Mergermarket Q32013 FinancialAdvisorM&ATrendReport PDF

Mergermarket Q1 - Q3 2013 M&A Round-Up
Including League Tables of Financial Advisors
October 2013
Spotlight
Mergermarket Q1-Q3 2013 Report
www.mergermarket.com
Contents
Global overview Global financial advisor league tables Top deals contribution to top 20 advisors Global private equity: Buyouts overview and league tables Global private equity: Exits overview Global deal size and Mid-market analysis Global consideration and Multiples & premiums analysis Europe: Overview Europe: Financial Advisor League Tables US: Overview US: Financial Advisor League Tables Asia-Pacific (excl. Japan): Overview Asia-Pacific (excl. Japan): Financial Advisor League Tables Japan: Overview Japan: Financial Advisor League Tables Africa & Middle East: Overview Africa & Middle East: Financial Advisor League Tables Emerging Markets: Overview Criteria What can Mergermarket do for you
P3-5 P6 P7 P 8 - 10 P 11 - 12 P 13 P 14 P 15 - 17 P 18 - 28 P 29 - 31 P 32 - 37 P 38 - 40 P 41 - 45 P 46 - 48 P 49 P 50 - 52 P 53 P 54 - 56 P 57 P 58
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Press Contacts:
EMEA: Flora Wilke Flora.Wilke@mergermarket.com Tel: +44 207 010 6348 Americas: Chrissy Carney Chrissy.Carney@mergermarket.com Tel: +1 646 378 3118 Asia-Pacific: Jessica Chan Jessica.Chan@mergermarket.com Tel: +852 2158 9706
Deal Submission Contacts:

EMEA: Nancy Honsinger Nancy.Honsinger@mergermarket.com Tel: +44 207 010 6227 Americas: Richard Myers Richard.Myers@mergermarket.com Tel: +1 212 500 1393 Asia-Pacific: Fidelia Liu Fidelia.Liu@mergermarket.com Tel: +852 2158 9723
Global: Overview of Q1 - Q3 2013

For the first time in 2013, Q1 Q3 Global M&A was up compared to the same period in 2012 at US$ 1,606.7bn versus US$ 1,522.8bn (5.5% increase) Goldman Sachs (US$ 499.7bn) surpassed JPMorgan (US$ 449.6bn) to top the global financial advisor league table by value for the first time in 2013
Quarterly M&A Growth Comparison

4,000 Annual M&A Value Q3 M&A value
3,668.4
1,400 1,200
Quarterly M&A Trend Breakdown

4,500 4,000
Q2 M&A Value
Q1 M&A Value
3,500 1,000 3,000
3,500
Value of Deals (US$bn)
2,500
3,000
600
2,000
849
1,500 400 1,000 200
2,500
500
2,407.6 2,250.9 2,089.2 2,273.1

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0
2,000
1,276.7 683.2 1,710.3

587.7
European M&A
US M&A
Asia-Pacific (excl. Japan M&A)
RoW M&A
Number of Deals
1,606.7 502.5
643.8
1,500 492.6 677.1

1,000
Global M&A in Q1 Q3 was valued at US$ 1,606.7bn which represented a 5.5% increase compared to Q1 Q3 2012 (US$ 1,522.8bn). Global M&A has increased gradually for the last three years and 2013 is on target to continue the trend and potentially see the highest total since 2008 (US$ 2,407.6bn) Growing boardroom confidence has been reflected in consistent quarterly increases in M&A value during 2013. Q3 (US$ 643.8bn) was up 22.7% on Q2 (US$ 524.6bn) and 46.9% higher than Q1 (US$ 438.3bn)
326.4 429.4
580.8 558.9 524.6
809.8
395.9
500
589.9 419.3 459.3
613.2 461.4 438.3
Q3 2013 also rebounded 28.1% from Q3 2012 (US$ 502.5bn) thanks to post-summer deal announcements in September (US$ 285.4bn), the highest valued month so far this year (previous highest month was December valued at US$ 286.3bn) Both the US and Europe registered deal values in Q1 Q3 2013 that were above Q1 Q3 2012 the US (US$ 654.5bn) accounted for a 40.7% market share of global M&A followed by Europe (US$ 478.7bn) with 29.8%
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2007
2008
2009
2010
2011
2012
2013
Number of Deals
800
Global: Industry and Cross-Border Analysis

Q1 - Q3 2013 vs (Q1 - Q3 2012) Value and Market Share Comparison
Business Services: US$ 65.7bn (US$ 78.2bn)
Global Cross-Border Analysis

Q1 Q3 2013s cross-border deals were valued at US$ 559.4bn, a 7.9% decrease compared to Q1 Q3 2012 (US$ 607.2bn) despite gaining traction each quarter. Q3 (US$ 224.2bn) was the most active quarter during Q1 Q3 2013, up 21.7% on Q2 (US$ 184.2bn), and up 8.4% on Q3 2012 (US$ 206.8bn) With US domestic deals accounting for half of the highest valued deals so far this year, cross-border deals accounted for a little less towards global M&A in Q1 Q3 2013 compared to Q1 Q3 2012, a 34.8% market share was slightly behind the 41.2% seen last year Total deal value for transatlantic deals during Q1 Q3 2013 (US$ 312.3bn) was 11.5% higher than during Q1 Q3 2012 (US$ 280.2bn) and featured in four of the top ten crossborder deals. Q3 (US$ 204.1bn) was the highest valued quarter for transatlantic deals since Q2 2007 (US$ 232.8bn) Europe was the most targeted region for cross-border activity between countries with deals valued at US$ 100bn which was a 44.6% market share. North America followed with a 22.3% market share for cross-border deals valued at US$ 50bn
1,400 Global M&A Value Cross-Border Value Global Number of Deals 1,200 Cross-Border Number of Deals 4,000 4,500
Consumer: US$ 193.9bn (US$ 205.7bn)
3.1%
3.3%
4.1% 12.1%
Energy, Mining & Utilities: US$ 297.8bn (US$ 390.2bn)
Q1 - Q3 2013
Financial Services: US$ 144.7bn (US$ 163.4bn)
3.0% 5.1% 2.5%

13.5%
Industrials & Chemicals: US$ 141.6bn (US$ 207.3bn)
27.7%
3.6%
Q1 - Q3 2012
13.5%
Leisure: US$ 26.4bn (US$ 34.2bn)
6.5% 2.2%
25.6% 13.6%
18.5%
Pharma, Medical & Biotech: US$ 126.1bn (US$ 99.5bn)
Real Estate: US$ 63.4bn (US$ 54.6bn)
3.9%
TMT: US$ 445.6bn (US$ 205.9bn)
10.7%
9.0%
7.8% 1.6%
Transport: US$ 49.2bn (US$ 38.1bn)
8.8%
Other: US$ 52.3bn (US$ 45.9bn)

1,000
3,500
800
2,500
The TMT sector accounted for 27.7% of total deal values in Q1 Q3 2013 with the largest deal on record (Verizon/Vodafone valued at US$ 124.1bn) adding 27.9% to TMT M&A. The deal further contributed to heavy consolidation in the sector, with seven of the top deals in Q1 Q3 2013 featuring TMT companies as targets. Even with the exclusion of the Verizon deal, TMT would still have been the sector with the largest increase at 56.1% Of the other three sectors showing increased value on Q1 Q3 2012, Pharma, Medical & Biotech (US$ 126.1bn) and Transport (US$ 49.2bn) were the only two showing increases in all three major regions. Globally, both sectors were up 26.7% and 29.1%, respectively. TMT has not picked up in Asia-Pacific and Real Estate M&A is yet to recover in the US
Mergermarket Q1-Q3 2013 Report 4
600
2,000
1,500 400 1,000
200
500
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Number of Deals
This year will be remembered as the year of the TMT sector (US$ 445.6bn), with deal totals at a six-year high (since 2007, valued at US$ 502.1bn), 40.5% higher than the total value in 2012 (US$ 317.1bn). The sector increased 116.4% on Q1 Q3 2012 (US$ 205.9bn)
3,000
Global: Top 10 Deals

Announced Date 02-Sep-13 Bidder Company Verizon Communications Inc Bidder Financial Advisor Bank of America Merrill Lynch; Barclays; Guggenheim Partners; JPMorgan; Morgan Stanley; Paul J. Taubman JPMorgan; Lazard; Wells Fargo Securities Target Company Verizon Wireless Inc (45% Stake) Target/Seller Financial Advisor Advising seller: Goldman Sachs; UBS Investment Bank Deal Seller Company Vodafone Group Plc Value (US$m) 124,100
14-Feb-13
Berkshire Hathaway Inc; and 3G Capital Partners
H.J. Heinz Company
Bank of America Merrill Lynch; Centerview Partners; Moelis & Company Goldman Sachs; JPMorgan ABN AMRO Bank; Goldman Sachs Evercore Partners; Goldman Sachs; JPMorgan
27,362
06-Feb-13
Liberty Global Inc
Credit Suisse; LionTree Advisors Deutsche Bank
Virgin Media Inc
24,983
09-Aug-13
America Movil SAB de CV Silver Lake Partners LP; and Michael Dell (private investor)
Koninklijke KPN NV (70.23% Stake) Dell Inc
22,686
05-Feb-13
Bank of America Merrill Lynch; Barclays; Citi; Credit Suisse; Deutsche Bank; LionTree Advisors; RBC Capital Markets; UBS Investment Bank Bank of America Merrill Lynch; BNP Paribas; Citi; Rothschild Bank of America Merrill Lynch; Morgan Stanley
20,169
28-Jul-13
Publicis Groupe SA
Omnicom Group Inc
Moelis & Company; Morgan Stanley Advising seller: Centerview Partners; Goldman Sachs; JPMorgan Deutsche Bank; Moelis & Company The Federal Agency for State Property Management Deutsche Bank; Morgan Stanley; Perella Weinberg Partners General Electric Company
19,369
12-Feb-13
Comcast Corporation
NBCUniversal Media LLC (49% Stake)
16,700
15-Apr-13
Thermo Fisher Scientific Inc Russian Grids OAO
Barclays; JPMorgan
Life Technologies Corp
15,008
08-Apr-13
Barclays; Ernst & Young; Morgan Stanley; VTB Capital Goldman Sachs; UBS Investment Bank
Federal Grid Company of Unified Energy System OAO (79.64% Stake) Kabel Deutschland Holding AG
5
14,375
24-Jun-13
Vodafone Group Plc
13,678
Global: Financial Advisor League Tables

League Table of Financial Advisors to M&A by Value: Global
Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Global

Q1 - Q3 2012
Value (US$m) % Val. Change
Q1 - Q3 2013
Company Name Value (US$m) Deal Count
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
Deal Count Count Change
2012
Q1-Q3
2013
2012
Q1-Q3
2013
1 3 2 8 5 12 4 6 7 94 11 26 13 9 18 16 14 17
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Goldman Sachs JPMorgan Morgan Stanley Bank of America Merrill Lynch Barclays UBS Investment Bank Deutsche Bank Citi Credit Suisse Guggenheim Partners Lazard Paul J. Taubman Moelis & Company BNP Paribas Rothschild Centerview Partners Evercore Partners RBC Capital Markets LionTree Advisors HSBC
499,680 454,020 423,630 413,813 303,708 249,427 208,714 177 ,600 162,989 151,008 144,551 127 ,600 120,352 94,790 87 ,867 79,364 67 ,798 67 ,692 49,211 46,070
226 176 175 145 115 103 100 126 110 13 134 2 59 73 129 17 62 77 6 46
405,988 298,510 335,875 183,641 254,576 112,525 268,698 230,193 228,832 3,296 122,308 27 ,121 90,013 147 ,851 53,318 65,258 81,253 58,699
23.1% 52.1% 26.1% 125.3% 19.3% 121.7% -22.3% -22.8% -28.8% 4,482% 18.2% 343.8% 5.3% -40.6% 48.9% 3.9% -16.7% -21.5%
1 2 7 3 5 12 6 14 11 4 13 9 10 15 8 18 19 16 30 22
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Goldman Sachs PwC JPMorgan Morgan Stanley KPMG Ernst & Young Deloitte Bank of America Merrill Lynch Lazard Rothschild Citi Barclays Credit Suisse UBS Investment Bank Deutsche Bank M&A International Jefferies RBC Capital Markets BNP Paribas Lincoln International
499,680 18,958 454,020 423,630 25,784 30,187 11,862 413,813 144,551 87 ,868 177 ,600 303,708 162,989 249,427 208,714 2,430 33,802 67 ,692 94,790 2,015
226 219 176 175 166 162 154 145 134 129 126 115 110 103 100 93 78 77 73 70
234 233 161 194 176 130 166 119 140 178 126 142 141 114 146 94 88 108 47 65
-8 -14 15 -19 -10 32 -12 26 -6 -49 0 -27 -31 -11 -46 -1 -10 -31 26 5
Top 5 Deals Contribution to Top 20 Financial Advisors in Q1 - Q3

1. Goldman Sachs: the firm advised on four of the top five deals valued at US$ 191.9bn. These deals contributed 38.8% to the firms total mandates in Q1 Q3 (US$ 494.1bn) 2. JPMorgan: the firm advised on four of the top five deals valued at US$ 196.6bn. These deals Graph contributed 43.9% to the firms total mandates in Q1 Q3 (US$ 447.6bn) 3. Morgan Stanley: the firm advised on half of the top ten deals valued at US$ 188.2bn. These deals contributed 44.4% to the firms total mandates in Q1 Q3 (US$ 423.6bn)
600
250
Contribution of the Top 5 Deals (US$bn)

500 Contribution of Other Deals (US$bn) Total Number of Deals Advised 400
225 200 175 150
Value of the M&A Transactions Advised (US$bn)
300
125 100
200
75 50 25
100
Page 1
Number of M&A Transactions Advised
Global Private Equity: Buyouts Overview

Q3 marked the second quarterly decrease by value but Q1 Q3 2013 (US$ 215.8bn) buyout activity exceeded Q1 Q3 2012 (US$ 193.4bn), up 11.6% UBS Investment Bank topped the financial advisor to buyouts league table by value with 17 buyouts totaling US$ 39.6bn
Private Equity Buyouts - Geography Breakdown

900 800 25% 700 600 500 15% 400 300 200 5% 100 0 0% 10% 20% 30%
Corporations appetite to utilize cheap debt manifested itself in an average leverage ratio of 61.8% (for buyouts valued above US$ 200m), a post-financial-crisis high (2007 was 67.6%) Optimism surrounding the Technology sector was exemplified by the US$ 8.2bn management-led buyout of Activision Blizzard from Vivendi, the largest buyout this quarter. Technology buyouts worth US$ 45.4bn in Q1 Q3 2013 have surpassed all previous yearly totals on Mergermarket record (since 2001) Canadian Pension Plan Investment Board tied up with Ares Management to acquire the Neiman Marcus Group for US$ 6bn, a vote of confidence in the prospects of luxury retailers amid the USs mounting economic recovery
Percentage of Global M&A
Debt/EBITDA and Debt-to-total funding

7 Debt/EBITDA (x) Debt-to-total funding 6 70% 80%
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Europe (Value)
US (Value)
Asia-Pacific ex Japan (Value)
Rest of the World (Value)
Buyouts (% of Total M&A)
Total buyout values through Q1 Q3 2013 (US$ 215.8bn) were up 11.6% compared Q1 Q3 2012 (US$ 193.4bn) despite two quarterly decreases in value Global private equity buyout value dropped for the second straight quarter in Q3 to US$ 59.6bn, down 9.2% compared to Q2 (US$ 65.6bn). Q3 2013 became the weakest quarter by value in 18 months (Q1 2012 valued at US$ 54.3bn) The sole bright spot for buyout activity in Q3 came in the US, which was the only region to see an increase in activity compared to Q2 2013 with a 39.2% increase to US$ 29.1bn from US$ 20.9bn. This strength mirrors aggregate M&A value in the country, total M&A and buyout value in the US are on course for a fourth successive yearly increase since the collapse of Lehman Brothers
Debt/EBITDA Multiple (x)
50% 4 40% 3 30% 2
20%
10%
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
0%
Debt/Total Funding (%)
60%
Global Private Equity: Top Buyout Deals

Announced Date 14-Feb-13 Bidder Company Berkshire Hathaway; and 3G Capital Partners Silver Lake Partners LP; and Michael Dell (private investor) Bidder Financial Advisor JPMorgan; Lazard; Wells Fargo Securities Bank of America Merrill Lynch; Barclays; Citi; Credit Suisse; Deutsche Bank; LionTree Advisors; Morgan Stanley; RBC Capital Markets; UBS Investment Bank Allen & Company Target Company H.J. Heinz Company Target/Seller Financial Advisor Bank of America Merrill Lynch; Centerview Partners; Moelis & Company Evercore Partners; Goldman Sachs; JPMorgan Deal Seller Company Value (US$m) 27,362
05-Feb-13
Dell Inc
20,169
25-Jul-13
Activision Blizzard Inc; Bobby Kotick (private investor); and Brian Kelly (private investor) Bain Capital LLC; GIC Special Investments Pte Ltd; Golden Gate Capital; and Insight Venture Partners Canada Pension Plan Investment Board; and Ares Management LLC
Activision Blizzard Inc (53.75% Stake)
Centerview Partners; JPMorgan; Advising seller: Barclays; Deutsche Bank; Goldman Sachs Bank of America Merrill Lynch; Moelis & Company; Morgan Stanley Credit Suisse
Vivendi SA
8,169
06-May-13
Barclays; Credit Suisse; Qatalyst Group; RBC Capital Markets
BMC Software Inc
6,535
09-Sep-13
Deutsche Bank; RBC Capital Markets
Neiman Marcus Group Inc
TPG Capital LP; Warburg Pincus LLC; and Leonard Green & Partners LP
6,000
Global: Financial Advisor League Tables to Buyouts

League Table of Financial Advisors to Private Equity Buyouts by Value: Global
Ranking
Q1-Q3
League Table of Financial Advisors to Private Equity Buyouts by Volume: Global

Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
20 24 8 4 3 5 1 11 26 2 10 6 7 13 36 18 33
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
UBS Investment Bank Lazard Credit Suisse Barclays RBC Capital Markets JPMorgan Deutsche Bank Bank of America Merrill Lynch Wells Fargo Securities Citi LionTree Advisors Jefferies Morgan Stanley Goldman Sachs Allen & Company Nomura Holdings Qatalyst Group Simmons & Company International Rothschild Houlihan Lokey
39,600 37 ,734 37 ,582 37 ,578 34,822 34,652 33,246 29,262 28,662 23,293 20,769 11,555 11,417 8,732 8,169 7 ,184 6,535 3,850 3,526 3,496
17 9 14 13 7 9 14 10 3 8 2 16 16 18 1 8 1 1 8 2
3,774 2,652 11,795 14,609 20,627 13,928 29,731 8,176 2,399 22,719 9,150 13,035 12,953 6,852 1,112 4,914 1,250
949.3% 1,323% 218.6% 157 .2% 68.8% 148.8% 11.8% 257 .9% 1,095% 2.5% 26.3% -12.4% -32.6% 4.8% 246.2% -28.2% 179.7%
3 7 25 12 4 1 8 11 2 10 16 53 19 13 21 18 6 20 14 5
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Deloitte Goldman Sachs UBS Investment Bank Jefferies Morgan Stanley PwC Ernst & Young Credit Suisse Deutsche Bank Barclays KPMG DC Advisory Bank of America Merrill Lynch Lincoln International Lazard JPMorgan Citi Nomura Holdings Rothschild RBC Capital Markets
1,511 8,732 39,600 11,555 11,417 3,475 3,480 37 ,582 33,246 37 ,578 2,797 909 29,262 466 37 ,734 34,652 23,293 7 ,184 3,526 34,822
22 18 17 16 16 16 15 14 14 13 12 11 10 10 9 9 8 8 8 7
21 14 5 10 17 34 14 10 21 11 9 2 7 10 7 8 14 7 9 15
1 4 12 6 -1 -18 1 4 -7 2 3 9 3 0 2 1 -6 1 -1 -8
Global Private Equity: Exits Overview

Modest exit activity in Q3 (US$ 69.8bn) puts 2013 on target to hit a four year low with Q1 Q3 (US$ 177.8bn) value down 20.6% on Q1 Q3 2012 (US$ 223.8bn) Goldman Sachs topped the financial advisor league table to exits league table by value with an aggregate of US$ 32.3bn worth of exits
Trade Sales vs Secondary Buyouts (SBOs)

450 400 350 300 250 200 150 100 50 0 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
Percentage of Total Exits (excl. IPOs)
All five highest-valued exits so far this year have been Secondary Buyouts (SBOs), thanks to resurgent US and European equity markets. Nevertheless, SBOs dropped 6.1% in value from Q2 2013 (US$ 26.1bn) to US$ 24.5bn in Q3 2013. In Q1 Q3 2013, SBO activity was down 9.2% at US$ 58.3bn, compared to US$ 64.2bn in Q1 Q3 2012 Trade Sale exits so far this year (US$ 119.5bn) were down 25.1% by value from this time last year (US$ 159.6bn). Their market share of all private equity exits was 67.2%, the lowest proportion since 2007 (55.9%), suggesting corporations reluctance to deploy their substantial cash reserves to snap up peers: Trade Sale exits in Q3 decreased 1.7% to US$ 45.3bn from US$ 46.1bn in Q2 2013 Exits from Technology companies, which has historically been ripe with exits, declined 32.4% in value from Q1 - Q3 2012 (US$ 31.5bn) to US$ 21.3bn in Q1 Q3 2013 even though the sector has been commanding high valuations in global M&A
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Exit Geography Breakdown
SBOs (Value)
Trade Sales (Value)
Trade Sales (% of total exits)
SBOs (% of total exits)
North America 50.9%
Exits in Q1 Q3 2013 (US$ 177.8bn) were down 20.6% on Q1 Q3 2012 (US$ 223.8bn), leaving 2013 positioned to reach the lowest annual value and volume since 2009 (US$ 92.7bn, 800 exits) Exits in Q3 2013 stood at US$ 69.8bn, a decrease of 3.3% from Q2 2013 (US$ 72.2bn) and down 4.1% compared to Q3 2012 (US$ 72.8bn) The slowdown in activity comes as no surprise, as for the previous six years quarter-onquarter comparisons show that Q3 registered a drop compared to Q2 on every occasion. What is surprising however is the fact that over the last two years, Q4 has shown lower activity levels than Q3. Should this trend continue, then 2013s decline is even more likely
Central & South America 0.3%

South & Central Asia 1.2% South East Asia 1.5% Japan 1.6% Africa & Middle East 1.7% Australasia 1.7%
North Asia 6.3%
Europe 34.8%
Global Private Equity: Top Exit Deals

Announced Date 27-May-13 Bidder Company Valeant Pharmaceuticals International Inc Canada Pension Plan Investment Board; and Ares Management LLC Deutsche Bank; RBC Capital Markets Bidder Financial Advisor Target Company Bausch & Lomb Incorporated Neiman Marcus Group Inc Target/Seller Financial Advisor Goldman Sachs; JPMorgan Credit Suisse Deal Seller Company Warburg Pincus LLC Value (US$m) 8,700
09-Sep-13
TPG Capital LP; Warburg Pincus LLC; and Leonard Green & Partners LP
6,000
19-Jun-13
BC Partners Limited
Credit Suisse; Jefferies; Nomura Holdings
Springer Science + Business Media Deutschland GmbH
Advising Seller: JPMorgan
EQT Partners AB; and GIC Special Investments Pte Ltd
4,423
05-Aug-13
Hellman & Friedman LLC
Hub International Limited
Advising seller: Bank of America Merrill Lynch; Morgan Stanley; Stephens JPMorgan
Apax Partners LLP; and Morgan Stanley Principal Investments Inc
4,400
24-Jun-13
Tenet Healthcare Corporation
Bank of America Merrill Lynch; Barclays; Lazard; Teneo Capital
Vanguard Health Systems
Blackstone Group LP
4,101
Global: Deal Size and Mid-Market Analysis

The average global deal size in Q1 - Q3 2013 hit the highest value since 2007 (US$ 351.3m) at US$ 334m following Q3s six year high Q3 was the highest valued quarter this year (US$ 146.4bn) but failed to haul Q1 - Q3 value (US$ 398.7bn) above Q1 Q3 2012 (US$ 431.8bn)
Quarterly Average Deal Size Breakdown

1,600
Mid-Market Analysis (US$ 501m - US$ 2bn)

Q1 Q3 2013 mid-market deals were valued at US$ 398.7bn, down 7.7% compared to Q1 Q3 2012 (US$ 431.8bn). Global mid-market M&A in Q3 (US$ 146.4bn) was the highest valued quarter this year, accounting for 22.7% of global M&A in Q3 (US$ 643.8bn), the lowest contribution since Q4 2009 (21.7%). The value in Q3 represented a small increase on Q2s US$ 127bn-worth of mid-market deals, up 15.3%. The quarterly rise can be attributed to an increase in mid-market activity in both the US and Asia-Pacific (excl. Japan): Q3 mid-market M&A in the US was valued at US$ 49.5bn, up 20.4% from Q2 (US$ 41.1bn). A lack of large-cap deals combined with lower currency valuations in Asia-Pacific (exc Japan) resulted in mid-market M&A witnessing a 64.3% increase in Q3 (US$ 38.6bn) from Q2 (US$ 23.5bn). Q3 2013 was also higher than Q3 2012 (US$ 25.9bn) by 49% and resulted in an overall Q1 Q3 value of US$ 95.8bn, up 40% on Q1 Q3 2012 (US$ 68.4bn)
1,400
277.5 339.9 333.6 361.7 228.2 299.5 302.0 248.8 332.6 361.3 268.4 387.3
1,200
Value (US$m)
1,000
338.0 287.2 295.2 306.1
403.6
800
466.6
600
305.9
312.1
400
200
321.4
382.1
265.7
302.9
358.2
289.5
285.7
900 30%
2007
2008
2009
2010
2011
2012
2013
800
127.2
25%
Q1
Q2
Q3
Q4
700
500
67.2 42.8 30.9 165.8 62.2 178.6
230.8
400
79.4
70.9 327.5 69.7 96.1 86.5 97.8
101.2 194.1
111.3 165.3
98.9 237.6 59.5 95.8 131.3 182.2 112.2
15%
The average deal size in Q1 Q3 2013 (US$ 334m) was the highest average since 2007 (US$ 351.3m) following Q3s increased mega-deal and mid-market value The 16 mega-deals in 2013 had a combined deal value of US$ 368.4bn, 44.1% higher than in Q1-Q3 2012 (US$ 255.6bn). The six mega-deals announced in Q3 (US$ 202bn) represented a 161.7% increase on Q2 (US$ 77.2bn), and an increase of 142.8% on Q3 2012 (US$ 83.2bn). It was the highest valued quarter for mega-deals since Q1 2009 (US$ 209.8bn) and accounted for the largest share of global M&A in any quarter since Q1 2009 (US$ 209.8bn, 50.1%) at 31.4%
300
200
227.0 173.5
267.3
122.2 192.8
10%
186.7
210.3
5%
100
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
0%
% of Global M&A
Europe
US
Asia-Pacific (exc. Japan)
Rest of the World
% of Global M&A
The global average deal size in Q3 hit the highest quarterly value since Q2 2007 (US$ 466.6m) at US$ 403.6m. Even without Verizons US$ 124.1bn mega-deal, Q3 would still have seen an increase in average deal size to US$ 326m, up compared to both Q2 2013 (US$ 312.1m), as well as Q3 2012 (US$ 306.1m)
104.8
600
104.8 283.1 92.1 101.9 110.1

20%
80.8
Global: Consideration and Multiples & Premiums Analysis

Cash and equity funding was the only source of funding to increase compared to Q1 Q3 2012 with deals valued at US$ 157.6bn, up 17.7% Global average EBIDTA Exit multiple (12.5x) lowest on Mergermarket record and average premium (19.3%) at lowest since 2007
Consideration Value-Market Share Breakdown Since 2009

Cash & Equity Only Cash only Equity only
Multiples & Premiums

Fuelled by downward trends in Europe, Asia-Pacific (excl. Japan), and Japan, global average EBITDA exit multiples fell to the lowest on Mergermarket record (since 2001), 12.5x in 2013 from 13.2x in 2012. North America was the only region to see an increase in average EBITDA multiples to 12.9x in Q1 Q3 2013, up from 12.2x in 2012 TMT deals, the pivot for large-cap M&A this year, saw its global EBITDA multiples increase to 19x, up from 14.4x in 2012 the highest since the 2007 peak of 20.1x. Meanwhile, at 29.2%, the average premium in the sector is down compared to 2012s 34.3% Global M&A targeting the Pharma, Medical & Biotech sector is 26.7% up by value compared to last year and yet the sector holds a valuation at 14x along with a 20.3% premium, both lower than in 2012 (17.7x and 30.1%, respectively) Global average premiums to date (19.3%) are at their lowest point since 2007 (15.8%)
30
16.3% 15.1% 18.9% 20.3%
13.6%
12.2%
11.6% 11.5%
22.2% 18.9%
2009 58.9% 2010 68.2% 2011 69.5% 2012 72.7% Q1 - Q3 2013 70.1%
Only deals funded by a mix of cash and equity increased in total value at US$ 157.6bn, up 17.7% compared to this time last year (US$ 133.9bn) The total value of cash-only funded deals was down 14.7% compared to Q1 Q3 2012 (US$ 953.6bn) at US$ 813.3bn. At only 58.1% of the value for the whole of 2012 (US$ 1,400.5bn), 2013 is poised to bring a halt to three consecutive years of increased growth in the value of cash-only deals The surge in TMT deals during Q1 Q3 2013 saw some changes in the funding choices in this sector compared to Q1 Q3 2012. The total value of Equity-only transactions was more than eight times the value seen in Q1 Q3 2012, up 818.5% to US$ 49.6bn from US$ 5.4bn. Deals funded with a mix of both cash and equity also increased, up 71.4% to US$ 40.1bn from US$ 23.4bn. Cash-only deals were more or less level with Q1 Q3 2012 with deals valued at US$ 150.5bn compared to US$ 142.6bn last year Five years on from the credit crisis and the Real Estate sector saw US$ 28bn-worth of equity-only deals through Q1 Q3 2013. This was over four times (up 359%) the annual total for equity- funded deals in the sector during the whole of 2012 (US$ 6.1bn), but down 49.5% from the peak seen in 2011 (US$ 55.5bn)
25
EBITDA Multiple (x) - Average
20
15
10
2004
2005
2006 Global
2007 Europe
2008
2009
2010
2011
2012 Japan
2013
North America
Asia-Pacific (excl. Japan)
Europe: Overview of Q1 - Q3 2013

European M&A in Q1 Q3 (US$ 478.7bn) was up 2.4% from Q1 Q3 2012 (US$ 467.5bn) despite Q3s (US$ 156.3bn) slow down from Q2 (US$ 193.6bn) For a fourth consecutive quarter Goldman Sachs reigns supreme as the top financial advisor to European M&A with US$ 326.1bn worth of deals

1,600 1,519.7 Annual M&A Value Q3 M&A value Q2 M&A Value
Q1 M&A Value
600 700

M&A Value Number of Deals 2,000 1,800 1,600 500 1,400 1,200 1,000 300 800 600 400 100 200 0 0
1,400
1,200
384.7
200
1,000
1,005.2
800
583.3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
288.8
725.3 638.9
711.9
600
165.2
Q1 Q3 European M&A was valued at US$ 478.7bn which represents a 2.4% increase on Q1 Q3 2012 (US$ 467.5bn). The region is on target to match 2012s total (US$ 711.9bn). Should the 2013 total also surpass US$ 725.3bn (2011 values), it would mark the highest annual total in five years (2008 valued at US$ 1,005.2bn)
478.7 156.3
466.6 204.1
400
110.5 154.9 241.7 185.9
Unable to maintain the mega-deal momentum set in Q2 (US$ 193.6bn), M&A in Q3 fell 19.3% to US$ 156.3bn. This does however still represent a significant 41.5% increase compared to Q3 2012 (US$ 110.5bn) Eurozone M&A values in Q1 Q3 2013 (US$ 284.5bn) were 30.1% higher than Q1 Q3 2012 (US$ 218.7bn), with Q3 Eurozone deal values (US$ 101.1bn) up 49.3% compared to Q3 2012 (US$ 67.7bn) The UK & Ireland (US$ 108.2bn) were Europes biggest M&A market, contributing 22.2% to the total deal value on the back of the TMT and Financial Services top deals, followed by the Germanic countries with a 17.9% share for US$ 85.6bn-worth of deals
265.4 200
295.2
193.6
79
114.8 78.1 121.6 127.5 183.7 171.1

128.8
2007
2008
2009
2010
2011
2012
2013
Number of Deals
400
Europe: Industry and Cross-Border Analysis

European Cross-Border Analysis

Total cross-border (inbound and outbound) M&A value in Q3 (US$ 101.1bn) saw a recovery compared to both Q2 (US$ 54.5bn) and Q1 (US$ 74.3bn), making it the highest valued quarter in 15 months (Q2 2012 valued at US$ 138.7bn). While this shift in momentum is encouraging for the rest of 2013, the Q1 Q3 2013 total of US$ 230bn was 24.6% lower than Q1-Q3 2012 (US$ 305.1bn) Inbound deal value in Q3 (US$ 64.5bn) witnessed a 68% increase on Q2 values (US$ 38.4bn) and a 24% increase on Q1 (US$ 52bn), making it the highest valued quarter in over a year (Q2 2012 valued at US$ 79.8bn)
Consumer: US$ 44.4bn (US$ 52bn)
4.3%
3.3%
4.2% 9.3%
Q1 - Q3 2013
3.6% 11.7%
25.5%
3.2% 5.0% 11.1%
Q1 - Q3 2012
17.7%
3.4% 5.2%
1.3%
However, Q1 Q3 total inbound activity (US$ 154.9bn) was down 7.9% from Q1 Q3 2012 (US$ 168.2bn) due to Q2s (US$ 38.4bn) three year low (Q2 2010 valued at US$ 20.3bn) Outbound deals in Q3 (US$ 36.7bn) revived for the first time in 2013, up 128% compared to Q2 (US$ 16.1bn) and up 65.3% from Q1 (US$ 22.2bn). Despite the increase, total Q1 Q3 2013 outbound value (US$ 75.1bn) was down 45.1% compared to Q1 Q3 2012 (US$ 136.9bn)
250 300
26.4%
15.0%
3.9% 7.0%
14.1%
TMT: US$ 121.9bn (US$ 54.7bn)
13.9% 2.2%
Outbound M&A Value Inbound M&A Value Inbound Number of Deals
Transport: US$ 20.8bn (US$ 17bn)
8.9%
Outbound Number of Deals
Other: US$ 15.6bn (US$ 15bn)
200
250
150
150
Europe contributed to just over a quarter (27.4%) of global TMT deals (US$ 445.6bn). The significance of the sector in Europe is emphasised by the fact that even if the four TMT deals from Europes ten largest were removed, the sector would amount to US$ 49.3bn and still take the third highest market share after Energy, Mining and Utilities (US$ 84.8bn, 17.7%) and Financial Services (US$ 66.5bn, 13.9%) Although Q1 Q3 2013 deals in the Industrials & Chemicals sector (US$ 42.5bn) recorded the highest number of deals in Europe (836), deal value took the steepest fall compared to Q1 Q3 2012 (US$ 70.1bn), down 39.4% due to the absence of mega-deals
100 100
50
50
Number of Deals
Q1 Q3 2013 deals in the TMT sector (US$ 121.9bn) rose by 122.9% compared to Q1 Q3 2012 (US$ 54.7bn), giving the sector a dominant 25.5% market share with half of the regions top deals taking place in the sector. Europes top deal in Q3 was America Movils US$ 22.7bn offer to acquire the remaining 70.2% stake in Koninklijke KPN
200
Europe: Top 10 Deals

Announced Date 06-Feb-13 Bidder Company Liberty Global Plc Bidder Financial Advisor Credit Suisse; LionTree Advisors Deutsche Bank Target Company Virgin Media Inc Target/Seller Financial Advisor Goldman Sachs; JPMorgan ABN AMRO Bank; Goldman Sachs The Federal Agency for State Property Management Deutsche Bank; Morgan Stanley; Perella Weinberg Partners Deal Seller Company Value (US$m) 24,983
09-Aug-13
America Movil SAB de CV Russian Grids OAO
Koninklijke KPN NV (70.23% Stake) Federal Grid Company of Unified Energy System OAO (79.64% Stake) Kabel Deutschland Holding AG National Bank of Greece SA (84.4% Stake)
22,686
08-Apr-13
Barclays; Ernst & Young; Morgan Stanley; VTB Capital Goldman Sachs; UBS Investment Bank BNP Paribas; Moelis & Company
14,375
24-Jun-13
Vodafone Group Plc
13,678
21-Jun-13
Hellenic Financial Stability Fund
11,403
23-Jul-13
Telefonica Deutschland Holding AG
Bank of America Merrill Lynch; Citi; HSBC; Morgan Stanley; UBS Investment Bank BNP Paribas; Moelis & Company
E-Plus Mobilfunk GmbH & Co KG
Advising seller: ABN AMRO Bank; Goldman Sachs; ING; JPMorgan; KPMG
Koninklijke KPN NV
11,296
28-Jun-13
Piraeus Bank SA (81.01% Stake)
9,119
12-Apr-13
Joh A Benckiser SE
Bank of America Merrill Lynch; Citi; Leonardo & Co; Morgan Stanley; Rabobank; Rothschild Bank of America Merrill Lynch; Greenhill & Co
DE Master Blenders 1753 NV (84.95% Stake) Warner Chilcott Plc
Goldman Sachs; JPMorgan; Lazard
8,623
20-May-13
Actavis Inc
Deutsche Bank; Goldman Sachs
8,428
30-Apr-13
BNP Paribas; Moelis & Company
Eurobank Ergasias SA (98.57% Stake)
Barclays; Deutsche Bank
7,633
Europe: Financial Advisor League Tables

League Table of Financial Advisors to M&A by Value: Europe
Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Europe

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
2 5 1 9 4 14 133 3 7 11 6 8 41 10 47 16 63 37 -
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Goldman Sachs JPMorgan Morgan Stanley Bank of America Merrill Lynch Barclays UBS Investment Bank Guggenheim Partners Paul J. Taubman Deutsche Bank Citi BNP Paribas Rothschild Credit Suisse Moelis & Company Lazard ABN AMRO Bank HSBC VTB Capital Ernst & Young LionTree Advisors
326,114 276,468 268,210 223,316 213,104 181,047 127 ,695 127 ,600 112,049 92,051 91,748 77 ,018 66,516 59,265 56,725 34,539 33,645 31,838 26,766 25,748
103 77 70 57 63 48 3 2 45 62 64 110 43 19 65 14 23 8 121 2
209,747 154,962 211,246 106,169 165,741 55,913 505 186,022 118,850 89,351 129,836 107 ,989 8,256 99,830 6,744 31,815 4,013 8,932 -
55.5% 78.4% 27 .0% 110.3% 28.6% 223.8% 25,186% -39.8% -22.5% 2.7% -40.7% -38.4% 617 .8% -43.2% 412.1% 5.8% 693.4% 199.7% -
1 6 3 2 4 5 10 7 9 18 11 17 14 15 12 8 13 19 29 22
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
PwC Ernst & Young KPMG Rothschild Deloitte Goldman Sachs JPMorgan Morgan Stanley Lazard BNP Paribas Barclays Citi Bank of America Merrill Lynch M&A International UBS Investment Bank Deutsche Bank Credit Suisse Societe Generale Grant Thornton Corporate Finance DC Advisory
13,571 26,766 18,717 77 ,018 7 ,154 326,114 276,468 268,210 56,725 91,748 213,104 92,051 223,316 1,261 181,047 112,049 66,516 25,459 1,093 2,478
147 121 111 110 107 103 77 70 65 64 63 62 57 56 48 45 43 42 41 40
162 92 124 150 110 100 73 91 77 41 63 51 54 53 62 80 56 39 31 36
-15 29 -13 -40 -3 3 4 -21 -12 23 0 11 3 3 -14 -35 -13 3 10 4
Europe: Financial Advisor League Tables to Buyouts

League Table of Financial Advisors to Private Equity Buyouts by Value: Europe
Ranking
Q1-Q3
League Table of Financial Advisors to Private Equity Buyouts by Volume: Europe

Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
19 21 41 31 14 8 10 12 2 9 11 1 24 23
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Credit Suisse Jefferies UBS Investment Bank Bank of America Merrill Lynch JPMorgan Nomura Holdings Barclays Goldman Sachs Morgan Stanley Rothschild PwC Deutsche Bank Ernst & Young Handelsbanken Capital Markets SEB
7 ,029 6,783 5,907 5,405 5,250 5,030 4,647 4,400 4,390 3,526 3,475 3,473 3,396 3,333 3,197
4 5 4 2 3 3 3 10 6 8 16 3 12 3 4
1,734 1,420 311 595 3,070 4,628 3,737 3,590 5,891 4,569 3,628 8,847 1,007 1,026
305.4% 377 .7% 1,799% 808.4% 71.0% 8.7% 24.4% 22.6% -25.5% -22.8% -4.2% -60.7% 237 .2% 211.6%
1 2 3 36 29 6 4 11 13 26 16 15 28 101 30
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
PwC Deloitte Ernst & Young DC Advisory Goldman Sachs KPMG Rothschild Lincoln International Morgan Stanley Jefferies UniCredit Group BNP Paribas Altium Capital Clearwater Corporate Finance Credit Suisse
3,475 1,267 3,396 909 4,400 2,357 3,526 359 4,390 6,783 2,153 1,394 250 99 7 ,029
16 13 12 11 10 10 8 7 6 5 5 5 5 5 4
27 16 11 2 2 7 8 6 5 3 5 5 3 1 2
-11 -3 1 9 8 3 0 1 1 2 0 0 2 4 2
Europe: Financial Advisor League Tables by Country

League Table of Financial Advisors to M&A by Value: UK
Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: UK

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
2 6 4 10 5 1 83 11 7 8 53 16 3
1 2 3 4 5 6 7= 7= 9 10 11 12 13 14 15
Goldman Sachs JPMorgan Cazenove Morgan Stanley UBS Investment Bank Bank of America Merrill Lynch Barclays Guggenheim Partners Paul J. Taubman Credit Suisse Deutsche Bank LionTree Advisors Lazard Perella Weinberg Partners Citi Rothschild
192,433 186,177 164,427 153,636 146,905 145,312 127 ,600 127 ,600 40,541 33,632 25,748 15,348 14,628 13,591 11,302
38 36 28 20 21 24 2 2 16 15 2 14 3 22 37
64,028 36,291 43,192 21,596 41,774 68,152 505 18,811 33,078 29,424 1,552 12,631 45,520
200.5% 413.0% 280.7% 611.4% 251.7% 113.2% 25,167% 115.5% 1.7% -47 .8% 842.5% 7 .6% -75.2%
2 6 12 4 3 1 9 8 19 5 7 14 24 13 21
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
PwC KPMG Ernst & Young Deloitte Goldman Sachs Rothschild JPMorgan Cazenove Morgan Stanley Canaccord Genuity BDO Barclays Grant Thornton Corporate Finance Citi Bank of America Merrill Lynch UBS Investment Bank
3,396 1,776 5,409 3,539 192,433 11,302 186,177 164,427 5,309 396 145,312 610 13,591 146,905 153,636
46 44 43 40 38 37 36 28 28 28 24 23 22 21 20
49 36 26 41 41 57 28 29 20 37 35 25 16 25 19
-3 8 17 -1 -3 -20 8 -1 8 -9 -11 -2 6 -4 1
League Table of Financial Advisors to M&A by Value: Ireland

Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Ireland

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
7 15 1 5 18 2 6 4 30 32 14
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Bank of America Merrill Lynch Deutsche Bank Goldman Sachs Citi Ondra Partners Barclays Greenhill & Co Davy Corporate Finance Morgan Stanley Centerview Partners JPMorgan BNP Paribas Investec Rothschild Canaccord Genuity
11,280 11,067 10,447 9,995 9,775 8,699 8,428 6,866 6,526 3,249 1,273 1,113 413 343 332
4 3 4 3 2 4 1 3 3 1 3 1 4 3 2
589 261 26,065 12,423 143 14,343 679 13,258 48 41 276
1,815% 4,140% -59.9% -19.5% 6,736% -39.4% 911.2% -50.8% 760.4% 736.6% -
21 7 8 6 11 28 9 3 2 15 1 29 31 4
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Bank of America Merrill Lynch Goldman Sachs Barclays Investec Goodbody Corporate Finance Deutsche Bank Citi Davy Corporate Finance Morgan Stanley JPMorgan Rothschild IBI Corporate Finance Ernst & Young Ondra Partners Canaccord Genuity
11,280 10,447 8,699 413 120 11,067 9,995 6,866 6,526 1,273 343 146 131 9,775 332
4 4 4 4 4 3 3 3 3 3 3 3 3 2 2
1 3 3 4 3 1 3 5 5 2 9 1 1 5
3 1 1 0 1 2 0 -2 -2 1 -6 2 1 -3

League Table of Financial Advisors to M&A by Value: Germany
Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Germany

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
4 7 2 1 5 6 13 9 27 11 23 54 3 10
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Goldman Sachs UBS Investment Bank Deutsche Bank Morgan Stanley JPMorgan Citi Bank of America Merrill Lynch Perella Weinberg Partners KPMG Credit Suisse HSBC ABN AMRO Bank ING Rothschild Lazard
47 ,953 35,242 35,123 33,939 28,672 24,978 18,112 17 ,758 14,539 14,521 12,732 11,748 11,526 10,526 7 ,211
16 11 12 8 10 9 8 2 15 8 4 2 3 12 10
26,942 17 ,553 34,035 34,359 19,821 18,947 4,221 7 ,364 1,905 6,308 2,268 245 27 ,483 6,551
78.0% 100.8% 3.2% -1.2% 44.7% 31.8% 329.1% 141.1% 663.2% 130.2% 461.4% 4,695% -61.7% 10.1%
10 6 5 2 7 12 8 4 1 16 36 11 9 22 57
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Ernst & Young PwC Goldman Sachs KPMG Lincoln International UniCredit Group Deloitte Deutsche Bank Rothschild UBS Investment Bank Perspektiv JPMorgan Lazard Citi BNP Paribas
5,419 892 47 ,953 14,539 230 3,488 877 35,123 10,526 35,242 28,672 7 ,211 24,978 4,037
31 21 16 15 15 13 13 12 12 11 11 10 10 9 9
12 16 16 22 16 10 15 19 27 8 5 10 13 6 2
19 5 0 -7 -1 3 -2 -7 -15 3 6 0 -3 3 7
League Table of Financial Advisors to M&A by Value: Germanic

Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Germanic

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
3 2 4 1 13 5 15 11 18 6 12 24 31 33 66
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Goldman Sachs Morgan Stanley JPMorgan Deutsche Bank UBS Investment Bank Citi Bank of America Merrill Lynch Rothschild Perella Weinberg Partners Credit Suisse Lazard KPMG Leonardo & Co HSBC ABN AMRO Bank
60,321 46,179 40,022 37 ,492 36,764 36,354 29,896 21,534 17 ,930 16,703 16,642 14,694 14,388 12,732 11,748
23 13 14 16 17 12 12 19 3 17 15 20 10 4 2
86,186 97 ,359 71,188 100,040 18,873 68,879 18,023 40,499 8,911 61,548 20,720 3,317 2,308 2,268 245
-30.0% -52.6% -43.8% -62.5% 94.8% -47 .2% 65.9% -46.8% 101.2% -72.9% -19.7% 343.0% 523.4% 461.4% 4,695%
11 6 7 1 4 2 20 9 10 12 5 8 41 13 3
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Ernst & Young PwC Goldman Sachs KPMG Deloitte Rothschild UniCredit Group UBS Investment Bank Credit Suisse Lincoln International Deutsche Bank Lazard BNP Paribas JPMorgan Morgan Stanley
5,428 1,147 60,321 14,694 915 21,534 4,123 36,764 16,703 380 37 ,492 16,642 9,606 40,022 46,179
33 25 23 20 20 19 18 17 17 17 16 15 15 14 13
18 25 23 34 27 31 10 22 18 17 26 22 4 16 29
15 0 0 -14 -7 -12 8 -5 -1 0 -10 -7 11 -2 -16

League Table of Financial Advisors to M&A by Value: Benelux
Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Benelux

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
7 6 13 2 9 3 1 84 14 38 12 5 15 23 25
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Goldman Sachs Morgan Stanley ABN AMRO Bank JPMorgan Citi Bank of America Merrill Lynch Deutsche Bank HSBC UBS Investment Bank Leonardo & Co Rabobank Lazard ING BNP Paribas KPMG
66,835 35,662 34,539 33,930 27 ,372 26,951 25,157 22,756 18,520 17 ,330 15,158 13,638 11,722 11,465 11,384
18 13 14 11 7 13 5 8 5 13 23 11 16 18 13
25,154 26,131 6,744 42,411 11,815 34,638 43,595 19 5,981 451 7 ,630 28,100 5,881 2,227 1,630
165.7% 36.5% 412.1% -20.0% 131.7% -22.2% -42.3% 1 19,668% 209.6% 3,743% 98.7% -51.5% 99.3% 414.8% 598.4%
3 2 15 7 28 6 5 13 20 12 31 1 11 8 10
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Rabobank PwC Deloitte Goldman Sachs BNP Paribas ING ABN AMRO Bank Rothschild Morgan Stanley Bank of America Merrill Lynch Leonardo & Co KPMG M&A International JPMorgan Lazard
15,158 3,184 1,245 66,835 11,465 11,722 34,539 10,837 35,662 26,951 17 ,330 11,384 5 33,930 13,638
23 20 20 18 18 16 14 14 13 13 13 13 13 11 11
18 22 10 15 5 17 17 10 7 10 5 22 11 13 11
5 -2 10 3 13 -1 -3 4 6 3 8 -9 2 -2 0
League Table of Financial Advisors to M&A by Value: France

Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: France

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
2 3 4 15 19 12 8 158 6 1 9 14 -
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
BNP Paribas Rothschild Morgan Stanley Bank of America Merrill Lynch Citi JPMorgan Goldman Sachs Moelis & Company Barclays Lazard Deutsche Bank Credit Agricole Centerview Partners Allen & Company Natixis
41,769 34,680 32,136 32,042 23,376 21,646 20,663 20,255 18,997 18,794 14,644 10,399 8,653 8,169 7 ,949
38 39 11 5 8 7 15 3 9 24 5 18 2 1 9
33,189 32,610 26,355 6,109 3,408 10,088 11,888 14,827 34,200 11,246 6,270 -
25.9% 6.3% 21.9% 424.5% 585.9% 114.6% 73.8% 28.1% -45.0% 30.2% 65.9% -
1 2 3 4 7 6 10 63 5 15 9 14 18 44
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Rothschild BNP Paribas Lazard Societe Generale Credit Agricole PwC Goldman Sachs M&A International Leonardo & Co DC Advisory Morgan Stanley Ernst & Young Barclays Natixis Edmond de Rothschild Corporate Finance
34,680 41,769 18,794 7 ,263 10,399 1,304 20,663 55 2,559 570 32,136 1,133 18,997 7 ,949 1,109
39 38 24 23 18 18 15 14 13 13 11 11 9 9 9
40 31 26 22 16 21 14 2 22 11 14 11 8 3
-1 7 -2 1 2 -3 1 12 -9 2 -3 0 1 6

League Table of Financial Advisors to M&A by Value: Iberia
Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Iberia

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
5 1 23 22 3 9 40 13 6 21 24 7 14 28 16
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Goldman Sachs Barclays PwC Banco Bilbao Vizcaya Argentaria Rothschild JPMorgan Rabobank Bank of America Merrill Lynch Citi Deloitte Morgan Stanley Banco BTG Pactual Santander Global Banking and Markets BNP Paribas Societe Generale
10,798 6,723 5,959 4,972 4,706 3,845 3,591 3,139 3,099 2,955 1,926 1,626 1,590 1,237 1,132
9 10 31 18 12 5 7 4 6 18 6 3 7 2 7
8,762 14,170 2,193 2,379 10,601 6,470 227 5,253 8,067 2,407 1,992 7 ,437 5,097 1,290 4,698
23.2% -52.6% 171.7% 109.0% -55.6% -40.6% 1,482% -40.2% -61.6% 22.8% -3.3% -78.1% -68.8% -4.1% -75.9%
1 5 6 2 4 3 9 14 27 11 18 12 24 10 26
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
PwC Ernst & Young Banco Bilbao Vizcaya Argentaria Deloitte KPMG Rothschild Barclays Goldman Sachs Rabobank Santander Global Banking and Markets Societe Generale Citi Morgan Stanley JPMorgan Arcano
5,959 594 4,972 2,955 995 4,706 6,723 10,798 3,591 1,590 1,132 3,099 1,926 3,845 80
31 20 18 18 14 12 10 9 7 7 7 6 6 5 5
27 14 12 21 15 20 8 5 3 7 4 6 3 7 3
4 6 6 -3 -1 -8 2 4 4 0 3 0 3 -2 2
League Table of Financial Advisors to M&A by Value: Spain

Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Spain

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
2 8 11 17 1 5 33 18 6 10 19 21 16 7 12
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Goldman Sachs Barclays PwC Banco Bilbao Vizcaya Argentaria Rothschild JPMorgan Rabobank Bank of America Merrill Lynch Citi Deloitte Morgan Stanley Santander Global Banking and Markets BNP Paribas Societe Generale Deutsche Bank
10,798 6,723 5,948 4,849 4,706 3,845 3,591 3,139 3,099 2,955 1,926 1,467 1,237 1,132 1,070
9 10 30 17 12 5 7 4 6 18 6 6 2 7 2
7 ,917 3,616 2,193 1,277 9,562 5,784 227 1,117 3,931 2,407 1,013 946 1,290 3,913 1,563
36.4% 85.9% 171.2% 279.7% -50.8% -33.5% 1,482% 181.0% -21.2% 22.8% 90.1% 55.1% -4.1% -71.1% -31.5%
1 5 2 6 3 4 12 11 18 13 9 26 10 8 17
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
PwC Ernst & Young Deloitte Banco Bilbao Vizcaya Argentaria Rothschild KPMG Barclays Goldman Sachs Rabobank Societe Generale Citi Morgan Stanley Santander Global Banking and Markets JPMorgan Arcano
5,948 594 2,955 4,849 4,706 984 6,723 10,798 3,591 1,132 3,099 1,926 1,467 3,845 80
30 20 18 17 12 12 10 9 7 7 6 6 6 5 5
27 12 21 9 17 14 4 4 3 3 5 2 5 5 3
3 8 -3 8 -5 -2 6 5 4 4 1 4 1 0 2

League Table of Financial Advisors to M&A by Value: Italy
Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Italy

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
8 30 34 9 1 14 4 2 3 6 11 7 10 22 12
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Goldman Sachs JPMorgan Barclays Banca IMI/Intesa Sanpaolo Morgan Stanley UniCredit Group Lazard Leonardo & Co Rothschild Mediobanca Deutsche Bank BNP Paribas Bank of America Merrill Lynch HSBC Credit Suisse
17 ,136 11,966 11,447 10,272 9,261 7 ,841 7 ,165 7 ,112 6,792 6,721 6,208 6,113 5,300 5,046 4,607
8 7 4 17 3 19 10 5 9 8 3 10 3 3 2
11,633 417 255 7 ,842 24,635 2,481 15,343 22,166 17 ,943 12,764 6,318 12,259 7 ,585 964 3,713
47 .3% 2,770% 4,389% 31.0% -62.4% 216.0% -53.3% -67 .9% -62.1% -47 .3% -1.7% -50.1% -30.1% 423.4% 24.1%
6 4 9 1 11 2 12 3 43 10 15 18 5 19 30
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
UniCredit Group Banca IMI/Intesa Sanpaolo KPMG Lazard BNP Paribas Rothschild Goldman Sachs Mediobanca JPMorgan PwC Vitale & Associati Fineurop Soditic Leonardo & Co UBS Investment Bank Deloitte
7 ,841 10,272 597 7 ,165 6,113 6,792 17 ,136 6,721 11,966 119 2,232 249 7 ,112 4,383 256
19 17 13 10 10 9 8 8 7 7 6 6 5 5 5
11 12 8 15 6 14 6 12 1 7 6 5 11 4 2
8 5 5 -5 4 -5 2 -4 6 0 0 1 -6 1 3
League Table of Financial Advisors to M&A by Value: Nordic

Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Nordic

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
4 10 11 9 6 34 2 23 14 8 7 17 46 15
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Goldman Sachs JPMorgan Morgan Stanley Barclays Nordea Corporate Finance Jefferies Bank of America Merrill Lynch Nomura Holdings Handelsbanken Capital Markets UBS Investment Bank Credit Suisse SEB VTB Capital PK Partners Citi
22,036 17 ,296 9,795 7 ,633 6,278 5,653 5,290 5,023 4,972 4,790 4,423 4,327 3,550 3,336 3,062
12 13 6 8 17 5 8 2 13 4 1 22 1 2 8
8,997 6,562 6,437 6,924 7 ,818 1,765 12,545 3,425 5,419 7 ,432 7 ,488 4,688 320 5,328
144.9% 163.6% 52.2% 10.2% -19.7% 220.3% -57 .8% 46.7% -8.2% -35.5% -40.9% -7 .7% 942.5% -42.5%
1 2 5 3 4 6 17 12 20 66 16 11 10 15 32
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
PwC SEB ABG Sundal Collier Nordea Corporate Finance Ernst & Young KPMG JPMorgan Handelsbanken Capital Markets Danske Bank Corporate Finance Grant Thornton Corporate Finance Goldman Sachs Deloitte Pareto Securities Rothschild Barclays
1,917 4,327 2,220 6,278 1,752 485 17 ,296 4,972 741 52 22,036 769 641 2,082 7 ,633
29 22 18 17 17 14 13 13 13 13 12 12 12 9 8
42 27 14 22 21 14 8 11 8 2 9 12 12 9 4
-13 -5 4 -5 -4 0 5 2 5 11 3 0 0 0 4

League Table of Financial Advisors to M&A by Value: Sweden
Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Sweden

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
1 7 6 14 4 5 17 2 19 8 9 25 26
1 2 3 4 5 6 7 8= 8= 10 11 12 13 14 15
Goldman Sachs JPMorgan Nordea Corporate Finance Jefferies Handelsbanken Capital Markets Morgan Stanley UBS Investment Bank Credit Suisse Nomura Holdings Barclays SEB VTB Capital PK Partners Bank of America Merrill Lynch Lazard
9,209 7 ,184 5,180 5,064 4,773 4,516 4,423 4,423 4,423 4,049 3,885 3,550 3,336 2,295 1,453
5 9 8 3 9 3 2 1 1 6 10 1 2 5 2
8,549 3,443 3,553 1,525 5,300 4,558 1,245 7 ,488 1,152 3,198 2,521 320 310
7 .7% 108.7% 45.8% 232.1% -9.9% -0.9% 255.3% -40.9% 283.9% 26.6% 54.1% 942.5% 368.7%
1 38 2 6 9 27 4 3 19 36 14 8 43
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
PwC Grant Thornton Corporate Finance SEB JPMorgan Handelsbanken Capital Markets ABG Sundal Collier Ernst & Young Nordea Corporate Finance Barclays Danske Bank Corporate Finance KPMG Goldman Sachs Bank of America Merrill Lynch DC Advisory Keystone
1,023 52 3,885 7 ,184 4,773 1,189 49 5,180 4,049 218 128 9,209 2,295 128 85
16 12 10 9 9 9 9 8 6 6 6 5 5 5 5
23 2 16 7 6 3 12 12 3 2 5 6 2
-7 10 -6 2 3 6 -3 -4 3 4 1 -1 3
League Table of Financial Advisors to M&A by Value: Denmark

Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Denmark

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
11 6 8 42 38 5 28
1 2 3 4 5 6 7 8= 8= 8= 11 12 13 14 15
Citi Nordea Corporate Finance PwC JPMorgan Swedbank Moelis & Company UniCredit Group CITIC Securities Co Nomura Holdings Southwest Securities Company Lazard Capitellum Ernst & Young Carnegie Investment Bank Canaccord Genuity
1,447 1,027 965 876 769 700 687 600 600 600 597 576 573 523 520
3 7 11 3 1 1 3 1 1 1 2 1 4 5 1
527 1,459 671 1,885 36
94.9% -33.9% 14.6% -72.3% 1,344%
1 5 4 7 2 9 3 10 38 8 42 11
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
PwC Deloitte Advizer Nordea Corporate Finance SEB M&A International Carnegie Investment Bank FIH Partners Ernst & Young Citi JPMorgan UniCredit Group KPMG Lazard Morgan Stanley
965 388 1,027 308 79 523 495 573 1,447 876 687 597 264
11 10 8 7 7 6 5 5 4 3 3 3 3 2 2
18 7 8 5 8 4 8 3 1 4 1 3
-7 3 0 2 -1 2 -3 2 3 -1 1 -1

League Table of Financial Advisors to M&A by Value: Norway
Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Norway

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
5 4 21 61 1 14 12 3 29 19 47
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Barclays Bank of America Merrill Lynch ING CIMB Group Goldman Sachs Maybank Investment Bank Morgan Stanley Lambert Energy Advisory ABG Sundal Collier SEB DNB Markets Rothschild Citi Carnegie Investment Bank Ernst & Young
3,584 2,995 2,900 2,900 2,900 2,900 2,900 2,650 2,187 1,720 1,516 1,289 1,255 1,180 1,160
2 2 2 1 1 1 1 1 16 8 6 4 3 2 5
3,726 3,949 173 5,882 608 2,198 4,101 55 202 -
-3.8% -24.2% 1,576% -62.8% 182.9% -31.0% -68.6% 2,182% 484.2% -
1 3 7 4 5 2 22 52 16 12 38 6 15 9 8
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15= 15=
ABG Sundal Collier Pareto Securities SEB PwC Arctic Securities DNB Markets Ernst & Young Danske Bank Corporate Finance Rothschild Handelsbanken Capital Markets Citi Nordea Corporate Finance Alpha Corporate Finance Steinvender FIH Partners Global M&A Partners
2,187 641 1,720 283 640 1,516 1,160 186 1,289 55 1,255 333 53 31 -
16 12 8 8 7 6 5 5 4 4 3 3 3 3 3 3
12 12 5 9 7 12 2 1 2 4 1 6 3 5 5
4 0 3 -1 0 -6 3 4 2 0 2 -3 0 -2 -2
League Table of Financial Advisors to M&A by Value: Finland

Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Finland

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
7 11 10 13 32 1 18 16 34 14
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
JPMorgan Goldman Sachs Morgan Stanley goetzpartners SEB PwC Nordea Corporate Finance Access Partners Swedbank Capitellum Danske Bank Corporate Finance KPMG UBS Investment Bank BNP Paribas PK Partners
9,972 9,927 3,081 2,219 1,341 1,266 1,186 862 769 576 467 427 367 325 227
3 4 2 1 6 4 5 2 2 1 6 6 1 1 1
3,119 425 1,171 220 4,339 110 210 220
219.7% 2,36% 163.1% 509.5% -72.7% 683.6% 122.4% 3.2%
9 28 22 1 8 12 6 11 24 2 16 10 -
1 2 3 4 5 6 7 8 9 10 11= 11= 13 14 15
SEB Danske Bank Corporate Finance KPMG Nordea Corporate Finance Goldman Sachs PwC PCA Corporate Finance HLP Corporate Finance JPMorgan Clairfield International Ernst & Young Translink Morgan Stanley Access Partners Swedbank
1,341 467 427 1,186 9,927 1,266 14 9,972 14 3,081 862 769
6 6 6 5 4 4 4 4 3 3 3 3 2 2 2
3 1 2 8 3 3 4 3 1 6 2 3 -
3 5 4 -3 1 1 0 1 2 -3 0 -1 -

League Table of Financial Advisors to M&A by Value: CEE
Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: CEE

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
11 4 10 5 25 23 3 1 7 12 14 21 22 27 -
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
VTB Capital Morgan Stanley JPMorgan Barclays Ernst & Young Societe Generale Deutsche Bank Goldman Sachs Credit Suisse Bank of America Merrill Lynch Citi Renaissance Capital KPMG ING Erste Group Bank
24,761 23,731 18,576 18,263 16,505 8,763 6,038 4,739 4,011 3,903 3,647 3,616 3,284 2,440 2,258
7 7 8 5 14 9 6 5 2 5 8 1 11 4 2
4,013 10,492 4,810 8,628 281 443 13,268 17 ,168 7 ,330 3,760 2,046 553 508 142 -
517 .0% 126.2% 286.2% 111.7% 5,774% 1,878% -54.5% -72.4% -45.3% 3.8% 78.3% 553.9% 546.5% 1,618% -
9 6 15 18 21 16 5 8 7 4 3 20 2 37 -
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Ernst & Young KPMG Societe Generale JPMorgan Citi Deloitte UniCredit Group VTB Capital Morgan Stanley Deutsche Bank Rothschild Barclays Goldman Sachs Bank of America Merrill Lynch Otkritie Financial Corporation
16,505 3,284 8,763 18,576 3,647 524 427 24,761 23,731 6,038 450 18,263 4,739 3,903 1,442
14 11 9 8 8 8 8 7 7 6 6 5 5 5 5
8 11 5 4 3 5 11 10 10 12 13 3 13 1 -
6 0 4 4 5 3 -3 -3 -3 -6 -7 2 -8 4 -
League Table of Financial Advisors to M&A by Value: Russia

Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Russia

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
9 4 34 11 8 19 17 3 10 6 2 -
1 2 3 4 5 6 7 8 9 10 11 12= 12= 12= 12=
VTB Capital Morgan Stanley Ernst & Young Barclays JPMorgan Societe Generale Renaissance Capital Deutsche Bank Bank of America Merrill Lynch Credit Suisse Goldman Sachs BMO Capital Markets Canaccord Genuity GMP Securities Nedbank Capital
24,761 21,705 14,421 14,375 9,362 5,154 3,616 3,453 3,000 2,900 2,155 1,525 1,525 1,525 1,525
7 4 3 1 4 4 1 4 2 1 2 1 1 1 1
4,013 6,994 3,760 4,538 339 473 8,197 3,760 5,566 13,375 -
517 .0% 210.3% 282.3% 106.3% 1,420% 664.5% -57 .9% -20.2% -47 .9% -83.9% -
2 3 11 9 5 1 13 24 23 18 4 12 19 8
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
VTB Capital Otkritie Financial Corporation Morgan Stanley JPMorgan Societe Generale Deutsche Bank Sberbank CIB Ernst & Young KPMG Citi Bank of America Merrill Lynch Goldman Sachs UniCredit Group Barclays Renaissance Capital
24,761 1,442 21,705 9,362 5,154 3,453 1,486 14,421 872 755 3,000 2,155 167 14,375 3,616
7 5 4 4 4 4 4 3 3 3 2 2 2 1 1
10 9 3 4 7 18 3 1 1 1 8 3 1 4
-3 -5 1 0 -3 -14 0 2 2 1 -6 -1 0 -3

League Table of Financial Advisors to M&A by Value: Poland
Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Poland

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
6 1 5 3 -
1= 1= 1= 1= 5 6= 6= 8 9= 9= 9= 9=
Bank of America Merrill Lynch Barclays Goldman Sachs Nordea Corporate Finance Rothschild Bank Zachodni WBK Morgan Stanley Credit Agricole Citi Dundee Capital Markets GMP Securities Peters & Co
903 903 903 903 320 292 292 264 224 224 224 224
2 2 2 2 1 2 2 1 1 1 1 1
1,370 2,670 1,370 1,621 -
-34.1% -66.2% -78.7% -86.2% -
11 14 3 13 1 2 10
1 2= 2= 2= 2= 6= 6= 8 9 10
Deloitte Bank of America Merrill Lynch Barclays Goldman Sachs Nordea Corporate Finance Bank Zachodni WBK Morgan Stanley UniCredit Group Ernst & Young Trigon Group
49 903 903 903 903 292 292 95 82 44
3 2 2 2 2 2 2 2 2 2
2 1 3 1 5 4 2
1 1 -1 1 -3 -2 0
League Table of Financial Advisors to M&A by Value: Turkey

Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Turkey

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
23 12 4 13 44 6 3 27 25 1 18
1 2 3 4 5 6= 6= 8 9 10 11 12 13 14 15
Raiffeisen Centrobank Garanti Securities Goldman Sachs Citi Societe Generale UniCredit Group Yapi Kredi Yatirim Menkul Degerler Deutsche Bank Bank of America Merrill Lynch Lazard Burgan Securities PwC Rothschild ING Unlu & Co
3,713 1,162 1,156 1,091 967 964 964 925 794 708 702 615 518 425 311
7 1 5 3 4 2 2 1 3 2 3 7 2 1 3
75 695 4,161 593 3,760 4,533 26 33 5,660 189
4,851% 67 .2% -72.2% 84.0% -75.4% -82.5% 2,600% 1,764% -90.8% 64.6%
9 28 1 2 7 5 6 4 8 19 17 44 -
1 2 3 4 5 6 7 8 9 10 11 12 13= 13= 15
IS Investment Securities Raiffeisen Centrobank PwC Pragma Corporate Finance 3 Seas Capital Partners Goldman Sachs Societe Generale Deloitte Citi Bank of America Merrill Lynch Burgan Securities Unlu & Co UniCredit Group Yapi Kredi Yatirim Menkul Degerler Lazard
131 3,713 615 184 15 1,156 967 1,091 794 702 311 964 964 708
8 7 7 6 6 5 4 4 3 3 3 3 2 2 2
3 1 7 6 4 4 4 5 3 2 2 1 -
5 6 0 0 2 1 0 -2 0 1 1 1 -
US: Overview of Q1 - Q3 2013

On the 5th anniversary of the financial crisis, US M&A continues its comeback: Q3 2013 was the most active summer quarter by value on Mergermarket record With mandates on 5 of the 10 largest deals to date, Goldman Sachs (US$ 354.9bn) topped the financial advisor league table by value through Q1 Q3 2013

1,600 Annual M&A Value Q3 M&A Value Q2 M&A Value
Q1 M&A Value
500 600

M&A Value Number of Deals 1,200 1,400
1,400
1,345.8
1,000 400
1,200
300 600 200 400
255.4
1,000
100
200
800
500.8 751.4
687.9
823.1
851.2
720.4 654.5 207.3

311.4
263.2 600
220.7
98.0 400 361.1 266.2 186.2
H1 2013 was marked by the rise of mega-deals, a trend which peaked in Q3 with the announcement of a 45% stake acquisition in Verizon Wireless by Verizon Communications for US$ 124.1bn, the largest US-based deal on Mergermarket record (since 2001). The transaction constituted 39.9% of Q3s deal value (US$ 311.4bn) and 19% of the Q1 Q3 total (US$ 654.5bn) The Verizon deal led to a Q3 valued at US$ 311.4bn, the most active third quarter onMergermarket record (since 2001), representing a remarkable 87.7% jump from Q2 (US$ 165.9bn), and a 41.1% increase on Q3 2012 (US$ 220.7bn)
153.0 185.3 165.9
178.3 200 144.5 247.5

198.9
187.9
146.3
177.2 126.5
As a result, M&A in Q1 Q3 2013 increased 22.3% from the first three quarters of 2012 (US$ 535.1bn). Excluding Verizon from the Q1 Q3 deal value would put the first three quarters only 0.9% behind Q1 Q3 2012 and would equal US$ 530.4bn Additional positive news came by way of the average deal size of US-based transactions, which has seen a steady increase since 2010 (US$ 401.8m) and hit a record high (since 2001) this year at US$ 579.3m
2007
2008
2009
2010
2011
2012
2013
Number of Deals
800
US: Industry and Cross-Border Analysis

US Cross-Border Analysis
Domestic deals have been the focus of US M&A in 2013. By deal count, 88% of all US deals over US$ 2bn (US$ 429.8bn, 50 deals) were domestic transactions. In comparison, domestic deals constituted 75.4% of the large-cap volume this time in 2012 (US$ 266.2bn, 57 deals) and only 67.6% during the same period in 2007s peak (US$ 722.5bn, 108 deals) Foreign investments into the US were down 21.6% by deal value in Q1 Q3 2013 (US$ 93.2bn) from Q1 Q3 2012 (US$ 118.9bn). However, an upward quarter-on-quarter trend was apparent with foreign investments in Q2 2013 (US$ 32.3bn) up 86.7% from Q1 (US$ 17.3bn), while Q3 value (US$ 43.6bn) was up 35% from Q2 (US$ 32.3bn) US acquisitions abroad picked up again in Q3 (US$ 47.7bn) after a dip in Q2 2013 (US$ 31.7bn). A share of 53.1% of the investments was aimed at European targets (US$ 25.4bn). When compared with Q1 Q3 2012 (US$ 123.1bn), outbound investments in Q1 Q3 2013 (US$ 133.9bn) increased slightly, up 8.8%
1.1%
1.7%
4.5% 10.9%
Q1 - Q3 2013
0.9% 1.3% 5.7%

15.0%
Industrials & Chemicals: US$ 46bn (US$ 65.9bn)
4.7% 40.5%
Q1 - Q3 2012
13.8%
13.6%
11.4%
22.5%
4.0%
Real Estate: US$ 21bn (US$ 24.9bn)
4.9%
12.3% 8.4% 1.1% 3.2% 11.5%
200 Outbound M&A Value Inbound M&A Value Inbound Number of Deals Outbound Number of Deals 160 250 300 350
7.0%
TMT: US$ 264.9bn (US$ 80.1bn)
180
120
200
100 150
Energy, Mining and Utilities M&A in Q1 Q3 2013 (US$ 88.9bn) decreased by 26.2% compared to Q1 Q3 2012 (US$ 120.5bn). The sector will likely finish the year with the lowest value in four years (2009 valued at US$ 92.3bn) with Energy deals being one explanation due to bid-ask issues between buyers and sellers due to oil prices, according to Mergermarket intelligence Pharma, Medical and Biotech M&A in Q1 Q3 (US$ 75.2bn) was up 23.1% from Q1 Q3 2012 (US$ 61.1bn). The sector sees firms drug pipelines recovering after fears of impending patent cliffs but feel less pressure to execute mega-deals
80
60
100
40 50 20
Number of Deals
Assisted by high valuations, TMT deals in Q1 Q3 2013 claimed a 40.5% market share by value (US$ 264.9bn), already 69.8% above 2012s full year value (US$ 156bn). The average deal size for the TMT sector reached US$ 1.1bn in Q1 Q3 2013, the highest since 2001 and double the previous record of US$ 462.3m in Q1 - Q3 2006
140
US: Top 10 Deals

Announced Date 02-Sep-13 Bidder Company Verizon Communications Inc Bidder Financial Advisor Bank of America Merrill Lynch; Barclays; Guggenheim Partners; JPMorgan; Morgan Stanley; Paul J. Taubman JPMorgan; Lazard; Wells Fargo Securities Bank of America Merrill Lynch; Barclays; Citi; Credit Suisse; Deutsche Bank; LionTree Advisors; RBC Capital Markets; UBS Investment Bank Bank of America Merrill Lynch; BNP Paribas; Citi; Rothschild Bank of America Merrill Lynch; Morgan Stanley Target Company Verizon Wireless Inc (45% Stake) Target/Seller Financial Advisor Advising Seller: Goldman Sachs; UBS Investment Bank Deal Seller Company Vodafone Group Plc Value (US$m) 124,100
14-Feb-13
Berkshire Hathaway Inc; and 3G Capital Partners Silver Lake Partners LP; and Michael Dell (private investor)
HJ Heinz Company
Bank of America Merrill Lynch; Centerview Partners; Moelis & Company Evercore Partners; Goldman Sachs; JPMorgan
27,362
05-Feb-13
Dell Inc
20,169
28-Jul-13
Publicis Groupe SA
Omnicom Group Inc
Moelis & Company; Morgan Stanley Advising seller: Centerview Partners; Goldman Sachs; JPMorgan Deutsche Bank; Moelis & Company Advising seller: Bank of America Merrill Lynch; Goldman Sachs; Guggenheim Partners; JPMorgan; Morgan Stanley Advising Seller: Morgan Stanley Lazard Advising Seller: Centerview Partners; Citi; Deutsche Bank; Goldman Sachs; JPMorgan Twenty-First Century Fox Inc Pfizer Inc General Electric Company
19,369
12-Feb-13
Comcast Corporation
NBCUniversal Media LLC (49% Stake)
16,700
15-Apr-13
Thermo Fisher Scientific Inc Pfizer Inc (Shareholders)
Barclays; JPMorgan
Life Technologies Corp
15,008
22-May-13
Zoetis Inc (80.2% Stake)
12,375
06-Aug-13
Spectra Energy Partners LP MidAmerican Energy Holdings Company News Corporation (Shareholders)
Evercore Partners
Spectra Energy Corp (US transmission, storage and liquids assets) NV Energy Inc News Corporation
Spectra Energy Corp
12,328
29-May-13 24-May-13
10,363 9,293
Americas: Financial Advisor League Tables

League Table of Financial Advisors to M&A by Value: Americas
Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Americas

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
1 5 2 4 3 12 65 6 8 7 10 20 13 11 9 19 14 47
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Goldman Sachs Bank of America Merrill Lynch JPMorgan Morgan Stanley Barclays UBS Investment Bank Guggenheim Partners Deutsche Bank Paul J. Taubman Citi Credit Suisse Lazard Moelis & Company Centerview Partners Evercore Partners RBC Capital Markets LionTree Advisors Wells Fargo Securities Rothschild BNP Paribas
401,598 362,160 348,902 307 ,366 242,722 188,041 151,008 148,379 127 ,600 120,821 118,742 92,575 84,111 78,880 66,926 66,192 49,211 45,330 38,106 32,086
153 108 109 106 74 59 13 67 2 84 74 81 44 16 59 70 6 32 41 24
246,348 149,638 173,677 150,922 153,392 54,896 3,296 142,153 124,470 136,399 72,238 23,953 53,318 63,303 75,408 24,812 51,360 5,888
63.0% 142.0% 100.9% 103.7% 58.2% 242.5% 4,482% 4.4% -2.9% -12.9% 28.2% 251.2% 47 .9% 5.7% -12.2% 82.7% -25.8% 444.9%
1 3 6 4 10 9 2 5 7 8 12 14 15 31 11 18 19 16 34 13
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Goldman Sachs JPMorgan Bank of America Merrill Lynch Morgan Stanley Citi Lazard Barclays Credit Suisse RBC Capital Markets Deutsche Bank Jefferies UBS Investment Bank Evercore Partners Stifel/KBW Houlihan Lokey Raymond James & Associates PwC Moelis & Company KPMG Rothschild
401,598 348,902 362,160 307 ,366 120,821 92,575 242,722 118,742 66,192 148,379 26,987 188,041 66,926 6,480 10,734 5,538 3,614 84,111 4,097 38,106
153 109 108 106 84 81 74 74 70 67 66 59 59 57 55 51 45 44 43 41
166 107 95 106 82 87 109 98 95 89 73 62 53 35 75 50 46 50 27 66
-13 2 13 0 2 -6 -35 -24 -25 -22 -7 -3 6 22 -20 1 -1 -6 16 -25
US: Financial Advisor League Tables to Buyouts

League Table of Financial Advisors to Private Equity Buyouts by Value: US
Ranking
Q1-Q3
League Table of Financial Advisors to Private Equity Buyouts by Volume: US

Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
3 27 5 4 2 15 18 6 9 1 11 8
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
RBC Capital Markets Lazard Credit Suisse Barclays Deutsche Bank Wells Fargo Securities UBS Investment Bank JPMorgan Bank of America Merrill Lynch Citi LionTree Advisors Allen & Company Qatalyst Group Morgan Stanley Jefferies
34,167 30,918 30,353 30,004 29,287 28,662 28,365 28,291 23,857 21,747 20,769 8,169 6,535 5,305 4,772
6 4 9 6 9 3 11 4 7 4 2 1 1 6 11
13,261 540 10,061 10,605 17 ,883 2,399 1,824 9,208 7 ,581 19,108 4,441 7 ,730
157 .7% 5,627% 201.7% 182.9% 63.8% 1,095% 1,455% 207 .2% 214.7% 13.8% 19.5% -38.3%
21 6 5 2 9 3 8 7 1 23 13 4 15 18 45
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
UBS Investment Bank Jefferies Credit Suisse Deutsche Bank Bank of America Merrill Lynch RBC Capital Markets Barclays Morgan Stanley Goldman Sachs Lazard JPMorgan Citi Wells Fargo Securities Lincoln International Deloitte
28,365 4,772 30,353 29,287 23,857 34,167 30,004 5,305 2,858 30,918 28,291 21,747 28,662 107 -
11 11 9 9 7 6 6 6 6 4 4 4 3 3 3
2 7 7 10 6 10 6 7 11 2 3 7 3 3 1
9 4 2 -1 1 -4 0 -1 -5 2 1 -3 0 0 2
Americas: Financial Advisor League Tables

League Table of Financial Advisors to M&A by Value: US
Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: US

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
1 2 7 3 5 12 47 6 8 4 11 19 10 9 16 18 15 36
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Goldman Sachs JPMorgan Bank of America Merrill Lynch Morgan Stanley Barclays UBS Investment Bank Guggenheim Partners Paul J. Taubman Deutsche Bank Citi Credit Suisse Lazard Moelis & Company Centerview Partners Evercore Partners RBC Capital Markets LionTree Advisors Wells Fargo Securities Rothschild BNP Paribas
354,906 341,863 341,296 296,721 239,405 184,571 151,008 127 ,600 118,729 118,237 114,322 89,957 84,090 78,880 62,174 49,842 49,211 45,330 33,890 31,753
134 96 93 94 71 54 13 2 61 77 68 71 43 16 56 54 6 32 27 20
197 ,861 134,511 93,937 123,118 118,146 42,414 3,296 109,022 86,304 118,543 44,328 23,519 53,318 62,030 26,833 24,812 29,654 5,888
79.4% 154.2% 263.3% 141.0% 102.6% 335.2% 4,482% 8.9% 37 .0% -3.6% 102.9% 257 .5% 47 .9% 0.2% 85.7% 82.7% 14.3% 439.3%
1 3 4 5 11 2 9 6 10 7 28 13 14 12 8 15 16 20 21 33
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Goldman Sachs JPMorgan Morgan Stanley Bank of America Merrill Lynch Citi Barclays Lazard Credit Suisse Jefferies Deutsche Bank Stifel/KBW Evercore Partners UBS Investment Bank RBC Capital Markets Houlihan Lokey Raymond James & Associates Moelis & Company Lincoln International Sandler O'Neill & Partners KPMG
354,906 341,863 296,721 341,296 118,237 239,405 89,957 114,322 26,091 118,729 6,480 62,174 184,571 49,842 10,651 4,784 84,090 814 5,679 2,014
134 96 94 93 77 71 71 68 63 61 57 56 54 54 53 44 43 38 36 34
141 94 92 77 67 99 71 76 68 74 34 51 48 56 72 48 46 38 37 21
-7 2 2 16 10 -28 0 -8 -5 -13 23 5 6 -2 -19 -4 -3 0 -1 13
US: Financial Advisor League Tables by Country

League Table of Financial Advisors to M&A by Value: Canada
Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Canada

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
1 3 4 17 15 18 5 7 11 2 10 13 9 27 21
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
RBC Capital Markets Goldman Sachs Bank of America Merrill Lynch Morgan Stanley JPMorgan Deutsche Bank Scotiabank TD Securities Credit Suisse BMO Capital Markets Canaccord Genuity CIBC World Markets Barclays Evercore Partners GMP Securities
28,127 27 ,148 24,225 17 ,611 13,585 13,390 9,292 8,632 8,290 6,834 6,652 5,293 5,274 4,717 4,334
25 14 15 12 11 7 11 17 5 19 8 11 8 3 17
53,609 32,129 25,411 7 ,115 7 ,892 6,233 21,084 19,766 9,246 36,271 10,461 8,192 11,013 2,745 4,682
-47 .5% -15.5% -4.7% 147 .5% 72.1% 114.8% -55.9% -56.3% -10.3% -81.2% -36.4% -35.4% -52.1% 71.8% -7 .4%
1 2 3 6 11 10 9 17 15 7 12 42 5 25 24
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
RBC Capital Markets BMO Capital Markets TD Securities GMP Securities Bank of America Merrill Lynch Goldman Sachs Macquarie Group Morgan Stanley JPMorgan Scotiabank CIBC World Markets Raymond James & Associates National Bank Financial Dundee Capital Markets PwC
28,127 6,834 8,632 4,334 24,225 27 ,148 3,179 17 ,611 13,585 9,292 5,293 2,074 838 605 132
25 19 17 17 15 14 13 12 11 11 11 10 9 9 9
49 24 19 17 12 13 14 8 9 16 12 3 17 7 7
-24 -5 -2 0 3 1 -1 4 2 -5 -1 7 -8 2 2
League Table of Financial Advisors to M&A by Value: US North East

Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: US North East

Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
3 1 7 4 5 10 97 2 8 23 17 6 13 16
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Bank of America Merrill Lynch Goldman Sachs JPMorgan Morgan Stanley Barclays UBS Investment Bank Guggenheim Partners Paul J. Taubman Deutsche Bank Citi Moelis & Company Centerview Partners Credit Suisse Lazard Wells Fargo Securities
287 ,578 257 ,314 256,686 220,291 186,237 165,745 148,283 127 ,600 92,832 77 ,967 71,698 58,395 58,338 49,061 40,050
56 68 42 52 35 30 12 2 36 39 21 8 38 36 18
63,205 86,476 50,453 54,596 54,133 25,449 257 71,015 48,263 7 ,420 13,627 53,717 18,197 14,779
355.0% 197 .6% 408.8% 303.5% 244.0% 551.3% 57 ,598% 30.7% 61.5% 866.3% 328.5% 8.6% 169.6% 171.0%
1 5 6 4 8 7 3 10 2 13 12 9 11 15 19
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Goldman Sachs Bank of America Merrill Lynch Morgan Stanley JPMorgan Citi Credit Suisse Deutsche Bank Lazard Barclays UBS Investment Bank Evercore Partners Houlihan Lokey Jefferies Raymond James & Associates Moelis & Company
257 ,314 287 ,578 220,291 256,686 77 ,967 58,338 92,832 49,061 186,237 165,745 29,206 7 ,808 9,480 1,119 71,698
68 56 52 42 39 38 36 36 35 30 30 29 28 23 21
76 44 44 48 40 41 48 34 52 30 31 37 33 23 20
-8 12 8 -6 -1 -3 -12 2 -17 0 -1 -8 -5 0 1

League Table of Financial Advisors to M&A by Value: US Mid-West
Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: US Mid-West

Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
11 10 6 18 13 3 1 5 4 8 7 9 12 33 21
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Bank of America Merrill Lynch JPMorgan Lazard Wells Fargo Securities Moelis & Company Centerview Partners Goldman Sachs Morgan Stanley Citi Barclays Credit Suisse Deutsche Bank Greenhill & Co William Blair & Company UBS Investment Bank
53,243 50,145 44,428 31,696 31,073 28,247 27 ,255 24,911 24,274 18,433 11,679 9,898 9,733 8,048 7 ,693
25 28 25 10 11 4 31 20 18 15 15 12 7 13 8
15,531 20,900 29,191 5,175 10,172 34,659 86,881 31,376 34,387 26,528 28,950 25,303 10,594 1,941 4,941
242.8% 139.9% 52.2% 512.5% 205.5% -18.5% -68.6% -20.6% -29.4% -30.5% -59.7% -60.9% -8.1% 314.6% 55.7%
1 7 12 2 3 5 10 4 6 9 21 19 15 14 8
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Goldman Sachs JPMorgan Bank of America Merrill Lynch Lazard Morgan Stanley Citi Jefferies Barclays Credit Suisse Lincoln International M&A International William Blair & Company Deutsche Bank Evercore Partners Robert W. Baird & Co
27 ,255 50,145 53,243 44,428 24,911 24,274 6,665 18,433 11,679 240 148 8,048 9,898 6,337 2,515
31 28 25 25 20 18 16 15 15 15 15 13 12 12 12
42 21 17 29 23 22 20 23 22 21 10 13 15 15 21
-11 7 8 -4 -3 -4 -4 -8 -7 -6 5 0 -3 -3 -9
League Table of Financial Advisors to M&A by Value: US South

Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: US South

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
3 5 2 4 16 6 1 8 7 11 14 17 19 9
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Credit Suisse Bank of America Merrill Lynch Barclays Goldman Sachs Evercore Partners Citi JPMorgan Deutsche Bank Morgan Stanley RBC Capital Markets UBS Investment Bank Lazard LionTree Advisors Moelis & Company Jefferies
68,072 63,296 57 ,153 57 ,025 56,300 55,495 53,775 51,154 47 ,450 41,255 37 ,413 26,175 20,769 16,845 14,615
32 27 26 45 33 32 32 26 29 31 18 27 2 19 33
66,961 40,701 73,531 63,347 12,425 38,899 76,348 32,221 32,367 16,179 14,373 10,654 8,265 28,342
1.7% 55.5% -22.3% -10.0% 353.1% 42.7% -29.6% 58.8% 46.6% 155.0% 160.3% 145.7% 103.8% -48.4%
1 17 7 6 10 4 8 12 5 9 2 11 25 3 14
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Goldman Sachs Evercore Partners Jefferies Credit Suisse Citi JPMorgan RBC Capital Markets Morgan Stanley Bank of America Merrill Lynch Lazard Barclays Deutsche Bank Stifel/KBW Houlihan Lokey Moelis & Company
57 ,025 56,300 14,615 68,072 55,495 53,775 41,255 47 ,450 63,296 26,175 57 ,153 51,154 4,079 2,921 16,845
45 33 33 32 32 32 31 29 27 27 26 26 26 21 19
53 20 33 33 30 39 33 26 37 31 50 27 14 41 25
-8 13 0 -1 2 -7 -2 3 -10 -4 -24 -1 12 -20 -6

League Table of Financial Advisors to M&A by Value: US West
Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: US West

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
4 1 2 6 5 7 3 31 13 20 8 16 11 12
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
JPMorgan Goldman Sachs Morgan Stanley Credit Suisse Barclays Deutsche Bank Bank of America Merrill Lynch Lazard LionTree Advisors Moelis & Company Centerview Partners Citi Evercore Partners UBS Investment Bank Allen & Company
73,257 72,451 41,011 38,362 37 ,826 34,950 32,529 32,314 27 ,677 25,313 21,541 11,878 11,375 9,969 9,956
35 35 35 16 24 20 33 21 3 18 9 21 12 18 7
39,113 51,563 44,357 28,701 35,736 25,272 39,397 2,898 9,964 6,258 17 ,261 8,462 12,949 12,610
87 .3% 40.5% -7 .5% 33.7% 5.8% 38.3% -17 .4% 1,015% 154.0% 244.2% -31.2% 34.4% -23.0% -21.0%
3 1 2 6 5 8 4 9 15 11 7 22 19 12 10
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
JPMorgan Goldman Sachs Morgan Stanley Bank of America Merrill Lynch Barclays Jefferies Houlihan Lokey Lazard Citi Deutsche Bank Moelis & Company UBS Investment Bank Stifel/KBW RBC Capital Markets Credit Suisse
73,257 72,451 41,011 32,529 37 ,826 8,236 1,354 32,314 11,878 34,950 25,313 9,969 2,047 5,185 38,362
35 35 35 33 24 24 24 21 21 20 18 18 18 17 16
34 42 41 29 30 25 31 24 15 21 28 12 14 18 21
1 -7 -6 4 -6 -1 -7 -3 6 -1 -10 6 4 -1 -5
League Table of Financial Advisors to M&A by Value: Central & South America
Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Central & South America
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
9 4 19 10 7 5 1 14 12 3 2 27 15 11 17
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Goldman Sachs Deutsche Bank ABN AMRO Bank Banco BTG Pactual Banco Itau BBA Morgan Stanley Bank of America Merrill Lynch Banco Bradesco BBI Credit Suisse Lazard JPMorgan Banco Bilbao Vizcaya Argentaria Santander Global Banking and Markets Citi UBS Investment Bank
37 ,897 27 ,462 22,686 13,316 10,315 10,226 10,189 7 ,534 6,173 5,587 4,702 4,365 4,293 3,499 3,285
18 8 1 30 20 10 10 10 8 11 12 12 7 6 5
20,213 28,351 3,456 19,256 22,395 25,635 36,485 13,448 17 ,263 29,476 36,029 1,261 6,695 17 ,321 5,122
87 .5% -3.1% 556.4% -30.8% -53.9% -60.1% -72.1% -44.0% -64.2% -81.0% -86.9% 246.2% -35.9% -79.8% -35.9%
2 1 4 8 17 9 13 7 6 5 10 3 12 25 11
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Banco BTG Pactual Banco Itau BBA Goldman Sachs JPMorgan Banco Bilbao Vizcaya Argentaria Lazard Morgan Stanley Bank of America Merrill Lynch Banco Bradesco BBI Rothschild Deutsche Bank Credit Suisse Santander Global Banking and Markets PwC Citi
13,316 10,315 37 ,897 4,702 4,365 5,587 10,226 10,189 7 ,534 2,778 27 ,462 6,173 4,293 42 3,499
30 20 18 12 12 11 10 10 10 9 8 8 7 7 6
37 50 21 14 7 14 10 14 17 19 12 24 12 4 12
-7 -30 -3 -2 5 -3 0 -4 -7 -10 -4 -16 -5 3 -6
Asia-Pacific (excl. Japan): Overview of Q1 - Q3 2013

M&A activity has increased every quarter in 2013 with Q3 M&A (US$ 96.9bn) marking the highest quarter in a year (Q3 2012 valued at US$ 102.1bn) Morgan Stanley rises to the top the Asian financial advisor league table by value (US$ 44.2bn) from third place this time last year

400 Annual M&A Value
Q3 M&A Value
160

M&A Value Number of Deals 140 700 800
Q2 M&A Value 362.4 350 342.8

347.6
356.5
Q1 M&A Value 348.8

120 600
100
500
294.3
300
80
400
60
300
113.7
102.1 259.7
250
75.4
56.7
96.9
40
200
20
100
92.5
0
200
126.0
65.9
90.5 150
71.1
79.4
Asia-Pacific (excl. Japan) witnessed US$ 259.7bn-worth of deals during Q1 Q3 2013, down just 1.7% by value compared with Q1 Q3 2012 (US$ 264.3bn)
79.8
92.0
76.7
100
2013 M&A activity is on target to match the 2012 full year total of US$ 348.8bn, which would put an end to a trend of consecutive years of reduced M&A levels in the region which began in 2010 (US$ 362.4bn) Total deal value in Q3 was US$ 96.9bn, up 5.3% from the previous quarter (US$ 92bn) but down 5.1% compared to Q3 last year (US$ 102.1bn). One explanation for the dip was due to a lower value of large-cap (US$ 2bn US$ 10bn) deals in the region that reduced from US$ 32.5bn in Q2 2013 to US$ 23.9bn in Q3 The top deals saw most transactions valued at US$ 5bn or below there were only three top deals in Q3 versus six in Q2, the largest of which was the US$ 5.7bn acquisition of Thailands Bank of Ayudhya by Japan-based Mitsubishi UFJ Financial Group
85.1 74.7 50 45.8 66.3
89.7
82.4 70.7
2007
2008
2009
2010
2011
2012
2013
Number of Deals
Asia-Pacific (excl. Japan): Industry and Cross-Border Analysis

Asia-Pacific (excl. Japan) Cross-Border Analysis

The value of inbound deals into Asia-Pacific (excl. Japan) plunged 36.8% to US$ 18.4bn in Q3 2013 from US$ 29.1bn in Q3 2012 but marked the second quarterly increase in 2013, up 9.5% from Q2 (US$ 16.8bn)
Consumer: US$ 37.4bn (US$ 35bn)
6.8%
3.0% 14.4%
5.2% 3.4% 4.4% 13.2%
Q1 - Q3 2013
The Q1 Q3 value (US$ 48.8bn) for inbound deals is on par with the same time in 2012 (US$ 50bn) Outbound deal values in Q1 Q3 2013 (US$ 65.7bn) dipped just 2.2% compared to Q1 Q3 2012 (US$ 67.2bn), but represent the slowest nine months for outbound M&A activity since 2009 (US$ 21bn)
3.5%
11.9% 17.1%
Q1 - Q3 2012
4.2%
2.6% 3.4% 1.4% 20.6% 25.6%

18.6%
3.9% 2.3%
Q3s (US$ 18.3bn-worth) reversed Q2s (US$ 29.7bn) increase from Q1 (US$ 17.8bn). The deal value for outbound deals in Q3 was down 38.4% compared to Q2 (US$ 29.7bn) and 42.8% lower than Q3 2012 (US$ 32bn)
Real Estate: US$ 10.8bn (US$ 7bn)
11.8%
TMT: US$ 30.9bn (US$ 45.1bn)
12.7% 10.0%
100 Outbound M&A Value Inbound M&A Value Inbound Number of Deals Outbound Number of Deals 80 140 160 180
Other: US$ 17.7bn (US$ 9bn)
90
60 100 50 80 40 60
The Consumer sector was the second most active sector so far this year and took 14.4% of the total value. The sector recorded deals worth US$ 37.4bn, up 6.9% from the same period a year earlier (US$ 35bn) The TMT sector on the other hand, a sector experiencing heightened activity by value in all other major regions, saw a year-on-year drop of 31.5% in terms of deal value to US$ 30.9bn (232 deals) from US$ 45.1bn
30
20
40
10
20
Number of Deals
Energy, Mining & Utilities continued to be the most active sector for the first nine months in the Asia Pacific (excl. Japan) region, with deals worth US$ 66.6bn, up 22.4% from Q1 Q3 2012 and with a 25.6% market share compared to 20.6% last year
70
120
Asia-Pacific (excl. Japan): Top 10 Deals

Announced Date 14-Jun-13 Bidder Company Taikang Asset Management Company; and Beijing Guolian Energy Industry Investment Fund JG Summit Holdings Inc Bidder Financial Advisor Target Company PetroChina United Pipelines Company Limited (50% Stake) Target/Seller Financial Advisor Deal Seller Company PetroChina Company Limited Value (US$m) 9,786
30-Sep-13
Manila Electric Company
Advising seller: Credit Suisse Phatra Securities Public Company; Advising seller: HSBC Deutsche Bank; Morgan Stanley Barclays
San Miguel Corporation
6,344
23-Apr-13
CP ALL Plc
Maybank Investment Bank; Siam Commercial Bank; UBS Investment Bank Bank of America Merrill Lynch; Phatra Securities Public Company
Siam Makro Public Co Ltd (96.09%)
SHV Holdings NV
6,208
02-Jul-13
Mitsubishi UFJ Financial Group Inc China National Petroleum Corporation
Bank of Ayudhya Public Company Limited (75% Stake) Kashagan Oil Project (8.33% Stake)
GE Capital Corporation
5,731
07-Sep-13
ConocoPhillips Company
5,000
05-Feb-13
Guangxi Guiguan Electric Power Co Ltd
CITIC Securities
LongTan Hydropower Development Co Ltd (85% Stake) GD Midea Holding Co Ltd (58.83% Stake) CITIC Securities Co
Guangxi Investment Group Co Ltd; China Datang Corporation; and Guizhou Industrial Investment Co Ltd
4,941
01-Apr-13
Midea Group Co Ltd
China International Capital
4,923
12-Apr-13
NSW Ports Consortium
Lazard; UBS Investment Bank Haitong Securities
Port Botany
Advising seller: Morgan Stanley
Government of New South Wales Consortium led by Wang Jing (Private investor)
4,529
27-Sep-13
Beijing Zhongchuang Telecom Test Company Ltd Unilever NV
Beijing Xinwei Telecom Technology Inc (96.53% Stake) Hindustan Unilever Limited (14.8% Stake) Citi
4,396
30-Apr-13
HSBC; UBS Investment Bank
3,549
Asia-Pacific (excl. Japan): Financial Advisor League Tables

League Table of Financial Advisors to M&A by Value: Asia-Pacific (excl. Japan)
Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Asia-Pacific (excl. Japan)

Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
3 6 4 2 23 1 5 11 8 40 17 7 113 15 13 14 49 12 31 84 105
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20= 20= 20=
Morgan Stanley JPMorgan Credit Suisse Citi Barclays Goldman Sachs UBS Investment Bank Bank of America Merrill Lynch HSBC Lazard CITIC Securities Deutsche Bank Phatra Securities Public Company Macquarie Group Maybank Investment Bank Rothschild Haitong Securities China International Capital Somerley Sberbank CIB Societe Generale VTB Capital
44,213 28,527 27 ,116 26,966 26,574 26,516 25,693 23,994 18,921 17 ,162 15,878 15,778 13,950 10,188 9,631 8,987 7 ,784 7 ,643 7 ,356 7 ,077 7 ,077 7 ,077
42 34 25 25 20 46 29 21 21 18 14 18 4 29 9 20 11 5 16 1 1 1
46,202 34,489 42,840 59,715 7 ,956 73,642 39,999 20,513 29,043 2,140 12,917 32,343 385 13,874 16,881 13,973 1,597 17 ,203 2,901 615 425
-4.3% -17 .3% -36.7% -54.8% 234.0% -64.0% -35.8% 17 .0% -34.9% 702.0% 22.9% -51.2% 3,523% -26.6% -42.9% -35.7% 387 .4% -55.6% 153.6% 1,051% 1,565%
1 3 4 7 2 11 8 10 6 9 5 28 14 19 13 20 12 31 15 23
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
PwC Goldman Sachs Ernst & Young Morgan Stanley KPMG JPMorgan UBS Investment Bank Macquarie Group Deloitte Credit Suisse Citi Bank of America Merrill Lynch HSBC Barclays Rothschild Lazard Deutsche Bank Somerley CIMB Group CITIC Securities
5,079 26,516 3,835 44,213 4,897 28,527 25,693 10,188 1,800 27 ,116 26,966 23,994 18,921 26,574 8,987 17 ,162 15,778 7 ,356 6,029 15,878
64 46 43 42 35 34 29 29 27 25 25 21 21 20 20 18 18 16 16 14
54 40 38 30 46 24 30 25 32 26 36 8 17 13 20 13 23 8 17 11
10 6 5 12 -11 10 -1 4 -5 -1 -11 13 4 7 0 5 -5 8 -1 3
Asia-Pacific (excl. Japan): Financial Advisor League Tables to Buyouts

League Table of Financial Advisors to Private Equity Buyouts by Value
Ranking
Q1-Q3
League Table of Financial Advisors to Private Equity Buyouts by Volume

Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
32 3 31 19 5 4 25 10 -
1= 1= 3 4 5 6 7 8 9= 9= 11 12 13 14 15
Lazard UBS Investment Bank Barclays Nomura Holdings Macquarie Group Woori Investment & Securities Citi Morgan Stanley China Renaissance Partners Industrial and Commercial Bank of China KPMG HSBC Avendus Capital CITIC Securities Global M&A Partners
5,328 5,328 2,302 1,782 1,027 852 705 622 436 436 390 320 320 319 289
2 2 3 3 2 2 2 3 1 1 1 2 1 1 1
1,639 98 1,021 1,296 31 206 -
225.1% 769.4% -31.0% -52.0% 1,307% 89.3% -
2 31 3 32 10 19 11 9 25 -
1 2 3 4 5= 5= 7 8 9 10 11 12 13 14 15= 15=
Deloitte Barclays Nomura Holdings Morgan Stanley Lazard UBS Investment Bank Macquarie Group Woori Investment & Securities Citi HSBC Ernst & Young Hana Daetoo Securities o3 Capital Advisors BDO China Renaissance Partners Industrial and Commercial Bank of China
244 2,302 1,782 622 5,328 5,328 1,027 852 705 320 84 36 31 14 436 436
6 3 3 3 2 2 2 2 2 2 2 2 2 2 1 1
4 1 3 1 1 1 1 2 1 -
2 2 0 1 1 1 1 0 0 -
Asia-Pacific (excl.Japan): Financial Advisor League Tables by Country

League Table of Financial Advisors to M&A by Value: Asia (Excl. Japan & Australasia)
Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Asia (Excl. Japan &Australasia)
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
3 6 1 10 4 2 23 5 8 15 7 99 44 13 16
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Morgan Stanley JPMorgan Goldman Sachs Bank of America Merrill Lynch Credit Suisse Citi Barclays UBS Investment Bank HSBC CITIC Securities Deutsche Bank Phatra Securities Public Company Lazard Maybank Investment Bank Rothschild
36,576 26,236 23,543 23,225 23,205 22,284 22,226 19,377 18,921 15,878 14,034 13,950 10,664 9,631 8,615
35 25 33 18 22 21 16 21 21 14 15 4 9 9 16
43,508 32,921 68,343 19,430 38,547 54,989 6,374 34,612 28,623 12,917 28,823 385 1,532 16,881 12,414
-15.9% -20.3% -65.6% 19.5% -39.8% -59.5% 248.7% -44.0% -33.9% 22.9% -51.3% 3,523% 596.1% -42.9% -30.6%
1 5 4 6 2 12 10 3 8 13 29 7 21 15 26
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
PwC Morgan Stanley Goldman Sachs Ernst & Young KPMG JPMorgan Credit Suisse Citi UBS Investment Bank HSBC Bank of America Merrill Lynch Deloitte Barclays Rothschild Somerley
4,256 36,576 23,543 2,857 4,544 26,236 23,205 22,284 19,377 18,921 23,225 1,328 22,226 8,615 7 ,356
51 35 33 28 27 25 22 21 21 21 18 18 16 16 16
41 27 30 25 33 16 18 31 20 16 7 23 10 15 8
10 8 3 3 -6 9 4 -10 1 5 11 -5 6 1 8
League Table of Financial Advisors to M&A by Value: Australasia

Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Australasia

Q1 - Q3 2012 Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
Value (US$m)
% Val. Change
2012
Q1-Q3
2013
2 12 30 1 17 7 24 8 4 18 6 40 27 116
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
UBS Investment Bank Morgan Stanley Lazard Macquarie Group Barclays Citi Greenhill & Co Credit Suisse Goldman Sachs JPMorgan Deutsche Bank Lonergan Edwards & Associates Blackstone Group Evercore Partners Fort Street Advisers
7 ,842 7 ,784 7 ,301 6,869 6,278 5,567 4,922 4,902 4,028 2,291 1,810 1,615 1,400 1,400 1,329
12 8 11 19 5 6 5 6 17 9 4 6 2 1 5
6,560 2,694 750 12,379 1,582 4,726 1,116 4,358 5,299 1,568 4,770 376 1,000 -
19.5% 188.9% 873.5% -44.5% 296.8% 17 .8% 341.0% 12.5% -24.0% 46.1% -62.1% 329.5% 40.0% -
1 7 4 3 5 21 6 12 24 2 27 17 8 38 43
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Macquarie Group Goldman Sachs Ernst & Young PwC UBS Investment Bank Lazard Deloitte JPMorgan Morgan Stanley KPMG First NZ Capital Citi Credit Suisse Lonergan Edwards & Associates Flagstaff Partners
6,869 4,028 1,096 938 7 ,842 7 ,301 552 2,291 7 ,784 353 935 5,567 4,902 1,615 838
19 17 16 14 12 11 10 9 8 8 7 6 6 6 6
22 10 13 14 12 4 11 8 3 16 3 5 9 2 2
-3 7 3 0 0 7 -1 1 5 -8 4 1 -3 4 4

League Table of Financial Advisors to M&A by Value: Greater China
Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Greater China

Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
18 11 9 1 12 3 30 7 21 10 17 4 2 31 8
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Barclays Morgan Stanley CITIC Securities Goldman Sachs JPMorgan UBS Investment Bank Haitong Securities China International Capital Somerley HSBC Bank of America Merrill Lynch Credit Suisse Citi Bank of China International Holdings Deutsche Bank
19,045 19,032 15,878 11,221 11,077 9,869 7 ,784 7 ,643 7 ,356 7 ,084 6,198 4,968 4,420 3,658 3,556
12 15 14 16 11 16 11 5 16 11 6 11 8 6 9
3,947 8,385 12,917 36,070 8,283 29,093 1,597 17 ,203 2,901 11,842 4,086 20,385 31,073 1,410 13,660
382.5% 127 .0% 22.9% -68.9% 33.7% -66.1% 387 .4% -55.6% 153.6% -40.2% 51.7% -75.6% -85.8% 159.4% -74.0%
2 7 13 6 5 43 29 17 3 16 18 15 11 37 4
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Goldman Sachs UBS Investment Bank Somerley Morgan Stanley CITIC Securities Huatai United Securities Barclays Southwest Securities Company PwC JPMorgan Haitong Securities HSBC Credit Suisse China Securities Deutsche Bank
11,221 9,869 7 ,356 19,032 15,878 3,081 19,045 3,508 671 11,077 7 ,784 7 ,084 4,968 3,466 3,556
16 16 16 15 14 14 12 12 12 11 11 11 11 10 9
13 10 8 11 11 3 4 7 13 7 7 7 8 3 11
3 6 8 4 3 11 8 5 -1 4 4 4 3 7 -2
League Table of Financial Advisors to M&A by Value: India

Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: India

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
1 5 2 19 7 4 33 6 16 13 9 39 -
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Citi Bank of America Merrill Lynch Morgan Stanley UBS Investment Bank HSBC Standard Chartered Axis Capital Credit Suisse Deutsche Bank Goldman Sachs Jefferies Kotak Investment Banking Barclays PwC Macquarie Group
8,622 6,835 6,461 6,024 3,958 3,612 3,508 3,240 2,331 2,056 1,600 1,072 790 746 688
4 4 8 2 3 3 8 3 1 5 1 8 2 8 2
12,735 10,289 12,551 349 2,178 10,559 99 6,783 395 608 1,370 38 -
-32.3% -33.6% -48.5% 1,626% 61.1% -69.3% 2,255% -69.7% 305.1% 76.3% -42.3% 1,863% -
1 4 7 5 22 2 13 14 8 16 10 27 3 -
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Ernst & Young Morgan Stanley Axis Capital Kotak Investment Banking PwC KPMG o3 Capital Advisors Goldman Sachs Rothschild ICICI Securities BMR Advisors Citi Bank of America Merrill Lynch Avendus Capital Churchgate Partners
512 6,461 3,508 1,072 746 405 99 2,056 652 249 84 8,622 6,835 272 77
18 8 8 8 8 7 6 5 5 5 5 4 4 4 4
15 7 6 7 3 10 4 4 6 4 5 1 8 -
3 1 2 1 5 -3 1 1 -1 1 -1 3 -4 -

League Table of Financial Advisors to M&A by Value: South East Asia
Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: South East Asia

Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
34 12 2 4 9 5 3 16 1 7 69 15 53 87
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Phatra Securities Public Company Bank of America Merrill Lynch Maybank Investment Bank Morgan Stanley Credit Suisse Deutsche Bank HSBC Siam Commercial Bank CIMB Group Goldman Sachs JPMorgan Macquarie Group UBS Investment Bank ING KPMG
13,950 10,192 9,631 9,452 9,132 8,166 7 ,750 6,208 5,691 5,476 4,150 3,801 3,369 2,973 2,417
4 8 9 7 11 4 6 1 14 7 9 11 2 2 9
385 5,055 16,881 14,059 7 ,603 13,950 16,808 2,078 23,006 12,135 26 5,000 83 -
3,523% 101.6% -42.9% -32.8% 20.1% -41.5% -53.9% 173.9% -76.2% -65.8% 14,519% -32.6% 3,482% -
2 3 8 70 1 30 87 42 16 5 6 45 4 15 37
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
CIMB Group RHB Investment Bank Credit Suisse Macquarie Group Maybank Investment Bank JPMorgan KPMG Bank of America Merrill Lynch Morgan Stanley Goldman Sachs HSBC Hong Leong Financial Group DBS Bank PwC Lazard
5,691 470 9,132 3,801 9,631 4,150 2,417 10,192 9,452 5,476 7 ,750 551 523 447 1,898
14 12 11 11 9 9 9 8 7 7 6 6 6 6 5
14 13 7 1 16 2 1 1 4 9 8 1 11 5 2
0 -1 4 10 -7 7 8 7 3 -2 -2 5 -5 1 3
League Table of Financial Advisors to M&A by Value: South Korea

Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: South Korea

Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
4 1 14 6 2 16 17 11 3 7 8 13 10
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Goldman Sachs Woori Investment & Securities JPMorgan PwC Morgan Stanley Hana Daetoo Securities Barclays Samsung Securities RBC Capital Markets KPMG Citi Houlihan Lokey Deutsche Bank Deloitte Daewoo Securities
5,593 5,299 3,932 2,822 2,017 1,944 1,667 1,573 1,100 918 670 654 486 466 417
7 10 4 28 6 4 1 4 1 12 2 1 1 6 2
3,911 8,608 563 2,433 8,513 427 405 852 4,647 2,258 1,597 571 876
43.0% -38.4% 598.4% 16.0% -76.3% 355.3% 311.6% 84.6% -80.2% -70.3% -69.6% -18.4% -52.4%
1 2 4 5 7 3 13 21 8 11 12 6 32 34
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
PwC KPMG Woori Investment & Securities Goldman Sachs Morgan Stanley Deloitte JPMorgan Hana Daetoo Securities Samsung Securities Ernst & Young Citi Daewoo Securities Standard Chartered Tong Yang Investment Bank Korea Development Bank
2,822 918 5,299 5,593 2,017 466 3,932 1,944 1,573 113 670 417 393 335 334
28 12 10 7 6 6 4 4 4 4 2 2 2 2 2
20 13 8 6 5 10 2 1 5 3 2 6 1 1
8 -1 2 1 1 -4 2 3 -1 1 0 -4 1 1
Japan: Overview of Q1 - Q3 2013

Real Estates 84% growth from last year is a sign for more upbeat inbound M&A to come Morgan Stanley beat Nomura Holdings and topped Mergermarkets financial advisor league table with 30 deals worth US$ 31.4bn

100 Annual M&A Value Q3 Value Q2 M&A Value 90 88.2 83.2 80 78.4
Q1 M&A Value
45 40

M&A Value Number of Deals 140 160
35
120
30
25 80 20 60 15
70 61.3
71.3
10
40
60 11.9 50
55.8
32.7
20
33.2 24.1
13.9
18.0 40
15.5 26.2
36.0
12.9 30 26.1 20 17.3 10 13.9 10.6

14.9
Japans Q3 M&A value (US$ 12.9bn) was set for a 10-year low until US-based Applied Materials acquired Tokyo Electron limited for US$ 8.7bn in the final week of the quarter. The largest US-Japan transaction on Mergermarket record (since 2001) made up almost a quarter (24.2%) of Q1 Q3 2013 total value (US$ 36bn) The Tokyo Electron deal added 67.4% towards Japanese M&A in Q3 but it did not manage to prevent a quarterly decline following a solid Q2 (US$ 15.1bn) leaving Q3s US$ 12.9bn down 14.6%. Q3 2013 also decreased compared to Q3 2012 (US$ 13.9bn), down 7.2%
10.8 14.0 7.3
17.2
15.1
11.8 8.0
The late turn around in Q3 could be a sign of better things to come in 2013 but as it stands, Q1 Q3 deal value totaled US$ 36bn, down 34.6% compared to Q1 Q3 2012 (US$ 55bn). This marked a third year of declines for Japanese M&A during the Q1 Q3 period
2007
2008
2009
2010
2011
2012
2013
Number of Deals
100
Japan: Industry and Cross-Border Analysis

Japanese Cross-Border Analysis

Inbound M&A in Q3 totaled US$ 10.3bn and was the highest valued quarter since Q1 2007 (US$ 11.5bn). The hike in value came after US-based Applied Materials acquired Tokyo Electron for US$ 8.7bn in the final week of Q3 which contributed 84.5% to Q3s total inbound value. US bidders approaching Japanese targets hit a post-crisis high at US$ 10.8bn during Q1 Q3 2013, double 2012s annual total of US$ 5.4bn Total inbound M&A through Q1 Q3 2013 (US$ 11.7bn) marked 2013 as the highest valued year since 2007s peak (US$ 24.5bn). Prior to the Tokyo Electron acquisition, 2013 was likely to be the lowest value on Mergermarket record (since 2001). The deal, combined with the recovery in Real Estate M&A, signals hope for 2014 inbound deal activity Outbound M&A activity continued on an upward trajectory in Q3, registering a second consecutive quarterly increase at US$ 21.1bn, up 189% compared to Q2 2013 (US$ 7.3bn) the highest quarterly increase in three years (Q2 to Q3 2010 increased 199.8% from US$ 3.6bn to US$ 10.7bn)
Construction: US$ 3.1bn (US$ 1.1bn)
0.3% 3.6% 8.5%
Q1 - Q3 2013
2.0%
31.4% 4.5% 0.7% 2.4%
13.5%
4.2%
Financial Services: US$ 1bn (US$ 3.2bn)
Q1 - Q3 2012
12.2%
12.4%
Industrials & Chemicals: US$ 4bn (US$ 12.4bn)
22.5%
9.6% 32.2% 2.8%
5.8%
12.7% 11.0% 4.7%

60 Outbound M&A Value Inbound M&A Value Inbound Number of Deals 80
TMT: US$ 11.4bn (US$ 7.4bn)
3.0%
Transport: US$ 0.1bn (US$ 0bn)
50
70
30
40
Contributing 89.1% to overall Real Estate values were three of the top deals executed by Iida Home Max for a combined value of US$ 4.1bn which affected this sectors value The US$ 8.7bn Tokyo Electron deal pushed the TMT sector up 54.1% in value to US$ 11.4bn from US$ 7.4bn in Q1 Q3 2012. According to Mergermarket intelligence, a solid deal pipeline indicates that further growth in Japans TMT is very likely, especially after the largest cross-border deal into Japan was announced in the final week of Q3 domestic restructuring by large Technology corporates such as Panasonic and Sony but also Telecommunications and Media consumer companies seeking foreign targets could add to Japans TMT M&A
30 20 20
10
10
Number of Deals
Real Estate targeted M&A was one of only four sectors to increase M&A value in Q1 Q3 2013, up 84% to US$ 4.6bn from US$ 2.5bn in Q1 Q3 2012. A boost in Real Estate investment signals and uplift in inbound investment is around the corner followed by private equity investment up to two years later, according to Mergermarket intelligence
60 40 50
Japan: Top 10 Deals

Announced Date 24-Sep-13 11-Jun-13 Bidder Company Applied Materials Inc Hitachi Ltd and Mitsubishi Heavy Industries Ltd joint venture Bidder Financial Advisor Goldman Sachs Target Company Tokyo Electron Limited Mitsubishi Heavy Industries Ltd (Thermal power generation systems business); and Hitachi Ltd (Thermal power generation systems business) * Iida Home Max Co Ltd Advisors: * AGS Consulting; Benedi Consulting; Daiwa Securities Group; Partners; Plutus Consulting; Sumitomo Mitsui Financial Group; Tokai Tokyo Financial Holdings; Yamada FAS 26-Apr-13 27-Sep-13 27-Jun-13 13-Feb-13 25-Mar-13 Nippon Steel Trading Co Ltd Kohlberg Kravis Roberts & Co LP Iida Home Max Co Ltd Hitachi Metals Ltd Temp Holdings Co Ltd Nomura Holdings Goldman Sachs * Iida Home Max Co Ltd Advisors: * Nomura Holdings Sumitomo Mitsui Financial Group Sumikin Bussan Corporation Panasonic Healthcare Co Ltd (80% Stake) Arnest One Corp Hitachi Cable Ltd Intelligence Holdings Ltd Morgan Stanley Nomura Holdings Kohlberg Kravis Roberts & Co LP Sumitomo Mitsui Financial Group Advising seller: Bank of America Merrill Lynch Panasonic Corporation 1,432 1,346 1,296 863 721 Hajime Construction Co Ltd Target/Seller Financial Advisor Morgan Stanley Advising seller: GCA Savvian Group; Morgan Stanley; Nomura Holdings Hitachi Ltd; and Mitsubishi Heavy Industries Ltd Deal Seller Company Value (US$m) 8,730 3,308
27-Jun-13
Iida Home Max Co Ltd
Ryoju Corporation
2,072
26-Apr-13
Marubeni Corporation
Deloitte; Nomura Holdings
MX Mobiling
GCA Savvian Group; Sumitomo Mitsui Financial Group; Advising seller: Daiwa Securities Group
NEC Corporation
709
27-Jun-13
Iida Home Max Co Ltd
* Iida Home Max Co Ltd Advisors: *
Touei Housing Corporation
Bamboo Field
686
Japan: Financial Advisor League Tables by Country

League Table of Financial Advisors to M&A by Value: Japan
Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Japan

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
2 5 7 1 10 17 4 9 11 20 67 85 56 73
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15= 15= 15=
Morgan Stanley Goldman Sachs Sumitomo Mitsui Financial Group Nomura Holdings Bank of America Merrill Lynch Deutsche Bank Phatra Securities Public Company JPMorgan Daiwa Securities Group GCA Savvian Group BNP Paribas Plutus Consulting Yamada FAS Partners AGS Consulting Benedi Consulting Tokai Tokyo Financial Holdings
31,422 19,656 13,947 12,213 10,179 8,257 7 ,572 7 ,258 6,833 5,597 5,269 4,879 4,823 4,785 4,785 4,785 4,785
30 15 22 44 8 6 2 8 24 27 4 6 7 6 5 5 5
38,255 24,318 16,460 49,722 10,108 4,112 29,785 11,252 6,774 3,445 65 9 151 53
-17 .9% -19.2% -15.3% -75.4% 0.7% 100.8% -75.6% -39.3% -17 .4% 52.9% 7 ,406.2% 53,489% 3,069% 8,928%
1 2 3 5 4 10 6 7 8 9 18 11 87 14 24
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Nomura Holdings Mizuho Financial Group Morgan Stanley GCA Savvian Group Daiwa Securities Group Sumitomo Mitsui Financial Group Deloitte KPMG Goldman Sachs PwC Bank of America Merrill Lynch JPMorgan Yamada FAS Deutsche Bank Plutus Consulting
12,213 3,782 31,422 5,597 6,833 13,947 1,856 1,589 19,656 1,398 10,179 7 ,258 4,823 8,257 4,879
44 41 30 27 24 22 20 17 15 13 8 8 7 6 6
70 40 35 26 27 13 25 22 15 14 5 10 1 7 4
-26 1 -5 1 -3 9 -5 -5 0 -1 3 -2 6 -1 2
Africa & Middle East: Overview of Q1 - Q3 2013

Q1 - Q3 deal value (US$ 51.6bn) mirrors 2012s annual total (US 51.6bn) making 2013 the second year to see increased deal value Morgan Stanley led the financial advisor league table by value with deals valued at US$ 12.8bn, a jump from 16th place in Q1 Q3 2012 (US$ 1.7bn)

100 Annual M&A Value Q3 M&A Value Q2 M&A Value 90
Q1 M&A Value
40 35

M&A Value Number of Deals 140 160
87.1
30
120
25
100
20
80
70
15
60
10
40
60 54.3 50
20.0
20
50.4
45.4
51.6
51.6 19.1
40 32.5 9.9 30
12.6
8.2 12.1 8.0 19.8
Africa & Middle East targeted M&A through Q1 Q3 2013 was valued at US$ 51.6bn and has already matched 2012s annual total (US$ 51.6bn). Only nine months in the books and this year will mark the second annual increase by deal value Q3s deal value (US$ 19.1bn) was up 99% compared to Q3 2012 (US$ 9.6bn) and just 3.5% down on Q2 2013s US$ 19.8bn-worth of deals. 2013 is the first year since the regions peak in 2007 (US$ 87.1bn) to see every quarter post total values above US$ 10bn The Middle East made up 42.8% of the total value in Q1 Q3 2013 with deals valued at US$ 22.1bn already a quarter (25.6%) above 2012s annual total (US$ 17.6bn). African M&A constituted US$ 29.5bn-worth of deals just 9.8% away from matching 2012s annual total (US$ 32.7bn). Africas Q1 Q3 2013 value was three quarters higher than the value seen in Q1 Q3 2012 (US$ 16.9bn) at 74.6% United Arab Emirates (US$ 11.2bn) registered the highest total value in the region, followed by Mozambique (US$ 9.4bn)
2013
9.6 6.6 13.4
12.8 20
19.9
15.4
25.3
19.7
10
13.1
4.0 8.8
12.7
5.3 0 2007 2008 2009 2010 2011 2012
Number of Deals
80
Africa & Middle East: Industry and Cross-Border Analysis

Africa & Middle East Cross-Border Analysis

Although total cross-border (inbound and outbound) M&A value in Q3 (US$ 12bn) fell 14.9% from Q2 (US$ 14.1bn), which was the strongest quarter since Q2 2011 (US$ 14.3), it was a 55.8% increase from Q3 2012 (US$ 7.7bn) Inbound deal value in Q3 (US$ 10.7bn) witnessed a 9.2% increase on Q2 values (US$ 9.8bn) and a 21.6% increase on Q1 (US$ 8.8bn), making it the highest valued quarter in over three years (Q1 2010 valued at US$ 14.3bn) The tendency to avoid investing outside of Africa & Middle East has continued in 2013. Outbound activity through Q1 Q3 (US$ 8.5bn) was down 33.1% from Q1 Q3 2012 (US$ 12.7bn) due to Q3s (US$ 1.3bn) 69.8% decline from Q2 (US$ 4.3bn) Q3s outbound deal value was the lowest valued quarter since Q2 2009 (US$ 0.6bn) which could result in 2013s total outbound deal value ending at the lowest level in nearly a decade (2004 was valued at US$ 6.1bn)
0.2%
Energy, Mining & Utilities: US$ 17bn (US$ 8.5bn)
7.0%
0.4% 4.5%
1.7%
Q1 - Q3 2013
12.3%
1.0% 2.2%
Financial Services: US$ 2.5bn (US$ 6bn)
18.4% 27.5%
Q1 - Q3 2012
32.9%
4.3%
Pharma, Medical & Biotech: US$ 2.9bn (US$ 1bn)
26.9% 0.1% 3.2% 0.9% 5.1%

19.0%
5.6%
0.2%
TMT: US$ 9.5bn (US$ 8.7bn)
4.8% 21.7%
40 Outbound M&A Value Inbound M&A Value 35 Inbound Number of Deals 60

30
50
20
30
Total M&A deal value in the Real Estate sector (US$ 2.2bn) was predominantly attributed to the US$ 2bn merger between Abu Dhabi developers Aldar Properties and Sorouh Real Estate The regions biggest deal, the US$ 7.5bn merger of Dubai Aluminium and Emirates Aluminium, gave the Industrials and Chemicals sector (US$ 11.2bn) a 21.7% market share and resulted in the sector posting its highest deal value on Mergermarket record (since 2001)
15 20 10 10 5
Number of Deals
The Energy, Mining and Utilities sector (US$ 17bn) has doubled its total deal value from 2012 (US$ 8.5bn), giving it a dominant 32.9% market share, up from 26.9% the same time last year. The majority of this investment has been into Africas dominant Energy sector which has already hit a fourth annual increase in 2013 with deals valued at US$ 14.9bn, taking an 87.6% share of this total activity.
40 25
Africa & Middle East: Top 10 Deals

Announced Date 03-Jun-13 Bidder Company Emirates Global Aluminium Emirates Telecommunications Corporation China National Petroleum Corporation Sinopec International Petroleum Exploration and Production Corporation ONGC Videsh Limited JPMorgan BNP Paribas Bidder Financial Advisor Target Company Dubai Aluminium Company Limited; and Emirates Aluminium Maroc Telecom (53% Stake) Eni East Africa Spa (28.57% Stake) Apache Corporation (Egypt oil and gas business) (33% Stake) Rovuma Offshore Area 1 Block (10% Stake) Rovuma Offshore Area 1 Block (10% Stake) Orascom Construction Industries SAE (25% Stake) Advising seller: Goldman Sachs Target/Seller Financial Advisor Advising seller: Morgan Stanley Bank of America Merrill Lynch; Advising seller: Credit Agricole; Lazard Deal Seller Company Mubadala Development Company PJSC; and Investment Corporation of Dubai Vivendi SA Value (US$m) 7,500
23-Jul-13
5,959
14-Mar-13
Eni SpA
4,210
29-Aug-13
Apache Corporation
3,100
25-Aug-13
Bank of America Merrill Lynch
Advising seller: Citi
Anadarko Petroleum Corporation
2,640
25-Jun-13
ONGC Videsh Limited; and Oil India Limited
Bank of America Merrill Lynch; Morgan Stanley
Advising seller: Credit Suisse; Standard Chartered; UBS Investment Bank CI Capital Holding; Citi; Rabobank
Videocon Industries Ltd
2,475
18-Jan-13
OCI NV
Allen & Company; Barclays
2,210
01-May-13
Berkshire Hathaway Inc
IMC International Metalworking Companies BV (20% Stake) Credit Suisse; Goldman Sachs; National Bank of Abu Dhabi Sorouh Real Estate PJSC Morgan Stanley
Wertheimer family
2,050
21-Jan-13
Aldar Properties PJSC
2,030
24-Jun-13
China Petrochemical Corporation
Marathon Oil Corporation (Angolan offshore oil and gas field block 31) (10% Stake)
Advising seller: Scotiabank
Marathon Oil Corporation
1,520
Africa & Middle East: Financial Advisor League Tables

League Table of Financial Advisors to M&A by Value: Africa & Middle East
Ranking
Q1-Q3
League Table of Financial Advisors to M&A by Volume: Africa & Middle East
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
16 23 8 38 1 10 3 32 5 2 30 4 33 15 22 -
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Morgan Stanley Bank of America Merrill Lynch Credit Suisse BNP Paribas Goldman Sachs JPMorgan Lazard Credit Agricole Citi Barclays UBS Investment Bank Allen & Company HSBC Standard Chartered Rabobank CI Capital Holding National Bank of Abu Dhabi Deutsche Bank Rothschild Scotiabank
12,783 11,535 8,250 7 ,279 7 ,065 6,620 6,369 5,959 5,863 4,639 4,346 3,366 3,187 2,758 2,425 2,210 2,030 1,971 1,714 1,520
10 10 8 4 6 7 5 1 10 6 5 3 7 3 2 1 1 3 4 1
1,667 1,115 2,931 485 7 ,746 2,571 4,507 686 3,651 6,019 773 4,420 679 1,700 1,240 -
666.8% 934.5% 181.5% 1,401% -8.8% 157 .5% 41.3% 768.7% 60.6% -22.9% 462.2% -27 .9% 306.2% 15.9% 38.2% -
6 3 15 17 14 24 1 8 10 2 4 5 9 20 22 32 16 33 41
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Ernst & Young Standard Bank Group Morgan Stanley Bank of America Merrill Lynch Citi Credit Suisse PwC JPMorgan HSBC Goldman Sachs Barclays Rand Merchant Bank Investec Lazard UBS Investment Bank Simmons & Company International BNP Paribas Rothschild Nedbank Capital Deloitte
569 539 12,783 11,535 5,863 8,250 741 6,620 3,187 7 ,065 4,639 1,298 1,204 6,369 4,346 191 7 ,279 1,714 615 113
11 11 10 10 10 8 8 7 7 6 6 6 6 5 5 5 4 4 4 4
9 11 4 4 4 2 14 7 6 11 9 9 7 3 3 2 4 2 2
2 0 6 6 6 6 -6 0 1 -5 -3 -3 -1 2 2 2 0 2 2
Emerging Markets: Overview of Q1 - Q3 2013

Despite currency woes, Q3 was the highest quarter in 2013 with deals valued at US$ 127.3bn, 52.1% higher than Q3 2012 (US$ 83.7bn) Morgan Stanley claimed top spot of the Emerging Markets financial advisor league table by value with US$ 67.1bn-worth of deals

600

Annual Q3 M&A Value Q2 M&A Value Q1 M&A Value 522.7
20.0% 200 250 BRIC M&A Other EM M&A 25.0% 30.0%
481.9 451.6
500
502.3
150 15.0% 100 10.0%
400
387.0
136.7
50 5.0%
329.3 100.9 89.8 49.1 83.7
331.3 127.3
0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0.0%
300
108.4 75.7
91.8
137.5 116.1
Although some Emerging Market countries were struck by lower currency valuation in Q3, M&A deal value rose to US$ 127.3bn, up 9.7% from Q2 (US$ 116.1bn) even though investors are still cautious about the outcome Bolstered by a rush of deals announced in Q3, the total Q1-Q3 2013 value (US$ 331.3bn) was 1.8% higher than the same period in 2012 (US$ 325.5bn). Q3 2013 (US$ 127.3bn) is the second consecutive quarter where M&A has risen and encompasses 19.8% of global M&A in the quarter. The last time the regions share of global M&A was lower than 20% was in Q3 2012 (US$ 83.7bn-worth of deals and 16.7% of global M&A). BRIC M&A in Q1 Q3 2013 totaled US$ 211.6bn, on par with Q1 Q3 2012 (US$ 203.6bn) China led Emerging Market activity (US$ 107.1bn), resulting in a 32.3% market share. This was double Russias proportion of M&A activity (US$ 52.1bn, 15.7%) and far outstripped the other two BRIC countries, both grappling with currency issues, Brazil (US$35.3bn, 10.7%) and India (US$ 17bn, 5.1%)
200
124.3
110.6
85.8 100 86.9 57.1
130.3
142.2 104.3 87.9
103.8
2007
2008
2009
2010
2011
2012
2013
Percentage of Global M&A
Emerging Markets: Industry and Cross-Border Analysis

Emerging Markets Cross-Border Analysis

Inbound value in Q1 Q3 2013 (US$ 80.8bn) saw a 13.9% drop from Q1 Q3 2012 (US$ 93.8bn). The last time the region saw inbound deal activity under US$ 100bn for a full year (a possibility for 2013) was in 2009 with a scant US$ 70.8bn
3.5%
5.4%
3.0% 14.3%
Q1-Q3 2013
13.0%
4.5% 4.7% 4.9% 15.0%
15.8%
3.4%
Q1-Q3 2012
Mergermarket intelligence suggests investors are wary of taking advantage of lower valuations, particularly in Indonesia and Thailand. Average deal size for inbound deals has subsequently taken a hit in 2013 at US$ 126.3m through Q1 Q3. This represented the lowest average deal size since 2009 (US$ 106.6m) Outbound M&A value saw a third consecutive quarterly increase in Q3 (US$ 42.3bn), up 64% on Q2 (US$ 25.8bn), and also represented 45.2% of total outbound activity through Q1 Q3 2013 (US$ 93.6bn). Q3 2013 activity saw a 17.7% decrease compared to Q3 2012 (US$ 51.4bn) which was the highest valued quarter for outbound M&A on Mergermarket record (since 2001) Total value of Q1 Q3 outbound activity saw a 12.1% decrease compared to Q1 Q3 2012 (US$ 106.5bn). Europe claimed the highest market share in Q1 Q3 2013 (US$ 26.2bn) at 62.1%, up 93.4% compared to Q1 - Q3 2012 (US$ 13.6bn)
100 Outbound M&A Value Inbound M&A Value Inbound Number of Deals Outbound Number of Deals 80 250 300
3.1%
1.7%
1.4% 3.0% 0.9%
20.1%
15.6%
30.9% 14.0%
10.5%
TMT: US$ 43.1bn (US$ 51.4bn)
11.3%
90
60
50
150
Real Estate saw the largest increase in value with deals valued at US$ 11.1bn representing a 146.7% jump compared to Q1 Q3 2012 (US$ 4.5bn) The largest transaction to be announced in Q3 came in the TMT sector, Vivendis sale of a 53% stake in Maroc Telecom to Emirates Telecommunications Corporation for US$ 6bn: the TMT sector in Q1 Q3 (US$ 43.1bn) suffered a 16.1% decrease by value compared to Q1-Q3 2012 (US$ 51.4bn)
40 100
30
20
50
10
Number of Deals
Energy, Mining and Utilities continued to dominate M&A deal activity in the Emerging Markets with US$ 102.5bn-worth of deals and 30.9% of the market share. This was a significant increase from Q1 Q3 2012 where the sector recorded US$ 65.5bn-worth of deals (20.1% market share)
70
200
Emerging Markets: Top 10 Deals

Announced Date 08-Apr-13 Bidder Company Russian Grids OAO Bidder Financial Advisor Barclays; Ernst & Young; Morgan Stanley; VTB Capital Target Company Federal Grid Company of Unified Energy System OAO (79.64% Stake) PetroChina United Pipelines Company Limited (50% Stake) Maybank Investment Bank; Siam Commercial Bank; UBS Investment Bank BNP Paribas Siam Makro Public Co Ltd (96.09% Stake) Phatra Securities Public Company; Advising seller: HSBC Bank of America Merrill Lynch; Advising seller: Credit Agricole; Lazard Deutsche Bank; Morgan Stanley Target/Seller Financial Advisor Deal Seller Company The Federal Agency for State Property Management PetroChina Company Limited Value (US$m) 14,375
14-Jun-13
Taikang Asset Management Company; and Beijing Guolian Energy Industry Investment Fund CP ALL Plc
9,786
23-Apr-13
SHV Holdings NV
6,208
23-Jul-13
Emirates Telecommunications Corporation Mitsubishi UFJ Financial Group Inc
Maroc Telecom (53% Stake) Bank of Ayudhya Public Company Limited (75% Stake) LongTan Hydropower Development Co Ltd (85% Stake)
Vivendi SA
5,959
2-Jul-13
Bank of America Merrill Lynch; Phatra Securities Public Company CITIC Securities
GE Capital Corporation
5,731
5-Feb-13
Guangxi Guiguan Electric Power Co Ltd
Guangxi Investment Group Co Ltd; China Datang Corporation; and Guizhou Industrial Investment Co Ltd CITIC Securities
4,941
1-Apr-13
Midea Group Co Ltd
China International Capital
GD Midea Holding Co Ltd (58.83% Stake)
4,923
27-Sep-13
Beijing Zhongchuang Telecom Test Company Ltd Gazprom Energoholding
Haitong Securities
Beijing Xinwei Telecom Technology Inc (96.53% Stake) Moscow Integrated Power Company OAO (89.98% Stake) Polyus Gold International Ltd (37.75% Stake) JPMorgan Cazenove Advising seller: Renaissance Capital; Societe Generale
Consortium led by Wang Jing (Private Investor) The Moscow City Government
4,396
13-Aug-13
JPMorgan
3,786
22-Feb-13
Gavril Yushvaev (Private investor); and Zelimkhan Mutsoev (private investor)
VTB Capital
Onexim Group
3,616
Criteria
All data is based on transactions over US$ 5m and is based on the Mergermarket M&A deals database. Deals with undisclosed deal values are included where the targets turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if the value is greater than US$ 100m. Activities excluded from the league tables include property transactions and restructurings where the ultimate shareholders interests are not changed M&A Trends and Top Deals: based on the dominant geography or dominant sector of the target according to Mergermarkets deals database. The trend graphs are based on transactions announced in the given time periods Financial Advisor League Tables: based on the dominant geography of any of the target, bidder or seller according to Mergermarkets deal database. Buyout league tables to financial advisors are based on the target geography only and the adviser advising the buy-side only Dates Q3 2013 / Q3 2012: 01-Jul-13 to 30 Sep-13 / 01-Jul-12 to 30-Sep-12 Q1 - Q3 2013 / 2013 to-date / year to-date: 01-Jan-13 to 30-Sep-2013 Industry consolidations: TMT: consolidated sectors of Technology, Media & Tellecommunications OTHER in Global, Europe, US & Asia-Pacific sections: consolidated sectors of Leisure, Defence, Agriculture, and Construction OTHER in the Emerging Markets section: consolidated sectors of Leisure, Real Estate, and Transport Cross-Border Inbound: deals where the dominant geography of the target is X and the dominant geography of the bidder is outside X Outbound: deals where the dominant geography of the target is outside X and the dominant geography of the bidder is X Mega-deal: deals above the value of US$ 10bn Mid-Market: deals valued between US$ 501m - US$ 2bn Small-cap: deals valued under US$ 500m Average deal size: excludes non-disclosed value deals All data correct as of 1st October 2013 Deal Criteria
T: +44 207 010 6100 sales@mergermarktet.com Mergermarket Q1-Q3 2013 Report
About mergermarket Mergermarket is a mergers & acquisitions (M&A) intelligence service. Mergermarket is part of The Mergermarket Group which has nearly 1000 employees worldwide and regional head offices in New York, London and Hong Kong. In any market, the life blood of advisors is deal flow. mergermarket is unique in the provision of origination intelligence to the investment banking, legal, private equity, acquisition finance, public relations (PR) and corporate markets. With an unrivalled network of analysts covering M&A in the Americas, Europe, Middle-East, Africa and Asia-Pacific, mergermarket generates proprietary intelligence and delivers it together with daily aggregated content, on its mergermarket.com platform and by real-time email alerts to subscribers. This wealth of intelligence, together with a series of deal databases, individual and house league tables, profiles and editorial have proven time and time again that this product can and does generate real revenues for clients. This is apparent when you see that mergermarket is used by over 1500 of the worlds foremost advisory firms to assist in their origination process.
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Mergermarket Q1 - Q3 2013 M&A Round-Up

Including League Tables of Financial Advisors

Mergermarket Q1-Q3 2013 Report

Deal Submission Contacts:

Global: Overview of Q1 - Q3 2013

Quarterly M&A Growth Comparison

Quarterly M&A Trend Breakdown

3,500 1,000 3,000

1,500 400 1,000 200

Value of Deals (US$bn)

2,407.6 2,250.9 2,089.2 2,273.1

1,276.7 683.2 1,710.3

Asia-Pacific (excl. Japan M&A)

1,500 492.6 677.1

580.8 558.9 524.6

589.9 419.3 459.3

613.2 461.4 438.3

Mergermarket Q1-Q3 2013 Report

Global: Industry and Cross-Border Analysis

Global Cross-Border Analysis

Consumer: US$ 193.9bn (US$ 205.7bn)

Energy, Mining & Utilities: US$ 297.8bn (US$ 390.2bn)

Financial Services: US$ 144.7bn (US$ 163.4bn)

3.0% 5.1% 2.5%

Industrials & Chemicals: US$ 141.6bn (US$ 207.3bn)

Leisure: US$ 26.4bn (US$ 34.2bn)

Pharma, Medical & Biotech: US$ 126.1bn (US$ 99.5bn)

Real Estate: US$ 63.4bn (US$ 54.6bn)

Transport: US$ 49.2bn (US$ 38.1bn)

Other: US$ 52.3bn (US$ 45.9bn)

Value of Deals (US$bn)

1,500 400 1,000

Global: Top 10 Deals

Berkshire Hathaway Inc; and 3G Capital Partners

H.J. Heinz Company

Liberty Global Inc

Credit Suisse; LionTree Advisors Deutsche Bank

Virgin Media Inc

Koninklijke KPN NV (70.23% Stake) Dell Inc

Omnicom Group Inc

NBCUniversal Media LLC (49% Stake)

Thermo Fisher Scientific Inc Russian Grids OAO

Life Technologies Corp

Vodafone Group Plc

Mergermarket Q1-Q3 2013 Report

Global: Financial Advisor League Tables

League Table of Financial Advisors to M&A by Volume: Global

Mergermarket Q1-Q3 2013 Report

Top 5 Deals Contribution to Top 20 Financial Advisors in Q1 - Q3

Contribution of the Top 5 Deals (US$bn)

Value of the M&A Transactions Advised (US$bn)

Mergermarket Q1-Q3 2013 Report

Number of M&A Transactions Advised

Global Private Equity: Buyouts Overview

Private Equity Buyouts - Geography Breakdown

Percentage of Global M&A

Value of Deals (US$bn)

Debt/EBITDA and Debt-to-total funding

Asia-Pacific ex Japan (Value)

Rest of the World (Value)

Buyouts (% of Total M&A)

Debt/EBITDA Multiple (x)