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MERGERS & ACQUISITIONS REVIEW REUTERS / Andrew Winning MERGERS & ACQUISITIONS REVIEW FINANCIAL ADVISORS Full Year 2013

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Page 1: Worldwide Mergers & Acquisitions 2013

MERGERS & ACQUISITIONS REVIEWREUTERS / Andrew Winning

MERGERS & ACQUISITIONS REVIEWFINANCIAL ADVISORS

Full Year 2013

Page 2: Worldwide Mergers & Acquisitions 2013

2

11

Fairness Opinion Rankings

Worldwide Announced Fairness Opinion

11

Table of Contents

1

20

Worldwide Announced (AD1)

20

10

18

Any Japanese Involvement Announced (AD19)

2

2

11

12

11

Any Spanish Involvement Announced (AD34)3

3

6

6

19

Worldwide Completed (AF1)

Top Ten Japanese Involvement Announced Deals

19

Any French Involvement Completed (AF40)

Any Japanese Involvement Completed (AF23)

Any European Involvement Completed (AF3) 10

12

12

Any French Involvement Announced (AD33)

Global M&A

Global Deals Intelligence

Scorecard: Worldwide Announced M&A

Scorecard: Worldwide Completed M&A

Top Fifteen Worldwide Announced Deals

Any German Involvement Announced (AD35)

Americas M&A Any Spanish Involvement Completed (AF41)

Any UK Involvement Announced (AD32)

Any UK Involvement Completed (AF39)

M&A Financial Advisory ReviewFull Year 2013 | Mergers & Acquisitions | Financial Advisors

1

Japan Deals Intelligence

Any European Involvement Announced (AD21) 17

17

18

18

Any New Zealand Involvement Announced (AD39)

Any New Zealand Involvement Completed (AF46)

Japan M&A

Americas Deals Intelligence

15

Worldwide Announced Fairness Opinion

Any Americas Announced Fairness Opinion

Any USAnnounced Fairness Opinion

14

Any Nordic Involvement Completed (AF44)

16

16Any Australian Involvement Announced (AD24)

9

Top Ten European Involvement Announced Deals

Thomson Reuters Soultions for the Deal the Deal Making Community

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

20

Any Asia Pacific Announced Fairness Opinion

8

13

13

Regional Contacts

Criteria Summary

Any EMEA Announced Fairness Opinion

14

20

21

21

22

21

20Any Japanese Announced Fairness Opinion13

Asia Pacific (ex-Japan) M&A

Asia Pacific (ex-Japan) Deals Intelligence

Any Benelux Involvement Completed (AF47)

10

Any US Involvement Completed (AF48)

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

7

8

9EMEA M&A

Any US Involvement Announced (AD41)

16

Any Canadian Involvement Completed (AF49)

Any Australian Involvement Completed (AF31)

10

9

Any Canadian Involvement Announced (AD42)

16

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

Any EMEA Involvement Completed (AF53)

15

Mergers & Acquisitions Criteria Summary

Any EMEA Involvement Announced (AD47)

European Deals Intelligence

Any Benelux Involvement Announced (AD40)

8

8

7

Any German Involvement Completed (AF42)

Any Italian Involvement Completed (AF43)

20

20

Top Ten US Announced Deals20

13

12

Any Italian Involvement Announced (AD36)

Any Nordic Involvement Announced (AD37)

Any Americas Involvement Completed (AF55)

Any Americas Involvement Announced (AD49) 7

US Target Completed (AF2)

6

US Target Announced (AD2) 7

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Page 3: Worldwide Mergers & Acquisitions 2013

Full Year 2013

FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEW

Worldwide Deal Making Falls 6% from 2012 Levels; Number of Deals at 8-Year Low l Cross Border M&A Down 18% l Goldman Sachs Top Advisor

Global Deals Intelligence

Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity

Worldwide Completed M&A by Region - Imputed Fees

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WORLDWIDE M&A DOWN 6%, DEALS OVER US$5 BILLION DOWN 18% - The value of worldwide M&A

totalled US$2.4 trillion during full year 2013, a 6% decrease from comparable 2012 levels and the slowest

annual period for global deal making since 2009. Worldwide deals valued over US$5 billion totalled US$584.7

billion during 2013, accounting for one-quarter of announced deal activity. Just over 36,800 worldwide deals

were announced during full year 2013, a 7% decline from a year ago and the slowest annual period for M&A, by

number of deals, since 2005.

CROSS BORDER DOWN 18%; EMERGING MARKETS ACCOUNT FOR 28% OF M&A – Cross Border M&A

activity totalled US$737.8 billion during full year 2013, accounting for 31% of overall M&A volume and down

18% compared to full year 2012. Accounting for 28% of worldwide announced activity, M&A involving

companies located in the emerging markets totalled US$675.2 billion during full year 2013, a 5% decrease from

2012.

COMPLETED ADVISORY FEES DOWN 12% - According to estimates from Thomson Reuters/Freeman

Consulting, M&A advisory fees from completed transactions totalled US$22.5 billion during full year 2013, a

12% decrease from the comparable period in 2012. M&A advisory fees were the only segment across all

investment banking products to register double-digit percentage declines from 2012.

ENERGY & POWER, REAL ESTATE AND TELECOM LEAD THE MARKET - The energy and power sector

was most active during full year 2013, commanding 15% of announced M&A, while the real estate and

telecommunications sectors accounted for 14% and 11% of M&A activity, respectively. Telecom and real estate

led all sectors by growth rate with 122% and 44% increases over 2012, respectively. Financials and materials

registered declines of 40% and 32% compared to full year 2012.

BUYSIDE PRIVATE EQUITY M&A UP 22% COMPARED TO 2012 –Worldwide private equity-backed M&A

activity totalled US$374.3 billion during full year 2013. Private equity deal making in the high tech, consumer

staples and energy sectors accounted for 47% of the activity during full year 2013, up from 30% during 2012.

Accounting for 16% of worldwide M&A during the full year 2013, private equity-backed M&A increased 22%

compared to 2012 levels.

$46.6 $73.6

$153.8 $201.3

$78.3 $64.5 $57.1 $111.1

$54.7

$109.7

$173.6

$318.7

$82.6

$24.6 $59.7

$83.3 $67.8

$73.7 $75.9

$73.5

$160.4

$158.7

$56.1

$36.4

$73.1

$68.8 $88.5

$77.1 $65.6

$95.8

$280.5

$100.8

$35.5

$49.2

$82.4

$67.1 $93.3

$112.0

12.9%

13.2%

21.3% 18.9%

8.8%

6.3%

10.2% 11.3%

12.1%

15.6%

0%

5%

10%

15%

20%

25%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

% o

f G

lob

al M

&A

Ran

k 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

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

Imp

ute

d F

ee

s (

US

$b

)

Americas EMEA

Asia Pacific Japan

$102.3 $145.6 $281.0

$406.0 $257.0

$113.4 $174.4 $233.4 $172.7 $131.1

$119.6

$241.2

$273.1

$642.8

$364.1

$112.2

$202.2

$246.6 $270.1

$163.5 $131.2

$262.9

$254.4

$371.4

$326.4

$149.5

$271.0 $203.9

$202.5

$212.2 $246.9

$249.5

$406.5

$430.9

$154.0

$169.6

$262.8 $200.5 $259.3

$231.0

31.9% 33.6%

33.6%

44.8%

38.3%

27.2%

37.5%

35.1% 35.6%

30.8%

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

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

% o

f G

lobal 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

Page 4: Worldwide Mergers & Acquisitions 2013

Western Europe

South East Asia4,939.1New Zealand

Target Macro / Mid Industry

125.1-29.4

-3.02,185

1,187

310▼

Telecommunications / Telecommunications ServicesMedia and Entertainment / Advertising & Marketing

Financials / Other Financials

Telecommunications / WirelessHealthcare / Healthcare Equipment & Supplies

Telecommunications / Telecommunications Services

High Technology / Computers & Peripherals

Consumer Staples / Food and Beverage

Germany / Germany

Media and Entertainment / Broadcasting

Jan 1 - Dec 31 2013

Oi SA

Pending

10/2/2013

10/23/2013

Retail / Other Retailing

Telecommunications / Wireless130,100.0

Worldwide Announced M&A Target Industry by Value

1,516

1/1/2012 - 12/31/2012

1,005,734.5 ▼

% Change

in Rank

Value

333.2-5.1

-14.4

27.4

-46.2

-4.0

60,623.91,05288,367.0

-50.9

8.6-40.8

524

United States 900,238.0

12,384.5

7,704

207.2▲

154

105,496.4

No.

Deals

38,629.66,355.7

34,666.7 8,003.0

864,551.1

423

1,286

2,035,656.0

Rank Val

US$m

% Change

in Rank

Value

South America

7,412

799

-30.7154

Target Region/Nation

North America

10,625.04,989.4

-39.4 Mexico954,864.1

1354.7 8,698

9,220

581,047,389.6▲

201Central America▼

9,756▼

Americas12,58239,779

33,530.4

1,204,407.6

No.

Deals

9,539.8

2,542,703.6

Rank Val

US$m

127-5.6

263.618997

-4.110,558

-12.2

30,86527,194

Caribbean-33.6

11.3

2.1-5.9

1,109,715.8

148

10,6988,764

-11.1208.1

1,4701,934

7,330.4739

-40.2 Canada 90,313.0▼

47,540.2Brazil 29,786.8

Middle East

14,066.4

18,002.01,356

Chile29.8 ▲ 49,859.2-4.4 17,008.3

Sub-Saharan AfricaNorth Africa

5.8

268 14,647.1

369▼ 316Africa/Middle East 706

585,800.4 9.6137,165.1

114

3,612.7

45,922.5

69

847

11,098.8 100

-40.5

337

118,559.4

3,163

-4.0

54,434.1

448,635.3

5,135

90.5

7,678

534,446.2

-24.51,061

-13.3

462,437.9

8,922

-38.3

0.71,2485,500.9

5,81280,738.4

-14.7

16.2

131

2,53810,216 12,085

24,186.457,272.0

1,1361,284

328,488.2

1,876

71.0

53,419.4

Real Estate / REITs

United States / United States

United States / United States

104,282.241

-34.9

658

-42.9-12.9180,232.0

21,360.3

-37.2

-3.61,483-34.8

107,972.6

73

244 17,958.639212,203.9

693

260

60647,615.7

1,420

27,361.7United States / United States

6,691.9 10,654.4

Top Fifteen Worldwide Announced Deals

-5.9

United States / United States

80,093.4

72,166.7

19,331.1

Central Asia67,927.8

53

Rank Value (US$m)

Japan

Acquiror

Australia▲

83,663.7263

929

72,008.3

Switzerland

Asia-Pacific

75,010.2

284,679.11,075

49,793.5

South East Asia 1,0691364,694.3

Germany

Singapore 20,875.6

43,255.3▼

44,600.8

53,780.4▼ New Zealand

Australasia▲

Eastern Europe

-32.2

20.9

United Kingdom41.4

▼-31.9

28.9Europe

593

-29.6

31.5

3,881

143

9,339

547

10,393

783,009.3

24,460.512,308.2

23,504.830,307.6

1,458

1,5872,497

14,274

64,807.0133,275.0

48,044.2

1,688

145,800.3

11.4

62,190.7449

Europe

104

Africa/Middle East

9,356.6457

157,001.7

31,042.6104,094.4

-30.1

54.2

21,913.7

408,014.7 9,536

1,470

-36.2 356

ChinaSouth Korea

2,5872,385North AsiaMalaysia

North AsiaChina

5,211209,344.4286,714.7

59

-25.7

66,226.3

26.34,981

-1.5

227,064.4487

80,497.9

17.7

2301,903

194

Verizon Communications Inc

798

Acquiror / Target Nation

1,563

South Asia 24,103.4

249.0

▲36.7

Australasia

3,4251,021

5,014.0

13,972.3▲

▼Malaysia

Germany

Asia-Pacific

59,779.2

1,270

Central America

1,721

Eastern Europe

169

552

3,201

87,283.6

15,350.1Thailand

9,274

77,939.1

20,861.2South Korea

4,398.1

3,5801,018

207

153,182.5

887 28,285.842,695.5

96439,813.1

South Asia

1,381

American Rlty Capital Ppty Inc

14,098.4▼

-26.2

Investor Group

Dell Inc (86.61%)

-6.8

Target (% Sought/Acquired)

Bausch & Lomb Inc (100%)

Verizon Wireless Inc (45%)

Omnicom Group Inc (100%)

16,700.015,717.5

4/15/2013

7/15/2013

Westfield Retail Trust

Pending

Pending

United States / United States

Westfield Group-Australian/NZ (100%)Zoetis IncZoetis Inc (80.2%)

Canada / Canada

HJ Heinz Co (100%)Liberty Global Inc United States / United States 25,531.0Publicis Groupe SA

France / United StatesVirgin Media Inc (100%)

8/6/2013

3/19/2013

Pending

Portugal Telecom SGPS SA (90%)

Shoppers Drug Mart Corp (100%)

Brazil / PortugalPending

NBCUniversal Media LLC (49%) Comcast Corp

Australia / Australia

CDC-SME Financing Business (100%)

Real Estate / Non Residential14,009.0Healthcare / Pharmaceuticals

11,708.3

Thermo Fisher Scientific Inc

13,248.5

Healthcare / BiotechnologyLife Technologies Corp (100%) 15,367.6

https://www.thomsonone.com

11,435.1United States / United States 10,401.9

Loblaw Cos Ltd

Pending

Valeant Pharmaceuticals

Cole Real Estate Investments (100%)Pending Telefonica Deutschland Holding

7/12/2013

12/4/2013

7/23/2013

13,025.4

E-Plus Mobilfunk GmbH & Co KG (100%)11,647.55/27/2013

France / FranceFrance-SME Financing Business

9/2/2013

2/12/2013

Central Asia2,030

Pending

2,124

Rank Date

2/5/2013

Date Effective

10/29/20137/28/2013

85,081.3

Worldwide 36,8192,393,298.1Americas

6,331.4

14,699.2

8,734

1,0831,640

89

1,119,362.7

81,318.4

Chile 12,254.2

1,230,241.7

South America

1,037,773.981,588.8

2/14/2013 6/7/2013

North America

271

10,374

Middle East

Sub-Saharan Africa

1,069

North Africa

United States

Australia

2,129

Western Europe

12,540

90,426.9

448,368.5

4,868.8

6/7/2013

932,173.5

Brazil

Canada

637,209.091,637.9

120

23,384.0

547,625.4

80,699.0

99,256.9

Target Region/Nation

Mexico

No.

Deals

Rank Val

US$m

2,122,854.9

Caribbean

18,450.4287

Worldwide11,812

No.

Deals

1/1/2013 -12/31/2013 1/1/2012 - 12/31/2012

21223,229.2

30,454.5207

Rank Val

US$m

1/1/2013 -12/31/2013

United States / United StatesInvestor Group 19,283.8

United States / United States

31,158.3

1,068,698.1

51,942.63,977.7

136,524.692,639.358,397.7

6/24/2013

Japan

United Kingdom1,355

2/5/2013

523

1,455

France 1,454

201.9

454,638.7

7/12/2013

5/22/2013

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

Full Year 2013 | Mergers & Acquisitions | Financial Advisors

Mergers & Acquisitions

14.7%

13.9%

11.2%

9.6% 9.5%

8.5%

7.6%

7.0%

5.6%

5.5%

3.6% 3.2%

Energy and Power Real Estate

Telecommunications Financials

Industrials Healthcare

High Technology Materials

Consumer Staples Media and Entertainment

Retail Consumer Products and Services

Government and Agencies

2

Page 5: Worldwide Mergers & Acquisitions 2013

Lazard UBS

* tie

0.3 4.9

92,912.6

75,605.7

16

18

RBC Capital Markets

Share Ch.

1.9

3.7

3.4

0.3

5.1 0.2

0.8

Jan 1 - Dec 31Worldwide Completed (AF1)

Market

Imputed Fees (US$m)

▲0.47.1

Market

Sh (%)Fees

235 1,221.7

Change in

1.2

# of Deals

Market Advisor

-60 ▼

0.7

1.0

-31

-75

VTB Capital

218

0.7

19.5

8+9 6

11

1010

267,954.6

122

12

-76

8.1

5.7

15

249

16

Nomura

1.0

3.2

-0.1 -18

15

254

1

0.3

397,407.1

-18 Lazard245

208

0.6

199

218,117.9▼0.7

26

11

0.3

6.0

11.42 12.3

0.4

0.710

213,784.59

143,276.1

Goldman Sachs & CoMorgan Stanley

5.711

182,683.2

Guggenheim Securities LLC

22

15

17

13.5

3,898

47 20.913.9

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3

229

▲Industry % Change from Last Quarter 28.5%

33

15.751 18.4

19.619.6

https://www.thomsonone.com

30,668.9 3

3

Deutsche Bank

Citi

UBS

Bank of America Merrill Lynch

Morgan Stanley

6

Barclays

4

7

2

Financial Advisor

JP Morgan

Financial Advisor

JP Morgan

+5

22.2

-36396

1.3

528,924.5

Worldwide Rankings

1

# of Deals

4.4 0.5

Change in

322

361,791.3

0.6

Sh (%)

9.2

Goldman Sachs & Co

Full Year 2013 | Mergers & Acquisitions | Financial Advisors

21.2

26.1

Market

▲ 195

3

1

70.6189,047.9

38,157.3

4.4

Goldman Sachs & Co

3

624,585.41 -3.0

-5.6

23.5

231

679

49

64,616.3

70

68.21

47,994.6

229,443.6165,372.1 8

298

44,405.1

12.9

1

Market

-4.3

430,659.1

109

33

0.5

▼-3.3

# of

5,278 42 44,437.8

JP Morgan

Industrials

61.7Financials

21.0

226,897.1

12

2

5.4

Rank Val US$m

4.2

333,659.4

Energy and Power

0.6

Industry % Change from Last Quarter

3

43,177.940,984.5

48,115.8

31,875.6

Industry % Change from Same Period Last Year

Industry Total

13 98,359.2

19

HSBC Holdings PLC

BNP Paribas SA

RBC Capital Markets

23

352,187.6

194,002.8

137,218.3

0.4

Market

8.9 -6.1

22.1

10.8

Sh (%)

# of Deals per Advisor

258,859.5

310,424.4 13.0

15.1

Rank Value per Advisor (US$m)

# of

8

4

Sh ($)

-4.4

10

257,915.9

5

2012

Rank

0.9

0.6

Jan 1 - Dec 31

2013

RankUS$m DealsShare Ch.

5.4

11

2012

Rank

# of Deals per Advisor

Rank Value Market

Deals

▲25.7

-44

0.9

Share Ch.

▲622,227.8

Sh (%)

2726.2

1,591.5

US$m

329 ▼

1,144.4

5.9

3.5

20.8

524,061.8

2

30.61.1

+8

-64 24.7

6.5

▲ 190

0.8

▼6.0

0.2765.9

▼ 3Morgan Stanley 3 503,550.1 ▲

Barclays 4

5

▼ Bank of America Merrill Lynch 6

5

▲▲

▲337,315.2▼ 0.6

6.9

16.6

Citi 836.40.8

0.5

175

205

2.5

0.7 -4115.6 ▼

▲18.2

3.3

+8

▲ 993.3

0.9370,694.1

4.4▲ +14 ▲

227 ▼Deutsche Bank

317,479.04

7

-1.1

-51

-49

-24

10.7 226

▼ Credit Suisse

-▼

8

561.17

▼▼ 202

▼3.9

733.5 1.2

641.2 0.00.8

-11 2.9

424.1

9

9.6196,088.8

9 0.5

159 0.6

238

-0.6

1.6 ▼

3.9

0.5

BNP Paribas SA 6.6 +15 230.0-47

Rothschild

133,957.2

146,902.7

-27

0.9

113

▲▼

0.0

1.0 ▲

+4

18

11 7.2

0.4

-12 506.0

▲1.9

-2.3

+9

1.00.3 ▼

0.0

0.3

-12

0.1

0.4

92

216.8

432.00.4 ▲

1.0

+12110

224.7

0.2

447.6

0.3

5.9120,482.3

▼ ▼

30▲

-1.4

20

0.0

114,745.3

2.8

▲0.1

Evercore Partners 13+1 12

1.514

-3

+7

15

Centerview Partners LLC 5.6

104,072.4 5.1

Moelis & Co

4.613

+4 ▲

-0.517

99,516.0

3.7

137

▼ 146

24

-0.0

1.0

0.5

0.1

▼0.5

-46

▼ 2.0

0.3 ▲

0.3

-19

▼1.5

217.9

-2 ▼

0.4

-3

-4

0.1

-76

19

-58 ▲

0.1 ▼

-7

67.2+7▼ 66

Jefferies LLC

▲1.0

32

224.766,726.4

59,910.4

0.239

76

20

0.2

-21115 0.3

21

Wells Fargo & Co

▼ Greenhill & Co, LLC

▲167.1 0.7

+9 0.6

0.1

0.2

1.1

-0.4

330.1

-

0.1

131.3

115

2.12.4

12.3

2.4 ▼

4

157

0.135.9+1 ▲

36

0.1

00.252

0.6

+1

0.0▲

0.2

0.00.0 ▲ 5.0

-11.9%

22,459.3

0.4

100.02,035,656.0

0.2

100.0

▼▼-11.9%

27,194

-35

-3,671

48

-

▼0.8

0.0

2.2 0.0 -

2.3

174.7▼

48,573.8

69,350.6 3.4

3.3 ▲

48,253.9

2.2

1.32.9

45,803.1

25

Industry Total

17

78

-

45,433.523BMO Capital Markets

240.4 -95 M Klein & Co LLC

0.2

-2,960

22Mizuho Financial Group

Industry % Change from Same Period Last Year

LionTree Advisors LLC 23▲

2

Share

Mkt.

▼-7.4%

Jan 1 - Dec 31

-1.1%

1

41

-8.0%

3

100.0

Rank

44,168.1

Top WW Announced M&A Advisors by Target Industry

-5.9%

35.7%

2,856

-4.1%

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

-9.4%▲

No.

Deals

50

2,892

12.5

24

25 45

13842,690.5

121-2.1

140

55

1.7

57

Nomura

+4

121

7

-33

22

Macquarie Group 1.9

36,819

1.5 0.6

12

2,393,298.1

35,860.5

▼-5.0

1.1

53,728.4

48,253.9

4.1

2.6

2.150,942.4

-1.2

-2.0

62,855.2

0.3

80 2.0

0.0▲

0.2 +4

16

-1.12.2

-1.7

Market

9

3.1

5

562,886.1

2 531,974.1

10.8 ▼

2013

Rank

Rank Value per Advisor (US$m)

Worldwide Announced (AD1)

Rank Value

7

71

Credit Suisse

Rothschild

16

▲101,391.515

79,753.3

5.4

86,839.8

105,216.9

8

12

18

130,100.0

6

Citi

Moelis & Co

14

Wells Fargo & Co

3.315

14Evercore Partners

17Centerview Partners LLC

55,268.5

-

18

Goldman Sachs & Co

LionTree Advisors LLC

21

Paul J Taubman 13

19

17

Goldman Sachs & CoBank of America Merrill Lynch

Telecommunications

46,390.9

Real EstateBank of America Merrill Lynch

Credit Suisse

28

1.8

Banco BTG Pactual SA

37

3.6

15

Morgan StanleyGoldman Sachs & Co

30

Jefferies LLC 20

Jan 1 - Dec 31 2013

Goldman Sachs & CoMorgan StanleyJP Morgan

JP Morgan

$386.2

$272.1 $299.7

$248.7

$170.9 $135.6

$198.4 $203.9 $169.0 $154.9

$13.2

$46.7

$52.5

$66.1

$67.4

$41.5

$25.4

$15.4

$130.1

$130.1

$130.1

$130.1

$130.1

$130.1

$130.1

$27.4 $27.4

$27.4

$25.5

$25.5

$25.5

$19.3

$19.3

$19.3

$19.3

$19.3

$19.3 $19.3

$19.3

$0

$100

$200

$300

$400

$500

$600

$700

Goldman Sachs & Co

JP Morgan Morgan Stanley

Bank of America

Merrill Lynch

Barclays UBS Citi Deutsche Bank

Credit Suisse Lazard Guggenheim Securities

LLC

Rank V

alu

e (

US

$bil)

Dell Inc

Omnicom Group Inc/Publicis Groupe

NBCUniversal Media/Comcast Corp

Virgin Media Inc/Liberty Global

HJ Heinz Co

Verizon Wireless/Verizon Communications

Other Top 15 Deals

All Other Transactions

3

Page 6: Worldwide Mergers & Acquisitions 2013

13.9x

10.5x

Materials

12.1x

10.9x

9.7x

14.4x13.3x

Real Estate

14.1x

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

* The data given refers to the time period 01/01/2012 - 12/31/2013 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded.

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

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

10.3x

2012

13.0xAverage Industry Total

9.3x 12.6x11.4x 11.4x11.9x11.1x

12.5x

10.1x13.1x

11.2x12.3x

31.3x

12.4x

8.7xMedia and Entertainment

Retail

10.2x

11.3x 11.3x

9.4x

Consumer Staples

Energy and Power

8.4x

12.5x

12.0x 11.3x

10.3x

13.8x

Consumer Products and Services-9.0x 8.7x

14.3x

11.5x 13.2x

15.9x

7.3x

8.7x

12.5x

12.5x

11.6x

14.4x

16.2x

9.5x

9.1x

11.5x

9.7x

13.9x

10.4x 12.6x

10.9x

-

8.2x

-9.4x

12.3x11.6x

8.7x

13.3x

10.8x

17.4x

8.6x

19.1x 21.1x25.0x 18.9x 26.9x

15.1x

8.0x

9.2x

18.8x

10.9x

15.4x

10.5x

13.0x

5.7x

6.5x

10.1x

13.5x18.0x

10.7x 13.7x6.5x

13.5x

12.3x8.1x

11.4x

12.0x

11.0x10.2x4.8x 10.1x

13.0x21.0x 14.7x

10.1x

9.8x

16.7x

9.7x

17.8x

9.4x

11.5x

23.8x

8.3x

12.4x 7.9x6.9x

13.6x11.4x

13.9x

9.7x 13.6x

10.9x

8.9x 9.1x7.9x

12.1x 11.3x

14.1x

7.1x

8.9x 10.7x

4.3x 11.1x11.1x 17.9x

12.4x9.6x

9.7x

13.4x

17.3x

11.4x9.7x

18.2x14.5x 17.3x-

6.0x

10.0x 12.2x

13.2x 20.1x

22.4x

12.2x

12.8x 9.8x 11.6x 10.8x

13.0x

11.8x

7.7x 11.8x 7.6x5.7x 13.1x

14.1x

12.6x

7.4x

Europe

10.5x 14.1x

Japan

12.3x

9.9x

33.5

UK

34.5 44.6 33.144.638

USA EMEA

38

35.4

21.6

-

12.8x

28.8

23.3

12.8x

24.7

25.922.3

26.727.3

48.2

28.7

53.8

Asia ex. Japan

36.1

33.4

12.4

20.8 30.8

38.0

20.3

28.5

20.4

21.9

41.1

10.7

23.3 24.9

31.3

33.6

30.7

26.9

45.7

23.7

33.647.1 38.6

36.7

41.2

35.7

56.5

34.2

62.4

25.2

37.6

25.8

38.2

41.6

45.7

35

40.3

56.5 56.5

34.2

25.8

27.737.6

23.6

11.4x

35.2 46.5

22.1

7.6x

27.9

29.7

41.7

35.0

-

36.3 58.326.0

29

22.8

22.4

34.225.5

9.2x

28.6

29.5

44.1

4.3x

6.5x

5.4x

32.9

-

12.0x

40.422.518.2

32.1 47.3

17.9

47.3

24.1

10.7

27.3

10.8x

24.3

39.8 32.0

44.3

7.7x

24.1

24.0

51.8

25.5

37.3

23.5

41.733.8 45.1

25.2x

Energy and Power

31.8

12.1x

37.0

22.2x

13.0x

Americas

39.3

-

26.4

31.7

12.4x8.6x11.1x

26.1

11.6x

33.331.0

Industrials

12.7x

World

Healthcare

High Technology

11.6x

21.5x

43.5

22.4

39.4

33.0

40.1

30.5

36.4

41.7

37.4

31.6

12.2x

Retail 24.7

35.2 24.1

20.6

27.9

45.4

Consumer Staples

Consumer Products and Services

19.7x

24.425.3

34.0

27.2

8.7x

12.4x

25.6

13.0x

36.9

28.9

Telecommunications

Real Estate

28.4

24.2

33.2

Average Industry Total

37.1

29.3

Healthcare

39.5

36.5 37.3

30.9 35.4

Media and Entertainment

33.0

Telecommunications 28.8

Materials

25.2

High Technology

Industrials

24.3

30.1

29.1

33.4

14.0x

Financials

2013 UP

2013 DOWN

11.2x

32.6

44.4

18.4 19.1

37.0 23.3

27.6

32.0

42.3

21.5 25.4 24.025.9

Worldwide M&A Matrix

11.5x

36.3

31.5

32.2

16.618.1

https://www.thomsonone.com

29.9

37.327.9 23.2

23.3 25.4x

13.0x

49.7

28.9 21.5

21.7

30.1

22.7

54.6

Full Year 2013 | Mergers & Acquisitions | Financial Advisors

7.9x

25.1

36.6

20.734.632.2 23.6 54.6

21.7

25.2

35.628.2

20 27.3 39.6 14.5 8.4

25.335.728.2

24.610.5

34.3

34.2

40.9

39.3

27.1

44.9 42.6

25.4

28.7

24.5

31.0

27.834.7

26

26

27.9

27.3

9.2x

11.7x

-

35.0 20.5

30.2

Canada

23.7

27.1

31.7

10.9x

28.3

28.6

41.2

World

17.9x

11.6x

9.9x

14.7x

Japan

8.9x

Asia ex. JapanEurope

13.1x

9.2x

5.9x

9.9x

13.2x

11.0x

Canada

14.0x

UKEMEAAmericas

Exit Multiple Matrix - Average Rank Value / EBITDA

USA2013 UP

2013 DOWN 2012

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Jan 1 - Dec 31

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

4

Page 7: Worldwide Mergers & Acquisitions 2013

Rankings shown are as of the current quarter end in each calendar year

https://www.thomsonone.com

Full Year 2013 | Mergers & Acquisitions | Financial Advisors

Worldwide Announced Rankings* - A Decade in Review

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

*League Table positions reflect consolidation within the banking sector

1

2

3

4

5

6

7

8

9

10

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

1

2

3

4

5

6

7

8

9

10

Rank

Goldman Sachs & Co

JP Morgan

Morgan Stanley

Bank of America Merrill Lynch

Barclays

UBS

Citi

Deutsche Bank

Credit Suisse

Lazard

5

Page 8: Worldwide Mergers & Acquisitions 2013

* tie

High TechnologyJP Morgan 42,924.2 1

Goldman Sachs & Co 39,445.3 3

Goldman Sachs & Co

US Announced Advisors by Target Industry Jan 1 - Dec 31 2013

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

Americas Deals Intelligence

Telecommunications

Energy and Power

Real Estate

Healthcare

JP Morgan

Bank of America Merrill LynchJP Morgan

Rank Val (US$m)

179,668.9 168,048.0156,100.5Goldman Sachs & Co

Morgan Stanley

38,108.237,570.325,015.5

137,502.1

Bank of America Merrill LynchCiti

CitiEvercore PartnersGoldman Sachs & Co

Goldman Sachs & Co

123130,341.3

143,005.5

128,842.8 57,484.9 1

28,595.724,900.1

107,097.0 24,136.2

12

23

1

Rank

Mkt.

144

No.

Deals

86.93 5

37

752 17.53

2

9

1,458

44.617

8

37.8

866 25

Jan 1 – Dec 31 2013

Share

93.5

17.6318.1

72.6

48,759.743,010.9

Verizon Communications Inc

7

688 26.7

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

Healthcare / Biotechnology

United States / United States

United States / United States

Consumer Staples / Food and Beverage

15,367.6

130,100.0

16,700.0

Media and Entertainment / Advertising & Marketing

Top Ten US-Target Announced Deals Jan 1 – Dec 31 2013

10/29/201319,331.1

Media and Entertainment / Broadcasting

Telecommunications / Telecommunications ServicesFrance / United States

Target (% Sought/Acquired) Acquiror

High Technology / Computers & Peripherals

10/23/2013 Real Estate / REITs

https://www.thomsonone.com

NBCUniversal Media LLC (49%)

Valeant Pharmaceuticals

Liberty Global IncPending

6/24/2013

Comcast Corp

2/5/2013

2/12/2013

Zoetis Inc (80.2%)

Virgin Media Inc (100%)

Dell Inc (86.61%)

6/7/2013

5/22/2013

Date Effective

7/28/2013 Omnicom Group Inc (100%)

Verizon Wireless Inc (45%)9/2/20136/7/2013 HJ Heinz Co (100%)Pending

2/14/2013

Rank Date

Investor Group

Pending Cole Real Estate Investments (100%)Healthcare / Healthcare Equipment & Supplies

2/5/20133/19/2013

American Rlty Capital Ppty Inc

United States / United States

Life Technologies Corp (100%)

Investor Group

Zoetis IncThermo Fisher Scientific Inc

27,361.7

United States / United States

19,283.8Publicis Groupe SA

25,531.0

11,647.5United States / United StatesHealthcare / Pharmaceuticals

United States / United States

United States / United States

13,248.5

United States / United States

10,401.9

United States / United States

18

18

Americas M&A

Full Year 2013 | Mergers & Acquisitions | Financial Advisors

Americas M&A Falls 2% From 2012 | US Targeted M&A Drives the Global Market | Canadian Activity Falls 32%

22 26.3

The overall Americas Involvement market posted a 2.3% decrease from totals accumulated during 2012, with US$1.4 trillion

of value from 14,287 deals. Estimated fees generated from completed deals in the Americas totaled US$15.3 billion, a 13.1%

drop from fees earned last year.

US Targeted M&A, one of the few markets posting gains during 2013, rose 11.3% over announced M&A throughout 2012,

with US$1.04 trillion in announced M&A activity. This surge in value was accompanied by a negligble decrease in deal count (-

0.5%; 47 fewer deals) and was primarily driven by several high-value deals. Ten of the top fifteen largest transactions

announced worldwide involved US targets, including, notably, Verizon's US$130.1 billion deal to acquire the remaining stake

in Verizon Wireless from JV partner Vodafone.

Primarily due to the Verizon deal, the Telecommunications sector led the US market for 2013, with deal volume totaling

US$179.7 billion, a 17.3% market share. Energy and Power placed second, accruing US$143 billion for a 13.8% share. High

Technology emerged as the most active sector by far with 1,458 deals, outpacing the next most active sector, Healthcare, by

592 deals.

Accumulating US$142.6 billion in transaction value, announced Canadian Involvement activity fell 31.6% from the totals

reached in the same period last year. Completed Canadian Involvement also declined, posting an 18% decrease from the

same period last year. Fourth quarter completed deal volume, however, posted a remarkable 74.2% increase from third

quarter totals.

Pending

20.8

18 33.4

Bausch & Lomb Inc (100%)8/6/2013

US Buyside Financial Sponsor Activity

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5/27/2013

4/15/2013

36.8 18

40.1 24 Barclays 41,403.8 2 38.7 10

17.3%

13.8%

13.2%

12.4%

10.3%

7.3%

5.4%

5.2%

5.1%

Telecommunications Energy and Power Real Estate

Healthcare High Technology Media and Entertainment

Consumer Staples Industrials Financials

Materials Consumer Products and Services Retail

Government and Agencies

26.2 35.2 60.5

111.1

17.5 10.7 26.7 25.4

73.6 22.6 40.6

110.4

191.8

28.7 33.3 30.3 34.5

32.4

37.4

31.5

85.9

89.1

18.4

13.2

27.2 26.5

49.6

44.4

19.8

42.9

170.3 20.5

24.2

39.1 27.6

56.8

67.1

43.6%

42.6%

55.6% 52.9%

27.6%

42.1% 44.7%

39.2%

54.2% 58.2%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

-

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Rn

k V

al U

S$

bil

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

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

% of WW FS Volume YTD

6

Page 9: Worldwide Mergers & Acquisitions 2013

Guggenheim Securities LLC Centerview Partners LLC

Paul J Taubman Lazard

# of Deals per Advisor

Full Year 2013 | Mergers & Acquisitions | Financial Advisors

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

88

7.0 ▲

74

Market Change in

16

8,734

Industry % Change from Same Period Last Year

17

-5

+1

Jefferies LLC

Deals

Any Americas Involvement Completed (AF55)

Market

Perella Weinberg Partners LP

-10

+5

+4

65

Sandler O'Neill Partners

77

+3

https://www.thomsonone.com

17,757.7 0.5

-31.4

-47

0.8

12.8

87

0.9

▲3.9

▲ 0.6

0.9

Market Market

Imputed Fees (US$m)

Americas Rankings

Rank Value per Advisor (US$m)

2012

Rank

8.2

2

▲0.5

222,212.3

0.2

RBC Capital Markets

148,619.1

LionTree Advisors LLC0.1

51,415.2

LionTree Advisors LLC

4 5

53

2.5

18 2.1

-3.2

1.1

18

Industry % Change from Last Quarter

41 47,488.8

2.2 0.9

6

6

▲18

23

22

47,488.8+4

Mizuho Financial Group

864,551.1

+6

7

0.5

0.3

Goldman Sachs & Co 1

Market # of

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

Bank of America Merrill Lynch 3

Wells Fargo & Co 16

28

140

107

16

4.6

JP Morgan 2 2 401,677.9

Morgan Stanley

RBC Capital Markets

Sh (%)

AdvisorRank Value# of

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

Rank Value Market

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

Share Ch.

213

6.0

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

1.4

1,261.9 8.3-16493,908.2

Share Ch.

1.8

# of

Financial Advisor

Market

01.8 ▲

2013

Rank

Market

# of Deals

2013

Rank

2012

Rank

Change in

1.9 ▼

Market

Sh (%)US$m

JP Morgan 2 2 443,689.9 ▲

34.2

30.7 5.6

Goldman Sachs & Co 1 1 ▲34.2Goldman Sachs & Co-269

1.3

4.11 415,168.1

+11 ▲ 2 386,890.8

1

JP Morgan

818.1

31.8

▲ 1515Bank of America Merrill Lynch 3 7 431,775.4

2

171 1.2

191

+3 ▲

▼916.0 0.1▲ 150 1.3 -28 ▼ 6.0

Morgan Stanley 294,492.5 24.2

65.3 ▲ 198Morgan Stanley 4 3 367,669.8 4+14 ▲ ▲1.2

-13

23.3 7.4

7.3 ▲▼ 5.41.3

14.6

25.5 1.4

▲29.9

▲Barclays 5 4 304,507.4

0.3

21.1 1.8

3

Bank of America Merrill Lynch 156

Barclays 5 ▲ 117

5.61.3 +7 ▲ 863.0283,095.6

-0.34 247,395.6 20.4 0.4 1.0 -44 ▼

UBS 6 13 213,603.8 14.8

134

8.4 ▲ 98 0.7

609.4 ▼0.9 -37 4.0

+5 ▲ ▲2.9Citi 6 7 1.3▲ 650.6

3 187,225.3 ▼ 536.3▼

200,690.5

7Citi 7 6 188,538.8

▲123 1.1 +1 4.3

-2.3 ▼13.1

16.5

-3 ▼147 1.0 Credit Suisse ▼

Deutsche Bank 8 8 171,663.2 11.9 2.7 0.4▼-1.2 407.0

15.4 -6.4 3.5 1.91.1 -32124

9 167,429.4 13.8 2.7 0.9 -19

▲1.1

▲ 106112 0.8 -44 ▼ Deutsche Bank 8

10 47 143,276.1 9.9

Credit Suisse 9 5 156,621.1 10.8

9.3 ▲ 15

153

10+4 ▲

Lazard-5.5 ▼ 9

0.1

-15 ▼ ▲ 467.0

11 114,745.3

8 149,016.3 1.3 +6

9.4 2.9

▲ 14712.3 1.0 3.1 0.2

▲ 30 ▲

Paul J Taubman 11 - 130,100.0 9.0 RBC Capital Markets 11

1.4 0.40.3 +10 ▲ 216.8

▲ 125 2.8 0.113 97,398.9 8.0 2.2 1.1 -45 ▼ 422.0 ▲

Lazard 12 9 129,097.3 8.9

1 0.0 +1 ▲

-1.4 ▼ 153 1.1

9.0 ▲

UBS 12-19 ▼ 12 94,114.2 1.6 0.5▼ 240.8▲ 87 0.7 -2 ▼

Centerview Partners LLC 13 12 102,165.7 7.1

7.7 1.8

+5 ▲31 0.2 10 86,460.6Evercore Partners 13 ▲

Moelis & Co 14 19 89,030.3 6.2 3.4 ▲

0.2 ▲ 7.1 -4.0 2.6 0.50.8 +9 ▲ 391.2▼ 93

0.4 0 1.5 0.3- 224.7

Moelis & Co 15

Wells Fargo & Co 14

▲ 715.2 2.4

27 66,726.484 0.6 -6 ▼ ▲ 525.5 3.7 ▲

Evercore Partners 15 11 80,260.2 5.6 -1.9 ▼ ▼200.6

130 0.9

103 0.7

RBC Capital Markets 16 10 78,026.7

0.6 -14

5.1 1.85.4

-2.2 ▼

-2 ▼

-53 ▼ Jefferies LLC 16

1.3 0.2

17 61,395.3

18 62,803.8

Wells Fargo & Co 17 21 62,855.2 4.4 1.9 ▲

▲ 98

Rothschild 17

1.9 0.20.8 -9 ▼ 292.0

▼ 84 1.4 0.014 57,473.7 4.7 -0.1 0.7 0 - 217.7 -

BNP Paribas SA 18 28 50,880.2 3.5

55 0.4 -7 ▼

1.7 ▲ 36 0.3 Greenhill & Co, LLC 18+6 ▲ 24 55,211.3 0.9 0.2▲ 144.5▲ 28 0.2 +1 ▲

Rothschild 19 14 49,182.8 3.4

4.5 2.3

-32 ▼84 0.6 54 48,253.9LionTree Advisors LLC 19 ▲

LionTree Advisors LLC 20 54 48,253.9 3.3 2.8 ▲

-3.0 ▼ 4.0 3.5 0.2 0.10.0 +1 ▲ 35.9▲ 4

0.4 -33 1.1 0.6▼ 174.7

Mizuho Financial Group 21

BMO Capital Markets 20

▲ 132.3 2.0

16 45,433.57 0.0 +4 ▲ ▲ 483.7 0.4 ▼

Jefferies LLC 21 15 47,303.3 3.3 -1.7 ▼ ▲25.8

57 0.4

100 0.7

Banco BTG Pactual SA 22 31 35,860.5

0.1 +2

2.1 0.72.5

1.0 ▲

-14 ▼

-32 ▼ CIBC World Markets Inc 22

0.2 0.2

33 25,709.5

71 27,322.8

Greenhill & Co, LLC 23 18 26,699.3 1.9 -1.9 ▼

▲ 37

Perella Weinberg Partners LP 23

1.1 0.40.3 -5 ▼ 160.4

▲ 25 0.6 0.129 24,262.1 2.0 0.4 0.2 +5 ▲ 90.6 ▲

Macquarie Group 24 34 23,183.1 1.6

25 0.2 -9 ▼

0.4 ▲ 59 0.4 The Raine Group LLC 24+1 ▲ 95 21,640.0 0.1 0.1▲ 12.4▲ 2 0.0 +1 ▲

Qatalyst Partners 25 53 19,838.1 1.4

1.8 1.6

+3 ▲ ▲0.9 ▲ 12 0.1 32 20,244.9BNP Paribas SA 25 351.7 0.2

Industry Total

0.5 0.20.3 +9 ▲ 79.3

100.0 -1,077

14,287 100.0Industry Total -1,0961,215,500.1 11,6591,444,579.5

▼ -5.3%

Industry % Change from Same Period Last Year -2.3% ▼ -7.0% ▼

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

▼ 40.9%

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

Industry % Change from Last Quarter -23.0%

100.0

-8.4% ▼▲

Imputed Fees (US$m)

15,292.0

Industry % Change from Same Period Last Year -8.3%

US Target Completed (AF2) Jan 1 – Dec 31

-8.6% ▼ -13.1% ▼

Industry % Change from Last Quarter 57.6%

Sh (%)

2012

Rank

Market

US Target Announced (AD2) Jan 1 – Dec 31

MarketRank Value Market2013

Rank Fees

# of Change in 2013

Rank

2012

Rank

Rank Value Market Change in Market

# of Deals

Market

39.0 4.8 ▲

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

Advisor

921.31.9 0 - Goldman Sachs & Co

Market

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

1 404,526.1 0.28.8133 1.81 1165 ▲

38.7 9.2

-13 ▼331,080.9 38.3 4.8 ▲

3

JP Morgan+27▲

-107 369,743.2 35.6 20.8

1.6

6.2▲ 10210.88

▲749.7 7.1

0.2

1.9650.1

1.538.0 1082 11.0 ▲328,484.8 ▼

4 4 290,045.0

-10

25.7

▲ 1.2

1.4 +4 ▲Bank of America Merrill Lynch

4.8 ▲ 1.4 +8120 1.3 -6 ▼28.0 Morgan Stanley 220,190.2 25.5 5.6 98

-2.822.9Barclays 5 3 262,581.0 197,728.75 3 83 1.1 -43

▼5.7 0.1

4.7 0.8 ▼

596.2

13.2

25.3 0.8 493.7▲ 1.1 Barclays-3594 ▼

56 Credit Suisse 6

0.6UBS 6 13 199,932.9 19.3 2.14 157,805.1 18.3 -6.0 ▼ 403.8▼ 0.9 ▼

Citi 7 6 149,899.9 14.4 -1.8 ▼

▲ 3.8

1.0 +1 Citi 4.2

-19+13 ▲ 70

7▲ 1.01.1 +317.2 2.1 ▲ 443.678 ▲

Deutsche Bank 8 8 142,655.2 13.8

▲7

13.6 2.0 ▼0.4▲ 60 ▼ 283.20.8 -13 2.7

Guggenheim Securities LLC 9 36 142,242.0

10

14

117,310.7

13.2

▲0.0

13.7 Centerview Partners LLC+4

10 9

119

Deutsche Bank 8 10▼

67 0.8

114,380.5 +9 ▲0.427

1.212.2 ▼

4.9 ▲ ▲210.8 2.0

0.23.1322.4 ▼

0.9

5.0 ▲ 0.145 0.6 +1 164.7 1.6▲

105,710.7- -4-1.7 ▼ 92130,100.0 12.5 12.5 1

11 5 115,279.4 -6 ▼ UBS▼ 8.8

3.212 6

11.1 -8.2 78 75,884.6

1.1

11

109,058.4 -18 ▲71,290.8 8.3 -7.4 ▼ 1.0772.110 10.5

50

Credit Suisse

0.5▼ Evercore PartnersLazard 12

15

Centerview Partners LLC 13 11 102,000.9 30 ▲0.3 +9▲

▲ 96

0.9

+29.8 7.7Wells Fargo & Co

+10

19

5.1 ▲

-160,532.5

335.6

218.0

-76 0.0▲ 14 17

13 66,545.2

Evercore Partners 15 9 72,567.7

2.1

1.8

0.7

▼7.0Moelis & Co

Moelis & Co 14 20 85,007.4 8.2 3.8 ▲

0.4

1.324 ▲-3.3

4.5

3.5 ▲Greenhill & Co, LLC 151.0

12

2.150,358.2

189.666

0.3 +4 132.3

0.9

735.2 17

▲0.518 53,844.8 6.2

▼53,857.0

▲0.24.8 ▲ ▲

▼ 2.21.05.8

62,674.1 6.0

0.35.5

226.7

36 3 34.4

-9▲-1

0.9 -19 ▼

0.1199.5 1.9

0.416

Rothschild 20 15 34,057.4

0.0 +1

19 21 37,294.3 4.3 ▲2.0▼19 12 98.7▲36,629.3 3.5 RothschildJefferies LLC ▲ 31 0.4-2.8 0.1▼ 0.8 -11 0.9

20▼ ▼0.33.3 -1.8 -12 50 26,913.1 3.1 2.7 0.1 +1 ▲

▲ 0.1 ▲83.9

22.6▲

0.8

0.2 0.2

▲22,982.1 2.7▼ -819 0.2 21▼Greenhill & Co, LLC 21 14 25,234.8 2.4

12.4

220.4

29 22,711.1 0.1

1.9 1.1

2.5 ▲

25

22

Gleacher & Co Inc 23

Qatalyst Partners 23 38 19,838.1

+2BNP Paribas SA 22 The Raine Group LLC0.1 +1 0.1

0.8▲1.7

20,088.20.1

19,524.6 2.3

12

0.9

2 0.0 -2 ▼ 0.1 ▲0.2

0.0

21.40.8 ▲

▲ 221,640.0 2.5

-

2.3

29

BMO Capital Markets

24Blackstone Group LP41▲ -15 ▼

▲ 0.3

0.1 ▲1.2 ▲ 79.437 0.5 +7

25 ▼▼ 0.5 0.247.9

10,503.4

28

100.0

-8▲1.7

-292

-4.0% ▼

0.2

Industry % Change from Same Period Last Year

14,580.1 18

-3.8%

100.0

▼-11.8%▼

44.4%-11.3%

7,412

57.2%

Industry Total

Industry % Change from Last Quarter

* tie

-31.5% -9.4%

-0.5%

100.01,037,773.9

24 37

14,172.3

11.3%

25 47 ▼

+3

0.9

Industry Total

Simmons & Co International

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

7

Page 10: Worldwide Mergers & Acquisitions 2013

Credit Suisse Centerview Partners LLC

Credit Suisse Deutsche Bank

31.116

1.6

-6

11

Barclays

Guggenheim Securities LLC0.4

23

Industry Total

BNP Paribas SA

9

9

4,367.1 3.1 0.0

1.8

9

-3.1

-18.0%

2,470

0.3-3

53

+4

14.4

1,844

Industry Total142,619.8

2.0

+4 ▲

▲ 1

1.5

Wells Fargo & Co- 0.63

0.0 -3

0.00.8

▼ 1.1

1.0

25.5

▼ 32.4 1.4

56.0%

9

-17.3%

-385 2,313.0

▼ -18.4%

74.2%

Industry % Change from Same Period Last Year

1.3 0.615

6.8%

100.0

12 -1

▼1.3

-0.7%

-5.12,208.925▲ ▼

Raymond James Financial Inc

▼1.4

0.11.8

-1 ▼▲ 0.30.0

10

17 2,581.4

2,579.5

1.5

2.0

-2.9

20 ▼0.4 12

3 0.1 2,361.6

Macquarie Group

24

22 ▼

1

-5 2.8

21

4,047.8

36

-4

0.9

-4.0

37.50.0 ▼

0.20.5-10.0

10.5

0.2▼

19 ▼ 33.222 1.31.40.1▼GMP Capital Corp

21 11 3,146.6 2.2 ▲-12▼

▲0.0 012 2.0- 46.5 0.9

15

Rothschild 18 15 4,046.9

3.7

2.8

32 5,273.1

16

UBS 19 16 3,765.0 2.6 ▼0.3-2.0 -6 -2.6

▼ 18

-

Rothschild

3.4

17▼ FirstEnergy Capital Corp

4,834.7

0.0 0.9 ▲

0.0 0.3

▼-3

-2

1.2 1.2 ▼

1.1

0.120.6

▼▼ 24.9

16

US$m

Advisor# of

Fees

238.5▼0.2

0.1 -14

-607

31,263.7

# of Deals per Advisor

55.3%

Share Ch.

11.3

100.0

-9.6% ▼

-9.7% 41.3%

1,051,145.3

9,485

Industry % Change from Same Period Last Year -4.6% -6.0%

▲ 27 0.5 0.3 ▲

13,310.7 100.0

25 42 19,679.6 1.9 1.3

0.1

0.3 +11 ▲ 65.7

▼40 0.4 +4 ▲ 84.4 0.6

0.2 0.1 ▲

Blackstone Group LP 24 25 19,783.0 1.9 0.3 ▲

▼ 21.91.9 0.7 ▲ 3Gleacher & Co Inc 23 30 20,088.2 0.0 -1

▲2 0.0 +1 ▲ 12.4 0.1

0.1 ▲

The Raine Group LLC 22 73 21,640.0 2.1 1.9 ▲ 0.1

▲ 90.60.4 ▲ 25 0.7

Mizuho Financial Group 20

Perella Weinberg Partners LP 21

0.226,945.3 2.6

2.3

2.2 ▲

22 24,262.1

▲ 35.94 0.0 +1

54

0.3 +6

0.3

0.1 ▲12 0.1 +1 ▲ 24.0

0.2 ▲

1.3 0.1 ▲

LionTree Advisors LLC 19 40 48,253.9 4.6 3.9 ▲

2.7 ▲

0.7 +8 ▲ 177.82.0 ▲ 65

0.2 ▲28 0.3 +1 ▲ 144.5 1.1

0.3 ▼92 1.0 -5 ▼

-

Jefferies LLC 16 15 55,504.6 5.3 1.9 ▲ 269.7 2.0

0.217 62,803.8 6.0 2.8 1.5200.6▲

1.8 0.00.8 -15 ▼ 242.0

0.3 ▲20 66,726.4 0.5 0 - 224.76.4 4.2 ▲ 52

0.4

▼71 0.7 -10 ▼

1.7

▲88 0.9 +13 ▲ 2.8368.1

1.7 0.3 ▼

Evercore Partners 12 8 80,506.0 7.7 -5.4 ▼

▲ 224.38.5 3.3 ▲ 7512 89,501.9

215.7 1.6114,580.5 10.9 3.1 ▲

0.8 +7

0.4 ▲29 0.3 +9 ▲

423.6 3.2 0.1 ▲125 1.3 +7 ▲

2.8 0.4 ▼

Lazard 9 9 128,559.6 12.2 -0.2 ▼

3.7 2.1 ▼

1.4 ▲ 92 1.0 -13 ▼ 371.5

-18

▼ 491.316.9 -5.9 ▼ 103

181,819.3 17.3 2.9

177,389.3 1.13

▲114 1.2 +16 ▲ 613.8 4.6 1.4

815.7 ▲

114

+22

Barclays 5 4 226,953.5 21.6 0.4

1.8

-1.0 1.2 -37▼

4 7 256,185.7 141 1.510.1 ▲

0.1190

6.6-20 ▼

135 1.4 ▼ 0.1-11

Market

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

Market

Share Ch.

Market# of

2.0Goldman Sachs & Co 1 1 372,852.4

Industry % Change from Same Period Last Year 4.4% ▲

-399

+1

Sandler O'Neill Partners

Change in Advisor

9.1 ▲ 135 1.4

2.5 ▼ 1,152.0

Industry Total 1,250,383.7

0.30.416,184.4 1.3Macquarie Group 25

5.4

24.4

Credit Suisse

Citi 6

42 -140.4

-7.2% ▼

37

100.0

-3.4% ▼

11,305

12 0.11.6 ▲1.0

0.71.4

Qatalyst Partners 23 42 19,838.1

Greenhill & Co, LLC 22

43

21

40,835.2

32,963.1

2.1

BNP Paribas SA

Rothschild 20

28 ▲

13

2.6

15 26,699.3

3.644,589.9

1.0

-2.6

7.1

▲LionTree Advisors LLC

-1.7 ▼19 14

57,329.2 4.6

3.8Moelis & Co 18 89,030.3

18

Evercore Partners 15

17

74,364.2

48,253.9

17

12 123,762.69

20

-0.3

5.0

10

14

16.5

23.0

12

▼-0.4

206,241.1

6

-0.3

Centerview Partners LLC 13 11 102,000.9 8.2 ▼

174 1.5 +17

Lazard

11 -

9.9

130,100.0

130

10.4

334,694.5

5

2

6

-1.5 ▼

14.5

3 26.8

6.0

16.7

24

2.6

57

9

+3

0.7

3.9

1.9

Jefferies LLC

13

7

16

RBC Capital Markets

95Jefferies LLC

3.3

Wells Fargo & Co 62,855.2

2.4

-14.0

-5.7

0.5

99

18

8.8

0.4

-7

-2.3 ▼

0.2

-3.1

-0.6

# of

0.7

36

2,801.4

-31.6% ▼

54

20 13 3,433.8

Industry % Change from Last Quarter

* tie

-15.2%

1.8

Houlihan Lokey

Guggenheim Securities LLC

2,487.9 1.7

2,579.5

Industry % Change from Same Period Last Year

13

Industry % Change from Last Quarter

JP Morgan

-25.4%

23

-1 37

0.0

100.0 100.0

27.49 5,766.5

Jefferies LLC

16▼ 22 4.0

1.7

Sh (%)

21.9

3.4 -2.6

▲2.3

765.5

5.8

879.0

▲ 6.1

605.1 4.6

-13 8.7▲

1.8

▲9.7

▲▲17.1 151

130

▲ 6

+7

+13

86 0.8

129

Credit Suisse

143,085.8

0.6

0.0

1.5

1.8

2,801.4

-17

-31

-5.8+7

Market

Bank of America Merrill Lynch

Lazard

55

-14

+1

54

25

1.1

0.1 +4

+5

7

# of Deals per Advisor

+8

9

242

Deals

# of Deals per Advisor

2

# of

1.5

4,864.4

Rank Value

5,751.1

1.1

▲1.1

-29

-9

7

Jan 1 – Dec 31Any US Involvement Announced (AD41)

Rank Value

5.24

7.8 ▲

Market

Financial Advisor

Goldman Sachs & Co 1

34.8

2012

Rank

31.6

JP Morgan

Bank of America Merrill Lynch 3 7 395,279.8

US$m

2013

Rank

1 468,449.0

2 435,553.5

Rank Value per Advisor (US$m)

37.5

Morgan Stanley

172 34.1

0.1JP Morgan

Rank Value Market

Imputed Fees (US$m)

Market

2.1

Sh (%)

1.1

# of Deals

Change in

+12

20,279.8

26

Evercore Partners

0.8 -6

0.5

-7

-5-2.9

-9.6 18

15

7 16,661.2

Scotiabank

Goldman Sachs & Co

2

4

Bank of America Merrill Lynch

2

CIBC World Markets Inc 6

7Deutsche Bank

TD Securities Inc

5

Morgan Stanley

-3

4 16,986.7 11.9

14.2

23,848.6

3 16.5 0.6

9.6

23,537.1

12

6

Market

Financial Advisor

1 22.9RBC Capital Markets 32,601.8

Sh (%)

2013

Rank

2.3

US$m

Rank Value

1

Financial Advisor Deals

Market

-50

Market

# of Deals

63

0.92▲

13.5▼

Goldman Sachs & Co

-29

-5 120.9

2013

Rank

▼ Industry % Change from Last Quarter

2012

Rank

Rank Value per Advisor (US$m)

Any Canadian Involvement Announced (AD42)

Rank Value per Advisor (US$m)

Market

Any Canadian Involvement Completed (AF49)

17,757.7 ▲

-28.4%

2012

Rank

Jan 1 – Dec 31

Share Ch.

Industry % Change from Last Quarter

35

24

14 58,880.0 5.6

17

Greenhill & Co, LLC0.8

-7

-28

80

Sh (%) Share Ch.

Market

# of Deals

Change in Market

Imputed Fees (US$m)

1.510.3

5.2

3.7

5.7▼

Paul J Taubman

5

132.0

1 54,327.4

27.2

18

1

10.5

Guggenheim Securities LLC 9

10

15 0.137

130,918.3

143,276.1 11.5

-7.2

Barclays

Citi 7

287,521.8

88

4

180,683.8

UBS

Deutsche Bank 104

10.4

118

▲10.8

UBS

Deutsche Bank

▲+4

0.9

1.0

Deals

Market

55,211.3 5.3

4.8

19

15

-3

RBC Capital Markets

18 50,606.2▲

Rothschild

0.1▼2 35-0.6

0.1

1.4

Sh (%)

Jan 1 – Dec 31

7.3

38.0

-2 18.0

RBC Capital Markets

3

4

1

CIBC World Markets Inc

5

8

+4

BMO Capital Markets

2.96.9160.4

15.3 ▲

4.0

+2 ▲

37

12

0.1 -2

2.1+5 64.6 2.8▲0.0

-

-8

5Scotiabank 0.1

0.1

7 17,048.4 11.9

7

3

21

11.7

JP Morgan

15,731.6 11.0

14,303.9 14,748.6▲ 4Bank of America Merrill Lynch

11

-14.6

-4.2 42

-23

+2

TD Securities Inc

1.7

3

2.0

3.5

10

14

National Bank of Canada Fin'l

1.880.2▼

18

40

8 3.3

9

75.9

12,289.5

Lazard 16 20

8

18 11,632.3

9BMO Capital Markets 3

10

88

# of Deals per Advisor

0.2

+3

26

24,581.1

14.220,366.26Morgan Stanley

▼ Citi

17.230

0.7

-4

Americas Rankings

83

+4 Wells Fargo & Co

14

1.7

93.3

4.3

Share Ch.

6.8

▲▼

0.1

0.220

15

1.1

-8

▲0.9

-12.1

10.3

-4.3

0.1

98.2

10

38,925.5

25,709.5

2012

Rank

-4.4

8.6

▼ ▲

0▲8.4

Jan 1 – Dec 31

12.8160,108.8

Any US Involvement Completed (AF48)

US$m

12,011.2

Share Ch.

3.0

Market

Financial Advisor

Market

18

8

11

8

43.4

0.0

140,369.2

11

1.4-12 ▼ 58.510,671.3

1.30.07 1.98.125

2.5

260,213.7

6

5

45.2

+3

11,565.5 6.1 ▲

7

+1

+1-10.0

0.7+5 ▲6.5Canaccord Genuity

12

-94.7 0.819

▼ 9

6,769.4

-6.2 ▼

18

4.0

7.5

0.6

0.1 2.6

▲ 8 0.0 ▼ 35.0 1.5

-3 ▲13 9,298.314 ▼0.2 61.00.6

6,346.9

5,309.5

21

-10.5

-6

1.8

0.1 ▲

-5.6

0.9

3.7 0.3

210.8

0.1▼ 15

11

0.5

16

14

2,966.0 0.42.122

+1

-2.2

0

Industry Total

25Raymond James Financial Inc

-443

53

Wells Fargo & Co 24

49

https://www.thomsonone.com

Barclays

23 55

13.4

Sh (%)

+8

-7

13▲

24.8

Rank Value per Advisor (US$m)

10

2

▼ Moelis & Co

15

▲ 358,523.7

3

35.5

1.3 Morgan Stanley

2013

Rank

+9

Full Year 2013 | Mergers & Acquisitions | Financial Advisors

Sh (%)

10▼

Citi

Macquarie Group

5

12,541.4

12

7,679.2

9

8,360.7

30 0.3

0.0

Canaccord Genuity

8.2

8.2

Sh (%)

1.6

0

0.9

7.6

11,701.5

10.0

0.6

-10

Change in

0.7

+4

39

1.5

0.9▲

14

5.4

4.1 -0.3

4.3

41

GMP Capital Corp 17

1.0

17

0.6

-1.4

15

5.9

Evercore Partners

14

813

4.5

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12

5,846.4

19

8

Page 11: Worldwide Mergers & Acquisitions 2013

EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)

15,717.5 Telecommunications / Telecommunications ServicesFrance / France

Netherlands / Netherlands

6,535.0United States / United States

Goldman Sachs & CoJP Morgan

9

130,100.0Date Effective

Pending Brazil / PortugalFrance / United States

United States / United States

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10/11/2013

3/28/2013

7/29/2013

Kabel Deutschland Holding AG (76.57%)

Activision Blizzard Inc

6/3/2013

7/26/2013

6/12/2013

Target (% Sought/Acquired)

Consumer Staples / Food and BeverageGermany / Germany

Oak Leaf BV

Verizon Communications Inc

10/29/2013

Rank Date

Industrials

Acquiror / Target Nation

15,038.6 Morgan Stanley14,277.8

104,207.9

Top Ten EMEA Involvement Announced Deals

Acquiror

Goldman Sachs & Co

3JP Morgan

Publicis Groupe SAOi SA

Omnicom Group Inc (100%)

Healthcare

Primary Listing of Most Acquisitive EMEA Companies - Top 10 (US$B) Jan 1 - Dec 31 2013

Pending10/2/2013

24,176.1 26,777.7

78,573.4 21,013.3 68.9

3

25.7

22,996.8

5 49.3

Rank Value (US$m)

Goldman Sachs & Co

UBS

1

3Energy and Power

Morgan Stanley

Barclays

Morgan Stanley

Morgan Stanley

164,828.0

146,198.3

Financials / Other Financials11,708.3

32,505.8

Financials

22

46.8

229,362.9

Jan 1 – Dec 31 2013

Target Macro / Mid Industry

EMEA Deals Intelligence

Telefonica Deutschland HoldingFrance-SME Financing BusinessCDC-SME Financing Business (100%)

7,500.0

Deutsche Bank

Telecommunications

7/12/2013

Citi

155,177.6

EMAL10/14/2013

Perrigo Co

6/24/2013

Activision Blizzard Inc (38.39*)

Verizon Wireless Inc (45%)9/2/20137/28/2013

E-Plus Mobilfunk GmbH & Co KG (100%)

Pending

DE Master Blenders 1753 BV (84.95%)

Portugal Telecom SGPS SA (90%)7/12/2013

Pending7/23/2013

Germany / GermanyVodafone VierteDUBAL (100%) Utd Arab Em / Utd Arab Em

United States / Ireland-Rep12/18/2013 Elan Corp PLC (100%)

Full Year 2013 | Mergers & Acquisitions | Financial Advisors

EMEA M&A

EMEA Announced M&A Falls 15% | Telecommunications Highest Valued Sector | Financial Sponsor Activity Rises

19,331.1

5,834.4 High Technology / Software

Materials / Metals & Mining

Media and Entertainment / Advertising & Marketing

Telecommunications / Wireless

7,740.9

Healthcare / Biotechnology

11,435.18,619.5

Media and Entertainment / Cable

Telecommunications / Wireless

Bank of America Merrill Lynch

29.3

1

16.8 16

9

7

23,443.5

https://www.thomsonone.com

3

800

Announced M&A activity with EMEA involvement totaled US$977.8 billion in 2013, down 14.5% compared to the US$1.1

trillion reached last year. EMEA fees accumulated on deals completed in 2013 were also down, reaching only US$9

billion, a 12.5% decrease compared to the US$10.3 billion total for last year, according to estimates from Thomson

Reuters/Freeman Consulting.

Telecommunications was the highest valued sector of the year, with 330 deals grossing a combined US$202.2 billion.

Activity in Telecoms was largely driven by the US$130.1 billion Verizon / Vodafone transaction. Energy and Power

accrued US$146.2 billion, and Financials totaled US$111 billion worth of activity.

Despite the overall decline in M&A, financial sponsors were more active this year compared to 2012. EMEA-targeted

buyside financial sponsor activity reached US$108.3 billion, up from US$81 billion reported last year and the highest

annual total since 2008. The largest deal in this category was the US$8.6 billion offer for Dutch coffee company DE

Master Blenders 1753 BV in March.

Acquirors listed on the Euronext Paris stock exchange were EMEA's most acquisitive companies this year, with a

combined total of US$50.1 billion in offers. The largest such deal was Publicis' US$19.3 billion offer for US advertising firm

Omnicom.

* Undisclosed

81.5

16.016.6

No. Deals

Goldman Sachs & Co

81.7

24,262.5

76.7

24,626.9

Mkt.

1330

ShareRank Val US$m

165,209.4

Rank

2

202,233.7

1,308

20 1,680

19.326.5

123

22

40

111,029.7

17

32,649

22.1

21,391.8

1

23.22

23

16

6 2

22

EMEA Involvement Announced Advisors by Target Industry Jan 1 - Dec 31 2013

$16.5 $33.4

$76.2 $73.7

$27.0 $21.7 $19.1 $25.1

$25.4

$61.2

$45.1

$86.7

$44.5

$9.1

$16.0

$37.7 $20.1

$31.1

$27.4

$37.1

$60.3

$51.6

$28.1

$14.9

$37.1

$22.8

$18.1

$20.2

$38.2

$45.2

$90.9 $56.1

$18.1

$22.3 $21.8

$23.7

$31.9

14.7%

17.5%

19.7% 16.2%

10.2%

7.4%

12.7%

13.8%

9.6%

17.2%

0%

5%

10%

15%

20%

25%

$0

$50

$100

$150

$200

$250

$300

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

% o

f E

ME

A

Rank 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 $50.1

$35.7 $22.8

$11.4

$9.5

$7.9

$7.8 $7.6

Euronext Paris

London

Frankfurt

OMX Stockholm

Milan

Nasdaq

New York

Abu Dhabi Stock Market

Madrid

Johannesburg

9

Page 12: Worldwide Mergers & Acquisitions 2013

Citi Lazard

Citi Lazard

Rank Value

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

Goldman Sachs & Co

-18

Rank Value per Advisor (US$m)

Market

Jan 1 – Dec 31

Morgan Stanley

Share Ch.

Market

# of Deals per Advisor

JP Morgan

34.5

2

2012

RankFinancial Advisor

3

5

7

130,100.0

127,741.0

Paul J Taubman

Banco BTG Pactual SA

Lazard 13

Deutsche Bank 9

15

11

18

Societe Generale

BNP Paribas SA

Credit Suisse

12

14

Leonardo & Co

HSBC Holdings PLC

16

10

Guggenheim Securities LLC

268,563.6

102,782.3

122,971.2

231,569.6Barclays

Bank of America Merrill Lynch

Moelis & Co

Jan 1 – Dec 31

Sh (%)FeesDeals

288.63

7

4

4

111*

Rothschild

2

8

UBS 6

7.8

6

1

1

-

11

13

13.1

8

9.1

4.0

2.9

3.4

3.9

1.2

98

-11

-8

25

4.3

5.5

-1.0

1.9▼

- -1.8

28,906.5 3.5

15

34,661.2

0.0

0.0

0.12.0

0.7

1.9

0.7

1.9

1.2

VTB Capital

10.4

1.2

17

1.9

-11

1.0

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0.8

Industry % Change from Same Period Last Year

Industry Total

27 22,000.5

1.9

2.1

4228,906.5

-1.8

▲3.0

68

23,978.4176

Nomura

24 17,636.8

36

39

1.9

22 18,655.6

17,564.1

23

▼ 38

24Credit Agricole CIB

1.925 12

20 -1.5

-8.6

-2,057

Ondra Partners▼

25

14,603

Industry % Change from Same Period Last Year

* tie

Industry % Change from Last Quarter ▼-27.3%

100.0

-16.8%

Market

▼ 5.5

6.5-13 559.5

Fees Sh (%)# of Deals

▲ 273.1+8

+19

306.7

460.6

274.1

3.2

+13

252.9

-3

-29

-8

0.4

0.5

Moelis & Co

14.1▲

245.5

+5

Renaissance Capital Group 19

2.4

5

10

9

-12.6%

0.3

180 +26

Ondra Partners

47

68

45

Lambert Energy Advisory Ltd

5

39

18

-12

2.2

▲ 55

-0.1

0.2

17

39,638.8

45,803.1

12

90

15

16

-

64,557.5

4.2

29

5.8

106,723.24 -4.0

1.3

11 96,676.1

75,605.7

7

Rothschild

138,008.38

109,144.1

UBS

VTB Capital

187,652.7

Deutsche Bank▼

HSBC Holdings PLC

75,605.7

-1.5

Evercore Partners

-0.4

1.3

1.0

76

2.2 15

2.1 0.2▲

20

19

HSBC Holdings PLC

Renaissance Capital Group

-25

0.5

-20

55

107 0.7

-8.6 0.6▼

0.9

-1.6

-4.3

91

139

0.014.3 ▲

14.3 ▲

1

0.7

BNP Paribas SA

102 -41

20.7Bank of America Merrill Lynch

15.5122,135.5

10

24.1

+1

-5.1

14.3

13.1

0.0

11.3

-12

3

163,323.3

8 189,686.15

9

28.8

9.6

12.2

5

-0.4 0.7

11.5 -7

-41

Citi

35.5

0.814.4 118

-3

0.8124

-197▲

-

4

21.9

3

199,516.1

131,149.1 14.4

219,244.0

106*

Industry Total

Bank of America Merrill Lynch

6

US$m

323,369.0

261,903.3

3

2

JP Morgan

2

Rank Value per Advisor (US$m)

Morgan Stanley

1

32.9

Market

Share Ch.

PricewaterhouseCoopers

48

Perella Weinberg Partners LP 22

21ING

20

24

Any European Involvement Announced (AD21)

1

-14.5%

5

4

Rank Value

Financial Advisor

Rothschild

Ernst & Young LLP

5

6

8

Credit Agricole CIB

8

Guggenheim Securities LLC

Industry % Change from Same Period Last Year

331,413.9

13

Barclays

299,283.7

UBS

Goldman Sachs & Co

Industry % Change from Last Quarter

2012

Rank

2013

Rank

Paul J Taubman

7

11

12

10

Deutsche Bank

7

9

BNP Paribas SA

3

Lazard

PricewaterhouseCoopers

Leonardo & Co

Societe Generale

ING

Banco BTG Pactual SA

Credit Suisse

Ernst & Young LLP

Moelis & Co

Perella Weinberg Partners LP

19

20,213.8

21 47 19,506.3

17,709.3

HSBC Holdings PLC

34

-0.4

2.8

3.0

18

15

25,575.5 1.4

Nomura

Lambert Energy Advisory Ltd

Evercore Partners

Industry Total

4.535,531.2

14

M Klein & Co LLC

0.1

33,390.6 4.2

26

34,661.2

28,182.2 3.6

3.731

5.8

4.1

5.0

3.7

3.2

1.0

▼-1.1

2.0

4.4

0.0

0.3

-7.3

8.3

13.3

20

12

-18

22

21

Societe Generale

0.1

+38

Mediobanca

17

-1.4 ▼

-7.9

-5.2

-160.3

52 0.1

-2298

0.4 -8▼

7.2

▲13.3

13.3

-11.5

12.6 112

70,295.4

9.9

140

11096,621.4 -1.5

81,109.4

0.3 +8

19310.5 0.5

-4.6

88

118

14.7

101

1.9

6.8

-17

-2

0.2

-26

0.6

1.5

0.9

-11

0.8 +15

11.6

15.5

24

0.8

0.7

101

+20

0.8

188

265.0

0.8

302.7

495.9

Financial Advisor

1

2013

Rank

Market# of

-38 254,998.3 30.6

-22

# of Deals

Change in

US$m

9.6338,626.0 0.4 Morgan Stanley▼

Sh (%)Sh (%) Deals

34.6

337,387.8

Barclays

Goldman Sachs & Co

132

172 -370.5

126 0.3

2.0 250,144.6

3

1

6

4

193,350.1

3

2

6

220,913.6

238,143.8

Deutsche Bank

55 ▲ 118

6.9

23.2

10222.9

▼ JP Morgan

26.5 259.7▼

+10

6.8 ▲

5.5495.2 ▲

▲ 0.8

30.1

28.6

3.2 149 1.2

Market

Sh (%)

-261.08.5

▲6.5585.7

0.7

0.5

Market

# of Deals per Advisor

Market

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

2012

Rank

Market

Full Year 2013 | Mergers & Acquisitions | Financial Advisors

Market

Sh (%) Share Ch.# of Deals

# of

Share Ch.

Rank Value

US$m

120▲2

2013

Rank

EMEA Rankings

Advisor

Change in

0.2▲

97

316.9

3.2

+1

0.9

43

18

30.9

Sh (%)

1.0

0.72.6

8.1

Rank Value per Advisor (US$m)

1.5

23.8

Market

24.0

21,354.2

100.0

US$m

45

22,000.5

28

1.4%

7.9%

Mediobanca

+1

Moelis & Co

25▼

21,354.2

96

Banca IMI (Intesa Sanpaolo)

15,607

281

33

0.7

-51

-11

93

167

23,978.4

M Klein & Co LLC -

17

18

40

14Nomura

29

16

14

34,394.8

3.428,182.2

35,531.292

33

4.2

13

832,493.0

7.8

5.5

5.545,803.1

64,617.512

45,788.3

40,026.6

40

4.1

4.8

1

5

2.6

2.9

Advisor

9.9%

12,489

# of Deals per Advisor

Any European Involvement Completed (AF3)

2013

Rank

8,988.5

0.1

+11

0.0

-15.4%

-5

-7

7

0.3

42

0.0

0.1

46

145

+2

-13

0.4

0.0

+3

0.4

+4

-

96.8-17

0.3

0.1

Imputed Fees (US$m)

0.2

0.3

0.8

191.7

13.6

0.3

67.2

0.3

4.5

2.2

2.3

80.8

1.1

0.8

0.8

0.4

0.1

0.7

▲0.5

0.4

0.2

-

Market

1.4

3.2

100.0

0.5

5.4

0.1

0.8

Share Ch.

0.2

0.2

0.6% -15.1%

100.0

789,952.9

2.2% ▲

▼▲

-2,103

28.9

0.4

-1

47

https://www.thomsonone.com

▲2.7

5

1.5 ▲ 0.5

0.3

11,825

0.4

0.1

+20

-13.7%

39

45

0.3

+2

0.4

Leonardo & Co

0.0

14

15

5

0.0

-18

-34

24

42

0.2

1

8.2

8.3

220,085.0

2.3

7.2

2.4

▲9.6

# of

244,152.3

30.9

Market

29.2

114

Market

1.2243,949.6

27.9

Rank Value

7.3

96

0.9

230,390.2

0.8

1.0

0.8100

81

0.7

0.7

187

79

0.1

0.8

0.8

1.613.5

0.0

7.2

9.8

97

9.6

112

2 ▲

96

6

0.9

0.8

13.8

17.5

0.4

2.8

0.3

Deals

15.8

12.7

Share Ch. Sh (%)

110

3.4

12.2

+20

-2,267

Jan 1 – Dec 31

-1

0.6

+7

-30

+1

+3

-12.5%

-10

-13 ▼

471.1

383.3

73.1

3.0

99

0.9

Change in

5.0

98.2

28.9 0.3

285.4 ▲

4.3 ▼

2.3 ▲

0.2

0.1

0.1

0.3

0.1

2.9

3.5

0.8

0.1

1.2

0.33.4

+2

▲▲ Bank of America Merrill Lynch ▲

+138

9

5.5

131,149.1 13.4

Citi 190,975.4

-

19.7

0.3

0.0

98

-1

9.0

11.5

10.9

3 +2

-5

0.3

109 0.3

103

13.331.3

203,081.5

23.7

27.5

20.8

306,222.3

0.0

Rothschild

▲ Credit Suisse

11

7

BNP Paribas SA 9

10

13

17.1108

164,003.7

142,473.1

109,659.7

2.2

4 12.8

96,977.3

13.2

106,723.2

7

12 ▲ 81

9.0

11.7

-3.9

122,455.5 ▲

11

203.0

385.3

0.33.2

▼ 0.7

0.8▲

0.3 -33

-8

-21

+7

0.4

0.4

0.7

0.8

0.7

2.2

195.8

73.9

0.1

1.1

0.8

0.3

14.1

67.2

1.4

1.1

0.2

0.146.4

0.2

0.3

65.6

0.0

0.3

30.1

123.9

13.6 0.0

0.2

3

15

Societe Generale

Goldman Sachs & Co

Financial Advisor

Leonardo & Co

Industry % Change from Same Period Last Year

2

2012

Rank

1

23

24

Industry Total

25

Morgan Stanley 1

UBS

10

JP Morgan

7

6

12

Credit Suisse

0.8

Industry % Change from Last Quarter

0.2

20

Change in

-34

Banca IMI (Intesa Sanpaolo)

26

Barclays

-4.4%

0

0.5

# of Deals

1.3

-22

-13.1%

-17

+37

0.7

0.6

291

0.1

1

33

107

# of Deals per Advisor

0.1

10.1%

+1

-2,361

Sh (%)

1.1

37

-38

-6

-27

-18

-49

0.1

0.4

+2

92.7

46.4

0.10.1

0.0

-23

-5

1.4

+19

5.0

▲ 199.5

-9

-21

298.0

+9 1.1

0.2

8,607.4 100.0

0.2

0.2

0.1

0.3

0.2

3.5

0.1

3.6

2.9

0.6

0.9

-

0.5

2.9

0.4

123.9

-12.8%

0.6

0.2

22.6 ▼

65.6 ▲

0.9

37

4

13

11

45,523.3

93

5.8

7

22

21

Industry % Change from Last Quarter

43

-28

-7

+29 23

-47

-12.3%

108

10

30,773.8

14

8.8

-6

9

21

-11

+6

103

62,315.0

3.9

3.4

6.8

80,094.4

188

26,987.2

1.2

1.0

20

0.1

36

17

16

2.5

0.7

119,583.2

125,960.9

130,100.0

94,511.4

102,728.9

133

-7.1

-11.9

13.8

11

910,580.6

32

33

13

1915

35,066.8

23,031.7

18

17

25,575.5 2.6

3.2

38,623.2

31,455.115

4.0

2.826,987.2

Market

23

-30.2%

Market

40 18,655.6

20

19

17 21

20,990.4

33

32

34

23,031.7

3.0

0.3

0.3

17,638.9

0.9

▼-8.3

18,393.9

1.8

977,834.3

37

19,506.3

100.0

36.4

Jan 1 – Dec 31

Sh (%) Deals

# of

-5.4%

-0.1 ▼

76

0.7

45

-1.4

12▲

Nomura 25 12 17,624.1 1.8 39 0.1 -47 ▼

10

Page 13: Worldwide Mergers & Acquisitions 2013

Credit Suisse Rothschild

* tie

Goldman Sachs & Co Credit Agricole CIB

16,317.2

13,246.6

16

5

17,369.17

17,649.9

-3.816,787.2

15

US$m

87,757.4

Citi

Financial Advisor

Morgan Stanley 2

Paul J Taubman

11

Barclays

JP Morgan

Goldman Sachs & Co 1

21

33

10

8,173.2

11,708.3139*

12 10,695.1

22,348.8

14

+3

+2

2-

13

EMEA Rankings

-1

13.3

-0.2

34.7

Rank Value per Advisor (US$m)

Any UK Involvement Completed (AF39)

Full Year 2013 | Mergers & Acquisitions | Financial Advisors

1.0

19

16

10

0.7

+1

0

+2

0.1 +1 ▲

+6

0.1

▼0.1 -1

+2

-248

https://www.thomsonone.com

7

2

6

Citi

# of Deals

2013

Rank

2

-21 90,279.49

Rothschild

Banca IMI (Intesa Sanpaolo)

Stephens Inc

-0.7

Sh (%)

Societe Generale

Financial Advisor

25

Macquarie Group

6,303.321

2

32

+1

+2

0.4

0.6

Any French Involvement Announced (AD33)

-68.6%

33.0

-12.6%

-

-4

0

▼ KPMG

-19

0.3

0.3

-315

-5

19

Nomura

Macquarie Group

+2 ▲

0.1

51,599.0

60,108.11 6

2013

Rank

▼-1

4,400.0

Jan 1 – Dec 31

8.0

Imputed Fees (US$m)

Market

Sh (%)

Market

1.6

0.3

0.5

1.8

2.7

3.3

0.6

0.3

5.271.4

2.3

48.2

0.0

3.5

108.7

36.4

44.3

31.3

-

+3

0.1 ▲

0.3 -5 ▼

-9

-

0.0

2.8

.1

9.2

42.9

41.0

38.7

0.7

14.6

0.834.5▲

0.1

1.1

3.0

1,364.6

-7.5%

-1.4%

5,191.5

4,075.7

1

18

1,842

Detroyat Associes SA 4,476.1

Millenium Associates AG

21Nomura 4,199.8

4,075.7

-

▲0.8

0.5

0.8

▲+1

+2

UBS

13.4

+3

Natixis0.0

5,310.0

0.1 ▲

0 17

0.6▲

-2.116HSBC Holdings PLC

13

Mediobanca 17 0.3

0.1

0.8

7,298.6

11.8

0.9

12,270.7

22

74

18

16

7,227.1

0.9

0.5

0.5

16

2.0

86,091.3

32.2

17

19

12,175.6

26

30.5

17

4

8

▲6

Goldman Sachs & Co

76,749.1

3 25.5 ▲

Barclays

Sh (%)

Market

Sh (%)

33.8

Deals

0.2

Rank Value

23.6

# of

0.1

46

-40.1 ▼

39

Market

# of Deals

# of Deals per Advisor

32.9

44.2

3.6

15.0

35,984.4

34.9 23,723.9

6.0

5

Evercore Partners

0.3

JP Morgan

Share Ch.

Market

25

19,289.2

35

24.7 5

33.1

0.0

0.2

0.5

0.9

* tie

43.6%

2,103

0.8 ▲

-0.9 22*

-5

19

-1

4,634.3

4,476.1

3.3

100.0

4,456.4

HSBC Holdings PLC

139*

1.9

▼12.4%

100.0100.0

Industry Total

▼ -4.0%

16

10,096.0

44,887.4

24

31

11,708.3

8,654.3

22

12

-

20.2

6,441.1

13,634.7

8.6

20,009.4

11,763.9

16.5

Industry % Change from Last Quarter

# of Deals

-5.6

19.5Deutsche Bank

37.9

47,464.0

US$m

Rank Value

+2

0.11.3

66

17

Market

# of Deals per Advisor

4,570.4

2.4

100.0

-4.1%

1.4 52

1.2

1.5

16

-

Perella Weinberg Partners LP

Jefferies LLC

Ondra Partners

0.1

8.5

0.2

45 0.2

-13.0%

-4.9 ▼

0.1

53

101

72,683.3

12.1

13

0.0

0.0

1

8

30

83,633.5

19.4

19.8

27

13.3

50,435.2

39

79,214.2

29.5

-8

-7

-17

0

+12

-11

0.1

0.2

+16

+1

+3

0.1

+6

-10

-1

0.8

-16.2%

Advisor

-5

-442

+3 53.7

+10

-4

0.9

1.1

▲2.2

0.8

0.8

▲0.6

-4

0.5

15-1.3

-8

3.1

2.9

0.8

0.9

0.2

16

11

1.9

0.9 5

9

17.5

11

9

29,673.9

13.4

21.8

24,990.0

2.3

8.6

-5.3

4.7

7.4

-3.2

13.8

18.4

2.84.0

-8.9

6.4 6.4

4.2

3.0

3.4

3.3

5,287.8 3.9

5,385.7

5,658.9

Credit Suisse

Macquarie Group 23

Natixis

Industry Total

Detroyat Associes SA

14

Leonardo & Co

21

Societe Generale

2320

19Mediobanca

Credit Agricole CIB

32

1013

15

Ricol Lasteyrie & Associes SA

4

119

15

16

ATTIJARIWAFA BANK (MIDDLE EAST -

Centerview Partners LLC

UBS

25 2,603.4

Nomura

136,096.9

4,056.1

33

Industry % Change from Same Period Last Year

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18,751.85

8

118

19

Bank of America Merrill Lynch

-40.0%

13

Lazard

43,294.1

25.8

5 31.8

6 35,144.1

37

Citi

11

18

Barclays

17

9

8

10

Moelis & Co

1

12

14 28,910.1

9

14.7

10.0

70

21.2

-16.7

4

3.6 ▲

1.6

4.2

10

Financial Advisor

40

8.6

3.3

+4

Lazard

10

-14.9

-5.6

18.3

Industry % Change from Last Quarter

11

4

18

16

16

5

22

1.3 -17 ▼

21

-9 ▼

Deals Sh (%)

# of

# of Deals per Advisor

10

-15.0%

-

▼ 85

3,484

0.2

45 2.1

17

-2

1

+3

0.0

0.5

-7

Industry % Change from Same Period Last Year

HC Securities & Investment SAE 25

0 - -

60

22*

3.3

-11

-9.3%

-

3.1

-4

4.8 ▲

-2

+8

0.1 -9

0

2.3

-16

4.5

4.2

4.5

4.1

22.5

19.5

13.0

Market

0.8

-14.3

Share Ch.

Imputed Fees (US$m)

2.0

Deals

22

4.6

48.8

Share Ch. # of Deals

3.9

Sh (%)

1.2

2.6

3.3

100.0

1.2

3.6

62.6

1.1

0.8

132.9 9.7

0.5

0.8

0.6

2.1 0.6

0.4

1.1

0.6

-

68.4

10.1

▲ 23.6

0.4

0.3

38.4 1.3

34.3

16.9

17.1

17.4

63.2

0.1

-

0.4

1.3

-

1.1

0.7

0.1

0.4 ▲

6.0

2.6

0.6

0.0

2.2

2.9

0.5

1.2

1.1

1.22.2

5.7

3.8

Share Ch.Fees

150.2

4.2

0.1

1.0

1.5

Jan 1 – Dec 31

Advisor

0.7

173.8

127.9

110.9

+11 ▲

117.2

+12

67.6

Change in

3.6

4.9

78.6

6.5199.4

88.5

12.1

67.5

-

19.6

+8

4.2

184.2

-1

+4 ▲

+2

Fees

0

+27

10.2

+4

23.1

Sh (%)

3,054.4

▼0.3

1.6 ▼

0.5

0.7

0.1

0.9

▼0.1

0.8

1.7

0.1

3.1

2.5

1.3

1.1

7.8

15.6 ▲

0.4

0.6

-

0.1

0.0

0.9

0.1

-.1

12.9

0.0 0.0

1.5

0.79.3 ▲

▼0.60.9

0.5

-

0.1

0.0

14

37

4.1

5.0

1

3.1

5

9

-3.810.8

3.1

1

1

-3.4

-3.4

5.2

8.2

-0.2

-17.0

8.2

7,543.1

-2.3 61

0.9

17.8

▼23.9

57-18.6

42

-0.7

3.4

-0.3

2.9

11.9

12

7

4.7

18,854.3 19.0

3.59,008.8

36.3

20

4

Deutsche Bank

38

20.8

15.3

11.5

24.9

▲28.0

1

Change in

2012

Rank

Bank of America Merrill Lynch

Jan 1 – Dec 31

Market2012

Rank Share Ch.

Rank Value

Any UK Involvement Announced (AD32)

Market

-17

-3

+2

0.7

0.5

0.0

0.1

-3.7

-15.3

-501

-6

Sh (%)

Change in

-

1.2

-

JP Morgan

Rothschild

-6

0

-2

-6

+6

Goldman Sachs & Co

11

Credit Suisse

Citi

14

10

Barclays

12▲ Ricol Lasteyrie & Associes SA

13

▼ Bank of America Merrill Lynch 15

19

Centerview Partners LLC▼

3,029.4

-25.4%

24 3,276.9

20 109

Industry % Change from Last Quarter

12

+4

4.1

Morgan Stanley

2.6

19

# of

Rank Value per Advisor (US$m)

331,850.4

4 1 61

9

3224

Industry % Change from Same Period Last Year

2012

Rank

119

22VTB Capital

BNP Paribas SA

PricewaterhouseCoopers

JP Morgan 3

Ernst & Young LLP

Industry Total

Morgan Stanley

13,404.7

24

7,946.6

15

18

40

7

67

8,032.6

11,226.4

12

Rothschild

Perella Weinberg Partners LP

Lazard -3.9

20

2.3

-20.2

8,716.9

12,053.2

3.6

2.6

1.5

-0.2

3.4

17

HSBC Holdings PLC

Jefferies LLC 16

15

13

14

Nomura

2.4

2.4

Societe Generale

23

2.3

6,728.516

19BNP Paribas SA

6,683.0

19

18

1.4

2.0

2.0

7,760.7

2623 4,767.3

Evercore Partners

-5.7

Deals

5,838.1

-10.51.9 ▼

21.8

Market

-7

-0.8

26

Share Ch.

22.0

3

25

+2

Market

12

33

3

0.0

20 +4

-25

1.0

0.6 0

1.6

-215

5,854.1

100.0

2012

Rank

Industry % Change from Same Period Last Year

Banco Espirito Santo SA

Evercore Partners

3

4.1

-11.9%

-2

US$m

174,275.5

Market

Rank Value per Advisor (US$m)

Sh (%)

2013

Rank

2

6

130,100.0

10

1

131,134.1

5

10

Deutsche Bank

4.5

5 155,586.5 46.9

44.76

-

3

148,209.2

9

43

164,382.3

52.5

21.7

1.2159,381.4

▲23.9

4 49.5

1.2

57

49.0 33.9

1.6

45

UBS 4

11

28.148.0

162,472.6

8

3

3

5

+642

2Morgan Stanley

-11

▼-15

35 1.0

1.034

Guggenheim Securities LLC 7 239.5

Bank of America Merrill Lynch

8 -

9.5

18.8

1

39.5 ▲

39.239.2

35,045.3 10.6

7

VTB Capital

UBS

29

0.8

0.0

0.1

54,130.3

15,355.4 -12.2

▼-17.1

+1 4

9Credit Suisse

14,771.3

64,623.4

▼ 11-16

0.9

4.6

-20.5 31

10

4.0

▼ 650.827

▼-5

-16 11.1

0.9

Lambert Energy Advisory Ltd▼ ▲

14.0

-38

Renaissance Capital Group

14 30,931.2

36,490.0

58

-3.5 ▼

2 19,715.30

0.6

1.7

HSBC Holdings PLC

13

0.1

0.1

45 0.2

11.0

6.5

4

18

29▼

11

-2.0

40,597.0 15.6 ▲

49

-

7.6

34,551.2

+323

-0.4

0.1

0.0▼ 2

0.9 ▲

4

2

▲ 0.0

+6

0.0

0.0

9

7

▲8,716.9

2.7

3.0

1.67,512.7

2.8143

0.3

0.0-11.4

7,094.2 2.7

19

6,643.5

24

25 5,834.4

2.323

23

2.3

7 2.6

Sh (%)

BNP Paribas SA 14

Financial Advisor

Rank Value

US$m

2013

Rank

Rank Value per Advisor (US$m)

Any French Involvement Completed (AF40)

Industry Total

Industry % Change from Last Quarter

259,882.5 2,945

2.4%

4.0%

# of Deals per Advisor

MarketMarket Change in Market

Jan 1 – Dec 31

Market

21.3%

BNP Paribas SA

2 3 32,586.4

4

3Lazard 1

1

8

2

8

6

Deutsche Bank

Societe Generale

11.8

12.4

3.1

1

7.6

5.4

15

24

7.4

5.25,172.3

30

0.2

3.1

6

16.2%

99,135.3

24

12

8

16

80

3

# of

0.1

9

1.9

-18.7%

0.0

0.1

+3

.0▲0.2

11

Page 14: Worldwide Mergers & Acquisitions 2013

ABN AMRO Bank PricewaterhouseCoopers

Perella Weinberg Partners LP Citi

Industry % Change from Same Period Last Year

* tie

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16

19

+1

10

+3

0.9

-2

3232

-10.5

8

9

-2

2

5

26.2

18.1

10

6

13,062.7

Morgan Stanley 1 ▼

29.0

4 17,965.2

1.1

24.0 -11.8

0.0

4

21,692.0

Sh (%)

Rank Value2012

Rank

1

▲32.8%Industry % Change from Last Quarter

Rank Value per Advisor (US$m)

Market

Share Ch.Sh (%)

19

# ofMarket

Deals

17.9

7

-3.31.8

4

Industry % Change from Same Period Last Year

25

50,804.1

13

6 0.8

0.6

▲+4

-22 ▼

5

Imputed Fees (US$m)

2012

RankSh (%)

+5

+8

0.9 +1

1.7

30

0.9

1.4

Jan 1 – Dec 31

MarketMarket

0.3

0.5

7.9

1.6

Full Year 2013 | Mergers & Acquisitions | Financial Advisors

# of Deals per Advisor

Market

Sh (%)

3.0

22

2.5

Change in

20

+4

# of

Jan 1 – Dec 31

19

Industry % Change from Same Period Last Year

25

12.5%

-17.4%

Share Ch.

EMEA Rankings

Fees

3.4

0.6

6.7

4.1 0.2

4.5

20.8▲

Change in

24.1

0.1

35.5

Market

+7

Advisor

9.0

23.0

+22

0.6

3.3 2.6

▼1.3

27.5

8.9

0.55.2

7.1

5.4

▲0.4

1.5

-

0.98.2

3.0

3.3

0.6

0.0

0.9

Share Ch.

2.9 ▲

0.8

Market

Imputed Fees (US$m)

8.5

0.5

0.4

3.9

1.2

Sh (%)

2.9

5.7

3.4

0.4 ▲

▲0.4

0.8

5.8

67.9

1.3

50.2

3.0

4.2 ▲

4.9

0.31.2

0.9

0.12.6

6.2

# of Deals per Advisor

-6.4%

0

770 534.0

-16.4%

▼ 14.6%

+1

12.4%

100.0

0.6

1.0

5.7

15.3

+4

-

8.1 5.8

1.6

1.0

13.8

3.9

4.9

3.3

13

18.2

24.0

36.0

17.5

23

4,821.0

19.4

Deals

4

61

Rank Value per Advisor (US$m)

14

-

-

▲15

Santander

6

9

8Morgan Stanley

Deutsche Bank▼

3,935.1

2.8▲

26

15

10

22

12

KPMG

13

0

Banco BTG Pactual SA

11UBS

16

7.3

11

20

2

6,312.3 9.3

-

12.7

10

8,633.9

16.9

5,298.2

13

11,435.1

8,609.2 12.7

6.8

6

5.3

14

▲ Deloitte

1.6

4.7

-13.5

2,085.2

27

Rothschild

11

17

15

5

58*

+3

6.0

17

-1.8

1.6

BBVA

+11

Nomura 18 11

Societe Generale

35

4,937.816

5,177.8

Societe Generale

3.8

AZ Capital 20

Credit Suisse

1,269.918

19 1,716.8

-1.8

+3

-4

0.9

1.8

0.5

-7

0.7

-205

Deutsche Bank 17

60

0.44,519.1 ▲ 46.7

7.6

Deloitte

9*

11

12

Barclays

15

PricewaterhouseCoopers

13

KPMG 14

ING

21

11,435.1

12,902.2

20.9

20.8

16.9-9*

14

HSBC Holdings PLC

14,182.8

14,110.6

19.0

6

18

8

7UBS

JP Morgan

24.6

46.1

19,474.6

# of

17,033.7 ▲

22.2

9.2

US$m # of DealsFinancial Advisor

+7

1.8Barclays

Sh (%)

1.6

Any Spanish Involvement Announced (AD34)

Goldman Sachs & Co

Rank Value

Financial Advisor

14,399.9

4

5

2

19 16,667.2

Citi

1

Deals

4

Market

# of Deals

28.7

1

15 +2

3

Rothschild

17.3

2012

Rank

Bank of America Merrill Lynch

6

Morgan Stanley

2013

Rank

21.3

12

1.2

8

1.3

11

0.55

+5▲

20.7

5.8

2.8

8.4

16.9

16.9

9.4

+11

-1.6

+8

Credit Suisse

1

59

6.6

3.7

2.3 Nomura

Mediobanca

0.2

Ernst & Young LLP

0.8

-5

13

-

15

5

Perella Weinberg Partners LP

10

5

14

Rothschild 13

43 6.0

Jefferies LLC

5,244.4

4,787.5

4,386.0

3

2,914.6

0.2 +2

▲ 2315

+1

0.9

2,027

2,793.1

+5

2,589.0

2,789.6

+1

8.3

1,988.8

-16.7%

-168

100.0

+10.1

0.1

-175

▼-26.3%

▼1.2

0.5 ▼

0.4

-

0.0

0.8

0.5

4.1

-

▲0.1

0.0

0.5

0.1

▲0.6

▼2.6

0.3

-9

16

+16

+1

-1

-

0.01 -3

-1

0

0.2

0.1

9.1

1

46

-2.6

▲5.5

4

-165

8

21

Any German Involvement Completed (AF42)

Citi▲

Industry Total

Ernst & Young LLP

# of Deals per Advisor

+14

-7

8 -

# of Deals Financial Advisor

HSBC Holdings PLC

-3

+7

Change in

Jan 1 – Dec 31

Goldman Sachs & Co

2 22.8

4.9

20

13

19.811,562.9Mediobanca

BBVA0.76

0.9

+1

+1

4.5 +10

0

-6

+3

31,219.4

25.1

2013

Rank US$m

▲1-1

Market

Sh (%)Deals

0.8

17

914

8.7 8.3

Jan 1 – Dec 31

0

-12

1.3

-5.3 14

0.8

15

12

11,888.2

-

9.2

11,435.1

9,513.3

12,123.8

9.1

7.2

3.8

3,959.8

3,959.8

3,614.4 5.5

Sumitomo Mitsui Finl Grp Inc 20*

131,326.0

9.1

38*

Industry Total

3,959.8

28

3,704.8

18

+30.8

101.0

Development Bank of Japan Inc

11

20* -

11Macquarie Group

Industry % Change from Last Quarter

Moelis & Co

Development Bank of Japan Inc

UniCredit

20*

3.0

3,959.8 3.0

2.8

24

25

Industry % Change from Last Quarter

0.3

-168

▲16

13.0

1.4

2.8

4.7

4

3.0

5.1

0.0

▲1

19

20*Acxit Capital Management GmbH

Barclays 6,201.312

- 3,959.8

Nomura 18

BNP Paribas SA 17

22

19

HSBC Holdings PLC

Jefferies LLC 16

15Ernst & Young LLP

ABN AMRO Bank

ING 13

14

6,136.9

5,583.6

8.2

7.5 ▼

-4 ▼

1.0

2.9 ▲

2.5

2.4 ▼

0.2

2

Lazard

▼ 0.7

12Barclays

0.2

▼ 7

0.7

+1▲

1.5

0

+5

JP Morgan

▲ Deutsche Bank

8.2

1.4

7.2

0.613

29

13.1 ▲

▲1.4

Lazard 11

21.5

5 2

Bank of America Merrill Lynch

5 24,982.67

30,612.9

Citi 6

Credit Suisse 7

10

Rothschild

9

61*

5.7

10

12

112*

13,951.5

10.7

29

26 25

0.0

17

0.8

0.8

Market

48.8

Rank Value per Advisor (US$m)

2012

Rank

1.8

Share Ch.Sh (%)

▲19.5 30

5

0.0

▼▼

# of

Market

-3.3%

7

Market

1.8

Industry Total 100.067,779.1

-15.3%

2.1

25

29

1,215.3

2.0

4.7 23

Share Ch.

Market

Rank Value per Advisor (US$m)

2.5

# of Deals per Advisor

▲0.4

841.26

914.7

2.1

-9.01.7 ▼

1,064.0

7,740.9

12

47

8

19,605.0

7,377.6

17,319.2

13,593.6

0.6 ▲

1

-9.8%

5

+1

-17.3%

5

1,603

0.3

0.11

0.3

0.6

0.5

0.3

7.0

4.4

▲3.7

9.4

8.9

10.3

7,011.4

17.4

9.9

Bank of America Merrill Lynch

11

7

6,689.211

0

3.8

9.9

16,420.9

10.6 1.4

23,969.5

5.1

24.1

28,166.8

23.3

-2.6

18.3

14,015.4

12.5 0.3

19.0

9

28.7

8

2

8

6

13

29.9

Morgan Stanley

Deutsche Bank

31,642.6

2013

Rank

39,230.6

64,061.31

24

-

Industry % Change from Last Quarter

-44.4%

UBS

37,713.4

4

3 3

Banca IMI (Intesa Sanpaolo)

1

Financial Advisor

Goldman Sachs & Co

4

1,371.924

Any German Involvement Announced (AD35)

Industry % Change from Same Period Last Year

1,405.1

30

BNP Paribas SA

1.3

JP Morgan

8.1%

Rank Value

US$m

9.3

Lazard 23

Santander

Credit Suisse

4,039.3

41

5.5

0.1

10.5

Mediobanca 21

3,622.4

18

1,881.5

3.4

12

4,012.519

8

22

+1

1

-2

0.9

6.5

4,837.9

3

12

2.3

7.8

2.8

5.9

18.4

16.8

4.7

Market

Sh (%)

1.3

5

+71425.4

-1

12

3.9

0.1

▼2.4

2.1

2.5

-27.5

11.3

7.8

7.3

1.8921.48

4

4,088.6

-

2.1

3.9

1,057.3

5.5

-4.3

19

6.0

4.0

-6.4

7

16.4

14.0

5,991.7 11.8

9,847.3

12,919.6

4

3,683.8

Rank Value

5,761.0

-4.6

9.5

6.4

7

8,349.3

7,135.2

-

2.8

5.9

5.0

-20.4

63.9 3.5

3.2

3.2

3.6

1▲

35

▲2.1

0.4 -6

1,199.5

-1

-9.2%

5.8

▲+1

-2 0.2

0.2

18.1

25.1

0.5

0.2

5.7 0.5

1.4

28.9

1.5

-2

-1

2.2

1.3

-2

Fees

-2

Advisor

16.7

6.4

6.9▲

+2

35.8

Change in

102.5

2.1

59.2

69.0

34.3

7.3

-8

12.4

-

1.0

-15

0

34.9▲+1

-

0.6

+1

4.149.6

5.6

5.2

0.5

0.4-6 ▼

-1

-14

+3

# of Deals

-151

10

5

▼ 63

11

-1

9.5

Share Ch.

-1.4

9

Market

16

Bank of America Merrill Lynch0.1

Any Spanish Involvement Completed (AF41)

2.3

DC Advisory

7

-0.4

2

3,466.6

21 4.8

3.4

-3.3

19

Commerzbank AG

22

4.3 8

7

10▲

6.4

2,740.0

Berenberg Bank 49

4,744.1

2,004.0

Ondra Partners

22

20

HSBC Holdings PLC

21

1

58Deloitte

45

24

-

100.0

0.2

21.9

Sh (%)

Market

2.9

-3

+5

11

+112

+1

0.6

+5

+18

-1

8.2

1.4

0.9

0.5

1.3

▲1.7

0.5

0.4

1.7 0.3

▲4.3

1.4

4.5

6.8

6.7 2.9

0.5

0.4

7.7

1.3 0.2

1.26.4+9▼

1.41.1

37

▼ 2.6

4.8

+2 ▲

0.3

5

15

3,064.8

10

16

4.1

6.0

2,169.1

1.2

Nomura

1.9

-7.6

-13.8

Ernst & Young LLP 22 1,722.7

20

2.5

7

24 16▼ JP Morgan1

2234

23Lazard

Banca IMI (Intesa Sanpaolo)

11

UBS

Goldman Sachs & Co

23.1

100.0

US$m

40.3

6

-32.8%

2013

Rank

30,179.0

0.914

1.4

1.2

22

5

3

5.8 ▲ 0.6

0.7

8.5

9.2

10.4

10

1

15

-4.3

2.4

1.0

3

11

8

39

1.3

0.4

0.2

11

0.2

7

21

9 0.6

3,765.8

-1

+19

0.9

2.2

4

0.5

-3

-3

21

34-8 Evercore Partners 18

+3

▼7,453.6 5

7,038.6 5.4

16

KPMG▲0.7

5.06,547.1 9.9

8.2 0.2▲

▼ 14

0.2▲

3.0

Blaettchen & Partner AG

3.7

Kempen and Co NV

0.9

- 2.7

23

-

3,299.9

3.7

▲3.5

2.7

2.9

3.0

3.7

74,933.7

2,223.7

https://www.thomsonone.com

-19.0%▼

-7.7%

-9.6%

Industry Total

0

0.1

0.7

0.7

0.1

2.4

0.6

12

Page 15: Worldwide Mergers & Acquisitions 2013

Leonardo & Co Lazard

Nomura Jefferies LLC

2,913.0

3,550.0

4.3

-1

+1

+1

15

16* 33

5.2

4.3

1

9 0.6

5.2 0.1

-8.7

7.6

7.4

0.2

-2

0.3

0.5

0.1

0.3 +2

+3

+1

3

-12

0.2

-1.9

0.3

11.3

4

2

24.2▼

-4

0.3

-5.5

-1

5▼

10.8

3.4

0.4

-21.1% ▼

-18.7%

0.1

0.1

Industry Total

Barclays

CIMB Group Sdn Bhd

Nomura

ING

-5.7%

+2 ▲

▼ ▼

Industry % Change from Last Quarter ▼6.5%

68,296.2 100.01,009.0-362

-28.1%

▼ -20.3%

1,619.0 72.0

1,575

-17.6%

100.0

▲ Pangea Property Partners AB

▼Evercore Partners

15.5

23

25

2.6

2.81,913.9

2.455

-15

-2.7 +5

0.6 -9

▼ 0.7

2.9

7

▼ 9

11

0.4

1,918.4 2.8

1,782.0

29

Deutsche Bank

0.3

21

Carnegie

1

▲ 22

+1

+1

0.46

8.0

3.3

4

-1▲42 2,688.4 3.9

2,000.5

2.3

-22.2

-2.9

1

0.8

14.8

-82.9

-8

▼ 0.3 13.7

0.2

+1

19PricewaterhouseCoopers

Malayan Banking Bhd

2,913.0- 4.3 1

▼ 2.5 ▲

0.0

2.4

.0

▲0.2

3.1 0.2

2 -6

25.6

2.4

VTB Capital

Bank of America Merrill Lynch

0.1

▲ -1

7 +1

▲-

9

4,577.3

9

-3.2 3,495.05

▼3

▼-1

-3.9 ▼

▼ 0.6

8

5,035.3

5,136.0

9

126* 4,731.0

4,857.322

0.4

0.4

6

5,498.9

8

5,203.3

37.57

15 9

4

Share Ch.

15.4

5

Sh (%)

7

6

2

2012

Rank

14,437.7

8

6

10

15,206.2

2.5 15,111.8

3

Deutsche Bank

Change in

Goldman Sachs & Co

▲+3

+16

1.8

+21

-11

1-

20

52

▲16*

▲4.3

2,214.5

4.3

DNB ASA

4,592.6

6,874.3

20,599.9

18

7.0

5.9 27.8

Market

1.6

Market

18.1

Share Ch.

17

-9

Market

13.4

11

5

Sh (%)

29

34.7

-21.1

+9

▲4.8

Market

Any Italian Involvement Completed (AF43)

# of

7

1.8

25

+5

28 3.9 -1

13

-15

5 -7

3.5

2.316 -14

1.0

11

-7

-3

3 -4

0.64

+11

3.23.2

9.3

1

2.7

▼-3.37.1

-3.4

31

1

8▼

7.6

6.2

5.3

7.6

4.0

3.3

2,853.5

37*

1,724.9

3.1

1,502.2 2.8

1,355.0

-1

1.5

Rank Value

-2.6%

Market

100.054,238.8

2.5

-3

+1

4.9

7.6

+1

1.7

0.1

-14.4

1.7▲

4,104.3

7

0.1

0.1

Credit Suisse

Leonardo & Co 4

7,879.3

-

14

25

14

5

4

8

9

12

10

BNP Paribas SA

13

27.7 ▲

18,276.3

33.5

16.4

26.4

6.0

18,970.7

5.1

0.8

40.5

21.6

4.2

+17

13

-3 0.15.6

3.0

7.7

+8

33.8

1.5

5.1

3.0

+3

+21

32.2

+3

4.3

4.0 ▲

5.3+1

25.3

4.3

+7

+10

39 3.9

7.2

1.7

33.1

45.9

5.2

1.2

5

3.7

2.3

6.9

568

1

5

1

19

7

1

27

6

Citi

17

1.9

RBS

4,021.9

2.1

2.9%

0.9

21.3

11

16.5 ▼

7.5

16*

5,044.5

21

Market

# of Deals per Advisor

21.6

3.3

20.4 5 0.9

-16.5

Change in 2012

Rank

Change in

Banco BTG Pactual SA

Natixis

JC Flowers & Co LLC 22

1.0

6.2

Rank Value per Advisor (US$m)

4 +2 ▲

32

+1

711

# of Deals per Advisor

-10.5%

FeesDeals

Jan 1 – Dec 31

Industry Total

2013

Rank

Market

Eidos Partners

Santander

4.4

-15

+6

10.7

0 -

▼1.1

+4

0.1

0.11

11.5

7.5

-4.2

-3.4 ▼

# of

+4

50

13

19

19▼

15

-19.7

Industry % Change from Last Quarter

KPMG

Credit Suisse 4,232.3

21.6

22.7

22

1215

Banca Agricola Mantovana

72*

23

11

10

Rank Value per Advisor (US$m)

6

Any Nordic Involvement Announced (AD37)

12 12

Citi

14

5.1

2,913.0

4,207.813 6.2

6.7

4.6

19.2

14.7

6.9

7.1 2.8

6.9

-3.7

1.4

7

16 3.2

Lambert Energy Advisory Ltd 11 36

8.1

-6.4

-

Share Ch.

0.6 ▲

+5

-0.6

2.8

+1

+2

0.3

# of Deals

0

0.1

0.6

0.5

+6

29.8%

3.0

3

-15

0.1

16*

ABG Sundal Collier

0.6

2.5

Industry Total 2,179

* tie

-13.2

15.9

16.6

8.6

Industry % Change from Last Quarter

2.5

14.9%

2,570.0

79 1,956.0

2,159.9

20.3

31

6

3,150.0

51

2.5

12.0

▲ 1

3.6

5.7

8▼

3,550.0

Industry % Change from Same Period Last Year

Industry Total

Perella Weinberg Partners LP

Financial Advisor

164.4%

Eidos Partners

Natixis 25

22

1,704.4

24

8

-13.9

31

20

Societe Generale

19

20

921 1,806.2

JC Flowers & Co LLC

4,104.3

18Bank of America Merrill Lynch 3,852.6

3,372.9

-

15

16*RBS

Santander

7.8

10.7

7.6

18 8.5

11

5,816.7

- 4,104.316*

15.2

12.7

8 3

9

20.4

18.710,130.7

6

2

Morgan Stanley

11,047.9

13

Citi

12

Lazard

1

14

HSBC Holdings PLC

Rothschild

26

5

17

11,689.2

12,125.4

10

13

8,637.4

117

12,308.3

UniCredit 4

16,052.7

Deutsche Bank

8,240.8

JP Morgan

Mediobanca

24.113,078.410

7.3

Sh (%)

27.6

US$m

10.47

Rank Value

5

Barclays

BNP Paribas SA

Banca IMI (Intesa Sanpaolo)

3

6 14

# of Deals

+2

14,978.3

2

34.6

Rank Value per Advisor (US$m)

29.6

Financial Advisor

12.04Goldman Sachs & Co 1

Market

18,740.8

2

Rank Value per Advisor (US$m)

37.7

EMEA Rankings

Financial Advisor

Market2012

Rank

Financial Advisor

Morgan Stanley

+2

Deals

Bank of America Merrill Lynch

+4

# of

2

26,155.6 29.7

Market Market

Sh (%)

0.7

Sh (%)

10.5

US$m

11,383.6

9.3

13

12.9

▼8,179.7

-4.9

-5.4

17,883.2

5 4

2.9

2.0

8.68

-0.73.5

3.1

7,528.0

15

34

2,203.4

▲2.1

▲0.4

-3.8

100.0

-

3

2.2

0

-5

2.044

-10.4

0.4

66

3 2 10,002.9

3

1 10 18,355.8

4

6,612.8

22.4

Jan 1 – Dec 31

11

0.8

0.3

0.4

6

14

12

17

0.5

12

-

-2.1%

0.6

1.0

JP Morgan

Goldman Sachs & Co

Industry % Change from Last Quarter

23Nomura

15

-9

2.2

0.6

-8

44,600.0 6.7

10

-

-6

+2

0.5

0.5

0.6

0.1

+7

+4

0

Industry % Change from Same Period Last Year

-131

18.2▲

1.5

https://www.thomsonone.com

+5

1.6

1.8

16.3

-31.9%

1.5

-2.3

2.4

0.3

0.0

1.0

-

43.1

31.0

1.3

0.8

0.3

16

UBS

9.7

Credit Suisse▲

34

-

-5.7 28.0

1.0

Handelsbanken Capital Markets

Nordea

14.8

22.4

7

13

10.4

9.3

30

20

21

4.7

11

2

3,372.9

-5

24

18

Industry % Change from Same Period Last Year

25 3

19

Societe Generale

5.5

11

Banca Agricola Mantovana

11,110.9

54,611.8

18

- 5.53,002.2

6.43,487.0

17.4

7.4 4.1

13,145.2

2.0

24.1

12

3

Market

+16

+4

10

-18.9%

# of

7

44

Jan 1 – Dec 31Any Nordic Involvement Completed (AF44)

Market

US$m

2.8

Sh (%)

62.1

Advisor Market

6.2

1.4

14.7

1.5

0.2

0.0

▲1.3

3.1

0.2

0.8

2.2

0.9

0.2

-

0.6

1.3

1.0 ▲0.9

2.8

-

0.9

1.1

2.4

0.0

0.2

1.0

4.21.1

0.9 ▼

0.6

Share Ch.

3.5

-

1.2

4.7

.0

1.2

0.0

2.4

0.7

2.2

7.2

0.36.4

Share Ch.

17.3

2.4

0.5

▲3.2

2.8

3.6

17.7

14.1

27.6

45.8

634.6

0.6

8.5

0.3

0.9

Imputed Fees (US$m)

1.2

-1 1.2 0.2

7.4

▲16.1%

0.6

5.4

0.7

25.1

0.3

100.0

0.95.5

0.1

▲ 4.0

15.3

0.0

2.2

2.7 0.8

-13

39.9

0.9

0.3

1.4 ▼

35.6

6.3

Rank Value Advisor

18.6%

100.0

-2.8

-1.0

17.0%

13,120.7

Rank Value

0.0

26.9 0.6

0.1

Deals

# of Deals per Advisor

Sh (%)US$m Fees

Full Year 2013 | Mergers & Acquisitions | Financial Advisors

2013

Rank

MarketChange in

Imputed Fees (US$m)

Any Italian Involvement Announced (AD36)

# of Deals

1

Market

▲ Banca IMI (Intesa Sanpaolo)13

2013

Rank

16*

Sh (%)Share Ch. Deals

# of Deals per Advisor

7

1.8

13

24.5

12

5

1.0

13,366.2

4,104.3

11,637.7

15

7.5

42

JP Morgan

Morgan Stanley

Barclays

0.7

2.7

UniCredit

Mediobanca

11,810.3

9.2

14.4 7.0

9

9,227.8

1

7.5

16.9 6.4

-3 ▼

0.2

0

+1

0.7

1.6 +4

0.2

+30.9

-

0.5

+3

0.2 ▲

+3

# of Deals

-0

-6

Sh (%)

13

-1

-1214

SEB

+4

-13

+5

17

24

3

▼ 7

0.1

0.6

19

+2Mizuho Financial Group

Lazard

BNP Paribas SA

DNB ASA

2,741.8

88,045.7

25

24

2,196.9

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

Carnegie

Centerview Partners LLC

20Rothschild

15

VTB Capital 16

22

21

23

25

18

3,074.319

PricewaterhouseCoopers

Credit Suisse

Lambert Energy Advisory Ltd 37

17

12

-

10

11

Citi

5,813.3

13

Jefferies LLC

Handelsbanken Capital Markets 12

UBS

14

1.7

5.0

3,223.4

14

4,865.3

-0.6

61

10 5.5

4,386.0

-4.3

4,991.7

5.14,731.0

16 0.35,185.0

5.4

5.9

8.57,484.8

7,212.7118

1.420 5,257.3

8.2

6.0

9

459

2013

Rank

2

4

5

2

2012

Rank

3

3

1 1Goldman Sachs & Co

7

Nordea

3.7 1.3

JP Morgan

6.6

Barclays

Morgan Stanley

SEB

Deutsche Bank

Danske Bank

Bank of America Merrill Lynch

Industry % Change from Same Period Last Year

1.5

65.5

-8

6.5

4.3

24.4%

10,538.5

-1.4

-1.4

-1.5

0.0

4.0

5.8

4.0

10

0.0

0.3

3

9

4

-5.8

25.7

7.5

8,989.3 -12.8

16

39

Rothschild

HSBC Holdings PLC

Jan 1 – Dec 31

10 1.8 +3 ▲ 1.3

Sh (%)

1,729.7 3.2 1.8

0.22,632.0 4.8 3.2 ▲

0.9 0.5 0.3 ▲▲ 3.3

1,368.7 2.5 -27.0

37* 1,428.1 2.6 1.8

3.0 ▼4 0.7 -8 ▼ 2.0

13

Page 16: Worldwide Mergers & Acquisitions 2013

HSBC Holdings PLC Rabobank NV

Quarterly EMEA Cross Border Volume

74.0% ▼

7,346.1

5,578.6

11.8

1.9

1.8

-0.4

-12.3

-7.1

2.3

1.4

14

15

20

28

1.7

10.0

9.9

-8.7

-8.3

-13.9

-4.3 ▼

4.4 ▼

15

0.6

1.4

+1

2

10

4

40.3

16.8

3

42,421.0

8

▲6.8

32 2.7

VTB Capital

HSBC Holdings PLC

Jan 1 – Dec 31

Morgan Stanley25

-15

6

-5

23

21

-

JP Morgan

1.9

Santander

1.4

Lazard

2.3

16.3

4.4 2.8

0.2

+2

Nordea

8.0

1,176

53

13

1,415.8

2.0 -

2,654.9

Industry % Change from Same Period Last Year

-13.4%

https://www.thomsonone.com

-11.1%

11.9

Industry Total

100.0

Industry % Change from Same Period Last Year

-761-857

▼-12.2%

Jan 1 – Dec 31 2013

-18.4% ▼▲

3,918.1 2,555.6

▼ Industry % Change from Last Quarter

-10.5%

ABN AMRO Bank0.2

7.5

2,593.0

0.1%

0

7.8

▲2.1

127,633.4

-1.6

3

+1 ▲

▲ 5

▼▲

▼0.8 0.3

0.5 ▲

0.1

0.5

0.6

0.2

2 0.22.7

0.3

0.4

2.0 1.4

4

0.3

▲ 7.1 ▲

1.1

+5

0.6

-2 7.8

27

6

-5

6

0.3

+1

+2

0.2

0.5

2

+11

-1

7

0.5

23

16

2.0

0.11

10.5

18.7

-3.7

-3.5 11

6.9

9.3

28.55

4

33.2

36,321.8

49

11,806.8

12.2

13

-539,605.7

10.8

1.4

2.4

2 56,248.6 44.1 15.9

1 11.8

Goldman Sachs & Co 3

-21.7▲1

# of DealsShare Ch.

20

Market Market

# of Deals per Advisor

Deals Sh (%)

Any Benelux Involvement Completed (AF47)

Rank Value # of

Financial Advisor US$m

Market2013

Rank

Market# of

Share Ch.

Change in

Rank Value per Advisor (US$m)

Sh (%)Deals

2012

Rank

# of Deals per Advisor

14

-6

103.8

81.0

Jan 1 – Dec 31

5.7▼

Change in

70.5% -3.2%

5.7

42.2

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

* tie

Industry % Change from Last Quarter

-6.4%

Rank Value2012

Rank

Market

Rank Value per Advisor (US$m)

US$m

Bank of America Merrill Lynch

61,779.37 17.5 ▲

2 53,202.6

Financial Advisor

Morgan Stanley

2013

Rank

3 1

1

36,590.6

30,993.8

50,598.6

Sh (%)

34.6

2.96

21▲

36.3

▲28.4

20

41,521.2

2

Market

▲ 21

1.6

Sh (%) # of Deals

1.7 -10

+1 ▲

-10

1.4

JP Morgan

14

23

1.4

0.1

21.2

25.012

13.1

15

-

Nomura

UBS

10,228.9

11 6

Credit Suisse

Rothschild

9

6.8

5.8

13

3,801.9

8,619.5

11

716

12

14

ING 14 3.0

Banco BTG Pactual SA

18

3,969.737 3.1

22 3,443.6

23

-

20

35

43*

3,656.719

21 2.7

2.9

1.3

100.0

21

2.1

2.8-

-8 ▼

17

1.2

Industry Total

Handelsbanken Capital Markets

3,475.5

Houlihan Lokey

3,620.8

-23

0.8

0.4

-2

0.8

2.3

-13

15

1.0

12

1

-2

+10.1

▼0.4

+2

3

0

0.3▲

-2

0.1

100.0146,420.5

4,937.8 ▼

▼ 3

3.4

-1.2 25

24

2.7

11

5.9

2

6

28

0.5

▲▲

4

1,453

137.0

33.8

30.9

15.8

25.2

4.1

2.4

▼0.1

0.7

7.3 3.0

Advisor

Fees

Full Year 2013 | Mergers & Acquisitions | Financial Advisors

Goldman Sachs & Co

Any Benelux Involvement Announced (AD40)

Sh (%)

+6

1.44.0▼

▼ 4.1

1.6

-1

28.0

27.8

Imputed Fees (US$m)

60.5

63.7 1.2

-22

-6

0.8

-

1.0

+3

▲ 8.9

19.4 1.4

0.02.2

+1

0.3

34.1▼

3.3

4.1

46.0

2.434.3

0.6

+2

0.9

0.6

-5

+3 ▲

0.3

3.9

1.8▼

1.1▲

1.3

0.6

26.2

2.4

55.9

57.9

2.5

0.3

1.8

2.0 ▲

0.2

2.0

4.5

Market

Share Ch.

4.3

EMEA Rankings

9.7

Market

7.9

-10

17

-5▼

1.2▲

60

6

20.3

13,398.3

BDT & Co LLC

15,563.0

BNP Paribas SA

22.2

31.0

-1525,898.9

▲ 12

-13.6

9.1 7

12,777.0

9

10

Citi

+5

21

-7

1.0

▲16.6

Barclays

▼-2

-1

-4

+3

-10

51,482.5

23,889.9

5

Bank of America Merrill Lynch

28,302.0

-3

1.4

-4

Deutsche Bank

8

1.0

▼1.7

2.1

1.4

Leonardo & Co

+21

1.2

0.5

10.8

31

25

18

8.2

-2.3

Rothschild 5.7

UBS 7

14

5

14

34

BDT & Co LLC

7

7.3

8,619.5

5.27,670.9

13,707.5 ▲

19,170.6

ABN AMRO Bank

4

8

BNP Paribas SA 11 9

13

18

Credit Suisse

Barclays

9.4

Leonardo & Co

8 4

20

9

Lazard

6

Citi

8.5

16,026.8

ING

14

17,021.3

34

12

Rabobank NV

22 16

59

10

17

102

15

16

11

27

23

5

-17

18

15

19

Societe Generale

5,566.0

Phatra Securities Co Ltd -

21

24

20

8,533.323

Deutsche Bank

Credit Agricole CIB

4.46,383.0

3.4

KPMG

Banco BTG Pactual SA

5,484.9

Deloitte

3.8

11.0

10.5

15,931.7

15,432.7

3.8

3.8

10.9

14,480.4 9.9

-21.5

-0.4

3.5

EMEA Inv. Announced M&A Target Sector by Value ($bil)

3

9,118.3

3.6

Sberbank CIB 25

26

11.8

6.2

23,870.2

1.6

14

17

-19.9

4.9

11.6 1.9

1.3

1.3

0.9

1.2

5,571.4

17,319.4

5.8

5.9

$202.2

$146.2

$111.0 $104.2

$78.6

$73.5

$62.9

$56.1

$46.6

$41.7 $28.2 $26.6

Telecommunications Energy and Power Financials

Industrials Healthcare Real Estate

Materials Media and Entertainment High Technology

Consumer Staples Consumer Products and Services Retail

Government and Agencies

`

0

500

1,000

1,500

2,000

2,500

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

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

2005 2006 2007 2008 2009 2010 2011 2012 2013

# o

f D

ea

ls

Rank V

alu

e (

US

$b)

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

14

Page 17: Worldwide Mergers & Acquisitions 2013

Imputed Fees earned for the region were estimated at US$2.3 billion, a 3.7% decrease from the volume recorded

during 2012, according to Thomson Reuters/Freeman Consulting. The top earner was Goldman Sachs & Co with

US$169.4 million, followed by J.P. Morgan with US$117.8 million and Morgan Stanley with US$117.1 million.

China cross-border activity accrued US$100.3 billion, an increase of 6.3% from the US$94.4 billion recorded in

2012. Outbound investment volume recorded US$63.3 billion, an 11.3% increase from the US$56.9 billion in the full

year of 2012; the Energy and Power sector led the market in outbound activities with a 42.3% share.

14.9

748 6,859.7

1

4,572.5

15.4

8.0Somerley Ltd

China / China

Morgan Stanley

Industrials

GD Midea Holding Co Ltd (58.83%)

3,293.8

Kashagan Oilfield (8.3%)

Jan 1 - Dec 31 2013

10.24,509.8 5

Jan 1 - Dec 31 2013

14

6

4.6

JP Morgan

10

12.3

3Real Estate 59,000.6

4,702.0 3

18.9

29

11.5

7.8

17

Consumer Staples / Household & Personal Products9/18/2013

Financials / Banks

3

6

2

1,411 5,136.6

1,211

HSBC Holdings PLC 4

3,116.9

4,966.0

Consumer Staples / Agriculture & Livestock

6.5Deutsche Bank

Asian Completed M&A by Region - Imputed Fees

7

Acquiror / Target Nation

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

Acquiror

Smithfield Foods Inc (100%)

Thailand / Thailand

United Kingdom / India3,654.7

Telecommunications / Telecommunications Equipment4,210.0

Siam Makro PCL (64.3%)

Hindustan Unilever Ltd (14.78%) Unilever PLC

4/1/2013Pending

Consumer Staples / Household & Personal Products

Materials / Metals & Mining

Energy and Power / Oil & Gas

4,044.74,077.8

4,318.34,916.1

4/30/2013

4/23/2013Midea Group Co Ltd

PendingPending

9/27/2013 Pending7/26/2013

CNPC

9/24/2013

Asia Pacific (ex-Japan) Deals Intelligence

China Cross Border Announced M&A

3/13/2013

9/26/2013

ENI East Africa SpA (28.57%)

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

Announced M&A activity with Asian involvement in the full year of 2013 accumlated US$459.9 billion in value, a

1.6% increase over the US$452.7 billion recorded last year. Companies in the Energy and Power sector were the

most targeted, with US$71.8 billion accumulated from 651 deals. Materials followed, accruing US$61.2 billion, and

Financials trailed close behind, with US$59.7 billion.

Baotou Iron&Steel(Grp)Co-Asets (100%) China / China

12/18/2013 Bank of Tokyo-Mitsubishi UFJ

PetroChina Co Ltd China / Mozambique

Inner Mongolia Baotou SteelChina / ChinaBeijing Zhongchuang TelecomBeijing Xinwei Telecom Tech (96.5%)

Shuanghui Intl Hldg Ltd 6,977.35/29/2013

China / KazakhstanBank of Ayudhya PCL (72.01%)

5,000.012/31/2013

9/7/2013

China / United States

5.7

16.7

13,514.6 Goldman Sachs & Co

16

1,012

35.17

561,246.1

8,834.4 10,684.1 Goldman Sachs & Co

Credit SuisseEnergy and Power 651

No. DealsRank Val US$m

71,756.8 Share

Mkt.

Rank

2

Materials3Morgan Stanley

11,063.5

8.4

China International Capital Co

2

Morgan Stanley

59,726.2 Financials32,797.5 UBS

4

Morgan Stanley 1Bank of America Merrill Lynch

50,564.8 7

13.48,015.1

2

Rank Date

Deutsche Bank

1

Australian announced M&A activity increased 22.5%, reaching US$107.2 billion as compared to the US$87.5 billion

accumulated last year. Australia cross border activity totalled US$43.1 billion; inbound investments into the

Materials sector led the market, with a 27.8% share, while outbound activity amounted to US$13.7 billion.

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

7/2/2013Energy and Power / Oil & Gas

COFCO Land Ltd-Assets (100%)Retail / Food & Beverage RetailingCP ALL PCL

3,573.4The HK Parkview Group LtdPending

Japan / Thailand 5,315.5

7/4/2013Hong Kong / China Real Estate / Other Real Estate

https://www.thomsonone.com

Asian M&A Rises 2% I Imputed Fees Down 4% I Australian M&A Up 23%

9,979.0

Full Year 2013 | Mergers & Acquisitions | Financial Advisors

Asia Pacific (ex-Japan) M&A

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

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

$50

4Q

07

1Q

08

2Q

08

3Q

08

4Q

08

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

3Q

13

4Q

13

% O

utb

ound

Rank 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

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

Imp

ute

d F

ee

s (

US

$b

)

North Asia South Asia Southeast Asia Australasia

15

Page 18: Worldwide Mergers & Acquisitions 2013

CITIC Group Corp RBC Capital Markets

Credit Suisse Bank of America Merrill Lynch

Full Year 2013 | Mergers & Acquisitions | Financial Advisors

1.8 0.0

15.8%

9,481.7

Sh (%)US$m

Rank Value per Advisor (US$m)

Asia (ex-Japan) Rankings

▼1.6%

Jan 1 - Dec 31

10.0

Industry % Change from Last Quarter

Jefferies LLC

6

11

Rank Value

+13

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

UBS 38,946.41 7

25 39 4,437.5

3

6

Morgan Stanley

5

Goldman Sachs & Co

4

JP Morgan

Macquarie Group 2

-

1

22

3

13

4

2

Rothschild

+6

1

7

8

-1.6

+2

10

0.2

-1.7

-1

4,663.421

7.8+6

Rothschild+4

Barclays

1.1

3,649.4

+4

-2

109.2

-3.5

-0.3

10.6

8.5

6.7

14

EA Markets LLC 8

9

-0.15.9

1.4

6,415.1

14

# of

43

1

12

12

0.7

3.7

1.0

11

24

Change in Market

Share Ch.

Fees# of Deals Sh (%)

114.9

Advisor

+5

# of Deals per Advisor

-5.1%

Share Ch.

Imputed Fees (US$m)

Deals

Market

Sh (%)

2013

Rank

MarketMarket2012

Rank

ING 148

-7.2% ▼

Jan 1 - Dec 31

8.3%▼

Any Australian Involvement Completed (AF31)

Industry % Change from Last Quarter

▲5,265.7

37.41.2

-5 62.12.1

▼-11

▼0.6

▲4.112.7

Market

6.9

▼-3.7%

▲1.0 0.911

-11.4%

0.1-

0.2

-5,282100.0

▲ 2 0 -Phatra Securities Co Ltd

+425

0.01.7

1.7 22.8▲1.61.0

14

0.2

4

0.51.0 0.2

▼ Malayan Banking Bhd

118*

100.1

1.624+10Woori Invest & Sec Co Ltd

4,660.8

24 48 4,590.6

0.4China Securities Co Ltd 22 51 4,910.9

▼0.6-15Evercore Partners 23 36 0.7▼ 14.3-0.7

1.1 ▼+7 ▲ 53.7 2.46,550.6 2.1 320.4

17.0

23 ▼1.8-4 5,611.9 0.2

2.4

0.7

-7.3

0.9 ▲▲ 28 0.6 +1

0.50.8-1.1 ▼

▲ DBS Group Holdings▼

Somerley Ltd

71

▲7,436.3

0.3 0.07

▲ 82

▲ 0.1

1.8 ▼

-6Rothschild 20 14 5,934.2 1.3

0.3Southwest Securities Co Ltd 6,293.8 ▲

0.00.2

0.5-1519 42

7,055.6 KPMG1.5 1.2

1.4

-9 2.68,308.1 0.4

PricewaterhouseCoopers 33+17

14

▲12.3 0.1

-0.80.2 21

1.0▲ 2.4

Lazard 17

4.4-218Haitong Securities Co Ltd

7,859.1 1.7 0.9

62

0.1+3

▼▲ 37

17 +48,953.6

▼ 18

-0.1 ▼

▲▲

3.0

2.8 2.8

0.4

▲ 8.7 +00.46

10.1+1

0.3 12

-0.3 3.0

▼ 1.6 0.0

Standard Chartered PLC 16 21 8,897.1 1.9 116 ▲ 0.0

0.6

0.9 ▲ 0.726.9-70.4 1.2 ▲17

36.8-30

0.4 ▲

27

-

Macquarie Group 15 27 10,758.2 0.9 ▲2.3

Phatra Securities Co Ltd 14

0.8 ▲

12 9 13,137.4 4.2 -1.8

1.7

Deutsche Bank

▲ 38 0.4 38 0.8

0.4 +1 ▲ Deutsche Bank 2.1

+4298* 12,000.9

25 12,858.0

2.6 2.6

3.4

12 10 15,727.1 0.7

-6.4 ▼ +18 ▲13 ▲ 38.1

3.8

0.5

▲ 2 0.0 0

11,916.4

▼-7 ▼ 48.2

-5.6

25

0.1 ▼26.5

▲1.7▲ 39.2

0.5China International Capital Co 11 3.5238 1.2

52

BMO Capital Markets3.5 ▲

10 32 16,403.8 3.6 2.5

4.2 2.50.5 +9 ▲

▲ 0.1

1.35 +1

4.4

19,004.6▲ 10 6.0 5.2

6.5

Citi 8

Credit Suisse 9 6

+7

4 21,450.9

19,847.1

0.4

95.74.3 52 22Barclays 90.6 +4 20,566.2 24

Bank of America Merrill Lynch40

▼-5.1

6.620,785.1

▲0.7 ▲ 28 3.3 0.6

0.6 +9 ▲ 76.3

▼+5 ▲ 89.9 1.33.923,024.3Credit Suisse 7

10

0.4

80.5 -20 ▼

-5.8 ▼

25 0.5

0.9437.3

▼▲2.9 46.2

65.533 ▼▼-6.3

+1

▼0.7 -6

2.0 0.3

2.9 2.4

▼-4

HSBC Holdings PLC 7 23,120.6 5.0

28,507.0

3

6+746 0.5

7

33 0.4

9.0

5 28,577.8 9.0

HSBC Holdings PLC 8

1Barclays 5 13 24,937.0 5.4

034 0.76 30,752.1

-7.0 ▼

4

1.2 +4

JP Morgan

UBS▲

▼ 5.2117.8-▲

75.7 ▲

61

0.9

-4.4 0.7 +18

3

▲0.9 1.9▲ 9.7

▼-0 0.1

▲0.40.9 -5 ▼ 117.1 5.1

13.3

49,349.0

0.9 4.74042,014.8 5.5

106.9▲

40

1.3▲2

-13.1

-3.5 0.655

4

3.1

-10 ▼ 2Morgan Stanley 15.6 3.3

US$m

Morgan Stanley 1 2 44,849.1 6018.357,863.51

2013

Rank

-

MarketChange in Advisor

▲7.4 1.5169.40

Share Ch.

# of Deals per Advisor

Deals Sh (%)

Market

Financial Advisor

Change in

# of Deals

# of 2012

Rank Sh (%) Deals

# ofRank Value

Share Ch. Sh (%)

Market

US$m

MarketMarket Market

# of Deals FeesSh (%)

Market

6.3

Financial Advisor Sh (%)

9.8

Rank Value per Advisor (US$m)

Market

Share Ch.

Goldman Sachs & Co

3.3

3.130

29

0.1 14

CIMB Group Sdn Bhd

CITIC Group Corp

9,789.2

Bank of America Merrill Lynch 3 11 26,345.5

▼ -9

0.7

Goldman Sachs & Co

Imputed Fees (US$m)

5.5

UBS 6

25,416.8

Rank Value per Advisor (US$m)

2013

Rank

2012

Rank

Rank Value

5

64

CIMB Group Sdn Bhd

Somerley Ltd +82.8

2 1 29,155.3

-1.5

1.1

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

# of Deals per Advisor

3

JP Morgan 4

24,896.8 5.4

-3.7 32

-2.5 ▼15,908.4

5,399.5

-2.0 0.4

0.3

24-0.1

0.220

0.7

2.1

34

2.4+13

▲ -3.1

29

7,489.4

1.4

0.8

Industry Total

-0.11,094.6 1.0

0.8

25

22.5%

Industry % Change from Last Quarter 96.4% ▲

9,100.7

2

0.1

EA Markets LLC 12

Northington Partners Ltd

14Barclays

Fort Street Advisers

ANZ Banking Group

Gresham Partners

Greenhill & Co, LLC

KPMG

Industry % Change from Same Period Last Year

107,199.7

24 967.3

28

886.6

1.1

+29 ▲

23

1,201.6

100.0

Nomura

Rank Value per Advisor (US$m)

-1

21.5%

315,974.2

5,447.5

11

Industry % Change from Same Period Last Year

9,385.9

17

+10 ▲ Citi30

7,590.6

11+1441 17,711.1

0.3

8.6 ▲

1.8

2.7

-1.7%

34

33

24.8

36.3 ▲

# of

-155

10.8%

100.0

Sh (%)

Rank Value

Financial Advisor

Market

Deals

38

21 16

34

Change in

-2 ▼

US$m

Any Australian Involvement Announced (AD24)

2013

Rank

2012

Rank

Market

30

2.2

45

# of Deals

# of Deals per Advisor

0.0 -3 ▼

37

0.1 5

4.7

▼-6.8

5

1.2

9

Share Ch.

28.2

Market

0.6

Sh (%)

1.0

Citi 11

Bank of America Merrill Lynch

9

13

3.4

4.429

5

10

Deutsche Bank

11,407.1 8.9

22.1

18,806.8

7

12

Lazard 198

10,145.9

18,505.8

25,093.5

21,567.6

23,639.7

9.5

26,562.5

17.3

13.8

▲ 0.6

14

20.1

0.9

0.6

0.8

10

23.4

17.5

12

9,842.6

8.7

14.8

18.7

12.4

Macquarie Group

+12

▲+5

Morgan Stanley

Financial Advisor

UBS+14

-22

15

China International Capital Co

22Rothschild

Industry Total

Ondra Partners

5

20

21

194

30

United Overseas Bank Ltd▲

19

10,432.8

13

18

1.0

▲2.5

-

0.2

0.7

8

10

9

0.6

1.7

0

0.3

1.4

1.8

+4

0.1

-

4.1

2.3

7

▲ 32.4

2.1

0.9

+3

+1

0.2

+3

-12

18.8

▲1.4

2.6

8.2

23.2

24.1

3.6

0.8

3.6

2.3

0.8

1.0

0.9

20.4

0.9

5.5

0.1

1.4

-1

21.0

▲ 22.6

2.7

12.4

906.9

-8.9%

10.0

7.1

1.9

0

▼-3

1.1

1.5

-6

2.4

32.3

-2 ▼

21.6

0 -

+1

Industry % Change from Last Quarter

Industry % Change from Same Period Last Year

0.7 ▲

0.6

+6

-26.1%

1,078.8

1,014.9

988.6

1.6 ▲

-5.7

61,690.5 100.0

15

-

2.0

4,800.0

5.67.6

7.8

10.4

4.9

8Lazard

Deutsche Bank

6

7 6,178.3

5

4

18.91

2

7,252.6 11.8

Goldman Sachs & Co 2 11,654.4

▲10 +4 Credit Suisse 5

3

4

7.7

10

-8.3

5.2

1 18,731.2 30.43

7,693.9

15.4

-3 ▼ 49.612.5

8,717

-8.8 ▼

15

0.7

-6

14

11

1.0

0.5

17

0.8

8

0.7

8

9

4

▲ 1

-280

969.5

1.7

1.6

-0.7

-1

0

22

12

1,740.6

Moelis & Co

1.7

3.8

2.8

1,045.3

1,078.8

6.0

2.1

1,229.7 2.0

1.8

3,686.8

11

1.7

Canaccord Genuity

Haywood Securities Ltd.

1.5

0.6

2017

7

+1

40

11

1.1

52 0.6

4

3

1.8

1,288.5

+1

18

7

3.1

4.4

Greenhill & Co, LLC

2,706.3

14

1713

2,356.2

12

-0.3

2.5

2,589.6

1,900.4

-1.1

29

3,354.0

2,215.6

16▼ KPMG

4,716.9

1.3

1.5

0.6

9

Evercore Partners 2.1

3.11715

88 1,502.6

16 21

25

Investec

17

20

CIMB Group Sdn Bhd

20 +6

19

18

0.3 17

1.4

1,427.8

11

1,400.3 1.3

1,900.4

+1-

1,620.6

0.1

22

Banco BTG Pactual SA

22

85*▲ 190.4

-

21

Ernst & Young LLP

1.8

1.3

0.2

0.9 ▲

1.1

1.3

9

0.7

2

+11

-14.4% ▼

-1

Fort Street Advisers

BMO Capital Markets

24

-7

1.0

0.5

+10.1

▼0.1

0.6

0.8

4.5

15

-4

3

14,800.0 4.5

Evercore Partners

▲3.6

Citi

3,683.2

-4.4

4.2

0.5

-1 ▼

+4

16

0.1

0.5 -

1.2

▲3.1

31

0.1 ▲

0.3

1.1▲

0.1

▼0.6

1.0

7

0.1

0.7

0.3

0.3

100.0

https://www.thomsonone.com

78.7%

-8.5%

1.1

1.2

* tie

1.1

-18.9%

-

▼35

0.50.3

201.4%

-1 0.1

0.8

1,168 -272

-0.3 3

-0.1

1.8

8.8▼

1

1.7

▲ 2

10.7

1.4

2.7

▲ +10.2

-5

17

1.0

3.2

7

0.3

+1

0.3

0.1

0.4

100.0

0.3

0.2

+4

12.4

▲ 1.1

▲+2

4,681 2,285.0

▲ 1.1

10.2

18

Ernst & Young LLP

20*

1.8

2

-0.2

1,088.1

ANZ Banking Group

RBC Capital Markets

25

Industry Total

20*

1,667

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23

76

0.3

Standard Chartered PLC

▼ 23

-33.6%

Investec

Industry Total

Industry % Change from Same Period Last Year

459,881.9

16

Page 19: Worldwide Mergers & Acquisitions 2013

30.1

886.6Northington Partners Ltd

1

14.0

2

Any New Zealand Inv Announced (AD39)

UBS

26.7-

* tie

Asia (ex-Japan) Buyside Financial Sponsor Activity

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

+1

2.4

1.0

Jan 1 - Dec 31

Rank Value per Advisor (US$m)

+1

Deals

2012

Rank US$m

1,794.1

# of

MarketMarket

Change in

Market

# of Deals

5

0.5 ▲

-3

+22

Fees# of Deals

Industry Total

11.3

3.8

30.1

-

2.6

5.7 5.7 ▲

Industry % Change from Same Period Last Year

3

30.1

5*

30.1

1

32.8

12.2

26.7

- ▲

5

2013

Rank

1 1 ▲

Rank Value Market

Share Ch.Sh (%)

51.1

Industry Total

15.8943.4

8

1,794.1

Goldman Sachs & Co 4

Bank of America Merrill Lynch 2*

Financial Advisor

1,794.1

14.9

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

US$m

2012

Rank

12.3

3

Sh (%)

Any New Zealand Involvement Completed (AF46)

6,717.2

Deals

Rank Value

Sh (%) Share Ch.

Market # ofMarket

53.0 ▲

160.0% ▲

2,204.7

1,006.5

4

UBS

Jan 1 - Dec 31

1.4

Sh (%)

Full Year 2013 | Mergers & Acquisitions | Financial Advisors

2013

Rank

0.62*

Market

-1

Imputed Fees (US$m)

940.8

10.2

1

3,158.4 -

Share Ch.

5.2

2.9 2.9

90.9

10.4 2.0

-0.5%

2.0

100.0

1 2

Barclays -

-

MarketAdvisor

-22

+2

Change in

Asia (ex-Japan) Rankings

Financial Advisor

1.4% ▲

3.5

Sh (%)

15.0

3,432.3

-2.8

https://www.thomsonone.com

32.8

▼25.7

-9.6

# of Deals per Advisor

-

-4

208

+1

2.5

-4.9%

3.1

4

5

1

2.4 ▲

Industry % Change from Same Period Last Year 24.3%

0

0.6

9.5

100.0

Rank Value per Advisor (US$m)

Industry % Change from Last Quarter

# of Deals per Advisor

-9.6%

5Macquarie Group

Bank of America Merrill Lynch

Goldman Sachs & Co 4

2Barclays

Industry % Change from Last Quarter

-0.0%

0161

58.7% 0.0%

5,958.1

9.1% ▲

100.0

▲12.2 2.21.2 02

Fort Street Advisers 5* - 886.6 14.9 14.9 7.3 7.3 ▲▲ 1 0.6 +1 ▲ 6.6

16%

13%

13%

13% 11%

9%

8%

4%

3% 4%

3% 3%

0%

Energy and Power Materials Financials

Real Estate Industrials Consumer Staples

High Technology Healthcare Telecommunications

Media and Entertainment Retail Consumer Products and Services

Government and Agencies

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

3Q

13

4Q

13

Outb

ound

Rank V

alu

e (

US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

$3.5 $6.4

$8.4 $3.8

$13.9

$1.5

$7.7

$14.8

$8.9 $6.0

$3.2 $3.3

$9.6

$5.5

$10.0

$10.1

$8.2

$9.0 $18.1

$0.8

$5.5

$9.9

$4.4

$6.0

$9.1

$12.8

$14.6

$17.7

$4.3

$5.5

$11.6

$4.1

$5.6

$17.7

$9.7

$4.7

$11.2

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

$0

$10

$20

$30

$40

$50

$60

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

% o

f A

sia

(ex-J

apan)

Volu

me

Rank V

alu

e (

US

$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of WW FS Volume YTD

17

Page 20: Worldwide Mergers & Acquisitions 2013

Deutsche Bank

High TechnologyMizuho Financial Group

* tie

https://www.thomsonone.com

Mitsubishi Motors Corp (%)

Robeco Groep NV (90.01%)GlaxoSmithKline PLC-Lucozade (100%)

Suzuki Motor Corp (%)

Hitachi-Thermal Power Business (100%)

2,077.9Sumitomo Mitsui Trust Holdings

Industrials / Automobiles & ComponentsFinancials / Asset Management

Goldman Sachs & Co1

Industrials / Machinery

Industrials / Building/Construction & Engineering

Any Japanese Involvement by Market

48.72,107.9 4,071.3

21.4

52.1

232

Sumitomo Mitsui Trust Holdings (11.25%)

Bank of Ayudhya PCL (72.01%)Grohe AG (87.5%)Resona Holdings Inc (33.2%)

Japanese Involvement Announced M&A - Top Advisors by Target Industry Jan 1 - Dec 31 2013

23,753.7 Financials

16.7

7,006.8

22,282.1 3

8,362.3

Japan / United Kingdom

Japan / Thailand

Japan / Netherlands

2,887.6

Financials / Banks

Japan / JapanIndustrials / Automobiles & Components

Consumer Staples / Food and Beverage

Japan / Japan

3,959.8

2/19/2013

3/11/2013

Intended

9/9/2013

12/10/2013

Japan / Japan

2,593.0Suzuki Motor CorpORIX Corp

Financials / Banks

25.22

Industrials / Machinery

Japan / Japan

5,315.5United States / Japan

2,859.9

Jan 1 - Dec 31 2013

3,937.6Japan / Germany

5.8

29.5

6

45.9

5 28

510

19.0

7 160

197

10 11

4.8

2

4

21

428 10

5.1

Mkt.

Share

7 25.238.4

No. Deals

Japan Deals Intelligence

8,274.2

5 3

Rank

18,027.8

5 Real Estate

Bank of Tokyo-Mitsubishi UFJInvestor Group

Acquiror / Target Nation

Suntory Beverage & Food Ltd

6,986.7

Rank Value (US$m)

Investor GroupMitsubishi Heavy Inds-ThermalResona Holdings Inc

3,277.3Intended

7/1/2013

Full Year 2013 | Mergers & Acquisitions | Financial Advisors

Japan M&A

Japanese M&A Down 25% | US Most Targeted by Japanese Firms | Inbound Lowest Since 2001

1,299.1

1,582.3 1

54.9

Rank Val

US$m

9

Goldman Sachs & Co

Mizuho Financial Group 1,393.9 Nomura

23

2

Sumitomo Mitsui Finl Grp Inc

Industrials

12,601.0

Any Japanese Involvement Announced M&A

Tokyo Electron Ltd (100%)9/24/2013

AcquirorTarget (% Sought/Acquired)Rank Date Date Effective

Top Ten Japanese Involvement Announced Deals

9/26/2013

Pending7/2/2013

6/11/2013

12/18/2013

IntendedPending

5/10/2013

2,119.03/8/2013

PendingFinancials / Banks

2013 Any Japanese involvement announced M&A activity decreased 24.6%, reaching US$134.9 billion, compared

to the US$178.9 billion accrued in 2012. The number of deals slightly increased, to 2,876 deals from the 2,856

announced in 2012.

Japanese outbound volume dropped significantly, falling by 15.7% to US$48.7 billion, compared to the record-high

volume of US$83.3 billion reached in 2012. By number of deals, Japanese outbound activity decreased 15.7%,

recording 609 deals as compared to the 722 deals announced last year. While outbound activity during the first half

of 2013 remained relatively slow (totaling US$15.2 billion) volumes surged in the second half, reaching US$33.5

billion, nearly double the first half total.

United States was the most targeted nation by Japanese firms in 2013, with deal value reaching US$99.2 billion, a

38.3% market share. The largest outbound deal announced in the fourth quarter was the US$1.6 billion acquisition

of ThyssenKrupp Steel by an acquiror group comprised of Nippon Steel & Sumitomo Metal and ArcelorMittal.

Despite a record low deal volume of only 109 Inbound deals in 2013, the lowest since 2001, the total accumulated

deal value remained almost unchanged from last year. Applied Materials’ US$7 billion merger with Tokyo Electron

was the largest any Japanese related transaction in 2013.

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

involvement deals reached US$1.4 billion, a 22.9% decrease from 2012.

10,894.4

27,293.2

Daiwa Securities Group Inc

2,565.0 1Materials 11,986.5

Sumitomo Mitsui Finl Grp IncNomura

32,843.2

2,006.7

1

12,374.8

3

Mitsubishi UFJ Morgan Stanley 1Bank of America Merrill Lynch

Bank of America Merrill Lynch

2

Mitsubishi UFJ Morgan Stanley

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

Japan / Japan

Target Macro / Mid Industry

11/6/2013Pending

1,260.0 3 15.1 1 The Raine Group LLC

Applied Materials Inc

$27.0

$71.1

$26.9

$50.4 $34.0

$23.5 $35.1 $38.8 $37.0

$25.6

$27.6

$38.3

$51.8

$31.1

$37.2

$21.6

$19.2

$45.9 $40.1

$32.9

$18.1

$31.5

$22.5 $28.7 $47.6

$42.4

$50.3

$50.1

$42.4

$39.3 $18.9

$42.3

$48.5

$51.9 $28.6

$38.8

$30.3

$50.5

$59.3

$37.3

0

500

1,000

1,500

2,000

2,500

3,000

3,500

$0

$25

$50

$75

$100

$125

$150

$175

$200

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

# o

f D

eals

Rank V

alu

e (

US

$b)

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

100

200

300

400

500

600

700

.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

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

# o

f D

eals

Rank V

alu

e (

US

$b

)

Domestic Inbound Outbound Outbound Inbound Domestic

18

Page 21: Worldwide Mergers & Acquisitions 2013

Imputed Fees (US$m)

Financial Advisor

Credit Suisse

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

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

Japan Rankings

3.6

20,977.0

Jan 1 - Dec 31

# of Deals

-14

0.7

MarketRank Value

Sh (%)

Change in

-3.1

-4.3 ▼

Share Ch. Deals

38,285.1

23,446.7

15.6

22,996.2

US$m

5

Market2012

Rank

56

Sh (%)

28.4 1.6

# of Deals per Advisor

17.0

23-9.917.4

-17.5

Daiwa Securities Group Inc

Bank of America Merrill Lynch

Mizuho Financial Group 6 1

2

6

3

14

5,519.4

BNP Paribas SA

Citi

31

GCA Savvian Group Corp

13

17

9.7

8.116

6.4

4,529.6

8,694.0

15

8

12

4

18,119.9

3.4

10

10

3

4.0

4.1

13,131.9

JP Morgan

Financial Advisor

7

11

10,947.3

0.5

Plutus Consulting Co Ltd ▼

Development Bank of Japan Inc

9

4.8

-26.5

Credit Suisse

125.3 ▼ -8

-9.1

# of

Any Japanese Involvement Announced (AD19)

2013

Rank

2013

Rank

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

Share Ch.

Market MarketAdvisor

Sh (%) Sh (%)

MarketMarketMarket2012

Rank

Change in

# of Deals

# of

Sh (%) Share Ch.

# of Deals per Advisor

US$m

Rank Value

Deals

Market

Fees

7 40,712.6 30.9

48,573.8

75.7▼

103 35,520.7

2

1.9

0.8

-51 ▼

-50 ▼

▼ ▲

▼ 1.1-0.3

Goldman Sachs & Co

Bank of America Merrill Lynch 26.963

-15

-98 0.4

1

6.0

+19

1.2

2.5

21

49.3

0.4

11.4

59.1

15.4

156

-8

-4

11.9

20.5

144.3

1.2

0.3

0.1

23.7

0.4

3.6

1.8

16.6 ▼

10.4

-

3.0

1.5

0.8

4.3

1.4

1.1

1

3.5

7.9

48.2

24.5

0.3 -3

2.5

0.8

-14

0.1

+18

-

3.3

0.8

2.5 0.2

4,515.9 3.4 1.8

1.7

18

4,228.8

0.313

8▲

-2.6%

23*

2.7

23* 2.7

-22.9%

22 2.7

▲0.3- ▲ 5 +5

-13.6%

1,848

-9.0%

-290

https://www.thomsonone.com

-

-36.9%

13.3

▲0.9

1.5

0.4 +8

19 33

1.7

17

28

11

0.3

1.9

130.8 9.5

▼5.5

3.3

79.2 5.7 0.3

1.9

0.9

1.8

-

0.5

1.5

0.3

1.0

-108.9

0.1

-

1.0

0.5

77.7

8

-

0.2

5.6

0.7

4.9 0.4

+1

16-5

16.6

-25.0

2.1

-8.8

17.6

18.211

13.7 ▲

10

21,911.2

23,236.4

170.1

6,477.4

35

13.4

3.9

9 5,371.5

5,332.4

4.0

7,083.1

Macquarie Group 16

4

-0.3

4.25,639.3 4.1

5,315.5

Moelis & Co 87

Goldman Sachs & Co

8

-

17

12

Sumitomo Mitsui Finl Grp Inc

Deutsche Bank

Phatra Securities Co Ltd

9

4

14

1

2

4

5

34,896.3

Deutsche Bank

Mizuho Financial Group

22

Mitsubishi UFJ Morgan Stanley

Nomura

-18

0.7

+6 ▲

-18.4 ▼

-74

30,988.4

8

13

-

7 2

-

5

28,828.7

3

26.4 -5.0

36.8

23.5 6.79

4.7

▼19

-3

JP Morgan▼

4.3

-2

Mitsubishi UFJ Morgan Stanley155

2.5 +10

0.5

125

+18

73

-1113

-5.2

▲ Nomura

0.4

516

27,140.6

6

5.4 - 21.9

106 5.7

-

14 ▲ 6

2.8

20.6

0.1

11.7 ▲

0.3

14.0

16.4

6

37

-37

0.2

0.3

16.5 -6

20.527,011.2

23,979.7

-15

21,640.0-

-12.5 ▼ 7 ▼-8 5

-2 12

13 11.114,610.4

▼1.3

6.2

347.5

61

16.4

0.0 +1

3.3

▼-17.4

0

13,763.6

+11

115

1 ▲ 15 43 10,318.5▲ Plutus Consulting Co Ltd

3.9

9.72.6 0.3 0

23.11.8

▲ 4.8

1▲

0.7

Phatra Securities Co Ltd▲ 4.0

6,327.8

4.05,315.5

35 1.2 +14

2.1 -

-

▲ 13

Sangyo Sosei Advisory Inc 22

29 3,988.4 ▲

-0.9

1.0

▲+1

0.1

3.0

18 18 4,005.2 3.0

2.0

+10.1

-3

30 4,044.1

Acxit Capital Management GmbH 20 -

PricewaterhouseCoopers 19 0

▲3,959.8

3.0 1.0

2.9 12.9

29

3.0

11▲

▲ 0.0 +1

7.3

0.6

1.7 1.0

21

20 ▲AGS Consulting Co Ltd

Yamada Consulting Group Co Ltd

22 67 3,754.6

AGS Consulting Co Ltd

Yamada Consulting Group Co Ltd

21

2.7 13 0.5

Benedi Consulting 23 - 3,519.4 2.6

2.6 ▲ ▲+8

44* 3,929.6 2.9 ▲+102.6 28

3,505.3 ▲2.6 0.2

100.0 2,876134,915.9

2.6

Industry Total +20

Tokai Tokyo Financial Holdings 24* 90 2.6

* tie

-5.1%

-24.6%

71

3,020.4▲ 12

-23.0%

▼▼ 0.7%

12.2%

Industry Total

GCA Savvian Group Corp0.3 -2.12.3+4 25

3,519.4

3,505.3

KPMG

61

3,714.7

Greenhill & Co, LLC

Tokai Tokyo Financial Holdings

2.7

2.6

2.8 +8 ▲

62 2.62.8

4,353.7

Partners Inc -24*

3,505.38 0.3

▲ +55

Any Japanese Involvement Completed (AF23)

16

7.8

Rothschild

9 46

Sumitomo Mitsui Finl Grp Inc

100.0

Benedi Consulting

1.0

Japanese Target Completed M&A Fees

2.6

Partners Inc

131,960.0

Japanese Involvement Announced M&A Target Industry by Value

3,505.3

0.3

+1 4.6

0.7

100.0

1,381.2

0.5▲

8

The Raine Group LLC

0.2

2.7

0.47

-

3.2

4

31

+3

-25

13.1

1.1

0.2 -8.8▲3.1 -1 ▼ 10.414

Jan 1 - Dec 31

UBS

Citi

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5

Full Year 2013 | Mergers & Acquisitions | Financial Advisors

Daiwa Securities Group Inc 8

24.3%

20.2%

17.6%

8.9%

6.2%

5.0%

4.9% 4.1%

4.1% 2.4%

2.1% 0.2%

Industrials Real Estate

Financials Materials

High Technology Energy and Power

Consumer Staples Healthcare

Retail Consumer Products and Services

Media and Entertainment Telecommunications

$147.1 $153.0

$296.7 $209.1 $244.2

$115.9

$256.8 $223.3 $193.7 $226.7

$141.7 $173.0

$295.8

$289.5 $207.3

$163.0

$274.4

$151.6 $209.4 $121.7

$181.5

$271.1

$211.7

$253.4

$191.4

$151.4

$160.3

$124.9

$238.1

$166.0

$209.9

$311.0

$232.7 $288.3

$192.7

$276.1

$226.7

$171.2

$243.8

$211.6

0

500

1000

1500

2000

2500

3000

$0

$200

$400

$600

$800

$1,000

$1,200

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Num

ber

of D

eals

Impute

ed F

ees (

US

$m

il)

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

19

Page 22: Worldwide Mergers & Acquisitions 2013

Industry Total

Industry Total

Industry % Change from Same Period Last Year ▼ ▲

Industry % Change from Last Quarter - ▼

https://www.thomsonone.com

439.8 1.7

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.0 0.0

518.0 2.0

1,408.6 5.51 0 -

11* 10* 1 3.9 0 -

11* 10*

+1 ▲

11* 10* 1 3.9 0 -

11* - 1 3.9

3.9

IMAP

GCA Savvian Group Corp

Sumitomo Mitsui Finl Grp Inc

14* 8 2.1 +3

-3.0% 0.7%

0.0% -67.0%

34* +5 ▲ 145.2 0.1

8

2.1

8.2

▲ 5,284.4 4.7

Industry % Change from Same Period Last Year

0.3

# of Deals per Advisor

-

32,750.3

▼ 14,727.1 3.7

Rothschild 16* 29* 4

1.4

16*

BDO

Deloitte

-4

598,419.0

1.4 +1

- 10 4 1.4 -7

6

0

38.1

-21.7%

86.8 0.03 2.1 +1 ▲

3

Great Wall Securities Co Ltd

25*

Rank Value (US$m)

National Bank of Canada Fin'l

Industry % Change from Last Quarter

0.0

26*

353

# of2012

Rank

# of

28*

23*

100.0

Based on Number of Transactions

Stephens Inc

Rothschild

ICICI Bank Ltd

20*

Haitong Securities Co Ltd

8

1,514.9

1.4

Goldman Sachs & Co

7*

ING

PricewaterhouseCoopers

Ernst & Young LLP

2013

Rank

1

China Merchants Securities Co

Shenyin & Wanguo Securities

Somerley Ltd

Citi

Bank of America Merrill Lynch

76

26*

Fairness Opinion Provider

KPMG

Barclays

UBS

310*

+8 ▲ 1,765.2

10* 7* 2.1 0.7

Citi 11*

* tie

50* 6 1.6 +5

Guangzhou Securities Co Ltd

6 1.6Chinalion Securities Co Ltd

3*Morgan Stanley

22*

3

Haitong Securities Co Ltd

Deals

8* ▲

Change in

Houlihan Lokey

Somerley Ltd

1.7

17*

Jan 1 – Dec 31

Rank Value (US$m)

Huatai Securities Co Ltd

Fairness Opinion Provider US$m Sh (%)

Based on Number of TransactionsBased on Number of Transactions

32

Jan 1 – Dec 31

2013

Rank

# of Deals per Advisor

Deals Sh (%) # of Deals

# of Deals per Advisor

Jan 1 – Dec 31

Based on Number of Transactions

Change in # of Market

# of Deals per Advisor

Fairness Opinion Rankings †

Rank Value (US$m)

Worldwide Announced

Fairness Opinion

Rank Value (US$m)

MarketRank Value

131,794.1 33.0

4,999.9

2.0

17*

17* 6

42*

▼UBS 16* 17* 4

Duff and Phelps

0.5

Industry Total

3* 25

14*

Huatai Securities Co Ltd 32

5

15*

Sinolink Securities Co Ltd

CITIC Group Corp

8

-1 134,120.0

Guotai Junan Securities5.5

Southwest Securities Co Ltd

Sh (%)

7.2

-

57.5

5.5

1,153.50

16,729.3

5.5

10*

Industry % Change from Last Quarter -79.8%

1.3

-4

5

16* 13* 4 11,983.3-21.4

6

-

-2.5% ▼ -79.2%

Jan 1 – Dec 31

▲27.7%

1.4

Credit Suisse

Industry % Change from Same Period Last Year

100.0

804

JP Morgan

2.2

45.7%

Based on Number of Transactions

434,735.3

8.0

Greenhill & Co, LLC

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

5

1.8

Based on Number of Transactions

2,859.4 0.7

0.4

14*0.8

14*Stephens Inc

BMO Capital Markets

0

16* 17* 4

20* 5

0.4

Raymond James Financial Inc

Barclays 12*

RBC Capital Markets 11

5.8

12*

4.7

4.0

4.7

2

3.2

11

5 5

26

2 ▼8.3

22

7.9

-183

Any US Inv Announced

Fairness Opinion

4

2013

Rank

2012

Rank

Duff and Phelps

Fairness Opinion Provider

▼1 1 28 10.1

9.4

-17

-2

4

-113

6* 11*

9

6*

6*

23

13

13*

+1

+3

+18*

7 +9

17 6.1

13

▼2.2

13 4.7

0.4

5,259.7 1.3

-3

9

6

32*

11*

6

22*

+3

25,400.6

6

8

1.8

+2

+3 ▲

156,114.6 39.1

175,232.1 43.8

+2

6.4

10 8*

-8 22,231.1

2.9

5

5.6

20*

0

1.7

-98

0.0

Fairness Opinion Provider

474.5

Industry Total 399,664.9

# of Deals per Advisor

Fairness Opinion Provider

Rank Value (US$m)

Citi

2.0

1.7

-11

7.3% ▲

1,908.4

▼0.1

2.3

1.7

5,468.4

3,329.6

0.9

1.3

5.3▼

13*

7

7* 7

8

25*15*

+1

-6

23,088.6-7

-1

▼-3

34,818.5

+3

25,400.6

1,874.6

13*

2.6

13*

-3

8 ▼

15*

17

Stifel/KBW +9

5 6

9 4 13 3.7

16

Change in

# of Deals

6.2

Fairness Opinion Provider

22

Market

Deals Sh (%)

Duff and Phelps

2012

Rank Deals

+28 ▲2*

1 51* 33China Securities Co Ltd

# of

Sh (%)

2012

Rank

0.8

Rank Value 2013

Rank

Market

US$m Sh (%)

1 1 29 8.2 -18 ▼

Rank Value

8,676.5

Stout Risius Ross Inc

2.0

2 3 27 7.7 +2 ▲

119.0

47.0

3 2 23 6.5 -18

4 9

204,171.1

4.8 8,288.8

62,333.2

4.3

+1

4.5 +2

JP Morgan

Southwest Securities Co Ltd

7*KPMG

14

Morgan Stanley

Bank of America Merrill Lynch

34.6

82,766.9

Barclays

11*

40.6

+3

+3

7Stout Risius Ross Inc

Stifel/KBW

Raymond James Financial Inc

Barclays

Morgan Stanley

Sandler O'Neill Partners

16*

13

13

18*

10*

Bank of America Merrill Lynch

51*

Goldman Sachs & Co

18

CIBC World Markets Inc

+10 ▲

Canaccord Genuity

Credit Suisse

7,313.9

1.3

1.2

22*

1.6 +2

1.512

Evans & Evans Inc

-16 ▼ 7,005.8 1.2

1.7

-114

16* 4

15 6*

CITIC Group Corp

Guotai Junan Securities

-627*

13

1.9

14

1.6

15

16

JP Morgan

Stifel/KBW

Houlihan Lokey

Evercore Partners

RBC Capital Markets

13*

10* 15

Stout Risius Ross Inc

Sandler O'Neill Partners

3,987.0

Bank of America Merrill Lynch

Goldman Sachs & Co

Morgan Stanley

0.0

2,766.9 0.6

1.9

7,313.9

Evercore Partners

3,110.9

12,904.1

0.5 BMO Capital Markets

8,288.8 1.4

31.7

2.2

5 10

17* 10 2.8 +1

-7

Houlihan Lokey

TD Securities Inc

2.3

2.810*

12 10* 9

10*

17*

6

0.0

14.3

0.5 ▲

160,931.5

0.4

4.0

37.0

176,394.5▼

7 2 3.0

▲ 168,776.1

24 ▲+2

22

10

2.111*

20*

2,350.5

9 6* 20 2.5

8 2.7 -17

+9

17

10* 18

5 3.1 +13 ▲

5*

25

25 3.1 -4

5*

2* 3

2* 1

-19 ▼

32 +22

4.032

# of Market Change in Market

04.1

# of Deals US$m

4,840.7

JP Morgan

Sh (%)

# of DealsSh (%)

5,111.0 0.9

-

63,558.2

Goldman Sachs & Co

4.0

5.5 0

12.4

2*

Market2012

Rank

Change in

Deals

18

29*

7,679.8

17 2.1

3,767.7 0.6

206,951.4

▲4.0

28.2

2.0 +3 ▲

▲+1

-

189,413.4

10.6

US$m

Rank Value

1

2.2

-

13*

0

+1

2013

Rank

7*

2*

2* 6

2*

8

2

810

4

142,724.6 61.2

▲ 570.3 0.2

4.8

6

6

4.118* +3

7*

3* 2.8

▲10*

11*

2.1

4.1

3

9 -6

- 10,698.4 4.6

1,329.4

-5 ▼ 1,738.9

+1

143,423.9 61.5+1

0.6

2,688.0 1.2

18* 2.1

▲ 673.6 0.6

7 1.9

11* - 1.6

0

1.0

Caitong Securities Co Ltd 15* - 6 1.6 +6

11.5

1.3

▼ -9.8% ▼

14*15*

100.0-36145

1,449.7

Industry % Change from Last Quarter -15.4% ▼ -81.3%

Industry % Change from Same Period Last Year

Industry Total 233,095.9

-19.9%

11.5

2.8

Market

3.4

▲ 5,111.0

Sh (%)Sh (%)

3,767.7

# of Deals US$m

China Securities Co Ltd

Market

1,100.6

Rank Value

4.34,840.7▲

+22

15

1 16

33 +288.71

3.2

3,110.9+10

3.4

4.0

-1

+2 7,679.8 6.9

12,904.1

3* 12

136*

4.2

7,005.8

14*

-

12* 9 2.4

50* 9

0.9

3.03,373.9

0

+8

6.3

+3 1,048.9

8*

11 8 2.1

2.4

8* - 9 2.4 +9

+104

Industry % Change from Same Period Last Year 38.0%

GF Securities

14

Industry % Change from Last Quarter 7.2% ▲ -27.5%

378

2013

Rank

1,426.00

111,794.8

-

+1

160.1

Change in Market

Deals

2012

Rank

# of Market

Industry % Change from Last Quarter -33.3% ▼

Sh (%)

2* 5 19.2 +5

1 4* 7 26.9 +5

3,505.3

US$m Sh (%)# of Deals

+5 ▲

3,505.3

2* - 5 19.2 +5

Rank Value

2* - 5 19.2

100.0

Industry % Change from Same Period Last Year -29.7% ▼ -53.0%

-11

63.8%

Bank of America Merrill Lynch

Industry Total

4.6+13

Sandler O'Neill Partners

8*

4

7

11*

-54.2%

1.3

0.1

26 25,442.4 100.0

11*

Partners Inc

Tokai Tokyo Financial Holdings

Plutus Consulting Co Ltd

Any Japan Inv Announced

Fairness Opinion

33,282.9 5.6

-

8.5

6.6

6

2

Jan 1 – Dec 31

-3 ▼

+2 2,079.0

Market

57.5

†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

0.9

-7 ▼ 134,038.9

Full Year 2013 | Mergers & Acquisitions | Financial Advisors

8,676.5 2.2

203,012.5 50.8

-25

Any Americas Inv Announced

Fairness Opinion

9,254.9 1.5

119.0

119.0 0.0

7,313.9 1.8

48,608.7 12.2

0.7

8,288.8 2.1

2,766.9

1,901.8 0.5

2,673.1 0.7

1,514.9

3,536.2 13.9

289.7 0.1

Jan 1 – Dec 31

13.8

9,206.8 36.2

13.8

3,505.3 13.8

Nomura 2*

3,505.3 13.8

3,505.3 13.8

10,532.8 41.4

AGS Consulting Co Ltd

- 5 19.2

Morgan Stanley 8 4* 3 11.5 +1

Benedi Consulting 2* - 5 19.2 +5 ▲

Yamada Consulting Group Co Ltd 2*

Deloitte

Desjardins Capital Markets

Rothschild

Mizuho Financial Group

TD Securities Inc

+5

1 5 19.2 -7

10* 2 7.7 +1 ▲KPMG 0.9

9* 10* 2 7.7 +1 ▲ 557.0 2.2

9*

1 3.9 +1 ▲ 164.8

231.9

0.6

11* 10* 1 3.9 0 - 1,550.0 6.1

-

164.8 0.6

11* 2 1 3.9 -5 ▼ 1,530.0 6.0

11* - 1 3.9 +1 ▲

1.4 -5 3.0

Boenning & Scattergood 16* - 4 1.4 +4 ▲

33,757.8 8.4Moelis & Co 16* 20* 4 1.4 -1 ▼

100.0-79

-22.1% ▼

278

10*

10*

7* 3 2.1 -5

UBS 19* 6* 11 1.4 0 - 135,709.5 22.7

Citi 19* 15* 11 1.4 -9 ▼ 16,972.1 2.8

Evercore Partners 21* 22* 10 1.2 -4 ▼ 26,044.5 4.4

TD Securities Inc 21* 31* 10 1.2 -2 ▼ 3,987.0 0.7

2.4

Duff and Phelps 11* 10* 1 3.9 0 - .0 0.0

589.1 2.3

Simmons & Co International 11* - 1 3.9 +1 ▲ 600.0

▲ 50.0 0.2

JP Morgan 11* 3 1 3.9 -4 ▼

Trustees Advisory 11* - 1 3.9 +1

20

Page 23: Worldwide Mergers & Acquisitions 2013

-

-

-

-

-

Full Year 2013 | Mergers & Acquisitions | Financial Advisors

Ranking Criteria Summary

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

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

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

AmericasRobert LevineTel: +1 646 223 5682

Announced league tables include all deals that were announced between January 1, 2012 and December 31, 2013 and of which Thomson Reuters was made aware. All current dataand previous year's data is as of 5:00pm EST on December 31, 2013.

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

Tel: +852 3761 1852

E-mail: [email protected]

E-mail: [email protected]

Asia-PacificKelvin Bian

Akemi Mamiya

EMEA

Tel: +44 (0) 20 7542 3566

E-mail: [email protected]

Japan

Serkan Tecimer

Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portionof the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit forthe transaction agreed to or, in the absence of an agreement, the value of the highest offer.

-

-

-

-

Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriteror advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees areallocated to syndicated members.

E-mail: [email protected]

Akemi MamiyaTel: +813 6441 1158

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

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

Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. Anyinvolvement league tables also include the nation of the seller and seller ultimate parent on privately negotiated stake purchases

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

© 2013 Thomson Reuters. All rights reserved.

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

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