Emerging Markets M&A Activity

EMERGING MARKETS M&A REVIEW
FINANCIAL ADVISORS
First Nine Months 2012
First Nine Months 2012 | Mergers & Acquisitions | Financial Advisors
Emerging Markets M&A

Emerging Markets M&A Down 7% | Represents 28% of Global M&A | Fees Down 35% | Energy and Power Most Active Sector
Emerging Markets Deals Intelligence
Emerging Market Announced M&A

$900
Accounting for 28% of global activity during the first nine months of 2012, the total value of announced M&A
activity in the Emerging Markets reached US$465.1 billion, a 7.1% decrease compared to the same period in
2011. Third quarter deal value totaled US$144.9 billion, an 18.2% decline from the second quarter.
According to Thomson Reuters/Freeman Consulting, total estimated fees earned from completed Emerging
Market M&A transactions during the first three quarters of 2012 was US$2.9 billion, representing a 34.6%
decrease compared to the same period in 2011.
Goldman Sachs took the top spot in the Emerging Markets for the first three quarters of 2012, with US$98
billion in announced deals. JP Morgan and Credit Suisse took the second and third spots, respectively.
Average EBITDA multiples across the Emerging Markets decreased to 10.7x, ranging from 6.2x in South
Africa to 13.7x in India. Bid premia (to 4 weeks prior stock price) averaged 28%. Middle East/North African
targets earned the largest average premium paid, at 34.8%.
Emerging Market Completed M&A - Imputed Fees

$8
Jan 1 - Jun 29
Q2 Volume (US$b)
16.7%
$400
13.8%
9.6%
$200
5%
$100
$0
2002
Imputed Fees (US$b)
$4
1.4
$1
1.2
1.8
1.3
0.5
$0
1.0
1.6
1.8
0.4
0.4
0.4
0.4
0.3
0.5
2002
2003
2004
2004
2005
2006
2007
2008
2009
2010
2011
2012
Jan 1 - Sep 28 2012
$43.8
0.9
0.6
2005
1.2
2006
2007
$14.0
$12.5
Malaysia
0.9
1.7
0.9
1.0
1.1
2009
2010
1.4
2011
$10.1
Chile
1.2
1.8
2008
$20.8
1.5
0.9
1.4
$24.3
Indonesia
1.5
1.1
0.8
$33.4
India
1.4
0%
$115.3
Mexico
1.6
1.6
0.6
2003
Russian Federation
1.5
0.4
10%
Brazil
$5
0.6
15%
China
1.5
0.5
14.0%
Top 10 Targeted Emerging Market Nations - US$ bil
1.8
0.5
14.3%
13.7%
$300
Q1 Volume (US$b)
$2
25%
23.2%
20%
$500
Q2 Volume (US$b)
$3
23.2%
$600
Q3 Volume (US$b)
$6
30%
25.3%
EM % of Global (YTD)
Q4 Volume (US$b)
$7
28.0%
Q1 Volume (US$b)
$700
Rank Value (US$b)
The most prolific sector of Emerging Market activity during the first nine months of 2012, Energy and Power
accounted for 17.1% of M&A volumes, with US$77.9 billion in deal activity. Following closely, the Materials
sector totaled US$71.8 billion.
Q3 Volume (US$b)
$800
Chinese targets dominated M&A activity in Emerging Markets, with 2,388 transactions worth a combined
US$115.3 billion. Brazil and Russia followed, accumulating US$43.8 billion and US$33.4 billion of activity,
respectively.
35%
33.2%
Q4 Volume (US$b)
0.8
$8.2
Turkey
$7.3
South Africa
0
2012
20
40
60
Rank Value (US$b)
80
100
120
https://www.thomsonone.com
1

Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA
2012 UP
2011 DOWN
2011
Emerging Markets
BRIC
Jan 1 - Jun 29 Jan

20121 - Sep 28
Latin America
Middle East & North

Africa
South Africa
Consumer Products and Services
9.5x
9.8x
11.4x
8.5x
7.5x
9.4x
11.5x
1.5x
Consumer Staples
9.9x
11.2x
10.5x
12.6x
9.4x
8.9x
7.9x
12.9x
Energy and Power
11.1x
9.6x
10.2x
11.7x
6.5x
11.2x
17.9x
Healthcare
17.2x
12.9x
16.7x
19.3x
13.0x
High Technology
10.5x
11.1x
13.5x
11.5x
15.9x
Industrials
10.2x
11.1x
13.3x
11.4x
Materials
10.0x
12.2x
12.3x
Media and Entertainment
10.9x
12.0x
Real Estate
15.6x
Retail
Telecommunications
Average Industry Total
Eastern Europe
Asia Pacific
Emerging Mkts
China
2.3x
10.2x
6.2x
10.0x
10.3x
9.1x
6.5x
12.5x
10.1x
10.7x
8.2x
10.0x
12.0x
9.0x
14.4x
12.8x
13.2x
7.2x
8.3x
8.5x
13.9x
9.5x
20.1x
10.7x
9.1x
14.5x
31.0x
14.4x
9.4x
8.8x
7.8x
16.5x
13.3x
15.9x
18.5x
19.6x
21.3x
10.0x
3.4x
10.6x
13.0x
11.5x
11.3x
13.7x
13.1x
12.5x
10.1x
12.6x
13.8x
5.4x
7.9x
5.8x
7.9x
10.5x
12.1x
11.8x
10.9x
17.6x
12.1x
13.9x
11.5x
17.0x
11.9x
11.7x
10.7x
23.7x
6.7x
9.3x
6.5x
6.5x
11.1x
12.5x
21.1x
11.7x
12.6x
22.3x
14.7x
18.0x
6.6x
6.2x
6.6x
11.6x
13.8x
8.9x
23.3x
16.3x
12.5x
12.3x
18.4x
8.6x
21.0x
9.5x
14.9x
21.9x
10.1x
15.4x
10.7x
16.7x
5.8x
26.0x
12.1x
11.2x
9.1x
12.6x
11.7x
11.3x
12.7x
5.3x
9.8x
14.3x
11.4x
8.4x
13.4x
12.0x
6.8x
12.9x
7.1x
8.3x
6.9x
9.6x
5.9x
26.8x
2.9x
5.8x
13.7x
8.0x
14.4x
6.1x
9.5x
4.0x
14.7x
10.7x
11.4x
12.2x
12.9x
9.9x
10.8x
10.3x
12.0x
6.2x
8.5x
9.0x
11.8x
11.7x
13.6x
12.6x
13.7x
15.2x
11.1x
Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price
2012 UP
2011 DOWN
2011
India
Emerging Markets
BRIC
Jan 1 - Jun 29 2012

Jan 1 -Sep 28
Latin America
18.4
25.7
22.6
27.5
Consumer Staples
25.7
19.9
22.1
19.1
30.9
Energy and Power
34.6
22.9
35.6
28.5
Financials
29.1
27.2
24.9
Healthcare
33.1
29.2
High Technology
24.8
Industrials
Middle East & North

Africa
3.2
South Africa
Eastern Europe
Asia Pacific
Emerging Mkts
China
India
26.8
18.3
33.6
18.5
26.2
0.0
28.9
27.1
26.5
23.8
36.3
41.2
16.3
10.0
27.6
28.4
25.9
16.9
22.1
11.4
23.9
22.7
17.7
24.7
35.3
18.3
16.8
57.8
25.3
78.7
42.5
11.3
18.8
39.0
11.4
46.0
38.5
19.2
36.1
30.8
33.8
25.5
27.4
17.9
28.3
24.6
31.5
10.8
32.8
36.7
88.5
33.2
16.8
22.7
10.8
44.7
20.8
28.0
22.6
20.9
32.0
25.3
22.1
61.2
3.7
17.1
20.5
24.3
26.7
9.8
18.1
27.5
21.9
27.5
18.1
12.6
5.7
32.7
69.5
30.0
6.1
32.0
19.7
26.8
22
33.6
17.4
28.6
16.8
Materials
31.0
29.8
32.9
34.7
37.3
22.1
5.1
24.0
49.1
29.9
14
31.6
32.5
31.7
36.8
33.3
36
43.9
8.7
47.5
18.4
67.6
10.2
39.2
8.1
41.7
49.4
12
Real Estate
21.9
30.8
34.5
28.7
36.0
18.6
34.3
40.0
20.6
15.2
40.7
Retail
19.5
27.0
24.3
19.6
5.7
22.8
34
9.8
20.6
38.8
Telecommunications
28.2
16.2
38.5
15.0
26.5
Average Industry Total
28.0
24.2
29.7
25.4
28.3
15.6
11.5
18.6
62.7
21.6
4.7
2.2
16.8
35.3
18.4
71.9
18.5
19.2
18.3
13.2
7.0
10.6
34.8
25.7
30.1
22.4
27.3
24.8
29.2
26.6
29.8
24.3
19.8
31.8
3.4
* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries.
* The data given refers to the time period 01/01/2012 - 09/28/2012 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded.
* The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black.
* Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.
2

Jan 1 Sep 28
Any Emerging Markets Involvement Announced
Financial Advisor
Goldman Sachs & Co
JP Morgan
Credit Suisse
Morgan Stanley
Deutsche Bank
Citi
Bank of America Merrill Lynch
UBS
Barclays
Lazard
Rothschild
BMO Capital Markets
HSBC Holdings PLC
China International Capital Co
Itau Unibanco
RBC Capital Markets
DBS Group Holdings
Banco BTG Pactual SA
Sberbank
Banco Bradesco SA
Santander
United Overseas Bank Ltd
Standard Chartered PLC
Allen & Co Inc
Somerley Ltd
Industry Total
Rank Value per Advisor (US$m)

2012 2011
Rank Value Market
Market
Rank Rank
US$m Sh (%) Share Ch.
1
1
97,959.8
21.1
5.9
2
5
79,685.5
17.1
8.8
3
3
73,666.1
15.8
5.0
4
2
69,174.9
14.9
3.2
5
8
67,732.0
14.6
7.7
6
6
67,594.9
14.5
7.5
7
4
59,103.1
12.7
4.0
8
10
56,637.2
12.2
6.3
9
16
48,046.3
10.3
7.0
10
17
34,086.0
7.3
4.7
11
7
27,172.3
5.8
-1.2
12
34
23,531.1
5.1
4.0
13
11
22,854.6
4.9
-0.2
14
27
22,623.9
4.9
3.4
15
12
20,160.9
4.3
-0.4
16
59
18,883.9
4.1
3.7
17
82
16,918.8
3.6
3.3
18
14
15,654.7
3.4
-0.4
19
26
14,710.5
3.2
1.7
20
20
10,298.7
2.2
-0.2
21
15
9,812.0
2.1
-1.5
22
9,219.3
2.0
2.0
23
29
8,965.0
1.9
0.6
24
8,510.3
1.8
1.8
25
50
7,595.1
1.6
1.0
465,135.5
100.0
Industry % Change from Same Period Last Year

Industry % Change from Last Quarter
-7.1%
-18.2%
Jan 1 Sep 28
Any Emerging Markets Involvement Completed
# of Deals per Advisor

# of Market Change in
Deals Sh (%) # of Deals
85
0.9 +1
59
0.6
-9
79
0.8
-4
63
0.6 +5
45
0.5
-6
64
0.7
-2
34
0.3 -17
43
0.4
-4
27
0.3 +7
32
0.3 +7
49
0.5 -18
3
0.0
-7
33
0.3
-1
20
0.2
-4
54
0.6 +16
10
0.1 +2
8
0.1
-1
67
0.7 +31
22
0.2 +5
25
0.3 +3
13
0.1 -12
1
0.0 +1
11
0.1
-1
5
0.1 +5
12
0.1
-2
9,733
-1,645
Financial Advisor
Credit Suisse
Goldman Sachs & Co
Deutsche Bank
UBS
JP Morgan
Citi
Rothschild
Barclays
Morgan Stanley
Itau Unibanco
HSBC Holdings PLC
Banco Bradesco SA
Lazard
Sberbank
BNP Paribas SA
Nomura
Societe Generale
Banco Espirito Santo SA
Allen & Co Inc
Malayan Banking Bhd
Santander
Industry Total
-14.5%
-5.4%

2012 2011
Rank Value Market
Market
Rank Rank
1
4
63,787.7
20.3
8.7
2
2
58,458.0
18.6
-0.1
3
7
44,303.7
14.1
6.3
4
8
42,927.3
13.6
6.1
5
3
39,508.2
12.6
0.7
6
6
34,034.6
10.8
2.3
7
5
31,699.7
10.1
-0.7
8
10
29,098.7
9.2
2.7
9
21
28,326.6
9.0
6.7
10
15
27,871.6
8.9
4.9
11
1
23,678.9
7.5
-13.7
12
14
23,470.5
7.5
3.1
13
11
20,321.6
6.5
0.0 14
53
19,741.4
6.3
5.5
15
16
16,196.9
5.1
1.5
16
31
15,132.7
4.8
3.5
17
44
13,599.0
4.3
3.3
18
20
12,883.4
4.1
1.3
19
22
11,659.4
3.7
1.4
20
17
10,469.0
3.3
-0.2
21
78
10,039.3
3.2
2.8
22
36
8,166.6
2.6
1.5
23
8,091.3
2.6
2.6
24
66
7,826.3
2.5
2.0
25
12
7,783.3
2.5
-2.6
314,857.4
100.0

-28.8%
-30.9%

57
0.9 -18
64
1.0 -11
45
0.7
-1
36
0.6 -19
45
0.7 -24
39
0.6 -17
33
0.5 -15
42
0.7 -22
18
0.3 +3
47
0.8 +15
29
0.5 -56
25
0.4
-3
27
0.4
-6
14
0.2 +3
31
0.5 +3
17
0.3 +3
10
0.2
-6
12
0.2
-9
12
0.2
-5
6
0.1 -23
13
0.2 +7
8
0.1
-4
3
0.0 +3
20
0.3 +11
8
0.1 -19
6,119
-1,334
-17.9%
-11.2%
-34.6%
-27.6%
Emerging Markets Involvement Announced M&A by Target Industry ($bil)
9.9%
11.4%
Jan 1 - Sep 28 2012
9.8%
7.5%
5.6%
12.4%
15.7%
$71.8
Energy and Power
Materials
Consumer Staples
Financials
Telecommunications
Industrials
High Technology
Healthcare
Retail
17.1%
$77.9
3.6% Real Estate
3.2%
1.9%
2.8%
Any Emerging Markets Involvement Announced - Top Deals

Rank Date
6/29/2012
8/22/2012
7/23/2012
9/13/2012
5/20/2012
2/7/2012
6/28/2012
4/24/2012
4/2/2012
2/6/2012
Imputed Fees (US$m)

Advisor Market
Market
Fees Sh (%) Share Ch.
134.4
4.6
0.6
167.6
5.7
0.5
106.3
3.6
1.3
95.0
3.2
0.1
126.6
4.3
0.7
88.3
3.0
0.5
92.2
3.1
0.1
84.0
2.9
0.4
58.5
2.0
1.1
85.3
2.9
1.2
78.7
2.7
3.0
34.5
1.2
0.2
52.0
1.8
0.0 31.1
1.1
0.4
79.4
2.7
1.2
15.0
0.5
0.0 38.1
1.3
0.9
26.8
0.9
0.2
6.5
0.2
0.2
35.3
1.2
0.3
25.9
0.9
0.7
7.6
0.3
0.1
7.1
0.2
0.2
24.9
0.9
0.7
18.2
0.6
0.9
2,934.9
100.0
Date Effective
Pending
Pending
Pending
Pending
9/18/2012
Pending
Pending
4/24/2012
Pending
Pending
Target (% Sought/Acquired)
Grupo Modelo SAB de CV
China Telecom Corp-3G Assets
Nexen Inc
Fraser & Neave Ltd
Alibaba Group Holding Ltd
Redecard SA
Progress Energy Resources Corp
MegaFon
Bank Danamon Tbk PT
Infraero-Guarulhos Concession
Jan 1 - Sep 28 2012

Acquiror
Anheuser-Busch Inbev
China Telecom Corp Ltd
CNOOC Canada Holding Ltd
TCC Assets Ltd
Banestado Participacoes
Petronas Carigali Canada Ltd
Investor Group
DBS Group Holdings Ltd
Undisclosed SPV
Acquiror / Target Nation

Belgium / Mexico
China / China
Canada / Canada
British Virgin / Singapore
China / China
Brazil / Brazil
Canada / Canada
Cyprus / Russian Fed
Singapore / Indonesia
Brazil / Brazil
Rank Value (US$m)

20,093.4
18,047.3
17,665.6
9,219.3
7,100.0
6,821.7
5,865.5
5,200.0
4,970.5
4,789.8
Target Macro / Mid Industry

Consumer Staples / Food and Beverage
Telecommunications / Wireless
Energy and Power / Oil & Gas
Consumer Products and Services / Professional Services
High Technology / Computers & Peripherals
Financials / Banks
Industrials / Transportation & Infrastructure
3
BRIC M&A
Jan 1 Sep 28
Any BRIC Involvement Announced

2012 2011
Rank Value Market
Market
Rank Rank
1
1
62,660.5
22.4
9.8
2
3
52,343.7
18.7
8.4
3
14
48,941.8
17.5
13.1
4
16
35,402.1
12.7
8.5
5
4
34,161.5
12.2
4.6
6
11
27,048.6
9.7
4.7
7
21
22,623.9
8.1
5.6
8
9
21,194.7
7.6
1.6
9
5
19,107.5
6.8
-0.6
10
6
18,179.3
6.5
-0.8
11
69
18,073.1
6.5
6.1
12
31
17,665.6
6.3
4.9
13
2
16,338.4
5.8
-6.6
14
12
14,859.9
5.3
0.3
15
20
14,563.5
5.2
2.6
16
7
14,480.6
5.2
-1.4
17
8
12,780.4
4.6
-1.7
18
15
10,298.7
3.7
-0.5
19
17
8,432.4
3.0
-0.7
20
8,091.3
2.9
2.9
21
47
7,595.1
2.7
2.0
22
39
7,155.0
2.6
1.8
23
13
6,948.8
2.5
-2.1
24
103
5,869.8
2.1
2.0
25
35
5,596.0
2.0
1.1
279,557.1
100.0
Financial Advisor
Goldman Sachs & Co
Credit Suisse
Citi
UBS
JP Morgan
Deutsche Bank
Rothschild
Itau Unibanco
RBC Capital Markets
BMO Capital Markets
Morgan Stanley
Barclays
Sberbank
HSBC Holdings PLC
Banco Bradesco SA
Lazard
Allen & Co Inc
Somerley Ltd
BR Partners
Santander
Grant Thornton
KPMG
Industry Total
-4.0%
4.5%

Jan 1 Sep 28
Any BRIC Involvement Completed

42
0.7
-2
47
0.8 +1
35
0.6 +10
19
0.3
-7
32
0.6
-1
25
0.4
-5
20
0.4
-4
30
0.5 +6
51
0.9 +21
14
0.2
-9
3
0.1
0
1
0.0
-5
37
0.6
0
14
0.2 +1
19
0.3 +3
64
1.1 +28
15
0.3
-6
25
0.4 +3
17
0.3 +4
2
0.0 +2
12
0.2 +2
9
0.2
-2
10
0.2
-4
5
0.1 +3
21
0.4
0
5,697
-1,015
Financial Advisor
Credit Suisse
Deutsche Bank
Goldman Sachs & Co
JP Morgan
UBS
Citi
Itau Unibanco
Barclays
Rothschild
Banco Bradesco SA
Sberbank
HSBC Holdings PLC
Lazard
BNP Paribas SA
Allen & Co Inc
Morgan Stanley
Societe Generale
CITIC
Santander
VTB Capital
BBVA
Industry Total
-15.1%
-10.6%

2012 2011
Rank Value Market
Market
Rank Rank
1
3
48,159.5
25.0
12.1
2
15
36,099.7
18.7
14.2
3
2
32,235.3
16.7
-2.8
4
6
27,508.8
14.3
4.4
5
11
26,697.5
13.9
7.3
6
5
25,603.6
13.3
2.4
7
8
25,389.8
13.2
5.9
8
7
23,431.3
12.2
4.2
9
12
23,275.5
12.1
5.5
10
19
21,266.7
11.0
8.0
11
13
21,179.0
11.0
4.8
12
39
19,741.4
10.3
9.0
13
24
15,132.7
7.9
5.7
14
10
12,050.8
6.3
-0.7
15
16
11,659.4
6.1
2.3
16
20
9,178.3
4.8
1.9
17
132
8,972.7
4.7
4.7
18
30
8,121.6
4.2
2.4
19
8,091.3
4.2
4.2
20
1
8,081.5
4.2
-19.5
21
59
8,055.6
4.2
3.6
22
22
7,317.8
3.8
1.4
23
14
6,609.1
3.4
-1.1
24
4
5,797.9
3.0
-7.9
25
5,431.6
2.8
2.8
192,650.4
100.0

-28.5%
-41.1%

33
1.0
-9
31
0.9 +10
36
1.1
-5
25
0.7
-6
45
1.3 +13
16
0.5 -10
13
0.4 -14
20
0.6
-5
23
0.7 +3
11
0.3 +1
24
0.7
-5
14
0.4 +3
16
0.5 +3
13
0.4
-6
12
0.4
-5
13
0.4 +4
6
0.2
0
5
0.1
-7
2
0.1 +33
13
0.4 -41
10
0.3 +5
17
0.5 +11
7
0.2
-7
8
0.2 -11
3
0.1 +33
3,421
-737
-17.7%
-19.3%
Imputed Fees (US$m)

Advisor Market
Market
79.8
5.5
0.1
71.7
5.0
3.6
89.9
6.2
0.4
55.9
3.9
0.2
81.0
5.6
2.3
50.4
3.5
0.1
40.4
2.8
0.8
47.3
3.3
0.1
32.0
2.2
0.1
38.7
2.7
1.8
47.6
3.3
0.7
31.1
2.2
0.9
14.8
1.0
0.1
21.5
1.5
0.5
6.5
0.5
0.2
34.9
2.4
1.3
14.8
1.0
0.6
5.8
0.4
0.0 6.6
0.5
0.5
42.7
3.0
4.2
24.8
1.7
1.4
13.0
0.9
0.8
11.1
0.8
1.0
21.1
1.5
0.4
9.9
0.7
0.7
1,444.3
100.0
-39.2%
-38.3%
BRIC Involvement Announced M&A by Target Industry ($bil)
Jan 1 - Sep 28 2012

11734.1
4%
6%
8%
6%
5%
12%
12%
$32.1
18%
$48.6
13490.9
5%
3625.1
1%
9283
3%
20%
$54.6
Energy and Power
Materials
Industrials
Telecommunications
Financials
High Technology
Real Estate
Consumer Staples
Healthcare
Retail
Any BRIC Involvement Announced - Top Deals

Rank Date
8/22/2012
7/23/2012
5/20/2012
2/7/2012
4/24/2012
2/6/2012
3/30/2012
2/25/2012
6/8/2012
4/24/2012
Date Effective
Pending
Pending
9/18/2012
Pending
4/24/2012
Pending
6/19/2012
Pending
8/28/2012
4/24/2012
China Telecom Corp-3G Assets (100%)
Nexen Inc (100%)
Alibaba Group Holding Ltd (20%)
Redecard SA (50%)
MegaFon (25.1%)
Infraero-Guarulhos Concession (51%)
CIMPOR Cimentos de Portugal (40.34%)
Sterlite Industries(India)Ltd (100%)
Denizbank AS (99.85%)
Telekominvest (26.06%)
Jan 1 - Sep 28 2012

Acquiror
Investor Group
Undisclosed SPV
InterCement Austria Holding
Sesa Goa Ltd
Sberbank Rossii
AF Telecom Holding

China / China
Canada / Canada
China / China
Brazil / Brazil
Brazil / Brazil
Austria / Portugal
India / India
Russian Fed / Turkey
Rank Value (US$m)

18,047.3
17,665.6
7,100.0
6,821.7
5,200.0
4,789.8
4,096.8
3,910.8
3,550.9
3,292.4

Materials / Construction Materials
Materials / Metals & Mining
Financials / Banks
4
Latin American M&A

Jan 1 Sep 28
Any Latin American Inv Announced (AD38)

Rank Value Market
Market
2012 2011
Rank Rank
1
17
37,235.9
34.3
29.4
2
9
30,941.3
28.5
18.7
3
16
28,321.2
26.1
20.8
4
13
26,969.1
24.8
17.8
5
12
24,190.2
22.3
15.2
6
10
23,093.9
21.3
11.6
7
3
21,738.6
20.0
2.4
8
2
20,852.0
19.2
1.5
9
1
20,160.9
18.6
-1.1
10
5
17,888.1
16.5
2.3
11
4
15,654.7
14.4
-1.6
12
11
15,195.1
14.0
4.9
13
7
10,298.7
9.5
-0.7
14
6
8,386.8
7.7
-5.3
15
21
7,155.0
6.6
4.7
16
15
5,705.7
5.3
-0.2
17
8
4,789.8
4.4
-5.4
18
35
4,455.3
4.1
3.5
19
29
3,380.1
3.1
2.3
20
2,087.8
1.9
1.9
21
14
1,638.8
1.5
-5.4
22
1,324.7
1.2
1.2
23
28
1,061.5
1.0
0.2
24
38
1,007.6
0.9
0.5
25
925.5
0.9
0.9
108,562.9
100.0
Financial Advisor
JP Morgan
Lazard
Deutsche Bank
Barclays
Morgan Stanley
Credit Suisse
Goldman Sachs & Co
Itau Unibanco
Citi
Rothschild
Banco Bradesco SA
Santander
BR Partners
UBS
BNP Paribas SA
RBS
Societe Generale
HSBC Holdings PLC
Evercore Partners
Mediobanca
BBVA
Bansud Capital
Industry Total

-9.3%
-67.3%

17
1.3
-4
13
1.0 +3
13
1.0 +6
10
0.7
0
2
0.1
-4
14
1.0
-2
36
2.7
0
22
1.6
-4
54
4.0 +17
17
1.3
-7
67
5.0 +31
23
1.7 +7
25
1.9 +3
11
0.8 -13
9
0.7
-2
9
0.7 +1
4
0.3 -10
8
0.6
-2
1
0.1
-2
2
0.1 +2
7
0.5 +1
6
0.4 +6
2
0.1
0
5
0.4 +2
1
0.1 +1
1,340
-172
-11.4%
-12.5%
Jan 1 Sep 28
Any Latin American Involvement Completed (AF45)
Financial Advisor
Itau Unibanco
Banco Bradesco SA
Credit Suisse
JP Morgan
Barclays
Rothschild
Citi
UBS
Goldman Sachs & Co
BNP Paribas SA
Lazard
Santander
Societe Generale
BBVA
Deutsche Bank
Houlihan Lokey
Banco Votorantim
Evercore Partners
Morgan Stanley
Virtus BR Partners
Wells Fargo & Co
Stephens Inc
Industry Total

Rank Value Market
Market
2012 2011
Rank Rank
1
4
27,871.6
38.4
22.5
2
3
23,470.5
32.3
14.8
3
9
21,003.0
28.9
20.6
4
20
19,741.4
27.2
24.2
5
2
19,623.2
27.0
8.4
6
11
17,688.6
24.3
16.8
7
19
11,389.5
15.7
12.2
8
10
11,198.8
15.4
7.6
9
5
10,323.7
14.2
-0.4
10
12
10,126.2
13.9
6.7
11
1
9,207.7
12.7
-6.5
12
47
9,043.4
12.4
12.2
13
13
7,992.0
11.0
4.7
14
6
7,783.3
10.7
-1.9
15
34*
6,624.0
9.1
8.4
16
41
6,222.6
8.6
8.2
17
17
4,176.9
5.8
1.6
18
15
4,141.8
5.7
1.3
19
1,531.7
2.1
2.1
20
29
1,316.7
1.8
0.5
21
24
1,294.2
1.8
0.2
22
8
743.6
1.0
-7.9
23
720.6
1.0
1.0
24*
655.6
0.9
0.9
24*
655.6
0.9
0.9
72,668.3
100.0

-35.4%
-60.8%

47
5.2 +15
25
2.8
-3
12
1.3 +2
14
1.6 +3
21
2.3 -15
16
1.8
-1
3
0.3
0
13
1.4
-6
10
1.1 -10
7
0.8
-4
14
1.6 -18
5
0.6 +1
10
1.1
-2
7
0.8 -17
2
0.2 +1
7
0.8 +4
6
0.7 +1
4
0.4
-8
2
0.2 +2
1
0.1
-5
5
0.6 +2
2
0.2 -15
5
0.6 +5
1
0.1 +1
1
0.1 +1
902
-200
-18.1%
-9.2%
Imputed Fees (US$m)

Advisor Market
Market
85.3
10.2
4.5
34.5
4.1
0.6
37.3
4.5
2.3
31.1
3.7
1.4
55.8
6.7
2.2
43.2
5.2
0.5
4.9
0.6
0.7
28.6
3.4
0.6
16.4
2.0
3.2
25.1
3.0
0.0 47.4
5.7
0.3
10.8
1.3
0.9
37.7
4.5
2.0
14.4
1.7
2.3
17.3
2.1
2.1
15.6
1.9
1.6
27.9
3.3
2.0
2.9
0.4
0.3
10.4
1.3
1.3
6.0
0.7
0.1
8.7
1.0
0.8
4.8
0.6
2.6
7.5
0.9
0.9
6.5
0.8
0.8
4.8
0.6
0.6
834.4
100.0
-39.3%
-37.9%
* tie * tie
Latin American Involvement Announced M&A by Target Industry ($bil)

2302.3
2.1%
7.3%
4.6%
3506
1555.8
3.2%
1.4%
1129.4
1.0%
24.1%
$25.9
3.5%
7.5%
12.7%
$13.6
Jan 1 - Sep 28 2012
16.1%
$17.3
16.4%
$17.6
Consumer Staples
Materials
Industrials
Energy and Power
High Technology
Financials
Telecommunications
Real Estate
Retail
Healthcare
Any Latin American Inv Announced (AD38) - Top Deals

Rank Date
6/29/2012
2/7/2012
2/6/2012
3/30/2012
5/8/2012
3/26/2012
4/24/2012
8/22/2012
5/3/2012
6/7/2012
Date Effective
Pending
Pending
Pending
6/19/2012
Pending
4/24/2012
4/27/2012
8/23/2012
Pending
Intended
Grupo Modelo SAB de CV (49.7%)
Redecard SA (50%)
Koninklijke KPN NV (22.7%)
Centennial Asset Brazilian (5.63%)
Participes en Brasil SL (100%)
Anglo American Sur SA (24.5%)
Cia de Gas de Sao Paulo Comgas (60.1%)
Promigas SA ESP (75%)
Jan 1 - Sep 28 2012

Acquiror
Anheuser-Busch Inbev
Undisclosed SPV
AMOV Europa BV
Mubadala Development Co PJSC
Investor Group
Inversiones Mineras Acrux SpA
Provence Participacoes SA
Corficolombiana

Belgium / Mexico
Brazil / Brazil
Brazil / Brazil
Austria / Portugal
Netherlands / Netherlands
Utd Arab Em / Brazil
Spain / Brazil
Chile / Chile
Brazil / Brazil
Colombia / Colombia
Rank Value (US$m)

20,093.4
6,821.7
4,789.8
4,096.8
3,380.1
2,000.0
1,824.0
1,800.0
1,781.8
1,680.4

Telecommunications / Telecommunications Services
Industrials / Building/Construction & Engineering
5
Brazilian M&A
Jan 1 Sep 28
Any Brazilian Involvement Announced (AD44)

Rank Value Market
Market
2012 2011
Rank Rank
1
4
19,314.5
35.8
12.1
2
1
19,107.5
35.4
-0.8
3
11
16,271.2
30.1
17.1
4
2
14,480.6
26.8
-5.2
5
17
11,789.5
21.8
17.5
6
3
10,777.4
20.0
-6.2
7
6
10,298.7
19.1
-1.4
8
9
10,206.1
18.9
3.9
9
8
9,715.3
18.0
2.5
10
19
7,155.0
13.3
9.5
11
5
6,948.8
12.9
-9.3
12
13
6,456.0
12.0
1.5
13
7
4,789.8
8.9
-6.9
14
25
4,410.3
8.2
7.1
15
12
4,096.8
7.6
-4.9
16
10
2,933.5
5.4
-8.3
17
1,824.0
3.4
3.4
18
16
1,630.7
3.0
-3.1
19
20
1,318.5
2.4
-1.0
20
24
942.8
1.8
0.2
21
864.3
1.6
1.6
22*
631.6
1.2
1.2
22*
44
631.6
1.2
1.2
24
479.6
0.9
0.9
25
437.6
0.8
0.8
53,989.3
100.0
Financial Advisor
Credit Suisse
Itau Unibanco
Citi
JP Morgan
Goldman Sachs & Co
Banco Bradesco SA
Rothschild
BR Partners
Santander
Lazard
BNP Paribas SA
Barclays
Deutsche Bank
Societe Generale
Morgan Stanley
UBS
Mediobanca
Virtus BR Partners
Ernst & Young LLP
BBVA
Credit Agricole CIB
Industry Total
-9.6%
-52.1%

Jan 1 Sep 28
Any Brazilian Involvement Completed (AF51)

30
5.0 +10
51
8.6 +21
8
1.3 +1
64
10.7 +28
11
1.8 +3
8
1.3
-8
25
4.2 +3
14
2.3 +6
8
1.3 +3
9
1.5
-2
9
1.5
-5
6
1.0 +4
2
0.3
-7
7
1.2
-3
1
0.2
-2
7
1.2
-2
1
0.2 +1
10
1.7
-1
4
0.7 +2
1
0.2
-1
6
1.0 +6
1
0.2 +1
2
0.3 +1
1
0.2 +1
3
0.5 +3
596
+38
Financial Advisor
Itau Unibanco
Banco Bradesco SA
JP Morgan
Credit Suisse
Barclays
Citi
BNP Paribas SA
Rothschild
Societe Generale
Santander
UBS
BBVA
Lazard
Deutsche Bank
Goldman Sachs & Co
Banco Votorantim
Houlihan Lokey
Virtus BR Partners
Ernst & Young LLP
Banco Modal
BR Partners
Morgan Stanley
Industry Total
6.8%
-38.7%

Rank Value Market
Market
2012 2011
Rank Rank
1
1
26,697.5
54.8
28.3
2
2
23,275.5
47.8
21.5
3
19
19,741.4
40.5
35.4
4
7
19,199.4
39.4
27.4
5
13
16,440.3
33.7
25.2
6
4
16,118.8
33.1
13.4
7
11,389.5
23.4
23.4
8
6
9,715.5
19.9
2.0
9
45*
7,752.3
15.9
15.9
10
9
7,513.1
15.4
4.6
11
27*
6,624.0
13.6
12.5
12
5
6,609.1
13.6
-4.5
13
12
6,159.9
12.6
4.0
14
5,431.6
11.1
11.1
15
10
5,352.2
11.0
1.7
16
18
4,176.9
8.6
1.9
17
15
4,096.8
8.4
1.0
18
3
4,053.6
8.3
-13.4
19*
24
1,316.7
2.7
0.6
19*
1,316.7
2.7
2.7
21
720.6
1.5
1.5
22
631.6
1.3
1.3
23
335.4
0.7
0.7
24
17
255.4
0.5
-6.4
25
8
238.6
0.5
-10.6
48,740.6
100.0

-27.5%
-81.4%

45
11.4 +13
23
5.8 +3
14
3.5 +3
8
2.0 +1
11
2.8 +5
15
3.8
-3
3
0.8 +3
6
1.5
-1
4
1.0 +3
7
1.8
-5
2
0.5 +1
6
1.5
-8
3
0.8
0
3
0.8 +3
4
1.0 +2
6
1.5 +2
3
0.8
-9
7
1.8
-8
1
0.3
-5
1
0.3 +1
5
1.3 +5
1
0.3 +1
2
0.5 +2
7
1.8
-6
1
0.3 -11
395
-22
-5.3%
-26.8%
Imputed Fees (US$m)

Advisor Market
Market
81.0
15.5
6.3
32.0
6.1
0.3
31.1
6.0
2.3
25.6
4.9
2.8
31.6
6.1
1.5
36.9
7.1
1.1
4.9
0.9
0.9
9.5
1.8
2.7
6.6
1.3
1.1
13.2
2.5
0.1
17.3
3.3
3.3
10.6
2.0
3.1
11.9
2.3
0.1
9.9
1.9
1.9
12.8
2.5
0.9
18.1
3.5
1.7
2.1
0.4
0.7
27.6
5.3
0.6
6.0
1.2
0.2
7
1.3
1.3
8
1.4
1.4
.3
0.1
0.1
3.9
0.7
0.7
6.6
1.3
1.4
2.8
0.5
2.4
521.1
100.0
-38.5%
-63.6%
* tie
Brazil Involvement Announced M&A by Target Industry ($bil)
Jan 1 - Sep 28 2012
1%
1%
4%
6%
1%
1%
4%
25%
$13.6
8%
15%
$7.9
16%
$8.7
18%
$9.6
Industrials
Materials
Energy and Power
High Technology
Consumer Staples
Financials
Real Estate
Retail
Healthcare
Telecommunications
Any Brazilian Involvement Announced (AD44) - Top Deals

Rank Date
2/7/2012
2/6/2012
3/30/2012
3/26/2012
4/24/2012
5/3/2012
2/6/2012
9/4/2012
2/6/2012
4/16/2012
Date Effective
Pending
Pending
6/19/2012
4/24/2012
4/27/2012
Pending
Pending
Pending
Pending
5/11/2012
Redecard SA (50%)
Participes en Brasil SL (100%)
Cia de Gas de Sao Paulo Comgas (60.1%)
Infraero-Brasilia Concession (51%)
CELPA (61.4%)
Infraero-Campinas Airport (51%)
Cerveceria Nacional Dominicana (41.76%)
Jan 1 - Sep 28 2012

Acquiror
Undisclosed SPV
Investor Group
Provence Participacoes SA
Investor Group
Equatorial Energia SA
Investor Group
AmBev Brasil Bebidas SA

Brazil / Brazil
Brazil / Brazil
Austria / Portugal
Spain / Brazil
Brazil / Brazil
Brazil / Brazil
Brazil / Brazil
Brazil / Brazil
Brazil / Dominican Rep
Rank Value (US$m)

6,821.7
4,789.8
4,096.8
2,000.0
1,824.0
1,781.8
1,332.4
1,138.7
1,128.8
1,000.0

Industrials / Building/Construction & Engineering
Energy and Power / Power
6
Middle Eastern & North African M&A

Jan 1 Sep 28
Any Mid East & N African Inv Announced (AD53)

Rank Value Market
Market
2012 2011
Rank Rank
1
2
7,704.8
21.7
-2.5
2
4,804.7
13.5
13.5
3
5
4,776.3
13.4
-1.8
4
8
4,566.3
12.9
4.3
5
19
4,146.1
11.7
10.6
6
30*
3,499.9
9.9
9.5
7
7
2,503.9
7.1
-3.9
8
9
2,475.2
7.0
-1.3
9
2,204.8
6.2
6.2
10
29
2,002.8
5.6
5.2
11
2,000.0
5.6
5.6
12*
1,932.4
5.4
5.4
12*
1,932.4
5.4
5.4
12*
47
1,932.4
5.4
5.4
15
3
1,566.6
4.4
-17.8
16
1,237.3
3.5
3.5
17
1,206.6
3.4
3.4
18
15
987.3
2.8
0.6
19
18
955.8
2.7
1.1
20
6
781.6
2.2
-12.5
21
685.9
1.9
1.9
22*
485.0
1.4
1.4
22*
42
485.0
1.4
1.3
24
460.0
1.3
1.3
25
434.9
1.2
1.2
35,527.6
100.0
Financial Advisor
Goldman Sachs & Co
Barclays
Credit Suisse
Citi
HSBC Holdings PLC
Lazard
JP Morgan
Morgan Stanley
National Bank of Kuwait SAK
PricewaterhouseCoopers
Itau Unibanco
Beltone Investment Banking
Cairo Financial Investments Co
Societe Generale
EFG Hermes
JP Morgan Saudi Arabia Co
Nomura
UBS
Deutsche Bank
Credit Agricole CIB
Robert A. Stanger & Co
Evercore Partners
Emirates Investment Bank PJSC
Protiviti Inc
Industry Total

-19.7%
-0.4%
Jan 1 Sep 28
Any Middle Eastern & North African Inv Completed (AF60)

12
1.6 +2
7
0.9 +7
6
0.8
0
7
0.9 +2
5
0.7
0
6
0.8 +4
9
1.2 +4
5
0.7 +1
1
0.1 +1
4
0.5
-6
1
0.1 +1
1
0.1 +1
1
0.1 +1
1
0.1
0
3
0.4
-4
2
0.3 +2
1
0.1 +1
1
0.1
-2
2
0.3
0
3
0.4
0
1
0.1 +1
1
0.1 +1
2
0.3
0
1
0.1 +1
1
0.1 +1
748
+120

Rank Value Market
Market
2012 2011
Rank Rank
1
1
4,414.6
21.0
-11.2
2
6
4,251.2
20.2
6.6
3
20
3,306.3
15.7
13.3
4
13
2,901.2
13.8
8.7
5
15
2,714.0
12.9
9.2
6
4
2,253.9
10.7
-4.8
7
2,000.0
9.5
9.5
8*
1,932.4
9.2
9.2
8*
1,932.4
9.2
9.2
8*
1,932.4
9.2
9.2
11
8
1,361.8
6.5
-3.0
12
5
1,046.5
5.0
-9.8
13
32*
1,015.4
4.8
4.5
14
10
980.0
4.7
-2.6
15
7
955.8
4.5
-5.2
16
9
781.6
3.7
-3.9
17
575.9
2.7
2.7
18
34
524.7
2.5
2.4
19
434.9
2.1
2.1
20
2
418.0
2.0
-27.9
21*
300.0
1.4
1.4
21*
300.0
1.4
1.4
23
3
269.6
1.3
-19.0
24
250.0
1.2
1.2
25
18
215.0
1.0
-1.4
21,041.2
100.0
Financial Advisor
Goldman Sachs & Co
Citi
Credit Suisse
HSBC Holdings PLC
Lazard
JP Morgan
Itau Unibanco
Beltone Investment Banking
Cairo Financial Investments Co
Societe Generale
Morgan Stanley
RBS
UBS
Deutsche Bank
Barclays
Jefferies & Co Inc
Protiviti Inc
BNP Paribas SA
Piper Jaffray Cos
Robert W Baird & Co Inc
BBVA
Moelis & Co
Rothschild
Industry Total
19.1%
-4.2%

-42.5%
-59.0%

7
1.5
-1
5
1.0
0
5
1.0 +1
4
0.8
0
6
1.2 +3
6
1.2
-2
1
0.2 +1
1
0.2 +1
1
0.2 +1
1
0.2 +1
6
1.2
-1
4
0.8
-2
3
0.6
-4
4
0.8 +2
3
0.6
-2
4
0.8 +1
2
0.4 +2
3
0.6 +2
1
0.2 +1
2
0.4
-2
1
0.2 +1
1
0.2 +1
1
0.2
-1
1
0.2 +1
5
1.0 +3
482
+21
4.6%
-17.2%
Imputed Fees (US$m)

Advisor Market
Market
14.5
5.0
0.4
9.1
3.2
1.7
6.8
2.4
0.9
10.7
3.7
2.6
6.4
2.2
1.0
20.7
7.2
0.0 2.1
0.7
0.7
.9
0.3
0.3
1.4
0.5
0.5
.9
0.3
0.3
10.3
3.6
0.1
5.3
1.8
2.5
1.1
0.4
0.1
12.6
4.4
2.2
4
1.4
0.6
3
0.9
1.0
5
1.8
1.8
8
2.8
2.6
1
0.2
0.2
5
1.6
2.0
2
0.8
0.8
4.7
1.6
1.6
3.1
1.1
0.3
1.2
0.4
0.4
5.7
2.0
0.0 288.0
100.0
-29.7%
-40.0%
* tie
Middle Eastern & N African Involvement Announced M&A by Target Industry ($bil)
Jan 1 - Sep 28 2012
1% 1%
5%
4%
4%
4%
19%
$6.9
7%
10%
11%
$3.7
16%
$5.6
18%
$6.2
Telecommunications
Real Estate
Financials
Energy and Power
Industrials
Materials
Consumer Staples
Retail
Healthcare
High Technology
Any Mid East & N African Inv Announced (AD53) - Top Deals
Rank Date
8/16/2012
3/26/2012
2/13/2012
6/5/2012
1/10/2012
8/17/2012
6/27/2012
9/10/2012
3/28/2012
3/7/2012
Date Effective
Intended
4/24/2012
5/27/2012
Pending
6/21/2012
Pending
Pending
Pending
Pending
Pending
Wataniya (47.5%)
Egyptian Co for Mobile Svcs (93.92%)
Asiacell Telecommunication LLC (30%)
EDT Ret Trt-Shopping Centres (100%)
FGP Topco Ltd (20%)
Vela International Marine Ltd (100%)
Transocean Ltd-Water Rigs(38) (100%)
Damas International Ltd (100%)
Migdal Ins & Finl Hldg Ltd (69.1%)
Jan 1 - Sep 28 2012

Acquiror
Qtel
MT Telecom SCRL
Qtel
BRE DDR Retail Holdings LLC
Qatar Holding LLC
National Shipping Co of Saudi
Shelf Drilling Intl Hldg Ltd
Golden Investments Co Ltd
Eliahu Insurance Co Ltd

Qatar / Kuwait
Belgium / Egypt
Qatar / Iraq
United States / United States
Qatar / United Kingdom
Saudi Arabia / Utd Arab Em
Utd Arab Em / India
Utd Arab Em / Utd Arab Em
Israel / Israel
Rank Value (US$m)

2,204.8
2,000.0
1,932.4
1,470.0
1,428.0
1,412.5
1,206.6
1,050.0
987.3
890.9

Real Estate / Non Residential
Retail / Other Retailing
Financials / Insurance
7
South African M&A

Jan 1 Sep 28
Any South African Inv Announced (AD54)
Financial Advisor
Deutsche Bank
Java Capital (Proprietary) Ltd
Rand Merchant Bank
Rothschild
Macquarie Group
KPMG
UBS
RBC Capital Markets
Goldman Sachs & Co
Standard Bank Group Ltd
JP Morgan
Morgan Stanley
Investec
Gresham Partners
First Annapolis Capital
Barclays
Hartleys Ltd
Atlantic Law Solicitors
BDO International
Jefferies & Co Inc
PSG Capital (Pty) Ltd
QuestCo(Pty)Ltd
Industry Total

Rank Value Market
Market
2012 2011
Rank Rank
1
14
1,910.0
18.1
12.0
2
25
1,359.1
12.9
11.2
3
13
1,116.6
10.6
3.6
4
5
960.8
9.1
-7.7
5
876.9
8.3
8.3
6
32
780.9
7.4
6.8
7
39
772.2
7.3
7.1
8
28*
731.1
6.9
5.8
9
1
701.7
6.6
-22.7
10
19
629.6
6.0
3.5
11
3
623.2
5.9
-14.8
12
2
606.3
5.7
-16.0
13
4
269.3
2.6
-14.5
14
6
223.6
2.1
-8.7
15
21
183.3
1.7
-0.7
16
179.9
1.7
1.7
17*
84.3
0.8
0.8
17*
22*
84.3
0.8
-1.2
19
26*
72.0
0.7
-0.7
20
71.3
0.7
0.7
21
38.8
0.4
0.4
22
52*
29.8
0.3
0.3
23
15
26.8
0.3
-5.7
24
33
22.4
0.2
-0.3
25
50
22.1
0.2
0.1
10,579.9
100.0

-40.3%
29.2%
Jan 1 Sep 28
Any South African Involvement Completed (AF61)

1
0.3
-2
16
5.3 +13
10
3.3
-2
3
1.0
-4
3
1.0 +3
1
0.3
-3
3
1.0 +2
5
1.7 +4
4
1.3
-2
2
0.7 +1
2
0.7
-3
5
1.7
-2
2
0.7
-5
1
0.3
-1
1
0.3
-1
1
0.3 +1
1
0.3 +1
1
0.3
0
1
0.3
0
4
1.3 +4
1
0.3 +1
4
1.3 +3
3
1.0 +2
7
2.3 +2
3
1.0
-1
301
+33

Rank Value Market
Market
2012 2011
Rank Rank
1
5
6,534.6
46.4
24.0
2
6,054.1
43.0
43.0
3
22
5,535.0
39.3
37.5
4
21
5,200.0
36.9
35.1
5
7
1,934.6
13.7
-3.1
6
1
1,910.0
13.6
-18.7
7
1,334.6
9.5
9.5
8
12*
854.1
6.1
-2.0
9
851.5
6.0
6.0
10
23*
627.0
4.5
3.5
11
10
421.3
3.0
-7.2
12*
361.5
2.6
2.6
12*
3
361.5
2.6
-20.6
12*
16
361.5
2.6
-3.2
12*
361.5
2.6
2.6
16
323.5
2.3
2.3
17
26
259.4
1.8
1.0
18
19
251.5
1.8
-2.4
19
8
202.3
1.4
-14.4
20
42*
104.7
0.7
0.7
21
11
80.1
0.6
-8.8
22
6
58.5
0.4
-18.3
23
27
56.1
0.4
-0.3
24
37
45.4
0.3
0.3
25
38.8
0.3
0.3
14,089.2
100.0
Financial Advisor
Goldman Sachs & Co
UBS
Nomura
JP Morgan
Deutsche Bank
Moelis & Co
Credit Suisse
RBC Capital Markets
Barclays
Rothschild
Lazard
Commerzbank AG
Hartleys Ltd
KPMG
Qinisele Resources (Pty) Ltd
Java Capital (Proprietary) Ltd
Ernst & Young LLP
Rand Merchant Bank
Investec
Bridge Capital Advisors
Atlantic Law Solicitors
Industry Total
12.3%
21.7%

-31.3%
190.6%

3
1.6
-1
3
1.6 +3
3
1.6 +1
1
0.5
0
2
1.0
-4
1
0.5
-6
1
0.5 +1
3
1.6 +1
2
1.0 +2
3
1.6 +2
4
2.1
-1
1
0.5 +1
1
0.5
-5
2
1.0
-1
1
0.5 +1
2
1.0 +2
3
1.6
-2
1
0.5
0
9
4.7 +5
2
1.0
0
3
1.6 -12
1
0.5
-4
3
1.6 +1
2
1.0 +1
1
0.5 +1
192
+8
Imputed Fees (US$m)

Advisor Market
Market
18.9
10.7
4.5
26.9
15.2
15.2
12.4
7.0
6.4
6.9
3.9
3.0
9.2
5.2
0.2
2.0
1.2
8.6
3.3
1.9
1.9
7.5
4.2
2.8
4.4
2.5
2.5
5.3
3.0
2.6
3.7
2.1
0.4
1.4
0.8
0.8
4.2
2.4
3.9
3.4
1.9
1.6
1.4
0.8
0.8
2.3
1.3
1.3
.3
0.2
0.2
1.3
0.8
1.9
3.1
1.7
4.1
.4
0.2
0.1
2.3
1.3
3.6
1.0
0.6
7.8
.3
0.2
0.1
.8
0.5
0.5
.0
0.0
0.0 176.3
100.0
4.3%
11.7%
-46.8%
97.2%
* tie
South African Involvement Announced M&A by Target Industry ($bil)
Jan 1 - Sep 28 2012
14%
$1.4
57%
$5.7
9%
`
7%
4%
4%
5%
Materials
Real Estate
Financials
Healthcare
Industrials
Consumer Staples
Energy and Power
53.6, 0% 145, 1%
Any South African Inv Announced (AD54) - Top Deals

Rank Date
9/7/2012
6/5/2012
7/11/2012
4/24/2012
3/27/2012
6/12/2012
3/2/2012
2/16/2012
4/19/2012
4/20/2012
Date Effective
9/7/2012
Pending
Pending
Pending
6/25/2012
Pending
8/7/2012
4/12/2012
Pending
Pending
Richards Bay Minerals (37%)
SA Corporate Real Estate Fund (50%)
Nordenia International AG (93.4%)
Scaw Metals Group (100%)
Optimum Coal Holdings Ltd (32.23%)
Avusa Ltd (100%)
First Uranium(Pty)Ltd (100%)
Mondi Swiecie SA (27.19%)
Ecobank Transnational Inc (19.6%)
GlaxoSmithKline-OTC Brands (100%)
Jan 1 - Sep 28 2012

Acquiror
Rio Tinto PLC
Capital Property Fund Ltd
Mondi Ltd
Investor Group
Investor Group
Richtrau 229(Pty)Ltd
AngloGold Ashanti Ltd
FraMondi NV
Public Investment Corp Ltd
Aspen Global Inc

United Kingdom / South Africa
South Africa / South Africa
South Africa / Germany
Netherlands / Poland
South Africa / Togo
Mauritius / Australia
Rank Value (US$m)

1,910.0
985.1
780.9
437.2
406.0
355.9
335.0
315.4
250.0
232.2

Real Estate / REITs
Materials / Containers & Packaging
Media and Entertainment / Publishing
Materials / Containers & Packaging
Financials / Banks
Healthcare / Pharmaceuticals
8
Eastern European M&A

Any Eastern European Inv Announced (AD52)
Financial Advisor
Deutsche Bank
Goldman Sachs & Co
Sberbank
Credit Suisse
Barclays
UBS
JP Morgan
Morgan Stanley
Nomura
Rothschild
VTB Capital
Citi
Santander
Aon Benfield
Ernst & Young LLP
Macquarie Group
Xenon Capital Partners
HSBC Holdings PLC
KPMG
BNP Paribas SA
Societe Generale
Wells Fargo & Co
Renaissance Capital Group
SEB Enskilda
Industry Total

Rank Value Market
Market
2012 2011
Rank Rank
1
4
17,742.7
30.8
16.6
2
6
16,909.8
29.4
16.9
3
12
14,710.5
25.6
17.5
4
5
11,497.2
20.0
6.0
5
36
8,863.3
15.4
14.2
6
7
7,061.4
12.3
-0.1
7
15
6,978.9
12.1
5.1
8
2
6,866.6
11.9
-4.5
9
1
5,377.8
9.3
-9.2
10
13
4,891.1
8.5
1.1
11
3
4,325.1
7.5
-7.4
12
16
2,579.3
4.5
-1.6
13
25
2,168.2
3.8
2.0
14
1,425.2
2.5
2.5
15
995.7
1.7
1.7
16
61
870.9
1.5
1.4
17
850.0
1.5
1.5
18*
19
750.0
1.3
-2.5
18*
9
750.0
1.3
-9.9
20
23
690.5
1.2
-0.7
21
22
344.2
0.6
-1.4
22
30
344.1
0.6
-1.1
23
325.0
0.6
0.6
24
10
299.2
0.5
-10.1
25
72*
189.1
0.3
0.3
57,573.3
100.0

-38.8%
-64.9%
Jan 1 Sep 28
13
0.5
-6
18
0.7 +10
21
0.8 +4
14
0.5
0
4
0.2 +2
6
0.2
-6
5
0.2
-3
8
0.3
-7
12
0.5
0
3
0.1
-1
8
0.3 -15
8
0.3 +2
6
0.2
0
1
0.0 +1
1
0.0 +1
3
0.1 -11
2
0.1 +2
1
0.0
-2
2
0.1
-4
16
0.6
-8
1
0.0
-2
8
0.3 +5
1
0.0 +1
6
0.2
-4
7
0.3 +5
2,654
-735
-21.7%
-5.6%
Jan 1 Sep 28
Any Eastern European Involvement Completed (AF59)
Financial Advisor
Deutsche Bank
Goldman Sachs & Co
Sberbank
Barclays
Credit Suisse
Rothschild
JP Morgan
Citi
UBS
VTB Capital
Nomura
Morgan Stanley
RBS
Gazprombank
BNP Paribas SA
McFarland Dewey & Co
GMP Capital Corp
BMO Capital Markets
Greenhill & Co, LLC
Lazard
Aon Benfield
Societe Generale
ING
Industry Total

Rank Value Market
Market
2012 2011
Rank Rank
1
9
23,897.3
38.1
27.7
2
6
15,594.2
24.9
11.1
3
15
15,132.7
24.1
19.1
4
24
11,779.6
18.8
15.6
5
7
11,342.2
18.1
5.6
6
18
9,512.7
15.2
10.3
7
5
6,687.4
10.7
-5.2
8
3
6,102.6
9.7
-11.9
9
47
6,005.9
9.6
9.2
10
10
5,450.1
8.7
0.4
11
2
5,373.3
8.6
-16.5
12
14
5,112.7
8.2
3.1
13
1
4,658.7
7.4
-33.6
14
3,000.0
4.8
4.8
15
21
2,550.2
4.1
-0.2
16*
37
2,191.5
3.5
2.6
16*
2,191.5
3.5
3.5
16*
2,191.5
3.5
3.5
16*
2,191.5
3.5
3.5
20
36
1,108.0
1.8
0.8
21*
1,000.0
1.6
1.6
21*
20
1,000.0
1.6
-2.7
23
995.7
1.6
1.6
24
38
891.0
1.4
0.7
25
42*
858.6
1.4
0.9
62,712.3
100.0

-46.3%
-53.4%

21
1.0 +7
14
0.7 +4
16
0.8 +2
5
0.2 +2
10
0.5
-5
12
0.6
-8
7
0.3
-9
6
0.3
-8
5
0.2 +2
3
0.1
-7
7
0.3 -12
3
0.1
-1
5
0.2 -26
1
0.0 +1
4
0.2
-2
1
0.0
-2
1
0.0 +1
1
0.0 +1
1
0.0 +1
2
0.1
-4
1
0.0 +1
1
0.0
-4
1
0.0 +1
6
0.3 +1
2
0.1
-5
2,133
-634
-22.9%
-12.6%
Imputed Fees (US$m)

Advisor Market
Market
43.2
8.1
6.1
31.6
5.9
3.2
14.8
2.8
0.6
23.9
4.5
3.5
19.5
3.6
1.9
30.9
5.8
1.2
19.6
3.7
2.7
17.5
3.3
2.1
11.1
2.1
1.3
3.8
0.7
3.0
16.4
3.1
1.6
25.1
4.7
4.1
28.9
5.4
6.5
6.2
1.2
1.2
11.9
2.2
0.7
3.0
0.6
0.4
3.0
0.6
0.6
.3
0.1
0.1
15.6
2.9
2.9
2.2
0.4
0.4
.9
0.2
0.2
.6
0.1
1.0
1.0
0.2
0.2
3.8
0.7
0.0 2.3
0.4
0.3
536.0
100.0
-42.8%
-44.2%
* tie
Eastern Europe Involvement Announced M&A by Target Industry ($bil)

2%
Jan 1 - Sep 28 2012
1%
2% 1%
1%
7%
5%
24%
$13.3
10%
17%
$9.7
11%
$6.3
19%
$10.5
Energy and Power
Telecommunications
Financials
Consumer Staples
Industrials
Materials
Real Estate
Healthcare
High Technology
Retail
Any Eastern European Inv Announced (AD52) - Top Deals

Rank Date
4/24/2012
6/8/2012
4/3/2012
4/24/2012
2/28/2012
2/28/2012
5/31/2012
3/29/2012
1/20/2012
5/16/2012
Date Effective
4/24/2012
8/28/2012
6/18/2012
4/24/2012
6/14/2012
Pending
Pending
3/29/2012
7/1/2012
Pending
MegaFon (25.1%)
Starbev Management Services (100%)
NK Rosneft' (3.04%)
Kredyt Bank SA (100%)
Baltika (15.5%)
UGK (90%)
TUiR Warta SA (100%)
UK Unikor-Real Estate Assets (100%)
Jan 1 - Sep 28 2012

Acquiror
Investor Group
Sberbank Rossii
Molson Coors Brewing Co
AF Telecom Holding
NK Rosneft'
Bank Zachodni WBK SA
Baltic Beverages Holding AB
AK Alrosa
Talanx AG
Gruppa BIN

United States / Czech Republic
Russian Fed / Russian Fed
Poland / Poland
Sweden / Russian Fed
Germany / Poland
Rank Value (US$m)

5,200.0
3,550.9
3,530.5
3,292.4
2,356.4
1,425.2
1,088.2
1,037.0
995.7
982.5

Financials / Banks
Financials / Banks
Financials / Insurance
9
Russian M&A
Jan 1 Sep 28
Any Russian Involvement Announced (AD58)

Rank Value Market
Market
2012 2011
Rank Rank
1
6
14,563.5
36.8
24.1
2
13,846.3
35.0
35.0
3
14
12,583.3
31.8
27.1
4
2
8,492.4
21.5
3.9
5
3
5,243.6
13.3
-4.1
6
13
5,200.0
13.1
8.1
7
15
4,325.1
10.9
6.5
8*
22
3,550.9
9.0
7.1
8*
8
3,550.9
9.0
-0.4
10
7
2,579.3
6.5
-3.2
11
1
1,847.3
4.7
-21.6
12
32
1,088.2
2.8
2.7
13
35*
870.9
2.2
2.2
14
850.0
2.2
2.2
15*
5
750.0
1.9
-12.1
15*
12
750.0
1.9
-4.0
17
344.2
0.9
0.9
18
325.0
0.8
0.8
19
4
299.2
0.8
-15.8
20
17
188.6
0.5
-2.0
21
27
94.8
0.2
-0.5
22
69.0
0.2
0.2
23
45.2
0.1
0.1
24
39.1
0.1
0.1
25
30.4
0.1
0.1
39,563.3
100.0
Financial Advisor
Sberbank
Goldman Sachs & Co
Deutsche Bank
Credit Suisse
JP Morgan
UBS
Rothschild
Barclays
VTB Capital
Morgan Stanley
Nomura
Ernst & Young LLP
Macquarie Group
HSBC Holdings PLC
BNP Paribas SA
Wells Fargo & Co
Renaissance Capital Group
Societe Generale
KPMG
Numis
CapMan Oyj
Hurst Morrison Thomson CF
Leonardo & Co
Industry Total

-33.8%
-62.4%

19
1.1 +3
12
0.7 +12
6
0.4
-4
5
0.3
-5
5
0.3
-4
1
0.1
-4
5
0.3
0
1
0.1
-1
1
0.1
-3
8
0.5 +2
9
0.5
-2
1
0.1
0
1
0.1
-2
2
0.1 +2
1
0.1
-3
1
0.1
-2
1
0.1 +1
1
0.1 +1
5
0.3
-5
4
0.2 +2
2
0.1 +1
1
0.1 +1
1
0.1 +1
1
0.1 +1
1
0.1 +1
1,690
-583
-25.6%
-14.0%
Jan 1 Sep 28
Any Russian Involvement Completed (AF65)
Financial Advisor
Deutsche Bank
Sberbank
Goldman Sachs & Co
Credit Suisse
Barclays
Rothschild
VTB Capital
UBS
JP Morgan
Citi
RBS
Gazprombank
Nomura
Morgan Stanley
Greenhill & Co, LLC
Lazard
Societe Generale
Macquarie Group
Wells Fargo & Co
Numis
CapMan Oyj
Hurst Morrison Thomson CF
Industry Total

Rank Value Market
Market
2012 2011
Rank Rank
1
17
18,384.9
41.9
38.2
2
10
15,132.7
34.5
27.3
3
5
13,393.0
30.5
15.4
4
7
9,811.7
22.4
8.9
5
16
8,249.1
18.8
14.2
6
19
5,907.3
13.5
10.3
7
2
5,373.3
12.3
-23.8
8
12
5,200.0
11.9
5.6
9
6
4,707.5
10.7
-3.8
10
4
4,120.9
9.4
-7.3
11
28
3,531.8
8.1
7.8
12
3,000.0
6.8
6.8
13
13
2,550.2
5.8
-0.3
14
31
1,582.2
3.6
3.5
15
1
1,128.2
2.6
-39.6
16*
1,000.0
2.3
2.3
16*
1,000.0
2.3
2.3
16*
1,000.0
2.3
2.3
19
24
839.7
1.9
1.0
20*
750.0
1.7
1.7
20*
11
750.0
1.7
-5.3
22
325.0
0.7
0.7
23
69.0
0.2
0.2
24
45.2
0.1
0.1
25
39.1
0.1
0.1
43,853.1
100.0

-46.0%
-49.7%

11
0.8 +2
16
1.2 +3
8
0.6 +1
4
0.3
-7
4
0.3 +1
6
0.4
0
7
0.5 -12
1
0.1
-5
4
0.3
-7
2
0.1
-4
2
0.1
0
1
0.1 +1
4
0.3
-2
1
0.1
0
3
0.2 -21
1
0.1 +1
1
0.1 +1
1
0.1 +1
4
0.3
0
1
0.1 +1
1
0.1
-3
1
0.1 +1
1
0.1 +1
1
0.1 +1
1
0.1 +1
1,391
-570
-29.1%
-21.8%
Imputed Fees (US$m)

Advisor Market
Market
22.4
8.4
6.2
14.8
5.6
1.9
19.5
7.3
4.2
6.1
2.3
3.6
18.9
7.1
5.4
19.9
7.4
5.0
16.4
6.1
1.8
2.2
0.8
3.2
3.3
1.2
4.7
6.0
2.2
2.3
6.4
2.4
1.7
6.2
2.3
2.3
11.9
4.5
2.1
8.6
3.2
2.9
16.8
6.3
10.4
.9
0.3
0.3
.6
0.2
0.2
.6
0.2
0.2
3.6
1.3
0.1
1.4
0.5
0.5
1.4
0.5
1.5
4.5
1.7
1.7
1.1
0.4
0.4
.8
0.3
0.3
.6
0.2
0.2
267.5
100.0
-52.3%
-27.4%
* tie
Russian Involvement Announced M&A by Target Industry ($bil)

3%
5%
11%
5%
1% 1%
0%
Jan 1 - Sep 28 2012
0%
5%
28%
$10.6
27%
$10.2
15%
$5.6
Energy and Power
Telecommunications
Financials
Industrials
Materials
Consumer Staples
Real Estate
Healthcare
High Technology
Retail
Any Russian Involvement Announced (AD58) - Top Deals

Rank Date
4/24/2012
6/8/2012
4/24/2012
2/28/2012
5/31/2012
3/29/2012
5/16/2012
8/7/2012
5/20/2012
3/1/2012
Date Effective
4/24/2012
8/28/2012
4/24/2012
6/14/2012
Pending
3/29/2012
Pending
Pending
Pending
5/14/2012
MegaFon (25.1%)
NK Rosneft' (3.04%)
Baltika (15.5%)
UGK (90%)
UK Unikor-Real Estate Assets (100%)
Bulgarian Telecommun Co AD (94%)
Bashkirenergo (74.9%)
Enel OGK-5 (26.43%)
Jan 1 - Sep 28 2012

Acquiror
Investor Group
Sberbank Rossii
AF Telecom Holding
NK Rosneft'
Baltic Beverages Holding AB
AK Alrosa
Gruppa BIN
Investor Group
Inter RAO EES
Investor Group

Sweden / Russian Fed
Russian Fed / Bulgaria
Rank Value (US$m)

5,200.0
3,550.9
3,292.4
2,356.4
1,088.2
1,037.0
982.5
926.2
870.8
750.0

Financials / Banks
10
Asia Pacific M&A

Rank Value Market
Market
2012 2011
Rank Rank
1
1
55,198.2
21.1
8.2
2
5
45,329.0
17.3
11.7
3
3
42,054.5
16.1
8.7
4
2
38,228.0
14.6
3.7
5
7
37,654.0
14.4
9.1
6
4
32,809.8
12.5
6.9
7
22
23,531.1
9.0
7.1
8
12
22,186.3
8.5
5.4
9
8
20,578.3
7.9
3.4
10
11
20,328.5
7.8
4.7
11
62
17,853.1
6.8
6.3
12
57
16,918.8
6.5
5.9
13
20
16,319.8
6.2
4.3
14
16
10,635.0
4.1
1.4
15
9,219.3
3.5
3.5
16
17
8,335.3
3.2
0.7
17
8,091.3
3.1
3.1
18
28
7,595.1
2.9
1.7
19
32
7,471.0
2.9
1.9
20
15
6,663.6
2.6
-0.1
21
96
5,884.7
2.3
2.1
22
36*
5,865.5
2.2
1.3
23
58
5,353.5
2.1
1.5
24
25
4,568.0
1.8
0.0 25
29
3,954.4
1.5
0.3
261,634.7
100.0
Financial Advisor
Goldman Sachs & Co
Citi
UBS
Morgan Stanley
Credit Suisse
JP Morgan
BMO Capital Markets
Deutsche Bank
RBC Capital Markets
DBS Group Holdings
HSBC Holdings PLC
Barclays
United Overseas Bank Ltd
Allen & Co Inc
Somerley Ltd
ING
Rothschild
Grant Thornton
Scotiabank
KPMG
CITIC
Ernst & Young LLP
Industry Total

Jan 1 Sep 28
Any AsPac Emerging Market Inv Announced

32
0.7
-6
37
0.8 +4
23
0.5
-6
32
0.7 +7
24
0.5
-3
23
0.5
0
2
0.0
-4
17
0.4
-7
12
0.2 -11
18
0.4
-1
2
0.0
0
7
0.1
-2
19
0.4 +1
15
0.3 +4
1
0.0 +1
8
0.2
-2
2
0.0 +2
12
0.2
-2
10
0.2 +1
11
0.2
-6
6
0.1 +4
1
0.0
0
20
0.4
-9
20
0.4 +9
28
0.6
-6
4,852
-870
10.7%
25.1%
Jan 1 Sep 28
Any Asia Pacific Emerging Market Involvement Completed
Financial Advisor
Credit Suisse
Goldman Sachs & Co
UBS
Morgan Stanley
Citi
JP Morgan
HSBC Holdings PLC
Deutsche Bank
Allen & Co Inc
Malayan Banking Bhd
Rothschild
CITIC
Barclays
CIMB Group Sdn Bhd
Societe Generale
RBS
BBVA
AMMB Holdings Bhd
China Construction Bank
Guotai Junan Securities
Lazard
Industry Total
-15.2%
-4.4%

Rank Value Market
Market
2012 2011
Rank Rank
1
3
31,864.5
20.2
10.9
2
1
25,681.8
16.3
-1.4
3
4
25,660.2
16.3
7.1
4
2
17,230.2
10.9
-4.6
5
6
17,052.2
10.8
2.1
6
5
16,943.6
10.8
2.0
7
7
16,621.4
10.6
3.9
8
11
13,537.9
8.6
3.2
9
10
11,659.4
7.4
1.9
10
8,091.3
5.1
5.1
11
31
7,826.3
5.0
3.9
12
15
7,812.8
5.0
0.2
13
22
7,544.9
4.8
2.6
14
17
7,317.8
4.6
1.1
15
19
7,220.1
4.6
2.3
16
8
7,178.3
4.6
-1.9
17
14
7,172.4
4.6
-0.6
18
5,391.9
3.4
3.4
19
9
4,913.4
3.1
-2.7
20
4,800.0
3.1
3.1
21
29
4,717.6
3.0
1.8
22
52
4,305.6
2.7
1.9
23
4,174.4
2.7
2.7
24
47
4,129.4
2.6
1.8
25
4,024.9
2.6
2.6
157,575.5
100.0

-15.0%
-8.9%

22
0.8
-3
30
0.6 +3
21
0.6
-9
18
0.4 -11
21
0.4
-9
17
0.4
-6
19
0.4 +2
15
0.3
-3
12
0.3
-5
2
0.2 +2
20
0.2 +11
13
0.2
-5
6
0.2
-9
17
0.2 +11
8
0.2
-2
9
0.2 -10
26
0.2
-3
5
0.1 +5
3
0.1
-8
1
0.1 +1
17
0.1 +2
7
0.1
-8
3
0.1 +3
12
0.1 +5
2
0.1 +2
2,544
-543
-17.6%
-10.8%
Imputed Fees (US$m)

Advisor Market
Market
52.4
4.4
0.8
71.0
5.9
0.4
54.9
4.6
0.0 39.7
3.3
1.4
54.8
4.5
0.8
41.3
3.4
0.0 36.9
3.1
1.2
31.8
2.6
0.6
6.5
0.5
0.5
6.6
0.6
0.6
24.9
2.1
1.5
16.6
1.4
1.1
11.0
0.9
0.1
13.0
1.1
1.0
29.2
2.4
1.3
26.1
2.2
1.5
21.0
1.7
0.0 19.2
1.6
1.6
12.6
1.0
0.7
1.2
0.1
0.1
9.9
0.8
0.1
5.5
0.5
0.1
.3
0.0
0.0 31.3
2.6
1.8
3.7
0.3
0.3
1,206.2
100.0
-27.5%
-24.5%
* tie
Asia Pacific Emerging Market Involvement Announced M&A by Target Industry ($bil)
9%
8%
7%
6%
9%
10%
$26.6
17%
$43.6
5%
Jan 1 - Sep 28 2012
4%
20%
$51.3
3%
1%
Energy and Power
Materials
Financials
Telecommunications
Consumer Staples
Real Estate
Industrials
High Technology
Healthcare
Retail
Any AsPac Emerging Market Inv Announced - Top Deals

Rank Date
8/22/2012
7/23/2012
9/13/2012
5/20/2012
6/28/2012
4/2/2012
2/25/2012
8/13/2012
3/7/2012
6/6/2012
Date Effective
Pending
Pending
Pending
9/18/2012
Pending
Pending
Pending
Pending
3/7/2012
Pending
Nexen Inc (100%)
Fraser & Neave Ltd (69.6%)
Progress Energy Resources Corp (100%)
Bank Danamon Tbk PT (67.4%)
Focus Media Holding Ltd (100%)
Tanjong Energy Hldgs Sdn Bhd (100%)
Yunnan Yuntianhua Intl Chem Co (100%)
Jan 1 - Sep 28 2012

Acquiror
TCC Assets Ltd
Petronas Carigali Canada Ltd
DBS Group Holdings Ltd
Sesa Goa Ltd
Focus Media Holding Ltd SPV
1Malaysia Development Bhd
YYTH

China / China
Canada / Canada
British Virgin / Singapore
China / China
Canada / Canada
India / India
United States / China
Malaysia / Malaysia
China / China
Rank Value (US$m)

18,047.3
17,665.6
9,219.3
7,100.0
5,865.5
4,970.5
3,910.8
2,954.1
2,810.4
2,806.1

Financials / Banks
Media and Entertainment / Advertising & Marketing
Materials / Chemicals
Asia Pacific Emerging Market totals include countries in North Asia, South Asia, Southeast Asia, and Australasia (excluding Australia, Hong Kong, Myanmar, New Zealand, Singapore, South Korea and Western Samoa).
11
Indian M&A
Jan 1 Sep 28
Any Indian Involvement Announced (AD60)

Rank Value Market
Market
2012 2011
Rank Rank
1
16
6,133.2
23.2
19.0
2
1
5,875.6
22.2
-7.6
3
12
5,616.4
21.3
16.6
4
2
5,496.1
20.8
-7.7
5
14
4,792.1
18.1
13.7
6
39
4,740.0
17.9
17.4
7
13
4,188.2
15.9
11.4
8
29
4,079.8
15.4
14.4
9
11
3,910.8
14.8
9.6
10
33
2,110.1
8.0
7.4
11
5
1,305.3
4.9
-2.5
12
7
1,022.1
3.9
-2.0
13
845.1
3.2
3.2
14
635.0
2.4
2.4
15
19
546.4
2.1
-1.4
16
513.6
1.9
1.9
17
23
476.1
1.8
-0.2
18*
4
394.4
1.5
-6.6
18*
18
394.4
1.5
-2.4
20
15
348.8
1.3
-3.0
21*
21
337.0
1.3
-1.6
21*
337.0
1.3
1.3
23
34
310.3
1.2
0.6
24
32
203.6
0.8
0.2
25
184.9
0.7
0.7
26,431.9
100.0
Financial Advisor
Citi
Morgan Stanley
Barclays
Goldman Sachs & Co
JP Morgan
KPMG
Credit Suisse
Grant Thornton
Enam Securities
Ernst & Young LLP
Rothschild
OSK Holdings Bhd
Oppenheimer Holdings Inc
Lazard
Global TrustCapital Finance
Deutsche Bank
RBS
Jefferies & Co Inc
UBS
Ambit Corporate Finance
Societe Generale
Kotak Mahindra Bank Ltd
JM Financial Group
Arcano
Industry Total

-24.1%
57.1%

9
1.2 +3
12
1.6 +4
8
1.0 +6
9
1.2 +5
7
0.9 +3
12
1.6
-1
3
0.4
-1
4
0.5 +2
2
0.3
-4
6
0.8 +2
22
2.8
-8
3
0.4
0
1
0.1 +1
1
0.1 +1
5
0.6
-2
1
0.1 +1
3
0.4 +2
1
0.1
-1
2
0.3
-3
2
0.3
-2
5
0.6
0
3
0.4 +3
9
1.2 +1
3
0.4 +2
1
0.1 +1
773
-94
-10.8%
-0.8%
Jan 1 Sep 28
Any Indian Involvement Completed (AF67)
Financial Advisor
Morgan Stanley
Lazard
Religare Capital Markets Ltd
Enam Securities
Citi
Haribhakti & Co
Barclays
Oppenheimer Holdings Inc
Global TrustCapital Finance
Deutsche Bank
Ernst & Young LLP
RBS
Jefferies & Co Inc
Ambit Corporate Finance
Societe Generale
Goldman Sachs & Co
Kotak Mahindra Bank Ltd
Arcano
KPMG
JP Morgan
Credit Suisse
Veda CorporateAdvisors Pvt Ltd
Deloitte
Rothschild
Industry Total

Rank Value Market
Market
2012 2011
Rank Rank
1
2
979.9
7.8
-33.1
2
20
909.8
7.2
3.5
3
33
746.7
5.9
4.9
4
16
708.7
5.6
0.8
5
4
703.0
5.6
-14.6
6
665.0
5.3
5.3
7*
9
635.0
5.1
-6.0
7*
635.0
5.1
5.1
9
513.6
4.1
4.1
10
11
440.5
3.5
-5.0
11
24
405.6
3.2
0.6
12*
12
394.4
3.1
-5.3
12*
19
394.4
3.1
-0.8
14*
25
337.0
2.7
0.3
14*
337.0
2.7
2.7
16
1
330.7
2.6
-39.6
17
28
253.8
2.0
-0.1
18
184.9
1.5
1.5
19
31*
156.1
1.2
0.0
20
3
150.2
1.2
-19.9
21
7
148.7
1.2
-12.9
22
99.4
0.8
0.8
23
22
93.4
0.7
-2.6
24
54
92.9
0.7
0.6
25
5
72.0
0.6
-16.6
12,565.5
100.0

-67.9%
-18.7%

4
0.7
-5
6
1.1
0
3
0.5
-2
3
0.5
-2
3
0.5
-5
1
0.2 +1
1
0.2
-3
1
0.2 +1
1
0.2 +1
2
0.4 +1
21
3.8
-3
1
0.2
-2
2
0.4
-4
3
0.5 +2
3
0.5 +3
3
0.5
-4
6
1.1
-2
1
0.2 +1
7
1.3
-3
1
0.2
-8
1
0.2
-7
1
0.2 +1
7
1.3
-2
4
0.7
-9
1
0.2
-9
551
-119
-17.8%
-10.9%
Imputed Fees (US$m)

Advisor Market
Market
7.8
5.1
1.0
12.2
8.0
5.2
2.4
1.6
0.6
1.2
0.8
0.3
5.5
3.6
1.3
.1
0.1
0.1
6.1
4.0
2.7
2.6
1.7
1.7
2.0
1.3
1.3
3.7
2.4
2.1
1.6
1.0
0.4
5.1
3.4
1.6
5.8
3.8
1.8
1.5
1.0
0.7
1.5
1.0
1.0
3.0
2.0
4.1
1.9
1.3
0.3
2.3
1.5
1.5
.6
0.4
0.1
.5
0.3
5.1
1.8
1.2
2.5
1.4
0.9
0.9
.5
0.3
0.1
.3
0.2
0.0 1.7
1.1
4.9
152.1
100.0
-66.0%
-10.6%
* tie
Indian Involvement Announced M&A by Target Industry ($bil)

4%
6%
7%
6%
4%
4%
1%
5%
7%
10%
$2.6
Jan 1 - Sep 28 2012
15%
$3.7
30%
$7.8
Materials
Financials
Energy and Power
High Technology
Healthcare
Industrials
Real Estate
Telecommunications
Consumer Staples
Retail
Any Indian Involvement Announced (AD60) - Top Deals

Rank Date
2/25/2012
3/19/2012
9/1/2012
9/10/2012
7/2/2012
6/26/2012
5/16/2012
5/15/2012
2/4/2012
7/30/2012
Date Effective
Pending
Pending
Pending
Pending
Pending
6/27/2012
6/8/2012
Intended
2/8/2012
8/14/2012
SBI (5.7%)
JSW Ispat Steel Ltd (53.3%)
Transocean Ltd-Water Rigs(38) (100%)
Golden Energy Mines Tbk PT (30%)
Ybrant Digital Ltd (100%)
Decision Resources Group (100%)
Northern Iron Ltd (100%)
Vodafone India Ltd (5.5%)
Plaza Hotel,New York,New York (100%)
Jan 1 - Sep 28 2012

Acquiror
Sesa Goa Ltd
India
JSW Steel Ltd
Shelf Drilling Intl Hldg Ltd
United Fiber System Ltd
LGS Global Ltd
Piramal Healthcare Ltd
Aditya Birla Mgmt Corp Pvt
Piramal Healthcare Ltd
Aamby Valley Ltd

India / India
India / India
India / India
Utd Arab Em / India
India / India
India / United States
India / Australia
India / India
India / United States
Rank Value (US$m)

3,910.8
1,574.9
1,350.4
1,050.0
845.1
698.1
635.0
620.2
618.7
570.0

Financials / Banks
High Technology / Internet Software & Services
Media and Entertainment / Hotels and Lodging
12
Chinese M&A
Jan 1 Sep 28
Any Chinese Involvement Announced (AD56)

Rank Value Market
Market
2012 2011
Rank Rank
1
1
32,540.8
20.3
12.3
2
3
28,534.7
17.8
12.4
3
18
26,537.4
16.5
14.6
4
4
22,186.3
13.8
8.6
5
15
20,348.6
12.7
10.0
6
17,853.1
11.1
11.1
7
17
17,665.6
11.0
8.6
8
2
12,336.4
7.7
2.2
9
35
11,845.9
7.4
6.2
10
7
11,055.6
6.9
3.4
11
8,091.3
5.0
5.0
12
29
7,595.1
4.7
3.2
13
5
6,984.7
4.4
-0.1
14
16
5,641.4
3.5
0.8
15
12
4,568.0
2.8
-0.2
16
92
3,883.6
2.4
2.3
17
34
3,824.9
2.4
1.2
18
14
3,236.6
2.0
-0.9
19
80
2,600.0
1.6
1.5
20
62
2,334.6
1.5
1.2
21
24
2,258.4
1.4
-0.1
22
8
1,945.1
1.2
-2.1
23*
103
1,790.0
1.1
1.1
23*
1,790.0
1.1
1.1
25
10
1,595.8
1.0
-2.1
160,663.0
100.0
Financial Advisor
Goldman Sachs & Co
UBS
Citi
Credit Suisse
RBC Capital Markets
BMO Capital Markets
JP Morgan
HSBC Holdings PLC
Deutsche Bank
Allen & Co Inc
Somerley Ltd
Morgan Stanley
Rothschild
CITIC
Southwest Securities Co Ltd
Bank of China Ltd
Ernst & Young LLP
Caitong Securities Co Ltd
China Securities Co Ltd
Perella Weinberg Partners LP
Grant Thornton
Barclays
Industry Total
13.7%
42.8%


13
0.5 -11
12
0.5
-4
18
0.7 +8
17
0.6
-7
9
0.3
-3
2
0.1 +2
1
0.0
-4
9
0.3
-3
10
0.4 +3
9
0.3
-2
2
0.1 +2
12
0.5 +2
6
0.2
-1
8
0.3
0
20
0.8 +9
11
0.4 +9
5
0.2
-1
4
0.2
-4
1
0.0
-2
6
0.2 +5
4
0.2
-7
4
0.2
-5
1
0.0
0
1
0.0 +1
4
0.2
-2
2,658
-377
-12.4%
-3.7%
Jan 1 Sep 28
Any Chinese Involvement Completed (AF63)
Financial Advisor
Credit Suisse
UBS
Goldman Sachs & Co
Deutsche Bank
HSBC Holdings PLC
Citi
JP Morgan
Allen & Co Inc
Rothschild
CITIC
Morgan Stanley
Societe Generale
BBVA
Guotai Junan Securities
China Construction Bank
Huatai United Securities Co
China Merchants Securities Co
Somerley Ltd
Ernst & Young LLP
Bank of China Ltd
Lazard
Industry Total

Rank Value Market
Market
2012 2011
Rank Rank
1
8
22,080.4
23.9
17.1
2
5
18,829.9
20.4
12.4
3
4
14,458.1
15.7
5.6
4
16
13,097.3
14.2
10.6
5
31
12,020.2
13.0
11.9
6
1
11,659.4
12.6
1.3
7
25
11,079.4
12.0
10.2
8
40
11,010.9
11.9
11.0
9
8,091.3
8.8
8.8
10
30
7,686.6
8.3
6.9
11
6
7,317.8
7.9
0.8
12
11
7,083.3
7.7
3.5
13
7
5,734.8
6.2
-0.6
14
5,054.8
5.5
5.5
15
4,800.0
5.2
5.2
16
4,174.4
4.5
4.5
17
4,024.9
4.4
4.4
18
29
3,810.2
4.1
2.5
19
112*
3,605.4
3.9
3.9
20
43
3,077.3
3.3
2.5
21
50
2,678.8
2.9
2.4
22
64
2,600.0
2.8
2.6
23
56
2,020.8
2.2
1.8
24
36
1,973.2
2.1
1.1
25
74*
1,916.4
2.1
2.0
92,333.6
100.0

2.2%
3.3%

13
1.2 +7
9
0.8
-4
18
1.6 +6
12
1.1 +4
11
1.0 +7
12
1.1
-5
10
0.9 +1
10
0.9 +5
2
0.2 +2
10
0.9 +8
17
1.6 +11
7
0.6 +1
5
0.5
-4
2
0.2 +2
1
0.1 +1
3
0.3 +3
2
0.2 +2
6
0.5
-9
10
0.9 +9
9
0.8 +1
12
1.1 +6
1
0.1
-2
4
0.4 +1
2
0.2
-3
2
0.2 +1
1,094
-31
-2.8%
-16.4%
Imputed Fees (US$m)

Advisor Market
Market
34.9
6.5
4.0
29.6
5.5
1.4
39.8
7.4
0.6
27.5
5.1
3.3
19.6
3.7
3.1
6.5
1.2
1.6
27.0
5.0
2.8
25.8
4.8
4.4
6.6
1.2
1.2
12.8
2.4
1.0
13.0
2.4
2.0
24.0
4.5
1.1
15.3
2.9
1.4
17.7
3.3
3.3
1.2
0.2
0.2
.3
0.1
0.1
3.7
0.7
0.7
4.0
0.8
0.7
1.5
0.3
0.3
1.3
0.2
0.0 3.4
0.6
0.5
1.0
0.2
0.1
.9
0.2
0.2
.6
0.1
0.6
9.3
1.7
1.5
537.2
100.0
-13.4%
-9.0%
* tie
Chinese Involvement Announced M&A by Target Industry ($bil)
Jan 1 - Sep 28 2012
2%
6%
6%
5%
5%
4%
7%
4%
9%
$13.3
22%
$34.3
13%
$20.8
19%
$29.1
Energy and Power
Materials
Telecommunications
Industrials
Real Estate
Financials
High Technology
Healthcare
Consumer Staples
Retail
Any Chinese Involvement Announced (AD56) - Top Deals

Rank Date
8/22/2012
7/23/2012
5/20/2012
8/13/2012
6/6/2012
5/30/2012
5/20/2012
2/21/2012
1/3/2012
2/15/2012
Date Effective
Pending
Pending
9/18/2012
Pending
Pending
Pending
9/4/2012
6/19/2012
4/27/2012
Pending
Nexen Inc (100%)
Focus Media Holding Ltd (100%)
Yunnan Yuntianhua Intl Chem Co (100%)
Chongqing Iron&Steel(Grp)-Asts (100%)
AMC Entertainment Holding Inc (100%)
Alibaba.com Ltd (28.65%)
Devon Energy Corp-Assets (33.33%)
Shanxi Meijin Grp Jinfu Coal (100%)
Jan 1 - Sep 28 2012

Acquiror
Focus Media Holding Ltd SPV
YYTH
Chongqing Iron & Steel Co Ltd
Dalian Wanda Group Corp Ltd
SIPC
Shanxi Meijin Energy Co Ltd

China / China
Canada / Canada
China / China
United States / China
China / China
China / China
China / United States
China / China
China / United States
China / China
Rank Value (US$m)

18,047.3
17,665.6
7,100.0
2,954.1
2,806.1
2,798.9
2,600.0
2,531.4
2,500.0
2,334.6

Media and Entertainment / Advertising & Marketing
Materials / Chemicals
Media and Entertainment / Motion Pictures / Audio Visual
High Technology / E-commerce / B2B
13
Ranking Criteria Summary
If you would like to participate in the submission

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contact:
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- Announced league tables include all deals that were announced between January 1, 2011 and September 28, 2012 and of which Thomson Reuters was made aware. All current data
and previous year's data is as of 5:00pm EDT on September 28, 2012.
League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.
- A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.
- Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the
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or advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are
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Iran
Iraq
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United Arab Emirates
North Africa
Algeria
Egypt
Libya
Morocco
Tunisia
Sub-Saharan Africa
Angola
Benin Angola
Botswana
Burkina Faso
Burundi
Cameroon
Cape Verde
Central African Republic
Chad
Comoros
Congo, Republic of
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Dijbouti
DR Congo
Equatorial Guinea
Eritrea
Ethiopia
Gabon
Gambria
Ghana
Guinea-Bissau
Kenya
Lesotho
Liberia
Madagascar
Malawi
Mali
Mauritania
Mauritius
Mayotte
Mozambique
Namibia
Niger
Nigeria
Reunion
Rwanda
Sao Tome e Principe
Senegal
Seychelles
Sierra Leone
Somalia
South Africa
St. Helena
Sudan
Swaziland
Tanzania
Togo
Uganda
Western Sahara
Zaire
Zambia
Zimbabwe
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EMERGING MARKETS M&A REVIEW

First Nine Months 2012 | Mergers & Acquisitions | Financial Advisors