press release - mergermarket

mergermarket M&A Round-up for Q1-Q3 2012 2 October 2012 for immediate release

press releasePRESS CONTACTS

EMEA: Flora Wilke

[email protected]: +44 207 059 6348

Americas: Dara Silverstein

[email protected]: +1 646 3783118

Asia-Pacific: Jessica Chan

[email protected]: +852 21589706 www.mergermarket.com

Global M&A in Q1-Q3 2012 down 19.4% compared to same period last year • Q3 2012 total of US$ 433.5bn, down 20.2% from Q2 2012 • Q3 2012 resumed freefall from Q4 2010 after brief spike in Q2 • Energy, Mining & Utilities saw 26.6% of total global deal value this year

Goldman Sachs tops global and all regions except Europe advisory league tables for Q1-Q3 2012 • Goldman Sachs retained top spot in global and regional financial advisers league table except Europe • Morgan Stanley topped Europe and took second spot in Global and Japan • Citigroup jumped five places to achieve second place in Asia Pacific (excl. Japan)

mergermarket Heat Charts reveal TMT as the most popular “Companies for sale” sector globally • Industrials & Chemicals and the Consumer sector dominate both the CEE and Germanic region • TMT maintained top post in the US Heat Chart • Industrials & Chemicals led in the Asia-Pacific, mainly in Greater China

European M&A in the first nine months of 2012 down 23.2% on Q1-Q3 2011 • Europe posted lowest quarter since Q3 2009 • Germanic region remained the most active in Europe with 27.6% market share • Construction saw 48.7% pickup in activity compared to Q1-Q3 2011

US takes brunt of slide with year-to-date total 23.1% lower than this time last year • Q3 2012 US M&A totalled US$ 178.3bn, down 9.6% on Q3 2011 • Q1-Q3 2012 down 23.1% from Q1-Q3 2011 • Industrials & Chemicals saw sharp decline of 51.5% from Q1-Q3 2011

Asia-Pacific first nine months M&A down 14.8% on Q1-Q3 2011 • Third quarter total of US$ 88.6bn, up 20.8% on Q2 2012 • Indonesia Q1-Q3 2012 deals recorded biggest rise, up 181.8% on Q1-Q3 2011 • South Korea and Australia down 47.8% and 44.4% respectively in 2012 so far

Private Equity buyouts in Q1-Q3 2012 down 23.9% year to date • Value of buyouts for Q3 2012 down 30.1% on Q3 2011 • European buyouts at third lowest Q3 level on mergermarket record • US buyouts in Q3 up 15.6% compared to same period last year

Emerging Markets deals down by 24.1% since last year • BRICs witness lowest quarterly total since Q1 2009 • 33.4% drop in inbound investment from Europe in Q1-Q3 2012 • European bidders are most active investors

Energy, Mining & Utilities increased dominant market share in Q1-Q3 2012 • However activity fell by 8.1% on Q1-Q3 2011 • Inbound European deals boosted Construction and Transport in the region

CONTENTS:

2 mergermarket M&A Round-Up

3 Global M&A Overview

7 - Mid-Market 8 - Private Equity Buyouts9 - Private Equity Exits 10 - Emerging Markets 11 - Premia / Multiples Analysis12 - Consideration Structure

Insolvency13 - Deal Value Breakdown14 - Global League Table of Financial

Advisers16 - European M&A Overview

29 - US M&A Overview

39 - Asia-Pacific 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-Pacific: Jessica Chan

[email protected]

+852 2158 9706

mergermarket M&A Round-up for Q1-Q3 2012

Press Release: mergermarket M&A Round-up for Q1-Q3 2012 2 www.mergermarket.com

• Q3 2012 global M&A at US$ 433.5bn, down 20.2% from Q2 2012 • Q1-Q3 2012 total of US$ 1,426.5bn, down 19.4% on the same period in 2011 • Drastic decline in Europe of 46% from the previous quarter • Asia-Pacific region alone sees quarter-on-quarter increase by 20.8%

Global M&A in the first three quarters of 2012 added up to US$ 1,426.5bn, down by 19.4% on the same period in 2011 (US$ 1,769.3bn), and representing the second lowest total since Q1-Q3 2009 (US$ 1,142bn). Q3 2012 totaled US$ 433.5bn, down 20.2% from Q2 2012 (US$ 543bn), resuming the freefall briefly paused by a rally in Q2.

European deals in Q3 2012 had a total value of US$ 99.2bn, down 46.1% from Q2 2012 (US$ 183.9bn) and a 40% decrease on Q3 2011 (US$ 165.2bn). It was the lowest quarterly total for Europe since Q3 2009 (US$ 78.8bn), and the third lowest quarter on mergermarket record (since 2001).

US M&A in Q3 2012 amounted to US$ 178.3bn, down 3.4% on Q2 2012 (US$ 184.6bn). The Q1-Q3 2012 US total of US$ 483.6bn was down by 23.1% on the same period in 2011 (US$ 628.8bn), and was the lowest Q1-Q3 period since Q1-Q3 2010 (US$ 476.4bn).

The Asia-Pacific region has seen M&A deals in 2012 adding up to US$ 241.8bn, down 14.8% on Q1-Q3 2011. For Q3 2012 Asia-Pacific was the only region to show an increase in activity, by 20.8% from the previous quarter (US$ 73.4bn).

Q3 2012 saw US$ 192.2bn-worth of cross-border deals, down 23% from the previous quar-ter (US$ 249.6bn) and 14.7% from the same period last year (US$ 225.3bn). Cross-border deals accounted for 44.3% of all global M&A in Q3. Deals between regions added up to US$ 140.3bn in Q3 2012 and accounted for 32.4% of all global M&A. They were down 20.5% from Q2 2012 (US$ 176.5bn), and 9.7% from the same period last year.

Deals in the Energy, Mining & Utilities sector have contributed the lion’s share of overall deal value so far this year, accounting for 26.6% of total global deal value in Q1-Q3, more than the next two sectors combined. The sector contributes four of the ten largest deals an-nounced since the beginning of 2012.

Goldman Sachs continues to lead the global financial adviser league tables and all regions except Europe. All US-based financial adviser firms in the top ten global ranking registered lower total deal value compared to the same period in 2011.

Global M&A Overview

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©2012 Google - Map data © 2012 Google

Global M&A Heat ChartSector Americas Asia Europe Africa Middle

EastTotal

TMT 1,278 680 621 17 71 2,667

Industrials & Chemicals 473 1,031 705 22 20 2,251

Energy, Mining & Utilities 947 666 445 102 27 2,187

Consumer 572 575 637 22 16 1,822

Pharma, Medical & Biotech 682 310 308 3 29 1,332

Business Services 528 280 293 13 15 1,129

Financial Services 409 328 317 54 23 1,131

Leisure 246 204 232 6 13 701

Transportation 167 176 193 8 14 558

Construction 71 176 173 20 6 446

Defence 71 5 22 2 2 102

Real Estate 67 205 95 14 12 393

Agriculture 50 135 43 6 2 236

Government 16 2 9 27

Other 6 31 10 2 49

Total 5,583 4,804 4,103 291 250 15,031

Hot Warm Cold

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Note: The Intelligence Heat Chart are based on “companies for sale” tracked by mergermarket in the respective regions between 12 March 2012 and 11 September 2012. Opportunities are captured according to the dominant geography and sector of the potential target company. mergermarket’s Heat Chart of predicted deal flow is based on the intelligence collected in our database relating to companies rumoured to be for sale, or officially up for sale in the respective regions. It is therefore indicative of areas that are likely to be active in the months to come. The intelligence comes from a range of sources, including press reports, company statements and our own team of journalists gathering proprietary intelligence from M&A across the regions. The data does not differentiate between small and large transactions, nor between deals that could happen in the short or long-term.

The derailment of the economic recovery has led to significant declines in the M&A market. Two major factors are still affecting M&A right now: the wide bid-ask spread and the likelihood of completion. With all of the uncertainty on the macro level, corporates are taking a wait-and-see attitude. For the M&A floodgates to open some large corporate trans-action announcements will be required.

Expectations based on “Companies for sale” analysis are:

• North America to dominate, followed by Europe. • Americas to see TMT focus, possibly indicating a move towards an anticipated consolidation within the sector. • Industrials & Chemicals sector to maintain its top position in Asia and Europe. • Energy, Mining & Utilities sector to lead in the African region (whilst second in the Americas, third in Asia and fourth in Europe).


Global M&A Overview: Industry and Geography Breakdown

North America 32.8%

Central & South America 5.0%

Western Europe 24.8%

Southern Europe 5.6%

Northern Europe 5.6%

Central & Eastern Europe 4.2%

North Asia 7.8%

Japan 3.2%

Australasia 3.8%

South & Central Asia 2.2%

South East Asia 2.8%

Africa & Middle East 2.4%

Mix of Announced Deals by Geographic Region Q1-Q3 2012 - Volume

North America 39.7%

Central & South America 5.6% Western Europe

21.1%

Southern Europe 5.5%

Northern Europe 2.6%


North Asia 8.5%

Japan 3.9%

Australasia 2.6%

South & Central Asia 2.1%

South East Asia 3.7%

Africa & Middle East 2.0%

Mix of Announced Deals by Geographic Region Q1-Q3 2012 - Value

Q1-Q3 2012 Q1-Q3 2011 Change

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

Energy, Mining & Utilities 379.0 26.6% 847 412.5 23.3% 912 -8.1% -65

Industrials & Chemicals 183.9 12.9% 1,777 308.4 17.4% 1,954 -40.4% -177

Financial Services 169.1 11.9% 1,133 148.2 8.4% 1,308 14.1% -175

Technology 148.3 10.4% 736 207.6 11.7% 878 -28.6% -142

Consumer 106.8 7.5% 627 164.4 9.3% 785 -35.0% -158

Pharma, Medical & Biotech 101.2 7.1% 945 113.0 6.4% 1,063 -10.4% -118

Business Services 79.7 5.6% 1,002 83.0 4.7% 1,270 -4.1% -268

Construction 59.1 4.1% 91 94.9 5.4% 118 -37.8% -27

Real Estate 50.9 3.6% 177 90.2 5.1% 169 -43.6% 8

Transport 42.2 3.0% 287 40.2 2.3% 318 5.0% -31

Agriculture 33.4 2.3% 285 34.9 2.0% 306 -4.2% -21

Media 29.9 2.1% 311 34.6 2.0% 355 -13.6% -44

Telecommunications 26.9 1.9% 307 25.4 1.4% 380 5.9% -73

Leisure 10.8 0.8% 88 6.1 0.3% 114 78.0% -26

Defence 5.3 0.37% 28 5.9 0.3% 29 -10.2% -1

Total 1,427 8,641 1,769 9,959 -19.4% -1,318


Global Top Deals for Q1-Q3 2012Top 10 Announced Deals for Q1-Q3 2012

Announced Date

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

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

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

50,563

04-Apr-12 Conocophillips Company (Shareholders)

Phillips 66 Credit Suisse; JPMorgan ConocoPhillips Company 20,790

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

Grupo Modelo SAB de CV (49.7% Stake)

Morgan Stanley 20,100

23-Jul-12 China National Offshore Oil Corporation Ltd

BMO Capital Markets; Citigroup Nexen Inc Goldman Sachs; RBC Capital Markets

17,654

04-Jul-12 Volkswagen AG Citigroup; Rothschild; UBS Investment Bank

Dr. Ing. h.c. F. Porsche AG (50.1% Stake)

Deutsche Bank; Goldman Sachs; Morgan Stanley

Porsche Automobil Holding SE 14,238

22-Aug-12 China Telecom Corporation Limited

China International Capital; UBS Investment Bank

China Telecommunication Corporation (certain CDMA Network assets)

China Telecommunications Corporation

13,307

21-May-12 Nuclear Damage Compensation Facilitation Corporation

JPMorgan; Nomura Holdings Tokyo Electric Power Co Inc (75.7% Stake)

Mizuho Financial Group; Morgan Stanley; Sumitomo Mitsui Financial 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; Morgan Stanley

Pfizer Inc 11,850

23-Jan-12 Lehman Brothers Holdings Inc Gleacher & Company Archstone-Smith Trust (26.5% Stake)

Bank of America Merrill Lynch; Barclays

Bank of America Corporation; and Barclays Plc

11,825


Global M&A Overview: Mid-market M&A Activity • Global mid-market M&A in 2012 declined to US$ 550.9bn, the third lowest

level since 2005 • Energy, Mining & Utilities sector with top market share of 23.3%, a 13%

decrease on Q1-Q3 2011 • Goldman Sachs topped financial advisers ranking with US$ 76.8bn in deals

Global mid-market M&A transactions for the first three quarters of 2012 added up to US$ 550.9bn, 13.1% less than Q1-Q3 2012 (US$ 634.3bn), making it the third lowest Q1-Q3 period since 2005 (US$ 536bn). The third quarter saw mid-market deals valuing US$ 167.9bn, down by 20.9% from the previous quarter (US$ 212.3bn). The proportion of total global M&A ac-counted for by the mid-market, however, was roughly level: 38.7% (of US$ 433.5bn) in Q3, slightly up from 39.1% (of US$ 543bn) in Q2.

Most major regions saw a significant downturn in mid-market deals. The drop-off was most pronounced in Africa and the Middle East (35.4% decrease on Q1-Q3 2011), but Asia-Pacific (ex Japan) and Europe also experienced decreases of 31.6% and 25.7% respectively. The US was the only major economy seeing an increase – of 10.7% – on Q1-Q3 2011. The Energy, Mining & Utilities sector accounted for 23.3% of total mid-market activity so far this year, with deal values totalling US$ 128.5bn, down by 13.1% on the same period in 2011 (US$ 147.9bn).

The acquisition of Vivint Inc by Blackstone Group, a deal valued at US$ 2bn, was the largest mid-market M&A transaction announced in Q3, followed by the acquisition of Veolia ES Solid aste by Highstar Capital for US$ 1.9bn.

Goldman Sachs topped the mid-market financial adviser league table with US$ 76.8bn-worth of deals. The top ten advisers were all the same ten firms as in the same time periodn 2011, although in a different order.

Energy, Mining & Utilities 23.3%

Industrials & Chemicals 12.4%

Consumer 12.2%

Financial Services 10.3%

Technology 8.3%

Pharma, Medical & Biotech 7.0%

Business Services 6.2%

Real Estate 5.0%

Leisure 3.6%

Transport 3.5%

Media 2.5%

Construction 1.8%

Telecom 3.0%

Agriculture 0.3%

Mid-Market M&A Industry Breakdown Q1-Q3 2012 - Value

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Global mid-market Financial Adviser League Tables Q1-Q3 2012Ranking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2012

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Value (US$bn)

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Value (US$bn)

% Val. Change

1 1 Goldman Sachs 76.8 102 99.4 -22.7%2 2 Morgan Stanley 65.5 87 78.2 -16.2%3 10 Citigroup 55.7 66 45.3 22.9%4 3 Credit Suisse 54.3 62 70.8 -23.3%5 9 Barclays 52.5 65 45.3 15.9%6 7 Deutsche Bank 51.9 64 51.7 0.5%7 4 JPMorgan 51.7 76 66.0 -21.6%8 5 Bank of America Merrill Lynch 51.1 58 61.5 -16.9%9 8 Rothschild 42.7 54 48.0 -11.0%10 6 UBS Investment Bank 36.2 44 60.0 -39.6%


• Global buyouts for Q3 2012 down 30.1% on Q3 2011 and down 23.9% year-to-date

• Europe suffered third lowest Q3 on mergermarket record but US Q3 was up 15.7% on 2011

• Deutsche Bank was leading advisor with US$ 23.8bn in deal value

Global buyouts in Q1-Q3 2012 totalled US$ 174.2bn, down 23.9% compared to the same period in 2011 (US$ 228.8bn). Activity in Europe fell to US$ 61.4bn, a 30.7% drop from the US$ 88.6bn announced in 2011. Asia-Pacific (excluding Japan) fared worse with a 40.5% decline to US$ 18bn year-to-date.

13.1% of total global M&A in Q3 this year was attributable to private equity buyouts, standing at US$ 56.6bn. This was the lowest value for global Q3 buyouts since 2009 (US$ 24.4bn). Eurozone unsettlement contributed to a 44.3% drop from Q2 in European buyouts (from US$ 23.3bn to US$ 13bn), the largest drop between these quarters since 2007.

The availability of cheap debt in the US made room for more buyouts, borne out by a 15.6% increase in the total value of US buyouts in Q3 2012 (US$ 31.1bn) as compared with Q3 2011 (US$ 26.9bn). Total US buyouts (US$ 81.3bn) in 2012 have accounted for 46.7% of global buyouts, a modest 5.8% decline from the same time in 2011 (US$ 86.3) when com-pared with other regions.

The Carlyle Group made the largest deal in Q3 when acquiring DuPont Performance Coat-ings from E. I. du Pont de Nemours and Company in a deal valued at US$ 4.9bn.

Deutsche Bank tops the financial advisers ranking by value, advising on 18 deals valued at US$ 23.8bn in 2012 to date.

Global M&A Overview: Private Equity Buyouts

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Global Private Equity Buyout Activity - Quarterly

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US (Value)

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Buyouts (% of Total M&A)

Top 10 Global private equity firms Q1-Q3 2012 - buyoutsRank Company Name Value (US$m) Deal Count

1 The Carlyle Group 15,495 202 Blackstone Group 8,721 123 AXA Private Equity 1,816 114 Lloyds TSB Development Capital 378 95 The Riverside Company - 96 Kohlberg Kravis Roberts & Co 2,070 87 H.I.G. Capital 47 88 Vista Equity Partners 2,501 79 Warburg Pincus 1,638 710 Oaktree Capital Group 572 7


• Global exits (US$ 202.4bn) down 16.7% on same period last year • SBOs steady; drop in exits driven by 22.1% drop in trade sales • 2012 European exit premiums down to 15%

Private Equity firms were sitting tight on their investments as they waited for safer condi-tions. Total exits in Q1-Q3 2012 totalled US$ 202.4bn, down 16.7% on the same period in 2011 (US$ 243.2bn). Trade sales made up 69.5% of total PE backed exits, secondary buy-outs (SBOs) the other 30.5%.

SBOs remained steady compared to last year, with a 1.6% drop in the total value of SBOs in Q1-Q3 2012, US$ 61.8bn compared to US$ 62.8bn. The third quarter alone saw US$ 27.4bn-worth of activity, up 18.4% on Q3 2011 (US$ 23.2bn).

It was trade sales that were down - by 22.1% for 2012 (US$ 140.6bn) compared to the same period in 2011 (US$ 180.4bn). The third quarter’s activity of US$ 41.1bn was down 35.0% on Q2’s US$ 63.2bn: companies appeared to be avoiding risk and remained prudent in their divestments.

Global exit premiums were up from 32.4% in 2011 to 36.1%. US premiums at 56.5% (37.9% in 2011) supported the reported slow recovery while, not surprisingly, European premiums have decreased to 15% in 2012 so far (31.1% in 2011). Global EBITDA exit multiple, at 10x, was behind 2011 (12.6x) and the lowest since 2003. Europe’s 10.9x was only just higher than the US’ 10x.

The Industrials & Chemicals sector saw the top deal of the quarter, in which Japanese Dai-kin Industries acquired Goodman Global from US Hellman & Friedman for US$ 3.7bn.

Goldman Sachs advised on most deals: 35 deals with a total value of US$ 42.2bn.

Global M&A Overview: Private Equity Exits

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Top 10 Global private equity firms Q1-Q3 2012 - exitsRank Company Name Value (US$m) Deal Count

1 Intel Capital 1,531 122 Draper Fisher Jurvetson 1,948 113 3i Group 1,122 104 The Riverside Company 70 95 Macquarie Group 6,971 86 The Carlyle Group 6,653 87 Battery Ventures 830 88 Sun Capital Partners 98 89 Benchmark Capital 1,619 610 Atlas Venture 1,571 6


• Emerging Markets deals down by 24.1% since last year • BRICs witnessed lowest quarterly total since Q1 2009 • 33.4% drop in inbound investment from Europe in Q1-Q3 2012 • Goldman Sachs top financial adviser with a total value of US$ 79.1bn for

year to date

The third quarter saw Emerging Markets M&A deals adding up to US$ 68.3bn, still 49.7% less than Q3 2011 (US$ 135.8bn), the lowest Q3 since Q3 2008 (US$ 49.3bn) and the second lowest since Q3 2006 (US$ 67bn). The total for first three quarters of the year was US$ 293.5bn, 24.1% less than Q1-Q3 2011 (US$ 386.8bn). Emerging Markets accounted for 15.8% of global M&A activity in Q3 2012, down from the 23.5% they accounted for in the same period in 2011. Year-to-date activity accounted for 20.6% of global M&A, compared to 21.9% in 2011.

BRIC M&A activity also decreased for the second quarter in a row to US$ 46.7bn (from US$ 75.6 in Q1 2012), the lowest quarterly BRIC total since Q1 2009 (US$ 38.6bn). Inbound cross-border activity into Emerging Markets in Q3 2012 totalled US$ 23bn, down 63.9% from Q2 2012 (US$ 63.6bn) and a 54.6% drop from Q3 2011 (US$ 50.6bn). In Q1-Q3 2012, European bidders remained the most active investors into Emerging Markets with US$ 47bn-worth of deals, although this was a decrease of 33.4% compared to the same period last year (US$ 70.6bn).

Gains have been seen in the Emerging Markets with Technology deals totalling US$ 20.9bn for Q1-Q3 2012, almost double from the same period last year (US$ 10.8bn), aided by the Yahoo-Alibaba deal valued at US$ 7.1bn.

Global M&A Overview: Emerging Markets

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• Average global premiums for Q1-Q3 2012 at 28%, up from 26.6% in 2011 • North America premiums highest of any region at 41.1% • European average EBITDA multiples continue to be lowest with Asia-Pacific

not far behind • Decrease in overall global Q1-Q3 2012 EBITDA to 11.4x, lowest since 2003

The average premium (one day before) of global M&A deals in Q1-Q3 2012 was 28%, a slight increase from 2011 (26.6%).

North American premiums continued to trump all other regions in Q1-Q3 2012 at 41.1%, up from 37.6% in 2011. Meanwhile, European premiums took a dip in Q1-Q3 2012 at 19.3%, down from 21.9% in 2011. Targets in Asia-Pacific (ex Japan) had Q1-Q3 2012 average premi-ums of 25.1%, an increase from 2011 (19%) and the highest on mergermarket record (since 2001).

The average EBITDA multiple across global M&A was 11.4x in Q1-Q3 2012, down from 13.3x in 2011 and the lowest level since 2003 (10.6x). In Europe, the average EBITDA multiple was 9.8x, down from 13.7x in 2011 and the lowest on mergermarket record (since 2001).

North America’s EBITDA multiple for Q1-Q3 2012 was 12.3x, down from 2011 when it reached 13.6x.

In Japan, the Q1-Q3 2012 multiple stood at 9.7x, which, while a decrease from 2011 (14.4x), was an increase from H1 2012, when multiples were at 8.9x.

Global M&A Overview: Premia and Multiples Analysis

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2004 2005 2006 2007 2008 2009 2010 2011 Q1-Q3 2012

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Premium Analysis - Average

Global Europe North America Asia-Pacific (excl. Japan) Japan


Consideration Structure

• Proportion of global M&A funded with cash-only up for third year running to hit highest ratio on record while equity contributions hit record low

• Cross-border deals have seen second highest proportion of cash-only deals in 11 years

Cash-only transactions accounted for 75.7% of the total value of M&A transactions in 2012, the highest proportion on mergermarket record (since 2001). This proportion increased for the third year running. The proportion of cross-border deals which were cash-only was also up (for the third year running) to 86.8%, with US$ 304.9bn-worth of cash-only cross-border deals announced this year.

Equity-only M&A deals, down globally, were particularly absent in Europe which saw only ten deals worth a total of US$ 1.2bn this quarter, compared with 20 deals worth US$ 11.9bn in Q3 last year. Of all global M&A deals this year, only 13.5% was paid in bidder’s shares, the lowest proportion on mergermarket record (since 2001).

The largest transaction in Q3 2012 was China National Offshore Oil Corporation’s all-cash acquisition of Canada-based energy company Nexen, valued at US$ 17.7bn.

Insolvency

• Q3 2012 global insolvency deals totaled US$ 7.6bn, up 142% from Q2 2012 • Japan’s Elpida Memory insolvency deal accounted for 81.6% of global value

in Q3 2012 • European insolvencies in 2012 hit highest total since 2007

The third quarter of 2012 saw 59 global insolvency deals with a total value of US$ 7.6bn, a 141.7% increase from Q2 2012 (US$ 3.1bn) and the highest value since Q3 2010 (US$ 12.3bn). Global insolvency deals in Q1-Q3 2012 showed a 22.8% increase to a total of US$ 17.2bn, compared to the US$ 14.0bn for the same period in 2011.

Asia-Pacific saw the highest value of insolvency deals in Q3 2012, mainly due to the acqui-sition by Micro Technology, the US semiconductor producer, of Elpida Memory, its Japa-nese counterpart, for US$ 6.2bn. Europe saw a 73.2% decrease in Q3 in the total value of insolvency deals, which fell from US$ 2.5bn in Q2 2012 to US$ 0.7bn in Q3 2012. However, the year overall hit US$ 6.6bn, the highest Q1-Q3 value since 2007. US insolvencies for the year to date fell 40.4% from US$ 5.4bn in Q1-Q3 2011, to US$ 3.2bn in Q1-Q3 2012.

Global M&A Overview: Consideration Structure/ Insolvency

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Quarterly Insolvency Deals - Global

Value (US$bn) Volume

59.1% 59.1% 59.9% 67.4% 71.0%

58.8% 67.9% 69.7%

75.7%

18.3% 18.8% 26.0%

17.9%

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&A

Global Consideration Breakdown - Value % cash only deals % equity only deals % cash & equity deals


• Mega-deals accounted for 15.3% of Q1-Q3 2012 global M&A with total of US$ 216.2bn

• US Q3 2012 average deal size hit second highest since Q1 2011

Mega-deals – those worth more than US$ 10bn – accounted for 15.3% of the value of global M&A transactions announced in Q1-Q3 2012, barely over the 15% in 2011 and substantially below the 20-plus% each year between 2004 and 2009. In the third quarter mega-deals amounted to US$ 55.3bn, just under 63% of the total for Q2 2012 (US$ 88.1bn) and the second lowest quarterly total since Q3 2010.

US deals valued at US$ 2bn to US$ 10bn during 2012 added up to US$ 182bn, representing 37.8% of all US M&A deals announced in this period. These figures marked the third succes-sive annual increase in this range.

In the US, the average Q3 2012 deal size of US$ 467m was the highest since Q1 2011 (US$ 526m) and represented a second successive quarterly increase. This has pushed up the global average deal size, which has climbed for the third consecutive quarter to US$ 331m, the second highest average deal size since Q1 2011 (US$ 361m).

Global M&A Overview: Deal Value Breakdown

28.0% 23.5% 20.1% 20.4% 23.4% 22.4% 24.6% 24.7% 24.3%

24.5%

22.0% 20.8% 22.9% 19.3% 20.5%

27.5% 26.3% 28.4%

25.5% 30.1%

27.0% 29.9% 27.9% 27.5%

32.6% 34.0% 32.0%

21.9% 24.5% 32.0%

26.7% 29.4% 29.6%

15.4% 15.0% 15.3%

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2004 2005 2006 2007 2008 2009 2010 2011 Q1-Q3 2012

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

$0m - $500m $501m - $2,000m $2,001 - $10,000m mega deals (over $10,001m)


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

Ranking Q1-Q3 2012 Q1-Q3 2011Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

1 1 Goldman Sachs 377,755 220 251 -313 2 Morgan Stanley 331,661 188 198 -106 3 Rothschild 144,412 166 173 -75 4 JPMorgan 295,608 161 183 -2213 5 Deutsche Bank 256,118 139 143 -415 6 Barclays 254,610 137 108 294 7 PwC 13,529 136 194 -5812 8 Lazard 113,179 135 145 -108 9 Credit Suisse 226,178 131 165 -3411 10 Deloitte 11,156 130 147 -172 11 KPMG 14,278 122 207 -8514 12 Citigroup 233,166 118 124 -67 13 Bank of America Merrill Lynch 178,746 116 170 -549 14 UBS Investment Bank 117,619 110 163 -5318 15 RBC Capital Markets 79,913 105 84 2117 16 Nomura Holdings 135,877 91 89 210 17 Ernst & Young 11,378 89 163 -7416 18 Jefferies & Company 41,425 78 94 -1619 19 M&A International 1,378 75 80 -524 20 Houlihan Lokey 13,164 69 64 5

League Table of Financial Advisers to Global M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

1 1 Goldman Sachs 377,755 220 467,150 -19.1%3 2 Morgan Stanley 331,661 188 357,517 -7.2%2 3 JPMorgan 295,608 161 372,174 -20.6%9 4 Deutsche Bank 256,118 139 213,890 19.7%6 5 Barclays 254,610 137 249,164 2.2%7 6 Citigroup 233,166 118 243,254 -4.1%4 7 Credit Suisse 226,178 131 299,405 -24.5%5 8 Bank of America Merrill Lynch 178,746 116 250,474 -28.6%12 9 Rothschild 144,412 166 108,572 33.0%14 10 Nomura Holdings 135,877 91 72,644 87.0%10 11 UBS Investment Bank 117,619 110 170,795 -31.1%8 12 Lazard 113,179 135 216,762 -47.8%13 13 BNP Paribas 86,908 44 72,823 19.3%18 14 RBC Capital Markets 79,913 105 54,139 47.6%11 15 HSBC 46,764 45 111,492 -58.1%20 16 Jefferies & Company 41,425 78 38,353 8.0%40 17 BMO Capital Markets 41,190 32 22,882 80.0%58 18 Greenhill & Co 40,773 31 12,087 237.3%15 19 Evercore Partners 37,510 59 66,624 -43.7%16 20 SG 37,299 40 60,181 -38.0%


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

Ranking Q1-Q3 2012 Q1-Q3 2011Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

12 1 Deloitte 615 22 14 815 2 Deutsche Bank 23,776 18 12 63 3 Morgan Stanley 12,722 17 19 -22 4 PwC 3,133 16 23 -710 5 RBC Capital Markets 20,629 15 15 08 6 Citigroup 22,641 14 15 -128 7 Macquarie Group 8,746 12 6 64 8 Barclays 14,609 11 18 -75 9 Credit Suisse 12,638 11 16 -57 10 Ernst & Young 460 11 16 -51 11 Goldman Sachs 8,583 10 23 -1323 12 JPMorgan 13,902 9 7 219 13 Jefferies & Company 8,173 9 10 -117 14 Rothschild 4,562 8 12 -472 15 Houlihan Lokey 1,250 8 2 69 16 Bank of America Merrill Lynch 6,614 7 15 -814 17 Nomura Holdings 6,450 7 13 -611 18 Lazard 2,650 7 14 -729 19 Lincoln International 613 7 6 139 20 SEB Enskilda 1,026 6 3 3

League Table of Financial Advisers to Global Buyouts*: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

2 1 Deutsche Bank 23,776 18 26,915 -11.7%3 2 Citigroup 22,641 14 26,245 -13.7%10 3 RBC Capital Markets 20,629 15 12,716 62.2%1 4 Barclays 14,609 11 29,083 -49.8%14 5 JPMorgan 13,902 9 6,203 124.1%5 6 Morgan Stanley 12,722 17 20,908 -39.2%11 7 Credit Suisse 12,638 11 10,495 20.4%31 8 Macquarie Group 8,746 12 2,092 318.1%6 9 Goldman Sachs 8,583 10 20,341 -57.8%15 10 Jefferies & Company 8,173 9 6,150 32.9%- 11 Tudor, Pickering, Holt & Co 7,250 2 - -4 12 Bank of America Merrill Lynch 6,614 7 23,898 -72.3%8 13 Nomura Holdings 6,450 7 13,752 -53.1%- 14= Banco Espirito Santo de

Investimento5,633 1 - -

- 14= Banco Millennium BCP Investimento 5,633 1 - -- 14= Caixa Banco de Investimento 5,633 1 - -

18 17 Evercore Partners 5,311 5 4,150 28.0%16 18 Rothschild 4,562 8 4,786 -4.7%7 19 UBS Investment Bank 3,774 5 14,868 -74.6%36 20 PwC 3,133 16 1,896 65.2%

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


• Europe posted its lowest quarter since Q3 2009 • Q1-Q3 totalled US$ 454bn, down 23.2% on Q1-Q3 2011

The financial crisis appears to have taken a firm grip on the European M&A market as it has seen its slowest quarter for three years. European deals in Q3 totalled US$ 99.2bn, down 46.1% from Q2 (US$ 183.9bn) and 40% from Q3 2011 (US$ 165.2bn). This steep drop-off comes after two consecutive quarters of growth, and was the lowest quarter since Q3 2009, and the fourth lowest quarter on mergermarket record (since 2001).European deals for the year to date amounted to US$ 454bn, a 23.2% drop on the same period in 2011 (US$ 591bn). This leaves the region needing to post its highest quarter since Q3 2008 in Q4 if it is to reach 2011’s year-end total of US$ 725.4bn-worth of deals.The Germanic region remained the most active in the European M&A market in terms of deal value from Q1-Q3 2012 with a 27.6% market share. Energy, Mining & Utilities accounted for 26.4% of European deals in Q1-Q3 2012, boosted by the US$ 50.1bn Glencore/Xstrata megadeal. Construction enjoyed a 48.7% pickup in activity for the same period compared to Q1-Q3 2011, making up US$ 12.3bn-worth of all European transactions with Camargo Correa’s US$ 5.4bn offer for Cimpor the top deal. Defence, whilst typically a quiet sector, could see a big fillip if the rumoured EADS takeover of BAE goes through. Europe continued to be the most at-tractive region for investors from outside the target country, with 41.9% of total cross-border investment by country going into Europe.

Morgan Stanley topped the financial adviser league tables for the year to date with US$ 214.9bn-worth of deals. Goldman Sachs came in second with US$ 212bn.

European M&A Overview

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European M&A Overview: Industry and Geography Breakdown

UK & Ireland 23.2%

Germanic 17.8%

France 11.9%

Italy 5.8%

Iberia 5.2%

Benelux 8.9%

Nordic 14.0%


South Eastern Europe 3.2%

Other 0.2%

Mix of Announced European Deals by Geographic Region Q1-Q3 2012 - Volume

UK & Ireland 25.1%

Germanic 27.6%

France 5.7%

Italy 7.2%

Iberia 7.8%

Benelux 7.9%

Nordic 8.1%


South Eastern Europe 2.4%

Other 0.05%

Mix of Announced European Deals by Geographic Region Q1-Q3 2012 - Value

Q1-Q3 2012 Q1-Q3 2011 Change



Industrials & Chemicals 68.8 15.2% 801 98.2 16.6% 884 -29.9% -83

Financial Services 59.9 13.2% 266 94.6 16.0% 313 -36.7% -47

Technology 46.4 10.2% 554 62.1 10.5% 638 -25.3% -84

Consumer 24.8 5.5% 187 56.2 9.5% 259 -55.9% -72

Pharma, Medical & Biotech 23.7 5.2% 334 31.2 5.3% 340 -24.0% -6

Business Services 23.1 5.1% 136 10.8 1.8% 156 114.2% -20

Construction 22.4 4.9% 413 24.6 4.2% 586 -9.1% -173

Real Estate 20.4 4.5% 44 33.3 5.6% 53 -38.8% -9

Transport 14.1 3.1% 61 15.5 2.6% 69 -9.1% -8

Agriculture 12.3 2.7% 146 8.3 1.4% 183 48.7% -37

Media 9.6 2.1% 116 8.9 1.5% 148 7.0% -32

Telecommunications 7.4 1.6% 125 13.8 2.3% 168 -46.6% -43

Leisure 1.0 0.2% 36 1.4 0.2% 41 -26.8% -5

Defence 0.3 0.1% 8 0.6 0.1% 7 -40.9% 1

Total 454.0 3,462 590.7 4,165 -23.1% -867


European M&A Overview: Top DealsTop 10 Announced Deals for Q1-Q3 2012

Announced Date


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

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

50,563

04-Jul-12 Volkswagen AG Citigroup; Rothschild; UBS Investment Bank

Dr Ing hc F Porsche AG (50.1% Stake)

Deutsche Bank; Goldman Sachs; Morgan Stanley

Porsche Automobil Holding SE 14,238

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

17-Jan-12 Sumitomo Mitsui Financial Group Inc

Barclays SMBC Aviation Capital Limited Goldman Sachs; Royal Bank of Scotland Group

Royal Bank of Scotland Group Plc 7,300

19-Mar-12 United Parcel Service Inc Bank of America Merrill Lynch; Morgan Stanley; UBS Investment Bank

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 AB Acquisitions Holdings Limited 6,690

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

Edison International SpA (19.36% Stake)

Lazard; Rothschild 6,438

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

30-Mar-12 Tagus Holdings Banco Espirito Santo de Investimento; Banco Millennium BCP Investimento; Caixa Banco de Investimento

Brisa-Auto Estradas de Portugal SA (50.43% Stake)

Banco BPI; Barclays; Goldman Sachs

5,633


Europe M&A Heat Chart

Sector Ger -manic

CEE (excl.

Russia)

UK & Ireland

Italy France Nordics Ben -elux

Russia Greece &

Turkey

Iberia Total

Industrials & Chemicals 170 130 72 81 63 51 28 41 49 19 636

Consumer 130 134 68 71 55 47 30 37 35 29 704

TMT 82 105 109 32 67 64 59 43 21 37 619

Energy, Mining & Utilities 47 120 90 31 14 47 17 41 21 16 444

Pharma, Medical & Biotech 77 40 64 19 24 35 15 5 13 16 308

Business Services 43 34 77 20 23 26 25 20 12 13 293

Financial Services 38 60 58 42 13 13 19 30 27 14 314

Leisure 33 44 51 17 17 7 8 16 19 20 232

Transportation 19 43 12 15 14 19 13 23 22 13 193

Construction 20 42 14 11 22 11 6 14 13 20 173

Real Estate 24 19 14 7 3 2 6 14 5 1 95

Agriculture 7 11 1 3 3 1 14 1 1 42

Defence 4 11 1 3 3 22

Other 1 0 2 1 6 10

Government 3 1 2 3 9

Total 691 789 640 347 321 325 228 304 250 199 4,094

Hot Warm Cold

150 80 20

120 60 10

100 40 0


The CEE region is set to be the most active region in Europe according to the amount of intelligence on upcoming M&A, with the Consumer sector leading amid a slew of large and high profile deals in the sector and consolidation of Russia’s supermarket industry.

Russia’s new WTO membership has seen massive investment into the country, leading to the Industrial & Chemicals sector being the second most active industry.

The Consumer sector and the Industrial and Chemicals sector – but in reverse order - also dominate in the Germanic region, EMEA’s second most active and among the least affected by Europe’s sovereign debt crisis. The TMT sector dominates “Companies for sale” in all other European regions except Italy and Greece & Turkey.



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

Ranking Q1-Q3 2012 Q1-Q3 2011Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

2 1 Rothschild 126,571 141 147 -64 2 Goldman Sachs 211,969 100 105 -53 3 PwC 7,767 98 140 -426 4 Deloitte 7,489 93 96 -38 5 Morgan Stanley 214,979 89 82 71 6 KPMG 8,898 88 148 -6010 7 Deutsche Bank 182,453 75 78 -39 8 JPMorgan 154,657 72 81 -97 9 Lazard 90,252 72 90 -1812 10 UBS Investment Bank 59,570 61 76 -1519 11 Barclays 163,505 60 50 105 12 Ernst & Young 4,659 59 102 -4313 13 Bank of America Merrill Lynch 102,964 52 65 -1311 14 Credit Suisse 98,051 48 77 -2915 15 Citigroup 114,552 45 56 -1120 16 M&A International 556 41 49 -817 17 SG 35,390 39 52 -1314 18 BNP Paribas 84,337 37 64 -2716 19 Leonardo & Co 15,316 34 53 -1926 20 Jefferies & Company 13,229 32 36 -4

League Tables of Financial Advisers to European M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

2 1 Morgan Stanley 214,979 89 154,152 39.5%1 2 Goldman Sachs 211,969 100 221,375 -4.2%3 3 Deutsche Bank 182,453 75 135,901 34.3%6 4 Barclays 163,505 60 105,559 54.9%5 5 JPMorgan 154,657 72 120,252 28.6%8 6 Rothschild 126,571 141 86,026 47.1%7 7 Citigroup 114,552 45 95,100 20.5%10 8 Bank of America Merrill Lynch 102,964 52 71,389 44.2%4 9 Credit Suisse 98,051 48 126,737 -22.6%11 10 Lazard 90,252 72 65,692 37.4%14 11 BNP Paribas 84,337 37 56,536 49.2%17 12 Nomura Holdings 83,408 29 33,782 146.9%12 13 UBS Investment Bank 59,570 61 63,227 -5.8%13 14 SG 35,390 39 60,181 -41.2%9 15 HSBC 31,722 28 85,227 -62.8%47 16 Rabobank 25,636 28 6,417 299.5%25 17 RBC Capital Markets 23,660 21 14,962 58.1%34 18 Centerview Partners 23,540 3 12,073 95.0%49 19 Banco BTG Pactual 15,356 11 5,604 174.0%32 20 Leonardo & Co 15,316 34 12,296 24.6%


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

Ranking Q1-Q3 2012 Q1-Q3 2011Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

3 1 Deloitte 498 17 12 51 2 PwC 2,697 13 19 -68 3 Rothschild 4,562 8 10 -26 4 Ernst & Young 254 8 11 -314 5 Deutsche Bank 10,722 6 6 086 6 Macquarie Group 5,711 6 1 523 7 Citigroup 2,590 6 4 233 8 SEB Enskilda 1,026 6 3 316 9 Leonardo & Co 620 6 6 012 10 Morgan Stanley 5,463 5 7 -219 11 BNP Paribas 2,783 5 5 027 12 Lincoln International 613 5 4 139 13 BDO 148 5 3 232 14 JPMorgan 4,944 4 3 110 15 HSBC 3,388 4 8 -4

League Tables of Financial Advisers to European Buyouts* ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

4 1 Deutsche Bank 10,722 6 6,407 67.3%71 2 Macquarie Group 5,711 6 100 5,611%- 3= Banco Espirito Santo de

Investimento 5,633 1 - -

- 3= Banco Millennium BCP Investimento 5,633 1 - -- 3= Caixa Banco de Investimento 5,633 1 - -7 6 Morgan Stanley 5,463 5 5,413 0.9%24 7 RBC Capital Markets 5,276 3 1,470 258.9%23 8 JPMorgan 4,944 4 1,579 213.1%8 9 Nomura Holdings 4,676 3 5,119 -8.7%11 10 Rothschild 4,562 8 4,438 2.8%17 11 Barclays 3,737 3 1,801 107.5%1 12 Goldman Sachs 3,590 2 11,469 -68.7%3 13 HSBC 3,388 4 9,448 -64.1%- 14 Messier, Maris et Associes 3,051 3 - -

12 15 BNP Paribas 2,783 5 3,793 -26.6%



Europe: League Tables of Financial Advisers

Financial Advisers to French M&A: VolumeRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

1 1 Rothschild 31,081 36 46 -105 2 Lazard 29,472 26 28 -22 3 BNP Paribas 26,335 26 37 -113 4 SG 17,768 21 30 -94 5 Leonardo & Co 9,033 21 29 -810 6 Goldman Sachs 10,803 15 18 -39 7 Morgan Stanley 24,715 14 19 -520 8 JPMorgan 10,088 14 10 48 9 PwC 1,029 13 21 -86 10 Credit Agricole CIB 4,782 12 23 -1119 11 Ernst & Young 1,077 10 11 -123 12 Lincoln International 50 10 9 124 13 Deloitte 16 10 9 17 14 HSBC 10,079 9 21 -1215 15 KPMG 3,215 9 12 -3

Financial Advisers to French M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

4 1 Rothschild 31,081 36 33,324 -6.7%11 2 Lazard 29,472 26 25,407 16.0%1 3 BNP Paribas 26,335 26 41,693 -36.8%5 4 Morgan Stanley 24,715 14 29,806 -17.1%3 5 SG 17,768 21 33,727 -47.3%21 6 Nomura Holdings 13,439 3 4,808 179.5%10 7 Barclays 13,040 6 25,546 -49.0%79 8 Ondra Partners 10,867 1 195 5,473%9 9 Goldman Sachs 10,803 15 25,806 -58.1%20 10 JPMorgan 10,088 14 4,872 107.1%2 11 HSBC 10,079 9 36,633 -72.5%17 12 Leonardo & Co 9,033 21 6,779 33.2%8 13 Deutsche Bank 7,724 8 25,856 -70.1%7 14 Credit Agricole CIB 4,782 12 26,495 -82.0%13 15 Bank of America Merrill Lynch 4,496 7 14,692 -69.4%

Financial Advisers to UK M&A: VolumeRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

1 1 Rothschild 45,487 57 62 -53 2 Goldman Sachs 56,764 39 42 -36 3 Deloitte 4,493 38 33 515 4 Barclays 58,819 32 22 104 5 PwC 5,088 30 42 -122 6 KPMG 3,368 29 57 -289 7 Morgan Stanley 42,149 27 28 -15 8 JPMorgan Cazenove 36,045 27 39 -1218 9 Deutsche Bank 25,613 24 19 521 10 Investec 2,830 24 18 614 11 Bank of America Merrill Lynch 33,256 23 23 013 12 BDO 2,009 22 24 -252 13 Baker Tilly International Member

Firms 148 22 6 16

17 14 Grant Thornton Corporate Finance 758 21 22 -1244 15 RSM Tenon 163 19 2 17

Financial Advisers to UK M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

5 1 Barclays 58,819 32 43,782 34.3%1 2 Goldman Sachs 56,764 39 79,487 -28.6%8 3 Rothschild 45,487 57 35,846 26.9%3 4 Morgan Stanley 42,149 27 49,877 -15.5%2 5 JPMorgan Cazenove 36,045 27 62,400 -42.2%9 6 Bank of America Merrill Lynch 33,256 23 33,254 0.0%6 7 Deutsche Bank 25,613 24 39,612 -35.3%13 8 Lazard 24,864 18 18,405 35.1%30 9 Nomura Holdings 24,295 10 4,202 478.2%7 10 UBS Investment Bank 20,500 18 37,719 -45.7%11 11 Credit Suisse 16,810 15 24,900 -32.5%16 12 BNP Paribas 15,870 10 13,566 17.0%10 13 HSBC 15,574 16 30,553 -49.0%- 14 Gleacher & Company 13,405 2 - -

36 15 Centerview Partners 11,690 2 3,073 280.4%



Financial Advisers to Germanic M&A: VolumeRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

2 1 Rothschild 39,494 30 28 214 2 Morgan Stanley 98,622 27 13 146 3 Deutsche Bank 102,070 26 23 34 4 Goldman Sachs 88,342 23 25 -23 5 KPMG 1,791 22 28 -67 6 Deloitte 1,673 22 21 110 7 UBS Investment Bank 18,873 21 17 49 8 Lazard 14,539 20 18 223 9 Lincoln International 454 17 10 712 10 JPMorgan 73,175 16 14 28 11 Credit Suisse 62,262 16 20 -45 12 PwC 1,021 14 24 -1016 13 Bank of America Merrill Lynch 18,023 12 12 024 14 Nomura Holdings 53,334 11 9 221 15 Altium Capital 1,362 11 10 1

Financial Advisers to Germanic M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

3 1 Deutsche Bank 102,070 26 39,304 159.7%7 2 Morgan Stanley 98,622 27 13,960 606.5%1 3 Goldman Sachs 88,342 23 63,835 38.4%6 4 JPMorgan 73,175 16 16,292 349.1%9 5 Citigroup 70,571 9 13,474 423.8%2 6 Credit Suisse 62,262 16 58,000 7.3%10 7 Barclays 55,501 10 13,084 324.2%5 8 Nomura Holdings 53,334 11 16,476 223.7%16 9 BNP Paribas 51,822 4 3,913 1,224%4 10 Rothschild 39,494 30 18,206 116.9%11 11 UBS Investment Bank 18,873 21 8,203 130.1%- 12 Centerview Partners 18,540 2 - -

14 13 Bank of America Merrill Lynch 18,023 12 4,668 286.1%8 14 Lazard 14,539 20 13,766 5.6%- 15 RBC Capital Markets 13,482 6 - -

Financial Advisers to German M&A: VolumeRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

2 1 Rothschild 27,457 27 23 425 2 Morgan Stanley 33,738 20 7 133 3 Deutsche Bank 34,039 19 17 24 4 KPMG 874 16 17 -116 5 Lincoln International 454 16 9 712 6 Goldman Sachs 26,434 15 9 68 7 Deloitte 664 13 11 25 8 Lazard 6,261 12 13 -118 9 JPMorgan 19,797 10 8 211 10 PwC 1,021 9 10 -113 11 UBS Investment Bank 17,553 8 9 -146 12 Macquarie Group 8,889 8 3 514 13 UniCredit Group 1,540 8 9 -110 14 DC Advisory 277 8 10 -21 15 Ernst & Young 32 8 24 -16

Financial Advisers to German M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

1 1 Deutsche Bank 34,039 19 19,375 75.7%10 2 Morgan Stanley 33,738 20 6,157 448.0%3 3 Rothschild 27,457 27 15,565 76.4%2 4 Goldman Sachs 26,434 15 19,170 37.9%8 5 JPMorgan 19,797 10 10,657 85.8%6 6 Citigroup 18,613 6 12,628 47.4%11 7 UBS Investment Bank 17,553 8 5,291 231.8%31 8 Macquarie Group 8,889 8 782 1,037%30 9 Perella Weinberg Partners 7,364 3 918 702.2%7 10 Lazard 6,261 12 11,120 -43.7%4 11 Credit Suisse 5,848 6 13,678 -57.2%14 12 Bank of America Merrill Lynch 4,221 5 3,956 6.7%5 13 Barclays 4,089 6 12,782 -68.0%

161 14 RBC Capital Markets 3,966 3 - -33 15 SG 3,508 4 701 400.4%



Financial Advisers to Italian M&A: VolumeRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

5 1 Lazard 13,579 14 13 12 2 Rothschild 15,887 13 21 -83 3 Mediobanca 11,151 12 19 -77 4 Leonardo & Co 12,007 9 11 -21 5 Banca IMI/Intesa Sanpaolo 4,286 9 21 -1210 6 Morgan Stanley 20,867 8 9 -14 7 UniCredit Group 2,197 7 16 -98 8 SG 5,613 6 9 -36 9 KPMG 132 6 12 -611 10 BNP Paribas 10,433 5 8 -39 11 Bank of America Merrill Lynch 4,434 5 9 -413 12 Vitale & Associati 1,148 5 6 -143 13 EQUITA S.I.M. 516 5 1 414 14 Fineurop Soditic 193 5 5 018 15 Goldman Sachs 8,450 4 4 0

Financial Advisers to Italian M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

13 1 Morgan Stanley 20,867 8 5,363 289.1%5 2 Rothschild 15,887 13 8,712 82.4%7 3 Lazard 13,579 14 7,797 74.2%14 4 Leonardo & Co 12,007 9 4,665 157.4%11 5 Mediobanca 11,151 12 6,492 71.8%15 6 BNP Paribas 10,433 5 4,644 124.7%12 7 Goldman Sachs 8,450 4 6,424 31.5%2 8 SG 5,613 6 10,140 -44.6%9 9 Deutsche Bank 4,454 4 7,119 -37.4%10 10 Bank of America Merrill Lynch 4,434 5 6,890 -35.6%3 11 Banca IMI/Intesa Sanpaolo 4,286 9 9,962 -57.0%- 12 Banco BTG Pactual 2,612 2 - -8 13 Credit Suisse 2,534 3 7,304 -65.3%4 14 UniCredit Group 2,197 7 9,344 -76.5%- 15 Banco Itau BBA 1,480 1 - -

Financial Advisers to Benelux M&A: VolumeRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

1 1 KPMG 1,405 20 45 -252 2 ING 5,420 17 26 -910 3 Deutsche Bank 41,776 16 13 325 4 ABN AMRO Bank 6,731 16 7 919 5 Goldman Sachs 28,507 14 9 59 6 Rabobank 5,630 14 14 08 7 JPMorgan 40,208 13 14 -13 8 PwC 284 13 21 -817 9 Bank of America Merrill Lynch 41,432 11 11 016 10 Lazard 32,711 11 11 012 11 Rothschild 9,834 9 13 -414 12 M&A International 175 9 12 -354 13 FBM Mahler 46 9 2 77 14 Boer & Croon - 9 16 -715 15 Morgan Stanley 32,974 8 11 -3

Financial Advisers to Benelux M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

2 1 Deutsche Bank 41,776 16 20,950 99.4%13 2 Bank of America Merrill Lynch 41,432 11 6,388 548.6%1 3 JPMorgan 40,208 13 27,438 46.5%3 4 Morgan Stanley 32,974 8 20,638 59.8%6 5 Lazard 32,711 11 12,816 155.2%4 6 Goldman Sachs 28,507 14 17,311 64.7%9 7 Barclays 26,471 7 10,666 148.2%23 8 Citigroup 9,840 8 2,087 371.5%18 9 Rothschild 9,834 9 3,267 201.0%10 10 UBS Investment Bank 9,376 7 10,576 -11.3%8 11 Credit Suisse 9,000 4 10,815 -16.8%87 12 ABN AMRO Bank 6,731 16 63 10,584%25 13 Rabobank 5,630 14 1,960 187.2%5 14 ING 5,420 17 15,698 -65.5%36 15 Jefferies & Company 4,806 4 1,036 363.9%



Financial Advisers to Spanish M&A: VolumeRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

23 1 Rothschild 9,540 16 4 122 2 Deloitte 1,890 15 22 -71 3 PwC 838 11 32 -215 4 Banco Bilbao Vizcaya Argentaria 793 7 14 -73 5 Goldman Sachs 13,159 6 14 -812 6 Barclays 10,105 6 6 04 7 SG 9,155 5 14 -915 8 JPMorgan 5,784 5 6 -17 9 Santander Global Banking and

Markets946 5 10 -5

19 10 Ernst & Young 221 5 5 09 11 BDO - 5 9 -410 12 Morgan Stanley 6,255 4 7 -311 13 Citigroup 1,168 4 6 -216 14 UBS Investment Bank 1,361 3 6 -313 15 BNP Paribas 1,290 3 6 -3

Financial Advisers to Spanish M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

1 1 Goldman Sachs 13,159 6 27,867 -52.8%6 2 Barclays 10,105 6 21,033 -52.0%20 3 Rothschild 9,540 16 4,901 94.7%3 4 SG 9,155 5 22,602 -59.5%8 5 HSBC 6,806 2 15,071 -54.8%2 6 Morgan Stanley 6,255 4 24,988 -75.0%12 7 Credit Agricole CIB 6,051 2 8,657 -30.1%16 8 JPMorgan 5,784 5 6,036 -4.2%- 9 Banco BTG Pactual 3,301 2 - -

23 10 Deloitte 1,890 15 2,833 -33.3%14 11 Deutsche Bank 1,573 2 7,513 -79.1%17 12 Nomura Holdings 1,413 2 5,828 -75.8%18 13 UBS Investment Bank 1,361 3 5,010 -72.8%- 14 AZ Capital 1,302 1 - -9 15 BNP Paribas 1,290 3 14,731 -91.2%

Financial Advisers to Iberian M&A: VolumeRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

21 1 Rothschild 9,600 18 5 132 2 Deloitte 1,890 15 22 -71 3 PwC 838 11 32 -2112 4 Barclays 21,950 10 7 34 5 Banco Bilbao Vizcaya Argentaria 1,850 9 15 -66 6 Banco Espirito Santo de

Investimento 12,533 8 13 -5

3 7 Goldman Sachs 14,004 7 15 -814 8 JPMorgan 6,599 7 7 08 9 Santander Global Banking and

Markets6,388 7 10 -3

5 10 SG 9,940 6 14 -826 11 Caixa Banco de Investimento 7,332 6 4 215 12 Citigroup 6,595 5 6 -125 13 Deutsche Bank 4,012 5 4 118 14 Ernst & Young 221 5 6 -110 15 BDO - 5 10 -5

Financial Advisers to Iberian M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

5 1 Barclays 21,950 10 21,234 3.4%2 2 Goldman Sachs 14,004 7 28,427 -50.7%16 3 Banco Espirito Santo de

Investimento 12,533 8 7,667 63.5%

3 4 SG 9,940 6 22,602 -56.0%12 5 Rothschild 9,600 18 9,864 -2.7%21 6 Banco BTG Pactual 8,728 4 5,164 69.0%20 7 Caixa Banco de Investimento 7,332 6 5,354 36.9%9 8 HSBC 6,866 3 15,071 -54.4%18 9 JPMorgan 6,599 7 6,596 0.0%4 10 Citigroup 6,595 5 21,360 -69.1%6 11 Santander Global Banking and

Markets6,388 7 21,178 -69.8%

1 12 Morgan Stanley 6,255 4 30,152 -79.3%15 13 Lazard 6,096 3 7,759 -21.4%14 14 Credit Agricole CIB 6,051 2 8,657 -30.1%25 15 Banco Itau BBA 5,862 3 3,898 50.4%


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

Ranking Q1-Q3 2012 Q1-Q3 2011Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

1 1 PwC 1,526 33 24 92 2 SEB Enskilda 4,486 24 21 34 3 Nordea Corporate Finance 7,616 18 18 07 4 Ernst & Young 563 15 17 -25 5 ABG Sundal Collier 5,822 13 18 -58 6 KPMG 586 13 16 -33 7 Carnegie Investment Bank 1,357 12 20 -86 8 Handelsbanken Capital Markets 5,408 11 17 -619 9 DNB Markets 1,355 11 8 39 10 Deloitte 619 11 12 -111 11 Deutsche Bank 18,772 9 11 -225 12 Rothschild 11,115 9 6 310 13 Goldman Sachs 8,997 9 11 -232 14 Global M&A - 9 5 413 15 JPMorgan 6,555 8 10 -2

Financial Advisers to Nordic M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

2 1 Deutsche Bank 18,772 9 32,498 -42.2%9 2 Bank of America Merrill Lynch 12,545 6 7,257 72.9%21 3 Rothschild 11,115 9 3,316 235.2%1 4 Goldman Sachs 8,997 9 40,994 -78.1%58 5 HSBC 8,248 3 320 2,478%7 6 Nordea Corporate Finance 7,616 18 13,102 -41.9%10 7 UBS Investment Bank 7,436 7 4,896 51.9%12 8 Barclays 6,928 4 4,666 48.5%4 9 JPMorgan 6,555 8 16,698 -60.7%22 10 ABG Sundal Collier 5,822 13 3,292 76.9%- 11 Blackstone Group 5,806 1 - -5 12 Credit Suisse 5,450 4 15,835 -65.6%19 13 Handelsbanken Capital Markets 5,408 11 3,574 51.3%20 14 Citigroup 5,332 6 3,525 51.3%18 15 Arctic Securities 5,076 7 3,710 36.8%

Financial Advisers to Swedish M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

1 1 Goldman Sachs 8,549 6 30,259 -71.7%2 2 Deutsche Bank 6,956 4 24,217 -71.3%4 3 Credit Suisse 5,450 4 14,890 -63.4%17 4 Handelsbanken Capital Markets 5,289 6 2,582 104.8%10 5 Nordea Corporate Finance 3,458 10 3,847 -10.1%6 6 JPMorgan 3,436 7 7,426 -53.7%7 7 Barclays 3,202 3 4,666 -31.4%5 8 Morgan Stanley 3,108 4 9,372 -66.8%14 9 SEB Enskilda 2,421 14 3,575 -32.3%- 10 Arcano 2,398 1 - -- 11 HSBC 2,249 1 - -

64 12 Erneholm & Haskel 2,205 4 34 6,385%41 13 Citigroup 1,915 3 277 591.3%23 14= Jefferies & Company 1,525 3 1,345 13.4%19 14= Rothschild 1,525 3 2,486 -38.7%

Financial Advisers to Swedish M&A: VolumeRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

4 1 PwC 519 17 10 71 2 SEB Enskilda 2,421 14 12 25 3 Nordea Corporate Finance 3,458 10 9 114 4 JPMorgan 3,436 7 5 244 5 Navigo Partners 535 7 2 56 6 Ernst & Young 97 7 9 -29 7 Goldman Sachs 8,549 6 7 -12 8 Handelsbanken Capital Markets 5,289 6 10 -413 9 Deloitte 619 6 6 020 10 M&A International 19 6 4 23 11 Carnegie Investment Bank 199 5 10 -512 12 KPMG 28 5 6 -110 13 Deutsche Bank 6,956 4 7 -332 14 Credit Suisse 5,450 4 2 27 15 Morgan Stanley 3,108 4 8 -4



Financial Advisers to Russian M&A: VolumeRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

1 1 Sberbank 12,750 15 11 4- 2 Goldman Sachs 13,140 8 - -3 3 Deutsche Bank 7,962 7 10 -38 4 Morgan Stanley 2,258 7 4 34 5 VTB Capital ZAO 2,227 7 8 -19 6 Rothschild 6,200 6 4 216 7 SG 339 4 2 218 8 JPMorgan 4,303 3 2 12 9 Renaissance Capital 725 3 10 -711 10 UBS Investment Bank 5,046 2 3 -15 11 Credit Suisse 4,336 2 7 -527 12 Nomura Holdings 3,052 2 1 16 13 Gazprombank OAO 2,890 2 5 -37 14= Ernst & Young - 2 5 -3- 14= Hitz & Partner Corporate Finance - 2 - -

Financial Advisers to Russian M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

- 1 Goldman Sachs 13,140 8 - -3 2 Sberbank 12,750 15 12,321 3.5%8 3 Deutsche Bank 7,962 7 4,876 63.3%13 4 Rothschild 6,200 6 2,589 139.5%15 5 UBS Investment Bank 5,046 2 1,865 170.6%4 6 Credit Suisse 4,336 2 9,946 -56.4%20 7 JPMorgan 4,303 3 1,012 325.2%- 8= Bank of America Merrill Lynch 3,525 1 - -

17 8= Barclays 3,525 1 1,218 189.4%27 10 Nomura Holdings 3,052 2 86 3,449%7 11 Gazprombank OAO 2,890 2 5,006 -42.3%2 12 Morgan Stanley 2,258 7 15,065 -85.0%6 13 VTB Capital ZAO 2,227 7 8,349 -73.3%- 14= IS Investment Securities 1,900 1 - -- 14= Rabobank 1,900 1 - -

Financial Advisers to CEE M&A: VolumeRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

3 1 Sberbank 12,900 16 16 022 2 Goldman Sachs 17,120 14 3 115 3 Deutsche Bank 13,047 12 15 -31 4 Rothschild 7,200 12 18 -612 5 Morgan Stanley 5,756 8 6 210 6 VTB Capital ZAO 2,227 7 8 -16 7 UniCredit Group 546 7 11 -442 8 SEB Enskilda 61 6 2 418 9 UBS Investment Bank 6,761 5 4 123 10 SG 443 5 3 22 11 KPMG 297 5 17 -124 12 Ernst & Young 202 5 16 -1117 13 Nomura Holdings 6,822 4 4 09 14 Credit Suisse 6,114 4 9 -520 15 JPMorgan 4,575 4 4 0

Financial Advisers to CEE M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

21 1 Goldman Sachs 17,120 14 2,269 654.5%2 2 Deutsche Bank 13,047 12 20,419 -36.1%4 3 Sberbank 12,900 16 12,392 4.1%26 4 Barclays 8,407 3 1,218 590.2%14 5 Rothschild 7,200 12 6,264 14.9%12 6 Nomura Holdings 6,822 4 7,659 -10.9%19 7 UBS Investment Bank 6,761 5 3,193 111.7%7 8 Credit Suisse 6,114 4 10,315 -40.7%1 9 Morgan Stanley 5,756 8 20,866 -72.4%30 10 JPMorgan 4,575 4 1,031 343.7%8 11 Bank of America Merrill Lynch 3,525 1 9,702 -63.7%16 12 Gazprombank OAO 2,890 2 5,006 -42.3%11 13 VTB Capital ZAO 2,227 7 8,349 -73.3%36 14 Rabobank 1,900 2 577 229.3%- 15 IS Investment Securities 1,900 1 - -


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

Ranking Q1-Q3 2012 Q1-Q3 2011Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

1 1 IBI Corporate Finance 91 9 12 -33 2 Davy Corporate Finance 724 7 7 09 3 Morgan Stanley 13,365 6 3 36 4 Goldman Sachs 19,790 3 5 -229 5 Citigroup 12,280 3 1 24 6 Barclays 8,000 3 6 -361 7 M&A International 129 3 1 214 8 KPMG 69 3 3 015 9 NCB Corporate Finance 57 3 3 05 10= Goodbody Corporate Finance 8 3 6 -350 10= Key Capital 8 3 1 28 12 Royal Bank of Scotland Group 7,300 2 4 -216 13 Credit Suisse 175 2 2 027 14 Canaccord Genuity Hawkpoint 111 2 1 1- 15 William Blair & Company 55 2 - 2

Financial Advisers to Irish M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

2 1 Goldman Sachs 19,790 3 13,543 46.1%4 2 Morgan Stanley 13,365 6 12,323 8.5%16 3 Citigroup 12,280 3 960 1,179%3 4 Barclays 8,000 3 13,244 -39.6%12 5 Royal Bank of Scotland Group 7,300 2 2,421 201.5%15 6 Davy Corporate Finance 724 7 1,703 -57.5%6 7= Bank of America Merrill Lynch 589 1 6,152 -90.4%- 7= HSBC 589 1 - -- 7= Lambert Energy Advisory 589 1 - -- 7= N+1 Brewin 589 1 - -

40 11 UBS Investment Bank 552 1 90 513.3%5 12 Deutsche Bank 271 1 11,755 -97.7%49 13= Ernst & Young 210 1 21 900%- 13= Raglan Capital 210 1 - -

14 15 Credit Suisse 175 2 2,415 -92.8%


• Q3 2012 US M&A totaled US$ 178.3bn, down 9.6% on Q3 2011 • Lowest combined value since comparable period in 2010 • Q1-Q3 2012 down 23.1% from Q1-Q3 2011

The US saw M&A in Q3 2012 with a total value of US$ 178.3bn, down 3.4% from Q2 2012 (US$ 184.6bn). Combined, Q1-Q3 2012’s total of US$ 483.6bn was down by 23.1% on Q1-Q3 2011 (US$ 628.8bn), making it the lowest Q1-Q3 period since Q1-Q3 2010 (US$ 476.4bn). Q3 2012 also saw a year-on-year decrease of 9.6% from Q3 2011 (US$ 197.2bn). It was the lowest quarterly total since Q1 2012 (US$ 120.7bn) and second lowest since Q3 2010 (US$ 152.5bn). The US accounted for 33.9% of aggregate global deal activity in 2012 to date, down slightly from its 35.3% share in 2011.

Energy, Mining & Utilities was the most active sector in Q1-Q3 2012 with US$ 115bn-worth of deals, accounting for 23.8% of US M&A in Q1-Q3 2012. Industrials & Chemicals was down 51.5% from the comparable period in 2011 with US$ 60.9bn in deals in 2012 compared to US$ 125.5bn in Q1-Q3 2011. Half of the top ten deals in the first three quarters of 2012 were in the Energy, Mining & Utilities sector, which continued to dominate. They included the US’s largest 2012 deal so far, ConocoPhillips spinning off its downstream operations valued at US$ 20.8bn. US inbound cross-border deals amounted to US$ 44.4bn in Q3, the second lowest quarterly total since Q4 2010 (US$ 63bn).

Goldman Sachs topped the financial advisory ranking by total deal value. Deutsche Bank, ranked sixth and up from tenth last year, was the only firm in the top ten to register an increase in deals worked on by value compared to the same period in 2011.

US M&A Overview

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US Private Equity Buyout Activity - Quarterly

Value (US$bn)

Volume


Americas M&A Heat Chart

Hot Warm Cold

600 100 20

400 60 10

300 30 0


In the US, it is hoped that the Federal Reserve’s QE3 launch will give the currently sluggish economic recovery a much needed boost.

• TMT is seen as the hottest sector based on the “Companies for sale” activity. Social collaboration, mobile and data analytics continue to pave the way for more activity in technology; print media has been revived in light of an increased interest in regional papers; and telecom deals will remain on the rise in light of heightened Internet traffic driving activity in fiber to wireless towers.

• The Pharma, Medical & Biotech sector comes second with the healthcare sector expected to continue its consolidation as the Affordable Care Act (ACA) was upheld by the US Supreme Court in June 2012.

• The Energy space is also seeing solid levels of activity due to low natural gas prices, the high price of crude oil and weak electricity prices.

South American focus is expected to be on the Energy, Mining & Utilities sector fed by Asia’s growing need for a variety of resources.


Sector USA Canada Brazil South America

(excl. Brazil)

Central America

North America

(excl. USA & Canada)

Total

TMT 1,112 67 47 26 25 1 1,278

Pharma, Medical & Biotech 622 28 14 7 10 1 682

Business Services 444 25 30 16 12 1 528

Energy, Mining & Utilities 443 288 86 91 31 8 947

Consumer 417 23 62 35 32 3 572

Industrials & Chemicals 357 27 35 20 34 0 473

Financial Services 310 2 29 28 31 9 409

Leisure 206 9 12 6 10 3 246

Transportation 93 7 26 14 26 1 167

Defence 69 2 0 0 71

Real Estate 46 3 11 2 5 0 67

Agriculture 32 2 6 8 2 0 50

Construction 18 7 13 10 23 0 71

Government 14 2 0 0 16

Other 2 3 0 1 0 6

Total 4,185 490 376 263 242 27 5,583


US M&A Overview: Industry and Geography Breakdown

US (North East) 16.7%

US (Mid West) 14.2%

US (South) 25.6%

US (West) 20.2%

Canada 10.1%


Mix of Announced Americas Deals by Geographic Region Q1-Q3 2012 - Volume

US (North East) 15.9%

US (Mid West) 11.7%

US (South) 30.1%

US (West) 17.4%

Canada 12.4%


Mix of Announced Americas Deals by Geographic Region Q1-Q3 2012 - Value

Q1-Q3 2012 Q1-Q3 2011 Change


Energy, Mining & Utilities 115.0 23.8% 215 160.7 25.6% 206 -28.4% 9



Consumer 45.4 9.4% 255 18.8 3.0% 267 142.3% -12

Technology 45.3 9.4% 388 62.8 10.0% 431 -27.9% -43

Business Services 32.9 6.8% 300 42.5 6.8% 380 -22.6% -80


Real Estate 23.9 4.9% 29 34.5 5.5% 21 -30.7% 8

Leisure 16.6 3.4% 84 10.8 1.7% 86 54.4% -2

Media 15.0 3.1% 95 12.3 2.0% 86 21.7% 9

Telecommunications 13.6 2.8% 21 16.5 2.6% 26 -17.2% -5

Transport 6.6 1.4% 54 3.2 0.51% 50 108.3% 4

Defence 5.0 1.0% 18 5.3 0.8% 15 -5.4% 3

Construction 2.6 0.5% 57 3.9 0.6% 72 -32.2% -15

Agriculture 0.4 0.1% 11 0.1 0.0% 10 360.5% 1

Total 483.6 2,475 628.8 2,783 -23.1% -308


US M&A Overview: Top DealsTop 10 Announced Deals for Q1-Q3 2012

Announced Date


04-Apr-12 Conocophillips Company (Shareholders)

Phillips 66 Credit Suisse; JPMorgan ConocoPhillips Company 20,790

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

Pfizer Nutrition Centerview Partners; Morgan Stanley

Pfizer Inc 11,850

23-Jan-12 Lehman Brothers Holdings Inc Gleacher & Company Archstone-Smith Trust (26.5% Stake)

Bank of America Merrill Lynch; Barclays

Bank of America Corporation; and Barclays Plc

11,825

24-Feb-12 Apollo Global Management LLC; Riverstone Holdings LLC; Access Industries; and Korea National Oil Corporation

Citigroup; Deutsche Bank; JPMorgan; RBC Capital Markets; Tudor, Pickering, Holt & Co

EP Energy Corporation Barclays; Evercore Partners El Paso Corporation 7,150

30-Apr-12 Energy Transfer Partners LP Wells Fargo Securities Sunoco Inc Credit Suisse 6,959

18-Jul-12 BC Partners Limited; and Canada Pension Plan Investment Board

Credit Suisse Suddenlink Communications Goldman Sachs GS Capital Partners; Oaktree Capital Group LLC; and Quadrangle Group

6,579

29-Jun-12 Bristol-Myers Squibb Company Bank of America Merrill Lynch; Citigroup; Evercore Partners

Amylin Pharmaceuticals Inc Credit Suisse; Goldman Sachs 6,349

06-Aug-12 Kinder Morgan Energy Partners LP

Greenhill & Co El Paso Natural Gas Company (50% Stake); and Tennessee Gas Pipeline Company LLC

Barclays Kinder Morgan Inc 6,220

20-Aug-12 Aetna Inc Goldman Sachs; UBS Investment Bank

Coventry Health Care Inc Greenhill & Co 5,702

10-Sep-12 Plains Exploration & Production Company

Barclays; JPMorgan BP plc (Outer Continental Shelf of the Gulf of Mexico assets)

BP Plc 5,550


Americas: League Tables of Financial AdvisersLeague Table of Financial Advisers to Americas M&A: Volume

Ranking Q1-Q3 2012 Q1-Q3 2011Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

1 1 Goldman Sachs 217,665 150 162 -122 2 JPMorgan 167,365 106 127 -217 3 Barclays 149,013 102 85 173 4 Morgan Stanley 146,592 101 127 -264 5 Bank of America Merrill Lynch 146,591 92 123 -3111 6 RBC Capital Markets 69,819 90 75 155 7 Credit Suisse 125,919 89 107 -1810 8 Lazard 74,024 85 77 812 9 Deutsche Bank 134,266 84 70 148 10 Citigroup 118,691 74 83 -99 11 Jefferies & Company 39,207 66 79 -1313 12 Houlihan Lokey 8,386 64 62 26 13 UBS Investment Bank 52,700 59 98 -3914 14 Rothschild 49,898 57 61 -419 15 Evercore Partners 35,810 51 39 1215 16 Raymond James & Associates 3,353 45 45 022 17 Moelis & Company 18,721 43 34 927 18 William Blair & Company 4,668 42 31 1139 19 Wells Fargo Securities 24,712 39 19 2024 20 Keefe, Bruyette & Woods 2,292 36 33 3

League Table of Financial Advisers to Americas M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

2 1 Goldman Sachs 217,665 150 282,517 -23.0%1 2 JPMorgan 167,365 106 298,937 -44.0%5 3 Barclays 149,013 102 190,952 -22.0%4 4 Morgan Stanley 146,592 101 209,114 -29.9%6 5 Bank of America Merrill Lynch 146,591 92 186,417 -21.4%10 6 Deutsche Bank 134,266 84 97,856 37.2%3 7 Credit Suisse 125,919 89 226,156 -44.3%7 8 Citigroup 118,691 74 169,666 -30.0%8 9 Lazard 74,024 85 168,089 -56.0%12 10 RBC Capital Markets 69,819 90 43,622 60.1%9 11 UBS Investment Bank 52,700 59 124,689 -57.7%13 12 Rothschild 49,898 57 43,086 15.8%26 13 BMO Capital Markets 41,190 32 21,559 91.1%17 14 Jefferies & Company 39,207 66 35,566 10.2%11 15 Evercore Partners 35,810 51 61,584 -41.9%46 16 Greenhill & Co 34,249 22 6,358 438.7%30 17 Nomura Holdings 27,657 14 17,883 54.7%19 18 Centerview Partners 27,024 12 29,862 -9.5%27 19 Wells Fargo Securities 24,712 39 21,200 16.6%15 20 Perella Weinberg Partners 22,698 18 37,129 -38.9%


Americas: League Tables of Financial AdvisersLeague Table of Financial Advisers to US M&A: Volume

Ranking Q1-Q3 2012 Q1-Q3 2011Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

1 1 Goldman Sachs 174,168 129 148 -192 2 JPMorgan 129,026 94 119 -257 3 Barclays 114,852 94 80 144 4 Morgan Stanley 118,829 89 111 -223 5 Bank of America Merrill Lynch 100,486 77 116 -396 6 Credit Suisse 115,244 74 85 -1110 7 Lazard 45,459 73 71 211 8 Deutsche Bank 101,063 69 65 49 9 Citigroup 84,875 63 74 -1112 10 Houlihan Lokey 8,311 62 61 18 11 Jefferies & Company 33,402 61 76 -1513 12 RBC Capital Markets 26,091 54 58 -418 13 Evercore Partners 35,091 49 37 125 14 UBS Investment Bank 41,318 46 88 -4215 15 Raymond James & Associates 3,259 43 40 323 16 William Blair & Company 4,593 41 30 1119 17 Moelis & Company 18,694 40 34 634 18 Wells Fargo Securities 24,712 39 19 2014 19 Rothschild 29,352 38 44 -620 20 Keefe, Bruyette & Woods 2,292 36 32 4

League Table of Financial Advisers to US M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

2 1 Goldman Sachs 174,168 129 255,997 -32.0%1 2 JPMorgan 129,026 94 287,201 -55.1%4 3 Morgan Stanley 118,829 89 181,633 -34.6%3 4 Credit Suisse 115,244 74 200,890 -42.6%5 5 Barclays 114,852 94 176,172 -34.8%10 6 Deutsche Bank 101,063 69 92,627 9.1%6 7 Bank of America Merrill Lynch 100,486 77 175,663 -42.8%8 8 Citigroup 84,875 63 154,800 -45.2%7 9 Lazard 45,459 73 158,102 -71.2%9 10 UBS Investment Bank 41,318 46 112,501 -63.3%11 11 Evercore Partners 35,091 49 61,542 -43.0%39 12 Greenhill & Co 34,249 22 5,500 522.7%15 13 Jefferies & Company 33,402 61 33,978 -1.7%21 14 Rothschild 29,352 38 19,983 46.9%22 15 Nomura Holdings 27,657 14 17,558 57.5%16 16 Centerview Partners 27,024 12 29,862 -9.5%17 17 RBC Capital Markets 26,091 54 29,093 -10.3%19 18 Wells Fargo Securities 24,712 39 21,200 16.6%13 19 Perella Weinberg Partners 22,698 17 37,056 -38.7%18 20 Moelis & Company 18,694 40 25,965 -28.0%


Americas: League Tables of Financial AdvisersLeague Table of Financial Advisers to US Buyouts* M&A: Volume

Ranking Q1-Q3 2012 Q1-Q3 2011Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

2 1 RBC Capital Markets 13,261 10 11 -16 2 Citigroup 19,030 7 7 04 3 Credit Suisse 10,061 7 10 -35 4 Jefferies & Company 7,651 7 9 -211 5 Goldman Sachs 4,890 7 6 13 6 Morgan Stanley 4,441 7 10 -31 7 Barclays 10,605 6 12 -68 8 Deutsche Bank 10,053 6 6 09 9 Bank of America Merrill Lynch 5,560 5 6 -113 10 Macquarie Group 2,159 4 3 131 11 BMO Capital Markets 1,377 4 1 322 12 Houlihan Lokey 540 4 2 219 13 Evercore Partners 3,970 3 2 118 14 Wells Fargo Securities 2,399 3 2 120 15 JPMorgan 7,308 2 2 0

League Table of Financial Advisers to US Buyouts* M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

3 1 Citigroup 19,030 7 16,433 15.8%6 2 RBC Capital Markets 13,261 10 10,110 31.2%1 3 Barclays 10,605 6 25,536 -58.5%9 4 Credit Suisse 10,061 7 8,626 16.6%2 5 Deutsche Bank 10,053 6 20,508 -51.0%10 6 Jefferies & Company 7,651 7 5,951 28.6%13 7 JPMorgan 7,308 2 3,403 114.8%- 8 Tudor, Pickering, Holt & Co 7,250 2 - -5 9 Bank of America Merrill Lynch 5,560 5 12,713 -56.3%11 10 Goldman Sachs 4,890 7 5,211 -6.2%4 11 Morgan Stanley 4,441 7 13,844 -67.9%12 12 Evercore Partners 3,970 3 4,150 -4.3%15 13 Moelis & Company 2,690 1 2,399 12.1%7 14 Wells Fargo Securities 2,399 3 9,702 -75.3%16 15 Macquarie Group 2,159 4 1,535 40.7%



Americas: League Tables of Financial Advisers

League Table of Financial Advisers to Central & South American M&A: VolumeRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

1 1 Banco BTG Pactual 18,481 30 26 42 2 Banco Itau BBA 21,330 28 25 34 3 Goldman Sachs 18,752 18 20 -23 4 Credit Suisse 11,095 18 22 -49 5 Rothschild 13,226 15 11 45 6 Banco Bradesco BBI 14,116 14 17 -314 7 JPMorgan 35,202 13 8 520 8 Lazard 30,177 11 5 626 9 Deutsche Bank 27,824 11 4 717 10 Bank of America Merrill Lynch 25,039 10 6 46 11 Citigroup 15,121 9 14 -516 12 UBS Investment Bank 5,122 9 6 38 13 Santander Global Banking and

Markets6,068 8 14 -6

10 14 BR Partners 5,700 8 11 -37 15 Morgan Stanley 23,744 7 14 -7

League Table of Financial Advisers to Central & South American M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

12 1 JPMorgan 35,202 13 9,898 255.6%17 2 Lazard 30,177 11 7,035 329.0%19 3 Deutsche Bank 27,824 11 5,172 438.0%10 4 Barclays 26,604 4 14,780 80.0%15 5 Bank of America Merrill Lynch 25,039 10 7,573 230.6%8 6 Morgan Stanley 23,744 7 15,235 55.9%2 7 Banco Itau BBA 21,330 28 26,761 -20.3%5 8 Goldman Sachs 18,752 18 20,606 -9.0%1 9 Banco BTG Pactual 18,481 30 35,751 -48.3%7 10 Citigroup 15,121 9 15,930 -5.1%3 11 Banco Bradesco BBI 14,116 14 24,973 -43.5%6 12 Rothschild 13,226 15 20,391 -35.1%4 13 Credit Suisse 11,095 18 23,178 -52.1%11 14 Santander Global Banking and

Markets6,068 8 14,170 -57.2%

16 15 Banco Espirito Santo de Investimento

5,783 5 7,192 -19.6%

League Table of Financial Advisers to Canadian M&A: VolumeRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

1 1 RBC Capital Markets 47,945 44 31 132 2 BMO Capital Markets 35,823 22 26 -43 3 TD Securities 19,719 19 16 312 4 GMP Securities 4,584 17 11 610 5 Canaccord Genuity 10,390 16 12 49 6 Scotia Capital 21,142 15 12 34 7 National Bank Financial 12,337 15 16 -121 8 Credit Suisse 7,711 13 6 77 9 Macquarie Group 4,335 13 13 06 10 Bank of America Merrill Lynch 25,411 12 13 -111 11 CIBC World Markets 8,192 12 11 18 12 Goldman Sachs 26,941 9 12 -316 13 JPMorgan 7,892 9 8 119 14 Rothschild 9,261 8 7 113 15 Morgan Stanley 7,115 8 10 -2

League Table of Financial Advisers to Canadian M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

1 1 RBC Capital Markets 47,945 44 26,747 79.3%3 2 BMO Capital Markets 35,823 22 20,757 72.6%6 3 Goldman Sachs 26,941 9 18,983 41.9%7 4 Bank of America Merrill Lynch 25,411 12 17,409 46.0%10 5 Scotia Capital 21,142 15 8,835 139.3%4 6 TD Securities 19,719 19 20,583 -4.2%13 7 Citigroup 18,654 3 6,441 189.6%12 8 National Bank Financial 12,337 15 7,567 63.0%19 9 Canaccord Genuity 10,390 16 3,204 224.3%21 10 Rothschild 9,261 8 2,244 312.7%16 11 Barclays 8,942 7 4,618 93.6%5 12 CIBC World Markets 8,192 12 19,712 -58.4%8 13 JPMorgan 7,892 9 16,970 -53.5%15 14 Credit Suisse 7,711 13 4,862 58.6%2 15 Morgan Stanley 7,115 8 23,729 -70.0%



League Table of Financial Advisers to US (Mid-West) M&A: VolumeRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

4 1 Goldman Sachs 52,612 36 28 83 2 Lazard 22,687 27 29 -26 3 Morgan Stanley 30,526 22 23 -111 4 Barclays 26,531 22 19 37 5 Credit Suisse 22,921 21 21 02 6 JPMorgan 19,467 21 29 -88 7 Citigroup 33,941 20 21 -113 8 Lincoln International 570 20 19 19 9 Robert W. Baird & Co 3,254 19 21 -214 10 RBC Capital Markets 7,913 18 16 212 11 Jefferies & Company 4,348 18 19 -11 12 Bank of America Merrill Lynch 14,681 16 31 -1510 13 Houlihan Lokey 1,539 16 20 -418 14 Evercore Partners 10,766 15 10 516 15 Harris Williams & Co 818 15 14 1

League Table of Financial Advisers to US (Mid-West) M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

5 1 Goldman Sachs 52,612 36 48,521 8.4%4 2 Citigroup 33,941 20 58,775 -42.3%6 3 Morgan Stanley 30,526 22 47,485 -35.7%9 4 Barclays 26,531 22 36,160 -26.6%3 5 Credit Suisse 22,921 21 78,675 -70.9%2 6 Lazard 22,687 27 84,299 -73.1%54 7 Deutsche Bank 22,315 12 523 4,167%1 8 JPMorgan 19,467 21 95,425 -79.6%7 9 Bank of America Merrill Lynch 14,681 16 42,072 -65.1%11 10 Evercore Partners 10,766 15 25,549 -57.9%38 11 Greenhill & Co 10,494 8 1,164 801.5%12 12 Centerview Partners 8,365 5 17,364 -51.8%19 13 RBC Capital Markets 7,913 18 5,221 51.6%13 14 Perella Weinberg Partners 6,348 4 14,554 -56.4%21 15 Nomura Holdings 6,149 4 4,835 27.2%

League Table of Financial Advisers to US (North East) M&A: VolumeRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

1 1 Goldman Sachs 78,808 66 74 -86 2 Barclays 50,904 47 47 02 3 JPMorgan 42,875 44 67 -2310 4 Deutsche Bank 57,833 42 38 44 5 Bank of America Merrill Lynch 57,165 42 58 -163 6 Morgan Stanley 44,351 40 65 -255 7 Credit Suisse 49,988 39 50 -118 8 Citigroup 45,930 38 42 -411 9 Lazard 18,808 35 27 812 10 Houlihan Lokey 4,546 32 26 69 11 Jefferies & Company 10,686 31 40 -919 12 Evercore Partners 29,522 30 16 1413 13 RBC Capital Markets 18,186 27 21 67 14 UBS Investment Bank 17,510 27 43 -1615 15 Raymond James & Associates 2,354 21 19 2

League Table of Financial Advisers to US (North East) M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

3 1 Goldman Sachs 78,808 66 95,287 -17.3%9 2 Deutsche Bank 57,833 42 43,835 31.9%5 3 Bank of America Merrill Lynch 57,165 42 73,047 -21.7%8 4 Barclays 50,904 47 61,876 -17.7%1 5 Credit Suisse 49,988 39 132,300 -62.2%4 6 Citigroup 45,930 38 91,876 -50.0%6 7 Morgan Stanley 44,351 40 70,872 -37.4%2 8 JPMorgan 42,875 44 122,665 -65.0%20 9 Evercore Partners 29,522 30 9,567 208.6%16 10 Rothschild 20,481 19 10,587 93.5%7 11 Lazard 18,808 35 63,824 -70.5%14 12 RBC Capital Markets 18,186 27 14,892 22.1%10 13 UBS Investment Bank 17,510 27 40,160 -56.4%28 14 Greenhill & Co 15,209 9 3,758 304.7%98 15 Gleacher & Company 14,765 3 557 2,551%



League Table of Financial Advisers to US (West) M&A: VolumeRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

2 1 Goldman Sachs 55,921 41 37 41 2 Morgan Stanley 42,624 40 39 13 3 JPMorgan 39,404 35 31 44 4 Bank of America Merrill Lynch 45,164 30 28 212 5 Barclays 35,096 29 17 1219 6 Moelis & Company 9,707 26 13 136 7 Jefferies & Company 8,320 24 24 07 8 Houlihan Lokey 3,391 24 24 05 9 Lazard 3,086 24 26 -210 10 Deutsche Bank 29,386 22 21 18 11 Credit Suisse 28,318 21 22 -19 12 RBC Capital Markets 3,683 19 22 -327 13 Raymond James & Associates 2,601 18 11 718 14 Citigroup 18,657 16 13 335 15 Wells Fargo Securities 8,856 15 8 7

League Table of Financial Advisers to US (West) M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

1 1 Goldman Sachs 55,921 41 71,853 -22.2%7 2 Bank of America Merrill Lynch 45,164 30 32,127 40.6%3 3 Morgan Stanley 42,624 40 60,511 -29.6%2 4 JPMorgan 39,404 35 61,050 -35.5%5 5 Barclays 35,096 29 36,617 -4.2%9 6 Deutsche Bank 29,386 22 21,344 37.7%11 7 Credit Suisse 28,318 21 17,056 66.0%10 8 Citigroup 18,657 16 18,331 1.8%27 9 Nomura Holdings 16,906 6 3,268 417.3%- 10 Gleacher & Company 14,765 3 - -

25 11 Blackstone Group 11,626 12 3,435 238.5%21 12 Allen & Company 11,600 5 4,429 161.9%8 13 UBS Investment Bank 10,114 11 22,334 -54.7%16 14 Moelis & Company 9,707 26 6,573 47.7%32 15 Wells Fargo Securities 8,856 15 1,705 419.4%

League Table of Financial Advisers to US (South) M&A: VolumeRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

1 1 Goldman Sachs 72,598 51 68 -176 2 Barclays 73,002 46 35 113 3 JPMorgan 75,051 39 41 -22 4 Bank of America Merrill Lynch 48,139 38 58 -2014 5 Houlihan Lokey 5,561 37 22 157 6 Credit Suisse 74,225 34 33 111 7 Lazard 17,452 32 26 610 8 RBC Capital Markets 16,139 31 29 29 9 Jefferies & Company 27,435 30 31 -14 10 Morgan Stanley 39,226 27 40 -1312 11 Deutsche Bank 31,566 27 24 38 12 Citigroup 38,685 25 31 -627 13 Moelis & Company 8,213 22 10 1213 14 Raymond James & Associates 599 22 24 -222 15 Keefe, Bruyette & Woods 1,278 21 13 8

League Table of Financial Advisers to US (South) M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

2 1 JPMorgan 75,051 39 106,654 -29.6%6 2 Credit Suisse 74,225 34 64,185 15.6%3 3 Barclays 73,002 46 103,143 -29.2%1 4 Goldman Sachs 72,598 51 130,574 -44.4%5 5 Bank of America Merrill Lynch 48,139 38 89,891 -46.4%4 6 Morgan Stanley 39,226 27 96,738 -59.5%7 7 Citigroup 38,685 25 63,263 -38.9%9 8 Deutsche Bank 31,566 27 44,544 -29.1%13 9 Jefferies & Company 27,435 30 20,266 35.4%8 10 UBS Investment Bank 21,216 19 46,759 -54.6%37 11 Greenhill & Co 19,343 9 2,957 554.1%10 12 Lazard 17,452 32 43,071 -59.5%16 13 RBC Capital Markets 16,139 31 10,494 53.8%22 14 Wells Fargo Securities 15,518 19 7,127 117.7%25 15 Tudor, Pickering, Holt & Co 14,228 12 5,718 148.8%


• Asia-Pacific (excluding Japan) M&A YTD saw US$ 241.8bn in deals, down 14.8% • Total deal value in Q3 2012 up 20.8% quarter-on-quarter to US$ 88.6bn • Indonesia Q1-Q3 2012 M&A total US$ 12.2bn, up 181.8% on Q1-Q3 2011 • M&A deal flow in South Korea and Australia down 47.8% and 44.4% respectively

Asia-Pacific (excluding Japan) M&A in the first three quarters of the year added up to US$ 241.8bn-worth of deals, 14.8% off Q1-Q3 2011’s total (US$ 283.9bn). However, Asia-Pacific’s Q3 2012 total deal value of US$ 88.6bn was up 20.8% on Q2 2012 (US$ 73.4bn) and was the largest quarterly total since Q3 2011 which saw US$ 115.8bn. South Korea saw the largest year-on-year decline of the major econo-mies in Asia-Pacific, with US$ 16.3bn-worth of M&A in Q1-Q3 2012, down 47.8% from Q1-Q3 2011 (US$ 31.2bn). Malaysia, in spite of two blockbuster IPOs in 2012, saw a 28.3% drop in overall deal value from US$ 13.2bn in 2011 to US$ 9.5bn. Indonesia bucked the general downward trend. Its Q1-Q3 2012 M&A total of US$ 12.2bn was up 181.8% on Q1-Q3 2011 (US$ 4.3bn). Singapore also experienced a robust increase of 153.3% in deal value, from US$ 9.8bn in Q1-Q3 2011 to US$ 24.7bn in Q1-Q3 2012. China saw a modest increase of 4.5% to US$ 87.2bn compared to 2011. Cross-border activity in Q3 reached its highest level since Q3 2011 – the US$ 26.2bn of inbound deals being more than double of that which was achieved in Q2 2012 and the US$ 29.8bn of outbound deal values being 34.2% higher than in Q2 2012. Year-to-date total activity how¬ever was at its lowest since the equivalent period in 2009.

Goldman Sachs worked on four of the ten largest deals in the region and retained its position atop the Q1-Q3 2012 financial adviser rankings with US$ 74.4bn-worth of deals. Only five of the top 20 advisers were Asia-Pacific-based.

Asia-Pacific (ex. Japan) M&A Overview

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Asia-Pacific M&A Activity - Quarterly (excluding Japan)

Value (US$bn)

Volume


Asia-Pacific M&A Heat ChartSector Greater

ChinaAustral

-asiaSouth East Asia

South Asia

North Asia (excl.

Greater China)

Japan Central Asia

Total

Industrials & Chemicals 670 46 67 84 107 54 3 1,031

TMT 303 106 78 85 69 39 680

Consumer 248 94 62 71 42 57 1 575

Energy, Mining & Utilities 196 235 122 64 26 13 10 666

Pharma, Medical & Biotech 147 58 12 59 19 15 310

Financial Services 106 37 85 42 39 18 1 328

Business Services 71 68 33 58 14 36 280

Real Estate 93 30 50 10 8 14 205

Leisure 77 34 34 21 8 29 1 204

Construction 75 17 23 26 30 5 176

Agriculture 73 34 25 1 2 135

Transportation 42 21 43 43 9 17 1 176

Other 21 7 2 0 1 31

Government 2 0 2

Defence 2 3 5

Total 2,103 803 641 566 376 298 17 4,804

Hot Warm Cold

300 80 20

200 60 10

100 40 0

Greater China dominates the “Companies for sale” in Asia. In the global charts Greater China is second only to the US. In China along with the whole of North Asia, the Industrials & Chemicals sector is the main focus.

In Australia, Energy, Mining and Utilities continues to be the most buoyant sector given the resource needs of the rest of the world.

TMT ranks top in South Asia, not surprising given India’s skills in the sector as well as the increasing technological demands of its upcoming middle class. Southeast Asia’s Financial Services sector is getting increasing playtime as the region’s economy grows.

The focus in Japan is currently moving towards the Consumer sector on the heels of some private equity-related deals.




Asia-Pacific (ex. Japan) M&A Overview: Top DealsTop 10 Announced Deals for Q1-Q3 2012

Announced Date


22-Aug-12 China Telecom Corporation Limited

China International Capital Corporation; UBS Investment Bank

China Telecommunication Corporation (certain CDMA Network assets)

China Telecommunications Corporation

13,307

25-Feb-12 Sesa Goa Limited Citigroup; Goldman Sachs Sterlite Industries (India) Limited Bank of America Merrill Lynch; Credit Suisse; JPMorgan Cazenove; Morgan Stanley

10,289

13-Sep-12 TCC Group DBS Bank; Morgan Stanley; United Overseas Bank

Fraser & Neave Limited (69.64% Stake)

Goldman Sachs; JPMorgan 10,134

16-Mar-12 Investor Group Bank of Communications Ltd (16.67% Stake)

8,944

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

PT Bank Danamon Indonesia Tbk Citigroup; Deutsche Bank; UBS Investment Bank

7,338

20-May-12 Alibaba Group Holding Ltd Credit Suisse; Deutsche Bank; HSBC

Alibaba Group Holding Ltd (20% Stake)

Allen & Company; Goldman Sachs; UBS Investment Bank

Yahoo! Inc 7,100

20-Jul-12 Heineken NV Citigroup; Credit Suisse Asia Pacific Breweries Limited (58.1% Stake)

Goldman Sachs 6,593

23-Aug-12 Government of Japan; and Japan Bank for International Cooperation

Delhi Mumbai Industrial Corridor Development Corporation Limited (26% Stake)

4,500

06-Mar-12 Investor Group Industrial Bank Co Ltd (16.1% Stake)

4,181

20-Jul-12 Beijing Shougang Co Ltd CITIC Securities Hebei Shougang Qian'an Iron and Steel Co Ltd

Shougang Group Corporation 4,168


Asia-Pacific M&A Overview: Industry and Geography Breakdown

China 24.8%

India 10.0%

Australia 16.4%

Japan 16.2%

Malaysia 3.2%

Hong Kong 4.2%

South Korea 9.3%

Indonesia 3.0%

Vietnam 0.9%

Other 12.0%

Mix of Announced Asia-Pacific Deals by Geographic Region Q1-Q3 2012- Volume

China 29.4%

India 9.4%

Australia 11.8%

Japan 18.6%

Malaysia 3.2%

Hong Kong 3.5%

South Korea 5.5%

Indonesia 4.1%

Vietnam 0.6%

Other 14.0%

Mix of Announced Asia-Pacific Deals by Geographic Region Q1-Q3 2012 - Value

Q1-Q3 2012 Q1-Q3 2011 Change


Energy, Mining & Utilities 54.9 22.7% 196 46.6 16.4% 176 17.9% 20



Technology 32.9 13.6% 304 42.2 14.9% 351 -22.0% -47

Consumer 19.5 8.1% 131 11.7 4.1% 172 67.0% -41

Pharma, Medical & Biotech 17.4 7.2% 14 9.8 3.5% 16 77.1% -2

Business Services 11.9 4.9% 151 8.5 3.0% 157 39.3% -6

Construction 8.1 3.3% 67 10.8 3.8% 71 -24.8% -4

Real Estate 7.8 3.2% 85 8.1 2.8% 98 -3.1% -13

Transport 6.5 2.7% 55 19.9 7.0% 42 -67.2% 13

Agriculture 5.4 2.2% 59 12.2 4.3% 76 -55.9% -17

Media 3.2 1.3% 57 7.7 2.7% 67 -59.0% -10

Telecommunications 2.8 1.2% 40 12.3 4.3% 43 -77.3% -

Leisure 0.9 0.4% 19 2.2 0.8% 27 -58.2% -8

Defence - - 1 - - 1 - 0

Total 241.8 1,431 283.9 1,649 -14.8% -218


Asia-Pacific: League Tables of Financial AdvisersLeague Table of Financial Advisers to Asia-Pacific (ex. Japan) M&A: Volume

Ranking Q1-Q3 2012 Q1-Q3 2011Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

1 1 Goldman Sachs 74,418 40 56 -1611 2 Citigroup 65,280 36 32 42 3 Ernst & Young 5,653 33 49 -167 4 Morgan Stanley 46,835 32 38 -64 5 KPMG 4,460 29 47 -183 6 UBS Investment Bank 42,155 28 48 -205 7 PwC 2,371 27 43 -169 8 Credit Suisse 48,056 25 34 -910 9 Macquarie Group 13,692 25 33 -86 10 Deloitte 1,145 25 39 -1413 11 JPMorgan 33,305 24 27 -312 12 Deutsche Bank 27,984 23 32 -917 13 Rothschild 14,347 21 21 016 14 HSBC 17,356 16 25 -920 15 Standard Chartered 8,750 14 16 -222 16 Maybank Investment Bank 4,956 13 15 -221 17 Lazard 2,632 13 15 -28 18 CIMB Group 2,346 13 35 -2225 19 Barclays 7,343 12 13 -140 20 RBC Capital Markets 26,519 11 7 4

League Table of Financial Advisers to Asia-Pacific (ex. Japan) M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

1 1 Goldman Sachs 74,418 40 96,693 -23.0%7 2 Citigroup 65,280 36 36,413 79.3%11 3 Credit Suisse 48,056 25 25,857 85.9%2 4 Morgan Stanley 46,835 32 66,275 -29.3%4 5 UBS Investment Bank 42,155 28 44,102 -4.4%3 6 JPMorgan 33,305 24 48,401 -31.2%10 7 Deutsche Bank 27,984 23 29,451 -5.0%21 8 RBC Capital Markets 26,519 11 13,883 91.0%38 9 BMO Capital Markets 24,089 6 5,015 380.3%8 10 Bank of America Merrill Lynch 21,238 9 33,585 -36.8%52 11 DBS Bank 18,718 10 2,555 632.6%6 12 HSBC 17,356 16 36,638 -52.6%23 13 China International Capital

Corporation14,379 5 11,692 23.0%

33 14 Rothschild 14,347 21 6,726 113.3%18 15 Macquarie Group 13,692 25 14,832 -7.7%28 16 CITIC Securities Co 12,089 9 8,694 39.0%- 17 United Overseas Bank 10,164 2 - -

32 18 Standard Chartered 8,750 14 6,787 28.9%70 19 Allen & Company 8,110 2 1,684 381.6%58 20 ING 7,444 5 2,092 255.8%


Asia-Pacific: League Tables of Financial AdvisersLeague Table of Financial Advisers to Asia-Pacific (ex. Japan) Buyouts*: Volume

Ranking Q1-Q3 2012 Q1-Q3 2011Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

- 1 Deutsche Bank 3,001 6 - -21 2 Deloitte 117 4 1 37 3 Morgan Stanley 1,411 3 2 1- 4 M&A International 202 3 - -

19 5 JPMorgan 1,650 2 1 125 6 Rippledot Capital 240 2 1 118 7 Ernst & Young 149 2 1 111 8 UBS Investment Bank 1,639 1 2 -11 9= Citigroup 1,021 1 3 -2- 9= Investec 1,021 1 - -

10 11= Credit Suisse 813 1 2 -19 11= Macquarie Group 813 1 2 -1- 13 Record Point 545 1 - -5 14 KPMG 155 1 3 -2- 15 Kotak Investment Banking 136 1 - -

League Table of Financial Advisers to Asia-Pacific (ex. Japan) Buyouts*: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

- 1 Deutsche Bank 3,001 6 - -12 2 JPMorgan 1,650 2 702 135.0%20 3 UBS Investment Bank 1,639 1 259 532.8%7 4 Morgan Stanley 1,411 3 1,651 -14.5%1 5= Citigroup 1,021 1 3,141 -67.5%- 5= Investec 1,021 1 - -

16 7= Credit Suisse 813 1 409 98.8%14 7= Macquarie Group 813 1 457 77.9%- 9 Record Point 545 1 - -

24 10 Rippledot Capital 240 2 143 67.8%- 11 M&A International 202 3 - -

25 12 KPMG 155 1 104 49.0%11 13 Ernst & Young 149 2 894 -83.3%- 14 Kotak Investment Banking 136 1 - -- 15 Grant Samuel 130 1 - -



Asia-Pacific: League Tables of Financial Advisers

League Table of Financial Advisers to Greater China M&A: VolumeRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

7 1 Citigroup 30,436 18 13 51 2 Goldman Sachs 36,144 12 22 -104 3 Deutsche Bank 13,644 11 14 -33 4 Morgan Stanley 8,369 11 15 -42 5 UBS Investment Bank 28,668 9 20 -115 6 CITIC Securities Co 12,089 9 14 -522 7 Rothschild 7,229 9 6 317 8 Somerley 3,230 9 7 246 9 China Renaissance Partners 1,152 8 3 56 10 Credit Suisse 18,663 7 13 -69 11 HSBC 11,826 7 12 -511 12 JPMorgan 8,283 7 11 -430 13 KPMG 1,894 7 4 320 14 Standard Chartered 1,399 6 6 010 15 China International Capital

Corporation14,379 5 11 -6

League Table of Financial Advisers to Greater China M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

1 1 Goldman Sachs 36,144 12 30,261 19.4%13 2 Citigroup 30,436 18 7,126 327.1%10 3 UBS Investment Bank 28,668 9 9,533 200.7%9 4 RBC Capital Markets 19,290 4 10,726 79.8%11 5 Credit Suisse 18,663 7 9,024 106.8%19 6 BMO Capital Markets 17,654 1 3,894 353.4%8 7 China International Capital

Corporation14,379 5 11,692 23.0%

4 8 Deutsche Bank 13,644 11 15,117 -9.7%12 9 CITIC Securities Co 12,089 9 8,694 39.0%3 10 HSBC 11,826 7 21,950 -46.1%2 11 Morgan Stanley 8,369 11 25,085 -66.6%14 12 JPMorgan 8,283 7 5,976 38.6%77 13 Allen & Company 8,110 2 309 2,525%34 14 Rothschild 7,229 9 1,848 291.2%16 15 Nomura Holdings 5,661 4 5,169 9.5%

League Table of Financial Advisers to Asia (ex. Japan) M&A: VolumeRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

6 1 Citigroup 61,528 32 29 33 2 Morgan Stanley 44,141 29 33 -44 3 Goldman Sachs 64,605 28 32 -48 4 PwC 2,201 23 28 -57 5 KPMG 3,976 21 29 -82 6 Ernst & Young 4,575 20 29 -145 7 UBS Investment Bank 38,935 19 32 -1311 8 Deutsche Bank 24,464 19 23 -410 9 Credit Suisse 44,274 18 24 -617 10 JPMorgan 31,735 16 15 119 11 Rothschild 12,814 16 14 213 12 Deloitte 919 16 22 -69 13 HSBC 16,936 15 24 -924 14 Standard Chartered 8,730 13 11 216 15 Maybank Investment Bank 4,956 13 15 -2

League Table of Financial Advisers to Asia (ex. Japan) M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

1 1 Goldman Sachs 64,605 28 52,869 22.2%4 2 Citigroup 61,528 32 33,236 85.1%8 3 Credit Suisse 44,274 18 16,417 169.7%2 4 Morgan Stanley 44,141 29 49,337 -10.5%6 5 UBS Investment Bank 38,935 19 24,187 61.0%12 6 JPMorgan 31,735 16 12,908 145.9%7 7 Deutsche Bank 24,464 19 18,728 30.6%27 8 BMO Capital Markets 22,709 2 5,015 352.8%5 9 Bank of America Merrill Lynch 20,155 8 29,645 -32.0%13 10 RBC Capital Markets 19,290 4 11,939 61.6%40 11 DBS Bank 18,718 10 2,555 632.6%3 12 HSBC 16,936 15 36,298 -53.3%14 13 China International Capital

Corporation14,379 5 11,692 23.0%

36 14 Rothschild 12,814 16 3,195 301.1%18 15 CITIC Securities Co 12,089 9 8,694 39.0%



League Table of Financial Advisers to Japanese M&A: VolumeRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

1 1 Nomura Holdings 51,976 66 58 83 2 Mizuho Financial Group 32,872 40 25 152 3 Morgan Stanley 37,857 35 25 104 4 Daiwa Securities Group 7,450 26 25 17 5 GCA Savvian Group 6,729 26 17 98 6 KPMG 6,665 20 15 56 7 Deloitte 2,920 18 18 05 8 Sumitomo Mitsui Financial Group 16,460 13 21 -89 9 Goldman Sachs 19,890 12 14 -214 10 JPMorgan 28,478 10 9 111 11 PwC 1,746 10 14 -480 12 Barclays 15,180 9 1 815 13 Credit Suisse 1,500 8 9 -117 14 UBS Investment Bank 3,593 7 5 212 15 Deutsche Bank 2,562 7 11 -4

League Table of Financial Advisers to Japanese M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

3 1 Nomura Holdings 51,976 66 40,579 28.1%5 2 Morgan Stanley 37,857 35 33,536 12.9%8 3 Mizuho Financial Group 32,872 40 28,768 14.3%7 4 JPMorgan 28,478 10 29,056 -2.0%1 5 Goldman Sachs 19,890 12 51,864 -61.6%6 6 Sumitomo Mitsui Financial Group 16,460 13 30,985 -46.9%80 7 Barclays 15,180 9 - -4 8 Bank of America Merrill Lynch 11,034 5 34,550 -68.1%34 9 Royal Bank of Scotland Group 7,459 2 680 996.9%9 10 Daiwa Securities Group 7,450 26 26,190 -71.6%12 11 GCA Savvian Group 6,729 26 4,117 63.4%14 12 KPMG 6,665 20 3,562 87.1%- 13 Greenhill & Co 4,755 2 - -

19 14 Rothschild 4,133 3 2,236 84.8%- 15 Jefferies & Company 3,797 3 - -

League Table of Financial Advisers to Australasian M&A: VolumeRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

1 1 Macquarie Group 12,202 22 26 -42 2 Goldman Sachs 9,813 12 25 -133 3 UBS Investment Bank 4,353 11 22 -114 4 Deloitte 305 11 22 -1132 5 RBC Capital Markets 8,655 9 3 65 6 KPMG 516 9 19 -1017 7 Rothschild 6,464 8 7 114 8 Grant Samuel 3,242 8 8 08 9 JPMorgan 1,570 8 13 -56 10 Ernst & Young 714 8 18 -1010 11 Credit Suisse 3,782 7 10 -327 12 Greenhill & Co 1,897 7 5 29 13 Gresham Advisory Partners 549 7 13 -612 14 Deutsche Bank 4,770 5 9 -415 15 Lazard 1,361 5 7 -2

League Table of Financial Advisers to Australasian M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

12 1 Macquarie Group 12,202 22 13,982 -12.7%1 2 Goldman Sachs 9,813 12 44,046 -77.7%29 3 RBC Capital Markets 8,655 9 1,944 345.2%23 4 Rothschild 6,464 8 3,531 83.1%14 5 Deutsche Bank 4,770 5 10,723 -55.5%5 6 UBS Investment Bank 4,353 11 22,515 -80.7%16 7 Credit Suisse 3,782 7 9,440 -59.9%20 8 Citigroup 3,752 4 5,451 -31.2%18 9 Nomura Holdings 3,463 3 5,740 -39.7%7 10 Grant Samuel 3,242 8 19,353 -83.3%10 11 Morgan Stanley 2,694 3 17,395 -84.5%51 12 Investec 2,110 4 391 439.6%26 13 Greenhill & Co 1,897 7 2,439 -22.2%- 14 Standard Bank Group 1,770 2 - -2 15 JPMorgan 1,570 8 35,803 -95.6%



League Table of Financial Advisers to South East Asian M&A: VolumeRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

3 1 Maybank Investment Bank 4,956 13 15 -24 2 DBS Bank 18,718 10 14 -41 3 CIMB Group 1,978 10 24 -148 4 Goldman Sachs 19,574 9 7 22 5 OSK Investment Bank 1,696 9 18 -99 6 UBS Investment Bank 9,748 8 7 111 7 Credit Suisse 14,876 7 7 081 8 Standard Chartered 7,570 7 1 619 9 HSBC 5,127 7 4 35 10 Citigroup 14,785 6 9 -312 11 Deutsche Bank 9,607 6 7 -17 12 AmInvestment Bank 1,178 6 8 -26 13 Morgan Stanley 20,035 5 8 -310 14 RHB Investment Bank 1,155 5 7 -218 15 Deloitte 265 5 4 1

League Table of Financial Advisers to South East Asian M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

9 1 Morgan Stanley 20,035 5 4,503 344.9%5 2 Goldman Sachs 19,574 9 8,049 143.2%15 3 DBS Bank 18,718 10 2,555 632.6%12 4 Credit Suisse 14,876 7 4,206 253.7%2 5 Citigroup 14,785 6 10,713 38.0%19 6 JPMorgan 10,588 2 2,093 405.9%- 7 United Overseas Bank 10,164 2 - -6 8 UBS Investment Bank 9,748 8 7,148 36.4%16 9 Deutsche Bank 9,607 6 2,544 277.6%81 10 Standard Chartered 7,570 7 11 68,718%20 11 ING 7,421 3 2,092 254.7%4 12 Bank of America Merrill Lynch 5,780 2 8,331 -30.6%35 13 HSBC 5,127 7 501 923.4%24 14= BMO Capital Markets 5,055 1 1,121 350.9%- 14= Scotia Capital 5,055 1 - -

League Table of Financial Advisers to Indian M&A: VolumeRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

1 1 Ernst & Young 1,508 12 13 -13 2 Morgan Stanley 13,088 8 7 118 3 Kotak Investment Banking 608 7 4 32 4 Avendus Capital 177 7 10 -37 5 KPMG 1,363 6 7 -14 6 Citigroup 12,735 5 7 -228 7 JPMorgan 12,301 5 2 312 8 Enam Securities 2,525 5 5 05 9 Yes Bank 179 5 7 -240 10 Deloitte 116 5 2 331 11 Credit Suisse 10,735 4 2 235 12 Rothschild 1,197 4 2 223 13 Ambit Corporate Finance 267 4 3 127 14 Singhi Advisors 75 4 3 121 15 Goldman Sachs 6,731 3 3 0

League Table of Financial Advisers to Indian M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

1 1 Morgan Stanley 13,088 8 14,469 -9.5%3 2 Citigroup 12,735 5 7,305 74.3%5 3 JPMorgan 12,301 5 6,335 94.2%15 4 Credit Suisse 10,735 4 1,213 785.0%10 5 Bank of America Merrill Lynch 10,289 1 1,933 432.3%2 6 Goldman Sachs 6,731 3 12,862 -47.7%31 7 Enam Securities 2,525 5 343 636.2%18 9 Barclays 1,731 3 1,080 60.3%25 9 Ernst & Young 1,508 12 390 287%55 10 KPMG 1,363 6 76 1,693%34 11 Rothschild 1,197 4 305 292.5%- 12 Oppenheimer & Co 635 1 - -

13 13 Kotak Investment Banking 608 7 1,309 -53.6%16 14 Jefferies & Company 395 2 1,213 -67.4%11 15 Royal Bank of Scotland Group 395 1 1,654 -76.1%


Asia-Pacific: League Tables of Financial AdvisersLeague Table of Financial Advisers to South Korean M&A: Volume

Ranking Q1-Q3 2012 Q1-Q3 2011Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

4 1 PwC 1,552 14 9 52 2 KPMG 719 7 11 -422 3 Goldman Sachs 3,583 6 1 59 4 Daewoo Securities 885 6 4 23 5 Deloitte 538 6 11 -58 6 Morgan Stanley 2,649 5 4 11 7 Woori Investment & Securities 1,586 4 11 -76 8 Samsung Securities 841 4 7 -314 9 Deutsche Bank 1,597 3 3 021 10 Citigroup 2,096 2 1 1- 11 JPMorgan 563 2 - -

12 12 Nomura Holdings 420 2 3 -1- 13 KB Investment & Securities 353 2 - -- 14 Locus Capital Partners 177 2 - -5 15 Ernst & Young 164 2 8 -6

League Table of Financial Advisers to South Korean M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

20 1 Rothschild 3,655 1 527 593.5%7 2 Goldman Sachs 3,583 6 4,443 -19.4%6 3 Morgan Stanley 2,649 5 5,716 -53.7%2 4 Citigroup 2,096 2 8,761 -76.1%13 5 Deutsche Bank 1,597 3 1,830 -12.7%4 6 Woori Investment & Securities 1,586 4 7,917 -80.0%24 7 PwC 1,552 14 295 426.1%25 8 Macquarie Group 1,062 1 269 294.8%12 9 Daewoo Securities 885 6 1,943 -54.5%1 10 Samsung Securities 841 4 9,974 -91.6%18 11 KPMG 719 7 848 -15.2%- 12 Greenhill & Co 629 1 - -- 13 JPMorgan 563 2 - -

21 14 Deloitte 538 6 406 32.5%27 15 Hana Daetoo Securities Co 427 1 217 96.8%


• Total deal value for 2012 of US$ 30.2bn, down 15.6% on same period in 2011

• Africa & Middle East sees slowest third quarter since 2005 • Goldman Sachs tops league table with deals worth US$ 7,5bn

In the first three quarters of 2012, Africa and the Middle East saw M&A deals with a total value of US$ 30.2bn, 15.6% lower than the same period in 2011 (US$ 35.8bn). The region accounted for 2.1% of the US$ 1,426.5bn total value of global M&A, just over the 2% market share last year. The total for Q3 was, however, the lowest for a third quarter since Q3 2005 (US$ 5.9bn). After an encouraging 44% increase in Middle East & Africa deal making from Q1 (US$ 9.2bn) to Q2 (US$ 13.2bn) 2012, activity slumped again - by 40.4% - in Q3, in exact contrast to the 42.8% increase seen between Q2 and Q3 last year.

In the Middle East and Africa, Telecoms deals skyrocketed by 381.7% from US$ 1.5bn in Q1-Q3 2011 to US$ 7.1bn for the same period this year, France Telecom’s US$ 3.3bn offer for ECMS/Mo-binil being the standout deal. The top ten deals also included three telecommunications transac-tions.

Goldman Sachs was the lead advisory firm on ten deals worth US$ 7,5bnm. HSBC followed with seven transactions with a total value of US$ 6,5bn.

Africa & Middle East M&A Overview

Q1-Q3 2012 Q1-Q3 2011 Change



Industrials & Chemicals 7.1 23.52% 6 1.5 4.1% 6 381.7% 0

Financial Services 5.8 19.1% 39 2.86 8.0% 32 101.3% 7

Technology 3.6 11.8% 28 4.3 11.9% 40 -16.3% -12

Consumer 1.42 4.71% 27 5.4 15.1% 42 -73.6% -15


Business Services 1.0 3.4% 13 1.28 3.57% 17 -18.6% -4

Construction 0.8 2.5% 11 0.2 0.6% 12 242.5% -1

Real Estate 0.7 2.4% 24 1.2 3.3% 19 -38.7% 5

Transport 0.3 1.0% 10 0.2 0.5% 1 62.6% 9

Agriculture 0.2 0.8% 5 0.4 1.2% 9 -40.9% -4

Media 0.1 0.24% 6 0.0 0.0% 1 453.8% 5

Telecommunications 0.1 0.2% 5 0.10 0.3% 5 -32.6% 0

Leisure 0.01 0.02% 1 3.8 10.7% 7 -99.8% -6

Defence - - 0 0.1 0.2% 3 -100.0% -3

Total 30.2 217 35.8 254 -15.6% -37

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Africa & Middle East M&A Activity - Quarterly

Value (US$bn)

Volume


Africa & Middle EastM&A Heat ChartSector Middle East Central &

Southern Africa (excl.

South Africa)

South Africa Northern & West Africa

Total

TMT 71 4 3 10 88

Energy, Mining & Utilities 27 55 30 17 129

Financial Services 23 37 9 8 77

Pharma, Medical & Biotech 29 2 1 32

Industrials & Chemicals 20 4 12 6 42

Consumer 16 6 7 9 38

Business Services 15 4 8 1 28

Real Estate 12 3 10 1 26

Transportation 14 3 2 3 22

Leisure 13 1 3 2 19

Construction 6 7 9 4 26

Agriculture 2 3 2 1 8

Defence 2 0 2 4

Other 0 2 2

Total 250 129 99 63 541

Hot Warm Cold

70 25 10

50 20 5

35 15 0

Energy, Mining and Utilities offers most potential acquisitions in Africa as a whole, followed - particularly in Central & Southern Africa – by Financial Services.

In the Middle East, the TMT sector dominates the “Companies for sale” analysis in the region while the Energy, Mining & Utilities sector provides another source of potential M&A.




Africa & Middle East M&A Overview: Top DealsTop 10 Announced Deals for Q1-Q3 2012

Announced Date


12-Apr-12 France Telecom SA HSBC; Lazard; SG Egyptian Company for Mobile Services (63.64% Stake)

Orascom Telecom Media and Technology Holding SAE

3,281

16-Aug-12 Qatar Telecom (QTel) QSC Barclays; NBK Capital National Mobile Telecommunications Company KSC (47.5% Stake)

2,206

19-Jun-12 National Bank of Kuwait SAK Kuwait Finance and Investment Co

Boubyan Bank of Kuwait 2,071

01-Feb-12 Rio Tinto Limited Deutsche Bank Richards Bay Minerals (37% Stake)

Standard Bank Group BHP Billiton Plc 1,700

05-Jan-12 Eurasian Natural Resources Corporation Plc

BMO Capital Markets First Quantum Minerals (Kolwezi Tailings project, Frontier and Lonshi mines and related exploration interests)

Goldman Sachs; Jefferies & Company; RBC Capital Markets

First Quantum Minerals Limited 1,250

10-Sep-12 Castle Harlan Inc; Lime Rock Partners; and CHAMP Private Equity Pte Ltd

Transocean Ltd (38 Shallow Water Drilling Rigs)

Goldman Sachs Transocean Ltd 1,050

28-Mar-12 Mannai Corporation QSC; and EFG Hermes

EFG-Hermes Damas International Limited Nomura Holdings; PwC 991

05-Jun-12 Qatar Telecom (QTel) QSC Asia Cell Telecommunication Company Ltd (19% Stake)

Credit Suisse MerchantBridge & Co Ltd 931

06-Sep-12 Shlomo Eliahu (private investor) Migdal Insurance and Financial Holdings Ltd (69.13% Stake)

Assicurazioni Generali SpA 891

02-Jul-12 Heritage Oil Plc; and Shoreline Power Company Limited

JPMorgan Cazenove Oil Mining Lease 30 (45% Stake) The Shell Petroleum Development Company of Nigeria Limited; Total E&P Nigeria Limited; and Nigerian Agip Oil Company Limited

850


Africa & Middle East: League Tables of Financial AdvisersLeague Table of Financial Advisers to Africa & Middle East M&A: Volume

Ranking Q1-Q3 2012 Q1-Q3 2011Q1-Q3 2011


Value (US$m)

Deal Count

Deal Count

Count Change

1 1 Goldman Sachs 7,525 10 15 -54 2 Standard Bank Group 3,347 9 12 -322 3 PwC 2,662 9 4 52 4 Rand Merchant Bank 1,458 9 14 -55 5 Ernst & Young 1,230 9 12 -3- 6 Barclays 5,098 8 - -

13 7 HSBC 6,540 7 5 26 8 JPMorgan 2,571 7 10 -312 9 Rothschild 3,541 6 5 130 10 RBC Capital Markets 2,649 6 2 47 11 Bank of America Merrill Lynch 3,388 5 9 -49 12 Investec 776 5 9 -415 13 Citigroup 3,651 4 4 025 14 UBS Investment Bank 3,046 4 3 119 15 Jefferies & Company 1,475 4 4 026 16 M&A International 93 4 3 120 17 Lazard 4,507 3 4 -1- 18 UniCredit Group 1,276 3 - -- 19 BDO 77 3 - -3 20 Deutsche Bank 3,973 2 13 -11

League Table of Financial Advisers to Africa & Middle East M&A: ValueRanking Q1-Q3 2012 Q1-Q3 2011

Q1-Q3 2011


Value (US$m)

Deal Count

Value (US$m)

% Val. Change

1 1 Goldman Sachs 7,525 10 17,984 -58.2%17 2 HSBC 6,540 7 2,602 151.3%- 3 Barclays 5,098 8 - -

26 4 Lazard 4,507 3 1,606 180.6%4 5 Deutsche Bank 3,973 2 10,402 -61.8%11 6 Citigroup 3,651 4 4,814 -24.2%12 7 Rothschild 3,541 6 3,798 -6.8%2 8 Bank of America Merrill Lynch 3,388 5 11,947 -71.6%8 9 Standard Bank Group 3,347 9 5,996 -44.2%- 10 SG 3,281 1 - -

61 11 Nomura Holdings 3,264 2 150 2,076%34 12 UBS Investment Bank 3,046 4 924 229.7%5 13 Credit Suisse 2,931 2 9,106 -67.8%51 14 PwC 2,662 9 254 948.0%35 15 RBC Capital Markets 2,649 6 592 347.5%6 16 JPMorgan 2,571 7 8,157 -68.5%- 17 NBK Capital 2,206 1 - -- 18 Kuwait Finance and Investment 2,071 1 - -- 19 Banco Itau BBA 2,000 1 - -

25 20 Jefferies & Company 1,475 4 1,632 -9.6%


About mergermarket

mergermarket is a mergers & acquisitions (M&A) intelligence service.

mergermarket is part of The Mergermarket Group which has over 450 employees worldwide and regional head offices in New York, London and Hong Kong.

In any market, the life blood of advisors is deal flow. mergermarket is unique in the provision of origination intelligence to the investment banking, legal, private equity, acquisition finance, public relations (PR) and corporate markets.

With an unrivalled network of analysts covering M&A in the Americas, Europe, Mid-dle-East, Africa and Asia-Pacific, mergermarket generates proprietary intelligence and delivers it together with daily aggregated content, on its mergermarket.com platform and by real-time email alerts to subscribers.

This wealth of intelligence, together with a series of deal databases, individual and house league tables, profiles and editorial have proven time and time again that this product can and does generate real revenues for clients. This is apparent when you see that mergermarket is used by over 1500 of the world’s foremost advisory firms to assist in their origination process.

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www.mergermarket.com80 StrandLondon, WC2R 0RLUnited Kingdom

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All data is based on transactions over US$5m announced between 1 January 2012 and 30 September 2012, unless stated otherwise. Deals with undisclosed deal values are included where the target’s turnover exceeds US$10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$100m. Activities excluded from the league tables include property transactions and restructurings where the ultimate shareholders’ interests are not changed.

The M&A activity table and league tables are based on the dominant geography of any of the target, bidder or seller. The overall trend graph and pie charts are based on the domi-nant geography of the target only. The cross-border trend graph and pie charts are based on the dominant geography of the target and the bidder. All sector breakdowns are based on the dominant sector of the target only.

The trend graphs are based on transactions announced in the given time periods.

For this report, “inbound” refers to deals where the dominant geography of the target is X and the dominant geography of the bidder is outside X; “outbound” refers to deals where the dominant geography of the target is outside X and the dominant geography of the bidder is X.

All data correct as of 01 October 2012.

Criteria: http://www.mergermarket.com/pdf/deal_criteria.pdf

Criteria


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