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MERGERS & ACQUISITIONS REVIEWMERGERS & ACQUISITIONS REVIEWFINANCIAL ADVISORS

First Quarter 2012

Any New Zealand Involvement Announced (AD39)

Any New Zealand Involvement Completed (AF46)

Japan M&A

Americas Deals Intelligence

M&A Financial Advisory ReviewFirst Quarter 2012 | Mergers & Acquisitions | Financial Advisors

1

Japan Deals Intelligence

Any European Involvement Announced (AD21) 17

17

18

18

Global M&A

Global Deals Intelligence

Scorecard: Worldwide Announced M&A

Scorecard: Worldwide Completed M&A

Top Fifteen Worldwide Announced Deals

Any German Involvement Announced (AD35)

Americas M&A Any Spanish Involvement Completed (AF41)

Any UK Involvement Announced (AD32)

Any UK Involvement Completed (AF39)

Any European Involvement Completed (AF3) 10

12

12

Any French Involvement Announced (AD33)

Worldwide Completed (AF1)

Top Ten Japanese Involvement Announced Deals

19

Any French Involvement Completed (AF40)

Any Japanese Involvement Completed (AF23)

19

Any Spanish Involvement Announced (AD34)3

3

6

6

11

12

11

Worldwide Announced (AD1)

20

10

18

Any Japanese Involvement Announced (AD19)

2

2

Table of Contents

1

20

2

11

Fairness Opinion Rankings

Worldwide Announced Fairness Opinion

11

Any Americas Involvement Announced (AD49) 7

US Target Completed (AF2)

6

US Target Announced (AD2) 7

Any Americas Involvement Completed (AF55)

13

12

Any Italian Involvement Announced (AD36)

Any Nordic Involvement Announced (AD37)

Any Italian Involvement Completed (AF43)

20

20

Top Ten US Announced Deals20

15

Mergers & Acquisitions Criteria Summary

Any EMEA Involvement Announced (AD47)

European Deals Intelligence

Any Benelux Involvement Announced (AD40)

8

8

7

Any German Involvement Completed (AF42)

16

Any Canadian Involvement Completed (AF49)

Any Australian Involvement Completed (AF31)

10

9

Any Canadian Involvement Announced (AD42)

16

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

Any EMEA Involvement Completed (AF53)

Any Benelux Involvement Completed (AF47)

10

Any US Involvement Completed (AF48)

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

7

8

9EMEA M&A

Any US Involvement Announced (AD41)

Any Japanese Announced Fairness Opinion13

Asia Pacific (ex-Japan) M&A

Asia Pacific (ex-Japan) Deals Intelligence

20

21

21

22

21

20

13

13

Regional Contacts

Criteria Summary

Any EMEA Announced Fairness Opinion

14

Any Asia Pacific Announced Fairness Opinion

8

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

15


Any Americas Announced Fairness Opinion

Any USAnnounced Fairness Opinion

14

Any Nordic Involvement Completed (AF44)

https://www.thomsonone.com

Global Deals Intelligence

First Quarter 2012 FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEWWorldwide M&A Down 35% to US$481 billion l Emerging Markets M&A Down 33% l Goldman Sachs Tops Advisory Rankings l Advisory Fees Down 24%

Worldwide Completed M&A by Region - Imputed Fees

RESOURCES INDUSTRIALS LEAD ACTIVITY The materials sector was most active during the first quarter of

COMPLETED ADVISORY FEES DOWN 24% - According to estimates from Thomson Reuters/FreemanConsulting, M&A advisory fees from completed transactions totalled US$5.4 billion during the first quarter of 2012, a24% decrease from the comparable period in 2010. Deal activity in the Americas accounted for 55% of theworldwide fee pool, while Europe, Middle East and Africa accounted for 29%. Asia Pacific and Japan contributed13% and 3%, respectively.

WORLDWIDE M&A DOWN 35%, SLOWEST QUARTER SINCE 4Q’09 - The value of worldwide M&A totalledUS$481.2 billion during the first quarter of 2012, a 35% decrease from comparable 2011 levels. By number ofdeals, M&A activity fell 21% compared to last year with fewer than 9,000 announced deals. Compared to the fourthquarter of 2011, the value of announced mergers & acquisitions fell 15% during the first quarter of 2012 to mark thefourth consecutive quarterly decline for worldwide deal making. EMERGING MARKETS ACCOUNT FOR 28% OF M&A – Accounting for over one-quarter of worldwide announcedmerger activity, M&A involving companies located in the emerging markets totalled US$132.5 billion during the firstquarter of 2012, a 33% decrease from 2011. Cross Border M&A activity totalled US$175.6 billion during the firstquarter of 2012, accounting for 36% of overall M&A volume and down 35% compared to the first quarter of 2011.Cross border M&A was driven by the energy & power, materials and healthcare sectors, which comprised 45% ofcross-border deal volume during 2012.

$3

$4

$5

$6

$7

Impu

ted

Fees

(US

$b)

Americas

Emea

Asia Pacific (ex Central Asia)

Japan

Worldwide Cross Border Volume

RESOURCES, INDUSTRIALS LEAD ACTIVITY - The materials sector was most active during the first quarter of2012, commanding 22% of announced M&A, while the energy & power and industrials sectors accounted for 17%and 10% of M&A activity, respectively. Just two sectors, materials and consumer products, have registered year-over-year gains compared to the first quarter of 2011. Financials and media & entertainment deals led thedecliners, down 64% and 49%, respectively, during the first quarter of the year. PRIVATE EQUITY M&A DOWN 16% OVER 2011 –Worldwide private equity-backed M&A activity totalled US$49.6billion during the first quarter of 2012. Private equity deal making in the high technology, energy & power andindustrials sectors accounted for 55% of activity during the first quarter of 2012. Accounting for 10% of worldwideM&A during the first quarter of 2012, private equity-backed M&A decreased 16% compared to 2011 levels.

Worldwide Announced Buyside Financial Sponsor Activity

9.5%

10.2%

13.4%12.7%

21.3% 18.4%

8.0%

5.8%

9.6%

12.2%

10.3%

0%

5%

10%

15%

20%

25%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

% o

f 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

$2

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

29.3% 26.8%

31.6%33.8%

32.4%

44.5%

37.2%

27.1%

37.1%

35.2% 36.5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

% 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

https://www.thomsonone.com

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

1

Western Europe

-30.9-25.2-49.6

584

113

▼▼▼

Scorecard: Worldwide Completed M&A

11,250.73,988.5 -99.7

▼

Worldwide Announced M&A Target Industry by Value

% Change in Rank Value

Mergers & Acquisitions

-50.6

▼

-40.2379

1/1/2011 - 3/31/2011

275,977.9 ▼▼

-49.2

-19.6

▼

▼▼

▼

-86.6-36.1

12.9

-44.219,776.8

26628,008.0

1,491.0 11,093.4

152,582.1

101

2,238

▲1,859

▼

-56.3▼▼▼

▼▼

Target Region/Nation

10730

20,986.5

No. Deals

1,492.410.1

United States 254,991.4

2,720.5

Canada 362

370,919.9

Rank Val US$m

% Change in Rank Value

South America

1,441

223

-91.626

North America-96.7 Mexico

176,277.841

-45.5 1,803

612,681.9

2,617 319,225.014

191,615.3▼

38Central America▼

Rank Val US$m

493,277

10,719

15,614.3

385,065.06,222

Caribbean-88.622

▼-45.1-34.8 8,075

-40.0

-86.75335

-42.22,592

2,7512,172

▼8.1

13,835.0

▼

▲ Brazil 10,040.6-11.8380

579

1,517.7155

87.7-54.1

23,695.7▲▼

55 ▼

3,287.6

2,231.9272

Colombia-15.5 ▼ 8,031.6

7.5

-36.8

-19.6▲

Sub-Saharan AfricaNorth Africa

-28.2

58 4,090.5

86▲ 77Middle East958.9 13

Africa/Middle East 17421

2,196.4

9,993.4

28

171

59

27,820.6

1 544

3,109.5

439

891 161

1,837

190,243.5▼

▲

930

367

▼

2,478

▼-64.5

97.8

90,211.6 -52.613,614.0

24 3

151,897.1611

2,448 3,408

13,899.24,267.3

90 335 168 417 5

9,610.620,801.1

265

38,346.4

1,062.5

Germany

Asia Pacific

76,597.6

▼ Norway31 0 ▼

8,440.8337

6,146.6

1,1382,940

EuropeEastern Europe

-11.0

▼

▼United Kingdom

94.0

114685 ▼

39

2,758.2

▼

110

▲

▼4,078 -21.7

2,239

3,732.9

-53.6

-39.3

-14.7

10,585.0Africa/Middle EastMiddle East

Sub-Saharan Africa

273

167,795.6

North Africa103

49,352.4

160,155.7 204,519.8

Switzerland

3,026

1,726.7

36,724.1

81

4,753.0 114 4,420.1 1202,061.3 22

40617,091.941,957.8

-31.6116 030 7

Americas

Asia Pacific 2 567

Central America

Scorecard: Worldwide Announced M&A

Eastern Europe

477

164

12,519.5

335

Germany1 970

11,698.7

17,041.5

80 118 7

Europe

37,340.4

143,114.3

512

Western Europe

United Kingdom

Target Region/Nation

Worldwide 8,468481,150.4Americas

306.8

Rank Val US$m

211,352.2Caribbean

503.497

Worldwide

No. Deals

▼

▼741,306.0

15,454.444

First Quarter 2012 | Mergers & Acquisitions | Financial Advisors

737,588.52,078

1/1/2012 - 3/30/2012 1/1/2011 - 3/31/2011No.

DealsNo.

DealsRank Val

US$m

641,421.6

1/1/2012 - 3/30/2012

Chile

2,199317,368.2337,950.8

21,226.4South America

3,579.9

20,582.728,818.019,635.4

Canada

787

38,632.1

2,263.8

North AmericaUnited States 145,700.3 1,722

53

Mexico184,332.4

Brazil25,407.0

22%

15%

10%10%

10%

8%

7%

5%

4%4%

3%2%

South East Asia316.4New Zealand

Top Fifteen Worldwide Announced Deals

7,459.0

-49.9

3,923.8

Materials / Metals & MiningTarget Macro / Mid Industry

▼

▼▲

Healthcare / Healthcare Equipment & SuppliesConsumer Staples / Agriculture & Livestock

High Technology / Internet Software & Services

Financials / Credit Institutions

Energy and Power / Oil & Gas

Industrials / Other Industrials

Consumer Products and Services / Professional Services

▼

▲▼

1,5441,161

▲

▼

-21.4114456


Materials / Chemicals


Jan 1 – Mar 30

Industrials / Transportation & Infrastructure

90.4

-49.3-24.3

255.4281

36,310.690,335.1

Materials / Metals & Mining

▼

▲

Brazil / Brazil

Japan / Japan

3335,860.9

68,417.5

62 2,596.0257

114.714

315

-16.5259

12,332.8

53 -7.50.737,039.2

2,161.0

-34.516511,348.8

263171

31,624.6

9.8180

13-60.0

Energy and Power / Power48,877.7

Acquiror / Target Nation

360 ▼▲

9,467.0France / United Kingdom

7,361.5

Central Asia12,643.9

11

Rank Value (US$m)

Japan

Acquiror

GDF Suez SA

160.2597.0

214

Asia-Pacific

21,961.622,518.5

Australia

▲

231

▼

18,399.7

South East Asia

▼

Malaysia-31.1

-43.6

4,942.1

New Zealand17,974.5

9,689.8

▼▼

331.0

407.6

-31.0 ▼Australasia

27 37

364

544.9

21717,028.6

88

ChinaSouth Korea

593508

TransUnion Corp (100%)

20525

Glencore International PLC

254

Target (% Sought/Acquired)

Switzerland / Canada

▼17

20,627.4

1,3253,605.9

150623

116,030.7-42.2

-22.2

EP Energy Corp (100%)

-10.0-3.6

▼122

Xstrata PLC (65.9%)

-24.7

-41.9

674 34,748.4

17,083.6

North AsiaSingapore 1,999.0

37,280.3

-2.6

147

UPS

3,047.712,457.2

1,553.3-36.5

Switzerland / Switzerland

4,652.6

361

42,035.8

Asia-Pacific

South Asia▼▼

55,801.0▼

324

2,567

▼

20,396.7

255

2,806.8

12,388.1

10,854.5

1,579.1

Australasia

▼

429

80

North AsiaChina 863

Malaysia

5,128.7 5,322.8

18,938.8

South AsiaHong Kong

Date Effective

37.8

International Power PLC (30%)

Pending

Rank Date

India / India

United States / United States

2/17/2012

2/25/2012

Redecard SA (50%)

Exxon Mobil (99%)

Solutia Inc (100%)

Central Asia -95.8 ▼19,453.6

3/29/2012

1/29/2012

1/25/2012 Pending

Pending

Illumina Inc (100%)

Tyco Flow Control (100%)

2/7/2012

Thomas & Betts Corp (100%) ABB Ltd Switzerland / United States Industrials / Other Industrials

4,789.8

3,910.8

3,936.3United States / United States

4,628.84,493.4

Brazil / Brazil


3/15/2012

Sesa Goa Ltd

2/7/2012

Cisco Systems Inc

2/6/2012

2/17/2012

Pending

Sterlite Industries(India)Ltd (100%)

Undisclosed SPV

NDS Group Ltd (100%)

Investor Group

Roche Holding AG


Switzerland / United States

Pentair Inc

United States / Netherlands

Investor Group

582

TonenGen Sekiyu KK

Eastman Chemical Co

7,150.0

United States / United Kingdom4,900.05,000.06,788.6


Itau Unibanco Holding SA 6,822.5

994

103

TNT Express NV (100%)

Pending

Intended

Pending Viterra Inc (100%)

Pending

Japan890.4

31,279.1

Australia13,025.8

14,202.4

Indonesia

1,970

6,806.487

261

80,118.7

Pending

293

3/28/2012

2/24/2012

Intended

Pending

Infraero-Guarulhos Concession (51%)

3/20/2012

Pending

Pending

Pending

1/30/2012

Pending1/27/2012

Materials Energy and PowerIndustrials Real Estate

Financials High Technology

Healthcare Consumer Staples

Consumer Products and Services Media and Entertainment

Telecommunications RetailGovernment and Agencies

https://www.thomsonone.com 2

BNP Paribas SA Citi81.4

-16

Share Ch.

▼

11.7

-

2.4

1.9

0.63.0

Sh (%)

2.5

3.9

AdvisorFees

55 302.8

Jan 1 – Mar 30Worldwide Completed (AF1)

MarketImputed Fees (US$m)

37

47

-0.3▼

▼-4▼

0.9

195.3

▲279.5-31

-29 3.6

0.5

211.9

5.2

-16-18

Market

▼

# of Deals per Advisor

DealsChange in

0.8▼

0.60.8

-45

-5▼-6

46

0.247

11.8-12 43,578.910

▼0.6

Deutsche Bank AG

US$m

Bank of America Merrill Lynch

▼

Rank Value

11.959,501.7

-32

9

M Klein & Co LLC

49

+7

5.6

-10

▲

▲▲

0.443

220.5

48,877.710 1611

2

Financial Advisor

20

1Morgan Stanley

3

NomuraCredit Suisse

13.278

88,238.37

107,576.4

5

2011 Rank

19.072,811.6

▲

Market

3.614.8

25.1

MarketSh (%)

-10.7511.5 54,829.69▲ Credit Suisse 4

10.563,358.4

▲102,172.0105,951.5

78120,699.3

4.2

22.4

18.3

-23Financial Advisor US$m



Change in # of2011 Rank Deals

Worldwide Rankings

1Goldman Sachs & Co2

Rank Value per Advisor (US$m)MarketRank Value # ofMarket

CitiJP Morgan

Barclays 99,641.8 20.7

7.2

26,761.6

57,023.0

31,486.112

-8.3

6.5 4.810.2 10.2

12.4

-7.7

-6.9

124

6

4

6

2012 Rank

2.0 0.9Sh ($)

Worldwide Announced (AD1)

MarketRank Value per Advisor (US$m)

Jan 1 – Mar 30

Share Ch.2012 Rank # of Deals

0.05.6

# of Deals Sh (%)Goldman Sachs & Co

-1 1Morgan Stanley1.0▼▲

▲ ▼-5.3 ▼1 20.4

19.675,534.4

-18.9223.5652.1 ▲

1.1 84112,933.4

Market

▼2

1.1▼

Sh (%)▼

Share Ch.

70,405.15 ▼ 205.0 ▼3.8-3.1

▼▲

0.60.7

14.65 4 54,162.640

0.6

JP Morgan

▼ Bank of America Merrill Lynch

▼-16 3-16

0.8

▼1.0

0.6 ▼

▼-33 ▼-5.5

22.050 -180.621.2

132.90.587.311.5

51,101.56 3213.8 ▼387

▲0.5

41▲ 44

0.541▲

0.5 127.80.643,628.5▼ 160.47

+1 0.2▲ Barclays

8▼11

0.8UBS

8.3 17-2.6 0.311.8

0.7▲

▼ 940

▲▼ +3-37 Evercore Partners 30,618.0101.610

▲▼▼ 0.2

1.529 0.5

▼0.6 -29

▼

▼

45▲

0.015

+10 19,293.711▲ Lazard

29,581.4+1

8.0 -17.6

0.516 8.0

4.73.2

34▲

▼

▼

0.7RBC Capital Markets

31

3729,561.2

5.2Rothschild

12 ▲2.8

54-4 151.8

+17 99.2▲▼1.5

▲1.8 ▲

0.6

▲

1.01.2

+80.3 0.8 0.842.5

▲

83.10.6 ▼38-15

1.30.359.4

13,878.63.0

▼18 ▲

0.5 -27

1.167.9

▼1.2

18▼

▲0.340

5.118,790.2

▼25,489.2 5.3-7.4

▼3.7

-16 ▼14▲0.5

-30+3

15Macquarie Group

13-0.221

Moelis & Co

6 -13.4

16INGNomura

2.1

46

17

13,596.5 3.713,544.812 3.7 -6.1 ▼0.3▼ 0.847

▲12,591.4 ▼0.8

0.2▲

0.10.1▼▲ 69.3-7▼

-0.0

8

0.01.351

Loop Capital Markets

3.435

▲0.2BMO Capital Markets 18 110.1 +4 3.111,516.7▲ 2.5

+4 ▲0.3

21RBS

0.1 ▲

1-16

0 218

19 -

0 3▲

2 30.5

▼ Jefferies & Co Inc1520 0.8

28 ▼69 6 1 3 0 5

+2

9 567 20.2

.6▼▼0 4

-110.00.211 43.5

18

+1

▲

1-1.62.9

2 6

▲

2210,774.211,430.5 3.1

2.9 ▼

22

23

107

▲2.7▲2.7

30,291.0 6.3

▲

1.0

19

▼3.4▼▼

-7.2

13,824.2Greenhill & Co, LLC

BMO Capital Markets

16,517.116

RBC Capital Markets8

11

Deutsche Bank AG

2.9

21Jefferies & Co Inc 20

15UBS 9Evercore Partners

▲

1 1

21Moelis & Co 1718

14

5

0.3

TD Securities Inc 14,622.616,361.7

▲

10Rothschild 13Lazard

27

3

-

8477 3.0

33 11 153 0

3.4

22 2.6 ▼12,609.8

* tie

Rank Val US$m

Jan 1 - Mar 30

30.2

-18.3%

1

7

10

8

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

▼

4

12

1

14

1

62,211.5

10

19.2

30.0

1

2

12,029.619.4224.9

13.0

857

464

9

3 8.83

▼Industry % Change from Last Quarter -29.0%

24

59.417 59.9

1,197

10,097.58,822.5 3

22.022

39,366.2

45,464.9

44,879.6

4,122.0

71,834.324,648.8

16.146,934.2

319.62

8,817.5 18.3

8.5

11,656.7 25.4

6,060.0

3,950.6 3

1

13,196.316,067.7

21-10.2 0.32.3 ▼ Jefferies & Co Inc15 28▼▼69.6 1.3

0.20.5

0.2

9,567.2-4 0.38.0

▼0.00.4

1-18

2.4▲

-1.02.6

0.2-5 ▼

▼

-240.0▲

▼

▼1

-23.6%

5,405.40.1

▲0.19.4▼▼

▼-22.9%Industry % Change from Same Period Last Year

6,222

▼

100.025 6.1-74

-1,85336

370,919.90.6

100.0

0.6 ▼▼0.1

0.62.0 -0.8

13▼

-6.5

22

7,932.6

-42.2%

247114

7,570.427

8,875.9

240.31.8

624

+5 BNP Paribas SA▲▲ 7,848.1

2.1

▼

22Centerview Partners LLC

▼

2.0 -0.923

+6 KPMG2.1

Industry Total

59.0

8,468

-26.5% ▼-15.3%▼

3

100.0

RankMkt.

▼

101,846.0

-21.0%

61,289.92

Share

-17.8%

1.8 0.1

Jan 1 - Mar 30

-2,251

9

▼81.9 ▲

2425 120

279,734.40.8

61,724.4

481,150.4

No. Deals

Industry Total

10

1,038

Top Worldwide Announced M&A Advisors by Target Industry

-34.8%

0.1HSBC Holdings PLC

Industry % Change from Last Quarter ▼

9,069.2Scotiabank-Bank of Nova Scotia

Industry % Change from Same Period Last Year

18

▲

2.09,819.7

BMO Capital Markets

Gresham Partners-522

Itau Unibanco 230.0

▼-1

113 ▼1.92.1

218834

Tudor Pickering & Co LLC▲

1.133 11,153.0

Energy and PowerBarclaysJP Morgan

▲

MaterialsMorgan StanleyCitiJP Morgan

10,000.0

FinancialsCitiGoldman Sachs & Co

CitiIndustrials

Deutsche Bank AGGoldman Sachs & CoCredit Suisse

Real Estate

Itau Unibanco

Bank of America Merrill LynchJP MorganGoldman Sachs & Co

$0

$20

$40

$60

$80

$100

$120

$140

Goldman Sachs & Co

Morgan Stanley

JP Morgan Citi Deutsche Bank AG

Barclays Credit Suisse

Nomura Bank of America Merrill Lynch

BNP Paribas SA

Ran

k Va

lue

(US

$b)

Xstrata/Glencore

Illumina Inc/Roche Holding

International Power/GDF Suez

Viterra Inc/Glencore

Other Top 15 Deals

All Other Transactions


Energy and Power

11.8x

-

8.9x

14.5x

8.7x

10.4x14.4x

10.6x

9.2x

8.3x

8.0x5.9x 24.7x15.1x

10.9x12.1x

11.5x 11.9x

-

-

15.0x 13.7x7.8x 11.2x -

10.2x

10.4x8.6x

14.5x

11.2x

11.4x

22.8x

Media and Entertainment

9.2x 10.1x

11.5xIndustrials

9.9x

Consumer Products and Services 10.1x 11.6xConsumer Staples 11.2x 8.4x

2012 UP 2012 DOWN 2011

World Americas

-8.4x

CanadaUSA

-

11.9x

8.1x

9.6x 14.1x

11.1x4.7x 7.6x

11.3x

11.9x

10.4x

11.1x

11.4x-

11.9x

11.4x

18.6x

-

18.6x 24.8x

10.8x

12.1x8.0x

11.1x 10.4x4.5x

3.8x5.1x17.2x

3.4x

11.7x

12.3x

11.2x 7.8x

10.4x

8.1x10.1x

7.4x

UKEMEA

37.4x

11.2x 27.2x27.2x7.0x5.7x

35.5x 24.1x11.0x11.0xRetail

10.4x 7.5x

10.4x 5.1x28.3x

14.8x11.4x

-11.3x- 11.3x12.0x12.0x 8.9x

7.0x

10.8x7.2x 6.9x 9.8x11.5x 14.0x

9.4x

21.0x11.4x 12.4x 12.4x13.4x 10.8x

14.9x 11.1x 8.6x11.3x

16.5x 18.6x 18.8x

16.1x

6.2x 4.7x14.5x

11.9x 16.1x 10.1x

9.5x 11.9x 10.3x 15.2x- 16.8x16.8x 12.2x

11.1x

21.3x

9.5x

12.8x

14.4x21.3x21.2x

14.6x

8.2x

22.8x 12.8x-

9.6x 13.2x

18.0x

16.5x

- 13.3x 5.1x 11.3x

13.0x- - 9.5x 13.0x

10.9x

-

-

20.1x

11.4x

9.2x

8.9x

9.2x

22.8x

Telecommunications

Real Estate

11.5x

8.7x 7.8x 14.1x

9.3x

10.6x11.5x

11.2x


-

14.0x

11.4x

9.0x -

Worldwide M&A Matrix

8.9x

Japan

-

Asia ex. JapanEurope

17.2x

12.6x

12.1x

14.1x12.6x

Materials

Healthcare

High Technology

10.9x

Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA

11.3x14.4x 18.5x

* 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 - 03/30/2012 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. * The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. * Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.

Real Estate

Financials

Consumer Products and Services

World2011

12.0x 11.2xAverage Industry Total 11.2x

Consumer Staples

2012 UP 2012 DOWN

Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price

34.0

12.0x 10.3x 10.7x 11.5x 12.6x 10.1x 12.7x

17.4 37.643.1 36.2

39.4

Americas USA

46.5

34.0

13.3

29.8

19.1 -

EMEA

11.0x

6.5

Europe

33.4

54.1 45.0-

UK

35.2 45

92.8

13.6x

61.833.431.6 33.053.7

34.4

-

11.7x

-

15.6

22

Asia ex. Japan

12.7x

19.1

Japan

25.9

58.1

-13.2

48.8-

40.537.5 33.2

21.8 5.6

54.9

48.1

39.6

48.1

37.5

94.6

29.4

39.7

20.8

-

24.6

24.4

33.2 40.5

12.5

28.5 43.7 24.7

12.5 16

37.5

33.3 31.6 -28.5

3.2

43.7 43.7

3.2-

- 61.425.5 18.130.9 78.615.4

-

9.8-

3.9

27.2

35.2 36.1 36.1

29.3 34.4

20.4 30.4 31.5 35.6

47.6-

38.1

8.826.2

16.2

34.4

- -

-

56.0

36.4 48.2

36.142.763.2

22.9

30.4 29.7 36.4

29.9 56.0

21.2-31.0 21.2

-41.5

-

27.4

28.7

-

54.1

-

- 20.6

17.4 20.4

14.6

7.0

59.4

12.6x

48.2

28.5

38.039.1

High Technology

Industrials

Energy and Power

28.7

10.5x

28.0

33.5

-39.930.5

44.0

33.344.5

26.0

36.5

12.0x

37.1

43.7

59.0

31.1

21.1

33.9

26.5

35.2

27.1

34.5

25.5

37.1 32.6

33.3

Average Industry Total

48.2

32.9

Telecommunications 41.9

35.6

29.0 36.8

38.2Media and Entertainment

Retail

32.8

36.8

38.9

25.7

35.1

31.3

29.2

32.4

23.8Materials

34.0

40.3

13.2

46.732.6 24.032.8

16.7

- 38.0 -

34.829.5

60.6

68.7

41.4

15.9

41.224.745.6 8.8

30.835.2- 36.8 19.5 - 46.6

22.638.8

- - 9.245.2

27.812.3

9.845.2 3.9

12.341.5

20.2

63.8

31.7

46.0

52.2

26.3

31.128.4

36.124.9

12.0x

21.1 35.2

Canada

47.3

-

Healthcare



Worldwide Announced Rankings* - A Decade in Review

1

2

3

4

1

2

3

4

Goldman Sachs & Co

Morgan Stanley

JP Morgan

Citi

*League Table positions reflect consolidation within the banking sector

5

6

7

8

9

102003 2004 2005 2006 2007 2008 2009 2010 2011 2012

5

6

7

8

9

10

Ran

k

Deutsche Bank AG

Barclays

Credit Suisse

Nomura


BNP Paribas SA

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

League Table positions reflect consolidation within the banking sector

5

4 29.2


US M&A Decreases 53% | Americas Estimated Fees Down 18% | Energy and Power Leading Sector

3 40.4

Americas M&A

51.5

4 2

190

365 6

2 45.6

34.2

34.5

31.55

5

29.4

6

4

Americas Deals Intelligence

M&A activity with US involvement during the first quarter of 2012 decreased 53% compared to the same period last year,reaching US$192.7 billion. By number of deals, US M&A activity has decreased by 21.5%, with 2,332 announced deals.

According to Thomson Reuters/Freeman Consulting, total estimated fees from completed M&A with Americas involvementreached $3.5 billion in the first quarter of 2012, representing an 18.1% decrease from the same period last year.

The Energy & Power sector led the US market, with deal volume totalling US$27.6 billion, an 18.8% share of US M&Aactivity during the first quarter of 2012 and a 52.1% decrease compared to the same period last year. Heathcare placedsecond, with US$23.5 billion. High Technology was the most prolific sector, with 365 transactions.

On average, EBITDA multiples for Americas Targets during the first quarter of 2012 decreased to 10.5x from 12.0x reportedin the first quarter of 2011. From an industry pespective, average industry multiples ranged from 4.7x for Media andEntertainment targets to 35.5x for Real Estate targets.

M&A activity with Canadian involvement during the first quarter of 2012 increased 50.7% to US$47.7 billion. Deal countdecreased by 22.6% to 704 deals.

Share

41.6 7

157 54.8

129

No. Deals

38.23 37.5

123

US Announced Advisors by Target IndustryMkt.

3

123

2,620.0

Rank

123

12

5,352.04,987.44,962.9

16,137.5 6,060.02,928.0

7,832.817,128.5

8,823.87,823.85,920.6

16,971.9

Deutsche Bank AG

Rank Val (US$m)

27,587.7 11,491.110,553.010,340.0

23,455.9 12,560.6

9,256.7

Goldman Sachs & Co

Evercore PartnersGoldman Sachs & CoBank of America Merrill Lynch

Bank of America Merrill LynchCiti

JP Morgan

CitiGoldman Sachs & CoGreenhill & Co, LLC

Deutsche Bank AGCredit Suisse

1 23

Energy and Power

Healthcare

Industrials

High Technology

Real Estate

BarclaysCredit Suisse

76 37.5 4 118.1 2 16.2

Pending

2/16/2012

1/23/20122/15/2012

CVR Energy Inc (85.5%)PendingIntended

Americas Target Completed M&A Fees

Japan / United States 2,630.0

United States / United StatesIcahn Partners LPKellogg Co

United States / United States3,923.8


Cordillera Energy Partners III (100%)

7,150.0


4,493.4

4,900.0

Investor Group

Pending Boston Biomedical Inc (100%)Energy and Power / Petrochemicals

Dainippon Sumitomo Pharma Co

Procter & Gamble Co-Pringles (100%)

Rank Date

Pentair IncPending

Date Effective

1/27/2012 Solutia Inc (100%)

Pending Illumina Inc (100%)

2/29/2012

Apache Corp


1/25/2012

Thomas & Betts Corp (100%)

Pending EP Energy Corp (100%)


Pending

ABB Ltd

3/28/2012

1/30/20122/17/2012

Pending

Investor GroupTyco Flow Control (100%)

TransUnion Corp (100%)

2/24/2012

Eastman Chemical Co

2,695.02,632.3

Consumer Staples / Food and Beverage

Healthcare / Biotechnology

Top Ten US Announced Deals Jan 1 – Mar 30

Pending4,628.8


Industrials / Other IndustrialsUnited States / United States

Target (% Sought/Acquired) Acquiror


Healthcare / Healthcare Equipment & SuppliesTarget Macro / Mid IndustryRank Value (US$m)Acquiror / Target Nation





2,850.0

7,459.0

Jan 1 – Mar 30

Materials / Chemicals

Roche Holding AG

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

19%

16%

12%12%

11%

7%

7%

4%4%

3%3%2%

Energy and Power Healthcare IndustrialsHigh Technology Real Estate MaterialsFinancials Media and Entertainment Consumer Products and ServicesConsumer Staples Telecommunications Retail

2.1 2.0 2.1 2.74.3 5.1 4.2

2.0 3.0 3.42.2

2.2 1.62.7

3.1

4.7

6.0

3.7

1.6

3.34.82.0

1.9

3.03.7

4.2

6.3

4.3

2.3

3.8

3.9

2.22.5

3.2

3.9

5.5

6.4

3.6

4.1

5.13.8

0

3,000

6,000

9,000

12,000

15,000

$0

$5

$10

$15

$20

$25

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

# of

Dea

ls

Impu

ted

fees

(US

$m)

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


Lazard Deutsche Bank AG

100 03 498 3Industry Total 652226 615 9 2 515255 666 6 100 0 865▲

3 176 100 02.3 1.6

Industry Total0.6 0.40.3 +4 ▲ 20.4 ▲2.1 ▲ 3 0.1 30 5,255.3GMP Capital Corp 25 8

▲CIBC World Markets Inc 25 76 5,646.3 2.2

2.5 1.00 -

19 5,602.5 1.4 1.1▲ 48.3▲ 9 0.4 +32.8 ▲ 3 0.1 TD Securities Inc 240 --

BR Partners 24 139 7,077.9 2.85 0.2 -2 ▼ 0.1 0.064 5,707.8 2.5 2.3 0.3 -7 ▼ 1.7KPMG 23

0.3 0.30.2 +3 ▲ 11.0▲ 7

▲BNP Paribas SA 23 39 7,119.4 2.8 2.1 ▲

▲ 5-1 ▼ BBVA 221.7 1.6

25 5,846.6189* 5,892.5 0.2 +3

2.6 1.63.2▲

2.9 ▲-10 ▼

7 0.210 0.3

Canaccord Genuity 22 60 8,113.6

▲Rothschild 21 7 8,536.6 3.3 -13.2 ▼ ▲58.1

8 0.3 +6 ▲ ▲ 322.9 1.4Qatalyst Partners 21Houlihan Lokey 20

▲ 42.6 2.620 6,573.2 1.3 +8 1.8 0.6▲ 63.6

3.0 2.5 0.8 0.60.2 -1 ▼ 27.8▲ 5 ▲Scotiabank-Bank of Nova Scotia 20 71 9,069.2 3.6 3.4 ▲

2.0 ▲ 11 0.3 40 6,766.4RBS 19▼

Itau Unibanco 19 24 9,819.7 3.83.6 -0.3

-5 ▼14 8,077.2 1.8 1.0▼ 63.1▼ 20 0.8 -162.0 ▲ 14 0.4 Jefferies & Co Inc 18-2 ▼

▼BMO Capital Markets 18 23 9,903.0 3.9

3 0.1 -1 ▼ 0.2 0.611 8,875.9 3.9 -1.9 0.0 -3 ▼ 8.0Centerview Partners LLC 171.6 0.70.4 -9 ▼ 57.1

▼ 1▲

Tudor Pickering & Co LLC 17 56 10,000.0 3.9 3.6 ▲▲ 9-13 ▼ BMO Capital Markets 16

0.1 0.123 9,046.342 10,277.9 0.1 -2

4.0 2.94.2▼

1.1 ▲+2 ▲

20 0.64 0.1

Jefferies & Co Inc 16 14 10,826.8

▲Greenhill & Co, LLC 15 79 13,142.8 5.1 5.0 ▲ ▼2.4

20 0.6 +5 ▲ ▲ 164.8 4.4ING 15Moelis & Co 14

▲ 24.5 4.148 10,852.4 0.6 +8 1.8 1.6▲ 62.8

5.0 5.0 0.0 0.00.0 +1 ▲ .6▲ 1 -Moelis & Co 14 15 13,921.7 5.5 2.7 ▲

5.3 ▲ 10 0.3 - 11,430.5Loop Capital Markets 13▲

TD Securities Inc 13 49 14,622.6 5.75.1 4.2

+4 ▲2.6 1.6▲ 89.1▲ 22 0.9 +5Lazard 12-22 ▼ 28 11,628.9-5.0 ▼ 19 0.6

-10.0 ▼ ▲UBS 12 12 15,342.3 6.0

21 0.7 +9 ▲ 2.5 1.527 16,540.4 7.3 6.4 1.2 +13 ▲ 88.0RBC Capital Markets 112.1 0.40.6 -16 ▼ 74.7

▲ 30

1.7 0.8▲ 14 ▼

Evercore Partners 11 8 16,427.1 6.4

0.5 -167.9 2.4

▼ 138.0 -25.190.8

+10 ▲ ▼ 60.012 17,944.73 18,126.4

-10.3 ▼ 2634

10+5 ▲Citi9.5 ▲

10 6 18,971.7 7.4

▼RBC Capital Markets 9 19 30,030.7 11.8 ▼1.1

▼ 1627 0.9 -22 ▼ UBS 8 9 23,082.8 10.2 -4.3 0.6 -17 90.512.1 -5.9 2.2 1.00.6 +415 ▲

Credit Suisse 8 10 31,012.0 12.1 2.6 1.0▼-1.9 ▼-15.1 ▼12.4

19.4-9 ▼37 1.2 Evercore Partners 7Morgan Stanley 7 3 31,718.0

▼21 0.8 -27 4.37 27,299.8 ▲ 75.7▼

43,854.9Bank of America Merrill Lynch 6 2 1.3▼ 150.60.9172.1 ▲1.0 -6 4.9

-1 ▼ ▼-16.1

▲

Barclays 6 9 36,918.6 14.433

-1.6 ▼ 301.210 46,542.6 20.5 12.1 1.0 -10 ▼Credit Suisse 5 ▲ 26

3.51.0 -4 ▼ 122.649,152.8Deutsche Bank AG 5 11 39,505.2

0.6

15.5 4.2

3Barclays 26▼

▼

-11.216.3 0.8

▼16.6

▲▼0.7

-3121.7 4.7

-24.6 ▼▼ 6.10.98-9.2 ▼ 24Citi 4 4 41,664.7 4-18

▼ 23-16 ▼ 1Morgan Stanley 53,453.1 23.6▲230.1 0.9▲ 30 1.2 -21 ▼ 6.6

213.725.2

JP Morgan 3 2 42,533.02

39 1.230 0.9

0.65 57,482.8-31 ▼ 4 57,131.5

1Goldman Sachs & Co

▲25.4JP Morgan▼55 1.722.6 2.1 ▲18.5 -11.0

Goldman Sachs & Co 1 5 ▼

MarketSh (%)

# ofFinancial Advisor

Bank of America Merrill Lynch 2 1 47,365.8 ▼

Rank Value Market

1.4 180.3 5.2# of Deals

2012 Rank

2011 Rank

Change in

-10Sh (%) Share Ch. DealsUS$m

Rank Value Market Market # ofRank Value per Advisor (US$m)

2011 Rank

-557,690.7Share Ch.

2012 RankFinancial Advisor Sh (%)

MarketShare Ch.

34Sh (%)Sh (%) # of Deals Fees

Advisor

Jan 1 – Mar 30Any Americas Involvement Announced (AD49) Jan 1 – Mar 30

0.9US$m

▼

MarketImputed Fees (US$m)

Americas Rankings

Market

0.3

MarketDeals

Change in


Rank Value per Advisor (US$m)

Any Americas Involvement Completed (AF55)

# of Deals per Advisor # of Deals per Advisor

Moelis & Co Citi

+124 -

▲

Industry % Change from Last Quarter -15.3%

Industry Total

▼

1,391.9

-54.1%-29.4%

1.0100.0

▼Industry % Change from Last Quarter -6.7%

-450

▼ ▼▼-9.7%▼

-19.3%-22.5%-21.0%▼

1,441

-20.7%

100.0145,700.3 2,317.6Industry Total0.2


+3▲1.0-418

-40.2% ▼

25

1.7

1,504.0 3-Sagent Advisors Inc 25 112* ▲0.4▲

100.0▲▲ 0.2 0.24.8

0.0 -1.1 ▲ .21 0.1 +1-Gleacher & Co Inc

24Fort Street Advisers1▲ +1

▼0.1 ▲

▼ 72,434.1 1.6▲

19 ▼5 0.3 0 - 0.3 ▼0.8

0.517.4

0.1

0.0▲1.41,794.00.11,710.0 1.1

11.4

Brown Brothers Harriman & Co 23 - 2,122.1-3Qatalyst Partners 22 Wells Fargo & Co0.1 -1 20.7 0.9

1.5 1.50.6 ▲

1822

Blackstone Group LP 2321 2,126.9 1.5 0.5 2

Wells Fargo & Co 21 13 2,478.9 1.7 +20.1▲2,550.0 1.7▼ +110 0.6 2▲

▲ 0.7 ▲15.520.8▲

0.71.9 0.9 0.737 3,912.4 2.6 2.4 0.2 +21.8 +3 ▲Greenhill & Co, LLC 20▲ ▲0.4

Sandler O'Neill Partners ▼ 15 1.01.4 2.0▲ 1.0 +5 1.9 ▼-1.6▲19 23 43.8▼3,246.5 2.2 Jefferies & Co IncBMO Capital Markets 20 64 2,701.2

0.8 +419 13 4,841.1 3.2

1.322 11 49.53.1 ▲ ▲17* 72 4,628.8

▲-4

1.9 +5 ▲▼

0.63.24,628.8

▲

57.8 2.56,272.2 4.3

2.13.758.117 ▲+3 ▲ 2.53.95,892.5 0.3 2.317* 16

3.2 0.1▲ 4Qatalyst Partners 3.9

5,564.4113*

▼.01

0.1 -2 8.0 0.30.1

1 ▼ 0.611 8,875.9 5.80.6-16.8

-0.7 ▼Centerview Partners LLC 14*

▲Lazard 14 6 9,446.0 6.5 5.8 ▲

1.210,343.9

Jefferies & Co Inc 15 14 6,865.6

2.20.0

1.2-5.8

2160.849.8

-14 0.0- 14* 91*13 ▲

▲6.1 ▲

08,875.9

6.0 ▲ 18

0.8+106.9 6.8RBC Capital MarketsTudor Pickering & Co LLC 13 28 10,000.0 3 ▼0.2+720 8.0

18

Greenhill & Co, LLC2.3▲ Moelis & CoRBC Capital Markets 12

-11,631.4 +4 ▲10,852.4 7.1 6.6 ▲ 1.015

7.52.612 24

9.0 8.8 4 11,430.51.0

1111 43 13,142.8 +2 ▲ Loop Capital Markets▲12,320.515 -7-33.6 ▼ 713,921.7 9.6 5.6 18

7.5 ▲ 0.01 0.1 +1 .6 0.0▲

▼54.2 2.3

-0.51.943.3 ▼1.412,394.3 -10 ▼0.46

0.58.1 ▼-9.4 ▼9

Deutsche Bank AG 8 14▲▼

15 0.9▼

▼ 12,922.08.1

▲1.010.6 UBS-6

10 39Morgan Stanley 9 1 15,420.2

1023

▲

▼1.0▲ 9 ▼ 32.10.6 -6 1.4▲

Evercore Partners 8 5 15,500.2 10.6▲7

8.5 4.61.40.7 +217.7 -7.2 ▼ 66.2101.4 +1 Evercore Partners 2.9

-22-15 ▼ 126▲

▼JP Morgan 7 4 25,589.7 17.6 -10.5 ▼

▼ 4.4 3.52 29,806.1 19.5 -26.3 ▼ 101.1▼ 0.822 Bank of America Merrill Lynch 6▲

1.3Bank of America Merrill Lynch 6 2 27,927.2 19.2 -14.319.7 5.8 143.1▲ 1.3 Credit Suisse-522 ▼16 1.1 -5

▼6.5 0.16.2 2.3 ▲

150.015.523.9Credit Suisse 5 11 28,675.2 36,494.15 10

▲ 1.6 +3 ▲20.2 JP Morgan 46,241.6 30.3 3.4 23

▼1.4 -1 ▼Barclays

0.9 ▲ 1.3 023▲

Barclays 4 8 29,353.1

-330.4

-▼ 1.0

1.531.9 224 2.1 ▲48,627.14.7

▲199.0 8.6▼

2.90.8109.8

1.01817 03 33,210.6 22.8 -8.1 209.58

Deutsche Bank AG 2 12 33,821.63

Goldman Sachs & Co-5▲

23.2 13.3-15 ▼50,904.4 33.4 -26.0 ▼

▼

Financial Advisor9 35,630.5 0.58.216 1.11 134 191.02.0 0 - Morgan Stanley

MarketShare Ch. Deals Sh (%) # of Deals

Market

24.5 6.8 ▲US$mDeals Sh (%) Share Ch.Sh (%)

AdvisorFees

# of Change in 2012 Rank

2011 Rank

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

2011 Rank

Market

US Target Announced (AD2) Jan 1 – Mar 30

MarketRank Value Market2012 Rank

Industry % Change from Same Period Last Year -38.6%

US Target Completed (AF2) Jan 1 – Mar 30

-20.6% ▼ -18.1% ▼Industry % Change from Last Quarter -23.9%

▼

100.0

-17.4% ▼▼

Imputed Fees (US$m)

▼

3,498.3

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

▼ -27.3%

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

Industry % Change from Last Quarter -21.1% ▼ -15.1%Industry % Change from Same Period Last Year -44.6% ▼ -21.4% ▼

Industry Total -652226,615.9 2,515255,666.6 100.0 -8653,176 100.0Industry Total

4.2

152,582.1

Perella Weinberg Partners LP

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

Citi 3▲

Goldman Sachs & Co 1

Valence Group

3

1.0

UBS 16

7

6,424.0Houlihan Lokey-9.7

-3.0

-0.6 ▼

+4

4

10

5

1.3

-

27,043.4

▼

Lazard

-

ING

18

46,433.72

2.1

-10

▼

▼

0.1

-1

-13.1-25.3

13

0.2

▲

▲3.1

6.4 ▲

1

▲

2

Itau Unibanco 2,000.0 0.1+41.0 7▲


▼4.7 ▼

0.4 -1870.8

-1 ▼

▲ RBS

+6

▼-140

28▲15

1.2

21

▼

16

24

17

1,722

* tie


Evercore Partners RBC Capital Markets+5

-98.5

Imputed Fees (US$m)2012 Rank

Qatalyst Partners

-31

+2

▼

10

9

2 53,259.4JP Morgan

+5

-13

▼

52,082.83 27.7


Morgan Stanley

Rank Value Market Market

30.4

8

22

16,015.3

4▼

+9

Americas Rankings

▲▼

▲

11

Any US Involvement Completed (AF48)

▼

2011 Rank

▲▼

▲

19

▼

▼▼

0.1

0.2 04

▲

▲

▼

▲

0.913

ING4 ▲0.2 Moelis & Co

14*20+2

Citi

UBS▲

--▼

▼

Houlihan Lokey

15.730,241.2

-5.1 -22-9.9

16

0.5

8.5 ▼▼

1024 1.0▼-8.6

86

16,427.118,971.7 9.9

Barclays

Morgan Stanley 7

34,006.4

108

9

30,779.717.217.7

4

Credit Suisse

6

Centerview Partners LLC

1.1

0.8Lazard 9

14*

1817

11 8,875.9

BNP Paribas SA 24

1747

7

Market

2.1Sh (%)

1.2

# of Deals

16.0

8.1 ▼35

Share Ch.

1.4 -61.5 -16

-10

Change in


Financial Advisor


29.021.420.318.9

2011 Rank

2012 Rank

8.1US$m

Rank Value

Any US Involvement Announced (AD41) Jan 1 – Mar 30

▲

-13.74

-9.3 ▼

Market Market


Sh (%)


1.1

1

Market

▼


49 30Deals

# of

Jan 1 – Mar 30

▼

25 -17

-2-11.3

32▲

2826

-14.3 ▼

▼-0.2▼

▲

▲0.1 ▲

2.7 ▼ 230.11.5 -13 8.0

-10.7

3▲16

Tudor Pickering & Co LLC 15

17

Perella Weinberg Partners LP 20

Jefferies & Co Inc 7,914.5▲4.8

Deutsche Bank AG 3 12 39,091.5

33,210.63

36,452.1

Citi

Goldman Sachs & Co 1 5 55,848.32 41,172.4JP Morgan

5

2

-20▼

18 0.8▼1.432▼

1

UBS

13,142.8 6.8Moelis & Co

11 117.2

Greenhill & Co, LLC 13

0.7+412 13,921.715 0.8

7.313,981.819

0.910,000.0 5.2

14

6.7

4.1

14 4.1

▲4.170

▲▲


6.2

Valence Group19 38

1064,651.1

RBC Capital Markets 20 11,841.4

18 0.1 02▲5,549.0 2.917

2.60.5

0.2 -34,981.8

Sandler O'Neill Partners

4Nomura2.4 -0.5

2.6

▼1.1 ▲

2.4

-0.4 ▼

1.7 ▲4,628.8

21 40 3,246.51.5

161.7

0.1 -4

-20.4

2

90.717

Wells Fargo & Co 23 13 2,591.9BMO Capital Markets 22 21 2,806.5

2,319.6 1.2 ▲ 311 0.51.4 ▼-2.3 +1

0.1 -10.1

0.3Qatalyst Partners 25 36 2,126.9 1.1 ▲0.537

2100 0 6372 332

-0.225.4

Evercore PartnersBank of America Merrill Lynch 6

-3

Industry Total 192 683 4

Change in Advisor Market# of MarketDeals Sh (%) # of Deals Fees Sh (%) Share Ch.Financial Advisor US$m Sh (%) Share Ch.

Goldman Sachs & Co 1 5 57,131.5 ▲ 1.9

1.6 -37.3-20 ▼

▼ 175.0210.228.4 -25.7 ▼ 22 1.1

▼▼ 4.0▼32

Barclays 4 8 47,696.6 25 1.35.7 ▲▼

6.0 1.1

157.4 5.4 2.10.9

▲117.1

21-4

Credit Suisse 5 10 44,766.8 23.8 16.2 1.1 -4▼19 1.0 -22 ▼ 137.5 4.8 1.72 36,735.2 19.6 -20.8

27,299.8 0.76 +2▼

▲ 72.114.5 -6.9 ▼ 13 2.5 1.0 ▲-7.5 ▼ 12 0.6 -15 ▼ 70.8 2.5 1.4 ▼

Deutsche Bank AG 9 13 15,507.4 8.3 2.8 ▲ 58.9 2.0 0.8 ▼12 0.6 -14 ▼1.3 ▲22 1.1 +10 ▲

3 12,320.565.3 2.312,353.9 6.6 5.8 ▲

0.4 -18 ▼ 43.36.6 -30.7 ▼ 7 1.5 0.9 ▼Loop Capital Markets 12 - 11,430.5 6.1 6.1 ▲ 1 0.1 +1 ▲ 0.0.6

▲ 160.0

▼1 0.1 -2 ▼2.2

-2.0 ▲31 10,852.4 0.8 +8 ▲ 62.85.8 5.4

4.7 -2.2 ▼ 1 0.3 0.70.1 -3 ▼ 8.00.1132* 8,875.9 4.7 4.7 0.0.0▲

▼Lazard 16 20 8,301.5 4.4 3.4 ▲ 70.4 2.4 1.2 ▲20 1.0 +5 ▲

0.7 ▲31 1.6 +7 ▲ 63.5 2.2154* 5,892.5

6,521.0 3.53.1

16 1.8 ▲0.2 +3 ▲ 58.13.1 ▲ 4 2.0 1.8 ▲

Jefferies & Co Inc 19 14 5,709.5 3.0 -1.3 ▼ 1.90.7 ▲4 0.2 0 - 25.41.3 ▼

43 4,612.4

▼ 55.318 0.9 -1528

0.3 -6RBS 20KPMG 21

0.95,364.4 2.92.5

2.4 ▲▼ 1.12.3 ▲ 5 0.0 0.1 ▼

Macquarie Group 22 55 4,060.5 2.2 2.1 ▲ 0.0 -6 0.3 -3 ▼ 15.2 0.5Greenhill & Co, LLC 23 49 3,912.4 0.2 +2 ▲ 20.82.1 1.9 ▲ 3 0.7 0.5 ▲Hana Financial Group Inc 24 - 3,477.1 1.9 1.9 ▲ 0.0 -1 0.1 +1 ▲ .0 0.0Korea Development Bank 25* - 3,003.5 1.6 1.6 0.1 +1 ▲ 2.8▲ 1 0.1 0.1 ▲

2 895 5 100 0Industry Total 187 847 1 1 948 522100 0

Jefferies & Co Inc Scotiabank-Bank of Nova Scotia4

▼

1,464.25

▼

-

▲

Blackstone Group LP 17

▲

0.7

14*15

5.0 ▲6.6 0.8

11

▼▼

▲

3.4

12

-0.20.3

2,408.2 3.6

3.7

Lazard 3.11413

3

0.9

3,417.2▲

0.4+2

Change in

1.0▼

+1 ▲

Sh (%)

GMP Capital Corp

-5.4

243.7Credit Suisse

Goldman Sachs & Co

10

49-


0.1

JP Morgan

Guggenheim Securities LLC 23Deutsche Bank AG 24

22

+1

Industry Total25Raymond James Financial Inc

-206

9 413.7 0.9

1.3 ▲

-0.5

0.11-20.6

2 0

0.7

110.6

3

14

559.6 0.31.222

1,767.1 0.31,640.0

▲

1,202.815

Barclays

-

Guggenheim Securities LLCCanaccord Genuity

2.5 0.1

▲13 2,267.521 ▼3.2 15.40.2

0.0 2.4▲ 1 0.0 - 3.0 0.5

3 1,505.04.826

▲ 2

2,191.5

▲

▲0.7-2 ▲6.7UBS

12

06.5

-5 3.9101.2

3 -1

2,576.3 7.6 2.0 ▼0.6+1 ▲ 7.72,490.70.3

37*0.1 ▲

4 7

▲

25.10.1▼

5

13 3,386.3 7.1 ▼-4.48.2

▲ -4

13.8▲

15

15.9

9,046.3

-22,626.28.2

7.8

5,602.5

8.4+3

▼1.6

▲▲

30.3

▲

9.9

▲▲0.0

1.544

4.4

0.10

2.7

▲▲▲

18.64.7

TD Securities Inc

▲7 4,130.0 12.2 +2


5,255.3▲

5,646.3 11.85,029.5

9.8


Cutfield Freeman and Company 16 26

8

7 3,135.7109Barclays

Morgan Stanley

192.12.9

913.5

2,758.18 7.2

0.410.5 0.5

0.41.85.9 6

+2-2

1.29.0▲ Rothschild0.9

57*2.51.4

10

4.67JP Morgan

▲ 2,841.8▼ 16Jefferies & Co Inc

+1▲0 0.1

0.14,676.76Lazard6▲

2.0+4 20.4 3.1▲12 7,940.6 16.6 +1 ▲

▼ GMP Capital Corp▲ 9

6.9 ▲15.6651 5.37.4

1 8,336.7 17.5+519.0 16.6

0.18

▲

48.3▲

Jan 1 – Mar 30

▲10

Share Ch.

30.1▼4 -2.8

+4

Sh (%)

60.0▲

+3

Market

20 9,854.126.8

5.7

0.2 +5 ▲

-1 ▼▼

Fees

▲

2.96.17.9

3.1▲

Sh (%) Share Ch.

37.2

Deals

▲

Share Ch.

16.017.6

0.1▲

Market2011 Rank


Any Canadian Involvement Completed (AF49)

US$m2012 Rank

Change in

-25.5%

2011 Rank Deals

MarketFinancial Advisor

Market# of# of Deals

Industry % Change from Last Quarter

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

2012 Rank

24 ▲

▼

1.418,399.3 39.5RBC Capital Markets 13

2.81 25.7

-10 51.129.2

Any Canadian Involvement Announced (AD42)

Financial Advisor US$mRank Value

1 38.5

3 26.3 0.924.5

12,547.9

2.3RBC Capital MarketsTD Securities Inc

+2 3

# of Market# of Deals

▲+6

Market

Canaccord Genuity 67CIBC World Markets Inc

National Bank of Canada Fin'l

5

11

6 ▲

2

9,069.2BMO Capital MarketsScotiabank-Bank of Nova Scotia

2

4Bank of America Merrill Lynch

-

-10.1

▲16.8 7

6▲

1.1 -68

12 Goldman Sachs & Co0.3 +1

▲

▲

▼

CIBC World Markets Inc

17

24.9

8.5

16

3▲-

2

13.2

Market

4.0

7.4

Imputed Fees (US$m)

Jan 1 – Mar 30

1,035.4

6.8+2

+1

0.0▲

4.0

BNP Paribas SA

Citi

1,281.91,349.3

Rank Value

18.9

4

3

1,456.1 2

Sh (%)

20.3

-

Industry % Change from Last Quarter▼

Handelsbanken Capital Markets 1.533,794.4

-100.0

National Bank of Canada Fin'l

-

-22.6%

UBS

12.9%Industry % Change from Last Quarter

20 29 698.2 1.5

400.3 0.8100.0

505.0

-14.2

0

14,622.6 30.6

5

Peters & Co Ltd

43

0.6

-13.7% ▼

100.0

-21.5%

-637

▼

2,332Industry Total 192,683.4

Industry % Change from Same Period Last Year -53.0% ▼

2,895.5 100.0Industry Total 187,847.1

▼

1,948

-26.6% ▼-16.8% ▼

▼

6,844.8

-16.8%▼

Advisor# of Deals per Advisor

-522

-21.1% ▼

100.0

16- 9

Industry % Change from Same Period Last Year -39.3%Industry % Change from Last Quarter -21.2%

BMO Capital Markets22

8

-1.6 ▼3-12.0 ▼

4.34.5 2.9 0.5 ▼

2.0▼0.0 -1

+1 ▲ 13.10.817.6

▲0.1 2.7 ▲0.0 1.4

▲+2▲ 18▲- 1,135.0 2.4 2.4 17▲

2.019 +3

713 1,435.8-

▼▲

4.3 -0.3

Macquarie Group 19 18 789.6 1.7 ▼0.4-0.4 ▼ -3FirstEnergy Capital Corp 18 25 947.7 ▲0.0 +11 0.6▲ 4.0 0.6

21 3 645.0 1.4 0.9▼0▲

19 ▲ 18.29 1.32.80.1▲0.23.8

▼.70.0 ▼

0.8

▼

6.1▼▲-2▲ 3 0.10.3 51 0.1

3.1 -2.53.2KPMG0 3.3

▼ 211,114.2

11Deutsche Bank AG▲

200.4

2

23

▲5

▲22 33 1,016.9FirstEnergy Capital Corp

1 795.0-3.9

+1 ▲Raymond James Financial Inc▲1

23 2.42.3791.4

▲1.6-

0.13.02.4 0.02.2

0.1▲

Peters & Co Ltd▼ 24 460

▲2.0 7.2+1

-4▼ 0.01.5506.725▼

704

▼

▲

100.0

3 +2▲

-4.0%-3.3%Industry % Change from Same Period Last Year

-0.8 0.43

-7.5%16.2%

▼ ▲

527

▲-10.5%▼

-62 649.5

▼ 15.7%

1.12.9

1.7%

▲0.0 0.5▲ 0.5

0.81

0.01.1

▲

47,738.9

50.7% ▲

1.11.2

Industry Total

0.0 -4

.9 0.221.3+3

57*0 ▲▲

110.5

* tie


Announced M&A with EMEA involvement totalled US$228.6 billion in the first three months of 2012, an 18.7% decreasecompared to the same period last year, but remained on par with the previous quarter. EMEA fee volumes on dealscompleted so far in 2012 reached US$2.1 billion, a 37.7% decrease compared to last year, according to estimates fromThomson Reuters/Freeman Consulting.

Materials was the most active sector with 320 deals worth a combined US$71.1 billion. Financials was second with US$20.3billion and Real Estate third with US$19.4 billion worth of activity.

EMEA targeted buyside financial sponsor activity reached US$15.1 billion compared to the US$18.4 billion of last year andwas the least active quarter since the second quarter of 2010. The largest deal so far this year was CVC's US$2.4 billionoffer for Sweden's Ahlsell.

London listed EMEA companies were the most acquisitive this year with a combined total of US$63.8 billion worth of offersmade. Activity was driven by the US$48.9 billion Xstrata / Glencore deal.

3

Share

3

17,154.6

Rank

6

No. Deals

JP Morgan

Mkt.

1

3

11,445.5

7 82.3

306

320

279.1

3

7

7 411

4

37.4

8

3

196

15.92

42.4

17.1

3,304.8

1

7,723.6

3

3,531.4 21.9

19.819,382.0

625

Energy and Power4

Goldman Sachs & Co 8,345.6 2 36.8

39.2

6

4

Credit Suisse 6,067.5

21

9,990.6 Industrials 16,675.4

Rothschild 37.0

26.8 5

Deutsche Bank AG 11,870.6 1 52.4

4,533.7

Citi

Rank Val US$m

59,080.0

Citi

56,823.7

UBS

81.0


EMEA M&AEMEA Announced M&A Down 19% While Fees from Completed M&A Down 38% | Materials Most Active Sector | Goldman Sachs in First Place

Primary Stock Exchange Listing of Most Acquisitive EMEA Companies - Top 10 (US$ bil)

2

JP Morgan

Lazard

Barclays

EMEA Deals Intelligence

4,122.0 Real Estate

3Financials

Morgan Stanley

Goldman Sachs & Co

71,136.2

58,137.7

20,278.4 1

Materials

10

23,450.6 16.6

12

Goldman Sachs & Co

Morgan Stanley 10,588.7

EMEA Financial Sponsor Investments

EMEA Involvement Announced Advisors by Target Industry

Industrials / Other Industrials5,000.0

48,877.7


6,788.6

Rank Value (US$m)

Consumer Products and Services / Professional ServicesConsumer Staples / Agriculture & Livestock

9,467.0

3,534.5Outokumpu Oyj Finland / GermanyThyssenKrupp AG-Stainless (100%)

United States / United StatesPentair IncThomas & Betts Corp (100%) Switzerland / United States

India / IndiaSesa Goa LtdPending

y g g q p p ( $ )

Pending1/30/2012

1/31/2012

NDS Group Ltd (100%)3/28/2012

Roche Holding AGInternational Power PLC (30%)Illumina Inc (100%)

Pending

3,923.83,910.8

GDF Suez SA

2/25/2012

Tyco Flow Control (100%)ABB Ltd

Pending 4,900.0

Sterlite Industries(India)Ltd (100%)

UPSGlencore International PLCViterra Inc (100%)

Target (% Sought/Acquired)Date Effective Acquiror



Healthcare / Healthcare Equipment & Supplies

Switzerland / SwitzerlandAcquiror / Target Nation

Jan 1 2012 – Mar 30 2012Target Macro / Mid Industry


Top Ten EMEA Involvement Announced Deals


Pending7,361.57,459.0Switzerland / United States

Energy and Power / PowerFrance / United KingdomIntended

Pending Switzerland / CanadaUnited States / Netherlands

Cisco Systems Inc

3/20/2012

Pending United States / United KingdomPending

High Technology / Internet Software & Services2/17/2012

Rank Date2/7/2012

3/29/2012

TNT Express NV (100%)

Pending Xstrata PLC (65.9%)

1/25/2012

3/15/2012

p

12.7% 10.0% 10.2%

16.8%

20.5%

20.4%

7.3%

1.8%

10.8%

8.5% 8.9%

0%

5%

10%

15%

20%

25%

$0

$50

$100

$150

$200

$250

$300

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

% o

f 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

$63.8

$12.9

$7.6

$5.5

$4.1$4.0

$3.7$3.1

$2.7 $2.3

London

Euronext Paris

Zurich

Russian Trading System

Mumbai{The Bombay Stock Exchange}

Swiss Stock Exchange

OMX Helsinki

Frankfurt

New York

Madrid


M Klein & Co LLC ING

120

2,737.01.6

228 580 4

20

▲

2.2

▼

18

107

+21123 5 0.1

17 56 3.4

-1.123

2

4,314.4 1.81.9

3.1

59

7,534.5 3.3

4.512,789.310,218.5

647,775.2

57

1.2 -11.3 0.1140 811 5

▼

-813

24 0.3

0.1

+7▲

▲

▼▼

-15

29

0

0.2


Goldman Sachs & Co 9

Nomura

22

▼

1.133.622.0

0.8

0.3 -12

▼ 65.5

22.91.019.9

0.03.20.4▼

▼

▼▼

10.344.5

62.60.10.5

▼ 0.3-3

-3-8

0.0 -10.70.90.2

9BarclaysCiti

11

▲▼

▼10 32

8

7

7

-6.9 ▼

12,477.5

2012,217.720

▲▲

4.58.5

0.4

6.0

13,441.3 ▼9.6

▼

8.7

11.230.4 0.2

0.21821 -1962,069.4 27.2

▲16.5

16.7

17.034.6

69,476.931.432.5 ▲

▲+1

0.328 0.329

5▼ UBS

0.5

-4-9-5

▼1.5 ▲

▼

3.2

3.4

0.2

▼

0.8

0.23.3

2.2

0.1

3.0

1.3

1.6

1.1

0.9

1.4

2.2

15.70.6

0.4

0.8

8.0

27.60.2

0.40.4

1.50.5 ▲

31.1

▼

1.1

0.216.47.8

-4▼

6.00.03.8 0.2

2 065 9 100 0

▲▼

1 067

+34.0

6,069.5

1.6

7

6,062.0

3.7Lincoln International2821

24 4,083.325

52 5,144.2Evercore PartnersVTB Capital

▼

▲▲

▼

▲

-

0.1

▲

-▲

▲0.4

▲

0.0 -▼▼

0.2

0.313 0.4

0.3 ▼

▼▼

▼

▼0.30.1 ▼

8

11

3.3

4.34.3

-4.8

13

▼-16.0

5.3

▲

-8.0 ▼7,829.87,527.6

3.5

4.77,387.16,627.8

-9.8

5.6

12

15

1013 3314

8,875.9

3.227

100 03,933.2PricewaterhouseCoopers

2.925

20RBC Capital Markets▼-1

-60+5

▲

▼

0.3

▼

▼100 0 3 810

1149

16 ▼5.4 8

Imputed Fees (US$m)

1.036,513.2

Advisor

4.00.8

MarketShare Ch.Sh (%)

Change in Market

▼ 0.1 ▲


# of Deals per Advisor2011 Rank

Market2012 Rank Deals # of Deals# of Deals

31,762.2

6 3.9

22.6

1

# of Deals per AdvisorMarket

2.0

▼

12.215,719.0 -5

▼

17,674.4

4.183.8

▼

2.034,850.1

EMEA Rankings

2.6

42

Rank Value per Advisor (US$m)Market

82.3

Rank Value

-10.9

▲

41.8

0.3

▼70.7

15

5.3▼65.368.0

-8.5 0.515

17,131.3

1.713.8

15,261.5

8▲

2

12.6Bank of America Merrill Lynch

▼▲

3Rothschild 6

▼

3 1

2012 Rank

24.8

19,443.4

41 +3

14Morgan StanleyJP Morgan

4

40.540

▲3.494,991.6

Rank Value

89,386.3

Sh (%)

▲23.641.6

# ofMarketUS$m

▼

-12US$m

0.5 Deutsche Bank AG39.1

Share Ch. Financial AdvisorChange in

▲ 24

Share Ch.Sh (%)

-24

# of

25.9 25Sh (%)

Market

▲

-8.5

-18

-18

▼

▲

-1126▼

1.1

0.8

▼▼

20

▲

-7.5▼

▼0.50.5

22

14

32

-18.630.0

▼

0.7▼

0.9-11 ▼-21

-220.7

▲

27

13 -1.82

8.9

10.8

7.0

6.3 122,030.9

-5.90.4

7.4+1

▲

▲

0.3

-1320,397.2

21.4

8.9

4.1

▲

55.25.6

3.1

25

▲

16,809.0

9.6

▲

▲

1716

17.521.4

4

+2

18HSBC Holdings PLCBNP Paribas SA

23

0.0▲

▼

0.1

-10.0

▲▲4.8

▲▲

12.5

22.9 14

1 0.0

▲

▼

+2

+1

0.40.3

▼1

121 136-14

241.8

Societe Generale 253,734.9Nordea

Grant Thornton

20KPMG49

Macquarie Group 2221

Industry Total

24.210.7

Industry Total

SEB Enskilda 19

3

-

159

-12

0.8

-3 11.0

0.2

0.1+4-1

0.4 ▲

-33

0.2

2 99440

45

▲

▲1.5

▼1.5

▲

3.9

252.8

▲2.90.4

-0.9▲

12

3428

21▼

▲ Credit Suisse

Societe Generale-

▲0.2

0.2

BBVA2.5

▲

1.7 4,514.6

5,431.653 5,675.3

8

19-1.2

-98 +4

5,682.818

5,000.0

4,085.6

7,062.53.0

-3.1▲ 2

0.0

3.0 ▲0.1

0.0

22.9

Lazard

RBS

▲▲

11,896.5

512

-17.0

▼

+3

0.4

78

0.4

-5

+2-1

-24-12

79,100.16Morgan Stanley

5

2

Jan 1 – Mar 30

Sh (%)FeesDeals

109.3

Credit Suisse

74,264.9

40,048.848,877.7

71,785.5CitiDeutsche Bank AG 4

2

3



Nomura

RBC Capital MarketsTD Securities Inc

Lazard

Canaccord Genuity

Greenhill & Co, LLC

HSBC Holdings PLC

Rothschild

16

10

13

BNP Paribas SA 9

15

11

14UBS

12

3 4

36

17

86

8

10

2011 RankFinancial Advisor

12

5

755,260.652,223.2

Barclays

Goldman Sachs & Co

JP Morgan

1 1

Any EMEA Involvement Completed (AF53)

Rank Value per Advisor (US$m)Market

Jan 1 – Mar 30Any EMEA Involvement Announced (AD47)

M Klein & Co LLC ING

▲

34.0

▲

▼24

Market

228,580.4

41.0

▼

Rank Value per Advisor (US$m)2012 Rank Share Ch.

2

-9

-1

+2

22 4,097.2

-22.2%

Societe Generale

▲

0.8

Deals-13▲ 40

Sh (%)1.1

1.9 7

-24.6%

12 0.3

-23.0%

Market

1.3

▼

▼▼

1.9

-14

-18.7%

# of DealsChange in

▼

# of Deals per Advisor# of

41

Market

1.2 +5 ▲

VTB Capital 240.1

2011 Rank

Deutsche Bank AG 7

▼

▲

2012 Rank

1

HSBC Holdings PLC

▲▼

SEB Enskilda

1215

11

18

1

4144

33

32

16

▼

1.1

▼

2.3

▼

0.10.5

▼

41.865.5

▼

-14

3.3

3.1

11.0

-21

▼

107.20.8

▼

2.8

0.7

66.0▼

23

140,811.5

▼

▼

30.0-3

4.1

▲

2.1

▼

19.9

1.6▲

1.1▼

▼

2.7

▼

5

-58

PricewaterhouseCoopers

▼2

20

Morgan Stanley 3

▼

16

RBS

-

Lincoln International

Societe Generale

▲

0.4

0.9

▲

▲53.9

82.8

0.4

4.2

0.5

-5

▼

-31

7.8

22.0

2.8

▼

-

44.510.3-3

-14

-7

▼

-22

Advisor

Jan 1 – Mar 30

Market

0.7

Sh (%)

▼3.4

# of Deals

0.85.5

0.6▼

Sh (%)

-37.7%

2,065.9

Change in

100.0

Fees80.3

-40.7%

Market

▼

-12

-1,067

▲

-19

▼+3

+1

▼

11+3

0.9

0.2

0.2

-8.0 ▼

0.1

0.0

25

1.5

▼

60.6

8.0

▲

-4

26

▲

-8.5

7.2


0.1-1

-1

61.1

33.6

-3

0.20.4

0.9

0.5

1.0

0.6-1

16

0.9

Market

3

Deals

0.2

Share Ch.

-36.6%Industry % Change from Last Quarter-47.1%

6.3Financial Advisor

MarketRank Value

Citi

JP Morgan

▼▼

0.5

+4

-4

22.0

0.6▲

-

1.1▲

▼0.4

0.4

23.4

0.1

0.5▼

▲

31.1

3.8

0.816.4

0.0

-40.3%-36.9%

0.26.0

0.6

0.3

1.7

1.5

▼

▲

▲

▼

▲

▼

▼

0.6

▲

▲

▼0.3

1.5

0.3▼

▼

Imputed Fees (US$m)

▼

Share Ch.

▼

▲24

▼ 0.5

25

0.5 0.1

0.9-9 ▼

# of Market

1515

29

-14

-21

100.0


▲

0.1

Jan 1 – Mar 30

100.0 3,810

0

Industry % Change from Last Quarter-27.5%

2,821

5,675.3

4611

28

34,250.1

3.5BNP Paribas SA

▲+2

4.1

-1,136

7,387.17,527.6

-8.11.2

-16.8

▼

▲

25.4

9.1 1.2

-18.7

1.7

-23.7%

5,431.6

4,514.60.1

11,045.0

12

▲1.6

0.9

▲

-18.017

3.6

5.8▲

-9.9

▼7,829.8▼

▲▲ 3

-

▼▲

10

16,474.0 -6.1 0.60.1

0.1

5.523

2

▲15

1513

17

58UBS

TD Securities Inc

14 9

55


Nordea

Greenhill & Co, LLC

LazardBank of America Merrill Lynch

Grant Thornton

RBC Capital Markets

Macquarie Group

Rothschild

KPMG

12-

6

Any European Involvement Announced (AD21)

Sh (%)

9

1

2011 Rank

Nomura

171112

10

Goldman Sachs & Co

BNP Paribas SA

20,397.2

48,877.752,223.254,273.2

22,030.939,831.6

Rank Value

0.6%

7368

Morgan Stanley

60,069.43

5

Credit Suisse

10


Barclays 85


4

2Citi

17.435.6 ▲

Industry Total

Deutsche Bank AG4

US$m

89,386.3

74,264.9

6

Financial Advisor1

JP Morgan 3

1617.3

91,563.625.5

77,672.1

42.0

1.129 -7 Bank of America Merrill Lynch

▼17.5 -2▲

39▼0.8

UBS 17,674.4-1-8.1

18,810.0

0.7 12.68▼0.5 5

▼

▼13.923.431,592.2

▲13.1 -10.6

27.5 5.5 ▲67,838.568,783.4

2411.831.531.1 ▲

▲▼

15,719.00.620

▼-6 6Rothschild 16,946.0

-19 9 -8.3▲ 11.3Barclays

11.7715,261.58 13

▼-1.9

2 1424.9 23.5 ▲ +613

13 0.40.4

▲ ▼10+122.4 22.4

Goldman Sachs & Co▲

9

225.1 -15 ▼23▲120.8▲

1 ▲LazardCredit Suisse

23.9 11.2

18.30.0

-8

▲

0.6

0.628 +2

13-14 Centerview Partners LLC-14

8,875.9

116,627.813▼5

7,534.5

10.1 ▲9.4

3.332

▲

412,789.37.6

2

▼

▼

5.60.14.5

0

5.9

6

Nomura

Canaccord Genuity 3.2

16

18

56

633.1

9,811.57,775.2 3.6

20HSBC Holdings PLC 3.1

2018

2.66,646.4195,682.8

0.2 +423

1372.3 1.5

84,085.6 0.21.9

▼22

0.0

▼

21 49 5,000.0 1▲

118

-1.2 ▼ RBC Capital Markets 5029 ▼18

8

▲

74.3

5,144.2▲ 3

4.2

491.8

0.5

▲

+1

27.136,513.2

-1 6,062.019 5,789.5-3.3

-0.90.3

▼

14

23 -1.1

6

7

Industry Total

▼

53,734.9

Sh (%)

-1,071

0.4 -23

0.7

100.0▼▼

1.2

1,959.7

0.0

0.5 2.2

15.7

0.50.1

0.3 1.0

3.1

0.30.4

2,994


▼-22.6%▼-26.3%

Any European Involvement Completed (AF3)

US$m

2.9

3.4

0.8

12,477.512,217.7

10.09.2

13,441.3

3.0

6.6

134,976.5-1,156Industry Total

Industry % Change from Last Quarter-19.4% ▼Industry % Change from Same Period Last Year

0.4% ▲▼▼

-46.7%

25 11 -11.7 ▼100.0218,158.3

Evercore Partners 27 ▲3.3

4.03.0

8.2

100.0

4.5▼

14.7-5.1 ▼

Industry Total

▼-35.6%

21

4.9

85.5

18

3.8

▲

425 4,083.325 39 3,933.2

▼Industry % Change from Same Period Last Year

-21.2%

BBVA

23

21

2,737.03,541

1.7

https://www.thomsonone.com * tie

10

KPMG RBC Capital Markets

48 769 0 100 0 662

3.11,500.03.1

3.2

-11-2

34

22

1,490.0 ▲

3.1SEB Enskilda ▲2423

-▼-7

▲2.2

▲

▲12

0.03.1

+1

8

3.1

1.602

1▲

10.9▼

.9▼

5.2-4

-41.1

5.6

▼ 3▲

4.52

5▲

4.04.21,624.1

2.2 ▲

2,045.53.3 3.3

-7.9

0.1

-1

5.6

▲+1

1

4.82

▲

4▲

Credit Suisse 1213

4.04,928.31710.1 4

5 0.1+6▼ 7 0.1▲

▼ 6.3

1.08▲ 10.5

10.150

▲

-230.1

5,568.6

5,000.0

8 5,315.222 ▲

7.6 6.86.07.9

Deutsche Bank AG 7-31.0

UBS 9▼ 11

8.5 8.8JP Morgan

▲

▼

12

8.1 90.6-10.9

+2-12.1▼ ▼

521.3

5,428.9-1

-1.911.1▼ 12-9

Bank of America Merrill Lynch 6 0.120.6▲ 217

-4.7

Lazard4 119

21.6 3.3-0

▲▼-19.0 2.4

141.08,538.7 ▲ 80.5

20-13

12.7Nomura 6Bank of America Merrill Lynch

-20.16,193.66,668.15

▼-29.26,729.5▲

13.8

▼2.3 1.513.7 0.1 2.4▼ 16.7-55Rothschild

Goldman Sachs & Co 4 1 23.0JP Morgan 2 16,778.6 25.5

7

2.411

1.7▼

15 -3-2

1.3+820

28.7 18.3

8 5

5 14,208.715,133.5

18,927.7

13.0

2.5

11

8.3

Nomura 16

37*

5,487.4Citi

6.2

10 5,190.1

Morgan Stanley 1 6Barclays 2 10

HSBC Holdings PLC

3


Financial AdvisorMarket

39.0US$m

25,675.3

Rank Value2011 Rank

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

MarketDeals

Change in Market MarketUS$m

2011 Rank


Rothschild

# of Deals

▼-1

2.3

82613

2.62.6

-1.3

2.0-19.3

▲

▲

0.5

0.20.4

2

▼

31

2

▼1

0.4

2.63.6

3.73.72,428.5 1.8

BMO Capital Markets 14*

1.0286.0 ▲

2,450.0-

4,085.6

0.20.22.6

2,450.0

6.7

2▲

1.2

3.7

0.11▲ 0.1

Grant ThorntonRBC Capital Markets 14* 27 ▲3.7

12 1370

17 29* 2,342.2

134,423.4

23Moelis & CoSumitomo Mitsui Finl Grp Inc 18 - 2,321.2

21*18

2,242.2RBS 1519- 2,153.0

51

3.3▼

3.3 ▲1,714.6

3.53.4

▲3.5-1.4

Jefferies & Co Inc

Standard Chartered PLC

23Cenkos Securities PLC

Handelsbanken Capital Markets

55 1,493.31,714.6

20

Credit Suisse 24

65 874 5 100 0Industry TotalGleacher & Co Inc 25 24

2.2 ▼

Industry Total

0.4

242

3

0.1 ▲

▼-1

+10.20.1

▼

Sh (%)19.8

0

▼-1-1 ▼

-

1▲

▼

▲▲

Jan 1 – Mar 30

1.5

1.8▲+7

Greenhill & Co, LLC

Goldman Sachs & Co

Barclays

▲Deutsche Bank AGFinancial Advisor

2012 Rank

-

UBS▼

2▼

▲

▼3

6.7-

714

12.412.5

6.6

4

8

2,744.1

11.15,402.8

100 0238

▲0.0 +20.0

▼0.0

0.0

0.00.1

▲

-

+10.0

+1

0.0

▲

-1

▲+1

5.1

+3

-4 ▼▲

▲7.1

0.1▼

▼0.1 -110.1

-13

-7

+6

0.1

0.1

8

-1

-7

-

▼

0.2

5 0.1

▼

3

2.0▲28.3

1.7▼5

11.21.21.6

1.08.4

21.9

7.1

▲

3.2

6

▼0

13.9

11.729.1

4

+2

4

17.0

-8-2 6.1

# of Deals

▼

Sh (%)# of Market

3.1

2.5

▲3.8

▼

42.5

▼21.5

35.1

▼

3.4

3.1

4.2

1.45.1

▲3.0 0.5

▼

4.4

1.0 ▲

0.6

4.1

▲0.2▲

▲▲

▲

0.2▲0.3

0.2

▲0.7

▼

▲

0.81.6

0.1

0.3

▲

▼

0.1

12.9

693 9

2.1 0.2

6.5 ▼

2.1

+2

Ernst & Young LLP

Moelis & Co▲+2

Qatalyst Partners

Citi

Lenner & Partners

▼

0.6

▼▲▲

0.7

1.90.3

1.2

0.2

1.9

8.6

1.0

Jan 1 – Mar 30

21.1

▼4.1

1.0 1.0

▼

Imputed Fees (US$m)

3 1,453.8

Change in # of Deals per Advisor

▲

0.1

24.8

0.0

Market


0.1

▲

▲

2.2

EMEA Rankings

Sh (%)Fees

3

7 ▼

0.9

Advisor

1.0

0.8

Share Ch.Market

1

0.1 -2 ▼

-7

21*

-8

Any UK Involvement Announced (AD32)

Market# of

13▲ 1.6

▲

1,325.0


105,112.2

-11HSBC Holdings PLC

164,908.8203,364.6

▲

2,206.0

3,271.33,228.2

25

-

192,362.6

Jefferies & Co Inc

16

18

15

2120

17

25

-

1,532.41,541.3

11.1

Lambert Energy Advisory Ltd

Carnegie6.6

Evercore Partners 14RBS

Any UK Involvement Completed (AF39)

124*29-

1364

0.6

▼▲

6.9

▼16.4

7,932.4-23.6

Rank Value

▼14.50.2

6,050.16,087.2

1.9

10.115

Sh (%)

-28.3 1112,105.21


-23.1

6.7

16.34Morgan Stanley 7,092.3

* tie

Societe Generale Qatalyst Partners

▼

▼ 1.9

+1▲ 0.70.9 +2

3.4-1▲1.2 1 0.2 ▼1.4

1- 217.7

81.51.6

204.9▲

-46.8

Scotiabank-Bank of Nova Scotia-2

▲

2322Societe Generale

▲

▼ 21Cushman & Wakefield Inc 20

19

1.6

Rodman & Renshaw Inc

CBRE Holding SAS

1.9

21

▲2.1

▲

18 - 2.14.1

1.9

UBS

5

▼

▲6

▲5.3

1,190.311

2.9

48,769.0 100.0

▼

4,158.7

17.319.3

6

▼▼

662

29.617

2011 Rank Deals


MarketRank Value


Share Ch.

6

40.8

826

Market

-9.7%▼

# of Deals per Advisor# of

Jan 1 – Mar 30

Market

65,874.5 100.0Industry Total

13 8

Market 2012 Rank

27.9

0.6310,037.9

-4Sh (%)

Any French Involvement Announced (AD33)

-9.4%Industry % Change from Last Quarter

1.3


JP Morgan

Rank Value

4

2,297.6▼

Credit Suisse

3

▲

BNP Paribas SA 5

4 6+1

RBC Capital Markets8

-5-5

-

7

▼-5

9

7

Goldman Sachs & Co-1

0

JP Morgan

▲

1.3Sh (%)

Industry Total

▼

▼

Change in

-242

1.7

-43.3%

Lazard

Any French Involvement Completed (AF40)

-14.0%

19.6

0.5

5

2

2,707.0

38 -15.44 3,590.9

Market

▼

1,772.5

US$m

1,500.0

6.26.2

▲

▼

▼

152

570.9

1.7

14,044.8

12

▼

44-

▲0.6

▼

0.5 40.5

1.3 1.2

-51.6% ▼

▲▲

▼

-64


4790.2

-0.00.0

▼0.6

▼

0.7

4.90.20.2

2.5

1.82.1

▼▲

4.4 ▲

0.15.1

.3

▲

4.0

249.0 100.0

1.82.1

3.3.0

9.9

0.6

▼

2.3

0.3

▼

1.2

▲2.2

▲▲

1.1

0.0

▼

3.2 ▲▲5.2

0.1

1.0

▲

▼

▼

-

▲

1.0 ▲3.81.6 ▼

Change in Sh (%)

100.0

# of Deals Share Ch.

-238

Market

Jan 1 – Mar 30

▼

▼

2.88.1

14.22.0 2.2

0.1

5.75.0

14.9

7.8

-42.1%

Fees

-31.4%

693.9

AdvisorImputed Fees (US$m)

Market

-9

▼-16.3%

40

-6

▲0.2▼

+10.4

+2

0.2 -1

0.20.8

1

0.2

1

43

3

1

0.2

1

7 1.5

1.78

0.6

1.5

▲

0.4

0.40.2

2

▲

3

2.1

7

-23.2

0.9

1.4

Deals

▲

62 0.4

▼Financial Advisor Share Ch.

+1

2.9

▲5.3

-3.8

-3.2

▲

11.3

Deutsche Bank AG

-5.20.2

-8.6-1.2 ▼

▼

85

1,880.72.0

▼9.6

24910

11.8

Nomura

▲

7.6 ▲ 2

▼

1

1,867.710

-29.120

BNP Paribas SA

3,892.011.9

5 15.86 2,915.41

▼

10

▼

Goldman Sachs & Co

HSBC Holdings PLC2,913.87 -5.5

17 2,354.9

1

-26.2%

▲ 1

0.2

0.6

1▲0.9▲

1.4Deutsche Bank AG+3

▼

1

0.6

▼


Industry TotalBryan Garnier & Co 49

0.2

Oddo et CieAforge Finance SA

25

-43.1%

1.7

-58.9%

0.7

4270.41.6▲

-13.0%▼

Blackstone Group LP

Aforge Finance SA

69

25

Standard Chartered PLC 14

0.5

Citi

Cushman & Wakefield IncNatixis

Ambit Corporate Finance

17*

15

CBRE Holding SAS

Credit Suisse

42-

1.3

1619 2.0

337.0

719.0494.0

Industry Total

-

22

Caisse Fed du Cred Mut Cen Est

20

Oddo et Cie

18

17*

IMAP

39

46

217.7

336.4

816

13

1.4

121,604.3 6.511

1.4

1.4

3.8923.02.9

-2▼

-27.5-6

-15

Credit Agricole CIB

20.9 1.92,929.8Rothschild

▼-17.0

-20.1

▲

▼

1.4 -3▼

8

-3

7.63 0.7 ▼

-10.91.2

4

-4

▼

94


1Barclays

-25.3%

4,029.59,865.8

-26.4%


8.0

29.0

▼

Bucephale Finance

+1

-5

▲+1Bank of America Merrill Lynch▲

-7-

3

-

1,033.4 4.2

7.6

59.0 0.2

0.9236.6

336.4


Evercore Partners

70*

177.0

35.6 ▼-0.1

▼0.7

0.10.1

24,600.923.8

0.8

19 44 1.0

23 ▲24

198.3-

21

▼

-1

-45.5%

46

▼

198.3

1

8.57.8

1

1

5.25.4

100.0

US$mMarket

2

# of

2,427.9

10.7

2,983.3

-24.916.415.2

0.7

Sh (%)

▲

▲

Sh (%)▲▲

▲

4

3

Natixis

0

19

Barclays

+11516

▼ 13

17736.3

13* ▲

2,136.1

10.7

12

10

13*1,127.0

870.0

21.2

8.00.9

1

▼

▲0.6 ▲

-23.7

0.2 ▲

-6

0.50.5

+1

-1

-10

+2+1

212.6 2

3 0.7

16

38*

12.6

-15.5 ▼

03.9

0.20.5

0.2

0.5-3

+2

2 0.5

0.2

-93

0 -

+1

42▲

-13

98.9

0.7+1

-10.0

0.2291.9272.5236.6 1.6

2

-

71.024

100.0

Industry % Change from Same Period Last Year-32.5%

▼

0.1

▼-80.7%

▲+1

3 ▲0.2

-27.0%

+2

5.8

3.1

▼

-

▲

3.1-2.8 2.5

▼ 4.67.7

▼

▼

12.9▼ 7.0

▼5.7

3.0

2.8

7.86.4

6.0

2.6

5.23.2

2.33.1

3.2 ▼3

40.9# of Deals


10,065.6

▲19.040.1Lazard 16.4

-22.7%

2

2011 Rank

6.9

▲

.8

▼-2

870.05.8

1

▼

▼

▲

Financial Advisor

-38.3%

Rothschild

2012 Rank

▼

7

HSBC Holdings PLC

Nomura25.6

-▲

-21.6

23*763.0

▼

▲

-11

0

▼

▲

▲


Morgan Stanley

▼▼

1


11

Rothschild BBVA

0.5▼

+10.50.01.3 -2

▲ ▲Ambers & Co1▲0.024 26

0.30.3 ▲

021 24* 24.10.3

0.4▲0.50.5 ▲0.520 30.0

▲ 142.8

Eurohold SL 20 1.3 0.0Ambers & Co 19 -

22 1.271.3 6▲0.5

▲

2.1

▼0.9 -2

5.0

-8

1.43 +1

.5 0.3

3.3

6.72.6

▼

4.51.2 1.60.5

0.5▲

5.0

631.6631.6

14.8

906.8

-26.0 ▼

0.5

5.7

3.5

▲ 2.6

▲

▲

▲

0.6

▲5.7▲

▼0.7 ▲

▲

0.9

3.13.1

961.9

7.7

3.4

7.7

3.20.5

-1.9

4.4

0.2

▲0.9

20.015.7

14.25.4

-3-7 11.7

631.6

▼

14.8

906.8 -17.2906.8

8

▼

1▼

11

2012 Rank

▲4.0 0.45.8

▲5

Goldman Sachs & Co

▼Mediobanca

5*

Societe Generale143

360 Corporate

-10

1.2▲▼ 3

-6

2.3

▼

▼

▲

16*

27*-

-2

-

8.3-10.2

8.3

118.7▲

15.1

5

9.03

42.8

▲ 1.4

3.3

11.8

14.8

▼

.5

.71

0.7

4.1

▲

16

19.6-23

0.7

20*

15

8.2

22

Sh (%)US$m

5*

11.8721.7

Rank Value

24.0-50.0 ▼

▼▼6.1

▲

0.2

7.45.6

▲1.5

1.9

▼

6.610.0

MarketSh (%)

Advisor

Jan 1 – Mar 30


▲

9.0

1

1

Market

9.0

▲

▲

6.8 ▼

▲▲

-5.9

0.6

0.6

0.3

6.8

0.4

1.05.8

-0.6

0.60.6

0.20.319.6

Industry Total 100 06 988 9 Industry Total

Eurohold SL

GBS Finanzas SA

▲

▼

59256 100 0 216

1.7

0.3

13 106.2

0.2

0.7

Share Ch.

20.4

29.4

1-4.8

# of

13.2

Deals

-4.1

-4

▼

0.4

Financial Advisor

-5 1*

▼

0.4▲

1

1*

KPMG

+26

▲9.345*

▼

▲

Citi20.4

MarketMarket

20.4

▼

-482.0

27*0.4

0.4▲

Ernst & Young LLP

Share Ch.

Imputed Fees (US$m)

▼

Barclays

▼

9*2

7.6▲

-1+4

▼

RBS

-

18*17PricewaterhouseCoopers

Santander

0.4

12*

9*

▼

Rothschild

0

9*

▼

6 114 7

-4.4

ING

18* 10.7NIBC NVCB Richard Ellis Group Inc

0.4

▲

-1

▼

+1

▲

-10▲

▲0.4

0.4111

Credit Suisse▲

Tudor Pickering & Co LLC+1

+1+1 UBS

0.4

0.4

0.40.4

1.2

1

1

1.6

1,425.2

0.6 14

1

631.6631.6

582.4 ▲

1,305.2

1,425.2 0.4

US$m

-36.9

32.841.4

20.41

0.4

1,425.2

2,895.6Santander

13

3*2

Rank Value

2,056.8

1Credit Suisse 16

3*

8*

3*

Deutsche Bank AG


15

1,425.2

38*

Citi 5

21UBS

Goldman Sachs & Co

Market2012 Rank

2011 RankFinancial Advisor Fees

MarketSh (%)

7

3*21

8*

EMEA RankingsJan 1 – Mar 30

7

NIBC NV 17

Barclays1011*11*RBS

Roth Capital Partners Inc

Ernst & Young LLP

1642.8

Cushman & Wakefield Inc 14*CB Richard Ellis Group Inc 14*

-0.430.0-

1

123 71.3

0.641.0

▲

0.5▲

▲

0.4

38*

42.8-

471.7471.712

0.5▲- 0.5

-

DC Advisory Partners

-

- 20.6

Cushman & Wakefield Inc

10.0

▼+1

1

15

12*

18 33* 0.322.1 -2

25

-

24.0

18

14

▲Morgan Stanley

13PricewaterhouseCoopers

BBVA

Market

250.07.7

- 4.127*

1,465.4

10.310.3

210.310.3

Share Ch.Sh (%)


1

2

Deals

22.8

Rank Value per Advisor (US$m)2011 Rank

▼-1.8

6.0

Market

▲

Any Spanish Involvement Completed (AF41)

471.7

1,465.4

0.5196.7

# of DealsChange in


Sh (%)

471.7

# of Deals1

Change in

-9

Any Spanish Involvement Announced (AD34)

▲

0.00.20.2

3

0.5

3.2

.4

.6

.0

.2

.4

32 134 5 100 0

0.3▲

▲

0.50.0

0.5

▼

-0.3

0.6

▲

0.2▲0.3▲0.30.3

0.3

▼▼

+1 ▲-3

3.8

4.1

1.6

▲▲

0.5

4.00.2

▼

▼

8.9-1


0

0.9

37

4.2

.3▼

▲.3

7.8

2

▲

1

2

1

1

2

1

2.8

0.51

1

▲ 1

1

-1

▲

▼-15.1

14.8

1,221.6

# of

0

+1

0.9

+1

+2

▲-

-1

0.90.5

▼0.52.8

+1 ▲

-3

-1

▼0.5▼

-8

+1

+1

+1

Credit Suisse Lazard

Industry Total

-8.7%-22.0%

▼-36.4%

-

▼

25-136

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

124.6-6 124.6

-60.70.7

0.6

▼ 10.8

2

Northington Partners Ltd -124.6

0.7

0.4

▼157.5 0.8

-

195.5▲0.8

-3.0Macquarie Group 0.7

-

▼ 2

18

-

1

DC Advisory Partners1IMAP

William Blair & Co

631.6 1

-16.4

471.6 2.72.4430.32.42.4

▲ 398.4 1.17.72.0 0.32.0▼0.2 366.2

1.42.1

-4+2

1 0.3▲

1.1

1

0.3

▲+1

1

0.5

▲ 4

-17.3

+1▼

+11▲

-4▼

▼

1

▲

+6

1.0

▼

29.9

▲

▲▼

▼

▲

4.1

▼4

-12.9%

# of Deals-0

Change in

Jan 1 – Mar 30

MarketSh (%)Sh (%)

-16.3%

# of Market


# of Deals per Advisor2011 Rank


Deals

Poyry PLC

21

51*

Greenhill & Co, LLC15*

38

310

14Santander

30

51*4

-0.7

6.5

19.1-1

+1

▲

▼

Market

27.313.8 ▲

7

1.1

15.9

Share Ch.36.9

11.7

.3

▲▲▲

▼▲

▼

▲6.2▲

1.4

1.00.3

293.0

5.8

▼

5.4

+2 ▲

4.0

0.9

0.8

-19.7%

-1

18.9

+1

0.9

2.4

2.6

0.64.2 1.4

2.0

▲

▲

+1

1

+1

0.30.31.3

0.80.5

3.0

▲

2.61.8

0.3

0.3

▲

▼

3,559.215

1.0

▲

3.4

27.1

11.08.9

-10

8 ▲

12Sh (%)

5,927.8

-58.3%

3

8,514.78,549.8

Rank Value

▼

1

▼-82.6% ▼

Industry Total 100.06,988.9

Industry % Change from Same Period Last Year▼

4,936.822

-67.2%

-30.2

13

5.128.0

8* 5,114.8

4,304.6 24.4

-12.2

▲ Bank of America Merrill Lynch

+1▲

Deutsche Bank AG0.2PricewaterhouseCoopers

Lincoln International▼1

26

14.3-10.2

1.9

0.6 0+10.4

9

5.1 1.7

0.5

430.3

2,664.8

▲

19.1

430.3

2,061.59.9

▲

2.3▲

3.4

Industry Total

3

7

Financial Advisor

Morgan Stanley

2012 Rank

2JP Morgan

5


Rank ValueUS$m

Change in

-59

Any German Involvement Announced (AD35)

Sh (%)2012 Rank

Market

Deutsche Bank AG



Rothschild ▲1

20

22*

-18.0

▲

8 1.75.7 0.2

2,251.6 1,652.312.8-

11*

Barclays

-

-16.4631.6

631.6

10

20.15 3

3,534.549* ▲

42,323.3 13.2 ▼-9.7

3,534.512 3,534.5-

20.1 ▲▲20.120.1

7.7


Nordea 6*

20.1

Morgan Stanley 5

Citi 6*

96*Macquarie Group

Lazard 3 6JP Morgan 4 1

4,816.7 ▲4,598.5

16.5

27.326.1 -17.0 0.6

33

▼▲

1▼

Sh (%)▼

7 1.4

-3# of Deals

31.59

Share Ch.

▼

▼

# of

14.0Deals

0.8

256

29.0

Market


45.8US$m

100.0 216

Any German Involvement Completed (AF42)

Market

4

Jan 1 – Mar 30

▲2.10.1

2.10.1

1.0

▼▲

1.0Leonardo & Co ▲10.712

- ▲995.7 5.7

3Goldman Sachs & Co 1110.7

2,249.3 -18.01,892.1

12.8

Santander 14*14*

49*

BBVAErnst & Young LLPAon Benfield

14* 1413

-18

30-

--

Greenhill & Co, LLC 18*Banco BTG Pactual SA 17

18*20TD Securities Inc

Investec 1.2 2

51

1.2

-31.3%

▲1.1

16*

7 1

18,674.1117.7

1▲

+10.2

51*19

Goldman Sachs & Co

-1

▲ 51*22*

0+1

0.2+2

▼

0.40

1 0.2▼

430.3

17,621.6

4

366.2 2.1

-9.7

2

▲ 1

▲

413.7

100.0

356.6 2.011

22 17

2925

▼310.9

10.7 ▲

1.8318.9 1.8 -4.1

1.8318.9

▼

RBSKPMG

23*Nomura23*


Industry Total

Poyry PLC 21

30.1%-43.5%


483

1

▲

3.6

-

15*0.2

0.2

-2-2

▼

34

-

▲

▲

▲

Commerzbank AG

+1 Ernst & Young LLP

2.317

49*UBS22*

-

378

▼▲▼

100.0

1.5%

▼-20.20.6

▲1.00.3

▲1.0▼

▲

0.4 ▼▲

▲0.21.41.4

2.0 ▲▲0.1

0.9 ▲

▲0.60.6

1.10.37.5

+10.61.6

1.9

▲▼-7

+2

▲

100.0

▼

-9.4%

-172

▼-34.9%

▼-2

20.1222.1

▲ ▼ Jones Lang LaSalle Inc

3.6 +1▲20.11

0.2▲3.63.6

0.3-4.13.6

▲▼

0.20.21

5.70.3

-27.4

3.4-1

3

11*1

2.51

+1

▲▼

40.6

▼▼

▼0.8

-4

2.5

BBVA

TD Securities Inc --7 470.0 2.5- 3.4

45.6

6,114.7

▲

11*

-75.0%

10

13.4631.6

7

-18.7%

7

-43.6%-46.1%

10.27.6 ▲

▼

3.4

Imputed Fees (US$m)

Fees22.4

-32

▲5.56.3 3.3

1.3

16.0

MarketShare Ch.

▼

Advisor

134.5 100.0

1.4▲

▲

5.71.3

0.3 ▼

▲▲

18.5

▲0.2

0.1

0.30.3

▲

▼

631.6631.6

2

▲

1

0.3

7

1.92.43.08.91.9

▼

-9

+2-3

-4

▼

1.3

5

1.9

1.94 1.1

0.6

+4

+11.3

5

3 0.8▲

▼6 5,068.5

31.7Rothschild5,879.2UBS▼

▲27.3

25,094.2

-2

▼

Market# of Deals per Advisor

-23.1%

1.4

▼

+12.3

+3 0.3

Investec


12

JC Flowers & Co LLC Leonardo & Co

100 077 8152100 0

7.9

2.7

▲ 3

▼

▼▲ Societe Generale

-62.8

-1.4

2011 Rank

3.4▲

US$m# of

1,019.3

Rank Value

13.0Sh (%)US$m

10.3

MarketShare Ch.

-3Sh (%)Market

▲

6.4 ▲

.4

Imputed Fees (US$m)

▲10.1

Jan 1 – Mar 30

▼0.4

6.2

1.5

8.2

2.83.0.3

-52.70

▼- 1.1

0.51.9

.9 0.54.0

0.1

1.31.01.91.6

▼

Change in

2.3.1

▲

▼

▼▲▼

▲

▲▼

2.7

Any Italian Involvement Completed (AF43)

Deals

0.1

Industry Total 2 713 1

DealsMarket

# of Deals

+6Morgan Stanley 3

2012 Rank

15 6.2

4

Change in Financial Advisor

12.311.5Nomura

239

7*3

12Mediobanca- 312.9

13▲ 20.70.7

5

2012 Rank

BNP Paribas SA

Rank Value

3* 682.527.1

Sh (%) Share Ch.

736.3


Any Italian Involvement Announced (AD36)

20

-

2011 Rank

1,011.4

6Rothschild5

1Mediobanca 16

Xenon Capital Partners 4

JP Morgan

750.0▼

4.6416.0602.9675.0

0.9▲ 6.0

-58.3

12.2

-61.26.0 ▲

▼3.4

UniCredit

-

18

-

1.710.4

9.5 9.5

27815.0

2

8.64

4.0

5.38

12.9

362.1

7.77

311.8

Intesa SanPaolo

Nomura 312.92110

5

2.6Bank of America Merrill Lynch

HSBC Holdings PLC

200.6

13 68.4

4.09

29*

1417

12

0.8

11

9*

12

17*PricewaterhouseCoopers

32.5ATA Invest -15*Citi 8 32.5

19

31.0 ▲

0.1

Leonardo & Co

15*

Raiffeisen Bank InternationalUBS

KPMG

Banca Popolare di Milano

Global M&A21Somerley Ltd ▲

-31.0

20

17*

3.7

117

▲

▲

100 0

-

29*22.617.829*

26 0.3

0.9

0.2

Lazard

1Intesa SanPaolo

Financial Advisor

27

1

15

4


Jan 1 – Mar 30

-8

12225.7

17.8

74130

0 -0

▲

JP Morgan

10*KPMG

166

7*

340.0-3

▼ 6.63.9

▲-12+1 0.1

-13.2

Fees

▼▲

3.52.7

5.50.1

0.3

5.1 3.4

Sh (%)

▼▼

▲

7.8

4.43.4Share Ch.# of Deals

▲

25.2 ▼

2

2

27.2-50.4 0.3

-5 5.64.4-43.4

-44.5▼

-1

▼-8 4.3

# of

737.6

MarketMarket

41*

14

14

+3

-17

0

▲Rothschild

1.2

0.9

0.4

3.4

1.21

1

▼

0.4

10.4 3.4

0

0.9

+1

1▲

▲

+12 1.7

0.41

0.9

▲

+2

▲

-1

40.9

-0.4

-59.1

4

0.9

▲-1

-1.5▼▲

-61.70.4

0.2

0.4▼

Industry Total

▲0.2

0.1

7 871 0

312.9

20.24 CIBC World Markets Inc

▼0.93.4

▲

+1

Citi

+1UniCredit

-10*

Global M&A+1

0.9225.7

▲2.60.9 0

62.0

248.31

▼▲▲▲

451

-4.3

4.0

33.6

1▲▲

+1

4.6 0.9▼4.3 -4-0

11.5

Advisor# of Deals per Advisor

Market


21.44.1

2.7

Market

-1

4.1

▲+11.4

-3▼▼2.7

-2

1.4

1

0.7 ▼

2

2▲

-59.6

-3.32.3 2.38.3

-2.18.31▼1

▼

▼9.2

▲

▲6.7

25.2

4

▼

332.9

16.6 2.7112.52

▲ 1.43

682.5


1-5

▲▼

59.1

97.6

+1

2 1.7

EMEA Rankings

+1

5.4

3*

Sh (%)2.7

Market

▼

▼-511.5

Nomura Lenner & Partners0

▲

0.2

-13.0


Market

Deutsche Bank AGSh (%)

-1

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

18.115.9

▲35,963.0

16.14,242.7

19.3 ▲

25


184.9 0.8 ▲0.7

0.2

545

▲

▲

1.6

672.1

293.0 3

2.922

1

Citi

1

8

RothschildMorgan Stanley

5

JP MorganDeutsche Bank AG

Goldman Sachs & Co

54*7 3,705.7NordeaMacquarie Group

9

6

Lazard2,596.0

2011 Rank

-3

2

2012 Rank

2

410*3

16.03,734.9

3,534.5

415.8

37 3,775.0

-36.910.4

15.8-9.1

10.02▼11.1

▲11.2

HSBC Holdings PLC 10.4UBS 10*

10* ▲10.4

31* 2,428.5▲

262,423.2

15.11

10.410* 54* 2,428.5

13

12

9.754* 10.4 10.4

2,428.5

1.3

-7.6366.2

1.3

2.9Bank of America Merrill Lynch 7 2.0

1.6

1.11.3293.0

-18

15 862.0

463.5

9.2Barclays

NC Advisory A/S 19*Poyry PLC

SEB Enskilda 15

0.9217.7

-4033

42208.4217.7-217.7

21*Jefferies & Co IncBNP Paribas SA

CBRE Holding SAS-

21*Cushman & Wakefield Inc 21*

0.9

Industry TotalCarnegie

23,396.9

Arctic Securities ASA

100.0

0.9-24▲

1

2.4▲ 133

▼

▲

100.0

-30.8% -61.0%▼-90.4% ▼

-44.8%-52.6%

▼

7.1

.4

77.8

▼

21.7

-70.6%

-152

# of Deals

▲

1.0

9.9

10.81.9

12.2

4.3

968.5

▲

3.6

114.7%

100.0


100.0

-123

0.20.2

▼-2

▲

JP Morgan

15.7

3.7

4.4

Market

▼

Share Ch.▲

▲29.5

0.4

0.1

1.0

3.8

7.3

6.4

3.5

▼

4.7

▲2.9

2.8

7.47.3

7.4

-4.8

6.9

4.922

58*

1

▲

Imputed Fees (US$m)

26.8

-

▼

▲

▲

▲

1.1

0.3

▲

0.3

1.7

0.1

2.5

▲3.4

▼3.6

0.8

▲

▼0.9

1.92.9

8.1

1.7 1.77.1

19.7

Market

0.8

11.3

2.2

▼

▼

▲

▲

▼

0.6

Barclays


7,356.8

2,428.5

▼

2

2

4,491.7

2,428.5

Financial Advisor

Industry Total

34.7

SEB Enskilda 4

4

Market

5 5,094.8

2011 Rank

23

▼

10.33,392.110

2,713.1

US$m

7.47.4

1,624.1

2,921.07.4

7

Rank Value

15.5

3

11,415.5

16,062.0

-67.3%

0--

▲▲

+3▲

-2

1

0.4

0.4

0.2

▼1

5+1+2

1

0.4

0.2

22

0.4-1

▲+2

▼

+2▲

0.9▲

0.6

11

6

0.2

10*

-2

0.6

+1

8.2


3

▼

Market

-7.6▼ 7

Share Ch.0.6

# of

31.3

▲

▲

▲

0.9

▼

117100.0

-74.5%

26.8

▼▼

19*

17

Market# of Deals per Advisor

Jan 1 – Mar 30

74

58*

17Handelsbanken Capital Markets

Morgan Stanley

8

-130

Change in # of Deals

Any Nordic Involvement Completed (AF44)

6,270.5

18.125.5

Any Nordic Involvement Announced (AD37)

▼

8,386.3Sh (%)

35.8Financial Advisor US$m

Rank Value

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

Industry Total 7,871.0

Deals

Jan 1 – Mar 30

Market

-48.0%

Lazard

6

13,228.2 9.8

0.4

▼1

▲0.2

00.2

1.1

▼1

UBS

Sh (%)Market

▲

Share Ch. FeesDealsAdvisorChange in

6

# ofSh (%)

▲

2.08 -

+3+2+1

▲

4 1.022.4

1.5

18.4

▲ 4

-11.9 1.0 ▲▼ 4▲10.2

+20

▲ 2▼ 13.6 ▼-0.6

▲0.9

+1 Evercore Partners

119.7

▲4,270.1 5▲13.0 6.1

- 13.3

+1

▼-15

10*-2.4

9.8▲▲

12 ▼0.7

1 0.2

▲▼

0.7 +1-40.2

▲-

58*

Credit Suisse

0.2HSBC Holdings PLC

RBS3.7 ▲

3

1218.98.9Handelsbanken Capital Markets

FIH Partners AS 163.7

-

14 16 2,156.3 3-1

01.67.4

▲▲

6

3-2.214 ▲

8.92,935.2

-1 ▼+1

+1

-

15*Nomura-

0.5

1 7.0▲3.2

▲

▲1.70.8 ▼2.6

11.2 2.7▲ 9.8 2.32.4

1

▲2.7▲551 2,422.040.4 +2 ▲

17 6.8Goldman Sachs & Co 2,225.8

7.319 - 2,260.6

2,411.2

+10.2 ▲▲

+3

0.520.5

▲

-▲ +2 ▲

06.90.2 2

+2 ▲▲ +1 ▲

0.00.31.1

-1.61.04.3

6.5

1.8▼0

1.50.5 -0.9

- Lambert Energy Advisory Ltd 1▲

1,402.0+1

21

23+1 ▲4.5

4.935▲

58*0.80.9 ▲1.1▲

▼4.0

7

0.6 03.624

- 2.91,195.6▲+13

2.47.1

▼

▲1.1+2

0.61.71.0 ▲4

+1▲ ▲▲

4.60.2417.0408 -74

▼

32,920.2

▼

12.9- Sundling Warn Partners AB 25100.0

▲28.9%-34.1% ▼Industry % Change from Same Period Last Year -22.4%

▼▼ -18.4% -15.4%

Industry % Change from Last Quarter ▲-17.5%▼

-13.4%-4.3%21.3%


1.5

9

7,565.3

Citi

0.22

0.5

Carnegie

Rothschild 13

▲ 2.430.3

13.7

▲2.3

▲

3.3

▲2.7

▲

23.0 20.1

10.3

4,378.2 13.3

4.53,228.2

3,177.0

▲

1,473.6

9.8

Sh (%)▲

1.0 5.221.0

+5+11.2

0.2

1.2

0 -

-2

5+2

6

1.22

+4

-41

2012 Rank

9

Danske Markets

20

18

6

15*

ING

Industry Total

DNB ASAKPMG

* tie


Santander UBS

787.7

2.8

8.9

3.2

17

293.0

-5.95.74.3

2.82.9

4.34.34.0


EMEA Rankings

10

2011 Rank

321,425.2

4.3

1.3306.0323.9

6Nomura -20

24 886 7

254.8Societe GeneraleING 25Industry Total

24

1.6

22*

23

22* -43

100 0

NC Advisory A/S

-

▲1415 - 829.8 3.3

Houlihan Lokey 18

1-21.6-23.6

368

9

1

▲

4.3 1

8.02,592.3

15


1,070.5-11*

26 2,926.8

2,206.89

10

1,070.5Banco Comercial Portugues SA 11* -

Banco Espirito Santo SA --

Caixa Geral de Depositos11*

Aon Benfield1,070.5

995.7SEB Enskilda

KPMG

3.34.0

389.9 -2.1687.6

- ▲

4.3

RBS17

▲

716.916 24

2.9Evercore Partners

1

21.2

19

1

0.80.3

0.5

3

0.3

2.4

0.5

0.30.30.3

0.3


7

▲▲▼

▼

100 0

▲

-31.4

▲

Credit Suisse▼-16

4 1.1Centerview Partners LLC

+5

Rank ValueUS$m

10,192.8

31

Sh (%)

JP Morgan

Financial Advisor

▲2,616.2

8.6

13.2▲50.3 1.812.1

-

Deutsche Bank AG5

1613

6

2.4

78,875.9

41.9

6.7

▲▼ ING

+3-1

0.5

39.940.4

8 3,279.2

▲

2.4

Jan 1 – Mar 30

+344.4Sh (%)

# ofDeals

Change in Market

1.9Sh (%) # of Deals

▲ Morgan Stanley

4

▼

Market

+1

▲

0

1.2

▲▲

4.6

16.84.9

-

+2

20.4

5.9

5.72.2

0

1.1

-2

▼2.6▼

▼1.8

32.8

8.4 3.4

1.0

+3

1.4143

▲

▲

▲

1

▲10,024.3

36 22.6

12 44.3

37*6

9,182.49,716.9 0.8▼

▲ ▼2.6

2.319.1 6.7

8.0

11.13.5

▲

2.0

▲4.8▲

0.6

2.9

0.0▼2.8▲

2.1

3.1

▲

6.61.0

100 0

Young & Partners

708.2

Ernst & Young LLP5

6.6

1.00.9

3

293.0

▼229.8

3

1

1

▲2.4

0.8

▼▲

2

▲

▲

+29

-32

▲

▼-20+3+1

+21.7

+1▲

Rothschild

18

▼

+1+1

▲

▲ 61

Arthur D Little Inc6.66.615* 1,434.9

15*15*

9.81,434.9- 6.6

7 2,136.114Nomura

24*

▼▼

1,322.1

▲

-51.7

968.53.2

▲

4.4

Lazard

-39.4-54.7

-39.112*

2,196.19*12*HSBC Holdings PLC2,196.16

▼2,364.6▲ 10.82▼

1110

▲

+1

+7 Bank of America Merrill Lynch

Goldman Sachs & Co-1

+4

-

1.9

2.4

1.6Barclays

0▲+4

▲

2.4▲

▲-8.0

▲

▲

910.4

79

-3.3

27.4

▼10.3

9

22.431.6

▼

9

▲

2.4▲

Share Ch.

16.84,184.2

▲10,993.9

Morgan Stanley 3

Citi 9JP Morgan 8

67

UBS

Deutsche Bank AGCredit Suisse

Lazard 11 7,931.737.69,358.8

51

31.9

11.8

22.28

39.99,924.1

23.944.2

7Bank of America Merrill LynchGoldman Sachs & Co

2

4

Market

2.8

▼5.07.9

1.7▼

1.7

0.3

0.9

1.21 Wilson HTM

▼

▲

5

6

4

0.4

2.2

2.5

22.0

1.1

6

29.5 1.4

7

2.2

Any Benelux Involvement Announced (AD40) Any Benelux Involvement Completed (AF47)

Imputed Fees (US$m)# of Deals per Advisor2012 RankFinancial Advisor

11,040.0US$m

5

Rank Value

1

Market Advisor

7.1

Market

3.4Sh (%)

▲48.8Share Ch. Share Ch.Sh (%)

10,704.0

2012 Rank

MarketMarket Market Change in

+1 ▲1▼

4,944.4

# of Deals

0.7

Deals

-3

14.1

Fees

▼

2.7+11 ▲

23

4.81▲

0.4

-2

Jan 1 – Mar 30


0.4 -2-39.6

▼

2.0

0.2

--

0.1▼1 1.7▲ 5.0

0.4

▲

6.6

6.0

.3+1

-81

1.0

-30.4

8.8

1.4▲ 4.1

▼5.4 1.9

1.4

Sundling Warn Partners ABHandelsbanken Capital Markets 1.4

20*+1

4

0.4

+2 ▲

+1 ▲ 1.64.6 1.6▲

Jefferies & Co Inc

-18.6

1.2

▲▼

968.5-▲▲

1.3 0.4

▲

0.5 ▲ 20*4.4

4.4

3.2 1-

▼

BNP Paribas SA 21 ▼ -31.2▲ 11.2▲

0.31.4

+1-124* ▲

▲KBC Group NV 1.5

-6.0

-2▼ 1

SEB Enskilda +1 ▲

2.2▲428.4

+10.4

0.4+1

▼2.0

▲

- ▲

▲0.2 0.1

0.8 ▲0.8▲0.80.8

21 917 8 206

2.1

.6-

2.20.4

▼286 1

-1276

4338.2 1.4Industry Total300Deloitte0.8 -8 ▼

0.3

▲

0.3

+1 ▲1.7▼

3.9

2.9

-5

-4

10.0

▲-21.0

-10.436.7

▼

▲

▼

▼

40.5

3 1

6.5

4

# of

46.5

445.7

2

2011 Rank

19

10.0

1,434.9

15.0

6.1

17

1,325.9

11.99 2,644.9

4

4.4

50 1.5

26* 3.3

▲

1

▼▲ 1.4

1

1

BNP Paribas SACiti

1.5338.223 2.022

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

24,886.7Industry Total 100.0 368 100.0100.0

▼ -21.4%

Quarterly EMEA Cross Border Volume

Industry % Change from Last Quarter-1.1%Industry % Change from Same Period Last Year

* tie

-16.0% Industry % Change from Last QuarterIndustry % Change from Same Period Last Year

21,917.8 -206

▼-32.7% -46.1%▼

286.1276

-57.5%▼ ▼ -50.9%▼ ▼▼-17.4%-30.9%-57.0% ▼▼

Industry Total-300

$71.134%

$20.310%$19.4

9%

$17.28%

8%

6%

6%

6%

6%3% 2% 2%

Materials Financials Real EstateEnergy and Power Industrials Consumer StaplesConsumer Products and Services Healthcare High TechnologyTelecommunications Media and Entertainment RetailGovernment and Agencies

`

0

500

1,000

1,500

2,000

2,500

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

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

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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


131

1*

120 2,342.2 11* 26.8

26.8 1

1 19.0Morgan Stanley

494.0

226 1,640.3 1 17.5

2*

Financials 9,354.6

2,342.2

HSBC Holdings PLC 494.0

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

8,729.9 5.35.3 4

1

Real EstateMorgan Stanley

13.3 1

3

UBS

Goldman Sachs & Co2*

Malayan Banking Bhd 1,157.5 3Moelis & Co

Asia Pacific (ex-Japan) Deals Intelligence

1,324.3 Guosen Securities Co Ltd

312.4

Malayan Banking Bhd

223.019.6 1

CITIC

Goldman Sachs & Co

9,615.1 1

18.6 44

4

18.5

2

1

27.612,781.5

4,100.6 4,112.2 KPMG

Citi

4,210.6 Materials 309

No. DealsRank Val US$m22,149.1

ShareMkt.

Rank

Industrials

2,941.1 2

2

Energy and Power3

13,529.4

3

Standard Chartered PLC

2,500.0 Credit Suisse

15.113.8

1,192.8

317

132

Asian M&A Down 19% I Asian Fee Earnings Drop 17% I Australian M&A Plunges 49%

1,455.7


Asia Pacific (ex-Japan) M&A

In the first three months of 2012, M&A activity with Asian involvement reached US$89.3 billion, a 19% decrease fromUS$109.9 billion recorded in the same period last year. This was the slowest start since the first quarter of 2009.Companies in the Materials sector were the most targeted with US$22.1 billion from 309 deals. The Energy & Powersector followed closely with US$12.8 billion while Industrials remained the third most sought after sector with US$9.6billion.

Fees earned for the region were estimated at US$692.8 million, a 17.1% decline from the volume recorded in the firstquarter of 2011, according to Thomson Reuters/Freeman Consulting. The top earner was Deutsche Bank AG withUS$29.3 million followed by UBS with US$23.1 million. Bank of America Merrill Lynch earned US$21.4 million.

China cross border activity amounted to US$13.2 billion, a 42% decrease from the US$22.7 billion recorded in thecomparable period last year and the lowest first quarter volume since 2009. Outbound volume reached US$7.8 billion,with US$5.7 billion invested in the Energy & Power sector.

Australian M&A activity decreased by almost half to US$20.4 billion from US$40 billion in the first quarter of 2011.Australia cross border activity totalled US$8.7 billion, down 20%. Inbound investments continued to flow into theMaterials sector taking up 36% of the market. Outbound activity amounted to US$1.6 billion, the lowest quarterlyvolume since the second quarter of 2009.

1,640.3

Asian Completed M&A by Region - Imputed Fees

Shanxi Meijin Grp Jinfu Coal (100%)

China / United States

Shanxi Meijin Energy Co Ltd China / China

2,500.0

China Cross Border Announced M&A

2/15/2012

3/19/2012

2/24/20123/16/2012

Pending

2/18/2012

Sinopec Intl

Pending SBI (5.7%) India

Thailand / United KingdomPTT Exploration & Prodn PCLInvestor GroupPending

Intended

India / India

Pending

1/3/2012PendingPending

1/18/2012 1/18/2012

2/21/2012

2/18/2012

Real Estate / Other Real Estate2,342.2

Cove Energy PLC (100%) 1,714.6


Materials / Metals & MiningMedia and Entertainment / Casinos & Gaming

Devon Energy Corp-Assets (33.3%)

2,334.6Swire Properties Ltd (18%)

Wynn Resorts Ltd (19.65%) United States / United States

Energy and Power / Power3/7/2012 1MDB Malaysia / Malaysia 2,810.4

Shareholders Hong Kong / Hong Kong

2/25/2012Rank Value (US$m) Target Macro / Mid Industry

Tanjong Energy Hldgs Sdn Bhd (100%)2,531.4


Alibaba.com Ltd (28.6%)

Acquiror / Target NationIndia / IndiaSterlite Industries(India)Ltd (100%)

Rank DateJan 1 – Mar 30

Date Effective Target (% Sought/Acquired)Top Ten Any Asia (ex-Japan) Involvement Announced Deals

Acquiror

China Cinda Asset Management (16.5%)1,574.9

China / China

Alibaba Group Holding Ltd

Financials / Asset ManagementFinancials / Banks

3/7/2012High Technology / E-commerce / B2BHong Kong / China

Sesa Goa Ltd 3,910.8

Wynn Resorts Ltd 1,936.4Materials / Metals & Mining

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

$50

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

% O

utbo

und

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

$0.0

$0.1

$0.2

$0.3

$0.4

$0.5

$0.6

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Impu

ted

Fees

(US

$b)

North Asia

South Asia

Southeast Asia

Australasia


Moelis & Co Moelis & Co

Asia (ex-Japan) RankingsJan 1 – Mar 30Any Asia (ex-Japan) Inv Announced (AD25)


100 0▼

89 292 4Industry Total▼-1.2

562 343Guotai Junan Securities 24* - 0.11.2 ▼0.7 0.5+2 ▲

70 212 8 100 01 086 692 8

5.5 0.64.9

0.8 ▼Rothschild-825

0.21.8 -571.81,265.9 0.6

24 -1.424* - 1,097.82

+2CIMB Group Sdn Bhd

▲1.2 ▲1,097.8

▲1.1+1 0.6▲ 7.9▼

1,169.1 1.30.1

▼ TD Securities Inc15 22 ▼

Ernst & Young LLP 23 321.2Guangzhou Securities Co Ltd

0.2161.2

▲ 13▲-1 ▼ 9.4 1.4 0.8

2-0.80.7 23 ▼2.4-4 1,708.1

+40.1 0 -Guosen Securities Co Ltd 22 55 1,192.8 1.3 ▲

0.01.7 ▲

3.70.41,728.5 2.5 4

.62,629.3▲2.8

3.4 -▲ 3 0.3 -3▲+1

0.11.9 ▲▲ Shinhan Financial Group Ltd▲

China Merchants Securities Co-

▼+1

0.34.3 4.3 0.4 0.41

▲ 1▲ 0.1

0.4-5 ▼Cenkos Securities PLC 20 - 1,714.6 1.9

0.3 2.8Caitong Securities Co Ltd

1.84.30.7 Woori Invest & Sec Co Ltd2.0 -▲ 3,003.5

Barclays 3,003.51,764.618 8319 33

2,334.6 National Agricultural Coop Fed ▲4.2 0.1 0.30.4-▲ 1Malayan Banking Bhd 17

2.800.1 ▼

-0

72.6

1 0.12.6

▲

-40.40.3▲ 6 +6

5 2,502.9 2.8 -3.99.43,110.1

Korea Development Bank▼ 3,003.5 2.8▼0.7▲▲

4.44.3 4.3 +1 0.40.4

Somerley Ltd 16 45 2,535.1 2.8▲

200.1 1.7 ▲

▲ 14Hana Financial Group IncMorgan Stanley

3,477.11.45 ▼

▼ .0-10.50.1

▼2.5▼

13.2-90.4

-34.6 0.0 0.2

1.9▼▲ 1

-7.5 ▼ 4Rothschild 15 60 2,844.2 2.9 ▲3.2

1.4 ▲12 6 4,171.1 5.9 -0.2 ▼

5.6 2.2CitiCITIC 14 31 3,304.8

▼21 3,319.4

3.7 2.3+23.7

▲ 7 0.4▲ 10 0.5

+4

1.3 ▲0.9

-2 ▼0.4 -4 ▼ Deutsche Bank AG▲ 15.53.3 ▲ 0 -6 0.6

4.210 0.9▲ 4 0.4 -2 2.1

29.30.7 ▲

UBS 12 4 3,835.4 4.3▼ 14.36.0▲ 15.7- 4,278.7 6.1 6.1 2▲

Grant Thornton 11 - 4,079.8 4.6 ▲4.6 +44 ▲ 4,212.00.210

2.917Standard Chartered PLC 11

-10 22 4,278.7 4.8 2.8 2.3 2.3 ▲0.2

▲ 7 0.3 0.00.6 -13 ▼ 2.25.1▲

9-00.1▲

+230 4,592.03 4,608.4Bank of America Merrill Lynch 8

HSBC Holdings PLC 9 4.94,753.50.5 +3 30KPMG 9▼-4.0

6.8Societe Generale2

▲3.66.84,800.0 ▲6.8 ▲ 1 2.2 2.20.1 +1 ▲ 15.3

▲+1 ▲ 4.3 0.60.64.2 4,800.0BBVA 7*-

0.47*0.1 -12 ▼

▲2.66.8 ▲

5 0.50.11

▼0.6 -20.5 0.22.3 0.6

▲-1 ▼4,916.3-

6+414 0.7 ▲▼7 -12

Goldman Sachs & Co 6 1 4,747.4 5.3KPMG 38 4,674.4 5.2 6.87

11 0.67.0

5 5,407.1 7.7China International Capital Co 11 3.3

Citi 5 9 5,205.6 5.8 - Goldman Sachs & Co 6 ▼▲3.09 16.0+28 0.75 8,594.9

100.3 -1

3

▲-13.8 ▼

40.7

-5.5 0.0▼ 12.2JP Morgan 2.013.6▲▲6.367.2 ▲6

3.11.4

▲▲ 21.4▲ +4 0.8▼0.20.7 -5 ▼ 23.1 3.38

12.99,140.4

0.6 3.169,084.5 8.4▲

0.6▲43.0

-3.6 0.7148

5.21 713.19,229.1+1 ▲ 2UBS 13.0 7.8

-12.2JP Morgan 2 11 7,173.8

US$mMorgan Stanley 1 2 10,869.6

8.0

Financial Advisor▼

MarketChange in Advisor

▼2.7 0.6Sh (%)

18.6-2Share Ch.


Deals Sh (%)Market

Financial AdvisorChange in # of Deals

# of# of Deals FeesSh (%)

2012 Rank

2011 Rank Sh (%) Deals Sh (%)

MarketUS$m

MarketMarket Market # ofRank ValueShare Ch.

2012 Rank

2011 Rank

Rank Value Market MarketShare Ch.

Rank Value per Advisor (US$m)Rank Value per Advisor (US$m) Imputed Fees (US$m)

21 129 1,686.5 1.9 6

Any Asia (ex-Japan) Involvement Completed (AF32) Jan 1 – Mar 30


Credit Suisse 3 16 6,449.8

Deutsche Bank AG8

Standard Chartered PLC 4

2

13

Mizuho Financial Group

12 5,628.5

5.2

▼ Macquarie Group

19

5.0

4.3

▼

▲

▲

17*1

13

00.5

Credit Suisse▲ 10

-7 ▼ Bank of America Merrill Lynch

0

0.3

1 912

-3.2

3

5

10.0

▲

100 0

5.2

▼

1.9

2.1+1

2▲

22

530.8

213,003.5

▲

1,292.8

43▲

15

22Malayan Banking Bhd

17*

17* -

1 3,662.80.2

-5

0.1

Industry Total

0.3

3,947.626

17*

48*16

JP Morgan Jefferies & Co Inc

Financial AdvisorMarket

4

Change in

▼

100.0

Industry % Change from Same Period Last Year -24.0% ▼

Jan 1 – Mar 30

Industry % Change from Last Quarter▼

-19.3%-19.0%

Any Australian Involvement Announced (AD24)

▼

89,292.4

-11.2%Industry % Change from Same Period Last Year

Goldman Sachs & CoCiti 3,666.71 14

2012 Rank

2011 Rank

2

Rank ValueUS$m

9

# of Deals

▼5

0.40.30.3

Wilson HTM 22

-1

1.8

-1

0.7

-29.9

-22.429.1

▲

-


# of

-5.01.3

1

1,644.4

8,186.1

+2

34

2012 Rank

Deutsche Bank AG11

15*

Goldman Sachs & CoMacquarie Group

+2

Imputed Fees (US$m)Market

-3▲ 3.2Share Ch.

6.5

▼6

▲

Sh (%)

33.4

Advisor

▼


-26.8% ▼

Rank Value Market2011 Rank

▼

Industry Total

▼Fees# of DealsFinancial Advisor US$m


Sh (%)

-562

-2.4%

Sh (%)Market # of Change in

-343

Deals

-13.6%

9

8.3

26.1 8.4

-5

▼▼ 4.6▼-10

MarketShare Ch.

29.8▼5.8

70,212.8 100.0

Jan 1 – Mar 30

-35.6%

1,086 692.8

-17.1%▼

Any Australian Involvement Completed (AF31)

72.0

10

0.5

▲

▼

-30.4

0.6

-

-7.9

-23.6

17

-32.0

1.2

0.5

0.9

139.9

97.8 0.53

▼1

0.7

1.5

+1

▲

0.9▼

0.3

20

- 420.0

105.3▲

0.4

▲

-31

0.3

13

-

21

1,790.118

10

Market

▼

7.2

-5.1 ▼16.91.1

3

17.9

0.8

1.4

-22.7%

Deals Sh (%)▲

1,912

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

▼

Sh (%) Share Ch.14.4

100.0

▲

1.5 1.5

2.12.1

9.0

▲

▲

1.9394.4

2

0.9

▲1.2251.1

3RBS

305.2 ▼2

14Endeavor Partners Co LtdGresham Partners

21312

Macquarie Group4

8

3

9

67

Credit Suisse5

1

Jefferies & Co Inc

UBS

RBC Capital Markets

Morgan Stanley

HSBC Holdings PLC 113

BMO Capital Markets -

3.6▲7.0▲

1,427.3 5.8726.4435.0

▲▲

7.27.5

▼-46.2

7.21,472.51,527.3

8.0

Market

-3.9

3,462.9

Market

3.41,829.2

▲ BMO Capital Markets7.51,644.4

8.86

11,914.0

Industry Total

011.3

Moelis & Co 401.9

280

+10.4

428.4

▲Nomura

11.8

316.21.71123

-

▼3

-25.9%-9.7%

0.7

8.1

▲1.6

0.4

-98

9.6

5.4

▲

▼

.6

2.7

10.4▲

13.6

7.2 2.3

1

2.6

2

0.4

▲

▲

▲

▲1.5

▼

▲

▼

13.3

▲

4.012.6

4.3

1.40.7

▼1.8

10.9

▲

▲

▼

0.4

▲

8.02.8


2425


7.5-3.4 0.7

▼▼

1.1

-42.4%

0.4

▲

2.82.6 ▲

3.0

2.63.9

0.43.8

▲▲

1.3

14.3

12.2▼

1.4

1

+1 ▲+3

3

+1

2

3

3 1.1

1.1

1.1

2

0.7+1

10.4

6.41,510.2

0.42,470.4 10.4

▲

-3.1 ▼2 2.3▲

-1

311.3

0.7▲

1 0.4▲

▼

1.13

11.9

22 12

-48.9%

+1

▼ +1

▲▼ 1.21.2

-48.7%

Industry Total

▲

1.1

▲

-20.7%▼

100.0

-43.6%▼

23,779.3-95

-11.9%

278.9

2

1

439.0Flagstaff Partners Pty Ltd

Paradigm Capital Inc

13

-

10

17RBS

Fort Street Advisers

RBC Capital Markets

6.0

8

Imperial Credit Industries Inc

JP Morgan

2,464.7

+1

-

12

6

14

312▼

7

+2

▼

26.34

UBS-8.3

34.4

7,932.6

50.11

Gresham Partners 7,932.6 -5 ▼ 9.4▲4

2.1-131

2

+41.1 ▲4*

19

-5+1

54

1.7

0.62

0.8

-111.4

+3 ▲

-▲

-2

0.8

+1

▲

0▼

+1

20

0.6

3

53

--3

0.3

▲

BNP Paribas SA0

-31.8 ▼2.1

-0.3

▼0.8

▲+1

▲

▲21

O'Sullivan Partners▼

41.4

4*▲ Lazard

2

33.4▲▼ 3

9,834.8


6.9

10.27.5

2,417.20.81,777.7

10Rothschild

6*-9

+20.60.3

9

▼

▼

0.3

363

Moelis & Co

25

-

183.3

117.22▲135.5 0.7

1.8 ▲450.0Standard Chartered PLC 1.9

19

45*

1,423.7

5.11,220.4

5.4

5.1

3.35.4

1,346.31,280.3

1,220.4

▼526.9

Ernst & Young LLP

0.4

-8.0%Industry % Change from Same Period Last Year

20,442.7Hartleys Ltd

▼

-0.886.7

Industry Total0.4

100.0

2324

4-

19 1

Greenhill & Co, LLC 15


16 5

Deutsche Bank AG

Lazard

Rothschild

Linwar Securities Ltd

Investec 17

Paradigm Capital Inc

18

20Azure Capital

-40

24

19

5.7300.5

6

-

184.7-

2.2515.1-

-14

1 +10.6

18

10.6

0.6 ▲

0.3

1

12.20 - 15*

▲ 5.11

+1 5.1

▲3.0 ▼2.3

0.6-6 ▼

▲+3

2.37.0+1+1

8.4▲

+2

▲3.9 1.3

▲

0.2

▲0.4

▲

▲

▲▲1.3

2.6

0.2▲▲

0.1▲2.3

0.21.3

▲

0.1

100.0

1.3 1.2

0.5 0.50.4

▼

▼ 1 0.3

Dundee Capital Markets Inc 21 0.5100.4

0.7

▼

+1-

220.60.3

17

1.9

0.4

1.4.3

0▲▼▲

24Morgan Stanley

4 +2 ▲0.42.2 ▲

▲

▲

1

1 0.4

▲

2.1▼

9.93.7

▼

1.4

4.12.2

-

1.2

0.70.70.4-1 ▼

0 -0.3

459.5 6-7.31

1.9-2 ▲1.2

▼-2 3.20.4


16

Rank Value per Advisor (US$m)MarketMarket

US$m

▼

124.6 1124.6 121.6

▼124.6

- +118.4106.4.0

18.4- 0.0 1.0 6.8▲

# of# of Deals per Advisor

Change in Sh (%)

Market

21.6

Market

49.5

▲

1.0

▲21.6

Imputed Fees (US$m)

-14.8

1

Advisor# of Deals

Market Market

6.5Macquarie Group

Rank Value

2012 Rank

-14.8

▲21.6

-16.5

▲

Share Ch.

4.8▲ +1

Sh (%)

# of Deals2.8

1.0

FeesRank Value

▲

1

21.6

Deals

HSBC Holdings PLC 1.8

▼

Change in

-34.6 ▲Share Ch.


Jan 1 – Mar 30

1*

Deals

Northington Partners Ltd

4

Market

1


2011 Rank

-

Financial Advisor


US$m

Any New Zealand Involvement Completed (AF46)

Asia (ex-Japan) Rankings

# ofSh (%)

Jan 1 – Mar 30

▲

Sh (%)▼

1* 4

1*

Industry Total

-51.6%

5Robert W Baird & Co Inc

▼

0.0

Any New Zealand Inv Announced (AD39)

5.5PricewaterhouseCoopers

2011 Rank

12

2012 Rank

Goldman Sachs & Co 16*6.5 6.5

▲

7.1

Market

▲3.4

Share Ch.▼

11.910.91.6▼11.9


▼Industry % Change from Same Period Last Year -72.3%

+14.8

36


14.8

▼

-21

-21.7%

577.8

▼-80.1%

21

-72.3%

1Financial Advisor

100.04.8

▲

Sh (%)

1 6.8

Industry % Change from Same Period Last Year -60.3%

100.0

▼

Industry Total 902.4

▼-50.0%-25.0%

-2.7% ▼

-10

▼▼

100.0

Asia (ex-Japan) Buyside Financial Sponsor Activity

0%

5%

10%

15%

20%

25%

30%

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

% 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

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

25%

14%

11% 10%

10%

10%

5%

4%4%

4%2%1%

Materials Energy and Power Industrials

Financials Real Estate High Technology

Media and Entertainment Consumer Staples Telecommunications

Healthcare Retail Consumer Products and Services

Government and Agencies

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

Out

boun

d

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012


561.2 3Sumitomo Mitsui Finl Grp Inc 3

41.9

13.22Mizuho Financial Group

141

576.0

2

3

Sandler O'Neill Partners

Nomura263.5

Mitsubishi UFJ Morgan Stanley 12.9

50.456.7

UBS 2,122.1 Citi

237.3

Jefferies & Co Inc 37.3


Japan M&AJapanese M&A Down 3% | Energy & Power Leads Market | Inbound Activity Surges by 233%

M&A activity with Japanese involvement during the first quarter of 2012 decreased 3.4% compared to the same periodlast year, reaching US$36.7 billion. The number of deals increased 4.3% with 746 transactions. Japanese fee volumeson deals completed during the first quarter of 2012 reached US$387.1 million, a 21.9% increase compared to last year,according to estimates from Thomson Reuters/Freeman Consulting.

The Energy & Power sector led the market, with deal volume totaling US$7.8 billion, a 21.3% share of the JapaneseM&A activity during the first three months of 2012 and a 721.6% increase compared to the same period last year.Activity in the sector was driven by TonenGen Sekiyu’s US$3.9 billion acquisition of Exxon Mobil and Mitsubishi’sUS$2.9 billion outbound acquisition of stake in Cutbank Ridge Partnership of EnCana.

Japanese inbound activity was slow in the past few years, but the first three months of 2012 recorded a total of US$7billion, the highest first quarter volume for the last five years; a 232.7% increase from the same period last year.

Japanese outbound activity recorded the highest first quarter volume in history with US$16.2 billion in value, a 30.8%increase compared to the same period last year. Healthcare was the most active outbound sector recording a total ofUS$4.8 billion in the first three months of the year.

2,122.1

2,630.0 1

2*

1

No. Deals

3*Barclays

NomuraJP Morgan

1Energy and Power

3,936.3

Brown Brothers Harriman & Co 41.8

3

2,485.8 Goldman Sachs & Co

52.44,742.6

32.0

7,811.4

Rank Val US$m

4,349.0

1,587.6 1,515.3

2,912.2 3*

Japan Deals Intelligence

2,912.2

Japanese Involvement Announced M&A - Top Advisors by Target Industry

1

3 2

Rank

4,429.2

Healthcare1 1

52.62,287.8

2*

Mkt.Share

1

1High Technology

FinancialsMitsubishi UFJ Morgan Stanley

7

20

43

51.8

33.5

31

42

41.8

2

1

3 Real Estate 3,995.7

Daiwa Securities Group Inc

5,082.0

1,944.4 4 48.712 1,674.1 2

3 6.6Recolte 1

2 RBC Capital Markets 2,912.2 3* 37.3 2

Energy and Power / Oil & Gas1,515.3

Energy and Power / Oil & Gas1,301.7

Financials / Banks

Financials / Credit Institutions3/24/2012

Investor GroupJapan / Japan

1,456.1

1,057.0Japan / Ireland-Rep

Consumer Products and Services / Other Consumer ProductsMedia and Entertainment / Recreation & Leisure

Japan / United Kingdom 1,019.5

Top Ten Japanese Involvement Announced Deals

3/12/2012Mitsubishi Corp

PendingJapan / Japan

United States / United States1,655.4

Glory Ltd

3,936.3Acquiror / Target Nation

Japan / Japan Energy and Power / Oil & Gas

ZOLL Medical Corp (100%) Japan / United States

Target Macro / Mid Industry

Healthcare / Healthcare Equipment & Supplies2,122.1Japan / United States

Asahi Kasei CorpBoston Biomedical Inc (100%)

Rank Value (US$m)

Healthcare / Biotechnology

Talaris Topco Ltd (100%)Intended2/14/2012

Japan / CanadaPending Mitsubishi Corp

Pending GIC RE-Fukuoka Yahoo! JAPAN (100%)RBS Aviation Capital (100%)Pending

Pending2/29/2012

AcquirorRank Date

Any Japanese Involvement Announced M&A

2,630.0PendingPending TonenGen Sekiyu KK

3/1/2012 Fuji Media Service Co Ltd1/19/2012

Target (% Sought/Acquired)Date Effective

3/12/2012

Jan 1 2012 - Mar 30 2012

1/17/2012

Exxon Mobil (99%)1/29/2012

Real Estate / Non Residential

Fukuoka Yahoo! Japan Dome SPAV

2/17/20122/24/20122/17/2012

1,456.1

Sankei Building Co Ltd (65.52%)

EnCana Corp-Cutbank Ridge (40%)UnionBanCal Corp,CA

EnCana Corp-Cutbank Ridge (30%)

Pacific Capital Bancorp,CA (100%)

Japanese Completed M&A Imputed Fees

Dainippon Sumitomo Pharma Co

Japan / Canada

0

500

1,000

1,500

2,000

2,500

3,000

3,500

$0

$25

$50

$75

$100

$125

$150

$175

$200

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

# 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

0

100

200

300

400

500

600

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2006 2007 2008 2009 2010 2011 2012

Impu

ted

fees

(US

$m)

Ran

k Va

lue

(US

$b)

1Q 2Q 3Q 4Q 1Q Imputed Fee


Imputed Fees (US$m)

Financial AdvisorNomuraMitsubishi UFJ Morgan StanleyGoldman Sachs & CoBank of America Merrill LynchDaiwa Securities Group IncBarclaysSumitomo Mitsui Finl Grp IncMizuho Financial GroupDeutsche Bank AG

UBS SEB EnskildaRBC Capital MarketsJefferies & Co IncGCA Savvian Group CorpJP MorganTC CapitalCredit SuisseCitiLazardPricewaterhouseCoopersRothschildGreenhill & Co, LLCMacquarie GroupGlobal Partners Consulting IncO'Sullivan PartnersDanske MarketsUBS

36 273.0 1.00


0.2

0.7 0.5 - 0.50.125 -10.8

1.0 ▲IMAP

▲0.2

▲▲

5723

▲

1.2323.4 1.2316.2▲ -

25*

0.8+10.1

0.3275.6 24 ▲

▲+11.2Commerzbank AG -24 10.8 1.2

1 0.8▲ 1.2

0

1.9+111

3.2 0.8▲

0.30.80.3

3.3-

Deutsche Bank AGGreenhill & Co, LLC

21 7 418.9 1.122 - 410.0 1.1

Endeavor Partners Co Ltd 23 - 300.5 0.8 +22▲2 0.31.1

0.6-7.5 2510 1.3 1.5+6 00.4

0.7+2-

2.75.5 0.2

▲0.3▼

0.11.621.1 ▲ 1.4

-6416.5 3

-0.3 1.31.7▲▼

▼▲ 0.1 +1

1.3 1.2 +113 475.9449.0 1.2 11.2

-1.8 ▼ 9

9.2▲▼-10.9

Centerview Partners LLC 20 -Plutus Consulting Co Ltd 19

-2.418 11 921.0 2.53.7 -2.217 9 1,340.7

19 16▲

▼ 41.79 1.2 1.9 1.9▼ 0.6

41,515.3

5▲ 15*▲

18-5

1.3-2▲ 0.22.1

12.1 0.9-33.1 2.4

12▲

▼4.4

4.94.1 0.1 +1 567.34.4 1.60.22.1 ▲+1-▲ 567.3

9 1.2 -41.5▼-26.40.4

+3 ▲ 3.114 ▼12.1 ▲0.312

+2 15*

101,456.1

11 4.61,217.45.5-

-0.85.5

▼1.31 0.2▲ +1 5.0▲

3.1▼2.1 1.8-2 6.8▼

12.2-40.2-11.5 ▼ 3 ▼-2

▲ ▲+11 0.1

6.3

5.6

4.6

13 11*0.5

▼

▼81.3

14.7-3.8267 4

1.112 1,685.4 301,693.8 ▼

▼ 8-2▼

0.96.3

4-29.1

3,578.6 9.7 2,711.19.7

10.22.8 -6 6

-83.9▲▼

32.15

-▼▲ 10 -

22.37

9.0-2▼ ▼-24.3

-37.62.612▼1.15

▼ 40-0.2

▲

▲ +2▲▲

3

4▲

29

9*▲

-5

17

9*

+3▲

4

▲

2▼+1

-

+22

+3▼▲

0.70.30.3 +2

Change in

25.8

2.7

2011 Rank

Rank Value

5,961.9

# of

8.6

Market

+3Fees Share Ch.Sh (%)

AdvisorShare Ch.

1

MarketSh (%)Market

# of Deals

Mitsubishi UFJ Morgan StanleyNomura

JP Morgan 3

RBC Capital Markets 8*

12

Mizuho Financial Group4

- 1,620.64.1

RBS 15

GCA Savvian Group Corp

Sandler O'Neill Partners 16 -KPMG

10-

5

4 1,986.71,924.4

-

39

2

5

5.0-36.4

12

21

7 25

-

11

-3.3

▲▲ -1 ▼0.4

▲ ▲0.2 +1▲+11 0.2▲

1,456.1 15.54.5

1,489.4▲ 2

-

7.9

5.57.36.12,249.0

2,671.1

-2.06.97.92,912.2

8.8

▲▲

▲▲

1.6

1.31.3

0.5

0.3

2.7

0.4

0.81.7

3.4

▼▼

1.1

▲2.5

▼

▲

▼0.4

▲

▲

2.8 ▼

1.75.0

3.8

▲0.4

17.7

▼-

40.0 10.3

▲-10.1

5.3

5.6 1.5

Goldman Sachs & Co

Daiwa Securities Group Inc

Sh (%) # of Deals

1.7 -5

3,234.3

5.2

▲

1.3Brown Brothers Harriman & Co 12

1314

0.2

2,122.1 5.8Bank of America Merrill Lynch 5.4

-13▼▼0.5

+2 ▲

17

0.411*

- 328.1

266.1

1.222 1.2 0.80.4 +2

18

441.7

557.4▲ +33▼

6.66 1.3

2▲

13

5.6

410.0

821.3

1,489.4

-

2120

519.1

1.6

▲

0.5 ▲

▲

▲

▲

▲▼

▼

1

2.25.6

2,583.9

15

24.1

▲-4

5.6

0 4.216.26.2

02.810.6

0.40.5

▼▲

5,109.4 2

25.36 6,753.1

19.13

-15.6

1.2

21.539.1

0.4+1

16▲

-14,660.0 9.0 4

24.7

2012 Rank


1 6,882.2

Market

4.6

Rank ValueRank Value per Advisor (US$m)

Market

Japan Rankings

# of

Jan 1 – Mar 30 Any Japanese Involvement Completed (AF23)

DealsUS$m Sh (%)

5.8

8.0

8*

5

7.2

67*

21▼

Jefferies & Co Inc 27.9 ▲2,912.2

2,930.5

-6.011.5

▲

11.54,213.9

7.9 ▲Citi

Barclays

Sumitomo Mitsui Finl Grp Inc 6 6

Sh (%)US$m

13.739,075.2 ▼

12.7

34

▲▼

Share Ch. Deals2012 Rank

Any Japanese Involvement Announced (AD19)


5,042.8-11.1 ▼

# of Deals per AdvisorMarket

# of Deals per AdvisorChange in MarketMarket

2.1

Jan 1 – Mar 30

25* 38 266 1 1 0 0 9 ▲ 1 0 2 1 ▼ 3 0 0 8 0 1 ▲UBSDC Advisory PartnersIndustry Total

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

36,727.3

▼▼ -26.5%

100.0

Japanese Target Announced M&A Target Industry by Value ($bil) Japanese Outbound Volume

466746 100.0Industry Total +31 26,703.0 -13

* tie-27.2%

-3.4%▲▲ -2.7%

100.0

21.9% ▲▼ 6.0%

4.3%-21.0% ▼ 5.0% ▼▲ -15.6%

387.1

▼

25* 38 266.1 1.0 0.9 ▲ 1 0.2 -1 ▼ 3.0 0.8 0.1 ▲25* - 266.1 1.0 1.0 ▲ 1 0.2 +1 ▲ 1.9 0.5 0.5 ▲

$4.713%

$4.312%

11%

7%

7%

6%5%3%

Energy and Power HealthcareFinancials High TechnologyReal Estate Media and EntertainmentIndustrials Consumer Products and ServicesMaterials RetailConsumer Staples Telecommunications

$5.114%

$7.821%

0

20

40

60

80

100

120

140

160

180

200

0

5

10

15

20

25

30

35

1Q02

2Q02

3Q02

4Q02

1Q03

2Q03

3Q03

4Q03

1Q04

2Q04

3Q04

4Q04

1Q05

2Q05

3Q05

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

# of

Dea

ls

Ran

k Va

lue

(US

$b)

Rank Value (US$bil) Number of Deals


Industry Total Industry Total

▲ 3,936.3 11.1

+1 ▲ 5.8 0.0+1 ▲ .0 0.0+1Nomura 8* - 1 3.9

CIBC World Markets Inc 1.71

Sandler O'Neill Partners3

9*Goldman Sachs & Co 2.4

13* -125

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

M&A International 8*2.9Commerce Street Capital LLC


Jan 1 – Mar 30Jan 1 – Mar 30

- 1

Rank Value (US$m)

BMO Capital MarketsSouthwest Securities Co Ltd

# of Deals2012 Rank

22*

CITIC


Fairness Opinion Rankings †

Rank Value (US$m)


Jan 1 – Mar 30

Based on Number of TransactionsBased on Number of Transactions

13.1

2.2-64

13*

46

35.5 0.1526.6 1.5

US$m1,606.81,784.0

1*

Nomura

132,692.9

19*

▲

▲

-5 ▼

▲

8* 3 1 3.9

+1

-1+11 3.9

-4

▼1 3.9

8* - 13.93.9

-

-60

+12.2

63,315.0 100.01,054.0

0.13.9 0 - 26.0

4,628.8

▼ 600.53.9 -4

2.2 -62.2

526.6 8* -

4* 10.2

600.5

8* 15*

Barclays8* 25*

7.72* 7*

Deutsche Bank AG 8* 7* 1 3.9

1 3.9

MarketRank ValueSh (%)

1,810.98* 1* 1 3.9

-2

2012 Rank

2011 Rank

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

Any US Inv Announced Fairness Opinion

2* 15* 215* 2

7.700 -

2.22*2*

-17.1

7.7 761.9

25*

1

▼5.04.51 4* 3 11.5

▼2

1.713.1-3 ▼ 4,628.8

4* 2 7.7

5,273.0▼

-5-2

3,637.87*

-2 10.32 7.73,939.5

-3 ▼ 6,046.4

8*

2*

0

4,628.8 7.3

3,923.8

0.8

6.2

-6

2 7.7

1 2.2▼

0 -

Moelis & Co0.9

8* 25*

8*

1 3.92* 1*

4,900.0▼

▼-

1,810.9

100.0

6.2

7.7

13*

26

3,936.3

Industry Total 35,333.7

526.6

11.1

1.55.1

14.913.9

-3 ▼ 95.0 0.2

13*13*

4*▼2.213* 9*

11

▼

1 2.213* 0

-32.230* 1

1

0

-

▼ 103.3- 4,900.0

5,273.0 8.3

13*

5* 16* 2

0-1

4.4

30*

▼5*

9.56,046.4

13* 16* 1 2.2

2 4.4

2 4.4

-

5*-5 ▼

4* 2 4.4 -3

2Sandler O'Neill Partners

1*

-25* 16*

5* - 2 4.4

Scotiabank-Bank of Nova Scotia

Sh (%)

Canaccord Genuity

Based on Number of Transactions# of Deals per Advisor

Change in # of Deals

6.5

Fairness Opinion Provider

▲

Fairness Opinion ProviderKPMGCaitong Securities Co Ltd

3.1

Rank Value MarketDeals Sh (%)

TD Securities Inc+2US$m

4,113.4

# of MarketUS$m Sh (%)

1 - 5 10.9 +5 ▲

Rank Value

12,105.0

BMO Capital Markets

19.12* - 3 6.5 +3 ▲ 6,756.3 10.7

▼2* 16* 3 6.5 +12* 4* 3

5.01,606.8 2.5

761.9 1.2

3,172.7

01,784.0

▼3,939.54.4

--▼

4.4TD Securities IncGF Securities

16*Nomura

2Credit SuisseLazard

9.1

5*4,079.8

Credit Suisse

10*

5.7-2-3

5*Bank of America Merrill LynchGrant Thornton

FirstEnergy Capital Corp

Wells Fargo & Co

JP Morgan

Deutsche Bank AG

10*

10*

3

14*1

Scotiabank-Bank of Nova Scotia

10* 9*

10* 9*3

41.41.2

Greenhill & Co, LLC

Barclays

-2 ▼Deutsche Bank AG

Morgan Stanley413.1

2.40.3

▲

1,606.854,924.1

2.4 Raymond James Financial Inc▼-2 ▼

10* -2

100.0-82

10* -

3

10* - 3

2.42.4 +3 ▲

Huatai Securities Co LtdMorgan StanleyUBS

+128*3

2.4 0 -

Sandler O'Neill PartnersFairness Opinion Provider

Lazard

Goldman Sachs & Co

Credit Suisse

Cormark Securities Inc

Fig Partners LLCUBS

Evercore Partners


6,756.3 5.1

3,939.5 3.0

2.3

3,172.7

1,951.73,083.3

1.5

▼▲

National Bank of Canada Fin'lJP Morgan

Morgan StanleyGoldman Sachs & Co

187.5 0.153,822.5 40.6

JP MorganGreenhill & Co, LLCWells Fargo & Co

4*9* 2

+2

2.8

▲ 7,456.6 11.8

40.66.2

3,637.8

0

4.4

5*

10* 22*3 2.4

2.4 -9 ▼3 2.4 -1 ▼3

-6 ▼ 54,712.8 41.2

53,837.1

6* 2 4 3.26*

3 2.42.4

10* 6*+3-3

3.14 3.2 +4 ▲6* 6* 7,789.0 5.94 3.2 -2 ▼6* 14* 3.2 0 -4*

45 4.0

12,105.0+2 ▲

4.05+5 ▲4.8+5 ▲

2* -

4* -2* 48*

Sh (%)

2,334.61 4* ▲9

67.2

2011 Rank

2012 Rank

# of Market Change in Market

4.8 1.8

99.7 0.1

2011 Rank Deals

+6 ▲6

Any Americas Inv Announced Fairness Opinion


Evercore Partners

-

3,253.0 2.5

Deals

GCA Savvian Group Corp

0.035.9

INCU Corporate Finance Ltd

0 0.0Ambit Corporate FinanceGuoyuan Securities Co Ltd

31.4

▼ Industry % Change from Same Period Last Year

Sh (%)

▲ 3,253.0

-23.8% ▼

2.5 -

22

4

Industry % Change from Same Period Last Year -39.6%-35.2%

Haitong Securities Co Ltd

HSBC Holdings PLC 13* 10*

Based on Number of Transactions

UBSCarnegie

-

3*

Bridge Capital Advisors 13* 1

- 1

+1Arden Partners Ltd 13* 110*

Deutsche Bank AGTD Securities Inc

* tie

-

Changjiang Securities Co Ltd 13*

RothschildCiti 10*

Goldman Sachs & Co

Fairness Opinion ProviderKPMGGrant Thornton


1

Nomura

Sealand Securities Co LtdPlatinum Securities Co Ltd

JP Morgan

Great Wall Securities Co Ltd

-50.7%

Hong Leong Group

Citi

Shenyin & Wanguo SecuritiesMorgan Stanley

Evercore PartnersErnst & Young LLP

-

Ambit Corporate FinanceCredit Suisse

2

Industry Total

# ofDeals

9

GF SecuritiesKPMG

ING

Donghai Securities Co Ltd

Guosen Securities Co Ltd

CITIC

▼

Rank Value (US$m)

Industry % Change from Last Quarter -62.3%▼

Industry % Change from Last Quarter -53.5%▼

Based on Number of Transactions# of Deals per Advisor


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


Guangzhou Securities Co LtdGuotai Junan Securities

Southwest Securities Co Ltd

# of

Caitong Securities Co Ltd

Huatai Securities Co Ltd

2012 Rank

2011 Rank Deals

211

3*

Greenhill & Co, LLC

10*13*

13* 10*

▼-56.6%▼ -42.9%

Industry Total

1

40

13* -

+1

Canaccord Genuity

2.5

2.5

-71.1% -71.7%

Grant Thornton

▼

Haitong Securities Co Ltd

Fairness Opinion Provider

-62.9% ▼▼ -12.1% ▼▼

▲

2012 Rank

1*Sh (%)

1

2011 Rank

4,113.4

Market Change in

2

# of Deals US$mRank Value

5.4

MarketSh (%)

5.44,079.81 ▲

- 10.0 +4 ▲22.5 +2

3* 2* 5.0 -23* - 5.0

22

5.03* 10* 5.0

10.2▲ 49,190.62

23*

49,193.7 64.5

+1+2 ▲ 7,775.2

▼

5.0

64.5

+1+2 ▲ 614.5 0.8

▲ 3,929.8 5.25* 5.0

3* +20

3* 2* 5.0

3*2 ▲- 5.0

-3* 5.025*

▲ 1,425.2 1.9

0

4,151.3

53,777.7

5.4.0 0.0

-

+1+12.5

5.0

70.5

+1-2 ▼ 53,877.7 70.7

- 2.513* - 2.5

113* +1 ▲ 716.9 0.9

121.6 0.2▲ 6.4▲

4,900.0

▲ 7.1 0.0+1 ▲ .0+1

2.513* - 2.513* -

11

-3

2.5 -0+1 ▲2.5

89.3% ▲

- 362.12.5 0

76,245.8 100.0

▲

Industry % Change from Last Quarter -2.4% ▼ 138.9%

0.51

Industry % Change from Same Period Last Year -7.0%▲

▼

9.7

0.00.0.0

7,361.5▲ .3 0.0

10.7 14.4+6 2,334.6▲

Change in MarketRank ValueMarket

15* 6

Sh (%) # of Deals US$m

3 5* 5

- 61*

25.28.9

20.1▲ 99.7 0.6+2

+510.7

7.1

5.47.1

+3 ▲▲

6* 3* 3 -14*4*

- 415* 4

4,079.8 25.2+4▼

4,079.8

▲187.5 1.2413.1 2.6+3

+28* - 2 3.66* - 3 5.4

▲▲

8*1.4

+2 ▲ 1,097.8 6.86.8

229.93.6

- 2 3.68*

1,097.8- 2 3.6 +2

8* 5* 2 3.6▲ 3,929.8+28* - 2

+2 ▲

24.3▼ .0 0.0

257.2 1.6- 2 3.6-1

14* 15* 1 014*8*

15* 1 1.8 - 79.3 0.50

1.8- 1 1.8

95.4 0.61.8

▲ 6.1 0.0+1

▼

14* - 1.8 ▲

-14

14*

16,186.4

+1 ▲

▲▲

1.8 2.2

0

+1

117.2

Industry % Change from Last Quarter -17.6% ▼ -12.3%

56

Industry % Change from Same Period Last Year -20.0% -9.6% ▼▼

562.1 3.5

100.0

2.0 0.0

1,192.8 7.40.0

85.9 0.5.0 0.0

▲

14* - 11.8 +11.8 +1

- 1

14*

114* - 114*

- 114* 3* 1 1.8

-

14* - 1 1.8+1

2* -

+1 ▲▼ 353.3 2.2-3

Morgan Stanley 2*

Any Japan Inv Announced Fairness Opinion

Jan 1 – Mar 30

Based on Number of Transactions# of Deals per Advisor Rank Value (US$m)

2012 Rank

2011 Rank

# of Market Change in Rank Value MarketFairness Opinion Provider Sh (%) # of Deals US$m Sh (%)Nomura 1 1 2 50.0 -1 ▼ 4,646.6 72.2Mizuho Financial Group 2* 3* 1 25.0 0 - 710.3 11.0JP Morgan 2* 3* 1 25.0 0 - 273.0 4.2Sandler O'Neill Partners 2* - 1 25.0 +1 ▲ 1,515.3 23.5

1 25.0 +1 ▲ 710.3 11.02 1 25.0 -1 ▼ 710.3 11.0

▲

Industry Total 4 -8 6,434.8

Industry % Change from Last Quarter -69.2% ▼ -23.5% ▼Industry % Change from Same Period Last Year -66.7% ▼ 53.7%

▲ .0Davy 13* - 1 2.5 +1M&A International 13*

13.5 0.0 +1 ▲- 1 2.5 +1 BMO Capital Markets 14*0.0

Sage Capital Co Ltd 14* - 1 1.815* 1 1.8 - 0.7

9.6 0.1

Jan 1 – Mar 30 Jan 1 – Mar 30Any EMEA Inv Announced Fairness Opinion

Any Asia Pacific Inv Announced Fairness Opinion

† Fairnes Opinion rankings include fairness opinions provided as a standalone mandate as well as fairness opinions provided as part of a broader advisory mandate.


-

-

-

-

-


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.

AmericasAnthony PicoTel: +1 646 223 8413

Announced league tables include all deals that were announced between January 1, 2011 and March 30, 2012 and of which Thomson Reuters was made aware. All current data andprevious year's data is as of 5:00pm EDT on March 30, 2012.

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

Tel: +632 858 7262

E-mail: [email protected]


Asia-PacificJason Pacannuayan

Akemi Mamiya

EMEA

Tel: +44 (0) 20 7542 3566


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.

-

-

-

-

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.


Akemi Mamiya

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 5218 6576

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.

© 2012 Thomson Reuters. All rights reserved.

Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.


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