4Q2012 MA Financial Advisory Review

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
https://www.thomsonone.com
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
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
Russian Fed / Russian Fed
Spain / Spain
Spain / Spain
United States / Switzerland
Japan / United States
Belgium / Mexico
China / China
Spain / Spain
Canada / Canada
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
Real Estate / Residential
Financials / Banks
Retail / Other Retailing
Telecommunications / Telecommunications Services
Telecommunications / Wireless
Financials / Banks
2
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 Market
Market
2012 2011
Rank Rank
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
Deutsche Bank
Citi
Lazard
Rothschild
Evercore Partners
UBS
Nomura
RBC Capital Markets
BNP Paribas SA
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%

-15.8%
19.6%

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
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
3
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
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
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
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
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%.
4
Worldwide Announced Rankings* - A Decade in Review

Goldman Sachs & Co
Barclays
JP Morgan
Citi
Credit Suisse
Deutsche Bank
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
5
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
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
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
Evercore Partners
Real Estate
Gleacher & Co Inc
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
Abbott Laboratories-Research (100%)
Kraft Foods Inc-N Amer Grocery (100%)
ConocoPhillips-Refining ,Mktg (100%)
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

Switzerland / 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

Healthcare / Pharmaceuticals
Real Estate / REITs
Real Estate / REITs
Consumer Products and Services / Professional Services
Financials / Brokerage
Americas Rankings
Any Americas Involvement Announced (AD49)
Financial Advisor
Goldman Sachs & Co
Morgan Stanley
Barclays
JP Morgan
Credit Suisse
Citi
Deutsche Bank
Lazard
RBC Capital Markets
Evercore Partners
UBS
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
Gleacher & Co Inc
Industry Total

Rank Value Market
Market
2012 2011
Rank Rank
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

0.1%
29.6%

Rank Value Market
Market
2012 2011
Rank Rank
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

-4.6%
26.2%
Jan 1 Dec 31
Any Americas Involvement Completed (AF55)

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
Citi
Lazard
Evercore Partners
Deutsche Bank
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%

Jan 1 Dec 31
US Target Announced (AD2)
Financial Advisor
Goldman Sachs & Co
Barclays
Morgan Stanley
JP Morgan
Credit Suisse
Citi
Deutsche Bank
Evercore Partners
Lazard
Jefferies & Co Inc
UBS
Greenhill & Co, LLC
Rothschild
RBC Capital Markets
Wells Fargo & Co
Moelis & Co
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 Market
Market
2012 2011
Rank Rank
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%

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)

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
Lazard
Deutsche Bank
RBC Capital Markets
Foros
UBS
Jefferies & Co Inc
Moelis & Co
Greenhill & Co, LLC
Qatalyst Partners
Wells Fargo & Co
Rothschild
Houlihan Lokey
Gleacher & Co Inc
Macquarie Group
Industry Total
-5.2%
16.5%

Imputed Fees (US$m)

Advisor Market
Market
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 Market
Market
2012 2011
Rank Rank
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%

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
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
Americas Rankings
Any US Involvement Announced (AD41)
Financial Advisor
Goldman Sachs & Co
Morgan Stanley
Barclays
JP Morgan
Credit Suisse
Citi
Deutsche Bank
Lazard
Evercore Partners
UBS
Rothschild
Jefferies & Co Inc
Greenhill & Co, LLC
RBC Capital Markets
Moelis & Co
Wells Fargo & Co
Nomura
Gleacher & Co Inc
Blackstone Group LP
BMO Capital Markets
Industry Total

Rank Value Market
Market
2012 2011
Rank Rank
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

-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
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 Market
Market
2012 2011
Rank Rank
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

38.7%
10.4%
Jan 1 Dec 31
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
Evercore Partners
Lazard
Deutsche Bank
UBS
RBC Capital Markets
Jefferies & Co Inc
Foros
Moelis & Co
Rothschild
Greenhill & Co, LLC
Wells Fargo & Co
Qatalyst Partners
Nomura
Blackstone Group LP
Macquarie Group
Industry Total
-5.5%
11.1%

Jan 1 Dec 31
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 Market
Market
2012 2011
Rank Rank
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%

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
TD Securities Inc
Goldman Sachs & Co
Scotiabank
Credit Suisse
CIBC World Markets Inc
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 Market
Market
2012 2011
Rank Rank
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

12.0%
69.3%
Imputed Fees (US$m)

Advisor Market
Market
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

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
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
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
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
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
Rank Value (US$m)
Switzerland / Switzerland
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

Financials / Banks
Retail / Other Retailing
Financials / Banks
Energy and Power / Power
Industrials / Other Industrials
9
EMEA Rankings
Any EMEA Involvement Announced (AD47)
Financial Advisor
Goldman Sachs & Co
Morgan Stanley
Deutsche Bank
Barclays
Citi
JP Morgan
Credit Suisse
Rothschild
Lazard
Nomura
UBS
BNP Paribas SA
VTB Capital
Evercore Partners
M Klein & Co 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
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

12.5%
101.6%
Any European Inv Announced (AD21)
Financial Advisor
Goldman Sachs & Co
Morgan Stanley
Deutsche Bank
Barclays
Citi
JP Morgan
Credit Suisse
Rothschild
Lazard
Nomura
UBS
BNP Paribas SA
VTB Capital
Evercore Partners
M Klein & Co LLC
HSBC Holdings PLC
Societe Generale
Credit Agricole CIB
RBC Capital Markets
Ondra Partners
Jefferies & Co Inc
Industry Total

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

12.6%
98.1%
Jan 1 Dec 31
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
Credit Suisse
UBS
Nomura
BNP Paribas SA
Societe Generale
HSBC Holdings PLC
Credit Agricole CIB
RBC Capital Markets
KPMG
Jefferies & Co Inc
Macquarie Group
PricewaterhouseCoopers
Sberbank CIB
ING
Mediobanca
Industry Total
-13.8%
0.2%

Jan 1 Dec 31
Jan 1 Dec 31
Any EMEA Involvement Completed (AF53)

Rank Value Market
Market
2012 2011
Rank Rank
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%

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
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)

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 Market
Market
2012 2011
Rank Rank
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
Credit Suisse
UBS
Nomura
BNP Paribas SA
Societe Generale
HSBC Holdings PLC
Credit Agricole CIB
RBC Capital Markets
KPMG
Jefferies & Co Inc
Macquarie Group
Sberbank CIB
ING
Mediobanca
Industry Total
-15.5%
1.4%

-28.6%
22.4%

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
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%
10
EMEA Rankings
Any UK Involvement Announced (AD32)
Financial Advisor
Barclays
Goldman Sachs & Co
Morgan Stanley
Deutsche Bank
Citi
Rothschild
UBS
VTB Capital
Credit Suisse
JP Morgan
Evercore Partners
Nomura
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
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

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
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
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

-46.4%
59.5%
Jan 1 Dec 31
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
Credit Suisse
Citi
BNP Paribas SA
HSBC Holdings PLC
RBC Capital Markets
Ondra Partners
RBS
Evercore Partners
Standard Chartered PLC
Moelis & Co
Macquarie Group
Jefferies & Co Inc
Ernst & Young LLP
Industry Total
-5.5%
2.3%

Jan 1 Dec 31
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 Market
Market
2012 2011
Rank Rank
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%

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
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 Market
Market
2012 2011
Rank Rank
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

-60.8%
9.9%
Imputed Fees (US$m)

Advisor Market
Market
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

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
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
11
EMEA Rankings
Jan 1 Dec 31
Any Spanish Inv Announced (AD34)
Financial Advisor
Goldman Sachs & Co
Citi
Credit Agricole CIB
Barclays
Nomura
Mediobanca
BBVA
Santander
Deutsche Bank
Morgan Stanley
JP Morgan
UBS
Societe Generale
Rothschild
HSBC Holdings PLC
BNP Paribas SA
Deloitte
KPMG
Ernst & Young LLP
AZ Capital
RBS
Credit Suisse
Industry Total

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

69.1%
1170.0%

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

-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
Macquarie Group
Barclays
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

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%

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
Deutsche Bank
Citi
Lazard
Santander
Nomura
Morgan Stanley
JP Morgan
BBVA
Societe Generale
BNP Paribas SA
Ernst & Young LLP
Deloitte
AZ Capital
RBS
UBS
KPMG
Itau Unibanco
Industry Total

Rank Value Market
Market
2012 2011
Rank Rank
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

-27.8%
177.3%

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
Lazard
Barclays
Lincoln International
RBC Capital Markets
Societe Generale
Nordea
RoelfsPartner
HSBC Holdings PLC
Jefferies & Co Inc
Nomura
TAP Advisors LLC
KPMG
Industry Total

Rank Value Market
Market
2012 2011
Rank Rank
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

4.4%
-9.8%
Imputed Fees (US$m)

Advisor Market
Market
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

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
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
12
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
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
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

-25.2%
78.5%
Jan 1 Dec 31
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
UniCredit
Barclays
RBS
Santander
Citi
Evercore Partners
LF Rothschild & Co
Banco Bradesco SA
Itau Unibanco
BBVA
HSBC Holdings PLC
Macquarie Group
Industry Total

Rank Value Market
Market
2012 2011
Rank Rank
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

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
Lazard
Macquarie Group
Nomura
Scotiabank
Mitsubishi UFJ Financial Group
Rabobank NV
CIMB Group Sdn Bhd
Malayan Banking Bhd
Industry Total

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

-29.9%
274.4%
Jan 1 Dec 31
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%

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
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
Nomura
Scotiabank
Mitsubishi UFJ Financial Group
Industry Total

Rank Value Market
Market
2012 2011
Rank Rank
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

-29.3%
57.0%
Imputed Fees (US$m)

Advisor Market
Market
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

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
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
13
EMEA Rankings
Jan 1 Dec 31
Any Benelux Inv Announced (AD40)

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
Deutsche Bank
Barclays
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%

Jan 1 Dec 31
Any Benelux Involvement Completed (AF47)

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
UBS
Citi
ING
Ondra Partners
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 Market
Market
2012 2011
Rank Rank
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

-30.4%
-45.9%

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
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
$130.9
Energy and Power
Financials
Industrials
Real Estate
Materials
Consumer Staples
Retail
Healthcare
Telecommunications
High Technology
Rank Value (US$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
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
14
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
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

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

Telecommunications / Wireless
Financials / Insurance
Consumer Products and Services / Professional Services
Industrials / Automobiles & Components
Financials / Banks
15
Asia (ex-Japan) Rankings

Any Asia (ex-Japan) Inv Announced (AD25)
Financial Advisor
Goldman Sachs & Co
Morgan Stanley
Credit Suisse
Citi
UBS
JP Morgan
HSBC Holdings PLC
Deutsche Bank
China International Capital Co
BMO Capital Markets
CIMB Group Sdn Bhd
RBC Capital Markets
DBS Group Holdings
Barclays
Rothschild
Moelis & Co
Nomura
Ondra Partners
United Overseas Bank Ltd
KPMG
Malayan Banking Bhd
Allen & Co Inc
Somerley Ltd
Industry Total

Rank Value Market
Market
2012 2011
Rank Rank
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

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
BMO Capital Markets
Lazard
Evercore Partners
Gresham Partners
Canaccord Genuity
Grant Samuel
Haywood Securities Ltd.
Wells Fargo & Co
Industry Total

Rank Value Market
Market
2012 2011
Rank Rank
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

-49.1%
41.2%
Jan 1 Dec 31
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
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
CIMB Group Sdn Bhd
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 Market
Market
2012 2011
Rank Rank
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

-14.3%
7.1%

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
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 Market
Market
2012 2011
Rank Rank
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

-51.4%
45.9%
Imputed Fees (US$m)

Advisor Market
Market
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

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
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
16
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
Itau Unibanco
Industry Total
10.3%
-10.6%
Jan 1 Dec 31
Any New Zealand Involvement Completed (AF46)

Rank Value Market
Market
2012 2011
Rank Rank
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

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%

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

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%

* tie
Imputed Fees (US$m)

Advisor Market
Market
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
$0
1Q11
Retail
4Q10
Healthcare
3Q10
2Q10

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 Market
Market
2012 2011
Rank Rank
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)
17
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
Telecommunications
Citi
Deutsche Bank
Rothschild
UBS
The Raine Group LLC
High Technology
Goldman Sachs & Co
Plutus Consulting Co Ltd
Industrials
Nomura
Mitsubishi UFJ Morgan Stanley
Consumer Staples
Nomura
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
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

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

Energy and Power / Power
Consumer Staples / Agriculture & Livestock
High Technology / Internet Software & Services
Media and Entertainment / Advertising & Marketing
Industrials / Other Industrials
Media and Entertainment / Broadcasting
Healthcare / Biotechnology
18
Japan Rankings
Any Japanese Involvement Announced (AD19)
Financial Advisor
Nomura
JP Morgan
Goldman Sachs & Co
UBS
Citi
Deutsche Bank
Rothschild
The Raine Group LLC
Barclays
KPMG
Daiwa Securities Group Inc
GCA Savvian Group Corp
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 Market
Market
2012 2011
Rank Rank
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

* tie
-1.3%
41.4%

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
Nomura
JP Morgan
Goldman Sachs & Co
Deutsche Bank
Barclays
Citi
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 Market
Market
2012 2011
Rank Rank
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

Japanese Involvement Announced M&A Target Industry by Value
Jan 1 - Dec 31
5.6%
13.1%

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
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
Healthcare
Retail
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
19
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
Credit Suisse
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

2012 2011
Rank Rank
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

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%

JP Morgan
Houlihan Lokey
Duff and Phelps
RBC Capital Markets
Barclays
BMO Capital Markets
Morgan Stanley
Credit Suisse
Evercore Partners
TD Securities Inc
Goldman Sachs & Co
Lazard
Greenhill & Co, LLC
Deutsche Bank
Raymond James Financial Inc
Citi
FirstEnergy Capital Corp
Scotiabank
Moelis & Co
Evans & Evans Inc
Canaccord Genuity
Stifel Financial Corp
Industry Total
Jan 1 Dec 31

2012 2011
Rank Rank
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%

KPMG
JP Morgan
Deutsche Bank
Barclays
Morgan Stanley
Rothschild
BDO
UBS
Greenhill & Co, LLC
Houlihan Lokey
Credit Suisse
Goldman Sachs & Co
Canaccord Genuity
Grant Thornton
Jefferies & Co Inc
RBS
Evercore Partners
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

2012 2011
Rank Rank
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

-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

CITIC
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

Any EMEA Inv Announced

Fairness Opinion

JP Morgan
Houlihan Lokey
Duff and Phelps
Barclays
Evercore Partners
Credit Suisse
Morgan Stanley
RBC Capital Markets
Goldman Sachs & Co
Greenhill & Co, LLC
Citi
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

2012 2011
Rank Rank
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

-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

2012 2011
Rank Rank
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%

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%

Nomura
JP Morgan
Greenhill & Co, LLC
Advisory Plus Co Ltd
Morgan Stanley
KPMG
Barclays
Deutsche Bank
Houlihan Lokey
DBS Group Holdings
UBS
Huaxi Securities Co Ltd
Frontier Management Inc
Citi
Aoyama Sogo Accounting Office
Duff and Phelps
Goldman Sachs & Co
Deloitte
Industry Total

2012 2011
Rank Rank
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

-16.7%
-57.1%
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%
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: [email protected]
EMEA
Serkan Tecimer
Tel: +44 (0) 20 7542 3566
Asia-Pacific
Jason Pacannuayan
Tel: +632 858 7262
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
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
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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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MERGERS & ACQUISITIONS REVIEW

First Nine Months 2012 | Mergers & Acquisitions | Financial Advisors

M&A Financial Advisory Review

Any European Involvement Announced (AD21)

Any New Zealand Involvement Announced (AD39)

Global Deals Intelligence

Any European Involvement Completed (AF3)

Any New Zealand Involvement Completed (AF46)

Scorecard: Worldwide Announced M&A

Any UK Involvement Announced (AD32)

Scorecard: Worldwide Completed M&A

Any UK Involvement Completed (AF39)

Japan Deals Intelligence

Top Fifteen Worldwide Announced Deals

Any French Involvement Announced (AD33)

Top Ten Japanese Involvement Announced Deals

Worldwide Announced (AD1)

Any French Involvement Completed (AF40)

Any Japanese Involvement Announced (AD19)

Worldwide Completed (AF1)

Any Spanish Involvement Announced (AD34)

Any Japanese Involvement Completed (AF23)

Any Spanish Involvement Completed (AF41)

Any German Involvement Announced (AD35)

Any German Involvement Completed (AF42)

Any Americas Involvement Announced (AD49)

Any Italian Involvement Announced (AD36)

Any Americas Involvement Completed (AF55)

Any Italian Involvement Completed (AF43)

US Target Announced (AD2)

Any Nordic Involvement Announced (AD37)

US Target Completed (AF2)

Any Nordic Involvement Completed (AF44)

Any US Involvement Announced (AD41)

Any Benelux Involvement Announced (AD40)

Any US Involvement Completed (AF48)

Any Benelux Involvement Completed (AF47)

Any Canadian Involvement Announced (AD42)

Any Canadian Involvement Completed (AF49)

Asia Pacific (ex-Japan) M&A

Fairness Opinion Rankings

Worldwide Announced Fairness Opinion

Any Americas Announced Fairness Opinion

Any USAnnounced Fairness Opinion

Any EMEA Announced Fairness Opinion

Any Asia Pacific Announced Fairness Opinion

Any Japanese Announced Fairness Opinion

Mergers & Acquisitions Criteria Summary

Asia Pacific (ex-Japan) Deals Intelligence

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

European Deals Intelligence

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

Top Ten European Involvement Announced Deals

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

Any EMEA Involvement Announced (AD47)

Any Australian Involvement Announced (AD24)

Any EMEA Involvement Completed (AF53)

Any Australian Involvement Completed (AF31)

Thomson Reuters Soultions for the Deal the Deal

Full Year 2012