2Q12_MA_Financial_Advisory_Review

MERGERS & ACQUISITIONS REVIEWMERGERS & ACQUISITIONS REVIEWFINANCIAL ADVISORS

First Half 2012

Any New Zealand Involvement Announced (AD39)

Any New Zealand Involvement Completed (AF46)

Japan M&A

Americas Deals Intelligence

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

1

Japan Deals Intelligence

Any European Involvement Announced (AD21) 17

17

18

18

Global M&A

Global Deals Intelligence

Scorecard: Worldwide Announced M&A

Scorecard: Worldwide Completed M&A

Top Fifteen Worldwide Announced Deals

Any German Involvement Announced (AD35)

Americas M&A Any Spanish Involvement Completed (AF41)

Any UK Involvement Announced (AD32)

Any UK Involvement Completed (AF39)

Any European Involvement Completed (AF3) 10

12

12

Any French Involvement Announced (AD33)

Worldwide Completed (AF1)

Top Ten Japanese Involvement Announced Deals

19

Any French Involvement Completed (AF40)

Any Japanese Involvement Completed (AF23)

19

Any Spanish Involvement Announced (AD34)3

3

6

6

11

12

11

Worldwide Announced (AD1)

20

10

18

Any Japanese Involvement Announced (AD19)

2

2

Table of Contents

1

20

2

11

Fairness Opinion Rankings

Worldwide Announced Fairness Opinion

11

Any Americas Involvement Announced (AD49) 7

US Target Completed (AF2)

6

US Target Announced (AD2) 7

Any Americas Involvement Completed (AF55)

13

12

Any Italian Involvement Announced (AD36)

Any Nordic Involvement Announced (AD37)

Any Italian Involvement Completed (AF43)

20

20

Top Ten US Announced Deals20

15

Mergers & Acquisitions Criteria Summary

Any EMEA Involvement Announced (AD47)

European Deals Intelligence

Any Benelux Involvement Announced (AD40)

8

8

7

Any German Involvement Completed (AF42)

16

Any Canadian Involvement Completed (AF49)

Any Australian Involvement Completed (AF31)

10

9

Any Canadian Involvement Announced (AD42)

16

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

Any EMEA Involvement Completed (AF53)

Any Benelux Involvement Completed (AF47)

10

Any US Involvement Completed (AF48)

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

7

8

9EMEA M&A

Any US Involvement Announced (AD41)

Any Japanese Announced Fairness Opinion13

Asia Pacific (ex-Japan) M&A

Asia Pacific (ex-Japan) Deals Intelligence

20

21

21

22

21

20

13

13

Regional Contacts

Criteria Summary

Any EMEA Announced Fairness Opinion

14

Any Asia Pacific Announced Fairness Opinion

8

16

16Any Australian Involvement Announced (AD24)

9

Top Ten European Involvement Announced Deals

Thomson Reuters Soultions for the Deal the Deal Making Community

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

20

15


Any Americas Announced Fairness Opinion

Any USAnnounced Fairness Opinion

14

Any Nordic Involvement Completed (AF44)

https://www.thomsonone.com

Worldwide Completed M&A by Region - Imputed Fees

WORLDWIDE M&A DOWN 22%, QUARTERLY ACTIVITY UP 18% - The value of worldwide M&A totalled US$1.1trillion during the first half of 2012, a 22% decrease from comparable 2011 levels. By number of deals, M&A activityfell 17% compared to last year with fewer than 18,000 announced deals. Compared to the first quarter of 2012, thevalue of announced mergers & acquisitions rose 18% during the second quarter of 2012, but decreased 12%compared to the second quarter of last year. EMERGING MARKETS ACCOUNT FOR 28% OF M&A – Accounting for over one-quarter of worldwide announcedmerger activity, M&A involving companies located in the emerging markets totalled US$315.3 billion during the firsthalf of 2012, a 12% decrease from 2011. Cross Border M&A activity totalled US$462.5 billion during the first half of2012, accounting for 42% of overall M&A volume and down just 5% compared to the first half of 2011. Crossborder M&A was driven by the energy & power, consumer staples, materials and financial sectors, which comprised50% of cross-border deal volume during 2012.

RESOURCES FINANCIALS LEAD ACTIVITY The energy & power sector was most active during the first half of

COMPLETED ADVISORY FEES DOWN 24% YTD; UP 12% FROM Q1'12 - According to estimates from ThomsonReuters/Freeman Consulting, M&A advisory fees from completed transactions totalled US$11.8 billion during thefirst half of 2012, a 24% decrease from the comparable period in 2011. Deal activity in the Americas accounted for58% of the worldwide fee pool, while Europe, Middle East and Africa accounted for 27%. Asia Pacific and Japancontributed 11% and 4%, respectively.

First Half 2012 FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEWWorldwide M&A Down 22% to US$1.1 trillion l Emerging Markets M&A Down 12% l Goldman Sachs Tops Advisory Rankings l Advisory Fees Down 24%

Global Deals Intelligence

$3

$4

$5

$6

$7

Impu

ted

Fees

(US

$b)

Americas EMEA

Asia Pacific Japan

RESOURCES, FINANCIALS LEAD ACTIVITY - The energy & power sector was most active during the first half of2012, commanding 18% of announced M&A, while the materials and financials sectors accounted for 13% and11% of M&A activity, respectively. Just two sectors, retail and consumer staples, have registered year-over-yeargains compared to the first half of 2011. Media & entertainment and consumer products deals led the decliners,down 46% and 45%, respectively, during the first half of the year. PRIVATE EQUITY M&A DOWN 19% OVER 2011 –Worldwide private equity-backed M&A activity totalledUS$113.7 billion during the first half of 2012. Private equity deal making in the high technology, energy & power andretail sectors accounted for nearly 50% of activity during the first half of 2012. Accounting for 10% of worldwideM&A during the first half of 2012, private equity-backed M&A decreased 19% compared to 2011 levels.

Worldwide Cross Border Volume Worldwide Announced Buyside Financial Sponsor Activity

9.5%

10.3%

13.4%12.8%

21.4% 18.4%

8.0%

5.9%

9.6%

12.2%

10.2%

0%

5%

10%

15%

20%

25%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

% o

f Glo

bal M

&A

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of YTD Global M&A

$0

$1

$2

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

29.3% 26.7%

31.6%33.8%

32.4%

44.5%

37.2%

27.1%

37.1%

35.2%

41.5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

% o

f Glo

bal M

&A

Ran

k Va

lue

(US

$b)

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

https://www.thomsonone.com

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

1

Western Europe

Scorecard: Worldwide Announced M&A Jan 1 - Jun 29 Scorecard: Worldwide Completed M&A Jan 1 - Jun 29

Mexico393,129.1

Brazil51,000.8

Canada

North AmericaUnited States 330,007.9 3,597

94Chile

4,577

980

382

565,745.1615,489.0

36,500.5South America

5,976.7

49,744.055,960.739,508.9

63,121.1

5,880.0

1/1/2012 - 6/29/2012

10

First Half 2012 | Mergers & Acquisitions | Financial Advisors

1,426,226.14,295

1/1/2012 - 6/29/2012 1/1/2011 - 6/30/2011No.

DealsNo.

DealsRank Val

US$m

1,349,153.2

Caribbean

928.8175

Worldwide

No. Deals

▼

-624,158.9

0.0

662

86,088.0

Target Region/Nation

Worldwide 17,8131,113,820.5Americas

4,265.7

Rank Val US$m

472,554.4

72,079.4

336,629.1

1,140

Western Europe

United Kingdom

Eastern Europe

Germany4 326191 349 6

37,212.9

25,182.0

706

Central America

Americas

Asia Pacific

64,533.96.5

250 730 6 5 301

8,327.0 252

411,647.3

1,073.6

▲

▼11,183.2

8,170 -7.4

4,984.3 38

82334,930.7

381,006.7

Switzerland

6,344

21,106.4

67,630.9

174

1,591Europe

26,469.5Africa/Middle EastMiddle East

Sub-Saharan Africa

584

344,016.4

North Africa216

13,827.4 277

7,162.7

-34.4

-36.0

-2.1

364.3

2,24844,377.6

67

4,753

218

5,922217

EuropeEastern Europe

11.7

▼

▼United Kingdom307.9

▼

1,318 ▲

23 7 ▼▲ France

48,818.1310

79,970.3

Spain

Asia Pacific 141 707 8

31,800.415,189.3

180,866.01,2935,188 6,658

14,419.237,035.0

979

6902 473 31 1

314,084.3

▼

4,835

▼-53.8

205 810 8

127

61,628.2

3 195

1,823

-49.1

▼3,895

394,054.6

-59.0

3,110.3 19

Africa/Middle East 370

217,847.9 -44.736,981.9

45

2,199.8

20,850.7

49

3515,655.2

▲Sub-Saharan AfricaNorth Africa

0.5

139 11,746.0

178▲ 165Middle East

▼

5,982.6

5,685.3544

Colombia5.1 ▲ 20,438.8

66.1

-1.6

7791,158

4,717.9327

26.9-41.7

46,674.3▲▼

111

5,4984,340

▼-7.6

40,879.0

▼

▼ Brazil 31,149.9-8.9

16,102-23.4

-75.19460

-31.25,203

13,170

Caribbean-44.566

▼-32.4-21.9

Rank Val US$m

886,540

21,508

20,154.0

699,284.8

1227,681.1

5,471 675,999.443

517,521.3▼

81Central America▲

North America- Mexico

471,228.869

-36.1 3,716

Canada 693

928,348.4

Rank Val US$m

% Change in Rank Value

South America

3,023

455

19.958

Target Region/Nation

25568

54,157.4

No. Deals

3,817.11,596.4

United States 539,749.4

3,870.8

▼3,659

▼

41.4▲▼▲

▼▲

43,569.060861,295.9

3,159.2 15,070.0

424,554.5

227

4,441

-28.5

-2.0

▼

▼▼

▼

-79.0-20.7

-13.8

21.9

% Change in Rank Value

Mergers & Acquisitions

-33.3

▼

-21.3782

1/1/2011 - 6/30/2011

593,906.7 ▼▼

15,304.15,492.6 -70.9

▼

Worldwide Announced M&A Target Industry by Value

▲▼

120.5-20.8-42.4

1,168

661

▼

▼381

18.1%

13.3%

11.0%

9.6%9.1%

8.5%

7.8%

6.7%

5.6%

4.0%3.7%2.6%

South East Asia

Pending3/20/2012

Pending

2/7/2012

6/19/2012

5/24/2012

Archstone-Smith Trust (26.5%)1/23/20124/23/2012

6/29/2012

6/27/2012

712

Intended

38,550.9

32,225.3

Malaysia

4,326

10,885.8222

910

643

191,349.6

4,598.2

TNT Express NV (100%)

Alibaba Group Holding Ltd

Glencore International PLC

Electrabel SAPending

Australia

Belgium / Mexico

70,451.4

Pending

6/29/2012

Intended Alliance Boots GmbH (55%)

Pending

Japan

Shareholders

Nestle SA

Anheuser-Busch Inbev 20,093.4

United States / Ireland-Rep11,850.012,240.412,634.0

Switzerland / United States

12,855.9

Pending

Lehman Brothers Holdings Inc

Cooper Industries PLC (100%)TEPCO (75.7%) Japan / Japan

Eaton Corp

1/23/2012

2/24/2012

Belgium / United Kingdom

Switzerland / Canada

5/21/2012

11,810.0

6,788.6

7,100.0United States / United States

7,361.5

United States / Netherlands

7,150.0Everest Acquisition LLC

Redecard SA (50%) Banco Itau BBA SA Brazil / Brazil High Technology / Computers & PeripheralsUPS

Rank Date

4/30/2012 4/30/2012

Pending

ConocoPhillips-Refining ,Mktg (100%)

Pfizer Nutrition (100%)

2/7/2012

EP Energy Corp (100%)

FROB

Alibaba Group Holding Ltd (20%)

Viterra Inc (100%)

Central Asia -89.2 ▼39,381.5

5/25/2012

5/20/2012

3/29/2012

1,08842,440.4

Nuclear Damage Liability

United States / United States

Grupo Modelo SAB de CV (49.7%)United States / Switzerland

Consumer Staples / Agriculture & Livestock

International Power PLC (40.93%)

Date Effective

495.2

Banco Financiero y de Ahorros (100%)

Pending

5/9/2012

2/17/2012

North AsiaChina 1,801

Indonesia

70,485.618,774.3 27,681.2

146

2,234

South Korea45,059.0

505

10,017.7

37,506.9

15,359.6

6,665.7

1,532

Australasia

452

105,213.8

Asia-Pacific

South Asia▼▼

116,632.3▲

Switzerland / Switzerland

12,072.7

844

Glencore International PLC

436

1,249.7

Top Fifteen Worldwide Announced Deals

▼South Asia

41.0

-76.2-16.8

-47.0New Zealand

6,191.519,771.7

-29.5

▼0.0-32.2

▼327

Xstrata PLC (65.9%)

-9.8

21,776.6

7.8

549

▲24

38,745.4

2,7187,105.2

2611,299

250,730.6 5,301

689

36953

Walgreen Co

470

Target (% Sought/Acquired)

36,369.9

171

ChinaSouth Korea

1,2661,066North AsiaSingapore 3,890.9

60 80

779

2,761.240,156.7

24,183.3

▼▼

-23.7 ▼Australasia▼-47.6

63.3

2,254.4Australia

▲

511

▼

42,517.4

South East AsiaMalaysia

562

469

Asia-Pacific

79,259.7

141,707.8

70,781.573,576.3

21,361.5

Central Asia30,832.6

17

Rank Value (US$m)

Japan

Acquiror

353.0

Financials / Banks48,877.7

Acquiror / Target Nation

695 ▼▲

23,785.7Spain / Spain

5,660.7

1,455.536 54.9

245

33427,132.6

602336 -27.1

68

-45.8-19.084,914.7

7,184.612,380.1

68,815.7

146 7,303.3115

27,749.8

Consumer Products and Services / Professional Services

▼

▼


China / China

52,437.7

37327

-41.2

569644

2,473

Real Estate / REITs

69.5

-47.6

▲-12.9912

Consumer Staples / Food and Beverage

Materials / Metals & Mining

Industrials / Other Industrials

-19.3

-31.1 ▼205,810.8

Jan 1 - Jun 29 2012

-48.7

3,19581,073.6

605

▼

▼▼

Energy and Power / Power

High Technology / Internet Software & Services



Energy and Power / Oil & Gas

Energy and Power / Oil & GasRetail / Other Retailing

▼

▼▲

Target Macro / Mid Industry

-49.3

6,823.1

21,657.1

655.9New Zealand

Energy and Power MaterialsFinancials Real Estate

Industrials High Technology

Consumer Staples Healthcare

Retail Telecommunications

Media and Entertainment Consumer Products and ServicesGovernment and Agencies

https://www.thomsonone.com 2

Nomura Evercore Partners

23,298.1

19 2.6

22UBS 13

12

▼1223 2.1

RBC Capital Markets

11

8

18

15M Klein & Co LLC -32

Lazard

14

5

0.3

Moelis & Co 28,760.029,600.5

▲

Barclays

▼

0 3

15HSBC Holdings PLC

▲

13

Centerview Partners LLC

2.1

21Jefferies & Co Inc 20

6.1

23,392.7Evercore Partners

BMO Capital Markets

47,321.016

BNP Paribas SA10 68,074.6

27

-1.5

19

▲4.3▲48,877.7 4.4 4.4

2.717

21 594 1

2.9

58

4545

▼-0.4▼-5.9

52

23,879.1 2.62.6 ▲

1.6

2 4

▲

42 0 3+14

0.10.338

+3

-317+7

21 972 60.5

36.3▲▲

36▲68 9 0 6 0 1▼

1.21 9

0.0▼ HSBC Holdings PLC31

200 2

-2119 44

2 5▲1.0

16114.323,822.6

▼▲ ▲

-7 ▼0.3

21Moelis & Co

0.3 ▲

10

-0.3 0.00.7 0.4 ▲

0.20.2- 77.70▲

0.1

▼0.2▼ 0.335▲ 29 ▲

-330.5

-

17

34,305.6 3.733,515.113 3.625,400.1 2.748

+1+28

15RBC Capital Markets

131.322

Foros

15 -2.9▼3.8

-53 ▼14▲0.591▲

Nomura72▲

▲0.11

4.036,685.9

▲ -

0.5 -14

0.71.0

▲0.0

77.6

34,914.83.6

▲2

194.4▲

113.60.6 ▼84+14

0.00.0 ▲

1.50.7

+20.5 1.7 0.5

▼-55 277.0

▼1.0

▼1.4 ▼

0.3

2.4-49 169.9▼0.6

▼

0.682

▼▼

11635

75,811.75.812

89

-37 53,717.2▼0.7 6 8.2

-6.6Rothschild▼ UBS-38

41 0.382

▲-9.10.7 192.4

10

▲ 0.52.7 0.2

111210

99.790,452.1

0.6 -2811.3 ▼ 77▼-3.2 0.78 ▼ -27-8 Deutsche Bank 97,920.4

▲▼

▼ Lazard

8 104,852.647

▼ 295.90.6109,304.6▼

0.0 -5

▼▼0.6

95▼ 100

10.6 98Citi

415.012.7

3.5-8.8

Bank of America Merrill Lynch0.9376.50.80.5

▼79

-0.55.3

117,974.16 103 ▲171,428.2

▼-27 ▼-7.40.7

▲ Morgan Stanley 19-39

▼-32 3-20

+60JP Morgan 4

5▼

Barclays▼

▲ 411.4 ▲1.3

7.1

▼

19.5

-14.6▼ 114

0.9

0.8 11

18.5

1.7 170 21.0▼▲

Share Ch.

180,946.4 ▲

-0.7207,517.7

▼249,286.2

Market

▲2 ▼1

MarketSh (%)

25.622.4▲ ▲

Deals780.8

7Credit Suisse237,520.7

6.1 5.0

# of Deals Sh (%)Goldman Sachs & Co

+1

Rank Value per Advisor (US$m)

Jan 1 – Jun 29


US$mShare Ch.2011 Rank

Advisor

0.3 1.1Sh ($)

1Financial Advisor

# of2011 Rank Deals

Worldwide Announced (AD1)

74

6

9

2012 Rank

6

19.217.5

▼

▲

6.7 1.78.0 -3.2

10.4

-4.42.6

Credit Suisse 184,330.2 16.6

4.8

53,269.3

104,586.3

75,013.5

0.0

Rank Value per Advisor (US$m)MarketRank ValueChange in

Deutsche BankJP Morgan

Goldman Sachs & Co2

# of Deals per Advisor# of Deals per Advisor

Worldwide Rankings

# ofMarket

-22190US$m

Rank Value

279,424.9

-1.3

19.8

13.6

116

22.41382.8 ▲

▲

140,147.6

▲194,703.7213,837.8

146 0.8

0.5-4.7

117

0.7

Market

-7.618.6

25.1

MarketSh (%)

8.4 172,965.33

2012 Rank

3

Bank of America Merrill LynchCiti

12.678

151,572.84

220,845.8

5

89,319.510 1411

2

Financial Advisor

3

1Morgan Stanley

▼0.2

82

120.0

+5

4.8

-23

▲

▲9.4116,160.6

-59

9

Rothschild

81

0.5111

11.8-73

▼

+7▼BNP Paribas SA

1.8Centerview Partners LLC 180.3 +4 2.725,282.4 10

16Banco BTG Pactual SA

-3.8

27Itau Unibanco

0.7

0.6 ▼

Change in

1.1▼

0.90.6

-27

# of Deals-30

Market

-79 5.1

0.9

575.8

6.6

+11-49 ▼

0.8125

148

-0.2▼

-0▼

0.8

604.2

Fees

109 585.0

Jan 1 – Jun 29Worldwide Completed (AF1)

MarketImputed Fees (US$m)

▲Sh (%)

3.2

4.9

1.33.5 1.0

1.6

▲

2.5

63.7

Share Ch.

▼

315.9+5

* tie

Bank of America Merrill LynchBarclaysGleacher & Co Inc

Deutsche BankFinancials

Goldman Sachs & CoMorgan StanleyUBS

Real Estate

Credit SuisseMorgan Stanley

MaterialsCitiJP Morgan

21,066.0 ▲3463

Itau Unibanco▲

0.3 ▲

20,612.3 1.9▲0.61.9

21

Macquarie Group+822

Scotiabank-Bank of Nova Scotia 230.2

▲+8

1634

BMO Capital Markets 27 21,594.1

0.1Perella Weinberg Partners LP

Industry % Change from Last Quarter ▲

19,935.9Mizuho Financial Group

Industry % Change from Same Period Last Year

411.5

45,716.5

1,113,820.5

No. Deals

Industry Total

19

1,419

Top WW Announced M&A Advisors by Target Industry

-21.9%

▲741.8 ▲

2425 44

1420,070.81.0

Mkt.

▼

201,521.4

-17.2%28.1%

2,270

-31.2%

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

-13.7%▲

0.4

Jan 1- Jun 29

-3,695

19

18.2%▼

3

100.0

RankEnergy and Power

JP Morgan

Rank Val US$m

40,644.5 20.2

17,813

▼

2

Share

-6.0%

22Jefferies & Co Inc

▲▲

Industry % Change from Same Period Last Year ▼

1.8 0.923

+17 BMO Capital Markets240.1 +2 Banco Bradesco SA 20,328.825

Industry Total

2421

10317,356.335

21,719.721,703.5

2.2

2.3

0.3 ▲▲1.1

0.21.9 0.3

12▲

2.0124.3-18

-2,93224

928,348.40.2

100.0

▼▼-18.2%

13,170▼

100.0

0.9

-24.0%

11,781.30.5

▼0.3104.0-17 ▼▲

+40.3▼

▼

▲41

▲

0.12.4 42

0.1-0.32.3

0.40.3

54+321,972.6-18 0.1188.3

▲▲▲68.9 0.6

1.60.1▼1.9 ▼ HSBC Holdings PLC31 0.2 -2.51621-10

148,536.3

61,170.462,308.4

16,835.7 13.8

11.1

26,140.6 25.7

18,125.0

11,810.0 3

122,258.13

42.02

40,511.5

101,783.5

16,700.8

IndustrialsGoldman Sachs & CoCitiMorgan Stanley

106,752.1

16,465.2

320,177.6

15,961.4 316.22

15

▲Industry % Change from Last Quarter 12.4%

13

22.719 28.1

1,959

17.0

2,615 21

9 15.6

233.1

31

15.7

1,062

1

16.5

12

56,606.2

71,223.0

41.2

1

1

2

1

5

13

37.2

20 48.0

▼

1

15

44

1

Jan 1 - Jun 29 2012

$0

$50

$100

$150

$200

$250

$300

Goldman Sachs & Co

Morgan Stanley

JP Morgan Deutsche Bank

Barclays Credit Suisse

Citi Bank of America Merrill Lynch

Lazard Nomura

Ran

k Va

lue

(US

$b)

Xstrata/Glencore

Illumina Inc/Roche Holding

International Power/GDF Suez

Viterra Inc/Glencore

Other Top 15 Deals

All Other Transactions


Jan 1 - Jun 29 2012

Healthcare

High Technology

10.9x

9.0x11.2x

10.6x

11.3x14.4x 18.5x 8.9x

Japan

-

Asia ex. JapanEurope

17.2x

12.6x

12.1x

14.1x12.6x -

Worldwide M&A Matrix

UKEMEA

17.2x

14.0x


8.7x

11.5x

7.8x

9.3x

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

8.4x

2012 UP 2012 DOWN

Telecommunications

Real Estate

11.5x

11.0x

9.2x

8.9x

9.2x

22.8x

11.4x

11.9x 11.3x

11.9x

11.0x

10.9x

-

-

20.1x

13.0x- - 9.5x 13.0x27.2x 11.2x

13.3x 5.1x 11.3x8.2x

22.8x 12.8x-

9.6x 13.2x

18.0x

16.5x -

- 28.3x

21.3x

9.5x

12.8x

14.4x21.3x21.2x

5.1x

14.6x

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

11.1x3.4x

18.6x 18.8x

16.1x

6.2x 4.7x14.5x

11.9x 16.1x 10.1x16.5x

12.4x13.4x 10.8x14.9x 11.1x 8.6x11.3x

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

9.4x

21.0x11.4x 12.4x 14.8x11.4x

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

7.0x

Retail

10.4x 7.5x

10.4x

37.4x

11.2x 27.2x7.0x5.7x

8.1x

10.8x

8.1x

9.6x 14.1x

11.9x

14.1x

11.4x

7.6x

9.5x

12.1x8.0x

11.1x 10.4x4.5x

3.8x5.1x

11.7x

12.3x

11.4x-

11.9x

11.4x

18.6x

-

18.6x 24.8x35.5x 24.1x

11.1x

10.1x

7.4x

11.2x 7.8x

11.5x

10.2x

8.0x

10.4x

5.9x

2011World Americas

-8.4x

CanadaUSA

-9.2x 10.1x

Industrials

9.9x

Consumer Products and Services 10.1x 11.6xConsumer Staples

Energy and Power

11.8xMaterials

10.4x

14.5x

11.2x

11.4x

11.1x4.7x

22.8x

15.0x 13.7x7.8x -10.4x8.6x

-

10.4x14.4x

10.6x

Media and Entertainment

-

24.7x15.1x

10.9x12.1x

-

14.5x

8.7x

9.2x

8.3x

11.2x8.9x

11.5x 11.9x

-

Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price Jan 1 - Jun 29 2012

Healthcare

12.0x

21.1 35.2

Canada

47.3

-

28.53.2

39.4 19.1

20.2

63.8

31.7

46.0

52.2

26.3

31.128.4

36.1

- 9.245.2

27.812.3

9.845.2 3.9

12.341.5

30.835.2- 36.8 19.5 - 46.6

22.638.832.834.829.5

60.6

68.7

41.4

15.9

41.224.745.6 8.8

- 38.0x -

-

13.2

46.732.6 24.0

16.7

Materials

34.0

40.3

29.2

32.4

23.8

28.0

World

12.0x

Retail

32.8

36.8

38.9

25.7

35.1

Average Industry Total

48.2

32.9

Telecommunications 41.9

35.6

29.0 36.8

38.2Media and Entertainment

27.1

34.5

25.5

37.1 32.6

33.5 28.5

30.5

46.5

21.1

33.9

26.5

35.2

31.3

43.7

59.0

31.1

38.039.1

36.5

20.6 59.4

22.9

37.1

Europe

33.4

44.0

33.344.5

37.5

33.3 31.6

24.9

33.3High Technology

Industrials

11.0x

Energy and Power

28.7

10.5x

39.9

31.6-

58.1

12.6x

48.2

17.4 20.4

14.6

7.0

16

20.824.6

-

-

-41.5

-

27.4

28.7

-

54.1

30.4 29.7 36.4

29.9 56.0

21.2-31.0 21.2

34.4

- -

-

56.0

36.4 48.2

36.142.763.2

20.4 30.4 31.5 35.6

47.6-

38.1

8.826.2

16.2

-

9.8-

3.9

27.2

35.2 36.1 36.1

29.3 34.4

28.5

- 61.425.5 18.130.9 78.615.4 26.0

43.7 19.143.7

3.2- 12.5

24.7

12.5

--

-

92.8

21.8 5.6

54.9

48.1

39.6

48.1

37.5

94.6

-

Japan

25.9

-13.2

48.8-

40.533.2 40.5

6.5

37.5 33.2

-

11.7x

-

15.6

22

Asia ex. Japan

29.4

39.7

61.833.4

53.7

34.4

4554.1

24.443.7

34.0

13.3

37.643.1 36.2

35.2

33.029.845.0

12.7x13.6x10.1x

UK

17.4

12.7x12.0x 10.3x 10.7x 11.5x 12.6x

Consumer Staples

2012 UP 2012 DOWN

34.0

Americas USA EMEA

11.2xAverage Industry Total 11.2x

Financials

Consumer Products and Services

2011

12.0x

Real Estate

* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 01/01/2012 - 06/29/2012 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%.



Worldwide Announced Rankings* - A Decade in Review

1

2

3

4

1

2

3

4

Goldman Sachs & Co

Morgan Stanley

JP Morgan

Deutsche Bank

*League Table positions reflect consolidation within the banking sector

5

6

7

8

9

102003 2004 2005 2006 2007 2008 2009 2010 2011 2012

5

6

7

8

9

10

Ran

k

Barclays

Credit Suisse

Citi

Bank of America Merrill Lynch

Lazard

Nomura

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

League Table positions reflect consolidation within the banking sector

5

7 19.2


US M&A Decreases 35% | Americas Estimated Fees Down 19% | Energy and Power Leading Sector

10 32.2

Americas M&A

48.4

11 4

179

757 11

5 36.3

23.4

31.5

28.87

1

22.7

3

Americas Deals Intelligence

M&A activity with US involvement during the first half of 2012 decreased 35.3% compared to the same period last year,reaching US$475.1 billion. By number of deals, US M&A activity decreased by 16.2%, with 4,934 announced deals.

According to Thomson Reuters/Freeman Consulting, total estimated fees from completed M&A with Americas involvementreached $8.2 billion in the first half of 2012, representing a 18.6% decrease from the $10 billion during the same period lastyear.

The Energy & Power sector led the US market, with deal volume totalling US$76 billion, a 23% share of US M&A activityduring the first half of 2012, a 40.2% decrease compared to the same period last year. Heathcare placed second, withUS$40.7 billion, a 12.3% share. By deal count, High Technology was the most prolific sector, with 757 transactions. As foraverage bid premia paid (against 4 week prior prices) Americas targets commanded 36.8%, US targets 42.7%, andCanadian targets 29.5%.

On average, EBITDA multiples for Americas Targets during the first half of 2012 decreased to 10.5x from 12.0x reported inthe first half of 2011. From an industry pespective, among US target transactions, average industry multiples ranged from8.9x for Consumer Staples targets to 22.8x for Real Estate targets. Announced M&A activity with Canadian involvementduring the first half of 2012 increased 14.6% to US$101.6 billion. Deal count decreased by 19.5% to 1,467 deals.

Share

52.5 9

327 36.2

45.012 23.2

9

Mkt.

265

No. Deals

3

123

123

12

20,145.012,455.012,220.0

Rank

123

11,810.035,812.2 10,297.5

8,134.56,857.7

27,581.0

14,748.413,131.3

9,535.137,477.8 18,125.013,590.0

Morgan StanleyCenterview Partners LLCDeutsche Bank

Rank Val (US$m)

75,994.8 39,923.434,196.917,599.1

40,742.5

Bank of America Merrill LynchBarclaysGleacher & Co Inc

Morgan StanleyDeutsche BankJP Morgan

Credit SuisseJP MorganBarclays

Goldman Sachs & CoJP MorganCiti

2 44.3 2

23

Energy and Power

Healthcare

Real Estate

High Technology

Consumer Staples

US Announced Advisors by Target Industry Jan 1 - Jun 29 2012

140 73.0 3 145.2

Pending

1/27/2012

3/28/20125/21/2012

Solutia Inc (100%)PendingPending

Americas Target Completed M&A Fees

United States / United States 4,294.8

United States / United StatesEastman Chemical CoDaVita Inc

Switzerland / United States

Tyco Flow Control (100%)

11,850.0


5,847.7

11,810.0

Energy Transfer Partners LP

Pending Ariba Inc (100%)Materials / Chemicals

SAP America Inc


HealthCare Partners LLC (100%)

Rank Date

Lehman Brothers Holdings Inc1/23/2012

Date Effective

2/24/2012 EP Energy Corp (100%)

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

5/22/2012

Pentair Inc


4/30/2012

Gavilon Group LLC (100%)

Pending Pfizer Nutrition (100%)


5/24/2012

Marubeni Corp

1/23/2012

5/29/20124/30/2012

Pending

Nestle SAArchstone-Smith Trust (26.5%)

Sunoco Inc (100%)

4/23/2012

Everest Acquisition LLC

4,693.04,628.8

Healthcare / Healthcare Providers & Services (HMOs)

High Technology / Software

Top Ten US Announced Deals Jan 1 – Jun 29 2012

Pending7,150.0


Real Estate / REITsUnited States / United States

Target (% Sought/Acquired) Acquiror

Energy and Power / Petrochemicals

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



Japan / United States


4,900.0

21,657.1

5,600.0

Jan 1 – Jun 29 2012


Shareholders Energy and Power / Oil & Gas

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

23.0%

12.3%

11.4%10.9%

8.4%

8.0%

6.0%

5.2%

5.1%4.0%

3.4%2.4%

0.0%Energy and Power Healthcare Real EstateHigh Technology Consumer Staples IndustrialsFinancials Retail Media and EntertainmentMaterials Telecommunications Consumer Products and ServicesGovernment and Agencies

2.1 1.9 2.1 2.74.2 5.0 4.2

2.0 3.0 3.4 3.12.2 1.6

2.73.0

4.65.9

3.6

1.5

3.34.8

3.92.01.8

3.03.7

4.2

6.3

4.3

2.2

3.9

3.8

2.12.5

3.2

3.8

5.4

6.3

3.5

4.1

5.03.8

0

3,000

6,000

9,000

12,000

15,000

$0

$5

$10

$15

$20

$25

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

# of

Dea

ls

Impu

ted

fees

(US

$m)

4Q3Q2Q1QYTD Number of Deals


RBC Capital Markets Deutsche Bank

100 08 169 3Industry Total 1 102603 296 5 5 246638 215 2 100 0 1 291▲

6 723 100 02.0 1.8

Industry Total0.1 0.00.1 -1 ▼ 4.8 -1.7 ▲ 2 0.0 84 11,989.0Gleacher & Co Inc 25 3

▼Gleacher & Co Inc 25 82 11,810.0 1.9

2.2 -8.9-3 ▼

11 13,305.8 0.7 0.6▼ 52.9▼ 23 0.4 -230.6 ▲ 39 0.6 Rothschild 24+17 ▲-

Banco BTG Pactual SA 24 33 12,384.3 1.925 0.4 +8 ▲ 0.3 0.016 13,385.2 2.2 -1.4 0.2 -3 ▼ 28.0BNP Paribas SA 23

0.9 0.50.3 -1 ▼ 73.8▼ 12

▲Wells Fargo & Co 23 22 12,996.1 2.0 0.0 ▲

▼ 16-3 ▼ TD Securities Inc 221.4 0.5

18 13,963.721 14,886.0 0.4 -20

2.3 -1.02.2▼

0.6 ▲-1 ▼

14 0.219 0.3

Nomura 22 27 13,979.0

▲HSBC Holdings PLC 21 25 14,654.9 2.3 0.6 ▲ ▲112.1

15 0.2 0 - ▲ 72.8 2.4BMO Capital Markets 21Qatalyst Partners 20

▼ 222.5 -0.258 17,104.2 0.1 +2 1.6 1.2▲ 127.2

2.9 1.2 1.3 0.80.6 +13 ▲ 104.5▲ 33 ▲TD Securities Inc 20 20 19,365.8 3.0 0.9 ▲

0.5 ▲ 30 0.4 24 17,641.1Moelis & Co 19-

BMO Capital Markets 19 15 20,344.1 3.23.4 -0.1

-11 ▼17 20,198.4 2.2 0.0▼ 179.1▼ 50 1.0 -150.6 ▲ 36 0.5 Jefferies & Co Inc 18+2 ▲

▲Moelis & Co 18 16 20,390.9 3.2

16 0.2 +8 ▲ 0.5 0.367 20,328.8 3.4 3.1 0.2 +4 ▲ 37.2Banco Bradesco SA 170.7 0.20.5 +6 ▲ 58.2

▲ 12▲

Scotiabank-Bank of Nova Scotia 17 43 20,612.3 3.2 2.5 ▲▲ 28-20 ▼ Banco BTG Pactual SA 16

0.4 0.128 23,576.125 23,879.1 0.3 -3

3.9 2.43.3▼

0.1 ▲+8 ▲

49 0.734 0.5

Jefferies & Co Inc 16 14 20,987.7

▲Itau Unibanco 15 19 21,066.0 3.3 1.1 ▲ ▼36.3

42 0.6 +12 ▲ ▲ 104.2 0.9Itau Unibanco 15Centerview Partners LLC 14

▲ 174.0 2.319 25,282.4 0.2 +1 1.0 0.5▲ 77.7

5.3 1.3 2.3 0.61.3 +13 ▲ 184.4▲ 67 ▲Evercore Partners 14 8 22,973.2 3.6 -9.2 ▼

-4.1 ▼ 41 0.6 14 32,095.7RBC Capital Markets 13-

UBS 13 12 37,932.4 5.95.7 5.7

-40 ▼0.0 0.0▲ 1.0▲ 2 0.0 +2Foros 12-11 ▼ - 34,305.6-5.4 ▼ 41 0.6

5.0 ▲ ▼Rothschild 12 10 38,335.1 6.0

12 0.2 +5 ▲ 1.8 1.68 37,192.9 6.2 -8.1 0.6 -37 ▼ 146.9UBS 112.6 0.30.9 -17 ▼ 211.9

▼ 33

3.3 1.2▼ 48 ▼

Centerview Partners LLC 11 18 47,321.0 7.4

1.1 +68.3 -3.6

▲ 5712.7 1.991.2

-29 ▼ ▲ 265.510 50,296.312 76,628.0

4.6 ▲ 8354

10+28 ▲Lazard-5.6 ▼

10 13 50,533.0 7.9

▼Citi 9 6 71,858.5 11.3 ▲0.8

▼ 4469 1.0 +2 ▲ Citi 8 4 79,887.7 13.2 -10.0 0.8 -32 206.514.4 -0.3 2.3 0.80.7 +638 ▲

Lazard 8 9 83,427.3 13.1 2.5 0.5▼0.5 ▲-2.9 ▼15.6

15.6-20 ▼73 1.1 Evercore Partners 7Credit Suisse 7 5 99,488.3

▼55 1.0 -40 4.37 87,126.9 ▲ 186.6▼

93,883.5Bank of America Merrill Lynch 6 5 0.6▼ 347.21.1430.4 ▼1.0 -52 5.3

+1 ▲ ▼-7.5

▼

Barclays 6 7 107,325.2 16.866

1.5 ▲ 731.61 117,679.1 19.5 -20.1 1.1 -51 ▼Morgan Stanley 5 ▼ 60

5.81.5 -23 ▼ 475.0152,640.5Bank of America Merrill Lynch 5 3 110,607.9

0.8

17.3 -7.0

3JP Morgan 80-

▼

-7.917.4 1.1

▼18.4

▼▼1.8

+925.3 -7.7

11.4 ▲▲ 4.41.227.1 ▲ 74Deutsche Bank 4 11 111,329.8 40

▲ 65-12 ▼ 6Barclays 162,124.2 26.9▲645.6 1.1▲ 96 1.8 -28 ▼ 7.9

362.127.4

Morgan Stanley 3 1 117,137.52

88 1.391 1.4

13.79 167,511.8-19 ▼ 3 165,231.3

1Goldman Sachs & Co

▲27.8Credit Suisse▼121 1.824.4 -0.4 ▼19.9 -2.7

Goldman Sachs & Co 1 2 ▼

MarketSh (%)

# ofFinancial Advisor

JP Morgan 2 4 127,035.8 ▼

Rank Value Market

1.3 470.3 5.8# of Deals

2012 Rank

2011 Rank

Change in

-19Sh (%) Share Ch. DealsUS$m

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

2011 Rank

-11155,978.2Share Ch.

2012 RankFinancial Advisor Sh (%)

MarketShare Ch.

69Sh (%)Sh (%) # of Deals Fees

Advisor

Jan 1 – Jun 29 Any Americas Involvement Announced (AD49) Jan 1 – Jun 29

1.8US$m

▲

MarketImputed Fees (US$m)

Americas Rankings

Market

0.7

MarketDeals

Change in Rank Value per Advisor (US$m)

Any Americas Involvement Completed (AF55)

# of Deals per Advisor



Moelis & Co Deutsche Bank

+524 103

▲

Industry % Change from Last Quarter -6.4%

Industry Total

▼

4,050.4

-41.7%31.0%

-0.7100.0

▲Industry % Change from Last Quarter 58.0%

-743

▼ ▲▼-10.5%▼

27.9%-17.4%-10.6%▲

3,023

-17.1%

100.0330,007.9 5,574.0Industry Total0.2


+4▲1.0-636

-21.3% ▼

25

2.1

4,435.0 654Qatalyst Partners 25 22 ▼0.1▼

100.0▲▲ 0.2 0.211.2

0.3 ▲0.9 ▲ 34.87 0.2 +347HSBC Holdings PLC

24Greenhill & Co, LLC1▲ -1

▼1.0 ▲

▲ 628,736.9 2.1▲

21 ▲12 0.4 -2 ▼ 0.2 ▲0.7

2.139.4

0.3

0.6▲1.45,453.50.44,984.0 1.2

141.4

BMO Capital Markets 23 42 4,876.7-1Nomura 22 Houlihan Lokey0.1 +1 127.3 2.3

1.5 1.20.3 ▲

4322

Macquarie Group 2336 6,324.1 1.9 1.5 3

Greenhill & Co, LLC 21 31 9,028.2 2.7 -10.0▲8,875.9 2.1▲ +49 0.3 1-

▼ 0.0 -.0.6▲

0.03.4 0.0 0.0- 11,430.5 2.7 2.7 0.0 +12.7 -3 ▲Loop Capital Markets 20▲ ▼0.2

Perella Weinberg Partners LP ▲ 6 0.21.3 0.0▲ 0.3 +1 0.6 -2.1▲19 20 32.2▼11,266.1 3.4 Tudor Pickering & Co LLCTudor Pickering & Co LLC 20 26 11,052.8

0.1 -119 35 11,785.8 2.8

0.145 3 4.82.5 ▲ ▼18 49 11,810.0

▲-31

1.0 +10 ▲▼

0.93.612,018.6

▼

95.3 1.712,463.2 3.8

0.12.8141.717 ▼-11 ▼ 2.5-0.414,620.3 1.2 0.217 11

3.6 0.1▼ 36Jefferies & Co Inc 3.4

11,989.018

▲72.612

0.2 +2 127.2 2.30.4

7 ▲ 1.737 17,104.2 4.00.01.1

3.3 ▲Qatalyst Partners 15

▲Centerview Partners LLC 14 15 14,294.1 4.3 -13.3 ▼

0.620,660.4

Jefferies & Co Inc 15 13 13,797.8

1.81.3

1.0▼4.4

2077.797.5

▼9 2.3▲ 14 813 ▲

▲2.8 ▲

-2918,555.9

-7.8 ▼ 12

0.3+75.0 4.9RBC Capital MarketsLazard 13 9 16,333.0 40 -1.1+310 5.1

31

RBC Capital Markets0.8▼ Centerview Partners LLCRothschild 12

-16,740.5 -7 ▲25,282.4 6.0 2.0 ▲ 0.310

8.11.412 17

5.2 3.0 35 34,305.60.3

1111 18 17,068.5 +8 ▲ Foros▲34,758.114 -11-4.9 ▼ 2419,361.9 5.9 2.0 31

8.1 ▲ 0.02 0.1 +2 1.0 0.0▲

▼248.8 4.5

-0.82.2120.2 ▼1.561,122.3 -36 ▼1.133

0.88.2 ▼-12.7 ▼9

Citi 8 3▼▼

30 0.8▲

▼ 62,503.414.4

▼0.95.9 Bank of America Merrill Lynch+6

10 125Evercore Partners 9 7 19,562.6

1030

▲

▼0.3▼ 25 ▼ 147.50.8 -15 2.7▲

Citi 8 5 39,450.8 12.0▲7

14.7 -13.91.21.3 +1014.8 1.0 ▲ 200.9381.1 -35 Lazard 3.6

+9-6 ▼ 2910▼

▲Bank of America Merrill Lynch 7 2 39,942.4 12.1 -15.1 ▼

▲ 3.0 1.26 86,153.6 20.3 -0.3 ▲ 168.6▼ 1.032 Evercore Partners 6▼

0.9Deutsche Bank 6 12 54,180.2 16.4 6.516.7 -15.4 343.1▼ 1.3 Morgan Stanley-1048 ▼41 1.4 -22

▼7.0 1.16.2 1.5 ▼

388.8-23.824.8Morgan Stanley 5 1 55,193.5 105,106.35 1

▼ 1.9 -1 ▼16.9 JP Morgan 125,719.3 29.6 -7.6 56

▲1.3 -5 ▼Credit Suisse

-6.1 ▼ 1.9 -269▲

Goldman Sachs & Co 4 4 55,595.6

+931.1

▼▲ 1.5

1.731.5 507 12.3 ▲133,888.96.4

▲299.4 5.4▲

0.92.2357.5

1.13854 +58 64,324.6 19.5 1.7 3915.89

Credit Suisse 2 6 68,436.63

Barclays-13▲

20.7 0.5-2 ▼137,446.0 32.4 4.3 ▲

▼

Financial Advisor3 72,231.2 1.48.862 2.11 456 489.31.6 0 - Goldman Sachs & Co

MarketShare Ch. Deals Sh (%) # of Deals

Market

21.9 -1.4 ▼US$mDeals Sh (%) Share Ch.Sh (%)

AdvisorFees

# of Change in 2012 Rank

2011 Rank

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

2011 Rank

Market

US Target Announced (AD2) Jan 1 – Jun 29

MarketRank Value Market2012 Rank

Industry % Change from Same Period Last Year -24.6%

US Target Completed (AF2) Jan 1 – Jun 29

-17.4% ▼ -18.6% ▼Industry % Change from Last Quarter 47.8%

▼

100.0

-11.4% ▼▲

Imputed Fees (US$m)

▲

8,169.3

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

▼ 25.8%

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

Industry % Change from Last Quarter 42.2% ▲ -3.2%Industry % Change from Same Period Last Year -25.6% ▼ -16.1% ▼

Industry Total -1,102603,296.5 5,246638,215.2 100.0 -1,2916,723 100.0Industry Total

3.6

424,554.5

UBS

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

Barclays 3▲

JP Morgan 1

Gleacher & Co Inc

1

0.8

Wells Fargo & Co 16

6

15,277.5Moelis & Co0.8

2.2

-8.3 ▼

-2

4

16

2

0.8

▲

62,708.4

▼

Gleacher & Co Inc

109*

UBS

18

132,148.72

1.1

-1

▼

▲

0.4

0

-8.6-13.3

31

1.0

▲

▲3.4

-10.1 ▼

2

▲

16

Valence Group 4,628.8 0.0-31.2 5▼


+6220.9

▲

-2 ▼

▲ ING

-13

▲-20+4

19

1.3

21

▼

4.2 ▼0.6 16

40

29▲

9

3,597

* tie


Centerview Partners LLC Deutsche Bank-36

-6113.2

Imputed Fees (US$m)2012 Rank

Gleacher & Co Inc

-25

+1

▼

10

12

2 148,525.6Barclays

+2

-22

▼

147,791.83 29.2


Credit Suisse

Rank Value Market Market

31.4

8

10

66,709.5

6▼

+5

Americas Rankings

▲▼

▼

11

Any US Involvement Completed (AF48)

▼

2011 Rank

▲▲

▲

12

▼

-▲

0.9

0.3 +114

▲

▲

▼

▲

0.713

RBC Capital Markets27 ▼0.5 Centerview Partners LLC

1435-10

Foros

Lazard▼

▲▲▼

▼

Qatalyst Partners

11.655,325.4

-4.2 -347.2

34

-2.4

10.0 ▲▼

1039 0.8▼-8.2

155

47,321.053,668.8 11.3

Deutsche Bank

Bank of America Merrill Lynch 7

80,478.9

98

11

57,536.815.716.9

7

Lazard

6

Moelis & Co

1.2

0.2Citi 9

15

1817

21 17,641.1

Blackstone Group LP 24

4018

7

Market

2.1Sh (%)

1.3

# of Deals

12.1

-10.1 ▼17.0

2011 Rank

2012 Rank

1.5 -201.6 -20

-16

Change in

79

Any US Involvement Announced (AD41) Jan 1 – Jun 29

▲

Credit Suisse

Financial Advisor


26.719.418.9


Sh (%)0.8

US$mRank Value

-2.24

-6.3 ▼

Market Market

▲


102 88


Deals# of

Jan 1 – Jun 29

▼

57

1.0

9

MarketShare Ch.

-4

-3

72▼

6250

-14.4 ▼

▲5.8▼-1.0

▼

▲2.3 ▲

3.6 ▼ 612.42.2 -11 8.9

+60.8

43▲16

RBC Capital Markets 15

17

Tudor Pickering & Co LLC 20

Jefferies & Co Inc 16,454.0▲2.1

Morgan Stanley 3 1 89,596.3

74,340.72

80,636.9

Barclays

Goldman Sachs & Co 1 3 126,986.94 92,308.2JP Morgan

5

2

-1▼

65 1.3▼1.049▼

6

UBS

21,781.5 4.6Evercore Partners

11 124.8

Rothschild 13

0.7+1112 22,805.28 0.7

6.832,064.537

0.019,688.5 4.1

13

-7.1

3.5

14 1.3

▼-10.110

▲▼

Nomura

4.3

Wells Fargo & Co19 67

1711,810.0

Moelis & Co 14 20,390.9

18 0.5 +825▲13,979.0 2.927

0.41.4

0.0 -312,996.1

Perella Weinberg Partners LP

2Gleacher & Co Inc2.4 1.9

2.7

▲0.7 ▲

2.5

1.2 ▲

2.3 ▲11,387.8

21 21 11,385.42.0

452.4

0.1 -2

-40.2

7

100.211

Greenhill & Co, LLC 23 38 9,028.2HSBC Holdings PLC 22 33 9,461.6

8,487.3 1.8 ▲ 1810 0.21.9 ▲1.2 +3

0.1 00.4

1.7Allen & Co Inc 25 125 8,350.0 1.8 ▲0.120

3100 0 9574 934

11.427.6

Bank of America Merrill LynchEvercore Partners 6

+3

Industry Total 475 112 6

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

Goldman Sachs & Co 1 3 159,225.6 ▲ 1.7

1.5 +66.2-8 ▼

▲ 349.7425.629.3 14.7 ▲ 52 1.3

▼▼ 6.6▲60

JP Morgan 4 2 139,774.4 73 1.8-9.8 ▼▼

5.1 1.0

407.0 5.9 1.52.0

▼452.9

55-21

Morgan Stanley 5 1 114,099.0 22.5 -21.3 1.3 -39▲35 0.9 +10 ▲ 181.0 2.6 1.07 87,126.9 17.2 0.2

71,830.0 1.14 -41▲

▼ 310.114.2 -11.9 ▼ 46 4.5 1.1 ▼1.3 ▲ 51 1.2 +8 ▲ 231.8 3.4 1.1 ▲

Citi 9 5 66,283.8 13.1 -12.9 ▼ 175.3 2.6 0.6 ▼33 0.8 -33 ▼0.7 ▼41 1.0 -16 ▼

- 34,305.6178.0 2.644,361.9 8.8 -4.5 ▼

0.0 +2 ▲ 1.06.8 6.8 ▲ 2 0.0 0.0 -UBS 12 8 29,985.4 5.9 -9.6 ▼ 28 0.7 -32 ▼ 1.8125.6

▲ 101.8

▲37 0.9 +2 ▲1.1

▼0.5 ▲16 25,282.4 0.2 +1 ▲ 77.75.0 1.1

3.5 1.5 ▲ 33 1.5 0.90.8 +13 ▲ 104.50.419 22,670.4 4.5 1.9 1.7117.0▲

▲Jefferies & Co Inc 16 18 17,606.4 3.5 0.1 ▲ 166.8 2.4 0.1 ▲45 1.1 -14 ▼

1.4 ▲7 0.2 +2 ▲ 127.2 1.966 11,989.0

17,104.2 3.42.4

49 2.9 ▲0.1 -1 ▼ 4.82.2 ▲ 3 0.1 0.1 ▼

Tudor Pickering & Co LLC 19 47 11,785.8 2.3 1.7 ▲ 0.50.0 -1 0.0 +1 ▲ .60.1 ▲

60 9,105.7

▼ 32.26 0.1 -1-

0.0 -6Loop Capital Markets 20ING 21

0.011,430.5 2.31.8

2.3 ▲▼ 1.51.5 ▲ 2 0.0 0.2 ▼

Houlihan Lokey 22 24 9,063.6 1.8 0.3 ▲ 0.4 ▲66 1.6 -2 ▼ 134.5 2.0Macquarie Group 23 58 8,495.8 0.4 -1 ▼ 48.41.7 1.4 ▲ 16 0.7 0.3 ▲Nomura 24 20 8,422.4 1.7 -0.7 ▼ 0.2 ▼12 0.3 -4 ▼ 30.9 0.5RBS 25 44 8,364.4 1.7 1.1 0.1 -2 ▼ 31.6▲ 5 0.5 0.4 ▲

6 888 5 100 0Industry Total 506 425 0 4 082 822100 0

Morgan Stanley National Bank of Canada Fin'l7

▲

4,890.321

▲

-

▼

Jefferies & Co Inc 17

▲

0.5

1315

7.6 ▲7.8 5.1

14

▼▲

▲

5.1

12

-0.40.3

7,713.0 5.4

-4.9

UBS 4.81413

12

0.7

8,260.9▼

0.5+1

Change in

1.0▼

-4 ▼

Sh (%)

Rothschild

3.0

206.4Macquarie Group

Deutsche Bank

24

--


0.1

ABG Sundal Collier

Arctic Securities ASA 21*Rabobank NV 21*

22

+1

Industry Total25Lazard

-355

- 3,474.5 3.4

-1.3 ▼

1.6

0.69+71.0

5 -1

2.2

110.5

7

14

3,474.5 0.13.421*

6,481.6 0.75,212.7

▲

4,845.115

Rothschild

▲

UBSCiti

4.8 0.5

▲13 4,045.918 ▲3.2 31.21.4

0.0 2.6▲ 5 0.0 - 35.8 2.9

21 3,036.01.914

▼ 5

4,023.5

▼

▲2.1-4 ▲6.1Barclays

12

06.1

-4 3.121.7

5 +3

4,632.1 7.0 -19.3 ▼1.7-4 ▼ 20.64,130.01.4

60.0 ▼

12 14

▲

37.70.1▲

1

8 8,250.2 8.1 ▼2.98.1

▲ ▲6

12.1▼

8

34.3

13,963.7

-45,095.9-10.0

7.7

9,423.7

8.1-16

▼0.4

▲▲

46.0

▼

1.5

▼▼0.1

1.376

-8.7

0.0+1

1.9

▲▼▲

46.23.8

Scotiabank-Bank of Nova Scotia

▼5 7,335.4 11.1 -4

BMO Capital Markets

7,992.9▼

11,276.4 11.19,275.8

-13.0


Credit Suisse 16 12

8

16 7,957.2109National Bank of Canada Fin'l

Canaccord Genuity

23.53.8

942.2

5,330.49 8.1

1.09.1 2.1

0.80.17.2 9

-2+8

0.845.1▲ CIBC World Markets Inc0.6

72.83.7

10

6.07Morgan Stanley

▲ 5,356.7▲ 24Lazard

+2▼-6 0.1

0.07,972.66Bank of America Merrill Lynch11▼

2.8+4 46.7 3.8▲5 16,240.7 16.0 -3 ▼

▼ GMP Capital Corp▲ 11

8.4 ▲12.116511 1.74.0

1 16,752.8 16.5+119.1 14.3

0.113

▲

48.3▲

Jan 1 – Jun 29

▲11

Share Ch.

140.1▲4 8.6

+1

Sh (%)

160.1▼

-2

Market

3 15,092.921.1

7.8

0.3 +7 ▲

-22 ▼▼

Fees

▲

0.37.36.1

2.8▲

Sh (%) Share Ch.

94.5

Deals

▼

Share Ch.

-9.1-3.0

0.1▼

Market2011 Rank


Any Canadian Involvement Completed (AF49)

US$m2012 Rank

Change in

49.7%

2011 Rank Deals

MarketFinancial Advisor

Market# of# of Deals

Industry % Change from Last Quarter

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

2012 Rank

23 ▲

▲

0.733,148.2 88.3RBC Capital Markets 37

3.41 -0.9

-1 73.822.9

Any Canadian Involvement Announced (AD42)

Financial Advisor US$mRank Value

1 32.6

3 19.7 1.08.1

20,027.3

3.3RBC Capital MarketsBank of America Merrill Lynch

+7 3

# of Market# of Deals

▲+19

Market

Goldman Sachs & Co 67CIBC World Markets Inc

Barclays

5

11

6 ▲

11

19,365.8BMO Capital MarketsTD Securities Inc

2

4Scotiabank-Bank of Nova Scotia

▼

-9.1

▲-0.9 15

14▼

1.3 -1819

84 Jefferies & Co Inc0.3 -4

▲

▼

▼

Goldman Sachs & Co

4

10.4

13.0

48

15▲▼

11

-0.7

Imputed Fees (US$m)

Jan 1 – Jun 29

Market

0.5

6.3

1,854.3

-12.5+3

+3

0.0▼

3.8

Credit Suisse

JP Morgan

2,191.52,486.2

Rank Value

17.4

6

7

2,758.1 4

Sh (%)

20.3

19

Industry % Change from Last Quarter▼

Deutsche Bank 2.266,037.9

▲100.0

BNP Paribas SA

▲

-19.5%

Mitsubishi UFJ Financial Group

6.9%Industry % Change from Last Quarter

20 32 3,554.5 3.5

2,018.2 2.0100.0

3,474.5

3.4

+2

24,890.5 24.5

7

HSBC Holdings PLC

156

2.4

-4.3% ▼

100.0

-16.2%

-957

▼

4,934Industry Total 475,112.6

Industry % Change from Same Period Last Year -35.3% ▼

6,888.5 100.0Industry Total 506,425.0

▼

4,082

26.4% ▲-17.5% ▼

▲

13,419.8

-10.9%▼

Advisor# of Deals per Advisor

-822

-16.8% ▼

100.0

16▲ 40*

Industry % Change from Same Period Last Year -24.9%Industry % Change from Last Quarter 50.4%

TD Securities Inc4

8

3.8 ▲52.1 ▲

4.24.6 1.4 0.2 ▲

0.7-0.0 0

+2 ▲ 9.01.013.4

▲0.0 1.1 ▼0.0 0.4

▼-4▲ 18▲26 4,598.7 4.5 2.6 17▲

4.537 0

39 2,490.717

▼▲

3.8 -6.2

JP Morgan 19 7 4,234.9 4.2 ▼0.4-8.9 ▼ -2GMP Capital Corp 18 18 4,585.7 ▼0.0 -34 1.4▼ 17.3 0.4

21* - 3,474.5 3.4 0.7▲+1▲

19* - 3.01 0.20.30.0▲2.73.3

▲3.00.0 ▲

0.7

▲

8.9▲▲+1▲ 1 0.30.2 - 0.3

2.8 2.83.3McFarland Dewey & Co0 3.3

▲ 212,191.5

-Guggenheim Securities LLC▲

19*0.1

3

11

▲12

▲22 20 1,582.2Canaccord Genuity

1 1,509.63.4

-2 ▼Macquarie Group▲1

23 2.32.21,452.0

-1.7-

0.12.40.9 0.0

-0.2

0.1▼

FirstEnergy Capital Corp▲ 24 30+3

▲1.2 16.6-5

+1▲ 0.0-0.41,449.125▼

1,467

▼

▲

100.0

6 -2▼

-21.3%-10.1%Industry % Change from Same Period Last Year

-0.1 0.57

-3.1%-25.3%

▼ ▼

1,022

▼-16.4%▼

-201 1,218.0

▼ -17.2%

1.411.4

-14.1%

▼0.0 0.2▼ 0.9

0.52

0.03.4

▼

101,587.1

14.6% ▲

3.43.4

Industry Total

0.0 +2

10.9 0.960.0+2

26+1 ▲▼

221.1

* tie


EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity)

14,328.8

9

686

13 Morgan StanleyBarclays

49.3

1

28,692.0

9 25.2

Deutsche Bank

60,265.9

71,515.6

Goldman Sachs & Co

222,222.7 34.923,929.3

Energy and Power

3Financials

JP Morgan

Goldman Sachs & Co

Rothschild

Deutsche Bank

68.6

8,872.3

Credit Suisse

Morgan Stanley

Barclays

58,566.2

EMEA Deals Intelligence


MaterialsRank Val US$m

65,360.0

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


EMEA M&AEMEA Announced M&A Down 3% While Fees from Completed M&A Down 39% | Materials Most Active Sector | Goldman Sachs in First Place

87,817.0

39.7

24.7

64.0

8

4

Morgan Stanley

2 6

10 Industrials 58,090.6

3

37,239.3 37,767.9

1,378

Consumer Staples9

Citi 14,640.9 2

64.9604

35,622.9

3

7,599.1 12.4

37.663,611.2

33.521,334.0

1

6 919

10 10.6

12

66.7

24

8

No. Deals

Citi

Mkt.

1 14 74.4688

11

10 3

49.8

2

3

23,051.1 1

Share

58,191.0

Rank

EMEA Involvement Announced Advisors by Target Industry Jan 1 - Jun 29 2012

Announced M&A with EMEA involvement totalled US$553.3 billion in the first half of 2012, a 3% decrease compared to thesame period last year, but second quarter totals exceeded first quarter by 19.1% . EMEA fee volumes on deals completedso far in 2012 reached US$4.3 billion, a 39.2% decrease compared to last year, according to estimates from ThomsonReuters/Freeman Consulting.

Materials was the most active sector with 688 deals worth a combined US$87.8 billion. Financials was second with US$71.5billion and Energy & Power third with US$63.6 billion worth of activity.

EMEA targeted buyside financial sponsor activity reached US$36.1 billion compared to the US$54.9 billion of last year andwas the least active quarter since the second quarter of 2010. The largest deal so far this year was the US$2.4 billion MBOof UK retailer Iceland Foods.

London listed EMEA companies were the most acquisitive this year with a combined total of US$76 billion worth of offersmade. Activity was driven by the US$48.9 billion Xstrata / Glencore deal.

g p ( y p y)

Financials / BanksSpain / SpainGlencore International PLC

Belgium / Mexico21,361.5United States / Switzerland


Rank Date2/7/2012

5/25/2012

International Power PLC (40.93%)

Pending Xstrata PLC (65.9%)

6/19/2012 Intended Alliance Boots GmbH (55%)6/27/2012

5/21/2012Belgium / United Kingdom

Eaton Corp

6/29/2012

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

Target (% Sought/Acquired)Date Effective Acquiror

Banco Financiero y de Ahorros (100%)48,877.7Switzerland / Switzerland

Acquiror / Target Nation Rank Value (US$m)

Jan 1 – Jun 29 2012Target Macro / Mid Industry

Consumer Products and Services / Professional Services

Real Estate / REITs

Retail / Other Retailing20,093.4

11,850.0

Viterra Inc (100%) 7,361.5

Consumer Staples / Food and BeverageElectrabel SAAnheuser-Busch InbevGrupo Modelo SAB de CV (49.7%)

11,810.0

FROB

3/20/2012

Pfizer Nutrition (100%)

Walgreen Co

Pending

Lehman Brothers Holdings IncPending

Pending

Glencore International PLCPending

y g g q p p ( $ )

1/23/20121/23/2012

2/17/2012

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

Archstone-Smith Trust (26.5%) United States / United StatesSwitzerland / Canada

TNT Express NV (100%) 6,788.6UPS United States / Netherlands

23,785.7Materials / Metals & Mining

Top Ten EMEA Involvement Announced Deals


12,855.912,240.4



23.8%

16.8%

43.6%

38.2%

42.4%

26.6%

16.8%

13.0%

29.4%

22.1%

8.9%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

$0

$50

$100

$150

$200

$250

$300

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

% o

f EM

EA

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of YTD EMEA M&A

$76.0

$20.2

$12.2

$12.0

$10.0$6.5

$5.5$4.4

$4.1$3.7

London

Euronext Brussels

Frankfurt

Zurich

Russian Trading System

Euronext Paris

Madrid

Swiss Stock Exchange

Mumbai{The Bombay Stock Exchange}

OMX Helsinki


Rothschild UBS

-36

0.0

1414

Any EMEA Involvement Completed (AF53)

Rank Value per Advisor (US$m)Market

Jan 1 – Jun 29 Any EMEA Involvement Announced (AD47)

1 1Goldman Sachs & CoShare Ch.

▲

Rank Value

Deutsche BankMorgan Stanley 31.7

5

791,512.691,230.6

Lazard 6

8

1910

2011 RankFinancial Advisor

2

13

Credit Suisse 9

15

11

14Centerview Partners LLC

12

Banco Espirito Santo SA

Nomura

Citi

RBC Capital MarketsHSBC Holdings PLC

BNP Paribas SA

Gleacher & Co Inc

UBS

Sberbank

M Klein & Co LLC


141,578.6

72,335.474,287.3

123,761.2JP MorganBarclays 4

9

47

2

Jan 1 – Jun 29

Sh (%)FeesDeals

188.13 3▼

-20

+1-1

0.4

167,089.45

6

10

14

16.5

HSBC Holdings PLC

▲▲

24,952.7

769

4.1

▲▼▲

▲ 4

0.2

-6.2 ▼0.1

0.039

11,736.0

14,528.52.81.4

2.32.0

12,113.2 2.2

2.6

0.3

Centerview Partners LLC2.3

▲

-8.3 8,545.1

11,465.952 11,581.8

29

130

19▲

▼ Nomura

Gleacher & Co Inc▼

▲0.1

2.2

▲2.22.21.3

▲

2.6▲

2.1

▲0.6

2.0 +8-24

Itau Unibanco35

7,760.417.0

8.2

5

785

0.1

0.0-16+5

0.1 ▼

RBS 19

2

8

-28

13.6

+1

Industry Total

16.5-4.2

Industry Total

Banco BTG Pactual SASociete Generale

20Ondra Partners99

Macquarie Group 2221

242.1

Itau Unibanco 251 971+2

52

100 0.6

▲

▲

+5

-26

0.00.0

▲▲7.8

▲▲

4.8

1.3 ▲

INGOndra Partners

23

0.1▲

-

0.1

-10.2

▼

44,877.0

12.6

▼

▼

1716

13.11.2

42

-24

13.4

8.8

2.7

▲

17-2.26.8

1.9

4

▲

69,613.8

6.28.8

8.1-29

▲

▼

0.2

+148,877.7 ▼

32

12 -1.710

9.9

12.5

-8.5

7.1 29

0.9+6 ▲-26

-250.6

-2.1

▼

146.3▼

0.6▼▲

▼0.91.0

40

56

49

-6

# of

21.5 49Sh (%)

Market

▼

-3.3

-36

-9.6

Financial AdvisorChange in

▼ 51-9

US$m

-5155▼

0.8-12.1

Sh (%)

▲14.736.4

3

MarketUS$m

1.9201,583.8 0.5 Goldman Sachs & Co▼

Market# ofSh (%)

175,401.6Deutsche BankMorgan Stanley

9583 +6 20.571

▲

6

19.8

64,361.065,174.6

▲

11

166,475.0

13

15.23▼

2

15.2Barclays

▼

176.5

0.3

▼JP Morgan -37

-10.6 0.850,776.7

▼36

▼

-24

1.08.419.2

41,861.3

▲

0.8

66

▼


193.7

Rank Value

0.8 162.3

1# of Deals

MarketShare Ch.

▼

-11.4 0.4

3.8

19.5

1.3204.348

4.3▲

2012 Rank Deals

▼

50,807.3

4.9213.7

130.50.5

▲

Sh (%)

# of Deals per AdvisorMarket


# of Deals per Advisor2011 Rank# of Deals

2012 Rank

1.6 ▼4.5

Market

EMEA Rankings

72,012.3

Advisor

0.8

Imputed Fees (US$m)

Share Ch.Change in

67

3019

14

3.4

▼

100 0 7 945

▼

▲

0.0 0

24

4021

25


45

48

17,813.015,912.014,678.9

100 07,342.4Banco BTG Pactual SA

2.3

20Sberbank

13 814

23,624.6

+5

▼-4

4.11.4

▲-0.223

12,707.3

5.3

4.44.8 27

13,576.5

2.7

3.83.8

-5.2

12

-11.9 ▼

-1.8

-2

-15

2 0.0

-

6 338

33

3▼

-30.2

▲▼

0.3

▼

▲0.1

▼

▼

0.5 ▲▲-

0.1

0.2

0.0

0.2

-13

▲

▼

0.00.1

▼

▼▲

▼▲

▼

10,213.9Moelis & Co

335 079 8

12,620.6

3.12.3

3.5

0.24 333 2 100 01 677

0.45.2

9.40 0.2

1.21.458.9

15.70.1

0.00.1

0.4

1.563.8

▲3.4 ▼

▼

3.0

4.7

0.1

▲

0.14.1

▼ Bank of America Merrill Lynch

0.4

-18+13-18 5

4▲

▲-2

0.368 0.452

5

100,483.0 18.2

▲11.8

10.2

9.730.2

108,187.622.425.6

14.119.6 0.4

0.36550 -24

▼

-9.77.5

-9.7

6.7

41,500.5 ▼12.4

▼

9.7

▼▼

▲10 7

8

Citi 6 2.3

47,166.0▼Rothschild

Credit Suisse

1138

7

33,016.732,551.5

0.20.50.6

-14

4

16 -0.6 ▼ 15

▼▼

124.9127.1

98.91.42.9

▼ 0.1

0.52.9

▼

▼

▼

0.5 +2

▼

-37-13

0.5 -29

35.10.2

0.2

0.80.6

0.4

0.210.4-

0.2

▲

50.2

56.0

0.4

0.1

1.3

0.1

0.3

0.3 -

▲

▼

▲▼

▼18.2

24.1+2

22

18

12

15▲

▲

+1

2

-5

0.1

▲

+4

-34

0.1

▼

Societe Generale

-9

BNP Paribas SA

Lazard 90.3

9

49

21

9

0.2

553 286 7

15

16,359.1 3.0

3.437,494.419,060.7

79

51163.4

23

18

53

18,780.7

19

17 13

12,974.033

12,577.1

156 11 0.1

74

▼

▲

▲

11,370.3

191.6

2.11.8 1.0

11

10,121.3▲

50

Rothschild UBS

9,851.07,373

2.2-8.7

▼22

Moelis & Co 24

529,680.8

0.1

100.0

▼Industry % Change from Same Period Last Year

Industry Total

6525 60

320,216.9

2.8

▲

66,960.5

▲ 23.6

7

▲

Banco BTG Pactual SA 35 ▲2.3

1.56,875.3▲

25 91 1.7 ▲100.0

1.9

▼-2.4% ▼Industry % Change from Same Period Last Year19.4% ▲

Industry Total


US$m

2.2

7.9%

-15.6%▼-20.9%

0.00.2

0.5 1.6

2.1

0.20.2

0.1 +1

0.8

4,126.0

0.5

0.1

0.3

0.0

15.7

151 2.1

31

37

Industry Total

▼

511,370.3

Sh (%)

1.5

1.80.6

▲

14

▼

-30

20.967,044.6

-1 12,707.3

BNP Paribas SA

41,500.5

7.424,952.7

▼

3.2

2 -19

9 2.4Centerview Partners LLC 210.2

120.3 19

▲

▼

0.0 14523.9

▲

2354

2.4 2.2

2911,736.02.3

21 97 12,577.1

0.42.218

▲

10

20Sberbank 2.7

7333

2.514,528.51912,974.0

18

51

78-6.8

18,353.717,158.1 3.216,359.1

3.57.0

23

Societe Generale

2.8▼

4▲

0.2

17,533.0140.5

▲▼

-10.2-5.2

4.2

▼

▼

5.0▼

13.1 ▼+1

▲9.2

37,159.48.5

313,576.52▲73

44,877.0 6.5 0.1

16.5 1.1

13.51.3

-9

▲

-257.9

11.8

14.0 1.2

9.230 -24

▲0.4

9

+1 ▲20

0.698

0.3▼▼47

0.6▲

▼Lazard

▲▼

-1.411 54

6316.6 -3.9 ▼ -3246 13.0Rothschild13.87

41,676.08 1244,314.5318.9 8.5 ▲ 0.749 Credit Suisse▼

122,083.26210.6

23.120.4 ▲

20.165,174.6

▲15.7 0.750,173.9

-1.98.964,361.0

4▼ 47,164.1

Barclays▼

-55Bank of America Merrill Lynch-16

-14▲

70▲0.7

0.8

Deutsche Bank 3

635.0

197,825.515.3

167,089.4

37.4

▲49

31.6 ▲

Industry Total

Barclays3

US$m

173,931.6

140,885.1

51

Financial Advisor

19


JP Morgan 45


4

11728

Morgan Stanley

100,265.814

7

Bank of America Merrill LynchLazard 107,962.3

48,877.7

74,287.387,141.187,760.6

69,613.871,348.0

9

1

2011 Rank

Credit Suisse

91112

10

Goldman Sachs & Co

Citi 68

6

Any European Inv Announced (AD21)

Sh (%)

UBS

BNP Paribas SANomura

Societe Generale

RBC Capital Markets

Macquarie Group

M Klein & Co LLC

Ondra Partners

Gleacher & Co Inc


-13

17

15Centerview Partners LLC

HSBC Holdings PLC

14 28

1316

-2.54

35

▼▲

40▲ 13

+1

1.5-1.9

18

48

2.2

-0.314,678.9

15

Banco BTG Pactual SA

-12.0

20.7

9.0 -10.9

-1.8

-10.8

-10.4

20.4

13.0

14.7

10.3

15,912.0

23,624.6

▼

5.5

2.3

4.0

10,213.9

33,016.728,699.0

▼

-12.4

▲

-1,971

0.0 ▲

12.10.9

+10

-20

▼11.266,305.0

11,581.8

3019

39

Jan 1 – Jun 29

100.0 7,945

+1

▲+5

0.9

0.1

2012 Rank

Rank Value per Advisor (US$m)2011 Rank Share Ch.

100.0


ING

Change in

▲▼

-25

▼

6,338


▼

Any European Involvement Completed (AF3)

36

1.1

5450

0.2

0.9-46 ▼

▼

▲

▼

Imputed Fees (US$m)

▲

0.1

0.3

0.1

▼

▼

▲

▲

▲

Share Ch.

0.9

0.1

0.1

▼

▲

▲

▲

▼

▼

0.4

0.3

▼

-▼0.2

0.8100.0

12.533.1

-15.4%

34.2-15

-2

-39.0%

0.1

▼

-1,692

0.3

0.4

▲

8.20.3

▲

0.3

5.2%

0.1

0.3

29

0.6

15 -13

27

0.9

0.1

0.1

0.6

▼▼

▼

▼▲

8+3

0.1

-22.1%

5,973

▼

0.551.8

9.2%Industry % Change from Last Quarter-43.5%

-13.2Financial Advisor

MarketRank Value

0.6

-8.5

335,079.8

5

1013

21Goldman Sachs & Co

-28

36

0.8

MarketDeals

▼

-190.6

Market

▼

▼

45

45

▼

0.8

44▲▼

▼

24.1

10.4

▼

0.7

0.3

0.8

4.3

# of

2950.2

5.2

-3

▼

0.5

-1

▲-13

0.5

-21

0.5 +2

0.0

0.2▼

-16

4,333.2 100.0

-0.6 ▼

0.0

12+2

-32

-1,677

Sh (%)

▼-38

+6

Sh (%) FeesAdvisor

4.2

-39.2%

211.5 5.1

▼

# of Deals174.4

7.2%

Market

-35 ▼

Jan 1 – Jun 29

Market

▼-36

130.5

1.4

3.0

▲

-13

-6▼▼

-3

▼

Gleacher & Co Inc

RBC Capital Markets

2Morgan Stanley


▲

▼

Sberbank

23

▼▼

▼# of Deals

Change in

0.1

-11.2%

11

0.5

0.3

▼

63.8

4.5

▼

3.2149.8180.6

125.1122.9

87.8

141.1

3.6

3.4

186.11.1

0.6▼

58.9

18.2

1.50.3

▼

0.1

13.6

▲

4.4

▲

-25

▼

1.3

▼

3.0

▲

170.0

▼

4.1

1.9

0.21.6

-

1.2

16 4.6

-43.6%

12,620.6

17

20

▲

915

10

HSBC Holdings PLC81612 7.8

13

3.611,465.9

7,342.4

1


711

34

Deutsche Bank

Ondra Partners

6

▲

0.1

RBS

6JP Morgan

CitiNomura

Deals-10▲

# of

81

Market

1.1 +7

▲-

2.8▼

▲0

-7

+4 ▲

▲

3.1

553,286.7

88Sh (%)

1.2


-19.9%

2.2 ▲

-21.7%

0

▼

-2,0495

▼

Market

1.8

Market

-24

-4

+8

22 11,896.0

-11.6%

Perella Weinberg Partners LP

▲

24

1.7

32.8

▼

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

2

-3.0%19.1%

▼

26.6

▲

▲

Rank Value


UBS Ondra Partners

5Bank of America Merrill Lynch 23,044.4

-

1974

# ofUS$m


44,204.6Deals

2012 Rank

Any UK Involvement Announced (AD32)

2.1

RBS

154 820 8 100 0

BMO Capital Markets 2425 21

-9.0


Lenner & Partners

13

55

Carnegie

RBS

0.1

19,365.9

▼

▲23.1

30,164.6▲36.1

Share Ch.

6.7

Rank Value

1.7

▼▼▼

▼5.87.9

7.6

-15.08.79,699.69,263.2 -9.5

10,625.723

16

18

15

2120

17

19

3710

6,602.81.0 ▼-37

▲+7

13HSBC Holdings PLC 14

23-1

+1-6

UBS

21

▲

21

3

▼

0.5

0.10.8

0.2

0.4 -42.2

2.8

2

+2

▲

3,294.9

0.6

0.1

0.4

4.0

0.4

▲

▲

▲

Share Ch.

Gleacher & Co IncJP Morgan

18

-4.1

▲

15Sh (%)

24.617

▲

AdvisorSh (%)

-11

0.1

1177.919

Market



0.0

18

-2

0.1

0.1

- 3,475.0

3.4

Imputed Fees (US$m)Market

▲3.0

Market

EMEA Rankings

1.5

▲▲

0.4

▼

▲1.8▼

1.0

0.7 1.2▼

0.7

▲0.6

0.72.1

0.4▲

Credit Suisse

▲▼

-3-

- Moelis & Co

RBC Capital Markets

Evercore Partners▲

+2 ▲

▼

1.02.8

1.31.1

0.3

5.6+2 ▲

0.3

100.0

0.3

1.6-1430.3

-0.0

▲

5.7

▲

1,657.3

0.4

0.60.2

12.1 0.7

1.01.93.1 ▼1.3

▼

▼

▲

1.3

0.6

▼

0.2

▼▲0.7▼

2.2

0.1

0.8

1.02.6

0.54.7+7

4.1 1.636.0

-2 ▼

54.9▼▼

# of Deals

-7

Sh (%)Fees

3.3

Change in

▲86.1

Jan 1 – Jun 29

5.2

3.0

▼

▼11.749.7

2

0.1 94.20.0 ▼

31.7

1.4-23

-5

0.1

0.0

▲

-2-18 ▼

43.765.5-19

▲67.2

▼

+10.1

6 0.0

15

6

19

0.1

24.7

-14.0

-15

0

51.9

▼

▼

▼

▼▲

56.2

▼0.1 +20.1

33.9

10.5▲

-6

+37.1

010.9▼

-308

12,940.6

▼

118.711,810.039

8.910,895.416

16.1

4

1

1

2

2012 Rank

3

Any UK Involvement Completed (AF39)

22,580.018.8

Barclays+11 Morgan Stanley 2

Nomura

Citi

▲▲30.1 8.5

13.8 ▲

Jan 1 – Jun 29

Sh (%)Market

-17+3

5

5

0.1

0

01.60.70.3

▼

0.2▼▲+3

Industry Total285

Centerview Partners LLC4,790.6

2.423

272274Grant Thornton

11Jefferies & Co Inc

Industry TotalEvercore Partners

12 3666

17 25

Ondra PartnersCredit Suisse 14

13

RBC Capital Markets

13,490.2

96 ▼

7.9

5.4▼

8.0 ▲

5.3

15

26 5,559.810

6.3 -5.99,808.08 ▼

▲8,269.4 -6.28,346.5

12,974.0

-13.4Citi 15

KPMG 18

5,000.0

1914 ▼-4.91958*20

6,787.5

Moelis & Co3.6 ▲2.1

2.22.3

2.54.4

3.3

3.13.2

5,098.0

▼▲

61

33,564.03,782.1

▲12

▲

1 8317

29

-0.6 ▼


Sh (%)Market

DealsChange in Market Market2011

Rank# of

# of Deals Financial AdvisorShare Ch.

Gleacher & Co Inc

3

BNP Paribas SA

Financial AdvisorMarket

30.8US$m

47,712.0

Rank Value2011 Rank

Barclays 1 7Morgan Stanley 2 3

11

12.2

HSBC Holdings PLC 16

17

18,815.0Nomura

8.4

10 16,465.8

5 30,663.132,698.6

46,523.4

52

25,209.4

35,347.4 1.8

1.535

2.0▲

4318

2.3▲▲

1.9+1227

Goldman Sachs & CoBank of America Merrill Lynch 4 13 21.1Rothschild 4 22.8

1 1.518.0 0.2 4.0▼24▼18.5

▲-12.8

▲2.4

Lazard 6Rothschild

6.619,693.922,048.0

12.6 1.036

11

30.2

+3188

-7.819.8 -14.7

▼-10▼ 5▼

▲16.7 25JP Morgan 6

Deutsche Bank 7

0.2

Deutsche Bank8 32

1.425,818.5▼

13,988.20

+3-3.9

17

715.2

9- Goldman Sachs & Co

BNP Paribas SA

24 15.88

1.3 ▲-13.8

Lazard 9▲ 4

16.3 -5.1

-11.010 17,880.312 ▲

10.1 2.81.2

▲ 11.4▼ 10.612,974.0

11.1

15,573.3

18,647.7▼ 6-3

0.310.6

8.7

11.60.814

▲

0.910

▲▼ 11 0.1▲-1

-3▼

-13

-3.9 0.112

-25.89.7

4.4

111 0.0

10.6

▼9

4

4,081.4 ▼

5.4

▲

9 3.84,602.3

+4

137

▼

16

3.3

-2

-146▲

3,228.2

-16.8 ▼

3,271.32.6

-1.62.7

▲ 0.0 ▲7.1

+12.5

5▲ 0.03

1

▲

▲2.6

2.0

2.5-11

2 0.0▲

2.5▼

22 - 3 0.00.0

3,062.62,590.0 1.62.1

100.02423

--11

122,402.8

Centerview Partners LLCBMO Capital Markets

▼

1,4972.02,450.0

* tie

Deutsche Bank JP Morgan

Rothschild

HSBC Holdings PLC

-29.9%

4.9

202,103.4

4.24.6

21

1

154,820.8 100.0

▲

▼

▲

▲

▲▲

▲

16.0

▼

5.3

Morgan Stanley 34.3

-13.5%

2

Market

13 18,006.9

US$mRank Value

18,068.641.8

# of Deals


19,404.711

2011 Rank

8.1

2.6

4.1

18.621.4

5.5

3.5

3.62.5

▼

▼

31.3▼ 25.2

▼21.8

▼

▼▼

▼

8.9▼2.6

5.13.0

▼19.3

4.54.3

0.9

0.7

▲

▼

0.11

0.1

1.3

▲

▲

3

5

▲

+1

0.5

-13.4%

+1

▼

▼

0.4+3

▼-5.9%-70.2% ▼-43.7%

▼-11.0% ▼

4.61,772.51,500.01,203.8 2.8


2460 1,140.7

42,020.5

23▲

22*

1516 2,066.4

-RBC Capital Markets 0.22

1,932.44.218

▲

1.1

0.2+1+2

0.3+2

-125

-3-4.3 10

0.5-18.9 -15

2.4 ▲

▼

712.3

6,192.16

5

▼

-8

-6

-9

-3-5

2.10.5

0.81.1

14 ▼

-21.6 10

2,446.4

4.9

▼

5.0

19-23.6

9-10

2,795.9

Societe Generale

+1

Credit Suisse1

7,310.0

4,036.08

0.9

1.7▲

▲

17,563.1▲41.9

32.017.4

Sh (%)

15,924.038.8

▼

14.8

14.2

-37.35

13.6▲

0.3

1.1

34.0

14.7

▲0.9 0 -▲

-133

-57.2%

100.0

-61 ▲ 870.0

Cairo Financial Investments Co

0.70.5

46,463.7336.4

100.0

337.00.7

1,932.4

0.8

Credit Agricole CIB

-


23

21110*

14Citi

17

13


6.1

426.7

5.22,695.5

1,241.2

464.3 ▼

0 Cairo Financial Investments Co

Credit Agricole CIB▼

-7

▼-11

Deutsche Bank

-17.1%

BNP Paribas SA

-7.0%

Financial AdvisorLazard

2012 Rank

-10.1%Industry % Change from Last Quarter

Any French Involvement Announced (AD33)

▼

3

▼Industry % Change from Same Period Last Year

1▲

15.82 0.2 ▲

-110.50.3

+1

515.1

▼

▲-5.0

20.5

▲

▲

1.8▼

+2

0.4-13-14

-11▼

-11.8-2

-5

2,394.0

-1.6

124,733.7 10.211

2.7

4.2

2,809.94,436.6

4

8

360.0

-

▼

Jefferies & Co Inc

Standard Chartered PLC

24


Caisse Fed du Cred Mut Cen Est

25

719.0

1.0

13 5.8

18

15 1216

51,917.5Macquarie Group 110*

1.6

4.1

596.5 1.3

-

19Credit Suisse

25

Mediobanca22goetzpartners Corp Finance

Natixis

-21.8

Industry Total

1820

Ambit Corporate Finance

-3.81.6

-50.7%

2.4

9222.911.7▼

▼Leonardo & CoIntesa SanPaolo

25

82.1%

26 2.4

165.0

Industry Total

0.5

1 UBS

4.1 ▲

▲0.7 +3▼

1

-11.4%Industry % Change from Same Period Last Year

10

Ondra Partners

15,336.831.7

5 33.06 14,736.928Nomura

6,699.87

29.3

7

▼

12,856.0 27.7

2

14.4

9.6

10

27.7

Societe Generale

▼

15.8 ▼JP Morgan

720 8,244.68-

7,359.913.7

▲17.7

69 -8.6

Goldman Sachs & Co

0.90.8

-18.9-14.3 ▼

▼

-4.6

▲

Financial Advisor

1

+1

Houlihan Lokey+1

▼

▲

▲

-14.5

0.7

0.1

1.8

1.1

1

13.4

19

▼

3

11

3▲

4.2

-8.8

-9.7 0.6

▼

▼0.1

11

811

5▼

1.1

-4

0.2

5

61

1

2-13

0.1

-15

▲0.1

0.30.8

▼-1

-

2

0.1-4

▲+1

0.3

0.2

+10.5

3

-30.3%

AdvisorChange in

21.7%

Sh (%) Share Ch.

-2

▼

# of Deals Fees

6.9 1.70.4

3.042.2

33.2 3.334.2 5.6

18.0

Market

Jan 1 – Jun 29

▲

Imputed Fees (US$m)Market


Any French Involvement Completed (AF40)

▲

▼

-

▲

▼

0.8 ▼0.02.6

▲

▲

0.3

▼

1.2 ▲▼0.3

1.0

2.7

▲

3.2

0.9

▼

1.5

▼4.3

▲▼

0.6

▲

0.2

609.5 100.0

2.11.3

6.55.81.1

1.9

▲▲

12.9 ▲

0.27.81.4

0.82.1

0.40.20.2

0.2

2.11.3

4 ▲

-581,0320.1

▲0.91.0

▼1.8

▼

▼▼

▼

1.1 1.0

23.9% ▲▲Industry % Change from Last Quarter

22*1,025.91,025.9

3

-2.0

32.3

5.86.7

▼

▲8

-19.49.6

▼▲

40.241.8

16,872.9

2.9

13.6

14.1

-12.7

4

Share Ch.23,119.8

▲

38.9

Market

16▼ 2.12 2 17,619.5

Sh (%)Market# ofRank Value

17US$m

-4.6%

0.9

▲

Change in

▼

-172.01.9

Sh (%)


2021

▲

-7

HSBC Holdings PLC▼

Lazard

-285

BNP Paribas SA-17

-14

Ondra Partners

▼

+10

▼

5Morgan Stanley

Rothschild 3

▲

Barclays▲

6

Nomura

4

▼

# of

25.2

0.9

2012 Rank

2.0

Barclays

7

▲

▼

3

+3

4

Goldman Sachs & Co

9 9

Market

Industry Total

Sh (%) Deals

9

38.9

1,831

Market

0.5%

21

▲Share Ch.

Jan 1 – Jun 29

▼Industry % Change from Last Quarter -2.1%

55.015

2011 Rank Deals

▼ ▼▼

14,280.7

198.1


MarketRank Value per Advisor (US$m)

104

13,458.5-

12*

5,697.79

713,573.1

▼

11

8

5,183.411

-23.2

21

-17

12

10

13

-3.6

2019 - 3.6

53*

22*Mediobanca

▲

▼ 21Bucephale FinanceQatalyst Partners

Natixis▼

2.42.7

1,025.9▲

0.42.6

11.1-3▲0.6 1 0.1 ▼

0.1 -5

-11▼ 0.90.3 -9

83

* tie


Banco BTG Pactual SA Santander

19

+1401

0.2▲

+1

-5+1

▲

▲2.50.5

+5 ▲

-16

▼▲

-3

▼-2-4

▼

1,842.6

EMEA Rankings

1

+1

▼

2

▲

51

▼

▲

▼

1

2.5▲

▼2.6

8.14

▼

51*

▲▼

0.5

0.11.4

▼

▼

10.0-1

2.7

2.8

1.1

0.3

2.3

4.59.9

.5

1.6

.5▼

1.2▲3.1▲2.3

0.2

▲

2.4-

▲

0.00.2

5.4

▲

▲

183 6 100 091▲0.40.4

2.0

.7

2

Change in

▼-8.6

Market

0.30.30.3

6

1.0

1.1

# of DealsSh (%)


# of Deals

Any Spanish Inv Announced (AD34)

2012 Rank

2011 Rank

Market

1

Sh (%)

1-16.4 5

521.5

25,251.1

Change in

-36.5

471.714

▲Goldman Sachs & Co

1.345*

3,399.6

Ernst & Young LLP

15

125

1,824.0 ▲1,814.8

1,484.34.228

7

18 11 2.0837.0 -5-2▲

-1

2.7

0.40.4

▼

1,773.2-6

▼

Ambers & Co 1.7▲-

18 0.8 7

2

-2

19Tudor Pickering & Co LLC

RBS

1,013.3

1,301.5▼

+1

▼

▲

Credit Suisse1

10

2

-17

5 UBS▼ PricewaterhouseCoopers

-8 399.1

0.21▲

0.2

0.2

2

▲▼

Barclays

161,131.6

Leigh Fisher Associates 14BBVA 15

14-

8

13

-

Mediobanca 17

BNP Paribas SA101112

Morgan Stanley

13Credit Suisse

40

615

98

Bank of America Merrill LynchSantander

RBS

5

7

FeesMarket

Sh (%)

4

2

2,730.4

DealsMarket

Share Ch.2011 Rank

Rank Value

Societe Generale

1

UBS 19

1Goldman Sachs & Co

Deutsche Bank

2

10

459.925,210.9

2.5

8.8Citi

22 6.5

Financial Advisor

3-11.6

-0.5

2,669.2

3.1 12

7

1,933.22,381.2

6.3 ▼

▼

2,701.5

▲

2,640.3

0.2

2.0

1.00.8

0.4

4

2

0.4

2.00.2

0.21

0.2110

▲▼

▼

+721

▲+1

0

0.2

36 800 5-

100 0

▼

Ernst & Young LLP13

+1

17

7*

▼

Rothschild

GBS Finanzas SA

Barclays

360 Corporate

11

25

22Cushman & Wakefield IncItau Unibanco

21

Share Ch.

Imputed Fees (US$m)

▼

KPMG

▼

1045*

10.0▲▼

-220.2-

1.0

0.4▲

▲

-2

+20

MarketMarket

5

1

-8

1.0

0.4

Deals

-1

0.8

Jan 1 – Jun 29

# of

-5


▼

▼

▼

▼

0.86

4

▲-9

4

Market

Citi1.2

Financial Advisor

-4

1.4

2Morgan Stanley

-11

▼1.0-5.5


6.92,895.653,699.7

▲US$m

▼

Share Ch.

6.4

8.8

▼

0.9-4.3

-18.8

▼

0.8

▼2

10.5

1

▼

0.10.2 Numis0.10.1

▼

1491

▼

+1

▲

Industry Total 100 042 084 8

Itau Unibanco 23 0.3

CB Richard Ellis Group Inc 24*0.1

-1▲

488▲▲

1.5

42.8-

-7.6

1.51.2

-7.2180.8352.7

942.841

123.6

500.0Rothschild

0.8

2.1

632.2

0.1

3.4-5.9

-13.12.4

-9.52.2

4.3 ▼

3.5

4.54.3

-15.4

▲4.3

▲

-12.2

3.1

-25.6

▼

▲

6


3.8

MarketSh (%)

Advisor

Jan 1 – Jun 29

▼▼

2.4

▼2.2

5.43.3

▲

1.4

2.12.9

▼1.4▲

Sh (%)

9.268.6


Any Spanish Involvement Completed (AF41)

44.9

# of

2

1

Rank Value

30

▲250.0

0.1

0.5

0.1

7*

8

2.5906.8

16

5.0

Industry Total

45

-

US$m5

35

-5.1

2.8

0.4

42.8 ▲

4.1

0.2▲

+10.2 +1

0.5▼-1▲

0.7282.2

▲ 1.5

3.2

2.3

2.45.8

-4

2.5

▲

0.7

6

925*

45*

37.0

16

6.3▼

-2.3

1

-4.12

5.74.6

▼5

BBVA-

▼

Societe Generale

Banco BTG Pactual SA

▼ 20

5.0

▲

5.5

7*Mediobanca

2012 Rank

31,824.0

▼

- ▲3.0 3.04.4

▲ 0.2▼

▼

2.5

1,465.4 -49.4924.6

-18.10.8

4.0

631.6

-13

1.2

1.4

0.2

2.3

-20.3▲

906.8 +1

05.0

-84.4

1.4

▲1.2

1

49.1

▲5.4▲

▲2.1 ▼

▲

0.1

0.01.0 -3

-.7

▲

-

2.49.2

1.4

-6

4

0.4

721.7831.4

906.8

2.0

2.52.511.0

3.10.5 +1

4.30.9

5.7

0.2

0.2

0.5

.3+5

0.21.3

▼ 6.0▲

1.5

▼

0.85.1

▼

45* 0.9313.5 2▲

1.7

1.0 10356.922

19 51*

-3

1.0

2.01.6

5.0

0.2

0.2

-4

Lazard ▼

20 199.810Jefferies & Co Inc 20 - Bank of America Merrill Lynch1.221 196.7

-6.10.50.3 1123.6

PricewaterhouseCoopers 21 356.9 0.916-Intesa SanPaolo 22

23*0.1

0.223* -▲ CB Richard Ellis Group Inc 0.142.8

0.1

42.8-Cushman & Wakefield Inc 24* +1 1▲1

▲

Bank of America Merrill Lynch Lazard

-

Industry % Change from Same Period Last Year▲

+1 0.1

UniCredit

631.6


984

1.313

2.0

5,094.2

+5

-21.9%

▲6

▲

Deals1.8

Market

-3

0.2

4

US$m

2

8,955.8

114

12JP Morgan

6,349.1

2

Any German Involvement Completed (AF42)

▼-24.9%

16.4

# of

▲

1.8

6

▲▲

65 0.66

14

9 1.18

0.8

0.8

401

+3

-1-11

+4

0.43.720.00.1

▼

3,534.53,534.5

▲

▼

0.6 ▲

▲▼

28.9

▲0.2

0.4

0.90.3

▲

Advisor

183.6 100.0

4.1▼

▲

0.50.1

49.7

-91

▼3.65.4 1.2

3.3

19.2

MarketShare Ch.

6.49.2 ▲

▼

1.4

Imputed Fees (US$m)

Fees

-65.7%-4.2%

Financial Advisor

Rothschild 28.0

36,800.5 100.0

87

5 18.86,199.6

5739*

1,029.0 3.170*

-3

0

▲+1

▼

+2▲

Jefferies & Co Inc▲

6

1 12 7.6▼11 7.5

▼1

0.6▲ 0.1

6.26.2▲

▲0.60.11

6.73.1

6

4.5 -20▲15.24

0.4▼-15.36.2 -3

17*▲

Greenhill & Co, LLC

+2

▼-7.8

13

-

Goldman Sachs & Co

-44.2%

1.1-13.1

100.0

▲+1

▲

-22.4%

-259

▼-31.9%

▼

-9 ▼100.0

0.84.2783

▼

0.3

-33.1%

▲+2

0.84.2▲

2.60.5

▲+15.3

1.0 ▼▲2.2

0.3 ▲

0.50.10.8

▲

0.3 ▼▲

▲1.00.61.2

▼0.20.5

▼2.8

▼

▼▼

25*

-256-256

91.2%

101.0


-

24

5.2%

▼

Ernst & Young LLP

-Blackstone Group LP

-1

▲

▲

00.4

0.1

+1+3

-

▼

15

-15.3

▼

66

Gleacher & Co Inc 21

25


Industry Total

Blackstone Group LPBlackstone Group LP

667.4

▲

28Nomura57,269.2

--1.2

995.7 1.71,029.0

1,892.1

1,029.01,029.0 1.8-

22*

Aon Benfield22*

65*Moelis & Co

1

1,342.4 2.3

-22.61665*

6.21.8

9.07.1

▼ 2

1▲ +1

▼

0.10

5

5

▼ 2

▼

0.5

3▼

+10.3

▲

3

-5-7

1.1430.3

-24.9%

▲1.3

-

- 1

32,999.3

431.311▲

17

1920Leonardo & Co

UBS 2,183.7

▲

0.2

1943

610Ernst & Young LLP 16

14*

HSBC Holdings PLC 18Jefferies & Co Inc

54

CitiNordeaBarclays

14* 65*1312

5

-Berenberg Bank 117.1

5,150.9 9.04,069.7

9.0RBC Capital Markets 7.1

▼3,814.9 -17.9 ▼1.64

0▼-3.1

2.81.7

0.3

▲▼

0.0

1.1

2012 Rank

▼

Market

-18.4%

39.3

Market

18

Jan 1 – Jun 29

Share Ch.

▼

▼Sh (%)

▼

6.4

▼

# of# of Deals

Morgan Stanley▲▲

-3.9 0.898

1.3

▼

3.5 13

8Lazard

Rothschild 3 8JP Morgan 4 4

Credit Suisse

Perella Weinberg Partners LP 6

-7.8

11,924.4Goldman Sachs & Co 5

Macquarie Group 7

9 ▼-22.6

8,685.465* 8,151.7

-14.2 ▲

▲15.2

10

12.82 7

7,300.37 ▼

95,647.2 9.95,290.6 2,681.39.2

▼

13*

Barclays

2

-7.22,554.02,503.9

0.10.1-17.9 0.2

▲▲+1

Financial Advisor


Deutsche Bank

2012 Rank

Market

12

2011 Rank

▲

Change in

-149

-5

Industry Total 100.042,084.8 488

-23.4%

Lincoln InternationalPricewaterhouseCoopers

UBS


2011 Rank


Deutsche Bank

1

3

3,532.6

20

2321*

2.6 0.5

123

10.8-18.3

2.7

0.7 -8-11.2

9

+30.6

0.9315.2

14.2

-10.4

30.11 22,530.9

11,410.6 19.9

21.517,207.513,503.5 23.6

20.8

2

367.9%

Rank ValueUS$m

1

▲

Any German Inv Announced (AD35)

Morgan Stanley

-19.0% ▼Industry % Change from Same Period Last Year

Sh (%)


10,412.9

Rank Value

▲

1

Market# of Deals per Advisor

369.4% ▼Industry % Change from Same Period Last Year

Industry Total

15.4

10.78.1

▼

Sh (%)

-4.53,577.4

883.7

19.227.1

11.0

7.7▼

3,672.115.1

▲

3.1▼

Share Ch.-5.6 ▼

Deals31.6

1

-7.6 ▼

11.1

5.8▼

-

▼

2

▲

0

-4

▼

1.0

▲

650.5

▲

2.7▲

9,237.94.5

1,029.0

-16.6

▲

1.2

0.50.10.3

1▲

-25.8

0.3-12

0.80.10.1

4

▼

+1

2

15.3

3.8

-22

2

0.1

▼

4.9

-2 ▼

3.0

2.2

1.0

+2

30.3

.0

539.0

▼

5.3

11.7

0.1▼▼▲

▲▲

0.73.6.4

0.6

▲

1.1

6.2 1.2

0.7-1

5.6

▼

-

510

13*Moelis & Co

50Credit Suisse

70*

8

16


TD Securities Inc


Industry Total

+4+1

BBVA

-20.6%

1▼ Jones Lang LaSalle Inc

Santander

9

-18.5%

# of Deals▼-6

Change in

Jan 1 – Jun 29

MarketSh (%)Sh (%)

34.3

▼

-▼

▲

▼

21.9

▲

26.7

5.11.5

-1

129.1

1.55

+16

0.3

0

▲

-3

-7

0.80.6

0.5▲

▲

20.3

1.31

631.6 0.31.9

1.9 1.9

14.21.9 0.11.9▼0.3 631.6

-7.4-17*

2,601.1 4

-7.2

2,554.0 4.54.02,263.83.83.3

▲

17*-2

1.31.3Investec 1.3430.3

-21* 46

60.1

2

Commerzbank AG 37366.2

0.8

0.5

▲1.11.2

0.9

▲

306.6Poyry PLC▲

398.4▲

1025

▼▼ -35.1%-16.1% ▼

* tie


▲

Santander Morgan Stanley

25*Handelsbanken Capital Markets 88 9

▼

▼-324.7

3,000.0

6

-10 ▼

-5

5 BNP Paribas SA

16.8▲

Goldman Sachs & Co

Lazard

1.7

AdvisorFees

10

778.3

862.3

-6 3,109.7Leonardo & Co 3

1

625.9 ▼▼ 4

Sh (%)4.9

1.33

3,766.9

# of

2.7

▼24.0

▼

▼-8.6

26.7 -40.4

-46.121.3

-13.722.55▼5

▼

21.1

1

2.2

1

18.5 ▲

4

5▼

-18.8

12.2

-5

3.6

▲+22.2

-1▼▼1.8

-115

0.40.4

2.2

MarketMarket



EMEA Rankings

Market# of Deals per Advisor

-2.5

Market

-2 3.4

-36.0 ▼▲0.7 +2▼-2

5

1.32

-41.3

56.2

4+1

11

9

2,453.9

2,800.51

▼▲▼ -

-6

1.32,623.10.3

1

-1

Deutsche Bank

0Societe Generale

▲

▼1.7

▲4.13.4

-42.6

▼1.7-51.7

1.7

2,154.87 Credit Suisse

▼3.62.3

▲

3.5

-35.9-51.3

0.3▼

0.5-11.3

0

-

15*

200.6 1.188.9

131

11

0.5Bank of America Merrill LynchBarclays

25*

▼-45.5

1.8▲▼

JC Flowers & Co LLC

Nordea

▼-1.5

-15 1.71

1.3

▲8

2

2.6

▲4.1

▲

▼

2

-8

4.1 0.3

+1

▼

+13.6

1.033.3

▼

▼

1

▼

▲-9.8 0.7

▲0.7

14.1

11

RothschildBank of America Merrill Lynch

▼

-45.2

0.3+1

-6

+1 Macquarie Group

-15

▼11

-4

▼

DealsUS$m

33,172.0

7 3,258.911

-12.3 2.7

MarketRank Value

628.0

Sh (%) Share Ch.32.3

# of Deals▲

8.521.3

▼-41.5▼

-11

▼-7▼

▼▼

17.6

6.416.1

▼

1.4

2.1

11.7 0.6

0.7

Sh (%) Share Ch.

0.6

▲▲

2.56.2

6.7

9.5

-1▼ 4.6

5.2

--20 1.6

-5136*

8

3,012.75

15*614

12

2,872.2

+10.3

0.34UBS37

▼Garanti Securites

0.3

-

4.8645.0

20

917

-11

UniCredit

340.018

Banca Akros SpA

6.4

-221

▲

700.7

▼

HSBC Holdings PLC

Industry Total

Citi

▲316.8

19

1

2300.3 -0.4

+1 ▲0.4

28 2,484.3

750.01,108.7

-63.2

Goldman Sachs & Co 6Financial Advisor

21

22 301.4

3.3

4.4

1.9

24

28

20

253.6

613.2359.37

4

234

1

▲0 5

BNP Paribas SA21JP Morgan

311.8▲

34*615.7

20

17

340.0

19

661.3 ▲

1.1

Intesa SanPaolo

15*

KPMGHSBC Holdings PLC

UniCredit

Nomura18Leonardo & Co

750.0Macquarie Group -15*Xenon Capital Partners - 750.0

1426

2

4.2

11

12

125.04.7

Societe Generale

Citi

930.3

13 809.8

6.29

3

1,148.6

7.0Banco BTG Pactual SA

Credit Suisse 1,207.6-10

-

587

86.5

7.1

5,060.6

1,320.71,571.3

5,290.8

1,290.2

8.5▲

27.3

6,554.5

12.5

28.635.4

3.0

3.8

25.722.8

4.0

19.6

129

▲

▲

Deutsche Bank5Lazard 16

414 ▼6

Rothschild 4

Mediobanca

2,324.0

15

17Morgan Stanley 3 19

21

2011 Rank

2012 RankFinancial Advisor


0 5 ▲

-3.57.1

▲

Any Italian Involvement Announced (AD36)

▲

23

-31.5-

-14.7

-63.4▲

20

6.4

-32.8

18

▼ 2


27.2

JP Morgan

Nomura

Barclays 3,000.0

13

2.72.8324.7

6.4-

10.811 652 4 223

2.7

25.825.8

6.0

▼

15.3

▲

2.7▼

22

19

10Mediobanca

▼

312.9

24 258.2

750.0

6*RBS

+3

8

Change in

212.7

-

-

2.2

5.5

5

2.9

2.6

1725

94.9▼

▲

2.0 ▼-

-

1.0

▲1.20.5

0.01.0

Any Italian Involvement Completed (AF43)

2.7

0.9

▼2.32.5

0.0

▼

2.60.7

▼

▼▲▲

0.7▼

▲

▲

▼

▲

▲

0.5

5.1

▼

1.20.6

0.41.02.0

Change in

1.9

▼

2.5

8.30.4

6.2

1.0

7.7 1.0

8.61.2

▼ 1.32.9

2.82.13.4

5.7

3.2

7.1

3.3

1.0

14.4

4.22.6

.5

252 8 100 0

0.4

-12

3.6

2.2

+1

-10

0.40.4

-6

-7

+1

7.4

Imputed Fees (US$m)

▲7.0

Jan 1 – Jun 29

3.1▼

▼

▲

25

KPMG

Xenon Capital Partners

# of

1 0 3 +1 ▲

+4Sh (%)

6,732.0

Rank Value

36.3Sh (%)US$m Deals # of Deals

2012 Rank

Jan 1 – Jun 29

Market

▲▼ Intesa SanPaolo-10.8

MarketShare Ch.

-11.0

-7.7

2011 Rank

2.6▼

Market

12

1516

3.3

▼+1

0.96.4 ▲

▲ 8

5

11

1.80.7

▲

4.5

1.9

▼▲

0.7

2▼

2.2

▼▲ 8

1▼

▲-4

0.2+1-5

0.0-2

0.4

.1 0.0

▼.11

-2▼

▲1

0.9

0.4▼▼

0.41.6

0.8100 0 215

Credit Suisse Evercore Partners

25Handelsbanken Capital Markets - 88.9

RBS

3

-1

Sh (%)▲

2,921.0

3,594.9

6.6

9.1

+4

50

ICECAPITAL Securities LtdING 2,260.6

9.9

5.52,507.8

2,411.2

Handelsbanken Capital Markets0.4

+1 ▲

▲1.0

2012 Rank

9

1716

18

-1

2 0.2

1

0.5

5+1

3.512.5

+1+20.6

0.4

5.8

▲ 1.1

▲

6.0

10.0

-8.5

-0.11.1

▲-

▼

▲

36.7

1-30

▲5.6 0.62.0

0.65

1.0

HSBC Holdings PLC

Lazard 136.4 0.6

8▼


Industry Total

-25.3%▼ ▼-18.5% -26.1%

-30.5%Industry % Change from Same Period Last Year -32.1%▼

▼ -23.6% -18.4%Industry % Change from Last Quarter -54.9%-27.3% ▼Industry % Change from Last Quarter ▼

44,228.6 100.0635.3-184

▼▼

▲ DNB ASA 25814

1.40.1 ▲1

-1▼ ▼▲

2.40.2

5.51.1

▲

▼0.4+1

0.90.2

0.6

+13.724

18 3.21,624.1▲+1 Lambert Energy Advisory Ltd -

0.85.9 ▼0.2▲

▲78* 2,019.9-1▼ 23-1 ▲5.1

5.578*▼

4.622

8.4 341.8

▲ Danske Markets 5▲5.1▲4.0

4.8▲+1

0.4 +2

KPMG2021 00.6

36 2,442.1

10.3▼0.5

0.42.23.2

▲

0.9

-10 ▼-2

0.1 11+1 ▲-12 4.519

-▼

+6

0.111.4

▲▲ 8

▼

0.10.1 +1 ▲

11 5.5Nomura 2,428.5

5.7

0.1

15.7

13.5 2.02.11

▲0.3▼320*

16

▲14.4

▲

▲1.12.3 ▼2.5

▼▲

▲- 3,228.29

8.130*7.77.3

20

3.014 ▲

8.63,781.7 ▲

Rothschild 15 3,381.99.214 3,782.3

3,779.85

+4

+179.2

▲▲

0.6

4

+1

Citi

Carnegie

0.1Lenner & Partners

Barclays-0.5 ▼

▼-338

118.2

5.5▼▲

+5-4

12

5▼11.5 -1.12 12.2

4,007.8

▲

9

-5 JP Morgan▼12

0.9

15.8

▲ 5

8.5SEB Enskilda ▲ 16▼-10.3

▼

0.76 -3.1

0.6+3-1-1

▲

5 0.6

Market

▲

Share Ch. FeesDealsAdvisorChange in

7

# ofSh (%)

▼13

-0.2

+21.2

1.8

▲3

▲

UBS

3

54,270.1 9.7

Market

59.5%

Jan 1 – Jun 29

18,528.1

US$mRank Value

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

Industry Total

9,884.2

17.119.8

Any Nordic Involvement Announced (AD37)

▼

10,607.6Sh (%)

25.8Financial Advisor

-219

Change in # of Deals

Any Nordic Involvement Completed (AF44)

Morgan Stanley

Financial Advisor

Industry Total

▼


Jan 1 – Jun 29

Market

18*

17

100.0

-62.6%

24.0

3020.5

▲▲

▲

-0.1

▲

6.9

Market

1.0▲ 6

Share Ch.0.5

# of

50.6

Deals

0.5 ▲


3

6

0.3

10

-3

0.5

0▲

3.6

1,089

0.3

182

▼

0.3

-5

▼

+2▲

▲ 3▲

0.5

0.2

5

4

1.2

0.8

0.4

2

5

13

0.5-2-1

2

9

-9▼▼

▼▼

0.2

+1▲

+3-2

▲

11,652.4

Goldman Sachs & Co 4

223

7

▲

10.0

136,997.9

78*

Sh (%)

5,594.515.4

31.2

16.6

12.7

5,102.1

7,356.817.27,592.0

5 6,813.2

176.8%Industry % Change from Last Quarter

13,814.9US$m

2011 Rank

Rank Value

1.5

1.6

▲0.4

▲

▲

▲1.4

0.3

▲

▼1.2

3.00.1

▲

▼

▲

▲

▲

0.3

1.1

0.7 ▲

0.4

2.0

1.22.0

7.19.5

▲

▲

▲1.01.3

▼

▼

2

Imputed Fees (US$m)

31.81.0

1

67

8

84,437.4

69

17

5,400.5

4,378.2

5

4.6

1,405.5

-1.9

2.95.7

7.3

2-1.0

5

▼3.5

Market

0.8

4.6

0.1

5.7

2.2

5.0

1.5

▲

2.7

35.95.0

28.9

31.5

25.1 4.0

252.8 100.0

0.8

0.1

Market

▲

Share Ch.▲

▲

Credit Suisse

▲+1

▼

-337

1.70.2

▼

1 0.3 +1 ▲

-68.2%

100.0


100.0

▼

3.7▲1,272.7

1

1.4

22.0

8.9

1.912.2

17.4

7.213.9

+2

▼

22.3

-58.1%

-215

# of Deals

▼

▲

▲20.4%

90.9%▼-82.2% ▼

27.6%-42.0%▲▼

-49.1%

2

0.1

0.2

Industry TotalCarnegie

41,145.1

Erneholm & Haskel AB

100.0

3.6-

8.4

2425

18*

251,473.1

1522

Mitsubishi UFJ Financial GroupRabobank NV

Nomura 23SEB Enskilda

3,474.579*

2,428.5122,824.0

Citi

Macquarie Group 16

18*

15

Handelsbanken Capital Markets14

ABG Sundal Collier 18*Scotiabank-Bank of Nova Scotia

Arctic Securities ASA

29

Perella Weinberg Partners LP -79*

8.46.83,474.5

-

8.4-8.4

3,474.5 8.48.63,534.5

9.03.6

49

4.920 9.3 5.9

3,887.2

8.6

11 5 4,275.8

13

9

9.0

173,829.3

14.3

Bank of America Merrill LynchLazard 12

10Nordea

-11.424 4,353.04

9.5▼

-10.310.6 8.0

▼11.5

10.4

▲6.9

▲

11.3

2 6,995.0

19 14.80.315.8

13

3

2012 Rank

2

479*16

6,091.7Morgan StanleyUBS

9

6

Barclays4,722.0

6,488.0

5,873.9

6JP Morgan

1

8

HSBC Holdings PLCGoldman Sachs & Co

5

RothschildDeutsche Bank

7

▲

▲

8.4

3,705.7

3,474.5 1

9.011

2

3.1 ▲0.7 15

-22.3-11.2

▼319.8 ▲

Market

Deutsche BankSh (%)

-1

# of Deals per AdvisorRank Value per Advisor (US$m)2011 Rank

4

Market

▲

▲

19.1


8,148.3

17.07,017.3

-1

* tie


BNP Paribas SA ING

0 7 ▲1 0 2 +1 ▲ 4 6 0 725* 968 5 1 8 1 8 ▲Sundling Warn Partners AB

14

1

Goldman Sachs & CoCairo Financial Investments Co

2.71,434.922* 2.722*

7

3.1

- 1.8

- 3.6

▲

1.731 ▲

▲

3

▼▲19*

14.4

4,993.5

▼

3.6

-15.7-12.8

5.7

20

3,089.6

19.49 10,500.5

13.6712

7,287.5

19,621.88

# of

43.9

436.5

2

2011 Rank

0.3 ▲

▼

1.3

-2 ▼1.8

▼

+2

▼

▼2.5

▲

2.9

5.7

-2

+2

723Handelsbanken Capital Markets0.3 +2 ▲

0.1

968.5 1.8 ▲+1

0.4

4.143

5.00.2

1▼▲

▲

▲0.6 0.6

0.8 ▲0.0 ▼0.20.2

2.71

.3

+1 ▲2.7 11,434.9 2.7

0.22.7

0.2

+1-222*-29

▼▲

-2.2 -10

KPMGSociete Generale+3

61.7 +1

▼

-

-4.9 0.5

▲

0.9 ▲ 19*-3

▲▼ 0.22.2 0.3

▼

Santander

-15.0

1.2

▼▼

1.20.2

0.821

-11

2.5

+1 ▲

-26

01.6

21.6

0.3▼ 5.3

▼1.4 0.2

0.80.47.8

▲

7.9

3.6

3.5-3

-42

0.2

3.0

1.1

▲8

0.6-9 3.6▼

9 1.6 +6-12.3

27.3

107

▲41.4

▲

1.8

Deals

-6

22.5

Fees


3 9

1

13

▲

12,856.0

# of Deals

25

▲

Sh (%)112 +128,539.619

2012 Rank

4.6Sh (%)

▲53.1Share Ch. Share Ch.Financial Advisor

75,919.8US$m

8 Morgan Stanley

MarketSh (%) # of Deals

▲

# of Market Change in

▲

Rank Value

1

Any Benelux Involvement Completed (AF47)

MarketMarket Advisor

7.5

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

1.6

1.6

-1.0

0.5

9

9.2 1.1

96.1

▼

47.726.8

2.0

Jan 1 – Jun 29

▲

4.2▲

0.1

0.9

1.71 Young & Partners

▲17.815.5

2.8▼

3.622.6

4

Market

31.236,373.5

Goldman Sachs & CoLazard

2 239.445,963.7

49.440.8

9

JP Morgan

Bank of America Merrill Lynch 11 36,480.337.043,131.5

55

26.5

Morgan Stanley

Deutsche Bank

▲47,549.7

Barclays 3

Rothschild 9Centerview Partners LLC 8

631.3

Any Benelux Inv Announced (AD40)

2012 Rank

1.1▲

Share Ch.

25.81115

17

Market

Jan 1 – Jun 29

65.1

12.4

8.1

▲-6.4

21.1

▼4.0

▲

▲

211

▲

8

▲9.5

2.7

-1

▼

1.6


DealsChange in Market

+7

▲

0.3

2.0Nomura

-3▲+1

▼2.1

▼1110

▼

+5

-2 JP Morgan

Centerview Partners LLC-11

▲8,875.9▲ 16.548*

Deutsche Bank

16.210,422.6

-10.0

▲

1113UBS7,740.3

▼▼

1,932.4

▼

-57.3

▼

-27.0

-15.5-20.1

Arthur D Little Inc1,673.7

Ernst & Young LLP

1,932.4

11.35,072.514* 9.4

18 6,075.2

6

▲0.922.9

Citi

25*

17 4,232.81615HSBC Holdings PLC

+1▼

Credit Suisse

18

▲

-1+2

▲

▲

14

+113

0.1

▲

▲+3+1+2

+1

703

▼

65

▼▼

0.7

0.9

▼

1▼

2.3161.1-3.5

2

1,425.2

▲▼

9.31.4


1,434.9

Banco Espirito Santo SA1

0.8

▲

1.4

▲

▼

30.0 4.7

15.9

18.215.5

1.9

1.3

0.30.9

▼22.0

9-30.0

14,997.0

23.9▼-4.2

1.96

▲1.4

▲

1.2

-6

▲1.2

1.5-7

▲1.49.32.5

▼

0.5▼

0.4▼

0.8

36.3 4.3

▼

-138.0-

3.4

0

2.4

▼-

-3

0.9

▼11.1

▼

2.0▼

▲

Market

8 11,835.2

▼

-4

▼

0.2

Rothschild5

01

1.7

3.614*

▲ Barclays

53

▼

8

▲

714,674.4

27.9

2.3

▼

138.4

1.4

18,567.9 34.5

1.619.543

6

+1+8

12

Sh (%)

Lazard

Financial AdvisorRank Value

US$m

23,593.5


▼-31413 1.8

BNP Paribas SAOndra Partners

0.2

▲▲

57*

1.31

▲ 8.9+45

Sh (%)

2.4

0.1

▲1.1

0.7

▲3

▲▲▼

0.7

1.6

19

5

1.30.4

0.1

9

0.4

▲

11.011,313.5

3,798.415* -

3.2Sberbank

6,465.8Banco Comercial Portugues SA

5.6

4.9

HSBC Holdings PLC

4.95.6

3,160.9 -6.03,335.8

59

2.7

Caixa Geral de Depositos17

UBS 1576*

Ondra Partners13


- 12,856.0

7

12Nomura 11 -

28,027.01

1039

4


EMEA Rankings

2011 Rank

-1

5

▲

11.0 1

15.7

8

1

▲

Cairo Financial Investments Co

17

▲1415* - 5,748.9 4.9

Citi 18

23

-18

22 -16

100 0116 542 0

1,296.0KPMGAon Benfield 25Industry Total

241,043.7

2.62,963.42,966.8

6Societe Generale 1420Credit Suisse 21 2.5

13,452.2

30,848.7

19,111.410

7

24.1

1,932.4

-5.111.711.5

2.93.3

3.29.7

13,588.711.5

-2.00.9

4.9

12

5,748.9

-1.4

16.4

0.7 ▲1 0.2 +1 ▲ 4.6 0.725 - 968.5 1.8 1.8 ▲Sundling Warn Partners AB-723

-26.0%58.8%-46.5% ▼▼

-15.8%▲ ▼▼13.9%▲ ▼▼-30.6% -38.2%▼

634.7562 -436

-24.3% Industry % Change from Last QuarterIndustry % Change from Same Period Last Year

* tie

Industry % Change from Last Quarter54.0% Industry % Change from Same Period Last Year

53,794.7Industry Total703

▲ -26.9%100.0

Quarterly EMEA Cross Border Volume

100.0100.0116,542.0Industry Total

EMEA Involvement Announced M&A Target Sector by Value Jan 1 - Jun 29 2012

15.9%

12.9%

11.5%

10.5%10.5%

9.3%

7.4%

5.9%

5.7%5.2% 3.1% 2.1%

0.0%

Materials Financials Energy and Power

Consumer Staples Industrials Real Estate

Retail Healthcare Telecommunications

High Technology Consumer Products and Services Media and Entertainment

Government and Agencies

`

0

500

1,000

1,500

2,000

2,500

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

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

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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


Asia (ex-Japan) Involvement Announced Advisors by Target Industry Jan 1 - Jun 29 2012

11.5

489

2

495

1*

285 4,446.3 1*

22.9

33

22.9

37.3

2

19,445.8

1 13.6

47.3 78

5,286.1

10,410.2

14,125.4 1 52.9High Technology 26,719.4

Goldman Sachs & Co2Credit Suisse 12,632.5

Real EstateMorgan Stanley

Deutsche Bank

2,342.2

9,952.4

Goldman Sachs & Co12.0

Asia Pacific (ex-Japan) Deals Intelligence

118.6


3 1Moelis & Co4,446.3

29.3 6


Citi

28,462.4 1

Energy and Power39,600.2

53

10

10.3

6

4

35.6

296

9

32,762.1 4,240.8 4,714.2 Morgan Stanley


5,590.3 Materials

Citi664

No. DealsRank Val US$m40,999.8

ShareMkt.

Rank

2

Financials3

111,645.6 UBS

Morgan Stanley

24.4

2 31.8

18.65,286.1 BMO Capital Markets

2*12*

Asian M&A Slows Down I Fees Earned Drop 27% I Australian M&A Declines 50%

6,953.9


Asia Pacific (ex-Japan) M&A

In the first half of 2012, M&A activity with Asian involvement fell 5.9% to US$205.2 billion from US$218 billion recordedin the same period last year. Companies in the Materials sector were the most targeted with US$41 billion from 664deals. Boosted by the two-step acquisition of Bank Danamon Tbk PT by DBS Group Holdings Ltd for a total value ofUS$7.4 billion, the Financials sector reached US$32.8 billion in M&A activity. Activity in the Energy & Power sectoramounted to US$28.5 billion from 296 deals.

Fees earned for the region were estimated at US$1.2 billion, a 26.7% drop from the volume recorded in the first half of2011, according to Thomson Reuters/Freeman Consulting. Citi was the top earner with US$54.5 million for a 4.4%wallet share. Credit Suisse and Morgan Stanley followed with US$52.3 million and US$48.1 million respectively.

China cross border activity also decreased by 22.8% from the same period last year with US$27.9 billion. This was thelowest first half volume since 2007. Outbound volume reached US$18.1 billion, a 16.7% increase from last year withUS$6.7 billion invested in the Energy & Power sector.

Australian M&A activity amounted to US$49.1 billion, a 50.1% plunge, from US$98.4 billion in the first half of 2011.Australia cross border activity totalled US$27.6 billion, down 39.9% from the same period last year and the lowest firsthalf volume since 2009. Foreign companies invested US$7.9 billion in the Energy & Power sector capturing 31.6% ofinbound volume.

2,810.4

Asian Completed M&A by Region - Imputed Fees

Pending South Korea / Australia



3,910.8

Roy Hill Holdings Pty Ltd (25%)

Yunnan Yuntianhua Intl Chem Co (100%) YYTH

Ireland-Rep / Ireland-Rep

India / India

Shinhan Financial Group Ltd South Korea / South Korea

6/11/2012

China / China

1/25/2012

China Cross Border Announced M&A

1/25/2012

6/6/2012

6/11/20123/7/2012

Pending

3/30/2012

Sesa Goa Ltd

Pending

Shinhan Financial Group Ltd (3.1%)

eircom Ltd (100%)

2/25/2012

Investor Group

PendingPending

4/27/2012 Pending

4/2/2012

Financials / Other FinancialsSouth Korea / South Korea

DBS Group Holdings Ltd

3,774.5


Sterlite Industries(India)Ltd (100%)

3,343.4Samsung Mobile Display Co Ltd (100%) High Technology / Electronics

3,309.1

Pending Petronas Carigali Canada Ltd Canada / Canada 5,286.0

Samsung Display Co Ltd

5/20/2012

Singapore / Indonesia

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

Progress Energy Resources Corp (100%)4,970.5

High Technology / Internet Software & Services

Bank Danamon Tbk PT (67.4%)

Acquiror / Target NationChina / ChinaAlibaba Group Holding Ltd (20%)

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

AcquirorJan 1 - Jun 29 2012

Tanjong Energy Hldgs Sdn Bhd (100%)

Alibaba Group Holding Ltd 7,100.0

Energy and Power / PowerMaterials / Chemicals

Rank Date Date Effective

6/28/2012Financials / Banks

2,806.1Malaysia / Malaysia

Telecommunications / Telecommunications Services2,868.9Creditors1MDB3/7/2012

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

$50

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

% O

utbo

und

Ran

k Va

lue

(US

$b)

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

$0.0

$0.1

$0.2

$0.3

$0.4

$0.5

$0.6

1Q07 2Q07 3Q074Q07 1Q08 2Q08 3Q084Q08 1Q09 2Q09 3Q094Q09 1Q10 2Q103Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q122Q12

Impu

ted

Fees

(US

$b)

North Asia

South Asia

Southeast Asia

Australasia


Rothschild Rothschild

Asia (ex-Japan) RankingsJan 1 – Jun 29Any Asia (ex-Japan) Inv Announced (AD25)

100 0CITIC


5.3 0.4

205 153 4Industry Total 9863,162.2

3▲0.5 0.2+4 ▲ 6.3▲1.8 ▼

0.4▼0.4

24 ▼ ▼Woori Invest & Sec Co Ltd-725

0.12.3 -8102.2

-1.913

0Somerley Ltd

-25 30 3,752.8 1.8

0.7▼ 11.824 54* 3,824.9 0.1

▼ Macquarie Group144

0.7 ▲ 0.3

201.4

Ernst & Young LLP 23 351.9Bank of China Ltd

3,848.2 1.9▲+2 ▲ 7.2 0.6

0.30.2

▼1.0-66-0.60.5 23 ▼2.3-16 3,217.4

+30.4 -8 ▼China International Capital Co 22 12 3,925.2 1.9 ▼

0.51.3 ▲

2.50.23,379.0 2.4 5

.03,477.1▲3.7

-0.5 ▼▼ 1 0.0 -4▲+2

0.01.8 ▲▲ Banco Espirito Santo SA▲

Hana Financial Group Inc-

▼+1

0.22.9 2.9 0.3 0.32

▲ 15▲ 0.1

0.8+7 ▲Somerley Ltd 20 56 4,969.5 2.4

0.0 9.4Scotiabank-Bank of Nova Scotia

2.23.32.0 AMMB Holdings Bhd2.6 ▼▲ 5,092.9

BMO Capital Markets 5,286.118* -18* 46

5,286.1 BBVA38

▲3.6 0.1 0.50.5▲▲ 2KPMG 17

6.3+20.7 ▲

--4

222.6

4 0.22.6

▲

-140.50.0▲ 1 +1

20 5,377.9 2.6 0.319.75,783.6

Societe Generale▼ 5,137.0 16.8▲0.3▲▲

4.13.6 3.6 +4 1.41.4

Barclays 16 32 6,142.6 3.0▲

210.3 1.2 ▲

▼ 14KPMGChina International Capital Co

5,841.31.65 ▼

▼ 2.7-220.20.5

▼0.7▼

3.4-100.3

-92.5 0.2 0.1

0.3▼▲ 12

-2.0 ▼ 6ING 15 28 7,471.0 2.5 ▲3.6

0.3 ▲12 26 6,768.6 4.8 3.1 ▲

4.6 1.5CIMB Group Sdn BhdDBS Group Holdings 14 24 7,765.4

▲17 7,884.1

3.8 1.9 9 0.2▲ 9 0.2

-3

1.3 ▲1.1

-1 ▼0.0 +2 ▲ HSBC Holdings PLC- 18.61.1 ▲ -2 ▼23 1.0

2.011 0.5▲ 4 0.2 +2 1.3

24.70.5 ▲

Allen & Co Inc 12 - 8,091.3 3.9▲ 16.65.1

7,615.0 5.4 1.0 11▲▲0.1

10Moelis & Co 11 33 9,584.9 3.7 ▲ Moelis & Co4.7

▲10 16 10,331.2 5.0 2.2 1.0▼ 12.313 1.0 ▼0.5

▲ 18 1.9 1.30.8 +8 ▲ 23.26.4▲

16▼-10.2▼

-44.5

9 13,235.7JP Morgan 8HSBC Holdings PLC 9 0.4 -2 44Malayan Banking Bhd 927 13,200.1

▲2.65.4

Deutsche Bank18▲4.9

5.78,023.57,669.5

▲1.0 ▲ 16 3.0 0.30.7 -2 ▼ 37.0▼-4 ▼ 26.4 1.12.1-0.9 9,782.1Bank of America Merrill Lynch 7

120.2

80.4 -2 ▼

▲0.9-2.3 ▼

16 0.70.37

▲0.8 -13.6 0.44.4 1.3

▲-1 ▼10,151.83

6-315 0.4 ▼▼10 -16

20,340.8 9.9Bank of America Merrill Lynch 4 19,249.1 9.4 6.97

31 0.87.2

5 12,576.9 8.9JP Morgan 7 44.2

Citi 5 3 21,622.1 10.5 - Citi 18 ▼▲0.45 54.5+124 1.11 14,669.50.5 -1

3

▼7.0 ▲

4-0.6 0

Goldman Sachs & Co 3.847.4▲▼613.4 ▲

208.45.2 ▼-1.4 0.6▼ 10.4

▼▼ 46.8▲ -3 0.4▼0.40.7 -14 ▼ 48.1 3.916

11.417,406.4

1.0 3.82216,100.6 3.8▲

0.8▲2-0.41.9 0.832

46.5130,222.6 1917.825,058.0

+9 ▲ 2Morgan Stanley 12.3 3.7

Sh (%)14.7

Goldman Sachs & Co 2 1 28,456.4

US$mMorgan Stanley 1 2

Change in

13.9

Financial Advisor▼

MarketChange in Advisor

▼4.2 0.1Deals

52.3-9Share Ch.


Deals Sh (%)Market

Financial Advisor Share Ch.# of Deals# of

# of Deals FeesSh (%)2012 Rank

2011 Rank Sh (%)

MarketShare Ch. Sh (%)

MarketUS$m

MarketMarket Market # ofRank Value2012 Rank

2011 Rank

Rank Value Market

21 86 4,094.7 2.0 5

4.2

▲


Credit Suisse 3 6 27,579.7

▲

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

▼

10.6

Deutsche Bank 6 14

Any Asia (ex-Japan) Involvement Completed (AF32) Jan 1 – Jun 29


Grant Thornton

Standard Chartered PLC 03.8▲

UBS 4 5 21,762.3 ▲

10

23.93.832

13

11+35 7,180.9

70

4.1

3.6

2021

-

4,684.4

+30.8

Credit Suisse▼ 31

-3 ▼ UBS21

▲

0.5

12

4 082

9

1

151.0

▲

-1.3▲ 21

6.5

▲

2.0

2.00

13▲

19

Standard Chartered PLC

▲

15

22Houlihan Lokey

19

17

0.2+6

0.30.1

4,024.9

-

3,188.0

39

6,452.318

18

2716

8 5,894.813

1 242 12 932 100 0Industry Total 141 204 3 100 0 2 285

Aquasia Pty Ltd Bank of America Merrill Lynch

-22.1% ▼ -26.7% ▼

Financial Advisor

3.9%

RBC Capital Markets

100.0

▼-5.9%

Market

10

Change in

Jan 1 – Jun 29

9.5

6.53,310.0

6,592.1

▲

205,153.4

11.7%Industry % Change from Same Period Last Year

Industry Total


Goldman Sachs & Co 7,610.91 1

2012 Rank

2011 Rank

Rank ValueUS$m

0.1

Paradigm Capital Inc 22*

+7

# of Deals

▲-12

- 1,220.422*

Citi

2 14

15

3.1

9

2.3

2

3,509.6

11,182.8

6.7

9.4

10

-3.1

-6.1-4.5

Credit Suisse

3

6

10

Rank Value

13.04,842.5

1,432.1

Sh (%)

16.3

0▲ 3.4Share Ch.

MarketSh (%)

# of Change in

20

Advisor

▼


-Fees# of Deals Sh (%)

Imputed Fees (US$m)

Deals

-14.4%

2011 Rank

▲

Financial Advisor US$m

Rank Value per Advisor (US$m)2012 Rank

Market

Any Australian Involvement Announced (AD24)

-986

Jan 1 – Jun 29

-5.2%▼

Any Australian Involvement Completed (AF31)

▼

5.1

-4

▼▼ 6.8▼

43.71.9-16

MarketShare Ch.

86.8▼8.6▲6.213.4

Market

33.3

Industry % Change from Last Quarter -28.1%Industry % Change from Same Period Last Year -14.6% ▼

2

1.2

▲

1.7

74*

2.6

-1.9

0.5

763.2

585.9

1.6

585.9

2.0

1.7

1.4

30*-18.4530.4 1.1

1.2

1.71.6

30* 1.4

-13.2

▼

0.9

1.0

▲

3

1▼2

0.2

▼

-70

101718

20 1,843.5

20.2

23

11

-

4,436.16

▲▼

▲

Market

6.0 ▲13.81.215.51.1

-19.5%

Deals Sh (%)▼

4,082

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

▼

Sh (%)▼

# of

3.84.0

10.9

Share Ch.-25.0

3.51,708.1

1

3.5

▼-15.71,000.4

42.4 2.4

BMO Capital Markets1,510.8 ▼

4

14Evercore PartnersDeutsche Bank

11312

Citi4

8

3

9

67

Morgan Stanley5UBS

7.63,839.0

Macquarie Group

Rothschild

Credit Suisse

Jefferies & Co Inc 1122

JP Morgan 3

5.1▲6.5▼

3,189.3 0.02,518.0

3,448.2

8.8

1,950.0

▼▲

-22.8-2.5

▼-2.2

7.0

▼3,742.8

7.8

Market

-29.6

6,793.35,349.2

▼

9.03

-12.1Macquarie Group0

0-

Market

24,582.64

-3 ▲Ernst & Young LLP ▲

2.4

29

2.4

16.0▲

▼

1.4

1.2

7

3.5

6

0.2

1.7

1

-11.7

0.6

3.7

5.4-22.6

10

1

74

▼1.4

▲

-6.0 ▼

▲

6.5 ▲

1.6

36.50

1.2

3.8

▲

2.65.6

▲

▲1.3

▼

3.61.5

▼

0.5

▼0.7 ▲

3.8

7.6%

1,154.040

▲Industry % Change from Last Quarter-53.1%Industry % Change from Same Period Last Year -42.2%

0.2

-1

0.7

-2

13.7

0

24.6

▲

29.4▼

1.1 ▲

3.1

2.54.5

16.5

1.323.4

+43

-31.0▲▼

5 0.80.5 -

▼+4

21.5%

32.5

▼-50.1%

▲

▲

2.4

▲

22.9

▲

0.27

16.6

4▲

2.1

BNP Paribas SA

49,145.40.9

▲ ▼

-11.1%

2425

▲

▲-105

-9.3%

+1Industry Total

1.2

▲2.8 ▲

▼

1.12.2

Morgan Stanley

RBC Capital Markets▼

6.2

8

Jefferies & Co Inc

Deutsche Bank

39

7 15*

199922

13

▲

-11-

+4 Grant Samuel11

1

Lazard 9,685.25

48.3 23.4

Gresham Partners5

Goldman Sachs & CoUBS

112.0

19.0

2

4

121 -24.122.0 -152 ▼

3 0.5▲ 6 1.08.6▼ -6 ▼ 20.0

▼-

15,306.8

1,242.1

8,277.4

0.4

0.98 -10

-2

0

6 0.7

-2

▼▼

1

0.9 -

0.6

80.7

1.9

6

165

0.7

▲

▲

▼0.5

-3

1.2 ▲-1.0

0.5

0.0

0.1

+1

1,220.4 ▲

1,120.4-159100.0

▼

-1

-21.1%

1

JP Morgan

9.44,799.14,755.0

30.1

7

1417

6.9

12

14

0

-Aquasia Pty Ltd

0.40.1

+1

▼▲

RBS 23

Brookfield Finl RE Grp

National Australia Bank

2

25

9

770.5

677.42

21*

461.1

1,482.3RBS

24729

▼-1

Evercore Partners

-

0.1 ▲

8

▼3

17

20Blackstone Group LP 21

3,155.0

2,575.61,871.6

5.2

Industry Total 844

38.6%Industry % Change from Same Period Last YearIndustry % Change from Last Quarter

Minera Group

▼

0.9-100.0

444.2

▼3.4%

50,878.5

Gresham Partners 1516 -

Greenhill & Co, LLC

Investec

Lazard

20Fort Street Advisers

-

17

Record Point

5

19▲

+118 32

Rothschild0.20.2

-

856.28

1,154.0

3▼

2.0

-

3.7-

▲

1

35

0.2

-9.8

BMO Capital Markets 32

3.41,736.5

60.1

0

Fort Street Advisers

-5

▲

-7

0.5

2,739.7

▲694.9 19

-3

20 1,843.5

5.1

3.9▼

+1+2 ▲▲

▼

5.9 10.2

2,633.53

3-0.8

▲

▲

▼3

4.2

5.41.3 ▲0.6

2.3

▲

▲

0.4

1.00.7

▲

0.42.5+3+2

0.71.59.5

-2 ▼ 4.4

0.6

▼▲1.6

2.3

▼▼

▲

0.4 ▲0.8

▲

-100.0

0.7 0.5

0.2 0.01.2

▲1.8

▲

0.61.1

▲

2-5

▼▼

647.5▼

Barclays18

21*

+1 ▲ 16

10▲0.7Moelis & Co

0.4

+21.4

18

2.93.0

0.4-20.4

0.33.6 ▲

▼0.5 +2

-8.4

1

1 0.2

▼

593

-10.21.2

+1 ▲

10.1▼

1.0

4.23.9

-

11.5

-

▼ 7.0 1.0

1,510.2 3-6.24

2.80 1.6

▼1.10.7

7.0

-2,932

0.5

100.0Industry Total 141,204.3 100.0 2,285

https://www.thomsonone.com * tie

16

-


Sh (%)

5*

11.84

1,782.9

11.8289.1124.6Macquarie Group

Deutsche Bank1

US$mMarket

49.5

11,375.0 256.2

▲

Market

Change in Sh (%)

-10.51 5.1 -39.9 ▼

2.02.0

102.0

-3

# of Deals

Jan 1 – Jun 29

-5

Market

-121

Any New Zealand Inv Announced (AD39)

38.82.6

-618.7

1


21.3

6

# of Deals per Advisor# of

▼

143.3▼

0

# of Deals

Asia (ex-Japan) Rankings

Imputed Fees (US$m)

▼

6.51.5

Fees

▼

Change in

▼

4.0 -2-1

▲

1.0 3.5UBS

▼

-3

Market Market

23.5

Market

3

Advisor

1.5

▼

11.5

70.2

▼

▲

▼

Share Ch.

52.9

3.7

18


Market

72.9

Any New Zealand Involvement Completed (AF46)

+1

Rank Value

Deals6.0

1.3

Rank Value

-32.4▲

1.3

US$m


Goldman Sachs & Co

2011 Rank

1

Financial Advisor2012 Rank

7.2

522.2▼

10.7

38.8-


Share Ch.2011 Rank

# ofSh (%)

Jan 1 – Jun 29

▲Deals

29 0%

3*

Industry Total


3*

Sh (%)Itau Unibanco

▲

Credit Suisse 522.2

-3

787.7

▼-13.3

▲

-4.0

38.8

125.6 1.8

27.7

▼

.2-5.4

▲


43

2012 Rank

-42.9%

3 96.8

11289.1

1*1*

Grant Samuel

2Ernst & Young LLP

9Goldman Sachs & Co

5PricewaterhouseCoopers

Financial Advisor

▼

17.1

MarketShare Ch.

▲

6.50.8

Sh (%)

▲0.8

▼14.9

3.5 ▲

▼▼

-42

-58.3%

50

1

-24.3%

2.0 +1

185 9%▼

100.0▲

2,446.6

-25

▼Industry % Change from Same Period Last Year -85.2%

100.0

▼

5.1 5.1 ▲

Industry Total 1,345.2

▼-45.7%

7 7%

0.0%

▼

100.01

-67.7%

1.0

Asia (ex-Japan) Buyside Financial Sponsor Activity

3.55*Northington Partners Ltd - 124.6

0%

5%

10%

15%

20%

25%

30%

35%

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

% o

f Asi

a (e

x-Ja

pan)

Vol

ume

Ran

k Va

lue

(US

$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of Asia (ex-Japan) Volume YTD

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

-29.0%Industry % Change from Last Quarter ▲ ▼

Australian Cross Border Announced M&A

185.9%

* tie

▼-7.7%

20%

16%

14% 13%

9%

7%

5%

4%4%

3%2%2%

Materials Financials Energy and Power

High Technology Real Estate Industrials

Media and Entertainment Telecommunications Consumer Staples

Healthcare Retail Consumer Products and Services

Government and Agencies

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

Out

boun

d

Ran

k Va

lue

(US

$b)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012


Citi68

2,122.1

4

2*

2

2,122.1 32.4

an 1 - Jun 29 201Japanese Involvement Announced M&A - Top Advisors by Target Industry

2*

3 * tie

UBS 1

28.2

32.4

Mitsubishi UFJ Morgan Stanley 5,888.6 Nomura

254.370.9

3

2


Japan M&AJapanese M&A down 8% | Energy and Power Leads Activity | Outbound Second Highest on Record

The first half of 2012 saw M&A activity with Japanese involvement at US$78.2 billion, a 7.8% decrease from US$84.8billion recorded same period last year. The number of announced deals increased by 8.2%, recording a total of 1,458deals during the first six months of 2012 compared to 1,347 in 2011. The US$12.6 billion acquisition by the NuclearDamage Liability Facilitation Fund (NDF) of TEPCO’s majority shares was the largest Japanese deal announced duringthe first half of the year and was the largest Energy & Power deal in Japanese history.

Companies in the Energy & Power and Consumer Staples sectors were most targeted and led the Japanese marketwith a significant increase of 827.6% and 388.9% respectively. The Energy & Power sector recorded a total of US$23.4billion, securing a 29.9% market share in announced Japanese M&A activity during the first six months of 2012.Consumer Staples totaled US$9.6 billion, driven by Marubeni’s US$5.6 bil acquisition of Gavilon Group and AsahiGroup Holdings’ US$1.5 bil acquisition of Calpis.

Outbound Japanese acquisitions volume reached US$32.7 billion during the first half of 2012, the second highest firsthalf volume on record following 2011’s first six months activity. Americas was the most targeted region with US$19.3billion in value, a 71.7% increase from the same period last year.

Fees earned for the first six months of 2012 were estimated at US$802.6 million, an 11.7% increase from the sameperiod last year, according to the estimates by Thomson Reuters/Freeman Consulting.

1,502.4

7,241.1 1

3*

1

Sumitomo Mitsui Finl Grp Inc

NomuraJP Morgan

1 73.8Energy and Power

16,570.3

23,387.5

Bank of America Merrill Lynch 15.6

3*

2,961.3 Mitsubishi UFJ Morgan Stanley

35.98,248.0

850.0 10.3

Japan Deals Intelligence

12,700.6

1

19 2

Rank

17,250.9

Consumer Staples

Mkt.Share

2

1

Rank Val US$m

6,541.2

2,506.5

No. Deals50

279

75.1

30.4

7 5

7

119

90

61.1

7

1

1 Financials 6,340.1

Mitsubishi UFJ Morgan Stanley

9,644.9

2,573.1 6 40.613 1,790.3

40.2

Sumitomo Mitsui Finl Grp Inc1,779.6

Brown Brothers Harriman & Co

1

3*

Healthcare

High TechnologyMizuho Financial Group

3 28.1Goldman Sachs & Co

2

1,502.4

2,630.0

JP Morgan 15.6 1

Bank of America Merrill Lynch 850.0 3*Lazard

10.3

Any Japanese Involvement Announced M&A Japanese Outbound M&A Target Nation Region

Real Estate / Non Residential1,655.4United States / United States

Japan / Japan

4/25/2012 Dainippon Sumitomo Pharma Co2/29/2012

Japan / JapanFuji Media Service Co Ltd

Pending5/8/2012 Consumer Staples / Food and BeverageFinancials / Banks3/12/2012

1,502.4Asahi Group Holdings Ltd

2,122.1

Pending Pacific Capital Bancorp,CA (100%)Sankei Building Co Ltd (65.52%)3/1/2012

Acquiror / Target Nation

3/12/2012 4/23/2012Japan / United StatesJapan / United States

2,630.0

Target (% Sought/Acquired)Date Effective

1/29/2012

Japan / Japan Energy and Power / Power

Top Ten Japanese Involvement Announced Deals

Calpis Co Ltd (100%)

Jan 1 - Jun 29 2012

6/1/20125/29/2012

AcquirorRank Date

5,600.0PendingPending NDF

Exxon Mobil (99%)Boston Biomedical Inc (100%)

TonenGeneral Sekiyu KKGavilon Group LLC (100%)

1/19/2012

TEPCO (75.7%)5/9/2012

ZOLL Medical Corp (100%)

Pending Japan Australia LNGJFE Holdings Inc

5/1/2012Pending5/10/2012

1,982.2JFE Shoji Trade Corp (60.6%)

Asahi Kasei Corp

Woodside Browse Ltd-Browse LNG (14.7%)1,995.5

Marubeni Corp

Japan / Japan

Japan / JapanHealthcare / Biotechnology

UnionBanCal Corp,CA



Healthcare / Healthcare Equipment & Supplies

Australia / Australia

1,515.3


Target Macro / Mid Industry

Energy and Power / Oil & Gas3,936.3Japan / United States

12,634.0Rank Value (US$m)

0

500

1,000

1,500

2,000

2,500

3,000

3,500

$0

$25

$50

$75

$100

$125

$150

$175

$200

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

# of

Dea

ls

Ran

k Va

lue

(US

$b)

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

0

20

40

60

80

100

120

140

160

180

200

0

5

10

15

20

1H2006 1H2007 1H2008 1H2009 1H2010 1H2011 1H2012

Ran

k Va

lue

(US

$b)

# of

Dea

ls

Americas Asia Pacific EuropeAmericas Number of DealsAsia Pacific Number of DealsEurope Number of Deals


Imputed Fees (US$m)

Financial AdvisorNomuraMitsubishi UFJ Morgan StanleyGoldman Sachs & CoJP MorganCitiBank of America Merrill LynchUBSSumitomo Mitsui Finl Grp IncDeutsche Bank

RBC Capital Markets BarclaysDaiwa Securities Group IncMizuho Financial GroupCredit SuisseLazardMacquarie GroupSangyo Sosei Advisory IncGCA Savvian Group CorpBrown Brothers Harriman & CoStandard Chartered PLCSEB EnskildaRBC Capital MarketsJefferies & Co IncRBSPricewaterhouseCoopersNordea

2.21,301.7 2.2

28 750 0 1 01


0.1

▼11.0

1 025 ▲ 0 11 0

▲2.1

▼▼

-231,157.526

25HSBC Holdings PLC 0 2

-13.2+40.8

0.6760.1 24▲ ▲

▲+61.9Deutsche Bank 324 12-22.3 0.5 ▲ 5.1+1

6 1+123

1 ▲

.0▲5.0 0.6

1 0.0

Macquarie GroupDeloitte

21 104* 1,000.0 1.322 7 876.7 1.1

2.4+7

PricewaterhouseCoopers 23 8 779.6 1.0 -49▼

1.75.0

18 1.2-13.6

0.11.3 -8 0.5

2.512.4 ▲ 0.6+10.1

0.2+1▲

2.6▲▲

2.51,571.6

0.6▲

1.1▲0.2

▲▲ 0.1 +1

2.0 0.4 +31.9 11.9

▼ 6

+82.2

Sandler O'Neill Partners 20 -Lazard 19 +112 1,567.8

1,515.3

1.318 29 1,620.6 2.1-1.1

2.1 -0.817 14 1,656.0 ▼ 131.12 0.1 3.5 3.5

18.5▲▲-11

▲ 0.124

2,090.518

- 16▼

18+1

0.6+4▲ 0.53.8

54.5 4.40.5 2.3

71▲

▲2.7

4.9-18.0 0.5 0 2,674.219.00.65.4 ▲+6- 3,231.8

24 1.6 -4.5▲0.72.4

+2 ▲ 5.514 ▼65.4 ▲0.1612

+1 15▲

93,964.9

20 6.03,625.46.613

3.7-1.9

▲78 7.2▼ +22 39.3▲

3.1▲0.8 2.0+4 15.9▲

24.6+50.60.6 ▲ 6 ▲+2

▲ ▼-425 1.713 11

0.3▲

▲8+4

5,454.8 73

10 0.6

4.81.7

0.39.5

3-2.3

31.4▼ ▼+7▼7

9.1

-11.710

11.095 ▼

0.6 +6 65,731.6

136,733.9 11.2 -5.3▲ 4

5.073+14.2 1.25 ▼6

4 ▼

▼

9

+43▼▲

61

4

9▲

▲

2.527▼2.325

▼2▲

0

▼ -3▲▼

3

5▲

▲▲

2

+86.7

-6,819.5 8

72-11.0

14

-66

+17▲▲

2.90.40.3

▲

1 11,879.1 -34.217.7

Sh (%)2011 Rank

Rank Value # ofSh (%) Share Ch.

1

MarketSh (%)Market

# of DealsChange in Market

10 -Nomura

JP Morgan 3

Bank of America Merrill Lynch 8

12

Sumitomo Mitsui Finl Grp Inc45

RBS

Credit Suisse 16 4KPMG

Mitsubishi UFJ Morgan Stanley

11

-

18

-

2,122.12.7

Brown Brothers Harriman & Co 15

16,970.5 21.7

2.7

15 2,671.12,447.116

10

2

7 -

9

11

5

10- ▲ +4 ▲1.1

-11.3 +196.8

▼ ▼2.0 -2▲+27 0.6▲

3,982.7 226.6-30.9

4,932.6▲ 12

7

4.1

-8.13,020.13,122.2

6.45.9

-10.44,339.1

7.0

4.1

5.9

4.0

▲▲

▲-

0.5

2.4

0.21.1

0.00.20 8

▲▲

0.4

▲3.0

-

▲

▼1.0

2.4

4.9

21.728.4

3.9

▲2.7

38.5

0.2

13.9

27.4

4.4

▼

▲

1.9 ▲

0.9

0.9

1.0

▲

0.0

▲

▼0.1

62.3 7.8

▲▲6.2

6.3

10.3

GCA Savvian Group Corp

Goldman Sachs & Co

Sh (%) # of Deals

0.9 +4

5,490.7

3.1

3.9+5

3.5Daiwa Securities Group Inc 12

1314

0 1

2,773.5 3.6UBS 3.4

▲▼0.9

19 -▲

17

0.412

-21* 2.4 0.60.1 +11,456.1

618 8

▲

0.6

2,305.5▲ +11▲

2.4

1,489.4 12.6 0.1

8.41 8.8

1▲

13

6.9

1,456.1

3,289.1

4,118.0

-

21*20

2,122.1

53*

0 8 ▲

▲

▲

▲

▲▼

▲

0.6

1.1

8.2

6,585.7

21

▼

0.9

+811.3 -22.9

9,613.8

6.0

4.435.25.5

-63.4

44.1▲▼

▲

-1

17.4 2.3▲

-3▲16.08

5.1 19.8

1.7 82.849.7

0.7+17

33▲

+50.7

3 10,635.8

Change in # of

Jan 1 – Jun 29

Japan RankingsAny Japanese Involvement Completed (AF23)Any Japanese Involvement Announced (AD19)

Rank ValueRank Value per Advisor (US$m)

DealsUS$m Fees2012 Rank


Share Ch.MarketMarket Advisor2012

RankFinancial Advisor

9

43

4.0

-

1.3

5.6 ▼Jefferies & Co Inc

US$m

32.7632,925.3

3,192.2

4,603.8

16.114.2

▲

20,972.6 17.9

Barclays

Mizuho Financial Group

Citi 6 33

10

42.1

2011 Rank

25.519,902.9

▼

26.8

74

▲▲25,529.3

-6.7

MarketMarketShare Ch. DealsSh (%)

Market# of Deals per Advisor# of Deals per Advisor

Jan 1 – Jun 29

NordeaIndustry Total

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

Japanese Involvement Announced M&A Target Industry by Value ($bil) Japanese M&A by Number of Deals Distributed per Rank Value Range**

1,07828 750.0 1.0-1

100.0100.0Industry Total +111 60,117.2▼1

13.2%▼▼ -22.7%▼

100.0 1,45878,168.21.025 ▲

* tie11.4%-7.8%

▼▲

0.11.0

▲ -18.4%8.2%

25HSBC Holdings PLC 0.2 - ▲ 6.1+11 ▲ 0.80.1

-5.1%

618.8

-12.2% ▼▼ -2.8%

802.6

▲

0.8

11.7% ▲

+126▲

$8.210.6% $6.5

8.4% 8.1%

7.7%

6.7%

5.7%4.1%3.2%

Energy and Power Consumer StaplesHigh Technology HealthcareFinancials MaterialsReal Estate IndustrialsMedia and Entertainment Consumer Products and ServicesRetail Telecommunications

$9.612.3%

$23.429.9% 93.8%

91.4% 92.5% 93.8% 93.1% 91.9% 91.7%

3.4%4.5% 3.4%

3.9% 4.0%3.9% 4.0%

1.3% 2.2% 1.7%1.2% 2.0%

1.8% 2.1%

1.6% 1.9% 2.4% 1.1% 0.9%2.4% 2.1%

60%

65%

70%

75%

80%

85%

90%

95%

100%

1H2006 1H2007 1H2008 1H2009 1H2010 1H2011 1H2012

Per

cent

age

of T

otal

Dea

l Cou

nt

Low - US$100m US$100m - US$250m US$250m - US$500m US$500m - High

**Note: Vertical scale has been truncated to emphasize the proportion of higher-valued deals.https://www.thomsonone.com

19

Industry Total Industry Total▼ 2,620.0 6.1Bank of America Merrill Lynch 12* 8* 1 2.6 -3

ETICO Capital LLC 12* - 1 2.6 29.8▲

39.0 0.1

+1▲ 35.5 0.1

0.1+1Cormark Securities Inc 12* - 1 2.6

100.0

3 6*12,869.5Goldman Sachs & Co 11.3

Moelis & Co3

6*Credit Suisse 2.1

BMO Capital Markets14* 6* 3 2.1 -3 12* 4▼

143

Davenport & Co LLC 12*-1 ▼ 275.7 0.6

+1 ▲


Jan 1 – Jun 29

2.1

Jan 1 – Jun 29

- 1

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

RothschildUBS

# of Deals2012 Rank

51*

Deutsche Bank

Fairness Opinion Provider


Fairness Opinion Rankings †

Rank Value (US$m)


Jan 1 – Jun 29

Based on Number of TransactionsBased on Number of Transactions

1.2

-54

-1 ▼

2.4

12*

125▼

26.0 0.114.1 0.0

US$m11,172.61,845.3

17*


155,277.7

335*

+1 ▲

-

▼

1 2.615* 1

2.62.6

3.5

3 -8

+1

12*

01 2.6▲1 2.6

-120

-62.4

113,586.6

12*

0.12.6 -2 ▼ 38.3

526.6

2.4 -22.4

215.9 12* 25*

+215*

▼

Stifel Financial Corp

25* 19.8

715.6

12* -

Wells Fargo & Co12* 13*

7.91* 4*

Credit Suisse 7* 8* 2 5.3

2 5.3

MarketRank ValueSh (%)

6,046.47* 4* 2 5.3

-1

2012 Rank

2011 Rank

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


1*

Any US Inv Announced Fairness Opinion

1* 15* 315* 331*

▲17.2

7.9 1,101.93 7.9

+1 2.6

▼4.3

26.01* 8* 3 7.97.9 +1 ▲

1.29.2-2 ▼ 3,957.6

1- 526.62.6 0

1*-2

7*

1*

-3

3

3

4*

-3 ▼ 7,358.8

+1-4

1,606.8▼

5,316.7▼

3.73 7.97,416.1

9,649.1 8.5

7,114.2

0.2

6.3

-3

2 5.3

2.4▼

-5 ▼

UBS0.6

7* 1*

12*

▼

2 5.37* 25*

2,195.8▲

▼

3,957.6

100.0

6.3

5.9

6,345.7

12*

38

7,127.2

Industry Total 42,899.0

903.1

17.3

2.114.1

12.45.1

+1 ▲ 114.4 0.1

12*12*

47*▲2.412* -

33

▲

12* -2+3

2.417* 33

▼ 11,172.6▼ 6,664.23 2.4

5.6

12*

12* 35* 3

-9-6

2.4

3

+112* 6* 3 2.4

4 3.2▲

8*-1 ▼

5 4 3.2 -617*

04* -

8* 15* 4 3.2

5 4.0

Evercore Partners

Based on Number of Transactions# of Deals per Advisor

Change in # of Deals

4.0


▼

5Lazard

KPMGGF Securities

3.1

Rank Value2011 Rank Deals

+3 ▲2*

MarketDeals Sh (%)

JP Morgan+3US$m

4,881.7

# ofSh (%)

2011 Rank

MarketUS$m Sh (%)

1 1 8 6.4 -9 ▼

Rank Value

16,433.7

Barclays

14.52* 2 6 4.8 -7 ▼ 1,082.3 1.0

-2* 6* 6 4.8 -34* 17* 5

7.32,231.0 2.0

14,109.5 12.4

8,316.3

+58,665.5

▲2,576.24.0

▲▼▼

4.0Caitong Securities Co LtdCITIC

14JP Morgan

4RBC Capital MarketsBMO Capital Markets

1.5

8*2,930.9

Evercore Partners

7*

10.6-1

+24*TD Securities Inc

Barclays

Deutsche Bank

Raymond James Financial Inc

Lazard

Morgan Stanley

14*

7*

3

-10*

Nomura

14* 29*

32.54.7

29* 3,244.7

GMP Capital Corp

+1 ▲Nomura

Credit Suisse1,951.7

0.51.3

▲

3,957.6Cormark Securities Inc▼

-2 ▼14*

6,771.2 4.4

-314*

2.1

100.0-73

7,358.8

14* 22*

2.110*

14*

3

7* 15* 4

14* -

2.1 0 -

▲

▼2.8Grant ThorntonGoldman Sachs & CoScotiabank-Bank of Nova Scotia

+251*3

+32.13

2.1

Deutsche BankFairness Opinion Provider

Lazard

Moelis & Co

JP Morgan

Greenhill & Co, LLCNational Bank of Canada Fin'l

35*15* 5

Morgan StanleyFig Partners LLC

Houlihan LokeyDONNELLY PENMAN FRENCH H

Evercore Partners

Sandler O'Neill Partners

8,755.2

Greenhill & Co, LLCMorgan StanleyBarclays

34.7

1,101.9 0.7

39.8

836.8

6,800.461,746.7

4.4

- Goldman Sachs & CoMoelis & Co

4,079.8 2.63,468.3 2.2

▼8*

7.7-2

7.6

▼ 2,899.3 2.6

36.62.3

12,086.5

-2

3.2

4*

2.1

2.8 -1 ▼4 2.8 +4 ▲4

▲ 14,701.3 9.5

56,855.9

7* 22* 4 2.87*

2.87* 1

0-8

4 2.8 -1+1

4

▼7* - 4 2.8 +4 ▲

2 3.5 -5 ▼2*

56 4.2

2,334.6+5 ▲

4.26-4.2

+6 ▲6

2* -2* 6* 0

6

1 4* ▲106

7.022*

2012 Rank

# of Market Change in Market

4.2 0.199.7 Houlihan Lokey

Sh (%)

3,253.0 2.1

1.911,816.8 7.6

53,837.1

Any Americas Inv Announced Fairness Opinion



TD Securities Inc

10*

61,811.1 39.8

1.84.44.4

▲▲▼

291.0710.3710.3

7.77.77.7

+1+1-1

--

4*

111

DeloitteGCA Savvian Group CorpMorgan Stanley

3*3*3*

JP Morgan 3* 1*


7.8.0

Ambit Corporate Finance

0 0.0Guoyuan Securities Co LtdGuosen Securities Co Ltd

7,361.5

▲ 2,334.6

-10.9% ▼

GF Securities 1*

-49.0%

Deals

-

▼

Hong Leong Group

Southwest Securities Co Ltd

# of

Great Wall Securities Co LtdBarclays

ING

Guangzhou Securities Co LtdRothschild

Caitong Securities Co Ltd

Donghai Securities Co Ltd

Shenyin & Wanguo Securities

4

Industry % Change from Same Period Last Year -33.8%-27.4%


Based on Number of Transactions

UBSCarnegie

-

4* 22

+1Credit Suisse 13* 112*

Bridge Capital Advisors 13* -

Goldman Sachs & Co

Ambit Corporate Finance 13* 1

- 1

JP Morgan

Evercore PartnersBarclays

-

Grant ThorntonTD Securities Inc

-

Canaccord Genuity 13*

RothschildBDO International 6*

Fairness Opinion ProviderKPMGDeutsche Bank

Citi

▼

1

Nomura

-44.9%

Sealand Securities Co Ltd

Guotai Junan Securities

Huatai United Securities Co

2012 Rank

Ernst & Young LLP

+1+12.2

-

11

2.213* -

Morgan Stanley

2

Industry Total

# ofDeals

10

CITICKPMG

Morgan Stanley

Citi

▼

Rank Value (US$m)

Industry % Change from Last Quarter -54.3%▼

Industry % Change from Last Quarter 8.3%



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

Industry % Change from Last Quarter▼

2011 Rank Deals

-

2

Sh (%)

57.6▲

4.4

4,881.7+3

4*

Greenhill & Co, LLC

12*13*

13* 4*

▲ -36.3%

Industry Total

1

45

13* 12*

+1

Lazard

2.2

2.2

-58.7% -65.6%

Grant Thornton

▼

Platinum Securities Co Ltd


-49.3% ▼▼ 2.8% ▲▼

▲

Market2011 Rank

Change in # of DealsSh (%)

54,562.31

2012 Rank

2* 8.9 022.2

US$mRank Value

5.2

Market

1

2* - 8.9 +44.4

42

2*

12* 4.4

-

224*

4*4* -

4,079.8 4.3

+1+2 ▲ 7,775.2

▲8.2

▲ 49,190.6

4.4

52.0

0+2 ▲ 640.2 0.7

- .0 0.012* 4.4

4* 0+1

4* 2* 4.4

4*26* 4.4

-4* 4.426* 0

3,929.8

53,777.7

4.24,151.3 4.4

▲-

4.4

56.8

+1-2 ▼ 53,877.7 56.9

▲ 1,425.2 1.5

2.2113* +1 ▲ 716.9 0.8

121.6 0.1▲ 5.2▲

4,900.0

- 1,425.2 1.5+1 ▲ 7.10

2.213* 12* 2.213* -

11

-2

2.2 ▼-20 -2.2

2.2

135.1% ▲

▲ .32.2 +1

94,677.1 100.0

-

Industry % Change from Last Quarter 9.8% ▲ 196.3%

0.01

Industry % Change from Same Period Last Year -4.3%▲

▼

13.6

0.00.172.5

12,856.0▲ .0 0.0

10.3 0.6+3 99.7▲

Change in MarketRank ValueMarketSh (%)

6

Sh (%) # of Deals US$m

1* 17* 6

5* 61*

26.910.3

13.8▲ 3,253.0 19.2+5

+610.3

8.6

5.26.9

+4 ▲▲

6* 3* 3 -154

- 417* 5

4,079.8 24.1+4▼

4,557.8

▲187.6 1.1413.1 2.4+3

+28* - 2 3.56* - 3 5.2

▲▲

8*23.2

+2 ▲ 1,094.8 6.51.3

3,929.83.5

- 2 3.58*

226.3- 2 3.5 +2

12* 17* 1 1.7▲ 255.9+28* - 2

0 -

1.5- 79.3 0.5

95.4 0.617* 1 1.70

12* 3* 1 -312*12*

- 1 1.7 ▲ 602.6 3.6+1367.2 2.21.7

▲ 562.1 3.3

▼

+11.7

▼

12* - 1.7 ▲

-17

12*12*

16,953.6

+1 ▲

▲-

1.7 6.1

+1

+1

9.6

Industry % Change from Last Quarter -14.7% ▼ -9.7%

58

Industry % Change from Same Period Last Year -22.7% -6.3% ▼▼

196.7 1.2

100.0

.0 0.0

2.2 0.00.0

1,192.8 7.085.9 0.5

1

- 11.7 01.7 +1

17* 1

1.7

▲

12*

112* - 112*

- 1-

+112* - 1 1.7

12* - 1 1.7+1

Sandler O'Neill Partners 3*

Any Japan Inv Announced Fairness Opinion

Jan 1 – Jun 29


Fairness Opinion Provider Sh (%) # of Deals

Rank Value (US$m)2012 Rank

2011 Rank

# of Market Change in Rank Value MarketUS$m Sh (%)

Nomura 1 1* 8 61.5 +3 ▲ 13,857.3 86.6Mizuho Financial Group 2 6* 2 15.4 +1 ▲ 2,705.8 16.9Houlihan Lokey 3* 6* 1 7.7 0 - 22.3 0.1Plutus Consulting Co Ltd 3* 6* 1 7.7 0 - 35.9

1,515.3

0.21 7.7 -4 ▼ 273.0 1.7

4 -9 6,434.8

- 1 7.7 +1 ▲

Industry % Change from Same Period Last Year -43.5% ▼ 53.7%

9.5

▲

Industry Total

Industry % Change from Last Quarter 125.0% ▲ -23.4% ▼

+1 ▲▲ 1,022.8 6.0

▲ .0Arden Partners Ltd 13* 12* 1 2.2 0Haitong Securities Co Ltd

10.0 +1 ▲- 1 2.2 +1 Sage Capital Co Ltd ▲- 1 1.713*

35.90.1

2.0 0.012*0.0

Jan 1 – Jun 29 Jan 1 – Jun 29

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

†

Any EMEA Inv Announced Fairness Opinion

Any Asia Pacific Inv Announced Fairness Opinion

1.7INCU Corporate Finance Ltd 12* -

https://www.thomsonone.com * tie

20

-

-

-

-

-


Ranking Criteria Summary

Serkan Tecimer

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

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

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

AmericasMichael RawlingsTel: +1 646 223 8364

Announced league tables include all deals that were announced between January 1, 2011 and June 29, 2012 and of which Thomson Reuters was made aware. All current data andprevious year's data is as of 5:00pm EDT on June 29, 2012.

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

Tel: +632 858 7262

E-mail: [email protected]


Asia-PacificJason Pacannuayan

Akemi Mamiya

EMEA

Tel: +44 (0) 20 7542 3566


Japan

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

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


Akemi Mamiya

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

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

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

Tel: +813 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 forany errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as tothe accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transactionor trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying orselling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

© 2012 Thomson Reuters. All rights reserved.

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


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