Mergermarket FA MA Roundup H1 2012

press release
mergermarket M&A Round-up for H1 2012 2 July 2012, for immediate release
PRESS CONTACTS EMEA: Flora Wilke flora.wilke@mergermarket.com Tel: +44 207 059 6348 Americas: Dara Silverstein dara.silverestein@mergermarket.com Tel: +1 646 3783118 Asia-Pacific: Andrew Powell andrew.powell@mergermarket.com Tel: +852 2158 9710
www.mergermarket.com
mergermarket M&A Round-up for H1 2012

CONTENTS:
2 mergermarket M&A Round-Up 3 Global M&A Overview
7 - Mid-Market 8 - Private Equity Buyouts 9 - Private Equity Exits 10- Emerging Markets 11 - Premia / Multiples Analysis 12 - Deal Type/ Deal Value Breakdown 13 - Consideration Structure/ Insolvency 14 - Global League Table of Financial Advisers
Global M&A in H1 2012 falls 21.4% compared to same period last year US$ 931.4bn of M&A equal to a 21.4% decline on H1 2011 Q2 2012 total of US$ 494.9bn, reverses five consecutive quarterly declines Third-lowest first-half total since H1 2004 Goldman Sachs tops global advisory league table for H1 2012 Goldman Sachs retains top spot in global financial advisers league table Morgan Stanley tops Europe table Citigroup takes second spot in Asia-Pacific mergermarket Heat Charts show TMT to be most popular companies for sale sector globally Industrials & Chemicals tops Asia-Pacific Heat Chart Germanic countries in Europe see similar popularity for Industrials & Chemicals TMT in the US dominates landscape Asia-Pacific half-year M&A down 15.1% on H1 2011 Second quarter total of US$ 71.1bn, up 3% on Q1 2012 Australia H1 2012 deals record biggest fall, down 19.4% on H1 2011 Asian investment into Europe experiences third consecutive quarterly decline European M&A in the first half of 2012 down 15.7% on H1 2011 Germanic countries make up nearly a third of total deal value Region accounts for 38.3% of global M&A by total value in H1 2012 Construction sector sees biggest percentage increase in half-year value US H1 2012 M&A activity lowest half-year total since 2003 Half-year M&A totals US$ 258.7bn, down 40.1% on H1 2011 Energy, Mining & Utilities accounts for 23.1% of total deal value Financial Services sees big decline while Consumer deals surge Private equity buyouts in H1 2012 down by over a fifth on same period last year PE-backed buyouts total US$ 113.8bn for H1 2012, down 22.4% on H1 2011 Asian buyouts slump to lowest quarterly total since Q2 2010 Higher average buyout leverage ratio, lower debt-EBITDA multiples Private equity exits down 30% on H1 2011 SBOs up 85.2% quarter-on-quarter European multiples 25.5% higher than in the US US exit premiums at second-highest level in eight years
16 - European M&A Overview 29 - US M&A Overview 39 - Asia-Pacific M&A Overview (ex. Japan) 49 - Africa & MIddle East M&A Overview 53 - Criteria/ About mergermarket
MEDIA CONTACTS:
EMEA: Flora Wilke flora.wilke@mergermarket.com +44 207 059 6349 Americas: Dara Silverstein dara.silverstein@mergermarket.com +1 646 378 3118 Asia-Pacific: Andrew Powell andrew.powell@mergermarket.com +852 2158 9710
Energy, Mining & Utilities increases dominant market share in H1 2012 Business Services, Construction, Consumer and Agriculture only four sectors to see increases in value Construction sector in Europe sees major jump US Industrials & Chemicals sector sees sharp decline in H1 2012
2 www.mergermarket.com
Press Release: mergermarket M&A Round-up for H1 2012
Global M&A Overview

Q2 2012 global M&A at US$ 494.9bn, bucks trend of five consecutive quarterly declines H1 2012 total of US$ 929.4bn, down 21.6% on H1 2011 On course to be second-lowest global yearly total since 2004 Morgan Stanley grabs top spot from Goldman Sachs in H1 2012 global advisory league table by deal value, with US$ 247.1bn worth of deals
Global M&A Activity - Quarterly
1,300 1,200 1,100 1,000 900 RoW M&A Asia-Pacific ex Jp M&A US M&A European M&A Volume 4,500 4,250 4,000 3,750 3,500 3,250 3,000 2,500 2,250 2,000 1,750 1,500 1,250 1,000 750 500 250 0 2,750
Value of Deals (US$bn)
700 600 500 400 300 200 100 0
The H1 2012 total of US$ 929.4bn, however, was a decline of 21.6% on H1 2011 (US$ 1,185.1bn). The lower first half figure was also the third-lowest first half total since H1 2004 (US$ 826bn). Q2 2012s total matched this; the third-lowest quarterly total since Q2 2010 (US$ 428.6bn). On current form, full year 2012 is set to be the second-lowest yearly total since 2004 (US$ 1,685.4bn). Europe, plagued by the continuing uncertainty surrounding its debt crisis, managed to match all other regions in posting a quarter-on-quarter increase. Q2 2012 M&A on the continent totalled US$ 183.7bn, up 6.6% on Q1 2012 (US$ 172.4bn). This also ensured that Europe made up the largest share of global M&A of any region; it accounted for 38.3% of total deal value in the first half of 2012. The US, although posting a quarter-on-quarter increase of 27 .9%, registered the worst halfyear performance drop, with H1 2012 M&A coming in at US$ 258.7bn, down 40.1% on the first half of last year (US$ 431.5bn). Japanese M&A, meanwhile, looked robust. It registered increases across all comparisons; M&A was up 40% in Q2 2012 compared to Q2 2011, up 101.4% in Q2 2012 compared to the previous quarter and up 28% in H1 2012 compared to H1 2011. Asia-Pacific (ex Japan) reversed two consecutive quarterly declines, with a Q2 2012 total of US$ 71.1bn up 3% on Q1 2012 (US$ 68.3bn). The H1 2012 figure of US$ 140.1bn, though, was a 15.1% decline on H1 2011 (US$ 165bn). Global PE buyout activity bounced back from three consecutive quarters of decline to US$ 61.2bn in Q2 2012, up 16.5% on Q1 2012 (US$ 52.6bn). But this was still its second-lowest quarterly total since Q2 2010 (US$ 51.5bn). The first half of 2012 saw US$ 113.8bn in PE buyouts, a significant 22.4% drop from the US$ 146.7bn worth of deals witnessed in H1 2011. Morgan Stanley displaced Goldman Sachs atop the global financial advisers league table, advising on 122 deals worth US$ 247 .1bn, bettering its second-placed position from H1 2011. Goldman Sachs dropped to second while Deutsche Bank jumped four places to third, up from eighth in H1 2011.
Press Release: mergermarket M&A Round-up for H1 2012 3
1,400 1,300 1,200 1,100 1,000
Value of Deals ($bn)
900 800 700 600 500 400 300 200 100 0
1 0 Q 4 2 0 Q 4 3 0 Q 4 4 0 Q 4 1 0 Q 5 2 0 Q 5 3 0 Q 5 4 0 Q 5 1 0 Q 6 2 0 Q 6 3 0 Q 6 4 0 Q 6 1 0 Q 7 2 0 Q 7 3 0 Q 7 4 0 Q 7 1 0 Q 8 2 0 Q 8 3 0 Q 8 4 0 Q 8 1 0 Q 9 2 0 Q 9 3 0 Q 9 4 0 Q 9 1 1 Q 0 2 1 Q 0 3 1 Q 0 4 1 Q 0 1 1 Q 1 2 1 Q 1 3 1 Q 1 4 1 Q 1 1 1 Q 2 2 12
Global Cross Border M&A Analysis - Value

Global Cross Border (regions) Global M&A Global Cross Border (individual countries)
Volume of Deals
The freefall in global M&A was temporarily halted in Q2 2012. Registering US$ 494.9bn in deals, Q2 2012 was up 13.9% on Q1 2012 (US$ 434.6bn), reversing a seemingly terminal decline that had seen five previous quarters of consecutive falls in the global total.
800
Global M&A Heat Chart

Sector TMT Energy, Mining & Utilities Industrials & Chemicals Pharma, Medical & Biotech Consumer Business Services Financial Services Leisure Transportation Construction Defence Real Estate Agriculture Government Other Total Americas 1,369 1,015 499 670 577 472 423 226 135 87 77 76 37 35 4 5,702 Asia 734 644 1,205 339 594 288 382 205 171 180 2 198 134 7 35 5,118 Europe 618 433 658 279 694 298 296 223 214 158 18 91 50 4 4 4,038 Middle East 73 26 29 33 20 10 34 18 22 10 1 10 4 0 3 293 Africa 14 73 18 5 18 10 47 4 10 13 1 10 9 1 7 233 Total 2,808 2,191 2,409 1,326 1,903 1,078 1,182 676 552 448 99 385 234 47 46 15,384
2012 Google - Map data 2012 Google
TMT tops mergermarkets own global heat chart as most popular companies for sale sector, with tech companies in the US contributing heavily Energy, Mining & Utilities still attracting interest as it claims second place globally, favourable valuations possibly driven by falling oil prices combined with burgeoning interest in shale gas reserves Industrials & Chemicals still the most popular sector in Asia as consolidation looks to improve economies of scale in order to compete with bigger global names
Hot 1,200 1,000 600
Warm 400 250 150
Cold 70 20 0
Note: The Intelligence Heat Chart are based on companies for sale tracked by mergermarket in the respective regions between 16 December 2011 and 15 June 2012. Opportunities are captured according to the dominant geography and sector of the potential target company. mergermarkets Heat Chart of predicted deal flow is based on the intelligence collected in our database relating to companies rumoured to be for sale, or officially up for sale in the respective regions. It is therefore indicative of areas that are likely to be active in the months to come. The intelligence comes from a range of sources, including press reports, company statements and our own team of journalists gathering proprietary intelligence from M&A across the regions. The data does not differentiate between small and large transactions, nor between deals that could happen in the short or long-term.
Global M&A Overview: Industry and Geography Breakdown

H1 2012
Sector Energy, Mining & Utilities Consumer Industrials & Chemicals Financial Services Pharma, Medical & Biotech Technology Business Services Telecommunications Real Estate Construction Transport Leisure Media Agriculture Defence Total Value (US$bn) 257 .9 110.0 108.3 96.7 69.5 68.6 63.8 30.9 30.9 25.0 21.6 20.8 16.9 10.1 0.3 931 Market share 27 .7% 11.8% 11.6% 10.4% 7 .47% 7 .4% 6.8% 3.3% 3.3% 2.7% 2.3% 2.2% 1.8% 1.1% 0.0% Deal count 512 729 1,150 470 395 620 616 62 124 187 176 186 184 56 16 5,483 Value (US$bn) 300.8 93.0 202.6 130.7 104.2 77 .1 51.6 47 .4 66.9 18.7 27 .1 25.7 28.2 4.5 5.8 1,184
H1 2011
Market share 25.4% 7 .9% 17 .1% 11.0% 8.8% 6.5% 4.4% 4.0% 5.6% 1.6% 2.3% 2.2% 2.4% 0.4% 0.5% Deal count 627 878 1,292 583 539 731 871 83 106 260 222 252 194 82 21 6,741 Value (%) -14.3% 18.3% -46.6% -26.0% -33.2% -11.0% 23.6% -34.9% -53.9% 33.3% -20.2% -18.9% -39.9% 123.3% -94.6% -21.4%
Change
Deal Count -115 -149 -142 -113 -144 -111 -255 -21 18 -73 -46 -66 -10 -26 -5 -1,258
Mix of Announced Deals by Geographic Region H1 2012 - Value

South & Central Asia 2.2% Australasia 2.6% Japan 4.1% North America 34.3% South East Asia 2.6% Af rica & Middle East 2.3%
Mix of Announced Deals by Geographic Region H1 2012 - Volume

South & Central Asia 2.3% Australasia 3.2% Japan 3.3% North America 32.9% South East Asia 2.6% Af rica & Middle East 2.6%
North Asia 8.0%
North Asia 7.5%
Central & Eastern Europe 3.6% Northern Europe 3.7%
Central & Eastern Europe 4.3%
Northern Europe 5.4% Southern Europe 6.3% Central & South America 5.0% Southern Europe 5.4% Central & South America 5.4%
Western Europe 25.3%
Western Europe 25.1%
Global Top Deals for H1 2012

Top 10 Announced Deals for H1 2012
Announced Date 07-Feb-12 Bidder Company Glencore International plc Bidder Financial Advisor BNP Paribas; Citigroup; Credit Suisse; Morgan Stanley Bank of America Merrill Lynch; Barclays; Deutsche Bank; JPMorgan; Lazard JPMorgan; Nomura Holdings Target Company Xstrata Plc (65.92% Stake) Target/Seller Financial Adivsor Barclays; Deutsche Bank; Goldman Sachs; JPMorgan; Nomura Holdings Morgan Stanley Seller Company Deal Value (US$) 53,465
29-Jun-12
Anheuser-Busch InBev NV
Grupo Modelo SAB de CV
17 ,790
21-May-12
Nuclear Damage Compensation Facilitation Corporation Eaton Corporation
Tokyo Electric Power Co Inc (54.69% Stake) Cooper Industries Plc
Mizuho Financial Group; Morgan Stanley; Sumitomo Mitsui Financial Group Goldman Sachs
12,600
21-May-12
Citigroup; Morgan Stanley
11,940
23-Apr-12
Nestle SA
Deutsche Bank; Rabobank; Rothschild BNP Paribas; HSBC; Lazard; Ondra Partners; Rothschild Citigroup
Pfizer Nutrition
Centerview Partners; Morgan Stanley Barclays; Morgan Stanley; Nomura Holdings Bank of America Merrill Lynch; Credit Suisse; JPMorgan Cazenove; Morgan Stanley Lazard; Rothschild
Pfizer Inc
11,850
16-Apr-12
GDF Suez SA
International Power Plc (30.23% Stake) Sterlite Industries (India) Limited
10,867
25-Feb-12
Sesa Goa Limited
10,289
06-May-12
Electricite de France SA
BNP Paribas; Leonardo & Co; Morgan Stanley Bank of America Merrill Lynch; RBC Capital Markets Credit Suisse; DBS Bank; ING; Morgan Stanley
Edison International SpA
7 ,582
20-Mar-12
Glencore International plc
Viterra Inc
Canaccord Genuity; TD Securities
7 ,347
02-Apr-12
DBS Group Holdings Ltd
PT Bank Danamon Indonesia Tbk
Citigroup; Deutsche Bank; UBS Investment Bank
7 ,338
Global M&A Overview: Mid-market M&A Activity (US$ 250m to US$ 2bn)
Global mid-market deals total US$ 370.1bn for H1 2012, down 11.9% on H1 2011 But all major regions see increase on previous quarter Energy, Mining & Utilities the most active sector with 25% market share Goldman Sachs tops financial advisers table with US$ 45.7bn in deals The global mid-market saw the announcement of US$ 201.9bn-worth of M&A activity in Q2 2012, bringing the total deal value for the year to US$ 370.1bn. The second quarters total was 12.2% lower than the same period in 2011 (US$ 229.9bn), and 20.5% higher than Q1 2012 (US$ 167 .5bn). The total value of mid-market M&A in H1 2012 decreased by 11.9% compared to H1 2011. All regions saw an increase in mid-market M&A in Q2 2012 compared with the previous quarter, with the exception of Emerging Markets and Central & Southern America, which saw US$ 37 .5bn and US$ 13bn worth of deals in Q2 2012, a 13.4% and 3% decrease, respectively, compared to Q1 2012 (US$ 42.5bn and US$ 13.4bn). Europe and the US saw the largest increases with the announcement of mid-market deals adding up to US$ 64.2bn and US$ 71.8bn, respectively; a 31.6% increase for Europe (US$ 48.8bn in Q1 2012) and a 31.7% increase for the US (US$ 54.5bn in Q1 2012). All regions with the exception of the US saw a lower total value of mid-market M&A for H1 2012 than in the same period last year. Energy, Mining & Utilities was the most active sector in the global mid-market in H1 2012, accounting for 25.3% of all mid-market activity. The Real Estate sector saw the biggest increase in mid-market activity with US$ 24.6bn-worth of deals announced in H1 2012, 34% higher than in H1 2011 (US$ 18.4bn). The Industrials & Chemicals sector showed a significant decline in H1 2012 with US$ 38.4bn in deals, down 40% from US$ 64.5bn in H1 2011. Goldman Sachs topped the mid-market financial advisers league table with US$ 45.7bnworth of deals, matching its pole position in H1 2011. With a 26.1% decrease in the value of deals worked on compared to H1 2011 (down to US$ 39.4bn from US$ 53.3bn), Morgan Stanley was in second place, matching its second place spot in H1 2011. Global mid-market Financial Adviser League Tables H1 2012
Ranking H1 H1 2012 2011 1 2 3 4 5 6 7 8 9 10 1 2 5 3 10 4 6 9 8 7 Company Name Goldman Sachs Morgan Stanley JPMorgan Credit Suisse Barclays Bank of America Merrill Lynch Deutsche Bank Citigroup Rothschild UBS Investment Bank H1 2012 Value Deal (US$bn) Count 45.7 39.4 37 .7 34.4 33.2 32.0 29.8 29.1 28.5 21.9 63 54 55 39 43 37 39 36 36 25 H1 2011 Value % Val. (US$bn) Change 69.1 53.3 40.1 50.2 29.1 45.2 36.8 29.6 30.0 36.1 -33.9% -26.1% -5.9% -31.3% 14.1% -29.1% -19.0% -1.5% -5.1% -39.3%
Industrials & Chemicals 10.4%
RoW M&A
Global Mid-Market M&A Activity - Quarterly

50.0% 45.0% 40.0%
350
Asia-Pacific ex Jp Mid-Market M&A US Mid-Market M&A European Mid-Market M&A % of Global M&A
300
250
35.0% 30.0% 25.0%
200
150
20.0% 15.0% 10.0%
100
50 5.0% 0 0.0%
Mid Market M&A Industry Breakdown Q2 2012 - Value

Technology 8.5% Consumer 9.5%
Pharma, Medical & Biotech 7.7% Real Estate 6.7% Business Services 5.7%
Telecom 4.1% Leisure 3.8% Transport 3.0% Media 2.1% Construction 1.8% Energy, Mining & Utilities 25.3% Agriculture 0.4%
Financial Services 11.2%
% of Global M&A
Global M&A Overview: Private Equity Buyouts

Global buyouts in H1 2012 total US$ 113.8bn, down by over a fifth on H1 2011 Global total reverses quarterly slide but Asia-Pacific witnesses third quarterly decline on the trot Deutsche Bank tops financial advisers league table for buyouts with US$ 20.1bn in deals
Global Private Equity Buyout Activity - Quarterly

400 Rest of the World (Value) Asia-Pacific ex Japan (Value) 350 US (Value) Europe (Value) 300 Buyouts (% of Total M&A) 30% 35%
Global private equity buyouts for H1 2012, valued at US$ 113.8bn, accounted for 12.2% of total M&A activity in H1 2012 (US$ 929.4bn) and was down 22.4% on the same period in 2011 (US$ 146.7bn). A total of 900 buyouts exceeded the 634 exits in H1 2012, though, which appears to confirm reports of investors holding onto their assets due to market volatility, in particular within the euro zone. Asia-Pacific (ex Japan) saw its Q2 2012 buyouts total just US$ 3.9bn, the lowest quarterly figure since Q2 2010 (US$ 2.7bn) and the third consecutive quarter of decline from Q3 2011. Average buyout leverage ratio for H1 2012 was 58.2% which is up from the 55.5% seen for the whole of 2011. This was the third-highest level since 2007s high of 67 .6%. Debt financing-to-EBITDA in the first half of 2012 was 5.3x, the second-lowest level in eight years (2009s 5.1x being the lowest). So although there was a generally higher buyout leverage ratio in H1 2012, the lower debt-EBITDA multiple suggests buyers are looking at securing stable returns and consistent cash flows. Energy, Mining & Utilities saw the biggest deal of H1 2012. Apollo Global Management, Riverstone Holdings and Access Industries acquired EP Energy Corporation from El Paso Corporation for US$ 7.2bn. Q2 2012s largest deal was in the same sector, where a consortium led by Macquarie Group acquired Open Grid Europe from E.ON for US$ 3.7bn in May. Deutsche Bank topped the financial advisory tables for deal value (US$ 20.1bn) while Deloitte topped the volume table (13) for the first half of 2012. Top 10 Global private equity firms H1 2012 - buyouts
250 20% 200 15% 150 10%
100
50
5%
0%
0 Q 4 2 0 Q 4 3 0 Q 4 4 0 Q 4 1 0 Q 5 2 0 Q 5 3 0 Q 5 4 0 Q 5 1 0 Q 6 2 0 Q 6 3 0 Q 6 4 0 Q 6 1 0 Q 7 2 0 Q 7 3 0 Q 7 4 0 Q 7 1 0 Q 8 2 0 Q 8 3 0 Q 8 4 0 Q 8 1 0 Q 9 2 0 Q 9 3 0 Q 9 4 0 Q 9 1 1 Q 0 2 1 Q 0 3 1 Q 0 4 1 Q 0 1 1 Q 1 2 1 Q 1 3 1 Q 1 4 1 Q 1 1 1 Q 2 2 12
Global Debt Financing Ratios Trend (US$200m+ buyouts, excluding buy-ins)
Debt/EBITDA Multiple (x) Debt/Total Funding (%)
80%
70%
Debt/EBITDA (x)
Ranking 1 2 3 4 5 6 7 8 9 10
Company Name The Riverside Company CVC Capital Partners Vista Equity Partners Warburg Pincus Lloyds TSB Development Capital Blackstone Group Bain Capital Oaktree Capital Group Wynnchurch Capital Arsenal Capital Partners
Deal Count 8 6 6 6 6 5 5 5 5 5
50% 4 40% 3 30% 2
4,174 2,501 1,438 333 5,600 2,499 346 169 161
20%
10%
0 2004 2005 2006 2007 2008 2009 2010 2011 H1 2012
0%
Debt/Total Funding (%)
Value (US$m)
60%
Percentage of Global M&A
25%
Global M&A Overview: Private Equity Exits

Global H1 2012 exits total US$ 119.7bn, down 30% on H1 2011 US exit premiums in H1 2012 at second-highest level in eight years Secondary Buyouts for Q2 2012 at US$ 20bn, up 85.2% on previous quarter
Trade Sales vs SBO Exit Activity - Quarterly
150 140 130 Trade Sales (Value) SBOs (Value) SBOs (% of total exits) Trade Sales (% of total exits) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
110
100 90 80 70 60 50 40 30 20 10 0
So far it looks as though Europe will have a higher EBIDTA upon exiting compared to the US, for the sixth year in a row. At 11.8x, Europes multiples in H1 2012 were 25.5% higher than the USs 9.4x. Exit premiums continued to be the highest in the US at 63.7% whereas Europe went the other way, falling to 13.1% from a 2011 figure of 30%. The USs exit premiums for H1 2012 were at their second-highest level stretching back to 2004. Globally, premiums stood at 24.8% in the first half of the year; down slightly from the 2011 full-year total of 32.8%. The highest-value exit in H1 2012 was in the Consumers sector in June. Walgreen Company acquired Alliance Boots from Kohlberg Kravis Roberts & Co and private investor Stefano Pessina for US $6.7m. The Consumers sector was one of the most active in the top five exits in H1 2012, accounting for two of the five deals.
80%
Top 10 Global private equity firms H1 2012 - exits

Ranking 1 2 3 4 5 6 7 8 9 10 Company Name 3i Group Intel Capital Sun Capital Partners The Carlyle Group Benchmark Capital Battery Ventures Draper Fisher Jurvetson Atlas Venture TA Associates American Capital Value (US$m) 750 690 98 5,940 1,619 830 1,711 1,565 738 144 Deal Count 7 7 7 6 6 6 5 5 5 5
70%
60%
50%
Premium %
40%
30%
20%
10%
0% 2004 2005 2006 2007 2008 2009 2010 2011 H1 2012
Exit Premium Analysis - Average

Global Europe US
Percentage of Total Exits (excl. IPOs)
The H1 2012 total of US$ 119.7bn for private equity exits was down 30% on H1 2011 (US$ 170.9bn). SBOs, though, did experience an 85.2% increase in deal value, up from US$ 10.8bn in Q1 2012, to US$ 20bn in Q2 2012.
120
Global M&A Overview: Emerging Markets

Emerging Markets see deals down 15.8% to US$ 208.2bn compared to H1 2011 BRICs witness second lowest quarterly total since Q1 2010 18.1% drop in inbound investment from Europe in H1 2012 But Europe receives nearly half of outbound investment in H1 2012, up 87 .1% on H1 2011 Credit Suisse top financial adviser for H1 2012 Emerging Markets M&A
Emerging Markets M&A Activity Trend
200 180 160 140 Other EM (Value) BRIC (Value) EM M&A as % of Global M&A 25% 30%
120 100 80 60 40 20 0 0% 10% 15%
Q2 2012 saw BRIC M&A slide to US$ 56.7bn, its second lowest point since Q1 2010 (US$ 51bn).The loss in value can also be seen in quarterly and half-year comparisons. BRIC M&A activity was down 19.6% from US$ 70.5bn in Q2 201 In addition, H1 1. 2012s total of US$ 123.5bn accounted for a 18.6% decline compared to H1 201 (US$ 151.8bn). 1 Other Emerging Markets M&A accounted for US$ 60.5bn of the Q2 2012 total.These countries experienced a 59.2% increase from Q2 201 (US$ 38bn). However, other Emerging Markets matched the BRICs for their drop in half-year activity; H1 2012s 1 US$ 84.7bn was a 1 1.4% decline compared to H1 201 (US$ 95.6bn). 1 Emerging Markets accounted for 23.7% of global M&A activity in Q2 2012, up from the 18.8% they accounted for in the same period in 201 Similarly, Emerging Markets M&A in H1 2012 constituted 19.8% of global deals, more than the 20.3% recorded 1. in the same period last year. Inbound cross-border activity into Emerging Markets in Q2 2012 totalled US$ 59.4bn, 57 up from Q2 201 (US$ 37 .7% 1 .7bn). Emerging Markets saw a 16% decrease in inbound investment from H1 201 (US$ 97 1 .8bn) to US$ 82.2bn in the first half of 2012, while Europe ploughed the most investment into Emerging Markets out of any region; US$ 38.6bn, or 47% of total global value. H1 2012 saw Europes share of inbound investment fall in Emerging Market countries by 18.1%, to US$ 38.6bn from H1 201 1s US$ 47 .2bn. Asia-Pacific (ex Japan)s investment declined by 21.2%, falling from H1 201 US$ 25bn to H2 2012s US$ 19.7bn. 1s Outbound M&A activity from Emerging Market countries in Q2 2012 accounted for US$ 32.2bn, showing an increase of 63.8.% from US$ 19.7bn in the same period of last year. H1 2012 also saw a 53.9% increase to US$ 70bn in outbound investment from emerging countries, compared to the same period last year (US$ 45.5bn). Europe remained the top destination for Emerging Market buyers, accounting for US$ 28.5bn of deals in H1 2012, which represented an impressive 87.1% jump compared to H1 2011 (US$ 15.2bn).
5%
04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 1
Emerging Markets Buyout Activity Trend

60 Value (US$bn) % of Global BO (Value) % of EM M&A (Value) 50 20.0% 25.0%
40
Value (US$bn)
15.0% 30 10.0% 20
10
5.0%
0 2004 2005 2006 2007 2008 2009 2010 2011 H1 2012
0.0%
10
Percentage (%)
% of Global M&A
Emerging Markets M&A saw a Q2 2012 total of US$ 1 .2bn, which was a 8% increase compared to Q2 201 (US$ 108.5bn). 17 1 Meanwhile, Emerging Markets saw H1 2012 M&A activity worth US$ 208.2bn, down 15.8% from the same period in 201 1 (US$ 247 .4bn).The value of deals in Emerging Markets bounced back from the past two quarters, which witnessed consecutive declines.
20%
Global M&A Overview: Premia and Multiples Analysis

Q2 2012 global M&A at US$ 494.9bn, bucks trend of five consecutive quarterly declines H1 2012 total of US$ 929.4bn, down 21.6% on H1 2011 On course to be second-lowest global yearly total since 2004 Goldman Sachs retains top spot in global financial advisers league table for H1 2012, Deutsche Bank up to third from eighth in H1 2011 The freefall in global M&A was temporarily halted in Q2 2012. Registering US$ 494.9bn in deals, Q2 2012 was up 13.9% on Q1 2012 (US$ 434.6bn), reversing a seemingly terminal decline that had seen five previous quarters of consecutive falls in the global total. The H1 2012 total of US$ 929.4bn, however, was a decline of 21.6% on H1 2011 (US$ 1,185.1bn). The lower first half figure was also the third-lowest first half total since H1 2004 (US$ 826bn). Q2 2012s total matched this; the third-lowest quarterly total since Q2 2010 (US$ 428.6bn). On current form, full year 2012 is set to be the second-lowest yearly total since 2004 (US$ 1,685.4bn). Europe, plagued by the continuing uncertainty surrounding its debt crisis, managed to match all other regions in posting a quarter-on-quarter increase. Q2 2012 M&A on the continent totalled US$ 183.7bn, up 6.6% on Q1 2012 (US$ 172.4bn). This also ensured that Europe made up the largest share of global M&A of any region; it accounted for 38.3% of total deal value in the first half of 2012. The US, although posting a quarter-on-quarter increase of 27 .9%, registered the worst half-year performance drop, with H1 2012 M&A coming in at US$ 258.7bn, down 40.1% on the first half of last year (US$ 431.5bn). Japanese M&A, meanwhile, looked robust. It registered increases across all comparisons; M&A was up 40% in Q2 2012 compared to Q2 2011, up 101.4% in Q2 2012 compared to the previous quarter and up 28% in H1 2012 compared to H1 2011. Asia-Pacific (ex Japan) reversed two consecutive quarterly declines, with a Q2 2012 total of US$ 71.1bn up 3% on Q1 2012 (US$ 68.3bn). The H1 2012 figure of US$ 140.1bn, though, was a 15.1% decline on H1 2011 (US$ 165bn). Global PE buyout activity bounced back from three consecutive quarters of decline to US$ 61.2bn in Q2 2012, up 16.5% on Q1 2012 (US$ 52.6bn). But this was still its secondlowest quarterly total since Q2 2010 (US$ 51.5bn). The first half of 2012 saw US$ 113.8bn in PE buyouts, a significant 22.4% drop from the US$ 146.7bn worth of deals witnessed in H1 2011. Goldman Sachs once again took top spot in the global financial advisers league table, retaining its position from H1 2011. Morgan Stanley remained second while Deutsche Bank jumped five places to third, up from eighth in H1 2011.
EBITDA Multiple (x) - Average
EBITDA Multiple Analysis - Average

30 Global Europe North America 25 Asia-Pacific (excl. Japan) Japan 20
15
10
0 2004 2005 2006 2007 2008 2009 2010 2011 H1 2012
Premium Analysis - Average

60% Global Europe North America Asia-Pacific (excl. Japan) Japan
50%
40%
Premiums %
30%
20%
10%
0% 2004 2005 2006 2007 2008 2009 2010 2011 H1 2012
11
Global M&A Overview: Deal Type/ Deal Value Breakdown

Deal Type
2012 global M&A offers may be lowest since USD 810bn-worth of deals in 2009 Dramatic drop in global hostile bids compared to previous quarters, only USD 21.1bn in H1 2012 For the year to date, global M&A offers stood at USD 391bn, a significant decline compared to global M&A offers for all of 2011 (USD 991bn) and emphasized the downturn in global M&A activity for the comparable period of H1 2011 (USD 540bn). Even if the second half of the year doubled global M&A offers announced in H1, 2012 would be the lowest year of M&A offers since 2009 (USD 810bn). Global recommended offers for H1 2012 totaled USD 369bn, contested offers stood at USD 24bn (only 6.5% of total global recommended offers) while unsolicited offers for this same period valued at USD 1.5bn (0.4% of total global recommended offers). Hostile bids for the first half of 2012 totaled USD 21bn, which emphasized another period of decline when examining H1 2011 (USD 35bn). Behind Roches hostile bid for Illumina (USD 6.8bn), the second largest hostile bid to date was America Movil SAB de CV offer to acquire a 23.2% Stake in Koninklijke KPN NV for USD 3.5bn. Other hostile bids announced in Q2 were GlaxoSmithKlines offer to acquire Human Genome Sciences for USD 2.5bn and Royal Dutch Shells USD 1.6bn bid to acquire Cove Energy.
100% 90% 80% 40.5%
M&A Deal Type - Deal Value
Share of total Global M&A - Deal Values
70% 60%
54.5%
48.1%
46.1%
50.6%
56.6%
61.1%
58.3%
58.4%
8.8% 50% 40% 30% 20% 10% 0% 2004 2005 2006 41.2% 1.7% 6.0% 6.6% 4.1% 10.4%
2.4% 2.7%
2.4% 10.9% 0.5% 5.0% 1.3% 4.2% 0.8% 2.6%
1.0% 2.4%
48.8% 40.3% 36.1% 37.9% 33.5% 38.3% 38.2%
37.7%
2007 Hostile
2008
2009 Contested
2010
2011
H1 2012
Recommended
Non-public M&A
Deal Value
100%
Global M&A Deal Size Breakdown - % by Deal Value
Mega-deals account for 12.3% of H1 2012 global M&A with total of US$ 111.0bn Global quarterly total deal size comes in at US$ 468.5bn, third-lowest quarterly total since Q2 2010 Emerging Markets Q2 2012 average deal size hits highest since Q3 2011
90% 80% 70%
21.9%
15.4% 24.5% 32.0% 26.8% 29.4% 29.6%
15.2%
12.3%
25.5% 60% 50% 40% 30% 24.5% 22.0% 20.8% 23.0% 19.3% 20.6% 30.0% 27.0% 29.8% 27.9% 27.5%
32.5%
33.9%
33.1%
Mega-deals (over US$ 10bn) in Q2 2012 accounted for 10.1% of the value of global M&A deals announced, the lowest proportion in eight years. Mega-deals in H1 2012 had an aggregate value of US $ 111.0bn, down 19.8% on H1 2011 (US $138.4bn).In Q2 2012, deals valued between US$ 501m-1.99bn accounted for 31.3% of total deal value, the highest proportion for the deal size range on mergermarket record (since 2001). European deals valued at US$ 2bn-10bn added up to US$ 127 .4bn, representing 36.4% of all European M&A deals announced in H1 2012, also the second-highest proportion for the deal size range on mergermarket record. In Emerging Markets the average Q2 2012 deal size of US$ 254m was the highest since Q3 2011 (US$ 279m) and was the highest Q2 average on mergermarket record. Meanwhile, in Europe, Q2 2012 was the second consecutive quarterly increase in average deal size; to US$ 436m from Q1 2012 (US$ 380m).The global total deal size for Q2 2012 was US$ 468.5bn, the third-lowest quarterly total since Q2 2010 (US$ 428.6bn).
27.6%
26.2%
29.4%
20% 28.0% 10% 0% 2004 2005 $0m - $500m 2006 2007 2008 2009 2010 2011 2012 $501m - $2,000m $2,001 - $10,000m mega deals (over $10,001m) 23.5% 20.1% 20.4% 23.4% 22.4% 24.5% 24.8% 25.2%
Global M&A Overview: Consideration Structure / Insolvency

Consideration structure All-cash deals in H1 2012 total US$ 463.5bn, down a third on H1 2011 Cash-only still the favoured option; accounts for 70% of total deal value in H1 2012 Equity-only deals make up 16.8% of total deal value in H1 2012, down from 17.8% in H1 2011
% cash & equity deals % equity only deals % cash only deals 100% 90% 80% 70% 60% 50% 40% 67.9% 30% 20% 10% 59.6% 59.7% 60.0% 71.2% 58.9% 68.4% 70.0% 70.0% 25.9% 18.1% 18.6% 14.1% 22.4% 21.7% 14.5% 22.7% 17.6% 22.2% 20.2%
Global Consideration Breakdown - Value

6.1% 18.9%
11.4%
11.6%
13.2%
The proportion of global transactions paid with only equity decreased to 16.8% of total deal value in H1 2012, compared to 17 .8% in H1 2011. It was the second lowest proportion since 2004 and a marginal improvement over 16.3% for the whole of 2011. In Q2 2012, cash & equity deals accounted for 18.8% of total deal value, an increase from the sub-15% level in each of the previous five quarters. Conversely, the total proportion of M&A accounted for by equity-only deals plummeted to 5.5% from 22.2% in Q2 2012, representing the second-lowest level seen during the past six quarters. Cash-only was also the preferred structure for cross-border deals in H1 2012, with cash-only deals accounting for approximately 78% of the value of all cross-border deals announced in the first half of this year, down from the 82% level seen in 2011. Insolvency Q2 2012 global insolvency deals total US$ 2.9bn, down 54.7% on Q1 2012 Italys Ospedale San Raffaele insolvency deal makes up 65.6% of global value in Q2 2012 Insolvencies hit second-lowest quarterly total since Q4 2007
% of Global M&A
Cash-only deals increased its already-dominant share in deal consideration structures in H1 2012, accounting for 70% of total deal value for the period, compared to 71.5% in H1 2011. This proportion was the second highest since 2008 (71.2%). Meanwhile, the total value of equity-only deals in H1 2012 was US$ 111.1bn, 44.9% lower than H1 2011 (US$ 201.8bn). Deals with a cash and equity consideration in H1 2012 amounted to US$ 87 .6bn, 28% lower than in H1 2011 (US$ 121.6bn).
18.4%
16.8%
0% 2004 2005 2006 2007 2008 2009 2010 2011 2012
Quarterly Insolvency Deals - Global

60 Value (US$bn) Volume 175 50 150 40 200
30
100
Europe had the lions share of insolvency deals in Q2 2012 (US$ 2.5bn), mainly due to Giuseppe Rotellis US$ 1bn acquisition of insolvent Italian hospital Ospedale San Raffaele. Europes quarterly value of US$ 2.5bn represents a massive 212% increase from US$ 0.8bn in Q2 2011. European insolvencies tripled in value from US$ 1.3bn in H1 2011, to US$ 5.9bn in H1 2012, representing a 353% increase. US insolvency deals experienced a 92% fall from US$ 2.7bn in Q2 2011 to US$ 0.2bn in Q2 2012. The US downward trajectory was evident in the 46.6% drop from US$ 4.5bn in H1 2011 to US$ 2.4bn in the first half of this year. Q2 2012 marked the second-lowest quarterly value in global insolvencies since Q4 2007 (US$ 0.8bn).
75 20 50 10 25
Number of deals
The second quarter of 2012 saw 74 insolvency deals with a total value of US$ 2.9bn, a 21.6% decrease from the same period in 2011 (US$ 3.7bn). Global insolvency deals in H1 2012 showed a solid 43% increase totalling US$ 9.3bn, compared to H1 2011s US$ 6.5bn. Yet the second quarter had a steep 54.7% drop, from US$ 6.4bn in Q1 2012, to US$ 2.9bn.
125
Global: League Tables of Financial Advisers

League Tables of Financial Advisers to Global M&A: Value
Ranking H1 H1 2011 2012 2 1 7 3 6 9 4 5 13 11 8 16 10 17 12 29 18 15 47 31 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Morgan Stanley Goldman Sachs Deutsche Bank JPMorgan Barclays Citigroup Credit Suisse Bank of America Merrill Lynch Nomura Holdings Rothschild Lazard BNP Paribas UBS Investment Bank RBC Capital Markets HSBC Centerview Partners Jefferies & Company Evercore Partners Banco Itau BBA BMO Capital Markets H1 2012 Value Deal (US$m) Count 247 ,484 222,708 207 ,217 198,161 185,550 159,267 155,576 115,443 110,888 104,629 99,945 83,093 63,806 50,238 34,198 27 ,024 23,134 23,034 22,432 21,593 123 140 95 108 91 74 89 77 61 105 87 24 69 71 33 11 50 42 23 26 H1 2011 Value % Val. (US$m) Change 235,474 298,600 152,480 221,529 165,810 137 ,550 209,193 171,070 58,161 73,055 151,503 43,443 109,013 31,843 63,055 17 ,887 31,182 47 ,223 9,399 17 ,591 5.1% -25.4% 35.9% -10.5% 11.9% 15.8% -25.6% -32.5% 90.7% 43.2% -34.0% 91.3% -41.5% 57 .8% -45.8% 51.1% -25.8% -51.2% 138.7% 22.8%
League Tables of Financial Advisers to Global M&A: Volume

Ranking H1 H1 2011 2012 1 3 10 7 12 16 6 13 4 5 8 14 2 18 11 17 15 23 9 19 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Goldman Sachs Morgan Stanley JPMorgan Rothschild Deutsche Bank Barclays Credit Suisse Lazard PwC Bank of America Merrill Lynch Deloitte Citigroup KPMG RBC Capital Markets UBS Investment Bank Nomura Holdings Jefferies & Company Houlihan Lokey Ernst & Young M&A International H1 2012 Value Deal (US$m) Count 222,708 247 ,484 198,161 104,629 207 ,217 185,550 155,576 99,945 8,039 115,443 5,495 159,267 7 ,908 50,238 63,806 110,888 23,134 4,499 8,219 1,179 140 123 108 105 95 91 89 87 78 77 77 74 72 71 69 61 50 50 45 44 H1 2011 Deal Count Count Change 172 132 113 116 97 69 118 85 132 126 114 85 155 56 113 61 71 43 114 53 -32 -9 -5 -11 -2 22 -29 2 -54 -49 -37 -11 -83 15 -44 0 -21 7 -69 -9
14
Global: League Tables of Financial Advisers

League Tables of Financial Advisers to Global Buyouts*: Value
Ranking H1 H1 2011 2012 Company Name H1 2012 Value Deal (US$m) Count H1 2011 Value % Val. (US$m) Change 22,633 14,062 6,874 2,265 20,143 7 ,881 13,356 2,092 4,150 18,185 10,635 110 3,662 12,129 6,128 13,202 -11.1% 21.1% 135.4% 399.8% -50.3% 2.4% -42.1% 235.9% 12.9% -74.5% -71.3% -18.1% -77 .5% -55.7% -81.8%
League Tables of Financial Advisers to Global Buyouts*: Volume

Ranking H1 H1 2011 2012 10 12 15 14 7 1 2 50 8 21 6 32 18 17 36 5 13 4 45 28 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Deloitte Deutsche Bank Citigroup RBC Capital Markets Morgan Stanley Goldman Sachs PwC Houlihan Lokey Barclays Macquarie Group Ernst & Young JPMorgan Rothschild Jefferies & Company Evercore Partners Bank of America Merrill Lynch Nomura Holdings Credit Suisse SEB Enskilda Lincoln International H1 2012 Value Deal (US$m) Count 452 20,121 17 ,024 16,179 8,067 7 ,736 1,760 710 10,001 7 ,028 255 11,321 2,998 1,193 4,686 4,642 3,047 1,619 1,000 383 15 13 11 9 9 9 8 8 7 7 7 5 5 5 4 4 4 4 4 4 H1 2011 Deal Count Count Change 10 9 8 9 11 16 16 2 10 6 12 3 7 8 2 12 9 13 2 4 5 4 3 0 -2 -7 -8 6 -3 1 -5 2 -2 -3 2 -8 -5 -9 2 0
1 1 Deutsche Bank 20,121 13 4 2 Citigroup 17 ,024 11 11 3 RBC Capital Markets 16,179 9 24 4 JPMorgan 11,321 5 2 5 Barclays 10,001 7 10 6 Morgan Stanley 8,067 9 5 7 Goldman Sachs 7 ,736 9 8 Tudor, Pickering, Holt & Co 7 ,250 2 26 9 Macquarie Group 7 ,028 7 10= Banco Espirito Santo de Investimento 5,599 1 10= Banco Millennium BCP Investimento 5,599 1 10= Caixa Banco de Investimento 5,599 1 14 13 Evercore Partners 4,686 4 3 14 Bank of America Merrill Lynch 4,642 4 8 15 Nomura Holdings 3,047 4 76 16 Moelis & Company 3,009 3 17 17 Rothschild 2,998 5 7 18 UBS Investment Bank 2,724 3 12 19 HSBC 2,715 3 6 20 Wells Fargo Securities 2,399 3 * Based on the target geography only and the advisor advising the buy-side only.
15
European M&A Overview

European H1 2012 M&A totals US$ 356.1bn, down 15.7% on H1 2011 Germanic region makes up nearly a third of total deal value Europe accounts for 38.3% of global deal value for H1 2012 Morgan Stanley tops H1 2012 European advisers league table by deal value, advising on deals worth US$ 171.9bn European deals in the first half of 2012 were worth US$ 356.1bn, reflecting a 15.7% drop from the same period in 2011 (US$ 422.3bn). European deals in Q2 2012 totalled US$ 183.7bn, down 23.6% compared to the same period in 2011 (US$ 240.5bn) but up 6.6% from Q1 2012 (US$ 172.4bn). The second quarter of this year was the thirdhighest quarterly total since Q4 2009 (US$ 187 .8bn). Solace may be taken from the fact that there were three consecutive years of growth in total deal value (2009-2011), although 2012 is on course for a lower total as 2011 finished with US$ 721.9bn in European M&A. The Germanic region dominated European M&A market with regards to deal value, with 29.7% of total deal value during H1 2012, followed closely behind by UK & Ireland with a 25.6% market share. Energy, Mining & Utilities accounted for nearly a third of total deal value in H1 2012, hitting triple figures in the first half with over US$ 110bn in deals, no doubt in part to the Glencore-Xstrata mega-deal which made up nearly half that figure. Deals in the Construction sector also got a much-needed boost with total deal value in H1 2012 at US$ 18.1bn, up 218% on H1 2011 (US$ 5.7bn). It was one of only four sectors in the first half of this year (along with Transport, Media and Energy, Mining & Utilities) to display a percentage increase on H1 2011. Of all global M&A, European deals made up a hefty 38.3% of total deal value for the first half of 2012, driving the theory that Europe offers buyers value. Morgan Stanley displaced perennial European table-toppers, Goldman Sachs, by claiming top spot in the H1 2012 European M&A financial advisers league table by deal value, up from fourth in H1 2011. Deutsche Bank, advising on deals worth a combined US$ 153.8bn, came in second.
European Private Equity Buyout Activity - Quarterly
140 Value (US$bn) 120 Volume 400 350 100 300 450
European M&A Activity - Quarterly

600 550 500 450 400 Value (US$bn) Volume 1,800 1,700 1,600 1,500 1,400 1,300 1,200 1,000 900 800 700 600 500 400 300 200 100 0 1,100
350 300 250 200 150 100 50 0
European Inbound/Outbound M&A

150 140 130 120 110 100 Inbound Value ($bn) Outbound Value ($bn) Inbound Volume Outbound Volume 250 225 200 175 150 125 100 75 50 25 0 300 275
Volume of Deals
80
250 200 150
80 70 60 50 40
60
40 100 20 50 0
30 20 10
16
Volume of Deals
90
Volume of Deals
European M&A Overview: Industry and Geography Breakdown

H1 2012
Sector Energy, Mining & Utilities Financial Services Industrials & Chemicals Consumer Pharma, Medical & Biotech Construction Technology Telecommunications Transport Real Estate Business Services Media Leisure Agriculture Defence Total Value (US$bn) 113.4 43.3 39.8 33.7 25.2 18.1 16.4 15.5 14.7 11.8 11.6 6.1 5.6 0.7 0.1 356.1 Market share 31.9% 12.2% 11.2% 9.5% 7 .1% 5.1% 4.6% 4.3% 4.1% 3.3% 3.3% 1.7% 1.6% 0.2% 0.0% Deal Count 137 164 526 359 128 83 210 30 78 47 262 82 68 25 5 2,204 Value (US$bn) 87 .8 57 .8 75.2 47 .8 51.4 5.7 16.9 29.3 6.5 12.0 14.8 6.1 8.9 1.0 0.5 421.8
H1 2011
Market share 20.8% 13.7% 17 .8% 11.3% 12.2% 1.3% 4.0% 6.9% 1.5% 2.9% 3.5% 1.4% 2.1% 0.2% 0.1% Deal Count 220 207 595 429 173 123 233 40 106 41 392 88 125 28 4 2,804 Value (%) 29.3% -25.1% -47 .1% -29.5% -51.0% 218.0% -3.1% -47 .1% 124.8% -2.1% -22.0% 1.4% -37 .1% -25.6% -78.4% -15.6%
Change
Deal Count -83 -43 -69 -70 -45 -40 -23 -10 -28 6 -130 -6 -57 -3 1 -867
Mix of Announced European Deals by Geographic Region H1 2012 - Value

South Eastern Europe 2.3% Central & Eastern Europe 9.2% Other 0.06% UK & Ireland 25.7% Nordic 9.5%
Mix of Announced European Deals by Geographic Region H1 2012 - Volume

South Eastern Europe 3.0% Central & Eastern Europe 10.0% Other 0.3%
UK & Ireland 24.6%
Nordic 13.5% Benelux 6.6%
Iberia 5.9%
Benelux 9.1%
Germanic 17.8%
Italy 8.0% France 2.9%
Germanic 29.8%
Iberia 5.2% Italy 5.6% France 11.0%
17
European M&A Overview: Top Deals

Announced Date 07-Feb-12 Bidder Company Glencore International plc Bidder Financial Advisor BNP Paribas; Citigroup; Credit Suisse; Morgan Stanley Citigroup; Morgan Stanley Target Company Xstrata Plc (65.92% Stake) Target/Seller Financial Adivsor Barclays; Deutsche Bank; Goldman Sachs; JPMorgan; Nomura Holdings Goldman Sachs Seller Company Deal Value (US$) 53,465
21-May-12
Eaton Corporation
Cooper Industries Plc
11,940
16-Apr-12
GDF Suez SA
BNP Paribas; HSBC; Lazard; Ondra Partners; Rothschild BNP Paribas; Leonardo & Co; Morgan Stanley Barclays
International Power Plc (30.23% Stake) Edison International SpA
Barclays; Morgan Stanley; Nomura Holdings Lazard; Rothschild
10,867
06-May-12
7 ,582
17-Jan-12
Sumitomo Mitsui Financial Group Inc United Parcel Service Inc
RBS Aviation Capital Limited
Goldman Sachs; Royal Bank of Scotland Group Deutsche Bank; Goldman Sachs; Lazard Centerview Partners
Royal Bank of Scotland Group Plc
7 ,300
19-Mar-12
Bank of America Merrill Lynch; Morgan Stanley; UBS Investment Bank Goldman Sachs; Lazard
TNT Express NV
6,843
19-Jun-12
Walgreen Company
Alliance Boots GmbH (45% Stake)
6,690
25-Apr-12
Watson Pharmaceuticals Inc
Bank of America Merrill Lynch
Actavis Group hf
Blackstone Group; Deutsche Bank
5,806
30-Mar-12
Tagus Holdings
Banco Espirito Santo de Investimento ; Banco Millennium BCP Investimento; Caixa Banco Credit Agricole CIB
Brisa-Auto Estradas de Portugal SA (50.43% Stake) Bankia SA (45.5% Stake)
Barclays
5,599
27-Jun-12
Fondo de Reestructuracion Ordenada Bancaria
5,559
18
Europe M&A Heat Chart

Sector Germanic Italy UK & Ireland Nordics France Benelux Iberia Russia Greece, Cyprus & Turkey 40 39 21 14 19 22 12 18 23 7 8 4 4 231 CEE (excl. Russia) 35 37 21 9 31 17 10 11 16 3 9 14 0 214 Total Industrials & Chemicals Consumer TMT Pharma, Medical & Biotech Energy, Mining & Utilities Financial Services Business Services Leisure Transportation Real Estate Construction Agriculture Defence Total 146 118 102 67 56 37 35 25 27 20 18 5 0 656 376 84 106 36 24 28 31 13 22 15 9 7 1 68 83 102 49 80 60 67 59 18 14 18 3 11 632 54 52 64 41 47 17 41 12 28 2 13 2 0 373 304 65 66 60 19 15 12 32 6 9 4 16 25 27 46 12 17 18 29 7 17 8 9 1 0 216 24 28 44 11 22 14 17 26 10 2 18 0 0 216 30 42 41 5 39 22 12 12 18 7 10 9 2 249 571 598 537 251 354 250 268 198 181 76 126 39 17 3,467
Industrials & Chemicals see most companies for sale in Germanic countries, a sign that European expertise and industrial know-how are still very much sought-after TMT the hottest sector in Russia, with online retailers aiming to emulate Amazon among a number of firms looking to receive greater funding Consumer proving popular in the UK as its reputation for creating reliable brands continues to attract Asian buyers
Hot 140 100 80
Warm 60 40 20
Cold 10 5 0
19
Europe: League Tables of Financial Advisers

League Tables of Financial Advisers to European M&A: Value
Ranking H1 H1 2011 2012 4 3 1 5 7 8 10 6 13 2 16 9 15 27 11 43 37 12 36 26 1 2 3 4 5 6 8 7 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Morgan Stanley Deutsche Bank Goldman Sachs Barclays JPMorgan Rothschild Lazard Citigroup BNP Paribas Credit Suisse Nomura Holdings Bank of America Merrill Lynch UBS Investment Bank Centerview Partners HSBC Rabobank RBC Capital Markets SG Leonardo & Co Sberbank H1 2012 Value Deal (US$m) Count 171,936 153,760 151,704 133,684 126,775 87 ,812 85,525 85,183 81,280 80,985 76,229 76,016 35,963 23,540 21,110 19,737 18,162 17 ,113 15,136 12,901 62 54 67 42 51 89 49 28 21 32 21 36 36 3 20 17 14 22 17 16 H1 2011 Value % Val. (US$m) Change 99,890 110,792 157 ,228 72,227 70,759 68,629 52,707 71,277 41,221 113,472 27 ,368 56,014 29,592 9,473 51,988 4,873 5,386 47 ,566 6,194 11,580 72.1% 38.8% -3.5% 85.1% 79.2% 28.0% 62.3% 19.5% 97 .2% -28.6% 178.5% 35.7% 21.5% 148.5% -59.4% 305.0% 237 .2% -64.0% 144.4% 11.4%
League Tables of Financial Advisers to European M&A: Volume

Ranking H1 H1 2011 2012 2 6 9 3 1 7 5 13 10 20 11 12 8 4 15 17 21 18 38 14 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Rothschild Goldman Sachs Morgan Stanley PwC KPMG Deutsche Bank Deloitte JPMorgan Lazard Barclays Bank of America Merrill Lynch UBS Investment Bank Credit Suisse Ernst & Young Citigroup M&A International DC Advisory Partners SG Investec BNP Paribas H1 2012 Value Deal (US$m) Count 87 ,812 151,704 171,936 4,454 3,956 153,760 3,455 126,775 85,525 133,684 76,016 35,963 80,985 2,691 85,183 603 2,937 17 ,113 2,908 81,280 89 67 62 56 56 54 53 51 49 42 36 36 32 31 28 26 24 22 22 21 H1 2011 Deal Count Count Change 101 72 54 92 109 57 73 49 52 32 51 50 55 74 39 36 29 35 16 41 -12 -5 8 -36 -53 -3 -20 2 -3 10 -15 -14 -23 -43 -11 -10 -5 -13 6 -20
20

League Tables of Financial Advisers to European Buyouts*: Value
Ranking H1 H1 2011 2012 4 52 14 23 3 15 6 2 7 45 1 2 3= 3= 3= 6 7 8 9 10 11 12 13 14 15 Company Name Deutsche Bank Macquarie Group Banco Espirito Santo de Investimento Banco Millennium BCP Investimento Caixa Banco de Investimento Morgan Stanley RBC Capital Markets Barclays Goldman Sachs JPMorgan Rothschild HSBC Nomura Holdings Messier, Maris et Associes PwC H1 2012 Value Deal (US$m) Count 8,820 5,728 5,599 5,599 5,599 5,480 5,276 3,737 3,590 3,367 2,998 2,715 2,273 1,932 1,642 4 5 1 1 1 4 3 3 2 2 5 3 1 1 7 H1 2011 Value % Val. (US$m) Change 4,375 100 1,665 950 5,262 1,563 3,662 5,905 3,268 192 101.6% 5,628% 229.1% 455.4% -31.8% 115.4% -18.1% -54.0% -30.4% 755.2%
League Tables of Financial Advisers to European Buyouts*: Volume

Ranking H1 H1 2011 2012 3 1 7 62 5 42 16 18 29 44 9 24 14 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Deloitte PwC Ernst & Young Macquarie Group Rothschild Citigroup Deutsche Bank Morgan Stanley SEB Enskilda RBC Capital Markets Barclays HSBC Houlihan Lokey Lincoln International Altium Capital H1 2012 Value Deal (US$m) Count 335 1,642 183 5,728 2,998 1,608 8,820 5,480 1,000 5,276 3,737 2,715 635 383 125 10 7 6 5 5 5 4 4 4 3 3 3 3 3 3 H1 2011 Deal Count Count Change 8 14 7 1 7 1 4 4 2 1 6 3 5 2 -7 -1 4 -2 4 0 0 2 2 -3 0 -2
* Based on the target geography only and the advisor advising the buy-side only.
21

Financial Advisers to UK M&A: Value
Ranking H1 H1 2011 2012 1 3 2 8 12 5 6 44 7 13 14 10 69 63 22 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Goldman Sachs Barclays Rothschild Morgan Stanley Lazard Deutsche Bank JPMorgan Cazenove Nomura Holdings Bank of America Merrill Lynch UBS Investment Bank BNP Paribas HSBC Centerview Partners Ondra Partners Royal Bank of Scotland Group H1 2012 Value Deal (US$m) Count 42,304 38,283 37 ,482 37 ,166 24,624 21,862 20,608 18,573 17 ,944 14,793 12,546 11,770 11,690 10,965 9,073 32 23 37 23 14 16 16 7 15 11 4 11 2 2 3 H1 2011 Value % Val. (US$m) Change 39,627 30,957 31,988 21,234 15,021 26,936 22,873 1,128 21,964 14,238 11,508 18,388 473 529 3,749 6.8% 23.7% 17 .2% 75.0% 63.9% -18.8% -9.9% 1,547% -18.3% 3.9% 9.0% -36.0% 2,372% 1,973% 142.0%
Financial Advisers to UK M&A: Volume

Ranking H1 H1 2011 2012 1 3 12 13 18 6 15 2 11 20 5 4 9 17 23 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Rothschild Goldman Sachs Barclays Morgan Stanley Investec PwC Grant Thornton Corporate Finance KPMG BDO Deutsche Bank JPMorgan Cazenove Deloitte Bank of America Merrill Lynch Lazard Canaccord Genuity H1 2012 Value Deal (US$m) Count 37 ,482 42,304 38,283 37 ,166 2,873 3,366 712 2,109 1,854 21,862 20,608 1,093 17 ,944 24,624 959 37 32 23 23 21 18 18 17 17 16 16 16 15 14 14 H1 2011 Deal Count Count Change 48 26 15 15 14 22 15 45 18 12 22 23 18 14 11 -11 6 8 8 7 -4 3 -28 -1 4 -6 -7 -3 0 3
Financial Advisers to French M&A: Value

Ranking H1 H1 2011 2012 11 4 1 6 10 29 19 2 3 23 7 9 12 13 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Lazard Rothschild BNP Paribas Morgan Stanley Barclays Nomura Holdings Ondra Partners Leonardo & Co HSBC SG JPMorgan Deutsche Bank Goldman Sachs Citigroup Bank of America Merrill Lynch H1 2012 Value Deal (US$m) Count 27 ,368 23,575 23,490 23,160 12,557 11,889 10,867 9,307 9,037 8,602 7 ,884 6,202 5,890 2,426 2,183 14 18 14 10 5 2 1 9 7 12 11 5 8 3 4 H1 2011 Value % Val. (US$m) Change 19,187 27 ,316 33,346 24,490 23,071 2,387 4,539 31,762 27 ,657 3,613 23,805 23,193 14,545 12,934 42.6% -13.7% -29.6% -5.4% -45.6% 398.1% 105.0% -71.5% -68.9% 118.2% -73.9% -74.6% -83.3% -83.1%
Financial Advisers to French M&A: Volume

Ranking H1 H1 2011 2012 1 9 2 3 19 7 4 8 6 24 27 5 23 11 18 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Rothschild Lazard BNP Paribas SG JPMorgan Morgan Stanley Leonardo & Co Goldman Sachs HSBC Lincoln International Ernst & Young Credit Agricole CIB DC Advisory Partners PwC Barclays H1 2012 Value Deal (US$m) Count 23,575 27 ,368 23,490 8,602 7 ,884 23,160 9,307 5,890 9,037 50 25 1,459 88 40 12,557 18 14 14 12 11 10 9 8 7 7 7 6 6 6 5 H1 2011 Deal Count Count Change 29 13 25 22 7 16 22 13 16 6 5 17 6 11 7 -11 1 -11 -10 4 -6 -13 -5 -9 1 2 -11 0 -5 -2
22

Financial Advisers to German M&A: Value
Ranking H1 H1 2011 2012 2 8 11 4 1 26 7 3 13 128 27 53 5 25 20 1 2 3 4 5 6 7 8 9 10 11 12 13= 13= 15 Company Name Deutsche Bank JPMorgan Morgan Stanley Rothschild Goldman Sachs Macquarie Group Lazard Credit Suisse Bank of America Merrill Lynch RBC Capital Markets SG MCF Corporate Finance Citigroup Perella Weinberg Partners Nordea Corporate Finance H1 2012 Value Deal (US$m) Count 17 ,992 14,733 12,267 10,790 9,530 7 ,702 6,261 5,172 4,221 3,719 3,246 3,119 3,119 3,119 3,119 14 7 12 12 9 5 11 5 5 2 1 3 2 2 1 H1 2011 Value % Val. (US$m) Change 17 ,570 8,918 4,048 12,270 19,170 782 9,232 13,678 2,792 701 138 12,155 918 1,779 2.4% 65.2% 203.0% -12.1% -50.3% 884.9% -32.2% -62.2% 51.2% 363.1% 2,160% -74.3% 239.8% 75.3%
Financial Advisers to German M&A: Volume

Ranking H1 H1 2011 2012 2 19 3 6 5 4 13 9 39 24 40 8 11 7 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Deutsche Bank Morgan Stanley Rothschild Lazard Goldman Sachs KPMG Lincoln International Deloitte JPMorgan PwC Macquarie Group Credit Suisse Bank of America Merrill Lynch DC Advisory Partners Ernst & Young H1 2012 Value Deal (US$m) Count 17 ,992 12,267 10,790 6,261 9,530 811 454 78 14,733 338 7 ,702 5,172 4,221 277 32 14 12 12 11 9 9 9 9 7 6 5 5 5 5 5 H1 2011 Deal Count Count Change 14 5 14 9 9 11 7 8 3 5 3 8 7 9 20 0 7 -2 2 0 -2 2 1 4 1 2 -3 -2 -4 -15
Financial Advisers to Germanic M&A: Value

Ranking H1 H1 2011 2012 3 10 1 8 2 6 9 5 45 4 14 156 7 54 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Deutsche Bank Morgan Stanley Goldman Sachs JPMorgan Credit Suisse Citigroup Barclays Nomura Holdings BNP Paribas Rothschild Centerview Partners Bank of America Merrill Lynch RBC Capital Markets Lazard Rabobank H1 2012 Value Deal (US$m) Count 87 ,659 79,947 71,475 71,013 62,726 56,584 55,697 54,579 53,465 22,827 18,540 16,440 14,288 13,423 12,511 19 18 13 13 9 4 4 8 2 14 2 10 6 15 5 H1 2011 Value % Val. (US$m) Change 37 ,064 6,417 58,901 10,599 53,764 12,155 10,256 14,116 456 14,446 3,052 11,532 255 136.5% 1,146% 21.3% 570.0% 16.7% 365.5% 443.1% 286.6% 11,625% 58.0% 438.7% 16.4% 4,806%
Financial Advisers to Germanic M&A: Volume

Ranking H1 H1 2011 2012 4 13 6 9 5 3 2 25 10 14 20 7 8 24 15 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Deutsche Bank Morgan Stanley Deloitte Lazard Rothschild KPMG Goldman Sachs JPMorgan UBS Investment Bank Bank of America Merrill Lynch Lincoln International Credit Suisse PwC Nomura Holdings Altium Capital H1 2012 Value Deal (US$m) Count 87 ,659 79,947 1,087 13,423 22,827 1,705 71,475 71,013 2,286 16,440 454 62,726 338 54,579 1,319 19 18 17 15 14 14 13 13 11 10 10 9 9 8 8 H1 2011 Deal Count Count Change 18 8 18 12 18 19 20 5 11 8 7 15 14 5 8 1 10 -1 3 -4 -5 -7 8 0 2 3 -6 -5 3 0
23

Financial Advisers to Benelux M&A: Value
Ranking H1 H1 2011 2012 1 12 2 6 3 8 5 14 27 89 65 24 36 1 2 3 4 5 6 7 8 9 10 11 12 13 14= 14= Company Name JPMorgan Bank of America Merrill Lynch Deutsche Bank Lazard Morgan Stanley Barclays Goldman Sachs UBS Investment Bank Rothschild ABN AMRO Bank Duff & Phelps Sberbank Citigroup Oddo & Cie RBC Capital Markets H1 2012 Value Deal (US$m) Count 34,586 32,598 32,350 30,108 26,153 22,008 18,736 7 ,018 6,613 4,867 3,908 3,525 2,015 1,117 1,117 11 8 10 8 5 3 11 3 6 12 1 2 4 1 1 H1 2011 Value % Val. (US$m) Change 24,842 4,903 20,670 11,121 17 ,795 9,538 11,294 3,163 876 71 1,146 459 39.2% 564.9% 56.5% 170.7% 47 .0% 130.7% 65.9% 121.9% 654.9% 4,865% 75.8% 143.4%
Financial Advisers to Benelux M&A: Volume

Ranking H1 H1 2011 2012 1 35 12 22 9 2 3 14 23 7 18 11 6 8 13 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name KPMG ABN AMRO Bank JPMorgan Goldman Sachs Deutsche Bank ING PwC Bank of America Merrill Lynch Lazard Boer & Croon Rothschild M&A International Rabobank Deloitte Morgan Stanley H1 2012 Value Deal (US$m) Count 1,089 4,867 34,586 18,736 32,350 831 99 32,598 30,108 6,613 238 195 26,153 15 12 11 11 10 9 9 8 8 7 6 6 6 6 5 H1 2011 Deal Count Count Change 34 3 9 5 10 18 13 8 5 12 6 10 12 11 8 -19 9 2 6 0 -9 -4 0 3 -5 0 -4 -6 -5 -3
Financial Advisers to Italian M&A: Value

Ranking H1 H1 2011 2012 13 10 9 16 14 12 6 2 11 4 8 7 55 3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Morgan Stanley Rothschild Lazard Leonardo & Co BNP Paribas Mediobanca Goldman Sachs SG Bank of America Merrill Lynch Banca IMI/Intesa Sanpaolo Credit Suisse Deutsche Bank Banco Itau BBA Vitale & Associati HSBC H1 2012 Value Deal (US$m) Count 17 ,112 16,063 15,147 12,357 11,577 9,997 8,450 5,324 4,019 3,838 3,619 3,133 1,389 1,053 964 7 11 7 5 5 10 4 5 4 7 4 2 1 3 2 H1 2011 Value % Val. (US$m) Change 4,721 5,370 5,628 2,790 3,788 4,893 6,424 9,000 5,346 6,909 6,102 6,234 8,180 262.5% 199.1% 169.1% 342.9% 205.6% 104.3% 31.5% -40.8% -24.8% -44.4% -40.7% -49.7% -88.2%
Financial Advisers to Italian M&A: Volume

Ranking H1 H1 2011 2012 3 2 6 5 1 7 10 9 8 15 11 26 32 4 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Rothschild Mediobanca Morgan Stanley Lazard Banca IMI/Intesa Sanpaolo Leonardo & Co BNP Paribas SG KPMG Goldman Sachs Bank of America Merrill Lynch Credit Suisse Vitale & Associati UniCredit Group EQUITA S.I.M. H1 2012 Value Deal (US$m) Count 16,063 9,997 17 ,112 15,147 3,838 12,357 11,577 5,324 31 8,450 4,019 3,619 1,053 614 215 11 10 7 7 7 5 5 5 5 4 4 4 3 3 3 H1 2011 Deal Count Count Change 13 14 7 10 15 7 6 6 7 4 5 2 2 11 -2 -4 0 -3 -8 -2 -1 -1 -2 0 -1 2 1 -8 -
24

Financial Advisers to Iberian M&A: Value
Ranking H1 H1 2011 2012 5 12 18 4 3 17 16 19 24 26 14 13 21 20 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Barclays Banco Espirito Santo de Investimento Caixa Banco de Investimento Santander Global Banking and Markets Citigroup Lazard Credit Agricole CIB Banco BTG Pactual Banco Millennium BCP Investimento Banco Itau BBA Banco Bradesco BBI Rothschild Deutsche Bank JPMorgan UBS Investment Bank H1 2012 Value Deal (US$m) Count 14,015 11,850 6,987 6,692 6,595 6,287 6,039 5,965 5,599 5,551 5,427 3,545 3,226 2,462 1,913 9 5 5 6 5 3 2 3 1 2 1 15 4 3 4 H1 2011 Value % Val. (US$m) Change 16,832 7 ,373 5,354 20,359 20,453 5,359 5,538 5,164 3,898 1,276 6,293 6,428 4,366 5,036 -16.7% 60.7% 30.5% -67 .1% -67 .8% 17 .3% 9.0% 15.5% 42.4% 325.3% -43.7% -49.8% -43.6% -62.0%
Financial Advisers to Iberian M&A: Volume

Ranking H1 H1 2011 2012 23 15 6 2 1 4 25 14 22 13 8 3 12 27 17 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Rothschild Barclays Santander Global Banking and Markets Deloitte PwC Banco Espirito Santo de Investimento Caixa Banco de Investimento Citigroup Deutsche Bank UBS Investment Bank SG Banco Bilbao Vizcaya Argentaria Lazard Banco BTG Pactual JPMorgan H1 2012 Value Deal (US$m) Count 3,545 14,015 6,692 1,322 281 11,850 6,987 6,595 3,226 1,913 1,397 772 6,287 5,965 2,462 15 9 6 6 6 5 5 5 4 4 4 4 3 3 3 H1 2011 Deal Count Count Change 3 5 10 17 21 11 3 5 3 6 8 12 6 2 5 12 4 -4 -11 -15 -6 2 0 1 -2 -4 -8 -3 1 -2
Financial Advisers to Spanish M&A: Value

Ranking H1 H1 2011 2012 14 22 6 17 12 13 16 21 4 3 10 2 31 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Credit Agricole CIB Rothschild Barclays JPMorgan Deutsche Bank Nomura Holdings UBS Investment Bank Deloitte AZ Capital Santander Global Banking and Markets Citigroup Bank of America Merrill Lynch Morgan Stanley Mediobanca TD Securities H1 2012 Value Deal (US$m) Count 6,039 3,485 2,204 2,190 1,572 1,413 1,361 1,322 1,302 1,265 1,168 1,117 1,013 942 888 2 13 5 2 2 2 3 6 1 5 4 2 2 1 1 H1 2011 Value % Val. (US$m) Change 5,538 1,330 16,631 4,366 6,428 5,828 5,036 2,619 20,359 20,453 10,174 24,024 384 9.0% 162.0% -86.7% -49.8% -75.5% -75.8% -73.0% -49.5% -93.8% -94.3% -89.0% -95.8% 145.3% 25
Financial Advisers to Spanish M&A: Volume

Ranking H1 H1 2011 2012 27 2 1 15 5 12 10 6 3 23 14 22 33 21 8 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Rothschild Deloitte PwC Barclays Santander Global Banking and Markets Citigroup UBS Investment Bank SG Banco Bilbao Vizcaya Argentaria Credit Agricole CIB JPMorgan Deutsche Bank Nomura Holdings Bank of America Merrill Lynch Morgan Stanley H1 2012 Value Deal (US$m) Count 3,485 1,322 281 2,204 1,265 1,168 1,361 612 500 6,039 2,190 1,572 1,413 1,117 1,013 13 6 6 5 5 4 3 3 3 2 2 2 2 2 2 H1 2011 Deal Count Count Change 2 17 21 4 10 5 6 8 11 3 5 3 1 3 6 11 -11 -15 1 -5 -1 -3 -5 -8 -1 -3 -1 1 -1 -4

Financial Advisers to Nordic M&A: Value
Ranking H1 H1 2011 2012 2 8 20 1 96 6 22 10 4 5 42 14 19 7 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Deutsche Bank Bank of America Merrill Lynch Rothschild Goldman Sachs HSBC Nordea Corporate Finance UBS Investment Bank Barclays Blackstone Group JPMorgan Credit Suisse Arctic Securities Handelsbanken Capital Markets ABG Sundal Collier Morgan Stanley H1 2012 Value Deal (US$m) Count 18,154 12,482 11,018 8,722 8,248 7 ,149 6,187 6,124 5,806 5,751 5,175 4,875 4,819 4,789 4,777 8 5 6 7 3 15 4 2 1 7 3 6 9 8 5 H1 2011 Value % Val. (US$m) Change 27 ,381 7 ,082 2,630 35,576 12,571 2,220 4,666 15,672 15,093 315 3,347 2,776 9,254 -33.7% 76.2% 318.9% -75.5% -43.1% 178.7% 31.2% -63.3% -65.7% 1,448% 44.0% 72.5% -48.4%
Financial Advisers to Nordic M&A: Volume

Ranking H1 H1 2011 2012 1 8 2 5 4 13 3 26 11 12 6 9 108 24 27 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name PwC Nordea Corporate Finance SEB Enskilda Handelsbanken Capital Markets Carnegie Investment Bank Deutsche Bank ABG Sundal Collier DNB Markets Goldman Sachs JPMorgan Ernst & Young Deloitte Global M&A Rothschild Arctic Securities H1 2012 Value Deal (US$m) Count 580 7 ,149 3,545 4,819 1,298 18,154 4,789 1,082 8,722 5,751 557 436 11,018 4,875 18 15 15 9 9 8 8 8 7 7 7 7 7 6 6 H1 2011 Deal Count Count Change 23 11 14 14 15 6 15 4 8 7 13 10 1 4 3 -5 4 1 -5 -6 2 -7 4 -1 0 -6 -3 6 2 3
Financial Advisers to Swedish M&A: Value

Ranking H1 H1 2011 2012 1 2 4 15 12 6 5 7 14 55 22 17 1 2 3 4 5 6 7 8 9 10 11 12= 12= 14 15 Company Name Goldman Sachs Deutsche Bank Credit Suisse Handelsbanken Capital Markets Nordea Corporate Finance Morgan Stanley JPMorgan Barclays HSBC SEB Enskilda Erneholm & Haskel Jefferies & Company Rothschild Sberbank Swedbank First Securities H1 2012 Value Deal (US$m) Count 8,549 6,956 5,175 4,783 3,118 3,108 2,632 2,398 2,249 2,143 1,645 1,525 1,525 1,450 1,152 6 4 3 5 7 3 6 1 1 10 2 2 2 1 3 H1 2011 Value % Val. (US$m) Change 27 ,663 19,100 14,890 2,362 3,318 6,006 7 ,426 4,666 3,130 1,050 2,124 -69.1% -63.6% -65.2% 102.5% -6.0% -48.3% -64.6% -48.6% -31.5% 45.2% -28.2% -
Financial Advisers to Swedish M&A: Volume

Ranking H1 H1 2011 2012 1 3 12 6 10 4 49 15 8 2 24 11 7 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name PwC SEB Enskilda Nordea Corporate Finance Goldman Sachs JPMorgan Handelsbanken Capital Markets Navigo Partners Deutsche Bank Deloitte Carnegie Investment Bank Credit Suisse Morgan Stanley Swedbank First Securities Ernst & Young IDC Nordic H1 2012 Value Deal (US$m) Count 472 2,143 3,118 8,549 2,632 4,783 495 6,956 436 199 5,175 3,108 1,152 97 33 13 10 7 6 6 5 5 4 4 4 3 3 3 3 3 H1 2011 Deal Count Count Change 10 8 4 6 4 7 1 3 5 9 2 4 5 3 2 3 0 2 -2 4 1 -1 -5 1 -1 -2 -
26

Financial Advisers to CEE M&A: Value
Ranking H1 H1 2011 2012 1 3 21 19 15 7 10 2 38 8 17 34 11 1 2 3 4 5 6 7 8 9 10 11 12 13= 13= 15 Company Name Deutsche Bank Sberbank Goldman Sachs Barclays UBS Investment Bank Rothschild Credit Suisse Nomura Holdings Morgan Stanley JPMorgan Bank of America Merrill Lynch Gazprombank IS Investment Securities Rabobank VTB Capital H1 2012 Value Deal (US$m) Count 12,909 12,900 12,024 8,442 6,510 6,194 6,114 5,705 4,742 4,575 3,525 2,890 1,900 1,900 1,211 10 16 10 3 4 9 4 3 4 4 1 2 1 1 5 H1 2011 Value % Val. (US$m) Change 17 ,414 11,580 2,269 3,193 4,612 10,315 7 ,659 14,421 219 9,502 4,030 301 6,628 -25.9% 11.4% 429.9% 103.9% 34.3% -40.7% -25.5% -67 .1% 1,989% -62.9% -28.3% 531.2% -81.7%
Financial Advisers to CEE M&A: Volume

Ranking H1 H1 2011 2012 1 4 19 2 9 3 14 6 11 21 13 5 72 17 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Sberbank Deutsche Bank Goldman Sachs Rothschild VTB Capital KPMG UBS Investment Bank Credit Suisse Morgan Stanley JPMorgan Barclays Nomura Holdings Ernst & Young SEB Enskilda Gazprombank H1 2012 Value Deal (US$m) Count 12,900 12,909 12,024 6,194 1,211 111 6,510 6,114 4,742 4,575 8,442 5,705 202 42 2,890 16 10 10 9 5 5 4 4 4 4 3 3 3 3 2 H1 2011 Deal Count Count Change 13 11 3 13 5 12 4 9 4 3 4 11 1 3 3 -1 7 -4 0 -7 0 -5 0 1 -1 -8 2 -1
Financial Advisers to Russian M&A: Value

Ranking H1 H1 2011 2012 1 7 15 14 3 22 8 23 6 4 1 2 3 4 5 6 7 8= 8= 10 11= 11= 11= 14 15 Company Name Sberbank Goldman Sachs Deutsche Bank Rothschild UBS Investment Bank Credit Suisse JPMorgan Bank of America Merrill Lynch Barclays Gazprombank IS Investment Securities Nomura Holdings Rabobank VTB Capital Morgan Stanley H1 2012 Value Deal (US$m) Count 12,751 9,420 7 ,962 6,194 5,046 4,336 4,303 3,525 3,525 2,890 1,900 1,900 1,900 1,211 1,210 15 6 6 5 2 2 3 1 1 2 1 1 1 5 3 H1 2011 Value % Val. (US$m) Change 11,509 4,358 1,389 1,865 9,946 200 4,030 86 6,628 8,620 10.8% 82.7% 345.9% 170.6% -56.4% 2,052% -28.3% 2,109% -81.7% -86.0%
Financial Advisers to Russian M&A: Volume

Ranking H1 H1 2011 2012 1 3 9 5 22 11 8 4 7 23 1 2 3 4 5 6 7 8 9 10 11= 11= 13= 13= 13= Company Name Sberbank Goldman Sachs Deutsche Bank Rothschild VTB Capital JPMorgan Morgan Stanley UBS Investment Bank Credit Suisse Gazprombank Bank of America Merrill Lynch Barclays IS Investment Securities Nomura Holdings Rabobank H1 2012 Value Deal (US$m) Count 12,751 9,420 7 ,962 6,194 1,211 4,303 1,210 5,046 4,336 2,890 3,525 3,525 1,900 1,900 1,900 15 6 6 5 5 3 3 2 2 2 1 1 1 1 1 H1 2011 Deal Count Count Change 9 8 3 5 1 2 3 7 3 1 6 -2 2 0 2 1 -1 -5 -1 0 -
27

Financial Advisers to Irish M&A: Value
Ranking H1 H1 2011 2012 13 6 10 34 21 8 18 14 3 7 39 26 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Goldman Sachs Morgan Stanley Citigroup Barclays Royal Bank of Scotland Group UBS Investment Bank Davy Corporate Finance Rothschild Goodbody Corporate Finance Deutsche Bank Credit Suisse Canaccord Genuity M&A International KPMG Investec H1 2012 Value Deal (US$m) Count 19,240 13,510 11,940 8,000 7 ,300 1,247 785 736 703 270 175 122 108 60 43 2 5 1 2 1 2 5 2 4 1 1 2 1 1 1 H1 2011 Value % Val. (US$m) Change 522 5,060 960 90 1,187 172 356 5,997 4,830 40 3,586% 167 .0% 1,144% 1,286% -33.9% 327 .9% 97 .5% -95.5% -97 .5% 7 .5%
Financial Advisers to Irish M&A: Volume

Ranking H1 H1 2011 2012 8 2 3 1 31 9 23 21 16 17 7 6 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Morgan Stanley Davy Corporate Finance Goodbody Corporate Finance IBI Corporate Finance Key Capital Goldman Sachs Barclays UBS Investment Bank Rothschild Canaccord Genuity Athelera Citigroup Royal Bank of Scotland Group Deutsche Bank Credit Suisse H1 2012 Value Deal (US$m) Count 13,510 785 703 32 8 19,240 8,000 1,247 736 122 14 11,940 7 ,300 270 175 5 5 4 3 3 2 2 2 2 2 2 1 1 1 1 H1 2011 Deal Count Count Change 2 5 5 8 1 2 1 1 1 1 3 3 3 0 -1 -5 2 0 1 1 1 0 -2 -2 -
28
US M&A Overview
H1 2012 US M&A totals US$ 258.7bn, down 40.1% on H1 2011 Lowest half-year total since H1 2003 H1 2012 Financial Services M&A down substantially while Consumer shines Goldman Sachs tops H1 2012 US financial advisers tables by both deal value and volume
US M&A Activity - Quarterly
500 450 400 350 Value (US$bn) Volume 1,300 1,200 1,100 1,000 900
US M&A, although dire with a Q2 2012 total of US$ 145.2bn, was still up 27.9% on Q1 2012 (US$ 113.5bn). Combined, H1 2012s total of US$ 255.8bn was down sharply by 40.7% on H1 2011 (US$ 431.5bn), making it the worst half-year since 2003 (US$ 169.9bn). Q2 2012 also saw a year-on-year decrease of 21.2% from Q2 2011 (US$ 184.3bn). It was the second-lowest quarterly total since Q3 2009 (US$ 98bn). The US accounted for 27.8% of aggregate global deal activity in H1 2012, down from the 36.4% share it boasted of in H1 2011. Energy, Mining & Utilities was the most active sector with US$ 59.7bn in deals, accounting for 23.1% of US M&A in H1 2012. Pharma, Medical & Biotech came in second, with 13.8% of US deals worth US$ 35.8bn. The Consumer sector saw a welcome 139.9% increase in deal value from H1 2011 to post a H1 2012 total of US$ 35.7bn. Not surprisingly, given increasing scepticism of the tech story, Technology deals amounted to US$ 30.3bn in H1 2012, down 35% on H1 2011. Financial Services, constricted by multiple PR disasters and the regulatory burden of the Dodd-Frank Act, saw its H1 2012 deal value drop 45.7%; from US$ 28.7bn in H1 2011 to US$ 15.6bn in the first half of this year. Goldman Sachs took top spot by both deal value and volume in the H1 2012 financial advisers league tables, advising on 82 deals worth a combined US$ 102.1bn. Citigroup was up to sixth, from ninth in H1 2011, while Deutsche Bank jumped five places to finish third in the H1 2012 table by deal value.
US Private Equity Buyout Activity - Quarterly
250 Value (US$bn) Volume 200 250 300
250 200 150 100 50 0
700 600 500 400 300 200 100 0
140 130 120 110
US Inbound/Outbound M&A
Inbound Value ($bn) Outbound Value ($bn) Inbound Volume Outbound Volume 325 300 275 250 225 200 175 150 125 100 75 50 25 0
150 150 100 100
Volume of Deals
90 80 70 60 50 40
50
30
50
20 10
29
Volume of Deals
200
100
Volume of Deals
300
800
Americas Heat Chart

Sector USA Canada Brazil South America (excl Brazil) 36 7 81 33 6 20 24 13 0 17 5 10 0 369 258 233 24 6 23 Central America North America (excl USA & Canada) 1 0 9 4 1 1 10 2 0 2 0 0 0 30 Total TMT Pharma, Medical & Biotech Energy, Mining & Utilities Consumer Business Services Industrials & Chemicals Financial Services Leisure Defence Transportation Real Estate Construction Government Total 1,190 610 472 416 405 371 321 173 75 55 46 35 32 4,222 18 4 5 3 586 70 23 342 34 25 40 10 8 43 17 88 62 27 39 29 11 2 19 15 14 29 13 23 28 8 28 29 19 1,369 670 1,015 577 472 499 423 226 77 135 76 87 35 5,698
TMT hottest sector in the US, nearly doubling Pharma, Medical & Biotech, as tech craze shows no signs of slowing Energy, Mining & Utilities dominate Canadian deal landscape with Albertas tar oil sands still attracting a raft of foreign interest Consumer places second in Brazil, still a bright spark as growth falters while the countrys Energy, Mining & Utilities sector shows renewed promise as the top sector
Hot 1,000 600 400
Warm 300 75 40
Cold 20 10 0
30
US M&A Overview: Industry and Geography Breakdown

H1 2012
Sector Energy, Mining & Utilities Pharma, Medical & Biotech Consumer Technology Industrials & Chemicals Business Services Financial Services Leisure Real Estate Telecommunications Media Transport Construction Agriculture Defence Total Value (US$bn) 59.7 35.8 35.7 30.3 28.5 19.3 15.6 12.6 8.6 5.2 3.8 2.1 1.0 0.3 0.2 258.7 Market share 23.1% 13.8% 13.8% 11.7% 11.0% 7 .5% 6.0% 4.9% 3.3% 2.0% 1.5% 0.8% 0.4% 0.1% 0.1% Deal Count 139 167 171 276 286 163 143 58 17 9 57 32 36 6 11 1,571 Value (US$bn) 132.2 41.5 14.9 46.6 79.0 25.4 28.7 9.1 33.8 0.5 9.8 1.5 3.3 0.1 5.2 431.5
H1 2011
Market share 30.6% 9.6% 3.5% 10.8% 18.3% 5.9% 6.6% 2.1% 7 .8% 0.1% 2.26% 0.4% 0.8% 0.0% 1.2% Deal Count 145 238 185 291 317 260 196 65 17 14 55 36 53 9 11 1,892 Value (%) -54.9% -13.9% 139.9% -35.0% -63.9% -23.8% -45.7% 38.4% -74.5% 919.4% -61.1% 39.8% -69.2% 245.7% -96.1% -40.1%
Change
Deal Count -6 -71 -14 -15 -31 -97 -53 -7 0 -5 2 -4 -17 -3 0 -321
Mix of Announced Americas Deals by Geographic Region H1 2012 - Value
Mix of Announced Americas Deals by Geographic Region H1 2012 - Volume
Central & South America 12.8%
US (North East) 17.5%
Central & South America 14.3%
US (North East) 17.3%
Canada 14.7%
Canada 10.3%
US (Mid West) 15.0%
US (Mid West) 13.6%
US (West) 17.1%
US (West) 20.5%
US (South) 22.8%
US (South) 24.1%
31
US M&A Overview: Top Deals

Announced Date 23-Apr-12 Bidder Company Nestle SA Bidder Financial Advisor Deutsche Bank; Rabobank; Rothschild Citigroup; Deutsche Bank; JPMorgan; RBC Capital Markets; Tudor, Pickering, Holt & Co Wells Fargo Securities Target Company Pfizer Nutrition Target/Seller Financial Adivsor Centerview Partners; Morgan Stanley Barclays; Evercore Partners Seller Company Pfizer Inc Deal Value (US$) 11,850
24-Feb-12
Apollo Global Management, LLC; Riverstone Holdings LLC; Access Industries; Korea National Oil Energy Transfer Partners LP
EP Energy Corporation
El Paso Corporation
7 ,150
30-Apr-12
Sunoco, Inc.
Credit Suisse
6,959
29-May-12
Marubeni Corporation
Nomura Holdings
Gavilon LLC
Morgan Stanley
General Atlantic LLC; Soros Fund Management LLC; and Ospraie Management LLC
5,300
28-Mar-12
Tyco Flow Control
Goldman Sachs; Lazard
Pentair Inc
Deutsche Bank; Greenhill & Co
5,230
27-Jan-12
Eastman Chemical Company
Barclays; Citigroup
Solutia Inc
Deutsche Bank; Moelis & Company; Perella Weinberg Partners; The Valence Group
4,600
20-May-12
DaVita Inc
JPMorgan
HealthCare Partners LLC
4,418
22-May-12
SAP AG
Deutsche Bank; JPMorgan
Ariba Inc
Morgan Stanley
4,311
18-Apr-12
SXC Health Solutions Corp
Barclays; JPMorgan
Catalyst Health Solutions Inc
Citigroup; Goldman Sachs
4,292
30-Jan-12
ABB Ltd
Bank of America Merrill Lynch; Credit Suisse
Thomas & Betts Corporation
Deutsche Bank
3,770
32
Americas: League Tables of Financial Advisers

League Table of Financial Advisers to Americas M&A: Value
Ranking H1 H1 2011 2012 2 3 9 1 6 5 8 4 7 12 15 10 18 35 13 11 20 19 29 16 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Goldman Sachs Morgan Stanley Deutsche Bank JPMorgan Barclays Bank of America Merrill Lynch Citigroup Credit Suisse Lazard RBC Capital Markets Rothschild UBS Investment Bank Centerview Partners Banco Itau BBA Jefferies & Company Evercore Partners BMO Capital Markets TD Securities Scotia Capital Moelis & Company H1 2012 Value Deal (US$m) Count 118,898 108,164 105,748 91,107 89,763 86,581 70,635 61,752 60,498 42,395 39,761 34,709 27 ,024 22,432 22,190 21,682 21,593 19,040 17 ,402 16,390 95 67 56 72 64 58 46 56 55 61 35 37 11 23 43 37 26 13 10 27 H1 2011 Value % Val. (US$m) Change 197 ,147 167 ,323 83,172 199,284 126,648 134,928 83,260 144,958 114,629 29,312 24,651 80,363 17 ,887 9,399 28,744 42,921 17 ,591 17 ,784 10,770 20,956 -39.7% -35.4% 27 .1% -54.3% -29.1% -35.8% -15.2% -57 .4% -47 .2% 44.6% 61.3% -56.8% 51.1% 138.7% -22.8% -49.5% 22.8% 7 .1% 61.6% -21.8%
League Table of Financial Advisers to Americas M&A: Volume

Ranking H1 H1 2011 2012 1 4 3 9 11 2 10 5 12 8 14 7 6 18 13 24 20 28 34 21 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Goldman Sachs JPMorgan Morgan Stanley Barclays RBC Capital Markets Bank of America Merrill Lynch Deutsche Bank Credit Suisse Lazard Citigroup Houlihan Lokey Jefferies & Company UBS Investment Bank Evercore Partners Rothschild Moelis & Company BMO Capital Markets Sandler O'Neill & Partners Stifel, Nicolaus & Company Robert W. Baird & Co H1 2012 Value Deal (US$m) Count 118,898 91,107 108,164 89,763 42,395 86,581 105,748 61,752 60,498 70,635 2,531 22,190 34,709 21,682 39,761 16,390 21,593 3,742 2,127 3,478 95 72 67 64 61 58 56 56 55 46 46 43 37 37 35 27 26 25 25 24 H1 2011 Deal Count Count Change 114 81 87 57 49 92 51 77 47 60 41 61 69 27 44 22 26 21 16 26 -19 -9 -20 7 12 -34 5 -21 8 -14 5 -18 -32 10 -9 5 0 4 9 -2
33

League Tables of Financial Advisers to US M&A: Value
Ranking H1 H1 2011 2012 2 3 8 1 5 9 4 6 7 10 16 11 18 17 14 15 12 19 61 51 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Goldman Sachs Morgan Stanley Deutsche Bank JPMorgan Barclays Citigroup Credit Suisse Bank of America Merrill Lynch Lazard UBS Investment Bank Centerview Partners Evercore Partners Rothschild RBC Capital Markets Moelis & Company Wells Fargo Securities Jefferies & Company Nomura Holdings Rabobank Tudor, Pickering, Holt & Co H1 2012 Value Deal (US$m) Count 102,134 83,764 77 ,284 68,400 57 ,912 53,468 51,303 45,725 35,127 28,581 27 ,024 21,562 20,312 18,437 16,390 16,254 16,025 13,721 11,850 11,828 82 57 46 66 56 37 45 48 47 30 11 36 20 36 26 22 37 8 1 7 H1 2011 Value % Val. (US$m) Change 176,736 148,829 80,038 188,013 125,356 78,547 137 ,324 124,990 108,334 77 ,059 17 ,887 42,879 16,607 17 ,735 20,956 19,703 27 ,156 15,248 1,874 2,697 -42.2% -43.7% -3.4% -63.6% -53.8% -31.9% -62.6% -63.4% -67 .6% -62.9% 51.1% -49.7% 22.3% 4.0% -21.8% -17 .5% -41.0% -10.0% 532.3% 338.6%
League Tables of Financial Advisers to US M&A: Volume

Ranking H1 H1 2011 2012 1 4 3 9 2 11 10 5 12 8 7 18 13 6 21 25 17 29 20 27 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Goldman Sachs JPMorgan Morgan Stanley Barclays Bank of America Merrill Lynch Lazard Deutsche Bank Credit Suisse Houlihan Lokey Citigroup Jefferies & Company Evercore Partners RBC Capital Markets UBS Investment Bank Moelis & Company Sandler O'Neill & Partners Robert W. Baird & Co Stifel, Nicolaus & Company Lincoln International Harris Williams & Co H1 2012 Value Deal (US$m) Count 102,134 68,400 83,764 57 ,912 45,725 35,127 77 ,284 51,303 2,456 53,468 16,025 21,562 18,437 28,581 16,390 3,697 3,478 2,127 929 1,054 82 66 57 56 48 47 46 45 44 37 37 36 36 30 26 24 24 24 24 23 H1 2011 Deal Count Count Change 104 75 78 54 87 44 48 64 40 55 58 25 34 63 22 21 26 16 23 17 -22 -9 -21 2 -39 3 -2 -19 4 -18 -21 11 2 -33 4 3 -2 8 1 6
34

League Tables of Financial Advisers to US Buyouts*: Value
Ranking H1 H1 2011 2012 3 10 2 1 7 11 12 26 4 9 6 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Citigroup RBC Capital Markets Deutsche Bank JPMorgan Tudor, Pickering, Holt & Co Barclays Bank of America Merrill Lynch Goldman Sachs Evercore Partners Moelis & Company Wells Fargo Securities Morgan Stanley Credit Suisse Tegris Advisors BMO Capital Markets H1 2012 Value Deal (US$m) Count 14,395 9,835 8,865 7 ,308 7 ,250 5,997 4,047 4,043 3,345 2,690 2,399 2,274 1,619 1,400 1,377 5 5 5 2 2 3 3 6 2 1 3 3 3 1 3 H1 2011 Value % Val. (US$m) Change 10,017 5,174 18,258 18,397 7 ,925 4,571 4,150 110 9,702 5,814 8,626 43.7% 90.1% -51.4% -67 .4% -48.9% -11.6% -19.4% 2,345% -75.3% -60.9% -81.2% -
League Tables of Financial Advisers to US Buyouts*: Volume

Ranking H1 H1 2011 2012 8 9 4 7 2 18 3 10 16 6 1 17 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Goldman Sachs Citigroup RBC Capital Markets Deutsche Bank Jefferies & Company Houlihan Lokey Barclays Bank of America Merrill Lynch Wells Fargo Securities Morgan Stanley Credit Suisse BMO Capital Markets JPMorgan Tudor, Pickering, Holt & Co Evercore Partners H1 2012 Value Deal (US$m) Count 4,043 14,395 9,835 8,865 910 5,997 4,047 2,399 2,274 1,619 1,377 7 ,308 7 ,250 3,345 6 5 5 5 4 4 3 3 3 3 3 3 2 2 2 H1 2011 Deal Count Count Change 5 4 7 5 8 2 7 4 2 6 9 2 1 1 -2 0 -4 2 -4 -1 1 -3 -6 0
* Based on the target geography only and the advisor advising the buy-side only.
35

Financial Advisers to Canadian M&A: Value
Ranking H1 H1 2011 2012 2 7 3 11 1 10 23 15 6 19 4 5 16 35 13 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name RBC Capital Markets Bank of America Merrill Lynch TD Securities Scotia Capital BMO Capital Markets National Bank Financial Rothschild Canaccord Genuity Goldman Sachs Barclays CIBC World Markets Morgan Stanley Jefferies & Company Deutsche Bank UBS Investment Bank H1 2012 Value Deal (US$m) Count 27 ,036 23,498 17 ,915 17 ,402 16,511 11,543 9,261 8,760 8,387 8,208 8,097 7 ,037 6,120 4,976 4,819 30 10 12 10 18 12 8 11 6 6 8 7 7 4 3 H1 2011 Value % Val. (US$m) Change 17 ,514 13,823 17 ,503 6,020 17 ,582 6,506 1,138 2,460 13,846 1,704 17 ,280 14,516 2,115 540 3,264 54.4% 70.0% 2.4% 189.1% -6.1% 77 .4% 713.8% 256.1% -39.4% 381.7% -53.1% -51.5% 189.4% 821.5% 47 .6%
Financial Advisers to Canadian M&A: Volume

Ranking H1 H1 2011 2012 2 1 9 4 3 10 6 12 11 22 5 15 21 23 8 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name RBC Capital Markets BMO Capital Markets GMP Securities TD Securities National Bank Financial Canaccord Genuity Bank of America Merrill Lynch Scotia Capital Macquarie Group Rothschild CIBC World Markets Morgan Stanley Jefferies & Company Credit Suisse Goldman Sachs H1 2012 Value Deal (US$m) Count 27 ,036 16,511 4,145 17 ,915 11,543 8,760 23,498 17 ,402 3,659 9,261 8,097 7 ,037 6,120 3,252 8,387 30 18 13 12 12 11 10 10 9 8 8 7 7 7 6 H1 2011 Deal Count Count Change 22 22 9 11 13 9 10 8 9 5 10 6 5 4 9 8 -4 4 1 -1 2 0 2 0 3 -2 1 2 3 -3
Financial Advisers to Central & South American M&A: Value

Ranking H1 H1 2011 2012 12 22 16 5 6 10 13 14 4 1 11 8 2 35 3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Lazard Barclays Deutsche Bank JPMorgan Banco Itau BBA Bank of America Merrill Lynch Morgan Stanley Citigroup Banco Bradesco BBI Banco BTG Pactual Rothschild Credit Suisse Goldman Sachs BR Partners Santander Global Banking and Markets H1 2012 Value Deal (US$m) Count 27 ,088 24,294 24,094 23,556 22,432 21,360 20,381 16,226 13,008 12,493 12,129 11,969 8,718 7 ,380 5,822 9 4 8 7 23 7 6 9 13 22 11 15 9 6 5 H1 2011 Value % Val. (US$m) Change 6,295 1,292 3,222 9,578 9,399 6,757 6,248 5,791 9,955 15,884 6,438 8,514 15,698 337 13,549 330.3% 1,780% 647 .8% 145.9% 138.7% 216.1% 226.2% 180.2% 30.7% -21.3% 88.4% 40.6% -44.5% 2,090% -57 .0%
Financial Advisers to Central & South American M&A: Volume

Ranking H1 H1 2011 2012 1 4 3 8 10 17 6 2 23 12 16 13 7 20 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Banco Itau BBA Banco BTG Pactual Credit Suisse Banco Bradesco BBI Rothschild Lazard Citigroup Goldman Sachs Deutsche Bank JPMorgan Bank of America Merrill Lynch Morgan Stanley BR Partners Vinci Partners Santander Global Banking and Markets H1 2012 Value Deal (US$m) Count 22,432 12,493 11,969 13,008 12,129 27 ,088 16,226 8,718 24,094 23,556 21,360 20,381 7 ,380 153 5,822 23 22 15 13 11 9 9 9 8 7 7 6 6 6 5 H1 2011 Deal Count Count Change 17 14 15 8 8 4 9 16 3 7 4 6 9 4 11 6 8 0 5 3 5 0 -7 5 0 3 0 -3 2 -6
36

Financial Advisers to US (North East) M&A: Value
Ranking H1 H1 2011 2012 7 2 5 6 4 8 1 18 15 3 39 14 124 10 12 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Deutsche Bank Goldman Sachs Morgan Stanley Barclays JPMorgan Citigroup Credit Suisse Evercore Partners Rothschild Bank of America Merrill Lynch Centerview Partners RBC Capital Markets Rabobank Lazard Wells Fargo Securities H1 2012 Value Deal (US$m) Count 43,076 36,576 31,177 27 ,730 25,378 25,121 24,434 19,222 17 ,752 17 ,377 13,627 13,155 11,850 10,865 10,211 26 43 23 27 29 24 23 26 11 24 4 18 1 23 11 H1 2011 Value % Val. (US$m) Change 36,907 68,166 53,967 49,022 55,144 28,895 74,738 6,021 9,889 56,161 1,728 11,375 167 26,750 14,286 16.7% -46.3% -42.2% -43.4% -54.0% -13.1% -67 .3% 219.2% 79.5% -69.1% 688.6% 15.6% 6,996% -59.4% -28.5%
Financial Advisers to US (North East) M&A: Volume

Ranking H1 H1 2011 2012 1 4 6 10 19 7 3 2 5 11 13 14 9 8 27 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Goldman Sachs JPMorgan Barclays Deutsche Bank Evercore Partners Citigroup Bank of America Merrill Lynch Morgan Stanley Credit Suisse Lazard Houlihan Lokey RBC Capital Markets Jefferies & Company UBS Investment Bank Harris Williams & Co H1 2012 Value Deal (US$m) Count 36,576 25,378 27 ,730 43,076 19,222 25,121 17 ,377 31,177 24,434 10,865 681 13,155 4,729 7 ,209 474 43 29 27 26 26 24 24 23 23 23 23 18 17 16 15 H1 2011 Deal Count Count Change 56 40 32 28 10 31 45 47 39 19 16 15 29 31 8 -13 -11 -5 -2 16 -7 -21 -24 -16 4 7 3 -12 -15 7
Financial Advisers to US (Mid-West) M&A: Value

Ranking H1 H1 2011 2012 5 10 2 3 1 9 47 4 8 31 13 7 11 16 24 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Goldman Sachs Citigroup Morgan Stanley Lazard JPMorgan Barclays Deutsche Bank Credit Suisse Evercore Partners Greenhill & Co Centerview Partners Bank of America Merrill Lynch Perella Weinberg Partners Nomura Holdings RBC Capital Markets H1 2012 Value Deal (US$m) Count 41,181 28,919 25,463 21,439 18,360 16,361 15,067 11,565 8,551 8,480 8,365 7 ,886 6,348 6,149 5,747 24 14 16 18 17 14 8 13 10 5 4 12 4 4 12 H1 2011 Value % Val. (US$m) Change 34,110 24,011 43,554 40,702 53,324 24,553 273 39,657 25,549 746 8,414 28,554 14,554 4,755 1,700 20.7% 20.4% -41.5% -47 .3% -65.6% -33.4% 5,419% -70.8% -66.5% 1,037% -0.6% -72.4% -56.4% 29.3% 238.1%
Financial Advisers to US (Mid-West) M&A: Volume

Ranking H1 H1 2011 2012 6 5 2 4 13 7 14 11 1 17 10 9 16 8 15 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Goldman Sachs Lazard JPMorgan Morgan Stanley Lincoln International Citigroup Barclays Credit Suisse Bank of America Merrill Lynch RBC Capital Markets Robert W. Baird & Co Jefferies & Company Evercore Partners Houlihan Lokey Harris Williams & Co H1 2012 Value Deal (US$m) Count 41,181 21,439 18,360 25,463 546 28,919 16,361 11,565 7 ,886 5,747 2,091 2,376 8,551 782 720 24 18 17 16 15 14 14 13 12 12 12 11 10 10 9 H1 2011 Deal Count Count Change 17 17 20 18 12 16 11 12 24 8 13 14 9 16 10 7 1 -3 -2 3 -2 3 1 -12 4 -1 -3 1 -6 -1
37

Financial Advisers to US (South) M&A: Value
Ranking H1 H1 2011 2012 3 1 8 5 6 9 4 2 10 21 20 33 12 7 11 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Goldman Sachs Barclays Citigroup JPMorgan Credit Suisse Deutsche Bank Bank of America Merrill Lynch Morgan Stanley UBS Investment Bank Wells Fargo Securities RBC Capital Markets Tudor, Pickering, Holt & Co Jefferies & Company Lazard Evercore Partners H1 2012 Value Deal (US$m) Count 33,397 31,513 29,318 25,871 25,088 22,107 18,637 14,640 13,285 13,221 12,930 11,828 11,458 10,523 9,343 30 26 17 26 19 18 18 13 12 12 20 7 18 16 13 H1 2011 Value % Val. (US$m) Change 78,204 81,583 38,365 70,025 42,823 36,444 71,742 78,343 35,017 6,130 6,202 2,697 16,905 41,907 22,184 -57 .3% -61.4% -23.6% -63.1% -41.4% -39.3% -74.0% -81.3% -62.1% 115.7% 108.5% 338.6% -32.2% -74.9% -57 .9%
Financial Advisers to US (South) M&A: Volume

Ranking H1 H1 2011 2012 1 4 7 14 11 6 13 2 8 9 10 38 5 19 28 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Goldman Sachs Barclays JPMorgan Houlihan Lokey RBC Capital Markets Credit Suisse Deutsche Bank Bank of America Merrill Lynch Jefferies & Company Citigroup Lazard Harris Williams & Co Morgan Stanley Evercore Partners Moelis & Company H1 2012 Value Deal (US$m) Count 33,397 31,513 25,871 1,412 12,930 25,088 22,107 18,637 11,458 29,318 10,523 694 14,640 9,343 7 ,192 30 26 26 26 20 19 18 18 18 17 16 15 13 13 13 H1 2011 Deal Count Count Change 45 26 24 16 17 26 16 45 24 22 17 6 26 10 7 -15 0 2 10 3 -7 2 -27 -6 -5 -1 9 -13 3 6
Financial Advisers to US (West) M&A: Value

Ranking H1 H1 2011 2012 2 1 3 5 6 7 9 14 28 10 19 34 13 12 8 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Morgan Stanley Goldman Sachs JPMorgan Deutsche Bank Bank of America Merrill Lynch Credit Suisse Barclays Moelis & Company Blackstone Group UBS Investment Bank Allen & Company HSBC Jefferies & Company Centerview Partners Qatalyst Group H1 2012 Value Deal (US$m) Count 31,498 30,091 26,684 24,169 18,859 16,765 16,610 8,424 7 ,988 7 ,846 7 ,200 7 ,100 6,722 6,258 4,801 29 25 23 15 19 14 19 18 6 8 2 2 17 5 5 H1 2011 Value % Val. (US$m) Change 54,858 59,909 45,169 18,450 16,977 14,876 10,070 6,323 2,660 9,228 3,969 1,069 6,527 7 ,159 10,351 -42.6% -49.8% -40.9% 31.0% 11.1% 12.7% 64.9% 33.2% 200.3% -15.0% 81.4% 564.2% 3.0% -12.6% -53.6%
Financial Advisers to US (West) M&A: Volume

Ranking H1 H1 2011 2012 2 1 5 4 19 15 8 3 6 11 7 10 16 34 18 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Morgan Stanley Goldman Sachs JPMorgan Bank of America Merrill Lynch Barclays Moelis & Company Houlihan Lokey Jefferies & Company Deutsche Bank Lazard Credit Suisse RBC Capital Markets Evercore Partners Robert W. Baird & Co Stifel, Nicolaus & Company H1 2012 Value Deal (US$m) Count 31,498 30,091 26,684 18,859 16,610 8,424 1,388 6,722 24,169 1,790 16,765 3,213 2,113 1,888 986 29 25 23 19 19 18 18 17 15 15 14 14 12 10 10 H1 2011 Deal Count Count Change 25 28 16 18 8 9 15 19 16 11 16 12 9 6 9 4 -3 7 1 11 9 3 -2 -1 4 -2 2 3 4 1
38
Asia-Pacific (ex. Japan) M&A Overview

Asia-Pacific M&A for H1 2012 registers US$ 140.1bn in deals, down 15.1% on H1 2011 Australia H1 2012 M&A totals US$ 23.2bn, down 22.3% on H1 2011 biggest half-year loser in Asia Asian investment into Europe down for third consecutive quarter Credit Suisse tops H1 2012 Asia-Pacific M&A advisory league table, advising on 18 deals worth US$ 39.5bn Asia-Pacific M&A for the first half of 2012 saw total deal value come in at US$ 140.1bn, 15.1% off H1 2011s total (US$
170 160 150 140 130 120 110 100 90 80 70 60 50 40 30 20 10 0 Value (US$bn) Volume
Asia-Pacific M&A Activity - Quarterly (excluding Japan)

700 650 600 550 500 450 400 350 300 250 200 150 100 50 0
bucked a trend of two consecutive quarters of decline that started back in Q3 2011. But this didnt stop it from being the regions second-lowest quarterly total since Q2 2010 (US$ 71bn). Fortunes varied across the region but most headed south. China, with a H1 2012 total deal value of US$ 50.6bn, was down just 0.8% from H1 2011 (US$ 50.2bn). Australia though, hit by falling commodity prices, recorded US$ 23.2bn in H1 2012 M&A, a 22.3% fall from H1 2011 (US$ 29.9bn). This was the biggest year-on-year decline of any country in the region. Asian investment (including Japan) into Europe, an oft-cited M&A trend recently, actually fell in Q2 2012; at US$ 13.3bn this was 9.1% down on Q1 2012 (US$ 14.6bn). Although H1 2012 M&A into Europe was at US$ 27.9bn, down 31% on H1 2011 (US$ 40.5bn), this was still the third-highest half-year total in eight years.Credit Suisse topped the H1 2012 Asia-Pacific advisory league table, by deal value, advising on deals worth a combined US$ 39.5bn, and was up an impressive seven places from its eighth-place finish in H1 2011. Goldman Sachs finished top by deal volume, advising on 24 deals worth US$ 29.6bn.
Asia-Pacific Private Equity Buyout Activity - Quarterly (excluding Japan)

25 Value (US$bn) Volume 20 60 80
Asia-Pacific (excl. Japan) Inbound/Outbound M&A

60 55 50 45 Inbound Value ($bn) Outbound Value ($bn) Inbound Volume Outbound Volume 150 175
70
125
15
Volume of Deals
35 30 25 20
100
40 10
30
75
20 5 10
15 10 5
50
25
39
Volume of Deals
50
40
Volume of Deals
165bn). Asia-Pacifics Q2 2012 total deal value of US$ 71.1bn was up 3% on Q1 2012 (US$ 68.3bn), as it just about
Asia-Pacific (ex. Japan) M&A Overview: Top Deals

Announced Date 06-Mar-12 Bidder Company China Tobacco Corporation; PICC Asset Management Company Limited; Beijing Infrastructure Beijing Shougang Co Ltd CITIC Securities Co Bidder Financial Advisor Target Company Industrial Bank Co Ltd (16.1% Stake) Hebei Shougang Qian'an Iron and Steel Co Ltd Baoshan Iron & Steel Co Ltd (Stainless Steel Business Unit) Rothschild Roy Hill Holdings Pty Ltd (30% Stake) MStar Semiconductor Inc (100% Stake) Tanjong Energy Holdings Sdn Bhd Goldman Sachs; Morgan Stanley CITIC Securities Co Shougang Group Corporation Target/Seller Financial Adivsor Seller Company Deal Value (US$) 4,181
18-May-12
4,180
29-Feb-12
Shanghai Baosteel Stainless Steel Co Ltd Marubeni Corporation; POSCO; and STX Corporation Co Ltd MediaTek Inc
Baoshan Iron & Steel Co Ltd
4,073
30-Mar-12
Hancock Prospecting Pty Ltd
3,655
22-Jun-12
Barclays; Citigroup; Credit Suisse; Yuanta Securities Goldman Sachs
2,950
07-Mar-12
1Malaysia Development
Standard Chartered
Tanjong Public Limited Company
2,816
29-Feb-12
Baosteel Special Steel Co Ltd
Baoyin Special Steel Pipe Co Ltd (58.5% Stake); Baoshan Iron & Steel Co Ltd (special BNP Paribas; Leonardo & Co; Morgan Stanley Bank of America Merrill Lynch; RBC Capital Markets Credit Suisse; DBS Bank; ING; Morgan Stanley Edison International SpA
CITIC Securities Co
Baoshan Iron & Steel Co Ltd
2,697
06-May-12
Lazard; Rothschild
7 ,582
20-Mar-12
Glencore International plc
Viterra Inc
Canaccord Genuity; TD Securities
7 ,347
02-Apr-12
DBS Group Holdings Ltd
PT Bank Danamon Indonesia Tbk
Citigroup; Deutsche Bank; UBS Investment Bank
7 ,338
40
Asia-Pacific M&A Heat Chart

Sector Greater China Australasia South East Asia South Asia North Asia (excl. Greater China) 99 85 46 31 19 49 7 25 18 14 3 16 0 705 635 526 415 7 1 253 1 1 23 Japan Central Asia Total Industrials & Chemicals TMT Consumer Energy, Mining & Utilities Pharma, Medical & Biotech Financial Services Real Estate Construction Business Services Leisure Agriculture Transportation Government Total 857 392 302 208 183 124 102 91 90 85 74 52 5 2,566 41 87 69 224 51 40 24 12 61 31 25 18 64 64 52 109 20 108 51 25 32 34 27 43 82 80 72 52 45 43 7 23 58 23 5 34 60 27 52 11 20 14 7 4 29 18 1 13 1 4 2 1,205 735 594 648 339 382 198 180 288 205 134 171 7 5,123
Industrials & Chemicals still the top sector in Greater China, over double that of TMT, and a sign that the worlds factory doesnt show any signs of giving up that moniker lightly Financial Services in Southeast Asia comes in second-most popular as overseas interest picks up; especially in providing wider services to the unbanked masses in countries such as Indonesia and the Philippines Japanese Consumer sector sees renewed life in companies for sale figure, as does Greater China where it comes in third evidence of the potential spending power of over one billion people
Hot 500 300 200
Warm 100 60 40
Cold 20 10 0
41
Asia-Pacific M&A Overview: Industry and Geography Breakdown

H1 2012
Sector Energy, Mining & Utilities Financial Services Industrials & Chemicals Technology Business Services Pharma, Medical & Biotech Consumer Real Estate Construction Telecommunications Leisure Transport Media Agriculture Defence Total Value (US$bn) 40.9 23.5 22.8 17 .3 7 .5 5.5 5.4 4.6 3.3 3.3 2.1 2.0 1.5 0.4 140.1 Market share 29.2% 16.8% 16.3% 12.4% 5.3% 3.9% 3.8% 3.3% 2.4% 2.4% 1.5% 1.4% 1.1% 0.3% Deal Count 109 75 185 76 93 53 72 33 42 11 30 45 23 12 859 Value (US$bn) 22.8 25.4 34.5 9.2 6.3 7 .1 18.6 4.7 9.1 3.9 5.6 5 11.0 1.8 165.0
H1 2011
Market share 13.8% 15.4% 20.9% 5.6% 3.8% 4.3% 11.2% 2.9% 5.5% 2.4% 3.4% 0 6.7% 1.1% Deal Count 103 97 240 121 113 69 137 25 50 15 38 50 26 18 1,102 Value (%) 79.4% -7 .4% -33.9% 88.2% 19.1% -22.6% -71.0% -3.0% -63.6% -15.6% -63.6% -1 -86.0% -77 .5% -15.1%
Change
Deal Count -22 -55 -45 -20 -16 -65 8 -8 -4 -8 -3 -6 -243
Mix of Announced Asia-Pacific Deals by Geographic Region H1 2012 - Value

Vietnam 0.8%
Mix of Announced Asia-Pacific Deals by Geographic Region H1 2012- Volume

Other 11.8% China 24.6%
Indonesia 5.8%
Other 6.9%
Vietnam 1.0% China 28.8% Indonesia 3.0%
South Korea 4.9%
Hong Kong 4.3%
South Korea 9.5%
Malaysia 3.7%
Hong Kong 4.4% Malaysia 2.2% India 10.8% Japan 17.6%
India 11.5%
Japan 20.8%
Australia 13.2%
Australia 14.5%
42
Asia-Pacific: League Tables of Financial Advisers

League Table of Financial Advisers to Asia-Pacific (ex. Japan) M&A: Value
Ranking H1 H1 2011 2012 8 4 2 1 3 9 6 5 11 48 39 45 43 59 46 27 7 26 62 29 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Credit Suisse Citigroup Morgan Stanley Goldman Sachs UBS Investment Bank Deutsche Bank Bank of America Merrill Lynch JPMorgan HSBC Rothschild CITIC Securities Co RBC Capital Markets DBS Bank Allen & Company ING Macquarie Group Barclays Standard Chartered BMO Capital Markets Scotia Capital H1 2012 Value Deal (US$m) Count 39,520 32,179 31,743 29,581 22,788 22,617 20,388 16,710 13,900 12,657 11,962 8,415 8,261 8,110 7 ,361 7 ,267 6,929 5,740 5,451 5,055 18 19 23 24 16 15 8 13 12 16 8 9 7 2 4 13 10 7 4 1 H1 2011 Value % Val. (US$m) Change 16,927 22,464 24,618 37 ,146 22,864 16,045 20,096 22,019 14,368 2,006 2,525 2,115 2,197 1,375 2,092 5,270 17 ,283 5,461 1,260 4,914 133.5% 43.2% 28.9% -20.4% -0.3% 41.0% 1.5% -24.1% -3.3% 531.0% 373.7% 297 .9% 276.0% 489.8% 251.9% 37 .9% -59.9% 5.1% 332.6% 2.9%
League Table of Financial Advisers to Asia-Pacific (ex. Japan) M&A: Volume

Ranking H1 H1 2011 2012 1 7 9 8 3 6 22 5 4 12 2 16 11 14 18 13 49 25 10 20 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Goldman Sachs Morgan Stanley Citigroup Credit Suisse KPMG UBS Investment Bank Rothschild PwC Deloitte Deutsche Bank Ernst & Young JPMorgan Macquarie Group HSBC Barclays CIMB Group RBC Capital Markets Lazard Bank of America Merrill Lynch CITIC Securities Co H1 2012 Value Deal (US$m) Count 29,581 31,743 32,179 39,520 3,938 22,788 12,657 912 651 22,617 4,223 16,710 7 ,267 13,900 6,929 1,715 8,415 2,980 20,388 11,962 24 23 19 18 18 16 16 16 16 15 15 13 13 12 10 10 9 9 8 8 H1 2011 Deal Count Count Change 37 25 22 23 34 29 10 31 32 17 35 13 20 16 10 17 4 8 20 10 -13 -2 -3 -5 -16 -13 6 -15 -16 -2 -20 0 -7 -4 0 -7 5 1 -12 -2
43

League Tables of Financial Advisers to Asia-Pacific (ex. Japan) Buyouts*: Value
Ranking H1 H1 2011 2012 Company Name H1 2012 Value Deal (US$m) Count H1 2011 Value % Val. (US$m) Change 116 483 702 402 457 318 1,281 894 1,313% 111.4% -8.0% -63.7% -74.4% -64.8% -92.0% -91.9% -
League Tables of Financial Advisers to Asia-Pacific (ex. Japan) Buyouts*: Volume

Ranking H1 H1 2011 2012 11 6 17 4 9 12 1 8 1 2 3 4 5 6= 6= 8 9 10 11 12 13 14 15 Company Name Deutsche Bank Deloitte M&A International DBS Bank UBS Investment Bank Citigroup Investec JPMorgan Record Point Morgan Stanley Kotak Investment Banking Goldman Sachs Houlihan Lokey Ernst & Young JM Financial H1 2012 Value Deal (US$m) Count 2,436 117 114 112 1,639 1,021 1,021 646 545 146 136 103 75 72 46 4 4 2 2 1 1 1 1 1 1 1 1 1 1 1 H1 2011 Deal Count Count Change 1 2 1 2 1 1 3 1 3 0 0 -1 0 0 -2 0 -
1 Deutsche Bank 2,436 4 17 2 UBS Investment Bank 1,639 1 7 3= Citigroup 1,021 1 3= Investec 1,021 1 5 5 JPMorgan 646 1 6 Record Point 545 1 10 7 Morgan Stanley 146 1 8 Kotak Investment Banking 136 1 9 9 Deloitte 117 4 10 M&A International 114 2 12 11 DBS Bank 112 2 2 12 Goldman Sachs 103 1 13 Houlihan Lokey 75 1 3 14 Ernst & Young 72 1 15 JM Financial 46 1 * Based on the target geography only and the advisor advising the buy-side only.
44

Financial Advisers to Asia (ex. Japan) M&A: Value
Ranking H1 H1 2011 2012 8 2 3 15 1 6 4 18 5 25 42 30 48 32 27 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Credit Suisse Morgan Stanley Citigroup Deutsche Bank Goldman Sachs UBS Investment Bank Bank of America Merrill Lynch JPMorgan HSBC CITIC Securities Co Rothschild DBS Bank Allen & Company ING Barclays H1 2012 Value Deal (US$m) Count 37 ,282 29,049 28,427 21,322 21,227 20,743 19,305 15,684 13,480 11,962 11,305 8,261 8,110 7 ,361 6,329 14 20 15 13 15 12 7 9 11 8 12 7 2 4 9 H1 2011 Value % Val. (US$m) Change 8,292 24,216 22,118 6,041 24,509 10,202 19,113 5,332 14,368 2,525 1,736 2,197 1,375 2,092 2,352 349.6% 20.0% 28.5% 253.0% -13.4% 103.3% 1.0% 194.1% -6.2% 373.7% 551.2% 276.0% 489.8% 251.9% 169.1%
Financial Advisers to Asia (ex. Japan) M&A: Value

Ranking H1 H1 2011 2012 1 5 6 2 4 12 14 3 7 22 11 9 8 20 30 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Morgan Stanley Citigroup Goldman Sachs KPMG PwC Credit Suisse Deutsche Bank Ernst & Young UBS Investment Bank Rothschild HSBC CIMB Group Sdn Bhd Deloitte JPMorgan Barclays H1 2012 Value Deal (US$m) Count 29,049 28,427 21,227 3,806 912 37 ,282 21,322 4,214 20,743 11,305 13,480 1,715 472 15,684 6,329 20 15 15 15 15 14 13 13 12 12 11 10 10 9 9 H1 2011 Deal Count Count Change 24 21 19 23 22 15 11 23 19 8 16 17 18 8 6 -4 -6 -4 -8 -7 -1 2 -10 -7 4 -5 -7 -8 1 3
Financial Advisers to Greater China M&A: Value

Ranking H1 H1 2011 2012 10 1 14 9 22 35 4 2 33 26 7 8 65 44 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Credit Suisse Goldman Sachs CITIC Securities Co Deutsche Bank UBS Investment Bank HSBC Citigroup Allen & Company Morgan Stanley Rothschild Barclays JPMorgan Bank of America Merrill Lynch Yuanta Securities Somerley H1 2012 Value Deal (US$m) Count 18,515 16,073 11,962 11,536 10,995 10,579 9,730 8,110 7 ,878 7 ,067 3,947 3,767 3,236 3,159 2,890 6 6 8 7 5 6 8 2 8 7 4 4 4 3 5 H1 2011 Value % Val. (US$m) Change 3,397 10,100 2,525 3,463 1,505 851 4,721 9,771 922 1,272 4,170 3,635 332 539 445.0% 59.1% 373.7% 233.1% 630.6% 1,143% 106.1% -19.4% 666.5% 210.3% -9.7% -11.0% 851.5% 436.2%
Financial Advisers to Greater China M&A: Volume

Ranking H1 H1 2011 2012 3 6 2 8 29 12 1 16 5 17 45 4 23 10 11
45
Company Name CITIC Securities Co Citigroup Morgan Stanley Deutsche Bank Rothschild Credit Suisse Goldman Sachs HSBC UBS Investment Bank Somerley KPMG China International Capital Corporation Barclays JPMorgan Bank of America Merrill Lynch
H1 2012 Value Deal (US$m) Count 11,962 9,730 7 ,878 11,536 7 ,067 18,515 16,073 10,579 10,995 2,890 1,880 1,670 3,947 3,767 3,236 8 8 8 7 7 6 6 6 5 5 5 5 4 4 4
H1 2011 Deal Count Count Change 10 8 11 7 3 6 13 6 9 6 2 9 4 6 6 -2 0 -3 0 4 0 -7 0 -4 -1 3 -4 0 -2 -2
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Financial Advisers to Australasian M&A: Value
Ranking H1 H1 2011 2012 5 40 13 44 28 12 29 6 10 4 41 67 25 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Goldman Sachs RBC Capital Markets Macquarie Group Rothschild Citigroup Grant Samuel Morgan Stanley Deutsche Bank Credit Suisse UBS Investment Bank Investec Record Point Bank of America Merrill Lynch JPMorgan Evercore Partners H1 2012 Value Deal (US$m) Count 8,354 8,205 6,839 6,283 3,752 3,071 2,694 2,545 2,238 2,180 2,033 1,228 1,083 1,026 1,000 9 8 11 7 4 7 3 3 4 5 3 2 1 4 1 H1 2011 Value % Val. (US$m) Change 12,637 394 4,753 270 950 5,063 859 10,004 8,635 12,662 391 26 1,310 16,687 -33.9% 1,982% 43.9% 2,227% 294.9% -39.3% 213.6% -74.6% -74.1% -82.8% 419.9% 4,623% -17 .3% -93.9% -
Financial Advisers to Australasian M&A: Volume

Ranking H1 H1 2011 2012 3 2 37 38 22 1 7 9 34 8 12 11 6 35 10 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Macquarie Group Goldman Sachs RBC Capital Markets Rothschild Grant Samuel Deloitte UBS Investment Bank Gresham Advisory Partners Citigroup Credit Suisse JPMorgan BDO KPMG Morgan Stanley Deutsche Bank H1 2012 Value Deal (US$m) Count 6,839 8,354 8,205 6,283 3,071 208 2,180 364 3,752 2,238 1,026 336 164 2,694 2,545 11 9 8 7 7 7 5 5 4 4 4 4 4 3 3 H1 2011 Deal Count Count Change 16 18 2 2 3 19 11 7 2 8 5 6 12 2 6 -5 -9 6 5 4 -12 -6 -2 2 -4 -1 -2 -8 1 -3
Financial Advisers to Japanese M&A: Value

Ranking H1 H1 2011 2012 1 7 8 9 11 2 26 15 22 12 10 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Nomura Holdings Morgan Stanley JPMorgan Mizuho Financial Group Sumitomo Mitsui Financial Group Barclays Goldman Sachs Royal Bank of Scotland Group Daiwa Securities Group Jefferies & Company RBC Capital Markets UBS Investment Bank GCA Savvian Group Corporation KPMG Brown Brothers Harriman & Co H1 2012 Value Deal (US$m) Count 33,446 23,033 19,936 19,345 14,048 11,147 8,730 7 ,459 4,295 3,797 3,517 2,493 2,331 2,304 1,994 45 22 7 24 10 6 8 2 16 3 2 6 18 8 1 H1 2011 Value % Val. (US$m) Change 34,960 8,574 6,582 4,904 3,173 27 ,057 680 2,464 972 3,012 3,562 -4.3% 168.6% 202.9% 294.5% 342.7% -67 .7% 996.9% 74.3% 156.5% -22.6% -35.3% -
Financial Advisers to Japanese M&A: Volume

Ranking H1 H1 2011 2012 1 6 5 8 2 7 3 13 4 12 20 21 18 11 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Nomura Holdings Mizuho Financial Group Morgan Stanley GCA Savvian Group Corporation Daiwa Securities Group Sumitomo Mitsui Financial Group Deloitte Goldman Sachs KPMG JPMorgan Barclays UBS Investment Bank Citigroup Lazard PwC H1 2012 Value Deal (US$m) Count 33,446 19,345 23,033 2,331 4,295 14,048 1,398 8,730 2,304 19,936 11,147 2,493 1,671 1,568 1,564 45 24 22 18 16 10 10 8 8 7 6 6 6 6 6 H1 2011 Deal Count Count Change 41 13 14 12 18 12 15 7 15 8 2 2 2 9 4 11 8 6 -2 -2 -5 1 -7 -1 4 4 4 -3
46

Financial Advisers to Indian M&A: Value
Ranking H1 H1 2011 2012 1 16 13 8 12 14 31 50 26 21 7 9 17 24 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Morgan Stanley JPMorgan Citigroup Credit Suisse Bank of America Merrill Lynch Barclays Ernst & Young KPMG Enam Securities Oppenheimer & Co Deutsche Bank Kotak Investment Banking Jefferies & Company Royal Bank of Scotland Group Lazard H1 2012 Value Deal (US$m) Count 12,084 11,210 10,911 10,735 10,289 1,731 1,327 1,237 1,101 635 530 521 395 395 362 7 3 3 4 1 3 9 5 3 1 1 6 2 1 3 H1 2011 Value % Val. (US$m) Change 8,508 875 1,131 1,213 1,154 1,080 314 76 343 680 1,309 1,213 875 412 42.0% 1,181% 864.7% 785.0% 791.6% 60.3% 322.6% 1,528% 221.0% -22.1% -60.2% -67 .4% -54.9% -12.1%
Financial Advisers to Indian M&A: Volume

Ranking H1 H1 2011 2012 1 6 16 2 5 20 36 3 39 8 22 7 25 12 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Ernst & Young Morgan Stanley Kotak Investment Banking Avendus Capital KPMG Deloitte Credit Suisse Ambit Corporate Finance Yes Bank JPMorgan Citigroup Barclays Enam Securities Lazard ICICI Securities H1 2012 Value Deal (US$m) Count 1,327 12,084 521 159 1,237 116 10,735 267 134 11,210 10,911 1,731 1,101 362 219 9 7 6 6 5 5 4 4 4 3 3 3 3 3 3 H1 2011 Deal Count Count Change 9 5 3 8 6 2 1 7 1 4 2 5 2 4 0 2 3 -2 -1 2 3 -3 2 -1 1 -2 1 -1
Financial Advisers to South East Asian M&A: Value

Ranking H1 H1 2011 2012 4 12 16 1 22 10 13 3 21 7 48 2 20 1 2 3 4 5 6 7 8 9= 9= 11 12 13 14 15 Company Name UBS Investment Bank DBS Bank Credit Suisse Citigroup Deutsche Bank Morgan Stanley ING Bank of America Merrill Lynch BMO Capital Markets Scotia Capital Standard Chartered Goldman Sachs HSBC Maybank Investment Bank OSK Investment Bank H1 2012 Value Deal (US$m) Count 9,748 8,261 8,032 7 ,786 7 ,659 7 ,493 7 ,338 5,780 5,055 5,055 4,982 4,730 2,918 1,426 1,388 7 7 4 4 2 2 2 2 1 1 4 5 5 7 5 H1 2011 Value % Val. (US$m) Change 7 ,005 2,197 1,708 10,713 742 2,353 2,092 8,331 1,121 2,766 73 8,503 1,131 39.2% 276.0% 370.3% -27 .3% 932.2% 218.4% 250.8% -30.6% 350.9% 71.0% -83.2% 22.7%
Financial Advisers to South East Asian M&A: Volume

Ranking H1 H1 2011 2012 1 6 2 4 14 19 5 11 3 8 41 13 31 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name CIMB Group UBS Investment Bank DBS Bank Maybank Investment Bank Goldman Sachs HSBC OSK Investment Bank Credit Suisse Citigroup Standard Chartered RHB Investment Bank Evercore Partners PwC Ernst & Young SW Kingsway Capital Holdings H1 2012 Value Deal (US$m) Count 1,310 9,748 8,261 1,426 4,730 2,918 1,388 8,032 7 ,786 4,982 1,141 1,270 186 121 104 9 7 7 7 5 5 5 4 4 4 4 3 3 3 3 H1 2011 Deal Count Count Change 12 6 10 9 4 3 8 5 9 6 1 5 2 -3 1 -3 -2 1 2 -3 -1 -5 -2 2 -2 1
47

Financial Advisers to South Korean M&A: Value
Ranking H1 H1 2011 2012 21 11 8 1 17 3 27 22 6 23 10 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Rothschild Deutsche Bank Morgan Stanley Samsung Securities Co KPMG Woori Investment & Securities Co Hana Daetoo Securities Co Barclays PwC Daewoo Securities Co JPMorgan Goldman Sachs Locus Capital Partners Deloitte Nomura Holdings H1 2012 Value Deal (US$m) Count 3,655 1,597 1,594 739 689 524 427 405 401 308 253 233 177 159 130 1 3 3 3 4 3 1 1 8 3 1 3 2 3 1 H1 2011 Value % Val. (US$m) Change 285 1,550 4,020 6,507 663 6,247 160 252 4,443 208 1,589 1,182% 3.0% -60.3% -88.6% 3.9% -91.6% 150.6% 22.2% -94.8% -23.6% -91.8%
Financial Advisers to South Korean M&A: Volume

Ranking H1 H1 2011 2012 3 2 21 8 12 6 10 19 1 26 14 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name PwC KPMG Deutsche Bank Morgan Stanley Samsung Securities Co Woori Investment & Securities Co Daewoo Securities Co Goldman Sachs Deloitte Locus Capital Partners Rothschild Hana Daetoo Securities Co Barclays JPMorgan Nomura Holdings H1 2012 Value Deal (US$m) Count 401 689 1,597 1,594 739 524 308 233 159 177 3,655 427 405 253 130 8 4 3 3 3 3 3 3 3 2 1 1 1 1 1 H1 2011 Deal Count Count Change 7 9 1 3 2 5 3 1 10 1 2 1 -5 2 0 1 -2 0 2 -7 0 -1
48
Africa & Middle East M&A Overview

H1 2012 total of US$ 22.1bn, down 16% on H1 2011 US$ 13.5bn in deals in Q2 2012, up 104% on Q2 2011 Total deal value continues to rise for second consecutive quarter HSBC tops H1 2012 Africa & Middle East financial advisers table, advising on US$ 6.5bn in deals
Africa & Middle East M&A Activity - Quarterly
40 Value (US$bn) Volume 150 140 130 120 30
35
While global M&A activity continued to drop, Africa & Middle East activity rose for the second consecutive quarter, based on deal value. In the first half of 2012, Africa and ME M&A (US$ 22bn) accounted for 2.4% of aggregate global deal activity, trailing all regions. Even though there continued to be a rise in M&A activity in Africa & ME, these numbers were a bit discouraging when comparing them to H1 2011. Africa & ME saw US$ 26.3bn-worth of deals announced in H1 2011, with US$ 19.7bn in Q1 alone. This emphasized the continued drop in M&A activity, a US$ 4.2bn gap in deal value as H1 2012 finished with US$ 22.1bn in deals. Examining deal activity by quarter though, the picture is brighter. M&A activity continued to rise for the second consecutive quarter; Q2 2012 (US$ 13.5bn) was the second consecutive quarterly increase from Q4 2011 (US$ 6.8bn) and was up 58.2% on Q1 2012 (US$ 8.6bn). HSBC topped the H1 2012 Africa & Middle East advisory league table by deal value, advising on US$ 6.5bn-worth of deals, with Goldman Sachs, Lazard, Bank of America Merrill Lynch, and SG rounding out the top five. H1 2012
Sector Telecommunications Financial Services Energy, Mining & Utilities Consumer Technology Industrials & Chemicals Pharma, Medical & Biotech Business Services Construction Media Transport Agriculture Leisure Defence Real Estate Total Value (US$bn) 6.3 5.4 3.0 2.4 1.26 1.1 0.7 0.7 0.6 0.3 0.2 0.05 0.01 0.0 22.0 Market share 28.7% 24.3% 13.7% 11.0% 5.71% 4.9% 3.3% 3.3% 2.5% 1.3% 1.1% 0.2% 0.1% 0.0% Deal count 7 26 19 20 9 13 6 17 6 7 5 3 4 0 0 142
110 100
20
80 70 60 50
15
10
40 30
20 10
Value (US$bn) 1.2 1.3 9.3 2.3 1.2 1.9 3.80 1.0 0.2 0.2 0.01 0.01 0.1 0.1 3.82 26.3
49
H1 2011
Market share 4.5% 5.0% 35.4% 8.7% 4.4% 7 .1% 14.4% 3.8% 0.7% 0.7% 0.1% 0.0% 0.3% 0.3% 14.5% Deal count 4 19 25 25 17 21 18 15 9 1 6 1 3 3 7 174 Value (%) 428.6% 310.8% -67 .7% 5.1% 8.4% -42.0% -80.9% -28.1% 179.2% 52.6% 1,657 .1% 246.2% -85.6% -100.0% -100.0% -16.4%
Change
Deal Count 3 7 -6 -5 -8 -8 -12 2 -3 6 -1 2 1 -3 -7 -32
Volume of Deals
25
90
Africa & Middle East M&A Overview: Top Deals

Announced Date 12-Apr-12 Bidder Company France Telecom SA Bidder Financial Advisor HSBC; Lazard; SG Target Company Egyptian Company for Mobile Services (63.64% Stake) Boubyan Bank of Kuwait Target/Seller Financial Adivsor Seller Company Orascom Telecom Media and Technology Holding SAE Deal Value (US$) 3,281
19-Jun-12
National Bank of Kuwait SAK
2,071
05-Jun-12
Hutchison Whampoa Limited; and Li Ka Shing Foundation Limited Eurasian Natural Resources Corporation Plc Shlomo Eliahu (private investor)
Goldman Sachs
Scailex Corporation Ltd (75% Stake) First Quantum Minerals (Kolwezi Tailings project, Frontier and Lonshi mines and related Migdal Insurance and Financial Holdings Ltd (69.1% Stake)
Lazard
Suny Electronic Inc Ltd
1,392
05-Jan-12
BMO Capital Markets
Goldman Sachs; Jefferies & Company; RBC Capital Marketsc; Simmons & Company
First Quantum Minerals Limited
1,250
07-Mar-12
Assicurazioni Generali SpA
1,098
28-Mar-12
Mannai Corporation QSC
EFG-Hermes Holding
Damas International Limited
Nomura Holdings; PwC
991
05-Jun-12
Qatar Telecom (QTel) QSC
Asia Cell Telecommunication Company Ltd (19% Stake) PwC HSBC Bank Middle East Limited (Oman based operations) (49% Stake) Centrale Laitiere (37 .8% Stake)
Credit Suisse
MerchantBridge & Co Ltd
931
18-Apr-12
Oman International Bank
HSBC
HSBC Bank Middle East Limited
733
27-Jun-12
Danone SA
Credit Agricole CIB
Societe Nationale D'Investissement SA Goldman Sachs; JPMorgan
686
16-Apr-12
Stratasys Inc
Piper Jaffray & Co
Objet Limited
630
50
Africa & Middle East M&A Heat Chart

Sector Middle East Central & Southern Africa (excl. South Africa) TMT Pharma, Medical & Biotech Energy, Mining & Utilities Consumer Industrials & Chemicals Financial Services Leisure Real Estate Transportation Business Services Construction Other Agriculture Total 56 27 13 16 16 8 11 8 6 5 5 3 1 176 6 1 36 7 5 30 2 4 5 4 6 1 6 113 1 2 24 6 6 9 1 6 1 4 5 0 0 66 7 2 13 5 7 8 1 0 4 2 2 0 3 54 70 32 86 34 34 55 15 18 16 15 18 4 10 409 2012 Google - Map data 2012 Google South Africa Northern & West Africa Total
Energy, Mining & Utilities secures most companies for sale title in Africa & Middle East M&A as shale gas discoveries and a wealth of minerals helps drive investor interest TMT the top sector in Middle East where the internet and social media are starting to flourish Financial Services comes in third overall, investors start to see potential of the regions vast potential in the sector
Hot 1,200 1,000 600
Warm 400 250 150
Cold 70 20 0
51
Africa & Middle East: League Tables of Financial Advisers

League Table of Financial Advisers to Africa & Middle East M&A: Value
Ranking H1 H1 2011 2012 15 1 27 2 29 5 10 12 4 34 38 7 21 17 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17= 17= 19 20 Company Name HSBC Goldman Sachs Lazard Bank of America Merrill Lynch SG Nomura Holdings UBS Investment Bank Credit Suisse Citigroup Rothschild Deutsche Bank PwC RBC Capital Markets Banco Itau BBA JPMorgan Jefferies & Company BMO Capital Markets Simmons & Company International EFG-Hermes Holding Rand Merchant Bank H1 2012 Value Deal (US$m) Count 6,540 6,211 5,359 3,388 3,281 3,264 3,046 2,931 2,356 2,301 2,273 2,165 2,096 2,000 1,565 1,475 1,250 1,250 1,241 1,051 5 7 4 5 1 2 4 2 2 4 1 6 5 1 5 4 1 1 2 5 H1 2011 Value % Val. (US$m) Change 2,602 14,990 1,000 11,770 924 8,182 4,428 3,273 9,269 254 206 6,337 1,632 2,417 151.3% -58.6% 435.9% -71.2% 229.7% -64.2% -46.8% -29.7% -75.5% 752.4% 917 .5% -75.3% -9.6% -56.5%
League Table of Financial Advisers to Africa & Middle East M&A: Volume
Ranking H1 H1 2011 2012 1 15 10 11 5 43 4 2 36 21 19 14 8 9 6 18 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Goldman Sachs PwC Ernst & Young HSBC Bank of America Merrill Lynch RBC Capital Markets JPMorgan Rand Merchant Bank Lazard UBS Investment Bank Rothschild Jefferies & Company Barclays Standard Bank Group Investec BDO Nomura Holdings Credit Suisse Citigroup EFG-Hermes Holding H1 2012 Value Deal (US$m) Count 6,211 2,165 841 6,540 3,388 2,096 1,565 1,051 5,359 3,046 2,301 1,475 993 831 776 77 3,264 2,931 2,356 1,241 7 6 6 5 5 5 5 5 4 4 4 4 4 3 3 3 2 2 2 2 H1 2011 Deal Count Count Change 11 4 6 5 7 1 8 10 1 3 3 4 6 6 7 3 -4 2 0 0 -2 4 -3 -5 3 1 1 0 -3 -3 -5 -1 -
52
Criteria
All data is based on transactions over US$5m announced between 1 January 2012 and 30 June 2012, unless stated otherwise. Deals with undisclosed deal values are included where the targets turnover exceeds US$10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$100m. Activities excluded from the league tables include property transactions and restructurings where the ultimate shareholders interests are not changed. The M&A activity table and league tables are based on the dominant geography of any of the target, bidder or seller. The overall trend graph and pie charts are based on the dominant geography of the target only. The cross-border trend graph and pie charts are based on the dominant geography of the target and the bidder. All sector breakdowns are based on the dominant sector of the target only. The trend graphs are based on transactions announced in the given time periods. For this report, inbound refers to deals where the dominant geography of the target is X and the dominant geography of the bidder is outside X; outbound refers to deals where the dominant geography of the target is outside X and the dominant geography of the bidder is X. All data correct as of 02 July 2012. Criteria: http://www.mergermarket.com/pdf/deal_criteria.pdf About mergermarket mergermarket is a mergers & acquisitions (M&A) intelligence service. mergermarket is part of The Mergermarket Group which has over 450 employees worldwide and regional head offices in New York, London and Hong Kong. In any market, the life blood of advisors is deal flow. mergermarket is unique in the provision of origination intelligence to the investment banking, legal, private equity, acquisition finance, public relations (PR) and corporate markets. With an unrivalled network of analysts covering M&A in the Americas, Europe, 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 generate real revenues for clients. This is apparent when you see that mergermarket is used by over 1500 of the worlds foremost advisory firms to assist in their origination process.
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Mergermarket FA MA Roundup H1 2012

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Mergermarket FA MA Roundup H1 2012

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mergermarket M&A Round-up for H1 2012

Press Release: mergermarket M&A Round-up for H1 2012

Global M&A Overview

Value of Deals (US$bn)

700 600 500 400 300 200 100 0

1,400 1,300 1,200 1,100 1,000

Value of Deals ($bn)

900 800 700 600 500 400 300 200 100 0

Global Cross Border M&A Analysis - Value

Global M&A Heat Chart

Hot 1,200 1,000 600

Warm 400 250 150

Press Release: mergermarket M&A Round-up for H1 2012

Global M&A Overview: Industry and Geography Breakdown

Mix of Announced Deals by Geographic Region H1 2012 - Value

Mix of Announced Deals by Geographic Region H1 2012 - Volume

North Asia 8.0%

North Asia 7.5%

Central & Eastern Europe 3.6% Northern Europe 3.7%

Central & Eastern Europe 4.3%

Western Europe 25.3%

Western Europe 25.1%

Press Release: mergermarket M&A Round-up for H1 2012

Global Top Deals for H1 2012

Grupo Modelo SAB de CV

Nuclear Damage Compensation Facilitation Corporation Eaton Corporation

Tokyo Electric Power Co Inc (54.69% Stake) Cooper Industries Plc

Citigroup; Morgan Stanley

International Power Plc (30.23% Stake) Sterlite Industries (India) Limited

Sesa Goa Limited

Edison International SpA

Glencore International plc

Canaccord Genuity; TD Securities

DBS Group Holdings Ltd

PT Bank Danamon Indonesia Tbk

Citigroup; Deutsche Bank; UBS Investment Bank

Press Release: mergermarket M&A Round-up for H1 2012

Global Mid-Market M&A Activity - Quarterly

35.0% 30.0% 25.0%

Value of Deals (US$bn)

20.0% 15.0% 10.0%

Press Release: mergermarket M&A Round-up for H1 2012

Mid Market M&A Industry Breakdown Q2 2012 - Value

Financial Services 11.2%

Global M&A Overview: Private Equity Buyouts

Global Private Equity Buyout Activity - Quarterly

250 20% 200 15% 150 10%

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

Debt/EBITDA Multiple (x) Debt/Total Funding (%)

50% 4 40% 3 30% 2

4,174 2,501 1,438 333 5,600 2,499 346 169 161

0 2004 2005 2006 2007 2008 2009 2010 2011 H1 2012

Press Release: mergermarket M&A Round-up for H1 2012

Debt/Total Funding (%)

Percentage of Global M&A

Global M&A Overview: Private Equity Exits

Top 10 Global private equity firms H1 2012 - exits

0% 2004 2005 2006 2007 2008 2009 2010 2011 H1 2012

Press Release: mergermarket M&A Round-up for H1 2012

Exit Premium Analysis - Average

Percentage of Total Exits (excl. IPOs)

Value of Deals (US$bn)

Global M&A Overview: Emerging Markets