glma

GLOBAL FINANCIAL ADVISORY MERGERS & ACQUISITIONS RANKINGS Q3 2011

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Bloomberg

MA <GO> LEAG <GO> MA <GO> LMX <GO> MA <GO> LEAG <GO>

1

.1 Introduction

Table of Contents

.2 Global Market Commentary

.8 Global M&A Activity

.9 M&A League Tables By Industry

.10 Global Announced Deals

.11 Cross Border Announced Deals

.12 Global Private Equity Announced Deals

. 39 Disclaimer

Bloomberg 2011 1st 3 Qtrs

EmailFaxPhoneContact

+1-212-617-8705 [email protected]+1-646-268-6061Pratik M. Patel North America

[email protected]+44-20-7392-6672+44-20-7073-3891Liga Eglite EMEA

[email protected]+82-2-3704-1827+82-2-3702-1627Hyejin ChoAsia Pacific

LATAM [email protected]+55-11-4502-1880+55-11-4502-1830Fernanda Pedreira

The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables

represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors.The

rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity-swaps, joint ventures,

private placements of common equity and convertible securities, and the cash injection component of

recapitalizations according to Bloomberg standards.

Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a

global perspective and local insight into unique deal structures in various markets through a network of over 800

financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table

rankings are a leading benchmark for legal and financial advisory performance, and DealSpace & DealBrief

newsletters provide summary highlights of weekly M&A activity and top deal trends.

Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table

results. Type MA <GO> 96 <GO> 82 <GO> to view live rankings.

10/01/2011

Mergers & Acquisitions Financial Advisory Rankings

EmailEmail

Global ReviewBloombergRegional Deal Activity Global M&A activity in the 3rd quarter dropped by more than 12% compared to the same period last year.U S b d fi d i t d th b id ti f 40% f ll l b l M&A l

Total Volume by Industry (Q3 2011)

U.S. based firms dominated on the buy‐side, accounting for 40% of all global M&A volume. Japanese firms announced acquisitions worth more than $53 billion, including Nippon Steel’s $22.5 billionall‐stock takeover of Sumitomo Metal Industries. This represents a year‐over‐year increase in excess of 60%and the highest quarterly volume since the 1st quarter of 2005. 3rd quarter deal‐making in Western Europe dropped by more than 26% compared to the same period lastyear, the sharpest decline since the 1st quarter of 2010, reflecting sovereign debt concern in the region.

I d t S t D l A ti it

Diversified1%

Utilities5%

Technology6%

Financial15%

Consumer, Non‐cyclical

21%

Industry Sector Deal Activity Acquisitions by private equity firms this year have exceeded $144 billion in total deal volume, the 4th

largest total of all time. The $5.7 billion leveraged buyout of Kinetic Concepts by a consortium led by ApaxPartners and two Canadian pension funds is the largest private equity takeover announced since 2008. Takeovers in the Aerospace/Defense industry this quarter reached an all‐time high, with total volumeexceeding $20 billion, topped by the largest transaction of all time in this industry: United Technologies’ $18billion cash bid for Goodrich. Average premiums in the wireless equipment industry jumped to more than 72% the highest since the 3rd

6%

Consumer, Cyclical8%

Communications9%

Basic Materials

Energy13%

Industrial14%

Average premiums in the wireless equipment industry jumped to more than 72%, the highest since the 3rd

quarter of 2002. The all‐time largest announced deal in this sector, Google’s all‐cash buyout of MotorolaMobility Holdings for $9.8 billion, had an announced premium of 73%.

Heat Map: Q3 2011 Volume by Region

Basic Materials11%

North America 45%

Asia Pacific 24%

Western Europe 19%

South/Central America 7%

Eastern Europe 4%

Middle East/Africa 1%

MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB <GO> * All Q3 2011 numbers as of September 30, 2011.

2

Global ReviewBloombergNotable Highlights

While global deal count increased by 11% overall deal volume decreased by 12% compared to the 3rd quarter of 2010 All regions experienced a decrease in M&A

Global M&A Quarterly Volume

While global deal count increased by 11%, overall deal volume decreased by 12% compared to the 3 quarter of 2010. All regions experienced a decrease in M&Avolume except for the Asia Pacific area, which saw a modest increase of 4% year‐over‐year. Volume in the Europe, Middle East & Africa region dropped by 30%. Total M&A deal volume for the year is $1.78 trillion compared to $1.54 trillion during the same period last year, representing a 15% increase.

Americas M&A Quarterly Volume

1400000

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n) n)

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MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB <GO> 3

*All Total Value figures in USD millions.* All Q3 2011 numbers as of September 30, 2011.

00

2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3

00

2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3

Global ReviewBloombergNotable Highlights

Over 97% of all M&A transactions occurred in the mid‐market range (below $500 million in size) while 5 deals soared into the mega‐deal category (more than $10 Over 97% of all M&A transactions occurred in the mid‐market range (below $500 million in size) while 5 deals soared into the mega‐deal category (more than $10billion in size), which is nearly twice as many as compared to the same period last year. Cash was the dominant form of payment, accounting for 69.29% of M&A volume this quarter, while 11.06% percent of all volume was comprised of all‐stockpayments, a drop of more than 38% compared to the 3rd quarter of 2010. For public deals, median total value to EBITDA multiples increased by 26.94% from 2010.

Q3 2011 Global M&A Aggregate StatisticsPublic Target Multiples # Deals Min - Max Median Deal Type Summary # Deals Volume Percent

T t l A t 444 00 772 87 0 97 C T k 2726 332 28B 64 5 Total Assets 444 .00 - 772.87 0.97 Company Takeover 2726 332.28B 64.5 Revenue 412 .00 - 3683.35 1.45 Cross Border 2661 227.42B 44.15 Stockholder Eqty 419 .00 - 4075.26 2.01 Asset sale 1488 90.97B 17.66 Book Value 418 .00 - 4075.26 2.05 Minority purchase 1704 57.58B 11.18 Market Cap 374 .00 - 23.29 1.22 Private Equity 1503 74.35B 14.43 Enterprise Value 363 .00 - 154.17 1.2 Additional Stake Purchase 977 83.00B 16.11

Net Income + Deprec 373 02 - 4870 41 13 08 Venture Capital 1023 11 71B 2 27 Net Income Deprec 373 .02 4870.41 13.08 Venture Capital 1023 11.71B 2.27 EBIT 277 .01 - 1349.17 13.76 Majority purchase 538 23.38B 4.54 Net Income 281 .01 - 2857.14 19.21 Joint Venture 313 1.00B 0.19 Cashflow from Ops. 256 .01 - 1585.74 12.74 Private Placement 153 20.28B 3.94 EBITDA 259 .01 - 1267.55 10.27 Tender Offer 123 71.25B 13.83 Income B/F XO 240 .01 - 2040.76 18.58 Leveraged Buyout 160 23.17B 4.5 Free Cashflow 196 .01 - 1856.72 18.29 Spin-off 57 192.63M 0.04

Payment Type Summary # Deals Volume Percent Premiums Paid # Deals Volume Percent Cash 4379 350.78B 69.3 0-10% 3992 145.62B 43.9 Undisclosed 1640 21.49B 4.3 25.01-50% 79 89.15B 26.9 Stock 240 55.97B 11.1 10.01-25% 59 46.37B 14.0 Cash & Stock 202 56.54B 11.2 50.01-75% 32 45.73B 13.8 Cash or Stock 15 15.38B 3.0 >100% 16 2.43B 0.7 Cash, Stock & Debt 9 596.04M 0.1 Debt 13 3.3B 0.7 Current Status # Deals Volume Percent

Completed 4021 116.10B 21.4Deal Size Breakdown # Deals Volume Percent Pending 2896 399.03B 73.5 0-500M 6742 168B 97.5 Terminated 19 27.45B 5.1 1000.01-5000M 73 135.74B 1.1

MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB <GO> 4

500.01-1000M 91 66.57B 1.3 Current Premium # Deals Volume Percent 5000.01-10,000M 6 44.82B 0.1 0-10% 6862 472.76B 91.8 > 10,000M 5 100B 0.1 10.01-25% 23 40.17B 7.8

Global ReviewBloombergAmericas Notable Highlights

S A D t T t N A i N T t l V l ( il )

Number of Deals 3846Volume 313.23BAverage Deal Size 166.70MAverage Premium 31.37%

Acquirer Google Inc

Summary

Most Acquisitive Company

Announce Date Target Name Acquirer Name Total Value (mil.) 7/21/2011 Medco Health Solutions Inc Express Scripts Inc $34,321.69/21/2011 Goodrich Corp United Technologies Corp $17,975.17/15/2011 Petrohawk Energy Corp BHP Billiton Ltd $14,887.18/18/2011 Autonomy Corp PLC Hewlett‐Packard Co $10,296.18/15/2011 Motorola Mobility Holdings Inc Google Inc $9,812.57/20/2011 Nalco Holding Co Ecolab Inc $8,042.58/1/2011 Telefonos de Mexico SAB de CV America Movil SAB de CV $6 455 9

INDUSTRY COUNTRY

TOP ACQUIRERS TOP ACQUIRERS

q gNumber of Deals 20Volume 9.88BAverage Deal Size 494.13M

8/1/2011 Telefonos de Mexico SAB de CV America Movil SAB de CV $6,455.97/13/2011 Kinetic Concepts Inc Apax Partners LLP/CPPIB/PSPIB $5,727.57/11/2011 MacArthur Coal Ltd PEAMCoal Pty Ltd $3,887.47/25/2011 Latin American Businesses Grupo de Inversiones Suramerica $3,758.5

$

$18.31

$31.90

$35.10

Di ifi dMi l

Aerospace/Defense‐Equip

Private Equity

Pharmacy Services


$16 29

$16.29

$25.52

$203.58

U K

Australia

Canada

U.S.

$

$34.55

$11.53

$15.42

Oil C E l & P d

Pharmacy Services

Investment Companies

Diversified Minerals

TOP TARGETSTOP TARGETS

$19 27

$210.99

$8.12

$16.29

U K

U.S.

China

U.K.

$11.08

$11.10

$19.74

$23.60

Wireless Equipment

Building‐Residential/Comm

Aerospace/Defense‐Equip

Oil Comp‐Explor & Prodtn

$7.72

$14.91

$18.25

$19.27

Mexico

Brazil

Canada

U.K.

MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB <GO>

$‐ $5 $10 $15 $20 $25 $30 $35 $40

5

Total Volume (USD Bln)* All Q3 2011 numbers as of September 30,2011.

Total Volume (USD Bln)

$‐ $50 $100 $150 $200 $250

Global ReviewBloombergEMEA Notable Highlights



Acquirer Index Ventures

Summary


Announce Date Target Name Acquirer Name Total Value (mil.) 8/18/2011 Autonomy Corp PLC Hewlett‐Packard Co $10,296.17/11/2011 Northumbrian Water Group PLC UK Water 2011 Ltd $7,527.57/1/2011 Allied Irish Banks PLC National Pensions Reserve Fund $7,255.57/13/2011 Kinetic Concepts Inc Apax Partners LLP/CPPIB/PSPIB $5,727.59/13/2011 MMC Norilsk Nickel OJSC Shareholders $4,500.07/11/2011 MacArthur Coal Ltd PEAMCoal Pty Ltd $3,887.47/25/2011 ING L i A i B i G I i S i $3 758 5

INDUSTRY COUNTRY


Acquirer Index VenturesNumber of Deals 10Volume 388.90MAverage Deal Size 38.89M

7/25/2011 ING Latin America Businesses Grupo Inversiones Suramericana $3,758.58/10/2011 Exploration & Production Division China Investment Corp $3,263.78/15/2011 Aker Drilling ASA Transocean Ltd/Switzerland $3,118.19/12/2011 Charter International PLC Colfax Corp $2,666.0

$9 69

$10.01

$29.59

$42.41

Russia

France

U.K.

U.S.

$10 30

$11.08

$20.92

$32.18

Computers

Real Estate Oper/Development

Private Equity



$

$38.89

$9.53

$9.69

U S

U.K.

Canada

Russia

$10 13

$10.33

$7.70

$10.30

CommerBanks Non‐US

Enterprise Software/Serv

Invest Mgmnt/Advis Serv

Computers


$7.53

$8.88

$16.76

$30.04

Ireland

Russia

France

U.S.

$6.46

$7.61

$8.43

$10.13

$ $ $ $ $ $ $ $

Electric‐Distribution

Water

Oil Comp‐Explor&Prodtn

Commer Banks Non‐US


$‐ $10 $20 $30 $40 $50 $‐ $5 $10 $15 $20 $25 $30 $35

6

Total Volume (USD Bln) Total Volume (USD Bln)* All Q3 2011 numbers as of September 30,2011.

Global ReviewBloombergAPAC Notable Highlights



Acquirer Japan Retai l Fund Inv

Summary


Announce Date Target Name Acquirer Name Total Value (mil.) 9/22/2011 Sumitomo Metal industries Nippon Steel Corp $22,521.07/15/2011 Petrohawk Energy Corp BHP Billiton Ltd $14,887.17/11/2011 Northumbrian Water Group PLC UK Water 2011 Ltd $7,527.57/11/2011 MacArthur Coal Ltd PEAMCoal Pty Ltd $3,887.48/10/2011 Exploration & Production division China Investment Corp $3,263.78/9/2011 A‐REITS Portfolio Creditors $3,146.58/17/2011 Sh h D l B k C Pi A I G C $2 739 9

INDUSTRY COUNTRY


Acquirer Japan Retai l Fund Inv.Number of Deals 8Volume 422.72MAverage Deal Size 52.84M

8/17/2011 Shenzhen Developmnet Bank Co Ping An Insurance Group Co $2,739.97/22/2011 ConnectEast Group CP2 Ltd $2,658.48/31/2011 Japan Display KK Innovation Network Corp Japan $2,613.78/2/2011 Aleadri‐Schinni Participacoes Kirin Holdings Co Ltd $2,525.1

$14 25

$17.25

$26.88

$31.02

Real EstateOper/Development

Diversified Minerals


Steel‐Producers


$15 19

$30.96

$39.73

$53.02

Hong Kong

Australia

China

Japan

$22 26

$23.32

$9.42

$14.25

Oil C E l &P d ti

Steel‐Producers

Commer Banks Non‐US



$38.59

$10.46

$15.19

Japan

U.S.

Hong Kong

$7.61

$8.59

$9.13

$22.26

Water

Coal


Oil Comp‐Explor&Production

$9.91

$23.80

$24.86

$28.30

U.K.

U.S.

Australia

China


$‐ $5 $10 $15 $20 $25 $30 $35

7

Total Volume (USD Bln) Total Volume (USD Bln)* All Q3 2011 numbers as of September 30,2011.

$‐ $10 $20 $30 $40 $50 $60

Bloomberg

49.39%Americas

17.29%

Asia-Pacific

ex-Japan

28.91%EMEA

4.41%Japan

Regional Breakdown by Target Region/Country

8

MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>

- 20102011

Global M&A Activity

1/1/11 9/30/11

CHANGEFIRM

VOLUME DEAL

COUNT

Regional Breakdown by Target Region/Country

USD (Mln)

VOLUME

USD (Mln)

DEAL

COUNT

VOLUME

Americas 9,191 8.61%$880,772 $810,947 7,749

701 -46.05%$103,149 $191,203 651 Latin America

8,565 17.97%$791,120 $670,633 7,185 North America

1,133 9.67%$69,584 $63,449 979 Canada

7,294 27.05%$702,793 $553,168 6,072 United States

EMEA 4,942 32.81%$515,520 $388,165 4,820

560 61.30%$70,327 $43,599 545 Eastern Europe

3,893 35.66%$418,682 $308,625 3,800 Western Europe

1,308 -1.26%$99,189 $100,457 1,371 UK

592 74.24%$43,406 $24,912 433 Germany

558 163.47%$78,617 $29,839 464 France

Asia-Pacific ex-Japan 5,246 15.91%$308,344 $266,030 5,069

695 55.02%$80,021 $51,621 683 Australia

62 49.08%$3,348 $2,246 72 New Zealand

2,137 -3.83%$84,815 $88,196 2,010 China

386 -5.15%$20,854 $21,987 352 Hong Kong

763 23.61%$52,617 $42,567 797 South East Asia

478 -27.19%$23,152 $31,798 486 India

Japan 1,002 18.36%$78,596 $66,406 1,194

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.

$1,784,534 20,478 $1,537,837 18,898 16.04%Global

$0

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M&A League Tables by Industry

- 201101/01/11 09/30/11

FIRMRANK MKT

SHARE

VOLUME DEAL

COUNTUSD (Mln)

Global Announced Deals - Consumer, Non-cyclical

JP Morgan 58 1 103,472 34.7

Goldman Sachs & Co 42 2 95,214 31.9

Credit Suisse Group AG 31 3 88,339 29.6

Citigroup Inc 33 4 57,519 19.3

Morgan Stanley 49 5 56,698 19.0

Lazard Ltd 32 6 49,544 16.6

Bank of America Merrill Lynch 39 7 41,590 14.0

Deutsche Bank AG 16 8 37,395 12.5

Foros LLC 4 9 35,367 11.9

Moelis & Co 7 10 29,356 9.8

$298,185 3,841TOTAL

- 201101/01/11 09/30/11

FIRMRANK MKT

SHARE

VOLUME DEAL

COUNTUSD (Mln)

Global Announced Deals - Financial

JP Morgan 48 1 80,899 27.6





Lazard Ltd 14 6 24,063 8.2

Barclays Capital Group 13 7 23,591 8.0



UBS AG 22 10 20,934 7.1

$293,650 2,738TOTAL

- 201101/01/11 09/30/11

FIRMRANK MKT

SHARE

VOLUME DEAL

COUNTUSD (Mln)

Global Announced Deals - Communications




JP Morgan 19 4 63,713 28.7




Rothschild 17 8 44,496 20.1

Evercore Partners Inc 6 9 41,672 18.8


$221,710 2,673TOTAL

USD (Mln)

DEAL

COUNT

VOLUMEMKT

SHARE

RANKFIRM

09/30/1101/01/11 2011-

Global Announced Deals - Energy





JP Morgan 30 5 26,230 12.8

UBS AG 16 6 25,978 12.7

Scotia Capital Inc 7 7 23,404 11.5



Jefferies Group Inc 14 10 12,749 6.2

$204,306 1,408TOTAL

Bloomberg

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USD (Mln) #Deals

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Global Announced Deals

1/1/11 9/30/11

CHANGEFIRM

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RANK MKT

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Ranked by Volume

MKT

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USD (Mln)

M&A Financial Advisory League Tables

JP Morgan 241 1 7.3 427,846 24.0 16.7 5

Goldman Sachs & Co 240 2 2.5 408,558 22.9 20.4 2

Morgan Stanley 244 3 - 368,045 20.6 20.6 1

Credit Suisse Group AG 184 4 1.4 337,917 18.9 17.5 4

Citigroup Inc 147 5 3.5 270,478 15.2 11.7 9

Bank of America Merrill Lynch 182 6 2.1 252,501 14.2 12.1 6

Deutsche Bank AG 137 7 1.2 234,529 13.1 11.9 7

Barclays Capital Group 109 8 (5.6) 231,382 13.0 18.6 3

Lazard Ltd 151 9 2.0 192,026 10.8 8.8 11

UBS AG 142 10 (3.6) 144,021 8.1 11.7 8

Rothschild 168 11 (2.6) 123,836 6.9 9.5 10

Evercore Partners Inc 44 12 1.7 95,319 5.3 3.6 17

HSBC Bank PLC 75 13 (0.5) 79,883 4.5 5.0 15

Nomura Holdings Inc 135 14 (1.7) 77,683 4.4 6.1 13

BNP Paribas SA 79 15 (3.6) 63,252 3.5 7.1 12

Societe Generale SA 59 16 (2.3) 58,853 3.3 5.6 14

Moelis & Co 41 17 2.2 53,961 3.0 0.8 45

Greenhill & Co Inc 19 18 0.8 53,847 3.0 2.2 23

RBC Capital Markets 97 19 - 52,038 2.9 2.9 21

Perella Weinberg Partners LP 16 20 (0.6) 42,075 2.4 3.0 20


$1,784,534 20,478 $1,537,837

*Total Volume represents all announced transactions in US$ millions.

TOTAL

Bloomberg

$0

$100,000

$200,000

$300,000

$400,000

$500,000

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2007

Q4

2008

Q1

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Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

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2009

Q4

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Q1

2010

Q2

2010

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2010

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USD (Mln) #Deals

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Cross Border Announced Deals

1/1/11 9/30/11

CHANGEFIRM

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MKT

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USD (Mln)


Goldman Sachs & Co 133 1 3.2 231,798 26.7 23.5 1

JP Morgan 138 2 5.1 228,013 26.3 21.2 3

Morgan Stanley 131 3 (1.3) 185,119 21.3 22.6 2

Deutsche Bank AG 89 4 6.2 181,316 20.9 14.7 6


Citigroup Inc 84 6 4.4 129,610 14.9 10.5 11


Bank of America Merrill Lynch 94 8 (3.5) 96,501 11.1 14.6 7

Rothschild 127 9 (2.6) 72,524 8.4 11.0 10

UBS AG 77 10 (8.5) 68,174 7.9 16.4 5

Lazard Ltd 79 11 (1.2) 64,281 7.4 8.6 13

HSBC Bank PLC 56 12 - 62,079 7.2 7.2 15

BNP Paribas SA 55 13 (5.2) 54,156 6.2 11.4 9


Greenhill & Co Inc 14 15 3.5 48,535 5.6 2.1 28


Moelis & Co 15 17 4.1 42,035 4.9 0.8 48


RBC Capital Markets 38 19 0.4 36,725 4.2 3.8 20

Royal Bank of Scotland Group PLC 27 20 - 34,836 4.0 4.0 19


$867,310 7,838 $741,123


TOTAL

Bloomberg

$0

$20,000

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$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

0

200

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1,200

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Q1

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2009

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2009

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2010

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2010

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2011

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/

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USD (Mln) #Deals

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- 20102011

Global Private Equity Announced Deals

1/1/11 9/30/11

CHANGEFIRM

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COUNT

RANK MKT

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Ranked by Volume

MKT

SHARE

USD (Mln)


JP Morgan 54 1 5.3 67,860 22.5 17.2 7

Goldman Sachs & Co 50 2 (0.2) 67,718 22.4 22.6 1

Morgan Stanley 69 3 (3.5) 55,861 18.5 22.0 2


Deutsche Bank AG 24 5 2.0 44,701 14.8 12.8 8

Credit Suisse Group AG 43 6 (4.4) 44,446 14.7 19.1 5


UBS AG 45 8 (4.5) 42,545 14.1 18.6 6

Nomura Holdings Inc 27 9 9.1 37,772 12.5 3.4 14

Citigroup Inc 37 10 (0.1) 36,401 12.0 12.1 9

Lazard Ltd 47 11 0.4 26,568 8.8 8.4 11

Moelis & Co 16 12 5.7 26,264 8.7 3.0 15

Rothschild 45 13 0.1 21,562 7.1 7.0 12

HSBC Bank PLC 21 14 3.3 16,488 5.5 2.2 23

RBC Capital Markets 25 15 (4.2) 14,434 4.8 9.0 10

Societe Generale SA 21 16 2.4 14,289 4.7 2.3 22

Deloitte Touche Tohmatsu 10 17 3.6 12,216 4.0 0.4 62

Flagstaff Partners Pty Ltd 2 18 4.0 12,058 4.0 - -

Jefferies Group Inc 34 19 1.6 12,028 4.0 2.4 18

Wells Fargo & Co 8 20 3.2 10,769 3.6 0.4 57


$302,246 3,776 $196,755


TOTAL

Bloomberg

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

13


- 20102011

United States Announced Deals

1/1/11 9/30/11

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USD (Mln)


JP Morgan 146 1 13.3 328,642 34.5 21.2 5

Goldman Sachs & Co 156 2 (4.0) 271,322 28.5 32.5 1


Morgan Stanley 128 4 (1.6) 227,105 23.8 25.4 3

Citigroup Inc 80 5 9.7 198,879 20.9 11.2 10



Deutsche Bank AG 70 8 0.5 148,097 15.5 15.0 7

Lazard Ltd 77 9 1.7 128,300 13.5 11.8 9

UBS AG 81 10 (3.3) 102,904 10.8 14.1 8


Greenhill & Co Inc 9 12 2.2 46,938 4.9 2.7 20


Moelis & Co 34 14 2.4 35,438 3.7 1.3 29

Foros LLC 4 15 3.2 35,367 3.7 0.5 47

Qatalyst Partners LLC 8 16 2.9 34,060 3.6 0.7 38

Rothschild 49 17 1.2 31,633 3.3 2.1 22

Centerview Partners LLP 10 18 1.3 31,629 3.3 2.0 24

Jefferies Group Inc 80 19 (0.5) 30,283 3.2 3.7 17



$953,594 9,314 $693,092


TOTAL

Bloomberg

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

0

400

800

1,200

1,600

2,000

2,400

2,800

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

14


- 20102011

United States Announced Deals

1/1/11 9/30/11

CHANGEFIRM

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USD (Mln)


JP Morgan 108 1 13.4 271,654 35.2 21.8 5


Goldman Sachs & Co 120 3 (8.3) 204,036 26.4 34.7 1

Morgan Stanley 97 4 (1.1) 199,184 25.8 26.9 3

Citigroup Inc 63 5 11.4 175,787 22.7 11.3 10



Deutsche Bank AG 53 8 1.3 125,043 16.2 14.9 7

Lazard Ltd 58 9 2.9 115,720 15.0 12.1 9


UBS AG 66 11 (4.0) 79,176 10.2 14.2 8

Greenhill & Co Inc 6 12 3.2 44,670 5.8 2.6 21

Foros LLC 4 13 4.1 35,367 4.6 0.5 45

Moelis & Co 27 14 3.1 35,109 4.5 1.4 26




Qatalyst Partners LLC 7 18 2.3 23,764 3.1 0.8 37


Scotia Capital Inc 7 20 1.4 20,773 2.7 1.3 28


$772,934 7,636 $606,209


TOTAL

Bloomberg

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

0

100

200

300

400

500

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

15


- 20102011

Canada Announced Deals

1/1/11 9/30/11

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USD (Mln)


BMO Capital Markets Corp 32 1 (1.9) 22,804 25.7 27.6 1

JP Morgan 5 2 16.0 19,483 22.0 6.0 13

CIBC 21 3 (8.3) 15,789 17.8 26.1 2


TD Securities Inc 17 5 (6.0) 13,032 14.7 20.7 4


Goldman Sachs & Co 6 7 4.5 12,493 14.1 9.6 8

Scotia Capital Inc 14 8 (8.2) 9,129 10.3 18.5 5

Europlay Capital Advisors LLC 1 9 9.6 8,500 9.6 - -

GMP Securities LP 10 10 (4.0) 8,075 9.1 13.1 7

Lazard Ltd 5 11 8.5 7,835 8.8 0.3 43

National Bank Financial Inc 14 12 3.2 6,280 7.1 3.9 19

Canaccord Genuity Corp 13 13 2.0 5,103 5.8 3.8 20

Morgan Stanley 7 14 (12.2) 3,667 4.1 16.3 6

UBS AG 4 15 0.2 3,074 3.5 3.3 21


Greenhill & Co Inc 2 17 2.9 2,600 2.9 - -

HSBC Bank PLC 4 18 1.8 1,814 2.1 0.3 40

Macquarie Group Ltd 9 19 (2.6) 1,687 1.9 4.5 17

FirstEnergy Capital Corp 9 20 (2.9) 1,476 1.7 4.6 16


$88,598 1,242 $73,665


TOTAL

Bloomberg

$0

$20,000

$40,000

$60,000

$80,000

$100,000

0

40

80

120

160

200

240

280

320

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

16


- 20102011

Latin America Announced Deals

1/1/11 9/30/11

CHANGEFIRM

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USD (Mln)


Itau Unibanco Holding SA 31 1 31.5 34,981 32.1 0.6 31


Banco BTG Pactual SA 18 3 12.8 27,788 25.5 12.7 7


Rothschild 9 5 (6.9) 23,560 21.6 28.5 2


Banco Santander SA 19 7 (5.5) 15,199 13.9 19.4 5

Citigroup Inc 16 8 (10.1) 13,882 12.7 22.8 4

Goldman Sachs & Co 17 9 6.2 12,686 11.6 5.4 15

Morgan Stanley 14 10 (2.9) 11,124 10.2 13.1 6

JP Morgan 22 11 (3.2) 9,973 9.1 12.3 8

Banco Bradesco BBI SA 17 12 5.6 9,553 8.8 3.2 19

HSBC Bank PLC 6 13 6.4 8,543 7.8 1.4 24

UBS AG 5 14 (2.2) 6,568 6.0 8.2 10

Deutsche Bank AG 7 15 (0.6) 6,234 5.7 6.3 13

Lazard Ltd 6 16 5.5 6,146 5.6 0.1 48

Banco Espirito Santo de Investimento SA 9 17 (3.4) 2,858 2.6 6.0 14

Estructura Partners 1 18 2.0 2,200 2.0 - -

Nomura Holdings Inc 2 19 2.0 2,174 2.0 - -

Mediobanca SpA 2 20 1.9 2,022 1.9 - -


$109,155 763 $201,319


TOTAL

Bloomberg

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

0

40

80

120

160

200

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

17


- 20102011

Brazil Announced Deals

1/1/11 9/30/11

CHANGEFIRM

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USD (Mln)


Itau Unibanco Holding SA 23 1 43.6 33,666 44.6 1.0 29


Banco BTG Pactual SA 18 3 17.4 27,788 36.8 19.4 4


Rothschild 4 5 (8.3) 22,544 29.8 38.1 1


Banco Santander SA 10 7 9.0 12,936 17.1 8.1 12

Goldman Sachs & Co 10 8 13.4 11,371 15.1 1.7 23


Lazard Ltd 2 10 8.1 6,128 8.1 0.0 53

Deutsche Bank AG 6 11 1.9 5,996 7.9 6.0 15

HSBC Bank PLC 3 12 6.2 5,803 7.7 1.5 26

Citigroup Inc 6 13 3.5 5,741 7.6 4.1 17

JP Morgan 9 14 (10.8) 3,607 4.8 15.6 5

Morgan Stanley 8 15 (11.1) 3,178 4.2 15.3 6


Mediobanca SpA 2 17 2.7 2,022 2.7 - -

UBS AG 2 18 (9.9) 1,950 2.6 12.5 7

Banco Votorantim SA 7 19 2.1 1,580 2.1 - -

Caixa Banco de Investimento SA 4 20 (9.8) 1,238 1.6 11.4 8


$75,574 451 $131,067


TOTAL

Bloomberg

$0

$100,000

$200,000

$300,000

$400,000

$500,000

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

18


- 20102011

Europe Announced Deals

1/1/11 9/30/11

CHANGEFIRM

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USD (Mln)


JP Morgan 111 1 5.4 210,306 28.9 23.5 2

Goldman Sachs & Co 90 2 5.3 190,644 26.2 20.9 4

Morgan Stanley 112 3 (0.3) 183,410 25.2 25.5 1


Deutsche Bank AG 70 5 5.9 161,336 22.2 16.3 6

Citigroup Inc 65 6 3.9 136,051 18.7 14.8 8


Rothschild 138 8 (3.0) 83,961 11.5 14.5 9


Lazard Ltd 89 10 (1.0) 71,261 9.8 10.8 13

HSBC Bank PLC 50 11 0.3 66,871 9.2 8.9 14

BNP Paribas SA 68 12 (9.9) 61,088 8.4 18.3 5


UBS AG 64 14 (4.1) 53,736 7.4 11.5 12


Greenhill & Co Inc 11 16 4.9 43,654 6.0 1.1 40


Credit Agricole Corporate & Investment Bank 28 18 (1.5) 31,568 4.3 5.8 18

Royal Bank of Scotland Group PLC 26 19 (3.7) 29,849 4.1 7.8 16

Moelis & Co 8 20 3.2 29,426 4.0 0.8 46


$727,712 6,120 $575,904


TOTAL

Bloomberg

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

0

400

800

1,200

1,600

2,000

2,400

2,800

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

19


- 20102011

Europe Announced Deals

1/1/11 9/30/11

CHANGEFIRM

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USD (Mln)


JP Morgan 92 1 6.1 171,935 28.9 22.8 2


Goldman Sachs & Co 66 3 6.0 141,687 23.8 17.8 5

Deutsche Bank AG 57 4 7.4 136,739 23.0 15.6 9

Morgan Stanley 82 5 (3.2) 134,538 22.6 25.8 1

Citigroup Inc 48 6 4.2 110,352 18.5 14.3 11


Rothschild 128 8 (2.4) 80,959 13.6 16.0 8

HSBC Bank PLC 45 9 (0.3) 64,732 10.9 11.2 14

Lazard Ltd 80 10 (0.9) 63,584 10.7 11.6 13


BNP Paribas SA 62 12 (10.7) 50,662 8.5 19.2 3


UBS AG 54 14 (5.4) 47,580 8.0 13.4 12


Greenhill & Co Inc 9 16 6.0 43,494 7.3 1.3 33



ING Groep NV 13 19 3.2 22,748 3.8 0.6 45



$595,507 4,798 $431,594


TOTAL

Bloomberg

$0

$40,000

$80,000

$120,000

$160,000

$200,000

$240,000

0

200

400

600

800

1,000

1,200

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

20


- 20102011

United Kingdom Announced Deals

1/1/11 9/30/11

CHANGEFIRM

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USD (Mln)


Goldman Sachs & Co 43 1 10.6 95,259 36.5 25.9 3

JP Morgan 49 2 (5.0) 82,270 31.5 36.5 1

Deutsche Bank AG 26 3 6.0 63,234 24.2 18.2 7

Morgan Stanley 38 4 (8.1) 47,820 18.3 26.4 2

Rothschild 68 5 (6.2) 46,517 17.8 24.0 4

Citigroup Inc 25 6 0.4 43,894 16.8 16.4 9



HSBC Bank PLC 22 9 (1.9) 31,855 12.2 14.1 11


UBS AG 26 11 (0.1) 30,801 11.8 11.9 15

Moelis & Co 4 12 10.0 27,271 10.5 0.5 51


Lazard Ltd 31 14 (4.3) 23,106 8.9 13.2 13



BNP Paribas SA 11 17 (14.2) 12,600 4.8 19.0 5


Gresham Partners Ltd 1 19 4.8 12,523 4.8 - -

UniCredit SpA 3 20 4.6 11,974 4.6 - -


$261,054 2,231 $231,002


TOTAL

Bloomberg

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

0

100

200

300

400

500

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

21


- 20102011

Germany Announced Deals

1/1/11 9/30/11

CHANGEFIRM

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USD (Mln)



Deutsche Bank AG 23 2 27.5 66,402 53.6 26.1 2

JP Morgan 14 3 36.5 66,225 53.5 17.0 5

Citigroup Inc 10 4 47.9 64,937 52.4 4.5 17

Morgan Stanley 13 5 40.2 56,844 45.9 5.7 16

Greenhill & Co Inc 4 6 32.1 39,714 32.1 0.0 57


Goldman Sachs & Co 10 8 (15.1) 31,201 25.2 40.3 1

Barclays Capital Group 10 9 7.1 19,857 16.0 8.9 10

Rothschild 24 10 7.6 16,983 13.7 6.1 15


Societe Generale SA 7 12 6.8 11,924 9.6 2.8 19

Lazard Ltd 13 13 (12.9) 11,869 9.6 22.5 4

BNP Paribas SA 8 14 1.1 11,028 8.9 7.8 13



UniCredit SpA 8 17 4.3 5,383 4.4 0.1 35

Berenberg Bank 8 18 1.0 5,284 4.3 3.3 18

Banque Privee Edmond de Rothschild SA 1 19 4.0 4,913 4.0 - -



$123,881 946 $59,996


TOTAL

Bloomberg

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

0

50

100

150

200

250

300

350

400

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

22


- 20102011

France Announced Deals

1/1/11 9/30/11

CHANGEFIRM

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USD (Mln)


BNP Paribas SA 42 1 (28.7) 39,044 27.7 56.4 1


Morgan Stanley 27 3 (17.0) 37,051 26.3 43.3 4

HSBC Bank PLC 24 4 3.6 36,869 26.2 22.6 10

Lazard Ltd 33 5 14.0 36,816 26.1 12.1 15



Rothschild 42 8 (12.2) 30,801 21.9 34.1 6

Credit Agricole Corporate & Investment Bank 25 9 9.1 24,623 17.5 8.4 17

Deutsche Bank AG 12 10 - 22,064 15.7 15.7 13

JP Morgan 13 11 (31.1) 18,579 13.2 44.3 3

Citigroup Inc 11 12 5.8 18,172 12.9 7.1 18

Goldman Sachs & Co 14 13 (32.2) 12,526 8.9 41.1 5



UBS AG 6 16 3.6 6,402 4.5 0.9 28

Blackstone Group LP 2 17 (20.0) 4,288 3.0 23.0 9

Hawkpoint Partners Ltd 3 18 0.3 3,680 2.6 2.3 21

Messier Maris et Associes 2 18 2.6 3,680 2.6 - -

CIBC 1 20 0.8 2,684 1.9 1.1 26


$140,869 982 $118,638


TOTAL

Bloomberg

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

$50,000

0

40

80

120

160

200

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

23


- 20102011

Italy Announced Deals

1/1/11 9/30/11

CHANGEFIRM

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USD (Mln)



Rothschild 20 2 15.5 7,699 23.9 8.4 12



Bank of America Merrill Lynch 9 5 15.9 5,135 15.9 - -

HSBC Bank PLC 6 6 15.3 4,938 15.3 - -

Lazard Ltd 10 7 (2.4) 4,431 13.8 16.2 9

Morgan Stanley 9 8 4.5 4,154 12.9 8.4 11

Mediobanca SpA 17 9 2.6 3,955 12.3 9.7 10

Goldman Sachs & Co 3 10 7.5 3,815 11.8 4.3 13

BNP Paribas SA 8 11 (33.4) 3,134 9.7 43.1 2

UBS AG 2 12 6.2 1,982 6.2 - -


Evercore Partners Inc 1 14 3.9 1,268 3.9 - -

KPMG Corporate Finance LLC 2 15 0.9 1,164 3.6 2.7 15

Leonardo & Co 1 16 3.6 1,161 3.6 - -

Citigroup Inc 2 17 (37.7) 958 3.0 40.7 4

Nomura Holdings Inc 1 18 (1.5) 812 2.5 4.0 14

Royal Bank of Scotland Group PLC 1 19 (36.5) 803 2.5 39.0 5

Banco Bilbao Vizcaya Argentaria SA 4 20 1.1 772 2.4 1.3 21


$32,212 305 $33,823


TOTAL

Bloomberg

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

0

50

100

150

200

250

300

350

400

450

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

24


- 20102011

Benelux Announced Deals

1/1/11 9/30/11

CHANGEFIRM

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USD (Mln)


JP Morgan 18 1 (6.9) 31,211 32.8 39.7 2

Morgan Stanley 15 2 (19.7) 27,163 28.6 48.3 1


Deutsche Bank AG 11 4 11.8 16,037 16.9 5.1 21

Goldman Sachs & Co 6 5 (12.1) 15,183 16.0 28.1 6


BNP Paribas SA 16 7 (21.3) 13,790 14.5 35.8 5

ING Groep NV 10 8 12.0 13,328 14.0 2.0 27

UBS AG 11 9 (8.7) 11,968 12.6 21.3 11

Citigroup Inc 10 10 (2.9) 11,529 12.1 15.0 15




HSBC Bank PLC 2 14 (28.9) 7,073 7.4 36.3 3

Lazard Ltd 7 15 5.0 6,992 7.4 2.4 26


Blackstone Group LP 1 17 (20.5) 4,277 4.5 25.0 9

Rothschild 14 18 (31.8) 4,051 4.3 36.1 4


Kempen & Co NV 8 20 2.5 2,413 2.5 0.0 66


$95,087 700 $102,911


TOTAL

Bloomberg

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

0

40

80

120

160

200

240

280

320

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

25


- 20102011

Iberia Announced Deals

1/1/11 9/30/11

CHANGEFIRM

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USD (Mln)


Goldman Sachs & Co 6 1 21.6 11,194 25.6 4.0 24

Citigroup Inc 9 2 5.9 7,781 17.8 11.9 11

Banco Santander SA 9 3 (2.2) 7,394 16.9 19.1 7

Morgan Stanley 9 4 (18.4) 7,200 16.5 34.9 1

JP Morgan 9 5 6.1 6,486 14.8 8.7 15

Lazard Ltd 8 6 8.8 6,147 14.0 5.2 19




UBS AG 6 10 (8.5) 4,285 9.8 18.3 9


Barclays Capital Group 3 12 9.2 4,040 9.2 - -



HSBC Bank PLC 2 15 2.0 2,842 6.5 4.5 22

BNP Paribas SA 2 16 (2.3) 2,827 6.5 8.8 14

Itau Unibanco Holding SA 2 17 5.5 2,412 5.5 - -


Mediobanca SpA 3 19 (2.2) 1,260 2.9 5.1 20

Banco Bilbao Vizcaya Argentaria SA 14 20 (4.0) 1,243 2.8 6.8 18


$43,773 298 $72,264


TOTAL

Bloomberg

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

0

50

100

150

200

250

300

350

400

450

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

26


- 20102011

Nordic Announced Deals

1/1/11 9/30/11

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USD (Mln)


Goldman Sachs & Co 12 1 29.3 46,569 46.3 17.0 4

JP Morgan 13 2 27.6 39,399 39.2 11.6 7

Deutsche Bank AG 8 3 17.2 30,392 30.2 13.0 5



Morgan Stanley 12 6 (5.5) 16,613 16.5 22.0 1

Moelis & Co 4 7 15.8 15,888 15.8 0.0 68


Nordea Bank AB 6 9 6.1 8,941 8.9 2.8 25


Lazard Ltd 8 11 0.4 7,656 7.6 7.2 10

Royal Bank of Scotland Group PLC 6 12 7.1 7,223 7.2 0.1 61


ING Groep NV 4 14 4.6 4,597 4.6 - -

Mizuho Financial Group Inc 2 15 4.4 4,519 4.5 0.1 56

Rothschild 7 16 (2.0) 4,188 4.2 6.2 14

UBS AG 6 17 (13.4) 4,042 4.0 17.4 3



Citigroup Inc 3 20 (16.7) 3,318 3.3 20.0 2


$100,650 792 $49,744


TOTAL

Bloomberg

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

0

50

100

150

200

250

300

350

400

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

27


- 20102011

Africa/Middle East Announced Deals

1/1/11 9/30/11

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USD (Mln)



Goldman Sachs & Co 15 2 7.0 13,343 20.8 13.8 9


Deutsche Bank AG 5 4 (0.6) 7,396 11.5 12.1 12

Morgan Stanley 7 5 (11.0) 7,304 11.4 22.4 1

Citigroup Inc 7 6 6.8 7,226 11.3 4.5 18

JP Morgan 14 7 2.3 5,501 8.6 6.3 14


BNP Paribas SA 5 9 (8.8) 3,627 5.7 14.5 7

Standard Chartered PLC 4 10 (11.8) 3,323 5.2 17.0 3

Banco Santander SA 3 11 4.9 3,147 4.9 - -

Standard Bank of South Africa Ltd 3 12 3.8 2,673 4.2 0.4 27

RHB 1 13 3.0 1,946 3.0 - -


Lazard Ltd 4 15 (11.8) 1,527 2.4 14.2 8

One Capital 1 16 2.2 1,407 2.2 0.0 50

Investec PLC 1 17 2.1 1,330 2.1 - -

Greenhill & Co Inc 2 18 (0.2) 1,321 2.1 2.3 20

AIFAS Inc 1 19 1.5 934 1.5 0.0 71

Daiwa Securities Group Inc 1 19 1.5 934 1.5 0.0 62


$64,154 762 $77,979


TOTAL

Bloomberg

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

0

100

200

300

400

500

600

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

28


- 20102011

Eastern Europe Announced Deals

1/1/11 9/30/11

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USD (Mln)


Rothschild 15 1 16.2 14,258 17.4 1.2 21

Deutsche Bank AG 9 2 (1.5) 12,548 15.3 16.8 4

Goldman Sachs & Co 6 3 3.8 11,680 14.3 10.5 10

HSBC Bank PLC 6 4 13.4 11,120 13.6 0.2 37

Credit Agricole Corporate & Investment Bank 2 5 12.6 10,836 13.3 0.7 23

UniCredit SpA 5 6 6.4 10,716 13.1 6.7 11

JP Morgan 13 7 1.4 10,564 12.9 11.5 7

ING Groep NV 4 8 11.3 9,478 11.6 0.3 34

Morgan Stanley 14 9 (21.9) 8,190 10.0 31.9 1



Societe Generale SA 5 12 8.3 6,765 8.3 - -

Trigon Dom Maklerski SA 1 13 8.1 6,599 8.1 - -

Citigroup Inc 6 14 6.9 6,278 7.7 0.8 22


Barclays Capital Group 4 16 6.7 5,452 6.7 - -

UBS AG 6 17 2.0 5,362 6.6 4.6 13

Xenon Capital Partners 3 18 4.3 3,550 4.3 - -

Lazard Ltd 6 19 (1.6) 2,737 3.4 5.0 12

Alfa Bank OJSC 1 20 3.2 2,649 3.2 - -


$81,808 662 $46,949


TOTAL

Bloomberg

$0

$40,000

$80,000

$120,000

$160,000

$200,000

$240,000

$280,000

$320,000

0

400

800

1,200

1,600

2,000

2,400

2,800

3,200

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

29


- 20102011

Asia Pacific Ex-Japan Announced Deals

1/1/11 9/30/11

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USD (Mln)


Goldman Sachs & Co 59 1 6.7 74,994 17.8 11.1 4

Morgan Stanley 44 2 0.1 54,937 13.1 13.0 1

JP Morgan 47 3 5.7 51,164 12.2 6.5 9


UBS AG 39 5 (3.8) 34,226 8.1 11.9 2

Moelis & Co 7 6 5.8 27,073 6.4 0.6 50

Deutsche Bank AG 29 7 (3.3) 25,880 6.2 9.5 6


Citigroup Inc 37 9 0.6 25,118 6.0 5.4 15


HSBC Bank PLC 26 11 (0.7) 22,468 5.3 6.0 12

Scotia Capital Inc 6 12 5.2 22,311 5.3 0.1 117



Lazard Ltd 17 15 0.3 18,043 4.3 4.0 17



Gresham Partners Ltd 9 18 2.3 13,777 3.3 1.0 38


CIBC 6 20 1.2 10,562 2.5 1.3 32


$420,484 6,047 $369,811


TOTAL

Bloomberg

$0

$40,000

$80,000

$120,000

$160,000

$200,000

$240,000

0

400

800

1,200

1,600

2,000

2,400

2,800

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

30


- 20102011

Asia Pacific Ex-Japan Announced Deals

1/1/11 9/30/11

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USD (Mln)


Goldman Sachs & Co 48 1 2.4 54,740 16.7 14.3 1

Morgan Stanley 38 2 4.3 50,478 15.4 11.1 2

JP Morgan 35 3 5.7 39,876 12.2 6.5 7

UBS AG 31 4 (1.1) 29,263 8.9 10.0 3

Moelis & Co 6 5 7.0 25,073 7.7 0.7 45

Citigroup Inc 31 6 (0.1) 19,513 6.0 6.1 8





Deutsche Bank AG 23 11 (0.9) 14,703 4.5 5.4 11

Lazard Ltd 13 12 2.7 14,687 4.5 1.8 23






China International Capital Corp Ltd 15 18 (4.5) 9,460 2.9 7.4 5

Wells Fargo & Co 1 19 2.9 9,400 2.9 - -

CIBC 2 20 1.2 8,151 2.5 1.3 30


$327,598 5,371 $275,227


TOTAL

Bloomberg

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

0

100

200

300

400

500

600

700

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

31


- 20102011

Japan Announced Deals

1/1/11 9/30/11

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USD (Mln)


Goldman Sachs & Co 17 1 29.1 54,123 39.4 10.3 7


Deutsche Bank AG 14 3 25.1 45,325 33.0 7.9 8

JP Morgan 12 4 2.8 43,933 32.0 29.2 2

Morgan Stanley 43 5 10.9 38,311 27.9 17.0 4


Sumitomo Mitsui Financial Group Inc 77 7 20.3 32,991 24.0 3.7 17

Mizuho Financial Group Inc 51 8 16.4 28,891 21.0 4.6 12

Daiwa Securities Group Inc 40 9 (0.4) 25,519 18.6 19.0 3


Moelis & Co 1 11 9.9 13,733 10.0 0.1 47

Deloitte Touche Tohmatsu 22 12 4.9 12,529 9.1 4.2 13

Lazard Ltd 7 13 2.1 8,363 6.1 4.0 15

UBS AG 7 14 (10.8) 5,745 4.2 15.0 5

Citigroup Inc 8 15 (3.3) 4,889 3.6 6.9 10

GCA Savvian Group Corp 31 16 0.9 3,698 2.7 1.8 23

KPMG Corporate Finance LLC 28 17 1.3 3,552 2.6 1.3 24

Ernst & Young 18 18 1.5 3,337 2.4 0.9 26

Sangyo Sosei Advisory Inc 3 19 (1.4) 2,768 2.0 3.4 20



$137,452 1,604 $90,081


TOTAL

Bloomberg

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

0

200

400

600

800

1,000

1,200

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

32


- 20102011

China Announced Deals

1/1/11 9/30/11

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USD (Mln)


Goldman Sachs & Co 15 1 0.5 10,201 8.0 7.5 4

China International Capital Corp Ltd 16 2 (8.7) 9,968 7.9 16.6 1

JP Morgan 12 3 0.5 8,523 6.7 6.2 6

Morgan Stanley 8 4 (0.1) 6,650 5.2 5.3 8

UBS AG 10 5 (4.2) 5,843 4.6 8.8 2


Deutsche Bank AG 6 7 (2.1) 5,169 4.1 6.2 7


Rothschild 9 9 (0.4) 4,985 3.9 4.3 10

BNP Paribas SA 4 10 1.2 4,227 3.3 2.1 17



China Securities Co Ltd 12 13 2.1 3,602 2.8 0.7 30

Lazard Ltd 4 14 2.7 3,393 2.7 - -

Blackstone Group LP 1 15 0.5 3,264 2.6 2.1 16

CITIC Securities Co Ltd 9 16 (3.8) 3,197 2.5 6.3 5

Citigroup Inc 11 17 (1.9) 3,123 2.5 4.4 9

BMO Capital Markets Corp 3 18 1.6 2,454 1.9 0.3 50

CIBC 2 19 1.8 2,278 1.8 - -

Canaccord Genuity Corp 1 19 1.8 2,278 1.8 0.0 105


$126,928 2,460 $125,772


TOTAL

Bloomberg

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

0

50

100

150

200

250

300

350

400

450

500

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

33


- 20102011

Hong Kong Announced Deals

1/1/11 9/30/11

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USD (Mln)


Deutsche Bank AG 6 1 (1.4) 9,752 18.6 20.0 3

HSBC Bank PLC 3 2 12.3 8,091 15.4 3.1 12


Goldman Sachs & Co 5 4 4.5 5,679 10.8 6.3 5

Citigroup Inc 7 5 9.6 5,120 9.8 0.2 46

JP Morgan 11 6 4.3 3,803 7.2 2.9 14


Rothschild 7 8 4.1 2,621 5.0 0.9 28

China International Capital Corp Ltd 2 9 5.0 2,604 5.0 - -

Somerley Ltd 9 10 (1.6) 2,121 4.0 5.6 7

UBS AG 5 11 0.4 1,908 3.6 3.2 10


BMO Capital Markets Corp 2 13 0.7 1,349 2.6 1.9 19

BNP Paribas SA 2 14 (17.9) 1,252 2.4 20.3 2

Guotai Junan Securities Co Ltd 1 15 2.2 1,162 2.2 - -

Evercore Partners Inc 2 16 1.2 636 1.2 - -

Credit Agricole Corporate & Investment Bank 2 17 1.1 570 1.1 - -

Kingston Securities 8 18 (0.7) 560 1.1 1.8 23

Morgan Stanley 2 19 (5.3) 477 0.9 6.2 6

Macquarie Group Ltd 2 20 0.6 463 0.9 0.3 41


$52,533 717 $46,727


TOTAL

Bloomberg

$0

$4,000

$8,000

$12,000

$16,000

$20,000

0

20

40

60

80

100

120

140

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

34


- 20102011

Taiwan Announced Deals

1/1/11 9/30/11

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USD (Mln)


Grand Cathay Securities 5 1 15.9 5,007 30.9 15.0 2

Morgan Stanley 4 2 8.9 4,258 26.3 17.4 1

Citigroup Inc 3 3 17.0 2,748 17.0 - -

Goldman Sachs & Co 3 4 11.8 1,905 11.8 - -

JP Morgan 4 5 3.0 788 4.9 1.9 9

Yuanta Securities Co Ltd 2 6 (7.5) 544 3.4 10.9 3

Barclays Capital Group 1 7 3.1 494 3.1 - -

Lazard Ltd 1 8 1.7 457 2.8 1.1 11

Maybank 2 9 2.5 404 2.5 - -

Nomura Holdings Inc 1 10 2.5 404 2.5 - -

TC Capital Advisory Ltd 1 10 2.5 404 2.5 - -

KPMG Corporate Finance LLC 2 12 (4.9) 300 1.9 6.8 4

Credit Agricole Corporate & Investment Bank 1 13 1.2 196 1.2 - -

UBS AG 1 13 (2.5) 196 1.2 3.7 5

Deutsche Bank AG 1 15 0.9 150 0.9 - -

Standard Chartered PLC 1 16 0.6 99 0.6 - -

Yuanta Financial Holding Co Ltd 2 17 0.6 90 0.6 - -

ING Groep NV 1 18 0.4 72 0.4 - -

CIMB 2 19 0.3 56 0.3 - -

China Renaissance Partners 1 20 0.1 21 0.1 - -


$16,205 220 $6,056


TOTAL

Bloomberg

$0

$4,000

$8,000

$12,000

$16,000

$20,000

$24,000

0

50

100

150

200

250

300

350

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

35


- 20102011

South Korea Announced Deals

1/1/11 9/30/11

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USD (Mln)


Korea Development Bank 6 1 19.4 7,589 19.9 0.5 25

Samsung Securities Co Ltd 7 2 17.1 6,830 17.9 0.8 24

Woori Investment & Securities Co Ltd 7 3 5.7 6,370 16.7 11.0 5

Citigroup Inc 1 4 14.7 5,984 15.7 1.0 23

Goldman Sachs & Co 5 5 5.7 5,249 13.8 8.1 9

Morgan Stanley 4 6 (10.3) 4,480 11.8 22.1 2




Allen & Co Inc 1 10 3.6 1,375 3.6 - -

Centerview Partners LLP 1 11 3.2 1,225 3.2 - -

Guotai Junan Securities Co Ltd 1 12 3.1 1,162 3.1 - -

KPMG Corporate Finance LLC 12 13 (11.1) 1,162 3.1 14.2 3

Ernst & Young 10 14 - 961 2.5 2.5 16

Deutsche Bank AG 2 15 0.4 650 1.7 1.3 21

Itau Unibanco Holding SA 1 15 1.7 650 1.7 - -

HSBC Bank PLC 3 17 (2.8) 638 1.7 4.5 11

UBS AG 2 18 (1.0) 420 1.1 2.1 18

Phatra Securities PCL 1 19 1.1 409 1.1 - -

Scotia Capital Inc 3 20 1.0 396 1.0 - -


$38,118 685 $32,270


TOTAL

Bloomberg

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

$180,000

0

100

200

300

400

500

600

700

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

36


- 20102011

Australia & New Zealand Announced Deals

1/1/11 9/30/11

CHANGEFIRM

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USD (Mln)


Goldman Sachs & Co 26 1 11.6 42,551 32.6 21.0 2

JP Morgan 17 2 23.3 37,299 28.6 5.3 14


Morgan Stanley 10 4 10.9 25,631 19.6 8.7 8

Moelis & Co 5 5 16.9 25,073 19.2 2.3 23

UBS AG 20 6 (5.2) 21,563 16.5 21.7 1

Scotia Capital Inc 2 7 15.0 19,637 15.0 - -




Lazard Ltd 5 11 (6.5) 12,973 9.9 16.4 5



Deutsche Bank AG 10 14 (0.3) 10,340 7.9 8.2 9


Wells Fargo & Co 1 16 7.2 9,400 7.2 - -


CIBC 2 18 1.9 8,151 6.2 4.3 17

TD Securities Inc 1 19 3.4 7,811 6.0 2.6 22

O'Sullivan Partners Advisory Pty Ltd 3 20 3.7 4,791 3.7 - -


$130,534 1,039 $84,051


TOTAL

Bloomberg

$0

$4,000

$8,000

$12,000

$16,000

$20,000

$24,000

$28,000

0

50

100

150

200

250

300

350

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

37


- 20102011

India Announced Deals

1/1/11 9/30/11

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USD (Mln)


Morgan Stanley 8 1 (12.9) 9,202 27.6 40.5 1

Goldman Sachs & Co 4 2 8.8 7,402 22.2 13.4 14



HSBC Bank PLC 5 5 (10.2) 3,676 11.0 21.2 6



SBI Capital Markets Ltd 2 8 (12.3) 2,228 6.7 19.0 8

Ernst & Young 16 9 4.7 2,155 6.5 1.8 27

Avendus Capital Pvt Ltd 16 10 6.2 2,114 6.3 0.1 55

Rothschild 4 11 (7.7) 1,989 6.0 13.7 13



Citigroup Inc 5 14 (15.1) 1,441 4.3 19.4 7

UBS AG 3 15 (17.5) 1,426 4.3 21.8 5

Australia & New Zealand Banking Group Ltd 2 16 4.3 1,425 4.3 - -

Ambit Corp Finance 9 17 (0.1) 1,386 4.2 4.3 20

Jefferies Group Inc 5 18 2.2 1,348 4.0 1.8 28

JP Morgan 3 19 (8.0) 1,225 3.7 11.7 16

RBC Capital Markets 3 20 3.7 1,224 3.7 - -


$33,337 627 $56,903


TOTAL

Bloomberg

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

0

100

200

300

400

500

600

2007

Q4

2008

Q1

2008

Q2

2008

Q3

2008

Q4

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

/

QUARTERLY VOLUME

USD (Mln) #Deals

38


- 20102011

South East Asia Announced Deals

1/1/11 9/30/11

CHANGEFIRM

RANK MKT

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VOLUME DEAL

COUNT

RANK MKT

SHARE

Any Involvement

MKT

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USD (Mln)


Citigroup Inc 12 1 10.4 10,270 14.2 3.8 20


UBS AG 7 3 (3.0) 7,673 10.6 13.6 4

Goldman Sachs & Co 7 4 - 7,540 10.4 10.4 8

Phatra Securities PCL 5 5 4.8 6,898 9.5 4.7 15


Maybank 25 7 (1.9) 6,254 8.6 10.5 7

CIMB 31 8 (12.2) 5,752 7.9 20.1 1

Kasikornbank PCL 2 9 7.6 5,515 7.6 - -

Finansa Securities Ltd 1 10 7.6 5,506 7.6 - -

Morgan Stanley 10 11 (4.2) 4,716 6.5 10.7 6

RHB 9 12 (7.0) 4,412 6.1 13.1 5

JP Morgan 10 13 (2.3) 4,107 5.7 8.0 9


DBS Group Holdings Ltd 15 15 1.0 3,379 4.7 3.7 21



ING Groep NV 5 18 3.0 2,587 3.6 0.6 39

Credit Agricole Corporate & Investment Bank 1 19 3.2 2,332 3.2 - -

Danatama Makmur PT 1 20 2.1 2,261 3.1 1.0 29


$72,581 1,010 $67,389


TOTAL

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10/01/2011

Bloomberg M&A league tables represent transactions that are either pending or completed, and for which Bloomberg

has been notified.

Bloomberg M&A league tables include mergers, acquisitions, divestitures, self-tenders, spinoffs, debt-for-equity swaps,

private placements of common equity and convertible securities, and purchases of convertible securities and cash

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Mergers & Acquisitions Financial Advisory Rankings

Bloomberg 2011 1st 3 Qtrs

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