mergermarket fa ma roundup h1 2012

7/29/2019 Mergermarket FA MA Roundup H1 2012

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mergermarket M&A Round-up for H1 2012

2 July 2012, for immediate release

press release

PRESS CONTACTS

EMEA: Flora Wilke

[email protected]

Tel: +44 207 059 6348

Americas: Dara Silverstein

[email protected]

Tel: +1 646 3783118

Asia-Pacic: Andrew Powell

[email protected]

Tel: +852 2158 9710 www.mergermarket.com


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Global M&A in H1 2012 falls 21.4% compared to same period last year US$ 931.4bn of M&A equal to a 21.4% decline on H1 2011 Q2 2012 total of US$ 494.9bn, reverses ve consecutive quarterly declines Third-lowest rst-half total since H1 2004

Goldman Sachs tops global advisory league table for H1 2012 Goldman Sachs retains top spot in global nancial advisers league table Morgan Stanley tops Europe table Citigroup takes second spot in Asia-Pacic

mergermarket Heat Charts show TMT to be most popular companies for sale sector globally Industrials & Chemicals tops Asia-Pacic Heat Chart Germanic countries in Europe see similar popularity for Industrials & Chemicals TMT in the US dominates landscape

Asia-Pacic half-year M&A down 15.1% on H1 2011 Second quarter total of US$ 71.1bn, up 3% on Q1 2012 Australia H1 2012 deals record biggest fall, down 19.4% on H1 2011 Asian investment into Europe experiences third consecutive quarterly decline

European M&A in the rst half of 2012 down 15.7% on H1 2011 Germanic countries make up nearly a third of total deal value Region accounts for 38.3% of global M&A by total value in H1 2012 Construction sector sees biggest percentage increase in half-year value

US H1 2012 M&A activity lowest half-year total since 2003 Half-year M&A totals US$ 258.7bn, down 40.1% on H1 2011 Energy, Mining & Utilities accounts for 23.1% of total deal value Financial Services sees big decline while Consumer deals surge

Private equity buyouts in H1 2012 down by over a fth on same period last year PE-backed buyouts total US$ 113.8bn for H1 2012, down 22.4% on H1 2011 Asian buyouts slump to lowest quarterly total since Q2 2010

Higher average buyout leverage ratio, lower debt-EBITDA multiples

Private equity exits down 30% on H1 2011

SBOs up 85.2% quarter-on-quarter European multiples 25.5% higher than in the US US exit premiums at second-highest level in eight years

Energy, Mining & Utilities increases dominant market share in H1 2012 Business Services, Construction, Consumer and Agriculture only four sectors to see increases in value Construction sector in Europe sees major jump US Industrials & Chemicals sector sees sharp decline in H1 2012

CONTENTS:

2 mergermarket M&A Round-Up

3 Global M&A Overview

7 - Mid-Market

8 - Private Equity Buyouts

9 - Private Equity Exits

10- Emerging Markets

11 - Premia / Multiples Analysis

12 - Deal Type/ Deal Value Breakdown

13 - Consideration Structure/

Insolvency

14 - Global League Table of Financial

Advisers

16 - European M&A Overview

29 - US M&A Overview39 - Asia-Pacic M&A Overview

(ex. Japan)

49 - Africa & MIddle East M&A

Overview

53 - Criteria/ About mergermarket

MEDIA CONTACTS:

EMEA: Flora Wilke

[email protected]

+44 207 059 6349

Americas: Dara Silverstein

[email protected]

+1 646 378 3118

Asia-Pacic: Andrew Powell

[email protected]

+852 2158 9710

mergermarket M&A Round-up for H1 2012

Press Release: mergermarket M&A Round-up for H1 2012 2 www.mergermarket.com


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Q2 2012 global M&A at US$ 494.9bn, bucks trend of ve consecutive quar-terly declines

H1 2012 total of US$ 929.4bn, down 21.6% on H1 2011

On course to be second-lowest global yearly total since 2004

Morgan Stanley grabs top spot from Goldman Sachs in H1 2012 global advi-

sory league table by deal value, with US$ 247.1bn worth of deals

The freefall in global M&A was temporarily halted in Q2 2012. Registering US$ 494.9bn indeals, Q2 2012 was up 13.9% on Q1 2012 (US$ 434.6bn), reversing a seemingly terminaldecline that had seen ve previous quarters of consecutive falls in the global total.

The H1 2012 total of US$ 929.4bn, however, was a decline of 21.6% on H1 2011 (US$1,185.1bn). The lower rst half gure was also the third-lowest rst half total since H1 2004(US$ 826bn). Q2 2012s total matched this; the third-lowest quarterly total since Q2 2010(US$ 428.6bn). On current form, full year 2012 is set to be the second-lowest yearly totalsince 2004 (US$ 1,685.4bn).

Europe, plagued by the continuing uncertainty surrounding its debt crisis, managed to

match all other regions in posting a quarter-on-quarter increase. Q2 2012 M&A on thecontinent totalled US$ 183.7bn, up 6.6% on Q1 2012 (US$ 172.4bn). This also ensured thatEurope made up the largest share of global M&A of any region; it accounted for 38.3% oftotal deal value in the rst half of 2012.

The US, although posting a quarter-on-quarter increase of 27.9%, registered the worst half-year performance drop, with H1 2012 M&A coming in at US$ 258.7bn, down 40.1% on therst half of last year (US$ 431.5bn). Japanese M&A, meanwhile, looked robust. It registeredincreases across all comparisons; M&A was up 40% in Q2 2012 compared to Q2 2011, up101.4% in Q2 2012 compared to the previous quarter and up 28% in H1 2012 compared toH1 2011.

Asia-Pacic (ex Japan) reversed two consecutive quarterly declines, with a Q2 2012 total

of US$ 71.1bn up 3% on Q1 2012 (US$ 68.3bn). The H1 2012 gure of US$ 140.1bn, though,was a 15.1% decline on H1 2011 (US$ 165bn).

Global PE buyout activity bounced back from three consecutive quarters of decline to US$61.2bn in Q2 2012, up 16.5% on Q1 2012 (US$ 52.6bn). But this was still its second-lowestquarterly total since Q2 2010 (US$ 51.5bn). The rst half of 2012 saw US$ 113.8bn in PE buy-

outs, a signicant 22.4% drop from the US$ 146.7bn worth of deals witnessed in H1 2011.

Morgan Stanley displaced Goldman Sachs atop the global nancial advisers league table,advising on 122 deals worth US$ 247.1bn, bettering its second-placed position from H12011. Goldman Sachs dropped to second while Deutsche Bank jumped four places to third,up from eighth in H1 2011.

Global M&A Overview

Global Cross Border M&A Analysis - Value

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Global M&A Heat Chart


Hot Warm Cold

1,200 400 70

1,000 250 20

600 150 0

Note:The Intelligence Heat Chart are based on companies or saletracked by mergermarket in the respective regions between 16 December 2011 and 15 June 2012. Opportunities are captured according to the dominant geography and sector o the potential

target company. mergermarkets Heat Chart o predicted deal ow is based on the intelligence collected in our database relating to companies rumoured to be or sale, or ocially up or sale in the respective regions. It is thereore indicative o areas that

are likely to be active in the months to come. The intelligence comes rom a range o sources, including press reports, company statements and our own team o journalists gathering proprietary intelligence rom M&A across the regions. The data does notdiferentiate between small and large transactions, nor between deals that could happen in the short or long-term.

TMT tops mergermarkets own global heat chart as most popular companies for sale sector, with tech companies in the US con -

tributing heavily

Energy, Mining & Utilities still attracting interest as it claims second place globally, favourable valuations possibly driven by fallingoil prices combined with burgeoning interest in shale gas reserves

Industrials & Chemicals still the most popular sector in Asia as consolidation looks to improve economies of scale in order to com -

pete with bigger global names

2012 Google - Map data 2012Google

Sector Americas Asia Europe MiddleEast

Africa Total

TMT 1,369 734 618 73 14 2,808

Energy, Mining & Utilities 1,015 644 433 26 73 2,191

Industrials & Chemicals 499 1,205 658 29 18 2,409

Pharma, Medical & Biotech 670 339 279 33 5 1,326

Consumer 577 594 694 20 18 1,903

Business Services 472 288 298 10 10 1,078

Financial Services 423 382 296 34 47 1,182

Leisure 226 205 223 18 4 676

Transportation 135 171 214 22 10 552

Construction 87 180 158 10 13 448

Defence 77 2 18 1 1 99

Real Estate 76 198 91 10 10 385

Agriculture 37 134 50 4 9 234

Government 35 7 4 0 1 47

Other 4 35 4 3 7 46

Total 5,702 5,118 4,038 293 233 15,384


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Global M&A Overview: Industry and Geography BreakdownH1 2012 H1 2011 Change

Sector Value (US$bn) Market share Dea l count Value (US$bn) Market share Deal count Value (%) Deal Count

Energy, Mining & Utilities 257.9 27.7% 512 300.8 25.4% 627 -14.3% -115

Consumer 110.0 11.8% 729 93.0 7.9% 878 18.3% -149Industrials & Chemicals 108.3 11.6% 1,150 202.6 17.1% 1,292 -46.6% -142

Financial Services 96.7 10.4% 470 130.7 11.0% 583 -26.0% -113

Pharma, Medical & Biotech 69.5 7.47% 395 104.2 8.8% 539 -33.2% -144

Technology 68.6 7.4% 620 77.1 6.5% 731 -11.0% -111

Business Services 63.8 6.8% 616 51.6 4.4% 871 23.6% -255

Telecommunications 30.9 3.3% 62 47.4 4.0% 83 -34.9% -21

Real Estate 30.9 3.3% 124 66.9 5.6% 106 -53.9% 18

Construction 25.0 2.7% 187 18.7 1.6% 260 33.3% -73

Transport 21.6 2.3% 176 27.1 2.3% 222 -20.2% -46

Leisure 20.8 2.2% 186 25.7 2.2% 252 -18.9% -66

Media 16.9 1.8% 184 28.2 2.4% 194 -39.9% -10Agriculture 10.1 1.1% 56 4.5 0.4% 82 123.3% -26

Defence 0.3 0.0% 16 5.8 0.5% 21 -94.6% -5

Total 931 5,483 1,184 6,741 -21.4% -1,258

North America32.9%

Central & South America5.4%

Western Europe25.1%

Southern Europe5.4%

Northern Europe5.4%

Central & Eastern Europe4.3%

North Asia7.5%

Japan3.3%

Australasia3.2%

South & Central Asia2.3%

South East Asia2.6%

Africa & Middle East2.6%

Mix of Announced Deals by Geographic Region H1 2012 - Volume

North America34.3%

Central & South America5.0%

Western Europe25.3%

Southern Europe6.3%

Northern Europe3.7%


North Asia8.0%

Japan4.1%

Australasia2.6%

South & Central Asia2.2%

South East Asia2.6%

Africa & Middle East2.3%

Mix of Announced Deals by Geographic Region H1 2012 - Value



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Global Top Deals for H1 2012Top 10 Announced Deals for H1 2012

AnnouncedDate

Bidder Company Bidder Financial Advisor Target Company Target/Seller Financial Adivsor Seller Company Deal Value(US$)

07-Feb-12 Glencore International plc BNP Paribas; Citigroup; CreditSuisse; Morgan Stanley

Xstrata Plc (65.92% Stake) Barclays; Deutsche Bank;Goldman Sachs; JPMorgan;

Nomura Holdings

53,465

29-Jun-12 Anheuser-Busch InBev NV Bank of America Merrill Lynch;Barclays; Deutsche Bank;JPMorgan; Lazard

Grupo Modelo SAB de CV Morgan Stanley 17,790

21-May-12 Nuclear Damage CompensationFacilitation Corporation

JPMorgan; Nomura Holdings Tokyo Electric Power Co Inc(54.69% Stake)

Mizuho Financial Group; MorganStanley; Sumitomo MitsuiFinancial Group

12,600

21-May-12 Eaton Corporation Citigroup; Morgan Stanley Cooper Industries Plc Goldman Sachs 11,940

23-Apr-12 Nestle SA Deutsche Bank; Rabobank;Rothschild

Pfizer Nutrition Centerview Partners; MorganStanley

Pfizer Inc 11,850

16-Apr-12 GDF Suez SA BNP Paribas; HSBC; Lazard;

Ondra Partners; Rothschild

International Power Plc (30.23%

Stake)

Barclays; Morgan Stanley;

Nomura Holdings

10,867

25-Feb-12 Sesa Goa Limited Citigroup Sterl ite Industries (India) Limited Bank of America Merri ll Lynch;Credit Suisse; JPMorganCazenove; Morgan Stanley

10,289

06-May-12 Electricite de France SA BNP Paribas; Leonardo & Co;Morgan Stanley

Edison International SpA Lazard; Rothschild 7,582

20-Mar-12 Glencore International plc Bank of America Merri ll Lynch;RBC Capital Markets

Viterra Inc Canaccord Genuit y; TD Securities 7,347

02-Apr-12 DBS Group Holdings Ltd Credit Suisse; DBS Bank; ING;Morgan Stanley

PT Bank Danamon Indonesia Tbk Citigroup; Deutsche Bank; UBSInvestment Bank

7,338



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Global mid-market deals total US$ 370.1bn for H1 2012, down 11.9% on H1 2011

But all major regions see increase on previous quarter

Energy, Mining & Utilities the most active sector with 25% market share

Goldman Sachs tops nancial advisers table with US$ 45.7bn in deals

The global mid-market saw the announcement of US$ 201.9bn-worth of M&A activity in Q22012, bringing the total deal value for the year to US$ 370.1bn. The second quarters total was12.2% lower than the same period in 2011 (US$ 229.9bn), and 20.5% higher than Q1 2012(US$ 167.5bn). The total value of mid-market M&A in H1 2012 decreased by 11.9% comparedto H1 2011.All regions saw an increase in mid-market M&A in Q2 2012 compared with the previousquarter, with the exception of Emerging Markets and Central & Southern America, whichsaw US$ 37.5bn and US$ 13bn worth of deals in Q2 2012, a 13.4% and 3% decrease, re -

spectively, compared to Q1 2012 (US$ 42.5bn and US$ 13.4bn). Europe and the US saw thelargest increases with the announcement of mid-market deals adding up to US$ 64.2bn andUS$ 71.8bn, respectively; a 31.6% increase for Europe (US$ 48.8bn in Q1 2012) and a 31.7%increase for the US (US$ 54.5bn in Q1 2012). All regions with the exception of the US saw alower total value of mid-market M&A for H1 2012 than in the same period last year.Energy, Mining & Utilities was the most active sector in the global mid-market in H1 2012, ac-

counting for 25.3% of all mid-market activity. The Real Estate sector saw the biggest increasein mid-market activity with US$ 24.6bn-worth of deals announced in H1 2012, 34% higherthan in H1 2011 (US$ 18.4bn). The Industrials & Chemicals sector showed a signicant declinein H1 2012 with US$ 38.4bn in deals, down 40% from US$ 64.5bn in H1 2011.Goldman Sachs topped the mid-market nancial advisers league table with US$ 45.7bn-worth of deals, matching its pole position in H1 2011. With a 26.1% decrease in the valueof deals worked on compared to H1 2011 (down to US$ 39.4bn from US$ 53.3bn), MorganStanley was in second place, matching its second place spot in H1 2011.

Global M&A Overview: Mid-market M&A Activity (US$ 250m to US$ 2bn)

Global mid-market Financial Adviser League Tables H1 2012

Ranking H1 2012 H1 2011H1

2012H1

2011 Company NameValue

(US$bn)Deal

CountValue

(US$bn)% Val.

Change

1 1 Goldman Sachs 45.7 63 69.1 -33.9%2 2 Morgan Stanley 39.4 54 53.3 -26.1%

3 5 JPMorgan 37.7 55 40.1 -5.9%

4 3 Credit Suisse 34.4 39 50.2 -31.3%

5 10 Barclays 33.2 43 29.1 14.1%

6 4 Bank of America Merrill Lynch 32.0 37 45.2 -29.1%

7 6 Deutsche Bank 29.8 39 36.8 -19.0%

8 9 Citigroup 29.1 36 29.6 -1.5%

9 8 Rothschild 28.5 36 30.0 -5.1%

10 7 UBS Investment Bank 21.9 25 36.1 -39.3%

Mid Market M&A Industry Breakdown Q2 2012 - Value

Energy, Mining & Utilities

25.3%

Financial Services

11.2%

Industrials & Chemicals

10.4%

Consumer

9.5%

Technology

8.5% Pharma, Medical & Biotech

7.7%

Real Estate

6.7%

Business Services

5.7%

Telecom

4.1%

Leisure

3.8%

Transport

3.0%

Media

2.1%

Construction

1.8%

Agriculture

0.4%

Global Mid-Market M&A Activity - Quarterly

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%o

fGlobalM&A



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Global buyouts in H1 2012 total US$ 113.8bn, down by over a fth on H12011

Global total reverses quarterly slide but Asia-Pacic witnesses third quar-terly decline on the trot

Deutsche Bank tops nancial advisers league table for buyouts with US$20.1bn in deals

Global private equity buyouts for H1 2012, valued at US$ 113.8bn, accounted for 12.2%of total M&A activity in H1 2012 (US$ 929.4bn) and was down 22.4% on the same periodin 2011 (US$ 146.7bn). A total of 900 buyouts exceeded the 634 exits in H1 2012, though,which appears to conrm reports of investors holding onto their assets due to market vola-tility, in particular within the euro zone.Asia-Pacic (ex Japan) saw its Q2 2012 buyouts total just US$ 3.9bn, the lowest quarterlygure since Q2 2010 (US$ 2.7bn) and the third consecutive quarter of decline from Q3 2011.Average buyout leverage ratio for H1 2012 was 58.2% which is up from the 55.5% seenfor the whole of 2011. This was the third-highest level since 2007s high of 67.6%. Debtnancing-to-EBITDA in the rst half of 2012 was 5.3x, the second-lowest level in eight years(2009s 5.1x being the lowest). So although there was a generally higher buyout leverage

ratio in H1 2012, the lower debt-EBITDA multiple suggests buyers are looking at securingstable returns and consistent cash ows.Energy, Mining & Utilities saw the biggest deal of H1 2012. Apollo Global Management,Riverstone Holdings and Access Industries acquired EP Energy Corporation from El PasoCorporation for US$ 7.2bn. Q2 2012s largest deal was in the same sector, where a consor-tium led by Macquarie Group acquired Open Grid Europe from E.ON for US$ 3.7bn in May.

Deutsche Bank topped the nancial advisory tables for deal value (US$ 20.1bn) while De-

loitte topped the volume table (13) for the rst half of 2012.

Global M&A Overview: Private Equity Buyouts

Global Debt Financing Ratios Trend(US$200m+ buyouts, excluding buy-ins)

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Global Private Equity Buyout Activity - Quarterly

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Buyouts (% of Total M&A)

Top 10 Global private equity rms H1 2012 - buyouts

Ranking Company NameValue

(US$m) Deal Count

1 The Riverside Company - 82 CVC Capital Partners 4,174 6

3 Vista Equity Partners 2,501 6

4 Warburg Pincus 1,438 6

5 Lloyds TSB Development Capital 333 6

6 Blackstone Group 5,600 5

7 Bain Capital 2,499 5

8 Oaktree Capital Group 346 5

9 Wynnchurch Capital 169 5

10 Arsenal Capital Partners 161 5



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Global H1 2012 exits total US$ 119.7bn, down 30% on H1 2011

US exit premiums in H1 2012 at second-highest level in eight years

Secondary Buyouts for Q2 2012 at US$ 20bn, up 85.2% on previous quarter

The H1 2012 total of US$ 119.7bn for private equity exits was down 30% on H1 2011 (US$170.9bn). SBOs, though, did experience an 85.2% increase in deal value, up from US$10.8bn in Q1 2012, to US$ 20bn in Q2 2012.

So far it looks as though Europe will have a higher EBIDTA upon exiting compared to theUS, for the sixth year in a row. At 11.8x, Europes multiples in H1 2012 were 25.5% higherthan the USs 9.4x. Exit premiums continued to be the highest in the US at 63.7% whereasEurope went the other way, falling to 13.1% from a 2011 gure of 30%. The USs exit pre-

miums for H1 2012 were at their second-highest level stretching back to 2004. Globally,premiums stood at 24.8% in the rst half of the year; down slightly from the 2011 full-yeartotal of 32.8%.

The highest-value exit in H1 2012 was in the Consumers sector in June. Walgreen Companyacquired Alliance Boots from Kohlberg Kravis Roberts & Co and private investor StefanoPessina for US $6.7m. The Consumers sector was one of the most active in the top veexits in H1 2012, accounting for two of the ve deals.

Global M&A Overview: Private Equity Exits

Top 10 Global private equity rms H1 2012 - exits

Ranking Company NameValue

(US$m) Deal Count

1 3i Group 750 7

2 Intel Capital 690 7

3 Sun Capital Partners 98 7

4 The Carlyle Group 5,940 6

5 Benchmark Capital 1,619 6

6 Battery Ventures 830 6

7 Draper Fisher Jurvetson 1,711 5

8 Atlas Venture 1,565 5

9 TA Associates 738 5

10 American Capital 144 5

Exit Premium Analysis - Average

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Trade Sales vs SBO Exit Activity - Quarterly

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Emerging Markets see deals down 15.8% to US$ 208.2bn compared to H1 2011

BRICs witness second lowest quarterly total since Q1 2010

18.1% drop in inbound investment from Europe in H1 2012

But Europe receives nearly half of outbound investment in H1 2012, up 87.1% on H1 2011

Credit Suisse top nancial adviser for H1 2012 Emerging Markets M&A

Emerging Markets M&A saw a Q2 2012 total of US$ 117.2bn, which was a 8% increase compared to Q2 2011 (US$ 108.5bn).

Meanwhile, Emerging Markets saw H1 2012 M&A activity worth US$ 208.2bn, down 15.8% from the same period in 2011

(US$ 247.4bn).The value of deals in Emerging Markets bounced back from the past two quarters, which witnessed consecu-

tive declines.

Q2 2012 saw BRIC M&A slide to US$ 56.7bn, its second lowest point since Q1 2010 (US$ 51bn). The loss in value can also be

seen in quarterly and half-year comparisons. BRIC M&A activity was down 19.6% from US$ 70.5bn in Q2 2011. In addition, H1

2012s total of US$ 123.5bn accounted for a 18.6% decline compared to H1 2011 (US$ 151.8bn).

Other Emerging Markets M&A accounted for US$ 60.5bn of the Q2 2012 total. These countries experienced a 59.2% increase

from Q2 2011 (US$ 38bn). However, other Emerging Markets matched the BRICs for their drop in half-year activity; H1 2012s

US$ 84.7bn was a 11.4% decline compared to H1 2011 (US$ 95.6bn).

Emerging Markets accounted for 23.7% of global M&A activity in Q2 2012, up from the 18.8% they accounted for in the sameperiod in 2011. Similarly, Emerging Markets M&A in H1 2012 constituted 19.8% of global deals, more than the 20.3% recorded

in the same period last year.

Inbound cross-border activity into Emerging Markets in Q2 2012 totalled US$ 59.4bn, 57.7% up from Q2 2011 (US$ 37.7bn).

Emerging Markets saw a 16% decrease in inbound investment from H1 2011 (US$ 97.8bn) to US$ 82.2bn in the first half of

2012, while Europe ploughed the most investment into Emerging Markets out of any region; US$ 38.6bn, or 47% of total

global value.

H1 2012 saw Europes share of inbound investment fall in Emerging Market countries by 18.1%, to US$ 38.6bn from H1 2011s

US$ 47.2bn. Asia-Pacific (ex Japan)s investment declined by 21.2%, falling from H1 2011s US$ 25bn to H2 2012s US$ 19.7bn.

Outbound M&A activity from Emerging Market countries in Q2 2012 accounted for US$ 32.2bn, showing an increase of

63.8.% from US$ 19.7bn in the same period of last year. H1 2012 also saw a 53.9% increase to US$ 70bn in out-

bound investment from emerging countries, compared to the same period last year (US$ 45.5bn). Europe

remained the top destination for Emerging Market buyers, accounting for US$ 28.5bn of deals in H1 2012,

which represented an impressive 87.1% jump compared to H1 2011 (US$ 15.2bn).

Global M&A Overview: Emerging Markets

Emerging Markets Buyout Activity Trend

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Emerging Markets M&A Activity Trend

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11/53

Q2 2012 global M&A at US$ 494.9bn, bucks trend of ve consecutive quar-

terly declines

H1 2012 total of US$ 929.4bn, down 21.6% on H1 2011

On course to be second-lowest global yearly total since 2004

Goldman Sachs retains top spot in global nancial advisers league table for

H1 2012, Deutsche Bank up to third from eighth in H1 2011

The freefall in global M&A was temporarily halted in Q2 2012. Registering US$ 494.9bnin deals, Q2 2012 was up 13.9% on Q1 2012 (US$ 434.6bn), reversing a seemingly termi -nal decline that had seen ve previous quarters of consecutive falls in the global total.The H1 2012 total of US$ 929.4bn, however, was a decline of 21.6% on H1 2011 (US$1,185.1bn). The lower rst half gure was also the third-lowest rst half total since H12004 (US$ 826bn). Q2 2012s total matched this; the third-lowest quarterly total since Q22010 (US$ 428.6bn). On current form, full year 2012 is set to be the second-lowest yearlytotal since 2004 (US$ 1,685.4bn).

Europe, plagued by the continuing uncertainty surrounding its debt crisis, managed to

match all other regions in posting a quarter-on-quarter increase. Q2 2012 M&A on thecontinent totalled US$ 183.7bn, up 6.6% on Q1 2012 (US$ 172.4bn). This also ensuredthat Europe made up the largest share of global M&A of any region; it accounted for38.3% of total deal value in the rst half of 2012.

The US, although posting a quarter-on-quarter increase of 27.9%, registered the worsthalf-year performance drop, with H1 2012 M&A coming in at US$ 258.7bn, down 40.1%on the rst half of last year (US$ 431.5bn). Japanese M&A, meanwhile, looked robust. Itregistered increases across all comparisons; M&A was up 40% in Q2 2012 compared toQ2 2011, up 101.4% in Q2 2012 compared to the previous quarter and up 28% in H1 2012compared to H1 2011.Asia-Pacic (ex Japan) reversed two consecutive quarterly declines, with a Q2 2012total of US$ 71.1bn up 3% on Q1 2012 (US$ 68.3bn). The H1 2012 gure of US$ 140.1bn,though, was a 15.1% decline on H1 2011 (US$ 165bn).

Global PE buyout activity bounced back from three consecutive quarters of decline toUS$ 61.2bn in Q2 2012, up 16.5% on Q1 2012 (US$ 52.6bn). But this was still its second-lowest quarterly total since Q2 2010 (US$ 51.5bn). The rst half of 2012 saw US$ 113.8bnin PE buyouts, a signicant 22.4% drop from the US$ 146.7bn worth of deals witnessedin H1 2011.Goldman Sachs once again took top spot in the global nancial advisers league table,retaining its position from H1 2011. Morgan Stanley remained second while DeutscheBank jumped ve places to third, up from eighth in H1 2011.

Global M&A Overview: Premia and Multiples Analysis

Premium Analysis - Average

0%

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Premium

s%

Global

Europe

North America

Asia-Pacific (excl. Japan)

Japan

EBITDA Multiple Analysis - Average

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Asia-Pacific (excl. Japan)

Japan



12/53

Deal Type

2012 global M&A offers may be lowest since USD 810bn-worth of deals in 2009

Dramatic drop in global hostile bids compared to previous quarters, only USD 21.1bn in H1

2012

For the year to date, global M&A offers stood at USD 391bn, a signicant decline compared to global

M&A offers for all of 2011 (USD 991bn) and emphasized the downturn in global M&A activity for the

comparable period of H1 2011 (USD 540bn).

Even if the second half of the year doubled global M&A offers announced in H1, 2012 would be the lowest year

of M&A offers since 2009 (USD 810bn).

Global recommended offers for H1 2012 totaled USD 369bn, contested offers stood at USD 24bn (only 6.5% of

total global recommended offers) while unsolicited offers for this same period valued at USD 1.5bn (0.4% of total

global recommended offers).

Hostile bids for the rst half of 2012 totaled USD 21bn, which emphasized another period of decline when exam-

ining H1 2011 (USD 35bn).

Behind Roches hostile bid for Illumina (USD 6.8bn), the second largest hostile bid to date was America MovilSAB de CV offer to acquire a 23.2% Stake in Koninklijke KPN NV for USD 3.5bn. Other hostile bids announced

in Q2 were GlaxoSmithKlines offer to acquire Human Genome Sciences for USD 2.5bn and Royal Dutch Shells

USD 1.6bn bid to acquire Cove Energy.

Deal Value

Mega-deals account for 12.3% of H1 2012 global M&A with total of US$111.0bn

Global quarterly total deal size comes in at US$ 468.5bn, third-lowest quar -terly total since Q2 2010

Emerging Markets Q2 2012 average deal size hits highest since Q3 2011

Mega-deals (over US$ 10bn) in Q2 2012 accounted for 10.1% of the value of global M&A deals announced, the

lowest proportion in eight years. Mega-deals in H1 2012 had an aggregate value of US $ 111.0bn, down 19.8% on H1

2011 (US $138.4bn).In Q2 2012, deals valued between US$ 501m-1.99bn accounted for 31.3% of total deal value, the

highest proportion for the deal size range on mergermarket record (since 2001).

European deals valued at US$ 2bn-10bn added up to US$ 127.4bn, representing 36.4% of all European M&A deals

announced in H1 2012, also the second-highest proportion for the deal size range on mergermarket record.

In Emerging Markets the average Q2 2012 deal size of US$ 254m was the highest since Q3 2011 (US$ 279m) and

was the highest Q2 average on mergermarket record. Meanwhile, in Europe, Q2 2012 was the second consecutive

quarterly increase in average deal size; to US$ 436m from Q1 2012 (US$ 380m).The global total deal size for Q2

2012 was US$ 468.5bn, the third-lowest quarterly total since Q2 2010 (US$ 428.6bn).

Global M&A Overview: Deal Type/ Deal Value BreakdownM&A Deal Type - Deal Value

37.7%41.2% 40.3%

48.8%

36.1% 37.9% 33.5%38.3% 38.2%

6.0%4.1%

10.4%

2.7%

10.9% 5.0%

4.2%

2.6%

1.7%

6.6%

8.8%2.4%

2.4%

0.5%

54.5%48.1%

40.5%46.1%

50.6%56.6%

61.1% 58.3% 58.4%

2.4%1.3%

0.8% 1.0%

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100%

2004 2005 2006 2007 2008 2009 2010 2011 H1 2012

ShareoftotalGlobalM&A-DealValues

Recommended Hostile Contested Non-public M&A

Global M&A Deal Size Breakdown - % by Deal Value

28.0%23.5%

20.1% 20.4%23.4% 22.4% 24.5% 24.8% 25.2%

24.5%

22.0%

20.8% 23.0%19.3% 20.6%

27.6% 26.2%29.4%

25.5%

30.0%

27.0%

29.8%27.9% 27.5%

32.5% 33.9%33.1%

21.9% 24.5%32.0%

26.8% 29.4% 29.6%

15.4% 15.2%12.3%

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$ 0m - $ 50 0m $5 01m - $2 ,0 00m $ 2, 001 - $10 ,0 00 m m ega de al s (o ve r $1 0, 001 m)



13/53

Consideration structure

All-cash deals in H1 2012 total US$ 463.5bn, down a third on H1 2011

Cash-only still the favoured option; accounts for 70% of total deal value in H1 2012

Equity-only deals make up 16.8% of total deal value in H1 2012, down from 17.8% in H1 2011

Cash-only deals increased its already-dominant share in deal consideration structures in H1 2012, accounting

for 70% of total deal value for the period, compared to 71.5% in H1 2011. This proportion was the second highest

since 2008 (71.2%). Meanwhile, the total value of equity-only deals in H1 2012 was US$ 111.1bn, 44.9% lower

than H1 2011 (US$ 201.8bn). Deals with a cash and equity consideration in H1 2012 amounted to US$ 87.6bn,

28% lower than in H1 2011 (US$ 121.6bn).

The proportion of global transactions paid with only equity decreased to 16.8% of total deal value in H1 2012,

compared to 17.8% in H1 2011. It was the second lowest proportion s ince 2004 and a marginal improvement over

16.3% for the whole of 2011. In Q2 2012, cash & equity deals accounted for 18.8% of total deal value, an increase

from the sub-15% level in each of the previous ve quarters. Conversely, the total proportion of M&A accounted

for by equity-only deals plummeted to 5.5% from 22.2% in Q2 2012, representing the second-lowest level seen

during the past six quarters.

Cash-only was also the preferred structure for cross-border deals in H1 2012, with cash-only deals accountingfor approximately 78% of the value of all cross-border deals announced in the rst half of this year, down from

the 82% level seen in 2011.

Insolvency

Q2 2012 global insolvency deals total US$ 2.9bn, down 54.7% on Q1 2012

Italys Ospedale San Raffaele insolvency deal makes up 65.6% of global value in Q2 2012

Insolvencies hit second-lowest quarterly total since Q4 2007

The second quarter of 2012 saw 74 insolvency deals with a total value of US$ 2.9bn, a 21.6% decrease from the

same period in 2011 (US$ 3.7bn). Global insolvency deals in H1 2012 showed a solid 43% increase totalling US$

9.3bn, compared to H1 2011s US$ 6.5bn. Yet the second quarter had a s teep 54.7% drop, from US$ 6.4bn in Q1

2012, to US$ 2.9bn.

Europe had the lions share of insolvency deals in Q2 2012 (US$ 2.5bn), mainly due to Giuseppe Rotellis US$

1bn acquisition of insolvent Italian hospital Ospedale San Raffaele. Europes quarterly value of US$ 2.5bn rep-

resents a massive 212% increase from US$ 0.8bn in Q2 2011. European insolvencies tripled in value from US$

1.3bn in H1 2011, to US$ 5.9bn in H1 2012, representing a 353% increase.

US insolvency deals experienced a 92% fall from US$ 2.7bn in Q2 2011 to US$ 0.2bn in Q2 2012. The US down-

ward trajectory was evident in the 46.6% drop from US$ 4.5bn in H1 2011 to US$ 2.4bn in the rst half of this

year.

Q2 2012 marked the second-lowest quarterly value in global insolvencies since Q4 2007 (US$ 0.8bn).

Global M&A Overview: Consideration Structure / Insolvency

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Global Consideration Breakdown - Value

59.6% 59.7% 60.0%

67.9%71.2%

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68.4% 70 .0 % 70 .0 %

18.1% 18.6%

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14/53

Global: League Tables of Financial AdvisersLeague Tables of Financial Advisers to Global M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

2 1 Morgan Stanley 247,484 123 235,474 5.1%

1 2 Goldman Sachs 222,708 140 298,600 -25.4%

7 3 Deutsche Bank 207,217 95 152,480 35.9%

3 4 JPMorgan 198,161 108 221,529 -10.5%

6 5 Barclays 185,550 91 165,810 11.9%

9 6 Citigroup 159,267 74 137,550 15.8%

4 7 Credit Suisse 155,576 89 209,193 -25.6%

5 8 Bank of America Merrill Lynch 115,443 77 171,070 -32.5%

13 9 Nomura Holdings 110,888 61 58,161 90.7%

11 10 Rothschild 104,629 105 73,055 43.2%

8 11 Lazard 99,945 87 151,503 -34.0%

16 12 BNP Paribas 83,093 24 43,443 91.3%

10 13 UBS Investment Bank 63,806 69 109,013 -41.5%

17 14 RBC Capital Markets 50,238 71 31,843 57.8%

12 15 HSBC 34,198 33 63,055 -45.8%

29 16 Centerview Partners 27,024 11 17,887 51.1%

18 17 Jefferies & Company 23,134 50 31,182 -25.8%

15 18 Evercore Partners 23,034 42 47,223 -51.2%

47 1 9 Banco Itau BBA 22,432 23 9,399 138.7%

31 20 BMO Capit al Markets 21,593 26 17,591 22.8%

League Tables of Financial Advisers to Global M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

1 1 Goldman Sachs 222,708 140 172 -32

3 2 Morgan Stanley 247,484 123 132 -9

10 3 JPMorgan 198,161 108 113 -5

7 4 Rothschild 104,629 105 116 -11

12 5 Deutsche Bank 207,217 95 97 -2

16 6 Barclays 185,550 91 69 22

6 7 Credit Suisse 155,576 89 118 -29

13 8 Lazard 99,945 87 85 2

4 9 PwC 8,039 78 132 -54

5 10 Bank of America Merrill Lynch 115,443 77 126 -49

8 11 Deloitte 5,495 77 114 -37

14 12 Citigroup 159,267 74 85 -11

2 13 KPMG 7,908 72 155 -83

18 14 RBC Capital Markets 50,238 71 56 15

11 15 UBS Investment Bank 63,806 69 113 -44

17 16 Nomura Holdings 110,888 61 61 0

15 17 Jefferies & Company 23,134 50 71 -21

23 18 Houlihan Lokey 4,499 50 43 7

9 19 Ernst & Young 8,219 45 114 -69

19 20 M&A International 1,179 44 53 -9



15/53

Global: League Tables of Financial AdvisersLeague Tables of Financial Advisers to Global Buyouts*: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

10 1 Deloitte 452 15 10 5

12 2 Deutsche Bank 20,121 13 9 4

15 3 Citigroup 17,024 11 8 3


7 5 Morgan Stanley 8,067 9 11 -2

1 6 Goldman Sachs 7,736 9 16 -7

2 7 PwC 1,760 8 16 -8

50 8 Houlihan Lokey 710 8 2 6

8 9 Barclays 10,001 7 10 -3

21 10 Macquarie Group 7,028 7 6 1

6 11 Ernst & Young 255 7 12 -5

32 12 JPMorgan 11,321 5 3 2

18 13 Rothschild 2,998 5 7 -2

17 14 Jefferies & Company 1,193 5 8 -3

36 15 Evercore Partners 4,686 4 2 2


13 17 Nomura Holdings 3,047 4 9 -5

4 18 Credit Suisse 1,619 4 13 -9

45 19 SEB Enskilda 1,000 4 2 2

28 20 Lincoln International 383 4 4 0

League Tables of Financial Advisers to Global Buyouts*: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

1 1 Deutsche Bank 20,121 13 22,633 -11.1%

4 2 Citigroup 17,024 11 14,062 21.1%


24 4 JPMorgan 11,321 5 2,265 399.8%

2 5 Barclays 10,001 7 20,143 -50.3%

10 6 Morgan Stanley 8,067 9 7,881 2.4%

5 7 Goldman Sachs 7,736 9 13,356 -42.1%

- 8 Tudor, Pickering, Holt & Co 7,250 2 - -

26 9 Macquarie Group 7,028 7 2,092 235.9%

- 10= Banco Espirito Santo de Investimento 5,599 1 - -

- 10= Banco Millennium BCP Investimento 5,599 1 - -

- 10= Caixa Banco de Investimento 5,599 1 - -

14 13 Evercore Partners 4,686 4 4,150 12.9%


8 15 Nomura Holdings 3,047 4 10,635 -71.3%

76 16 Moelis & Company 3,009 3 110

17 17 Rothschild 2,998 5 3,662 -18.1%


12 19 HSBC 2,715 3 6,128 -55.7%

6 20 Wells Fargo Securities 2,399 3 13,202 -81.8%

* Based on the target geography only and the advisor advising the buy-side only.



16/53

European H1 2012 M&A totals US$ 356.1bn, down 15.7% on H1 2011

Germanic region makes up nearly a third of total deal value

Europe accounts for 38.3% of global deal value for H1 2012

Morgan Stanley tops H1 2012 European advisers league table by deal value, advising

on deals worth US$ 171.9bn

European deals in the rst half of 2012 were worth US$ 356.1bn, reecting a 15.7% drop from the same

period in 2011 (US$ 422.3bn).

European deals in Q2 2012 totalled US$ 183.7bn, down 23.6% compared to the same period in 2011

(US$ 240.5bn) but up 6.6% from Q1 2012 (US$ 172.4bn). The second quarter of this year was the third-

highest quarterly total since Q4 2009 (US$ 187.8bn). Solace may be taken from the fact that there were

three consecutive years of growth in total deal value (2009-2011), although 2012 is on course for a

lower total as 2011 nished with US$ 721.9bn in European M&A.

The Germanic region dominated European M&A market with regards to deal value, with 29.7% of total

deal value during H1 2012, followed closely behind by UK & Ireland with a 25.6% market share.

Energy, Mining & Utilities accounted for nearly a third of total deal value in H1 2012, hitting triple g-

ures in the rst half with over US$ 110bn in deals, no doubt in part to the Glencore-Xstrata mega-deal

which made up nearly half that gure. Deals in the Construction sector also got a much-needed boost

with total deal value in H1 2012 at US$ 18.1bn, up 218% on H1 2011 (US$ 5.7bn). It was one of only

four sectors in the rst half of this year (along with Transport, Media and Energy, Mining & Utilities) todisplay a percentage increase on H1 2011.

Of all global M&A, European deals made up a hefty 38.3% of total deal value for the rst half of 2012,

driving the theory that Europe offers buyers value.

Morgan Stanley displaced perennial European table-toppers, Goldman Sachs, by claiming top spot in

the H1 2012 European M&A nancial advisers league table by deal value, up from fourth in H1 2011.

Deutsche Bank, advising on deals worth a combined US$ 153.8bn, came in second.

European M&A Overview

European Inbound/Outbound M&A

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European Private Equity Buyout Activity - Quarterly

Value (US$bn)

Volume



17/53

European M&A Overview: Industry and Geography BreakdownH1 2012 H1 2011 Change

Sector Value (US$bn) Market share Deal Count Value (US$bn) Market share Deal Count Value (%) Deal Count

Energy, Mining & Utilities 113.4 31.9% 137 87.8 20.8% 220 29.3% -83

Financial Services 43.3 12.2% 164 57.8 13.7% 207 -25.1% -43Industrials & Chemicals 39.8 11.2% 526 75.2 17.8% 595 -47.1% -69

Consumer 33.7 9.5% 359 47.8 11.3% 429 -29.5% -70

Pharma, Medical & Biotech 25.2 7.1% 128 51.4 12.2% 173 -51.0% -45

Construction 18.1 5.1% 83 5.7 1.3% 123 218.0% -40

Technology 16.4 4.6% 210 16.9 4.0% 233 -3.1% -23

Telecommunications 15.5 4.3% 30 29.3 6.9% 40 -47.1% -10

Transport 14.7 4.1% 78 6.5 1.5% 106 124.8% -28

Real Estate 11.8 3.3% 47 12.0 2.9% 41 -2.1% 6

Business Services 11.6 3.3% 262 14.8 3.5% 392 -22.0% -130

Media 6.1 1.7% 82 6.1 1.4% 88 1.4% -6

Leisure 5.6 1.6% 68 8.9 2.1% 125 -37.1% -57

Agriculture 0.7 0.2% 25 1.0 0.2% 28 -25.6% -3

Defence 0.1 0.0% 5 0.5 0.1% 4 -78.4% 1

Total 356.1 2,204 421.8 2,804 -15.6% -867

UK & Ireland24.6%

Germanic17.8%

France11.0%

Italy5.6%

Iberia5.2%

Benelux9.1%

Nordic13.5%


South Eastern Europe3.0%

Other0.3%

Mix of Announced European Deals by Geographic Region H1 2012 -Volume

UK & Ireland25.7%

Germanic29.8%

France2.9%

Italy8.0%

Iberia5.9%

Benelux6.6%

Nordic9.5%


South Eastern Europe2.3%

Other0.06%

Mix of Announced European Deals by Geographic Region H1 2012 -Value



18/53

European M&A Overview: Top DealsTop 10 Announced Deals for H1 2012

AnnouncedDate

Bidder Company Bidder Financial Advisor Target Company Target/Seller Financial Adivsor Seller Company Deal Value(US$)

07-Feb-12 Glencore International plc BNP Paribas; Citigroup; CreditSuisse; Morgan Stanley

Xstrata Plc (65.92% Stake) Barclays; Deutsche Bank;Goldman Sachs; JPMorgan;

Nomura Holdings

53,465

21-May-12 Eaton Corporation Citigroup; Morgan Stanley Cooper Industries Plc Goldman Sachs 11,940

16-Apr-12 GDF Suez SA BNP Paribas; HSBC; Lazard;Ondra Partners; Rothschild

International Power Plc (30.23%Stake)

Barclays; Morgan Stanley;Nomura Holdings

10,867

06-May-12 Electricite de France SA BNP Paribas; Leonardo & Co;Morgan Stanley

Edison International SpA Lazard; Rothschild 7,582

17-Jan-12 Sumitomo Mitsui Financial GroupInc

Barc lays RBS Av iat ion Capit al Limited Goldman Sachs; Royal Bank ofScotland Group

Royal Bank of Scotland Group Plc 7,300

19-Mar-12 United Parcel Service Inc Bank of America Merri ll Lynch;

Morgan Stanley; UBS InvestmentBank

TNT Express NV Deutsche Bank; Goldman Sachs;

Lazard

6,843

19-Jun-12 Walgreen Company Goldman Sachs; Lazard Alliance Boots GmbH (45% Stake) Centerview Partners 6,690

25-Apr-12 Watson Pharmaceuticals Inc Bank of America Merri ll Lynch Actavis Group hf Blackstone Group; Deutsche Bank 5,806

30-Mar -12 Tagus Holdings Banco Espir ito Santo deInvestimento ; Banco MillenniumBCP Investimento; Caixa Banco

Brisa-Auto Estradas de PortugalSA (50.43% Stake)

Barclays 5,599

27-Jun-12 Fondo de ReestructuracionOrdenada Bancaria

Credit Agricole CIB Bankia SA (45.5% Stake) 5,559



19/53

Europe M&A Heat Chart


Hot Warm Cold

140 60 10

100 40 5

80 20 0

Note:The Intelligence Heat Chart are based on companies or saletracked by mergermarket in the respective regions between 16 December 2011 and 15 June 2012. Opportunities are captured according to the dominant geography and sector o the potential

target company. mergermarkets Heat Chart o predicted deal ow is based on the intelligence collected in our database relating to companies rumoured to be or sale, or ocially up or sale in the respective regions. It is thereore indicative o areas that

are likely to be active in the months to come. The intelligence comes rom a range o sources, including press reports, company statements and our own team o journalists gathering proprietary intelligence rom M&A across the regions. The data does notdiferentiate between small and large transactions, nor between deals that could happen in the short or long-term.

Sector Germanic Italy UK &Ireland

Nordics France Benelux Iberia Russia Greece,Cyprus

&Turkey

CEE(excl.

Russia)

Total

Industrials & Chemicals 146 84 68 54 65 25 24 30 40 35 571

Consumer 118 106 83 52 66 27 28 42 39 37 598

TMT 102 36 102 64 60 46 44 41 21 21 537

Pharma, Medical & Biotech 67 24 49 41 19 12 11 5 14 9 251

Energy, Mining & Utilities 56 28 80 47 15 17 22 39 19 31 354

Financial Services 37 31 60 17 12 18 14 22 22 17 250

Business Services 35 13 67 41 32 29 17 12 12 10 268

Leisure 25 22 59 12 6 7 26 12 18 11 198

Transportation 27 15 18 28 9 17 10 18 23 16 181

Real Estate 20 9 14 2 4 8 2 7 7 3 76

Construction 18 7 18 13 16 9 18 10 8 9 126

Agriculture 5 1 3 2 1 0 9 4 14 39

Defence 0 11 0 0 0 2 4 0 17

Total 656 376 632 373 304 216 216 249 231 214 3,467

Industrials&ChemicalsseemostcompaniesforsaleinGermaniccountries,asignthatEuropeanexpertiseandindustrialknow-howarestill

very much sought-ater

TMTthehottestsectorinRussia,withonlineretailersaimingtoemulateAmazonamonganumberofrmslookingtoreceivegreaterfunding

ConsumerprovingpopularintheUKasitsreputationforcreatingreliablebrandscontinuestoattractAsianbuyers

2012 Google - Map data 2012

Google


20/53

Europe: League Tables of Financial AdvisersLeague Tables of Financial Advisers to European M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

2 1 Rothschild 87,812 89 101 -12

6 2 Goldman Sachs 151,704 67 72 -5

9 3 Morgan Stanley 171,936 62 54 8

3 4 PwC 4,454 56 92 -36

1 5 KPMG 3,956 56 109 -53

7 6 Deutsche Bank 153,760 54 57 -3

5 7 Deloitte 3,455 53 73 -20

13 8 JPMorgan 126,775 51 49 2

10 9 Lazard 85,525 49 52 -3

20 10 Barclays 133,684 42 32 10



8 13 Credit Suisse 80,985 32 55 -23

4 14 Ernst & Young 2,691 31 74 -43

15 15 Citigroup 85,183 28 39 -11

17 16 M&A International 603 26 36 -10

21 17 DC Advisory Partners 2,937 24 29 -5

18 18 SG 17,113 22 35 -13

38 19 Investec 2,908 22 16 6

14 20 BNP Paribas 81,280 21 41 -20

League Tables of Financial Advisers to European M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

4 1 Morgan Stanley 171,936 62 99,890 72.1%

3 2 Deutsche Bank 153,760 54 110,792 38.8%

1 3 Goldman Sachs 151,704 67 157,228 -3.5%

5 4 Barclays 133,684 42 72,227 85.1%

7 5 JPMorgan 126,775 51 70,759 79.2%

8 6 Rothschild 87,812 89 68,629 28.0%

10 8 Lazard 85,525 49 52,707 62.3%

6 7 Citigroup 85,183 28 71,277 19.5%

13 9 BNP Paribas 81,280 21 41,221 97.2%

2 10 Credit Suisse 80,985 32 113,472 -28.6%

16 11 Nomura Holdings 76,229 21 27,368 178.5%

9 12 Bank of America Merrill Lynch 76,016 36 56,014 35.7%

15 13 UBS Investment Bank 35,963 36 29,592 21.5%

27 14 Centerview Partners 23,540 3 9,473 148.5%

11 15 HSBC 21,110 20 51,988 -59.4%

43 16 Rabobank 19,737 17 4,873 305.0%


12 18 SG 17,113 22 47,566 -64.0%

36 19 Leonardo & Co 15,136 17 6,194 144.4%

26 20 Sberbank 12,901 16 11,580 11.4%



21/53

Europe: League Tables of Financial AdvisersLeague Tables of Financial Advisers to European Buyouts*: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

3 1 Deloitte 335 10 8 2

1 2 PwC 1,642 7 14 -7

7 3 Ernst & Young 183 6 7 -1


5 5 Rothschild 2,998 5 7 -2

42 6 Citigroup 1,608 5 1 4

16 7 Deutsche Bank 8,820 4 4 0

18 8 Morgan Stanley 5,480 4 4 0

29 9 SEB Enskilda 1,000 4 2 2


- 11 Barclays 3,737 3 - -

9 12 HSBC 2,715 3 6 -3

- 13 Houlihan Lokey 635 3 - -


14 15 Altium Capital 125 3 5 -2

League Tables of Financial Advisers to European Buyouts*: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

4 1 Deutsche Bank 8,820 4 4,375 101.6%

52 2 Macquarie Group 5,728 5 100 5,628%

- 3= Banco Espirito Santo de Investimento 5,599 1 - -

- 3= Banco Millennium BCP Investimento 5,599 1 - -

- 3= Caixa Banco de Investimento 5,599 1 - -

14 6 Morgan Stanley 5,480 4 1,665 229.1%

23 7 RBC Capital Markets 5,276 3 950 455.4%

- 8 Barclays 3,737 3 - -

3 9 Goldman Sachs 3,590 2 5,262 -31.8%

15 10 JPMorgan 3,367 2 1,563 115.4%

6 11 Rothschild 2,998 5 3,662 -18.1%

2 12 HSBC 2,715 3 5,905 -54.0%

7 13 Nomura Holdings 2,273 1 3,268 -30.4%

- 14 Messier, Maris et Associes 1,932 1 - -

45 15 PwC 1,642 7 192 755.2%

* Based on the target geography only and the advisor advising the buy-side only.



22/53

Europe: League Tables of Financial Advisers

Financial Advisers to French M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

1 1 Rothschild 23,575 18 29 -11

9 2 Lazard 27,368 14 13 1

2 3 BNP Paribas 23,490 14 25 -11

3 4 SG 8,602 12 22 -10

19 5 JPMorgan 7,884 11 7 4

7 6 Morgan Stanley 23,160 10 16 -6

4 7 Leonardo & Co 9,307 9 22 -13

8 8 Goldman Sachs 5,890 8 13 -5

6 9 HSBC 9,037 7 16 -9


27 11 Ernst & Young 25 7 5 2

5 12 Credit Agricole CIB 1,459 6 17 -11

23 13 DC Advisory Partners 88 6 6 0

11 14 PwC 40 6 11 -5

18 15 Barclays 12,557 5 7 -2

Financial Advisers to French M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

11 1 Lazard 27,368 14 19,187 42.6%

4 2 Rothschild 23,575 18 27,316 -13.7%

1 3 BNP Paribas 23,490 14 33,346 -29.6%

6 4 Morgan Stanley 23,160 10 24,490 -5.4%

10 5 Barclays 12,557 5 23,071 -45.6%

29 6 Nomura Holdings 11,889 2 2,387 398.1%

- 7 Ondra Partners 10,867 1 - -

19 8 Leonardo & Co 9,307 9 4,539 105.0%

2 9 HSBC 9,037 7 31,762 -71.5%

3 10 SG 8,602 12 27,657 -68.9%

23 11 JPMorgan 7,884 11 3,613 118.2%

7 12 Deutsche Bank 6,202 5 23,805 -73.9%

9 13 Goldman Sachs 5,890 8 23,193 -74.6%

12 14 Citigroup 2,426 3 14,545 -83.3%


Financial Advisers to UK M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

1 1 Rothschild 37,482 37 48 -11

3 2 Goldman Sachs 42,304 32 26 612 3 Barclays 38,283 23 15 8

13 4 Morgan Stanley 37,166 23 15 8

18 5 Investec 2,873 21 14 7

6 6 PwC 3,366 18 22 -4

15 7 Grant Thornton Corporate Finance 712 18 15 3

2 8 KPMG 2,109 17 45 -28

11 9 BDO 1,854 17 18 -1

20 10 Deutsche Bank 21,862 16 12 4

5 11 JPMorgan Cazenove 20,608 16 22 -6

4 12 Deloitte 1,093 16 23 -7


17 14 Lazard 24,624 14 14 0

23 15 Canaccord Genuity 959 14 11 3

Financial Advisers to UK M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

1 1 Goldman Sachs 42,304 32 39,627 6.8%

3 2 Barclays 38,283 23 30,957 23.7%2 3 Rothschild 37,482 37 31,988 17.2%

8 4 Morgan Stanley 37,166 23 21,234 75.0%

12 5 Lazard 24,624 14 15,021 63.9%

5 6 Deutsche Bank 21,862 16 26,936 -18.8%

6 7 JPMorgan Cazenove 20,608 16 22,873 -9.9%

44 8 Nomura Holdings 18,573 7 1,128 1,547%



14 11 BNP Paribas 12,546 4 11,508 9.0%

10 12 HSBC 11,770 11 18,388 -36.0%

69 13 Centerview Partners 11,690 2 473 2,372%

63 14 Ondra Partners 10,965 2 529 1,973%

22 15 Royal Bank of Scotland Group 9,073 3 3,749 142.0%



23/53


Financial Advisers to Germanic M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

4 1 Deutsche Bank 87,659 19 18 1

13 2 Morgan Stanley 79,947 18 8 10

6 3 Deloitte 1,087 17 18 -1

9 4 Lazard 13,423 15 12 3

5 5 Rothschild 22,827 14 18 -4

3 6 KPMG 1,705 14 19 -5

2 7 Goldman Sachs 71,475 13 20 -7

25 8 JPMorgan 71,013 13 5 8

10 9 UBS Investment Bank 2,286 11 11 0

14 10 Bank of America Merrill Lynch 16,440 10 8 2


7 12 Credit Suisse 62,726 9 15 -6

8 13 PwC 338 9 14 -5

24 14 Nomura Holdings 54,579 8 5 3

15 15 Altium Capital 1,319 8 8 0

Financial Advisers to Germanic M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

3 1 Deutsche Bank 87,659 19 37,064 136.5%

10 2 Morgan Stanley 79,947 18 6,417 1,146%

1 3 Goldman Sachs 71,475 13 58,901 21.3%

8 4 JPMorgan 71,013 13 10,599 570.0%

2 5 Credit Suisse 62,726 9 53,764 16.7%

6 6 Citigroup 56,584 4 12,155 365.5%

9 7 Barclays 55,697 4 10,256 443.1%

5 8 Nomura Holdings 54,579 8 14,116 286.6%

45 9 BNP Paribas 53,465 2 456 11,625%

4 10 Rothschild 22,827 14 14,446 58.0%

- 11 Centerview Partners 18,540 2 - -


156 13 RBC Capital Markets 14,288 6 - -

7 14 Lazard 13,423 15 11,532 16.4%

54 15 Rabobank 12,511 5 255 4,806%

Financial Advisers to German M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

2 1 Deutsche Bank 17,992 14 14 0

19 2 Morgan Stanley 12,267 12 5 73 3 Rothschild 10,790 12 14 -2

6 4 Lazard 6,261 11 9 2

5 5 Goldman Sachs 9,530 9 9 0

4 6 KPMG 811 9 11 -2


9 8 Deloitte 78 9 8 1

39 9 JPMorgan 14,733 7 3 4

24 10 PwC 338 6 5 1


8 12 Credit Suisse 5,172 5 8 -3


7 14 DC Advisory Partners 277 5 9 -4

1 15 Ernst & Young 32 5 20 -15

Financial Advisers to German M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

2 1 Deutsche Bank 17,992 14 17,570 2.4%

8 2 JPMorgan 14,733 7 8,918 65.2%11 3 Morgan Stanley 12,267 12 4,048 203.0%

4 4 Rothschild 10,790 12 12,270 -12.1%

1 5 Goldman Sachs 9,530 9 19,170 -50.3%

26 6 Macquarie Group 7,702 5 782 884.9%

7 7 Lazard 6,261 11 9,232 -32.2%

3 8 Credit Suisse 5,172 5 13,678 -62.2%


128 10 RBC Capital Markets 3,719 2 - -

27 11 SG 3,246 1 701 363.1%

53 12 MCF Corporate Finance 3,119 3 138 2,160%

5 13= Citigroup 3,119 2 12,155 -74.3%

25 13= Perella Weinberg Partners 3,119 2 918 239.8%

20 15 Nordea Corporate Finance 3,119 1 1,779 75.3%



24/53


Financial Advisers to Italian M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

3 1 Rothschild 16,063 11 13 -2

2 2 Mediobanca 9,997 10 14 -4


5 4 Lazard 15,147 7 10 -3

1 5 Banca IMI/Intesa Sanpaolo 3,838 7 15 -8

7 6 Leonardo & Co 12,357 5 7 -2

10 7 BNP Paribas 11,577 5 6 -1

9 8 SG 5,324 5 6 -1

8 9 KPMG 31 5 7 -2

15 10 Goldman Sachs 8,450 4 4 0


26 12 Credit Suisse 3,619 4 2 2

32 13 Vitale & Associati 1,053 3 2 1

4 14 UniCredit Group 614 3 11 -8

- 15 EQUITA S.I.M. 215 3 - -

Financial Advisers to Italian M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

13 1 Morgan Stanley 17,112 7 4,721 262.5%

10 2 Rothschild 16,063 11 5,370 199.1%

9 3 Lazard 15,147 7 5,628 169.1%

16 4 Leonardo & Co 12,357 5 2,790 342.9%

14 5 BNP Paribas 11,577 5 3,788 205.6%

12 6 Mediobanca 9,997 10 4,893 104.3%

6 7 Goldman Sachs 8,450 4 6,424 31.5%

2 8 SG 5,324 5 9,000 -40.8%


4 10 Banca IMI/Intesa Sanpaolo 3,838 7 6,909 -44.4%

8 11 Credit Suisse 3,619 4 6,102 -40.7%

7 12 Deutsche Bank 3,133 2 6,234 -49.7%

- 13 Banco Itau BBA 1,389 1 - -

55 14 Vitale & Associati 1,053 3 - -

3 15 HSBC 964 2 8,180 -88.2%

Financial Advisers to Benelux M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

1 1 KPMG 1,089 15 34 -19

35 2 ABN AMRO Bank 4,867 12 3 912 3 JPMorgan 34,586 11 9 2

22 4 Goldman Sachs 18,736 11 5 6

9 5 Deutsche Bank 32,350 10 10 0

2 6 ING 831 9 18 -9

3 7 PwC 99 9 13 -4

14 8 Bank of America Merrill Lynch 32,598 8 8 0

23 9 Lazard 30,108 8 5 3

7 10 Boer & Croon - 7 12 -5

18 11 Rothschild 6,613 6 6 0

11 12 M&A International 238 6 10 -4

6 13 Rabobank 195 6 12 -6

8 14 Deloitte - 6 11 -5

13 15 Morgan Stanley 26,153 5 8 -3

Financial Advisers to Benelux M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

1 1 JPMorgan 34,586 11 24,842 39.2%

12 2 Bank of America Merrill Lynch 32,598 8 4,903 564.9%2 3 Deutsche Bank 32,350 10 20,670 56.5%

6 4 Lazard 30,108 8 11,121 170.7%

3 5 Morgan Stanley 26,153 5 17,795 47.0%

8 6 Barclays 22,008 3 9,538 130.7%

5 7 Goldman Sachs 18,736 11 11,294 65.9%


27 9 Rothschild 6,613 6 876 654.9%

89 10 ABN AMRO Bank 4,867 12 - -

- 11 Duff & Phelps 3,908 1 - -

65 12 Sberbank 3,525 2 71 4,865%

24 13 Citigroup 2,015 4 1,146 75.8%

- 14= Oddo & Cie 1,117 1 - -

36 14= RBC Capital Markets 1,117 1 459 143.4%



25/53


Financial Advisers to Spanish M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

27 1 Rothschild 3,485 13 2 11

2 2 Deloitte 1,322 6 17 -11

1 3 PwC 281 6 21 -15

15 4 Barclays 2,204 5 4 1

5 5 Santander Global Banking andMarkets

1,265 5 10 -5

12 6 Citigroup 1,168 4 5 -1


6 8 SG 612 3 8 -5

3 9 Banco Bilbao Vizcaya Argentaria 500 3 11 -8

23 10 Credit Agricole CIB 6,039 2 3 -1

14 11 JPMorgan 2,190 2 5 -3

22 12 Deutsche Bank 1,572 2 3 -1

33 13 Nomura Holdings 1,413 2 1 1


8 15 Morgan Stanley 1,013 2 6 -4

Financial Advisers to Spanish M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

14 1 Credit Agricole CIB 6,039 2 5,538 9.0%

22 2 Rothschild 3,485 13 1,330 162.0%

6 3 Barclays 2,204 5 16,631 -86.7%

17 4 JPMorgan 2,190 2 4,366 -49.8%

12 5 Deutsche Bank 1,572 2 6,428 -75.5%

13 6 Nomura Holdings 1,413 2 5,828 -75.8%


21 8 Deloitte 1,322 6 2,619 -49.5%

- 9 AZ Capital 1,302 1 - -


1,265 5 20,359 -93.8%

3 11 Citigroup 1,168 4 20,453 -94.3%


2 13 Morgan Stanley 1,013 2 24,024 -95.8%

31 14 Mediobanca 942 1 384 145.3%

- 15 TD Securities 888 1 - -

Financial Advisers to Iberian M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

23 1 Rothschild 3,545 15 3 12

15 2 Barclays 14,015 9 5 46 3 Santander Global Banking and

Markets6,692 6 10 -4

2 4 Deloitte 1,322 6 17 -11

1 5 PwC 281 6 21 -15

4 6 Banco Espirito Santo de Investimento 11,850 5 11 -6

25 7 Caixa Banco de Investimento 6,987 5 3 2

14 8 Citigroup 6,595 5 5 0



8 11 SG 1,397 4 8 -4

3 12 Banco Bilbao Vizcaya Argentaria 772 4 12 -8

12 13 Lazard 6,287 3 6 -3

27 14 Banco BTG Pactual 5,965 3 2 1

17 15 JPMorgan 2,462 3 5 -2

Financial Advisers to Iberian M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

5 1 Barclays 14,015 9 16,832 -16.7%

12 2 Banco Espir ito Santo de Invest imento 11,850 5 7,373 60.7%18 3 Caixa Banco de Investimento 6,987 5 5,354 30.5%


6,692 6 20,359 -67.1%

3 5 Citigroup 6,595 5 20,453 -67.8%

17 6 Lazard 6,287 3 5,359 17.3%

16 7 Credit Agricole CIB 6,039 2 5,538 9.0%

19 8 Banco BTG Pactual 5,965 3 5,164 15.5%

- 9 Banco Millennium BCP Investimento 5,599 1 - -

24 10 Banco Itau BBA 5,551 2 3,898 42.4%

26 11 Banco Bradesco BBI 5,427 1 1,276 325.3%

14 12 Rothschild 3,545 15 6,293 -43.7%

13 13 Deutsche Bank 3,226 4 6,428 -49.8%

21 14 JPMorgan 2,462 3 4,366 -43.6%




26/53


Financial Advisers to Swedish M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

1 1 PwC 472 13 10 3

3 2 SEB Enskilda 2,143 10 8 2

12 3 Nordea Corporate Finance 3,118 7 4 3


10 5 JPMorgan 2,632 6 4 2

4 6 Handelsbanken Capital Markets 4,783 5 7 -2

49 7 Navigo Partners 495 5 1 4


8 9 Deloitte 436 4 5 -1

2 10 Carnegie Investment Bank 199 4 9 -5

24 11 Credit Suisse 5,175 3 2 1

11 12 Morgan Stanley 3,108 3 4 -1

- 13 Swedbank First Securities 1,152 3 - -

7 14 Ernst & Young 97 3 5 -2

- 15 IDC Nordic 33 3 - -

Financial Advisers to Swedish M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

1 1 Goldman Sachs 8,549 6 27,663 -69.1%

2 2 Deutsche Bank 6,956 4 19,100 -63.6%

4 3 Credit Suisse 5,175 3 14,890 -65.2%

15 4 Handelsbanken Capital Markets 4,783 5 2,362 102.5%

12 5 Nordea Corporate Finance 3,118 7 3,318 -6.0%

6 6 Morgan Stanley 3,108 3 6,006 -48.3%

5 7 JPMorgan 2,632 6 7,426 -64.6%

7 8 Barclays 2,398 1 4,666 -48.6%

- 9 HSBC 2,249 1 - -

14 10 SEB Enskilda 2,143 10 3,130 -31.5%

55 11 Erneholm & Haskel 1,645 2 - -

22 12= Jefferies & Company 1,525 2 1,050 45.2%

17 12= Rothschild 1,525 2 2,124 -28.2%

- 14 Sberbank 1,450 1 - -

- 15 Swedbank First Securities 1,152 3 - -

Financial Advisers to Nordic M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

1 1 PwC 580 18 23 -5

8 2 Nordea Corporate Finance 7,149 15 11 42 3 SEB Enskilda 3,545 15 14 1

5 4 Handelsbanken Capital Markets 4,819 9 14 -5

4 5 Carnegie Investment Bank 1,298 9 15 -6

13 6 Deutsche Bank 18,154 8 6 2

3 7 ABG Sundal Collier 4,789 8 15 -7

26 8 DNB Markets 1,082 8 4 4

11 9 Goldman Sachs 8,722 7 8 -1

12 10 JPMorgan 5,751 7 7 0

6 11 Ernst & Young 557 7 13 -6

9 12 Deloitte 436 7 10 -3

108 13 Global M&A - 7 1 6

24 14 Rothschild 11,018 6 4 2

27 15 Arctic Securities 4,875 6 3 3

Financial Advisers to Nordic M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

2 1 Deutsche Bank 18,154 8 27,381 -33.7%

8 2 Bank of America Merrill Lynch 12,482 5 7,082 76.2%20 3 Rothschild 11,018 6 2,630 318.9%

1 4 Goldman Sachs 8,722 7 35,576 -75.5%

96 5 HSBC 8,248 3 - -

6 6 Nordea Corporate Finance 7,149 15 12,571 -43.1%


10 8 Barclays 6,124 2 4,666 31.2%

- 9 Blackstone Group 5,806 1 - -

4 10 JPMorgan 5,751 7 15,672 -63.3%

5 11 Credit Suisse 5,175 3 15,093 -65.7%

42 12 Arctic Securities 4,875 6 315 1,448%

14 13 Handelsbanken Capital Markets 4,819 9 3,347 44.0%

19 14 ABG Sundal Collier 4,789 8 2,776 7 2.5%

7 15 Morgan Stanley 4,777 5 9,254 -48.4%



27/53


Financial Advisers to Russian M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

1 1 Sberbank 12,751 15 9 6

- 2 Goldman Sachs 9,420 6 - -

3 3 Deutsche Bank 7,962 6 8 -2

9 4 Rothschild 6,194 5 3 2

5 5 VTB Capital 1,211 5 5 0

22 6 JPMorgan 4,303 3 1 2



4 9 Credit Suisse 4,336 2 7 -5

7 10 Gazprombank 2,890 2 3 -1

- 11= Bank of America Merrill Lynch 3,525 1 - -

- 11= Barclays 3,525 1 - -

- 13= IS Investment Securities 1,900 1 - -

23 13= Nomura Holdings 1,900 1 1 0

- 13= Rabobank 1,900 1 - -

Financial Advisers to Russian M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

1 1 Sberbank 12,751 15 11,509 10.8%

- 2 Goldman Sachs 9,420 6 - -

7 3 Deutsche Bank 7,962 6 4,358 82.7%

15 4 Rothschild 6,194 5 1,389 345.9%


3 6 Credit Suisse 4,336 2 9,946 -56.4%

22 7 JPMorgan 4,303 3 200 2,052%

- 8= Bank of America Merrill Lynch 3,525 1 - -

- 8= Barclays 3,525 1 - -

8 10 Gazprombank 2,890 2 4,030 -28.3%


23 11= Nomura Holdings 1,900 1 86 2,109%

- 11= Rabobank 1,900 1 - -

6 14 VTB Capital 1,211 5 6,628 -81.7%

4 15 Morgan Stanley 1,210 3 8,620 -86.0%

Financial Advisers to CEE M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change

1 1 Sberbank 12,900 16 13 3

4 2 Deutsche Bank 12,909 10 11 -119 3 Goldman Sachs 12,024 10 3 7

2 4 Rothschild 6,194 9 13 -4

9 5 VTB Capital 1,211 5 5 0

3 6 KPMG 111 5 12 -7


6 8 Credit Suisse 6,114 4 9 -5


21 10 JPMorgan 4,575 4 3 1

- 11 Barclays 8,442 3 - -

13 12 Nomura Holdings 5,705 3 4 -1

5 13 Ernst & Young 202 3 11 -8

72 14 SEB Enskilda 42 3 1 2

17 15 Gazprombank 2,890 2 3 -1

Financial Advisers to CEE M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

1 1 Deutsche Bank 12,909 10 17,414 -25.9%

3 2 Sberbank 12,900 16 11,580 11.4%21 3 Goldman Sachs 12,024 10 2,269 429.9%

- 4 Barclays 8,442 3 - -


15 6 Rothschild 6,194 9 4,612 34.3%

7 7 Credit Suisse 6,114 4 10,315 -40.7%

10 8 Nomura Holdings 5,705 3 7,659 -25.5%

2 9 Morgan Stanley 4,742 4 14,421 -67.1%

38 10 JPMorgan 4,575 4 219 1,989%


17 12 Gazprombank 2,890 2 4,030 -28.3%


34 13= Rabobank 1,900 1 301 531.2%

11 15 VTB Capital 1,211 5 6,628 -81.7%



28/53

Europe: League Tables of Financial AdvisersFinancial Advisers to Irish M&A: Volume


2011H1


(US$m)Deal

CountDeal

CountCount

Change


2 2 Davy Corporate Finance 785 5 5 03 3 Goodbody Corporate Finance 703 4 5 -1

1 4 IBI Corporate Finance 32 3 8 -5

31 5 Key Capital 8 3 1 2


- 7 Barclays 8,000 2 - -


21 9 Rothschild 736 2 1 1

16 10 Canaccord Genuity 122 2 1 1

- 11 Athelera 14 2 - -

17 12 Citigroup 11,940 1 1 0

7 13 Royal Bank of Scotland Group 7,300 1 3 -2

6 14 Deutsche Bank 270 1 3 -2

- 15 Credit Suisse 175 1 - -

Financial Advisers to Irish M&A: Value


2011H1


(US$m)Deal

CountValue

(US$m)% Val.

Change

13 1 Goldman Sachs 19,240 2 522 3,586%

6 2 Morgan Stanley 13,510 5 5,060 167.0%10 3 Citigroup 11,940 1 960 1,144%

- 4 Barclays 8,000 2 - -

34 5 Royal Bank of Scotland Group 7,300 1 - -

21 6 UBS Investment Bank 1,247 2 90 1,286%

8 7 Davy Corporate Finance 785 5 1,187 -33.9%

18 8 Rothschild 736 2 172 327.9%

14 9 Goodbody Corporate Finance 703 4 356 97.5%

3 10 Deutsche Bank 270 1 5,997 -95.5%

- 11 Credit Suisse 175 1 - -

7 12 Canaccord Genuity 122 2 4,830 -97.5%

- 13 M&A International 108 1 - -

39 14 KPMG 60 1 - -

26 15 Investec 43 1 40 7.5%



29/53

H1 2012 US M&A totals US$ 258.7bn, down 40.1% on H1 2011

Lo

mergermarket fa ma roundup h1 2012

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