EMERGING MARKETS M&A REVIEWEMERGING MARKETS M&A …share.thomsonreuters.com › pr_us › ib ›...

EMERGING MARKETS M&A REVIEWEMERGING MARKETS M&A REVIEWFINANCIAL ADVISORS

First Quarter 2012

Citi took the top spot in the Emerging Markets for the first quarter of 2012, with US$18.5 billion in announceddeals. Goldman Sachs and Credit Suisse took the second and third spots, respectively.

First Quarter 2012 | Mergers & Acquisitions | Financial Advisors

Emerging Markets M&AEmerging Markets M&A Down 33% | Represents 28% of Global M&A | Fees Down 37% | Materials Most Active Sector

Average EBITDA multiples across the Emerging Markets decreased to 11.3x, ranging from 5.7x in SouthAfrica to 16.7x in India. The average bid premium to 4 week stock price was 27.8%.

Emerging Market Announced M&AEmerging Markets Deals Intelligence

Emerging Markets M&A announced in the first three months of 2012 accounted for 27.5% of global activityand reached US$132.5 billion, representing a 32.9% decrease compared to the same period in 2011 and a19.3% drop compared to the previous quarter.

The most targeted Emerging Market nation so far this year was China, with 674 deals worth a combinedUS$31.3 billion. Brazil and India followed, with US$21.2 billion and US$10.6 billion of activity, respectively.

Materials was the most active sector during the year accounting for 18% of Emerging Market volumes withUS$24.4 billion in deal activity, closely followed by Financials with US$23.8 billion.

Estimated fees earned from completed Emerging Market M&A deals during the first quarter of 2012 totaledUS$1 billion, a decrease of 37.3% compared to 2011, according to Thomson Reuters/Freeman Consulting.

13.6%11.6%

9.9%11.1% 11.9%

16.3%

28.9%

17.7%

36.0%

26.8% 27.5%

5%

10%

15%

20%

25%

30%

35%

40%

$100

$200

$300

$400

$500

$600

$700

$800

$900

Ran

k Va

lue

(US$

b)

Q4 Volume (US$b)Q3 Volume (US$b)Q2 Volume (US$b)Q1 Volume (US$b)EM % of Global (YTD)

Emerging Market Completed M&A - Imputed Fees Top 10 Targeted Emerging Market Nations - US$ bil

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Impu

ted

Fees

(US$

b)

Q4 Volume (US$b)Q3 Volume (US$b)Q2 Volume (US$b)Q1 Volume (US$b)

0%$0

$

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

$1.8

$1.9

$2.3

$2.8

$4.1

$6.8

$10.2

$10.6

$21.2

$31.3

0 5 10 15 20 25 30 35

Israel

Egypt

Chile

Indonesia

Poland

Malaysia

Russian Federation

India

Brazil

China

Rank Value (US$b)

https://www.thomsonone.com

5.4x - - 13.0x13.7x11.4x 14.7x12.5x --

- -

21.0x --

-

-

26.0x12.8x

--

12.7x

8.0x

17.4x13.2x- -

5.6x

-

17.4x6.1x- 18.5x -

16.4x -- 20.4x14.8x

13.0x 12.9x

16.8x --

8.5x

--17.4x

-

16.3x

- 32.8x 13.5x 21.0x

25.6x12.8x12.1x

9.1x

9.4x11.0x 8.2x 8.5x- - 10.2x 7.9x-

11.6x39.5x 3.7x

-8.8x-

- 19.6x 18.7x

25.4x

-

5.9x

13.3x

7.4x

10.4x

-

7.3x-

-

13.6x

- 26.8x

7.1x

9.8x - 21.2x

- 41.4x

15.3x

17.0x

6.8x

17.7x

-

- -

11.4x

9.6x

14.8x

5.8x 15.8x

3.9x

34.7x

-8.2x

8.0x

9.5x

-2.2x

5.3x

-

13.5x 16.4x

11.5x17.3x

14.3x

18.7x

4.7x

14.0x

-

6.8x

-

-

15.5x9.2x

10.4x11.4x

13.4x

Consumer Products and Services 4.3x 4.3x

9.6x8.5x

10.2x

19.0x 13.8x

Retail

15.2x

Real Estate

-

Energy and Power

7.7x

17.1x

12.9x

14.3x

19.6x

13.1x

High Technology

Healthcare

Materials 7.9x

15.9x

13.5x

10.7x 11.4x 11.4x

11.7x

12.8x 12.4x

8.4x

12.5x

8.2x

9.6xTelecommunications

12.1x

9.3x

15.7x

30.4x

3.9x

Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA

-

-

Middle East & North Africa

- 5.4x

8.7x

-8.5x

-

South Africa Eastern Europe

- 2.3x

15.3x

22.7x

-

4.3x

13.1x

Asia Pacific Emerging Mkts

7.2x

14.7x

7.3x 6.8x

6.3x

3.4x 7.7x

3.9x

India

6.2x

Industrials

Media and Entertainment

Latin America

4.7x

14.0x

25.0x

-

Consumer Staples 11.1x

2011BRIC

-

China

7.2x

Emerging Markets2012 UP

2011 DOWN


Emerging Markets M&A

Average Industry Total 27.8 34.123.5 27.8

44.0 17.0 37.6 - -

27.2 43.4

* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 01/01/2012 - 03/30/2012 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. * The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. * Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.

27.223.125.516.4

-

20.1 26.932

71.913.1 -

19.6

21.8 65.320.638.9

19.1 29.310.619.5

- -9.8 25.69.8Retail

40.715.240.3- 9.2

25.6

-

-25.69.8 39.7 9.8 -- -- - 53.9-

- - 36.5-

- 41.5- - -

-

-

-- - 41.5-

5.1

25.9 - 16.7

21.6

26.9

-

41.73.8 12.9

- 18.6

33.0 30.417.3 - 36.9- 13.824.4Industrials 32.1 15.0 29.7 17.9 - 6.1 50.8

27.4

29.4

9.9

31.7 14.3

23.9 31.2 27.3

-

-

- 24.4 3.814.9 -

30.011.7 40.3

-

27.5

- -

- 25.3

- -

- -

29.2 12.2

31.8 24.4

-32.8 - 35.6 - -55.8 27.4

49.4

-

-

47.9 -2.7

25.2-

-4.623 14.01.8 27.2

18.7 -40.5 - -- 4.0 - 9.7 50.6

- - - 8.1

- 28.4

41.846.123.6

25.010.8 - 58.2 - - -

46.4

Latin America Eastern EuropeSouth Africa

- -

Middle East & North Africa

9.3x 16.7x

13.2 -

India

6.6 25.8 0.0 25.8

9.1x 12.6x11.4x 15.4x

ChinaAsia Pacific Emerging Mkts

11.9x12.0x 14.9x15.6x

17.9 24.8

30.4 12.2

11.3x 12.2x 14.4x

Healthcare

15.1

Media and Entertainment

Financials

13.1x

Emerging Markets

30.6

16.9

-

25.8

18.5

31.2

36.9

18.2

40.5 39.1-

4.0

27.4

Consumer Products and Services

27.1

52.6

34.0

28.2

29.3

-

24.1

22.8

33.2 21.7

6.9

Consumer Staples

Energy and Power

BRIC

31.3

41.5

6.62011

30.3

24.9

36.9

13.4Real Estate

5.7x

- 26.8

12.8x 13.0x

-27.6

Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price2012 UP

2011 DOWN

15.7

25.5

24.9

31.9

21.5

8.9x

Telecommunications

Materials

11.7

Average Industry Total

High Technology

8.3


UBS Goldman Sachs & Co

Imputed Fees (US$m)Market

Any Emerging Markets Involvement Completed


2012 Rank

2011 Rank

Rank ValueDeals

Change in Sh (%)

# of# of Deals per AdvisorRank Value per Advisor (US$m)# of Deals per Advisor

# ofMarket

Jan 1 – Mar 30

Sh (%)Financial Advisor US$mMarket

Emerging Markets M&A

Jan 1 – Mar 30

▲

10,164.7

▼

1.5

Share Ch.

-1.7 -13

-11

# of Deals

-4

Any Emerging Markets Involvement Announced

Rank Value per Advisor (US$m)

4.2

14.0

▼1 0.01.3

-1.8

▲

▲

1.8

0.7

9,819.7

5,618.0

2

1.8Malayan Banking Bhd

7▼-2.5

4.2

1.6 -5.7

Credit Suisse 3 5 12,518.8 9.5

13

▲

Grant Thornton

4,799.8

Morgan Stanley 4 2 11,155.7

8,614.1

Rothschild 5

▲

BNP Paribas SA 13 10 3.6 -2.0KPMG 2.114 32

4▼-0.9

-9

7

8

+4

-3

+1▼

4.08 ▼ 16.5▲ .3

0.8

1.6

1.1

8.0

1.4▼

Itau Unibanco 1,511.7

▲ 5 ▼-1

▲

Lazard▼

▲

11 0.4

Standard Chartered PLC 11 23 1.5 0.2

4,666.9 3.5▼

237.7 ▲ 13

6

▼10,248.2

8.4 -7.00.43.6

11 ▼▼

0.1

-5

0.10.3 -16

-40.7 10,426.7Citi-7 0.6▲12.2 ▼

Market

▼Share Ch.

Rank Value2012 Rank

2011 Rank

126US$mFinancial Advisor Sh (%)

3.6

Market

20 1

Market MarketDeals Sh (%) # of Deals Fees Sh (%)

Change in Share Ch.

Advisor Market

0.5 ▲2.828.3 0.1 ▼3.534.7

Citi 1 8 18,533.9 6.810.7Goldman Sachs & Co 2 1 14,111.3 -10.0 2▼ 21

17▼▼

Deutsche Bank AG0.71.0

▼-14 10,401.4 -1.0 0.9▼ 160.60.8

-6 12.273

+2UBS ▲ 11

▼ 10-3.23 10.5▼9,732.4 ▼-10 2.82.8 0.728.00.611.4

-11▲ JP Morgan 48.9 ▼

8,901.4 0.5-6.02

▼18.5 1.8 3.5▼▼0.4▼ 2.8-60.67,590.8 11Bank of America Merrill Lynch▼

▼0.86,502.255

▼39.0 3.9 0.828.5

-6-2.8 ▼ 140.70.1 13▲11

7.7▲▼ 17 0.63

7.4 0.43.1JP Morgan

5,846.6 6.99

6 7.6Credit Suisse7

8Itau Unibanco 7.26,135.4Rothschild

2.9 ▲ 58 19Bank of America Merrill Lynch 8BR Partners 9 5.2115 7,077.9

4 6.55.3

10-0 9

-613 0.43 Societe Generale

▼ 6.58 5,515.55,537.859*

10 6 7,016.4 5.3 -2.3

1.1 ▲11.0 1.16.5

▼ BBVA ▲+20.3

▲3.3 0.3

1.8▲1.212.2

0▼ 7 ▼

- 1.76.0 ▲17.9-2.0 0.4

0.23

11HSBC Holdings PLC 12 9 0.45,502.5 -2.4 12▼

China International Capital Co4,660.14,916.3

4,083.30.34.1

5.85.5

-1.9 ▼12 36▲+4 Standard Chartered PLC

10-4

31

0.54.8▲

4 0.2▲ 1.3+15

▼-4 ▼▲19.2 1.9

6.0 0.6▲

▼ VTB Capital 13-13 4.6+3 15* 250.1 ▲

0.0 ▲25.1 2.510 -114 16 3,885.5 ▼0.515 159* 4,079.8

0.2 ▲4.015*BNP Paribas SA▲3.1

17 3,472.1 2.6 BMO Capital Markets-7

0.7

23,411.8

▲3.1

0.13,411.81.0 ▲ 0.1

4.00.234.0 ▲11.2-4 ▼

+2 ▲ 2.01.1

CITIC16 7

3,304.8-

Somerley Ltd 18 65 2,531.4 1.9

Deutsche Bank AG ▼-0.43.82.5 1.7 0.217 48 18▲▲ ▼

0.2

▲19.6 2.00.5 ▼5.8 0.60.1

▼Banco BTG Pactual SA 17China Merchants Securities Co

-90.233,260.3318

10.01 ▲▼-5

▼2,367.13.03.1

19 15 2,502.9 1.9 Morgan Stanley▼ 7 0.22,629.3

191.5

▼82 -2 ▼ ▲.6 0.1

-19Caitong Securities Co Ltd 20 - 2.6+6 20▲ 6 0.2 ▲ +10.1

RBS▲ 21 30 2.31,913.4

2.8▼ -21.8 0.4GMP Capital Corp - 2,191.5 2.6▲ 1 -0.0

Lazard 21 12 2,116.62,334.6

0.30.0

0.12,056.8 4

1.6 ▼-2.722▼ NomuraSantander

6

▲0 -0.2 1.1▲ 4 14.40.23

Barclays 23 47 2,034.1 0.222 7 0.1

▲▼2.0

▲9.4 0.9 0.6▲11.0-3-3.1

+10.2Malayan Banking Bhd ▲0.2

415 1,738.5

-1 1.62.023 67Cenkos Securities PLC 24 1.3

1,728.524

Mizuho Financial Group 25 168- 1,714.6

▲+1

1 3 -2 ▼1.8

Houlihan Lokey-4.5 ▼2 0.1▼ -12

1 686 5 256 0 1+5▲ 0 2▼

38 1 316 7 1 6 0 3 ▲ 2 ▲11 1.4

1 3

▲-9 1.0

2.33.7 5 0.3▲ 0.1▼

▼-1

0 60 9

3.4▼ 34.3

8 7

-13

100.0

Acquiror

China Cinda Asset ManagementPending

1,005.1Mizuho Financial Group 25 168 ▲1.3 -2 ▼Houlihan Lokey1,686.5 256 0.1+5▲ 0.2 38 1,316.7 1.6 0.3 ▲ 2 ▲

Target Macro / Mid Industry

Industry Total

Industry % Change from Same Period Last Year -32.9% ▼

Industry Total 132,459.6

Financials / Credit Institutions

▼▼

Itau Unibanco Holding SA

1.3

▼-23.2%

6,822.5Brazil / BrazilAcquiror / Target Nation Rank Value (US$m)

▼

85,156.4-898 100.0

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

2,974

-24.2% ▼ -44.4%▼ -24.9% ▼ Industry % Change from Last Quarter -44.3%Industry % Change from Same Period Last Year

Rank Date

* tie

2/7/2012 Intended Redecard SADate Effective Target (% Sought/Acquired)

Energy and Power / Power3/7/2012

Industrials / Transportation & Infrastructure3,910.8

1MDBMaterials / Metals & MiningSesa Goa Ltd

Undisclosed SPV Brazil / BrazilIndia / India

2/6/2012

3/7/2012Pending2/25/2012Pending

Tanjong Energy Hldgs Sdn Bhd

Infraero-Guarulhos ConcessionSterlite Industries(India)Ltd

2,810.4Malaysia / Malaysia

4,789.8

3/26/2012 Pending

1/3/2012

Mubadala Development Co PJSC Utd Arab Em / United States

PendingPending

2/21/2012 PendingDevon Energy Corp-AssetsAlibaba.com Ltd

China / ChinaChina / United States

Shanxi Meijin Energy Co Ltd

Alibaba Group Holding Ltd High Technology / E-commerce / B2B2,500.0 Energy and Power / Oil & Gas

Hong Kong / China

2,334.6

Intended Thailand / United Kingdom

Sinopec Intl

2,000.0

2,531.4

2/24/2012 PTT Exploration & Prodn PCLCove Energy PLC

Materials / Metals & MiningShanxi Meijin Grp Jinfu CoalCentennial Asset Brazilian

2/15/2012

1,714.6Financials / Alternative Financial Investments

Materials / Metals & Mining1,640.3 Financials / Asset ManagementInvestor Group China / China3/16/2012

1,863 -6270.60.9

-25.2% ▼ -37.3%

100.0

-42.5%

Jan 1 – Mar 30Any Emerging Markets Involvement Announced - Top Deals

Jan 1 – Mar 30

Industry % Change from Last Quarter -19.3%▼

8.7

$24.418%

$23.818%

$22.117%

$19.715%

8%6%

5%4% 3% 2% 2% 2%

Materials Financials Energy and Power

Industrials Real Estate High Technology

Consumer Staples Healthcare Telecommunications

Media and Entertainment Retail Consumer Products and Services

`


Bank of America Merrill Lynch Banco BTG Pactual SA

7.0 9

3.0

3.5

▲

▼

-4

Citi-

▼

-10.2 ▼


▼

US$mMarketMarket


Any BRIC Involvement Completed

# of Deals per Advisor

Jan 1 – Mar 30

BRIC M&A

Imputed Fees (US$m)

Any BRIC Involvement Announced


Jan 1 – Mar 30

Change in Market2012 Rank Sh (%) Deals

Rank Value per Advisor (US$m)Rank Value # of

Sh (%)+7 4.8

Financial AdvisorMarket

Share Ch.2011 Rank

30.8 6.1US$m Share Ch. Sh (%) Share Ch.

MarketAdvisor MarketFees

# ofSh (%)

▲

Market Change in Rank Value2012 Rank # of DealsSh (%)

8,761.2 1.2Deals

2011 Rank# of Deals Financial Advisor

Market

Rothschild 2 41 10,220.5 ▲Citi 1

11.217 14.6 10.9

12.12012,347.5 Deutsche Bank AG 19 +3▲

816.80.5

0.3▲ 1213.5

▲▲

+3 ▲2.9 0.40.8 0 14.6-▲

0.7JP Morgan

0.416.3 ▲2 8,506.4

Bank of America Merrill Lynch 3 -4.52 6,081.06

1.1 +410

▲197.1

▲UBS 5,710.8 11.09 0.5 +1 4 9▲▼

1.7▲8.3

Morgan Stanley 10.6Itau Unibanco 4 9 7,819.7BR Partners 5 80 7,077.9 8.4

9.33 2 8,980.8

0 ▲10.95 11 2.55,660.2 0Credit Suisse 6 3 6,494.3 ▼7.7 0.36

0.2

14.6▼▼-93

-60.3

4

3.4▼10.6

3.22.1

11.7▼8.9 1.8

2.9

0.36 41*

▼

-▼

3▲5,537.8 3.617.90 -

-0.4

▲ 0.30.44-2.0 -11 10.6Societe Generale

BBVA39.6 ▲

10.4 ▲10.4JP Morgan 7 6 5,870.8 2.2+12 ▲0.5 3 0.3▲ 1

2.2 ▲7 - 5,431.6 11.0▲3.3

3.9BNP Paribas SA 8 - 4,789.8 5.75.7KPMG 9 29 4,641.9 ▲

9.484,083.355.5 0.3 -4 VTB Capital

0.34,916.318▲ China International Capital Co ▲ -1 ▼ 0.70.1 5 0.59 4

5.2+10.4▼ -5.4 ▼7.8 4

3,260.3 6.3 -1.9 ▼10 5 4,608.4 5.5 -10 ▼ 10 12-2.6 ▼ 2 0.1 1.1 ▼-9 ▼1.1 ▼6.0 1.2▼-4

-6 ▼3 0.3 5.8 1.2

-8.3 ▼3 0.3

2.9 ▼5 0.5 13.8 2.87

11 3 2,900.5 5.6▲ Credit Suisse0.2 +42,875.0CITIC 12 3.9 2.535 3,304.8

Grant Thornton 11 - 4,079.8 ▲ 44.8 4.85.5▲ Rothschild 0.2 ▼14.7 2.9-11 ▼

1 3,163.4 3.7 -19.5-3.9 ▼0.4 +4 12 8

▲ China Merchants Securities Co▼ 10HSBC Holdings PLC 14 8 2,711.5Goldman Sachs & Co 13

3 0.2 -10.6 +1

Deutsche Bank AG 15 18 2,690.4 ▼

4.9 ▲13 63 2,629.3 5.11 0.1

3.2 -0.4 0.2 -2▼ Nomura3.2 -3.1

0.1 ▲.6 0.13 0.3 -2 ▼

3 0 -1,370.1 2.615 38*14 23 1,582.2 3.0 0.5 ▲

2.6

0.3 ▲-2 ▼ 8.6 1.7

-5 ▼0.0

Somerley Ltd 16 ▼ Goldman Sachs & Co▲ 1 0.1 -358 2,531.4Caitong Securities Co Ltd 17 - 2,334.6 ▲ 62.8 2.8

-4.9 1.0▼ Lazard 1.4 ▲ 3 0.37.4 1.5

3 0.3UBS 18 14 1,765.3

-3.6 ▼▲ Morgan Stanley

1.4 ▼16 14 1,356.2 2.6 2 0.2▼17 1 1,320.6 2.5 9.2 1.8-12 ▼-19.0

1,684.3▼ 3 18* 24

3.60.3 +6 ▼

122.1 -2.2 ▼ Houlihan Lokey

VTB Capital 20 16 1,289.366

0.2 2.5 1 0.10.1 ▲Ernst & Young LLP 19 2.0 1.7 ▲

-8▼ ▼

-11.20.7 -1

▼1,316.7-7 ▼

0.6 ▲6.7 1.32.76.0

20* 2.3 ▲100*1 0.118* 7▼ Itau Unibanco 2.5 -8.51,316.7

Barclays 21- BNP Paribas SA▼ 31.5 -2.3 0.2 0

1.5 0.4 ▲ 4 0.238 1,245.6▲

0.8 ▲8.2 1.63.9 0.81

1.11,220.4+12 ▲

2 0.20.1

2.3 0 --2 2.3 ▲1,220.4 2.3▼ Paradigm Capital Inc 20* -

Guosen Securities Co Ltd 22 56 1,192.8 0.9Guangzhou Securities Co Ltd 23* - 1,097.8

▲ 1▲ 2

0.1 0 20* - 1,220.4 2.31.3 1.31.4

▲0.1 +2 0.220.1 ▲

▲▲

2.3 +12 ▲2.3 ▲▲3.9 0.81 +12

0.9

China Renaissance Partners 25* 84Greenhill & Co, LLCGuotai Junan Securities 23* -

23 -- BMO Capital Markets 0.82.3

▲ 1.9RBC Capital Markets 0.94.41,200.0

0.2▲0 0

1,097.8 ▲ 2▲

- 1,000.0 1.9 ▲ ▲0 1

.9 0.2+120.11.3 1.3 0.1 +2 124*1 90 1 1 9-8 ▼ Sberbank 24* 100* 0-11 2 1 1991 3 1 000 01▲ 1 0 1 ▼ ▼

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

1 ▲+1▲Allen & Co Inc 25* - 991.3 1.2 1.2 0.1 ▲0.1 0.11 0.1 +12 ▲ .6

Jan 1 – Mar 30

Industry % Change from Same Period Last Year

4,789.8Undisclosed SPV

24* - 1,000.0 1.9 1.9 ▲Standard Bank Group LtdChina Renaissance Partners 25 84 0.0▲ 0.11.90.1 1.9

Industry Total

8 ▼ Sberbank 24 100

▼ -23.8%

1,724100.0

▼

Industry Total 84,488.9

.01

1,021

1.2 1.1991.3 1,000.01▲

-538

▼

1 0.1 ▼

500.8-340

▼ -33.6%

100.0

-31.2%

High Technology / E-commerce / B2BMaterials / Metals & Mining

Industrials / Transportation & Infrastructure

▼

Brazil / Brazil

Hong Kong / ChinaIndia / India

-28.9%-25.0%

1/3/2012

Redecard SA (50%)

* tie

2/7/2012Rank Date Acquiror / Target Nation

Intended Brazil / Brazil

2/21/2012 Pending Alibaba Group Holding Ltd

Itau Unibanco Holding SA

Pending Sterlite Industries(India)Ltd (100%) 3,910.8

Devon Energy Corp-Assets (33.3%)

Sesa Goa Ltd

Shanxi Meijin Grp Jinfu Coal (100%)

▼

Acquiror

-29.5% ▼ Industry % Change from Last Quarter

Energy and Power / Oil & Gas


▼

6,822.5

3/16/2012 China Cinda Asset Management (16.5%)Pending SBI (5.7%)

Investor GroupPending3/19/2012

Pending Fawer Automotive Parts Co Ltd (100%)2/10/20122/6/2012

Alibaba.com Ltd (28.6%)

Infraero-Brasilia Concession (51%)


2,500.0

-19.7%

Pending Infraero-Guarulhos Concession (51%)

Date Effective

-24.8%

Rank Value (US$m)Target (% Sought/Acquired)

China / United StatesShanxi Meijin Energy Co Ltd

Industry % Change from Last Quarter

2,334.6

2,531.4Sinopec IntlPending

2/25/20122/6/2012

Pending2/15/2012

▼▼-42.7%

100.0

▼

Materials / Metals & MiningChina / China

52,102.1

Financials / BanksChina / China

1,574.9India / IndiaFinancials / Asset ManagementChina / China

1,455.7Investor Group

IndiaGuangdong Sunrise Holdings

Pending

Jan 1 – Mar 30

Brazil / Brazil Industrials / Transportation & Infrastructure1,332.4Industrials / Automobiles & Components


Any BRIC Involvement Announced - Top Deals

-33.2%

1,640.3

$17.320%

$15.919%$15.7

19%

$14.117%

6%4%

4% 3% 3% 2% 1%1%Materials Energy and Power Industrials

Financials High Technology Real Estate

Healthcare Consumer Staples Media and Entertainment

Consumer Products and Services Telecommunications Retail

`


JP Morgan Houlihan Lokey

Global M&A19

554 91

0+1

- RBC Capital Markets24 ▼.0 0.50.00.40.0

6.0-

+1 - 35.0+1

40*INFUPA SA▲

22Broadspan Capital0.2

0.2▲ 21

▼▲-

Capital Trust Co 0.40.233 28.9

0.2 10.5

.6▲0.3

-1.9▲

▼ 5 1.8.7

.22.10.30.2

▲1.20.3 ▲0.4

0.3

0.4

-

-0.3 ▲

65.0 0.0-0.1 0.154.9

▲▲ +1 ▲0.2

.6▲

0.4.6 0.2

-0.71

240.577.0

-10▲0.7 +3

▲

▼ 00.4

PricewaterhouseCoopersBrookfield Finl RE Grp

18--

16*

0.1

Cushman & Wakefield Inc 0.40.2

▲0.6CB Richard Ellis Group Inc 0.6 0.6

0.2

▲▼- ▲0.6▲100.0 1

3.521.4

0.4

▼3.6 +10.41

+1

0.4

1

1.5-5

16*

0.7+10.4

77.0

▲3.6 2.30.10.1

5.5 13.6

-2▲

▼

▲

6.74.29.8 3.4

▲ .3▲▲

▼

7.5

-94

▲

-10.6▲

1 +1▲

1,511.7 8.6

-+1

0.4▲0.41- 1,316.7 7.5

▼11.5 4.9

▲

5.3▲6.7 2.9

2.92.9

6.6

2.9

Citi 712Credit Suisse

3

1.4

1,913.2 -7.9 3 1.1▼10.8-13.3 2

▲▼

6.56.5

-61.0

▼2.5

8.0▼

0.41

▼0.7

15.35.8

▲1.1

2.2-6 5.2

▼2.83.8 ▼3.4-123.5

25.411.9

▼

3-▼▲

0-9

▼▲29.0

14*

3.1-10.427.2

27.2

5,400.0▼

▲

3,260.3 18.44,800.0

3.8

4,800.0

5,846.6

5

38

▼3 1.4

47.3 ▲3 1.130.5

1.3

1.1 +14.6

▲▲33.2▲

5.333.031.4

▲5 ▲ 11.0 4.71.8 +4

Market

12.5Sh (%) Share Ch.

Advisor Market

▲4.2Fees

18*-8

Change in 2011 Rank US$m

5,866.3UBS

Change in Sh (%)

# of# of DealsShare Ch. Deals

Imputed Fees (US$m)


Latin American M&A

Jan 1 – Mar 30

Rank Value MarketRank Value per Advisor (US$m)

Market2012 Rank

Rank Value MarketSh (%)

1 2 3

333.1

18*

2.4


0.2

# ofSh (%)Deals # of Deals Financial AdvisorMarket

Societe Generale

Any Latin American Involvement Completed (AF45)

# of Deals per AdvisorRank Value per Advisor (US$m)

▼

▼

Credit Suisse 8

-

20Cushman & Wakefield Inc

77.0-

Brookfield Finl RE Grp

24

Goldman Sachs & Co 7HSBC Holdings PLC

13

Stephens IncErnst & Young LLP

14*

UBS 11

14*

9*

Banco BTG Pactual SA

16*16*

CB Richard Ellis Group Inc

BBVA

Wells Fargo & Co

0.3

0.2

+11

-7 ▼

▲0.2

Bansud Capital

Santander

12

1,221.04-

1

4.9

▲+1

▼

0.4

-3

▲0.4

0.243.3

▲▲

0.0

▲0.72

5.0 ▲0.0

0.1

▲ 15

▼

23

IMAP -21

0.3

+1+1

631.6

0.4▲0.4

2

Santander 13*

0

0.2 +1 ▲

▼

▲

0.2

655.6655.6

23

17▲ 20

1-

▲

1

-

631.6

Standard Chartered PLC

+1

▲

▼

-8+1 10*

8

-7

Lazard

9Itau Unibanco

▲ 8.47.5

13*

+1

▼ 12

10*Deutsche Bank AG

0.7

1,476.6

1,316.7

▲

▲28

631.60.2

0.2

23

1

7.51,007.6 5.7

-Ernst & Young LLP3

1.9

0.2▼ 2▲

1

2

▲

0.5-1.6

0.5

▲

▼

0.3

▲

▼1.0

-65▼ 4 +2

1.2

2.1

77.0

2.1

▲0.30.3

▼▼

▲

--0.7 0

▲1

1.46▼

6

4*

+3

Bank of America Merrill Lynch0

▲-


0

Market Market

11.0-5

▼▲Sh (%)

410

3 0.7▲

38.0

▲23.622.515.9

Financial Advisor

BR Partners

Citi▲26.3

5US$m

8,154.9Share Ch.

14.9

3

BNP Paribas SA4

27.41

Rothschild32

7,819.73

4,789.818 2,200.71

2012 Rank

2011 Rank

Morgan Stanley5

Itau Unibanco 2

6

2337*

925.5925.5

6,822.5

21*

-

471.6

17

-

8

859.715 746.1

2.2

21

-

2.5

3.19*

21*

2.1

2.1631.6

16*

100.019

-

▼

1.6631.6 -23.12

0.3

▲0 2

2.2

1

56.00.2 -0.3

0.3

65.01

-4.3

IMAP

20.2

23PricewaterhouseCoopers

290.2

250.2

0.0.11 +10.00.5 0.0

-2.33.1

2.9

-12.4

3.111

23.8

7.4

25

4.1

23.0

6.2

719.0 2.4

1,842.4

-0.5

0 1

▲

2.4

12.2

1

7,077.9

2.2

JP Morgan 22

+1

Any Latin American Inv Announced (AD38)

DNB ASA

BBVA 2

▲ 0.2

Jan 1 – Mar 30

-20.45.4

16.1

-▲

* tie

-52.3%

-89

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

655.6 Financials / Credit InstitutionsChina / Colombia

Colombia / Costa RicaChile / Chile

Banco Davivienda SAAtlantia SpA

719.0

Industrials / Transportation & InfrastructureEmbotelladora Andina SA

759.9

Brazil / Brazil

Italy / ChileSinochem International Corp

4,789.8

17,680.8 100.0

-58.7%

Brazil / Brazil

Jan 1 – Mar 30

▼ ▼

6,822.5

▼-54.9%Industry % Change from Last Quarter -15.1%

100.0-63

Rank Value (US$m)

5

-35.5% ▼

54.9

-18.3%▼

281 234.3420 Industry Total1.2 -3▼

100.029,727.4

1/24/2012

Rank Date Date Effective

▼0.2

Grupo Elektra SA de CV

IMAP

2/7/2012

Industry Total

-20.2%

Tepma BV (100%)

Redecard SA (50%)

2/15/2012

HSBC-Central America Bkg Op (100%)

2/6/20122/21/2012 Prestige Brands Holdings Inc (100%)

Advance America Cash Advance (100%)

PendingPending

IntendedTarget (% Sought/Acquired)

PendingPending

Investor Group

Investor Group2/6/2012

Pending

2/2/2012

Pending


2/25/2012

Genomma Lab InternacionalInfraero-Brasilia Concession (51%)

2/6/2012

-17.5%

29

Brazil / BrazilFinancials / Credit Institutions


25

▼

* tie

▼

Undisclosed SPV

AcquirorItau Unibanco Holding SA

1,128.8

Jan 1 – Mar 30Target Macro / Mid IndustryAcquiror / Target Nation

Any Latin American Inv Announced (AD38) - Top Deals

▼

1,332.4 Industrials / Transportation & Infrastructure

-54.1%


Energy and Power / Oil & GasIndustrials / Transportation & Infrastructure

Healthcare / Pharmaceuticals

Consumer Staples / Food and Beverage801.0

Mexico / United States

Infraero-Campinas Airport (51%)

Autostrade Sud America Srl (54.2%)

Pending Embotelladoras Coca-Cola Polar (100%)Pending

2/8/2012

-21.3%

-0.1

Pending

Infraero-Guarulhos Concession (51%)Brazil / Brazil

▼Industry % Change from Same Period Last Year

Financials / Banks

Mexico / United States 1,262.4

925.5

▼

$9.632%

$9.532%

$2.48%

8%5%

4% 3% 3% 2% 2% Industrials Financials Energy and Power

Materials Healthcare Consumer Staples

Consumer Products and Services Real Estate Media and Entertainment

Retail High Technology Telecommunications

`


Santander Itau Unibanco

0.3 0.9

0.1-

0.3

0.9

2 1.80.20.10.228.9

17 43.3-3.6

▲▲

0.60.4

2

-16

+1

+1

+1

2*

5.0

▲

1

-

3.6

Cushman & Wakefield Inc

+10.91

12,630.0

▲ .1▲

▲0.8

.60.4

.33.5

▲0.1 0.10.8

0.4▲+1

+1.6

0.2-▲

2.70.4

▲▲ 0.5▲

.73.9

0.5▲ 0.8

0.6

▲

0.4▲

0.2

+10.9

▲▲▲1

41

▼1▲

0.6 ▲

1.2

143.8

+1+2

100.00

RBC Capital Markets

Industry Total

Global M&A

+1

-

6.018

110

5.0

Brookfield Finl RE Grp

12*

-10

12*▼

100.0

▲

5.4

0.6

4.1▼ -8

1

▼

0.91,316.7 -27.210.4 1

54.9

▲

1-26.2

2.5 1.2

0.9+1

20.91.8

- 28.926 0.3IMAP

10.2

0.6

▲▲

1

Credit Suisse▼

▲0.4 0.6+1

5.5

▲3.4631.6

5.9▼ 8.45.0631.6

0

▼▼+1 ▲ 6.7

6.0-7 4.2▲4.7

3.7

-48.0+2-3▼

2.91.1

20.9

4.7

-

▼1,316.7 10.4

▼▼ 1.0

0.96.7

0.9▲

▲ 3.0▲

-

1.4

2 6.3

-1

4.4

4.74.7+11 ▲10.4

3▼

10.4▲10.4

-1,316.71,598.4

38.02.7

38.0 1

12.7

36.9

-10.7 1-2.3

▲3.34,800.03,260.3 25.8 -9

0▼

1.83

138.0

▼4.0 1.75.8

34.6 0.9 ▲1.9

13.234.6

04,800.0 4.3Societe Generale 4,800.0Bank of America Merrill Lynch

1 0.9▲9

01.7+10

5.12

▲15.3

43.03.00.9

-▼ 4.3

3▲

▲

2.9

2.8621.4

2.9

Sh (%)8,154.97,819.7

2.9

7,077.935.6

631.68*

631.6

631.6BBVA 8*

8*Goldman Sachs & Co 11

1516

-

1

Ernst & Young LLP

175100.0

2Credit Suisse 12

77.0-12 -6.9

Broadspan Capital

16

77.054.9

680.0

0.40.4

2.2 1

0.4

IMAP

Santander0.6

77.014*77.0

▲2.3

1

-21-

14*0.6

▼

19

471.6

0.1 ▲

1▲

▲

▲0.1

11-4 Ernst & Young LLP▼

▲+1

8*Houlihan Lokey 8*

▲


▼

▼

▲ 1.1

-21 0.6

+2▼

+1

3

▲2.95

1

-8▲

1.7

22

+3Sh (%)

43.038.0

0.60.6

-1▲

CitiDeutsche Bank AG

7-8*

▼

Imputed Fees (US$m)

7

▲

7.7

17*2*6

11.0▲

Market

JP MorganUBS

Jan 1 – Mar 30Jan 1 – Mar 30

Sh (%) Financial Advisor▲2.7BBVA

2*

# of

▲17*

Deals

0

2011 Rank Sh (%)

2* 6

Market# of Deals per Advisor

# of Deals1.1

-

7.7

10.510.6▲

Share Ch.

4,800.0

Change in Advisor# of Deals

▲0.6-4

2012 Rank Sh (%)

Any Brazilian Involvement Completed (AF51)

Share Ch.Share Ch.Market

Fees-

Change in


Market Rank Value Market# of Deals per Advisor

Market

3

▲

2

▲

▲

Brookfield Finl RE Grp 13*

21.8

-13*Cushman & Wakefield Inc

-

Rothschild

-0.2

4.2Itau Unibanco71 22.1

31.81

Brazilian M&A

▲

-5.6

21,947.6

BNP Paribas SA

2012 Rank

32.36,822.5

938.3

31.131.1-

Market Market

5

23

164,789.8

4

6

4

17 3.413

2.9

▼-47.1

746.1

Broadspan Capital


Industry Total

0.6

32Citi

BR Partners

US$mRank Value

3

# ofRank Value per Advisor (US$m)

Any Brazilian Involvement Announced (AD44)

2011 Rank


US$mDealsFinancial Advisor5,431.6

21.8

37.2

Morgan Stanley 4.3

-

1/31/2012

Jan 1 – Mar 30

Acquiror

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

▼-8.3% -52.4%




▼


-34.2%0.0%

Cosan SA Industria e Comercio

Jan 1 – Mar 30

Materials / Metals & Mining


-17.9%



Rank Value (US$m)

522.2

621.4CSN Steel SL

Financials / Other Financials

560.6Brazil / Brazil

Brazil / Brazil

Brazil / Brazil


-43.1%

4,789.86,822.5

Brazil / Brazil

▼11.6%

Investor Group

Brazil / Brazil

Itau Unibanco Holding SAAcquiror / Target Nation


Energy and Power / Power

640.9

Brazil / Brazil

Spain / Germany 631.6

1,332.4

Undisclosed Joint Venture Brazil / BrazilBrazil / Brazil

Any Brazilian Involvement Announced (AD44) - Top Deals

* tie

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

Undisclosed SPV2/6/2012

▼▲

▼

1,128.8

-33.6%

Luxembourg / BrazilConfab Industrial SA (56%)2/21/2012

Tenaris Investments Sarl

Pending1/30/20121/31/20122/24/2012

Pending

▼

Investor GroupInfraero-Guarulhos Concession (51%)

▲▲


IntendedPending

6.3%

TAESA

CPFL Energias Renovaveis SA

Infraero-Campinas Airport (51%)Concessionaria SPMar SA (95%)

Pending

Intended

BVP SA (100%)Stahlwerk Thueringen GmbH (100%)

PendingAll America Latina Logistica (5.7%)PendingUNISA (50%) 479.63/16/2012

1/18/2012

Redecard SA (50%)

2/6/2012

5.6%

Pending

2/6/2012

Date EffectiveRank Date2/7/2012

Infraero-Brasilia Concession (51%)

▲

Target (% Sought/Acquired)

$8.940%

$7.434%

$1.57%

6%4% 4% 2% Industrials Financials Materials

Energy and Power Consumer Products and Services Real Estate

Media and Entertainment Retail Consumer Staples

High Technology Healthcare Telecommunications

`


Rothschild

6.7

Sh (%)3

MarketImputed Fees (US$m)

# of

+2Sh (%) # of Deals

Advisor

6.6

MarketShare Ch.Deals


▲▲7.16.9

92.3


100.0 22813,045.2

+11.50.6

3.1

1.3

5▲

Change in Market

5.3


+1

5.91.9Fees

3

2012 Rank

1.5

215.0

1

Financial Advisor

4*

10

1,061.8

17

▲

Any Middle Eastern & North African Inv Completed (AF60) Jan 1 – Mar 30


+32.5

Market2011 Rank

+3

1.3

Change in Market Market

0.4

MarketSh (%)

Rank ValueSh (%) US$m

1.2

-8.8

0.4

2012 Rank

# of# of Deals

Rank Value

1.3

-4.5

6.0

180.5

1

01▲

2.1

0.4

0.4

22.2 2.2

4,728.61

13*

JP Morgan

3Credit Suisse

Any Mid East & N African Inv Announced (AD53)

4▲

Middle Eastern & North African M&A

MarketShare Ch.

7

Goldman Sachs & Co

Rank Value per Advisor (US$m)2011 Rank

6

3

Financial AdvisorCiti

▲ --▲

Sh (%)1.8

Jan 1 – Mar 30

74,209.6

31.0Share Ch.

2

US$m

-5.525.3

Lazard 5

24* 25.3Itau Unibanco

32.3

-

1,081.64 1,697.6

23,306.3

1,755.12,000.04

10*

-

-5

Barclays89

3

Morgan Stanley

-NomuraBank of America Merrill Lynch

PricewaterhouseCoopers

10*10*

18

-

13*16*

Deals

7.6

▲

HSBC Holdings PLCUBS

BBVA15

13

Jefferies & Co Inc14

Merriman Capital Inc

Industry Total

19RothschildDeloitte

+8

16*1124*

16.5

0.79* 27.7

92.3

0.1

0.70.9

0.4

1

0.2

1.4

▲+3

1

4+1

-3.40.70.0 ▲

1.8▲

▼1

▲

-14

Macquarie Group

+1▲-2

▼

2

▲

-280.0

-

HSBC Holdings PLC

73.816.5

Arctic Securities ASA

Merriman Capital Inc-12*

73.8

-9.3

15.8

5.75.415.8

3.01.5

0.6

9

4*

9*

89* 781.6

Morgan Stanley122

- 4*

UBSGoldman Sachs & Co 4*

4*5

1,306.3 26.321.4 ▲

21*Credit SuisseBank of America Merrill Lynch

112.626.3

-7.5

15.8781.67 781.6

5.44

▲

-0.4

20.9

08 4.1

+2

0.9-▲

0 Citi+1

▲ Deutsche Bank AG

▲▲▲ 3

781.6781.6

Lazard0.4

+17.4

▲

6.0 ▲

+36.0

987.3

280.0

-16.0 ▼

963.1

0.1-

Jefferies & Co Inc

1.5

11.5

12*

-15

11

0.30.2

0.3

3.4170.0

0.2

▼

▲2.51.3

2.21.5 ▼

1.3

2.2

0.65

0.6

+5

▲

▲

+11

▲0.6

1.21.91.3 -▲

+2 3.602

1.3▲▼

3.14.3

▲+1 ▲

▲1.4

0.4

2.73.2

1.4 ▲▲▲

0.2

▲1.2

4.4 ▲3.25.9

3.1 ▼3.5 2.7

3.15.95.7

0 -.2

▲▲ 0.6 +1

0.4

0.2

1.9 ▲

.2▲+1

4.3 ▲

▲1.6 ▼

1.3

2.9

▲

2.15.4

-2

▲ 1▲▲

3

1

2

▲

1

▼15.815.8

▲▼

3 +21.9▲2

-

100.04,959.2Industry Total

2

▼0.40.4

▲

+21 -1

▲

▲

11.3

781.6

15.313.5 ▲

269.6

7.47.6

13.5

8.3▼

▼

13.0

-34.9

5.8

1

▼

0

03 0

1

20.9

0.9

1.5▲ 2.1

1

100.0

▼

43 +1

.4

21.1

▼

+5160 97.6

-17.2

-7.14.3

+1

▲

1,046.5

-▼

OSK Holdings Bhd

781.6781.6

▲0.2

15.3

36.3

0.2

Deutsche Bank AG

Pending

Centennial Asset Brazilian (5.6%)

Orascom Telecom Media (100%)

▲▼

3/26/2012

3/7/2012Pending

Rank Date

Gen Retirement & Social Ins

EDT Ret Trt-Shopping Centres (100%)Migdal Ins & Finl Hldg Ltd (69.1%)

1/8/2012

Egyptian Co for Mobile Svcs (29%)2/13/20121/20/20122/7/2012 One Cabot Square (100%)2/8/2012

2/29/2012

1/20/2012

-35.0%▲



Intended Damas International Ltd (100%)

Pending

-3.0%59.3%▼

Date Effective

3.6%

Indosat-Telecommun Towers (100%)United Development Co PSC (33.21%)

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

Pending2/29/20121/8/2012

1/10/2012

Pending3/28/2012

Shareholders2/20/2012

Saudi Kuwait Fin House-RE (100%)

Mubadala Development Co PJSC

France Telecom SA

-63.6%

524.6

Golden Investments Co Ltd

Tower Bersama InfrastructureQatar Investment Authority

Shlomo EliyahuBRE DDR Retail Holdings LLC

Egypt / Egypt

389.8


781.6

Acquiror / Target NationAcquiror

Undisclosed AcquirorQatar / Qatar

Unknown / Saudi Arabia

Rank Value (US$m)

Any Mid East & N African Inv Announced (AD53) - Top Deals

* tie


Jan 1 – Mar 30

Industry % Change from Same Period Last Year -57.0%

France / Egypt

1,098.3

973.5

United States / United States

519.0

Jan 1 – Mar 30

2,000.0

▼

1,428.0

Utd Arab Em / Utd Arab Em

▼

Israel / Israel987.3 Retail / Other Retailing

▼-43.7%3.2%

Real Estate / Non Residential

Telecommunications / Wireless

Financials / Insurance

▲

Financials / Alternative Financial Investments

-55.6%


▼

Real Estate / Other Real Estate

-5.9%

Real Estate / Non Residential


▼

Real Estate / Other Real Estate

Telecommunications / Space and Satellites439.6

Indonesia / Indonesia

Utd Arab Em / United States

Qatar / United Kingdom

$3.426%

$3.225%

$2.721%

9%4%

3% 3% 3% 2% Financials Real Estate Telecommunications

Retail Energy and Power Consumer Staples

Media and Entertainment Healthcare Consumer Products and Services

Industrials Materials High Technology

`


M&A International Qinisele Resources (Pty) Ltd


2,513.9

2.5


172.055.8

▼


13.1335.0

2.9

-1.6

0.0 1Bridge Capital Advisors

2012 Rank

17.5

Rank Value2011 Rank

17.5

7.38.6

▲1.3

0.0

0.2 0.2

0.0 1

Hartleys Ltd

Industry Total

▲

UBSRMB Holdings Ltd

5

9

7.3

PSG Capital (Pty) Ltd0.1

▲▼

7

1

2

▲

407.0

▼

# of

Investec

-

-

13.34

1

13.3

-31.4

-

6

2439.7

+23

Macquarie Group2

1▲

Market# of Deals

1.32.2

South African M&A

-66.4%

217.2

72 9%▼

2.5

Bank of America Merrill Lynch

Sh (%)

13.5RBC Capital Markets

328.6

Sh (%)

16.2

Deals

14* JP Morgan

US$mMarket

2.5

Financial AdvisorChange in

Any South African Inv Announced (AD54)

1 -Share Ch.

.3

Jan 1 – Mar 30

▲

▲

▼

Market

2

2.2

28 8%


▲

-

1.9

4 8

8

1

1110


-

Financial Advisor

100.0

▲

-24

4.0

▲-

-

100.0

.0

▲

0.1▲

-3.1

▼1

15.0

2.4▲

▲

▲2.6

▼

Rank Value

4.4

2

Lazard

79

0.0

0.4

-44.6

2.2

2.2

-6.7

▲2.3

# of

▲

448.1


▲

Sh (%)851.5

3*

+2+1

35.4

- 448.1

US$m DealsCredit Suisse

Sh (%)

18.6

Share Ch.

▼

▲

▲▲24.9

35.4

10.4

2.2

▲

▼4.4

1.5

0.0

0.4 ▲

0.00.1

1

2,408.2 100.0

Ernst & Young LLP

PricewaterhouseCoopers 14

PSG Capital (Pty) LtdNedbank Capital 15

Hartleys Ltd

24.9

▲361.5

3*Standard Chartered PLC18.64*

Barclays

600.0

-11.3+11.3

-45.1▼

Rothschild

25*-

▲

2011 Rank


1213

16

2012 Rank

Industry % Change from Same Period Last Year ▼

-11

17 5%-68.4%

M&A International 1.9.3

10.3

-Bridge Capital Advisors

1

2.91

1.31.3

2.2 ▲▲

0

+1+1

2322 4.0

+1

1.3

▲-

Industry Total-25

▲+1

▲Industry % Change from Last Quarter ▼▼-24.0%

MarketShare Ch.

12.16.4+118.6

4.42 +22.2

10 1.01

+1

▲

▲-

2.22

+1

▲

4.4 -1+115.0

▼15.0 -0.5

▲2

10.410.4

▲

11

▲▲2.2

15.0▲

4.44.4

12.22.2

2

2.20.4

-10

1.02

1

1.2 ▲0.2

+2

-

▲1.9

▲2.6

0.4

2.52.5

0.70.7▼

+1-1 ▼

1.3

0.1

17.1

▼

1

45

-19.6%

52.6

16 4%-59.0%

4 3%

.2 0.4

0▲ .0

▼▲

Imputed Fees (US$m)

+1

Sh (%)Market

1.9

3.41.4

4.2

FeesMarket

1- 361.5

2.215.0

4.4

1 1.43.9

8.3# of Deals

Jan 1 – Mar 30

0

▲

▲8.3

9.34.9 9.3 ▲0.3

10.5

▲▼6.4

8.0

0.1

▲

2.6

2.50.6

2.5 ▲

▲

2.4

.1

.3

1.3

0.5▼

▲

▲

▼0 - 0.2 ▲

▼.4

-1

0.02.2-0.0

0.0 -2.2

1 +1

183.3

# of Deals per AdvisorMarketChange in Advisor

Any South African Involvement Completed (AF61)

Market

5*

5*▲

5*

▲361.5

Commerzbank AG

25*

KPMG

18

Investec16


55.858.5

251.5

0.2

▼

17

25*11

251.5-

11

9*

5*

-9*

4*

1

10.4

104.7

10.4

15.0

361.5

251.4-

-

2.6

10.4

4.4

80.1PendingPending

1/11/2012

3/30/2012

Unconditional

Fountainhead Property Trust (100%)

African Iron Ltd (100%)

Ezulwini Mining Co Pty Ltd (100%)

3/1/2012

2/2/20121/30/2012

Date Effective

▼

Public Investment Corp Ltd

Anglo Platinum Ltd3/2/2012

Pending

Pending

PendingEvander Gold Mines Ltd (100%)

Pending

Pharmaplan(Pty)Ltd (100%)

Anooraq Resouces-Boikgantsho (100%)

* tie

Mondi Swiecie SA (34%)

Any South African Inv Announced (AD54) - Top Deals

2/16/2012

Gold One International Ltd2/21/2012

Redefine Properties Ltd3/1/2012 Capitec Bank Holdings Ltd (5.59%)Pending

3/2/2012

Rank DateOptimum Coal Holdings Ltd (32.2%) Investor Group

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

-72.9%


-28.8%

First Uranium(Pty)Ltd (100%)

Investor Group

FraMondi NV

Jan 1 – Mar 30

South Africa / South Africa367.3

South Africa / South Africa

Materials / Containers & Packaging

Litha Healthcare Group LtdAustralia / South Africa

Jan 1 – Mar 30

17.5%

AngloGold Ashanti Ltd

183.3

222.5335.0

▲

217.2

Industry % Change from Last Quarter ▼

Acquiror

Netherlands / Poland

Australia / Australia

3/27/2012Intended

▼



Acquiror / Target Nation Target Macro / Mid Industry


Financials / Banks

72.0

111.6


16.4%-4.3%


▲

Real Estate / REITs



85.6South Africa / South Africa


South Africa / South AfricaExxaro Australia Iron Invest

Rank Value (US$m)

South Africa / South AfricaSouth Africa / South Africa

South Africa / South Africa 406.0

$1.976%

$0.27%

7%4% 4%

Materials Financials Industrials

Real Estate Healthcare Consumer Products and Services

Media and Entertainment Energy and Power High Technology

`


CB Richard Ellis Group Inc5

▲

0

5

0.4

▲

-▼

1 0.1

0.2

-0.80.2

0 62 0 ▼

-22

CB Richard Ellis Group IncSEB Enskilda

1▲

0.30.243*0

35▲

0-

54.4

40 0.42

UniCredit 41.83

21

18

▲▲▼

▲

-1+1

6▲

2

1▲

0.9

0.2

0.2

0.2

-

23

0.4IMAP16*

68.043*

Clairfield International 0.3

ING16* 25

0

Troika Dialog

-Societe Generale

-▲ 150.2

0.21

▼+2

00.1

2

+1-2

▼-10.6

4▼

0.5 -6-7.64.0

5.06

24

▼774.610

4.2921.1921.1

51,425.2

995.75.0

-2.1

-4.1-20.6

164.0750.0

JP Morgan7.2

6*

51,642.9

10*

1,425.2

5.48 8VTB Capital

7.8

Santander0.40.17.7

7.7

1,289.3

2

3

Sh (%)▲

1.00.4

0.2

# ofImputed Fees (US$m)

Market

Jan 1 – Mar 30

Market# of Deals per Advisor

MarketRank Value Advisor

UBSCiti 43

4 4

Financial Advisor


Bank of America Merrill Lynch▲

Troika Dialog

1

7.7▼

6.9

22.912 4,257.5

Credit Suisse

Rank Value

15.3US$m

Any Eastern European Inv Announced (AD52)

Market

3

Eastern European M&A

3

15.4

1

2

▲ 4

10*

-10.4

9

2,620.2

-

▼

12

Goldman Sachs & CoDeals

Change in


Rothschild

Sh (%)2011 Rank

-3.9

-8.4

2012 Rank

2 -8.314.5

11

14*

▼

6* -7.9

-

14.18.8

1,457.7

▲

230.2

Xenon Capital Partners

1

32.5

18

-

▼

108.0

SEB Enskilda

-

0 1

68.4

21*

17Standard Bank Group LtdMacquarie Group

25*16

Mediobanca

45

10.20.20.2

25 027

21*

25

Aon Benfield

0.232.2

KPMG


ATA Invest

Raiffeisen Bank International20

14*13

Parks Paton Hoepfl & Brown LP

UniCredit

Evercore Partners

4

Share Ch.

858.6

0.2

PricewaterhouseCoopers -1.10.1

2719

-

0

32.9

55.8 0.3

0.2

1

0

-2

▲

Standard Bank Group LtdLazard

1

2,706.9

31

▼

8

0.58

1.03

▼-3

-3 ▼

BNP Paribas SA+2▼

+1 ▲-5

-

▲+2

BMO Capital Markets -

1Citi2

523

0.1

11*

Credit SuisseNomura

Greenhill & Co, LLC

0

▼ 10▲-

0.2

▼

▼▼

▼0.5

45

1

19

1

0.6

▲29.0

51*

▲

0.11

164.0-1.9

75.9100.0

-1.1

24

55.8▼

▼-

0.335*

-2.90.40.4

32.51

▼0.4

▲

1

0.1-2

▼1.1

-

-2▼

0.8

1.0

1.1▲

.6

0.22.1.3

2.8▼

4

1.8

▲

▼

5.3-

1.61.4

-

94

8*13

GMP Capital Corp

8

5*

-4

+12,191.5

5.7 ▲

.0▼

13.0

13.0

+1

-1

34.0 +3

4,083.3

5,723.3

4

34.0 ▲-Share Ch.

▲

23.1

0.3

1 0.2

▲

13.0

2

0.20.6

10.7

0.2-4.2

2

▲

1,582.2

26.35.95.9

▲

-1.9-20.6 ▼

1,319.2

1,000.01,000.0

5.9

5.95.9

▼

▼

4.4

20 36

11* 43*14

4.4

-3.1

737.8

1,000.0

+1

0.5

5.12.4 ▲

0.0

0.3 -3

0.20.2

2.6

0.2

737.8 0.3

32.2

0.3

.5

0.20.3

-1

4.4

7.8

5.15.95.9

2

0.3

0.21

▲

1

1

0.3-5

3

2011 Rank Sh (%)

1.1

11*

Deutsche Bank AG 3

US$m

23-3

0.9

3

▲

0.9

VTB Capital

Sberbank

Rothschild 24

0.1

0.5

25.3

0.129.0 0.2

0.1

0.1

1,054.7

▼

51*

0.5

▼

+1-2

+3# of Deals

1

2

▲0.1 ▲

0.5▼

0.9▲

2▼

0.3

▼

-1

▲

▲4.9

0.2

+1

0.6

MarketFinancial Advisor Share Ch.

3Deals

▲

▼

0.3

▲

▼-2

# of Deals


Jan 1 – Mar 30Any Eastern European Involvement Completed (AF59)

MarketSh (%)

-1 ▼

▲0

0.57

▲▼ 9.1

1.0-1

4.3

1

▼

24.3 0.1

0.2

▲1

2.8

+1

▼

+15.2

▲

.7

▲0.5

0.2

5,534.7

13.0

-5.0

▲0.1

▲

▲

4.9▲

5.9

Market

▼41.6

8.2

4.0

Sh (%)Market

1.2

15.6

7.8

8.2

1.9

5.19.89.4

▼

-▲

▲

▼

14.9

3.03.1

▲

2.1

▲▼

1.90.3

0.2.3▲

0.5

0.0

▼

▲

▲

2.2

.6

▲

8.5

▼

0.93.9

.9

4.8

0.0

▲0.2

▲0.3

▼-

Fees

6.0

# of

0.1

1.5

Change in Rank Value per Advisor (US$m)

▲

13.0

1,000.0

9.45*

43*

2012 Rank

5*

+1-

2,191.5

4,268.1

2,191.5

11*

0.1

Morgan Stanley JP Morgan

-55Industry Total

▼ -30.8%

0.6-2.0 ▼-367

874.0

Acquiror / Target Nation

▼

1/31/2012

2/14/2012

-59.2% ▼

523.6

FSK EES

Russian Fed / Russian FedInvestor Group 623.1ANK Bashneft

Russian Fed / Russian FedUnited Kingdom / Poland

▼

Any Eastern European Inv Announced (AD52) - Top Deals

-43.5%Industry % Change from Same Period Last Year

16,840.7

-48.5%

Zlote Tarasy Sp zoo (77%)

Intended Baltika (15.5%)

PendingPending

3/29/2012

3/1/2012 Pending

3/29/2012 UGK (90%)

3/12/2012 TAV Havalimanlari Holding AS (38%)1/20/2012

Ufaneftekhim (45.1%)

0.1


▼

2/20/2012Pending

Industry Total

Date EffectiveRank Date

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

▼Industry % Change from Same Period Last Year

* tie

824

-37.2%

25.027


2/28/2012

25KPMG

1,425.2

Talanx AG

1,220.2

100.0

576.0Russian Fed / Italy


Investor Group

Rank Value (US$m)

-343635

TUiR Warta SA (100%)

18,622.6

DRSK (100%)3/21/2012

▼-52.8%

100.0

Kredyt Bank SA (100%)

▼

ISAB Srl (20%)

750.0

Germany / Poland

624.5

-35.1%

995.7

190.8

Energy and Power / Petrochemicals

AK Alrosa

Jan 1 – Mar 30Acquiror

▼-44.7%

Aeroports de Paris Management

Pending

Poland / Poland

▼

Financials / BanksBaltic Beverages Holding AB

Russian Fed / Russian FedFrance / Turkey

Russian Fed / Russian Fed


Sweden / Russian Fed



1/23/2012Real Estate / Non Residential

-51.7%


▼

100.0

-40.8%

Enel OGK-5 (26.4%)

Pending3/11/2012Pending

Jan 1 – Mar 30

Consumer Staples / Food and Beverage1,037.0

Financials / Insurance



Bank Zachodni WBK SA

NK LUKOIL

$8.043%

$3.418%

$1.910%

9%

5%4% 4% 2% 1% Energy and Power Financials Consumer Staples

Industrials Materials Real Estate

Media and Entertainment High Technology Consumer Products and Services

Healthcare Retail Telecommunications

`


Rothschild 16

719.9

921.1774.6

921.11,289.3

6.5

1

8

8

6.8

Macquarie Group

Morgan Stanley 3*Troika Dialog

5Xenon Capital Partners

Goldman Sachs & Co 1,550.6US$m

100.0

8.0

4

6.3


Any Russian Involvement Announced (AD58)

750.0JP Morgan

0.9

VTB Capital

5-

-1

3*

6

7

2

7

3

2

▲

▲

1▼

▼

13.5

8.0 -22.9▼ 5-5.2

313.5

11.25

▼▲

Citi

Deutsche Bank AG

0.6VTB Capital

▼30

4*

▼ JP Morgan+1-2

▲

Credit Suisse

- 4*

-3

0.90.6

Rothschild

17*8*

1,000.0

737.8

8*-

Standard Bank Group Ltd

8*

17*Societe Generale12*

▲ -

9.3

12.3 0.5

-

▼

9.3

9.3

Troika Dialog-

Sberbank1,000.0 9.3

1

14 737.81,000.0 9.3

6.9 2▲

1,000.0

2.7

1

Greenhill & Co, LLC

2011 RankFinancial Advisor

-

1

8*

2

6Nomura

Market

Russian M&A

▲10.833.0

7

3,531.815

14.81,582.2

33.0 ▲

43.64,083.34,676.1 31.1

-12.7

▲▲

9.3 ▲9.3

-24.4

-6.9

0.20.5

2

0.2

-20

+19.3

Sh (%)

14.8

1,054.7

1,582.21,319.2

38.1

▲6.9

14.8

Any Russian Involvement Completed (AF65)

Rank ValueSh (%)

-4.5

2.3 ▲0.65.2▼ 5.7

2.92.6

1

1

▲0.2

2

0

▼

MarketDeals

# ofShare Ch.

Jan 1 – Mar 30

1

1

2 ▲9.3


2▲

-5.6

2012 Rank

Market MarketFinancial Advisor

Rank ValueUS$mSh (%)

Market Change in

▼1.0

2011 Rank

Advisor

▲

Change in

1.2

MarketShare Ch.

3.9▲

12*

1

45

0.2

0.6▲▲

.6

4.0▼


▼

▲

▲

9.8▼

▲6.0

▲

9.3

3

0.6

3.7

.00.6

▼4.7

6.5+1

Market# of Deals

7.3

0.01.0

▼.9

4.3

7.9

0.2+1

+1

+1

0.4-2

-2

0.2

0.9 0

0.2

▼2.9


10.9

0.6-6.6-9.0

10.19.37.0

▼2.0

+1

# of# of Deals per Advisor

Deals▲

0.6

0.2

8Sh (%) Share Ch.

Jan 1 – Mar 30

Imputed Fees (US$m)Market

Fees

7.0

Sh (%)

1.0

-1▲

-4

▼8.6

▼6.4

-30.5

0.5

0.2▲ .6▲

▲

1.3-

8.4

-1▲

4.4▲

0.5 +2

7

2012 Rank

▲# of Deals

+5

Lazard

Baltika (15.5%)3/29/2012

Intended

ANK Bashneft3/6/2012

Industry Total

2/20/2012

* tie

Industry % Change from Last Quarter -58.9%

3/6/20122/2/2012

-44.0%

413

▼

-279


3/15/2012

ISAB Srl (20%)

Enel OGK-5 (26.4%)

Rank Date

1/31/2012

Date Effective

11,482.4


Pending

Industry % Change from Same Period Last Year -57.6%

Energy and Power / PowerEnergy and Power / Power

Jan 1 – Mar 30


-44.3%

ANK Bashneft

100.0

▼


▼-58.0%


Energy and Power / Petrochemicals


-40.3%

1,037.0

523.6

465.9 Media and Entertainment / Cable

▼

Consumer Staples / Food and BeverageTarget Macro / Mid Industry

91.9

Jan 1 – Mar 30

Rank Value (US$m)Acquiror / Target Nation

▼

Netherlands / ItalyRussian Fed / Russian Fed

10,714.7

▼

Pending

Ufaneftekhim (45.1%)

Lukoil Europe Holdings BV

Pending

444.0

467.0

624.5


DRSK (100%)Energy and Power / Oil & Gas

100.0

523.6Russian Fed / Italy

FSK EES

Baltic Beverages Holding AB


UGK (90%)

Acquiror

▼

Sweden / Russian Fed

-24.8%Industry % Change from Same Period Last Year -45.5%

1,220.2AK Alrosa Russian Fed / Russian Fed

1/23/2012750.0

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

ISAB Srl (20%)

▼

3/11/2012 576.0

Investor Group3/29/2012


-282531 Industry Total

▼

100.0

1/31/2012

3/11/2012

3/1/2012 Pending

Pending

NK Rosneft'Taas-Yuryakh Neftegazodobycha (35.3%)

UNPZ (43.7%)Russian Fed / Russian FedRostelekom

Any Russian Involvement Announced (AD58) - Top Deals


Pending NK LUKOIL

-39.5%▼

NTK (28.2%)

-34.7%

$7.262%

$1.311%

6%5%

4% 3% 2% Energy and Power Consumer Staples Media and Entertainment

Industrials Materials Financials

High Technology Healthcare Consumer Products and Services

Real Estate Retail Telecommunications

`


Goldman Sachs & Co Deutsche Bank AG

OSK Holdings Bhd

4,212.0

1,292.8

4

1,320.6

8.8

Financial Advisor

6.2 ▲

▲

85*

6.5

6,120.8

50

14

US$m

Guotai Junan Securities

1 024 4

106

116*

25182,334.6

Share Ch.Financial Advisor

4.210.2 ▼


1.1

0.42.0

Fees# of

-5 1.7

--

▲3.0

1.2 0.93.1

0.91.11.2

▲

2

-

-3-5

▲▼

+1

3

+5

+1 ▲0.4

0.3

1

0.3

14.3

▲

Change in # of Deals per Advisor


12

2,623.4

20

22*

13

-

▼-2.0

▲

+1

1

5.5

1

00.3▼

4+1 12.5

0.7

9.4

104* 2.5

9

▼

0

8.20.3

2

9.2

24

2

▲3.5

▲

▼-9.6

5.053

0.4

+2

0

6

51.2

▲7

1

1.51.3

+4 0.92.0

15.31

▼

▲

3.1▲

Market

14.4Sh (%)Market

▲

Advisor

11.715.2

Deals Sh (%)Market

Share Ch.

Imputed Fees (US$m)2012 Rank

4,800.0

4,733.9▲

9.6▲

4,800.0

3.5

9.6

3.8

9.9

8.5

9.6

4.4

9.5

7.2

5.5

▲17*

-12.7

4.54.2

2.72.6

1,728.537

-1

0.9

2,531.42,502.9

-

3.53.3

2.4

2012 Rank

4,641.9

4

Any AsPac Emerging Market Inv Announced†


▼3.1

2.2

0.2

0.7

0.70.94.3

Jan 1 – Mar 30

9.6

▲

▲-1

5

10.7

▲

24▲

12.2

-

1,913.4

10

5* ▲

13

6.5

0.0

+1

5▲

+1

6,081.0

▲4.2

1.1▲

.1

0.9

▲▲

5 1.53.6 1.82.6

▲+2

▲-2▼

0.7.6

2.813.50.5 -1

14.5▼

▲▲

▲

-

▲

17.5

▲

▲

+22.0

3.0

2.0

2.4

1,069.9

1,220.4

▼

0.7

2,629.3

7

Credit Suisse

0.1

Mizuho Financial Group RBC Capital Markets0.1

1,686.5

11

1.5

1,097.81,097.8

121.5

45

0.1

3

3.3

22*

2.7

17

21

2,690.4

1,192.8

2.4

126 56

▲

▼

3,304.8

4,608.4

910

23 4,001.52

4,079.85.65.4

5.7

3.8

▼

▲

2.3▲4.7

5.1 -4.5

6.64,711.6

Jan 1 – Mar 30


Credit Suisse

Sh (%)

Asia Pacific M&A

▲

5.7

3,614.93,801.7

1.88

0.15,618.0

Rank Value

6

0.3

6

Sh (%) # of Deals

+1

▲

0.6

0.20.5

0.1

5

▲

BBVA-4

1.7

0.8

▲+1

▲0.20.3

+1

▲

3.9

1.1

0.1

1.11.1

0.0

▲

-

1.92.3

0.1

1.0

▲▲0.6

2.5

▲0.9

0.8

1.0

0.8

▼1.9 ▼

▲

0.9

0.01.3

0.2

▲Guangzhou Securities Co Ltd▲

▲▲

4,916.3

5.348

Societe Generale

1,220.4

US$m # of Deals

4

5Sh (%)

▼

17*7 3.3

7.221

Any Asia Pacific Emerging Market Involvement Completed†

15.87,884.57,846.7

8.4

Market2011 Rank

15.8 3.0

MarketShare Ch.

▼5

2.4

-2

-6

-18.3

Rank Value

41

China International Capital Co

2Bank of America Merrill Lynch2.3

7.9 1.7

Morgan Stanley

35

+20.8

+1

12JP Morgan

▲▼▲

DealsMarket Change in

▼

Market

-9.4

Market

▲

▲

8.6

# of

▲

959

7,252.3

▼▼

0.4

0.60.3

UBS

▼

0.3

-8

+1

0.4

RBS

0 -

0.3

+4

+1

-3+6

5,898.7

3.70.3

2

5

30.1

8

-4▲

0

-5

+4

▼

00

237

-5.0

7

▲Standard Chartered PLCGoldman Sachs & Co

Citi 9

▼

OSK Holdings Bhd

Rothschild

-

3.6▼

-

▲

+2

1,714.6 ▲

-

53

2.51,764.6

1.5

▲

1

2011 Rank

CITICDeutsche Bank AG

JP Morgan

Guosen Securities Co Ltd

▲ 1▲

2.9

3.7

Barclays

16Somerley Ltd

7

10

75

Grant Thornton7Bank of America Merrill Lynch

3Standard Chartered PLC 9

-

CitiKPMG

HSBC Holdings PLC

Caitong Securities Co Ltd

Cenkos Securities PLC

3.7

19

154Malayan Banking Bhd

2,748.5 -0.90.75.62,768.4

Rothschild27

UBS24

0.4

3,606.912

Morgan Stanley 15

13-

▼

▲

China Merchants Securities Co

▲

1220

3160.5

11

14

▼10

6-1

▲+1

Malayan Banking Bhd

76

▲ BMO Capital Markets

▲Paradigm Capital IncBNP Paribas SA

2.51,220.41

0.317*

5-17* 0.83.9

2.5 ▲2.5 0.3

▲

▲+1

2.5

▲

0.3

2.5

1,194.06 -0.4 4.3 0.9▲20Strand Hanson Ltd- 2.221

▲0.312.42.4

-220.1-

Danatama Makmur2.2

1,000.0

2.41.72.4

▲

▲1.1 ▲ 0

+5

▲

939.5 1.91.81.9

--962.1

1.966*

▲23

0.7▲0.1

0 2

▲

6.5

4.9

Ernst & Young LLP 1,052.624 ▲+2

Platinum Securities Co Ltd▲

1 4

1.5 1.5 2111.2325 1 0

24

Target (% Sought/Acquired) Acquiror / Target Nation

OSK Holdings Bhd

-11.3%

Any AsPac Emerging Market Inv Announced† - Top Deals Jan 1 – Mar 30

Jan 1 – Mar 30

2,500.0

100.0

China / China

▼-17.9%

PendingPending

2/25/2012 Pending

50

Date Effective

71,079.1

Rank Date

* tie

▼

1,024.4

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

Perenco SA



SBI (5.7%)Fawer Automotive Parts Co Ltd (100%)ConocoPhilips Co-Oil&Gas Asset (100%)

2/24/2012

2/21/20123/7/2012Pending

1/3/20122/15/2012

Intended

2/10/20122/16/2012

Pending

Pending

3/19/2012

Sesa Goa Ltd3/7/2012

PendingSinopec Intl

3/16/2012Cove Energy PLC (100%)

India / India


▼

Thailand / United Kingdom

▼▼

1,290.0

-30.8%

100.0

▼


3,910.8

Guangdong Sunrise Holdings

-


France / Vietnam

China / China

Tanjong Energy Hldgs Sdn Bhd (100%)

1,477

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

India / India

▼-7.3%

485.2

Financials / Asset Management

-10.5%-21.1%

-211791

Materials / Metals & Mining1,714.6

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

Pending

1MDB

-18.7%

China Cinda Asset Management (16.5%)


PTT Exploration & Prodn PCL

Acquiror

0▲-419 49,832.3

0.2

-30.4%

China / China


1,640.3

Malaysia / Malaysia

China / United States

▼


2,531.4

Rank Value (US$m)

1,455.71,574.9

2,334.6

2,810.4High Technology / E-commerce / B2B

Financials / Banks



Industrials / Automobiles & Components

Industry Total1.4 325 1.0

-22.1%

Alibaba Group Holding Ltd


▼

India

Sterlite Industries(India)Ltd (100%)

100.0

Industry % Change from Same Period Last Year 0.2%

Industry Total

▲

Hong Kong / China

Investor Group

$19.528%

$1217%

$8.111%

$7.511%

10%

7%4% 4% 3% 2% 2% 1%

Materials Energy and Power Industrials

High Technology Financials Real Estate

Healthcare Consumer Staples Telecommunications

Media and Entertainment Retail Consumer Products and Services

`

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

2.12.1

▼1.6

▲

1

11.1

58.0

Ernst & Young LLP


IMAP

2012 Rank

▲

Jefferies & Co Inc

10.1▼

0.5

0.5

0.6

▼

1.2

0.1

10 -8.8

5,432.5

394.4

71.7

0.2

21 50.0

6

1716

65.0

99.4

20 51.4

▲

Market2011 Rank

-

0.4

1

0.81

▲0.8

-1.2

20 0

Results International Group 22

2423

Morgan Stanley

Ernst & Young LLP

Kotak Mahindra Bank Ltd

Enam Securities


Global TrustCapital FinanceIMAP

▲

Jan 1 – Mar 30

MarketShare Ch.

+2 6.7▲

10.2

▼

# of Deals Sh (%)10.23.3

.1

-0.22.6

0.2 ▲1.2

▲▲

5.75.76.6

▲6.7

0.8

7.8-

4.3▼

5.1

▲▲ 1.0

▲

1.4

▼

1.01.0

22

▲▼5.4

1.5

2.5

0.5.5

▼

0.8

.1

0.5

0.2

0.6

1.1

0.2

0.0

3.8

0.1

+1

.2

0.1▼

▲

.4

-

0.40.7

.3

▲.5

-

Any Indian Involvement Completed (AF67)

0.5

.1

0.12.1

01.0

0.7

▼▼ -3-4.1

0.5-0.3 2.14

▼▼

▼

▲▼0.2

▼0.3

0

.2

0.0 .00

1▼-

31▲+1

1426.0 ▲

0.2

0 1 2

▲0.4

20 2 ▲

0.4

0

25

27.043.6- 0.4

-0.7

0.3

337.0-6.9

28

41*Veda CorporateAdvisors Pvt Ltd

19

13*

12

Macquarie Group

+3

1▼

0.8

4,641.9

32.6

- 605.8

-

22

-827 38.7

4,171.8

2*

+1

00.7

-1.4

736.6

KPMG

34.04

Grant Thornton 4,079.8

▲

01.1

3.325.1 +25.1

0.4+13

▼-0.2

8.8 7.30.76.1 0.7

67

13*

9*19

-2▼

▼-2.2

0.4

Societe Generale13

1,052.6

361.5

915*

Barclays

RBS

11

394.4

▼

Jefferies & Co IncLazard

10*

92.0

15HSBC Holdings PLC

10* 3.3

Ambit Corporate Finance

0.6

▲0.4

0.7

2

3.0

▲

-3.21

1.4

▲

+1

-123

0.4

0.8

1.5

0.4

0.5

▼ 1▲1

▼

▼

1

-1

0.4

▲

39*

0.4

18

▲

▲

25.94

29

-2+1

34.81.85

534.838.7

1.8

▼Sh (%)

Rank Value per Advisor (US$m)Rank Value2012

RankMarket

45.31US$m

95

4,641.9

Sh (%)# of

38.232.1 Enam Securities

0

Any Indian Involvement Announced (AD60)

Indian M&A

0

-5

▲

▲

▲

42.8

+1

1.4 +4-3

+1

34.05

21

▲ 1

1

2.82.8

▲

▼

337.0

18

-8.7

▲

Share Ch.

2*JP Morgan

Financial Advisor1

Citi

Deloitte

Religare Capital Markets Ltd

2541*

Rothschild-

7

8

Clairfield International

-

3,910.8

180.1

▲

▲

3*


▲665.0

1.02Deals

Market

2.1-17.0

AdvisorFees# of Deals US$m

2011 Rank Sh (%)

# of

3


▼

Change in

11 ▲

12.0

+3

RBS

Religare Capital Markets Ltd1.8

Deals Financial Advisor

▼

-4.60.70.20 7

▲

# of Deals per AdvisorMarketMarket Change in Market

Jan 1 – Mar 30

Imputed Fees (US$m)

-1

+1-2

0.50.5

-6

+1 .82

▲2 1.02.1

-4

0.5

0.5

0

0.5

0.5

▲

▲▼

-2

▼-0.8

+1

13.8

0.5

6.3

12

+41.0

58.0

370.1

1.1

KPMG

0.6

▼

1

0.50.5

1

-5 ▼

+1

12-4.0

▼▲

1.52.16.67.7

0.4

1.1

-

10.2

0.4

0.40.4

Morgan Stanley

Lazard

Macquarie Group

3.9

3.2 +5

▼▲

+5

Veda CorporateAdvisors Pvt Ltd

▼

▲


Market

▲

16.4 ▲Sh (%)

16.4

13.8 7.514.1

Share Ch.

▲

8.25*

▲5*▲

- 8.2394.4394.4 8.2

3112*

0.7▼-

24▲

12*

1065.011

899.4

3

116*7

71.7

314.99

1.4-5.0 1

▲▼

▲

11.2

10.6 0.1

0.8

1▲1.1

Deloitte27.927.0

1514

16ICICI Bank Ltd 28

-Global TrustCapital Finance

17

▲

Yes Bank Ltd19Challenge Consultancy Services

- Kotak Mahindra Bank Ltd

5.4

0.2▲

-1

14.9

13.8

-

Rank Value

13*-

12715.023

26.0

51.4

19

17*

▼

-

3*Haribhakti & Co

665.0

790.612

-

-

▲

1

-35.7%

Vodafone India Ltd (5.5%)

27.4%

Essar Capital Ltd

Media and Entertainment / Broadcasting

▲


Financials / Banks

High Technology / IT Consulting & Services

Consumer Staples / Textiles & ApparelIndia / Belgium3/27/2012

2/2/2012

2/2/2012

Watson Pharmaceuticals Inc

1/19/2012

1/24/2012

India Securities Ltd (25%)

272.8%

Intended

Pending

2/2/2012

▼

IndiaMaterials / Metals & Mining

Acquiror Rank Value (US$m)

India / India

Tech Mahindra Ltd

-1

▲

20.0Industry Total

3/15/2012


2/4/20123/21/2012 Pending

Pending

2/8/2012

11,995.0

SBI (5.7%)

1/24/2012

Rank Date

3/19/2012

-44.9%

-434,809.7

▼▼

31 0.1 2-35100.0

0.2

2/25/2012

-11.0%

Any Indian Involvement Announced (AD60) - Top DealsTarget (% Sought/Acquired)

▲284

India / IndiaAcquiror / Target Nation

Sesa Goa Ltd 3,910.8

Industry % Change from Same Period Last Year-46.3%-36.0%

Binani Industries LtdAscent Pharmahealth Ltd (100%)

1/3/2012The Walt Disney Co(SE Asia)

India / India

1,574.9


Piramal Healthcare Ltd

25Clairfield International

2/2/2012

Date Effective

▼Industry % Change from Last Quarter

Pending

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

Sterlite Industries(India)Ltd (100%)

▲

Ushodaya Enterprises-ETV News (100%)

▼0.7

India / India

India / India

562.1

361.5

618.7

Singapore / India

Japan / India

100.0

394.4United States / Australia

501.4UTV Software Commun Ltd (49.56%)Mahindra Satyam (57.4%)

IBN18 Broadcast Ltd

3B The Fibreglass Company Sprl (100%)Reliance Capital Ast Mgmt Ltd (26%)

India / India

▼

Jan 1 – Mar 30

Jan 1 – Mar 30

264.7

423.5

Financials / Other Financials

18.6% ▼




Media and Entertainment / Broadcasting

▼-18.4%

289.2

-51.4%

Nippon Life Insurance Co

100.065.9191Industry Total

* tie

$4.336%

$2.521%

$1.19%

7%6%

6%6% Materials Financials Media and Entertainment

Telecommunications High Technology Consumer Staples

Healthcare Industrials Energy and Power

Consumer Products and Services Real Estate Government and Agencies

`


1,765.3

6,022.7

41

Barclays

20*20*

Any Chinese Involvement Announced (AD56)

0

TD Securities Inc

11

▼

Chinese M&A

-

-1

▲16.815.3

3.54.3

0.11

▲

0.3

3.3▲ 4.3

4.30.6 1.1

▲

▲

1.9

8.91.4

▲

3.8▼6.3

3.6

▲ 7.2▲

10

6

▲

1.0 .6 0.3 0.21.9

6.57.2

1.4

3.3

6.5

14.68.3

▲1.9 ▲

▲

4.30.4

▼

▼2.6▲

3.6

19.9 ▼

MarketChange in

3

-1


3

Credit Suisse

6.5

8

-

-

Morgan Stanley

Banco Espirito Santo SA

Central China Securities

2012 Rank


-

Allen & Co Inc 13*

1,688.9

715

2,531.4

2,334.62,531.4 6.5-

Deutsche Bank AG2,531.4

14

Rothschild

UBS

Somerley Ltd

4*

3,304.82

4*

Caitong Securities Co LtdHSBC Holdings PLC

Rank Value# of Deals

MarketRank Value per Advisor (US$m)

-

38.56.9

-1

27

CITIC401

6.5

3

5.4

15.2▲

Sh (%)Market

US$m

▼

1.6

1.6

# of Advisor

15.4Share Ch.Sh (%)Fees

0.3

+341.0

# of Deals

▲▼

▲

+1

+5

Citi

Share Ch.

Jan 1 – Mar 30

17

▲

21

# ofMarket

0.4

4*

Guangzhou Securities Co Ltd

9

2,690.47

China Renaissance Partners

Standard Chartered PLC

MarketImputed Fees (US$m)

US$m

▲ BBVA

-

+3

▲4

+4

5*

2011 Rank

6.5

6.95.0

0.1

3

1

▲▲

6.5

0.4

16.716.7

19.1UBS▲

▲

1 0.1 -3

0.1

▲

-▲

4,800.0

2017.1

▲4,916.35,710.8

5.1

5*25.9

China International Capital Co

▼ 12

4

Bank of America Merrill LynchJP Morgan

2011 RankFinancial Advisor Sh (%)

Change in Deals

# of Deals per AdvisorMarket

0.32+6▲ 6 0.8

▲

6.0-44.5

6.0

-4.31.9

2.8

3.1

1.3

▲-

1,097.8-11*

2.52.32.8 ▲

▲

2.8

-1

2.8

991.3-

▲

2.513*1,097.8

991.313*

19 -

4

1

697.6

1.916

20*

0.110.1

-12.0+1

0.514

2.5

1.9

1.8-5.71.8

413.1 1.1 ▲

508.9

1.71.3

▼-1.11.3

1

2▼

2

▲▲

3

0.1

Sh (%)Market

16.7

14.7


1

1.3

4.3

38 ▲2,629.37.4

8.6

4.7

+1

7.4

8.2▲

0.6▲

+1

▲ 2▲▲2

4.5 0.63.4

▲3.2

+1 2.4 1.35.5▲

1.8 1.0▲0.1

0.3

▲

7

4.5

13

5*

Rank Value

1,356.29

7,451.7Financial Advisor

China Merchants Securities Co

BNP Paribas SA

BMO Capital Markets

HSBC Holdings PLC

▲+1 ▲▲

1615

▼

0.9

Azure Capital

0.3 Rothschild

▲

1,192.8▲

4.310 26

4.24.9 ▲

▲25.9

9.29.69.6

Jan 1 – Mar 30


2,768.4

6,081.0 21.2

Sh (%)▲

+1

2012 Rank

Market

Societe Generale

2,128.4

+1▼ 5

Deutsche Bank AG16.7

Share Ch.

-1

+5

Deals5

2▲

1

Any Chinese Involvement Completed (AF63)

4,800.0

0.6▼

1,292.840*

+1

2

-2

0.3▲

-+1

1,220.412*0.3

-12* 40*

-8 1 0.3▲▲+1

+10.3 ▲1.81.74.3 14.3

4.2 4.212* -

3.2

RBC Capital Markets -939.5

17*

1.73.91.8

▲1,220.4

▲1 0.3 +1 ▲ 0.1.1

▲5 ▲17* 924.0--3.7 1

1▲

1.31.3+1 3.0

3.0 ▲+1

3.1 ▲ 2

1.30.3

▲ 0.3 ▲13.2

▲1.73.9 1.7+2▲ 1.31.33.0+1

▲3.80.5▲

0.4 ▲

21 2.9▲2.7

▲0.2

2.6731.9

+1 1 1

▲2.5

2 3672 7

▲2.623

24 2.50 3▲ 1

730.5 ▲36 +23 1.0

25

M&A International

▲TD Securities Inc0

1 10.3 .440*

2 31

2 5

3

924.0

37*

+3SW Kingsway Capital Holdings▲

+1 -▼

2▲

▲▼

1

▲

1+2

2

0.3

1

0.1

0.10.1

+1

1

-3

1 0.1-1

785.8

-

0.11--

2.9901.2 3.1

+12.7

-3

22+1

1 0.3

0.2

0.63▲ ▲

-

11.0

▲

0.3

▲

▲ 1.3

3.9 1.7 1.7

▲▲

1.2 0.51.6

0.51.5 0.6

1.6+320

836.2

▲3.2-

17* 3.2 ▲

3.2- 3.3

1,194.0

4.31,220.4

▲Paradigm Capital Inc

▼▼

▼

▲ Ambrian Capital PLC

▼

Platinum Securities Co Ltd

Credit Suisse

Huatai Securities Co Ltd

508.91.1-1.3-

0.1

-1

+2

1.3

924.0▲Strand Hanson Ltd▼

▲

3.2

▼

▲

991.3

672.7

1.316

1.760* 508.9

2.5

719.0753.3

Guotai Junan Securities

1718

Goldman Sachs & Co

Southwest Securities Co Ltd 23

JP Morgan

Guosen Securities Co Ltd

11*

Goldman Sachs & Co

1/3/2012

3/16/2012

* tie


2/21/2012

2/15/2012

Rank Date

3/12/2012

Industry Total

1,022.8

1,192.8

991.31,019.3

High Technology / E-commerce / B2B



Jan 1 – Mar 30

Rank Value (US$m)



2,500.0

1,455.7 Industrials / Automobiles & Components

High Technology / E-commerce / B2B

Alibaba Group Holding LtdChina / United StatesSinopec Intl

Any Chinese Involvement Announced (AD56) - Top Deals

Hong Kong / ChinaAcquiror Acquiror / Target Nation

PendingPending

Jan 1 – Mar 30

2,531.4

Youku Inc


3/28/2012Pending

PendingSinopec GroupGuangzhou Pharm Co Ltd

Guangdong Sunrise Holdings

Shanghai Baoshan Iron&SteelGuangzhou Baiyunshan Pharm (100%)

Hebei Veyong Bio-chemical Co

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


▼▼

Tudou Holdings Ltd (100%)Baoshan-Stainless Steel Bus (100%)

-23.1%▼-14.6%

740100.0

China Cinda Asset Management (16.5%)Pending2/10/2012

1/23/2012Pending

Pending2/29/2012

2/10/2012

-34.2%


▼

Date Effective

Pending

PendingFawer Automotive Parts Co Ltd (100%)New Energy Mining Co Ltd (100%)

Pending

Australia Pacific LNG Pty Ltd (10%)


-32.2%

Materials / Metals & Mining1,640.3Investor Group

China / China

China / China

China / Australia

2,334.6China / ChinaChina / China

1,100.0Industrials / Machinery


Financials / Asset Management

Energy and Power / Oil & GasChina / ChinaChina / ChinaChina / China

Industry Total


▲+1 1.12.3672.7 0.3▲ 1-6 100.028,747.6

25

53.4%-1.9%

310▲TD Securities Inc -


1.12.3

-28.3%-23.6%-34.2% ▼ ▼

100.0

9.0% ▲ ▼▼

233.2

▲

2.539,105.7 -222


$1128%

$7.218%$5.7

15%

$4.311%

10%

6%6% 2% 2% 1%

Materials Energy and Power Industrials

High Technology Financials Real Estate

Healthcare Consumer Products and Services Consumer Staples

Retail Telecommunications Media and Entertainment

`


-

-

-

-

-

-

-

-

-


Ranking Criteria Summary

Serkan Tecimer

If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:

Announced league tables include all deals that were announced between January 1, 2011 and March 30, 2012 and of which Thomson Reuters was made aware. All current data andprevious year's data is as of 5:00pm EDT on March 30, 2012.

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

E-mail: [email protected]

EMEA

Tel: +44 (0) 20 7542 3566

Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at thetime of announcement of terms.

Imputed fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriteror advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees areallocated to syndicated members.

Tel: +1 646 223 8413 Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portionof the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit forthe transaction agreed to or, in the absence of an agreement, the value of the highest offer.

Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation.

Japan

Tel: +813 5218 6576

A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.

AmericasAnthony Pico

League table volumes for Mitsubishi UFJ Financial Group and Morgan Stanley, included herein reflect the changes after the commencement of their jointly established securities firmsin Japan: (1) Mitsubishi UFJ Morgan Stanley Securities and (2) Morgan Stanley MUFG Securities. Accreditation for transactions involving the newly established joint ventures arereflected in totals for Morgan Stanley. For Japanese related rankings, Morgan Stanley is represented as "Mitsubishi UFJ Morgan Stanley”.

League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, andunconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.

E-mail: [email protected]

Asia-PacificJason Pacannuayan

Akemi Mamiya

Tel: +632 858 7262E-mail: [email protected]

- Thomson Reuters includes the following nations in the Emerging Markets M&A Tables:

Tel: +813 5218 6576E-mail: [email protected]

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable forany errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as tothe accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transactionor trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying orselling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

© 2012 Thomson Reuters. All rights reserved.

Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

Americas Asia-Pacific

Central America South America Central Asia Australasia South-East AsiaBelize Argentina Afghanistan American Samoa BruneiCosta Rica Bolivia Armenia Cook Islands CambodiaEl Salvador Brazil Azerbaijan Fiji IndonesiaGuatemala Chile Kazakhstan French Polynesia LaosHonduras Columbia Kyrgyzstan Guam MalaysiaMexico Ecuador Tajikistan Kiribati PhilippinesNicaragua Falkland Islands (UK) Turkmenistan Marshall Islands Timor-LestePanama Guyana Uzbekistan N. Mariana Islands Thailand

Paraguay Nauru VietnamPeru South Asia New CaledoniaSuriname Bangladesh Niue North AsiaUruguay Bhutan Norfolk Islands MongoliaVenezuela India Palau North Korea

Maldives Papua New Guina ChinaNepal Solomon IslandsPakistan TokelauSri Lanka Tonga

TuvaluWallis & Futuna Is.Western Somoa

Europe, Middle East & Africa

Eastern Europe Middle East Sub-Saharan AfricaAlbania Iran Angola Guinea-Bissau SomaliaBelarus Iraq Benin Angola Kenya South AfricaBosnia-Herzegovina Jordan Botswana Lesotho St. HelenaBulgaria Lebanon Burkina Faso Liberia SudanCroatia Syria Burundi Madagascar SwazilandCzech Republic Yemen Cameroon Malawi TanzaniaEstonia Bahrain Cape Verde Mali TogoGeorgia Israel Central African Republic Mauritania UgandaHungary Kuwait Chad Mauritius Western SaharaLatvia Oman Comoros Mayotte ZaireLithuania Qatar Congo, Republic of Mozambique ZambiaMacedonia Saudi Arabia Cote d'Ivoire Namibia ZimbabweMoldova United Arab Emirates Dijbouti NigerMontenegro DR Congo NigeriaRussia North Africa Equatorial Guinea ReunionSerbia Algeria Eritrea RwandaSlovak Republic Egypt Ethiopia Sao Tome e PrincipeSlovenia Libya Gabon SenegalTurkey Morocco Gambria SeychellesUkraine Tunisia Ghana Sierra Leone


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