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MERGERS & ACQUISITIONS REVIEW

FINANCIAL ADVISORS
Full Year 2012

First Nine Months 2012 | Mergers & Acquisitions | Financial Advisors

M&A Financial Advisory Review


Table of Contents
1

Any European Involvement Announced (AD21)

10

Any New Zealand Involvement Announced (AD39)

17

Global Deals Intelligence

Any European Involvement Completed (AF3)

10

Any New Zealand Involvement Completed (AF46)

17

Scorecard: Worldwide Announced M&A

Any UK Involvement Announced (AD32)

11

Scorecard: Worldwide Completed M&A

Any UK Involvement Completed (AF39)

11

Japan Deals Intelligence

18

Top Fifteen Worldwide Announced Deals

Any French Involvement Announced (AD33)

11

Top Ten Japanese Involvement Announced Deals

18

Worldwide Announced (AD1)

Any French Involvement Completed (AF40)

11

Any Japanese Involvement Announced (AD19)

19

Worldwide Completed (AF1)

Any Spanish Involvement Announced (AD34)

12

Any Japanese Involvement Completed (AF23)

19

Any Spanish Involvement Completed (AF41)

12

Any German Involvement Announced (AD35)

12

Global M&A

Americas M&A
Americas Deals Intelligence
Top Ten US Announced Deals

Any German Involvement Completed (AF42)

12

Any Americas Involvement Announced (AD49)

Any Italian Involvement Announced (AD36)

13

Any Americas Involvement Completed (AF55)

Any Italian Involvement Completed (AF43)

13

US Target Announced (AD2)

Any Nordic Involvement Announced (AD37)

13

US Target Completed (AF2)

Any Nordic Involvement Completed (AF44)

13

Any US Involvement Announced (AD41)

Any Benelux Involvement Announced (AD40)

14

Any US Involvement Completed (AF48)

Any Benelux Involvement Completed (AF47)

14

Any Canadian Involvement Announced (AD42)

Any Canadian Involvement Completed (AF49)

Asia Pacific (ex-Japan) M&A

Japan M&A

18

Fairness Opinion Rankings

20

Worldwide Announced Fairness Opinion

20

Any Americas Announced Fairness Opinion

20

Any USAnnounced Fairness Opinion

20

Any EMEA Announced Fairness Opinion

20

Any Asia Pacific Announced Fairness Opinion

20

Any Japanese Announced Fairness Opinion

20

Criteria Summary

21

15

Mergers & Acquisitions Criteria Summary

21

Asia Pacific (ex-Japan) Deals Intelligence

15

Regional Contacts

21

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

15

European Deals Intelligence

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

16

Top Ten European Involvement Announced Deals

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

16

Any EMEA Involvement Announced (AD47)

10

Any Australian Involvement Announced (AD24)

16

Any EMEA Involvement Completed (AF53)

10

Any Australian Involvement Completed (AF31)

16

EMEA M&A

Thomson Reuters Soultions for the Deal the Deal


Making Community

22

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Full Year 2012


FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEW


Spinoffs & Divestitures Push Worldwide M&A Up 2% to US$2.6 trillion l Cross Border M&A Up 6% l Goldman Sachs Top Advisor l Advisory Fees Down 13%
Global Deals Intelligence

Worldwide Completed M&A by Region - Imputed Fees

WORLDWIDE M&A UP 2%, SPINOFFS & DIVESTITURES ACCOUNT FOR 47% OF M&A - Bolstered by record
levels of spinoff and divestiture activity, the value of worldwide M&A totalled US$2.6 trillion during full year 2012, a
2% increase from comparable 2011 levels. Worldwide spinoffs and divestitures, which totalled US$1.2 trillion for full
year 2012, accounted for 47% of overall M&A activity this year, the highest annual percentage since records began
in 1980. Compared to the third quarter of 2012, the value of announced mergers & acquisitions increased 53%
during the fourth quarter of 2012.

RESOURCES, REAL ESTATE, FINANCIALS LEAD ACTIVITY - The energy & power sector was most active
during full year 2012, commanding 18% of announced M&A, while the financials and real estate sectors accounted
for 13% and 11% of M&A activity, respectively. Consumer staples and retail deal making led all sectors as to
growth rate, up 71% and 38%, respectively, during full year 2012, while materials and high technology registered
declines of 22% and 18% over full year 2011.
BUYSIDE PRIVATE EQUITY M&A FLAT COMPARED TO 2011 Worldwide private equity-backed M&A activity
totalled US$321.4 billion during full year 2012. Private equity deal making in the energy & power, industrials and
financial sectors accounted for 40% of activity during full year 2012. Accounting for 12% of worldwide M&A during
2012, private equity-backed M&A was flat compared to 2011 levels.

Worldwide Cross Border Volume

$1,200

31.7%
29.2%

$3
$3
$2
$2
$1
$1
$0
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

$900

45.0%

Q3 Volume (US$b)

45%
37.2%

37.3%

35.0%

33.7% 33.5%

36.5%

$800

30%
27.0%

$1,000

25%

$800

20%

$600

21.0%

18.6%

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

40%

$600
15%

13.4%
$500

12.7%

12.9%
10.6%

$400

10%

$200

5%

$0

0%
2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

12.4%

9.9%

9.6%

8.4%

10%

$300

15%

$400

20%

% of YTD Global M&A

$700

35%

26.7%

25%

Q4 Volume (US$b)

% of Global M&A

Rank Value (US$b)

$1,400

$4

Rank Value (US$b)

$1,600

Japan

$4

50%

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

$1,800

Asia Pacific

Worldwide Announced Buyside Financial Sponsor Activity

% of Global M&A

$2,000

EMEA

$5

Imputed Fees (US$b)

EMERGING MARKETS ACCOUNT FOR 28% OF M&A; CROSS BORDER UP 6% Accounting for over onequarter of worldwide announced merger activity, M&A involving companies located in the emerging markets totalled
US$723.0 billion during full year 2012, a 9% increase from 2011. Cross Border M&A activity totalled US$944.1
billion during full year 2012, accounting for 36% of overall M&A volume and up 6% compared to full year 2011.
Cross border M&A was driven by the energy & power, industrials, and consumer staples sectors, which comprised
42% of cross-border deal volume during 2012.
COMPLETED ADVISORY FEES DOWN 13% YTD; UP 27% FROM Q3'12 - According to estimates from Thomson
Reuters/Freeman Consulting, M&A advisory fees from completed transactions totalled US$24.7 billion during full
year 2012, a 13% decrease from the comparable period in 2011. Deal activity in the Americas accounted for 58%
of the worldwide fee pool, while Europe, Middle East and Africa accounted for 28%. Asia Pacific and Japan
contributed 10% and 5%, respectively.

$5

Americas

6.0%
$200

5%

$100

$0

0%

2002

2012

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

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1

Full Year 2012 | Mergers & Acquisitions | Financial Advisors

Mergers & Acquisitions


Scorecard: Worldwide Announced M&A

Target Region/Nation
Worldwide
Americas
Caribbean
Central America
Mexico
North America
United States
Canada
South America
Brazil
Chile
Africa/Middle East
Middle East
North Africa
Sub-Saharan Africa
Europe
Eastern Europe
Western Europe
United Kingdom
Spain
Switzerland
Asia-Pacific
Australasia
Australia
New Zealand
South East Asia
Singapore
Malaysia
North Asia
China
South Korea
South Asia
Central Asia
Japan

1/1/2012 -12/31/2012
Rank Val
No.
US$m
Deals
2,588,907.3
1,214,223.8
11,341.5
35,942.9
1,518.8
1,075,091.7
935,064.4
140,027.4
91,847.7
57,042.2
14,416.5
65,423.4
21,986.2
8,909.2
25,040.2
785,109.2
143,476.6
641,632.6
134,350.6
129,606.5
89,905.5
438,206.2
73,473.2
67,821.0
4,741.9
103,668.3
49,950.1
22,015.5
232,341.3
157,359.1
42,800.4
28,723.4
9,487.9
85,944.7

Jan 1 - Dec 31
1/1/2011 - 12/31/2011
Rank Val
No.
US$m
Deals

37,923
11,883
121
286
29
10,037
8,119
1,918
1,439
720
192
1,267
551
123
531
13,382
3,544
9,838
2,395
766
344
9,384
1,645
1,444
178
1,856
363
481
4,957
3,419
1,002
926
62
2,006

2,545,300.0
1,234,909.5
12,651.9
36,738.8
470.4
1,075,760.7
980,220.8
95,539.9
109,758.1
72,781.5
15,744.2
47,495.2
15,091.4
1,876.1
21,239.1
711,763.2
110,824.5
600,938.7
134,004.5
66,713.9
27,981.8
444,318.9
127,927.7
119,310.2
8,556.9
70,962.5
17,057.4
18,325.4
217,478.5
140,157.1
45,550.8
27,950.2
9,288.8
106,813.2

42,074
12,800
160
319
24
10,730
8,555
2,175
1,591
734
223
1,139
462
106
494
16,036
4,609
11,427
2,496
1,026
440
10,212
1,499
1,329
154
2,320
401
610
5,481
3,694
1,120
912
77
1,887

% Change
in Rank
Value
1.7
-1.7
-10.4
-2.2
222.9
-0.1
-4.6
46.6
-16.3
-21.6
-8.4
37.7
45.7
374.9
17.9
10.3
29.5
6.8
0.3
94.3
221.3
-1.4
-42.6
-43.2
-44.6
46.1
192.8
20.1
6.8
12.3
-6.0
2.8
2.1
-19.5

Scorecard: Worldwide Completed M&A

Target Region/Nation

1/1/2012 -12/31/2012
Rank Val
No.
US$m
Deals

Worldwide
Americas
Caribbean
Central America
Mexico
North America
United States
Canada
South America
Brazil
Chile
Africa/Middle East
Middle East
North Africa
Sub-Saharan Africa
Europe
Eastern Europe
Western Europe
United Kingdom
Spain
Germany
Asia-Pacific
Australasia
Australia
New Zealand
South East Asia
Malaysia
Singapore
North Asia
China
South Korea
South Asia
Central Asia
Japan

2,040,637.3
1,085,322.3
4,966.5
10,618.8
7,993.2
984,997.7
882,129.9
102,867.8
84,739.2
58,210.0
11,185.0
41,994.2
13,437.0
3,281.9
14,615.0
512,680.6
68,297.6
444,383.0
116,564.8
59,529.3
50,567.4
297,582.8
78,000.8
72,563.5
5,209.9
52,280.0
21,278.4
17,366.5
154,336.6
83,259.3
46,751.2
12,965.4
10,660.4
103,057.5

28,449
9,667
86
181
129
8,397
6,946
1,451
1,003
502
146
771
333
79
320
11,029
2,827
8,202
2,073
657
1,118
5,479
1,224
1,088
119
1,189
350
249
2,410
1,359
756
656
39
1,503

Jan 1 - Dec 31 Worldwide Announced M&A Target Industry by Value


1/1/2011 - 12/31/2011
Rank Val
No.
US$m
Deals
2,424,490.4
1,144,683.7
12,496.0
31,033.2
29,885.0
994,672.9
898,363.5
96,309.4
106,481.5
72,312.4
14,362.0
37,956.2
11,941.8
3,460.6
20,940.5
748,964.3
135,108.9
613,855.3
123,754.8
68,004.7
53,785.9
402,160.6
135,788.2
129,046.1
6,383.7
61,774.2
14,392.7
15,859.4
167,850.3
98,363.6
42,737.0
36,748.0
1,613.3
90,725.7

31,849
10,400
126
195
143
8,934
7,381
1,553
1,145
490
170
728
334
70
275
13,241
3,809
9,432
2,207
821
1,313
6,162
1,229
1,087
132
1,582
429
300
2,668
1,343
874
683
49
1,318

% Change
in Rank
Value
-15.8
-5.2
-60.3
-65.8
-73.3
-1.0
-1.8
6.8
-20.4
-19.5
-22.1
10.6
12.5
-5.2
-30.2
-31.5
-49.4
-27.6
-5.8
-12.5
-6.0
-26.0
-42.6
-43.8
-18.4
-15.4
47.8
9.5
-8.1
-15.4
9.4
-64.7
560.8
13.6

9.7%
10.9%

Date Effective
Pending
Pending
10/1/2012
Pending
Pending
Pending
6/27/2012
4/30/2012
Intended
Pending
Pending
Pending
Pending
Pending
Pending

Target (% Sought/Acquired)
Abbott Laboratories-Research (100%)
Xstrata PLC (65.9%)
Kraft Foods Inc-N Amer Grocery (100%)
TNK-BP Ltd (50%)
TNK-BP Ltd (50%)
Bankia SA-Bad RE Assets (100%)
Banco Financiero y de Ahorros (100%)
ConocoPhillips-Refining ,Mktg (100%)
Alliance Boots GmbH (55%)
Sprint Nextel Corp (70%)
Grupo Modelo SAB de CV (49.7%)
China Telecom Corp-3G Assets (100%)
Bankia SA (%)
Nexen Inc (100%)
Plains Expl & Prodn Co (100%)

8.4%

8.2%
12.9%
6.0%

4.6%
4.6%

17.9%
3.2%

4.1%

Energy and Power

Financials

Real Estate

Materials

Industrials

Consumer Staples

Healthcare

High Technology

Telecommunications

Media and Entertainment

Retail

Consumer Products and Services

Government and Agencies

Top Fifteen Worldwide Announced Deals


Rank Date
12/10/2012
2/7/2012
9/17/2012
10/22/2012
10/22/2012
12/21/2012
5/25/2012
4/12/2012
6/19/2012
10/15/2012
6/29/2012
8/22/2012
12/26/2012
7/23/2012
12/5/2012

9.5%

Jan 1 - Dec 31 2012


Acquiror
Shareholders
Glencore International PLC
Shareholders
NK Rosneft'
NK Rosneft'
SAREB
FROB
Shareholders
Walgreen Co
SoftBank Corp
Anheuser-Busch Inbev
China Telecom Corp Ltd
FROB
CNOOC Canada Holding Ltd
Freeport-McMoRan Copper & Gold

Acquiror / Target Nation


United States / United States
Switzerland / Switzerland
United States / United States
Russian Fed / Russian Fed
Russian Fed / Russian Fed
Spain / Spain
Spain / Spain
United States / United States
United States / Switzerland
Japan / United States
Belgium / Mexico
China / China
Spain / Spain
Canada / Canada
United States / United States

Rank Value (US$m)


66,416.8
45,803.1
36,088.7
28,000.0
26,469.2
25,686.0
23,785.7
21,657.1
21,361.5
20,140.0
20,093.4
18,047.3
17,805.3
17,665.6
17,204.3

Target Macro / Mid Industry


Healthcare / Pharmaceuticals
Materials / Metals & Mining
Consumer Staples / Food and Beverage
Energy and Power / Oil & Gas
Energy and Power / Oil & Gas
Real Estate / Residential
Financials / Banks
Energy and Power / Oil & Gas
Retail / Other Retailing
Telecommunications / Telecommunications Services
Consumer Staples / Food and Beverage
Telecommunications / Wireless
Financials / Banks
Energy and Power / Oil & Gas
Energy and Power / Oil & Gas

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2

Full Year 2012 | Mergers & Acquisitions | Financial Advisors

Worldwide Rankings

Worldwide Announced (AD1)

Financial Advisor
Goldman Sachs & Co
Morgan Stanley
Barclays
JP Morgan
Citi
Credit Suisse
Deutsche Bank
Bank of America Merrill Lynch
UBS
Rothschild
Lazard
Nomura
Evercore Partners
RBC Capital Markets
BNP Paribas SA
Centerview Partners LLC
Jefferies & Co Inc
HSBC Holdings PLC
VTB Capital
Greenhill & Co, LLC
BMO Capital Markets
Mizuho Financial Group
Moelis & Co
Societe Generale
M Klein & Co LLC
Industry Total

Jan 1 - Dec 31

Rank Value per Advisor (US$m)


Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
1
717,560.2
27.7
2.7
2
2
548,089.6
21.2
1.5
3
7
470,669.9
18.2
4.9
4
3
444,260.2
17.2
-0.9
5
6
426,880.5
16.5
2.1
6
5
400,603.3
15.5
-0.1
7
8
378,783.4
14.6
3.7
8
4
351,663.1
13.6
-2.5
9
10
213,833.0
8.3
-2.2
10
11
212,157.2
8.2
-0.3
11
9
202,039.0
7.8
-2.8
12
13
170,997.8
6.6
1.9
13
12
141,532.4
5.5
-1.0
14
17
114,029.7
4.4
1.2
15
14
107,418.8
4.2
-0.3
16
29
95,888.6
3.7
2.2
17
22
82,255.6
3.2
1.0
18
16
70,926.0
2.7
-1.1
19
60
65,630.7
2.5
2.0
20
49
65,416.1
2.5
1.7
21
24
64,863.0
2.5
0.7
22
21
63,845.1
2.5
0.2
23
20
51,976.4
2.0
-0.4
24
15
46,018.2
1.8
-2.1
25
45,803.1
1.8
1.8
2,588,907.3
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

1.7%
53.4%

Worldwide Completed (AF1)

Jan 1 - Dec 31

# of Deals per Advisor


# of Market Change in
Deals Sh ($) # of Deals
427
1.1 +22

388
1.0 +75

274
0.7 +92

285
0.8 -24

252
0.7 +12

271
0.7 -22

245
0.6 -14

224
0.6 -56

184
0.5 -76

288
0.8
-5

251
0.7
0
204
0.5 -14

120
0.3 +49

191
0.5 +47

105
0.3 -40

22
0.1 +4

134
0.4
0
93
0.2 -25

22
0.1 +13

47
0.1 +16

85
0.2 +4

139
0.4 +10

104
0.3 +30

75
0.2 -31

1
0.0 +1

37,918
-4,156

Rank Value per Advisor (US$m)


Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
2
570,228.5
27.9
1.0
2
3
406,389.6
19.9
-1.8
3
1
379,439.6
18.6
-8.4
4
6
354,502.8
17.4
2.6
5
9
321,608.7
15.8
3.5
6
4
274,192.0
13.4
-3.1
7
8
265,011.8
13.0
0.1
8
5
238,130.4
11.7
-4.3
9
10
220,035.1
10.8
0.0
10
11
164,584.6
8.1
-2.0
11
13
152,482.9
7.5
1.3
12
7
149,672.0
7.3
-7.4
13
12
103,950.3
5.1
-1.7
14
31
85,859.6
4.2
2.5
15
18
81,280.8
4.0
0.9
16
14
61,902.7
3.0
-3.0
17
45
58,507.8
2.9
1.9
18
16
55,234.6
2.7
-2.3
19
22
53,136.1
2.6
0.1
20
52
48,805.2
2.4
1.5
21
20
48,543.4
2.4
-0.2
22
15
46,731.7
2.3
-3.4
23
24
46,547.0
2.3
0.2
24
30
44,208.8
2.2
0.5
25
47
37,109.2
1.8
0.8
2,040,637.3
100.0

Financial Advisor
Goldman Sachs & Co
JP Morgan
Morgan Stanley
Credit Suisse
Barclays
Bank of America Merrill Lynch
Deutsche Bank
Citi
Lazard
Rothschild
Evercore Partners
UBS
Nomura
Centerview Partners LLC
RBC Capital Markets
BNP Paribas SA
Mizuho Financial Group
HSBC Holdings PLC
Macquarie Group
Sumitomo Mitsui Finl Grp Inc
Jefferies & Co Inc
Societe Generale
Moelis & Co
BMO Capital Markets
Itau Unibanco
Industry Total

-9.9%
5.7%

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

-15.8%
19.6%

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
352
1.2 -18

247
0.9 -61

320
1.1 -52

231
0.8 -44

235
0.8 +68

192
0.7 -70

216
0.8 -21

184
0.6 -23

223
0.8
-7

234
0.8 -27

95
0.3 +24

176
0.6 -90

193
0.7
-2

20
0.1
0
178
0.6 +58

97
0.3 -39

147
0.5 +40

82
0.3 -22

106
0.4
-5

124
0.4 +11

119
0.4 -15

62
0.2 -40

100
0.4 +39

82
0.3 +4

46
0.2 +6

28,454
-3,395

Imputed Fees (US$m)


Advisor Market
Market
Fees Sh (%) Share Ch.
1,682.4
6.8
0.5
1,250.9
5.1
0.5
1,174.7
4.8
1.0
1,114.3
4.5
0.4
869.6
3.5
0.8
893.1
3.6
0.4
737.5
3.0
0.0 677.5
2.7
0.1
688.2
2.8
0.3
562.1
2.3
0.0 391.7
1.6
0.5
574.7
2.3
1.3
305.3
1.2
0.1
172.5
0.7
0.3
492.3
2.0
0.7
180.3
0.7
0.4
108.7
0.4
0.1
131.5
0.5
0.2
272.5
1.1
0.0 81.2
0.3
0.0 427.8
1.7
0.1
112.6
0.5
0.3
292.2
1.2
0.6
309.2
1.3
0.8
64.9
0.3
0.0 24,731.8
100.0

-10.7%
-0.2%

-13.2%
27.2%

* tie

Rank Val US$m

Energy and Power


Barclays
Citi
Credit Suisse
Financials
Goldman Sachs & Co
Citi
Morgan Stanley
Real Estate
Goldman Sachs & Co
Gleacher & Co Inc
Bank of America Merrill Lynch
Materials
Goldman Sachs & Co
Citi
Barclays
Industrials
Goldman Sachs & Co
Morgan Stanley
Citi

464,027.0
144,597.4
114,229.6
111,394.4
334,309.6
98,309.3
67,393.2
65,476.4
282,525.3
65,886.3
28,116.1
23,480.6
251,258.5
76,799.2
75,256.7
74,141.3
246,680.7
65,641.7
60,291.1
48,350.7

Jan 1 - Dec 31
Rank

Mkt.
Share

1
2
3

31.2
24.6
24.0

1
2
3

29.4
20.2
19.6

1
2
3

23.3
10.0
8.3

1
2
3

30.6
30.0
29.5

1
2
3

26.6
24.4
19.6

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

No.
Deals

3,095
42
50
42
4,101
79
37
68
2,479
19
2
11
4,683
39
30
44
5,561
53
49
34

$700
$600

36.1
45.8
26.5

Kraft Foods/Shareholders
Xstrata/Glencore
TNK-BP/NK Rosneft' ($26.5 bil)

62.8
20.1
45.8
26.5
66.4

$400

TNK-BP/NK Rosneft' ($28 bil)


Abbott Labs/Shareholders
20.1
45.8
26.5

Other Top 15 Deals


20.1
45.8
55.2

$300

Jan 1 - Dec 31 2012


Grupo Modelo/Anheuser-Busch Inbev

$500
Rank Value (US$b)

Top WW Announced M&A Advisors by Target Industry

66.4
17.2

546.4

$200

373.0
266.7

45.8
26.5
28.0
71.9

323.2
254.7

$100

All Other Transactions


45.8
26.5
38.9

289.5

20.1
45.8
26.5
28.0
20.1

238.3

20.1
26.5
28.0

277.1

26.5
38.2

28.0
20.1

149.2

164.0

UBS

Rothschild

$0
Goldman
Sachs & Co

Morgan
Stanley

Barclays

JP Morgan

Citi

Credit
Suisse

Deutsche
Bank

Bank of
America
Merrill
Lynch

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3

Full Year 2012 | Mergers & Acquisitions | Financial Advisors

Worldwide M&A Matrix

Exit Multiple Matrix - Average Rank Value / EBITDA


2012 UP
2012 DOWN

World

Jan 1 - Dec 31
Americas

USA

Canada

EMEA

Europe

UK

Asia ex. Japan

Japan

2011

Consumer Products and Services

10.2x

12.1x

9.9x

13.2x

10.2x

12.1x

13.1x

13.1x

7.5x

12.1x

7.8x

10.9x

6.2x

6.8x

13.7x

14.7x

6.1x

14.7x

Consumer Staples

10.6x

11.9x

10.1x

10.2x

10.6x

11.9x

7.2x

7.7x

8.7x

11.9x

8.9x

11.1x

5.4x

10.6x

11.3x

12.9x

12.9x

Energy and Power

10.5x

11.3x

11.0x

12.6x

10.5x

11.3x

11.4x

12.8x

10.3x

11.3x

10.3x

8.5x

5.5x

8.9x

10.5x

11.7x

11.0x

11.7x

Healthcare

14.8x

13.6x

14.5x

11.5x

14.8x

13.6x

5.4x

5.4x

17.7x

13.6x

15.8x

15.9x

18.3x

16.8x

13.7x

13.4x

9.0x

13.4x

High Technology

12.2x

13.2x

13.8x

15.9x

12.2x

13.2x

10.5x

11.3x

9.8x

13.2x

10.5x

13.7x

10.5x

15.3x

14.5x

12.5x

8.7x

12.5x

Industrials

10.3x

11.5x

12.0x

12.5x

10.3x

11.5x

6.7x

9.9x

9.0x

11.5x

9.7x

12.7x

8.1x

10.8x

12.3x

11.4x

8.5x

11.4x

Materials

11.0x

12.6x

9.8x

14.5x

11.0x

12.6x

5.7x

19.9x

8.5x

12.6x

8.3x

9.7x

7.6x

7.6x

12.9x

13.8x

9.6x

13.8x

Media and Entertainment

11.5x

11.6x

8.9x

12.4x

11.5x

11.6x

21.8x

10.8x

13.9x

11.6x

13.9x

12.4x

11.3x

13.0x

11.7x

13.6x

14.4x

13.6x

Real Estate

16.6x

16.5x

21.3x

22.2x

16.6x

16.5x

16.7x

19.1x

15.5x

16.5x

15.6x

15.4x

12.4x

12.4x

15.4x

11.4x

19.5x

11.4x

Retail

11.7x

10.9x

11.7x

9.3x

11.7x

10.9x

17.2x

17.2x

14.3x

10.9x

14.5x

12.5x

7.9x

20.8x

13.5x

14.1x

9.9x

14.1x

9.1x

11.1x

11.9x

11.1x

9.1x

11.1x

23.6x

23.6x

6.4x

11.1x

6.5x

7.0x

6.3x

6.3x

10.3x

12.8x

12.8x

11.5x

12.3x

11.9x

13.5x

11.5x

12.3x

10.9x

14.5x

10.2x

12.3x

10.4x

12.0x

9.1x

12.2x

12.9x

12.8x

10.3x

12.8x

Telecommunications
Average Industry Total

Bid Premium Matrix - Average Premium to 4 Week Stock Price


2012 UP
2012 DOWN

World

Jan 1 - Dec 31

Americas

USA

Canada

EMEA

Europe

UK

Asia ex. Japan

Japan

2011

Consumer Products and Services

30.0

32.7

33.8

30.4

26.9

32.2

57.8

57.8

35.8

38.4

35.8

39.2

47.3

47.3

18.0

27.6

37.1

35.9

Consumer Staples

30.8

25.6

41.4

48.7

44.3

44.9

58.1

92.8

30.6

25.9

34.0

25.7

32.5

30.8

28.6

17.2

35.0

45.1

Energy and Power

32.5

31.2

40.3

38.1

31.8

35.8

49.3

42

26.8

25.5

26.2

25.5

29.6

29.6

21.8

23.9

24.3

24.3

Financials

34.2

30.0

42.3

41.1

46.9

49.2

25.0

21.5

31.5

27.2

31.2

26.4

26.8

31.9

25.3

25

38.0

21.3

Healthcare

35.7

36.3

42.0

37.4

42.1

36.8

41.1

40.5

29.4

41.2

28.2

41.2

34.9

28.9

21.7

36.7

36.7

High Technology

35.2

29.5

50.1

33.5

51.8

31.9

43.2

42.7

29.5

39.3

29.7

39.8

34.3

44.2

26.4

17.1

34.0

35.3

Industrials

23.7

28.6

24.6

25.8

29.6

25.8

11.3

59.9

23.1

38.6

22.0

38.6

58.3

61.4

20.8

23.6

30.3

34.6

Materials

33.0

29.1

37.2

30.4

51.2

30.5

36.1

31

19.6

21.5

21.2

16.4

29.4

28.6

24.3

25.3

24.5

Media and Entertainment

34.1

18.4

48.3

33.1

36.9

39.5

65.4

16.2

42.7

13.6

42.7

13.6

39.4

12.5

21.6

15.5

52.0

16.6

Real Estate

31.2

31.6

36.9

31.1

29.6

22.8

41.6

47.7

26.2

12.1

27.4

13.3

39.4

39.4

25.6

33

59.1

61.8

Retail

31.2

27.6

40.7

37.2

43.7

38.5

11.4

19.9

11.4

19.9

22.7

21.6

31.9

31.3

Telecommunications

34.9

35.4

51.6

47.7

52.4

61.2

26.8

19

24.9x

19.2

60.0

60

36.8

32.3

8.4

46.6

Average Industry Total

31.9

29.5

40.5

35.2

42.8

37.0

39.5

37.2

28.2

29.3

28.4

29.2

37.4

30.8

25.7

22.3

35.5

34.7

* 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 - 12/31/2012 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded.
* The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black.
* Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.

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Full Year 2012 | Mergers & Acquisitions | Financial Advisors

Worldwide Announced Rankings* - A Decade in Review


Goldman Sachs & Co

Barclays

JP Morgan

Citi

Credit Suisse

Deutsche Bank

Bank of America Merrill Lynch

UBS

10

10

Rothschild

Rank

Morgan Stanley

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

*League Table positions reflect consolidation within the banking sector


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

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5

Full Year 2012 | Mergers & Acquisitions | Financial Advisors

Americas M&A
Overall US M&A Decreases 4%; Falls 12% Exclusive of Spinoff Value | Canadian Activity Up 36%
Americas Deals Intelligence

US Announced Advisors by Target Industry

Overall M&A activity with US involvement decreased 3.8% from 2011, reaching US$1.2 trillion. The number of US-involved
M&A transactions decreased by 5.5%, dropping from 11,517 to 10,882 announced deals. Exclusive of the over $140 billion
of value attributed to spinoffs executed in 2012 (including 4 of the top 10 overall deals in the year), US-involved M&A activity
declined 11.9% over the course of 2012.

Despite a 13.1% decrease in the number of announced M&A deals with Canadian involvement and an 8.7% decrease in
the number of completed M&A deals with Canadian involvement, the value of both announced and completed M&A activity
in Canada involvement surpassed 2011 totals by 38.7% and 12%, respectively.
The Energy & Power sector led the US market, with deal volume totaling US$173.4 billion, a 18.5% market share and a
32% decrease compared to last year. Healthcare placed second, with US$154.4 billion, a 16.5% share. By deal count,
High Technology was the most prolific sector, with 1,553 transactions.
On average, EBITDA multiples for Americas Targets during 2012 decreased to 12.2x from the 13.8x reported in 2011.
From an industry perspective, among US target transactions, average industry multiples ranged from 9.6x for
Telecommunications to 18.0x for Real Estate targets.

Jan 1 Dec 31 2012

9.7%

$25

16.5%

52.8
47.6
21.9

1
2
3

62.4
61.5
42.1

1
2
3

33.9
28.3
24.2

1
2
3

35.1
34.2
26.3

15,000

2Q
1Q

7.0%
Imputed fees (US$m)

4.9%
18.5%

$15

3.6

$10

3.9

$0

1.9

2.3
1.7

3.5
2.8
2.5

3.3

5.5
4.4

1.5

2.0

1.8

2.0

2.6

2002

2003

2004

2005

4.7

4.0

1.4
1.8

2006

2007

2008

4.6

6,000

2009

3.2

3.6

3.4
2.2

4.0

3.6

3.6
3.8

2.9

2.1

4.7

4.0

3.0
2.1

Consumer Staples
Industrials
Telecommunications
Retail

9,000

5.2
5.9

$5

12,000

6.0

YTD Number of Deals

5.9%

3.1
2.9

4.5

3.1

3.8

3,000

3.0
0

2010

2011

2012

Jan 1 Dec 31 2012

Top Ten US Announced Deals


Date Effective
Pending
10/1/2012
4/30/2012
Pending
Pending
Pending
11/30/2012
1/23/2012
9/28/2012
Pending

1
2
3

3Q
$20

Rank Date
12/10/2012
9/17/2012
4/12/2012
10/15/2012
12/5/2012
11/26/2012
4/23/2012
1/23/2012
9/28/2012
12/20/2012

41.8
37.7
34.7

4Q

8.6%

Healthcare
Financials
Media and Entertainment
Consumer Products and Services

1
2
3

No.
Deals
668
21
16
28
805
9
14
22
286
8
5
3
477
2
11
4
856
23
28
15

Americas Target Completed M&A Fees

7.9%

Energy and Power


Real Estate
High Technology
Materials
Government and Agencies

Rank

Mkt.
Share

# of Deals

8.9%

Rank Val
(US$m)
173,401.9
72,501.3
65,339.3
60,213.4
154,403.9
81,499.1
73,534.1
33,761.9
90,314.3
56,316.5
55,526.3
38,002.0
83,025.9
28,116.1
23,480.6
20,072.0
80,679.8
28,276.6
27,592.9
21,177.4

Energy and Power


Credit Suisse
JP Morgan
Barclays
Healthcare
Morgan Stanley
Barclays
Goldman Sachs & Co
Consumer Staples
Goldman Sachs & Co
Centerview Partners LLC
Evercore Partners
Real Estate
Gleacher & Co Inc
Bank of America Merrill Lynch
Citi
Financials
Morgan Stanley
Goldman Sachs & Co
JP Morgan

According to Thomson Reuters/Freeman Consulting estimates, the total fees from completed M&A activity in the Americas
reached $17.2 billion in 2012, a 6.9% decrease from the $18.9 billion earned last year.

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

Jan 1 - Dec 31 2012

Target (% Sought/Acquired)
Abbott Laboratories-Research (100%)
Kraft Foods Inc-N Amer Grocery (100%)
ConocoPhillips-Refining ,Mktg (100%)
Sprint Nextel Corp (70%)
Plains Expl & Prodn Co (100%)
Archstone Enterprise LP (100%)
Pfizer Nutrition (100%)
Archstone-Smith Trust (26.5%)
Tyco International Ltd-ADT (100%)
NYSE Euronext (100%)

Acquiror
Shareholders
Shareholders
Shareholders
SoftBank Corp
Freeport-McMoRan Copper & Gold
Investor Group
Nestle SA
Lehman Brothers Holdings Inc
Shareholders
IntercontinentalExchange Inc

Acquiror / Target Nation


United States / United States
United States / United States
United States / United States
Japan / United States
United States / United States
United States / United States
Switzerland / United States
United States / United States
United States / United States
United States / United States

Rank Value (US$m)


66,416.8
36,088.7
21,657.1
20,140.0
17,204.3
16,306.1
11,850.0
11,810.0
10,570.8
10,191.3

Target Macro / Mid Industry


Healthcare / Pharmaceuticals
Consumer Staples / Food and Beverage
Energy and Power / Oil & Gas
Telecommunications / Telecommunications Services
Energy and Power / Oil & Gas
Real Estate / REITs
Consumer Staples / Food and Beverage
Real Estate / REITs
Consumer Products and Services / Professional Services
Financials / Brokerage

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Full Year 2012 | Mergers & Acquisitions | Financial Advisors

Americas Rankings
Any Americas Involvement Announced (AD49)

Financial Advisor
Goldman Sachs & Co
Morgan Stanley
Barclays
JP Morgan
Credit Suisse
Bank of America Merrill Lynch
Citi
Deutsche Bank
Lazard
RBC Capital Markets
Evercore Partners
UBS
Centerview Partners LLC
Rothschild
Jefferies & Co Inc
BMO Capital Markets
Greenhill & Co, LLC
Moelis & Co
Perella Weinberg Partners LP
Wells Fargo & Co
HSBC Holdings PLC
TD Securities Inc
Nomura
Mizuho Financial Group
Gleacher & Co Inc
Industry Total

Rank Value per Advisor (US$m)


Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
1
399,956.7
26.6
0.6
2
3
317,383.0
21.1
-2.0
3
6
286,097.7
19.0
1.4
4
2
284,052.5
18.9
-4.2
5
5
235,645.9
15.7
-2.5
6
4
234,631.2
15.6
-5.3
7
7
230,039.0
15.3
-2.2
8
11
192,666.0
12.8
4.4
9
8
156,496.2
10.4
-2.0
10
13
110,920.8
7.4
3.0
11
9
107,438.7
7.2
-3.3
12
10
101,588.0
6.8
-3.1
13
17
95,888.6
6.4
3.9
14
12
93,617.5
6.2
-1.0
15
14
74,015.8
4.9
1.3
16
15
64,313.0
4.3
1.3
17
44
58,912.4
3.9
3.1
18
20
39,695.3
2.6
0.4
19
29
38,957.5
2.6
1.0
20
21
37,355.3
2.5
0.4
21
27
36,000.9
2.4
0.7
22
25
33,643.6
2.2
0.4
23
32
31,905.4
2.1
0.7
24
40
31,699.0
2.1
1.2
25
101
29,476.1
2.0
1.9
1,502,968.0
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

0.1%
29.6%

Rank Value per Advisor (US$m)


Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
2
235,374.9
25.2
-1.9
2
5
227,185.7
24.3
2.7
3
1
223,123.9
23.9
-4.2
4
3
193,936.9
20.7
-4.9
5
6
171,496.5
18.3
-2.7
6
7
152,611.7
16.3
-4.1
7
4
136,548.7
14.6
-7.9
8
11
115,040.7
12.3
4.3
9
8
92,892.1
9.9
-5.9
10
9
73,167.9
7.8
-7.7
11
15
62,861.6
6.7
3.0
12
13
58,663.2
6.3
1.4
13
10
55,577.1
5.9
-2.5
14
30
51,814.5
5.5
4.7
15
12
45,133.8
4.8
-2.9
16
14
38,045.6
4.1
0.4
17
18
36,663.4
3.9
0.7
18
24
36,170.1
3.9
2.5
19
17
34,267.6
3.7
0.5
20
27
31,413.1
3.4
2.4
21
63
29,476.1
3.2
3.1
22
21
23,088.2
2.5
0.3
23
25
20,879.0
2.2
1.0
24
20,140.0
2.2
2.2
25
23
18,252.3
2.0
0.4
935,064.4
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

-4.6%
26.2%

Jan 1 Dec 31

Any Americas Involvement Completed (AF55)

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
262
1.8 +12

183
1.3 +1

166
1.1 +32

175
1.2 -24

171
1.2 -12

167
1.2 -26

148
1.0
-4

151
1.0 +30

157
1.1 +16

177
1.2 +47

101
0.7 +44

90
0.6 -53

22
0.2 +6

114
0.8 +19

113
0.8
-6

84
0.6 +4

33
0.2 +17

84
0.6 +26

28
0.2 +13

61
0.4 +27

38
0.3
-4

38
0.3 +7

34
0.2 +4

16
0.1 +8

4
0.0
-3

14,521
-1,106

Financial Advisor
Goldman Sachs & Co
JP Morgan
Credit Suisse
Barclays
Morgan Stanley
Bank of America Merrill Lynch
Citi
Lazard
Evercore Partners
Deutsche Bank
Centerview Partners LLC
UBS
RBC Capital Markets
Rothschild
Jefferies & Co Inc
BMO Capital Markets
Itau Unibanco
Foros
Moelis & Co
Banco BTG Pactual SA
TD Securities Inc
Greenhill & Co, LLC
Scotiabank
Banco Bradesco SA
HSBC Holdings PLC
Industry Total

-7.1%
9.2%

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

Jan 1 Dec 31

US Target Announced (AD2)

Financial Advisor
Goldman Sachs & Co
Barclays
Morgan Stanley
JP Morgan
Credit Suisse
Citi
Bank of America Merrill Lynch
Deutsche Bank
Evercore Partners
Lazard
Centerview Partners LLC
Jefferies & Co Inc
UBS
Greenhill & Co, LLC
Rothschild
RBC Capital Markets
Wells Fargo & Co
Perella Weinberg Partners LP
Moelis & Co
Mizuho Financial Group
Gleacher & Co Inc
Tudor Pickering & Co LLC
BMO Capital Markets
The Raine Group LLC
Blackstone Group LP
Industry Total

Jan 1 Dec 31

Rank Value per Advisor (US$m)


Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
3
392,306.0
30.4
4.2
2
2
305,411.2
23.6
-3.7
3
7
288,632.0
22.3
8.1
4
6
265,389.3
20.5
5.3
5
1
218,887.6
16.9
-14.8
6
4
209,332.4
16.2
-4.8
7
5
178,411.2
13.8
-4.9
8
11
151,512.0
11.7
1.4
9
10
144,873.8
11.2
0.8
10
9
140,963.0
10.9
0.0 11
18
85,818.0
6.6
3.7
12
8
76,666.3
5.9
-7.7
13
13
75,654.6
5.9
1.3
14
12
65,694.6
5.1
-2.5
15
14
42,801.7
3.3
-1.0
16
17
42,438.4
3.3
0.4
17
27
37,109.2
2.9
1.2
18
119
35,280.9
2.7
2.6
19
25
34,916.1
2.7
0.8
20
32
34,706.4
2.7
1.3
21
22
33,998.5
2.6
0.2
22
43
28,495.9
2.2
1.5
23
23
27,301.5
2.1
-0.1
24
72
25,765.1
2.0
1.7
25
26
25,318.6
2.0
0.3
1,292,079.6
100.0
-7.7%
23.1%

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
219
1.9 -18

168
1.4 -28

152
1.3 -20

151
1.3 +28

150
1.3 -70

141
1.2 -46

115
1.0 -24

133
1.1 +5

80
0.7 +22

117
1.0 +2

19
0.2 +1

85
0.7 -63

165
1.4 +57

84
0.7
-2

106
0.9 -14

80
0.7 +2

46
0.4 +6

6
0.1 +2

81
0.7 +31

66
0.6 +19

33
0.3 +3

26
0.2 +10

28
0.2 +5

23
0.2 +6

28
0.2 -11

11,733
-920
-7.3%
7.6%

-6.9%
33.6%

Jan 1 Dec 31

US Target Completed (AF2)

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
158
1.9 +25

128
1.6 +30

112
1.4 +6

112
1.4 +1

85
1.0
-7

89
1.1 +9

115
1.4
-9

75
0.9 +13

79
1.0 +32

106
1.3 +19

18
0.2 +5

84
1.0
-1

43
0.5 -29

25
0.3 +14

38
0.5 +5

78
1.0 +10

57
0.7 +24

22
0.3 +11

70
0.9 +16

10
0.1 +5

4
0.0
-2

26
0.3
0
29
0.4 +5

2
0.0 +2

34
0.4 +9

8,114
-441

Financial Advisor
Goldman Sachs & Co
JP Morgan
Barclays
Credit Suisse
Morgan Stanley
Evercore Partners
Citi
Bank of America Merrill Lynch
Lazard
Deutsche Bank
Centerview Partners LLC
RBC Capital Markets
Foros
UBS
Jefferies & Co Inc
Moelis & Co
Greenhill & Co, LLC
Qatalyst Partners
Wells Fargo & Co
Rothschild
Perella Weinberg Partners LP
Tudor Pickering & Co LLC
Houlihan Lokey
Gleacher & Co Inc
Macquarie Group
Industry Total

-5.2%
16.5%

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

Imputed Fees (US$m)


Advisor Market
Market
Fees Sh (%) Share Ch.
1,347.8
7.8
0.8
1,036.4
6.0
0.8
932.2
5.4
1.0
724.3
4.2
0.5
855.0
5.0
1.9
759.5
4.4
0.7
505.1
2.9
0.2
487.2
2.8
0.2
362.6
2.1
0.6
523.5
3.0
0.2
172.1
1.0
0.5
365.2
2.1
1.3
460.0
2.7
0.9
239.4
1.4
0.1
398.9
2.3
0.3
303.6
1.8
1.0
64.9
0.4
0.1
7.9
0.1
0.0 248.4
1.4
0.6
115.1
0.7
0.2
138.3
0.8
0.4
125.0
0.7
0.3
108.4
0.6
0.2
49.6
0.3
0.1
52.4
0.3
0.2
17,230.5
100.0

Rank Value per Advisor (US$m)


Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
3
299,786.8
34.0
7.5
2
2
241,503.6
27.4
-2.6
3
6
229,892.8
26.1
8.1
4
7
216,742.4
24.6
8.8
5
1
175,236.9
19.9
-18.2
6
8
140,872.0
16.0
0.7
7
5
134,063.1
15.2
-7.0
8
4
131,484.2
14.9
-9.2
9
10
124,840.4
14.2
2.1
10
11
101,316.3
11.5
0.0
11
16
74,152.5
8.4
4.7
12
17
41,237.6
4.7
1.1
13
69
35,280.9
4.0
3.9
14
9
34,212.9
3.9
-10.5
15
13
33,421.7
3.8
-1.9
16
18
28,568.8
3.2
0.2
17
39
24,314.6
2.8
2.2
18
26
22,536.4
2.6
1.2
19
15
21,989.9
2.5
-1.4
20
12
20,632.4
2.3
-6.0
21
14
20,320.5
2.3
-2.6
22
22
19,544.8
2.2
-0.2
23
23
14,609.8
1.7
-0.5
24
67
13,349.0
1.5
1.3
25
33
12,421.6
1.4
0.6
882,129.9
100.0
-1.8%
19.9%

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
140
2.0 +17

114
1.6 +3

120
1.7 +35

86
1.2
-3

95
1.4 -28

65
0.9 +22

72
1.0
-3

91
1.3 -36

91
1.3 +17

66
0.9 +9

17
0.2 +3

83
1.2 +31

5
0.1 +1

42
0.6 -40

80
1.2
-5

66
0.9 +18

19
0.3 +9

12
0.2 +1

45
0.6 +14

26
0.4
-1

16
0.2 +2

22
0.3 +1

120
1.7 +8

4
0.1
-2

32
0.5 +7

6,951
-430
-5.8%
19.6%

Imputed Fees (US$m)


Advisor Market
Market
Fees Sh (%) Share Ch.
1,012.3
8.8
1.6
805.6
7.0
0.4
631.4
5.5
1.2
680.9
5.9
1.4
656.5
5.7
2.0
325.8
2.8
0.8
370.0
3.2
0.1
495.5
4.3
1.8
371.7
3.2
0.5
357.6
3.1
0.5
136.9
1.2
0.5
239.8
2.1
0.7
7.4
0.1
0.0 189.1
1.6
1.6
327.8
2.8
0.4
217.7
1.9
0.6
91.7
0.8
0.3
183.8
1.6
0.8
195.5
1.7
0.5
89.2
0.8
0.2
80.8
0.7
0.1
93.8
0.8
0.1
245.7
2.1
0.2
15.8
0.1
0.0 89.0
0.8
0.3
11,542.7
100.0
0.3%
41.0%

* tie

https://www.thomsonone.com

Full Year 2012 | Mergers & Acquisitions | Financial Advisors

Americas Rankings
Any US Involvement Announced (AD41)

Financial Advisor
Goldman Sachs & Co
Morgan Stanley
Barclays
JP Morgan
Credit Suisse
Citi
Bank of America Merrill Lynch
Deutsche Bank
Lazard
Evercore Partners
Centerview Partners LLC
UBS
Rothschild
Jefferies & Co Inc
Greenhill & Co, LLC
RBC Capital Markets
Moelis & Co
Perella Weinberg Partners LP
Wells Fargo & Co
Mizuho Financial Group
Nomura
Gleacher & Co Inc
Blackstone Group LP
BMO Capital Markets
Tudor Pickering & Co LLC
Industry Total

Rank Value per Advisor (US$m)


Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
1
339,072.3
28.0
-0.2
2
3
274,022.6
22.6
-3.1
3
5
250,390.0
20.7
0.8
4
2
240,692.6
19.9
-6.6
5
6
206,417.7
17.0
-2.6
6
7
192,891.1
15.9
-3.4
7
4
178,478.3
14.7
-8.0
8
11
152,443.8
12.6
3.5
9
8
124,515.1
10.3
-3.5
10
9
105,359.2
8.7
-3.7
11
15
95,888.6
7.9
4.9
12
10
88,010.3
7.3
-2.3
13
12
63,801.7
5.3
-2.1
14
13
63,015.3
5.2
1.1
15
38
58,912.4
4.9
4.1
16
14
47,206.5
3.9
0.0
17
18
38,662.5
3.2
0.6
18
21
38,112.0
3.2
1.3
19
19
37,355.3
3.1
0.6
20
30
31,699.0
2.6
1.5
21
25
31,574.4
2.6
1.1
22
86
29,476.1
2.4
2.3
23
27
25,370.1
2.1
0.7
24
22
24,617.7
2.0
0.2
25
23
23,423.2
1.9
0.2
1,211,374.6
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

-3.8%
35.0%

Any Canadian Involvement Announced (AD42)

Financial Advisor
RBC Capital Markets
Goldman Sachs & Co
BMO Capital Markets
TD Securities Inc
CIBC World Markets Inc
Bank of America Merrill Lynch
Scotiabank
Citi
Credit Suisse
National Bank of Canada Fin'l
Barclays
Morgan Stanley
Jefferies & Co Inc
JP Morgan
Rothschild
Canaccord Genuity
Deutsche Bank
UBS
Evercore Partners
Macquarie Group
Lazard
GMP Capital Corp
LionTree Advisors LLC
FirstEnergy Capital Corp
HSBC Holdings PLC
Industry Total

Rank Value per Advisor (US$m)


Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
3
76,043.5
34.9
16.9
2
6
49,186.3
22.6
11.4
3
1
47,455.0
21.8
-0.7
4
4
33,643.6
15.5
-1.2
5
2
29,300.4
13.5
-8.9
6
5
29,052.4
13.4
1.0
7
9
24,656.4
11.3
4.8
8
19
22,702.8
10.4
7.6
9
15
20,078.4
9.2
4.2
10
14
17,740.6
8.2
2.6
11
17
16,334.7
7.5
3.3
12
7
14,284.0
6.6
-2.1
13
23
11,065.5
5.1
3.5
14
8
11,040.5
5.1
-2.8
15
20
10,498.5
4.8
2.1
16
13
10,166.5
4.7
-1.1
17
21
9,837.4
4.5
2.1
18
12
9,375.0
4.3
-1.5
19
9,236.4
4.2
4.2
20
18
8,065.7
3.7
-0.2
21
11
7,557.7
3.5
-2.5
22
10
6,814.3
3.1
-3.0
23
6,579.0
3.0
3.0
24
30
5,845.3
2.7
1.5
25
36
5,054.5
2.3
1.5
217,671.5
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

38.7%
10.4%

Jan 1 Dec 31
# of Deals per Advisor
# of Market Change in
Deals Sh (%) # of Deals
225
2.1 +8

157
1.4
-4

156
1.4 +32

156
1.4 -21

124
1.1 -14

123
1.1
-4

141
1.3 -30

116
1.1 +12

133
1.2 +10

90
0.8 +38

22
0.2 +6

72
0.7 -41

78
0.7 +15

100
0.9 -11

33
0.3 +19

94
0.9 +4

81
0.7 +24

27
0.2 +13

61
0.6 +27

15
0.1 +8

32
0.3 +9

4
0.0
-3

39
0.4 +12

40
0.4 +2

27
0.2 +1

10,882
-635

Financial Advisor
Goldman Sachs & Co
JP Morgan
Credit Suisse
Barclays
Morgan Stanley
Citi
Bank of America Merrill Lynch
Evercore Partners
Lazard
Deutsche Bank
Centerview Partners LLC
UBS
RBC Capital Markets
Jefferies & Co Inc
Foros
Moelis & Co
Rothschild
Greenhill & Co, LLC
Wells Fargo & Co
Qatalyst Partners
Perella Weinberg Partners LP
Tudor Pickering & Co LLC
Nomura
Blackstone Group LP
Macquarie Group
Industry Total

-5.5%
11.1%

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

Jan 1 Dec 31
# of Deals per Advisor
# of Market Change in
Deals Sh (%) # of Deals
102
3.5 +40

21
0.7 +5

63
2.2 +2

38
1.3 +7

38
1.3
0
18
0.6 +1

27
0.9 +12

8
0.3
-2

22
0.8 +11

26
0.9
-1

20
0.7 +13

14
0.5 +3

14
0.5 +5

13
0.4
-1

14
0.5 +4

17
0.6 -10

10
0.3
0
11
0.4
-8

10
0.3 +10

19
0.7
0
14
0.5
0
27
0.9 +7

1
0.0 +1

17
0.6 +4

4
0.1
-2

2,905
-438
-13.1%
17.6%

Jan 1 Dec 31

Any US Involvement Completed (AF48)


Rank Value per Advisor (US$m)
Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
3
361,820.9
33.6
6.0
2
2
271,317.7
25.2
-5.9
3
7
249,625.8
23.2
8.0
4
6
247,172.3
23.0
5.6
5
1
208,546.0
19.4
-15.5
6
5
155,486.1
14.5
-6.1
7
4
155,476.1
14.5
-9.2
8
9
142,902.4
13.3
1.2
9
11
136,593.2
12.7
1.4
10
10
128,020.0
11.9
-0.2
11
16
85,818.0
8.0
4.6
12
8
55,927.4
5.2
-8.7
13
15
45,041.2
4.2
0.3
14
14
36,955.2
3.4
-1.3
15
98
35,280.9
3.3
3.2
16
21
33,883.3
3.2
0.9
17
12
30,297.2
2.8
-5.3
18
41
28,495.9
2.7
2.0
19
19
22,681.8
2.1
-0.9
20
24
22,536.4
2.1
0.2
21
13
21,279.1
2.0
-3.1
22
25
19,879.8
1.9
0.1
23
20
19,768.0
1.8
-0.6
24
27
17,503.2
1.6
0.1
25
37
16,264.3
1.5
0.7
1,076,135.7
100.0
-8.5%
16.9%

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
194
2.1
-6

146
1.6 -33

118
1.3 -16

142
1.5 +25

133
1.4 -55

93
1.0 -27

112
1.2 -58

71
0.8 +20

111
1.2
-3

98
1.1
-3

19
0.2 +1

66
0.7 -57

92
1.0 +20

96
1.0 -16

6
0.1 +2

77
0.8 +27

55
0.6
-5

26
0.3 +12

49
0.5 +17

12
0.1
0
19
0.2
0
23
0.3 +2

25
0.3
-3

34
0.4 +11

40
0.4 +6

9,175
-633
-6.5%
9.9%

-8.6%
32.7%

Jan 1 Dec 31

Any Canadian Involvement Completed (AF49)

Financial Advisor
RBC Capital Markets
BMO Capital Markets
Bank of America Merrill Lynch
TD Securities Inc
Goldman Sachs & Co
Scotiabank
Credit Suisse
CIBC World Markets Inc
National Bank of Canada Fin'l
JP Morgan
Morgan Stanley
UBS
Barclays
Rothschild
GMP Capital Corp
Canaccord Genuity
Deutsche Bank
Macquarie Group
Lazard
LionTree Advisors LLC
Desjardins Securities Inc.
Jefferies & Co Inc
HSBC Holdings PLC
SEB Enskilda
Evercore Partners
Industry Total

Rank Value per Advisor (US$m)


Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
4
42,636.4
24.4
6.7
2
3
38,069.5
21.8
1.7
3
8
35,500.8
20.3
10.3
4
2
33,998.5
19.5
-2.3
5
5
27,713.4
15.9
-1.3
6
11
26,716.5
15.3
9.9
7
19
23,173.4
13.3
10.4
8
1
18,258.3
10.4
-12.4
9
16
17,699.0
10.1
6.3
10
7
14,292.8
8.2
-5.3
11
6
12,934.8
7.4
-8.7
12
12
12,049.4
6.9
2.3
13
17
11,639.4
6.7
3.0
14
32
10,466.7
6.0
5.1
15
13
10,454.6
6.0
1.6
16
10
9,776.8
5.6
0.1
17
23
9,760.7
5.6
3.6
18
15
8,181.3
4.7
0.7
19
18
6,866.2
3.9
0.8
20
6,579.0
3.8
3.8
21
45
6,566.3
3.8
3.3
22
24
5,911.4
3.4
1.6
23
57*
5,262.1
3.0
2.8
24
88
4,092.3
2.3
2.2
25
3,517.4
2.0
2.0
174,835.7
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

12.0%
69.3%

Imputed Fees (US$m)


Advisor Market
Market
Fees Sh (%) Share Ch.
1,247.2
8.8
1.5
952.1
6.7
1.0
833.8
5.9
1.4
699.3
4.9
0.7
785.9
5.5
2.0
450.7
3.2
0.0 617.5
4.3
1.4
341.6
2.4
0.7
423.4
3.0
0.2
453.1
3.2
0.2
172.1
1.2
0.6
288.5
2.0
1.3
265.4
1.9
0.5
366.8
2.6
0.2
7.9
0.1
0.0 240.3
1.7
0.8
174.4
1.2
0.1
125.0
0.9
0.4
207.4
1.5
0.6
183.8
1.3
0.6
87.7
0.6
0.0 95.7
0.7
0.0 56.0
0.4
0.3
97.5
0.7
0.0 103.2
0.7
0.1
14,260.6
100.0

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
89
0.3 +33

63
0.2 +3

17
0.1 +1

33
0.1 +3

20
0.1 +3

26
0.1 +7

20
0.1 +12

33
0.1
-8

29
0.1 +3

13
0.0
-2

13
0.0
-5

15
0.1
-1

13
0.0 +7

12
0.0 +7

28
0.1 +11

21
0.1 +1

9
0.0
-1

18
0.1
-1

17
0.1 +6

1
0.0 +1

4
0.0
-1

11
0.0 +2

5
0.0 +1

3
0.0
0
6
0.0 +6

2,147
-205
-8.7%
7.8%

Imputed Fees (US$m)


Advisor Market
Market
Fees Sh (%) Share Ch.
247.3
8.4
1.5
262.5
8.9
4.1
124.1
4.2
1.3
138.3
4.7
1.7
121.6
4.1
0.4
101.2
3.4
1.2
109.7
3.7
2.2
99.3
3.4
3.8
68.5
2.3
0.2
84.9
2.9
0.6
74.4
2.5
1.5
70.1
2.4
0.0 50.5
1.7
0.7
30.4
1.0
0.3
75.0
2.6
0.8
53.2
1.8
0.0 58.2
2.0
1.0
47.5
1.6
0.2
60.1
2.0
0.8
16.2
0.6
0.6
14.7
0.5
0.2
41.9
1.4
0.3
10.4
0.4
0.1
6.1
0.2
0.0 18.0
0.6
0.6
2,942.9
100.0
20.6%
67.0%

* tie

https://www.thomsonone.com

Full Year 2012 | Mergers & Acquisitions | Financial Advisors

EMEA M&A
EMEA Announced M&A Rises 13% | Energy and Power Highest Valued Sector | Strong Fourth Quarter Buyside Sponsor Activity
EMEA Deals Intelligence

EMEA Involvement Announced Advisors by Target Industry

Announced M&A activity with EMEA involvement totalled US$1.145 trillion in 2012, rising 13% from the full year 2011 totals.
Fourth quarter 2012 deal value was more than double the totals recorded in the third quarter. EMEA fees accumulated on
deals completed throughout 2012 fell short of 2011 totals, reaching only US$9.7 billion, a 27.2% decrease compared to last
year, according to estimates from Thomson Reuters/Freeman Consulting.

Rank Val US$m

Energy and Power


Barclays
Citi
Bank of America Merrill Lynch
Financials
Goldman Sachs & Co
Barclays
Citi
Industrials
Goldman Sachs & Co
Citi
Morgan Stanley
Real Estate
Goldman Sachs & Co
Barclays
Nomura
Materials
Citi
Goldman Sachs & Co
Credit Suisse

Energy and Power finished 2012 as the most active sector, with 1,475 deals grossing a combined US$198 billion, just edging
out Financials which accrued US$196.9 billion. Industrials finished third, with US$131.8 billion worth of activity.
EMEA Targeted buyside financial sponsor activity reached only US$87.3 billion, falling short of the US$99.1 billion reported last
year. However, fourth quarter totals in 2012 reached US$32.7 billion, accounting for the most activity in a single quarter since
the second quarter of 2011. Although 2012 totals lagged behind those seen in 2011, the market largely held onto annual
volume levels regained after the 2009 trough.
Acquirors on the London exchange were EMEA's most acquisitve companies in 2012, with 479 deals accounting for a
combined total of US$99.1 billion in offers. The US$46 billion Xstrata / Glencore transaction from the first quarter accounted
for a significant portion of this M&A activity.

Jan 1 - Dec 31 2012

Rank

198,000.9
93,959.5
70,850.2
70,534.7
196,942.1
70,775.6
35,746.3
29,741.5
131,806.8
50,582.5
36,068.7
33,360.3
130,868.5
61,862.7
10,594.9
5,089.0
117,921.2
63,311.0
61,379.1
58,910.1

Mkt.
Share

1
2
3

47.5
35.8
35.6

1
2
3

35.9
18.2
15.1

1
2
3

38.4
27.4
25.3

1
2
3

47.3
8.1
3.9

1
2
3

53.7
52.1
50.0

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

$300

$12.1
$21.2

Q1 Volume (US$b)

$250

Euronext Brussels

$99.1

Rank Value (US$b)

New York
Zurich
$31.0

Euronext Paris
$67.5

16.0%

$200

$150

% of YTD EMEA M&A

19.2%

Frankfurt
$25.9

25%

Q2 Volume (US$b)

Russian Trading System

$8.3

1,475
20
26
22
1,947
47
19
21
2,875
29
20
20
1,010
14
9
1
1,464
19
20
9

EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)

London

$9.1

No. Deals

20%

15.4%

16.7%

15%
12.4%

11.9%

13.0%

10.3%

9.3%

10%

% of EMEA

Primary Listing of Most Acquisitive EMEA Companies - Top 10 (US$B)

Jan 1 - Dec 31 2012

$100
7.3%

Milan

6.9%

5%

$50

Madrid
Johannesburg

$0

0%
2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Jan 1 Dec 31 2012

Top Ten EMEA Involvement Announced Deals


Rank Date

Date Effective

Target (% Sought/Acquired)

Acquiror

2/7/2012
10/22/2012
10/22/2012
12/21/2012
5/25/2012
6/19/2012
6/29/2012
12/26/2012
3/29/2012
5/21/2012

Pending
Pending
Pending
Pending
6/27/2012
Intended
Pending
Pending
6/29/2012
11/30/2012

Xstrata PLC (65.9%)


TNK-BP Ltd (50%)
TNK-BP Ltd (50%)
Bankia SA-Bad RE Assets (100%)
Banco Financiero y de Ahorros (100%)
Alliance Boots GmbH (55%)
Grupo Modelo SAB de CV (49.7%)
Bankia SA (%)
International Power PLC (40.93%)
Cooper Industries PLC (100%)

Glencore International PLC


NK Rosneft'
NK Rosneft'
SAREB
FROB
Walgreen Co
Anheuser-Busch Inbev
FROB
Electrabel SA
Eaton Corp

Acquiror / Target Nation

Rank Value (US$m)

Target Macro / Mid Industry

Switzerland / Switzerland
Russian Fed / Russian Fed
Russian Fed / Russian Fed
Spain / Spain
Spain / Spain
United States / Switzerland
Belgium / Mexico
Spain / Spain
Belgium / United Kingdom
United States / Ireland-Rep

45,803.1
28,000.0
26,469.2
25,686.0
23,785.7
21,361.5
20,093.4
17,805.3
12,855.9
12,240.3

Materials / Metals & Mining


Energy and Power / Oil & Gas
Energy and Power / Oil & Gas
Real Estate / Residential
Financials / Banks
Retail / Other Retailing
Consumer Staples / Food and Beverage
Financials / Banks
Energy and Power / Power
Industrials / Other Industrials

https://www.thomsonone.com
9

Full Year 2012 | Mergers & Acquisitions | Financial Advisors

EMEA Rankings
Any EMEA Involvement Announced (AD47)

Financial Advisor
Goldman Sachs & Co
Morgan Stanley
Deutsche Bank
Barclays
Citi
JP Morgan
Bank of America Merrill Lynch
Credit Suisse
Rothschild
Lazard
Nomura
UBS
BNP Paribas SA
VTB Capital
Evercore Partners
M Klein & Co LLC
HSBC Holdings PLC
Centerview Partners LLC
Societe Generale
Credit Agricole CIB
Lambert Energy Advisory Ltd
Renaissance Capital Group
RBC Capital Markets
Ondra Partners
Jefferies & Co Inc
Industry Total

Rank Value per Advisor (US$m)


Rank Value
Market
Market
2012 2011
Rank Rank
US$m
Sh (%) Share Ch.
1
1
421,885.3
36.8
5.6
2
3
283,456.1
24.8
7.6
3
2
267,474.5
23.4
5.4
4
6
246,210.2
21.5
7.0
5
7
226,205.7
19.8
6.3
6
4
206,569.4
18.0
0.9
7
10
184,763.9
16.1
4.6
8
5
175,843.0
15.4
-0.9
9
9
164,980.2
14.4
2.6
10
13
145,909.1
12.7
3.3
11
17
112,457.7
9.8
4.0
12
8
104,728.2
9.1
-2.7
13
11
91,500.6
8.0
-1.9
14
36
65,630.7
5.7
4.4
15
30
52,050.4
4.5
2.9
16
45,803.1
4.0
4.0
17
14
45,692.3
4.0
-4.8
18
34
44,877.0
3.9
2.6
19
12
35,826.9
3.1
-6.6
20
15
33,476.1
2.9
-4.2
21
105
33,305.2
2.9
2.7
22
41
32,568.4
2.8
1.7
23
23
28,784.0
2.5
0.1
24
67
25,253.9
2.2
1.8
25
35
25,073.1
2.2
0.9
1,145,415.7
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

12.5%
101.6%

Any European Inv Announced (AD21)

Financial Advisor
Goldman Sachs & Co
Morgan Stanley
Deutsche Bank
Barclays
Citi
JP Morgan
Bank of America Merrill Lynch
Credit Suisse
Rothschild
Lazard
Nomura
UBS
BNP Paribas SA
VTB Capital
Evercore Partners
M Klein & Co LLC
Centerview Partners LLC
HSBC Holdings PLC
Societe Generale
Credit Agricole CIB
Lambert Energy Advisory Ltd
Renaissance Capital Group
RBC Capital Markets
Ondra Partners
Jefferies & Co Inc
Industry Total

Rank Value per Advisor (US$m)


Rank Value
Market
Market
2012 2011
Rank Rank
US$m
Sh (%) Share Ch.
1
1
410,724.4
37.6
5.6
2
3
281,234.4
25.8
8.0
3
2
267,474.5
24.5
6.4
4
6
243,964.1
22.4
7.2
5
7
220,197.1
20.2
6.4
6
4
203,857.7
18.7
1.2
7
10
183,440.9
16.8
5.7
8
5
172,255.1
15.8
-0.4
9
9
164,800.3
15.1
2.8
10
13
141,643.9
13.0
3.1
11
17
111,470.4
10.2
4.2
12
8
104,393.2
9.6
-2.8
13
11
91,500.6
8.4
-2.0
14
35
65,630.7
6.0
4.7
15
30
51,565.4
4.7
3.0
16
45,803.1
4.2
4.2
17
34
44,877.0
4.1
2.7
18
14
42,362.0
3.9
-5.2
19
12
35,826.9
3.3
-6.9
20
15
33,476.1
3.1
-4.4
21
103
33,305.2
3.1
2.9
22
42
32,318.4
3.0
2.0
23
23
28,021.3
2.6
0.1
24
66
25,253.9
2.3
1.9
25
37
24,257.2
2.2
1.0
1,091,698.9
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

12.6%
98.1%

Jan 1 Dec 31
# of Deals per Advisor
# of Market Change in
Deals Sh (%) # of Deals
208
0.5 +23

164
0.4 +26

142
0.4 -19

102
0.3 +13

127
0.3 +16

146
0.4
-5

99
0.3 -25

124
0.3 -25

233
0.6 +2

137
0.4
-8

59
0.2 +9

99
0.3 -22

90
0.2 -28

22
0.1 +13

43
0.1 +17

1
0.0 +1

69
0.2 -24

5
0.0
-2

74
0.2 -32

57
0.2 +2

5
0.0 +4

11
0.0
-8

40
0.1 +9

6
0.0 +1

57
0.2 +10

16,865
-2,705

Financial Advisor
Goldman Sachs & Co
Morgan Stanley
Deutsche Bank
Rothschild
JP Morgan
Barclays
Lazard
Citi
Bank of America Merrill Lynch
Credit Suisse
UBS
Nomura
BNP Paribas SA
Societe Generale
HSBC Holdings PLC
Centerview Partners LLC
Credit Agricole CIB
RBC Capital Markets
KPMG
Jefferies & Co Inc
Macquarie Group
PricewaterhouseCoopers
Sberbank CIB
ING
Mediobanca
Industry Total

-13.8%
0.2%

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

Jan 1 Dec 31

Jan 1 Dec 31

Any EMEA Involvement Completed (AF53)


Rank Value per Advisor (US$m)
Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
1
217,848.0
27.6
-9.7
2
2
172,037.9
21.8
-4.3
3
4
160,198.0
20.3
-0.3
4
8
137,142.8
17.4
3.7
5
3
124,181.7
15.7
-6.4
6
10
106,982.7
13.6
0.2
7
13
97,148.9
12.3
0.5
8
7
93,448.0
11.8
-3.3
9
9
89,623.5
11.4
-2.1
10
5
89,151.2
11.3
-9.2
11
6
78,350.8
9.9
-5.6
12
15
51,351.9
6.5
-1.5
13
11
50,974.3
6.5
-6.3
14
12
46,731.7
5.9
-6.6
15
14
41,367.3
5.2
-5.1
16
52
35,023.0
4.4
3.7
17
16
30,883.1
3.9
-2.4
18
32
30,758.5
3.9
1.8
19
21
21,457.7
2.7
-0.7
20
37
21,057.8
2.7
1.1
21
28
19,120.4
2.4
-0.1
22
41
17,378.0
2.2
0.9
23
58
16,679.5
2.1
1.6
24
22
16,330.6
2.1
-1.2
25
44
16,193.0
2.1
0.8
789,271.1
100.0
-29.0%
24.9%

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
150
1.1 -36

129
1.0 -50

117
0.9 -39

193
1.4 -17

110
0.8 -49

84
0.6 +5

116
0.9 -22

83
0.6 -13

80
0.6 -43

101
0.7 -44

89
0.7 -52

50
0.4
-2

80
0.6 -39

62
0.5 -40

61
0.5 -21

6
0.0
-2

50
0.4
-7

35
0.3 +7

196
1.5 -96

46
0.3
-2

34
0.3
-4

196
1.5
-1

22
0.2 +2

26
0.2 -33

33
0.2
-9

13,482
-2,465

Imputed Fees (US$m)


Advisor Market
Market
Fees Sh (%) Share Ch.
587.8
6.0
1.0
455.5
4.7
0.1
402.5
4.1
0.1
478.1
4.9
1.0
455.4
4.7
0.6
292.5
3.0
0.7
264.9
2.7
0.0 252.1
2.6
0.3
309.2
3.2
0.1
308.8
3.2
1.5
265.9
2.7
1.1
140.5
1.4
0.3
149.8
1.5
0.7
112.6
1.2
0.5
101.8
1.0
0.2
72.8
0.7
0.5
43.9
0.5
0.3
118.7
1.2
0.5
28.1
0.3
0.0 150.0
1.5
0.2
88.6
0.9
0.0 28.1
0.3
0.1
36.2
0.4
0.2
36.2
0.4
0.3
44.6
0.5
0.1
9,770.8
100.0

-15.5%
-6.1%

-27.2%
20.4%

Jan 1 Dec 31

Any European Involvement Completed (AF3)

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
196
1.3 +24

159
1.0 +25

140
0.9
-8

98
0.6 +11

118
0.8 +15

138
0.9
-3

96
0.6 -20

118
0.8 -22

230
1.5 +4

133
0.9 -10

58
0.4 +10

96
0.6 -23

90
0.6 -28

22
0.1 +13

41
0.3 +15

1
0.0 +1

5
0.0
-2

63
0.4 -25

74
0.5 -32

57
0.4 +3

4
0.0 +3

10
0.1
-4

34
0.2 +5

6
0.0 +1

51
0.3 +6

15,638
-2,878

Rank Value per Advisor (US$m)


Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
1
212,880.4
28.1
-10.1
2
2
171,644.3
22.7
-4.0
3
5
160,198.0
21.2
1.1
4
8
136,777.6
18.1
4.0
5
3
120,384.1
15.9
-6.8
6
9
104,954.9
13.9
-0.1
7
13
93,349.2
12.3
0.1
8
7
90,020.0
11.9
-3.5
9
11
87,667.1
11.6
-1.8
10
4
86,299.7
11.4
-9.4
11
6
78,015.8
10.3
-5.7
12
15
51,351.9
6.8
-1.6
13
10
50,974.3
6.7
-6.7
14
12
46,731.7
6.2
-6.9
15
14
41,227.3
5.4
-5.2
16
52
35,023.0
4.6
3.8
17
16
30,883.1
4.1
-2.5
18
31
30,100.0
4.0
1.8
19
21
21,116.9
2.8
-0.7
20
39
20,707.3
2.7
1.3
21
28
19,120.4
2.5
-0.1
22
43
16,854.1
2.2
0.8
23
58
16,679.5
2.2
1.6
24
22
16,330.6
2.2
-1.3
25
44
16,193.0
2.1
0.7
757,189.4
100.0

Financial Advisor
Goldman Sachs & Co
Morgan Stanley
Deutsche Bank
Rothschild
JP Morgan
Barclays
Lazard
Citi
Bank of America Merrill Lynch
Credit Suisse
UBS
Nomura
BNP Paribas SA
Societe Generale
HSBC Holdings PLC
Centerview Partners LLC
Credit Agricole CIB
RBC Capital Markets
KPMG
Jefferies & Co Inc
Macquarie Group
PricewaterhouseCoopers
Sberbank CIB
ING
Mediobanca
Industry Total

-15.5%
1.4%

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

-28.6%
22.4%

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
144
1.1 -30

127
1.0 -45

116
0.9 -25

189
1.5 -19

103
0.8 -45

82
0.6 +3

113
0.9 -23

79
0.6 -10

73
0.6 -43

98
0.8 -43

87
0.7 -50

50
0.4
0
80
0.6 -37

62
0.5 -40

60
0.5 -16

6
0.0
-2

50
0.4
-7

31
0.2 +5

188
1.5 -97

42
0.3
-4

34
0.3
-2

191
1.5
-1

22
0.2 +2

26
0.2 -33

33
0.3
-9

12,730
-2,498

Imputed Fees (US$m)


Advisor Market
Market
Fees Sh (%) Share Ch.
566.0
6.0
1.0
451.8
4.8
0.0 402.0
4.3
0.6
471.0
5.0
1.0
428.4
4.6
0.8
286.0
3.1
0.7
260.9
2.8
0.1
242.1
2.6
0.4
287.4
3.1
0.1
302.3
3.2
1.5
260.3
2.8
1.1
140.5
1.5
0.4
149.8
1.6
0.6
112.6
1.2
0.6
99.6
1.1
0.2
72.8
0.8
0.6
43.9
0.5
0.4
112.6
1.2
0.5
27.4
0.3
0.0 140.3
1.5
0.2
88.6
0.9
0.0 27.3
0.3
0.1
36.2
0.4
0.2
36.2
0.4
0.3
44.6
0.5
0.0 9,389.4
100.0

-16.4%
-5.4%

-26.2%
19.7%

https://www.thomsonone.com
10

Full Year 2012 | Mergers & Acquisitions | Financial Advisors

EMEA Rankings
Any UK Involvement Announced (AD32)

Financial Advisor
Barclays
Goldman Sachs & Co
Morgan Stanley
Bank of America Merrill Lynch
Deutsche Bank
Citi
Rothschild
UBS
VTB Capital
Credit Suisse
JP Morgan
Evercore Partners
Nomura
Lambert Energy Advisory Ltd
Renaissance Capital Group
Lazard
Ondra Partners
HSBC Holdings PLC
BNP Paribas SA
RBC Capital Markets
Moelis & Co
Macquarie Group
Jefferies & Co Inc
Banco Bradesco SA
KPMG
Industry Total

Rank Value per Advisor (US$m)


Rank Value
Market
Market
2012 2011
Rank Rank
US$m
Sh (%) Share Ch.
1
3
119,314.4
34.7
17.1
2
1
97,990.6
28.5
-7.3
3
4
95,281.2
27.7
10.6
4
10
93,622.6
27.2
16.9
5
5
93,600.9
27.2
10.8
6
6
91,557.6
26.6
11.1
7
8
79,115.7
23.0
9.2
8
7
60,466.1
17.6
2.4
9
95*
59,693.7
17.4
17.2
10
11
55,293.7
16.1
6.0
11
2
49,224.1
14.3
-8.3
12
25
43,063.7
12.5
9.6
13
17
32,334.6
9.4
4.8
14
57
31,855.2
9.3
8.8
15
90
31,369.2
9.1
8.8
16
12
26,571.4
7.7
-0.9
17
110
25,149.5
7.3
7.1
18
9
21,506.3
6.3
-4.3
19
19
19,413.7
5.7
1.2
20
14
12,879.1
3.7
-2.8
21
20
10,196.2
3.0
-1.1
22
44
9,295.0
2.7
2.0
23
34
8,945.7
2.6
1.4
24
114
7,230.1
2.1
2.0
25
29
7,047.9
2.1
0.3
343,907.5
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

3.4%
131.8%

Any French Involvement Announced (AD33)


* tie
Financial Advisor
BNP Paribas SA
Rothschild
Lazard
Societe Generale
Barclays
Morgan Stanley
JP Morgan
Nomura
Credit Suisse
Ondra Partners
Goldman Sachs & Co
Deutsche Bank
Credit Agricole CIB
Citi
HSBC Holdings PLC
Bank of America Merrill Lynch
Banco Espirito Santo SA
Macquarie Group
KPMG
UBS
Qatar National Bank
Messier & Associes
Beltone Investment Banking
Cairo Financial Investments Co
UniCredit
Industry Total

Rank Value per Advisor (US$m)


Rank Value
Market
Market
2012 2011
Rank Rank
US$m
Sh (%) Share Ch.
1
1
32,419.4
34.8
-1.6
2
2
31,443.7
33.8
7.1
3
5
25,101.7
27.0
1.8
4
3
22,728.2
24.4
-1.8
5
11
21,556.5
23.2
4.9
6
7
20,095.3
21.6
-1.2
7
15
18,358.4
19.7
12.4
8
20
17,017.7
18.3
12.2
9
9
14,212.7
15.3
-5.6
10
32
12,856.0
13.8
12.3
11
6
11,733.4
12.6
-10.3
12
8
11,690.5
12.6
-10.0
13
10
9,232.0
9.9
-10.0
14
12
7,404.4
8.0
-5.9
15
4
6,241.0
6.7
-19.0
16
13
5,342.1
5.7
-6.3
17
88
4,075.7
4.4
4.3
18
82
3,929.3
4.2
4.1
19
31
3,445.3
3.7
2.1
20
16
2,075.3
2.2
-4.3
21
1,974.0
2.1
2.1
22
24
1,963.3
2.1
-0.8
23*
1,932.4
2.1
2.1
23*
1,932.4
2.1
2.1
25*
28
1,585.5
1.7
0.0 93,097.2
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

-46.4%
59.5%

Jan 1 Dec 31
# of Deals per Advisor
# of Market Change in
Deals Sh (%) # of Deals
49
1.3 +21

76
2.0 +7

61
1.6 +18

43
1.1 +11

44
1.1 +9

48
1.3 +13

95
2.5 +7

34
0.9 -12

5
0.1 +4

26
0.7 -13

51
1.3
-5

29
0.8 +11

11
0.3
-4

3
0.1 +2

3
0.1
0
34
0.9 -12

4
0.1 +2

36
0.9
-3

15
0.4
-7

23
0.6 +4

12
0.3 +8

16
0.4
-4

26
0.7 +1

3
0.1
0
57
1.5 -46

3,830
-221

Financial Advisor
Goldman Sachs & Co
Morgan Stanley
Barclays
Rothschild
Nomura
JP Morgan
Deutsche Bank
UBS
Lazard
Bank of America Merrill Lynch
Credit Suisse
Citi
BNP Paribas SA
HSBC Holdings PLC
RBC Capital Markets
Ondra Partners
RBS
Evercore Partners
Standard Chartered PLC
Moelis & Co
Centerview Partners LLC
Macquarie Group
Jefferies & Co Inc
PricewaterhouseCoopers
Ernst & Young LLP
Industry Total

-5.5%
2.3%

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

Jan 1 Dec 31
# of Deals per Advisor
# of Market Change in
Deals Sh (%) # of Deals
66
3.1 -10

57
2.7 -20

45
2.1
-2

49
2.3 -22

12
0.6
-6

18
0.8 -10

23
1.1 +4

10
0.5 +1

15
0.7 -11

1
0.0
-1

24
1.1
-9

15
0.7 -15

50
2.3 +8

10
0.5
-8

17
0.8 -22

12
0.6
-8

3
0.1 +2

5
0.2 +2

35
1.6 +9

13
0.6 -12

2
0.1 +2

6
0.3
0
1
0.0 +1

1
0.0 +1

6
0.3 +2

2,140
-314
-12.8%
-0.2%

Jan 1 Dec 31

Any UK Involvement Completed (AF39)


Rank Value per Advisor (US$m)
Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
1
61,355.3
24.6
-15.9
2
3
55,707.9
22.3
-3.6
3
6
54,510.4
21.8
4.5
4
4
45,069.1
18.0
-3.8
5
14
39,135.3
15.7
6.4
6
2
36,676.4
14.7
-19.1
7
7
36,079.1
14.4
-2.5
8
9
32,482.8
13.0
-3.0
9
16
25,338.6
10.1
2.5
10
11
24,380.6
9.8
-2.4
11
10
22,924.6
9.2
-4.4
12
5
19,332.7
7.7
-9.7
13
12
18,539.1
7.4
-4.4
14
8
17,281.1
6.9
-9.2
15
21
15,158.5
6.1
0.8
16
17
12,974.0
5.2
-2.1
17
19
11,089.3
4.4
-2.5
18
26
10,494.1
4.2
1.1
19
64
8,598.9
3.4
3.1
20
23
8,317.9
3.3
-0.5
21
75
7,631.6
3.1
2.8
22
29
7,547.6
3.0
1.0
23
37
6,803.7
2.7
1.5
24
28
5,174.4
2.1
0.1
25
24
4,944.4
2.0
-1.8
249,770.6
100.0
-28.7%
-6.5%

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
58
0.2 -13

47
0.2
-7

39
0.1 +10

68
0.2 -15

13
0.0
-2

30
0.1 -35

34
0.1
-1

28
0.1 -27

33
0.1
-7

27
0.1 -11

24
0.1 -28

24
0.1 -15

14
0.0
-9

32
0.1
-4

23
0.1 +8

3
0.0 +1

12
0.0 -11

18
0.1
-4

5
0.0
-3

12
0.0 +9

3
0.0
-1

18
0.1
-4

21
0.1
-6

65
0.2
-1

16
0.1 -46

3,206
-278
-8.0%
-13.8%

-21.2%
-12.5%

Jan 1 Dec 31

Any French Involvement Completed (AF40)

Financial Advisor
BNP Paribas SA
Lazard
Rothschild
Morgan Stanley
Societe Generale
Goldman Sachs & Co
Deutsche Bank
Nomura
Barclays
Credit Suisse
JP Morgan
Ondra Partners
Bank of America Merrill Lynch
Mediobanca
Leonardo & Co
Intesa SanPaolo
HSBC Holdings PLC
Credit Agricole CIB
Citi
Macquarie Group
KPMG
Houlihan Lokey
UBS
Ernst & Young LLP
Beltone Investment Banking
Industry Total

Rank Value per Advisor (US$m)


Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
1
36,760.1
41.5
-3.9
2
12
36,432.6
41.2
26.6
3
6
34,081.8
38.5
10.5
4
3
24,601.6
27.8
-9.9
5
2
22,663.1
25.6
-13.2
6
4
20,586.2
23.3
-11.5
7
9
18,677.1
21.1
-0.6
8
11
18,160.9
20.5
5.3
9
10
17,613.6
19.9
2.5
10
8
17,153.8
19.4
-5.2
11
7
16,425.3
18.6
-7.2
12
16*
15,524.9
17.5
6.4
13
22
11,349.9
12.8
8.3
14
30
8,867.9
10.0
8.3
15
23
8,391.2
9.5
5.3
16
29
8,357.0
9.4
7.5
17
5
8,059.5
9.1
-22.9
18
13
7,097.5
8.0
-5.6
19
18
6,459.3
7.3
-3.4
20
20
3,826.5
4.3
-2.8
21
33
3,426.9
3.9
2.6
22
164*
2,281.4
2.6
2.6
23
15
2,180.2
2.5
-8.8
24
26
2,119.9
2.4
0.0 25*
1,932.4
2.2
2.2
88,544.9
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

-60.8%
9.9%

Imputed Fees (US$m)


Advisor Market
Market
Fees Sh (%) Share Ch.
269.6
7.6
0.6
171.9
4.8
0.1
170.3
4.8
2.1
197.1
5.6
0.3
95.3
2.7
1.2
136.9
3.9
3.0
122.1
3.4
0.8
114.6
3.2
1.1
66.0
1.9
0.3
120.4
3.4
0.6
89.8
2.5
2.1
71.9
2.0
0.5
27.5
0.8
0.2
58.6
1.7
0.1
70.1
2.0
0.5
12.1
0.3
0.2
30.4
0.9
0.3
38.0
1.1
0.6
31.8
0.9
0.8
33.4
0.9
0.5
19.9
0.6
0.5
52.4
1.5
0.0 54.6
1.5
0.1
11.2
0.3
0.0 3.5
0.1
0.2
3,552.3
100.0

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
58
3.0 -17

42
2.2 +8

48
2.5 -19

17
0.9 -13

44
2.3 -24

23
1.2
-6

19
1.0 -15

10
0.5
0
10
0.5
-7

13
0.7 -13

17
0.9
-4

3
0.2 +2

10
0.5
-3

8
0.4
-2

30
1.6 -11

4
0.2
-3

18
0.9 -15

47
2.5 +4

6
0.3
-7

4
0.2
-2

27
1.4 +6

3
0.2
0
12
0.6 -15

10
0.5 -11

1
0.1 +1

1,911
-239
-11.1%
-8.3%

Imputed Fees (US$m)


Advisor Market
Market
Fees Sh (%) Share Ch.
94.1
6.5
0.1
88.5
6.1
2.8
106.8
7.4
1.5
43.9
3.1
1.2
73.8
5.1
0.9
63.1
4.4
1.5
45.9
3.2
0.6
22.4
1.6
0.2
40.0
2.8
0.5
32.7
2.3
4.0
71.3
4.9
1.1
18.1
1.3
1.3
27.3
1.9
0.3
8.2
0.6
0.1
18.9
1.3
1.0
4.5
0.3
0.0 27.6
1.9
0.6
41.4
2.9
0.5
21.9
1.5
0.3
13.6
0.9
0.2
3.6
0.3
0.2
8.5
0.6
0.3
29.1
2.0
1.2
1.9
0.1
0.0 .9
0.1
0.1
1,441.4
100.0
-39.3%
14.5%

* tie

https://www.thomsonone.com
11

Full Year 2012 | Mergers & Acquisitions | Financial Advisors

EMEA Rankings
Jan 1 Dec 31

Any Spanish Inv Announced (AD34)

Financial Advisor
Goldman Sachs & Co
Citi
Credit Agricole CIB
Barclays
Nomura
Mediobanca
Banco BTG Pactual SA
BBVA
Santander
Deutsche Bank
Morgan Stanley
JP Morgan
UBS
Bank of America Merrill Lynch
Societe Generale
Rothschild
HSBC Holdings PLC
BNP Paribas SA
Deloitte
KPMG
Ernst & Young LLP
PricewaterhouseCoopers
AZ Capital
RBS
Credit Suisse
Industry Total

Rank Value per Advisor (US$m)


Rank Value
Market
Market
2012 2011
Rank Rank
US$m
Sh (%) Share Ch.
1
1
99,361.4
64.5
28.0
2
3
24,749.7
16.1
-2.6
3
9
23,794.1
15.5
0.4
4
11
23,547.1
15.3
0.4
5
10
22,854.1
14.8
-0.2
6
22
11,415.7
7.4
2.6
7
7,316.4
4.8
4.8
8
15
7,261.4
4.7
-6.4
9
2
6,712.3
4.4
-17.9
10
17
6,266.9
4.1
-6.8
11
12
5,169.5
3.4
-11.5
12
13
4,710.0
3.1
-10.1
13
14
2,895.6
1.9
-10.1
14
7
2,889.7
1.9
-14.5
15
4
2,847.3
1.9
-15.2
16
18
2,670.7
1.7
-6.8
17
5
2,629.6
1.7
-15.3
18
6
2,524.7
1.6
-15.0
19
24
2,120.1
1.4
-3.0
20
16
2,043.2
1.3
-9.7
21
30
1,952.7
1.3
0.2
22
21
1,942.5
1.3
-3.6
23
27
1,867.2
1.2
-2.2
24
37
1,773.2
1.2
0.8
25
20
1,484.3
1.0
-4.9
154,048.0
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

69.1%
1170.0%

Rank Value per Advisor (US$m)


Rank Value
Market
Market
2012 2011
Rank Rank
US$m
Sh (%) Share Ch.
1
4
34,156.6
29.5
9.0
2
10
33,610.1
29.0
16.3
3
1
31,468.1
27.2
3.1
4
2
26,416.5
22.8
0.1
5
6
26,040.9
22.5
7.3
6
7
15,542.6
13.4
-1.3
7
3
14,199.2
12.3
-9.2
8
15
12,822.7
11.1
6.3
9
9
10,719.4
9.3
-4.8
10
8
9,838.3
8.5
-5.7
11
58*
9,247.1
8.0
7.8
12
5
9,129.6
7.9
-12.4
13
8,062.1
7.0
7.0
14
84
5,314.7
4.6
4.6
15
22
4,807.5
4.2
2.9
16
4,484.5
3.9
-1.3
17* 100*
3,734.9
3.2
-9.2
17*
73
3,734.9
3.2
6.3
19
16
3,308.4
2.9
-4.8
20
21
3,140.0
2.7
-5.7
21
100*
2,823.8
2.4
7.8
22
2,789.6
2.4
-12.4
23
11
2,762.5
2.4
7.0
24
27
2,730.0
2.4
4.6
25
2,400.0
2.1
2.9
115,917.6
101.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

-22.1%
-2.5%

Jan 1 Dec 31

Any German Inv Announced (AD35)

Financial Advisor
Goldman Sachs & Co
Morgan Stanley
Deutsche Bank
JP Morgan
Rothschild
Citi
Credit Suisse
UBS
Lazard
Bank of America Merrill Lynch
Macquarie Group
Barclays
Perella Weinberg Partners LP
RBC Capital Markets
HSBC Holdings PLC
Evercore Partners
Nordea
MCF Corporate Finance GmbH
BNP Paribas SA
Nomura
Houlihan Lokey
Ondra Partners
Ernst & Young LLP
Jefferies & Co Inc
TAP Advisors LLC
Industry Total

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
23
2.3 +2

14
1.4
-3

2
0.2
-5

8
0.8
-2

12
1.2 +5

13
1.3 +7

14
1.4 +14

24
2.4
0
13
1.3
0
11
1.1
-5

9
0.9
-1

11
1.1 +2

7
0.7
-3

6
0.6
-6

6
0.6 -17

19
1.9 +8

3
0.3
-3

4
0.4
-6

27
2.7
-9

40
3.9 +11

11
1.1
-8

42
4.1 -10

2
0.2
-1

2
0.2
-1

2
0.2
-9

1,016
-289

39.0%
-5.2%

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
25
1.2 +14

22
1.1 +8

27
1.3
-6

16
0.8 +1

32
1.5
-2

11
0.5
0
19
0.9 +2

14
0.7
-5

18
0.9
-5

9
0.4
-4

11
0.5 +7

15
0.7 +4

2
0.1 +2

5
0.2 +3

6
0.3
-2

4
0.2 +4

3
0.1 +2

5
0.2
-2

9
0.4
-1

11
0.5 +5

5
0.2
0
1
0.0 +1

8
0.4 -23

6
0.3
-1

1
0.0 +1

2,079
-341
-14.1%
2.6%

Jan 1 Dec 31

Any Spanish Involvement Completed (AF41)

Financial Advisor
Goldman Sachs & Co
Credit Agricole CIB
Barclays
HSBC Holdings PLC
Rothschild
PricewaterhouseCoopers
Deutsche Bank
Citi
Lazard
Santander
Nomura
Morgan Stanley
Banco BTG Pactual SA
JP Morgan
BBVA
Societe Generale
BNP Paribas SA
Ernst & Young LLP
Deloitte
Bank of America Merrill Lynch
AZ Capital
RBS
UBS
KPMG
Itau Unibanco
Industry Total

Rank Value per Advisor (US$m)


Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
2
35,410.3
46.1
14.2
2
14
23,794.1
31.0
17.4
3
17
15,205.9
19.8
7.8
4
13
8,107.4
10.6
-4.0
5
21
7,853.2
10.2
3.2
6
24
7,036.2
9.2
4.8
7
10
6,783.0
8.8
-8.1
8
5
6,469.0
8.4
-10.9
9
15
6,185.7
8.1
-5.4
10
3
5,566.6
7.2
-17.1
11
4
4,925.2
6.4
-17.2
12
1
4,164.0
5.4
-27.5
13
4,126.6
5.4
5.4
14
9
4,037.6
5.3
-11.7
15
8
3,958.6
5.2
-13.3
16
6
3,526.9
4.6
-14.5
17
7
2,864.1
3.7
-15.1
18
37
2,554.7
3.3
2.8
19
18
2,404.8
3.1
-4.7
20
11
2,316.8
3.0
-13.7
21
29
1,867.2
2.4
-0.6
22
40
1,773.2
2.3
1.9
23
16
1,763.4
2.3
-10.6
24
12
1,493.0
1.9
-14.2
25
27
1,469.6
1.9
-1.8
76,875.0
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

-27.8%
177.3%

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
14
1.6
-8

2
0.2
-6

6
0.7
-2

4
0.5
-2

17
2.0 +9

41
4.8 -11

5
0.6 -11

13
1.5
-2

6
0.7
-9

12
1.4
-2

12
1.4
0
6
0.7 -15

6
0.7 +6

8
0.9
-5

17
2.0
-8

6
0.7 -19

5
0.6
-6

13
1.5
-2

24
2.8 -13

7
0.8
-7

2
0.2
-2

2
0.2
-1

6
0.7
-7

35
4.1 +1

2
0.2
-1

858
-185
-17.7%
-10.7%

-52.6%
93.3%

Jan 1 Dec 31

Any German Involvement Completed (AF42)

Financial Advisor
Morgan Stanley
Deutsche Bank
Rothschild
Goldman Sachs & Co
JP Morgan
UBS
Citi
Macquarie Group
Credit Suisse
Perella Weinberg Partners LP
Lazard
Barclays
Lincoln International
RBC Capital Markets
Societe Generale
Bank of America Merrill Lynch
PricewaterhouseCoopers
MCF Corporate Finance GmbH
Nordea
RoelfsPartner
HSBC Holdings PLC
Jefferies & Co Inc
Nomura
TAP Advisors LLC
KPMG
Industry Total

Rank Value per Advisor (US$m)


Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
5
36,039.4
38.5
14.7
2
1
32,016.8
34.2
1.4
3
7
25,582.1
27.3
6.6
4
3
22,093.9
23.6
-3.0
5
8
22,029.8
23.6
3.7
6
12
17,626.8
18.8
9.5
7
9
13,962.3
14.9
-3.2
8
25*
8,718.1
9.3
8.1
9
2
8,379.4
9.0
-17.9
10
38
8,062.1
8.6
8.3
11
6
7,779.9
8.3
-13.8
12
4
7,721.8
8.3
-16.0
13
28
5,360.9
5.7
4.6
14
81
5,172.5
5.5
5.5
15
55
5,166.7
5.5
5.3
16
10
4,573.1
4.9
-6.8
17
78
3,907.0
4.2
4.2
18*
74
3,734.9
4.0
3.9
18*
97*
3,734.9
4.0
4.0
20
42
3,583.6
3.8
3.5
21
13
2,873.4
3.1
-6.0
22
35
2,730.0
2.9
2.5
23
20
2,695.6
2.9
0.0
24
2,400.0
2.6
2.6
25
15
1,970.6
2.1
-4.7
93,563.6
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

4.4%
-9.8%

Imputed Fees (US$m)


Advisor Market
Market
Fees Sh (%) Share Ch.
26.7
5.6
0.5
1.7
0.4
1.3
24.8
5.2
3.8
4.4
0.9
0.6
25.2
5.3
4.2
6.1
1.3
0.7
3.5
0.7
1.7
26.7
5.6
1.0
12.8
2.7
0.9
15.1
3.2
1.4
5.8
1.2
0.8
17.9
3.8
2.6
7.2
1.5
1.5
15.5
3.3
3.4
18.4
3.9
0.3
12.0
2.5
2.0
13.1
2.8
0.3
5.2
1.1
0.8
3.5
0.7
0.0 19.5
4.1
0.4
1.8
0.4
0.1
9.4
2.0
1.8
8.9
1.9
1.6
5.2
1.1
0.5
1.2
0.3
1.0
474.9
100.0

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
21
1.3 +2

20
1.2 -18

32
1.9 +6

16
1.0
-3

13
0.8
-4

12
0.7 -10

7
0.4
-3

8
0.5 +3

14
0.9
-2

2
0.1 +1

18
1.1
-9

12
0.7 +1

20
1.2 +6

4
0.2 +2

4
0.2
0
7
0.4
-6

20
1.2 +10

3
0.2
-4

2
0.1 +1

15
0.9 +3

7
0.4
-3

7
0.4 +1

8
0.5
0
1
0.1 +1

33
2.0
-6

1,644
-347
-17.4%
-6.9%

Imputed Fees (US$m)


Advisor Market
Market
Fees Sh (%) Share Ch.
120.8
8.9
4.2
61.7
4.5
1.0
83.7
6.2
0.7
70.5
5.2
2.0
85.2
6.3
0.2
37.8
2.8
1.2
24.9
1.8
0.2
24.2
1.8
1.2
40.7
3.0
1.5
3.5
0.3
0.1
48.2
3.6
0.2
45.5
3.4
0.2
12.8
0.9
0.3
20.6
1.5
1.3
2.4
0.2
0.3
29.0
2.1
2.2
3.2
0.2
0.1
4.2
0.3
0.0 3.7
0.3
0.1
8.8
0.6
0.2
14.7
1.1
0.0 21.4
1.6
0.5
21.7
1.6
0.0 1.3
0.1
0.1
5.7
0.4
0.0 1,357.8
100.0
-8.3%
11.3%

* tie

https://www.thomsonone.com
12

Full Year 2012 | Mergers & Acquisitions | Financial Advisors

EMEA Rankings
Any Italian Involvement Announced (AD36)

Financial Advisor
Morgan Stanley
Rothschild
Mediobanca
Goldman Sachs & Co
Deutsche Bank
Intesa SanPaolo
KPMG
Societe Generale
JP Morgan
Credit Suisse
Lazard
Bank of America Merrill Lynch
Banco BTG Pactual SA
UniCredit
BNP Paribas SA
Leonardo & Co
Citi
Nomura
Evercore Partners
Santander
Barclays
Banco Bradesco SA
Itau Unibanco
BBVA
HSBC Holdings PLC
Industry Total

Rank Value per Advisor (US$m)


Rank Value
Market
Market
2012 2011
Rank Rank
US$m
Sh (%) Share Ch.
1
18
18,035.6
33.3
18.2
2
15
14,641.6
27.0
7.6
3
12
13,313.9
24.6
2.8
4
4
11,391.5
21.0
-23.6
5
14
11,313.2
20.9
1.2
6
2
10,518.0
19.4
-30.2
7
22
9,280.6
17.1
14.9
8
1
9,223.7
17.0
-33.8
9
24
7,649.8
14.1
12.5
10
3
6,713.0
12.4
-32.8
11
13
6,416.7
11.8
-7.9
12
16
5,765.2
10.6
-8.6
13
26*
5,700.1
10.5
9.2
14
7
4,720.6
8.7
-28.4
15
5
3,654.2
6.7
-36.3
16
17
3,072.9
5.7
-12.2
17
11
2,490.6
4.6
-25.1
18
28
1,998.2
3.7
2.5
19
23
1,962.4
3.6
1.8
20
1,953.7
3.6
3.6
21
8
1,803.6
3.3
-29.3
22*
991.7
1.8
1.8
22*
26*
991.7
1.8
0.5
24
31
779.6
1.4
0.7
25
19
778.3
1.4
-8.2
54,209.8
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

-25.2%
78.5%

Jan 1 Dec 31
# of Deals per Advisor
# of Market Change in
Deals Sh (%) # of Deals
12
1.8 +1

26
3.9
0
40
5.9
-3

9
1.3 +2

24
3.6 +14

27
4.0 -14

22
3.3
-9

7
1.0 -11

7
1.0 +4

7
1.0
-3

26
3.9 +2

7
1.0
-8

15
2.2 +13

21
3.1
-2

13
1.9
-3

25
3.7 +6

10
1.5 +3

5
0.7 +3

2
0.3 +1

4
0.6 +4

2
0.3
-4

1
0.1 +1

1
0.1
-1

6
0.9 +1

3
0.4
-4

673
-189
-21.9%
-21.4%

Financial Advisor
Morgan Stanley
Societe Generale
Goldman Sachs & Co
Rothschild
Mediobanca
Intesa SanPaolo
Lazard
Deutsche Bank
Leonardo & Co
KPMG
Credit Suisse
BNP Paribas SA
Bank of America Merrill Lynch
UniCredit
Barclays
RBS
Banco BTG Pactual SA
Santander
Citi
Evercore Partners
LF Rothschild & Co
Banco Bradesco SA
Itau Unibanco
BBVA
HSBC Holdings PLC
Renaissance Capital Group
Macquarie Group
Industry Total

Rank Value per Advisor (US$m)


Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
12
21,544.0
46.0
14.5
2
11
17,778.6
38.0
4.2
3
2
17,710.0
37.8
-19.1
4
19
16,121.7
34.4
25.3
5
18
14,982.7
32.0
19.6
6
1
13,724.9
29.3
-33.3
7
9
10,902.5
23.3
-11.1
8
7
10,736.9
22.9
-13.3
9
21
10,085.9
21.5
13.6
10
24
9,593.7
20.5
18.5
11
3
9,520.6
20.3
-36.0
12
13
9,407.6
20.1
-7.8
13
8
8,113.6
17.3
-18.8
14
10
3,916.1
8.4
-25.5
15
16
3,253.2
6.9
-16.9
16
15
3,000.0
6.4
-19.8
17
26*
2,338.0
5.0
3.8
18
33
1,953.7
4.2
3.8
19
5
1,515.8
3.2
-48.7
20
25
1,174.2
2.5
1.0
21
1,108.7
2.4
2.4
22*
991.7
2.1
2.1
22*
26*
991.7
2.1
0.9
24
31
779.6
1.7
1.1
25
20
778.3
1.7
-6.7
26*
750.0
1.6
1.6
26*
750.0
1.6
1.6
46,842.2
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

Any Nordic Involvement Announced (AD37)

Financial Advisor
Goldman Sachs & Co
JP Morgan
Deutsche Bank
Morgan Stanley
Rothschild
SEB Enskilda
HSBC Holdings PLC
Nordea
Barclays
UBS
Citi
Credit Suisse
ABG Sundal Collier
Handelsbanken Capital Markets
Bank of America Merrill Lynch
Lazard
Macquarie Group
MCF Corporate Finance GmbH
Perella Weinberg Partners LP
Nomura
Scotiabank
Mitsubishi UFJ Financial Group
National Bank of Canada Fin'l
Rabobank NV
CIMB Group Sdn Bhd
Malayan Banking Bhd
Industry Total

Rank Value per Advisor (US$m)


Rank Value
Market
Market
2012 2011
Rank Rank
US$m
Sh (%) Share Ch.
1
1
14,695.1
18.8
-12.6
2
3
13,406.8
17.2
-3.3
3
2
12,909.9
16.6
-8.9
4
5
11,208.0
14.4
-1.3
5
27
10,304.9
13.2
10.5
6
9
10,141.6
13.0
4.0
7
31
8,148.3
10.4
8.6
8
6
7,719.8
9.9
-2.4
9
14
7,586.4
9.7
4.0
10
13
7,516.3
9.6
3.7
11
18
7,245.6
9.3
4.8
12
8
6,294.4
8.1
-1.1
13
38
5,622.3
7.2
5.9
14
19
4,857.5
6.2
1.8
15
4
4,275.8
5.5
-10.3
16
12
4,043.9
5.2
-0.9
17
50
3,906.1
5.0
4.5
18*
89
3,734.9
4.8
4.7
18*
3,734.9
4.8
4.8
20
24
3,535.8
4.5
1.2
21*
3,474.5
4.5
4.5
21*
3,474.5
4.5
4.5
21*
3,474.5
4.5
4.5
21* 117*
3,474.5
4.5
4.5
25*
2,913.0
3.7
3.7
25*
2,913.0
3.7
3.7
78,023.1
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

-29.9%
274.4%

Jan 1 Dec 31
# of Deals per Advisor
# of Market Change in
Deals Sh (%) # of Deals
10
0.5
-8

11
0.5 -11

10
0.5
-3

11
0.5
-2

10
0.5 +4

43
1.9 +8

3
0.1
-1

28
1.3 +9

7
0.3
-2

6
0.3
-7

11
0.5 +5

8
0.4 +1

13
0.6
-6

17
0.8 +1

5
0.2 -13

4
0.2
-7

2
0.1
-4

5
0.2 +1

1
0.0 +1

3
0.1
0
1
0.0 +1

1
0.0 +1

1
0.0 +1

2
0.1
0
1
0.0 +1

1
0.0 +1

2,221
-412
-15.6%
15.4%

Jan 1 Dec 31

Any Italian Involvement Completed (AF43)

-43.7%
43.0%

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
13
2.6 +1

9
1.8
-4

9
1.8 +4

23
4.5
-5

24
4.7 -14

28
5.5 -11

15
3.0
-7

9
1.8
-3

23
4.5 +6

21
4.2 -11

8
1.6 +1

12
2.4
-5

7
1.4
-6

15
3.0
-8

2
0.4
-2

1
0.2
-2

3
0.6 +1

2
0.4
0
4
0.8
-2

1
0.2
0
1
0.2 +1

1
0.2 +1

1
0.2
-1

4
0.8
-1

2
0.4
-4

1
0.2 +1

1
0.2 +1

506
-201
-28.4%
-41.7%

-45.1%
-15.3%

Jan 1 Dec 31

Any Nordic Involvement Completed (AF44)

Financial Advisor
Deutsche Bank
Morgan Stanley
SEB Enskilda
JP Morgan
Bank of America Merrill Lynch
Rothschild
Credit Suisse
HSBC Holdings PLC
Citi
Goldman Sachs & Co
UBS
Barclays
Nordea
Lazard
Handelsbanken Capital Markets
ABG Sundal Collier
Macquarie Group
Evercore Partners
Carnegie
MCF Corporate Finance GmbH
Perella Weinberg Partners LP
Nomura
Scotiabank
Mitsubishi UFJ Financial Group
National Bank of Canada Fin'l
Industry Total

Rank Value per Advisor (US$m)


Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
3
20,776.7
27.1
7.0
2
5
13,910.2
18.1
3.7
3
14
13,312.2
17.3
11.0
4
2
12,109.1
15.8
-5.0
5
4
11,067.8
14.4
-1.8
6
9
10,811.6
14.1
5.0
7
11
10,735.1
14.0
5.7
8
108*
10,157.2
13.2
13.2
9
13
9,819.6
12.8
5.9
10
1
9,526.7
12.4
-23.5
11
8
9,187.8
12.0
1.5
12
16
8,782.0
11.4
5.7
13
6
7,823.8
10.2
-3.2
14
18
7,554.3
9.8
5.1
15
29
6,434.2
8.4
6.2
16
45
4,973.4
6.5
5.6
17
60
4,501.8
5.9
5.6
18
25
4,378.2
5.7
3.3
19
31
4,246.1
5.5
3.6
20*
81
3,734.9
4.9
4.8
20*
61
3,734.9
4.9
4.6
22
22
3,535.8
4.6
0.5
23*
3,474.5
4.5
4.5
23*
3,474.5
4.5
4.5
23*
3,474.5
4.5
4.5
76,749.6
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

-29.3%
57.0%

Imputed Fees (US$m)


Advisor Market
Market
Fees Sh (%) Share Ch.
17.2
3.4
1.1
11.9
2.3
1.6
38.0
7.4
5.4
34.1
6.6
0.6
26.5
5.1
0.5
37.5
7.3
2.2
33.6
6.5
0.4
15.8
3.1
0.1
23.6
4.6
1.7
2.9
0.6
0.1
13.6
2.6
3.3
16.3
3.2
0.2
10.3
2.0
1.3
17.8
3.5
1.2
8.9
1.7
0.6
6.2
1.2
0.0 7.2
1.4
0.9
4.1
0.8
0.5
2.1
0.4
1.2
3.8
0.7
0.4
.9
0.2
0.2
2.4
0.5
0.5
2.4
0.5
0.4
1.8
0.4
0.2
1.0
0.2
1.2
1.4
0.3
0.3
1.4
0.3
0.3
514.3
100.0

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
12
0.7 +3

11
0.6
-3

41
2.4 +7

12
0.7
-5

7
0.4
-8

12
0.7 +4

10
0.6 +5

6
0.4 +4

10
0.6 +6

10
0.6
-7

9
0.5
-5

10
0.6 +3

21
1.2 +2

6
0.4
-7

16
0.9 +6

13
0.8
0
6
0.4 +3

2
0.1 +1

21
1.2 +7

3
0.2
-1

1
0.1
0
3
0.2
0
1
0.1 +1

1
0.1 +1

1
0.1 +1

1,701
-222
-11.5%
8.0%

Imputed Fees (US$m)


Advisor Market
Market
Fees Sh (%) Share Ch.
47.6
4.1
0.2
35.8
3.1
1.1
57.0
4.9
0.8
35.9
3.1
1.0
20.1
1.7
2.1
30.2
2.6
0.8
65.2
5.6
3.5
15.0
1.3
1.2
18.9
1.6
0.3
43.3
3.7
2.8
31.2
2.7
0.7
26.6
2.3
0.3
39.6
3.4
0.8
11.0
1.0
1.9
40.5
3.5
2.8
18.6
1.6
0.7
9.0
0.8
0.4
12.2
1.1
0.8
24.4
2.1
0.9
4.2
0.4
0.2
3.2
0.3
0.1
10.9
0.9
0.4
1.8
0.2
0.2
1.8
0.2
0.2
1.8
0.2
0.2
1,160.3
100.0
-31.0%
55.5%

* tie

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13

Full Year 2012 | Mergers & Acquisitions | Financial Advisors

EMEA Rankings
Jan 1 Dec 31

Any Benelux Inv Announced (AD40)


Rank Value per Advisor (US$m)
Rank Value
Market
Market
2012 2011
Rank Rank
US$m
Sh (%) Share Ch.
1
11
78,227.1
40.6
28.0
2
1
74,334.8
38.6
3.0
3
4
58,487.0
30.4
8.4
4
2
53,728.8
27.9
-2.9
5
9
49,683.8
25.8
10.3
6
7
47,202.2
24.5
6.9
7
8
43,124.6
22.4
5.4
8
18
28,027.0
14.6
8.7
9
17
23,990.5
12.5
6.5
10
3
21,206.4
11.0
-12.6
11
12
20,566.6
10.7
-0.2
12
13
15,627.0
8.1
0.7
13
10
14,198.7
7.4
-8.0
14
5
13,951.1
7.2
-11.7
15
12,856.0
6.7
6.7
16
24
6,229.0
3.2
0.5
17
19
5,797.7
3.0
-2.4
18
123*
5,438.9
2.8
2.8
19
6
5,141.5
2.7
-15.8
20
54
4,414.8
2.3
1.6
21
96
4,407.8
2.3
2.2
22
14
4,344.2
2.3
-5.0
23
123*
3,999.7
2.1
2.1
24
37*
3,164.9
1.6
0.2
25
26
2,204.8
1.1
-1.2
192,674.7
100.0

Financial Advisor
Lazard
Goldman Sachs & Co
Morgan Stanley
JP Morgan
Bank of America Merrill Lynch
Deutsche Bank
Barclays
Centerview Partners LLC
Rothschild
UBS
BNP Paribas SA
Nomura
Citi
Credit Suisse
Ondra Partners
RBS
HSBC Holdings PLC
Greenhill & Co, LLC
ING
Jefferies & Co Inc
Sberbank CIB
Societe Generale
Evercore Partners
Scotiabank
Santander
Industry Total

27.0%
-28.2%

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

Jan 1 Dec 31

Any Benelux Involvement Completed (AF47)

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
26
1.7 +2

38
2.5 +19

23
1.5 +2

29
1.9 +1

26
1.7 +1

30
2.0 +7

16
1.1
-3

2
0.1 +1

21
1.4
-6

23
1.5 +6

9
0.6 -15

9
0.6
-1

19
1.3
0
20
1.3
-1

1
0.1 +1

12
0.8
-4

9
0.6 +5

4
0.3 +3

32
2.1 -14

8
0.5 +3

4
0.3 +3

12
0.8 +6

6
0.4 +5

1
0.1
-1

4
0.3 +1

1,499
-1,134

Financial Advisor
Morgan Stanley
Goldman Sachs & Co
JP Morgan
Barclays
Lazard
Rothschild
Deutsche Bank
Nomura
BNP Paribas SA
Credit Suisse
Bank of America Merrill Lynch
UBS
Centerview Partners LLC
Citi
ING
Ondra Partners
Standard Chartered PLC
Banco Espirito Santo SA
HSBC Holdings PLC
Sberbank CIB
China Construction Bank
Societe Generale
Jefferies & Co Inc
Scotiabank
Greenhill & Co, LLC
Industry Total

-19.1%
-5.0%

Rank Value per Advisor (US$m)


Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
3
35,916.3
28.2
-9.5
2
1
35,591.5
27.9
-28.4
3
2
32,409.9
25.4
-17.9
4
21
31,668.9
24.8
15.7
5
6
29,119.4
22.8
-1.1
6
12
28,092.5
22.0
3.9
7
9
27,703.6
21.7
-0.5
8
14
21,377.6
16.8
1.0
9
8
20,733.8
16.3
-6.3
10
7
17,369.1
13.6
-9.8
11
4
17,131.1
13.4
-15.5
12
5
16,400.4
12.9
-13.9
13
66*
15,541.4
12.2
12.0
14
10
14,728.3
11.6
-9.5
15
19
13,905.9
10.9
-1.8
16
17*
12,856.0
10.1
-3.6
17
60*
5,200.0
4.1
3.7
18
86*
4,947.8
3.9
3.8
19
13
4,147.0
3.3
-13.6
20
99
3,861.7
3.0
3.0
21
69*
3,515.9
2.8
2.7
22
11
3,506.5
2.8
-16.9
23
49
3,316.8
2.6
1.7
24
41
3,164.9
2.5
1.4
25
97*
3,095.4
2.4
2.4
127,520.7
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

-30.4%
-45.9%

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
21
1.7
0
26
2.1 +3

23
1.9
-6

17
1.4 +3

23
1.9
-3

17
1.4 -12

26
2.1 +5

9
0.7
-1

12
1.0 -10

16
1.3
-4

21
1.7
-7

19
1.6
-1

2
0.2 +1

17
1.4 +6

22
1.8 -23

1
0.1
0
1
0.1
0
3
0.2 +2

5
0.4 +2

2
0.2 +1

1
0.1
-1

8
0.7 +3

5
0.4
-1

2
0.2 +1

3
0.2 +2

1,215
-708

Imputed Fees (US$m)


Advisor Market
Market
Fees Sh (%) Share Ch.
69.7
4.5
0.6
101.6
6.6
0.8
91.6
5.9
2.0
59.4
3.9
0.5
65.6
4.3
0.3
66.8
4.3
1.2
86.6
5.6
1.8
27.5
1.8
0.2
32.4
2.1
1.8
54.0
3.5
0.6
52.0
3.4
2.4
54.3
3.5
0.9
30.4
2.0
1.9
37.3
2.4
0.6
30.2
2.0
1.4
11.6
0.8
0.8
20.9
1.4
1.3
8.2
0.5
0.5
6.3
0.4
0.2
4.5
0.3
0.3
2.1
0.1
0.1
13.4
0.9
0.2
27.5
1.8
1.0
17.7
1.2
1.1
20.6
1.3
1.3
1,541.2
100.0

-20.5%
-6.3%

-21.7%
-31.4%

* tie

Jan 1 Dec 31 2012

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


$40.6

$35.3

$1,000

$198.0

$53.3

Inbound (US$b)

Outbound (US$b)

2,500

Number of deals

$900

$55.0

$800

$55.4
$196.9

$700

$131.8
$130.9

Energy and Power

Financials

Industrials

Real Estate

Materials

Consumer Staples

Retail

Healthcare

Telecommunications

High Technology

Consumer Products and Services

Media and Entertainment

Rank Value (US$b)

$86.9
$117.9

2,000

$600

1,500

$500
$400

# of Deals

$42.8

Quarterly EMEA Cross Border Volume

1,000

$300
$200

500

$100
$0

0
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4

Government and Agencies

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

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14

Full Year 2012 | Mergers & Acquisitions | Financial Advisors

Asia Pacific (ex-Japan) M&A


Asian M&A Recovers I Fees Earned Drop 29% I Australian M&A Value Halved
Asia Pacific (ex-Japan) Deals Intelligence

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

M&A activity with Asian involvement in 2012 increased 16.7% over 2011, to US$488.9 billion, from the US$420.2 billion
recorded last year. Deals in the Energy & Power sector registered the highest value in 2012, accruing US$82 billion in
activity from 637 deals. The Materials sector reached US$64.1 billion in value, from a market-leading deal count of
1,429. Activity in the Financials sector amounted to US$63.6 billion from 992 deals.

Rank Val US$m

Energy and Power


Goldman Sachs & Co
BMO Capital Markets
RBC Capital Markets
Citi
Materials
Citi
Morgan Stanley
Goldman Sachs & Co
Financials
Morgan Stanley
HSBC Holdings PLC
UBS
Consumer Staples
Goldman Sachs & Co
Credit Suisse
Morgan Stanley
Industrials
Morgan Stanley
Credit Suisse
Citi

Estimated buy-side and sell-side banking fees earned in the region totaled US$2.4 billion, a 25.5% decrease from totals
recorded last year, according to Thomson Reuters/Freeman Consulting. Goldman Sachs, the top earner, accumulated
US$141.4 million in fees, a 5.9% wallet share. Credit Suisse placed second, grossing US$119.5 million. Citi followed,
with US$110.4 million.
China outbound activity in the fourth quarter of 2012 decreased by 15.2% compared to the fourth quarter last year,
reaching US$18.1 billion. Despite being behind 2011 totals at the end of the third quarter, China cross border activity for
full-year 2012 reached US$96.7 billion, just surpassing the US$91 billion in activity recorded last year.
Australian M&A activity amounted to US$88 billion, a 50% decline from the US$173 billion grossed in 2011. Australian
cross border activity totaled US$46.6 billion in 2012, falling far short of the US$88.9 billion accrued last year. Foreign
companies invested US$11.2 billion in the Australian Materials sector, representing 28.6% of inbound volume.

China Cross Border Announced M&A

82,019.8
30,037.7
23,531.1
19,965.6
18,137.3
64,143.7
8,035.5
6,231.6
5,678.3
63,580.2
12,738.6
12,424.1
11,669.9
57,755.7
25,559.6
23,071.7
18,868.8
51,911.4
12,303.9
6,459.8
5,630.0

Mkt.
Share

1
2
3
4

36.6
28.7
24.3
22.1

1
2
3

12.5
9.7
8.9

1
2
3

20.0
19.5
18.4

1
2
3

44.3
40.0
32.7

1
2
3

23.7
12.4
10.9

No. Deals

637
9
2
3
5
1,429
13
8
6
992
10
10
8
616
11
8
9
1,348
8
7
7

Asian Completed M&A by Region - Imputed Fees


Outbound (US$b)

$50

100%

$0.5

Inbound (US$b)

North Asia

South Asia

Southeast Asia

Australasia

$0.4

% of Cross Border is Outbound

80%

60%

$20

40%

$10

Imputed Fees (US$b)

$30

$0.4

% Outbound

$40
Rank Value (US$b)

Rank

Jan 1 - Dec 31 2012

$0.3
$0.3
$0.2
$0.2
$0.1

20%

$0.1

$0.0
1Q09

4Q12

3Q12

2Q12

1Q12

4Q11

3Q11

2Q11

1Q11

4Q10

3Q10

2Q10

1Q10

4Q09

3Q09

2Q09

1Q09

4Q08

3Q08

2Q08

1Q08

4Q07

0%
3Q07

$0

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

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


Rank Date
8/22/2012
7/23/2012
11/15/2012
12/5/2012
9/13/2012
5/20/2012
9/1/2012
6/28/2012
11/26/2012
4/2/2012

Date Effective
Pending
Pending
Pending
Pending
Pending
9/18/2012
9/1/2012
12/12/2012
Pending
Pending

Target (% Sought/Acquired)
China Telecom Corp-3G Assets (100%)
Nexen Inc (100%)
Fraser & Neave Ltd (100%)
Ping An Insurance(Group)Co (15.6%)
Fraser & Neave Ltd (69.6%)
Alibaba Group Holding Ltd (20%)
Hankook Tire Co Ltd-Tire Bus (100%)
Progress Energy Resources Corp (100%)
NCOC BV (8.4%)
Bank Danamon Tbk PT (67.4%)

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

Jan 1 - Dec 31 2012


Acquiror
China Telecom Corp Ltd
CNOOC Canada Holding Ltd
OUE Baytown Pte Ltd
Investor Group
TCC Assets Ltd
Alibaba Group Holding Ltd
Shareholders
Petronas Carigali Canada Ltd
ONGC Videsh Ltd
DBS Group Holdings Ltd

Acquiror / Target Nation


China / China
Canada / Canada
Singapore / Singapore
Thailand / China
British Virgin / Singapore
China / China
South Korea / South Korea
Canada / Canada
India / Kazakhstan
Singapore / Indonesia

Rank Value (US$m)


18,047.3
17,665.6
12,491.0
9,385.9
9,219.3
7,100.0
6,090.6
5,865.5
5,000.0
4,970.5

Target Macro / Mid Industry


Telecommunications / Wireless
Energy and Power / Oil & Gas
Consumer Staples / Food and Beverage
Financials / Insurance
Consumer Staples / Food and Beverage
Consumer Products and Services / Professional Services
Industrials / Automobiles & Components
Energy and Power / Oil & Gas
Energy and Power / Oil & Gas
Financials / Banks

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15

Full Year 2012 | Mergers & Acquisitions | Financial Advisors

Asia (ex-Japan) Rankings


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

Financial Advisor
Goldman Sachs & Co
Morgan Stanley
Credit Suisse
Citi
UBS
JP Morgan
Bank of America Merrill Lynch
HSBC Holdings PLC
Deutsche Bank
China International Capital Co
BMO Capital Markets
CIMB Group Sdn Bhd
RBC Capital Markets
DBS Group Holdings
Barclays
Rothschild
Standard Chartered PLC
Moelis & Co
Nomura
Ondra Partners
United Overseas Bank Ltd
KPMG
Malayan Banking Bhd
Allen & Co Inc
Somerley Ltd
Industry Total

Rank Value per Advisor (US$m)


Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
1
100,460.9
20.6
9.7
2
2
75,363.4
15.4
5.1
3
6
68,469.0
14.0
7.4
4
3
64,959.7
13.3
3.8
5
4
54,966.7
11.2
2.8
6
8
48,913.0
10.0
4.5
7
5
41,305.0
8.5
0.8
8
10
38,917.7
8.0
4.6
9
7
35,066.8
7.2
1.5
10
20
24,582.6
5.0
3.0
11
39
23,531.1
4.8
3.7
12
12
23,099.7
4.7
1.5
13
18
21,339.6
4.4
2.0
14
41
18,190.0
3.7
2.6
15
16
16,018.7
3.3
0.7
16
9
15,794.5
3.2
-1.1
17
19
11,136.1
2.3
0.0 18
52
9,833.4
2.0
1.3
19
11
9,423.8
1.9
-1.4
20
9,385.9
1.9
1.9
21
9,288.0
1.9
1.9
22
21
8,832.9
1.8
-0.2
23
13
8,108.4
1.7
-1.5
24
8,091.3
1.7
1.7
25
50
7,695.5
1.6
0.9
488,863.2
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

16.7%
-3.2%

Any Australian Involvement Announced (AD24)

Financial Advisor
Macquarie Group
Credit Suisse
Citi
Goldman Sachs & Co
Rothschild
Morgan Stanley
UBS
RBC Capital Markets
Barclays
Greenhill & Co, LLC
Moelis & Co
KPMG
Deutsche Bank
Aquasia Pty Ltd
HSBC Holdings PLC
JP Morgan
Bank of America Merrill Lynch
BMO Capital Markets
Lazard
Evercore Partners
Gresham Partners
Canaccord Genuity
Grant Samuel
Haywood Securities Ltd.
Wells Fargo & Co
Industry Total

Rank Value per Advisor (US$m)


Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
8
14,088.9
16.0
3.1
2
17
13,043.2
14.8
9.2
3
19
11,257.7
12.8
7.6
4
1
10,281.3
11.7
-28.2
5
16
7,540.6
8.6
0.6
6
7
7,301.2
8.3
-6.8
7
2
7,277.9
8.3
-23.3
8
13
4,940.7
5.6
-3.4
9
6
4,443.5
5.1
-12.4
10
27
3,907.8
4.4
2.2
11
5
3,484.0
4.0
-13.9
12
24
2,960.3
3.4
0.8
13
12
2,444.7
2.8
-6.5
14
22
2,184.3
2.5
-0.4
15
119*
2,116.0
2.4
2.4
16
3
2,060.7
2.3
-21.0
17
15
1,925.2
2.2
-6.4
18
39*
1,622.5
1.8
1.1
19
4
1,443.0
1.6
-16.6
20
50
1,310.8
1.5
1.2
21
10
1,309.3
1.5
-8.9
22
59
1,183.2
1.3
1.2
23
26
1,141.6
1.3
-1.1
24
1,137.3
1.3
1.3
25
18
982.9
1.1
-4.3
88,033.1
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

-49.1%
41.2%

Jan 1 Dec 31
# of Deals per Advisor
# of Market Change in
Deals Sh (%) # of Deals
76
0.9 +18

66
0.8 +21

49
0.6 +5

64
0.7 +13

40
0.5 -12

41
0.5
-2

21
0.2 -18

31
0.4
-3

37
0.4
-5

21
0.2
-7

2
0.0
-6

48
0.5 -25

7
0.1 +1

18
0.2
0
28
0.3 +9

24
0.3
-4

26
0.3 +8

8
0.1 +3

25
0.3 -14

1
0.0 +1

4
0.0 +4

53
0.6 -14

20
0.2 -15

2
0.0 +2

28
0.3
-4

8,738
-1,011
-10.4%
9.0%

Jan 1 Dec 31
# of Deals per Advisor
# of Market Change in
Deals Sh (%) # of Deals
42
2.2
-5

17
0.9 +6

8
0.4
-2

22
1.2 -27

19
1.0 +4

11
0.6
-2

17
0.9 -29

11
0.6 +5

7
0.4
0
8
0.4 +1

6
0.3
-6

17
0.9 -14

9
0.5
-6

1
0.1
-2

3
0.2 +2

10
0.5 -11

6
0.3
-8

6
0.3 +5

8
0.4
-5

4
0.2 +1

12
0.6
-2

3
0.2
0
9
0.5 +1

3
0.2 +3

4
0.2 +3

1,897
+83
4.6%
-11.9%

Jan 1 Dec 31

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

Financial Advisor
Goldman Sachs & Co
Credit Suisse
Morgan Stanley
UBS
JP Morgan
Citi
Deutsche Bank
HSBC Holdings PLC
Rothschild
Bank of America Merrill Lynch
China International Capital Co
CIMB Group Sdn Bhd
Standard Chartered PLC
Moelis & Co
Malayan Banking Bhd
CITIC
Allen & Co Inc
Nomura
Macquarie Group
KPMG
BMO Capital Markets
Barclays
Scotiabank
Societe Generale
AMMB Holdings Bhd
Industry Total

Rank Value per Advisor (US$m)


Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
1
47,835.3
15.5
0.2
2
4
44,303.0
14.4
5.1
3
2
40,973.3
13.3
-1.2
4
6
31,897.5
10.4
2.3
5
7
29,061.0
9.4
1.4
6
3
26,108.3
8.5
-2.1
7
8
20,243.6
6.6
-1.2
8
13
18,465.2
6.0
2.0
9
9
17,457.4
5.7
-0.2
10
5
16,524.9
5.4
-3.7
11
14
14,279.9
4.6
1.3
12
15
10,806.6
3.5
0.4
13
32
9,984.1
3.2
1.6
14
51
9,866.7
3.2
2.4
15
21
8,441.1
2.7
0.4
16
23
8,189.6
2.7
0.5
17
8,091.3
2.6
2.6
18
12
8,007.2
2.6
-1.6
19
24
7,996.6
2.6
0.5
20
28
7,198.8
2.3
0.5
21
45
7,085.9
2.3
1.2
22
10
6,490.3
2.1
-2.9
23
54
5,865.5
1.9
1.3
24
5,391.9
1.8
1.8
25
53
5,386.5
1.8
1.1
307,771.6
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

-14.3%
7.1%

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
58
1.2 +7

35
0.7 -13

39
0.8 -18

33
0.7 -16

31
0.6 -10

37
0.7
-7

32
0.6
-8

28
0.6
-2

25
0.5
-2

18
0.4 -12

15
0.3
-9

50
1.0 +1

13
0.3
-9

8
0.2 +4

25
0.5 +7

24
0.5 +16

2
0.0 +2

18
0.4 -18

13
0.3 -13

34
0.7 -24

2
0.0
-6

13
0.3 -10

1
0.0
0
5
0.1 +5

31
0.6 +11

4,971
-5,663
-12.2%
0.5%

-25.5%
38.3%

Jan 1 Dec 31

Any Australian Involvement Completed (AF31)

Financial Advisor
Goldman Sachs & Co
UBS
Macquarie Group
Lazard
Credit Suisse
Gresham Partners
Citi
Aquasia Pty Ltd
RBC Capital Markets
JP Morgan
Morgan Stanley
Rothschild
Deutsche Bank
Grant Samuel
Bank of America Merrill Lynch
KPMG
Moelis & Co
Fort Street Advisers
BMO Capital Markets
RBS
Blackstone Group LP
Azure Capital
Paradigm Capital Inc
Nomura
Evercore Partners
Industry Total

Rank Value per Advisor (US$m)


Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
2
25,682.3
28.5
-5.1
2
1
21,329.1
23.7
-17.0
3
3
20,901.9
23.2
-1.0
4
4
11,215.8
12.5
-7.0
5
17
9,537.3
10.6
5.0
6
10
8,457.3
9.4
-3.0
7
20
8,174.4
9.1
4.7
8
73
7,192.9
8.0
8.0
9
15
6,735.0
7.5
0.6
10
5
6,594.4
7.3
-11.8
11
8
6,201.0
6.9
-8.9
12
14
5,245.5
5.8
-1.6
13
6
4,407.4
4.9
-13.3
14
46
4,348.5
4.8
4.5
15
16
3,751.2
4.2
-2.2
16
25
3,105.1
3.5
1.0
17
9
2,864.9
3.2
-12.3
18
39
1,871.6
2.1
1.7
19
37
1,764.1
2.0
1.5
20
11
1,491.1
1.7
-8.7
21
43
1,432.1
1.6
1.3
22
63
1,384.5
1.5
1.4
23
1,365.5
1.5
1.5
24
22
1,242.7
1.4
-1.3
25
42
1,222.1
1.4
1.0
90,015.9
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

-51.4%
45.9%

Imputed Fees (US$m)


Advisor Market
Market
Fees Sh (%) Share Ch.
141.4
5.9
0.4
119.5
5.0
1.3
102.1
4.2
1.2
91.7
3.8
0.1
79.5
3.3
0.4
110.4
4.6
1.0
66.5
2.8
1.4
53.6
2.2
0.8
65.2
2.7
0.5
62.5
2.6
0.8
11.7
0.5
0.1
36.3
1.5
0.2
18.9
0.8
0.1
29.6
1.2
0.6
30.4
1.3
0.9
12.5
0.5
0.2
6.6
0.3
0.3
40.8
1.7
0.1
33.2
1.4
0.6
4.7
0.2
0.1
31.8
1.3
0.7
37.2
1.5
0.3
.6
0.0
0.1
19.2
0.8
0.8
22.0
0.9
0.4
2,415.0
100.0

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
28
2.0 -13

25
1.8 -23

36
2.6
-9

9
0.7
-7

12
0.9
-2

10
0.7
-6

7
0.5
-1

4
0.3
0
10
0.7 +5

13
0.9
-1

14
1.0
0
10
0.7
-5

12
0.9
-7

9
0.7 +5

5
0.4
-5

19
1.4
-6

6
0.4
-1

4
0.3 +2

6
0.4 +5

7
0.5
-1

1
0.1
-1

6
0.4 +4

2
0.1 +2

4
0.3
-3

3
0.2
-1

1,369
-53
-3.7%
-16.5%

Imputed Fees (US$m)


Advisor Market
Market
Fees Sh (%) Share Ch.
91.6
7.6
1.2
71.5
5.9
5.5
102.8
8.5
1.1
31.5
2.6
1.4
44.5
3.7
1.1
34.0
2.8
0.0 31.9
2.7
0.7
16.7
1.4
1.3
26.8
2.2
0.8
43.5
3.6
0.1
43.5
3.6
0.9
40.3
3.4
0.8
31.9
2.7
0.8
20.2
1.7
1.4
18.6
1.5
0.2
3.1
0.3
0.1
14.3
1.2
0.2
3.0
0.3
0.0 10.0
0.8
0.5
10.4
0.9
0.4
4.2
0.4
0.1
6.8
0.6
0.5
4.8
0.4
0.4
9.7
0.8
0.8
14.5
1.2
0.6
1,205.5
100.0
-35.4%
31.1%

* tie

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16

Full Year 2012 | Mergers & Acquisitions | Financial Advisors

Asia (ex-Japan) Rankings


Asia (ex-Japan) Buyside Financial Sponsor Activity
$50

Q4 Volume (US$b)

$45

Q3 Volume (US$b)

18%
16%

Q1 Volume (US$b)
14%

% of Asia (ex-Japan) Volume


YTD

$30

12%

$25

10%

$20

8%

$15

6%

$10

4%

$5

2%

$0

0%
0.9

1.4

3.4

6.5

8.2

3.8

14.0

1.5

7.6

15.1

% of Asia (ex-Japan) Volume

8.8

Financial Advisor
UBS
Goldman Sachs & Co
First NZ Capital
Macquarie Group
Credit Suisse
Banco BTG Pactual SA
Itau Unibanco
Industry Total

10.3%
-10.6%

Jan 1 Dec 31

Any New Zealand Involvement Completed (AF46)


Rank Value per Advisor (US$m)
Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
3
2,456.2
43.3
13.5
2
8
2,393.1
42.2
27.7
3
17
1,780.1
31.4
30.4
4
6
1,083.3
19.1
-1.5
5
7
874.7
15.4
0.6
5,668.1
100.0

Financial Advisor
Goldman Sachs & Co
UBS
Deutsche Bank
First NZ Capital
Macquarie Group
Industry Total

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
9
6.0
-3

4
2.7
-1

3
2.0
-1

3
2.0
-3

4
2.7
-2

150
-18

-61.3%
700.8%

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter
* tie

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

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
3
1.4 +1

8
3.7
-6

3
1.4
-1

4
1.9
-1

1
0.5
-5

1
0.5 +1

1
0.5 +1

215
+20

-62.1%
0.7%

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter
* tie

Imputed Fees (US$m)


Advisor Market
Market
Fees Sh (%) Share Ch.
11.7
13.5
1.1
12.1
14.0
5.2
3.0
3.4
0.7
8.3
9.6
6.2
7.7
8.9
0.3
86.6
100.0

-10.7%
-6.8%

-57.5%
410.5%

Australian Cross Border Announced M&A


$40

100%

Outbound (US$b)
Inbound (US$b)
% of Cross Border is Outbound

9%

80%

12%

$30

7%

5%
15%
4%

17%

2%

2%

3%

4%

60%

$20

40%

Outbound

10%

Rank Value (US$b)

$10
20%

4Q12

3Q12

2Q12

1Q12

4Q11

3Q11

0%
2Q11

Government and Agencies

$0
1Q11

Retail

4Q10

Healthcare

3Q10

Consumer Products and Services

2Q10

Media and Entertainment


1Q10

Telecommunications

4Q09

High Technology

3Q09

Real Estate

2Q09

Industrials

1Q09

Consumer Staples

4Q08

Financials

3Q08

Materials

2Q08

Energy and Power

1Q08

Rank Value (US$b)

$35

Rank Value per Advisor (US$m)


Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
9
2,104.0
36.7
27.1
2
2
1,313.2
22.9
-17.0
3
5
1,083.3
18.9
-1.0
4
8
908.0
15.8
6.0
5*
1
522.2
9.1
-48.5
5*
522.2
9.1
9.1
5*
522.2
9.1
9.1
5,736.8
100.0

20%

Q2 Volume (US$b)

$40

Jan 1 Dec 31

Any New Zealand Inv Announced (AD39)

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17

Full Year 2012 | Mergers & Acquisitions | Financial Advisors

Japan M&A
Japanese Announced M&A Down 1.3% | Outbound Deals & Japanese Fees Volume Reach Record High
Japan Deals Intelligence

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


Rank Val
US$m

In 2012, announced M&A activity with Japanese involvement reached US$182.7 billion, a 1.3% decrease from the
US$185 billion of value recorded in 2011. In spite of the slight annual decline, the fourth quarter of 2012 recorded the
highest quarterly announced volume for Japanese deals since 2000, with deal value reaching US$60 billion.

Energy and Power


Nomura
JP Morgan
Mizuho Financial Group
Telecommunications
Mizuho Financial Group
Citi
Deutsche Bank
Rothschild
UBS
The Raine Group LLC
High Technology
Goldman Sachs & Co
Mizuho Financial Group
Plutus Consulting Co Ltd
Industrials
Nomura
Mitsubishi UFJ Morgan Stanley
Mizuho Financial Group
Consumer Staples
Nomura
Bank of America Merrill Lynch
Mizuho Financial Group

SoftBanks acquisition of a 70% interest in Sprint Nextel worth $20.1 billion was 2012s largest Japanese announced
and cross-border transaction, as well as the eighth largest Japanese involvement deal in history.
Japanese outbound M&A reached a record high in 2012, with 679 deals accruing $85.9 billion, a 23.4% increase in
value compared to 2011. US target transactions accounted for approximately 64% of the total value. Three US-target
dealsSoftBanks acquisition of Sprint Nextel, Marubenis acquisition of Gavilon Group, and Daikin Industries
acquisition of Goodman Global Groupwere included in the list of top ten deals with Japanese involvement in 2012.

On average, acquirors paid 10.3x EBITDA for Japanese targets in 2012, representing a decline of 2.5 "turns" from 2011
averages. Average bid premia (to 4-week prior stock price) for Japanese targets increased 0.8 percetage points over
2011to 35.5%.

Rank

30,805.9
19,379.9
17,577.9
13,756.5
21,225.0
20,818.2
20,814.1
20,140.0
20,140.0
20,140.0
20,140.0
21,091.8
9,452.5
9,344.4
6,381.1
17,590.9
6,586.2
5,312.6
4,864.0
16,943.0
10,356.5
9,907.3
7,478.9

Mkt.
Share

1
2
3

62.9
57.1
44.7

1
2
3*
3*
3*
3*

98.1
98.1
94.9
94.9
94.9
94.9

1
2
3

44.8
44.3
30.3

1
2
3

37.4
30.2
27.7

1
2
3

61.1
58.5
44.1

Jan 1 - Dec 31 2012


No. Deals

101
10
3
9
26
3
2
1
1
1
1
506
6
26
5
440
28
11
26
226
16
5
13

* tie

$200

Japanese Outbound M&A Target Nation Region


60

3,500

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

Q2 Volume (US$b)

3,000

Q1 Volume (US$b)
# of Deals

50

2,500

$125
2,000
$100

1,500
$75
1,000

$50

350

Asia Pacific

300

Americas Number of Deals

# of Deals

Rank Value (US$b)

$150

400

Americas
Europe

Rank Value (US$b)

$175

Jan 1 - Dec 31

40

Asia Pacific Number of Deals

250

Europe Number of Deals

30

200

# of Deals

Any Japanese Involvement Announced M&A

150

20

100
500

$25
$0

10

50

0
2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

0
2006

2007

2008

2009

Top Ten Japanese Involvement Announced Deals


Rank Date
10/15/2012
5/9/2012
5/29/2012
11/19/2012
1/29/2012
10/1/2012
7/12/2012
8/29/2012
10/24/2012
2/29/2012

Date Effective
Pending
7/31/2012
Pending
12/14/2012
6/1/2012
Pending
Pending
11/1/2012
Intended
4/25/2012

Target (% Sought/Acquired)
Sprint Nextel Corp (70%)
TEPCO (75.73%)
Gavilon Group LLC (100%)
Annington Homes Ltd (100%)
Exxon Mobil (99%)
eAccess Ltd (100%)
Aegis Group PLC (86.4%)
Goodman Global Group Inc (100%)
Jupiter Telecommunications (28.6%)
Boston Biomedical Inc (100%)

2010

2011

2012

Jan 1 - Dec 31 2012


Acquiror
SoftBank Corp
NDF
Marubeni Corp
Terra Firma Capital Partners
TonenGeneral Sekiyu KK
SoftBank Corp
Dentsu Inc
Daikin Industries Ltd
Investor Group
Dainippon Sumitomo Pharma Co

Acquiror / Target Nation


Japan / United States
Japan / Japan
Japan / United States
United Kingdom / United Kingdom
Japan / Japan
Japan / Japan
Japan / United Kingdom
Japan / United States
Japan / Japan
Japan / United States

Rank Value (US$m)


20,140.0
12,612.0
5,600.0
5,089.0
4,965.9
4,515.9
4,311.2
3,700.0
2,707.2
2,630.0

Target Macro / Mid Industry


Telecommunications / Telecommunications Services
Energy and Power / Power
Consumer Staples / Agriculture & Livestock
Real Estate / Residential
Energy and Power / Oil & Gas
High Technology / Internet Software & Services
Media and Entertainment / Advertising & Marketing
Industrials / Other Industrials
Media and Entertainment / Broadcasting
Healthcare / Biotechnology

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18

Full Year 2012 | Mergers & Acquisitions | Financial Advisors

Japan Rankings
Any Japanese Involvement Announced (AD19)

Financial Advisor
Mizuho Financial Group
Nomura
Mitsubishi UFJ Morgan Stanley
JP Morgan
Goldman Sachs & Co
UBS
Sumitomo Mitsui Finl Grp Inc
Citi
Deutsche Bank
Rothschild
The Raine Group LLC
Bank of America Merrill Lynch
Barclays
KPMG
Daiwa Securities Group Inc
GCA Savvian Group Corp
Plutus Consulting Co Ltd
Greenhill & Co, LLC
Credit Suisse
Sangyo Sosei Advisory Inc
Jefferies & Co Inc
RBC Capital Markets
Credit Agricole CIB
Societe Generale
Deloitte
Industry Total

Jan 1 - Dec 31

Rank Value per Advisor (US$m)


Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
3
63,812.1
34.9
8.7
2
1
63,798.3
34.9
-1.6
3
6
52,015.0
28.5
4.5
4
8
36,316.8
19.9
-0.3
5
2
30,470.8
16.7
-18.8
6
11
29,084.3
15.9
6.8
7
7
28,704.0
15.7
-4.6
8
14
28,062.2
15.4
11.4
9
5
27,483.9
15.0
-10.8
10
22
24,787.7
13.6
11.7
11
20,140.0
11.0
11.0
12
4
19,005.8
10.4
-15.6
13
32
15,318.0
8.4
7.7
14
18
10,691.4
5.9
3.7
15
9
10,674.2
5.8
-10.5
16
21
7,750.6
4.2
2.1
17
31
7,012.1
3.8
3.0
18
43
5,689.6
3.1
2.7
19
10
5,494.1
3.0
-9.1
20
23
4,515.9
2.5
1.0
21
4,229.4
2.3
2.3
22
3,729.4
2.0
2.0
23*
3,140.3
1.7
1.7
23*
3,140.3
1.7
1.7
25
12
2,762.1
1.5
-5.8
182,703.5
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter
* tie

-1.3%
41.4%

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
138
5.0 +13

152
5.5
-1

111
4.0 +58

19
0.7
-5

37
1.3 +1

10
0.4
-9

117
4.2
-6

15
0.5 +3

25
0.9 +4

9
0.3
-6

1
0.0 +1

21
0.8
-2

51
1.8 +45

82
2.9 +40

63
2.3 +1

36
1.3
-8

21
0.8 +4

7
0.3 +6

13
0.5
-6

2
0.1
-3

6
0.2 +6

5
0.2 +5

2
0.1 +2

3
0.1 +3

61
2.2 +28

2,780
+117
4.4%
5.3%

Any Japanese Involvement Completed (AF23)

Financial Advisor
Mitsubishi UFJ Morgan Stanley
Nomura
Mizuho Financial Group
JP Morgan
Sumitomo Mitsui Finl Grp Inc
Bank of America Merrill Lynch
Goldman Sachs & Co
Daiwa Securities Group Inc
Deutsche Bank
Barclays
Citi
GCA Savvian Group Corp
UBS
Credit Suisse
KPMG
Lazard
Rothschild
Macquarie Group
Credit Agricole CIB
Societe Generale
Jefferies & Co Inc
Sangyo Sosei Advisory Inc
Deloitte
RBC Capital Markets
Brown Brothers Harriman & Co
Industry Total

Rank Value per Advisor (US$m)


Rank Value Market
Market
2012 2011
Rank Rank
US$m Sh (%) Share Ch.
1
4
63,898.9
37.9
21.5
2
1
59,166.5
35.0
-15.1
3
11
58,459.2
34.6
25.5
4
3
53,779.9
31.9
10.7
5
7
48,805.2
28.9
15.5
6
5
46,548.3
27.6
12.3
7
2
44,749.2
26.5
3.3
8
12
32,679.5
19.4
10.5
9
8
28,836.3
17.1
5.1
10
19
14,719.4
8.7
5.6
11
10
11,130.8
6.6
-3.6
12
22
7,469.0
4.4
1.9
13
6
6,831.6
4.1
-10.1
14
9
6,022.2
3.6
-8.1
15
21
5,903.9
3.5
0.9
16
15
5,377.0
3.2
-3.9
17
24
4,883.8
2.9
0.9
18
36
4,319.1
2.6
2.0
19*
3,140.3
1.9
1.9
19*
3,140.3
1.9
1.9
21
2,773.3
1.6
1.6
22
81
2,674.2
1.6
1.5
23
13
2,556.1
1.5
-6.9
24
2,273.3
1.4
1.4
25
2,122.1
1.3
1.3
168,833.6
100.0

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

Japanese Involvement Announced M&A Target Industry by Value

Jan 1 - Dec 31

5.6%
13.1%

# of Deals per Advisor


# of Market Change in
Deals Sh (%) # of Deals
93
4.6 +43

147
7.2 +18

145
7.1 +41

20
1.0
-1

124
6.1 +11

15
0.7
-6

39
1.9 +16

59
2.9 +5

21
1.0 +5

52
2.6 +45

20
1.0 +11

41
2.0 +6

12
0.6 +1

16
0.8 +4

70
3.4 +28

12
0.6 +6

9
0.4
-2

9
0.4 +6

2
0.1 +2

2
0.1 +2

5
0.2 +5

5
0.2 +4

47
2.3 +19

4
0.2 +4

1
0.0 +1

2,029
+209

Imputed Fees (US$m)


Advisor Market
Market
Fees Sh (%) Share Ch.
154.4
8.6
3.0
193.5
10.8
0.1
107.9
6.0
1.6
99.5
5.5
1.4
81.2
4.5
0.9
108.2
6.0
1.9
131.1
7.3
0.6
62.3
3.5
0.1
35.3
2.0
1.3
56.4
3.1
2.0
60.1
3.4
1.3
34.0
1.9
0.2
30.0
1.7
2.4
36.6
2.0
1.2
7.4
0.4
0.0 43.0
2.4
0.9
14.9
0.8
0.7
24.0
1.3
0.8
5.6
0.3
0.3
7.2
0.4
0.4
22.3
1.2
1.2
4.9
0.3
0.3
20.6
1.2
0.9
13.3
0.7
0.7
8.4
0.5
0.5
1,794.9
100.0

11.5%
-14.6%

19.5%
5.0%

Japanese Target Completed M&A Fees


$1,200

3000

4Q
3Q

9.3%

9.6%

$800

8.2%
11.6%

7.7%
6.5%
4.8%

Imputeed Fees (US$mil)

11.5%

2.2% 3.3%

2500

307.2

1Q

8.4%

16.9%

248.6

2Q

Telecommunications

High Technology

Industrials

Consumer Staples

Materials

Real Estate

Financials

Media and Entertainment

Healthcare

Retail

Consumer Products and Services

238.1

228.1
275.8

219.3

$600

215.0

305.8

176.4

287.1
151.7
121.4

$400
139.9

198.7

110.5
158.7

127.0
108.6

227.0

166.8

282.4

1000
170.1

187.0

215.9

180.0
316.7

163.0

254.9

131.2
309.6

99.0
135.2

318.4

174.5

2000

1500
185.6

$200

Energy and Power

YTD Number of Deals

237.2

215.2

330.9

235.1

500
271.4

271.1

Number of Deals

$1,000

135.1

222.6

202.0

$0

0
2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

https://www.thomsonone.com
19

Full Year 2012 | Mergers & Acquisitions | Financial Advisors

Fairness Opinion Rankings


Jan 1 Dec 31

Worldwide Announced
Fairness Opinion
Based on Number of Transactions

Fairness Opinion Provider


JP Morgan
Houlihan Lokey
Stout Risius Ross Inc
KPMG
Duff and Phelps
Barclays
Nomura
CITIC
Morgan Stanley
UBS
Deutsche Bank
RBC Capital Markets
China International Capital Co
Credit Suisse
Bank of America Merrill Lynch
Sandler O'Neill Partners
Rothschild
Citi
BMO Capital Markets
Haitong Securities Co Ltd
Goldman Sachs & Co
Huatai United Securities Co
Southwest Securities Co Ltd
Guangdong Securities
Industry Total

Based on Number of Transactions

# of Deals per Advisor


# of Market Change in
2012 2011
Rank Rank
Deals Sh (%) # of Deals
1
1
35
4.8
-4

2
4
27
3.7
-2

3
13*
24
3.3
+11

4*
5
19
2.6
-7

4*
2
19
2.6
-19

6*
10*
18
2.5
-2

6*
20*
18
2.5
+8

6*
25*
18
2.5
+9

9
3
17
2.3
-17

10*
9
16
2.2
-5

10*
6*
16
2.2
-9

12
32*
15
2.1
+7

13*
10*
14
1.9
-6

13*
20*
14
1.9
+4

13*
8
14
1.9
-8

13*
17*
14
1.9
+3

17*
17*
12
1.7
+1

17*
25*
12
1.7
+3

17*
17*
12
1.7
+1

17*
20*
12
1.7
+2

17*
6*
12
1.7
-13

22*
37*
11
1.5
+4

22*
56*
11
1.5
+7

24*
20*
10
1.4
0
727
-90

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

Jan 1 Dec 31

Any Americas Inv Announced


Fairness Opinion

-11.0%
-49.2%

Rank Value (US$m)


Rank Value Market
US$m Sh (%)
115,594.6
22.6
12,859.6
2.5
328.5
0.1
6,024.8
1.2
2,073.0
0.4
46,280.5
9.0
63,999.7
12.5
4,683.1
0.9
25,924.3
5.1
18,872.8
3.7
127,051.4
24.8
8,724.3
1.7
21,189.5
4.1
67,287.7
13.2
23,441.5
4.6
3,242.0
0.6
13,845.3
2.7
14,780.3
2.9
13,110.4
2.6
222.2
0.0
75,135.8
14.7
916.2
0.2
3,247.3
0.6
195.8
0.0
511,618.0
100.0
-23.2%
-13.9%

Fairness Opinion Provider


JP Morgan
Stout Risius Ross Inc
Houlihan Lokey
Duff and Phelps
RBC Capital Markets
Sandler O'Neill Partners
Barclays
BMO Capital Markets
Morgan Stanley
Credit Suisse
Bank of America Merrill Lynch
Evercore Partners
TD Securities Inc
Goldman Sachs & Co
Lazard
Greenhill & Co, LLC
Deutsche Bank
Raymond James Financial Inc
Perella Weinberg Partners LP
Citi
National Bank of Canada Fin'l
FirstEnergy Capital Corp
Scotiabank
Moelis & Co
Evans & Evans Inc
Canaccord Genuity
Stifel Financial Corp
Industry Total

Jan 1 Dec 31

Based on Number of Transactions

# of Deals per Advisor


# of Market Change in
2012 2011
Rank Rank
Deals Sh (%) # of Deals
1
2*
25
6.8
-2

2
9*
24
6.5
+11

3
2*
22
6.0
-5

4
1
17
4.6
-17

5
18*
15
4.1
+7

6
11*
14
3.8
+3

7*
7*
12
3.2
-3

7*
11*
12
3.2
+1

9*
5
11
3.0
-10

9*
18*
11
3.0
+3

9*
7*
11
3.0
-4

12
18*
10
2.7
+2

13*
73*
9
2.4
+8

13*
4
9
2.4
-13

15
11*
8
2.2
-3

16*
30*
7
1.9
+2

16*
11*
7
1.9
-4

16*
17
7
1.9
-2

16*
46*
7
1.9
+5

16*
23*
7
1.9
0
16*
16
7
1.9
-3

22*
23*
6
1.6
-1

22*
41*
6
1.6
+3

22*
9*
6
1.6
-7

22*
33*
6
1.6
+2

22*
23*
6
1.6
-1

27*
30*
5
1.4
0
370
-84
-18.5%
-49.3%

Fairness Opinion Provider


KPMG
JP Morgan
Deutsche Bank
Barclays
Morgan Stanley
Rothschild
Bank of America Merrill Lynch
BDO
UBS
Greenhill & Co, LLC
Houlihan Lokey
Credit Suisse
Goldman Sachs & Co
Canaccord Genuity
Grant Thornton
Jefferies & Co Inc
RBS
Evercore Partners
PricewaterhouseCoopers
Nomura
Industry Total

Rank Value (US$m)


Rank Value Market
US$m Sh (%)
52,402.0
19.1
328.5
0.1
8,917.8
3.3
2,057.2
0.8
8,724.3
3.2
3,242.0
1.2
35,346.2
12.9
13,110.4
4.8
20,520.4
7.5
36,018.5
13.1
19,290.3
7.0
10,736.1
3.9
14,794.9
5.4
24,470.2
8.9
5,305.8
1.9
15,617.1
5.7
17,768.3
6.5
406.9
0.1
13,764.5
5.0
8,826.1
3.2
7,377.9
2.7
4,011.4
1.5
13,459.4
4.9
9,088.3
3.3
49.2
0.0
7,746.7
2.8
1,447.3
0.5
274,157.5
100.0
-43.8%
-43.7%

Jan 1 Dec 31

Any Asia Pacific Inv Announced


Fairness Opinion
Based on Number of Transactions

# of Deals per Advisor


# of Market Change in
2012 2011
Rank Rank
Deals Sh (%) # of Deals
1
2
16
10.1
+2

2
3
12
7.6
0
3
1
10
6.3
-5

4*
5*
8
5.0
+1

4*
4
8
5.0
-2

4*
5*
8
5.0
+1

4*
9*
8
5.0
+2

4*
15*
8
5.0
+5

9
9*
7
4.4
+1

10*
5
3.1
+5

10*
5*
5
3.1
-2

10*
23*
5
3.1
+3

10*
11*
5
3.1
0
14*
23*
4
2.5
+2

14*
4
2.5
+4

14*
15*
4
2.5
+1

17*
11*
3
1.9
-2

17*
3
1.9
+3

17*
15*
3
1.9
0
17*
23*
3
1.9
+1

102
-30

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

-11.2%
-34.3%

Rank Value (US$m)


Rank Value Market
US$m Sh (%)
5,654.0
2.4
74,098.3
31.7
113,206.9
48.5
12,024.7
5.2
14,064.5
6.0
9,963.0
4.3
14,884.8
6.4
1,385.1
0.6
9,900.4
4.2
10,637.1
4.6
4,854.5
2.1
35,688.4
15.3
57,084.4
24.5
7,496.1
3.2
4,079.8
1.7
1,211.7
0.5
1,950.5
0.8
4,091.8
1.8
73.3
0.0
46,388.3
19.9
142,290.2
100.0
5.5%
-62.4%

* tie

Fairness Opinion Provider


CITIC
China International Capital Co
Haitong Securities Co Ltd
Huatai United Securities Co
Southwest Securities Co Ltd
Guangdong Securities
Somerley Ltd
Guosen Securities Co Ltd
KPMG
GF Securities
Shenyin & Wanguo Securities
Qilu Securities Co Ltd
Caitong Securities Co Ltd
Houlihan Lokey
UBS
Chinalion Securities Co Ltd
China Securities Co Ltd
Guotai Junan Securities
China Galaxy Securities Co
Citi
CIMB Group Sdn Bhd
Hollyhigh International
Industry Total

Jan 1 Dec 31

Any US Inv Announced


Fairness Opinion
Based on Number of Transactions

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

Any EMEA Inv Announced


Fairness Opinion

Fairness Opinion Provider


Stout Risius Ross Inc
JP Morgan
Houlihan Lokey
Duff and Phelps
Sandler O'Neill Partners
Barclays
Evercore Partners
Credit Suisse
Bank of America Merrill Lynch
Morgan Stanley
RBC Capital Markets
Goldman Sachs & Co
Greenhill & Co, LLC
Citi
Perella Weinberg Partners LP
Lazard
Deutsche Bank
Moelis & Co
Stifel Financial Corp
Keefe Bruyette & Woods Inc
Piper Jaffray Cos
Jefferies & Co Inc
William Blair & Co
Wells Fargo & Co
Fig Partners LLC
Blackstone Group LP
Stephens Inc
Industry Total

# of Deals per Advisor


# of Market Change in
2012 2011
Rank Rank
Deals Sh (%) # of Deals
1
7*
24
8.6
+11

2
3
23
8.3
-2

3
2
22
7.9
-4

4
1
16
5.8
-18

5
10
14
5.0
+3

6
6
12
4.3
-3

7*
15*
10
3.6
+2

7*
15*
10
3.6
+2

9
9
9
3.2
-3

10*
5
8
2.9
-12

10*
18*
8
2.9
+2

10*
4
8
2.9
-14

13*
22*
7
2.5
+2

13*
18*
7
2.5
+1

13*
34*
7
2.5
+5

13*
11*
7
2.5
-3

17*
14
6
2.2
-3

17*
7*
6
2.2
-7

19*
22*
5
1.8
0
19*
15*
5
1.8
-3

21*
26*
4
1.4
0
21*
11*
4
1.4
-6

21*
34*
4
1.4
+2

24*
26*
3
1.1
-1

24*
56*
3
1.1
+2

24*
3
1.1
+3

24*
3
1.1
+3

278
-84

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

-23.2%
-50.0%

Rank Value (US$m)


Rank Value Market
US$m Sh (%)
328.5
0.2
43,903.8
20.6
8,917.8
4.2
2,037.8
1.0
3,242.0
1.5
35,346.2
16.6
10,736.1
5.0
35,268.5
16.6
14,824.0
7.0
18,692.5
8.8
3,409.9
1.6
17,648.5
8.3
15,617.1
7.3
8,826.1
4.1
13,764.5
6.5
4,438.9
2.1
17,669.0
8.3
9,088.3
4.3
1,447.3
0.7
838.1
0.4
1,174.1
0.6
687.4
0.3
660.5
0.3
2,936.4
1.4
114.3
0.1
148.7
0.1
1,024.1
0.5
212,776.9
100.0
-52.7%
-47.6%

Jan 1 Dec 31

Any Japan Inv Announced


Fairness Opinion
Based on Number of Transactions

# of Deals per Advisor


# of Market Change in
2012 2011
Rank Rank
Deals Sh (%) # of Deals
1
6*
18
6.9
+9

2
1
14
5.4
-6

3
4*
12
4.6
+2

4*
10*
11
4.2
+4

4*
21*
11
4.2
+7

6*
4*
10
3.8
0
6*
2
10
3.8
-3

6*
51*
10
3.8
+9

9
3
9
3.5
-3

10
21*
8
3.1
+4

11*
21*
6
2.3
+2

11*
6*
6
2.3
-3

11*
51*
6
2.3
+5

14*
51*
5
1.9
+4

14*
21*
5
1.9
+1

14*
5
1.9
+5

14*
6*
5
1.9
-4

18*
28*
4
1.5
+1

18*
4
1.5
+4

18*
4
1.5
+4

18*
12*
4
1.5
-2

18*
35*
4
1.5
+2

261
-15
-5.4%
-56.3%

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

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


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

Rank Value (US$m)


Rank Value Market
US$m Sh (%)
4,683.1
6.8
21,189.5
30.7
222.2
0.3
916.2
1.3
3,247.3
4.7
195.8
0.3
4,131.4
6.0
1,903.9
2.8
4,928.6
7.1
935.1
1.4
471.1
0.7
346.9
0.5
2,334.6
3.4
1,373.6
2.0
323.0
0.5
318.3
0.5
1,997.3
2.9
1,174.6
1.7
622.9
0.9
5,280.1
7.7
272.8
0.4
72.5
0.1
69,011.1
100.0
-16.5%
-74.0%

Fairness Opinion Provider


Nomura
Mizuho Financial Group
JP Morgan
Greenhill & Co, LLC
Advisory Plus Co Ltd
Plutus Consulting Co Ltd
Morgan Stanley
KPMG
Barclays
Deutsche Bank
Houlihan Lokey
DBS Group Holdings
UBS
Huaxi Securities Co Ltd
Frontier Management Inc
Sumitomo Mitsui Finl Grp Inc
Citi
Bank of America Merrill Lynch
Aoyama Sogo Accounting Office
Duff and Phelps
Sandler O'Neill Partners
Goldman Sachs & Co
Daiwa Securities Group Inc
Deloitte
GCA Savvian Group Corp
Industry Total

# of Deals per Advisor


# of Market Change in
2012 2011
Rank Rank
Deals Sh (%) # of Deals
1
1
12
34.3
+3

2
6*
6
17.1
+3

3
2
5
14.3
-2

4*
2
5.7
+2

4*
11*
2
5.7
0
4*
15*
2
5.7
+1

4*
3*
2
5.7
-4

8*
1
2.9
+1

8*
6*
1
2.9
-2

8*
6*
1
2.9
-2

8*
11*
1
2.9
-1

8*
1
2.9
+1

8*
1
2.9
+1

8*
1
2.9
+1

8*
1
2.9
+1

8*
3*
1
2.9
-5

8*
1
2.9
+1

8*
5
1
2.9
-3

8*
1
2.9
+1

8*
1
2.9
+1

8*
1
2.9
+1

8*
6*
1
2.9
-2

8*
6*
1
2.9
-2

8*
1
2.9
+1

8*
1
2.9
+1

35
-7

Industry % Change from Same Period Last Year


Industry % Change from Last Quarter

-16.7%
-57.1%

https://www.thomsonone.com

20

Rank Value (US$m)


Rank Value Market
US$m Sh (%)
17,602.8
48.4
11,252.4
30.9
8,639.7
23.8
4,962.4
13.6
9.1
0.0
58.9
0.2
3,417.5
9.4
.0
0.0
169.5
0.5
1,685.0
4.6
22.3
0.1
298.9
0.8
4,515.9
12.4
4.1
0.0
5.9
0.0
2,338.9
6.4
674.1
1.9
735.9
2.0
138.8
0.4
22.3
0.1
1,515.3
4.2
4,515.9
12.4
2,338.9
6.4
291.0
0.8
710.3
2.0
36,367.1
-34.1%
-66.7%

Full Year 2012 | Mergers & Acquisitions | Financial Advisors

Ranking Criteria Summary

If you would like to participate in the submission


process, receive quarterly press releases, or have
questions about league table criteria please
contact:

- Announced league tables include all deals that were announced between January 1, 2011 and December 31st, 2012 and of which Thomson Reuters was made aware. All current data

and previous year's data is as of 5:00pm EDT on December 31st, 2012.

Americas
Robert Levine
Tel: +1 646 223 5682
E-mail: robert.levine@thomsonreuters.com
EMEA
Serkan Tecimer
Tel: +44 (0) 20 7542 3566
E-mail: serkan.tecimer@thomsonreuters.com
Asia-Pacific
Jason Pacannuayan
Tel: +632 858 7262
E-mail: jason.pacannuayan@thomsonreuters.com

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.

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

time of announcement of terms.

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

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

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

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

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

Japan
Akemi Mamiya
Tel: +813 6441 1158
E-mail: akemi.mamiya@thomsonreuters.com

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

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

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