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MERGERS & ACQUISITIONS REVIEW FINANCIAL ADVISORS Year End 2011

Full Year 2011 | Mergers & Acquisitions | Financial Advisors

M&A Financial Advisory Review Table of Contents Global M&A

1

Any European Involvement Announced (AD21)

10

Any New Zealand Involvement Announced (AD39)

17

Global Deals Intelligence

1

Any European Involvement Completed (AF3)

10

Any New Zealand Involvement Completed (AF46)

17

Scorecard: Worldwide Announced M&A

2

Any UK Involvement Announced (AD32)

11

Scorecard: Worldwide Completed M&A

2

Any UK Involvement Completed (AF39)

11

Japan Deals Intelligence

18

Top Fifteen Worldwide Announced Deals

2

Any French Involvement Announced (AD33)

11

Top Ten Japanese Involvement Announced Deals

18

Worldwide Announced (AD1)

3

Any French Involvement Completed (AF40)

11

Any Japanese Involvement Announced (AD19)

19

Worldwide Completed (AF1)

3

Any Spanish Involvement Announced (AD34)

12

Any Japanese Involvement Completed (AF23)

19

6

Any Spanish Involvement Completed (AF41)

12

Americas Deals Intelligence

6

Any German Involvement Announced (AD35)

12

Top Ten US Announced Deals

6

Any German Involvement Completed (AF42)

12

Americas M&A

Any Americas Involvement Announced (AD49) Any Americas Involvement Completed (AF55)

7 7

Any Italian Involvement Announced (AD36) Any Italian Involvement Completed (AF43)

18

Fairness Opinion Rankings

20

Worldwide Announced Fairness Opinion

20

Any Americas Announced Fairness Opinion

20

Any USAnnounced Fairness Opinion

20

Any EMEA Announced Fairness Opinion

20

Any Asia Pacific Announced Fairness Opinion

20

Any Japanese Announced Fairness Opinion

20

13 13

US Target Announced (AD2)

7

Any Nordic Involvement Announced (AD37)

13

US Target Completed (AF2)

7

Any Nordic Involvement Completed (AF44)

13

Any US Involvement Announced (AD41)

8

Any Benelux Involvement Announced (AD40)

14

Any US Involvement Completed (AF48)

8

Any Benelux Involvement Completed (AF47)

14

Any Canadian Involvement Announced (AD42)

8

Any Canadian Involvement Completed (AF49)

8

Asia Pacific (ex-Japan) M&A

Japan M&A

Criteria Summary

21

15

Mergers & Acquisitions Criteria Summary

21

Asia Pacific (ex-Japan) Deals Intelligence

15

Regional Contacts

21

9

Top Ten Any Asia (ex-Japan) Involvement Announced Deals

15

European Deals Intelligence

9

Any Asia (ex-Japan) Involvement Announced (AD25)

16

Top Ten European Involvement Announced Deals

9

Any Asia (ex-Japan) Involvement Completed (AF32)

16

Any EMEA Involvement Announced (AD47)

10

Any Australian Involvement Announced (AD24)

16

Any EMEA Involvement Completed (AF53)

10

Any Australian Involvement Completed (AF31)

16

EMEA M&A

Thomson Reuters Soultions for the Deal the Deal Making Community

22

https://www.thomsonone.com

Full Year 2011 FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEW Worldwide M&A Up 7% to US$2.6 trillion l Emerging Markets M&A Down 14% l Goldman Sachs Tops Advisory Rankings l Estimated Advisory Fees Up 2% Global Deals Intelligence

Worldwide Completed M&A by Region - Imputed Fees

WORLDWIDE M&A UP 7%, SECOND HALF VOLUME FALLS 24% - The value of worldwide M&A totalled US$2.6 trillion during full year 2011, a 7% increase from comparable 2010 levels. By number of deals, M&A activity fell 5.5% compared to last year with just over 40,000 announced deals. Second half M&A activity totalled US$1.1 trillion, a 23.9% decline from the first half of the year. Fourth quarter activity totalled US $543.8 billion and marked the third consecutive quarterly decline for worldwide M&A since the first quarter of 2011.

COMPLETED ADVISORY FEES UP 2% - According to estimates from Thomson Reuters/Freeman Consulting, M&A advisory fees from completed transactions totalled US$30.3 billion during full year 2011, a 1.9% increase from the comparable period in 2010. Deal activity in the Americas accounted for 52% of the worldwide fee pool, while Europe, Middle East and Africa accounted for 32%. Asia Pacific and Japan contributed 14% and 2%, respectively.

Emea Asia Pacific (ex Central Asia)

$6

RESOURCES FINANCIALS LEAD ACTIVITY - The Energy and Power sector was most active during full year RESOURCES, 2011, commanding 19.8% of announced M&A, while the Financials and Materials sectors accounted for 13.6% and 13% of M&A activity, respectively. Down 50.1%, the telecommunications sector experienced the strongest year-over-year percentage decline compared to full year 2010.

45%

29.3%

35%

32.4%

26.7%

30%

27.1%

$1,000

Q2 Volume (US$b)

$700

25% 20%

$800

15%

13.5% $500

12.7%

11.9%

10.2% $400

9.7%

9.5%

10%

8.2%

$300

15%

$600

20%

% of YTD Global M&A

$600

Rank Value (US$b)

Rank Value (US$b)

$1,200

18.5%

Q1 Volume (US$b)

40%

35.3% 33.8%

21.4%

$800

37.7%

37.4%

% of YTD Global M&A

25%

Q4 Volume (US$b)

5.9% $200

$400

10%

$200

5%

2002

2003

2004

2005

2006

2007

2008

2009

2010

5%

$100

$0

0%

$0

% of Global M&A

Q1 Volume (US$b)

31.6%

$900

Q3 Volume (US$b)

Q2 Volume (US$b)

$1,400

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

44.6%

Q3 Volume (US$b)

$1,600

$0

Worldwide Announced Buyside Financial Sponsor Activity

Q4 Volume (US$b)

$1,800

$3

$1

50%

% of Global M&A

$2,000

$4

$2

PRIVATE EQUITY M&A UP 32% OVER 2010 – Bolstered by a strong fourth quarter, worldwide private equitybacked M&A activity totalled US$306.3 billion during full year 2011. Private equity deal making in the United States accounted for 47.7% of activity during full year 2011, followed by the United Kingdom, France and Sweden. Accounting for 11.9% of worldwide announced M&A during full year 2011, private equity-backed M&A increased 32.2% compared to full year 2010.

Worldwide Cross Border Volume

Japan

$5 Imputed Fees (US$b)

EMERGING MARKETS ACCOUNT FOR 26% OF M&A – Accounting for just over one-quarter of worldwide announced merger activity, M&A involving companies located in the emerging markets totalled US$667.4 billion during full year 2011, a 13.6% decrease over 2010. Cross Border M&A activity totalled US$908.4 billion during 2011, accounting for 35.3% of overall M&A volume, flat compared to full year 2010. Cross border M&A was driven by the resources and financials sectors, which comprised nearly half of announced cross-border deal volume during 2011.

Americas

$7

0%

2002

2011

1

2003

2004

2005

2006

2007

2008

2009

2010

2011



Mergers & Acquisitions Scorecard: Worldwide Announced M&A

Target Region/Nation

1/1/2011 - 12/30/2011 Rank Val No. US$m Deals

Worldwide Americas Caribbean Central America Mexico North America United States Canada South America Brazil Chile Africa/Middle East Middle East North Africa Sub-Saharan Africa Europe Eastern Europe Western Europe United Kingdom Spain France Asia Pacific Asia-Pacific Australasia Australia Papua New Guinea South East Asia Indonesia Malaysia North Asia China Hong Kong South Asia Central Asia Japan

2,564,128.3 1,255,044.4 11,817.1 34,236.0 32,612.3 1,096,639.4 1,001,120.5 95,518.9 112,351.9 72,168.3 19,389.0 48,146.2 15,512.7 1,929.9 21,271.4 710,623.4 112,911.4 597,712.0 132,337.7 82,744.9 70,882.2 445 393 9 445,393.9 126,371.7 119,062.4 7,255.7 71,271.3 19,383.9 17,007.3 220,041.6 140,909.3 44,293.4 27,709.3 9,432.2 104,920.6

Scorecard: Worldwide Completed M&A 1/1/2010 - 12/31/2010 Rank Val No. US$m Deals

40,314 12,365 156 320 244 10,380 8,198 2,182 1,509 664 226 1,091 452 111 457 14,985 4,170 10,815 2,361 1,564 946 10 037 10,037 1,439 1,280 144 2,291 611 396 5,427 3,678 1,084 880 71 1,836

2,396,689.1 1,097,178.6 17,316.8 53,112.1 47,993.8 886,177.4 776,485.9 109,691.5 140,572.4 105,651.4 8,689.8 81,207.7 19,121.5 9,123.6 45,022.4 643,356.2 119,169.5 524,186.7 144,606.1 51,398.9 55,545.1 480 134 5 480,134.5 132,416.2 120,268.6 2,818.5 75,207.8 29,324.8 17,176.2 236,281.1 153,303.6 36,696.0 36,229.4 7,940.1 94,812.2

42,655 12,569 215 335 261 10,584 8,241 2,343 1,435 620 201 1,160 465 134 501 15,853 5,160 10,693 2,423 1,425 972 10 891 10,891 2,080 1,867 186 2,483 681 439 5,140 3,334 912 1,188 60 2,182

% Change in Rank Value 7.0 14.4 -31.8 -35.5 -32.0 23.7 28.9 -12.9 -20.1 -31.7 123.1 -40.7 -18.9 -78.8 -52.8 10.5 -5.3 14.0 -8.5 61.0 27.6 72 -7.2 -4.6 -1.0 157.4 -5.2 -33.9 -1.0 -6.9 -8.1 20.7 -23.5 18.8 10.7

▲ ▲ ▼ ▼ ▼ ▲ ▲ ▼ ▼ ▼ ▲ ▼ ▼ ▼ ▼ ▲ ▼ ▲ ▼ ▲ ▲ ▼ ▼ ▼ ▲ ▼ ▼ ▼ ▼ ▼ ▲ ▼ ▲ ▲

Target Region/Nation Worldwide Americas Caribbean Central America Mexico North America United States Canada South America Brazil Chile Africa/Middle East Middle East North Africa Sub-Saharan Africa Europe Eastern Europe Western Europe United Kingdom Germany France Asia Pacific Asia-Pacific Australasia Australia New Zealand South East Asia Singapore Thailand North Asia China Hong Kong South Asia Central Asia Japan

1/1/2011 - 12/30/2011 Rank Val No. US$m Deals 2,333,194.3 1,097,590.4 11,233.3 21,292.0 20,253.2 956,545.5 861,430.5 95,115.1 108,519.6 71,178.0 18,106.3 32,467.1 11,731.1 3,372.7 15,798.5 731,393.6 133,066.8 598,326.8 119,327.7 78,410.6 71,240.0 383 458 3 383,458.3 135,466.4 128,832.0 6,276.0 60,484.3 15,492.7 14,207.9 154,455.1 86,868.2 41,525.8 33,052.4 1,564.9 88,284.9

29,678 9,789 118 186 137 8,395 6,910 1,485 1,090 459 168 680 314 65 255 12,204 3,382 8,822 2,048 1,412 502 5 761 5,761 1,159 1,026 123 1,530 293 422 2,424 1,172 834 648 46 1,244

Worldwide Announced M&A Target Industry by Value 1/1/2010 - 12/31/2010 Rank Val No. US$m Deals 1,928,937.5 943,464.6 7,978.5 52,193.1 47,350.2 780,770.7 696,782.5 83,988.2 102,522.3 72,421.1 10,330.5 62,068.3 15,768.9 11,905.9 26,319.8 516,288.4 49,463.4 466,825.0 144,485.5 48,927.6 28,814.0 297 071 0 297,071.0 82,087.7 71,265.5 1,866.1 42,851.8 14,930.0 9,774.4 149,998.5 65,721.4 33,392.8 22,133.0 8,073.7 110,045.3

32,491 10,015 135 205 153 8,658 7,088 1,570 1,017 455 149 727 344 74 268 13,351 4,420 8,931 2,081 1,298 568 6 438 6,438 1,551 1,383 151 1,693 296 501 2,410 1,116 759 784 41 1,960

% Change in Rank Value 21.0 16.3 40.8 -59.2 -57.2 22.5 23.6 13.2 5.8 -1.7 75.3 -47.7 -25.6 -71.7 -40.0 41.7 169.0 28.2 -17.4 60.3 147.2 29 1 29.1 65.0 80.8 236.3 41.1 3.8 45.4 3.0 32.2 24.4 49.3 -80.6 -19.8

▲ ▲ ▲ ▼ ▼ ▲ ▲ ▲ ▲ ▼ ▲ ▼ ▼ ▼ ▼ ▲ ▲ ▲ ▼ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▼

Date Effective 1/14/2011 Pending Pending Pending Pending Pending 1/3/2011 Pending 7/1/2011 8/19/2011 6/3/2011 5/25/2011 9/30/2011 12/2/2011 Pending

Target (% Sought/Acquired) AIG (60.78%) El Paso Corp (100%) Medco Health Solutions Inc (100%) Progress Energy Inc (100%) Sumitomo Metal Industries Ltd (90.3%) Synthes Inc (100%) Fiat SpA-Auto Business (100%) Goodrich Corp (100%) Marathon Oil-Downstream Bus (100%) Petrohawk Energy Corp (100%) ProLogis (100%) Cargill Inc (40.12%) Nycomed Intl Mgmt GmbH (100%) Foster's Group Ltd (100%) NYSE Euronext Inc (100%)

9%

8% $348.9 14% 7%

5% 5%

$507.5 20% 3%

3%

4%

Energy and Power

Financials

Materials

Industrials

Real Estate

Healthcare

High Technology

Consumer Staples

Media and Entertainment

Telecommunications

Consumer Products and Services

Retail

Government and Agencies

Top Fifteen Worldwide Announced Deals Rank Date 1/14/2011 10/16/2011 7/21/2011 1/10/2011 9/22/2011 4/27/2011 1/3/2011 9/21/2011 6/23/2011 7/14/2011 1/31/2011 1/18/2011 5/19/2011 6/21/2011 2/15/2011

$238.9 9%

$333.9 13%

Jan 1 – Dec 30 Acquiror Preferred Shareholders Kinder Morgan Inc Express Scripts Inc Duke Energy Corp Nippon Steel Corp Johnson & Johnson Shareholders United Technologies Corp Shareholders BHP Billiton PLC AMB Property Corp Cargill Inc Takeda Pharmaceutical Co Ltd SABMiller Beverage Investments Deutsche Boerse AG

Acquiror / Target Nation Various / United States United States / United States United States / United States United States / United States Japan / Japan United States / United States Italy / Italy United States / United States United States / United States United Kingdom / United States United States / United States United States / United States Japan / Switzerland Australia / Australia Germany / United States

2

Rank Value (US$m) 58,977.2 36,179.1 34,305.6 25,851.3 22,487.4 20,872.4 18,489.7 18,039.5 16,445.1 15,556.5 15,156.0 14,851.6 13,682.9 12,418.5 12,225.3

Target Macro / Mid Industry Financials / Insurance Energy and Power / Oil & Gas Healthcare / Healthcare Providers & Services (HMOs) Energy and Power / Power Materials / Metals & Mining Healthcare / Healthcare Equipment & Supplies Industrials / Automobiles & Components Industrials / Aerospace & Defense Energy and Power / Petrochemicals Energy and Power / Oil & Gas Real Estate / REITs Consumer Staples / Food and Beverage Healthcare / Pharmaceuticals Consumer Staples / Food and Beverage Financials / Brokerage



Worldwide Rankings

Worldwide Announced (AD1)

Financial Advisor Goldman Sachs & Co Morgan Stanley JP Morgan Credit Suisse Bank of America Merrill Lynch Citi Barclays Capital Deutsche Bank AG UBS Lazard Rothschild Evercore Partners Nomura BNP Paribas SA Societe Generale HSBC Holdings PLC RBS RBC Capital Markets Credit Agricole CIB Moelis & Co Mizuho Financial Group Jefferies & Co Inc ING BMO Capital Markets CIBC World Markets Inc Industry Total

Jan 1 – Dec 30

Rank Value per Advisor (US$m) Rank Value Market Market 2011 2010 Rank Rank US$m Sh (%) Share Ch. 4.7 ▲ 647,877.0 1 2 25.3 1 511,443.0 2 20.0 -1.1 ▼ 3 18.0 3 -0.3 ▼ 462,350.2 4 4 400,792.4 -0.7 ▼ 15.6 6 15.4 2.9 ▲ 394,640.7 5 6 383,681.8 15.0 3.1 ▲ 8 9 12.8 1.3 ▲ 7 327,228.2 272,527.9 -2.8 ▼ 8 10.6 5 10.2 -1.9 ▼ 7 9 261,086.5 249,594.9 -1.2 ▼ 9.7 10 10 8.7 1.8 ▲ 11 11 224,177.5 12 6.5 2.6 ▲ 15 165,650.0 -1.0 ▼ 12 119,551.2 4.7 13 14 13 116,715.8 -0.8 ▼ 4.6 0.5 ▲ 15 16 109,565.4 4.3 14 16 82,784.8 3.2 -1.6 ▼ 72,061.5 17 24 2.8 0.8 ▲ 68,715.9 18 19 2.7 0.1 ▲ 2.7 19 35 68,571.4 1.4 ▲ 34 2.4 61,759.6 20 1.0 ▲ 57 907 5 23 18 ▲ 21 62 57,907.5 2.3 1.8 25 55,098.7 2.2 0.4 ▲ 22 65 23 44,279.5 1.7 1.2 ▲ 27 1.7 0.1 ▲ 24 44,258.8 42,263.4 0.5 ▲ 25 38 1.7 2,564,128.3 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter

7.0% ▲ -4.8% ▼

Worldwide Completed (AF1)

# of Deals per Advisor # of Market Change in Deals Sh ($) # of Deals 1.0 +31 400 ▲ 317 0.8 -84 ▼ 0.7 -30 ▼ 292 0.7 -34 ▼ 287 ▲ 272 0.7 +24 ▲ 235 0.6 +23 178 0.4 +15 ▲ 228 ▼ 0.6 -46 ▼ 249 0.6 -39 229 0.6 -66 ▼ 272 0.7 -9 ▼ 68 ▼ 0.2 -3 216 0.5 +37 ▲ 0.3 -2 ▼ 135 0.3 +54 101 ▲ 107 0.3 +20 ▲ 0.2 +4 ▲ 70 0.3 -7 ▼ 132 0.1 +3 ▲ 53 0.2 +4 ▲ 71 0 3 +6 115 0.3 ▲ ▲ 128 0.3 +3 65 0.2 +5 ▲ ▲ 75 0.2 +2 ▼ 0.1 -13 43 40,314 -2,341

Financial Advisor Morgan Stanley Goldman Sachs & Co JP Morgan Bank of America Merrill Lynch Citi UBS Credit Suisse Deutsche Bank AG Barclays Capital Lazard Rothschild Nomura BNP Paribas SA Evercore Partners Societe Generale HSBC Holdings PLC Credit Agricole CIB RBS RBC Capital Markets Perella Weinberg Partners LP Macquarie Group Intesa SanPaolo Jefferies & Co Inc Moelis & Co Blackstone Group LP Industry Total

-5.5% ▼ -5.9% ▼


Jan 1 – Dec 30

Rank Value per Advisor (US$m) Rank Value Market Market 2011 2010 Rank Rank US$m Sh (%) Share Ch. 2 1 636,110.2 27.3 8.8 ▲ 631,545.4 2 1 27.1 4.5 ▲ 3 3 4.5 ▲ 21.8 508,991.0 4 8 387,432.1 16.6 4.3 ▲ 5 5 367,376.8 15.8 0.1 ▲ 9 6 347,769.9 14.9 2.8 ▲ -2.7 ▼ 7 4 336,918.5 14.4 8 12.6 -0.3 ▼ 7 292,919.1 6 9 267,872.1 11.5 -2.5 ▼ 10.6 0.8 ▲ 10 10 248,246.4 11 236,434.5 10.1 3.3 ▲ 11 7.1 2.5 ▲ 12 13 164,429.6 15 1.9 ▲ 13 142,574.2 6.1 14 14 142,414.7 6.1 1.7 ▲ 15 28 137,215.9 5.9 4.1 ▲ 12 113,329.5 16 4.9 -0.2 ▼ 17 31 3.0 1.4 ▲ 68,812.6 18 68,330.1 2.9 0.6 ▲ 24 0.1 ▲ 19 22 60,835.0 2.6 0.5 ▲ 20 26 60,789.6 2.6 59 740 8 26 06 ▲ 21 27 59,740.8 2.6 0.6 22 52,090.1 2.2 1.7 ▲ 58 23 16 50,741.6 2.2 -1.6 ▼ 33 50,489.7 0.6 ▲ 2.2 24 25 19 47,747.3 2.1 -0.8 ▼ 2,333,194.3 100.0 21.0% ▲ -13.3% ▼

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 1.2 +14 360 1.2 +28 356 ▲ ▲ 285 1.0 +5 254 0.9 +48 ▲ 0.7 +11 ▲ 199 0.9 +21 ▲ 254 ▲ 262 0.9 +10 216 0.7 -9 ▼ 155 0.5 +15 ▲ ▼ 216 0.7 -47 ▼ 248 0.8 -1 187 0.6 +12 ▲ 127 0.4 +13 ▲ 0.2 +8 65 ▲ 0.3 +64 ▲ 96 95 0.3 +14 ▲ 58 0.2 +20 ▲ 73 0.2 +13 ▲ 113 0.4 -20 ▼ 23 0.1 +1 ▲ 0 4 -11 11 107 0.4 ▼ ▲ 38 0.1 +7 ▲ 0.4 +10 125 0.2 -4 ▼ 60 ▼ 29 0.1 -15 29,678 -2,813 -8.7% ▼ -9.6% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 1,683.8 5.6 0.7 ▲ 1,801.6 6.0 0.6 ▼ 1,573.8 5.2 0.5 ▲ 0.7 ▲ 3.8 1,143.6 0.1 ▼ 720.7 2.4 1,026.7 3.4 0.6 ▲ 0.3 ▲ 3.8 1,147.5 2.8 0.0 853.0 763.8 2.5 0.1 ▲ 2.3 687.8 0.4 ▼ 0.2 ▼ 699.8 2.3 1.2 0.2 ▲ 372.1 1.0 0.0 303.6 0.9 0.0 284.1 0.7 209.1 0.4 ▲ 208.0 0.7 0.0 120.6 0.4 0.2 ▲ 146.4 0.5 0.0 377.6 0.1 ▲ 1.3 107.4 0.4 0.1 ▼ 338 4 11 02 ▲ 338.4 1.1 0.2 47.7 0.2 0.0 443.2 0.3 ▲ 1.5 185.2 0.6 0.1 ▼ 0.2 ▼ 115.1 0.4 30,278.6 100.0 1.9% ▲ -10.6% ▼

* tie

Top Worldwide Announced M&A Advisors by Target Industry Jan 1 - Dec 30

507,461.0 160,350.9 152,170.5 125,229.9 348,888.6 126,532.4 99,821.6 90,263.9 333,910.8 87,753.2 65,196.2 62,859.4 238,936.7 74,968.7 54,676.3 54,528.2 227,347.2 36,070.1 24,129.0 22,537.2

Rank

1 2 3

Mkt. Share

31.6 30.0 24.7

1 2 3

36.3 28.6 25.9

1 2 3

26.3 19.5 18.8

1 2 3

31.4 22.9 22.8

1 2 3

15.9 10.6 9.9

No. Deals

3,305 50 55 46 4,475 43 40 35 5,344 38 33 31 5,840 37 30 24 2,349 12 10 17

Jan 1 - Dec 30 AIG/Preferred Shareholders

$700

Progress Energy/Duke Energy $600

El Paso/Kinder Morgan Medco/Express Scripts

$500

Other Top 15 Deals

Rank Value (US$b)

Rank Val US$m

Energy and Power Barclays Capital Goldman Sachs & Co Morgan Stanley Financials Morgan Stanley Bank of America Merrill Lynch Citi Materials Goldman Sachs & Co JP Morgan Morgan Stanley Industrials Goldman Sachs & Co Credit Suisse Citi Real Estate JP Morgan Lazard Morgan Stanley

Top Worldwide Announced M&A Advisors by Transaction Size (AD1)

$400

All Other Transactions

$300

$200

$100

$0

Goldman Sachs & Co

3

Morgan Stanley

JP Morgan

Credit Suisse

Bank of America Merrill Lynch

Citi

Barclays Capital

Deutsche Bank AG

UBS

Lazard



Worldwide M&A Matrix

Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA 2011 UP 2011 DOWN

World

Americas

USA

Canada

EMEA

Europe

UK

Asia ex. Japan

Japan

2010


11.5x

12.1x

12.6x

12.6x

11.5x

12.1x

27.5

27.5x

12.3x

12.1x

12.3x

13.5x

8.6x

9.7x

11.0x

9.1x

9.4x

9.1x

Consumer Staples

10.8x

10.4x

10.7x

11.0x

10.8x

10.4x

8.7x

9.0x

10.9x

10.4x

11.0x

11.3x

9.3x

7.8x

11.4x

10.8x

6.9x

10.8x

Energy and Power

12.3x

12.5x

13.0x

13.4x

12.3x

12.5x

12.6x

12.8x

11.3x

12.5x

11.4x

11.4x

12.0x

13.7x

11.8x

11.0x

9.3x

11.0x

Healthcare

12.5x

12.1x

11.7x

11.6x

12.5x

12.1x

19.9x

6.3x

14.7x

12.1x

14.9x

14.6x

11.7x

6.9x

13.5x

14.7x

8.3x

14.7x

High Technology

12.6x

12.1x

15.0x

14.2x

12.6x

12.1x

10.7x

10.5x

13.0x

12.1x

13.3x

11.8x

14.3x

12.5x

12.0x

12.0x

10.7x

12.0x

Industrials

10.9x

10.0x

11.8x

10.2x

10.9x

10.0x

6.5x

5.8x

10.7x

10.0x

10.7x

8.9x

9.0x

8.2x

11.5x

11.7x

7.9x

11.7x

Materials

11.8x

11.7x

12.4x

11.1x

11.8x

11.7x

14.7x

14.6x

11.3x

11.7x

12.1x

14.1x

21.8x

24.2x

12.2x

11.4x

7.0x

11.4x


11.6x

11.8x

10.3x

9.4x

11.6x

11.8x

7.4x

4.3x

12.1x

11.8x

12.2x

13.5x

10.4x

7.4x

14.8x

14.6x

7.9x

14.6x

Real Estate

19.3x

19.9x

23.7x

21.3x

19.3x

19.9x

23.5x

17.3x

20.8x

19.9x

19.7x

26.7x

27.7x

27.7x

14.6x

15.2x

17.4x

15.2x

Retail

11.6x

11.6x

11.7x

13.1x

11.6x

11.6x

8.3x

8.9x

13.0x

11.6x

12.8x

12.1x

14.9x

10.7x

15.5x

15.8x

8.7x

15.8x

9.4x

8.1x

11.4x

9.9x

9.4x

8.1x

13.9x

13.9x

6.9x

8.1x

6.7x

6.8x

10.0x

11.5x

11.0x

9.7x

8.5x

9.7x

12.0x

11.8x

13.1x

12.5x

12.0x

11.8x

13.4x

13.0x

12.0x

11.8x

12.1x

12.0x

12.0x

12.2x

12.2x

12.0x

9.3x

12.0x

Telecommunications Average Industry Total

Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price 2011 UP 2011 DOWN

World

Americas

USA

Canada

EMEA

Europe

UK

Asia ex. Japan

Japan

2010


33.4

32.0

30.7

36.9

34.5

38.9

12.8

12.8

35.9

36.4

36.3

36.5

-

-

31.1

19.1

36.4

29.5

Consumer Staples

29.5

27.4

42.6

18.4

40.7

22.2

66.1

1

35.3

29.5

36.5

26.1

43.3

47.8

20.4

19.6

44.8

52.7

Energy and Power

30.8

24.4

33.8

29.1

32.3

28.7

37.4

35.1

29.0

23.4

27.8

22.9

22.6

32.8

28.4

15.6

12.7

4.5

Financials

29.9

30.4

41.2

43.2

46.7

43.9

31.2

28.4

28.8

26.5

28.7

25.9

34.2

41.8

24.4

22.1

19.3

30.1

Healthcare

35.8

35.1

38.9

42.9

38.6

43.5

40.5

30.1

36.1

36

35.7

36.5

36.7

63.4

26.3

22.2

39.0

26

High Technology

31.7

28.1

37.9

37.1

37.6

36.9

41.1

41

40.2

24.6

40.6

22.7

42.0

30.6

19.7

26.3

36.5

22.7

Industrials

31.2

24.2

33.2

38.1

38.3

36.0

69.0

31.9

42.3

26.1

42.6

26.1

61.0

38

24.6

19.1

32.2

24.8

Materials

29.4

30.6

30.2

35.8

29.4

41.1

31.1

34.9

19.0

27.8

15.5

28.5

19.6

29.2

25.6

21.1

29.9

32.6


20.5

26.8

36.2

42.1

42.5

47.0

16.2

13

14.2

17.9

14.2

15.4

13.4

27.9

13.4

23

20.1

28.7

Real Estate

30.6

24.6

27.9

27.9

22.1

16.3

36.1

33.8

18.7

29.2

14.3

32.5

29.6

44.2

30.4

18.3

58.4

22

Retail

29.8

30.9

32.7

25.1

35.1

31.6

27.9

3.4

34.1

38.4

32.8

38.3

37.6

31.2

19.0

23

29.3

35.5

Telecommunications

32.2

26.3

46.8

33.8

58.9

43.4

53.1

53.1

16.4

15.4

16.1

15.4

-

18.8

26.6

19.7

46.6

48.7

Average Industry Total

30.5

28.8

35.2

35.9

38.0

38.1

34.8

34.1

32.0

27.6

31.9

27.3

33.8

36.4

23.6

21

33.2

30.3

* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 01/01/2011 - 12/30/2011 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. * The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. * Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.

4



Worldwide Announced Rankings* - A Decade in Review 1

Goldman Sachs & Co

2

2

Morgan Stanley

3

3

JP Morgan

4

4

Credit Suisse

5

5

Bank of America Merrill Lynch

6

6

Citi

7

7

Barclays Capital

8

8

Deutsche Bank AG

9

9

UBS

10

Lazard

Rank

1

10 2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

League Table positions reflect consolidation within the banking sector *League Rankings shown are as of the current quarter end in each calendar year

5



Americas M&A US M&A Increases 31% | Estimated Fees up 5% | Energy and Power Leading Sector Americas Deals Intelligence

US Announced Advisors by Target Industry

M&A activity with US involvement during 2011 increased 31.1% compared to last year, reaching US$1.3 trillion. By number of deals, US M&A activity is essentially flat compared to 2010, with 11,062 announced deals.

Energy and Power Barclays Capital Goldman Sachs & Co Morgan Stanley Healthcare Credit Suisse JP Morgan Citi Financials Morgan Stanley Citi Rothschild High Technology Morgan Stanley Goldman Sachs & Co Bank of America Merrill Lynch Materials Goldman Sachs & Co JP Morgan UBS

According to Thomson Reuters/Freeman Consulting, total estimated fees from completed M&A with Americas involvement reached $19.6 billion in 2011, representing a 4.7% increase over last year. The Energy & Power sector led the US market, with deal volume totalling US$248.7 billion, a 24.8% share of US M&A activity during 2011 and a 23.1% increase compared to last year. Heathcare placed second, with US$162.5 billion. High Technology was the most prolific sector with 1,557 transactions. On average, EBITDA multiples for Americas Targets during 2011 increased to 13.1x from 12.5x in 2010. From an industry pespective, average industry multiples ranged from 10.3x for Media and Entertainment targets to 23.7x for Real Estate targets. M&A activity with Canadian involvement during 2011 decreased 12.7% to US$157.1 billion. Deal count also decreased by 5% to 3,362 deals.

US Target Announced M&A Target Industry by Value (US$ bil)

Jan 1 2011 – Dec 30 2011

4Q

3Q

2Q

53.0 39.6 29.8

1 2 3

41.8 30.2 26.8

1 2 3

63.2 53.4 51.5

1 2 3

35.7 32.4 25.8

1 2 3

29.6 29.0 23.2

1Q

15,000

YTD Number of Deals

2% 2%

3%

3%

4%

5.8 5.2

$15

2.0

4.7

$10

7.2

3.7

$0

1.5

2.8

1.8

Financials Real Estate Consumer Products and Services Retail

9,000 4.5

4.3

$5 Healthcare Materials Media and Entertainment Telecommunications

12,000

1.8

2.8 2.2

2.1

2.1

1.9

1.6

2002

2003

2.8 2.9

3.6

3.9

4.5

2.8

5.2 3.9

2.8

3.1

2004

2005

4.1

2006

Top Ten US Announced Deals

4.0

2.8

4.2

3.7

3.3

3.9

2010

2011

6,000

# of Deals

Imputed fees (US$m)

6%

$248.7 24.8%

Date Effective 1/14/2011 Pending Pending Pending Pending Pending 7/1/2011 8/19/2011 6/3/2011 5/25/2011

1 2 3

No. Deals 814 32 21 12 842 9 18 14 885 14 12 5 1,557 24 27 21 680 9 9 9

4.9

$20

8% 7%

Rank Date 1/14/2011 10/16/2011 7/21/2011 1/10/2011 4/27/2011 9/21/2011 6/23/2011 7/14/2011 1/31/2011 1/18/2011

Mkt. Share

$98.6 9.8%

$162.5 16.2%

Energy and Power High Technology Industrials Consumer Staples

Rank

Americas Target Completed M&A Fees $25

$140.8 14.1%

Rank Val (US$m) 248,651.9 131,672.9 98,545.1 74,072.0 162,487.0 67,889.9 49,030.2 43,610.6 140,769.3 88,973.6 75,227.4 72,470.4 98,590.2 35,157.4 31,983.7 25,449.1 84,547.7 25,057.1 24,523.1 19,629.5

3,000

2.5

5.3 3.3

2007

2.1

2008

2009

0

Jan 1 2011 – Dec 30 2011 Target (% Sought/Acquired) AIG (60.78%) El Paso Corp (100%) Medco Health Solutions Inc (100%) Progress Energy Inc (100%) Synthes Inc (100%) Goodrich Corp (100%) Marathon Oil-Downstream Bus (100%) Petrohawk Energy Corp (100%) ProLogis (100%) Cargill Inc (40.12%)

Acquiror Preferred Shareholders Kinder Morgan Inc Express Scripts Inc Duke Energy Corp Johnson & Johnson United Technologies Corp Shareholders BHP Billiton PLC AMB Property Corp Cargill Inc

Acquiror / Target Nation Various / United States United States / United States United States / United States United States / United States United States / United States United States / United States United States / United States United Kingdom / United States United States / United States United States / United States

6

Rank Value (US$m) 58,977.2 36,179.1 34,305.6 25,851.3 20,872.4 18,039.5 16,445.1 15,556.5 15,156.0 14,851.6

Target Macro / Mid Industry Financials / Insurance Energy and Power / Oil & Gas Healthcare / Healthcare Providers & Services (HMOs) Energy and Power / Power Healthcare / Healthcare Equipment & Supplies Industrials / Aerospace & Defense Energy and Power / Petrochemicals Energy and Power / Oil & Gas Real Estate / REITs Consumer Staples / Food and Beverage



Americas Rankings Any Americas Involvement Announced (AD49)

Financial Advisor Goldman Sachs & Co Morgan Stanley JP Morgan Bank of America Merrill Lynch Credit Suisse Citi Barclays Capital Lazard Evercore Partners UBS Deutsche Bank AG Rothschild RBC Capital Markets Jefferies & Co Inc BMO Capital Markets CIBC World Markets Inc Centerview Partners LLC Qatalyst Partners Perella Weinberg Partners LP Foros Moelis & Co BNP Paribas SA Societe Generale Wells Fargo & Co HSBC Holdings PLC Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2011 2010 Rank Rank US$m Sh (%) Share Ch. 406,140.0 1 1 26.6 2.1 ▲ 2 2 357,206.7 23.4 -0.6 ▼ 3 3 352,426.2 23.1 1.5 ▲ 4 6 305,946.8 20.1 5.3 ▲ 5 4 283,424.2 18.6 -1.8 ▼ 6 7 280,928.3 18.4 4.6 ▲ 7 5 270,525.5 17.7 0.7 ▲ 8 10 175,122.7 11.5 2.5 ▲ 9 11 158,767.7 10.4 4.0 ▲ -1.9 ▼ 10 9 147,245.4 9.7 11 8 134,161.7 8.8 -3.5 ▼ 12 14 121,268.4 8.0 4.0 ▲ 13 13 57,914.8 3.8 -0.3 ▼ 14 17 51,756.4 3.4 0.1 ▲ 15 20 43,038.5 2.8 -0.1 ▼ 16 29 42,263.4 2.8 0.6 ▲ 17 18 38,077.8 2.5 -0.5 ▼ 18 53 37,621.6 2.5 1.9 ▲ 19 12 36,390.6 2.4 -2.0 ▼ 20 75 35,577.9 2.3 2.0 ▲ 21 28 35,113.2 2.3 0.0 ▲ 22 26 30,174.2 2.0 -0.4 ▼ 23 23 28,668.5 1.9 -0.7 ▼ 24 40 28,360.2 1.9 0.9 ▲ 25 19 26,966.7 1.8 -1.1 ▼ 1 524 609 5 100 0 1,524,609.5 100.0


17.4% ▲ -2.1% ▼

US Target Announced (AD2)

Financial Advisor Morgan Stanley Goldman Sachs & Co JP Morgan Barclays Capital Citi Credit Suisse Bank of America Merrill Lynch Evercore Partners Lazard Rothschild Deutsche Bank AG UBS Jefferies & Co Inc Centerview Partners LLC Foros Moelis & Co RBC Capital Markets Wells Fargo & Co Qatalyst Partners Perella Weinberg Partners LP Houlihan Lokey Tudor Pickering & Co LLC Scotiabank-Bank of Nova Scotia Blackstone Group LP BNP Paribas SA Industry Total

28.9% ▲ -5.6% ▼

Any Americas Involvement Completed (AF55)

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 249 1.6 -5 ▼ 186 1.2 -32 ▼ 195 1.3 -1 ▼ 189 1.3 +3 ▲ 182 1.2 -20 ▼ 151 1.0 +25 ▲ 139 0.9 +9 ▲ 129 0.9 -18 ▼ 58 0.4 +10 ▲ 141 0.9 -13 ▼ 115 0.8 -14 ▼ 90 0.6 -15 ▼ 120 0.8 -4 ▼ 113 0.7 0 74 0.5 +4 ▲ 43 0.3 -11 ▼ 17 0.1 +1 ▲ 16 0.1 +10 ▲ 16 0.1 -5 ▼ 5 0.0 0 56 0.4 -4 ▼ 37 0.2 +6 ▲ 17 0.1 +8 ▲ 30 0.2 +2 ▲ 41 0.3 +9 ▲ 15 103 269 15,103 -269

Financial Advisor Morgan Stanley JP Morgan Goldman Sachs & Co Bank of America Merrill Lynch Citi Barclays Capital UBS Credit Suisse Deutsche Bank AG Evercore Partners Lazard Rothschild Perella Weinberg Partners LP RBC Capital Markets Jefferies & Co Inc CIBC World Markets Inc Centerview Partners LLC BNP Paribas SA Societe Generale TD Securities Inc BMO Capital Markets Nomura Wells Fargo & Co Moelis & Co HSBC Holdings PLC Industry Total

-1.7% ▼ -9.6% ▼


Jan 1 – Dec 30

Rank Value per Advisor (US$m) Market Rank Value Market 2011 2010 US$m Sh (%) Share Ch. Rank Rank 1 2 290,089.2 29.0 0.6 ▲ 2 1 282,348.5 28.2 -4.4 ▼ 3 3 256,568.2 25.6 -0.2 ▼ 21.8 -2.3 ▼ 4 4 218,131.5 5 8 217,879.3 21.8 9.4 ▲ 6 5 215,117.3 21.5 2.2 ▲ 7 6 215,085.9 21.5 4.9 ▲ 8 11 155,984.0 15.6 6.9 ▲ 15.0 9 9 149,854.6 2.8 ▲ 10 39 87,696.7 8.8 8.0 ▲ 11 7 87,287.8 8.7 -5.5 ▼ -3.8 ▼ 12 10 80,580.5 8.1 13 16 46,907.1 4.7 0.6 ▲ 14 14 36,027.7 3.6 -0.7 ▼ 15 51 35,577.9 3.2 ▲ 3.6 16 1.3 ▲ 23 33,719.7 3.4 0.9 ▲ 17 24 28,627.6 2.9 2.8 18 25 28,360.2 1.1 ▲ 19 34 27,327.0 2.7 1.7 ▲ 2.6 -3.7 ▼ 20 12 25,547.3 -1.0 ▼ 21 17 23,872.9 2.4 22 15 20,135.6 2.0 -2.3 ▼ 23 35 16,531.5 1.7 0.8 ▲ 24 13 1.6 -3.6 ▼ 15,853.3 1.3 25 19 13,352.2 -2.0 ▼ 1,001,120.5 100.0


Jan 1 – Dec 30

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 112 1.4 -14 ▼ 136 1.7 -30 ▼ ▼ 1.3 -10 107 101 1.2 +2 ▲ ▲ 80 1.0 +8 90 1.1 -5 ▼ 1.5 -6 ▼ 122 49 0.6 +20 ▲ ▼ 1.0 -15 81 0.4 +4 ▲ 35 59 -1 ▼ 0.7 71 ▼ 0.9 -19 82 1.0 -11 ▼ 14 0.2 +1 ▲ 5 0.1 +1 ▲ 53 0.6 0 -1 ▼ 0.7 61 0.4 +1 29 ▲ 0.2 +9 ▲ 15 12 0.1 -3 ▼ 91 1.1 -36 ▼ 26 0.3 -11 ▼ ▼ 3 0.0 -2 24 0.3 -10 ▼ 4 -1 0.0 ▼ 8,198 -43 -0.5% ▼ -10.4% ▼

Rank Value per Advisor (US$m) Market Rank Value Market 2011 2010 US$m Sh (%) Share Ch. Rank Rank 1 3 432,050.7 32.0 11.6 ▲ 8.0 ▲ 2 5 370,709.6 27.5 3 1 360,078.2 26.7 0.1 ▲ 286,242.1 4 7 21.2 5.6 ▲ 5 6 244,167.9 18.1 -0.4 ▼ 6 4 200,187.2 -4.9 ▼ 14.8 7 9 187,602.1 13.9 1.7 ▲ 8 2 179,605.7 13.3 -7.9 ▼ 8 142,128.4 10.5 -2.9 ▼ 9 10.2 10 11 137,739.7 3.2 ▲ 11 10 133,337.7 9.9 0.1 ▲ 12 13 104,633.2 7.8 2.2 ▲ 13 20 59,856.9 4.4 1.6 ▲ 14 19 49,888.0 3.7 0.1 ▲ 15 3.5 -2.9 ▼ 12 47,500.7 3.2 16 25 42,507.5 1.1 ▲ 17 18 39,943.5 3.0 -1.4 ▼ 18 40 38,211.5 2.8 1.8 ▲ 19 29 38,024.4 2.8 1.4 ▲ 20 28 34,320.9 2.5 0.8 ▲ 21 2.5 0.2 ▲ 24 34,171.7 22 33 28,110.5 2.1 0.8 ▲ 23 54 27,582.7 2.0 1.4 ▲ 24 23 27,059.9 2.0 -0.5 ▼ 25 15 23,885.7 1.8 -3.2 ▼ 1 350 733 6 100 0 1,350,733.6 100.0 19.1% ▲ -5.8% ▼

Jan 1 – Dec 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 213 1.8 +26 ▲ 190 1.6 +1 ▲ 229 1.9 +8 ▲ 182 1.5 +18 ▲ 133 1.1 +13 ▲ 120 1.0 +8 ▲ ▲ 143 1.2 +10 164 1.4 -2 ▼ 0.9 -6 110 ▼ 55 0.5 +16 ▲ 118 1.0 -25 ▼ 80 0.7 -21 ▼ 20 0.2 +1 ▲ 101 0.8 -18 ▼ 112 0.9 +11 ▲ 45 0.4 -4 ▼ 18 0.2 +6 ▲ 31 0.3 -1 ▼ 20 0.2 +11 ▲ 30 0.3 -22 ▼ 75 0.6 +16 ▲ 33 0.3 +9 ▲ 30 0.3 +4 ▲ 50 0.4 -7 ▼ 38 0.3 +7 ▲ 11 935 256 11,935 -256

4.7% ▲ -10.9% ▼

-2.1% ▼ -10.2% ▼

US Target Completed (AF2)

Financial Advisor Morgan Stanley JP Morgan Goldman Sachs & Co Bank of America Merrill Lynch Citi Barclays Capital Evercore Partners UBS Credit Suisse Lazard Deutsche Bank AG Rothschild Perella Weinberg Partners LP Jefferies & Co Inc Centerview Partners LLC Wells Fargo & Co Moelis & Co Societe Generale BNP Paribas SA Houlihan Lokey RBC Capital Markets Blackstone Group LP Scotiabank-Bank of Nova Scotia Qatalyst Partners Sandler O'Neill Partners Industry Total

Jan 1 – Dec 30

Rank Value per Advisor (US$m) Market Rank Value Market 2011 2010 Rank Rank US$m Sh (%) Share Ch. 1 5 342,346.7 39.7 21.2 ▲ 2 3 258,229.7 30.0 6.8 ▲ 233,648.2 27.1 3 1 -5.7 ▼ 4 4 209,361.5 24.3 5.7 ▲ 5 7 188,478.1 21.9 6.1 ▲ 6 2 148,729.2 17.3 -7.7 ▼ 130,075.1 7 9 15.1 5.3 ▲ 8 11 128,473.7 14.9 5.5 ▲ 9 6 122,950.2 14.3 -1.9 ▼ 10 12 12.5 107,239.5 3.2 ▲ 11 8 94,978.4 11.0 -0.2 ▼ 12 25 74,727.8 8.7 7.4 ▲ 13 16 44,213.6 5.1 0.9 ▲ 14 10 38,495.8 4.5 -4.9 ▼ 15 17 33,324.0 3.9 -0.2 ▼ 3.2 27,582.7 2.3 ▲ 16 31 17 21 27,000.9 3.1 1.1 ▲ 18 52 26,983.1 3.1 2.8 ▲ 19 73 25,795.1 3.0 2.9 ▲ 20 15 17,867.5 2.1 -2.2 ▼ 17,452.4 2.0 22 21 0.4 ▲ 22 -4.5 ▼ 13 16,186.0 1.9 23 51 1.5 ▲ 1.8 15,573.3 24 28 12,367.6 1.4 0.3 ▲ 0.6 ▲ 25 35 11,129.6 1.3 861,430.5 100.0


Imputed Fees (US$m) Market Advisor Market Fees Sh (%) Share Ch. 1.3 ▲ 1,288.1 6.6 1,264.9 6.5 1.1 ▲ 1,280.2 6.5 1.2 ▼ 954.3 4.9 0.9 ▲ 0.0 540.2 2.8 676.5 3.5 0.1 ▲ 625.0 3.2 0.4 ▲ 811.5 4.1 0.0 2.6 0.2 ▼ 516.3 259.7 1.3 0.2 ▲ 454.9 2.3 0.2 ▼ 252.1 1.3 0.6 ▼ 95.4 0.5 0.0 339.8 1.7 0.1 ▼ 410.9 2.1 0.3 ▲ 212.5 1.1 0.1 ▲ 105.2 0.5 0.1 ▲ 80.7 0.4 0.0 63.9 0.3 0.1 ▲ 98.3 0.5 0.3 ▼ 252.5 1.3 0.3 ▲ 122.0 0.6 0.3 ▲ 129.0 0.7 0.4 ▲ 149.1 0.8 0.2 ▼ 94.1 0.5 0.1 ▲ 19 595 7 100 0 19,595.7 100.0

23.6% ▲ -18.0% ▼

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 120 1.7 +14 ▲ -4 ▼ 105 1.5 1.8 -35 ▼ 121 123 1.8 +5 ▲ 71 1.0 -1 ▼ 80 1.2 -13 ▼ 40 0.6 +13 ▲ 80 1.2 +9 ▲ 82 1.2 +2 ▲ 1.0 -31 ▼ 67 54 0.8 -4 ▼ ▼ 25 0.4 -7 0.2 -1 ▼ 14 -7 ▼ 79 1.1 14 0.2 +4 ▲ 0.4 +3 ▲ 29 48 0.7 -3 ▼ 6 0.1 +5 ▲ 3 0.0 0 96 1.4 -32 ▼ 46 0.7 -13 ▼ 19 0.3 -13 ▼ 5 0.1 +2 ▲ 11 0.2 +5 ▲ 37 0.5 +5 ▲ 6,910 -178 -2.5% ▼ -5.9% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 895.1 7.7 1.7 ▲ 849.3 7.3 1.3 ▲ 823.7 7.1 2.5 ▼ 6.0 703.0 0.8 ▲ 2.9 0.2 ▼ 341.8 479.8 4.1 0.4 ▼ 207.0 1.8 0.5 ▲ 369.6 3.2 0.6 ▲ 507.9 4.4 0.6 ▲ 288.5 2.5 0.5 ▼ 299.3 2.6 0.2 ▼ 80.8 0.2 ▼ 0.7 70.7 0.6 0.1 ▼ 2.7 0.2 ▲ 312.8 85.1 0.7 0.1 ▲ 123.8 1.1 0.6 ▲ 145.7 1.3 0.1 ▲ 23.7 0.2 0.1 ▲ 4.4 0.0 0.1 ▼ 192.6 1.7 0.7 ▼ 146.7 1.3 0.1 ▼ 93.3 0.8 0.4 ▼ 15.7 0.1 0.0 0.9 100.9 0.3 ▲ 57.8 0.5 0.1 ▲ 11,685.5 100.0 0.3% ▲ -13.8% ▼

* tie

7



Americas Rankings Any US Involvement Announced (AD41)

Financial Advisor Goldman Sachs & Co JP Morgan Morgan Stanley Bank of America Merrill Lynch Citi Barclays Capital Credit Suisse Lazard Evercore Partners Deutsche Bank AG UBS Rothschild Jefferies & Co Inc RBC Capital Markets Centerview Partners LLC Qatalyst Partners Perella Weinberg Partners LP Foros Moelis & Co Wells Fargo & Co Houlihan Lokey BNP Paribas SA Societe Generale BMO Capital Markets RBS Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2011 2010 Rank Rank US$m Sh (%) Share Ch. -0.3 ▼ 1 1 370,582.6 28.9 3 339,081.4 26.4 2 1.7 ▲ 26.1 3 2 334,614.1 -0.9 ▼ 21.9 6 280,392.5 4 6.1 ▲ 5 8.5 ▲ 8 261,202.2 20.4 -1.1 ▼ 257,460.8 6 4 20.1 5 0.8 ▲ 20.0 7 257,093.6 8 10 162,191.1 12.6 1.0 ▲ 9 11 157,859.7 12.3 4.3 ▲ 10 7 122,906.3 9.6 -4.9 ▼ 119,260.6 9.3 11 9 -2.4 ▼ 12 21 107,388.6 8.4 5.9 ▲ 13 16 49,188.7 3.8 0.2 ▲ 14 22 41,094.6 3.2 0.7 ▲ -0.9 ▼ 15 38,077.8 3.0 14 37,621.6 16 43 2.9 2.1 ▲ 17 12 36,318.2 2.8 -2.8 ▼ 18 2.8 2.5 ▲ 59 35,577.9 19 20 35,113.2 2.7 0.2 ▲ 20 2.2 0.8 ▲ 28 28,360.2 2.0 -1.7 ▼ 21 15 25,374.5 -0.9 ▼ 22 19 24,417.0 1.9 23 23 23,421.9 1.8 -0.6 ▼ 29 0.4 ▲ 21,191.0 1.7 24 25 44 21,118.0 1.7 0.9 ▲ 1 282 709 0 100 0 1,282,709.0 100.0


31.1% ▲ -6.6% ▼

Any Canadian Involvement Announced (AD42)

Financial Advisor CIBC World Markets Inc BMO Capital Markets RBC Capital Markets TD Securities Inc Bank of America Merrill Lynch Goldman Sachs & Co Morgan Stanley JP Morgan Scotiabank-Bank of Nova Scotia GMP Capital Corp Lazard UBS Canaccord Genuity National Bank of Canada Fin'l Credit Suisse Barclays Capital Macquarie Group Citi Greenhill & Co, LLC Rothschild Deutsche Bank AG Deloitte Jefferies & Co Inc Desjardins Securities Inc. BNP Paribas SA Industry Total

Rank Value per Advisor (US$m) Market Rank Value Market 2011 2010 Rank Rank US$m Sh (%) Share Ch. 1 22.7 6.9 ▲ 6 35,601.9 34,866.7 22.2 2.7 ▲ 2 1 3 27,776.7 17.7 3 -0.8 ▼ 17.0 4 5 26,721.5 -1.2 ▼ 8 18,982.0 12.1 5 0.5 ▲ 2 17,703.3 11.3 6 -7.4 ▼ 4 14,015.9 8.9 -9.4 ▼ 7 8 12,356.3 7.9 7 -7.6 ▼ 10,240.7 9 11 6.5 -2.4 ▼ -1.0 ▼ 10 12 9,614.9 6.1 29 9,433.4 6.0 4.1 ▲ 11 12 9,161.8 5.8 -5.2 ▼ 10 13 18 5.7 9,003.8 2.2 ▲ 14 5.2 31 3.5 ▲ 8,150.8 5.1 -0.6 ▼ 15 14 8,006.2 16 13 6,597.6 4.2 -1.8 ▼ 17 21 5,872.6 3.7 1.1 ▲ 2.9 -8.3 ▼ 18 9 4,597.5 19 46 3,810.9 2.4 1.9 ▲ -2.3 ▼ 20 16 3,805.0 2.4 -2.7 ▼ 21 15 3,802.1 2.4 25 -0.3 ▼ 22 2,590.0 1.7 20 23 2,561.5 1.6 -1.5 ▼ 24 63 2,505.9 1.6 1.5 ▲ 54 2,488.7 1.6 1.3 ▲ 25 100.0 157,126.8


-12.7% ▼ 61.7% ▲

Jan 1 – Dec 30

Any US Involvement Completed (AF48) Rank Value per Advisor (US$m) Rank Value Market Market 2011 2010 Rank Rank US$m Sh (%) Share Ch. 14.4 ▲ 35.8 1 4 405,623.1 2 354,643.5 31.3 9.6 ▲ 3 3 1 318,647.2 28.2 -3.5 ▼ 24.0 4 7 271,555.2 7.2 ▲ 5 6 231,063.0 20.4 2.7 ▲ 6 2 192,512.8 17.0 -6.8 ▼ 7 9 161,191.3 14.2 1.4 ▲ 8 157,186.5 13.9 5 -5.3 ▼ 9 11 135,031.7 11.9 3.4 ▲ 8 10 132,583.7 11.7 -3.3 ▼ 11 10 123,006.6 10.9 -1.1 ▼ 12 17 94,774.2 8.4 4.2 ▲ 19 59,784.4 5.3 1.9 ▲ 13 12 41,680.6 3.7 -3.9 ▼ 14 3.5 -2.1 ▼ 15 16 39,943.5 16 46 37,262.5 3.3 2.8 ▲ 59 35,962.8 3.2 2.9 ▲ 17 22 31,746.5 2.8 0.9 ▲ 18 19 25 27,741.5 2.5 1.2 ▲ 40 20 27,582.7 2.4 1.7 ▲ 21 21 27,059.9 2.4 -0.2 ▼ 22 33 22,662.2 2.0 1.1 ▲ 23 13 19,369.1 1.7 -5.1 ▼ 24 36 18,215.3 1.6 0.8 ▲ 25 14 16,906.0 1.5 -4.3 ▼ 1 131 891 1 100 0 1,131,891.1 100.0

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 2.0 -5 217 ▼ 174 1.6 +6 ▲ 165 1.5 -20 ▼ 170 1.5 +10 ▲ 126 ▲ 1.1 +18 130 1.2 +7 ▲ 137 1.2 -16 ▼ 112 ▼ 1.0 -16 54 0.5 +13 ▲ -8 ▼ 0.9 102 ▼ 1.0 -19 113 66 0.6 -7 ▼ 105 0.9 -3 ▼ 83 0.8 +11 ▲ 17 0.2 +1 ▲ 0.1 +10 16 ▲ ▼ 15 0.1 -4 5 0.0 0 ▼ 56 0.5 -1 30 0.3 +2 ▲ 101 0.9 -48 ▼ 27 0.2 +8 ▲ 16 0.1 +9 ▲ 33 0.3 +4 ▲ 24 0.2 +8 ▲ 11 062 9 -9 11,062

Financial Advisor Morgan Stanley JP Morgan Goldman Sachs & Co Bank of America Merrill Lynch Citi Barclays Capital UBS Credit Suisse Evercore Partners Deutsche Bank AG Lazard Rothschild Perella Weinberg Partners LP Jefferies & Co Inc Centerview Partners LLC Societe Generale BNP Paribas SA RBC Capital Markets Nomura Wells Fargo & Co Moelis & Co Qatalyst Partners Houlihan Lokey BMO Capital Markets Blackstone Group LP Industry Total

-0.1% ▼ -12.7% ▼


Jan 1 – Dec 30

26.8% ▲ -10.5% ▼

Jan 1 – Dec 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 2.0 +20 ▲ 182 172 1.9 +13 ▲ 193 2.1 -10 ▼ 166 1.8 +19 ▲ 116 ▲ 1.3 +10 114 1.2 +8 ▲ 119 1.3 +4 ▲ 126 1.4 -6 ▼ 48 0.5 +13 ▲ 98 1.1 -5 ▼ 104 1.1 -21 ▼ 57 0.6 -20 ▼ 19 0.2 +2 ▲ 104 1.1 +6 ▲ 18 0.2 +6 ▲ 19 0.2 +13 ▲ 23 0.2 +9 ▲ 66 0.7 -4 ▼ 28 0.3 +11 ▲ 30 0.3 +4 ▲ 0.5 -4 50 ▼ 12 0.1 +6 ▲ 107 1.2 -42 ▼ 36 0.4 +11 ▲ 20 0.2 -14 ▼ 9 211 137 -137 9,211

6.6% ▲ -14.8% ▼

-1.5% ▼ -12.3% ▼

Any Canadian Involvement Completed (AF49)

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 1.1 -15 ▼ 38 ▲ 58 1.7 +3 1.7 -3 ▼ 58 1.0 -26 ▼ 32 ▼ 16 0.5 -1 0.5 16 -8 ▼ 0.4 -14 12 ▼ 14 0 0.4 14 0.4 -7 ▼ 20 ▼ 0.6 -16 0.4 +1 ▲ 12 0.6 19 -2 ▼ 24 ▲ 0.7 +4 0.7 +4 ▲ 23 11 0.3 +1 ▲ 0 7 0.2 -3 ▼ 18 0.5 ▲ 11 0.3 +3 4 0.1 +2 ▲ ▼ 9 0.3 -6 0.3 10 0 ▼ -3 6 0.2 0.2 +1 8 ▲ 6 0.2 +4 ▲ ▲ 2 0.1 +1 3,362 -177

Financial Advisor CIBC World Markets Inc TD Securities Inc BMO Capital Markets Goldman Sachs & Co RBC Capital Markets Morgan Stanley JP Morgan Bank of America Merrill Lynch Citi Canaccord Genuity Scotiabank-Bank of Nova Scotia UBS Sandler O'Neill Partners GMP Capital Corp Macquarie Group Barclays Capital Credit Suisse Lazard National Bank of Canada Fin'l Deloitte Greenhill & Co, LLC Cenkos Securities PLC Deutsche Bank AG Jefferies & Co Inc Cormark Securities Inc Industry Total

-5.0% ▼ -4.5% ▼


Rank Value per Advisor (US$m) Market Rank Value Market 2011 2010 Rank Rank US$m Sh (%) Share Ch. 1 23.2 5.3 ▲ 3 35,902.0 22.2 8.1 ▲ 34,320.9 6 2 3 2.7 ▲ 2 32,144.9 20.8 4 17.7 4 0.2 ▲ 27,327.8 27,058.8 5 1 17.5 -0.7 ▼ 0.1 ▲ 6 25,081.9 5 16.2 8 21,064.6 13.6 7 0.5 ▲ 9 14,948.5 -0.4 ▼ 8 9.7 9 9,241.8 10 6.0 -3.5 ▼ 10 1.9 ▲ 19 8,591.9 5.6 7,488.5 4.8 -3.5 ▼ 12 11 4.6 -8.8 ▼ 7 7,120.7 12 4.2 13 6,456.2 4.2 ▲ 13 6,445.9 4.2 -3.8 ▼ 14 20 6,161.6 4.0 0.6 ▲ 15 5,785.4 16 11 3.7 -4.9 ▼ 17 16 5,378.0 3.5 -2.1 ▼ 4,759.7 3.1 0.3 ▲ 18 23 4,643.5 19 28 3.0 1.1 ▲ 20 4,315.0 92* 2.8 2.8 ▲ 3,518.6 21 43 1.7 ▲ 2.3 2.3 2.3 ▲ 22 98* 3,500.8 14 -4.8 ▼ 23 3,177.3 2.1 24 18 2,750.1 1.8 -2.3 ▼ 29 1.5 25 2,280.6 -0.2 ▼ 154,625.3 100.0 13.9% ▲ 10.6% ▲

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 1,180.0 7.3 1.4 ▲ 1.5 ▲ 1,190.1 7.4 1,133.1 7.0 1.8 ▼ 896.4 5.6 1.0 ▲ 481.0 3.0 0.2 ▼ 4.0 0.1 ▲ 645.5 509.3 3.2 0.2 ▲ 688.3 4.3 0.0 243.5 1.5 0.2 ▲ 474.7 2.9 0.2 ▼ 416.4 2.6 0.3 ▼ 0.5 ▼ 189.4 1.2 94.2 0.0 0.6 373.2 2.3 0.2 ▲ 105.2 0.7 0.2 ▲ 0.4 63.7 0.2 ▲ 61.3 0.4 0.2 ▲ 224.5 1.4 0.2 ▲ 0.7 0.4 ▲ 119.2 129.0 0.4 ▲ 0.8 149.1 0.9 0.2 ▼ 112.5 0.7 0.3 ▲ 210.5 1.3 0.9 ▼ 134.1 0.8 0.3 ▲ 97.0 0.6 0.4 ▼ 16 146 8 100 0 16,146.8 100.0

Jan 1 – Dec 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 0.1 -9 ▼ 40 30 0.1 -21 ▼ 0.2 +14 ▲ 59 ▼ 17 0.1 -4 54 0.2 -3 ▼ 18 0.1 -1 ▼ -1 ▼ 15 0.1 0.1 +3 15 ▲ ▲ 12 0.0 +6 ▲ 20 0.1 +2 18 ▲ 0.1 +5 0.1 -2 ▼ 16 2 0.0 +2 ▲ 16 0.1 -24 ▼ 19 0.1 -2 ▼ 6 -2 ▼ 0.0 9 0.0 0 10 0.0 -1 ▼ 20 0.1 +4 ▲ 6 0.0 +1 ▲ 0.0 +1 3 ▲ 0.0 +1 ▲ 2 10 0.0 +1 ▲ 8 0.0 0 12 0.0 -5 ▼ 2,260 -14 -0.6% ▼ -7.0% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 6.4 0.1 ▼ 186.5 98.3 3.4 1.8 ▼ 7.3 1.8 ▲ 214.2 96.4 3.3 1.2 ▼ 187.6 6.4 1.1 ▲ 0.5 ▼ 3.3 96.7 2.4 68.9 0.4 ▼ 2.9 85.7 1.2 ▲ 39.5 0.3 ▲ 1.4 1.6 0.5 ▲ 48.1 42.0 1.4 0.0 60.5 2.1 0.6 ▼ 0.4 ▲ 12.2 0.4 42.3 1.5 1.0 ▼ 43.0 1.5 0.1 ▼ 24.7 0.8 0.5 ▼ 37.6 1.3 0.1 ▲ 1.0 29.7 0.4 ▲ 49.8 1.7 0.9 ▲ .9 0.0 0.0 17.8 0.5 ▲ 0.6 4.3 0.2 0.2 ▲ 28.9 1.0 0.4 ▼ 26.5 0.9 0.1 ▼ 28.2 1.0 0.1 ▲ 2,929.5 100.0 0.3% ▲ -4.6% ▼

* tie

8



EMEA M&A EMEA Announced M&A Marginally Down While Fees from Completed M&A Up 11% | Energy and Power Most Active Sector | Goldman Sachs in First Place EMEA Deals Intelligence

EMEA Involvement Announced Advisors by Target Industry Rank Val US$m

Announced M&A with EMEA involvement totalled US$1 trillion in 2011, a 0.4% decrease compared to last year. Quarterly activity continued its decline, as the fourth quarter volume fell by 4% compared to the preceding three months. EMEA fee volumes on deals completed in 2011 reached US$13.8 billion, a 10.5% increase compared to last year, according to estimates from Thomson Reuters/Freeman Consulting.

Energy and Power Goldman Sachs & Co Morgan Stanley Barclays Capital Financials Goldman Sachs & Co Morgan Stanley JP Morgan Industrials Goldman Sachs & Co Credit Suisse Citi Materials Goldman Sachs & Co Morgan Stanley UBS Real Estate Goldman Sachs & Co BNP Paribas SA Rothschild

Energy & Power was the most active sector with 1,500 deals worth a combined US$227.7 billion. The top three deals driving activity in the sector were BHP Billiton's US$15.6 billion acquisition of Petrohawk Energy, BP’s US$9 billion deal with India's Reliance Industries and Ensco's US$8.7 billion merger with Pride International. EMEA targeted buyside financial sponsor activity reached US$97 billion compared to the US$83.1 billion of last year. However, despite the year-on-year increase, activity declined each quarter, reaching US$19.8 billion in the last three months of 2011. This represented a 47.8% decrease compared to the US$37.9 billion high reached in the second quarter of the year. The largest deal was the US$3.4 billion offer for Securitas Direct made by Bain Capital and Hellman & Friedman. London listed EMEA companies were the most acquisitive this year with a combined total of US$60.7 billion worth of offers made.

Primary EMEA Companies - Top y Stock Exchange g Listing g of Most Acquisitive q p p 10 (US$ ( $ bil))

No. Deals

1 2 3

34.1 21.1 19.3

1 2 3

35.3 32.3 25.8

1 2 3

33.1 26.4 24.4

1 2 3

24.5 18.0 16.6

1 2 3

10.0 9.7 8.1

1,500 27 27 21 2,099 46 24 28 3,194 16 17 10 1,680 12 16 9 957 5 18 8

EMEA Financial Sponsor Investments p Q4 Volume (US$b) Q1 Volume (US$b)

London $300

Q3 Volume (US$b) % of YTD EMEA M&A

Q2 Volume (US$b) 25%

Euronext Paris

$7.5 $7.6 $7.6 $60.7

20.1%

$250

Russian Trading System

$12.3

20%

Frankfurt Rank Value (US$b)

$24.9 New York Nasdaq $27.0

$47.1 Madrid $29.3

16.1%

$200

15.2%

16.5%

13.9%

12.8%

15%

11.5%

$150 12.0%

10%

8.3% $100

% of EMEA

$10.0

227,671.6 77,550.1 48,105.3 43,916.2 162,078.2 57,245.9 52,291.0 41,803.7 108,582.8 35,941.9 28,662.0 26,515.2 104,880.5 25,651.6 18,846.6 17,439.9 66,971.2 6,660.5 6,516.6 5,414.5

Mkt. Share

Rank

6.4%

Oslo 5%

$50

OMX Stockholm Brussels

$0

0% 2002

2003

2004

2005

2006

Top Ten EMEA Involvement Announced Deals

2007

2008

2009

2010

2011

Jan 1 2011 – Dec 30 2011

Rank Date

Date Effective

Target (% Sought/Acquired)

Acquiror

1/3/2011 7/14/2011 5/19/2011 6/21/2011 2/15/2011 4/4/2011 8/18/2011 5/10/2011 2/21/2011 6/16/2011

1/3/2011 8/19/2011 9/30/2011 12/2/2011 Pending 6/16/2011 10/3/2011 10/13/2011 8/30/2011 Pending

Fiat SpA-Auto Business (100%) Petrohawk Energy Corp (100%) Nycomed Intl Mgmt GmbH (100%) Foster's Group Ltd (100%) NYSE Euronext Inc (100%) SFR SA (44%) Autonomy Corp PLC (%) Skype Global Sarl (100%) Reliance Industries Ltd-21 Oil (30%) ING Direct USA (100%)

Shareholders BHP Billiton PLC Takeda Pharmaceutical Co Ltd SABMiller Beverage Investments Deutsche Boerse AG Vivendi SA Hewlett-Packard Vision BV Microsoft Corp BP PLC Capital One Financial Corp

9

Acquiror / Target Nation

Rank Value (US$m)

Target Macro / Mid Industry

Italy / Italy United Kingdom / United States Japan / Switzerland Australia / Australia Germany / United States France / France Netherlands / United Kingdom United States / Luxembourg United Kingdom / India United States / United States

18,489.7 15,556.5 13,682.9 12,418.5 12,225.3 11,319.9 10,294.5 9,124.2 9,000.0 8,875.9

Industrials / Automobiles & Components Energy and Power / Oil & Gas Healthcare / Pharmaceuticals Consumer Staples / Food and Beverage Financials / Brokerage Telecommunications / Telecommunications Services High Technology / Internet Software & Services High Technology / Software Energy and Power / Oil & Gas Financials / Other Financials



EMEA Rankings Any EMEA Involvement Announced (AD47)

Financial Advisor Goldman Sachs & Co Morgan Stanley JP Morgan Deutsche Bank AG Credit Suisse Citi Barclays Capital Rothschild UBS BNP Paribas SA Bank of America Merrill Lynch Societe Generale Lazard HSBC Holdings PLC Credit Agricole CIB RBS Nomura ING UniCredit Intesa SanPaolo Perella Weinberg Partners LP Moelis & Co Scotiabank-Bank of Nova Scotia RBC Capital Markets Mediobanca Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2011 2010 US$m Sh (%) Share Ch. Rank Rank 326,482.9 11.6 ▲ 31.7 1 3 187,169.5 18.2 -6.8 ▼ 2 1 18.2 -2.7 ▼ 3 2 186,746.1 -0.6 ▼ 17.8 183,598.2 4 5 -1.8 ▼ 16.7 4 171,572.1 5 146,158.5 1.6 ▲ 14.2 6 10 131,648.7 12.8 3.8 ▲ 12 7 -1.1 ▼ 12.4 8 8 127,264.4 -3.8 ▼ 9 11.3 6 116,409.3 10.8 -1.2 ▼ 11 10 110,625.0 10.7 -2.2 ▼ 11 110,076.9 9 10.7 1.9 ▲ 109,565.4 12 13 81,242.8 7.9 -6.7 ▼ 7 13 75,729.7 7.4 -0.6 ▼ 14 14 6.6 3.6 ▲ 22 68,343.4 15 2.4 ▲ 62,592.3 6.1 18 16 17 15 5.6 58,012.9 -0.1 ▼ 18 70 41,791.0 4.1 3.7 ▲ 36,011.6 3.5 2.4 ▲ 19 45 21 3.3 20 34,282.3 0.3 ▲ 2.3 21 42 23,593.7 1.0 ▲ 37 19,458.9 1.9 0.5 ▲ 22 23 36 0.5 ▲ 1.9 19,095.5 20 -1.3 ▼ 24 18,703.7 1.8 24 18,492.6 1.8 -0.9 ▼ 25 1 029 010 6 100 0 1,029,010.6 100.0


-0.4% ▼ -4.0% ▼

Any European Involvement Announced (AD21)

Financial Advisor Goldman Sachs & Co Morgan Stanley JP Morgan Deutsche Bank AG Credit Suisse Citi Barclays Capital Rothschild UBS BNP Paribas SA Societe Generale Bank of America Merrill Lynch Lazard HSBC Holdings PLC Credit Agricole CIB RBS Nomura ING UniCredit Intesa SanPaolo Perella Weinberg Partners LP Scotiabank-Bank of Nova Scotia Mediobanca Santander Ernst & Young LLP Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2011 2010 Rank Rank US$m Sh (%) Share Ch. 32.6 1 3 319,493.1 11.6 ▲ 1 185,623.8 -6.1 ▼ 18.9 2 183,196.3 -2.9 ▼ 3 2 18.7 17.9 175,596.9 4 -0.8 ▼ 5 163,183.0 16.6 5 4 -3.4 ▼ 142,630.4 14.5 1.3 ▲ 6 10 13.4 4.9 ▲ 13 7 131,648.7 13.0 -1.4 ▼ 8 7 127,049.8 11.9 -2.2 ▼ 9 116,209.6 8 11.3 -0.6 ▼ 110,625.0 11 10 11.2 1.7 ▲ 11 12 109,565.4 12 9 99,943.0 10.2 -3.6 ▼ 13 6 81,126.7 8.3 -6.2 ▼ 14 14 75,247.7 7.7 0.5 ▲ 15 21 68,343.4 3.7 ▲ 7.0 6.1 2.1 ▲ 16 18 59,336.4 17 15 5.9 57,760.8 -0.1 ▼ 4.3 18 67 41,791.0 3.9 ▲ 2.5 ▲ 19 44 36,011.6 3.7 0.2 ▲ 20 20 34,282.3 3.5 21 42 23,593.7 2.4 1.1 ▲ 22 19,095.5 2.0 0.5 ▲ 34 24 1.9 -1.1 ▼ 18,492.6 23 24 18,328.1 1.9 29 -0.2 ▼ 1.9 18,296.9 25 49 0.8 ▲ 980,626.9 100.0


2.9% ▲ -3.0% ▼

Jan 1 – Dec 30

Any EMEA Involvement Completed (AF53) Rank Value per Advisor (US$m) Rank Value Market Market 2011 2010 Rank Rank US$m Sh (%) Share Ch. 36.9 392,571.9 1 1 14.4 ▲ 2 26.7 2 284,096.3 4.6 ▲ 3 5 4.8 ▲ 233,661.0 22.0 3 217,579.3 20.5 0.1 ▲ 4 19.6 4 2.2 ▲ 5 208,636.6 -0.3 ▼ 6 7 166,679.1 15.7 -1.7 ▼ 6 15.4 7 163,541.9 13.7 10 0.8 ▲ 8 145,572.1 4.4 ▲ 12 9 144,281.9 13.6 140,583.8 13.2 3.8 ▲ 10 11 11 17 137,215.9 12.9 8.4 ▲ -1.3 ▼ 12.4 12 9 131,513.1 11.6 -3.9 ▼ 122,991.9 13 8 13 14 10.1 106,951.0 1.5 ▲ 8.3 15 88,491.6 26 5.7 ▲ 16 68,584.6 6.5 18 2.5 ▲ 17 58,637.1 5.5 1.0 ▲ 15 18 3.7 ▲ 38 52,090.1 4.9 29 19 1.8 ▲ 38,973.0 3.7 20 3.6 28 38,344.7 1.5 ▲ 30,690.5 2.9 1.5 ▲ 21 35 22 -0.2 ▼ 24 30,093.2 2.8 23 160 2.8 29,312.9 2.7 ▲ 2.6 ▲ 2.6 24 261 27,774.4 49 27,440.0 1.8 ▲ 25 2.6 1 063 534 8 100 0 1,063,534.8 100.0

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 0.4 +34 178 140 0.3 -52 ▼ ▼ 146 0.4 -25 ▼ 139 0.3 -20 141 0.3 -26 ▼ ▲ 108 0.3 +6 ▲ 84 0.2 +20 ▼ 215 -2 0.5 ▼ 114 0.3 -36 111 0.3 -7 ▼ ▲ 121 0.3 +36 0.3 +54 101 ▲ 0.3 -61 ▼ 134 83 0.2 +19 ▲ ▲ 51 0.1 +3 60 ▲ 0.1 +9 0.1 -23 50 ▼ 0.1 +7 ▲ 58 36 0.1 -22 ▼ ▲ 0.1 +9 40 8 0.0 -2 ▼ 0.0 ▼ 13 -6 ▲ 0.0 +2 5 30 0.1 -2 ▼ 48 ▼ 0.1 -12 18 349 961 18,349 -961

Financial Advisor Goldman Sachs & Co Morgan Stanley JP Morgan Credit Suisse Deutsche Bank AG UBS Citi Rothschild Bank of America Merrill Lynch BNP Paribas SA Societe Generale Barclays Capital Lazard HSBC Holdings PLC Nomura Credit Agricole CIB RBS Intesa SanPaolo UniCredit Evercore Partners ING Blackstone Group LP VTB Capital Banque Degroof Macquarie Group Industry Total

-5.0% ▼ -5.8% ▼


Jan 1 – Dec 30

36.1% ▲ -21.7% ▼

Jan 1 – Dec 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 172 1.2 +53 ▲ 1.2 +8 ▲ 174 1.0 +11 145 ▲ 136 0.9 +9 ▲ 137 ▲ 0.9 +16 133 0.9 +23 ▲ ▲ 0.6 +18 91 1.4 +6 ▲ 201 120 0.8 +64 ▲ ▲ 0.8 +20 112 0.7 +64 ▲ 96 71 0.5 +17 ▲ 131 ▼ 0.9 -39 0.5 +21 ▲ 75 ▼ 50 -9 0.3 ▲ 0.4 +20 56 ▲ 0.4 +21 63 38 0.3 +7 ▲ ▼ 0.3 -12 38 ▲ 29 0.2 +3 0.4 +11 54 ▲ -7 ▼ 8 0.1 0.1 +14 ▲ 20 0.1 11 0 0.2 +6 35 ▲ 14 700 1 154 14,700 -1,154 -7.3% ▼ -9.7% ▼

10.5% ▲ -14.3% ▼

Any European Involvement Completed (AF3) Rank Value per Advisor (US$m) Rank Value Market Market 2011 2010 US$m Sh (%) Share Ch. Rank Rank 383,991.9 13.7 ▲ 37.7 1 1 277,785.3 27.3 6.0 ▲ 2 3 229,249.9 22.5 5.2 ▲ 6 3 210,757.8 20.7 -1.2 ▼ 4 2 5 193,450.9 19.0 0.6 ▲ 4 6 8 163,799.7 16.1 1.4 ▲ 7 5 -2.8 ▼ 158,269.2 15.6 8 9 143,388.4 0.1 ▲ 14.1 9 12 5.1 ▲ 140,583.8 13.8 10 16 137,215.9 13.5 8.6 ▲ 11 13.3 3.5 ▲ 11 135,266.3 131,513.1 10 12.9 -0.2 ▼ 12 -3.5 ▼ 120,988.5 13 7 11.9 10.3 14 104,965.6 2.7 ▲ 13 8.6 6.0 ▲ 15 25 87,969.9 18 2.4 ▲ 68,584.6 16 6.7 15 17 56,361.3 0.6 ▲ 5.5 37 3.8 ▲ 52,090.1 5.1 18 28 1.7 ▲ 19 38,973.0 3.8 27 38,344.7 3.8 20 1.5 ▲ 35 21 30,690.5 3.0 1.5 ▲ 30,093.2 -0.2 ▼ 3.0 22 23 29,312.9 23 151 2.8 ▲ 2.9 247 27,774.4 2.7 ▲ 24 2.7 25 47 1.9 ▲ 27,232.0 2.7 100.0 1,017,606.5

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 167 1.0 +32 ▲ 137 0.8 -48 ▼ 138 0.8 -22 ▼ 128 0.7 -14 ▼ 0.8 -33 ▼ 132 0.6 +10 ▲ 101 82 0.5 +22 ▲ 210 -5 1.2 ▼ 112 0.6 -29 ▼ 111 0.6 -3 ▼ 101 0.6 +54 ▲ 114 0.7 +34 ▲ 0.8 -55 132 ▼ 79 0.5 +21 ▲ 0.3 +3 ▲ 51 0.3 +8 ▲ 57 48 0.3 -20 ▼ 0.3 +7 58 ▲ ▼ 0.2 -22 36 0.2 +9 ▲ 40 0.0 8 -1 ▼ 5 0.0 +2 ▲ 48 0.3 -12 ▼ 17 ▼ 0.1 -20 148 ▲ 0.9 +15 17,358 -824

Financial Advisor Goldman Sachs & Co Morgan Stanley JP Morgan Credit Suisse Deutsche Bank AG UBS Citi Rothschild BNP Paribas SA Societe Generale Bank of America Merrill Lynch Barclays Capital Lazard HSBC Holdings PLC Nomura Credit Agricole CIB RBS Intesa SanPaolo UniCredit Evercore Partners ING Blackstone Group LP VTB Capital Banque Degroof Macquarie Group Industry Total

-4.5% ▼ -6.2% ▼


40.8% ▲ -22.6% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 919.1 6.7 0.8 ▲ 0.2 ▼ 651.7 4.7 5.0 0.3 ▲ 681.2 596.3 4.3 0.5 ▲ 537.3 0.9 ▲ 3.9 508.9 3.7 0.5 ▲ 296.8 2.2 0.0 559.3 4.1 0.4 ▼ 424.8 3.1 1.1 ▲ 284.5 2.1 0.0 209.1 0.7 ▲ 1.5 311.0 2.3 0.5 ▲ 2.6 1.5 ▼ 353.6 171.7 1.3 0.2 ▲ 154.9 1.1 0.2 ▲ 117.6 0.9 0.3 ▲ 0.0 121.1 0.9 0.0 0.4 47.7 76.6 0.6 0.0 128.6 0.9 0.0 96.6 0.7 0.3 ▲ 25.2 0.4 ▼ 0.2 0.3 44.7 0.0 0.1 ▲ 8.8 0.1 128.7 0.9 0.5 ▲ 13 752 5 100 0 13,752.5 100.0

Jan 1 – Dec 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 163 1.2 +49 1.2 +8 ▲ 168 ▲ 135 1.0 +9 ▲ 0.9 +7 132 0.9 +12 ▲ 123 129 ▲ 0.9 +26 84 ▲ 0.6 +18 199 1.4 +5 ▲ 110 0.8 +20 ▲ 96 0.7 +64 ▲ 113 0.8 +60 ▲ 71 0.5 +19 ▲ 0.9 -35 129 ▼ 70 ▲ 0.5 +21 ▼ -6 0.3 48 56 0.4 +20 ▲ 0.4 +21 ▲ 61 38 0.3 +7 ▲ ▼ 38 0.3 -12 29 0.2 +3 ▲ 0.4 +11 ▲ 54 8 0.1 ▼ -6 20 0.1 +14 ▲ 0.1 11 0 ▲ 33 0.2 +7 -1,079 14,044 -7.1% ▼ -9.5% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 886.3 0.6 ▲ 6.8 621.2 4.8 0.1 ▼ 0.3 ▲ 5.0 652.7 4.4 0.4 ▲ 567.2 3.6 0.5 ▲ 465.3 0.8 ▲ 498.6 3.9 269.2 2.1 0.1 ▼ 551.4 4.3 0.5 ▼ 0.1 ▲ 2.2 280.5 1.6 0.8 ▲ 209.1 3.0 0.9 ▲ 392.8 0.5 ▲ 311.0 2.4 345.0 1.2 ▼ 2.7 161.6 1.3 0.2 ▲ 149.9 1.2 0.4 ▲ 0.9 117.6 0.3 ▲ 0.0 116.1 0.9 47.7 0.4 0.0 0.1 ▼ 76.6 0.6 1.0 128.6 0.0 96.6 0.4 ▲ 0.8 25.2 0.2 0.4 ▼ 0.0 44.7 0.3 8.8 0.1 ▲ 0.1 0.5 ▲ 126.0 1.0 100.0 12,951.7 11.4% ▲ -14.9% ▼

* tie

10



EMEA Rankings Any UK Involvement Announced (AD32)

Financial Advisor Goldman Sachs & Co JP Morgan Barclays Capital Morgan Stanley Deutsche Bank AG UBS Citi Rothschild Bank of America Merrill Lynch HSBC Holdings PLC Credit Suisse Lazard RBS Societe Generale RBC Capital Markets Scotiabank-Bank of Nova Scotia Nomura BNP Paribas SA Moelis & Co Ernst & Young LLP Gresham Partners Qatalyst Partners Perella Weinberg Partners LP Evercore Partners Standard Chartered PLC Industry Total

Jan 1 – Dec 30

Rank Value per Advisor (US$m) Rank Value Market Market 2011 2010 Rank Rank US$m Sh (%) Share Ch. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

4 1 9 3 11 6 8 2 10 12 5 16 19 15 20 25 13 7 37 38 35 33 21 23


120,670.5 73,234.4 63,835.1 58,597.6 54,103.7 49,650.9 49,428.4 46,500.6 36,186.0 35,045.9 32,812.1 26,722.1 26,615.9 16,393.4 16,300.5 16,111.6 15,212.3 15,054.4 13,754.1 12,848.0 12,418.5 11,794.6 11,105.6 9,161.2 8,083.0 333 994 4 333,994.4

36.1 21.9 19.1 17.5 16.2 14.9 14.8 13.9 10.8 10.5 9.8 8.0 8.0 4.9 4.9 4.8 4.6 4.5 4.1 3.9 3.7 3.5 3.3 2.7 2.4 100 0 100.0

14.7 -12.4 4.3 -6.1 2.4 -3.0 -0.1 -10.1 -3.4 -1.8 -11.0 0.0 0.3 -4.4 -2.1 2.5 -6.6 -11.3 3.0 2.8 2.5 3.5 2.0 -1.7 -1.0

▲ ▼ ▲ ▼ ▲ ▼ ▼ ▼ ▼ ▼ ▼ ▲ ▲ ▼ ▼ ▲ ▼ ▼ ▲ ▲ ▲ ▲ ▲ ▼ ▼

5.1% ▲ -24.4% ▼

Any French Involvement Announced (AD33) * tie Financial Advisor BNP Paribas SA Societe Generale Rothschild HSBC Holdings PLC Goldman Sachs & Co Lazard Morgan Stanley Credit Suisse Barclays Capital Credit Agricole CIB Deutsche Bank AG Citi Bank of America Merrill Lynch JP Morgan Leonardo & Co Nomura UBS Hawkpoint Partners Intesa SanPaolo Mediobanca BBVA Messier & Associes Blackstone Group LP Gazprombank Ernst & Young LLP Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2011 2010 Rank Rank US$m Sh (%) Share Ch. 1 1 60,034.4 35.4 -11.5 ▼ -12.1 ▼ 3 42,615.2 2 25.2 6 42,427.6 25.0 3 -6.0 ▼ 41,240.2 0.0 ▲ 9 4 24.3 -12.5 ▼ 5 5 37,206.0 22.0 11 21.9 7.4 ▲ 6 37,019.7 2 7 36,935.8 21.8 -17.7 ▼ 19.7 -6.0 ▼ 8 8 33,371.6 15 31,527.5 18.6 4.7 ▲ 9 17.8 18 30,202.1 10 6.8 ▲ 7 11 29,825.9 17.6 -10.0 ▼ 12 22 22,020.6 13.0 7.3 ▲ 23 13 13,928.9 8.2 4.2 ▲ 11,806.3 7.0 14 4 -29.0 ▼ 21 11,147.9 6.6 15 0.6 ▲ 10,570.0 16 6.2 10 -9.8 ▼ 17 16 5.8 9,794.4 -7.0 ▼ 5.3 3.7 ▲ 18 26 8,999.0 4.5 ▲ 8,558.6 19 40 5.1 4.9 20 32 8,253.5 4.1 ▲ 86 4.3 ▲ 7,340.8 4.3 21 22 5,038.4 3.0 2.8 ▲ 57* 4,242.7 2.5 12 -11.9 ▼ 23 2.4 2.4 ▲ 24 4,000.0 29 3,654.4 2.2 25 0.9 ▲ 100.0 169,436.9


-3.3% ▼ 19.4% ▲

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 65 ▲ 1.7 +5 1.3 -34 ▼ 51 ▼ 0.8 32 -4 44 1.1 -20 ▼ 35 ▲ 0.9 +3 43 1.1 -21 ▼ ▼ 34 0.9 -5 89 -6 2.3 ▼ ▼ -4 35 0.9 ▲ 35 0.9 +3 ▼ 39 1.0 -31 44 1.1 -12 ▼ 24 0.6 -2 ▼ 19 ▲ 0.5 +12 19 0.5 +2 ▲ 2 0 0.1 16 0.4 -13 ▼ 0.6 22 -3 ▼ -2 4 0.1 ▼ 59 1.5 +13 ▲ 1 0 0.0 0.1 +2 2 ▲ ▼ 3 0.1 -1 17 0.4 -4 ▼ 0.1 -13 ▼ 3 3 858 125 -125 3,858 -3.1% ▼ -15.5% ▼

Jan 1 – Dec 30

Any UK Involvement Completed (AF39)

Financial Advisor Goldman Sachs & Co JP Morgan Morgan Stanley Rothschild Barclays Capital Citi HSBC Holdings PLC UBS Deutsche Bank AG Credit Suisse Bank of America Merrill Lynch BNP Paribas SA Societe Generale Nomura Lazard Blackstone Group LP Ondra Partners Banque Degroof RBS Gresham Partners Scotiabank-Bank of Nova Scotia Moelis & Co RBC Capital Markets Perella Weinberg Partners LP Evercore Partners Industry Total

Jan 1 – Dec 30


7 1 5 10 3 6 11 2 8 4 12 14 25 20 9 30 211* 17 31 16 18 21


140,541.8 106,619.8 87,948.6 77,142.9 63,833.3 57,509.9 55,974.3 51,802.7 49,019.5 47,963.2 43,365.4 40,962.5 39,288.7 32,682.1 27,425.0 26,834.4 25,641.5 25,592.4 19,664.8 16,079.4 15,967.1 13,352.2 13,007.4 11,105.6 10,358.3 337 640 7 337,640.7

41.6 31.6 26.1 22.9 18.9 17.0 16.6 15.3 14.5 14.2 12.8 12.1 11.6 9.7 8.1 8.0 7.6 7.6 5.8 4.8 4.7 4.0 3.9 3.3 3.1 100 0 100.0

19.8 3.1 0.9 8.0 -6.5 -5.6 2.7 -10.3 -6.7 -11.0 0.7 2.6 9.7 5.9 -9.2 6.5 7.6 7.6 -2.9 4.8 4.7 2.5 -5.0 -2.0 0.1

▲ ▲ ▲ ▲ ▼ ▼ ▲ ▼ ▼ ▼ ▲ ▲ ▲ ▲ ▼ ▲ ▲ ▲ ▼ ▲ ▲ ▲ ▼ ▼ ▲

41.2% ▲ -2.9% ▼

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 65 0.2 +17 -2 ▼ 0.2 59 54 -2 ▼ 0.2 84 0.3 -2 ▼ 28 0.1 -3 ▼ 37 ▲ 0.1 +14 ▼ 0.1 -1 29 ▲ 51 0.2 +3 33 0.1 +5 ▲ 49 ▲ 0.2 +8 ▲ 40 0.1 +14 ▲ 21 0.1 +2 0.1 +11 16 ▲ 0.1 -10 15 ▼ 43 -5 0.1 ▼ 5 0 0.0 2 ▲ 0.0 +2 3 0.0 +1 ▲ 22 -1 ▼ 0.1 2 ▲ 0.0 +2 2 0.0 +2 ▲ -3 ▼ 3 0.0 15 0 0.1 3 0.0 -2 ▼ ▲ 17 0.1 +1 3 234 42 -42 3,234

14.5% ▲ -2.2% ▼

-1.3% ▼ -17.1% ▼

Any French Involvement Completed (AF40) Rank Value per Advisor (US$m) Rank Value Market Market 2011 2010 Rank Rank US$m Sh (%) Share Ch. 16.6 ▲ 1 102,175.8 1 46.2 23.4 ▲ 39.4 10 87,042.5 2 38.5 3 7 85,116.0 20.2 ▲ 15.9 ▲ 4 6 78,775.6 35.6 21.2 ▲ 5 32.8 13 72,393.1 6 27.9 3 61,701.4 3.2 ▲ 0.9 ▲ 2 7 57,732.0 26.1 11 9.2 ▲ 8 54,270.7 24.6 46,864.4 9 21.2 4 -2.1 ▼ 8 38,993.0 10 -0.3 ▼ 17.6 11 34,291.3 15.5 24 13.8 ▲ 15.0 5 33,056.6 -7.7 ▼ 12 -4.4 ▼ 13 29,686.2 9 13.4 14 28,315.0 57 12.6 ▲ 12.8 15* 11.3 11.3 ▲ 25,056.3 15* 11.3 11.3 ▲ 123 25,056.3 17 16 24,395.2 11.0 2.8 ▲ 18 12 24,125.3 10.9 -2.2 ▼ 131* 20,856.5 19 9.4 9.4 ▲ 50 20 15,936.5 7.2 6.8 ▲ 10,054.8 4.6 -1.5 ▼ 18 21 8,519.0 3.9 22 20 1.4 ▲ 23 8,447.5 3.8 -2.4 ▼ 17 24 80 3.3 3.2 ▲ 7,340.8 25 48* 2.0 1.6 ▲ 4,489.0 221,063.6 100.0

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 3.1 0 71 65 2.8 +32 ▲ 69 3.0 +1 ▲ 37 1.6 +25 ▲ 1.4 +17 33 ▲ 43 1.9 -10 ▼ 1.2 +6 28 ▲ 0 24 1.0 ▲ 18 0.8 +11 0 1.6 38 ▼ 23 1.0 -15 ▲ 17 0.7 +9 ▲ 18 0.8 +13 0.7 -12 17 ▼ 38 1.6 +22 ▲ 0.4 -3 ▼ 9 ▼ 21 0.9 -14 ▲ 16 0.7 +5 0.3 +1 ▲ 6 ▲ 0.5 +4 12 ▲ 3 0.1 +1 5 0.2 +4 ▲ -1 2 0.1 ▼ 0.0 +1 1 ▲ ▲ 23 1.0 +4 2,324 +108

Financial Advisor BNP Paribas SA Societe Generale Morgan Stanley Goldman Sachs & Co HSBC Holdings PLC Rothschild JP Morgan Credit Suisse Deutsche Bank AG Barclays Capital Nomura Lazard Credit Agricole CIB Blackstone Group LP Ondra Partners Banque Degroof UBS Citi Evercore Partners Macquarie Group Bank of America Merrill Lynch Hawkpoint Partners Leonardo & Co BBVA Messier & Associes Industry Total

4.9% ▲ -2.5% ▼


93.6% ▲ -58.9% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 8.4 387.1 2.5 ▲ 285.5 6.2 0.4 ▼ 0.2 ▲ 4.9 227.0 262.4 5.7 0.0 131.1 2.8 0.2 ▲ 109.4 0.1 ▲ 2.4 65.6 1.4 0.2 ▼ 3.9 180.8 0.4 ▼ 123.1 0.2 ▼ 2.7 207.7 0.4 ▲ 4.5 2.8 130.2 0.1 ▲ 1.0 44.1 0.4 ▼ 30.1 0.7 0.4 ▲ 1.5 70.7 0.3 ▲ 106.5 2.3 1.9 ▼ 10.1 0.2 0.0 0.1 0.1 ▲ 3.4 3.8 0.1 ▲ 0.1 52.7 1.1 0.2 ▼ 24.2 0.5 0.5 ▲ 0.4 0.4 ▲ 16.4 16.4 0.1 ▼ 0.4 70.6 0.3 ▲ 1.5 1.0 ▼ 20.1 0.4 1.3 59.0 0.4 ▲ 4 626 6 100 0 4,626.6 100.0

Jan 1 – Dec 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 3.6 +23 ▲ 72 3.2 +40 64 ▲ 1.5 +8 ▲ 30 ▲ 30 1.5 +10 32 1.6 +23 ▲ 61 -4 ▼ 3.0 19 0.9 ▼ -2 23 1.1 +1 ▲ ▲ 30 1.5 +10 16 0.8 +10 ▲ 0.4 0 9 1.7 -12 ▼ 34 42 2.1 +12 ▲ 0.1 0 2 ▲ 0.0 +1 1 ▼ 1 0.0 -4 ▲ 24 1.2 +3 ▲ 13 0.6 +2 ▼ -3 1 0.0 6 ▼ 0.3 -2 0.6 +9 ▲ 13 ▲ 14 0.7 +2 ▲ 38 1.9 +27 0.1 +1 ▲ 3 0.1 +2 3 ▲ +111 2,018

Imputed Fees (US$m) Market Advisor Market Fees Sh (%) Share Ch. 6.7 0.3 ▲ 169.5 5.3 133.9 2.4 ▲ 4.2 0.4 ▼ 104.5 1.5 ▲ 146.2 5.8 64.0 1.0 ▲ 2.5 2.6 ▼ 6.3 159.0 1.7 ▼ 88.6 3.5 5.5 137.7 0.9 ▲ 0.9 ▲ 101.2 4.0 0.5 ▲ 2.3 58.1 1.2 ▲ 1.9 47.1 3.3 2.5 ▼ 84.1 87.8 3.5 0.6 ▲ 0.2 0.0 4.9 0.0 0.0 .6 0.0 0.1 ▼ .6 89.5 3.6 0.8 ▲ 43.5 1.7 0.1 ▲ 1.1 27.6 0.8 ▲ 36.8 1.5 0.8 ▲ 38.4 1.5 0.8 ▲ 17.0 0.7 0.0 57.2 2.3 1.3 ▲ 6.4 0.3 0.2 ▲ 0.2 5.5 0.1 ▲ 2,518.9 100.0

5.8% ▲ -4.4% ▼

25.3% ▲ -42.0% ▼

* tie

11



EMEA Rankings Any Spanish Involvement Announced (AD34)

Financial Advisor Goldman Sachs & Co Citi Santander BNP Paribas SA Societe Generale Lazard Credit Agricole CIB Nomura Morgan Stanley Bank of America Merrill Lynch JP Morgan UBS BBVA Deutsche Bank AG Barclays Capital HSBC Holdings PLC Rothschild KPMG Bank of New York Mellon Corp Credit Suisse Mediobanca Itau Unibanco ING Deloitte AZ Capital Industry Total

Jan 1 – Dec 30


22 10 12 20 6 5 16 11 1 3 14 9 15 2 25 27 26 4 7 8 74* 60 18 43


33,697.9 17,066.8 16,583.1 15,147.4 14,988.8 14,155.4 13,741.4 13,620.9 13,600.3 12,669.4 12,065.6 10,952.3 10,062.8 9,960.7 9,577.1 8,786.2 7,734.6 5,970.5 5,524.1 5,306.6 4,329.8 3,884.2 3,388.7 3,270.1 3,106.9 95 607 4 95,607.4

35.3 17.9 17.3 15.8 15.7 14.8 14.4 14.3 14.2 13.3 12.6 11.5 10.5 10.4 10.0 9.2 8.1 6.2 5.8 5.6 4.5 4.1 3.5 3.4 3.3 100 0 100.0

30.4 4.2 4.6 10.5 -1.4 -2.7 5.3 0.7 -16.1 -7.1 2.9 -3.8 0.9 -19.6 7.4 6.8 5.5 -12.9 5.8 -10.3 -11.2 4.1 3.5 -4.1 3.1

▲ ▲ ▲ ▲ ▼ ▼ ▲ ▲ ▼ ▼ ▲ ▼ ▲ ▼ ▲ ▲ ▲ ▼ ▲ ▼ ▼ ▲ ▲ ▼ ▲

-17.2% ▼ 12.0% ▲

Any German Involvement Announced (AD35)

Financial Advisor JP Morgan Deutsche Bank AG Credit Suisse Goldman Sachs & Co Rothschild Citi Morgan Stanley Barclays Capital BNP Paribas SA Societe Generale Perella Weinberg Partners LP Bank of America Merrill Lynch Lazard RBS UniCredit Joh Berenberg Gossler & Co UBS Ernst & Young LLP Georgieff Capital Advisors Credit Agricole CIB Nomura HSBC Holdings PLC ING Commerzbank AG KPMG Industry Total

Rank Value per Advisor (US$m) Market Rank Value Market 2011 2010 Rank Rank US$m Sh (%) Share Ch. 1 14.4 ▲ 5 31,207.9 32.9 5.1 ▲ 32.9 2 2 31,161.2 12.8 ▲ 31.3 29,683.5 3 4 31.0 1.2 ▲ 29,373.7 4 1 14 19.2 ▲ 24,917.6 26.3 5 6 21 24,510.6 25.9 23.1 ▲ 7 22,069.5 23.3 7.6 ▲ 7 8 16,411.4 17.3 2.3 ▲ 8 11 14,213.1 15.0 6.7 ▲ 9 10 17 12,372.9 13.1 7.2 ▲ 11 12 12,225.3 5.1 ▲ 12.9 12 12.5 -4.0 ▼ 11,861.0 6 3 11,780.7 12.4 -7.2 ▼ 13 5,910.9 6.2 -0.4 ▼ 14 15 4.3 ▲ 5,233.5 5.5 15 25 5.2 23.1 ▲ 16 4,882.3 18 7.6 ▲ 3,737.6 3.9 17 16 2.3 ▲ 3,110.9 3.3 18 20 6.7 ▲ 2,373.6 2.5 19 2,268.3 2.4 7.2 ▲ 20 71 23 1,851.6 2.0 5.1 ▲ 21 1,069.0 1.1 -4.0 ▼ 22 9 -7.2 ▼ 87* 999.1 1.1 23 771.6 0.8 -0.4 ▼ 24 19 709.4 0.8 25 29 4.3 ▲ 94,744.1 100.0


3.8% ▲ -24.7% ▼

Any Spanish Involvement Completed (AF41) Rank Value per Advisor (US$m) Rank Value Market Market 2011 2010 Rank Rank US$m Sh (%) Share Ch.

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 22 ▲ 1.8 +15 ▲ 17 1.4 +4 0.9 -12 11 ▼ 9 ▲ 0.7 +5 21 1.7 +11 ▲ 13 ▼ 1.1 -5 7 0.6 +4 ▲ -5 7 ▼ 0.6 10 0.8 -11 ▼ 0.8 10 0 ▼ 9 0.7 -6 10 0.8 ▼ -1 ▲ 23 1.9 +7 1.3 16 ▼ -6 8 0.7 +5 ▲ 0.3 +1 ▲ 4 10 0 0.8 ▼ 1.9 -17 23 0.1 +1 1 ▲ -2 11 0.9 ▼ -4 6 0.5 ▼ ▲ 0.2 +1 2 3 ▼ 0.2 -2 2.5 -35 ▼ 30 3 0.2 0 1 204 37 -37 1,204

Financial Advisor Morgan Stanley Goldman Sachs & Co Nomura Santander BBVA Citi BNP Paribas SA Societe Generale JP Morgan Deutsche Bank AG Bank of America Merrill Lynch Credit Agricole CIB Lazard UBS KPMG HSBC Holdings PLC Credit Suisse Deloitte Rothschild Barclays Capital Allied Irish Banks PLC Bank of New York Mellon Corp Mediobanca Natixis William Blair & Co Industry Total

-3.0% ▼ 7.2% ▲


Jan 1 – Dec 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 16 0.7 ▼ -2 ▼ 32 1.4 -3 0.7 +1 ▲ 16 12 0.5 ▼ -9 30 1.3 +10 ▲ 12 ▲ 0.5 +4 0.7 -8 ▼ 16 11 0.5 +5 ▲ 0.4 -1 10 ▼ ▲ 0.3 +2 6 1 ▼ 0.0 -1 0.6 +3 ▲ 13 ▼ -5 20 0.9 ▲ 13 0.6 +10 10 0.4 ▼ -4 0.3 +4 8 ▲ ▲ 18 0.8 +10 1.2 ▼ 27 -9 2 0.1 +2 ▲ 0.0 -2 1 ▼ 0.3 0 7 8 0.3 +2 ▲ 0.1 +1 ▲ 2 ▼ 9 0.4 -5 ▲ 1.7 +12 39 +220 2,317 10.5% ▲ -25.8% ▼

Jan 1 – Dec 30

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24* 24*

2 17 36 12 33 8 16 7 15 3 5 14 10 1 6 21 9 22 19 20 4 -

35,024.3 32,496.2 25,108.0 22,366.6 19,664.4 19,537.0 19,535.8 19,236.1 18,059.3 16,997.2 16,825.4 14,503.3 14,362.0 13,690.3 13,029.1 8,342.7 7,841.1 7,411.5 7,395.2 7,289.9 5,819.6 5,524.1 4,126.5 4,015.6 4,015.6 107 193 7 107,193.7

32.7 30.3 23.4 20.9 18.3 18.2 18.2 18.0 16.9 15.9 15.7 13.5 13.4 12.8 12.2 7.8 7.3 6.9 6.9 6.8 5.4 5.2 3.9 3.8 3.8 100 0 100.0

12.6 22.6 22.8 7.6 17.3 2.0 10.0 1.6 6.1 -3.8 -1.6 2.1 -1.2 -7.9 -5.0 4.0 -7.8 3.1 -0.2 2.1 5.4 5.2 -14.7 3.8 3.8

▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▼ ▲ ▼ ▼ ▼ ▲ ▼ ▲ ▼ ▲ ▲ ▲ ▼ ▲ ▲

14.3% ▲ -70.8% ▼

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 2.2 +5 ▲ 21 ▲ 21 2.2 +11 1.2 +7 12 ▲ 12 ▼ 1.2 -12 24 ▲ 2.5 +13 14 ▲ 1.5 +1 -3 9 0.9 ▼ 22 ▲ 2.3 +17 1.4 -2 ▼ 13 -3 1.6 15 ▼ ▲ 13 1.4 +8 0.8 +6 ▲ 8 1.5 -4 ▼ 14 13 ▲ 1.4 +1 2.9 28 -6 ▼ 3 -2 0.3 ▼ 1.5 +5 ▲ 14 ▼ 3.2 -25 31 8 0.8 -5 ▼ 0.4 +1 ▲ 4 2 ▲ 0.2 +2 1 0.1 +1 ▲ 2 ▼ 0.2 -8 1 0.1 +1 ▲ ▲ 2 0.2 +2 961 65 -65

-7.5% ▼ -39.4% ▼

-6.3% ▼ -10.8% ▼

Any German Involvement Completed (AF42)

Financial Advisor Deutsche Bank AG Goldman Sachs & Co Credit Suisse Barclays Capital Morgan Stanley Lazard Rothschild JP Morgan Citi Bank of America Merrill Lynch HSBC Holdings PLC UBS RBS UniCredit Ernst & Young LLP Joh Berenberg Gossler & Co BNP Paribas SA Nomura Georgieff Capital Advisors Credit Agricole CIB Evercore Partners Gresham Partners Macquarie Group ING Lincoln International Industry Total

Rank Value per Advisor (US$m) Market Rank Value Market 2011 2010 Rank Rank US$m Sh (%) Share Ch. 2 1 28,284.6 8.7 ▲ 31.7 2 26.7 23,855.9 1 -22.2 ▼ 23,819.9 3 7 26.7 12.6 ▲ 21,733.3 24.4 10 14.6 ▲ 4 23.6 7.4 ▲ 5 4 21,065.8 22.5 9.4 ▲ 9 6 20,037.4 18,899.3 17.0 ▲ 7 18 21.2 ▲ 8 17,570.5 19.7 2.3 3 9 20 15.4 ▲ 18.2 16,257.8 11.8 10 6 10,487.4 -2.4 ▼ 9.2 8.7 ▲ 8,183.6 11 29 8,069.7 9.0 8 12 -4.2 ▼ 7.4 0.1 ▲ 6,608.0 13 13 11 5,614.1 6.3 -3.1 ▼ 14 2.1 ▲ 5,459.1 19 6.1 15 4,882.3 16 66 5.5 ▲ 5.5 3,361.5 3.8 -3.0 ▼ 17 14 2,583.1 2.9 -2.6 ▼ 18 16 2,373.6 19 2.7 2.7 ▲ 20 2,268.3 2.5 ▲ 82* 2.5 21 1.6 28 1,400.0 1.1 ▲ 1,089.9 1.2 ▲ 22* 1.2 82* 1,089.9 1.2 22* 1.2 ▲ 21 999.1 1.1 -0.5 ▼ 24 36 970.2 0.9 ▲ 25 1.1 89,242.4 100.0


-13.7% ▼ -17.7% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 68.6 6.7 1.6 ▲ 7.1 4.2 ▲ 72.5 1.6 ▲ 20.7 2.0 44.5 4.3 1.8 ▲ 3.0 31.0 2.4 ▲ 4.3 44.3 1.3 ▲ 1.8 ▼ 2.1 22.0 4.7 2.7 ▲ 48.3 69.1 2.6 ▲ 6.7 1.9 ▼ 29.1 2.8 1.3 ▲ 40.1 3.9 18.7 1.8 1.1 ▲ 37.2 3.6 1.1 ▲ 3.6 37.3 0.2 ▲ 6.5 0.6 0.1 ▲ 1.6 0.6 ▲ 16.3 37.4 0.0 3.6 0.4 ▼ 6.2 0.6 13.5 1.3 1.0 ▼ 7.9 0.8 0.5 ▼ 1.0 0.1 0.1 ▲ 0.0 0.0 .0 3.2 0.3 1.5 ▼ 1.1 0.1 ▲ 0.1 1.5 0.2 0.2 ▲ 1 027 6 100 0 1,027.6 100.0

Jan 1 – Dec 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 37 1.9 +1 ▲ 0 19 1.0 16 0.8 +5 ▲ ▲ 11 0.6 +7 ▼ -4 19 1.0 ▲ 26 1.4 +11 ▲ 27 1.4 +6 13 0.7 ▼ -1 0.5 +3 9 ▲ 13 0.7 +6 ▲ 0.5 +8 10 ▲ 21 1.1 +13 ▲ 0.7 +10 13 ▲ 9 0.5 ▼ -3 30 1.6 +3 ▲ ▲ 8 0.4 +6 ▲ 13 0.7 +4 ▲ 0.4 +2 8 ▲ 2 0.1 +2 ▲ 2 0.1 +1 -1 ▼ 0.1 1 0.1 +1 ▲ 1 0.2 4 0 2 0.1 0 ▼ 0.7 -13 14 +148 1,901 8.4% ▲ -26.9% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 93.3 6.0 0.9 ▼ 5.9 ▼ 6.9 107.5 65.8 4.2 1.7 ▲ 3.5 2.3 ▲ 54.9 5.0 0.4 ▼ 78.0 3.7 0.5 ▼ 57.8 5.6 1.9 ▲ 86.7 5.0 0.5 ▼ 78.2 27.1 1.7 0.8 ▲ 0.0 4.1 63.3 1.0 0.8 ▲ 16.1 3.7 1.5 ▲ 58.4 20.7 1.3 0.2 ▼ 19.1 1.2 0.6 ▼ 6.7 0.4 0.1 ▲ 23.1 1.5 1.4 ▲ 36.2 2.3 0.7 ▲ 24.2 1.6 0.7 ▲ 3.5 0.2 0.2 ▲ 1.1 0.1 0.1 ▲ 11.2 0.7 0.5 ▲ 2.3 0.2 0.2 ▲ 0.6 8.6 0.2 ▲ 9.0 0.6 0.1 ▲ 9.0 0.6 1.1 ▼ 1,559.7 100.0 6.1% ▲ -21.0% ▼

* tie

12



EMEA Rankings Any Italian Involvement Announced (AD36)

Financial Advisor Societe Generale Intesa SanPaolo Credit Suisse Goldman Sachs & Co BNP Paribas SA Credit Agricole CIB UniCredit Barclays Capital RBS Citi UBS Mediobanca Lazard Rothschild Leonardo & Co Morgan Stanley Bank of America Merrill Lynch HSBC Holdings PLC Deutsche Bank AG Cofito KPMG JP Morgan Evercore Partners Itau Unibanco Banco BTG Pactual SA Industry Total

Jan 1 – Dec 30

Rank Value per Advisor (US$m) Market Rank Value Market 2011 2010 Rank Rank US$m Sh (%) Share Ch. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24* 24*

46 3 6 2 16 24 13 48 20 7 9 12 5 15 14 4 8 26 1 29 18 11 34* 34*


35,291.8 34,282.3 30,915.2 30,764.4 29,602.2 28,337.1 26,780.0 23,631.4 23,204.1 21,525.1 21,354.7 14,221.2 12,541.9 12,484.0 9,979.6 9,376.6 6,996.1 6,918.8 5,595.1 2,141.3 1,599.5 1,467.5 1,268.0 886.6 886.6 71 332 1 71,332.1

49.5 48.1 43.3 43.1 41.5 39.7 37.5 33.1 32.5 30.2 29.9 19.9 17.6 17.5 14.0 13.1 9.8 9.7 7.8 3.0 2.2 2.1 1.8 1.2 1.2 100 0 100.0

49.4 -1.0 2.5 -6.9 37.6 38.3 28.0 33.0 29.9 -10.3 -6.9 -0.6 -24.4 12.3 8.7 -32.7 -27.0 8.8 -44.6 2.4 -0.7 -19.2 1.8 0.9 0.9

▲ ▼ ▲ ▼ ▲ ▲ ▲ ▲ ▲ ▼ ▼ ▼ ▼ ▲ ▲ ▼ ▼ ▲ ▼ ▲ ▼ ▼ ▲ ▲ ▲

12.5% ▲ 80.1% ▲

Any Nordic Involvement Announced (AD37)

Financial Advisor Goldman Sachs & Co Deutsche Bank AG JP Morgan Morgan Stanley Bank of America Merrill Lynch Nordea Credit Suisse SEB Enskilda UBS Lazard Barclays Capital Jefferies & Co Inc Carnegie ING Citi Ernst & Young LLP Handelsbanken Capital Markets Tudor Pickering & Co LLC Evercore Partners Lenner & Partners RBS Nomura Danske Markets Rothschild Moelis & Co Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2011 2010 Rank Rank US$m Sh (%) Share Ch. 1 7 27,902.7 27.2 20.1 ▲ 2 5 14.4 ▲ 23.4 23,999.6 3 4 18,993.9 6.2 ▲ 18.5 4 1 17,684.1 17.2 -1.0 ▼ 5 13 17,673.3 17.2 12.6 ▲ 6 17 13,536.1 13.2 10.1 ▲ 7 11 8,989.0 8.8 3.2 ▲ 8 7.7 6 7,893.0 -0.4 ▼ 9 3 6.9 -7.6 ▼ 7,064.7 6.3 10 10 6,457.9 0.6 ▲ 11 31 6,374.6 4.8 ▲ 6.2 5,958.2 5.8 1.5 ▲ 14 12 12 5.8 0.8 ▲ 5,953.0 13 5.7 14 5,842.1 5.7 ▲ 2 5,000.4 15 4.9 -10.2 ▼ 4,935.6 4.8 2.9 ▲ 16 28 3.4 ▲ 17 32 4,887.2 4.8 4,782.2 4.7 4.7 ▲ 18 60 4.3 19 4,378.2 4.1 ▲ 4.0 3.3 ▲ 20 4,072.5 46 3.7 77 3.6 ▲ 21 3,749.5 26 3,614.3 1.5 ▲ 22 3.5 23 24 3,303.8 1.0 ▲ 3.2 2,949.4 -3.0 ▼ 9 24 2.9 1.9 ▲ 25 2,373.5 2.3 52 102,610.8 100.0


19.3% ▲ 108.0% ▲

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 18 2.1 +17 ▲ ▲ 39 4.6 +8 -1 1.1 9 ▼ 8 -1 ▼ 0.9 15 1.8 0 7 0.8 +5 ▲ 21 2.5 -5 ▼ 0.7 +3 6 ▲ 3 0.4 +1 ▲ 7 0.8 -1 ▼ 9 1.1 +5 ▲ 40 4.7 -13 ▼ 2.7 -5 ▼ 23 ▲ 29 3.4 +11 17 ▲ 2.0 +9 -7 1.3 11 ▼ ▲ 13 1.5 +10 ▲ 7 0.8 +5 0.6 -7 5 ▼ ▲ 5 0.6 +3 ▲ 28 3.3 +9 -6 ▼ 4 0.5 ▲ 0.1 +1 1 0.2 0 2 0.2 0 2 845 69 -69 -7.5% ▼ -17.6% ▼

Jan 1 – Dec 30

Any Italian Involvement Completed (AF43)

Financial Advisor Intesa SanPaolo Goldman Sachs & Co Credit Suisse UBS Citi Bank of America Merrill Lynch Deutsche Bank AG Credit Agricole CIB Lazard UniCredit Societe Generale Morgan Stanley BNP Paribas SA EFG Hermes RBS Barclays Capital JP Morgan Mediobanca Rothschild HSBC Holdings PLC Leonardo & Co Cofito KPMG Evercore Partners

Jan 1 – Dec 30

Rank Value per Advisor (US$m) Rank Value Market Market 2011 2010 Rank Rank US$m Sh (%) Share Ch. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

4 2 7 21 10 45 3 9 8 5 12 54* 15 13 1 6 32 28 54* 14 -

Industry Total Industry % Change from Same Period Last Year Industry % Change from Last Quarter

52,090.1 47,386.0 46,864.3 43,477.3 43,181.7 30,028.9 29,785.1 29,248.7 28,610.1 28,230.3 28,110.3 26,202.0 23,304.3 22,382.3 21,851.6 19,829.4 11,504.6 10,228.1 7,541.1 7,015.1 5,458.5 2,521.9 1,642.2 1,268.0

62.6 57.0 56.4 52.3 51.9 36.1 35.8 35.2 34.4 33.9 33.8 31.5 28.0 26.9 26.3 23.8 13.8 12.3 9.1 8.4 6.6 3.0 2.0 1.5

83 172 2 83,172.2

100 0 100.0

38.8 30.7 47.0 50.3 43.6 36.1 9.8 35.2 25.4 24.8 33.8 11.0 23.3 26.9 26.3 20.4 9.4 -19.9 -1.6 7.9 5.7 3.0 -2.2 1.5

▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▼ ▲ ▲ ▲ ▼ ▲

108.3% ▲ -14.4% ▼

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 37 5.4 +6 ▲ -5 ▼ 0.7 5 7 -2 ▼ 1.0 9 1.3 +7 ▲ 0 6 0.9 ▲ 13 1.9 +12 ▲ 11 1.6 +4 ▲ 9 1.3 +9 2.9 -8 ▼ 20 22 3.2 +3 ▲ 13 1.9 +13 ▲ 1.6 -8 ▼ 11 15 2.2 +7 ▲ ▲ 1 0.1 +1 3 0.4 +2 ▲ ▲ 4 0.6 +1 ▲ 0.7 +1 5 4.8 -6 33 ▼ 4.2 +13 29 ▲ 6 0.9 +5 ▲ 16 2.3 +12 ▲ 6 0.9 +5 ▲ 28 4.1 +9 ▲ 1 ▲ 0.1 +1 683

56 -56

947 7 947.7

-7.6% ▼ -21.9% ▼

Rank Value per Advisor (US$m) Rank Value Market Market 2011 2010 US$m Sh (%) Share Ch. Rank Rank 22,292.8 24.7 12 17.6 ▲ 1 2 2 18,783.3 20.8 -5.4 ▼ 19.2 11 3 10.8 ▲ 17,307.1 15,581.5 17.2 -12.3 ▼ 4 1 14,380.8 13.7 ▲ 22 15.9 5 13.7 10.2 ▲ 6 12,402.3 18 3 13.4 7 12,143.6 -5.4 ▼ 7,487.4 8.3 -0.2 ▼ 10 8 6,554.9 7.3 7 9 -2.8 ▼ 6.3 ▲ 10 6.8 47 6,104.0 8 11 5,104.2 5.7 -3.6 ▼ 12 5.5 24 3.6 ▲ 5,012.2 13 4 4,989.6 5.5 -7.2 ▼ 34 4.9 3.8 ▲ 14 4,408.1 4,212.8 6 -6.0 ▼ 15 4.7 4.7 4,208.2 35 16 3.6 ▲ 3.8 17 13 3,416.2 -2.4 ▼ 18 9 3,393.1 3.8 -5.2 ▼ 19 61 3,022.9 3.1 ▲ 3.3 20 31 2,493.6 2.8 1.6 ▲ 2,373.5 21 45 2.6 2.1 ▲ 75 2,280.0 2.5 2.4 ▲ 22 2.3 23 2,096.9 5 -9.4 ▼ 2.1 78 24 1,870.1 2.0 ▲ 1,652.8 46 1.8 25 1.3 ▲ 100.0 90,392.2

Financial Advisor Goldman Sachs & Co JP Morgan Deutsche Bank AG Morgan Stanley Nordea Bank of America Merrill Lynch UBS Citi SEB Enskilda Barclays Capital Lazard Ernst & Young LLP Rothschild Nomura Credit Suisse Jefferies & Co Inc BNP Paribas SA ING RBS DnB NOR BANK ASA Moelis & Co TD Securities Inc Carnegie Mizuho Financial Group Credit Agricole CIB Industry Total

-1.6% ▼ 8.5% ▲


46.0% ▲ -58.8% ▼

100 0 100.0

33.9% ▲ 8.9% ▲

Any Nordic Involvement Completed (AF44)

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 15 0.6 +7 12 0.5 +3 ▲ 21 ▲ 0.8 +10 0.5 -7 13 ▼ 0.7 +12 18 ▲ 0.7 +4 18 ▲ 6 ▲ 0.2 +1 33 1.3 -7 ▼ 0.5 +1 ▲ 13 10 0.4 -7 ▼ 8 0.3 +4 ▲ ▲ 0.4 +2 9 24 1.0 ▼ -3 0.2 +6 6 ▲ 0.2 6 -6 ▼ 1.2 +3 ▲ 30 0.7 17 0 1 0.0 +1 ▲ ▲ 2 0.1 +1 0.1 2 -3 ▼ 0.3 +3 ▲ 7 3 -4 ▼ 0.1 8 ▼ 0.3 -13 6 -6 ▼ 0.2 3 0.1 0 2,477 -41

Imputed Fees (US$m) Market Advisor Market Fees Sh (%) Share Ch. 47.2 5.0 1.1 ▼ 4.7 ▼ 17.2 1.8 54.3 5.7 3.5 ▲ 34.4 3.1 ▲ 3.6 1.5 14.0 0.5 ▼ 31.7 3.3 3.3 ▲ 1.3 ▲ 3.3 31.4 4.0 4.0 ▲ 38.3 61.2 6.5 0.4 ▼ 4.5 0.6 ▲ 42.9 37.3 3.9 3.9 ▲ 2.2 3.7 ▼ 20.8 1.2 ▲ 29.4 3.1 1.3 ▲ 12.1 1.3 10.8 1.1 1.0 ▲ 0.3 ▲ 9.6 1.0 24.2 1.2 ▲ 2.6 50.1 5.3 5.1 ▼ 58.5 6.2 0.1 ▼ 11.3 1.2 1.0 ▲ 27.2 2.9 2.4 ▲ 11.3 1.2 1.1 ▲ 0.3 3.2 0.4 ▼ 0.1 1.2 0.1 ▲

Jan 1 – Dec 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 13 0.7 +7 17 ▲ 1.0 +8 8 0.5 -1 ▼ -8 13 0.7 ▼ 17 1.0 +3 ▲ 13 0.7 +8 ▲ ▲ 15 0.9 +7 4 0.2 -3 ▼ 29 1.7 -12 ▼ 6 0.3 +4 ▲ 0.7 +2 13 ▲ 27 1.5 +3 ▲ 0.3 -2 ▼ 6 -2 0.2 3 ▼ 4 0 0.2 0.6 +5 10 ▲ 0.3 +1 5 ▲ 4 0.2 +2 ▲ 5 0.3 0 4 0.2 +2 ▲ 3 0.2 0 1 0 0.1 14 0.8 -11 ▼ 1 0.1 0 4 0.2 +2 ▲ 1,748 -208 -10.6% ▼ -1.5% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 66.5 4.3 1.6 ▲ 68.0 4.4 0.7 ▼ 3.8 58.2 1.6 ▲ 69.7 1.2 ▼ 4.5 1.5 ▲ 41.4 2.7 56.4 3.7 2.3 ▲ 62.0 4.0 1.7 ▲ 1.4 0.9 ▼ 21.2 62.1 4.0 1.4 ▼ 32.5 2.1 1.8 ▲ 48.3 0.2 ▲ 3.1 0.3 5.1 0.1 ▲ 33.2 2.2 0.4 ▼ 8.6 0.6 0.0 0.5 ▲ 25.6 1.7 36.3 1.9 ▲ 2.4 0.5 ▲ 21.0 1.4 9.4 0.6 0.5 ▲ 0.4 ▲ 11.0 0.7 6.7 0.4 0.1 ▲ 0.6 ▲ 17.6 1.1 0.2 ▲ 0.3 4.4 1.8 ▼ 20.1 1.3 0.3 ▲ 5.6 0.4 10.3 0.7 0.5 ▲ 1,544.6 100.0 14.3% ▲ -37.6% ▼

* tie

13



EMEA Rankings Any Benelux Involvement Announced (AD40)

Financial Advisor Goldman Sachs & Co JP Morgan Morgan Stanley UBS Deutsche Bank AG Bank of America Merrill Lynch ING Barclays Capital Credit Suisse Citi BNP Paribas SA Nomura Societe Generale Perella Weinberg Partners LP Qatalyst Partners Centerview Partners LLC RBS Lazard HSBC Holdings PLC Credit Agricole CIB Nordea Rothschild Standard Chartered PLC Mizuho Financial Group Santander Industry Total

Jan 1 – Dec 30


2 3 1 8 9 10 35 23 7 5 11 13 14 40 31 6 15 124* 53 4 48 82 97

64,538.9 50,654.4 34,061.5 33,234.5 30,878.2 28,285.4 27,256.8 25,352.7 20,411.2 17,705.6 16,569.9 12,427.6 11,044.4 10,711.2 10,294.6 8,875.9 8,522.6 8,461.5 6,598.0 5,839.7 5,451.1 5,186.6 5,100.0 4,903.1 3,552.6 161 275 2 161,275.2

40.0 31.4 21.1 20.6 19.2 17.5 16.9 15.7 12.7 11.0 10.3 7.7 6.9 6.6 6.4 5.5 5.3 5.3 4.1 3.6 3.4 3.2 3.2 3.0 2.2 100 0 100.0

1.2 -5.0 -19.6 -2.8 -3.3 -4.3 15.6 9.6 -12.9 -16.4 -10.7 -9.0 -9.3 6.6 6.4 4.7 2.6 -20.9 -12.0 3.6 3.1 -24.8 2.8 2.9 2.1

2.9% ▲ -10.1% ▼


▲ ▼ ▼ ▼ ▼ ▼ ▲ ▲ ▼ ▼ ▼ ▼ ▼ ▲ ▲ ▲ ▲ ▼ ▼ ▲ ▲ ▼ ▲ ▲ ▲

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 22 1.2 +4 1.6 0 28 21 ▼ -8 1.2 ▼ 19 1.1 -24 1.4 +2 ▲ 24 26 ▲ 1.5 +13 46 2.6 +8 ▲ 1.0 +8 ▲ 18 16 0.9 -7 ▼ 17 1.0 -4 ▼ 1.4 24 ▼ -6 0.6 +1 10 ▲ 5 0.3 +2 ▲ 0.2 +4 4 ▲ 1 0.1 +1 ▲ 0.1 1 -1 ▼ 0.8 +2 14 ▲ 21 1.2 -12 ▼ 0.2 +1 ▲ 4 0.4 +5 ▲ 7 6 0.3 +3 ▲ 1.6 +7 28 ▲ 1 0.1 0 0 3 0.2 0.2 +2 ▲ 3 1 771 747 1,771 -747 2.1% ▲ -10.2% ▼

Any Benelux Involvement Completed (AF47)

Financial Advisor Goldman Sachs & Co JP Morgan Morgan Stanley Bank of America Merrill Lynch UBS Deutsche Bank AG Credit Suisse BNP Paribas SA Citi Societe Generale Lazard Nomura HSBC Holdings PLC Rothschild Banque Degroof Intesa SanPaolo Ondra Partners Blackstone Group LP EFG Hermes ING Barclays Capital Perella Weinberg Partners LP Qatalyst Partners RBS Credit Agricole CIB Industry Total

Jan 1 – Dec 30

Rank Value per Advisor (US$m) Rank Value Market Market 2011 2010 Rank Rank US$m Sh (%) Share Ch. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17* 17* 19 20 21 22 23 24 25

109,575.6 84,458.4 73,430.5 52,603.7 50,182.3 44,937.4 42,510.4 41,457.2 38,731.9 36,100.7 35,275.3 32,336.5 31,037.7 30,377.6 27,774.4 25,544.7 25,056.3 25,056.3 22,382.3 18,588.1 17,337.5 10,711.2 10,294.6 9,487.7 5,839.7 191 051 1 191,051.1

8 5 1 19 7 6 3 25 4 49 10 24 67 2 73 42 17* 14 9 21 100*


57.4 44.2 38.4 27.5 26.3 23.5 22.3 21.7 20.3 18.9 18.5 16.9 16.3 15.9 14.5 13.4 13.1 13.1 11.7 9.7 9.1 5.6 5.4 5.0 3.1 100 0 100.0

41.8 23.3 6.6 21.4 7.2 2.6 -4.7 16.7 -4.5 18.6 6.4 11.5 16.1 -15.5 14.4 13.0 13.1 6.5 11.7 1.4 -3.6 5.6 5.4 -0.8 3.1

▲ ▲ ▲ ▲ ▲ ▲ ▼ ▲ ▼ ▲ ▲ ▲ ▲ ▼ ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▲ ▲ ▼ ▲

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 25 1.7 +12 ▲ 29 2.0 +6 -7 1.6 ▼ 23 ▲ 27 1.9 +21 ▲ 21 1.5 +1 23 ▲ 1.6 +5 19 1.3 ▼ -5 ▲ 25 1.7 +14 11 0.8 0 ▲ 5 0.3 +3 ▲ 1.6 +3 23 0.8 +5 11 ▲ 0.2 +1 3 ▲ ▲ 30 2.1 +12 11 ▲ 0.8 +2 7 ▲ 0.5 +4 0.1 +1 ▲ 1 0 1 0.1 0.1 +1 1 ▲ 43 3.0 +13 ▲ 15 1.0 +5 ▲ 4 0.3 +4 ▲ ▲ 1 0.1 +1 1.1 +7 16 ▲ 8 ▲ 0.6 +7 1 440 516 1,440 -516

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 6.5 1.3 ▲ 140.9 7.5 1.3 ▲ 162.8 82.2 3.8 2.6 ▼ 112.1 4.0 ▲ 5.1 84.4 0.6 ▼ 3.9 86.3 4.0 0.4 ▼ 0.6 ▼ 83.9 3.9 2.4 ▲ 83.4 3.8 1.6 34.0 1.9 ▼ 11.8 0.3 ▲ 0.5 75.0 3.4 0.6 ▲ 1.7 1.0 ▲ 37.0 11.9 0.6 0.5 ▲ 65.5 1.9 ▼ 3.0 0.4 8.8 0.1 ▲ 8.0 0.4 0.2 ▲ 0.0 .6 0.0 0.1 0.4 ▼ 1.5 12.1 0.6 0.6 ▲ 68.0 3.1 1.4 ▲ 74.9 3.4 0.3 ▲ 0.8 0.8 ▲ 17.7 0.5 ▲ 11.6 0.5 32.7 1.5 0.2 ▼ 8.3 0.4 0.4 ▲ 2 181 9 100 0 2,181.9 100.0

2.3% ▲ -21.4% ▼

84.6% ▲ 109.7% ▲

25.9% ▲ 7.8% ▲

* tie

EMEA Involvement Announced M&A Target Industry by Value ($bil)

Quarterly EMEA Cross Border Volume $900

4%

4%

4%

Outbound (US$b)

2,500

Number of deals

$800

`

$227.7 22%

4%

Inbound (US$b)

2,000

$700

6%

6% 7%

$104.9 10%

$108.6 11%

1,500 $500 $400

# of Deals

$162.1 16%

Rank Value (US$b)

$600

6%

1,000 $300 $200

500

$100 Energy and Power Materials Consumer Staples Consumer Products and Services Government and Agencies

Financials Real Estate Healthcare Telecommunications

Industrials High Technology Media and Entertainment Retail

0

$0 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 2002

14

2003

2004

2005

2006

2007

2008

2009

2010

2011



Asia Pacific (ex-Japan) M&A Asian M&A Down 12% I Fee Earnings Drop 2% Asia Pacific (ex-Japan) Deals Intelligence

I Australia M&A Up 12%

Asia (ex-Japan) Involvement Announced Advisors by Target Industry

In 2011, M&A activity with Asian involvement reached US$420.2 billion, an 11.5% decrease from US$474.6 billion recorded last year. Companies in the Energy & Power sector were the most targeted in Asia with US$80 billion from 701 deals. The Materials sector followed closely with US$71.3 billion while Industrials remained the third most sought after sector with US$58.3 billion.

Rank Val US$m

Energy and Power UBS Morgan Stanley Citi Materials UBS Deutsche Bank AG Citi Industrials Goldman Sachs & Co Korea Development Bank PricewaterhouseCoopers Financials Morgan Stanley Goldman Sachs & Co Citi Real Estate DBS Group Holdings KPMG Goldman Sachs & Co

Fees earned for the year were estimated at US$3.9 billion, a 2.3% decline from the volume recorded in 2010, according to Thomson Reuters/Freeman Consulting. The top earner was Morgan Stanley with US$182.3 million followed by Goldman Sachs & Co with US$153.9 million. Citi and UBS earned US$121.7 million and US$119.5 million respectively. China cross border activity amounted to US$85.2 billion, a 5.7% increase from the US$80.6 billion recorded in 2010 and the highest recorded volume since 2008 which totalled US$96.7 billion. Outbound volume reached US$49.4 billion, with US$23.8 billion invested in the Energy & Power sector. M&A activity in Australia increased 11.9% to US$173 billion from US$154.7 billion in 2010. Australia cross border activity totalled US$86.5 billion, up 9.9% from last year. Inbound investments mostly flowed into the Materials and Consumer Staples industries taking up 44.3% and 25.7% of the market respectively. Outbound investments were mostly focused on the Energy & Power sector with 67.2% market share.

China Cross Border Announced M&A

80,043.3 17,716.8 17,150.7 14,464.9 71,276.2 9,890.1 6,112.2 5,599.5 58,289.6 9,589.6 6,598.8 5,255.0 51,856.9 7,230.8 5,537.2 5,362.4 41,980.6 3,131.8 2,831.1 2,739.2

Outbound (US$b)

100%

$30

60%

$20

40%

13.9 8.6 7.9

1 2 3

16.5 11.3 9.0

1 2 3

13.9 10.7 10.3

1 2 3

7.5 6.7 6.5

701 9 5 6 1,579 14 9 8 1,490 7 6 14 1,136 8 8 7 726 4 6 2

Australasia

$0.4

$0.3

$0.2

$0.1

$0.0 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

4Q11

3Q11

2Q11

1Q11

4Q10

3Q10

2Q10

1Q10

4Q09

3Q09

2Q09

1Q09

4Q08

3Q08

2Q08

0% 1Q08

$0 4Q07

20%

3Q07

$10

2Q07

1 2 3

No. Deals

Southeast Asia

$0.5

Imputed Fees (US$b)

80%

% Outbound

$40

1Q07

22.1 21.4 18.1

South Asia

% of Cross Border is Outbound

Rank Value (US$b)

1 2 3

North Asia

$0.6

Inbound (US$b)

Top Ten Any Asia (ex-Japan) Involvement Announced Deals Date Effective 8/30/2011 10/14/2011 6/10/2011 10/19/2011 Pending 11/11/2011 4/1/2011 Pending 5/9/2011 12/20/2011

Mkt. Share

Asian Completed M&A by Region - Imputed Fees

$50

Rank Date 2/21/2011 7/11/2011 6/10/2011 2/25/2011 11/11/2011 4/6/2011 3/4/2011 12/22/2011 4/19/2011 8/10/2011

Rank

Target (% Sought/Acquired) Reliance Industries Ltd-21 Oil (30%) Northumbrian Water Group PLC (100%) Shinsegae Co Ltd-Supermarket (100%) PTT Aromatics & Refining PCL (100%) Petrogal Brasil Ltda (30%) Shanghai Automotive Ind-Asts (100%) Hyundai Engineering & Constr (34.91%) EDP (21.3%) Frac Tech Holdings LLC (70%) GDF Suez-Exploration Business (30%)

Jan 1 – Dec 30 Acquiror BP PLC UK Water(2011)Ltd Shareholders PTT Chemical PCL Sinopec Intl SAIC Motor Corp Ltd Investor Group China Three Gorges Corp Investor Group China Investment Corp{CIC}

Acquiror / Target Nation United Kingdom / India United Kingdom / United Kingdom South Korea / South Korea Thailand / Thailand China / Brazil China / China South Korea / South Korea China / Portugal Singapore / United States China / France

15

Rank Value (US$m) 9,000.0 7,525.0 5,769.2 5,726.6 5,246.6 4,507.4 4,454.1 3,515.9 3,500.0 3,258.7

Target Macro / Mid Industry Energy and Power / Oil & Gas Energy and Power / Water and Waste Management Retail / Food & Beverage Retailing Energy and Power / Oil & Gas Energy and Power / Oil & Gas Industrials / Automobiles & Components Industrials / Building/Construction & Engineering Energy and Power / Power Energy and Power / Oil & Gas Energy and Power / Power



Asia (ex-Japan) Rankings Any Asia (ex-Japan) Inv Announced (AD25)

Financial Advisor Goldman Sachs & Co Citi Morgan Stanley UBS Bank of America Merrill Lynch Credit Suisse JP Morgan Deutsche Bank AG Rothschild Malayan Banking Bhd HSBC Holdings PLC Nomura Woori Invest & Sec Co Ltd CIMB Group Sdn Bhd Korea Development Bank Barclays Capital PricewaterhouseCoopers CITIC RBC Capital Markets China International Capital Co Macquarie Group BNP Paribas SA RBS Blackstone Group LP Standard Chartered PLC Industry Total

Jan 1 – Dec 30


1 12 2 4 10 3 8 5 15 98 14 18 35 17 53 7 40 23 39 6 20 9 13 59 11


44,392.3 42,422.6 42,132.8 35,903.1 31,965.4 27,610.2 22,470.7 22,411.0 18,067.3 14,301.1 13,382.2 12,914.6 12,285.7 11,556.8 11,040.1 9,992.2 9,149.8 9,032.5 8,936.4 8,476.0 8,092.1 7,495.0 7,434.4 7,045.1 6,562.2 420 176 9 420,176.9

10.6 10.1 10.0 8.5 7.6 6.6 5.4 5.3 4.3 3.4 3.2 3.1 2.9 2.8 2.6 2.4 2.2 2.2 2.1 2.0 1.9 1.8 1.8 1.7 1.6 100 0 100.0

-1.1 5.5 -1.0 -0.1 2.0 -2.1 -1.1 -2.0 0.3 3.2 -0.9 -0.2 2.0 -0.9 2.2 -4.5 1.6 0.1 1.3 -4.9 -1.0 -3.8 -2.4 1.3 -3.1

▼ ▲ ▼ ▼ ▲ ▼ ▼ ▼ ▲ ▲ ▼ ▼ ▲ ▼ ▲ ▼ ▲ ▲ ▲ ▼ ▼ ▼ ▼ ▲ ▼

-11.5% ▼ -8.6% ▼

Any Australian Involvement Announced (AD24)

Financial Advisor Goldman Sachs & Co UBS JP Morgan Moelis & Co Barclays Capital Lazard Morgan Stanley Macquarie Group RBS Gresham Partners Flagstaff Partners Pty Ltd Scotiabank-Bank of Nova Scotia Deutsche Bank AG Bank of America Merrill Lynch Rothschild RBC Capital Markets Citi Credit Suisse Wells Fargo & Co CIBC World Markets Inc TD Securities Inc Jefferies & Co Inc KPMG O'Sullivan Partners Nomura Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2011 2010 US$m Sh (%) Share Ch. Rank Rank 1 3 68,256.7 39.5 16.7 ▲ 2 2 31.7 -4.5 ▼ 54,870.9 13 17.8 ▲ 38,111.0 3 22.0 92 30,946.9 17.9 17.9 ▲ 4 30,300.1 17.5 14 14.0 ▲ 5 4 26,800.7 15.5 -3.8 ▼ 6 7 22,058.4 12.8 -0.2 ▼ 7 1 8 21,655.4 12.5 -24.4 ▼ 15 19,234.6 11.1 8.6 ▲ 9 10 17,970.1 0.1 ▲ 10 10.4 17,063.6 11 9.9 ▲ 9.9 12 15,556.5 9.0 9.0 ▲ -9.8 ▼ 5 8.6 14,904.8 13 9 14,272.0 14 8.3 -2.5 ▼ 15 7.7 12 13,291.9 0.0 ▲ 16 24 12,291.5 7.1 5.8 ▲ 9,658.1 17 8 5.6 -5.8 ▼ 9,653.6 18 6 5.6 -9.4 ▼ 19 9,400.0 5.4 5.4 ▲ 7,813.3 20 16 2.6 ▲ 4.5 7,459.7 4.3 44* 21 4.1 ▲ 2.8 2.8 ▲ 4,750.0 22 4,505.2 23 31 2.6 1.8 ▲ 24 4,301.1 2.5 ▲ 82 2.5 0.8 ▲ 25 22 3,746.8 2.2 173,001.3 100.0


11.9% ▲ -59.7% ▼

Any Asia (ex-Japan) Involvement Completed (AF32)

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 53 0.6 ▼ -2 ▲ 49 0.5 +9 42 0.4 -20 ▼ 52 0.5 ▼ -6 38 0.4 +11 ▲ 43 0.4 -36 ▼ 0.4 +1 40 ▲ 37 0.4 -14 ▼ 27 0.3 -12 ▼ 0.4 +18 ▲ 35 32 0.3 +5 ▲ 0.4 +14 ▲ 37 13 0.1 +5 ▲ 67 0.7 +1 ▲ 0.1 +6 11 ▲ -1 0.2 17 ▼ 85 0.9 +1 ▲ ▼ 15 0.2 -2 0.1 ▼ -1 5 ▼ 0.3 -14 27 0.2 -11 22 ▼ 20 0.2 -5 ▼ 10 0.1 -7 ▼ 5 0.1 +2 ▲ 14 ▼ 0.1 -15 9 588 325 -325 9,588

Financial Advisor Goldman Sachs & Co Morgan Stanley Citi Bank of America Merrill Lynch Credit Suisse UBS JP Morgan Deutsche Bank AG Rothschild Barclays Capital Nomura HSBC Holdings PLC RBS China International Capital Co Woori Invest & Sec Co Ltd GF Securities China Jianyin Invest Sec CIMB Group Sdn Bhd RBC Capital Markets PricewaterhouseCoopers Malayan Banking Bhd CITIC Korea Development Bank Macquarie Group Lazard Industry Total

-3.3% ▼ -4.6% ▼


Jan 1 – Dec 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 46 2.6 +2 46 ▲ 2.6 +8 20 ▲ 1.1 +6 ▲ 12 0.7 +10 ▲ 7 0.4 +2 10 0.6 -7 ▼ -2 ▼ 13 0.7 2.7 -2 ▼ 47 0.5 +3 ▲ 9 ▼ 14 0.8 -2 8 ▲ 0.5 +8 0.1 +1 1 ▲ ▼ 13 0.7 -9 0.7 0 13 -6 13 ▼ 0.7 0.2 -4 ▼ 4 0.6 +2 11 ▲ ▼ 11 0.6 -13 ▲ 1 0.1 +1 2 -2 ▼ 0.1 0.1 1 0 0.1 +2 ▲ 2 26 1.5 +4 ▲ 0.1 +1 ▲ 2 0.3 +1 ▲ 6 1,754 -622 -26.2% ▼ -17.2% ▼

Jan 1 – Dec 30


6 1 17 14 11 2 10 3 21 5 15 9 12 7 36 32 16 33 30 105 25 41 20 31

47,441.7 45,260.7 35,117.0 32,545.8 30,662.6 24,800.9 24,269.1 21,610.8 20,698.1 17,094.4 14,043.9 13,804.1 11,883.0 11,317.6 10,405.2 9,977.1 9,632.4 9,570.2 9,254.7 7,930.7 7,926.4 7,720.9 7,664.3 6,976.8 6,958.6 335 165 5 335,165.5

14.2 13.5 10.5 9.7 9.2 7.4 7.2 6.5 6.2 5.1 4.2 4.1 3.6 3.4 3.1 3.0 2.9 2.9 2.8 2.4 2.4 2.3 2.3 2.1 2.1 100 0 100.0

5.3 -3.3 6.8 4.4 3.6 -3.6 1.5 -3.4 3.5 -4.0 -0.4 -1.7 -1.8 -5.1 2.2 1.8 2.9 -1.2 1.8 1.1 2.3 0.4 1.5 -0.7 0.9

▲ ▼ ▲ ▲ ▲ ▼ ▲ ▼ ▲ ▼ ▼ ▼ ▼ ▼ ▲ ▲ ▲ ▼ ▲ ▲ ▲ ▲ ▲ ▼ ▲

9.5% ▲ 3.8% ▲

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 42 0.8 -1 ▼ 51 1.0 -9 ▼ 43 0.8 +14 ▲ ▲ 29 0.5 +5 0.8 -8 42 ▼ 45 0.9 -4 ▼ 34 0.6 +3 ▲ 33 0.6 +2 ▲ ▲ 26 0.5 +1 20 0.4 +4 ▲ 30 0.6 +6 ▲ 28 0.5 +4 ▲ 15 0.3 +5 ▲ 22 ▲ 0.4 +7 16 0.3 +14 ▲ 0.1 5 ▼ -6 2 0.0 +2 ▲ 43 0.8 -10 ▼ 5 0.1 +2 ▲ 63 1.2 -5 ▼ 14 0.3 +3 ▲ 8 0.2 -4 ▼ 7 0.1 +1 ▲ 24 0.5 +1 ▲ 17 0.3 +8 ▲ 5 288 367 5,288 -367 -6.5% ▼ -15.5% ▼

-2.3% ▼ -1.7% ▼

Any Australian Involvement Completed (AF31)

Financial Advisor UBS Goldman Sachs & Co Macquarie Group JP Morgan Deutsche Bank AG Lazard Barclays Capital Moelis & Co Morgan Stanley Gresham Partners RBS Flagstaff Partners Pty Ltd Scotiabank-Bank of Nova Scotia RBC Capital Markets Rothschild Credit Suisse Bank of America Merrill Lynch Wells Fargo & Co CIBC World Markets Inc Citi TD Securities Inc Nomura Jefferies & Co Inc KPMG O'Sullivan Partners Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2011 2010 US$m Sh (%) Share Ch. Rank Rank 1 75,168.9 40.7 1 17.5 ▲ 3 34.1 63,024.1 2 12.5 ▲ 3 44,850.2 1.1 ▲ 2 24.3 4 19.1 12.2 ▲ 12 35,308.4 18.2 10.4 ▲ 11 33,683.1 5 2.6 ▲ 8 17.2 6 31,817.5 12.0 ▲ 7 30,919.7 13 16.7 15.5 ▲ 28,642.4 15.5 8 13.3 9 4 24,619.8 -5.4 ▼ 9.3 ▲ 16 12.2 22,591.4 10 15 11 19,281.0 10.4 7.4 ▲ 16,508.1 8.9 ▲ 8.9 12 15,556.5 8.4 8.4 ▲ 13 13,640.9 7.4 6.8 ▲ 14 28 13,145.1 10 -3.3 ▼ 15 7.1 -11.8 ▼ 6.3 16 11,598.5 5 11,137.6 -9.8 ▼ 7 6.0 17 18 9,400.0 5.1 5.1 ▲ 19 9,113.3 2.8 ▲ 4.9 21 8,204.8 4.4 -12.0 ▼ 20 6 3.6 ▲ 4.0 21 7,459.7 36 22 2.7 2.1 ▲ 31 4,987.1 23 2.6 ▲ 4,750.0 2.6 2.5 1.6 ▲ 4,640.2 25 24 35 25 2.3 1.9 ▲ 4,301.1 184,741.9 100.0


92.8% ▲ 18.0% ▲

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 153.9 4.0 0.5 ▲ 182.3 4.7 0.2 ▼ 121.7 3.2 1.4 ▲ 111.0 2.9 0.8 ▲ 2.6 0.5 ▼ 101.4 3.1 0.5 ▼ 119.5 90.8 2.4 0.4 ▼ 113.6 2.9 0.3 ▲ 73.8 1.9 0.6 ▲ 1.3 51.0 0.1 ▼ 57.8 1.5 0.0 46.1 1.2 0.2 ▼ 0.9 0.0 34.7 0.5 18.2 0.1 ▼ 0.7 0.6 ▲ 27.8 1.4 0.0 0.0 3.1 0.1 0.1 ▲ 0.9 0.5 ▼ 35.2 21.4 0.6 0.3 ▲ 0.2 0.0 7.3 0.3 10.5 0.2 ▲ 9.5 0.3 0.1 ▼ 4.6 0.1 0.1 ▲ 59.4 1.5 0.4 ▲ 39.0 1.0 0.5 ▲ 3 861 0 100 0 3,861.0 100.0

Jan 1 – Dec 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 3.5 +20 ▲ 47 42 3.1 +5 ▲ 45 3.3 +3 ▲ -2 ▼ 14 1.0 1.4 +6 19 ▲ 14 1.0 +6 ▲ 6 0.4 +2 ▲ 7 0.5 +7 ▲ ▲ 1.0 +2 13 ▲ 16 1.2 +5 7 ▼ 0.5 -1 7 ▲ 0.5 +7 1 ▲ 0.1 +1 0.4 0 6 14 1.0 0 16 1.2 -2 ▼ 9 0.7 ▼ -1 0.1 +1 ▲ 1 3 0.2 -1 ▼ 8 0.6 -3 ▼ 1 0.1 -1 ▼ 0.5 +4 ▲ 7 ▲ 0.1 +2 2 24 1.8 +3 ▲ 0.1 2 0 1,346 -340 -20.2% ▼ -19.6% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 11.2 233.8 4.4 ▲ 1.2 ▲ 202.9 9.8 2.2 ▲ 191.6 9.2 0.3 ▲ 65.1 3.1 1.0 ▲ 78.9 3.8 64.7 3.1 0.7 ▲ 45.9 2.2 1.3 ▲ 1.5 ▲ 31.0 1.5 0.7 ▼ 3.0 63.1 61.3 1.4 ▲ 3.0 1.2 0.6 ▲ 25.2 16.6 0.8 0.8 ▲ 0.7 ▲ 0.7 14.2 1.5 30.2 1.0 ▲ 2.2 0.4 ▼ 46.3 57.0 2.7 1.5 ▼ 31.2 1.2 ▼ 1.5 8.3 0.4 0.4 ▲ 18.8 0.9 0.1 ▼ 36.3 1.8 1.4 ▼ 8.7 0.4 0.1 ▲ 1.4 1.0 ▲ 29.8 1.3 1.3 ▲ 26.9 4.4 0.0 0.2 15.4 0.7 0.4 ▲ 2,080.1 100.0 37.5% ▲ 13.2% ▲

* tie

16



Asia (ex-Japan) Rankings Any New Zealand Inv Announced (AD39)

Financial Advisor Credit Suisse Goldman Sachs & Co JP Morgan Cameron Partners Ltd First NZ Capital Nomura UBS Rothschild Macquarie Group Greenhill & Co, LLC PricewaterhouseCoopers Morgan Stanley Deutsche Bank AG Bank of America Merrill Lynch Grant Samuel Northington Partners Ltd Deloitte Gresham Partners Ernst & Young LLP HSBC Holdings PLC Fort Street Advisers Industry Total

Jan 1 – Dec 30

Rank Value per Advisor (US$m) Rank Value Market Market 2011 2010 Rank Rank US$m Sh (%) Share Ch. 1 8,714.5 63.0 0.0 ▲ 1 4,746.1 32.2 ▲ 9 34.3 2 3 4,386.4 31.7 31.7 ▲ 29.7 28.1 ▲ 4 10 4,104.4 21.8 19.1 ▲ 3,020.2 5 7 15.3 6.7 ▲ 6 2,116.3 5 1,452.7 10.5 -3.7 ▼ 7 4 9.2 ▲ 8 28* 1,275.3 9.2 -1.6 ▼ 904.7 6.5 6 9 5.4 ▲ 10 28* 740.1 5.4 11 4.3 ▲ 13 5.1 700.1 12 463.0 3.4 ▲ 3.4 3.1 ▲ 13 28* 429.4 3.1 2.9 ▲ 14 2.9 400.0 2.0 ▲ 15 2.1 23 287.4 16 207.6 1.5 1.5 ▲ 17 21 174.0 1.3 1.1 ▲ 18 17 152.2 1.1 0.8 ▲ 19 14 125.2 0.9 0.2 ▲ 0.8 -52.1 ▼ 20 2* 106.4 21 67.9 0.5 0.5 ▲ 13,841.5 100.0


# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 6 3.2 +3 7.0 +8 ▲ 13 1 ▲ 0.5 +1 3.8 +3 ▲ 7 2.2 4 -2 ▼ ▲ 2 1.1 +1 ▼ 1.1 -4 2 ▲ 2 1.1 +1 ▲ 4 2.2 +1 1 0.5 0 18 9.7 ▼ -7 1 0.5 +1 ▲ 5 2.7 +3 ▲ 1 0.5 +1 ▲ ▲ 3 1.6 +2 0.5 +1 ▲ 1 5 2.7 -13 ▼ 2 1.1 +1 ▲ 3 1.6 -3 ▼ 0 0.5 1 1 ▲ 0.5 +1 185 -43

Jan 1 – Dec 30

Rank Value per Advisor (US$m) Rank Value Market Market 2011 2010 Rank Rank US$m Sh (%) Share Ch. 1 -5.5 ▼ 1 9,694.5 66.7 2 30.2 ▲ 4,386.4 30.2 3 9 27.8 ▲ 4,272.0 29.4 4 8 4,135.3 28.5 26.7 ▲ 5 21.3 ▲ 3,096.3 21.3 20.8 15.9 6 5 3,020.2 ▲ 6.7 ▲ 7 4 2,121.9 14.6 8 10.3 8.9 ▲ 11 1,493.3 8.8 ▲ 9 24* 1,275.3 8.8 10 20 791.9 5.5 5.2 ▲ 5.1 5.1 ▲ 740.1 11 3.2 12 463.0 3.2 ▲ 13 2.8 2.8 ▲ 400.0 14 294.0 2.0 2.0 ▲ 15 177.4 1.2 1.2 ▲ 16 24* 143.0 1.0 1.0 ▲ 17 12 135.7 0.9 -0.2 ▼ 18 21 88.6 0.6 0.4 ▲ 19 67.9 0.5 0.5 ▲ 20* 0.2 0.2 ▲ 30.9 14,530.8 100.0

Financial Advisor Credit Suisse JP Morgan Goldman Sachs & Co Cameron Partners Ltd Nomura First NZ Capital UBS Macquarie Group Rothschild PricewaterhouseCoopers Greenhill & Co, LLC Morgan Stanley Bank of America Merrill Lynch Grant Samuel Gresham Partners Deutsche Bank AG Ernst & Young LLP Deloitte Fort Street Advisers Chapman Holdings Inc Industry Total

69.3% ▲ -56.7% ▼


-18.9% ▼ -32.7% ▼

21.9% ▲ 116.1% ▲

Any New Zealand Involvement Completed (AF46)

Imputed Fees (US$m) Market Advisor Market Fees Sh (%) Share Ch. 12.2 ▲ 29.4 14.2 8.8 8.8 ▲ 18.2 8.3 ▲ 24.5 11.8 8.7 2.0 ▲ 4.2 9.3 4.5 4.5 ▲ 6.9 3.3 2.4 ▼ 17.9 8.6 0.2 ▲ 8.6 17.8 6.4 ▲ 0.3 ▼ 3.8 1.9 2.7 1.3 0.8 ▼ 7.2 3.5 3.5 ▲ 4.2 2.0 ▲ 2.0 2.8 5.8 2.8 ▲ 1.6 0.8 0.8 ▲ 1.4 0.7 0.7 ▲ 8.9 4.3 2.1 ▲ .5 0.2 0.2 ▼ .5 0.2 0.9 ▼ 0.5 0.5 ▲ 1.0 .2 0.1 0.1 ▲ 207.8 100.0

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 7 4.4 +4 0.6 +1 ▲ 1 ▲ 11 7.0 +8 ▲ 8 5.1 +5 ▲ 3 1.9 +3 3.8 +1 ▲ 6 ▲ 3.2 +2 5 5 3.2 +4 ▲ 2 1.3 +1 ▲ 25 ▲ 15.8 +7 2 1.3 +2 ▲ 0.6 +1 ▲ 1 ▲ 1 0.6 +1 ▲ 4 2.5 +4 2 1.3 +2 ▲ 5 3.2 +4 ▲ 4 2.5 0 4 2.5 -12 ▼ 1 0.6 +1 ▲ 1 0.6 +1 ▲ 158 -26 -14.1% ▼ -39.0% ▼

131.1% ▲ -65.4% ▼

* tie

Any Asian (ex-Japan) Involvement Announced M&A by Target Industry ($bil)

Australian Cross Border Announced M&A 100%

$40 Outbound (US$b) Inbound (US$b) % of Cross Border is Outbound

$51.9 12%

$58.3 14%

80% 10%

$71.3 17%

$30

8%

4% 2%

3%

3%

$20

40%

Outbound

4%

$80 19%

60% Rank Value (US$b)

4%

$10 20%

0%

17

4Q11

3Q11

2Q11

1Q11

4Q10

3Q10

2Q10

1Q10

4Q09

3Q09

2Q09

$0 1Q09

Healthcare

Government and Agencies

4Q08

Telecommunications

3Q08



2Q08

High Technology

Consumer Staples

1Q08

Real Estate

Retail

4Q07

Financials

3Q07

Industrials

2Q07

Materials

1Q07

Energy and Power



Japan M&A Japanese M&A Strongest Since 2006 | Materials Most Targeted | Financial Sponsor Activity Recovers Japan Deals Intelligence

Japanese Involvement Announced M&A - Top Advisors by Target Industry Rank Val US$m

The value of Japanese M&A totaled US$180.7 billion during full year 2011, a 34.2% increase from comparable 2010 levels and the strongest full year period for Japanese M&A since 2006. Estimated fee volumes on completed deals were down by 12.3% from last year with US$1.6 billion, according to Thomson Reuters/Freeman Consulting.

Materials Goldman Sachs & Co Deutsche Bank AG Bank of America Merrill Lynch Real Estate Nomura Deloitte PricewaterhouseCoopers Financials Mizuho Financial Group Bank of America Merrill Lynch Sumitomo Mitsui Finl Grp Inc Healthcare Goldman Sachs & Co Nomura Deutsche Bank AG Credit Suisse High Technology Mitsubishi UFJ Morgan Stanley Goldman Sachs & Co Deutsche Bank AG

Materials was the most targeted industry in 2011, with deal volume totaling US$39.5 billion, representing a 21.9% of the Japanese M&A activity in 2011 and a 394.8% increase compared to 2010. The Materials industry was primarily driven by Nippon Steel’s US$22.5 billion merger with Sumitomo Metal Industries. Real Estate took the second slot with US$30.7 billion, a 142.2% increase compared to 2010. Following the 2010 trend, in 2011, outbound transactions remain the primary driver in the Japanese M&A market with total value reaching US$69.2 million from 635 transactions. Healthcare was the most targeted industry and the Americas remain the most sought-after nation by Japanese companies in terms of value. Japanese financial sponsor activity recovered in 2011 with the announcements of 256 deals worth a combined US$25.4 billion. Sellside financial sponsor activity reached US$20.5 billion in value from 155 deals, seven times higher than in 2010. However, buyside activity amounted to US$9.1 billion in value, a 182.4 % increase compared to 2010.

Any Japanese Involvement Announced M&A

1 2 3

62.9 37.9 36.7

1 2 3

29.9 29.5 29.0

1 2 3* 3*

77.7 62.1 60.3 60.3

1 2 3

48.2 41.2 32.3

No. Deals

270 4 3 2 118 9 4 2 182 15 6 11 143 6 7 1 1 471 16 6 5

350

$25

Q2 Volume (US$b)

3,000

300

Q1 Volume (US$b)

$20

# of Deals

Rank Value (US$b)

2,500

$125 2,000 $100 1,500 $75

# of Deals

Rank Value (US$b)

76.3 62.1 60.8

3,500

Q3 Volume (US$b)

$150

1 2 3

Japanese Target Financial Sponsor Activities

Q4 Volume (US$b)

$175

39,502.3 30,140.4 24,523.4 24,010.9 30,730.4 19,327.3 11,630.9 11,280.3 24,084.3 7,205.1 7,110.6 6,993.3 22,702.0 17,628.5 14,104.2 13,682.9 13,682.9 15,894.3 7,664.7 6,550.3 5,134.9

Mkt. Share

1,000

$50

250 $15

200 150

$10

# of Deals

$200

Rank

100 $5 50

500

$25

$0 2002

2003

2004

2005

2006

2007

2008

2009

2010

0 2006

0

$0 2011

2007

Buyside Value

2008 Sellside Value

Top Ten Japanese Involvement Announced Deals Rank Date 9/22/2011 5/19/2011 5/13/2011 12/20/2011 11/9/2011 3/7/2011 10/21/2011 8/31/2011 12/21/2011 3/7/2011

Date Effective Pending 9/30/2011 7/1/2011 Pending 11/9/2011 Pending 11/30/2011 Pending Pending 4/14/2011

Target (% Sought/Acquired) Sumitomo Metal Industries Ltd (90.3%) Nycomed Intl Mgmt GmbH (100%) Nomura Land & Building (39.01%) Hulic Co Ltd (95.9%) Anglo American Sur SA (24.5%) Viviti Technologies Ltd (100%) Skylark Co Ltd (100%) Sony Mobile Display Corp (100%) Delphi Financial Group Inc (100%) CaridianBCT Inc (100%)

2009

2010

Buyside Number

2011 Sellside Number

Jan 1 2011 - Dec 30 2011 Acquiror Nippon Steel Corp Takeda Pharmaceutical Co Ltd Nomura Holdings Inc Shoei Co Ltd Mitsubishi Corp Western Digital Ireland Ltd BCJ Holdings 6 INCJ Tokio Marine & Nichido Fire Terumo Corp

Acquiror / Target Nation Japan / Japan Japan / Switzerland Japan / Japan Japan / Japan Japan / Chile Cayman Islands / United States Japan / Japan Japan / Japan Japan / United States Japan / United States

18

Rank Value (US$m) 22,487.4 13,682.9 11,000.6 7,622.2 5,390.0 4,250.3 3,381.1 2,667.9 2,648.0 2,625.0

Target Macro / Mid Industry Materials / Metals & Mining Healthcare / Pharmaceuticals Real Estate / Real Estate Management & Development Real Estate / Non Residential Materials / Metals & Mining High Technology / Computers & Peripherals Retail / Food & Beverage Retailing High Technology / Electronics Financials / Insurance Healthcare / Healthcare Equipment & Supplies



Japan Rankings Any Japanese Involvement Announced (AD19)

Financial Advisor Nomura Goldman Sachs & Co Mizuho Financial Group Deutsche Bank AG Bank of America Merrill Lynch Mitsubishi UFJ Morgan Stanley Sumitomo Mitsui Finl Grp Inc JP Morgan Daiwa Securities Group Inc Credit Suisse UBS Deloitte PricewaterhouseCoopers Citi Lazard CIBC World Markets Inc Moelis & Co GCA Savvian Group Corp Macquarie Group KPMG Ernst & Young LLP Rothschild Sangyo Sosei Advisory Inc Evercore Partners Banco BTG Pactual SA Industry Total

Jan 1 – Dec 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 152 5.8 +38 ▲ 1.3 +19 34 4.3 +5 112 ▲ 0.7 -2 ▼ 19 0.9 +1 23 ▲ 2.1 54 ▲ 4.5 +13 117 ▲ 19 0.7 +1 2.2 ▼ 58 -1 ▲ 17 0.7 +11 18 ▲ 0.7 +11 1.2 -15 32 ▼ 1.3 +11 35 ▲ 12 0.5 -8 ▼ 9 0.3 +3 ▲ 2 0.1 +2 ▲ 0.1 +2 ▲ 3 ▲ 39 1.5 +8 8 0.3 +4 ▲ ▲ 38 1.5 +2 ▲ 23 0.9 +4 ▲ 14 0.5 +7 5 0.2 +3 ▲ 1 0.0 -5 ▼ 1 0.0 +1 ▲ 2 600 223 2,600 -223

Rank Value per Advisor (US$m) Rank Value Market Market 2011 2010 Rank Rank US$m Sh (%) Share Ch. 1 1 37.1 66,965.1 -11.8 ▼ 2 11 63,777.0 35.3 28.0 ▲ 9 3 48,429.4 17.8 ▲ 26.8 18.3 ▲ 10 4 47,678.3 26.4 3.9 ▲ 3 46,822.3 25.9 5 - 6 5 23.5 42,483.5 5.8 ▲ 7 6 38,226.7 21.2 8 2 34,789.9 19.3 -10.7 ▼ 2.3 ▲ 7 9 30,098.1 16.7 26 10 22,205.3 11.5 ▲ 12.3 11 8 16,620.1 9.2 -1.1 ▼ 21 13,456.1 7.5 12 6.1 ▲ 7.1 25 12,759.6 13 6.2 ▲ 4.2 4 7,502.1 14 -14.2 ▼ 15 16 6,944.6 3.8 0.7 ▲ 16 3.4 6,114.0 3.4 ▲ 17 66 4,681.3 2.6 2.5 ▲ -0.2 ▼ 18 18 4,465.2 2.5 19 64 3,858.5 2.1 2.0 ▲ 20 12 3,719.0 2.1 -3.0 ▼ 1.3 ▲ 21 30 3,225.5 1.8 22 20 3,116.9 1.7 -0.5 ▼ 23 50* 2,749.1 1.5 1.3 ▲ 24 23 0.5 ▲ 2,625.0 1.5 25 2,523.2 1.4 1.4 ▲ 180 666 5 100 0 180,666.5 100.0


34.2% ▲ -9.1% ▼

Any Japanese Involvement Completed (AF23)

Financial Advisor Nomura Goldman Sachs & Co JP Morgan Mitsubishi UFJ Morgan Stanley Bank of America Merrill Lynch UBS Sumitomo Mitsui Finl Grp Inc Deutsche Bank AG Credit Suisse Citi Mizuho Financial Group Daiwa Securities Group Inc Deloitte PricewaterhouseCoopers Lazard Mitsubishi UFJ Financial Group PNC Financial Services Group CIBC World Markets Inc Barclays Capital Perella Weinberg Partners LP GCA Savvian Group Corp KPMG Ernst & Young LLP Evercore Partners Rothschild Industry Total

-7.9% ▼ 6.0% ▲

Jan 1 – Dec 30

Rank Value per Advisor (US$m) Rank Value Market Market 2011 2010 Rank Rank US$m Sh (%) Share Ch. 9.9 ▲ 50.9 1 79,376.1 1 2 7 36,535.1 23.4 7.3 ▲ 3 3 21.1 32,968.0 -2.0 ▼ 4 16.8 26,130.8 - 5 5 24,483.1 15.7 -4.6 ▼ 22,757.5 6 6 14.6 -1.9 ▼ 21,846.7 14.0 7 12 7.6 ▲ 12.6 11 19,651.9 2.7 ▲ 8 9 15 12.2 19,078.4 8.7 ▲ 16,696.5 10.7 9 10 -3.7 ▼ 2 11 14,540.7 9.3 -20.2 ▼ 12 4 14,195.4 9.1 -13.3 ▼ 13 18 13,435.6 8.6 6.6 ▲ 12,780.7 14 24 8.2 7.1 ▲ 15 14 11,446.6 7.3 3.8 ▲ 10 7,922.3 16 5.1 -6.1 ▼ 17 7,819.2 5.0 5.0 ▲ 6,114.0 3.9 3.9 ▲ 18 4,909.4 3.2 2.2 ▲ 19 28 20 3.1 4,800.0 2.6 ▲ 31 21 3,927.3 20 2.5 0.8 ▲ 22 2.4 13 3,801.3 -2.4 ▼ 23 32 3,108.5 2.0 1.5 ▲ 24 29 2,701.4 1.7 0.8 ▲ 2,674.5 25 21 1.7 0.1 ▲ 155 927 8 100 0 155,927.8 100.0


6.7% ▲ -37.3% ▼

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 7.3 -1 ▼ 125 21 1.2 +1 ▲ 18 1.1 0 50 2.9 21 1.2 +4 ▲ 11 0.6 +1 ▲ 110 ▲ 6.4 +21 16 ▼ 0.9 -7 12 0.7 +6 ▲ 10 0.6 -14 ▼ 98 5.7 -22 ▼ 53 3.1 -15 ▼ 29 1.7 -13 ▼ 27 1.6 +6 ▲ 6 0.4 -5 ▼ 19 1.1 -26 ▼ 0.2 +3 ▲ 3 0.1 +2 2 ▲ 7 0.4 +2 ▲ 2 0.1 0 30 1.8 0 39 2.3 +3 ▲ 20 ▲ 1.2 +7 2 0.1 -3 ▼ 10 0.6 +5 ▲ 1 714 673 1,714 -673

Imputed Fees (US$m) Market Advisor Market Fees Sh (%) Share Ch. 197.3 12.4 2.8 ▲ 1.5 ▲ 6.0 95.5 59.4 0.4 ▼ 3.7 - 84.4 5.3 0.4 ▲ 61.1 3.8 3.8 60.9 1.7 ▲ 83.4 5.2 2.2 ▲ 0.5 ▲ 3.3 53.3 3.1 49.4 2.1 ▲ 1.0 ▼ 35.2 2.2 66.1 3.3 ▼ 4.1 1.1 ▼ 50.4 3.2 0.0 4.8 0.3 0.1 ▲ 4.9 0.3 0.0 21.5 1.4 2.7 ▼ 4.7 0.3 0.2 ▲ 0.2 2.7 1.4 ▲ 1.4 22.3 0.4 ▲ 15.8 1.0 6.6 0.4 0.2 ▼ 29.8 1.9 0.7 ▲ 6.3 0.4 0.2 ▼ 3.3 0.2 0.1 ▲ 6.7 0.4 0.5 ▼ 19.1 1.2 0.4 ▲ 1 594 8 100 0 1,594.8 100.0

-28.2% ▼ 0.0% ▲

-12.3% ▼ -3.8% ▼

* tie

Japanese Target Announced M&A Target Industry by Value ($bil)

Target Macro Industry Analysis for Japanese Outbound Activities

0

` $24.1 13%

20

25

Materials

$30.7 17%

9%

Financials Consumer Staples

9%

Energy and Power

4% 4%

Rank Value (US$b) 10 15

Healthcare

$22.7 13%

$39.5 22%

5

4% Industrials

2% 2%

High Technology Consumer Products and Services

Materials Financials High Technology Consumer Staples Energy and Power Media and Entertainment

Telecommunications

Real Estate Healthcare Industrials Retail Consumer Products and Services Telecommunications

Retail Africa/Middle East/Central Asia

19

Americas

Asia-Pacific (ex Central Asia)

Europe



Fairness Opinion Rankings † Worldwide Announced Fairness Opinion

Jan 1 – Dec 30

Based on Number of Transactions

Fairness Opinion Provider JP Morgan Morgan Stanley Houlihan Lokey Deutsche Bank AG Goldman Sachs & Co Bank of America Merrill Lynch China International Capital Co Barclays Capital KPMG UBS Moelis & Co Somerley Ltd Lazard Stout Risius Ross Inc Jefferies & Co Inc Guangdong Securities Nomura CITIC BMO Capital Markets Qilu Securities Co Ltd

Jan 1 – Dec 30

Industry Total

736

-150

-16.9% ▼ 1.3% ▲

Any EMEA Inv Announced Fairness Opinion

Rank Value (US$m) Rank Value Market US$m Sh (%) 172,598.3 26.9 163,167.1 25.5 13,018.4 2.0 9.1 58,586.4 103,377.7 16.1 76,833.6 12.0 3,971.7 0.6 100,647.3 15.7 3,570.0 0.6 26,736.9 4.2 11,661.8 1.8 914.1 0.1 81,599.1 12.7 257.0 0.0 3,856.8 0.6 1,033.8 0.2 19,553.4 3.1 5,899.7 0.9 1.2 7,502.7 121.7 0.0 640,796.5

100.0

-2.6% ▼ -17.0% ▼

Jan 1 – Dec 30


# of Deals per Advisor # of Market Change in 2011 2010 Deals Sh (%) # of Deals Rank Rank 1 4 27 6.7 +1 ▲ 2 1 24 5.9 -19 ▼ 3 2 20 4.9 -11 ▼ 4 3 19 ▼ 4.7 -8 3.5 +1 ▲ 5* 10 14 14* ▲ 5* +4 14 3.5 7* 14* 13 3.2 +3 ▲ 7* 6* 13 3.2 -6 ▼ ▼ 9* 6* 12 3.0 -7 9* 11 12 3.0 0 19* 11* 10 2.5 +3 ▲ 2.5 +3 ▲ 11* 19* 10 11* 14* 10 2.5 0 42* 11* 10 2.5 +7 ▲ ▼ 11* 12* 10 2.5 -1 16* 22* 8 2.0 +2 ▲ 2.0 16* 14* 8 -2 ▼ 2.0 0 16* 18 8 19* 42* 7 1.7 +4 ▲ 19* 30* 7 1.7 +3 ▲ 19* 8 7 1.7 -10 ▼ -65 405

Fairness Opinion Provider JP Morgan Houlihan Lokey Morgan Stanley Goldman Sachs & Co Barclays Capital Bank of America Merrill Lynch Deutsche Bank AG UBS Stout Risius Ross Inc Moelis & Co BMO Capital Markets Lazard Sandler O'Neill Partners National Bank of Canada Fin'l Jefferies & Co Inc Evercore Partners RBC Capital Markets GMP Capital Corp FirstEnergy Capital Corp Raymond James Financial Inc Credit Suisse Industry Total


-13.8% ▼ -12.5% ▼

Any Asia Pacific Inv Announced Fairness Opinion

Rank Value (US$m) Rank Value Market US$m Sh (%) 134,510.4 28.4 12,691.4 2.7 118,291.0 25.0 77,850.9 16.5 95,267.7 20.1 47,871.8 10.1 24,373.5 5.2 20,964.9 4.4 257.0 0.1 8,622.4 1.8 7,502.7 1.6 73,709.1 15.6 1,394.4 0.3 2,414.6 0.5 3,454.3 0.7 71,153.0 15.0 4,474.7 0.9 1.5 7,195.4 1,058.9 0.2 1,459.9 0.3 9.9 46,870.0 473,207.6 100.0 11.5% ▲ -10.1% ▼

Jan 1 – Dec 30

Based on Number of Transactions # of Deals per Advisor # of Market Change in 2011 2010 Rank Rank Deals Sh (%) # of Deals 1 6* 15 9.9 +4 ▲ 14 2 3 9.3 -3 ▼ 3 8 10 6.6 +1 ▲ 4 2 9 6.0 -10 ▼ 5* 9* 6 4.0 +1 ▲ 4* 5* 6 4.0 -8 ▼ 5* 23* 6 4.0 +4 ▲ 5 8* 1 3.3 -31 ▼ 8* 5 3.3 +5 ▲ 10* 4* 4 2.7 -10 ▼ 4 10* 14* 2.7 0 10* 9* 4 2.7 -1 ▼ 3 13* 17* 2.0 0 3 13* 23* 2.0 +1 ▲ 13* 3 2.0 +3 ▲ 13* 9* 3 2.0 -2 ▼ 13* 17* 3 2.0 0 13* 39* 3 2.0 +2 ▲ 19* 2 1.3 +2 ▲ 19* 2 +2 1.3 ▲ 19* 14* 2 1.3 -2 ▼ 19* 9* 2 1.3 -3 ▼ 19* 39* 2 1.3 +1 ▲ 19* 23* 2 1.3 0 19* 6* 2 1.3 -9 ▼ 151 -63


-29.4% ▼ -18.9% ▼

Rank Value (US$m) Rank Value Market US$m Sh (%) 28,159.5 16.2 32,217.1 18.5 24,754.3 14.2 3,136.6 1.8 14,470.0 8.3 1,506.4 0.9 10,084.2 5.8 6,731.3 3.9 1,801.3 1.0 9,197.1 5.3 13,541.3 7.8 24,892.8 14.3 189.5 0.1 2,788.1 1.6 906.0 0.5 206.6 0.1 1,492.9 0.9 828.7 0.5 456.4 0.3 498.3 0.3 1,292.6 0.7 62.4 0.0 7,432.8 4.3 13,802.1 7.9 7,035.7 4.0 173,986.2 100.0 -26.5% ▼ -42.0% ▼

Fairness Opinion Provider China International Capital Co Somerley Ltd Guangdong Securities CITIC Qilu Securities Co Ltd KPMG Haitong Securities Co Ltd Huatai Securities Advisory Plus Co Ltd China Securities Co Ltd M&A International China Merchants Securities Co Phillip Securities BNP Paribas SA BDO International CIMB Group Sdn Bhd Southwest Securities Co Ltd China Renaissance Partners Platinum Securities Co Ltd Shenyin & Wanguo Securities GF Securities UBS Asia Plus Securities PCL China Dragon Securities Co Ltd Anglo Chinese Corp Finance Industry Total

Jan 1 – Dec 30

Fairness Opinion Provider JP Morgan Houlihan Lokey Morgan Stanley Goldman Sachs & Co Barclays Capital Stout Risius Ross Inc Moelis & Co Bank of America Merrill Lynch Deutsche Bank AG UBS Sandler O'Neill Partners Jefferies & Co Inc Lazard Evercore Partners Credit Suisse Keefe Bruyette & Woods Inc RBC Capital Markets Qatalyst Partners Greenhill & Co, LLC Stifel Financial Corp Piper Jaffray Cos Industry Total

# of Deals per Advisor # of Market Change in 2011 2010 Rank Rank Deals Sh (%) # of Deals 1 3* 25 7.8 ▲ +1 2 1 23 7.2 -20 ▼ 3* 2 19 5.9 -9 ▼ 3* 3* 19 5.9 -5 ▼ 4.4 +1 ▲ 5 10 14 6* 5 12 -7 ▼ 3.8 0 6* 11 12 3.8 6* 13* 12 3.8 +2 ▲ 9 16 11 3.4 ▲ +2 10* 7 10 3.1 ▼ -7 0 10* 13* 10 3.1 13* 9 2.8 -1 ▼ 12* 9 12* 18* 2.8 +3 ▲ 14 18* 8 2.5 +2 ▲ 15* 9 7 2.2 -7 ▼ 15* 18* 7 2.2 +1 ▲ 0 1.9 17* 18* 6 17* 31* 6 +3 ▲ 1.9 19* 64* 5 1.6 +4 ▲ 19* 12 5 1.6 -6 ▼ 19* 18* 5 1.6 -1 ▼ 320 -61


-16.0% ▼ -19.4% ▼

Rank Value (US$m) Rank Value Market US$m Sh (%) 30.5 133,243.4 2.9 12,639.2 111,822.5 25.6 17.8 77,850.9 95,267.7 21.8 257.0 0.1 8,622.4 2.0 45,364.6 10.4 22,777.2 5.2 16,870.4 3.9 1,394.4 0.3 0.8 3,328.3 71,389.3 16.4 71,153.0 16.3 46,870.0 10.7 2,679.9 0.6 3,568.2 0.8 20,116.2 4.6 6,666.9 1.5 1,700.7 0.4 865.7 0.2 436,425.6 100.0 27.8% ▲ -16.1% ▼

Any Japan Inv Announced Fairness Opinion

Jan 1 – Dec 30


# of Deals per Advisor # of Market Change in 2011 2010 Rank Rank Deals Sh (%) # of Deals 1 2* 20 7.7 +2 ▲ ▲ 2 6* 13 5.0 +4 3* 4 10 3.8 -2 ▼ 3* 8* 10 3.8 +2 ▲ +5 3* 17* 10 3.8 ▲ 6* 17* ▲ 9 3.5 +4 6* 8* 9 3.5 +1 ▲ 8* 2* 7 2.7 -11 ▼ 8* 49* 7 2.7 +6 ▲ 8* 12* 7 2.7 0 8* 49* 7 2.7 +6 ▲ 12* 1 6 2.3 -16 ▼ 12* 34* 6 2.3 +4 ▲ 14* 5 1.9 +5 ▲ 14* 49* 5 1.9 +4 ▲ 14* 6* 5 1.9 -4 ▼ 17* 5 1.9 14* 0 5 1.9 +5 ▲ 14* 1.5 +1 ▲ 19* 28* 4 19* 1.5 ▲ 4 +4 -4 ▼ 19* 8* 4 1.5 19* 24* 4 1.5 0 19* 4 1.5 +4 ▲ 19* 34* 4 1.5 +2 ▲ -2 19* 14* 4 1.5 ▼ -41 261


Any US Inv Announced Fairness Opinion Based on Number of Transactions


# of Deals per Advisor # of Market Change in 2011 2010 Rank Rank Deals Sh (%) # of Deals 1 4 39 5.3 ▼ -1 2 3 33 4.5 -8 ▼ 3 2 26 3.5 -23 ▼ 4 7* 24 3.3 +2 ▲ 5 5* 22 3.0 -6 ▼ 6 17* 21 2.9 +9 ▲ 7 13* 20 2.7 +2 ▲ 8* 16 18 2.5 +3 ▲ 8* 5* 18 2.5 -10 ▼ 10 1 17 2.3 -33 ▼ 11 17* 14 1.9 +2 ▲ 12 27* 13 1.8 +4 ▲ 13* 10* 12 1.6 -8 ▼ 13* 12 12 1.6 -7 ▼ 15 21* 11 1.5 0 16* 17* 10 1.4 -2 ▼ 16* 21* 10 1.4 -1 ▼ 16* 30* 10 1.4 +2 ▲ 16* 34* 10 +3 1.4 ▲ 16* 49* 10 1.4 +5 ▲


Fairness Opinion Provider Deutsche Bank AG JP Morgan Morgan Stanley KPMG Barclays Capital Houlihan Lokey Bank of America Merrill Lynch UBS RBS Lazard Rothschild Goldman Sachs & Co Ernst & Young LLP GMP Capital Corp Numis BDO International SEB Enskilda Jefferies & Co Inc Salman Partners Carnegie Mediobanca PricewaterhouseCoopers BNP Paribas SA Nomura Credit Suisse Industry Total

Any Americas Inv Announced Fairness Opinion

-13.6% ▼ 5.2% ▲

Rank Value (US$m) Rank Value Market US$m Sh (%) 3,971.7 5.0 914.1 1.1 1,033.8 1.3 5,899.7 7.4 121.7 0.2 530.0 0.7 1,669.6 2.1 1,839.1 2.3 510.6 0.6 1,605.6 2.0 705.5 0.9 368.4 0.5 73.3 0.1 57.7 0.1 282.4 0.4 400.4 0.5 1,219.8 1.5 110.0 0.1 1,206.4 1.5 287.0 0.4 2,383.1 3.0 1,707.4 2.1 85.1 0.1 425.1 0.5 1,198.7 1.5 79,774.5 100.0 -14.9% ▼ -36.9% ▼

Fairness Opinion Provider Nomura Sumitomo Mitsui Finl Grp Inc JP Morgan Morgan Stanley Bank of America Merrill Lynch Deutsche Bank AG Mizuho Financial Group Daiwa Securities Group Inc Goldman Sachs & Co Barclays Capital Houlihan Lokey Ernst & Young LLP Advisory Plus Co Ltd Moelis & Co Piper Jaffray Cos ING Numis Plutus Consulting Co Ltd Robert W Baird & Co Inc Gyosei & Co M&A International

# of Deals per Advisor # of Market Change in 2011 2010 Rank Rank Deals Sh (%) # of Deals 1 1 9 24.3 -1 ▼ 2* 6 16.2 +6 ▲ 2* 8* 6 16.2 +4 ▲ 2* 3* 6 16.2 +2 ▲ 5 4 10.8 +4 ▲ 6* 8* 3 8.1 +1 ▲ 6* 11* 3 8.1 +2 ▲ 6* 2 3 8.1 -2 ▼ 6* 3 8.1 +3 ▲ 10* 2 5.4 +2 ▲ 10* 11* 2 5.4 +1 ▲ 10* 2 5.4 +2 ▲ 10* 2 5.4 +2 ▲ 10* 11* 2 5.4 +1 ▲ 15* 1 2.7 +1 ▲ 15* 1 2.7 +1 ▲ 15* 1 2.7 +1 ▲ 15* 5* 1 2.7 -2 ▼ 15* 1 2.7 +1 ▲ 15* 1 2.7 +1 ▲ ▲ 15* 1 2.7 +1

Industry Total

37


5.7% ▲ 50.0% ▲

+2

Rank Value (US$m) Rank Value Market US$m Sh (%) 19,434.3 37.3 27,950.2 53.6 26,644.5 51.1 25,914.2 49.7 25,739.6 49.4 23,815.9 45.7 23,187.7 44.5 25,526.8 49.0 25,526.8 49.0 393.2 0.8 327.0 0.6 973.4 1.9 26.5 0.1 3,039.4 5.8 144.4 0.3 2.4 0.0 513.7 1.0 .0 0.0 620.6 1.2 9.2 0.0 3.7 .0

52,106.8 119.1% ▲ -80.9% ▼

* tie †

Fairnes Opinion rankings include fairness opinions provided as a standalone mandate as well as fairness opinions provided as part of a broader advisory mandate.

20



Ranking Criteria Summary - Announced league tables include all deals that were announced between January 1, 2010 and December 30, 2011 and of which Thomson Reuters was made aware. All current data

If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact:

and previous year's data is as of 5:00pm EST on December 30, 2011.

-

Americas Anthony Pico Tel: +1 646 223 8413 E-mail: [email protected] EMEA Serkan Tecimer Tel: +44 (0) 20 7542 3566 E-mail: [email protected] Asia-Pacific Jason Pacannuayan Tel: +632 858 7262 E-mail: [email protected]

League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.

- A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.

- Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the

time of announcement of terms.

-

Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the transaction agreed to or, in the absence of an agreement, the value of the highest offer.

-

Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. Any involvement league tables also include the nation of the seller and seller ultimate parent on privately negotiated stake purchases

-

League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.

-

Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to syndicated members.

-

League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firms in Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established joint ventures are reflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”.

Japan Akemi Mamiya Tel: +813 5218 6576 E-mail: [email protected]

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. © 2011 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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