MERGERS & ACQUISITIONS REVIEWMERGERS & ACQUISITIONS...
Transcript of MERGERS & ACQUISITIONS REVIEWMERGERS & ACQUISITIONS...
Any New Zealand Involvement Announced (AD39)
Any New Zealand Involvement Completed (AF46)
Japan M&A
Americas Deals Intelligence
M&A Financial Advisory ReviewFirst Quarter 2012 | Mergers & Acquisitions | Financial Advisors
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Japan Deals Intelligence
Any European Involvement Announced (AD21) 17
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Global M&A
Global Deals Intelligence
Scorecard: Worldwide Announced M&A
Scorecard: Worldwide Completed M&A
Top Fifteen Worldwide Announced Deals
Any German Involvement Announced (AD35)
Americas M&A Any Spanish Involvement Completed (AF41)
Any UK Involvement Announced (AD32)
Any UK Involvement Completed (AF39)
Any European Involvement Completed (AF3) 10
12
12
Any French Involvement Announced (AD33)
Worldwide Completed (AF1)
Top Ten Japanese Involvement Announced Deals
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Any French Involvement Completed (AF40)
Any Japanese Involvement Completed (AF23)
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Any Spanish Involvement Announced (AD34)3
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Worldwide Announced (AD1)
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10
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Any Japanese Involvement Announced (AD19)
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Table of Contents
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20
2
11
Fairness Opinion Rankings
Worldwide Announced Fairness Opinion
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Any Americas Involvement Announced (AD49) 7
US Target Completed (AF2)
6
US Target Announced (AD2) 7
Any Americas Involvement Completed (AF55)
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Any Italian Involvement Announced (AD36)
Any Nordic Involvement Announced (AD37)
Any Italian Involvement Completed (AF43)
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Top Ten US Announced Deals20
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Mergers & Acquisitions Criteria Summary
Any EMEA Involvement Announced (AD47)
European Deals Intelligence
Any Benelux Involvement Announced (AD40)
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8
7
Any German Involvement Completed (AF42)
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Any Canadian Involvement Completed (AF49)
Any Australian Involvement Completed (AF31)
10
9
Any Canadian Involvement Announced (AD42)
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Any Asia (ex-Japan) Involvement Completed (AF32)
Any EMEA Involvement Completed (AF53)
Any Benelux Involvement Completed (AF47)
10
Any US Involvement Completed (AF48)
Top Ten Any Asia (ex-Japan) Involvement Announced Deals 15
7
8
9EMEA M&A
Any US Involvement Announced (AD41)
Any Japanese Announced Fairness Opinion13
Asia Pacific (ex-Japan) M&A
Asia Pacific (ex-Japan) Deals Intelligence
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13
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Regional Contacts
Criteria Summary
Any EMEA Announced Fairness Opinion
14
Any Asia Pacific Announced Fairness Opinion
8
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16Any Australian Involvement Announced (AD24)
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Top Ten European Involvement Announced Deals
Thomson Reuters Soultions for the Deal the Deal Making Community
Any Asia (ex-Japan) Involvement Announced (AD25)
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15
Worldwide Announced Fairness Opinion
Any Americas Announced Fairness Opinion
Any USAnnounced Fairness Opinion
14
Any Nordic Involvement Completed (AF44)
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Global Deals Intelligence
First Quarter 2012 FINANCIAL ADVISORS
MERGERS & ACQUISITIONS REVIEWWorldwide M&A Down 35% to US$481 billion l Emerging Markets M&A Down 33% l Goldman Sachs Tops Advisory Rankings l Advisory Fees Down 24%
Worldwide Completed M&A by Region - Imputed Fees
RESOURCES INDUSTRIALS LEAD ACTIVITY The materials sector was most active during the first quarter of
COMPLETED ADVISORY FEES DOWN 24% - According to estimates from Thomson Reuters/FreemanConsulting, M&A advisory fees from completed transactions totalled US$5.4 billion during the first quarter of 2012, a24% decrease from the comparable period in 2010. Deal activity in the Americas accounted for 55% of theworldwide fee pool, while Europe, Middle East and Africa accounted for 29%. Asia Pacific and Japan contributed13% and 3%, respectively.
WORLDWIDE M&A DOWN 35%, SLOWEST QUARTER SINCE 4Q’09 - The value of worldwide M&A totalledUS$481.2 billion during the first quarter of 2012, a 35% decrease from comparable 2011 levels. By number ofdeals, M&A activity fell 21% compared to last year with fewer than 9,000 announced deals. Compared to the fourthquarter of 2011, the value of announced mergers & acquisitions fell 15% during the first quarter of 2012 to mark thefourth consecutive quarterly decline for worldwide deal making. EMERGING MARKETS ACCOUNT FOR 28% OF M&A – Accounting for over one-quarter of worldwide announcedmerger activity, M&A involving companies located in the emerging markets totalled US$132.5 billion during the firstquarter of 2012, a 33% decrease from 2011. Cross Border M&A activity totalled US$175.6 billion during the firstquarter of 2012, accounting for 36% of overall M&A volume and down 35% compared to the first quarter of 2011.Cross border M&A was driven by the energy & power, materials and healthcare sectors, which comprised 45% ofcross-border deal volume during 2012.
$3
$4
$5
$6
$7
Impu
ted
Fees
(US
$b)
Americas
Emea
Asia Pacific (ex Central Asia)
Japan
Worldwide Cross Border Volume
RESOURCES, INDUSTRIALS LEAD ACTIVITY - The materials sector was most active during the first quarter of2012, commanding 22% of announced M&A, while the energy & power and industrials sectors accounted for 17%and 10% of M&A activity, respectively. Just two sectors, materials and consumer products, have registered year-over-year gains compared to the first quarter of 2011. Financials and media & entertainment deals led thedecliners, down 64% and 49%, respectively, during the first quarter of the year. PRIVATE EQUITY M&A DOWN 16% OVER 2011 –Worldwide private equity-backed M&A activity totalled US$49.6billion during the first quarter of 2012. Private equity deal making in the high technology, energy & power andindustrials sectors accounted for 55% of activity during the first quarter of 2012. Accounting for 10% of worldwideM&A during the first quarter of 2012, private equity-backed M&A decreased 16% compared to 2011 levels.
Worldwide Announced Buyside Financial Sponsor Activity
9.5%
10.2%
13.4%12.7%
21.3% 18.4%
8.0%
5.8%
9.6%
12.2%
10.3%
0%
5%
10%
15%
20%
25%
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
% o
f Glo
bal M
&A
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b)Q3 Volume (US$b)Q2 Volume (US$b)Q1 Volume (US$b)% of YTD Global M&A
$0
$1
$2
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
29.3% 26.8%
31.6%33.8%
32.4%
44.5%
37.2%
27.1%
37.1%
35.2% 36.5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
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$2,000
% o
f Glo
bal M
&A
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b)Q3 Volume (US$b)Q2 Volume (US$b)Q1 Volume (US$b)% of YTD Global M&A
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
1
Western Europe
-30.9-25.2-49.6
584
113
▼▼▼
Scorecard: Worldwide Completed M&A
11,250.73,988.5 -99.7
▼
Worldwide Announced M&A Target Industry by Value
% Change in Rank Value
Mergers & Acquisitions
-50.6
▼
-40.2379
1/1/2011 - 3/31/2011
275,977.9 ▼▼
-49.2
-19.6
▼
▼▼
▼
-86.6-36.1
12.9
-44.219,776.8
26628,008.0
1,491.0 11,093.4
152,582.1
101
2,238
▲1,859
▼
-56.3▼▼▼
▼▼
Target Region/Nation
10730
20,986.5
No. Deals
1,492.410.1
United States 254,991.4
2,720.5
Canada 362
370,919.9
Rank Val US$m
% Change in Rank Value
South America
1,441
223
-91.626
North America-96.7 Mexico
176,277.841
-45.5 1,803
612,681.9
2,617 319,225.014
191,615.3▼
38Central America▼
Rank Val US$m
493,277
10,719
15,614.3
385,065.06,222
Caribbean-88.622
▼-45.1-34.8 8,075
-40.0
-86.75335
-42.22,592
2,7512,172
▼8.1
13,835.0
▼
▲ Brazil 10,040.6-11.8380
579
1,517.7155
87.7-54.1
23,695.7▲▼
55 ▼
3,287.6
2,231.9272
Colombia-15.5 ▼ 8,031.6
7.5
-36.8
-19.6▲
Sub-Saharan AfricaNorth Africa
-28.2
58 4,090.5
86▲ 77Middle East958.9 13
Africa/Middle East 17421
2,196.4
9,993.4
28
171
59
27,820.6
1 544
3,109.5
439
891 161
1,837
190,243.5▼
▲
930
367
▼
2,478
▼-64.5
97.8
90,211.6 -52.613,614.0
24 3
151,897.1611
2,448 3,408
13,899.24,267.3
90 335 168 417 5
9,610.620,801.1
265
38,346.4
1,062.5
Germany
Asia Pacific
76,597.6
▼ Norway31 0 ▼
8,440.8337
6,146.6
1,1382,940
EuropeEastern Europe
-11.0
▼
▼United Kingdom
94.0
114685 ▼
39
2,758.2
▼
110
▲
▼4,078 -21.7
2,239
3,732.9
-53.6
-39.3
-14.7
10,585.0Africa/Middle EastMiddle East
Sub-Saharan Africa
273
167,795.6
North Africa103
49,352.4
160,155.7 204,519.8
Switzerland
3,026
1,726.7
36,724.1
81
4,753.0 114 4,420.1 1202,061.3 22
40617,091.941,957.8
-31.6116 030 7
Americas
Asia Pacific 2 567
Central America
Scorecard: Worldwide Announced M&A
Eastern Europe
477
164
12,519.5
335
Germany1 970
11,698.7
17,041.5
80 118 7
Europe
37,340.4
143,114.3
512
Western Europe
United Kingdom
Target Region/Nation
Worldwide 8,468481,150.4Americas
306.8
Rank Val US$m
211,352.2Caribbean
503.497
Worldwide
No. Deals
▼
▼741,306.0
15,454.444
First Quarter 2012 | Mergers & Acquisitions | Financial Advisors
737,588.52,078
1/1/2012 - 3/30/2012 1/1/2011 - 3/31/2011No.
DealsNo.
DealsRank Val
US$m
641,421.6
1/1/2012 - 3/30/2012
Chile
2,199317,368.2337,950.8
21,226.4South America
3,579.9
20,582.728,818.019,635.4
Canada
787
38,632.1
2,263.8
North AmericaUnited States 145,700.3 1,722
53
Mexico184,332.4
Brazil25,407.0
22%
15%
10%10%
10%
8%
7%
5%
4%4%
3%2%
South East Asia316.4New Zealand
Top Fifteen Worldwide Announced Deals
7,459.0
-49.9
3,923.8
Materials / Metals & MiningTarget Macro / Mid Industry
▼
▼▲
Healthcare / Healthcare Equipment & SuppliesConsumer Staples / Agriculture & Livestock
High Technology / Internet Software & Services
Financials / Credit Institutions
Energy and Power / Oil & Gas
Industrials / Other Industrials
Consumer Products and Services / Professional Services
▼
▲▼
1,5441,161
▲
▼
-21.4114456
High Technology / Internet Software & Services
Materials / Chemicals
Energy and Power / Oil & Gas
Jan 1 – Mar 30
Industrials / Transportation & Infrastructure
90.4
-49.3-24.3
255.4281
36,310.690,335.1
Materials / Metals & Mining
▼
▲
Brazil / Brazil
Japan / Japan
3335,860.9
68,417.5
62 2,596.0257
114.714
315
-16.5259
12,332.8
53 -7.50.737,039.2
2,161.0
-34.516511,348.8
263171
31,624.6
9.8180
13-60.0
Energy and Power / Power48,877.7
Acquiror / Target Nation
360 ▼▲
9,467.0France / United Kingdom
7,361.5
Central Asia12,643.9
11
Rank Value (US$m)
Japan
Acquiror
GDF Suez SA
160.2597.0
214
Asia-Pacific
21,961.622,518.5
Australia
▲
231
▼
18,399.7
South East Asia
▼
Malaysia-31.1
-43.6
4,942.1
New Zealand17,974.5
9,689.8
▼▼
331.0
407.6
-31.0 ▼Australasia
27 37
364
544.9
21717,028.6
88
ChinaSouth Korea
593508
TransUnion Corp (100%)
20525
Glencore International PLC
254
Target (% Sought/Acquired)
Switzerland / Canada
▼17
20,627.4
1,3253,605.9
150623
116,030.7-42.2
-22.2
EP Energy Corp (100%)
-10.0-3.6
▼122
Xstrata PLC (65.9%)
-24.7
-41.9
674 34,748.4
17,083.6
North AsiaSingapore 1,999.0
37,280.3
-2.6
147
UPS
3,047.712,457.2
1,553.3-36.5
Switzerland / Switzerland
4,652.6
361
42,035.8
Asia-Pacific
South Asia▼▼
55,801.0▼
324
2,567
▼
20,396.7
255
2,806.8
12,388.1
10,854.5
1,579.1
Australasia
▼
429
80
North AsiaChina 863
Malaysia
5,128.7 5,322.8
18,938.8
South AsiaHong Kong
Date Effective
37.8
International Power PLC (30%)
Pending
Rank Date
India / India
United States / United States
2/17/2012
2/25/2012
Redecard SA (50%)
Exxon Mobil (99%)
Solutia Inc (100%)
Central Asia -95.8 ▼19,453.6
3/29/2012
1/29/2012
1/25/2012 Pending
Pending
Illumina Inc (100%)
Tyco Flow Control (100%)
2/7/2012
Thomas & Betts Corp (100%) ABB Ltd Switzerland / United States Industrials / Other Industrials
4,789.8
3,910.8
3,936.3United States / United States
4,628.84,493.4
Brazil / Brazil
United States / United States
3/15/2012
Sesa Goa Ltd
2/7/2012
Cisco Systems Inc
2/6/2012
2/17/2012
Pending
Sterlite Industries(India)Ltd (100%)
Undisclosed SPV
NDS Group Ltd (100%)
Investor Group
Roche Holding AG
Glencore International PLC
Switzerland / United States
Pentair Inc
United States / Netherlands
Investor Group
582
TonenGen Sekiyu KK
Eastman Chemical Co
7,150.0
United States / United Kingdom4,900.05,000.06,788.6
United States / United States
Itau Unibanco Holding SA 6,822.5
994
103
TNT Express NV (100%)
Pending
Intended
Pending Viterra Inc (100%)
Pending
Japan890.4
31,279.1
Australia13,025.8
14,202.4
Indonesia
1,970
6,806.487
261
80,118.7
Pending
293
3/28/2012
2/24/2012
Intended
Pending
Infraero-Guarulhos Concession (51%)
3/20/2012
Pending
Pending
Pending
1/30/2012
Pending1/27/2012
Materials Energy and PowerIndustrials Real Estate
Financials High Technology
Healthcare Consumer Staples
Consumer Products and Services Media and Entertainment
Telecommunications RetailGovernment and Agencies
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BNP Paribas SA Citi81.4
-16
Share Ch.
▼
11.7
-
2.4
1.9
0.63.0
Sh (%)
2.5
3.9
AdvisorFees
55 302.8
Jan 1 – Mar 30Worldwide Completed (AF1)
MarketImputed Fees (US$m)
37
47
-0.3▼
▼-4▼
0.9
195.3
▲279.5-31
-29 3.6
0.5
211.9
5.2
-16-18
Market
▼
# of Deals per Advisor
DealsChange in
0.8▼
0.60.8
-45
-5▼-6
46
0.247
11.8-12 43,578.910
▼0.6
Deutsche Bank AG
US$m
Bank of America Merrill Lynch
▼
Rank Value
11.959,501.7
-32
9
M Klein & Co LLC
49
+7
5.6
-10
▲
▲▲
0.443
220.5
48,877.710 1611
2
Financial Advisor
20
1Morgan Stanley
3
NomuraCredit Suisse
13.278
88,238.37
107,576.4
5
2011 Rank
19.072,811.6
▲
Market
3.614.8
25.1
MarketSh (%)
-10.7511.5 54,829.69▲ Credit Suisse 4
10.563,358.4
▲102,172.0105,951.5
78120,699.3
4.2
22.4
18.3
-23Financial Advisor US$m
# of Deals per Advisor
First Quarter 2012 | Mergers & Acquisitions | Financial Advisors
Change in # of2011 Rank Deals
Worldwide Rankings
1Goldman Sachs & Co2
Rank Value per Advisor (US$m)MarketRank Value # ofMarket
CitiJP Morgan
Barclays 99,641.8 20.7
7.2
26,761.6
57,023.0
31,486.112
-8.3
6.5 4.810.2 10.2
12.4
-7.7
-6.9
124
6
4
6
2012 Rank
2.0 0.9Sh ($)
Worldwide Announced (AD1)
MarketRank Value per Advisor (US$m)
Jan 1 – Mar 30
Share Ch.2012 Rank # of Deals
0.05.6
# of Deals Sh (%)Goldman Sachs & Co
-1 1Morgan Stanley1.0▼▲
▲ ▼-5.3 ▼1 20.4
19.675,534.4
-18.9223.5652.1 ▲
1.1 84112,933.4
Market
▼2
1.1▼
Sh (%)▼
Share Ch.
70,405.15 ▼ 205.0 ▼3.8-3.1
▼▲
0.60.7
14.65 4 54,162.640
0.6
JP Morgan
▼ Bank of America Merrill Lynch
▼-16 3-16
0.8
▼1.0
0.6 ▼
▼-33 ▼-5.5
22.050 -180.621.2
132.90.587.311.5
51,101.56 3213.8 ▼387
▲0.5
41▲ 44
0.541▲
0.5 127.80.643,628.5▼ 160.47
+1 0.2▲ Barclays
8▼11
0.8UBS
8.3 17-2.6 0.311.8
0.7▲
▼ 940
▲▼ +3-37 Evercore Partners 30,618.0101.610
▲▼▼ 0.2
1.529 0.5
▼0.6 -29
▼
▼
45▲
0.015
+10 19,293.711▲ Lazard
29,581.4+1
8.0 -17.6
0.516 8.0
4.73.2
34▲
▼
▼
0.7RBC Capital Markets
31
3729,561.2
5.2Rothschild
12 ▲2.8
54-4 151.8
+17 99.2▲▼1.5
▲1.8 ▲
0.6
▲
1.01.2
+80.3 0.8 0.842.5
▲
83.10.6 ▼38-15
1.30.359.4
13,878.63.0
▼18 ▲
0.5 -27
1.167.9
▼1.2
18▼
▲0.340
5.118,790.2
▼25,489.2 5.3-7.4
▼3.7
-16 ▼14▲0.5
-30+3
15Macquarie Group
13-0.221
Moelis & Co
6 -13.4
16INGNomura
2.1
46
17
13,596.5 3.713,544.812 3.7 -6.1 ▼0.3▼ 0.847
▲12,591.4 ▼0.8
0.2▲
0.10.1▼▲ 69.3-7▼
-0.0
8
0.01.351
Loop Capital Markets
3.435
▲0.2BMO Capital Markets 18 110.1 +4 3.111,516.7▲ 2.5
+4 ▲0.3
21RBS
0.1 ▲
1-16
0 218
19 -
0 3▲
2 30.5
▼ Jefferies & Co Inc1520 0.8
28 ▼69 6 1 3 0 5
+2
9 567 20.2
.6▼▼0 4
-110.00.211 43.5
18
+1
▲
1-1.62.9
2 6
▲
2210,774.211,430.5 3.1
2.9 ▼
22
23
107
▲2.7▲2.7
30,291.0 6.3
▲
1.0
19
▼3.4▼▼
-7.2
13,824.2Greenhill & Co, LLC
BMO Capital Markets
16,517.116
RBC Capital Markets8
11
Deutsche Bank AG
2.9
21Jefferies & Co Inc 20
15UBS 9Evercore Partners
▲
1 1
21Moelis & Co 1718
14
5
0.3
TD Securities Inc 14,622.616,361.7
▲
10Rothschild 13Lazard
27
3
-
8477 3.0
33 11 153 0
3.4
22 2.6 ▼12,609.8
* tie
Rank Val US$m
Jan 1 - Mar 30
30.2
-18.3%
1
7
10
8
Top Worldwide Announced M&A Advisors by Transaction Size (AD1)
▼
4
12
1
14
1
62,211.5
10
19.2
30.0
1
2
12,029.619.4224.9
13.0
857
464
9
3 8.83
▼Industry % Change from Last Quarter -29.0%
24
59.417 59.9
1,197
10,097.58,822.5 3
22.022
39,366.2
45,464.9
44,879.6
4,122.0
71,834.324,648.8
16.146,934.2
319.62
8,817.5 18.3
8.5
11,656.7 25.4
6,060.0
3,950.6 3
1
13,196.316,067.7
21-10.2 0.32.3 ▼ Jefferies & Co Inc15 28▼▼69.6 1.3
0.20.5
0.2
9,567.2-4 0.38.0
▼0.00.4
1-18
2.4▲
-1.02.6
0.2-5 ▼
▼
-240.0▲
▼
▼1
-23.6%
5,405.40.1
▲0.19.4▼▼
▼-22.9%Industry % Change from Same Period Last Year
6,222
▼
100.025 6.1-74
-1,85336
370,919.90.6
100.0
0.6 ▼▼0.1
0.62.0 -0.8
13▼
-6.5
22
7,932.6
-42.2%
247114
7,570.427
8,875.9
240.31.8
624
+5 BNP Paribas SA▲▲ 7,848.1
2.1
▼
22Centerview Partners LLC
▼
2.0 -0.923
+6 KPMG2.1
Industry Total
59.0
8,468
-26.5% ▼-15.3%▼
3
100.0
RankMkt.
▼
101,846.0
-21.0%
61,289.92
Share
-17.8%
1.8 0.1
Jan 1 - Mar 30
-2,251
9
▼81.9 ▲
2425 120
279,734.40.8
61,724.4
481,150.4
No. Deals
Industry Total
10
1,038
Top Worldwide Announced M&A Advisors by Target Industry
-34.8%
0.1HSBC Holdings PLC
Industry % Change from Last Quarter ▼
9,069.2Scotiabank-Bank of Nova Scotia
Industry % Change from Same Period Last Year
18
▲
2.09,819.7
BMO Capital Markets
Gresham Partners-522
Itau Unibanco 230.0
▼-1
113 ▼1.92.1
218834
Tudor Pickering & Co LLC▲
1.133 11,153.0
Energy and PowerBarclaysJP Morgan
▲
MaterialsMorgan StanleyCitiJP Morgan
10,000.0
FinancialsCitiGoldman Sachs & Co
CitiIndustrials
Deutsche Bank AGGoldman Sachs & CoCredit Suisse
Real Estate
Itau Unibanco
Bank of America Merrill LynchJP MorganGoldman Sachs & Co
$0
$20
$40
$60
$80
$100
$120
$140
Goldman Sachs & Co
Morgan Stanley
JP Morgan Citi Deutsche Bank AG
Barclays Credit Suisse
Nomura Bank of America Merrill Lynch
BNP Paribas SA
Ran
k Va
lue
(US
$b)
Xstrata/Glencore
Illumina Inc/Roche Holding
International Power/GDF Suez
Viterra Inc/Glencore
Other Top 15 Deals
All Other Transactions
https://www.thomsonone.com 3
Energy and Power
11.8x
-
8.9x
14.5x
8.7x
10.4x14.4x
10.6x
9.2x
8.3x
8.0x5.9x 24.7x15.1x
10.9x12.1x
11.5x 11.9x
-
-
15.0x 13.7x7.8x 11.2x -
10.2x
10.4x8.6x
14.5x
11.2x
11.4x
22.8x
Media and Entertainment
9.2x 10.1x
11.5xIndustrials
9.9x
Consumer Products and Services 10.1x 11.6xConsumer Staples 11.2x 8.4x
2012 UP 2012 DOWN 2011
World Americas
-8.4x
CanadaUSA
-
11.9x
8.1x
9.6x 14.1x
11.1x4.7x 7.6x
11.3x
11.9x
10.4x
11.1x
11.4x-
11.9x
11.4x
18.6x
-
18.6x 24.8x
10.8x
12.1x8.0x
11.1x 10.4x4.5x
3.8x5.1x17.2x
3.4x
11.7x
12.3x
11.2x 7.8x
10.4x
8.1x10.1x
7.4x
UKEMEA
37.4x
11.2x 27.2x27.2x7.0x5.7x
35.5x 24.1x11.0x11.0xRetail
10.4x 7.5x
10.4x 5.1x28.3x
14.8x11.4x
-11.3x- 11.3x12.0x12.0x 8.9x
7.0x
10.8x7.2x 6.9x 9.8x11.5x 14.0x
9.4x
21.0x11.4x 12.4x 12.4x13.4x 10.8x
14.9x 11.1x 8.6x11.3x
16.5x 18.6x 18.8x
16.1x
6.2x 4.7x14.5x
11.9x 16.1x 10.1x
9.5x 11.9x 10.3x 15.2x- 16.8x16.8x 12.2x
11.1x
21.3x
9.5x
12.8x
14.4x21.3x21.2x
14.6x
8.2x
22.8x 12.8x-
9.6x 13.2x
18.0x
16.5x
- 13.3x 5.1x 11.3x
13.0x- - 9.5x 13.0x
10.9x
-
-
20.1x
11.4x
9.2x
8.9x
9.2x
22.8x
Telecommunications
Real Estate
11.5x
8.7x 7.8x 14.1x
9.3x
10.6x11.5x
11.2x
First Quarter 2012 | Mergers & Acquisitions | Financial Advisors
-
14.0x
11.4x
9.0x -
Worldwide M&A Matrix
8.9x
Japan
-
Asia ex. JapanEurope
17.2x
12.6x
12.1x
14.1x12.6x
Materials
Healthcare
High Technology
10.9x
Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA
11.3x14.4x 18.5x
* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 01/01/2012 - 03/30/2012 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. * The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. * Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.
Real Estate
Financials
Consumer Products and Services
World2011
12.0x 11.2xAverage Industry Total 11.2x
Consumer Staples
2012 UP 2012 DOWN
Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price
34.0
12.0x 10.3x 10.7x 11.5x 12.6x 10.1x 12.7x
17.4 37.643.1 36.2
39.4
Americas USA
46.5
34.0
13.3
29.8
19.1 -
EMEA
11.0x
6.5
Europe
33.4
54.1 45.0-
UK
35.2 45
92.8
13.6x
61.833.431.6 33.053.7
34.4
-
11.7x
-
15.6
22
Asia ex. Japan
12.7x
19.1
Japan
25.9
58.1
-13.2
48.8-
40.537.5 33.2
21.8 5.6
54.9
48.1
39.6
48.1
37.5
94.6
29.4
39.7
20.8
-
24.6
24.4
33.2 40.5
12.5
28.5 43.7 24.7
12.5 16
37.5
33.3 31.6 -28.5
3.2
43.7 43.7
3.2-
- 61.425.5 18.130.9 78.615.4
-
9.8-
3.9
27.2
35.2 36.1 36.1
29.3 34.4
20.4 30.4 31.5 35.6
47.6-
38.1
8.826.2
16.2
34.4
- -
-
56.0
36.4 48.2
36.142.763.2
22.9
30.4 29.7 36.4
29.9 56.0
21.2-31.0 21.2
-41.5
-
27.4
28.7
-
54.1
-
- 20.6
17.4 20.4
14.6
7.0
59.4
12.6x
48.2
28.5
38.039.1
High Technology
Industrials
Energy and Power
28.7
10.5x
28.0
33.5
-39.930.5
44.0
33.344.5
26.0
36.5
12.0x
37.1
43.7
59.0
31.1
21.1
33.9
26.5
35.2
27.1
34.5
25.5
37.1 32.6
33.3
Average Industry Total
48.2
32.9
Telecommunications 41.9
35.6
29.0 36.8
38.2Media and Entertainment
Retail
32.8
36.8
38.9
25.7
35.1
31.3
29.2
32.4
23.8Materials
34.0
40.3
13.2
46.732.6 24.032.8
16.7
- 38.0 -
34.829.5
60.6
68.7
41.4
15.9
41.224.745.6 8.8
30.835.2- 36.8 19.5 - 46.6
22.638.8
- - 9.245.2
27.812.3
9.845.2 3.9
12.341.5
20.2
63.8
31.7
46.0
52.2
26.3
31.128.4
36.124.9
12.0x
21.1 35.2
Canada
47.3
-
Healthcare
https://www.thomsonone.com 4
First Quarter 2012 | Mergers & Acquisitions | Financial Advisors
Worldwide Announced Rankings* - A Decade in Review
1
2
3
4
1
2
3
4
Goldman Sachs & Co
Morgan Stanley
JP Morgan
Citi
*League Table positions reflect consolidation within the banking sector
5
6
7
8
9
102003 2004 2005 2006 2007 2008 2009 2010 2011 2012
5
6
7
8
9
10
Ran
k
Deutsche Bank AG
Barclays
Credit Suisse
Nomura
Bank of America Merrill Lynch
BNP Paribas SA
Rankings shown are as of the current quarter end in each calendar yearhttps://www.thomsonone.com
League Table positions reflect consolidation within the banking sector
5
4 29.2
First Quarter 2012 | Mergers & Acquisitions | Financial Advisors
US M&A Decreases 53% | Americas Estimated Fees Down 18% | Energy and Power Leading Sector
3 40.4
Americas M&A
51.5
4 2
190
365 6
2 45.6
34.2
34.5
31.55
5
29.4
6
4
Americas Deals Intelligence
M&A activity with US involvement during the first quarter of 2012 decreased 53% compared to the same period last year,reaching US$192.7 billion. By number of deals, US M&A activity has decreased by 21.5%, with 2,332 announced deals.
According to Thomson Reuters/Freeman Consulting, total estimated fees from completed M&A with Americas involvementreached $3.5 billion in the first quarter of 2012, representing an 18.1% decrease from the same period last year.
The Energy & Power sector led the US market, with deal volume totalling US$27.6 billion, an 18.8% share of US M&Aactivity during the first quarter of 2012 and a 52.1% decrease compared to the same period last year. Heathcare placedsecond, with US$23.5 billion. High Technology was the most prolific sector, with 365 transactions.
On average, EBITDA multiples for Americas Targets during the first quarter of 2012 decreased to 10.5x from 12.0x reportedin the first quarter of 2011. From an industry pespective, average industry multiples ranged from 4.7x for Media andEntertainment targets to 35.5x for Real Estate targets.
M&A activity with Canadian involvement during the first quarter of 2012 increased 50.7% to US$47.7 billion. Deal countdecreased by 22.6% to 704 deals.
Share
41.6 7
157 54.8
129
No. Deals
38.23 37.5
123
US Announced Advisors by Target IndustryMkt.
3
123
2,620.0
Rank
123
12
5,352.04,987.44,962.9
16,137.5 6,060.02,928.0
7,832.817,128.5
8,823.87,823.85,920.6
16,971.9
Deutsche Bank AG
Rank Val (US$m)
27,587.7 11,491.110,553.010,340.0
23,455.9 12,560.6
9,256.7
Goldman Sachs & Co
Evercore PartnersGoldman Sachs & CoBank of America Merrill Lynch
Bank of America Merrill LynchCiti
JP Morgan
CitiGoldman Sachs & CoGreenhill & Co, LLC
Deutsche Bank AGCredit Suisse
1 23
Energy and Power
Healthcare
Industrials
High Technology
Real Estate
BarclaysCredit Suisse
76 37.5 4 118.1 2 16.2
Pending
2/16/2012
1/23/20122/15/2012
CVR Energy Inc (85.5%)PendingIntended
Americas Target Completed M&A Fees
Japan / United States 2,630.0
United States / United StatesIcahn Partners LPKellogg Co
United States / United States3,923.8
United States / United States
Cordillera Energy Partners III (100%)
7,150.0
United States / United States
4,493.4
4,900.0
Investor Group
Pending Boston Biomedical Inc (100%)Energy and Power / Petrochemicals
Dainippon Sumitomo Pharma Co
Procter & Gamble Co-Pringles (100%)
Rank Date
Pentair IncPending
Date Effective
1/27/2012 Solutia Inc (100%)
Pending Illumina Inc (100%)
2/29/2012
Apache Corp
United States / United States
1/25/2012
Thomas & Betts Corp (100%)
Pending EP Energy Corp (100%)
United States / United States
Pending
ABB Ltd
3/28/2012
1/30/20122/17/2012
Pending
Investor GroupTyco Flow Control (100%)
TransUnion Corp (100%)
2/24/2012
Eastman Chemical Co
2,695.02,632.3
Consumer Staples / Food and Beverage
Healthcare / Biotechnology
Top Ten US Announced Deals Jan 1 – Mar 30
Pending4,628.8
Industrials / Other Industrials
Industrials / Other IndustrialsUnited States / United States
Target (% Sought/Acquired) Acquiror
High Technology / Internet Software & Services
Healthcare / Healthcare Equipment & SuppliesTarget Macro / Mid IndustryRank Value (US$m)Acquiror / Target Nation
Energy and Power / Oil & Gas
Switzerland / United States
Switzerland / United States
Energy and Power / Oil & Gas
2,850.0
7,459.0
Jan 1 – Mar 30
Materials / Chemicals
Roche Holding AG
US Target Announced M&A Target Industry by Value (US$ bil)
19%
16%
12%12%
11%
7%
7%
4%4%
3%3%2%
Energy and Power Healthcare IndustrialsHigh Technology Real Estate MaterialsFinancials Media and Entertainment Consumer Products and ServicesConsumer Staples Telecommunications Retail
2.1 2.0 2.1 2.74.3 5.1 4.2
2.0 3.0 3.42.2
2.2 1.62.7
3.1
4.7
6.0
3.7
1.6
3.34.82.0
1.9
3.03.7
4.2
6.3
4.3
2.3
3.8
3.9
2.22.5
3.2
3.9
5.5
6.4
3.6
4.1
5.13.8
0
3,000
6,000
9,000
12,000
15,000
$0
$5
$10
$15
$20
$25
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
# of
Dea
ls
Impu
ted
fees
(US
$m)
4Q 3Q 2Q 1Q YTD Number of Deals
https://www.thomsonone.com 6
Lazard Deutsche Bank AG
100 03 498 3Industry Total 652226 615 9 2 515255 666 6 100 0 865▲
3 176 100 02.3 1.6
Industry Total0.6 0.40.3 +4 ▲ 20.4 ▲2.1 ▲ 3 0.1 30 5,255.3GMP Capital Corp 25 8
▲CIBC World Markets Inc 25 76 5,646.3 2.2
2.5 1.00 -
19 5,602.5 1.4 1.1▲ 48.3▲ 9 0.4 +32.8 ▲ 3 0.1 TD Securities Inc 240 --
BR Partners 24 139 7,077.9 2.85 0.2 -2 ▼ 0.1 0.064 5,707.8 2.5 2.3 0.3 -7 ▼ 1.7KPMG 23
0.3 0.30.2 +3 ▲ 11.0▲ 7
▲BNP Paribas SA 23 39 7,119.4 2.8 2.1 ▲
▲ 5-1 ▼ BBVA 221.7 1.6
25 5,846.6189* 5,892.5 0.2 +3
2.6 1.63.2▲
2.9 ▲-10 ▼
7 0.210 0.3
Canaccord Genuity 22 60 8,113.6
▲Rothschild 21 7 8,536.6 3.3 -13.2 ▼ ▲58.1
8 0.3 +6 ▲ ▲ 322.9 1.4Qatalyst Partners 21Houlihan Lokey 20
▲ 42.6 2.620 6,573.2 1.3 +8 1.8 0.6▲ 63.6
3.0 2.5 0.8 0.60.2 -1 ▼ 27.8▲ 5 ▲Scotiabank-Bank of Nova Scotia 20 71 9,069.2 3.6 3.4 ▲
2.0 ▲ 11 0.3 40 6,766.4RBS 19▼
Itau Unibanco 19 24 9,819.7 3.83.6 -0.3
-5 ▼14 8,077.2 1.8 1.0▼ 63.1▼ 20 0.8 -162.0 ▲ 14 0.4 Jefferies & Co Inc 18-2 ▼
▼BMO Capital Markets 18 23 9,903.0 3.9
3 0.1 -1 ▼ 0.2 0.611 8,875.9 3.9 -1.9 0.0 -3 ▼ 8.0Centerview Partners LLC 171.6 0.70.4 -9 ▼ 57.1
▼ 1▲
Tudor Pickering & Co LLC 17 56 10,000.0 3.9 3.6 ▲▲ 9-13 ▼ BMO Capital Markets 16
0.1 0.123 9,046.342 10,277.9 0.1 -2
4.0 2.94.2▼
1.1 ▲+2 ▲
20 0.64 0.1
Jefferies & Co Inc 16 14 10,826.8
▲Greenhill & Co, LLC 15 79 13,142.8 5.1 5.0 ▲ ▼2.4
20 0.6 +5 ▲ ▲ 164.8 4.4ING 15Moelis & Co 14
▲ 24.5 4.148 10,852.4 0.6 +8 1.8 1.6▲ 62.8
5.0 5.0 0.0 0.00.0 +1 ▲ .6▲ 1 -Moelis & Co 14 15 13,921.7 5.5 2.7 ▲
5.3 ▲ 10 0.3 - 11,430.5Loop Capital Markets 13▲
TD Securities Inc 13 49 14,622.6 5.75.1 4.2
+4 ▲2.6 1.6▲ 89.1▲ 22 0.9 +5Lazard 12-22 ▼ 28 11,628.9-5.0 ▼ 19 0.6
-10.0 ▼ ▲UBS 12 12 15,342.3 6.0
21 0.7 +9 ▲ 2.5 1.527 16,540.4 7.3 6.4 1.2 +13 ▲ 88.0RBC Capital Markets 112.1 0.40.6 -16 ▼ 74.7
▲ 30
1.7 0.8▲ 14 ▼
Evercore Partners 11 8 16,427.1 6.4
0.5 -167.9 2.4
▼ 138.0 -25.190.8
+10 ▲ ▼ 60.012 17,944.73 18,126.4
-10.3 ▼ 2634
10+5 ▲Citi9.5 ▲
10 6 18,971.7 7.4
▼RBC Capital Markets 9 19 30,030.7 11.8 ▼1.1
▼ 1627 0.9 -22 ▼ UBS 8 9 23,082.8 10.2 -4.3 0.6 -17 90.512.1 -5.9 2.2 1.00.6 +415 ▲
Credit Suisse 8 10 31,012.0 12.1 2.6 1.0▼-1.9 ▼-15.1 ▼12.4
19.4-9 ▼37 1.2 Evercore Partners 7Morgan Stanley 7 3 31,718.0
▼21 0.8 -27 4.37 27,299.8 ▲ 75.7▼
43,854.9Bank of America Merrill Lynch 6 2 1.3▼ 150.60.9172.1 ▲1.0 -6 4.9
-1 ▼ ▼-16.1
▲
Barclays 6 9 36,918.6 14.433
-1.6 ▼ 301.210 46,542.6 20.5 12.1 1.0 -10 ▼Credit Suisse 5 ▲ 26
3.51.0 -4 ▼ 122.649,152.8Deutsche Bank AG 5 11 39,505.2
0.6
15.5 4.2
3Barclays 26▼
▼
-11.216.3 0.8
▼16.6
▲▼0.7
-3121.7 4.7
-24.6 ▼▼ 6.10.98-9.2 ▼ 24Citi 4 4 41,664.7 4-18
▼ 23-16 ▼ 1Morgan Stanley 53,453.1 23.6▲230.1 0.9▲ 30 1.2 -21 ▼ 6.6
213.725.2
JP Morgan 3 2 42,533.02
39 1.230 0.9
0.65 57,482.8-31 ▼ 4 57,131.5
1Goldman Sachs & Co
▲25.4JP Morgan▼55 1.722.6 2.1 ▲18.5 -11.0
Goldman Sachs & Co 1 5 ▼
MarketSh (%)
# ofFinancial Advisor
Bank of America Merrill Lynch 2 1 47,365.8 ▼
Rank Value Market
1.4 180.3 5.2# of Deals
2012 Rank
2011 Rank
Change in
-10Sh (%) Share Ch. DealsUS$m
Rank Value Market Market # ofRank Value per Advisor (US$m)
2011 Rank
-557,690.7Share Ch.
2012 RankFinancial Advisor Sh (%)
MarketShare Ch.
34Sh (%)Sh (%) # of Deals Fees
Advisor
Jan 1 – Mar 30Any Americas Involvement Announced (AD49) Jan 1 – Mar 30
0.9US$m
▼
MarketImputed Fees (US$m)
Americas Rankings
Market
0.3
MarketDeals
Change in
First Quarter 2012 | Mergers & Acquisitions | Financial Advisors
Rank Value per Advisor (US$m)
Any Americas Involvement Completed (AF55)
# of Deals per Advisor # of Deals per Advisor
Moelis & Co Citi
+124 -
▲
Industry % Change from Last Quarter -15.3%
Industry Total
▼
1,391.9
-54.1%-29.4%
1.0100.0
▼Industry % Change from Last Quarter -6.7%
-450
▼ ▼▼-9.7%▼
-19.3%-22.5%-21.0%▼
1,441
-20.7%
100.0145,700.3 2,317.6Industry Total0.2
Industry % Change from Same Period Last Year
+3▲1.0-418
-40.2% ▼
25
1.7
1,504.0 3-Sagent Advisors Inc 25 112* ▲0.4▲
100.0▲▲ 0.2 0.24.8
0.0 -1.1 ▲ .21 0.1 +1-Gleacher & Co Inc
24Fort Street Advisers1▲ +1
▼0.1 ▲
▼ 72,434.1 1.6▲
19 ▼5 0.3 0 - 0.3 ▼0.8
0.517.4
0.1
0.0▲1.41,794.00.11,710.0 1.1
11.4
Brown Brothers Harriman & Co 23 - 2,122.1-3Qatalyst Partners 22 Wells Fargo & Co0.1 -1 20.7 0.9
1.5 1.50.6 ▲
1822
Blackstone Group LP 2321 2,126.9 1.5 0.5 2
Wells Fargo & Co 21 13 2,478.9 1.7 +20.1▲2,550.0 1.7▼ +110 0.6 2▲
▲ 0.7 ▲15.520.8▲
0.71.9 0.9 0.737 3,912.4 2.6 2.4 0.2 +21.8 +3 ▲Greenhill & Co, LLC 20▲ ▲0.4
Sandler O'Neill Partners ▼ 15 1.01.4 2.0▲ 1.0 +5 1.9 ▼-1.6▲19 23 43.8▼3,246.5 2.2 Jefferies & Co IncBMO Capital Markets 20 64 2,701.2
0.8 +419 13 4,841.1 3.2
1.322 11 49.53.1 ▲ ▲17* 72 4,628.8
▲-4
1.9 +5 ▲▼
0.63.24,628.8
▲
57.8 2.56,272.2 4.3
2.13.758.117 ▲+3 ▲ 2.53.95,892.5 0.3 2.317* 16
3.2 0.1▲ 4Qatalyst Partners 3.9
5,564.4113*
▼.01
0.1 -2 8.0 0.30.1
1 ▼ 0.611 8,875.9 5.80.6-16.8
-0.7 ▼Centerview Partners LLC 14*
▲Lazard 14 6 9,446.0 6.5 5.8 ▲
1.210,343.9
Jefferies & Co Inc 15 14 6,865.6
2.20.0
1.2-5.8
2160.849.8
-14 0.0- 14* 91*13 ▲
▲6.1 ▲
08,875.9
6.0 ▲ 18
0.8+106.9 6.8RBC Capital MarketsTudor Pickering & Co LLC 13 28 10,000.0 3 ▼0.2+720 8.0
18
Greenhill & Co, LLC2.3▲ Moelis & CoRBC Capital Markets 12
-11,631.4 +4 ▲10,852.4 7.1 6.6 ▲ 1.015
7.52.612 24
9.0 8.8 4 11,430.51.0
1111 43 13,142.8 +2 ▲ Loop Capital Markets▲12,320.515 -7-33.6 ▼ 713,921.7 9.6 5.6 18
7.5 ▲ 0.01 0.1 +1 .6 0.0▲
▼54.2 2.3
-0.51.943.3 ▼1.412,394.3 -10 ▼0.46
0.58.1 ▼-9.4 ▼9
Deutsche Bank AG 8 14▲▼
15 0.9▼
▼ 12,922.08.1
▲1.010.6 UBS-6
10 39Morgan Stanley 9 1 15,420.2
1023
▲
▼1.0▲ 9 ▼ 32.10.6 -6 1.4▲
Evercore Partners 8 5 15,500.2 10.6▲7
8.5 4.61.40.7 +217.7 -7.2 ▼ 66.2101.4 +1 Evercore Partners 2.9
-22-15 ▼ 126▲
▼JP Morgan 7 4 25,589.7 17.6 -10.5 ▼
▼ 4.4 3.52 29,806.1 19.5 -26.3 ▼ 101.1▼ 0.822 Bank of America Merrill Lynch 6▲
1.3Bank of America Merrill Lynch 6 2 27,927.2 19.2 -14.319.7 5.8 143.1▲ 1.3 Credit Suisse-522 ▼16 1.1 -5
▼6.5 0.16.2 2.3 ▲
150.015.523.9Credit Suisse 5 11 28,675.2 36,494.15 10
▲ 1.6 +3 ▲20.2 JP Morgan 46,241.6 30.3 3.4 23
▼1.4 -1 ▼Barclays
0.9 ▲ 1.3 023▲
Barclays 4 8 29,353.1
-330.4
-▼ 1.0
1.531.9 224 2.1 ▲48,627.14.7
▲199.0 8.6▼
2.90.8109.8
1.01817 03 33,210.6 22.8 -8.1 209.58
Deutsche Bank AG 2 12 33,821.63
Goldman Sachs & Co-5▲
23.2 13.3-15 ▼50,904.4 33.4 -26.0 ▼
▼
Financial Advisor9 35,630.5 0.58.216 1.11 134 191.02.0 0 - Morgan Stanley
MarketShare Ch. Deals Sh (%) # of Deals
Market
24.5 6.8 ▲US$mDeals Sh (%) Share Ch.Sh (%)
AdvisorFees
# of Change in 2012 Rank
2011 Rank
Rank Value Market Change in Market# of Deals Sh (%)
2011 Rank
Market
US Target Announced (AD2) Jan 1 – Mar 30
MarketRank Value Market2012 Rank
Industry % Change from Same Period Last Year -38.6%
US Target Completed (AF2) Jan 1 – Mar 30
-20.6% ▼ -18.1% ▼Industry % Change from Last Quarter -23.9%
▼
100.0
-17.4% ▼▼
Imputed Fees (US$m)
▼
3,498.3
Rank Value per Advisor (US$m) # of Deals per Advisor
▼ -27.3%
Rank Value per Advisor (US$m) # of Deals per Advisor
Industry % Change from Last Quarter -21.1% ▼ -15.1%Industry % Change from Same Period Last Year -44.6% ▼ -21.4% ▼
Industry Total -652226,615.9 2,515255,666.6 100.0 -8653,176 100.0Industry Total
4.2
152,582.1
Perella Weinberg Partners LP
Market # ofFinancial Advisor US$m Sh (%) Share Ch.
Citi 3▲
Goldman Sachs & Co 1
Valence Group
3
1.0
UBS 16
7
6,424.0Houlihan Lokey-9.7
-3.0
-0.6 ▼
+4
4
10
5
1.3
-
27,043.4
▼
Lazard
-
ING
18
46,433.72
2.1
-10
▼
▼
0.1
-1
-13.1-25.3
13
0.2
▲
▲3.1
6.4 ▲
1
▲
2
Itau Unibanco 2,000.0 0.1+41.0 7▲
Industry % Change from Same Period Last Year
▼4.7 ▼
0.4 -1870.8
-1 ▼
▲ RBS
+6
▼-140
28▲15
1.2
21
▼
16
24
17
1,722
* tie
https://www.thomsonone.com 7
Evercore Partners RBC Capital Markets+5
-98.5
Imputed Fees (US$m)2012 Rank
Qatalyst Partners
-31
+2
▼
10
9
2 53,259.4JP Morgan
+5
-13
▼
52,082.83 27.7
Rank Value per Advisor (US$m)
Morgan Stanley
Rank Value Market Market
30.4
8
22
16,015.3
4▼
+9
Americas Rankings
▲▼
▲
11
Any US Involvement Completed (AF48)
▼
2011 Rank
▲▼
▲
19
▼
▼▼
0.1
0.2 04
▲
▲
▼
▲
0.913
ING4 ▲0.2 Moelis & Co
14*20+2
Citi
UBS▲
--▼
▼
Houlihan Lokey
15.730,241.2
-5.1 -22-9.9
16
0.5
8.5 ▼▼
1024 1.0▼-8.6
86
16,427.118,971.7 9.9
Barclays
Morgan Stanley 7
34,006.4
108
9
30,779.717.217.7
4
Credit Suisse
6
Centerview Partners LLC
1.1
0.8Lazard 9
14*
1817
11 8,875.9
BNP Paribas SA 24
1747
7
Market
2.1Sh (%)
1.2
# of Deals
16.0
8.1 ▼35
Share Ch.
1.4 -61.5 -16
-10
Change in
Bank of America Merrill Lynch
Financial Advisor
Rank Value per Advisor (US$m)
29.021.420.318.9
2011 Rank
2012 Rank
8.1US$m
Rank Value
Any US Involvement Announced (AD41) Jan 1 – Mar 30
▲
-13.74
-9.3 ▼
Market Market
First Quarter 2012 | Mergers & Acquisitions | Financial Advisors
Sh (%)
# of Deals per Advisor
1.1
1
Market
▼
# of Deals per Advisor
49 30Deals
# of
Jan 1 – Mar 30
▼
25 -17
-2-11.3
32▲
2826
-14.3 ▼
▼-0.2▼
▲
▲0.1 ▲
2.7 ▼ 230.11.5 -13 8.0
-10.7
3▲16
Tudor Pickering & Co LLC 15
17
Perella Weinberg Partners LP 20
Jefferies & Co Inc 7,914.5▲4.8
Deutsche Bank AG 3 12 39,091.5
33,210.63
36,452.1
Citi
Goldman Sachs & Co 1 5 55,848.32 41,172.4JP Morgan
5
2
-20▼
18 0.8▼1.432▼
1
UBS
13,142.8 6.8Moelis & Co
11 117.2
Greenhill & Co, LLC 13
0.7+412 13,921.715 0.8
7.313,981.819
0.910,000.0 5.2
14
6.7
4.1
14 4.1
▲4.170
▲▲
Centerview Partners LLC
6.2
Valence Group19 38
1064,651.1
RBC Capital Markets 20 11,841.4
18 0.1 02▲5,549.0 2.917
2.60.5
0.2 -34,981.8
Sandler O'Neill Partners
4Nomura2.4 -0.5
2.6
▼1.1 ▲
2.4
-0.4 ▼
1.7 ▲4,628.8
21 40 3,246.51.5
161.7
0.1 -4
-20.4
2
90.717
Wells Fargo & Co 23 13 2,591.9BMO Capital Markets 22 21 2,806.5
2,319.6 1.2 ▲ 311 0.51.4 ▼-2.3 +1
0.1 -10.1
0.3Qatalyst Partners 25 36 2,126.9 1.1 ▲0.537
2100 0 6372 332
-0.225.4
Evercore PartnersBank of America Merrill Lynch 6
-3
Industry Total 192 683 4
Change in Advisor Market# of MarketDeals Sh (%) # of Deals Fees Sh (%) Share Ch.Financial Advisor US$m Sh (%) Share Ch.
Goldman Sachs & Co 1 5 57,131.5 ▲ 1.9
1.6 -37.3-20 ▼
▼ 175.0210.228.4 -25.7 ▼ 22 1.1
▼▼ 4.0▼32
Barclays 4 8 47,696.6 25 1.35.7 ▲▼
6.0 1.1
157.4 5.4 2.10.9
▲117.1
21-4
Credit Suisse 5 10 44,766.8 23.8 16.2 1.1 -4▼19 1.0 -22 ▼ 137.5 4.8 1.72 36,735.2 19.6 -20.8
27,299.8 0.76 +2▼
▲ 72.114.5 -6.9 ▼ 13 2.5 1.0 ▲-7.5 ▼ 12 0.6 -15 ▼ 70.8 2.5 1.4 ▼
Deutsche Bank AG 9 13 15,507.4 8.3 2.8 ▲ 58.9 2.0 0.8 ▼12 0.6 -14 ▼1.3 ▲22 1.1 +10 ▲
3 12,320.565.3 2.312,353.9 6.6 5.8 ▲
0.4 -18 ▼ 43.36.6 -30.7 ▼ 7 1.5 0.9 ▼Loop Capital Markets 12 - 11,430.5 6.1 6.1 ▲ 1 0.1 +1 ▲ 0.0.6
▲ 160.0
▼1 0.1 -2 ▼2.2
-2.0 ▲31 10,852.4 0.8 +8 ▲ 62.85.8 5.4
4.7 -2.2 ▼ 1 0.3 0.70.1 -3 ▼ 8.00.1132* 8,875.9 4.7 4.7 0.0.0▲
▼Lazard 16 20 8,301.5 4.4 3.4 ▲ 70.4 2.4 1.2 ▲20 1.0 +5 ▲
0.7 ▲31 1.6 +7 ▲ 63.5 2.2154* 5,892.5
6,521.0 3.53.1
16 1.8 ▲0.2 +3 ▲ 58.13.1 ▲ 4 2.0 1.8 ▲
Jefferies & Co Inc 19 14 5,709.5 3.0 -1.3 ▼ 1.90.7 ▲4 0.2 0 - 25.41.3 ▼
43 4,612.4
▼ 55.318 0.9 -1528
0.3 -6RBS 20KPMG 21
0.95,364.4 2.92.5
2.4 ▲▼ 1.12.3 ▲ 5 0.0 0.1 ▼
Macquarie Group 22 55 4,060.5 2.2 2.1 ▲ 0.0 -6 0.3 -3 ▼ 15.2 0.5Greenhill & Co, LLC 23 49 3,912.4 0.2 +2 ▲ 20.82.1 1.9 ▲ 3 0.7 0.5 ▲Hana Financial Group Inc 24 - 3,477.1 1.9 1.9 ▲ 0.0 -1 0.1 +1 ▲ .0 0.0Korea Development Bank 25* - 3,003.5 1.6 1.6 0.1 +1 ▲ 2.8▲ 1 0.1 0.1 ▲
2 895 5 100 0Industry Total 187 847 1 1 948 522100 0
Jefferies & Co Inc Scotiabank-Bank of Nova Scotia4
▼
1,464.25
▼
-
▲
Blackstone Group LP 17
▲
0.7
14*15
5.0 ▲6.6 0.8
11
▼▼
▲
3.4
12
-0.20.3
2,408.2 3.6
3.7
Lazard 3.11413
3
0.9
3,417.2▲
0.4+2
Change in
1.0▼
+1 ▲
Sh (%)
GMP Capital Corp
-5.4
243.7Credit Suisse
Goldman Sachs & Co
10
49-
Industry % Change from Same Period Last Year
0.1
JP Morgan
Guggenheim Securities LLC 23Deutsche Bank AG 24
22
+1
Industry Total25Raymond James Financial Inc
-206
9 413.7 0.9
1.3 ▲
-0.5
0.11-20.6
2 0
0.7
110.6
3
14
559.6 0.31.222
1,767.1 0.31,640.0
▲
1,202.815
Barclays
-
Guggenheim Securities LLCCanaccord Genuity
2.5 0.1
▲13 2,267.521 ▼3.2 15.40.2
0.0 2.4▲ 1 0.0 - 3.0 0.5
3 1,505.04.826
▲ 2
2,191.5
▲
▲0.7-2 ▲6.7UBS
12
06.5
-5 3.9101.2
3 -1
2,576.3 7.6 2.0 ▼0.6+1 ▲ 7.72,490.70.3
37*0.1 ▲
4 7
▲
25.10.1▼
5
13 3,386.3 7.1 ▼-4.48.2
▲ -4
13.8▲
15
15.9
9,046.3
-22,626.28.2
7.8
5,602.5
8.4+3
▼1.6
▲▲
30.3
▲
9.9
▲▲0.0
1.544
4.4
0.10
2.7
▲▲▲
18.64.7
TD Securities Inc
▲7 4,130.0 12.2 +2
Bank of America Merrill Lynch
5,255.3▲
5,646.3 11.85,029.5
9.8
# of Deals per Advisor
Cutfield Freeman and Company 16 26
8
7 3,135.7109Barclays
Morgan Stanley
192.12.9
913.5
2,758.18 7.2
0.410.5 0.5
0.41.85.9 6
+2-2
1.29.0▲ Rothschild0.9
57*2.51.4
10
4.67JP Morgan
▲ 2,841.8▼ 16Jefferies & Co Inc
+1▲0 0.1
0.14,676.76Lazard6▲
2.0+4 20.4 3.1▲12 7,940.6 16.6 +1 ▲
▼ GMP Capital Corp▲ 9
6.9 ▲15.6651 5.37.4
1 8,336.7 17.5+519.0 16.6
0.18
▲
48.3▲
Jan 1 – Mar 30
▲10
Share Ch.
30.1▼4 -2.8
+4
Sh (%)
60.0▲
+3
Market
20 9,854.126.8
5.7
0.2 +5 ▲
-1 ▼▼
Fees
▲
2.96.17.9
3.1▲
Sh (%) Share Ch.
37.2
Deals
▲
Share Ch.
16.017.6
0.1▲
Market2011 Rank
Rank Value per Advisor (US$m)
Any Canadian Involvement Completed (AF49)
US$m2012 Rank
Change in
-25.5%
2011 Rank Deals
MarketFinancial Advisor
Market# of# of Deals
Industry % Change from Last Quarter
Rank Value per Advisor (US$m)MarketSh (%)
2012 Rank
24 ▲
▼
1.418,399.3 39.5RBC Capital Markets 13
2.81 25.7
-10 51.129.2
Any Canadian Involvement Announced (AD42)
Financial Advisor US$mRank Value
1 38.5
3 26.3 0.924.5
12,547.9
2.3RBC Capital MarketsTD Securities Inc
+2 3
# of Market# of Deals
▲+6
Market
Canaccord Genuity 67CIBC World Markets Inc
National Bank of Canada Fin'l
5
11
6 ▲
2
9,069.2BMO Capital MarketsScotiabank-Bank of Nova Scotia
2
4Bank of America Merrill Lynch
-
-10.1
▲16.8 7
6▲
1.1 -68
12 Goldman Sachs & Co0.3 +1
▲
▲
▼
CIBC World Markets Inc
17
24.9
8.5
16
3▲-
2
13.2
Market
4.0
7.4
Imputed Fees (US$m)
Jan 1 – Mar 30
1,035.4
6.8+2
+1
0.0▲
4.0
BNP Paribas SA
Citi
1,281.91,349.3
Rank Value
18.9
4
3
1,456.1 2
Sh (%)
20.3
-
Industry % Change from Last Quarter▼
Handelsbanken Capital Markets 1.533,794.4
-100.0
National Bank of Canada Fin'l
-
-22.6%
UBS
12.9%Industry % Change from Last Quarter
20 29 698.2 1.5
400.3 0.8100.0
505.0
-14.2
0
14,622.6 30.6
5
Peters & Co Ltd
43
0.6
-13.7% ▼
100.0
-21.5%
-637
▼
2,332Industry Total 192,683.4
Industry % Change from Same Period Last Year -53.0% ▼
2,895.5 100.0Industry Total 187,847.1
▼
1,948
-26.6% ▼-16.8% ▼
▼
6,844.8
-16.8%▼
Advisor# of Deals per Advisor
-522
-21.1% ▼
100.0
16- 9
Industry % Change from Same Period Last Year -39.3%Industry % Change from Last Quarter -21.2%
BMO Capital Markets22
8
-1.6 ▼3-12.0 ▼
4.34.5 2.9 0.5 ▼
2.0▼0.0 -1
+1 ▲ 13.10.817.6
▲0.1 2.7 ▲0.0 1.4
▲+2▲ 18▲- 1,135.0 2.4 2.4 17▲
2.019 +3
713 1,435.8-
▼▲
4.3 -0.3
Macquarie Group 19 18 789.6 1.7 ▼0.4-0.4 ▼ -3FirstEnergy Capital Corp 18 25 947.7 ▲0.0 +11 0.6▲ 4.0 0.6
21 3 645.0 1.4 0.9▼0▲
19 ▲ 18.29 1.32.80.1▲0.23.8
▼.70.0 ▼
0.8
▼
6.1▼▲-2▲ 3 0.10.3 51 0.1
3.1 -2.53.2KPMG0 3.3
▼ 211,114.2
11Deutsche Bank AG▲
200.4
2
23
▲5
▲22 33 1,016.9FirstEnergy Capital Corp
1 795.0-3.9
+1 ▲Raymond James Financial Inc▲1
23 2.42.3791.4
▲1.6-
0.13.02.4 0.02.2
0.1▲
Peters & Co Ltd▼ 24 460
▲2.0 7.2+1
-4▼ 0.01.5506.725▼
704
▼
▲
100.0
3 +2▲
-4.0%-3.3%Industry % Change from Same Period Last Year
-0.8 0.43
-7.5%16.2%
▼ ▲
527
▲-10.5%▼
-62 649.5
▼ 15.7%
1.12.9
1.7%
▲0.0 0.5▲ 0.5
0.81
0.01.1
▲
47,738.9
50.7% ▲
1.11.2
Industry Total
0.0 -4
.9 0.221.3+3
57*0 ▲▲
110.5
* tie
https://www.thomsonone.com 8
Announced M&A with EMEA involvement totalled US$228.6 billion in the first three months of 2012, an 18.7% decreasecompared to the same period last year, but remained on par with the previous quarter. EMEA fee volumes on dealscompleted so far in 2012 reached US$2.1 billion, a 37.7% decrease compared to last year, according to estimates fromThomson Reuters/Freeman Consulting.
Materials was the most active sector with 320 deals worth a combined US$71.1 billion. Financials was second with US$20.3billion and Real Estate third with US$19.4 billion worth of activity.
EMEA targeted buyside financial sponsor activity reached US$15.1 billion compared to the US$18.4 billion of last year andwas the least active quarter since the second quarter of 2010. The largest deal so far this year was CVC's US$2.4 billionoffer for Sweden's Ahlsell.
London listed EMEA companies were the most acquisitive this year with a combined total of US$63.8 billion worth of offersmade. Activity was driven by the US$48.9 billion Xstrata / Glencore deal.
3
Share
3
17,154.6
Rank
6
No. Deals
JP Morgan
Mkt.
1
3
11,445.5
7 82.3
306
320
279.1
3
7
7 411
4
37.4
8
3
196
15.92
42.4
17.1
3,304.8
1
7,723.6
3
3,531.4 21.9
19.819,382.0
625
Energy and Power4
Goldman Sachs & Co 8,345.6 2 36.8
39.2
6
4
Credit Suisse 6,067.5
21
9,990.6 Industrials 16,675.4
Rothschild 37.0
26.8 5
Deutsche Bank AG 11,870.6 1 52.4
4,533.7
Citi
Rank Val US$m
59,080.0
Citi
56,823.7
UBS
81.0
First Quarter 2012 | Mergers & Acquisitions | Financial Advisors
EMEA M&AEMEA Announced M&A Down 19% While Fees from Completed M&A Down 38% | Materials Most Active Sector | Goldman Sachs in First Place
Primary Stock Exchange Listing of Most Acquisitive EMEA Companies - Top 10 (US$ bil)
2
JP Morgan
Lazard
Barclays
EMEA Deals Intelligence
4,122.0 Real Estate
3Financials
Morgan Stanley
Goldman Sachs & Co
71,136.2
58,137.7
20,278.4 1
Materials
10
23,450.6 16.6
12
Goldman Sachs & Co
Morgan Stanley 10,588.7
EMEA Financial Sponsor Investments
EMEA Involvement Announced Advisors by Target Industry
Industrials / Other Industrials5,000.0
48,877.7
Materials / Metals & Mining
6,788.6
Rank Value (US$m)
Consumer Products and Services / Professional ServicesConsumer Staples / Agriculture & Livestock
9,467.0
3,534.5Outokumpu Oyj Finland / GermanyThyssenKrupp AG-Stainless (100%)
United States / United StatesPentair IncThomas & Betts Corp (100%) Switzerland / United States
India / IndiaSesa Goa LtdPending
y g g q p p ( $ )
Pending1/30/2012
1/31/2012
NDS Group Ltd (100%)3/28/2012
Roche Holding AGInternational Power PLC (30%)Illumina Inc (100%)
Pending
3,923.83,910.8
GDF Suez SA
2/25/2012
Tyco Flow Control (100%)ABB Ltd
Pending 4,900.0
Sterlite Industries(India)Ltd (100%)
UPSGlencore International PLCViterra Inc (100%)
Target (% Sought/Acquired)Date Effective Acquiror
Materials / Metals & Mining
Industrials / Other Industrials
Healthcare / Healthcare Equipment & Supplies
Switzerland / SwitzerlandAcquiror / Target Nation
Jan 1 2012 – Mar 30 2012Target Macro / Mid Industry
Materials / Metals & Mining
Top Ten EMEA Involvement Announced Deals
Glencore International PLC
Pending7,361.57,459.0Switzerland / United States
Energy and Power / PowerFrance / United KingdomIntended
Pending Switzerland / CanadaUnited States / Netherlands
Cisco Systems Inc
3/20/2012
Pending United States / United KingdomPending
High Technology / Internet Software & Services2/17/2012
Rank Date2/7/2012
3/29/2012
TNT Express NV (100%)
Pending Xstrata PLC (65.9%)
1/25/2012
3/15/2012
p
12.7% 10.0% 10.2%
16.8%
20.5%
20.4%
7.3%
1.8%
10.8%
8.5% 8.9%
0%
5%
10%
15%
20%
25%
$0
$50
$100
$150
$200
$250
$300
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
% o
f EM
EA
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b)Q1 Volume (US$b) % of YTD EMEA M&A
$63.8
$12.9
$7.6
$5.5
$4.1$4.0
$3.7$3.1
$2.7 $2.3
London
Euronext Paris
Zurich
Russian Trading System
Mumbai{The Bombay Stock Exchange}
Swiss Stock Exchange
OMX Helsinki
Frankfurt
New York
Madrid
https://www.thomsonone.com 9
M Klein & Co LLC ING
120
2,737.01.6
228 580 4
20
▲
2.2
▼
18
107
+21123 5 0.1
17 56 3.4
-1.123
2
4,314.4 1.81.9
3.1
59
7,534.5 3.3
4.512,789.310,218.5
647,775.2
57
1.2 -11.3 0.1140 811 5
▼
-813
24 0.3
0.1
+7▲
▲
▼▼
-15
29
0
0.2
Centerview Partners LLC
Goldman Sachs & Co 9
Nomura
22
▼
1.133.622.0
0.8
0.3 -12
▼ 65.5
22.91.019.9
0.03.20.4▼
▼
▼▼
10.344.5
62.60.10.5
▼ 0.3-3
-3-8
0.0 -10.70.90.2
9BarclaysCiti
11
▲▼
▼10 32
8
7
7
-6.9 ▼
12,477.5
2012,217.720
▲▲
4.58.5
0.4
6.0
13,441.3 ▼9.6
▼
8.7
11.230.4 0.2
0.21821 -1962,069.4 27.2
▲16.5
16.7
17.034.6
69,476.931.432.5 ▲
▲+1
0.328 0.329
5▼ UBS
0.5
-4-9-5
▼1.5 ▲
▼
3.2
3.4
0.2
▼
0.8
0.23.3
2.2
0.1
3.0
1.3
1.6
1.1
0.9
1.4
2.2
15.70.6
0.4
0.8
8.0
27.60.2
0.40.4
1.50.5 ▲
31.1
▼
1.1
0.216.47.8
-4▼
6.00.03.8 0.2
2 065 9 100 0
▲▼
1 067
+34.0
6,069.5
1.6
7
6,062.0
3.7Lincoln International2821
24 4,083.325
52 5,144.2Evercore PartnersVTB Capital
▼
▲▲
▼
▲
-
0.1
▲
-▲
▲0.4
▲
0.0 -▼▼
0.2
0.313 0.4
0.3 ▼
▼▼
▼
▼0.30.1 ▼
8
11
3.3
4.34.3
-4.8
13
▼-16.0
5.3
▲
-8.0 ▼7,829.87,527.6
3.5
4.77,387.16,627.8
-9.8
5.6
12
15
1013 3314
8,875.9
3.227
100 03,933.2PricewaterhouseCoopers
2.925
20RBC Capital Markets▼-1
-60+5
▲
▼
0.3
▼
▼100 0 3 810
1149
16 ▼5.4 8
Imputed Fees (US$m)
1.036,513.2
Advisor
4.00.8
MarketShare Ch.Sh (%)
Change in Market
▼ 0.1 ▲
First Quarter 2012 | Mergers & Acquisitions | Financial Advisors
# of Deals per Advisor2011 Rank
Market2012 Rank Deals # of Deals# of Deals
31,762.2
6 3.9
22.6
1
# of Deals per AdvisorMarket
2.0
▼
12.215,719.0 -5
▼
17,674.4
4.183.8
▼
2.034,850.1
EMEA Rankings
2.6
42
Rank Value per Advisor (US$m)Market
82.3
Rank Value
-10.9
▲
41.8
0.3
▼70.7
15
5.3▼65.368.0
-8.5 0.515
17,131.3
1.713.8
15,261.5
8▲
2
12.6Bank of America Merrill Lynch
▼▲
3Rothschild 6
▼
3 1
2012 Rank
24.8
19,443.4
41 +3
14Morgan StanleyJP Morgan
4
40.540
▲3.494,991.6
Rank Value
89,386.3
Sh (%)
▲23.641.6
# ofMarketUS$m
▼
-12US$m
0.5 Deutsche Bank AG39.1
Share Ch. Financial AdvisorChange in
▲ 24
Share Ch.Sh (%)
-24
# of
25.9 25Sh (%)
Market
▲
-8.5
-18
-18
▼
▲
-1126▼
1.1
0.8
▼▼
20
▲
-7.5▼
▼0.50.5
22
14
32
-18.630.0
▼
0.7▼
0.9-11 ▼-21
-220.7
▲
27
13 -1.82
8.9
10.8
7.0
6.3 122,030.9
-5.90.4
7.4+1
▲
▲
0.3
-1320,397.2
21.4
8.9
4.1
▲
55.25.6
3.1
25
▲
16,809.0
9.6
▲
▲
1716
17.521.4
4
+2
18HSBC Holdings PLCBNP Paribas SA
23
0.0▲
▼
0.1
-10.0
▲▲4.8
▲▲
12.5
22.9 14
1 0.0
▲
▼
+2
+1
0.40.3
▼1
121 136-14
241.8
Societe Generale 253,734.9Nordea
Grant Thornton
20KPMG49
Macquarie Group 2221
Industry Total
24.210.7
Industry Total
SEB Enskilda 19
3
-
159
-12
0.8
-3 11.0
0.2
0.1+4-1
0.4 ▲
-33
0.2
2 99440
45
▲
▲1.5
▼1.5
▲
3.9
252.8
▲2.90.4
-0.9▲
12
3428
21▼
▲ Credit Suisse
Societe Generale-
▲0.2
0.2
BBVA2.5
▲
1.7 4,514.6
5,431.653 5,675.3
8
19-1.2
-98 +4
5,682.818
5,000.0
4,085.6
7,062.53.0
-3.1▲ 2
0.0
3.0 ▲0.1
0.0
22.9
Lazard
RBS
▲▲
11,896.5
512
-17.0
▼
+3
0.4
78
0.4
-5
+2-1
-24-12
79,100.16Morgan Stanley
5
2
Jan 1 – Mar 30
Sh (%)FeesDeals
109.3
Credit Suisse
74,264.9
40,048.848,877.7
71,785.5CitiDeutsche Bank AG 4
2
3
Centerview Partners LLC
Bank of America Merrill Lynch
Nomura
RBC Capital MarketsTD Securities Inc
Lazard
Canaccord Genuity
Greenhill & Co, LLC
HSBC Holdings PLC
Rothschild
16
10
13
BNP Paribas SA 9
15
11
14UBS
12
3 4
36
17
86
8
10
2011 RankFinancial Advisor
12
5
755,260.652,223.2
Barclays
Goldman Sachs & Co
JP Morgan
1 1
Any EMEA Involvement Completed (AF53)
Rank Value per Advisor (US$m)Market
Jan 1 – Mar 30Any EMEA Involvement Announced (AD47)
M Klein & Co LLC ING
▲
34.0
▲
▼24
Market
228,580.4
41.0
▼
Rank Value per Advisor (US$m)2012 Rank Share Ch.
2
-9
-1
+2
22 4,097.2
-22.2%
Societe Generale
▲
0.8
Deals-13▲ 40
Sh (%)1.1
1.9 7
-24.6%
12 0.3
-23.0%
Market
1.3
▼
▼▼
1.9
-14
-18.7%
# of DealsChange in
▼
# of Deals per Advisor# of
41
Market
1.2 +5 ▲
VTB Capital 240.1
2011 Rank
Deutsche Bank AG 7
▼
▲
2012 Rank
1
HSBC Holdings PLC
▲▼
SEB Enskilda
1215
11
18
1
4144
33
32
16
▼
1.1
▼
2.3
▼
0.10.5
▼
41.865.5
▼
-14
3.3
3.1
11.0
-21
▼
107.20.8
▼
2.8
0.7
66.0▼
23
140,811.5
▼
▼
30.0-3
4.1
▲
2.1
▼
19.9
1.6▲
1.1▼
▼
2.7
▼
5
-58
PricewaterhouseCoopers
▼2
20
Morgan Stanley 3
▼
16
RBS
-
Lincoln International
Societe Generale
▲
0.4
0.9
▲
▲53.9
82.8
0.4
4.2
0.5
-5
▼
-31
7.8
22.0
2.8
▼
-
44.510.3-3
-14
-7
▼
-22
Advisor
Jan 1 – Mar 30
Market
0.7
Sh (%)
▼3.4
# of Deals
0.85.5
0.6▼
Sh (%)
-37.7%
2,065.9
Change in
100.0
Fees80.3
-40.7%
Market
▼
-12
-1,067
▲
-19
▼+3
+1
▼
11+3
0.9
0.2
0.2
-8.0 ▼
0.1
0.0
25
1.5
▼
60.6
8.0
▲
-4
26
▲
-8.5
7.2
Rank Value per Advisor (US$m)
0.1-1
-1
61.1
33.6
-3
0.20.4
0.9
0.5
1.0
0.6-1
16
0.9
Market
3
Deals
0.2
Share Ch.
-36.6%Industry % Change from Last Quarter-47.1%
6.3Financial Advisor
MarketRank Value
Citi
JP Morgan
▼▼
0.5
+4
-4
22.0
0.6▲
-
1.1▲
▼0.4
0.4
23.4
0.1
0.5▼
▲
31.1
3.8
0.816.4
0.0
-40.3%-36.9%
0.26.0
0.6
0.3
1.7
1.5
▼
▲
▲
▼
▲
▼
▼
0.6
▲
▲
▼0.3
1.5
0.3▼
▼
Imputed Fees (US$m)
▼
Share Ch.
▼
▲24
▼ 0.5
25
0.5 0.1
0.9-9 ▼
# of Market
1515
29
-14
-21
100.0
Industry % Change from Same Period Last Year
▲
0.1
Jan 1 – Mar 30
100.0 3,810
0
Industry % Change from Last Quarter-27.5%
2,821
5,675.3
4611
28
34,250.1
3.5BNP Paribas SA
▲+2
4.1
-1,136
7,387.17,527.6
-8.11.2
-16.8
▼
▲
25.4
9.1 1.2
-18.7
1.7
-23.7%
5,431.6
4,514.60.1
11,045.0
12
▲1.6
0.9
▲
-18.017
3.6
5.8▲
-9.9
▼7,829.8▼
▲▲ 3
-
▼▲
10
16,474.0 -6.1 0.60.1
0.1
5.523
2
▲15
1513
17
58UBS
TD Securities Inc
14 9
55
Centerview Partners LLC
Nordea
Greenhill & Co, LLC
LazardBank of America Merrill Lynch
Grant Thornton
RBC Capital Markets
Macquarie Group
Rothschild
KPMG
12-
6
Any European Involvement Announced (AD21)
Sh (%)
9
1
2011 Rank
Nomura
171112
10
Goldman Sachs & Co
BNP Paribas SA
20,397.2
48,877.752,223.254,273.2
22,030.939,831.6
Rank Value
0.6%
7368
Morgan Stanley
60,069.43
5
Credit Suisse
10
Industry % Change from Same Period Last Year
Barclays 85
Industry % Change from Last Quarter
4
2Citi
17.435.6 ▲
Industry Total
Deutsche Bank AG4
US$m
89,386.3
74,264.9
6
Financial Advisor1
JP Morgan 3
1617.3
91,563.625.5
77,672.1
42.0
1.129 -7 Bank of America Merrill Lynch
▼17.5 -2▲
39▼0.8
UBS 17,674.4-1-8.1
18,810.0
0.7 12.68▼0.5 5
▼
▼13.923.431,592.2
▲13.1 -10.6
27.5 5.5 ▲67,838.568,783.4
2411.831.531.1 ▲
▲▼
15,719.00.620
▼-6 6Rothschild 16,946.0
-19 9 -8.3▲ 11.3Barclays
11.7715,261.58 13
▼-1.9
2 1424.9 23.5 ▲ +613
13 0.40.4
▲ ▼10+122.4 22.4
Goldman Sachs & Co▲
9
225.1 -15 ▼23▲120.8▲
1 ▲LazardCredit Suisse
23.9 11.2
18.30.0
-8
▲
0.6
0.628 +2
13-14 Centerview Partners LLC-14
8,875.9
116,627.813▼5
7,534.5
10.1 ▲9.4
3.332
▲
412,789.37.6
2
▼
▼
5.60.14.5
0
5.9
6
Nomura
Canaccord Genuity 3.2
16
18
56
633.1
9,811.57,775.2 3.6
20HSBC Holdings PLC 3.1
2018
2.66,646.4195,682.8
0.2 +423
1372.3 1.5
84,085.6 0.21.9
▼22
0.0
▼
21 49 5,000.0 1▲
118
-1.2 ▼ RBC Capital Markets 5029 ▼18
8
▲
74.3
5,144.2▲ 3
4.2
491.8
0.5
▲
+1
27.136,513.2
-1 6,062.019 5,789.5-3.3
-0.90.3
▼
14
23 -1.1
6
7
Industry Total
▼
53,734.9
Sh (%)
-1,071
0.4 -23
0.7
100.0▼▼
1.2
1,959.7
0.0
0.5 2.2
15.7
0.50.1
0.3 1.0
3.1
0.30.4
2,994
# of Deals per Advisor
▼-22.6%▼-26.3%
Any European Involvement Completed (AF3)
US$m
2.9
3.4
0.8
12,477.512,217.7
10.09.2
13,441.3
3.0
6.6
134,976.5-1,156Industry Total
Industry % Change from Last Quarter-19.4% ▼Industry % Change from Same Period Last Year
0.4% ▲▼▼
-46.7%
25 11 -11.7 ▼100.0218,158.3
Evercore Partners 27 ▲3.3
4.03.0
8.2
100.0
4.5▼
14.7-5.1 ▼
Industry Total
▼-35.6%
21
4.9
85.5
18
3.8
▲
425 4,083.325 39 3,933.2
▼Industry % Change from Same Period Last Year
-21.2%
BBVA
23
21
2,737.03,541
1.7
https://www.thomsonone.com * tie
10
KPMG RBC Capital Markets
48 769 0 100 0 662
3.11,500.03.1
3.2
-11-2
34
22
1,490.0 ▲
3.1SEB Enskilda ▲2423
-▼-7
▲2.2
▲
▲12
0.03.1
+1
8
3.1
1.602
1▲
10.9▼
.9▼
5.2-4
-41.1
5.6
▼ 3▲
4.52
5▲
4.04.21,624.1
2.2 ▲
2,045.53.3 3.3
-7.9
0.1
-1
5.6
▲+1
1
4.82
▲
4▲
Credit Suisse 1213
4.04,928.31710.1 4
5 0.1+6▼ 7 0.1▲
▼ 6.3
1.08▲ 10.5
10.150
▲
-230.1
5,568.6
5,000.0
8 5,315.222 ▲
7.6 6.86.07.9
Deutsche Bank AG 7-31.0
UBS 9▼ 11
8.5 8.8JP Morgan
▲
▼
12
8.1 90.6-10.9
+2-12.1▼ ▼
521.3
5,428.9-1
-1.911.1▼ 12-9
Bank of America Merrill Lynch 6 0.120.6▲ 217
-4.7
Lazard4 119
21.6 3.3-0
▲▼-19.0 2.4
141.08,538.7 ▲ 80.5
20-13
12.7Nomura 6Bank of America Merrill Lynch
-20.16,193.66,668.15
▼-29.26,729.5▲
13.8
▼2.3 1.513.7 0.1 2.4▼ 16.7-55Rothschild
Goldman Sachs & Co 4 1 23.0JP Morgan 2 16,778.6 25.5
7
2.411
1.7▼
15 -3-2
1.3+820
28.7 18.3
8 5
5 14,208.715,133.5
18,927.7
13.0
2.5
11
8.3
Nomura 16
37*
5,487.4Citi
6.2
10 5,190.1
Morgan Stanley 1 6Barclays 2 10
HSBC Holdings PLC
3
Centerview Partners LLC
Financial AdvisorMarket
39.0US$m
25,675.3
Rank Value2011 Rank
2012 Rank Share Ch. DealsShare Ch.Sh (%)
MarketDeals
Change in Market MarketUS$m
2011 Rank
Rank Value per Advisor (US$m)
Rothschild
# of Deals
▼-1
2.3
82613
2.62.6
-1.3
2.0-19.3
▲
▲
0.5
0.20.4
2
▼
31
2
▼1
0.4
2.63.6
3.73.72,428.5 1.8
BMO Capital Markets 14*
1.0286.0 ▲
2,450.0-
4,085.6
0.20.22.6
2,450.0
6.7
2▲
1.2
3.7
0.11▲ 0.1
Grant ThorntonRBC Capital Markets 14* 27 ▲3.7
12 1370
17 29* 2,342.2
134,423.4
23Moelis & CoSumitomo Mitsui Finl Grp Inc 18 - 2,321.2
21*18
2,242.2RBS 1519- 2,153.0
51
3.3▼
3.3 ▲1,714.6
3.53.4
▲3.5-1.4
Jefferies & Co Inc
Standard Chartered PLC
23Cenkos Securities PLC
Handelsbanken Capital Markets
55 1,493.31,714.6
20
Credit Suisse 24
65 874 5 100 0Industry TotalGleacher & Co Inc 25 24
2.2 ▼
Industry Total
0.4
242
3
0.1 ▲
▼-1
+10.20.1
▼
Sh (%)19.8
0
▼-1-1 ▼
-
1▲
▼
▲▲
Jan 1 – Mar 30
1.5
1.8▲+7
Greenhill & Co, LLC
Goldman Sachs & Co
Barclays
▲Deutsche Bank AGFinancial Advisor
2012 Rank
-
UBS▼
2▼
▲
▼3
6.7-
714
12.412.5
6.6
4
8
2,744.1
11.15,402.8
100 0238
▲0.0 +20.0
▼0.0
0.0
0.00.1
▲
-
+10.0
+1
0.0
▲
-1
▲+1
5.1
+3
-4 ▼▲
▲7.1
0.1▼
▼0.1 -110.1
-13
-7
+6
0.1
0.1
8
-1
-7
-
▼
0.2
5 0.1
▼
3
2.0▲28.3
1.7▼5
11.21.21.6
1.08.4
21.9
7.1
▲
3.2
6
▼0
13.9
11.729.1
4
+2
4
17.0
-8-2 6.1
# of Deals
▼
Sh (%)# of Market
3.1
2.5
▲3.8
▼
42.5
▼21.5
35.1
▼
3.4
3.1
4.2
1.45.1
▲3.0 0.5
▼
4.4
1.0 ▲
0.6
4.1
▲0.2▲
▲▲
▲
0.2▲0.3
0.2
▲0.7
▼
▲
0.81.6
0.1
0.3
▲
▼
0.1
12.9
693 9
2.1 0.2
6.5 ▼
2.1
+2
Ernst & Young LLP
Moelis & Co▲+2
Qatalyst Partners
Citi
Lenner & Partners
▼
0.6
▼▲▲
0.7
1.90.3
1.2
0.2
1.9
8.6
1.0
Jan 1 – Mar 30
21.1
▼4.1
1.0 1.0
▼
Imputed Fees (US$m)
3 1,453.8
Change in # of Deals per Advisor
▲
0.1
24.8
0.0
Market
First Quarter 2012 | Mergers & Acquisitions | Financial Advisors
0.1
▲
▲
2.2
EMEA Rankings
Sh (%)Fees
3
7 ▼
0.9
Advisor
1.0
0.8
Share Ch.Market
1
0.1 -2 ▼
-7
21*
-8
Any UK Involvement Announced (AD32)
Market# of
13▲ 1.6
▲
1,325.0
# of Deals per Advisor
105,112.2
-11HSBC Holdings PLC
164,908.8203,364.6
▲
2,206.0
3,271.33,228.2
25
-
192,362.6
Jefferies & Co Inc
16
18
15
2120
17
25
-
1,532.41,541.3
11.1
Lambert Energy Advisory Ltd
Carnegie6.6
Evercore Partners 14RBS
Any UK Involvement Completed (AF39)
124*29-
1364
0.6
▼▲
6.9
▼16.4
7,932.4-23.6
Rank Value
▼14.50.2
6,050.16,087.2
1.9
10.115
Sh (%)
-28.3 1112,105.21
Rank Value per Advisor (US$m)
-23.1
6.7
16.34Morgan Stanley 7,092.3
* tie
Societe Generale Qatalyst Partners
▼
▼ 1.9
+1▲ 0.70.9 +2
3.4-1▲1.2 1 0.2 ▼1.4
1- 217.7
81.51.6
204.9▲
-46.8
Scotiabank-Bank of Nova Scotia-2
▲
2322Societe Generale
▲
▼ 21Cushman & Wakefield Inc 20
19
1.6
Rodman & Renshaw Inc
CBRE Holding SAS
1.9
21
▲2.1
▲
18 - 2.14.1
1.9
UBS
5
▼
▲6
▲5.3
1,190.311
2.9
48,769.0 100.0
▼
4,158.7
17.319.3
6
▼▼
662
29.617
2011 Rank Deals
▼Industry % Change from Same Period Last Year
MarketRank Value
Industry % Change from Last Quarter
Share Ch.
6
40.8
826
Market
-9.7%▼
# of Deals per Advisor# of
Jan 1 – Mar 30
Market
65,874.5 100.0Industry Total
13 8
Market 2012 Rank
27.9
0.6310,037.9
-4Sh (%)
Any French Involvement Announced (AD33)
-9.4%Industry % Change from Last Quarter
1.3
Rank Value per Advisor (US$m)
JP Morgan
Rank Value
4
2,297.6▼
Credit Suisse
3
▲
BNP Paribas SA 5
4 6+1
RBC Capital Markets8
-5-5
-
7
▼-5
9
7
Goldman Sachs & Co-1
0
JP Morgan
▲
1.3Sh (%)
Industry Total
▼
▼
Change in
-242
1.7
-43.3%
Lazard
Any French Involvement Completed (AF40)
-14.0%
19.6
0.5
5
2
2,707.0
38 -15.44 3,590.9
Market
▼
1,772.5
US$m
1,500.0
6.26.2
▲
▼
▼
152
570.9
1.7
14,044.8
12
▼
44-
▲0.6
▼
0.5 40.5
1.3 1.2
-51.6% ▼
▲▲
▼
-64
Industry % Change from Same Period Last Year
4790.2
-0.00.0
▼0.6
▼
0.7
4.90.20.2
2.5
1.82.1
▼▲
4.4 ▲
0.15.1
.3
▲
4.0
249.0 100.0
1.82.1
3.3.0
9.9
0.6
▼
2.3
0.3
▼
1.2
▲2.2
▲▲
1.1
0.0
▼
3.2 ▲▲5.2
0.1
1.0
▲
▼
▼
-
▲
1.0 ▲3.81.6 ▼
Change in Sh (%)
100.0
# of Deals Share Ch.
-238
Market
Jan 1 – Mar 30
▼
▼
2.88.1
14.22.0 2.2
0.1
5.75.0
14.9
7.8
-42.1%
Fees
-31.4%
693.9
AdvisorImputed Fees (US$m)
Market
-9
▼-16.3%
40
-6
▲0.2▼
+10.4
+2
0.2 -1
0.20.8
1
0.2
1
43
3
1
0.2
1
7 1.5
1.78
0.6
1.5
▲
0.4
0.40.2
2
▲
3
2.1
7
-23.2
0.9
1.4
Deals
▲
62 0.4
▼Financial Advisor Share Ch.
+1
2.9
▲5.3
-3.8
-3.2
▲
11.3
Deutsche Bank AG
-5.20.2
-8.6-1.2 ▼
▼
85
1,880.72.0
▼9.6
24910
11.8
Nomura
▲
7.6 ▲ 2
▼
1
1,867.710
-29.120
BNP Paribas SA
3,892.011.9
5 15.86 2,915.41
▼
10
▼
Goldman Sachs & Co
HSBC Holdings PLC2,913.87 -5.5
17 2,354.9
1
-26.2%
▲ 1
0.2
0.6
1▲0.9▲
1.4Deutsche Bank AG+3
▼
1
0.6
▼
Industry % Change from Last Quarter
Industry TotalBryan Garnier & Co 49
0.2
Oddo et CieAforge Finance SA
25
-43.1%
1.7
-58.9%
0.7
4270.41.6▲
-13.0%▼
Blackstone Group LP
Aforge Finance SA
69
25
Standard Chartered PLC 14
0.5
Citi
Cushman & Wakefield IncNatixis
Ambit Corporate Finance
17*
15
CBRE Holding SAS
Credit Suisse
42-
1.3
1619 2.0
337.0
719.0494.0
Industry Total
-
22
Caisse Fed du Cred Mut Cen Est
20
Oddo et Cie
18
17*
IMAP
39
46
217.7
336.4
816
13
1.4
121,604.3 6.511
1.4
1.4
3.8923.02.9
-2▼
-27.5-6
-15
Credit Agricole CIB
20.9 1.92,929.8Rothschild
▼-17.0
-20.1
▲
▼
1.4 -3▼
8
-3
7.63 0.7 ▼
-10.91.2
4
-4
▼
94
▼Industry % Change from Same Period Last Year
1Barclays
-25.3%
4,029.59,865.8
-26.4%
# of Deals per Advisor
8.0
29.0
▼
Bucephale Finance
+1
-5
▲+1Bank of America Merrill Lynch▲
-7-
3
-
1,033.4 4.2
7.6
59.0 0.2
0.9236.6
336.4
Industry % Change from Last Quarter
Evercore Partners
70*
177.0
35.6 ▼-0.1
▼0.7
0.10.1
24,600.923.8
0.8
19 44 1.0
23 ▲24
198.3-
21
▼
-1
-45.5%
46
▼
198.3
1
8.57.8
1
1
5.25.4
100.0
US$mMarket
2
# of
2,427.9
10.7
2,983.3
-24.916.415.2
0.7
Sh (%)
▲
▲
Sh (%)▲▲
▲
4
3
Natixis
0
19
Barclays
+11516
▼ 13
17736.3
13* ▲
2,136.1
10.7
12
10
13*1,127.0
870.0
21.2
8.00.9
1
▼
▲0.6 ▲
-23.7
0.2 ▲
-6
0.50.5
+1
-1
-10
+2+1
212.6 2
3 0.7
16
38*
12.6
-15.5 ▼
03.9
0.20.5
0.2
0.5-3
+2
2 0.5
0.2
-93
0 -
+1
42▲
-13
98.9
0.7+1
-10.0
0.2291.9272.5236.6 1.6
2
-
71.024
100.0
Industry % Change from Same Period Last Year-32.5%
▼
0.1
▼-80.7%
▲+1
3 ▲0.2
-27.0%
+2
5.8
3.1
▼
-
▲
3.1-2.8 2.5
▼ 4.67.7
▼
▼
12.9▼ 7.0
▼5.7
3.0
2.8
7.86.4
6.0
2.6
5.23.2
2.33.1
3.2 ▼3
40.9# of Deals
Rank Value per Advisor (US$m)
10,065.6
▲19.040.1Lazard 16.4
-22.7%
2
2011 Rank
6.9
▲
.8
▼-2
870.05.8
1
▼
▼
▲
Financial Advisor
-38.3%
Rothschild
2012 Rank
▼
7
HSBC Holdings PLC
Nomura25.6
-▲
-21.6
23*763.0
▼
▲
-11
0
▼
▲
▲
Bank of America Merrill Lynch
Morgan Stanley
▼▼
1
https://www.thomsonone.com * tie
11
Rothschild BBVA
0.5▼
+10.50.01.3 -2
▲ ▲Ambers & Co1▲0.024 26
0.30.3 ▲
021 24* 24.10.3
0.4▲0.50.5 ▲0.520 30.0
▲ 142.8
Eurohold SL 20 1.3 0.0Ambers & Co 19 -
22 1.271.3 6▲0.5
▲
2.1
▼0.9 -2
5.0
-8
1.43 +1
.5 0.3
3.3
6.72.6
▼
4.51.2 1.60.5
0.5▲
5.0
631.6631.6
14.8
906.8
-26.0 ▼
0.5
5.7
3.5
▲ 2.6
▲
▲
▲
0.6
▲5.7▲
▼0.7 ▲
▲
0.9
3.13.1
961.9
7.7
3.4
7.7
3.20.5
-1.9
4.4
0.2
▲0.9
20.015.7
14.25.4
-3-7 11.7
631.6
▼
14.8
906.8 -17.2906.8
8
▼
1▼
11
2012 Rank
▲4.0 0.45.8
▲5
Goldman Sachs & Co
▼Mediobanca
5*
Societe Generale143
360 Corporate
-10
1.2▲▼ 3
-6
2.3
▼
▼
▲
16*
27*-
-2
-
8.3-10.2
8.3
118.7▲
15.1
5
9.03
42.8
▲ 1.4
3.3
11.8
14.8
▼
.5
.71
0.7
4.1
▲
16
19.6-23
0.7
20*
15
8.2
22
Sh (%)US$m
5*
11.8721.7
Rank Value
24.0-50.0 ▼
▼▼6.1
▲
0.2
7.45.6
▲1.5
1.9
▼
6.610.0
MarketSh (%)
Advisor
Jan 1 – Mar 30
First Quarter 2012 | Mergers & Acquisitions | Financial Advisors
▲
9.0
1
1
Market
9.0
▲
▲
6.8 ▼
▲▲
-5.9
0.6
0.6
0.3
6.8
0.4
1.05.8
-0.6
0.60.6
0.20.319.6
Industry Total 100 06 988 9 Industry Total
Eurohold SL
GBS Finanzas SA
▲
▼
59256 100 0 216
1.7
0.3
13 106.2
0.2
0.7
Share Ch.
20.4
29.4
1-4.8
# of
13.2
Deals
-4.1
-4
▼
0.4
Financial Advisor
-5 1*
▼
0.4▲
1
1*
KPMG
+26
▲9.345*
▼
▲
Citi20.4
MarketMarket
20.4
▼
-482.0
27*0.4
0.4▲
Ernst & Young LLP
Share Ch.
Imputed Fees (US$m)
▼
Barclays
▼
9*2
7.6▲
-1+4
▼
RBS
-
18*17PricewaterhouseCoopers
Santander
0.4
12*
9*
▼
Rothschild
0
9*
▼
6 114 7
-4.4
ING
18* 10.7NIBC NVCB Richard Ellis Group Inc
0.4
▲
-1
▼
+1
▲
-10▲
▲0.4
0.4111
Credit Suisse▲
Tudor Pickering & Co LLC+1
+1+1 UBS
0.4
0.4
0.40.4
1.2
1
1
1.6
1,425.2
0.6 14
1
631.6631.6
582.4 ▲
1,305.2
1,425.2 0.4
US$m
-36.9
32.841.4
20.41
0.4
1,425.2
2,895.6Santander
13
3*2
Rank Value
2,056.8
1Credit Suisse 16
3*
8*
3*
Deutsche Bank AG
Bank of America Merrill Lynch
15
1,425.2
38*
Citi 5
21UBS
Goldman Sachs & Co
Market2012 Rank
2011 RankFinancial Advisor Fees
MarketSh (%)
7
3*21
8*
EMEA RankingsJan 1 – Mar 30
7
NIBC NV 17
Barclays1011*11*RBS
Roth Capital Partners Inc
Ernst & Young LLP
1642.8
Cushman & Wakefield Inc 14*CB Richard Ellis Group Inc 14*
-0.430.0-
1
123 71.3
0.641.0
▲
0.5▲
▲
0.4
38*
42.8-
471.7471.712
0.5▲- 0.5
-
DC Advisory Partners
-
- 20.6
Cushman & Wakefield Inc
10.0
▼+1
1
15
12*
18 33* 0.322.1 -2
25
-
24.0
18
14
▲Morgan Stanley
13PricewaterhouseCoopers
BBVA
Market
250.07.7
- 4.127*
1,465.4
10.310.3
210.310.3
Share Ch.Sh (%)
# of Deals per Advisor
1
2
Deals
22.8
Rank Value per Advisor (US$m)2011 Rank
▼-1.8
6.0
Market
▲
Any Spanish Involvement Completed (AF41)
471.7
1,465.4
0.5196.7
# of DealsChange in
Rank Value per Advisor (US$m)
Sh (%)
471.7
# of Deals1
Change in
-9
Any Spanish Involvement Announced (AD34)
▲
0.00.20.2
3
0.5
3.2
.4
.6
.0
.2
.4
32 134 5 100 0
0.3▲
▲
0.50.0
0.5
▼
-0.3
0.6
▲
0.2▲0.3▲0.30.3
0.3
▼▼
+1 ▲-3
3.8
4.1
1.6
▲▲
0.5
4.00.2
▼
▼
8.9-1
# of Deals per Advisor
0
0.9
37
4.2
.3▼
▲.3
7.8
2
▲
1
2
1
1
2
1
2.8
0.51
1
▲ 1
1
-1
▲
▼-15.1
14.8
1,221.6
# of
0
+1
0.9
+1
+2
▲-
-1
0.90.5
▼0.52.8
+1 ▲
-3
-1
▼0.5▼
-8
+1
+1
+1
Credit Suisse Lazard
Industry Total
-8.7%-22.0%
▼-36.4%
-
▼
25-136
Industry % Change from Same Period Last YearIndustry % Change from Last Quarter
124.6-6 124.6
-60.70.7
0.6
▼ 10.8
2
Northington Partners Ltd -124.6
0.7
0.4
▼157.5 0.8
-
195.5▲0.8
-3.0Macquarie Group 0.7
-
▼ 2
18
-
1
DC Advisory Partners1IMAP
William Blair & Co
631.6 1
-16.4
471.6 2.72.4430.32.42.4
▲ 398.4 1.17.72.0 0.32.0▼0.2 366.2
1.42.1
-4+2
1 0.3▲
1.1
1
0.3
▲+1
1
0.5
▲ 4
-17.3
+1▼
+11▲
-4▼
▼
1
▲
+6
1.0
▼
29.9
▲
▲▼
▼
▲
4.1
▼4
-12.9%
# of Deals-0
Change in
Jan 1 – Mar 30
MarketSh (%)Sh (%)
-16.3%
# of Market
Industry % Change from Last Quarter
# of Deals per Advisor2011 Rank
Rank Value per Advisor (US$m)
Deals
Poyry PLC
21
51*
Greenhill & Co, LLC15*
38
310
14Santander
30
51*4
-0.7
6.5
19.1-1
+1
▲
▼
Market
27.313.8 ▲
7
1.1
15.9
Share Ch.36.9
11.7
.3
▲▲▲
▼▲
▼
▲6.2▲
1.4
1.00.3
293.0
5.8
▼
5.4
+2 ▲
4.0
0.9
0.8
-19.7%
-1
18.9
+1
0.9
2.4
2.6
0.64.2 1.4
2.0
▲
▲
+1
1
+1
0.30.31.3
0.80.5
3.0
▲
2.61.8
0.3
0.3
▲
▼
3,559.215
1.0
▲
3.4
27.1
11.08.9
-10
8 ▲
12Sh (%)
5,927.8
-58.3%
3
8,514.78,549.8
Rank Value
▼
1
▼-82.6% ▼
Industry Total 100.06,988.9
Industry % Change from Same Period Last Year▼
4,936.822
-67.2%
-30.2
13
5.128.0
8* 5,114.8
4,304.6 24.4
-12.2
▲ Bank of America Merrill Lynch
+1▲
Deutsche Bank AG0.2PricewaterhouseCoopers
Lincoln International▼1
26
14.3-10.2
1.9
0.6 0+10.4
9
5.1 1.7
0.5
430.3
2,664.8
▲
19.1
430.3
2,061.59.9
▲
2.3▲
3.4
Industry Total
3
7
Financial Advisor
Morgan Stanley
2012 Rank
2JP Morgan
5
Industry % Change from Last Quarter
Rank ValueUS$m
Change in
-59
Any German Involvement Announced (AD35)
Sh (%)2012 Rank
Market
Deutsche Bank AG
2011 RankFinancial Advisor
Rank Value per Advisor (US$m)
Rothschild ▲1
20
22*
-18.0
▲
8 1.75.7 0.2
2,251.6 1,652.312.8-
11*
Barclays
-
-16.4631.6
631.6
10
20.15 3
3,534.549* ▲
42,323.3 13.2 ▼-9.7
3,534.512 3,534.5-
20.1 ▲▲20.120.1
7.7
Bank of America Merrill Lynch
Nordea 6*
20.1
Morgan Stanley 5
Citi 6*
96*Macquarie Group
Lazard 3 6JP Morgan 4 1
4,816.7 ▲4,598.5
16.5
27.326.1 -17.0 0.6
33
▼▲
1▼
Sh (%)▼
7 1.4
-3# of Deals
31.59
Share Ch.
▼
▼
# of
14.0Deals
0.8
256
29.0
Market
▼Industry % Change from Same Period Last Year
45.8US$m
100.0 216
Any German Involvement Completed (AF42)
Market
4
Jan 1 – Mar 30
▲2.10.1
2.10.1
1.0
▼▲
1.0Leonardo & Co ▲10.712
- ▲995.7 5.7
3Goldman Sachs & Co 1110.7
2,249.3 -18.01,892.1
12.8
Santander 14*14*
49*
BBVAErnst & Young LLPAon Benfield
14* 1413
-18
30-
--
Greenhill & Co, LLC 18*Banco BTG Pactual SA 17
18*20TD Securities Inc
Investec 1.2 2
51
1.2
-31.3%
▲1.1
16*
7 1
18,674.1117.7
1▲
+10.2
51*19
Goldman Sachs & Co
-1
▲ 51*22*
0+1
0.2+2
▼
0.40
1 0.2▼
430.3
17,621.6
4
366.2 2.1
-9.7
2
▲ 1
▲
413.7
100.0
356.6 2.011
22 17
2925
▼310.9
10.7 ▲
1.8318.9 1.8 -4.1
1.8318.9
▼
RBSKPMG
23*Nomura23*
Industry % Change from Same Period Last Year
Industry Total
Poyry PLC 21
30.1%-43.5%
Industry % Change from Last Quarter
483
1
▲
3.6
-
15*0.2
0.2
-2-2
▼
34
-
▲
▲
▲
Commerzbank AG
+1 Ernst & Young LLP
2.317
49*UBS22*
-
378
▼▲▼
100.0
1.5%
▼-20.20.6
▲1.00.3
▲1.0▼
▲
0.4 ▼▲
▲0.21.41.4
2.0 ▲▲0.1
0.9 ▲
▲0.60.6
1.10.37.5
+10.61.6
1.9
▲▼-7
+2
▲
100.0
▼
-9.4%
-172
▼-34.9%
▼-2
20.1222.1
▲ ▼ Jones Lang LaSalle Inc
3.6 +1▲20.11
0.2▲3.63.6
0.3-4.13.6
▲▼
0.20.21
5.70.3
-27.4
3.4-1
3
11*1
2.51
+1
▲▼
40.6
▼▼
▼0.8
-4
2.5
BBVA
TD Securities Inc --7 470.0 2.5- 3.4
45.6
6,114.7
▲
11*
-75.0%
10
13.4631.6
7
-18.7%
7
-43.6%-46.1%
10.27.6 ▲
▼
3.4
Imputed Fees (US$m)
Fees22.4
-32
▲5.56.3 3.3
1.3
16.0
MarketShare Ch.
▼
Advisor
134.5 100.0
1.4▲
▲
5.71.3
0.3 ▼
▲▲
18.5
▲0.2
0.1
0.30.3
▲
▼
631.6631.6
2
▲
1
0.3
7
1.92.43.08.91.9
▼
-9
+2-3
-4
▼
1.3
5
1.9
1.94 1.1
0.6
+4
+11.3
5
3 0.8▲
▼6 5,068.5
31.7Rothschild5,879.2UBS▼
▲27.3
25,094.2
-2
▼
Market# of Deals per Advisor
-23.1%
1.4
▼
+12.3
+3 0.3
Investec
https://www.thomsonone.com * tie
12
JC Flowers & Co LLC Leonardo & Co
100 077 8152100 0
7.9
2.7
▲ 3
▼
▼▲ Societe Generale
-62.8
-1.4
2011 Rank
3.4▲
US$m# of
1,019.3
Rank Value
13.0Sh (%)US$m
10.3
MarketShare Ch.
-3Sh (%)Market
▲
6.4 ▲
.4
Imputed Fees (US$m)
▲10.1
Jan 1 – Mar 30
▼0.4
6.2
1.5
8.2
2.83.0.3
-52.70
▼- 1.1
0.51.9
.9 0.54.0
0.1
1.31.01.91.6
▼
Change in
2.3.1
▲
▼
▼▲▼
▲
▲▼
2.7
Any Italian Involvement Completed (AF43)
Deals
0.1
Industry Total 2 713 1
DealsMarket
# of Deals
+6Morgan Stanley 3
2012 Rank
15 6.2
4
Change in Financial Advisor
12.311.5Nomura
239
7*3
12Mediobanca- 312.9
13▲ 20.70.7
5
2012 Rank
BNP Paribas SA
Rank Value
3* 682.527.1
Sh (%) Share Ch.
736.3
Rank Value per Advisor (US$m)
Any Italian Involvement Announced (AD36)
20
-
2011 Rank
1,011.4
6Rothschild5
1Mediobanca 16
Xenon Capital Partners 4
JP Morgan
750.0▼
4.6416.0602.9675.0
0.9▲ 6.0
-58.3
12.2
-61.26.0 ▲
▼3.4
UniCredit
-
18
-
1.710.4
9.5 9.5
27815.0
2
8.64
4.0
5.38
12.9
362.1
7.77
311.8
Intesa SanPaolo
Nomura 312.92110
5
2.6Bank of America Merrill Lynch
HSBC Holdings PLC
200.6
13 68.4
4.09
29*
1417
12
0.8
11
9*
12
17*PricewaterhouseCoopers
32.5ATA Invest -15*Citi 8 32.5
19
31.0 ▲
0.1
Leonardo & Co
15*
Raiffeisen Bank InternationalUBS
KPMG
Banca Popolare di Milano
Global M&A21Somerley Ltd ▲
-31.0
20
17*
3.7
117
▲
▲
100 0
-
29*22.617.829*
26 0.3
0.9
0.2
Lazard
1Intesa SanPaolo
Financial Advisor
27
1
15
4
Rank Value per Advisor (US$m)
Jan 1 – Mar 30
-8
12225.7
17.8
74130
0 -0
▲
JP Morgan
10*KPMG
166
7*
340.0-3
▼ 6.63.9
▲-12+1 0.1
-13.2
Fees
▼▲
3.52.7
5.50.1
0.3
5.1 3.4
Sh (%)
▼▼
▲
7.8
4.43.4Share Ch.# of Deals
▲
25.2 ▼
2
2
27.2-50.4 0.3
-5 5.64.4-43.4
-44.5▼
-1
▼-8 4.3
# of
737.6
MarketMarket
41*
14
14
+3
-17
0
▲Rothschild
1.2
0.9
0.4
3.4
1.21
1
▼
0.4
10.4 3.4
0
0.9
+1
1▲
▲
+12 1.7
0.41
0.9
▲
+2
▲
-1
40.9
-0.4
-59.1
4
0.9
▲-1
-1.5▼▲
-61.70.4
0.2
0.4▼
Industry Total
▲0.2
0.1
7 871 0
312.9
20.24 CIBC World Markets Inc
▼0.93.4
▲
+1
Citi
+1UniCredit
-10*
Global M&A+1
0.9225.7
▲2.60.9 0
62.0
248.31
▼▲▲▲
451
-4.3
4.0
33.6
1▲▲
+1
4.6 0.9▼4.3 -4-0
11.5
Advisor# of Deals per Advisor
Market
First Quarter 2012 | Mergers & Acquisitions | Financial Advisors
21.44.1
2.7
Market
-1
4.1
▲+11.4
-3▼▼2.7
-2
1.4
1
0.7 ▼
2
2▲
-59.6
-3.32.3 2.38.3
-2.18.31▼1
▼
▼9.2
▲
▲6.7
25.2
4
▼
332.9
16.6 2.7112.52
▲ 1.43
682.5
# of Deals per Advisor
1-5
▲▼
59.1
97.6
+1
2 1.7
EMEA Rankings
+1
5.4
3*
Sh (%)2.7
Market
▼
▼-511.5
Nomura Lenner & Partners0
▲
0.2
-13.0
Industry % Change from Same Period Last Year
Market
Deutsche Bank AGSh (%)
-1
# of Deals per AdvisorRank Value per Advisor (US$m)
18.115.9
▲35,963.0
16.14,242.7
19.3 ▲
25
Industry % Change from Last Quarter
184.9 0.8 ▲0.7
0.2
545
▲
▲
1.6
672.1
293.0 3
2.922
1
Citi
1
8
RothschildMorgan Stanley
5
JP MorganDeutsche Bank AG
Goldman Sachs & Co
54*7 3,705.7NordeaMacquarie Group
9
6
Lazard2,596.0
2011 Rank
-3
2
2012 Rank
2
410*3
16.03,734.9
3,534.5
415.8
37 3,775.0
-36.910.4
15.8-9.1
10.02▼11.1
▲11.2
HSBC Holdings PLC 10.4UBS 10*
10* ▲10.4
31* 2,428.5▲
262,423.2
15.11
10.410* 54* 2,428.5
13
12
9.754* 10.4 10.4
2,428.5
1.3
-7.6366.2
1.3
2.9Bank of America Merrill Lynch 7 2.0
1.6
1.11.3293.0
-18
15 862.0
463.5
9.2Barclays
NC Advisory A/S 19*Poyry PLC
SEB Enskilda 15
0.9217.7
-4033
42208.4217.7-217.7
21*Jefferies & Co IncBNP Paribas SA
CBRE Holding SAS-
21*Cushman & Wakefield Inc 21*
0.9
Industry TotalCarnegie
23,396.9
Arctic Securities ASA
100.0
0.9-24▲
1
2.4▲ 133
▼
▲
100.0
-30.8% -61.0%▼-90.4% ▼
-44.8%-52.6%
▼
7.1
.4
77.8
▼
21.7
-70.6%
-152
# of Deals
▲
1.0
9.9
10.81.9
12.2
4.3
968.5
▲
3.6
114.7%
100.0
Industry % Change from Same Period Last Year
100.0
-123
0.20.2
▼-2
▲
JP Morgan
15.7
3.7
4.4
Market
▼
Share Ch.▲
▲29.5
0.4
0.1
1.0
3.8
7.3
6.4
3.5
▼
4.7
▲2.9
2.8
7.47.3
7.4
-4.8
6.9
4.922
58*
1
▲
Imputed Fees (US$m)
26.8
-
▼
▲
▲
▲
1.1
0.3
▲
0.3
1.7
0.1
2.5
▲3.4
▼3.6
0.8
▲
▼0.9
1.92.9
8.1
1.7 1.77.1
19.7
Market
0.8
11.3
2.2
▼
▼
▲
▲
▼
0.6
Barclays
-68.1%Industry % Change from Last Quarter
7,356.8
2,428.5
▼
2
2
4,491.7
2,428.5
Financial Advisor
Industry Total
34.7
SEB Enskilda 4
4
Market
5 5,094.8
2011 Rank
23
▼
10.33,392.110
2,713.1
US$m
7.47.4
1,624.1
2,921.07.4
7
Rank Value
15.5
3
11,415.5
16,062.0
-67.3%
0--
▲▲
+3▲
-2
1
0.4
0.4
0.2
▼1
5+1+2
1
0.4
0.2
22
0.4-1
▲+2
▼
+2▲
0.9▲
0.6
11
6
0.2
10*
-2
0.6
+1
8.2
Rank Value per Advisor (US$m)
3
▼
Market
-7.6▼ 7
Share Ch.0.6
# of
31.3
▲
▲
▲
0.9
▼
117100.0
-74.5%
26.8
▼▼
19*
17
Market# of Deals per Advisor
Jan 1 – Mar 30
74
58*
17Handelsbanken Capital Markets
Morgan Stanley
8
-130
Change in # of Deals
Any Nordic Involvement Completed (AF44)
6,270.5
18.125.5
Any Nordic Involvement Announced (AD37)
▼
8,386.3Sh (%)
35.8Financial Advisor US$m
Rank Value
▼Industry % Change from Last QuarterIndustry % Change from Same Period Last Year
Industry Total 7,871.0
Deals
Jan 1 – Mar 30
Market
-48.0%
Lazard
6
13,228.2 9.8
0.4
▼1
▲0.2
00.2
1.1
▼1
UBS
Sh (%)Market
▲
Share Ch. FeesDealsAdvisorChange in
6
# ofSh (%)
▲
2.08 -
+3+2+1
▲
4 1.022.4
1.5
18.4
▲ 4
-11.9 1.0 ▲▼ 4▲10.2
+20
▲ 2▼ 13.6 ▼-0.6
▲0.9
+1 Evercore Partners
119.7
▲4,270.1 5▲13.0 6.1
- 13.3
+1
▼-15
10*-2.4
9.8▲▲
12 ▼0.7
1 0.2
▲▼
0.7 +1-40.2
▲-
58*
Credit Suisse
0.2HSBC Holdings PLC
RBS3.7 ▲
3
1218.98.9Handelsbanken Capital Markets
FIH Partners AS 163.7
-
14 16 2,156.3 3-1
01.67.4
▲▲
6
3-2.214 ▲
8.92,935.2
-1 ▼+1
+1
-
15*Nomura-
0.5
1 7.0▲3.2
▲
▲1.70.8 ▼2.6
11.2 2.7▲ 9.8 2.32.4
1
▲2.7▲551 2,422.040.4 +2 ▲
17 6.8Goldman Sachs & Co 2,225.8
7.319 - 2,260.6
2,411.2
+10.2 ▲▲
+3
0.520.5
▲
-▲ +2 ▲
06.90.2 2
+2 ▲▲ +1 ▲
0.00.31.1
-1.61.04.3
6.5
1.8▼0
1.50.5 -0.9
- Lambert Energy Advisory Ltd 1▲
1,402.0+1
21
23+1 ▲4.5
4.935▲
58*0.80.9 ▲1.1▲
▼4.0
7
0.6 03.624
- 2.91,195.6▲+13
2.47.1
▼
▲1.1+2
0.61.71.0 ▲4
+1▲ ▲▲
4.60.2417.0408 -74
▼
32,920.2
▼
12.9- Sundling Warn Partners AB 25100.0
▲28.9%-34.1% ▼Industry % Change from Same Period Last Year -22.4%
▼▼ -18.4% -15.4%
Industry % Change from Last Quarter ▲-17.5%▼
-13.4%-4.3%21.3%
Bank of America Merrill Lynch
1.5
9
7,565.3
Citi
0.22
0.5
Carnegie
Rothschild 13
▲ 2.430.3
13.7
▲2.3
▲
3.3
▲2.7
▲
23.0 20.1
10.3
4,378.2 13.3
4.53,228.2
3,177.0
▲
1,473.6
9.8
Sh (%)▲
1.0 5.221.0
+5+11.2
0.2
1.2
0 -
-2
5+2
6
1.22
+4
-41
2012 Rank
9
Danske Markets
20
18
6
15*
ING
Industry Total
DNB ASAKPMG
* tie
https://www.thomsonone.com 13
Santander UBS
787.7
2.8
8.9
3.2
17
293.0
-5.95.74.3
2.82.9
4.34.34.0
First Quarter 2012 | Mergers & Acquisitions | Financial Advisors
EMEA Rankings
10
2011 Rank
321,425.2
4.3
1.3306.0323.9
6Nomura -20
24 886 7
254.8Societe GeneraleING 25Industry Total
24
1.6
22*
23
22* -43
100 0
NC Advisory A/S
-
▲1415 - 829.8 3.3
Houlihan Lokey 18
1-21.6-23.6
368
9
1
▲
4.3 1
8.02,592.3
15
Rank Value per Advisor (US$m)
1,070.5-11*
26 2,926.8
2,206.89
10
1,070.5Banco Comercial Portugues SA 11* -
Banco Espirito Santo SA --
Caixa Geral de Depositos11*
Aon Benfield1,070.5
995.7SEB Enskilda
KPMG
3.34.0
389.9 -2.1687.6
- ▲
4.3
RBS17
▲
716.916 24
2.9Evercore Partners
1
21.2
19
1
0.80.3
0.5
3
0.3
2.4
0.5
0.30.30.3
0.3
# of Deals per Advisor
7
▲▲▼
▼
100 0
▲
-31.4
▲
Credit Suisse▼-16
4 1.1Centerview Partners LLC
+5
Rank ValueUS$m
10,192.8
31
Sh (%)
JP Morgan
Financial Advisor
▲2,616.2
8.6
13.2▲50.3 1.812.1
-
Deutsche Bank AG5
1613
6
2.4
78,875.9
41.9
6.7
▲▼ ING
+3-1
0.5
39.940.4
8 3,279.2
▲
2.4
Jan 1 – Mar 30
+344.4Sh (%)
# ofDeals
Change in Market
1.9Sh (%) # of Deals
▲ Morgan Stanley
4
▼
Market
+1
▲
0
1.2
▲▲
4.6
16.84.9
-
+2
20.4
5.9
5.72.2
0
1.1
-2
▼2.6▼
▼1.8
32.8
8.4 3.4
1.0
+3
1.4143
▲
▲
▲
1
▲10,024.3
36 22.6
12 44.3
37*6
9,182.49,716.9 0.8▼
▲ ▼2.6
2.319.1 6.7
8.0
11.13.5
▲
2.0
▲4.8▲
0.6
2.9
0.0▼2.8▲
2.1
3.1
▲
6.61.0
100 0
Young & Partners
708.2
Ernst & Young LLP5
6.6
1.00.9
3
293.0
▼229.8
3
1
1
▲2.4
0.8
▼▲
2
▲
▲
+29
-32
▲
▼-20+3+1
+21.7
+1▲
Rothschild
18
▼
+1+1
▲
▲ 61
Arthur D Little Inc6.66.615* 1,434.9
15*15*
9.81,434.9- 6.6
7 2,136.114Nomura
24*
▼▼
1,322.1
▲
-51.7
968.53.2
▲
4.4
Lazard
-39.4-54.7
-39.112*
2,196.19*12*HSBC Holdings PLC2,196.16
▼2,364.6▲ 10.82▼
1110
▲
+1
+7 Bank of America Merrill Lynch
Goldman Sachs & Co-1
+4
-
1.9
2.4
1.6Barclays
0▲+4
▲
2.4▲
▲-8.0
▲
▲
910.4
79
-3.3
27.4
▼10.3
9
22.431.6
▼
9
▲
2.4▲
Share Ch.
16.84,184.2
▲10,993.9
Morgan Stanley 3
Citi 9JP Morgan 8
67
UBS
Deutsche Bank AGCredit Suisse
Lazard 11 7,931.737.69,358.8
51
31.9
11.8
22.28
39.99,924.1
23.944.2
7Bank of America Merrill LynchGoldman Sachs & Co
2
4
Market
2.8
▼5.07.9
1.7▼
1.7
0.3
0.9
1.21 Wilson HTM
▼
▲
5
6
4
0.4
2.2
2.5
22.0
1.1
6
29.5 1.4
7
2.2
Any Benelux Involvement Announced (AD40) Any Benelux Involvement Completed (AF47)
Imputed Fees (US$m)# of Deals per Advisor2012 RankFinancial Advisor
11,040.0US$m
5
Rank Value
1
Market Advisor
7.1
Market
3.4Sh (%)
▲48.8Share Ch. Share Ch.Sh (%)
10,704.0
2012 Rank
MarketMarket Market Change in
+1 ▲1▼
4,944.4
# of Deals
0.7
Deals
-3
14.1
Fees
▼
2.7+11 ▲
23
4.81▲
0.4
-2
Jan 1 – Mar 30
Rank Value per Advisor (US$m)
0.4 -2-39.6
▼
2.0
0.2
--
0.1▼1 1.7▲ 5.0
0.4
▲
6.6
6.0
.3+1
-81
1.0
-30.4
8.8
1.4▲ 4.1
▼5.4 1.9
1.4
Sundling Warn Partners ABHandelsbanken Capital Markets 1.4
20*+1
4
0.4
+2 ▲
+1 ▲ 1.64.6 1.6▲
Jefferies & Co Inc
-18.6
1.2
▲▼
968.5-▲▲
1.3 0.4
▲
0.5 ▲ 20*4.4
4.4
3.2 1-
▼
BNP Paribas SA 21 ▼ -31.2▲ 11.2▲
0.31.4
+1-124* ▲
▲KBC Group NV 1.5
-6.0
-2▼ 1
SEB Enskilda +1 ▲
2.2▲428.4
+10.4
0.4+1
▼2.0
▲
- ▲
▲0.2 0.1
0.8 ▲0.8▲0.80.8
21 917 8 206
2.1
.6-
2.20.4
▼286 1
-1276
4338.2 1.4Industry Total300Deloitte0.8 -8 ▼
0.3
▲
0.3
+1 ▲1.7▼
3.9
2.9
-5
-4
10.0
▲-21.0
-10.436.7
▼
▲
▼
▼
40.5
3 1
6.5
4
# of
46.5
445.7
2
2011 Rank
19
10.0
1,434.9
15.0
6.1
17
1,325.9
11.99 2,644.9
4
4.4
50 1.5
26* 3.3
▲
1
▼▲ 1.4
1
1
BNP Paribas SACiti
1.5338.223 2.022
EMEA Involvement Announced M&A Target Industry by Value ($bil)
24,886.7Industry Total 100.0 368 100.0100.0
▼ -21.4%
Quarterly EMEA Cross Border Volume
Industry % Change from Last Quarter-1.1%Industry % Change from Same Period Last Year
* tie
-16.0% Industry % Change from Last QuarterIndustry % Change from Same Period Last Year
21,917.8 -206
▼-32.7% -46.1%▼
286.1276
-57.5%▼ ▼ -50.9%▼ ▼▼-17.4%-30.9%-57.0% ▼▼
Industry Total-300
$71.134%
$20.310%$19.4
9%
$17.28%
8%
6%
6%
6%
6%3% 2% 2%
Materials Financials Real EstateEnergy and Power Industrials Consumer StaplesConsumer Products and Services Healthcare High TechnologyTelecommunications Media and Entertainment RetailGovernment and Agencies
`
0
500
1,000
1,500
2,000
2,500
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
# of
Dea
ls
Ran
k Va
lue
(US
$b)
Inbound (US$b) Outbound (US$b) Number of deals
https://www.thomsonone.com 14
131
1*
120 2,342.2 11* 26.8
26.8 1
1 19.0Morgan Stanley
494.0
226 1,640.3 1 17.5
2*
Financials 9,354.6
2,342.2
HSBC Holdings PLC 494.0
Asia (ex-Japan) Involvement Announced Advisors by Target Industry
8,729.9 5.35.3 4
1
Real EstateMorgan Stanley
13.3 1
3
UBS
Goldman Sachs & Co2*
Malayan Banking Bhd 1,157.5 3Moelis & Co
Asia Pacific (ex-Japan) Deals Intelligence
1,324.3 Guosen Securities Co Ltd
312.4
Malayan Banking Bhd
223.019.6 1
CITIC
Goldman Sachs & Co
9,615.1 1
18.6 44
4
18.5
2
1
27.612,781.5
4,100.6 4,112.2 KPMG
Citi
4,210.6 Materials 309
No. DealsRank Val US$m22,149.1
ShareMkt.
Rank
Industrials
2,941.1 2
2
Energy and Power3
13,529.4
3
Standard Chartered PLC
2,500.0 Credit Suisse
15.113.8
1,192.8
317
132
Asian M&A Down 19% I Asian Fee Earnings Drop 17% I Australian M&A Plunges 49%
1,455.7
First Quarter 2012 | Mergers & Acquisitions | Financial Advisors
Asia Pacific (ex-Japan) M&A
In the first three months of 2012, M&A activity with Asian involvement reached US$89.3 billion, a 19% decrease fromUS$109.9 billion recorded in the same period last year. This was the slowest start since the first quarter of 2009.Companies in the Materials sector were the most targeted with US$22.1 billion from 309 deals. The Energy & Powersector followed closely with US$12.8 billion while Industrials remained the third most sought after sector with US$9.6billion.
Fees earned for the region were estimated at US$692.8 million, a 17.1% decline from the volume recorded in the firstquarter of 2011, according to Thomson Reuters/Freeman Consulting. The top earner was Deutsche Bank AG withUS$29.3 million followed by UBS with US$23.1 million. Bank of America Merrill Lynch earned US$21.4 million.
China cross border activity amounted to US$13.2 billion, a 42% decrease from the US$22.7 billion recorded in thecomparable period last year and the lowest first quarter volume since 2009. Outbound volume reached US$7.8 billion,with US$5.7 billion invested in the Energy & Power sector.
Australian M&A activity decreased by almost half to US$20.4 billion from US$40 billion in the first quarter of 2011.Australia cross border activity totalled US$8.7 billion, down 20%. Inbound investments continued to flow into theMaterials sector taking up 36% of the market. Outbound activity amounted to US$1.6 billion, the lowest quarterlyvolume since the second quarter of 2009.
1,640.3
Asian Completed M&A by Region - Imputed Fees
Shanxi Meijin Grp Jinfu Coal (100%)
China / United States
Shanxi Meijin Energy Co Ltd China / China
2,500.0
China Cross Border Announced M&A
2/15/2012
3/19/2012
2/24/20123/16/2012
Pending
2/18/2012
Sinopec Intl
Pending SBI (5.7%) India
Thailand / United KingdomPTT Exploration & Prodn PCLInvestor GroupPending
Intended
India / India
Pending
1/3/2012PendingPending
1/18/2012 1/18/2012
2/21/2012
2/18/2012
Real Estate / Other Real Estate2,342.2
Cove Energy PLC (100%) 1,714.6
Energy and Power / Oil & Gas
Materials / Metals & MiningMedia and Entertainment / Casinos & Gaming
Devon Energy Corp-Assets (33.3%)
2,334.6Swire Properties Ltd (18%)
Wynn Resorts Ltd (19.65%) United States / United States
Energy and Power / Power3/7/2012 1MDB Malaysia / Malaysia 2,810.4
Shareholders Hong Kong / Hong Kong
2/25/2012Rank Value (US$m) Target Macro / Mid Industry
Tanjong Energy Hldgs Sdn Bhd (100%)2,531.4
Materials / Metals & Mining
Alibaba.com Ltd (28.6%)
Acquiror / Target NationIndia / IndiaSterlite Industries(India)Ltd (100%)
Rank DateJan 1 – Mar 30
Date Effective Target (% Sought/Acquired)Top Ten Any Asia (ex-Japan) Involvement Announced Deals
Acquiror
China Cinda Asset Management (16.5%)1,574.9
China / China
Alibaba Group Holding Ltd
Financials / Asset ManagementFinancials / Banks
3/7/2012High Technology / E-commerce / B2BHong Kong / China
Sesa Goa Ltd 3,910.8
Wynn Resorts Ltd 1,936.4Materials / Metals & Mining
0%
20%
40%
60%
80%
100%
$0
$10
$20
$30
$40
$50
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
% O
utbo
und
Ran
k Va
lue
(US
$b)
Outbound (US$b)
Inbound (US$b)
% of Cross Border is Outbound
$0.0
$0.1
$0.2
$0.3
$0.4
$0.5
$0.6
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
Impu
ted
Fees
(US
$b)
North Asia
South Asia
Southeast Asia
Australasia
https://www.thomsonone.com 15
Moelis & Co Moelis & Co
Asia (ex-Japan) RankingsJan 1 – Mar 30Any Asia (ex-Japan) Inv Announced (AD25)
First Quarter 2012 | Mergers & Acquisitions | Financial Advisors
100 0▼
89 292 4Industry Total▼-1.2
562 343Guotai Junan Securities 24* - 0.11.2 ▼0.7 0.5+2 ▲
70 212 8 100 01 086 692 8
5.5 0.64.9
0.8 ▼Rothschild-825
0.21.8 -571.81,265.9 0.6
24 -1.424* - 1,097.82
+2CIMB Group Sdn Bhd
▲1.2 ▲1,097.8
▲1.1+1 0.6▲ 7.9▼
1,169.1 1.30.1
▼ TD Securities Inc15 22 ▼
Ernst & Young LLP 23 321.2Guangzhou Securities Co Ltd
0.2161.2
▲ 13▲-1 ▼ 9.4 1.4 0.8
2-0.80.7 23 ▼2.4-4 1,708.1
+40.1 0 -Guosen Securities Co Ltd 22 55 1,192.8 1.3 ▲
0.01.7 ▲
3.70.41,728.5 2.5 4
.62,629.3▲2.8
3.4 -▲ 3 0.3 -3▲+1
0.11.9 ▲▲ Shinhan Financial Group Ltd▲
China Merchants Securities Co-
▼+1
0.34.3 4.3 0.4 0.41
▲ 1▲ 0.1
0.4-5 ▼Cenkos Securities PLC 20 - 1,714.6 1.9
0.3 2.8Caitong Securities Co Ltd
1.84.30.7 Woori Invest & Sec Co Ltd2.0 -▲ 3,003.5
Barclays 3,003.51,764.618 8319 33
2,334.6 National Agricultural Coop Fed ▲4.2 0.1 0.30.4-▲ 1Malayan Banking Bhd 17
2.800.1 ▼
-0
72.6
1 0.12.6
▲
-40.40.3▲ 6 +6
5 2,502.9 2.8 -3.99.43,110.1
Korea Development Bank▼ 3,003.5 2.8▼0.7▲▲
4.44.3 4.3 +1 0.40.4
Somerley Ltd 16 45 2,535.1 2.8▲
200.1 1.7 ▲
▲ 14Hana Financial Group IncMorgan Stanley
3,477.11.45 ▼
▼ .0-10.50.1
▼2.5▼
13.2-90.4
-34.6 0.0 0.2
1.9▼▲ 1
-7.5 ▼ 4Rothschild 15 60 2,844.2 2.9 ▲3.2
1.4 ▲12 6 4,171.1 5.9 -0.2 ▼
5.6 2.2CitiCITIC 14 31 3,304.8
▼21 3,319.4
3.7 2.3+23.7
▲ 7 0.4▲ 10 0.5
+4
1.3 ▲0.9
-2 ▼0.4 -4 ▼ Deutsche Bank AG▲ 15.53.3 ▲ 0 -6 0.6
4.210 0.9▲ 4 0.4 -2 2.1
29.30.7 ▲
UBS 12 4 3,835.4 4.3▼ 14.36.0▲ 15.7- 4,278.7 6.1 6.1 2▲
Grant Thornton 11 - 4,079.8 4.6 ▲4.6 +44 ▲ 4,212.00.210
2.917Standard Chartered PLC 11
-10 22 4,278.7 4.8 2.8 2.3 2.3 ▲0.2
▲ 7 0.3 0.00.6 -13 ▼ 2.25.1▲
9-00.1▲
+230 4,592.03 4,608.4Bank of America Merrill Lynch 8
HSBC Holdings PLC 9 4.94,753.50.5 +3 30KPMG 9▼-4.0
6.8Societe Generale2
▲3.66.84,800.0 ▲6.8 ▲ 1 2.2 2.20.1 +1 ▲ 15.3
▲+1 ▲ 4.3 0.60.64.2 4,800.0BBVA 7*-
0.47*0.1 -12 ▼
▲2.66.8 ▲
5 0.50.11
▼0.6 -20.5 0.22.3 0.6
▲-1 ▼4,916.3-
6+414 0.7 ▲▼7 -12
Goldman Sachs & Co 6 1 4,747.4 5.3KPMG 38 4,674.4 5.2 6.87
11 0.67.0
5 5,407.1 7.7China International Capital Co 11 3.3
Citi 5 9 5,205.6 5.8 - Goldman Sachs & Co 6 ▼▲3.09 16.0+28 0.75 8,594.9
100.3 -1
3
▲-13.8 ▼
40.7
-5.5 0.0▼ 12.2JP Morgan 2.013.6▲▲6.367.2 ▲6
3.11.4
▲▲ 21.4▲ +4 0.8▼0.20.7 -5 ▼ 23.1 3.38
12.99,140.4
0.6 3.169,084.5 8.4▲
0.6▲43.0
-3.6 0.7148
5.21 713.19,229.1+1 ▲ 2UBS 13.0 7.8
-12.2JP Morgan 2 11 7,173.8
US$mMorgan Stanley 1 2 10,869.6
8.0
Financial Advisor▼
MarketChange in Advisor
▼2.7 0.6Sh (%)
18.6-2Share Ch.
# of Deals per Advisor
Deals Sh (%)Market
Financial AdvisorChange in # of Deals
# of# of Deals FeesSh (%)
2012 Rank
2011 Rank Sh (%) Deals Sh (%)
MarketUS$m
MarketMarket Market # ofRank ValueShare Ch.
2012 Rank
2011 Rank
Rank Value Market MarketShare Ch.
Rank Value per Advisor (US$m)Rank Value per Advisor (US$m) Imputed Fees (US$m)
21 129 1,686.5 1.9 6
Any Asia (ex-Japan) Involvement Completed (AF32) Jan 1 – Mar 30
# of Deals per Advisor
Credit Suisse 3 16 6,449.8
Deutsche Bank AG8
Standard Chartered PLC 4
2
13
Mizuho Financial Group
12 5,628.5
5.2
▼ Macquarie Group
19
5.0
4.3
▼
▲
▲
17*1
13
00.5
Credit Suisse▲ 10
-7 ▼ Bank of America Merrill Lynch
0
0.3
1 912
-3.2
3
5
10.0
▲
100 0
5.2
▼
1.9
2.1+1
2▲
22
530.8
213,003.5
▲
1,292.8
43▲
15
22Malayan Banking Bhd
17*
17* -
1 3,662.80.2
-5
0.1
Industry Total
0.3
3,947.626
17*
48*16
JP Morgan Jefferies & Co Inc
Financial AdvisorMarket
4
Change in
▼
100.0
Industry % Change from Same Period Last Year -24.0% ▼
Jan 1 – Mar 30
Industry % Change from Last Quarter▼
-19.3%-19.0%
Any Australian Involvement Announced (AD24)
▼
89,292.4
-11.2%Industry % Change from Same Period Last Year
Goldman Sachs & CoCiti 3,666.71 14
2012 Rank
2011 Rank
2
Rank ValueUS$m
9
# of Deals
▼5
0.40.30.3
Wilson HTM 22
-1
1.8
-1
0.7
-29.9
-22.429.1
▲
-
Industry % Change from Last Quarter
# of
-5.01.3
1
1,644.4
8,186.1
+2
34
2012 Rank
Deutsche Bank AG11
15*
Goldman Sachs & CoMacquarie Group
+2
Imputed Fees (US$m)Market
-3▲ 3.2Share Ch.
6.5
▼6
▲
Sh (%)
33.4
Advisor
▼
# of Deals per Advisor
-26.8% ▼
Rank Value Market2011 Rank
▼
Industry Total
▼Fees# of DealsFinancial Advisor US$m
Rank Value per Advisor (US$m)
Sh (%)
-562
-2.4%
Sh (%)Market # of Change in
-343
Deals
-13.6%
9
8.3
26.1 8.4
-5
▼▼ 4.6▼-10
MarketShare Ch.
29.8▼5.8
70,212.8 100.0
Jan 1 – Mar 30
-35.6%
1,086 692.8
-17.1%▼
Any Australian Involvement Completed (AF31)
72.0
10
0.5
▲
▼
-30.4
0.6
-
-7.9
-23.6
17
-32.0
1.2
0.5
0.9
139.9
97.8 0.53
▼1
0.7
1.5
+1
▲
0.9▼
0.3
20
- 420.0
105.3▲
0.4
▲
-31
0.3
13
-
21
1,790.118
10
Market
▼
7.2
-5.1 ▼16.91.1
3
17.9
0.8
1.4
-22.7%
Deals Sh (%)▲
1,912
# of Deals per AdvisorRank Value per Advisor (US$m)
▼
Sh (%) Share Ch.14.4
100.0
▲
1.5 1.5
2.12.1
9.0
▲
▲
1.9394.4
2
0.9
▲1.2251.1
3RBS
305.2 ▼2
14Endeavor Partners Co LtdGresham Partners
21312
Macquarie Group4
8
3
9
67
Credit Suisse5
1
Jefferies & Co Inc
UBS
RBC Capital Markets
Morgan Stanley
HSBC Holdings PLC 113
BMO Capital Markets -
3.6▲7.0▲
1,427.3 5.8726.4435.0
▲▲
7.27.5
▼-46.2
7.21,472.51,527.3
8.0
Market
-3.9
3,462.9
Market
3.41,829.2
▲ BMO Capital Markets7.51,644.4
8.86
11,914.0
Industry Total
011.3
Moelis & Co 401.9
280
+10.4
428.4
▲Nomura
11.8
316.21.71123
-
▼3
-25.9%-9.7%
0.7
8.1
▲1.6
0.4
-98
9.6
5.4
▲
▼
.6
2.7
10.4▲
13.6
7.2 2.3
1
2.6
2
0.4
▲
▲
▲
▲1.5
▼
▲
▼
13.3
▲
4.012.6
4.3
1.40.7
▼1.8
10.9
▲
▲
▼
0.4
▲
8.02.8
Industry % Change from Same Period Last Year
2425
-37.2%Industry % Change from Last Quarter
7.5-3.4 0.7
▼▼
1.1
-42.4%
0.4
▲
2.82.6 ▲
3.0
2.63.9
0.43.8
▲▲
1.3
14.3
12.2▼
1.4
1
+1 ▲+3
3
+1
2
3
3 1.1
1.1
1.1
2
0.7+1
10.4
6.41,510.2
0.42,470.4 10.4
▲
-3.1 ▼2 2.3▲
-1
311.3
0.7▲
1 0.4▲
▼
1.13
11.9
22 12
-48.9%
+1
▼ +1
▲▼ 1.21.2
-48.7%
Industry Total
▲
1.1
▲
-20.7%▼
100.0
-43.6%▼
23,779.3-95
-11.9%
278.9
2
1
439.0Flagstaff Partners Pty Ltd
Paradigm Capital Inc
13
-
10
17RBS
Fort Street Advisers
RBC Capital Markets
6.0
8
Imperial Credit Industries Inc
JP Morgan
2,464.7
+1
-
12
6
14
312▼
7
+2
▼
26.34
UBS-8.3
34.4
7,932.6
50.11
Gresham Partners 7,932.6 -5 ▼ 9.4▲4
2.1-131
2
+41.1 ▲4*
19
-5+1
54
1.7
0.62
0.8
-111.4
+3 ▲
-▲
-2
0.8
+1
▲
0▼
+1
20
0.6
3
53
--3
0.3
▲
BNP Paribas SA0
-31.8 ▼2.1
-0.3
▼0.8
▲+1
▲
▲21
O'Sullivan Partners▼
41.4
4*▲ Lazard
2
33.4▲▼ 3
9,834.8
Bank of America Merrill Lynch
6.9
10.27.5
2,417.20.81,777.7
10Rothschild
6*-9
+20.60.3
9
▼
▼
0.3
363
Moelis & Co
25
-
183.3
117.22▲135.5 0.7
1.8 ▲450.0Standard Chartered PLC 1.9
19
45*
1,423.7
5.11,220.4
5.4
5.1
3.35.4
1,346.31,280.3
1,220.4
▼526.9
Ernst & Young LLP
0.4
-8.0%Industry % Change from Same Period Last Year
20,442.7Hartleys Ltd
▼
-0.886.7
Industry Total0.4
100.0
2324
4-
19 1
Greenhill & Co, LLC 15
Industry % Change from Last Quarter
16 5
Deutsche Bank AG
Lazard
Rothschild
Linwar Securities Ltd
Investec 17
Paradigm Capital Inc
18
20Azure Capital
-40
24
19
5.7300.5
6
-
184.7-
2.2515.1-
-14
1 +10.6
18
10.6
0.6 ▲
0.3
1
12.20 - 15*
▲ 5.11
+1 5.1
▲3.0 ▼2.3
0.6-6 ▼
▲+3
2.37.0+1+1
8.4▲
+2
▲3.9 1.3
▲
0.2
▲0.4
▲
▲
▲▲1.3
2.6
0.2▲▲
0.1▲2.3
0.21.3
▲
0.1
100.0
1.3 1.2
0.5 0.50.4
▼
▼ 1 0.3
Dundee Capital Markets Inc 21 0.5100.4
0.7
▼
+1-
220.60.3
17
1.9
0.4
1.4.3
0▲▼▲
24Morgan Stanley
4 +2 ▲0.42.2 ▲
▲
▲
1
1 0.4
▲
2.1▼
9.93.7
▼
1.4
4.12.2
-
1.2
0.70.70.4-1 ▼
0 -0.3
459.5 6-7.31
1.9-2 ▲1.2
▼-2 3.20.4
https://www.thomsonone.com * tie
16
Rank Value per Advisor (US$m)MarketMarket
US$m
▼
124.6 1124.6 121.6
▼124.6
- +118.4106.4.0
18.4- 0.0 1.0 6.8▲
# of# of Deals per Advisor
Change in Sh (%)
Market
21.6
Market
49.5
▲
1.0
▲21.6
Imputed Fees (US$m)
-14.8
1
Advisor# of Deals
Market Market
6.5Macquarie Group
Rank Value
2012 Rank
-14.8
▲21.6
-16.5
▲
Share Ch.
4.8▲ +1
Sh (%)
# of Deals2.8
1.0
FeesRank Value
▲
1
21.6
Deals
HSBC Holdings PLC 1.8
▼
Change in
-34.6 ▲Share Ch.
Rank Value per Advisor (US$m)
Jan 1 – Mar 30
1*
Deals
Northington Partners Ltd
4
Market
1
First Quarter 2012 | Mergers & Acquisitions | Financial Advisors
2011 Rank
-
Financial Advisor
# of Deals per Advisor
US$m
Any New Zealand Involvement Completed (AF46)
Asia (ex-Japan) Rankings
# ofSh (%)
Jan 1 – Mar 30
▲
Sh (%)▼
1* 4
1*
Industry Total
-51.6%
5Robert W Baird & Co Inc
▼
0.0
Any New Zealand Inv Announced (AD39)
5.5PricewaterhouseCoopers
2011 Rank
12
2012 Rank
Goldman Sachs & Co 16*6.5 6.5
▲
7.1
Market
▲3.4
Share Ch.▼
11.910.91.6▼11.9
Industry % Change from Last Quarter
▼Industry % Change from Same Period Last Year -72.3%
+14.8
36
-81.4%Industry % Change from Last Quarter
14.8
▼
-21
-21.7%
577.8
▼-80.1%
21
-72.3%
1Financial Advisor
100.04.8
▲
Sh (%)
1 6.8
Industry % Change from Same Period Last Year -60.3%
100.0
▼
Industry Total 902.4
▼-50.0%-25.0%
-2.7% ▼
-10
▼▼
100.0
Asia (ex-Japan) Buyside Financial Sponsor Activity
0%
5%
10%
15%
20%
25%
30%
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
$50
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
% o
f Asi
a (e
x-Ja
pan)
Vol
ume
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b) Q3 Volume (US$b)
Q2 Volume (US$b) Q1 Volume (US$b)
% of Asia (ex-Japan) Volume YTD
Any Asian (ex-Japan) Involvement Announced M&A by Target Industry ($bil) Australian Cross Border Announced M&A
25%
14%
11% 10%
10%
10%
5%
4%4%
4%2%1%
Materials Energy and Power Industrials
Financials Real Estate High Technology
Media and Entertainment Consumer Staples Telecommunications
Healthcare Retail Consumer Products and Services
Government and Agencies
0%
20%
40%
60%
80%
100%
$0
$10
$20
$30
$40
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
Out
boun
d
Ran
k Va
lue
(US
$b)
Outbound (US$b)
Inbound (US$b)
% of Cross Border is Outbound
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
https://www.thomsonone.com 17
561.2 3Sumitomo Mitsui Finl Grp Inc 3
41.9
13.22Mizuho Financial Group
141
576.0
2
3
Sandler O'Neill Partners
Nomura263.5
Mitsubishi UFJ Morgan Stanley 12.9
50.456.7
UBS 2,122.1 Citi
237.3
Jefferies & Co Inc 37.3
First Quarter 2012 | Mergers & Acquisitions | Financial Advisors
Japan M&AJapanese M&A Down 3% | Energy & Power Leads Market | Inbound Activity Surges by 233%
M&A activity with Japanese involvement during the first quarter of 2012 decreased 3.4% compared to the same periodlast year, reaching US$36.7 billion. The number of deals increased 4.3% with 746 transactions. Japanese fee volumeson deals completed during the first quarter of 2012 reached US$387.1 million, a 21.9% increase compared to last year,according to estimates from Thomson Reuters/Freeman Consulting.
The Energy & Power sector led the market, with deal volume totaling US$7.8 billion, a 21.3% share of the JapaneseM&A activity during the first three months of 2012 and a 721.6% increase compared to the same period last year.Activity in the sector was driven by TonenGen Sekiyu’s US$3.9 billion acquisition of Exxon Mobil and Mitsubishi’sUS$2.9 billion outbound acquisition of stake in Cutbank Ridge Partnership of EnCana.
Japanese inbound activity was slow in the past few years, but the first three months of 2012 recorded a total of US$7billion, the highest first quarter volume for the last five years; a 232.7% increase from the same period last year.
Japanese outbound activity recorded the highest first quarter volume in history with US$16.2 billion in value, a 30.8%increase compared to the same period last year. Healthcare was the most active outbound sector recording a total ofUS$4.8 billion in the first three months of the year.
2,122.1
2,630.0 1
2*
1
No. Deals
3*Barclays
NomuraJP Morgan
1Energy and Power
3,936.3
Brown Brothers Harriman & Co 41.8
3
2,485.8 Goldman Sachs & Co
52.44,742.6
32.0
7,811.4
Rank Val US$m
4,349.0
1,587.6 1,515.3
2,912.2 3*
Japan Deals Intelligence
2,912.2
Japanese Involvement Announced M&A - Top Advisors by Target Industry
1
3 2
Rank
4,429.2
Healthcare1 1
52.62,287.8
2*
Mkt.Share
1
1High Technology
FinancialsMitsubishi UFJ Morgan Stanley
7
20
43
51.8
33.5
31
42
41.8
2
1
3 Real Estate 3,995.7
Daiwa Securities Group Inc
5,082.0
1,944.4 4 48.712 1,674.1 2
3 6.6Recolte 1
2 RBC Capital Markets 2,912.2 3* 37.3 2
Energy and Power / Oil & Gas1,515.3
Energy and Power / Oil & Gas1,301.7
Financials / Banks
Financials / Credit Institutions3/24/2012
Investor GroupJapan / Japan
1,456.1
1,057.0Japan / Ireland-Rep
Consumer Products and Services / Other Consumer ProductsMedia and Entertainment / Recreation & Leisure
Japan / United Kingdom 1,019.5
Top Ten Japanese Involvement Announced Deals
3/12/2012Mitsubishi Corp
PendingJapan / Japan
United States / United States1,655.4
Glory Ltd
3,936.3Acquiror / Target Nation
Japan / Japan Energy and Power / Oil & Gas
ZOLL Medical Corp (100%) Japan / United States
Target Macro / Mid Industry
Healthcare / Healthcare Equipment & Supplies2,122.1Japan / United States
Asahi Kasei CorpBoston Biomedical Inc (100%)
Rank Value (US$m)
Healthcare / Biotechnology
Talaris Topco Ltd (100%)Intended2/14/2012
Japan / CanadaPending Mitsubishi Corp
Pending GIC RE-Fukuoka Yahoo! JAPAN (100%)RBS Aviation Capital (100%)Pending
Pending2/29/2012
AcquirorRank Date
Any Japanese Involvement Announced M&A
2,630.0PendingPending TonenGen Sekiyu KK
3/1/2012 Fuji Media Service Co Ltd1/19/2012
Target (% Sought/Acquired)Date Effective
3/12/2012
Jan 1 2012 - Mar 30 2012
1/17/2012
Exxon Mobil (99%)1/29/2012
Real Estate / Non Residential
Fukuoka Yahoo! Japan Dome SPAV
2/17/20122/24/20122/17/2012
1,456.1
Sankei Building Co Ltd (65.52%)
EnCana Corp-Cutbank Ridge (40%)UnionBanCal Corp,CA
EnCana Corp-Cutbank Ridge (30%)
Pacific Capital Bancorp,CA (100%)
Japanese Completed M&A Imputed Fees
Dainippon Sumitomo Pharma Co
Japan / Canada
0
500
1,000
1,500
2,000
2,500
3,000
3,500
$0
$25
$50
$75
$100
$125
$150
$175
$200
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
# of
Dea
ls
Ran
k Va
lue
(US
$b)
Q4 Volume (US$b)Q3 Volume (US$b)Q2 Volume (US$b)Q1 Volume (US$b)# of Deals
0
100
200
300
400
500
600
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
2006 2007 2008 2009 2010 2011 2012
Impu
ted
fees
(US
$m)
Ran
k Va
lue
(US
$b)
1Q 2Q 3Q 4Q 1Q Imputed Fee
https://www.thomsonone.com 18
Imputed Fees (US$m)
Financial AdvisorNomuraMitsubishi UFJ Morgan StanleyGoldman Sachs & CoBank of America Merrill LynchDaiwa Securities Group IncBarclaysSumitomo Mitsui Finl Grp IncMizuho Financial GroupDeutsche Bank AG
UBS SEB EnskildaRBC Capital MarketsJefferies & Co IncGCA Savvian Group CorpJP MorganTC CapitalCredit SuisseCitiLazardPricewaterhouseCoopersRothschildGreenhill & Co, LLCMacquarie GroupGlobal Partners Consulting IncO'Sullivan PartnersDanske MarketsUBS
36 273.0 1.00
First Quarter 2012 | Mergers & Acquisitions | Financial Advisors
0.2
0.7 0.5 - 0.50.125 -10.8
1.0 ▲IMAP
▲0.2
▲▲
5723
▲
1.2323.4 1.2316.2▲ -
25*
0.8+10.1
0.3275.6 24 ▲
▲+11.2Commerzbank AG -24 10.8 1.2
1 0.8▲ 1.2
0
1.9+111
3.2 0.8▲
0.30.80.3
3.3-
Deutsche Bank AGGreenhill & Co, LLC
21 7 418.9 1.122 - 410.0 1.1
Endeavor Partners Co Ltd 23 - 300.5 0.8 +22▲2 0.31.1
0.6-7.5 2510 1.3 1.5+6 00.4
0.7+2-
2.75.5 0.2
▲0.3▼
0.11.621.1 ▲ 1.4
-6416.5 3
-0.3 1.31.7▲▼
▼▲ 0.1 +1
1.3 1.2 +113 475.9449.0 1.2 11.2
-1.8 ▼ 9
9.2▲▼-10.9
Centerview Partners LLC 20 -Plutus Consulting Co Ltd 19
-2.418 11 921.0 2.53.7 -2.217 9 1,340.7
19 16▲
▼ 41.79 1.2 1.9 1.9▼ 0.6
41,515.3
5▲ 15*▲
18-5
1.3-2▲ 0.22.1
12.1 0.9-33.1 2.4
12▲
▼4.4
4.94.1 0.1 +1 567.34.4 1.60.22.1 ▲+1-▲ 567.3
9 1.2 -41.5▼-26.40.4
+3 ▲ 3.114 ▼12.1 ▲0.312
+2 15*
101,456.1
11 4.61,217.45.5-
-0.85.5
▼1.31 0.2▲ +1 5.0▲
3.1▼2.1 1.8-2 6.8▼
12.2-40.2-11.5 ▼ 3 ▼-2
▲ ▲+11 0.1
6.3
5.6
4.6
13 11*0.5
▼
▼81.3
14.7-3.8267 4
1.112 1,685.4 301,693.8 ▼
▼ 8-2▼
0.96.3
4-29.1
3,578.6 9.7 2,711.19.7
10.22.8 -6 6
-83.9▲▼
32.15
-▼▲ 10 -
22.37
9.0-2▼ ▼-24.3
-37.62.612▼1.15
▼ 40-0.2
▲
▲ +2▲▲
3
4▲
29
9*▲
-5
17
9*
+3▲
4
▲
2▼+1
-
+22
+3▼▲
0.70.30.3 +2
Change in
25.8
2.7
2011 Rank
Rank Value
5,961.9
# of
8.6
Market
+3Fees Share Ch.Sh (%)
AdvisorShare Ch.
1
MarketSh (%)Market
# of Deals
Mitsubishi UFJ Morgan StanleyNomura
JP Morgan 3
RBC Capital Markets 8*
12
Mizuho Financial Group4
- 1,620.64.1
RBS 15
GCA Savvian Group Corp
Sandler O'Neill Partners 16 -KPMG
10-
5
4 1,986.71,924.4
-
39
2
5
5.0-36.4
12
21
7 25
-
11
-3.3
▲▲ -1 ▼0.4
▲ ▲0.2 +1▲+11 0.2▲
1,456.1 15.54.5
1,489.4▲ 2
-
7.9
5.57.36.12,249.0
2,671.1
-2.06.97.92,912.2
8.8
▲▲
▲▲
1.6
1.31.3
0.5
0.3
2.7
0.4
0.81.7
3.4
▼▼
1.1
▲2.5
▼
▲
▼0.4
▲
▲
2.8 ▼
1.75.0
3.8
▲0.4
17.7
▼-
40.0 10.3
▲-10.1
5.3
5.6 1.5
Goldman Sachs & Co
Daiwa Securities Group Inc
Sh (%) # of Deals
1.7 -5
3,234.3
5.2
▲
1.3Brown Brothers Harriman & Co 12
1314
0.2
2,122.1 5.8Bank of America Merrill Lynch 5.4
-13▼▼0.5
+2 ▲
17
0.411*
- 328.1
266.1
1.222 1.2 0.80.4 +2
18
441.7
557.4▲ +33▼
6.66 1.3
2▲
13
5.6
410.0
821.3
1,489.4
-
2120
519.1
1.6
▲
0.5 ▲
▲
▲
▲
▲▼
▼
1
2.25.6
2,583.9
15
24.1
▲-4
5.6
0 4.216.26.2
02.810.6
0.40.5
▼▲
5,109.4 2
25.36 6,753.1
19.13
-15.6
1.2
21.539.1
0.4+1
16▲
-14,660.0 9.0 4
24.7
2012 Rank
Rank Value per Advisor (US$m)
1 6,882.2
Market
4.6
Rank ValueRank Value per Advisor (US$m)
Market
Japan Rankings
# of
Jan 1 – Mar 30 Any Japanese Involvement Completed (AF23)
DealsUS$m Sh (%)
5.8
8.0
8*
5
7.2
67*
21▼
Jefferies & Co Inc 27.9 ▲2,912.2
2,930.5
-6.011.5
▲
11.54,213.9
7.9 ▲Citi
Barclays
Sumitomo Mitsui Finl Grp Inc 6 6
Sh (%)US$m
13.739,075.2 ▼
12.7
34
▲▼
Share Ch. Deals2012 Rank
Any Japanese Involvement Announced (AD19)
2011 RankFinancial Advisor
5,042.8-11.1 ▼
# of Deals per AdvisorMarket
# of Deals per AdvisorChange in MarketMarket
2.1
Jan 1 – Mar 30
25* 38 266 1 1 0 0 9 ▲ 1 0 2 1 ▼ 3 0 0 8 0 1 ▲UBSDC Advisory PartnersIndustry Total
Industry % Change from Same Period Last Year Industry % Change from Same Period Last YearIndustry % Change from Last Quarter Industry % Change from Last Quarter
36,727.3
▼▼ -26.5%
100.0
Japanese Target Announced M&A Target Industry by Value ($bil) Japanese Outbound Volume
466746 100.0Industry Total +31 26,703.0 -13
* tie-27.2%
-3.4%▲▲ -2.7%
100.0
21.9% ▲▼ 6.0%
4.3%-21.0% ▼ 5.0% ▼▲ -15.6%
387.1
▼
25* 38 266.1 1.0 0.9 ▲ 1 0.2 -1 ▼ 3.0 0.8 0.1 ▲25* - 266.1 1.0 1.0 ▲ 1 0.2 +1 ▲ 1.9 0.5 0.5 ▲
$4.713%
$4.312%
11%
7%
7%
6%5%3%
Energy and Power HealthcareFinancials High TechnologyReal Estate Media and EntertainmentIndustrials Consumer Products and ServicesMaterials RetailConsumer Staples Telecommunications
$5.114%
$7.821%
0
20
40
60
80
100
120
140
160
180
200
0
5
10
15
20
25
30
35
1Q02
2Q02
3Q02
4Q02
1Q03
2Q03
3Q03
4Q03
1Q04
2Q04
3Q04
4Q04
1Q05
2Q05
3Q05
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
# of
Dea
ls
Ran
k Va
lue
(US
$b)
Rank Value (US$bil) Number of Deals
https://www.thomsonone.com 19
Industry Total Industry Total
▲ 3,936.3 11.1
+1 ▲ 5.8 0.0+1 ▲ .0 0.0+1Nomura 8* - 1 3.9
CIBC World Markets Inc 1.71
Sandler O'Neill Partners3
9*Goldman Sachs & Co 2.4
13* -125
# of Deals per Advisor Rank Value (US$m)
M&A International 8*2.9Commerce Street Capital LLC
# of Deals per Advisor
Jan 1 – Mar 30Jan 1 – Mar 30
- 1
Rank Value (US$m)
BMO Capital MarketsSouthwest Securities Co Ltd
# of Deals2012 Rank
22*
CITIC
First Quarter 2012 | Mergers & Acquisitions | Financial Advisors
Fairness Opinion Rankings †
Rank Value (US$m)
Worldwide Announced Fairness Opinion
Jan 1 – Mar 30
Based on Number of TransactionsBased on Number of Transactions
13.1
2.2-64
13*
46
35.5 0.1526.6 1.5
US$m1,606.81,784.0
1*
Nomura
132,692.9
19*
▲
▲
-5 ▼
▲
8* 3 1 3.9
+1
-1+11 3.9
-4
▼1 3.9
8* - 13.93.9
-
-60
+12.2
63,315.0 100.01,054.0
0.13.9 0 - 26.0
4,628.8
▼ 600.53.9 -4
2.2 -62.2
526.6 8* -
4* 10.2
600.5
8* 15*
Barclays8* 25*
7.72* 7*
Deutsche Bank AG 8* 7* 1 3.9
1 3.9
MarketRank ValueSh (%)
1,810.98* 1* 1 3.9
-2
2012 Rank
2011 Rank
# of Market Change in Deals Sh (%) # of Deals
Any US Inv Announced Fairness Opinion
2* 15* 215* 2
7.700 -
2.22*2*
-17.1
7.7 761.9
25*
1
▼5.04.51 4* 3 11.5
▼2
1.713.1-3 ▼ 4,628.8
4* 2 7.7
5,273.0▼
-5-2
3,637.87*
-2 10.32 7.73,939.5
-3 ▼ 6,046.4
8*
2*
0
4,628.8 7.3
3,923.8
0.8
6.2
-6
2 7.7
1 2.2▼
0 -
Moelis & Co0.9
8* 25*
8*
1 3.92* 1*
4,900.0▼
▼-
1,810.9
100.0
6.2
7.7
13*
26
3,936.3
Industry Total 35,333.7
526.6
11.1
1.55.1
14.913.9
-3 ▼ 95.0 0.2
13*13*
4*▼2.213* 9*
11
▼
1 2.213* 0
-32.230* 1
1
0
-
▼ 103.3- 4,900.0
5,273.0 8.3
13*
5* 16* 2
0-1
4.4
30*
▼5*
9.56,046.4
13* 16* 1 2.2
2 4.4
2 4.4
-
5*-5 ▼
4* 2 4.4 -3
2Sandler O'Neill Partners
1*
-25* 16*
5* - 2 4.4
Scotiabank-Bank of Nova Scotia
Sh (%)
Canaccord Genuity
Based on Number of Transactions# of Deals per Advisor
Change in # of Deals
6.5
Fairness Opinion Provider
▲
Fairness Opinion ProviderKPMGCaitong Securities Co Ltd
3.1
Rank Value MarketDeals Sh (%)
TD Securities Inc+2US$m
4,113.4
# of MarketUS$m Sh (%)
1 - 5 10.9 +5 ▲
Rank Value
12,105.0
BMO Capital Markets
19.12* - 3 6.5 +3 ▲ 6,756.3 10.7
▼2* 16* 3 6.5 +12* 4* 3
5.01,606.8 2.5
761.9 1.2
3,172.7
01,784.0
▼3,939.54.4
--▼
4.4TD Securities IncGF Securities
16*Nomura
2Credit SuisseLazard
9.1
5*4,079.8
Credit Suisse
10*
5.7-2-3
5*Bank of America Merrill LynchGrant Thornton
FirstEnergy Capital Corp
Wells Fargo & Co
JP Morgan
Deutsche Bank AG
10*
10*
3
14*1
Scotiabank-Bank of Nova Scotia
10* 9*
10* 9*3
41.41.2
Greenhill & Co, LLC
Barclays
-2 ▼Deutsche Bank AG
Morgan Stanley413.1
2.40.3
▲
1,606.854,924.1
2.4 Raymond James Financial Inc▼-2 ▼
10* -2
100.0-82
10* -
3
10* - 3
2.42.4 +3 ▲
Huatai Securities Co LtdMorgan StanleyUBS
+128*3
2.4 0 -
Sandler O'Neill PartnersFairness Opinion Provider
Lazard
Goldman Sachs & Co
Credit Suisse
Cormark Securities Inc
Fig Partners LLCUBS
Evercore Partners
Bank of America Merrill Lynch
6,756.3 5.1
3,939.5 3.0
2.3
3,172.7
1,951.73,083.3
1.5
▼▲
National Bank of Canada Fin'lJP Morgan
Morgan StanleyGoldman Sachs & Co
187.5 0.153,822.5 40.6
JP MorganGreenhill & Co, LLCWells Fargo & Co
4*9* 2
+2
2.8
▲ 7,456.6 11.8
40.66.2
3,637.8
0
4.4
5*
10* 22*3 2.4
2.4 -9 ▼3 2.4 -1 ▼3
-6 ▼ 54,712.8 41.2
53,837.1
6* 2 4 3.26*
3 2.42.4
10* 6*+3-3
3.14 3.2 +4 ▲6* 6* 7,789.0 5.94 3.2 -2 ▼6* 14* 3.2 0 -4*
45 4.0
12,105.0+2 ▲
4.05+5 ▲4.8+5 ▲
2* -
4* -2* 48*
Sh (%)
2,334.61 4* ▲9
67.2
2011 Rank
2012 Rank
# of Market Change in Market
4.8 1.8
99.7 0.1
2011 Rank Deals
+6 ▲6
Any Americas Inv Announced Fairness Opinion
Bank of America Merrill Lynch
Evercore Partners
-
3,253.0 2.5
Deals
GCA Savvian Group Corp
0.035.9
INCU Corporate Finance Ltd
0 0.0Ambit Corporate FinanceGuoyuan Securities Co Ltd
31.4
▼ Industry % Change from Same Period Last Year
Sh (%)
▲ 3,253.0
-23.8% ▼
2.5 -
22
4
Industry % Change from Same Period Last Year -39.6%-35.2%
Haitong Securities Co Ltd
HSBC Holdings PLC 13* 10*
Based on Number of Transactions
UBSCarnegie
-
3*
Bridge Capital Advisors 13* 1
- 1
+1Arden Partners Ltd 13* 110*
Deutsche Bank AGTD Securities Inc
* tie
-
Changjiang Securities Co Ltd 13*
RothschildCiti 10*
Goldman Sachs & Co
Fairness Opinion ProviderKPMGGrant Thornton
Bank of America Merrill Lynch
1
Nomura
Sealand Securities Co LtdPlatinum Securities Co Ltd
JP Morgan
Great Wall Securities Co Ltd
-50.7%
Hong Leong Group
Citi
Shenyin & Wanguo SecuritiesMorgan Stanley
Evercore PartnersErnst & Young LLP
-
Ambit Corporate FinanceCredit Suisse
2
Industry Total
# ofDeals
9
GF SecuritiesKPMG
ING
Donghai Securities Co Ltd
Guosen Securities Co Ltd
CITIC
▼
Rank Value (US$m)
Industry % Change from Last Quarter -62.3%▼
Industry % Change from Last Quarter -53.5%▼
Based on Number of Transactions# of Deals per Advisor
Industry % Change from Same Period Last Year
# of Deals per Advisor Rank Value (US$m)
Industry % Change from Last Quarter
Guangzhou Securities Co LtdGuotai Junan Securities
Southwest Securities Co Ltd
# of
Caitong Securities Co Ltd
Huatai Securities Co Ltd
2012 Rank
2011 Rank Deals
211
3*
Greenhill & Co, LLC
10*13*
13* 10*
▼-56.6%▼ -42.9%
Industry Total
1
40
13* -
+1
Canaccord Genuity
2.5
2.5
-71.1% -71.7%
Grant Thornton
▼
Haitong Securities Co Ltd
Fairness Opinion Provider
-62.9% ▼▼ -12.1% ▼▼
▲
2012 Rank
1*Sh (%)
1
2011 Rank
4,113.4
Market Change in
2
# of Deals US$mRank Value
5.4
MarketSh (%)
5.44,079.81 ▲
- 10.0 +4 ▲22.5 +2
3* 2* 5.0 -23* - 5.0
22
5.03* 10* 5.0
10.2▲ 49,190.62
23*
49,193.7 64.5
+1+2 ▲ 7,775.2
▼
5.0
64.5
+1+2 ▲ 614.5 0.8
▲ 3,929.8 5.25* 5.0
3* +20
3* 2* 5.0
3*2 ▲- 5.0
-3* 5.025*
▲ 1,425.2 1.9
0
4,151.3
53,777.7
5.4.0 0.0
-
+1+12.5
5.0
70.5
+1-2 ▼ 53,877.7 70.7
- 2.513* - 2.5
113* +1 ▲ 716.9 0.9
121.6 0.2▲ 6.4▲
4,900.0
▲ 7.1 0.0+1 ▲ .0+1
2.513* - 2.513* -
11
-3
2.5 -0+1 ▲2.5
89.3% ▲
- 362.12.5 0
76,245.8 100.0
▲
Industry % Change from Last Quarter -2.4% ▼ 138.9%
0.51
Industry % Change from Same Period Last Year -7.0%▲
▼
9.7
0.00.0.0
7,361.5▲ .3 0.0
10.7 14.4+6 2,334.6▲
Change in MarketRank ValueMarket
15* 6
Sh (%) # of Deals US$m
3 5* 5
- 61*
25.28.9
20.1▲ 99.7 0.6+2
+510.7
7.1
5.47.1
+3 ▲▲
6* 3* 3 -14*4*
- 415* 4
4,079.8 25.2+4▼
4,079.8
▲187.5 1.2413.1 2.6+3
+28* - 2 3.66* - 3 5.4
▲▲
8*1.4
+2 ▲ 1,097.8 6.86.8
229.93.6
- 2 3.68*
1,097.8- 2 3.6 +2
8* 5* 2 3.6▲ 3,929.8+28* - 2
+2 ▲
24.3▼ .0 0.0
257.2 1.6- 2 3.6-1
14* 15* 1 014*8*
15* 1 1.8 - 79.3 0.50
1.8- 1 1.8
95.4 0.61.8
▲ 6.1 0.0+1
▼
14* - 1.8 ▲
-14
14*
16,186.4
+1 ▲
▲▲
1.8 2.2
0
+1
117.2
Industry % Change from Last Quarter -17.6% ▼ -12.3%
56
Industry % Change from Same Period Last Year -20.0% -9.6% ▼▼
562.1 3.5
100.0
2.0 0.0
1,192.8 7.40.0
85.9 0.5.0 0.0
▲
14* - 11.8 +11.8 +1
- 1
14*
114* - 114*
- 114* 3* 1 1.8
-
14* - 1 1.8+1
2* -
+1 ▲▼ 353.3 2.2-3
Morgan Stanley 2*
Any Japan Inv Announced Fairness Opinion
Jan 1 – Mar 30
Based on Number of Transactions# of Deals per Advisor Rank Value (US$m)
2012 Rank
2011 Rank
# of Market Change in Rank Value MarketFairness Opinion Provider Sh (%) # of Deals US$m Sh (%)Nomura 1 1 2 50.0 -1 ▼ 4,646.6 72.2Mizuho Financial Group 2* 3* 1 25.0 0 - 710.3 11.0JP Morgan 2* 3* 1 25.0 0 - 273.0 4.2Sandler O'Neill Partners 2* - 1 25.0 +1 ▲ 1,515.3 23.5
1 25.0 +1 ▲ 710.3 11.02 1 25.0 -1 ▼ 710.3 11.0
▲
Industry Total 4 -8 6,434.8
Industry % Change from Last Quarter -69.2% ▼ -23.5% ▼Industry % Change from Same Period Last Year -66.7% ▼ 53.7%
▲ .0Davy 13* - 1 2.5 +1M&A International 13*
13.5 0.0 +1 ▲- 1 2.5 +1 BMO Capital Markets 14*0.0
Sage Capital Co Ltd 14* - 1 1.815* 1 1.8 - 0.7
9.6 0.1
Jan 1 – Mar 30 Jan 1 – Mar 30Any EMEA Inv Announced Fairness Opinion
Any Asia Pacific Inv Announced Fairness Opinion
† Fairnes Opinion rankings include fairness opinions provided as a standalone mandate as well as fairness opinions provided as part of a broader advisory mandate.
https://www.thomsonone.com 20
-
-
-
-
-
First Quarter 2012 | Mergers & Acquisitions | Financial Advisors
Ranking Criteria Summary
Serkan Tecimer
If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:
League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.
A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.
AmericasAnthony PicoTel: +1 646 223 8413
Announced league tables include all deals that were announced between January 1, 2011 and March 30, 2012 and of which Thomson Reuters was made aware. All current data andprevious year's data is as of 5:00pm EDT on March 30, 2012.
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 thetime of announcement of terms.
Tel: +632 858 7262
E-mail: [email protected]
E-mail: [email protected]
Asia-PacificJason Pacannuayan
Akemi Mamiya
EMEA
Tel: +44 (0) 20 7542 3566
E-mail: [email protected]
Japan
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 portionof 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 forthe transaction agreed to or, in the absence of an agreement, the value of the highest offer.
-
-
-
-
Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriteror advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees areallocated to syndicated members.
E-mail: [email protected]
Akemi Mamiya
League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, andunconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.
League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firmsin Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established joint ventures arereflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”.
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. Anyinvolvement league tables also include the nation of the seller and seller ultimate parent on privately negotiated stake purchases
Tel: +813 5218 6576
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 forany 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 tothe 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 transactionor 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 orselling 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.
© 2012 Thomson Reuters. All rights reserved.
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SOLUTION FOR• Managing Client Relationships• Deal Origination• New Issues Pre-Marketing / Roadshows
• Financial Modeling• Customized League Tables • Simple Deals screening • Valuation analysis and comparable deal screening • Full integration into Microsoft Office® for on-brand pitch book creation
SOLUTION FOR
Thomson Reuters Solutions for the Deal Making Community
FOR INVESTMENT BANKERS
Thomson Reuters Advanced Analytics for deal making improves efficiency at every step, from screening and targeting, to comparables analysis, building league tables, valuing a company and developing a client pitch book. This set of analytical and presentation tools enables you to undertake all these key tasks without having to leave Microsoft Office®. You can also access our key content sets easily to support your analysis.
ThomsonONE.com Investment Banking is our flagship desktop solution that combines real-time market data and Reuters news with our world class reference data. It includes access to Recent Deals, Active Acquirers and M&A New Issues terms and conditions.
FOR JUNIOR BANKERS (COMING SOON)
SOLUTION FOR
Access unique analysis for free anytime using Thomson ReutersDeals Intelligence website and receive regular updates,delivered direct to your inbox.Go to online.thomsonreuters.com/dealsintelligence
SOLUTION FORFOR INFORMATION PROFESSIONALS, MARKET DATA, RESEARCH
FOR STRATEGY AND PLANNING TEAMS
To purchase individual Thomson Reuters Deals or League Table reports,please contact our Thomson Reuters On Demand group:Web: http://financial.thomsonreuters.com/ondemandEmail: [email protected]
Send us a sales enquiry at: financial.thomsonreuters.com/salesRead more about our products at: financial.thomsonreuters.com/products
Thomson Reuters Deals Business Intelligence enables you to slice and dice our renowned Deals and Fees data to create ad hoc reports, analyze market trends, benchmark your performance and identify opportunities – all within a tool built into your workflow in Excel®, saving you valuable time and giving you a competitive edge.
• Conducting market analysis and identifying trends• Benchmarking your performance and monitoring competitors• Targeting clients by wallet size and banking relationship• Allocating resources more effectively by evaluating and analyzing lost deals
SDC Platinum is the world’s foremost financial transactions database, covering new issues, M&A, syndicated loans, private equity, project finance, poison pills, and more.
• Market Analysis & Trends (Geography, Sector, Asset Class, Deal Type, Deal Size, etc.)• Deal Origination (Debt Maturity Analysis, Company Lifecycle including Private Equity)• Pitch Creation (Firm Credentials, Representative Acquirors)• M&A Targeting (Active Strategic/Sponsor Acquirors, Target Company Screener)• Negotiation (T&C Benchmarking)
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