emerging markets m&a activity

EMERGING MARKETS M&A REVIEWEMERGING MARKETS M&A REVIEWFINANCIAL ADVISORS

First Nine Months 2012

Accounting for 28% of global activity during the first nine months of 2012, the total value of announced M&Aactivity in the Emerging Markets reached US$465.1 billion, a 7.1% decrease compared to the same period in2011. Third quarter deal value totaled US$144.9 billion, an 18.2% decline from the second quarter.

Chinese targets dominated M&A activity in Emerging Markets, with 2,388 transactions worth a combinedUS$115.3 billion. Brazil and Russia followed, accumulating US$43.8 billion and US$33.4 billion of activity,respectively.

The most prolific sector of Emerging Market activity during the first nine months of 2012, Energy and Poweraccounted for 17.1% of M&A volumes, with US$77.9 billion in deal activity. Following closely, the Materialssector totaled US$71.8 billion.

According to Thomson Reuters/Freeman Consulting, total estimated fees earned from completed EmergingMarket M&A transactions during the first three quarters of 2012 was US$2.9 billion, representing a 34.6%decrease compared to the same period in 2011.

Goldman Sachs took the top spot in the Emerging Markets for the first three quarters of 2012, with US$98billion in announced deals. JP Morgan and Credit Suisse took the second and third spots, respectively.

Average EBITDA multiples across the Emerging Markets decreased to 10.7x, ranging from 6.2x in SouthAfrica to 13.7x in India. Bid premia (to 4 weeks prior stock price) averaged 28%. Middle East/North Africantargets earned the largest average premium paid, at 34.8%.

Jan 1 - Sep 28 2012

First Nine Months 2012 | Mergers & Acquisitions | Financial Advisors

Emerging Markets M&AEmerging Markets M&A Down 7% | Represents 28% of Global M&A | Fees Down 35% | Energy and Power Most Active Sector

Emerging Market Completed M&A - Imputed Fees Jan 1 - Jun 29 Top 10 Targeted Emerging Market Nations - US$ bil

Emerging Market Announced M&A

https://www.thomsonone.com

Emerging Markets Deals Intelligence

0.4 0.3 0.5 0.6 1.2 1.4

1.8 1.0 1.1

1.4 0.8

0.5 0.4 0.4

0.8

1.1

1.8 1.6

0.9 1.5

1.7

1.2

0.4 0.4

0.6

0.9

1.0

1.8 1.3

0.9

1.5

1.4

0.9

0.5 0.6

0.5

1.2

1.4

1.8

1.5

1.6

1.5

1.6

$0

$1

$2

$3

$4

$5

$6

$7

$8

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Impu

ted

Fees

(US

$b)

Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b)

13.8% 13.7%

9.6%

14.3% 14.0%

16.7%

23.2% 23.2%

33.2%

25.3%

28.0%

0%

5%

10%

15%

20%

25%

30%

35%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) EM % of Global (YTD)

$7.3

$8.2

$10.1

$12.5

$14.0

$20.8

$24.3

$33.4

$43.8

$115.3

0 20 40 60 80 100 120

South Africa

Turkey

Chile

Malaysia

Indonesia

India

Mexico

Russian Federation

Brazil

China

Rank Value (US$b)

1

http://banker.thomsonib.com/

Jan 1 -Sep 28

26.624.2 31.8

26.5

18.6 27.334.8 19.825.725.4

- 18.4

28.3

35.311.5

* 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 - 09/28/2012 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%.

30.1

71.9

24.3

13.2 7.018.318.5

29.2 29.8

10.6

22.4

19.2

24.8

19.5 27.0 24.3 -

--28.2 16.2

5.7 -3416.8 3.4 38.822.8 20.69.8- -15.6

4.7 2.2-

-

40.715.220.640.036.0

- - 67.6

62.7 -

39.2

-

41.710.2 8.1

-

18.621.6 34.3

-

69.5

12- - 49.4-

24.0 49.1 31.729.9

24.3

32.7 16.8

37.3 36.822.1 5.1 33.3 36

30.0 32.0

18.1

19.7 22

14 31.6 32.5

33.6

9.820.5-

10.8-

26.7

17.426.8

17.161.2 3.7

6.1

36.7

22.1 -

- 88.5

28.6

- - 33.2 16.8

38.5 19.2 36.1 30.8 27.433.8 25.5

11.3

44.7 -22.7

28.317.9

78.7

24.6

42.5

-

22.711.4 23.928.4 25.9

11.4 46.0

24.7 - -

27.6

33.618.3 18.5 26.2

57.8 25.3

36.3

26.8

- 16.8 9

41.2 16.3 -

35.3 18.3

10.0

22.6

9.6x - 2.9x

10.8x 10.3x 12.0x

26.8x

11.1x

14.7x

28.5

Latin America Eastern EuropeSouth Africa

-

9.5x

23.83.2

Middle East & North

Africa

13.7x

27.1 26.5

India

11.7x9.0x

0.0 28.9

15.2x

- -11.3x

-

12.0x

26.0x10.7x

13.4x -

16.7x

12.5x-

12.7x

11.1x

23.3x11.6x6.2x -

6.5x

9.8x

16.3x6.6x- 13.8x 8.9x

14.9x -- 15.4x10.1x

9.3x 6.5x23.7x

8.6x

--18.0x

-21.0x 9.5x

11.5x

21.1x 11.7x 12.6x 22.3x

13.9x12.1x17.6x

15.9x

10.1x13.7x 13.1x 12.5x- - 11.5x 11.3x13.0x

14.5x

18.5x 19.6x 21.3x

10.7x 9.1x

10.7x-

-

8.5x

7.8x8.8x-

13.2x

- 20.1x

12.8x

13.9x 9.5x

8.2x 12.0x

8.3x

10.0x

7.5x 9.4x

7.9x

11.2x

11.5x

31.0x 14.4x

7.2x

8.9x 12.9x

8.4x

12.6x

5.3x

11.8x 13.6x

14.3x

6.1x13.7x 8.0x

11.4x

9.4x

13.3x

-

14.4x

16.9 22.1

5.8x

9.4x

7.9x

12.5x

3.4x

6.5x

15.9x

17.9x

-10.6x

12.3x

6.8x 12.9x

10.2x

19.3x

10.0x

11.7x

13.8x

11.7x

13.0x

10.7x 11.4x 12.2x

Average Industry Total 28.0 29.7

Healthcare 33.1 29.2

32.0 25.3

32.8

11.4x

9.9x

28.7

9.8x

11.2x

9.6x

9.5x

Media and Entertainment

Telecommunications

Financials

18.4

7.1x

19.6

Consumer Products and Services

18.8

Industrials 5.727.5 18.1

31.5 10.8

21.9

24.8

-

20.9

15.038.5

28.0

BRIC

27.5

22.1 19.1

24.9

47.5

32.9

30.9

12.3x

9.1x

6.6x

8.3x

12.9x

16.7x17.2x

High Technology

11.7x

11.9x17.0x

13.5x

12.9x

10.9x

12.6x

34.6

18.4

19.9

22.9

Real Estate

39.0

34.5

17.7

34.7

12.6

5.9x

6.2x

12.1x

Industrials

Media and Entertainment

Real Estate 15.6x

Retail

11.4x

12.2x

Energy and Power

11.1x

12.0x

10.2x

11.1x

25.7

10.5x

Healthcare

Materials 10.0x

27.2

29.8

30.8

27.5

Consumer Staples

Retail

10.2x

Middle East & North

Africa

14.4x5.8x

8.5x

South Africa Eastern Europe

1.5x 2.3x 6.2x

-

10.1x

9.0x

9.1x

ChinaAsia Pacific

Emerging Mkts

10.3x

16.5x

10.9x

4.0x

India

22.6

Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price Jan 1 - Jun 29 2012

6.5x

12.1x 11.8x

Emerging Markets

11.2x

35.6

13.3x

-

9.9x

-

10.5x

2011BRIC

-


Emerging Markets M&A

China

Consumer Staples 10.5x

14.7x

18.4x

2012 UP

2011 DOWN

5.4x 5.8x

10.7x

25.7

6.9x

Consumer Products and Services

2011

7.9x

6.7x

8.5x

Latin America

12.5x

Materials

12.6x

12.6x

11.5x

11.1x

29.1

Energy and Power

43.9

21.9

31.0

-

20.8

Average Industry Total

High Technology

8.7

Telecommunications

Jan 1 - Sep 28


Asia Pacific

Emerging Mkts

21.9x

Emerging Markets2012 UP

2011 DOWN

-

10.0x

Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA Jan 1 - Jun 29 2012

2


Lazard Banco BTG Pactual SA

Market

Imputed Fees (US$m)

Market2012

Rank

2011

Rank

# ofMarket Change in

Sh (%)

# of

Share Ch.

▲

100.0

-2

Jan 1 – Sep 28


Jan 1 – Sep 28

Sh (%)Financial Advisor US$m

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

Any Emerging Markets Involvement Completed

Rank Value

▲

67,594.9

▲

Any Emerging Markets Involvement Announced

Emerging Markets Involvement Announced M&A by Target Industry ($bil)

Emerging Markets M&A

Industry % Change from Same Period Last Year -7.1%

Acquiror

0.60.1

Rank Value per Advisor (US$m)

5.8

21.1

69,174.9

56,637.2

4,789.8

Anheuser-Busch Inbev

+5

20,093.4Belgium / MexicoAcquiror / Target Nation Rank Value (US$m)

Jan 1 - Sep 28 2012

24.9

22,854.6

▼

▲

-0.43.7

Infraero-Guarulhos Concession

5.1

2.0

5

49

4.1

Sberbank

HSBC Holdings PLC 11 4.9 -0.2

Itau Unibanco4.9

59 18,883.98

13-0.2

▼

▼

▲

3.4

25

▼

Deutsche Bank14.914.6

2.0▲

27,172.3

China International Capital Co

Rothschild 11 7

Credit Suisse 3 3 73,666.1

7Citi

67,732.0

Bank of America Merrill Lynch

8Morgan Stanley

▲

13

5.0

5▲6

4

15.84 2

0.222,623.9

63

15 12 20,160.9 4.3

-1.2

▲ 45

14 27

▲

5420

0.212 0.2

▲

1.5

▼

▼

-5▲

-23

JP Morgan

6.5▼ 35.3

2,934.9

0.9

▼

▼-18

▲

Banco Bradesco SA▼

+1

-4

-12

+16

BNP Paribas SA

3.27.7

34

0.6

7.50.5

▲

0.3

-17

0.30.4 -4

▲

0.5

▲

▲

33

-6

-180.9 63,787.7Credit Suisse+1 0.9▲20.3 8.7 ▼

Market

▲

Share Ch.

Rank Value2012

Rank

2011

Rank

574US$m

85 1

Market

Deals # of Deals Financial Advisor Sh (%)

Market Market

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

Change in

Share Ch.

Advisor Market

0.5 ▲

4.6134.4 0.6 ▼

5.7167.6Goldman Sachs & Co 1 1 97,959.8 5.9

17.1JP Morgan 2 5 79,685.5 8.8 2▲ 5979

▼

▼

Goldman Sachs & Co0.60.8

▼-112 58,458.0 -0.1 1.0▼ 64-9 18.673

+5Deutsche Bank-4 14.1

▲ UBS0.7▲ 45

▲ 36-24

0.6 -19126.60.7

▲44,303.7 ▼-1 3.66.3 1.3106.34

12.6 ▲

42,927.3 6.18 13.6▼

▼95.0 3.2 0.1▼

▼0.75 4.3▼0.634,034.6 -172.3 ▼88.3 3.0 0.5

▼

▼

0.739,508.2 45

33▼

36 10.86

12.7 0.34.059,103.164 0.714.5 Citi

7 10.131,699.7Bank of America Merrill Lynch65 -0.7

▲

▲ 390.5

428 10UBS 8 43 2.729,098.7 9.26.3Barclays 9 7.016 48,046.3

10 12.210.3

10▲+7 9

+732 0.327 Barclays

▲ 8.915 27,871.628,326.621

10 17 34,086.0 7.3 4.7

0.4 ▼84.0 2.99.0

▼ Rothschild ▼-220.7

▼78.7 2.7

2.0▲

2.985.3+3

▲ 47 ▲

▲ 1.16.7 ▲58.54.9 0.8

0.318

11BMO Capital Markets 12 34 0.023,531.1 4.0 3▲

Morgan Stanley 23,678.9

20,321.60.43.1

7.57.5

0.0 -

29▲▼-7 Itau Unibanco

11-1 ▼ HSBC Holdings PLC 130.2-32512 14 23,470.5 ▼34.5 1.2

52.0 1.8

1

0.06.5▼

2753 19,741.4 ▲

--6 ▼0.4

0.55.5

▲

Lazard▲31.1 1.114 +314

16+2 Sberbank 4.8

0.4

1716,196.9

0.2

0.315,132.7

▲

15 160.6 ▲ 1.2315.1 ▲

6.3

0.1▲79.4+3 ▲

+3 ▲ 0.02.7

3.5-1 4.3DBS Group Holdings

16 1016,918.8

31▲RBC Capital Markets3.6

Banco BTG Pactual SA 18 14 15,654.7 3.4▲17 82 3.3 ▼ ▼▲Standard Chartered PLC 17 0.23.3 1013,599.044

0.2

-15.0 0.50.9 ▲38.1 1.30.2

-612180.767 ▲▲+31 12,883.4

0.1

11,659.41.34.1

19 26 14,710.5 3.2 China International Capital Co▲ 22 0.21.7 +5 19-0.4

▲ ▼

20 -9 ▼ ▲26.8 0.922 3.7 1.4

Banco Bradesco SA 20 20 -0.2+3 20▼ 0.32.2Societe Generale▼ 21 78 3.210,039.3

0.2Nomura 17 10,469.0 3.3▲ 6 0.1

-4

▲0.3Santander 21 15 9,812.0

10,298.70.1

1.2

+3

25.9 0.99,219.3 1

2.1 ▼-1.522▲ 8

Standard Chartered PLC 23 29 8,965.0 0.122 -

▼-1 ▲7.1 0.2 0.2▲7.6 0.3 0.1

0.0Allen & Co Inc ▲

0.13

36 8,166.6 ▲2.62.6

Allen & Co Inc 24 1.88,091.3

24

1.50.0United Overseas Bank Ltd11

Banco Espirito Santo SA

7,595.1 121.0

2.623 -7,826.3Malayan Banking Bhd

1.91.8 +11

-2 -191.6 ▲ 0.12.0

8▼

▼

6,119

-11.2% ▼ -27.6%

▼ ▼

6618.2Somerley Ltd 25 50

- 8,510.3 0.72.5

-14.5%

-1,645

▲

12 7,783.3 2.5 -2.6 ▼

Industry Total 465,135.5 9,733100.0

Jan 1 - Sep 28 2012

Consumer Staples / Food and Beverage

Any Emerging Markets Involvement Announced - Top DealsTarget Macro / Mid IndustryRank Date

6/29/2012 Pending Grupo Modelo SAB de CVDate Effective Target (% Sought/Acquired)

8/22/2012

9/13/2012Pending7/23/2012Pending

Fraser & Neave Ltd

China Telecom Corp-3G AssetsNexen Inc

Consumer Staples / Food and BeveragePending

Telecommunications / Wireless17,665.6

TCC Assets LtdEnergy and Power / Oil & GasCNOOC Canada Holding Ltd

China Telecom Corp Ltd China / ChinaCanada / Canada

9,219.3British Virgin / Singapore

18,047.3

4/24/2012 4/24/2012

2/7/2012

Investor Group Cyprus / Russian Fed

PendingPending

5/20/2012 9/18/2012Redecard SAAlibaba Group Holding Ltd

Canada / CanadaBrazil / Brazil

Petronas Carigali Canada Ltd

Alibaba Group Holding Ltd Consumer Products and Services / Professional Services6,821.7 High Technology / Computers & Peripherals

China / China

5,865.5

Pending Singapore / Indonesia

Banestado Participacoes

5,200.0

7,100.0

4/2/2012 DBS Group Holdings LtdBank Danamon Tbk PT

Energy and Power / Oil & GasProgress Energy Resources CorpMegaFon

6/28/2012

4,970.5Telecommunications / Wireless

Financials / BanksIndustrials / Transportation & InfrastructureUndisclosed SPV


Brazil / Brazil2/6/2012 Pending

0.1

▲

▼-15

▲

3.1

-1,3340.90.6Santander

0.5▼

0.7▲

1.2-13.7 3.0▼

+15

132.8▼

▼▼ -34.6%

100.0

▼

314,857.4Industry Total

-17.9%

92.2

▲

▲+7

25

▼ ▼Industry % Change from Last Quarter -18.2%

-28.8%

-30.9%

Industry % Change from Same Period Last Year ▼

Industry % Change from Last Quarter

▼

-5.4% ▼

▼

0.1

0.2

20 0.3

▲

-56

17.1% $77.9

15.7% $71.8

12.4%

11.4% 9.9% 9.8% 7.5% 5.6%

3.6%

3.2%

2.8% 1.9%

Energy and Power Materials Consumer Staples

Financials Telecommunications Industrials

Real Estate High Technology Media and Entertainment

Consumer Products and Services Healthcare Retail

3


Bank of America Merrill Lynch Barclays

CNOOC Canada Holding Ltd

8.1

Pending

5.2

8.5

MegaFon (25.1%)

30

▲

1.1

0.9

Market

▼

▼

13.1

Change in

Sh (%) Share Ch.

20

▲

▲

▲

▲

-0.6

-1.4-1.7


High Technology / Computers & Peripherals

Energy and Power / Oil & GasConsumer Products and Services / Professional Services

Industrials / Transportation & Infrastructure

-4

+21 Itau Unibanco

- Sberbank▼ Banco Bradesco SA

0.3

Banco BTG Pactual SA

# of Deals per Advisor

Jan 1 – Sep 28

BRIC M&AFirst Nine Months 2012 | Mergers & Acquisitions | Financial Advisors

Imputed Fees (US$m)

Any BRIC Involvement Announced


Jan 1 – Sep 28


Any BRIC Involvement Completed

2012

Rank Sh (%) Deals


Rank Value # of

0.1Financial Advisor

Market

Share Ch.

2011

Rank

79.8 5.5US$m

Market

Sh (%) Share Ch.

MarketAdvisor Market

Fees

# of

Sh (%)

▼

Market Change in Rank Value

-9US$m

Market2012

Rank # of DealsSh (%)

48,159.5 1.0Deals

2011

Rank

3 3312.1# of Deals Financial Advisor

Market

Credit Suisse 2 3 52,343.7 ▲

Goldman Sachs & Co 18.4

1 22.4 9.818.7

62,660.5 Credit Suisse 142 -2▲

3125.00.7

0.8▲

▲

▼

+1 ▲5.0 3.60.9 +10 71.7▲

▲

0.4Deutsche Bank

1.118.7 ▲2 36,099.7

Goldman Sachs & Co 3 -2.82 32,235.347

0.6 +1015

▲3514.2

▲JP Morgan 27,508.8 14.319 0.3 -7 4 6▼

▼

4.4▲

4.6

Citi 17.5UBS 4 16 35,402.1JP Morgan 5 4 34,161.5 12.2

12.73 14 48,941.8

-1 ▲13.95 11 7.326,697.5 +13Deutsche Bank 6 11 27,048.6 ▼9.7 0.425

0.6

89.9▼

▼-625-5

0.736

0.1▲81.0

0.25.6

16.7▼55.9 3.9

6.2

0.56 5

▲

▲

▲

32▼25,603.6 3.550.4-10 ▼

5.6

▲ 2.31.3454.7 -5 13.3Bank of America Merrill Lynch

UBS162.4 ▲

5.9 ▲13.2China International Capital Co 7 21 22,623.9 2.8-14 ▼0.4 13 0.4 0.8 ▼7 8 25,389.8 40.4▲47.3▼Rothschild 8 9 21,194.7 1.67.6 0.5

Itau Unibanco 9 5 19,107.5 ▼

12.2823,275.5516.8

0.123,431.37▲ Citi ▲ -5 3.320 0.69 12

4.2+60.7▲ 5.5 ▲12.1 23

21,266.7 11.0 8.0 ▲10 6 18,179.3 6.5 -9 ▼ 10 19-0.8 ▼ 14 0.2 1.8 ▲+1 ▲

0.1 ▼32.0 2.2▲+3

-5 ▼

11 0.3 38.7 2.74.8 ▲

14 0.40.7 ▲24 0.7 47.6 3.3

111 13 21,179.0 11.0- Rothschild0.1 0

19,741.4BMO Capital Markets 12 6.3 4.931 17,665.6RBC Capital Markets 11 69 18,073.1 ▲ 36.5 6.1

0.9 ▲31.1 2.2+3 ▲

16,338.4 5.8 -6.69.0 ▲0.0 -5 12 39 10.3

▼ 37Barclays 14 12 14,859.9Morgan Stanley 13

142

Sberbank 15 20 14,563.5 ▲ 195.2 2.6

7.90.2 +10.6 0

14 10+3

▲ HSBC Holdings PLC5.3 0.3▲14.8 1.016 0.5 +3 ▲

▼11,659.4 6.115 16

13 24 15,132.7 0.113 0.4

5.7 ▲

12,050.8 6.3 -0.7 ▼ 0.5 ▼-6 ▼ 21.5 1.5

+4 ▲

0.2 ▼6.5Banco BTG Pactual SA 16 ▲ Lazard▼ 64 1.1 +287 14,480.6HSBC Holdings PLC 17 8 12,780.4 ▼ 154.6

0.5▲ China International Capital Co 2.3 ▲ 12 0.4 -534.9 2.4

6 0.2Banco Bradesco SA 18 15 10,298.7

1.9 ▲

▼ BNP Paribas SA1.3 ▲16 20 9,178.3 4.8 13 0.4

▲17 132 8,972.7 4.7 14.8 1.00 -4.7

8,432.4▼ 25 18 30

0.60.3 -6 ▲

173.7 -0.5 ▲ Banco Espirito Santo SA

Allen & Co Inc 20 - 8,091.317

0.4 4.2 5 0.12.4 ▲

Lazard 19 3.0 -0.7 ▼

+3▲ ▲

-70.50.3 +4

▼8,121.6+33 ▲

0.0 -5.8 0.40.56.6

20 -19.5 ▼12 0.119 -

8,081.5▲ Allen & Co Inc 4.2 4.28,091.3

Somerley Ltd 21▲ Morgan Stanley▲ 22.9 2.9 0.0 +2

2.7 2.0 ▲ 12 +2▼

1.4 ▲

42.7 3.024.8 1.7

4.2▲

13 0.40.3

4.2 -41 ▼

3.6 ▲ 104.2▲ Societe Generale 21 59 +547 7,595.1 0.2

0.2

8,055.691.8 ▲ 0.2 -2

▼Santander 23 13 6,948.82.6BR Partners 22 39 7,155.0 22 22 7,317.8 3.8 +11 0.91.4 ▲0.517

▼0.811.1▲13.0 0.8

1.0-7-1.18

▼-4 Santander 23 14 0.276,609.1 3.424 5,869.8 ▲ 52.1 24103 4

CITIC▼

▲2.0 0.1 +310

▼ ▲

▼2.5 -2.1

KPMG 25 35VTB CapitalGrant Thornton

-5,797.9 3.0 ▼

0.7-7.9 -110.2 1.5▼

3 0.1 ▲ ▲0.4 25 9.9+33 0.72.8 ▲0 - BBVA 5,431.65,697 -1,015

-39.2%▼

100.0Industry Total

-28.5%

21▲2.0Industry Total 279,557.1

5,596.0100.0

2.8

▼

1,444.3-7373,421

Industry % Change from Same Period Last Year

Rank Value (US$m)

▼Industry % Change from Last Quarter

4/24/2012

China Telecom Corp-3G Assets (100%)8/22/2012Rank Date

17,665.6

▼

-15.1%

Pending China / China


Date Effective

-4.0%

BRIC Involvement Announced M&A by Target Industry ($bil)

Acquiror

-10.6%

Acquiror / Target NationTarget (% Sought/Acquired)

2/7/2012

Jan 1 - Sep 28 2012

Canada / CanadaTelecommunications / WirelessChina Telecom Corp Ltd

5/20/20127/23/2012

9/18/2012

▲

18,047.3

Any BRIC Involvement Announced - Top Deals

3/30/2012 CIMPOR Cimentos de Portugal (40.34%)

5,200.0

4.5%

Pending

Brazil / BrazilChina / China

Cyprus / Russian Fed4,789.8

Sterlite Industries(India)Ltd (100%)InterCement Austria Holding

Investor Group

Alibaba Group Holding Ltd (20%) Alibaba Group Holding LtdRedecard SA (50%)

Infraero-Guarulhos Concession (51%)


6/19/20122/25/2012

Denizbank AS (99.85%)6/8/20124/24/2012 Telekominvest (26.06%)

Telecommunications / WirelessPending2/6/2012 Undisclosed SPV


4/24/2012Pending

Brazil / Brazil

-38.3%

100.0

-19.3%

▼21.1

▼

6,821.77,100.0

0.4

▼

▼-17.7%

192,650.4

Materials / Metals & MiningRussian Fed / Turkey

3,910.8India / IndiaMaterials / Construction Materials

Nexen Inc (100%)

Austria / Portugal

3,550.9AF Telecom Holding

Sesa Goa LtdSberbank Rossii

4/24/20128/28/2012

4,096.8

Cyprus / Russian Fed Telecommunications / Wireless3,292.4Financials / Banks

Target Macro / Mid Industry

▼

Jan 1 - Sep 28 2012

-41.1%

▼

20% $54.6 18%

$48.6

12% $32.1

12%

8%

6%

6%

5% 13490.9

5%

11734.1 4%

9283 3%

3625.1 1%

Energy and Power Materials Industrials

Telecommunications Financials High Technology

Real Estate Consumer Staples Consumer Products and Services

Media and Entertainment Healthcare Retail

4


Citi UBS

* tie

Stephens Inc

Banco Votorantim19

-

Latin American Involvement Announced M&A by Target Industry ($bil)

+2Virtus BR Partners

-172

- -

24*

22Morgan Stanley

0.6 -20.3 ▼ 4,176.9

655.6

2129

Evercore Partners8

151,531.7Houlihan Lokey

18-

11,198.8

0.9


Brazil / BrazilUndisclosed SPV

Brazil / Brazil

Telecommunications / Telecommunications Services

Corficolombiana

Jan 1 - Sep 28 2012

20,093.4

Netherlands / Netherlands

Chile / Chile

1,680.4 Energy and Power / Oil & Gas

Mubadala Development Co PJSC

Brazil / Brazil

-9.2%

3,380.1

1,824.0Spain / BrazilUtd Arab Em / Brazil

1,800.0Provence Participacoes SA 1,781.8

▼

Industry Total


Materials / Metals & Mining

Materials / Construction Materials

6,821.7Belgium / Mexico

InterCement Austria Holding

-35.4%

▼

902 834.4

-60.8%

72,668.3 100.0

-18.1%


-39.3%

4.8100.0

▲

-200▲▲

▼

0.91 0.10.9

0.80.6 0.6

242+6

1.08.7 0.84.8

▲6.5 0.8-

▼

0.9 ▲

▼ 2.60.6

▲ 2 0.20.5 1 -5

+2 1.30.3

▲▲

6.0

▼

0.10.7▼

▲

▲

-8

▲

1.3

15.6 1.9

10.4▲ ▲

5.74,141.817 17

1.3▲65.8

2.1

▲

▲ ▼

2.10.4

8.2 +470.7

427.9 2.0

▲

14.47

0.42.93.3

16▲ +1

6,624.0 17.3

1.641

2-170.8+10.2

634* 9.1

▼▼

▲2.1▲

6,222.6

▼10.7 -1.9

8.6

2.04.57,783.3

0.8▲

11.0

1.62.12.31.7

12.2 54.7

+1▲ ▲

-21.1100.6

▼

▲

47.41.310.8 0.9

▲ 37.7▼

▲

▼

-6.5

-1010

▼

-0.4▼

14 -18▲ -4

1.6▼

0.8712 10,126.2 6.79,207.7

▼16.4 2.0

▼

3.2-25.1 0.0

0.33.05.7

Barclays 7105Citi

19

1.1

11,389.515.4

3 0.3▲15.77.6 13▲ 1.4

43.2

28.6

-1▼

▲

2.26.7

0 ▼0.60.6 ▲3.4-60.7

▼

- 4.9

▲

24.3

1.627.227.0 ▲

1.82.321

16.8▼-15

▲▲+3

16 ▼ 0.55.255.8

37.3 ▲1214

▲1.31.43.731.1

5.2 +150.6

▲▲

▲

▲

4.5+2 2.3▼25 ▼ 34.5 4.12.8 -3

1

Market

22.538.4 ▲4.5Fees

10.285.3

Change in

Sh (%)

# of

# of DealsShare Ch. Sh (%)



Latin American M&A

Jan 1 – Sep 28

# of Deals per Advisor Imputed Fees (US$m)

MarketMarket2012

Rank

Rank Value Market

Sh (%) Share Ch.

Advisor

Deals

Market

4 473

20.614.8

2011

Rank US$m

27,871.6

28.919,741.4

5

23,470.53

2021,003.0

19,623.2

▲

1.8+1

11 17,688.6 ▲


▲

12.2

Financial Advisor


Credit Suisse

32.3

2 8.424.2

# of

Sh (%)Deals # of Deals

MarketRank Value Market Market Change in

Sh (%)

0.5

▲

0.1

13

+3

-2

▲

0.1

1,340

6

▼

▼

▲

1.0

1 ▼

4

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

Any Latin American Involvement Completed (AF45)

108,562.9

▲

-

1817

Banco Espirito Santo SA19

Mediobanca22

HSBC Holdings PLC 14

UBS15

Banco BTG Pactual SA 11

Itau Unibanco

Rothschild

Santander

16

Banco Bradesco SA12

Credit Suisse 7Goldman Sachs & Co

13

BR Partners

Societe Generale

BNP Paribas SA

24

RBS

Evercore Partners21

▼

20

20,852.0

0.6 +5

1,294.2-7.9

1,316.7

743.60.2

1.01.0 -15

+2▼

▲

▲

1.80.10.650.2

Santander 14

+1

0.815

▲

231.2

4,455.3

9▼

4.1

-138.4

-10Banco Espirito Santo SADeutsche Bank

▼

▲ 20

25 ▲

110.7

8

BBVASociete Generale

▼

9

7

5,705.7-26.6

-5.3

5.3

▼

▼

+7+31 11

8

-7

BNP Paribas SA

9Rothschild

▲ 14.213.9

13

+17

▲ 12

10Goldman Sachs & Co

10,323.7

▲

477,992.0

12.79,043.4 12.4

13Lazard

1-1.6

4.0▲ 17▼

54

6723 1.7

1.9

▲1.2

▼

0.7

3.5

▼

-0.7

1.6036

▲ 22 -4

14▲

2.7

-5.4

▼

5.04.9

1.3

▲

▲

6

4

-2

Banco Bradesco SA-4

▼

▼

JP Morgan

0 -

28.5

-▲

▲1.0 +610

2

13

1.0

1.3+3

▼

▲

-4▲ 17▲

29.418.7

▲20.817.815.2

▲

24,190.21312

26,969.128,321.2

Financial Advisor

Lazard

JP Morgan 17US$m

Morgan Stanley5

Bank of America Merrill Lynch 2

6

3

Barclays4Deutsche Bank

2012

Rank

2011

Rank

1

1630,941.3937,235.9

10 23,093.93

8

15,654.711 15,195.1

220,160.917,888.1

14.4

21

14.0

8,386.87,155.0

1410,298.7

4

6

9

29358

1,638.82,087.8

110

3,380.1

15

- 1.9

▲

▲3.1

-0.2

1.92.3

4.44,789.8


2

1,007.61.0 0.2

5

7

▲

0.42

100.0

0.9

-5.4

1,061.5

1.5

0.50.9

1,324.7

-

6/7/2012

Pending6/19/2012

4/24/2012

PendingIntended

3/26/2012

6/29/2012

925.5

Promigas SA ESP (75%)


Anglo American Sur SA (24.5%)

4/24/2012 Centennial Asset Brazilian (5.63%)4/27/2012 Investor Group

Inversiones Mineras Acrux SpA

AMOV Europa BVCIMPOR Cimentos de Portugal (40.34%)

Pending

1

Cia de Gas de Sao Paulo Comgas (60.1%)

Participes en Brasil SL (100%)

Bansud Capital

2/6/20123/30/20125/8/2012

Grupo Modelo SAB de CV (49.7%)Pending

Industry Total

-67.3%

Date Effective

Redecard SA (50%)

-12.5%

-11.4% ▼Industry % Change from Same Period Last Year

Rank Date Acquiror

Jan 1 - Sep 28 2012

Rank Value (US$m)

25

▼

0.438

-9.3%

Target (% Sought/Acquired)

23

0.1 +1655.6

▼

▼


0

▼

28 1.0 0.97.5720.6▲+10.1

+11

4,789.8 Industrials / Transportation & Infrastructure

-37.9%


Energy and Power / Oil & Gas

Anheuser-Busch InbevAcquiror / Target Nation

Any Latin American Inv Announced (AD38) - Top Deals

2/7/2012

* tie

Colombia / Colombia

1.5

0.7

Any Latin American Inv Announced (AD38)

26.1

21.322.3

2.318.619.2

24.8

20.0

-1.1

8/23/20125/3/2012

8/22/2012

9.5

21,738.6

7.7

5

Koninklijke KPN NV (22.7%)

0.9

Pending

▲4.7

34.3

Jan 1 – Sep 28

2.411.6

+2

0.1Wells Fargo & Co

Share Ch.

▼▼

▲

24*5


0.9BBVA

Itau Unibanco 2

▲ 0.1

9

16.5


▲▲


Industrials / Building/Construction & Engineering

Austria / Portugal 4,096.8

2,000.0

24.1% $25.9

16.4% $17.6 16.1%

$17.3 12.7% $13.6

7.5%

7.3% 4.6% 3.5%

3506 3.2%

2302.3 2.1%

1555.8 1.4%

1129.4 1.0%

Consumer Staples Materials Industrials

Energy and Power High Technology Financials

Telecommunications Real Estate Retail

Consumer Products and Services Healthcare Media and Entertainment

5


BR Partners Rothschild

0.9 0.2 +1 ▲

▲

+1▲ 2▼

720.6

▲ 238.61.4 ▼

0.51.3255.4

-5

▲

2.7

51

1

▲

▲

▲

1.3

4,053.6

0.8

18

1.31.3

7

4

15.9

11.0

248.3

45,431.6

-13.43 1.8▼

27*

Credit Suisse

10

13.615.4

4-2

3

0.33

7

-4.5

19.9

6,609.1

63

11.1

8.4

8.9BBVA

12.5

15

+50.30.3

0.8

+1

-9-8

0.6

▲4,176.91.7

4,096.81.9

▲

8.6

▲

▼

Pending

7

-5.3%

▲

0.70.31.3▲

-38.5%

0.1

0.5

▲

8

+2 ▲

521.1

▲

1.40.1.3

1.3

▼2.1

▲

▲1.4

11.9

1.7

5.3 0.6▼ 27.6

▲

▲

3.12.3 0.1

▼

▲

2.0

▲1.90.9

▼

▲

▲

7

▼

2.5

1.2

0.4

0.2

10.6

6.0

12.8▲

1.9

0.7

2.4

0.7

18.1

9.9▲

6.60.73.9

8

▼

0.3▼

395

170.5

100.0

Materials / Construction Materials



Austria / Portugal 4,096.8

6,821.7

Industrials / Building/Construction & EngineeringMaterials / Metals & Mining

1

-26.8%

2.8▼

-22

▼

▼


-63.6%


Energy and Power / Power

▼

Acquiror

Brazil Involvement Announced M&A by Target Industry ($bil)

2.5

21

Any Brazilian Involvement Announced (AD44) - Top Deals

+38

▲

Investor Group

--

2425

1,128.8 Industrials / Transportation & Infrastructure

1,332.41,781.8Provence Participacoes SA



1,138.7Brazil / Brazil

Energy and Power / Oil & GasInvestor Group

-81.4%

Jan 1 - Sep 28 2012

100.0

▼

Jan 1 - Sep 28 2012

48,740.6

-27.5%Industry % Change from Same Period Last Year

Virtus BR Partners

Banco Votorantim19*

Mubadala Development Co PJSC1,824.0

Brazil / Brazil

Brazil / BrazilSpain / Brazil

Industry Total

Acquiror / Target Nation



2,000.0

2122Ernst & Young LLP

Deutsche Bank

+1

Lazard▼

+2-1

▲

1,316.7

16

18▼

-

17

Houlihan Lokey19*

Goldman Sachs & CoBanco Espirito Santo SA

1 ▲

20.20.3

▼

Morgan Stanley3 0.5 +3 ▲

+11.2

▲


479.6437.6 0.8 0.8

100.0

Undisclosed SPV

-38.7%

6.8%

Rank Value (US$m)

4,789.8

▼

▼

Brazil / Brazil

▲

4.0

323.4

▲

▲

2

-

11.1

0.523

BR Partners

1,316.7

335.4 0.7631.6

Banco Modal

12

7,752.3

16,118.8

Societe Generale ▲3.3

2.7

5,352.2

1.5

13.6

1.5

▼

+3

3.5

+3

0.1

0.91.5 9.5

7 13.2-5

▼

0.8

3.3

+3 1.31.02.5

+1

▲ 6.6

17.3▲

▲

▼

▲

▲

▼

+2▲

0.8

▼

-

1.0 +21.5

6

1.0

1

1.8

2.7

3/30/20124/24/2012

4/24/20125/3/2012

2/6/2012Equatorial Energia SA

Brazil / Dominican Rep

Utd Arab Em / BrazilCentennial Asset Brazilian (5.63%)

Brazil / Brazil

4/16/2012

9/4/2012

Investor Group

Brazil / Brazil2/6/2012

1,824.0

BBVA

Barclays

19

* tie

-China International Capital Co 25Credit Agricole CIB 24

-

Pending

Virtus BR Partners

172,933.5

-

Industry % Change from Same Period Last Year ▼

▼

0.2-2

▲ +6

+11.2

614

▼

-2

▲

3.0

0.2

▲

-1

7

-3.1

0.21

7,513.1 4.6 ▼

14

11

1.2

0.5-8

31.5

45*9,715.5

9▲1.1

012.6

6,624.0

6,159.9

1.8

▼2.71.8-16

▲

▲▲ 0.94.9▼1.1▼

6.18

+53.8 7.136.9

▲

25.611

4.9

11,389.56

23.4

▲

15.9

▲

▲2.0-

13▲+1

31.633.1 ▲ 1533.7

▲

25.2-3

14 3.527.4 2.0

13.4

▲2.8▲1.52.8

35.4

26,697.5

40.52 47.8

19,199.4

2312

Banco Bradesco SA 19,741.421.5Itau Unibanco

Banco BTG Pactual SA23,275.5

54.8

+1

30▼

▲ 5.0 +108.635.4

18.0

20.0

▲

51

64

14

▲17.5

25

12.96,948.8

18.9

5

Sh (%)

19,314.519,107.5

13.3

16,271.2

US$m

-4.9

2.4

5.4

1,630.73.4 1

7.6

3.4

1,318.5

-8.3

1.2631.6

▲

▲

1.8 0.2942.8

12.0

10

Lazard 12

16

713

Banco Espirito Santo SABNP Paribas SA

Societe Generale

-3

1.5-7

+4

7.115

6,456.04,789.84,410.3 8.2

5

15▼

2▼

▼

▼

UBS1.0▲

+3

Santander▲

▼

13

-5

▼

10BNP Paribas SA 9

▲ Citi 8

▼

▼

▲

Barclays+6+3

▲

10.7

1.31.8

+28

4.2

▲

2.3

+3-8 6

JP Morgan▲ 74Bank of America Merrill Lynch

16,440.339.4

5

15.5▲

31.1

28.36.1

▲19▲

1.3

6.3

2.36.0▲

▲

132.0

45

Jan 1 – Sep 28Jan 1 – Sep 28

Sh (%) Financial Advisor Share Ch.

# of Deals per Advisor Imputed Fees (US$m)

Market

Deals Sh (%)

▼0.381.0

5.8▲ ▲

▲11.4

+3+3

Change in Market

Deals

▲

Sh (%)

+13▲

Sh (%)

Rank Value


Brazilian M&A

Share Ch.

# of Advisor# of

Share Ch.

Market

Fees

Market

US$m

2011

Rank

Market

Any Brazilian Involvement Completed (AF51)

1,000.0

8

2012

Rank

13

4,096.816

14 2512

19

AmBev Brasil Bebidas SA

-12

7

1.2

▲

CELPA (61.4%)

864.3

1.596

1.59.51.3

9▲

11

▼

8

Santander 11

▲

▲


-6.9

Rothschild 3.9▼19.1

Goldman Sachs & Co

8Banco Bradesco SA

3

1089

9 9,715.3

10,298.7

Itau Unibanco

-6.2JP Morgan

2012

Rank

7

-1.0

21.814,480.6

2


▼

0.7

17

Market

-0.8

11,789.5

Cerveceria Nacional Dominicana (41.76%)Pending

Infraero-Brasilia Concession (51%)

44

▼-52.1%

7,155.0

10,206.16

26.8

-9.3

Infraero-Campinas Airport (51%)

10

4

6

Pending

Participes en Brasil SL (100%)

10,777.4

-5.2

▼

8

▼

-1.4

53,989.3

6/19/2012

1.6

4/27/2012

5

Redecard SA (50%)

1.7

1.6 1.0


Cia de Gas de Sao Paulo Comgas (60.1%)

631.6

3/26/2012

-9.6%

CIMPOR Cimentos de Portugal (40.34%)

0.9 ▲

1.2

596


2/6/2012

1

Date EffectiveRank Date

2/7/2012

InterCement Austria Holding

Pending

5/11/2012

Pending

18

Ernst & Young LLP-

20Mediobanca 20 24

Morgan Stanley

Deutsche Bank

11

UBS

-

Industry Total

22*22*

1 12.14


Market

# of Deals# of DealsFinancial Advisor

▲

17.130.11

Market


Change in

+21

Rank Value

35.8


-6-11

-6.4-10.6

Credit Suisse

Citi

Any Brazilian Involvement Announced (AD44)

2011

Rank

32

25% $13.6

18% $9.6 16%

$8.7

15% $7.9

8% 6%

4% 4%

1% 1%

1% 1%

Industrials Materials Energy and Power

High Technology Consumer Staples Financials

Real Estate Consumer Products and Services Retail

Healthcare Telecommunications Media and Entertainment

`

6


Societe Generale

0.1 215.0

1,206.6

1.2 1.2240.1 +11.3 ▲ 1 ▲

2.0 0.0 -RothschildMoelis & Co 0.4▲

▼

-18

▲

▼5.0

0.8

1.0 -1.4 5 ▲

1.25.7

1.2

3.2

Advisor# of

Imputed Fees (US$m)

Jan 1 – Sep 28

MarketChange in

1.21

▼

6

▼

+1 ▲

-4

+1

0.2

0.2+3+1

460.0▲434.9

Wataniya (47.5%)

100.0 748

FGP Topco Ltd (20%)

5/27/2012

1.3

Golden Investments Co Ltd

2.7

19

▲

Share Ch.

-1Sh (%)

4.8

0.4

5.0

▲

▲

1.1

514.5

15.7

79.11.0 -

1

+1

Sh (%)

3


US$m

1.720.2 ▲6.6-11.2

Fees

Market

Deals # of Deals

1.5▼

Share Ch.

-1,932.4

Sh (%)

9.2

8.7

1

Rank Value

20

2012

RankFinancial Advisor

Market

13.5

Sh (%)

-1.8 ▼

Goldman Sachs & Co 1

8*

4,251.2

Market

6.8


2011

Rank

Market

21.0

9.29.2

Any Middle Eastern & North African Inv Completed (AF60)


01.0

58

Market

9/10/2012

8/17/2012

3/26/2012

1/10/2012

6/27/2012

8/16/2012

2/13/2012Pending

3/28/2012

4/24/2012

Vela International Marine Ltd (100%)

Asiacell Telecommunication LLC (30%)

Transocean Ltd-Water Rigs(38) (100%)

PendingDamas International Ltd (100%)Pending

EDT Ret Trt-Shopping Centres (100%)

Pending

1

4

▲

-3.9

4,146.14,566.3

-1.3

1

5.6

▼

▲

-4.2%-0.4%

Centennial Asset Brazilian (5.63%)

Date Effective

2

+1

Egyptian Co for Mobile Svcs (93.92%)


Migdal Ins & Finl Hldg Ltd (69.1%)

1.4

5.4

-17.8

5.6

Change in

2,503.9

Sh (%) Deals

Middle Eastern & North African M&A

Market # of

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

Rank Value

Any Mid East & N African Inv Announced (AD53) Jan 1 – Sep 28

4.5

10.7

-9.8

-2.6

9.2

1,015.4

-5.2

BNP Paribas SA 20

4,414.612

Lazard

Pending

▲

5.4

0.5

0.4

15.4 5.4

7,704.81

▼

▲

13.5

2012

Rank # of Deals

Market

Share Ch.US$m

▲

-2.5 1.6

13.4Citi

21.70.9

▼

0

2011

Rank

6

4,804.72Goldman Sachs & Co

Financial Advisor

4,776.3Barclays

19Citi 8

7

-Credit Suisse

2

HSBC Holdings PLC

730*

Morgan StanleyJP Morgan

43

10

9

29

8

5

5

Itau Unibanco --

PricewaterhouseCoopers11

National Bank of Kuwait SAK -9

19

1,566.61,237.3

12*

15

18

-

-

1,932.447

Middle Eastern & N African Involvement Announced M&A by Target Industry ($bil)

Intended

Pending

1.3

-

Evercore Partners 22*Robert A. Stanger & Co 0.1

0.1

▲

▲

2 -

▲

+2

+11

-

Beltone Investment Banking

Societe Generale

6/21/20126/5/2012

485.0

12*

Bank of America Merrill Lynch12*

16EFG HermesJP Morgan Saudi Arabia Co

Cairo Financial Investments Co

* tie

Rank Date

Industry Total

Protiviti Inc

17

UBS

Emirates Investment Bank PJSC

Credit Agricole CIB 21

3.5

685.96

24

Nomura

25

781.6

15 987.3955.8

3 0.4

-1.4

1820

▲

1.9

485.022* ▲

3.42.8 0.6

3.4▲

1.41.92.2 -12.5 -

4.4

▲

-2

2

2.7 1.1

3.53

0.3▲

Jefferies & Co IncProtiviti Inc

1▲

-

1 0.1

RBS-4

11

14PricewaterhouseCoopers

+1+2

Barclays

Morgan Stanley

15

0

32*13

955.8

1,046.5

10+1

▲

16

12

2,714.0

9.5

9.28*

4.7980.0

-4.8

6.5 -3.01,361.8

4

4

--

13

-8*

+2Credit Suisse

62

▲ 7

LazardJP Morgan 6

5

+4

15

▼

▲

-

Itau Unibanco9

9.2▲

69.5

0.90.7

70

1.2

2,901.2

9.53,499.9

5.2

HSBC Holdings PLC

▲▼

▲ 1▼

0.7

0.1▲

+1

+1-6

▲

▼

1,932.4

-

1,206.6

2,204.82,002.82,000.0

42

-

3

Deutsche Bank

0.3

Qtel

BRE DDR Retail Holdings LLC

Shelf Drilling Intl Hldg LtdNational Shipping Co of Saudi

Qtel

Qatar Holding LLC


3/7/2012

-

Utd Arab Em / Brazil 2,000.0

25100.0

2.7

7

575.99

4.5

-3.7 -3.9

17

418.02-

524.734 2.4

-27.9

781.6

▲

▲

-1.00.0

3.72.2 ▲

2.6

7.2

▲

0.42.2

0.13.6

0.1 ▲

▼

▼

2.5

▲

0.7 ▲

.9 0.30.70.3 ▲

0.51.40.3.9

+2

18+2

-1 ▼

5.3

0.3

Mubadala Development Co PJSC

Qatar / United Kingdom

0.6▲

1-

1.31.4

1,428.0

250.0

United States / United States

▲

▼

▲

▲

890.9

2.1

-59.0%

Belgium / Egypt


1,412.5


23

Acquiror Rank Value (US$m)

Any Mid East & N African Inv Announced (AD53) - Top Deals

+1 300.021*-19.0


35,527.6

19.1%

▼

▲

▼

Industry % Change from Same Period Last Year -19.7%

1,470.0

Eliahu Insurance Co Ltd


▼ 0.6 -24.4

1.8

▼

+1▼

0.8

0.4

2+1

4▼

+2

▼

10.3

▲

+1 ▲

-2 ▼

▲

0.2▲0.5

▲ ▼

▲

+1

-

+1

3

10.72.4

+3

2.1

0.8

0.6

6.4▼

0.2

▼

0.9

▼ 4▲

▼ 4

1

1.2

▼

▼

10.2▲

0.2

▲

1

▲

1,050.0

Jan 1 - Sep 28 2012

2,204.8

▼

269.6

Qatar / Iraq

6 -2

0

1 1.4▲

BBVA

21,041.2+120

Robert W Baird & Co Inc

1 0▲

00.1 ▼

0.10.1

▼

0.3

50.1

1,932.4

12.911.7

0.15.4

4.3

7.0

10.6

7.1▲

▲

9.9

5.4

▲

5.6 ▲

6.2 6.22,475.2

7 +7

1

50.8

+1

+4

0.86

20.7

3

100.0

-29.7%

+21

4.6%

288.0

▼

2

0.2

3,306.3013.8

12.9

-1

13.3

9.2

4

5

1.21.0

0.2

4.70.2 ▲

▲

12.6

32

▲

-2

▲

0.80.4

0.4 5

4

▲

1.4

▲

21*1.4

6

UBSDeutsche Bank

1.2

Cairo Financial Investments Co1,932.4

2,253.92,000.0

▲

Piper Jaffray Cos

18

Bank of America Merrill Lynch▲

1,932.4

2.12.0

1.61

35

▲

2.8

1.6

▲

482

1

Beltone Investment Banking

▲

2.5

300.0-

434.9

Saudi Arabia / Utd Arab Em

3

Utd Arab Em / Utd Arab EmIsrael / Israel

▼

Industry Total

Utd Arab Em / India

MT Telecom SCRL

0.33.1

▲

0.80.8

1.1+1

0.2

Retail / Other Retailing

1.80.9 ▼

▲

1.01.8

▲

-40.0%



Telecommunications / Wireless

▼

2.0

▲

▲

2.6

▼

1

Jan 1 - Sep 28 2012

▼

Telecommunications / WirelessTarget Macro / Mid Industry

1.4 ▼0.6

▲

▲

Financials / Insurance


▲

-17.2%


Real Estate / Non Residential

▼

+1 0.2

1.6▼

987.3


-

Qatar / Kuwait

-42.5%

1,932.4

19% $6.9

18% $6.2

16% $5.6

11% $3.7

10%

7% 5%

4% 4% 4% 1% 1%

Telecommunications Real Estate Financials

Energy and Power Industrials Materials

Consumer Staples Media and Entertainment Retail

Healthcare High Technology Consumer Products and Services

`

7


Standard Chartered PLC RBC Capital Markets

PricewaterhouseCoopers Ernst & Young LLP

0.0 -1 0.5 +1 ▲ .0 0.038.8 0.3

Industry % Change from Last Quarter 29.2% ▲ 21.7% ▲

▼

.8▲37 ▲ 2

-46.8%

Atlantic Law SolicitorsBridge Capital Advisors 1.0

25 -

1.6 +1 ▲

1 0.5

Industry % Change from Same Period Last Year -40.3% ▼ ▲

29.8 ▼ 0.6 7.8

0.5 0.5 ▲

Industry Total 10,579.9 100.0

+1

▼▼0.4.3 0.2 0.1 ▲

1.0

▲

0.3

1.7

6.0

1.7

▲

0.322 1.3 +3

22.1 ▲

3

30.2 0.1

RBC Capital Markets

222324

BDO International 52*

1

301

34 ▲

▲

First Annapolis Capital

Standard Bank Group LtdJP MorganMorgan Stanley

13

731.1Goldman Sachs & Co

11

7

6/12/2012

4/19/2012

7/11/2012 Pending6/5/2012

-

Pending

17*16 -

2019 26*17*

Date Effective

9/7/2012

1Gresham Partners

Barclays 22*Hartleys Ltd

3/27/2012

2/16/2012 Mondi Swiecie SA (27.19%)

6/25/2012

18.1

10

Any South African Inv Announced (AD54)

KPMG 6

9.1

# of

1,116.6Rothschild

72.0

UBS

-22.7

0.7

183.3

9

7.3

3960.8

2012

Rank

772.232

3.6

623.2

8.37.4

12.0

-14.8

▼

▲

▲

7.1

38.8

-1.284.3

179.9

▼

▼

Scaw Metals Group (100%)

3/2/2012 8/7/2012

PendingPending

Pending

▼

0.884.3

Avusa Ltd (100%)

▲

4/12/2012

▼

1

Investec

▼

▼

▲

-▲0.4

1.7

2.6

0.771.3

0.8

2.1

1.3

First Uranium(Pty)Ltd (100%)

▲

-8.7

SA Corporate Real Estate Fund (50%)

223.6

Bank of America Merrill Lynch-16.0

269.314

412 5.7606.3

5.9

-14.5

4/20/2012 GlaxoSmithKline-OTC Brands (100%)

0.4

Ecobank Transnational Inc (19.6%)

Atlantic Law Solicitors 21

23

13

21

2

4-

39

156

10

Deutsche Bank252

1,910.0Java Capital (Proprietary) Ltd

Macquarie Group 876.95

1,359.1

5

Sh (%)

▲

Share Ch.

12.9

Deals # of Deals

16▼1 -2

-210.6+13

0.3▲

3.311.2

-7.7▲ 38.3 1.0

Market

▲

250.0

▲

▼

1

1.6

South African M&A

1.8

▼-30.3

▼

Richards Bay Minerals (37%)

Rank Value2011

Rank

Market

6.9

▼ -41.0

5.8

1

1.3

Rio Tinto PLC

-0.7

6.8 ▲

1.0

3

5.3

Change in Market

14Sh (%)


437.2


South Africa / South Africa

190.6%

0.8

8

3.53

▼

19701.7

▲

1629.6


Capital Property Fund Ltd

Financial Advisor

Advisor

Any South African Involvement Completed (AF61)

1.0

6.628*

US$m

Rand Merchant Bank

1

1,910.0

4

Acquiror

Mondi Ltd

1,910.0

0.7-0.7 Java Capital (Proprietary) Ltd

Optimum Coal Holdings Ltd (32.23%)355.9

Any South African Inv Announced (AD54) - Top Deals

-InvestecPricewaterhouseCoopers

▲ -18.3

9/7/2012

4/24/2012

▲

0

0.3+4

+33

0.3


▲

12.3%

1

FraMondi NV

Nordenia International AG (93.4%)


Jan 1 - Sep 28 2012

▲

▲

▼

58.5 -4

4.3%

▲



176.3

Jan 1 - Sep 28 2012

100.0

-0.3 ▼

0.3 0.30.3 ▲

▼

▲

Deutsche Bank -18.7

Financial Advisor

Standard Chartered PLC

Moelis & Co

1

10.3

3

2

5

Barclays

0.7

0.31

2.63.0

0.5

412.6

9.5▼

-7.2

1.0▲6.0

13.7

39.3

9.5

▼

Share Ch.

▲46.4

6.0

▲

35.1

Deals

Goldman Sachs & Co2

Credit Suisse

▲

1.02.3

2.62.6

2.3

▼

-3.22.6

▼


2.6

1.8

Industry Total

627 0.4

1.4

3UBS36.921

22 5,535.05,200.04Nomura 3.96.9

▲

2011

Rank

2012

Rank

7 1,934.6▼

JP Morgan

Sh (%)

6,534.6

Market

+3

56,054.1

▲

▼

1

2

43.024.0

Jan 1 – Sep 28


US$m

Rank Value

Real Estate / REITs


985.1

+8

97.2%


9

Investor Group

192

South African Involvement Announced M&A by Target Industry ($bil)

-8.8+11.0▲

Rand Merchant Bank

251.5Qinisele Resources (Pty) Ltd

-16

20

Hartleys Ltd

19

-2

-1

1.7

▼

▲

1.7

0.3

+4

-2

0.3

0.3

2

+2

11

0

-1

Bank of America Merrill Lynch▼

▲

+1

16

-Standard Bank Group Ltd

1

0.7

25

0.7Lazard

12*

2-

10

3▼

26▲ 259.4

-20.6

3

4

117

+1▼

▼

-5

-3

+1

12*

18

Rothschild

▼

-KPMG

12*12*Commerzbank AG

- 8

Rank Date Rank Value (US$m)

100.0

1121 80.1

South Africa / South AfricaSouth Africa / South Africa

232.2

335.0Netherlands / Poland

Pending

Investor Group

South Africa / Togo

AngloGold Ashanti Ltd

Aspen Global Inc


-


▼

▲

1.61

+1▲

-11.6

3+3

▼

-0.5 0

1.6

6.1

1

3

-4

▲

▲

3+11

3.5

20.51.0

-2.0

0.52.1

▲

▲ 5.3

▲

32

▲

▲

+2

+1

1.6

0.51.9

+1-1

4.2

-1 ▼ 2.1

-5

1.3

3.91.4

1.6

+1

▼ 3.4▲

▼

0.8

3.6 ▼

4.1▲

1.7 ▼

0.10.2

▼

Materials / Containers & Packaging

Financials / BanksHealthcare / Pharmaceuticals

Richtrau 229(Pty)Ltd

Public Investment Corp LtdMauritius / Australia

South Africa / Germany

Materials / Containers & Packaging



+5

11.7%

- 1.30

2.31.4

.3

2.3

▼

▲


1.3-12

9.2

Imputed Fees (US$m)

+2

Sh (%)

Market

15.2

2.0

4.2

37.5

343.0

0.5-3.1

Sh (%)

15.2

3.0

# of Deals

26.9▲10.7

7.012.4 6.4

Fees

▲

4.518.9Share Ch.

▼

▲

▲

0.2

▲

▲

8.61.91.25.2

1.9

2.52.63.0

2.82.5

▲

.4

3.7

4.4

0.8

0.2

2.4

0.4

▲

▼

3.37.5

▲

+2 ▲ 1.3 ▲

▼

▼

▲

4.7

▲ 0.8

1.0▼1.6

3.1▲

0.8

-2

02▼3

-6

Market

▼

-1.6

Change in

0.21.90.80.5

315.4

Media and Entertainment / Publishing

780.9

Market

Jan 1 – Sep 28

# of Market

6

8▲

5

▲

1,334.6

United Kingdom / South Africa

42*


-31.3%

-14.419104.7 0.7

14,089.2

0.6

202.3

45.456.1

361.5

361.5

▲

406.0

▼

323.5

0.7▼

780.9

-2.4

10

851.512*

-

361.5361.5

627.0421.3

4.5

13.6

854.1-

9

7

23*

1

-0.3 ▼2425

Jefferies & Co IncPSG Capital (Pty) LtdQuestCo(Pty)Ltd

-5.7

50

26.8 0.3 ▼

33 22.4 0.215 1.0 +2 ▲

7 2.3 +2 ▲

* tie

1.0 -1 ▼

57% $5.7

14% $1.4

9%

7% 5% 4% 4%

145, 1% 53.6, 0%

Materials Real Estate Financials

Healthcare Industrials Consumer Staples

Media and Entertainment Consumer Products and Services Energy and Power

` ` ` ` ` ` ` `

8


Renaissance Capital GroupING

1▲

1.6

0.1

▲

23 1.621*

▲+5

1 0.0

-10.1

-1.40.6

1▼ -4

▼

+5-2 Greenhill & Co, LLC

LazardAon Benfield+1

▲

221*

16*

▲

1+1

0.3

+2

-8

0.0

1

0.2

0.0

-1-12

-2

+1

2,356.4


0.30.742*38 1.424Societe Generale

Talanx AG

Sweden / Russian Fed

Cyprus / Russian Fed

Denizbank AS (99.85%)

3.5GMP Capital Corp

UGK (90%)

0.5189.1

Any Eastern European Inv Announced (AD52) - Top Deals

1.6

1.81,108.0

-2,191.5

3.5

20

▼

+2 16*2,191.5

-

Standard Bank Group Ltd▼

▼

3▼

0.3 +2

0.1

16*

+1

BNP Paribas SA

▲

▲

0.3

2,168.2

-1130.0

2

4.54,325.1

2.088

▲

▼

-1.63.8

7.5Rothschild16

-▲

0.2

JP MorganUBS

0.30.2

8.5

Sh (%)

▼

0.80.7

15.4

5.112.3

17.5

1.1

11.9

2.5

0.3

Any Eastern European Inv Announced (AD52)

87

▼

6,978.9

6

5

21

▼

5Credit Suisse

7

Sberbank 3

6/18/2012

2,579.33

25

# of MarketRank Value Market

Imputed Fees (US$m)

2012

Rank

Market

Financial Advisor

Market

16.9

Bank of America Merrill LynchBarclays 36

412

Goldman Sachs & Co

6.0

Deals

-

Market

US$m

Change in

6

Financial Advisor

421

Starbev Management Services (100%)

344.1

17,742.7Deutsche Bank

Eastern European M&A

29.430.8

Share Ch.


▲

Morgan Stanley


2012

Rank Sh (%)

▲

6 -0.1

16.6

2011

Rank

14,710.5 ▲

14.28,863.311,497.2

8

25.6

Citi

▲

19

7,061.4

VTB Capital1110

▲

5

12.115▼

2.5

9.35,377.8

20.0▲

14

-4.5

13 4,891.1

1,425.2995.7 1.7

2 6,866.6

-7.4

2/28/2012 NK Rosneft' (3.04%)

5/16/20121/20/2012

Pending

1

0.3

-21.7%

0.3

20

17870.9 1.5

15

▼

4/24/2012

TUiR Warta SA (100%)

2/28/2012 PendingBaltika (15.5%)

3/29/20127/1/2012

3/29/2012

Rank Date

Eastern Europe Involvement Announced M&A by Target Industry ($bil)

▼

-735

▼

Telekominvest (26.06%)

MegaFon (25.1%)

4/3/2012

18*

0.60.6

-1.1▲

750.018*

* tie

2,654

-5.6%

100.0

-64.9%

57,573.3

Wells Fargo & Co



Ernst & Young LLPMacquarie Group

61

2321

19HSBC Holdings PLC

72*

2223 -

102425

299.2SEB Enskilda

KPMG

Societe GeneraleBNP Paribas SA

Aon Benfield

Xenon Capital Partners

Santander

16

100.0

995.7

AF Telecom Holding

-53.4%

-46.3%

BMO Capital Markets

1.6

62,712.3

-16*

-

-4

1,000.01,000.0

20

# of Deals

Rank Value (US$m)

5,200.0

RBS

0.1

Morgan Stanley

3.5

0.1

4Gazprombank37

2,133


-634

4/24/2012

Industry Total

4/24/2012

6/14/2012

Date Effective

▼

16,909.8

Rank Value

9

2011

Rank


5+2

0.5

Credit Suisse

13

6

0

Jan 1 – Sep 28

▲414 0.5

18

-

-7 8Bank of America Merrill Lynch

▼

-3 ▼

-6

▼

▼

▲

Citi

6

12

9▲

-9.2 ▼

1.4

750.0850.0

-0.7

0.6325.0

-38.8%

1.2

1

▲

8

0.2

1.3

0.0

690.5

7

30

1.5

22

9 216

-

▼

344.2

▼

6

Pending

UK Unikor-Real Estate Assets (100%)

5/31/2012

8/28/20126/8/2012

4/24/2012

▲ 2

▼

▼

0.91.425



Industry Total

3.0

0.2

▲

0.7

2.9▼

2.90.4

0.0

0.2

0.1

.9

▲

3.8

▲

▼

▼ 2.215.6

0.2

▼

.3▲

0.1

25.1▼

2.2

0.6

▼

0.6

11.9

2

247

▲

-9

27.7 +7

0.8

9,512.7

6

0.50.2

7 0.3▼

-11.9

▲

10.3

1611.1

Sh (%)

Market

▲

Share Ch.

19.1

Market

▲

2.6 ▲

5.618.1

5

4.1

-33.6

-0.22,550.2

▲

1.60.0

3.50.0

▲

-413.5

3.5

0.0

-16.5

9.2 5

▲

3

3.1

▲

▲0.47

0.1

0.23

▼

▲

1

1▲

0.0

5

0.0

1.0+1

0.1+1

-4▲

0.0 ▲

-2.7 11 ▲

-22.9%

▼

▲ +10.2

United States / Czech Republic

Russian Fed / Russian Fed


2

38.1

891.0

3,550.9

Jan 1 - Sep 28 2012

47

24.1

9.6

18.8

8.6

1,425.2

4.83,000.07.4

▲

▲


-

100.0

2.3

▼

12 0.6

▲

10.715.2

3

24.9

US$m

8.2

2,191.5

6,102.6

5,373.3

9.7

8.76,005.9

4.8

5,450.1

4,658.7-

0-1

0.2

-6

12

13

▼

6▲+4

15,594.2+10 ▲

23,897.31Deutsche Bank

4

0.5

Goldman Sachs & Co

0.2

-15 VTB Capital

▲

▲

1.3 -2.5 ▼

1.5

0.8

▲

1.7

0.6-9.9

0.0

0.1

1

▼

Jan 1 - Sep 28 2012

982.5

Baltic Beverages Holding AB



Russian Fed / Russian FedNK Rosneft'

Germany / PolandAK Alrosa 1,037.0

Poland / PolandBank Zachodni WBK SA

Gruppa BIN

3.80.2

Advisor

-2

10

# of Deals

+2

+1

+1

Financials / Banks

536.0

6


0.3

▼

Jan 1 – Sep 28Any Eastern European Involvement Completed (AF59)

+414 0.7

# of

Share Ch.Sh (%)

21Deals

1.0

0.4

0.1

▼

15.6

▲

-5.2▼

-26

▼

▼

-8

▲

▼

▼

▲

-7+2

▼

▼

3.0

▲

6.20.7

▼

▲

0.4

▲

16.4 ▼3.1

.6

▲

-42.8%

Financials / Insurance

▼

0.4

-44.2%

3,530.5


0.3858.6


Energy and Power / Oil & GasConsumer Staples / Food and Beverage

Kredyt Bank SA (100%)

Sberbank RossiiMolson Coors Brewing Co

1,088.2

3,292.4

Financials / Banks


Russian Fed / Turkey

-55

3.6▲

▲

0.6

Market

▲


43.2Sh (%)

▲

3.7

11.1

1.2

3.22.85.931.6

3.519.5

4.523.91.9

▲

▲

14.8

8.1▲

▲

6.1

19.617.5

▼

5.830.9▼

3.3▼ ▼

1.6

1.2

0.7

2.7▲

4.7

▲

▼

▼

28.9

-5

-12.6% ▼

▼1.0▲

▼

2.1

▲

6.55.41.2

4.1

3.0

▲

1.3

0.6

2.1

Change in


Fees

Sberbank

14

0.3

7

15

-2

-

-

18

3

-

1314

Acquiror


Barclays

1110

JP MorganRothschild

36

21

0

+1

Investor Group

▼

15

0.1▼

McFarland Dewey & Co

12

▲

0.0

11,779.6

10

995.7

-8

1

▼

6,687.4

3.5

Nomura

2,191.5

5,112.7

15,132.7

11,342.2

Nomura UBS

24% $13.3

19% $10.5 17%

$9.7 11% $6.3

10%

7% 5%

2% 2% 1% 1%

1%

Energy and Power Telecommunications Financials

Consumer Staples Industrials Materials

Real Estate Media and Entertainment Healthcare

Consumer Products and Services High Technology Retail

9


3

6/8/2012

8,492.4

4,325.1

Deutsche Bank 3

4

5,243.6

Renaissance Capital Group 19

HSBC Holdings PLC

▲

13.3Credit Suisse

Sberbank

JP Morgan

Investor Group

13.1

0.3

+1-2

▲

35*13

1215* 0.1

2,550.2

10.98*

8


3,550.9

14


Rank Date

5/16/2012

Date Effective

8/7/2012

15*

* tie


18

Nomura

71,847.3 4.71

32

2,579.31112

10

Rothschild

Bank of America Merrill LynchVTB Capital

713

2012

Rank

36.8

31.8


Any Russian Involvement Announced (AD58)

1

Wells Fargo & Co

NK Rosneft' (3.04%)

US$m

12,583.313,846.3

6Goldman Sachs & Co

-

750.0

UK Unikor-Real Estate Assets (100%)

0.8

Industry Total

▼

6/14/2012

Pending

-33.8%

-344.2

Telekominvest (26.06%)

-62.4%

1

0.8

870.9

0.91

0.1

Xenon Capital Partners-

Macquarie Group-12.1

3,550.9

5 750.02.2

0.917

4

6

2

2

Ernst & Young LLP

5

8*

Morgan Stanley

UBS

Barclays

5,200.0

-

15

2.2

22

14

9.0

1,088.2

9.0

2.8

6.5

2▲

9

2.2

1

5

5

▼

▲

1

1

▲

▲

19▲

▲

35.0

21.527.1 6

▲ 5

24.1

-53.9▲ -4

0.3

35.0 0.7

-1

-2

0▼

-3+2

▼

▲

-

▼

Credit Suisse

+12▲

Goldman Sachs & Co

Deutsche Bank

0.4Sberbank

▼

▼

▲

114

Citi

9

1228

10 4,120.94,707.5

-

31

3,531.8-

1314

RBSGazprombank

3,000.0

Russian Fed / Turkey

39,563.3

▼

1Morgan Stanley 1,128.2

Societe GeneraleLazard

Wells Fargo & Co

-583

20*

0.11

24

325.0

0.2 +2

325.0BNP Paribas SA

22

0.1

Investor Group Cyprus / Russian Fed

-15.81,000.0+1

4/24/2012 4/24/20122/28/2012

4/24/2012

▼

4/24/20128/28/2012

MegaFon (25.1%)

Any Russian Involvement Announced (AD58) - Top Deals

Sberbank Rossii

-5.3

-3▼

Standard Bank Group Ltd 1,000.0

750.0

1.0750.0

▼

▲

▲

1,690

▲ 1▲

-5

-

2.31.9

16*16*16*

--

2.3

Nomura

13.5

839.7

11

2.6

19

3.6

Greenhill & Co, LLC

12

15

-29.1%Industry % Change from Same Period Last Year -46.0% ▼

Industry Total 43,853.1

VTB CapitalUBS

▼

▼

6

-13

JP Morgan

Rothschild 6


0.4

2011

Rank

5

5,200.0

1619

11.9

18,384.9

▼

▲

-7.3

18.8

41.9

5

Market

▲

▲

2

4

0.1

1▲

▲

▲

▼

-27.4%

2.3-39.6

1 0.1

1,391

1

40.1

▼

0

▼

▲

+1

1.4+1

-52.3%

0.3

2.9

▲

267.5

0.50.5

▲1.7

0.1

▼


Jan 1 - Sep 28 2012

▼

Telecommunications / WirelessTarget Macro / Mid Industry


-21.8%

Financials / Banks

Sweden / Russian Fed


5/20/2012

-0.3

8.930.5

6.8

-3.8

-23.8

7.8

7 9,811.7

12.3

14.2

38.227.3

4

1

982.5

2.32.3

-49.7%

5.8

2.3

5,907.3▼

1.7

100.0

# of

1

1.9-4.0

▲

5,373.3

8,249.1

15.4

10.3▲

10.79.4

13,393.0

5.6

1.9

+1-3

13.6-



100.0

1.5

870.8

▼

-570

Jan 1 - Sep 28 2012



Pending3/29/2012 Russian Fed / Russian Fed

926.2Russian Fed / Bulgaria




750.0Russian Fed / Russian Fed

3/1/2012 5/14/2012 Russian Fed / Russian FedPending

1 0.1

▼


2,356.4

3,550.9

Inter RAO EES

▲

1.7

0.5

▲

▲

.9

▲

▼

4.5

1.4

▲

▲

▲

-

0.2.6

▼

▲

8.6

0.3 ▲

6.30.3

.60.2

3.2

0.20.2

2.36.22.1

1.3


▲

16.8

▼0.3

2.3

10.4

▲

11 ▲

Share Ch.Financial Advisor

3

▼

4.7

8

7

Advisor

Any Russian Involvement Completed (AF65)

Sh (%)

17

Market Market

14,563.5

Jan 1 – Sep 28

Change in 2011

Rank

Rank Value

Sh (%)

Market

Deals

# of

Share Ch.

34.5

5/31/2012 1,088.2

AF Telecom Holding

15,132.712

20*

850.0

Macquarie Group▼

5,200.0Rank Value (US$m)Acquiror / Target Nation

▲

Acquiror

NK Rosneft'

Financial Advisor

Rank Value

US$mSh (%)

Market

1,037.0

+3# of Deals

1.7

▲

▲

▲1.7

16

1

2

0.7-

1.7

▲

3.5

1,000.0

▲

▼

0.7

0.1

▲

1,582.2

7 26

Sh (%)

▲

0.3▲

22.40.3

0.6

-4

Share Ch.

▲

7.1


1.8

3.3

1.98.4

10

4

Market

4

▼

-74.2

# of Deals

▼

▼

6.1

6.4

3.2

6.0

0.8

2.3

4.511.9

22.4▲

Market

Fees Sh (%)

2.4

1.2

Russian M&A

▼

3,292.4

▼ ▼

Russian Involvement Announced M&A by Target Industry ($bil)

UGK (90%)

-4.1

▲

0.1 +2


0.5

▼

8.1▲

Jan 1 – Sep 28

▲

6.2

Market

0.8


Deals

+2

2.20.50.5

0

0.3

2.216.4

8

6.8

4

Investor GroupEnel OGK-5 (26.43%)

-2

-25.6%

3/29/2012Baltika (15.5%)

Denizbank AS (99.85%)

Bulgarian Telecommun Co AD (94%)

▼

299.2

100.0

Pending

50.8

AK Alrosa

Xenon Capital Partners

-14.0%

Societe GeneraleKPMGNumis

▼

▼

Bashkirenergo (74.9%)

▼

▼

▼

232425

▼

1

0.1-21.6

▼

▲

2.7

8

2.2

-4

0.3-4

0.1

0.1

Gruppa BIN

Barclays

Baltic Beverages Holding AB

-3.2

6.5

-0.4

▼

0.1


17.1

8.1

7.3


14.8

2012

Rank

5.6

6.1

0

19.5

Imputed Fees (US$m)

1.2 +3

Change in

2.3

2

+1 5.419.9

▼

-2

▲

0.1

-21

-12

0.20.1

-7-5

0.10.1

▼

0.3

-

0.1

▲

0.1

0

0

3+1

+1+1

0.11

1

0.1

1

▼

5.0-

3.6

▼

7.4▲

▼

18.9▲

+1

0.1

1.1

202122

1727-

188.6 0.5

CapMan OyjHurst Morrison Thomson CFLeonardo & Co

---

94.8 0.2 -0.5 ▼

69.0 0.2 0.2 ▲

0.1 ▲

0.1 0.1 ▲

-2.0

30.4 0.1 0.1 ▲

39.1

4

1

1

45.2 0.1

▲

2 0.1 +1 ▲

1 0.1 +1 ▲

0.1 +1 ▲

1 0.1 +1 ▲

0.1 +1 ▲

0.1 ▲

232425

NumisCapMan OyjHurst Morrison Thomson CF

1

1

- 69.0 0.2 0.2 ▲

- 45.2 +1 ▲ .8- 39.1 0.1 0.1 ▲ 0.1 +1 0.2 0.2 ▲▲ .6

0.4 0.4▲ 1.1 ▲

0.3 0.3 ▲

0.1 +1

28% $10.6

27% $10.2

15% $5.6

11%

5% 5% 5%

3% 1% 1% 0% 0%

Energy and Power Telecommunications Financials

Industrials Materials Consumer Staples

Real Estate Media and Entertainment Consumer Products and Services

Healthcare High Technology Retail

10


Deutsche Bank Allen & Co Inc


7

Any AsPac Emerging Market Inv Announced† - Top Deals Jan 1 - Sep 28 2012

Financial Advisor

17

5,391.9

3/7/2012

17

4.6

Bank Danamon Tbk PT (67.4%)

0.6

0.4

12

11

7,178.3

8,091.3


109

CITIC

AMMB Holdings Bhd

11,659.4

-0.6

7.4

17,052.2

13,537.9

7,100.0

Jan 1 - Sep 28 2012

-1.9

18

8

▲

25.1%


Pending

36*

Goldman Sachs & CoCiti

108

6

119

23

22

15

58

2012

Rank

28

16

4

1

8

Change in


▲

0.80.4

▲

0.0

0.01.4

1.2

0.8-

0.441.30.4

2.6-5

▲+2

▼

-8

▼

4.53.4

0.3▼

-9

+5

3.1

Yunnan Yuntianhua Intl Chem Co (100%)

261,634.7

Date Effective

China / China

Pending Nexen Inc (100%)

Progress Energy Resources Corp (100%)

Tanjong Energy Hldgs Sdn Bhd (100%)

10.7%

▲ 0.0


-17.6%

3.7 ▲

▼

▲ 0.3

Media and Entertainment / Advertising & Marketing

2

0.25

India / India

▼

China Telecom Corp Ltd China / China

Asia Pacific Emerging Market Involvement Announced M&A by Target Industry ($bil)

Pending

-

Rothschild

3.1

Rank Date

3.1

8

171

26

+2

3.4-2.7

▼

9▲

▼

3

9/13/2012

16,918.8

19

Pending

15

2/25/2012

5/20/2012

Pending

37,654.0

8/13/2012

▼

United States / China

-10

-5▼

21.0

-2+11

▼

-3

▲

0.2

4.8

0.1

Standard Chartered PLC▲

0.24.6

4.6

7

-3

▼

0.3

-9

0.2

17

▼

12▲

3.9▲

0.2

6.5

▲

▼

6.6▲

▼

▼

52.4

3.3

▼

4.6▲

-9 54.9

4.40.6

Sh (%)

-3# of Deals

+3

Sh (%)

0.8

Advisor MarketMarket



2011

Rank Share Ch.

Imputed Fees (US$m)

Fees

2011

Rank Deals

30

21

0.60.4

Market

Sh (%)

7.1

10.818

17

-1.4

▲

▼

32,809.8

▲

2.1▼

16,943.6

-4.6

8.6

7.86.3

11.7

Market

Share Ch.

Rank Value

45,329.055,198.2

Jan 1 – Sep 28

54.8

Jan 1 – Sep 28

# of

5.910.9

MarketMarket

Share Ch.

31,864.5

Any Asia Pacific Emerging Market Involvement Completed†

22 ▲▲

US$m

▲

▲

-1121

36.9

▲

▼

29.213.011.0

0.531.8

5

12.5

Singapore / Indonesia

US$m

3.2

1.7

9,219.3

▲

▲2.9-

▲

7,595.1

8,335.33.5

-6

2012

Rank

Asia Pacific M&A

16,621.4

4.6

1

HSBC Holdings PLC

19.2

▼

-

2.226.1

12.6

7,826.3

7,544.9

8

0.50.62

31.3▲

0.4

-15.2%

TCC Assets LtdFraser & Neave Ltd (69.6%)

Canada / CanadaChina / ChinaAlibaba Group Holding Ltd (20%)

25,681.8

10.85

4

1

10.942

-8.9%

Change in

Pending

20

5,865.5

† Asia Pacific Emerging Market totals include countries in North Asia, South Asia, Southeast Asia, and Australasia (excluding Australia, Hong Kong, Myanmar, New Zealand, Singapore, South Korea and Western Samoa).


7/23/2012

6/28/20129/18/2012

Pending4/2/2012Sterlite Industries(India)Ltd (100%)Focus Media Holding Ltd (100%)

* tie

3/7/20126/6/2012

Alibaba Group Holding Ltd

1Malaysia Development Bhd


13

3.1

2.9

4.3

0.7


8/22/2012 Pending

-0.1

291.8

5,884.722

62

9.0

7.920,578.3

216,663.6

12

96

17,853.1

23,531.1

16,319.8

▲

3.5

4.720,328.5

-4.4%

2.6

2.2

18

1.9

▲

1▲

11 0.2▼

8

0.1

2

▲

28

▲

1

▼

0.6

0.916.6

▲

0.20.0

7,317.82.3

0.2

-63.7

▼7,812.8+11

23

▲

21.1

5.9

25,660.216.3

6

▲

17.3

320.50.7

2.10.2

+25.1

+7 17,230.2

13

7

▼

▼

▼

2.010.6

0.2

▲5.05.0 ▲

5.120

1.5

▲1.0

1.124.9

1.1 ▲0.26

1.5

▼

▲

2.4 ▲

1.10.1

-0.0

1.3

1.7

▼

▲

▼

0.7

▼

▲1.8

3

0.1

1.2▲

▼

0.1

0.1

▲

+3▲

1.6

0.10.1

1.0

0.10.8

1.6

0.1


▼

0.5

2.6

-5430.3

0.05.5

2,544


-27.5%

1,206.2

-24.5%

100.0

▼


-71.0

20.2

2.6

▲

39.7

3.9▲

▲

1.4

0.8 Goldman Sachs & Co 2

1.93.2

16.3+4

65Citi

Rank Value

▲

-637

14.6


▲ ▲

16.1

▼8.21# of DealsSh (%)

Market

Deals

# of

Sh (%)

Market

Any AsPac Emerging Market Inv Announced†


Financial Advisor

0.732

UBS

3

▲

Credit Suisse

Morgan Stanley

JP Morgan-▼

3▼

Scotiabank

-2

+4

Societe GeneraleCIMB Group Sdn Bhd

Barclays

7,471.0

-20.0

HSBC Holdings PLC ▲

▲

▼

▼

YYTH

-6+1

Petronas Carigali Canada Ltd

3,910.8

▼

-10.0

15+1 15

0.0▼

-

▲

70

▼

+10.3

12

-30.524

0.4

0

0.2-70.4

0.5-4

▼

14


BBVA

17

1.94,717.6

4,913.4-

-

7,220.1

▲

DBS Group Holdings Ltd

-

Acquiror

Grant Thornton

25

1.8 ▲3.04,305.6

2.3▲

2.7

6

2.70.0

Guotai Junan Securities22 2.7

0.40

23

7.1

9.16.9 ▲

Morgan Stanley

23

2

▲

8.7

▲

8.5

38,228.042,054.5

414.4

2

12 22,186.3

UBS 3

5.4

Credit SuisseJP Morgan

75

China International Capital Co7BMO Capital Markets


ING

11

32Somerley Ltd

16Allen & Co Inc

RBC Capital Markets57

17

14

19

1517Standard Chartered PLC

188,091.3

-

DBS Group Holdings

4.119

2

United Overseas Bank Ltd10,635.0 1.4Barclays

0.420 ▲6.2

Deutsche BankChina International Capital Co

▲6.56.8

▲

▲3.4▼

Rothschild

1031

-11

13

919

22

19

11

16

12

▲ RBS

+2

0.210-20.212

▲

▲

14▼

Malayan Banking Bhd15

+5▲3.4 0.17,172.4

▲20 +13.1

4,800.0-8▼ 0.1

0.13.1

2.64,129.4 2.6

▲

-

▲

▼

5221

-

2.1 ▲ +4 29China Construction Bank1.3 ▲

0.1

2524

Banco Espirito Santo SA-6+9

157,575.5

4,024.947

-870

▼

Financials / Banks

9,219.3

Rank Value (US$m)

4,970.5


-10.8%

17,665.618,047.3




Consumer Products and Services / Professional Services

2,810.4Materials / Chemicals2,806.1

5,865.5

2,954.1

▼

.3

9.9

▲

-9Lazard

▲1.5 2020

4,174.4 ▲

1.823 2.1

3,954.4

5,353.5

1.5CITIC 4,568.024Ernst & Young LLP

KPMG

25 0.3-

4,852100.0

0.60.0

Focus Media Holding Ltd SPV

China Telecom Corp-3G Assets (100%)

▲

Sesa Goa Ltd

Canada / Canada

100.0


+2

-15.0%

Industry Total

2.6 0.1

▼

Malaysia / Malaysia

British Virgin / Singapore

Industry Total

20% $51.3 17%

$43.6

10% $26.6

9% 9% 8% 7% 6%

5% 4%

3%

1%

Energy and Power Materials Financials

Telecommunications Consumer Staples Real Estate

Industrials High Technology Media and Entertainment

Consumer Products and Services Healthcare Retail

11


-24.1%

-0.8%

Aamby Valley Ltd

India / Australia


1.3

PendingJSW Ispat Steel Ltd (53.3%)

Golden Energy Mines Tbk PT (30%)

▲▲

Plaza Hotel,New York,New York (100%)

1.3

Decision Resources Group (100%)6/8/2012

Pending

India / IndiaIndia / United States

India

▼

Market

57.1%

▲

▲

812

Market

Sh (%)

1.0

2

Morgan Stanley

Any Indian Involvement Completed (AF67)

7/2/2012

2/4/2012

6/26/2012

Northern Iron Ltd (100%)

7/30/2012

Ybrant Digital Ltd (100%)

8/14/2012

Piramal Healthcare Ltd

▲

▼

0.4

-10.6%


620.2

▼ -80.2 5.1

2816

731*

▼-0.11.5

2.0

▲

0.21.9

-3▼

.61.5

▼

▲

▼

+1

▼

Ernst & Young LLP

2012

Rank

India / India

1,305.3

394.4

348.818*

-546.4

23

21*

6

Industry Total


Aditya Birla Mgmt Corp PvtPiramal Healthcare Ltd

2011

Rank

19

Citi

Credit Suisse

26,133.2

5

299

Pending

1.3

Shelf Drilling Intl Hldg Ltd

-2.41.3

0.20.7

9/1/20129/10/2012

Sterlite Industries(India)Ltd (100%)

Intended

2/25/2012

Pending

2/8/2012

2423

JM Financial Group


3/19/2012

-3

+1

5/15/2012

Indian Involvement Announced M&A by Target Industry ($bil)

Societe Generale

Pending

26,431.9

SBI (5.7%)

5/16/2012

14

Morgan Stanley

4JP Morgan

21231

3.6

▼

Share Ch.

7.8▲

1.6

Fees

1.0# of Deals

2.4

0.4 2.4

5.50.1

1.7

3.7▼

0.14.0

0.4+2

2.62.0

5.11.6

▼

3.8

1.3

1.0

1.03.4

2.0

▲

▲

1.7▲

▲

2.7

1.3

8.0 5.2

▼

▼

▲

▲

1.30.30.6

▲

0.7

# of

Imputed Fees (US$m)

Market

5.1Sh (%)

▲1.0 1.0

1.6

-21.2

▲

▲

▲0.1

▼

6.1▼

5.8

2.3

2.1

1.5

0.3

▼

0.2

▲

▲0.2

▲

+1+1

▲1.8

3 3.0▲

1.5+30.5

▲

4.1▼

0.7

0.4 ▲

02.8

+2

0.4-8 ▼

0.1

-7.7

13

▲

▲

0.5 -4

1.5

0.2

0.2

-3-2

1716

.1

+1

-2▼

▲0.3

1.20.9

▼

0.32.50.21 -7 1.8

.5

3

-91.3 -27

0.2

0.91.4▲0.21

▼

-▼

1.10.2

4.9.3

1.7

0.1

▼

+1.5

▼

▲

0.7

0.6 -16.6-94

▲ 3Rothschild 25+1

337.0


▲

337.0▲

100.0 773

▼

0.3


34 1.2

1

▼-1.6

0.8

▼

310.3

- 184.9

53

0.4320.7

21 0.6

0.1

-

-3.0

203.6

-10.8%

2

Any Indian Involvement Announced (AD60) - Top Deals

▲

-

Kotak Mahindra Bank Ltd


1.5

Ambit Corporate Finance15

418

1.3

394.418*

20Jefferies & Co Inc

21*


KPMG

10

UBS

Ernst & Young LLP

Grant Thornton7

Oppenheimer Holdings IncLazard

▲4,188.2 15.939

4,792.117.9

5,496.113.7

▲17.44,740.0

▲

▲

11.4

20.818.1

-40.3

4.95

14.815.44,079.8

2,110.111 3,910.8 2

▲7.4

14.49.6 ▲

33Enam Securities

1

▼

68.0-2.5

OSK Holdings Bhd - 3.2635.0

5

722

31,022.1

▼-6.61.81.5

-

-0.2

2.4 2.42.1

513.6

JP Morgan▼ 2

0.1

-2

0.41

0.3

▼ 0.6

5422

Veda CorporateAdvisors Pvt Ltd

+13

Credit Suisse

+2

+3

Kotak Mahindra Bank Ltd

23.2

# of


2012

Rank

Rank Value

Deutsche Bank

13

RBS

Global TrustCapital Finance

Rothschild 12

14

Any Indian Involvement Announced (AD60)

Market

▼

▲

476.1

▲

▲

9

▲

3.5

8

3.2

1

3.911

845.1

1.9

-2.0

1

▼

▲

-14.6

4

4.1

1.2

4

-1.4

▼

4.1-5.0

1.9

# of Deals

Change in

Jan 1 – Sep 28

Citi

25

15

Financial Advisor


0

19.0Deals

Barclays

1US$m Sh (%)

16.621.3

Share Ch.

22.2▲

16

5,616.45,875.6

Goldman Sachs & Co

Indian M&A

▼ +5

34

79

▼12

+20.5

Industry % Change from Last Quarter ▲

Vodafone India Ltd (5.5%)

6/27/2012

Arcano

LGS Global Ltd

9

▼

Deloitte

▲

63Religare Capital Markets Ltd

24

703.0

+1

Haribhakti & Co

0.1

-1

0.1

▲

0.4

1.2

▼

+3-1

0.8

746.73

5

-1

▲

Arcano

708.7 0.8

Oppenheimer Holdings Inc

Financial Advisor

635.0Barclays

5.6

1

0.6

0.9

▲

▲

JSW Steel Ltd

▼

▼

KPMG

Goldman Sachs & Co

-7.6

▼

0.512.2

0.5 -2

MarketMarket

Sh (%)

--5

-5

1

+10.5

-30.2

3

+1▲

-

3.8

5.1

1.3

1.1

-

1▼

▼

7*

9

RBS

▼

Jefferies & Co Inc

Global TrustCapital Finance

Societe Generale

▼

Ambit Corporate Finance

1.2-2

-18.7%

92.9

148.7▼

PricewaterhouseCoopers

0.4

▲

-67.9%

Industry Total

2223

▲ 5+2

3,910.8

▼

72.0 -9

-10.9%

-17.8% ▼

India / India

12,565.5

1

▼

- 5.3665.0 1

2

243.5

1▼

▲

▲2.7 2.7

-

440.5

0.5

513.6635.0 5.1

6-6.0

1

-4

1

2.6

7*

11

▲

150.2

0.8

Jan 1 - Sep 28 2012

-2.64 0.7

-119

▼


Jan 1 - Sep 28 2012

0.0▼

▲

-

▲

+6Enam Securities

1.6

Share Ch.


▼

01.1

Deutsche Bank

1.6

Advisor

Deals

Change in


Jan 1 – Sep 28

Sh (%)

-33.1

5.9▲

▼


2

2011

Rank

2

5.39

US$m

Market

▲

7.8 ▼

7.2

▼

▲

▲ 2112

Market

5.64.9

5.1

3

10405.6

▼

-0.82.7 0.3

0.63.2

337.019

-5.312*12* 394.4

25

3.1

14*

394.43.1

16337.0330.7

-

18

-

184.9

7

1

21

1.5

93.4

1.2

253.8

0.7▼

100.0 551

1.2-19.9

▲

-12.9 ▼

0.8 ▲

-39.6

▲

▼

3

Rank Value (US$m)



1,350.4

▼ ▼

Financials / Banks

0.0

1,050.0

0.6

Sesa Goa Ltd

845.1Singapore / Indonesia

India / India

Acquiror


Materials / Metals & MiningConsumer Products and Services / Professional Services



India / United States

618.7Media and Entertainment / Hotels and Lodging

-66.0%

India / India

570.0

High Technology / Internet Software & Services698.1635.0

0.8

Lazard+4+3▲ 1.2

41633

909.820

Rank Value

979.9

3

Utd Arab Em / India

2019

11

14*

17

156.1

99.4

1,574.9

100.0152.1

United Fiber System LtdTransocean Ltd-Water Rigs(38) (100%)

* tie

30% $7.8

15% $3.7

10% $2.6

7%

7% 6% 6% 5%

4% 4% 4% 1%

Materials Financials Media and Entertainment

Energy and Power High Technology Healthcare

Consumer Products and Services Industrials Real Estate

Telecommunications Consumer Staples Retail

12


Pending

35

28,534.7


8/22/2012

5/20/2012

Pending

5/20/2012


7/23/2012

8/13/2012

1/3/2012

Barclays

* tie

2221

2/15/2012

HSBC Holdings PLC

Any Chinese Involvement Announced (AD56)

Standard Chartered PLC

Caitong Securities Co Ltd

Industry Total

-2

Ernst & Young LLP

Chinese M&A

1

11

China / ChinaUnited States / China

China / China

▼

+3


-0.6

Jan 1 - Sep 28 2012

2,531.4


2,334.62,500.0


0.1

▼

Consumer Products and Services / Professional Services

▼-45

High Technology / E-commerce / B2BEnergy and Power / Oil & Gas

3.5

17,665.6

▼

China / China

2,954.1

Canada / Canada

4.5

▼

27.0

▲

5.1

2.81.6

▲

7.4

10.2

7

▲ 5.0▲

1.2

1.429.6

8.810

▲

▲

▲

1.1

10

Rank Value (US$m)

12.80.8

24.0

▲


7,100.0

5,734.8 0.5

Energy and Power / Oil & Gas18,047.3

0.22

1.4

4.4

0.6 4.5▲

▲

+1▼

Materials / Chemicals



▼

▲

6.5▼5.5

▼

3.7 ▲3.16.5

0.639.8

1.2-4

34.9

+61.6 ▲

▲

-5

25.8 4.8

▲

▲

+7 19.63.3

11,845.9JP Morgan

China International Capital Co

6

2BMO Capital Markets

17,853.17

2012

Rank

5 1544

2011

Rank

20,348.6

1 32,540.8

Credit Suisse

Financial Advisor


22,186.3

12.3Goldman Sachs & Co

14.6Citi3

▲

0.5

11.1-

117.8

18 16.5

12.7

20.3Sh (%)US$m

Change in

Deals

18

9

▲


Market

Share Ch.

13Sh (%)

-11# of Deals

Market

Jan 1 – Sep 28

4.0


Rank Value Market # of

30

Jan 1 – Sep 28

Shanxi Meijin Energy Co Ltd

0.512

Market

13.8

UBS 2

Allen & Co Inc

Pending

10

16

2/21/20124/27/2012

9

RBC Capital Markets

3 26,537.4

-3Deutsche Bank

▲10.0

0.78.6

▲

17 0.6 -7

0.1

-485▼

12

+20.3

Yunnan Yuntianhua Intl Chem Co (100%)

China Telecom Corp Ltd

-4

2011

Rank

11.0

2

6.2

+8

▼

-3

China Telecom Corp-3G Assets (100%)

▲ ▼

3.4

7.7

▲

Market

0.3

7

17

▲

10▲

▲11.18.6

8

8,091.3-

12.4

11

12,336.417,665.6

3.5-0.13.2

6,984.74.7

5,641.4 0.84.4

7,595.1

Chinese Involvement Announced M&A by Target Industry ($bil)

-5

16

20

2.4

1,790.0 1.1

14

Southwest Securities Co Ltd

-12.4%

34-0.9

2,258.4

1.6

-1,595.8

▲

10


1292

80

1.11.11.1

2.4-0.22.3


YYTH

3,236.6

Acquiror

▲ ▼

PendingPending

1

6/19/2012

0.4

▼

11

1

Alibaba.com Ltd (28.65%)

Chongqing Iron & Steel Co Ltd

SIPC

4

▼

5▲

▼

▲

820

▲

▼

▲

▲

▼

UBS

9

1

0.4

0.0

4

-

0.2

6/6/2012

AMC Entertainment Holding Inc (100%)

13.7%

-0.11.2

2.01.2

5/30/20129/4/2012

Alibaba Group Holding Ltd (20%)Nexen Inc (100%)

9/18/2012

▲

Shanxi Meijin Grp Jinfu Coal (100%)Devon Energy Corp-Assets (33.33%)

1

12

42.8%

Pending

Chongqing Iron&Steel(Grp)-Asts (100%)

5.06.9

2.2

5.0

1.0 ▼

▲ 9▲

2

Focus Media Holding Ltd (100%)

6


▲ -3.7%

2,658

▲

16 27.5

Market

7,317.8

1.01.1

0.9

8.3

11

2.4

▲

▲

▲

▲

18,829.9 20.4

1.6▲7,686.6

13,097.3

11,079.4

0.8

▲

12

2.4

6.60.96.9

8.8

▲

0.2+5

1.1

▲

▲

2.0

1.21.21.0

▲

Advisor

-

Citi

9

5HSBC Holdings PLCChina International Capital Co

JP Morgan7

Allen & Co Inc40 11.9

10.2

12,020.2

11,010.9

14.2

11.0

12.6 1.3

China / United States

1215.7 ▲

10.611.9

5.6

13.0▲

Media and Entertainment / Motion Pictures / Audio Visual

7.9 13.0▲

4,174.417 4,024.9

Jan 1 - Sep 28 2012

6 ▼

3.7 ▲0.7

Media and Entertainment / Advertising & Marketing

China / ChinaChina / United States

China / China

2,798.92,600.0

2,806.1

2.5 ▲

2.5112*

2.93,077.3 3.3


Ernst & Young LLP

▼

Industry Total

China / China


Any Chinese Involvement Announced (AD56) - Top Deals

Focus Media Holding Ltd SPV

25

Dalian Wanda Group Corp Ltd

0▲

Bank of China Ltd

180.2-2-4

▼

3,810.229


7.4

12.08

Rank Value

Goldman Sachs & Co

Sh (%) Share Ch.

Credit Suisse 23.9Financial Advisor

Imputed Fees (US$m)

▲22,080.4


1812.4

4 +4

Sh (%)

13

3

▲

US$m

14,458.1▲

17.1

4

Market

9▲

Market

Share Ch.

+7Sh (%)Fees# of DealsDeals

# of

31


Change in

+11

+22

0.9▲ +110

17+8

▲

3.317.70.2

11-1


+9

7.7

3.35.55.2 5.2-

▲▲+2+10.1 1.2

▲3 0.3 +3 ▲ 0.1.3

0.5▲ 0.2 ▲2

0.8+2-9

▲ 0.30.31.5+9

0.7

▲3.40.2▼ ▲

▲

-0.01.3 0.2

-20.0 ▲

21 2.4▲2.6

2.2232,600.0

1,973.2 ▲

▲

0.11.82,020.8

+1 1.5

▲

1.156

92,333.6

+14 0.424 2.1

0.2▲ 2Lazard 74*


-31 100.0

2.11,916.40.2 .636

2.02

1,094

▲

-16.4%3.3% ▲ ▼

100.0

2.2% ▲ ▼-2.8%

-9.0%

-13.4%

-31.7

▼

537.2

▼

9.3

▲

▼

0.2

0.3

+9-1

▲

▲

0.8

▲

Any Chinese Involvement Completed (AF63)

11,659.4

13

CITIC▼

6

Morgan Stanley

Rothschild

6

2012

Rank

0.3

07

+20.1▲

140.20.5

10

+2

- -15

12

-7 Somerley Ltd▲

16

+5

▼ 2.822 64

94310 0.9

+620

2,678.850+1

0.6

0.812▲ ▲

▼

11.1

▲

0.1

▲

▼ 0.7

15.3 2.9

4.0

▼

▲

1.0 0.10.5

0.2.9 0.2

0.6

4.4-

19 3.9 ▲

4.44.1

3,605.4 3.9▲

- 4.54,800.0

6.27,083.3

25

8,091.3

5,054.8 5.5

▼ Huatai United Securities Co

▼

Guotai Junan Securities

China Merchants Securities Co

BBVASociete Generale

Banco Espirito Santo SA▼

China Construction Bank

Standard Chartered PLC-2.1

160,663.0

0.0

-377

+1

100.0

-2

4-2.1

▲

1.2

0.261.4 0.2

▼ 0.2

▼

24

1.562 2,334.6

3,824.93,883.6

1,945.1

2,600.0 0.0▲1.5▼

4

1,790.0

15

11,055.6

103

19

8

14

295

4,568.0

Grant Thornton 23*

12Somerley Ltd

17

CITIC


Bank of China Ltd

RothschildMorgan Stanley

18

13

2.8

25

Perella Weinberg Partners LP 23*

China Securities Co Ltd

Deutsche Bank

22% $34.3

19% $29.1 13%

$20.8 9% $13.3

7% 6% 6%

5% 5% 4% 4%

2%

Energy and Power Materials Telecommunications

Industrials Real Estate Financials

Consumer Products and Services Media and Entertainment High Technology

Healthcare Consumer Staples Retail

13


-

-

-

-

-

-

-

-

-

-


Ranking Criteria Summary

Serkan Tecimer

If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:

Announced league tables include all deals that were announced between January 1, 2011 and September 28, 2012 and of which Thomson Reuters was made aware. All current dataand previous year's data is as of 5:00pm EDT on September 28, 2012.

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


E-mail: [email protected]

EMEA

Tel: +44 (0) 20 7542 3566

Thomson Reuters includes the following nations in the Emerging Markets M&A Tables:

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 thetime 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 underwriteror 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 areallocated to syndicated members.

Tel: +1 646 223 8364 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 portionof 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 forthe transaction agreed to or, in the absence of an agreement, the value of the highest offer.

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.

Japan

Tel: +813 5218 6576

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.

AmericasMichael Rawlings

League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firmsin Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established joint ventures arereflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”.

League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, andunconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.


Asia-PacificJason Pacannuayan

Akemi Mamiya


Tel: +632 858 7262E-mail: [email protected]

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.

Americas Asia-Pacific

Central America South America Central Asia Australasia South-East Asia

Belize Argentina Afghanistan American Samoa BruneiCosta Rica Bolivia Armenia Cook Islands CambodiaEl Salvador Brazil Azerbaijan Fiji IndonesiaGuatemala Chile Kazakhstan French Polynesia LaosHonduras Columbia Kyrgyzstan Guam MalaysiaMexico Ecuador Tajikistan Kiribati PhilippinesNicaragua Falkland Islands (UK) Turkmenistan Marshall Islands Timor-LestePanama Guyana Uzbekistan N. Mariana Islands Thailand

Paraguay Nauru VietnamPeru South Asia New CaledoniaSuriname Bangladesh Niue North Asia

Uruguay Bhutan Norfolk Islands MongoliaVenezuela India Palau North Korea

Maldives Papua New Guina ChinaNepal Solomon IslandsPakistan TokelauSri Lanka Tonga

TuvaluWallis & Futuna Is.Western Somoa

Europe, Middle East & Africa

Eastern Europe Middle East Sub-Saharan Africa

Albania Iran Angola Guinea-Bissau SomaliaBelarus Iraq Benin Angola Kenya South AfricaBosnia-Herzegovina Jordan Botswana Lesotho St. HelenaBulgaria Lebanon Burkina Faso Liberia SudanCroatia Syria Burundi Madagascar SwazilandCzech Republic Yemen Cameroon Malawi TanzaniaEstonia Bahrain Cape Verde Mali TogoGeorgia Israel Central African Republic Mauritania UgandaHungary Kuwait Chad Mauritius Western SaharaLatvia Oman Comoros Mayotte ZaireLithuania Qatar Congo, Republic of Mozambique ZambiaMacedonia Saudi Arabia Cote d'Ivoire Namibia ZimbabweMoldova United Arab Emirates Dijbouti NigerMontenegro DR Congo NigeriaRussia North Africa Equatorial Guinea ReunionSerbia Algeria Eritrea RwandaSlovak Republic Egypt Ethiopia Sao Tome e PrincipeSlovenia Libya Gabon SenegalTurkey Morocco Gambria SeychellesUkraine Tunisia Ghana Sierra Leone

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SOLUTION FOR• Managing Client Relationships• Deal Origination• New Issues Pre-Marketing / Roadshows

• Financial Modeling• Customized League Tables • Simple Deals screening • Valuation analysis and comparable deal screening • Full integration into Microsoft Office® for on-brand pitch book creation

SOLUTION FOR

Thomson Reuters Solutions for the Deal Making Community

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 (COMING SOON)

SOLUTION FOR

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)

Microsoft, Office, Word, Excel and PowerPoint are either registered trademarks or trademarks of Microsoft Corporation in the United States and/or other countries. Copyright 2012 Thomson Reuters. All rights reserved. 48003848 0312.15

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