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of YTD Global M&A

$0

$1

$1

$2

$2

$3

$3

$4

$4

$5

$5

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

Imp

ute

d F

ee

s (

US

$b

)

Americas EMEA

Asia Pacific Japan

29.2% 26.7%

31.7% 33.7% 33.5%

45.0%

37.3%

27.0%

37.2%

35.0% 36.5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

% o

f G

lob

al M

&A

Ra

nk V

alu

e (

US

$b

)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of YTD Global M&A

1

https://www.thomsonone.com/

Western Europe

South East Asia4,741.9New Zealand

36,088.7

▼

▼

▼

Target Macro / Mid Industry

-12.5-5.8

-27.62,207

1,313

▼

▼

821▼

Consumer Staples / Food and BeverageEnergy and Power / Oil & Gas

Telecommunications / Wireless

Energy and Power / Oil & GasFinancials / Banks

Financials / Banks

Energy and Power / Oil & Gas

Materials / Metals & Mining

Canada / Canada

Real Estate / Residential

Jan 1 - Dec 31 2012

FROB

Intended

5/25/2012

12/5/2012

Consumer Staples / Food and Beverage

▼

Healthcare / Pharmaceuticals66,416.8

▼

▼

Worldwide Announced M&A Target Industry by Value

% Change

in Rank

Value

Mergers & Acquisitions

-20.4

▼

-1.81,553

1/1/2011 - 12/31/2011

994,672.9 ▼

▼

▼

▼

▼

▼

-73.3-1.0

6.8

-60.3

▼

▼

▼

72,312.41,145106,481.5

-19.5

10.6-22.1

490

United States 898,363.5

14,362.0

▲

7,381

▼

-5.2▲

▲

170

96,309.4

No.

Deals

10,618.84,966.5

7,993.2 29,885.0

882,129.9

502

1,451

2,040,637.3

Rank Val

US$m

% Change

in Rank

Value

South America

6,946

1,003

-2.2129

Target Region/Nation

North America

31,033.212,496.0

222.9 Mexico984,997.7

143-0.1 8,397

▲

8,934

861,085,322.3▼

181Central America▼

Rank Val

US$m

16012,80042,074

36,738.8

1,234,909.5

No.

Deals

12,651.9-5.2

-65.8195126

-15.810,400

-16.3

31,84928,449

Caribbean-10.4

▲

-4.6

-1.71.7

1,144,683.7

▼

223

10,7308,555

▼

-21.6-8.4

▼

▼

1,5912,175

11,185.0734

46.6 Canada 102,867.8▲

84,739.2Brazil 58,210.0

Middle East

▼

14,615.0

13,437.01,139

Chile37.7 ▲ 41,994.245.7 11,941.8

▲

Sub-Saharan AfricaNorth Africa

12.5

320 20,940.5

334▲ 333Africa/Middle East 771

512,680.6 -31.568,297.6

146

3,460.6

37,956.2

79

728

8,202

748,964.3

-6.0

3,281.9 70

-43.8

275

123,754.8

3,809

-30.2

▼

-26.0

613,855.3

▼

9,432

▼

-49.4

▼

-42.6

▲

-15.41,5826,383.7

6,162135,788.2

▼

-18.4132

2,82711,029 13,241

68,004.753,785.9

1,0871,229

402,160.6

2,073

1,118

61,774.2


▲

▲

Japan / United States

Spain / Spain

90,725.749

13.6

▼

9.5-8.1167,850.3

15,859.4

560.8

-15.41,3439.4

98,363.6

-64.7

350 14,392.724917,366.5

683

429

65642,737.0

1,359756

47.8

Acquiror / Target Nation

1,318 ▲

▲

45,803.1Switzerland / Switzerland

10,660.4 1,613.3

Top Fifteen Worldwide Announced Deals

119,310.2

444,383.0

127,927.7

28,000.0

Central Asia103,057.5

39

Rank Value (US$m)

Japan

Acquiror

116,564.8657

1,088

135,108.9

Spain

Asia-Pacific

129,046.1

297,582.8

59,529.350,567.4

1,224

▲

78,000.8

Germany

South East AsiaMalaysia

1,189119

21,278.4

5,479

192.8

5,209.9

▲

Australia

▲

-44.646.1

-43.2New Zealand

▲

72,563.5

52,280.0

▼

▼

-1.4 ▼

Australasia▼-42.6

2,496

EuropeEastern Europe

94.3

▲

▲

United Kingdom0.3

▲

1,026

29.5

17.9

6.8

374.9

4,609143,476.6

123

9,838

494

11,427

North Africa531

21,986.2 551

25,040.2

110,824.53,544Europe

66,713.9

65,423.4Africa/Middle EastMiddle East

Sub-Saharan Africa

1,267

Eastern Europe600,938.7

United Kingdom

47,495.2

10.3

178

8,909.2

154

1,499

106

8,556.9

440

15,091.4 462

711,763.2

1,876.1

▲

▲

21,239.116,036

NK Rosneft'

83,259.3

300

ChinaSouth Korea

2,6682,410North AsiaSingapore

154,336.6

926

Target (% Sought/Acquired)

70,962.5

5,481

221.3

18,325.4401

2,320

444,318.9 10,212

1,329

20.1▲

610

Abbott Laboratories-Research (100%)

6.8

27,950.2

-19.5

1,120

▼

62 7712,965.446,751.2

2.8

▲12.3

United States / United States

36,748.0

1,503

Shareholders

874South Asia

-6.0

Americas

232,341.3

Asia-Pacific

South Asia▲

▼

217,478.5▲

Central America

Australasia

North AsiaChina

SingaporeMalaysia

9,384

49,950.1

912

22,015.5

67,821.0

28,723.4

17,057.4

3,4191,002

3,694140,157.142,800.4 45,550.8

363

4,957

South Korea

85,944.7

Bankia SA (%)

Alliance Boots GmbH (55%)

Pending

Date Effective


TNK-BP Ltd (50%)Russian Fed / Russian Fed

Freeport-McMoRan Copper & Gold

China Telecom Corp-3G Assets (100%)

Glencore International PLC

Grupo Modelo SAB de CV (49.7%)

25,686.0

TNK-BP Ltd (50%)

Xstrata PLC (65.9%)Shareholders

China / China20,093.418,047.3

▲

106,813.2

2/7/2012

12/26/2012

9/17/2012 10/1/2012

Pending

Kraft Foods Inc-N Amer Grocery (100%)

Rank Date

9,487.9


Spain / Spain 23,785.7

United States / SwitzerlandTelecommunications / Telecommunications Services

Energy and Power / Oil & GasRetail / Other Retailing

17,665.617,805.3


China Telecom Corp Ltd

CNOOC Canada Holding Ltd

Spain / Spain

Belgium / Mexico

4/12/2012

10/15/2012

8/22/2012

Shareholders

20,140.0

17,204.3

21,361.521,657.14/30/2012

SoftBank Corp

ConocoPhillips-Refining ,Mktg (100%)Banco Financiero y de Ahorros (100%)

1,439

157,359.1

Pending

Pending

Pending

Japan

Nexen Inc (100%)

9,288.8

Plains Expl & Prodn Co (100%)

6/29/2012

12/10/2012

12/21/2012 Bankia SA-Bad RE Assets (100%)

Central Asia1,8872,006

2.1

FROB

Anheuser-Busch Inbev

SAREBPending

Walgreen Co

Pending

Pending

481

1,856

1,444

438,206.2

Australia

Western Europe

Spain

73,473.2

103,668.3

Switzerland

Worldwide 37,9232,588,907.3Americas

11,341.5

North America

286

11,883

United States 8,119

2,395

Rank Val

US$m

1,214,223.8121

935,064.4

Chile

10,037

1,918

344

134,350.6129,606.5

641,632.6

766

720192

27,981.8

785,109.2 13,382

134,004.5

1,645

89,905.5

No.

Deals

Rank Val

US$m

2,424,490.4

Caribbean

1,518.8319

Worldwide

No.

Deals

▼

29

Full Year 2012 | Mergers & Acquisitions | Financial Advisors

2,545,300.09,667

1/1/2012 -12/31/2012 1/1/2011 - 12/31/2011

2435,942.9

470.4

Target Region/Nation

Mexico

1/1/2012 -12/31/2012

Russian Fed / Russian FedNK Rosneft' 26,469.2


980,220.81,075,760.7

57,042.2South America

15,744.2

95,539.9109,758.1

72,781.514,416.5

140,027.4

6/19/2012

10/22/2012

Pending

1,075,091.7

Brazil91,847.7

Canada

Sprint Nextel Corp (70%)Pending

Pending

6/27/2012

7/23/2012

10/22/2012

Scorecard: Worldwide Announced M&A Jan 1 - Dec 31 Scorecard: Worldwide Completed M&A Jan 1 - Dec 31

17.9%

12.9%

10.9%

9.7% 9.5%

8.4%

8.2%

6.0%

4.6%

4.6%

4.1% 3.2%

Energy and Power Financials

Real Estate Materials

Industrials Consumer Staples

Healthcare High Technology

Telecommunications Media and Entertainment

Retail Consumer Products and Services

Government and Agencies

2


Rothschild Rothschild

* tie

688.2

-27

-3.1

Share Ch.

2.3

3.6

4.5

0.5

4.8 1.0

▼

0.8

Jan 1 - Dec 31Worldwide Completed (AF1)

Market

Imputed Fees (US$m)

▲0.56.8

Market

Sh (%)Fees

247 1,250.9

Change in

1.2

# of Deals

Market Advisor

-44 ▼

▼

0.8

1.1

-61

-52

1

▼0.5

37

19

Mizuho Financial Group

-3.0

16

Macquarie Group

-2.3

19 22

BNP Paribas SA

1.9

HSBC Holdings PLC 180.2 -25

+4

▼

16 ▼

11

309.2

79

2.755,234.6 82

▼

Lazard

320

0.8

184

13.0

-56

▼

235

10 11

4.4

-5

▲

▼8.2

213,833.09

202,039.0

39

1

Morgan Stanley

0.5

120

22

0.3

68

144,597.4

98,309.3

19.6

29.4

2

19.6

4,683

44

30.6

5,561 53

30 30.0

▲Industry % Change from Last Quarter 27.2%

49

24.642 31.2

2,479


48,350.7 324.42

34

11

2

Financial Advisor

4

1

Morgan Stanley

3

Bank of America Merrill Lynch

Deutsche Bank 7

8

378,783.4

5

470,669.9

5

2.617.4

27.7

Market

Sh (%)

-0.9

2012

Rank

351,663.1

▲426,880.5

444,260.2

252 0.7

0.613.6

17.2

16.5

▼-0.1 0.7

6

-2.5

271

0.8

14.6

285

# of Deals per Advisor

Worldwide Rankings

MarketChange in

+22

JP Morgan

Barclays

328,116.1

Goldman Sachs & Co

2

Rank Value

427

US$m

Rank Value

Citi

251,258.5

717,560.2

3.7

18.2

246,680.7

21.2

2744.9 ▲

3

Rank Value per Advisor (US$m)

60,291.1

▼

Market

2.1

354,502.8

2

65,886.3

75,256.7

2

IndustrialsGoldman Sachs & Co 1

23.31

67,393.2

23,480.6 8.3

282,525.33

20.2

10.0

29.5

65,641.7 26.6

76,799.2

74,141.3

12

-1.0

1.2

Credit Suisse

65,476.4

400,603.3 15.5

-0.3

114,029.7

212,157.2

170,997.8

▼

6.6 1.9

7.8 -2.8

8.3 -2.2

▼

Worldwide Announced (AD1)

334,309.6

6

4

8

3

2012

Rank

6

1

Financial Advisor

# of2011

Rank Deals

Market

Share Ch. # of Deals

2.7 1.1

Sh ($)




Jan 1 - Dec 31

3548,089.6 +75 ▲ JP Morgan

570,228.5

-1.8 5.1

21

Market

Sh (%)

27.9

Sh (%)

Goldman Sachs & Co

2011

Rank

# of

Share Ch.

▲

379,439.6 ▼

1.0

406,389.6

▼

Deals

▼19.9

-18

0.9

1,682.4

US$m

352

1.5 388 21.0

▲▲

▲

0.7 1

15.8

-8.4

▲

18.6

3.5

▲ 231

0.8

▲

▼ 1,174.7 ▼

0.41,114.3

▲+92 3

-24

+12

Credit Suisse 4

5

▼

Morgan Stanley

▲ Barclays 9

4-22 6Bank of America Merrill Lynch

-14 -0.1 -21

▼▼

▲265,011.8▼ 0.8

893.10.7

0.0

▼

216

192

3.0

0.6 -2311.7 ▲

▼13.4

2.7

321,608.7

-70

▲ 869.6

0.4274,192.0

3.5▲ +68

▼

0.6

224

▲ 245 ▼Deutsche Bank

238,130.45

7

10.8 223

▼ Citi

▲▼

-4.38

737.58

▼▼ 184

▲

677.5 0.1

-

0.8

▼

-7 2.8

562.1

-76 Lazard 220,035.1 0.3

11

1110

9

8.1164,584.6

13

10 0.0

234 0.8

95

▼

1.3

-2.0 0.0

574.7

Evercore Partners251

204

152,482.9

7.312

0

7

288

-14 149,672.0▼

0.7

-90

7.5

-7.4UBS

-

▼0.6

▼

0.3

176

▲

▼

▼1.2

▲

2.3 ▼

0.1

1.6

▲

0.5

1.3

+58

0.1 0.7 0.3

▲+24 391.7

172.5

▲

305.30.7 ▼193

0

2.00.6

180.3

85,859.6

0.9

▲

178 ▲

0.3 -2

0.7

492.3

-

0.7

20▲

▲0.1

105

5.1103,950.3

▼

▼

4.2

+49 ▲

14▲0.5191▲

Nomura

-40

+47

15

Centerview Partners LLC

13

2.531

RBC Capital Markets

12 -1.7

18

17

81,280.8 4.0

61,902.714 3.0

58,507.8 2.945

▼0.4▼ 0.397

▲ 147 ▲

-39

0.4

▼

0.10.5

▼ 131.5-22

▲

0.3

+40 108.7

-1.1 0.0

0.5 0.2▼

0 -0.4

21

Sumitomo Mitsui Finl Grp Inc

0.1 ▲

+4

+13

-0.3

20

81.248,805.2

48,543.4

0.052

▲ Jefferies & Co Inc85

20

0.2

+1647

▼

▼427.8 1.7

0.5

0.1

-40 0.3112.6

272.5

▲

▼

▼

0.2

0.4

+11

62

0.4

0.4124

-15

-5106

100

▲

0.1

-3.4

2.4

▲

119

0.3

0.22.3 0.6292.2+39 ▲

▼

+4

0.4▲

▼

▲

1.2

-13.2%

24,731.8

0.0

▲

100.02,040,637.3

0.2

100.0

▼▼-10.7%

28,454

▲

82

▲

0.5

64.9+6

-3,395

46

2.2

2.3

1.3 ▲

-0.3

0.8

1.8 0.8

46,731.7

53,136.1 2.6

2.4 ▲

46,547.0

▼

1.5

-0.2

44,208.8

25

Industry Total

15

24

30

37,109.247

▼

1.8 -2.1

23

+1 Itau Unibanco

240.2 -31 BMO Capital Markets

5.7%

22Societe Generale

▲

▼

Industry % Change from Same Period Last Year

Moelis & Co

111,394.4 24.0

37,918

▲

2

Share

▲

0.0

Jan 1 - Dec 31

-4,156

42

53.4%

▲

3

100.0

Rank

Mkt.

▼

464,027.0

-9.9%

19.6%

4,101

-15.8%

Top Worldwide Announced M&A Advisors by Transaction Size (AD1)

-0.2%

24

25 -

7546,018.2

1.8

15

Industry Total

50

3,095

Top WW Announced M&A Advisors by Target Industry

1.7%

Energy and PowerBarclays

Rank Val US$m

-0.4

114,229.6

2,588,907.3

No.

Deals

▼

11.8 ▲

+30

1341.0

0.3

Societe Generale

Industry % Change from Last Quarter ▲

45,803.1M Klein & Co LLC


93

22

▼-1.1

▲2.0

▲3.7

▼107,418.8 4.2 -0.3

95,888.6 2.216

Nomura

12 141,532.4

24

16

64,863.0


14

29

22

Moelis & Co 23

0.4

▲

+10

104

139 ▲0.22.5

2.5

21

Greenhill & Co, LLC 20

▲

65,416.1

63,845.1

▲2.5

13

2.0

21

20


7

0.1

▼

▲

0.7

22

70,926.0

82,255.6

▲

2.7

19

3.217

65,630.7

1.7

Citi

RBC Capital Markets

10

9

18

15BNP Paribas SA

Jefferies & Co Inc

UBS

▲

60

49 2.5

17

Evercore Partners 13

12

Real Estate

51,976.4

14

VTB Capital

BMO Capital Markets

5.5

HSBC Holdings PLC

Bank of America Merrill LynchMaterials

CitiCredit Suisse

FinancialsGoldman Sachs & CoCiti

Goldman Sachs & CoCitiBarclays

Morgan Stanley

Goldman Sachs & CoGleacher & Co Inc

Jan 1 - Dec 31 2012

546.4

373.0

266.7 323.2

254.7 289.5

238.3 277.1

149.2 164.0

62.8

17.2

55.2

71.9 38.9

20.1

38.2 20.1

66.4

66.4 28.0

28.0 28.0

28.0

26.5

26.5

26.5 26.5

26.5

26.5 26.5

26.5

45.8

45.8

45.8 45.8 45.8

45.8

45.8

36.1

20.1

20.1 20.1

20.1 20.1

$0

$100

$200

$300

$400

$500

$600

$700

Goldman Sachs & Co

Morgan Stanley

Barclays JP Morgan Citi Credit Suisse

Deutsche Bank


UBS Rothschild

Ra

nk V

alu

e (

US

$b

) Grupo Modelo/Anheuser-Busch Inbev

Kraft Foods/Shareholders

Xstrata/Glencore

TNK-BP/NK Rosneft' ($26.5 bil)

TNK-BP/NK Rosneft' ($28 bil)

Abbott Labs/Shareholders

Other Top 15 Deals

All Other Transactions

3


-

11.9x10.6x

10.3x 11.5x

11.3x

14.8x

12.2x

5.4x

19.9x14.5x

10.5x12.6x

6.7x

10.2x

33.8

Media and Entertainment

Real Estate

* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries.

* The data given refers to the time period 01/01/2012 - 12/31/2012 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded.

* The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black.

* Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.

6.4x -9.1x11.1x

2011

13.5x 11.5xAverage Industry Total

11.1x

2012 UP

2012 DOWN

12.6x

11.1x

10.9x

11.5x8.9x

16.6x

11.9x

12.6x

11.6x

10.9x

Industrials

9.8x

Consumer Products and Services 12.1x 9.9x

Consumer Staples

Energy and Power

12.0x

Materials

11.3x

13.2x

CanadaUSA

13.1x10.2x 12.1x

11.7x

11.5x

12.1x

8.5x

11.9x 8.9x

10.3x

21.8x

9.9x

13.1x

8.7x

10.8x

9.8x

16.5x

17.2x

16.5x 19.1x21.3x 22.2x 16.7x

11.5x

10.3x 11.3x

5.7x

9.0x

17.7x

14.7x6.2x

11.1x 11.3x5.4x

14.5x

13.7x10.9x

13.4x

15.9x 11.3x

13.6x

13.2x

12.8x

12.4x

5.4x

10.5x

11.0x

11.5x

26.9

6.5x

14.3x

Americas USA EMEA

23.6x

10.9x17.2x9.3x

10.5x13.2x

15.8x

11.0x10.5x8.9x 11.7x

9.0x13.7x

12.5x

12.3x 11.4x 8.5x10.8x

12.5x8.7x

16.5x 15.4x

13.9x

8.5x 8.3x12.6x

11.6x 13.9x 12.4x

15.5x

14.1x

11.3x

9.7x 12.7x

7.6x 13.8x13.8x 9.6x

11.4x8.1x

15.6x 12.4x

7.9x 20.8x

13.6x

12.9x

11.4x

14.4x13.6x

19.5x15.4x 11.4x12.4x

7.0x

13.0x 11.7x

12.5x 13.5x 14.1x

12.8x

9.9x

12.3x 10.9x 14.5x 12.0x

14.5x

10.4x

23.6x

9.1x

10.3x11.1x

31.8

12.8x

34.0

27.6

12.8x6.3x 6.3x

47.3

12.8x12.2x

47.339.2

25

30.8

UK

44.9

4235.8 49.3

92.8

57.8

58.148.7

35.8

60

12.9x

61.8

17.1

16.6

Asia ex. Japan

35.3

34.6

35.938.457.8

29.625.5 29.6

18.0

26.2 25.5

32.525.9

24.3 25.3

45.1

36.7

23.9

36.7

30.3

38.0

24.3

31.2

28.240.5 41.2

25.3

41.2

31.5

34.9 28.9

31 21.2

26.4

58.3 61.422.059.9

31.9

-

21.5

12.1

19.6

29.5 39.3 39.829.7

23.1

26.8

-

47.7

11.4

31.6

16.2

47.7

35.4 51.6

42.7

37.0

- -

-

52.4

43.7 38.5

37.242.8

61.2

22.829.636.9 31.1

23.6

26.4

-

38.6

42.7

41.6

31.2 27.6 40.7

18.4 48.3 33.1

-19.9

42.7 13.6

20.8

Japan

26.8

7.6x

15.9x

10.5x 15.3x

5.5x

13.7x

16.8x

6.8x

10.6x

24.5

35.0

21.7

17.228.6

34.0

24.321.8

21.3

10.3x

37.1

37.4

High Technology

Industrials

10.2x

Energy and Power

30.0

11.9x

38.1

30.6

51.8

Europe

25.7

42.0

44.234.3

26.8

36.8 41.1

15.5 52.0

46.9

25.6

13.2x

11.5x

32.7

41.4

12.5x

11.6x

11.7x

44.3

40.3

42.3

30.4

31.9

36.3

41.1

35.2

16.6x

25.8

29.1

50.1 33.5

28.6 24.6

30.4

Average Industry Total

37.2

35.2

Telecommunications 34.9

37.2

29.5 40.5

34.1Media and Entertainment

Retail

31.9

10.2x

31.2

31.2

29.5

10.6x

11.0x

33.0

32.5

30.8

11.7x

World

12.3x

Retail

9.1x

11.5x

World

Materials

30.0

34.2

Telecommunications

Real Estate

35.7

23.7

Consumer Staples

Consumer Products and Services

Financials

31.3

7.2x

Exit Multiple Matrix - Average Rank Value / EBITDA

7.7x

39.4


21.6

37.429.3 25.7

13.6x

33

-

9.7x

18.3x

19 24.9x 60.0

11.4x

39.4


28.239.5

29.4

59.1

35.5

12.5

31.922.719.9 11.4

34.728.4

19.2 36.8 32.3 8.4 46.6

22.330.829.2

25.626.2

28.621.5

13.6

27.4 13.3

16.4

21.639.4

51.2

29.6

42.1

39.5

36.1

36.9

30.5

65.4

25.8 11.3

12.3x

32.2 35.8

Canada

38.6

43.2

27.2

29.4

49.2 25.0

-

Worldwide M&A Matrix

UKEMEA

7.5x

13.4x

Japan

6.1x

Asia ex. JapanEurope

7.8x

12.9x

14.7x

10.3x

12.9x

Healthcare

11.7x

14.8x 14.5x

12.2x

11.9x

Healthcare

High Technology

10.5x

2012 UP

2012 DOWN

11.0x

13.8x

2011

13.6x

10.1x

Americas

Jan 1 - Dec 31

Bid Premium Matrix - Average Premium to 4 Week Stock Price Jan 1 - Dec 31

4


Rankings shown are as of the current quarter end in each calendar yearhttps://www.thomsonone.com


Worldwide Announced Rankings* - A Decade in Review

*League Table positions reflect consolidation within the banking sector

1

2

3

4

5

6

7

8

9

10

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

1

2

3

4

5

6

7

8

9

10

Ra

nk

Goldman Sachs & Co

Morgan Stanley

Barclays

JP Morgan

Citi

Credit Suisse

Deutsche Bank


UBS

Rothschild

5


Overall M&A activity with US involvement decreased 3.8% from 2011, reaching US$1.2 trillion. The number of US-involved

M&A transactions decreased by 5.5%, dropping from 11,517 to 10,882 announced deals. Exclusive of the over $140 billion

of value attributed to spinoffs executed in 2012 (including 4 of the top 10 overall deals in the year), US-involved M&A activity

declined 11.9% over the course of 2012.

According to Thomson Reuters/Freeman Consulting estimates, the total fees from completed M&A activity in the Americas

reached $17.2 billion in 2012, a 6.9% decrease from the $18.9 billion earned last year.

Despite a 13.1% decrease in the number of announced M&A deals with Canadian involvement and an 8.7% decrease in

the number of completed M&A deals with Canadian involvement, the value of both announced and completed M&A activity

in Canada involvement surpassed 2011 totals by 38.7% and 12%, respectively.

The Energy & Power sector led the US market, with deal volume totaling US$173.4 billion, a 18.5% market share and a

32% decrease compared to last year. Healthcare placed second, with US$154.4 billion, a 16.5% share. By deal count,

High Technology was the most prolific sector, with 1,553 transactions.

On average, EBITDA multiples for Americas Targets during 2012 decreased to 12.2x from the 13.8x reported in 2011.

From an industry perspective, among US target transactions, average industry multiples ranged from 9.6x for

Telecommunications to 18.0x for Real Estate targets.

11/30/2012

9/28/2012

4/23/20121/23/2012 1/23/2012

9/28/2012

Americas Target Completed M&A Fees

4 24.2

Tyco International Ltd-ADT (100%)


Overall US M&A Decreases 4%; Falls 12% Exclusive of Spinoff Value | Canadian Activity Up 36%

9 47.6

Americas M&A

62.4

14 22

286

477 2

8 61.5

21.9

United States / United States 10,191.3


United States / United StatesUnited States / United States

11,810.0

36,088.7

Switzerland / United States

17,204.3

21,657.1

10,570.8United States / United StatesReal Estate / REITs

Shareholders

Lehman Brothers Holdings IncNestle SA

IntercontinentalExchange Inc


Pfizer Nutrition (100%)

28.3

Freeport-McMoRan Copper & Gold

Pending NYSE Euronext (100%)Consumer Products and Services / Professional Services

Rank Date

Shareholders4/30/2012

Date Effective

10/15/2012 Sprint Nextel Corp (70%)

Abbott Laboratories-Research (100%)

12/20/2012

Archstone-Smith Trust (26.5%)

12/10/2012

Archstone Enterprise LP (100%)

10/1/2012 Kraft Foods Inc-N Amer Grocery (100%)Pending

Shareholders

9/17/2012

SoftBank Corp12/5/2012

Pending

Pending

Investor Group

4/12/2012

11/26/2012

ConocoPhillips-Refining ,Mktg (100%)

Plains Expl & Prodn Co (100%)

Financials / Brokerage


Top Ten US Announced Deals Jan 1 – Dec 31 2012

Pending20,140.0

Real Estate / REITs

Energy and Power / Oil & GasJapan / United States

Target (% Sought/Acquired) Acquiror


Target Macro / Mid IndustryRank Value (US$m)Acquiror / Target Nation





11,850.0

66,416.8

16,306.1

Jan 1 – Dec 31 2012

Share

41.8

Telecommunications / Telecommunications Services

Shareholders

21

805 52.8

Healthcare / Pharmaceuticals

3

1

5 42.1

33.9

37.728 34.716

11

3

Mkt.

668

No.

Deals

23

123

12

28,276.6

83,025.9 28,116.123,480.620,072.0

127,592.921,177.4

Rank

123

38,002.0

80,679.8

81,499.173,534.133,761.9

90,314.3 56,316.555,526.3

Morgan StanleyGoldman Sachs & CoJP Morgan

Rank Val (US$m)

173,401.9 72,501.365,339.360,213.4

154,403.9

Goldman Sachs & CoCenterview Partners LLCEvercore Partners

Gleacher & Co IncBank of America Merrill LynchCiti

Credit SuisseJP MorganBarclays

Morgan StanleyBarclaysGoldman Sachs & Co

28 26.3 15

23

Energy and Power

Healthcare

Consumer Staples

Real Estate

Financials

US Announced Advisors by Target Industry Jan 1 - Dec 31 2012

US Target Announced M&A Target Industry by Value (US$ bil)

856 35.1 23

Americas Deals Intelligence

34.2

18.5%

16.5%

9.7%

8.9% 8.6%

7.9%

7.0%

5.9%

4.9%

Energy and Power Healthcare Consumer Staples

Real Estate Financials Industrials

High Technology Media and Entertainment Telecommunications

Materials Consumer Products and Services Retail


2.0 1.8 2.0 2.6 4.0 4.7 4.0

1.8 2.9 3.1 3.0

2.1 1.5 2.5

2.9

4.4

5.5

3.4

1.4

3.1 4.5

3.8 1.9 1.7

2.8

3.5

3.9

5.9

4.0

2.2

3.6

3.6

3.2

2.1 2.3

3.0

3.6

5.2

6.0

3.3

3.8

4.7 3.6

4.6

0

3,000

6,000

9,000

12,000

15,000

$0

$5

$10

$15

$20

$25

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

# o

f D

ea

ls

Imp

ute

d fe

es (

US

$m

)

4Q

3Q

2Q

1Q

YTD Number of Deals

6

https://thomsonone.com/

RBC Capital Markets Deutsche Bank

Lazard Deutsche Bank

▲

▲

+5

24 -

Industry Total

▼

18,252.3

-4.6%

Blackstone Group LP 25 23 0.4

* tie

▲

-5.2%

100.0935,064.4

19.9%

-441

▲

Industry Total

Industry % Change from Last Quarter ▲

▲0.3%▼

41.0%

100.0

19.6%

6,951

26.2% 16.5%

0.5


▲

12,421.6 3233

-5.8%

+7▲1.4

-430

-1.8% ▼

25

100.0

▲▲ 0.8 0.389.0

11,542.7

0.0 -1.3 ▲ 15.84 0.1 -267

Macquarie Group

24Gleacher & Co Inc2▲ +2 ▲

▲ 0.4

-0.5 ▼

- 2219,544.8 2.2

▲

22

1.7

▼

120 1.7 +8 ▲ 0.2 ▲2.1

0.3

245.7

0.1

0.1▼2.2

14,609.80.4

13,349.0 1.5

29

2.2

BMO Capital Markets 23 25 20,879.0

+1Tudor Pickering & Co LLC 22 Tudor Pickering & Co LLC0.3 0 0.8

2.2 1.0

-0.2 ▼

23

22

Houlihan Lokey 23

▲

Gleacher & Co Inc 21 63 29,476.1 3.2

93.8

16-2.6

21 23,088.2 26

▼20,320.5 2.3▲ -24 0.0

▲

▲ 0.1 ▲80.8

89.2▼

0.7

0.8 0.212 20,632.4 2.3 -6.0 0.4 -1Rothschild 20▲ ▲0.13.4 2.4

Moelis & Co ▼ 45 0.60.5 0.5▲ 0.9 +16 1.7 ▲-1.4▲19 17 195.5▲34,267.6 3.7 Wells Fargo & Co

Mizuho Financial Group 20 27 31,413.1

0.2 +1

19 15 21,989.9 2.5

▲

+24

0.9 +18 ▲

▲

0.6217.7 1.9

0.3

38,045.6 4.1

1.62.6

91.7

26 12 183.8

+9▲36,663.4

▲0.81.2 ▲ ▲

▲ 0.80.32.8

22,536.4

39 193.9 17

▼0.413 33,421.7 3.8

▲

18

2.224,314.6

189.142

1.2 -5 327.8 2.8

0.6

80 ▼-2.9

4.7

-1.9 ▼Jefferies & Co Inc 150.5

UBS

-

Greenhill & Co, LLC 14 30 51,814.5 5.5 -10.5 ▼

0.035,280.9

Rothschild 15 12 45,133.8

0.1

1.6

0.1

▼3.9

69

239.8

7.4

▼25 1.6▲ 14 9

13 ▲

▲

3.9 ▲

-4034,212.9

1.4 ▲ 84

0.3

+15.9 4.0ForosUBS 13 10 55,577.1 43 ▼0.5

+3113 6.3

5


0.7▼ RBC Capital MarketsJefferies & Co Inc 12

16

58,663.2 -1 ▲41,237.6 4.7 1.1 ▲ 1.283

8.4

2.112 17

6.7 3.0 18 74,152.5

1.0

1111 15 62,861.6 +5 ▲ Centerview Partners LLC▲

101,316.39 +90.0 ▲ 6673,167.9 7.8 -7.7 106

4.7 ▲ 0.517 0.2 +3 136.9 1.2▲

▲371.7 3.2

▲

0.53.1357.6 ▲

0.5124,840.4 +17 ▲1.391

0.911.5 ▲

2.1 ▲9

Bank of America Merrill Lynch 8 4▲

▼

75 0.9

▲

▲ 131,484.2

14.2

▲1.3

9.9 Lazard+32

10 11

10Evercore Partners 9 8 92,892.1

10

79

▼

▼1.8▼ 91 ▼ 495.51.3 -36 4.3

▲

Deutsche Bank 8 11 115,040.7 12.3

▼7

14.9 -9.2

0.11.0 -315.2 -7.0 ▼ 370.0721.4 -9 Citi 3.2

+22+9 ▲ 65

5▼

▲

Bank of America Merrill Lynch 7 4 136,548.7 14.6 -7.9 ▼

▼ 2.8 0.88 140,872.0 16.0 0.7 ▲ 325.8▲ 0.989 Evercore Partners 6

▼

1.1Citi 6 7 152,611.7 16.3 -4.1

18.3 -2.7 656.5▼ 1.0 Morgan Stanley-785 ▼95 1.4 -28

▲5.9 1.4

5.7 2.0 ▼

680.9

-18.219.9Credit Suisse 5 6 171,496.5 175,236.95 1

▲ 1.2 -3 ▼20.7 Credit Suisse 216,742.4 24.6 8.8 86

▲

1.7 +35 ▲Barclays

-4.9 ▼ 1.4 +1112

▲

JP Morgan 4 3 193,936.9

+3

26.1

▲

▼ 1.4

1.627.4 1142 -2.6 ▼241,503.6

5.5

▼805.6 7.0

▲

0.4

1.2631.4

1.6128

112 +61 223,123.9 23.9 -4.2 1208.16

Barclays 2 5 227,185.7

3

JP Morgan+30

▲

24.3 2.7

+17 ▲299,786.8 34.0 7.5 ▲

▲

Financial Advisor

2 235,374.9 1.68.8140 2.01 3158 1,012.31.9 +25 ▲ Goldman Sachs & Co

Market

Share Ch. Deals Sh (%) # of Deals

Market

25.2 -1.9 ▼

US$mDeals Sh (%) Share Ch.Sh (%)

Advisor

Fees

# of Change in 2012

Rank

2011

Rank

Rank Value Market Change in Market

# of Deals Sh (%)

2011

Rank

Market

US Target Announced (AD2) Jan 1 – Dec 31

MarketRank Value Market2012

Rank

Industry % Change from Same Period Last Year -7.7%

US Target Completed (AF2) Jan 1 – Dec 31

-7.3% ▼ -6.9% ▼

Industry % Change from Last Quarter 23.1%

▼

100.0

7.6% ▲▲

Imputed Fees (US$m)

▲

17,230.5

Rank Value per Advisor (US$m) # of Deals per Advisor

▲ 33.6%

Rank Value per Advisor (US$m) # of Deals per Advisor

Industry % Change from Last Quarter 29.6% ▲ 9.2%

Industry % Change from Same Period Last Year 0.1% ▲ -7.1% ▼

Industry Total -9201,292,079.6 11,7331,502,968.0 100.0 -1,106

▲

14,521 100.0

2.0 0.3

Industry Total

0.3 0.20.2 -11 ▼ 52.4 ▼1.9 ▲ 4 0.0 26 25,318.6HSBC Holdings PLC 25 28

▲

Gleacher & Co Inc 25 101 29,476.1 2.0

2.0 1.7

-3 ▼

72 25,765.1 0.3 0.1▲ 49.6▲ 23 0.2 +61.2 ▲ 16 0.1 Banco Bradesco SA 24+8 ▲

▲

Mizuho Financial Group 24 40 31,699.0 2.1

34 0.2 +4 ▲ 0.6 0.223 27,301.5 2.1 -0.1 0.2 +5 ▲ 108.4Scotiabank 23

0.7 0.30.2 +10 ▲ 125.0

▼ 28

▲

Nomura 23 32 31,905.4 2.1 0.7 ▲

▲ 26+7 ▲ Greenhill & Co, LLC 22

0.8 0.4

43 28,495.9

22 33,998.5 0.3 +3

2.2 1.52.2

▲

0.4 ▲

-4 ▼

38 0.3

38 0.3

TD Securities Inc 22 25 33,643.6

▲

HSBC Holdings PLC 21 27 36,000.9 2.4 0.7 ▲ ▲138.3

61 0.4 +27 ▲ ▲ 662.7 1.3

TD Securities Inc 21

Banco BTG Pactual SA 20

▲ 332.6 0.2

32 34,706.4 0.6 +19 0.7 0.2▲ 115.1

2.7 0.8 1.4 0.60.7 +31 ▲ 248.4▲ 81 ▲

Wells Fargo & Co 20 21 37,355.3 2.5 0.4 ▲

1.0 ▲ 28 0.2 25 34,916.1Moelis & Co 19

-

Perella Weinberg Partners LP 19 29 38,957.5 2.6

2.7 2.6

+13 ▲

119 35,280.9 0.1 0.0▲ 7.9▲ 6 0.1 +20.4 ▲ 84 0.6 Foros 18+26 ▲

▼

Moelis & Co 18 20 39,695.3 2.6

33 0.2 +17 ▲ 0.4 0.127 37,109.2 2.9 1.2 0.4 +6 ▲ 64.9Itau Unibanco 17

1.8 1.00.7 +2 ▲ 303.6

▲ 46

▲

Greenhill & Co, LLC 17 44 58,912.4 3.9 3.1 ▲

▲ 80+4 ▲ BMO Capital Markets 16

2.3 0.3

17 42,438.4

14 42,801.7 0.9 -14

3.3 0.44.3

▼

1.3 ▲

-6 ▼

84 0.6

113 0.8

BMO Capital Markets 16 15 64,313.0

▲

Jefferies & Co Inc 15 14 74,015.8 4.9 1.3 ▲ ▼398.9

114 0.8 +19 ▲ ▼ 845.1 -2.5

Jefferies & Co Inc 15

Rothschild 14

▼ 1063.3 -1.0

12 65,694.6 0.7 -2 1.4 0.1▼ 239.4

5.9 1.3 2.7 0.91.4 +57 ▲ 460.0▲ 165 ▲

Rothschild 14 12 93,617.5 6.2 -1.0 ▼

3.9 ▲ 22 0.2 13 75,654.6RBC Capital Markets 13

▼

Centerview Partners LLC 13 17 95,888.6 6.4

5.9 -7.7

+6 ▲

2.1 1.3▼ 365.2▼ 85 0.7 -63UBS 12-53 ▼ 8 76,666.3-3.1 ▼ 90 0.6

-3.3 ▼ ▲

UBS 12 10 101,588.0 6.8

101 0.7 +44 ▲ 1.0 0.518 85,818.0 6.6 3.7 0.2 +1 ▲ 172.1Centerview Partners LLC 11

3.0 0.21.0 +2 ▲ 523.5

▲ 19

2.1 0.6

- 117 ▲

Evercore Partners 11 9 107,438.7 7.2

0.7 +22

10.9 0.0

▲ 8011.2 0.89

1.2

+16 ▲ ▲ 362.6

9 140,963.0

10 144,873.8

3.0 ▲ 177

157

10+47 ▲

Evercore Partners-2.0 ▼

10 13 110,920.8 7.4

▲

Lazard 9 8 156,496.2 10.4 ▲1.1

▲ 133151 1.0 +30 ▲ Lazard 8 11 151,512.0 11.7 1.4 1.1 +5 487.2

13.8 -4.9 2.9 0.21.0 -24115 ▼

Deutsche Bank 8 11 192,666.0 12.8 2.8 0.2▲4.4 ▲

-2.2 ▼15.3

16.2

-4 ▼148 1.0 Citi 7Citi 7 7 230,039.0

▼141 1.2 -46 4.4

5 178,411.2 ▼ 505.1▼

209,332.4Bank of America Merrill Lynch 6 4 0.7▼ 759.51.2

855.0 ▼1.2 -12 5.0

-26 ▼ ▼-4.8

▲

Bank of America Merrill Lynch 6 4 234,631.2 15.6

171

-5.3 ▼ 167

1.91 218,887.6 16.9 -14.8 1.3 -70 ▼Morgan Stanley 5 ▼ 150

4.21.3 +28 ▲ 724.3265,389.3

Credit Suisse 5 5 235,645.9

1.0

15.7 -2.5

3

Barclays 151▼

▼

1.4

18.9 1.2

▲19.0

▼

▲0.5

-20

20.5 5.3

8.1 ▲▼ 5.41.3

6-4.2 ▼ 175JP Morgan 4 2 284,052.5 4-24

▲ 152+32 ▲ 7Credit Suisse 288,632.0 22.3

▼1,036.4 0.8▼ 168 1.4 -28 ▼ 6.0

932.2

23.6

Barclays 3 6 286,097.7

2

166 1.1

183 1.3

4.23 392,306.0

+1 ▲ 2 305,411.2

1

JP Morgan

▲30.4Goldman Sachs & Co▲262 1.826.6 0.6 ▲

21.1 -2.0

Goldman Sachs & Co 1 1 ▼

Market

Sh (%)

# of

Financial Advisor

Morgan Stanley 2 3 317,383.0 ▼

Rank Value Market

1.9 1,347.8 7.8

# of Deals

2012

Rank

2011

Rank

Change in

+12

Sh (%) Share Ch. DealsUS$m

Rank Value Market Market # of


2011

Rank

-18399,956.7

Share Ch.

2012

RankFinancial Advisor Sh (%)

Market

Share Ch.

219

3.2

Sh (%)Sh (%) # of Deals Fees

Advisor

Jan 1 – Dec 31Any Americas Involvement Announced (AD49) Jan 1 – Dec 31

Morgan Stanley 3

▲

RBC Capital Markets 16

10

▲

Market # of

Financial Advisor US$m Sh (%) Share Ch.

Goldman Sachs & Co 1

26

0.6

▼

0.2

882,129.9

+2

+11

▼

28,568.8 0.2

Wells Fargo & Co 18

3.9 0.318

34

24 36,170.1

2.5 0.3

14 0.4

3.1

0.7

18Perella Weinberg Partners LP

4 7

▲

78

-2.5

1.0

Moelis & Co

▲

134,063.1

▼

Qatalyst Partners

0.8

229,892.8

14

US$m

2

▲

+14

▲

Market

Imputed Fees (US$m)

Americas Rankings

▲

0.7

Market

-3.7

4.3

-5.9

38

0.2

▲

▲2.5 22

▼

57

The Raine Group LLC 20,140.0 0.0

+92.0

Industry % Change from Last Quarter



-29

+5

▼

17 Greenhill & Co, LLC

▲ 1.0

▼

Perella Weinberg Partners LP

+13

▲

+5

+14

+10

+19

Change in

16

Deals

66▲

Market

21

70

8,114


115

4.8 ▲



Any Americas Involvement Completed (AF55)


7


Evercore Partners Deutsche Bank

National Bank of Canada Fin'l JP Morgan

20

26

▲

10,498.5

8 5.1

▼

-

▲

Deutsche Bank 17

▼

0.514,284.0 -2.1

2.6

15

6.6 ▼

7.5 3.3

23

▲2.1

0.4▼

▲

Rothschild 4.8

14

13

22

0.6

▲

0.7

-1

Change in

1.3

▼

+13

▲

+12▲

▲

Sh (%)

0.8

Morgan Stanley

-2.8

7

5.1Jefferies & Co Inc

JP Morgan

19

20,078.4

12

11,065.5

14

+10

-30

1.4 Credit Suisse

13.3

Imputed Fees (US$m)

2012

Rank

Greenhill & Co, LLC

-21

-11

▲

10

2 271,317.7

+9

+4

▲

10

-

0 https://www.thomsonone.com


0.0

Lazard

LionTree Advisors LLC 23

FirstEnergy Capital Corp 24

36

13 -1

-1.5

+1

Industry Total

25HSBC Holdings PLC

-438

15

11

0.9

20

14

6,814.3 0.93.122

0.5

11,040.5

▲

10,166.5 -1.1 ▼

3.5

0.3

4.7 0.6

10

-80.4

0

2.7

3

+38

23.2


JP Morgan

Rank Value Market Market

Financial Advisor US$m Sh (%) Share Ch.

▲13 11,639.417 ▲3.0 50.5

0.3

0.0 1.7

▲ 12 0.0 ▲ 30.4 1.0

+7

5.132

▲ 15

10,466.7

1.6 ▲

13

6.0

-

▲

0.7+5 ▲6.7Barclays

12

+76.0

-8.7 ▼

12

-5

-8-12.4

6

2.4

249,625.8

3

7

84.9

+3

12,934.8

0.0-1 ▼ 70.112,049.4

1.50.013 2.57.4 ▼

7

8

10

13

▲

74.4

0.0

142,902.4

11

Americas Rankings

▲

33.6▼

17,740.6 8.2

Any US Involvement Completed (AF48)

▲

▲

Jan 1 – Dec 31

12.6152,443.8

14,292.8 8.2

9

▲

▼-5.3

10.1

▼ ▼

-2▼

▲

11

38,069.5

6.3

33,998.5

10.4

2011

Rank

▲0.6

▲

▲

101.2

▼

9.9

▲▲

0.1

2.220

26

10.4

0.1

1.2

▼

▲

▲

109.7

3.4

3.8

▲

▼

▲

TD Securities Inc

90

▼

▲

0.3

▼

▲19 23,173.4 13.3 +12


27,713.4

▲

15.3

Credit Suisse24,656.4 11.3

22,702.8

4.8

0.7 +2481


▲

▲

Canaccord Genuity 16 13

8

17 16,334.7

10

9Credit Suisse

Barclays

9

3.4

3.7

9

99.3

17,699.015 9.2

0.9

10.4 7.6 8

+11

-2

0.268.5▲

33

29

2.9

2.3

10

14

▼

GMP Capital Corp

▲

National Bank of Canada Fin'l

0.3

16

▲ 18,258.3▼ 1CIBC World Markets Inc

11

4.2

17

14

0.1

0.126,716.56Scotiabank18

7

▲

▲

+1

0.4+3 121.6 4.1▲

5 29,052.4 13.4 +7 ▲

▲ 33

-1.3 ▼15.955

2 1.74.7

2 29,300.4 13.5

+715.5 19.5

0.120

138.3

▲

Jan 1 – Dec 31

▲

21

Share Ch.

17

Deals

10.3

0.2

▼

0.1▼4 -2.3

+5

Sh (%)

63

0.1▲

0.9

13

Jefferies & Co Inc

78 ▲0.7 RBC Capital Markets

14100

+15

0.2 Centerview Partners LLC

Evercore Partners

▲

+3

▲

▲

▲

▼

Rothschild

-3.7

22

3.5

8.7 ▼

▲

10

133 1.2▼-3.5

9

8

105,359.2

124,515.1 10.3

Credit Suisse

Bank of America Merrill Lynch 7

206,417.7

118

6

178,478.3

15.9

17.0

7

Deutsche Bank

6

Foros

1.1

0.8

Lazard 9

Sh (%) Share Ch.

124.1

4 42,636.4

21.8

4.2

0.3 +33 ▲

▲

1.58.4

8.9

1.3

▲

▲

# of

▲

Fees

+1 ▲

▲

Market

# of Deals

Change in Market

15

18

17

Any Canadian Involvement Completed (AF49)

98 35,280.9 3.3 3.2 ▲

BMO Capital Markets

35.0%

2011

Rank Deals

Market

Financial Advisor

▲24



Market

Sh (%)

2012

Rank

2012

Rank

▲ Industry % Change from Last Quarter

2011

Rank


0.7

76,043.5 247.3RBC Capital Markets 89

4.12▲

6.7

Market

+3 262.5

24.4

Any Canadian Involvement Announced (AD42)

Financial Advisor US$m

Rank Value

31 34.9

3 21.8 2.2

11.4

47,455.0

3.5

6

RBC Capital Markets

Goldman Sachs & Co

+2 3

# of Market

# of Deals

▲

+40

Market


7Scotiabank

Citi

5

33,643.6

CIBC World Markets Inc

TD Securities Inc

2

4

BMO Capital Markets

0.5 +4

1

-8.9

▼

-1.2 38

63

1.0

▼

1.3 038

94

▲

▲

-

0.6 +27

0.1

14.7

0.8

▲

▲

Morgan Stanley

4

16.9

-0.7

102

27

7

Market

2.1

Sh (%)

1.1

# of Deals

Change in

▲▲ 156

Sh (%)

-4

+8

2012

Rank


2

-0.2

157 25.2

▲

1.0

JP Morgan

Financial Advisor


28.0

22.6

20.7

19.9

US$m

Rank Value

Any US Involvement Announced (AD41)

2011

Rank Share Ch.

-6.64

-3.1 ▼

Market Market


Jan 1 – Dec 31

Deals

# of Market

▲


+32

1.4

225

Market

▼

0.7

116

6.9

1.4

8,181.3

Rank Value

9,776.8 21

6,566.3

+12

-14

2.3+3 0.1

6,866.2

▼

4.7

Rothschild

UBS

174,835.7

0.1

124

156

▼

-8.0 ▼

▼-2.6

▼-3.4

Barclays

▼

6.0 ▼ 1,247.22.1 -6 8.8

▲

28

-16

6.7-33 ▼

Imputed Fees (US$m)

Jan 1 – Dec 31

833.8

▼

5.6

▲

Share Ch.

1.7

2.0

▲

3.0

2.3

Sh (%)

20.3

▼

100.0

75.013 10,454.6

Canaccord Genuity

-

16▼ 10

GMP Capital Corp

-


▼

Evercore Partners

10.4%

23

+4 88

▲

-13.1%

30 5,845.3


* tie

20 18 8,065.7 3.7

5,054.5 2.3

100.0

6,579.0

+19

-2.5

0.9

33

▲

-10

49,186.3 22.6

14

Macquarie Group

11

10

16

Greenhill & Co, LLC 15

17

Mizuho Financial Group 20

-0.2

RBC Capital Markets 47,206.5

▲4.1

Barclays 3 5 250,390.0

192,891.1

4

240,692.6

Citi

Goldman Sachs & Co 1 1 339,072.3

3 274,022.6Morgan Stanley

5

2

-4

▼

123 1.1

▼1.3141

▼

2


63,801.7 5.3

UBS

11 15

7.3

Rothschild 13

-4112 88,010.310 0.7

7.995,888.6

72

4.9 +6

0.0

58,912.4 4.9

14

-2.1

3.9

38

14 1.1

▼-2.3

12

▲

▼

Moelis & Co

5.2


19 19

21

37,355.3

Jefferies & Co Inc 13 63,015.3

18 0.2 +1327▲

38,662.5 3.218

1.3

0.6

38,112.0

Nomura

61Wells Fargo & Co

2.6 1.5

3.2

▲

1.1 ▲

3.1

2.3 ▲

0.6 ▲

31,699.0

21 25 31,574.4

2.4

30

2.6

+8

-30.0

15

4

0.332

Blackstone Group LP 23 27 25,370.1

Gleacher & Co Inc 22 86 29,476.1

24,617.7 2.0 ▲ 40

39 0.42.1 ▲0.7 +12

0.2 +1

0.4

0.2Tudor Pickering & Co LLC 25 23 23,423.2 1.9 ▲

0.222

11.1% ▲

27

100.0

-5.5%

-635

▼

10,882

8.0

23.0


Citi 6

+2

Industry Total 1,211,374.6

Industry % Change from Same Period Last Year -3.8% ▼

Change in Advisor Market# of Market

Deals Sh (%) # of Deals Fees Sh (%)

Goldman Sachs & Co 1 3 361,820.9 ▲

952.1-5.9 ▼ 146 1.6

Share Ch.

1.5194

▲▲ 4.9

▲118 1.3 ▼

4 6 247,172.3 142 1.55.6 ▲

5.9 1.4

785.9 5.5 2.0

0.7

▼

699.3

133

+25

Morgan Stanley 5 1 208,546.0 19.4 -15.5 1.4 -55

-93 1.0 -27 ▼ 450.7 3.2 0.05 155,486.1 14.5 -6.1

155,476.1 1.24 -58

▼

▼ 617.514.5 -9.2 ▼ 112 4.3 1.4 ▼

1.2 ▲ 71 0.8 +20 ▲ 341.6 2.4 0.7 ▲

Lazard 9 11 136,593.2 12.7 1.4 ▲ 423.4 3.0 0.2 ▲111 1.2 -3 ▼

0.2 ▲98 1.1 -3 ▼

16 85,818.0

453.1 3.2128,020.0 11.9 -0.2 ▼

0.2 +1 ▲ 172.18.0 4.6 ▲ 19 1.2 0.6 ▲

UBS 12 8 55,927.4 5.2 -8.7 ▼ 66 0.7 -57 ▼ 2.0288.5

▲ 92

1.3

▼96 1.0 -16 ▼

1.9

▼

0.5 ▲15 45,041.2 1.0 +20 ▲ 265.44.2 0.3

6 0.1 0.00.1 +2 ▲ 7.9

0.214 36,955.2 3.4 -1.3 2.6366.8▼

-

Moelis & Co 16 21 33,883.3 3.2 0.9 ▲ 240.3 1.7 0.8 ▲77 0.8 +27 ▲

0.1 ▲55 0.6 -5 ▼ 174.4 1.2

41 28,495.9

30,297.2 2.8

2.7

12 -5.3 ▼

0.3 +12 ▲ 125.02.0 ▲ 26 0.9 0.4 ▲

Wells Fargo & Co 19 19 22,681.8 2.1 -0.9 ▼ 1.5

0.6 ▲12 0.1 0 - 183.8

0.6 ▲

13 21,279.1

▲ 207.449 0.5 +17

24

0.2 0

Qatalyst Partners 20

Perella Weinberg Partners LP 21

1.322,536.4 2.1

2.0

0.2 ▲

- 87.7-3.1 ▼ 19 0.6 0.0 -

Tudor Pickering & Co LLC 22 25 19,879.8 1.9 0.1 ▲ 0.0 -23 0.3 +2 ▲ 95.7 0.7

Nomura 23 20 19,768.0 0.3 -3 ▼ 56.01.8 -0.6 ▼ 25 0.4 0.3 ▼

Blackstone Group LP 24 27 17,503.2 1.6 0.1 ▲ 0.0 -34 0.4 +11 ▲ 97.5 0.7

Macquarie Group 25 37 16,264.3 1.5 0.7 0.4 +6 ▲ 103.2▲ 40 0.7 0.1 ▲

14,260.6 100.0Industry Total 1,076,135.7

▲

9,175


32.7% ▲

-8.6% ▼

▲

35,500.8

9.9%

▼

Advisor


-633

-6.5% ▼

100.0

16.9%

BMO Capital Markets

8

8

US$m

1

Goldman Sachs & Co

2.6 0.8 ▲

1.8

▲0.1 +11

+1 ▲ 53.2 -

0.0 2.0 ▲

0.1 0.0

▼-19,837.4 4.5 2.1 17- 1.058.2Deutsche Bank ▲3.6

0.8

▼ 18

▲

Macquarie Group

3.9Evercore Partners 19 - 9,236.4 4.2 ▲0.34.2 +10

UBS 18 12 9,375.0

5.6

4.3

23 9,760.7

15

21

0.5

▼0.1 -118 1.6▼ 47.5 0.2

18 0.1▲Lazard

21 11 7,557.7 3.5 ▲0▼

▲

14.7

0.6▼

19 ▲ 60.117 0.82.0

45

+1

▲

16.20.0 ▲

0.20.5-1

20 ▲0.7 -

▲

4

0 3.8

21

6,579.0

4,092.3

1

24 5,911.4

5,262.1

▲

2.8

3.8 3.3

3.8

24

0.0

1.622

14

1.5

HSBC Holdings PLC▲

17 0.6 2.2

▲1.4

▲

0.03.4

+1 ▲▲

▲

▲

▲

2.03,517.425▲ ▲

SEB Enskilda▲

▲

-

100.0

3 0

▲

▲

7.8%69.3%


1.5 0.14

17.6%

0.1

67.0%

6

-8.7%

▲

-205 2,942.9

0.6▲ 0.6

0.0

18.0

- 6.1 0.2

10.4

2,147

-2

▲

0.45

0.0 +6

0.0

▼ 20.6%38.7% ▲

3.0

-3.0

Industry Total217,671.5

12.0%

2,905

▲

0.3+2

57*3.0 ▲

▼

▲

1

19

27 +7 Jefferies & Co Inc

LionTree Advisors LLC

Desjardins Securities Inc.

41.911

0.6

▼

▲

+6

9

0.0

8


Spain / Spain

EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)

26,469.2

26

45,803.1

Citi

Switzerland / Switzerland

Russian Fed / Russian FedRussian Fed / Russian Fed

United States / Switzerland6/27/20125/25/2012

Rank Date

2/7/201210/22/2012

Banco Financiero y de Ahorros (100%)

Pending Glencore International PLC

Top Ten EMEA Involvement Announced Deals

NK Rosneft'NK Rosneft'

6/19/2012 Retail / Other RetailingSpain / Spain

Walgreen Co

12/21/2012

Intended

Acquiror

TNK-BP Ltd (50%)

Morgan Stanley

10,594.9 61,862.7

Rank Value (US$m)

Barclays

Real Estate


61,379.1

10/22/2012 TNK-BP Ltd (50%)Pending

Xstrata PLC (65.9%)Target (% Sought/Acquired)Date Effective

Pending

Goldman Sachs & Co58,910.1

1

5,089.0

Goldman Sachs & Co8.12

152.1

236,068.7 27.4


Jan 1 – Dec 31 2012


3

47.3

9

3Financials

Citi

Goldman Sachs & Co

Goldman Sachs & Co

Citi

70,850.2

196,942.1

International Power PLC (40.93%) 12,855.9

Barclays

70,534.7

Real Estate / Residential25,686.0

50,582.5

Industrials

14

50.0

EMEA Deals Intelligence

FROBSAREBBankia SA-Bad RE Assets (100%)

17,805.3

Nomura

Energy and PowerRank Val US$m

93,959.5

130,868.5

3/29/2012

Grupo Modelo SAB de CV (49.7%)

11/30/2012

FROBPending

Pending

Electrabel SA6/29/2012

Primary Listing of Most Acquisitive EMEA Companies - Top 10 (US$B) Jan 1 - Dec 31 2012

Pending12/26/2012

5/21/2012

Alliance Boots GmbH (55%)6/29/2012 Belgium / MexicoAnheuser-Busch Inbev

Bankia SA (%) Spain / SpainBelgium / United Kingdom

Cooper Industries PLC (100%)


EMEA M&A

EMEA Announced M&A Rises 13% | Energy and Power Highest Valued Sector | Strong Fourth Quarter Buyside Sponsor Activity

Eaton Corp United States / Ireland-Rep

Financials / Banks21,361.520,093.4

28,000.0

12,240.3 Industrials / Other Industrials

Financials / Banks



20

Energy and Power / Power

23,785.7

Credit Suisse

Materials / Metals & Mining

9

19 Materials 117,921.2 1,464

Citi 63,311.0 53.72

1,010

3.93

70,775.6

3

29,741.5 18.2

38.4

2

25.333,360.3

1

15.1

1235,746.3

35.6

47 35.9

Rank

Barclays35.8


47.5

Mkt.

1198,000.9

Share No. Deals

20

22 1,947

21 2,875

1,475

29

19


3

20 20

131,806.8

1

EMEA Involvement Announced Advisors by Target Industry Jan 1 - Dec 31 2012

Announced M&A activity with EMEA involvement totalled US$1.145 trillion in 2012, rising 13% from the full year 2011 totals.

Fourth quarter 2012 deal value was more than double the totals recorded in the third quarter. EMEA fees accumulated on

deals completed throughout 2012 fell short of 2011 totals, reaching only US$9.7 billion, a 27.2% decrease compared to last

year, according to estimates from Thomson Reuters/Freeman Consulting.

Energy and Power finished 2012 as the most active sector, with 1,475 deals grossing a combined US$198 billion, just edging

out Financials which accrued US$196.9 billion. Industrials finished third, with US$131.8 billion worth of activity.

EMEA Targeted buyside financial sponsor activity reached only US$87.3 billion, falling short of the US$99.1 billion reported last

year. However, fourth quarter totals in 2012 reached US$32.7 billion, accounting for the most activity in a single quarter since

the second quarter of 2011. Although 2012 totals lagged behind those seen in 2011, the market largely held onto annual

volume levels regained after the 2009 trough.

Acquirors on the London exchange were EMEA's most acquisitve companies in 2012, with 479 deals accounting for a

combined total of US$99.1 billion in offers. The US$46 billion Xstrata / Glencore transaction from the first quarter accounted

for a significant portion of this M&A activity.

11.9%

7.3%

16.0%

16.7%

19.2%

15.4%

9.3%

6.9%

12.4%

13.0% 10.3%

0%

5%

10%

15%

20%

25%

$0

$50

$100

$150

$200

$250

$300

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

% o

f E

ME

A

Ra

nk V

alu

e (

US

$b

)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of YTD EMEA M&A $99.1

$67.5

$31.0

$25.9

$21.2

$12.1 $9.1

$8.3

London

Russian Trading System

Euronext Brussels

Frankfurt

New York

Zurich

Euronext Paris

Milan

Madrid

Johannesburg

9


Lazard Credit Suisse

Lazard Credit Suisse

196

-13


Market

Jan 1 – Dec 31Any EMEA Involvement Announced (AD47)



1Goldman Sachs & Co

Share Ch.

▲

Rank Value

Any EMEA Involvement Completed (AF53)

Deutsche Bank

Morgan Stanley 24.8

5

7

175,843.0

164,980.2

JP Morgan 6

8

17

10

2011

RankFinancial Advisor

9

Societe Generale

BNP Paribas SA 13

Rothschild 9

15

11

14VTB Capital

12

Nomura

Credit Suisse

M Klein & Co LLC

HSBC Holdings PLC

UBS


Evercore Partners

1


246,210.2

112,457.7

145,909.1

226,205.7Citi

Barclays 4

10

51,351.9

2

Jan 1 – Dec 31

Sh (%)FeesDeals

402.53 2

▼

267,474.5

3

5

8

4

14.4

6

7

15.4

9.8

▼6.5

1.8

▲

-2.4

▼

3.1

0.1

14

3.7

▲

▼

0.0

▼

28,784.0

35,826.9

2.6

-6.6

2.9

-4.2

32,568.4 2.8

2.9

▲

0.1

-4.8 ▼

0.0

▲ 5

74▼

Societe Generale▲

+1

RBC Capital Markets

Credit Agricole CIB

0.3

▼ Nomura

-2

17,378.0

21 2.4

1.8


▼

▼0.2

0.0

Macquarie Group

23

24

25

▲

11

2.7

20Jefferies & Co Inc

0.0▲

2.3

0.1

▲

100.0

9.6

▲

0.2

22

ING 24

1,091,698.9

0.0

58

2.7

1912.2

▼Industry % Change from Same Period Last Year

Industry Total

22 2616,330.6

▼ 3419,120.4

0.8

▲2.2

▼

16,679.5

-1.3

1.6

2.1

▲

25 37 1.0 ▲ 4424,257.2

15,638

▲

Industry Total

▲Industry % Change from Last QuarterIndustry % Change from Last Quarter

12.6% ▲

100.0

▼

3.2

-15.5%

33

196

22

26

-1

+2

0.2

0.4

36.2

-97

100.0

▼

▼

451.8 4.8

▼

0.5

0.2

0.3

0.5 -40

0.0

112.6▲

27.4

▼

KPMG 19

34

13

11

36

88.6

66 1.9

62

98

Industry Total

▼

22

25,253.9

-6.1%

2.6

▲

14

-28

15▼

87,667.1

6.7

51,351.9

▲ 10.378,015.86UBS

50,974.3

11.4

74

4 -0.1Macquarie Group 21

2.8

20,707.3

-0.7

57

31

0.5 19

▲

▼

0.4 4239

-25

34

▲

3.0

21 103 33,305.2

22 32,318.4

-6.93.319

33,476.120

2.6

10

▲

23

42

3.1 2.9

42,362.0

4.2 4.2

12

3.1

35,826.9

15 -4.4

+15▲

18

-

14

2.7

45,803.1

44,877.0 4.1 0.0

14

-6.7

-6.9

41,227.3

-5.2

▼

63▼

0.0

3.0

▼

8.4

46,731.74.7 0.1 ▲

10

12Societe Generale+13

▲52

65,630.7 ▼

▼▲4.7 5.4 -5.2HSBC Holdings PLC

15.1 2.8

10.2

0.9

+4

▼

-10

4.2

90

-2.8

13.0 3.1

-2.0

96 -23

▲

0.6

+1058

0.6

1.5

133

0.4

▼

▲230▲

▼


▲

▼

-3.5

11

86,299.74

9

15.8 -0.4 ▼ -22118 11.9Citi0.8 90,020.08

183,440.9 93,349.213

73

79

16.8 5.7 ▲ 0.696

1381.2

20.2

18.7 ▲

+15

0.9

6.4 0.8 JP Morgan

8

160,198.0

▲

15.9 -6.8120,384.1

1.1

4.0136,777.698

24.5 ▲

9▼ 104,954.9

Rothschild

▲

-3

5

8.0

267,474.5

37.6

▲220,197.1

▲

7.222.4

5

Industry Total

Barclays

2

US$m

281,234.4

243,964.1

3

1

Financial Advisor

Citi 75


4

10

RBC Capital Markets

1

2011

Rank

24

Any European Inv Announced (AD21)

Deutsche Bank 3


410,724.4

Credit Agricole CIB

105

Renaissance Capital Group 22

21Lambert Energy Advisory Ltd

111,470.4

Ondra Partners

8

Morgan Stanley


JP Morgan 203,857.7

17

8

11

12

10

Goldman Sachs & Co

Rothschild

7

13

6 4

2.5


Sh (%)

9

1,145,415.7

2.2

Credit Suisse

6

UBS

Nomura

RBC Capital Markets

M Klein & Co LLC

Renaissance Capital Group

BNP Paribas SA

Credit Agricole CIB

HSBC Holdings PLC

Lambert Energy Advisory Ltd

Societe Generale

VTB Capital


14 35

34

Evercore Partners

13

17

30

91,500.6

51,565.4

6.0

15

16

-28

6.2

▲

▲ 30,883.1

▼ BNP Paribas SA

16

▼

4.030,100.0

1.3

757,189.4

0.716,193.0

Ondra Partners

43 16,854.1

▲

23 28,021.3

▼

-2.5

-1.8

▼

▼

▼

▼

-1.6

-9.4

12.3 0.1

1.8

2.2

0.9

+11

-20

▼6.4 -8

▲

140

▲0.6

124

137 0.4

171,644.3

▲

0.1

40 +9

ING

44

▲

▲

6.3

-0.9 ▼

▲4.6

▲

▲

1

2.94.5

-2.7

4.0

▲

▲ 59

4.0

▼

-8

▼

65,630.7

9.1

90

99

22

69

3.3

43

-22

12.7

8.0

+9

▲

0.2

104,728.2

4.4

-1.9

5.7

+17

▼

▲

0.3

+13

0.291,500.6

89

7 -3.3

9

11.3

11.8

-9.2

93,448.0 83

80

0.6

0.6

0.9

-17

▼

▼

80

84

-43

252.1

▼

1.4

▼

▲

264.9

455.4

-2.1

▲

0.6

1

-0.3

-36

0.2

-50

117▼

Financial Advisor

Change in

▼

US$m

2011

Rank

217,848.0 27.6

1.0

-9.7

Share Ch.

129

Sh (%)

21.8

150

Sh (%)

▼

-4.3

3

Market Market# of

+23

-19

▲

▲

# of DealsUS$m

5.6421,885.3 0.5 Goldman Sachs & Co▲

Sh (%)Sh (%) Deals

36.8

283,456.1

Deutsche Bank

Morgan Stanley

208

164 +260.4

142 0.4

7.6

137,142.8

160,198.0

▲

3

172,037.9

8

2

4

4

124,181.7

10▼

2

15.7

Rothschild

▼

▲ JP Morgan

▲

6

-6.4

116

▼

-39

-490.8

3.7

▲

+5

0.5 0.9

4.7

20.3

292.5

4.1

13.6

110

▲

-22

▲


Market

587.8

Rank Value

▼4.7455.5

478.1 1.0

0.6

17.4

0.1▼

193


Market

Imputed Fees (US$m)

1.0 ▼

MarketMarket

6.0

Market

1

2012

Rank

Change in

# of Deals

▼

# of2012

Rank

EMEA Rankings

Advisor

1.1

Share Ch.

▲

61

0.0

0.5 ▼

0.1

0.7

62

50

▲

▼

▲

Sberbank CIB

100.0

58

US$m

▲

-0.1

21.2

11.6


16,193.0

21

12

0.9

1.6

19,120.4

HSBC Holdings PLC

-1.216,330.6

Jan 1 – Dec 31

100.0 16,865

+1

-4 ▼

+5

0.4

▲

-32

2.1

2.1

2.2

0.82.1

28

37

22

16,679.5

11

14

21,457.7

46,731.7

41

16

21,057.8

52

RBC Capital Markets

50,974.3

-32

▲+4

Mediobanca

16

30,758.5

5.9

4.4

5.241,367.3

35,023.0

30,883.1 3.9

32

1.1

3.9

2.7

-6.6

35

-5.1 ▼

-0.7

6

46

-45

▼

13,482


▼

Any European Involvement Completed (AF3)

103

22.7

▼

▲

-4

0.3

+7

-21

▼

▼

0.4

-2

0.5

-45 ▼

▲

0.2

127

0.2

▲

▼

▼

-96

-7

0.3

1.5

▼

0.3

▼

▲ 1.5

-

▼

0.0

▲

Imputed Fees (US$m)

▲

0.3

▲

▼

▲

0.6

140.3

0.6112.6

0.0

0.1

0.4

1.1

▲

▼

▼

▲

▼

Share Ch.

0.6

0.1

▲

▲

▼

▼

▲

▼

0.5

0.3

0.0

0.4

Sh (%)

-

▼

0.2

0.8

0.4

1.2

0.2

▲

▲

0.4

0.6

▼

36.2

100.0

▼-26.2%

-5.4%

44.6 -

27.3

0.9

▼

0.5+5

▼

▲

9,389.4

-16

-2,498

-7

-1

▼

▼

+2

0.1

80

0.1

50 0

60 0.5

0.6

▼

0.8

28.1212,880.4

2012

Rank Sh (%)

-16.4%

12,730

21

28

-5.7

13.9

-29.0%

-33

▲

▼

▼

MarketRank Value

0.6

-37

189

1.1

Market

Deals

789,271.1

24.9%

0.9

-4.0

▲

18.1

▼

▼


Share Ch.

-10.1

2011

Rank

5

3

22

-0.1

0.6

0.4

0.9

▼ 87

▼

116

1.0

82

-25

1.5

113

144

▲

# of Market

▼

0.8

▼

2.7

140.5

72.8

-2

▼

▼

3.8

1.5

0.2

0.4

0.3

0.3

0.6

Jefferies & Co Inc

▼

-10

0.7

-2

-9

402.0

Fees

471.0

1.6

188

-4

+3

▼

Advisor

566.0

-33

20.4%

44.6

9,770.8

▼

Change in

-9

-2,465

Market

-30 ▼

Jan 1 – Dec 31

-27.2%

6.0

Market

# of Deals

▼

Sh (%)

0.2

0.7

1.0101.8

72.8

36.2

0.5

36.2

28.1

28.1

0.3

▼

0.02.7

1.4

1.5

▼

-

2.7 ▼

▲

▼

2.6 ▲

▲

4.9

3.0

0.3

127 0.3

102

5+16

+13

184,763.9 16.1

7.0

0.9

99 -25

5.423.4

206,569.4

19.8

21.5

12.3

18.0 0.4

0.3

146 -5 Barclays 106,982.7

▼

-6.3

6.5

-5.6

89,623.5 ▼11.4

▼

9.9

▼

▲

▲

10 5

8

UBS 6

97,148.9

▼Citi

Lazard

11

101

7

89,151.2

78,350.8

▼

0.4

0.7

0.7

-2

13

15 -1.5 ▼ 50

▼ 308.8

309.2

265.9

1.53.2

▼ 1.1

0.13.2

▼

▼

▼

0.5 -40

▼

-44

-52

0.6 -39

0.3

0.3

1.5

1.2

0.1

0.0

0.5

0.3

0.2

0.4

140.5

112.6

0.4

0.7

1.2

0.3

0.3

0.9

149.8

0.5

-

▼

▼

▼

▼

▲

0.2

▲

0.5

▼

43.9

150.0-2

-50

-43

▼

▼ 287.4

118.7

-19

Mediobanca

12

15

PricewaterhouseCoopers

22


Sberbank CIB

0.0

Morgan Stanley

▲

17

▼

57

0.1

-24

PricewaterhouseCoopers-8

0.2


Goldman Sachs & Co

▼

18

13

▲

▲

▲

1

BNP Paribas SA


▲

# of Deals

Change in

+24

+2

1

Financial Advisor

▲

-25

-2,705

+10

Sh (%)

1.3

6

▼


0.2

+2

+1

0.6

5

0.0

0.2%

233

57

▲

▲

196

0.2

1.4%

▲

99.6

-43

0.0

19.7%

4.3

▼

5.0

428.4

286.0

1.5

302.3

-

260.3

242.1

4.6

2.6

▼

-23

1.0

1.5

-

149.8

43.9

1.5

1.1 ▼

▼

2.8

0.0

88.6

▲

3.1

▼


0.8

0.7

▲

1.2

▲

3.1

▲

260.9

-

2.8

1.0

33

1.5

0.2

20

22.4%

4.635,023.0

18

-28.6%

21,116.9

17

7

6.8

2.5

0.3

16

4.1

0.2

50

6

4

Deutsche Bank

Credit Agricole CIB

Nomura

10

12

15

Lazard

Barclays

7

6

▲

+3

▲

31

23

13

11

▼

▲

0.3

KPMG

25

-2,878

3

# of

159

Market

1.0 +25

+1

-15.5%

-13.8%

101.6%

2.0

Deals

▲

41

▼

▲

▲ 1

▼

9

6

3.9

-2

22

+3

0.3

11

0.1

▲

Rank Value

5

5.6

Market

141,643.9

164,800.3

172,255.1

104,393.2

118

+6

▲

2.2 51


98.1%

30

44,877.0 3.9

4.0

52,050.4

45,803.1

34

-16

4.0

23

18

41

45,692.3

19

17 14

33,476.1

12

33,305.2

20

2.2

23

25,073.1

67

0.9

Market

15

▲

▲

▼

25,253.9

35

1.7

Jefferies & Co Inc

▲

24

25.8

▲


2012

Rank Share Ch.

2

12.5%

▲

▲

▼

10


Credit Suisse Bank of America Merrill Lynch

* tie

Ondra Partners Credit Suisse

Lazard

Deutsche Bank

▼

-28.7%

7.5

30

8,391.2

17

11,089.3

26

12,974.0 -2.1

29

1

75

64

23

16

18

20

17

19

21

EMEA Rankings

Banco Bradesco SA 24

25 29

114


11

37

Moelis & Co

-4

0.2

▲

5.2

6

24.6


61,355.3

22.3

▼

US$m

▼

▼

-15.9 ▼

6.1

-9.2

14.4

-3.6

▼

8

▼

3

4

18

▲

-

-8.3%

▲

47

27

-20.2

+6

0.3

▲

26

-239

0.1

0.6

3,826.5

1,932.4

RBC Capital Markets

▼

HSBC Holdings PLC 14▲

15

Societe Generale 24.4

-5.5%

21

2

29

▲

▼

▲


11

-7

34

0.9 ▼-3

5 25,101.7

US$m

Rank Value

31,443.7

-2.8

1.4

343,907.5 100.0

7,230.1

7,047.9

1

2011

Rank

Market

2.1

2

34.8

# of Deals


32,419.4

▲

7.1

Imputed Fees (US$m)

3.2

4.9

40.0

22.4

6.5

1.6

5.1

4.4

▼0.6

▲

0.5

Market

▼

▲

▲

73.8

▼

▼

▼

63.1

▼

45.9

32.7

▼

2.3

2.8

▼

18.1

8.2

▼

27.3

71.3

▲

0.0

1.9

▼

▼ 0.1

4.5

1.018.9▼

0.6

▼

-15

+4

▼

-7

1.4

▼

0.2 0 -

0.5

-15

▲

-11

-39.3%

8.0

9.1

8,357.0Intesa SanPaolo

▼-60.8%

5

Credit Agricole CIB

8,059.5HSBC Holdings PLC

-0.2%

8,867.9

-46.4%

2.2

28

1,932.4

-22.9

7,097.5

▼

▼

15

16-8

0.8

0.2

-22 1.6

-3

-2

2.5

0.9

0.2

-11

-3

0.5

0.5

5.3 ▲

▲

0.4

30

10

8.3

▲17,613.6

13

18.6

0

-4

-7

-13

0.9

▲

10

20.5

22

11

17,153.8

▲

▼

8.3

6.4

▼

11,349.9

+23 0.2

0.7

0.5

-7.2 17

-5.2

7

18,160.9

15,524.916*

10

12

16,425.3

▲

41.2

▼

24,601.6

19

21

-46

▼-12

-

▼

Advisor

58

Change in # of

Deals

Barclays 4.5

▲

Credit Suisse

-2.4

▲

▼

21.8

14.7

54,510.4

Sh (%)


22,728.2

27.0

▼

Market


-1.8

8

4.9

0.8

0.5

25.6

19.9

-1.2

▲

1

▼

JP Morgan

+1

0.0

2,140

▲

▲

▲

+2

▲

93,097.2

-11.1%

9.9% ▲

2.1 0 -

-


2,075.3

▼

1.7

-

-0.0

Credit Agricole CIB

Citi

5,342.1

8.0

1,585.5

100.0

17 4.4

19

6.74

16

15 6,241.0


-15

+813


HSBC Holdings PLC

▲

12

13

Ondra Partners

0.2

47

34

-35

+10

▲

▼

+2

BNP Paribas SA

3

0.1

0.1

28

-15

Financial Advisor

BNP Paribas SA

2012

Rank

131.8%Industry % Change from Last Quarter

1

▼

# of Deals

Market

Share Ch.

3

Citi

▲

▼

▼

3.0

0.1

3.4%

▲


Any French Involvement Announced (AD33)

▲

0.4

Market

Rothschild

2.0

-

▼

0.5

▲

▼0.9

▲0.5

▲0.3

44

Sh (%)

17

-17

0.9

-8.0%

0.1 1.1

-19

▲▲

▼

0.3

0.9 0.8

▼

▲

0.0

0.6

▲

0.1

19 1.0 ▼

-242.3

-61.2

-15

▼

-9.9

▼

▼

3,929.3

2.13.73,445.3

▼

-1

-9

▼

-13.2

-13

2.1

11,733.4 12.6

59.5%

-8

11

4.2

5.7

9,232.0

11,690.5

6

7,404.4

10 9.9

14

Banco Espirito Santo SA

Macquarie Group

4,075.788

82

1620

18

UBS

2.1

1,963.324

1,974.0

2.1

Qatar National Bank -

Beltone Investment Banking 1,932.4

Industry Total

23*

21

31


23*

▼

UniCredit 25*

▲Industry % Change from Last Quarter

* tie

Cairo Financial Investments Co

1,911

0.1.9▲

▼ 1.9

1,441.4 100.0

15 2.5

Beltone Investment Banking

88,544.9

-

100.0

24 2.4

▼

▼

2,119.9

Industry Total



14.5% ▲

6

-12.8%

5

0.3

0.0

▲

1.6 +9

0.6

11

JP Morgan

21,556.5

21.6

5 23.2

6 20,095.37Morgan Stanley

12,856.03210

Credit Suisse 99

Nomura

▼

18,358.4 12.4

8

13.8

12.6

19.7

12.2

▲

▼

7

20 17,017.78

15

14,212.7

18.3

-5.615.3

Goldman Sachs & Co

-0.8

-19.0

2.1

4.1

KPMG

22

-10.3

Messier & Associes

12

▼

▼

▼

▲

-10.0

▼

-4.3

-10.0

-5.9

▲

Financial Advisor

1

4.3 ▲

2.1

-6

Ondra Partners

2.1

6

-6.3

▲

35

3

1

2

+1

Macquarie Group

RBS

Standard Chartered PLC

UBS

1.8

12.3

3.1

Sh (%)

1.1

0.7

1.1

23

-7.3

0.9

0.1

▲

Market

57

Jan 1 – Dec 31

28.5

0.0

▼

3

57

▲

36

▲

▲

4

▼

2.3%

18

15

0.7


+18

+8

+1 ▲

15 0.7

12

▼

0.5

2.3

10

▼

▼13

17

+2

▲

▼

0.6

24

50

23

25*

Ernst & Young LLP

0.3

▲

▲

0.1

-12

-314

0.1 +2

▲

Change in

+2

▼

▲

16

-12.5%

# of Deals

2.2

4 ▼

29.1

Market

Jan 1 – Dec 31

Share Ch.

Imputed Fees (US$m)

-

-21.2%

Advisor

100.0

1.554.6

-1 ▼

▼

▼

0.2

3,552.3

+1

▲

0.0

0.6

3.5 0.1

▲

▼

▲

0.3

▼

▼

0.8

▲

1.1

0.6

3.0

1.7

0.8 ▼0.2

▼

2.0

1.9

3.2

0.1 ▲

0.3

2.1

2.1

3.9

3.4

1.2

Fees

-13

0.14.8

Share Ch.

▼

269.6

Jan 1 – Dec 31

-7

Sh (%)

171.9

7.6

0.1 ▼

197.1

136.9

-1 ▼

▼

122.1

▼

0.1

▲

▼

120.4

89.8

170.3

-2

2.5

114.6

3.4

4.8

-28

-7

27.5

▼-4

-15

-9 ▼

33

30

0.1

70.1

▼

66.0

-27

-11

58.6

71.9

▲

▼

12.1

30.4

▼

▼

▼

-11

0.0

38.0

▼

-3

-4

19.9

+9

31.8

Sh (%)

▼

52.4

0.50.9

Market

▼

11.2 0.3

0.2

1.5

0.0

3.1

106.8

94.1 0.1

88.5 6.1

7.4 1.5

2.8

Share Ch.

36,760.1 -3.9

2.2 +8

58

Fees

1.1

0.2

▼

▼

▼

0.9 ▼

43.9

1.5

0.6

▲

0.3

▲

▼

1.2

▲

0.5 ▲

▼4.0

8.5

0.1

-

1.3

0.3

▲

1.3

▲1.3

▼

21.9 ▼

1.9

41.4

27.6

1.5

2.9

▼

13.6

3.6

0.6

0.3

0.5

0.6

▼

▲0.20.3

▼

▼

0.3

1.22.0

0.1

▲

-

▲

▼

2.2

0.9 0.2

0.0

▲

2,180.2

23

0.0

23.3

10.0

12.8

21.1

10

▼

9.4

2.6

▲

▼

9.5

-5.6

▼

19.4

3.9

-0.6

17.5

2.6

2.6

5.3

-3.4

▲

▼

-11.5

▲

2.5

-2.8

2 12 36,432.6

38.53 2.534,081.8

26.6

▼

8,598.9 ▲

4.4

-1.8 ▼

▲

7.418,539.1

4.2

-4.413

22,924.6

10,494.1

6.9

15,158.5

17,281.1

19,332.7

8

0.8

2011

Rank

12

10

1

55,707.9

Sh (%)

15.7

3

39

1

6

Rank Value Market

4

14

45,069.1

3

Any UK Involvement Completed (AF39)

Goldman Sachs & Co

+7 Morgan Stanley 2

Financial Advisor

▲

Rothschild

Evercore Partners

17.1 ▲ ▲

Any UK Involvement Announced (AD32)

# of

# of Deals


Sh (%)

2012

Rank

2.3

26

0.6

-4

+4

0.3

0.4

66

3,830

# of

▼

-0

1.5

+11

0.1 +2

0

0.3

0.1

▼-10

Market

BNP Paribas SA

▲

0.1

▲

Change in

▼

-202.7

-221

Lazard

-22.1


2011

Rank

-11

Deutsche Bank+4

Any French Involvement Completed (AF40)

48

▲

Rothschild

▲

▼

▼

21

5Societe Generale

Goldman Sachs & Co

Morgan Stanley

18

Mediobanca 14

Leonardo & Co

11

Houlihan Lokey

20

23

Macquarie Group

Citi

KPMG

22

13

17

19 18

9

13

4

10

Barclays

6

▼

▼

2

-22

Sh (%) Deals

12

RBC Capital Markets

10,196.2

4

20Moelis & Co

34

Macquarie Group

Nomura

2.7

23

3 49

2012

Rank

4422

▲

Industry Total

KPMG

Jefferies & Co Inc

12 25

17

17 110

Nomura

Lambert Energy Advisory Ltd

13

Ondra Partners

43,063.7

12

90 31,369.2

32,334.6

Renaissance Capital Group 15

31,855.2

4.8 ▲

7.7 -0.9

8.8

12.5

9.3 8.857 ▲

▲

26,571.4

9.1

▼Lazard 16

9.4

HSBC Holdings PLC 18

12,879.1

19

9 21,506.3

14

19

1420

25,149.5

BNP Paribas SA

6.3

19,413.7

-4.3

2.0

2.6

7.17.3

5.7

3.7

2.0

2.1

15

23

3

8,945.7

9,295.0

-1.13.0 ▼

16

1.2

45

▼

12

Share Ch.

Jan 1 – Dec 31

0.3

-1.6

33.8

▲

▼

10

▲

+1

0.6

-10

2012

RankShare Ch.

Market

Sh (%)

Market

Deals

Change in

Evercore Partners

3

JP Morgan

Financial Advisor

Market

34.7

US$m

119,314.4

Rank Value2011

Rank

Barclays 1 3

Goldman Sachs & Co 2 1

11

17.6

2

60,466.1UBS

10 55,293.711

17.4

5 93,600.9

93,622.6

97,990.6

8

6

79,115.7

95,281.24

5

10.6

1.3

76

1.1

▲

61

43

1.6

▼

▲

2.0

+2149

Deutsche Bank

Bank of America Merrill Lynch 4 10 27.2

Morgan Stanley 27.7

0.0 2.7▼13▲

18.0 0.2

95.3

5.668

▼

6.4

▼-3.8

JP Morgan 6

Nomura

-19.136,676.4

39,135.3

16.9 1.1

44

4

90.9

+9

2

7

11.1

27.2 10.8

▲+13

▲ 5

▲

▲

26.6 48Citi 6

Rothschild 7

17.2

Deutsche Bank

8 7

1.391,557.6

9.2

5

7 36,079.1▲

2.4

95

▲

8

2.5 ▲

25,338.6

-12

+7

10.1VTB Capital 9

▲ 34

23.0 -2.5

2.595* 59,693.7

13.0

▼ 9.824,380.6

-3.0

9

▼ UBS

Lazard

49,224.1

32,482.8

▲ 16+4

1.3

16.1

▼

0.1

▲

14.3 -8.3

6.0

9.6 0.8

24 0.1

10-13▲ 0.1

51

270.726

▼+11

-5

▲ 5

11

-9.7

▼

0.0

12

-4.4

7.7

-2.5

14

24 0.1

9.2

23

3

12

▼

32 0.1▼

0.0

3.4

+8

-418

▼

7,631.6

1.1 ▲

8,317.9

3.1

3.1

3.3

▲ 0.0 ▼

33.4

-1

-0.5

5

▼ 0.012

3

▲

▲

2.8

0.1

1.0

21

65

▼

22 29 18 0.1

0.11.5 -6

7,547.6

2.1

4,944.4 2.0

100.0

3.0

0.2

▲23

Ernst & Young LLP 24

Jefferies & Co Inc

5,174.4

2.7

0.1

6,803.7

24

249,770.6

25

Industry Total

PricewaterhouseCoopers 28

US$m

-13.8%

Market

3,206


-278

MarketMarket

Sh (%)

27.8

Deals

▼

▼

# ofRank Value

-6.5%

▼

▼

22,663.1

42

10.5



3

41.51

20,586.2

▼

4

8

6

Barclays

18,677.1

▼

97

2,281.4

7.3

20

164*

-8.8 12

33 3,426.9

4.3

6,459.3

+1

10

1

-

▼▼-46

11


Deutsche Bank Santander

Bank of America Merrill Lynch Perella Weinberg Partners LP


* tie

▼

-1 0.1


3,734.9

78

▲

15

+3

611

-4

-50.7

-

+7

-6

# of Deals

0.816

2,079

1.122

▲

8

4

1

Rothschild

22,093.9

3

3

2

858

6

1.4

-14.2

32,016.8

7

2011

Rank

-17.7%▼

2012

Rank

36,039.4

Industry % Change from Last Quarter 177.3%

1Morgan Stanley

1.2

13

-10.7%

1.0

32

Any German Involvement Completed (AF42)

# of

22,029.8

20

US$m

▼

+2

▼

Change in


16

0.2

▼

1.5

-18

-7

-13

# of Deals

-185

-1

0.2

▼

▼

0.6

2.0

0.7 +6

-6

8

-2

▼

4

1.2

▼

-2 ▼

14

Deals

# of

12

12

▼ 6

EMEA Rankings

7.815,205.9

532

25,582.1

16

5,314.7

4,807.5

25.2

▼

▼

24.8

4.4

Imputed Fees (US$m)

0.4

1.0

▼

Share Ch.

0.912.8

1.61.9

▼

▲

1.7

1.8

19.5

9.4

2.8

▲

8.9

3.5

1.1

0.4

2.0

▲

▼

0.4

0.1

▲0.3

▼

▲

0.7

100.0

▲

1.0

Market

Imputed Fees (US$m)

0.8

-0.0

1.8

5.2

▼1.53.040.7

4.1

▲

0.2

2.0

2.8

1.8

0.7

1.8

3.5

▼

▼1.2

0.2

0.1 ▲

▲

6.3

▼

Sh (%)

83.7 ▲

▼

70.5

▲

6.2

61.7

0.5

8.9

5.2

1.00.3

4.5

4.2

Share Ch.

▼

1.1 ▲

Fees

▼

Jan 1 – Dec 31

MarketMarket Advisor

-52.6%

93.3%

▼

▼

▼

▼

2.8

1.2

12.0

▼

▼

2

474.9

4,037.6

7,853.2

7,036.2

Market

5.3

Sh (%)

1.6

▼

6

-13.3

35,410.3

Any Spanish Inv Announced (AD34)

Goldman Sachs & Co

MarketMarket 2011

Rank

-17.1

31.0

+2

▼

Banco BTG Pactual SA

Citi

▲

-4.0

4

6,185.7

12

6,266.9 ▼

5,169.5

2,895.6

3.113 4,710.0

17

3.4

18 6 1.62,524.7 -6

-3▼

0.4

31.7

1.9

0.7

1.1

▼ 15

12

14

-3

-17 ▼

+8

3.3 132.82,554.7 ▲▼

3.7▼

▼

BBVA

▲

BNP Paribas SA

Societe Generale

3.1

9

6

5.2

▼

18 -4.7

2,316.811 -13.7

-0.6

2,404.8

14

7

18

3,958.6

▼

0.6

1.919

0.6

▼

24

0.8

▼

▼7

-2

2

16

2,847.3


Societe Generale 15

2,670.7

2,889.7

4

HSBC Holdings PLC 17

Morgan Stanley

10

11

12

Rothschild

13UBS

JP Morgan

2

6

-

9

8


Mediobanca

BBVA

Santander

15

7

Fees

Market

Sh (%)

4

22

23,547.1 15.3

22,854.1

23,794.1

5

Share Ch.

▲

▲

Sh (%)

Change in

US$m Share Ch.

19.8

1

Market

Any Spanish Involvement Completed (AF41)

2012

Rank

2011

Rank

# of Deals per AdvisorRank Value per Advisor (US$m)


Rank Value

11

Goldman Sachs & Co

Barclays

2 3

1

Financial Advisor

6,712.3

7,261.4

10

3

11,415.7

23,794.1

24,749.7

9Credit Agricole CIB

7,316.4 4.8

Nomura

99,361.4

15.5

Jan 1 – Dec 31

# of

▲ 0.8

Deals

-5

-2

1.3

9

6

7

▲7.4 1.313

-10.1

0.3

11

▼

1.414

-6

6

0

0.9 -1

▲

4

0.2

2

11

▼

▲

▼

+8

-9

1.1

3.9

4.1

19

5

AZ Capital

UBS

RBS

29

2.7

12

9.3

14.9

17,626.8

8

97

18.8

25*

9.0

8,718.1Macquarie Group

10

-5

0.5

1919

▲ 0.5

9

▼

0.9

▼

14

▼ Credit Suisse

+2

8.3

0.4

Lazard

13,962.3

8,379.4

0.9

11

▲

11

+40.7

▼

7,779.9▲

▲

4▼

▲

▲

0.1

0.25

7,721.8

▲

7.0

5.5

2 +2

5.5

▲2.94.2 -26

0.2

-23

▼ 97*

2.9

-4.8

-12.4

▼ 11-5.7

8

24

-

100.0

-9.8% ▼

▲+1

2.6

-6.9%

▲

-347

▼

-8.3%

▲

1,644

▼

-6 ▼

100.0

0.45.72.0

11.3%

0.5

0.00

0.11.3

-

21.4

1.6

▲+1

0.1

0.0

1.3 ▲

▼0.3

2.2 ▼

0.1

▲

14.7

0.0

▲

0.1 ▲

-

▲0.2

-0.0

1.6

-21.7

-

▲ 0.2

101.0

2.1

2.4

-

Morgan Stanley

▼

-5

▲

RBC Capital Markets

-2

+1

▼

+4

▼

JP Morgan

-8

Citi

-9

-10

Goldman Sachs & Co

-1

UBS

13

17

JP Morgan

Deloitte

Ernst & Young LLP 18

16

0.2

+11

▲

▲

Nomura

1 5.4

5.4- ▲

6

1.1

15

5,566.610

2.4

▼

-0

11

8

+223 2.3

1.414

17

Change in

Jan 1 – Dec 31

▼

Sh (%)


# of Deals US$m

▼ 4

Market

Financial Advisor

Credit Agricole CIB

HSBC Holdings PLC

46.1▲

▼

28.0

Citi 16.1 -2.6

64.5

0.4

-0.2

100*

2,730.0

4.6 4.6

1.9

0.4

6

▲

▲

Houlihan Lokey 21

25

Industry Total


Ernst & Young LLP

2,400.0

▲

-TAP Advisors LLC

115,917.6

2727

2,823.8 2.4

-

Jefferies & Co Inc

23Ernst & Young LLP

7.8

4.6

2.42,762.5

2,789.62,789.6 70.0

3 +2

5

▼Ondra Partners

7.0

+1

2311

22 2.4

24

5

+5

-1

0

▲

0.4

▲

2,873.4

-17.4%

35

- 1

2,695.6

1,970.6

▼

+1

9

1

1

20

▼

KPMG▲

0.4

19

20Nomura

BNP Paribas SA 3,308.416

21 3,140.0

MCF Corporate Finance GmbH 17*

Nordea 17*

73

100*

Evercore Partners 16

15HSBC Holdings PLC

RBC Capital Markets


9,247.1

8,062.1

12

-

22

-

Barclays -12.45

58*

14 84

13

Macquarie Group 11

7.9 3.4Barclays

5.7 ▲4.6 12.8

45.512 8.3

▲

0.3

▼

▼

0.9

0.2

▲

0.2

+6

▲

4 34,156.6

2

-27.8%

76,875.0

Rank Value

▲

25

Jan 1 – Dec 31

Share Ch.

Deutsche Bank

▼

29.0

Sh (%)

+14

1.3

Sh (%)Deals

1.2

▲

▲

3.1 27

1.57.3

▲

▲3 1

JP Morgan 4 2

6Rothschild 5

Deutsche Bank

7

9

8UBS

13.4

3 14,199.2

7

12.3

Lazard

Citi 6

6.3

8

10,719.4 9.3 -4.8

15,542.6

Credit Suisse

-5.7

▼

11.1

9 18

12,822.715 ▲

7.8

9,129.6

8.0

▲ 0.3

▲

▼

2012

Rank

Market Change in

10

0.3

▼

▼

0.0

8,062.1

▼

▲1.2

1.0

▲

0.8

Market

29.5


2011

Rank

0.2

# of Market

▼

-2.5%


-289

2

▼

Industry Total 100.0154,048.0

-22.1%

1,016


AZ Capital 23 1.2

Credit Suisse 25

27

24

1,484.3

▼

▲

-2.2

12

-1

Itau Unibanco

+7

-3

8

Deutsche Bank

Rothschild

2

▼

▲

2

6

8,107.4

4,164.0

27

▲ 7

20

Lazard

Financial Advisor

5,360.9

93,563.6

3,583.6

2,730.0

42

21

2.1

81 5,172.5

▲

▲


1.1

38

28 20

12

8.6

26,040.9 22.5

16.3

9,838.3

▼

13

-9.2

8.5

7.0

-1.3

10

Morgan Stanley 33,610.1

31,468.1

0.1

9.0

27.2

22.8

10

26,416.5

1170.0%

Rank Value

US$m

1

▲

Any German Inv Announced (AD35)

Financial Advisor

Goldman Sachs & Co

2,629.65

1,867.2

2,043.2


Deloitte

69.1% ▲

1,773.237

-4.9

21PricewaterhouseCoopers 22

RBS

BNP Paribas SA

1,942.5

-3.0

20

1.3

▼

1.9

-17.9

-6.8

-11.5

1

+5

0.2

-10.1

-15.2

1.7

-15.0

-15.3

1.214.8

▲

▼

▼

+14

-6.8

-14.5

2.6

2

4.2

5.2

0.526.7

Market

Sh (%)

Advisor

▲

0.7

▼0.9 0.6

▼

5.3

5.6

1.3

▲3.8

▼

1.3

6,469.0

Industry Total

7


3

1,867.2

37

8

23

2.4

2.322 1,773.2

21


100.0

2,864.1

1,469.6

-15.1

3.0

4,925.2

4,126.6

Rank Value

1.9

6,783.0

5

9

2

24

21

5

10

23.6

-1.8

Share Ch.

14.7 ▲

▼

MarketMarket

27.3 ▲

▲

6.6

▲

1.9

-10.6 ▼

38.5

-3.2

Sh (%)

21

8.3

▲

3.7

34.2

23.6 -3.0

-16.0

▼

-17.9

▼

▼

▲

-13.8

▼

4,573.1 -6.8

5,166.7

3,907.0

5.5

4.9

4.2

4.0 4.0

4.2

7

▲3.8

20

-6.0

▼

-4

4

2

1.2

▲

3

0.4

15

▲

4

0.1

▲ 3.2

0.4 -67

0.2

▼

▲

0.5

0.4

0.2

0.6

1,357.8

0

2.129.0

0.3▲

8.8

2.4

0.2

-

3.7+1

▼

▲

▼

▲

+10

-3 ▼

+3

0.3

4.2 0.3

1.5

▼

▼

20.6

3.6

24.2▲

0.7

▲

-7

4.1 +1

0.4

▼

1.3

▼

▲

+2

0.2

▼-1

13.1

5.2

1.1

▼

▲

▲

0.9

▼

15.5

▼

▼

▼

0.7

5

▼

-19

3

4.8

11

-6.4

13

4.7

4.4 ▼

4.1

▼

▼ 0

24

15▼

14

Lincoln International

9

25

▲


5.3

▼

Societe Generale

MCF Corporate Finance GmbH

22


Industry Total

55

74

2.5Jefferies & Co Inc

-4.71525

TAP Advisors LLC

3,734.9

2.6

2.9

2.9

3.5

13 3.1

8

0.0

▲

14

Barclays

Market2012

Rank

17.4

14.2 ▲ -8

17

2

+9

0.5

6

0.2

# of Deals

-6

13

PricewaterhouseCoopers 6

▼

▲

0.7

10.2

▼

-1141

8.1 0.7

▼

9.2

-10.9 -2

-8.1

1.5

▼

8.8

3.2

8.4

5

-9

-11 ▼

13

▲

2.6

2.02.5

2.0

7.2

4.8

▼

0.7

-17.2

-5.4

3.5

5.6

▼

▲

▲1.5

▼

1.7

0.8

15.1

26.7

1.4 5.8

▼

▲

▼

0.7

6.1

2.7

1.4

-5

-8

3.2

0

3.9

-15

-

18.4

-2

7.2

▼

3.3

▼

3.4

1.5

1.2

17.9

0.3 ▲

▼

1.4

3.8

▼4.6 63,526.9

5.4

-14.5 ▼

17

-11.7

19 24

-2

4.8

6.4

-27.5

10.6

0.6

▼

KPMG 20 -9.7

1.4

1.3

27▼

40

2,120.1

▲

40

Ernst & Young LLP 21 1,952.7 1.330

-3.6

0.2

42

24 12▼ KPMG 1.91,493.0

2.31,763.416

2

85.2

▼

▼

▼

Sh (%)

120.8

35▼

▲

8.1

129.5

▼

▲

Deals

2

-10

+6

-3

-3

8

-4

0.7

7

1.9

0.8

-9

+1

▼

2

14 -2

18

+1

0.5

0.9

0.9

37.8

24.9

+3

48.2

0.1

0.7

1.2

0.2

▲

-9.2

4.0 0.23.9▼0.2

▲4,484.5 4

3,734.9 3.2

3.23,734.9 6.3

3.9 ▼-1.3

0.1

2.9

2.7

▼

18*

-2

RoelfsPartner0.5

18*

17

16

PricewaterhouseCoopers

Nordea

▲

HSBC Holdings PLC

33

Nomura 20

2,400.0

0.0

4.4%

-341-341

▼ ▲ ▼39.0%

-5.2% 2.6% ▲

-14.1%


▼

▲

12


▼

Credit Suisse KPMG

UBS Goldman Sachs & Co

3,535.8

0.1

0

18

Macquarie Group 4,501.8

7,554.3

5.9

5.1

Handelsbanken Capital Markets 15

1.2

16

3.7

5.9

12.4

7.0

0.6

▼

13.2

+6

+3

Sh (%)

▲

-5

-7

+5

0.4

-7

+4

13 0.8

+3

0.9

6

-5

4,378.2

1.5

0.6

▲5.0

▲ 1.6

5.7

▲

▲

▲

13.2

+4

0.6

+6

▼

12

0.6

-8

0.7

0.4

10

10

7

0.4

Citi

Nordea 13

8

10

-23.5

9

Barclays

-3.2

0.4

10

▲

▲

11

Morgan Stanley

Industry Total

▼

-31.0%-11.5%


▼

15.4%

▼-29.3%

8.0%-29.9% ▲▼ -15.6%

▲Industry % Change from Last Quarter

▲


▲

55.5%Industry % Change from Same Period Last Year

* tie

57.0% ▲

76,749.6 100.01,160.3-222

+1▲ ▲

▼

3,474.5 14.5

1

1,701100.0

1.8

Scotiabank+1

0.2

+1

0.2

0.2

0.1 +1

-

▲

0

0.1

1.8

1.8

▲

▲ National Bank of Canada Fin'l

▲Mitsubishi UFJ Financial Group

▲- 3,474.5

23*

4.523*

- 4.5

-

23* 1

4.5

-

4.5

3,474.5 0.1

▲

▲

0.2 0

3,734.9+1 61

4.5

▲ Perella Weinberg Partners LP

0.0

20*

Nomura1

▲3.6

4.6

0.23

0.0

+1 4.622 22

2

▼

▲

-1

1

4.2

0.1 3.2

4,246.1 5.5▲

20*

-

▲

21 1.2

04.9

81 4.9MCF Corporate Finance GmbH 3,734.9

5.7

-

19 31Carnegie

Evercore Partners ▲

▲0.4▲660 0.8▲5.6

12.2

▲

▲

11.0

1

0.2 +1 ▲

+7

+1 ▲

-

40.5

▼

▲1.6

3.5 ▲

1.09.8

6.5

4,275.8

17

4,043.9

Lazard

ABG Sundal Collier

5.5

▼ 16

5

45 4,973.4

29

+1

0.6

0.2

▼ 7,823.8

4

6.2 ▲

6.2 14 ▲18

8.4-10.3 6,434.2

▲

8,782.0

6

12 11.4

▲+2

16 5.7 ▲

10.2

0.5

21▼

▲

▲ 11

-1.8

0.712

▲

6▲

-5.0

▼

▼

9,819.6

14.0

12.8

8

13

1 9,526.7

9

15.8

SEB Enskilda

+8

10

10,157.2

41 2.4

▼

0.7

▼

11.0

0.6

▲

Share Ch. FeesDeals

AdvisorChange in

12 +3

-3

+7

-322.9

13,724.9

9

+2

+14 ▲

0

24 Mediobanca

Rothschild

Societe Generale

3.6

▲

-

9

8

▼

3

99,187.8 12.0

5.6

4,720.6

5,765.2

27.0

Goldman Sachs & Co 3

3.9

23

21,544.0

# of

12

19 16,121.7

Market

4

Deals

2432.0 ▲

17,710.0

▲38.0

Sh (%) Share Ch.

▲

19.6

34.4 25.3

Any Italian Involvement Completed (AF43)

▼

8▼

12

▲

20.1

▼

21.5

9-13.3

13.6

28

1.6

15

17.3 ▼

21

7

▼

-36.0

4.5

▼-52.4

-11

▲

▼4.2

+1

+6 ▲

3.0

5.5

1.8

Market


EMEA Rankings

Advisor



27

▼3.3 -9

-3

1.0

7 1.0

▼-14

7

4.0

22

-11

▼

▼

9

▲ Credit Suisse

10

▲

26 3.9 +2


UniCredit

-33.8 ▼ Deutsche Bank

▼

▼

Leonardo & Co

1.07

+412.5

-32.8

9.2

1

7

0.4

▲

-8

-1

3.7

+3

-4

0.6▲

10

0.1

0.32

4.6

3.6

3.6

-25.1

3.6

2.5

1.8

3.7 0.7

▼

3

▲ 5

1.5

1

▲

2

1.4

▲0.7

1.8

779.6 1.4

778.3 ▼

3.3

▲

▲

Banco Bradesco SA

26*

78.5%

22* -

21

100.0

BBVA

Itau Unibanco

25HSBC Holdings PLC

31

19

22*

Financial Advisor

13,406.8

-8.2

Rank Value

▲

-25.2%

54,209.8

-36.3

2.2

3.1

-12.2

▼

+3

1.9

+6

-3

25

+44

▼

▲5.7

▼

15

-221

1.0

6

8

▼

BNP Paribas SA

6.416

8,113.6

Barclays▼

▼

20.3

18.520.59,593.7

3,916.1

▲ ▲

▼

+13 -18.8

311

46.0

Market

14.5

# of Deals

+1

Market

4.2

▲

▼-4

Sh (%)

2.6

9

▲

▼

Fees

3.4▲

1.8

13

+4

37.5

34.1

17.2

▼-5

11.9

38.0

▼

0.5

1.6

▼

1.8

4.7

4.5

▲

▲

7.3

7.4

▲

5.1

0.6

1.1

5.4

2.3

▼

-11

-7 0.4

-14 26.5

2.2

6.5

5

15

1014

12 9,407.6

10,736.9

21

3,253.2

24

▲

HSBC Holdings PLC

0.3

▼ Itau Unibanco

22*+10.1 ▲

0.9

17

+1


1,515.8

18Santander

▲

▲

5

▲

-4

24

# of Deals

▼

2,338.0

▲

Any Nordic Involvement Completed (AF44)

26*

Industry Total 46,842.2 506

BBVA

19

Banco Bradesco SA

Evercore Partners

LF Rothschild & Co

Citi

25

8.4

8


Jan 1 – Dec 31

1

4

991.7

▼

991.7

15

1,174.2

-4

16

▲

2

7.6

0.4

13

▼

# of

Jan 1 – Dec 31

+1

18

-7.9

0.5

-8.6

-28.4

1,953.7-

23



Industry Total

▼ 11

-412

▼

Market

274.4%

▲

-7

2,221

2

US$m

14,695.1

Sh (%)

18.8

-2

-

3,474.5

▲

13

▼

UBS

4.5

-13

▲

▲

17.2

-0.9

4.5

21*

117*

2,913.0

4.5

21*

Any Nordic Involvement Announced (AD37)

14.4

16.6

13

26

▼

40

▼

11.8

10.6

-

3,474.5

4.5

25*

National Bank of Canada Fin'l

+1

10

▲

4.5

▲

21*

4.5

10

0.5

Deals

Market

Share Ch.

Market

0.5-12.6

673

6

Change in

-21.4%

▼

-189

# of

UniCredit

Evercore Partners

Citi

BNP Paribas SA

991.7

▼

11

20

17

Santander

Barclays

24

8

28

991.7

1,803.6

1.81.8

-29.3

Leonardo & Co 17 3,072.9

19

2,490.6

18Nomura 1,998.2

1,962.4

16

3,654.2515 6.7

10.5

12.4

7

16

6,713.0

17.0

14

26*

13

8.7

11Lazard

Societe Generale

6,416.7

13 5,700.1

9,223.7



12

9

13,313.9 24.6

KPMG

JP Morgan 7,649.8

310

22

24

8

4

14.1

17.1

11,391.5

9,280.6

10,518.0

7

1

6

12

19.4Intesa SanPaolo

20.9

-30.2

1.25Deutsche Bank 14

Goldman Sachs & Co

US$m

Rothschild

11,313.2

15

4

Mediobanca 3

2

1

2011

Rank

2012

RankFinancial Advisor


14,641.6

-23.6

2

14.9

▲

▲

21.0

▲

▲

2.8

2

29.3

3.2

Lazard

13

37.8

▼

-6.7

-48.7

▼

▲

3.8

▲

-19.1

▼-11.1

-7.8

▲

2

11

0.1

2.4

7

1,108.7

43 1.9

779.6

1.3

6

11▲

▲3.7

10

▼

0.3

0.5

▲ 3

▲

28

▲

-3

▼

0.5

14.1

HSBC Holdings PLC

10,811.6

5

JP Morgan0.5

11

Financial Advisor

18.113,910.2

2012

Rank Sh (%)

27.120,776.73

Market

2.5

23.3

13,312.2

10,902.5

2.4

5.0

10,085.9

17.3

9,520.6

6.9

22*

1,953.7

20

2.1

1.0

33

2.1

4.2

0.9

21

-3

12

Change in

5.9

Deals

0.1 ▼-4

+1

+10.4

0.8

0.0

4

0.2

-2

-6


▲

▲

-1 Credit Suisse▼

4

+5

▼

▲

17

0.3

1

1

▲

-1.1

3

2.124.4

▲

0.1

0.2

▲

0.3

▲

0.8

1.0

0.8

3.5

1.1

▲0.2

▲

0.2

▼

▲

▼

▲

▲

0.9

1.9

▲

▲

▲

0.2

▲

▼0.7

2.1

▼

▼

▲0.3

2.8

9.0

18.6 0.7

▼

2.7

0.3

0.8

31.2

26.6

▲

4.8

3.3

▲

1.125

0.5

Rank Value

▲

▼

▼

11,067.8

108*

7

2

778.3

Deutsche Bank

14,982.7

12,109.1

5

3

▼

▲

0.9

▲

▼

0.5

0.4

0.5

▼

▼

▲

▼

26*

3,000.0

▲


1.7

-

43.0%

10,735.1

14.4

▲

14

2

31

20

2011

Rank

Rank Value

US$m


▼

-33.3

▲

▲

100.0

2.1

+9

▼

▲


6

25

0.410.9

0.5

0.2

2.1

▲5.6

▲

0.2

0.4

▼1.2

▼

▲

0.6

▼

▲

▲

▲

-

▲

0.0

▼

1.0

0.4

Market

4.1

0.8

1.4 0.3 0.3 ▲

0.4

0.7

0.84.1

0.4

23.6

33.6

3.3

15.8

Change in

6.2

▼

17.8

0.1

2.9

1.7

13.6

3.1

2.0

4.6

0.10.6

3.2

1.3

2.6

0.2

4.9

2.8

3.1

2.3

1.7

3.1

1.2

65.2

3.7

100.0

18.9

15.0

43.3

47.6

▼

1.2

Market

▲

Share Ch.

35.9

▲

57.0

20.1

1.3

2.6

0.2

-8

+1

-2

0.8

0.2

1.2

0.2

Market

▲

3.0

0.6

▼

▼-61.4

-20.4

16.3

▼

10.3

Imputed Fees (US$m)

3.5

▼

6.6

Jan 1 – Dec 31

7

Intesa SanPaolo

-

Rothschild

RBS

18

2012

Rank

-16.9

11 17,778.6

3.8

1.1

1.7

0.1

-11

Any Italian Involvement Announced (AD36)

Sh (%) Share Ch.

Market

US$m

Morgan Stanley ▲18,035.6

Rank Value

Share Ch.

Market

33.3

Sh (%)

2011

Rank

1.8

Market

Sh (%) # of Deals

Jan 1 – Dec 31

1

Market

7

1

9

1.3

Morgan Stanley18.2 +1

▼

Financial Advisor

23

3

2

1-19.8

-25.5

▲

▼

▼ 15

1.4

1.2

▼

7.2

8.9

▲

▼

1.7

▼

▲ 2

4

-

-2▼

0.4 0

0 3.8

.9

0.2

0.2

1 -

1

▲

2.4 0.5

▲

2.4

0.2 -1

▲

-1 1.8

0.2

+1

+1

1

0.8

0.2

▼

▼

3.439.6

-

-45.1%

-201

▲

▼

514.3

30.2

# of Deals

-28.4%Industry % Change from Same Period Last Year ▼-43.7% ▼

Market

-41.7%

-21.9%

▼

▼


▼

+4

0.5

4.5

Rabobank NV

100.0

3.7

4.5

3,474.5

21*

17

3,535.8

78,023.1

Scotiabank

20

Macquarie Group

Mitsubishi UFJ Financial Group

3,474.5-

3,734.9

5.2Lazard 16

18*

15

24

12

4

Nomura

ABG Sundal Collier

14

Perella Weinberg Partners LP 18*

MCF Corporate Finance GmbH


13

Handelsbanken Capital Markets

5.9

6,294.4

1.84,857.5

3,734.9

89

-

50 3,906.1

4.8

8

5,622.3

9.9

19

38 7.2

9.6

Credit Suisse 12

10

Barclays

4.8

13 7,516.3

14

8.1

11

3.7

▲9.7

9.3Citi 18 7,245.6

27 10,304.9

31 10.4

4.013.0

8,148.3

5

3

1

2012

Rank

2

4

2

3

2011

Rank

HSBC Holdings PLC

9

6

Nordea

7,586.4

10,141.6

7,719.8

9

6

Rothschild

1

8

Deutsche Bank

Morgan Stanley

5

JP Morgan

Goldman Sachs & Co

7

SEB Enskilda

5.0 4.5

1.2

4.8

4.7

4.5

4.8 ▲

▲

2

5

▲ 1

Industry Total

CIMB Group Sdn Bhd

-1.3

10.5

▼

-7

▼

-3.3

-15.3%▼

Imputed Fees (US$m)

Sh (%)

0.9

▼

35.8

12,909.9

13.2

11,208.0

-8.9 ▼

-2.4

▲

8.6

4.0

Sh (%)

-8


# of

1

Renaissance Capital Group

Macquarie Group

26*

26*

-

-

750.0 1.6

750.0

1 0.2

0.2

1.6 +1 ▲

▲ 1.4 0.3 0.3 ▲1.6 1.6 ▲ 1 +1

Malayan Banking Bhd - 2,913.0 3.7 3.725*

▲

0.0 +1 ▲

1

0.1 0

0.0

0.0

▲

13


UBS Credit Suisse

-45.9% ▼▼

2

Banco Espirito Santo SA

HSBC Holdings PLC

23 2.6

22

97* 2.4

3.0

49

1

12.9

12,856.0

▼

3.0

13 -13.6

▲

2.7 ▲

▲

-16.9

▼

▲

-13.9

12.0

16,400.4

▲

13,905.9

3.7

12.2

2

16-9.8

▲

-1.8

-28.4

▼

-15.5

13.6

1.0

3.554.3

# of

27.9

4

25.4

2

2011

Rank

-9.5

21

30.4

▲0.8

+1 ▲1.9

▼

-6

▼

▲

▲

3.9

2.1

-1

+3

0.6

0.9

▲

-1,134

Greenhill & Co, LLC

4.1

0.3 +1 ▲

0.4

7

-5.0 +6

▼ 41

-28.2%

-30.4%

3,095.4

▼▼

32,409.9

-6.3%

3

-31.4%▼


▼

▲

1.2

+2

1,215

▼-20.5% -21.7%▼

-708

1.1

100.0

▲ ▲

0.2

20.6

27.5

1,541.2

13.4

▼

+3 ▲

▲1.3 1.3

1.0 ▲

▼

+1 17.7

3,316.8 1.7

0.72.8

0.2

0.4

2.5 1.4

5

▼

69*

0.2

11▼

-1+5

24-1

▲

8

1.6 0.2

▲

0.5 ▲ 20

+3

+3

China Construction Bank

99

-1 ▼ 2.1 0.1

▲

Evercore Partners

2.2

2.1

▲

▲

0.50.5

0.4

0.3

21

+1

5

0.1

+2 ▲

1

▲ 4.5

▲

6.3 0.4

3

2

0.1 20.9

0

+2

1 0

0.1

8.20.2

-

1.3

1.9

21

1.6

+6

2

19

0.2

1.417

JP Morgan

0.7

1.4

2.1

1.923

22.0

▼

24.8

26

3

2012

Rank

+3

Fees

213 35,916.3

1.5

31,668.9

1

Sh (%)


Goldman Sachs & Co

Morgan Stanley -28.21

# of Deals

01.7


Share Ch. Share Ch.

▼

Deals

Market Advisor

4.5

Sh (%)US$m Sh (%)

Market

Sh (%)

# of

Sh (%)# of Deals Financial Advisor

2011

Rank

28.0 +240.678,227.1


▲26▲

Change in

Financial Advisor

Market Change in Market MarketRank Value

Deals

Rank Value

US$m

Jan 1 – Dec 31 Any Benelux Involvement Completed (AF47)

12-6.3

▲3.9

▼

-0.5

Market

Deutsche Bank

4

6.6▲

▲

69.7

101.6

1.7

Jan 1 – Dec 31

▲

1.1

0.82.3

6 Jefferies & Co Inc

-5.0% Industry % Change from Last Quarter

▲

0.11


* tie


27.0%

5

76

3

1

30.4

2 74,334.8

Morgan Stanley

38.6

11

Goldman Sachs & Co

JP Morgan 4 27.953,728.8

Lazard


1

58,487.0

EMEA Rankings

22.4

24.5

25.89 49,683.8

3.0

47,202.2

Any Benelux Inv Announced (AD40)

2012

Rank Share Ch.

2

▲

23

▲

▲


▲

▲8.4

▲

▲

▲ 21

2.0

Lazard

2.5

-2.9

1.7

1.9

38

29

26

▲

5.4 ▲

6.9

▼

1.1

1.4

0.1

-3

8.7

30

16

10.3

-15

-6 BNP Paribas SA


+6

+1 Nomura▲

▲

9 20,733.8▼

66*

17,369.1

▼

512

15,541.4

11 17,131.1 13.44

10

17*

▼

16

15

-9.5

▼

ING

4,147.0

▼

3.8

14Citi 14,728.3 11.6

10.9

4,947.8

3.3

3,164.9

-3.6


127,520.7

3.9

2.8

▼

2.4

Sberbank CIB

▼1.8

Industry Total

Societe Generale

3,515.9

Scotiabank

3,861.7

25

5,200.0

-1

-

UBS

13Centerview Partners LLC

18

▼

0

-1

▼

17

▼-14

+3

+5

+1 ▲

19

▼

1,499

2.1

0.3

▲

-4

12

▲0.3

0.6

▲

▲

8

32

▲

▲

4

▼

4 86*

Quarterly EMEA Cross Border Volume

▲

1.6

2.1

4

3,999.7

▼

-19.1%

1.2

2.0

10.1

2.0

100.0

Ondra Partners

3,506.5


1.4

▼

▼91.6

66.8

59.4

65.6

▲

Imputed Fees (US$m)

Market

0.6

0.3

0.5


5.9

▲4.3

Market

-10

▼2.4

5.6

-12

▲1.8

-4

-7

▼

▼

1.3

▲

0.9

2.0

▼

1.8

32.4 1.8

▲11.6

0.2

0.3

1.4

0.1

2.4

30.2-23

0.6

▲

0.8

▲

▼

37.3

0.8-

86.6

0.21.8▼

▲

52.0▼

54.0

3.4

▼

4.3 ▲

▲27.5

17

26

15.7

▼

▲

-116.8

29,119.4

21.7

▼

23

▲

17

+5

-3

▼

6 22.8

▼27,703.6

-17.9

▼

28,092.5 1.4

2.1

1.016.3

14

8

6

+2

Barclays

+19

Rothschild

5▲

12

▲

35,591.5

60*

9

21,377.6

▼

-1.1

▼

Deutsche Bank▼

+1

▲+7

10

19

7

8

0.6

▼

1.3

1.5

▲

▼

▼

0.6

0.1

1.3

1

23

12

9

0.8

▼

Ondra Partners

7.2

0.5

▲

20

19

16

ING

6.7

-11.7

-15.8

18

- 12,856.0

24

13

Credit Suisse

5,438.9

19

2.7

RBS

17HSBC Holdings PLC

14

15

13

7

12

BNP Paribas SA 11 12

Rothschild

8 28,027.0

8

10

17

Barclays

2

18

3

9


+1

9

▲

0.7 9

6.5

19▼10

5

23

26

37*

22 14

123*

100.0

Nomura

192,674.7

3,164.9Scotiabank

Santander 25

Industry Total

24

2,204.8

Societe Generale

7.4

96


Sberbank CIB 21

Citi

123*Greenhill & Co, LLC

2.3

-2.4

14.6

2.34,414.8

15,627.0

14,198.7

5,797.7

5,141.5

2.8

3.0

20,566.6

13,951.1

21,206.4

6.7

8.1

11.0

10.7

-8.0

0.2

-1.2

-0.2

-12.6

6,229.0

2.8

12.5

3.2

4,407.8

23,990.5

4,344.2

EMEA Inv. Announced M&A Target Sector by Value ($bil) Jan 1 – Dec 31 2012

6

22

3.5

1.7

9

43,124.6

$198.0

$196.9

$131.8

$130.9

$117.9

$86.9

$55.4

$55.0

$53.3

$42.8 $40.6 $35.3

Energy and Power Financials Industrials

Real Estate Materials Consumer Staples

Retail Healthcare Telecommunications

High Technology Consumer Products and Services Media and Entertainment


`

0

500

1,000

1,500

2,000

2,500

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

# o

f D

ea

ls

Ra

nk V

alu

e (

US

$b

)

Inbound (US$b) Outbound (US$b) Number of deals

14



Asia Pacific (ex-Japan) M&A

Asian M&A Recovers I Fees Earned Drop 29% I Australian M&A Value Halved

12,738.6


ONGC Videsh LtdPending4,970.5

India / Kazakhstan Energy and Power / Oil & GasFinancials / Banks

Rank Date Date Effective

7/23/2012Consumer Staples / Food and Beverage

NCOC BV (8.4%)

Morgan Stanley

Morgan Stanley

63,580.2 Financials35,678.3 Goldman Sachs & Co2

1

Energy and Power / Oil & GasPetronas Carigali Canada Ltd 5,865.5

2

Materials

3

18,035.5 Citi

637 No. DealsRank Val US$m

82,019.8 Share

Mkt.

Rank

64,143.7

19,965.6 23,531.1 BMO Capital Markets

RBC Capital Markets

30,037.7 Energy and Power

Goldman Sachs & Co

18,137.3

9

24.3

13

10

12.5

992

89.76

12,424.1

11

UBS

44.3

Morgan Stanley

28

HSBC Holdings PLC

51,911.4

China Telecom Corp Ltd 18,047.3


China / China

Top Ten Any Asia (ex-Japan) Involvement Announced Deals

Acquiror

China Telecom Corp-3G Assets (100%)

Target (% Sought/Acquired) Target Macro / Mid Industry

Pending CNOOC Canada Holding Ltd Canada / Canada 17,665.6

TCC Assets Ltd

8/22/2012

Singapore / SingaporeNexen Inc (100%)

12,491.012/5/2012

6,090.6

Thailand / China

Alibaba Group Holding Ltd China / China

Financials / InsuranceInvestor GroupBritish Virgin / Singapore 9,219.3

9,385.9

Pending

Shareholders

PendingPending

9/13/2012 Pending

11/15/2012

12/12/2012

9/18/2012

OUE Baytown Pte Ltd

Asia Pacific (ex-Japan) Deals Intelligence

China Cross Border Announced M&A

5/20/2012

4/2/2012

6/28/201211/26/2012

Pending

9/1/2012

Bank Danamon Tbk PT (67.4%) DBS Group Holdings Ltd

Canada / Canada

Singapore / Indonesia

Progress Energy Resources Corp (100%)

3Consumer Staples 57,755.7

Goldman Sachs & Co

Telecommunications / Wireless

2Credit Suisse

6,459.8 7

8

Fraser & Neave Ltd (100%)

Consumer Products and Services / Professional Services

Ping An Insurance(Group)Co (15.6%)

7,100.0Fraser & Neave Ltd (69.6%) Consumer Staples / Food and BeverageAlibaba Group Holding Ltd (20%)

2

1,348 12,303.9 1

12.4

9

6,231.6

25,559.6

41,429

Morgan Stanley

Industrials / Automobiles & Components


3

3

1

323,071.7

Rank Value (US$m)

Jan 1 - Dec 31 2012

10.9Citi

Asian Completed M&A by Region - Imputed Fees

5,630.0

23.7

36.6

40.0 8

10

8.9

20.019.5

2

Asia (ex-Japan) Involvement Announced Advisors by Target Industry

18.4

32.7

7

Jan 1 - Dec 31 2012

Australian M&A activity amounted to US$88 billion, a 50% decline from the US$173 billion grossed in 2011. Australian

cross border activity totaled US$46.6 billion in 2012, falling far short of the US$88.9 billion accrued last year. Foreign

companies invested US$11.2 billion in the Australian Materials sector, representing 28.6% of inbound volume.

9/1/2012 South Korea / South Korea

Credit Suisse

Industrials

5,000.0

18,868.8

Hankook Tire Co Ltd-Tire Bus (100%)

22.1 5

M&A activity with Asian involvement in 2012 increased 16.7% over 2011, to US$488.9 billion, from the US$420.2 billion

recorded last year. Deals in the Energy & Power sector registered the highest value in 2012, accruing US$82 billion in

activity from 637 deals. The Materials sector reached US$64.1 billion in value, from a market-leading deal count of

1,429. Activity in the Financials sector amounted to US$63.6 billion from 992 deals.

Estimated buy-side and sell-side banking fees earned in the region totaled US$2.4 billion, a 25.5% decrease from totals

recorded last year, according to Thomson Reuters/Freeman Consulting. Goldman Sachs, the top earner, accumulated

US$141.4 million in fees, a 5.9% wallet share. Credit Suisse placed second, grossing US$119.5 million. Citi followed,

with US$110.4 million.

China outbound activity in the fourth quarter of 2012 decreased by 15.2% compared to the fourth quarter last year,

reaching US$18.1 billion. Despite being behind 2011 totals at the end of the third quarter, China cross border activity for

full-year 2012 reached US$96.7 billion, just surpassing the US$91 billion in activity recorded last year.

Citi

28.7

616 11,669.9

1

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

$50

3Q

07

4Q

07

1Q

08

2Q

08

3Q

08

4Q

08

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

% O

utb

ou

nd

Ra

nk V

alu

e (

US

$b

)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

$0.0

$0.1

$0.1

$0.2

$0.2

$0.3

$0.3

$0.4

$0.4

$0.5

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

Imp

ute

d F

ee

s (

US

$b

)

North Asia South Asia Southeast Asia Australasia

15


China International Capital Co Bank of America Merrill Lynch

Greenhill & Co, LLC JP Morgan

4,971 2,415.0

0.8

0.5 -1 0.9

4.8

▼

▲

▼

0.1

0.4

1,764.1 61.5

7

▼

100.0

▲

10.0

0.5

4.2

6.8

3.0

▼

0.4 0.1

0.5

▲

▲

-1

1.7 +2

3.2 ▼

4▲

0.4

2.0

0.3

6-12.3

BMO Capital Markets

1.6Blackstone Group LP 43

▲

11

-

1.7

21

1.5

20

-11 0.1

100.0

2.11,871.6

18

▼

+5

0.3

▲ +4

0.4

1.3 ▲

0.6


▲

-11.9%

0.8

0.4

▲

* tie

0.4

0.89.7 ▼

▲

1.2

100.0

▲

▲

-53

14.3

0.6

▼

0.1

0.3

1.2 ▼

▼

▲

10.4

0.7

0.4

0.0

0.2

▼

0.3

▲

▲

0.2

-

-1.6

4.9

0.8 ▲

0.8

1.4▲

▼

20.2

40.3

19

-2.2

1.0

-13.3

4.5

5

124,407.4

▼1,443.0 19

+2

9 2,864.9

+5

KPMG

-6.5

4.2

16

Fort Street Advisers

0.3

39

▲ Bank of America Merrill Lynch 16

0.5

-6

37▼-16.6

▼

0.1 ▼

▲

▼

1.1

22

2,060.7

119*

2,184.3

6

32.4

▲

-6.4

▼

Evercore Partners

63

Gresham Partners 0.6

22

RBS

4 0.2

1,365.5

▲

24

9

1,897

Paradigm Capital Inc

Nomura 1,242.7

-

BMO Capital Markets

Haywood Securities Ltd.


20

Lazard

50

17 15

24

Grant Samuel

19

18

15

16 3

39*

▲

-5

1,925.2

1,310.8 +1

0.48

0.2

46

17

0.2

-11 ▼

18

25

-8

-2

-8.9

1.3 ▲ ▲

1,183.2

12 ▼-2

+3

1.5

23

JP Morgan

Canaccord Genuity

4

HSBC Holdings PLC

1.2

1021

59

▼

10

7.3

12

14

+1

6Deutsche Bank

5,245.5

4.8

13

▼

+2

-3.7%

4

1,369

-30.3

0.2

2

▼

2.2 ▲

-13.9

0.5

1.3

0.2

0.3

0.4

▲

6

0.9

▼

Industry Total

▼

8

0.6 ▼

0.6

11

0.9

0.4

17

7

-2

-29

11

51.0

▲

▲ Credit Suisse+4 ▲ 12

4

251 -17.0

▼ -7 ▼ 31.512.5

2 21,329.1

22 1.2

-5.1

4

-1.0

-7.0

0.95.0

▼

9,537.3

UBS

17

1 25,682.3

Macquarie Group 23.2

23.7

11,215.8

3

28.5

-14 Rothschild

11

-

Morgan Stanley-6

RBC Capital Markets

▼

73

8

10

7

▼

0

▲

+5

▼ 20

1,137.3

5.8

8

Moelis & Co

Grant Samuel

3,105.1

6,594.45

15

14

1,222.1

45.9%

▲

100.0

42

22

▼

3

1,205.5

▼ 14.5

-16.5%

1.025

-51.4%Industry % Change from Same Period Last Year

▲

-35.4%

0.4

▼

0.7

▼

▼

1.4

31.1%

1.4


-1

▼

16.7

-1

4

-6

7 0.5

0.3 -0

▲

2.6

2.7

2.8

31.9

1.144.5

34.0

1.4

+5

-0

0.7

0.9

-5

▲

43.5

▼ 3.6

▼

▲

3.6

-1

0.7

18.6

6

1.4

▼

▲

31.9 2.7

▼

1.7

3.1-6

-5 ▼

▼

1.5

1.1

-

1.4

2.2

▲

▲0.8

1.3

▼

3.7

43.5

▼

▲

▼

0.9

9

10

▲

-7

+5

▲

▼

0.0

0.1

▲

3.4

26.8

1.4

▼

▲

1.5

90,015.9

9,984.132

18

21

16

19

17

9,866.7

13

15

0.0

0.0

7,198.8

▲

2

22Barclays

Industry Total

CITIC

-27

▼

Lazard

-4

▲+4

+2

AMMB Holdings Bhd

▲

Goldman Sachs & Co

+9

7,301.2

8.6

24

Market

0.6

13,043.2

▼

0.3

-2

3,907.8

▼

▲

-23.3

-6.8

▼-12.4

8.3

4,940.7 -3.4

4,443.5

7,277.9

8.3

11,257.7

7,540.6

10,281.3

5.1Barclays

Morgan Stanley

RBC Capital Markets

Moelis & Co 11

27

UBS 2

10

13

Citi

4

8

3

9

6

7

Goldman Sachs & Co

5Rothschild

KPMG

2,444.7 ▼

17

14Aquasia Pty Ltd

Deutsche Bank

1

13

12 2,960.3

10

0.8

▲2.42,116.0

9

2.5 -0.4

▼

1.9

-1.1

12.8

Share Ch.

3.1

Market

-0.2

▼

Sh (%)

20

8,738

▲

8.0

-

▲4.6

▲

18

1.7

▼

Sh (%)

▲

11.7

7.6 8

-28.2

42

0.4

19

100.0

# of Deals


▲

Deals

▲

Any Australian Involvement Announced (AD24)

▼

▼

14.8

16.0 ▼

# of

-1,011

9.0%

51

▲

▲

0.6

9.2 ▲

2.2

0.9

-10.4%

1

▲ 66

+5 ▲ Morgan Stanley49

20

21

-

7,996.6

45

7.1%

307,771.6

5,391.9

10


1.6

▼

-49.1%

▼Wells Fargo & Co

4.6%

▲

41.2%

1.1

88,033.1

▼

3.4

4

▼

5 3,484.0

3

0.5


25

▼

-4.3

▲

Industry Total


26

982.9 Evercore Partners

-1.11,141.6 1.3 ▲

0.2

+1

+3

0

+83

1.21.3

23 1.5

3.5

1,384.5

1,491.1

-1.3

13

11-62 14,279.9

16

53

21

▲

21

481.5

48,913.0 10.0

0.8 21

Any Asia (ex-Japan) Involvement Completed (AF32) Jan 1 – Dec 31


United Overseas Bank Ltd

RBC Capital Markets +14.4

▲

Imputed Fees (US$m)

▲

13.3

JP Morgan 6 8

Citi 4 3 64,959.7


Credit Suisse 3 6 68,469.0

▲ +18

0.8

Goldman Sachs & Co

- 9,288.0 1.9 4

3.2

▼

2.728

25

0.2

2012

Rank

2011

Rank

Rank Value Market


Market

Share Ch. Sh (%)

Market

US$m

MarketMarket Market # ofRank Value

Share Ch.# of Deals

# of

# of Deals FeesSh (%)

2012

Rank

2011

Rank Sh (%) Deals

141.4+7

Share Ch.


Deals Sh (%)

Market

Financial Advisor

Change in

15.4

Financial Advisor

▲

MarketChange in Advisor

▲5.9 0.4

Sh (%)

20.6

Morgan Stanley 2 2 75,363.4

US$m

Goldman Sachs & Co 1 1 100,460.9 5815.547,835.3

+21 ▲ 2Credit Suisse 14.4 5.1 35

1.2▲1

5.1

9.7 0.976

4

0.21

13.3

44,303.0

0.8 4.23940,973.3 -1.2

▲

1.2

▲1.30.7 -13 ▼ 119.5 5.0

▼2.3 0.1▲ 10.4

▼▼ 102.1▼ -18

3.891.7▼▲

214.0 ▲

64

7.4

3.8

3

▲

4.5 ▲

4

2.8 -12

UBS

JP Morgan▼

-1633 0.76 31,897.50.7 +13

7UBS 5 4 54,966.7 11.2

6.67

40 0.5

8.5

5 29,061.0 9.4

Citi 3

Bank of America Merrill Lynch 5 41,305.0 8.5

26,108.3

8

6-241 0.5

-18

▲0.6 -10

4.6 1.0

3.3 0.4

▲-7 ▼▼-2.1 110.4

79.531 ▼▲1.4

-1.2 ▼

37 0.7

0.63220,243.6Deutsche Bank 7

13

0.2

80.4 -3 ▼ 18,465.2 0.6 -2 ▼ 53.6

▼-8 ▼ 66.5 1.42.8

17,457.40.4 -5

▲2.0 ▲ 28 2.2 0.8

▲7 35,066.8

10 38,917.7

5.7

HSBC Holdings PLC31

▲1.5

6.0HSBC Holdings PLC 8

Deutsche Bank 9 65.27.2 37 9Rothschild 9

▼-70.2

▼

-12

-0.2

16,524.9 5.4 -3.7 18 0.4

▼ 25 2.7 0.50.5 -2 ▼

10 20 24,582.6 5.0 3.0 2.6▼ 62.55 ▼10 0.8 ▼

39 23,531.1 3.7 ▲ China International Capital Co4.8 ▼BMO Capital Markets 11 1.314 0.1 ▼11.7

12 12 23,099.7 4.7

▼4.60.0

1.550 1.0

▲ 15 0.3 -9 0.5

36.3

18.91.6 ▲ -9 ▼13 0.3

0.2 ▲

2.0

+1 ▲0.5 -25 ▼ CIMB Group Sdn Bhd

▲▲ 7 0.1

0


-DBS Group Holdings 14 41 18,190.0

▲

18 21,339.6

3.7 2.6

CIMB Group Sdn Bhd

0.1 ▼

12 15 10,806.6 3.5 0.4 ▲

3.2 0.8

Barclays 15 16 16,018.7 0.7 ▲3.3 0.4 1.3 0.9

1.2▲

▲ 25

2.4 ▲ 8

0.5

0.5

▲0.6

▲

29.6+40.2

+16 ▲

14

Malayan Banking Bhd

Moelis & Co

8,441.1

0.524 ▲

▲ 30.4+7

Rothschild 16 9 15,794.5 3.2

▲

230.3 0.5 ▲ 0.2

▲▲

2.7

2.6 2.6 +2 0.30.3219 11,136.1 2.3 0.0

12.58,189.6

Allen & Co Inc▲ 8,091.3 6.60.0

1.3

▼

+80.3

0.1▲ 8 +3 2.6

Standard Chartered PLC 17

40.8-18

0.3 ▼

52

-14

26

2.0 ▲-1.6 0.4 0.11.7▼▼ 18

9,423.8

18 12

19 11

9,833.4 Nomura

24

Moelis & Co

0.52.6-1.4 Macquarie Group1.9 ▼

▲ 8,007.2

Nomura 1.4-13 ▼

Ondra Partners 20 - 9,385.9 1.9

0.3 33.2 0.6

2.3 0.5 0.2 0.134

▲ 13

▲ 0.7

1.31.9 ▲

▲ KPMG▲

BMO Capital Markets

28

▼

+1 ▼4.7

1.2 ▲▲ 2 0.0 -6

▼-24

0.7

-2.9 ▼

2.3

0.36,490.3 2.1 13

31.87,085.9

0.6 -14 ▼KPMG 22 21 8,832.9 1.8 ▼ 53

011.30.2 23 ▲1.9-15 5,865.554-1.5

▼-10 ▼ 37.2 1.5

0.0

0.3

▼0.0Malayan Banking Bhd 23 13

1.7Allen & Co Inc

8,108.4 0.1- .6

24 - 8,091.3 0.0

▼ Scotiabank

-

25 50 7,695.5 1.6

2

0.9 0.328

1.7 ▲Societe Generale

+1125

0.11.8 +51.8

-14.3% ▼

0.8▲

0.6

-5,663100.0

24 ▲ 5

▼-25.5%

▲0.9 0.4311.8-4 ▼ 22.0▲1.1 ▲5,386.5

▼5.5

▼1.27.6

Market

5.9▼

▼ 8.5

▼

102.82.6

-23 71.51.8

Change in

Jan 1 – Dec 31

38.3%▲

Any Australian Involvement Completed (AF31)

▲

▼

Financial Advisor US$m


2012

Rank

MarketMarket2011

Rank


Advisor

▲


0.5%

Share Ch.

Imputed Fees (US$m)

Deals

Market

Sh (%)

# of Change in Market

Share Ch.

▼

Fees# of Deals Sh (%)

-2 ▼

91.628 -13▼ 2.0

-9▼

9

14

13

36

0.710

0.9

10

0.7

1.0

▲

-8.9

-8.7

▲

▼

▲

8.0

-11.8

▼

4.7

1,432.1

10.6

7.5

7,192.9

6,735.0

3,751.2

9.4

8.0

8,174.4

4,348.5

-3.0

0.6

15

2.8

17 +6 ▲

6.96,201.0

8,457.3

24

1

5.6

3

Gresham Partners 6

Citi

6

4.4

▲

Azure Capital 22

Aquasia Pty Ltd

▲

2.3

2.2

-21.0

1.5

3

9

Macquarie Group 14,088.91 8

1.8

1,309.3

12

4.0

1,622.5

2

2012

Rank

2011

Rank

Rank Value

-

6

17

US$m

Market

19

7

Financial Advisor

▼

488,863.2

-3.2%


Industry Total


Somerley Ltd


19.2 0.8

▼16.7% -12.2%

Jan 1 – Dec 31

9.1

Rank Value

-5

Any Asia (ex-Japan) Inv Announced (AD25) Jan 1 – Dec 31

Asia (ex-Japan) Rankings

Credit Suisse

20,901.9

Sh (%)

16


▼

+1 ▲

0.7% -10.6%▲Industry % Change from Last Quarter

▼ 10.3% ▲

Itau Unibanco 5* - 522.2 9.1 9.1 ▲ 1 0.5

-57.5%


-10.7%

-6.8%


* tie

4

3.0▼

8.3

-2

▼

2.0

7.7

Jan 1 – Dec 31

150100.0

Financial Advisor

-61.3% ▼

Asia (ex-Japan) Buyside Financial Sponsor Activity

▲

Australian Cross Border Announced M&A

9.6

-18 86.6

410.5%

Asia (ex-Japan) Rankings

▲

9

▼

▼700.8%

▲

15.8

▼

▲6.2

Sh (%)

5.214.0

Market

Share Ch.

▲

+20

3.4 0.7

▲

1.1

100.0

▼

-5

Market

▲

4

UBS 2,104.0

UBS

522.2

1

5*Credit Suisse 1

Goldman Sachs & Co 1,313.22

2011

Rank

36.7

US$m

22.9

2012

Rank

2012

Rank

Sh (%)

9

908.0

18.9

8

-48.5

2011

Rank

5,736.8

-3

Deals

6.0

0.5


6.0

▲

Rank Value

▲

▲

100.0

US$m

▼

2

Industry Total


▲

Industry Total



5,668.1

Advisor

▼

17 1,780.1 30.4

13.5

Share Ch.

27.7

First NZ Capital

Deutsche Bank

Macquarie Group

DealsShare Ch.

-17.0 ▼

+11.4


▼

27.1

Sh (%)

# of

3 5 1,083.3

2

▼

Jan 1 – Dec 31

Sh (%)

Any New Zealand Involvement Completed (AF46)

Imputed Fees (US$m)

Market

13.5

8.9

Fees

# of Deals

Market

12.1

▲

▼

-3

-1

0.3

9.1

Market

Change in

Change in

▼

Any New Zealand Inv Announced (AD39)

MarketRank Value

Market

Market

4

-1.0

8

1

# of

3 ▼

-1

-6

215

▲

-11.4

1.9

3.7


-1

# of Deals

11.7

2.7

-1.5

7 15.4 0.6 ▼

2.0

2.7

3

▼

3

2,393.1 442.2

3

Any Asian (ex-Japan) Involvement Announced M&A by Target Industry ($bil)

6

2,456.2

19.11,083.3

* tie

1

Sh (%)

5

31.4

First NZ Capital

3

8

3Goldman Sachs & Co

Financial Advisor


874.7

43.3

Macquarie Group

4

▲

▼

Banco BTG Pactual SA - 522.2 9.1 1 0.5 +1 ▲5* 9.1

17%

15%

12%

10% 9%

7%

5%

4%

4% 3%

2% 2%

Energy and Power Materials Financials

Consumer Staples Industrials Real Estate

High Technology Telecommunications Media and Entertainment

Consumer Products and Services Healthcare Retail


0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

1Q

08

2Q

08

3Q

08

4Q

08

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

Ou

tbo

un

d

Ra

nk V

alu

e (

US

$b

)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

0.9 1.4 3.4 6.5 8.2 3.8 14.0 1.5 7.6 15.1 8.8

% o

f A

sia

(e

x-J

ap

an

) V

olu

me

Ra

nk V

alu

e (

US

$b

)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of Asia (ex-Japan) Volume YTD

17


94.9

1 1 1

20,140.0 20,140.0

RothschildUBSThe Raine Group LLC

3*

On average, acquirors paid 10.3x EBITDA for Japanese targets in 2012, representing a decline of 2.5 "turns" from 2011

averages. Average bid premia (to 4-week prior stock price) for Japanese targets increased 0.8 percetage points over

2011—to 35.5%.


* tie

Consumer Staples

Plutus Consulting Co Ltd

Nomura

Mitsubishi UFJ Morgan Stanley

Japanese outbound M&A reached a record high in 2012, with 679 deals accruing $85.9 billion, a 23.4% increase in

value compared to 2011. US target transactions accounted for approximately 64% of the total value. Three US-target

deals—SoftBank’s acquisition of Sprint Nextel, Marubeni’s acquisition of Gavilon Group, and Daikin Industries’

acquisition of Goodman Global Group—were included in the list of top ten deals with Japanese involvement in 2012.


1

In 2012, announced M&A activity with Japanese involvement reached US$182.7 billion, a 1.3% decrease from the

US$185 billion of value recorded in 2011. In spite of the slight annual decline, the fourth quarter of 2012 recorded the

highest quarterly announced volume for Japanese deals since 2000, with deal value reaching US$60 billion.

SoftBank’s acquisition of a 70% interest in Sprint Nextel worth $20.1 billion was 2012’s largest Japanese announced

and cross-border transaction, as well as the eighth largest Japanese involvement deal in history.

Nomura30,805.9

1

9,452.5

3*3*

20,140.0


16,943.0

9

10,356.5 61.1

21,225.0

Healthcare / BiotechnologyJapan / United StatesMedia and Entertainment / Broadcasting

5/9/2012

1/29/2012

Intended

Target (% Sought/Acquired)Date Effective

5/29/2012

Pending

Daikin Industries Ltd

7,478.9

Sprint Nextel Corp (70%)10/15/2012

Goodman Global Group Inc (100%)7/12/2012

11/1/2012

12/14/2012

Aegis Group PLC (86.4%)10/1/2012

6/1/2012

Japanese Outbound M&A Target Nation Region

Rank Date


Top Ten Japanese Involvement Announced Deals

Any Japanese Involvement Announced M&A

Jan 1 - Dec 31 2012

SoftBank Corp

Citi 20,814.1 Mizuho Financial Group

23

2


Energy and Power

17,577.9


Japan M&A

Japanese Announced M&A Down 1.3% | Outbound Deals & Japanese Fees Volume Reach Record High

20,140.0

20,818.2 1

62.9

Rank Val

US$m

2

JP Morgan

eAccess Ltd (100%)

Deutsche Bank



Industrials

9,907.3

TEPCO (75.73%)

SoftBank CorpTonenGeneral Sekiyu KK

Boston Biomedical Inc (100%)

3

Terra Firma Capital PartnersJapan / Japan

2,707.2

9,344.4

Japan Deals Intelligence

13,756.5

26 3

Rank

19,379.9

3 Telecommunications

2

Mkt.

Share

3 44.757.1

No. Deals

94.9

4,864.0 26

26

5

98.1

5

10

226

11

58.5

37.4

44.8 6

101

98.1

30.3

1

44.3

94.994.9

3*

2

20,140.0

Rank Value (US$m)

Energy and Power / Power

11/19/2012

Acquiror

12,612.0NDFMarubeni Corp

7/31/2012

2,630.0Dainippon Sumitomo Pharma Co

4,515.9Exxon Mobil (99%) 4,965.9

3,700.0Dentsu Inc 4,311.2

Investor Group

Pending

2/29/2012

Pending

Jupiter Telecommunications (28.6%)8/29/2012

4/25/2012

Gavilon Group LLC (100%)Annington Homes Ltd (100%)

Pending

10/24/2012

High Technology / Internet Software & ServicesJapan / Japan

United Kingdom / United Kingdom

Media and Entertainment / Advertising & Marketing


Japan / United KingdomIndustrials / Other Industrials

Real Estate / Residential

Japan / Japan

Japan / Japan


16 1

5,089.0

Jan 1 - Dec 31

13

Telecommunications / Telecommunications Services


28

Goldman Sachs & CoMizuho Financial Group

Nomura 6,586.2

506

1

6,381.1


Consumer Staples / Agriculture & Livestock5,600.0

25,312.6 3

30.2

44.1

Japanese Involvement Announced M&A - Top Advisors by Target Industry Jan 1 - Dec 31 2012

21,091.8 High Technology

27.7

17,590.9 440

0

500

1,000

1,500

2,000

2,500

3,000

3,500

$0

$25

$50

$75

$100

$125

$150

$175

$200

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

# o

f D

ea

ls

Ra

nk V

alu

e (

US

$b

)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

# of Deals

0

50

100

150

200

250

300

350

400

0

10

20

30

40

50

60

2006 2007 2008 2009 2010 2011 2012

Ra

nk V

alu

e (

US

$b

)

# o

f D

ea

ls

Americas

Europe

Asia Pacific

Americas Number of Deals

Asia Pacific Number of Deals

Europe Number of Deals

18


Imputed Fees (US$m)

Financial Advisor

Mitsubishi UFJ Morgan Stanley

Nomura


JP Morgan



Goldman Sachs & Co

Daiwa Securities Group Inc

Deutsche Bank

Rothschild Barclays

Citi

GCA Savvian Group Corp

UBS

Credit Suisse

KPMG

Lazard

Rothschild

Macquarie Group

Credit Agricole CIB

Societe Generale

Jefferies & Co Inc

Sangyo Sosei Advisory Inc

Deloitte

RBC Capital Markets

Brown Brothers Harriman & Co

Industry Total

Industry % Change from Same Period Last Year Industry % Change from Same Period Last Year

Industry % Change from Last Quarter Industry % Change from Last Quarter

▲ ▼

4.9

12 2,762.1 1.3+28

+117 168,833.6

25

Japanese Involvement Announced M&A Target Industry by Value Japanese Target Completed M&A Fees

1.3

100.0

11.5%▲▼

2,029

5.6%

▲

+4

2,122.1

100.0

1.4 1.4

4.4%

▲

100.0 2,780182,703.5

* tie

41.4%

-1.3%

▲

▲

2.21.5

▲ 5.3%

Industry Total

1323

2,273.3- ▲+3

-6.92,556.1 1.5+21.7

Deloitte -5.8 -25 ▼ ▲61

2▲

▲ 0.1

0.1

Societe Generale -23* 31.73,140.3 24▲1.7 ▲ 13.30.2

+19

8.4+1

4

1 ▲

20.6▲2.3

RBC Capital Markets

21 - 4,229.4 2.3

22 - 3,729.4 2.0

+6

Credit Agricole CIB 23* - 3,140.3 1.7

2.0 5 0.2

Jefferies & Co Inc 2.3 -6 0.2

0.4+2

▲

7.2

22.31.6 1.6 ▲ 1.2+50.2

0.1

▲

1.9

3,140.3

1.2

▲

0.3▲

0.41.9

5▲

▲ 0.1 -3

3.0 0.5 -6

1.0 22.5

13

-20.4

Sangyo Sosei Advisory Inc 20 23

Credit Suisse 19 +2

▲4,515.9

2.718 43 5,689.6 3.1

-9.1

3.017 31 7,012.1 ▲

10 5,494.1 ▼

1.37 0.3 2.6 2.0

14.9

▲

▼+4

0.4

9

7,750.6

24

▼ 16▲ -3.9

0.9

5,377.0

3.8

18+6

21

2.4+6▼ 0.6

2.9

123.2

0.8

36

63▼

▲

-10.5

43.02.1 1.3 -8

7.43.43.5 ▲+2821 5,903.9

82 2.9 -8.1▲3.7

0.4

+40 ▲ 3.614 ▼

700.9 ▲2.3

169

+1 15▲

34.0▲

12

7,469.0

▼6 4.16,831.6

4.422

1.7+1 30.0▲

36.6+4

0.8

▲

0.6

0.8

41 2.0▲ +6

-10.1

1.9

10

7.7 ▲ 51 ▲+45

▼ ▼-221

▲1.0

10.5 +5 ▲

0.715

3.3

▼

+16

5

7 2

12 ▲

5.6

26.5 ▲

19.432,679.5

7

4 3

6

44,749.2

12448,805.2 28.9 15.5

▲

▲ +5

▲

▲

3

0.7

▲

-9

19

+1

▼

117

+315

4.2 -6

▲

▼

10 0.4 27.6

+434.6

20

93▲

6.1▲

▼

▲

1

▲37

▲

4

1.3

-5

5

-15.1 7.2147

53,779.9

+18

31.9 10.7 1.0

+41

+5

1

2

Goldman Sachs & Co

4

5


Mitsubishi UFJ Morgan Stanley 3

30,470.8

5.9

16 21


Nomura

2

9

4

22

Citi

Daiwa Securities Group Inc 15

8

9

16.7

5.8

32 15,318.0

10,691.4

8.4

11,130.811

14

10

5

15.4

199

25

8 2.9

5.1 ▲

-3.6 ▼

▲

21

59

▲1.0 +11

▲+4552 2.6

206.611.0

11.7 ▼

28,836.3▲

1 11

0.3

▲ 10

-10.8

6.8

-4.6

11.4

8.7

17.1

46,548.3

8

▲

▲

▲

▲

▲

▲

1.2

2.4

0.9

0.7

0.5

▲

60.1

6.0

▲3.1

2.0

62.3

1.3

35.3

131.1

▲

▼

0.6 ▲7.3

▲

56.4

3.5

2.0

108.2

4.5

1.4

0.2

1.3

▲

0.1

▲

0.9

▼

2.0

1.9

▲

0.1

154.4 8.6

▲

▲10.8

3.0

6.0 1.6

0.0 +1

29,084.3

11.0

-6

20,140.0

24,787.7

28,062.2

▼ +4

▼

The Raine Group LLC

18

-

10,674.2

4.2

-15.6

▲

GCA Savvian Group Corp

▲

3.4

▼1.9

▼

▼

0.0

19* -▼

17

81

13.1%


47 1.2

22 1.5 0.30.2 +42,674.2 ▲ 0.3

0.7

▲ +69

▲

1.6

3,140.3 2

1.9 0.11.9

24.0

2 5.6

5▲

-14.6%

2,773.3

6,022.2

14,719.4

36

21

19*

4,319.1

15

4,883.8

-

▲▼ 5.0%

1,794.9

▲

0.5

19.5% ▲

+209

▲

0.9

0.3

0.0

0.7

0.8

-

▲

▲

▼

-612.3

99.5

▲

▼

▲

-1

81.2

39 1.9

5.5

+11

37.9

25.5

63,898.9 21.5

145 107.9

▼

▲

-1 35.0

▲

▼ 193.5

▲34.611 7.1 ▲

1 59,166.5

111 58,459.2

2

5.0

5.5

+13 ▲

+58

# of Deals

MarketMarket Change in Market


Sh (%) # of Deals

MarketAdvisor

Sh (%) Sh (%)

2011

Rank

Rank Value

Deals

Market

Any Japanese Involvement Completed (AF23)

Japan Rankings

US$m Fees

2012

Rank


Share Ch.

# of

Sh (%) Share Ch.

Market Change in # of

Any Japanese Involvement Announced (AD19)

Rank Value


Market2012

Rank

Jan 1 - Dec 31

131.8

1210.4

15.0

0.5

0.9

▲

9

13.6

0.8

Greenhill & Co, LLC ▲

US$m

Deutsche Bank

Financial Advisor

7

27,483.9

28,704.0

Sh (%)

15.9

15.7

6

7

8

34.9

19.9


13

14

19,005.8

KPMG

Barclays

▼

52,015.0 4.5


JP Morgan

UBS 6 11 ▲

▼

▲

28.5

152-1.634.91

63,812.13

Market2011

Rank

138

▲

▼63,798.3

8.7


4.0

36,316.8

-18.8

-0.3 ▼

Share Ch. Deals


Jan 1 - Dec 31

16.9%

11.6%

11.5%

9.6% 9.3%

8.4%

8.2%

7.7%

6.5%

4.8% 3.3% 2.2%

Energy and Power Telecommunications High Technology

Industrials Consumer Staples Materials

Real Estate Financials Media and Entertainment

Healthcare Retail Consumer Products and Services

108.6 135.2 163.0 174.5

316.7 235.1 271.1

135.1

271.4 222.6 202.0

127.0 99.0

158.7 187.0

318.4

309.6 227.0

180.0

282.4

170.1 215.9 139.9 110.5

198.7

287.1

228.1

275.8

215.0

166.8

176.4

131.2

254.9

151.7 121.4

219.3

330.9

248.6 307.2

215.2

305.8

237.2

185.6

238.1

0

500

1000

1500

2000

2500

3000

$0

$200

$400

$600

$800

$1,000

$1,200

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Nu

mb

er o

f D

eals

Imp

ute

ed

Fe

es

(U

S$

mil)

4Q

3Q

2Q

1Q

YTD Number of Deals

19


Industry Total

Industry Total


4,515.9 12.4

2,338.9 6.4

291.0 0.8

138.8 0.4

22.3 0.1

1,515.3 4.2

1 2.9 -2 ▼

1 2.9 +1 ▲

+1 ▲

1 2.9 -2 ▼

6*

-

1 2.9 +1 ▲

1 2.9 +1 ▲

Deloitte

8*

8*

8*

8*

8*

8*

0.5

Aoyama Sogo Accounting Office

Duff and Phelps

Sandler O'Neill Partners

Goldman Sachs & Co

Daiwa Securities Group Inc

-

-

-

6*

- 3 1.1 +3 ▲ 1,024.1

0.0

7,746.7 2.8

1,447.3 0.5 Stephens Inc30* 5 1.4 0 -

49.233* 6 1.6 +2 ▲

23* 6 1.6 -1 ▼

-90 22*

22*

27*

Evans & Evans Inc

Canaccord Genuity

Stifel Financial Corp

10 1.4 0 -

916.2 0.2

3,247.3 0.6

195.8 0.0

11 1.5 +4 ▲

56* 11 1.5 +7 ▲

674.1 1.9

22*

24*

Huatai United Securities Co

Southwest Securities Co Ltd

Guangdong Securities

37*

20*

22*

4,515.9 12.4

4.1

735.9 2.0

0.0

5.9 0.0

2,338.9 6.4

1,685.0 4.6

22.3 0.1

298.9 0.8

1 2.9 -5 ▼

1 2.9 +1 ▲

1 2.9 +1 ▲

1 2.9 +1 ▲

1 2.9 +1 ▲

1 2.9 +1 ▲

1 2.9 -2 ▼

1 2.9 -1 ▼

0.1

8*

8*

8*

8*

8*

6*

11*

-

-

0.3

660.5 0.3

2,936.4 1.4

114.3 0.1+2 ▲

1.1 +3 ▲

687.4

148.7

-6 ▼

1.4 +2 ▲

1.1 -1 ▼

4

4

3

3

1.4

1.1

Jefferies & Co Inc

William Blair & Co

Wells Fargo & Co

Fig Partners LLC

Blackstone Group LP

11*

26*

56*

-

21*

21*

24*

24*

24*

34*

8*

1.6 -7 ▼

4,011.4 1.5

13,459.4 4.9

9,088.3 3.3

1.6 -1 ▼

1.6 +3 ▲

23*

41*

9*

6

6

6

22*

22*

22*

FirstEnergy Capital Corp

Scotiabank

Moelis & Co

Fairness Opinion rankings include fairness opinions provided as a standalone mandate as

well as fairness opinions provided as part of a broader advisory mandate.

Any EMEA Inv Announced

Fairness Opinion

Any Asia Pacific Inv Announced

Fairness Opinion

14* - 5

-

8*

8*

8*


Any Americas Inv Announced

Fairness Opinion

Huaxi Securities Co Ltd

Frontier Management Inc

▲ 318.3

Goldman Sachs & Co

Jan 1 – Dec 31 Jan 1 – Dec 31

BMO Capital Markets

RBC Capital Markets

25*

3.7

23,441.5 4.6

4.1

328.5 0.1

Deutsche Bank

Houlihan Lokey

DBS Group Holdings

UBS

JP Morgan


Nomura


-66.7% ▼

-4 ▼

-34.1%

+4

0.1

1 2.9 -3

0.5

Industry % Change from Same Period Last Year -16.7% ▼

▼

Citi


▼

▼

0.2

▼

Industry Total 35 -7 36,367.1

15* 2 5.7 +1 ▲

4,962.4

58.9

11*

13.6

2 5.7 0 - 9.1 0.0

▼ 8,639.7 23.8

Greenhill & Co, LLC 4* - 2 5.7 +2 ▲

3 2 5 14.3 -2

48.4

2 6* 6 17.1 +3 ▲ 11,252.4 30.9

US$m Sh (%)

17,602.8

# of Deals

1 1 12 34.3 +3 ▲

Rank Value (US$m)

2012

Rank

2011

Rank

# of Market Change in Rank Value Market

Sh (%)

14*

4

18*

4*

Any Japan Inv Announced

Fairness Opinion

Jan 1 – Dec 31

Based on Number of Transactions


Fairness Opinion Provider

6* 5

28*

4

1.9

18* 12* 4 1.5

4

272.8 0.4

72.5

4

18* 1.5 ▼

1 2.9

Industry % Change from Last Quarter -57.1% ▼

1,997.3 2.9

100.0

5,280.1 7.7

0.9

69,011.1

Industry % Change from Last Quarter -56.3% ▼ -74.0%

261

Industry % Change from Same Period Last Year -5.4% -16.5%

+4 ▲

▲

1.5 622.9

-2

1.5 +2

▼

18* - 1.5 ▲

-15

18* 35*

323.0 0.51.9

▲ 1,174.6 1.7

▲

+1

1.9

+5

51* 5 1.9 ▲ 1,373.6 2.0+4

51* 6 2.3

-3

14* 21* 5 +1

14*

11* +5 ▲

0.7

▼ 346.9 0.5

2,334.6 3.4

11* 6* 6 2.3

▲ 471.1+211* 21* 6 2.3

3 9 3.5

10

4,928.6

21* 8 3.1 +4

▼

▲

9

1.4

+9 ▲ 1,903.9 2.8

7.1

935.1

-3

-3

6* 51* 10 3.8

6* 2 10 3.8

3,247.3 4.7+7

-

916.2

▼

195.8 0.3

4,131.4 6.0

6* 4* 10 0

4*

4*

21* 11

10* 11

0.3+2

-65.4

4.2

3.8

4.2

+4 ▲

▲

4* 12

6* 18

2

1.3

4.6

30.7

▲ 222.2

Sh (%)

14

Sh (%) # of Deals US$m

6.8+9 4,683.1▲6.9

MarketRank Value

0.0

0.8

1.8

2.4

Market

21,189.5

Shenyin & Wanguo Securities

Market

4,091.8

73.3

▲ 46,388.3 19.9

Industry % Change from Last Quarter -34.3% ▼ -62.4%


▼

▼ 5.5% ▲

142,290.2 100.0-30

▲+3

0 -1.9

-11.2%

1.9

1.9

14* 15* 2.5

17* 11*

4

3

1.9

7,496.1

▲ 1,211.7 0.5

-2 ▼ 1,950.5

+1

+2

14* +4 ▲ 4,079.8 1.7

57,084.4 24.5

▲ 3.2

-

3.1

4.6

+3

-2 ▼ 4,854.5 2.1

▲ 35,688.4 15.3

+5

1,385.1

10,637.1

0.6

9,900.4 4.2

▲

▲

3.1

4*

79* 4.4

▲10* 3.15-

6.4

15* 5.0

9 +1

+5

8

8

14,064.5

5.0

6.0

+2

+1 ▲ 9,963.0 4.3

▲ 14,884.8

6.3 -5 113,206.9 48.5

-2

+1 ▲ 12,024.7

▼

▼

84*

4*

4* 5*

3

8

4 5.0

63,999.7

US$m

Rank Value

2

2.2

-

8

5.0

+8

5.2

511,618.0

▼ 25,924.3 5.1

1.9 -6 ▼

10

15

2012

Rank

3 7.6 0

10.1

2

10*

12,859.6 Stout Risius Ross Inc

Sh (%)

# of DealsSh (%)

2,073.0 0.4

▼4.8

6,024.8

4

2012

Rank

# of Market Change in Market

-4

3.7 2.5

US$m

4* 5

3 13*

Market

+11

2011

Rank

Change in

6*

2.619

▲3.3

-7 ▼

24

4*

18

19 2.6 -19 ▼

▲

10* 2.5 -2 ▼

18

6*

-5

-9

18 2.5 +9

-17

16

9 1610*

46,280.5

9 3 17 2.3

6* ▲

6* 20*

2.1 +7 ▲

14

9.0

▼

▼2.2

2.5

8,724.3

12.9

13,110.4

+3

3.2

6

12.5

1.2

0.9 ▲

35,346.2

11 3.0 +3Credit Suisse

2.4

3.09*

13.118,872.8 9*

-4 ▼7*

▲

11

18*

3,242.0

67,287.7

21,189.5

13.2 Goldman Sachs & Co

127,051.4 24.8

1.7

Houlihan Lokey


36,018.5

Evercore Partners

Credit Suisse


3.3

2,057.2 0.8

3.2

Stout Risius Ross Inc


JP Morgan

Duff and Phelps

Barclays

Evercore Partners


11*

7* 12

RBC Capital Markets

China International Capital Co

Credit Suisse

+317*

12

1.9

14

1.9

1420*

▲

▲

17* 12

1.9

+413*

13,110.4

17* 17*

1.7

25*

1.7 +1

1.7

Perella Weinberg Partners LP▲

+3 ▲

17*

75,135.8 14.7

+1

17*

0.0

Deutsche Bank

-8 ▼

Greenhill & Co, LLC

Raymond James Financial Inc

13,845.3

0.6

2.7

▲

14,780.3

▼

12

2.9

▼

2.6

20* 222.21.7

100.0

Morgan Stanley

Deutsche Bank

13*

13*

14

32*

10*

UBS

13* 8Bank of America Merrill Lynch

12

4.8

-3

+1

7*Nomura

CITIC

TD Securities Inc

Lazard

KPMG

Duff and Phelps

11*Barclays

12

Barclays


1.2

7*4,683.1

1

328.5

▲

▲

▼

4.1 8,724.3

3,242.0

3.2

+7

▲

8,917.8

0.1

▼

3 2* 22 6.0 -5

4

▼

Rank Value

52,402.0

Houlihan Lokey

19.1

2 9* 24 6.5 +11

22.6

Rank Value Market

US$m Sh (%)

1 2* 25 6.8 -21 35

Market

Deals Sh (%)

JP Morgan115,594.6

# of

Sh (%)

2011

Rank

▼

15

17

2011

Rank Deals

-2 ▼2

1

3.0

14 3.8

Morgan Stanley



Change in

# of Deals

4.6


12 18* 10

Duff and Phelps -17

5 18*

9* 5 11

2.7

4

+2

9

7.0

▲ 14,794.973*

13*

7 1.9

▼-13

13*

13,764.5 5.0

14,824.0

▼

+2

2.2

Morgan Stanley

-3

+8

▼

▼ 20,520.4 7.5

▲

19,290.3

Lazard

24,470.2

6.5

10*

16* 30*

▼

11* 8

9 2.4

15

-10

-50.0% ▼▼

16.6

7.0

8.8

5.0

16.6

100.0

3.2


8,826.1

Industry Total 212,776.9

1.6

16* 11*

16*

16*

278

7* 15* 10 3.6

▼

▼

15*

35,268.5

▲

+2 ▲

3.6

15,617.1 5.7

10,736.1

1.9

3.9

-12

107*

1.514 5.0

35,346.2

8.3

▼ 2,037.8

+2

-3

3,242.0▲

10,736.1

▼6

+3

Qilu Securities Co Ltd

9

6

-3

7

12

9

+2 ▲ 3,409.9

7

▼ 17,648.52.9 -14

15,617.1

▲

20.6

0.21 7* 24 8.6

8.3 -2

14

▼

1.0

7.9 8,917.8

16 5.8

-4

-18

3

Any US Inv Announced

Fairness Opinion

Southwest Securities Co Ltd

2 3 23

2 22

▼

2012

Rank

2011

Rank

# of Market Change in

Deals Sh (%) # of Deals


MarketRank Value

Sh (%)

18,692.510* 5 8 2.9

+11

4.3

5 10

RBC Capital Markets 10* 18* 8 2.9

9 3.2

14 617,768.3

13* 18*

406.9

8.9


11*

4 8

5.4

▲

Greenhill & Co, LLC

Citi

Goldman Sachs & Co

13* 22*

274,157.5

13* 4,438.9

▲

1.9 -2

1.9

5,305.8 13* 34*

2.5

-23.2% -52.7%

+2 ▲

7

7.3

3

Industry Total

3

102

17* 15*PricewaterhouseCoopers

17* -

+57 2.5

7 2.5

▼ -43.7%

5.0

5,654.0+2

74,098.3

10*

Canaccord Genuity

23*

10*

1

1

16*



-3

Rank Value (US$m)


+1

▼

1.9

1.9

Moelis & Co 17*

7

7

-4 Deutsche Bank

+5 ▲46*

+2 ▲

▲

-

-47.6%

▼

Citi

Industry % Change from Last Quarter -49.3%

7

24*

▼

Rank Value (US$m)

17


US$m

328.5

43,903.8

4.2

Sh (%)

31.7

▲

6.5

8,826.1 4.1

0.1

7

17*

0

2.5

2.5

4

23*

Industry Total

# of

Deals

16

Haitong Securities Co Ltd

Huatai United Securities Co

Guosen Securities Co Ltd

Guangdong Securities

2012

Rank



Deals

1 ▼

Change in

3

Morgan Stanley

1.9 ▼

-84

-3 ▼

▼-43.8%

370

2.5

2.2

2.2


Fairness Opinion Rankings †

Rank Value (US$m)

Worldwide Announced

Fairness Opinion

Jan 1 – Dec 31

Based on Number of TransactionsBased on Number of Transactions


Rothschild

# of Deals

2012

Rank

2

Stout Risius Ross Inc


JP Morgan

Houlihan Lokey 27

Jan 1 – Dec 31

7* 6

Rank Value (US$m)Rank Value (US$m)

2.1

-3 ▼ 17,669.0 8.3


Jan 1 – Dec 31

13,764.5

Deutsche Bank

Barclays

* tie

5*Rothschild

3

+123*

3*

Houlihan Lokey

Grant Thornton

Jefferies & Co Inc

11*

RBS

14*

10*

-

-

-

5

Goldman Sachs & Co

UBS

Guotai Junan SecuritiesEvercore Partners

03.1

-

5

Greenhill & Co, LLC

Nomura 17* 3

5

Bank of America Merrill Lynch 9*

5*

4

5

16


727

Credit Suisse


KPMG

JP Morgan

BDO

4*

17* 6* 12 1.7 -13

UBS

GF Securities

16*

BMO Capital Markets

12

17*

Citi

12


-49.2%

Haitong Securities Co Ltd

Citi

Somerley Ltd

# of

Caitong Securities Co Ltd

Houlihan Lokey

China Galaxy Securities Co

Chinalion Securities Co Ltd

China Securities Co Ltd

China International Capital Co

KPMG

23*

▼

2011

Rank

-18.5%

Deals

National Bank of Canada Fin'l 2.7

▼

-84▼ -13.9%

7,377.9

1

100.0

-23.2% ▼

CITIC

Hollyhigh International

CIMB Group Sdn Bhd

Advisory Plus Co Ltd

0Stifel Financial Corp 19* 22* 5 1.8

4*


Keefe Bruyette & Woods Inc

9,088.3 4.3

-3

- 1,447.3 0.7

0.4

-7 ▼

19* 15* 5 1.8 838.1▼

- 1,174.1 0.6Piper Jaffray Cos 21* 26* 4 1.4 0

Morgan Stanley

KPMG

Barclays

4*

8*

8*

3*

-

6*

2

1

1

5.7

2.9

2.9

-4

+1

-2

9.4

0.0

0.5

▼

▲

▼

3,417.5

.0

169.5

▲ 710.3 2.0GCA Savvian Group Corp 8* - 1 2.9 +1

20


-

-

-

-

-

-

-

-

-

League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and

unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.

League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firms

in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established joint ventures are

reflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”.

Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. Any

involvement league tables also include the nation of the seller and seller ultimate parent on privately negotiated stake purchases

Japan

Tel: +813 6441 1158

Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion

of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for

the transaction agreed to or, in the absence of an agreement, the value of the highest offer.

Jason Pacannuayan

Akemi Mamiya

EMEA

Tel: +44 (0) 20 7542 3566

E-mail: [email protected]

Announced league tables include all deals that were announced between January 1, 2011 and December 31st, 2012 and of which Thomson Reuters was made aware. All current data

and previous year's data is as of 5:00pm EDT on December 31st, 2012.


Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the

time of announcement of terms.

Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter

or advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are

allocated to syndicated members.


Tel: +632 858 7262



Asia-Pacific


Ranking Criteria Summary

Serkan Tecimer

If you would like to participate in the submission

process, receive quarterly press releases, or have

questions about league table criteria please

contact:

League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.

A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.

AmericasRobert LevineTel: +1 646 223 5682

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. © 2012 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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SOLUTION FOR

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FOR INVESTMENT BANKERS

Thomson Reuters Advanced Analytics for deal making improves efficiency at every step, from screening and targeting, to comparables analysis, building league tables, valuing a company and developing a client pitch book. This set of analytical and presentation tools enables you to undertake all these key tasks without having to leave Microsoft Office®. You can also access our key content sets easily to support your analysis.

ThomsonONE.com Investment Banking is our flagship desktop solution that combines real-time market data and Reuters news with our world class reference data. It includes access to Recent Deals, Active Acquirers and M&A New Issues terms and conditions.

FOR JUNIOR BANKERS

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Access unique analysis for free anytime using Thomson ReutersDeals Intelligence website and receive regular updates,delivered direct to your inbox.Go to online.thomsonreuters.com/dealsintelligence

SOLUTION FORFOR INFORMATION PROFESSIONALS, MARKET DATA, RESEARCH

FOR STRATEGY AND PLANNING TEAMS

To purchase individual Thomson Reuters Deals or League Table reports,please contact our Thomson Reuters On Demand group:Web: http://financial.thomsonreuters.com/ondemandEmail: [email protected]

Send us a sales enquiry at: financial.thomsonreuters.com/salesRead more about our products at: financial.thomsonreuters.com/products

Thomson Reuters Deals Business Intelligence enables you to slice and dice our renowned Deals and Fees data to create ad hoc reports, analyze market trends, benchmark your performance and identify opportunities – all within a tool built into your workflow in Excel®, saving you valuable time and giving you a competitive edge.

• Conducting market analysis and identifying trends• Benchmarking your performance and monitoring competitors• Targeting clients by wallet size and banking relationship• Allocating resources more effectively by evaluating and analyzing lost deals

SDC Platinum is the world’s foremost financial transactions database, covering new issues, M&A, syndicated loans, private equity, project finance, poison pills, and more.

• Market Analysis & Trends (Geography, Sector, Asset Class, Deal Type, Deal Size, etc.)• Deal Origination (Debt Maturity Analysis, Company Lifecycle including Private Equity)• Pitch Creation (Firm Credentials, Representative Acquirors)• M&A Targeting (Active Strategic/Sponsor Acquirors, Target Company Screener)• Negotiation (T&C Benchmarking)

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