mergers & acquisitions reviewmergers &...

MERGERS & ACQUISITIONS REVIEWMERGERS & ACQUISITIONS REVIEWFINANCIAL ADVISORS

First Nine Months 2012

Any New Zealand Involvement Announced (AD39)

Any New Zealand Involvement Completed (AF46)

Japan M&A

Any Americas Involvement Announced (AD49) 7

US Target Completed (AF2)

Americas Deals Intelligence

6

US Target Announced (AD2) 7

M&A Financial Advisory Review

First Nine Months 2012 | Mergers & Acquisitions | Financial Advisors

1

Japan Deals Intelligence

Any European Involvement Announced (AD21)

Any Americas Involvement Completed (AF55)

17

17

18

18

Global M&A

Global Deals Intelligence

Scorecard: Worldwide Announced M&A

Scorecard: Worldwide Completed M&A

Top Fifteen Worldwide Announced Deals

Any German Involvement Announced (AD35)

Americas M&A Any Spanish Involvement Completed (AF41)

Any UK Involvement Announced (AD32)

Any UK Involvement Completed (AF39)

13

12

Any Italian Involvement Announced (AD36)

Any Nordic Involvement Announced (AD37)

Any European Involvement Completed (AF3)

https://www.thomsonone.com

10

12

12

Any French Involvement Announced (AD33)

Worldwide Completed (AF1)

Top Ten Japanese Involvement Announced Deals

Any Italian Involvement Completed (AF43)

20

20

19

Top Ten US Announced Deals

Any French Involvement Completed (AF40)

Any Japanese Involvement Completed (AF23)

20

19

15

Mergers & Acquisitions Criteria Summary

Any EMEA Involvement Announced (AD47)

European Deals Intelligence

Any Benelux Involvement Announced (AD40)

8

8

7

Any German Involvement Completed (AF42)

16

Any Canadian Involvement Completed (AF49)

Any Australian Involvement Completed (AF31)

10

9

Any Canadian Involvement Announced (AD42)

16

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

Any EMEA Involvement Completed (AF53)

Any Benelux Involvement Completed (AF47)

10

Any US Involvement Completed (AF48)

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

7

8

9EMEA M&A

Any US Involvement Announced (AD41)

Any Spanish Involvement Announced (AD34)3

3

6

6

Any Japanese Announced Fairness Opinion13

Asia Pacific (ex-Japan) M&A

Asia Pacific (ex-Japan) Deals Intelligence

20

21

21

22

21

20

11

12

13

13

Regional Contacts

Criteria Summary

Any EMEA Announced Fairness Opinion

11

14

Worldwide Announced (AD1)

20

10

18

Any Japanese Involvement Announced (AD19)

Any Asia Pacific Announced Fairness Opinion

2

2

8

Table of Contents

16

16Any Australian Involvement Announced (AD24)

9

1

Top Ten European Involvement Announced Deals

Thomson Reuters Soultions for the Deal the Deal

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

20

2

11

15

Fairness Opinion Rankings

Worldwide Announced Fairness Opinion

Any Americas Announced Fairness Opinion

Any USAnnounced Fairness Opinion

11

14

Any Nordic Involvement Completed (AF44)

http://banker.thomsonib.com/

First Nine Months 2012

FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEW

Worldwide M&A Down 16% to US$1.7 trillion l Cross Border M&A Down 1% l Goldman Sachs Tops Advisory Rankings l Advisory Fees Down 22%

Global Deals Intelligence

Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity


RESOURCES, FINANCIALS LEAD ACTIVITY - The energy & power sector was most active during the first nine

months of 2012, commanding 17% of announced M&A, while the materials and financials sectors accounted for

12% and 11% of M&A activity, respectively. Just two sectors, retail and consumer staples, have registered year-

over-year gains compared to the first nine months of 2011. Healthcare and financials deals led the decliners, down

34% and 31%, respectively, during the first nine months of the year.

BUYSIDE PRIVATE EQUITY M&A DOWN 7% FROM 2011 –Worldwide private equity-backed M&A activity totalled

US$190.1 billion during the first nine months of 2012. Private equity deal making in the high technology, energy &

power and industrials sectors accounted for 37% of activity during the first nine months of 2012. Accounting for

11% of worldwide M&A during 2012, private equity-backed M&A decreased 7% compared to 2011 levels.

COMPLETED ADVISORY FEES DOWN 22% YTD; DOWN 13% FROM Q2'12 - According to estimates from

Thomson Reuters/Freeman Consulting, M&A advisory fees from completed transactions totalled US$17.7 billion

during the first nine months of 2012, a 22% decrease from the comparable period in 2011. Deal activity in the

Americas accounted for 57% of the worldwide fee pool, while Europe, Middle East and Africa accounted for 28%.

Asia Pacific and Japan contributed 10% and 5%, respectively.

Worldwide Completed M&A by Region - Imputed Fees

WORLDWIDE M&A DOWN 16%, QUARTERLY ACTIVITY DOWN 13% - The value of worldwide M&A totalled

US$1.7 trillion during the first nine months of 2012, a 16% decrease from comparable 2011 levels. By number of

deals, M&A activity fell 14% compared to last year with just over 27,000 announced deals. Compared to the

second quarter of 2012, the value of announced mergers & acquisitions fell 13% during the third quarter of 2012,

and decreased 3% compared to the third quarter of last year.

EMERGING MARKETS ACCOUNT FOR 28% OF M&A – Accounting for over one-quarter of worldwide announced

merger activity, M&A involving companies located in the emerging markets totalled US$465.1 billion during the first

nine months of 2012, a 7.1% decrease from 2011. Cross Border M&A activity totalled US$678.9 billion during the

first nine months of 2012, accounting for 41% of overall M&A volume and down just 1% compared to the first nine

months of 2011. Cross border M&A was driven by the energy & power, consumer staples, industrials and financial

sectors, which comprised 51% of cross-border deal volume during 2012.

9.5%

10.5%

13.4%

12.8%

21.1% 18.4%

8.3%

5.7%

9.7%

12.1%

16.9%

0%

5%

10%

15%

20%

25%

$0

$100

$200

$300

$400

$500

$600

$700

$800

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

% o

f G

lob

al M

&A

Ra

nk V

alu

e (

US

$b

)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of YTD Global M&A

$0

$1

$2

$3

$4

$5

$6

$7

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

Imp

ute

d F

ee

s (

US

$b

)

Americas EMEA

Asia Pacific Japan

29.4% 26.7%

31.7% 33.5% 33.7%

44.9%

37.3%

27.3%

37.2%

34.9%

40.8%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

% o

f G

lob

al M

&A

Ra

nk V

alu

e (

US

$b

)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of YTD Global M&A

1

https://www.thomsonone.com/

Western Europe

South East Asia2,521.1New Zealand

23,785.7

▼

▼

▼

Target Macro / Mid Industry

-13.1-0.8

-43.31,696

1,059

▼

▼

1,037▼

Financials / BanksEnergy and Power / Oil & Gas

Consumer Staples / Food and Beverage

Consumer Staples / Food and BeverageReal Estate / REITs

Telecommunications / Wireless

Retail / Other Retailing


British Virgin / Singapore


Jan 1 - Sep 28 2012

China Telecom Corp Ltd

6/29/2012

8/22/2012

7/4/2012

Industrials / Other Industrials

▼

Materials / Metals & Mining45,998.8

▼

▼

Worldwide Announced M&A Target Industry by Value

% Change

in Rank

Value

Mergers & Acquisitions

-37.1

▼

-14.91,156

1/1/2011 - 9/30/2011

795,252.2 ▼

▼

▼

▼

▼

▼

-75.6-14.7

-12.2

-66.0

▲

▼

▲

62,594.488085,387.7

-40.9

-6.620.0

368

United States 723,054.4

6,064.8

▼

5,496

▼

3.3▲

▼

127

72,197.8

No.

Deals

5,638.82,439.5

4,384.0 17,947.7

615,165.2

344

1,049

1,374,103.8

Rank Val

US$m

% Change

in Rank

Value

South America

4,688

702

-22.084

Target Region/Nation

North America

18,961.17,182.9

132.8 Mexico678,565.6

111-17.7 5,737

▲

6,652

62740,371.7▼

121Central America▼

Rank Val

US$m

1239,704

31,515

34,047.4

962,698.0

No.

Deals

11,190.2-18.4

-70.315096

-27.67,778

-17.9

23,79620,211

Caribbean-46.0

▼

-23.1

-18.2-15.9

906,783.9

▼

176

8,1646,499

▼

-21.411.9

▼

▼

1,1651,665

7,275.2495

45.5 Canada 63,400.4▲

53,727.8Brazil 36,968.6

Middle East

▲

10,411.8

8,447.9819

Chile3.3 ▲ 27,327.8

47.0 8,364.8▲

Sub-Saharan AfricaNorth Africa

1.0

230 16,253.8

251▲ 263Africa/Middle East 576

330,416.9 -44.553,289.5

101

3,126.5

29,263.7

63

538

5,934

595,659.0

-66.8

3,231.2 42

-44.3

211

82,002.6

2,642

-35.9

▼

-27.1

489,067.5

▼

7,146

▼

-50.0

▼

-43.5

▲

-23.81,2913,217.0

4,70996,106.0

▼

-23.0107

2,0327,966 9,788

38,659.063,226.9

848964

292,588.0

1,504

1,008

45,275.9

Industrials / Automobiles & Components

▼

▲

Japan / Japan

United States / United States

73,934.334

-15.1

▼

-28.4-5.0121,664.3

13,548.8

244.8

-10.59360.1

66,533.5

-69.9

236 13,109.61889,696.0

546

349

48433,926.9

903543

5.2

Acquiror / Target Nation

983 ▼

▲

32,416.1United States / United States

5,237.0 1,518.7

Top Fifteen Worldwide Announced Deals

100,335.2

277,127.4

104,557.4

21,657.1

Central Asia62,753.9

20

Rank Value (US$m)

Japan

Acquiror

81,373.7808

782

106,591.5

Germany

Asia-Pacific

92,530.6

213,233.5

33,580.520,980.6

865

▲

54,269.7

France

South East AsiaMalaysia

85370

13,796.5

3,866

114.6

2,476.1

▲

Australia

▲

-39.513.2

-50.8New Zealand

▲

51,569.3

34,506.7

▼

▼

-12.8 ▼

Australasia▼-49.8

1,937

EuropeEastern Europe

277.5

▼

▼

United Kingdom-2.9

▼

334

-34.6

-23.3

-10.6

194.5

3,22455,340.1

91

7,157

345

8,646

North Africa365

16,634.0 435

12,636.4

84,616.72,532Europe

22,870.1

34,133.6Africa/Middle EastMiddle East

Sub-Saharan Africa

930

Eastern Europe469,189.1

United Kingdom

33,045.4

-14.2

108

4,546.0

124

1,166

66

4,168.5

1,254

11,315.5 356

553,805.7

1,543.4

▼

▼

16,481.911,870

Shareholders

59,535.6

248

ChinaSouth Korea

1,9081,664North AsiaSingapore

115,579.4

676

Target (% Sought/Acquired)

55,734.0

4,056

19.1

10,549.8300

1,815

351,457.2 7,752

1,028

32.8▲

376

Xstrata PLC (65.9%)

2.6

25,881.6

-20.8

804

▼

39 528,877.7

33,969.4-17.0

▲8.0

Switzerland / Switzerland

29,541.8

1,181

Glencore International PLC

633South Asia

-12.7

Americas

169,525.1

Asia-Pacific

South Asia▼

▼

165,284.2▲

Central America

Australasia

North AsiaChina

SingaporeIndonesia

6,693

27,593.7

715

14,010.9

49,379.7

21,490.4

12,860.9

2,388705

2,727106,689.930,028.3 34,405.5

271

3,475

South Korea

60,436.9

Archstone-Smith Trust (26.5%)

International Power PLC (40.93%)

1/23/2012

Date Effective

Spain / Spain

Alliance Boots GmbH (55%)United States / United States

Volkswagen AG

Pfizer Nutrition (100%)

Shareholders

Cooper Industries PLC (100%)

20,093.4

ConocoPhillips-Refining ,Mktg (100%)

Kraft Foods Inc-N Amer Grocery (100%)FROB

Switzerland / United States12,240.311,850.0

▼

76,313.2

9/17/2012

1/23/2012

5/25/2012 Pending

Pending

Banco Financiero y de Ahorros (100%)

Rank Date

317.1


China / China 18,047.3

Belgium / United KingdomEnergy and Power / Power

Energy and Power / Oil & GasEnergy and Power / Power

9,219.311,810.0

Germany / Germany

Nestle SA

TCC Assets Ltd

Belgium / Mexico

United States / Ireland-Rep

7/23/2012

5/9/2012

4/23/2012

CNOOC Canada Holding Ltd

12,612.0

8,854.8

12,855.917,665.6Pending

Nuclear Damage Liability

Nexen Inc (100%)China Telecom Corp-3G Assets (100%)

1,045

115,265.6

8/1/2012

Pending

4/30/2012

Japan

Fraser & Neave Ltd (69.6%)

3,704.7

Dr Ing hcF Porsche AG (50.1%)

5/21/2012

2/7/2012

6/29/2012 Grupo Modelo SAB de CV (49.7%)

Central Asia1,3701,505

-91.4

Lehman Brothers Holdings Inc

Eaton Corp

Anheuser-Busch InbevIntended

Electrabel SA

Pending

Pending

197

1,358

1,058

306,642.1

Australia

Western Europe

Switzerland

52,523.0

63,103.7

Germany

Worldwide 27,1381,663,779.3Americas

6,041.3

North America

194

8,320

United States 5,581

1,716

Rank Val

US$m

787,654.593

593,478.9

Chile

6,988

1,407

1,008

100,376.086,341.7

419,572.0

257

533134

42,640.2

474,912.1 9,689

103,361.4

1,184

50,775.3

No.

Deals

Rank Val

US$m

1,898,228.9

Caribbean

1,046.1252

Worldwide

No.

Deals

▼

16


1,977,319.56,622

1/1/2012 -9/28/2012 1/1/2011 - 9/30/2011

1826,560.3

449.4

Target Region/Nation

Mexico

1/1/2012 -9/28/2012

United States / SwitzerlandWalgreen Co 21,361.5

Canada / Canada

771,781.9838,044.2

43,776.0South America

9,039.3

66,262.379,416.355,725.4

10,118.8

96,379.5

3/29/2012

6/19/2012

Pending

689,858.5

Brazil65,194.4

Canada

TEPCO (75.73%)7/31/2012

Pending

Pending

9/13/2012

4/12/2012

Scorecard: Worldwide Announced M&A Jan 1 - Sep 28 Scorecard: Worldwide Completed M&A Jan 1 - Sep 28

17.1%

11.5%

11.2%

9.7% 9.7%

8.6%

7.2%

7.0%

5.0%

5.0%

4.6% 3.4%

Energy and Power Materials

Financials Industrials

Consumer Staples Real Estate

High Technology Healthcare

Retail Media and Entertainment

Telecommunications Consumer Products and Services

Government and Agencies

2


Nomura UBS

* tie

Jan 1 - Sep 28 2012

431.2

-82

-3.0

Share Ch.

2.4

3.5

3.9

0.7

4.4 0.4

▼

0.8

Jan 1 – Sep 28Worldwide Completed (AF1)

Market

Imputed Fees (US$m)

▲0.86.8

Market

Sh (%)Fees

179 874.3

Change in

1.2

# of Deals

Market Advisor

+50 ▲

▼

0.8

0.8

-58

-59

1

▼0.6

35

58

HSBC Holdings PLC

0.8

32

Foros

1.0

19 192

Centerview Partners LLC

-2.9

Moelis & Co 180.2 -16

+26

▼

16 -

40

85.3

24

2.635,588.9 60

▼

UBS

154

0.5

174

13.5

-77

▼

227

10 14

4.8

-27

▼

▲7.4

135,871.99

117,451.9

38

1

Morgan Stanley

0.7

67

81

0.5

22

70,334.1

69,852.9

34.5

36.6

48

28.5

3,959

33

30.9

1,768 12

26 22.6

▼Industry % Change from Last Quarter -12.8%

28

19.829 24.8

2,978


46,101.5 338.42

17

11

2

Financial Advisor

5

1

JP Morgan

3

Bank of America Merrill Lynch

Citi 7

8

235,084.3

7

317,390.7

5

6.018.2

27.6

Market

Sh (%)

-0.9

2012

Rank

186,111.1

▲247,962.9

263,736.8

166 0.6

0.511.2

15.9

14.9

▲2.1 0.7

9

-5.4

196

0.7

14.1

185

# of Deals per Advisor

Worldwide Rankings

MarketChange in

-26

Credit Suisse

Morgan Stanley

331,148.9

Goldman Sachs & Co

3

Rank Value

292

US$m

Rank Value

JP Morgan

161,633.8

458,360.1

-1.7

19.1

161,604.3

19.4

284-0.6 ▼

3

Rank Value per Advisor (US$m)

62,046.2

▼

Market

3.9

249,978.8

2

49,044.7

36,528.7

2

Consumer StaplesGoldman Sachs & Co 1

26.41

68,275.7

29,834.1 16.0

185,963.73

35.8

16.8

19.1

62,750.4 38.8

49,971.9

30,939.1

12

0.2

3.1

Barclays

65,893.6

244,784.7 14.7

3.0

80,004.1

122,649.9

116,526.6

▼

7.0 -2.2

7.1 -3.4

8.2 -2.6

▼

Worldwide Announced (AD1)

190,864.3

8

4

6

4

2012

Rank

6

1

Financial Advisor

# of2011

Rank Deals

Market

Share Ch. # of Deals

2.5 1.1

Sh ($)




Jan 1 – Sep 28

3323,392.5 -40 ▼ JP Morgan

362,580.0

-1.0 5.0

21

Market

Sh (%)

26.4

Sh (%)

Goldman Sachs & Co

2011

Rank

# of

Share Ch.

▼

282,127.6 ▲

-1.0

290,977.4

▼

Deals

▼21.2

-42

0.9

1,204.7

US$m

237

0.0 214 20.8

▼▲

▲

1.0 6

18.1

5.1

▼

20.5

-11.8

▲ 168

1.1

▲

▼ 776.8 ▲

1.3679.3

▲+43 3

-40

-27

Barclays 4

5

▼

Credit Suisse

▼ Morgan Stanley 1

4+67 6Bank of America Merrill Lynch

-14 ▲2.3 0

▼▲

▲185,798.9▼ 0.8

615.40.7

0.9

▼

162

132

3.1

0.6 -3712.5 ▲

▼13.8

2.5

248,530.9

-77

▼ 894.2

0.3189,052.7

5.1▼ -72

▼

0.6

144

▼ 165 -Lazard

172,270.95

7

11.5 142

▼ Citi

▼▼

-4.38

553.910

▼▼ 118

▼

440.1 0.1

▼

0.7

▼

-40 2.4

415.6

-3 Deutsche Bank 158,515.7 0.3

11

710

9

9.0123,128.1

13

8 -2.0

129 0.6

68

▼

0.5

-6.0 1.3

340.7

Evercore Partners128

195

107,462.6

7.512

-74

11

130

-37 102,412.4▼

0.5

-48

7.8

-3.3Rothschild

▼

▼0.8

▼

0.3

162

▲

▼

▼1.0

▲

1.9 ▼

0.2

1.6

▲

0.4

0.4

+39

0.3 0.8 0.2

▲+17 278.2

139.6

▲

175.90.6 ▼117

-32

1.80.6

124.4

51,118.4

1.4

▼

121 ▲

0.2 -33

0.7

313.6

▼

0.7

69▼

▲0.3

135

4.967,440.1

▲

▲

3.7

-51 ▼

14▲0.114▲

Nomura

+33

+3

15

BNP Paribas SA

13

-3.114

RBC Capital Markets

12 -2.7

22

17

50,073.7 3.6

37,920.925 2.8

37,330.6 2.716

▲0.3▲ 0.116

▼ 61 ▼

0

0.6

▲

0.10.3

▲ 171.5+16

▼

0.3

-18 96.6

▼0.0 0.1

1.0 0.4▲

+1 ▲0.0

21

Macquarie Group

0.1 ▲

-11

+12

▼1.0

23

174.232,276.7

30,023.6

0.221

▼ Jefferies & Co Inc85

20

0.3

-1494

▼

▲298.6 1.7

0.4

0.2

-32 0.370.0

5.2

▼

▼

▲

0.2

0.4

-17

41

0.0

0.370

-23

+13

39

▲

2.4

-4.3

2.2

▲

80

0.2

0.52.1 0.4174.2-22 ▼

▼

+15

0.2▲

▼

▲

1.0

-21.6%

17,656.5

0.2

▲

100.01,374,103.8

0.6

100.0

▼▼-15.1%

20,211

▲

47

▲

1.1

79.0+39

-3,585

116

2.0

2.2

0.5 ▲

▲0.5

0.2

2.0 1.3

29,565.2

34,437.4 2.5

2.4 ▲

28,147.8

▲

0.0

0.2

27,871.6

25

Industry Total

15

31

48

27,593.453

▼

1.9 0.7

23

+20 Mizuho Financial Group

240.1 +9 Banco BTG Pactual SA

-9.5%

22Societe Generale

▲

▲

Industry % Change from Same Period Last Year

BMO Capital Markets

54,885.8 19.3

27,138

▼

2

Share

▼

0.4

Jan 1- Sep 28

-4,377

27

-13.3%

▼

3

100.0

Rank

Mkt.

▼

283,752.3

-13.9%

-19.4%

3,348

-27.6%

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

-11.1%

24

25 26

2431,909.2

0.1

39

Industry Total

25

2,203

Top WW Announced M&A Advisors by Target Industry

-15.9%

Energy and PowerJP Morgan

Rank Val US$m

-0.4

56,142.2

1,663,779.3

No.

Deals

▲

1041.9 ▲

+11

12.8

0.2

Perella Weinberg Partners LP

Industry % Change from Last Quarter ▼

31,267.4Mizuho Financial Group


45

34

▲1.3

▲1.7

▼4.6

▲79,027.5 4.8 1.9

76,814.7 -1.316

Rothschild

13 85,173.9

34

33

35,889.0

Evercore Partners

19

12

22

Moelis & Co 23

0.3

▲

-18

65

71 ▼-2.12.2

2.4

21

Jefferies & Co Inc 20

▼

37,913.7

35,779.5

▲2.2

11

2.0

15

20

HSBC Holdings PLC

2

0.3

▼

▲

0.8

-

44,044.6

45,998.8

▲

2.7

19

2.817

40,058.8

0.3

Deutsche Bank


9

10

18

15RBC Capital Markets

M Klein & Co LLC

Lazard

▼

50

22 2.3

28

BNP Paribas SA 13

12

Financials

33,935.1

14

Greenhill & Co, LLC

Macquarie Group

5.1

BMO Capital Markets

Goldman Sachs & CoMorgan StanleyJP Morgan

Industrials

BarclaysCredit Suisse

MaterialsCitiBarclays

Goldman Sachs & CoCitiMorgan Stanley

Credit Suisse

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

Goldman Sachs & Co

JP Morgan Morgan Stanley

Credit Suisse

Deutsche Bank

Barclays Citi Bank of America Merrill Lynch

Lazard Nomura

Ra

nk V

alu

e (

US

$b

)

Xstrata/Glencore

International Power/GDF Suez

Other Top 15 Deals

All Other Transactions

3


-

10.2x

11.0x

11.5x

11.9x10.6x

10.3x 11.5x

11.3x

14.8x

12.2x

5.4x

19.9x14.5x

10.5x12.6x

6.7x

33.8

Media and Entertainment

Real Estate

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

* The data given refers to the time period 01/01/2012 - 09/28/2012 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded.

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

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

6.4x -9.1x11.1x

2011

13.5x 11.5xAverage Industry Total

11.1x

2012 UP

2012 DOWN

12.6x

11.1x

10.9x

11.5x8.9x

16.6x

11.9x

12.6x

11.6x

10.9x

Industrials

9.8x

Consumer Products and Services 12.1x 9.9x

Consumer Staples

Energy and Power

12.0x

Materials

11.3x

13.2x

CanadaUSA

13.1x10.2x 12.1x

11.7x

11.5x

12.1x

8.5x

11.9x 8.9x

10.3x

21.8x

9.9x

13.1x

8.7x

10.8x

9.8x

16.5x

17.2x

16.5x 19.1x21.3x 22.2x 16.7x

11.5x

10.3x 11.3x

5.7x

9.0x

17.7x

14.7x6.2x

11.1x 11.3x5.4x

14.5x

13.7x10.9x

13.4x

15.9x 11.3x

13.6x

13.2x

12.8x

12.4x

5.4x

10.5x

26.9

6.5x

14.3x

Americas USA EMEA

23.6x

10.9x17.2x9.3x

10.5x13.2x

15.8x

11.0x10.5x8.9x 11.7x

9.0x13.7x

12.5x

12.3x 11.4x 8.5x10.8x

12.5x8.7x

16.5x 15.4x

13.9x

8.5x 8.3x12.6x

11.6x 13.9x 12.4x

15.5x

14.1x

11.3x

9.7x 12.7x

7.6x 13.8x13.8x 9.6x

11.4x8.1x

15.6x 12.4x

7.9x 20.8x

13.6x

12.9x

11.4x

14.4x13.6x

19.5x15.4x 11.4x12.4x

7.0x

13.0x 11.7x

12.5x 13.5x 14.1x

12.8x

9.9x

12.3x 10.9x 14.5x 12.0x

14.5x

10.4x

23.6x

9.1x

10.3x11.1x

31.8

12.8x

34.0

27.6

12.8x6.3x 6.3x

47.3

12.8x12.2x

47.339.2

25

30.8

UK

44.9

4235.8 49.3

92.8

57.8

58.148.7

35.8

60

12.9x

61.8

17.1

16.6

Asia ex. Japan

35.3

34.6

35.938.457.8

29.625.5 29.6

18.0

26.2 25.5

32.525.9

24.3 25.3

45.1

36.7

23.9

36.7

30.3

38.0

24.3

31.2

28.240.5 41.2

25.3

41.2

31.5

34.9 28.9

31 21.2

26.4

58.3 61.422.059.9

31.9

-

21.5

12.1

19.6

29.5 39.3 39.829.7

23.1

26.8

-

47.7

11.4

31.6

16.2

47.7

35.4 51.6

42.7

37.0

- -

-

52.4

43.7 38.5

37.242.8

61.2

22.829.636.9 31.1

23.6

26.4

-

38.6

42.7

41.6

31.2 27.6 40.7

18.4 48.3 33.1

-19.9

42.7 13.6

20.8

Japan

26.8

7.6x

15.9x

10.5x 15.3x

5.5x

13.7x

16.8x

6.8x

10.6x

24.5

35.0

21.7

17.228.6

34.0

24.321.8

21.3

10.3x

37.1

37.4

High Technology

Industrials

10.2x

Energy and Power

30.0

11.9x

38.1

30.6

51.8

Europe

25.7

42.0

44.234.3

26.8

36.8 41.1

15.5 52.0

46.9

25.6

13.2x

11.5x

32.7

41.4

12.5x

11.6x

11.7x

44.3

40.3

42.3

30.4

31.9

36.3

41.1

35.2

16.6x

25.8

29.1

50.1 33.5

28.6 24.6

30.4

Average Industry Total

37.2

35.2

Telecommunications 34.9

37.2

29.5 40.5

34.1Media and Entertainment

Retail

31.9

10.2x

31.2

31.2

29.5

10.6x

11.0x

33.0

32.5

30.8

11.7x

World

12.3x

Retail

9.1x

11.5x

World

Materials

30.0

34.2

Telecommunications

Real Estate

35.7

23.7

Consumer Staples

Consumer Products and Services

Financials

31.3

7.2x

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

7.7x

39.4


21.6

37.429.3 25.7

13.6x

33

-

9.7x

18.3x

19 24.9x 60.0

11.4x

39.4


28.239.5

29.4

59.1

35.5

12.5

31.922.719.9 11.4

34.728.4

19.2 36.8 32.3 8.4 46.6

22.330.829.2

25.626.2

28.621.5

13.6

27.4 13.3

16.4

21.639.4

51.2

29.6

42.1

39.5

36.1

36.9

30.5

65.4

25.8 11.3

12.3x

32.2 35.8

Canada

38.6

43.2

27.2

29.4

49.2 25.0

-

Worldwide M&A Matrix

UKEMEA

7.5x

13.4x

Japan

6.1x

Asia ex. JapanEurope

7.8x

12.9x

14.7x

10.3x

12.9x

Healthcare

11.7x

14.8x 14.5x

12.2x

11.9x

Healthcare

High Technology

10.5x

2012 UP

2012 DOWN

11.0x

13.8x

2011

13.6x

10.1x

Americas

Jan 1 - Sep 28

Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price Jan 1 - Sep 28

4


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


Worldwide Announced Rankings* - A Decade in Review

*League Table positions reflect consolidation within the banking sector

1

2

3

4

5

6

7

8

9

10

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

1

2

3

4

5

6

7

8

9

10

Ra

nk

Goldman Sachs & Co

JP Morgan

Morgan Stanley

Credit Suisse

Deutsche Bank

Barclays

Citi


Lazard

Nomura

5


Americas Deals Intelligence US Announced Advisors by Target Industry Jan 1 - Sep 28 2012

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

293 43.7 8 27.9 3 24.2 1

23

Energy and Power

Healthcare

Consumer Staples

Industrials

Real Estate

Credit SuisseJP MorganBarclays

Goldman Sachs & CoJP MorganCredit Suisse

Goldman Sachs & CoCenterview Partners LLCEvercore Partners

Bank of America Merrill LynchGoldman Sachs & CoDeutsche Bank

Bank of America Merrill LynchBarclaysGleacher & Co Inc

Rank Val (US$m)

118,144.6 47,623.744,500.536,121.0

79,389.1

48,728.5

35,691.323,182.822,931.7

73,153.4 45,967.045,138.1

13,590.011,810.0

Rank

123

32,416.1

12

21,315.8

50,932.4 14,631.013,855.813,591.9

1

23

123

Mkt.

443

No.

Deals

37.718 30.613

1

Jan 1 – Sep 28 2012

Share

40.3

Real Estate / REITs

Shareholders

13

552 45.0


3

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

Energy and Power / Oil & Gas




7,150.0

32,416.1

7,534.0

Top Ten US Announced Deals Jan 1 – Sep 28 2012

Pending11,810.0


Consumer Staples / Food and BeverageUnited States / United States

Target (% Sought/Acquired) Acquiror

Retail / Computers & Electronics Retailing

Healthcare / Biotechnology



6,579.0

1/23/2012

Shareholders

4/23/2012

6/12/2012

9/17/2012

Sara Lee-Intl Coffee,Tea Bus (100%)

4/30/2012 ConocoPhillips-Refining ,Mktg (100%)Pending

Investor Group

4/12/2012

Lehman Brothers Holdings Inc8/6/2012

7/9/2012


Best Buy Co Inc (79.9%)

Kraft Foods Inc-N Amer Grocery (100%)

8/6/2012Canada / United States

Rank Date

Nestle SAPending

Date Effective

1/23/2012 Archstone-Smith Trust (26.5%)

Amylin Pharmaceuticals Inc (100%)

4 44.3

28.713

1

27.2

Richard Schulze

8/13/2012 Tennessee Gas Pipeline Co LLC (100%)Media and Entertainment / Cable

Kinder Morgan Energy Partners


EP Energy Corp (100%)

21,657.1


8,289.7

11,850.0Shareholders

Bristol-Myers Squibb CoEverest Acquisition LLC

Switzerland / United StatesUnited States / United States

6,861.8

61.7

28.9

United States / United States 6,577.9


15 8

206

664 12

6 62.8


US M&A Decreases 22% | Canadian Activity Up 36% | Energy and Power Leading Sector

17 29.2

Americas M&A

Americas Target Completed M&A Fees

7 26.7

8/9/2012Pending

M&A activity with US involvement during the first nine months of 2012 decreased 21.5% compared to the same period last

year, reaching US$784 billion. The number of US-invovled M&A transactions decreased by 13.5%, dropping from 8,790 to

7,605 announced deals.

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

reached $12.1 billion during the first nine months of 2012, a 17.7% decrease from the $14.7 billion earned in the same

period last year.

While announced M&A activity with Canadian involvement increased by 36.3% during the first nine months of 2012 as

compared to the same period in 2011, completed activity in Canada fell by 10.1% during the period. With respect to deal

count, both completed and announced M&A activity with Canadian involvement decreased, by 18.1% and 14%

respectively.

The Energy & Power sector led the US market, with deal volume totaling US$118.14 billion, a 19.9% market share and a

30.3% decrease compared to the same period last year. Healthcare placed second, with US$79.4 billion, a 13.4% share.

By deal count, high Technology was the most prolific sector, with 1,145 transactions.

On average, EBITDA multiples for Americas Targets during the first nine months of 2012 decreased to 11.9x from the 13.5x

reported in the first nine months of 2011. From an industry perspective, among US target transactions, average industry

multiples ranged from 9.1x for Telecommunications to 16.6x for Real Estate targets.

5/24/2012

7/18/2012

2/24/20126/29/2012

Cequel Communications LLC (100%)

19.9%

13.4%

12.3%

8.6% 8.2%

8.2%

7.5%

6.9%

4.9%

4.6% 3.0%

Energy and Power Healthcare Consumer Staples

Industrials Real Estate High Technology

Financials Media and Entertainment Retail

Materials Consumer Products and Services Telecommunications


2.0 1.9 2.1 2.7 4.2 5.0 4.2

1.9 3.1 3.3 3.1

2.1 1.6 2.7

3.0

4.6

5.8

3.6

1.5

3.3 4.7

4.0 2.0 1.8

3.0

3.7

4.1

6.2

4.2

2.3

3.8

3.8

3.1

2.1 2.4

3.1

3.8

5.4

6.2

3.5

4.0

5.0 3.8

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

# o

f D

ea

ls

Imp

ute

d fe

es (

US

$m

)

4Q

3Q

2Q

1Q

YTD Number of Deals

6

https://thomsonone.com/

Centerview Partners LLC Deutsche Bank

Centerview Partners LLC Deutsche Bank




Any Americas Involvement Completed (AF55)


19

5,581

Change in

16

69

11▲23

1.5

Market

21

Deals

▼

3.8 ▲

0.8

Gleacher & Co Inc

+4

▲

+5

-8

+2

+2

+9

-5

▲

+18

▼


Industry % Change from Last Quarter

7,573.1 0.1

-81.2 17

Mizuho Financial Group

3.0 ▲

40

▲

25

-2.0

4.6

-2.6

52

1.3

▲

▲0.8

Imputed Fees (US$m)

Americas Rankings

▲

0.4

Market

-1

▼

Market

US$m

2

▲1.5

185,281.0

1.0

Qatalyst Partners

▼

107,093.4

▼

Greenhill & Co, LLC

61

UBS

18Wells Fargo & Co

4 9

▼

18 0.8

2.0

-6.4

42

▲

Moelis & Co 16

14

17 10

3.3 0.7

21,062.7 1.7

UBS

615,165.2

-3

10

-2.0

▲

0.1

Goldman Sachs & Co 1

Market # of

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

Credit Suisse 3

▼

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

Sh (%)

Market

Share Ch.

157

3.4

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

Advisor# of


2011

Rank

-27302,232.0

Share Ch.

2012

RankFinancial Advisor Sh (%) Share Ch. DealsUS$m

Rank Value Market Market Rank Value Market

1.9 1,008.3 8.3

# of Deals

2012

Rank

2011

Rank

Change in

-6 ▼

Market

Sh (%)

# of

Financial Advisor

JP Morgan 2 2 203,904.7 ▼

30.0 4.8 ▲

20.2 -4.8

Goldman Sachs & Co 1 1 ▲30.3Goldman Sachs & Co▼195 1.9

1.3

3.73 267,760.7

-29 ▼ 2 235,563.3

1

JP Morgan

635.2

26.6

Morgan Stanley 3 3 164,964.0

2

130 1.3

134 ▼727.0 1.0▼ 122 1.5 -28 ▼ 6.0

▲ 95-14 ▼ 7Credit Suisse 223,937.1 25.3

6-3.9 ▼ 118Credit Suisse 4 5 160,918.3 4-20 ▲0.6

-36

24.6 9.1

11.5 ▲▼ 5.31.2

▼

▲

-6.4

16.0 1.2

▼16.4

-Barclays 5 7 152,663.6

1.1

15.2 0.0

3

Barclays 100

Morgan Stanley 5 ▼ 91

4.21.2 +9 ▲ 503.3217,758.7

2.21 152,825.9 17.3 -18.3 1.1 -80 ▼

▲

Bank of America Merrill Lynch 6 4 148,460.5 14.7

112

-7.3 ▼ 102 1.0

576.4 ▼1.1 +15 4.8

-53 ▼ ▼-3.4Bank of America Merrill Lynch 6 4 0.7▼ 486.1

11 128,359.5 ▲ 393.8▲

149,090.4

7Deutsche Bank 7 11 136,377.3

▼91 1.1 -53 4.0

▼

4.4 ▲13.5

16.9

+8 ▲105 1.0 Lazard ▲

Citi 8 6 133,725.5 13.3 2.6 0.2▼-6.4 315.8

14.5 4.3 3.3 1.11.2 +1096

5 126,892.7 14.4 -5.1 0.8 -32

▲1.0

▼ 6895 0.9 -21 ▼ Citi 8

10 17 80,004.1 7.9

▼

Lazard 9 8 101,826.9 10.1

5.0 ▲ 14

107

10+3 ▲

Evercore Partners-3.7 ▼ 9

0.1

+6 ▲ ▲ 262.0

10 75,778.8

9 103,403.9 0.7 +15

8.6 -3.3

▼ 5911.7 -0.5 2.2 0.6

▼ 74 ▼

RBC Capital Markets 11 13 75,971.4 7.5 UBS 11

2.5 0.20.9 -18 ▼ 299.7

▼ 59 2.0 1.48 60,099.6 6.8 -6.8 0.7 -59 ▼ 246.8 ▼

Evercore Partners 12 10 75,347.3 7.5

124 1.2 +32 ▲

-2.1 ▼ 72 0.7

3.6 ▲

RBC Capital Markets 12+27 ▲ 14 46,546.1 2.4 0.9▲ 288.8▲ 111 1.4 +39 ▲

UBS 13 9 52,592.3 5.2

5.3 1.8

-53 ▼60 0.6 16 37,879.3Centerview Partners LLC 13 ▲

Rothschild 14 12 46,752.3 4.6 -4.1 ▼

-5.2 ▼ 4.3 0.8 1.0 0.40.2 0 - 124.0▲ 15

0.0 +1 0.0 0.1▲ 5.2


Foros 14

▼ 713.2 -0.1

117 34,437.472 0.7 -1 ▼ ▲ 33.9 3.8 ▼

BMO Capital Markets 15 19 44,044.6 4.4 2.1 ▲ ▲271.1

80 0.8

45 0.4

Jefferies & Co Inc 16 14 35,087.9

0.9 -21

3.2 1.63.5

▼

0.5 ▲

-15 ▼

-13 ▼ Banco BTG Pactual SA 16

2.2 0.1

29 27,871.6

18 28,303.9

▲

Greenhill & Co, LLC 17 46 33,611.4 3.3 2.7 ▲

▲ 47

Moelis & Co 17

0.7 0.20.6 +15 ▲ 85.3

▲ 48 1.3 0.524 27,757.0 3.1 1.1 0.6 +11 ▲ 152.4 ▲

Perella Weinberg Partners LP 18 25 28,374.7 2.8

24 0.2 +13 ▲

0.8 ▲ 22 0.2 Rothschild 18+9 ▲ 12 27,180.2 1.0 0.4▼ 119.0▼ 51 0.6 -23 ▼

Moelis & Co 19 21 25,393.3 2.5

3.1 -6.1

+9 ▲52 0.5 19 26,927.5BMO Capital Markets 19 ▲

Scotiabank 20 22 24,329.8 2.4 0.4 ▲

0.5 ▲ 3.0 0.3 1.4 0.60.5 -23 ▼ 170.3▲ 38

0.3 -3 0.3 0.1▼ 34.5

Qatalyst Partners 21

Itau Unibanco 20

▲ 112.4 1.3

27 23,470.522 0.2 +10 ▲ ▲ 252.7 0.9 ▼

TD Securities Inc 21 27 21,583.2 2.1 0.2 ▲ ▲165.3

24 0.2

25 0.2

Nomura 22 34 21,220.5

0.1 0

2.3 -0.42.1

-

0.8 ▲

+1 ▲

+1 ▲ TD Securities Inc 22

1.4 0.7

20 20,055.6

33 21,062.7

▲

Wells Fargo & Co 23 28 20,313.4 2.0 0.4 ▲

▼ 23

Banco Bradesco SA 23

0.7 0.30.3 0 - 86.8

▲ 14 0.3 0.171 19,741.4 2.2 1.9 0.2 +3 ▲ 31.1 ▲

Itau Unibanco 24 23 20,160.9 2.0

44 0.4 +21 ▲

0.0 - 54 0.5 Greenhill & Co, LLC 24+16 ▲ 45 18,953.2 0.5 0.1▲ 59.5▲ 15 0.2 +3 ▲

Macquarie Group 25 38 16,703.9 1.7

2.1 1.5

-8 ▼ ▲0.7 ▲ 42 0.4 35 17,734.3Macquarie Group 25 382.0 1.0

Industry Total

0.8 0.10.5 -3 ▼ 101.4

100.0 -1,613

▲

10,251 100.0Industry Total -1,392884,351.8 8,1271,007,276.1

▼ -9.7%

Industry % Change from Same Period Last Year -14.3% ▼ -13.6% ▼

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

▼ -19.8%

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

Industry % Change from Last Quarter -10.4%

▼

100.0

-8.6% ▼▼

Imputed Fees (US$m)

▼

12,103.5

Industry % Change from Same Period Last Year -19.0%

US Target Completed (AF2) Jan 1 – Sep 28

-14.6% ▼ -17.7% ▼


Sh (%)

2011

Rank

Market

US Target Announced (AD2) Jan 1 – Sep 28

MarketRank Value Market2012

Rank Fees

# of Change in 2012

Rank

2011

Rank

Rank Value Market Change in Market

# of Deals

Market

27.5 3.5 ▲

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

Advisor

751.52.2 +16 ▲ Goldman Sachs & Co

Market

Share Ch. Deals Sh (%) # of DealsFinancial Advisor

4 163,321.5 1.89.298 2.11 3120 ▲

21.7 -5.1

+1 ▲204,956.1 33.3 4.6 ▲

▼

7711.46

JP Morgan 2 1 128,738.6

3

JP Morgan-11.687

60 -136 119,076.8 20.1 -3.1 5.2

▼582.5 7.1

▲

0.6

1.0427.3

1.831.8 842 -1.0 ▼195,893.7

▲

Barclays 4 7 108,071.8

+1

30.1

▲

▼ 1.1

▲

1.6 +15 ▲Barclays

0.4 ▲ 1.5 +1685 ▲ 1.2 -9 ▼18.2 Credit Suisse 175,721.2 28.6 14.4 56

-22.321.2Morgan Stanley 5 2 85,461.8 130,338.05 1 60 1.3 -39

▲6.1 2.1

5.6 2.2 ▼

500.4

-10.2

14.4 -11.6 457.9▼ 1.3 Morgan Stanley-673 ▼

60 Citi 6

▼

1.1Citi 6 5 78,776.7 13.3 0.34 107,186.4 17.4 -6.6 ▼ 243.8▼ 0.9 ▲

Bank of America Merrill Lynch 7 3 75,565.3 12.7 -11.6 ▼

▼ 3.0

1.2 -38 Lazard 3.7

-11-1 ▼ 42

10▼ 1.41.4 +2117.4 4.9 ▲ 298.767 ▲

Deutsche Bank 8 12 75,257.3 12.7

▲7

16.6 -6.8 ▼1.5▼ 57 ▼ 338.91.2 -43 4.2

Evercore Partners 9 9 70,136.2

10

57

▲

102,118.6

16.4

▲0.2

11.8 Evercore Partners+20

10 11

79

Bank of America Merrill Lynch 8 5▲

▼

51 0.9

▲

▲

101,087.4 +15 ▲1.047

0.77.7 ▼

-1.2 ▼ ▲237.9 2.9

-

0.52.1170.9 ▼

0.7

5.4 ▲ 0.03 0.1 +1 5.2 0.1▲

47,595.515 -11-4.6 ▼ 3346,977.1 7.9 3.8 11

11 8 32,989.6 +8 ▲ Foros▼ 5.6

1.812 22

5.6 -11.4 70 34,437.4

0.4

11 70

30,126.1 +12 ▲26,216.8 4.3 2.5 ▲ 1.152 +2333 5.1

13

Lazard

0.9▲ RBC Capital MarketsGreenhill & Co, LLC 12

4.6 4.3Centerview Partners LLCPerella Weinberg Partners LP 13 23 27,372.0 18 ▲0.3

▲

0.0 -

-4125,141.8

4.6 ▲ 20

1.0

+1

146.9

86.1

▼58 1.9▼ 14 8

13 ▲

RBC Capital Markets 15 19 22,634.0

1.1

1.6

0.3

▼4.1

14 ▲

Jefferies & Co Inc 14 14 26,285.3 4.4 -12.4 ▼

0.326,213.8

1.1

0.2

0.7 ▲Moelis & Co 150.9

132.627

0.8 +4 133.9 1.6

0.6

39 ▲

Jefferies & Co Inc 3.4

18,953.2

1517

▲0.420 22,743.9 3.7

▲-13 ▼ 2.6-0.520,578.5 1.1 0.1▼ 523.420,186.2

▲

165.3 2.021,714.8 3.7

0.73.1

214.8

18 20 19,684.5

▲

-37

0.2 0 -

▼

0.9

0.137 14 57.52.4 ▲ ▲

Tudor Pickering & Co LLC 20 27 13,996.6

0.3 +5

19 13 17,596.0 2.9 ▼-3.1▼19 11 51.8▼17,748.3 3.0 Perella Weinberg Partners LPRothschild ▼ 12 0.3-6.6 0.1▼ 0.3 -8 0.6

Tudor Pickering & Co LLC 20▲ ▼0.32.4 1.4 31 12,472.6 2.0 1.1 0.2 -4 ▼

▼ 0.1 ▼4.8

47.1▼

0.1

0.6 0.1

1.4 1.1 5

▲11,989.0 2.0▲ -23 0.1Gleacher & Co Inc 21 64 13,170.0 2.2

.6

31.8

46 8,009.1 0.0

1.3 -1.7

1.9 ▲

21

22

Houlihan Lokey 23

▲

Houlihan Lokey 23 17 7,644.0

+1Nomura 22 Loop Capital Markets0.1 +2 0.0

0.0▼1.3

9,428.01.4

8,875.9 1.4

80

1.0

-

81 1.7 -3 ▼ 0.0 -1.9

0.0

157.4-0.8 ▼

▲ 111,430.5 1.9

▼

-

136*

Wells Fargo & Co

24ING8▲ +5 ▲

▲

0.0 -1.4 ▲ .01 0.0 -3

100.0

▲▲ 1.3 0.4105.28,765.6 2818Macquarie Group 25 40 ▼0.3 +6▼1.4

-808

-14.9% ▼

25

Industry Total

0.6


▼


-14.7%

-7.4%▲

4,688

-14.1%

100.0593,478.9 8,175.9


-918

▼ ▼

▼-10.6%▼

-21.0%

100.0

* tie

-3.5%

Industry Total

▼

7,094.0

-23.1%

20.7%

0.8

-6

24 42

▼

7


Evercore Partners Deutsche Bank

Barclays National Bank of Canada Fin'l

▲3.3 ▲ 1 0.0 +1 ▲ 0.1▲ 23*Rabobank NV - 3,474.5 3.31 0.0 +1 ▲24*

24*

Arctic Securities ASA

Rabobank NV +2 ▲

2.2 2.2-

-

3,474.5

3.24

1.8

-

▼

+1

6

+6

2.6 ▲

▼

▲

0.1+1

84*

36.3% ▲

2.6

-0.6

Industry Total

▲

3,474.5 2.2 2.2 ▲

0.1

▼

155,240.7

0.0 0

4.1 0.21

0.1▲ 0.1

0.1

0.1

.9

▲

0.0

2.2

1,535

▼

▲3.7%

1

-14.0%

▼

-249 1,924.4

▼ -5.8%

0.2%


2.2 0.01

2 0.1

-17.0%

-10.1%

2,119

▼

▲

100.0

1 +1

▲

-9.8%

2.2

+1

+1 23* -

+1

▲▲ 0.0

3.33,474.523*▲

0.1

▲

Mitsubishi UFJ Financial Group▲ 3.3

▼0.2

▲

0.03.5

3.2 0.0

3.2

0.12.1

0 -ABG Sundal Collier▲

2

23* 3.3

3.33,474.5

▲

22 51* 3,762.1HSBC Holdings PLC

3 3,474.5

▲

11

17

4

1.3

3.8 3.7

-12.9JP Morgan

▲

3

+4 4.8

21

5,123.7

78

-7▼ 8200.5 7

5.0

▲

35.20.0 ▼

0.1

▲

6.6

▲

19 ▲ 32.99 0.41.70.0▲Jefferies & Co Inc

21 29 5,054.5 3.3 0.3▲-1▲ SEB Enskilda0.2

▲0.0 03 0.6- 10.6 0.3UBS 18 11 6,861.0

5.4

4.4

23 5,743.5

45

14

LionTree Advisors LLC 19 - 6,579.0 4.2 ▲0.04.2 +1

▲

3.4

19 2.7

▼ 18

▼

Desjardins Securities Inc.

7,246.6 4.7 -0.4 17▼ 0.525.3Deutsche Bank ▲

▲

0.0 1.3 ▲

0.1 1.4

▼-2

2.0 0.6 ▲

2.6

-0.1 0

+5 ▲ 49.116▲ 22



BMO Capital Markets

1

8

-1,052

-14.2% ▼

100.0

-20.9% ▼

-18.3% ▼

▼

20,055.6

-8.7%

▼

Advisor


Industry Total 743,254.8

▼

6,336

0.5 0.2 ▲

10,128.6 100.0

0.1 -9 ▼ 49.2▲ 9RBS 25 38 10,654.7 1.4 0.6

0.0 -24 0.4 -3 ▼ 65.2 0.6

0.0 0.0 -

Macquarie Group 24 37 10,758.9 1.5 0.7 ▲

▲ .61.5 1.5 ▲ 1Loop Capital Markets 23 - 11,430.5 0.0 +1

-3 0.0 -4 ▼ 4.8 0.1

0.0 -

Gleacher & Co Inc 22 76 11,989.0 1.6 1.4 ▲ 0.0

▼ 47.11.0 ▲ 10 0.5

HSBC Holdings PLC 20

Tudor Pickering & Co LLC 21

0.313,097.7 1.8

1.7

0.6 ▲

39 12,472.6

▼ 54.814 0.2 -2

28

0.2 -4

0.5

0.0 -14 0.2 -6 ▼ 28.1

0.1 ▼

0.6 0.1 ▲

Perella Weinberg Partners LP 19 13 17,715.4 2.4 -2.9 ▼

1.5 ▲

0.2 +4 ▲ 59.52.0 ▲ 1546 18,953.2

21,062.7 2.8

2.6

27 0.8 ▲11 0.2 0 - 165.3 1.6

0.2 ▲63 1.0 -21 ▼

▲

Jefferies & Co Inc 16 17 23,564.7 3.2 0.0 ▲ 245.3 2.4

0.621 28,230.3 3.8 1.5 1.7166.8▲

3.7 1.3 ▲ 46 1.5 0.60.7 +9 ▲ 150.0

0.0 -96 34,437.4 0.0 +1 ▲ 5.24.6 4.5 ▲ 3

0.5

▲59 0.9 +13 ▲

0.1

▲15 0.2 0 - 1.2124.0

2.0 1.5 ▼

Centerview Partners LLC 12 14 37,879.3 5.1 1.0 ▲

▼ 205.15.9 -8.7 ▼ 487 43,994.7

241.9 2.465,706.1 8.8 -4.3 ▼

0.8 -52

0.6 ▼61 1.0 -20 ▼

252.1 2.5 0.7 ▲53 0.8 +16 ▲

2.8 0.1 ▼

Evercore Partners 9 9 102,060.6 13.7 -0.5 ▼

4.1 1.2 ▼

-6.5 ▼ 56 0.9 -31 ▼ 285.1

-61

▲

▼ 413.015.4 -7.3 ▼ 72

11 117,935.7 15.9 4.7

114,165.7 1.14

1.3 -66

▲84 1.3 +9 ▲ 348.5 3.4 1.0

▼

483.0

83

+4

Morgan Stanley 5 1 146,764.7 19.8 -19.8 ▼

5.6 1.5

541.9 5.4 2.1

0.7Barclays 4 6 200,111.7 92 1.59.0 ▲

-3.1 ▼ 109 1.7

▲▲ 4.8

▲72 1.1 -30

6.8-29 ▼

▼ 570.4

692.9

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

Goldman Sachs & Co 1 3 247,056.5 ▲

Change in Advisor Market# of Market

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


Industry % Change from Same Period Last Year -21.5% ▼

-1,186

▼

7,605

12.7

26.9


Lazard 6

+3

-

1.6146

-7.5% ▼

14

100.0

-13.5%

-3

0.2 -9

0.1

0.0HSBC Holdings PLC 25 26 9,790.4 1.3

12,310.0 1.6 ▲ 6

3 0.01.7 ▲1.5Gleacher & Co Inc 23 82 13,170.0

Blackstone Group LP 22 22 13,882.0

0.6 +21

+70.4

44

30

0.215

20,313.4

21 37 14,331.6

1.8

21

1.8 1.1 ▲

2.7

0.0 -

1.4 ▲ 0.3 +4

25,366.2

Tudor Pickering & Co LLC

22Nomura

2.6 0.7

3.2

▲

18 0.6 +649▲

25,817.7 3.312

0.8

-5.6Rothschild

3.7

Moelis & Co

19 28

19

20,889.5

Jefferies & Co Inc 15 29,005.514 0.3

▼-5.8

40

▲

▲

0.2

28,374.7 3.6

17

3.7

3.3

1.2

-4912 40,601.110 0.6

9.372,903.1

46

Lazard

33,611.4 4.3

UBS

11 8

5.2

Greenhill & Co, LLC 13

2

+1

▲

86 1.1

▼1.076

▲

3 127,430.1

Deutsche Bank

Goldman Sachs & Co 1 2 243,583.7

1 154,066.8JP Morgan

5

RBC Capital Markets 26,174.8

▲1.3

Credit Suisse 3 6 139,776.4

102,850.5

5

Jefferies & Co Inc

6

1

16

Perella Weinberg Partners LP 15

17

Wells Fargo & Co 20

2.5

+9

2.3

0.8

21

▲

+1

40,456.4 26.1

10

20 27 6,147.4 4.0

3,474.5 2.2

100.0

4,092.3

9.1%Industry % Change from Last Quarter

* tie

▲

-18.1%

84* 3,474.5

GMP Capital Corp

-

Industry % Change from Last Quarter▼

Arctic Securities ASA 3.3

107,058.9

▲

100.0

39.321 7,414.4

Lazard

▼

6,146.7 13

Sh (%)

18.7

3.6 ▲

13

US$m

5.7

▼

▲

1.0 ▼

4.8 ▼ 914.62.2 -18 9.0 1.8

-9.5 ▼

▼-1.6

▲3.4

GMP Capital Corp

▼

104

108

▼

5,304.2

5,520.3

Rank Value

▲

5.2

UBS

+1

-2

0.1

4,092.3

-64

+14

5.4

Jan 1 – Sep 28

Market

▼

4.7

82

8.7

1.4

2

Market

Share Ch.

Imputed Fees (US$m)

Jan 1 – Sep 28

Deals

# of

▲


167 137


-8.44

-9.0 ▼

Market Market


US$m

Rank Value

Any US Involvement Announced (AD41)

2011

Rank

2012

Rank

Morgan Stanley

Financial Advisor


31.1

19.7

17.8

16.3

Sh (%)

4.2

1.2 -21

1.5 -30

-8

Change in

▼

117

88

▲

-5.2

7

Market

2.2

Sh (%)

1.4

# of Deals

12.5

-3.4

▼

▲

Credit Suisse

6

14.5

3.8

72

5

▲

▼

0.9 +1020

61

20

8

8 0.4 -10

2

8.0

▲

4.3 13

33

▲26,403.3

Scotiabank


2

4

BMO Capital Markets

TD Securities Inc 6

7Citi

CIBC World Markets Inc

5

RBC Capital Markets

Goldman Sachs & Co

-14 3

# of Market

# of Deals

▲

+29

Market

1 34.2

3 26.1 1.6

12.2

40,453.4

3.4

5 ▲

1 1.8

-23 143.3

22.3

Any Canadian Involvement Announced (AD42)

Financial Advisor US$m

Rank Value

2

3 ▲

▼

0.7

53,145.4 142.5RBC Capital Markets 59

2.4

Market

24

# of

# of Deals



Market

Sh (%)

2012

Rank

2012

Rank

Change in

Allen & Co Inc

-2.9%

2011

Rank Deals

Market

Financial Advisor

Market2011

Rank


15

18

17

Any Canadian Involvement Completed (AF49)

20 27,729.9

DealsShare Ch.

-2.2

-5.5

0.1

▲

Fees

+1 ▲

▼

▲

0.97.4

7.4

1.8

▲

Sh (%) Share Ch.

86.8

3 23,858.2

21.9

4.5

0.3 +17 ▲

13.1

15.4

11


6

Moelis & Co

1.1

0.8

Centerview Partners LLC 9

Barclays

Citi 7

120,759.7

48

7

97,675.7

10

14 0.2▲6.8

9

16

73,374.4

80,004.1 10.2

12.295,730.7

-6.0 -1

-1.8

90

-12.2

9.4 ▼

▼ UBS

Citi

▲

-2

▲

▼

▼

▲

Qatalyst Partners

Market

0.9

13

RBC Capital Markets

24 ▲0.3 Foros

1469

+14

▼

0.1▲4 5.5

+3

Sh (%)

27

0.1▼

▲

▲

72.8

▼

Jan 1 – Sep 28

▲

15

Share Ch.

23

0.93.8

9 23,744.8 15.3

+317.0 17.8

0.123▲ CIBC World Markets Inc

▲ 11

-3.2 ▼16.055

8

1.1-7 86.4 4.5▼

4 21,583.2 13.9 +2 ▲+2▼

-2 0.1

0.116,718.26Scotiabank25

▲ 7Goldman Sachs & Co

▼ 10,071.0▼ 27Rothschild

11

Morgan Stanley

1.2

6

2.5

2.8

10

10

▼

Macquarie Group

▲

5.2

-13.5 25

+9

-5

1.453.5▲

10

10

21

1.1

4.5

9

21.7

9,740.913 10.4

0.2

10.5

Rothschild 16 22

8

7 10,456.6

10

9Credit Suisse

JP Morgan

17,964.8 11.6

16,355.1

9.8

0.6 -545


▼

▼

▲

0.3

▲4 16,698.3 15.6 +1

TD Securities Inc

17,162.9

▼

▼


64

▼

▼

▲

▼

1.2

▲

▲

▲

86.2

2.9

0.4

▼

11.4

▼▼

0.0

0.814

16

-4.5

0.0

▲0.2

▼

▲

56.715.6

▼

11

23,436.3

-9.8

19,090.5

9.4

2011

Rank

-5.0

9.1

▲ ▲

09,723.1 9.1

5

▼

11

▼

Jan 1 – Sep 28

25 10,567.5 6.8

Any US Involvement Completed (AF48)

▼

▼

+23

Americas Rankings

▲

33.2

29.3

▲

12

8

10

20

▲

48.8

0.1

112,545.2

▲

2.6+11 ▲ 66.79,286.4

0.80.09 2.58.813

3.5

200,160.8

2

8

48.0

-5

9,374.0 5.2 ▲

15

+2

+68.2

▲

-

1.7+2 ▲8.4Barclays

12

-37.2 4.016

▲ 22

7,676.4

4.8 ▲

9

6.9

0.0

0.0 2.1

▲ 9 0.0 ▼ 33.6 1.8

+6 ▲13 8,999.720 ▲6.2 40.6

3 26.9


JP Morgan

Rank Value Market Market

4.9 0.4

15

-90.3

2.2

9,144.0 0.5

8,973.7

▲

7,670.4 3.2 ▲

-4.8

0.7

15

11

0.6

11

14

4,435.9 0.82.922

15 -3

-1.7

+2

Industry Total

24*Mitsubishi UFJ Financial Group

-468


0.1

HSBC Holdings PLC

SEB Enskilda 23

ABG Sundal Collier 24*

-


17

118*

-4

-5

▲

2 218,057.4

Credit Suisse

+3

-25

15.1

Imputed Fees (US$m)

2012

Rank

Greenhill & Co, LLC

-18

-17

▼

10

Deutsche Bank

-0.6

19

5.9Morgan Stanley

National Bank of Canada Fin'l

1

16,127.8

▲

0.5

+8

Change in

0.6

▲

-2 ▼

Sh (%)

0.8

Canaccord Genuity 5.2

14

13

16

1.2

12

0.4

0.7

9,837.4 3.9

5.3

15

6.3 ▲

6.7 -4.2

8

▲

▼

▼

5.8

▼

▲

▲

Macquarie Group 17

▲

0.5

15

12

▼

8,108.4

10

8


Belgium / Mexico

EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)

21,361.5Financials / Banks

2

Spain / Spain45,998.8

Rothschild

Switzerland / SwitzerlandAcquiror / Target Nation

United States / Switzerland

Rank Date

2/7/20125/25/2012

International Power PLC (40.93%)

Pending Glencore International PLC

Intended

5/21/2012 Industrials / Other IndustrialsBelgium / United Kingdom

Eaton Corp

6/29/2012

Pending United States / Ireland-Rep6/29/20123/29/2012

Target (% Sought/Acquired)Date Effective Acquiror

Banco Financiero y de Ahorros (100%) FROBWalgreen Co6/19/2012 Alliance Boots GmbH (55%)

PendingXstrata PLC (65.9%)

Morgan Stanley

30,689.7 45,169.6

Rank Value (US$m)

Citi

Industrials25

37,239.3 2

49.9

Deutsche Bank29,078.0

1

26,704.6

6 51.7

Consumer Staples / Agriculture & Livestock

Real Estate / REITs

223,929.3 26.3

Retail / Other Retailing

Jan 1 – Sep 28 2012


3

3Materials

Credit Agricole CIB

Citi

Barclays

Credit Suisse

24,727.4

97,274.2

11,850.0

Goldman Sachs & Co

Dr Ing hcF Porsche AG (50.1%) 8,854.8

Goldman Sachs & Co

18,493.7

Consumer Staples / Food and Beverage20,093.4

29,353.0

Energy and Power

EMEA Deals Intelligence

Electrabel SAAnheuser-Busch InbevGrupo Modelo SAB de CV (49.7%)

11,810.0

Morgan Stanley

FinancialsRank Val US$m

38,872.5

7/4/2012


Pending

Lehman Brothers Holdings IncPending

Pending

Volkswagen AG8/1/2012

Primary Listing of Most Acquisitive EMEA Companies - Top 10 (US$B) Jan 1 - Sep 28 2012

1/23/20121/23/2012

3/20/2012

Cooper Industries PLC (100%)4/23/2012 Switzerland / United StatesNestle SA

Archstone-Smith Trust (26.5%) United States / United StatesGermany / Germany

Viterra Inc (100%)


EMEA M&A

EMEA Announced M&A Down 9% While Fees from Completed M&A Down 35% | Financials Most Active Sector | Goldman Sachs in First Place

7,361.5Glencore International PLC Switzerland / Canada

53.9

40.3


23,785.7Materials / Metals & Mining

Top Ten EMEA Involvement Announced Deals

33.9

6


12,855.9

15


2 17

12 Consumer Staples 72,097.7 950

Morgan Stanley

2,081

29.53

61,839.5

3

58,355.9 60.4

32.3

90,986.3

22.220,223.7

1

60.0

1258,757.4

18.2

16 63.6

Rank

Goldman Sachs & Co24.3

JP Morgan

Mkt.

1101,586.8

Share

14

No. Deals

29

25 1,049

8 1,076

13

38.31,426

12

14


3

2

38,880.4 1

Energy and Power / Power12,240.3

90,504.2

EMEA Involvement Announced Advisors by Target Industry Jan 1 - Sep 28 2012

Announced M&A activity with EMEA involvement totalled US$723.7 billion in the first nine months of 2012, an 8.5% decrease

compared to the same period last year, with third quarter volumes dropping 41.6% from the previous period. EMEA fees

accumulated on deals completed thus far in 2012 reached US$6.8 billion, a 35.4% decrease compared to last year,

according to estimates from Thomson Reuters/Freeman Consulting.

Financials, the most active sector with 1,426 deals, grossed a combined US$101.6 billion. Materials, second, accrued

US$97.3 billion. Energy and Power finished third, with US$91 billion worth of activity.

EMEA targeted buyside financial sponsor activity reached only US$52.4 billion, falling far short of the US$75.8 billion reported

last year, and emerging as the least active quarter since the second quarter of 2010. The US$2.8 billion buyout of the

German firm Elster Group remains the largest deal yet in 2012.

London listed EMEA companies were the most acquisitive this year, extending a combined total of US$82.2 billion in offers.

While the US$46 billion Xstrata / Glencore transaction accounts for a large portion of M&A activity, completion of the BAE /

EADS deal has the potential to increase that volume significantly.

17.2%

10.7%

28.7%

24.3%

28.3%

19.5%

11.4%

8.9%

17.4%

16.4%

10.3%

0%

5%

10%

15%

20%

25%

30%

35%

$0

$50

$100

$150

$200

$250

$300

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

% o

f E

ME

A

Ra

nk V

alu

e (

US

$b

)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of YTD EMEA M&A $82.2

$25.9

$20.7

$13.9

$12.0

$8.8

$7.9 $5.5

$4.4 $4.2

London

Euronext Brussels

Frankfurt

Russian Trading System

Zurich

New York

Euronext Paris

Swiss Stock Exchange

Madrid

Johannesburg

9


Rothschild UBS

Rothschild Credit Suisse

0.0

17

23

-15


Market

Jan 1 – Sep 28Any EMEA Involvement Announced (AD47)



1Goldman Sachs & Co

Share Ch.

▲

Rank Value

Any EMEA Involvement Completed (AF53)

Deutsche Bank

Morgan Stanley 27.4

5

7

113,970.2

110,320.3

Bank of America Merrill Lynch 6

8

10

10

2011

RankFinancial Advisor

14

Macquarie Group

UBS 13

Lazard 9

15

11

14M Klein & Co LLC

12

BNP Paribas SA

Credit Suisse

Credit Agricole CIB

RBC Capital Markets

Nomura

HSBC Holdings PLC


Citi

161,311.7

79,704.0

98,199.6

154,355.0Barclays

JP Morgan 4

7

6

2

Jan 1 – Sep 28

Sh (%)FeesDeals

281.13 3

▼

1

▼

-1

0.4

182,478.8

4

5

17

9

15.2

2

28

▲

▼

40,453.5

45

14

3.7

-

▲

▲

15,009.2

19,191.0

-6.8

2.1

2.4

-6.7

15,220.0 2.1

2.7

1.1 12,735.8

14,902.1

51 15,132.7

23

▼ 51

0.0

-18 26

0.3

RBS

2.4

▲

0.0

0.8 ▲

0.1

▲ BNP Paribas SA


▲

▲0.1

0.2

Societe Generale▲

-21

Ondra Partners

Gleacher & Co Inc

29▲

▲

0.0

▲

▼

11

2.2

▼

-1.9

0.9 +1

+6

Intesa SanPaolo

19

11,998.0

23

12,974.0

11,279

1.9

1.2

▲

22

Intesa SanPaolo 24

695,032.4

0.1

480,389.0

3.1

832.8

▼Industry % Change from Same Period Last Year

Industry Total

17

25 19

▲

1711,998.0

▼ 1513,922.1

100.0

30 -2.7

-2.011,444.6

▼

12,735.8

-3.3

▲Industry % Change from Last Quarter

25 86 1.7 ▲

-7.5% ▼Industry % Change from Same Period Last Year

-42.6% ▼

Industry Total


2.4

100.0

-17.5%

20

87

17

17

-72

-25

0.2 -2

-2,060 100.0

▼

▼

253.2 3.9

▼

Change in

▼

3.3

0.2

0.4 -32

0.1

6,479.9

▼

-2,091

0.4

18.3

+3

0.5

18.6

0.570.0

0.2

0.0

0.0

1.0

0.1

0.3

RBC Capital Markets 19

18

8

11

-

53.2

47 1.1

41

68

Industry Total

▼

17

13,089.8

-13.5%

15.8

6.5

▼

14

-27

811.3 ▲

66,836.9

6.6

40,453.5

▼ 10.650,992.2

28

6 -2.0RBS 21

3.2

14,764.7

2.5

2.148

5

0.2 19

▲

▼

0.4 1944▼

▲

2.2

21 90 17,152.1

22 15,220.0

2.1

0.22.2

11

▲

40

58

2.5 2.3

23

2.7

13

56

2.5

18,973.819

17,520.020

18

15

11

0.7

29,799.0

23,240.0 3.3

20,878.8

4.3 -4.7

87

HSBC Holdings PLC

-7.4

▲

47▼

0.2

4.7 14

-20

-2.8

-8.6+1

31,445.6

6.2

0

▼

4.9 -6.9

Nomura-27

▲

7.8

29,565.26.6 0.0 ▲

416,018.0

5▲45

45,998.8 ▼

▼-6.5

15.9 6.7

11.5

1.4

-10

▼

-18

0.4

69

5.5

14.1 2.4

-2.8

35 +4

▲

0.3

-3558

0.6

0.8

162

0.5

▼

▼95▲

▼

UBS

▲

▼

2.3

7

66,657.43

9

-0.9 ▼ -3374 15.1Lazard0.7 72,373.88

79,058.85

66

83

16.2 2.7 ▲ 0.673

15.9

▼

151,975.7

696.4

21.9

16.6 ▲

+12

0.6

▲

17.2 3.782,664.9

-8.3

4.789,207.4

26.3

11▼ 79,286.0

Rothschild

▲

-20

5Barclays

99,603.2

Financial Advisor

3

734.2

243,205.3

9.8

182,478.8

35.0

▲

102

6

▲

Industry Total

JP Morgan

4

US$m

196,808.7

159,198.7

3

1

Deutsche Bank

9


Barclays 55


4

7 112,827.3

12

2

Citi

Bank of America Merrill Lynch 115,586.9

Sberbank

20Societe Generale

92


21Gleacher & Co Inc

98,019.7

110,220.3

110,500.2

78,368.2

79,704.0

Jefferies & Co Inc

8

Morgan Stanley

1

2011

Rank

Credit Suisse

17

11

12

10

Goldman Sachs & Co

Lazard

7

8

6

24

Any European Inv Announced (AD21)

2.1

Ondra Partners 25

Sh (%)

9

Nomura

BNP Paribas SA

Sberbank

Credit Agricole CIB

Greenhill & Co, LLC

UBS

Societe Generale

HSBC Holdings PLC

Gleacher & Co Inc

Macquarie Group

M Klein & Co LLC

RBC Capital Markets

14 -

22


▼ 22

0.0

1013

17

29

54,344.3

44,877.0

6.6

1.5

0.1

2.5

3.315,642.9

0.0

Jefferies & Co Inc

39 13,647.4

▼

23 15,009.2

16.5 -3.6

▼

3.1 ▲

▲

▼

-5.3

-1.8

1.7

2.8

20.7

13.9

16.5

13.9

18.6

-9.5

0.8

-16

-1

▼8.1 -21

▲

91

▼0.9

77

165 0.6

108,505.4

▼

0.0

▲

▲ 58

71

36

1

▲

▲

4.4

-1.1 ▼

▲2.8

▼

45,998.8

11.0

▲

-

22

4.56.2

5.4

0.4

16

11.0

2.5

4

+3

13.6

7.6

-4.5

▲

-19

79,355.6

6.4

-2.5

6.4

0

▼

▲

0.1

+1

0.354,679.3

50

13 2.0

3

13.4

14.5

-1.9

72,373.8 85

6.3 20

0.7

0.9

0.8

-30

▼

▲

71

59

214.1

▼

1.4

▼

▲

247.4

319.6

-48

# of

24.8 91

Sh (%)

Market

▼

-8.5

▲

0.6

1

-8.7

-48

3.5

Financial Advisor

Change in

▲

US$m

-41

76▼

0.8

-12.0

Share Ch.

80

Sh (%)

21.79.5

34.2

3

Market Market# of

-9

-31▲

US$m

0.5247,309.3 0.5 Goldman Sachs & Co▼

Sh (%)Sh (%) Deals

198,502.3

Morgan Stanley

Deutsche Bank

138

117 +40.4

92 0.3

▲

89,392.7

99,773.2

▲

5

108,505.4

10

4

2

4

82,671.4

12▼

2

16.5

Rothschild

▼

▲ JP Morgan

▼

6

▼

-30

-3.3

65

▼

-72

-430.8

4.417.9

0.8▼

136

▲

+5

2.7 0.7

▲


Market

392.0

Rank Value

▲3.8253.7

300.1 0.6

1

# of Deals

Market

0.7206.1

4.2

16.5

79

▲

0.5

0.6

4.7

19.9


Market

Imputed Fees (US$m)

0.2

2011

Rank

0.9 ▼5.8

Market

# of Deals

2012

Rank

2012

Rank

EMEA Rankings

124,036.6

Advisor

0.9

3.0

0.0

▲

3.0

Share Ch.

Change in

▼

18

▼

3.2


11,444.6

44

9 29,565.2

26

51

18

ING

Jan 1 – Sep 28

100.0 12,179

-21

▲+3

0.1 +2 ▲

+6

-26

0.4

0.6

39

100.0

30

US$m

▼

1.5

-0.1

-3.2

▼

2.5

2.4

20Sberbank

24

2.3

13,947.7

21

25

PricewaterhouseCoopers

17

15

14

Ondra Partners

31,445.6

+3

▲+1

Evercore Partners

92

15,642.9

5.9

4.6

4.723,463.3

23,173.0

41

16,018.0

2.3

3.1

3.1

-8.3

5

-6.8 ▼

2.2

5 0.1

▼

+5

▼

9,730


▼

Any European Involvement Completed (AF3)

59

22.6

▲

▲

41

4

▲

-35

0.2

+2

0.1

0.4

▲

0.8

-30 ▼

▼

0.2

79

0.1

-21

-

▼

▼

0.2

0.9 ▼

+4

0

0.2

-

▲

-

0.1

▼

Imputed Fees (US$m)

▼

0.0

0.2

0.0

▲

▼

0.2

0.1

▲

▼

▼

-

▼

▼

▼

▼

Share Ch.

0.7 ▼

▼

▼

▲

▼

▼

▲

▼

0.7

100.0

▼

▼

0.4

0.8

0.3

0.3

0.4

▲

-0.2

0.0

26.0

47.3

0.2

-13.7%

69.4

15.0

-25

-35.0%

0.8

▼

0.9

-19

▼

12.1

0.7

-

0.2+2

0.2

0.2

▲

0.6

20

1.1

56 -32

40

-18.6%

9,172

▼

▼

MarketRank Value

Goldman Sachs & Co 1 24.8119,069.0

2012

Rank Sh (%)

0.4

10

4

-0.8%Industry % Change from Last Quarter

-42.6%

-11

▼

▼

▼

15,423.3

-21

2.8

133

0.9

Market

Deals

500,490.1

0.7

0.7

0.9

60

▲

▲


Share Ch.

-12.6

2011

Rank

2

12

-1.9

0.7

0.6

0.8

▼

-66

1.5

74

86

▼

3.8

# of Market

47

▲

▲

0.6

▼

75

3.0

116.0

53.0

-36

▼

▼

0.1

0.0 0

0.2

-7.0 ▼

0.2 ▼

-71

0.2

RBC Capital Markets

Sh (%)

▼

-15

278.9

Fees

294.9

1.1

17

0

-29

▲

0.5

-1

-2

Advisor

370.7

-11

-3.5%

47.3

6,772.3

Market

-44 ▼

Jan 1 – Sep 28

-35.4%

5.7

Market

# of Deals

▼

Sh (%)

0.3

0.1

1.067.3

53.0

26.0

0.5

18.3

12.7

75.6

0.8

▼

0.63.7

1.7

1.1

▼

▲

2.0 ▼

▲

▼

3.2 ▲

▲

4.4

3.0

0.4

75 0.3

108

5+14

-19

116,255.3 16.1

3.8

5.3

77 -3

7.025.2

116,695.1

21.3

22.3

16.1

16.1 0.3

0.3

72 -23 Barclays 82,664.9

▼

-2.8

8.1

-4.9

69,508.9 ▼13.9

▼

10.9

▼

▼

▼

10 7

8

Citi 6

80,325.5

▼Lazard


11

68

7

67,171.9

54,420.2

▼

0.6

0.5

0.7

-33

11

8 -6.6 ▼ 56

▼ 200.3

220.0

131.9

1.03.0

▼ 0.4

1.53.3

▼

▼

▼

0.4 -32

▼

-48

-23

0.2 -23

0.2

1.1

0.2

0.3

0.4

0.5

0.7

0.1

0.0

116.0

70.0

0.3

0.8

1.0

0.3

0.0

0.8

72.7

0.2

▼

▼

▼

▲

▼

▲

0.3

-

0.6

▲

8.1

15.0+3

-21

-46

▼

▼ 194.8

18.6

-31

▼

Evercore Partners

12

15


22


ING

Deutsche Bank

-35

49

+6

0.2

+2

0.2

▲

▲

0.1

▲

11

HSBC Holdings PLC

▲

▼

▼

18

13

▼

17

▼

2

1

Financial Advisor

-2,293

+2

Sh (%)

1.2


-37

Nomura

Credit Suisse 9

▼

# of Deals

Change in

-6

-8

▼

0.4

6

0.3

-11.7%

97

4

0.1

▲

▲

-17.8%

39 0.1▲

▼

130

0.0

36

▲

▲

0.2

-12.7%

▼

65.2

-48

0.5

-2.2%

4.3

▼

4.6

206.1

234.9

1.8

213.4

▼

122.4

212.1

3.2

3.3

▼

-37

0.6

1.1

-

72.7

8.1

1.7

0.4 ▼

-

1.9

0.4

43.9

▼

3.6

-


0.8

0.4

▲

1.1

▲

3.0

▲

295.9

▲

4.6

1.1

20

1.5%

Societe Generale

20

16 4.823,173.0

18

-42.5%

15,132.7

17

7

23

13

23,323.3

13

15

3.3

9


Citi

8.4

2.9

0.2

0.9

4

Morgan Stanley

Gleacher & Co Inc

BNP Paribas SA

10

12

15

JP Morgan

6

▲

0.0

Sberbank

6

3

# of

114

Market

1.0 +4

▼

▲

-27

+1

-1

▲

1.9

3.0

+1

1

22

▲

▲

4

723,654.5

4.0

15

16

14

+2

-15.8%

-41.6%

1.7

Deals

▼

-2,440

4

▼

29

22,513.1 3.1

4.1

44,877.0

29,799.0

12

1516

3.3

23

18

60

24,002.7

19

17 22

17,520.0

56

17,152.1

1.6

1.8

40

12,974.0

41

1.8 1.6

Market

13

▲

▲

▼

13,297.1

87

Ondra Partners

▲

24

28.3

▼


2012

Rank Share Ch.

2

-8.5%

▲

22.9

▼

▲

Rank Value

0.4

Market

-7.0 ▼

10


Credit Suisse Lazard

* tie

JP Morgan Credit Suisse

Lazard

Credit Agricole CIB

4.8

10.6

-

▼

21

1

-26.7%

10.5

31

6,985.2

6

11,001.1

25

11,139.3

Morgan Stanley 42,485.9

1

69

21

55

16

18

15

EMEA Rankings

Any UK Involvement Announced (AD32)

213,768.5 100.0

Centerview Partners LLC 24

25 88

35 5,000.0

1.0



18

39

Standard Chartered PLC

0.2-17.0

27.4


52,370.3

▲

US$m

▲

▼

10.9 ▲

▼

-10.26.6

5.8

2

-3.0

-12.4

▲

▲

-14.7%

▲

▼

19

▲

▲2,066.4

1,295.5

7

16Ondra Partners 14

+1

-6

20

17

19

▼

Citi

▲

5 ▲

0.6 ▲+1

▲+3

▲

1.1 +1

Barclays 27.8

-12.1%

21

2

29

0.2

1.1

▲

-9

2.3

2.7

11

+6

16

0.4

1

10 20,491.5

US$m

Rank Value

22,950.3

38.0

# of Deals


23,920.0

▲

4,780.3

3

2011

Rank

Market

2.2

0.3

0.2

2.8

1.9

0.4

▲

4.4

0.7

34.2

24.4

6.2

2.6

1.7

1.9

▼

▼

19.2

1.2

Imputed Fees (US$m)

▲

6.5

▲

16.1

▼

▼

▼

18.1

▼

▼

11.1▼

0.7

2.1

3.7

▼

43.2

6.9

▼

0.317.9

0.0

1.9

▼

▼ 0.2

2.7

0.9

1

▼

-6

0.1

00.1

+1

0.1 ▼

-14

-172

1

+1

▼

+1

0.1 ▲

0.1 +1

▲

24

15

16

▼-70.6%

-23.1

2,805.8

▼2.3 -13 ▼

▼

6,859.3

5

Credit Agricole CIB

6,192.1

Intesa SanPaolo 33

-14

1.4

-3

-5

1.4

0.8

0.1

-11

4

0.59.9 -1

7.7 ▲

▲

0.3

19

7

1.8

0.4

8,947.5

-13.114.0

▼

2512,030.9

7

15.4

10.6

-7

-18

-22

-16

0.5

0.9

0.5

7

-10.0

-412

-10

▼

14 ▲

-21.12

▼

7,172.9

▼

▼

-202.6

8,001.4

Deutsche Bank

-14

JP Morgan

9

14,479.4

8,138.88

▲

▲

▲

25,814.6▲

45.2

▲

21,527.8

5Nomura

24

Credit Suisse

31

3.2

▼

8

-1.8

▼

Sh (%)

▲

Advisor

0.2

Sh (%)

36

# of

Deals

Change in


5.7

20.8

17,480.8

32.6

▼

Market


▼

▼

-14.1

-8.0

7

5.2

0.3

2.0

29.0

20.7

▲

-229

-13

0.1

1,547

-54.0% Industry % Change from Same Period Last Year

100.0

* tie

▼

-14.0%

-11.2%

1.3

-

42 ▲

-14.9% ▼

0.3

62,924.9

651.2

100.0

719.0

1.0

13

Macquarie Group

-

13

18

15 2

16

Credit Suisse

3,826.5

7.4

1,932.4 3.1

4,489.2HSBC Holdings PLC

17 4.9

19*

▲

-6 HSBC Holdings PLC

Mediobanca▼

+2

▼

-7


-11

-12.7%

0.1

22

-18

0.0

50

-17.0%

-45

-10

-

▼

+1

Gleacher & Co Inc

2

Financial Advisor

Rothschild

2012

Rank

-27.2%Industry % Change from Last Quarter

1

0.1

0.1

▼

▼

# of Deals

▼

▲

3

BNP Paribas SA

▲

▼

▲

▼


Any French Involvement Announced (AD33)

▼

Market

BNP Paribas SA

▲2.5

Market

1.7

▲

▲

0.6

▼

-1.1

▼0.9

▼

0.0

1.0 0.4

▲

0.1

▲

0.5

0.61.8

▲

40.814 1.0 ▼

-40.3

0.2

-11

2.6

▲

16.7

-4.7

▲

▼

2.1

▼

13

+3

0.9

-18

-16

-9

▼

12.1

-12

+2

2.3

8,177.9 13.011

3.8

6.1

5,934.8

6,013.3

9

11 9.4

7.1

12

3,111.238

12

137*

-

789.4

4,628.7

2,394.0


23

21

14

14

Cairo Financial Investments Co

KPMG

Citi

34

3.1

3.1

-19*

3.11,932.4


Jefferies & Co Inc

22 1,448.1

1.1

UBS


24

1,463.8


Industry Total

▼



2.6

1,370

1.722.0▼

▲ 12.9

938.4

-48.0%

36* 3.1

UBS

58,180.1

17

▼

▼

1,500.0

Industry Total



-52.7%

-20.9% ▼

0.5

1

-12.9%

7

0.6

0.8

8

Ondra Partners

16,648.0

26.4

5 26.5

6 16,579.818Nomura

10,110.71610

Deutsche Bank

16

▼

12,856.0 20.4

6

16.1

9.6

20.4

-5.8

▲

▼

16.9 ▼

Societe Generale

7

4 11,339.18

-

10,653.6

18.0

79 -4.6

Goldman Sachs & Co

-5.3

-20.3

2.3

-9.6

Beltone Investment Banking

0.1

-12.0

-7.2 ▼

▲

▲

▲

-9.5

-1.0

▼

Financial Advisor

12

4.1 ▲

-7

HSBC Holdings PLC

▲1.1

10

6.1

▼

1

14

▼

+1

Moelis & Co

RBS

Evercore Partners

RBC Capital Markets

1.0

0.1

0.7

1.1

1

1.3

13.1

9.3

2.7

Sh (%)

0.6

0.1

31

▲

2,723

Market

33

▲

0.4

0.6

0.7

9

-19.6%

5

11

0.6

0.9

▲

▼

0.3

17

11

19 1.2

4

▼

-4

+1

0.1 +1

0.1

+2

▼-17

▼

▲

0.9

1

5

▲1

14

0.3 +5

▲

21*

23

Qatalyst Partners

0.1

Change in

-7.6%

# of Deals

2.2

2 -

Share Ch.

Imputed Fees (US$m)

▼

-21.8%

Advisor

2

▼

0.1

Sh (%)

100.0

1.643.9

-22 ▼

0.3

1.1

-2

▼

0.2

2,713.4

-5

1.2

0.5

0.3

5.3 0.2

0.1

0.7

2.8 0.1

▲

▲

0.2

0.2

▼

▼

▼

▼

0.2

▲

▼

3.4

0.4

0.2 ▲0.1

▼

0.8

3.7

3.9

2.0 0.4

3.2

0.8

1.9

4.3

Fees

+12

1.86.6

Share Ch.

▼

133.2

Jan 1 – Sep 28

-16

Sh (%)

177.9

4.9

26

0.1 106.2

0.1 ▼

147.4

92.8

-2 ▼

0.1

-9

0 -

▼

▼

52.1

87.3

116.7

-6

5.4

▼

53.7

▼

-5

12.1

20.9

-20

-30

4.8

▲

9

23

25

0.1

46.5

▼

100.9

-21

-4

101.8

▼

▼

▼

▼

▼

32.0

30.6

▲

0.0 -6

0.1

49.7

13.7▲

+1

+7

19.9

-4

26.4▲

Fees

6.9

-335

Market

Jan 1 – Sep 28

▼

1.3

2.1

4.1

64.4

58.4 3.2

72.8 7.8

38.8

Market


Any French Involvement Completed (AF40)

▲

▼

Share Ch.

30,830.8 37.2

▲

▼

-

0.2 ▼

1.9

2.3

▲

▼

0.4

▼

1.5 ▼

▼4.8

3.2

0.0

7.8

-

4.6

0.3

▲

1.2

▲0.6

▼

▲

2.0

21.5

18.7

100.0

0.6

2.3

5.3

.9

1.4

2.3

▲0.10.1

▲

5.2 ▼

▲0.1

0.50.8

0.6

0.7

1.3

0.1

▼

▼

▲

▲

▼

▼

▲

1.4

0.6 0.4

1.4

6

▲

1,772.5

4

17.5

14.0 3

2.6

26.7

12.3

13.8

25.1

24.9

11.8

3.6

3.3

▲

▼

12.0

-8.8

▼

Market

29

-9.2

3.3

3.3

7.3

-6.8

▼

2

11

36

▲ 2.62 6 26,272.6

44.43

▲

8,730.5 ▲

5.8

1.7 ▲

▼

6.913,149.1

5.5

46

9

6.213

21,394.9

1

11

-7.015,624.9

22.5

4

Rank Value

22.2

2012

Rank

3

Sh (%)

0.2

29

15.1

4

15

36,387.7

42,961.2

Any UK Involvement Completed (AF39)

+3 Goldman Sachs & Co 2

Barclays

Rothschild

RBC Capital Markets

▲

Jan 1 – Sep 28

24.5 4.4

8.1 ▲


Sh (%)

Market

Sh (%)

Market

Deals

Change in

+2

-18

22

0.7

17

0.5

-4

0

1.3

0.1

▼

0.0

▼

Change in

▼

▼

▼-1

1.2


42

40

# of

▼-16

Market

-376

Rothschild

+2

-9

Goldman Sachs & Co+1

0

▲ BNP Paribas SA

17

12

13 24

Lazard

21*

25

18 13

Ondra Partners

Morgan Stanley

10

Leonardo & Co

Cairo Financial Investments Co

136*

23

Houlihan Lokey

Citi

4

11

19 19

9

7

▼

▼

13.3

0.9

2.1

▲

Morgan Stanley

1

▼

▼

11

-2

Sh (%) Deals

14

Macquarie Group

5,402.1

4

Barclays

2.5

23

5 11

2012

Rank

3622

29KPMG

32

Greenhill & Co, LLC

Industry Total

Grant Thornton

Jefferies & Co Inc

12 6

17

17 9

BNP Paribas SA

Gleacher & Co Inc 14

13

HSBC Holdings PLC

17,517.0

14

84 ▲

-8.9

6.1

▼

2.5 ▲

5.3

25 7,530.6

31

6.7 6.214,283.244 ▲

▼

11,342.7 -1.5

12,974.0

16,893.5

5.9Ondra Partners 15

Evercore Partners 18

7,014.8

16

18 ▼-1.919

4320

10,665.8

Moelis & Co

3.5 ▲1.5

1.0

2.4

-7.65.0

3.4

3.3

7,185.9

▲

▲

10

13

1

5,117.1

5,392.7

0.82.5 ▲

4

33

▲

36

Share Ch.

Jan 1 – Sep 28

2.0 ▲

-6 ▼

36.5

Market Market2011

Rank

# of

# of Deals Financial Advisor Share Ch.Share Ch.

Citi

3

Lazard

Financial Advisor

Market

28.9

US$m

61,873.0

Rank Value2011

Rank

Barclays 1 3

Morgan Stanley 2 4

2012

Rank

11

11.1


12

23,811.8Nomura

7.9

10 19,176.7

5 40,435.0

41,828.2

52,446.0

5

11

29,141.1

46,160.9

10

-17.0

1.5

42

2.5

▼

52

36

1.9

▲

▼

1.5

+1841

Rothschild

JP Morgan 4 2 19.6

Goldman Sachs & Co 1 21.6

7 0.917.0 0.1 3.8▼22▲

19.0

▼

7.0

▼-6.5

Deutsche Bank 6


-4.528,871.4

32,460.6

-8.3 1.3

67

3

120.3

-7

5

13

7.9

18.9 4.4

▲+7

▲ 5

▲

▼

17.8 28Bank of America Merrill Lynch 6

Deutsche Bank 7

-3.1

Nomura

8 24

1.038,002.5

-4.6

22

7 28,742.7▼

9.0

30 15.0

8

1.1 ▲

25,500.5

-1

+1

UBS 9

▲ 9

13.6 3.1

-16.78 21,525.5

14.7

▼ 13.3

▼ 12.624,084.9

1.7

9

▼ UBS

JP Morgan

18,496.1

28,177.9

▼ 2-15

0.8

9.0 10-11▼

8.2

10.1

0.718

▲

0.8

▼

8.7 0.3

-0.9

▼ 23 0.1

▼+2

-11

▲ 10

0.0

12

-4.0

8.2

3.7

3

9 0.0

11.2

14

10,422.5

+1

19

10

▼

3 0.06.8

12,595.5

12,974.0

4.6

-16

+416

▲

7,631.6

3.7 ▲

7,961.3

4.0

1.3

4.2

▲ 0.0 ▲

31.8

+1

3.8

13

▲ 0.04

3

▲

▲

3.7

0.2

2.8

15

31

2.8

▼

22 149 8 0.0

0.11.7 -3

Industry Total 2,313

1.9

3,653.4 1.9

100.0

0.2

▲23

CIBC World Markets Inc 82

Jefferies & Co Inc

3,664.1

2.7

0.0

5,429.1

5,103.1

PricewaterhouseCoopers 28


24

191,146.9

25

Deals

▼

▼

# ofRank Value

-11.7%

US$m

-13.7%

Market

4

53.012

2011

Rank

Market

Sh (%)

37.0

10 10,187.6

▼

▼

16,872.9

36

-2.5



3

Beltone Investment Banking 3.3

15,524.9

▲

14*

8

6

Societe Generale

14,604.8

-

1,932.4

3.7

20

-

2.3 2

- 1,932.4

3.6

2,136.1

▲

0.1

0.6 -15

1

8

▲

▲

▼

▼0 -

11


Bank of America Merrill Lynch BNP Paribas SA

Perella Weinberg Partners LP Lincoln International


▼

* tie

-5 0.2

Lazard

2,554.0


2

1,499

1.218

▼

6

▲

Deals

1.5

+7

-4

# of Deals

1.1

5

18,095.6

13

4

7

Deutsche Bank

16,979.1

3

6

1

Goldman Sachs & Co

2011

Rank

1Morgan Stanley 24,853.6


1

12.4

1.0

0.8

13

Any German Involvement Completed (AF42)

# of

2331.2

+4

5

1.1

0.8

617

14

-19.5%

1.9

10

▼

-4

▲

Change in


10

1.1

▼

+1 ▲

-1

-7

0.2

+3

-10

-5

# of Deals

-149

6,783.0

EMEA Rankings

0.8

0.6

0.5 -4

2.926.3

1

-30

0.3

▼

6

2

4

▼ 6

8.5

3

4,069.7

3,534.5

▼

▼

18.9+9

9.4

▼

▲

2.6

4.6

0.8

0.2

1.4

1.2

1.411.0

▼1.8

▲

▲

1.5

.8

13.2

4.4

2.5

1.3

▼

▲0.8

▼0.4

1.4

5.6

▼

▼0.5

▲

0.8

0.4

4.2

▼

0.6

0.6

7.5

3.8

8.6

▼

▲1.8

0.8

0.3 ▲

▼34.0

3.3

▲

Sh (%)

25.1 ▼

▲

50.7

▲

▼

Jan 1 – Sep 28

MarketAdvisor

-61.4%

312.2 100.0

2.8 2.7

1.656.1

0.7

8.0

2.4

1.81.9

6.2

0.80.8

2.2

Share Ch.

▲

Market

Imputed Fees (US$m)

0.8 ▲

Fees

▲

▲

-21.1%

▼

▲

▼

▼

0.2

5.8

10.5

4

1,824.0

6,147.0

4,968.1

Market

Sh (%)

0.6

▼

3

2.1

5.9 -5.1

7,888.5

22.6

Any Spanish Inv Announced (AD34)

2012

Rank

2011

Rank

▲

Goldman Sachs & Co

6.1

38

7,820.5

-13.1

26.0

-4

4

2,614.9 ▼

2,524.7

2,342.7

4.87 2,434.6

13

4.9

18 15 2.81,427.6 -7

-7▼

1.4

22.9 5.9

1,264.2

3.6

1.9

0.5

▲ 15

12

14

+8

-

+2

-1

4.3 14.31,301.5 ▲

▲

▼

▼

▼

Barclays

▼

UBS

RBS

▼

▼

11 917.5

4.2

▼

8

22

36

34

1,776.0

▲

0.3

0.32

0.4

▲

0.2

▼6

1

1.3

▼

▼8

-17

1

16

1,824.0

Ernst & Young LLP 14

Banco BTG Pactual SA 15

1,773.2

1,933.2

-

Credit Suisse 17

BNP Paribas SA

10

11

12

RBS

13Rothschild

Morgan Stanley

25

6

14

9

8

JP Morgan

Societe Generale

UBS

Deutsche Bank

16

5

7

Fees

Market

Sh (%)

4

8

5,214.9 10.2

4,435.7

Share Ch.



Market

Financial Advisor Deals

Market

Sh (%)

Change in

US$m Share Ch.

2011

Rank


# of Deals

Rank Value

1

6

1

11

Goldman Sachs & Co

Barclays

2 5

Financial Advisor

2,730.4

2,895.6

2

3

3,791.3 7.4

Santander

28,989.9

11.35,787.5

23,794.1

-4.0

18.8

Credit Agricole CIB

Jan 1 – Sep 28

# of

▼ 0.8

Deals

-3Citi

4,122.8

3.8

0.3

4

3

14

▼8.1 0.7

-32

-5

0.3

4

▼

0.86

-4

2

1

10

0.1

2

1 KPMG

▲

▼

▼

16,606.8

9

▼

+1

0.1

0.1

1.9

19

2

US$m

5

9.6

6,424.2Barclays

JP Morgan 8

10.3

14.7

13,783.9

810

10

7

7

+2

+70.7

-100.5

0.5

▼

2

6 12

8.2

8.1

0.1

▼ 1.0 -3

▼

Societe Generale

▲

7.4▼

11

0.8 -4

▲

15

▲

▲

0.6

0.12

5.7

5.2

9 -1

6.7

▲4.34.3 0

4.94.9

3.1 -24▼-1.6

17

0.3

-3

▼

11.3

67

59

4.3

-15.5

-10.3

▲ 99.4

7

100.0

167.0% ▲

▼-1

1.7 ▼

-6.0%

-362

▼

-24.9%

▲

+1 ▲

100.0

0.11.0

1,195

▼

0.1

60.7%

0.2

0.10

0.43.1

-

3.2

0.3

▼-1

1.0 ▲

▲1.3

0.6 ▲

▲

0.1 ▲

▼

▲0.4

1.3

0.1

▼2.5

0.4

▲2.7

▲

0.8

▲

4.5

0.1

▼

▼ 0.433

101.0

1.6

1,384.4 1.7

▼

Morgan Stanley

▲

-2

▼

Macquarie Group

-6

▼

▲

0

▼

Ernst & Young LLP

0.4

-1

+7

▲

▼

UBS

-4

0.1

360 Corporate

Mediobanca

21

22*

13

17

Banco BTG Pactual SA

HSBC Holdings PLC

Leigh Fisher Associates 18

Societe Generale

▼

10

10

.6▼

▼


Santander 2,686.7-10

50.7

4

0.8

0.5

▼

▼

-2

-2

Market

6

-87 1.0

0.3

1

2

14

Change in

Jan 1 – Sep 28

▼

Sh (%)

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

Any Spanish Involvement Completed (AF41)

Imputed Fees (US$m)

6.1

Share Ch.US$m

▲+1 4

Market

# of Deals

5

-14.9

▼

▲

▲27.0

-5.5

56.6

8.7

46.5

88

▲

▼

1

Leonardo & Co 21

25


UniCredit

1,339.1

▲

-Gleacher & Co Inc

83,256.1

181824

Industry Total

23

19

4.9

1.91,594.4

2,253.3

1,885.81,885.8 2.352Greenhill & Co, LLC

4

1,922.5 2.3

13

22

BNP Paribas SA

23UniCredit

-8.0

0.2

5 -1

6

0.2

3

23*

▼

-379-379

1

+2

-3

-5

▲

-2.7 ▼

-23.2%

▲2.2

32

84* 2

62,239.2

1,339.1

3

1▲

1,258.7

2,263.8

▼

0.6

▼

0

3

1


19

20Nomura

HSBC Holdings PLC

4

-

55

82*

11Ernst & Young LLP 16

15

TAP Advisors LLC 18

Bank of America Merrill Lynch -10.38

Nordea

RBC Capital Markets

Barclays

14 66

13

12

-6.6

9Lazard 11

6.4

7,259.0 -8.0

5,298.3

8.7

▼4,702.0 -18.0 ▼

1.07

0

▼ 3.2Bank of America Merrill Lynch

0.1

0.2

▼

▼

0.0

0.3

▼

Market

-67.0%

30,075.3

Rank Value

▼

Market

-12.9% ▼

Market

23

Jan 1 – Sep 28

Share Ch.

▼

▼

Sh (%)

▲

▲

36.0

Financial Advisor

Rothschild

▼

32.2

Sh (%)

10

16

1.7

▼

10.0 26

0.7-1.4

▲

8Macquarie Group

Rothschild 3 6

Goldman Sachs & Co 4 3

5

Credit Suisse

Citi 6

11.3

22,553.7

JP Morgan 5

UBS 7

9 -15.5

12,703.3

15 11,038.5

7

13.3

-1.615.3

7.6

10

11.3

2 12

9,373.182* ▲

-

8,178.8 9.8

7,861.7 5,094.29.4

▼

13

Credit Suisse

10

9.4

-18.0 0.5

▲ 0.3

▲ 0.1

▼

2011

Rank

Citi

Deutsche Bank

2012

Rank

Market

0.1

-5

+1

2012

Rank


▲

▼

▲1.0

0.6

▲

Change in

-209

2 -30.3

# of Market

▼

-14.2%

Industry Total 100.051,228.7

-22.3%

730

Lazard 23 1.3

Banco Espirito Santo SA 25

9

24

296.033

▼

▼1.2

1.0

-13.4

9

-8

Ambers & Co

-14

2Rothschild


▼

▼

-2

1.1

-5

8

JP Morgan

Lazard

-2

3

49 5,009.2

4,573.1

5,965.6

20

23*

1,045.6

-

21

1.6


0.5

23* 4,194.3

4

27

36

1 29,941.5

16,481.5 19.8

22.5

Any German Inv Announced (AD35)


23,143.6

3.1

8.5

27.8

27.1

10

Financial Advisor


1.6

2

-76.3%

Rank Value

US$m

1

▼

18

669.2

1,264.2


Leigh Fisher Associates 2.5

-27.2% ▼

500.061*

-4.4

1,301.5

-0.2

19PricewaterhouseCoopers 22

Jefferies & Co Inc

BBVA

828.6

1,484.3

-12.0

-0.3

3.6

3.5

-9.3

▼

4.6

2.0

-7.4

-15.5

▲

5.1

▼

▼

2.9

3.3

-7.8

▼

▼

8

11.5

Market

Sh (%)

Advisor

▼

0.9

-0.6 0.0

0.4

2.4

▼

3.0

3.7

5.5

▲0.7

▼

2.1

3.9

16

Rank Value

57*


3,399.6

Industry Total

15

BBVA

6,306.5

1,978.6

2.2

3.1

3.0

0.925

22* 906.8

-13.0

2,041.9

1,933.2

17

11

-

35

7▲

1,763.4

282.2

-5.5

3.1

2,524.7

3,495.3

2

26.7

1

5

9

22.2

-17.1

▲

0.9

3.0 ▲

▼

7.9

4.1

▲

100.0

▲

27.3 8.2

29.1 ▼

▲

7.0

▼

Share Ch.

10.3 ▲

Deals

39.9

-1.0

▼

Sh (%)

1

▲

19,431.8

-4.1

4,327.2

6.8

▲

▼

9,168.8

-5.7

▼

6.5

9

4,045.0 -20.8

4,069.7

3,672.1

6.5

6.5

▲

0.1

0.1

0.3

12.2

5.9

4.1 4.0

5.8

1.7

+1

1

▲

-5

2

4

0.8

▲

6

17.1

-1

4

0.3

▲ 1.6

1.2 -714

0.2

-10 ▼

15.8

1.5

0.4

0

4.540.8

1.8▲

3.4

13.1

0.2

.3

29.0

899.0

▼

+1

▼

▼

▼

▲

-

1.0

3.5 0.4

1.9

-

▼

0.2

-

+1

0.3 0

0.4

▲

1.2

▼

-1

1.0

-0

7.7

2.6

0.3

-

▼

▲

0.2

▼

1.3

▼

▲

▼

0.3

5

16.5

▼

-12.8

7

9

13

16

-5.0

5

-4.7

2

5.7

5.3

▼

6

15-

14


9

▼

▼ -2

-

▲

RBC Capital Markets

RoelfsPartner

22


Industry Total

69

1.2Intesa SanPaolo

Gleacher & Co Inc

16

17

39

0.2

25

Deutsche Bank

Market2012

Rank

22.2

3

15.9

-15

# of

26.2 -5.4 ▼ -14

3

13

-7

▼ 7

23

Citi 6

▼

▲

0.8

-2.7

20.4

6.5▲

2.014▲ 2.3

5

0.64

▼ -57

8.9 1.0

▼

6.6

-5.7

▼

11.6

9.1

11.3

4

-3

-6 ▼

5.4

3.23.4

0.5

8.4

-0.8

▼

0.3

-9.6

-12.8

6.5

2.9

▼

▼

▲0.2

▼

4.7

2.0

13.3

8.9

1.0 18.7

▼

▼

▲

2.1

12.0

3.5

0.6 -4

+1

-1

4.3

-4

4.4

-19

▼

13.8

▲

0.4

▼

0.4

0.1

6.0

7.8

3.6 ▲

▲

1.7

2.5

▲5.9 21,773.2

6.2

5.5 ▲

4

6.4

6.1

19 -

-6

1.1

6.8

-31.9

21.0

0.6

▼

20 924.66HSBC Holdings PLC 20 -19.5

2.5

2.5

1

▲

30

Mediobanca 21 942.8 1.828

-4.7

0.4

14

0.3

24 57*- GBS Finanzas SA 1.0313.5

3.0906.8-

1

29.5

▲

▼

▼

Sh (%)

72.3▼

15.9


▼

-15.9

▲

▼

0 2▲

▲

-13.1

10 0

-18

-4

-2

7

Market

-8

0.8

3 0

+4

▼

16

9 -4

▼

-4

0.6

0.8

0.1

67.6

12.0

-1

1.2

1.3

0.6

0.1

0.3

▲

7.6

5.8 0.55.5▲0.1 18

2,601.1 5

2,554.0 3.1

2.92,400.0


▼

0.3

2.7

2.7

▲

19

+1

2.0

3,583.6

Jefferies & Co Inc

▼

BNP Paribas SA

1

Moelis & Co 84*

1,029.0

1.7

▲

1.6

▲

1.7

1.7

Blackstone Group LP▼

1,029.0

-25▲

18.1%

-6.4%

995.7Aon Benfield

-20.2%


▼ -13.2%

-9.4% ▼

▼▼

-

12


▲

Citi Rothschild

Barclays Goldman Sachs & Co

Rabobank NV 3,474.5

0.4

+4

18

Nordea 3,869.0

4,529.5

6.8

7.4

Evercore Partners 15

16

+7

0.8

2

12.5

7.4

12.4

+1

-5

Sh (%)

▲

+2

-5

-4

1.0

+2

Lazard

16 1.3

+2

0.2

14

+3

3,819.4

1.3

0.5

▲14.0

8.0

+3

-60.4

0.6

1.1

▲ 2.3

-5.3

▲

▼

▼

▼

4

0.5

-4

0.3

0.6

6

7

7

▲

0.8

Barclays

ABG Sundal Collier 13

8

6

-20.9

9

1.1

10

▲

▼

11

SEB Enskilda

Industry Total

-36.1%▼

-18.5%

-37.0%-36.3%

▼

▼ -17.7% -15.3%


▼

-18.5%

▼

▼Industry % Change from Last Quarter ▼


▼ -31.3%

56,545.9 100.0857.3-2211,224

▼

▼

2,530.7 18-1.4

▼3

-9▼ ▼ 2.8

Lenner & Partners+1

0.3

-2

0.8

1.1

0.1 +1

▲

▲

+2

1.5

7.1

9.5

▲

▲ KPMG

▼RBS ▼

▲- 3,228.2

25

-2.524

14 4.5

20*

10

23 1

5.2

▼

5.7

2,921.0 0.2

▲

3,474.5+1

0.1 -1

7.2 -

7.2

▲ Mitsubishi UFJ Financial Group

0.1

28Arctic Securities ASA

0.1

+1 6.1▲ 20*

▲

97*▲

0.43.4

2.2

0.16.1 0.32.2

▲4.3

6.1

0.11

0.5

+1

5

▲

▼

+10.2

3,599.0 6.4▲

20*

▲

▲

0.1 6

0

▲+10

- 6.1Scotiabank 3,474.5

6.8

-

+1 19

▲

-0.0▼126 3.1▼

▲

▲

27.6

1

0.1 -1 ▼

-2

-5 ▼

▲

12.2

▲

▲2.6

1.4 ▲

3.28.0

7.4

3,843.5

5

3,835.1

Handelsbanken Capital Markets

Carnegie

7.9

▲

▼

4

27 4,167.6

23 ▲

8.8 14 ▲48

7.74.0 4,378.2

▼

-3

5.1

Citi

7.08.14,596.4

5,102.1

41

12 9.0

4.7

▼-2

9 0.5 ▲

0.7

10▲

▲

▲ 27

3.1

0.67

▲

5▼

11.8

▲

12.7 -4.0

3

10

7,163.1

▼

7,069.5

13.1

12.5

▲

1.0

2.2

+6 JP Morgan▲

97*

16.6


-8

-4

-5

▲

7 0.6

▼

0.7

+5

Market

▲

Share Ch. FeesDeals

AdvisorChange in

9 +3

Sh (%)

-1036.3

9,422.5

11

+4

-2 ▼

-13

17 Societe Generale

Credit Suisse

Goldman Sachs & Co

3.4

▲

3.2

Advisor

Fees

11

-9

0.2

0.2

-

6

▼

Rothschild

1

96,856.4 12.1

1,174.2

1,217.2

Lazard 3

2.08

11,998.0

# of

1

3 9,520.6

2 11,162.8

4

Deals

737.1 ▲

10,246.1

▼

▼

1.1

37.3 -23.0

Any Italian Involvement Completed (AF43)

▲

1.8

8▼

6

▲

27.9

▲

36.1

1428.1

18

2.0

7

11.8 ▼

13

1

▼

-0.4

-17.4

2.6

▼-21.5

-9

▼

▼3.3

-4 ▼

1.8

4.6

3.6

MarketMarket



EMEA Rankings

MarketMarket


▼-17

2

2.4

6

0

12

▼

▼

▲

▼1.2 -1

4.1 ▲ Mediobanca

▼

-0.4

4

20

11

9

▼0.8

1.26

Morgan Stanley

4.0

▼

▼

-9

▲

▲

▼

-2

-42.0

+7-2.4

-31.6

2.9

3

6

0.2

▼

-3

1.4

+1

+2

0.2▲

3.4

3.2

3.2

-8.6

3.2

0.6

1

35

2.1

▲2.1

2.3

478.0 2.1

478.0

-Industrial & Comm Bank China

Deloitte

24*

▲3.2

2.9

▲

▲

Nomura

Houlihan Lokey



Industry Total

-79.7%

23,202.8

11,225.4

Sh (%)

23.2

Financial Advisor

9,884.2

2.1

Rank Value

▼

-59.9%

0.21

0.2

▼ 2

3.2 ▲ 1

0.4

1.6

0.4

▲

-4

3.6

-13

-9

7

+11

0.6

+1

-1

3.4

▼

2

+33

1.2

▲

6

8

▲


4.916

3,000.0

Citi▲ 18

20

RBS

Barclays

9,205.3

33.8

29.235.99,174.2

43.7

Sh (%) Share Ch.

47.0

Market

-17.7

# of Deals

▲

-19.6 27.9 ▲+2

Sh (%)

4.3

7

▼

▲

-10

▼2.8

▼

1.8

17

-6

20.4

15.8

6.326.0

▲

1.8

0.3

6.7

29.2

▲

1.4

4.2

Sh (%) Share Ch.

3.2

▲

▼

4.9

7.0

+4

▼ 2.3

1.6

▼

+7

-5 0.8

-3 9.69,485.35

15

1613*

12 7,121.9

9,277.7

13

1,515.8

▲

Vitale & Associati SpA

1.2

▼ VTB Capital

22*00.4 -

0.2

17

+1

KPMG

1,174.2

18*Evercore Partners

▲

▲

30

▼

+1

22*

# of Deals

▲

1,231.2

▲

Any Nordic Involvement Completed (AF44)

25

Industry Total

+26

25,536.9 392

Xenon Capital Partners

18*

Macquarie Group


HSBC Holdings PLC

Santander

3,000.0

-4.8

-

-2


Jan 1 – Sep 28

2

1

750.0

12

28.2 16.0

▲1.5

8

11 8,636.2

Financial Advisor

6

-37.5

2.0

-44.5

5.1

750.0-

-

3.2

-

22 27

-

23

21

US$m

Market

Jan 1 – Sep 28

+1

20.4 ▲ 9

-350

▲

▲

3

▲

21*

2.1

-61.9%


▲

* tie

100.0

15.5

16.8

Any Nordic Involvement Announced (AD37)

▼

2

▲

13

▼

6

▲

7.2

24

▲

7.2

25

7.2

▲

# of

6

0.6

Deals

Market

Share Ch.

Market

1.2

3

0.4-3.3

502

1

Change in

-11.1%

▼

-188

Santander

Macquarie Group

HSBC Holdings PLC

KPMG

643.1

▲

13

18*

17

Xenon Capital Partners

Vitale & Associati SpA

24*

52*

-

534.0

682.5

1.32.8

2.9

UniCredit 4 793.3

18*

778.3

18*VTB Capital 750.0

750.0

16

5.3

5.3

974.62215 4.2

5.1

5.6

9

2

1,290.2

5.8

13*

23

5

5.1

11Credit Suisse


1,233.2

13* 1,174.2

1,346.3

Societe Generale

Evercore Partners

12

5,775.4 24.9

Deutsche Bank

Leonardo & Co 1,319.6

810

16

18

8

15

Morgan Stanley 4

5.7

6.4

5,429.5

1,480.5

2,737.3

7

25*

3 ▼6 11.8Intesa SanPaolo

13.3

-35.4

2.45Lazard

Mediobanca

3,075.9

12

20

Rothschild 3 17

2

1

2011

Rank

2012



6,535.8

US$m

-4.5

▲

▼

23.4

▲

▲

14.4

18.3

1,174.2

5.95

36.9

4.6

Deutsche Bank

13*

2

1

16

778.3

750.0

750.0

2.7

4.2

▲

▲

2.9

▲

4.4

▼

10

9,363.3

1.9

3.1

7

1


40.1

36.7

4.8

1

+1

0.3

+2

20

2

1,622

4

11▲

9

3

▲

▲

▲

0.6

0.4

6

▼

0.4

0.4

▲ 31

▼

6

UBS

▼

+1

▲

0.2

14.0

Morgan Stanley

7,911.9

5

Credit Suisse

11

19.611,066.5

Financial Advisor

20.111,352.4

2012

Rank

▲

▲

5.3

▼

▼11.8

-3.6

-9.0

4.6

22*

1,174.2

18*

2.9

4.6

23

2.9

4.6

2.9

21

15

10

BNP Paribas SA

1,247.1

-9

9

Change in

2.6

0.2

0.9

8

-4

0

1.2 17

25.514,432.6

14.0

▲

4

▼

▼


3

▼

7

-5

-

▼

0.4

▼

0.3

▲

0.3

0.8

▲

0.6

0.1

▼

▲

1.4

3.8

1.0

0.6

-0.0

▲

▲

▼

▲

0.3

▼

▲0.3

0.5

▼

▲

▲

▲0.7

9.6 1.1

26.6

22.1 1.2

▲

2.4

▼

▲

▲

0.1

0.3

0.7

Rank Value

▲

▼

0.3

0.3

5

7

2

682.5

Imputed Fees (US$m)

▲

▲

▲

19

-

1.3

0.6

Deutsche Bank

▲

2

20

-

56*

3.7

2.9

9

▲

2.9

31.3

21

2.9

-

46.3%

7,930.3

9,381.9

16

Sh (%)

6.1

-9.6

2.3

1

7,391.7

6,997.9

▲

1,362.8

0.2 ▲2.2

▼-0.3

1.1

▼

0.0

2.3

-

1.3

0.9

▲

▼

▲

1.4

▲

▲

▼

▲

▼

▼

0.2

1.6

4.1

▼3.6

▲

6.8

0.3

Market

0.9

1.45.8

1.0

Change in

7.4

▲

3.0

3.6

6.2

19.2

12.4

1.3

20.1 1.1

21.4

0.9

14.9

4.8

1.5

1.5

4.6

0.25.1

3.0

0.8

0.0

4.2

0.3

2.1

0.9

0.3

▼

2.8

3.3

1.0

4.8

5.7

3.5

49.2

20.7

15.9 1.9

3.9

9.5

30.9

3.5

20.0

30.0

30.2

100.0

0.3

0.5

1.0

Market

▲

Share Ch.

▲

28.4

33.5

-2

0.5

0.3

-2

+1

1.0

2.0

0

-12

-7

▼

▼

12.3

-

6.2

Imputed Fees (US$m)

▼

3.8

Jan 1 – Sep 28

7

Leonardo & Co

-9

▼

▲


-

6

2011

Rank

-3

25

HSBC Holdings PLC

UniCredit

US$m

0.2

+4

Any Italian Involvement Announced (AD36)

# of Rank Value

Goldman Sachs & Co ▼6,666.8

Rank Value

Share Ch. Deals # of Deals

2012

Rank

Jan 1 – Sep 28

US$m

Market

28.7

Sh (%)

2011

Rank

1.8

Market

Sh (%)

▼

Market

18

21

6

2.2

Intesa SanPaolo-11.6 +6

▼

0.3

-51.7 ▼

▲ 10

12

4

8-28.8

-12.9

0.4

1.8

▼

1.6

2.1

▼

▼

0.5

3.1

▼

▲ 2

1

▲

-1

▲

0.3

▲

+1 3.8

1.0

0.3

0.5

1

1

▼

1.4 0.3

▼

1.4

▲

+1 1.4

0.2

+1

-3

1

0.3

0.3

▲

▲

0.3 +1

▲

-34.7%

100.0


2.7

100.0

+11.2

1.915.9

-

96*

3,474.5

7.2

0.36.1

5.7

1

▲

40.8

-46.0%

-179

▼

▼

▼

415.3

0.11

-4.1%

-27.2%

▼

▼ -31.3%Industry % Change from Same Period Last Year

▲

48,444.5

Erneholm & Haskel AB

100.0

2.8

3.236

22

1,526.7

Nomura

Scotiabank

Rabobank NV 21*

Mitsubishi UFJ Financial Group

3,474.5-

3,474.5

20 3,516.8

18

15

-

23

21*

17

20

18

Credit Suisse

14

Perella Weinberg Partners LP 19

Macquarie Group

Lazard

Arctic Securities ASA


Handelsbanken Capital Markets 16

3,534.5

66

7.315

7.3

3,705.7 7.7

4.8

27 9.2 7.1

4,578.5

-8.84,275.8

11 33 5,245.3

13

1

7.9

16

4,466.2

14.5

5

ABG Sundal Collier

Citi 12

10

Morgan Stanley

9.4

10 6,670.2

4

9.5

-4.9

13.8 7.9

▼13.8

10.8

-22.2

▲

9.8

9 7,330.0

14 14.7

-7.915.1

7,136.5

6

3

2

2012

Rank

2

4

85

19

2011

Rank

SEB Enskilda

9

6

Goldman Sachs & Co

6,697.4

7,321.3

7,017.3

3

UBS

1

8

HSBC Holdings PLC

Nordea

5

Rothschild

Deutsche Bank

7

JP Morgan

3

4.1

20

2

14

7.8 5.0

2.5

7.3

7.6

3,798.0

19

Industry Total

Carnegie

-2.0

8.8

▼

16.8 ▲

0

▲

16.5

4

Market

-1.1%

▼-65.9% ▼

# of Deals

Market

36.2

# of

1

8,148.3

15.1

7,519.4

Sh (%)

-3


13


Rothschild UBS

43.2% ▲▼

1

HSBC Holdings PLC

Banco Espirito Santo SA

23 2.5

22

5

1

15.1

10,120.9

▼

3.7 2

▼

▲19

- 2.0

78* 5.0

▲

3.463* ▲

▼

-20.1

-16.0

-5.7

14,619.7

▼

10,414.1

4.9

12

5,072.5

16.5

9 18,470.4

13.3

412

12,856.0

11

14

# of

29.7

4

29.0

2

2011

Rank

28.1

1 25.5

1.2

0 ▲1.0

▼

+1

▼

-

4.4

▼

6.2

4.7

-7

-3

2.3

1.6

▼

11.6

▲

2.0

-881

Cairo Financial Investments Co0.1 +1 ▲

0.3

-40.4%

-26.6%

1,932.4

▼▼

28,018.4

-10.9%▼


▼

+1

862

1

44.0%▲

-

100.0

▲

▼

▼

▼-26.2% -24.9%▼

0.1

-583

0.0

1.4

3.8

1,131.5

8.7

▲

0.1.9

+2 ▲

▲0.1 0.1

0.2 ▼

+1 ▲

6

2,409.9 -2.7

0.73.2

0.1

2.824

2.01,932.4

-3.8 +3

0.1

-33+3

24*+1

▲

▲

22

▲

10

-2.8 0.2

▲

0.8 ▲ 20

-1

+6

▼ 0.01.1 0.1

-

Greenhill & Co, LLC

-0.4

1.9

▲

▼

0.6

0.3

0.0

21

+1

3

0.1

+2 ▲

-1

8.5

0.0▲ .2

▲

7.2 0.6

0.0

▼

5.4

5.1

20.9

+5

+3

1

0.5

0

1.515

1.8-

13 2.7▲▼

0.1

14 1.6 -21-5.0

20.9

1

17

▼-16.6

0.1

Deals

0

53.9

Fees

14 +5

1.6

1.7

1.4

26 29,948.1

1.3

24,674.1

# of Deals

▲

▼ 11

▲

# of Deals

2

▼

Sh (%)


3

2012

Rank

11 1.6

Sh (%)

▲31.0

Share Ch. Share Ch.

▲ 4.277,079.7

MarketMarket AdvisorChange in

US$m

10 Barclays

Market

Sh (%)

# of


2011


Market Change in Market MarketRank Value

Deals

34.9 +6

Rank Value

US$m

48.4

Sh (%)


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

1.9

15-4.8

▲

14-21.7

▼-8.8

-

47.5

53.0

1.6

Jan 1 – Sep 28

▲

4.7▼

0.5

1.2

2.0

3 KPMG

-1.8% Industry % Change from Last Quarter


* tie


40.3%

50.3

1.0

▼

1.213.6

38.2

Market

Deutsche Bank

4 8.6

Share Ch.

46,061.7

30.3

Goldman Sachs & Co

Lazard

2

4

26.65 42,317.1

28.9

41,169.3

5

66

25.5

25.9

▲

60,884.4

Morgan Stanley 3


Any Benelux Inv Announced (AD40)

2012

Rank

Barclays

1

48,241.6 14

▲

▲

-9.6

▲

2

▲

▲


11.4

2.5

25

Rothschild

-3

2.1

▼ 8

2.3

2.2

25

▼

7.7

▲

0.29.8

24

22

6.1

23

13

+1

▲1.2 +1

▼

▲+5

2.0

0.7

10

▼

+5

-11 JP Morgan


-7

▲15,541.4▲ 16.159*

Deutsche Bank

15.9

15,912.1

-7.7

▼

▼

4,947.8

▼

-18.3

2.0

5.3

3.6

-19.3

10.8

-9.4


96,689.7

16*13Ondra Partners

China Construction Bank

-

87Sberbank

▼1.2

Industry Total

Societe Generale

3,515.9

Beltone Investment Banking

3,550.9 3.6

31.0

ING

24*

17 5,200.0

16

15Credit Suisse

10,451.1

+1

▲


18

▼

+2

+1

▲

▲+3

+3

-16

+3

1,091

0.4

0.1

▼

-5

▲

9

4

▼

▼

▼

1

▲

6

▲

0.11

▲

1.2

1.9

1

3,049.8

▲

-21.5%

▲

10.5

3.0

100.0

Citi

3,068.7


9

Quarterly EMEA Cross Border Volume

1.5

▲

▲59.5

27.4

70.4

▲

Imputed Fees (US$m)

37.7

1.7

2.2

3.3 0.2

2.0


5.3

▼

0.0

1.6

▼

-9

▲2.8

2.0

-9

▲0.422.5

▼

1.7

-

0.8

▲

1.3

-

0.3

53.4 3.6

▲

0

33.1▲

0.8

+1

0.8

▲46.1

▼

0.7-

2.4 ▼

▲

Market

2.2196.2

1.0

0.5

▲

0.9

16

4

-29.2▲

-419.6

24,266.3

20.9

▲

5

-3

-12

14

20,240.8

25.1

▲20,197.0

4.1

4.818,969.1 ▼

▼

▼

Morgan Stanley

6

12

▼

9

▲

8

Lazard

28,673.5

BNP Paribas SA

1.619.1

7

3

6

-3

Goldman Sachs & Co

+12

Sh (%)Financial Advisor

EMEA Rankings

2.3

Nomura▼

0.2

▲

▲

49*

7 14

8

14

2.92

▲ 33.6-7

2.0

▲

10.8

20

5

1.4

▲

1.3

1.4

▼

1

▼

▲

▲

0.7

0.6

1.8

1.4

7

0.1

15

7

20

0.6

▼

Citi

8.1

1.3

19

16

Sberbank

-5.5

8.1

2.5

18

13

Ondra Partners

4,262.4

3

2.6

RBS

17ING

9

7

12

Nomura 11 28

BNP Paribas SA

8 28,027.0

2

10

11

JP Morgan

7

15

22

9


+2

8

▲

-7.4 15

-0.2

14▼

14

15 12 11,235.9

23

8

-

7.1

8.7

23

-

-

22 16

-

100.0

Credit Suisse

159,226.6

1,932.4Beltone Investment Banking

Cairo Financial Investments Co 24*

Industry Total

24*

1,932.4

HSBC Holdings PLC

8.3

26

Societe Generale 1820

Scotiabank 21

UBS

46Jefferies & Co Inc

2.0

-20.5

17.6

2.23,437.5

13,777.3

13,281.7

4,839.9

4,097.1

20,500.3

3,160.9

9.712.6

9.6

2.7

3.0

15,295.2

12,856.0

20,003.4

3,164.9

-9.2

1.2

1.2

7.5

15

6,247.3

1.8

12.9

3.9

40,584.8

EMEA Inv. Announced M&A Target Sector by Value ($bil) Jan 1 - Sep 28 2012

76

10

$101.6

$97.3

$91.0

$90.5 $72.1

$63.2

$42.4

$42.1

$40.6

$35.4 $24.2 $23.1

$0.2

Financials Materials Energy and Power

Industrials Consumer Staples Real Estate

Telecommunications Retail Healthcare

High Technology Media and Entertainment Consumer Products and Services


`

0

500

1,000

1,500

2,000

2,500

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

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 2 3

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

# o

f D

ea

ls

Ra

nk V

alu

e (

US

$b

)

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

14


3* 30.1 3

In the first nine months of 2012, M&A activity with Asian involvement increased 6.8%, to US$342.3 billion from the

US$320.5 billion recorded during the same period last year. Companies in the Energy & Power sector were the most

sought after, accruing US$58.8 billion in activity from 456 deals. The Materials sector reached US$51.5 billion in value,

and activity in the Financials sector amounted to US$40.7 billion from 737 deals.

Estimated buy-side and sell-side banking fees earned in the region totaled US$1.7 billion, a 31.1% decrease from totals

recorded in the comparable period last year, according to Thomson Reuters/Freeman Consulting. Citi, the top earner,

accumulated US$78.3 million in fees, a 4.6% wallet share. Goldman Sachs & Co placed second, grossing US$72.8

million. UBS was at third with US$67.7 million.

China outbound activity in the third quarter of 2012 increased by 34% compared to the same period last year, reaching

US$44.5 billion and the highest volume recorded since 2008. China cross border activity for the first nine months of

2012 reached US$62.4 billion, falling just short of the US$64.4 billion reached during the first nine months of 2011.

Australian M&A activity amounted to US$63.8 billion, a 57.5% decline from the US$150.2 billion grossed throughout the

first nine months of 2011. Australia cross border activity totaled US$33.2 billion, down 57.9% from the same period last

year and the lowest volume since 2004. Foreign companies invested US$10.1 billion in the Australian Materials sector,

representing 34.4% of inbound volume.

Pending Netherlands / Singapore

Credit Suisse

High Technology

Citi

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

25.5

40.9

5

Jan 1 - Sep 28 2012

3,774.5

37.7

439

9

1 40.1

44.8 8

9

998

2

780 8,479.9 1

22.3

6

4,895.6

16,783.4 1

13,425.8

Asia Pacific Breweries Ltd (39.7%)Bank Danamon Tbk PT (67.4%)

Canada / Canada 5,865.57,100.0

Fraser & Neave Ltd (69.6%)Alibaba Group Holding Ltd

10,377.0

9.4

28.7

Goldman Sachs & Co


Citi

29,435.3

Financials / Banks

3Consumer Staples 32,849.8

Goldman Sachs & Co

Telecommunications / Wireless

2JP Morgan

6,555.2

India / India

South Korea / South Korea

Sterlite Industries(India)Ltd (100%)

Samsung Display Co Ltd (15.22%) Samsung SDI Co Ltd

Asia Pacific (ex-Japan) Deals Intelligence

China Cross Border Announced M&A

4/2/2012

7/2/2012

2/25/20124/27/2012

Pending

7/20/2012

7/2/2012

Heineken International BV

Pending9/18/2012

6/28/2012 Pending

9/13/2012

Pending

Pending

TCC Assets Ltd


Alibaba Group Holding Ltd (20%)

4,970.5Progress Energy Resources Corp (100%) Energy and Power / Oil & Gas

4,373.9

China / China

DBS Group Holdings Ltd Singapore / Indonesia

Consumer Products and Services / Professional Services

Pending CNOOC Canada Holding Ltd Canada / Canada 17,665.6

Petronas Carigali Canada Ltd

8/22/2012

British Virgin / SingaporeNexen Inc (100%)

9,219.35/20/2012


10Morgan Stanley

China Telecom Corp Ltd 18,047.3


China / China

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

Acquiror

3

25.6

China Telecom Corp-3G Assets (100%)

Target (% Sought/Acquired) Target Macro / Mid IndustryRank Value (US$m)

10,396.5

5

Credit Suisse

51.1

61

Jan 1 - Sep 28 2012

28

19.8

Asian Completed M&A by Region - Imputed Fees

5,831.1

28.8

2

30.1

11

7

12.0

737

49.56

51,540.5

17,665.6 22,124.7 Goldman Sachs & Co

RBC Capital Markets

23,531.1 Energy and Power

BMO Capital Markets

17,665.6

456 No. DealsRank Val US$m

58,751.2 Share

Mkt.

Rank

Materials / Metals & MiningSesa Goa Ltd 3,910.8

2

Materials

3*

16,159.5 Citi

UBS


40,682.2 Financials34,829.0 Morgan Stanley2

1

High Technology / Semiconductors

Rank Date Date Effective

7/23/2012Consumer Staples / Food and Beverage

Samsung Mobile Display Co Ltd (100%)3,770.4

South Korea / South Korea High Technology / ElectronicsSamsung Display Co Ltd7/3/2012


Asian M&A Recovers I Fees Earned Drop 31% I Australian M&A Plummets 58%

11,669.9


Asia Pacific (ex-Japan) M&A

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

$50

2Q

07

3Q

07

4Q

07

1Q

08

2Q

08

3Q

08

4Q

08

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

% O

utb

ou

nd

Ra

nk V

alu

e (

US

$b

)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

$0.0

$0.1

$0.1

$0.2

$0.2

$0.3

$0.3

$0.4

$0.4

$0.5

$0.5

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

Imp

ute

d F

ee

s (

US

$b

)

North Asia South Asia Southeast Asia Australasia

15


Bank of America Merrill Lynch Bank of America Merrill Lynch

Deutsche Bank JP Morgan

Credit Suisse

15,020.9

Sh (%)

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

Asia (ex-Japan) Rankings

▼6.8% -18.7%

Jan 1 – Sep 28

11.8

Rank Value

7,749.5

Market

31

Change in

6.44,151.9

8,277.4Gresham Partners 12.7

8.8

2011

Rank

Macquarie Group


10.7 0.3

Financial Advisor

▲

342,261.0

20.5%


Industry Total


▲

-7

▲

6

Macquarie Group 10,213.31 10

1.7

694.9

36*

3

BNP Paribas SA 22

Morgan Stanley

▼

1.8

1.8

1,054.7

1

2 20

15

2.5

12 +3

7

1

6

3

0.3

-3.8

1,365.5

13.2

7.1

5,777.3

4,636.5

1,871.6

1,840.4

4,411.3

6.8

▲

6.2

1.8

▲

▲

▼

0.3

-4.8

▼

23 -4▲ 2.3

6

11

25

0.88

1.1

▼

Fees# of Deals Sh (%)

Imputed Fees (US$m)

Deals

Market

Sh (%)

# of Change in 2012

Rank

2011

Rank

Rank Value


Advisor

▼


-8.8%

Share Ch.US$m Financial Advisor US$m


2012

Rank

MarketMarket

Jan 1 – Sep 28

-25.3%▼

Any Australian Involvement Completed (AF31)

▼

▼

4,305.6

4.9

-4

▼

▼ 7.8

▼

70.12.5

-17

▼

Market

Share Ch.

83.8

▼7.4

▲1.49.3

Market

44.2

▼0.3 -0-7 ▼ 5.5▲1.5 ▼

-16.7% ▼

0.6▲

0.2

24 ▲ 6

▼-31.1%

▲Houlihan Lokey

-825

0.22.0 +2

72.0

1.2-

25 55 5,332.1 1.6

1

1.0 0.211

1.0

1.4▼ 16.7

24 47* 5,865.5 0.0

▼ Macquarie Group

48

KPMG 23 23

1.7Scotiabank

5,869.9 -0.2

-+1 ▲ 9.9 0.6

0.3

0.0

▼1.0-149-0.50.5 23 ▼2.2-18 4,618.718

0.1 +4 ▲Grant Thornton 22 106 5,884.7 1.7 ▲ 6

0.7

1.3 ▲

2.3

0.54,717.6 2.2 17

27.84,876.5

▲3.2

0.4 ▲▲ 9 0.3 -3

▲+2

1.61.4 ▲

- BBVA▲

Barclays

-

▼

0

1.1

2.4 2.4 0.2 0.22

▲ 5

▲ 0.1

1.1+5 ▲

Somerley Ltd 20 39 7,869.7 2.3

0.0 19.2


2.52.52.4 Societe Generale2.4 ▲

▼ 6,740.3

Allen & Co Inc 8,091.3

18 22

19 -

8,506.4 KPMG

-

▼1.0 0.8 0.10.2▼▲ 28

United Overseas Bank Ltd 17

4.0-17

0.1 ▲

22

+2

3

2.5

0.5

0.5

▲

+30.0

0.2▲ 12 -1 3.2

- 9,277.1 2.7 2.7

21.97,675.6

CITIC▲ 7,317.8 13.0

0.7

▲▲

3.6

3.4 0.9 +11 0.70.817

Moelis & Co 16 45 9,800.9 2.9

▲

410.1 2.7 ▲

14


Malayan Banking Bhd

7,705.4

1.36 ▲

▼ 13.0-11

0.2

0.3

▲1.1

▼

24.9+90.6

+4 ▲

1.6 0.8 0.2

1.5▲

▲ 9

2.9 ▲ 20

Rothschild 15 13 12,328.0 0.4 ▲3.6

0.1 ▲

12 16 8,051.4 3.8 0.3 ▲

3.7 1.5

Barclays 14 21 12,703.9

▲

11 17,270.1

3.7 1.5

DBS Group Holdings

0.3

▲ 25 0.4

+5

CIMB Group Sdn Bhd

▲

0.5 ▼

1.0

-2 ▼0.2 0 - Rothschild

▼ 25.9-0.3 ▼ -5 ▼36 1.0

1.216 0.5

▲ 2 0.1 +2 0.4

20.512 33 17,656.5 5.2

▲3.80.0RBC Capital Markets 11 3.8- 0.4 ▲6.6

10 2.0 ▼

15 17,853.1 2.4 ▲ Allen & Co Inc5.2 ▼

10 4 20,578.3 6.0 -1.3 1.9▼ 32.34 ▼ 0.3

▲ 12 0.4 0.30.3 -5 ▼

▼-180.2

▼

-16

1.5

10,181.8 4.8 -4.8 10

China International Capital Co 8

Deutsche Bank 9 6.56.3 22 12China International Capital Co 96 21,540.6

19 22,186.3

5.5

Deutsche Bank17

▲0.6

7.4

11,659.40.4 -9

▼1.3 ▲ 22 2.7 0.1

▼

0.6 -7 ▼ 46.0

▲0 - 41.0 1.52.416,954.3HSBC Holdings PLC 7

8

0.0

80.3 -7 ▼ 15,889.6

5.8 ▲

27 0.8

0.622

▼▼-1.9 78.3

56.423 ▼▲2.4

-6

▲0.7 -6

4.6 0.6

3.3 0.7

▲-11

BMO Capital Markets 28 23,531.1 6.9

18,881.4

23

6-134 0.5

7.97

30 0.5

8.8

5 19,626.8 9.2

Citi 3

7Credit Suisse 5 7 44,204.9 12.9

-1429 0.82 24,970.90.4 -9

3

▲

7.2 ▲

4

7.2 -4

Morgan Stanley

JP Morgan▼

3.966.8▼▼

614.2 ▲

28

3.2

7.1 ▼-2.1 0.9▼ 11.7

▼▼ 67.7▲ -12 0.1

▼0.61.0 -2 ▼ 72.8 4.3

12.8

32,052.3

0.7 4.02627,310.7 4.7

▼

0.7▲5

7.6

8.3 0.848

1

9.01 2517.637,732.7

+10 ▲ 2Goldman Sachs & Co 15.0 -1.4 36

21.7

Citi 2 3 54,881.8

US$m

Goldman Sachs & Co 1 1 74,291.1

16.0

Financial Advisor

▼

MarketChange in Advisor

▲3.3 0.1

Sh (%)

56.5-9

Share Ch.


Deals Sh (%)

Market

Financial Advisor

Change in

# of Deals

# of

# of Deals FeesSh (%)

2012

Rank

2011

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

Market

US$m

MarketMarket Market # ofRank Value

Share Ch.

2012

Rank

2011

Rank

Rank Value Market


Market

21 40 7,471.0 2.2 10

3.7

▲

3.616

2


Morgan Stanley 3 2 48,605.6

▲ -2

0.8

Credit Suisse

Imputed Fees (US$m)

▲

13.0

JP Morgan 6 8

UBS 4 5 44,433.7

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


ING

HSBC Holdings PLC -25.1

▲

▲

12

143.8

41,343.0 12.1

5.4 2

31

13

11-22 8,091.3

2

58

8.4

1.5

2.8

1,220.4

1,432.1

0.8

1.1

23 1.6

1.1

1.8

-1

65,424.5

1,120.4

1.1

+2

-22

Brookfield Finl RE Grp

-19.1597.2 0.9 ▼

0.1

-3

0-2.3

-

-1.6%


25

▼

23*

5

1,864.2

1

0.1

21

▲

▼

▲

28

3.2

▼

▼

2.7

-

1.8

1.4

2

2

597.2

0.9

1.5

▼

20

21

20

5,391.9

26

-1.4%

214,017.6

4,339.3

38


▲ 49

+12 ▲ UBS47

42

▲

▼

0.8

6.7 ▲

2.2

0.9

-15.5%

20

▼

▼

11.5

16.0 ▼

# of

-1,142

-6.5%

100.0

# of Deals


▲

Deals

▼

Any Australian Involvement Announced (AD24)

2.9

3.4

▼6.3

▼

Sh (%)

▲

8.4

-32.0 12

33

6,244

▲

6.5

▲

▲4.2

▼

18

1.7

1.3

2.2

9.0

Share Ch.

4.3

Market

1.6

▼

Sh (%)

12 1,725.4

2

-22.6

▲1.61,154.0

4

2.0 -10.0

UBS

JP Morgan

1,576.5 ▲

8

14Gresham Partners

BMO Capital Markets

10

13

16

Goldman Sachs & Co

4

8

3

9

6

7

Citi

5

4.0

Aquasia Pty Ltd

Morgan Stanley

Rothschild

Lazard 11

14


10

2,184.3

4,429.4

8.2

5,729.4

5,338.5

5,367.0

2,035.1

▲

▼

-1.2

-8.7

▲1.6

6.9

4,011.2 -1.5

0.9

-6

5,206.1

8.4

7

Market

-24.6

7,329.9

▲

0.3

Macquarie Group-23

-5

▼

Lazard

+5

▼-1

0

China Construction Bank

0.3

0.2

5,092.9

▼

2

22AMMB Holdings Bhd

Industry Total

Moelis & Co

7,851.011

18

24

16

19

17

7,826.3

13

15

1.9

-

1.4

▲

▲

▲

▼

0.8

2.1

▲

3.2

21.3

0.6

36.8

▲

▲

▼

0.5

1

10

▲

-3

1.7

▲

4.5

2.4

▲

▲1.0

1.9

▼

4.2

▲

▲

-

+1

18.6 2.1

▼

0.1

▲

1.6

+4

1.0

3.0

1

0.4

▼

0.4

▼Industry % Change from Last Quarter

+5

▲+4

1.3

1.4

-6

▲

14.7

▲

3.2

3.1

2.6

27.4

1.437.3

23.4

0.7

5 0.5

1.3 ▲+1

6

7

4.1

▲

-57.5%

▼

▼

0.3

1.7

-30.5%

▲

40.0

-1

13

-60.6

▼

▼

-40.4%

24

25

-54.4%Industry % Change from Same Period Last Year

896.8

▲ 3.5 ▲1.5

▲

▲+1

100.0

+11

8.0%-24.2%

968.0

-55.5%

Jefferies & Co Inc 1.5

▼


RBC Capital Markets

Citi▲

6.3

8

BMO Capital Markets

Aquasia Pty Ltd

3

21

7

179

11

48

10

7

13

▼

0

▼

-11 Deutsche Bank

11

-

Grant Samuel-1

5

37.8 6.3

Credit Suisse

6

Goldman Sachs & Co

UBS

12

1 24,714.2

1.9

16.0

2

4

191 -18.5

23.0

25.5

10,469.7

-84 ▲

7 0.7

▲ 8 0.86.3

▼ -6 ▼ 28.2

▼

▼

16,673.4

1,697.5

8,651.214 -21

+1

-1

3 0.2

+6

12

1.0

▲

6

0.5 ▼

0.9

7

0.7

0.1

9

1

0.6

▲

Industry Total

-5.7 ▼

-13.8

0.3

0.4

0.1

0.5

0.4

▼

▼

0

-10.6%

7

989

-40.7

0.1

2

▼

-117

16

6.7

12

14

-4

20Bank of America Merrill Lynch

4,108.2

4.22,739.7

▲

▼

Barclays 23*

Haywood Securities Ltd.

Record Point

4

Evercore Partners

-7.8

29

593.5

Ernst & Young LLP

21

Evercore Partners

-0.5

0.9 ▲ ▼

677.4

3

-

17

0.1

+2 ▲

18

10

0

-3

0.1


Industry Total 1,379

1

15

16* -

▼

+1

1,118.4

921.6 -8

0.1

30Greenhill & Co, LLC

National Australia Bank

Canaccord Genuity Corp

20

Brookfield Finl RE Grp

13

16* 71

19

18

0.3 Blackstone Group LP

2

▼

0.1

1,154.0

41

21


38

Fort Street Advisers 0.2

22

42

▼

49

-

* tie

22

9

1,118.4

50

1,291.3

6

21.8

▲

1.7

▼

+3

19▲1.5

-

0.7 ▼

▲

▲

0.2

2.9

16

Rothschild

0.1

9

▲ Fort Street Advisers 39*

3,751.2

▲968.0 19

+1

34 1,678.5

+2

Moelis & Co

1.7

4

2.4

-6.1

1.1

4.2

4

5

-16.6

5.7

1.4 ▼

0.8

0.1▲

▲

1.3

28.3

0.1

0.2

1.7

0.6

▲

0.7

▲

▼

0.1

▼

▲

5.90

+3

9.2

0.8

▼

0.6

1.2

1.0 ▲

▲

0.4

▲

100.0

0.5 0.5

0.4

-

▼

1.1

0.0

▲

3.5%

0.1

1.5

0.4

100.063,781.9

▼

▼

2 0.2

0.6

10.6▼

2.2

2.41,569.3

▲

RBS

▲

2.1

20

Paradigm Capital Inc - 2.1 ▲

0.4

2.3

0.4

41.9 +3

-6.8 -7

2.6 ▲

0

0.66

+2

-1 ▼

▲

0.2

0.1

-

▲

4.2

- 13.6

0.7

4.8

7.0

1.0

▼

1,491.1 6-2.5

1

▲

100.0

1.5

0.1 -1 0.5

13.5

▼

-4,3243,515100.0

16


▼

4* 15.3 1 0.7 +1 ▲Itau Unibanco - 522.2 15.3 ▲


138.1

66.8

Grant Samuel

3*

1

Sh (%)

5

10.3

UBS

3*

15

7Goldman Sachs & Co

* tie

5

1,874.5

10.3289.1

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

-4

1

1,375.0 249.0 2.2

-8.2

13 4.9 2.3 ▼

1.1

2.2

1▼

-1

# of Deals

7.8


▼

-30.7

10

Any New Zealand Inv Announced (AD39)

MarketRank Value

30.5


# of

▲

+11.5

1 ▼

-4

+1

135

0.7

Market

Market

1

6.5

3

1

# of

Market

Change in

▲

Jan 1 – Sep 28

+1

Change in

Sh (%)

Any New Zealand Involvement Completed (AF46)

Imputed Fees (US$m)

Market

▲

Market

▲

1.8

1.5

▼

▼

Fees

22.3

100.0

5.2

▲

19.4

37.5

3 6 662.8

22.7

▲

2.2

# of Deals

Market

Sh (%)Deals


▲

Share Ch.

Macquarie Group

Ernst & Young LLP

Credit Suisse

2,805.7

Advisor

▼

16 289.1


▼

Industry Total

100.0

9.1

55.7

Share Ch.US$m

47.7

0.7

Industry % Change from Last Quarter 18.2%

15.3

▲

Rank Value

338.5%

▲

▲

-21

2


2 -2

-4

Deals

4.4

Jan 1 – Sep 28

▲

15.3

2011

Rank

3,423.4

522.2

Industry Total

Financial Advisor

▲

1,661.1

-46.1

2012

Rank

Sh (%)

▼

9

Deutsche Bank

15.3

2012

Rank

1

First NZ Capital 1,045.42

2011

Rank

48.5

US$m

522.2

1

4*Banco BTG Pactual SA -

4*

UBS

Asia (ex-Japan) Buyside Financial Sponsor Activity

▲

11.4

Market

4.2

▲

Share Ch.

▲

6.3

0.61.1

4.3

0.4


▼

Sh (%)

1.44.4▲ ▼

4

▼

Asia (ex-Japan) Rankings

35.0

-47.0%

-47

Australian Cross Border Announced M&A

▼

▲-84.6%

-75.5% ▼

100.0

Financial Advisor

-13.5% ▼

90

2

.2


* tie

▼

1.5

-2

▼

-34.3%

17.2%

-79.4%


17%

15%

12%

10% 9%

7%

5%

4%

4%

3% 2% 2%

Energy and Power Materials Financials

Consumer Staples High Technology Real Estate

Telecommunications Industrials Media and Entertainment

Consumer Products and Services Healthcare Retail


0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

2Q

07

3Q

07

4Q

07

1Q

08

2Q

08

3Q

08

4Q

08

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

Ou

tbo

un

d

Ra

nk V

alu

e (

US

$b

)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

0%

5%

10%

15%

20%

25%

30%

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

0.9 1.4 2004 2005 2006 2007 2008 2009 2010 2011 2012

% o

f A

sia

(e

x-J

ap

an

) V

olu

me

Ra

nk V

alu

e (

US

$b

)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of Asia (ex-Japan) Volume YTD

17


About 45.3% of Japanese involvement activitiy was generated from outbound deals, with values reaching US$53.8

billion, the highest first three quarters volume since 2009. Inbound activity recorded a total of US$12.9 billion in value

from 123 deals, the highest inbound volume since 2008.

According to Thomson Reuters/Freeman Consulting, total estimated fees generated from completed Japanese

involvement deals reached US$1.4 billion, a 26% increase compared to the same period in 2011.

Mitsubishi UFJ Morgan Stanley

* tie

Materials

JP Morgan

Nomura


3

2 31.21

The first three quarters of 2012 saw M&A activity with Japanese involvement at US$118.8 billion from 2,071 deals, a

10.7% decrease compared to the same period in 2011.

Energy & Power was the most active sector with 71 deals worth a combined US$25.5 billion. The top three deals

driving activity in the sector were Nuclear Damage Liability’s US$12.6 billion acquisition of TEPCO’s majority shares,

Tonen General Sekiyu’s acquisition of Exxon Mobil Yugen Kaisha for US$3.9 billion, and Japan Australia’s US$2 billion

stake acquisition in the Browse LNG Project of Woodside Browse.

Domestic Japanese deals recorded the lowest first nine months volume since 1999 with a combined value of US$47.5

billion from 1,382 deals.

Nomura25,468.9

1


11,295.5

5

5,355.2 47.4

13,361.4

7/26/2012Healthcare / Healthcare Equipment & Supplies

Pending Japan / FranceJapan / United States3/12/2012

Target (% Sought/Acquired)Date Effective

7/12/2012

7/31/2012

Furukawa-Sky Aluminum Corp

5/29/2012

8/29/2012

TEPCO (75.73%)5/9/2012

Sumitomo Light Metal Inds (100%)7/2/2012

Pending

6/1/2012

Elpida Memory Inc (100%)2/29/2012

Pending

3

Japanese Outbound M&A Target Nation Region

NDF

Rank Date

Japan / Japan

Top Ten Japanese Involvement Announced Deals

Any Japanese Involvement Announced M&A

Jan 1 - Sep 28 2012

Nomura 3,418.0 Mitsubishi UFJ Morgan Stanley

23

2

Sumitomo Mitsui Finl Grp Inc

Energy and Power

16,548.3


Japan M&A

Japanese M&A down 11% | Energy and Power Leads Activity | Domestic Deals Lowest Since 1999

3,146.1

4,247.4 1

67.7

Rank Val

US$m

8

JP Morgan


TonenGeneral Sekiyu KK

Pending

4,405.2

Mizuho Financial Group 5,331.4

Gavilon Group LLC (100%)

Dainippon Sumitomo Pharma CoDaikin Industries Ltd

ZOLL Medical Corp (100%)

Japan Deals Intelligence

12,704.3

17 3

Rank

17,228.9

11 High Technology

Goldman Sachs & Co

Mkt.

Share

2 49.965.0

3,973.0

No. Deals

23.6

4,154.8

387

15

25.6

2

4

2 47.2

Consumer Staples77.0

33.1 4

5,888.6 10

71

31.8

29.8

8

230

9

2,745.9 4 24.3Daiwa Securities Group Inc

Boston Biomedical Inc (100%)

Energy and Power / Power

Japan / United Kingdom

12,612.0

Rank Value (US$m)

Pending

1/29/2012

2,122.1Asahi Kasei Corp

2,630.0Goodman Global Group Inc (100%) 3,700.0

Pending

CFAO SA (70.2%)8/29/2012

4/22/2012

Acquiror

2,516.0

Toyota Tsusho Corp

5,600.0Marubeni Corp

Japan / United States

2,338.9Micron Technology Inc

4/25/2012

Aegis Group PLC (86.4%)Exxon Mobil Yugen Kaisha (99%)

Dentsu Inc


2,186.9

Healthcare / BiotechnologyJapan / United States

Japan / Japan

Consumer Staples / Agriculture & Livestock

High Technology / Semiconductors

Industrials / Other Industrials

United States / JapanMaterials / Metals & Mining


Japan / United States

Japan / Japan

7 1

3,936.3

Jan 1 - Sep 28

12

GCA Savvian Group CorpSumitomo Mitsui Finl Grp Inc

Nomura 9,254.8

317

1


Media and Entertainment / Advertising & Marketing4,311.2

27,361.9 3

61.3

Japanese Involvement Announced M&A - Top Advisors by Target Industry Jan 1 - Sep 28 2012

13,312.7 Industrials

49.0

12,017.6 168

0

500

1,000

1,500

2,000

2,500

3,000

3,500

$0

$25

$50

$75

$100

$125

$150

$175

$200

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

# o

f D

ea

ls

Ra

nk V

alu

e (

US

$b

)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

# of Deals

0

50

100

150

200

250

300

0

5

10

15

20

25

30

35

40

2006 2007 2008 2009 2010 2011 2012

Ra

nk V

alu

e (

US

$b

)

# o

f D

ea

ls

Americas

Europe

Asia Pacific

Americas Number of Deals

Asia Pacific Number of Deals

Europe Number of Deals

18


Imputed Fees (US$m)

Financial Advisor

Nomura



JP Morgan



Goldman Sachs & Co

Citi

UBS

Citi Daiwa Securities Group Inc

Credit Suisse

Deutsche Bank

Barclays

Lazard

Macquarie Group

Sangyo Sosei Advisory Inc

GCA Savvian Group Corp

KPMG

Rothschild

Brown Brothers Harriman & Co

Jefferies & Co Inc

RBC Capital Markets


SEB Enskilda


Industry Total

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

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

▲ ▲

7.0

17 1,567.8 1.2+1

+105 106,571.9

25

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

-8.8

100.0

13.2%▼▼

1,544

-15.7%

▼

+1

1,309.3

100.0

1.4 1.4

5.3%

▲

100.0 2,071118,761.5

* tie

-5.8%

-10.7%

▼

▲

0.31.3

▼ -16.8%

Industry Total

-23

1,489.4- ▲+1

1.51,571.6 1.5+11.5

Lazard -1.1 1225 ▼ ▲7

2▲

▲ 0.1

0.1

RBS 3724 20.91,620.6 24▲1.4 ▲ 1.70.1

+1

4.6+3

1

27 ▲

.0▲0.1

Brown Brothers Harriman & Co

21 - 2,186.9 1.8

22 - 2,122.1 1.8

+1

Wells Fargo & Co 23 146* 1,829.4 1.5

1.8 1 0.0

Credit Agricole CIB 1.8 -1 0.0

0.6+1

▲

8.4

11.11.8 1.8 ▲ 0.8+20.1

0.1

▲

2.0

2,395.5

0.8

▲

0.5▼

0.62.0

2▲

▼ 0.8 +1

2.5 0.5 -2

-31.9 172.4

11

01.8

Deutsche Bank 20 3

Credit Suisse 19 -1

▲2,831.3

2.618 - 3,038.9 2.6

-13.7

2.617 - 3,122.2 ▲

10 2,917.0 ▼

0.52 0.1 2.3 0.1

22.3

▲

-+5

3.8

28

3,622.2

20

▲ 16▲ 2.4

-0.5

2,674.2

2.6

18+2

5

0.4+4▲ 0.3

2.5

52.5

1.6

6

7▼

▲

-3.8

4.93.1 0.3 +6

20.30.53.7 ▲+641 3,928.2

5 0.2 -3.7▲1.4

1.4

-7 ▼ 4.414 ▼

83.4 ▲0.3

1015

-5 15▼

48

5,188.7

18 4.64,942.4

4.97

0.7

-9.1

▲

13 0.8▼ +2 16.6▲

▲

3.1 7.5+41 106.0▲

39.9+70.6

4.8 ▲ 5 ▲+5

▼ ▼-243 2.1

29 11

0.6

▼

▲8

+36

10,348.9 18

10

0.6

13.0

10

-9.8

79.2▼

+163

9 ▼

-5.1

3.9

2.0▲0.7

-2.6 +10

6

13,813.4

9621,588.2 20.3 7.3

▼5

▼7

14

04.2 6.25 ▲8

4 ▼▼

▲

9

-4

▲

▼

87

69

24 1.2 -4

▲

▼

▲

1

▲ +1

▲

▲

3

0.7

-

13

▼

13

+4547

0.6

-2 2

+46.5

23,094.5 15

100▼

+40▲

▲

10.0 5.281

10

9.7

-0.7

32

16.7

+6

1

2


4

5

Nomura

Mizuho Financial Group 3

Jefferies & Co Inc 16 -

RBC Capital Markets


7

13

9

14

Barclays

25,055.3 21.1

3.2

- 5,647.1

4,138.9

8

11

146*

10

16

UBS 15

8

7

1.2

-3.6 ▼

-8.9 ▼ ▲0.8 +2

-041 2.7▼6.2

5,625.4 125.33.8

1.6 ▲

6,831.6▲ 11

6

3.9

-32.7

-19.4

7.6

5.4

6.4

▲

▲

▲

-

▼

1.8

6.1

0.0

0.1

0.1

▲

26.9

5.6

▼2.7

2.8

55.6

1.8

28.8

97.4

▲

▼

0.0 -6.9

▲

38.1

0.4

2.4

0.2

▼

1.9

▼

0.5

▼

1.0

2.0

▼

0.1

105.5 7.4

▲

▲11.7

4.4

5.5 1.3

Sh (%) # of Deals

1.4 -2

11,250.3

5.8

+5

6,852.2

7,313.6

9,079.0

Greenhill & Co, LLC 4.8

Rothschild 3.5

▲


18

20

3,771.1

3.1

1.9

▼1.2

▲

▲

1.7

19 24▼

17

-

46.2%


1 0.0

22 1.6 0.50.1 +21,666.1 ▲ 0.5

0.1

▲ +2359

▼

1.6

2,122.1 1

0.5 0.42.3

7.1

6 7.3

2▲

-28.3%

1,886.1

4,734.9

5,714.1

21

21

20

2,399.0

73

2,616.5

-

▲▼ 39.6%

1,418.4

▲

0.3

26.0% ▲

+180

▼

0.4

0.6

1.1

0.9

0.0

▲

-

▲

▼

17,824.6

11

▲

2.1

+18

21.7 -4.6 1.0

+40

-7

61.7

▲

▼

▲

-3

3.954.9

4.4

+21 78.5

▲

34.2

17.8

36,420.4 -21.3

+43 28.7

▲

1-5 ▼

166.3

▲25.914 7.4 ▲1155.0

4 30,579.7

103 27,560.4

2

4.8

4.2


Any Japanese Involvement Completed (AF23)

# of

Sh (%) Share Ch. # of Deals

MarketMarket Change in MarketMarket Advisor

Sh (%) Sh (%)

2011

Rank

Rank Value

Deals

Japan Rankings

US$m Fees

2012

Rank


Share Ch.

MarketChange in # of

Any Japanese Involvement Announced (AD19)

Rank Value


2012

Rank

Jan 1 – Sep 28

Market Market

-14.2

7.6 ▲

130.2

125.1

6.3

2.3

3.3

▲

▲0.2

Societe Generale ▲

US$m

KPMG

Financial Advisor

31.44

44,954.4

7,431.5

9,386.7

Sh (%)

9.5

7.9

6

5

9

Daiwa Securities Group Inc 12

13

14

6,073.8

2.7

▲

▼

31,234.4 1.4


JP Morgan

Goldman Sachs & Co 6 1

100

▲

▲37,251.8

2.037.9 ▲

26.3

86

2

▼

25.530,310.1

-2.7

2.1

2011

Rank

Market

Share Ch. Deals

# of Deals per Advisor# of Deals per Advisor

Jan 1 – Sep 28

21.4%

11.3%

11.2%

10.1% 9.5%

8.1%

7.0%

6.7%

6.1% 4.6% 3.0%

0.9%

Energy and Power High Technology Industrials

Consumer Staples Materials Financials

Media and Entertainment Healthcare Real Estate

Retail Consumer Products and Services Telecommunications

111.6 137.4 168.5 183.9

321.4 242.0 275.3

139.7

274.7 228.8 211.7

129.8 100.8

162.5 190.4

320.0

313.2 234.8

185.4

304.3

175.5 313.2

143.7 114.8

203.3

296.7

232.2

283.8

222.1

173.5

187.9

133.4

373.1

156.7 123.8

224.1

336.3

252.7 320.2

223.2

309.6

238.5

198.6

0

500

1000

1500

2000

2500

3000

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Nu

mb

er o

f D

eals

Imp

ute

ed

Fe

es

(U

S$

mil)

4Q

3Q

2Q

1Q

YTD Number of Deals

19


Industry Total

Industry Total


710.3 2.4

0.1

1,515.3 5.0

2,338.9 7.7

291.0 1.0

▲

4.1 0.0

674.1 2.2

710.3 2.4

138.8 0.5

35.9

1 3.7 0 -

1 3.7 +1 ▲

1 3.7 0 -

1 3.7 +1 ▲

1 3.7 -3 ▼

1 3.7 +1 ▲

1 3.7 +1 ▲

1 3.7 +1 ▲

0.3

7*

7*

7*

7*

7*

-

-

3*

-

0.9

3,413.2 2.6

129.9 0.1

82.0 0.1-5 ▼

1.3 -6 ▼

1,176.6

430.5

-2 ▼

1.3 -3 ▼

1.3 +2 ▲

2

2

2

2

2

1.3

1.3


Citi

Blackstone Group LP

Keefe Bruyette & Woods Inc

Jefferies & Co Inc

22*

-

14*

13

19*

19*

19*

19*

19*

19*

7*

1.9 -2 ▼

1,270.2 0.7

9,103.3 5.0

6,374.7 3.5

1.9 +2 ▲

1.9 -8 ▼

42*

6*

20*

4

4

4

17*

17*

17*

Macquarie Group


National Bank of Canada Fin'l

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

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

†

Any EMEA Inv Announced

Fairness Opinion

Any Asia Pacific Inv Announced

Fairness Opinion

7*

7*

7*

Daiwa Securities Group Inc

Any Americas Inv Announced

Fairness Opinion

Credit Suisse

Jan 1 – Sep 28 Jan 1 – Sep 28

Sandler O'Neill Partners

Evercore Partners

10

22,517.3 6.7

Huaxi Securities Co Ltd

Citi

Morgan Stanley

Aoyama Sogo Accounting Office

Plutus Consulting Co Ltd


-18.8% ▼

+3 ▲

-35.4%

+3

0.5

1 3.7 +1

▼ 420.6 0.7

Industry % Change from Same Period Last Year -6.9% ▼-

Deloitte


20.0

▼

Industry Total 27 -2 30,207.0

5* 2 7.4 -1 ##

4,962.4

6,038.9

16.4

2 7.4 0 ## 9.1 0.0

## 5,051.6 16.7

Greenhill & Co, LLC 4* - 2 7.4 +2 ##

Mizuho Financial Group 3 7* 3 11.1 +1

57.3

JP Morgan 2 1 4 14.8 -2 ## 6,013.8 19.9

US$m Sh (%)

Nomura 1 2 11 40.7 +6 ## 17,303.0

# of Deals

Rank Value (US$m)

2012

Rank

2011

Rank

# of Market Change in Rank Value Market

Sumitomo Mitsui Finl Grp Inc 4*

Any Japan Inv Announced

Fairness Opinion

Jan 1 – Sep 28

Based on Number of Transactions


Fairness Opinion Provider Sh (%)

7*

16* 17* 3 1.7

16* 20* 3 1.7

3 1.7

16*

3

16* - 3

16*

- 3

-

3

1,720.8 2.8

284.5 Industry % Change from Last Quarter 9.1% ▲

▼

▲

8.5 0.0

100.0

5,280.2 8.7

0.7

60,391.5

Industry % Change from Last Quarter -53.2% ▼ 10.7%

176

Industry % Change from Same Period Last Year -14.6% -5.7%

+3 ▲

▲

1.7 405.7

0

1.7 +3

▼

16* - 1.7 ▲

-30

16* -

4,079.8 6.82.3

▲ 108.9 0.2

▲

+3

1.7

-1

2* 4 2.3 ▼ 2,258.4 3.7-5

- 4 2.3

0

13* - 4 +4

13*

13* +4 ▲

0.5

- 611.4 1.0

622.5 1.0

10* 11* 5 2.8

▲ 323.0+210* 20* 5 2.8

41* 6 3.4

10*

2,334.6

2* 5 2.8 -4

▲

▼

8*

0.1

-1 ▼ 5,001.5 8.3

3.9

63.8

+1

+5

8* 6 6 3.4

6* 7* 7 4.0

935.1 1.5+5

▲

3,393.7

▲

1,403.9 2.3

4,572.1 7.6

6* 41* 7 +6

5

4

20* 8

7* 9

0.4+1

+96.3

5.1

4.0

4.6

+3 ▲

▲

2* 10

1 15

2

5.6

5.7

6.4

▲ 222.2

Sh (%)

11

Sh (%) # of Deals US$m

36.6-5 22,115.3▼

MarketRank Value

9.8

3.1

0.1

3.8

Market

3,883.6

UBS

Market

164.2

13,722.8

- 3,269.2 2.3

Industry % Change from Last Quarter -57.9% ▼ -62.4%


▼

▼ 5.5% ▲

142,285.3 100.0-31

2.0 ▲+1

0 -2.0

2.0

2.0

15* - 2.0

15* 3*

2

2

54,590.0

▲ 7,775.2 5.6

-7 ▼ 4,367.3

+2

-2

15* +1 ▲ 171.5 0.1

7,558.1 5.4

▼ 39.0

▲

3.1

2.9

+2

+1 ▲ 46,584.0 33.3

▲ 4,908.3 3.5

+4

2,482.7

4,079.8

1.8

29.8 0.0

▼

▲

3.1

7*

412* 4.1

▲7* 4.14-

10,719.9 7.7

7* 4.1

7* +1

-1

▼ 8,658.5

4.1

6.2

+4

+1 ▲ 8,100.4 5.8

▲

3 7.1 +4 6,914.0 4.9

-1

-5 ▼ 54,133.4

▲

5

55*

5*

4 1

7

6

5* 5.1

4,068.2

US$m

Rank Value

2

2.4

▲

19.1

7,361.1 2.2

1.2

3.0

6.1 38.7

▲ 3,883.6 1.2

2012

Rank

3* 10.2 +1

13.3

2

11

63,895.6 Houlihan Lokey

Sh (%)

# of DealsSh (%)

5,541.9 1.7

▼5.5

22,115.3

32*

2012

Rank

# of Market Change in Market

-6

3.6 19.1

US$m

4* 5

3 13

▲

Market

+5

2011

Rank

Change in

6

3.215

▲3.4

-5 ▼

16

4*

14

15 3.2 -8 ▼

2.8 +7 ▲

9 3.0 -2 ▼

13

16*

-6

+1

12 2.6 -2

+9

10

7* 119*

5,357.7

9* 72* 11 2.4

8 ▼

7 32*

1.9 +1 ▲

9 1.9 +2 ▲

9

1.6

2.4

2,339.8

+1

3.3

5*

1.2

5.8

▲ 15,700.0 8.7

▼

4,384.3

10*

▼ Deutsche BankTD Securities Inc

17,283.7 5.2

9*

7.8

▲

63,818.4

935.1

20,662.4

3,988.8

6.2 Morgan Stanley

222.2 0.1

Barclays


14,184.8

Lazard


Credit Suisse

8.9

3,988.8 2.2

4.1

JP Morgan

Fairness Opinion Provider

Houlihan Lokey

Evercore Partners

Greenhill & Co, LLC


Credit Suisse

10*

20* 7

Lazard

RBC Capital Markets

Greenhill & Co, LLC

+555*

8

1.7

8

1.7

872*

-145

▲

▲

18* 7

1.7

+6

2.1

1,403.9

14* 25*

1.5

25*

1.7 +1

1.5

14*

Raymond James Financial Inc▲

0 -

18*

11,940.4 3.6

+6

18*

FirstEnergy Capital Corp

+1 ▲

Goldman Sachs & Co

Scotiabank

10,502.7

0.3

3.1

▲

5,037.9

▼

7

1.5

▼

0.4

3 10,487.11.5

100.0

Southwest Securities Co Ltd

Haitong Securities Co Ltd

14*

12*

8

25*

21*

Deutsche Bank

14* 25*Evercore Partners

12*

1.3

+1

-3

7*CITIC

UBS

Deutsche Bank

Evans & Evans Inc

China International Capital Co

Houlihan Lokey

16*KPMG

7

Lazard

BMO Capital Markets

6.6

7*9,995.9

▲

▲

▲

3.7 7,361.1

10,502.7

3.3

+1

2.7

▲

3 10* 10 4.7 0

4 14*

44,824.1

Barclays

24.7

2 3 13 6.1 -9 ▼

16,091.1

4,860.8

Market

US$m Sh (%)

1 2 18 8.4 -5 ▼

Rank ValueMarket

Deals Sh (%)

JP Morgan103,565.9

# of

Sh (%)

2011

Rank

30.9

Rank Value2011

Rank Deals

+11 ▲2

1 1 26

Greenhill & Co, LLC



Change in

# of Deals

4.2


-

8

9RBC Capital Markets +1

5* 16*

9* 42* 6 2.8

8 3.7

9*

-1 ▼

- 6 2.8 +6

16*

▲

2.3

6 2.8 6.6

13*

9* 42* 6

-10

13*

2.8

5

+4

▼ 13,248.0

▼ 9,214.65 2.3

5

13* +1

-11

2.327* 5

5 2.313* 4

▼

-4 ▼ 230.7 0.1

11,940.4

▲

-5

+4

-5.2% ▼

▼

11.8

8.9

9.8

2.6

9.0


10,716.9


17*

8.5

11,940.4

17*

152

17* 24*

100.0

5.9

6 4.0

6* 17*

11,978.6

-

+4 ▲

Stifel Financial Corp

0.3

6* 30*

10*

▼

▼

22*17,339.0 9.6

11,978.6

0.0

6.6

-5

6 4.0

1.87 4.6

15,700.0

1.8

+1 ▲ 7,361.1

0

+4

2,339.8▼

3,517.4

▲30*

-3

Huatai United Securities Co

6*

6*

-1

4

6

14*

6.7-10 ▼ 9,000.7

4

▼ 2,384.52.6 -2

6.0

▼

3.6

27.11 3 16 10.5

8.6 -9 ▼

14*4

-

5.5

6.6 16,091.1

8 5.3

0 12.03

Any US Inv Announced

Fairness Opinion

GF Securities

2 2 13

9* 10

▼

2012

Rank

2011

Rank

# of Market Change in

Deals Sh (%) # of Deals


MarketRank Value

Sh (%)

13,148.710* 11* 4 2.6

-5

4.0

5 9*

Morgan Stanley 10* 5 4 2.6

6 4.0

468.1

10* 4

RBC Capital Markets

10* 6*

12,665.9

5.1

Nomura▲


17* 4

7.3

▲

Moelis & Co

Goldman Sachs & Co

8 3

8,053.3

495.3

▼

1.9 +1

1.9

17.8 10* -

-1

2.0

2.0

2.6

-47.2% -62.4%

-8 ▼

181,397.1

16* 3

Industry Total

2

101

15* 17*

+2

Lazard

15* 30*

+44 2.6

4 2.6

▼ -48.1%

5.1

5,343.4+3

72,663.3

11*

Goldman Sachs & Co

30*

11*

1

12*

17*



-8

Rank Value (US$m)


-12

▼

7.0

4

16*

+41.9

1.9

William Blair & Co 16*

4

4

14*

-19 ▼

▲

▲

-48.2%

▼

Nomura

334,772.1


4

▼

Rank Value (US$m)

33*


US$m

36,178.3

4,860.8

8.0

10,517.3 7.9

Industry Total

# of

Deals

13

Haitong Securities Co Ltd

CITIC

3

Sh (%)

51.9

▲

3.1

30*

3

3

2.0

3.1

2

7*

Somerley Ltd

Guosen Securities Co Ltd

2012

Rank



Deals

30* ▲

Change in

3


1.9 ▼

-136

-1 ▼

▼-51.8%

215

2.0

2.0

2.0


Fairness Opinion Rankings †

Rank Value (US$m)

Worldwide Announced

Fairness Opinion

Jan 1 – Sep 28

Based on Number of TransactionsBased on Number of Transactions

GF Securities

BMO Capital Markets

# of Deals

2012

Rank

4

Barclays


JP Morgan

Nomura 17

3.1

Jan 1 – Sep 28

44* 3

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

0.4

-8 ▼ 5,628.8 4.2


Jan 1 – Sep 28

10,716.9

Barclays

Deutsche Bank

* tie

10*

Haitong Securities Co Ltd 15*

UBS

- 2

Nomura

Carnegie

TD Securities Inc

-

Morgan Stanley

11*

2

11*

0

Perella Weinberg Partners LP 15* 2-

17*

10*

-

10*

-

-

Canaccord Genuity

Grant Thornton

Chinalion Securities Co LtdRenaissance Capital Group

+3

4

4

Grant Thornton

Credit Suisse 15* 2

3

Greenhill & Co, LLC -

17*

6*


469

Citi


KPMG

JP Morgan

Rothschild

7*

18* 16* 7 1.5 -2

BDO International

Guangdong Securities

17*

Guosen Securities Co Ltd

7

101*

Somerley Ltd

10


-24.0%

Morgan Stanley

Citi

KPMG

# of

China Galaxy Securities Co

China Securities Co Ltd

Western Securities

Shenyin & Wanguo Securities

Nomura

Southwest Securities Co Ltd

Caitong Securities Co Ltd

-

▼

2011

Rank

-38.9%

Deals

Moelis & Co 4.4

▼

-137▼ -37.3%

8,053.3

1

100.0

-34.0% ▼

China International Capital Co

0.1

4,473.5+2 3.2

Sealand Securities Co Ltd

Bank of China Ltd

77.9

▲

Advisory Plus Co Ltd

-2Wells Fargo & Co 19* 22* 2 1.3

4*


Fig Partners LLC

558.4 0.4

+1

▼ 892.6 0.7

0.1

+2 ▲

19* 44* 2 1.3 93.1▲

▼ 370.8 0.3Piper Jaffray Cos 19* 27* 2 1.3 -1

Barclays

Houlihan Lokey

DBS Group Holdings

7*

7*

7*

-

10*

-

1

1

1

3.7

3.7

3.7

+1

0

+1

0.7

0.1

1.0

▲

-

▲

200.7

22.3

298.9

20


-

-

-

-

-

-

-

-

-

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

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

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

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

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

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

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

Japan

Tel: +813 6441 1158

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

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

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

Jason Pacannuayan

Akemi Mamiya

EMEA

Tel: +44 (0) 20 7542 3566

E-mail: [email protected]

Announced league tables include all deals that were announced between January 1, 2011 and September 28, 2012 and of which Thomson Reuters was made aware. All current data

and previous year's data is as of 5:00pm EDT on September 28, 2012.


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

time of announcement of terms.

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

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

allocated to syndicated members.


Tel: +632 858 7262



Asia-Pacific


Ranking Criteria Summary

Serkan Tecimer

If you would like to participate in the submission

process, receive quarterly press releases, or have

questions about league table criteria please

contact:

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

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

AmericasMichael RawlingsTel: +1 646 223 8364

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

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