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
Worldwide Announced Fairness Opinion
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
▼
▼
United States / United States
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
Consumer Staples / Food and Beverage
Energy and Power / Power
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$m)
Jan 1 – Jun 29
First Half 2012 | Mergers & Acquisitions | Financial Advisors
US$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
https://www.thomsonone.com 3
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
First Half 2012 | Mergers & Acquisitions | Financial Advisors
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%.
https://www.thomsonone.com 4
First Half 2012 | Mergers & Acquisitions | Financial Advisors
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
First Half 2012 | Mergers & Acquisitions | Financial Advisors
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
United States / United States
5,847.7
11,810.0
Energy Transfer Partners LP
Pending Ariba Inc (100%)Materials / Chemicals
SAP America Inc
United States / United States
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
United States / United States
4/30/2012
Gavilon Group LLC (100%)
Pending Pfizer Nutrition (100%)
United States / United States
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
Consumer Staples / Agriculture & Livestock
Real Estate / REITsUnited States / United States
Target (% Sought/Acquired) Acquiror
Energy and Power / Petrochemicals
Target Macro / Mid IndustryRank Value (US$m)Acquiror / Target Nation
Industrials / Other Industrials
United States / United States
Japan / United States
Consumer Staples / Food and Beverage
4,900.0
21,657.1
5,600.0
Jan 1 – Jun 29 2012
Energy and Power / Oil & Gas
Shareholders Energy and Power / Oil & Gas
US Target Announced M&A Target Industry by Value (US$ 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
https://www.thomsonone.com 6
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
First Half 2012 | Mergers & Acquisitions | Financial Advisors
# 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
Industry % Change from Same Period Last Year
+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$m Sh (%) Share Ch.
Barclays 3▲
JP Morgan 1
Gleacher & Co Inc
1
0.8
Wells Fargo & Co 16
6
15,277.5Moelis & Co0.8
2.2
-8.3 ▼
-2
4
16
2
0.8
▲
62,708.4
▼
Gleacher & Co Inc
109*
UBS
18
132,148.72
1.1
-1
▼
▲
0.4
0
-8.6-13.3
31
1.0
▲
▲3.4
-10.1 ▼
2
▲
16
Valence Group 4,628.8 0.0-31.2 5▼
Industry % Change from Same Period Last Year
+6220.9
▲
-2 ▼
▲ ING
-13
▲-20+4
19
1.3
21
▼
4.2 ▼0.6 16
40
29▲
9
3,597
* tie
https://www.thomsonone.com 7
Centerview Partners LLC Deutsche Bank-36
-6113.2
Imputed Fees (US$m)2012 Rank
Gleacher & Co Inc
-25
+1
▼
10
12
2 148,525.6Barclays
+2
-22
▼
147,791.83 29.2
Rank Value per Advisor (US$m)
Credit Suisse
Rank Value Market Market
31.4
8
10
66,709.5
6▼
+5
Americas Rankings
▲▼
▼
11
Any US Involvement Completed (AF48)
▼
2011 Rank
▲▲
▲
12
▼
-▲
0.9
0.3 +114
▲
▲
▼
▲
0.713
RBC Capital Markets27 ▼0.5 Centerview Partners LLC
1435-10
Foros
Lazard▼
▲▲▼
▼
Qatalyst Partners
11.655,325.4
-4.2 -347.2
34
-2.4
10.0 ▲▼
1039 0.8▼-8.2
155
47,321.053,668.8 11.3
Deutsche Bank
Bank of America Merrill Lynch 7
80,478.9
98
11
57,536.815.716.9
7
Lazard
6
Moelis & Co
1.2
0.2Citi 9
15
1817
21 17,641.1
Blackstone Group LP 24
4018
7
Market
2.1Sh (%)
1.3
# of Deals
12.1
-10.1 ▼17.0
2011 Rank
2012 Rank
1.5 -201.6 -20
-16
Change in
79
Any US Involvement Announced (AD41) Jan 1 – Jun 29
▲
Credit Suisse
Financial Advisor
Rank Value per Advisor (US$m)
26.719.418.9
First Half 2012 | Mergers & Acquisitions | Financial Advisors
Sh (%)0.8
US$mRank Value
-2.24
-6.3 ▼
Market Market
▲
# of Deals per Advisor
102 88
# of Deals per Advisor
Deals# of
Jan 1 – Jun 29
▼
57
1.0
9
MarketShare Ch.
-4
-3
72▼
6250
-14.4 ▼
▲5.8▼-1.0
▼
▲2.3 ▲
3.6 ▼ 612.42.2 -11 8.9
+60.8
43▲16
RBC Capital Markets 15
17
Tudor Pickering & Co LLC 20
Jefferies & Co Inc 16,454.0▲2.1
Morgan Stanley 3 1 89,596.3
74,340.72
80,636.9
Barclays
Goldman Sachs & Co 1 3 126,986.94 92,308.2JP Morgan
5
2
-1▼
65 1.3▼1.049▼
6
UBS
21,781.5 4.6Evercore Partners
11 124.8
Rothschild 13
0.7+1112 22,805.28 0.7
6.832,064.537
0.019,688.5 4.1
13
-7.1
3.5
14 1.3
▼-10.110
▲▼
Nomura
4.3
Wells Fargo & Co19 67
1711,810.0
Moelis & Co 14 20,390.9
18 0.5 +825▲13,979.0 2.927
0.41.4
0.0 -312,996.1
Perella Weinberg Partners LP
2Gleacher & Co Inc2.4 1.9
2.7
▲0.7 ▲
2.5
1.2 ▲
2.3 ▲11,387.8
21 21 11,385.42.0
452.4
0.1 -2
-40.2
7
100.211
Greenhill & Co, LLC 23 38 9,028.2HSBC Holdings PLC 22 33 9,461.6
8,487.3 1.8 ▲ 1810 0.21.9 ▲1.2 +3
0.1 00.4
1.7Allen & Co Inc 25 125 8,350.0 1.8 ▲0.120
3100 0 9574 934
11.427.6
Bank of America Merrill LynchEvercore Partners 6
+3
Industry Total 475 112 6
Change in Advisor Market# of MarketDeals Sh (%) # of Deals Fees Sh (%) Share Ch.Financial Advisor US$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
--
Industry % Change from Same Period Last Year
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
# of Deals per Advisor
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
Rank Value per Advisor (US$m)
Any Canadian Involvement Completed (AF49)
US$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
https://www.thomsonone.com 8
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
Bank of America Merrill Lynch
MaterialsRank Val US$m
65,360.0
Primary Stock Exchange Listing of Most Acquisitive EMEA Companies - Top 10 (US$ bil)
First Half 2012 | Mergers & Acquisitions | Financial Advisors
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$48.9 billion Xstrata / Glencore deal.
g p ( y p y)
Financials / BanksSpain / SpainGlencore International PLC
Belgium / Mexico21,361.5United States / Switzerland
Industrials / Other Industrials
Rank Date2/7/2012
5/25/2012
International Power PLC (40.93%)
Pending Xstrata PLC (65.9%)
6/19/2012 Intended Alliance Boots GmbH (55%)6/27/2012
5/21/2012Belgium / United Kingdom
Eaton Corp
6/29/2012
Pending United States / Ireland-Rep6/29/20123/29/2012
Target (% Sought/Acquired)Date Effective Acquiror
Banco Financiero y de Ahorros (100%)48,877.7Switzerland / Switzerland
Acquiror / Target Nation Rank Value (US$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
Consumer Staples / Agriculture & Livestock
12,855.912,240.4
Consumer Staples / Food and Beverage
Energy and Power / Power
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$3.7
London
Euronext Brussels
Frankfurt
Zurich
Russian Trading System
Euronext Paris
Madrid
Swiss Stock Exchange
Mumbai{The Bombay Stock Exchange}
OMX Helsinki
https://www.thomsonone.com 9
Rothschild UBS
-36
0.0
1414
Any EMEA Involvement Completed (AF53)
Rank Value per Advisor (US$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
Bank of America Merrill Lynch
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
▼
Rank Value per Advisor (US$m)Market
193.7
Rank Value
0.8 162.3
1# of Deals
MarketShare Ch.
▼
-11.4 0.4
3.8
19.5
1.3204.348
4.3▲
2012 Rank Deals
▼
50,807.3
4.9213.7
130.50.5
▲
Sh (%)
# of Deals per AdvisorMarket
First Half 2012 | Mergers & Acquisitions | Financial Advisors
# of Deals per Advisor2011 Rank# of Deals
2012 Rank
1.6 ▼4.5
Market
EMEA Rankings
72,012.3
Advisor
0.8
Imputed Fees (US$m)
Share Ch.Change in
67
3019
14
3.4
▼
100 0 7 945
▼
▲
0.0 0
24
4021
25
Banco Espirito Santo SA
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
Industry % Change from Last Quarter
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
Industry % Change from Same Period Last Year
JP Morgan 45
Industry % Change from Last Quarter
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
Banco Espirito Santo SA
-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$m)2011 Rank Share Ch.
100.0
Industry % Change from Same Period Last Year
ING
Change in
▲▼
-25
▼
6,338
# of Deals per Advisor
▼
Any European Involvement Completed (AF3)
36
1.1
5450
0.2
0.9-46 ▼
▼
▲
▼
Imputed Fees (US$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
Banco Espirito Santo SA
▲
▼
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
Industry % Change from Last Quarter
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
# of Deals per Advisor
-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$m)2012 Rank Share Ch.
2
-3.0%19.1%
▼
26.6
▲
▲
Rank Value
https://www.thomsonone.com 10
UBS Ondra Partners
5Bank of America Merrill Lynch 23,044.4
-
1974
# ofUS$m
Rank Value per Advisor (US$m)
44,204.6Deals
2012 Rank
Any UK Involvement Announced (AD32)
2.1
RBS
154 820 8 100 0
BMO Capital Markets 2425 21
-9.0
# of Deals per Advisor
Lenner & Partners
13
55
Carnegie
RBS
0.1
19,365.9
▼
▲23.1
30,164.6▲36.1
Share Ch.
6.7
Rank Value
1.7
▼▼▼
▼5.87.9
7.6
-15.08.79,699.69,263.2 -9.5
10,625.723
16
18
15
2120
17
19
3710
6,602.81.0 ▼-37
▲+7
13HSBC Holdings PLC 14
23-1
+1-6
UBS
21
▲
21
3
▼
0.5
0.10.8
0.2
0.4 -42.2
2.8
2
+2
▲
3,294.9
0.6
0.1
0.4
4.0
0.4
▲
▲
▲
Share Ch.
Gleacher & Co IncJP Morgan
18
-4.1
▲
15Sh (%)
24.617
▲
AdvisorSh (%)
-11
0.1
1177.919
Market
First Half 2012 | Mergers & Acquisitions | Financial Advisors
# of Deals per Advisor
0.0
18
-2
0.1
0.1
- 3,475.0
3.4
Imputed Fees (US$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 ▼
Rank Value per Advisor (US$m)
Sh (%)Market
DealsChange in Market Market2011
Rank# of
# of Deals Financial AdvisorShare Ch.
Gleacher & Co Inc
3
BNP Paribas SA
Financial AdvisorMarket
30.8US$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$mRank Value
18,068.641.8
# of Deals
Rank Value per Advisor (US$m)
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
Industry % Change from Same Period Last Year
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
-
Bank of America Merrill Lynch
23
21110*
14Citi
17
13
Bank of America Merrill Lynch
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
Industry % Change from Last Quarter
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$m)Market
# of Deals per Advisor
Any French Involvement Completed (AF40)
▲
▼
-
▲
▼
0.8 ▼0.02.6
▲
▲
0.3
▼
1.2 ▲▼0.3
1.0
2.7
▲
3.2
0.9
▼
1.5
▼4.3
▲▼
0.6
▲
0.2
609.5 100.0
2.11.3
6.55.81.1
1.9
▲▲
12.9 ▲
0.27.81.4
0.82.1
0.40.20.2
0.2
2.11.3
4 ▲
-581,0320.1
▲0.91.0
▼1.8
▼
▼▼
▼
1.1 1.0
23.9% ▲▲Industry % Change from Last Quarter
22*1,025.91,025.9
3
-2.0
32.3
5.86.7
▼
▲8
-19.49.6
▼▲
40.241.8
16,872.9
2.9
13.6
14.1
-12.7
4
Share Ch.23,119.8
▲
38.9
Market
16▼ 2.12 2 17,619.5
Sh (%)Market# ofRank Value
17US$m
-4.6%
0.9
▲
Change in
▼
-172.01.9
Sh (%)
# of Deals per Advisor
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
Industry % Change from Same Period Last Year
MarketRank Value per Advisor (US$m)
104
13,458.5-
12*
5,697.79
713,573.1
▼
11
8
5,183.411
-23.2
21
-17
12
10
13
-3.6
2019 - 3.6
53*
22*Mediobanca
▲
▼ 21Bucephale FinanceQatalyst Partners
Natixis▼
2.42.7
1,025.9▲
0.42.6
11.1-3▲0.6 1 0.1 ▼
0.1 -5
-11▼ 0.90.3 -9
83
* tie
https://www.thomsonone.com 11
Banco BTG Pactual SA Santander
19
+1401
0.2▲
+1
-5+1
▲
▲2.50.5
+5 ▲
-16
▼▲
-3
▼-2-4
▼
1,842.6
EMEA Rankings
1
+1
▼
2
▲
51
▼
▲
▼
1
2.5▲
▼2.6
8.14
▼
51*
▲▼
0.5
0.11.4
▼
▼
10.0-1
2.7
2.8
1.1
0.3
2.3
4.59.9
.5
1.6
.5▼
1.2▲3.1▲2.3
0.2
▲
2.4-
▲
0.00.2
5.4
▲
▲
183 6 100 091▲0.40.4
2.0
.7
2
Change in
▼-8.6
Market
0.30.30.3
6
1.0
1.1
# of DealsSh (%)
# of Deals per Advisor
# of Deals
Any Spanish Inv Announced (AD34)
2012 Rank
2011 Rank
Market
1
Sh (%)
1-16.4 5
521.5
25,251.1
Change in
-36.5
471.714
▲Goldman Sachs & Co
1.345*
3,399.6
Ernst & Young LLP
15
125
1,824.0 ▲1,814.8
1,484.34.228
7
18 11 2.0837.0 -5-2▲
-1
2.7
0.40.4
▼
1,773.2-6
▼
Ambers & Co 1.7▲-
18 0.8 7
2
-2
19Tudor Pickering & Co LLC
RBS
1,013.3
1,301.5▼
+1
▼
▲
Credit Suisse1
10
2
-17
5 UBS▼ PricewaterhouseCoopers
-8 399.1
0.21▲
0.2
0.2
2
▲▼
Barclays
161,131.6
Leigh Fisher Associates 14BBVA 15
14-
8
13
-
Mediobanca 17
BNP Paribas SA101112
Morgan Stanley
13Credit Suisse
40
615
98
Bank of America Merrill LynchSantander
RBS
5
7
FeesMarket
Sh (%)
4
2
2,730.4
DealsMarket
Share Ch.2011 Rank
Rank Value
Societe Generale
1
UBS 19
1Goldman Sachs & Co
Deutsche Bank
2
10
459.925,210.9
2.5
8.8Citi
22 6.5
Financial Advisor
3-11.6
-0.5
2,669.2
3.1 12
7
1,933.22,381.2
6.3 ▼
▼
2,701.5
▲
2,640.3
0.2
2.0
1.00.8
0.4
4
2
0.4
2.00.2
0.21
0.2110
▲▼
▼
+721
▲+1
0
0.2
36 800 5-
100 0
▼
Ernst & Young LLP13
+1
17
7*
▼
Rothschild
GBS Finanzas SA
Barclays
360 Corporate
11
25
22Cushman & Wakefield IncItau Unibanco
21
Share Ch.
Imputed Fees (US$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
# of Deals per Advisor
▼
▼
▼
▼
0.86
4
▲-9
4
Market
Citi1.2
Financial Advisor
-4
1.4
2Morgan Stanley
-11
▼1.0-5.5
Rank Value per Advisor (US$m)
6.92,895.653,699.7
▲US$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
First Half 2012 | Mergers & Acquisitions | Financial Advisors
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
Rank Value per Advisor (US$m)
Any Spanish Involvement Completed (AF41)
44.9
# of
2
1
Rank Value
30
▲250.0
0.1
0.5
0.1
7*
8
2.5906.8
16
5.0
Industry Total
45
-
US$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
# of Deals per Advisor
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
Industry % Change from Last Quarter
-
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 % Change from Same Period Last Year
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
Rank Value per Advisor (US$m)
Deutsche Bank
2012 Rank
Market
12
2011 Rank
▲
Change in
-149
-5
Industry Total 100.042,084.8 488
-23.4%
Lincoln InternationalPricewaterhouseCoopers
UBS
Industry % Change from Last Quarter
2011 Rank
Rank Value per Advisor (US$m)Market
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 (%)
Industry % Change from Last Quarter
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
Bank of America Merrill Lynch
TD Securities Inc
Industry % Change from Last Quarter
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
https://www.thomsonone.com 12
▲
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
First Half 2012 | Mergers & Acquisitions | Financial Advisors
# of Deals per Advisor
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
Rank Value per Advisor (US$m)
0 5 ▲
-3.57.1
▲
Any Italian Involvement Announced (AD36)
▲
23
-31.5-
-14.7
-63.4▲
20
6.4
-32.8
18
▼ 2
Rank Value per Advisor (US$m)
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▼
Bank of America Merrill Lynch
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$mRank Value
▲Industry % Change from Last QuarterIndustry % Change from Same Period Last Year
Industry Total
9,884.2
17.119.8
Any Nordic Involvement Announced (AD37)
▼
10,607.6Sh (%)
25.8Financial Advisor
-219
Change in # of Deals
Any Nordic Involvement Completed (AF44)
Morgan Stanley
Financial Advisor
Industry Total
▼
# of Deals per Advisor
Jan 1 – Jun 29
Market
18*
17
100.0
-62.6%
24.0
3020.5
▲▲
▲
-0.1
▲
6.9
Market
1.0▲ 6
Share Ch.0.5
# of
50.6
Deals
0.5 ▲
Rank Value per Advisor (US$m)
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
Industry % Change from Same Period Last Year
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$m)2011 Rank
4
Market
▲
▲
19.1
Industry % Change from Same Period Last Year
8,148.3
17.07,017.3
-1
* tie
https://www.thomsonone.com 13
BNP Paribas SA ING
0 7 ▲1 0 2 +1 ▲ 4 6 0 725* 968 5 1 8 1 8 ▲Sundling Warn Partners AB
14
1
Goldman Sachs & CoCairo Financial Investments Co
2.71,434.922* 2.722*
7
3.1
- 1.8
- 3.6
▲
1.731 ▲
▲
3
▼▲19*
14.4
4,993.5
▼
3.6
-15.7-12.8
5.7
20
3,089.6
19.49 10,500.5
13.6712
7,287.5
19,621.88
# of
43.9
436.5
2
2011 Rank
0.3 ▲
▼
1.3
-2 ▼1.8
▼
+2
▼
▼2.5
▲
2.9
5.7
-2
+2
723Handelsbanken Capital Markets0.3 +2 ▲
0.1
968.5 1.8 ▲+1
0.4
4.143
5.00.2
1▼▲
▲
▲0.6 0.6
0.8 ▲0.0 ▼0.20.2
2.71
.3
+1 ▲2.7 11,434.9 2.7
0.22.7
0.2
+1-222*-29
▼▲
-2.2 -10
KPMGSociete Generale+3
61.7 +1
▼
-
-4.9 0.5
▲
0.9 ▲ 19*-3
▲▼ 0.22.2 0.3
▼
Santander
-15.0
1.2
▼▼
1.20.2
0.821
-11
2.5
+1 ▲
-26
01.6
21.6
0.3▼ 5.3
▼1.4 0.2
0.80.47.8
▲
7.9
3.6
3.5-3
-42
0.2
3.0
1.1
▲8
0.6-9 3.6▼
9 1.6 +6-12.3
27.3
107
▲41.4
▲
1.8
Deals
-6
22.5
Fees
Rank Value per Advisor (US$m)
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
# of Deals per Advisor
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
Bank of America Merrill Lynch
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$m
23,593.5
First Half 2012 | Mergers & Acquisitions | Financial Advisors
▼-31413 1.8
BNP Paribas SAOndra Partners
0.2
▲▲
57*
1.31
▲ 8.9+45
Sh (%)
2.4
0.1
▲1.1
0.7
▲3
▲▲▼
0.7
1.6
19
5
1.30.4
0.1
9
0.4
▲
11.011,313.5
3,798.415* -
3.2Sberbank
6,465.8Banco Comercial Portugues SA
5.6
4.9
HSBC Holdings PLC
4.95.6
3,160.9 -6.03,335.8
59
2.7
Caixa Geral de Depositos17
UBS 1576*
Ondra Partners13
Banco Espirito Santo SA
- 12,856.0
7
12Nomura 11 -
28,027.01
1039
4
Rank Value per Advisor (US$m)
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$b) Number of deals
https://www.thomsonone.com 14
Asia (ex-Japan) Involvement Announced Advisors by Target Industry Jan 1 - Jun 29 2012
11.5
489
2
495
1*
285 4,446.3 1*
22.9
33
22.9
37.3
2
19,445.8
1 13.6
47.3 78
5,286.1
10,410.2
14,125.4 1 52.9High Technology 26,719.4
Goldman Sachs & Co2Credit Suisse 12,632.5
Real EstateMorgan Stanley
Deutsche Bank
2,342.2
9,952.4
Goldman Sachs & Co12.0
Asia Pacific (ex-Japan) Deals Intelligence
118.6
Scotiabank-Bank of Nova Scotia
3 1Moelis & Co4,446.3
29.3 6
Bank of America Merrill Lynch
Citi
28,462.4 1
Energy and Power39,600.2
53
10
10.3
6
4
35.6
296
9
32,762.1 4,240.8 4,714.2 Morgan Stanley
Bank of America Merrill Lynch
5,590.3 Materials
Citi664
No. DealsRank Val US$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
First Half 2012 | Mergers & Acquisitions | Financial Advisors
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$7.9 billion in the Energy & Power sector capturing 31.6% ofinbound volume.
2,810.4
Asian Completed M&A by Region - Imputed Fees
Pending South Korea / Australia
Materials / Metals & Mining
Energy and Power / Oil & Gas
3,910.8
Roy Hill Holdings Pty Ltd (25%)
Yunnan Yuntianhua Intl Chem Co (100%) YYTH
Ireland-Rep / Ireland-Rep
India / India
Shinhan Financial Group Ltd South Korea / South Korea
6/11/2012
China / China
1/25/2012
China Cross Border Announced M&A
1/25/2012
6/6/2012
6/11/20123/7/2012
Pending
3/30/2012
Sesa Goa Ltd
Pending
Shinhan Financial Group Ltd (3.1%)
eircom Ltd (100%)
2/25/2012
Investor Group
PendingPending
4/27/2012 Pending
4/2/2012
Financials / Other FinancialsSouth Korea / South Korea
DBS Group Holdings Ltd
3,774.5
Materials / Metals & Mining
Sterlite Industries(India)Ltd (100%)
3,343.4Samsung Mobile Display Co Ltd (100%) High Technology / Electronics
3,309.1
Pending Petronas Carigali Canada Ltd Canada / Canada 5,286.0
Samsung Display Co Ltd
5/20/2012
Singapore / Indonesia
Rank Value (US$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
https://www.thomsonone.com 15
Rothschild Rothschild
Asia (ex-Japan) RankingsJan 1 – Jun 29Any Asia (ex-Japan) Inv Announced (AD25)
100 0CITIC
First Half 2012 | Mergers & Acquisitions | Financial Advisors
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.
# of Deals per Advisor
Deals Sh (%)Market
Financial Advisor Share Ch.# of Deals# of
# of Deals FeesSh (%)2012 Rank
2011 Rank Sh (%)
MarketShare Ch. Sh (%)
MarketUS$m
MarketMarket Market # ofRank Value2012 Rank
2011 Rank
Rank Value Market
21 86 4,094.7 2.0 5
4.2
▲
Rank Value per Advisor (US$m)
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
# of Deals per Advisor
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
Industry % Change from Last Quarter
Goldman Sachs & Co 7,610.91 1
2012 Rank
2011 Rank
Rank ValueUS$m
0.1
Paradigm Capital Inc 22*
+7
# of Deals
▲-12
- 1,220.422*
Citi
2 14
15
3.1
9
2.3
2
3,509.6
11,182.8
6.7
9.4
10
-3.1
-6.1-4.5
Credit Suisse
3
6
10
Rank Value
13.04,842.5
1,432.1
Sh (%)
16.3
0▲ 3.4Share Ch.
MarketSh (%)
# of Change in
20
Advisor
▼
# of Deals per Advisor
-Fees# of Deals Sh (%)
Imputed Fees (US$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
-
Rank Value per Advisor (US$m)
Sh (%)
5*
11.84
1,782.9
11.8289.1124.6Macquarie Group
Deutsche Bank1
US$mMarket
49.5
11,375.0 256.2
▲
Market
Change in Sh (%)
-10.51 5.1 -39.9 ▼
2.02.0
102.0
-3
# of Deals
Jan 1 – Jun 29
-5
Market
-121
Any New Zealand Inv Announced (AD39)
38.82.6
-618.7
1
Rank Value per Advisor (US$m)
21.3
6
# of Deals per Advisor# of
▼
143.3▼
0
# of Deals
Asia (ex-Japan) Rankings
Imputed Fees (US$m)
▼
6.51.5
Fees
▼
Change in
▼
4.0 -2-1
▲
1.0 3.5UBS
▼
-3
Market Market
23.5
Market
3
Advisor
1.5
▼
11.5
70.2
▼
▲
▼
Share Ch.
52.9
3.7
18
Industry % Change from Last Quarter
Market
72.9
Any New Zealand Involvement Completed (AF46)
+1
Rank Value
Deals6.0
1.3
Rank Value
-32.4▲
1.3
US$m
First Half 2012 | Mergers & Acquisitions | Financial Advisors
Goldman Sachs & Co
2011 Rank
1
Financial Advisor2012 Rank
7.2
522.2▼
10.7
38.8-
# of Deals per Advisor
Share Ch.2011 Rank
# ofSh (%)
Jan 1 – Jun 29
▲Deals
29 0%
3*
Industry Total
Industry % Change from Last Quarter
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
▲
Industry % Change from Same Period Last Year
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
https://www.thomsonone.com 17
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
First Half 2012 | Mergers & Acquisitions | Financial Advisors
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
Consumer Staples / Agriculture & Livestock
Energy and Power / Oil & Gas
Healthcare / Healthcare Equipment & Supplies
Australia / Australia
1,515.3
Materials / Metals & Mining
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
$b)
# of
Dea
ls
Americas Asia Pacific EuropeAmericas Number of DealsAsia Pacific Number of DealsEurope Number of Deals
https://www.thomsonone.com 18
Imputed Fees (US$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
First Half 2012 | Mergers & Acquisitions | Financial Advisors
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
Rank Value per Advisor (US$m)
Share Ch.MarketMarket Advisor2012
RankFinancial Advisor
9
43
4.0
-
1.3
5.6 ▼Jefferies & Co Inc
US$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$500m - High
**Note: Vertical scale has been truncated to emphasize the proportion of higher-valued deals.https://www.thomsonone.com
19
Industry Total Industry Total▼ 2,620.0 6.1Bank of America Merrill Lynch 12* 8* 1 2.6 -3
ETICO Capital LLC 12* - 1 2.6 29.8▲
39.0 0.1
+1▲ 35.5 0.1
0.1+1Cormark Securities Inc 12* - 1 2.6
100.0
3 6*12,869.5Goldman Sachs & Co 11.3
Moelis & Co3
6*Credit Suisse 2.1
BMO Capital Markets14* 6* 3 2.1 -3 12* 4▼
143
Davenport & Co LLC 12*-1 ▼ 275.7 0.6
+1 ▲
# of Deals per Advisor
Jan 1 – Jun 29
2.1
Jan 1 – Jun 29
- 1
Rank Value (US$m)Rank Value (US$m)
RothschildUBS
# of Deals2012 Rank
51*
Deutsche Bank
Fairness Opinion Provider
First Half 2012 | Mergers & Acquisitions | Financial Advisors
Fairness Opinion Rankings †
Rank Value (US$m)
Worldwide Announced Fairness Opinion
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$m11,172.61,845.3
17*
Bank of America Merrill Lynch
155,277.7
335*
+1 ▲
-
▼
1 2.615* 1
2.62.6
3.5
3 -8
+1
12*
01 2.6▲1 2.6
-120
-62.4
113,586.6
12*
0.12.6 -2 ▼ 38.3
526.6
2.4 -22.4
215.9 12* 25*
+215*
▼
Stifel Financial Corp
25* 19.8
715.6
12* -
Wells Fargo & Co12* 13*
7.91* 4*
Credit Suisse 7* 8* 2 5.3
2 5.3
MarketRank ValueSh (%)
6,046.47* 4* 2 5.3
-1
2012 Rank
2011 Rank
# of Market Change in Deals Sh (%) # of Deals
# of Deals per Advisor
1*
Any US Inv Announced Fairness Opinion
1* 15* 315* 331*
▲17.2
7.9 1,101.93 7.9
+1 2.6
▼4.3
26.01* 8* 3 7.97.9 +1 ▲
1.29.2-2 ▼ 3,957.6
1- 526.62.6 0
1*-2
7*
1*
-3
3
3
4*
-3 ▼ 7,358.8
+1-4
1,606.8▼
5,316.7▼
3.73 7.97,416.1
9,649.1 8.5
7,114.2
0.2
6.3
-3
2 5.3
2.4▼
-5 ▼
UBS0.6
7* 1*
12*
▼
2 5.37* 25*
2,195.8▲
▼
3,957.6
100.0
6.3
5.9
6,345.7
12*
38
7,127.2
Industry Total 42,899.0
903.1
17.3
2.114.1
12.45.1
+1 ▲ 114.4 0.1
12*12*
47*▲2.412* -
33
▲
12* -2+3
2.417* 33
▼ 11,172.6▼ 6,664.23 2.4
5.6
12*
12* 35* 3
-9-6
2.4
3
+112* 6* 3 2.4
4 3.2▲
8*-1 ▼
5 4 3.2 -617*
04* -
8* 15* 4 3.2
5 4.0
Evercore Partners
Based on Number of Transactions# of Deals per Advisor
Change in # of Deals
4.0
Fairness Opinion Provider
▼
5Lazard
KPMGGF Securities
3.1
Rank Value2011 Rank Deals
+3 ▲2*
MarketDeals Sh (%)
JP Morgan+3US$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
Bank of America Merrill Lynch
Scotiabank-Bank of Nova Scotia
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*
Industry % Change from Same Period Last Year
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%
Bank of America Merrill Lynch
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%
Based on Number of Transactions# of Deals per Advisor
Industry % Change from Same Period Last Year
# of Deals per Advisor Rank Value (US$m)
Industry % Change from Last Quarter▼
2011 Rank Deals
-
2
Sh (%)
57.6▲
4.4
4,881.7+3
4*
Greenhill & Co, LLC
12*13*
13* 4*
▲ -36.3%
Industry Total
1
45
13* 12*
+1
Lazard
2.2
2.2
-58.7% -65.6%
Grant Thornton
▼
Platinum Securities Co Ltd
Fairness Opinion Provider
-49.3% ▼▼ 2.8% ▲▼
▲
Market2011 Rank
Change in # of DealsSh (%)
54,562.31
2012 Rank
2* 8.9 022.2
US$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$m
1* 17* 6
5* 61*
26.910.3
13.8▲ 3,253.0 19.2+5
+610.3
8.6
5.26.9
+4 ▲▲
6* 3* 3 -154
- 417* 5
4,079.8 24.1+4▼
4,557.8
▲187.6 1.1413.1 2.4+3
+28* - 2 3.56* - 3 5.2
▲▲
8*23.2
+2 ▲ 1,094.8 6.51.3
3,929.83.5
- 2 3.58*
226.3- 2 3.5 +2
12* 17* 1 1.7▲ 255.9+28* - 2
0 -
1.5- 79.3 0.5
95.4 0.617* 1 1.70
12* 3* 1 -312*12*
- 1 1.7 ▲ 602.6 3.6+1367.2 2.21.7
▲ 562.1 3.3
▼
+11.7
▼
12* - 1.7 ▲
-17
12*12*
16,953.6
+1 ▲
▲-
1.7 6.1
+1
+1
9.6
Industry % Change from Last Quarter -14.7% ▼ -9.7%
58
Industry % Change from Same Period Last Year -22.7% -6.3% ▼▼
196.7 1.2
100.0
.0 0.0
2.2 0.00.0
1,192.8 7.085.9 0.5
1
- 11.7 01.7 +1
17* 1
1.7
▲
12*
112* - 112*
- 1-
+112* - 1 1.7
12* - 1 1.7+1
Sandler O'Neill Partners 3*
Any Japan Inv Announced Fairness Opinion
Jan 1 – Jun 29
Based on Number of Transactions# of Deals per Advisor
Fairness Opinion Provider Sh (%) # of Deals
Rank Value (US$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
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First Half 2012 | Mergers & Acquisitions | Financial Advisors
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]
E-mail: [email protected]
Asia-PacificJason Pacannuayan
Akemi Mamiya
EMEA
Tel: +44 (0) 20 7542 3566
E-mail: [email protected]
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.
-
-
-
-
Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriteror advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees areallocated to syndicated members.
E-mail: [email protected]
Akemi 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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