emerging markets m&a review emerging markets m&a review

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EMERGING MARKETS M&A REVIEW FINANCIAL ADVISORS Full Year 2013

Full Year 2013 | Mergers & Acquisitions | Financial Advisors

Emerging Markets M&A Emerging Markets M&A Falls 5% | Fees Down 13% | Energy and Power Most Active Sector Emerging Markets Deals Intelligence

Emerging Market Announced M&A $900

The total value of announced M&A activity in the Emerging Markets reached US$675.2 billion during 2013, a 4.6% decrease from totals reached in 2012. The number of M&A transactions in the Emerging Markets totaled just 12,748, an 11.3% decline from the total number of deals during 2012. Deal value in the fourth quarter, however, jumped 26.8% sequentially.

40%

Q4 Volume (US$b)

33.7%

Q3 Volume (US$b)

$800

Q2 Volume (US$b)

35%

18.3%

Q1 Volume (US$b)

Energy and Power dominated Emerging Market activity during 2013, accounting for 23% of all M&A volumes and accumulating US$154.1 billion in deal activity. Financials placed second, with US$85.9 billion (a 13% share). According to Thomson Reuters/Freeman Consulting, total estimated fees earned from completed Emerging Market M&A transactions during 2013 were US$4 billion, representing a 12.7% decrease from those earned over the course of last year.

$700

$128.5

$600

15.5%

$500

$92.2

9.9%

$100

$41.7

$0

$170.0

15%

$229.3

$104.1

$125.9

$170.2

$157.9 $173.2

$157.6

10%

$145.9

$62.0

$109.0 $102.6

$200.0

$157.3

$49.8

$67.3

2004

2005

5%

$196.3

$193.6

$96.0

$137.4

$132.1

2012

2013

$87.9

0% 2006

2007

2008

2009

2010

2011

Leading Emerging Market Target Nations - US$ bil

Q4 Volume (US$b)

50

Q2 Volume (US$b)

Chinese RankVal

Brazilian RankVal

Russian Fed RankVal

Chinese Mkt Share

Brazilian Mkt Share

Russian Fed Mkt Share

250.00

45

Q1 Volume (US$b)

1.6

40

200.00

1.4 1.5

35

37%

$4

1.7 1.3

1.2

1.5 1.3

1.5

1.1

1.4

$3 1.0

1.0

0.9

1.7

$2 0.5

0.8

1.0

1.5 1.5

1.0

0.7

0.4 0.4 2004

2005

1.3

21.6%

2007

2008

19%

20

1.0

2009

2010

27.2%

21.7%

22.6% 18.2%

19.3%

100.00

21.6% 13.9%

14.2% 12%

1.0

0.9

1.0

2011

2012

2013

10%

12.6%

11.8%

9.2%

12.2% 10.4%

6.1%

8.4%

1.3

$0 2006

25

10

1.0

150.00 26.8%

15 1.2

1.7 1.0

0.6

29.4%

30

1.4 0.8

0.5

0.9

Mkt Share Percentage

1.5

Rank Val US$Bil

$5 Imputed Fees (US$b)

$150.3

$99.5

Q3 Volume (US$b)

$1

25%

20%

$147.2 $155.8

$196.6

Average EBITDA multiples across the Emerging Markets rose to 12.5x throughout 2013, ranging from 6.0x in South Africa to 15.4x in India. Bid premia (to 4 weeks prior stock price) averaged 27%, a slight increase from the 26.6% averaged during 2012. Healthcare targets earned the largest average premia paid, at 39%.

$6

$215.5

$214.1

13.5%

$400

$32.0

$7

$247.3

$129.6

$198.1

$214.5

$300

Morgan Stanley took the top spot in the Emerging Markets for 2013, with US$99 billion in announced deals. Bank of America Merril Lynch and Credit Suisse took the second and third spots, respectively.

Jan 1 - Jun 29

23.9%

30%

$164.6

$200

Emerging Market Completed M&A - Imputed Fees

28.2%

$240.0

EM% of Global $204.6

Rank Value (US$b)

Chinese targets once again drove M&A activity in Emerging Markets, with 3,580 transactions worth US$209.3 billion. Russian targets generated the next highest volume, but remained far behind, with 1,807 deals worth US$52.8 billion. Brazil followed just behind, accumulating US$51.9 billion over 552 transactions.

27.8%

26.4%

23.9%

50.00

9.3%

8.3%

5 0

0.00 2006

Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables

2007

2008

2009

2010

2011

2012

2013

https://www.thomsonone.com 1


Emerging Markets M&A Exit Multiple Matrix - Average Rank Value / EBITDA 2013 UP 2013 DOWN

2012

Jan 1 - Jun 29 2012 Jan 1 - Dec 31 BRIC

Emerging Markets

Latin America

Consumer Products and Services

12.3x

10.1x

14.8x

13.1x 16.2x

Consumer Staples

12.7x

11.4x

14.0x

12.0x

10.5x

Energy and Power

10.6x

11.4x

11.7x

11.8x

-

Healthcare

15.4x

16.2x

14.6x

High Technology

10.9x

10.4x

11.0x

Industrials

12.5x

9.9x

12.8x

Materials

11.3x

Media and Entertainment

11.0x

Real Estate

Middle East & North Africa

Eastern Europe

Asia Pacific Emerging Mkts

China

India

-

5.2x

1.5x

13.1x

7.1x

12.6x

11.8x

9.7x

8.4x

16.4x

14.5x

10.5x

15.5x

9.4x

3.4x

4.2x

16.2x

13.3x

12.8x

11.5x

13.0x

9.6x

17.4x

15.2x

9.5x

12.7x

16.7x

2.7x

-

13.4x

7.7x

9.2x

13.9x

10.4x

17.1x

12.2x

19.4x

17.8x

13.7x

13.0x

35.3x

31.0x

18.0x

11.3x

10.6x

8.3x

15.8x

16.1x

9.5x

16.2x

23.1x

21.4x

13.4x

-

15.9x

4.0x

8.0x

5.2x

6.1x

6.7x

12.2x

11.5x

13.1x

14.4x

8.2x

10.8x

12.3x

9.7x

11.8x

22.6x

5.6x

3.1x

6.7x

9.3x 6.1x

9.7x

14.0x

11.4x

13.9x

13.5x

15.8x

14.2x

9.1x

13.8x

10.7x

9.1x

10.9x

8.7x

10.6x

6.0x

5.7x

10.6x

6.5x

12.4x

10.0x

16.0x

14.8x

14.9x

10.8x

10.6x

16.5x

13.6x

16.9x

9.9x

-

11.0x

10.5x

-

10.5x

-

9.7x

10.7x

15.3x

8.1x

20.3x

14.9x

15.3x

17.9x

13.7x

20.6x

12.8x

18.7x

16.9x

23.0x

-

14.1x

22.2x

17.9x

15.2x

17.3x

13.3x

20.3x

-

26.0x

Retail

16.2x

10.4x

16.7x

9.1x

14.4x

10.5x

-

9.4x

-

-

9.9x

5.1x

18.3x

12.6x

17.3x

8.8x

12.0x

Telecommunications

12.1x

6.1x

18.0x

6.9x

7.3x

6.5x

7.7x

4.9x

5.2x

20.0x

4.6x

9.2x

8.1x

-

7.0x

8.3x

Average Industry Total

12.5x

11.0x

13.6x

12.6x

11.6x

10.3x

13.2x

11.7x

6.0x

11.8x

8.3x

13.0x

12.1x

13.6x

13.6x

15.4x

14.5x

-

-

South Africa

2.9x 6.5x

Bid Premium Matrix - Average Premium to 4 Week Stock Price 2013 UP 2013 DOWN

2012

BRIC

Emerging Markets

4.3x

Jan 1 - Jun 29 2012 Jan 1 - Dec 31 Latin America


14.4

18.4

16.2

23.7

28.0

Consumer Staples

24.3

22.3

25.4

19.5

11.2

Energy and Power

25.6

27.1

17.2

27.7

2.9

Financials

20.1

27.6

17.6

25.7

Healthcare

39.0

29.7

44.5

High Technology

27.6

Industrials

26.5

Materials

31.5


24.5

Real Estate

28.3

Retail

29.8

Telecommunications Average Industry Total

Middle East & North Africa

Asia Pacific Emerging Mkts

China

India

-

32.1

15.4

13.6

20.2

24.4

12.8

14.2

27.3

13.8

7.6

48.8

16.8

24.4

24.1

18.3

22.2

40.6

21.8

25.8

28.0

-

20.6

18.9

24.3

37.5

16.2

52.5

14.8

26.1

-

19.2

11.9

44.5

20.1

23.1

23.3

41.7

15.9

21.2

22.7

8.5

37.0

17.8

47.1

48.1

29.7

70.2

20.4

42.0

31.5

20.9

10.1

37.8

27.3

13

19.1

61.2

29.2

23.1

24.5

36.3

28.6

7.4

14.0

10.9

28.0

69.8

19.7

30.9

32.0

25.3

23.3

31.6

25.0

27.1

24.7

67.5

31.8

29.2

5.1

24.8

23.9

27.3

25.3

31.8

34.2

29.8

38.7

34.3

28.4

29.4

12.3

-

23.9

-

23.9

98.3

-

67.6

27.8

26

10.5

12.5

40.5

32.7

28.2

-

36.0

17.5

38.5

8.6

9.7

40.5x

-

26.4

17.3

23.0

27.3

-

15.2

24.3

12.4

5.7

-

26.7

-

63.3

34.9

22.8

8.9

9.8

-

38.8

30.6

34.9

39.9

44.2

32.8

25.8

26.5

-

31.6

25.8

7.0

26.6

26.5

27.5

22.5

26.6

29.1

26.6

25.4

30.9

28.4

25.3

-

25.0

27.2

24.0

52.6

15.0

40.4

31.5

46

29.2

30.7

54.4

98.6

28.3

26.2

31.6

-

23.2

31.5

22.9

20.9

31.3

31.1

32.7

38.7

30.9

19.5

21.9

30.3

8.9

28.3 27.0

6.8

Eastern Europe

24.0

-

-

South Africa

-

18.6

35.3

30.1

33.1

23.4

-

21.2

27.9

25.6

23.2

26.2

27.4

27.4

* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 01/01/2012 - 12/31/2013 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%.




Emerging Markets M&A Any Emerging Markets Involvement Announced

Financial Advisor Morgan Stanley Bank of America Merrill Lynch Credit Suisse Barclays Goldman Sachs & Co Citi Deutsche Bank JP Morgan Banco BTG Pactual SA UBS BNP Paribas SA HSBC Holdings PLC Lazard CITIC Group Corp China International Capital Co Banco Espirito Santo SA Macquarie Group Rothschild VTB Capital Itau Unibanco Phatra Securities Co Ltd Societe Generale Banco Bradesco SA Somerley Ltd Standard Chartered PLC Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 1 5 99,017.2 14.7 -2.6 ▼ 2 4 61,699.1 9.1 -8.2 ▼ 3 7 59,689.4 8.8 -7.3 ▼ 4 6 58,481.9 8.7 -7.9 ▼ 5 1 56,860.2 8.4 -13.5 ▼ 6 3 42,299.4 6.3 -11.7 ▼ 7 2 40,054.6 5.9 -13.2 ▼ 8 9 38,732.6 5.7 -8.1 ▼ 9 20 35,860.5 5.3 2.4 ▲ 10 8 33,381.5 4.9 -9.3 ▼ 11 24 31,085.0 4.6 2.6 ▲ 12 12 27,747.2 4.1 -2.6 ▼ 13 13 19,256.3 2.9 -2.9 ▼ 14 45 16,403.8 2.4 1.7 ▲ 15 17 15,908.4 2.4 -1.4 ▼ 16 55 15,785.8 2.3 1.8 ▲ 17 52 15,258.3 2.3 1.8 ▲ 18 11 14,268.8 2.1 -7.1 ▼ 19 10 13,749.5 2.0 -8.1 ▼ 20 21 13,256.6 2.0 -0.8 ▼ 21 376* 12,000.9 1.8 1.8 ▲ 22 36 11,810.1 1.8 0.7 ▲ 23 26 11,206.6 1.7 0.1 ▲ 24 38 10,925.2 1.6 0.6 ▲ 25 34 9,018.4 1.3 0.1 ▲ 675,215.6 100.0

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

-4.6% ▼ 26.8% ▲

Any Emerging Markets Involvement Completed

Jan 1 - Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 85 0.7 -7 ▼ 55 0.4 0 100 0.8 -12 ▼ 55 0.4 +8 ▲ 96 0.8 -27 ▼ 86 0.7 -9 ▼ 55 0.4 -29 ▼ 81 0.6 0 57 0.4 -31 ▼ 59 0.5 -4 ▼ 37 0.3 +12 ▲ 44 0.3 -3 ▼ 49 0.4 -3 ▼ 33 0.3 +6 ▲ 41 0.3 +14 ▲ 3 0.0 -10 ▼ 33 0.3 +16 ▲ 75 0.6 +3 ▲ 24 0.2 0 49 0.4 -23 ▼ 5 0.0 +4 ▲ 25 0.2 0 20 0.2 -15 ▼ 27 0.2 +4 ▲ 20 0.2 -4 ▼ 12,748 -1,621

Financial Advisor Morgan Stanley Barclays Bank of America Merrill Lynch Citi Deutsche Bank Goldman Sachs & Co VTB Capital Credit Suisse JP Morgan UBS Rothschild Renaissance Capital Group Lambert Energy Advisory Ltd Evercore Partners HSBC Holdings PLC Lazard BMO Capital Markets RBC Capital Markets Banco BTG Pactual SA China International Capital Co KPMG CITIC Group Corp Ondra Partners CIMB Group Sdn Bhd United Overseas Bank Ltd Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 1 8 130,504.9 24.8 15.4 ▲ 2 13 118,992.8 22.6 15.8 ▲ 3 7 114,280.5 21.7 12.1 ▲ 4 9 113,597.7 21.5 12.3 ▲ 5 5 106,055.0 20.1 8.5 ▲ 6 2 103,573.2 19.6 2.4 ▲ 7 24 73,387.6 13.9 11.8 ▲ 8 1 70,259.5 13.3 -4.1 ▼ 9 3 64,733.6 12.3 -2.3 ▼ 10 4 63,572.6 12.1 -2.0 ▼ 11 6 41,113.3 7.8 -2.1 ▼ 12 65 34,661.2 6.6 6.2 ▲ 13 334* 30,931.2 5.9 5.9 ▲ 14 40 29,898.7 5.7 4.7 ▲ 15 14 28,494.9 5.4 0.4 ▲ 16 15 27,853.5 5.3 0.4 ▼ 17 21 19,174.4 3.6 1.1 ▲ 18 41 18,773.5 3.6 2.6 ▲ 19 12 12,051.3 2.3 -4.5 ▼ 20 10 11,916.4 2.3 -4.7 ▼ 21 30 11,733.1 2.2 0.6 ▲ 22 28 10,432.8 2.0 0.3 ▲ 23 9,425.9 1.8 1.8 ▲ 24 23 8,846.7 1.7 -0.4 ▼ 25 8,686.1 1.7 1.7 ▲ 527,280.4 100.0

-11.3% ▼ 4.9% ▲


6.3% ▲ 37.8% ▲

Jan 1 - Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 65 0.8 +4 ▲ 44 0.6 +12 ▲ 51 0.6 -7 ▼ 73 0.9 +7 ▲ 51 0.6 -15 ▼ 82 1.0 -13 ▼ 23 0.3 +7 ▲ 73 0.9 -17 ▼ 54 0.7 -18 ▼ 50 0.6 -7 ▼ 63 0.8 -4 ▼ 5 0.1 -5 ▼ 2 0.0 +1 ▲ 11 0.1 -6 ▼ 34 0.4 -2 ▼ 42 0.5 -3 ▼ 4 0.1 -4 ▼ 6 0.1 -8 ▼ 46 0.6 -25 ▼ 38 0.5 +18 ▲ 69 0.9 +5 ▲ 17 0.2 -7 ▼ 2 0.0 +2 ▲ 18 0.2 -29 ▼ 3 0.0 +3 ▲ 7,924 -1,553 -16.4% ▼ -6.5% ▼

-12.7% ▼ 30.6% ▲

Emerging Markets Involvement Announced M&A by Target Industry ($bil)

8% $57.0 9% $63.6

Jan 1 - Dec 31

Energy and Power

Financials

Materials

Real Estate

Industrials

Telecommunications

Consumer Staples

High Technology

Healthcare


Retail


23% $154.1 10% $64.5

12% $82.0

13% $85.9

Jan 1 - Dec 31

Any Emerging Markets Involvement Announced - Top Deals Rank Date 10/2/2013 6/3/2013 5/29/2013 11/5/2013 7/2/2013 9/7/2013 12/31/2013 2/26/2013 9/30/2013 9/27/2013

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 190.2 4.8 1.6 ▲ 139.1 3.5 1.4 ▲ 156.4 4.0 0.1 ▲ 178.6 4.5 1.0 ▲ 88.9 2.2 1.3 ▼ 227.0 5.7 0.0 65.0 1.6 0.5 ▲ 176.2 4.5 0.8 ▼ 183.0 4.6 0.5 ▼ 96.2 2.4 1.5 ▼ 127.6 3.2 0.4 ▲ 13.6 0.3 0.1 ▼ 3.2 0.1 0.1 ▲ 23.2 0.6 0.1 ▼ 66.6 1.7 0.1 ▲ 95.6 2.4 0.1 ▼ 43.1 1.1 0.2 ▼ 34.5 0.9 0.3 ▲ 61.5 1.6 1.2 ▼ 38.1 1.0 0.6 ▲ 9.8 0.3 0.1 ▲ 26.9 0.7 0.4 ▲ 10.3 0.3 0.3 ▲ 27.3 0.7 0.1 ▼ 7.6 0.2 0.2 ▲ 3,960.6 100.0

Date Effective Pending 6/12/2013 9/26/2013 Pending 12/18/2013 Pending Pending Pending Pending Pending

Target (% Sought/Acquired) Portugal Telecom SGPS SA DUBAL Smithfield Foods Inc Itissalat Al Maghrib SA Bank of Ayudhya PCL Kashagan Oilfield Baotou Iron&Steel(Grp)Co-Asets Repsol-LNG Bus,Peru RN Holding Beijing Xinwei Telecom Tech

Acquiror Oi SA EMAL Shuanghui Intl Hldg Ltd Emirates Telecommun Corp Bank of Tokyo-Mitsubishi UFJ CNPC Inner Mongolia Baotou Steel Royal Dutch Shell PLC Novy Investments Ltd Beijing Zhongchuang Telecom

Acquiror / Target Nation Brazil / Portugal Utd Arab Em / Utd Arab Em China / United States Utd Arab Em / Morocco Japan / Thailand China / Kazakhstan China / China Netherlands / Peru Cyprus / Russian Fed China / China


Rank Value (US$m) 15,717.5 7,500.0 6,977.3 5,658.9 5,315.5 5,000.0 4,916.1 4,900.0 4,727.9 4,318.3

Target Macro / Mid Industry Telecommunications / Telecommunications Services Materials / Metals & Mining Consumer Staples / Agriculture & Livestock Telecommunications / Telecommunications Services Financials / Banks Energy and Power / Oil & Gas Materials / Metals & Mining Energy and Power / Oil & Gas Energy and Power / Oil & Gas Telecommunications / Telecommunications Equipment



BRIC M&A Any BRIC Involvement Announced

Financial Advisor Morgan Stanley Barclays Credit Suisse Bank of America Merrill Lynch Banco BTG Pactual SA Goldman Sachs & Co Citi UBS JP Morgan BNP Paribas SA Deutsche Bank HSBC Holdings PLC CITIC Group Corp China International Capital Co Banco Espirito Santo SA VTB Capital Itau Unibanco Banco Bradesco SA Somerley Ltd Rothschild Standard Chartered PLC Macquarie Group Haitong Securities Co Ltd Southwest Securities Co Ltd Lazard Industry Total

Jan 1 - Dec 31

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 1 9 62,433.5 14.3 -1.3 ▼ 2 7 40,623.7 9.3 -9.6 ▼ 3 3 38,469.7 8.8 -13.0 ▼ 4 5 34,861.7 8.0 -12.1 ▼ 5 21 34,546.7 7.9 4.2 ▲ 6 2 26,602.0 6.1 -17.3 ▼ 7 1 23,891.1 5.5 -20.0 ▼ 8 6 20,466.4 4.7 -14.6 ▼ 9 11 18,942.6 4.3 -5.3 ▼ 10 31 17,678.6 4.1 2.8 ▲ 11 4 17,428.7 4.0 -17.3 ▼ 12 16 16,420.7 3.8 -2.0 ▼ 13 32 16,403.8 3.8 2.7 ▲ 14 15 15,908.4 3.6 -2.7 ▼ 15 37 15,717.5 3.6 2.8 ▲ 16 8 13,716.7 3.1 -13.5 ▼ 17 18 12,242.6 2.8 -1.5 ▼ 18 23 11,206.6 2.6 0.0 19 28 10,914.9 2.5 0.9 ▲ 20 10 8,938.7 2.1 -10.9 ▼ 21 44 7,641.9 1.8 1.2 ▲ 22 42 7,234.2 1.7 1.1 ▲ 23 59 7,005.8 1.6 1.3 ▲ 24 38 6,293.8 1.4 0.6 ▲ 25 29 5,643.7 1.3 -0.2 ▼ 436,576.2 100.0


0.8% ▲ 25.2% ▲

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 51 0.7 -5 ▼ 29 0.4 +3 ▲ 72 1.0 +2 ▲ 23 0.3 -7 ▼ 51 0.7 -23 ▼ 50 0.7 -13 ▼ 34 0.5 -20 ▼ 36 0.5 +4 ▲ 49 0.7 +12 ▲ 12 0.2 +4 ▲ 23 0.3 -15 ▼ 24 0.3 +4 ▲ 33 0.4 +6 ▲ 41 0.5 +14 ▲ 2 0.0 -8 ▼ 22 0.3 -2 ▼ 46 0.6 -23 ▼ 20 0.3 -15 ▼ 26 0.3 +7 ▲ 38 0.5 -1 ▼ 14 0.2 +8 ▲ 14 0.2 +3 ▲ 12 0.2 -6 ▼ 29 0.4 +17 ▲ 18 0.2 -4 ▼ 7,464 -846 -10.2% ▼ 6.5% ▲

Any BRIC Involvement Completed

Financial Advisor Citi Barclays Bank of America Merrill Lynch Goldman Sachs & Co VTB Capital Morgan Stanley Deutsche Bank UBS Credit Suisse Rothschild Renaissance Capital Group Lambert Energy Advisory Ltd Evercore Partners JP Morgan BMO Capital Markets RBC Capital Markets HSBC Holdings PLC China International Capital Co CITIC Group Corp Ondra Partners Banco BTG Pactual SA KPMG Itau Unibanco Somerley Ltd Banco Bradesco SA Industry Total

Jan 1 - Dec 31

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 1 11 99,761.9 30.2 20.2 ▲ 2 14 81,697.6 24.7 17.7 ▲ 3 10 74,868.8 22.7 12.0 ▲ 4 3 73,440.6 22.2 6.3 ▲ 5 18 73,354.7 22.2 18.7 ▲ 6 12 69,842.0 21.1 12.3 ▲ 7 5 66,631.3 20.2 6.7 ▲ 8 2 55,580.2 16.8 -0.4 ▼ 9 1 55,573.8 16.8 -5.2 ▼ 10 6 35,887.6 10.9 -2.3 ▼ 11 43 34,661.2 10.5 9.8 ▲ 12 215* 30,931.2 9.4 9.4 ▲ 13 132 28,267.1 8.6 8.6 ▲ 14 4 24,026.5 7.3 -8.5 ▼ 15 55* 19,174.4 5.8 5.4 ▲ 16 40 17,773.5 5.4 4.5 ▲ 17 16 16,837.4 5.1 0.0 18 7 11,916.4 3.6 -8.2 ▼ 19 21 10,432.8 3.2 0.4 ▲ 20 9,385.9 2.8 2.8 ▲ 21 9 7,912.0 2.4 -8.5 ▼ 22 32 7,264.3 2.2 0.6 ▲ 23 8 7,099.5 2.2 -8.9 ▼ 24 33 6,516.3 2.0 0.5 ▲ 25 13 6,392.1 1.9 -6.1 ▼ 330,300.7 100.0


12.2% ▲ 23.9% ▲

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 37 0.8 +7 ▲ 24 0.5 +9 ▲ 23 0.5 -6 ▼ 48 1.1 -3 ▼ 21 0.5 +5 ▲ 34 0.8 -3 ▼ 18 0.4 -21 ▼ 31 0.7 +3 ▲ 46 1.1 -5 ▼ 31 0.7 -4 ▼ 4 0.1 -5 ▼ 2 0.0 +1 ▲ 4 0.1 -1 ▼ 29 0.7 -7 ▼ 4 0.1 +3 ▲ 2 0.0 -4 ▼ 14 0.3 -4 ▼ 38 0.9 +18 ▲ 17 0.4 -7 ▼ 1 0.0 +37 ▲ 37 0.8 -30 ▼ 29 0.7 +13 ▲ 32 0.7 -10 ▼ 16 0.4 -5 ▼ 24 0.5 +1 ▲ 4,373 -919 -17.4% ▼ -10.4% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 103.4 5.0 1.8 ▲ 95.7 4.7 2.7 ▲ 52.9 2.6 0.9 ▼ 141.0 6.9 1.2 ▲ 64.2 3.1 0.9 ▲ 101.4 4.9 0.8 ▲ 28.0 1.4 2.5 ▼ 51.4 2.5 2.3 ▼ 90.9 4.4 2.7 ▼ 53.0 2.6 0.4 ▼ 12.1 0.6 0.1 ▼ 3.2 0.2 0.2 ▲ 9.5 0.5 0.2 ▲ 92.3 4.5 0.1 ▼ 37.5 1.8 1.6 ▲ 29.7 1.5 1.0 ▲ 24.2 1.2 0.1 ▼ 38.1 1.9 1.0 ▲ 26.9 1.3 0.7 ▲ 10.1 0.5 0.5 ▲ 48.4 2.4 3.0 ▼ 3.7 0.2 0.1 ▲ 50.0 2.4 0.0 13.2 0.6 0.4 ▲ 33.1 1.6 0.6 ▼ 2,051.9 100.0 -6.8% ▼ 47.2% ▲

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

10% $43.2

9% $40.3

12% $53.5

Jan 1 - Dec 31

9% $37.5

12% $54.6

Energy and Power

Materials

Industrials

Real Estate

Financials

Telecommunications

Consumer Staples

High Technology

Healthcare



Retail

22% $94.0

Jan 1 - Dec 31

Any BRIC Involvement Announced - Top Deals Rank Date 10/2/2013 5/29/2013 9/7/2013 12/31/2013 9/30/2013 9/27/2013 11/22/2013 3/13/2013 4/1/2013 9/24/2013

Date Effective Pending 9/26/2013 Pending Pending Pending Pending Pending 7/26/2013 9/18/2013 Pending

Target (% Sought/Acquired) Portugal Telecom SGPS SA (90%) Smithfield Foods Inc (100%) Kashagan Oilfield (8.3%) Baotou Iron&Steel(Grp)Co-Asets (100%) RN Holding (15.3%) Beijing Xinwei Telecom Tech (96.5%) INFRAERO-Carlos Jobim (51%) ENI East Africa SpA (28.57%) GD Midea Holding Co Ltd (58.83%) COFCO Land Ltd-Assets (100%)

Acquiror Oi SA Shuanghui Intl Hldg Ltd CNPC Inner Mongolia Baotou Steel Novy Investments Ltd Beijing Zhongchuang Telecom Investor Group PetroChina Co Ltd Midea Group Co Ltd The HK Parkview Group Ltd

Acquiror / Target Nation Brazil / Portugal China / United States China / Kazakhstan China / China Cyprus / Russian Fed China / China Brazil / Brazil China / Mozambique China / China Hong Kong / China


Rank Value (US$m) 15,717.5 6,977.3 5,000.0 4,916.1 4,727.9 4,318.3 4,257.8 4,210.0 4,077.8 3,654.7

Target Macro / Mid Industry Telecommunications / Telecommunications Services Consumer Staples / Agriculture & Livestock Energy and Power / Oil & Gas Materials / Metals & Mining Energy and Power / Oil & Gas Telecommunications / Telecommunications Equipment Industrials / Transportation & Infrastructure Energy and Power / Oil & Gas Consumer Staples / Household & Personal Products Real Estate / Other Real Estate



Latin American M&A Any Latin American Inv Announced (AD38)

Financial Advisor Banco BTG Pactual SA Bank of America Merrill Lynch Morgan Stanley Credit Suisse Goldman Sachs & Co Barclays BNP Paribas SA Banco Espirito Santo SA Itau Unibanco Banco Bradesco SA Citi Deutsche Bank Deloitte Lazard Santander Rothschild JP Morgan UBS BBVA HSBC Holdings PLC TD Securities Inc Bancolombia SA Inspire Capital Partners Standard Chartered PLC BR Partners Industry Total

Jan 1 - Dec 31

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 US$m Sh (%) Share Ch. Rank Rank 1 10 35,860.5 27.7 13.6 ▲ 2 2 27,898.3 21.6 -1.8 ▼ 3 7 27,189.7 21.0 2.2 ▲ 4 3 26,167.3 20.2 -1.5 ▼ 5 4 20,550.0 15.9 -4.9 ▼ 6 8 19,666.6 15.2 0.5 ▲ 7 15 17,791.4 13.8 8.6 ▲ 8 23 15,717.5 12.2 10.6 ▲ 9 11 13,256.6 10.2 -3.2 ▼ 10 13 11,206.6 8.7 1.0 ▲ 11 12 8,124.9 6.3 -5.7 ▼ 12 6 7,697.7 6.0 -13.7 ▼ 13 50 6,185.8 4.8 4.5 ▲ 14 5 6,046.5 4.7 -15.8 ▼ 15 14 5,716.6 4.4 -1.1 ▼ 16 9 5,496.5 4.3 -10.1 ▼ 17 1 4,641.5 3.6 -26.7 ▼ 18 17 4,301.4 3.3 -1.5 ▼ 19 18 4,136.7 3.2 -0.9 ▼ 20 19 3,118.8 2.4 -1.6 ▼ 21 90 2,129.0 1.7 1.7 ▲ 22 2,100.0 1.6 1.6 ▲ 23 1,990.4 1.5 1.5 ▲ 24 36 1,563.6 1.2 0.7 ▲ 25 16 1,532.7 1.2 -4.0 ▼ 129,409.3 100.0

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 57 3.9 -31 ▼ 19 1.3 -1 ▼ 19 1.3 +1 ▲ 39 2.7 -13 ▼ 24 1.6 -8 ▼ 9 0.6 +5 ▲ 10 0.7 0 2 0.1 -7 ▼ 49 3.4 -23 ▼ 20 1.4 -15 ▼ 19 1.3 -6 ▼ 11 0.8 -17 ▼ 5 0.3 -3 ▼ 20 1.4 -5 ▼ 16 1.1 -3 ▼ 19 1.3 -8 ▼ 15 1.0 -9 ▼ 9 0.6 -3 ▼ 17 1.2 +2 ▲ 9 0.6 -4 ▼ 3 0.2 +2 ▲ 1 0.1 +1 ▲ 2 0.1 +2 ▲ 1 0.1 0 10 0.7 -5 ▼ 1,456 -469

-12.5% ▼ 81.0% ▲


Any Latin American Involvement Completed (AF45)

Financial Advisor Bank of America Merrill Lynch Morgan Stanley Lazard Deutsche Bank JP Morgan Barclays Goldman Sachs & Co Credit Suisse Banco BTG Pactual SA Itau Unibanco BBVA Banco Bradesco SA UBS Rothschild Santander Mediobanca Citi HSBC Holdings PLC Bancolombia SA Inspire Capital Partners Standard Chartered PLC TD Securities Inc Deloitte Empresas Penta SA Caixa Geral de Depositos Industry Total

-24.4% ▼ 3.7% ▲

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 US$m Sh (%) Share Ch. Rank Rank 1 5 30,529.2 32.1 7.6 ▲ 2 20 26,811.7 28.2 24.8 ▲ 3 12 25,254.6 26.5 17.5 ▲ 4 14 23,404.5 24.6 17.1 ▲ 5 1 23,190.7 24.4 -7.6 ▼ 6 13 20,650.2 21.7 12.8 ▲ 7 8 13,779.5 14.5 -5.1 ▼ 8 2 12,755.6 13.4 -18.1 ▼ 9 4 12,051.3 12.7 -15.7 ▼ 10 3 7,133.4 7.5 -21.2 ▼ 11 15 6,400.6 6.7 -0.5 ▼ 12 7 6,392.1 6.7 -13.2 ▼ 13 10 5,709.4 6.0 -4.6 ▼ 14 6 5,311.9 5.6 -14.9 ▼ 15 17 4,851.9 5.1 -0.8 ▼ 16 35 4,132.7 4.3 3.7 ▲ 17 9 3,210.5 3.4 -12.2 ▼ 18 22 2,376.4 2.5 -0.3 ▼ 19 2,100.0 2.2 2.2 ▲ 20 1,990.4 2.1 2.1 ▲ 21 1,563.6 1.6 1.6 ▲ 22 81 1,545.7 1.6 1.6 ▲ 23 48 1,285.1 1.4 1.1 ▲ 24 1,245.7 1.3 1.3 ▲ 25 18 1,192.2 1.3 -4.5 ▼ 95,199.4 100.0


-19.7% ▼ 141.7% ▲

Jan 1 - Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 14 1.3 -10 ▼ 9 0.8 -1 ▼ 25 2.3 +8 ▲ 14 1.3 +1 ▲ 13 1.2 -14 ▼ 5 0.5 0 22 2.0 +2 ▲ 27 2.5 -11 ▼ 46 4.2 -25 ▼ 33 3.0 -13 ▼ 16 1.5 +3 ▲ 24 2.2 +1 ▲ 11 1.0 -2 ▼ 13 1.2 -8 ▼ 10 0.9 -6 ▼ 7 0.6 +4 ▲ 10 0.9 -13 ▼ 5 0.5 -2 ▼ 1 0.1 +1 ▲ 2 0.2 +2 ▲ 1 0.1 +1 ▲ 3 0.3 +2 ▲ 3 0.3 -3 ▼ 1 0.1 +1 ▲ 2 0.2 -4 ▼ 1,084 -288 -21.0% ▼ -1.9% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 66.1 6.8 1.0 ▲ 32.8 3.4 1.3 ▲ 64.1 6.6 3.1 ▲ 25.1 2.6 0.8 ▼ 40.2 4.1 3.5 ▼ 10.8 1.1 0.3 ▲ 67.7 7.0 1.9 ▲ 59.1 6.1 2.4 ▼ 61.5 6.4 3.0 ▼ 50.6 5.2 0.4 ▲ 15.1 1.6 0.3 ▲ 33.1 3.4 0.2 ▼ 21.6 2.2 0.9 ▼ 29.3 3.0 0.2 ▼ 19.3 2.0 0.4 ▲ 11.6 1.2 0.5 ▲ 22.6 2.3 1.4 ▼ 6.1 0.6 0.0 .0 0.0 0.0 10.5 1.1 1.1 ▲ 9.4 1.0 1.0 ▲ 9.1 0.9 0.9 ▲ 1.1 0.1 0.0 1.0 0.1 0.1 ▲ .0 0.0 0.0 969.2 100.0 -26.8% ▼ 67.1% ▲

* tie * tie

Latin American Involvement Announced M&A by Target Industry ($bil)

Jan 1 - Dec 31

Energy and Power

Telecommunications

Financials

Consumer Staples

Industrials

Real Estate

Materials


Healthcare

Retail


High Technology

19% $24.8 10% $13.4

11% $13.8

19% $24.5 13% $16.7

Jan 1 - Dec 31

Any Latin American Inv Announced (AD38) - Top Deals Rank Date 10/2/2013 2/26/2013 11/22/2013 2/14/2013 6/10/2013 4/22/2013 11/13/2013 10/14/2013 2/19/2013 2/1/2013

Date Effective Pending Pending Pending 6/7/2013 10/1/2013 Pending Pending Pending 10/28/2013 10/2/2013

Target (% Sought/Acquired) Portugal Telecom SGPS SA (90%) Repsol-LNG Bus,Peru (100%) INFRAERO-Carlos Jobim (51%) Cia Cervecera de Coahuila (100%) Marfrig Alimentos-Seara Brasil (100%) Anhanguera Educacional (100%) Petrobras Energia Peru SA (100%) MMX Porto Sudeste Ltda (65%) HSBC Bank(Panama)SA (100%) Administradora de Fondos (100%)

Acquiror Oi SA Royal Dutch Shell PLC Investor Group Constellation Brands Inc JBS SA Kroton Educacional SA CNPC Exploration & Development Investor Group Bancolombia SA MetLife Inc

Acquiror / Target Nation Brazil / Portugal Netherlands / Peru Brazil / Brazil United States / Mexico Brazil / Brazil Brazil / Brazil China / Peru Luxembourg / Brazil Colombia / Panama United States / Chile


Rank Value (US$m) 15,717.5 4,900.0 4,257.8 2,900.0 2,725.7 2,623.6 2,600.0 2,346.8 2,100.0 2,036.8

Target Macro / Mid Industry Telecommunications / Telecommunications Services Energy and Power / Oil & Gas Industrials / Transportation & Infrastructure Consumer Staples / Food and Beverage Consumer Staples / Agriculture & Livestock Consumer Products and Services / Educational Services Energy and Power / Oil & Gas Industrials / Transportation & Infrastructure Financials / Banks Financials / Asset Management



Brazilian M&A Any Brazilian Involvement Announced (AD44)

Financial Advisor Banco BTG Pactual SA Morgan Stanley Credit Suisse Bank of America Merrill Lynch Barclays BNP Paribas SA Banco Espirito Santo SA Itau Unibanco Banco Bradesco SA Goldman Sachs & Co Citi Deutsche Bank Rothschild Santander Inspire Capital Partners JP Morgan Standard Chartered PLC BR Partners UBS HSBC Holdings PLC Lazard Deloitte Evercore Partners Estater Gestao e Financas Kotak Mahindra Bank Ltd Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 US$m Sh (%) Share Ch. Rank Rank 1 4 34,546.7 46.4 23.8 ▲ 2 11 21,304.5 28.6 19.6 ▲ 3 1 19,713.1 26.5 -10.8 ▼ 4 7 18,469.8 24.8 4.3 ▲ 5 15 16,567.6 22.3 16.9 ▲ 6* 13 15,717.5 21.1 13.9 ▲ 6* 19 15,717.5 21.1 17.8 ▲ 8 2 12,242.6 16.5 -10.2 ▼ 9 9 11,206.6 15.1 -1.1 ▼ 10 8 7,959.2 10.7 -9.7 ▼ 11 6 5,082.3 6.8 -14.1 ▼ 12 18 4,740.0 6.4 2.6 ▲ 13 5 4,680.1 6.3 -15.5 ▼ 14 12 4,572.0 6.1 -2.8 ▼ 15 1,990.4 2.7 2.7 ▲ 16 3 1,787.8 2.4 -21.0 ▼ 17 1,563.6 2.1 2.1 ▲ 18 10 1,532.7 2.1 -8.7 ▼ 19 23 892.3 1.2 -0.9 ▼ 20 20 768.8 1.0 -1.9 ▼ 21 14 556.7 0.8 -5.7 ▼ 22 48* 536.3 0.7 0.7 ▲ 23 38 462.5 0.6 0.4 ▲ 24 53* 397.6 0.5 0.5 ▲ 25 133.7 0.2 0.2 ▲ 74,429.7 100.0


5.7% ▲ 198.6% ▲

Jan 1 - Dec 31

Any Brazilian Involvement Completed (AF51)

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 51 8.3 -23 ▼ 13 2.1 +1 ▲ 29 4.7 -14 ▼ 9 1.5 -4 ▼ 5 0.8 +2 ▲ 4 0.7 0 2 0.3 -6 ▼ 46 7.5 -23 ▼ 20 3.3 -15 ▼ 12 2.0 0 6 1.0 -4 ▼ 5 0.8 -7 ▼ 13 2.1 -4 ▼ 9 1.5 -6 ▼ 2 0.3 +2 ▲ 8 1.3 -5 ▼ 1 0.2 +1 ▲ 10 1.6 -5 ▼ 3 0.5 -2 ▼ 6 1.0 +1 ▲ 6 1.0 -4 ▼ 2 0.3 +1 ▲ 2 0.3 -4 ▼ 2 0.3 +1 ▲ 1 0.2 +1 ▲ 611 -224

Financial Advisor Credit Suisse Banco BTG Pactual SA Itau Unibanco Banco Bradesco SA Goldman Sachs & Co Bank of America Merrill Lynch Santander Rothschild JP Morgan Morgan Stanley Citi Inspire Capital Partners Barclays Standard Chartered PLC Deutsche Bank Caixa Geral de Depositos UBS Mediobanca Lazard Deloitte China International Capital Co Evercore Partners BR Partners Argent Partners Ltd CIMB Group Sdn Bhd Industry Total

-26.8% ▼ 6.0% ▲

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 US$m Sh (%) Share Ch. Rank Rank 1 3 8,546.6 24.4 -16.8 ▼ 2 2 7,912.0 22.6 -21.4 ▼ 3 1 7,099.5 20.3 -24.7 ▼ 4 6 6,392.1 18.2 -14.3 ▼ 5 9 4,599.9 13.1 -6.0 ▼ 6 5 4,132.2 11.8 -21.6 ▼ 7 17 4,007.3 11.4 4.2 ▲ 8 7 3,807.0 10.9 -16.0 ▼ 9 4 3,214.3 9.2 -29.0 ▼ 10 20 3,193.0 9.1 5.6 ▲ 11 8 2,114.7 6.0 -13.6 ▼ 12 1,990.4 5.7 5.7 ▲ 13 10 1,797.0 5.1 -8.0 ▼ 14 1,563.6 4.5 4.5 ▲ 15 19 1,326.9 3.8 -1.4 ▼ 16 15 1,192.2 3.4 -6.1 ▼ 17 14 1,157.2 3.3 -6.9 ▼ 18 27* 942.8 2.7 1.8 ▲ 19 18 553.7 1.6 -4.4 ▼ 20 43* 536.3 1.5 1.5 ▲ 21 437.6 1.3 1.3 ▲ 22 35 413.0 1.2 1.0 ▲ 23 13 412.9 1.2 -9.1 ▼ 24* 405.0 1.2 1.2 ▲ 24* 405.0 1.2 1.2 ▲ 35,055.3 100.0


-51.8% ▼ 167.3% ▲

Jan 1 - Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 19 4.1 -8 ▼ 37 7.9 -30 ▼ 32 6.9 -10 ▼ 24 5.2 +1 ▲ 9 1.9 -2 ▼ 5 1.1 -9 ▼ 6 1.3 -6 ▼ 8 1.7 -4 ▼ 7 1.5 -8 ▼ 4 0.9 -3 ▼ 2 0.4 -6 ▼ 2 0.4 +2 ▲ 3 0.6 -1 ▼ 1 0.2 +1 ▲ 3 0.6 -6 ▼ 2 0.4 -4 ▼ 5 1.1 -2 ▼ 1 0.2 -1 ▼ 7 1.5 +1 ▲ 2 0.4 +1 ▲ 3 0.6 +3 ▲ 2 0.4 -3 ▼ 10 2.1 -2 ▼ 1 0.2 +1 ▲ 1 0.2 +1 ▲ 466 -136 -22.6% ▼ -13.2% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 38.5 7.7 3.2 ▼ 48.4 9.7 5.8 ▼ 50.0 10.0 3.2 ▲ 33.1 6.6 0.3 ▲ 26.9 5.4 0.3 ▲ 15.9 3.2 2.9 ▼ 11.0 2.2 0.6 ▲ 16.6 3.3 0.8 ▲ 21.1 4.2 2.7 ▼ 9.6 1.9 0.3 ▼ 10.3 2.1 0.2 ▲ 10.5 2.1 2.1 ▲ 9.5 1.9 1.0 ▲ 9.4 1.9 1.9 ▲ 8.1 1.6 0.8 ▼ .0 0.0 0.0 3.9 0.8 1.4 ▼ 6.9 1.4 0.9 ▲ 11.9 2.4 0.9 ▲ .6 0.1 0.1 ▲ 3.0 0.6 0.6 ▲ 7.3 1.5 0.6 ▲ 6.9 1.4 0.1 ▲ 4.4 0.9 0.9 ▲ 3.9 0.8 0.8 ▲ 500.2 100.0 -34.3% ▼ 97.9% ▲

* tie

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

Jan 1 - Dec 31

26% $19.4 7% $5.5

9% $6.4

16% $12.1

19% $14.4

`

Telecommunications

Energy and Power

Industrials

Consumer Staples


Financials

Real Estate

Materials

Healthcare

Retail

High Technology


Jan 1 - Dec 31

Any Brazilian Involvement Announced (AD44) - Top Deals Rank Date 10/2/2013 11/22/2013 6/10/2013 4/22/2013 11/13/2013 10/14/2013 12/23/2013 8/31/2013 6/14/2013 11/20/2013

Date Effective Pending Pending 10/1/2013 Pending Pending Pending Pending 10/29/2013 6/28/2013 Pending

Target (% Sought/Acquired) Portugal Telecom SGPS SA (90%) INFRAERO-Carlos Jobim (51%) Marfrig Alimentos-Seara Brasil (100%) Anhanguera Educacional (100%) Petrobras Energia Peru SA (100%) MMX Porto Sudeste Ltda (65%) Diagnosticos da America SA (76.4%) Spaipa SA Bebidas (100%) Petrobras Oil & Gas BV (50%) BR Properties-Real Estate(34) (100%)

Acquiror Oi SA Investor Group JBS SA Kroton Educacional SA CNPC Exploration & Development Investor Group Cromossomo Participacoes II SA Coca-Cola FEMSA SAB de CV BTG Pactual E&P BV WTGoodman IBP Participacoes SA

Acquiror / Target Nation Brazil / Portugal Brazil / Brazil Brazil / Brazil Brazil / Brazil China / Peru Luxembourg / Brazil Brazil / Brazil Mexico / Brazil Netherlands / Nigeria Brazil / Brazil


Rank Value (US$m) 15,717.5 4,257.8 2,725.7 2,623.6 2,600.0 2,346.8 1,879.9 1,855.0 1,563.6 1,400.3

Target Macro / Mid Industry Telecommunications / Telecommunications Services Industrials / Transportation & Infrastructure Consumer Staples / Agriculture & Livestock Consumer Products and Services / Educational Services Energy and Power / Oil & Gas Industrials / Transportation & Infrastructure Healthcare / Healthcare Equipment & Supplies Consumer Staples / Food and Beverage Energy and Power / Oil & Gas Real Estate / Non Residential



Middle Eastern & North African M&A Any Mid East & N African Inv Announced (AD53)

Jan 1 - Dec 31

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Financial Advisor US$m Sh (%) Share Ch. Rank Rank Morgan Stanley 1 6 12,877.2 24.5 15.1 ▲ Goldman Sachs & Co 2 1 8,631.6 16.4 -2.2 ▼ Bank of America Merrill Lynch 3 16 7,603.9 14.5 10.9 ▲ Lazard 4 9 6,925.9 13.2 6.4 ▲ Moelis & Co 5 24 6,340.2 12.1 9.8 ▲ BNP Paribas SA 6 23 5,978.8 11.4 9.0 ▲ Citi 7 2 5,925.2 11.3 -3.3 ▼ Credit Agricole CIB 8 31 5,661.1 10.8 9.6 ▲ ATTIJARIWAFA BANK (MIDDLE EAST 9 5,658.9 10.8 10.8 ▲ Credit Suisse 10 7 5,539.4 10.6 1.8 ▲ JP Morgan 11 3 4,502.4 8.6 -5.0 ▼ HSBC Holdings PLC 12 5 4,052.6 7.7 -3.0 ▼ Barclays 13 4 3,600.7 6.9 -4.8 ▼ PricewaterhouseCoopers 14 14 2,783.4 5.3 0.8 ▲ National Bank of Abu Dhabi 15 1,760.8 3.4 3.4 ▲ CI Capital Investment Banking 16* 62 1,705.8 3.3 3.3 ▲ Allen & Co Inc 16* 1,705.8 3.3 3.3 ▲ Rabobank NV 16* 1,705.8 3.3 3.3 ▲ Ernst & Young LLP 19 69* 1,202.7 2.3 2.3 ▲ UBS 20 29 1,148.6 2.2 0.5 ▲ CIMB Group Sdn Bhd 21 1,117.0 2.1 2.1 ▲ BMO Capital Markets 22 1,099.1 2.1 2.1 ▲ Societe Generale 23 8 961.0 1.8 -5.1 ▼ KPMG 24 25 910.3 1.7 -0.2 ▼ QInvest LLC 25 69* 800.0 1.5 1.5 ▲ Industry Total 52,522.7 100.0 Industry % Change from Same Period Last Year Industry % Change from Last Quarter

Any Middle Eastern & North African Inv Completed (AF60)

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 7 0.8 -1 ▼ 6 0.7 -7 ▼ 7 0.8 +2 ▲ 9 1.1 +1 ▲ 3 0.4 -1 ▼ 3 0.4 -2 ▼ 15 1.8 +4 ▲ 2 0.2 0 1 0.1 +1 ▲ 9 1.1 +3 ▲ 6 0.7 -9 ▼ 8 1.0 0 6 0.7 -5 ▼ 14 1.7 +5 ▲ 1 0.1 +1 ▲ 2 0.2 +1 ▲ 1 0.1 +1 ▲ 1 0.1 +1 ▲ 6 0.7 +4 ▲ 4 0.5 0 2 0.2 +2 ▲ 2 0.2 +2 ▲ 3 0.4 +1 ▲ 7 0.8 -1 ▼ 2 0.2 +1 ▲ 837 -209

-7.6% ▼ 59.4% ▲

Financial Advisor Morgan Stanley Goldman Sachs & Co JP Morgan Barclays Citi HC Securities & Investment SAE Credit Suisse Qatar National Bank Jefferies LLC Societe Generale Deutsche Bank National Bank of Abu Dhabi CI Capital Investment Banking Allen & Co Inc Rabobank NV Evercore Partners HSBC Holdings PLC Lazard BNP Paribas SA KPMG Bank of America Merrill Lynch Ernst & Young LLP QInvest LLC Macquarie Group Rothschild Industry Total

-20.0% ▼ 22.7% ▲

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 US$m Sh (%) Share Ch. Rank Rank 1 7 12,660.2 29.2 22.2 ▲ 2 1 7,885.8 18.2 -2.7 ▼ 3 5 6,924.2 16.0 6.6 ▲ 4 2 3,844.8 8.9 -5.0 ▼ 5 3 3,544.7 8.2 -4.9 ▼ 6 3,049.9 7.0 7.0 ▲ 7 4 2,775.4 6.4 -6.0 ▼ 8 43 2,529.4 5.8 5.5 ▲ 9 31 2,518.0 5.8 4.9 ▲ 10 12* 2,453.6 5.7 0.8 ▲ 11 16 2,030.8 4.7 0.3 ▲ 12 1,760.8 4.1 4.1 ▲ 13 1,730.7 4.0 4.0 ▲ 14* 1,705.8 3.9 3.9 ▲ 14* 1,705.8 3.9 3.9 ▲ 16 26* 1,613.0 3.7 2.5 ▲ 17 6 1,500.4 3.5 -3.9 ▼ 18 8 1,453.5 3.4 -3.5 ▼ 19 29 1,390.0 3.2 2.1 ▲ 20 24 1,275.9 2.9 1.1 ▲ 21 10 1,121.5 2.6 -3.2 ▼ 22 65* 1,102.7 2.5 2.5 ▲ 23 9 800.0 1.8 -4.3 ▼ 24 46* 744.6 1.7 1.5 ▲ 25 30 739.3 1.7 0.8 ▲ 43,398.0 100.0


10.6% ▲ 44.2% ▲

Jan 1 - Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 9 1.5 +3 ▲ 7 1.2 -5 ▼ 10 1.7 +2 ▲ 4 0.7 -6 ▼ 10 1.7 +2 ▲ 4 0.7 +4 ▲ 7 1.2 0 2 0.3 +1 ▲ 4 0.7 +1 ▲ 3 0.5 +2 ▲ 7 1.2 +3 ▲ 1 0.2 +1 ▲ 3 0.5 +3 ▲ 1 0.2 +1 ▲ 1 0.2 +1 ▲ 5 0.9 +4 ▲ 9 1.5 +5 ▲ 6 1.0 -1 ▼ 4 0.7 +2 ▲ 8 1.4 +2 ▲ 6 1.0 -2 ▼ 5 0.9 +3 ▲ 2 0.3 -1 ▼ 1 0.2 -1 ▼ 5 0.9 -1 ▼ 586 -115 -16.4% ▼ 14.8% ▲

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 24.7 5.3 3.5 ▲ 30.1 6.5 2.0 ▼ 40.9 8.8 1.8 ▲ 9.5 2.1 4.7 ▼ 16.5 3.6 0.5 ▼ 3.2 0.7 0.7 ▲ 25.9 5.6 3.4 ▲ .0 0.0 0.3 ▼ 16.8 3.6 2.2 ▲ 5.1 1.1 0.9 ▲ 13.2 2.8 0.7 ▲ 6.9 1.5 1.5 ▲ 1.4 0.3 0.3 ▲ .4 0.1 0.1 ▲ 0.1 0.1 ▲ 14 2.9 1.4 ▲ 27 5.8 3.4 ▲ 14 3.0 0.7 ▲ 8 1.7 0.7 ▲ 2 0.4 0.2 ▲ 11 2.3 2.1 ▼ .7 0.2 0.2 ▲ 6.0 1.3 1.1 ▼ 5.9 1.3 0.6 ▲ 13.1 2.8 1.1 ▲ 463.8 100.0 3.1% ▲ -7.4% ▼

* tie

Middle Eastern & N African Involvement Announced M&A by Target Industry ($bil)

Jan 1 - Dec 31

20% $10.3 7% $3.8

11% $6.0

17% $9.1

19% $9.9

Energy and Power

Materials

Telecommunications

Real Estate

Industrials

Financials

Healthcare

High Technology


Consumer Staples

Retail


`

Jan 1 - Dec 31

Any Mid East & N African Inv Announced (AD53) - Top Deals Rank Date 6/3/2013 11/5/2013 8/29/2013 12/4/2013 11/19/2013 1/21/2013 1/18/2013 5/3/2013 9/26/2013 12/8/2013

Date Effective 6/12/2013 Pending 11/14/2013 Pending Pending 6/27/2013 7/28/2013 6/17/2013 Pending Pending

Target (% Sought/Acquired) DUBAL (100%) Itissalat Al Maghrib SA (53%) Apache Corp-Egypt Oil & Gas (33%) Sahara Petrochemicals Co (100%) Coastal Energy Co (100%) Sorouh Real Estate Co PJSC (100%) Orascom Constr Ind SAE (22.44%) Bharti Airtel Ltd (4.76%) Axis Telekom Indonesia PT (100%) Given Imaging Ltd (100%)

Acquiror EMAL Emirates Telecommun Corp SIPC Sipchem CEPSA Aldar Properties PJSC OCI NV Qatar Foundation QSC Investor Group Covidien PLC

Acquiror / Target Nation Utd Arab Em / Utd Arab Em Utd Arab Em / Morocco China / Egypt Saudi Arabia / Saudi Arabia Spain / United States Utd Arab Em / Utd Arab Em Netherlands / Egypt Qatar / India Indonesia / Indonesia Ireland-Rep / Israel


Rank Value (US$m) 7,500.0 5,658.9 2,950.0 2,552.1 2,169.0 1,760.8 1,705.8 1,263.1 865.0 858.1

Target Macro / Mid Industry Materials / Metals & Mining Telecommunications / Telecommunications Services Energy and Power / Oil & Gas Energy and Power / Oil & Gas Energy and Power / Oil & Gas Real Estate / Other Real Estate Materials / Construction Materials Telecommunications / Wireless Telecommunications / Wireless Healthcare / Healthcare Equipment & Supplies



South African M&A Any South African Inv Announced (AD54)

Financial Advisor JP Morgan Credit Suisse Barclays Deutsche Bank Investec Rand Merchant Bank UBS Macquarie Group Gresham Partners Grant Thornton CIBC World Markets Inc Bank of America Merrill Lynch Fenchurch Advisory Partners HSBC Holdings PLC Goldman Sachs & Co Java Capital (Proprietary) Ltd Rothschild Morgan Stanley Winchester Capital Group Citi Ernst & Young LLP Standard Chartered PLC Guotai Junan Securities Helmsec Global Capital Ltd Avendus Capital Pvt Ltd Industry Total

Jan 1 - Dec 31

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 US$m Sh (%) Share Ch. Rank Rank 1 22 3,031.2 19.7 18.2 ▲ 2 26 2,730.0 17.7 17.0 ▲ 3 8 2,186.2 14.2 8.1 ▲ 4 2 1,555.8 10.1 -3.3 ▼ 5 3 1,554.3 10.1 0.2 ▲ 6 1 616.6 4.0 -18.6 ▼ 7 9 545.2 3.5 -1.5 ▼ 8 11 437.2 2.8 -1.5 ▼ 9 24 400.3 2.6 1.6 ▲ 10 44* 352.0 2.3 2.3 ▲ 11* 301.2 2.0 2.0 ▲ 11* 15 301.2 2.0 -1.3 ▼ 13* 271.5 1.8 1.8 ▲ 13* 271.5 1.8 1.8 ▲ 13* 7 271.5 1.8 -4.6 ▼ 16 6 255.0 1.7 -5.6 ▼ 17 5 252.6 1.6 -6.6 ▼ 18* 12 244.0 1.6 -2.7 ▼ 18* 244.0 1.6 1.6 ▲ 20 21 226.3 1.5 -0.1 ▼ 21 19 200.5 1.3 -1.1 ▼ 22 10 188.3 1.2 -3.2 ▼ 23* 141.0 0.9 0.9 ▲ 23* 141.0 0.9 0.9 ▲ 25 99.8 0.7 0.7 ▲ 15,414.8 100.0


-12.8% ▼ -4.9% ▼

Any South African Involvement Completed (AF61)

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 3 0.8 0 2 0.5 0 6 1.6 +2 ▲ 4 1.1 +1 ▲ 13 3.5 +7 ▲ 8 2.1 -16 ▼ 2 0.5 -2 ▼ 2 0.5 -1 ▼ 1 0.3 0 5 1.3 +4 ▲ 1 0.3 +1 ▲ 2 0.5 0 3 0.8 +3 ▲ 2 0.5 +2 ▲ 2 0.5 -5 ▼ 2 0.5 -15 ▼ 6 1.6 +1 ▲ 1 0.3 -1 ▼ 1 0.3 +1 ▲ 4 1.1 +2 ▲ 1 0.3 -3 ▼ 1 0.3 -2 ▼ 1 0.3 +1 ▲ 1 0.3 +1 ▲ 1 0.3 +1 ▲ 373 -74 ▼

Financial Advisor Barclays JP Morgan Credit Suisse Morgan Stanley Investec Deutsche Bank Rothschild Rand Merchant Bank Bridge Capital Advisors Macquarie Group Bank of America Merrill Lynch UBS Gresham Partners Citi Grant Thornton CIBC World Markets Inc Fenchurch Advisory Partners HSBC Holdings PLC Goldman Sachs & Co Java Capital (Proprietary) Ltd Winchester Capital Group KPMG One Capital Nedbank Capital Standard Chartered PLC Industry Total

-16.6% ▼ 9.1% ▲

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 US$m Sh (%) Share Ch. Rank Rank 1 16 2,957.7 33.0 30.6 ▲ 2 5 1,872.6 20.9 8.9 ▲ 3 12 1,689.4 18.9 14.2 ▲ 4 23 1,054.3 11.8 10.6 ▲ 5 29 740.6 8.3 8.0 ▲ 6 6 698.8 7.8 -2.6 ▼ 7 8 675.1 7.5 0.1 ▲ 8 10 646.0 7.2 2.4 ▲ 9 30 572.1 6.4 6.1 ▲ 10 15 503.1 5.6 3.0 ▲ 11 11 476.9 5.3 0.6 ▲ 12 3 404.0 4.5 -28.1 ▼ 13 24 400.3 4.5 3.5 ▲ 14 367.6 4.1 4.1 ▲ 15 40* 338.7 3.8 3.8 ▲ 16 301.2 3.4 3.4 ▲ 17* 271.5 3.0 3.0 ▲ 17* 271.5 3.0 3.0 ▲ 17* 1 271.5 3.0 -36.4 ▼ 20 22 261.3 2.9 1.7 ▲ 21 244.0 2.7 2.7 ▲ 22 7 214.9 2.4 -5.1 ▼ 23* 175.7 2.0 2.0 ▲ 23* 27 175.7 2.0 1.4 ▲ 25 2 154.3 1.7 -32.6 ▼ 8,956.2 100.0


-51.1% ▼ 26.7% ▲

Jan 1 - Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 7 3.2 +5 ▲ 3 1.4 -1 ▼ 3 1.4 +1 ▲ 3 1.4 +2 ▲ 10 4.5 +7 ▲ 4 1.8 +3 ▲ 4 1.8 0 2 0.9 -8 ▼ 4 1.8 +2 ▲ 2 0.9 0 3 1.4 0 2 0.9 -2 ▼ 1 0.5 0 2 0.9 +2 ▲ 4 1.8 +3 ▲ 1 0.5 +1 ▲ 2 0.9 +2 ▲ 1 0.5 +1 ▲ 2 0.9 -4 ▼ 3 1.4 -7 ▼ 1 0.5 +1 ▲ 5 2.3 0 1 0.5 +1 ▲ 1 0.5 -9 ▼ 1 0.5 -3 ▼ 221 -63 -22.2% ▼ -7.3% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 17.9 12.2 11.1 ▲ 6.1 4.2 0.4 ▼ 7.2 4.9 3.1 ▲ 8.6 5.8 5.2 ▲ 7.6 5.2 4.6 ▲ 3.4 2.3 1.5 ▲ 11.0 7.5 2.8 ▲ 2.5 1.7 1.5 ▼ 1.4 1.0 0.7 ▲ 4.6 3.2 1.3 ▲ 6.1 4.1 1.0 ▲ 2.6 1.8 4.0 ▼ 3.8 2.6 1.7 ▲ 4.5 3.1 3.1 ▲ 1 0.6 0.6 ▲ 2 1.2 1.2 ▲ 1 0.9 0.9 ▲ 1 0.6 0.6 ▲ 3 2.0 8.2 ▼ 3 1.9 0.5 ▲ 2 1.0 1.0 ▲ .8 0.5 0.2 ▲ 1.2 0.8 0.8 ▲ 1.2 0.8 0.5 ▼ 1.7 1.2 10.5 ▼ 147.0 100.0 -39.5% ▼ 4.1% ▲

* tie

South African Involvement Announced M&A by Target Industry ($bil)

Jan 1 - Dec 31

39% $5.7

9% $1.3 14% $2.1

19% $2.8

`

Materials

Healthcare

Real Estate

Financials

Consumer Staples

Industrials


Telecommunications

High Technology

Jan 1 - Dec 31

Any South African Inv Announced (AD54) - Top Deals Rank Date 2/11/2013 7/3/2013 5/17/2013 6/27/2013 1/11/2013 11/18/2013 10/10/2013 7/30/2013 12/2/2013 3/27/2013

Date Effective 2/11/2013 Intended Pending 10/1/2013 Pending Pending Pending 12/11/2013 Pending Pending

Target (% Sought/Acquired) Sibanye Gold Ltd (100%) Adcock Ingram Holdings Ltd (100%) Gold Fields La Cima SA (100%) Organon-API Business (100%) Zimbabwe Platinum Mines(Pvt) (51%) Tiber Property Group(Pty)Ltd (100%) HCI Invest 3 Holdco Pty Ltd (30%) Clough Ltd (38.94%) Adcock Ingram Holdings Ltd (34.5%) Evraz Highveld Steel Vanadium (85%)

Acquiror Shareholders CFR Pharmaceutical SA Gold Fields La Cima SA Aspen Pharmacare Holdings Ltd Investor Group Growthpoint Properties Ltd Seardel Investment Corp Ltd Murray & Roberts Holdings Ltd Investor Group Nemascore(Pty)Ltd

Acquiror / Target Nation South Africa / South Africa Chile / South Africa Peru / Peru South Africa / Netherlands Zimbabwe / Zimbabwe South Africa / South Africa South Africa / South Africa South Africa / Australia South Africa / South Africa South Africa / South Africa


Rank Value (US$m) 1,571.5 1,158.6 1,110.8 1,000.0 971.0 588.7 563.1 400.3 335.6 320.0

Target Macro / Mid Industry Materials / Metals & Mining Healthcare / Pharmaceuticals Materials / Metals & Mining Healthcare / Pharmaceuticals Materials / Metals & Mining Real Estate / Other Real Estate Financials / Other Financials Industrials / Building/Construction & Engineering Healthcare / Pharmaceuticals Materials / Metals & Mining



Eastern European M&A Any Eastern European Inv Announced (AD52) Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 US$m Sh (%) Share Ch. Rank Rank 1 1 20,073.3 18.6 -34.2 ▼ 2 7 16,096.6 14.9 -19.2 ▼ 3 15 15,582.5 14.4 6.7 ▲ 4 5 14,342.2 13.3 -27.7 ▼ 5 3 13,749.5 12.7 -34.9 ▼ 6 6 11,528.6 10.7 -24.6 ▼ 7 24 9,958.9 9.2 8.3 ▲ 8 8 6,966.8 6.4 -24.0 ▼ 9 2 6,816.0 6.3 -42.7 ▼ 10 16 6,334.3 5.9 2.5 ▲ 11 4 5,930.6 5.5 -40.2 ▼ 12 14 4,682.8 4.3 -8.1 ▼ 13 11 3,730.0 3.5 -18.5 ▼ 14 3,295.3 3.1 3.1 ▲ 15 10 3,208.5 3.0 -19.5 ▼ 16 19 3,102.4 2.9 0.2 ▲ 17 18 1,809.4 1.7 -1.1 ▼ 18 54* 1,746.0 1.6 1.6 ▲ 19 1,573.3 1.5 1.5 ▲ 20 1,364.0 1.3 1.3 ▲ 21 1,347.3 1.3 1.3 ▲ 22 60 1,242.0 1.2 1.2 ▲ 23 1,215.2 1.1 1.1 ▲ 24 33 1,211.3 1.1 0.8 ▲ 25 1,069.6 1.0 1.0 ▲ 108,109.1 100.0

Financial Advisor Deutsche Bank Morgan Stanley JP Morgan Citi VTB Capital Goldman Sachs & Co Societe Generale Credit Suisse Barclays KPMG Bank of America Merrill Lynch Sberbank CIB Renaissance Capital Group Carnegie Rothschild BNP Paribas SA Ernst & Young LLP Constanta Capital GMP Capital Corp Canaccord Genuity BMO Capital Markets Lazard OTKRITIE Financial Corp Ltd UniCredit Yapi Kredi Yatirim Menkul Industry Total


-27.9% ▼ 6.6% ▲

Jan 1 - Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 15 0.4 -4 ▼ 17 0.5 -3 ▼ 14 0.4 +2 ▲ 19 0.6 +6 ▲ 24 0.7 +1 ▲ 22 0.7 -5 ▼ 20 0.6 +6 ▲ 11 0.3 -10 ▼ 11 0.3 +1 ▲ 25 0.7 -9 ▼ 10 0.3 0 10 0.3 -21 ▼ 2 0.1 -10 ▼ 1 0.0 +1 ▲ 20 0.6 -1 ▼ 12 0.4 +9 ▲ 21 0.6 +2 ▲ 1 0.0 0 2 0.1 +2 ▲ 3 0.1 +3 ▲ 2 0.1 +2 ▲ 11 0.3 +10 ▲ 4 0.1 +4 ▲ 9 0.3 -1 ▼ 3 0.1 +3 ▲ 3,358 -695 -17.1% ▼ -9.1% ▼

Any Eastern European Involvement Completed (AF59)

Financial Advisor VTB Capital Citi Barclays Deutsche Bank Bank of America Merrill Lynch Morgan Stanley Goldman Sachs & Co Credit Suisse Renaissance Capital Group UBS Lambert Energy Advisory Ltd Rothschild Evercore Partners JP Morgan Societe Generale Raiffeisen Bank International BNP Paribas SA Ernst & Young LLP KPMG Sberbank CIB Santander Constanta Capital Gazprombank GMP Capital Corp UniCredit Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 US$m Sh (%) Share Ch. Rank Rank 1 9 73,387.6 50.8 39.1 ▲ 2 13 69,845.7 48.3 40.6 ▲ 3 6 68,761.8 47.6 32.0 ▲ 4 1 68,245.3 47.2 14.9 ▲ 5 12 65,090.9 45.0 37.2 ▲ 6 4 48,857.8 33.8 13.4 ▲ 7 3 40,526.5 28.0 6.8 ▲ 8 5 36,594.5 25.3 9.3 ▲ 9 21 34,661.2 24.0 21.5 ▲ 10 11 32,946.3 22.8 14.5 ▲ 11 30,931.2 21.4 21.4 ▲ 12 8 30,323.1 21.0 7.6 ▲ 13 49* 27,854.1 19.3 19.1 ▲ 14 7 13,221.2 9.2 -5.3 ▼ 15 31 6,345.5 4.4 3.3 ▲ 16 39 4,307.0 3.0 2.6 ▲ 17 17 3,694.8 2.6 -0.4 ▼ 18 69 3,321.3 2.3 2.3 ▲ 19 14 3,123.6 2.2 -3.7 ▼ 20 2 2,489.5 1.7 -21.7 ▼ 21 2,400.0 1.7 1.7 ▲ 22 60* 1,746.0 1.2 1.1 ▲ 23 15 1,743.9 1.2 -4.6 ▼ 24 18* 1,573.3 1.1 -1.5 ▼ 25 55 1,484.2 1.0 0.9 ▲ 144,565.7 100.0


72.9% ▲ -28.8% ▼

Jan 1 - Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 23 0.9 +8 ▲ 18 0.7 +8 ▲ 9 0.3 +1 ▲ 11 0.4 -13 ▼ 11 0.4 +4 ▲ 18 0.7 +3 ▲ 17 0.6 -5 ▼ 9 0.3 -6 ▼ 4 0.2 -6 ▼ 7 0.3 +1 ▲ 2 0.1 +2 ▲ 19 0.7 0 1 0.0 -1 ▼ 9 0.3 -4 ▼ 16 0.6 +8 ▲ 10 0.4 +7 ▲ 6 0.2 +4 ▲ 20 0.8 +9 ▲ 25 0.9 -7 ▼ 11 0.4 -15 ▼ 6 0.2 +6 ▲ 1 0.0 0 5 0.2 -8 ▼ 2 0.1 +1 ▲ 12 0.5 +8 ▲ 2,652 -648 -19.6% ▼ -10.4% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 65.0 7.2 1.9 ▲ 54.6 6.1 3.5 ▲ 25.8 2.9 0.8 ▼ 16.5 1.8 4.3 ▼ 22.2 2.5 0.4 ▲ 56.8 6.3 0.6 ▲ 37.5 4.2 1.3 ▼ 24.7 2.7 1.2 ▼ 12.1 1.3 0.6 ▼ 12.8 1.4 0.3 ▼ 3.2 0.4 0.4 ▲ 36.5 4.1 0.6 ▼ 1.5 0.2 0.1 ▼ 46.2 5.1 0.9 ▲ 49.4 5.5 4.8 ▲ 24.5 2.7 2.2 ▲ 17.8 2.0 1.2 ▲ 3.1 0.3 0.2 ▲ 4.3 0.5 0.1 ▲ 17.7 2.0 2.9 ▼ 9.5 1.1 1.1 ▲ 3.0 0.3 0.2 ▲ 8.8 1.0 2.5 ▼ 1.5 0.2 0.2 ▲ 11.6 1.3 1.0 ▲ 901.3 100.0 6.7% ▲ 13.7% ▲

* tie

Eastern Europe Involvement Announced M&A by Target Industry ($bil)

10% $11.1

Jan 1 - Dec 31

42% $45.3 12% $12.5

14% $14.9

Energy and Power

Financials

Telecommunications

Materials

Industrials

Real Estate

Consumer Staples

High Technology

Retail

Healthcare



Jan 1 - Dec 31

Any Eastern European Inv Announced (AD52) - Top Deals Rank Date 9/30/2013 2/22/2013 3/27/2013 1/15/2013 11/5/2013 10/31/2013 8/13/2013 11/20/2013 7/2/2013 10/14/2013

Date Effective Pending 2/22/2013 4/4/2013 1/24/2013 Pending Pending 9/19/2013 Pending 7/2/2013 10/14/2013

Target (% Sought/Acquired) RN Holding (15.3%) Polyus Gold International Ltd (37.78%) Tele2 Russia Holding AB (100%) Slovak Gas Holding BV (100%) Telefonica Czech Republic as (65.9%) Alliance Oil Co Ltd (56.8%) MOEK (89.98%) Arctic Russia BV (60%) NGK Itera (49%) Taas-Yuryakh Neftegazodobycha (64.67%)

Acquiror Novy Investments Ltd Investor Group VTB Group EPH PPF Group NV Alford Financial Ltd GEKh Yamal Razvitiye NK Rosneft' RN-Vostochnaya Sibir'

Acquiror / Target Nation Cyprus / Russian Fed United Kingdom / United Kingdom Russian Fed / Russian Fed Czech Republic / Slovak Rep Netherlands / Czech Republic Russian Fed / Russian Fed Russian Fed / Russian Fed Russian Fed / Russian Fed Russian Fed / Russian Fed Russian Fed / Russian Fed


Rank Value (US$m) 4,727.9 3,620.0 3,550.0 3,457.4 3,317.2 3,295.3 2,971.1 2,940.0 2,900.0 2,053.0

Target Macro / Mid Industry Energy and Power / Oil & Gas Materials / Metals & Mining Telecommunications / Telecommunications Services Energy and Power / Oil & Gas Telecommunications / Wireless Energy and Power / Oil & Gas Energy and Power / Power Energy and Power / Oil & Gas Energy and Power / Oil & Gas Energy and Power / Oil & Gas



Russian M&A Any Russian Involvement Announced (AD58)

Financial Advisor VTB Capital Morgan Stanley Citi Deutsche Bank JP Morgan Sberbank CIB Credit Suisse Bank of America Merrill Lynch Societe Generale Renaissance Capital Group Carnegie Barclays Goldman Sachs & Co Constanta Capital GMP Capital Corp BMO Capital Markets Canaccord Genuity OTKRITIE Financial Corp Ltd Greenhill & Co, LLC Gazprombank PricewaterhouseCoopers ING KPMG LCF Edmond de Rothschild BNP Paribas SA Banca IMI (Intesa Sanpaolo) Industry Total

Jan 1 - Dec 31

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 US$m Sh (%) Share Ch. Rank Rank 1 2 13,716.7 22.3 -38.7 ▼ 2 7 10,762.3 17.5 -21.2 ▼ 3 5 8,342.4 13.5 -37.2 ▼ 4 1 8,115.4 13.2 -50.1 ▼ 5 15 5,433.8 8.8 1.6 ▲ 6 14 4,682.8 7.6 -8.1 ▼ 7 8 4,662.2 7.6 -28.6 ▼ 8 4 4,520.3 7.3 -46.2 ▼ 9 21 4,091.0 6.6 5.8 ▲ 10 10 3,730.0 6.1 -22.1 ▼ 11 3,295.3 5.4 5.4 ▲ 12 3 2,940.0 4.8 -51.4 ▼ 13 6 2,518.9 4.1 -35.3 ▼ 14 32* 1,746.0 2.8 2.8 ▲ 15* 1,347.3 2.2 2.2 ▲ 15* 1,347.3 2.2 2.2 ▲ 15* 1,347.3 2.2 2.2 ▲ 18 1,215.2 2.0 2.0 ▲ 19 850.0 1.4 1.4 ▲ 20 18 773.9 1.3 -1.3 ▼ 21* 41* 425.0 0.7 0.7 ▲ 21* 41* 425.0 0.7 0.7 ▲ 23 17 373.9 0.6 -2.8 ▼ 24 364.2 0.6 0.6 ▲ 25* 25 356.8 0.6 0.3 ▲ 25* 356.8 0.6 0.6 ▲ 61,628.7 100.0

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

-47.4% ▼ -29.9% ▼

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 22 1.1 -1 ▼ 10 0.5 -6 ▼ 7 0.4 0 5 0.3 -7 ▼ 6 0.3 -2 ▼ 9 0.5 -20 ▼ 6 0.3 -4 ▼ 3 0.2 -1 ▼ 5 0.3 -2 ▼ 2 0.1 -9 ▼ 1 0.1 +1 ▲ 2 0.1 -3 ▼ 5 0.3 -13 ▼ 1 0.1 0 1 0.1 +1 ▲ 2 0.1 +2 ▲ 1 0.1 +1 ▲ 4 0.2 +4 ▲ 1 0.1 +1 ▲ 6 0.3 -5 ▼ 1 0.1 -1 ▼ 1 0.1 -1 ▼ 4 0.2 +1 ▲ 2 0.1 +2 ▲ 2 0.1 +1 ▲ 2 0.1 +2 ▲ 1,927 -657

Any Russian Involvement Completed (AF65)

Financial Advisor VTB Capital Citi Barclays Deutsche Bank Bank of America Merrill Lynch Morgan Stanley Renaissance Capital Group Goldman Sachs & Co Credit Suisse UBS Lambert Energy Advisory Ltd Rothschild Evercore Partners JP Morgan Societe Generale Ernst & Young LLP Sberbank CIB Constanta Capital Gazprombank GMP Capital Corp BMO Capital Markets Canaccord Genuity OTKRITIE Financial Corp Ltd PricewaterhouseCoopers ING Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 US$m Sh (%) Share Ch. Rank Rank 1 6 73,354.7 69.1 52.4 ▲ 2 14 62,420.7 58.8 52.8 ▲ 3 8 61,994.3 58.4 43.8 ▲ 4 1 60,635.9 57.2 21.4 ▲ 5 12 60,010.3 56.6 49.0 ▲ 6 4 41,616.2 39.2 16.2 ▲ 7 17 34,661.2 32.7 29.1 ▲ 8 3 34,317.0 32.4 7.0 ▲ 9 5 33,893.3 32.0 11.7 ▲ 10 10 30,993.3 29.2 18.0 ▲ 11 30,931.2 29.2 29.2 ▲ 12 9 28,100.5 26.5 13.7 ▲ 13 27,854.1 26.3 26.3 ▲ 14 7 5,433.8 5.1 -11.3 ▼ 15 25 4,091.0 3.9 2.5 ▲ 16 42* 3,255.0 3.1 3.1 ▲ 17 2 2,489.5 2.4 -31.0 ▼ 18 34* 1,746.0 1.7 1.6 ▲ 19 11 1,743.9 1.6 -6.7 ▼ 20* 1,347.3 1.3 1.3 ▲ 20* 1,347.3 1.3 1.3 ▲ 20* 1,347.3 1.3 1.3 ▲ 23 1,215.2 1.2 1.2 ▲ 24* 42* 425.0 0.4 0.4 ▲ 24* 425.0 0.4 0.4 ▲ 106,094.6 100.0


-25.4% ▼ -13.3% ▼

80.9% ▲ -11.7% ▼

Jan 1 - Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 21 1.3 +6 ▲ 9 0.6 +5 ▲ 4 0.3 0 5 0.3 -8 ▼ 5 0.3 +3 ▲ 11 0.7 -2 ▼ 4 0.3 -5 ▼ 7 0.4 -5 ▼ 5 0.3 -2 ▼ 4 0.3 +2 ▲ 2 0.1 +2 ▲ 4 0.3 -4 ▼ 1 0.1 +1 ▲ 5 0.3 -4 ▼ 5 0.3 0 4 0.3 +2 ▲ 10 0.6 -16 ▼ 1 0.1 0 5 0.3 -8 ▼ 1 0.1 +1 ▲ 1 0.1 +1 ▲ 1 0.1 +1 ▲ 4 0.3 +4 ▲ 2 0.1 +1 ▲ 2 0.1 +2 ▲ 1,598 -566 -26.2% ▼ -9.4% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 64.2 15.3 5.5 ▲ 25.9 6.2 3.9 ▲ 12.1 2.9 1.1 ▼ 7.3 1.8 4.7 ▼ 6.4 1.5 0.2 ▲ 34.7 8.3 0.4 ▲ 12.1 2.9 0.5 ▼ 19.8 4.7 0.7 ▼ 12.1 2.9 0.5 ▼ 4.1 1.0 1.2 ▼ 3.2 0.8 0.8 ▲ 6.2 1.5 2.8 ▼ 1.5 0.4 0.4 ▲ 20.1 4.8 0.9 ▲ 20.8 5.0 3.8 ▲ 1.1 0.3 0.3 ▲ 17.5 4.2 4.9 ▼ 3.0 0.7 0.5 ▲ 8.8 2.1 4.4 ▼ .3 0.1 0.1 ▲ 7.1 1.7 1.7 ▲ 12.3 2.9 2.9 ▲ 5.8 1.4 1.4 ▲ .7 0.2 0.2 ▲ 2.3 0.6 0.6 ▲ 419.4 100.0 -8.4% ▼ 37.2% ▲

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

10% $6.1 12% $7.1

Jan 1 - Dec 31

48% $29.4 14% $8.9

Energy and Power

Materials

Telecommunications

Industrials

Financials

Consumer Staples

High Technology

Healthcare

Real Estate


Retail


Jan 1 - Dec 31

Any Russian Involvement Announced (AD58) - Top Deals Rank Date 9/30/2013 2/22/2013 3/27/2013 10/31/2013 8/13/2013 11/20/2013 7/2/2013 10/14/2013 4/1/2013 9/24/2013

Date Effective Pending 2/22/2013 4/4/2013 Pending 9/19/2013 Pending 7/2/2013 10/14/2013 4/26/2013 9/24/2013

Target (% Sought/Acquired) RN Holding (15.3%) Polyus Gold International Ltd (37.78%) Tele2 Russia Holding AB (100%) Alliance Oil Co Ltd (56.8%) MOEK (89.98%) Arctic Russia BV (60%) NGK Itera (49%) Taas-Yuryakh Neftegazodobycha (64.67%) Samara-Nafta (100%) Uralkaliy (12.5%)

Acquiror Novy Investments Ltd Investor Group VTB Group Alford Financial Ltd GEKh Yamal Razvitiye NK Rosneft' RN-Vostochnaya Sibir' NK LUKOIL Chengdong Investment Corp

Acquiror / Target Nation Cyprus / Russian Fed United Kingdom / United Kingdom Russian Fed / Russian Fed Russian Fed / Russian Fed Russian Fed / Russian Fed Russian Fed / Russian Fed Russian Fed / Russian Fed Russian Fed / Russian Fed Russian Fed / Russian Fed China / Russian Fed


Rank Value (US$m) 4,727.9 3,620.0 3,550.0 3,295.3 2,971.1 2,940.0 2,900.0 2,053.0 2,050.0 2,000.0

Target Macro / Mid Industry Energy and Power / Oil & Gas Materials / Metals & Mining Telecommunications / Telecommunications Services Energy and Power / Oil & Gas Energy and Power / Power Energy and Power / Oil & Gas Energy and Power / Oil & Gas Energy and Power / Oil & Gas Energy and Power / Oil & Gas Materials / Metals & Mining



Asia Pacific M&A Any AsPac Emerging Market Inv Announced

†

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 US$m Sh (%) Share Ch. Rank Rank 1 4 46,280.9 12.3 1.2 ▲ 2 2 25,761.6 6.9 -8.4 ▼ 3 12 23,759.2 6.3 1.1 ▲ 4 13 21,116.1 5.6 0.8 ▲ 5 7 20,926.4 5.6 -4.1 ▼ 6 5 20,521.4 5.5 -4.5 ▼ 7 1 20,235.2 5.4 -12.9 ▼ 8 28 16,403.8 4.4 3.0 ▲ 9 3 16,264.9 4.3 -8.3 ▼ 10 8 15,908.4 4.2 -3.7 ▼ 11 6 14,988.0 4.0 -5.8 ▼ 12 11 14,023.4 3.7 -2.5 ▼ 13 41 13,333.5 3.6 3.0 ▲ 14 248* 12,000.9 3.2 3.2 ▲ 15 23 10,880.4 2.9 0.7 ▲ 16 22 7,266.6 1.9 -0.3 ▼ 17 57 7,005.8 1.9 1.6 ▲ 18 39 6,561.0 1.7 1.0 ▲ 19 34 6,293.8 1.7 0.7 ▲ 20 14 4,922.3 1.3 -1.6 ▼ 21 40 4,910.9 1.3 0.7 ▲ 22 16 4,878.2 1.3 -1.4 ▼ 23 83 4,437.5 1.2 1.0 ▲ 24 24 3,862.5 1.0 -0.9 ▼ 25 70 3,777.9 1.0 0.7 ▲ 376,073.2 100.0

Financial Advisor Morgan Stanley UBS Bank of America Merrill Lynch Barclays Credit Suisse HSBC Holdings PLC Goldman Sachs & Co CITIC Group Corp Citi China International Capital Co JP Morgan Deutsche Bank Macquarie Group Phatra Securities Co Ltd Somerley Ltd Standard Chartered PLC Haitong Securities Co Ltd Lazard Southwest Securities Co Ltd CIMB Group Sdn Bhd China Securities Co Ltd Rothschild Jefferies LLC Nomura Huatai Securities Co Ltd Industry Total


11.4% ▲ 17.3% ▲

Jan 1 - Dec 31

Any Asia Pacific Emerging Market Involvement Completed

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 45 0.7 +1 ▲ 39 0.6 +6 ▲ 26 0.4 +8 ▲ 26 0.4 +4 ▲ 44 0.7 +12 ▲ 24 0.4 +2 ▲ 48 0.7 +1 ▲ 33 0.5 +6 ▲ 33 0.5 -14 ▼ 41 0.6 +17 ▲ 46 0.7 +18 ▲ 22 0.3 -5 ▼ 24 0.4 +15 ▲ 5 0.1 +4 ▲ 26 0.4 +3 ▲ 18 0.3 +5 ▲ 12 0.2 -7 ▼ 15 0.2 +1 ▲ 29 0.4 +17 ▲ 21 0.3 -17 ▼ 34 0.5 +29 ▲ 27 0.4 +13 ▲ 4 0.1 -1 ▼ 10 0.1 -6 ▼ 34 0.5 +23 ▲ 6,765 -160

Financial Advisor Goldman Sachs & Co Morgan Stanley Citi HSBC Holdings PLC UBS Barclays JP Morgan Bank of America Merrill Lynch RBC Capital Markets BMO Capital Markets Credit Suisse Deutsche Bank China International Capital Co CITIC Group Corp Ondra Partners United Overseas Bank Ltd CIMB Group Sdn Bhd KPMG DBS Group Holdings Somerley Ltd Rothschild Phatra Securities Co Ltd ING PricewaterhouseCoopers Malayan Banking Bhd Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 US$m Sh (%) Share Ch. Rank Rank 1 4 45,466.5 18.3 5.0 ▲ 2 5 44,146.3 17.7 8.7 ▲ 3 7 36,629.3 14.7 6.6 ▲ 4 9 24,642.7 9.9 2.9 ▲ 5 1 24,335.6 9.8 -9.6 ▼ 6 19 23,306.3 9.4 6.1 ▲ 7 6 23,072.2 9.3 0.4 ▲ 8 10 20,426.2 8.2 2.8 ▲ 9 39 17,773.5 7.1 6.1 ▲ 10 20 17,711.1 7.1 4.2 ▲ 11 3 16,984.9 6.8 -6.6 ▼ 12 8 11,675.5 4.7 -2.5 ▼ 13 2 11,478.9 4.6 -9.3 ▼ 14 17 10,432.8 4.2 0.9 ▲ 15 9,385.9 3.8 3.8 ▲ 16 8,686.1 3.5 3.5 ▲ 17 12 8,441.7 3.4 -0.8 ▼ 18 66 7,065.1 2.8 2.4 ▲ 19 106 6,958.1 2.8 2.7 ▲ 20 29 6,943.6 2.8 0.9 ▲ 21 11 5,510.7 2.2 -2.6 ▼ 22 101* 5,447.5 2.2 2.1 ▲ 23 126 5,116.8 2.1 2.0 ▲ 24 69 4,898.4 2.0 1.6 ▲ 25 15 4,857.7 2.0 -1.4 ▼ 248,841.9 100.0

-2.3% ▼ 12.2% ▲


0.1% ▲ 48.8% ▲

†

Jan 1 - Dec 31

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 38 0.5 -4 ▼ 29 0.5 0 33 0.4 +4 ▲ 19 0.3 -3 ▼ 27 0.3 -6 ▼ 20 0.3 +9 ▲ 22 0.3 -1 ▼ 25 0.2 +8 ▲ 2 0.2 -2 ▼ 2 0.2 0 30 0.2 -2 ▼ 16 0.1 -9 ▼ 35 0.1 +15 ▲ 17 0.1 -7 ▼ 1 0.1 +1 ▲ 3 0.1 +3 ▲ 17 0.1 -30 ▼ 28 0.1 +8 ▲ 4 0.1 -1 ▼ 19 0.1 -3 ▼ 27 0.1 +9 ▲ 2 0.1 0 11 0.1 +4 ▲ 39 0.1 -7 ▼ 9 0.1 -16 ▼ 3,462 -437 -11.2% ▼ -5.9% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 108.2 6.6 0.5 ▲ 80.3 4.9 1.5 ▲ 81.0 5.0 0.4 ▲ 24.6 1.5 1.1 ▼ 52.5 3.2 2.9 ▼ 80.2 4.9 3.0 ▲ 66.1 4.1 0.9 ▲ 70.3 4.3 1.3 ▲ 29.7 1.8 1.3 ▲ 26.5 1.6 0.2 ▼ 64.2 3.9 1.0 ▼ 31.2 1.9 1.0 ▼ 35.1 2.2 1.0 ▲ 26.9 1.7 1.0 ▲ 10.1 0.6 0.6 ▲ 7.6 0.5 0.5 ▲ 23.4 1.4 0.6 ▼ 2.8 0.2 0.1 ▲ 2.8 0.2 0.1 ▲ 13.7 0.8 0.5 ▲ 50.7 3.1 1.5 ▲ 1.8 0.1 0.0 23.0 1.4 1.2 ▲ 6.5 0.4 0.1 ▲ 8.4 0.5 1.2 ▼ 1,628.7 100.0 -7.0% ▼ 46.0% ▲

* tie

Asia Pacific Emerging Market Involvement Announced M&A by Target Industry ($bil)

Jan 1 - Dec 31

10% $38.7

12% $44.9 14% $50.7

14% $51.2

18% $67.5

Energy and Power

Financials

Materials

Real Estate

Industrials

High Technology

Consumer Staples

Healthcare

Telecommunications

Retail



Any AsPac Emerging Market Inv Announced† - Top Deals Rank Date 5/29/2013 7/2/2013 9/7/2013 12/31/2013 9/27/2013 3/13/2013 4/1/2013 4/23/2013 9/24/2013 12/5/2013

Date Effective 9/26/2013 12/18/2013 Pending Pending Pending 7/26/2013 9/18/2013 Pending Pending Pending

Target (% Sought/Acquired) Smithfield Foods Inc (100%) Bank of Ayudhya PCL (72.01%) Kashagan Oilfield (8.3%) Baotou Iron&Steel(Grp)Co-Asets (100%) Beijing Xinwei Telecom Tech (96.5%) ENI East Africa SpA (28.57%) GD Midea Holding Co Ltd (58.83%) Siam Makro PCL (64.3%) COFCO Land Ltd-Assets (100%) InterOil Corp-PRL 15 (61.3%)

Jan 1 - Dec 31 Acquiror Shuanghui Intl Hldg Ltd Bank of Tokyo-Mitsubishi UFJ CNPC Inner Mongolia Baotou Steel Beijing Zhongchuang Telecom PetroChina Co Ltd Midea Group Co Ltd CP ALL PCL The HK Parkview Group Ltd Total SA

Acquiror / Target Nation China / United States Japan / Thailand China / Kazakhstan China / China China / China China / Mozambique China / China Thailand / Thailand Hong Kong / China France / Papua N Guinea

Rank Value (US$m) 6,977.3 5,315.5 5,000.0 4,916.1 4,318.3 4,210.0 4,077.8 4,044.7 3,654.7 3,600.0

Target Macro / Mid Industry Consumer Staples / Agriculture & Livestock Financials / Banks Energy and Power / Oil & Gas Materials / Metals & Mining Telecommunications / Telecommunications Equipment Energy and Power / Oil & Gas Consumer Staples / Household & Personal Products Retail / Food & Beverage Retailing Real Estate / Other Real Estate Energy and Power / Oil & Gas

† Asia Pacific Emerging Market totals include countries in North Asia, South Asia, Southeast Asia, and Australasia (excluding Australia, Hong Kong, Myanmar, New Zealand, Singapore, South Korea and Western Samoa).




Indian M&A Any Indian Involvement Announced (AD60)

Financial Advisor Bank of America Merrill Lynch Morgan Stanley Citi UBS HSBC Holdings PLC Standard Chartered PLC Credit Suisse Deutsche Bank Greater Pacific Capital LLP Moelis & Co Barclays Jefferies LLC Ernst & Young LLP Goldman Sachs & Co Rothschild Macquarie Group Kotak Mahindra Bank Ltd Axis Bank Ltd KPMG PricewaterhouseCoopers JP Morgan Religare Capital Markets Ltd ICICI Bank Ltd Deloitte Credit Agricole CIB Lazard Industry Total

Jan 1 - Dec 31

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 US$m Sh (%) Share Ch. Rank Rank 1 6 8,747.3 27.8 13.1 ▲ 2 3 7,325.3 23.3 1.3 ▲ 3 1 6,882.9 21.8 -3.8 ▼ 4 16* 6,396.2 20.3 16.4 ▲ 5 18 3,987.6 12.7 9.5 ▲ 6 3,155.7 10.0 10.0 ▲ 7 8 3,121.1 9.9 -1.9 ▼ 8 15 2,860.0 9.1 4.8 ▲ 9 2,356.5 7.5 7.5 ▲ 10 2,000.0 6.4 6.4 ▲ 11 5 1,966.0 6.2 -11.6 ▼ 12 29* 1,850.0 5.9 4.8 ▲ 13 16* 1,821.1 5.8 1.9 ▲ 14 2 1,774.7 5.6 -16.5 ▼ 15 24 926.1 2.9 1.1 ▲ 16 33 836.7 2.7 1.7 ▲ 17 13 778.6 2.5 -2.1 ▼ 18 10 703.5 2.2 -5.0 ▼ 19 4 453.1 1.4 -18.6 ▼ 20 12 437.6 1.4 -3.2 ▼ 21 7 416.2 1.3 -11.7 ▼ 22 31 355.0 1.1 0.1 ▲ 23 34 315.5 1.0 0.0 24 23 281.4 0.9 -1.3 ▼ 25* 258.6 0.8 0.8 ▲ 25* 26 258.6 0.8 -0.7 ▼ 31,509.3 100.0


-11.5% ▼ 28.5% ▲

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 7 0.7 +1 ▲ 10 1.0 -9 ▼ 7 0.7 -10 ▼ 4 0.4 -1 ▼ 4 0.4 0 3 0.3 +3 ▲ 4 0.4 +1 ▲ 6 0.6 +2 ▲ 1 0.1 +1 ▲ 2 0.2 +2 ▲ 5 0.5 -6 ▼ 1 0.1 -1 ▼ 50 5.2 +14 ▲ 7 0.7 -8 ▼ 13 1.3 +10 ▲ 2 0.2 0 17 1.8 +4 ▲ 12 1.2 +5 ▲ 11 1.1 -12 ▼ 13 1.3 +4 ▲ 4 0.4 -2 ▼ 1 0.1 -3 ▼ 15 1.6 +8 ▲ 5 0.5 -8 ▼ 1 0.1 +1 ▲ 3 0.3 -2 ▼ 966 -140

Any Indian Involvement Completed (AF67)

Financial Advisor Citi Morgan Stanley Goldman Sachs & Co Barclays KPMG Bank of America Merrill Lynch JP Morgan UBS HSBC Holdings PLC Credit Suisse Grant Thornton Axis Bank Ltd PricewaterhouseCoopers Moelis & Co Jefferies LLC Ernst & Young LLP Ambit Corporate Finance JM Financial Group Kotak Mahindra Bank Ltd Rothschild Macquarie Group Religare Capital Markets Ltd Standard Chartered PLC Rand Merchant Bank Bridge Capital Advisors Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 US$m Sh (%) Share Ch. Rank Rank 1 12 11,843.1 40.8 37.2 ▲ 2 1 7,542.9 26.0 14.2 ▲ 3 3 7,415.3 25.6 18.0 ▲ 4 9 7,113.5 24.5 19.5 ▲ 5 31 6,720.3 23.2 22.3 ▲ 6 23 6,154.6 21.2 19.6 ▲ 7 59* 5,058.1 17.4 17.4 ▲ 8 19 4,971.8 17.2 15.4 ▲ 9 50 4,851.3 16.7 16.5 ▲ 10 24 4,556.9 15.7 14.3 ▲ 11 22 4,132.6 14.3 12.7 ▲ 12 4 2,773.4 9.6 4.0 ▲ 13 34 1,978.4 6.8 6.1 ▲ 14* 1,850.0 6.4 6.4 ▲ 14* 16* 1,850.0 6.4 4.4 ▲ 16 15 1,605.8 5.5 3.3 ▲ 17 18 1,489.2 5.1 3.1 ▲ 18 41 1,375.8 4.7 4.3 ▲ 19 25 1,130.2 3.9 2.6 ▲ 20 30 1,060.7 3.7 2.8 ▲ 21 20 836.7 2.9 1.1 ▲ 22 11 640.0 2.2 -1.7 ▼ 23 600.7 2.1 2.1 ▲ 24* 528.1 1.8 1.8 ▲ 24* 528.1 1.8 1.8 ▲ 28,997.7 100.0


-12.7% ▼ -18.8% ▼

49.5% ▲ -29.4% ▼

Jan 1 - Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 13 1.9 +8 ▲ 11 1.6 +2 ▲ 13 1.9 +8 ▲ 11 1.6 +8 ▲ 16 2.4 +7 ▲ 9 1.3 +8 ▲ 7 1.0 +6 ▲ 6 0.9 +3 ▲ 5 0.7 +4 ▲ 3 0.4 +1 ▲ 6 0.9 +4 ▲ 8 1.2 +3 ▲ 8 1.2 +1 ▲ 1 0.1 +1 ▲ 1 0.1 -1 ▼ 31 4.6 +2 ▲ 8 1.2 -3 ▼ 7 1.0 +5 ▲ 8 1.2 +2 ▲ 8 1.2 +6 ▲ 2 0.3 0 3 0.4 0 1 0.1 +1 ▲ 1 0.1 +1 ▲ 1 0.1 +1 ▲ 672 -127 -15.9% ▼ -25.8% ▼

9.1% ▲ 62.4% ▲

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

12% $3.9

Jan 1 - Dec 31

21% $6.7

14% $4.4 15% $4.7

16% $5.0

Energy and Power

Healthcare

Industrials

Telecommunications

Consumer Staples

Materials

Financials

High Technology


Real Estate


Retail

Jan 1 - Dec 31

Any Indian Involvement Announced (AD60) - Top Deals Rank Date 4/30/2013 8/25/2013 6/25/2013 6/12/2013 2/27/2013 10/29/2013 5/3/2013 12/16/2013 10/18/2013 9/11/2013

Date Effective 7/4/2013 Pending Pending Pending 12/4/2013 Pending 6/17/2013 Intended 10/18/2013 12/9/2013

Target (% Sought/Acquired) Hindustan Unilever Ltd (14.78%) Rovuma Offshore Area 1 (10%) Videocon Mozambique Rovuma 1 (100%) Cooper Tire & Rubber Co (100%) Agila Specialties Pvt Ltd (100%) Vodafone India Ltd (%) Bharti Airtel Ltd (4.76%) GlaxoSmithKline Pharmaceutical (24.3%) Wireless Business Svcs Pvt Ltd (49%) Jaypee Cement-Cement Unit(2) (100%)

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 19.3 7.5 3.5 ▲ 22.6 8.7 1.1 ▲ 22.3 8.6 5.1 ▲ 19.1 7.4 4.0 ▲ 1.9 0.7 0.4 ▲ 10.0 3.9 2.5 ▲ 6.8 2.6 2.2 ▲ 5.2 2.0 1.3 ▼ 5.0 1.9 1.8 ▲ 9.8 3.8 2.3 ▲ .2 0.1 0.1 ▼ 3.9 1.5 0.1 ▲ 1.3 0.5 0.3 ▲ 6.3 2.4 2.4 ▲ 5.3 2.0 0.3 ▲ 3.8 1.5 0.7 ▲ 2.4 0.9 0.4 ▼ 4.4 1.7 1.1 ▲ 3.0 1.1 0.3 ▲ 15.0 5.8 4.5 ▲ 7.8 3.0 2.7 ▲ 3.8 1.5 0.5 ▲ 1.4 0.5 0.5 ▲ .9 0.4 0.4 ▲ .1 0.0 0.0 258.3 100.0

Acquiror Unilever PLC ONGC Videsh Ltd Undisclosed SPV Apollo Tyres Ltd Mylan Inc Vodafone Group PLC Qatar Foundation QSC GlaxoSmithKline Pte Ltd Bharti Airtel Ltd UltraTech Cement Ltd

Acquiror / Target Nation United Kingdom / India India / Mozambique India / Mozambique India / United States United States / India United Kingdom / India Qatar / India Singapore / India India / India India / India


Rank Value (US$m) 3,573.4 2,640.0 2,475.0 2,356.5 1,850.0 1,652.6 1,263.1 1,035.0 914.5 600.7

Target Macro / Mid Industry Consumer Staples / Household & Personal Products Energy and Power / Oil & Gas Energy and Power / Oil & Gas Industrials / Automobiles & Components Healthcare / Pharmaceuticals Telecommunications / Telecommunications Services Telecommunications / Wireless Healthcare / Pharmaceuticals Telecommunications / Wireless Materials / Construction Materials



Chinese M&A Any Chinese Involvement Announced (AD56)

Jan 1 - Dec 31

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 US$m Sh (%) Share Ch. Rank Rank 1 12 25,765.3 9.4 5.5 ▲ 2 16 19,150.1 7.0 4.2 ▲ 3 18 16,403.8 6.0 3.8 ▲ 4 4 15,908.4 5.8 -6.9 ▼ 5 2 14,349.2 5.2 -10.4 ▼ 6 1 13,115.6 4.8 -15.7 ▼ 7 6 11,664.3 4.2 -5.8 ▼ 8 10 11,304.7 4.1 -1.7 ▼ 9 5 10,973.2 4.0 -6.2 ▼ 10 15 10,870.1 3.9 0.7 ▲ 11 32 7,005.8 2.5 2.0 ▲ 12 3 6,907.6 2.5 -10.3 ▼ 13 26 6,397.5 2.3 1.5 ▲ 14 21 6,293.8 2.3 0.8 ▲ 15 25 4,910.9 1.8 0.8 ▲ 16 28 4,493.3 1.6 0.9 ▲ 17 9 4,313.3 1.6 -5.1 ▼ 18 40 3,777.9 1.4 1.0 ▲ 19 17 3,653.3 1.3 -1.4 ▼ 20 46 3,373.9 1.2 0.8 ▲ 21 31 3,295.3 1.2 0.6 ▲ 22 14 3,271.1 1.2 -2.5 ▼ 23 3,096.2 1.1 1.1 ▲ 24 24 2,922.7 1.1 -0.1 ▼ 25 19 2,826.4 1.0 -0.7 ▼ 275,562.4 100.0

Financial Advisor Morgan Stanley Barclays CITIC Group Corp China International Capital Co Goldman Sachs & Co UBS HSBC Holdings PLC JP Morgan Credit Suisse Somerley Ltd Haitong Securities Co Ltd Citi Macquarie Group Southwest Securities Co Ltd China Securities Co Ltd Lazard Deutsche Bank Huatai Securities Co Ltd Bank of America Merrill Lynch China Merchants Securities Co Guotai Junan Securities Rothschild Evercore Partners Standard Chartered PLC Nomura Industry Total


Any Chinese Involvement Completed (AF63)

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 21 0.5 +12 ▲ 18 0.5 +11 ▲ 33 0.8 +6 ▲ 41 1.0 +17 ▲ 27 0.7 +9 ▲ 26 0.7 +8 ▲ 14 0.4 +4 ▲ 31 0.8 +21 ▲ 33 0.8 +19 ▲ 25 0.6 +6 ▲ 12 0.3 -6 ▼ 17 0.4 -3 ▼ 12 0.3 +5 ▲ 29 0.7 +17 ▲ 34 0.9 +29 ▲ 7 0.2 0 8 0.2 -2 ▼ 34 0.9 +23 ▲ 5 0.1 -3 ▼ 9 0.2 +5 ▲ 18 0.5 +13 ▲ 10 0.3 +1 ▲ 1 0.0 +1 ▲ 10 0.3 +4 ▲ 4 0.1 -3 ▼ 3,989 +177

30.4% ▲ 13.8% ▲

Financial Advisor Goldman Sachs & Co Citi Morgan Stanley UBS RBC Capital Markets BMO Capital Markets HSBC Holdings PLC China International Capital Co Barclays CITIC Group Corp JP Morgan Ondra Partners Credit Suisse Somerley Ltd Bank of America Merrill Lynch Deutsche Bank Southwest Securities Co Ltd Industrial & Comm Bank China Rothschild Macquarie Group VTB Capital Haitong Securities Co Ltd Standard Chartered PLC Nomura Tudor Pickering & Co LLC Industry Total

4.6% ▲ 22.8% ▲

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 US$m Sh (%) Share Ch. Rank Rank 1 4 27,108.4 16.5 4.7 ▲ 2 8 23,383.4 14.3 5.9 ▲ 3 13 19,489.9 11.9 6.9 ▲ 4 1 18,457.9 11.3 -16.1 ▼ 5 34 17,773.5 10.8 9.8 ▲ 6 36* 17,665.6 10.8 10.0 ▲ 7 7 11,986.1 7.3 -1.2 ▼ 8 2 11,478.9 7.0 -16.1 ▼ 9 33 10,792.8 6.6 5.6 ▲ 10 11 10,432.8 6.4 0.9 ▲ 11 5 10,320.3 6.3 -3.0 ▼ 12 9,385.9 5.7 5.7 ▲ 13 3 8,577.0 5.2 -9.8 ▼ 14 19 6,471.5 4.0 1.1 ▲ 15 14 6,043.7 3.7 -1.1 ▼ 16 6 4,164.9 2.5 -6.4 ▼ 17 30 4,101.2 2.5 1.2 ▲ 18 61 2,961.2 1.8 1.5 ▲ 19 9 2,919.5 1.8 -5.9 ▼ 20 69 2,439.6 1.5 1.3 ▲ 21 63 2,000.0 1.2 0.9 ▲ 22 66 1,717.3 1.1 0.9 ▲ 23 20 1,717.2 1.1 -1.6 ▼ 24 25 1,711.2 1.0 -0.8 ▼ 25 1,700.0 1.0 1.0 ▲ 163,926.2 100.0


9.5% ▲ 26.8% ▲

Jan 1 - Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 19 1.1 -5 ▼ 13 0.8 -1 ▼ 9 0.5 +1 ▲ 16 1.0 -1 ▼ 2 0.1 -1 ▼ 1 0.1 0 7 0.4 -6 ▼ 35 2.1 +15 ▲ 6 0.4 +2 ▲ 17 1.0 -7 ▼ 10 0.6 -2 ▼ 1 0.1 +1 ▲ 19 1.1 +4 ▲ 15 0.9 -6 ▼ 6 0.4 -7 ▼ 5 0.3 -9 ▼ 14 0.8 +3 ▲ 1 0.1 0 11 0.7 -2 ▼ 10 0.6 +9 ▲ 1 0.1 0 14 0.8 +2 ▲ 6 0.4 -3 ▼ 4 0.2 -1 ▼ 1 0.1 +1 ▲ 1,653 -89 -5.1% ▼ -5.5% ▼

17.4% ▲ 13.9% ▲

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

Jan 1 - Dec 31

17% $46.7 15% $42.6

11% $29.3 11% $30.8

12% $31.8

14% $38.3

Energy and Power

Materials

Real Estate

Financials

Industrials

High Technology

Consumer Staples


Healthcare

Telecommunications


Retail

Jan 1 - Dec 31

Any Chinese Involvement Announced (AD56) - Top Deals Rank Date 5/29/2013 9/7/2013 12/31/2013 9/27/2013 3/13/2013 4/1/2013 9/24/2013 6/14/2013 11/19/2013 8/29/2013

Date Effective 9/26/2013 Pending Pending Pending 7/26/2013 9/18/2013 Pending Pending Pending 11/14/2013

Target (% Sought/Acquired) Smithfield Foods Inc (100%) Kashagan Oilfield (8.3%) Baotou Iron&Steel(Grp)Co-Asets (100%) Beijing Xinwei Telecom Tech (96.5%) ENI East Africa SpA (28.57%) GD Midea Holding Co Ltd (58.83%) COFCO Land Ltd-Assets (100%) PetroChina -W Pipeline Asts (100%) Castle Peak Power Co Ltd (30%) Apache Corp-Egypt Oil & Gas (33%)

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 72.0 7.9 0.4 ▲ 47.9 5.3 0.4 ▲ 43.5 4.8 2.4 ▲ 38.2 4.2 5.3 ▼ 29.7 3.3 2.6 ▲ 25.3 2.8 2.3 ▲ 8.7 1.0 2.5 ▼ 35.1 3.9 1.3 ▲ 55.1 6.1 4.8 ▲ 26.9 3.0 1.4 ▲ 44.2 4.9 0.8 ▲ 10.1 1.1 1.1 ▲ 30.4 3.4 3.5 ▼ 12.6 1.4 0.8 ▲ 26.8 3.0 0.1 ▲ 10.5 1.2 2.5 ▼ 1.3 0.2 0.0 .9 0.1 0.1 ▲ 15.2 1.7 1.3 ▼ 18.6 2.0 1.9 ▲ 9.7 1.1 0.5 ▲ 1.9 0.2 0.0 4.6 0.5 0.6 ▼ 5.2 0.6 0.7 ▼ 12.3 1.4 1.4 ▲ 907.7 100.0

Acquiror Shuanghui Intl Hldg Ltd CNPC Inner Mongolia Baotou Steel Beijing Zhongchuang Telecom PetroChina Co Ltd Midea Group Co Ltd The HK Parkview Group Ltd Investor Group Investor Group SIPC

Acquiror / Target Nation China / United States China / Kazakhstan China / China China / China China / Mozambique China / China Hong Kong / China China / China China / Hong Kong China / Egypt


Rank Value (US$m) 6,977.3 5,000.0 4,916.1 4,318.3 4,210.0 4,077.8 3,654.7 3,262.3 3,096.2 2,950.0

Target Macro / Mid Industry Consumer Staples / Agriculture & Livestock Energy and Power / Oil & Gas Materials / Metals & Mining Telecommunications / Telecommunications Equipment Energy and Power / Oil & Gas Consumer Staples / Household & Personal Products Real Estate / Other Real Estate Energy and Power / Oil & Gas Energy and Power / Power Energy and Power / Oil & Gas



Sub Saharan African M&A Any Sub Saharan Involvement Announced

Financial Advisor Bank of America Merrill Lynch Credit Suisse Standard Chartered PLC JP Morgan Citi Morgan Stanley UBS Barclays BNP Paribas SA Banco BTG Pactual SA Scotiabank Deutsche Bank Evercore Partners Investec Rand Merchant Bank Macquarie Group Gresham Partners Grant Thornton Dyer & Blair Ernst & Young LLP CIBC World Markets Inc Fenchurch Advisory Partners HSBC Holdings PLC Goldman Sachs & Co Java Capital (Proprietary) Ltd Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 1 17 5,453.2 16.2 14.2 ▲ 2 29 5,097.0 15.1 14.2 ▲ 3 15 4,226.9 12.5 9.6 ▲ 4 28 4,211.2 12.5 11.6 ▲ 5 27 3,066.3 9.1 8.1 ▲ 6 9 2,819.0 8.4 3.5 ▲ 7 14 2,776.2 8.2 5.2 ▲ 8 12 2,186.2 6.5 2.8 ▲ 9 1,790.0 5.3 5.3 ▲ 10 35 1,563.6 4.6 4.2 ▲ 11 1,520.0 4.5 4.5 ▲ 12 4 1,447.8 4.3 -3.9 ▼ 13 1,288.0 3.8 3.8 ▲ 14 7 1,218.7 3.6 -2.5 ▼ 15 1 616.6 1.8 -13.0 ▼ 16 16 551.5 1.6 -1.0 ▼ 17 31 400.3 1.2 0.6 ▲ 18 71* 352.0 1.0 1.0 ▲ 19 335.0 1.0 1.0 ▲ 20 23 328.7 1.0 -0.5 ▼ 21 301.2 0.9 0.9 ▲ 22* 271.5 0.8 0.8 ▲ 22* 34 271.5 0.8 0.3 ▲ 22* 3 271.5 0.8 -8.0 ▼ 25 11 254.1 0.8 -3.6 ▼ 33,728.7 100.0


16.6% ▲ -51.1% ▼

Jan 1 - Dec 31 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 5 0.9 +2 ▲ 3 0.6 0 3 0.6 -1 ▼ 4 0.8 +1 ▲ 4 0.8 -1 ▼ 3 0.6 -2 ▼ 2 0.4 -2 ▼ 5 0.9 +1 ▲ 2 0.4 +2 ▲ 1 0.2 0 1 0.2 +1 ▲ 4 0.8 +1 ▲ 1 0.2 +1 ▲ 12 2.3 +6 ▲ 8 1.5 -17 ▼ 2 0.4 -1 ▼ 1 0.2 0 4 0.8 +3 ▲ 1 0.2 +1 ▲ 3 0.6 -5 ▼ 1 0.2 +1 ▲ 3 0.6 +3 ▲ 2 0.4 +1 ▲ 2 0.4 -7 ▼ 1 0.2 -16 ▼ 530 +3,274 -25.9% ▼ -30.3% ▼

Any Sub Saharan Completed

Financial Advisor Barclays JP Morgan Standard Chartered PLC Credit Suisse Banco BTG Pactual SA Morgan Stanley Investec Deutsche Bank Rothschild Macquarie Group Rand Merchant Bank Bridge Capital Advisors Bank of America Merrill Lynch UBS Gresham Partners Nomura Citi KPMG Grant Thornton Dyer & Blair FirstEnergy Capital Corp RBC Capital Markets CIBC World Markets Inc Fenchurch Advisory Partners HSBC Holdings PLC Goldman Sachs & Co Industry Total

Jan 1 - Dec 31

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 1 23 2,957.7 16.2 14.6 ▲ 2 6 1,872.6 10.3 2.2 ▲ 3 2 1,717.9 9.4 -13.7 ▼ 4 5 1,689.4 9.3 0.1 ▲ 5 34 1,563.6 8.6 8.2 ▲ 6 16 1,154.3 6.3 3.0 ▲ 7 38 740.6 4.1 3.9 ▲ 8 7 698.8 3.8 -3.2 ▼ 9 11 675.1 3.7 -1.2 ▼ 10 22 654.3 3.6 1.9 ▲ 11 14 646.0 3.5 -0.8 ▼ 12 41 572.1 3.1 2.9 ▲ 13 17 514.0 2.8 -0.3 ▼ 14 3 404.0 2.2 -19.7 ▼ 15 29 400.3 2.2 1.5 ▲ 16 4 391.0 2.1 -17.0 ▼ 17 56* 367.6 2.0 2.0 ▲ 18 10 343.1 1.9 -3.3 ▼ 19 56* 338.7 1.9 1.9 ▲ 20 335.0 1.8 1.8 ▲ 21* 331.0 1.8 1.8 ▲ 21* 8 331.0 1.8 -5.1 ▼ 23 301.2 1.7 1.7 ▲ 24* 271.5 1.5 1.5 ▲ 24* 271.5 1.5 1.5 ▲ 24* 1 271.5 1.5 -30.4 ▼ 18,238.7 100.0


-33.0% ▼ -44.4% ▼

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 7 1.9 +5 ▲ 3 0.8 -1 ▼ 2 0.5 -2 ▼ 3 0.8 -3 ▼ 1 0.3 0 4 1.1 +1 ▲ 10 2.7 +7 ▲ 4 1.1 +2 ▲ 4 1.1 -1 ▼ 3 0.8 +1 ▲ 2 0.5 -9 ▼ 4 1.1 +2 ▲ 4 1.1 -1 ▼ 2 0.5 -2 ▼ 1 0.3 0 3 0.8 +2 ▲ 3 0.8 +1 ▲ 7 1.9 +1 ▲ 4 1.1 +3 ▲ 1 0.3 +1 ▲ 2 0.5 +2 ▲ 2 0.5 -3 ▼ 1 0.3 +1 ▲ 2 0.5 +2 ▲ 1 0.3 +1 ▲ 2 0.5 -7 ▼ 365 +1,181 -22.7% ▼ -8.4% ▼

-36.9% ▼ -3.9% ▼

Sub Saharan Involvement Announced M&A by Target Industry ($bil)

8% $2.2

Jan 1 - Dec 31

51% $14.7 22% $6.2

Energy and Power

Materials

Healthcare

Financials

Real Estate

Industrials


Consumer Staples

High Technology


Telecommunications

Retail

Any Sub Saharan Involvement Announced - Top Deals Rank Date 3/13/2013

Date Effective 7/26/2013

8/25/2013 6/25/2013 9/16/2013 2/11/2013 6/14/2013 6/21/2013 11/14/2013 7/3/2013 5/17/2013

Pending Pending Pending 2/11/2013 6/28/2013 Pending Pending Intended Pending

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 17.9 8.6 7.8 ▲ 6.1 2.9 0.5 ▼ 11.1 5.3 3.3 ▼ 7.2 3.5 0.9 ▲ 8.4 4.0 3.8 ▲ 10.0 4.8 3.6 ▲ 7.6 3.7 3.2 ▲ 3.4 1.7 0.9 ▲ 11.0 5.3 1.7 ▲ 5.8 2.8 1.4 ▲ 2.5 1.2 2.2 ▼ 1.4 0.7 0.5 ▲ 6.7 3.2 0.3 ▼ 2.6 1.3 3.0 ▼ 3.8 1.8 1.2 ▲ 2.3 1.1 1.0 ▼ 6.5 3.1 1.9 ▲ .9 0.4 0.2 ▲ .9 0.5 0.5 ▲ 3.6 1.7 2.0 ▲ 1.5 0.7 1.1 ▲ 1.5 0.7 2.6 ▼ 1.7 0.8 0.5 ▲ 1.4 0.7 0.6 ▲ .9 0.4 1.4 ▲ 2.9 1.4 7.8 ▼ 208.4 100.0

Jan 1 - Dec 31

Target (% Sought/Acquired) ENI East Africa SpA (28.57%)

Acquiror PetroChina Co Ltd

Rovuma Offshore Area 1 (10%) Videocon Mozambique Rovuma 1 (100%) ConocoPhillips-Nigerian Assets (100%) Sibanye Gold Ltd (100%) Petrobras Oil & Gas BV (50%) Offshore Block 31,Angola (10%) Blocks(3), Tanzania (20%) Adcock Ingram Holdings Ltd (100%) Gold Fields La Cima SA (100%)

ONGC Videsh Ltd Undisclosed SPV Oando PLC Shareholders BTG Pactual E&P BV Sonangal Sinopec International Pavilion Energy Pte Ltd CFR Pharmaceutical SA Gold Fields La Cima SA


Acquiror / Target Nation China / Mozambique

Rank Value (US$m) 4,210.0

India / Mozambique India / Mozambique Nigeria / Nigeria South Africa / South Africa Netherlands / Nigeria Angola / Angola Singapore / Tanzania Chile / South Africa Peru / Peru

2,640.0 2,475.0 1,790.0 1,571.5 1,563.6 1,520.0 1,288.0 1,158.6 1,110.8

Target Macro / Mid Industry Energy and Power / Oil & Gas Energy and Power / Oil & Gas Energy and Power / Oil & Gas Energy and Power / Oil & Gas Materials / Metals & Mining Energy and Power / Oil & Gas Energy and Power / Oil & Gas Energy and Power / Oil & Gas Healthcare / Pharmaceuticals Materials / Metals & Mining



Ranking Criteria Summary - Announced league tables include all deals that were announced between January 1, 2012 and December 31, 2013 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: Americas Robert Levine Tel: +1 646 223 5682 E-mail: [email protected] EMEA Serkan Tecimer Tel: +44 (0) 20 7542 3566 E-mail: [email protected] Asia-Pacific Kelvin Bian Tel: +852 3761 1852 E-mail: [email protected] Japan Akemi Mamiya y Tel: +813 5218 6576 E-mail: [email protected]

and previous year's data is as of 5:00pm EST on December 31, 2013. -

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.

-

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”.

Thomson Reuters includes the following nations in the Emerging Markets M&A Tables: Americas Central America Belize Costa Rica El Salvador Guatemala Honduras Mexico Nicaragua Panama

Asia-Pacific South America Argentina Bolivia Brazil Chile Columbia Ecuador Falkland Islands (UK) Guyana Paraguay Peru Suriname Uruguay Venezuela

Central Asia Afghanistan Armenia Azerbaijan Kazakhstan Kyrgyzstan Tajikistan Turkmenistan Uzbekistan South Asia Bangladesh Bhutan India Maldives Nepal Pakistan Sri Lanka

Europe, Middle East & Africa Australasia American Samoa Cook Islands Fiji French Polynesia Guam Kiribati Marshall Islands N. Mariana Islands Nauru New Caledonia Niue Norfolk Islands Palau Papua New Guina Solomon Islands Tokelau Tonga Tuvalu Wallis & Futuna Is. Western Somoa

South-East Asia Brunei Cambodia Indonesia Laos Malaysia Philippines Timor-Leste Thailand Vietnam

Eastern Europe Albania Belarus Bosnia-Herzegovina Bulgaria Croatia Czech Republic Estonia Georgia Hungary Latvia Lithuania Macedonia Moldova Montenegro Russia Serbia Slovak Republic Slovenia Turkey Ukraine

North Asia Mongolia North Korea China

Middle East Iran Iraq Jordan Lebanon Syria Yemen Bahrain Israel Kuwait Oman Qatar Saudi Arabia United Arab Emirates North Africa Algeria Egypt Libya Morocco Tunisia

Sub-Saharan Africa Angola Benin Angola Botswana Burkina Faso Burundi Cameroon Cape Verde Central African Republic Chad Comoros Congo, Republic of Cote d'Ivoire Dijbouti DR Congo Equatorial Guinea Eritrea Ethiopia Gabon Gambria Ghana

Guinea-Bissau Kenya Lesotho Liberia Madagascar Malawi Mali Mauritania Mauritius Mayotte Mozambique Namibia Niger Nigeria Reunion Rwanda Sao Tome e Principe Senegal Seychelles Sierra Leone

Somalia South Africa St. Helena Sudan Swaziland Tanzania Togo Uganda Western Sahara Zaire Zambia Zimbabwe

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. © 2013 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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