mergers & acquisitions reviewmergers & acquisitions...

MERGERS & ACQUISITIONS REVIEWMERGERS & ACQUISITIONS REVIEWFINANCIAL ADVISORS

First Quarter 2013

2

11

Fairness Opinion Rankings

Worldwide Announced Fairness Opinion

11

Table of Contents

1

20

Worldwide Announced (AD1)

20

10

18

Any Japanese Involvement Announced (AD19)

2

2

11

12

11

Any Spanish Involvement Announced (AD34)3

3

6

6

19

Worldwide Completed (AF1)

Top Ten Japanese Involvement Announced Deals

19

Any French Involvement Completed (AF40)

Any Japanese Involvement Completed (AF23)

Any European Involvement Completed (AF3) 10

12

12

Any French Involvement Announced (AD33)

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)

M&A Financial Advisory ReviewFirst Quarter 2013 | Mergers & Acquisitions | Financial Advisors

1

Japan Deals Intelligence

Any European Involvement Announced (AD21) 17

17

18

18

Any New Zealand Involvement Announced (AD39)

Any New Zealand Involvement Completed (AF46)

Japan M&A

Americas Deals Intelligence

15


Any Americas Announced Fairness Opinion

Any USAnnounced Fairness Opinion

14

Any Nordic Involvement Completed (AF44)

16

16Any Australian Involvement Announced (AD24)

9

Top Ten European Involvement Announced Deals

Thomson Reuters Soultions for the Deal the Deal Making Community

Any Asia (ex-Japan) Involvement Announced (AD25)

20

Any Asia Pacific Announced Fairness Opinion

8

13

13

Regional Contacts

Criteria Summary

Any EMEA Announced Fairness Opinion

14

20

21

21

22

21

20Any Japanese Announced Fairness Opinion13

Asia Pacific (ex-Japan) M&A

Asia Pacific (ex-Japan) Deals Intelligence

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)

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)

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)

Any Italian Involvement Completed (AF43)

20

20

Top Ten US Announced Deals20

13

12

Any Italian Involvement Announced (AD36)

Any Nordic Involvement Announced (AD37)

Any Americas Involvement Completed (AF55)

Any Americas Involvement Announced (AD49) 7

US Target Completed (AF2)

6

US Target Announced (AD2) 7

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First Quarter 2013 FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEWDeal Making Over US$5 billion Lifts Worldwide M&A to US$543 billion - Up 10% from 2012 l Cross Border M&A Down 24% l Goldman Sachs Top Advisor

Global Deals Intelligence Worldwide Completed M&A by Region - Imputed Fees

COMPLETED ADVISORY FEES DOWN 11% - According to estimates from Thomson Reuters/FreemanConsulting, M&A advisory fees from completed transactions totalled US$4.7 billion during the first quarter of 2013,an 11% decrease from the comparable period in 2012. Deal activity in the Americas accounted for 53% of theworldwide fee pool, while Europe, Middle East and Africa accounted for 30%. Asia Pacific and Japan contributed12% and 5%, respectively.

WORLDWIDE M&A UP 10%, DEALS OVER US$5 BILLION ACCOUNT FOR 31% OF M&A - Bolstered by a 63%increase in deals valued over US$5 billion, the value of worldwide M&A totalled US$542.8 billion during the firstquarter of 2013, a 10% increase from comparable 2012 levels. Worldwide deals valued over US$5 billion totalledUS$167.8 billion during the first quarter, accounting for 31% of announced deal activity in the quarter compared to21% during the first quarter of 2012. Just over 8,100 worldwide deals were announced during the first quarter of2013, a 16% decline from a year ago and the slowest quarter for M&A, by number of deals, since the third quarer of2004. CROSS BORDER DOWN 24%; EMERGING MARKETS ACCOUNT FOR 25% OF M&A – Cross Border M&Aactivity totalled US$134 billion during the first quarter of 2013, accounting for 25% of overall M&A volume and down24% compared to first quarter 2012. Accounting for nearly one-quarter of worldwide announced merger activity,M&A involving companies located in the emerging markets totalled US$128.9 billion during first quarter 2013, a 6%decrease from 2012.

$2

$3

$4

$5

Impu

ted

Fees

(US

$b)

Americas EMEA

Asia Pacific Japan

Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity

ENERGY & POWER, REAL ESTATE AND TECH LEAD ACTIVITY - The energy & power sector was most activeduring the first quarter of 2013, commanding 13.4% of announced M&A, while the real estate and high technologysectors accounted for 13.2% and 12.3% of M&A activity, respectively. Telecommunications and consumer staplesled all sectors as to growth rate with triple-digit percentage increases over 2012. Materials and energy & powerregistered declines of 62% and 21% from the first quarter of 2012.

BUYSIDE PRIVATE EQUITY M&A DOUBLES COMPARED TO 2012 –Worldwide private equity-backed M&Aactivity totalled US$117.4 billion during the first quarter of 2013. Private equity deal making in the high technologyand consumer staples sectors accounted for two-thirds of activity during first quarter 2013. Accounting for 22% ofworldwide M&A during the first quarter, private equity-backed M&A doubled compared to 2012 levels.

$46.1 $71.9$152.0

$200.4

$78.1 $63.6 $58.5$117.4$54.7

$106.8

$172.3

$313.9

$76.9

$23.7$55.5

$85.2 $69.2

$86.5

$72.4

$160.5

$161.3

$56.4

$34.4

$72.2

$68.9 $87.0$65.5

$94.8

$280.5

$100.8

$32.1

$49.8

$82.4

$109.2 $105.9

13.5% 12.9%

21.2%

18.8%

8.5%6.2%

9.9%

12.9%

12.7%

21.6%

0%

5%

10%

15%

20%

25%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

% o

f Glo

bal M

&A

Ran

k Va

lue

(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

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

$102.2 $149.3$281.0

$416.8$256.5

$110.4 $171.0 $234.2 $176.2 $134.2$119.6

$241.2

$272.1

$644.9

$336.0

$111.8$199.6

$247.0 $283.9$135.8

$262.8

$254.3

$370.0

$325.0

$150.7

$270.8$206.4 $206.7

$155.0

$252.7

$406.6

$431.5

$155.9

$168.1

$262.2 $205.7 $272.6

27.3%

33.9%

33.6%

45.0%

37.4%

27.1%

37.3%35.2%

37.3%

24.7%

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

% o

f Glo

bal M

&A

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)Q3 Volume (US$b)Q2 Volume (US$b)Q1 Volume (US$b)% of YTD Global M&A

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2004 2005 2006 2007 2008 2009 2010 2011 2012 20132004 2005 2006 2007 2008 2009 2010 2011 2012 2013

1

Western Europe

310.529.1

-16.3548

325

▼

▼118

▲

Worldwide Announced M&A Target Industry by Value

429

1/1/2012 - 3/31/2012

194,590.2 ▲▲

▲▲

% Change in Rank Value

▲▲

▼

55.126.9

35.1

197.2

-53.7

▲

25.6

▲

▼▲

11,060.824413,766.4

-62.2

6.4180.6

118

United States 168,827.9

636.0

▲1,751

▼

191.6▲▲

38

25,762.3

No. Deals

2,528.5613.2

2,317.8 1,494.5

212,125.8

88

298

489,011.6

Rank Val US$m

% Change in Rank Value

South America

1,634

167

506.725

Target Region/Nation

North America

1,495.9206.3

- Mexico246,940.7

3059.3 1,932

-2,180

15256,453.8▲

34Central America▲

2,1482,9509,617

1,349.1

210,673.0

No. Deals

387.2

491,445.922.1

69.04219

17.92,485

-63.2

7,6465,939

Caribbean1,325.5

▲

88.7

48.510.4

210,058.7

▲

55

2,5071,991

▼-74.417.2

▼

▲

355516

1,784.6178

-48.8 Canada 34,814.9▼6,371.3

Brazil 4,176.4

Middle East

▲

2,158.5

3,934.5308

Chile36.8 ▲ 9,675.2

-12.1 2,118.7▼

Sub-Saharan AfricaNorth Africa

85.7

52 4,284.3

84▼ 81Africa/Middle East 161

138,762.9 38.467,458.2

22

1,139.5

9,095.7

13

216

1,663

100,286.0

-41.2

3,322.3 3388

22,291.8

805

-49.6

▲

19 2

85,148.2

▼

2,283

▲345.6

▲

1 388

5172,180 3,088

2,301.611,204.179 168 3

446

229

71,304.728,780.2

92

15,137.7

Netherlands

Asia Pacific 63 986 4

9,447.76,585.0Germany

1 166▼

129 ▲

13 9 ▼

EuropeEastern Europe

152.4

▲

▼United Kingdom-40.5

▲2,003

128

2,640

165,303.0

3,081.7

608

54.8

119.3-23.9

4,817.7 118

-34.0

-12.1

960

12,028.7125

8,967.2

18,731.4702Europe

28,997.9

19

16,453.4Africa/Middle EastMiddle East

Sub-Saharan Africa

243

Eastern Europe

2,710.2 43

384

▼

▼4,089.3

3,600

-20.783 480 7 2 127

Americas

Asia Pacific

Central America

2 014

241

71 894 0

Western Europe

NetherlandsGermany

United Kingdom

Worldwide 8,115542,754.1Americas

5,519.5

North America

62

2,657312,951.622

269,264.7

Chile

2,332

415

96,724.4

97

11134

United States 1,917

506

North Africa81

4,237.0

13,536.8

125,722.2 2,705

38,894.47,609.3

146,571.6

10,733.6

Target Region/Nation

Mexico

No. Deals

Rank Val US$m

414,613.1

Caribbean

2,201.262

Worldwide

No. Deals

1/1/2013 -3/28/2013 1/1/2012 - 3/31/2012

48,185.1

0.0

▲

5

Rank Val US$m

Rank Val US$m

26

1/1/2013 -3/28/2013

142,720.7181,562.4

5,892.9South America

2,286.9

38,841.727,374.423,043.0

2,679.5

19,897.4

289,162.1

Brazil10,084.8

Canada

300

23,151.719,208.6

Scorecard: Worldwide Announced M&A First Quarter Scorecard: Worldwide Completed M&A First Quarter

First Quarter 2013 | Mergers & Acquisitions | Financial Advisors

Mergers & Acquisitions

13.4%

13.2%

12.3%

9.8% 9.6%

9.6%

8.2%

7.3%

6.3%

5.1%3.1%

South East Asia630.5New Zealand

21,421.4

▼

▲▼

Target Macro / Mid Industry

High Technology / Computers & PeripheralsHigh Technology / Computers & Peripherals

Industrials / Transportation & Infrastructure

Energy and Power / Oil & GasFinancials / Insurance

Real Estate / REITs

Media and Entertainment / Broadcasting

Telecommunications / Space and Satellites

United States / United States

High Technology / Computers & Peripherals

Jan 1 - Mar 28 2013

American Rlty Capital Ppty Inc

Intended

3/20/2013

2/26/2013

Real Estate / REITs

▲

Consumer Staples / Food and Beverage27,361.7

▼

-48.5

-19.2 ▼-46.5

▲63.0306

455.7

1,38819,564.9

▼-19.918

247269

79,168.3

11,972.1

Energy and Power / Oil & Gas

▼

▼

United States / Ireland-Rep

Netherlands / Netherlands

16,004.411

25.8

▼-42.5-30.343,615.5

6,402.8

-83.3

2.7333-67.7

19,315.3

-10.1

58 2,379.0943,682.9

206

63

16616,324.6

281143

Acquiror / Target Nation

469 ▲▼

22,048.2United States / United States

260.0 1,553.3

Top Fifteen Worldwide Announced Deals

14,214.5

18,233.9

Central Asia20,133.4

15

Rank Value (US$m)

Japan

Acquiror

379.5

224

Asia-Pacific

19,080.6

63,986.4250

▼

10,474.2

South East AsiaSingapore

25924

11,407.3

1,166

364.8Australia

▼

73.0-35.7

-32.2New Zealand

9,824.4

19,511.2

▼▲

-13.9 ▼Australasia▼

25 30

322

364.5

Investor Group

19,829.0

14,801.8

1,0671,358.5 76

ChinaSouth Korea

607491North AsiaMalaysia

30,391.8

252

Target (% Sought/Acquired)

118463

83,480.7 2,127

285

112.1

-31.4

-36.3

13,457.0

▲85

HJ Heinz Co (97.4%)

14.5

11,819.9

-21.2

225

▼18 19

3,609.15,265.2

-68.0

▲25.7


4,015.9

284

Investor Group

193South Asia

1.6

48,842.0

Asia-Pacific

South Asia▼▲

42,644.4▲

Australasia

North AsiaChina

MalaysiaSingapore

2,014

4,621.1

275

2,881.4

9,121.5

3,783.5

7,255.7

679196

72327,973.18,205.0 8,074.6

145

1,019

South Korea

15,732.9

SNS Reaal NV (100%)

Clearwire Corp (100%)

2/1/2013

Date Effective


NBCUniversal Media LLC (49%)United States / United States

Royal Dutch Shell PLC

US Airways Group Inc (100%)

Liberty Global Inc

CommonWealth REIT (90.2%)

11,694.0

Dell Inc (86.2%)

Virgin Media Inc (100%)Boulder Acquisition Corp

United States / United States6,775.35,497.0

▲19,960.5

2/5/2013

2/1/2013

3/22/2013 Pending

Pending

Dell Inc (100%)

Rank Date

539.0

United States / United States 9,178.7

United States / United StatesHealthcare / Biotechnology

Consumer Staples / Food and BeverageTelecommunications / Other Telecom

4,960.45,047.1

Netherlands / Trinidad&Tob

AMR Corp

Kinder Morgan Energy Partners



3/28/2013

2/25/2013

2/14/2013

Investor Group

6,916.6

4,900.0

8,271.68,635.0Intended

RP Management LLC

DE Master Blenders 1753 BV (85%)Cole Credit Ppty Tr III Inc (100%)

35,157.9

Pending

Pending

Pending

Japan

Copano Energy LLC (100%)

40.0

Repsol-LNG Bus,Trinidad (100%)

2/27/2013

2/14/2013

3/22/2013 Dell Inc (59.1%)

Central Asia632496

1,247.5

The Netherlands

Investor Group

Icahn Enterprises LP3/19/2013

DISH Network Corp

Pending

Pending

428

289

71,894.0

Australia9,752.0

9,516.5

315

Pending

Pending

87

United States / United StatesComcast Corp 16,700.0

Austria / Netherlands1/8/2013

2/12/2013

Pending

2/5/2013

Pending

Elan Corp PLC (100%)

1/29/2013

2.2%Energy and Power Real Estate

High Technology Consumer Staples

Financials Industrials

Telecommunications Materials

Media and Entertainment Healthcare

Retail Consumer Products and Services

Government and Agencies

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Evercore Partners UBS26.0

-4

0.2

Share Ch.

2.8

4.9

4.0

1.47.7 1.5

▲

1.0

Jan 1 - Mar 28Worldwide Completed (AF1)

MarketImputed Fees (US$m)

▲1.56.9

MarketSh (%)Fees

37 184.9

Change in

1.1# of Deals

Market Advisor

+7 ▲

▲

0.71.1

+4-5

▲0.1

5.9

21BMO Capital Markets

1.919 17

Lambert Energy Advisory Ltd3.7

HSBC Holdings PLC 180.4 -7

-6

▼

15*Centerview Partners LLC

▲

4.722,839.5 13

LionTree Advisors LLC

64

0.56

15.7-5

▲

48

10 18

5.7

+13

▲

▲9.057,813.19

42,956.10.3

10

180.5

11

2

Financial Advisor

6

2JP Morgan

3

CitiLazard 7

862,521.3

1

94,066.5

518.625.5

25.0

MarketSh (%)

5.4

61,882.7

▼72,991.893,906.7

39 0.5

0.611.4

17.313.5

▼-12.0 0.5

11

-9.0

41

0.4

11.5

35

# of Deals per Advisor

Worldwide Rankings

MarketChange in

-9

Bank of America Merrill LynchMorgan Stanley

Goldman Sachs & Co3

Rank Value

83US$m

Rank Value

135,872.7

2.3

17.324.8

72-3.7 ▼

Rank Value per Advisor (US$m)

▲

Market

-7.1124,520.8

5.2-3.3

Barclays 65,696.3 12.1

5.8

30,820.5

49,019.9

40,696.4

▲

7.5 3.57.9 7.9

10.7 9.6

▲

Worldwide Announced (AD1)

54

12

10

2013 Rank

6

1Financial Advisor

# of2012 Rank Deals

MarketShare Ch. # of Deals

1.3 1.0Sh ($)




Jan 1 - Mar 28

134,777.2 -20 ▼ Barclays

Market

19.2 4.0215

Sh (%)39.4

Sh (%)Morgan Stanley

2012 Rank

# ofShare Ch.

▲192,561.8

2013 Rank

141,526.3 ▲

21.1160,630.6

▲Deals

▲32.9+1

0.6322.3

US$m63

1.4 51 20.6▼▲

▲0.9 1

23.7

9.3

▲

28.9

7.7▲ 40

0.8▲

▼ 361.0 ▲2.1184.5

▼-11 3-15-8

Citi 45

▼Goldman Sachs & Co

▼ Bank of America Merrill Lynch 43-6 6JP Morgan

-7 ▼5.0 -11▼▼

▲76,778.9▼ 0.6229.30.7

0.6▲

3340

1.80.6 -813.2 ▼

▲16.8

2.4

116,091.2-16

▲ 215.00.782,172.4

4.6▲ +8

▼0.7

45▲ 55 ▼Deutsche Bank

64,676.967

12.9 7▼ Credit Suisse

▲▲-0.58

83.98▼▼ 36

▲110.1 2.3

▼0.1

▼+2 0.6

131.0+1 VTB Capital 62,908.8 0.3

11710

911.154,109.4

13

41 11.940 0.748

▲5.00.2 0.1

82.7Rothschild4

2447,988.6

8.512+4

10

37

-6 41,548.4▼0.0

+69.8

1.0Evercore Partners▲

▲0.4▲

0.824

▲▲

▲1.4

▲1.8 ▲

0.8

2.9

▲

1.00.3

+10.5 2.5 0.4

▼-3 134.6

115.5▲

63.20.2 ▲14-21

0.10.03.2

32,247.46.3

▲2 ▲

0.1 +5

0.13.2

▼0.1

28▲

▼0.242

6.833,104.4

▼

▲6.6

-3 ▼14▲0.862▼

Greenhill & Co, LLC

-15+4

15*RBC Capital Markets

131.712

Renaissance Capital Group

31 5.1

403*

17

30,931.2 6.330,931.279 6.328,645.4 5.926

▲0.1▲ 0.02▲ 5 ▲

+11.0

▼0.80.1

▼ 25.4-10▲

0.2+2 46.1

▼1.0 0.70.5 0.1▲

-32 ▼0.2

21Lazard

0.0 -

0

0▼2.7

20125.220,888.1

16 306 10.89

Gleacher & Co Inc1820

0 2+17 0.1 ▲

▲18 4 0 4 0 3

46.7▼▼

▼

0 0-10

0.20.849

1

-6111.4

3 3

▲

2

22,384.0 4.64.3 ▼

▲-3.40 4

20-2.0

5.5 -14.522,260.3 1.5

352

▼-1.0▼-0.7

16

Moelis & Co42 34,032.5

27

15

8 753 6

Jefferies & Co Inc723

Greenhill & Co, LLC 20 10,100.7▼1 6

16

▲

3.5

▲4.1▼29,582.8

17

10,166.60.5

1.9

▼

0 1

14

13

Credit Suisse

Rothschild

41

-

Centerview Partners LLC

4

2133 1.9

18

15Deutsche Bank

RBC Capital Markets

12

19

14

Ondra Partners

Canaccord Genuity

6.3

UBS 19,030.022,196.4

Wells Fargo & Co 13

21

4.1

* tie

1

7

46.0

11

▼

6

1

JP Morgan

7

18,962.3

14,816.9

15.0

20.7

4

16.3

553

3

59.0

927 15

2 56.9

▼Industry % Change from Last Quarter -41.0%

11

16.410 26.1

1,013

8,500.3 330.42

8

321,773.9

Morgan Stanley

53,210.0

52,248.33

15,894.8

2

21,801.4

30,261.7

2

FinancialsGoldman Sachs & Co 1

1

13,667.0

21,663.1 32.6

66,542.33

19.1

32.7

52.0

18,109.1 34.7

31,384.5

27,681.9

12

10,707.8

71,546.5

210 20 16,306.1- Gleacher & Co Inc18 0.2▼▲18.4 0.4

1.60.3

+1 0.173.8▼

0.40.0

24-1

1▼

1.03.3 2

0.71.61.9 0.210.1+1 ▲

▲

-150.0▲

▲

▼0.2

-11.4%

4,668.30.2

▲

100.0489,011.60.5

100.0

▼▼-22.3%

5,939▼

41▲

-2.026.6-2

-1,70732

1.6

3.3

1.0 ▼▲0.6

0.21.6 1.1

16,231.59,385.9

▲0.4

7,692.025

Industry Total

25-

147,605.867

▲

1.5 -1.423

-33 Mizuho Financial Group240.1 0 Nomura

22Jefferies & Co Inc

▼-

Industry % Change from Same Period Last Year

Ondra Partners

15.6

8,115

▼

2

Share

0.2

First Quarter

-1,502

10

-34.6%▲

3

100.0

Rank

11,332.9

Mkt.

▼

72,627.9

-15.6%-20.4%

604

17.9%

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

-25.9%▼

2425 54

107,984.00.8

20-22

Industry Total

7

586

Top WW Announced M&A Advisors by Target Industry

10.4%

Energy and PowerCiti

11,917.9

542,754.1

No. Deals

▼181.4 ▲

Rank Val US$m

-24.9%

0.7TD Securities Inc

Industry % Change from Last Quarter ▼

7,563.4Houlihan Lokey


27 8,753.6

PricewaterhouseCoopers 230.2

▼-3

5716 ▼-13.2

0.3▼8,339.2▼1.6

221.5

9 1.5▲

-0.1

High Technology

8,188.3

Canaccord Genuity

Credit SuisseEvercore Partners

Real EstateGoldman Sachs & CoBarclays

40BNP Paribas SA

21

32.8

5

5

Lazard

JP MorganEvercore PartnersGoldman Sachs & Co

Consumer Staples

Bank of America Merrill LynchJP Morgan

Jan 1 - Mar 28 2013

Lazard

$56.6$35.3 $44.0

$24.7 $31.6 $27.8 $20.5$31.8

$5.5$19.3

$27.4$27.4 $27.4

$27.4

$22.05$22.05

$22.05

$18.2$18.2

$18.2 $18.2

$18.2 $18.2

$18.2

$16.7$16.7

$16.7

$16.7

$16.7

$22.3 $8.2

$26.5

$19.6 $14.7 $5.0

$0

$20

$40

$60

$80

$100

$120

$140

Goldman Sachs & Co

JP Morgan Morgan Stanley

Bank of America Merrill Lynch

Credit Suisse

Barclays Lazard Citi Centerview Partners

LLC

Evercore Partners

Ran

k Va

lue

(US

$bil)

Other Top 15 Deals

NBC Universal/Comcast Corp

Dell Inc/Investors

Virgin Media Inc/Liberty Global

Heinz/Investors

All Other Transactions


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First Quarter

Bid Premium Matrix - Average Premium to 4 Week Stock Price First Quarter

2013 UP

2013 DOWN 2012Americas

10.4x

9.9x

Healthcare

High Technology

11.3x 14.1x

5.7x

Healthcare

-19.5x 10.9x

7.4x

12.6x

EMEA

27.1x

10.1x

Japan

-

Asia ex. JapanEurope

27.1x

-

-

44.6 6.7

-

Worldwide M&A Matrix

UK

54.9

Canada

23.2

13.5

28.419.7

26.4

21.2

28.0

37.2

39.4

38.0

20.8

47.3-

35.3 7.6

22.624.8

49.129.4 28.7

26.522.7-

35.529.5

24.7 34.5 40.5 23.4 8.4

25.536.228.1

42.7

30.5

42

35.719.730.8 31.2


6.1x

9.8x

Exit Multiple Matrix - Average Rank Value / EBITDA

7.2x

5.8x

29.7-

7.1x

-

26.8 10.1x -

35.6 44.7

World

https://www.thomsonone.com

29

57.827.8 24.4

35.6

29.332.5

75.4

Retail

33.4

-

35.5

26.4

9.5x

12.2x

Materials

20.7

35.9

Telecommunications

Real Estate

Retail 28.3

Consumer Staples

Consumer Products and Services

Financials

28.8

11.6x

34.5

29.1

33.8

11.8x

10.0x

32.0

Average Industry Total

35.5

38.5

Telecommunications 25.5

34.8

31.1 32.2

26.0Media and Entertainment

29.8

33.5

31.8 45.4

24.8 19.2

37.8

47.1

31.2

41.1

26.3

21.3x

44.5

25.5

23.5

12.6x

33.8

32.331.3

11.2x

11.0x

29.8

36.7

World

11.7x

27.2

Industrials

9.4x

2013 UP

2013 DOWN

25.6

18.4 26.7

38.3

33.8

40.6

51.8 25

27.341.8

8.0

37.3 42.939.3 19.7

27.927.9

26.4

High Technology

Industrials

10.9x

Energy and Power

31.5

11.0x

37.4

28.7

37.0

12.1x

6.6

27

25.817.6

27.6

-25.6

40.42327.2

8.8x

10.0x29.4x 14.8x

3.1x

14.3x

-

8.0x

4.5x

-30.8

37.4 45.3

29.1

Japan

100.0

32.7 23.0

34.0 20.8 41.1

19.047.829.2 33.7

38.6

24.5 26

35.2

27.9 28.4

40.3

- -

-

33.1

26.5 39.5

37.834.6

53.3 10.1

-

58.8

31.2

31.0

45.7

41.6

37.6 33.1

37.4

27.4

37.1 38.6

28.2

40.4 58.328.223.7

26.8-24.3

36.8

22.8 28.4

34.2

27.8

20.6

22.2

41.1

22.821.4

35.4

55.5

17.9

55.5

27.8

31.6

-

30.8

34.8

15.6

8.0 23.4

-26

-37.8

32.928.4

-

14.7x

48.2

28.1

53.6

Asia ex. Japan

36.1

33.4

10.1x

35.2

28.2

41.734.9 38.7

39.3

-33.3

-33.6

UK

6.7x 5.9x

54.937.8

-23.6 -

Europe

10.3x

27.4

13.7x

28.7

23.8

14.3x- -

-

13.7x

27.9

5.0x

11.5x 11.0x 10.3x 10.8x

13.1x

11.1x

-

15.8x

9.9x

13.7x 23.3x13.9x

7.0x

13.2x 12.0x

13.2x 16.6x 12.6x

14.3x

22.1x 13.9x

- -

13.2x

11.7x

23.3x

8.1x13.2x23.4x

12.6x

-

8.6x 9.2x8.8x 14.8x14.8x -

17.3x9.8x

17.6x 19.2x

8.2x

7.9x 8.6x7.1x

12.9x 8.2x 12.9x19.6x

17.5x 17.3x 1.4x3.4x

11.4x13.3x18.3x12.9x

6.2x

-12.8x7.0x 9.6x16.2x27.8x

11.4x

13.1x

Americas USA EMEA

-

13.0x8.9x6.1x11.4x

8.8x

6.5x25.7x

7.9x 15.1x-

10.2x

11.1x8.0x

10.1x

13.0x

8.7x

7.4x 12.7x

7.6x

8.7x

8.7x

7.2x

10.6x

-3.2x

10.1x

18.3x

-

8.9x

21.9x 37.4x24.0x 37.4x 24.4x

13.7x

8.1x 6.7x

11.2x

-

-

-11.3x6.7x15.3x

8.4x 10.8x

6.1x

9.8x

19.2x

15.4x

4.9x

9.5x

10.5x

11.7x

12.5x

CanadaUSA

-7.7x 11.3x

19.2x

7.9x 7.6x

10.9x

7.3x

Consumer Products and Services 7.8x 7.9x

Consumer Staples

Energy and Power

8.9x

Materials

11.9x

12.0x

6.1x

12.7x12.7x

23.5x

11.3x

10.9x

3.8x

11.3x13.7x

2012

11.1x 11.5xAverage Industry Total

12.1x

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 - 3/28/2013 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%.

5.9x 16.3x

11.0x

6.2x

-

4.9x10.8x

22.1x8.8x

10.0x

17.5x

4


Worldwide Announced Rankings* - A Decade in Review

1

2

3

4

1

2

3

4

Goldman Sachs & Co

JP Morgan

Morgan Stanley


Rankings shown are as of the current quarter end in each calendar year*League Table positions reflect consolidation within the banking sector

5

6

7

8

9

102004 2005 2006 2007 2008 2009 2010 2011 2012 2013

5

6

7

8

9

10

Ran

k

Credit Suisse

Barclays

Lazard

Citi


Evercore Partners

g q y


1 69.4


Overall US M&A Increases 68% From 1Q2012 | Lowest Fee Volume Since Q3 2009 | Canadian Activity Falls 39%

4 35.7

While total values of M&A activity with US involvement during the first three months of 2013 fell 26.7% from last quarter,volumes increased significantly over the sluggish first quarter totals in 2012, reaching US$310.2 billion and representing a67.7% increase in transaction value.

Despite a 17.6% increase in value of completed Americas M&A activity, the first quarter saw a 12.9% decrease in total M&Afees earned, according to estimates by Thomson Reuters/Freeman Consulting. The US$3 billion total was the lowestopening quarter since 2009.

Accumulating US$30.2 billion in transaction value, announced Canadian Involvement activity fell 38.7% from the totalsreached in the same period last year, and 48% from last quarter. Conversely, completed Canadian Involvement activityrose, posting an 18.5% increase over first quarter 2012 levels.

The High Technology sector led the US market, with deal volume totaling US$56.3 billion, a 21% market share and a 32%decrease compared to last year. Energy & Power placed second, with US$35.6 billion, a 13.2% share. High Technologyalso emerged as the most active sector, outpacing Real Estate by 174 deals.

On average, EBITDA multiples for Americas Targets during the first three months of 2013 decreased slightly to 11.0x fromthe 11.1x averaged during the first quarter of 2012. Average industry multiples ranged from 7.3x for Materials to 24x forReal Estate targets.

41.8

Americas M&A

6

4

4

150 38.3

Share

38.7

26.6331.9

38.1

22,048.222,048.2

72.72

3

69.4

30 2

9

3

5

148 29.13

2

Mkt.

324

No. Deals

38.24

2*2*

1

Rank

9,416.9

12

31,792.4 23,123.5 1

14,786.411,282.3

12321,451.4

35,649.8 13,667.012,738.710,372.7

35,402.6

Evercore PartnersCredit Suisse

BarclaysGoldman Sachs & CoLazard

Citi

Credit SuisseGoldman Sachs & CoLionTree Advisors LLC

Rank Val (US$m)

56,345.1 21,801.421,538.9Evercore Partners

Goldman Sachs & Co

US Announced Advisors by Target Industry Jan 1 - Mar 28 2013Americas Deals Intelligence

High Technology

Real Estate

Energy and Power

Telecommunications

JP Morgan

JP Morgan 22,048.2 2* 69.4 1 * tie

Any Americas Involvement Completed M&A Fees

2/27/2013

3/20/20131/8/2013

Pending CommonWealth REIT (90.2%)

Pending

5,497.0



8,271.6

United States / United States 21,421.4

6,775.3United States / United StatesTelecommunications / Other Telecom


Liberty Global Inc

DISH Network CorpAmerican Rlty Capital Ppty Inc

22,048.2


16,700.0Investor Group

AMR Corp


Cole Credit Ppty Tr III Inc (100%)

Comcast Corp

Pending US Airways Group Inc (100%)Real Estate / REITs

2/12/2013Pending

Date Effective

2/5/2013 Dell Inc (86.2%)

HJ Heinz Co (97.4%)2/14/2013Pending Virgin Media Inc (100%)Pending

2/5/2013

Rank Date

Intended

Icahn Enterprises LP

3/22/2013

3/22/2013

Clearwire Corp (100%)

Dell Inc (100%)

NBCUniversal Media LLC (49%)

Pending

Dell Inc (59.1%)

Investor Group

Boulder Acquisition CorpPending

2/14/2013 Industrials / Transportation & Infrastructure

Top Ten US-Target Announced Deals Jan 1 – Mar 28 2013

3/19/201318,233.9


High Technology / Computers & PeripheralsUnited States / United States

Target (% Sought/Acquired) Acquiror

Media and Entertainment / Broadcasting

Real Estate / REITs



Telecommunications / Space and Satellites

9,178.7

27,361.7

11,694.0


Investor Group Consumer Staples / Food and BeverageTarget Macro / Mid IndustryRank Value (US$m)Acquiror / Target Nation

Jan 1 – Mar 28 2013US Target Announced M&A Target Industry by Value (US$ bil)

20.9%

13.2%

13.1%11.8%

11.0%

9.8%

5.2%3.7%

3.6%

High Technology Real Estate Energy and PowerTelecommunications Consumer Staples Media and EntertainmentIndustrials Healthcare MaterialsFinancials Retail Consumer Products and ServicesGovernment and Agencies

$4.72 $5.70 $4.87$2.08

$3.50 $3.85 $3.47 $3.03

$5.02$6.53

$4.25

$1.77

$3.88$5.51

$4.49

$4.72

$6.97

$4.48

$2.59

$4.22

$4.54$4.02

$6.15

$7.01

$3.92

$4.39

$5.45

$4.47$5.59

3,541

4,132

3,955

2,6973,005 3,198

3,626

2,604

0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

5

10

15

20

25

2006 2007 2008 2009 2010 2011 2012 2013

# of

Dea

ls

Ran

k Va

l (U

S$b

il)

Q1 Fee Volume (US$ bil) Q2 Fee Volume (US$ bil)

Q3 Fee Volume (US$ bil) Q4 Fee Volume (US$ bil)

Q1 Historical Deal Volume

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Evercore Partners Credit Suisse

100 03 026 6Industry Total 405294 171 5 2 604346 808 3 100 0 357▲

3 241 100 01.1 0.7

Industry Total0.0 -0.30.1 -3 ▼ 1.3 ▼1.6 ▲ 1 0.0 59 3,178.9FirstEnergy Capital Corp 25 2

▼Millstein & Co LP 25 - 5,497.0 1.6

1.3 -1.5+1 ▲

20 3,749.7 1.0 1.6▼ 29.8▼ 19 0.7 -262.0 ▲ 1 0.0 Houlihan Lokey 24+1 ▲▲

Groton Partners LLC 24 - 6,916.6 2.07 0.2 +2 ▲ 1.0 0.441 4,039.8 1.4 0.4 0.3 +1 ▲ 30.8Wells Fargo & Co 23

0.8 0.70.2 +4 ▲ 25.4▲ 8

▲CIBC World Markets Inc 23 27 6,968.7 2.0 -0.5 ▼

▲ 6+3 ▲ Peter J. Solomon Co Ltd 220.1 0.1

198* 5,061.3- 6,896.5 0.0 +1

1.7 1.72.2▲

-1.0 ▼0 -

13 0.410 0.3

Canaccord Genuity 22 22 7,659.6

▲TD Securities Inc 21 14 7,984.0 2.3 -3.3 ▼ ▲2.5

13 0.4 -3 ▼ ▲ 12.3 2.3DBS Group Holdings 20*United Overseas Bank Ltd 20*

▲ 12.3 2.3- 6,896.5 0.0 +1 0.1 0.1▲ 2.5

2.6 -4.7 1.3 0.90.7 +2 ▲ 37.9▼ 18 ▼Rothschild 20 15 9,084.4 2.6 -2.5 ▼

0.5 ▲ 6 0.2 10 7,630.7Deutsche Bank 19▼

Greenhill & Co, LLC 19 29 9,997.3 2.93.6 -6.2

+2 ▲8 10,564.5 1.8 0.8- 53.9▼ 19 0.7 02.8 ▲ 2 0.1 UBS 18+1 ▲

▲Ondra Partners 18 108 10,166.6 2.9

18 0.6 -17 ▼ 2.3 0.37 10,584.4 3.6 -7.4 0.7 +2 ▲ 69.0Evercore Partners 170.4 0.30.2 0 - 11.0

▼ 17▲

Deutsche Bank 17 7 12,939.1 3.7 -10.5 ▼▲ 6+1 ▲ HSBC Holdings PLC 16

2.7 1.994 10,937.934 12,100.3 0.9 +8

3.7 3.65.2▲

0.4 ▲-30 ▼

23 0.719 0.6

UBS 16 18 17,965.2

▼RBC Capital Markets 15 8 21,804.1 6.3 -5.3 ▼ ▲82.0

16 0.5 -7 ▼ ▲ 215.2 1.5Rothschild 15Jefferies & Co Inc 14

▲ 234.1 2.718 15,428.9 0.8 -1 2.2 0.3▼ 65.4

5.5 0.7 0.6 0.50.1 -1 ▼ 18.4▲ 2 ▲Jefferies & Co Inc 14 17 22,260.3 6.4 1.6 ▲

7.6 ▲ 10 0.3 13 16,306.1Gleacher & Co Inc 13▲

Wells Fargo & Co 13 31 34,032.5 9.86.3 1.1

-3 ▼3.5 0.2▲ 106.5▲ 36 1.4 +6Lazard 12-6 ▼ 12 18,525.34.9 ▲ 20 0.6

12.4 ▲ ▼Moelis & Co 12 11 40,033.4 11.5

4 0.1 +4 ▲ 1.5 0.914 22,384.0 7.6 2.8 0.4 -5 ▼ 46.7BMO Capital Markets 112.3 3.70.8 -7 ▼ 70.1

▲ 11

1.5 0.8▼ 20 ▼

LionTree Advisors LLC 11 - 42,956.1 12.4

0.3 +57.9 -11.3

▲ 99.7 8.191.0

-4 ▼ ▲ 46.66 23,150.831 28,405.2

7.8 ▲ 3126

10+8 ▲Greenhill & Co, LLC-5.0 ▼

10 12 48,135.7 13.9

▲Barclays 9 2 49,900.0 14.4 ▲0.8

▲ 526 0.8 +1 ▲ Centerview Partners LLC 8 19 28,645.4 9.7 6.1 0.2 +3 46.110.6 3.1 3.5 0.40.9 -2124 ▲

Citi 8 6 52,280.2 15.1 1.5 1.3▲0.1 ▲9.2 ▲16.2

17.3+6 ▲43 1.3 RBC Capital Markets 7Lazard 7 10 56,021.9

▲31 1.2 +7 5.79 31,285.1 ▼ 105.6▲

50,892.1Bank of America Merrill Lynch 6 2 1.3▲ 171.50.2148.1 ▼0.8 -2 4.9

+1 ▲ ▼-5.0

▲

Centerview Partners LLC 6 30 57,813.1 16.725

14.5 ▲ 60.55 55,091.4 18.7 -2.3 0.8 -15 ▼JP Morgan 5 ▼ 21

4.90.8 +7 ▲ 146.855,733.1Credit Suisse 5 5 58,974.1

1.8

17.0 1.1

3Citi 22

▼

8.820.8 1.3

▲26.7

▲▲3.0

019.0 13.1

3.5 ▲- 9.41.5Morgan Stanley 4 9 72,171.7 4+7 ▲

Goldman Sachs & Co 81,854.6 27.81112.2 ▲ 43

▲168.8 2.1▲ 28 1.1 +3 ▲ 5.6Bank of America Merrill Lynch 3 4 92,672.1

230 0.932

0 -▼ 4 97,506.0

1Barclays

284.133.2

▲ 391

▲45.5Morgan Stanley▼521.0

23.63 133,688.6-11

32.630.8 11.7

Goldman Sachs & Co 1 1 1.6 ▲

MarketSh (%)US$m

JP Morgan 2 3 106,790.2 ▲

2013 Rank

Market# of Deals

2013 Rank

2012 Rank

Change in

+5113,010.9Share Ch.

1.2

# ofFinancial Advisor

Market

-713.1 ▲Share Ch.

32Sh (%)Sh (%) # of Deals Fees

215.4 7.1

Jan 1 – Mar 28Any Americas Involvement Announced (AD49) Jan 1 – Mar 28

# ofFinancial Advisor Sh (%) Share Ch. DealsUS$m

Rank Value MarketSh (%)

AdvisorRank Value

▲1.111.7

Market MarketImputed Fees (US$m)

Americas Rankings

Rank Value per Advisor (US$m)2012 Rank Deals

Any Americas Involvement Completed (AF55)

MarketMarket Change in # of Deals per Advisor


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

LionTree Advisors LLC Gleacher & Co Inc

Industry TotalHoulihan Lokey

▲

▼

024 26

▲

2,497.3

88.0%

25 31 -0.1

-4.1%

100.0269,264.7

▼-19.7% -29.4%

Industry Total

Industry % Change from Last Quarter -32.2%

1,634

-15.7% ▼▼-15.8%▲

-49.8%

0.1

Industry % Change from Same Period Last Year▼

1,701.4 2

-6.7%

70100.0

0▲0.8-117

25.6% ▼

25100.0

▲- 0.3 0.35.41,962.1

0.1 ▲0.5 ▲ 8.34 0.2 +341KeyBanc Capital Markets Inc

24Perella Weinberg Partners LP3▼ +1 ▲▼ 0.6

-5.5 ▼▼ 42,473.0 1.2-

26*1.0

▼10 0.6 -6 ▼ 1.3 ▼1.4

0.227.2

0.1

0.4▲1.22,051.40.11,775.4 0.8

1-0.7

Ondra Partners 23 71 3,250.00Gleacher & Co Inc 22 BMO Capital Markets0.1 -1 0.3

1.2 1.10.4 ▲

1222

Moelis & Co 23-

Simmons & Co International 21 34 4,114.5 1.56.0

7-6.511 3,675.5

▼2,662.1 1.3▲ -33 0.2 21▼

▼ 0.4 ▼20.522.0▼

1.01.1 2.618 2,666.4 1.3 -2.7 1.0 -25Houlihan Lokey 20▲ ▲0.12.0 2.0 +1

Rothschild ▲ 3 0.21.6 0.4▲ 0.3 -1 0.4 ▲1.3▼19 32 7.4▲6,690.0 2.5 FTI Consulting IncMillstein & Co LP 20 - 5,497.0

0.5 +219 55 3,022.3 1.4

+30.4 +4 ▲

▲1.225.4 1.31.013

13,067.8 4.9

1.61.926.0

23 8 30.8-11▼9,997.3

▲0.80.5 ▲ ▲▼ 1.30.52.2 83.7 17

▼0.17 6,141.3 2.9▲▼

110*-4.04,655.4

53.1110.7 0 52.20.7

▲2.711 -2.3

0.4-13.2 ▼Evercore Partners 150.6▲

▼RBC Capital Markets 14 14 19,710.3 7.3 3.1 ▲

0.7

Jefferies & Co Inc 15 16 19,522.6

1.42.7

0.7▲3.2Rothschild

73.726.5

▲10 2.4▼ 14 6913 8,160.5 ▲

▲-3.7 ▼

+66,788.4

▲ 18

0.5+312.6 3.9UBS+7

9▲

Wells Fargo & Co 13 18 34,032.5 10 ▼0.5 -2▲9 14.7

11

Evercore Partners0.6▼ LazardMoelis & Co 12

2039,620.6 -3 ▲10,912.2 5.1 1.0 ▲ 1.6264.9

6.73.812 17

15.5 5.4 23 14,125.90.9

1111 8 41,741.4 +7 ▲ Jefferies & Co Inc▲16,306.1- -20.6 ▲ 142,956.1 16.0 16.0 4

3.8 ▲ 0.315 0.9 -1 49.2 2.5▼

▼46.0 2.4

▼0.70.917.9 ▲4.317,603.2 -7 ▼0.69

0.17.7 ▼-14.4 ▼9

Greenhill & Co, LLC 8 21▼▲

20 1.0▲

▼ 28,405.28.3

▲0.216.8 Credit Suisse+8

10 106Citi 9 6 45,113.6

1023

▲

▲1.5▲ 9 ▲ 46.60.6 +6 2.4▲

Barclays 8 1 47,161.3 17.5▲7

13.4 11.12.00.3 +313.5 8.2 ▲ 46.151.9 +13 Centerview Partners LLC 2.4

+4+7 ▲ 1315*▲

▲Lazard 7 12 51,474.4 19.1 11.6 ▲

▲ 4.3 2.114 30,766.4 14.5 9.2 ▲ 83.8▲ 0.828 Citi 6▼

1.5Morgan Stanley 6 10 55,937.4 20.8 12.120.9 4.1 120.8▲ 0.7 JP Morgan-314 ▼13 0.8 -10

▲7.0 2.56.2 0.2 ▼

136.4-3.620.7Credit Suisse 5 5 56,273.1 43,952.45 5

▲21.5 Bank of America Merrill Lynch 44,367.1 20.9 -3.4 21-2 ▼Goldman Sachs & Co

21.1 ▲ 0.3 +26 1.3 +84 42 57,813.1

-123.4

▲▲ 0.9

▼1.6 1.3214.11.144.7 182 14.4 ▲94,795.3 ▼

10.9▼ 26-6.63▲135.1 6.9▲

2.43

Barclays0▲-23 76,139.6 28.3 8.3

1.9▲

36.6 18.7+6 ▲120,380.2 56.8 26.2 ▲

-

Financial Advisor7 98,700.5 1.99.422 1.31 123 184.51.2 0 - Morgan Stanley

MarketShare Ch. Deals Sh (%) # of Deals

Market

36.7 20.5 ▲US$mDeals Sh (%) Share Ch.Sh (%)

AdvisorFees

# of Change in 2013 Rank

2012 Rank

Rank Value Market Change in Market# of Deals Sh (%)

2012 Rank

Market

US Target Announced (AD2) Jan 1 – Mar 28

MarketRank Value Market2013 Rank

Industry % Change from Same Period Last Year 17.6%

US Target Completed (AF2) Jan 1 – Mar 28

-13.5% ▼ -12.9% ▼Industry % Change from Last Quarter -22.6%

▲

100.0

-28.2% ▼▼

Imputed Fees (US$m)

▼

3,026.6


▼ -45.8%


Industry % Change from Last Quarter -28.5% ▼ -26.1%Industry % Change from Same Period Last Year 35.9% ▲ -9.9% ▼

Industry Total -405294,171.5 2,604346,808.3 100.0 -3573,241 100.0Industry Total

2.4 2.4

3718

173.4

Goldman Sachs & Co 2 4 98,474.8


Greenhill & Co, LLC

Bank of America Merrill Lynch 3

UBS 16

1

Market # ofFinancial Advisor US$m Sh (%) Share Ch.JP Morgan 1

16

0.7

▼0.4

212,125.8

-4

▼18

11

8

4,039.82 9,140.3

1.4 -6.9

10

1

15 -1.3

0.8

-0.618

Industry % Change from Last Quarter

Deutsche Bank

4 4

▼13

8.8

1.2

Peter J. Solomon Co Ltd

▼

28,645.4

▼

Wells Fargo & Co0.5

5,061.3

249,708.1

-8.90.2

11

1.2

▼

▼-18.4

▼ 0.70.3

-9

▼

-81

▼

3,215.0 0.2-300.9

Guggenheim Securities LLC

6

+2

▼

Deutsche Bank

-2

▲-4-7

6

+4

RBC Capital Markets16

1,917


17+4

37

7.3 ▼

6

▼

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LionTree Advisors LLC Lazard

0.5

-1

+8

1.1 Goldman Sachs & Co

24

97,506.03

49.2

22.1


▲

10

2

▼▼ Evercore Partners

15

▲

▼

13

+1

+1

11.3

55,432.01

8

14

28,405.2

11

Sh (%) Share Ch.Market

Financial AdvisorMarket

▲Share Ch.

13.1

Any US Involvement Completed (AF48)

▲

US$m

▲

Jan 1 – Mar 28

16.952,280.2

▼

2012 Rank

Peter J. Solomon Co Ltd

▼

0.6

+4

Americas Rankings

16-3

▲

0.0-5

0.7 -1517

▼

▼

-

10 ▼0.4 Rothschild14-3

1.1 Gleacher & Co Inc

Greenhill & Co, LLC▼

▲▼▲

▲

Deutsche Bank

4.1

13.9 ▲▲

26

13.64

▼-6.8142,956.149,900.0 16.1

13.929

Credit Suisse

Lazard 7

58,038.0

78

6

56,021.9Centerview Partners LLC

Citi

UBS

1.0

0.2Barclays 9

1026 1.0

Evercore Partners-

1817

162* 5,061.36,612.1 2.6

2.09

8 10,451.7 4.2 -4.2 ▼ 18

Houlihan Lokey ▼24

2013 Rank

▲

18.1

12.2

0.2 +20.4

-5

7

Market

1.2Sh (%)

0.8

# of DealsChange in

▲▲


27

Sh (%)

-4

Morgan Stanley

46 38.8▲

2.5Barclays

Rank Value MarketImputed Fees (US$m)

US$m2013 Rank

2 106,490.23 102,404.6


34.3JP Morgan 133.0

2012 Rank

29.2Goldman Sachs & CoBank of America Merrill Lynch 3 5 90,677.5

11.44

12.6 ▲

MarketFinancial Advisor

Rank Value

Jan 1 – Mar 28Any US Involvement Announced (AD41)

1.8

▲1.6

0▲

+1

▼


+4

30Deals


3

# of

-

19

-5+9

11

1

0.8

0.1 +1

-8

+9

+1Bank of America Merrill Lynch

▼

10.8 ▲

▲4.9▲15.6

41▲ 15

23.0 ▲ 205.21.3 +2 7.9▲

244.7

▼

▲9.4

168.8

▲ 6.1

0.812

▼▲

1.7 ▲0.0

0.916

Deutsche Bank

6Greenhill & Co, LLC2.7

-0.919,710.3 6.4

2

57,813.111

▲70,673.85

2

6 +1▲

6 0.22141 1.6 +10

Moelis & Co11 10

12.9Wells Fargo & Co 13 20 34,032.5 11.0 ▲

42,289.220

5.3

8 22.8

18.618.7

19

▲4.1

▲

12 40,033.49

13

8.0

4.915

14

UBS 15,137.9

9,997.3

Jefferies & Co Inc 16 22,260.3

18

RBC Capital Markets 15

17

2.8

11,145.3 3.64+3

-15.010,166.687 3.3

7.2

▲Ondra Partners-0.1 ▼19 18

▲34

2.2- 5,497.0

3.2

218,357.16,916.6

1.8Groton Partners LLC 2.2Rothschild 20

36

11.8 ▲

Simmons & Co International 23 41 4,150.5Millstein & Co LP 22

4,033.2

-

▲ 144 0.21.3 ▲0.7

0.4Gleacher & Co Inc 25 12 3,675.5 1.2 ▼ 2

100 00.1-5.2

2 532

-6.519.4

Centerview Partners LLCCiti 6

00.6 -29

Industry Total 310 188 6

1.3

167

Change in Advisor Market# of

Morgan Stanley 1 2 123,522.4

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

Market

13.6 ▲ 28 1.3

Share Ch.0.827

6.5+4 ▲▲34 1.6 ▼ 0.4-4

4 4 48,654.1 27 1.3-3.7 ▼143.7 5.5 0.6

1.2▼

159.0 ▲20

+7JP Morgan 5 5 48,195.0 19.2 -3.4 0.9 -13

▲21 1.0 +12 ▲ 121.5 4.7 2.938,067.5 15.2 10.928,645.4 0.216* +3

▲▲ 46.111.4 7.1 ▲ 5 1.8 1.5 ▲

9.4 ▲ 9 0.4 +5 ▲ 46.6 1.8 1.0 ▲Credit Suisse 9 6 21,634.5 8.6 -13.8 ▼ 61.4 2.4 4.1 ▼16 0.8 -5 ▼

0.6 ▲33 1.5 +5 ▲11 16,306.1

101.7 3.918,341.2 7.3 2.7 ▲0.1 -1 ▼ 18.46.5 0.7 ▲ 2 0.7 0.5 ▲

Jefferies & Co Inc 12 20 15,130.2 6.0 3.2 ▲ 20 0.9 +1 ▲ 2.563.7▲ 20

0.1

▲15 0.7 +2 ▲2.9

▼2.3 ▲53 10,832.5 0.9 +10 ▲ 75.84.3 4.0

2.0 0.60.8 +3 ▲ 52.00.17 10,476.3 4.2 -9.0 2.566.0▼

▼RBC Capital Markets 16 10 9,700.1 3.9 -2.1 ▼ 43.5 1.7 0.6 ▼16 0.8 -7 ▼

0.7 ▼17 0.8 +3 ▲ 36.2 1.4-5.0 ▼0.3 +4 ▲ 25.42.0 ▲ 6 1.0 0.9 ▲

HSBC Holdings PLC 19 122* 4,041.4 1.6 1.6 ▲ 0.30.5 ▲8 0.4 +1 ▲ 30.80.3 ▲

18 3,749.7

▲ 8.55 0.2 +230

0.9 -25Wells Fargo & Co 20Houlihan Lokey 21

1.24,039.8 1.61.5

0.4 ▲▼ 29.8-1.8 ▼ 19 1.1 2.0 ▼

KPMG 22 22 3,151.2 1.3 -1.2 ▼ 0.0 -14 0.7 +4 ▲ 2.8 0.1FTI Consulting Inc 23 84 3,048.9 0.2 +3 ▲ 8.11.2 1.1 ▲ 4 0.3 0.3 ▲BMO Capital Markets 24 31 2,750.7 1.1 0 - ▼5 0.2 0 - 8.5 0.3

25 63 2,720.9 1.1 0.90.4

0.3 +5 ▲ 11.7▲ 6 0.5 0.3 ▲2 603 4 100 0251 185 4 2 132100 0 221Industry Total

Perella Weinberg Partners LP

Deutsche Bank CIBC World Markets Inc2

▼

908.331

15

5.1

JP Morgan14

▼

-

▼

Macquarie Group 17

▲

0.5

21

4.1

6.7

▲6.5 1.5

5

▲3.3

234.8

3.0 1.70.2▲

▲

13

10

1.0

▲0.6

+1

Change in

0.3▼

-1 ▼

Sh (%)

1.6

Houlihan Lokey

▼-1▲3.7

ScotiabankRothschild

112,332.2

121,446.9

28

1,535.9

2,260.510

-

Jones Lang LaSalle Inc

23*Cenkos Securities PLC 23*

26*

-2

1.1

+1

Industry Total25Moelis & Co

-128

59*

15

110.3

4

14

414.0 0.21.422

-0.9 ▼

-12.2

0.22.7 0.3

12.80.5

1-20.2-2

1.3

0.81,000.0

▼

800.6

▼13 1,229.218 ▼-1.1 12.90.6

0.0 2.4▲ 3 0.1 ▲ 3.5 0.6

-52.5-

▲ 3

1,088.3-4.8 ▼

2

2.3

4.5 ▲

▲0.3-4 ▼2.8Canaccord Genuity

12

+32.5

-10.6 ▼31

-2

+36.6

41.9

13

24.20

2,151.01.4+2 ▲ 9.91,989.04.80.18 2.34.9 ▼

12 6

▼

12.20.12,738.7 ▲-0.7

6.9▲ ▲

+2▼6.2

10.3▲

6

21,765.6

18,064.6

▲0.7

▲▲

-0.57.1

4.4

0.1

▼

▼

▲

-3.3

-▼0.1

1.322

3.0-3

3.0

▲▼▼

1.31.9

BMO Capital Markets

5,719.19.34,100.06Lazard

7.51 7.7


0.39.3

Credit Suisse 16 14

8

13 1,958.3

9RBC Capital Markets 3.729.1▼45

8 3.59

18.83,018.5

4.55.4

10

5▼

Scotiabank

▲

Rothschild0.6

93,135.3▲ 35Morgan Stanley

11

-32.22.8 4

-22+1▲

23

1211.8

GMP Capital Corp

2,902.5 9.62,804.8

7.2 0.3-▼

024FirstEnergy Capital Corp 0.0

0.07

12.4 ▲13.0

3,178.9

3.8+3 23.2 4.3▲0.13.26.434.0

-3 ▼

24▼12 33

65

10

Jan 1 – Mar 28

▼10

Share Ch.

9

Deals

13.2

Market

0.0▲4 33.6

+4

▲▲

+1 41.0

20.2▲10.0

-242.5

2 26,618.049.5

7.9

0.3 -11 ▼

-4 ▼ ▼

6.514.66.3

3.8▲▲

Sh (%) Share Ch.

-

Market# of Deals

Change in Market

0 33.6

Sh (%)

Any Canadian Involvement Completed (AF49)

-26.7%

2012 Rank Deals

MarketFinancial Advisor


Rank Value per Advisor (US$m)MarketSh (%)

2013 Rank

2013 Rank

▼ Industry % Change from Last Quarter

2012 Rank


7,984.0 78.1RBC Capital Markets 155.12▲

28.7-Citi

60.5

Any Canadian Involvement Announced (AD42)

Financial Advisor US$mRank Value

21 26.5TD Securities Inc

Market

7,470.43 23.1 1.1

8.76,968.7

1.66 1.6

3

# of Market# of Deals

▲0

7Goldman Sachs & CoMorgan Stanley

5

Canaccord Genuity+2

4 4,602.6 15.319.4

3 3,572.6BMO Capital MarketsEvercore Partners

2

4CIBC World Markets Inc

32

Bank of America Merrill Lynch 6

0

7

-7.5

▲19.0 2

7

-11.8

▲-2

-

▼

TD Securities Inc

513.2

Rank Value

973.5

1.9

1

419.5

3.7+1

Market

Haywood Securities Ltd.

Credit Suisse

44,017.1

1.8

0.1

0.9

▼

0.9

Imputed Fees (US$m)

Jan 1 – Mar 28

0.9

Sh (%)

45.4

▲

▼

1.2 -13.0

▲

▼-2.2

100.0

12.111 1,031.9Houlihan Lokey

▲

16- 38 2.2

-

Industry % Change from Last Quarter▼

AltaCorp Capital Inc

-47.9%

23+1 -

0.2

100.0

389.2

▼Industry % Change from Same Period Last Year

* tie

-

-17.0%

▲1.3

Robert W Baird & Co IncOriel Securities Limited

355.0 1.2

20 59* 466.6


389.2

-38.7% ▼

-

1.4

0

Wells Fargo & Co

11

1.6

-2.624.8

3

10.0

10

2

5,846.4

-25.9% ▼

100.0

-6.2% ▼

2,532Industry Total 310,188.6

Industry % Change from Same Period Last Year 67.7% ▲

-167 2,603.4 100.0251,185.4

▼

2,132

Industry % Change from Same Period Last Year 20.9% -9.4% ▼

100.0

▼-10.2% ▼

-27.4%

1

Evercore PartnersGoldman Sachs & Co

0.1 -4

-221

▼

19,984.0

▲


-18.5% -44.1%

Share Ch.

42.8

3

US$mAdvisor# of

▲Fees

2.3 0.1 ▼1.1

▼

0.67.5▲▼ 5.9

0.1 1.4 ▼0.0 0.5

▲+1-2

0.4▲ 18▲

GMP Capital Corp1.1

17▼ Barclays

500.0HSBC Holdings PLC 19 46 500.0 1.7 -0.21.6 0 32Citi 18 30 515.0

1.71.7

19 732.85 ▼0.1 -53 0.7▼ 3.7 2.4

0.0▲HSBC Holdings PLC

21 - 419.5 1.4 ▲+2▲

▲

6.74.9▲

19 ▼ 2.01 0.30.4

▲3.60.0 ▼

1.31.3+20.0-

20 1.0

21444.3

--1

1.0-17.420 ▼0.2 3

1 0.2 398.7

Robert W Baird & Co Inc

24*

22

2

58* 414.0399.0

▲0.9

1.00.9 ▲1.1

▲0.00.9

+1 ▲▲ 0.50.0

-24.9%▼▼

▲0.9398.724*▲ ▲

Clarus Securities Inc. ▲

100.0

1 +1

▲

▲1.0

-34.3%Industry % Change from Same Period Last Year

0.3 0.21

-21.8% -49.8%

1

-30.1%▼

-184 535.6

▼ -19.4%

▲ 1.00.4

5.2▲ 2.1 0.4

0.51

0.0 +10.00.9

Industry Total30,171.6

1.3

-1 ▼

▲ 11.3

Greenhill & Co, LLC▲

18.5%

625

▼

0.90-

02.8

428

▲

1

1

646.9 2.1 0.5

▲

▲

1.42

1.6 Bank of America Merrill LynchJones Lang LaSalle Inc0.3

19

Industry Total

5.91

0.7▲

▼-1

3

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3* 19.2 1

EMEA Involvement Announced Advisors by Target Industry Jan 1 - Mar 28 2013

Announced M&A activity with EMEA involvement totalled US$181.1 billion in the first quarter of 2013, down 20% compared tothe US$226.4 billion reached in the same period last year. This represented the lowest quarterly activity since the third quarterof 2009, and the slowest start to a year since 2003. EMEA fees accumulated on deals completed in the first three months of2013 fell short of 2012 totals as well, reaching only US$1.9 billion, a 3.2% decrease compared to the US$2 billion total for thesame period last year, according to estimates from Thomson Reuters/Freeman Consulting.

Energy and Power was the most active sector in the first three months of 2013, with 277 deals grossing a combined US$30.4billion. Financials accrued US$30.3 billion and Industrials represented US$22 billion worth of activity.

EMEA-targeted buyside financial sponsor activity reached only US$14.6 billion, falling short of the US$19.5 billion reported inthe first quarter of last year and even further behind the US$27.1 billion reached in the previous quarter, making it the slowestquarter since the second quarter of 2010.

Acquirors listed on the Milan stock exchange were EMEA's most acquisitive companies in the first three months of 2013, with18 deals accounting for a combined total of US$7.5 billion in offers. Atlantia’s US$4.1 billion offer for Gemina accounted forthe majority of this activity.

11

9 3

4 3

22,033.0

1

No. Deals

4

8 398

4 566

277

Mkt.

130,395.5

Share

15.2

12 57.1

Rank

Goldman Sachs & Co18.1

Morgan Stanley

18.42

31.56,940.6

1

25.4

1215,594.8

313

19.23*

17,284.0

3

7,685.9 51.5

42.1

2

2 Healthcare 16,463.7 176

Citi 10,166.6 61.81* 2

Morgan Stanley


EMEA M&AEMEA Announced M&A Falls 20% | Energy and Power Highest Valued Sector | Lowest Q1 Activity in 10 Years

Primary Listing of Most Acquisitive EMEA Companies - Top 10 (US$B) Jan 1 - Mar 28 2013

51.0

EMEA Deals Intelligence

VTB Capital

Energy and PowerRank Val US$m

5,603.8

JP Morgan

4,628.5

9,271.0 Industrials

3

3

3Financials

JP Morgan

Goldman Sachs & Co

Rothschild

Morgan Stanley

5,502.4

30,265.3

61.8

28,130.4 36.9

3

22.21

3,620.0

Citi19.92

1*

3,738.7 4,184.0

Societe Generale

Barclays

Materials

10,166.6 Ondra Partners8,398.6

18,816.8

3,620.0

* tie

Deutsche Bank

2

Credit Suisse

EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)


Consumer Staples / Food and Beverage

Telecommunications / Telecommunications Services

4,476.1 Financials / Banks4,210.04,097.7

6,916.6

3,620.0 Materials / Metals & Mining

Industrials / Automobiles & Components

Healthcare / Biotechnology

Polyus Gold International Ltd (37.78%)

Italy / ItalyAtlantia SpAMAN SE (26.3%) Germany / Germany

Russian Fed / Russian FedPending

y g q p p ( $ )

Intended3/21/2013

2/22/2013

ENI East Africa SpA (28.6%)3/8/2013

Volkswagen AGPending

Pending

Investkompaniya A13/28/2013

GEMINA (100%)

2/22/2013 Investor Group United Kingdom / United Kingdom

Groupe BPCE SARoyal Dutch Shell PLCRepsol-LNG Bus,Trinidad (100%)

4,032.7Tele2 Russia (100%) 4,000.0

Energy and Power / Oil & Gas4,900.0Financials / Insurance

Jan 1 – Mar 28 2013Target Macro / Mid Industry

2/1/2013 SNS Reaal NV (100%)Pending

DE Master Blenders 1753 BV (85%)Target (% Sought/Acquired)Date Effective

2/1/2013

Rank Value (US$m)Acquiror / Target Nation

RP Management LLCThe Netherlands

3/13/2013 Energy and Power / Oil & GasFrance / France

PetroChina Co Ltd

2/26/2013

Pending

Elan Corp PLC (100%)

China / Mozambique2/22/20132/17/2013

Rank Date3/28/20132/25/2013

Groupe BPCE SA (20%)

Intended Investor Group

Netherlands / NetherlandsUnited States / Ireland-Rep

Austria / Netherlands

Top Ten EMEA Involvement Announced DealsAcquiror

8,635.0

Netherlands / Trinidad&Tob

g p ( y p y)

5,047.1

$16.3$32.2

$76.1 $73.0

$26.8 $21.2 $19.5 $14.6

$25.4

$58.6

$44.5$82.9

$38.6

$8.4$13.4

$36.8$20.1

$38.0

$33.9

$60.3

$50.5

$27.3

$13.1

$36.9

$22.0

$16.1

$38.2

$45.1

$90.3$56.5

$19.7

$23.3$21.6

$27.1

73.0%

94.0%75.3%

75.2%

33.0%

23.1%

64.2%

47.3% 46.7%

10.3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

$0

$50

$100

$150

$200

$250

$300

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

% o

f EM

EA

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)Q3 Volume (US$b)Q2 Volume (US$b)Q1 Volume (US$b)% of YTD EMEA M&A

$7.5

$6.4

$6.2$5.4

$4.9

$3.5

$1.8$1.6

Milan

Frankfurt

London

OMX Stockholm

Amsterdam

Bratislava

Abu Dhabi Stock Market

Lisbon

Swiss Stock Exchange

Johannesburg


Lazard UBS

1 2 ▲ 2 0 0 4 ▼▲ 1 0.0 +1 ▲

RBS 25* 40 4 097 7 2 3Banca Agricola Mantovana 25* - 4,097.7 2.3 2.3

14

▲

▼

4,372.4

2.544

20

31

18

-

6,505.9

19

17 50

4,548.616

4,537.6

2.4

163.6

23

-

5,330.2 2.9

3.76,916.66,688.1

54

39

18

0.1

0

▲

-15

7

10

0.1

11

0.0

12*

4+1

0.1

▼

▼

0.1

▼

HSBC Holdings PLC

▼

25

1718

Mediobanca

Industry Total

ING▼

-5

▼

-16

-9

+1

12*

15

22

39.5

13.3-2

41.9

▲

▼

▲

▼▼

▼

0.1

▲

0.5

-

3.2

115.8

0.6

0.5

6.0

0.2

0.6

0.9

3.2

1.3

0.7

2.2

0.1

0.7

0.40.0

0.2

0.3

0.2

▲

▼

▼

1.0 -2

▲

-4+9

0.1 +1

88.490.2

28.61.34.6

▲ 0.8

0.54.7▼

0.10.50.8

+1

8

226* 16.0 ▲ 2

9.822

7

39,438.831,917.4

▲Rothschild 9

▼▼

-10 4

8

Evercore Partners 25

Credit Suisse

1116.0

13.5

41,919.4 ▲21.7

58,525.1

16.5

19.6

30,931.2

-17.019.1

19,746.211.312.9

30.210.9 0.3

0.222

-0.9

-21.420 -4

-7

0.617 0.2▼

▼

1.5 ▲

7.1

26

1.0

18,392.6 10.2VTB Capital 62,908.8

▲

495-10

+2

▲▼ Goldman Sachs & Co ▲+227

▼

▲2.1 ▼

▲

1.9

1.32.2

33.7 0.1

12.26.8

37.7

0.8

▲

2.34.8

0.20.2

▲

0.3

0.1

1.019.110.1

5.1

1.7

7.41 938 1

▼+2

1 050

2.3-6.3

▲

▼▲

▲

▼0.4

1.9

▼

100 0

▲

▲

0.1

▲

▼

+7

0

0.3

0.70.7

3

▼

▲

-10

-▲

0.6+1

0.3

0.1

▼

-20.1

-11

2 715

10

0.3

3.52.6

-8.1

20

0.8 ▲

-1.9

1

15.3

4.98.015,408.0

9,385.96,802.4 3.5

30,931.2

-5

▼-1

Intesa SanPaolo

126,801.0

943,224.4

4814

5,043.9

29,662.0

39

16

4,428.6

-

2.0

1.71.6

193 549 9

1.7

1.52,827.8100 0

2

0.10.4

3,943.4

1.43,129.2

3,237.311

44

32

▲

0.8▲▲

▲

70.0

2.0 ▲

1.6

0.6

27

15

▲

2013 Rank

EMEA Rankings

Advisor

0.9Share Ch.

1

2013 Rank

Change in # of Deals

▲

# ofShare Ch.

5

MarketMarket

1.1▲13

# of Deals per AdvisorMarket

Imputed Fees (US$m)

1.6 ▲

▼37.4

84.3

Rank Value

▼2.548.12 0.625.1 4.4

Market

36.5

26.0

2.9

32.527

▲10.9

▼+1

-2▼

32.80.3

▼

▼ Morgan Stanley▲

6

65,239.870,665.2

Barclays3

71,629.3

9

17

463,420.4

334,946.7

CitiDeutsche Bank

3926 -170.330 0.4

-15.3

US$m-17.836,151.3 0.5 Bank of America Merrill Lynch▼

Sh (%)Sh (%) Deals20.0

Market# of

-6

-12▼▼

# of Deals

▼

Sh (%)

37.025

Sh (%)▲

13.0

Financial AdvisorChange in

▲

US$m2012 Rank

71,862.8 37.1

Rank Value per Advisor (US$m)Market

24.7

+5

29.8

-1018▲16

23.8 ▲

41.5▲

0.5▼▲

92.7

137.0

1.0 +6▼

2

1.40.6

0.7-3

▲

▲37

7

-6

7,573.9

13

14 15.86

20.4

22.9

7.9

44,253.0 17

▲

▲

0.2

00.5

+1-12

6.4

4.2

0

▲

0.0▼

-16-11.1

3.1

18

7,202.9

4.64016

5

72.9 ▲

1

8,339.2

▲8

3.83.8

-25.2-0.1 ▼ 2

2.14.0

-17.8

-3.5 ▼▼-24.6

0.2

0.1▼▼

0.2

-

0.1

4 -6Nordea

60

2324

0.20.1

Societe Generale 24

HSBC Holdings PLC43

Detroyat Associes SA 2221Handelsbanken Capital Markets

Mediobanca

-21.6

0.4

Ondra Partners-

▼ BNP Paribas SA 19

8

11

2942

17.4

6

353

-4-6

0.20.10.2

-4

JP Morgan-

0

LazardSociete Generale

▲ Renaissance Capital Group

-2

Lambert Energy Advisory Ltd

4,438.3

5,027.22.3

-1.9

2.5-4.5

2.5

2.8

1.6

130.0

▼

2.6 ▲

▲ 7▼

0.0▲4,476.1

1.6

19

▼▲

18

▲2.5

2.5 20Greenhill & Co, LLC

0.0▲ 121

Handelsbanken Capital Markets

▲16.0

-4.9

▲-4.6

▼

4.9

▼

14.9

▼

34,572.34

13

7

5

8.4

128

9.8

5.6

2

Jan 1 – Mar 28

Sh (%)FeesDeals

56.53 2▼

1

Barclays

23,315.2

10,166.611,639.6

20,502.2CitiRothschild 4

3

Ondra Partners


Leonardo & CoIntesa SanPaolo

BNP Paribas SA

UniCredit

Groton Partners LLC

UBS

PricewaterhouseCoopers 13

Credit Suisse 9

15

11

14VTB Capital

12

6

8

1510

2012 RankFinancial Advisor

6

5

717,713.115,192.1

Deutsche Bank

Morgan StanleyJP Morgan 19.3

1Goldman Sachs & CoShare Ch.

▼

Rank Value

Any EMEA Involvement Completed (AF53)Any EMEA Involvement Announced (AD47)



-3

19


Jan 1 – Mar 28

Lazard UBS

1.2 ▲ 2 0.0 -4 ▼RBS 25 40 4,097.7 2.3

2

-20.0%

Market

-16.0▼20.1

Jan 1 – Mar 28

Sh (%)Market

▼-49.9%

0.1

▼

▲ 2

11,876.616,837.9

8,339.210,166.6

9.8

▲▲

7

1

3.10

5

+1

0.0

33

1.7

11,489.6

Deals

▲1

▼

-18.7

1.8

7

▲

-0.8

2

19,283.2

32,811.5

20,039.3

▲

▼

3.85,330.2

-24.4%

▲ 8

▲

▼-6

▲ 0.2

# of

24

Market

0.8 -16

+1

-1

37

-12

0.5

-2 ▼


5925-1,020

1122

Nordea

21▲

Citi

Societe Generale

Renaissance Capital Group

10

12*

15

Goldman Sachs & CoVTB Capital

76

0.2

151

4

12*

11

9,385.9

18 10

0.5

2.1

-21.9%

230.1

0.10.2

▲

2,557▲

5.3

▲

4.9

▼

88.9

▼

4.9

2.3

17.4

▼

1.4

1.30.6

0.7

39.5

0.2

0.7▲

▲

0.20.1

0.8 ▲

▲

▲

▼

+5

19.1

-4

-3

1.4

2.1

0.2

▼

1.9132.6

26.0▲▲

7.2

▲

97.3

0.1

-40.9%

0.9

▲

▲

▼

+3

-14

▼

# of Deals

0.1

0.1

▼

▼

0.2

0.9

-1,088

Sh (%)1.2


7

-24.3%

16

-26.5%

▲

-5

▼

-26.2%▼

Financial Advisor


0.0

-14

▼

Change in

-5 1Bank of America Merrill Lynch


Industry Total


Ondra Partners

Deutsche Bank

Intesa SanPaolo

+8

-3▼▼ 90.2

-4

# of Deals▲

Sh (%)

1,938.1

Change in

-1,050

Advisor

34.4

19-2

+2

▲

+1

+2

0.1

0.70.70.6

0.3

17

-6.6

60.8

3.2

10.1

-2

0

+9

0.3

# of Market

▲

1.0

▲ 25

32

0.5

25

10.2

▲7

22.91.0

▲ 12

▲

1712

▲▲

2012 Rank

5

3

170,065.2

38.371,263.7

34.2

-22.6%

0.713.3

▲

27.1%

Rank Value

71,862.8

▼


Share Ch.

▼

Market

0.6

+122

1.0

MarketDeals

26.5

▲

7

25

31.3

22.5

16.6 ▲

15.720.2

0.3

1.4

▲

0.8

-923

21

0.1 +1 ▲

0

-4

▼

▼-6

-

0.9 -4

0.1

-13

▼

1,833.3 100.0-992

-4▼

7.4

▼

▲5.1

▼-4.8%

0.1

0.6

0.7

1.9

0.2

▼

▼1.0

Share Ch.

1.2

0.4

0.4

0.9

0.7

Sh (%)

▲

▼

▲▲

▲

100.0

0.20.2

0.8

1.0

2.2

0.2

2.1▲

1.6

0.2

13.3

54.6

Fees

0.6

3.2

3.0

84.0

84.3

Market

25.7

38.5

1.745.7 2.5

▲2.2

▼2.3

-

▲

Imputed Fees (US$m)

▼

0.0

▲

-27.9%

-11 ▼0.5

Jan 1 – Mar 28

-3.2%

2,715


▼

Any European Involvement Completed (AF3)

1438.6

2013 Rank Sh (%)

Lazard

13.917.0

3,393

0

193,549.9

1.7

100.0

US$m

31.0

37.6

33.8

25.3

8.1

-9.5 ▼▲

16.615.5

▲

-4.8

1.7

5.0

0.3

▼

▼

▲

-5.4

5.0

-2.0

3.7

▼

14.88.3

23 4,372.4 Mediobanca▼

-9

ING

▲

▲6,802.417

16-

4,428.6

186,142.9

12

2,827.8

▼

-

39

13

17

-

7,446.9

6,916.64.2

1516

7,202.94.0

VTB Capital

Intesa SanPaolo

14 42

50

Groton Partners LLC

BNP Paribas SAOndra Partners

Societe Generale

Leonardo & Co

Mediobanca

PricewaterhouseCoopers


UniCredit

Detroyat Associes SA

UBS

9

181,066.6

Barclays

12


34,390.5

5Citi

100.0

61112

10

Goldman Sachs & Co

Credit Suisse

7

11

6

8

JP Morgan

Bank of America Merrill LynchDeutsche Bank

2012 Rank

Any European Inv Announced (AD21)

15

1

3

95


4

Rank ValueFinancial Advisor

Rank Value per Advisor (US$m)2013 Rank Share Ch.

133

Industry Total

Rothschild2

US$m

33,392.0

23,315.2

41

1.5▼

-9

13.6

-17.9▼

▼

19.5

▼205Morgan Stanley

9Morgan Stanley

4819.2 ▼

▼

28▲

2717,713.1

▲33.9 11.263,110.6

23.963,685.1

62,908.8

Barclays-7

0.6-17.0 0.5-22.5

11.711.3

1458,304.18

3716

10.4 -3.4 ▼ 0.311

9-26.4 ▼ -319 Credit Suisse0.6-23.7

42,698.38

5.9

▼▼

Rothschild▼6.7 -11.6

6.9 639,438.84

▼16 -616 0.5 -18 ▼

-0.1

39-26.4

2.616 +1

▼0.5

0▼

4.427,508.63.3 0.2 -

481.2 Lambert Energy Advisory Ltd2

0.34.0 +1▲ 0.8HSBC Holdings PLC 13▲

3.9 2.7

015,408.0

2.4-

7▲3.1

JP Morgan

- 4,476.1

18

38

53

6,688.16,505.9

205,027.2

▼3.46,285.32.7

40.5-1.92.919

4,537.62.6

2.6

162.743

21Greenhill & Co, LLCBNP Paribas SA

▼

0.1

-2

▲

41,919.4

16.6

▲

31,682.425Evercore Partners

30,931.2▼

44

▼

14

21.2

205,043.919

213*

-23.4%

30,931.2-

0.3-

18▲ 332 2.4

0.0

34.4▼37.7

▲

0.312.2

+7

6.8

▼

▼

▼

4.6

-3

-

Market

▲ 4.6

▼

-40.1%


* tie

Industry % Change from Last Quarter ▼-24.3%▼ ▼▼-49.1%

4,097.73,161

1.51.5


Industry Total

91

27.6%-20.7%

Industry Total

Banca Agricola Mantovana2.424* 39

- 2.41.2RBS

24* 4,097.73044

2.4

22 4,438.383,943.4

0.0▲1.7

33,224.4 53,237.3

3,129.2 324

-28.0%

100.0171,166.7

0.04

▲

2.6

2.6

0.5

1

7

100.0

4.9

▼

0.2

17

t e


10

ING Credit Suisse

230.3

▼ 517

18 1

▲0.0Industry Total 117 690 0 682

1.3100 0

Eidos Partners

Lazard1,848.2

1.92,267.52425 1,490.2

PricewaterhouseCoopers 1.644-

0.00.1-10.0

2,280.2 1.9▼

6.9-2

1.72,379.91.9

22

0.0

0.02,280.2-3.5

2.22.0

▲

2,612.9

0.8

+122

▲ 0.0

▼0.10.0

-0.2 31.3 ▲

8▼

▼▲

3

0.1

▲12*

19.826.326.4

1

170.11

▲-1+1

-11

26.3▲

Rothschild

▲5.6 5.6

6.4

1.1 0.14.8

▲

7 39,026.7

9

2,100.0

35,793.8▼ 6-8

0.16.4

0.4

5 2,871.329.234,364.7

0.610

34,400.32,379.9-

9.3 ▲-28.4

6

▼8

0.8 ▲▼

UBS

Morgan StanleyUBS 7

-16.6

Goldman Sachs & Co8 2

595

9.7-2.2

-0▼ 5▲

▼1 0.1

61,254.90.8 0.8

511

30.6

-352

41.6

6Barclays

20.540,413.9

Bank of America Merrill Lynch34

61,678.7450.1

9.84,085.6

2.2▲7▲52.4 0.2

16.1▲HSBC Holdings PLC 4 13 10.9

Societe Generale 11.1

1.64

0.6▲

36

0.4▲▲

12

15118*

3,472.3

4,147.433

103,620.0

5 3,731.7 10.09.7VTB Capital 6


11

8.9

-

3,322.0Barclays

10JP Morgan 7.7

Goldman Sachs & Co 1 3Sh (%)

2013 Rank

Deutsche Bank 2 14 16.05,994.5

BMO Capital Markets

3

Bancolombia SA

Financial AdvisorMarket

16.1US$m

6,014.7

Rank Value2012 Rank

▲773

4.0

5

3.1

▲6

1,314.61,371.4

-4.03.9 ▼43.7

12

Intesa SanPaolo4.0

1,490.24.0

2.53.5

4.04.0

-19.1

3.1

PricewaterhouseCoopers 161,606.8

Eidos Partners 18*

1,490.2-- 1,490.2

18*

▼4.5

▼

4.4▲

-37.04.34.3 1.9

3.91,612.0

4.4 -21.6

Morgan Stanley

1,793.8

2844 1,649.2

1,681.9

Macquarie Group 151,650.24

Evercore Partners

12 21*36

17 1

Jones Lang LaSalle IncRothschild

13

23622

Lazard 718*

Canaccord Genuity+9

16Citi

34Nomura

Industry Total 198

0.8

-7

0.8 -14

+1

0.91.414

3.6 ▲

MarketSh (%)

MarketDeals

# ofShare Ch.

-16.3 ▼ ▼Financial AdvisorDeutsche Bank


3

Any UK Involvement Completed (AF39)

1

128*

Rank Value

Citi 2

12

29.2

15.5

16.230.4

▲14.8 14

62,405.312

▲

Market

0.1

12*

31,111.0

3,620.0

9.59,385.9

11,216.8

30,931.2

423

47

- ▲

3.8

1.3 ▲▼

▼

-0.1

2.2

4.1▼

3.7 0.50.3

0.6

0.2

▲

+2

-16.1

04.2▲

100 0

+1

3.2▼-5

+2

+1 10.1

46.8-2

+2

5.4

3.2

▲

+1 ▲

▼

▲

▲

▲12.819.0

17.4

+2

2.6

34.3

2.3

▲

41.2+5 ▲

-45.5

▲

0

+7 30.0

1.511.1Sh (%)

Jan 1 – Mar 28

+5 3.15.1

Share Ch.

▲▼

1.6

2.2

5.66.1

1.0

Fees

4.0

4.637.9

1.7

0.70.4 ▲0.2

▼

0.4

6.34.6

1.0 ▼

▼

1.5

▲

▲

2.1

▲

1.6

0.9

3.2

1.8

4.0

741 9

+2

-0.8

2.1 0.3

▲▲

0.97.0+7 ▲

46.413.3

▲ 16.7

▼

▲

-9

145+1

▲

0.1

+2

-100.60.5

▲

1▲

6▲

▲▲

1▼

0.5-9

2

Jan 1 – Mar 28

1

7


+1

15 1.90.4

+1

11

▲29.7

+1

-30.3

JP Morgan

▼

1.0

0.6 0.6▲

▼0.22.4

▲1.4▲6.3

0.9▲

▲1.82.3 1.7

▲0.3

7.0

1

0.00.1

Share Ch.

30,931.2

3.1

▲

26.3Renaissance Capital Group

▼

▲

-8Lambert Energy Advisory Ltd

3

0.1

Ondra PartnersHSBC Holdings PLC

Moelis & Co

Greenhill & Co, LLC

Market

0.1

1.6

-6

1,161.3

-1

+7

7 0.1

100.1

6

+20.1

4

Market


0.2

9

10 0.2

0.2

0.1

2 0.00.0

0.2

2

Advisor Market# of Deals per Advisor

VTB Capital 53.0

▲

Evercore Partners19.6

▲

▲

53.0

34.3

15

Change in # ofDeals Sh (%) # of Deals

EMEA Rankings

22

-

+2

▼-2▲

▼

Intesa SanPaolo

▲

0.4

1.4

0.3

▲

▲▼

▲

▲

▲

▲

+3

Imputed Fees (US$m)Market

▼

▼

3.137 413 8 100 0

1,169.0

8.0

▼

▲▼

▲

▲▼

▲

21

1

-9+1

2.3

▲ Societe Generale 18

16

Macquarie Group

CITIC

-16.3

▲▼

+1

-4

33.2

14▼15

▲

▼

▲

-5.4

44.7▲

53.3

Sh (%)2012 Rank

162,666.0

53.3


62,776.614

7.7

23.1

8.0

52.1

9

ING

+2

21*

0.2

2013 Rank US$m

2425 -

42

1,471.0


Any UK Involvement Announced (AD32)

20

17

19

12

21*64

74,428.6

42*

9,035.1 -5.0

* tie

Credit Suisse BNP Paribas SA

+1 ▲ 1.1 0.3 0.3 ▲▲

Le Breton & Associes SARL 25* - 239.3 1.3 1.3 ▲ 1 0.20.2 +1 ▲ 1.1 0.3 0.3

▲

Santander 25* - 129.1 0.8

21.1%

0.8 ▲ 1 0.2 +1 ▲

4.0

1

0.2

239.3 1.3

▲4.4

-23.34.3

▼

3.0

1.3 ▲ 11

2.3 11

-22.5%

3,863.5

3.0559.3

10

14*18

4.4

1

19*

-

22.5

▲

8*

8

6

Qatar National Bank

▲27

Evercore Partners

▲▲

# ofRank Value

83.9% -13.1%

# of Deals per AdvisorMarketMarket Change in

▼▼


Any French Involvement Completed (AF40)

Industry Total


117,690.0 682

129.6%

Market

100.0

2012 Rank


Sh (%)

0.2+1

-43.8

-21.5%

1+1

0

+2

7

2

8

2

773

# ofDeals

▼3

▲Share Ch.

Jan 1 – Mar 28

34.332.1

4UBS

▼

Market

JP Morgan-10.7-94

Industry Total

3

JP Morgan

2013 Rank

Detroyat Associes SA

3

▲

▲

1711 2

2013 Rank

2.9

-

Peter J. Solomon Co Ltd 525.0Consensus Advisory Services

21*

19*-

-

-

L Etoile Properties

CIBC World Markets Inc23*

-

BMO Capital Markets -

16Lazard

Jefferies & Co Inc

8*

RBS

14Jones Lang LaSalle Inc

11

Credit Agricole CIBIntesa SanPaolo

13

Societe Generale

Goldman Sachs & Co0

▲

-15

-

+6▼

UniCredit▼

▼

+8 19.6▲

7.021.05Deutsche Bank

Citi

2

-198

▼

Morgan Stanley0.4

Rothschild

▼

Change in

7 6,391.825.73

1

13.9-

14*

49.519

2

16.8

65.5

16.8-5.7 4

13▲

▲3.24,738.6

1.0

4,130.4

3,774.82

▲20.5

3,101.9 16.8

3.02.9

2.92.9525.0

▼

12.9

2.3

6.16.9

▲

▲

-4.8

-1.83.9

0.5 ▲

▲1.11.1

0.5

▲1.5

5.24.4

1.3 1.3

3.8

▼▲

5.5

▲

▲1.01.5

▲0.3

3.0

▼1.9

.1 -

0.811.9

3.2

▲

0.00.4

1.31.0

▲0.4

▲

▲0.7▼

2.0

▼

0.3

1.6

▲

FeesUS$m

2.3 ▲

▲▲2.3

3.6 ▲

▼

Share Ch.9,127.3 46.9

1.5 +38

Deals Sh (%)▲

▼

8.036.6

24.8 3.729.3 7.5

9.34.7

5.1

Market

▲Sh (%)

100.0741.9

▲

-145

Market

Jan 1 – Mar 28

Share Ch.

Imputed Fees (US$m)

7.3%

Advisor

-19.2%

# of Deals

1 ▲

6.0

31.6

+1

▼

-123

0.20.2


25*

+1

0.2

▲0.20.2

▲

3 0.7

1

0.20.4

1

1.6

1

0 -

0.4

▼

-23.7%

29.2

Market

▲


40.7

3

0.9

3

17

1

3

1

1

0.8

+1

Financial Advisor

1

-9.5 ▼

-0.3

▼

-40.8

4.6

▲▲

1.4

0.9 ▲▼

0.8

-45.2

1.1

2.2L Etoile Properties

Intesa SanPaolo

▼

16.311.615.1

▲

-37.0

7.5 ▲▲

4.8

▼

-4.9

72 2,716.586

2,527.3159

3,555.2 -23.5

11

7.5

5.0

21.3

51*4.41610*


21

BNP Paribas SA

10*

18

UBS

5

19*

-

Morgan Stanley

4,476.122.0

5 26.86 3,670.514Deutsche Bank


406

Industry % Change from Same Period Last YearIndustry % Change from Last Quarter

155.1

Industry Total

23

▼

BBVA-

25* 129.1

Le Breton & Associes SARL

20Perella Weinberg Partners LP

16,719.9

14*

-Evercore Partners 25

Barclays3

-13

Macquarie GroupNomura

12

51*

Jones Lang LaSalle Inc

17.6

2.2

0.8

157.3175.0

426.9

1.41.4239.3

+7

0.5

1,250.7 7.5

-41.6%

-1

-4+2

239.3

100.0

+1

4.8

765.24.6

561.1

1,250.7

808.2827.3

765.2▲ ▲

4.6 0.2

00.5+10.5-1

2

1.8

▲

+3▲▲

▲8

+5

2.0

-17.5%

Rothschild

▼

Sh (%)2012 Rank

-73.2%Industry % Change from Last Quarter▼

14*14*

4.6765.217 3.4Societe Generale

Swedbank10- 359.4

Credit Agricole CIB22

-19*

24

-

0.9

0.8

0.9 -23*

▼-25.4%

100.0100.0

▼ ▼

Industry Total

▼

▲

449

▼

▲▲

▲3

▼+1

1

0.7-

-5

22.4

13.9

16.6▲

▲▼

0.7

3 ▲

0.7

-33.326.8

4,526.130.9

2.0

▲34.7

47.5


Any French Involvement Announced (AD33)

9

4,146.8

# of Deals

1,280.0-

-

122,137.1

62,558.02,373.0

9

26

2 0.50.5

711

▲+2

-1

+2+5

1.710.2▼▲

2.7

▲

-36.9

11.6▲

-1.16.9

▼+33 0.7

▲

▼

1

+1

0.2

1.00.70.5

4

Credit Suisse

0.2

-2

+3 ▲

▼

0.2

▼

▲

0.7▲

1,122.7

-43.5%

1.4

-132.1

-8

559.3

▲

0

Bank of America Merrill Lynch 713.5

18,441.5

-16.9%

3.021*

17

2.32.3

736.1

426.92.0

393.0

45.3%-21.8%

▲

1.0

8.11.97.6▲

1.0

2.1▼

0.03.0

0.73.4

2.6

3.9

0.2 +1 ▲

+1

+20.2

▼

11.9

13.4

1.0

10.2▲

▲▲

9.0-

23.17.8

▲

▲

5.92.0

3.312.9▼6.1

6.3

1.6

2.62.3

-17.41

Market

37,413.8 100.0

-44.2%▼


18 5,157.5

US$mRank Value

5,363.97,933.5

Financial Advisor

27.1

-20.4%

2 4

Lazard

Sh (%)

0.2+1+1

-13.7%

▲

-5

+1

+10.5

▲

▲

0

▼

0.2+1

0.2+3

▲

-

▲2

3

6

0.2

▼

▲

▼

▲

1.5

2

▲▲

▼

▲

▲

▲1

1

-9.7

-808.2792.9

6.112 1,274.4

-118

Goldman Sachs & Co

Citi

* tie


UBS Credit Suisse

▲ 60.4

▲1▲37.1

0.437.1-

100 0

-19.10.7

1

23* -- Lazard1

21*21*

107.819

Banco Espirito Santo SA 21 101.9 0.7-0.7

0.70.7

3▼1

▼

224.8

7.8

2.5 ▲

2.0

▲

▼▲

9

3.33.32

16

▲▼

▲2.5 2

-5 ▼ 1.25.5

6.64.5

3.6

6.94.3 1.6

3.6

0.1

+1▼

3.8

-1

5.70.9

+2

▼

▲

3.1

▼

▼

0.13.3

2.1

5.1.23.1 4.0

14.2

▼

▼▲

▲5.5▼

4.3

1.01.8▲

▲

16.7

0.7

1.3

10.5

15.815.8

0.7

-14.0 -3

1▲

▲

-5.3

-1

-11

31

▼

▼

0.1

1.8

.2

0.7

+10.7▼

0.7

-12▼

19.327.9 1.3

1.3 +2

Market

7.0

▲

▲

25

+3

▼3.9

1

4

▲ 1.3+2 ▲

2.7 +2

▼-1

6.71.7

▲

▲0.7▲

+10.7 +1

100 0105 0

15.8

▲

Sh (%) Share Ch.

▲

▲

0.1

0.4 ▲

0.1

703.7

Rank Value

513

3

17.3

-

20

11

483.8

7*11

Any Spanish Involvement Completed (AF41)

1.3

5.1

1,560.91,506.2

26.313.3

15.8

Industry Total 9 014 9-

26.3

-9.4

15.8

-1.51,425.2

4.8

1.0

942.89.07.8

135.7

808.3

24* 0.6

4.8

-2,110.56

12.9

52.2

1,425.2

0.6

▼

3.4

8.68.0

▼3.6

▲

MarketSh (%)

6.6

5

+1335.1

02

00.7

3

Advisor Market

1.8

2.1

6.1

▼▲

Market

UBS

3.9

1.845.9 3.7

3.7

4

▲

0.4

9*Citi 22

Banco de Sabadell


81.0

-8.2

25*

0.574.3

104.6Ernst & Young LLP

52.225*

Societe Generale 20

-

1,425.27*Barclays

13

3*

▼

7* 1716

7*

2013 Rank

6

Financial Advisor

Citi

▼2

Sh (%)

BBVA

-18.7

1

2.5

1.8

-33.2

24*52.2

▼

▲

AZ Capital 23 0.5

N+1 24*

12

1Industry Total 100 015 048 2 188 111

▲▲0.4

0.40.4

▼

▲

2.1

▼

26.3 ▲

Market

9.3

17.0-7.3

9.3

US$m▲1

23.4▲ 4 1,735.0

▲Bank of America Merrill Lynch

Morgan Stanley

9.03*

2.02,368.0


▲Rothschild

0

Ernst & Young LLP

17

+1

▼

16

+1

+1

-

KPMG

0


+6

-1+1

▲

-

Nomura

▼

Societe Generale

-5

▼▲

+1

-4

▲

Raiffeisen Bank InternationalN+1

24*

1.6

0.5

01.1

0-

+5

0.52

1

▼▲▲

-1

0.50.5

-35.9-1

0.5 +1

0.5

+2

0.5

0.5

+1

-1-16.5

-16.8

1.6

2

1.80.9

▼

▲

2.5

-22.1

2.75▲

1.125.2

0.5

1

111

0.512.1

1

0.5

1

6,900.0

13.3

Jan 1 – Mar 28

# of

-

Bank of America Merrill Lynch-15.5

7

Market

2Goldman Sachs & CoBBVA

5

7

149*

7

Macquarie Group

2,000.02,553.9

Financial AdvisorRank Value

1,393.3

1

34

# of Deals per Advisor2013 Rank

2012 Rank


Any Spanish Inv Announced (AD34)

3,160.2▲

▲7 ▲

Goldman Sachs & CoDeals

Market 2012 RankSh (%)

Change in Rank Value per Advisor (US$m)

# of DealsUS$m Share Ch.

▼

5

6-

9*8

4

-

1,906.8 12.7

Credit Suisse

924.2782.7

3.9Barclays

8587.1588.4

6.1

3.9

5.2

Banco BTG Pactual SA

DC Advisory 17

Moelis & Co9*9*12

Credit Agricole CIB

Morgan Stanley

Rothschild

1

15*265.4

Benedetto, Gartland & Co, Inc. 14 307.8-

0.5Banco de Sabadell

319

11.5

13Nomura+1

Macquarie Group 18 -

EPIC 15*265.4179.822

3

AZ Capital

1.2

-1

2.0▼▼3▼

▼

-

-429.2

▲0.50.51

8-

▲

12 -8.890.77

0.6

107.8

0.652.2-14.5

▲171.624*

1.51.9 1.9 ▲

1.8

5.91.1

▲ 15

12

14+10

▲ Banco Espirito Santo SA

18 3 1.0156.5 -8+2▲

1.631.2

382.22.611 388.8

13.9

25* JP Morgan

Deutsche Bank

▲

-2.5

2

1,425.2

Mediobanca

▼

Santander

▲

▲-587.1 ▼587.1

Santander

1

12.2

Market

5.4

Sh (%)2.0

▼

3.1

# of Deals

0.3

▲▼

2.0

2.1

3.5

▲+24.0 .9

.42.02.0 ▲

0.3 ▲

0.4▼

0.6.4

.5

0.30.3.5

▲

0.7

▲1.6

▼

▼

0.5

0.60.5

6.3▲1.6

0.5

▼

▲

.5

.5

Change in

3.6

1.9

▲2.7

0.4

-1

▼▲

-

-

8.0

-0.5

2.63.0 0.3

8.4

Fees

EMEA Rankings

▲

Share Ch.

-

# of

Jan 1 – Mar 28

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

▲

+1 ▲

6

0

▼

1

Deals

1

2 1.3

0.7

-7-2

104

0.7▼

4.0

0.7

+64.4

123*0.4

149

Goldman Sachs & Co KPMG


-

▼-20.0%

-113 340

▼-19.4%

▲▼

▼Industry % Change from Last Quarter

▲0.2

2

Societe Generale 7142.2

-21.2

-51.7%

▲

▲417.5 5383.5 2.0

1.8345.1 -13.9▼ 2 Nomura-

318.90.4 35

-+1 RBS 18*0

2.4

1.2

-5

+40

17

0524

0.6

0.61.5

0.3 -210.3

+3

+1

1

1

1.2

0.3-1

0-31 0.3

4

81

1

0.319.0

16.71

▲4

▲

10

0.3

Deals Sh (%)▼

19.2

▼

▼

-7

▼

2,079.5

Credit Suisse

Rothschild

19.6

100.0

1.33

-1.0

303.1

196.3

Citi

1.91.91.4

22*

-15*

20

Santander

1.4-24*

2.9

15* 345.1

18*Credit Agricole CIB 45*

24*

-

-ABN AMRO Bank

SEB Enskilda15*

9

-


▲

Goldman Sachs & Co

0.3

▼

-

-

022.2

3.43.9

+1

6.6

1.20.3

0.9

0▼

-

▲

-1

-

100.0

▲+1

0.7

1.1 0.5

3.1

-

6.6▲

▲

+10.1.3

105.0

1.9

-

▲

0.9

▲

1.1

▼▼▲

1.0

0.5

2.1

-50.5%

0.6

6.7

+1

1.4

1.4

0.90.3

217.1

▼-27.5%

3.1

0.33.1 3.1

2.8-0.13.3

1▲0.3

▲

▲2.9

2

2.2

3.13.1

▲2.2

1▲

3.2▲

-8.8

▲

7.25.4

14.619.6

-35.8

19.1

▲▲

8.7 ▼▼

▲-19.6

19.6

21.0

Industry Total 9,014.9

34.2%Industry % Change from Last Quarter

106.6% ▲-73.4%

Rank ValueUS$m

1

▼

Any German Inv Announced (AD35)

Financial AdvisorCredit Suisse 14

2013 Rank

Market

3 4Barclays 4 36

▼2

10

Rothschild 4,032.73,411.0

11.1

UniCredit 6

-13.9

11874.2

▲

2.0703.8

3.83.7

▲

4.6

765.94.6 4.6

338.1

3.33.33.2

345.1

409.7▲

1▲

▼0.6

0.32

+1 1.2

-28.0%

4.8 ▲

6.6

▼

13

Rank Value

▼

913.1

567.5

1

1826

2,051.2

Industry % Change from Same Period Last Year▼

Industry Total 100.015,048.2

-37.1%

188

▼-30.9%


-111

Change in

Jan 1 – Mar 28

▲

Market

27.1

Rank Value per Advisor (US$m)2012 Rank

0.2

754.6

▼ 1.4

24

▼▼

-

-19.4% ▼

1.1

2.2 ▲

▼

-113

2 0

10.2

-8.9

4.9

4.0

-17.43.3

8*8*

27

14 23

Citi5 935.1

Yapi Kredi Yatirim Menkul -874.26*

Morgan Stanley17 3.31,232.5 6.5

7

1,339.0 7.0

-17.4

1

2,178.81.3

42

0.94

Deutsche Bank 5

JP Morgan 17.9 6

▼

-5.811.5

0.918.3 4

0.9-18.4▲▼

-8.3

0.42

Share Ch.

-62.4%

Sh (%) Sh (%)Deals# of Market


2.5

▲▲

3.1

1.1

▲2.9

3.0KPMG 113.7 2.9BNP Paribas SA

4.0 -3.5 6.76.4

648.612

34Banco Bradesco SA

DC Advisory 1615Bank of America Merrill Lynch

TD Securities IncJones Lang LaSalle Inc

Christie and Co 18*Macquarie Group 17

-6*

13

0.218*20Houlihan Lokey

Ernst & Young LLP 345.11645* 207.3

1.8-1-3

+2

▲RBC Capital Markets

▼▼▲

- 1196.3

230.2

0.4


22*0

21

-


1

45*PricewaterhouseCoopers 11.3AZ Capital 0.4

0.774.3

0.333

Industry Total

BNP Paribas SAAZ Capital

45*Global M&A

23 -33

22

2452.5

▼

Lincoln International 21

25

▲

5,144.721.2

31

717.1

2.0

1245*

-

133.8133.8

62.1

3.0 1.0

186.3 1.0

1Bank of America Merrill Lynch

2013 Rank# of Deals

+2

+3

Financial Advisor

▲

-

Any German Involvement Completed (AF42)

# of


▲

-

HSBC Holdings PLC

▲+1

0

-3

0.3 -8.7

+3

4.6

+1

▲

▲▲

1

2.8

▲1.20.6

▲6.5

▲0.9

▼2.5

1.6

▲

0.1 ▼▲

▲1.20.50.5

2.1 ▲▲1.0

0.2 ▼

0.42.6+1

0.92.0▲

1.33.0

▲+1+2 ▲

100.01.63.40.6

-52.6%-6.1%

-39.4%

45219,016.3 100.0101.0

▲

-132

▼ ▼

0.3

-0

1.41

▲

73.7

▼ 1-8.9

2.81.0

142.2

0.2

3.43.0

3 +13.9

▼-8.72.8

▲▲

0.70.21

-1

▲▲

▼

505.0419.5

▲ 4.830-

Jones Lang LaSalle Inc▲

2 0.4 Christie and CoDC Advisory

1312

0 14

▼▼ TD Securities Inc

▲

11

▼

0.4▼

1▲▼

0.4

Deutsche Bank

10+2

1.3

Morgan Stanley

-2 ▼0.48

27*4*19.6

6

4*2,051.21,529.5

32

Fees

▲

Jan 1 – Mar 28

MarketMarket Advisor

14.6%

Change in # of Deals per Advisor

3.14.2

4.2Share Ch.

-

Sh (%)

6.6 ▼▼

3.4

▼

3.09.0

4.0

10.2

1.5

▲▲0.8

0.6

0.4 ▲

▲▼7.83.47.3

1.3

0.0

1.61.8

▲1.6

▼

1.1



567.5526.8

9.8

0

# of Deals

-104

▼▼

US$mMarket2012

Rank

2

Share Ch.3

Sh (%)3

4*

0.923.3

8.7

-41.1%▲-34.1%

149

-7.6

33

2,439.4

19.9 ▼

2,051.2

3

4*

11JP Morgan

2,051.23

15*

2 2,193.5

Mediobanca

6

-2

0.2

▲

-3

22+3

0

1.15

1.1

+1

1.5

1

6

2

0.2

2

0

▼

Ernst & Young LLP

318.9

-63.1%

* tie


▲

Barclays Credit Suisse

-42.9%▼

86.2

▲

▲▼

1.2▼

+11

▲1

+1

+2+1

▼

1▲

+1

-13.5

▲

1.9

▲▲

2.4

2.42

312.9

2

32.0

▲

-5.9

8.4▲

6.4

▼1,490.2

7

-1.3

▲▲

31.721

-10*UniCredit

Rothschild

5.7

Any Italian Involvement Announced (AD36)

Deutsche Bank 7

MarketSh (%)Share Ch. Deals

Jan 1 – Mar 28

37*

19.8

1

Market

▲9,863.6

AdvisorSh (%) Share Ch.Market# of

Sh (%)


US$m2013 Rank

0.9

1,478.2

▲53.0%

100.0


870.8

4 1,993.5

3.4

Imputed Fees (US$m)

▼

9.78.1

Fees

1.2

Jan 1 – Mar 28

2.92.9

Change in

.0

9.4

0.0

4.0

2.4

.5

▲

▲2.2

1.2 +1

8.8

1.20.60.80.41.2

-1 .4

25.8%

0.4

-25

▲

2.2

0.02.4

4.6

▼

▲

0.3

7.1

.40.8

2.2

▲

1.90.6

0.9

3.4

2.5▲

.7

2.1

2.1

5.02.5

3.4 4.1

4.5

▲+1

▲▼

▼

▲

0.34.6

▲0.4

-77.5%

1.2

▲-27.4%

.2100.085

6▲ 6.3

4.7

▲

▲

▲

▼

42.217

4,657.6▲

-23.33-


▼

-

AZ Capital

▲

▼

▲

-

134.5


40.6

18*21

-

▲


▲+5

Change in

0.9

0.3

0.9

11.7

0.90.940.6

637.8

5.06.1

▼

0.3

0.9

123

230.4

1

2

Intesa SanPaolo

HSBC Holdings PLC

Citi

▲-1

# of Deals

JP Morgan+2

-1

0.9

32.026.117.8

31.4

Rank Value

37.3▲

15.522.8

Market

58.0Sh (%)

21

2012 Rank

2013 RankFinancial Advisor


7,539.858.0

US$m

Goldman Sachs & Co

4,859.75,330.2

23*

12Intesa SanPaolo 3UniCredit 4

Mediobanca5Rothschild

4,162.24,438.3

76 2

6,348.61

8*

20

-8* -

5

JP Morgan

RBS 4,097.7-

30*

33*BNP Paribas SACredit Suisse

8*

24.1

8*PricewaterhouseCoopers

Banca Agricola Mantovana

4,097.7

8* 4,097.7

4,097.7

Leonardo & Co

8*

2,354.61915 13.9

24.1

24.1

11

37*

4,097.7

8*

Eidos Partners - 1,490.2

19

1,490.218Citi 979.3

874.2

16*

16

297.1

760.7-8.71.84.5

10-

6*4.5

Yapi Kredi Yatirim Menkul

HSBC Holdings PLC

Lazard

305.8▲

4

20

16*

Morgan Stanley

▲▲

24.124.1

42.0

24.124.1

791.8

0.8

-52

-1

20

0.80

24.5

28.6

Industry Total

Natixis

24*Global M&ALincoln International

23.7

-0.6

24.1

Banco BTG Pactual SA

24*

-21

17 000 8

Yuanta Financial Hldg Co Ltd

40.618*Electa SpA

-

▼

▲

# of

14.4

56

8.6▲

▲

24.124.1

1

▲

Altium Capital LimitedIndustry Total

Societe Generale

▼-22.7%+2

-

18*

▼-

0

Goldman Sachs & Co

-1

10*

7.1

1.2

▲

-

▼▲▼▼

▲

▲▲

▲

+1

6.7

▲4*

1512*14

637.8

1,122.7

+1+1

-

9.8

+1 2.12.3

11.2

16.2

2.4

5.9 ▼

2.42.5

2.1▲▼▼

2.3

7.8+3

1.2

8.31.2

+4 ▲

▲2.0

2.1

7.15.4

-0

13.9

-11*

57.3

▲

13.74.4

Market

23.6# of Deals+1

Market

20.4

Deals5

14.9695.5+4 ▲

1.2

518.7▲ 2

2.4

6▼

4*

89

▲ Standard Chartered PLC8*

13

2.916

297.1

Mediobanca

Banco BTG Pactual SA -283.9

7

13.711*

-8.8

▲1

-41

2.4

7.4

0.8

8.8

0.84.1

+1+2

1

23.3

2.4

0.8

-1

5

+2

▼

▲

0.3

27*22

35-

100 00.3

-0.01.8

52.5 0.352.5 ▲ 2

▼ 30.8

1

▲

1

1.6

▼

1.6

8.8

5.14.7

-2.1

-5.5

-1.35.1

5.8

▲▲

▼

1

0.8

1.62

▼

0.8

1

3

▲

▲

24.1 ▲ ▲

2 1.6 +1▲

Nomura2.43 +3

0.8

10▲1 0.8 +1

-2

1

3.36

+1

4▲4.9 +5



EMEA Rankings

Market

0

-01.2

0▲-2.4

+1

1▲

13.7 1

▲21.4

2.5

2

1

Market

23.4

14

Sh (%) Share Ch.

6.21

38.2

▲

2012 Rank

▲32.0

32.0 21.5

Any Italian Involvement Completed (AF43)

1,490.2132.0 ▲

1,777.9▲42.8

6▲44.4

4,097.7

4,097.7

23Macquarie Group

5 4.1 07 ▲

▲▼

+44.9

+4

-

4.1

5.7 8*Eidos PartnersDeutsche Bank

BNP Paribas SALazard 3

22,670.5

24.1

1,490.2

1

4*

5.9

6.4 ▲

TD Securities Inc Sterne Agee & Leach Inc

-1 ▼

Rank Value per Advisor (US$m)# of

1

1.60.2

1.6

2

3,972.9

11

-1.7 ▼

5.7

▲

1.3

2.8

▲

1,228.2 ▲

▼

Imputed Fees (US$m)

Sh (%)

0.4

▼

5.111.2

▲

5.616.5

▲

Rothschild

7Nordea

1.5 1.5

203.8

360.5

1

7

▼

-10.4

0.9

57*

VTB Capital

1

8

Morgan StanleyGoldman Sachs & Co

5

Handelsbanken Capital Markets3

2013 Rank

2

4518

2012 Rank

6.0-15.516.1

1,298.9

113

6 3,476.8

4,405.5

16.5

Nomura 13* 471.3

- 3,550.0

21SEB Enskilda

9Erneholm & Haskel AB

603.510

Pangea Property Partners AB

-9.9- 567.5

57*

11*2.6

2.8

2.2

15

321.3

1.3

-435.0

5.7

3229* 2.0

2.6

Ernst & Young LLP0.9

471.3

1.0410.5

CITIC 11* 2.2 2.2

1.9-


BNP Paribas SA14

Deloitte 19JP MorganSantander

Swedbank

13

Industry Total

22

Barclays 16

18269.6

28

17

Leimdorfer AB20

Carnegie202.7-

FIH Partners AS

100.0

0.6

0.90.9

0.7-1

0.922

21,548.4DC Advisory

1.3-28.6

1.0

1.4

-14.0%▼▼


▲


0.2

▲

▼

▲

5.0

# of Deals

▼

▼▼

13.4

0.2

-10.2

Market

▲Sh (%)

16.97.3

▲▲

1.4 ▲

0.21.4

▲

▲

Share Ch.

1.0

▲

▼3.91.4

4.0

0.4.9

701.2

2.4

4.0

1.2

1.3

Market

6.3

Market

3.2▼

AdvisorChange in

6.8Financial Advisor


913.1

363

3,129.2

▲

0.0

▲

0.41.2

3.21.83.9

▲

0.7

-

0▲

1.51.83.9

2.90

▲-

0.9

4.0

▲7.93.4

2.3

4.2

▲

0.3

▲

-

▲

0.0

0.6

2.33.9

▲

▲0.7

▼0.8

▼

▲

1.4

0.7

▲

▲1.8

▲

▼

1

11

17

0.2

+1

1

3

▲

▼▲0.2

+10.2

0.9

0.7

0.2

00.2

0.4 +2

0.2

25.83,129.1

Rank Value

25.8

2013 Rank Sh (%)

26.73,237.320

MarketUS$m

2

1+1 Deutsche Bank

-4-4 ▼ Pangea Property Partners AB

Morgan StanleyGoldman Sachs & Co

1

▲

▲

0.7

2

0.4

6 1.3

0.4

+1

17

-180.3

25

-

51

2320

128.0137.4

300.0

21

457*

0.2

1

123

▼-9.0

# of

▲ 4

▲

0.2

▲ 3▼

Change in

-32.4%

0


Share Ch.MarketSh (%)

0.7 -3

Millington Advisory Partners

0.90.9

▲0.6 0.9

-47.2%

24

21.1

18.420.4

0.8▼

0.3

0.8

-

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

▲1

-

-5 ▼

347.7

0.6 +3

▲

-4.2

-170

▼

0.8161.1

▲

-1

30.2

▲

+1

US$m4,680.7

Sh (%)21.7

03

0.9

Deals

20.7

3 -40.8-4

Market

-27.1%

▲

0

445

1

-14.0%

Any Nordic Involvement Announced (AD37)

-20


Industry Total

▲Industry % Change from Last Quarter

17,000.8

Jan 1 – Mar 28

# of Deals FeesDeals

Jan 1 – Mar 28 Any Nordic Involvement Completed (AF44)

Market# of Deals per Advisor

Financial Advisor

4,537.6

Rank Value

▼137.2%

100.0

4249.3 2.11

▲

3

SEB Enskilda241.0

4312

-0.1191.8

37 1.1DC Advisory

-2

Share Ch.

7.5▲

-4

19.6

0.3

-25.90.31

7.5-14.0

0.6▼▼

-40.6

▼

Catella AB▼

24.9

5.8

31

2

233

-76 -

61*

4*+1

+1 Evercore Partners-

571.4+1

913.1

8TD Securities Inc

4*

8▲▼

10

675.6

3.8 12

2

- 463.3

▲

▲

2.0

737.2

-8.1

▲+235 1.0 ▼

▲223.32

14 ▲561.71.7 202.7-

▼4 PricewaterhouseCoopers

Ernst & Young LLP1.7

▼21

FIH Partners AS

Leimdorfer AB

-▲▲

▲

▼2.6

▲

.0

▼▲

▼1▲

0.31.2 ▲0.5

2.0

1.2

▼4.7.6 0.1

-3+1

19DNB ASAMillington Advisory Partners

▲161.1- 1.3 1

9 0.9▼-11.1

128.0

1.325 132.7 1.1 1.1

20▲

▲2 0.6

+11.0▲▼

+22

2.90.6 3.9

▼-3.9

0.40.83

2.4

126.3+1 40*108.1-0.5

▲ BNP Paribas SA0.7

21Alpha Corporate Finance3 -1

10.9

▲0.9

108.0 0.3

▲ 0.3 +1

0.923*55 0.7-

23*+1

-

2.1-

▲ HLP Corporate Finance Oy▲Valence Group

2.0

Lincoln International

25▲

0.81.0

0.3 0▼ 1

▲61* 108.0 1.7

+185.9 30.7354100.0

▲ ▲

▼

12,125.5 100.0213.5-146

▼ -35.8% ▼-27.4%7.3%

▼▲ -27.6%

Industry % Change from Last Quarter▼-64.6%

-23.5%-29.2%

▼-33.5%▼

13

4

Nordea

Industry Total

0.82.3

▼

0.8

8

18

1

0.30.3

11 -17.0

- 3.2

5.8

092▲

8.5

6.78.6

▲

▲-

5.6

+20.3

6.1

0.61 0

1.8

1.6▲

3.84.7

6.1

▼

5.6

1.31.8

2

-8

+2

+2

0.6

-41.10.6

0.60.3 +1

0.3

19.30.8

▲▲

▲

UBS 170.0

211.6

1.4

1.81516 32

1.7-2

+1

-4

Arctic Securities ASA

* tie


Handelsbanken Capital Markets Nordea

3,600.0

720.0

3,129.1

3.13.5

7

1.20.4

-

1,700.0

-32.1

7.0

3.8

4.9

1.40.7

3.9

2.8

3,129.1

4.0

5.8

7.05.8

4.92,590.42,184.0

1,537.5

3.01,344.8

2,184.0 4.9

20Wells Fargo & Co 21

UBS

2.1924.0

703.8

--

Allen & Co Inc 13*

Macquarie GroupJefferies & Co Inc 25

-Credit Suisse 13*

9*-

11*2,590.4

Industry Total

24305.0

--

23

7.0

4.9 ▲

-47.3

3,567.1

22 -11

Rabobank NV7

5

26


Houlihan Lokey 11* 28

Nordea8

CitiLazard

37

-9*

CI Capital Investment BankingLeonardo & Co

1,383.235

BNP Paribas SA17PricewaterhouseCoopers

1

Rothschild 6RBC Capital Markets

-5.8

3.018

10 1,786.8Deutsche Bank 4

1

▼15

19

16 ▼

5.8 211

3 0

2

78

0.7

13*52*

▲

0.3

0.37.0

▲0.70.7

▼

▲▲

0

▼

-1

+10.3

12,487.9

8.0▼

-7▼▼

93,238.6

2

Citi

Lazard13RBS

7

3,129.1

Credit Suisse

-2

UBS

1.210.145

6

-3

4,387.5

-11.4

▼4,396.2 2.0

1.2

9▼

4.5

14.1-

2

▼

5-2

-3

6

▼

▲▲

4.0

Market

1.2

3.2

▲

▲

▲22.8

4.6

4.5

1.2

▲ 7.5

1.2

▲

+1

6.913.8

▼0.5

▼

9.8

0.5▲

4.6-

2.48.9-0

▲1.8

2.60.3

-8

- .710.4 2.6

0.5

▼

2.1▼

2.2

1.7

▼

1.2

-0.0

4.10

▲

+10

▲

16.5

3.2-12.85.7▲

▼ 2.1

2.5+2

Share Ch.

32.816.2 1.5

4.9

▲

Imputed Fees (US$m)Market

4.62.2

100 0

Santander0.9

▲

2.00.9

0.2

20

0.9

2.1

1.9▼▲

▼12.8

18.0

17*

1.4-5.6

1

640.5

8▲

100 044 477 6

620.1 ▲

306

2

▼

42

▲▼

1

▲7

1

▲2.32.6

3

▲

1.0

▲+1+1

0.7

0.3

▼-2

1.30.3

▼ING

▲ 14HSBC Holdings PLC

+2+3-1

-4 ▼

-

31 077 5

2.8

Industry Total

Wells Fargo & Co915.9

Sterne Agee & Leach Inc

1,023.7

463.3-

-

0.2

2.437

452.625

3.0Leonardo & Co

1,163.0 3.719

1.522 720.0

1.5

2,140.0 6.95.0

1,402.0Rabobank NV 46 4.5BNP Paribas SA

17*1,402.0

10.121*10*

-1615

14*

-

8.22,550.0

9 3,146.0▲

48*

3,129.1▼

8122,325.6

10*

Deutsche Bank

Handelsbanken Capital Markets+1

-6 Barclays▼

▲

7.4

32

-1.2

▲-36.2

2.3

1.0

▲7

▲▼

1


2.0

0.71.6

6

52

-

-7-3

14.4▼▼6


9,424.2

Market

▲

Sh (%) # of DealsDealsSh (%)

EMEA Rankings

8.19.4

10.39 4,600.0

-10.9

4,184.0

-27.0

13* 3.4

Barclays

29.2

4

▼

6,587.8

Goldman Sachs & Co 1

Any Benelux Inv Announced (AD40)

3 21.2JP Morgan14.8


Morgan Stanley 2 12,995.7

Financial Advisor8

2013 Rank

4

Rank ValueUS$m

2012 Rank Share Ch.

1.64 KBC Group NV

0.3

▲

37.358.6

Jan 1 – Mar 28

▲

14.7▼

-28.1

▼-2.4

▼

0.5 3-30.1

▲

12

Jan 1 – Mar 28 Any Benelux Involvement Completed (AF47)

Change in Rank Value# of Deals per Advisor

AdvisorMarket Change in Market Market Market Market# of

43.619,409.2 ▲9▲ 2.9 +43.6 9.3Sh (%)

31.4 +2 4.5# of Deals

# ofFinancial Advisor Share Ch.

1 ▲US$m

1

Sh (%)


Morgan StanleyGoldman Sachs & Co ▲49.2


Sh (%)

10.4

4,619.2+2

Fees912 15,299.8

2.05,366.0 3.6

2.05

14.2

17.33

10 14.95

052

2.00.82

-30.4

3.51.6▼

10.4

▼41

3

0.8

+3

+20.81.2

1.93.0 ▲22

▲ 0▲

0.8

-▲0-2

24+2▼

1 0.42.3

0.40.4

1.5 1.51

▲

1▲

+1 ▲

▲1.1 1.1

0.6 ▲▲

+1 2.9 0.7

100 0

▲ ▲

2.2

4.6

4.7

400 2

8.7-

0.7+2

249▲2

2510.7 1.5

4

▲

▲

1.6 +1

JP Morgan

1.3 ▲ 20+1 Evercore Partners1.6+2

1.6

1.4

0.3 +1 ▲

1.3▲

Banco Bradesco SA▲

-3.9

▼

309Credit Agricole CIB

4.5

-476.0

21

0.7

-

▲

8.2

0.8

-5

-1

0.9

1.1

-

▲5.5

+4 ▲1.0

▼

-1

▼

▲3.4

29.22

2012 Rank

39.9

11

2013 Rank

340.2

7.09,078.1

6.3

-1.7

▲▼

4.4▼

7.5

4.6

▲1 0.4

0.8

Deals

32.4

2.3

▲

-0.7

7.5▼

10.1

▲

-35.7

▼

2.8▼

1

7

▲

0.8

▲

3.7

-5.8

-6.3

10.1

▲

1,563.51,425.2

Jefferies & Co Inc

23

3.3

30

▲

EMEA Inv. Announced M&A Target Sector by Value ($bil) Jan 1 – Mar 28 2013

Industry Total 100.0

▲ -30.9%

100.044,477.6 306 31,077.5Industry Total

22.2% ▲Industry % Change from Same Period Last YearIndustry % Change from Last Quarter

21.3%Industry % Change from Same Period Last Year

* tie

-26.8% Industry % Change from Last Quarter

100.0400.2249

▲-33.6% 17.2%▼2.3%▲ ▼

-251

▲▼

30.7%

-309

Quarterly EMEA Cross Border Volume

-24.1%17.2% ▲▼

$30.4

$30.3

$22.0$18.8

$16.5

$16.1

$14.6

$11.8$6.1 $5.5 $5.4 $3.5

Energy and Power Financials Industrials

Materials Healthcare Consumer Staples

Real Estate Telecommunications High Technology

Media and Entertainment Retail Consumer Products and Services


`

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

2004 2005 2006 2007 2008 2009 2010 2011 2012 13

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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


In the first three months of 2013, M&A activity with Asian involvement reached US$81.1 billion, a 13.6% decrease fromUS$89.3 billion recorded in the same period last year. Companies in the Industrials sector were the most targeted withUS$16.2 billion from 310 deals. The Energy & Power sector followed, with US$11.8 billion, while Financials remainedthe third most sought after sector, with US$11.5 billion.

Fees earned for the region were estimated at US$695.8 million, an increase from the volume recorded in the firstquarter of 2012, according to Thomson Reuters/Freeman Consulting. The top earner was Goldman Sachs & Co, withUS$77.9 million, followed by Citi, with US$58.4 million. UBS earned US$36.9 million.

China cross border activity amounted to US$18.9 billion, a 68.8% increase from the US$11.2 billion recorded in thecomparable period in last year. Outbound investment volume reached US$12.9 billion, a 57% increase from the US$8.2 billion in the first quarter of 2012.

17.5

264 417.6

1

1,108.7

17.6

10.4

Australian M&A activity decreased nearly 50% to US$10.6 billion from US$20.4 billion in the first quarter of 2012,representing the slowest start since 1Q 2004. Australia cross border activity totalled US$7.7 billion: inboundinvestments into the Consumer Staples sector led the market, with a 30% share, while outbound activity amounted toUS$1.4 billion.

RHB

Real Estate

229.0

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

3.6

10.4

4

Jan 1 - Mar 28 2013

1

2

10.7

24.04.5

1

1*

1*1,108.7

2.9Jones Lang LaSalle Inc

7.6

Morgan Stanley

303.8 13

1132

Goldman Sachs & Co

2

162 611.0 1

3.8

1

1,700.0

1,108.7 1*

3Materials 10,697.7

RBC Capital Markets

1

Asia Pacific (ex-Japan) Deals Intelligence

516.6

1

Zheshang Securities Co Ltd

10.4

Somerley Ltd

21

Minsheng Securities Co Ltd

7,998.5

2

8.7

2

1

15.8

236

114.41

11,814.2 1,409.6 2,844.3 CIMB Group Sdn Bhd

Caitong Securities Co Ltd

2,845.3 Industrials

AMMB Holdings Bhd310

No. DealsRank Val US$m16,214.7

ShareMkt.

Rank

2

Energy and Power3

11,870.0 Tudor Pickering & Co LLC

CITIC


11,464.0 Financials3*1,268.1 China International Capital Co2

1

Asian M&A Down 14% I Fees Up 25% I Australian M&A Drops 45%

2,747.4


Asia Pacific (ex-Japan) M&A

Pending United States / United States

1,409.6

Pioneer Natural Resources-Ast (40%)

Longtan Hydropower Dvlp Co Ltd (85%)

Financials / Banks

Rank Value (US$m)Jan 1 - Mar 28 2013

Asian Completed M&A by Region - Imputed Fees



Dongfen Motor-Comm Vehicle&Bus (100%)

1,756.8Agila Specialties Pvt Ltd (100%) Healthcare / PharmaceuticalsKorea Exchange Bank (40%)


Singapore / United States

China / China

Grand Wailea Resort Hotel & (100%)

WISCO Mining Co Ltd (100%) Wuhan Iron&Steel Co Ltd

China Cross Border Announced M&A

1/28/2013

3/5/2013

2/22/20133/18/2013

Pending

1/30/2013

Pending

Sinochem Petroleum USA LLC

PendingPending

2/27/2013 Pending

2/5/2013

2/22/2013

Pending

Guangxi Guiguan Elec Power Co

1,700.0

China / China

Hana Financial Group Inc South Korea / South Korea

Industrials / Automobiles & ComponentsDongfeng Motor Group Co LtdUnited States / India 1,850.0

1,883.0

Pending PETRONAS Malaysia / Malaysia 2,844.3

Mylan Inc

3/13/2013

China / ChinaMISC Bhd (37.3%)

2,747.41/27/2013

PetroChina Co Ltd 4,210.0Acquiror / Target Nation

China / Mozambique

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

ENI East Africa SpA (28.6%)Target (% Sought/Acquired) Target Macro / Mid Industry

Media and Entertainment / Hotels and LodgingGIC 1,502.0

Materials / Metals & Mining

Rank Date Date Effective

1/31/2013Financials / Other Financials

Shanxi Fenxi Taiyue Coal Ind (77%)1,282.0

China / China Industrials / MachineryShanxi Meijin Energy Co LtdPending

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

$50

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

% O

utbo

und

Ran

k Va

lue

(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 1Q13

Impu

ted

Fees

(US

$b)

North Asia South Asia Southeast Asia Australasia


Tudor Pickering & Co LLC United Overseas Bank Ltd

Any Asia (ex-Japan) Inv Announced (AD25) Jan 1 – Mar 28

Asia (ex-Japan) Rankings



3.5 0.3

81 112 2Industry Total1.3+6 ▲ 1.4▲0.7 ▲1,096.9Somerley Ltd 59 -0.2 07

0.5▼0.7

1 314100 0

▼▲0.36

0.8 ▼PricewaterhouseCoopers+425

1.41.60.2▲ AMMB Holdings Bhd

2725 - 758.3 0.9

40.9

-0.824 150.4▼ 3.9

-22Macquarie Group 23 83

1.1Nomura869.9

24 61 869.11.0

▼-9 ▼ 10.1 1.50.2

0.3▲0.6

2-121.50.2 23 ▲1.6+2 1,322.2

Houlihan Lokey 22 29 893.6 1.1 ▲1.3

-0.8 ▼1.7

0.51,353.2 1.6 53.91,368.4

▲9.60.2 ▼▲ 3 0.3 -1

▲+10.61.4 ▲

▲ Rothschild▼BNP Paribas SA

32▼

+60.7

1.8 0.2 1.4 0.34▲ 1▲ 0.4

0.7+1 ▲Deutsche Bank 20 15 1,215.6 1.5

0.1 4.8China International Capital Co

+21.91.6 M and A Securities Sdn Berhad1.6 ▲- 1,570.4

China Fortune Securities Co 1,268.118* 4418* -

1,268.1 CITIC-

1.6 1.1 ▼0.8 0.2 0.20.2▼▲ 21.9HSBC Holdings PLC 17

1.1-10.1 ▲

49+1

9

▲

-30.50.1▲ 1 0

1,362.3 1.7 -7.04.71,666.9

RHB▼ 1,592.5 7.50.82.0

▲▲2.01.9 0.8 +2 +11.18

Caitong Securities Co Ltd 16 - 1,409.6 1.7▲

190.3 -1.8 ▼ 0.74 ▼▲ 15.2+6

0.40.9

-610

▼ ▼2.0▲

16.8-20.8Lazard 14

▼1.6 2.2 0.7

2.4▼▲

-1.83.9 3.5

8Citi 15 7 1,429.9 -4.5 ▼1.8

1.6

2.20.1 ▲

12 2 3,316.3 4.0 -7.3 ▼Barclays▼ 7 0.4

+456 1,652.0

▼14 1,791.9

▲

12 8 1,813.3 1.6-7.3 ▼ -1 ▼13

▲-1.9

-2 ▼0.2 -6 ▼ UBS▼ 24.15 0.5

5.36 0.6▼ 11 1.0 +4 3.7

36.9▲5.20.1Jefferies & Co Inc 11 -5.6553* 1,850.0 2.9 ▼26.0

10 0.4 ▲0.4▲ 2.8-Credit Suisse2.3 ▲

10 - 1,870.0 2.3 2.3 ▲+20.7 0.30.3 0 -

▲ 0.2▲ 3

2▼

+28.5

6,926.50.3 -7 7,212.5

8.4 8.4

Somerley Ltd 8JP Morgan 9 4.62.4 5 72DBS Group Holdings 94 1,954.1

17 2,110.78.7

Ondra Partners11▼-8.2

11.4 ▲11.4 ▲ 1 1.5 1.5▲

0.1 +1 ▲ 10.1▲+2 ▲ 22.0 1.53.210,188.1Morgan Stanley 7

-0.7

80.6 +9 ▲ 9,385.98.0 ▲

6 0.60.6612.3

▼-0.0 25.326.52 ▲▲19.9

+10

▲0.2 +13.6 0.03.8 3.1

--3Rothschild 6 2,265.1 2.8

11,326.515

6-412 0.67

2 0.113.7

5 17,711.1 21.4JP Morgan 1

34*AMMB Holdings Bhd 5 58 2,845.3 3.5+23 0.336 17,858.7

▲-9.9 ▼

43.1 -12

RBC Capital MarketsBMO Capital Markets▼

▲ 4.531.1▲▲183.6 ▼

4-1.32.2 0.2 -5

3▲20.1 4.0▼ 21.6▲▲+3 1.2▲5.81.0 +5 ▲ 58.4 8.4

22.722,710.9

0.8 2.4818,798.1 18.6▲

16.9▲

1.6▲4-7.44.4 0.35

1429.11 1740.133,136.3

-7 ▼ 2Citi 27.5 22.7 116.4

Morgan Stanley 2 2 4,538.3

US$mCITIC 1 18 5,203.2

5.6

Financial Advisor▼

MarketChange in Advisor

▲11.2 5.0Sh (%)

77.9-2Share Ch.


Deals Sh (%)Market

Financial AdvisorChange in # of Deals

# of# of Deals FeesSh (%)

2013 Rank

2012 Rank Sh (%) DealsShare Ch. Sh (%)

MarketUS$m

MarketMarket Market # ofRank ValueShare Ch.

2013 Rank

2012 Rank

Rank Value MarketRank Value per Advisor (US$m)

Market

3.4

▲2.68

1

0.4 14LazardDeutsche Bank

2,109.2


Bank of America Merrill Lynch 3 11 2,898.2

▲ -10.5

Goldman Sachs & Co

Imputed Fees (US$m)

▼

3.5

Goldman Sachs & Co 6 1

CIMB Group Sdn Bhd 4 20 2,850.0

Any Asia (ex-Japan) Involvement Completed (AF32) Jan 1 – Mar 28


RBC Capital Markets

UBS -12.2▲

2,575.6 3.2-3.7 14

1.9 ▲

1.4 1-2.6 0.7

0.1

2

3-4.0

0.1

2.0

5

21 - 1,108.7

82 669 7

1,305.1

260.1 -3 ▼

90 - HSBC Holdings PLC3

1,547.9

11+12 4,268.4

▼

0.2

13

▼

▼▲

135100 0

▲

3

1 911▲

2.6

▼

▼-0.1

▲

7

0.1▲1.1

+1 ▲

-651.7


22CIMB Group Sdn Bhd

Industry Total

Malayan Banking Bhd

90

15

1,496.7

▼

+1

+5

▲

0.4

2021

45

33

3,195.83

18

4716

19

17

2,765.713

12

100 01 059 695 8

HSBC Holdings PLC Investec

Goldman Sachs & Co2,786.5

Sh (%)

▼-13.6%

Jan 1 – Mar 28

8.8

Rank Value

+2

-2.7

▲1.8

1

Investec

▼

81,112.2

-37.0%Industry % Change from Same Period Last Year

Industry Total

Industry % Change from Last Quarter▼

2

18

4.4

Macquarie Group 1,805.91 30

3

6

1

+1

11

4.0

2

4

5

-

1.8

29

13*

▲

93.7

-

1

▼

1.6

▼

2.6

8.8

6.9

15443.3

2,631.2

-

127.4904.1

1,078.8

▲

3.8

2.8

▲5.5

4.46.2

▲▲

6*

385.8

8.8

8.8

6.8

3.1

2.7

1,078.8Canaccord Genuity

2

6*

-6.0

▲

▲

▲

8.8

7.0

▼▲

▼

▲

+5▼ 4.2

+2▲

11

5

1.13

# of Change in MarketShare Ch.

▲Fees# of Deals Sh (%)28.512

Advisor

▼


-22.9%

Share Ch.

Imputed Fees (US$m)

DealsMarketSh (%)US$m


MarketMarket2012 Rank

Jan 1 – Mar 28

-5.4%▼

Any Australian Involvement Completed (AF31)

▼▼


▲6.51.8

+5 18.22.5▲

▲7.4▲4.913.6

Market

8.7

▲24.5%-19.4%2.26% ▲

-1,314100.0

3.0

121.3

157.4

-33.8-3.1

-20

-5.1%

-648.5 0.5▲

0.1 0.1

▼

0.113.2 0.3

10,635.4▲

▼-60.4%

M&A Partners Pty Ltd

423.0

10.5

Industry % Change from Last Quarter-45.4%

10

▲

39*

Industry Total

294.4

25


2357.8

100.0

Morgan Stanley 3

10.6

0.5

-19.1%

82,669.7


▲

▼

8.8 ▲1.31.6

-6.6%

12.817.0 ▲

# of

-135

-22.4%

100.0

▼

Any Australian Involvement Announced (AD24)

2013 Rank

2012 Rank


MarketDeals

5

0.86

# of Deals

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

+3 ▲

US$m

1,911

9.1

Share Ch.16.6

MarketSh (%)

Credit Suisse289.3 ▲

1

14BarclaysGresham Partners

113

2.6

12

8

ANZ Banking Group -

9*

-7*9*

7*

22

4*

Ernst & Young LLP 11

Nomura

▲

970.7

904.1904.1

4.4Deutsche Bank

Citi

Flagstaff Partners Pty Ltd

KPMG4*

3

1468.4 4.4

8.5

463.0

468.4

1,360.1

4.4

Sh (%)

463.0

▲▲

4.4-11.8

Macquarie Group

-0▼

Goldman Sachs & Co

Financial Advisor

588.88.5

Market

8.50.3

8.77.6

▲

Industry Total

▲

▼

1.5

2.9

▲

▲3.2

-

▲

1.13

-19.9%

3.1

.66.7

2.06.90.7 3.3

1.1

1.0

▲

4.80.3

▲

▼0.14.8

▲

3.1

1.8

4.7+20 -

▼

2.22.2

1.8

0.4

0.7

+1

▼-1-2

0.7

5

▲

▼

209.3▲

2.3-

1.5

4.61.1 ▲

2.76.53.2

4.2

-4

-0

0.0

▼

0.6

▲+1

4.8

1.31.5

2.7

+2 ▲

0

10.00

1

+21 0.4

0.4

2

-28.7%

0.8


+2

0.7-▲▲

▼

-28.6%

20.91.0

374.1

-49.4%Industry % Change from Same Period Last Year▼

12,286.2

129.3

Grant Samuel

29

33*26

▼

100.0-4

0.8101.3

+1▲+1

-Nomura+2

KPMG

▼

Haywood Securities Ltd.BMO Capital Markets

10* 904.139

19.6

7.91,078.8

970.77.4

Moelis & Co

-3

▼

0.4

1.4

0.4

▲

1.117.9

6*

10*

▲

Rothschild4

2,411.4

▲

5

10

-

▲

3 22.734.0

1

Credit Suisse

0.3 ▲1 +1

-1.4

116.5

-22.5

1 4,951.3 40.32

43

-4 ▼ 10.121.4

2 4,177.5 725 32.8

23

▲

2

0.8 ▲

0.3

30.3

0.5

1

2

+1

▲

▲0

+1

▼

RBS Morgans Ltd

▼

146

2.2 ▲4.0

0.5

0.1

0.3

0.80.5

▼3

-1

-11.5%

2

285

-30.70.7

1

▼

Bank of America Merrill Lynch834.2

3.613

-2

Standard Chartered PLC-

+111RBC Capital Markets

1

0.3-21

20

1917*

59.3 0.6 0.6

Rivington Street Corporate

Moelis & Co

1

▲

1.1Lazard ▲

-0.3

1.0

24

0.3

-1

Industry Total

▼

+2

22*

▼

121.3114.8

1516 -

17


17* -

24

17

Pitt Capital Partners

Fort Street Advisers

20UBS

15 0

0▼

0.3

▼10.5

-0.7 1Greenhill & Co, LLC

40Lincoln Crowne & Co Pty Ltd

22

2

22*

103.5 0.3

2 Azure CapitalUBS

0.5

31*

16

25

17▼-3

1 ▲

▼190.3

+1-

172.7-

276.1

1.5157.4

188.2

157.4 1.51.5

1.6335.1

-3

Greenhill & Co, LLC

18

31*+1

16▲

Deutsche Bank 8Ernst & Young LLP

▲ Lazard 3

Barclays

1.0

0.3

+1

▲0.3

-31.62.0

-4.5-2.2

3

21

6.15.5

0.3+1 ▲

0.3

0.3 ▲680.0-2

1.6 ▲0.70.7▼

▼3.7

4.2▼

+4

▲

▲2.5

▼

▼1.3

▲

▲▲

0.9

2.61.0

▼

-37371

▼

▼

0.7100.0

▼2.4▼▲

6.4▲

▼

▼▼

-27.5%

3.00.4

▲ +1-

-39.5%

2.4299.2

-

114.8

1.0

20 ▼

▲ -1▼

0.4 -1

20.61.1Gresham Partners 5

▼9

-31.61.3

21Fort Street Advisers

1.6 0.1.6

21.72.7

-30.7-5.2 -2

0.8

3.8

0.1

2.7

▼

.8

1.91.8

▼-

2

0.1

3.9

▼0.9 2.3

▼ 0.3

1.81.3

191.8 2-1.81

▲

100.0

02 0.70.7

1,059 695.8

0.4 ▼.3

https://www.thomsonone.com * tie

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables16

▼

Sh (%)

11.9

9.6PricewaterhouseCoopers- 11.342.4

-Deutsche Bank

+11

2

6.5

Jan 1 – Mar 28


- 116.8 31.1 1

# of Deals.9

1 ▲+1

+1

# of

+13.23.2

3.2

▲

Any New Zealand Inv Announced (AD39)

MarketRank Value Market

Change in

▲

Market

# of Deals

1

Fees

Change in

6.6

-

Jan 1 – Mar 28

Sh (%)

Any New Zealand Involvement Completed (AF46)

.9

Advisor

1.5

MarketUS$m

31.1

1.8

▼▼

-2

10.2▲ 1

▼

- 412.6-

Sh (%)

# of

74.5

MarketShare Ch.Sh (%)

65.1▲

+26.5


Deals2012 Rank US$m

64.3

Industry Total


3 -

▲

- 44.8 11.9

31.1 3.6

▲10.7

1

Industry % Change from Last Quarter ▼

Financial Advisor1*

Industry Total5 8*

Greenhill & Co, LLC

1*

86 9%

375.9

▲

▲31.1

+32.6

116.8

Market

3Grant SamuelAdelaide Equity Partners Ltd

4


8.2

▲

3.6

+11

▲

▲

Share Ch.

2

Simmons Corporate Finance Ltd 4

UBS

2013 Rank

1

5PricewaterhouseCoopers

Macquarie Group

▲

Goldman Sachs & Co

5.7 5.7

▲

6.6

100.0

▲

▼

Share Ch.▲

-9

3.61.1

-

5.4▲+1

6.66.6


Market

74.564.3

52.710.2

9.6 0

▲

8.24

▲

3 +2

477.7

-3.7

Deals


Asia (ex-Japan) Rankings

12.9

73 0%

+1

100.0

.7▲

.7

Financial Advisor

-40.8% ▼44 0%

028

Industry % Change from Same Period Last Year -32.1%

-13.4%

3.6

▼-70.5% -53.7%▼Industry % Change from Last Quarter

0.0%

▲1

Rank ValueSh (%)

▲5.4

+1

100.0


2012 Rank

641.6

▼

Asia (ex-Japan) Buyside Financial Sponsor Activity

31

.2▲

-22.5%

$3.5$6.5 $8.2

$3.8

$14.0

$1.5

$7.6

$15.1

$8.8$4.5

$3.1$3.4

$9.4

$5.5

$9.9

$9.8

$9.5

$9.1

$0.8

$5.6

$9.7

$4.3

$6.0

$8.8

$12.9

$13.8

$4.3

$5.5

$11.6

$4.2

$5.6

$13.6

$9.7

$3.9

0%

5%

10%

15%

20%

25%

30%

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

% o

f Asi

a (e

x-Ja

pan)

Vol

ume

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of Asia (ex-Japan) Volume YTD

▼Industry % Change from Last Quarter ▼-86.9%

Australian Cross Border Announced M&A

▼ -73.0%-44.0%

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

17%

15%

12%10%

9%

7%

5%

4%4%

3%2%2%

Industrials Energy and Power Financials

Materials Real Estate Consumer Staples

Healthcare High Technology Retail

Media and Entertainment Consumer Products and Services Telecommunications


0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

Out

boun

d

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013


Mizuho Financial Group

Energy and PowerCiti

* tie

1,451.1 113

Nomura1*

Japanese Involvement Announced M&A - Top Advisors by Target Industry Jan 1 - Mar 28 2013

1,816.6 Industrials

22.5

120.1 2

47.0

42.7

High Technology

2509.2 3

42.11*

49.0

6.6

1

27.6

1

3

49.0

100

35

1

45

8

49.0

6 3

1

1 1

20

35.1

Mkt.Share

1 2.24.5

No. Deals

Japan Deals Intelligence

188.8

6 3

Rank

395.1

1 Financials


Japan M&AJapanese M&A Lowest in Eleven Years | Cross border Activity Drops 59% | Domestic M&A Rises 7.9%

2,590.4

2,590.4 1*

4.5

Rank Val US$m

1

Nomura

Goldman Sachs & Co 2,590.4 Barclays

1*3

1*

Mitsubishi UFJ Morgan Stanley

Real Estate

395.1 2

533.7 42.1

5,286.1

49.049.049.0

1

12


Leonardo & CoMorgan StanleyHoulihan Lokey

1,266.5

Nomura

Mizuho Financial Group 681.9 1

1

533.7

501.7

326.3

The first three months of 2013 saw M&A activity with Japanese Involvement at US$23 billion, a 37.5% decrease fromthe same period in 2012 and the slowest first quarter volume in the last 11 years. By number of deals, M&A activityrecorded a total of 632 deals, down by 22.3% from last year.

After a record-breaking year in 2012, announced Japanese cross border activity totaled US$9.4 billion, a 58.9%decrease compared to the first three months of 2012 and the lowest Japanese cross border volume since 2009.Japanese inbound M&A volume declined by 69.4%, recording a total of US$2.3 billion, and outbound activity droppedby 53.8%, with US$7.1 billion worth of deals.

Announced Japanese domestic activity slightly increased, recording a total of 464 deals worth US$13.4 billion, a 7.9%increase compared to the first quarter of 2012. Sumitomo Mitsui Trust Holdings‘ US$2.1 billion repurchase from RCCwas the largest domestic deal during the period.

Completed fees earned for the quarter were estimated to be US$341.7 million, down 17.1% from the US$412.1 millionrecorded during the same period last year, according to Thomson Reuters/Freeman Consulting.

On average, EBITDA multiples for Japanese Targets during the first three months of 2013 decreased from the 13.7xaveraged during the first quarter of 2012, falling to an average of 12.1x. Telecommunications commanded the highestaverage multiple—at 16.3x.

Mizuho Financial Group8,726.1

1*

775.5

1*1*1*1*JP Morgan

2,590.4 2,590.4 2,590.4

Credit SuisseNomura

* tie

Financials / Asset Management

Real Estate / Non Residential1,199.7

Energy and Power / Water and Waste Management

Real Estate / Non Residential

Japan / Japan

Japan / Japan

Japan / United Kingdom

570.4

Financials / Banks

Japan / Japan1,100.0

Japan / Japan2/28/2013

Daiei Inc (75.1%)2/4/2013

2/13/2013

Sony Corp-Sony City Osaki (100%)Sony Corp-US Headquarters Bldg (100%)

Pending

3/27/2013

3/5/2013

Maynilad Water Services Inc (20%)

Real Estate / Non ResidentialJapan / Japan


Real Estate / Non Residential

Consumer Products and Services / Employment Services

Japan / Japan

2,077.9Japan / Netherlands

Sumitomo Mitsui Trust HoldingsInvestor Group

Acquiror / Target Nation

AEON Co Ltd

2,590.4Rank Value (US$m)

Nippon Building Fund IncTemp Holdings Co Ltd550 Madison Fifth LLC

719.7

533.7Investor Group 543.8Investor Group

400.0Marubeni Corp

Sumitomo Mitsui Trust Holdings (11.25%)

Intelligence Holdings Ltd (100%)Mitsui Fudosan-Ppty Portfolio (100%)Pending

East Surrey Holdings Ltd (100%)2/4/2013Panasonic-Assets (100%)

Any Japanese Involvement Announced M&A

ORIX CorpRobeco Groep NV (90%)2/19/2013AcquirorTarget (% Sought/Acquired)Rank Date

1/7/2013Pending

1/18/2013

Date Effective

2/28/2013

Pending3/8/2013

3/26/2013

3/11/2013

3/15/2013

427.32/13/2013

IntendedEnergy and Power / Water and Waste Management

Any Japanese Involvement by Market

Japan / Philippines

Target Macro / Mid IndustryTop Ten Japanese Involvement Announced Deals

Retail / Food & Beverage Retailing

Jan 1 - Mar 28 2013

$27.0

$71.1

$26.9$50.4

$34.0 $23.2$35.1 $38.8 $36.9

$23.0

$27.6

$38.3

$51.8$31.3

$37.2

$21.6$19.2

$45.9 $43.0$18.1

$31.6

$22.4$28.7 $47.6

$42.4$50.3

$50.1$42.4

$18.9

$42.2

$48.5$51.9 $28.6

$38.8$30.2

$50.5$57.7

0

500

1,000

1,500

2,000

2,500

3,000

3,500

$0

$25

$50

$75

$100

$125

$150

$175

$200

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

# of

Dea

ls

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) # of Deals

100

200

300

400

500

600

700

.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

# of

Dea

ls

Ran

k Va

lue

(US

$b)

Thou

sand

s

Domestic Inbound Outbound Domestic Inbound Outbound


18

Imputed Fees (US$m)

Financial Advisor


Japan Rankings

3,517.85.0


0.52,649.2

Jan 1 -Mar 28

# of Deals

-25

0.3

Market

-0.25.2 ▲

Share Ch. Deals4,461.1

Rank ValueSh (%)

3

Market2012 Rank

15Sh (%)

▲▼

▲

12.625-15.615.3

▼▼

-2.8

Leonardo & Co

Goldman Sachs & Co

Houlihan Lokey 5* 24

KPMG 12Citi 5

1314

428.2

Credit SuisseFrontier Management Inc

34231.7

17

11.211.2

2

-

12

19.4

11.52,910.6

1

2,590.4

US$m

Sumitomo Mitsui Finl Grp Inc

Financial Advisor

5*

1.7William Blair & Co ▲

3.2▲

93.7

-1.0Bank of America Merrill Lynch

Change in # of

Any Japanese Involvement Announced (AD19)

2013 Rank

2013 Rank


Share Ch.Market MarketAdvisor

Sh (%) Sh (%)MarketMarketMarket2012

Rank

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

# ofSh (%) Share Ch.


US$mRank Value

DealsMarket

Fees

3 7,939.4 25.69,466.2

17.2▼3 7,605.8

22.44.0

-2 ▼

-1 ▼▼

Mitsubishi UFJ Morgan StanleyGoldman Sachs & CoMizuho Financial Group 24.573

1

17.82.5 1.94.4

327▲

0.9

0.3

1.3

▼

+1

▲

▼▲

8.5

▲

1.0

2.71.9

▲

▲

4.9-20

1 1+1

0.50

+2 16.6

0.1

▲

▲

▲▲

▲-22 6.5

+23.1

▲

1,693.3

2,904.4

20

21*20

932.5

14987.4

-

1213

2.6 0.32.6

123*▲

21* 1.4-0.319

1▲-

▲

1.7▲ 0.60.6

▼2.8▲▲

0 3

0.3 +1

0 3

0.9

4.9

-

19 -▼

170.9

0.5

2,590.4

2.3+1

533.7843.7

2,097.3▼ -17

▲7.9

42.0 12.3

▲▼5.0

5.1

26.6 7.8 3.01.1

2.0

2.0

▲

1.8

▲1.7

▲1.6

1.8▼

2.5 ▲2.7▲

▼

9.89.9

12.9

2.9

4.7

6.0

33.9

3.8 0.6

11.4

9.0▲

3.50.1

16.8

16.0

1.83.3

0.51.00 3

▲▲▲

▲▲

▲

10.211.2

1.2

9.414.1

5,223.2

23▲▲

▼

110.6

▼ 90.2 -4

-

9.4-5.71.1 ▲

3.4 ▲▼

▼10

▼5.6 -22▲+46 1.6

212,901.411

8

1010

9.1

4420

1

11.2

1.0

79* 366.3326.3

1.6

1,292.7

2,590.4

1.9

5.6

215.2

Mizuho Financial Group

GCA Savvian Group Corp 15

89

Daiwa Securities Group Inc

3

1.4

16 11Deloitte

Nomura

4

17

19

16

▲1529

12

Barclays45*


JP Morgan-9

1.1-2 ▼

-14.0

56,299.4

NomuraUBSPlutus Consulting Co Ltd

4

8

4

15▲

7.7▼

4

20.3 16.3

30.5

10

2-2

-

JP Morgan▼0.2

-8▼

1+742 ▲

▲1 0.2

0.2 +16.6

6,015.5 19.4 -6.1▲

7 45

216.16

4,574.661 ▲

-9.3

14.8 ▲14.64,515.9

4,353.7

0.8314.6

▲+2

27* 16.97 1.9

0.514.6 0 -

00.3

12.8 ▲ 21

1.6 ▲ 18 ▲+12▲ ▼-18

2.8+1

1.3

▲0.31.3

13 3.5▼ -542

7.950.60 1.9-5.9

-1.4

-5 15▼

9.6▼1

2,458.5▲6.21,917.1

▲0.90.4

+2 ▲ 5.514 ▼74.95.4 ▲+333 1,663.9

4 0.6 -0.6▲0.64▼

▼-1.5

10.2-5.5 1.9 -51.41.9

3.0-8▲ 1.93.2

75.13▲

16▼ 0.81.0

1,591.9

18+211

▲Credit Suisse0.8

12

2 0.3 3.0 1.30.2 18

▼▲

20 146.7 ▼0.8

9.1▼▲0

0.5Citi18 - 175.0 0.8-0.7

+10.8

-2

31 177.1

PricewaterhouseCoopers 20 18Plutus Consulting Co Ltd 19 +1

▲138.40.6 1.1

-1.4 90.67

1.41▲

▼ 1.4 +2▲

1.4810.2 1

426.9438.1 2

1.8▲4.56.0

▲0.30.5

1.4 ▲ +10.5 -1 0.2

Rippledot Capital Advisers Pte 23 - 90.0 0.4

1.4426.9 1.422 - -1 ▼

▼-4

▲0.0 3 0.50.4 2

Lincoln InternationalYamada Consulting Group Co Ltd

21 79* 120.0 0.5

+1-0.7

35 113.3 0.5

65.5 23*1.1

▲0.324 20.322

0.30.3▲

▲0 2Deutsche Bank 0 925* ▼ ▼2

1.1 1.11

0.31340.7-1 0 ▲

KPMG

1 08 318 925*RBS0 3

▼

50 0

340.7

GCA Savvian Group Corp

+2HSBC Holdings PLCMita Securities 69*

Daiwa Securities Group IncSumitomo Mitsui Finl Grp Inc

Sangyo Sosei Advisory IncGreenhill & Co, LLC

5

TC CapitalBMO Capital MarketsCIBC World Markets IncTrustees AdvisoryLA Consulting

Deutsche BankMoelis & Co

8

Any Japanese Involvement Completed (AF23) Jan 1 -Mar 28

2.01.8

+1 3.4

0.9▲1.31.3


Industry % Change from Same Period Last Year Industry % Change from Same Period Last YearIndustry % Change from Last Quarter Industry % Change from Last Quarter ▼

-17.1%-30.3%

▼

-232

1.1+1

▼-17.0%▼

341.7

-43.9%

▲0.3 0.3 0.3 ▲22

* tie-60.1%-37.5%

▼▼

0.2

▼

Deutsche Bank -0.925* ▼ ▼▲ 1

2+1

Industry Total

-22.3%▼

100.0 63223,039.9

10.2

-12.5%

Japanese Involvement Announced M&A Target Industry by Value

1.0

100.0

-38.2%▼▼

375

▲

-2.1%

1.0-8

-181 30,991.7▲

318.9

100.0

25*

Industry Total

RBS0.350.0Trustees Advisory 25* - 50.0 0.2 0.2 1.0 1.0

-▲ 1.1

Japanese Target Completed M&A Fees

ABN AMRO Bank 25* - 318.9 0.3 0.3 ▲▲ 1 0.3 +1

37.9%

22.9%

7.9%

6.3%

5.5%

5.4%4.8%

4.2%2.9%

1.6%0.7%0.0%

Real Estate FinancialsIndustrials High TechnologyEnergy and Power Consumer Products and ServicesRetail Consumer StaplesMaterials HealthcareMedia and Entertainment Telecommunications

$159.8 $172.4

$314.8$233.7 $267.7

$136.6

$271.3 $221.6 $202.2$215.5

$157.9$188.4

$312.9

$307.2 $225.3

$178.8

$282.6

$170.4 $216.0

$199.1

$287.0

$226.3$274.6

$213.0

$165.8

$175.9

$129.4

$251.0

$219.1

$326.1

$247.1 $306.9

$213.2

$303.0

$234.2

$185.3

$248.5

0

500

1000

1500

2000

2500

3000

$0

$200

$400

$600

$800

$1,000

$1,200

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Num

ber o

f Dea

ls

Impu

teed

Fee

s (U

S$m

il)

4Q 3Q 2Q 1Q YTD Number of Deals


19

Industry TotalIndustry Total

0.3+3 ▲ 829.7 0.5

12* 16* 3 2.1 0 475.2 5*

Industry % Change from Same Period Last YearStephens Inc 12* - 3 2.1Sandler O'Neill Partners

2100.0

11.7% ▲

Deloitte 0.0+12

20* 12.0144 14*

Goldman Sachs & Co


16*

595.0

Keefe Bruyette & Woods Inc

6

Jan 1 – Mar 28Jan 1 – Mar 28

Rank Value (US$m)2013 Rank



Jan 1 – Mar 28

Based on Number of Transactions

Southwest Securities Co Ltd

Deloitte

2 3.2

2.5

Fairness Opinion Rankings †

Rank Value (US$m)


Rank Value (US$m)

Fairness Opinion Provider

▲-12.5

2.52

-1

81


2+15

US$m46,418.730,734.9

0.2

-Industry % Change from Last Quarter 18.6%

▲

Duff and Phelps 22.5

-

▼2 3.2

20.11.0

-1

31,561.7

+1 ▲14*

0.41,416.4

20* ▲

143,797.8

3.2

225.5%

+2

▲

2.5

▲

31.3%

-11*

+22.5

4,786.1 11* 2*

1.0

28,191.5 19.6

0.3▲

Centerview Partners LLCMacquarie Group

Moelis & Co11*

-

1,416.4

0.1Duff and Phelps

4.8

3.2

4.8

4.8

21.9

2*

2* 14*

Greenhill & Co, LLC 11* 11* 2

3

-

6* 11*

MarketRank ValueSh (%)

475.26* 2* 3 4.8

+3

2013 Rank

2012 Rank

# of Market Change in Deals Sh (%) # of Deals


2*

Any US Inv Announced Fairness Opinion

2* 2* 414* 4

▲

14*2*▲

2.76.4 245.6

4 6.4+3+3

▲21.933.01 2* 6 9.5

6.4 +1

▼ 31,561.73.2 -128,191.5+2 ▲

6*

6*

+3

2

3

-

-

00

3

▲ 3,738.2

+3+3

29,626.7▲

245.2▲

+3 21.14 6.4421.7

22.4

6*

11*

1.1574.4

2

3 4.8

-▲

3.4

2,207.6▲

63

- 4,786.1

2

+1 ▲

3.3

14* 5*14*

14*+1

▼

100.0

0.4595.0


0.3

0.60.3

0.21.6

+2

-53.7% ▼

14* -▼

15* 22 2.5

14*14*

2

1,778.6 1.2

▲

2,207.6

91.2

0.21.5

475.2829.7 0.6

12.2 0.0

829.7

▲

+22.5

Sandler O'Neill Partners

0

0

-

3.7

▲+28*

3.7

-

+33 -

▲

4Stifel Financial Corp +3

3* 1*

8* 20* 3 3.7

4

Based on Number of Transactions# of Deals per Advisor


4.9


▲4

MarketDeals

2012 Rank Deals

+6 ▲1*1* 16* 6Morgan Stanley

Sh (%)JP Morgan4,396.2

# ofSh (%)

2012 Rank

2.6

Rank Value 2013 Rank

MarketUS$m Sh (%)

1 1* 6 7.4 +2 ▲

Rank Value

46,418.7

Evercore Partners

32.32 20* 5 6.2 +4 ▲

30,734.92.9

▲3* 5* 4 4.9 +13* 20*

4,127.4

-▲▲

4.9 736.829,626.7

4.9

04.9 +3

JP MorganEvercore Partners

20*Caitong Securities Co Ltd

3Canaccord GenuityBank of America Merrill Lynch

27.9

8*245.6

GMP Capital Corp

12*

0.4+2-1

3*Somerley LtdStifel Financial Corp

Sandler O'Neill Partners

Greenhill & Co, LLC

▼

100.0

BMO Capital Markets

Canaccord Genuity

12*

12*

3

--


12*Moelis & Co

+2 ▲Centerview Partners LLC

Macquarie Group245.2

0.00.1

▲

6*2.1 +32.13

Evans & Evans Inc-1 ▼ 2,207.6 1.3

6*

▲

▼2.1

-112*

12* -

12* 39*

Guangdong SecuritiesChina Merchants BankTD Securities Inc

+126*3

2.13

2.1

3

JP MorganFairness Opinion Provider

Evercore Partners

Morgan Stanley

BMO Capital Markets

Stephens IncGoldman Sachs & Co

1*15* 4

Stifel Financial Corp


245.2

Keefe Bruyette & Woods IncGoldman Sachs & CoStephens Inc

21.4245.6 0.2

0.5

574.4.0

0.3 Haywood Securities Ltd.

1,605.8 1.00.0

-5*▲

3- 3 3.7 +3

0Keefe Bruyette & Woods Inc

3.7

3.78*8* - 3

8*

5*

- 736.8

3*0.5

20.6

0.1 ▼1,605.8

0.8

GMP Capital Corp

1,409.6

7* 6* 4 2.87* ▲7* - 2.8

+30

416* 47*

2.87*

39*

5*55 3.5 +2

26*+1+2

4 2.8

4.2

- 3.5 +5 ▲4 ▲

46,418.7+3

5*▲

4.26▲

4.2 0.5

US$m

1* 21* 16*

-1 ▼6

# of Market Change in Market

+34.2# of Deals

758.3 Morgan Stanley

Sh (%)

31,378.8 18.9

▲

29,626.7

TD Securities Inc

-

17.2

3 2.13

0.4

2.1 +3 ▲▲+3

▲▲

24.0

837.9

2.8

+4

BMO Capital Markets

Any Americas Inv Announced Fairness Opinion

367.5 0.2

17.8

1,778.6 1.1

0.0

-8 166,135.9


Based on Number of Transactions# of Deals per Advisor

▲102.5%

1*Minsheng Securities Co Ltd

China Securities Co LtdHuatai United Securities Co

Guangdong Securities

Deals

▲


# of2012 Rank

17.4%▼ -23.0%

2013 Rank

1*

BNP Paribas SANortheast Securities Co Ltd

2

y g

-

Fairness Opinion ProviderChina Merchants BankKPMG

Barclays6*

GMP Capital Corp

Deutsche Bank

PricewaterhouseCoopersDeloitte

1Detroyat Associes SA

6*

Goldman Sachs & Co

Ross Glanville and AssociatesCredit Suisse

1

BDONeedham & Co LLC

-1

6* -Handelsbanken Capital Markets

6*

6*

7*

6* 14*Canaccord Genuity

7*

7*

6*

* tie

14*Evercore Partners

1

1

1

Guotai Junan Securities

Deals

5 ▲

Change in

3

Industry Total

- 5

-Southwest Securities Co Ltd

# ofDeals

2

Caitong Securities Co LtdSomerley Ltd

Sh (%)

0.0▲

0.110.5

Rank Value (US$m)

Industry % Change from Last Quarter -50.3%Industry % Change from Last Quarter

▼ 7.9%▼-44.2%

5.3

.0+2

.0


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

-

Rothschild

Industry Total

1

18

6* -UniCredit

China Merchants Bank

▲

Jan 1 – Mar 28


Fairness Opinion ProviderMarket2012

RankChange in # of DealsSh (%)

2013 Rank

1 10.5 -910.5

1*

10.5

US$mRank Value

-▼

210.5

16*1*1* -1*

24*

2 +2 4,121.2 30.9

-1+2 ▲ 17.2

▲

▼ 1,001.3 7.5

-30 - 644.0 4.8

▼ 4,097.7 30.75.3

6* +10

11

5.32*

10.15.3

6*1- 5.3

▲6*

14*

5.3130.7

▲ .2 0.0

1,347.3-1 ▼ 4,097.7

30.74,097.7 30.7

-▲

+1

4,097.7

33.6▼ 0.6▲

+1

-12.7

-6*

5.3+15.3

79.84,476.1

5.35.3

0.023.2 0.2

+1 ▲ 1,228.2+1 ▲-1 ▼

6* -11

0+1

5.35.3

▼▼ -85.7% ▼-58.7%

100.0-28

1,347.34,097.7▲5.3

5.3

Industry % Change from Last Quarter -66.7% ▼ -84.4%Industry % Change from Same Period Last Year

-

- 389.2 2.913,250.5

MarketRank Value

30.7

9.210.1

0.0

Market

367.5

CITIC

Market

3.0▲ 1,409.6

Sh (%)Sh (%) # of Deals US$m6.2758.3▲6

6+6+311.1

9.3

11.1

7.4

5.65.6

+4

- 3 +35*4

- 3- 4 837.9

-24.0 0.2

521.0 4.3

▲▲

6.9

6* 2 3.7

.0 0.0+3▲

1.34.4

69.912* 2

0

+16* 2 3.7

▲▲

7*0 - 160.67*

1* 2 3.7

3.77*

532.0- 2 3.7 +2

-8.4%▼

-1▼ 3,570.7-3

12,227.1

Industry % Change from Last Quarter -11.5% ▼ 46.5%

54


Industry % Change from Last Quarter -63.6% ▼



Rank Value (US$m)2012 Rank

# of Market Change in MarketSh (%)

1 - 2 50.0 +2

2013 Rank

268.9 76.9

US$m Sh (%)30.9

# of Deals

0 -

Rank Value

8.82* 2* 1 25.0

▲

-1 ▼2* - 1 25.0 +1

0

▲ 50.0 14.3Nomura 2* 1 1 25.0

-95.3%

29.20.6

76.9268.9

▼

Industry Total 4

▼▲

-98.8% ▼

100.0

Industry % Change from Same Period Last Year 0.0% -

Trustees AdvisoryMorgan StanleyPlutus Consulting Co Ltd

Any Japan Inv Announced Fairness Opinion

11.5+5

7*

5*

1*

Jan 1 – Mar 28

7*

Jan 1 – Mar 28

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

349.8 100.0

Morgan Stanley 6* 14* 1 5.3 0

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-

-

-

-

-

Japan

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.

Kelvin Bian

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, 2012 and March 28th, 2013 and of which Thomson Reuters was made aware. All current dataand previous year's data is as of 5:00pm EDT on March 28th, 2013.

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.

Tel: +852 3761 1852



Asia-Pacific


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:

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

-

-

-

-

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.

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”.

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

Tel: +813 6441 1158Akemi Mamiya

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.


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 forany 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 tothe 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 transactionor 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 orselling 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.

© 2013 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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