mid-market m&a review - Thomson Reuters Deal Making Intelligence

MID-MARKET M&A REVIEW FINANCIAL ADVISORS First Nine Months 2013

First Nine Months 2013 | Mergers & Acquisitions | Financial Advisors

Mid-Market M&A Review Table of Contents Worldwide Mid-Market M&A Deals Intelligence

1

Worldwide Mid-Market Rankings (MM1)

2

US Target Mid-Market Rankings (MM2)

3

Latin America Involvement Mid-Market Rankings (MM17)

4

European Involvement Mid-Market Rankings (MM3)

5

UK Involvement Mid-Market Rankings (MM4)

6

French Involvement Mid-Market Rankings (MM5)

7

German Involvement Mid-Market Rankings (MM6)

8

Italian Involvement Mid-Market Rankings (MM7)

9

Spanish Involvement Mid-Market Rankings (MM8)

10

Nordic Involvement Mid-Market Rankings (MM9)

11

Benelux Involvement Mid-Market Rankings (MM10)

12

Eastern Europe Involvement Mid-Market Rankings (MM16)

13

Hochinma Involvement Mid-Market Rankings (MM13)

14

Hong Kong Involvement Mid-Market Rankings (MM12)

15

Australia/New Zealand Involvement Mid-Market Rankings (MM11)

16

Singapore Involvement Mid-Market Rankings (MM14)

17

Japanese Involvement Mid-Market Rankings (MM15)

18

Chinese Involvement Mid-Market Rankings (MM20)

19

Indian Involvement Mid-Market Rankings (MM21)

20

Ranking Criteria Summary

21

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First Nine Months 2013 DEALS VALUED UP TO US$500 MILLION

MID-MARKET M&A REVIEW M&A Rankings For Small-Cap Deals Valued Up To US$50m Are Also Available Mid-Market Deals Intelligence

Worldwide Mid-Market M&A up to US$500m by Rank Value Range

Worldwide announced Mid-Market M&A deals valued up to $500 million (including undisclosed value deals) totaled US$507.5 billion during the first nine months of 2013 – a 2.3% decrease from the comparable period last year.

Jan 1 - Sep 30

$250

14,000

Estimated global fees generated from completed Mid-Market M&A activity reached US$8 billion during the first nine months of 2013, according to estimates by Thomson Reuters and Freeman Consulting.

The Real Estate sector comprised 20.7% of announced value, followed by Energy and Power and Industrials, representing 11.6% and 11.5% of the total market, respectively.

$200 10,000 $150

8,000 6,000

$100

# of Deals

The European region (by target domicile) led the market in terms of deal count, with 8,967 deals during the first nine months, representing 34.4% of the 26,031 deals announced worldwide.

12,000 Rank Value (US$b)

The Americas region (by target domicile) led the market, with US$183 billion of announced deal activity, representing a 36% share of the market.

4,000 $50 2,000

Announced Mid-Market M&A by Target Nation Up To US$500m Region/Nation Worldwide Americas United States of America Canada Brazil Mexico Chile Peru Colombia Europe United Kingdom Germany France Spain Russian Federation Sweden Turkey Italy Norway Netherlands Poland Africa/Middle East/Central Asia South Africa Israel Asia-Pacific (ex Central Asia) China Australia South Korea Hong Kong India Singapore Malaysia Indonesia New Zealand Japan

Jan 1 - Sep 30

1/1/2013 - 9/30/2013

1/1/2012 - 9/30/2012

Rank Value US$m

# of Deals

Rank Value US$m

# of Deals

507,548.8 183,048.6 131,167.3 24,342.4 11,699.0 5,123.6 2,605.7 1,860.1 1,614.6 126,338.6 36,033.8 13,603.6 10,259.9 9,139.6 8,931.9 6,450.4 5,832.2 5,817.5 5,182.8 3,879.9 3,238.5 13,819.1 3,139.9 2,504.4 153,490.5 74,325.4 20,201.4 15,545.2 9,347.1 7,151.6 6,527.1 4,501.2 3,108.8 2,561.6 30,851.9

26,031 8,325 6,104 1,207 374 141 104 95 60 8,967 1,577 950 1,013 494 1,319 524 231 349 296 332 203 748 177 120 6,518 2,394 941 690 282 638 274 367 150 114 1,473

519,743.2 203,587.8 139,522.2 30,248.4 16,382.0 3,053.2 2,927.3 1,206.3 1,006.2 129,714.3 35,173.3 13,144.0 10,461.3 7,103.9 13,836.4 4,294.3 3,990.6 7,247.7 4,085.3 3,561.7 4,532.2 19,645.6 4,659.8 3,990.0 142,490.9 54,960.6 24,521.0 15,161.8 6,844.0 10,012.8 6,793.4 5,931.5 2,971.6 1,081.4 24,304.6

28,215 8,557 5,784 1,402 563 153 126 103 100 10,349 1,832 1,043 1,164 594 1,776 539 198 368 412 392 189 995 239 179 6,795 2,390 1,079 723 245 670 268 367 188 130 1,519

% Change in Rank Value -2.3 -10.1 -6.0 -19.5 -28.6 67.8 -11.0 54.2

▼ ▼ ▼ ▼ ▼ ▲ ▼ ▲ 60.5 ▲ -2.6 ▼ 2.4 ▲ 3.5 ▲ -1.9 ▼ 28.7 ▲ -35.4 ▼ 50.2 ▲ 46.1 ▲ -19.7 ▼ 26.9 ▲ 8.9 ▲ -28.5 ▼ -29.7 ▼ -32.6 ▼ -37.2 ▼ 7.7 ▲ 35.2 ▲ -17.6 ▼ 2.5 ▲ 36.6 ▲ -28.6 ▼ -3.9 ▼ -24.1 ▼ 4.6 ▲ 136.9 ▲ 26.9 ▲

$0

-

US$200 - 500m

US$100 - 200m

US$50 - 100m

US$0 - 50m

Worldwide Mid-Market M&A up to US$500m by Target Industry

Jan 1 - Sep 30 2013

Real Estate

4.0% 2.1% 4.6%

# of Deals

Energy and Power

20.7%

Industrials

5.0%

Financials 6.5%

Materials High Technology

6.5%

11.6%

Healthcare Media and Entertainment Consumer Staples

7.9%

Consumer Products and Services 11.5% 8.8% 10.9%

Retail Telecommunications

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First Nine Months 2013 │ Mid-Market M&A Up To US$500m │ Financial Advisors

Worldwide Mid-Market Rankings (MM1)

2013 2012 Rank Rank 1 2 2 1 3 4 4 9 5 5 6 7 7 3 8 18 16 9 10* 17 10* 19 12 8 23 13 14 6 15 21 16 14 17* 13 17* 10 19* 20 19* 22 21* 26 21* 12 23* 15 23* 11 25 28* 26 24 27 28* 28* 31 30 28* 25 30 31 27 34* 32 41 33 34 33 35* 38* 35* 42* 37 44* 32 38 38* 39* 49 39* 41* 68* 41* 47* 43* 44* 43* 61 45 34* 74* 46* 46* 94* 34* 46* 46* 51* 50 59*

# of Deals 256 173 163 161 150 127 122 121 112 106 106 105 95 92 90 86 83 83 81 81 80 80 74 74 73 70 62 60 60 58 57 48 46 43 40 40 39 38 37 37 32 32 31 31 30 29 29 29 29 28 26,031

Change in # of Deals -17 ▼ ▼ -105 ▼ -6 ▲ 26 -5 ▼ -20 ▼ -58 ▼ 21 ▲ 7 ▲ ▲ 2 10 ▲ -36 ▼ 10 ▲ -59 ▼ ▲ 3 -29 ▼ -35 ▼ -45 ▼ -11 ▼ -5 5 ▼ 11 ▲ -39 ▼ -34 ▼ -48 ▼ 9 ▲ -3 ▼ ▼ -2 0 -1 ▼ ▼ -14 -11 ▼ -5 ▼ 0 ▼ -12 -8 ▼ -5 ▼ -4 ▼ -20 ▼ -11 ▼ -3 ▼ ▲ 10 -9 ▼ -12 ▼ 3 ▲ ▼ -23 9 ▲ 13 ▲ -24 ▼ -9 ▼ -1 ▼ -2,185 ▼

Rank Value per Advisor (US$m) Rank Value US$m 7,133.9 6,721.9 21,992.1 6,114.8 8,435.6 11,045.1 16,012.8 5,362.9 16,008.2 13,068.6 12,632.3 3,214.3 8,929.9 706.9 1,548.2 7,083.4 10,645.7 4,629.2 11,671.8 2 491 6 2,491.6 12,884.1 1,633.3 8,441.8 524.2 1,081.3 8,086.8 6,663.8 6,905.2 3,758.4 5,413.1 8,827.3 2,028.0 5,692.1 5,661.3 3,487.8 158.4 1,818.8 319.0 3,189.9 317.1 544.9 1,524.5 4,464.0 1,210.0 264.5 1,603.6 1,093.4 2,432.5 2,186.9 2,281.2 507,548.8

2013 Rank 15 18 1 20 13 8 2 24 3 4 6 31 10 93 55 16 9 25 7 36 5 50 12 129 69 14 19 17 28 23 11 44 21 22 29 272 47 180 32 181 120 57 26 66 207 51 68 37 43 39

Rank Value Change (%) -33.0 ▼ -26.6 ▼ -15.0 ▼ 63.8 ▲ -25.5 ▼ -13.5 ▼ -29.4 ▼ 20.3 ▲ -4.5 ▼ -8.4 ▼ -2.3 ▼ -44.0 ▼ -12.3 ▼ -61.3 ▼ -7.9 ▼ -29.5 ▼ -20.8 ▼ -29.4 ▼ 4.4 ▲ -26.9 26 9 ▼ 15.0 ▲ -14.1 ▼ -32.6 ▼ -48.5 ▼ 46.8 ▲ -15.1 ▼ -24.3 ▼ 18.1 ▲ -24.5 ▼ 12.9 ▲ 13.5 ▲ 80.7 ▲ 40.5 ▲ 24.3 ▲ 141.2 ▲ -17.7 ▼ -31.7 ▼ 113.4 ▲ 36.5 ▲ -38.2 ▼ -4.5 ▼ 46.0 ▲ -3.7 ▼ -33.7 ▼ -62.4 ▼ 0.3 ▲ 98.2 ▲ -53.1 ▼ -20.7 ▼ 139.8 ▲ -2.3 ▼

Imputed Fees (US$m) Advisor Fees 29.5 26.0 237.2 16.1 270.9 208.5 240.5 47.7 246.6 145.2 151.6 15.4 132.0 76.9 8.0 71.5 156.8 137.4 122.8 36 0 36.0 184.3 37.7 145.4 33.0 44.6 134.9 117.8 104.7 78.9 42.0 89.1 35.4 62.4 39.6 51.3 18.0 41.1 18.4 17.8 26.5 26.4 63.2 52.5 13.0 24.1 6.9 18.5 26.9 38.1 7,998.0

2013 Rank 42 46 4 64 1 5 3 26 2 10 8 65 13 19 105* 20 7 11 14 35 6 33 9 38* 27 12 15 16 18 29 17 36 23 31 25 60* 30 59 62 44 45 21 24 70 49 114* 58 43 32

Worldwide Mid-Market M&A up to US$500m by Target Nation Region

†

** Fee Exp (%) 89.7 90.0 21.7 82.1 68.3 50.3 29.0 60.5 30.6 29.8 26.4 87.5 43.3 97.0 100.0 42.2 29.0 83.7 36.0 67 2 67.2 26.4 100.0 48.9 100.0 100.0 54.1 36.2 72.3 62.4 85.4 71.6 87.8 73.2 51.1 81.7 100.0 51.7 100.0 75.1 98.5 66.5 53.5 75.5 64.0 68.9 40.6 59.1 64.7 74.1 53.5

$0

$100

$300

$400

$500

2009

2010

2011

2012

2013 Rank Value (US$b)

Africa/Middle East

Americas

Asia-Pacific

Europe

Japan

Worldwide Estimated Mid-Market Investment Banking Fees by Quarter*

70.0%

$5 $4

60.0%

$4 50.0% $3 $3

40.0%

$2

30.0%

$2 20.0% $1 10.0%

$1 $0

0.0%

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2009

*tie Source: Thomson Reuters/Freeman Consulting

$200

Jan 1 - Sep 30

Percentage of Total Fees

# of Deals per Advisor Financial Advisor PricewaterhouseCoopers KPMG Goldman Sachs & Co Ernst & Young LLP Rothschild Lazard Morgan Stanley Mizuho Financial Group JP Morgan Credit Suisse Citi Deloitte UBS IMAP Grant Thornton Nomura Barclays Houlihan Lokey Deutsche Bank Sumitomo Mitsui Finl Grp Inc Bank of America Merrill Lynch M&A International RBC Capital Markets BDO Lincoln International Jefferies LLC Evercore Partners BNP Paribas SA Moelis & Co Stifel/KBW Macquarie Group DC Advisory Societe Generale HSBC Holdings PLC Raymond James Financial Inc RSM Tenon Group PLC Canaccord Genuity Clairfield International Daiwa Securities Group Inc Duff and Phelps Frontier Management Inc Leonardo & Co BMO Capital Markets Blackstone Group LP Rabobank NV UniCredit Plutus Consulting Co Ltd Banco BTG Pactual SA Sandler O'Neill Partners ING Industry Total

Jan 1 - Sep 30

Investment Banking Fees (US$b)

MM1 - Undisclosed Values & Values up to US$500m

2010

2011

Mid-Market I.B. Fees ($500mil or less)

2012

2013 % of Total Fees

** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees in the relevant regio * Source: Thomson Reuters/Freeman Consulting † Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.



US Target Mid-Market Rankings (MM2)

2013 2012 Rank Rank 1 1 2 4 3 2 4 3 5 8* 6 6* 7 12* 5 8 9* 10* 9* 8* 11 6* 12* 15 12* 22* 14 18 14 15 16* 25* 16* 12* 18 20* 19 36* 20* 19 25* 20* 27* 22 10* 23 49* 24* 24* 41* 26* 30* 26* 20* 28* 22* 72* 28* 28* 27* 41* 28* 32* 30* 32* 38* 32* 44* 35* 41* 35* 17 35* 33* 35* 60* 35* 52* 35* 159* 35* 60* 35* 46* 35* 33* 44* 55* 44* 46* 44* 16

# of Deals 67 57 55 54 43 42 41 40 39 39 35 33 33 32 31 28 28 27 26 24 24 20 18 13 13 12 12 11 11 11 11 10 10 10 9 9 9 9 9 9 9 9 9 8 8 8 6,104

Change in # of Deals -36 ▼ -7 ▼ -16 ▼ -12 ▼ 2 ▲ -1 ▼ 3 ▲ -7 ▼ 0 -2 ▼ -8 ▼ -2 ▼ 6 ▲ 0 -6 ▼ 4 ▲ -10 ▼ -2 ▼ 11 ▲ -7 7 ▼ 0 -3 ▼ -21 ▼ 3 ▲ 0 ▼ -7 -17 ▼ ▼ -16 7 ▲ ▼ -12 ▼ -2 -9 ▼ -4 ▼ ▼ -2 -4 ▼ -24 ▼ -8 ▼ 3 ▲ 1 ▲ 8 ▲ 3 ▲ -2 ▼ -8 ▼ 1 ▲ -3 ▼ -26 ▼ 320 ▲

Rank Value per Advisor (US$m) Rank Value US$m 3,739.2 3,912.7 5,355.5 7,488.8 2,628.0 4,109.1 6,044.0 4,807.1 4,758.9 6,649.2 4,000.0 6,230.3 3,288.8 554.7 2,429.1 3,407.1 2,186.9 264.0 2,369.4 2 952 2 2,952.2 4,045.1 579.8 1,263.2 30.0 952.1 914.5 0.0 0.0 93.1 48.6 823.0 626.7 231.2 1,382.4 521.2 594.5 80.9 56.2 200.0 99.5 1,083.3 148.5 263.4 98.0 659.2 821.5 131,167.3

2013 Rank 12 11 5 1 16 8 4 6 7 2 10 3 14 36 17 13 19 56 18 15 9 33 21 127 24 25 157* 157* 98 116 26 31 64 20 40 32 101 108* 67 92 22 75 57 93 29 27

Rank Value Change (%) 1.3 ▲ -14.3 ▼ 18.3 ▲ -31.5 ▼ 43.3 ▲ -13.8 ▼ -18.8 ▼ -32.1 ▼ -16.6 ▼ 9.8 ▲ -12.3 ▼ 13.8 ▲ -26.4 ▼ 26.8 ▲ 211.7 ▲ -25.1 ▼ -20.7 ▼ 9.6 ▲ 11.0 ▲ -21.1 21 1 ▼ 47.5 ▲ -66.6 ▼ -27.5 ▼ -93.6 ▼ 18.8 ▲ 39.0 ▲ - - -68.7 ▼ -23.9 ▼ -52.2 ▼ -51.7 ▼ -71.5 ▼ 115.7 ▲ -68.4 ▼ -55.7 ▼ 44.5 ▲ - -78.5 ▼ - 451.9 ▲ -77.4 ▼ -67.6 ▼ -76.0 ▼ -64.2 ▼ -58.0 ▼ -6.0 ▼

Imputed Fees (US$m) Advisor Fees 109.8 82.4 41.4 85.4 63.5 77.4 100.5 78.0 81.3 115.6 73.7 84.4 70.9 21.4 34.0 39.5 26.9 19.2 41.0 58 9 58.9 42.2 39.1 20.0 7.3 19.4 28.2 13.0 2.3 6.6 3.3 19.9 10.5 3.7 6.3 18.8 17.0 5.5 4.0 5.4 5.9 14.4 .7 6.0 1.1 12.0 16.6 2,838.0

2013 Rank 2 6 15 4 12 9 3 8 7 1 10 5 11 22 19 17 21 26 16 13 14 18 23 42 25 20 32 96* 44 75* 24 35 68 46* 27 28 50* 62* 52 49 31 161* 48 139* 34 29

US Mid-Market M&A up to US$500m by Rank Value Range

†

** Fee Exp. (%) 89.9 46.9 85.4 13.9 59.8 47.8 23.4 33.0 22.8 27.8 69.7 18.9 22.8 100.0 74.6 16.2 64.7 98.5 37.6 49 3 49.3 26.3 72.3 100.0 100.0 87.4 37.5 100.0 100.0 100.0 100.0 32.6 100.0 24.3 65.6 17.7 100.0 100.0 100.0 4.1 100.0 67.9 100.0 39.0 78.6 29.2 69.7 43.1

$70

3,000

$60

2,500

$50

2,000

$40 1,500 $30

# of Deals

# of Deals per Advisor Financial Advisor Houlihan Lokey Lazard Stifel/KBW Goldman Sachs & Co Moelis & Co Jefferies LLC Morgan Stanley Evercore Partners Barclays JP Morgan RBC Capital Markets Bank of America Merrill Lynch Citi Lincoln International Raymond James Financial Inc Credit Suisse Sandler O'Neill Partners Duff and Phelps UBS Wells Fargo & Co Deutsche Bank Blackstone Group LP William Blair & Co Cain Brothers Co. BMO Capital Markets Rothschild IMAP Stout Risius Ross Inc Mooreland Partners LLC Corporate Finance Associates Simmons & Co International Piper Jaffray Cos Sagent Advisors Inc Macquarie Group Greenhill & Co, LLC PNC Financial Services Group BB&T Corp Global M&A Centerview Partners LLC Petsky Prunier LLC Perella Weinberg Partners LP Deloitte Stephens Inc KPMG Tudor Pickering & Co LLC Robert W Baird & Co Inc Industry Total

Jan 1 - Sep 30

Rank Value (US$b)


1,000

$20

500

$10 $0

-

US$200 - 500m

US$100 - 200m

US$50 - 100m

US$0 - 50m

US Mid-Market M&A up to US$500m by Target Industry

2.4% 3.1% 4.7%

# of Deals

Jan 1 - Sep 30 2013

Real Estate 20.1%

Energy and Power Financials

6.2%

Healthcare Media and Entertainment 7.6%

Industrials High Technology 14.9%

Consumer Products and Services Materials

8.4%

Consumer Staples



9.3% ** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees in the relevant region. † Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.

10.8%

Government and Agencies

10.7%



Latin America Involvement Mid-Market Rankings (MM17)

2013 2012 Rank Rank 1 1 2 2 3 3 16* 4* 4* 9 4* 10* 7 5* 4 8* 8* 7 8 8* 14* 11 12* 16* 12* 10* 14* 10* 27* 14* 14* 16* 27* 17* 17* 5* 17* 16* 17* 10* 21* 24* 21* 21* 24* 16* 24* 52* 24* 40* 24* 31* 24* 40* 24* 14* 24* 52* 24* 52* 24* -

# of Deals 29 27 15 10 10 10 9 8 8 8 7 6 6 5 5 5 4 4 4 4 3 3 3 2 2 2 2 2 2 2 2 2 1,015

Change in # of Deals -24 ▼ ▼ -23 ▼ -14 3 ▲ -1 ▼ 1 ▲ ▼ -5 -14 ▼ -5 ▼ -4 ▼ -1 ▼ -1 ▼ -3 ▼ -4 ▼ 1 ▲ -2 ▼ 0 -10 ▼ -3 ▼ -5 5 ▼ -2 ▼ ▲ 3 3 ▲ -5 ▼ 1 ▲ 0 -1 ▼ 0 -6 ▼ 1 ▲ 1 ▲ 2 ▲ -358 ▼

Rank Value per Advisor (US$m) Rank Value US$m 2,432.5 1,874.0 2,023.4 525.8 1,125.8 640.4 1,755.2 537.8 102.0 848.9 1,248.0 42.7 889.4 1,685.6 504.8 630.0 462.2 320.5 311.3 00 0.0 860.1 208.1 10.0 116.1 180.2 49.5 0.0 358.9 2.8 0.0 120.9 45.0 27,611.6

2013 Rank 1 3 2 14 7 11 4 13 36 10 6 43 8 5 15 12 17 20 21 54* 9 25 50 32* 26* 41 54* 19 52 54* 29* 42

Rank Value Change (%) -53.1 ▼ -24.1 ▼ -43.7 ▼ -37.5 ▼ -17.9 ▼ -59.8 ▼ -30.6 ▼ -72.9 ▼ -91.4 ▼ -39.8 ▼ -4.2 ▼ -68.8 ▼ -48.4 ▼ 27.5 ▲ -16.9 ▼ -24.8 ▼ - 34.9 ▲ -77.3 ▼ - 476.9 ▲ - - -81.5 ▼ -16.2 ▼ -91.3 ▼ - 668.5 ▲ -82.7 ▼ - 115.9 ▲ - -17.0 ▼

Imputed Fees (US$m) Advisor Fees 18.5 20.0 15.0 6.0 7.4 20.4 18.7 14.4 5.8 5.6 17.6 .5 9.5 10.0 3.0 5.0 10.6 2.7 5.5 59 5.9 2.0 6.5 .2 .3 1.2 1.8 1.5 1.7 .6 1.3 1.1 344.4

2013 Rank 4 2 6 13 11 1 3 7 15 16 5 50* 10 9 22* 18 8 24 17 14 28* 12 65 62* 39* 30* 36* 32 46* 38 41 -

Latin America Mid-Market M&A up to US$500m by Rank Value Range

†

** Fee Exp. (%) 59.1 92.6 49.3 74.1 77.9 39.0 47.0 66.4 31.0 72.7 58.5 100.0 31.4 76.3 18.0 100.0 100.0 100.0 13.5 100 0 100.0 100.0 68.4 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 32.4 59.1

$18

600

$16 500 $14 $12

400

$10 300 $8 $6

200

# of Deals

# of Deals per Advisor Financial Advisor Banco BTG Pactual SA Itau Unibanco Credit Suisse BBVA Santander Lazard Goldman Sachs & Co Banco Bradesco SA Rothschild Citi JP Morgan PricewaterhouseCoopers Morgan Stanley Deutsche Bank UBS HSBC Holdings PLC BNP Paribas SA IMAP Bank of America Merrill Lynch BR Partners Evercore Partners Barclays Tamburi Investment Partners Sp KPMG Houlihan Lokey Mizuho Financial Group Lincoln International Macquarie Group Globalscope Alfaro Davila y Rios SC DNB ASA Buenos Aires Advisors Industry Total

Jan 1 - Sep 30

Rank Value (US$b)


$4 100 $2 $0

-

US$200 - 500m

US$100 - 200m

US$50 - 100m

US$0 - 50m

Latin America Mid-Market M&A up to US$500m by Target Industry

4.3% 4.5%

Jan 1 - Sep 30 2013

2.2% 14.0%

Materials Financials

5.7%


# of Deals

Energy and Power Consumer Products and Services 7.0%

12.7%

** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees in the relevant region. † Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.

Real Estate Industrials Telecommunications

7.8%

Consumer Staples 12.6%

Healthcare Media and Entertainment

8.8%

Retail 9.9%

10.6%

High Technology



European Involvement Mid-Market Rankings (MM3)

2013 2012 Rank Rank 1 1 2 2 3 3 4 5 6 5 9* 6 7 4 7 8 9 8 14* 10* 10* 16 12 12 13* 17 13* 14* 15 19* 16 11 17* 24 17* 9* 19* 28 19* 21* 21 18 22 21* 23 19* 24 29* 25* 23 25* 25* 27 13 28 42 29* 36 29* 32* 31* 31* 34 48* 33* 33* 58* 33* 27 29* 36 48* 37 38 55* 39* 86* 39* 41 41* 31 41* 32* 43* 58* 43* 66* 45 37 46* 35 46* 52* 46* 126*

# of Deals 162 127 117 100 86 67 66 63 59 51 51 50 48 48 46 43 42 42 40 40 39 37 36 33 32 32 30 29 26 26 25 25 24 24 24 22 21 20 19 19 18 18 17 17 16 14 14 14 10,390

Change in # of Deals -7 ▼ ▼ -41 -10 ▼ ▲ 17 7 ▲ ▼ -4 ▼ -36 ▼ -14 ▼ -13 -1 ▼ 0 ▼ -9 ▼ -2 -4 ▼ 0 -25 ▼ 2 ▲ -29 ▼ 6 ▲ -5 5 ▼ -10 ▼ -8 ▼ -10 ▼ 1 ▲ -9 ▼ -7 ▼ -23 ▼ 9 ▲ 2 ▲ -3 ▼ 25 ▲ -3 ▼ ▲ 8 ▲ 12 -13 ▼ -10 ▼ ▲ 5 6 ▲ 10 ▲ -2 ▼ ▼ -12 ▼ -11 5 ▲ ▲ 6 -7 ▼ -11 ▼ -1 ▼ 9 ▲ -1,594 ▼

Rank Value per Advisor Rank Value US$m Euro mil 3,909.0 2,961.2 4,556.1 3,478.9 6,873.0 5,227.1 2,873.0 3,773.0 1,019.6 774.6 9,214.8 7,008.4 218.2 166.7 499.7 382.2 6,669.8 5,097.2 5,329.6 4,035.2 5,204.1 3,958.6 256.1 194.9 2,766.9 3,666.9 2,028.0 1,539.3 4,320.4 5,692.1 1,543.2 1,182.9 3,928.2 5,155.4 4,675.8 6,178.5 712.0 536.5 158 4 158.4 119 1 119.1 5,630.1 4,274.9 4,914.0 3,721.1 3,883.9 2,951.3 5,132.5 3,872.8 1,524.5 1,171.7 319.0 244.6 264.5 201.1 1,227.0 1,603.6 2,017.0 2,649.7 1,224.1 930.9 313.4 232.1 2,548.4 3,364.3 1,769.1 1,350.9 2,254.1 1,723.6 2,708.7 2,039.0 1,404.4 1,066.4 1,725.7 2,281.0 2,012.6 1,518.4 65.9 50.3 1,422.1 1,885.9 29.6 22.5 1,777.6 1,349.6 38.7 29.5 4.3 5.6 2,361.6 1,817.3 549.4 413.9 403.4 306.9 844.8 1,095.2 161,698.0 122,819.4

2013 Rank 13 12 2 15 38 1 116 56 3 7 8 99 16 23 5 32 9 4 43 128 6 11 14 10 33 84 97 30 19 35 85 17 28 22 18 34 21 24 173* 26 208 27 197 278 20 50 73 36

Rank Value Change (%) -31.5 ▼ -17.2 ▼ -30.0 ▼ 141.3 ▲ -33.9 ▼ -22.1 ▼ -43.5 ▼ -0.3 ▼ 11.0 ▲ 2.9 ▲ -11.3 ▼ -50.5 ▼ -37.1 ▼ 80.7 ▲ 40.5 ▲ -13.7 ▼ -22.2 ▼ -36.4 ▼ 97.6 ▲ -17.7 17 7 ▼ -31.0 ▼ -20.2 ▼ -40.1 ▼ 11.2 ▲ 46.0 ▲ 323.1 ▲ -62.4 ▼ 0.3 ▲ -21.9 ▼ 28.6 ▲ - -7.3 ▼ 21.0 ▲ 92.1 ▲ -23.4 ▼ 33.0 ▲ 40.4 ▲ 62.7 ▲ 1218.0 ▲ 125.3 ▲ -75.3 ▼ 142.0 ▲ 19250.0 ▲ - 3.7 ▲ -79.4 ▼ -73.2 ▼ 1173.5 ▲ -10.3 ▼

Imputed Fees (US$m) Advisor Fees 19.7 18.6 225.8 11.2 7.9 98.7 55.2 30.5 97.0 95.3 52.4 25.6 73.7 35.4 62.4 4.7 73.3 73.9 26.9 18 0 18.0 119.5 60.3 67.9 81.3 26.4 16.0 13.0 24.1 23.6 30.6 10.6 51.3 52.9 22.1 16.4 20.8 13.6 26.4 10.1 30.1 8.4 29.7 5.8 8.1 27.9 8.5 22.0 20.8 3,532.2

2013 Rank 34 35 1 47 64 3 13 19 4 5 15 27 8 17 11 92* 9 7 23 36 2 12 10 6 24* 38 41 28 29 18 48 16 14 30 37 32* 40 24* 50 20 60 21 75* 62 22 59 31 32*

European Mid-Market M&A up to US$500m by Rank Value Range

†

** Fee Exp. (%) 86.8 96.4 73.7 77.2 100.0 25.2 100.0 100.0 49.9 70.3 28.1 100.0 50.8 87.8 73.2 83.9 39.3 22.5 100.0 100 0 100.0 32.2 37.2 36.9 41.0 66.5 100.0 64.0 68.9 32.7 75.0 100.0 71.8 64.0 69.7 32.7 80.0 100.0 81.0 100.0 69.4 100.0 78.4 100.0 100.0 71.7 20.2 67.9 75.9 59.1

$80

6,000

$70

5,000

$60 4,000

$50 $40

3,000

$30

2,000

$20 1,000

$10 $0

-

US$200 - 500m

US$100 - 200m

US$50 - 100m

US$0 - 50m

European Mid-Market M&A up to US$500m by Target Industry

4.6%

# of Deals

Jan 1 - Sep 30 2013

2.8% Real Estate

17.8%

4.6%

Industrials

5.0%

Energy and Power Financials

5.5%

Healthcare High Technology 14.7%

7.3%

Materials Consumer Staples Media and Entertainment

7.7%

Consumer Products and Services 11.4%


# of Deals

# of Deals per Advisor Financial Advisor PricewaterhouseCoopers KPMG Rothschild Ernst & Young LLP Grant Thornton Goldman Sachs & Co IMAP BDO Lazard BNP Paribas SA Citi M&A International UBS DC Advisory Societe Generale Deloitte Barclays Morgan Stanley Lincoln International RSM Tenon Group PLC JP Morgan Deutsche Bank Credit Suisse Bank of America Merrill Lynch Leonardo & Co Clairfield International Rabobank NV UniCredit Nomura Canaccord Genuity Green Square Partners LLP Jefferies LLC Evercore Partners Banca IMI (Intesa Sanpaolo) HSBC Holdings PLC SEB BBVA Jones Lang LaSalle Inc Translink Corporate Finance AG ING Globalscope Credit Agricole CIB La Compagnie Financiere Concentro Management AG Macquarie Group Mediobanca Houlihan Lokey Blackstone Group LP Industry Total

Jan 1 - Sep 30

Rank Value (US$b)



7.9% 10.9%




UK Involvement Mid-Market Rankings (MM4)

2013 2012 Rank Rank 1 1 2 2 3 6 4 5 5 4 3 6 7 7 8 8 9 10* 11 17* 10* 12 19 13 21 12* 14* 14* 14* 16 14* 22* 17* 17* 29 19* 25* 19* 12* 30* 21* 21* 9 21* 48* 21* 30* 25* 25* 25* 17* 25* 14* 28* 20 28* 24 28* 10 31* 35* 31* 35* 72* 33 48* 34* 34* 25* 35* 34* 34* 52* 92* 38* 92* 38* 25* 38* 38* 52* 38* 30* 35* 38* 44* 131* 44* 92* 44* 131* 44* 92* 44* 72* 44* 92* 44* 44*

# of Deals 79 60 44 39 36 32 27 26 25 21 21 20 19 18 18 17 16 16 15 15 13 13 13 13 12 12 12 11 11 11 10 10 9 8 8 8 8 6 6 6 6 6 6 5 5 5 5 5 5 5 2,503

Change in # of Deals 7 ▲ 5 ▲ 3 ▲ -3 ▼ -8 ▼ -21 ▼ ▼ -4 ▼ -4 25 ▲ ▼ -2 1 ▲ ▲ 1 4 ▲ -4 ▼ ▼ -3 -4 ▼ ▲ 2 6 ▲ 4 ▲ -7 7 ▼ 4 ▲ -12 ▼ 7 ▲ 4 ▲ 1 ▲ -8 ▼ -9 ▼ -5 ▼ -1 ▼ -13 ▼ ▲ 2 2 ▲ 6 ▲ 2 ▲ ▼ -3 0 3 ▲ 4 ▲ 4 ▲ -5 ▼ 1 ▲ -3 ▼ -2 ▼ 4 ▲ 3 ▲ 4 ▲ 3 ▲ 2 ▲ 3 ▲ -2 ▼ -354 ▼

Rank Value per Advisor Rank Value US$m GBP mil 942.0 614.5 1,934.2 1,249.7 493.5 319.5 1,480.2 967.4 102.6 158.4 2,491.4 1,630.0 1,304.8 851.6 3,790.0 2,475.9 313.4 201.4 3,243.6 2,113.7 252.9 163.2 1,068.2 1,645.6 2,119.4 1,371.2 137.2 89.9 915.5 592.8 2,248.3 1,448.3 2,168.8 1,402.4 1,131.9 1,773.9 845.1 542.9 1 353 7 1,353.7 878 8 878.8 1,394.6 885.0 79.1 51.7 10.8 16.4 1,197.0 767.4 285.1 183.4 1,526.3 994.3 466.6 300.2 1,489.7 976.8 1,234.8 794.9 721.0 1,104.1 1,076.6 702.9 189.4 121.3 292.5 451.1 674.3 1,037.1 67.7 44.1 28.2 18.4 35.5 53.7 74.0 49.0 391.3 253.6 497.6 329.7 415.9 271.4 878.5 579.6 17.0 26.1 94.2 143.5 437.9 285.6 398.1 263.5 713.2 458.8 480.8 315.5 241.5 160.0 280.0 184.5 59,598.3 38,609.4

2013 Rank 21 7 31 12 75 3 15 1 50 2 60 9 6 80 22 4 5 8 25 14 13 99 129 17 53 10 33 11 16 18 19 72 34 20 101 122 107 100 43 29 37 23 123 76 35 42 26 32 63 55

Rank Value Change (%) -38.9 ▼ -29.3 ▼ 14.5 ▲ 6.4 ▲ -2.4 ▼ -60.1 ▼ 94.9 ▲ -2.1 ▼ - -2.3 ▼ -13.8 ▼ 216.9 ▲ -24.4 ▼ -16.5 ▼ -0.7 ▼ -29.9 ▼ 18.8 ▲ -2.2 ▼ -21.2 ▼ -47.4 47 4 ▼ 53.9 ▲ -21.2 ▼ - -32.1 ▼ -4.7 ▼ -8.0 ▼ -45.2 ▼ -28.4 ▼ -31.1 ▼ -53.8 ▼ -37.0 ▼ -24.9 ▼ 6.7 ▲ 24.8 ▲ -50.4 ▼ -41.7 ▼ 117.4 ▲ - 234.2 ▲ -39.5 ▼ 139.0 ▲ 15.2 ▲ -61.0 ▼ -66.7 ▼ - 26440.0 ▲ 167.5 ▲ 963.7 ▲ 794.4 ▲ -24.6 ▼ -6.7 ▼

Imputed Fees (US$m) Advisor Fees 7.5 8.3 21.4 5.2 16.0 74.8 3.3 38.3 10.6 28.5 8.9 20.0 65.0 17.3 19.5 32.1 33.5 34.0 35.4 30 5 30.5 14.6 4.1 2.9 14.9 9.3 18.6 1.6 18.4 32.3 9.5 9.7 4.0 5.1 15.7 3.2 3.4 3.5 2.3 5.8 2.8 4.6 12.5 2.0 5.2 5.1 3.0 8.9 3.2 8.6 6.2 1,303.3

2013 Rank 34 32 11 39* 17 1 59* 3 23 10 27* 12 2 16 13 8 6 5 4 9 20 50 66* 19 26 14 92* 15 7 25 24 51* 41* 18 61* 58 57 74* 37 68* 46* 22 83* 39* 41* 63* 27* 61* 29* 36

UK Mid-Market M&A up to US$500m by Rank Value Range

†

** Fee Exp. (%) 100.0 92.2 100.0 92.9 100.0 64.8 91.7 32.1 100.0 29.1 100.0 80.3 44.3 100.0 65.7 43.3 69.4 39.6 56.2 35 0 35.0 70.2 100.0 100.0 42.8 100.0 61.8 64.0 42.1 46.9 68.8 89.8 100.0 100.0 67.1 100.0 100.0 100.0 100.0 100.0 100.0 100.0 69.1 100.0 32.7 27.7 100.0 100.0 100.0 56.6 54.9 62.3

$30

1,200

$25

1,000

$20

800

$15

600

$10

400

$5

200

$0

-

US$200 - 500m

US$100 - 200m

US$50 - 100m

US$0 - 50m

UK Mid-Market M&A up to US$500m by Target Industry

3.5%

# of Deals

Jan 1 - Sep 30 2013

2.8%

4.0%

Real Estate

21.5%

4.2%

Financials Healthcare

5.9%

Industrials Energy and Power

6.6%

High Technology Consumer Products and Services 13.1%

8.1%

Materials Media and Entertainment Consumer Staples

10.5%

9.6%


# of Deals

# of Deals per Advisor Financial Advisor Grant Thornton PricewaterhouseCoopers BDO KPMG RSM Tenon Group PLC Rothschild Ernst & Young LLP Goldman Sachs & Co Green Square Partners LLP Morgan Stanley M&A International DC Advisory JP Morgan IMAP Canaccord Genuity Barclays Jefferies LLC UBS Evercore Partners Citi Jones Lang LaSalle Inc Baker Tilly International Benchmark Intl Brokers Ltd Credit Suisse Lincoln International Lazard Deloitte Deutsche Bank Bank of America Merrill Lynch HSBC Holdings PLC Investec Altium Capital Limited Savills PLC BNP Paribas SA Livingstone Partners Globalscope BCMS Corporate Ltd Catalyst Corporate Finance McQueen Ltd Cenkos Securities PLC Leonardo & Co Macquarie Group Hurst Morrison Thomson CF Greenhill & Co, LLC Nomura Fenchurch Advisory Partners Cushman & Wakefield Inc Peel Hunt LLP Blackstone Group LP Simmons & Co International Industry Total

Jan 1 - Sep 30

Rank Value (US$b)



10.2%




French Involvement Mid-Market Rankings (MM5)

2013 2012 Rank Rank 1 2 2 1 3 3 4 10 5* 13* 5* 4* 4* 7 8* 8 9 20* 10* 20* 10* 17* 10* 7 13 20* 14* 40* 14* 13* 16* 33* 16* 28* 8* 18* 18* 12 20* 6 20* 44* 20* 17* 20* 33* 20* 40* 25* 11 25* 20* 25* 33* 13* 25* 25* 25* 25* 20* 31* 101* 31* 13* 31* 33* 31* 31* 33* 31* 44* 31* 40* 38* 52* 38* 17* 38* 44* 38* 101* 38* 33* 38* 25* 38* 28*

# of Deals 43 31 26 22 17 17 16 14 13 12 12 12 11 10 10 9 9 8 8 7 7 7 7 7 6 6 6 6 6 6 5 5 5 5 5 5 5 4 4 4 4 4 4 4 1,446

Change in # of Deals 12 ▲ -9 ▼ ▼ -2 5 ▲ 5 ▲ -10 ▼ ▼ -11 -4 ▼ ▲ 3 2 ▲ 1 ▲ -8 ▼ 1 ▲ ▲ 5 -2 ▼ 3 ▲ ▲ 2 -10 ▼ -5 ▼ -16 16 ▼ ▲ 3 -4 ▼ 1 ▲ 2 ▲ -8 ▼ -4 ▼ 0 -6 ▼ -2 ▼ -4 ▼ 4 ▲ -7 ▼ -1 ▼ 5 ▲ -1 ▼ 1 ▲ 0 1 ▲ -7 ▼ 0 3 ▲ -2 ▼ -4 ▼ -3 ▼ -221 ▼

Rank Value per Advisor Rank Value US$m Euro mil 2,100.9 1,594.4 2,918.9 2,217.1 2,781.3 2,123.0 165.0 125.9 38.7 29.5 1,512.3 1,146.5 2,178.9 1,657.5 497.2 373.5 573.2 426.0 2.5 1.9 90.7 67.9 52.7 40.0 75.2 58.0 12.5 9.4 61.4 46.9 1,879.3 1,433.2 551.4 414.7 0.0 0.0 1,226.6 934.4 183 6 183.6 138 6 138.6 0.0 0.0 0.0 0.0 293.0 224.9 2.5 3.3 106.5 81.4 986.6 755.4 6.1 4.6 6.4 4.8 0.0 0.0 478.4 635.9 252.3 188.2 2.0 1.5 0.7 0.5 549.2 423.3 1,189.2 910.5 254.2 193.0 6.0 4.6 148.9 110.0 111.0 83.5 538.4 410.0 330.1 250.0 3.2 2.5 199.5 151.2 676.7 513.9 22,117.1 16,805.9

2013 Rank 4 1 2 37 55 6 3 16 12 93* 48 54 51 69* 52 5 13 104* 7 34 104* 104* 25 87* 46 9 78* 77 104* 11 28 95* 100 14 8 27 81* 38 45 15 23 89* 32* 10

Rank Value Change (%) 85.6 ▲ -24.3 ▼ 42.3 ▲ -34.5 ▼ 19250.0 ▲ 105.9 ▲ 19.1 ▲ 144.9 ▲ -42.3 ▼ -85.3 ▼ - -87.5 ▼ -24.6 ▼ 19.0 ▲ 167.0 ▲ 185.5 ▲ 7.2 ▲ - -43.1 ▼ 33 0 ▼ -33.0 - - - -74.8 ▼ -20.6 ▼ 42.1 ▲ -97.2 ▼ 18.5 ▲ - -8.6 ▼ - - -99.1 ▼ - 140.8 ▲ - - -67.9 ▼ -33.4 ▼ -38.5 ▼ - -91.4 ▼ -52.6 ▼ 15.1 ▲ -0.3 ▼

Imputed Fees (US$m) Advisor Fees 74.8 54.4 30.7 2.3 5.8 23.1 26.4 7.2 24.4 5.6 5.0 8.9 .9 3.7 4.1 24.9 4.3 4.0 9.5 12 1.2 3.5 8.0 4.7 3.7 3.7 14.2 2.6 2.1 3.6 4.4 3.1 2.0 2.0 8.1 8.0 4.5 .6 1.9 .8 10.4 5.0 2.0 .6 7.7 636.7

2013 Rank 1 2 3 48 19 7 4 17 6 20 21* 12 96* 32* 30 5 29 31 11 70* 37 14* 24* 32* 32* 9 46 49 35* 27* 42 50* 50* 13 14* 26 102* 59 98* 10 21* 50* 102* 16

French Mid-Market M&A up to US$500m by Rank Value Range

†

** Fee Exp. (%) 68.1 74.5 74.9 100.0 100.0 73.6 67.0 100.0 64.2 100.0 100.0 76.1 100.0 100.0 100.0 71.6 78.2 100.0 33.9 100 0 100.0 100.0 100.0 100.0 100.0 100.0 34.8 100.0 100.0 100.0 32.4 100.0 100.0 100.0 98.8 39.6 100.0 100.0 46.3 100.0 48.8 45.0 100.0 100.0 28.2 69.9

$14

700

$12

600

$10

500

$8

400

$6

300

$4

200

$2

100

$0

-

US$200 - 500m

US$100 - 200m

US$50 - 100m

US$0 - 50m

French Mid-Market M&A up to US$500m by Target Industry

3.7%

2.8%

# of Deals

# of Deals per Advisor Financial Advisor Rothschild BNP Paribas SA Societe Generale PricewaterhouseCoopers La Compagnie Financiere Credit Agricole CIB Lazard DC Advisory UBS Financiere Cambon Lincoln International Leonardo & Co Ernst & Young LLP Pax Corporate Finance Capital Partner SAS Credit Suisse Natixis MBA Capital SARL Goldman Sachs & Co KPMG Synercom France IMAP Clairfield International M&A International Bryan Garnier & Co Morgan Stanley Aforge Finance SA MK Finance SA Easton Corporate Finance SAS HSBC Holdings PLC ING Linkers Lione & Associes Banca IMI (Intesa Sanpaolo) Citi Canaccord Genuity Grant Thornton Mediobanca Oddo et Cie Deutsche Bank Jones Lang LaSalle Inc Hottinguer Corporate Finance Deloitte JP Morgan Industry Total

Jan 1 - Sep 30

Rank Value (US$b)


# of Deals

Jan 1 - Sep 30 2013

Real Estate

3.8%

21.8%

Industrials

6.0%

Energy and Power Healthcare

6.3%

Materials Retail Consumer Products and Services

7.8%

High Technology 16.5%


Financials Media and Entertainment

9.2%

Consumer Staples

** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees in the relevant re † Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity.

Telecommunications 9.6%

11.8%



German Involvement Mid-Market Rankings (MM6)

2013 2012 Rank Rank 11* 1 4* 2 3 1 4* 2* 4* 13 6 2* 63* 7* 21* 7* 9 63* 10* 6* 10* 16* 10* 8* 10* 8* 10* 21* 46* 15* 15* 30* 15* 30* 15* 16* 19* 21* 19* 21* 30* 19* 19* 11* 63* 23* 23* 30* 23* 16* 23* 19* 23* 21* 28* 19* 28* 21* 28* 63* 28* 14* 28* 30* 28* 46* 28* 63* 28* 28* 21* 28* 30* 38* 39* 38* 14* 38* 63* 38* 30* 38* 21* 38* 39* 30* 38* 38* 88* 38* 30* 38* 63* 38* 88* 38* 38* 88* 38* 39*

# of Deals 25 20 19 17 17 15 12 12 9 8 8 8 8 8 7 7 7 7 6 6 6 6 5 5 5 5 5 4 4 4 4 4 4 4 4 4 4 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1,440

Change in # of Deals 14 ▲ 4 ▲ -12 ▼ 0 7 ▲ -2 ▼ 10 ▲ 6 ▲ ▲ 7 -5 ▼ 0 -4 ▼ -4 ▼ 2 ▲ 4 ▲ 2 ▲ 2 ▲ -1 ▼ 0 0 1 ▲ -5 ▼ 3 ▲ 0 -3 ▼ -2 ▼ -1 ▼ -3 ▼ -2 ▼ 2 ▲ -5 ▼ -1 ▼ 1 ▲ 2 ▲ 4 ▲ -2 ▼ -1 ▼ -1 ▼ -6 ▼ 1 ▲ -2 ▼ -3 ▼ -1 ▼ -2 ▼ 2 ▲ -2 ▼ 1 ▲ 2 ▲ 3 ▲ 2 ▲ -1 ▼ -132 ▼

Rank Value per Advisor Rank Value Euro mil US$m 279.4 364.1 318.6 418.4 965.8 739.1 282.3 212.6 5.6 4.3 264.3 200.9 1.6 2.1 537.7 414.2 1,575.8 1,195.1 1,870.0 1,414.9 1.4 1.1 417.5 315.0 7.1 5.5 1,092.8 827.0 235.6 181.5 1,041.5 783.8 0.0 0.0 0.0 0.0 457.6 351.9 61 4 61.4 47 2 47.2 484.9 372.0 521.6 402.6 0.0 0.0 0.0 0.0 159.9 121.5 494.6 378.4 493.0 369.1 0.0 0.0 936.0 716.3 0.0 0.0 48.6 37.9 52.5 40.4 0.0 0.0 0.0 0.0 2.6 2.0 0.0 0.0 0.0 0.0 207.3 160.0 139.2 105.0 596.6 459.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 464.7 347.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 325.3 250.0 21,785.6 16,537.1

2013 Rank 17 15 5 21 46 22 49 8 2 1 50 16 45 3 23 4 51* 51* 14 33 12 9 51* 51* 26 10 11 51* 6 51* 35 34 51* 51* 48 51* 51* 25 28 7 51* 51* 51* 51* 51* 13 51* 51* 51* 51* 19

Rank Value Change (%) 88.8 ▲ 47.4 ▲ 9.6 ▲ -65.5 ▼ - 1.2 ▲ - -17.5 ▼ 632.9 ▲ -24.0 ▼ -72.5 ▼ 49.7 ▲ -93.7 ▼ -29.9 ▼ 87.4 ▲ 66.8 ▲ - - -27.5 ▼ -95.7 95 7 ▼ 1495.1 ▲ 41.9 ▲ - - -78.9 ▼ -47.7 ▼ -52.0 ▼ - -13.1 ▼ - -91.9 ▼ - - - - - - 224.9 ▲ -91.0 ▼ 61.3 ▲ - - - - - 48.0 ▲ - - - - 24.4 ▲ -9.3 ▼

Imputed Fees (US$m) Advisor Fees 2.5 2.3 2.9 35.7 8.1 9.8 5.5 2.5 17.4 27.2 4.0 8.1 4.1 19.5 15.0 12.4 3.5 4.5 5.8 23 5 23.5 1.6 11.3 1.0 3.0 5.3 7.9 18.6 2.0 16.0 2.0 4.0 2.0 1.0 2.0 1.6 2.0 1.5 2.4 2.4 10.1 1.5 1.5 1.0 3.3 2.0 7.1 1.5 2.0 .2 3.0 11.1 536.7

2013 Rank 38* 42 35 1 15* 14 20* 38* 6 2 26* 15* 25 4 8 9 29 24 19 3 56* 10 70* 32* 23 17 5 44* 7 44* 26* 44* 70* 44* 56* 44* 59* 40* 40* 13 59* 59* 70* 31 44* 18 59* 44* 114* 32* 11

German Mid-Market M&A up to US$500m by Rank Value Range

†

** Fee Exp. (%) 59.5 100.0 87.9 95.2 100.0 100.0 100.0 46.3 49.9 57.4 100.0 100.0 100.0 25.1 97.4 100.0 100.0 100.0 53.2 62 8 62.8 100.0 37.0 100.0 100.0 70.7 59.8 30.1 47.6 66.9 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 46.2 100.0 100.0 100.0 100.0 100.0 100.0 37.4 100.0 100.0 100.0 100.0 100.0 60.9

$12

700 600

$10

500

$8

400 $6 300 $4

200

$2

100

$0

-

US$200 - 500m

US$100 - 200m

US$50 - 100m

US$0 - 50m

German Mid-Market M&A up to US$500m by Target Industry

2.3% 2.7%

# of Deals

Jan 1 - Sep 30 2013

Real Estate

3.8%

Industrials 26.0%

6.2%

Energy and Power Retail Financials

6.7%

High Technology Telecommunications

6.8%

Consumer Staples Consumer Products and Services

6.9%

Materials 23.7% 13.0%


# of Deals

# of Deals per Advisor Financial Advisor Ernst & Young LLP PricewaterhouseCoopers KPMG Rothschild Concentro Management AG Lincoln International perspektiv GmbH UniCredit Bank of America Merrill Lynch Deutsche Bank Globalscope DC Advisory RoelfsPartner Goldman Sachs & Co BNP Paribas SA Jones Lang LaSalle Inc Clairfield International M&A International UBS Credit Suisse Leonardo & Co Lazard Ferber & Co GmbH BDO Commerzbank AG Macquarie Group JP Morgan Berenberg Bank Barclays @VISORY partners goetzpartners Corp Finance Global M&A Mummert & Company Livingstone Partners RSM Tenon Group PLC Allert & Co GmbH Rabobank NV Houlihan Lokey Nomura RBC Capital Markets Lampe Corporate Finance GmbH Metzler Corporate Finance Corporate Finance Partners CFP Network Corporate Finance Moelis & Co Citi Sigma Corporate Finance GmbH Blackstone Group LP Daiwa Securities Group Inc Duff and Phelps Societe Generale Industry Total

Jan 1 - Sep 30

Rank Value (US$b)


Healthcare Media and Entertainment




Italian Involvement Mid-Market Rankings (MM7)

2013 2012 Rank Rank 1 5 2 1* 3 8 4 4 5 10* 6* 10* 6* 6 8 1* 9 17* 10* 24* 10* 10* 12* 12* 35* 12* 14* 12* 3 20* 12* 17* 35* 17* 14* 17* 20* 17* 17* 24* 17* 35* 23* 14* 23* 24* 23* 26* 35* 26* 26* 10* 26* 7 26* 26* 35* 26* 35* 26* 24*

# of Deals 21 20 18 13 12 10 10 9 7 6 6 5 5 5 5 5 4 4 4 4 4 4 3 3 3 2 2 2 2 2 2 2 2 500

Change in # of Deals 9 ▲ 0 9 ▲ -1 ▼ 5 ▲ 3 ▲ -1 ▼ -11 ▼ 2 ▲ 4 ▲ ▼ -1 5 ▲ 4 ▲ -1 ▼ -13 ▼ 2 ▲ ▲ 3 -2 ▼ 1 ▲ 4 ▲ 2 ▲ 3 ▲ -3 ▼ 1 ▲ 3 ▲ 1 ▲ 2 ▲ ▼ -5 -8 ▼ 2 ▲ 1 ▲ 1 ▲ 0 -24 ▼

Rank Value per Advisor Rank Value US$m Euro mil 1,499.7 1,144.6 621.6 478.8 1,323.7 1,012.7 1,440.5 1,103.7 114.5 149.6 649.4 494.8 772.7 590.3 371.5 278.5 71.0 93.0 353.1 273.8 537.3 722.2 175.4 132.6 40.4 52.5 134.2 101.8 486.4 376.4 0.0 0.0 0.7 0.6 155.7 116.6 594.2 441.0 235 5 235.5 176 8 176.8 179.5 235.6 314.6 240.4 0.0 0.0 280.4 212.0 10.0 7.5 343.8 269.0 0.0 0.0 104.6 80.0 277.8 209.0 11.7 9.0 0.0 0.0 0.0 0.0 0.0 0.0 6,514.9 8,573.2

2013 Rank 1 7 3 2 23 6 4 10 27 11 5 21 29* 24 9 41* 38 22 8 19 18 13 41* 16 36 12 41* 25 17 35 41* 41* 41*

Rank Value Change (%) 27.8 ▲ -52.9 ▼ 61.8 ▲ -4.3 ▼ 1.6 ▲ 8.3 ▲ 107.4 ▲ -85.5 ▼ 389.5 ▲ 0.1 ▲ -9.6 ▼ - - -80.6 ▼ -45.1 ▼ - -97.4 ▼ -78.0 ▼ -23.7 ▼ - -60.1 ▼ -7.5 ▼ - -56.4 ▼ - 35.8 ▲ - -85.8 ▼ -80.0 ▼ - - - - -25.9 ▼

Imputed Fees (US$m) Advisor Fees 15.9 2.7 17.4 17.4 1.1 21.9 16.1 7.0 5.0 5.4 4.3 .7 2.1 2.3 4.4 2.0 .8 3.1 .8 .8 8 1.4 5.5 1.2 5.3 .2 2.0 .5 2.3 4.7 .7 .5 1.0 1.0 217.0

2013 Rank 5 17 2* 2* 28 1 4 6 10 8 13 37* 21 18* 12 22* 34* 15 34* 34* 26 7 27 9 60* 22* 42* 18* 11 37* 42* 29* 29*

Italian Mid-Market M&A up to US$500m by Rank Value Range

†

** Fee Exp. (%) 62.4 100.0 61.7 50.6 100.0 74.5 56.3 39.1 100.0 100.0 100.0 100.0 100.0 25.0 42.3 100.0 100.0 70.5 28.6 100 0 100.0 6.6 18.3 100.0 75.7 100.0 10.8 100.0 16.1 29.6 100.0 100.0 100.0 100.0 50.6

$8

300

$7

250

$6 200

$5 $4

150

$3

100

# of Deals

# of Deals per Advisor Financial Advisor Banca IMI (Intesa Sanpaolo) KPMG UniCredit Lazard PricewaterhouseCoopers BNP Paribas SA Rothschild Mediobanca Fineurop SpA UBS Societe Generale Ernst & Young LLP Lincoln International Citi Leonardo & Co Clairfield International EnVent SpA JC Flowers & Co LLC HSBC Holdings PLC Jefferies LLC Goldman Sachs & Co JP Morgan Vitale & Associati SpA Nomura Tamburi Investment Partners Sp Barclays Oddo et Cie Deutsche Bank Morgan Stanley Altium Capital Limited Raiffeisen Bank International DC Advisory N+1 Industry Total

Jan 1 - Sep 30

Rank Value (US$b)


$2 50

$1 $0

-

US$200 - 500m

US$100 - 200m

US$50 - 100m

US$0 - 50m

Italian Mid-Market M&A up to US$500m by Target Industry

# of Deals

Jan 1 - Sep 30 2013

Financials

3.7% 3.7%

22.6%

4.1%

Energy and Power Industrials


Real Estate 7.0%

Materials


Telecommunications Consumer Staples

8.5%

Healthcare 19.4%

High Technology Retail

10.9%

Consumer Products and Services Media and Entertainment 16.3%



Spanish Involvement Mid-Market Rankings (MM8)

2013 2012 Rank Rank 1 1 5* 2 3 3 4 2 5 5* 6 41* 7 18* 8* 8 8* 27* 10* 27* 10* 10* 14* 13* 4 13* 13* 16* 10* 16* 16* 41* 19* 10* 19* 27* 19* 27* 22* 41* 22* 10* 22* 9 22* 22* 22* 18* 22* 27* 22* 18* 22* 27* 22* 18* 22* 10* 33* 33* 14* 33* 33* 27* 33* 33* 18* 33* 14* 33* 33* 33* 33* 33* 33* 33* 18* 33* 33* 33* 41* 33* 41* 33* 33* 41* 33* 41* 33* 33* 27* 33* -

# of Deals 26 22 21 20 19 13 10 8 8 7 7 7 5 5 5 4 4 4 3 3 3 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 630

Change in # of Deals -4 ▼ 10 ▲ 0 -7 ▼ ▲ 7 ▲ 12 7 ▲ ▼ -1 6 ▲ 5 ▲ ▲ 7 3 ▲ -10 ▼ 5 ▲ 5 ▲ -1 ▼ ▲ 4 3 ▲ -2 ▼ 1 ▲ 1 ▲ ▲ 1 -3 ▼ ▼ -4 2 ▲ 2 ▲ ▼ -1 0 -1 ▼ 0 -1 ▼ -3 ▼ 1 ▲ -3 ▼ 1 ▲ -1 ▼ 1 ▲ -2 ▼ -3 ▼ 1 ▲ 1 ▲ 1 ▲ 1 ▲ 1 ▲ 1 ▲ -2 ▼ 1 ▲ 1 ▲ 0 0 1 ▲ 0 0 1 ▲ -1 ▼ 1 ▲ -149 ▼

Rank Value per Advisor Rank Value Euro mil US$m 901.1 673.2 964.7 728.5 438.4 336.0 430.5 567.6 2,151.9 1,625.6 463.4 611.3 1,199.8 905.8 1,502.2 1,140.1 1,645.9 1,240.7 1,456.9 1,098.0 408.6 306.0 633.8 482.5 973.1 737.5 477.1 621.1 968.7 725.0 177.8 135.4 127.8 96.5 448.9 340.0 0 0 111 0 111.0 84 1 84.1 179.8 135.0 0 0 59.2 45.3 0 0 0 0 289.1 379.8 9.6 12.5 81.6 61.6 167.2 127.6 0 0 104.4 80.0 136.7 104.3 0 0 52.2 40.0 0 0 0 0 256.7 197.4 0 0 12.0 9.3 0 0 178.3 136.6 0 0 0 0 225.1 172.0 0 0 0 0 0 0 31.3 24.0 265.4 203.1 289.3 224.8 0 0 34.5 25.9 123.3 93.0 0 0 101.9 75.0 307.8 234.3 15,576.1 11,805.7

2013 Rank 9 8 15 13 1 12 5 3 2 4 16 10 6 11 7 25 28 14 40* 30 23 40* 34 40* 40* 17 38 33 26 40* 31 27 40* 35 40* 40* 21 40* 39 40* 24 40* 40* 22 40* 40* 40* 37 20 19 40* 36 29 40* 32 18

Rank Value Change (%) -55.2 ▼ 4821.9 ▲ -53.9 ▼ -37.4 ▼ 64.2 ▲ - 94.2 ▲ -8.0 ▼ 237.7 ▲ 104.5 ▲ - -11.6 ▼ -24.7 ▼ - - 67.4 ▲ - 397.1 ▲ - - 721.0 ▲ - 385.2 ▲ - - - -95.5 ▼ -76.7 ▼ 258.0 ▲ - -85.3 ▼ -85.9 ▼ - 157.1 ▲ - - - - -92.7 ▼ - - - - - - - - - 3059.5 ▲ 575.9 ▲ - - - - - - 20.8 ▲

Imputed Fees (US$m) Advisor Fees 4.2 1.8 2.4 2.9 13.6 5.9 11.1 10.5 7.0 13.9 3.8 17.4 5.2 0 2.1 .1 4.2 1.2 10 1.0 2.2 .3 .7 1.0 3.5 1.6 0 6.3 1.0 3.8 14.1 .4 .5 2.8 2.5 .5 2.0 2.1 .5 1.0 2.5 .5 .5 .5 1.7 3.3 .5 3.8 1.6 211.8

2013 Rank 12* 28 23 19 4 9 5 6 7 3 14* 1 10 50* 25* 49 12* 32 33* 24 48 37 33* 17 30* 50* 8 33* 14* 2 46* 38* 20 21* 38* 27 25* 38* 33* 21* 38* 38* 38* 29 18 38* 14* 30*

Spanish Mid-Market M&A up to US$500m by Rank Value Range

†

** Fee Exp. (%) 93.3 100.0 100.0 87.9 100.0 100.0 54.7 68.6 87.5 77.2 16.9 86.1 100.0 17.4 100.0 100.0 100.0 100 0 100.0 100.0 100.0 100.0 100.0 100.0 23.5 100.0 100.0 100.0 100.0 100.0 100.0 46.7 100.0 100.0 32.3 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 69.1

$9

400

$8

350

$7

300

$6

250

$5 200 $4 150

$3

# of Deals

# of Deals per Advisor Financial Advisor PricewaterhouseCoopers Ernst & Young LLP Deloitte KPMG BBVA Nomura Goldman Sachs & Co Santander Societe Generale Morgan Stanley Kotak Mahindra Bank Ltd Citi Rothschild Banca IMI (Intesa Sanpaolo) HSBC Holdings PLC Mediobanca UniCredit AZ Capital Norgestion N+1 DC Advisory Houlihan Lokey IMAP Eurohold SL CW Downer & Co EPIC Banco BTG Pactual SA Arcano Macquarie Group ONE to ONE Corp Fin SL Lazard JP Morgan Oddo et Cie Banco de Sabadell GBS Finanzas SA Deutsche Bank Covington Associates Socios Financieros SA UBS ICICI Bank Ltd Standard Bank Group Ltd Corporate Finance Partners CFP PNC Financial Services Group Jones Lang LaSalle Inc St Charles Capital Lincoln International Corporate Finance Associates Ogier Corporate Finance Credit Agricole CIB CB Richard Ellis Group Inc Rosario Capital Ltd Grant Thornton Jefferies LLC Athelera LLC Banco Espirito Santo SA Benedetto, Gartland & Co, Inc. Industry Total

Jan 1 - Sep 30

Rank Value (US$b)


100

$2 $1

50

$0

-

US$200 - 500m

US$100 - 200m

US$50 - 100m

US$0 - 50m

Spanish Mid-Market M&A up to US$500m by Target Industry

2.6%

# of Deals

Jan 1 - Sep 30 2013

Financials

4.2%

20.8%

Industrials

4.7%

Real Estate 5.3%

Telecommunications Energy and Power Media and Entertainment

7.8%

High Technology 16.0%

Consumer Products and Services Materials

10.0%

Consumer Staples Healthcare 11.4%

13.7%

Retail


** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees in the relevant re † Imputed are on co completed deal act activity, deal cou countt & rank are compiled on a announced deal act activity. puted Fees ees sshown o a e based o p eted dea ty, whereas e eas dea a values a ues a e co p ed based o ou ced dea ty

10



Nordic Involvement Mid-Market Rankings (MM9)

2013 2012 Rank Rank 1 1 2 3 3 2 4 7* 5 10 6 17* 7 4* 8 13 9* 6 17* 9* 11 14 12* 51* 12* 17* 17* 12* 12* 7* 12* 9 12* 51* 18* 12 18* 17* 18* 15* 18* 18* 11 23* 29* 23* 38* 23* 17* 23* 23* 17* 23* 15* 29* 38* 29* 29* 51* 32* 17* 32* 51* 32* 32* 29* 32* 29* 32* 38* 32* 51* 39* 38* 39* 39* 39* 39* 51* 39* 4* 39* 39* 39* 38* 39* 39* 29* 39* 51* 39* 29* 39* 39* -

# of Deals 32 23 22 18 16 15 12 11 10 10 9 7 7 7 7 7 7 6 6 6 6 6 5 5 5 5 5 5 4 4 4 3 3 3 3 3 3 3 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1,514

Change in # of Deals ▼ -13 -2 ▼ -8 ▼ ▲ 1 3 ▲ 11 ▲ ▼ -7 4 ▲ ▼ -8 6 ▲ ▲ 3 6 ▲ ▲ 3 3 ▲ -10 ▼ -7 ▼ 6 ▲ -3 ▼ 2 ▲ 1 ▲ 6 ▲ ▼ -6 ▲ 2 3 ▲ 1 ▲ 5 ▲ 1 ▲ 0 ▲ 2 4 ▲ 3 ▲ 3 ▲ -1 ▼ 2 ▲ 0 0 1 ▲ 2 ▲ 0 2 ▲ 2 ▲ 2 ▲ 1 ▲ -17 ▼ 2 ▲ 2 ▲ 0 2 ▲ -1 ▼ 1 ▲ -1 ▼ 2 ▲ 2 ▲ -163 ▼

Rank Value per Advisor Rank Value US$m Euro mil 578.8 757.6 5.4 4.0 1,404.4 1,066.4 208.5 158.4 960.1 733.9 0 0 1,553.1 1,178.6 14.5 11.0 734.1 559.9 766.8 580.9 113.9 84.4 551.5 422.0 1,305.8 1,003.3 751.0 561.6 504.2 386.2 0 0 128.0 98.0 216.2 283.7 0 0 301 5 301.5 228 2 228.2 0 0 524.1 392.3 479.3 367.6 137.4 102.7 523.6 402.1 16.3 12.5 823.2 618.4 931.7 710.0 680.5 522.5 166.6 127.0 278.3 214.5 465.0 355.5 405.5 302.6 44.0 33.5 1.4 1.1 417.8 323.1 0 0 0 0 44.0 33.5 0 0 18.0 14.0 62.0 46.8 0 0 232.8 175.6 31.4 23.5 321.3 240.0 12.0 9.0 0 0 0 0 0 0 345.0 261.3 0 0 0 0 21,659.8 16,473.3

2013 Rank 8 71 2 39 4 75* 1 66 10 7 48 12 3 9 15 75* 46 35 75* 33 75* 13 16 45 14 63 6 5 11 42 36 19* 27 52* 74 24 75* 75* 52* 75* 62 51 75* 37 57 31 68 75* 75* 75* 30 75* 75*

Rank Value Change (%) -39.3 ▼ -92.3 ▼ 34.1 ▲ -2.8 ▼ 113.8 ▲ - 60.6 ▲ - -44.8 ▼ 71.7 ▲ -80.5 ▼ - 427.0 ▲ -6.3 ▼ -66.2 ▼ - - -65.4 ▼ - 461 5 ▲ 461.5 - 41.3 ▲ -24.0 ▼ -55.9 ▼ 4.5 ▲ - 80.4 ▲ 144.8 ▲ 306.0 ▲ - - - 93.6 ▲ - -96.1 ▼ 35.2 ▲ - - -84.3 ▼ - - - - -28.0 ▼ - - - - - - 43.8 ▲ - - 1.4 ▲

Imputed Fees (US$m) Advisor Fees 4.3 19.0 20.8 1.8 2.7 7.5 12.7 4.8 11.9 21.0 2.5 7.3 6.2 12.2 8.1 4.0 4.4 2.8 4.0 .6 6 3.5 5.6 8.4 6.9 5.0 .5 13.5 16.6 6.0 4.2 10.0 15.3 3.0 .8 1.0 6.7 1.0 1.5 2.2 .9 1.5 .5 6.1 10.7 2.3 .7 1.0 1.0 .2 6.5 1.0 4.0 539.6

2013 Rank 27 3 2 54* 42 15 7 25 9 1 44 16 20 8 14 29* 26 39* 29* 74* 33 23 12 17 24 78* 6 4 22 28 11 5 35* 71 64* 18 64* 56* 46* 70 56* 78* 21 10 45 72* 64* 64* 110* 19 64* 29*

Nordic Mid-Market M&A up to US$500m by Rank Value Range

†

** Fee Exp. (%) 78.2 100.0 80.0 100.0 100.0 100.0 53.6 100.0 100.0 100.0 100.0 52.1 25.4 100.0 54.0 100.0 100.0 26.9 100.0 100 0 100.0 100.0 54.9 74.3 100.0 100.0 100.0 20.1 25.3 74.1 100.0 64.5 100.0 12.6 100.0 100.0 44.1 100.0 100.0 25.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 69.9 100.0 49.4 68.8

$14

800

$12

700 600

$10

500 $8 400 $6

# of Deals

# of Deals per Advisor Financial Advisor PricewaterhouseCoopers IMAP SEB KPMG Ernst & Young LLP Translink Corporate Finance AG Nordea Clairfield International Carnegie Rothschild Danske Bank Barclays Citi Bank of America Merrill Lynch DNB ASA M&A International DC Advisory ABG Sundal Collier HLP Corporate Finance Oy Deloitte Skarpa AB Handelsbanken Capital Markets UBS FIH Partners AS Swedbank Porta Finance Goldman Sachs & Co JP Morgan Catella AB UniCredit Pangea Property Partners AB Evercore Partners Morgan Stanley Pareto Securities Globalscope Lazard BDO Rabobank NV Deutsche Bank Lambert Energy Advisory Ltd Advium Corporate Finance HDR Partners Access Partners Arctic Securities ASA Canaccord Genuity Santander Lars Weibull AB CDI Global RSM Tenon Group PLC Grant Thornton Jefferies LLC Redgate Capital Societe Generale Industry Total

Jan 1 - Sep 30

Rank Value (US$b)


300 $4

200

$2

100

$0

-

US$200 - 500m

US$100 - 200m

US$50 - 100m

US$0 - 50m

Nordic Mid-Market M&A up to US$500m by Target Industry

3.6%

# of Deals

Jan 1 - Sep 30 2013

Real Estate

3.1%

Industrials

20.0%

4.9%

Energy and Power 4.9%

Consumer Staples Materials

6.6%

High Technology Healthcare

7.6%

19.7%

Retail Media and Entertainment Consumer Products and Services

10.5%

Financials 16.8%

Telecommunications





Benelux Involvement Mid-Market Rankings (MM10)

2013 2012 Rank Rank 1* 3 1* 1 30* 3 4 4 5 8* 6 11* 7 2 8 15* 9* 30* 9* 8* 11* 30* 11* 5* 15* 11* 21* 14* 14* 8* 11* 16* 21* 16* 16* 15* 16* 15* 16* 13* 13* 16* 26* 22* 22* 15* 35* 22* 25* 5* 44* 25* 25* 35* 55* 28* 28* 35* 28* 26* 28* 35* 28* 35* 28* 34* 35* 34* 24* 34* 44* 34* 34* 21* 34* 26* 34* 34* 34* 30* 34* 26* 34* 30* 34* 44* 34* 78* 34* 44* 34* 78* 34* 34* 34* 24* 34* 44* 34* 35*

# of Deals 24 24 18 14 13 12 11 10 9 9 8 8 8 7 7 6 6 6 6 6 6 5 5 5 4 4 4 3 3 3 3 3 3 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 991

Change in # of Deals ▲ 3 -25 ▼ 13 ▲ ▼ -5 1 ▲ ▲ 1 -21 ▼ ▲ 1 4 ▲ -3 ▼ 3 ▲ -7 ▼ -1 ▼ -1 ▼ -5 ▼ -5 ▼ -2 ▼ -3 ▼ -3 ▼ -4 4 ▼ -4 ▼ -1 ▼ -4 ▼ 1 ▲ -11 ▼ 1 ▲ 0 1 ▲ -1 ▼ ▼ -3 ▼ -1 ▼ -1 3 ▲ -2 ▼ -5 ▼ -1 ▼ 2 ▲ -6 ▼ -4 ▼ 2 ▲ 2 ▲ -3 ▼ -4 ▼ -3 ▼ -1 ▼ 1 ▲ -1 ▼ 1 ▲ 2 ▲ 2 ▲ -5 ▼ -1 ▼ -2 ▼ -150 ▼

Rank Value per Advisor Rank Value US$m Euro mil 809.6 615.0 264.5 201.1 1,900.6 1,433.3 684.1 914.1 501.7 383.1 2.0 1.5 58.7 78.3 0 0 472.4 361.1 0 0 230.0 173.4 35.0 45.7 296.9 227.7 54.2 72.0 1,221.3 933.7 742.6 558.2 952.9 714.9 739.3 559.2 595.4 450.1 535 7 535.7 404 1 404.1 596.4 455.5 666.6 883.2 1,015.1 753.6 14.7 11.3 0 0 275.5 359.4 341.2 453.0 0 0 10.0 7.6 37.8 28.7 0 0 192.7 255.9 779.2 598.7 0 0 0 0 0 0 49.5 38.4 0 0 202.3 150.0 65.9 49.5 178.3 136.6 0 0 11.5 8.7 144.7 110.3 35.3 27.1 405.6 304.5 0 0 157.4 121.0 0 0 348.4 267.4 0 0 137.8 104.2 0 0 18,695.0 14,179.3

2013 Rank 7 26 1 5 14 73 48 75* 16 75* 29 56 25 50 2 9 4 10 12 13 11 6 3 68 75* 22 20 75* 71 58 75* 27 8 75* 75* 75* 54 75* 34 51 35 75* 70 39 59 21 75* 36 75* 23 75* 40 75*

Rank Value Change (%) 95.1 ▲ -52.6 ▼ 149.2 ▲ 96.1 ▲ -55.0 ▼ -99.0 ▼ -95.9 ▼ - - - -74.4 ▼ 25.2 ▲ - -48.1 ▼ -34.9 ▼ -66.7 ▼ -55.5 ▼ -25.0 ▼ -35.1 ▼ -73.3 73 3 ▼ -58.2 ▼ 8.3 ▲ -24.2 ▼ - - -54.8 ▼ -49.0 ▼ - - 53.0 ▲ - -46.5 ▼ - - - - - - -78.6 ▼ - - - -93.0 ▼ -9.6 ▼ -94.5 ▼ -17.7 ▼ - -10.5 ▼ - - - -49.0 ▼ - -22.8 ▼

Imputed Fees (US$m) Advisor Fees 2.9 10.5 20.5 20.6 19.4 7.5 3.6 5.0 12.4 4.5 7.4 6.4 4.0 5.9 10.8 7.7 24.8 7.0 11.2 88 8.8 19.2 11.7 16.2 3.0 .5 .9 6.8 2.0 1.7 .2 .3 1.0 4.6 1.3 2.0 1.0 .2 11.3 4.9 .6 2.6 1.0 1.0 3.7 0 .5 1.9 5.7 4.2 4.0 2.1 2.2 474.4

2013 Rank 37* 12 3 2 4 16 34* 24 7 28 17 20 31* 21 11 15 1 18 10 14 5 8 6 36 78* 72* 19 48* 56* 120* 118* 64* 27 60 48* 64* 120* 9 25 75* 43* 64* 64* 33 130* 78* 53* 22 30 31* 47 46

Benelux Mid-Market M&A up to US$500m by Rank Value Range

†

** Fee Exp. (%) 87.9 59.0 72.7 82.4 80.2 100.0 100.0 100.0 53.9 100.0 62.2 100.0 100.0 100.0 28.2 31.7 46.8 28.2 19.6 78 7.8 27.6 43.8 50.5 100.0 62.5 100.0 56.7 100.0 100.0 100.0 100.0 5.6 100.0 100.0 34.5 100.0 100.0 11.4 19.4 21.4 100.0 100.0 100.0 100.0 0.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 44.3

$10

600

$9 500

$8 $7

400

$6 $5

300

# of Deals

# of Deals per Advisor Financial Advisor PricewaterhouseCoopers Rabobank NV BNP Paribas SA ING Rothschild M&A International KPMG BlueMind Corporate Finance Leonardo & Co BDO RBS IMAP Clairfield International DC Advisory Lazard Deutsche Bank Credit Suisse Citi Bank of America Merrill Lynch Goldman Sachs & Co JP Morgan Barclays UBS Banque Degroof Ernst & Young LLP Banca IMI (Intesa Sanpaolo) Jefferies LLC Translink Corporate Finance AG Globalscope Deloitte Grant Thornton HSBC Holdings PLC Blackstone Group LP Kempen and Co NV Houlihan Lokey Jones Lang LaSalle Inc Mizuho Financial Group Morgan Stanley Nomura JM Financial Group Standard Bank Group Ltd Nielen Schuman BV NIBC NV Petercam SA Itau Unibanco Banco BTG Pactual SA MID-CAPITAL CBRE Holding SAS RFC Ambrian Ltd Robert W Baird & Co Inc Societe Generale Macquarie Group Lincoln International Industry Total

Jan 1 - Sep 30

Rank Value (US$b)


$4 200

$3 $2

100

$1 $0

-

US$200 - 500m

US$100 - 200m

US$50 - 100m

US$0 - 50m

Benelux Mid-Market M&A up to US$500m by Target Industry

4.8%

2.5%

# of Deals

Jan 1 - Sep 30 2013

Industrials

17.0%

Real Estate

5.1%

Financials Materials

6.1%

High Technology Energy and Power

6.8%

15.7%

Healthcare Media and Entertainment Retail

8.7%

Consumer Staples 11.6% 9.2%

Telecommunications Consumer Products and Services

10.3%





Eastern Europe Involvement Mid-Market Rankings (MM16)

2013 2012 Rank Rank 1 1 2 7* 3* 11* 3* 6 5* 22* 5* 2 7* 4 7* 5 9 17* 10* 17* 10* 17* 12* 45* 12* 22* 7* 12* 12* 3 16* 11* 10 16* 16* 16* 16* 16* 45* 27* 22* 22* 22* 22* 30* 22* 22* 22* 22* 27* 45* 27* 27* 27* 27* 27* 45* 27* 27* 30* 27* 27* 45* 37* 45* 37* 37* 30* 37* 27* 37* 7* 37* 37* 37* 37* 37* 37* 45* 37* 37* 37* 30* 37* 17*

# of Deals 14 13 12 12 11 11 10 10 8 7 7 6 6 6 6 5 5 5 5 5 5 4 4 4 4 4 3 3 3 3 3 3 3 3 3 3 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2,458

Change in # of Deals ▼ -11 4 ▲ ▲ 5 1 ▲ ▲ 7 -12 ▼ -6 ▼ -5 ▼ 3 ▲ 2 ▲ 2 ▲ ▲ 5 ▲ 2 ▼ -3 ▼ -14 -2 ▼ ▼ -3 5 ▲ 5 ▲ 5 ▲ ▲ 4 1 ▲ 0 2 ▲ 0 0 2 ▲ 3 ▲ 3 ▲ 3 ▲ ▲ 3 2 ▲ 3 ▲ 1 ▲ 3 ▲ 2 ▲ 1 ▲ 2 ▲ 0 -1 ▼ -7 ▼ 2 ▲ 2 ▲ 2 ▲ 2 ▲ 2 ▲ 1 ▲ 2 ▲ 2 ▲ 0 -3 ▼ -470 ▼

Rank Value per Advisor Rank Value US$m Euro mil 799.3 613.9 713.0 536.2 55.9 42.3 1,335.8 1,010.3 236.0 180.6 10.7 14.5 805.1 612.5 35.7 26.9 404.3 306.0 127.0 166.6 59.1 44.2 607.7 463.5 5.2 4.1 1,160.8 871.6 185.5 245.9 435.8 327.5 0 0 0.9 0.7 326.1 426.6 16 3 16.3 12 5 12.5 532.9 404.4 62.2 47.8 741.7 558.9 700.9 532.2 211.7 164.4 979.4 741.0 58.8 44.1 50.3 65.9 379.8 289.1 435.8 326.0 15.2 11.5 0.9 0.7 37.1 27.7 6.2 4.7 0 0 0 0 0 0 0 0 0 0 178.3 136.6 62.2 47.8 0 0 356.8 273.5 0 0 0 0 21.9 17.1 157.4 121.0 25.0 18.7 0 0 15.9 11.8 0 0 17,821.2 23,473.3

2013 Rank 5 7 43 1 23 58 4 47 16 31 41 9 60* 2 22 13* 68* 66* 15 54 10 39* 6 8 29 3 42 38 17 13* 57 66* 46 59 68* 68* 68* 68* 68* 30 39* 68* 18 68* 68* 50 32 49 68* 55* 68*

Rank Value Change (%) -27.6 ▼ 4.1 ▲ 140.9 ▲ 266.9 ▲ 112.2 ▲ -87.1 ▼ -60.8 ▼ -75.6 ▼ -45.6 ▼ 28.8 ▲ -84.8 ▼ 76.6 ▲ -95.0 ▼ 26.0 ▲ -90.0 ▼ 113.9 ▲ - - - - 679.1 ▲ -82.4 ▼ 46.2 ▲ 79.9 ▲ - 12.5 ▲ -83.5 ▼ - - - - -99.5 ▼ - - - - - - - -14.4 ▼ -91.2 ▼ - - - - - -18.5 ▼ - - - - -13.9 ▼

Imputed Fees (US$m) Advisor Fees 2.2 22.9 1.2 23.8 5.8 7.2 9.6 .7 6.7 7.9 12.1 5.8 1.3 8.9 11.8 .7 2.0 .5 5.1 .5 5 4.7 .9 2.2 4.0 .1 3.4 2.0 1.6 3.5 5.4 2.1 0 .2 1.1 .5 1.0 2.0 .5 .2 4.2 2.5 1.0 .4 2.0 .2 .4 3.7 1.0 1.6 .5 282.8

2013 Rank 26* 2 40* 1 10* 8 5 48* 9 7 3 10* 38* 6 4 48* 29* 54* 13 54* 14 46* 26* 16 90* 19 29* 34* 18 12 28 94* 82* 42 54* 43* 29* 54* 82* 15 22* 43* 77* 29* 82* 77* 17 43* 34* 54*

Eastern European Mid-Market M&A up to US$500m by Rank Value Range

†

** Fee Exp. (%) 84.6 77.9 63.2 67.4 100.0 100.0 27.8 100.0 20.3 73.1 29.4 71.6 100.0 19.3 66.7 6.8 100.0 100.0 100.0 100 0 100.0 21.1 8.3 100.0 24.0 100.0 8.6 7.0 100.0 100.0 65.9 36.2 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 16.1 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 47.2

1,800

$12

1,600 $10 1,400 $8

1,200 1,000

$6 800 $4

600

# of Deals

# of Deals per Advisor Financial Advisor KPMG Rothschild Ernst & Young LLP Societe Generale Turkiye Is Bankasi AS IMAP Goldman Sachs & Co PricewaterhouseCoopers Citi UniCredit VTB Capital BNP Paribas SA goetzpartners Corp Finance Morgan Stanley Sberbank CIB Deutsche Bank Clairfield International VCP Polska Sp zoo Lazard Porta Finance Raiffeisen Bank International UBS ING Bank of America Merrill Lynch Deloitte JP Morgan Barclays Translink Corporate Finance AG EPIC Santander OTKRITIE Financial Corp Ltd Savills PLC Grant Thornton BDO Burgan Yatirim Menkul Degerler N+1 Houlihan Lokey Mizuho Financial Group Taiga Capital Standard Bank Group Ltd Credit Suisse Fineurop SpA Banca IMI (Intesa Sanpaolo) Moelis & Co Xenon Capital Partners Engin Bagimsiz Denetim CBRE Holding SAS Yapi Kredi Yatirim Menkul Redgate Capital Commerzbank AG M&A International Industry Total

Jan 1 - Sep 30

Rank Value (US$b)


400 $2 200 $0

-

US$200 - 500m

US$100 - 200m

US$50 - 100m

US$0 - 50m

EE Mid-Market M&A up to US$500m by Target Industry

3.0% 2.2%

Jan 1 - Sep 30 2013

Energy and Power

5.3%

22.2%

Industrials

5.4%

Financials Materials

5.4%

Real Estate Retail Media and Entertainment

7.6% 15.3%

Consumer Staples High Technology

7.8%

Healthcare Consumer Products and Services 11.9%


# of Deals

12.3%

Telecommunications




Hochinma Involvement Mid-Market Rankings (MM13)

2013 2012 Rank Rank 1 1 10* 2* 2* 25* 4* 2 4* 9 95* 6 7 10* 8 30* 9 47* 10 10* 11 25* 12* 19* 12* 54* 12* 7* 30* 15* 15* 5 15* 19* 18 25* 19* 95* 19* 13* 19* 4 22* 7* 22* 95* 24* 128* 24* 3 26* 65* 26* 28* 26* 15 26* 65* 26* 19* 26* 26* 13* 26* 65* 34* 43* 54* 34* 34* 65* 37* 65* 30* 37* 37* 54* 37* 30* 41 42* 16 42* 65* 42* 80* 42* 30* 42* 128* 42* 65* 42* 19* 42* 17* 42* 19*

# of Deals 44 27 27 26 26 25 23 22 21 20 18 17 17 17 16 16 16 15 13 13 13 12 12 11 11 10 10 10 10 10 10 10 10 9 9 9 8 8 8 8 7 6 6 6 6 6 6 6 6 6 4,248

Change in # of Deals 8 ▲ 10 ▲ ▲ 17 -6 ▼ ▲ 8 23 ▲ ▲ 6 ▲ 14 15 ▲ 3 ▲ 8 ▲ 6 ▲ ▲ 12 -2 ▼ ▲ 8 -6 ▼ 5 ▲ ▲ 5 11 ▲ -2 2 ▼ -11 ▼ -7 ▼ 10 ▲ ▲ 10 -18 ▼ 6 ▲ 1 ▲ -4 ▼ 6 ▲ -1 ▼ 10 ▲ -5 ▼ 6 ▲ 2 ▲ 4 ▲ 5 ▲ 4 ▲ 0 3 ▲ 0 ▲ 7 -7 ▼ ▲ 2 3 ▲ -2 ▼ 5 ▲ 2 ▲ -5 ▼ -6 ▼ -5 ▼ -59 ▼

Rank Value per Advisor (US$m) Rank Value US$m 1,956.3 968.5 2,463.2 1,233.7 3,015.9 1,235.4 971.7 1,892.5 1,292.4 1,811.7 1,387.9 3,054.3 940.4 1,000.4 778.6 2,473.8 2,804.3 504.6 1,045.7 3 247 9 3,247.9 833.1 1,496.2 719.2 250.9 1,417.5 223.3 974.6 1,920.6 252.1 2,204.9 247.2 322.9 102.8 345.0 2,047.7 1,413.2 941.4 1,716.9 70.6 82.5 803.1 279.9 128.5 610.8 243.3 101.3 35.1 66.5 128.5 301.7 113,204.1

2013 Rank 9 25 6 20 3 19 24 11 18 12 17 2 27 22 32 5 4 40 21 1 29 14 33 74 15 84 23 10 72 7 75 55 107 54 8 16 26 13 127 120 31 69 99* 36 76 108 143 131 99* 63

Rank Value Change (%) 128.5 ▲ 74.1 ▲ 188.5 ▲ -11.5 ▼ 66.2 ▲ 922.7 ▲ -32.8 ▼ 244.7 ▲ 150.9 ▲ 261.2 ▲ 26.6 ▲ 241.0 ▲ 53.8 ▲ 16.9 ▲ 152.4 ▲ -24.1 ▼ 114.0 ▲ 175.9 ▲ 1322.7 ▲ 332 0 ▲ 332.0 -38.0 ▼ 387.7 ▲ 5348.5 ▲ 4152.5 ▲ -28.3 ▼ -39.4 ▼ 294.4 ▲ 16.7 ▲ 78.4 ▲ 51.1 ▲ - -68.0 ▼ -48.0 ▼ -28.5 ▼ 155.9 ▲ 200.2 ▲ 118.3 ▲ 58.6 ▲ -43.9 ▼ 72.6 ▲ - 150.4 ▲ -55.1 ▼ 9.9 ▲ -40.6 ▼ 4304.3 ▲ -43.9 ▼ -48.5 ▼ -59.1 ▼ -75.1 ▼ 20.7 ▲

Imputed Fees (US$m) Advisor Fees 3.3 2.2 19.1 9.8 36.3 .1 8.0 19.2 28.0 5.6 .3 10.1 1.0 4.1 1.1 16.6 15.1 1.8 .5 36 3.6 1.6 2.2 1.1 12.8 1.0 10.0 11.3 .7 10.6 .8 .7 .7 22.8 16.9 .2 9.4 6.3 4.8 .2 .8 .3 .5 4.6 .3 3.5 1.8 631.5

2013 Rank 34 45* 5 15 1 162* 18 4 2 21 126* 13 80* 30 75* 7 8 51* 110* 32 58* 45* 75* 9 80* 14 10 95* 12 89* 95* 95* 3 6 141* 16 19 23 141* 89* 126* 110* 25 126* 33 51*

Hochinma Mid-Market M&A up to US$500m by Rank Value Range

†

** Fee Exp. (%) 86.8 66.7 43.1 81.0 37.0 14.3 34.8 38.9 83.1 53.8 100.0 73.7 100.0 100.0 73.3 24.2 32.0 100.0 100.0 26 5 26.5 76.2 100.0 100.0 61.2 100.0 100.0 17.0 100.0 29.9 100.0 50.0 100.0 85.7 35.1 100.0 16.3 71.6 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 22.2 52.0

$50

2,000

$45

1,800

$40

1,600

$35

1,400

$30

1,200

$25

1,000

$20

800

$15

600

$10

400

$5

200

$0

-

US$200 - 500m

US$100 - 200m

US$50 - 100m

US$0 - 50m

Hochinma Mid-Market M&A up to US$500m by Target Industry


3.7%

2.7%

# of Deals

Jan 1 - Sep 30 2013

Real Estate

16.0%

4.7%

# of Deals

# of Deals per Advisor Financial Advisor Ernst & Young LLP PricewaterhouseCoopers Credit Suisse RHB Goldman Sachs & Co China Securities Co Ltd China International Capital Co JP Morgan Rothschild Somerley Ltd Southwest Securities Co Ltd Deutsche Bank Huatai Securities Co Ltd M&A International Kotak Mahindra Bank Ltd Citi UBS China Renaissance Partners Guotai Junan Securities CITIC Group Corp KPMG Haitong Securities Co Ltd Proton Capital Ltd First Shanghai Investments CIMB Group Sdn Bhd Great Wall Securities Co Ltd China Construction Bank Morgan Stanley ICICI Bank Ltd HSBC Holdings PLC China Taiping Ins Grp Co Deloitte Axis Bank Ltd DBS Group Holdings Macquarie Group Bank of America Merrill Lynch Shenyin & Wanguo Securities Barclays IMAP BMR Advisors Sinolink Securities Co Ltd Guangdong Securities Hwang DBS Securities Sdn Bhd China Merchants Securities Co Kingston Corporate Finance Ltd Asian Capital (Corp Fin) Ltd INCU Corporate Finance Ltd Avendus Capital Pvt Ltd Astramina Advisory Sdn Bhd Malayan Banking Bhd Industry Total

Jan 1 - Sep 30

Rank Value (US$b)


Materials Industrials

4.9%

Financials High Technology

7.2% 14.5%

Energy and Power Consumer Staples Healthcare

9.8%

Media and Entertainment Consumer Products and Services 13.9%

10.0%


11.3%




Hong Kong Involvement Mid-Market Rankings (MM12)

2013 2012 Rank Rank 1* 1 28* 1* 3 19* 4 19* 5 2* 6 50* 7 8* 28* 8* 7* 28* 8* 11 50* 12* 4* 50* 12* 12* 15* 12* 10* 16* 2* 16* 16* 50* 16* 50* 16* 15* 10* 16* 22* 50* 22* 12* 22* 22* 12* 22* 28* 22* 7* 28* 28* 28* 28* 19* 7* 28* 28* 19* 28* 4* 28* 28* 28* 28* 28* 19* 38* 19* 38* 50* 38* 38* 38* 15* 38* 38* 50* 38* 38* 28* 38* 50* 38* 38* 28* 38* 38* 12* 38* 28* 38* 50* 38* 38* 50*

# of Deals 18 18 17 15 12 11 10 9 9 9 8 6 6 6 6 5 5 5 5 5 5 4 4 4 4 4 4 3 3 3 3 3 3 3 3 3 3 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 864

Change in # of Deals 1 ▲ 16 ▲ ▲ 14 12 ▲ 2 ▲ 10 ▲ 10 ▲ 7 ▲ ▲ 2 ▲ 7 7 ▲ ▼ -2 ▲ 5 2 ▲ 0 -5 ▼ ▲ 5 4 ▲ 4 ▲ 1 ▲ -1 ▼ 3 ▲ -1 ▼ ▲ 4 -1 ▼ 2 ▲ ▼ -3 3 ▲ 1 ▲ 0 -4 ▼ 0 -5 ▼ 3 ▲ 3 ▲ 1 ▲ 0 -1 ▼ 1 ▲ 2 ▲ 2 ▲ -2 ▼ 2 ▲ 1 ▲ 2 ▲ 0 1 ▲ 2 ▲ 0 2 ▲ -3 ▼ 0 1 ▲ 2 ▲ 1 ▲ 75 ▲

Rank Value per Advisor (US$m) Rank Value US$m 1,701.0 1,368.0 521.0 334.1 756.1 250.9 247.2 811.9 1,438.1 494.8 1,179.7 243.3 101.3 35.1 754.7 111.0 172.5 1,481.9 722.8 1 650 5 1,650.5 1,432.6 508.1 50.6 88.8 542.9 362.0 557.5 0 78.2 1,058.4 1,002.2 48.7 353.4 242.8 114.4 44.2 1,105.1 286.1 15.9 5.1 314.7 393.3 93.5 561.7 57.1 103.2 113.1 51.5 34.8 21.3 46.4 85.1 267.8 315.0 2.1 33,782.6

2013 Rank 1 6 18 26 12 36 37 11 4 20 7 38 53 77 13 51 45 3 14 2 5 19 71 59 17 23 16 98* 64 9 10 72 24 39 49 74 8 34 86 91 29 22 58 15 67 52 50 69* 78 83 73 60 35 28 95

Rank Value Change (%) 239.1 ▲ 326.0 ▲ 19.1 ▲ -23.7 ▼ 55.1 ▲ 4152.5 ▲ - 264.6 ▲ 192.5 ▲ 3648.5 ▲ 1121.2 ▲ -40.6 ▼ 4304.3 ▲ -43.9 ▼ -18.4 ▼ 26.9 ▲ - 1570.7 ▲ 267.5 ▲ 126 6 ▲ 126.6 110.4 ▲ 1463.4 ▲ -31.3 ▼ - 420.0 ▲ 6035.6 ▲ 225.6 ▲ - 723.2 ▲ 72.8 ▲ -2.2 ▼ -82.7 ▼ -4.0 ▼ - - -58.5 ▼ 4216.8 ▲ 347.0 ▲ - - - 470.0 ▲ - 222.8 ▲ - 303.1 ▲ 9325.0 ▲ - -87.1 ▼ - 42.8 ▲ 113.3 ▲ 13994.7 ▲ - -98.9 ▼ 39.7 ▲

Imputed Fees (US$m) Advisor Fees 5.6 10.7 11.4 4.1 4.1 10.0 7.3 1.1 8.2 4.6 .3 9.1 .8 .2 6.3 5.5 14 4 14.4 9.8 .6 0 .2 1.0 2.5 2.0 .6 4.1 7.1 2.5 5.5 1.3 1.0 3.4 .1 .1 5.3 3.7 4.0 .1 .4 .3 5.6 3.2 289.2

2013 Rank 11* 3 2 18* 18* 4 8 39* 7 16 61* 6 46* 65* 10 13* 1 5 51* 77* 65* 41* 29* 31 51* 18* 9 29* 13* 35* 41* 24 70* 70* 15 23 21 70* 58* 61* 11* 25*

Hong Kong Mid-Market M&A up to US$500m by Rank Value Range

†

** Fee Exp. (%) 54.9 36.0 54.8 100.0 100.0 100.0 100.0 100.0 53.2 100.0 100.0 47.2 100.0 100.0 68.5 57.9 100 0 100.0 30.2 100.0 100.0 100.0 100.0 100.0 100.0 30.6 44.9 100.0 98.2 100.0 100.0 54.0 100.0 100.0 51.0 49.3 100.0 100.0 100.0 100.0 100.0 100.0 69.0

$14

400

$12

350 300

$10

250 $8 200 $6 150 $4

# of Deals

# of Deals per Advisor Financial Advisor Somerley Ltd JP Morgan Credit Suisse China International Capital Co M&A International First Shanghai Investments China Taiping Ins Grp Co China Construction Bank Deutsche Bank Proton Capital Ltd UBS Kingston Corporate Finance Ltd Asian Capital (Corp Fin) Ltd INCU Corporate Finance Ltd Goldman Sachs & Co Guangdong Securities Investec Barclays Rothschild Macquarie Group HSBC Holdings PLC KPMG Veda Capital Ltd Ample Capital Ltd Optima Capital Ltd RHB Haitong Securities Co Ltd China Merchants Bank Yu Ming Investment Management Morgan Stanley Citi Moelis & Co CIMB Group Sdn Bhd Taiping Capital Ltd Halcyon Capital Ltd Daiwa Securities Group Inc CITIC Group Corp Shenyin & Wanguo Securities PricewaterhouseCoopers Ping An Securities Ltd K&N Kenanga Holdings Berhad BNP Paribas SA Emperor Capital Ltd Nomura China Galaxy Securities Co ING Wallbanck Brothers Sec (HK) Bank of America Merrill Lynch Deloitte Astrum Capital Management Ltd Messis Capital Ltd Reorient Financial Markets Ltd Credit Agricole CIB Lazard Anglo Chinese Corp Finance Industry Total

Jan 1 - Sep 30

Rank Value (US$b)


100

$2

50

$0

-

US$200 - 500m

US$100 - 200m

US$50 - 100m

US$0 - 50m

Hong Kong Mid-Market M&A up to US$500m by Target Industry

3.5%

# of Deals

Jan 1 - Sep 30 2013

3.2% Real Estate

4.4%

23.0%

Energy and Power

4.5%

Consumer Staples Materials

5.3%

Financials Industrials Media and Entertainment

9.8% 11.7%

Retail High Technology Healthcare

10.6% 11.3%

Consumer Products and Services Telecommunications

11.3%





Australia/New Zealand Involvement Mid-Market Rankings (MM11)

Barclays Flagstaff Partners Pty Ltd HSBC Holdings PLC Miles Advisory Partners CIBC World Markets Inc Standard Chartered PLC DBS Group Holdings RBC Capital Markets Arthur Phillip Pty Ltd Azure Capital Cameron Partners Ltd Simmons Corporate Finance Ltd RHB DC Advisory Dundee Capital Markets Inc M&A Partners Pty Ltd Industry Total

2013 2012 Rank Rank 1* 1 2 5* 3 1* 4 7 5 4 6 12* 7 20* 8 20* 9* 28* 9* 9* 3 12* 12* 12* 18* 12* 11 15* 9* 15* 20* 15* 28* 15* 5* 15* 8 20* 20 20* 9* 20* 17 20* 24* 24* 12* 24* 24* 24* 24* 30* 30* 30* 30* 30* 30* 30* 30* 30* 30* 30* 30*

28* 28* 28* 28* 51* 12* 20* 20* 51* -

# of Deals 22 21 17 14 12 11 9 8 7 7 7 6 6 6 5 5 5 5 5 4 4 4 4 3 3 3 3 3 3 2 2 2 2 2 2 2 2 2 2 2 2 1,318

Imputed Fees (US$m)

Rank Value per Advisor (US$m)

Change in # of Deals -3 ▼ 10 ▲ ▼ -8 4 ▲ -2 ▼ 5 ▲ 6 ▲ 5 ▲ ▲ 5 7 ▲ -12 ▼ 0 2 ▲ -1 ▼ -3 ▼ 2 ▲ 3 ▲ -6 ▼ -4 ▼ 4 ▲ -4 ▼ -1 ▼ 4 ▲ 3 ▲ -3 ▼ 1 1 1 1 2 1 2 -4 2 -1 -1 2 2 2 1 2 -194

▲ ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▲ ▼ ▼ ▲ ▲ ▲ ▲ ▲ ▼

Rank Value US$m 474.3 3,409.8 3,551.5 1,528.0 126.0 1,147.7 705.7 995.6 1,379.3 1,227.4 716.7 325.9 553.8 1,312.0 340.9 927.8 364.9 8.2 380.9 710 2 710.2 489.7 328.8 3.6 23.6 144.6 858.0 681.9 568.9 16.8 301.2 424.1 416.1 179.5 141.0 48.2 21.3 52.9 46.5 0 67.6 10.6 29,181.4

2013 Rank 18 2 1 3 40 7 13 8 4 6 11 26 16 5 24 9 23 60 22 12 17 25 63* 50 36 10 14 15 54 29 20 21 32* 37 47 52 46 48 68* 44 59

Rank Value Change (%) 68.1 ▲ 125.5 ▲ 11.8 ▲ 89.1 ▲ -71.7 ▼ 136.3 ▲ 27.4 ▲ 611.7 ▲ 244.9 ▲ - 8.9 ▲ -69.1 ▼ 72.8 ▲ 80.4 ▲ -53.0 ▼ 284.0 ▲ 288.2 ▲ -92.6 ▼ -80.0 ▼ - -52.3 ▼ -46.7 ▼ - - 433.6 ▲

Advisor Fees 2.5 26.6 44.7 13.6 .8 2.5 19.1 12.0 8.7 3.9 1.0 11.1 3.5 3.1 9.2 7.7 5.0 1.0 10.0 16 1.6 4.6 5.9 5.7 2.5 .6

480.1 295.5 35.5 -68.9 1506.4 -81.6 -81.9 -80.9 -35.8 -13.3

8.2 .2 3.3 .5 2.0 2.2 5.7 1.6 .8 3.8 .8 .7 .5 .4 429.5

▲ ▲ ▲ ▼ ▲ ▼ ▼ ▼ ▼ ▼

2013 Rank 23* 2 1 4 47* 23* 3 5 9 17 43* 6 19 21 8 11 15 43* 7 34* 34 16 12 13* 23* 53 10 67* 20 54* 29* 26* 13* 34* 47* 18 47* 50* 54* 62*

Australia/New Zealand Mid-Market M&A up to US$500m by Rank Value Range

†

** Fee Exp. (%) 100.0 65.2 59.4 48.6 100.0 100.0 38.5 100.0 100.0 100.0 83.3 100.0 100.0 10.9 53.2 60.6 43.1 100.0 70.4 100 0 100.0 100.0 27.4 100.0 100.0 100.0 100.0 100.0 100.0 100.0 22.0 48.9 71.3 100.0 100.0 100.0 100.0 100.0 100.0 100.0 67.4

$16

800

$14

700

$12

600

$10

500

$8

400

$6

300

$4

200

$2

100

$0

-

US$200 - 500m

US$100 - 200m

US$50 - 100m

US$0 - 50m

Aus/New Zealand Mid-Mkt M&A up to US$500m by Target Ind

3.1%

2.9%

# of Deals

# of Deals per Advisor Financial Advisor PricewaterhouseCoopers Goldman Sachs & Co Macquarie Group UBS Deloitte Ernst & Young LLP Morgan Stanley Deutsche Bank Citi CIMB Group Sdn Bhd KPMG Greenhill & Co, LLC Moelis & Co Credit Suisse Rothschild Bank of America Merrill Lynch Fort Street Advisers BDO JP Morgan ANZ Banking Group Gresham Partners Lazard RFC Ambrian Ltd Lincoln International Greenstone Partners

Jan 1 - Sep 30

Rank Value (US$b)


# of Deals

Jan 1 - Sep 30 2013

Real Estate

4.0%

19.9%

Energy and Power

6.0%

Materials Industrials Financials

6.8%

Media and Entertainment Consumer Staples


6.9%

16.4%

High Technology Retail


Consumer Products and Services

7.7%

Healthcare 9.7%

Telecommunications 15.7%



Singapore Involvement Mid-Market Rankings (MM14)

2013 2012 Rank Rank 1 1 2* 15* 2* 15* 4 4* 3 5 6* 11* 6* 4* 6* 6* 11* 10* 7* 10* 20* 10* 35* 13* 20* 13* 20* 13* 7* 13* 7* 13* 35* 13* 2 13* 20* 7* 20* 11* 20* 20* 20* 20* 20* 20* 15* 20* -

# of Deals 9 8 8 7 6 5 5 5 5 4 4 4 3 3 3 3 3 3 3 2 2 2 2 2 2 2 2 2 589

Change in # of Deals -5 ▼ 5 ▲ 5 ▲ 1 ▲ -1 ▼ ▲ 1 -1 ▼ 5 ▲ 1 ▲ -1 ▼ ▲ 2 ▲ 3 1 ▲ ▲ 1 ▼ -2 -2 ▼ 2 ▲ -6 ▼ 3 ▲ -3 3 ▼ -2 ▼ 2 ▲ 2 ▲ 2 ▲ 2 ▲ 2 ▲ -1 ▼ 2 ▲ -63 ▼

Rank Value per Advisor (US$m) Rank Value US$m 1,055.8 164.8 774.4 788.8 437.5 800.2 131.3 0 828.8 265.5 63.6 719.5 488.9 314.8 530.6 14.5 25.8 416.1 419.5 94 9.4 24.5 103.2 3.0 411.3 32.3 0 231.0 2.1 16,908.7

2013 Rank 1 18 5 4 10 3 21 52* 2 15 29 6 8 14 7 36 32 12 11 41 33 24 49 13 31 52* 17 50

Rank Value Change (%) 67.1 ▲ 344.2 ▲ 496.6 ▲ -36.6 ▼ 222.2 ▲ 118.7 ▲ -29.7 ▼ - 109.1 ▲ -48.6 ▼ -21.5 ▼ 454.3 ▲ - 486.2 ▲ 113.8 ▲ -71.3 ▼ -87.8 ▼ -48.8 ▼ - -91.2 91 2 ▼ 71.3 ▲ - - - - - -7.1 ▼ - -5.2 ▼

Imputed Fees (US$m) Advisor Fees 5.1 .6 8.4 14.1 .5 8.1 1.0 8.0 2.1 6.9 .9 4.9 5.9 1.2 6.3 .4 2.4 1.8 0 .4 4 .7 .7 .2 0 151.2

2013 Rank 9 25* 2 1 27* 3 19 4 13 5 20* 10 7 17* 6 31* 11* 15 53* 31* 22* 22* 38* 53*

Singapore Mid-Market M&A up to US$500m by Rank Value Range

†

** Fee Exp. (%) 69.9 100.0 46.9 71.6 100.0 100.0 100.0 52.6 100.0 69.0 100.0 29.3 65.6 20.7 56.8 100.0 100.0 41.9 57 1 57.1 100.0 100.0 100.0 61.2

$9

300

$8 250 $7 $6

200

$5 150 $4 $3

# of Deals

# of Deals per Advisor Financial Advisor CIMB Group Sdn Bhd PricewaterhouseCoopers Credit Suisse Goldman Sachs & Co Ernst & Young LLP Macquarie Group RHB Lazard M&A International Morgan Stanley Mizuho Financial Group JP Morgan Rothschild United Overseas Bank Ltd Standard Chartered PLC Provenance Capital Pte Ltd IMAP DBS Group Holdings Grant Thornton KPMG Oversea-Chinese Banking ING Sumitomo Mitsui Finl Grp Inc Moelis & Co JVS Financial Advisory Co Ltd Green Square Partners LLP Rippledot Capital Advisers Pte Asiasons WFG Capital Pte Ltd Industry Total

Jan 1 - Sep 30

Rank Value (US$b)


100

$2 50 $1 $0

-

US$200 - 500m

US$100 - 200m

US$50 - 100m

US$0 - 50m

Singapore Mid-Market M&A up to US$500m by Target Industry

2.7% 2.2% 2.9%


# of Deals

Jan 1 - Sep 30 2013

Real Estate

4.6%

Media and Entertainment


4.6%

30.4%

Financials Industrials

5.0%

Energy and Power High Technology

5.3%

Materials Consumer Staples 8.8%

Retail Telecommunications 14.3% 8.9% 10.4%

Healthcare Consumer Products and Services



Japanese Involvement Mid-Market Rankings (MM15)

2013 2012 Rank Rank 1 1 2 3 3 2 4 6 5 6 6 10 7 8 15 5 9* 9* 14 11 9 12 11 13 16 14 18 15 19* 16 49* 17* 23* 17* 12 19* 49* 19* 27* 19* 27* 19* 31* 23* 13 23* 31* 25* 19* 25* 19* 27* 27* 27* 27* 27* 19* 31* 31* 40* 31* 36* 31* 36* 31* 31* 31* 31* 31* 31* 77* 31* 31*

# of Deals 120 81 65 39 37 32 31 29 23 23 20 19 15 14 11 10 9 9 7 7 7 7 6 6 5 5 4 4 4 4 3 3 3 3 3 3 3 3 3 3 1,983

Change in # of Deals 22 ▲ -5 ▼ -32 ▼ ▼ -6 3 ▲ ▲ 10.0 14 ▲ -45 ▼ 6 ▲ -8 ▼ -2 ▼ 1 ▲ 4 ▲ 2 ▲ ▲ 8 ▲ 1 -10 ▼ 5 ▲ 1 ▲ 1 ▲ 2 ▲ -12 ▼ 1 ▲ ▼ -4 -4 ▼ -2 ▼ 4 ▲ 4 ▲ -5 ▼ 3 ▲ 0 -1 ▼ -1 ▼ 3 ▲ 3 ▲ -2 ▼ 3 ▲ 2 ▲ -2 ▼ -102 ▼

Rank Value per Advisor (US$m) Rank Value US$m 5,362.9 2,491.6 4,711.2 1,134.8 3,189.9 544.9 2,905.4 1,093.4 1,413.9 176.1 888.1 510.7 812.8 452.9 190.1 4.0 34.2 1,270.5 126.1 22 3 22.3 1,169.7 809.0 707.2 1,257.8 811.3 184.5 76.0 97.2 599.7 30.0 49.5 18.0 0 599.7 239.0 87.7 231.4 0 15.3 177.7 40,817.2

2013 Rank 1 5 2 10 3 20 4 11 6 40 12 21 13 23 36 104* 69 7 50 79 9 15 16 8 14 37 59 52 17* 73 64* 81* 128* 17* 32 54 33 128* 87 38*

Rank Value Change (%) 21.2 ▲ -26.9 ▼ -38.6 ▼ -17.6 ▼ 67.5 ▲ -4.5 ▼ - 98.2 ▲ -8.4 ▼ -36.0 ▼ -52.6 ▼ -50.9 ▼ 123.6 ▲ 20.6 ▲ -46.7 ▼ -84.0 ▼ -95.6 ▼ -54.5 ▼ - -50.9 50 9 ▼ 58.6 ▲ 251.7 ▲ -62.6 ▼ -15.1 ▼ 171.2 ▲ -86.7 ▼ - - - -9.1 ▼ - -47.5 ▼ - 673.8 ▲ - - 89.7 ▲ - -31.4 ▼ -67.6 ▼ 9.3 ▲

Imputed Fees (US$m) Advisor Fees 47.2 36.0 51.8 9.2 17.8 0 59.4 6.9 6.9 5.1 7.0 2.1 4.8 1.1 1.7 1.8 5.0 18.3 3.7 12 1.2 29.6 2.4 7.1 10.4 12.6 2.1 2.9 1.2 .2 .7 .5 .6 .2 5.6 .8 3.5 .4 1.1 2.9 545.3

2013 Rank 3 4 2 10 7 133* 1 13* 13* 16 12 36* 18* 52* 42* 41 17 6 24* 46* 5 35 11 9 8 36* 30* 46* 102* 70* 77* 74* 102* 15 66* 26* 92* 52* 30*

Japanese Mid-Market M&A up to US$500m by Rank Value Range

†

** Fee Exp. (%) 60.2 67.2 50.8 92.0 75.1 40.6 87.3 100.0 42.9 100.0 100.0 100.0 94.4 100.0 100.0 29.6 42.5 100 0 100.0 46.4 100.0 20.6 25.7 51.4 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 17.3 55.4

$18

900

$16

800

$14

700

$12

600

$10

500

$8

400

$6

300

$4

200

$2

100

$0

-

US$200 - 500m

US$100 - 200m

US$50 - 100m

US$0 - 50m

Japanese Mid-Market M&A up to US$500m by Target Industry

# of Deals

# of Deals per Advisor Financial Advisor Mizuho Financial Group Sumitomo Mitsui Finl Grp Inc Nomura Deloitte Daiwa Securities Group Inc Frontier Management Inc Mitsubishi UFJ Morgan Stanley Plutus Consulting Co Ltd KPMG Mitsubishi UFJ Financial Group GCA Savvian Group Corp PricewaterhouseCoopers AGS Consulting Co Ltd Ernst & Young LLP es Networks Co Ltd Kaede Group Development Bank of Japan Inc Goldman Sachs & Co Rothschild Growin Partners Inc Bank of America Merrill Lynch Yamada Consulting Group Co Ltd Deutsche Bank JP Morgan Credit Suisse Macquarie Group Lincoln International Albaace Securities Co Ltd Benedi Consulting Mirai Consulting Inc Itau Unibanco Tokyo Financial Advisers Kigyo Joho Partners Tokai Tokyo Financial Holdings Trustees Advisory Matsuyama Konin Kaikei Jimusho Lazard Professional Partners Duff and Phelps UBS Industry Total

Jan 1 - Sep 30

Rank Value (US$b)


# of Deals

Jan 1 - Sep 30 2013

Real Estate 3.8%

Industrials

4.0%

High Technology

4.4% 34.6%

5.4%

Financials Retail

6.1%

Energy and Power Materials


6.7%


Consumer Staples Healthcare

7.9%

Consumer Products and Services 13.4% 10.9%

Media and Entertainment Telecommunications



Chinese Involvement Mid-Market Rankings (MM20)

2013 2012 Rank Rank 1 49* 2* 71* 2* 3 4* 7* 4* 49* 6 22* 11* 7 8 7* 9* 9* 9* 49* 9* 2 12* 5* 12* 26* 12* 71* 12* 13* 12* 4 12* 1 12* 19* 32* 19* 49* 19* 5* 22* 32* 22* 24* 9* 24* 32* 26* 13* 26* 22* 26* 29* 29* 32* 29* 29* 29* 29* 71* 29* 71* 29* 32* 29* 17* 29* 39* 39* 39* 32* 39* 39* 26* 39* 71* 39* 71* 39* 39* 71* 39* 17* 39* 26* 39* 71* 39* 71* 39* 39* 39* 39* 39* 13*

# of Deals 25 23 23 18 18 17 16 15 13 13 13 10 10 10 10 10 10 10 8 8 8 7 7 6 6 5 5 5 4 4 4 4 4 4 4 4 4 4 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 2,648

Change in # of Deals 23 ▲ 22 ▲ 9 ▲ 8 ▲ 16 ▲ 12 ▲ 8 ▲ 5 ▲ 4 ▲ 11 ▲ -2 ▼ -1 ▼ 6 ▲ 9 ▲ 3 ▲ -3 ▼ -6 ▼ 10 ▲ 5 ▲ 6 ▲ -3 ▼ 4 ▲ 7 ▲ -3 ▼ 3 ▲ -2 ▼ 0 5 ▲ 4 ▲ 1 ▲ 4 ▲ 4 ▲ 4 ▲ 3 ▲ 3 ▲ 1 ▲ -2 ▼ 4 ▲ 3 ▲ 3 ▲ 0 3 ▲ -1 ▼ 2 ▲ 2 ▲ 3 ▲ 2 ▲ -3 ▼ -1 ▼ 2 ▲ 2 ▲ 3 ▲ 3 ▲ 3 ▲ 3 ▲ -4 ▼ -2 ▼

Rank Value per Advisor (US$m) Rank Value US$m 1,235.4 1,745.2 971.7 1,387.9 1,518.5 940.4 1,694.7 504.6 402.2 1,045.7 3,247.9 1,238.1 223.3 247.2 1,686.8 1,476.8 1,446.4 247.2 941.4 450 8 450.8 359.3 357.8 803.1 730.6 610.8 268.2 1,107.5 32.7 612.9 103.2 88.8 403.8 371.2 1.0 161.9 697.9 908.9 241.0 0 21.9 821.7 280.1 88.8 30.9 2.5 545.0 809.9 450.6 98.5 272.6 208.0 68.5 114.4 242.8 68.1 46.0 85,046.6

2013 Rank 10 2 13 8 5 15 3 27 37 12 1 9 60 55* 4 6 7 55* 14 32 41 43 19 21 24 54 11 94 23 70 75* 36 39 125 65 22 16 58 128* 106 17 51 75* 97 119 25 18 33 72 52 63 83 68 57 84 88

Rank Value Change (%) 922.7 ▲ 1268.8 ▲ -3.6 ▼ 26.6 ▲ 2478.1 ▲ 53.8 ▲ 88.0 ▲ 175.9 ▲ 37.4 ▲ 1322.7 ▲ 332.0 ▲ 219.6 ▲ -39.4 ▼ 4089.8 ▲ 94.9 ▲ -31.0 ▼ 459.1 ▲ - 123.8 ▲ 3315 2 ▲ 3315.2 -27.6 ▼ 152.9 ▲ - 195.7 ▲ 9.9 ▲ 216.3 ▲ 107.6 ▲ - - 303.1 ▲ - - - -98.0 ▼ 381.8 ▲ 0.3 ▲ 34.7 ▲ - - - 43.4 ▲ - -81.6 ▼ -78.4 ▼ - - 10151.9 ▲ 113.5 ▲ 35.9 ▲ 102.8 ▲ 664.7 ▲ - - - - -91.2 ▼ 35.5 ▲

Imputed Fees (US$m) Advisor Fees .1 10.5 5.0 .3 5.9 1.0 20.4 1.8 1.2 .5 3.6 1.9 1.0 3.9 6.4 1.4 .2 .7 7 1.9 10.0 .2 7.3 .5 .7 2.2 .2 .6 3.8 .2 0 .7 .7 8.5 3.9 0 .1 1.9 2.2 .4 .3 .3 .7 0 .2 .1 1.3 .2 243.3

2013 Rank 89* 2 9 65* 7 44* 1 29 40* 57* 18 25* 44* 11* 6 34* 73* 49* 25* 3 73* 5 57* 49* 21* 73* 54* 16 73* 103* 49* 49* 4 11* 103* 89* 25* 21* 60* 65* 65* 49* 103* 73* 89* 36* 73*

Chinese Mid-Market M&A up to US$500m by Rank Value Range

†

** Fee Exp. (%) 14.3 53.0 25.0 100.0 26.6 100.0 35.9 100.0 75.0 100.0 26.5 28.4 100.0 13.8 17.3 100.0 100.0 100 0 100.0 100.0 79.4 100.0 100.0 100.0 100.0 37.9 100.0 66.7 100.0 100.0 100.0 100.0 69.1 39.8 100.0 4.4 100.0 100.0 100.0 50.0 100.0 100.0 100.0 100.0 100.0 38.6

$35

1,200

$30

1,000

$25

800

$20 600 $15

# of Deals

# of Deals per Advisor Financial Advisor China Securities Co Ltd Credit Suisse China International Capital Co Southwest Securities Co Ltd JP Morgan Huatai Securities Co Ltd Goldman Sachs & Co China Renaissance Partners PricewaterhouseCoopers Guotai Junan Securities CITIC Group Corp Somerley Ltd Great Wall Securities Co Ltd First Shanghai Investments UBS Citi Haitong Securities Co Ltd China Taiping Ins Grp Co Shenyin & Wanguo Securities Proton Capital Ltd M&A International Rothschild Sinolink Securities Co Ltd China Construction Bank China Merchants Securities Co Guangdong Securities Deutsche Bank Caitong Securities Co Ltd Ernst & Young LLP ING Ample Capital Ltd Minsheng Securities Co Ltd Industrial Securities Co Ltd Business Development Asia LLC RHB Macquarie Group HSBC Holdings PLC Northeast Securities Co Ltd China Merchants Bank Investec Barclays Guangzhou Securities Co Ltd Standard Chartered PLC Kingston Corporate Finance Ltd Mizuho Financial Group Hongyuan Securities Co Ltd Bohai Securities Co Ltd Guosen Securities Co Ltd Hollyhigh International Tianfeng Securities Co Ltd Changjiang Securities Co Ltd Messis Capital Ltd Halcyon Capital Ltd Taiping Capital Ltd Anglo Chinese Corp Finance KPMG Industry Total

Jan 1 - Sep 30

Rank Value (US$b)


400

$10

200

$5 $0

-

US$200 - 500m

US$100 - 200m

US$50 - 100m

US$0 - 50m

Chinese Mid-Market M&A up to US$500m by Target Industry

3.3%

# of Deals

Jan 1 - Sep 30 2013

3.0% Real Estate

17.2%

4.4%

Materials

5.2%

Industrials High Technology

6.3%

Financials Energy and Power 15.8%

8.8%

Consumer Staples Healthcare Media and Entertainment Retail Consumer Products and Services

11.1%

12.6%

Telecommunications

11.2%


** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees in the relevant region. † Imputed are on co completed deal act activity, deal cou countt & rank are compiled on a announced deal act activity. puted Fees ees sshown o a e based o p eted dea ty, whereas e eas dea a values a ues a e co p ed based o ou ced dea ty

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Indian Involvement Mid-Market Rankings (MM21)

2013 2012 Rank Rank 1 1 2 7* 3 11* 4* 19* 4* 19* 6 27* 7 7* 8 2 9* 40* 9* 3* 11* 5* 11* 5* 11* 10 14* 27* 14* 23* 16* 3* 16* 27* 16* 11* 16* 19* 16* 40* 16* 27* 16* 23* 23* 27* 23* 11* 23* 40* 23* 40* 23* 23* 7* 23* 11* 23* 11* 23* 11* 23* 23* 23* 11* 23* 40* 23* 19* 23* 23*

# of Deals 38 16 11 10 10 9 8 7 6 6 5 5 5 4 4 3 3 3 3 3 3 3 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 760

Change in # of Deals 8 ▲ 8 ▲ 6 ▲ 6 ▲ 6 ▲ 7 ▲ 0 -9 ▼ 5 ▲ -5 ▼ -4 ▼ -4 ▼ -2 ▼ 2 ▲ 1 ▲ -8 ▼ 1 ▲ -2 ▼ -1 ▼ 2 ▲ 1 ▲ 0 0 -3 ▼ 1 ▲ 1 ▲ 2 ▲ -6 ▼ -3 ▼ -3 ▼ -3 ▼ 2 ▲ 2 ▲ -3 ▼ 1 ▲ -2 ▼ -1 ▼ -54 ▼

Rank Value per Advisor (US$m) Rank Value US$m 1,127.3 778.6 424.7 252.1 102.8 679.1 82.5 325.0 70.6 66.5 493.9 281.4 190.0 538.7 124.4 121.9 646.1 3.2 0 0 414.1 52.9 9.1 235.0 243.9 98.1 13.6 9.2 0 229.1 0 113.6 2.0 258.6 451.3 61.2 347.8 9,045.6

2013 Rank 1 2 9 16 25 3 28 12 30 31 6 13 20 5 22 23 4 44 49* 49* 10 35 42 18 17 27 40 41 49* 19 49* 24 45 14* 8 32 11

Rank Value Change (%) 42.5 ▲ 152.4 ▲ 537.7 ▲ 78.4 ▲ -48.0 ▼ 283.7 ▲ 72.6 ▲ -58.8 ▼ 8.6 ▲ -48.5 ▼ -45.2 ▼ -28.7 ▼ -53.9 ▼ 299.3 ▲ -65.0 ▼ -74.0 ▼ 132.9 ▲ -93.5 ▼ - - 148.4 ▲ -68.7 ▼ -34.5 ▼ -53.9 ▼ - - - -93.2 ▼ - 177.4 ▲ - - - -52.7 ▼ - -63.8 ▼ -0.3 ▼ -29.5 ▼

Imputed Fees (US$m) Advisor Fees 2.1 1.1 .5 .7 .7 12.0 4.8 .8 2.8 3.5 3.9 .5 4.7 .8 2.2 1.8 .4 .4 4 .8 .5 3.1 3.1 1.7 .7 4.2 .1 .9 .1 .2 4.7 3.2 3.1 111.6

2013 Rank 16 24* 38* 33* 33* 1 2 27* 14 8 7 38* 3* 27* 15 18* 48* 48* 27* 38* 11* 11* 21 33* 6 57* 26 57* 53* 3* 9* 11*

Indian Mid-Market M&A up to US$500m by Rank Value Range

†

** Fee Exp. (%) 91.3 73.3 55.6 100.0 50.0 100.0 100.0 57.1 100.0 100.0 42.4 100.0 26.9 100.0 50.0 75.0 100.0 100 0 100.0 26.7 100.0 29.8 100.0 100.0 100.0 24.4 100.0 100.0 100.0 100.0 67.1 65.3 59.6 65.0

$7

450 400

$6

350 $5

300

$4

250

$3

200

# of Deals

# of Deals per Advisor Financial Advisor Ernst & Young LLP Kotak Mahindra Bank Ltd PricewaterhouseCoopers ICICI Bank Ltd Axis Bank Ltd Rothschild BMR Advisors KPMG IMAP Avendus Capital Pvt Ltd Morgan Stanley Deloitte Goldman Sachs & Co Deutsche Bank JM Financial Group Ambit Corporate Finance Credit Suisse Singhi Advisors Ltd Challenge Consultancy Services Edelweiss Financial Svcs Ltd HSBC Holdings PLC Grant Thornton State Bank of India Barclays BNP Paribas SA Bryan Garnier & Co HDFC Bank Ltd Yes Bank Ltd Citi Globalscope Clairfield International Haribhakti & Co Aarayaa Advisory Services Pvt Lazard Bank of America Merrill Lynch JP Morgan UBS Industry Total

Jan 1 - Sep 30

Rank Value (US$b)


150

$2

100 $1

50 -

$0

US$200 - 500m

US$100 - 200m

US$50 - 100m

US$0 - 50m

Indian Mid-Market M&A up to US$500m by Target Industry

3.1%

2.7%2.5%

# of Deals

Jan 1 - Sep 30 2013

Industrials

4.2%

21.5%

Materials Financials

6.9%

High Technology Energy and Power


7.4%

Consumer Products and Services


Healthcare 18.9%

10.6%

Telecommunications Media and Entertainment Consumer Staples

10.9%

Real Estate 11.3%



Ranking Criteria Summary

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] Europe, Middle East & Africa Redina Doda Tel: +44 (0) 207 542 3558 E-mail: [email protected]

- Announced league tables include all deals that were announced between January 1, 2013 and Sepember 30, 2013 and of which Thomson Reuters was made aware. All current data and

previous year's data is as of 12:00pm EDT on October 7, 2013. -

- 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.

Asia-Pacific Kelvin Bian Tel: +852 3761 1852 E-mail: [email protected] Japan Akemi Mamiya Tel: +813 6441 1158 E-mail: [email protected]

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

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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