League Table

press release
mergermarket M&A Round-up for Year End 2011 January 3 2012, for immediate release
PRESS CONTACTS EMEA: Flora Wilke
flora.wilke@mergermarket.com Tel: +44 207 059 6348
Americas: Dara Silverstein

dara.silverstein@mergermarket.com Tel: +1 646 3783118
Asia-Pacific: Michel Chau

michel.chau@mergermarket.com Tel: +852 2158 9706
www.mergermarket.com
mergermarket M&A Round-up for Year End 2011

CONTENTS:
2 3 6 7 9 10 11 12 mergermarket M&A Round-up Global M&A Overview - Mid-Market - Private Equity - Emerging Markets - Premia and Multiples Analysis - Deal Type/Deal Value Breakdown - Consideration Structure/ Insolvency 13 - Demerger 14 - Global M&A Overview 16 - European M&A Overview 29 - US M&A Overview 39 - Asia -Pacific (ex.Japan) M&A Overview 49 - Africa & Middle East M&A Overview 52 - Criteria/About mergermarket
Global M&A up 2.5% in 2011 Global M&A in 2011 totalled US$ 2,178.4bn, up 2.5% from the same period in 2010 (US$ 2,125.9bn), in the busiest year since 2008 which saw US$ 2,405.8bn-worth of deals. Activity was, however, down for four successive quarters, with US$ 432bn-worth of deals announced globally in the fourth quarter of 2011, down 22.5% from Q3 2011. Goldman Sachs remains on top Goldman Sachs topped the global M&A financial advisory tables by total deal value for 2011, having advised on 309 deals worth US$ 593.4bn. Goldman worked on five of the ten largest deals announced last year. US M&A strong in 2011 though dipping at end of year The US saw the announcement of US$ 820.6bn-worth of deals in 2011, the highest annual total deal value since 2007 (US$ 1,328.1bn), and 14.4% higher than 2010 (US$ 717.2bn). Activity, however, waned in Q4 with a decrease of 9.3% compared to Q3. Emerging Market M&A down in spite of strong cross border deal flow Emerging market deal activity in 2011 decreased 11.7% from the same period in 2010. However, inbound cross-border activity into emerging market countries in 2011 added up to US$ 200.3bn, up 19.1% compared to 2010 (US$ 168.2bn) and was the highest annual total on mergermarket record. Private Equity Buyouts strongest since 2008 2011 was the strongest year for buyout activity since 2008, with deals announced with a total value of US$ 277.7bn, a 15.3% increase from the same period in 2010. The proportion of global M&A activity in 2011 accounted for by buyouts was 12.9%, up from 11.3% in 2010 and the highest proportion since 2007. Highest exit premiums in US and Europe since 2008 Last year was the first to see an upward trend in exit premiums in the US and Europe since 2008. European average premiums on private equity exits in 2011 were at their highest levels on mergermarket record (since 2001). Energy, Mining & Utilities top sector in 2011 The Energy, Mining & Utilities sector saw the highest total value of M&A deals in 2011, accounting for 25.6% of global M&A deals announced, with deals totalling US$ 557.7bn. Industrials & Chemicals followed with US$ 365bn-worth of deals. Busy year for Cross-border M&A 2011 was the busiest year for cross-border M&A since 2008. Cross-border deals between individual countries accounted for 41.5% of global M&A activity, the second highest proportion since 2007. European M&A for the year valued US$ 697.9bn, up 4.8% from 2010 (US$ 665.9bn) Q4 2011 saw US$ 116.3bn-worth of deals, a 28.7% drop from the previous quarter (US$ 163.1bn in Q3). Asia-Pacific M&A valued US$ 336.1bn, down 10.8% from 2010 (US$ 376.9bn) Q4 activity was down 31.9%, from US$ 100bn in Q3 to US$ 68bn.
PRESS CONTACTS: EMEA: Flora Wilke

flora.wilke@mergermarket.com Tel: +44 207 059 6348
Americas: Dara Silverstein

dara.silverstein@mergermarket.com Tel: +1 646 378 3118
Asia-Pacific: Michel Chau

michel.chau@mergermarket.com Tel: +852 2158 9706
Press Release: mergermarket M&A Round-up for Year End 2011
Global M&A Overview

Global M&A for the year to date totalled US$ 2,178.4bn, up 2.5% from the same period in 2010 (US$ 2,125.9bn), making it the busiest year since 2008 (which saw US$ 2,405.8bn). 12,455 deals were announced in 2011, 1.3% below the number for 2010 (12,296 deals). Activity did, however, decrease over four successive quarters, with US$ 432bn-worth of deals announced globally in the fourth quarter of 2011, down 22.5% from Q3 2011 (US$ 557.5bn). Fourth quarter activity was 39% lower than in Q4 2010 (US$ 708.1bn), with the lowest quarterly total since Q3 2009 (US$ 325.4bn). The largest deal of the year was Kinder Morgans US$ 37.4bn offer to acquire US-based El Paso, announced in October, in the largest corporate deal since ExxonMobils US$ 40.6bn acquisition of XTO Energy in December 2009. 2011 was the busiest year for cross-border M&A since 2008, in spite of a gradual slowdown in M&A activity after the first half of the year. Cross-border deals (by individual countries) announced in 2011 added up to US$ 874.4bn and regional cross-border deals were up to US$ 593bn, an increase of 9.8% and 19.6% respectively since 2010, which saw US$ 796.7bn-worth by country and US$ 495.7bn-worth by region. The year saw cross-border deals between individual countries accounting for 41.5% of global M&A activity, the second highest proportion since 2007 when US$ 1,564.4bn-worth accounted for 42.8%. The Energy, Mining & Utilities sector was the sector with the highest total value of M&A deals in 2011, with deals totalling US$ 557.1bn, up 3.6% from 2010 (US$ 537.7bn) and accounting for 25.6% of global M&A deals in 2011 Goldman Sachs topped the global M&A financial advisory tables by total deal value last year, having displaced JPMorgan which led after the first quarter. Goldman Sachs, which was behind Morgan Stanley in the rankings in 2010, now leads (with Morgan Stanley in second) by more than US$ 141.7bn. Goldman worked on five of the ten largest deals announced in 2011. The top ten firms in the global M&A financial advisory tables saw an average increase of 3.5% in the total value of deals worked on last year as compared with 2010. Credit Suisse, ranked fourth, was the top ranking non-US firm in the advisory tables, and there were nine other non-US firms in the top 20 rankings.
Value of Deals (US$bn)
1,300 1,200 1,100 1,000 900 800 700 600 500 400 300 200 100 0 RoW M&A Asia-Pacif ic ex Jp M&A US M&A European M&A Volume
Global M&A Activity - Quarterly

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
Global M&A Deal Size Breakdown - Deal Value

4,000
1,500 1,400
Global Cross Border M&A Analysis - Value

Global Cross Border (regions) Global M&A Global Cross Border (individual countries)
3,500
1,300 1,200
3,000
1,100
2,500
Value of Deals ($bn)
1,000 900 800 700 600 500
2,000
1,500
1,000
400 300 200 100
500
2004
2005 $0m - $500m
2006 $501m - $2,000m
2007
2008
2009
2010
2011
$2,001 - $10,000m
mega deals (over $10,001bn)
Volume of Deals
Global M&A Overview: Industry and Geography Breakdown

Y/E 2011 Sector Energy, Mining & Utilities Industrials & Chemicals Financial Services Pharma, Medical & Biotech Consumer Technology Telecommunications Business Services Real Estate Transport Leisure Media Construction Agriculture Defence Total Value ($bn) 557.1 365.0 270.8 197.0 183.3 145.3 102.7 89.8 80.7 51.1 48.2 42.0 28.5 9.8 7.1 2,178.4
Mix of Announced Deals by Geographic Region 2011 - Value
South & Central Asia 1.7% Australasia 3.9% Japan 3.1% North Asia 7.6% South East Asia 2.3% Af rica & Middle East 1.7%
Y/E 2010 Deal count 1,148 2,511 1,088 953 1,651 1,326 150 1,550 207 385 454 393 450 149 40 12,455 Value ($bn) 537.7 264.6 288.6 182.5 180.4 95.9 177.2 120.3 55.8 90.5 37.1 33.6 42.4 12.5 6.6 2,126 market share 25.3% 12.4% 13.6% 8.6% 8.5% 4.5% 8.3% 5.7% 2.6% 4.3% 1.7% 1.6% 2.0% 0.6% 0.3% Deal count 1,327 2,218 1,209 939 1,492 1,258 207 1,521 265 363 417 366 508 149 54 12,293 3.6% 38.0% -6.2% 7.9% 1.6% 51.6% -42.1% -25.3% 44.7% -43.5% 30.1% 24.9% -32.8% -21.9% 8.2% 2.5%
Change Value (%) Deal count -179 293 -121 14 159 68 -57 29 -58 22 37 27 -58 0 -14 162
market share 25.6% 16.8% 12.4% 9.0% 8.4% 6.7% 4.7% 4.1% 3.7% 2.3% 2.2% 1.9% 1.3% 0.4% 0.3%
Mix of Announced Deals by Geographic Region 2011 - Volume

South & Central Asia 2.1% Australasia 3.7% Japan 2.8% North America 31.6% North Asia 7.9% South East Asia 2.7% Af rica & Middle East 2.5%
North America 41.6%

Central & Eastern Europe 5.1%
Central & Eastern Europe 5.1% Northern Europe 3.2%
Northern Europe 5.7% Central & South America 4.9%
Southern Europe 6.3%
Southern Europe 6.2%
Western Europe 17.4%
Western Europe 24.8%
Central & South America 6.1%
Global M&A Overview: Top Deals

Activity Table of Global M&A for Y/E 2011
Announced Date 16-Oct-11 21-Jul-11 Bidder Company Kinder Morgan Inc Express Scripts Inc Bidder Financial Advisor Barclays Capital; Evercore Partners Citigroup; Credit Suisse Target Company El Paso Corporation Medco Health Solutions Inc Target/Seller Financial Advisor Goldman Sachs; Morgan Stanley Foros; JPMorgan; Lazard Seller Company Deal Value (US$m) 37,439 33,430
10-Jan-11 22-Sep-11
Duke Energy Corporation Nippon Steel Corporation
Bank of America Merrill Lynch; JPMorgan Bank of America Merrill Lynch; JPMorgan; Mizuho Financial Group; Morgan Stanley Goldman Sachs
Progress Energy Inc Sumitomo Metal Industries Ltd (90.6% Stake)
Barclays Capital; Lazard Daiwa Securities Group; Deutsche Bank; Goldman Sachs; Sumitomo Mitsui Financial Group Credit Suisse
25,825 22,474
27-Apr-11
Johnson & Johnson
Synthes GmbH
21,191
21-Sep-11
United Technologies Corporation
Goldman Sachs; JPMorgan
Goodrich Corporation
Citigroup; Credit Suisse
17,861
31-Jan-11
AMB Property Corporation
JPMorgan
ProLogis
Morgan Stanley
14,833
18-Jan-11 14-Jul-11
Cargill Inc (Shareholders) BHP Billiton Ltd
Perella Weinberg Partners; UBS Investment Bank Barclays Capital; Scotia Capital
The Mosaic Company (40% Stake) Petrohawk Energy Corporation
JPMorgan; Lazard; Credit Suisse Goldman Sachs
Cargill Inc
14,808 14,760
13-Jan-11
Marathon Oil Corporation (Shareholders)
Marathon Petroleum Corporation
Morgan Stanley
Marathon Oil Corporation
14,667
Global M&A Overview: Mid-market M&A Activity (US$ 250m to US$ 2bn)
The global mid-market saw the announcement of US$ 165bn-worth of M&A deals in Q4 2011, bringing the total deal value for the year to US$ 788.9bn. The quarters total was 34.1% lower than the same period in 2010 (US$ 250.5bn in Q4 2010), and 20.3% lower than the previous quarter (US$ 207.1bn in Q3 2011). The second half of 2011 saw a decrease of 10.7% compared to the first, and the total value of mid-market M&A in 2011 decreased by 0.3% compared to 2010, although it was 61.9% higher than the total for 2009. All regions saw a decrease in mid-market M&A in Q4 2011 compared with the previous quarter. Africa & the Middle
300 350
Global Mid-Market M&A Activity - Quarterly

RoW M&A Asia-Pacific ex Jp Mid-Market M&A US Mid-Market M&A European Mid-Market M&A % of Global M&A
50.0% 45.0% 40.0%
250
35.0%
deals adding up to US$ 4.1bn and US$ 9.7bn respectively, a 42.1% decrease for Africa & and the Middle East (US$ 7.2bn in Q3 2011) and a 38.3% decrease for Central & South America (US$ 15.6bn in Q3 2011). All regions also saw a lower total value of mid-market M&A for Q4 2011 than in the same period the previous year, with the exception of Japan, which saw US$ 4.4bn worth of deals in Q4 2011, a 15.3% increase compared to Q4 2010 (US$ 3.8bn). Energy, Mining & Utilities was the most active sector in the global mid-market in 2011, accounting for 23.2% of all mid-market activity. The Leisure sector saw the biggest increase in mid-market activity with US$ 25.9bn-worth of deals announced in 2011, 61% higher than in 2010 (US$ 16.1bn). The Telecommunications and Agriculture sectors showed a 56% decrease from 2010 with US$ 20.1bn and US$ 3.5bn respectively, down from US$ 45.6bn and US$ 7.8bn in 2010. Goldman Sachs topped the mid-market financial advisor league tables with US$ 127.2bn-worth of deals, maintaining its lead from 2010. With a 13.7% decrease in the value of deals worked on compared to the previous year (down to US$ 89.2bn from US$ 103.3bn), Morgan Stanley was in second place also maintaining its position from 2010.
200
25.0% 150 20.0% 15.0% 10.0% 50 5.0% 0 0.0%
100
Global Mid-Market Financial Adviser League Tables Y/E 2011: Value

Ranking Y/E 2011 1 2 3 4 5 6 7 8 9 10 Y/E 2010 1 2 4 3 5 7 6 9 8 10 Company Name Goldman Sachs Morgan Stanley JPMorgan Credit Suisse Bank of America Merrill Lynch Deutsche Bank UBS Investment Bank Citigroup Barclays Capital Rothschild Value (US$bn) 127.2 89.2 81.3 80.4 79.5 72.0 71.5 63.7 55.2 54.0 2011 Deal Count 156 111 114 106 111 89 89 87 71 79 2010 Value (US$bn) 126.1 103.3 93.5 96.0 75.7 70.7 73.6 60.7 68.8 51.8 % Val. Change 0.9% -13.7% -13.0% -16.3% 5.0% 1.7% -2.9% 5.0% -19.7% 4.3%
Mid Market M&A Industry Breakdown 2011 - Value

Pharma, Medical & Biotech 6.7% Financial Services 12.9% Technology 7.8% Business Services 6.1% Consumer 10.8% Media 2.3% Transport 2.8% Real Estate 3.5% Leisure 3.3% Industrials & Chemicals 15.6% Telecommunications 2.5% Construction 1.5%
Agriculture 0.4% Energy, Mining & Utilities 23.2% Def ence 0.5%
% of Global M&A
East and the Central & South America regions saw the largest decreases with the announcement of mid-market
30.0%
Global M&A Overview: Private Equity Buyouts

Private equity-backed buyouts in Q4 2011 added up to US$ 52.4bn, 33.7% less than the previous quarter (US$ 79bn in Q3 2011), and the lowest total since Q2 2010 (US$ 51.4bn). The year as a whole, however, was the strongest for buyout activity since 2008, with deals announced with a total value of US$ 277.7bn, a 15.3% increase on the US$ 240.8bn in 2010. The proportion of global M&A activity in 2011 accounted for by buyouts was 12.9%, up from 11.3% in 2010 and the highest proportion since 2007 (23%).
Global Private Equity Buyout Activity - Quarterly

400 Rest of the World (Value) Asia-Pacif ic ex Japan (Value) 350 US (Value) Europe (Value) 300 Buyouts (% of Total M&A) 30% 35%
250 20% 200 15% 150 10%
On leveraged buyouts (US$ 200m+ and excluding buy-ins), private equity firms raised, on average, debt financing of 6.0x EBITDA last year, the highest level since 2007 (6.6x). Meanwhile, debt financing on LBOs reached an average of 55.5% of total funding per deal in 2011, down from 59.3% in the full year of 2010, and slightly up from 54.1% in 2009. 2011 saw 69 large-cap deals (US$ 1bn+), with a total value of US$ 150.4bn, up 27.7% compared to the previous years US$ 117.8bn (59 deals). The largest buyout of the year was the acquisition of the US operations of Centro Properties Group for US$ 9.4bn, announced by Blackstone Group in March. Barclays Capital was the most active financial advisor on buyouts in 2011, advising on 21 buyouts with a total value of US$ 37.2bn. The Carlyle Group was the most active private equity house by deal count in 2011, with 28 buyouts with a total value of US$ 9bn. Both companies retain their top positions from 2010.
100
50
5%
0%
Global Debt Financing Ratios Trend (US$200m+ buyouts, excluding buy-ins)

Debt/EBITDA Multiple (x) Debt/Total Funding (%)
80%
Top 10 Global private equity firms Y/E 2011 - buyouts by deal count
Ranking 1 2 3 4 5 6 7 8 9 10 House The Carlyle Group H.I.G. Capital Blackstone Group Sun Capital Partners Lloyds TSB Development Capital The Riverside Company Bridgepoint Capital Advent International Kohlberg Kravis Roberts EQT Partners Value (US$m) 8,992 342 19,556 652 597 30 4,172 4,428 18,053 3,270 Deal Count 28 17 16 16 16 16 14 12 11 11
Debt/EBITDA (x)
70%
60%
50% 4 40% 3 30% 2
20%
10%
2004
2005
2006
2007
2008
2009
2010
2011
0%
Debt/Total Funding (%)
Percentage of Global M&A
The decrease in buyout activity seen in Q4 2011 was spread across all markets. European buyouts in Q4 (US$ 17.6bn) were down 40% compared to Q3 2011 (US$ 29.4bn), US buyouts (US$ 25.3bn) were down 4.9% compared to Q3 2011 (US$ 26.6bn) and Asia-Pacific buyouts (US$ 5.7bn) were down 66.9% compared to the previous quarter (US$ 17.2bn).
25%
Global M&A Overview: Private Equity Exits

Private equity exits via secondary buyouts and trade sales in 2011 were up 13.8% from 2010, with a total value of US$ 252.5bn compared to US$ 221.8bn in 2010. This was the strongest performance since 2007 which saw US$ 389.5bn. Q4 2011 saw US$ 30.4bn-worth of exits, down 53.9% from Q3 2011 (US$ 65.9bn), and was the second lowest Q4 period in the last seven years after Q4 2008 (US$ 15.7bn). After steady growth in secondary buyout exits for the early part of the year, they levelled in Q4, which saw SBOs accounting for 32% of all exits, just failing to match Q3s 33.3%. However, it was still the highest proportion of SBO exits for a Q4 period since Q4 2007 when they accounted for 44.4%. Private equity firms exited their holdings at an average enterprise valuation of 11.8x EBITDA in 2011, slightly down from 12.5x in 2010 and the lowest since 2004 (10.8x). One-day-before average exit premiums increased in all regions in 2011. As in previous years, the US accounted for the highest premiums, at an average of 42.8%, compared to 32% in Europe and 32.5% globally. 2011 was the first year to see an upward trend in exit premiums in the US and Europe since 2008. European average premiums on exits in 2011 were at their highest levels on mergermarket record (since 2001). Goldman Sachs topped the financial advisor league table for 2011, advising on 41 exit deals valued at US$ 56.4bn. The Carlyle Group sold the most portfolio holdings for the year with 22 exits valued at US$ 11bn. Both companies retained their top positions from 2010.
Trade Sales vs SBO Exit Activity - Quarterly
150 140 130 120 110 Trade Sales (Value) SBOs (Value) Trade Sales (% of total exits) SBOs (% of total exits) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
100 90 80 70 60 50 40 30 20 10 0
Top 10 Global private equity firms Y/E 2011 - exits by deal count
Ranking 1 2 3 4 5 6 7 8 9 10 House The Carlyle Group Equistone Partners Europe Intel Capital 3i Group New Enterprise Associates Redpoint Ventures Lloyds TSB Development Capital Blackstone Group CVC Capital Partners Bain Capital Value (US$m) 10,997 7,453 795 506 120 1,848 104 8,163 5,339 4,269 Deal Count 22 12 12 10 10
Premium %
50% 80% Global Europe 70% US
Exit Premium Analysis - Average
60%
9 9 8 8 8
40%
30%
20%
10%
0%
2004
2005
2006
2007
2008
2009
2010
2011
r Press Release: mergermarket M&A Round-up for Year End 2011 8 www.mergermarket.com
Percentage of Total Exits (excl. IPOs)
Global M&A Overview: Emerging Markets

The emerging markets saw M&A activity with a total value of US$ 459.7bn in 2011, down 11.7% from 2010 (US$ 520.6bn), though still the second highest total on mergermarket record (since 2001). After a bounce-back in Q3 (which saw a 16.9% increase on Q2 2011 after two successive quarters of decline in the first half of the year), emerging market M&A reverted to a downward quarterly trend in the last quarter of the year. Q4 2011 M&A added up to US$ 76.9bn, a 57.2% decrease from the US$ 179.9bn-worth of M&A seen in the same period in 2010, and a 41.8% decrease relative to the previous quarter (US$ 132.1.bn in Q3 2011). BRIC M&A activity decreased by 45.9% in Q4 2011 (US$ 47.9bn) compared to Q3 2011 (US$ 88.5bn). This was the lowest quarterly total since Q1 2009 (US$ 38.6bn) and the lowest Q4 since 2005 (US$ 23.1bn).
Emerging Markets M&A Activity Trend

200 180 160 140 120 100 80 60 40 20 0 0% 10% 15% Other EM (Value) BRIC (Value) EM M&A as % of Global M&A 25% 30%
Inbound cross-border activity into emerging market countries in 2011 added up to US$ 200.3bn, up 19.1% compared to 2010 (US$ 168.2bn) and the highest annual total on mergermarket record (2001). Europe is the region that invested the most in the emerging markets in 2011, accounting for 40.2% of cross-border deal value (US$ 80.4bn): the UK, France, Germany and the Netherlands accounting for 21.1%, 17.6% and 9.6% (for both Germany and the Netherlands) of European-related inbound deal value respectively. Energy, Mining & Utilities remained the busiest sector for cross-border transactions in 2011, with US$ 69.4bn-worth of deals accounting for 34.6% of all cross-border deals. Emerging market buyout activity, valued at US$ 32.3bn, accounted for 11.6% of global buyout activity in 2011, just up from 11.5% in 2010, and the highest contribution since 2009 (19.1%). Goldman Sachs ranked first in the financial advisor league table for emerging markets M&A with a total value of US$ 78.9bn. Goldman Sachs had not previously ranked first since 2002 (US$ 21.1bn).
Emerging Markets Inbound/Outbound M&A
80 Inbound Value ($bn) Outbound Value ($bn) 70 Inbound Volume Outbound Volume 60 300 350
5%
Emerging Markets Buyout Activity Trend

45 Value (US$bn) % of Global BO (Value) 40 % of EM M&A (Value) 20.0% 25.0%
250
35
Volume of Deals
50 200 40 150 30 100
30
Value (US$bn)
15.0% 25
20 10.0% 15
20
10
50
10
5.0%
2004
2005
2006
2007
2008
2009
2010
2011
0.0%
Percentage (%)
% of Global M&A
Emerging markets accounted for 21.3% of global M&A activity in 2011, a lower proportion than the 24.5% they had accounted for in 2010. In the last quarter of the year, they saw 18.3% of global M&A. BRIC countries saw a total of US$ 288.4bn-worth of M&A last year, representing 62.7% of overall emerging markets activity, down 4.2% from the same period the previous year (US$ 301.2bn in 2010).
20%
Global M&A Overview: Premia and Multiples Analysis

EBITDA Multiple Analysis - Average
EBITDA Multiple (x) - Average
The average premium (one day before) of global M&A deals in Q4 2011 increased to 33.5%, driving the annual average up to 28.5%, up from 22.2% in 2010. North American premiums averaged 35.9% in 2011, an increase from 31.6% in 2010. Meanwhile, European premiums for the year averaged 21.9%, the second highest average since 2002, only topped by 2008s average of 22.9%. The Asia-Pacific region saw an average premium of 21 %, again the highest average premium since 2008 (24.1%). The average EBITDA multiple across global M&A in 2011 was 12.6x, down from 14.9x in 2010 and the lowest average since 2003 (10.6x). The European average EBITDA multiple in 2011 was 12.1x, the second-lowest since 2004, after 11.5x in 2009. The quarterly average global EBITDA multiple decreased in the last quarter of the year to 12.1x, from the previous quarters 15.8x, a drop driven by significant decreases in North America and Asia-Pacific, from 16.3x in Q3 to 12.8x in Q4 in North America, and from 20.4x to 10.1x in Asia-Pacific. Europe, however, showed an increase in the average EBITDA multiple on M&A deals in Q4 2011 to 15.3x, up from 14.4x in Q3 2011. The TMT (Technology, Media & Telecoms) sector recorded the highest average EBITDA multiple at 15.7x in 2011, overtaking 2010s leading sector Energy, Mining & Utilities which saw 19.5x.
30
Global Europe North America
25
Asia-Pacif ic (excl. Japan) Japan
20
15
10
2004
2005
2006
2007
2008
2009
2010
2011
Premium Analysis - Average

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

Deal Type
The total value of public M&A deals announced globally in 2011 was US$ 900.5bn, up 16.5% from 2010 (US$ 773.1bn). Fewer hostile offers were announced in 2011 than in the previous year, with 38 hostile deals valued at US$ 61bn. Compared to 2010, which saw 43 deals valued at US$ 97.1bn, hostile offers decreased 37.1% by deal value and 11.6% by deal count. Hostile offers accounted for 6.8% of the total value of all public M&A deals in 2011, just over half of the proportion for the previous year. In 2010 hostile offers had accounted for 12.6% of public M&A deal values (which was the average proportion of public deals accounted for by hostile offers since 2004). 2011 was one of the least hostile periods in the past seven years by deal value, with only 2007 seeing hostile deals accounting for a lower proportion of public deals (5.3%). Hostile offers also accounted for 49.8% of global unsolicited offers in 2011 by value, with 32 deals valued at US$ 54.5bn. The proportion of unsolicited offers that were hostile in 2011 decreased 8.6% compared to 2010, when 35 hostile deals valued at US$ 82.5bn represented 53% of unsolicited offers.
100% 90% 80%
M&A Deal Type - Deal Value
Share of total Global M&A - Deal Values
70% 60% 50% 40% 30% 20% 10% 0%
54.5%
48.1%
43.6%
49.7%
54.9%
61.3%
67.1%
60.5%
6.6% 1.7% 6.0% 4.1%
8.6% 10.1%
1.4% 2.7%
2.4% 10.9% 0.5% 5.0% 1.2% 4.1%
0.7% 2.7%
37.7%
41.2%
46.2% 37.7% 31.7% 33.2% 36.2% 27.5%
2004
2005
2006
2007 Hostile
2008 Contested
2009
2010
2011
Recommended
Non-public M&A
Global M&A Deal Size Breakdown - % by Deal Value

100% 90% 21.9% 15.7% 24.5% 31.9% 26.8% 29.4% 29.6% 15.5%
Deal Value Breakdown

Mega-deals (over US$ 10bn) accounted for 15.5% of the value of global M&A announced in 2011, with a total of US$ 334.2bn, just topping the total for 2010 (US$ 333.1bn). Deals valued between US$ 2bn and US$ 10bn added up to US$ 733.9bn, accounting for 34% of global M&A announced in 2011, the highest proportion for this deal size range on mergermarket record (since 2001). In the last quarter of the year, deals valued between US$ 2bn and US$ 10bn dominated, accounting for 35.1% of total deal value, having represented 26% of total deal value in the previous quarter. The global average deal size for Q4 2011 was US$ 291m, the lowest Q4 average since 2007 (US$ 277m).
80% 70% 25.5% 60% 50% 40% 30% 20% 28.0% 10% 0% 23.5% 20.0% 20.4% 23.4% 22.4% 24.0% 24.3% 24.5% 22.0% 20.8% 23.0% 19.3% 20.5% 30.0% 27.3% 29.8% 27.9% 27.5%
32.6%
34.1%
27.7%
26.0%
2004
2005 $0m - $500m
2006 $501m - $2,000m
2007
2008 $2,001 - $10,000m
2009
2010 mega deals (over $10,001m)
2011
11
Global M&A Overview: Consideration Structure / Insolvency

Consideration Structure The total value of equity-only deals in 2011 was US$ 348.4bn, 7.2% lower than the previous year, which saw a total of US$ 375.3bn. Deals with a cash and equity consideration in 2011 amounted to US$ 248.9bn, 12.4% higher than in 2010 (US$ 221.5bn). The proportion of global transactions paid with only equity decreased to 20.1% of total deal value in 2011, compared to 22.5% in 2010. It was the lowest proportion since 2007, which saw equity-only deals accounting for 17.8% of all deals. Cash and equity deals, meanwhile, increased relative to 2010, accounting for 14.4% of total deal value in 2011, compared to 13.3% in 2010. This proportion was the second highest since 2007 (15.4%). The acquisition of Medco Health Solutions by Express Scripts for US$ 33.4bn in July became the largest cash and equity deal in 2011, after AT&Ts attempted US$ 39bn takeover of T-Mobile USA lapsed in December 2011. In Q4 2011, cash and equity deals accounted for 23% of total deal value, a dramatic increase from below 20% in each of the previous three quarters, while the total proportion of M&A accounted for by equity-only deals declined for the fourth consecutive quarter, to 12% from 15% in Q3 and Q2 2011 and 34% in Q1 2011. In North America, cash and equity deals accounted for 47% in Q4 2011, significantly higher than each of the past three quarters when they accounted for under 30%. Cash-only was the preferred structure for cross-border deals in Q4 2011, with cash-only deals accounting for approximately 94% of the value of all cross-border deals announced in Q4 2011, compared with 90% in Q3 2011.
% cash only deals % equity only deals % cash & equity deals 100% 90% 80% 70% 18.6% 60% 50% 40% 30% 20% 10% 0% 66.8% 57.0% 58.2% 59.1% 69.8% 55.3% 64.2% 65.5% 26.3% 19.2% 17.8% 23.5% 14.6% 24.4% 22.7% 15.4%
Global Consideration Breakdown - Value

6.7% 21.1% 23.5% 22.5% 20.1%
13.3%
14.4%
% of Global M&A
2004
2005
2006
2007
2008
2009
2010
2011
Quarterly Insolvency Deals - Global
Insolvency After a gradual increase over the first three quarters of 2011, the final quarter of the year saw the total value of insolvency deals dropping to US$ 2.9bn, a big drop of 48.5% compared to the previous quarter (US$ 5.6bn), and the lowest quarterly total since Q4 2007 (US$ 0.8bn). The full year saw the announcement of 360 insolvency deals with a total value of US$ 15.7bn, a 58.7% decrease in value compared to 2010, and the lowest level since 2007 (US$ 15.1bn). Japan showed the most dramatic decrease in insolvency deals in 2011, seeing the announcement of only US$ 0.9bn-worth, a decrease of 86.2% compared to 2010. US insolvency deals were down by 68.9% from US$ 20.6bn in 2010 to US$ 6.4bn in 2011. Europe was the only region showing an increase in the value of insolvency deals compared to 2010, with a total of US$ 5.8bn compared to US$ 2.9bn the previous year. Insolvency deals in Asia-Pacific and Central and South America last year had an aggregate deal value of less than US$ 3.5bn. The Consumer sector saw the highest value of insolvency deals last year, with 75 deals valued at US$ 3.9bn. The bankruptcy of Nueva Rumasa SA for US$ 2bn was the largest insolvency deal in 2011.
60
Value ($bn) Volume
200
175 50 150 40
30
100
75 20 50 10 25
12
Number of deals
125
Global M&A Overview: Demerger

Global Demerger Activity Trend
150
6.0% 5.0%
Europe, however, saw the lowest total value of demergers since 2004, with 11 demergers adding up to a total of US$ 6.4bn in 2011. It was a significant drop in value compared to 2010 (US$ 40.5bn), although the number of deals was almost the same as in 2010 (when there were ten demergers). North America accounted for 68.1% of global demergers in 2011, Asia-Pacific for 19.7% and Europe for only 9.9% of global demerger transactions. The demerger pipeline decreased slightly with the announcements and completions of several expected deals, such as the Tyco International demerger. Kraft Foods announced the possible demerger and the appointments of leadership of both companies in the second half of 2011. The McGraw-Hill demerger still hinges on the management developing a separation plan for the transaction. Lazard was the top financial advisor in terms of deal value with five demerger deals in 2011, adding up to US$ 21.2bn.
100
4.0% 3.0%
50
2.0% 1.0%
2004
2005
2006
2007
2008
2009
2010
2011
0.0%
13
% of Global M&A
Global demerger activity in 2011 totalled US$ 64.3bn (just over 2010s US$ 64.1bn) and accounted for 3% of all global M&A activity. Although the number of demergers decreased globally (36 demergers announced in 2011), the number and aggregate value of demergers in the US and in North America as a whole significantly increased in 2011, with the value of demerger activity in the US seeing a 307% increase to US$ 42.7bn, and the value in North America almost quadrupling to a total of US$ 43.7bn. North America was the region accounting for the highest number and value of demergers, with the highest totals in the region since 2008.
250
RoW Value (US$bn) Asia-Pacif ic Value (US$bn) Europe Value (US$bn)
10.0% 9.0% 8.0% 7.0%
200
N.America Value (US$bn) % of Global M&A in value
Global M&A Overview: League Tables of Financial Advisers

League Table of Financial Advisers to Global M&A: Value
Ranking Y/E 2010 2 1 4 3 9 8 5 6 11 7 10 17 13 14 15 12 20 52 26 22 Y/E 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 House Goldman Sachs Morgan Stanley JPMorgan Credit Suisse Barclays Capital Bank of America Merrill Lynch Citigroup Deutsche Bank Lazard UBS Investment Bank Rothschild Evercore Partners HSBC SG Nomura Holdings BNP Paribas RBC Capital Markets Moelis & Company Jefferies & Company Perella Weinberg Partners Value (US$m) 593,411 451,770 441,000 356,701 321,417 315,788 296,214 260,684 230,722 226,506 139,286 101,939 101,595 84,341 81,956 80,660 70,076 56,978 55,297 52,763 2011 Deal Count 309 246 227 209 148 213 170 177 180 209 209 64 82 72 119 94 111 51 116 20 2010 Value (US$m) 481,698 492,656 363,597 435,412 258,482 274,311 316,046 276,497 202,254 275,583 215,420 79,211 116,520 111,500 107,348 135,881 58,270 17,014 39,389 55,967 % Value Change 23.2% -8.3% 21.3% -18.1% 24.3% 15.1% -6.3% -5.7% 14.1% -17.8% -35.4% 28.7% -12.8% -24.4% -23.7% -40.6% 20.3% 234.9% 40.4% -5.7%
League Table of Financial Advisers to Global M&A: Volume

Ranking Y/E 2010 2 3 1 6 5 12 4 10 7 13 9 11 8 14 15 16 18 17 23 22 Y/E 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Goldman Sachs KPMG Morgan Stanley JPMorgan PwC Bank of America Merrill Lynch Credit Suisse UBS Investment Bank Rothschild Ernst & Young Lazard Deutsche Bank Deloitte Citigroup Barclays Capital Nomura Holdings Jefferies & Company RBC Capital Markets M&A International BNP Paribas Value (US$m) 593,411 33,712 451,770 441,000 16,429 315,788 356,701 226,506 139,286 21,665 230,722 260,684 17,687 296,214 321,417 81,956 55,297 70,076 2,089 80,660 2011 Deal Count 309 254 246 227 226 213 209 209 209 186 180 177 172 170 148 119 116 111 98 94 2010 Deal Count 292 262 299 219 242 182 249 199 219 163 206 188 218 153 137 111 101 106 81 81 Count Change 17 -8 -53 8 -16 31 -40 10 -10 23 -26 -11 -46 17 11 8 15 5 17 13
Press Release: mermergermarket M&A Round-up for Year End 2011
14
Global M&A Overview: League Tables of Financial Advisers

League Table of Financial Advisers to Global Buyouts*: Value
Ranking Y/E 2010 1 6 3 7 9 4 14 2 73 8 15 17 187 38 19 13 5 20 58 37 Y/E 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 House Barclays Capital Citigroup Bank of America Merrill Lynch Deutsche Bank Goldman Sachs Morgan Stanley RBC Capital Markets Credit Suisse Wells Fargo Securities UBS Investment Bank Nomura Holdings HSBC BMO Capital Markets Jefferies & Company Rothschild Lazard JPMorgan Evercore Partners Tudor, Pickering, Holt & Co Banca IMI/Intesa Sanpaolo Value (US$m) 37,164 33,567 29,441 27,736 25,207 24,110 23,343 20,747 18,602 18,597 16,242 11,528 7,687 7,344 6,926 6,341 6,203 5,950 5,400 4,715 2011 Deal Count 21 19 17 13 27 19 23 20 4 14 16 13 5 11 13 15 7 3 1 7 2010 Value (US$m) 37,572 19,222 29,375 15,569 10,403 23,522 6,788 31,051 410 14,834 6,711 5,933 1,412 4,593 7,384 20,967 3,976 725 1,419 % Value Change -1.1% 74.6% 0.2% 78.1% 142.3% 2.5% 243.9% -33.2% 4,437.1% 25.4% 142.0% 94.3% 420.1% 50.8% -14.1% -70.4% 49.6% 644.8% 232.3%
League Table of Financial Advisers to Global Buyouts*: Volume

Ranking Y/E 2010 10 3 29 5 2 4 9 8 6 1 7 23 12 19 20 13 16 11 17 35 Y/E 2011 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 RBC Capital Markets Barclays Capital Credit Suisse Deloitte Citigroup Morgan Stanley Ernst & Young KPMG Bank of America Merrill Lynch
Grant Thornton Corporate Finance
2011 Value (US$m) 25,207 1,862 23,343 37,164 20,747 1,572 33,567 24,110 1,601 2,073 29,441 224 16,242 6,341 18,597 27,736 11,528 6,926 2,326 7,344 Deal Count 27 25 23 21 20 20 19 19 19 18 17 17 16 15 14 13 13 13 12 11
2010 Deal Count 17 31 5 27 32 28 17 23 24 41 23 9 15 10 9 14 11 16 11 4 Count Change 10 -6 18 -6 -12 -8 2 -4 -5 -23 -6 8 1 5 5 -1 2 -3 1 7
Nomura Holdings Lazard UBS Investment Bank Deutsche Bank HSBC Rothschild DC Advisory Partners Jefferies & Company
*Based on the target geography only and the advisor advising the buy-side only.
15
European M&A Overview

In line with the global trend, European M&A decreased - in terms of both deal value and number of deals - over the second half of 2011, and the decline in Europe was more pronounced than in other major regions. Q4 2011 saw US$ 116.3bn-worth of deals, a 28.7% decrease from the previous quarter (US$ 163.1bn in Q3), and a 52.4% decrease from the same period the previous year (US$ 244.3bn). The second half of 2011 saw US$ 279.4bn-worth of deals, a total M&A value 33.2% lower than the first half (which saw US$ 418.5bn-worth). The majority of the larger European countries showed a decline of 50% or more in M&A activity by value in Q4 2011 compared to the previous quarter. Whilst this was not unexpected in some of these countries (such as Ireland down 95% to US$ 820m, Spain down 61.6% to US$ 8.6bn and UK down 44.6% to US$ 21.4bn) due to the current market conditions, some other decreases were more surprising with Russia down by 31.3% (to US$ 13.7bn), Germany by 48.5% (to US$ 4.5bn), Turkey by 13.3% (to US$ 2.6bn) and Poland by 26.3% (to US$ 2.9bn). Europe finished the year with a higher total M&A value than 2010, a total of US$ 697.9bn for the year compared to US$ 665.9bn for 2010. Northern Europe, and a few of the Western European countries, had a better year for M&A in 2011 than in 2010, during which the Nordic countries saw a 70.8% increase to US$ 69bn-worth of deals. France, Ireland, Spain and Poland saw similar jumps of 47.9% (to US$ 71.7bn), 57.4% (to US$ 20.5bn), 169.3% (to US$ 81.2bn) and 88.1% (to US$ 22.7bn) respectively. The poor M&A totals in H2 2011, however, affected many other European countries with Portugal down 16.3% (to US$ 3.8bn), Austria 69.6% (to US$ 3.9bn), Italy 54.3% (to US$ 36bn), Turkey 43.6% (to US$ 12.6bn), the Netherlands and Belgium both down around 40% (to US$ 18.9bn and US$ 19.5bn respectively) and Greece down 30.5% (to US$ 3.4bn). Goldman Sachs and Morgan Stanley held onto their top rankings in the European M&A financial advisory tables by total deal value. Goldman Sachs worked on seven of the ten largest deals in Europe for 2011.
European M&A Activity - Quarterly
600 550 500 450 400 350 300 250 200 150 100 50 0 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
European Private Equity Buyout Activity - Quarterly

150
130 120 110 100 90 Value (US$bn) Volume 400 375 350 325 300
European Inbound/Outbound M&A

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

Y/E 2011 Sector Energy, Mining & Utilities Industrials & Chemicals Financial Services Consumer Pharma, Medical & Biotech Telecommunications Technology Business Services Transport Real Estate Leisure Media Construction Agriculture Defence Total Value ($bn) 159.1 120.5 116.0 70.6 59.0 38.5 38.2 23.4 17.9 16.1 14.2 11.7 10.3 1.5 0.9 697.9 market share 22.8% 17.3% 16.6% 10.1% 8.4% 5.5% 5.5% 3.4% 2.6% 2.3% 2.0% 1.7% 1.5% 0.2% 0.1% Deal count 393 1,153 394 799 310 66 432 704 192 86 209 186 217 53 10 5,204 Value ($bn) 158.1 113.0 70.1 61.8 65.5 52.5 19.8 33.2 40.2 17.9 12.8 7.1 10.1 2.7 1.1 665.9 Y/E 2010 market share 23.7% 17.0% 10.5% 9.3% 9.8% 7.9% 3.0% 5.0% 6.0% 2.7% 1.9% 1.1% 1.5% 0.4% 0.2% Deal count 381 969 444 745 322 95 365 621 163 90 189 151 236 50 17 4,838 0.6% 6.7% 65.5% 14.3% -10.0% -26.8% 92.7% -29.5% -55.6% -9.8% 10.8% 64.2% 2.7% -46.2% -19.1% 4.8% Change Value (%) Deal count 12 184 -50 54 -12 -29 67 83 29 -4 20 35 -19 3 -7 366
Mix of Announced European Deals by Geographic Region 2011 - Value

South Eastern Europe 2.6% UK & Ireland 20.4%
Mix of Announced European Deals by Geographic Region 2011 - Volume

South Eastern Europe 3.6% Central & Eastern Europe 11.4% Other 0.2% UK & Ireland 21.1%
Central & Eastern Europe 15.7%
Nordic 9.9%
Nordic 13.7%
Germanic 15.3% Benelux 8.3%
Germanic 16.4% Benelux 9.3%
Iberia 12.2%
France 10.4% Italy 5.2%
Iberia 6.4%
Italy 5.6%
France 12.4%
17
European M&A Overview:

Activity Table of European M&A for Y/E 2011
Announced Date 27-Apr-11 Bidder Company Johnson & Johnson
Top Deals
Bidder Financial Advisor Goldman Sachs
Target Company Synthes GmbH
Target/Seller Financial Advisor Credit Suisse
Seller Company
Deal Value (US$m) 21,191
19-May-11
Takeda Pharmaceutical Company Ltd
Deutsche Bank; Nomura Holdings
Nycomed International Management GmbH (Excluding US business)
Credit Suisse; Goldman Sachs; Moelis & Company
DLJ Merchant Banking Partners; Coller International Partners; Nordic Capital; and Avista Capital Partners la Caixa
13,740
25-Feb-11
Criteria CaixaCorp SA
Citigroup; Morgan Stanley; SG
la Caixa (banking business)
Barclays Capital; Goldman Sachs; KPMG
13,024
03-Apr-11
Vivendi SA
Barclays Capital; Citigroup; Deutsche Bank; HSBC; Rothschild; SG
SFR SA (44% Stake)
BNP Paribas; Lazard
Vodafone Group Plc
11,032
17-Jun-11
KazakhGold Group Limited
HSBC
OJSC Polyus Gold
10,390
18-Aug-11
Hewlett-Packard Company
Barclays Capital; Perella Weinberg Partners
Autonomy Corporation Plc
Bank of America Merrill Lynch; Citigroup; Goldman Sachs; JPMorgan; Qatalyst Group; UBS Investment Bank Goldman Sachs; JPMorgan Silver Lake Partners; Canada Pension Plan Investment Board; ebay International AG; Andreessen Horowitz; and Joltid Limited
10,255
10-May-11
Microsoft Corporation
Internal
Skype Global Sarl
9,044
02-Aug-11
Cheung Kong Infrastructure Holdings Limited
HSBC; RBC Capital Markets
Northumbrian Water Group Plc
Deutsche Bank
7,786
09-May-11
Volkswagen AG
Citigroup; Credit Suisse; Rothschild
MAN SE (26% Stake)
Barclays Capital; Goldman Sachs
7,651
16-Feb-11
International Petroleum Investment Company
Goldman Sachs
Compania Espanola de Petroleos SA (52.94% Stake)
Banco Bilbao Vizcaya Argentaria; BNP Paribas
Total SA
7,645
18
European M&A Overview: League Tables of Financial Advisers

League Table of Financial Advisers to European M&A: Value
Ranking Y/E 2010 1 3 4 7 2 6 8 12 5 14 13 10 9 11 17 18 16 35 42 33 Y/E 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 House Goldman Sachs Morgan Stanley JPMorgan Deutsche Bank Credit Suisse Citigroup Rothschild Barclays Capital UBS Investment Bank HSBC Bank of America Merrill Lynch SG BNP Paribas Lazard Royal Bank of Scotland Group Nomura Holdings Credit Agricole CIB ING Perella Weinberg Partners KPMG Value (US$m) 278,203 185,777 162,606 161,243 154,888 130,264 114,174 105,829 98,901 87,728 87,147 83,891 77,861 69,451 41,013 40,816 36,029 31,571 30,237 25,208 2011 Deal Count 131 100 103 90 94 78 174 65 95 56 83 70 81 110 36 30 30 52 12 182 2010 Value (US$m) 250,276 232,919 190,448 145,958 247,851 146,825 129,287 88,349 157,949 74,631 87,436 111,500 119,298 109,792 50,613 46,763 53,888 16,129 11,547 17,692 % Value Change 11.2% -20.2% -14.6% 10.5% -37.5% -11.3% -11.7% 19.8% -37.4% 17.5% -0.3% -24.8% -34.7% -36.7% -19.0% -12.7% -33.1% 95.7% 161.8% 42.5%
League Table of Financial Advisers to European M&A: Volume

Ranking Y/E 2010 1 3 2 8 12 7 4 9 5 11 6 10 17 15 13 27 16 19 44 14 Y/E 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name KPMG Rothschild PwC Goldman Sachs Ernst & Young Lazard Deloitte JPMorgan Morgan Stanley UBS Investment Bank Credit Suisse Deutsche Bank Bank of America Merrill Lynch BNP Paribas Citigroup SG BDO Barclays Capital Leonardo & Co DC Advisory Partners Value (US$m) 25,208 114,174 11,078 278,203 11,230 69,451 6,393 162,606 185,777 98,901 154,888 161,243 87,147 77,861 130,264 83,891 8,310 105,829 14,929 5,396 2011 Deal Count 182 174 161 131 116 110 107 103 100 95 94 90 83 81 78 70 67 65 59 59 2010 Deal Count 182 164 165 105 89 117 155 101 136 96 124 99 55 64 70 37 61 51 19 65 Count Change 0 10 -4 26 27 -7 -48 2 -36 -1 -30 -9 28 17 8 33 6 14 40 -6
19

League Table of Financial Advisers to European Buyouts*: Value
Ranking Y/E 2010 16 7 10 1 9 14 13 20 4 6 31 3 19 42 11 Y/E 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 House Goldman Sachs HSBC Bank of America Merrill Lynch Citigroup Nomura Holdings Rothschild Deutsche Bank Lazard Morgan Stanley UBS Investment Bank Banca IMI/Intesa Sanpaolo BNP Paribas UniCredit Group Leonardo & Co SG Value (US$m) 13,603 11,145 11,114 7,792 7,571 6,578 6,407 6,341 6,323 6,125 4,715 4,277 3,655 3,226 2,866 2011 Deal Count 12 10 9 5 5 11 6 14 7 4 7 6 5 7 8 2010 Value (US$m) 3,735 5,672 4,968 11,925 5,570 4,343 4,349 3,223 7,767 6,005 1,419 8,554 3,409 870 4,836 % Value Change 264.2% 96.5% 123.7% -34.7% 35.9% 51.5% 47.3% 96.7% -18.6% 2.0% 232.3% -50.0% 7.2% 270.8% -40.7%
League Table of Financial Advisers to European Buyouts:* Volume

Ranking Y/E 2010 2 3 20 4
12
2011 Company Name PwC Deloitte Lazard Ernst & Young

Grant Thornton Corporate Finance
2010 Deal Count 22 17 14 14

14
Y/E 2011 1 2 3 4
5
Value (US$m) 878 790 6,341 402

192
Deal Count 27 26 5 20
9
Count Change -5 -9 9 -6
5
1 27 7 5 10 19 17 9 28 34
6 7 8 9 10 11 12 13 14 15
KPMG Goldman Sachs DC Advisory Partners Rothschild HSBC Bank of America Merrill Lynch SG Morgan Stanley Banca IMI/Intesa Sanpaolo Leonardo & Co
1,191 13,603 2,326 6,578 11,145 11,114 2,866 6,323 4,715 3,226
13 12 12 11 10 9 8 7 7 7
28 4 11 15 9 5 6 10 4 3
-15 8 1 -4 1 4 2 -3 3 4
20

Financial Advisers to UK M&A: Value
Ranking Y/E 2010
4 1 3 7 6 8 10 2 11 5 12 15 21 14 19
Financial Advisers to UK M&A: Volume

2011 2010 Deal Count
55 43 32 33 36 27 24 69 31 31 20 34 13 16 17
Ranking % Value Change

29.8% -37.7% -30.3% 2.6% -16.4% -4.4% -3.9% -51.4% -11.7% -48.9% -26.8% -13.6% 25.1% -41.4% -23.5%
2011 Company Name

Rothschild KPMG Goldman Sachs PwC JPMorgan Cazenove Deloitte UBS Investment Bank Grant Thornton Corporate Finance Lazard Citigroup Ernst & Young Morgan Stanley BDO Bank of America Merrill Lynch Credit Suisse
2010 Deal Count

69 66 55 49 43 39 36 36 34 33 33 32 32 31 31
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
House
Goldman Sachs JPMorgan Cazenove Morgan Stanley Citigroup UBS Investment Bank Barclays Capital Deutsche Bank Rothschild Bank of America Merrill Lynch Credit Suisse HSBC Lazard Royal Bank of Scotland Group SG RBC Capital Markets
Value (US$m)
102,904 68,341 55,268 53,471 52,198 49,047 45,748 39,987 38,530 32,471 31,529 24,937 20,839 18,438 17,618
Value (US$m)
79,268 109,624 79,275 52,134 62,423 51,285 47,627 82,187 43,651 63,540 43,051 28,874 16,659 31,491 23,022
Y/E 2010
1 4 9 7 2 6 5 12 8 11 16 10 18 13 3
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
39,987 5,028 102,904 6,055 68,341 1,450 52,198 784 24,937 53,471 4,695 55,268 2,124 38,530 32,471
Deal Count
81 53 44 49 55 51 52 33 47 37 29 43 27 32 53
Count Change
-12 13 11 0 -12 -12 -16 3 -13 -4 4 -11 5 -1 -22
Financial Advisers to French M&A: Value

Ranking Y/E 2010
3 7 6 2 14 1 15 4 11 8 17 22 27 18 25
Financial Advisers to French M&A: Volume

44 26 54 43 12 19 35 19 15 17 24 10 13 14 11

-27.6% -26.7% -30.9% -47.6% 25.8% -60.7% 34.5% -51.9% -1.9% -45.9% 52.6% 101.0% 628.6% -39.2% 115.8%
2011 Company Name

Rothschild BNP Paribas SG Lazard Leonardo & Co PwC HSBC Credit Agricole CIB Morgan Stanley Goldman Sachs Credit Suisse Deutsche Bank Bryan, Garnier & Co DC Advisory Partners UBS Investment Bank
2010 Deal Count

54 44 43 35 35 28 26 24 19 19 17 15 15 15 14
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
House
BNP Paribas HSBC Rothschild SG Barclays Capital Morgan Stanley Lazard Goldman Sachs Deutsche Bank Credit Suisse Credit Agricole CIB Citigroup Bank of America Merrill Lynch UBS Investment Bank Hawkpoint
Value (US$m)
46,818 38,172 36,525 34,586 29,044 28,975 28,224 27,333 26,807 26,460 25,753 19,342 14,928 10,204 9,858
Value (US$m)
64,692 52,054 52,828 65,945 23,079 73,806 20,978 56,784 27,338 48,891 16,874 9,624 2,049 16,771 4,568
Y/E 2010
1 2 5 3 20 6 15 4 7 17 10 9 33 8 23
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
36,525 46,818 34,586 28,224 7,694 2,920 38,172 25,753 28,975 27,333 26,460 26,807 1,240 964 10,204
Deal Count
54 36 25 28 9 23 11 28 19 10 15 18 6 19 8
Count Change
0 8 18 7 26 5 15 -4 0 9 2 -3 9 -4 6
21

Financial Advisers to German M&A: Value
Ranking Y/E 2010
1 2 11 6 4 21 3 15 13 17 5 7 16 10 19
Financial Advisers to German M&A: Volume

12 19 28 13 9 6 11 10 3 4 7 15 8 10 6

16.0% 21.7% 148.2% 37.5% 6.0% 737.7% -17.5% 115.8% 89.3% 132.1% -42.6% -42.2% 18.2% -55.7% -2.4%
2011 Company Name

Rothschild Ernst & Young Deutsche Bank KPMG DC Advisory Partners Lazard Robert W. Baird & Co JPMorgan Lincoln International Deloitte Goldman Sachs Leonardo & Co Morgan Stanley Rabobank BNP Paribas
2010 Deal Count

28 26 19 19 16 15 14 13 13 13 12 12 11 11 10
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
House
Goldman Sachs Deutsche Bank Rothschild JPMorgan Credit Suisse Citigroup Morgan Stanley BNP Paribas Perella Weinberg Partners SG Barclays Capital Lazard Royal Bank of Scotland Group UBS Investment Bank Berenberg Bank
Value (US$m)
31,949 31,447 27,962 26,764 25,945 24,895 20,598 13,906 13,319 12,968 11,924 11,125 7,038 5,291 5,168
Value (US$m)
27,549 25,839 11,268 19,466 24,475 2,972 24,974 6,443 7,035 5,587 20,778 19,244 5,955 11,953 5,295
Y/E 2010
3 10 4 2 13 6 161 12 1 16 9 39 5 49 28
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
27,962 3,405 31,447 590 380 11,125 1,033 26,764 241 150 31,949 1,391 20,598 407 13,906
Deal Count
19 13 18 21 12 18 1 12 27 11 14 4 18 3 6
Count Change
9 13 1 -2 4 -3 13 1 -14 2 -2 8 -7 8 4
Financial Advisers to Germanic M&A: Value

Ranking Y/E 2010
1 2 6 10 13 7 3 24 4 15 17 16 9 8 19
Financial Advisers to Germanic M&A: Volume

28 24 25 20 35 18 9 9 22 13 4 5 8 19 10

9.4% 0.9% 36.7% 51.4% 164.9% -19.2% -34.9% 334.5% -58.8% 63.3% 119.7% 66.1% -48.4% -56.0% 34.3%
2011 Company Name

Rothschild KPMG Ernst & Young Goldman Sachs Deutsche Bank PwC Credit Suisse Deloitte Lazard JPMorgan UBS Investment Bank Morgan Stanley M&A International BDO DC Advisory Partners
2010 Deal Count

35 35 34 28 25 25 24 24 22 20 19 18 18 16 16
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
House
Goldman Sachs Credit Suisse Deutsche Bank JPMorgan Rothschild Morgan Stanley Citigroup Nomura Holdings Lazard BNP Paribas Perella Weinberg Partners SG Barclays Capital UBS Investment Bank Royal Bank of Scotland Group
Value (US$m)
76,570 70,436 51,379 34,778 32,454 28,797 25,964 18,506 16,121 15,921 15,459 13,793 12,226 10,569 7,995
Value (US$m)
70,020 69,800 37,581 22,966 12,250 35,643 39,881 4,259 39,148 9,749 7,035 8,303 23,680 24,037 5,955
Y/E 2010
8 5 6 12 1 10 2 9 7 16 11 4 25 51 14
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
32,454 3,056 3,680 76,570 51,379 1,963 70,436 796 16,121 34,778 10,569 28,797 90 1,181 380
Deal Count
24 27 25 22 29 24 28 24 24 14 23 27 9 4 15
Count Change
11 8 9 6 -4 1 -4 0 -2 6 -4 -9 9 12 1
22

Financial Advisers to Benelux M&A: Value
Ranking Y/E 2010
3 1 2 7 10 18 9 4 21 20 13 11 24 8
Financial Advisers to Benelux M&A: Volume

18 14 13 18 14 37 19 12 7 14 1 2 14 21 3

-30.9% -54.5% -57.8% -21.1% -26.7% 22.0% -49.8% -74.6% 53.8% 21.4% -76.5% -77.6% 27.4% -79.8%
2011 Company Name

KPMG ING PwC Leonardo & Co Rabobank BNP Paribas JPMorgan UBS Investment Bank Deloitte Boer & Croon Rothschild Goldman Sachs Deutsche Bank Bank of America Merrill Lynch Lazard
2010 Deal Count

57 37 26 21 20 19 18 18 18 17 15 14 14 14 14
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
House
JPMorgan Goldman Sachs Morgan Stanley UBS Investment Bank Deutsche Bank ING BNP Paribas Credit Suisse Barclays Capital Bank of America Merrill Lynch Centerview Partners HSBC Lazard Leonardo & Co SG
Value (US$m)
31,568 30,533 25,303 25,207 21,242 17,486 14,588 11,469 11,317 10,676 9,000 6,446 6,409 6,250 6,206
Value (US$m)
45,683 67,101 59,976 31,943 28,966 14,329 29,069 45,200 7,357 8,796 27,442 28,624 4,906 30,671
Y/E 2010
1 3 4 17 2 19 9 10 8 14 6 5 15 22 11
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
1,747 17,486 4,030 6,250 3,397 14,588 31,568 25,207 1,041 17 3,378 30,533 21,242 10,676 6,409
Deal Count
46 31 23 10 40 9 15 15 18 13 19 19 11 8 14
Count Change
11 6 3 11 -20 10 3 3 0 4 -4 -5 3 6 0
Financial Advisers to Italian M&A: Value

Ranking Y/E 2010
10 5 12 6 27 17 11 3 1 25 4 16 7 9 18
Financial Advisers to Italian M&A: Volume

4 24 10 19 5 21 14 6 3 9 4 23 10 9 11

-53.4% -66.2% -58.6% -65.8% 1,281.8% 127.9% -68.9% -82.1% -85.6% 684.0% -83.8% -17.4% -79.5% -80.6% 66.2%
2011 Company Name

Banca IMI/Intesa Sanpaolo Mediobanca Rothschild UniCredit Group KPMG Lazard Leonardo & Co SG Morgan Stanley Bank of America Merrill Lynch BNP Paribas Vitale & Associati Deutsche Bank Deloitte Fineurop Soditic
2010 Deal Count

24 23 21 19 16 14 11 10 10 9 9 7 6 6 6
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
House
Credit Agricole CIB Banca IMI/Intesa Sanpaolo SG UniCredit Group HSBC Rothschild Lazard Deutsche Bank Credit Suisse Bank of America Merrill Lynch Goldman Sachs Mediobanca Morgan Stanley BNP Paribas Leonardo & Co
Value (US$m)
11,436 10,043 9,736 9,661 8,180 8,108 7,560 7,119 6,897 6,774 6,424 6,324 5,358 4,765 4,704
Value (US$m)
24,540 29,720 23,539 28,257 592 3,558 24,306 39,775 47,968 864 39,559 7,652 26,150 24,606 2,830
Y/E 2010
2 1 5 3 7 4 22 40 8 45 10 19 9 17 16
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
10,043 6,324 8,108 9,661 1,256 7,560 4,704 9,736 5,358 6,774 4,765 800 7,119 347 96
Deal Count
20 21 12 20 10 14 3 1 9 1 8 4 8 5 5
Count Change
4 2 9 -1 6 0 8 9 1 8 1 3 -2 1 1
23

Financial Advisers to Iberian M&A: Value
Ranking Y/E 2010
18 1 10 7 27 2 14 34 5 4 26 24 19 11 3
Financial Advisers to Iberian M&A: Volume

21 12 14 17 10 8 9 11 19 10 6 14 9 6 8

586.8% 20.7% 150.5% 100.7% 587.3% -3.1% 128.6% 1,568.9% 1.9% -8.3% 333.1% 319.3% 199.7% 20.5% -38.8%
2011 Company Name

PwC Deloitte Goldman Sachs Banco Bilbao Vizcaya Argentaria SG Banco Espirito Santo de Investimento Citigroup KPMG Morgan Stanley Rothschild Lazard BDO Barclays Capital UBS Investment Bank Santander Global Banking and Markets
2010 Deal Count

39 25 21 19 17 15 14 14 12 11 11 11 10 10 9
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
House
Goldman Sachs Morgan Stanley Citigroup SG Barclays Capital Bank of America Merrill Lynch Santander Global Banking and Markets Rothschild Banco Bilbao Vizcaya Argentaria UBS Investment Bank HSBC KPMG BNP Paribas Caixa Banco de Investimento Credit Suisse
Value (US$m)
36,104 34,932 32,490 27,896 21,450 20,417 19,668 17,390 17,361 17,039 15,521 15,297 14,779 13,664 12,246
Value (US$m)
5,257 28,937 12,971 13,900 3,121 21,076 8,605 1,042 17,042 18,589 3,584 3,648 4,931 11,344 20,024
Y/E 2010
3 1 24 8 17 4 10 2 9 21 7 5 29 22 12
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
792 3,049 36,104 17,361 27,896 11,147 32,490 15,297 34,932 17,390 10,295 4,927 21,450 17,039 19,668
Deal Count
35 52 6 14 8 29 13 36 13 7 15 20 4 6 11
Count Change
4 -27 15 5 9 -14 1 -22 -1 4 -4 -9 6 4 -2
Financial Advisers to Spanish M&A: Value

Ranking Y/E 2010
17 9 1 7 26
14
Financial Advisers to Spanish M&A: Volume

20 12 9 16 9
9

576.1% 111.1% -5.9% 66.2% 580.8%
144.9%
2011 Company Name

PwC Deloitte Goldman Sachs Banco Bilbao Vizcaya Argentaria SG KPMG Citigroup Lazard BDO Morgan Stanley Barclays Capital Santander Global Banking and Markets BNP Paribas Rothschild UBS Investment Bank
2010 Deal Count

38 25 20 17 16 13 12 11 10 9 9 9 9 9 8
Y/E 2011
1 2 3 4 5
6
House
Goldman Sachs Citigroup Morgan Stanley SG Barclays Capital Santander Global Banking and Markets HSBC KPMG BNP Paribas Banco Bilbao Vizcaya Argentaria Bank of America Merrill Lynch Lazard Rothschild UBS Investment Bank Deutsche Bank
Value (US$m)
35,544 27,382 26,258 23,096 21,249
19,668
Value (US$m)
5,257 12,971 27,890 13,900 3,121
8,031
Y/E 2010
3 1 21 8 15 2 9 7 4 10 26 11 28 22 20
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
792 3,049 35,544 12,561 23,096 15,297 27,382 10,295 4,919 26,258 21,249 19,668 14,779 8,917 8,729
Deal Count
34 47 6 14 8 35 13 15 20 11 4 10 3 6 6
Count Change
4 -22 14 3 8 -22 -1 -4 -10 -2 5 -1 6 3 2
29 24 18 5 2 19 34 3 13
7 8 9 10 11 12 13 14 15
15,521 15,297 14,779 12,561 10,453 10,295 8,917 8,729 8,334
6 13 9 17 5 11 9 8 6
2,019 3,490 4,931 17,042 19,596 4,246 1,042 18,589 9,522
668.7% 338.3% 199.7% -26.3% -46.7% 142.5% 755.8% -53.0% -12.5%
Pre: Press Release: mergermarket M&A Round-up for Year End 2011
24

Financial Advisers to Nordic M&A: Value
Ranking Y/E 2010
8 11 2 14 1 41 13 75 4 25 6 68 3 7 18
Financial Advisers to Nordic M&A: Volume

14 14 14 6 12 6 20 6 31 13 11 3 11 24 7

767.4% 721.2% 132.2% 424.2% 11.4% 1,649.8% 223.3% 6,103.8% 15.8% 314.9% 32.7% 3,412.0% -25.4% 10.8% 151.7%
2011 Company Name

SEB Enskilda ABG Sundal Collier PwC Carnegie Investment Bank KPMG Nordea Corporate Finance Handelsbanken Capital Markets Ernst & Young Arctic Securities Goldman Sachs Deutsche Bank JPMorgan Bank of America Merrill Lynch Morgan Stanley Access Partners
2010 Deal Count

31 28 25 24 21 20 20 19 15 14 14 14 13 12 12
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
House
Goldman Sachs Deutsche Bank JPMorgan Credit Suisse Morgan Stanley Nomura Holdings Nordea Corporate Finance Royal Bank of Scotland Group SEB Enskilda Bank of America Merrill Lynch Lazard Evercore Partners UBS Investment Bank Carnegie Investment Bank Barclays Capital
Value (US$m)
47,855 37,389 21,728 21,173 18,329 17,323 13,373 9,926 9,274 7,986 7,921 7,024 6,707 6,407 6,301
Value (US$m)
5,517 4,553 9,359 4,039 16,453 990 4,136 160 8,010 1,925 5,971 200 8,987 5,780 2,503
Y/E 2010
2 11 1 6 3 7 15 10 8 23 19 18 33 5 22
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
9,274 3,871 1,483 6,407 1,383 13,373 5,419 1,508 3,958 47,855 37,389 21,728 7,986 18,329 1,238
Deal Count
31 15 38 19 25 19 13 16 16 8 9 9 5 20 9
Count Change
0 13 -13 5 -4 1 7 3 -1 6 5 5 8 -8 3
Financial Advisers to Swedish M&A: Value

Ranking Y/E 2010
10 27 37 22 1 15 2 53 3 26 21 25 16
Financial Advisers to Swedish M&A: Volume

8 9 3 3 9 9 19 3 4 7 5 6 12 2 4

1,262.8% 3,270.6% 5,449.0% 1,366.7% 74.8% 592.0% 36.0% 7,032.3% 61.6% 612.6% 335.2% 445.3% 172.6%
2011 Company Name

SEB Enskilda Handelsbanken Capital Markets Carnegie Investment Bank Nordea Corporate Finance KPMG Ernst & Young ABG Sundal Collier PwC Deutsche Bank Morgan Stanley JPMorgan Goldman Sachs Lazard Access Partners HDR Partners
2010 Deal
19 12 12 11 11 11 10 10 9 9 9 8 7 7 7
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
House
Goldman Sachs Deutsche Bank Nomura Holdings Credit Suisse Morgan Stanley JPMorgan SEB Enskilda Evercore Partners Royal Bank of Scotland Group Lazard Barclays Capital UBS Investment Bank Handelsbanken Capital Markets Mizuho Financial Group Bank of America Merrill Lynch
Value (US$m)
32,258 27,706 17,091 15,708 12,621 12,456 7,779 7,024 6,847 6,492 6,164 4,835 4,722 4,500 4,474
Value (US$m)
2,367 822 308 1,071 7,219 1,800 5,719 96 4,018 865 1,111 866 1,641
Y/E 2010
2 12 6 8 3 10 11 1 17 5 24 22 7 16 43
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value
7,779 4,722 4,025 4,120 1,222 568 1,621 673 27,706 12,621 12,456 32,258 6,492 1,198 186
Deal
19 8 12 11 17 10 9 22 5 12 3 3 11 6 2
Count
0 4 0 0 -6 1 1 -12 4 -3 6 5 -4 1 5
25

Financial Advisers to CEE M&A: Value
Ranking Y/E 2010
28 2 13 1 12 9 38 8 6 4 20 27 43 19 5
Financial Advisers to CEE M&A: Volume

16 7 4 11 15 12 3 9 6 10 10 20 5 6 8

3,365.4% -24.9% 715.2% -49.7% 314.5% 182.0% 3,488.7% 112.1% 0.6% -16.4% 601.8% 1,042.7% 4,088.4% 380.4% -43.5%
2011 Company Name

Rothschild KPMG Ernst & Young Deutsche Bank Troika Dialog Group UniCredit Group VTB Capital PwC Renaissance Capital ING Credit Suisse Gazprombank JPMorgan Morgan Stanley Citigroup
2010 Deal Count

20 20 18 16 15 12 11 11 10 10 9 9 8 7 7
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
House
Deutsche Bank Morgan Stanley HSBC VTB Capital Troika Dialog Group UniCredit Group Credit Agricole CIB Credit Suisse Bank of America Merrill Lynch Renaissance Capital ING Rothschild Nomura Holdings Trigon Group JPMorgan
Value (US$m)
23,426 20,288 16,680 14,840 12,378 12,288 10,838 10,328 9,981 9,009 8,773 8,616 7,958 6,928 6,022
Value (US$m)
676 27,017 2,046 29,503 2,986 4,358 302 4,869 9,924 10,776 1,250 754 190 1,442 10,655
Y/E 2010
7 5 13 16 28 3 4 9 6 17 10 11 2 54
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
8,616 508 923 23,426 12,378 12,288 14,840 190 9,009 8,773 10,328 5,981 6,022 20,288 4,277
Deal Count
11 13 7 5 2 16 14 10 12 4 9 8 21 1
Count Change
9 7 11 11 13 -4 -3 1 -2 6 0 0 -14 6
Financial Advisers to Russian M&A: Value

Ranking Y/E 2010
11 1 2 9 8 4 28 5 17 30 24
Financial Advisers to Russian M&A: Volume

3 11 5 12 7 10 8 9 5 2 1 4 1 4 4

826.7% -49.7% -45.7% 312.2% 167.7% -13.7% 6,365.5% -45.7% 315.9% 4,658.8% 597.8%
2011 Company Name

Troika Dialog Group VTB Capital Renaissance Capital Gazprombank Deutsche Bank Credit Suisse Ernst & Young PwC Morgan Stanley JPMorgan UniCredit Group UBS Investment Bank Rothschild Citigroup Barclays Capital
2010 Deal Count

12 11 10 9 8 7 6 6 5 5 4 4 4 4 4
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
House
HSBC VTB Capital Morgan Stanley Troika Dialog Group Credit Suisse Renaissance Capital Deutsche Bank Gazprombank JPMorgan ING Credit Agricole CIB UniCredit Group Xenon Capital Partners UBS Investment Bank Rothschild
Value (US$m)
16,680 14,840 14,487 12,307 9,959 9,009 7,306 5,981 5,566 4,030 4,000 3,807 3,597 2,710 2,589
Value (US$m)
1,800 29,503 26,702 2,986 3,720 10,436 113 10,255 969 80 371
Y/E 2010
12 2 3 16 6 7 1 5 9 8 28 23
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
12,307 14,840 9,009 5,981 7,306 9,959 178 127 14,487 5,566 3,807 2,710 2,589 1,996 369
Deal Count
2 14 11 2 5 5 18 6 3 4 1 1
Count Change
10 -3 -1 6 2 1 -13 -1 1 0 3 3
26

Financial Advisers to Irish M&A: Value
Ranking Y/E 2010
2 31 3 12 23 24 21 6 4 26 5 13 8 54 -
Financial Advisers to Irish M&A: Volume

8 5 4 5 3 1 1 2 14 3 4 1 2 7 1 1 1

194.7% 9,931.9% 131.6% 2,037.3% 3,137.9% 2,967.4% 2,479.7% -23.7% -38.1% 1,376.2% -53.1% 297.0% -62.5% -
2011 Company Name

IBI Corporate Finance AIB Corporate Finance Davy Corporate Finance Goodbody Corporate Finance KPMG Goldman Sachs Deutsche Bank Morgan Stanley Royal Bank of Scotland Group Bank of America Merrill Lynch JPMorgan Jefferies & Company Barclays Capital Deloitte Investec
2010 Deal Count

14 8 7 7 6 5 5 4 4 3 3 3 3 3 3
Y/E 2011
1 2 3 4 5 6= 6= 8 9 10 11 12 13 14 15= 15= 15=
House
AIB Corporate Finance Goldman Sachs Morgan Stanley Deutsche Bank Bank of America Merrill Lynch Nomura Holdings Santander Global Banking and Markets Hawkpoint IBI Corporate Finance JPMorgan Royal Bank of Scotland Group BDT Capital Partners Credit Suisse Davy Corporate Finance Citigroup Houlihan Lokey Ondra Partners
Value (US$m)
16,410 13,543 12,433 11,755 6,152 5,828 5,828 5,727 3,488 3,311 2,421 2,421 2,415 1,707 960 960 960
Value (US$m)
5,568 135 5,368 550 190 190 222 4,570 5,349 164 5,149 430 2,558 -
Y/E 2010
1 6 15 8 9 21 26 3 32 29 7 36 14 19 -
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
3,488 16,410 1,707 401 297 13,543 11,755 12,433 2,421 6,152 3,311 469 341 160 74
Deal Count
8 4 2 4 3 2 1 6 1 1 4 1 2 2 -
Count Change
6 4 5 3 3 3 4 -2 3 2 -1 2 1 1 -
27
European M&A Overview: Individuals Activity Tables

Financial Advisors Individual Ranking to European M&A: Value
Y/E 2011 1 2 3= 3= 3= 6 7 8 9 10 11 12 13 14 15 16= 16= 16= 16= 20 Individual Name Martin Reitz Peter Weinberg John Powers Kenneth Hitchner Boon Sim Luis Zubillaga Thierry Varene Stephan Goetz Sergei Chinkis Paul Baker Albrecht Stewen Laurent Meyer John Muncey Jan Skarbek Dietrich Becker Nicholas Rowe Craig Evans Christian Johnson Zac Fletcher Thierry Marais Company Name Rothschild Perella Weinberg Partners Goldman Sachs Goldman Sachs Credit Suisse SG BNP Paribas SG HSBC Morgan Stanley Rothschild SG JPMorgan Citigroup Perella Weinberg Partners Royal Bank of Scotland Group Royal Bank of Scotland Group Goldman Sachs Goldman Sachs BNP Paribas Value (US$m) 23,525 22,522 21,191 21,191 21,191 17,824 17,478 16,433 16,330 16,174 14,364 14,146 13,812 13,769 13,319 12,925 12,925 12,925 12,925 12,357 Deal Count 4 2 1 1 1 2 2 3 2 2 3 5 3 3 3 1 1 1 1 2
Financial Advisors Individual Ranking to European M&A: Volume

Y/E 2011 1 2 3 4 5 6 7 8 9 10= 10= 12 13 14 15 16 17 18 19 20 Individual Name David Silver Gregoire Chertok Laurent Baril Andrew Pinder Emre Erginler Ravi Gupta Raul Moro Martin Suter Manfred Ferber David Worlidge Simon Clements Ibrahim Romano Stuart Vincent Pierpaolo Carpinelli Michael Meade Dagmar Enklaar Laurent Meyer Bruno Bibas Rikard Schwalbe Alessandro Franzosi Company Name Robert W. Baird & Co Rothschild Rothschild Investec 3 Seas Capital Partners Rothschild BDO Rothschild FERBER & CO Merchant Securities Group Merchant Securities Group Standard Unlu Menkul Degerler Rothschild Rothschild Numis Securities Boer & Croon SG SG SEB Enskilda SG Value (US$m) 763 6,269 5,585 336 18 5,329 4,919 1,091 869 851 851 786 727 398 288 6 14,146 5,092 3,058 2,610 Deal Count 9 8 8 8 7 6 6 6 6 6 6 6 6 6 6 6 5 5 5 5
* Based on information available on mergermarket record until 31 December 2011, and search limited to Managing Directors/Partners
28
US M&A Overview
After a strong first quarter in 2011 (US$ 259bn), US M&A saw a downward trend through the rest of the year. US$ 177bn-worth of deals were announced in Q4, a 9.3% decrease since Q3 (US$ 195.1bn) and 26.7% less than the same period the previous year (US$ 241.6bn). In the global picture, however, the US fared well in Q4 and accounted for 37.7% of the value of global M&A (US$ 432bn). Despite the downward M&A trend, 2011 finished on a high note. The US saw the announcement of US$ 820.6bn-worth of deals in 2011, the highest annual total deal value since 2007 (US$ 1,328.1bn), and 14.4% higher than 2010 (US$ 717.2bn). Buyout activity in the US was also strong in 2011 with US$ 113bn-worth of deals, just over 2010s total of US$ 103.1bn.
US M&A Activity - Quarterly

500 450 400 350 300 250 200 150 100 50 0 Value (US$bn) Volume 1,300 1,200 1,100 1,000 900
700 600 500 400 300 200 100 0
US inbound cross-border deals amounted to US$ 160.7bn last year - a decrease of 6.6% compared to 2010 (US$ 172.2bn) and the second lowest level since 2005 (US$ 107.3bn). US outbound cross-border total value was US$ 216bn, the highest level since 2008 (US$ 233.9bn). The Energy, Mining & Utilities sector, which saw four of the top ten deals globally in 2011, dominated in the US too, with US$ 233.4bn-worth of deals accounting for 28.5% of total US deal value. The aggregate value of deals announced in the sector increased by 32.6% compared to 2010 (US$ 176bn). Non-traditional US M&A in the form of spin-offs saw US$ 42.7bn-worth of deals; a 306% increase compared to the previous year (US$ 10.5bn). The 12 announced spin-offs during 2011 had a higher aggregate deal value than the previous two years combined (nine deals worth US$ 21.2bn). Goldman Sachs topped the US financial advisory M&A league tables with US$ 354.1bn-worth of deals, regaining the top spot after falling behind Morgan Stanley in 2010.
US Private Equity Buyout Activity - Quarterly
220 200 180 160 Value (US$bn) Volume 280 260 240 220
US Inbound/Outbound M&A
140 130 120 110 Inbound Value ($bn) Outbound Value ($bn) Inbound Volume Outbound Volume 325 300 275 250 225 200 175 150 125 100 75 50 25 0
200
100 90 80 70 60 50 40 30 20 10 0
120 100 80 60 40 20 0
160 140 120 100 80 60 40 20 0
Volume of Deals
140
180
29
Volume of Deals
Volume of Deals
US transactions dominated the global top deals in 2011, with eight out of the ten biggest deals having US targets. Kinder Morgans US$ 37.4bn merger proposal for El Paso Corporation, announced during Q4, was the largest announced transaction of the year.
800
US M&A Overview: Industry and Geography Breakdown

Y/E 2011 Sector Energy, Mining & Utilities Industrials & Chemicals Pharma, Medical & Biotech Technology Financial Services Business Services Real Estate Consumer Telecommunications Media Leisure Defence Transport Construction Agriculture Total Value ($bn) 233.5 142.3 121.0 78.0 67.0 46.4 36.7 32.1 17.8 15.7 15.4 6.1 4.4 3.8 0.4 820.6 Market share 28.5% 17.3% 14.7% 9.5% 8.2% 5.7% 4.47% 3.9% 2.2% 1.9% 1.9% 0.7% 0.54% 0.5% 0.1% Deal count 260 620 415 542 360 468 25 331 31 109 107 23 58 85 15 3,449 Value ($bn) 177.7 70.8 91.1 60.5 110.8 60.8 11.2 59.9 33.3 4.2 15.6 5.3 10.1 5.8 0.3 717.3 Y/E 2010 Market share 24.8% 9.9% 12.7% 8.4% 15.4% 8.5% 1.56% 8.3% 4.6% 0.6% 2.2% 0.7% 1.41% 0.8% 0.04% Deal count 348 552 387 566 418 522 37 300 38 109 118 30 47 108 18 3,598 31.4% 101.0% 32.8% 29.0% -39.5% -23.7% 228.3% -46.4% -46.5% 270.2% -1.7% 16.4% -55.9% -34.7% 53.1% 14.4% change Value (%) Deal count -88 68 28 -24 -58 -54 -12 31 -7 0 -11 -7 11 -23 -3 -149
Mix of Announced Americas Deals by Geographic Region 2011 - Value
Mix of Announced Americas Deals by Geographic Region 2011 - Volume
US (North East) 18.0%
US (North East) 16.5%
Canada 7.4%
Canada 9.9%
US (West) 13.6%
US (Mid West) 14.7%
US (Mid West) 14.0%
US (West) 21.1%
US (South) 33.3%
US (South) 25.0%
30
US M&A Overview: Top Deals

Activity Table of US M&A for Y/E 2011
Announced Date 16-Oct-11 Bidder Company Kinder Morgan Inc Bidder Financial Advisor Barclays Capital; Evercore Partners Target Company El Paso Corporation Target/Seller Financial Advisor Goldman Sachs; Morgan Stanley Seller Company Deal Value (US$m) 37,439
21-Jul-11
Express Scripts Inc
Medco Health Solutions Inc
Foros ; JPMorgan; Lazard
33,430
10-Jan-11
Duke Energy Corporation
Bank of America Merrill Lynch; JPMorgan
Progress Energy Inc
Barclays Capital; Lazard
25,825
21-Sep-11
United Technologies Corporation
Goldman Sachs; JPMorgan
Goodrich Corporation
17,861
31-Jan-11
AMB Property Corporation
JPMorgan
ProLogis
Morgan Stanley
14,833
18-Jan-11
Cargill Inc (Shareholders)
Perella Weinberg Partners; UBS Investment Bank Barclays Capital; Scotia Capital
The Mosaic Company (40% Stake)
JPMorgan; Lazard; Credit Suisse
Cargill Inc
14,808
14-Jul-11
BHP Billiton Ltd
Petrohawk Energy Corporation
Goldman Sachs
14,760
13-Jan-11
Marathon Oil Corporation (Shareholders) Deutsche Boerse AG Credit Suisse; Deutsche Bank JPMorgan; Rothschild; SG
Marathon Petroleum Corporation
Morgan Stanley
Marathon Oil Corporation
14,667
15-Feb-11
NYSE Euronext
BNP Paribas; Citigroup; Goldman Sachs; Morgan Stanley; Perella Weinberg Partners
12,267
28-Apr-11
Exelon Corporation
Barclays Capital; Evercore Partners; JPMorgan; Loop Capital Markets
Constellation Energy Group Inc
Credit Suisse; Goldman Sachs; Lazard; Morgan Stanley
10,410
31
Americas: League Tables of Financial Advisers

League Table of Financial Advisers to Americas M&A: Value
Ranking Y/E 2010 2 4 1 3 7 6 5 10 9 8 12 11 14 16 13 30 53 31 25 73 Y/E 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 House Goldman Sachs JPMorgan Morgan Stanley Credit Suisse Barclays Capital Bank of America Merrill Lynch Citigroup Lazard UBS Investment Bank Deutsche Bank Evercore Partners Rothschild RBC Capital Markets Jefferies & Company Perella Weinberg Partners BTG Pactual Qatalyst Group Moelis & Company BMO Capital Markets Foros Value (US$m) 388,550 345,613 301,527 270,307 265,564 234,873 206,685 172,382 153,906 133,088 93,264 60,953 59,404 52,517 49,939 41,029 40,177 38,437 35,248 34,828 2011 Deal Count 200 154 162 137 115 154 113 94 122 92 51 76 100 101 17 38 20 43 45 5 2010 Value (US$m) 283,661 224,621 312,572 261,041 196,092 213,441 220,989 98,488 126,606 144,918 72,148 92,384 49,358 38,810 55,460 20,101 6,939 15,509 25,809 3,332 % Value Change 37.0% 53.9% -3.5% 3.5% 35.4% 10.0% -6.5% 75.0% 21.6% -8.2% 29.3% -34.0% 20.4% 35.3% -10.0% 104.1% 479.0% 147.8% 36.6% 945.3%
League Table of Financial Advisers to Americas M&A: Volume

Ranking Y/E 2010 1 2 5 4 3 6 7 10 13 11 8 9 14 12 23 27 29 21 24 31 Y/E 2011 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 Bank of America Merrill Lynch Credit Suisse UBS Investment Bank Barclays Capital Citigroup Jefferies & Company RBC Capital Markets Lazard Deutsche Bank Rothschild Houlihan Lokey Lincoln International Robert W. Baird & Co Evercore Partners PwC William Blair & Company Raymond James & Associates Value (US$m) 388,550 301,527 345,613 234,873 270,307 153,906 265,564 206,685 52,517 59,404 172,382 133,088 60,953 20,321 4,832 5,172 93,264 4,775 3,837 6,295 2011 Deal Count 200 162 154 154 137 122 115 113 101 100 94 92 76 75 57 56 51 50 49 48 2010 Deal Count 211 176 143 145 171 118 115 97 91 96 114 103 82 92 43 38 36 48 40 34 Count Change -11 -14 11 9 -34 4 0 16 10 4 -20 -11 -6 -17 14 18 15 2 9 14
32

League Table of Financial Advisers to US M&A: Value
Ranking Y/E 2010 2 3 1 6 4 5 7 10 8 9 12 14 13 18 41 25 11 57 19 40 Y/E 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 House Goldman Sachs JPMorgan Morgan Stanley Barclays Capital Credit Suisse Bank of America Merrill Lynch Citigroup Lazard Deutsche Bank UBS Investment Bank Evercore Partners Jefferies & Company Perella Weinberg Partners RBC Capital Markets Qatalyst Group Moelis & Company Rothschild Foros Centerview Partners Wells Fargo Securities Value (US$m) 354,062 326,463 271,012 246,354 237,427 212,670 187,350 158,110 124,845 122,818 93,222 50,024 49,866 43,096 40,177 38,437 35,061 34,828 34,753 29,045 2011 Deal Count 181 142 142 108 106 138 100 83 83 102 49 97 16 75 20 43 54 5 11 27 2010 Value (US$m) 263,365 201,826 276,387 185,716 191,050 188,560 157,798 97,053 140,048 102,710 67,237 37,682 53,785 26,453 6,939 14,533 71,882 3,332 25,991 7,161 % Value Change 34.4% 61.8% -1.9% 32.7% 24.3% 12.8% 18.7% 62.9% -10.9% 19.6% 38.6% 32.8% -7.3% 62.9% 479.0% 164.5% -51.2% 945.3% 33.7% 305.6%
League Table of Financial Advisers to US M&A: Volume

Ranking Y/E 2010 1 5 2 4 6 3 7 12 11 8 9 14 10 23 18 13 24 22 17 28 Y/E 2011 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 Bank of America Merrill Lynch Barclays Capital Credit Suisse UBS Investment Bank Citigroup Jefferies & Company Lazard Deutsche Bank RBC Capital Markets Houlihan Lokey Robert W. Baird & Co Lincoln International Rothschild Evercore Partners William Blair & Company Moelis & Company Raymond James & Associates Value (US$m) 354,062 326,463 271,012 212,670 246,354 237,427 122,818 187,350 50,024 158,110 124,845 43,096 19,828 5,172 4,312 35,061 93,222 3,784 38,437 5,358 2011 Deal Count 181 142 142 138 108 106 102 100 97 83 83 75 74 56 56 54 49 47 43 43 2010 Deal Count 189 125 156 130 110 140 106 82 88 103 94 63 92 38 43 63 34 39 45 28 Count Change -8 17 -14 8 -2 -34 -4 18 9 -20 -11 12 -18 18 13 -9 15 8 -2 15
33

League Table of Financial Advisers to US Buyouts*: Value
Ranking Y/E 2010 1 10 6 3 13 2 5 22 7 9 39 20 12 19 4 Y/E 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 House Barclays Capital Citigroup Deutsche Bank Credit Suisse RBC Capital Markets Bank of America Merrill Lynch Morgan Stanley Wells Fargo Securities UBS Investment Bank Goldman Sachs BMO Capital Markets Jefferies & Company Evercore Partners Tudor, Pickering, Holt & Co JPMorgan Value (US$m) 34,669 22,320 21,329 19,742 19,028 18,113 16,144 15,102 11,714 7,856 7,301 7,145 5,950 5,400 3,403 2011 Deal Count 15 10 7 13 17 7 10 3 7 8 3 10 3 1 2 2010 Value (US$m) 27,548 4,769 8,391 20,970 2,016 21,016 14,431 410 6,479 5,064 598 3,940 725 19,544 % Value Change 25.8% 368.0% 154.2% -5.9% 843.8% -13.8% 11.9% 3,583% 80.8% 55.1% 1,095% 51.0% 644.8% -82.6%
League Table of Financial Advisers to US Buyouts*: Volume

Ranking Y/E 2010 11 1 3 8 6 17 4 7 2 9 12 14 51 13 Y/E 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name RBC Capital Markets Barclays Capital Credit Suisse Citigroup Morgan Stanley Jefferies & Company Goldman Sachs Deutsche Bank Bank of America Merrill Lynch UBS Investment Bank Moelis & Company Macquarie Group Lincoln International Houlihan Lokey Ernst & Young Value (US$m) 19,028 34,669 19,742 22,320 16,144 7,145 7,856 21,329 18,113 11,714 2,399 2,456 180 1,507 305 2011 Deal Count 17 15 13 10 10 10 8 7 7 7 7 5 5 4 4 2010 Deal Count 3 21 14 7 8 2 9 8 14 4 3 3 1 3 Count Change 14 -6 -1 3 2 8 -1 -1 -7 3 4 2 4 1 -
34

Financial Advisers to Canadian M&A: Value
Ranking Y/E 2010
6 4 8 5 1 10 3 2 12 11 9 7 17 38 16
Financial Advisers to Canadian M&A: Volume

32 39 15 21 12 18 14 9 21 15 12 11 24 6 6

15.2% -6.7% 18.9% -19.2% -28.7% 12.2% -40.7% -44.2% 27.4% -38.1% -46.7% -59.0% 3.2% 400.4% -16.6%
2011 Company Name

RBC Capital Markets BMO Capital Markets National Bank Financial TD Securities GMP Securities Bank of America Merrill Lynch CIBC World Markets Scotia Capital Macquarie Group Canaccord Genuity KPMG Goldman Sachs Morgan Stanley UBS Investment Bank Citigroup
2010 Deal Count

39 32 24 21 21 18 15 15 15 15 15 14 12 12 11
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
House
BMO Capital Markets RBC Capital Markets CIBC World Markets TD Securities Inc Morgan Stanley Bank of America Merrill Lynch Goldman Sachs JPMorgan GMP Securities Scotia Capital UBS Investment Bank Citigroup National Bank Financial Lazard Barclays Capital
Value (US$m)
27,481 27,071 23,791 23,218 22,069 18,470 17,355 16,997 14,110 9,871 9,045 8,668 8,148 6,945 6,723
Value (US$m)
23,864 29,019 20,008 28,721 30,934 16,469 29,284 30,477 11,074 15,946 16,967 21,160 7,896 1,388 8,059
Y/E 2010
2 6 5 1 4 14 3 10 12 7 19 8 9 11 21
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
27,071 27,481 8,148 23,218 14,110 18,470 23,791 9,871 6,710 6,051 225 17,355 22,069 9,045 8,668
Deal Count
44 25 28 47 28 14 35 20 15 24 12 23 22 15 10
Count Change
-5 7 -4 -26 -7 4 -20 -5 0 -9 3 -9 -10 -3 1
Financial Advisers to Central & South American M&A: Value

Ranking Y/E 2010
6 1 7 8 14 10 20 2 9 5 4 21 3 13 24
Financial Advisers to Central & South American M&A: Volume

2010 Deal Count
38 33 32 23 14 13 20 19 11 17 9 6 14 5 6
2011 House
BTG Pactual Credit Suisse Banco Itau BBA Goldman Sachs UBS Investment Bank Rothschild Banco Bradesco BBI Citigroup JPMorgan Morgan Stanley Bank of America Merrill Lynch Barclays Capital Santander Global Banking and Markets Caixa Banco de Investimento HSBC

107.8% -61.1% 117.5% 116.1% 122.3% 67.7% 205.6% -66.2% 36.2% -26.9% -41.4% 147.4% -69.0% -6.3% 159.2% 11 6 13 5 12 13 14 15
2011 Company Name

BTG Pactual Credit Suisse Banco Itau BBA Goldman Sachs Banco Bradesco BBI Citigroup BR Partners Morgan Stanley PwC UBS Investment Bank Santander Global Banking and Markets Rothschild JPMorgan Banco Espirito Santo de Investimento Bank of America Merrill Lynch
2010 Deal Count

38 33 32 23 20 19 18 17 15 14 14 13 11 11 9
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
41,029 29,696 28,704 27,435 23,942 20,933 19,138 18,276 17,141 16,602 15,107 14,880 14,170 10,343 9,025
Value (US$m)
19,748 76,272 13,199 12,694 10,768 12,483 6,263 53,999 12,585 22,714 25,778 6,015 45,681 11,038 3,482
Y/E 2010
1 2 4 7 23 9 10 8 19 15 3
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11
Value (US$m)
41,029 29,696 28,704 27,435 19,138 18,276 971 16,602 1,252 23,942 14,170 20,933 17,141 7,292 15,107
Deal Count
37 35 20 16 5 14 13 15 7 8 22 12 17 9 18
Count Change
1 -2 12 7 15 5 5 2 8 6 -8 1 -6 2 -9
35

Financial Advisers to US (North East) M&A: Value
Ranking Y/E 2010
5 7 2 4 1 3 6 11 8 10 44 22 9 14 17
Financial Advisers to US (North East) M&A: Volume

62 77 94 56 84 66 59 32 45 54 3 27 23 11 49

44.5% 64.0% -19.0% 8.6% -34.1% -34.8% -18.1% 65.6% -2.3% 6.9% 975.4% 145.3% -57.0% -15.7% -11.3%
2011 Company Name

Goldman Sachs Morgan Stanley JPMorgan Bank of America Merrill Lynch Credit Suisse Barclays Capital Citigroup UBS Investment Bank Jefferies & Company Deutsche Bank Houlihan Lokey Lazard Moelis & Company Robert W. Baird & Co RBC Capital Markets
2010 Deal Count

94 84 77 66 62 59 56 54 49 45 34 32 27 26 25
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
House
Credit Suisse JPMorgan Goldman Sachs Citigroup Morgan Stanley Bank of America Merrill Lynch Barclays Capital Lazard Deutsche Bank UBS Investment Bank Foros Moelis & Company Rothschild BNP Paribas Jefferies & Company
Value (US$m)
150,119 140,962 131,574 113,219 111,426 88,230 82,387 66,231 61,749 49,957 33,972 30,928 25,453 19,570 18,203
Value (US$m)
103,901 85,932 162,340 104,221 169,130 135,344 100,548 39,988 63,175 46,732 3,159 12,606 59,206 23,217 20,525
Y/E 2010
1 2 7 4 3 8 10 5 11 9 12 6 15 22 16
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
131,574 111,426 140,962 88,230 150,119 82,387 113,219 49,957 18,203 61,749 8,194 66,231 30,928 2,400 17,054
Deal Count
112 89 59 72 74 58 47 63 46 50 36 62 27 19 24
Count Change
-18 -5 18 -6 -12 1 9 -9 3 -5 -2 -30 0 7 1
Financial Advisers to US (Mid-West) M&A: Value

Ranking Y/E 2010
2 11 4 8 1 3 6 7 5 31 16 13 -
Financial Advisers to US (Mid-West) M&A: Volume

38 33 24 25 32 28 38 24 27 2 11 4 2 1 1

101.2% 570.4% 107.7% 107.7% -11.7% -0.3% 38.3% 35.3% 2.7% 1,324.8% 145.4% 70.4% -
2011 Company Name

JPMorgan Bank of America Merrill Lynch Lazard Goldman Sachs Robert W. Baird & Co Lincoln International Morgan Stanley UBS Investment Bank Jefferies & Company William Blair & Company Citigroup Credit Suisse Barclays Capital Houlihan Lokey RBC Capital Markets
2010 Deal Count

38 38 33 32 30 30 28 27 27 27 25 24 24 20 20
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
House
JPMorgan Lazard Credit Suisse Citigroup Goldman Sachs Morgan Stanley Bank of America Merrill Lynch Barclays Capital UBS Investment Bank Foros Evercore Partners Centerview Partners Perella Weinberg Partners Loop Capital Markets Qatalyst Group
Value (US$m)
107,032 89,505 80,393 60,837 55,791 52,555 46,419 42,868 39,195 33,642 25,661 17,997 14,554 10,410 8,950
Value (US$m)
53,201 13,351 38,698 29,297 63,183 52,698 33,559 31,678 38,175 1,801 7,333 8,541 -
Y/E 2010
5 3 10 1 17 14 2 6 16 11 13 7 4 8 19
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
107,032 46,419 89,505 55,791 3,818 1,272 52,555 39,195 7,944 1,986 60,837 80,393 42,868 7,119 6,023
Deal Count
32 38 23 44 18 20 38 32 19 23 21 31 33 28 11
Count Change
6 0 10 -12 12 10 -10 -5 8 4 4 -7 -9 -8 9
36

Financial Advisers to US (South) M&A: Value
Ranking Y/E 2010
5 4 1 6 3 7 2 13 8 9 11 18 21 19 14
Financial Advisers to US (South) M&A: Volume

83 51 50 53 63 41 41 26 33 31 43 40 5 39 20

80.3% 42.4% -5.3% 33.7% -9.5% -5.8% -36.3% 126.7% -24.9% -18.0% 27.7% 89.2% 142.2% 15.2% -19.6%
2011 Company Name

Goldman Sachs Bank of America Merrill Lynch JPMorgan Barclays Capital Morgan Stanley UBS Investment Bank Credit Suisse Citigroup Jefferies & Company RBC Capital Markets Deutsche Bank Lazard Houlihan Lokey Evercore Partners Raymond James & Associates
2010 Deal Count

83 63 53 51 50 43 41 41 40 39 33 31 28 26 26
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
House
Goldman Sachs Barclays Capital Morgan Stanley JPMorgan Bank of America Merrill Lynch Credit Suisse Citigroup Evercore Partners Deutsche Bank Lazard UBS Investment Bank Jefferies & Company Scotia Capital RBC Capital Markets Tudor, Pickering, Holt & Co
Value (US$m)
197,862 156,689 145,419 128,381 103,458 86,044 73,684 69,392 57,884 47,667 47,507 32,197 21,457 18,519 18,201
Value (US$m)
109,724 110,029 153,485 96,036 114,310 91,318 115,589 30,612 77,067 58,104 37,210 17,016 8,860 16,070 22,638
Y/E 2010
1 4 5 6 3 10 2 9 11 12 13 8 7 19 22
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
197,862 103,458 128,381 156,689 145,419 47,507 86,044 73,684 32,197 18,519 57,884 47,667 4,744 69,392 2,596
Deal Count
72 50 49 47 55 36 56 37 35 35 31 40 43 16 15
Count Change
11 13 4 4 -5 7 -15 4 5 4 2 -9 -15 10 11
Financial Advisers to US (West) M&A: Value

Ranking Y/E 2010
1 5 2 3 7 17 6 4 12 15 14 10 24 8 16
Financial Advisers to US (West) M&A: Volume

50 43 37 26 34 17 31 28 22 4 17 28 29 5 18

31.5% 74.1% 22.5% 8.3% 66.8% 632.2% -15.9% -42.3% 87.0% 171.6% 161.1% -16.8% 723.3% -52.6% 19.1%
2011 Company Name

Morgan Stanley Goldman Sachs JPMorgan Bank of America Merrill Lynch Lazard Houlihan Lokey RBC Capital Markets Jefferies & Company Deutsche Bank Credit Suisse Barclays Capital UBS Investment Bank Lincoln International Evercore Partners Moelis & Company
2010 Deal Count

50 43 37 34 31 31 29 29 28 28 26 22 20 19 18
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
House
Morgan Stanley Goldman Sachs JPMorgan Barclays Capital Bank of America Merrill Lynch Qatalyst Group Lazard Deutsche Bank UBS Investment Bank Centerview Partners Citigroup Credit Suisse RBC Capital Markets Perella Weinberg Partners Moelis & Company
Value (US$m)
82,846 81,828 66,346 53,408 48,838 39,296 28,634 27,262 22,850 20,367 19,958 18,439 17,932 13,040 8,849
Value (US$m)
62,988 47,014 54,151 49,311 29,273 5,367 34,042 47,226 12,221 7,499 7,644 22,150 2,178 27,488 7,429
Y/E 2010
3 1 6 4 8 5 15 2 10 7 9 12 17 32 11
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
82,846 81,828 66,346 48,838 28,634 7,978 17,932 8,236 27,262 18,439 53,408 22,850 1,024 6,040 8,849
Deal Count
39 53 36 39 30 38 15 40 23 33 27 19 14 8 23
Count Change
11 -10 1 -5 1 -7 14 -11 5 -5 -1 3 6 11 -5
37
Americas: Individuals Activity Tables

Financial Advisors Individual Ranking to Americas M&A: Value
Y/E 2011 1 2 3= 3= 5 6= 6= 8 9 10 11= 11= 11= 11= 11= 16 17 18 19= 19= Individual Name Boon Sim Mark Shafir Raymond Strong Robert Pacha Steve Munger Lee Jacobe Paul Bjorneby Barry Blake Christopher Hite Raymond Cooper Kenneth Jacobs David Gluckman James Woolery Ravi Sachdev Stuart Smith Chris Ventresca Michael Macakanja George Bilicic Chris Gallea Michael Carr Company Name Credit Suisse Citigroup Evercore Partners Evercore Partners Morgan Stanley Barclays Capital Barclays Capital Citigroup Citigroup Citigroup Lazard Lazard JPMorgan JPMorgan Credit Suisse JPMorgan JPMorgan Lazard JPMorgan Goldman Sachs Value (US$m) 58,952 51,291 46,476 46,476 44,823 37,439 37,439 35,277 34,600 33,830 33,430 33,430 33,430 33,430 33,430 30,542 29,789 25,825 25,272 25,272 Deal Count 3 2 2 2 2 1 1 4 3 2 1 1 1 1 1 5 4 1 2 2
Financial Advisors Individual Ranking to Americas M&A: Volume

Y/E 2011 1 2 3= 3= 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Individual Name Alessandro Farkuh Jeff Raich Tim Kingston Pedro Garcia de Souza John Momtazee Glenn Gurtcheff Chris Ventresca Anton Sahazizian Evan Winkler Navid Mahmoodzadegan Brian McDonagh Ira Wolfson Felipe Bittencourt Robert Ennis Barry Blake Michael Macakanja Luiz Muniz Anu Aiyengar George Boutros Kenneth Moelis Company Name Banco Bradesco BBI Moelis & Company Goldman Sachs Banco Itau BBA Moelis & Company Harris Williams & Co JPMorgan Moelis & Company Moelis & Company Moelis & Company Robert W. Baird & Co Rothschild Vinci Partners Petsky Prunier Citigroup JPMorgan Rothschild JPMorgan Qatalyst Group Moelis & Company Value (US$m) 18,068 5,918 4,988 4,988 4,674 187 30,542 11,125 4,913 4,194 1,040 864 292 40 35,277 29,789 18,916 17,148 16,012 6,599 Deal Count 17 9 7 7 7 7 5 5 5 5 5 5 5 5 4 4 4 4 4 4
38
Asia-Pacific (ex. Japan) M&A Overview

After signs of recovery in the third quarter, M&A in Asia-Pacific (excluding Japan) reverted at the end of the year to the overall downward trend for the year seen across the globe. The last quarter saw the announcement in the region of 427 deals worth US$ 68bn, the lowest quarterly total since Q3 2009 (US$ 65.4bn). Usually the busiest quarter of the year for M&A in the Asia-Pacific region, this quarter was the lowest Q4 since 2005 (US$39.5bn), and showed a decrease of 31.9% in deal value compared to the previous quarter (US$ 99.9bn). After seeing the highest total annual deal value for the region the previous year, the 2011 total was dragged down by the poor fourth quarter. With US$ 336bn-worth of deals, the total value of M&A in 2011 was 10.8% below 2010s total (US$ 376.9bn). It was the fourth busiest year on mergermarket record (since 2001).
Asia-Pacific M&A Activity - Quarterly (excluding Japan)

170 160 150 140 130 120 110 100 90 80 70 60 50 40 30 20 10 0 Value (US$bn) Volume 700 650 600 550 500
Activity went down in almost all the major countries in the region, with India seeing a 43.9% drop in deal value from US$ 51.8bn in 2010 to US$ 29.1bn in 2011, Malaysia seeing a 31.3% drop from US$ 22.1bn to US$ 15.2bn, South Korea seeing a 14.3% drop to US$ 34.4bn, and Australia seeing a 12.6% drop to US$79.3bn. China was the notable exception with an increase of 8% compared to 2010, from US$ 95.4bn to US$ 103bn. Asia-Pacific (excluding Japan) inbound cross-border deals added up to US$ 93.9bn in 2011, an 11.3% increase compared to 2010 (US$ 84.4bn) and the highest level on mergermarket record (since 2001). Outbound crossborder total deal value was US$ 113.6bn, a 16.7% increase since 2010 (US$ 97.4bn) and the highest total since 2007 (US$ 124.5bn). Goldman Sachs was involved in five of the years ten largest deals in the region and dominates the financial advisor league table for Asia-Pacific (excluding Japan) M&A by deal value in 2011. All firms in the top ten ranking are companies from outside the region, with Macquarie Group, ranked 13th, the highest ranking Asia-Pacific-based firm.
400 350 300 250 200 150 100 50 0
Asia-Pacific Private Equity Buyout Activity - Quarterly (excluding Japan)

20 18 16 14 Value (US$bn) Volume 75 70 65 60
60 55 50 45 Inbound Value ($bn) Outbound Value ($bn) Inbound Volume Outbound Volume
Asia-Pacific (excl. Japan) Inbound/Outbound M&A

175
150
55 50 45 40 35 30 25 20 15 10 5 0
125
12 10 8 6 4 2 0
Volume of Deals
35 30 25 20 15 10 5 0
100
75
50
25
39
Volume of Deals
40
Volume of Deals
450
Asia-Pacific M&A Overview: Industry and Geography Breakdown

Y/E 2011 Sector Media Construction Business Services Industrials & Chemicals Real Estate Telecommunications Consumer Agriculture Financial Services Defence Transport Leisure Pharma, Medical & Biotech Energy, Mining & Utilities Technology Total Value ($bn) 67.2 53.0 51.3 50.9 19.9 13.0 12.9 11.7 11.2 11.1 10.9 10.5 8.1 4.4 0.0 336.1 market share 20.0% 15.8% 15.3% 15.1% 5.9% 3.9% 3.8% 3.5% 3.3% 3.3% 3.2% 3.1% 2.4% 1.3% 0.0% Deal count 230 174 428 261 212 60 87 25 195 78 89 129 51 33 1 2,053 Value ($bn) 93.3 57.7 45.4 33.8 8.3 7.4 19.6 25.9 14.0 27.10 3.8 18.8 15.7 6.0 0.0 376.9 Y/E 2010 market share 24.7% 15.3% 12.0% 9.0% 2.2% 2.0% 5.2% 6.9% 3.7% 7.19% 1.0% 5.0% 4.2% 1.6% 0.0% Deal count 274 193 449 245 179 67 105 43 196 103 61 144 100 50 2 2,211 -28.0% -8.1% 13.0% 50.7% 138.6% 76.5% -34.4% -54.7% -20.1% -59.2% 182.7% -44.2% -48.4% -26.4% -100.0% -10.8% Change Value (%) Deal count -44 -19 -21 16 33 -7 -18 -18 -1 -25 28 -15 -49 -17 -1 -158
Mix of Announced Asia-Pacific Deals by Geographic Region 2011 - Value
Mix of Announced Asia-Pacific Deals by Geographic Region 2011 - Volume

Other 10.0% China 24.0%
Thailand 2.2% Singapore 2.9% Malaysia 3.7% Hong Kong 5.2%
Other 8.3% China 25.5%
Thailand 1.7% Singapore 4.0% Malaysia 3.3% Hong Kong 4.6%
India 7.2% India 10.1%
South Korea 8.5%
Australia 16.7% Australia 19.6%
South Korea 11.0% Japan 14.6%
Japan 16.9%
40
Asia-Pacific M&A Overview: Top Deals

Activity Table of Asia-Pacific (ex. Japan) M&A for Y/E 2011
Announced Date 17-Aug-11 Bidder Company SABMiller Plc Bidder Financial Advisor JPMorgan; Moelis & Company; Morgan Stanley; Royal Bank of Scotland Group Target Company Foster's Group Limited Target/Seller Financial Advisor Goldman Sachs; Grant Samuel; Gresham Advisory Partners Bank of America Merrill Lynch Bank of America Corporation Seller Company Deal Value (US$m) 12,925
29-Aug-11
Temasek Holdings Pte Ltd; Government of Singapore Investment Corporation Pte Ltd; and CITIC Securities Co Ltd BP Plc Morgan Stanley
China Construction Bank Corporation (5.44% Stake)
8,288
21-Feb-11
Reliance Industries Limited (23 oil and gas production sharing contracts) (30% Stake) China Construction Bank Corporation (4.14% Stake)
Goldman Sachs
Reliance Industries Limited
7,200
14-Nov-11
Temasek Holdings Pte Ltd; and China Investment Corporation
Bank of America Merrill Lynch
Bank of America Corporation
6,600
15-Feb-11
Shinsegae Co Ltd (Shareholders)
Citigroup
E-Mart
Samsung Securities Co
Shinsegae Co Ltd
6,222
25-Feb-11
PTT Chemical Public Company Limited
Kasikorn Securities Pcl; Kim Eng Securities; UBS Investment Bank
PTT Aromatics and Refining Public Company Ltd
Trinity Securities Group
5,704
01-Jul-11 08-Mar-11
Vodafone Group Plc Hyundai Motor Corporation; Hyundai Mobils Ltd; and Kia Motors Corporation
Goldman Sachs; UBS Investment Bank Goldman Sachs; HMC Investment Securities Co
Vodafone Essar Limited (33% Stake) Hyundai Engineering & Construction Co (34.88% Stake)
Citigroup; JPMorgan; Morgan Stanley Bank of America Merrill Lynch; Korea Development Bank; Woori Investment & Securities Co
Essar Group Hyundai Securities; Hana Bank; Korea Exchange Bank ; Kookmin Bank; Citibank Korea Inc; Woori Bank; National Agricultural Cooperative Federation; Shinhan Bank; and Korea Finance Corporation Shanghai Automotive Industry Corporation (Group)
5,460 4,443
06-Apr-11
SAIC Motor Corporation Limited
Guotai Junan Securities Co
SAIC Group (independent auto components assets); SAIC Group (auto service and trading business); and SAIC Group (new energy auto business) Seven Media Group Goldman Sachs; JPMorgan
4,365
21-Feb-11
West Australian Newspapers Holdings Limited
Ernst & Young; OSullivan Partners
Kohlberg Kravis Roberts & Co; and Seven Group Holdings Limited
4,123
41
Asia-Pacific M&A Overview: League Tables of Financial Advisers

League Table of Financial Advisers to Asia-Pacific (ex. Japan) M&A: Value
Ranking Y/E 2010 3 9 1 2 8 17 10 4 5 15 128 14 6 22 13 20 48 21 37 122 Y/E 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 House Goldman Sachs JPMorgan UBS Investment Bank Morgan Stanley Bank of America Merrill Lynch Citigroup Barclays Capital Credit Suisse Deutsche Bank Royal Bank of Scotland Group Moelis & Company HSBC Macquarie Group Scotia Capital Grant Samuel Lazard Gresham Advisory Partners Nomura Holdings RBC Capital Markets Flagstaff Partners Value (US$m) 95,005 62,928 61,768 59,278 53,224 48,530 42,326 39,071 33,217 26,109 24,990 24,475 24,172 23,078 21,439 21,003 18,006 14,683 14,065 13,860 2011 Deal Count 67 38 67 46 37 42 20 45 37 18 7 29 46 6 9 18 14 26 9 8 2010 Value (US$m) 62,920 41,793 65,673 64,111 42,662 25,979 39,330 61,731 51,984 26,794 511 28,121 46,882 12,573 28,184 21,903 3,542 15,891 5,456 590 % Value Change 51.0% 50.6% -5.9% -7.5% 24.8% 86.8% 7.6% -36.7% -36.1% -2.6% 4,790.4% -13.0% -48.4% 83.6% -23.9% -4.1% 408.4% -7.6% 157.8% 2,249.2%
League Table of Financial Advisers to Asia-Pacific (ex. Japan) M&A: Volume

Ranking Y/E 2010 2 6 1 3 4 11 5 8 7 15 12 13 14 10 17 9 20 33 25 42 Y/E 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Goldman Sachs UBS Investment Bank Ernst & Young KPMG PwC Deloitte Morgan Stanley Macquarie Group Credit Suisse Citigroup CIMB Group JPMorgan Bank of America Merrill Lynch Deutsche Bank HSBC Rothschild Nomura Holdings OSK Investment Bank Barclays Capital DBS Bank Value (US$m) 95,005 61,768 8,526 5,696 4,002 8,411 59,278 24,172 39,071 48,530 11,651 62,928 53,224 33,217 24,475 12,318 14,683 4,735 42,326 2,889 2011 Deal Count 67 67 56 55 51 50 46 46 45 42 41 38 37 37 29 27 26 24 20 19 2010 Deal Count 65 55 69 61 59 46 58 52 52 27 40 39 28 49 23 52 20 12 17 9 Count Change 2 12 -13 -6 -8 4 -12 -6 -7 15 1 -1 9 -12 6 -25 6 12 3 10
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League Table of Financial Advisers to Asia-Pacific (ex. Japan) Buyouts*: Value
Ranking Y/E 2010 18 10 1 13 6 8 12 7 11 26 Y/E 2011 1 2 3 4 5= 5= 7 8 9 10 11 12 13 14 15 House Citigroup Flagstaff Partners CIMB Group Nomura Holdings Maybank Investment Bank OSK Investment Bank Macquarie Group Morgan Stanley Barclays Capital Goldman Sachs Bravia Capital Hong Kong Ernst & Young UBS Investment Bank Standard Chartered JPMorgan Value (US$m) 3,141 2,658 2,018 1,998 1,930 1,930 1,906 1,643 1,393 1,368 1,049 894 758 755 702 2011 Deal Count 3 1 2 3 1 1 4 2 2 4 1 1 3 2 1 2010 Value (US$m) 261 777 4,601 516 2,350 1,604 539 2,350 777 80 % Value Change 1,103.4% 159.7% -58.6% 218.4% -40.7% -14.7% 65.9% -67.7% -2.8% 777.5%
League Table of Financial Advisers to Asia-Pacific (ex. Japan) Buyouts*: Volume

Ranking Y/E 2010 4 3 26 20 14 1 16 6 13 17 9 2 31 10 Y/E 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Macquarie Group Goldman Sachs DBS Bank Citigroup Nomura Holdings UBS Investment Bank KPMG CIMB Group Morgan Stanley Barclays Capital Standard Chartered Deloitte Credit Suisse PwC HSBC Value (US$m) 1,906 1,368 442 3,141 1,998 758 104 2,018 1,643 1,393 755 497 409 234 223 2011 Deal Count 4 4 4 3 3 3 3 2 2 2 2 2 2 2 2 2010 Deal Count 3 4 1 1 1 9 1 3 1 1 2 4 1 2 Count Change 1 0 3 2 2 -6 1 -1 1 1 0 -2 1 0
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Financial Advisers to Asia (ex. Japan) M&A: Value
Ranking Y/E 2010
2 11 16 1 5 3 4 15 10 7 8 14 43 13 61
Financial Advisers to Asia (ex. Japan) M&A: Volume

34 26 36 37 43 34 25 26 28 12 15 13 5 41 10

5.9% 75.4% 108.8% -24.7% 2.6% -35.9% -25.2% 14.5% -24.9% -64.3% -63.5% -46.1% 286.8% -49.7% 494.7%
2011 Company Name

UBS Investment Bank CIMB Group Morgan Stanley Citigroup Ernst & Young Goldman Sachs Credit Suisse KPMG PwC Deutsche Bank Deloitte Bank of America Merrill Lynch HSBC JPMorgan OSK Investment Bank
2010 Deal Count

43 41 37 36 36 34 34 34 31 28 28 26 26 25 24
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
House
Goldman Sachs Bank of America Merrill Lynch Citigroup Morgan Stanley UBS Investment Bank Credit Suisse JPMorgan HSBC Deutsche Bank
China International Capital Corporation
Value (US$m)
46,858 46,376 42,736 41,192 37,069 27,526 27,238 24,029 22,550 12,686 12,643 12,265 12,054 11,661 11,145
Value (US$m)
44,244 26,437 20,468 54,726 36,136 42,963 36,417 20,987 30,044 35,560 34,609 22,757 3,116 23,166 1,874
Y/E 2010
9 4 2 15 1 8 5 7 3 10 11 19 16 12 30
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
37,069 11,661 41,192 42,736 2,380 46,858 27,526 4,226 2,357 22,550 4,445 46,376 24,029 27,238 4,714
Deal Count
35 40 48 22 52 37 39 39 47 35 31 18 21 28 12
Count Change
8 1 -11 14 -16 -3 -5 -5 -16 -7 -3 8 5 -3 12
Barclays Capital Royal Bank of Scotland Group RBC Capital Markets CIMB Group Korea Development Bank
Financial Advisers to Greater China M&A: Value

Ranking Y/E 2010
15 13 3 16 2 5 8 4 1 99 24 7 10 14 6
Financial Advisers to Greater China M&A: Volume

12 29 20 19 17 16 17 17 12 4 10 15 8 9 8

341.9% 234.5% 17.9% 239.7% -11.4% 18.7% 49.8% -8.4% -64.3% 5,037.9% 215.0% -33.7% -13.7% 13.8% -51.4%
2011 Company Name

UBS Investment Bank Goldman Sachs Citigroup Deutsche Bank JPMorgan Credit Suisse Morgan Stanley CITIC Securities Co CIMB Group Somerley Limited Bank of America Merrill Lynch
2010 Deal Count

29 20 19 17 17 17 16 15 14 14 12 12 11 10 10
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
House
Bank of America Merrill Lynch UBS Investment Bank Goldman Sachs Citigroup Deutsche Bank Morgan Stanley JPMorgan Credit Suisse
Value (US$m)
25,554 22,194 18,659 18,165 17,411 16,526 16,444 12,918 12,686 10,841 9,153 8,327 8,050 6,775 6,607
Value (US$m)
5,783 6,635 15,829 5,348 19,656 13,920 10,975 14,097 35,560 211 2,906 12,555 9,323 5,952 13,586
Y/E 2010
9 5 14 2 12 6 4 8 11 13 23 1 7 28 18
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
22,194 18,659 18,165 17,411 16,444 12,918 16,526 8,327 1,970 1,497 25,554 12,686 1,515 9,153 5,030
Deal Count
13 16 9 20 10 15 18 13 11 10 6 22 15 5 8
Count Change
16 4 10 -3 7 2 -2 2 3 4 6 -10 -4 5 2
RBC Capital Markets HSBC CITIC Securities Co Barclays Capital Rothschild BNP Paribas
PwC HSBC Nomura Holdings
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Financial Advisers to Australasian M&A: Value
Ranking Y/E 2010
6 12 19 2 89 3 11 22 1 7 21 42 4 8
Financial Advisers to Australasian M&A: Volume

35 14 6 33 5 9 2 10 14 34 7 6 8 11 11

138.9% 365.3% 534.3% -25.7% 36,962% -23.9% 95.0% 408.4% -58.0% -21.2% 251.0% 2,249.2% -50.7% -40.7%
2011 Company Name

Goldman Sachs Macquarie Group UBS Investment Bank Deloitte PwC Ernst & Young KPMG JPMorgan Gresham Advisory Partners Bank of America Merrill Lynch Deutsche Bank Credit Suisse Morgan Stanley Rothschild BDO
2010 Deal Count

35 34 33 28 23 22 22 14 14 13 11 11 10 10 10
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
House
Goldman Sachs JPMorgan Barclays Capital UBS Investment Bank Moelis & Company Grant Samuel Scotia Capital Morgan Stanley Gresham Advisory Partners Macquarie Group Lazard Royal Bank of Scotland Group Flagstaff Partners Deutsche Bank Credit Suisse
Value (US$m)
50,377 36,000 29,943 29,095 22,608 21,439 19,510 18,543 18,006 16,695 15,444 14,171 13,860 11,960 11,545
Value (US$m)
21,089 7,737 4,721 39,133 61 28,184 9,509 3,542 39,712 19,604 4,037 590 24,258 19,477
Y/E 2010
2 1 3 5 12 6 4 11 24 14 7 8 15 9 16
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
50,377 16,695 29,095 7,568 1,825 6,752 1,633 36,000 18,006 7,589 11,960 11,545 18,543 5,061 818
Deal Count
33 36 28 21 12 21 24 12 5 11 19 15 11 15 10
Count Change
2 -2 5 7 11 1 -2 2 9 2 -8 -4 -1 -5 0
Financial Advisers to Japanese M&A: Value

Ranking Y/E 2010
8 6 7 1 13 4 15 2 3 21 5 9 16 12
Financial Advisers to Japanese M&A: Volume

18 16 14 82 40 29 31 11 34 12 9 8 2 9 5

495.7% 356.2% 334.9% -12.7% 826.8% 103.2% 764.1% 28.6% 40.5% 1,593.0% -16.5% 19.7% 101.2% 41.2%
2011 Company Name

Nomura Holdings Mizuho Financial Group Daiwa Securities Group Sumitomo Mitsui Financial Group Morgan Stanley KPMG Deloitte GCA Savvian Group Corporation Goldman Sachs Bank of America Merrill Lynch Ernst & Young PwC Deutsche Bank Credit Suisse JPMorgan
2010 Deal Count

82 40 34 31 29 23 22 21 18 16 16 16 14 12 11
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
House
Goldman Sachs Bank of America Merrill Lynch Deutsche Bank Nomura Holdings Mizuho Financial Group Morgan Stanley Sumitomo Mitsui Financial Group JPMorgan Daiwa Securities Group Credit Suisse UBS Investment Bank Citigroup Jefferies & Company Lazard Barclays Capital
Value (US$m)
58,602 49,378 46,014 42,896 40,297 34,235 33,439 31,093 27,928 25,344 11,333 9,671 7,200 6,849 6,627
Value (US$m)
9,837 10,823 10,580 49,162 4,348 16,848 3,870 24,180 19,871 1,497 13,572 8,076 3,404 4,692
Y/E 2010
1 2 4 5 3 10 7 8 9 15 14 6 12 17 11
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
42,896 40,297 27,928 33,439 34,235 3,688 2,815 4,855 58,602 49,378 2,316 1,888 46,014 25,344 31,093
Deal Count
67 38 31 31 35 13 19 18 14 8 10 21 10 6 11
Count Change
15 2 3 0 -6 10 3 3 4 8 6 -5 4 6 0
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Financial Advisers to Indian M&A: Value
Ranking Y/E 2010
2 8 5 6 14 7 4 50 20 9 19 23 41 11 33
Financial Advisers to Indian M&A: Volume

8 3 5 7 2 5 3 13 5 4 2 2 4 3 2 2

-42.0% 9.7% -57.7% -44.0% -38.6% -77.3% -88.0% 1,490.6% -29.7% -83.4% -52.2% -25.6% 241.4% -89.0% 70.6%
2011 Company Name

Ernst & Young Avendus Capital KPMG Morgan Stanley PwC Citigroup Yes Bank o3 Capital Advisors Singhi Advisors Enam Securities BMR Advisors Translink Veda Corporate Advisors ICICI Bank Mape Advisory Group
2010 Deal Count

14 13 9 8 8 7 7 7 7 6 6 6 6 6 6
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15= 15=
House
Morgan Stanley Goldman Sachs UBS Investment Bank Citigroup JPMorgan HSBC Standard Chartered Avendus Capital Nomura Holdings Bank of America Merrill Lynch Royal Bank of Scotland Group ANZ Bank Kotak Investment Banking Ambit Corporate Finance Credit Suisse Jefferies & Company
Value (US$m)
14,533 12,862 7,455 7,305 6,335 2,754 2,736 2,036 1,996 1,933 1,654 1,325 1,309 1,287 1,213 1,213
Value (US$m)
25,059 11,721 17,639 13,050 10,316 12,119 22,741 128 2,840 11,663 3,460 1,760 377 11,048 711
Y/E 2010
2 6 15 7 11 16 35 31 20 9 3 76 5 12
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
372 2,036 305 14,533 376 7,305 809 383 173 906 252 252 157 135 125
Deal Count
23 12 7 11 8 6 3 4 6 9 14 1 13 8
Count Change
-9 1 2 -3 0 1 4 3 1 -3 -8 5 -7 -2
Financial Advisers to South East Asian M&A: Value

Ranking Y/E 2010
19 18 1 5 2 13 4 40 29 6 3 9 10
Financial Advisers to South East Asian M&A: Volume

7 10 29 10 8 10 10 6 1 1 23 9 5 8 8

457.0% 250.1% -52.9% -15.4% -39.0% 71.0% -36.9% 795.0% 207.2% -52.4% -69.2% -52.5% -49.5%
2011 Company Name

CIMB Group OSK Investment Bank DBS Bank Citigroup UBS Investment Bank Maybank Investment Bank Credit Suisse Morgan Stanley AmInvestment Bank Goldman Sachs RHB Investment Bank Deutsche Bank KPMG Bank of America Merrill Lynch HSBC
2010 Deal Count

29 23 17 10 10 10 10 9 9 8 8 8 8 7 7
Y/E 2011
1 2 3 4 5 6 7 8 9= 9= 11 12 13 14 15
House
Bank of America Merrill Lynch Citigroup CIMB Group UBS Investment Bank Goldman Sachs Maybank Investment Bank Credit Suisse Kim Eng Securities Kasikorn Securities Trinity Securities Group OSK Investment Bank Morgan Stanley JPMorgan RHB Investment Bank Deutsche Bank
Value (US$m)
16,459 11,713 10,338 9,810 9,577 8,241 7,721 6,605 5,704 5,704 4,682 4,503 4,498 4,357 4,072
Value (US$m)
2,955 3,346 21,929 11,597 15,712 4,820 12,232 738 1,524 9,469 14,616 9,174 8,056
Y/E 2010
1 10 14 21 5 25 3 7 2 4 6 13 16 22 9
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
10,338 4,682 2,559 11,713 9,810 8,241 7,721 4,503 2,948 9,577 4,357 4,072 1,241 16,459 1,040
Deal Count
33 11 9 6 14 5 16 11 19 14 14 9 8 6 11
Count Change
-4 12 8 4 -4 5 -6 -2 -10 -6 -6 -1 0 1 -4
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Financial Advisers to South Korean M&A: Value
Ranking Y/E 2010
17 4 2 23 26 1 10 3 6 8 9 53 24 -
Financial Advisers to South Korean M&A: Volume

10 14 4 6 1 5 3 5 1 4 3 3 4 4 1

494.7% 97.8% 18.9% 415.5% 429.1% -29.7% 56.0% -8.8% -31.2% -12.2% -13.3% 17,609.1% 36.9% -
2011 Company Name

Woori Investment & Securities Co KPMG Deloitte Korea Development Bank Ernst & Young PwC Samsung Securities Co Morgan Stanley Credit Suisse Bank of America Merrill Lynch Macquarie Group Daewoo Securities Co Deutsche Bank UBS Investment Bank HSBC
2010 Deal Count

14 12 11 10 8 8 6 5 5 4 4 4 4 4 4
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
House
Korea Development Bank Woori Investment & Securities Co Bank of America Merrill Lynch Samsung Securities Co Citigroup Morgan Stanley Goldman Sachs Credit Suisse HMC Investment Securities Co Macquarie Group Nomura Holdings Shinhan Investment Corp Daewoo Securities Co Deutsche Bank Jefferies & Company
Value (US$m)
11,145 10,999 9,030 7,227 6,222 6,066 5,506 5,240 4,443 3,306 3,285 3,074 1,948 1,830 1,550
Value (US$m)
1,874 5,562 7,597 1,402 1,176 8,634 3,529 5,743 4,807 3,743 3,547 11 1,337 -
Y/E 2010
4 6 3 12 1 2 7 5 8 15 9 53 14 19 27
Y/E 2011
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Value (US$m)
10,999 859 246 11,145 804 202 7,227 6,066 5,240 9,030 3,306 1,948 1,830 1,023 698
Deal Count
10 8 12 5 20 20 8 8 6 3 6 1 4 3 1
Count Change
4 4 -1 5 -12 -12 -2 -3 -1 1 -2 3 0 1 3
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Asia-Pacific M&A Overview: Individuals Activity Tables

Financial Advisors Individual Ranking to Asia-Pacific (ex. Japan) M&A: Value
Y/E 2011 1 2 3= 3= 3= 3= 3= 8 9= 9= 9= 9= 9= 14= 14= 14= 14= 14= 14= 14= Individual Name Zac Fletcher Anthony Burgess Nicholas Rowe Craig Evans Paul Baker John Muncey Christian Johnson Sergei Chinkis Chris Wyke Anton Sahazizian Alexander Rubin Steven Panagos Rick Leaman Mark Preston Edward Golder Dai Clement Charles Packshaw Eric Lyons Omar Faruqui Alan Brown Company Name Goldman Sachs Flagstaff Partners Royal Bank of Scotland Group Royal Bank of Scotland Group Morgan Stanley JPMorgan Goldman Sachs HSBC Moelis & Company Moelis & Company Moelis & Company Moelis & Company Moelis & Company RBC Capital Markets RBC Capital Markets RBC Capital Markets HSBC HSBC Deutsche Bank Deutsche Bank Value (US$m) 15,624 13,790 12,925 12,925 12,925 12,925 12,925 10,390 9,400 9,400 9,400 9,400 9,400 7,786 7,786 7,786 7,786 7,786 7,786 7,786 Deal Count 3 6 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Financial Advisors Individual Ranking to Asia-Pacific (ex. Japan) M&A: Volume

Y/E 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15= 15= 15= 15= 15= 20 Individual Name Anthony Burgess Grey Warburton Hyun Kuk Park Ron Malek Jason Morris Roger Feletto Sung Woo Park Lalit Ratadia Zac Fletcher Garren Cronin Jon Gidney Patrick Lee Pomjin Choi Geoff Rasmussen Jun Xu Shoukang Lin Guorong Jiang Chenli Huang Zhaohui Huang Jennifer Yu Company Name Flagstaff Partners Hartleys Limited Samsung Securities Co Greenhill & Co Nomura Holdings Greenhill & Co Samsung Securities Co Enam Securities Goldman Sachs OSullivan Partners JPMorgan Nomura Holdings Daewoo Securities Co Azure Capital Haitong Securities Co China International Capital Corporation China International Capital Corporation China International Capital Corporation China International Capital Corporation Rothschild Value (US$m) 13,790 1,338 1,005 3,018 1,963 1,666 950 153 15,624 4,636 2,517 1,800 1,797 1,660 1,435 1,435 1,435 1,435 1,435 1,174 Deal Count 6 5 5 4 4 4 4 4 3 3 3 3 3 3 3 3 3 3 3 3
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Africa & Middle East M&A Overview

Africa & Middle East M&A Activity - Quarterly
40 Value (US$bn) Volume 150 140 130 120 30 110 100 90 80 70 60 50 10 40 30 5 20 10 0 0
Deal activity in Africa and the Middle East in 2011 had a total value of US$ 38.5bn, a decrease of 28.9% compared to 2010 (US$ 54.2bn), and the lowest value since 2009 (US$ 32.4bn).
35
After a strong first quarter in 2011 (US$ 15.6bn), the region saw a downward trend in deal activity through the rest of the year. The last quarter saw a total of US$ 6.9bn-worth of deals announced, down by 46.5% compared to Q4 2010 (US$ 12.8bn), and 27.7% compared to Q3 2011 (US$ 9.5bn). It was the lowest Q4 M&A total in the region since Q4 2004 (US$ 4.6bn). Goldman Sachs topped the financial advisory league table by deal value in 2011, moving up two positions from its 2010 ranking.
20
15
Y/E 2011 Sector Energy, Mining & Utilities Industrials & Chemicals Consumer Financial Services Real Estate Technology Pharma, Medical & Biotech Business Services Telecommunications Transport Construction Leisure Defence Agriculture Media Total Value ($bn) 11.1 7.0 5.6 3.9 3.8 2.5 1.5 1.3 0.76 0.42 0.3 0.2 0.1 0.0 0.0 38.5 market share 28.9% 18.1% 14.5% 10.2% 10.0% 6.4% 3.8% 3.3% 2.0% 1.08% 0.9% 0.5% 0.2% 0.1% 0.0% Deal count 46 51 52 38 7 26 19 26 9 9 15 10 3 5 1 317 Value ($bn) 9.5 2.6 4.1 6.7 4.9 1.6 0.6 3.8 14.0 1.05 1.8 3.3 0.1 0.2 0.0 54.2
Y/E 2010 market share 17.5% 4.7% 7.6% 12.5% 9.0% 2.9% 1.1% 7.0% 25.8% 1.9% 3.3% 6.1% 0.2% 0.3% 0.1% Deal count 47 45 32 41 15 35 16 27 11 7 19 11 4 5 2 317 17.5% 173.2% 35.4% -41.6% -21.5% 57.2% 143.4% -66.5% -94.6% -60.3% -81.2% -93.6% -48.9% -80.7% -72.7% -28.9%
Change Value (%) Deal count -1 6 20 -3 -8 -9 3 -1 -2 2 -4 -1 -1 0 -1 0
49
Volume of Deals
25
Africa & Middle East M&A Overview: Top Deals

Activity Table of Africa & Middle East M&A for Y/E 2011
Announced Date 11-Jan-11 Bidder Company China National Chemical Corporation Capital Property Fund Bidder Financial Advisor Compass Advisers Target Company Makhteshim Agan Industries Limited (60% Stake) Pangbourne Properties Ltd Target/Seller Financial Advisor Seller Company Deal Value (US$m) 2,508
25-Jan-11
Java Capital
1,770
05-Jul-11
Jinchuan Group International Resources Co Ltd
Goldman Sachs
Metorex Limited
KPMG; One Capital; Standard Bank Group
1,393
14-Feb-11
Growthpoint Properties Ltd; and Public Investment Corporation Ltd
Investec
V&A Waterfront Holdings Ltd
Thirty3degrees Financial Services (Proprietary); Goldman Sachs
London & Regional Properties Ltd; and Istithmar World Capital
1,341
26-Sep-11
Tronox Incorporated
Goldman Sachs; Moelis & Company
Namakwa Sands and KZN Sands mines and smelters (74% Stake); and Tiwest Joint Venture (50% Stake) Northam Platinum Ltd (50.4% Stake)
JPMorgan
Exxaro Resources Limited
1,301
08-Feb-11
Mvelaphanda Resources Limited (shareholders)
Deutsche Bank; Ernst & Young; JPMorgan; One Capita
Mvelaphanda Resources Limited
1,129
29-Jan-11
Centurion Investment Company
NMC Healthcare LLC (40% Stake)
1,089
19-Dec-11 19-Feb-11
KAP International Holdings Ltd Vitol Holding BV; and Helios Investment Partners LLP The Coca-Cola Company
PSG Capital
Unitrans Holding (Pty) Ltd; PG Bison; and Steinhoff Raw Materials Royal Dutch Shell plc (Downstream Businesses In Africa) (80% Stake) Aujan Industries Co LLC (beverage business) (49% Stake)
Standard Bank Group
Steinhoff International Holdings Ltd Royal Dutch Shell plc
1,075 1,000
14-Dec-11
Royal Bank of Scotland Group
Aujan Industries Co LLC
980
Press Release: mergermarket M&A Round-up Year End 2011
50
Africa & Middle East: League Tables of Financial Advisers

League Table of Financial Advisers to Africa & Middle East M&A: Value
Ranking Y/E 2010 3 23 10 7 11 12 40 2 16 5 32 1 18 14 20 73 4 Y/E 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 House Goldman Sachs Bank of America Merrill Lynch Deutsche Bank BNP Paribas JPMorgan Credit Suisse Banco Bilbao Vizcaya Argentaria Standard Bank Group UBS Investment Bank Royal Bank of Scotland Group Standard Chartered Nomura Holdings Morgan Stanley Citigroup Rand Merchant Bank Rothschild Santander Global Banking and Markets One Capital HSBC Compass Advisers Value (US$m) 22,820 13,545 12,298 11,273 9,521 9,282 7,645 7,553 6,024 5,824 5,515 5,250 4,985 4,972 4,382 3,936 2,828 2,642 2,602 2,508 2011 Deal Count 16 11 15 4 11 10 1 16 4 4 5 3 6 5 18 6 1 4 4 1 2010 Value (US$m) 15,918 2,286 9,540 11,282 8,626 6,633 597 18,943 4,933 14,681 1,110 21,978 4,098 5,582 2,600 90 14,930 % Value Change 43.4% 492.5% 28.9% -0.1% 10.4% 39.9% 1,165.2% -68.2% 18.1% -62.4% 373.0% -77.3% 21.3% -21.5% 51.4% 2,835.6% -82.6% -
League Table of Financial Advisers to Africa & Middle East M&A: Volume
Ranking Y/E 2010 5 1 40 12 15 7 23 3 20 2 4 16 13 14 6 36 22 8 26 Y/E 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Rand Merchant Bank Goldman Sachs Standard Bank Group Deutsche Bank Investec Ernst & Young Bank of America Merrill Lynch JPMorgan Credit Suisse KPMG Morgan Stanley Rothschild Lazard Standard Chartered Citigroup Jefferies & Company Renaissance Capital BNP Paribas UBS Investment Bank Royal Bank of Scotland Group Value (US$m) 4,382 22,820 7,553 12,298 2,454 2,024 13,545 9,521 9,282 2,275 4,985 3,936 1,887 5,515 4,972 1,782 1,736 11,273 6,024 5,824 2011 Deal Count 18 16 16 15 12 12 11 11 10 7 6 6 6 5 5 5 5 4 4 4 2010 Deal Count 11 15 2 7 6 10 4 12 5 13 11 6 7 6 11 2 4 9 3 Count Change 7 1 14 8 6 2 7 -1 5 -6 -5 0 -1 -1 -6 3 0 -5 1
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Criteria
The global Year End 2011 house league tables are based on announced transactions over US$5m in the period from 1 January 2011 to 31 December 2011. Deals with undisclosed deal values are included where the targets turnover exceeds US$ 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. League tables are based on the dominant geography of the target, bidder or seller. The trend graphs and pie charts are based on the dominant industry and/or dominant geography of the target and include announced transactions over US$ 5m in the given time period. 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 graphs and charts include property transactions and restructurings where the ultimate shareholders interests are not changed. The top deals tables are based on announced transactions between 1 January 2011 and 31 December 2011 and are based on dominant geography of the target only. All data excludes minority stake deals (10% - 30%) where dominant target geography is Asia-Pacific and the deal value is less than US$ 100m. Unless stated otherwise, all data excludes lapsed and withdrawn bids. All data correct as of 3 January 2012. Germanic: Nordic: Benelux: Iberia: CEE: Germany, Austria and Switzerland Denmark, Sweden, Finland, Norway, Faroe Islands, Greenland and Iceland Belgium, the Netherlands and Luxembourg Portugal and Spain Armenia, Azerbaijan, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Hungary, Latvia, Lithuania, Macedonia, Moldova, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Ukraine llinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Wisconsin Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont Alabama, Arkansas, Delaware, District of Columbia, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, West Virginia Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming China, Hong Kong, Macau, Taiwan Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, Vietnam
US (Mid-West): US (North East): US (South): US (West): Greater China: South East Asia:
Criteria: http://www.mergermarket.com/pdf/deal_criteria.pdf
52
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 advisers 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.
Contact: Europe: Flora Wilke flora.wilke@mergermarket.com Tel: +44 207 059 6348 Americas: Dara Silverstein dara.silverstein@mergermarket.com Tel: +1 646 378 3118 Asia-Pacific: Michel Chau michel.chau@mergermarket.com Tel: +852 2158 9706
80 Strand London, WC2R 0RL United Kingdom t:+44(0)20 7059 6100 f:+44(0)20 7059 6101 sales@mergermarket.com
11 West 19th Street 2nd Floor New York, NY 10011, USA t: +1 212-686-5606 f: +1 212-686-2664 sales.us@mergermarket.com
Suite 2401-3 Grand Millennium Plaza 181 Queens Road, Central Hong Kong t: +852 2158 9700 f: +852 2158 9701 sales.asia@mergermarket.com
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League Table

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press release

Americas: Dara Silverstein

Asia-Pacific: Michel Chau

mergermarket M&A Round-up for Year End 2011

PRESS CONTACTS: EMEA: Flora Wilke

Americas: Dara Silverstein

Asia-Pacific: Michel Chau

Press Release: mergermarket M&A Round-up for Year End 2011

Global M&A Overview

Global M&A Activity - Quarterly

Global M&A Deal Size Breakdown - Deal Value

Global Cross Border M&A Analysis - Value

Value of Deals (US$bn)

Value of Deals ($bn)

1,000 900 800 700 600 500

400 300 200 100

2005 $0m - $500m

2006 $501m - $2,000m

mega deals (over $10,001bn)

Press Release: mergermarket M&A Round-up for Year End 2011

Global M&A Overview: Industry and Geography Breakdown

Mix of Announced Deals by Geographic Region 2011 - Volume

North America 41.6%

Central & Eastern Europe 5.1% Northern Europe 3.2%

Northern Europe 5.7% Central & South America 4.9%

Southern Europe 6.3%

Southern Europe 6.2%

Western Europe 17.4%

Western Europe 24.8%

Central & South America 6.1%

Press Release: mergermarket M&A Round-up for Year End 2011

Global M&A Overview: Top Deals

Duke Energy Corporation Nippon Steel Corporation

Progress Energy Inc Sumitomo Metal Industries Ltd (90.6% Stake)

Johnson & Johnson

United Technologies Corporation

Goldman Sachs; JPMorgan

Citigroup; Credit Suisse

AMB Property Corporation

Cargill Inc (Shareholders) BHP Billiton Ltd

The Mosaic Company (40% Stake) Petrohawk Energy Corporation

JPMorgan; Lazard; Credit Suisse Goldman Sachs

Marathon Oil Corporation (Shareholders)

Marathon Petroleum Corporation

Marathon Oil Corporation

Press Release: mergermarket M&A Round-up for Year End 2011

Global Mid-Market M&A Activity - Quarterly

50.0% 45.0% 40.0%

25.0% 150 20.0% 15.0% 10.0% 50 5.0% 0 0.0%

Global Mid-Market Financial Adviser League Tables Y/E 2011: Value

Mid Market M&A Industry Breakdown 2011 - Value

Press Release: mergermarket M&A Round-up for Year End 2011

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)

50% 4 40% 3 30% 2

Press Release: mergermarket M&A Round-up for Year End 2011

Debt/Total Funding (%)

Percentage of Global M&A

Global M&A Overview: Private Equity Exits

Exit Premium Analysis - Average

Percentage of Total Exits (excl. IPOs)