mergermarket.q32013.financialadvisorm&atrendreport.pdf

Spotlight

Mergermarket Q1 - Q3 2013 M&A Round-Up

Mergermarket Q1-Q3 2013 Report 1 www.mergermarket.com

October 2013Including League Tables of Financial Advisors

P 3 - 5Global overview

Contents

Global financial advisor league tables P 6

Global private equity: Buyouts overview and league tables P 8 - 10

Global private equity: Exits overview P 11 - 12

Global deal size and Mid-market analysis P 13

Global consideration and Multiples & premiums analysis P 14

P 15 - 17Europe: Financial Advisor League Tables P 18 - 28

Press Contacts:

EMEA: Flora Wilke [email protected] Tel: +44 207 010 6348

Americas: Chrissy Carney [email protected] Tel: +1 646 378 3118

Asia-Pacific: Jessica Chan [email protected] Tel: +852 2158 9706

Deal Submission Contacts:

EMEA: Nancy Honsinger [email protected] Tel: +44 207 010 6227

Americas: Richard Myers [email protected] Tel: +1 212 500 1393

Asia-Pacific: Fidelia Liu [email protected] Tel: +852 2158 9723

Europe: Overview

Criteria P 57

What can Mergermarket do for you P 58Mergermarket Q1-Q3 2013 Report 2 www.mergermarket.com

Top deals contribution to top 20 advisors P 7

P 29 - 31US: Financial Advisor League Tables P 32 - 37US: Overview

P 38 - 40Asia-Pacific (excl. Japan): Financial Advisor League Tables P 41 - 45Asia-Pacific (excl. Japan): Overview

P 46 - 48Japan: Financial Advisor League Tables P 49Japan: Overview

P 50 - 52Africa & Middle East: Financial Advisor League Tables P 53Africa & Middle East: Overview

P 54 - 56Emerging Markets: Overview

mailto:Flora.Wilke%40mergermarket.com?subject=






Quarterly M&A Growth Comparison Quarterly M&A Trend Breakdown

Global: Overview of Q1 - Q3 2013 • For the first time in 2013, Q1 – Q3 Global M&A was up compared to the same period in 2012 at US$ 1,606.7bn versus US$ 1,522.8bn (5.5% increase)

• Goldman Sachs (US$ 499.7bn) surpassed JPMorgan (US$ 449.6bn) to top the global financial advisor league table by value for the first time in 2013

3,668.4

2,407.6

1,710.3

2,089.2

2,250.9 2,273.1

1,606.7

809.8

589.9

419.3 459.3

613.2

461.4 438.3

1,276.7

677.1

395.9 429.4

580.8

558.9 524.6

849

683.2

326.4

492.6

587.7

502.5 643.8

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• Global M&A in Q1 – Q3 was valued at US$ 1,606.7bn which represented a 5.5% increase compared to Q1 – Q3 2012 (US$ 1,522.8bn). Global M&A has increased gradually for the last three years and 2013 is on target to continue the trend and potentially see the highest total since 2008 (US$ 2,407.6bn)

• Growing boardroom confidence has been reflected in consistent quarterly increases in M&A value during 2013. Q3 (US$ 643.8bn) was up 22.7% on Q2 (US$ 524.6bn) and 46.9% higher than Q1 (US$ 438.3bn)

• Q3 2013 also rebounded 28.1% from Q3 2012 (US$ 502.5bn) thanks to post-summer deal announcements in September (US$ 285.4bn), the highest valued month so far this year (previous highest month was December valued at US$ 286.3bn)

• Both the US and Europe registered deal values in Q1 – Q3 2013 that were above Q1 – Q3 2012 – the US (US$ 654.5bn) accounted for a 40.7% market share of global M&A followed by Europe (US$ 478.7bn) with 29.8%


Global: Industry and Cross-Border Analysis

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Global M&A Value

Cross-Border Value

Global Number of Deals

Cross-Border Number of Deals

• Q1 – Q3 2013’s cross-border deals were valued at US$ 559.4bn, a 7.9% decrease com-pared to Q1 – Q3 2012 (US$ 607.2bn) despite gaining traction each quarter. Q3 (US$ 224.2bn) was the most active quarter during Q1 – Q3 2013, up 21.7% on Q2 (US$ 184.2bn), and up 8.4% on Q3 2012 (US$ 206.8bn)

• With US domestic deals accounting for half of the highest valued deals so far this year, cross-border deals accounted for a little less towards global M&A in Q1 – Q3 2013 com-pared to Q1 – Q3 2012, a 34.8% market share was slightly behind the 41.2% seen last year

• Total deal value for transatlantic deals during Q1 – Q3 2013 (US$ 312.3bn) was 11.5% higher than during Q1 – Q3 2012 (US$ 280.2bn) and featured in four of the top ten cross-border deals. Q3 (US$ 204.1bn) was the highest valued quarter for transatlantic deals since Q2 2007 (US$ 232.8bn)

• Europe was the most targeted region for cross-border activity between countries with deals valued at US$ 100bn which was a 44.6% market share. North America followed with a 22.3% market share for cross-border deals valued at US$ 50bn

• This year will be remembered as the year of the TMT sector (US$ 445.6bn), with deal totals at a six-year high (since 2007, valued at US$ 502.1bn), 40.5% higher than the total value in 2012 (US$ 317.1bn). The sector increased 116.4% on Q1 – Q3 2012 (US$ 205.9bn)

• The TMT sector accounted for 27.7% of total deal values in Q1 – Q3 2013 with the largest deal on record (Verizon/Vodafone valued at US$ 124.1bn) adding 27.9% to TMT M&A. The deal further contributed to heavy consolidation in the sector, with seven of the top deals in Q1 – Q3 2013 featuring TMT companies as targets. Even with the exclusion of the Veri-zon deal, TMT would still have been the sector with the largest increase at 56.1%

• Of the other three sectors showing increased value on Q1 – Q3 2012, Pharma, Medical & Biotech (US$ 126.1bn) and Transport (US$ 49.2bn) were the only two showing increases in all three major regions. Globally, both sectors were up 26.7% and 29.1%, respectively. TMT has not picked up in Asia-Pacific and Real Estate M&A is yet to recover in the US

5.1%

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10.7%

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Business Services: US$ 65.7bn (US$ 78.2bn)

Consumer: US$ 193.9bn (US$ 205.7bn)

Energy, Mining & Utilities: US$ 297.8bn (US$ 390.2bn)

Financial Services: US$ 144.7bn (US$ 163.4bn)

Industrials & Chemicals: US$ 141.6bn (US$ 207.3bn)

Leisure: US$ 26.4bn (US$ 34.2bn)

Pharma, Medical & Biotech: US$ 126.1bn (US$ 99.5bn)

Real Estate: US$ 63.4bn (US$ 54.6bn)

TMT: US$ 445.6bn (US$ 205.9bn)

Transport: US$ 49.2bn (US$ 38.1bn)

Other: US$ 52.3bn (US$ 45.9bn)

Q1 - Q3 2012

Q1 - Q3

2013

Global Cross-Border AnalysisQ1 - Q3 2013 vs (Q1 - Q3 2012) Value and Market Share Comparison


Global: Top 10 Deals


Announced

DateBidder Company

Bidder Financial

AdvisorTarget Company

Target/Seller

Financial AdvisorSeller Company

Deal

Value

(US$m)

02-Sep-13 Verizon Communications Inc

Bank of America Merrill Lynch; Barclays;

Guggenheim Partners; JPMorgan; Morgan

Stanley; Paul J. Taubman

Verizon Wireless Inc (45% Stake)

Advising seller: Goldman Sachs; UBS

Investment Bank

Vodafone Group Plc 124,100

14-Feb-13 Berkshire Hathaway Inc; and 3G Capital Partners

JPMorgan; Lazard; Wells Fargo Securities

H.J. Heinz Company Bank of America Merrill Lynch; Centerview Partners; Moelis &

Company

27,362

06-Feb-13 Liberty Global Inc Credit Suisse; LionTree Advisors

Virgin Media Inc Goldman Sachs; JPMorgan

24,983

09-Aug-13 America Movil SAB de CV

Deutsche Bank Koninklijke KPN NV (70.23% Stake)

ABN AMRO Bank; Goldman Sachs

22,686

05-Feb-13 Silver Lake Partners LP; and Michael Dell (private

investor)


Citi; Credit Suisse; Deutsche Bank;

LionTree Advisors; RBC Capital Markets; UBS

Investment Bank

Dell Inc Evercore Partners; Goldman Sachs;

JPMorgan

20,169

28-Jul-13 Publicis Groupe SA Bank of America Merrill Lynch; BNP Paribas;

Citi; Rothschild

Omnicom Group Inc Moelis & Company; Morgan Stanley

19,369

12-Feb-13 Comcast Corporation Bank of America Merrill Lynch; Morgan Stanley

NBCUniversal Media LLC (49% Stake)

Advising seller: Centerview Partners;

Goldman Sachs; JPMorgan

General Electric Company

16,700

15-Apr-13 Thermo Fisher Scientific Inc

Barclays; JPMorgan Life Technologies Corp Deutsche Bank; Moelis & Company

15,008

08-Apr-13 Russian Grids OAO Barclays; Ernst & Young; Morgan Stanley;

VTB Capital

Federal Grid Company of Unified Energy System OAO (79.64% Stake)

The Federal Agency for State Property

Management

14,375

24-Jun-13 Vodafone Group Plc Goldman Sachs; UBS Investment Bank

Kabel Deutschland Holding AG

Deutsche Bank; Morgan Stanley; Perella

Weinberg Partners

13,678


Global: Financial Advisor League Tables League Table of Financial Advisors to M&A by Value: Global

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012

Q1-Q3 2013 Company Name Value

(US$m)Deal

CountValue

(US$m)% Val. Change

1 1 Goldman Sachs 499,680 226 405,988 23.1%3 2 JPMorgan 454,020 176 298,510 52.1%2 3 Morgan Stanley 423,630 175 335,875 26.1%8 4 Bank of America Merrill Lynch 413,813 145 183,641 125.3%5 5 Barclays 303,708 115 254,576 19.3%12 6 UBS Investment Bank 249,427 103 112,525 121.7%4 7 Deutsche Bank 208,714 100 268,698 -22.3%6 8 Citi 177,600 126 230,193 -22.8%7 9 Credit Suisse 162,989 110 228,832 -28.8%94 10 Guggenheim Partners 151,008 13 3,296 4,482%11 11 Lazard 144,551 134 122,308 18.2%- 12 Paul J. Taubman 127,600 2 - -

26 13 Moelis & Company 120,352 59 27,121 343.8%13 14 BNP Paribas 94,790 73 90,013 5.3%9 15 Rothschild 87,867 129 147,851 -40.6%

18 16 Centerview Partners 79,364 17 53,318 48.9%

16 17 Evercore Partners 67,798 62 65,258 3.9%

14 18 RBC Capital Markets 67,692 77 81,253 -16.7%

- 19 LionTree Advisors 49,211 6 - -

17 20 HSBC 46,070 46 58,699 -21.5%

League Table of Financial Advisors to M&A by Volume: Global

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

1 1 Goldman Sachs 499,680 226 234 -82 2 PwC 18,958 219 233 -147 3 JPMorgan 454,020 176 161 153 4 Morgan Stanley 423,630 175 194 -195 5 KPMG 25,784 166 176 -1012 6 Ernst & Young 30,187 162 130 326 7 Deloitte 11,862 154 166 -1214 8 Bank of America Merrill Lynch 413,813 145 119 2611 9 Lazard 144,551 134 140 -64 10 Rothschild 87,868 129 178 -4913 11 Citi 177,600 126 126 09 12 Barclays 303,708 115 142 -2710 13 Credit Suisse 162,989 110 141 -3115 14 UBS Investment Bank 249,427 103 114 -118 15 Deutsche Bank 208,714 100 146 -46

18 16 M&A International 2,430 93 94 -1

19 17 Jefferies 33,802 78 88 -10

16 18 RBC Capital Markets 67,692 77 108 -31

30 19 BNP Paribas 94,790 73 47 26

22 20 Lincoln International 2,015 70 65 5

Top 5 Deals Contribution to Top 20 Financial Advisors in Q1 - Q3


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Total Number of Deals Advised

1. Goldman Sachs: the firm advised on four of the top five deals valued at US$ 191.9bn. These deals contributed 38.8% to the firm’s total mandates in Q1 – Q3 (US$ 494.1bn)

2. JPMorgan: the firm advised on four of the top five deals valued at US$ 196.6bn. These deals contributed 43.9% to the firm’s total mandates in Q1 – Q3 (US$ 447.6bn)

3. Morgan Stanley: the firm advised on half of the top ten deals valued at US$ 188.2bn. These deals contributed 44.4% to the firm’s total mandates in Q1 – Q3 (US$ 423.6bn)

• Corporations’ appetite to utilize cheap debt manifested itself in an average leverage ratio of 61.8% (for buyouts valued above US$ 200m), a post-financial-crisis high (2007 was 67.6%)

• Optimism surrounding the Technology sector was exemplified by the US$ 8.2bn management-led buyout of Activision Blizzard from Vivendi, the largest buyout this quarter. Technology buyouts worth US$ 45.4bn in Q1 – Q3 2013 have surpassed all previous yearly totals on Mergermarket record (since 2001)

• Canadian Pension Plan Investment Board tied up with Ares Management to acquire the Neiman Marcus Group for US$ 6bn, a vote of confidence in the prospects of luxury retailers amid the US’s mounting economic recovery

• Total buyout values through Q1 – Q3 2013 (US$ 215.8bn) were up 11.6% compared Q1 – Q3 2012 (US$ 193.4bn) despite two quarterly decreases in value

• Global private equity buyout value dropped for the second straight quarter in Q3 to US$ 59.6bn, down 9.2% compared to Q2 (US$ 65.6bn). Q3 2013 became the weakest quarter by value in 18 months (Q1 2012 valued at US$ 54.3bn)

• The sole bright spot for buyout activity in Q3 came in the US, which was the only region to see an increase in activity compared to Q2 2013 with a 39.2% increase to US$ 29.1bn from US$ 20.9bn. This strength mirrors aggregate M&A value in the country, total M&A and buyout value in the US are on course for a fourth successive yearly increase since the collapse of Lehman Brothers

Global Private Equity: Buyouts Overview

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Private Equity Buyouts - Geography Breakdown


• Q3 marked the second quarterly decrease by value but Q1 – Q3 2013 (US$ 215.8bn) buyout activity exceeded Q1 – Q3 2012 (US$ 193.4bn), up 11.6%

• UBS Investment Bank topped the financial advisor to buyouts league table by value with 17 buyouts totaling US$ 39.6bn

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Global Private Equity: Top Buyout Deals


Announced

DateBidder Company

Bidder Financial


Target/Seller


Deal

Value

(US$m)

14-Feb-13 Berkshire Hathaway; and 3G Capital Partners


H.J. Heinz Company Bank of America Merrill Lynch; Centerview Partners; Moelis &

Company

27,362


investor)



LionTree Advisors; Morgan Stanley; RBC Capital Markets; UBS

Investment Bank


JPMorgan

20,169

25-Jul-13 Activision Blizzard Inc; Bobby Kotick (private investor); and Brian

Kelly (private investor)

Allen & Company Activision Blizzard Inc (53.75% Stake)

Centerview Partners; JPMorgan; Advising

seller: Barclays; Deutsche Bank; Goldman Sachs

Vivendi SA 8,169

06-May-13 Bain Capital LLC; GIC Special Investments Pte Ltd; Golden Gate Capital; and Insight

Venture Partners

Barclays; Credit Suisse; Qatalyst Group; RBC

Capital Markets

BMC Software Inc Bank of America Merrill Lynch; Moelis & Company; Morgan

Stanley

6,535

09-Sep-13 Canada Pension Plan Investment Board; and Ares Management LLC

Deutsche Bank; RBC Capital Markets

Neiman Marcus Group Inc

Credit Suisse TPG Capital LP; Warburg Pincus LLC; and Leonard

Green & Partners LP

6,000


Global: Financial Advisor League Tables to BuyoutsLeague Table of Financial Advisors to Private Equity Buyouts by Value: Global

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

20 1 UBS Investment Bank 39,600 17 3,774 949.3%24 2 Lazard 37,734 9 2,652 1,323%8 3 Credit Suisse 37,582 14 11,795 218.6%4 4 Barclays 37,578 13 14,609 157.2%3 5 RBC Capital Markets 34,822 7 20,627 68.8%5 6 JPMorgan 34,652 9 13,928 148.8%1 7 Deutsche Bank 33,246 14 29,731 11.8%11 8 Bank of America Merrill Lynch 29,262 10 8,176 257.9%26 9 Wells Fargo Securities 28,662 3 2,399 1,095%2 10 Citi 23,293 8 22,719 2.5%- 11 LionTree Advisors 20,769 2 - -

10 12 Jefferies 11,555 16 9,150 26.3%6 13 Morgan Stanley 11,417 16 13,035 -12.4%7 14 Goldman Sachs 8,732 18 12,953 -32.6%- 15 Allen & Company 8,169 1 - -

13 16 Nomura Holdings 7,184 8 6,852 4.8%

- 17 Qatalyst Group 6,535 1 - -

36 18 Simmons & Company International 3,850 1 1,112 246.2%

18 19 Rothschild 3,526 8 4,914 -28.2%

33 20 Houlihan Lokey 3,496 2 1,250 179.7%

League Table of Financial Advisors to Private Equity Buyouts by Volume: Global

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

3 1 Deloitte 1,511 22 21 17 2 Goldman Sachs 8,732 18 14 425 3 UBS Investment Bank 39,600 17 5 1212 4 Jefferies 11,555 16 10 64 5 Morgan Stanley 11,417 16 17 -11 6 PwC 3,475 16 34 -188 7 Ernst & Young 3,480 15 14 111 8 Credit Suisse 37,582 14 10 42 9 Deutsche Bank 33,246 14 21 -710 10 Barclays 37,578 13 11 216 11 KPMG 2,797 12 9 353 12 DC Advisory 909 11 2 919 13 Bank of America Merrill Lynch 29,262 10 7 313 14 Lincoln International 466 10 10 021 15 Lazard 37,734 9 7 2

18 16 JPMorgan 34,652 9 8 1

6 17 Citi 23,293 8 14 -6

20 18 Nomura Holdings 7,184 8 7 1

14 19 Rothschild 3,526 8 9 -1

5 20 RBC Capital Markets 34,822 7 15 -8

• All five highest-valued exits so far this year have been Secondary Buyouts (SBOs), thanks to resurgent US and European equity markets. Nevertheless, SBOs dropped 6.1% in value from Q2 2013 (US$ 26.1bn) to US$ 24.5bn in Q3 2013. In Q1 – Q3 2013, SBO activity was down 9.2% at US$ 58.3bn, compared to US$ 64.2bn in Q1 – Q3 2012

• Trade Sale exits so far this year (US$ 119.5bn) were down 25.1% by value from this time last year (US$ 159.6bn). Their market share of all private equity exits was 67.2%, the lowest proportion since 2007 (55.9%), suggesting corporations’ reluctance to deploy their substantial cash reserves to snap up peers: Trade Sale exits in Q3 decreased 1.7% to US$ 45.3bn from US$ 46.1bn in Q2 2013

• Exits from Technology companies, which has historically been ripe with exits, declined 32.4% in value from Q1 - Q3 2012 (US$ 31.5bn) to US$ 21.3bn in Q1 – Q3 2013 even though the sector has been commanding high valuations in global M&A

• Modest exit activity in Q3 (US$ 69.8bn) puts 2013 on target to hit a four year low with Q1 – Q3 (US$ 177.8bn) value down 20.6% on Q1 – Q3 2012 (US$ 223.8bn)

• Goldman Sachs topped the financial advisor league table to exits league table by value with an aggregate of US$ 32.3bn worth of exits

• Exits in Q1 – Q3 2013 (US$ 177.8bn) were down 20.6% on Q1 – Q3 2012 (US$ 223.8bn), leaving 2013 positioned to reach the lowest annual value and volume since 2009 (US$ 92.7bn, 800 exits)

• Exits in Q3 2013 stood at US$ 69.8bn, a decrease of 3.3% from Q2 2013 (US$ 72.2bn) and down 4.1% compared to Q3 2012 (US$ 72.8bn)

• The slowdown in activity comes as no surprise, as for the previous six years quarter-on-quarter comparisons show that Q3 registered a drop compared to Q2 on every occasion. What is surprising however is the fact that over the last two years, Q4 has shown lower activity levels than Q3. Should this trend continue, then 2013’s decline is even more likely

Global Private Equity: Exits Overview

North America 50.9%

Europe 34.8%

North Asia 6.3%

Australasia 1.7%

Africa & Middle East 1.7%

Japan 1.6%

South East Asia 1.5%

South & Central Asia 1.2%

Central & South America 0.3%

Trade Sales vs Secondary Buyouts (SBOs)


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Global Private Equity: Top Exit Deals


Announced

DateBidder Company

Bidder Financial


Target/Seller


Deal

Value

(US$m)

27-May-13 Valeant Pharmaceuticals International Inc

Bausch & Lomb Incorporated


Warburg Pincus LLC 8,700

09-Sep-13 Canada Pension Plan Investment Board; and Ares Management LLC

Deutsche Bank; RBC Capital Markets

Neiman Marcus Group Inc

Credit Suisse TPG Capital LP; Warburg Pincus LLC; and Leonard

Green & Partners LP

6,000

19-Jun-13 BC Partners Limited Credit Suisse; Jefferies; Nomura Holdings

Springer Science + Business Media

Deutschland GmbH

Advising Seller: JPMorgan

EQT Partners AB; and GIC Special Investments

Pte Ltd

4,423

05-Aug-13 Hellman & Friedman LLC Hub International Limited

Advising seller: Bank of America Merrill

Lynch; Morgan Stanley; Stephens

Apax Partners LLP; and Morgan Stanley Principal

Investments Inc

4,400

24-Jun-13 Tenet Healthcare Corporation

Bank of America Merrill Lynch; Barclays; Lazard;

Teneo Capital

Vanguard Health Systems

JPMorgan Blackstone Group LP 4,101

• The average global deal size in Q1 - Q3 2013 hit the highest value since 2007 (US$ 351.3m) at US$ 334m following Q3’s six year high

• Q3 was the highest valued quarter this year (US$ 146.4bn) but failed to haul Q1 - Q3 value (US$ 398.7bn) above Q1 – Q3 2012 (US$ 431.8bn)

• Q1 – Q3 2013 mid-market deals were valued at US$ 398.7bn, down 7.7% compared to Q1 – Q3 2012 (US$ 431.8bn). Global mid-market M&A in Q3 (US$ 146.4bn) was the highest valued quarter this year, accounting for 22.7% of global M&A in Q3 (US$ 643.8bn), the lowest contribution since Q4 2009 (21.7%).

• The value in Q3 represented a small increase on Q2’s US$ 127bn-worth of mid-market deals, up 15.3%. The quarterly rise can be attributed to an increase in mid-market activity in both the US and Asia-Pacific (excl. Japan):

• Q3 mid-market M&A in the US was valued at US$ 49.5bn, up 20.4% from Q2 (US$ 41.1bn). A lack of large-cap deals combined with lower currency valuations in Asia-Pacific (exc Japan) resulted in mid-market M&A witnessing a 64.3% increase in Q3 (US$ 38.6bn) from Q2 (US$ 23.5bn). Q3 2013 was also higher than Q3 2012 (US$ 25.9bn) by 49% and resulted in an overall Q1 – Q3 value of US$ 95.8bn, up 40% on Q1 – Q3 2012 (US$ 68.4bn)

• The global average deal size in Q3 hit the highest quarterly value since Q2 2007 (US$ 466.6m) at US$ 403.6m. Even without Verizon’s US$ 124.1bn mega-deal, Q3 would still have seen an increase in average deal size to US$ 326m, up compared to both Q2 2013 (US$ 312.1m), as well as Q3 2012 (US$ 306.1m)

• The average deal size in Q1 – Q3 2013 (US$ 334m) was the highest average since 2007 (US$ 351.3m) following Q3’s increased mega-deal and mid-market value

• The 16 mega-deals in 2013 had a combined deal value of US$ 368.4bn, 44.1% higher than in Q1-Q3 2012 (US$ 255.6bn). The six mega-deals announced in Q3 (US$ 202bn) repre-sented a 161.7% increase on Q2 (US$ 77.2bn), and an increase of 142.8% on Q3 2012 (US$ 83.2bn). It was the highest valued quarter for mega-deals since Q1 2009 (US$ 209.8bn) and accounted for the largest share of global M&A in any quarter since Q1 2009 (US$ 209.8bn, 50.1%) at 31.4%

Global: Deal Size and Mid-Market Analysis

173.5 227.0

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62.2

80.8

104.8

70.9

96.1

101.2 111.3 98.9

95.8

42.8

67.2

104.8

127.2

79.4

69.7

92.1 101.9 110.1

59.5

0%

5%

10%

15%

20%

25%

30%

0

100

200

300

400

500

600

700

800

900

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

% o

f Glo

bal M

&A

Valu

e of

Dea

ls (U

S$bn

)

% of Global M&A Europe US Asia-Pacific (exc. Japan) Rest of the World

Mid-Market Analysis (US$ 501m - US$ 2bn) Quarterly Average Deal Size Breakdown


321.4 265.7

382.1 302.9

358.2 289.5 285.7

466.6

302.0

299.5

248.8 295.2

305.9 312.1

333.6

361.7 228.2 287.2

338.0 306.1

403.6

277.5

339.9 332.6 361.3 268.4 387.3

0

200

400

600

800

1,000

1,200

1,400

1,600

2007 2008 2009 2010 2011 2012 2013

Valu

e (U

S$m

)

Q1 Q2 Q3 Q4

• Fuelled by downward trends in Europe, Asia-Pacific (excl. Japan), and Japan, global average EBITDA exit multiples fell to the lowest on Mergermarket record (since 2001), 12.5x in 2013 from 13.2x in 2012. North America was the only region to see an increase in average EBITDA multiples to 12.9x in Q1 – Q3 2013, up from 12.2x in 2012

• TMT deals, the pivot for large-cap M&A this year, saw its global EBITDA multiples increase to 19x, up from 14.4x in 2012 – the highest since the 2007 peak of 20.1x. Meanwhile, at 29.2%, the average premium in the sector is down compared to 2012’s 34.3%

• Global M&A targeting the Pharma, Medical & Biotech sector is 26.7% up by value compared to last year and yet the sector holds a valuation at 14x along with a 20.3% premium, both lower than in 2012 (17.7x and 30.1%, respectively)

• Global average premiums to date (19.3%) are at their lowest point since 2007 (15.8%)

• Cash and equity funding was the only source of funding to increase compared to Q1 – Q3 2012 with deals valued at US$ 157.6bn, up 17.7%

• Global average EBIDTA Exit multiple (12.5x) lowest on Mergermarket record and average premium (19.3%) at lowest since 2007

0

5

10

15

20

25

30

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

EBIT

DA

Mul

tiple

(x) -

Ave

rage

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

Multiples & Premiums Consideration Value-Market Share Breakdown Since 2009

Global: Consideration and Multiples & Premiums Analysis


• Only deals funded by a mix of cash and equity increased in total value at US$ 157.6bn, up 17.7% compared to this time last year (US$ 133.9bn)

• The total value of cash-only funded deals was down 14.7% compared to Q1 – Q3 2012 (US$ 953.6bn) at US$ 813.3bn. At only 58.1% of the value for the whole of 2012 (US$ 1,400.5bn), 2013 is poised to bring a halt to three consecutive years of increased growth in the value of cash-only deals

• The surge in TMT deals during Q1 – Q3 2013 saw some changes in the funding choices in this sector compared to Q1 – Q3 2012. The total value of Equity-only transactions was more than eight times the value seen in Q1 – Q3 2012, up 818.5% to US$ 49.6bn from US$ 5.4bn. Deals funded with a mix of both cash and equity also increased, up 71.4% to US$ 40.1bn from US$ 23.4bn. Cash-only deals were more or less level with Q1 – Q3 2012 with deals valued at US$ 150.5bn compared to US$ 142.6bn last year

• Five years on from the credit crisis and the Real Estate sector saw US$ 28bn-worth of equity-only deals through Q1 –Q3 2013. This was over four times (up 359%) the annual to-tal for equity- funded deals in the sector during the whole of 2012 (US$ 6.1bn), but down 49.5% from the peak seen in 2011 (US$ 55.5bn)

18.9%

2009 58.9%

22.2%

11.5%

2010 68.2%

20.3%

11.6%

2011 69.5%

18.9%

12.2%

2012 72.7%

15.1%

13.6%

Q1 - Q3 2013 70.1%

16.3%

Cash & Equity Only Cash only Equity only


Europe: Overview of Q1 - Q3 2013 • European M&A in Q1 – Q3 (US$ 478.7bn) was up 2.4% from Q1 – Q3 2012 (US$ 467.5bn) despite Q3’s (US$ 156.3bn) slow down from Q2 (US$ 193.6bn)

• For a fourth consecutive quarter Goldman Sachs reigns supreme as the top financial advisor to European M&A with US$ 326.1bn worth of deals

1,519.7

1,005.2

466.6

638.9

725.3 711.9

478.7

265.4 295.2

121.6 127.5

183.7 171.1 128.8

583.3

204.1

78.1 114.8

241.7

185.9 193.6

384.7

288.8

79

154.9

165.2

110.5 156.3

0

200

400

600

800

1,000

1,200

1,400

1,600

2007 2008 2009 2010 2011 2012 2013

Valu

e of

Dea

ls (U

S$bn

)

Annual M&A Value Q3 M&A value Q2 M&A Value Q1 M&A Value

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

0

100

200

300

400

500

600

700


2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Valu

e of

Dea

ls (U

S$bn

)

M&A Value

Number of Deals

Num

ber o

f Dea

ls

• Q1 – Q3 European M&A was valued at US$ 478.7bn which represents a 2.4% increase on Q1 – Q3 2012 (US$ 467.5bn). The region is on target to match 2012’s total (US$ 711.9bn). Should the 2013 total also surpass US$ 725.3bn (2011 values), it would mark the highest annual total in five years (2008 valued at US$ 1,005.2bn)

• Unable to maintain the mega-deal momentum set in Q2 (US$ 193.6bn), M&A in Q3 fell 19.3% to US$ 156.3bn. This does however still represent a significant 41.5% increase com-pared to Q3 2012 (US$ 110.5bn)

• Eurozone M&A values in Q1 – Q3 2013 (US$ 284.5bn) were 30.1% higher than Q1 – Q3 2012 (US$ 218.7bn), with Q3 Eurozone deal values (US$ 101.1bn) up 49.3% compared to Q3 2012 (US$ 67.7bn)

• The UK & Ireland (US$ 108.2bn) were Europe’s biggest M&A market, contributing 22.2% to the total deal value on the back of the TMT and Financial Services top deals, followed by the Germanic countries with a 17.9% share for US$ 85.6bn-worth of deals


• Total cross-border (inbound and outbound) M&A value in Q3 (US$ 101.1bn) saw a recovery compared to both Q2 (US$ 54.5bn) and Q1 (US$ 74.3bn), making it the highest valued quarter in 15 months (Q2 2012 valued at US$ 138.7bn). While this shift in momentum is encouraging for the rest of 2013, the Q1 – Q3 2013 total of US$ 230bn was 24.6% lower than Q1-Q3 2012 (US$ 305.1bn)

• Inbound deal value in Q3 (US$ 64.5bn) witnessed a 68% increase on Q2 values (US$ 38.4bn) and a 24% increase on Q1 (US$ 52bn), making it the highest valued quarter in over a year (Q2 2012 valued at US$ 79.8bn)

• However, Q1 – Q3 total inbound activity (US$ 154.9bn) was down 7.9% from Q1 – Q3 2012 (US$ 168.2bn) due to Q2’s (US$ 38.4bn) three year low (Q2 2010 valued at US$ 20.3bn)

• Outbound deals in Q3 (US$ 36.7bn) revived for the first time in 2013, up 128% compared to Q2 (US$ 16.1bn) and up 65.3% from Q1 (US$ 22.2bn). Despite the increase, total Q1 – Q3 2013 outbound value (US$ 75.1bn) was down 45.1% compared to Q1 – Q3 2012 (US$ 136.9bn)

0

50

100

150

200

250

300

0

50

100

150

200

250


2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Num

ber o

f Dea

ls

Valu

e of

Dea

ls (U

S$bn

)

Outbound M&A Value

Inbound M&A Value

Inbound Number of Deals

Outbound Number of Deals

• Q1 – Q3 2013 deals in the TMT sector (US$ 121.9bn) rose by 122.9% compared to Q1 - Q3 2012 (US$ 54.7bn), giving the sector a dominant 25.5% market share with half of the region’s top deals taking place in the sector. Europe’s top deal in Q3 was America Movil’s US$ 22.7bn offer to acquire the remaining 70.2% stake in Koninklijke KPN

• Europe contributed to just over a quarter (27.4%) of global TMT deals (US$ 445.6bn). The significance of the sector in Europe is emphasised by the fact that even if the four TMT deals from Europe’s ten largest were removed, the sector would amount to US$ 49.3bn and still take the third highest market share after Energy, Mining and Utilities (US$ 84.8bn, 17.7%) and Financial Services (US$ 66.5bn, 13.9%)

• Although Q1 – Q3 2013 deals in the Industrials & Chemicals sector (US$ 42.5bn) recorded the highest number of deals in Europe (836), deal value took the steepest fall compared to Q1 – Q3 2012 (US$ 70.1bn), down 39.4% due to the absence of mega-deals

Europe: Industry and Cross-Border Analysis

5.0%

11.1%

26.4%

14.1%

15.0%

1.3%

5.2%

3.4%

11.7%

3.6% 3.2%

4.2%

9.3%

17.7%

13.9%

8.9% 2.2%

7.0%

3.9%

25.5%

4.3% 3.3%


Consumer: US$ 44.4bn (US$ 52bn)







TMT: US$ 121.9bn (US$ 54.7bn)

Transport: US$ 20.8bn (US$ 17bn)

Other: US$ 15.6bn (US$ 15bn)

Q1 - Q3 2012

Q1 - Q3

2013

European Cross-Border Analysis


Q1 - Q3 2013 vs (Q1 - Q3 2012) Value and Market Share Comparison

Europe: Top 10 Deals


Announced

DateBidder Company

Bidder Financial


Target/Seller


Deal

Value

(US$m)

06-Feb-13 Liberty Global Plc Credit Suisse; LionTree Advisors

Virgin Media Inc Goldman Sachs; JPMorgan

24,983

09-Aug-13 America Movil SAB de CV

Deutsche Bank Koninklijke KPN NV (70.23% Stake)

ABN AMRO Bank; Goldman Sachs

22,686


VTB Capital

Federal Grid Company of Unified Energy System OAO (79.64% Stake)


Management

14,375

24-Jun-13 Vodafone Group Plc Goldman Sachs; UBS Investment Bank

Kabel Deutschland Holding AG

Deutsche Bank; Morgan Stanley; Perella

Weinberg Partners

13,678

21-Jun-13 Hellenic Financial Stability Fund

BNP Paribas; Moelis & Company

National Bank of Greece SA (84.4% Stake)

11,403

23-Jul-13 Telefonica Deutschland Holding AG

Bank of America Merrill Lynch; Citi; HSBC;

Morgan Stanley; UBS Investment Bank

E-Plus Mobilfunk GmbH & Co KG

Advising seller: ABN AMRO Bank; Goldman Sachs; ING; JPMorgan;

KPMG

Koninklijke KPN NV 11,296

28-Jun-13 Hellenic Financial Stability Fund


Piraeus Bank SA (81.01% Stake)

9,119

12-Apr-13 Joh A Benckiser SE Bank of America Merrill Lynch; Citi; Leonardo

& Co; Morgan Stanley; Rabobank; Rothschild

DE Master Blenders 1753 NV (84.95%

Stake)

Goldman Sachs; JPMorgan; Lazard

8,623

20-May-13 Actavis Inc Bank of America Merrill Lynch; Greenhill & Co

Warner Chilcott Plc Deutsche Bank; Goldman Sachs

8,428

30-Apr-13 Hellenic Financial Stability Fund


Eurobank Ergasias SA (98.57% Stake)

Barclays; Deutsche Bank

7,633


Europe: Financial Advisor League TablesLeague Table of Financial Advisors to M&A by Value: Europe

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

2 1 Goldman Sachs 326,114 103 209,747 55.5%5 2 JPMorgan 276,468 77 154,962 78.4%1 3 Morgan Stanley 268,210 70 211,246 27.0%9 4 Bank of America Merrill Lynch 223,316 57 106,169 110.3%4 5 Barclays 213,104 63 165,741 28.6%14 6 UBS Investment Bank 181,047 48 55,913 223.8%133 7 Guggenheim Partners 127,695 3 505 25,186%

- 8 Paul J. Taubman 127,600 2 - -3 9 Deutsche Bank 112,049 45 186,022 -39.8%7 10 Citi 92,051 62 118,850 -22.5%11 11 BNP Paribas 91,748 64 89,351 2.7%6 12 Rothschild 77,018 110 129,836 -40.7%8 13 Credit Suisse 66,516 43 107,989 -38.4%41 14 Moelis & Company 59,265 19 8,256 617.8%10 15 Lazard 56,725 65 99,830 -43.2%

47 16 ABN AMRO Bank 34,539 14 6,744 412.1%

16 17 HSBC 33,645 23 31,815 5.8%

63 18 VTB Capital 31,838 8 4,013 693.4%

37 19 Ernst & Young 26,766 121 8,932 199.7%


League Table of Financial Advisors to M&A by Volume: Europe

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

1 1 PwC 13,571 147 162 -156 2 Ernst & Young 26,766 121 92 293 3 KPMG 18,717 111 124 -132 4 Rothschild 77,018 110 150 -404 5 Deloitte 7,154 107 110 -35 6 Goldman Sachs 326,114 103 100 310 7 JPMorgan 276,468 77 73 47 8 Morgan Stanley 268,210 70 91 -219 9 Lazard 56,725 65 77 -1218 10 BNP Paribas 91,748 64 41 2311 11 Barclays 213,104 63 63 017 12 Citi 92,051 62 51 1114 13 Bank of America Merrill Lynch 223,316 57 54 315 14 M&A International 1,261 56 53 312 15 UBS Investment Bank 181,047 48 62 -14

8 16 Deutsche Bank 112,049 45 80 -35

13 17 Credit Suisse 66,516 43 56 -13

19 18 Societe Generale 25,459 42 39 3

29 19 Grant Thornton Corporate Finance 1,093 41 31 1022 20 DC Advisory 2,478 40 36 4


Europe: Financial Advisor League Tables to BuyoutsLeague Table of Financial Advisors to Private Equity Buyouts by Value: Europe

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

19 1 Credit Suisse 7,029 4 1,734 305.4%21 2 Jefferies 6,783 5 1,420 377.7%41 3 UBS Investment Bank 5,907 4 311 1,799%31 4 Bank of America Merrill Lynch 5,405 2 595 808.4%14 5 JPMorgan 5,250 3 3,070 71.0%8 6 Nomura Holdings 5,030 3 4,628 8.7%10 7 Barclays 4,647 3 3,737 24.4%12 8 Goldman Sachs 4,400 10 3,590 22.6%2 9 Morgan Stanley 4,390 6 5,891 -25.5%9 10 Rothschild 3,526 8 4,569 -22.8%11 11 PwC 3,475 16 3,628 -4.2%1 12 Deutsche Bank 3,473 3 8,847 -60.7%24 13 Ernst & Young 3,396 12 1,007 237.2%- 14 Handelsbanken Capital Markets 3,333 3 - -

23 15 SEB 3,197 4 1,026 211.6%

League Table of Financial Advisors to Private Equity Buyouts by Volume: Europe

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

1 1 PwC 3,475 16 27 -112 2 Deloitte 1,267 13 16 -33 3 Ernst & Young 3,396 12 11 136 4 DC Advisory 909 11 2 929 5 Goldman Sachs 4,400 10 2 86 6 KPMG 2,357 10 7 34 7 Rothschild 3,526 8 8 011 8 Lincoln International 359 7 6 113 9 Morgan Stanley 4,390 6 5 126 10 Jefferies 6,783 5 3 216 11 UniCredit Group 2,153 5 5 015 12 BNP Paribas 1,394 5 5 028 13 Altium Capital 250 5 3 2101 14 Clearwater Corporate Finance 99 5 1 430 15 Credit Suisse 7,029 4 2 2


Europe: Financial Advisor League Tables by CountryLeague Table of Financial Advisors to M&A by Value: UK

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

2 1 Goldman Sachs 192,433 38 64,028 200.5%6 2 JPMorgan Cazenove 186,177 36 36,291 413.0%4 3 Morgan Stanley 164,427 28 43,192 280.7%10 4 UBS Investment Bank 153,636 20 21,596 611.4%5 5 Bank of America Merrill Lynch 146,905 21 41,774 251.7%1 6 Barclays 145,312 24 68,152 113.2%83 7= Guggenheim Partners 127,600 2 505 25,167%- 7= Paul J. Taubman 127,600 2 - -

11 9 Credit Suisse 40,541 16 18,811 115.5%7 10 Deutsche Bank 33,632 15 33,078 1.7%- 11 LionTree Advisors 25,748 2 - -8 12 Lazard 15,348 14 29,424 -47.8%53 13 Perella Weinberg Partners 14,628 3 1,552 842.5%16 14 Citi 13,591 22 12,631 7.6%3 15 Rothschild 11,302 37 45,520 -75.2%

League Table of Financial Advisors to M&A by Volume: UK

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

2 1 PwC 3,396 46 49 -36 2 KPMG 1,776 44 36 812 3 Ernst & Young 5,409 43 26 174 4 Deloitte 3,539 40 41 -13 5 Goldman Sachs 192,433 38 41 -31 6 Rothschild 11,302 37 57 -209 7 JPMorgan Cazenove 186,177 36 28 88 8 Morgan Stanley 164,427 28 29 -119 9 Canaccord Genuity 5,309 28 20 85 10 BDO 396 28 37 -97 11 Barclays 145,312 24 35 -1114 12 Grant Thornton Corporate Finance 610 23 25 -224 13 Citi 13,591 22 16 613 14 Bank of America Merrill Lynch 146,905 21 25 -421 15 UBS Investment Bank 153,636 20 19 1

League Table of Financial Advisors to M&A by Value: Ireland

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

7 1 Bank of America Merrill Lynch 11,280 4 589 1,815%15 2 Deutsche Bank 11,067 3 261 4,140%1 3 Goldman Sachs 10,447 4 26,065 -59.9%5 4 Citi 9,995 3 12,423 -19.5%18 5 Ondra Partners 9,775 2 143 6,736%2 6 Barclays 8,699 4 14,343 -39.4%- 7 Greenhill & Co 8,428 1 - -6 8 Davy Corporate Finance 6,866 3 679 911.2%4 9 Morgan Stanley 6,526 3 13,258 -50.8%- 10 Centerview Partners 3,249 1 - -- 11 JPMorgan 1,273 3 - -- 12 BNP Paribas 1,113 1 - -

30 13 Investec 413 4 48 760.4%32 14 Rothschild 343 3 41 736.6%14 15 Canaccord Genuity 332 2 276 -

League Table of Financial Advisors to M&A by Volume: Ireland

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

21 1 Bank of America Merrill Lynch 11,280 4 1 37 2 Goldman Sachs 10,447 4 3 18 3 Barclays 8,699 4 3 16 4 Investec 413 4 4 011 5 Goodbody Corporate Finance 120 4 3 128 6 Deutsche Bank 11,067 3 1 29 7 Citi 9,995 3 3 03 8 Davy Corporate Finance 6,866 3 5 -22 9 Morgan Stanley 6,526 3 5 -2- 10 JPMorgan 1,273 3 - -

15 11 Rothschild 343 3 2 11 12 IBI Corporate Finance 146 3 9 -629 13 Ernst & Young 131 3 1 231 14 Ondra Partners 9,775 2 1 14 15 Canaccord Genuity 332 2 5 -3


Europe: Financial Advisor League Tables by CountryLeague Table of Financial Advisors to M&A by Value: Germany

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

4 1 Goldman Sachs 47,953 16 26,942 78.0%7 2 UBS Investment Bank 35,242 11 17,553 100.8%2 3 Deutsche Bank 35,123 12 34,035 3.2%1 4 Morgan Stanley 33,939 8 34,359 -1.2%5 5 JPMorgan 28,672 10 19,821 44.7%6 6 Citi 24,978 9 18,947 31.8%13 7 Bank of America Merrill Lynch 18,112 8 4,221 329.1%9 8 Perella Weinberg Partners 17,758 2 7,364 141.1%27 9 KPMG 14,539 15 1,905 663.2%11 10 Credit Suisse 14,521 8 6,308 130.2%23 11 HSBC 12,732 4 2,268 461.4%54 12 ABN AMRO Bank 11,748 2 245 4,695%- 13 ING 11,526 3 - -3 14 Rothschild 10,526 12 27,483 -61.7%10 15 Lazard 7,211 10 6,551 10.1%

League Table of Financial Advisors to M&A by Volume: Germany

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

10 1 Ernst & Young 5,419 31 12 196 2 PwC 892 21 16 55 3 Goldman Sachs 47,953 16 16 02 4 KPMG 14,539 15 22 -77 5 Lincoln International 230 15 16 -112 6 UniCredit Group 3,488 13 10 38 7 Deloitte 877 13 15 -24 8 Deutsche Bank 35,123 12 19 -71 9 Rothschild 10,526 12 27 -1516 10 UBS Investment Bank 35,242 11 8 336 11 Perspektiv - 11 5 611 12 JPMorgan 28,672 10 10 09 13 Lazard 7,211 10 13 -3

22 14 Citi 24,978 9 6 357 15 BNP Paribas 4,037 9 2 7

League Table of Financial Advisors to M&A by Value: Germanic

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

3 1 Goldman Sachs 60,321 23 86,186 -30.0%2 2 Morgan Stanley 46,179 13 97,359 -52.6%4 3 JPMorgan 40,022 14 71,188 -43.8%1 4 Deutsche Bank 37,492 16 100,040 -62.5%13 5 UBS Investment Bank 36,764 17 18,873 94.8%5 6 Citi 36,354 12 68,879 -47.2%15 7 Bank of America Merrill Lynch 29,896 12 18,023 65.9%11 8 Rothschild 21,534 19 40,499 -46.8%18 9 Perella Weinberg Partners 17,930 3 8,911 101.2%6 10 Credit Suisse 16,703 17 61,548 -72.9%12 11 Lazard 16,642 15 20,720 -19.7%24 12 KPMG 14,694 20 3,317 343.0%31 13 Leonardo & Co 14,388 10 2,308 523.4%33 14 HSBC 12,732 4 2,268 461.4%66 15 ABN AMRO Bank 11,748 2 245 4,695%

League Table of Financial Advisors to M&A by Volume: Germanic

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

11 1 Ernst & Young 5,428 33 18 156 2 PwC 1,147 25 25 07 3 Goldman Sachs 60,321 23 23 01 4 KPMG 14,694 20 34 -144 5 Deloitte 915 20 27 -72 6 Rothschild 21,534 19 31 -1220 7 UniCredit Group 4,123 18 10 89 8 UBS Investment Bank 36,764 17 22 -510 9 Credit Suisse 16,703 17 18 -112 10 Lincoln International 380 17 17 05 11 Deutsche Bank 37,492 16 26 -108 12 Lazard 16,642 15 22 -7

41 13 BNP Paribas 9,606 15 4 1113 14 JPMorgan 40,022 14 16 -23 15 Morgan Stanley 46,179 13 29 -16


Europe: Financial Advisor League Tables by CountryLeague Table of Financial Advisors to M&A by Value: Benelux

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

7 1 Goldman Sachs 66,835 18 25,154 165.7%6 2 Morgan Stanley 35,662 13 26,131 36.5%13 3 ABN AMRO Bank 34,539 14 6,744 412.1%2 4 JPMorgan 33,930 11 42,411 -20.0%9 5 Citi 27,372 7 11,815 131.7%3 6 Bank of America Merrill Lynch 26,951 13 34,638 -22.2%1 7 Deutsche Bank 25,157 5 43,595 -42.3%84 8 HSBC 22,756 8 19 119,668%14 9 UBS Investment Bank 18,520 5 5,981 209.6%38 10 Leonardo & Co 17,330 13 451 3,743%12 11 Rabobank 15,158 23 7,630 98.7%5 12 Lazard 13,638 11 28,100 -51.5%15 13 ING 11,722 16 5,881 99.3%23 14 BNP Paribas 11,465 18 2,227 414.8%25 15 KPMG 11,384 13 1,630 598.4%

League Table of Financial Advisors to M&A by Volume: Benelux

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

3 1 Rabobank 15,158 23 18 52 2 PwC 3,184 20 22 -215 3 Deloitte 1,245 20 10 107 4 Goldman Sachs 66,835 18 15 328 5 BNP Paribas 11,465 18 5 136 6 ING 11,722 16 17 -15 7 ABN AMRO Bank 34,539 14 17 -313 8 Rothschild 10,837 14 10 420 9 Morgan Stanley 35,662 13 7 612 10 Bank of America Merrill Lynch 26,951 13 10 331 11 Leonardo & Co 17,330 13 5 81 12 KPMG 11,384 13 22 -911 13 M&A International 5 13 11 28 14 JPMorgan 33,930 11 13 -210 15 Lazard 13,638 11 11 0

League Table of Financial Advisors to M&A by Value: France

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

2 1 BNP Paribas 41,769 38 33,189 25.9%3 2 Rothschild 34,680 39 32,610 6.3%4 3 Morgan Stanley 32,136 11 26,355 21.9%15 4 Bank of America Merrill Lynch 32,042 5 6,109 424.5%19 5 Citi 23,376 8 3,408 585.9%12 6 JPMorgan 21,646 7 10,088 114.6%8 7 Goldman Sachs 20,663 15 11,888 73.8%

158 8 Moelis & Company 20,255 3 - -6 9 Barclays 18,997 9 14,827 28.1%1 10 Lazard 18,794 24 34,200 -45.0%9 11 Deutsche Bank 14,644 5 11,246 30.2%14 12 Credit Agricole 10,399 18 6,270 65.9%- 13 Centerview Partners 8,653 2 - -- 14 Allen & Company 8,169 1 - -- 15 Natixis 7,949 9 - -

League Table of Financial Advisors to M&A by Volume: France

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

1 1 Rothschild 34,680 39 40 -12 2 BNP Paribas 41,769 38 31 73 3 Lazard 18,794 24 26 -24 4 Societe Generale 7,263 23 22 17 5 Credit Agricole 10,399 18 16 26 6 PwC 1,304 18 21 -310 7 Goldman Sachs 20,663 15 14 163 8 M&A International 55 14 2 125 9 Leonardo & Co 2,559 13 22 -915 10 DC Advisory 570 13 11 29 11 Morgan Stanley 32,136 11 14 -314 12 Ernst & Young 1,133 11 11 018 13 Barclays 18,997 9 8 1- 14 Natixis 7,949 9 - -

44 15 Edmond de Rothschild Corporate Finance 1,109 9 3 6


Europe: Financial Advisor League Tables by CountryLeague Table of Financial Advisors to M&A by Value: Iberia

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

5 1 Goldman Sachs 10,798 9 8,762 23.2%1 2 Barclays 6,723 10 14,170 -52.6%23 3 PwC 5,959 31 2,193 171.7%22 4 Banco Bilbao Vizcaya Argentaria 4,972 18 2,379 109.0%3 5 Rothschild 4,706 12 10,601 -55.6%9 6 JPMorgan 3,845 5 6,470 -40.6%40 7 Rabobank 3,591 7 227 1,482%13 8 Bank of America Merrill Lynch 3,139 4 5,253 -40.2%6 9 Citi 3,099 6 8,067 -61.6%21 10 Deloitte 2,955 18 2,407 22.8%24 11 Morgan Stanley 1,926 6 1,992 -3.3%7 12 Banco BTG Pactual 1,626 3 7,437 -78.1%14 13 Santander Global Banking and Markets 1,590 7 5,097 -68.8%28 14 BNP Paribas 1,237 2 1,290 -4.1%16 15 Societe Generale 1,132 7 4,698 -75.9%

League Table of Financial Advisors to M&A by Volume: Iberia

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

1 1 PwC 5,959 31 27 45 2 Ernst & Young 594 20 14 66 3 Banco Bilbao Vizcaya Argentaria 4,972 18 12 62 4 Deloitte 2,955 18 21 -34 5 KPMG 995 14 15 -13 6 Rothschild 4,706 12 20 -89 7 Barclays 6,723 10 8 214 8 Goldman Sachs 10,798 9 5 427 9 Rabobank 3,591 7 3 411 10 Santander Global Banking and Markets 1,590 7 7 018 11 Societe Generale 1,132 7 4 312 12 Citi 3,099 6 6 024 13 Morgan Stanley 1,926 6 3 310 14 JPMorgan 3,845 5 7 -226 15 Arcano 80 5 3 2

League Table of Financial Advisors to M&A by Value: Spain

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

2 1 Goldman Sachs 10,798 9 7,917 36.4%8 2 Barclays 6,723 10 3,616 85.9%11 3 PwC 5,948 30 2,193 171.2%17 4 Banco Bilbao Vizcaya Argentaria 4,849 17 1,277 279.7%1 5 Rothschild 4,706 12 9,562 -50.8%5 6 JPMorgan 3,845 5 5,784 -33.5%33 7 Rabobank 3,591 7 227 1,482%18 8 Bank of America Merrill Lynch 3,139 4 1,117 181.0%6 9 Citi 3,099 6 3,931 -21.2%10 10 Deloitte 2,955 18 2,407 22.8%19 11 Morgan Stanley 1,926 6 1,013 90.1%21 12 Santander Global Banking and Markets 1,467 6 946 55.1%16 13 BNP Paribas 1,237 2 1,290 -4.1%7 14 Societe Generale 1,132 7 3,913 -71.1%12 15 Deutsche Bank 1,070 2 1,563 -31.5%

League Table of Financial Advisors to M&A by Volume: Spain

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

1 1 PwC 5,948 30 27 35 2 Ernst & Young 594 20 12 82 3 Deloitte 2,955 18 21 -36 4 Banco Bilbao Vizcaya Argentaria 4,849 17 9 83 5 Rothschild 4,706 12 17 -54 6 KPMG 984 12 14 -212 7 Barclays 6,723 10 4 611 8 Goldman Sachs 10,798 9 4 518 9 Rabobank 3,591 7 3 413 10 Societe Generale 1,132 7 3 49 11 Citi 3,099 6 5 1

26 12 Morgan Stanley 1,926 6 2 410 13 Santander Global Banking and Markets 1,467 6 5 18 14 JPMorgan 3,845 5 5 017 15 Arcano 80 5 3 2


Europe: Financial Advisor League Tables by CountryLeague Table of Financial Advisors to M&A by Value: Italy

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

8 1 Goldman Sachs 17,136 8 11,633 47.3%30 2 JPMorgan 11,966 7 417 2,770%34 3 Barclays 11,447 4 255 4,389%9 4 Banca IMI/Intesa Sanpaolo 10,272 17 7,842 31.0%1 5 Morgan Stanley 9,261 3 24,635 -62.4%14 6 UniCredit Group 7,841 19 2,481 216.0%4 7 Lazard 7,165 10 15,343 -53.3%2 8 Leonardo & Co 7,112 5 22,166 -67.9%3 9 Rothschild 6,792 9 17,943 -62.1%6 10 Mediobanca 6,721 8 12,764 -47.3%11 11 Deutsche Bank 6,208 3 6,318 -1.7%7 12 BNP Paribas 6,113 10 12,259 -50.1%10 13 Bank of America Merrill Lynch 5,300 3 7,585 -30.1%22 14 HSBC 5,046 3 964 423.4%12 15 Credit Suisse 4,607 2 3,713 24.1%

League Table of Financial Advisors to M&A by Volume: Italy

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

6 1 UniCredit Group 7,841 19 11 84 2 Banca IMI/Intesa Sanpaolo 10,272 17 12 59 3 KPMG 597 13 8 51 4 Lazard 7,165 10 15 -511 5 BNP Paribas 6,113 10 6 42 6 Rothschild 6,792 9 14 -512 7 Goldman Sachs 17,136 8 6 23 8 Mediobanca 6,721 8 12 -4

43 9 JPMorgan 11,966 7 1 610 10 PwC 119 7 7 015 11 Vitale & Associati 2,232 6 6 018 12 Fineurop Soditic 249 6 5 15 13 Leonardo & Co 7,112 5 11 -619 14 UBS Investment Bank 4,383 5 4 130 15 Deloitte 256 5 2 3

League Table of Financial Advisors to M&A by Value: Nordic

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

4 1 Goldman Sachs 22,036 12 8,997 144.9%10 2 JPMorgan 17,296 13 6,562 163.6%11 3 Morgan Stanley 9,795 6 6,437 52.2%9 4 Barclays 7,633 8 6,924 10.2%6 5 Nordea Corporate Finance 6,278 17 7,818 -19.7%34 6 Jefferies 5,653 5 1,765 220.3%2 7 Bank of America Merrill Lynch 5,290 8 12,545 -57.8%23 8 Nomura Holdings 5,023 2 3,425 46.7%14 9 Handelsbanken Capital Markets 4,972 13 5,419 -8.2%8 10 UBS Investment Bank 4,790 4 7,432 -35.5%7 11 Credit Suisse 4,423 1 7,488 -40.9%17 12 SEB 4,327 22 4,688 -7.7%- 13 VTB Capital 3,550 1 - -

46 14 PK Partners 3,336 2 320 942.5%15 15 Citi 3,062 8 5,328 -42.5%

League Table of Financial Advisors to M&A by Volume: Nordic

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

1 1 PwC 1,917 29 42 -132 2 SEB 4,327 22 27 -55 3 ABG Sundal Collier 2,220 18 14 43 4 Nordea Corporate Finance 6,278 17 22 -54 5 Ernst & Young 1,752 17 21 -46 6 KPMG 485 14 14 017 7 JPMorgan 17,296 13 8 512 8 Handelsbanken Capital Markets 4,972 13 11 220 9 Danske Bank Corporate Finance 741 13 8 566 10 Grant Thornton Corporate Finance 52 13 2 1116 11 Goldman Sachs 22,036 12 9 311 12 Deloitte 769 12 12 010 13 Pareto Securities 641 12 12 015 14 Rothschild 2,082 9 9 032 15 Barclays 7,633 8 4 4


Europe: Financial Advisor League Tables by CountryLeague Table of Financial Advisors to M&A by Value: Sweden

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

1 1 Goldman Sachs 9,209 5 8,549 7.7%7 2 JPMorgan 7,184 9 3,443 108.7%6 3 Nordea Corporate Finance 5,180 8 3,553 45.8%14 4 Jefferies 5,064 3 1,525 232.1%4 5 Handelsbanken Capital Markets 4,773 9 5,300 -9.9%5 6 Morgan Stanley 4,516 3 4,558 -0.9%17 7 UBS Investment Bank 4,423 2 1,245 255.3%2 8= Credit Suisse 4,423 1 7,488 -40.9%19 8= Nomura Holdings 4,423 1 1,152 283.9%8 10 Barclays 4,049 6 3,198 26.6%9 11 SEB 3,885 10 2,521 54.1%- 12 VTB Capital 3,550 1 - -

25 13 PK Partners 3,336 2 320 942.5%- 14 Bank of America Merrill Lynch 2,295 5 - -

26 15 Lazard 1,453 2 310 368.7%

League Table of Financial Advisors to M&A by Volume: Sweden

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

1 1 PwC 1,023 16 23 -738 2 Grant Thornton Corporate Finance 52 12 2 102 3 SEB 3,885 10 16 -66 4 JPMorgan 7,184 9 7 29 5 Handelsbanken Capital Markets 4,773 9 6 3

27 6 ABG Sundal Collier 1,189 9 3 64 7 Ernst & Young 49 9 12 -33 8 Nordea Corporate Finance 5,180 8 12 -419 9 Barclays 4,049 6 3 336 10 Danske Bank Corporate Finance 218 6 2 414 11 KPMG 128 6 5 18 12 Goldman Sachs 9,209 5 6 -1- 13 Bank of America Merrill Lynch 2,295 5 - -- 14 DC Advisory 128 5 - -

43 15 Keystone 85 5 2 3

League Table of Financial Advisors to M&A by Value: Denmark

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

- 1 Citi 1,447 3 - -11 2 Nordea Corporate Finance 1,027 7 527 94.9%6 3 PwC 965 11 1,459 -33.9%- 4 JPMorgan 876 3 - -8 5 Swedbank 769 1 671 14.6%- 6 Moelis & Company 700 1 - -- 7 UniCredit Group 687 3 - -- 8= CITIC Securities Co 600 1 - -- 8= Nomura Holdings 600 1 - -- 8= Southwest Securities Company 600 1 - -

42 11 Lazard 597 2 - -- 12 Capitellum 576 1 - -

38 13 Ernst & Young 573 4 - -5 14 Carnegie Investment Bank 523 5 1,885 -72.3%28 15 Canaccord Genuity 520 1 36 1,344%

League Table of Financial Advisors to M&A by Volume: Denmark

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

1 1 PwC 965 11 18 -75 2 Deloitte 388 10 7 34 3 Advizer - 8 8 07 4 Nordea Corporate Finance 1,027 7 5 22 5 SEB 308 7 8 -19 6 M&A International 79 6 4 23 7 Carnegie Investment Bank 523 5 8 -310 8 FIH Partners 495 5 3 238 9 Ernst & Young 573 4 1 3- 10 Citi 1,447 3 - -- 11 JPMorgan 876 3 - -- 12 UniCredit Group 687 3 - -8 13 KPMG - 3 4 -1

42 14 Lazard 597 2 1 111 15 Morgan Stanley 264 2 3 -1


Europe: Financial Advisor League Tables by CountryLeague Table of Financial Advisors to M&A by Value: Norway

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

5 1 Barclays 3,584 2 3,726 -3.8%4 2 Bank of America Merrill Lynch 2,995 2 3,949 -24.2%- 3 ING 2,900 2 - -- 4 CIMB Group 2,900 1 - -

21 5 Goldman Sachs 2,900 1 173 1,576%- 6 Maybank Investment Bank 2,900 1 - -

61 7 Morgan Stanley 2,900 1 - -- 8 Lambert Energy Advisory 2,650 1 - -1 9 ABG Sundal Collier 2,187 16 5,882 -62.8%14 10 SEB 1,720 8 608 182.9%12 11 DNB Markets 1,516 6 2,198 -31.0%3 12 Rothschild 1,289 4 4,101 -68.6%29 13 Citi 1,255 3 55 2,182%19 14 Carnegie Investment Bank 1,180 2 202 484.2%47 15 Ernst & Young 1,160 5 - -

League Table of Financial Advisors to M&A by Volume: Norway

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

1 1 ABG Sundal Collier 2,187 16 12 43 2 Pareto Securities 641 12 12 07 3 SEB 1,720 8 5 34 4 PwC 283 8 9 -15 5 Arctic Securities 640 7 7 02 6 DNB Markets 1,516 6 12 -622 7 Ernst & Young 1,160 5 2 352 8 Danske Bank Corporate Finance 186 5 1 416 9 Rothschild 1,289 4 2 212 10 Handelsbanken Capital Markets 55 4 4 038 11 Citi 1,255 3 1 26 12 Nordea Corporate Finance 333 3 6 -315 13 Alpha Corporate Finance 53 3 3 09 14 Steinvender 31 3 5 -2- 15= FIH Partners - 3 - -

8 15= Global M&A Partners - 3 5 -2

League Table of Financial Advisors to M&A by Value: Finland

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

7 1 JPMorgan 9,972 3 3,119 219.7%11 2 Goldman Sachs 9,927 4 425 2,36%10 3 Morgan Stanley 3,081 2 1,171 163.1%- 4 goetzpartners 2,219 1 - -

13 5 SEB 1,341 6 220 509.5%32 6 PwC 1,266 4 - -1 7 Nordea Corporate Finance 1,186 5 4,339 -72.7%18 8 Access Partners 862 2 110 683.6%- 9 Swedbank 769 2 - -- 10 Capitellum 576 1 - -

16 11 Danske Bank Corporate Finance 467 6 210 122.4%34 12 KPMG 427 6 - -- 13 UBS Investment Bank 367 1 - -- 14 BNP Paribas 325 1 - -

14 15 PK Partners 227 1 220 3.2%

League Table of Financial Advisors to M&A by Volume: Finland

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

9 1 SEB 1,341 6 3 328 2 Danske Bank Corporate Finance 467 6 1 522 3 KPMG 427 6 2 41 4 Nordea Corporate Finance 1,186 5 8 -38 5 Goldman Sachs 9,927 4 3 112 6 PwC 1,266 4 3 16 7 PCA Corporate Finance 14 4 4 011 8 HLP Corporate Finance - 4 3 124 9 JPMorgan 9,972 3 1 2- 10 Clairfield International 14 3 - -2 11= Ernst & Young - 3 6 -3- 11= Translink - 3 - -

16 13 Morgan Stanley 3,081 2 2 010 14 Access Partners 862 2 3 -1- 15 Swedbank 769 2 - -


Europe: Financial Advisor League Tables by CountryLeague Table of Financial Advisors to M&A by Value: CEE

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

11 1 VTB Capital 24,761 7 4,013 517.0%4 2 Morgan Stanley 23,731 7 10,492 126.2%10 3 JPMorgan 18,576 8 4,810 286.2%5 4 Barclays 18,263 5 8,628 111.7%

25 5 Ernst & Young 16,505 14 281 5,774%23 6 Societe Generale 8,763 9 443 1,878%3 7 Deutsche Bank 6,038 6 13,268 -54.5%1 8 Goldman Sachs 4,739 5 17,168 -72.4%7 9 Credit Suisse 4,011 2 7,330 -45.3%12 10 Bank of America Merrill Lynch 3,903 5 3,760 3.8%14 11 Citi 3,647 8 2,046 78.3%21 12 Renaissance Capital 3,616 1 553 553.9%22 13 KPMG 3,284 11 508 546.5%27 14 ING 2,440 4 142 1,618%- 15 Erste Group Bank 2,258 2 - -

League Table of Financial Advisors to M&A by Volume: CEE

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

9 1 Ernst & Young 16,505 14 8 66 2 KPMG 3,284 11 11 015 3 Societe Generale 8,763 9 5 418 4 JPMorgan 18,576 8 4 421 5 Citi 3,647 8 3 516 6 Deloitte 524 8 5 35 7 UniCredit Group 427 8 11 -38 8 VTB Capital 24,761 7 10 -37 9 Morgan Stanley 23,731 7 10 -34 10 Deutsche Bank 6,038 6 12 -63 11 Rothschild 450 6 13 -7

20 12 Barclays 18,263 5 3 22 13 Goldman Sachs 4,739 5 13 -8

37 14 Bank of America Merrill Lynch 3,903 5 1 4- 15 Otkritie Financial Corporation 1,442 5 - -

League Table of Financial Advisors to M&A by Value: Russia

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

9 1 VTB Capital 24,761 7 4,013 517.0%4 2 Morgan Stanley 21,705 4 6,994 210.3%34 3 Ernst & Young 14,421 3 - -11 4 Barclays 14,375 1 3,760 282.3%8 5 JPMorgan 9,362 4 4,538 106.3%19 6 Societe Generale 5,154 4 339 1,420%17 7 Renaissance Capital 3,616 1 473 664.5%3 8 Deutsche Bank 3,453 4 8,197 -57.9%10 9 Bank of America Merrill Lynch 3,000 2 3,760 -20.2%6 10 Credit Suisse 2,900 1 5,566 -47.9%2 11 Goldman Sachs 2,155 2 13,375 -83.9%- 12= BMO Capital Markets 1,525 1 - -- 12= Canaccord Genuity 1,525 1 - -- 12= GMP Securities 1,525 1 - -- 12= Nedbank Capital 1,525 1 - -

League Table of Financial Advisors to M&A by Volume: Russia

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

2 1 VTB Capital 24,761 7 10 -3- 2 Otkritie Financial Corporation 1,442 5 - -3 3 Morgan Stanley 21,705 4 9 -511 4 JPMorgan 9,362 4 3 19 5 Societe Generale 5,154 4 4 05 6 Deutsche Bank 3,453 4 7 -31 7 Sberbank CIB 1,486 4 18 -1413 8 Ernst & Young 14,421 3 3 024 9 KPMG 872 3 1 223 10 Citi 755 3 1 218 11 Bank of America Merrill Lynch 3,000 2 1 14 12 Goldman Sachs 2,155 2 8 -612 13 UniCredit Group 167 2 3 -119 14 Barclays 14,375 1 1 08 15 Renaissance Capital 3,616 1 4 -3


Europe: Financial Advisor League Tables by CountryLeague Table of Financial Advisors to M&A by Value: Poland

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

- 1= Bank of America Merrill Lynch 903 2 - -6 1= Barclays 903 2 1,370 -34.1%1 1= Goldman Sachs 903 2 2,670 -66.2%- 1= Nordea Corporate Finance 903 2 - -- 5 Rothschild 320 1 - -5 6= Bank Zachodni WBK 292 2 1,370 -78.7%- 6= Morgan Stanley 292 2 - -- 8 Credit Agricole 264 1 - -3 9= Citi 224 1 1,621 -86.2%- 9= Dundee Capital Markets 224 1 - -- 9= GMP Securities 224 1 - -- 9= Peters & Co 224 1 - -

League Table of Financial Advisors to M&A by Volume: Poland

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

11 1 Deloitte 49 3 2 1- 2= Bank of America Merrill Lynch 903 2 - -

14 2= Barclays 903 2 1 13 2= Goldman Sachs 903 2 3 -1- 2= Nordea Corporate Finance 903 2 - -

13 6= Bank Zachodni WBK 292 2 1 1- 6= Morgan Stanley 292 2 - -1 8 UniCredit Group 95 2 5 -32 9 Ernst & Young 82 2 4 -210 10 Trigon Group 44 2 2 0

League Table of Financial Advisors to M&A by Value: Turkey

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

23 1 Raiffeisen Centrobank 3,713 7 75 4,851%12 2 Garanti Securities 1,162 1 695 67.2%4 3 Goldman Sachs 1,156 5 4,161 -72.2%13 4 Citi 1,091 3 593 84.0%- 5 Societe Generale 967 4 - -

44 6= UniCredit Group 964 2 - -- 6= Yapi Kredi Yatirim Menkul Degerler 964 2 - -6 8 Deutsche Bank 925 1 3,760 -75.4%3 9 Bank of America Merrill Lynch 794 3 4,533 -82.5%- 10 Lazard 708 2 - -

27 11 Burgan Securities 702 3 26 2,600%25 12 PwC 615 7 33 1,764%1 13 Rothschild 518 2 5,660 -90.8%- 14 ING 425 1 - -

18 15 Unlu & Co 311 3 189 64.6%

League Table of Financial Advisors to M&A by Volume: Turkey

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

9 1 IS Investment Securities 131 8 3 528 2 Raiffeisen Centrobank 3,713 7 1 61 3 PwC 615 7 7 02 4 Pragma Corporate Finance 184 6 6 07 5 3 Seas Capital Partners 15 6 4 25 6 Goldman Sachs 1,156 5 4 1- 7 Societe Generale 967 4 - -6 8 Deloitte - 4 4 04 9 Citi 1,091 3 5 -28 10 Bank of America Merrill Lynch 794 3 3 019 11 Burgan Securities 702 3 2 117 12 Unlu & Co 311 3 2 144 13= UniCredit Group 964 2 1 1- 13= Yapi Kredi Yatirim Menkul Degerler 964 2 - -- 15 Lazard 708 2 - -


US: Overview of Q1 - Q3 2013 • On the 5th anniversary of the financial crisis, US M&A continues its comeback: Q3 2013 was the most active ‘summer quarter’ by value on Mergermarket record

• With mandates on 5 of the 10 largest deals to date, Goldman Sachs (US$ 354.9bn) topped the financial advisor league table by value through Q1 – Q3 2013

1,345.8

751.4

687.9 720.4

823.1 851.2

654.5

361.1

144.5

198.9

146.3

247.5

126.5

177.2

500.8

266.2 186.2

178.3

185.3

187.9 165.9

255.4

263.2

98.0 153.0

207.3

220.7

311.4

0

200

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800

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1,200

1,400

1,600

2007 2008 2009 2010 2011 2012 2013

Valu

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Dea

ls (U

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)

Annual M&A Value Q3 M&A Value Q2 M&A Value Q1 M&A Value

0

200

400

600

800

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1,200

1,400

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100

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400

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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Valu

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)

M&A Value

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ls

• H1 2013 was marked by the rise of mega-deals, a trend which peaked in Q3 with the an-nouncement of a 45% stake acquisition in Verizon Wireless by Verizon Communications for US$ 124.1bn, the largest US-based deal on Mergermarket record (since 2001). The transaction constituted 39.9% of Q3’s deal value (US$ 311.4bn) and 19% of the Q1 – Q3 total (US$ 654.5bn)

• The Verizon deal led to a Q3 valued at US$ 311.4bn, the most active third quarter on-Mergermarket record (since 2001), representing a remarkable 87.7% jump from Q2 (US$ 165.9bn), and a 41.1% increase on Q3 2012 (US$ 220.7bn)

• As a result, M&A in Q1 – Q3 2013 increased 22.3% from the first three quarters of 2012 (US$ 535.1bn). Excluding Verizon from the Q1 – Q3 deal value would put the first three quarters only 0.9% behind Q1 – Q3 2012 and would equal US$ 530.4bn

• Additional positive news came by way of the average deal size of US-based transactions, which has seen a steady increase since 2010 (US$ 401.8m) and hit a record high (since 2001) this year at US$ 579.3m


• Domestic deals have been the focus of US M&A in 2013. By deal count, 88% of all US deals over US$ 2bn (US$ 429.8bn, 50 deals) were domestic transactions. In comparison, domestic deals constituted 75.4% of the large-cap volume this time in 2012 (US$ 266.2bn, 57 deals) and only 67.6% during the same period in 2007’s peak (US$ 722.5bn, 108 deals)

• Foreign investments into the US were down 21.6% by deal value in Q1 – Q3 2013 (US$ 93.2bn) from Q1 – Q3 2012 (US$ 118.9bn). However, an upward quarter-on-quarter trend was apparent with foreign investments in Q2 2013 (US$ 32.3bn) up 86.7% from Q1 (US$ 17.3bn), while Q3 value (US$ 43.6bn) was up 35% from Q2 (US$ 32.3bn)

• US acquisitions abroad picked up again in Q3 (US$ 47.7bn) after a dip in Q2 2013 (US$ 31.7bn). A share of 53.1% of the investments was aimed at European targets (US$ 25.4bn). When compared with Q1 – Q3 2012 (US$ 123.1bn), outbound investments in Q1 – Q3 2013 (US$ 133.9bn) increased slightly, up 8.8%

0

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0

20

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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Num

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)

Outbound M&A Value

Inbound M&A Value



• Assisted by high valuations, TMT deals in Q1 – Q3 2013 claimed a 40.5% market share by value (US$ 264.9bn), already 69.8% above 2012’s full year value (US$ 156bn). The average deal size for the TMT sector reached US$ 1.1bn in Q1 – Q3 2013, the highest since 2001 and double the previous record of US$ 462.3m in Q1 - Q3 2006

• Energy, Mining and Utilities M&A in Q1 – Q3 2013 (US$ 88.9bn) decreased by 26.2% com-pared to Q1 – Q3 2012 (US$ 120.5bn). The sector will likely finish the year with the lowest value in four years (2009 valued at US$ 92.3bn) with Energy deals being one explanation due to “bid-ask issues between buyers and sellers due to oil prices,” according to Merger-market intelligence

• Pharma, Medical and Biotech M&A in Q1 – Q3 (US$ 75.2bn) was up 23.1% from Q1 – Q3 2012 (US$ 61.1bn). The sector sees firms’ drug pipelines recovering after fears of impend-ing patent cliffs but feel less pressure to execute mega-deals

US: Industry and Cross-Border Analysis

5.7%

13.8%

22.5%

8.4% 12.3%

4.0%

11.4%

4.7%

15.0% 1.3%

0.9%

4.5%

10.9%

13.6%

4.9%

7.0%

1.1%

11.5% 3.2%

40.5%

1.7% 1.1%





Industrials & Chemicals: US$ 46bn (US$ 65.9bn)



Real Estate: US$ 21bn (US$ 24.9bn)

TMT: US$ 264.9bn (US$ 80.1bn)



Q1 - Q3 2012

Q1 - Q3

2013

US Cross-Border Analysis



US: Top 10 Deals


Announced

DateBidder Company

Bidder Financial


Target/Seller


Deal

Value

(US$m)

02-Sep-13 Verizon Communications Inc


Guggenheim Partners; JPMorgan; Morgan

Stanley; Paul J. Taubman

Verizon Wireless Inc (45% Stake)

Advising Seller: Goldman Sachs; UBS

Investment Bank

Vodafone Group Plc 124,100

14-Feb-13 Berkshire Hathaway Inc; and 3G Capital Partners


HJ Heinz Company Bank of America Merrill Lynch; Centerview Partners; Moelis &

Company

27,362


investor)



LionTree Advisors; RBC Capital Markets; UBS

Investment Bank


JPMorgan

20,169

28-Jul-13 Publicis Groupe SA Bank of America Merrill Lynch; BNP Paribas;

Citi; Rothschild

Omnicom Group Inc Moelis & Company; Morgan Stanley

19,369

12-Feb-13 Comcast Corporation Bank of America Merrill Lynch; Morgan Stanley

NBCUniversal Media LLC (49% Stake)

Advising seller: Centerview Partners;


General Electric Company

16,700

15-Apr-13 Thermo Fisher Scientific Inc

Barclays; JPMorgan Life Technologies Corp Deutsche Bank; Moelis & Company

15,008

22-May-13 Pfizer Inc (Shareholders)

Zoetis Inc (80.2% Stake)

Advising seller: Bank of America Merrill

Lynch; Goldman Sachs; Guggenheim Partners;

JPMorgan; Morgan Stanley

Pfizer Inc 12,375

06-Aug-13 Spectra Energy Partners LP

Evercore Partners Spectra Energy Corp (US transmission, storage and liquids

assets)

Advising Seller: Morgan Stanley

Spectra Energy Corp 12,328

29-May-13 MidAmerican Energy Holdings Company

NV Energy Inc Lazard 10,363

24-May-13 News Corporation (Shareholders)

News Corporation Advising Seller: Centerview Partners; Citi; Deutsche Bank;


Twenty-First Century Fox Inc

9,293


Americas: Financial Advisor League TablesLeague Table of Financial Advisors to M&A by Value: Americas

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

1 1 Goldman Sachs 401,598 153 246,348 63.0%5 2 Bank of America Merrill Lynch 362,160 108 149,638 142.0%2 3 JPMorgan 348,902 109 173,677 100.9%4 4 Morgan Stanley 307,366 106 150,922 103.7%3 5 Barclays 242,722 74 153,392 58.2%12 6 UBS Investment Bank 188,041 59 54,896 242.5%65 7 Guggenheim Partners 151,008 13 3,296 4,482%6 8 Deutsche Bank 148,379 67 142,153 4.4%- 9 Paul J. Taubman 127,600 2 - -8 10 Citi 120,821 84 124,470 -2.9%7 11 Credit Suisse 118,742 74 136,399 -12.9%10 12 Lazard 92,575 81 72,238 28.2%20 13 Moelis & Company 84,111 44 23,953 251.2%13 14 Centerview Partners 78,880 16 53,318 47.9%11 15 Evercore Partners 66,926 59 63,303 5.7%

9 16 RBC Capital Markets 66,192 70 75,408 -12.2%


19 18 Wells Fargo Securities 45,330 32 24,812 82.7%

14 19 Rothschild 38,106 41 51,360 -25.8%

47 20 BNP Paribas 32,086 24 5,888 444.9%

League Table of Financial Advisors to M&A by Volume: Americas

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

1 1 Goldman Sachs 401,598 153 166 -133 2 JPMorgan 348,902 109 107 26 3 Bank of America Merrill Lynch 362,160 108 95 134 4 Morgan Stanley 307,366 106 106 010 5 Citi 120,821 84 82 29 6 Lazard 92,575 81 87 -62 7 Barclays 242,722 74 109 -355 8 Credit Suisse 118,742 74 98 -247 9 RBC Capital Markets 66,192 70 95 -258 10 Deutsche Bank 148,379 67 89 -2212 11 Jefferies 26,987 66 73 -714 12 UBS Investment Bank 188,041 59 62 -315 13 Evercore Partners 66,926 59 53 631 14 Stifel/KBW 6,480 57 35 2211 15 Houlihan Lokey 10,734 55 75 -20

18 16 Raymond James & Associates 5,538 51 50 1

19 17 PwC 3,614 45 46 -116 18 Moelis & Company 84,111 44 50 -6

34 19 KPMG 4,097 43 27 1613 20 Rothschild 38,106 41 66 -25


US: Financial Advisor League Tables to BuyoutsLeague Table of Financial Advisors to Private Equity Buyouts by Value: US

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

3 1 RBC Capital Markets 34,167 6 13,261 157.7%27 2 Lazard 30,918 4 540 5,627%5 3 Credit Suisse 30,353 9 10,061 201.7%4 4 Barclays 30,004 6 10,605 182.9%2 5 Deutsche Bank 29,287 9 17,883 63.8%15 6 Wells Fargo Securities 28,662 3 2,399 1,095%18 7 UBS Investment Bank 28,365 11 1,824 1,455%6 8 JPMorgan 28,291 4 9,208 207.2%9 9 Bank of America Merrill Lynch 23,857 7 7,581 214.7%1 10 Citi 21,747 4 19,108 13.8%- 11 LionTree Advisors 20,769 2 - -- 12 Allen & Company 8,169 1 - -- 13 Qatalyst Group 6,535 1 - -

11 14 Morgan Stanley 5,305 6 4,441 19.5%8 15 Jefferies 4,772 11 7,730 -38.3%

League Table of Financial Advisors to Private Equity Buyouts by Volume: US

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

21 1 UBS Investment Bank 28,365 11 2 96 2 Jefferies 4,772 11 7 45 3 Credit Suisse 30,353 9 7 22 4 Deutsche Bank 29,287 9 10 -19 5 Bank of America Merrill Lynch 23,857 7 6 13 6 RBC Capital Markets 34,167 6 10 -48 7 Barclays 30,004 6 6 07 8 Morgan Stanley 5,305 6 7 -11 9 Goldman Sachs 2,858 6 11 -523 10 Lazard 30,918 4 2 213 11 JPMorgan 28,291 4 3 14 12 Citi 21,747 4 7 -315 13 Wells Fargo Securities 28,662 3 3 018 14 Lincoln International 107 3 3 045 15 Deloitte - 3 1 2


Americas: Financial Advisor League TablesLeague Table of Financial Advisors to M&A by Value: US

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

1 1 Goldman Sachs 354,906 134 197,861 79.4%2 2 JPMorgan 341,863 96 134,511 154.2%7 3 Bank of America Merrill Lynch 341,296 93 93,937 263.3%3 4 Morgan Stanley 296,721 94 123,118 141.0%5 5 Barclays 239,405 71 118,146 102.6%12 6 UBS Investment Bank 184,571 54 42,414 335.2%47 7 Guggenheim Partners 151,008 13 3,296 4,482%- 8 Paul J. Taubman 127,600 2 - -6 9 Deutsche Bank 118,729 61 109,022 8.9%8 10 Citi 118,237 77 86,304 37.0%4 11 Credit Suisse 114,322 68 118,543 -3.6%11 12 Lazard 89,957 71 44,328 102.9%19 13 Moelis & Company 84,090 43 23,519 257.5%10 14 Centerview Partners 78,880 16 53,318 47.9%9 15 Evercore Partners 62,174 56 62,030 0.2%

16 16 RBC Capital Markets 49,842 54 26,833 85.7%


18 18 Wells Fargo Securities 45,330 32 24,812 82.7%

15 19 Rothschild 33,890 27 29,654 14.3%

36 20 BNP Paribas 31,753 20 5,888 439.3%

League Table of Financial Advisors to M&A by Volume: US

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

1 1 Goldman Sachs 354,906 134 141 -73 2 JPMorgan 341,863 96 94 24 3 Morgan Stanley 296,721 94 92 25 4 Bank of America Merrill Lynch 341,296 93 77 1611 5 Citi 118,237 77 67 102 6 Barclays 239,405 71 99 -289 7 Lazard 89,957 71 71 06 8 Credit Suisse 114,322 68 76 -810 9 Jefferies 26,091 63 68 -57 10 Deutsche Bank 118,729 61 74 -1328 11 Stifel/KBW 6,480 57 34 2313 12 Evercore Partners 62,174 56 51 514 13 UBS Investment Bank 184,571 54 48 612 14 RBC Capital Markets 49,842 54 56 -28 15 Houlihan Lokey 10,651 53 72 -19

15 16 Raymond James & Associates 4,784 44 48 -4

16 17 Moelis & Company 84,090 43 46 -3

20 18 Lincoln International 814 38 38 0

21 19 Sandler O'Neill & Partners 5,679 36 37 -1

33 20 KPMG 2,014 34 21 13


US: Financial Advisor League Tables by CountryLeague Table of Financial Advisors to M&A by Value: Canada

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

1 1 RBC Capital Markets 28,127 25 53,609 -47.5%3 2 Goldman Sachs 27,148 14 32,129 -15.5%4 3 Bank of America Merrill Lynch 24,225 15 25,411 -4.7%17 4 Morgan Stanley 17,611 12 7,115 147.5%15 5 JPMorgan 13,585 11 7,892 72.1%18 6 Deutsche Bank 13,390 7 6,233 114.8%5 7 Scotiabank 9,292 11 21,084 -55.9%7 8 TD Securities 8,632 17 19,766 -56.3%11 9 Credit Suisse 8,290 5 9,246 -10.3%2 10 BMO Capital Markets 6,834 19 36,271 -81.2%10 11 Canaccord Genuity 6,652 8 10,461 -36.4%13 12 CIBC World Markets 5,293 11 8,192 -35.4%9 13 Barclays 5,274 8 11,013 -52.1%27 14 Evercore Partners 4,717 3 2,745 71.8%21 15 GMP Securities 4,334 17 4,682 -7.4%

League Table of Financial Advisors to M&A by Volume: Canada

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

1 1 RBC Capital Markets 28,127 25 49 -242 2 BMO Capital Markets 6,834 19 24 -53 3 TD Securities 8,632 17 19 -26 4 GMP Securities 4,334 17 17 011 5 Bank of America Merrill Lynch 24,225 15 12 310 6 Goldman Sachs 27,148 14 13 19 7 Macquarie Group 3,179 13 14 -117 8 Morgan Stanley 17,611 12 8 415 9 JPMorgan 13,585 11 9 27 10 Scotiabank 9,292 11 16 -512 11 CIBC World Markets 5,293 11 12 -142 12 Raymond James & Associates 2,074 10 3 75 13 National Bank Financial 838 9 17 -825 14 Dundee Capital Markets 605 9 7 224 15 PwC 132 9 7 2

League Table of Financial Advisors to M&A by Value: US North East

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

3 1 Bank of America Merrill Lynch 287,578 56 63,205 355.0%1 2 Goldman Sachs 257,314 68 86,476 197.6%7 3 JPMorgan 256,686 42 50,453 408.8%4 4 Morgan Stanley 220,291 52 54,596 303.5%5 5 Barclays 186,237 35 54,133 244.0%10 6 UBS Investment Bank 165,745 30 25,449 551.3%97 7 Guggenheim Partners 148,283 12 257 57,598%- 8 Paul J. Taubman 127,600 2 - -2 9 Deutsche Bank 92,832 36 71,015 30.7%8 10 Citi 77,967 39 48,263 61.5%23 11 Moelis & Company 71,698 21 7,420 866.3%17 12 Centerview Partners 58,395 8 13,627 328.5%6 13 Credit Suisse 58,338 38 53,717 8.6%13 14 Lazard 49,061 36 18,197 169.6%16 15 Wells Fargo Securities 40,050 18 14,779 171.0%

League Table of Financial Advisors to M&A by Volume: US North East

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

1 1 Goldman Sachs 257,314 68 76 -85 2 Bank of America Merrill Lynch 287,578 56 44 126 3 Morgan Stanley 220,291 52 44 84 4 JPMorgan 256,686 42 48 -68 5 Citi 77,967 39 40 -17 6 Credit Suisse 58,338 38 41 -33 7 Deutsche Bank 92,832 36 48 -1210 8 Lazard 49,061 36 34 22 9 Barclays 186,237 35 52 -1713 10 UBS Investment Bank 165,745 30 30 012 11 Evercore Partners 29,206 30 31 -19 12 Houlihan Lokey 7,808 29 37 -811 13 Jefferies 9,480 28 33 -515 14 Raymond James & Associates 1,119 23 23 019 15 Moelis & Company 71,698 21 20 1


US: Financial Advisor League Tables by CountryLeague Table of Financial Advisors to M&A by Value: US Mid-West

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

11 1 Bank of America Merrill Lynch 53,243 25 15,531 242.8%10 2 JPMorgan 50,145 28 20,900 139.9%6 3 Lazard 44,428 25 29,191 52.2%18 4 Wells Fargo Securities 31,696 10 5,175 512.5%13 5 Moelis & Company 31,073 11 10,172 205.5%3 6 Centerview Partners 28,247 4 34,659 -18.5%1 7 Goldman Sachs 27,255 31 86,881 -68.6%5 8 Morgan Stanley 24,911 20 31,376 -20.6%4 9 Citi 24,274 18 34,387 -29.4%8 10 Barclays 18,433 15 26,528 -30.5%7 11 Credit Suisse 11,679 15 28,950 -59.7%9 12 Deutsche Bank 9,898 12 25,303 -60.9%12 13 Greenhill & Co 9,733 7 10,594 -8.1%33 14 William Blair & Company 8,048 13 1,941 314.6%21 15 UBS Investment Bank 7,693 8 4,941 55.7%

League Table of Financial Advisors to M&A by Volume: US Mid-West

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

1 1 Goldman Sachs 27,255 31 42 -117 2 JPMorgan 50,145 28 21 712 3 Bank of America Merrill Lynch 53,243 25 17 82 4 Lazard 44,428 25 29 -43 5 Morgan Stanley 24,911 20 23 -35 6 Citi 24,274 18 22 -410 7 Jefferies 6,665 16 20 -44 8 Barclays 18,433 15 23 -86 9 Credit Suisse 11,679 15 22 -79 10 Lincoln International 240 15 21 -621 11 M&A International 148 15 10 519 12 William Blair & Company 8,048 13 13 015 13 Deutsche Bank 9,898 12 15 -314 14 Evercore Partners 6,337 12 15 -38 15 Robert W. Baird & Co 2,515 12 21 -9

League Table of Financial Advisors to M&A by Value: US South

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

3 1 Credit Suisse 68,072 32 66,961 1.7%5 2 Bank of America Merrill Lynch 63,296 27 40,701 55.5%2 3 Barclays 57,153 26 73,531 -22.3%4 4 Goldman Sachs 57,025 45 63,347 -10.0%16 5 Evercore Partners 56,300 33 12,425 353.1%6 6 Citi 55,495 32 38,899 42.7%1 7 JPMorgan 53,775 32 76,348 -29.6%8 8 Deutsche Bank 51,154 26 32,221 58.8%7 9 Morgan Stanley 47,450 29 32,367 46.6%11 10 RBC Capital Markets 41,255 31 16,179 155.0%14 11 UBS Investment Bank 37,413 18 14,373 160.3%17 12 Lazard 26,175 27 10,654 145.7%- 13 LionTree Advisors 20,769 2 - -

19 14 Moelis & Company 16,845 19 8,265 103.8%9 15 Jefferies 14,615 33 28,342 -48.4%

League Table of Financial Advisors to M&A by Volume: US South

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

1 1 Goldman Sachs 57,025 45 53 -817 2 Evercore Partners 56,300 33 20 137 3 Jefferies 14,615 33 33 06 4 Credit Suisse 68,072 32 33 -110 5 Citi 55,495 32 30 24 6 JPMorgan 53,775 32 39 -78 7 RBC Capital Markets 41,255 31 33 -212 8 Morgan Stanley 47,450 29 26 35 9 Bank of America Merrill Lynch 63,296 27 37 -109 10 Lazard 26,175 27 31 -42 11 Barclays 57,153 26 50 -2411 12 Deutsche Bank 51,154 26 27 -125 13 Stifel/KBW 4,079 26 14 123 14 Houlihan Lokey 2,921 21 41 -2014 15 Moelis & Company 16,845 19 25 -6


US: Financial Advisor League Tables by CountryLeague Table of Financial Advisors to M&A by Value: US West

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

4 1 JPMorgan 73,257 35 39,113 87.3%1 2 Goldman Sachs 72,451 35 51,563 40.5%2 3 Morgan Stanley 41,011 35 44,357 -7.5%6 4 Credit Suisse 38,362 16 28,701 33.7%5 5 Barclays 37,826 24 35,736 5.8%7 6 Deutsche Bank 34,950 20 25,272 38.3%3 7 Bank of America Merrill Lynch 32,529 33 39,397 -17.4%31 8 Lazard 32,314 21 2,898 1,015%- 9 LionTree Advisors 27,677 3 - -

13 10 Moelis & Company 25,313 18 9,964 154.0%20 11 Centerview Partners 21,541 9 6,258 244.2%8 12 Citi 11,878 21 17,261 -31.2%16 13 Evercore Partners 11,375 12 8,462 34.4%11 14 UBS Investment Bank 9,969 18 12,949 -23.0%12 15 Allen & Company 9,956 7 12,610 -21.0%

League Table of Financial Advisors to M&A by Volume: US West

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

3 1 JPMorgan 73,257 35 34 11 2 Goldman Sachs 72,451 35 42 -72 3 Morgan Stanley 41,011 35 41 -66 4 Bank of America Merrill Lynch 32,529 33 29 45 5 Barclays 37,826 24 30 -68 6 Jefferies 8,236 24 25 -14 7 Houlihan Lokey 1,354 24 31 -79 8 Lazard 32,314 21 24 -315 9 Citi 11,878 21 15 611 10 Deutsche Bank 34,950 20 21 -17 11 Moelis & Company 25,313 18 28 -1022 12 UBS Investment Bank 9,969 18 12 619 13 Stifel/KBW 2,047 18 14 412 14 RBC Capital Markets 5,185 17 18 -110 15 Credit Suisse 38,362 16 21 -5

League Table of Financial Advisors to M&A by Value: Central & South America

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

9 1 Goldman Sachs 37,897 18 20,213 87.5%4 2 Deutsche Bank 27,462 8 28,351 -3.1%19 3 ABN AMRO Bank 22,686 1 3,456 556.4%10 4 Banco BTG Pactual 13,316 30 19,256 -30.8%7 5 Banco Itau BBA 10,315 20 22,395 -53.9%5 6 Morgan Stanley 10,226 10 25,635 -60.1%1 7 Bank of America Merrill Lynch 10,189 10 36,485 -72.1%14 8 Banco Bradesco BBI 7,534 10 13,448 -44.0%12 9 Credit Suisse 6,173 8 17,263 -64.2%3 10 Lazard 5,587 11 29,476 -81.0%2 11 JPMorgan 4,702 12 36,029 -86.9%27 12 Banco Bilbao Vizcaya Argentaria 4,365 12 1,261 246.2%15 13 Santander Global Banking and Markets 4,293 7 6,695 -35.9%11 14 Citi 3,499 6 17,321 -79.8%17 15 UBS Investment Bank 3,285 5 5,122 -35.9%

League Table of Financial Advisors to M&A by Volume: Central & South America

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

2 1 Banco BTG Pactual 13,316 30 37 -71 2 Banco Itau BBA 10,315 20 50 -304 3 Goldman Sachs 37,897 18 21 -38 4 JPMorgan 4,702 12 14 -217 5 Banco Bilbao Vizcaya Argentaria 4,365 12 7 59 6 Lazard 5,587 11 14 -313 7 Morgan Stanley 10,226 10 10 07 8 Bank of America Merrill Lynch 10,189 10 14 -46 9 Banco Bradesco BBI 7,534 10 17 -75 10 Rothschild 2,778 9 19 -1010 11 Deutsche Bank 27,462 8 12 -43 12 Credit Suisse 6,173 8 24 -1612 13 Santander Global Banking and Markets 4,293 7 12 -525 14 PwC 42 7 4 311 15 Citi 3,499 6 12 -6


Asia-Pacific (excl. Japan): Overview of Q1 - Q3 2013 • M&A activity has increased every quarter in 2013 with Q3 M&A (US$ 96.9bn) marking the highest quarter in a year (Q3 2012 valued at US$ 102.1bn)

• Morgan Stanley rises to the top the Asian financial advisor league table by value (US$ 44.2bn) from third place this time last year

342.8 347.6

294.3

362.4 356.5

348.8

259.7

85.1 74.7

45.8

66.3

89.7 82.4

70.7

90.5

126.0

76.7

71.1

79.4 79.8 92.0

75.4 56.7

65.9

92.5

113.7

102.1 96.9

0

50

100

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400

2007 2008 2009 2010 2011 2012 2013

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)


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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Valu

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)

M&A Value

Number of Deals

Num

ber o

f Dea

ls

• Asia-Pacific (excl. Japan) witnessed US$ 259.7bn-worth of deals during Q1 – Q3 2013, down just 1.7% by value compared with Q1 – Q3 2012 (US$ 264.3bn)

• 2013 M&A activity is on target to match the 2012 full year total of US$ 348.8bn, which would put an end to a trend of consecutive years of reduced M&A levels in the region which began in 2010 (US$ 362.4bn)

• Total deal value in Q3 was US$ 96.9bn, up 5.3% from the previous quarter (US$ 92bn) but down 5.1% compared to Q3 last year (US$ 102.1bn). One explanation for the dip was due to a lower value of large-cap (US$ 2bn – US$ 10bn) deals in the region that reduced from US$ 32.5bn in Q2 2013 to US$ 23.9bn in Q3

• The top deals saw most transactions valued at US$ 5bn or below – there were only three top deals in Q3 versus six in Q2, the largest of which was the US$ 5.7bn acquisition of Thailand’s Bank of Ayudhya by Japan-based Mitsubishi UFJ Financial Group


0

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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Num

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f Dea

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Dea

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)

Outbound M&A Value

Inbound M&A Value



• The value of inbound deals into Asia-Pacific (excl. Japan) plunged 36.8% to US$ 18.4bn in Q3 2013 from US$ 29.1bn in Q3 2012 but marked the second quarterly increase in 2013, up 9.5% from Q2 (US$ 16.8bn)

• The Q1 – Q3 value (US$ 48.8bn) for inbound deals is on par with the same time in 2012 (US$ 50bn)

• Outbound deal values in Q1 – Q3 2013 (US$ 65.7bn) dipped just 2.2% compared to Q1 – Q3 2012 (US$ 67.2bn), but represent the slowest nine months for outbound M&A activity since 2009 (US$ 21bn)

• Q3s (US$ 18.3bn-worth) reversed Q2’s (US$ 29.7bn) increase from Q1 (US$ 17.8bn). The deal value for outbound deals in Q3 was down 38.4% compared to Q2 (US$ 29.7bn) and 42.8% lower than Q3 2012 (US$ 32bn)

• Energy, Mining & Utilities continued to be the most active sector for the first nine months in the Asia Pacific (excl. Japan) region, with deals worth US$ 66.6bn, up 22.4% from Q1 – Q3 2012 and with a 25.6% market share compared to 20.6% last year

• The Consumer sector was the second most active sector so far this year and took 14.4% of the total value. The sector recorded deals worth US$ 37.4bn, up 6.9% from the same period a year earlier (US$ 35bn)

• The TMT sector on the other hand, a sector experiencing heightened activity by value in all other major regions, saw a year-on-year drop of 31.5% in terms of deal value to US$ 30.9bn (232 deals) from US$ 45.1bn

Asia-Pacific (excl. Japan): Industry and Cross-Border Analysis

4.4%

13.2%

20.6%

11.8% 18.6%

1.4% 3.4%

2.6%

17.1%

3.5% 3.4%

3.0%

14.4%

25.6%

10.0%

12.7%

2.3%

3.9%

4.2%

11.9%

5.2%

6.8%


Consumer: US$ 37.4bn (US$ 35bn)






Real Estate: US$ 10.8bn (US$ 7bn)

TMT: US$ 30.9bn (US$ 45.1bn)


Other: US$ 17.7bn (US$ 9bn)

Q1 - Q3 2012

Q1 - Q3

2013

Asia-Pacific (excl. Japan) Cross-Border Analysis



Asia-Pacific (excl. Japan): Top 10 Deals


Announced

DateBidder Company

Bidder Financial


Target/Seller


Deal

Value

(US$m)

14-Jun-13 Taikang Asset Management Company;

and Beijing Guolian Energy Industry Investment Fund

PetroChina United Pipelines Company

Limited (50% Stake)

PetroChina Company Limited

9,786

30-Sep-13 JG Summit Holdings Inc Manila Electric Company Advising seller: Credit Suisse

San Miguel Corporation 6,344

23-Apr-13 CP ALL Plc Maybank Investment Bank; Siam Commercial Bank; UBS Investment

Bank

Siam Makro Public Co Ltd (96.09%)

Phatra Securities Public Company; Advising

seller: HSBC

SHV Holdings NV 6,208

02-Jul-13 Mitsubishi UFJ Financial Group Inc

Bank of America Merrill Lynch; Phatra Securities

Public Company

Bank of Ayudhya Public Company Limited (75%

Stake)

Deutsche Bank; Morgan Stanley

GE Capital Corporation 5,731

07-Sep-13 China National Petroleum Corporation

Kashagan Oil Project (8.33% Stake)

Barclays ConocoPhillips Company 5,000

05-Feb-13 Guangxi Guiguan Electric Power Co Ltd

CITIC Securities LongTan Hydropower Development Co Ltd

(85% Stake)

Guangxi Investment Group Co Ltd; China Datang Corporation;

and Guizhou Industrial Investment Co Ltd

4,941

01-Apr-13 Midea Group Co Ltd China International Capital

GD Midea Holding Co Ltd (58.83% Stake)

CITIC Securities Co 4,923

12-Apr-13 NSW Ports Consortium Lazard; UBS Investment Bank

Port Botany Advising seller: Morgan Stanley

Government of New South Wales

4,529

27-Sep-13 Beijing Zhongchuang Telecom Test Company

Ltd

Haitong Securities Beijing Xinwei Telecom Technology Inc (96.53%

Stake)

Consortium led by Wang Jing (Private investor)

4,396

30-Apr-13 Unilever NV HSBC; UBS Investment Bank

Hindustan Unilever Limited (14.8% Stake)

Citi 3,549


Asia-Pacific (excl. Japan): Financial Advisor League TablesLeague Table of Financial Advisors to M&A by Value: Asia-Pacific (excl. Japan)

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

3 1 Morgan Stanley 44,213 42 46,202 -4.3%6 2 JPMorgan 28,527 34 34,489 -17.3%4 3 Credit Suisse 27,116 25 42,840 -36.7%2 4 Citi 26,966 25 59,715 -54.8%23 5 Barclays 26,574 20 7,956 234.0%1 6 Goldman Sachs 26,516 46 73,642 -64.0%5 7 UBS Investment Bank 25,693 29 39,999 -35.8%11 8 Bank of America Merrill Lynch 23,994 21 20,513 17.0%8 9 HSBC 18,921 21 29,043 -34.9%40 10 Lazard 17,162 18 2,140 702.0%17 11 CITIC Securities 15,878 14 12,917 22.9%7 12 Deutsche Bank 15,778 18 32,343 -51.2%

113 13 Phatra Securities Public Company 13,950 4 385 3,523%15 14 Macquarie Group 10,188 29 13,874 -26.6%13 15 Maybank Investment Bank 9,631 9 16,881 -42.9%

14 16 Rothschild 8,987 20 13,973 -35.7%

49 17 Haitong Securities 7,784 11 1,597 387.4%

12 18 China International Capital 7,643 5 17,203 -55.6%

31 19 Somerley 7,356 16 2,901 153.6%

- 20= Sberbank CIB 7,077 1 - -

84 20= Societe Generale 7,077 1 615 1,051%

105 20= VTB Capital 7,077 1 425 1,565%

League Table of Financial Advisors to M&A by Volume: Asia-Pacific (excl. Japan)

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

1 1 PwC 5,079 64 54 103 2 Goldman Sachs 26,516 46 40 64 3 Ernst & Young 3,835 43 38 57 4 Morgan Stanley 44,213 42 30 122 5 KPMG 4,897 35 46 -1111 6 JPMorgan 28,527 34 24 108 7 UBS Investment Bank 25,693 29 30 -110 8 Macquarie Group 10,188 29 25 46 9 Deloitte 1,800 27 32 -59 10 Credit Suisse 27,116 25 26 -15 11 Citi 26,966 25 36 -11

28 12 Bank of America Merrill Lynch 23,994 21 8 1314 13 HSBC 18,921 21 17 419 14 Barclays 26,574 20 13 713 15 Rothschild 8,987 20 20 0

20 16 Lazard 17,162 18 13 5

12 17 Deutsche Bank 15,778 18 23 -5

31 18 Somerley 7,356 16 8 8

15 19 CIMB Group 6,029 16 17 -1

23 20 CITIC Securities 15,878 14 11 3


Asia-Pacific (excl. Japan): Financial Advisor League Tables to BuyoutsLeague Table of Financial Advisors to Private Equity Buyouts by Value

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

32 1= Lazard 5,328 2 - -3 1= UBS Investment Bank 5,328 2 1,639 225.1%31 3 Barclays 2,302 3 - -

- 4 Nomura Holdings 1,782 3 - -- 5 Macquarie Group 1,027 2 - -

19 6 Woori Investment & Securities 852 2 98 769.4%5 7 Citi 705 2 1,021 -31.0%4 8 Morgan Stanley 622 3 1,296 -52.0%25 9= China Renaissance Partners 436 1 31 1,307%- 9= Industrial and Commercial Bank of China 436 1 - -

10 11 KPMG 390 1 206 89.3%- 12 HSBC 320 2 - -- 13 Avendus Capital 320 1 - -- 14 CITIC Securities 319 1 - -- 15 Global M&A Partners 289 1 - -

League Table of Financial Advisors to Private Equity Buyouts by Volume

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

2 1 Deloitte 244 6 4 231 2 Barclays 2,302 3 1 2- 3 Nomura Holdings 1,782 3 - -3 4 Morgan Stanley 622 3 3 0

32 5= Lazard 5,328 2 1 110 5= UBS Investment Bank 5,328 2 1 1- 7 Macquarie Group 1,027 2 - -

19 8 Woori Investment & Securities 852 2 1 111 9 Citi 705 2 1 1- 10 HSBC 320 2 - -9 11 Ernst & Young 84 2 2 0- 12 Hana Daetoo Securities 36 2 - -- 13 o3 Capital Advisors 31 2 - -- 14 BDO 14 2 - -

25 15= China Renaissance Partners 436 1 1 0

- 15= Industrial and Commercial Bank of China 436 1 - -


Asia-Pacific (excl.Japan): Financial Advisor League Tables by CountryLeague Table of Financial Advisors to M&A by Value: Asia (Excl. Japan & Australasia)

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

3 1 Morgan Stanley 36,576 35 43,508 -15.9%6 2 JPMorgan 26,236 25 32,921 -20.3%1 3 Goldman Sachs 23,543 33 68,343 -65.6%10 4 Bank of America Merrill Lynch 23,225 18 19,430 19.5%4 5 Credit Suisse 23,205 22 38,547 -39.8%2 6 Citi 22,284 21 54,989 -59.5%23 7 Barclays 22,226 16 6,374 248.7%5 8 UBS Investment Bank 19,377 21 34,612 -44.0%8 9 HSBC 18,921 21 28,623 -33.9%15 10 CITIC Securities 15,878 14 12,917 22.9%7 11 Deutsche Bank 14,034 15 28,823 -51.3%99 12 Phatra Securities Public Company 13,950 4 385 3,523%44 13 Lazard 10,664 9 1,532 596.1%13 14 Maybank Investment Bank 9,631 9 16,881 -42.9%16 15 Rothschild 8,615 16 12,414 -30.6%

League Table of Financial Advisors to M&A by Volume: Asia (Excl. Japan & Australasia)

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

1 1 PwC 4,256 51 41 105 2 Morgan Stanley 36,576 35 27 84 3 Goldman Sachs 23,543 33 30 36 4 Ernst & Young 2,857 28 25 32 5 KPMG 4,544 27 33 -612 6 JPMorgan 26,236 25 16 910 7 Credit Suisse 23,205 22 18 43 8 Citi 22,284 21 31 -108 9 UBS Investment Bank 19,377 21 20 113 10 HSBC 18,921 21 16 529 11 Bank of America Merrill Lynch 23,225 18 7 117 12 Deloitte 1,328 18 23 -521 13 Barclays 22,226 16 10 615 14 Rothschild 8,615 16 15 126 15 Somerley 7,356 16 8 8

League Table of Financial Advisors to M&A by Value: Australasia

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

2 1 UBS Investment Bank 7,842 12 6,560 19.5%12 2 Morgan Stanley 7,784 8 2,694 188.9%30 3 Lazard 7,301 11 750 873.5%1 4 Macquarie Group 6,869 19 12,379 -44.5%17 5 Barclays 6,278 5 1,582 296.8%7 6 Citi 5,567 6 4,726 17.8%24 7 Greenhill & Co 4,922 5 1,116 341.0%8 8 Credit Suisse 4,902 6 4,358 12.5%4 9 Goldman Sachs 4,028 17 5,299 -24.0%18 10 JPMorgan 2,291 9 1,568 46.1%6 11 Deutsche Bank 1,810 4 4,770 -62.1%40 12 Lonergan Edwards & Associates 1,615 6 376 329.5%- 13 Blackstone Group 1,400 2 - -

27 14 Evercore Partners 1,400 1 1,000 40.0%116 15 Fort Street Advisers 1,329 5 - -

League Table of Financial Advisors to M&A by Volume: Australasia

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

1 1 Macquarie Group 6,869 19 22 -37 2 Goldman Sachs 4,028 17 10 74 3 Ernst & Young 1,096 16 13 33 4 PwC 938 14 14 05 5 UBS Investment Bank 7,842 12 12 021 6 Lazard 7,301 11 4 76 7 Deloitte 552 10 11 -112 8 JPMorgan 2,291 9 8 124 9 Morgan Stanley 7,784 8 3 52 10 KPMG 353 8 16 -8

27 11 First NZ Capital 935 7 3 417 12 Citi 5,567 6 5 18 13 Credit Suisse 4,902 6 9 -3

38 14 Lonergan Edwards & Associates 1,615 6 2 443 15 Flagstaff Partners 838 6 2 4


Asia-Pacific (excl.Japan): Financial Advisor League Tables by CountryLeague Table of Financial Advisors to M&A by Value: Greater China

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

18 1 Barclays 19,045 12 3,947 382.5%11 2 Morgan Stanley 19,032 15 8,385 127.0%9 3 CITIC Securities 15,878 14 12,917 22.9%1 4 Goldman Sachs 11,221 16 36,070 -68.9%12 5 JPMorgan 11,077 11 8,283 33.7%3 6 UBS Investment Bank 9,869 16 29,093 -66.1%30 7 Haitong Securities 7,784 11 1,597 387.4%7 8 China International Capital 7,643 5 17,203 -55.6%21 9 Somerley 7,356 16 2,901 153.6%10 10 HSBC 7,084 11 11,842 -40.2%17 11 Bank of America Merrill Lynch 6,198 6 4,086 51.7%4 12 Credit Suisse 4,968 11 20,385 -75.6%2 13 Citi 4,420 8 31,073 -85.8%31 14 Bank of China International Holdings 3,658 6 1,410 159.4%8 15 Deutsche Bank 3,556 9 13,660 -74.0%

League Table of Financial Advisors to M&A by Volume: Greater China

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

2 1 Goldman Sachs 11,221 16 13 37 2 UBS Investment Bank 9,869 16 10 613 3 Somerley 7,356 16 8 86 4 Morgan Stanley 19,032 15 11 45 5 CITIC Securities 15,878 14 11 343 6 Huatai United Securities 3,081 14 3 1129 7 Barclays 19,045 12 4 817 8 Southwest Securities Company 3,508 12 7 53 9 PwC 671 12 13 -116 10 JPMorgan 11,077 11 7 418 11 Haitong Securities 7,784 11 7 415 12 HSBC 7,084 11 7 411 13 Credit Suisse 4,968 11 8 337 14 China Securities 3,466 10 3 74 15 Deutsche Bank 3,556 9 11 -2

League Table of Financial Advisors to M&A by Value: India

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

1 1 Citi 8,622 4 12,735 -32.3%5 2 Bank of America Merrill Lynch 6,835 4 10,289 -33.6%2 3 Morgan Stanley 6,461 8 12,551 -48.5%19 4 UBS Investment Bank 6,024 2 349 1,626%- 5 HSBC 3,958 3 - -- 6 Standard Chartered 3,612 3 - -7 7 Axis Capital 3,508 8 2,178 61.1%4 8 Credit Suisse 3,240 3 10,559 -69.3%33 9 Deutsche Bank 2,331 1 99 2,255%6 10 Goldman Sachs 2,056 5 6,783 -69.7%16 11 Jefferies 1,600 1 395 305.1%13 12 Kotak Investment Banking 1,072 8 608 76.3%9 13 Barclays 790 2 1,370 -42.3%39 14 PwC 746 8 38 1,863%- 15 Macquarie Group 688 2 - -

League Table of Financial Advisors to M&A by Volume: India

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

1 1 Ernst & Young 512 18 15 34 2 Morgan Stanley 6,461 8 7 17 3 Axis Capital 3,508 8 6 25 4 Kotak Investment Banking 1,072 8 7 1

22 5 PwC 746 8 3 52 6 KPMG 405 7 10 -3- 7 o3 Capital Advisors 99 6 - -

13 8 Goldman Sachs 2,056 5 4 114 9 Rothschild 652 5 4 18 10 ICICI Securities 249 5 6 -116 11 BMR Advisors 84 5 4 110 12 Citi 8,622 4 5 -127 13 Bank of America Merrill Lynch 6,835 4 1 33 14 Avendus Capital 272 4 8 -4- 15 Churchgate Partners 77 4 - -


Asia-Pacific (excl.Japan): Financial Advisor League Tables by CountryLeague Table of Financial Advisors to M&A by Value: South East Asia

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

34 1 Phatra Securities Public Company 13,950 4 385 3,523%12 2 Bank of America Merrill Lynch 10,192 8 5,055 101.6%2 3 Maybank Investment Bank 9,631 9 16,881 -42.9%4 4 Morgan Stanley 9,452 7 14,059 -32.8%9 5 Credit Suisse 9,132 11 7,603 20.1%5 6 Deutsche Bank 8,166 4 13,950 -41.5%3 7 HSBC 7,750 6 16,808 -53.9%- 8 Siam Commercial Bank 6,208 1 - -

16 9 CIMB Group 5,691 14 2,078 173.9%1 10 Goldman Sachs 5,476 7 23,006 -76.2%7 11 JPMorgan 4,150 9 12,135 -65.8%69 12 Macquarie Group 3,801 11 26 14,519%15 13 UBS Investment Bank 3,369 2 5,000 -32.6%53 14 ING 2,973 2 83 3,482%87 15 KPMG 2,417 9 - -

League Table of Financial Advisors to M&A by Volume: South East Asia

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

2 1 CIMB Group 5,691 14 14 03 2 RHB Investment Bank 470 12 13 -18 3 Credit Suisse 9,132 11 7 470 4 Macquarie Group 3,801 11 1 101 5 Maybank Investment Bank 9,631 9 16 -7

30 6 JPMorgan 4,150 9 2 787 7 KPMG 2,417 9 1 842 8 Bank of America Merrill Lynch 10,192 8 1 716 9 Morgan Stanley 9,452 7 4 35 10 Goldman Sachs 5,476 7 9 -26 11 HSBC 7,750 6 8 -245 12 Hong Leong Financial Group 551 6 1 54 13 DBS Bank 523 6 11 -515 14 PwC 447 6 5 137 15 Lazard 1,898 5 2 3

League Table of Financial Advisors to M&A by Value: South Korea

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

4 1 Goldman Sachs 5,593 7 3,911 43.0%1 2 Woori Investment & Securities 5,299 10 8,608 -38.4%14 3 JPMorgan 3,932 4 563 598.4%6 4 PwC 2,822 28 2,433 16.0%2 5 Morgan Stanley 2,017 6 8,513 -76.3%16 6 Hana Daetoo Securities 1,944 4 427 355.3%17 7 Barclays 1,667 1 405 311.6%11 8 Samsung Securities 1,573 4 852 84.6%- 9 RBC Capital Markets 1,100 1 - -3 10 KPMG 918 12 4,647 -80.2%7 11 Citi 670 2 2,258 -70.3%- 12 Houlihan Lokey 654 1 - -8 13 Deutsche Bank 486 1 1,597 -69.6%13 14 Deloitte 466 6 571 -18.4%10 15 Daewoo Securities 417 2 876 -52.4%

League Table of Financial Advisors to M&A by Volume: South Korea

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

1 1 PwC 2,822 28 20 82 2 KPMG 918 12 13 -14 3 Woori Investment & Securities 5,299 10 8 25 4 Goldman Sachs 5,593 7 6 17 5 Morgan Stanley 2,017 6 5 13 6 Deloitte 466 6 10 -413 7 JPMorgan 3,932 4 2 221 8 Hana Daetoo Securities 1,944 4 1 38 9 Samsung Securities 1,573 4 5 -111 10 Ernst & Young 113 4 3 112 11 Citi 670 2 2 06 12 Daewoo Securities 417 2 6 -432 13 Standard Chartered 393 2 1 1- 14 Tong Yang Investment Bank 335 2 - -

34 15 Korea Development Bank 334 2 1 1


Japan: Overview of Q1 - Q3 2013 • Real Estate’s 84% growth from last year is a sign for more upbeat inbound M&A to come

• Morgan Stanley beat Nomura Holdings and topped Mergermarket’s financial advisor league table with 30 deals worth US$ 31.4bn

88.2

55.8

78.4

61.3

83.2

71.3

36.0

26.1

17.3

10.6

13.9 11.8

14.9

8.0

18.0

10.8

14.0

7.3

17.2

26.2

15.1

11.9

15.5

24.1

33.2

32.7

13.9

12.9

0

10

20

30

40

50

60

70

80

90

100

2007 2008 2009 2010 2011 2012 2013

Valu

e of

Dea

ls (U

S$bn

)

Annual M&A Value Q3 Value Q2 M&A Value Q1 M&A Value

0

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40

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160

0

5

10

15

20

25

30

35

40

45


2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Valu

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)

M&A Value

Number of Deals

Num

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f Dea

ls

• Japan’s Q3 M&A value (US$ 12.9bn) was set for a 10-year low until US-based Applied Materials acquired Tokyo Electron limited for US$ 8.7bn in the final week of the quarter. The largest US-Japan transaction on Mergermarket record (since 2001) made up almost a quarter (24.2%) of Q1 – Q3 2013 total value (US$ 36bn)

• The Tokyo Electron deal added 67.4% towards Japanese M&A in Q3 but it did not manage to prevent a quarterly decline following a solid Q2 (US$ 15.1bn) leaving Q3’s US$ 12.9bn down 14.6%. Q3 2013 also decreased compared to Q3 2012 (US$ 13.9bn), down 7.2%

• The late turn around in Q3 could be a sign of better things to come in 2013 but as it stands, Q1 – Q3 deal value totaled US$ 36bn, down 34.6% compared to Q1 – Q3 2012 (US$ 55bn). This marked a third year of declines for Japanese M&A during the Q1 – Q3 period


0

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20

30

40

50

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50

60


2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Num

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)

Outbound M&A Value

Inbound M&A Value



• Inbound M&A in Q3 totaled US$ 10.3bn and was the highest valued quarter since Q1 2007 (US$ 11.5bn). The hike in value came after US-based Applied Materials acquired Tokyo Electron for US$ 8.7bn in the final week of Q3 which contributed 84.5% to Q3’s total inbound value. US bidders approaching Japanese targets hit a post-crisis high at US$ 10.8bn during Q1 – Q3 2013, double 2012’s annual total of US$ 5.4bn

• Total inbound M&A through Q1 – Q3 2013 (US$ 11.7bn) marked 2013 as the highest valued year since 2007’s peak (US$ 24.5bn). Prior to the Tokyo Electron acquisition, 2013 was likely to be the lowest value on Mergermarket record (since 2001). The deal, combined with the recovery in Real Estate M&A, signals hope for 2014 inbound deal activity

• Outbound M&A activity continued on an upward trajectory in Q3, registering a second consecutive quarterly increase at US$ 21.1bn, up 189% compared to Q2 2013 (US$ 7.3bn) – the highest quarterly increase in three years (Q2 to Q3 2010 increased 199.8% from US$ 3.6bn to US$ 10.7bn)

• Real Estate targeted M&A was one of only four sectors to increase M&A value in Q1 – Q3 2013, up 84% to US$ 4.6bn from US$ 2.5bn in Q1 – Q3 2012. A boost in Real Estate investment signals and uplift in inbound investment is around the corner followed by private equity investment up to two years later, according to Mergermarket intelligence

• Contributing 89.1% to overall Real Estate values were three of the top deals executed by Iida Home Max for a combined value of US$ 4.1bn which affected this sectors’ value

• The US$ 8.7bn Tokyo Electron deal pushed the TMT sector up 54.1% in value to US$ 11.4bn from US$ 7.4bn in Q1 – Q3 2012. According to Mergermarket intelligence, a solid deal pipeline indicates that further growth in Japan’s TMT is very likely, especially after the largest cross-border deal into Japan was announced in the final week of Q3 – domestic restructuring by large Technology corporates such as Panasonic and Sony but also Telecommunications and Media consumer companies seeking foreign targets could add to Japan’s TMT M&A

Japan: Industry and Cross-Border Analysis

4.2% 2.0%

12.2%

32.2%

5.8%

22.5%

2.4% 0.7%

4.5%

13.5%

3.6%

8.5%

12.4%

9.6%

2.8%

11.0%

3.0% 4.7%

12.7%

31.4%

0.3%


Construction: US$ 3.1bn (US$ 1.1bn)



Financial Services: US$ 1bn (US$ 3.2bn)

Industrials & Chemicals: US$ 4bn (US$ 12.4bn)




TMT: US$ 11.4bn (US$ 7.4bn)

Transport: US$ 0.1bn (US$ 0bn)

Q1 - Q3 2012

Q1 - Q3

2013

Japanese Cross-Border Analysis



Japan: Top 10 Deals


Announced

DateBidder Company

Bidder Financial


Target/Seller


Deal

Value

(US$m)

24-Sep-13 Applied Materials Inc Goldman Sachs Tokyo Electron Limited Morgan Stanley 8,730

11-Jun-13 Hitachi Ltd and Mitsubishi Heavy

Industries Ltd joint venture

Mitsubishi Heavy Industries Ltd (Thermal

power generation systems business); and

Hitachi Ltd (Thermal power generation systems business)

Advising seller: GCA Savvian Group; Morgan

Stanley; Nomura Holdings

Hitachi Ltd; and Mitsubishi Heavy

Industries Ltd

3,308

27-Jun-13 Iida Home Max Co Ltd * Iida Home Max Co Ltd Advisors: *

AGS Consulting;

Benedi Consulting; Daiwa Securities

Group; Partners; Plutus Consulting; Sumitomo Mitsui Financial Group; Tokai Tokyo Financial Holdings; Yamada FAS

Hajime Construction Co Ltd

Ryoju Corporation 2,072

26-Apr-13 Nippon Steel Trading Co Ltd

Nomura Holdings Sumikin Bussan Corporation

Sumitomo Mitsui Financial Group

1,432

27-Sep-13 Kohlberg Kravis Roberts & Co LP

Goldman Sachs Panasonic Healthcare Co Ltd (80% Stake)

Advising seller: Bank of America Merrill Lynch

Panasonic Corporation 1,346


Arnest One Corp 1,296

13-Feb-13 Hitachi Metals Ltd Nomura Holdings Hitachi Cable Ltd Morgan Stanley 863

25-Mar-13 Temp Holdings Co Ltd Sumitomo Mitsui Financial Group

Intelligence Holdings Ltd Nomura Holdings Kohlberg Kravis Roberts & Co LP

721

26-Apr-13 Marubeni Corporation Deloitte; Nomura Holdings

MX Mobiling GCA Savvian Group; Sumitomo Mitsui Financial Group;

Advising seller: Daiwa Securities Group

NEC Corporation 709


Touei Housing Corporation

Bamboo Field 686


Japan: Financial Advisor League Tables by CountryLeague Table of Financial Advisors to M&A by Value: Japan

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

2 1 Morgan Stanley 31,422 30 38,255 -17.9%5 2 Goldman Sachs 19,656 15 24,318 -19.2%7 3 Sumitomo Mitsui Financial Group 13,947 22 16,460 -15.3%1 4 Nomura Holdings 12,213 44 49,722 -75.4%10 5 Bank of America Merrill Lynch 10,179 8 10,108 0.7%17 6 Deutsche Bank 8,257 6 4,112 100.8%- 7 Phatra Securities Public Company 7,572 2 - -4 8 JPMorgan 7,258 8 29,785 -75.6%9 9 Daiwa Securities Group 6,833 24 11,252 -39.3%11 10 GCA Savvian Group 5,597 27 6,774 -17.4%20 11 BNP Paribas 5,269 4 3,445 52.9%67 12 Plutus Consulting 4,879 6 65 7,406.2%85 13 Yamada FAS 4,823 7 9 53,489%- 14 Partners 4,785 6 - -

56 15= AGS Consulting 4,785 5 151 3,069%

- 15= Benedi Consulting 4,785 5 - -

73 15= Tokai Tokyo Financial Holdings 4,785 5 53 8,928%

League Table of Financial Advisors to M&A by Volume: Japan

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

1 1 Nomura Holdings 12,213 44 70 -262 2 Mizuho Financial Group 3,782 41 40 13 3 Morgan Stanley 31,422 30 35 -55 4 GCA Savvian Group 5,597 27 26 14 5 Daiwa Securities Group 6,833 24 27 -310 6 Sumitomo Mitsui Financial Group 13,947 22 13 96 7 Deloitte 1,856 20 25 -57 8 KPMG 1,589 17 22 -58 9 Goldman Sachs 19,656 15 15 09 10 PwC 1,398 13 14 -118 11 Bank of America Merrill Lynch 10,179 8 5 311 12 JPMorgan 7,258 8 10 -287 13 Yamada FAS 4,823 7 1 614 14 Deutsche Bank 8,257 6 7 -124 15 Plutus Consulting 4,879 6 4 2


Africa & Middle East: Overview of Q1 - Q3 2013 • Q1 - Q3 deal value (US$ 51.6bn) mirrors 2012’s annual total (US 51.6bn) making 2013 the second year to see increased deal value

• Morgan Stanley led the financial advisor league table by value with deals valued at US$ 12.8bn, a jump from 16th place in Q1 – Q3 2012 (US$ 1.7bn)

87.1

50.4

32.5

54.3

45.4

51.6 51.6

19.9

13.1

5.3

25.3

19.7

8.8

12.7

12.6

12.8

4.0

8.0

6.6

13.4

19.8

20.0

9.9

15.4

8.2

12.1

9.6

19.1

0

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2007 2008 2009 2010 2011 2012 2013

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• Africa & Middle East targeted M&A through Q1 – Q3 2013 was valued at US$ 51.6bn and has already matched 2012’s annual total (US$ 51.6bn). Only nine months in the books and this year will mark the second annual increase by deal value

• Q3’s deal value (US$ 19.1bn) was up 99% compared to Q3 2012 (US$ 9.6bn) and just 3.5% down on Q2 2013’s US$ 19.8bn-worth of deals. 2013 is the first year since the region’s peak in 2007 (US$ 87.1bn) to see every quarter post total values above US$ 10bn

• The Middle East made up 42.8% of the total value in Q1 – Q3 2013 with deals valued at US$ 22.1bn already a quarter (25.6%) above 2012’s annual total (US$ 17.6bn). African M&A constituted US$ 29.5bn-worth of deals – just 9.8% away from matching 2012’s an-nual total (US$ 32.7bn). Africa’s Q1 – Q3 2013 value was three quarters higher than the value seen in Q1 – Q3 2012 (US$ 16.9bn) at 74.6%

• United Arab Emirates (US$ 11.2bn) registered the highest total value in the region, fol-lowed by Mozambique (US$ 9.4bn)


• Although total cross-border (inbound and outbound) M&A value in Q3 (US$ 12bn) fell 14.9% from Q2 (US$ 14.1bn), which was the strongest quarter since Q2 2011 (US$ 14.3), it was a 55.8% increase from Q3 2012 (US$ 7.7bn)

• Inbound deal value in Q3 (US$ 10.7bn) witnessed a 9.2% increase on Q2 values (US$ 9.8bn) and a 21.6% increase on Q1 (US$ 8.8bn), making it the highest valued quarter in over three years (Q1 2010 valued at US$ 14.3bn)

• The tendency to avoid investing outside of Africa & Middle East has continued in 2013. Outbound activity through Q1 – Q3 (US$ 8.5bn) was down 33.1% from Q1 – Q3 2012 (US$ 12.7bn) due to Q3’s (US$ 1.3bn) 69.8% decline from Q2 (US$ 4.3bn)

• Q3’s outbound deal value was the lowest valued quarter since Q2 2009 (US$ 0.6bn) which could result in 2013’s total outbound deal value ending at the lowest level in nearly a decade (2004 was valued at US$ 6.1bn)

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Outbound M&A Value

Inbound M&A Value



• The Energy, Mining and Utilities sector (US$ 17bn) has doubled its total deal value from 2012 (US$ 8.5bn), giving it a dominant 32.9% market share, up from 26.9% the same time last year. The majority of this investment has been into Africa’s dominant Energy sector which has already hit a fourth annual increase in 2013 with deals valued at US$ 14.9bn, taking an 87.6% share of this total activity.

• Total M&A deal value in the Real Estate sector (US$ 2.2bn) was predominantly attributed to the US$ 2bn merger between Abu Dhabi developers Aldar Properties and Sorouh Real Estate

• The region’s biggest deal, the US$ 7.5bn merger of Dubai Aluminium and Emirates Aluminium, gave the Industrials and Chemicals sector (US$ 11.2bn) a 21.7% market share and resulted in the sector posting its highest deal value on Mergermarket record (since 2001)

Africa & Middle East: Industry and Cross-Border Analysis

2.2% 12.3%

26.9%

19.0%

5.1% 0.9%

3.2% 0.1%

27.5%

1.0%

1.7%

0.4% 4.5%

32.9%

4.8%

21.7%

0.2%

5.6%

4.3%

18.4%

0.2% 7.0%



Energy, Mining & Utilities: US$ 17bn (US$ 8.5bn)

Financial Services: US$ 2.5bn (US$ 6bn)



Pharma, Medical & Biotech: US$ 2.9bn (US$ 1bn)


TMT: US$ 9.5bn (US$ 8.7bn)



Q1 - Q3 2012

Q1 - Q3

2013

Africa & Middle East Cross-Border Analysis



Africa & Middle East: Top 10 Deals


Announced

DateBidder Company

Bidder Financial


Target/Seller


Deal

Value

(US$m)

03-Jun-13 Emirates Global Aluminium

Dubai Aluminium Company Limited; and Emirates Aluminium

Advising seller: Morgan Stanley

Mubadala Development Company PJSC; and

Investment Corporation of Dubai

7,500

23-Jul-13 Emirates Telecommunications

Corporation

BNP Paribas Maroc Telecom (53% Stake)

Bank of America Merrill Lynch; Advising seller: Credit Agricole; Lazard

Vivendi SA 5,959

14-Mar-13 China National Petroleum Corporation

Eni East Africa Spa (28.57% Stake)

Eni SpA 4,210

29-Aug-13 Sinopec International Petroleum Exploration

and Production Corporation

JPMorgan Apache Corporation (Egypt oil and gas

business) (33% Stake)

Advising seller: Goldman Sachs

Apache Corporation 3,100

25-Aug-13 ONGC Videsh Limited Bank of America Merrill Lynch

Rovuma Offshore Area 1 Block

(10% Stake)

Advising seller: Citi Anadarko Petroleum Corporation

2,640

25-Jun-13 ONGC Videsh Limited; and Oil India Limited

Bank of America Merrill Lynch; Morgan Stanley

Rovuma Offshore Area 1 Block

(10% Stake)

Advising seller: Credit Suisse; Standard Chartered; UBS Investment Bank

Videocon Industries Ltd 2,475

18-Jan-13 OCI NV Allen & Company; Barclays

Orascom Construction Industries SAE (25% Stake)

CI Capital Holding; Citi; Rabobank

2,210

01-May-13 Berkshire Hathaway Inc IMC International Metalworking Companies BV (20% Stake)

Wertheimer family 2,050

21-Jan-13 Aldar Properties PJSC Credit Suisse; Goldman Sachs; National Bank of

Abu Dhabi

Sorouh Real Estate PJSC Morgan Stanley 2,030

24-Jun-13 China Petrochemical Corporation

Marathon Oil Corporation (Angolan

offshore oil and gas field block 31)

(10% Stake)

Advising seller: Scotiabank

Marathon Oil Corporation

1,520


Africa & Middle East: Financial Advisor League TablesLeague Table of Financial Advisors to M&A by Value: Africa & Middle East

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountValue

(US$m)% Val. Change

16 1 Morgan Stanley 12,783 10 1,667 666.8%23 2 Bank of America Merrill Lynch 11,535 10 1,115 934.5%8 3 Credit Suisse 8,250 8 2,931 181.5%38 4 BNP Paribas 7,279 4 485 1,401%1 5 Goldman Sachs 7,065 6 7,746 -8.8%10 6 JPMorgan 6,620 7 2,571 157.5%3 7 Lazard 6,369 5 4,507 41.3%32 8 Credit Agricole 5,959 1 686 768.7%5 9 Citi 5,863 10 3,651 60.6%2 10 Barclays 4,639 6 6,019 -22.9%30 11 UBS Investment Bank 4,346 5 773 462.2%- 12 Allen & Company 3,366 3 - -4 13 HSBC 3,187 7 4,420 -27.9%33 14 Standard Chartered 2,758 3 679 306.2%- 15 Rabobank 2,425 2 - -

- 16 CI Capital Holding 2,210 1 - -

- 17 National Bank of Abu Dhabi 2,030 1 - -

15 18 Deutsche Bank 1,971 3 1,700 15.9%

22 19 Rothschild 1,714 4 1,240 38.2%

- 20 Scotiabank 1,520 1 - -

League Table of Financial Advisors to M&A by Volume: Africa & Middle East

Ranking Q1 - Q3 2013 Q1 - Q3 2012Q1-Q3 2012


(US$m)Deal

CountDeal

CountCount

Change

6 1 Ernst & Young 569 11 9 23 2 Standard Bank Group 539 11 11 015 3 Morgan Stanley 12,783 10 4 617 4 Bank of America Merrill Lynch 11,535 10 4 614 5 Citi 5,863 10 4 624 6 Credit Suisse 8,250 8 2 61 7 PwC 741 8 14 -68 8 JPMorgan 6,620 7 7 010 9 HSBC 3,187 7 6 12 10 Goldman Sachs 7,065 6 11 -54 11 Barclays 4,639 6 9 -35 12 Rand Merchant Bank 1,298 6 9 -39 13 Investec 1,204 6 7 -1

20 14 Lazard 6,369 5 3 222 15 UBS Investment Bank 4,346 5 3 2

- 16 Simmons & Company International 191 5 - -

32 17 BNP Paribas 7,279 4 2 2

16 18 Rothschild 1,714 4 4 0

33 19 Nedbank Capital 615 4 2 2

41 20 Deloitte 113 4 2 2


Emerging Markets: Overview of Q1 - Q3 2013 • Despite currency woes, Q3 was the highest quarter in 2013 with deals valued at US$ 127.3bn, 52.1% higher than Q3 2012 (US$ 83.7bn)

• Morgan Stanley claimed top spot of the Emerging Markets financial advisor league table by value with US$ 67.1bn-worth of deals

451.6

387.0

329.3

502.3 481.9

522.7

331.3

86.9

103.8

57.1

130.3 142.2

104.3 87.9

124.3 110.6

85.8

91.8

108.4 137.5

116.1

89.8

49.1

75.7

100.9

136.7

83.7 127.3

0

100

200

300

400

500

600

2007 2008 2009 2010 2011 2012 2013

Val

ue o

f Dea

ls (U

S$b

n)

Annual Q3 M&A Value Q2 M&A Value Q1 M&A Value

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

0

50

100

150

200

250


2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Valu

e of

Dea

ls (U

S$bn

)

BRIC M&A

Other EM M&A

Perc

enta

ge o

f Glo

bal M

&A

• Although some Emerging Market countries were struck by lower currency valuation in Q3, M&A deal value rose to US$ 127.3bn, up 9.7% from Q2 (US$ 116.1bn) even though investors are still cautious about the outcome

• Bolstered by a rush of deals announced in Q3, the total Q1-Q3 2013 value (US$ 331.3bn) was 1.8% higher than the same period in 2012 (US$ 325.5bn).

• Q3 2013 (US$ 127.3bn) is the second consecutive quarter where M&A has risen and encompasses 19.8% of global M&A in the quarter. The last time the region’s share of global M&A was lower than 20% was in Q3 2012 (US$ 83.7bn-worth of deals and 16.7% of global M&A).

• BRIC M&A in Q1 – Q3 2013 totaled US$ 211.6bn, on par with Q1 – Q3 2012 (US$ 203.6bn)

• China led Emerging Market activity (US$ 107.1bn), resulting in a 32.3% market share. This was double Russia’s proportion of M&A activity (US$ 52.1bn, 15.7%) and far outstripped the other two BRIC countries, both grappling with currency issues, Brazil (US$35.3bn, 10.7%) and India (US$ 17bn, 5.1%)


0

50

100

150

200

250

300

0

10

20

30

40

50

60

70

80

90

100


2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Num

ber o

f Dea

ls

Valu

e of

Dea

ls (U

S$bn

)

Outbound M&A Value

Inbound M&A Value



• Inbound value in Q1 – Q3 2013 (US$ 80.8bn) saw a 13.9% drop from Q1 – Q3 2012 (US$ 93.8bn). The last time the region saw inbound deal activity under US$ 100bn for a full year (a possibility for 2013) was in 2009 with a scant US$ 70.8bn

• Mergermarket intelligence suggests investors are wary of taking advantage of lower valuations, particularly in Indonesia and Thailand. Average deal size for inbound deals has subsequently taken a hit in 2013 at US$ 126.3m through Q1 – Q3. This represented the lowest average deal size since 2009 (US$ 106.6m)

• Outbound M&A value saw a third consecutive quarterly increase in Q3 (US$ 42.3bn), up 64% on Q2 (US$ 25.8bn), and also represented 45.2% of total outbound activity through Q1 – Q3 2013 (US$ 93.6bn). Q3 2013 activity saw a 17.7% decrease compared to Q3 2012 (US$ 51.4bn) which was the highest valued quarter for outbound M&A on Mergermarket record (since 2001)

• Total value of Q1 – Q3 outbound activity saw a 12.1% decrease compared to Q1 – Q3 2012 (US$ 106.5bn). Europe claimed the highest market share in Q1 – Q3 2013 (US$ 26.2bn) at 62.1%, up 93.4% compared to Q1 - Q3 2012 (US$ 13.6bn)

• Energy, Mining and Utilities continued to dominate M&A deal activity in the Emerging Markets with US$ 102.5bn-worth of deals and 30.9% of the market share. This was a sig-nificant increase from Q1 – Q3 2012 where the sector recorded US$ 65.5bn-worth of deals (20.1% market share)

• Real Estate saw the largest increase in value with deals valued at US$ 11.1bn representing a 146.7% jump compared to Q1 – Q3 2012 (US$ 4.5bn)

• The largest transaction to be announced in Q3 came in the TMT sector, Vivendi’s sale of a 53% stake in Maroc Telecom to Emirates Telecommunications Corporation for US$ 6bn: the TMT sector in Q1 – Q3 (US$ 43.1bn) suffered a 16.1% decrease by value compared to Q1-Q3 2012 (US$ 51.4bn)

Emerging Markets: Industry and Cross-Border Analysis

4.7%

15.0%

20.1%

14.0%

15.6%

0.9% 3.0% 1.4%

15.8%

4.9%

4.5%

3.0%

14.3%

30.9%

11.3%

10.5%

1.7%

3.1%

3.4%

13.0%

3.5% 5.4%









TMT: US$ 43.1bn (US$ 51.4bn)



Q1-Q3 2012

Q1-Q3 2013

Emerging Markets Cross-Border Analysis



Emerging Markets: Top 10 Deals


Announced

DateBidder Company

Bidder Financial


Target/Seller


Deal

Value

(US$m)


VTB Capital

Federal Grid Company of Unified Energy System

OAO (79.64% Stake)


Management

14,375

14-Jun-13 Taikang Asset Management Company;

and Beijing Guolian Energy Industry Investment Fund

PetroChina United Pipelines Company

Limited (50% Stake)

PetroChina Company Limited

9,786

23-Apr-13 CP ALL Plc Maybank Investment Bank; Siam Commercial Bank; UBS Investment

Bank

Siam Makro Public Co Ltd (96.09% Stake)

Phatra Securities Public Company; Advising

seller: HSBC

SHV Holdings NV 6,208

23-Jul-13 Emirates Telecommunications

Corporation

BNP Paribas Maroc Telecom (53% Stake)

Bank of America Merrill Lynch; Advising seller: Credit Agricole; Lazard

Vivendi SA 5,959

2-Jul-13 Mitsubishi UFJ Financial Group Inc

Bank of America Merrill Lynch; Phatra Securities

Public Company

Bank of Ayudhya Public Company Limited

(75% Stake)

Deutsche Bank; Morgan Stanley

GE Capital Corporation 5,731

5-Feb-13 Guangxi Guiguan Electric Power Co Ltd

CITIC Securities LongTan Hydropower Development Co Ltd

(85% Stake)

Guangxi Investment Group Co Ltd; China Datang Corporation;

and Guizhou Industrial Investment Co Ltd

4,941

1-Apr-13 Midea Group Co Ltd China International Capital

GD Midea Holding Co Ltd (58.83% Stake)

CITIC Securities 4,923

27-Sep-13 Beijing Zhongchuang Telecom Test Company

Ltd

Haitong Securities Beijing Xinwei Telecom Technology Inc (96.53% Stake)

Consortium led by Wang Jing (Private Investor)

4,396

13-Aug-13 Gazprom Energoholding JPMorgan Moscow Integrated Power Company OAO

(89.98% Stake)

The Moscow City Government

3,786

22-Feb-13 Gavril Yushvaev (Private investor); and

Zelimkhan Mutsoev (private investor)

VTB Capital Polyus Gold International Ltd (37.75% Stake)

JPMorgan Cazenove Advising seller:

Renaissance Capital; Societe Generale

Onexim Group 3,616

About mergermarket

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

Mergermarket is part of The Mergermarket Group which has nearly 1000 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, Middle-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 gener-ate 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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Criteria

All data is based on transactions over US$ 5m and is based on the Mergermarket M&A deals database. 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 the 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

M&A Trends and Top Deals: based on the dominant geography or dominant sector of the target according to Mergermarket’s deals database. The trend graphs are based on transactions announced in the given time periods

Financial Advisor League Tables: based on the dominant geography of any of the target, bidder or seller according to Mergermarket’s deal database. Buyout league tables to financial advisors are based on the target geography only and the adviser advising the buy-side only

Dates

Q3 2013 / Q3 2012: 01-Jul-13 to 30 Sep-13 / 01-Jul-12 to 30-Sep-12 Q1 - Q3 2013 / 2013 to-date / year to-date: 01-Jan-13 to 30-Sep-2013

Industry consolidations: TMT: consolidated sectors of Technology, Media & Tellecommunications OTHER in Global, Europe, US & Asia-Pacific sections: consolidated sectors of Leisure, Defence, Agriculture, and Construction OTHER in the Emerging Markets section: consolidated sectors of Leisure, Real Estate, and Transport

Cross-Border Inbound: deals where the dominant geography of the target is X and the dominant geography of the bidder is outside X Outbound: deals where the dominant geography of the target is outside X and the dominant geography of the bidder is X

Mega-deal: deals above the value of US$ 10bn Mid-Market: deals valued between US$ 501m - US$ 2bn Small-cap: deals valued under US$ 500m Average deal size: excludes non-disclosed value deals All data correct as of 1st October 2013

Deal Criteria


http://www.mergermarket.com/info/what-we-do/

mergermarket.com

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


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Mergermarket’s comprehensive Deals Database offers you the opportunity to search a global library of historical M&A transactions with fully-sourced financials and exit multiples. You can analyze volumes and values of M&A activity in specific regions or sectors to discover deal patterns and identify trends ahead of competitors.

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Because we are always up-to-speed on which advisers are working on which deals, our detailed ‘Who’s who in M&A’ league tables have become an industry standard among investment professionals. Tailor-build individual or house league tables to analyze firm performance and enhance your marketing strategy, competitor analysis or pitch book efforts.

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