MERGERS & ACQUISITIONS REVIEW FINANCIAL ADVISORS First Quarter 2013

First Quarter 2013 | Mergers & Acquisitions | Financial Advisors

M&A Financial Advisory Review Table of Contents Global M&A

1

Any European Involvement Announced (AD21)

10

Any New Zealand Involvement Announced (AD39)

17

Global Deals Intelligence

1

Any European Involvement Completed (AF3)

10

Any New Zealand Involvement Completed (AF46)

17

Scorecard: Worldwide Announced M&A

2

Any UK Involvement Announced (AD32)

11

Scorecard: Worldwide Completed M&A

2

Any UK Involvement Completed (AF39)

11

Japan Deals Intelligence

18

Top Fifteen Worldwide Announced Deals

2

Any French Involvement Announced (AD33)

11

Top Ten Japanese Involvement Announced Deals

18

Worldwide Announced (AD1)

3

Any French Involvement Completed (AF40)

11

Any Japanese Involvement Announced (AD19)

19

Worldwide Completed (AF1)

3

Any Spanish Involvement Announced (AD34)

12

Any Japanese Involvement Completed (AF23)

19

6

Any Spanish Involvement Completed (AF41)

12

Americas Deals Intelligence

6

Any German Involvement Announced (AD35)

12

Top Ten US Announced Deals

6

Any German Involvement Completed (AF42)

12

Americas M&A

Any Americas Involvement Announced (AD49) Any Americas Involvement Completed (AF55)

7 7

Any Italian Involvement Announced (AD36) Any Italian Involvement Completed (AF43)

18

Fairness Opinion Rankings

20

Worldwide Announced Fairness Opinion

20

Any Americas Announced Fairness Opinion

20

Any USAnnounced Fairness Opinion

20

Any EMEA Announced Fairness Opinion

20

Any Asia Pacific Announced Fairness Opinion

20

Any Japanese Announced Fairness Opinion

20

13 13

US Target Announced (AD2)

7

Any Nordic Involvement Announced (AD37)

13

US Target Completed (AF2)

7

Any Nordic Involvement Completed (AF44)

13

Any US Involvement Announced (AD41)

8

Any Benelux Involvement Announced (AD40)

14

Any US Involvement Completed (AF48)

8

Any Benelux Involvement Completed (AF47)

14

Any Canadian Involvement Announced (AD42)

8

Any Canadian Involvement Completed (AF49)

8

Asia Pacific (ex-Japan) M&A

Japan M&A

Criteria Summary

21

15

Mergers & Acquisitions Criteria Summary

21

Asia Pacific (ex-Japan) Deals Intelligence

15

Regional Contacts

21

9

Top Ten Any Asia (ex-Japan) Involvement Announced Deals

15

European Deals Intelligence

9

Any Asia (ex-Japan) Involvement Announced (AD25)

16

Top Ten European Involvement Announced Deals

9

Any Asia (ex-Japan) Involvement Completed (AF32)

16

Any EMEA Involvement Announced (AD47)

10

Any Australian Involvement Announced (AD24)

16

Any EMEA Involvement Completed (AF53)

10

Any Australian Involvement Completed (AF31)

16

EMEA M&A

Thomson Reuters Soultions for the Deal the Deal Making Community

22

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First Quarter 2013 FINANCIAL ADVISORS

MERGERS & ACQUISITIONS REVIEW Deal Making Over US$5 billion Lifts Worldwide M&A to US$543 billion - Up 10% from 2012 l Cross Border M&A Down 24% l Goldman Sachs Top Advisor Global Deals Intelligence

Worldwide Completed M&A by Region - Imputed Fees

WORLDWIDE M&A UP 10%, DEALS OVER US$5 BILLION ACCOUNT FOR 31% OF M&A - Bolstered by a 63% increase in deals valued over US$5 billion, the value of worldwide M&A totalled US$542.8 billion during the first quarter of 2013, a 10% increase from comparable 2012 levels. Worldwide deals valued over US$5 billion totalled US$167.8 billion during the first quarter, accounting for 31% of announced deal activity in the quarter compared to 21% during the first quarter of 2012. Just over 8,100 worldwide deals were announced during the first quarter of 2013, a 16% decline from a year ago and the slowest quarter for M&A, by number of deals, since the third quarer of 2004.

COMPLETED ADVISORY FEES DOWN 11% - According to estimates from Thomson Reuters/Freeman Consulting, M&A advisory fees from completed transactions totalled US$4.7 billion during the first quarter of 2013, an 11% decrease from the comparable period in 2012. Deal activity in the Americas accounted for 53% of the worldwide fee pool, while Europe, Middle East and Africa accounted for 30%. Asia Pacific and Japan contributed 12% and 5%, respectively.

BUYSIDE PRIVATE EQUITY M&A DOUBLES COMPARED TO 2012 –Worldwide private equity-backed M&A activity totalled US$117.4 billion during the first quarter of 2013. Private equity deal making in the high technology and consumer staples sectors accounted for two-thirds of activity during first quarter 2013. Accounting for 22% of worldwide M&A during the first quarter, private equity-backed M&A doubled compared to 2012 levels.

$0

$252.7

$431.5 37.4%

$370.0

$254.3

27.1%

24.7%

$262.2

$135.8 $200 $0

$336.0

$272.1 $416.8 $281.0

$102.2

$149.3

2004

2005

$168.1 $150.7

$241.2

$119.6

$205.7 $206.4

$262.8 $155.0

2006

$256.5 2007

2008

30% 25%

$325.0

$100.8

$700

$270.8

$272.6

20%

$247.0

$110.4

$171.0

2009

2010

$234.2

10%

2012

12.7% 10%

$65.5

$100

$72.4

$152.0

2013

1

$46.1

$71.9

2004

2005

6.2%

$172.3

$106.8

$54.7 $0

8.5%

$94.8

$86.5

$134.2

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9.9%

$160.5

$300

0% 2011

12.9%

$313.9

$283.9 $176.2

15%

12.9%

15%

$206.7

5%

$111.8

$161.3 13.5%

$400

$200

$199.6

$280.5

$600

$500

20%

% of YTD Global M&A 18.8%

35.2%

$600 $400

40%

37.3%

37.3%

$155.9

$644.9

21.6%

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

27.3%

$800

21.2%

$800

2006

$200.4

2007

$32.1 $56.4

$82.4

$76.9

$72.2

$78.1

$49.8 $34.4 $23.7

2008

2009

$55.5

$109.2

$105.9

$68.9

$87.0

$85.2

$69.2

$63.6

$58.5

2011

2012

% of Global M&A

Rank Value (US$b)

45%

$406.6

25%

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

35% 33.6%

$1,000

$900

45.0%

33.9%

$1,400 $1,200

Worldwide Announced Buyside Financial Sponsor Activity

Rank Value (US$b)

$1,600

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

50%

% of Global M&A

$1,800

Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) % of YTD Global M&A

Japan

$2

$1

$2,000

EMEA

Asia Pacific

$3

ENERGY & POWER, REAL ESTATE AND TECH LEAD ACTIVITY - The energy & power sector was most active during the first quarter of 2013, commanding 13.4% of announced M&A, while the real estate and high technology sectors accounted for 13.2% and 12.3% of M&A activity, respectively. Telecommunications and consumer staples led all sectors as to growth rate with triple-digit percentage increases over 2012. Materials and energy & power registered declines of 62% and 21% from the first quarter of 2012.

Worldwide Cross Border Volume

Americas

$4

Imputed Fees (US$b)

CROSS BORDER DOWN 24%; EMERGING MARKETS ACCOUNT FOR 25% OF M&A – Cross Border M&A activity totalled US$134 billion during the first quarter of 2013, accounting for 25% of overall M&A volume and down 24% compared to first quarter 2012. Accounting for nearly one-quarter of worldwide announced merger activity, M&A involving companies located in the emerging markets totalled US$128.9 billion during first quarter 2013, a 6% decrease from 2012.

$5

5%

$117.4 0%

2010

2013

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First Quarter 2013 | Mergers & Acquisitions | Financial Advisors

Mergers & Acquisitions Scorecard: Worldwide Announced M&A

Target Region/Nation Worldwide Americas Caribbean Central America Mexico North America United States Canada South America Brazil Chile Africa/Middle East Middle East North Africa Sub-Saharan Africa Europe Eastern Europe Western Europe United Kingdom Netherlands Germany Asia Pacific Asia-Pacific Australasia Australia New Zealand South East Asia Malaysia Singapore North Asia China South Korea South Asia Central Asia Japan

1/1/2013 -3/28/2013 No. Rank Val Deals US$m 542,754.1 312,951.6 5,519.5 8,185.1 2,201.2 289,162.1 269,264.7 19,897.4 10,084.8 5,892.9 2,679.5 16,453.4 4,237.0 2,710.2 8,967.2 125,722.2 28,997.9 96,724.4 23,151.7 19,208.6 10,733.6 71 894 0 71,894.0 9,752.0 9,121.5 630.5 9,516.5 4,621.1 2,881.4 48,842.0 35,157.9 8,205.0 3,783.5 539.0 15,732.9

8,115 2,657 22 62 5 2,332 1,917 415 241 111 34 243 125 19 81 2,705 702 2,003 506 97 300 2 014 2,014 315 289 25 428 145 87 1,019 679 196 252 18 496

First Quarter 1/1/2012 - 3/31/2012 No. Rank Val Deals US$m 491,445.9 210,673.0 387.2 1,349.1 0.0 181,562.4 142,720.7 38,841.7 27,374.4 23,043.0 2,286.9 12,028.7 4,817.7 3,081.7 4,089.3 165,303.0 18,731.4 146,571.6 38,894.4 7,609.3 13,536.8 83 480 7 83,480.7 14,214.5 13,457.0 364.5 14,801.8 7,255.7 1,358.5 42,644.4 27,973.1 8,074.6 11,819.9 40.0 19,960.5

% Change in Rank Value

9,617 2,950 26 62 4 2,507 1,991 516 355 178 55 308 118 43 128 3,600 960 2,640 608 129 384 2 127 2,127 322 285 30 463 118 85 1,067 723 225 275 19 632

10.4 48.5 1,325.5 506.7 59.3 88.7 -48.8 -63.2 -74.4 17.2 36.8 -12.1 -12.1 119.3 -23.9 54.8 -34.0 -40.5 152.4 -20.7 13 9 -13.9 -31.4 -32.2 73.0 -35.7 -36.3 112.1 14.5 25.7 1.6 -68.0 1,247.5 -21.2

▲ ▲ ▲ ▲ ▲ ▲ ▼ ▼ ▼ ▲ ▲ ▼ ▼ ▲ ▼ ▲ ▼ ▼ ▲ ▼ ▼ ▼ ▼ ▲ ▼ ▼ ▲ ▲ ▲ ▲ ▼ ▲ ▼

Scorecard: Worldwide Completed M&A

Target Region/Nation Worldwide Americas Caribbean Central America Mexico North America United States Canada South America Brazil Chile Africa/Middle East Middle East North Africa Sub-Saharan Africa Europe Eastern Europe Western Europe United Kingdom Netherlands Germany Asia Pacific Asia-Pacific Australasia Australia New Zealand South East Asia Singapore Malaysia North Asia China South Korea South Asia Central Asia Japan

1/1/2013 -3/28/2013 No. Rank Val Deals US$m 489,011.6 256,453.8 613.2 2,528.5 2,317.8 246,940.7 212,125.8 34,814.9 6,371.3 4,176.4 1,784.6 9,675.2 3,934.5 3,322.3 2,158.5 138,762.9 67,458.2 71,304.7 28,780.2 9,447.7 6,585.0 63 986 4 63,986.4 10,474.2 9,824.4 364.8 19,511.2 11,407.3 3,682.9 30,391.8 19,829.0 5,265.2 3,609.1 260.0 20,133.4

5,939 2,148 15 34 25 1,932 1,634 298 167 88 22 161 81 13 52 2,180 517 1,663 446 92 229 1 166 1,166 250 224 24 259 58 94 491 281 143 166 15 284

First Quarter Worldwide Announced M&A Target Industry by Value 1/1/2012 - 3/31/2012 Rank Val No. US$m Deals 414,613.1 210,058.7 206.3 1,495.9 1,494.5 194,590.2 168,827.9 25,762.3 13,766.4 11,060.8 636.0 9,095.7 2,118.7 1,139.5 4,284.3 100,286.0 15,137.7 85,148.2 22,291.8 2,301.6 11,204.1 79 168 3 79,168.3 19,564.9 19,080.6 455.7 11,972.1 2,379.0 6,402.8 43,615.5 19,315.3 16,324.6 4,015.9 1,553.3 16,004.4

7,646 2,485 19 42 30 2,180 1,751 429 244 118 38 216 84 33 88 3,088 805 2,283 548 118 325 1 388 1,388 269 247 18 306 63 76 607 333 193 206 11 469

% Change in Rank Value 17.9 22.1 197.2 69.0 55.1 26.9 25.6 35.1 -53.7 -62.2 180.6 6.4 85.7 191.6 -49.6 38.4 345.6 -16.3 29.1 310.5 -41.2 19 2 -19.2 -46.5 -48.5 -19.9 63.0 379.5 -42.5 -30.3 2.7 -67.7 -10.1 -83.3 25.8

▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▼ ▲ ▲ ▲ ▲ ▼ ▲ ▲ ▼ ▲ ▲ ▼ ▼ ▼ ▼ ▼ ▲ ▲ ▼ ▼ ▲ ▼ ▼ ▼ ▲

9.6% 12.3% 8.2%

Date Effective Pending Pending Pending Pending 3/19/2013 Pending Pending Intended Intended Pending Pending Pending 2/1/2013 Pending Pending

Target (% Sought/Acquired) HJ Heinz Co (97.4%) Virgin Media Inc (100%) Dell Inc (100%) Dell Inc (86.2%) NBCUniversal Media LLC (49%) Dell Inc (59.1%) Cole Credit Ppty Tr III Inc (100%) DE Master Blenders 1753 BV (85%) Clearwire Corp (100%) Elan Corp PLC (100%) CommonWealth REIT (90.2%) US Airways Group Inc (100%) SNS Reaal NV (100%) Copano Energy LLC (100%) Repsol-LNG Bus,Trinidad (100%)

7.3%

13.2%

6.3% 5.1%

13.4%

3.1%

2.2% Real Estate

Energy and Power High Technology

Consumer Staples

Financials

Industrials

Telecommunications

Materials

Media and Entertainment

Healthcare

Retail

Consumer Products and Services

Government and Agencies

Top Fifteen Worldwide Announced Deals Rank Date 2/14/2013 2/5/2013 3/22/2013 2/5/2013 2/12/2013 3/22/2013 3/20/2013 3/28/2013 1/8/2013 2/25/2013 2/27/2013 2/14/2013 2/1/2013 1/29/2013 2/26/2013

9.6%

9.8%

Jan 1 - Mar 28 2013 Acquiror Investor Group Liberty Global Inc Boulder Acquisition Corp Investor Group Comcast Corp Icahn Enterprises LP American Rlty Capital Ppty Inc Investor Group DISH Network Corp RP Management LLC Investor Group AMR Corp The Netherlands Kinder Morgan Energy Partners Royal Dutch Shell PLC

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Acquiror / Target Nation United States / United States United States / United States United States / United States United States / United States United States / United States United States / United States United States / United States Austria / Netherlands United States / United States United States / Ireland-Rep United States / United States United States / United States Netherlands / Netherlands United States / United States Netherlands / Trinidad&Tob

2

Rank Value (US$m) 27,361.7 22,048.2 21,421.4 18,233.9 16,700.0 11,694.0 9,178.7 8,635.0 8,271.6 6,916.6 6,775.3 5,497.0 5,047.1 4,960.4 4,900.0

Target Macro / Mid Industry Consumer Staples / Food and Beverage Telecommunications / Space and Satellites High Technology / Computers & Peripherals High Technology / Computers & Peripherals Media and Entertainment / Broadcasting High Technology / Computers & Peripherals Real Estate / REITs Consumer Staples / Food and Beverage Telecommunications / Other Telecom Healthcare / Biotechnology Real Estate / REITs Industrials / Transportation & Infrastructure Financials / Insurance Energy and Power / Oil & Gas Energy and Power / Oil & Gas

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Worldwide Rankings

Worldwide Announced (AD1)

Financial Advisor Goldman Sachs & Co JP Morgan Morgan Stanley Bank of America Merrill Lynch Credit Suisse Barclays Lazard Citi Centerview Partners LLC Evercore Partners LionTree Advisors LLC Moelis & Co Wells Fargo & Co Rothschild Deutsche Bank Jefferies & Co Inc RBC Capital Markets UBS Ondra Partners Greenhill & Co, LLC Canaccord Genuity BNP Paribas SA PricewaterhouseCoopers TD Securities Inc Houlihan Lokey Industry Total

Jan 1 - Mar 28 # of Deals per Advisor # of Market Change in Deals Sh ($) # of Deals 83 -9 1.0 ▼ ▼ 51 0.6 -20 0.9 -11 ▼ 72 35 0.4 -15 ▼ 39 0.5 -8 ▼ 41 0.5 -6 ▼ -7 ▼ 55 0.7 0.6 -5 45 ▼ 0.1 +1 ▲ 6 0.5 +13 ▲ 37 4 0.0 +4 ▲ 0.3 24 -6 ▼ 0.1 -3 ▼ 10 62 0.8 +4 ▲ 42 ▼ 0.5 -15 0.2 ▼ -6 18 0.2 -32 ▼ 20 0.4 -7 ▼ 35 2 0 0.0 7 0.1 +1 ▲ 02 18 0.2 0 16 0.2 -3 ▼ 57 ▼ 0.7 -22 10 0.1 0 0.2 -33 ▼ 18 8,115 -1,502

Rank Value per Advisor (US$m) Market Rank Value Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 2 25.0 135,872.7 1 1.3 ▲ 2 134,777.2 3 1.4 ▲ 24.8 3 94,066.5 17.3 -3.7 ▼ 4 93,906.7 17.3 5.4 ▲ 4 10 5 72,991.8 13.5 5 -7.1 ▼ -12.0 ▼ 1 6 65,696.3 12.1 7 62,521.3 11.5 12 2.3 ▲ 8 6 61,882.7 11.4 -9.0 ▼ 9 57,813.1 41 10.7 9.6 ▲ 10 18 9.0 49,019.9 5.8 ▲ 11 42,956.1 7.9 7.9 ▲ 16 40,696.4 7.5 3.5 ▲ 12 42 34,032.5 13 6.3 5.2 ▲ 5.7 13 30,820.5 -3.3 ▼ 14 5.5 -14.5 ▼ 7 29,582.8 15 16 22,260.3 1.5 ▲ 23 4.1 14 4.1 -2.0 ▼ 22,196.4 17 -1.0 ▼ 19,030.0 15 3.5 18 -0.7 ▼ 10,166.6 1.9 19 21 20 10,100.7 0.5 ▲ 33 1.9 8 753 6 16 01 ▼ -0.1 21 27 8,753.6 1.6 22 9 1.5 8,339.2 -13.2 ▼ 1.5 23 40 8,188.3 0.3 ▲ 1.5 -1.4 ▼ 24 20 7,984.0 25 54 0.8 ▲ 7,563.4 1.4 542,754.1 100.0

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

10.4% ▲ -34.6% ▼

-15.6% ▼ -24.9% ▼

Worldwide Completed (AF1)

Jan 1 - Mar 28 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 1.1 +1 63 ▲ 37 ▲ 0.6 +4 64 ▼ 1.1 -5 40 0.7 +7 ▲ ▲ 0.8 +8 48 40 0.7 -16 ▼ 33 0.6 -11 ▼ 0.6 -8 36 ▼ 7 ▲ 0.1 +2 -4 40 0.7 ▼ -3 ▼ 48 0.8 24 0.4 +6 ▲ 14 0.2 +5 ▲ 0.5 -21 28 ▼ 2 ▲ 0.0 +1 2 0.0 +1 ▲ 5 0.1 +2 ▲ 0.2 -10 ▼ 13 11 -6 ▼ 0.2 ▼ 49 0.8 -10 00 1 2 0.0 ▼ -1 24 0.4 +1 ▲ 1 ▲ 0.0 +1 ▼ 0.7 -15 41 32 0.5 -2 ▼ 5,939 -1,707

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 1 2 39.4 192,561.8 21.1 ▲ 5 19.2 ▲ 2 160,630.6 32.9 3 1 28.9 9.3 ▲ 141,526.3 11 25.5 18.6 ▲ 4 124,520.8 116,091.2 5 4 23.7 7.7 ▲ 16.8 0.2 ▲ 6 3 82,172.4 76,778.9 5.0 ▲ 15.7 7 8 13.2 6 64,676.9 8 -0.5 ▼ 12.9 41 62,908.8 11.9 ▲ 9 0.2 ▲ 10 7 54,109.4 11.1 5.0 ▲ 11 13 47,988.6 9.8 12 10 41,548.4 8.5 1.0 ▲ 31 33,104.4 6.8 5.1 ▲ 13 14 32,247.4 6.6 12 1.7 ▲ 6.3 ▲ 15* 403* 30,931.2 6.3 79 30,931.2 6.3 15* 5.9 ▲ 26 28,645.4 5.9 17 3.7 ▲ 18 22,839.5 4.7 21 1.9 ▲ 19 17 22,384.0 4.6 1.4 ▲ 4.3 20 9 20,888.1 -3.4 ▼ 16 306 1 33 04 ▲ 21 20 16,306.1 3.3 0.4 1.0 ▲ 22 25 16,231.5 3.3 23 1.9 1.6 ▲ 9,385.9 14 24 7,692.0 1.6 -2.0 ▼ 67 7,605.8 25 1.6 1.1 ▲ 489,011.6 100.0

Financial Advisor Morgan Stanley Barclays Goldman Sachs & Co Citi Bank of America Merrill Lynch JP Morgan Deutsche Bank Credit Suisse VTB Capital UBS Rothschild Evercore Partners Greenhill & Co, LLC RBC Capital Markets Renaissance Capital Group Lambert Energy Advisory Ltd Centerview Partners LLC HSBC Holdings PLC BMO Capital Markets Lazard Gleacher & Co Inc Jefferies & Co Inc Ondra Partners Nomura Mizuho Financial Group Industry Total

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

17.9% ▲ -20.4% ▼

-22.3% ▼ -25.9% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 6.9 1.5 ▲ 322.3 1.4 ▲ 4.0 184.9 7.7 1.5 ▲ 361.0 4.0 184.5 2.1 ▲ 215.0 1.0 ▲ 4.6 4.9 229.3 0.7 ▲ 1.8 0.6 ▼ 83.9 2.4 110.1 2.3 ▼ 26.0 0.6 0.3 ▲ 2.8 131.0 0.1 ▼ 134.6 2.9 1.0 ▲ 0.3 ▲ 1.8 82.7 63.2 0.8 ▲ 1.4 115.5 2.5 0.4 ▲ 3.2 0.1 ▲ 0.1 0.1 3.2 0.1 ▲ 46.1 1.0 0.8 ▲ 25.4 0.5 0.1 ▼ 1.0 0.7 ▼ 46.7 2.7 125.2 0.8 ▼ 18 4 04 03 ▲ 18.4 0.4 0.3 73.8 1.6 0.1 ▼ 10.1 0.2 ▲ 0.2 46.0 1.0 0.2 ▼ 26.6 0.6 0.2 ▲ 4,668.3 100.0 -11.4% ▼ -41.0% ▼

* tie

Rank Val US$m

Energy and Power Citi Credit Suisse Evercore Partners Real Estate Goldman Sachs & Co Barclays Lazard High Technology JP Morgan Evercore Partners Goldman Sachs & Co Consumer Staples Lazard Bank of America Merrill Lynch JP Morgan Financials Goldman Sachs & Co JP Morgan Morgan Stanley

72,627.9 18,962.3 11,917.9 11,332.9 71,546.5 14,816.9 13,667.0 10,707.8 66,542.3 21,801.4 21,773.9 21,663.1 53,210.0 31,384.5 30,261.7 27,681.9 52,248.3 18,109.1 15,894.8 8,500.3

First Quarter Rank

1 2 3

Mkt. Share

26.1 16.4 15.6

1 2 3

20.7 19.1 15.0

1 2 3

32.8 32.7 32.6

1 2 3

59.0 56.9 52.0

1 2 3

34.7 30.4 16.3

Top Worldwide Announced M&A Advisors by Transaction Size (AD1)

No. Deals

586 10 7 10 604 11 5 7 1,013 5 4 7 553 6 2 3 927 15 11 8

Jan 1 - Mar 28 2013 Other Top 15 Deals

$140 $120

Rank Value (US$bil)

Top WW Announced M&A Advisors by Target Industry

$100

NBC Universal/Comcast Corp

$22.3 $16.7 $18.2

Dell Inc/Investors

$8.2

Virgin Media Inc/Liberty Global

$16.7

Heinz/Investors

$18.2 All Other Transactions

$80

$22.05

$22.05

$26.5

$27.4

$16.7

$16.7 $18.2

$60 $40

$27.4

$18.2 $19.6 $22.05

$18.2

$56.6 $20

$35.3

$44.0 $24.7

$31.6

$27.8

$14.7

$5.0 $18.2

$16.7

$31.8

$27.4

$27.4

$20.5

$18.2

Goldman JP Morgan Sachs & Co

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3

$19.3 $5.5

$0 Morgan Stanley

Bank of America Merrill Lynch

Credit Suisse

Barclays

Lazard

Citi

Centerview Partners LLC

Evercore Partners

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First Quarter 2013 | Mergers & Acquisitions | Financial Advisors

Worldwide M&A Matrix Exit Multiple Matrix - Average Rank Value / EBITDA 2013 UP 2013 DOWN

2012

World

First Quarter Americas

USA

Canada

Consumer Products and Services

11.6x

7.8x

7.9x

11.3x

7.7x

11.3x

-

Consumer Staples

11.8x

9.9x

9.4x

7.9x

15.3x

7.6x

-

Energy and Power

11.3x

10.5x

14.1x

8.8x

22.1x

6.1x

6.1x

Healthcare

19.5x

12.5x

10.9x

19.2x

10.9x

19.2x

-

High Technology

10.4x

11.9x

5.7x

13.7x

6.2x

15.4x

3.2x

Industrials

11.2x

12.0x

8.9x

11.2x

8.4x

10.8x

10.0x

Materials

10.0x

11.7x

7.3x

10.8x

9.5x

9.8x

11.0x

12.7x

4.9x

12.7x

Real Estate

21.3x

21.9x

24.0x

37.4x

23.5x

-

Retail

12.6x

11.0x

11.4x

6.1x

10.9x

9.5x

12.1x

11.3x

12.2x

11.7x

11.0x

Media and Entertainment

Telecommunications Average Industry Total

EMEA

UK

Asia ex. Japan

5.8x

27.1x

8.0x

25.7x

8.0x

11.1x

6.5x

-

-

7.2x

8.1x

6.7x

7.9x

-

4.5x

15.1x

12.6x

-

-

10.6x

7.4x

12.7x

7.4x

13.0x

3.1x

7.0x

12.8x

9.6x

-

-

-

8.7x

9.8x

6.2x

10.0x

-

-

27.8x

10.1x

16.2x

10.1x

18.3x

12.9x

18.3x

14.3x

29.4x

14.8x

10.2x

11.4x

13.3x

11.4x

-

8.7x

8.7x

8.6x

9.2x

9.8x

3.4x

17.5x

17.3x

1.4x

17.3x

17.5x

7.6x

4.9x

7.9x

7.1x

8.6x

7.1x

8.8x

8.8x

11.7x

14.8x

-

14.8x

3.8x

-

10.1x

8.2x

12.9x

8.2x

12.9x

-

13.2x

12.0x

13.2x

8.1x

13.2x

24.4x

37.4x

19.6x

17.6x

22.1x

19.2x

13.9x

13.9x

13.7x

23.3x

23.4x

23.3x

6.1x

8.9x

8.9x

13.1x

13.0x

13.1x

13.2x

-

-

16.6x

12.6x

5.0x

12.6x

13.7x

11.3x

8.8x

-

5.9x

6.7x

5.9x

7.0x

-

-

9.9x

14.3x

16.3x

14.3x

11.1x

11.5x

11.5x

11.0x

10.9x

10.3x

11.1x

10.8x

15.8x

14.7x

13.7x

12.1x

13.7x

7.2x

10.3x

10.1x

Bid Premium Matrix - Average Premium to 4 Week Stock Price 2013 UP 2013 DOWN

2012

World

Japan

6.7x

-

27.1x

Europe

Americas

First Quarter USA

Canada

Consumer Products and Services

20.7

32.3

25.6

36.7

27.9

33.6

-

Consumer Staples

23.5

27.2

31.3

29.8

33.8

28.2

33.3

Energy and Power

25.5

29.1

33.8

37.4

27.4

Financials

35.9

31.5

40.6

41.1

44.5

Healthcare

35.5

31.2

38.3

39.3

37.2

High Technology

26.3

33.8

31.8

45.4

37.0

Industrials

26.4

24.8

19.2

29.8

28.0

Materials

32.0

33.5

34.8

37.8

21.2

Media and Entertainment

26.0

34.0

20.8

Real Estate

34.5

31.0

29.2

Retail

28.3

32.7

Telecommunications

25.5

Average Industry Total

28.8

EMEA

Europe

UK

Asia ex. Japan

Japan

-

54.9

37.8

54.9

37.8

-

-

15.6

23.8

6.6

35.2

39.3

28.7

26

28.7

28.4

-

32.9

17.6

25.8

34.8

35.4

34.9

38.7

41.7

8.0

23.6

8.0

23.4

-

-

25.6

17.9

-

44.6

6.7

26.4

36.8

28.4

34.2

28.2

100.0

26.8

27.2

23

31.6

40.4

37.3

42.9

51.8

19.7

25

19.7

24.3

-

22.8

28.4

27

55.5

55.5

47.1

13.5

38.6

27.9

28.4

27.9

27.9

41.8

27.3

22.2

28.1

27.6

36.1

35.3

7.6

23.7

26.4

23.2

28.2

22.8

40.4

58.3

29.1

20.6

27.8

33.4

47.3

38.0

37.1

35.2

24.8

38.6

26.5

75.4

41.1

22.6

27.8

21.4

30.8

41.1

20.8

39.4

-

45.7

37.4

49.1

37.4

45.3

-

42

22.7

18.4

26.7

53.6

33.7

47.8

19.0

24.5

41.6

27.4

26

29.4

28.7

35.6

35.6

44.7

29.7

42.7

48.2

23.0

35.5

26.5

39.5

-

-

31.2

30.8

31.2

30.8

-

-

19.7

29

35.7

33.4

37.6

33.1

58.8

33.1

53.3

-

-

10.1

26.8

10.1x

24.7

-

-

34.5

40.5

23.4

8.4

31.1

32.2

38.5

34.6

40.3

32.5

37.8

29.3

27.8

29.5

28.1

57.8

36.2

24.4

25.5

30.5

35.5

-

* 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 - 3/28/2013 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%.

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First Quarter 2013 | Mergers & Acquisitions | Financial Advisors

Worldwide Announced Rankings* - A Decade in Review

1

1

Goldman Sachs & Co

2

2

JP Morgan

3

3

Morgan Stanley

4

4

Bank of America Merrill Lynch

5

5

6

6

7

7

8

8

9

9

10

10

Rank

Credit Suisse

Barclays

Lazard

Citi

Centerview Partners LLC

Evercore Partners

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

*League Table positions reflect consolidation within the banking sector Rankings g shown are as of the current q quarter end in each calendar year y

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First Quarter 2013 | Mergers & Acquisitions | Financial Advisors

Americas M&A Overall US M&A Increases 68% From 1Q2012 | Lowest Fee Volume Since Q3 2009 | Canadian Activity Falls 39% Americas Deals Intelligence

US Announced Advisors by Target Industry

While total values of M&A activity with US involvement during the first three months of 2013 fell 26.7% from last quarter, volumes increased significantly over the sluggish first quarter totals in 2012, reaching US$310.2 billion and representing a 67.7% increase in transaction value.

Jan 1 - Mar 28 2013 Rank Val (US$m) 56,345.1 21,801.4 21,538.9 21,451.4 35,649.8 13,667.0 12,738.7 10,372.7 35,402.6 14,786.4 11,282.3 9,416.9 31,792.4 23,123.5 22,048.2 22,048.2 22,048.2

High Technology JP Morgan Evercore Partners Goldman Sachs & Co Real Estate Barclays Goldman Sachs & Co Lazard Energy and Power Citi Evercore Partners Credit Suisse Telecommunications Credit Suisse Goldman Sachs & Co LionTree Advisors LLC JP Morgan

Despite a 17.6% increase in value of completed Americas M&A activity, the first quarter saw a 12.9% decrease in total M&A fees earned, according to estimates by Thomson Reuters/Freeman Consulting. The US$3 billion total was the lowest opening quarter since 2009. Accumulating US$30.2 billion in transaction value, announced Canadian Involvement activity fell 38.7% from the totals reached in the same period last year, and 48% from last quarter. Conversely, completed Canadian Involvement activity rose, posting an 18.5% increase over first quarter 2012 levels. The High Technology sector led the US market, with deal volume totaling US$56.3 billion, a 21% market share and a 32% decrease compared to last year. Energy & Power placed second, with US$35.6 billion, a 13.2% share. High Technology also emerged as the most active sector, outpacing Real Estate by 174 deals.

Rank

Mkt. Share

1 2 3

38.7 38.2 38.1

1 2 3

38.3 35.7 29.1

1 2 3

41.8 31.9 26.6

1 2* 2* 2*

72.7 69.4 69.4 69.4

No. Deals 324 4 3 4 150 4 5 4 148 6 9 3 30 2 2 1 1

* tie

On average, EBITDA multiples for Americas Targets during the first three months of 2013 decreased slightly to 11.0x from the 11.1x averaged during the first quarter of 2012. Average industry multiples ranged from 7.3x for Materials to 24x for Real Estate targets.

Jan 1 – Mar 28 2013

Any Americas Involvement Completed M&A Fees 4,132

11.8% 13.1%

25

3,955

11.0% 3,541 13.2%

$7.01

Rank Val (US$bil)

3.7%

Real Estate Consumer Staples Healthcare Retail

$4.72 $6.53

$4.39

$4.87

Date Effective Pending Pending Pending Pending 3/19/2013 Pending Pending Intended Pending Pending

2000 1500

$5.51 $2.59

$3.88

1000

$4.49

$1.77 $2.08

2500

$4.02

$4.22

$4.25

$5.70

2,604

$4.54

$4.48

10

$4.72

$5.59

$5.45

500 $3.50

$3.85

$3.47

$3.03

2010

2011

2012

2013

0

0 2006

2007

2008

2009

Top Ten US-Target Announced Deals Rank Date 2/14/2013 2/5/2013 3/22/2013 2/5/2013 2/12/2013 3/22/2013 3/20/2013 1/8/2013 2/27/2013 2/14/2013

3000 $4.47

$6.97

5

Energy and Power Media and Entertainment Materials Consumer Products and Services

3500

3,198

2,697 $3.92

15

4500 4000

3,626

$6.15

$5.02 High Technology Telecommunications Industrials Financials Government and Agencies

Q4 Fee Volume (US$ bil)

Q1 Historical Deal Volume

3,005

5.2% 3.6%

Q2 Fee Volume (US$ bil)

Q3 Fee Volume (US$ bil)

20

9.8%

20.9%

Q1 Fee Volume (US$ bil)

# of Deals

US Target Announced M&A Target Industry by Value (US$ bil)

Jan 1 – Mar 28 2013 Target (% Sought/Acquired) HJ Heinz Co (97.4%) Virgin Media Inc (100%) Dell Inc (100%) Dell Inc (86.2%) NBCUniversal Media LLC (49%) Dell Inc (59.1%) Cole Credit Ppty Tr III Inc (100%) Clearwire Corp (100%) CommonWealth REIT (90.2%) US Airways Group Inc (100%)

Acquiror Investor Group Liberty Global Inc Boulder Acquisition Corp Investor Group Comcast Corp Icahn Enterprises LP American Rlty Capital Ppty Inc DISH Network Corp Investor Group AMR Corp

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Acquiror / Target Nation United States / United States United States / United States United States / United States United States / United States United States / United States United States / United States United States / United States United States / United States United States / United States United States / United States

6

Rank Value (US$m) 27,361.7 22,048.2 21,421.4 18,233.9 16,700.0 11,694.0 9,178.7 8,271.6 6,775.3 5,497.0

Target Macro / Mid Industry Consumer Staples / Food and Beverage Telecommunications / Space and Satellites High Technology / Computers & Peripherals High Technology / Computers & Peripherals Media and Entertainment / Broadcasting High Technology / Computers & Peripherals Real Estate / REITs Telecommunications / Other Telecom Real Estate / REITs Industrials / Transportation & Infrastructure

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First Quarter 2013 | Mergers & Acquisitions | Financial Advisors

Americas Rankings Any Americas Involvement Announced (AD49)

Financial Advisor Goldman Sachs & Co JP Morgan Bank of America Merrill Lynch Morgan Stanley Credit Suisse Centerview Partners LLC Lazard Citi Barclays Evercore Partners LionTree Advisors LLC Moelis & Co Wells Fargo & Co Jefferies & Co Inc RBC Capital Markets UBS Deutsche Bank Ondra Partners Greenhill & Co, LLC Rothschild TD Securities Inc Canaccord Genuity CIBC World Markets Inc Groton Partners LLC Millstein & Co LP Industry Total

Rank Value per Advisor (US$m) Market Rank Value Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 1 1 113,010.9 32.6 13.1 ▲ 2 3 106,790.2 30.8 11.7 ▲ 3 4 92,672.1 26.7 8.8 ▲ 4 9 72,171.7 12.2 ▲ 20.8 5 5 58,974.1 17.0 1.1 ▲ 6 30 57,813.1 16.7 14.5 ▲ 7 10 56,021.9 16.2 9.2 ▲ 8 6 52,280.2 15.1 0.1 ▲ 9 2 49,900.0 14.4 -5.0 ▼ 10 12 48,135.7 13.9 7.8 ▲ 11 42,956.1 12.4 12.4 ▲ 12 11 40,033.4 11.5 4.9 ▲ 13 31 34,032.5 9.8 7.6 ▲ 14 17 22,260.3 6.4 1.6 ▲ 15 8 21,804.1 6.3 -5.3 ▼ 16 18 17,965.2 5.2 0.4 ▲ 17 7 12,939.1 3.7 -10.5 ▼ 18 108 10,166.6 2.9 2.8 ▲ 19 29 9,997.3 2.9 0.5 ▲ 20 15 9,084.4 2.6 -2.5 ▼ 21 14 7,984.0 2.3 -3.3 ▼ 22 22 7,659.6 2.2 -1.0 ▼ 23 27 6,968.7 2.0 -0.5 ▼ 24 6,916.6 2.0 2.0 ▲ 25 5,497.0 1.6 1.6 ▲ 346 808 3 100 0 346,808.3 100.0

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

35.9% ▲ -28.5% ▼

US Target Announced (AD2)

Financial Advisor JP Morgan Goldman Sachs & Co Bank of America Merrill Lynch Centerview Partners LLC Credit Suisse Morgan Stanley Lazard Barclays Citi LionTree Advisors LLC Evercore Partners Moelis & Co Wells Fargo & Co RBC Capital Markets Jefferies & Co Inc UBS Greenhill & Co, LLC Deutsche Bank Rothschild Millstein & Co LP Simmons & Co International Gleacher & Co Inc Ondra Partners Guggenheim Securities LLC Houlihan Lokey Industry Total

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 52 1.6 -7 ▼ 1.0 -11 32 ▼ 30 0.9 0 43 ▲ 1.3 +7 25 0.8 -2 ▼ 6 0.2 +1 ▲ 43 1.3 +6 ▲ 26 0.8 +1 ▲ 0.8 26 -4 ▼ 31 1.0 +8 ▲ 4 0.1 +4 ▲ 20 0.6 -6 ▼ 10 0.3 -3 ▼ 16 0.5 -7 ▼ 19 0.6 -30 ▼ 23 0.7 +1 ▲ 18 0.6 -17 ▼ 2 0.1 +1 ▲ 6 0.2 +2 ▲ 13 0.4 -3 ▼ 10 0.3 0 13 0.4 +3 ▲ 7 0.2 +2 ▲ 1 0.0 +1 ▲ 1 0.0 +1 ▲ 3 241 357 3,241 -357 -9.9% ▼ -26.1% ▼

Jan 1 – Mar 28

Rank Value per Advisor (US$m) Market Rank Value Market 2013 2012 US$m Sh (%) Share Ch. Rank Rank 1 7 98,700.5 36.7 20.5 ▲ 2 4 98,474.8 36.6 18.7 ▲ 3 76,139.6 28.3 8.3 ▲ 3 4 42 57,813.1 21.1 ▲ 21.5 5 5 56,273.1 20.9 4.1 ▲ 6 10 55,937.4 20.8 12.1 ▲ 7 12 51,474.4 19.1 11.6 ▲ 8 1 47,161.3 17.5 -8.9 ▼ 0.2 ▲ 9 6 45,113.6 16.8 42,956.1 16.0 16.0 ▲ 10 11 8 41,741.4 15.5 5.4 ▲ 12 39,620.6 4.9 ▲ 9 14.7 13 18 34,032.5 12.6 8.8 ▲ 14 14 19,710.3 7.3 0.4 ▲ 15 16 19,522.6 7.3 2.3 ▲ 16 15 -1.3 ▼ 13,067.8 4.9 17 -0.6 ▼ 17 9,997.3 3.7 3.4 -18.4 ▼ 18 2 9,140.3 19 32 6,690.0 2.5 1.6 ▲ 20 5,497.0 2.0 2.0 ▲ 0.8 ▲ 21 34 4,114.5 1.5 22 11 3,675.5 1.4 -6.9 ▼ 23 71 3,250.0 1.2 1.1 ▲ 3,215.0 1.2 -0.7 ▼ 24 26 0.9 25 31 2,497.3 -0.1 ▼ 269,264.7 100.0

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

Jan 1 – Mar 28

88.0% ▲ -19.7% ▼

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 23 1.2 0 1.9 0 37 0.9 -2 18 ▼ ▲ 6 0.3 +2 ▼ 14 0.7 -3 28 1.5 +7 ▲ 1.9 +13 ▲ 37 -2 20 1.0 ▼ 23 ▲ 1.2 +8 4 0.2 +4 ▲ 23 ▲ 1.2 +7 18 0.9 -3 ▼ 10 0.5 -2 ▼ 10 0.5 ▼ -7 11 -4 0.6 ▼ 0.7 +4 ▲ 13 6 0.3 +3 ▲ -9 10 0.5 ▼ 6 0.3 -1 ▼ 1 0.1 +1 ▲ ▼ 3 0.2 -3 ▼ 0.1 -1 1 1 0.1 0 0.2 +1 3 ▲ 0.6 -30 11 ▼ -81 1,917 -4.1% ▼ -29.4% ▼

Any Americas Involvement Completed (AF55)

Financial Advisor Morgan Stanley Barclays Goldman Sachs & Co Citi JP Morgan Bank of America Merrill Lynch RBC Capital Markets Centerview Partners LLC Greenhill & Co, LLC Credit Suisse BMO Capital Markets Lazard Gleacher & Co Inc Jefferies & Co Inc Rothschild HSBC Holdings PLC Evercore Partners UBS Deutsche Bank United Overseas Bank Ltd DBS Group Holdings Peter J. Solomon Co Ltd Wells Fargo & Co Houlihan Lokey FirstEnergy Capital Corp Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 3 133,688.6 45.5 23.6 ▲ 1 11.7 ▲ 2 4 97,506.0 33.2 1 81,854.6 27.8 3 3.5 ▲ 4 11 55,733.1 19.0 13.1 ▲ 5 5 55,091.4 18.7 -2.3 ▼ 6 2 50,892.1 17.3 -5.0 ▼ 7 9 31,285.1 10.6 3.1 ▲ 8 19 28,645.4 9.7 6.1 ▲ 9 31 28,405.2 9.7 8.1 ▲ 10 6 23,150.8 7.9 -11.3 ▼ 11 14 22,384.0 7.6 2.8 ▲ 12 12 18,525.3 6.3 1.1 ▲ 13 13 16,306.1 5.5 0.7 ▲ 14 18 15,428.9 5.2 1.5 ▲ 15 4.1 2.7 ▲ 34 12,100.3 16 94 10,937.9 3.7 3.6 ▲ 17 7 10,584.4 3.6 -7.4 ▼ 18 8 10,564.5 3.6 -6.2 ▼ 19 10 7,630.7 2.6 -4.7 ▼ 20* 6,896.5 2.3 2.3 ▲ 20* 2.3 2.3 ▲ 6,896.5 22 198* 5,061.3 1.7 1.7 ▲ 23 41 4,039.8 1.4 0.4 ▲ 24 20 3,749.7 1.3 -1.5 ▼ 25 59 3,178.9 1.1 0.7 ▲ 294 171 5 100 0 294,171.5 100.0

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

17.6% ▲ -22.6% ▼

Jan 1 – Mar 28 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 32 1.2 +5 ▲ 28 1.1 +3 ▲ 39 1.5 0 22 0.8 +7 ▲ 21 0.8 -15 ▼ 31 1.2 +7 ▲ 24 0.9 -21 ▼ 5 0.2 +3 ▲ 9 0.3 +5 ▲ 20 0.8 -7 ▼ 11 0.4 -5 ▼ 36 1.4 +6 ▲ 2 0.1 -1 ▼ -1 ▼ 21 0.8 23 0.9 +8 ▲ 6 0.2 0 17 0.7 +2 ▲ 19 0.7 0 18 0.7 +2 ▲ 1 0.0 +1 ▲ 1 0.0 +1 ▲ 6 0.2 +4 ▲ 8 0.3 +1 ▲ 19 0.7 -26 ▼ 2 0.1 -3 ▼ 2 604 405 2,604 -405 -13.5% ▼ -28.2% ▼

-12.9% ▼ -45.8% ▼

US Target Completed (AF2)

Financial Advisor Morgan Stanley Barclays Goldman Sachs & Co Bank of America Merrill Lynch JP Morgan Citi Centerview Partners LLC Greenhill & Co, LLC Credit Suisse Gleacher & Co Inc Jefferies & Co Inc Lazard UBS Rothschild Evercore Partners Peter J. Solomon Co Ltd RBC Capital Markets Wells Fargo & Co FTI Consulting Inc Houlihan Lokey Deutsche Bank BMO Capital Markets Moelis & Co Perella Weinberg Partners LP KeyBanc Capital Markets Inc Industry Total

Jan 1 – Mar 28

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 US$m Sh (%) Share Ch. Rank Rank 1 1 120,380.2 56.8 26.2 ▲ 2 94,795.3 44.7 14.4 ▲ 2 3 3 23.4 -6.6 ▼ 49,708.1 4 4 -3.4 ▼ 44,367.1 20.9 5 5 43,952.4 20.7 -3.6 ▼ 6 14 30,766.4 14.5 9.2 ▲ 7 15* 13.5 8.2 ▲ 28,645.4 13.4 11.1 ▲ 8 21 28,405.2 17,603.2 9 6 8.3 -14.4 ▼ 16,306.1 0.6 ▲ 10 10 7.7 11 20 14,125.9 6.7 3.8 ▲ 12 17 10,912.2 5.1 1.0 ▲ 13 9 8,160.5 3.9 -3.7 ▼ 14 69 6,788.4 3.2 3.1 ▲ 15 7 6,141.3 2.9 -13.2 ▼ 2.4 2.4 ▲ 16 5,061.3 110* 13 4,655.4 -4.0 ▼ 17 2.2 18 4,039.8 23 1.9 0.5 ▲ 19 55 3,022.3 1.4 1.3 ▲ 20 18 2,666.4 1.3 -2.7 ▼ 8 21 2,662.1 1.3 -6.5 ▼ 26* 2,473.0 1.2 0.4 ▲ 22 1.0 -5.5 ▼ 2,051.4 23 12 24 41 1,775.4 0.8 0.5 ▲ 25 70 1,701.4 0.8 0.7 ▲ 100.0 212,125.8

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

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 215.4 7.1 1.1 ▲ 168.8 5.6 2.1 ▲ 284.1 9.4 1.8 ▲ 146.8 4.9 3.0 ▲ 148.1 4.9 0.5 ▼ 171.5 5.7 1.3 ▲ 105.6 3.5 0.4 ▲ 46.1 1.5 1.3 ▲ 46.6 1.5 0.8 ▲ 70.1 2.3 3.7 ▼ 46.7 1.5 0.9 ▼ 106.5 3.5 0.2 ▲ 18.4 0.6 0.5 ▲ 65.4 2.2 0.3 ▼ 82.0 2.7 1.9 ▲ 11.0 0.4 0.3 ▲ 69.0 2.3 0.3 ▲ 53.9 1.8 0.8 ▼ 37.9 1.3 0.9 ▼ 2.5 0.1 0.1 ▲ 2.5 0.1 0.1 ▲ 25.4 0.8 0.7 ▲ 30.8 1.0 0.4 ▲ 29.8 1.0 1.6 ▼ 1.3 0.0 -0.3 ▼ 3 026 6 100 0 3,026.6 100.0

25.6% ▲ -15.7% ▼

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 22 1.3 +6 ▲ 18 1.1 -1 ▼ 26 1.6 -2 ▼ 21 1.3 +8 ▲ 13 0.8 -10 ▼ 13 0.8 +4 ▲ 5 0.3 +3 ▲ 9 0.6 +6 ▲ -7 ▼ 9 0.6 1 -2 0.1 ▼ 15 0.9 -1 ▼ 26 1.6 +7 ▲ 11 ▲ 0.7 +3 ▲ 11 0.7 +6 0.7 0 11 6 0.4 +4 ▲ 8 0.5 -11 ▼ 8 0.5 +2 ▲ 3 0.2 +2 ▲ 16 1.0 -25 ▼ 0.4 -4 7 ▼ 4 0.2 0 10 0.6 -6 ▼ 4 0.2 +3 ▲ 2 0.1 0 1,634 -117 -6.7% ▼ -32.2% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 184.5 9.4 1.9 ▲ 135.1 6.9 2.4 ▲ 214.1 10.9 1.3 ▲ 136.4 7.0 2.5 ▲ 120.8 6.2 0.2 ▼ 83.8 4.3 2.1 ▲ 46.1 2.4 2.0 ▲ 46.6 2.4 1.5 ▲ 46.0 2.4 4.3 ▼ 17.9 0.9 0.7 ▲ 49.2 2.5 0.3 ▼ 3.8 0.6 ▲ 73.7 26.5 1.4 0.7 ▼ 2.4 ▲ 2.7 53.1 52.2 2.7 0.1 ▼ 25.4 1.3 1.2 ▲ 1.0 ▼ 26.0 1.3 30.8 1.6 0.8 ▲ 7.4 0.4 0.4 ▲ 22.0 1.1 2.6 ▼ 20.5 1.0 0.4 ▼ 0.1 ▼ 0.3 6.0 27.2 1.4 1.3 ▼ 8.3 0.4 0.1 ▲ 5.4 0.3 0.3 ▲ 1,962.1 100.0 -15.8% ▼ -49.8% ▼

* tie

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First Quarter 2013 | Mergers & Acquisitions | Financial Advisors

Americas Rankings Any US Involvement Announced (AD41)

Financial Advisor JP Morgan Goldman Sachs & Co Bank of America Merrill Lynch Morgan Stanley Credit Suisse Centerview Partners LLC Lazard Citi Barclays LionTree Advisors LLC Evercore Partners Moelis & Co Wells Fargo & Co Jefferies & Co Inc RBC Capital Markets UBS Deutsche Bank Ondra Partners Greenhill & Co, LLC Rothschild Groton Partners LLC Millstein & Co LP Simmons & Co International Houlihan Lokey Gleacher & Co Inc Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 1 34.3 2 106,490.2 13.1 ▲ 2 12.6 ▲ 33.0 3 102,404.6 3 5 90,677.5 29.2 12.2 ▲ 8 22.8 70,673.8 4 11.4 ▲ 5 18.7 6 58,038.0 4.9 ▲ 6 19 18.6 57,813.1 15.6 ▲ 11 7 56,021.9 10.8 ▲ 18.1 8 7 52,280.2 16.9 4.1 ▲ 9 1 49,900.0 16.1 -6.8 ▼ 10 42,956.1 13.9 13.9 ▲ 42,289.2 5.3 ▲ 11 10 13.6 12 9 40,033.4 12.9 4.1 ▲ 13 20 34,032.5 11.0 8.0 ▲ 14 16 22,260.3 7.2 2.8 ▲ 15 19,710.3 6.4 0.9 ▲ 15 13 4.9 -0.9 ▼ 16 15,137.9 17 4 11,145.3 3.6 -15.0 ▼ 18 87 10,166.6 3.3 +3 ▲ 19 18 9,997.3 -0.1 ▼ 3.2 2.7 34 1.7 ▲ 20 8,357.1 2.2 21 6,916.6 2.2 ▲ 5,497.0 1.8 22 1.8 ▲ 23 41 4,150.5 1.3 0.7 ▲ 1.3 36 4,033.2 0.4 ▲ 24 -5.2 ▼ 25 12 3,675.5 1.2 310 188 6 100 0 310,188.6 100.0

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

67.7% ▲ -26.7% ▼

Any Canadian Involvement Announced (AD42)

Financial Advisor TD Securities Inc Canaccord Genuity CIBC World Markets Inc Evercore Partners BMO Capital Markets Bank of America Merrill Lynch Goldman Sachs & Co Morgan Stanley RBC Capital Markets Deutsche Bank GMP Capital Corp Houlihan Lokey Scotiabank Rothschild JP Morgan Credit Suisse Macquarie Group Citi HSBC Holdings PLC Wells Fargo & Co Jones Lang LaSalle Inc Robert W Baird & Co Inc Oriel Securities Limited Cenkos Securities PLC Moelis & Co Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. -2.6 ▼ 7,984.0 1 2 26.5 24.8 6 7,470.4 8.7 ▲ 2 10.0 ▲ 3 7 6,968.7 23.1 5,846.4 19.4 19.0 ▲ 4 32 5 4 4,602.6 15.3 -7.5 ▼ 11.8 3 3,572.6 -11.8 ▼ 6 12 2,902.5 9.6 7 3.7 ▲ 2.8 ▲ 2,804.8 8 9.3 11 -32.2 ▼ 9 1 7.7 2,332.2 10 28 2,260.5 6.7 ▲ 7.5 11 13 1,958.3 6.5 1.5 ▲ 12 1,535.9 5.1 4.1 ▲ 23 1,446.9 -12.2 ▼ 5 4.8 13 1,000.0 14 31 2.8 ▲ 3.3 15 908.3 21 3.0 1.7 ▲ 800.6 -0.9 ▼ 16 14 2.7 19 646.9 2.1 0.5 ▲ 17 1.1 ▲ 18 30 515.0 1.7 19 46 500.0 1.7 1.6 ▲ 20 59* 466.6 1.6 1.6 ▲ 1.4 ▲ 21 419.5 1.4 1.4 ▲ 22 59* 414.0 1.4 389.2 1.3 ▲ 1.3 23* 389.2 1.3 ▲ 23* 1.3 0.3 ▲ 355.0 1.2 25 26* 100.0 30,171.6

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

-38.7% ▼ -47.9% ▼

Jan 1 – Mar 28 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 30 ▼ 1.2 -5 1.8 46 -4 ▼ 27 1.1 +4 ▲ 41 1.6 +10 ▲ 21 ▲ 0.8 +1 6 0.2 +1 ▲ 41 1.6 +8 ▲ ▲ 26 1.0 +9 ▼ -1 26 1.0 ▲ 4 0.2 +4 1.1 +9 ▲ 29 20 0.8 -5 ▼ 10 0.4 ▼ -3 -3 16 0.6 ▼ ▼ 0.5 12 -8 ▲ 19 0.8 +1 17 0.7 -15 ▼ 2 ▲ 0.1 +1 6 ▲ 0.2 +2 11 0 0.4 0.0 +1 ▲ 1 0.0 +1 ▲ 1 -5 ▼ 4 0.2 0.6 -29 14 ▼ 0.1 0 2 2 532 167 -167 2,532 -6.2% ▼ -25.9% ▼

Jan 1 – Mar 28 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 10 0 1.6 ▲ 10 1.6 +4 7 1.1 +2 ▲ 2 ▲ 0.3 +1 12 ▼ 1.9 -2 6 0 1.0 2 ▼ 0.3 -1 4 0.6 +1 ▲ ▼ 10 1.6 -22 2 0.3 +1 ▲ 4 0.6 -1 ▼ ▲ 3 0.5 +1 5 ▼ 0.8 -4 ▼ -2 1 0.2 3 0.5 0 2 0 0.3 1 0.2 -2 ▼ 0.2 -2 1 ▼ 1 0.2 0 1 0.2 0 2 0.3 +2 ▲ 1 0 0.2 +1 0.2 1 ▲ ▲ 1 0.2 +1 1 0.2 -1 ▼ -128 625 -17.0% ▼ -21.8% ▼

Any US Involvement Completed (AF48)

Financial Advisor Morgan Stanley Barclays Goldman Sachs & Co Bank of America Merrill Lynch JP Morgan Citi Centerview Partners LLC Greenhill & Co, LLC Credit Suisse Lazard Gleacher & Co Inc Jefferies & Co Inc Rothschild Evercore Partners UBS RBC Capital Markets Deutsche Bank Peter J. Solomon Co Ltd HSBC Holdings PLC Wells Fargo & Co Houlihan Lokey KPMG FTI Consulting Inc BMO Capital Markets Perella Weinberg Partners LP Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 US$m Sh (%) Share Ch. Rank Rank 49.2 1 2 123,522.4 23.0 ▲ 13.6 ▲ 3 38.8 2 97,506.0 -6.5 ▼ 3 22.1 1 55,432.0 4 4 48,654.1 -3.7 ▼ 19.4 5 5 48,195.0 19.2 -3.4 ▼ 38,067.5 15.2 10.9 ▲ 6 15 16* 28,645.4 11.4 7.1 ▲ 7 9.4 ▲ 24 8 28,405.2 11.3 9 6 21,634.5 8.6 -13.8 ▼ 18,341.2 7.3 2.7 ▲ 10 14 11 16,306.1 6.5 0.7 ▲ 11 12 20 15,130.2 6.0 3.2 ▲ 13 53 10,832.5 4.3 4.0 ▲ 14 7 10,476.3 4.2 -9.0 ▼ 15 8 10,451.7 4.2 -4.2 ▼ 16 10 9,700.1 3.9 -2.1 ▼ -5.0 ▼ 17 9 6,612.1 2.6 2.0 ▲ 18 162* 5,061.3 2.0 19 122* 4,041.4 1.6 1.6 ▲ 20 30 4,039.8 1.6 0.4 ▲ 21 1.5 -1.8 ▼ 18 3,749.7 22 22 3,151.2 1.3 -1.2 ▼ 23 84 3,048.9 1.2 1.1 ▲ 24 31 2,750.7 1.1 0 25 63 2,720.9 1.1 0.9 ▲ 251 185 4 100 0 251,185.4 100.0

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

20.9% ▲ -18.5% ▼

Jan 1 – Mar 28 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 27 1.3 +2 ▲ ▲ 28 1.3 +4 34 1.6 -4 ▼ 27 1.3 +7 ▲ 20 0.9 -13 ▼ 21 1.0 +12 ▲ 5 0.2 +3 ▲ 9 0.4 +5 ▲ 16 0.8 -5 ▼ 33 1.5 +5 ▲ 2 0.1 -1 ▼ 20 0.9 +1 ▲ 20 0.9 +10 ▲ 15 0.7 +2 ▲ 0.8 +3 ▲ 18 16 0.8 -7 ▼ 17 0.8 +3 ▲ 6 0.3 +4 ▲ 5 0.2 +2 ▲ 8 0.4 +1 ▲ 19 0.9 -25 ▼ 14 0.7 +4 ▲ 0.2 +3 ▲ 4 5 0.2 0 6 0.3 +5 ▲ 2 132 221 2,132 -221 -9.4% ▼ -27.4% ▼

-10.2% ▼ -44.1% ▼

Any Canadian Involvement Completed (AF49)

Financial Advisor RBC Capital Markets Citi BMO Capital Markets Goldman Sachs & Co Evercore Partners Lazard FirstEnergy Capital Corp Morgan Stanley Rothschild CIBC World Markets Inc TD Securities Inc Credit Suisse Canaccord Genuity Haywood Securities Ltd. Scotiabank Houlihan Lokey Barclays GMP Capital Corp HSBC Holdings PLC Bank of America Merrill Lynch Jones Lang LaSalle Inc Robert W Baird & Co Inc Greenhill & Co, LLC Clarus Securities Inc. AltaCorp Capital Inc Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 60.5 28.7 ▲ 1 2 26,618.0 2 13 42.8 ▲ 49.5 21,765.6 3 45.4 19,984.0 1 13.2 ▲ 10 4 41.0 33.6 ▲ 18,064.6 5 33 13.0 12.4 ▲ 5,719.1 6 -3.3 ▼ 6 4,100.0 9.3 7 24 3,178.9 7.2 4.4 ▲ 35 3,135.3 8 6.6 ▲ 7.1 9 9 3,018.5 6.9 -0.5 ▼ 10 12 2,738.7 -0.7 ▼ 6.2 11 2,151.0 4.9 4 -10.6 ▼ 3.7 ▲ 4.5 12 31 1,989.0 13 18 1,229.2 2.8 -1.1 ▼ 14 1,088.3 2.5 ▲ 2.5 2.3 -4.8 ▼ 15 11 1,031.9 973.5 1.8 ▲ 16 38 2.2 -2.2 ▼ 17 19 732.8 1.7 513.2 1.2 -13.0 ▼ 18 5 32 500.0 1.1 0.4 ▲ 19 20 3 444.3 1.0 -17.4 ▼ 419.5 1.0 21 1.0 ▲ 0.9 0.9 ▲ 58* 414.0 22 0.9 23 399.0 0.9 ▲ 0.9 ▲ 0.9 24* 398.7 24* 398.7 0.9 ▲ 0.9 44,017.1 100.0

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

18.5% ▲ -34.3% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 0.8 ▲ 205.2 7.9 6.5 168.8 2.5 ▲ 0.4 ▲ 9.4 244.7 159.0 1.2 ▲ 6.1 143.7 5.5 0.6 ▼ 121.5 4.7 2.9 ▲ 46.1 1.8 1.5 ▲ 46.6 1.8 1.0 ▲ 61.4 2.4 4.1 ▼ 101.7 3.9 0.6 ▲ 18.4 0.7 0.5 ▲ 63.7 2.5 0.1 ▼ 75.8 2.9 2.3 ▲ 66.0 2.5 0.1 ▲ 52.0 2.0 0.6 ▼ 43.5 1.7 0.6 ▼ 36.2 1.4 0.7 ▼ 25.4 1.0 0.9 ▲ 8.5 0.3 0.3 ▲ 30.8 1.2 0.5 ▲ 29.8 1.1 2.0 ▼ 2.8 0.1 0.0 8.1 0.3 0.3 ▲ 8.5 0.3 0.4 ▼ 11.7 0.5 0.3 ▲ 2 603 4 100 0 2,603.4 100.0

Jan 1 – Mar 28 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 15 0.3 -11 ▼ 0 2 0.0 9 0.2 -4 ▼ 2 0.0 -2 ▼ 4 0.1 +3 ▲ 0.0 -3 ▼ 2 0.0 ▼ 2 -3 4 ▲ 0.1 +3 5 0 0.1 6 0.1 +2 ▲ 8 0.1 -2 ▼ 0.1 +2 3 ▲ 2 0.0 -5 ▼ 3 0.1 +3 ▲ 0.1 -4 3 ▼ 1 0.0 -2 ▼ 3 0.1 +1 ▲ 3 0.1 -5 ▼ -1 0.0 1 ▼ 2 0.0 -1 ▼ ▲ 2 0.0 +2 0.0 0 1 1 0.0 +1 ▲ 1 ▲ 0.0 +1 1 ▲ 0.0 +1 -184 428 -30.1% ▼ -24.9% ▼

Imputed Fees (US$m) Market Advisor Market Fees Sh (%) Share Ch. 78.1 14.6 6.5 ▲ 5.1 ▲ 33.6 6.3 3.8 ▼ 7.9 42.5 34.0 6.4 3.2 ▲ 23.2 4.3 3.8 ▲ 10.3 3.0 ▼ 1.9 0.3 1.3 ▼ 1.3 18.8 3.5 3.0 ▲ 29.1 5.4 3.7 ▲ 4.5 24.2 0.7 ▲ 12.2 2.3 4.8 ▼ 9.9 1.9 1.4 ▲ 12.9 2.4 0.3 ▼ 3.5 0.6 0.6 ▲ 12.1 2.3 0.1 ▼ 1.1 5.9 0.5 ▲ 7.5 1.4 0.6 ▼ 3.7 0.7 2.4 ▼ 2.0 0.4 0.3 ▲ 0.7 4.9 ▼ 3.6 6.7 1.3 1.3 ▲ 1.1 0.9 ▲ 5.9 2.8 0.5 0.5 ▲ 2.1 0.4 0.4 ▲ 5.2 1.0 1.0 ▲ 535.6 100.0 -19.4% ▼ -49.8% ▼

* tie

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First Quarter 2013 | Mergers & Acquisitions | Financial Advisors

EMEA M&A EMEA Announced M&A Falls 20% | Energy and Power Highest Valued Sector | Lowest Q1 Activity in 10 Years EMEA Deals Intelligence

EMEA Involvement Announced Advisors by Target Industry

Announced M&A activity with EMEA involvement totalled US$181.1 billion in the first quarter of 2013, down 20% compared to the US$226.4 billion reached in the same period last year. This represented the lowest quarterly activity since the third quarter of 2009, and the slowest start to a year since 2003. EMEA fees accumulated on deals completed in the first three months of 2013 fell short of 2012 totals as well, reaching only US$1.9 billion, a 3.2% decrease compared to the US$2 billion total for the same period last year, according to estimates from Thomson Reuters/Freeman Consulting.

Rank Val US$m

Energy and Power Goldman Sachs & Co JP Morgan Morgan Stanley Financials Goldman Sachs & Co JP Morgan Morgan Stanley Industrials Rothschild Credit Suisse Deutsche Bank Materials Citi Barclays VTB Capital Societe Generale Healthcare Citi Ondra Partners Morgan Stanley

Energy and Power was the most active sector in the first three months of 2013, with 277 deals grossing a combined US$30.4 billion. Financials accrued US$30.3 billion and Industrials represented US$22 billion worth of activity. EMEA-targeted buyside financial sponsor activity reached only US$14.6 billion, falling short of the US$19.5 billion reported in the first quarter of last year and even further behind the US$27.1 billion reached in the previous quarter, making it the slowest quarter since the second quarter of 2010. Acquirors listed on the Milan stock exchange were EMEA's most acquisitive companies in the first three months of 2013, with 18 deals accounting for a combined total of US$7.5 billion in offers. Atlantia’s US$4.1 billion offer for Gemina accounted for the majority of this activity.

30,395.5 5,603.8 5,502.4 4,628.5 30,265.3 17,284.0 15,594.8 7,685.9 22,033.0 9,271.0 8,130.4 6,940.6 18,816.8 4,184.0 3,738.7 3,620.0 3,620.0 16,463.7 10,166.6 10,166.6 8,398.6

Jan 1 - Mar 28 2013 Mkt. Share

Rank

1 2 3

18.4 18.1 15.2

1 2 3

57.1 51.5 25.4

1 2 3

42.1 36.9 31.5

1 2 3* 3*

22.2 19.9 19.2 19.2

1* 1* 3

61.8 61.8 51.0

No. Deals

277 4 2 8 398 12 9 4 566 11 3 4 313 3 2 1 1 176 2 2 3

* tie

Jan 1 - Mar 28 2013

EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity) g p ( y p y) Q4 Volume (US$b)

Milan $300

94.0%

Frankfurt $1.8

Q3 Volume (US$b) 75.3%

$7.5

$1.6

Q1 Volume (US$b) $250

London

% of YTD EMEA M&A

73.0%

$3.5 Rank Value (US$b)

Amsterdam

$4.9 Bratislava Abu Dhabi Stock Market

$200

$45.1

60% 47.3%

$60.3

$33.9

$50

$38.0

$21.6

$58.6

$16.3 2004

$73.0

$32.2 2005

2006

$38.6

Intended Pending 2/1/2013 Pending 2/22/2013 Pending Pending Intended Pending 2/22/2013

$36.9

$26.8

$19.7 $13.1 $8.4

$13.4

2008

2009

2010

2007

Top Ten EMEA Involvement Announced Deals 3/28/2013 2/25/2013 2/1/2013 2/26/2013 2/17/2013 3/13/2013 3/8/2013 3/21/2013 3/28/2013 2/22/2013

$23.3 23.1%

$76.1

$25.4 $0

Date Effective

40%

$27.3

Johannesburg

Rank Date

50%

$82.9 $44.5

Lisbon Swiss Stock Exchange

46.7%

33.0% $38.2

80% 70%

64.2%

$50.5

$100

$6.2

$5.4

$56.5

$150

90%

$90.3

OMX Stockholm $6.4

100%

Q2 Volume (US$b)

75.2%

% of EMEA

Primary EMEA Companies - Top y Listing g of Most Acquisitive q p p 10 (US$B) ( $ )

$22.0 $36.8

30% $27.1

20%

$16.1 10% 10.3%

$20.1

$21.2

$19.5

$14.6

2011

2012

2013

0%

Jan 1 – Mar 28 2013

Target (% Sought/Acquired)

Acquiror

DE Master Blenders 1753 BV (85%) Elan Corp PLC (100%) SNS Reaal NV (100%) Repsol-LNG Bus,Trinidad (100%) Groupe BPCE SA (20%) ENI East Africa SpA (28.6%) GEMINA (100%) MAN SE (26.3%) Tele2 Russia (100%) Polyus Gold International Ltd (37.78%)

Investor Group RP Management LLC The Netherlands Royal Dutch Shell PLC Groupe BPCE SA PetroChina Co Ltd Atlantia SpA Volkswagen AG Investkompaniya A1 Investor Group

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Acquiror / Target Nation

Rank Value (US$m)

Target Macro / Mid Industry

Austria / Netherlands United States / Ireland-Rep Netherlands / Netherlands Netherlands / Trinidad&Tob France / France China / Mozambique Italy / Italy Germany / Germany Russian Fed / Russian Fed United Kingdom / United Kingdom

8,635.0 6,916.6 5,047.1 4,900.0 4,476.1 4,210.0 4,097.7 4,032.7 4,000.0 3,620.0

Consumer Staples / Food and Beverage Healthcare / Biotechnology Financials / Insurance Energy and Power / Oil & Gas Financials / Banks Energy and Power / Oil & Gas Industrials / Transportation & Infrastructure Industrials / Automobiles & Components Telecommunications / Telecommunications Services Materials / Metals & Mining

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First Quarter 2013 | Mergers & Acquisitions | Financial Advisors

EMEA Rankings Any EMEA Involvement Announced (AD47)

Financial Advisor Goldman Sachs & Co JP Morgan Morgan Stanley Rothschild Citi Deutsche Bank Barclays Bank of America Merrill Lynch Credit Suisse Lazard Ondra Partners BNP Paribas SA PricewaterhouseCoopers VTB Capital Groton Partners LLC Leonardo & Co Intesa SanPaolo UniCredit UBS HSBC Holdings PLC Handelsbanken Capital Markets Detroyat Associes SA Mediobanca Societe Generale Banca Agricola Mantovana RBS Industry Total

Rank Value per Advisor (US$m) Market Market Rank Value 2013 2012 Rank Rank US$m Sh (%) Share Ch. 1 36,151.3 20.0 -17.8 ▼ 1 2 4 34,946.7 -15.3 ▼ 19.3 34,572.3 3 2 19.1 -17.0 ▼ 12 -0.9 ▼ 23,315.2 4 12.9 -17.8 ▼ 8 20,502.2 11.3 5 5 10.9 -21.4 ▼ 19,746.2 6 -24.6 ▼ 18,392.6 10.2 3 7 -3.5 ▼ 13 9.8 8 17,713.1 8.4 -21.6 ▼ 9 6 15,192.1 -11.1 ▼ 6.4 11 11,639.6 10 -0.1 ▼ 5.6 10,166.6 11 15 8,339.2 -25.2 ▼ 4.6 7 12 2.1 ▲ 4.2 7,573.9 29 13 7,202.9 4.0 3.1 ▲ 42 14 3.8 3.8 ▲ 6,916.6 15 39 6,688.1 3.7 16 2.6 ▲ 2.9 ▲ 3.6 17 50 6,505.9 54 5,330.2 2.9 18 2.3 ▲ 19 16 5,027.2 2.8 -1.9 ▼ 2.5 20 14 4,548.6 -4.5 ▼ 21 43 1.6 ▲ 4,537.6 2.5 22 4,476.1 2.5 2.5 ▲ 23 44 4,438.3 2.5 1.6 ▲ 24 2.4 0.4 ▲ 31 4,372.4 25* 4,097.7 2.3 2.3 ▲ 25* 40 4 097 7 2 3 1 2 ▲ 25 4,097.7 2.3 1.2 181,066.6 100.0

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

-20.0% ▼ -49.9% ▼

Any European Inv Announced (AD21)

Financial Advisor Goldman Sachs & Co JP Morgan Morgan Stanley Rothschild Citi Deutsche Bank Bank of America Merrill Lynch Barclays Credit Suisse Lazard Ondra Partners BNP Paribas SA PricewaterhouseCoopers VTB Capital Groton Partners LLC Leonardo & Co Intesa SanPaolo UniCredit UBS Handelsbanken Capital Markets Detroyat Associes SA Mediobanca Societe Generale Banca Agricola Mantovana RBS Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 US$m Rank Rank Sh (%) Share Ch. -17.9 ▼ 1 1 20.1 34,390.5 19.5 4 33,392.0 2 -16.0 ▼ 2 19.2 3 -18.7 ▼ 32,811.5 13.6 23,315.2 4 -0.8 ▼ 12 11.7 -17.0 ▼ 5 9 20,039.3 11.3 -22.5 ▼ 6 5 19,283.2 17,713.1 13 10.4 -3.4 ▼ 7 3 -26.4 ▼ 16,837.9 9.8 8 -23.7 ▼ 6.9 11,876.6 9 7 6.7 -11.6 ▼ 11,489.6 11 10 5.9 -0.1 ▼ 15 10,166.6 11 4.9 -26.4 ▼ 8,339.2 12 6 4.4 2.6 ▲ 13 7,446.9 33 3.3 ▲ 14 42 7,202.9 4.2 4.0 4.0 ▲ 15 6,916.6 38 6,688.1 3.9 2.7 ▲ 16 6,505.9 3.1 ▲ 50 17 3.8 2.4 ▲ 18 53 3.1 5,330.2 16 19 5,027.2 2.9 -1.9 ▼ 43 2.7 20 4,537.6 1.8 ▲ 21 2.6 2.6 ▲ 4,476.1 2.6 22 44 4,438.3 1.7 ▲ 2.6 0.5 ▲ 30 23 4,372.4 24* 4,097.7 2.4 2.4 ▲ 24* 39 2.4 1.2 ▲ 4,097.7 171,166.7 100.0

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

-20.7% ▼ -49.1% ▼

Jan 1 – Mar 28 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 39 0.5 -6 ▼ 26 0.3 -17 ▼ 30 0.4 -12 ▼ 49 0.6 +2 ▲ 17 0.2 -10 ▼ 22 0.3 -7 ▼ 20 0.2 -4 ▼ 0.1 11 -15 ▼ 0.2 18 -5 ▼ 18 0.2 -16 ▼ 2 0.0 0 16 0.2 +1 ▲ 40 0.5 -12 ▼ 5 0.1 0 1 ▲ 0.0 +1 8 0.1 0 7 0.1 0 0.1 ▼ 7 -2 0.2 -5 19 ▼ 0.1 -16 10 ▼ 4 -1 ▼ 0.0 1 0.0 +1 ▲ 4 -6 ▼ 0.0 ▼ 7 0.1 -9 1 0.0 +1 ▲ 2 0 0 4 ▼ 0.0 -4 -1,088 3,393 -24.3% ▼ -26.2% ▼

Jan 1 – Mar 28 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 1.2 -5 ▼ 37 ▼ 24 0.8 -16 ▼ 28 0.9 -14 48 1.5 +3 ▲ 0.5 -7 ▼ 16 20 0.6 -9 ▼ ▼ 11 0.3 -14 19 0.6 -3 ▼ 16 -6 ▼ 0.5 16 0.5 -18 ▼ 0.1 0 2 ▲ 0.5 +1 16 ▼ 39 1.2 -12 0.2 0 5 ▲ 1 0.0 +1 0.3 0 8 0 7 0.2 7 -2 ▼ 0.2 17 0.5 ▼ -5 ▼ 4 0.1 -1 1 0.0 +1 ▲ 4 0.1 ▼ -6 7 0.2 -9 ▼ ▲ 0.0 +1 1 2 0.1 -2 ▼ 3,161 -1,020 -24.4% ▼ -26.5% ▼

Any EMEA Involvement Completed (AF53)

Financial Advisor Bank of America Merrill Lynch Deutsche Bank Citi Barclays Morgan Stanley VTB Capital Goldman Sachs & Co Credit Suisse Rothschild UBS Evercore Partners Renaissance Capital Group Lambert Energy Advisory Ltd JP Morgan HSBC Holdings PLC Ondra Partners Societe Generale Lazard BNP Paribas SA Greenhill & Co, LLC ING Handelsbanken Capital Markets Mediobanca Nordea Intesa SanPaolo Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 1 5 25.1 ▲ 71,862.8 37.1 2 37.0 13.0 ▲ 1 71,629.3 24.7 ▲ 3 36.5 7 70,665.2 23.8 ▲ 33.7 4 9 65,239.8 5 63,420.4 10.9 ▲ 3 32.8 29.8 ▲ 27 62,908.8 32.5 6 7 8 58,525.1 30.2 19.6 ▲ 44,253.0 22.9 14 15.8 ▲ 8 6 9 41,919.4 21.7 9.8 ▲ 20.4 7.9 ▲ 39,438.8 10 4 31,917.4 16.5 11 25 13.5 ▲ 12* 226* 30,931.2 16.0 16.0 ▲ 12* 16.0 14.9 ▲ 48 30,931.2 14 29,662.0 15.3 -8.1 ▼ 2 15,408.0 8.0 0.8 ▲ 13 15 4.9 ▲ 16 9,385.9 4.9 17 -4.6 ▼ 12 6,802.4 3.5 18 -4.9 ▼ 6,801.0 10 3.5 5,043.9 -1.9 ▼ 19 18 2.6 20 4,428.6 0.3 ▲ 2.3 32 2.0 21 -6.3 ▼ 11 3,943.4 39 3,237.3 1.7 0.1 ▲ 22 23 3,224.4 1.7 44 0.4 ▲ 24 94 1.6 3,129.2 1.4 ▲ 60 25 2,827.8 1.5 0.8 ▲ 193 549 9 100 0 193,549.9 100.0

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

27.1% ▲ -22.6% ▼

Jan 1 – Mar 28 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 0.9 +5 ▲ 25 16 0.6 -10 ▼ 0.7 +1 18 ▲ -3 13 0.5 ▼ ▼ 1.0 27 -2 7 ▲ 0.3 +2 1.0 +6 ▲ 26 17 0.6 ▼ -3 37 -6 1.4 ▼ -4 ▼ 22 0.8 13 0.5 +9 ▲ 0.1 +1 ▲ 2 2 0.1 +1 ▲ 27 1.0 -2 ▼ 7 0.3 -10 ▼ 1 0.0 +1 ▲ 0 15 0.6 20 0.7 -11 ▼ 19 0.7 +7 ▲ 3 -2 0.1 ▼ 8 0.3 -2 ▼ -4 3 ▼ 0.1 -6 5 0.2 ▼ 3 0.1 -4 ▼ 0.2 +2 6 ▲ 2 715 1 050 2,715 -1,050

-3.2% ▼ -40.1% ▼

-27.9% ▼ -23.4% ▼

Any European Involvement Completed (AF3)

Financial Advisor Bank of America Merrill Lynch Deutsche Bank Citi Barclays Morgan Stanley VTB Capital Goldman Sachs & Co Credit Suisse Rothschild UBS Evercore Partners Renaissance Capital Group Lambert Energy Advisory Ltd JP Morgan HSBC Holdings PLC Ondra Partners Societe Generale Lazard BNP Paribas SA Greenhill & Co, LLC ING Handelsbanken Capital Markets Mediobanca Nordea Intesa SanPaolo Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 US$m Sh (%) Share Ch. Rank Rank 7 1 38.6 71,862.8 26.5 ▲ 2 1 71,263.7 38.3 13.3 ▲ 37.6 25.3 ▲ 3 5 70,065.2 9 63,685.1 23.9 ▲ 4 34.2 5 63,110.6 33.9 11.2 ▲ 3 27 62,908.8 33.8 31.0 ▲ 6 8 58,304.1 7 31.3 20.2 ▲ 14 8 42,698.3 22.9 15.7 ▲ 41,919.4 9 6 10.2 ▲ 22.5 21.2 4 39,438.8 8.1 ▲ 10 25 31,682.4 17.0 13.9 ▲ 11 30,931.2 16.6 ▲ 12* 213* 16.6 30,931.2 16.6 48 15.5 ▲ 12* 14 2 27,508.6 14.8 -9.5 ▼ 15,408.0 8.3 13 0.8 ▲ 15 16 5.0 5.0 ▲ 9,385.9 17 12 6,802.4 3.7 -4.8 ▼ 6,285.3 3.4 -5.4 ▼ 18 10 19 5,043.9 2.7 -2.0 ▼ 18 20 32 2.4 4,428.6 0.3 ▲ 3,943.4 -6.6 ▼ 2.1 21 11 3,237.3 0.0 39 1.7 22 3,224.4 1.7 44 0.3 ▲ 23 24 3,129.2 91 1.7 1.5 ▲ 2,827.8 1.5 0.8 ▲ 25 59 100.0 186,142.9

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

27.6% ▲ -21.9% ▼

Imputed Fees (US$m) Market Advisor Market Fees Sh (%) Share Ch. 84.3 1.6 ▲ 4.4 1.6 ▼ 48.1 2.5 1.1 ▲ 56.5 2.9 37.4 1.9 0.1 ▼ 137.0 7.1 2.2 ▲ 0.6 1.3 ▲ 26.0 92.7 4.8 2.3 ▲ 41.5 2.1 0.8 ▼ 90.2 4.7 0.5 ▲ 88.4 4.6 1.3 ▲ 1.5 28.6 0.8 ▲ 0.2 3.2 0.2 ▲ 0.2 3.2 0.1 ▲ 1.7 ▲ 115.8 6.0 19.1 1.0 0.3 ▼ 10.1 0.5 0.5 ▲ 2.0 39.5 0.6 ▲ 41.9 2.2 1.3 ▼ 1.9 37.7 0.7 ▲ 13.3 0.7 0.2 ▲ 17.4 0.1 ▲ 0.9 0.4 6.8 0.2 ▼ 12.2 0.6 0.1 ▼ 5.1 0.3 0.0 7.4 0.4 0.1 ▲ 1 938 1 100 0 1,938.1 100.0

Jan 1 – Mar 28 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 25 1.0 +9 0.5 -11 ▼ 14 17 0 0.7 ▼ 12 0.5 -4 -3 ▼ 1.0 25 ▲ 7 0.3 +2 ▲ 25 1.0 +5 16 -3 ▼ 0.6 37 -3 ▼ 1.4 -4 ▼ 0.8 21 ▲ 0.5 +8 12 2 0.1 +1 ▲ 0.1 +1 2 ▲ ▼ 23 0.9 -4 ▼ 7 0.3 -9 0.0 +1 ▲ 1 0.6 15 0 ▼ 0.7 -13 17 19 ▲ 0.7 +7 3 ▼ -2 0.1 8 ▼ 0.3 -2 3 0.1 -4 ▼ 5 ▼ 0.2 -6 3 -4 0.1 ▼ ▲ 6 0.2 +2 -992 2,557 -28.0% ▼ -24.3% ▼

Imputed Fees (US$m) Market Advisor Market Fees Sh (%) Share Ch. 4.6 84.3 2.3 ▲ 45.7 2.5 1.7 ▼ 3.0 54.6 1.2 ▲ 1.9 0.2 ▼ 34.4 7.2 132.6 2.2 ▲ 26.0 1.4 0.7 ▲ 2.3 ▲ 88.9 4.9 2.1 38.5 0.7 ▼ 0.8 ▲ 4.9 90.2 4.6 84.0 1.3 ▲ 1.4 25.7 0.6 ▲ 0.2 0.2 ▲ 3.2 0.1 ▲ 3.2 0.2 97.3 0.9 ▲ 5.3 19.1 1.0 0.2 ▼ 0.6 ▲ 0.6 10.1 2.2 0.8 ▲ 39.5 34.4 1.6 ▼ 1.9 37.7 2.1 0.9 ▲ 13.3 0.7 0.2 ▲ 0.2 ▲ 17.4 1.0 6.8 0.2 ▼ 0.4 12.2 0.7 0.1 ▼ 0.3 0.0 5.1 0.1 ▲ 7.4 0.4 1,833.3 100.0 -4.8% ▼ -40.9% ▼

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First Quarter 2013 | Mergers & Acquisitions | Financial Advisors

EMEA Rankings Any UK Involvement Announced (AD32)

Financial Advisor Goldman Sachs & Co Deutsche Bank Societe Generale HSBC Holdings PLC Bank of America Merrill Lynch VTB Capital UBS Barclays JP Morgan ING Bancolombia SA BMO Capital Markets Jones Lang LaSalle Inc Rothschild Macquarie Group PricewaterhouseCoopers Morgan Stanley Eidos Partners Intesa SanPaolo Lazard Citi Nomura Evercore Partners Canaccord Genuity CITIC Industry Total

Jan 1 – Mar 28

Rank Value per Advisor (US$m) Market Rank Value Market 2013 2012 Rank Rank Sh (%) Share Ch. US$m 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18* 18* 18* 21 22 23 24 25

3 14 33 13 10 118* 15 2 5 21* 36 4 44 28 1 7 16 6 34 42 -

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

6,014.7 5,994.5 4,147.4 4,085.6 3,731.7 3,620.0 3,472.3 3,322.0 2,871.3 2,379.9 2,100.0 1,793.8 1,681.9 1,650.2 1,649.2 1,612.0 1,606.8 1,490.2 1,490.2 1,490.2 1,471.0 1,371.4 1,314.6 1,169.0 1,161.3 37 413 8 37,413.8

16.1 16.0 11.1 10.9 10.0 9.7 9.3 8.9 7.7 6.4 5.6 4.8 4.5 4.4 4.4 4.3 4.3 4.0 4.0 4.0 3.9 3.7 3.5 3.1 3.1 100 0 100.0

-16.3 7.0 9.8 0.8 -2.2 9.7 0.4 -28.4 -16.6 6.4 5.6 1.1 3.6 -21.6 3.9 1.9 -37.0 4.0 4.0 -16.3 -4.0 -19.1 2.3 2.5 3.1

▼ ▲ ▲ ▲ ▼ ▲ ▲ ▼ ▼ ▲ ▲ ▲ ▲ ▼ ▲ ▲ ▼ ▲ ▲ ▼ ▼ ▼ ▲ ▲ ▲

-44.2% ▼ -73.2% ▼

Any French Involvement Announced (AD33) * tie Financial Advisor JP Morgan Rothschild Citi Lazard Detroyat Associes SA Deutsche Bank Morgan Stanley BNP Paribas SA Bank of America Merrill Lynch Credit Suisse UBS Goldman Sachs & Co Jones Lang LaSalle Inc Barclays Nomura Macquarie Group Societe Generale Swedbank L Etoile Properties Le Breton & Associes SARL Evercore Partners Intesa SanPaolo Credit Agricole CIB Perella Weinberg Partners LP BBVA Santander Industry Total

Rank Value per Advisor (US$m) Market Rank Value Market 2013 2012 US$m Rank Rank Sh (%) Share Ch. 1 9 34.3 ▲ 7,933.5 47.5 -17.4 ▼ 32.1 2 4 5,363.9 29.2 ▲ 18 5,157.5 3 30.9 4 27.1 1 4,526.1 -33.3 ▼ 5 4,476.1 26.8 26.8 ▲ 6 14 3,670.5 22.0 16.6 ▲ 7 6 3,555.2 21.3 -23.5 ▼ 8 2 2,716.5 -37.0 ▼ 16.3 9 15 2,527.3 15.1 11.6 ▲ 7.5 10* 16 4.4 ▲ 1,250.7 51* 7.5 ▲ 1,250.7 7.5 10* 11 5.0 -4.9 ▼ 12 827.3 4.8 ▲ 13 808.2 4.8 14* 765.2 4.6 -40.8 ▼ 5 14* -45.2 ▼ 3 765.2 4.6 14* 765.2 4.6 51* 4.6 ▲ 17 3.4 561.1 -9.5 ▼ 10 2.2 ▲ 2.2 18 359.4 19* 239.3 1.4 1.4 ▲ 239.3 1.4 ▲ 19* 1.4 21 1.1 25 175.0 0.5 ▲ 0.9 ▲ 157.3 22 0.9 23 20 155.1 -0.3 ▼ 0.9 0.8 0.8 ▲ 24 132.1 0.8 ▲ 25* 129.1 0.8 25* 129.1 0.8 0.8 ▲ 16,719.9 100.0

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

-43.5% ▼ -41.6% ▼

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals -9 ▼ 1.6 12 0.5 4 -4 ▼ 3 0.4 +1 ▲ -7 ▼ 6 0.8 0.6 5 -3 ▼ 1 0.1 0 6 0.8 +1 ▲ 5 -9 0.6 ▼ 5 0.6 -8 ▼ 1 0.1 +1 ▲ 1 0.1 +1 ▲ -1 ▼ 0.1 1 7 0.9 +2 ▲ -8 1.4 11 ▼ 3 0.4 +1 ▲ 15 1.9 -2 ▼ 6 0.8 -14 ▼ 1 0.1 +1 ▲ 0.1 +1 1 ▲ 1 ▼ 0.1 -10 ▼ 0.6 5 -6 0.5 +2 ▲ 4 12 ▲ 1.6 +9 6 -3 0.8 ▼ 2 0.3 +2 ▲ 773 198 -198 -20.4% ▼ -23.7% ▼

Jan 1 – Mar 28 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 2 0.4 ▼ -4 17 3.8 +8 ▲ 3 ▼ 0.7 -1 ▼ -9 0.4 2 1 ▲ 0.2 +1 3 0.7 +1 ▲ 0 3 0.7 1.8 8 0 0.7 +2 3 ▲ 4 0.9 +1 ▲ ▲ 7 1.6 +6 ▼ -4 3 0.7 2 ▲ 0.4 +2 ▼ -1 1 0.2 0.2 1 -2 ▼ 1 0.2 0 3 0.7 -8 ▼ 1 0.2 +1 ▲ 1 0.2 +1 ▲ 0.2 +1 ▲ 1 0 1 0.2 0.7 +3 3 ▲ 1 -5 ▼ 0.2 1 ▲ 0.2 +1 1 0.2 +1 ▲ 1 0.2 +1 ▲ -123 449 -21.5% ▼ -25.4% ▼

Any UK Involvement Completed (AF39)

Financial Advisor Deutsche Bank Citi VTB Capital Bank of America Merrill Lynch Barclays Morgan Stanley Goldman Sachs & Co Rothschild UBS Credit Suisse Evercore Partners Renaissance Capital Group Lambert Energy Advisory Ltd HSBC Holdings PLC Ondra Partners JP Morgan Greenhill & Co, LLC Societe Generale Intesa SanPaolo ING Macquarie Group Moelis & Co Lazard PricewaterhouseCoopers Eidos Partners Industry Total

Jan 1 – Mar 28

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 1 2 3 4 5 6 7 8 9 10 11 12* 12* 14 15 16 17 18 19 20 21* 21* 23 24 25

1 14 128* 11 34 5 2 3 6 12 15 23 4 7 22 42* 64 47 18 9 44 -

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

62,776.6 62,666.0 62,405.3 61,678.7 61,254.9 40,413.9 39,026.7 35,793.8 34,400.3 34,364.7 31,111.0 30,931.2 30,931.2 11,216.8 9,385.9 9,035.1 4,428.6 3,620.0 2,612.9 2,379.9 2,280.2 2,280.2 2,267.5 1,848.2 1,490.2 117 690 0 117,690.0

53.3 53.3 53.0 52.4 52.1 34.3 33.2 30.4 29.2 29.2 26.4 26.3 26.3 9.5 8.0 7.7 3.8 3.1 2.2 2.0 1.9 1.9 1.9 1.6 1.3 100 0 100.0

29.7 44.7 53.0 41.6 50.1 20.5 15.5 14.8 16.2 19.6 19.8 26.3 23.1 -5.4 8.0 -5.0 -0.2 1.3 2.2 1.7 0.8 -3.5 -10.0 -0.1 1.3

▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▲ ▼ ▼ ▲ ▲ ▲ ▲ ▼ ▼ ▼ ▲

129.6% ▲ 83.9% ▲

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▼ 6 -1 0.1 10 ▲ 0.2 +5 4 0.1 +3 ▲ 0.2 +7 ▲ 12 7 ▲ 0.1 +2 7 0.1 0 0.2 +5 ▲ 12 -2 ▼ 0.2 14 9 0.2 +2 ▲ 7 0.1 +2 ▲ 10 0.2 +7 ▲ ▲ 2 0.0 +2 ▲ 2 0.0 +1 3 -5 ▼ 0.1 1 ▲ 0.0 +1 8 0.1 +2 ▲ 0.1 +1 ▲ 3 ▲ 2 0.0 +1 2 0.0 +2 ▲ 0.0 2 0 2 0.0 -2 ▼ 0.0 1 -1 ▼ -9 ▼ 0.1 5 ▲ 17 0.3 +7 ▲ 1 0.0 +1 682 145 -145

7.3% ▲ -19.2% ▼

-17.5% ▼ -13.1% ▼

Any French Involvement Completed (AF40)

Financial Advisor Morgan Stanley JP Morgan Rothschild UBS Deutsche Bank Citi Goldman Sachs & Co Evercore Partners Qatar National Bank BNP Paribas SA Societe Generale Intesa SanPaolo Credit Agricole CIB UniCredit Jones Lang LaSalle Inc Credit Suisse Lazard Bank of America Merrill Lynch RBS Jefferies & Co Inc Consensus Advisory Services Peter J. Solomon Co Ltd CIBC World Markets Inc BMO Capital Markets L Etoile Properties Le Breton & Associes SARL Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 1 9,127.3 46.9 ▲ 19 49.5 2 19.6 ▲ 7 6,391.8 34.7 3 3 25.7 5.5 ▲ 4,738.6 4,146.8 4 14* 16.8 ▲ 22.5 5 17.6 ▲ 22.4 17 4,130.4 21.0 7.0 ▲ 3,863.5 6 8* 20.5 -5.7 ▼ 3,774.8 7 2 3,101.9 16.8 16.8 ▲ 8 13.9 13.9 ▲ 9 2,558.0 12.9 -4.8 ▼ 6 2,373.0 10 11 2,137.1 26 10.2 ▲ 11.6 12 1,280.0 6.9 6.9 ▲ 13 12 1,274.4 6.9 -1.1 ▼ 6.1 ▲ 14 6.1 1,122.7 15 808.2 4.4 ▲ 4.4 792.9 8* -9.7 ▼ 16 4.3 4.0 -23.3 ▼ 17 736.1 1 3.9 -1.8 ▼ 713.5 18 14* 3.0 ▲ 559.3 3.0 19* 3.0 ▲ 19* 559.3 3.0 525.0 2.9 2.9 ▲ 21* 2.9 ▲ 21* 525.0 2.9 23* 2.3 ▲ 426.9 2.3 426.9 2.3 ▲ 23* 2.3 25* 239.3 1.3 1.3 ▲ 25* 239.3 1.3 1.3 ▲ 100.0 18,441.5

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

21.1% ▲ -16.9% ▼

Imputed Fees (US$m) Market Advisor Market Fees Sh (%) Share Ch. 4.6 ▼ 11.1 1.5 37.9 5.1 3.1 ▲ 17.4 2.2 ▲ 2.3 4.0 30.0 1.5 ▲ 1.0 ▲ 16.1 2.2 5.6 41.2 3.2 ▲ 6.1 45.5 2.1 ▲ 34.3 4.6 1.6 ▼ 46.8 6.3 1.8 ▲ 1.7 12.8 0.9 ▼ 19.0 2.6 1.6 ▲ 3.2 0.4 0.4 ▲ 3.2 0.4 0.2 ▲ 5.4 0.7 1.0 ▼ 1.4 ▲ 10.1 1.4 6.3 46.4 4.0 ▲ 13.3 1.8 1.0 ▲ 16.7 2.3 1.7 ▲ 0.6 0.6 ▲ 4.2 0.9 0.3 ▲ 6.9 0.8 0.3 ▼ 6.1 0.2 ▲ 4.1 0.6 2.4 ▼ 7.0 0.9 3.7 0.5 0.2 ▲ 2.1 0.3 0.3 ▲ 741 9 100 0 741.9 100.0

Jan 1 – Mar 28 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 8 2.0 +5 ▲ 1.5 +3 6 ▲ 13 3.2 +3 8 2.0 +7 ▲ 2 0.5 0 ▲ 0.5 +1 2 -1 ▼ 4 1.0 ▲ 2 0.5 +2 ▲ 2 0.5 +2 ▲ 11 2.7 +5 7 1.7 -1 ▼ ▲ 3 0.7 +3 6 1.5 ▼ -3 1 ▲ 0.2 +1 0.5 +2 2 ▲ 2 0 0.5 3 -5 ▼ 0.7 ▲ 1.0 +3 4 1 0.2 +1 ▲ 1 ▲ 0.2 +1 1 0.2 +1 ▲ 0.2 +1 ▲ 1 0.2 +1 ▲ 1 0.2 +1 1 ▲ 0.2 +1 ▲ 1 1 0.2 +1 ▲ 406 -118 -22.5% ▼ -21.8% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 6.3 24.8 3.7 ▲ 29.3 7.5 4.7 ▲ 9.3 36.6 3.6 ▲ 31.6 8.0 5.1 ▲ 10.2 2.6 2.3 ▲ 9.0 2.3 1.3 ▲ 1.0 ▼ 12.9 3.3 6.1 1.6 1.6 ▲ 7.8 2.0 2.0 ▲ 23.1 5.9 2.3 ▲ 13.4 0.3 ▼ 3.4 0.7 ▲ 2.6 0.7 3.0 0.4 ▼ 11.9 1.0 3.9 1.0 ▲ 1.9 7.6 1.9 ▲ 0.3 ▼ 8.1 2.1 3.2 0.8 5.5 ▼ 11.9 0.4 ▲ 3.0 .1 0.0 0.0 5.2 1.3 1.3 ▲ 4.4 1.1 1.1 ▲ 3.8 1.0 ▲ 1.0 1.5 1.5 ▲ 6.0 0.5 0.5 ▲ 2.0 1.1 0.3 0.3 ▲ 1.1 0.3 0.3 ▲ 100.0 393.0 45.3% ▲ -13.7% ▼

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First Quarter 2013 | Mergers & Acquisitions | Financial Advisors

EMEA Rankings Any Spanish Inv Announced (AD34)

Financial Advisor Goldman Sachs & Co BBVA Bank of America Merrill Lynch Santander Banco BTG Pactual SA Morgan Stanley Macquarie Group Credit Suisse Barclays UBS Moelis & Co Rothschild Nomura Benedetto, Gartland & Co, Inc. EPIC Credit Agricole CIB DC Advisory PricewaterhouseCoopers Ernst & Young LLP Societe Generale Banco Espirito Santo SA Citi AZ Capital Banco de Sabadell N+1 Industry Total

Jan 1 – Mar 28

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank Sh (%) Share Ch. US$m 1 2 3 4 5 6 7 8 9* 9* 9* 12 13 14 15* 15* 17 18 19 20 21 22 23 24* 24*

9* 14 7 4 8 5 1 11 25* 22 3 16 9* 12 25* 25*

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

6,900.0 2,553.9 2,000.0 1,906.8 1,393.3 924.2 782.7 588.4 587.1 587.1 587.1 388.8 382.2 307.8 265.4 265.4 179.8 156.5 107.8 104.6 101.9 81.0 74.3 52.2 52.2 15 048 2 15,048.2

45.9 17.0 13.3 12.7 9.3 6.1 5.2 3.9 3.9 3.9 3.9 2.6 2.5 2.1 1.8 1.8 1.2 1.0 0.7 0.7 0.7 0.5 0.5 0.4 0.4 100 0 100.0

26.3 1.8 -7.3 -15.5 9.3 6.1 5.2 -16.5 -22.1 -35.9 3.9 -16.8 2.5 2.1 1.8 1.8 0.9 -33.2 -8.2 0.7 0.7 -19.1 -18.7 0.4 0.4

▲ ▲ ▼ ▼ ▲ ▲ ▲ ▼ ▼ ▼ ▲ ▼ ▲ ▲ ▲ ▲ ▲ ▼ ▼ ▲ ▲ ▼ ▼ ▲ ▲

106.6% ▲ -73.4% ▼

Any German Inv Announced (AD35)

Financial Advisor Credit Suisse Rothschild JP Morgan Barclays Deutsche Bank UniCredit Morgan Stanley Citi Yapi Kredi Yatirim Menkul Goldman Sachs & Co KPMG Banco Bradesco SA Jones Lang LaSalle Inc TD Securities Inc Bank of America Merrill Lynch DC Advisory Macquarie Group Christie and Co Ernst & Young LLP Houlihan Lokey Lincoln International PricewaterhouseCoopers AZ Capital BNP Paribas SA Global M&A Industry Total

-37.1% ▼ -30.9% ▼

Jan 1 – Mar 28

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 US$m Rank Rank Sh (%) Share Ch. 5,144.7 1 14 27.1 18.3 ▲ 21.2 2 4,032.7 1 -8.3 ▼ 3,411.0 3 4 17.9 -5.8 ▼ 11.1 ▲ 4 36 2,178.8 11.5 1,339.0 7.0 5 2 -18.4 ▼ 6 17 1,232.5 6.5 3.3 ▲ 5 935.1 4.9 7 -17.4 ▼ -13.9 4.6 ▼ 8* 6* 874.2 874.2 4.6 4.6 ▲ 8* 11 10 765.9 4.0 -8.9 ▼ 717.1 2.0 ▲ 3.8 27 11 703.8 3.7 ▲ 12 3.7 3.4 2.8 ▲ 13 34 648.6 3.0 1.0 ▲ 14 23 567.5 2.8 -8.7 ▼ 12 526.8 15 45* 417.5 2.2 3.3 ▲ 16 383.5 2.0 -17.4 ▼ 17 6* 345.1 1.8 -13.9 ▼ 18* 4.6 ▲ 18* 16 345.1 1.8 -8.9 ▼ 20 45* 207.3 1.1 186.3 1.0 21 2.0 ▲ 45* 3.7 ▲ 31 133.8 22 0.7 2.8 ▲ 23 74.3 0.4 1.0 ▲ 62.1 24 33 0.3 25 52.5 45* 0.3 -8.7 ▼ 19,016.3 101.0

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

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 3.7 +6 7 ▲ 3.7 +3 7 ▲ 1 0.5 -1 ▼ 4 2.1 +1 ▲ 1 ▲ 0.5 +1 ▲ 5 2.7 +5 ▲ 2 1.1 +2 1 ▼ 0.5 -1 1 0.5 ▼ -1 1 -5 ▼ 0.5 1 ▲ 0.5 +1 -4 ▼ 2 1.1 11 ▲ 5.9 +10 0.5 +1 1 ▲ ▲ 1 0.5 +1 ▲ 1 0.5 +1 ▲ 3 1.6 +2 ▼ 1.6 -8 3 3 1.6 -1 ▼ 1 0.5 +1 ▲ 0.5 +1 ▲ 1 1 0.5 0 1.1 0 2 1 0 0.5 0 1 0.5 188 111 -111

-6.1% ▼ -39.4% ▼

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 4 0.9 +2 0 4 0.9 ▲ 6 1.3 +3 ▲ 2 0.4 +1 -3 ▼ 4 0.9 6 ▲ 1.3 +3 2 0.4 -2 ▼ 0.2 0 1 2 0.4 +2 ▲ 2 -2 0.4 ▼ 5 1.1 -3 ▼ 1 0.2 +1 ▲ 0.7 +1 3 ▲ 1 0.2 0 ▼ -1 2 0.4 1.1 +3 5 ▲ 2 0.4 0 0.2 +1 ▲ 1 1 -3 ▼ 0.2 1 0.2 -1 ▼ 7 1.5 +2 ▲ 1.3 6 0 0.2 +1 1 ▲ 0.4 2 0 0 1 0.2 452 -113 -20.0% ▼ -19.4% ▼

Any Spanish Involvement Completed (AF41)

Financial Advisor Goldman Sachs & Co Bank of America Merrill Lynch BBVA Morgan Stanley Santander Citi Barclays Deutsche Bank UBS Credit Suisse Mediobanca Societe Generale JP Morgan PricewaterhouseCoopers Banco Espirito Santo SA AZ Capital Rothschild Macquarie Group Ernst & Young LLP KPMG Banco de Sabadell N+1 Raiffeisen Bank International Lazard Nomura Industry Total

Jan 1 – Mar 28

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 1 2 3 4 5 6 7* 7* 7* 7* 11 12 13 14 15 16 17 18 19 20 21* 21* 23* 23* 25

3* 6 3* 13 5 11 17 16 2 9 8 24* 12 7 24* 24* -

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

3,160.2 2,368.0 2,110.5 1,735.0 1,560.9 1,506.2 1,425.2 1,425.2 1,425.2 1,425.2 942.8 808.3 703.7 483.8 429.2 224.8 171.6 135.7 107.8 90.7 52.2 52.2 37.1 37.1 4.4 9 014 9 9,014.9

35.1 26.3 23.4 19.3 17.3 16.7 15.8 15.8 15.8 15.8 10.5 9.0 7.8 5.4 4.8 2.5 1.9 1.5 1.2 1.0 0.6 0.6 0.4 0.4 0.1 100 0 100.0

13.3 26.3 7.0 -2.5 7.9 -1.5 5.1 15.8 14.2 12.9 -14.0 -5.3 7.8 -9.4 4.8 2.5 1.9 1.5 -8.8 -14.5 0.6 0.6 0.4 0.4 0.1

▲ ▲ ▲ ▼ ▲ ▼ ▲ ▲ ▲ ▲ ▼ ▼ ▲ ▼ ▲ ▲ ▲ ▲ ▼ ▼ ▲ ▲ ▲ ▲ ▲

34.2% ▲ -62.4% ▼

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 3 2.0 +1 ▲ 2 1.3 +2 ▲ 0 3 2.0 0.7 1 0 0 2 1.3 2 -1 1.3 ▼ ▼ 1 0.7 -1 0.7 +1 ▲ 1 0.7 1 ▼ -1 1 ▼ -1 0.7 0.7 ▼ -3 1 ▲ 2.0 +1 3 2 1.3 +2 ▲ 6 4.0 -5 ▼ 1.3 +2 ▲ 2 ▲ 1.3 +2 2 2.7 +2 ▲ 4 0.7 +1 ▲ 1 -2 2.0 3 ▼ -7 3 2.0 ▼ 0.7 ▼ 1 -1 -1 ▼ 0.7 1 0.7 +1 ▲ 1 0.7 +1 ▲ 1 6 ▲ 4.0 +6 149 104 -104

14.6% ▲ -50.5% ▼

-41.1% ▼ -34.1% ▼

Any German Involvement Completed (AF42)

Financial Advisor Rothschild Bank of America Merrill Lynch JP Morgan Mediobanca Credit Suisse HSBC Holdings PLC Goldman Sachs & Co Deutsche Bank Morgan Stanley KPMG TD Securities Inc BNP Paribas SA Jones Lang LaSalle Inc DC Advisory Christie and Co Ernst & Young LLP Nomura RBS ABN AMRO Bank Credit Agricole CIB SEB Enskilda Santander Societe Generale RBC Capital Markets Citi Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 1 2,439.4 -7.6 ▼ 3 23.3 21.0 2 2,193.5 11 8.7 ▲ -19.6 ▼ 3 19.9 2,079.5 2 19.6 15* 2,051.2 4* 16.7 ▲ 33 2,051.2 19.6 19.2 ▲ 4* 32 19.1 ▲ 2,051.2 4* 19.6 19.6 4* 27* 2,051.2 19.0 ▲ 14.6 -8.8 ▼ 8 1,529.5 6 9 8.7 -35.8 ▼ 1 913.1 7.2 6.6 ▲ 10 754.6 26 5.4 3.2 ▲ 18 567.5 11 505.0 4.8 ▲ 4.8 12 30 419.5 13 4.0 3.5 ▲ 3.9 3.0 ▲ 409.7 24 14 15* 345.1 3.3 ▲ 3.3 15* -0.1 ▼ 13 345.1 3.3 35 2.8 ▲ 3.2 17 338.1 18* 318.9 3.1 3.1 ▲ 318.9 18* 3.1 3.1 ▲ 20 45* 2.9 ▲ 2.9 303.1 230.2 2.2 2.2 ▲ 21 22* 15* 196.3 1.9 -1.0 ▼ 22* 196.3 7 1.9 -21.2 ▼ 1.4 ▲ 24* 142.2 1.4 142.2 24* 1.4 ▲ 1.4 100.0 10,454.3

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

-51.7% ▼ -63.1% ▼

Imputed Fees (US$m) Market Advisor Market Fees Sh (%) Share Ch. 8.6 6.6 ▲ 9.0 8.0 ▲ 8.4 8.0 3.6 ▼ 2.7 2.6 3.0 0.3 ▲ 3.1 3.4 3.6 0.5 ▼ 3.3 3.1 4.0 ▼ 0.1 .2 5.1 ▼ 0.1 ▲ .2 0.1 2.2 2.1 1.0 ▼ 3.1 ▼ 1.8 1.8 6.9 6.6 4.3 ▼ 4.3 1.6 ▼ 4.5 5.7 5.5 5.5 ▲ 0.9 .9 1.2 ▼ 3.6 3.8 3.6 ▲ 3.3 3.3 ▲ 3.5 6.7 1.9 ▲ 6.3 1.7 1.6 1.6 ▲ 0.4 ▼ .5 0.5 .5 0.7 ▼ 0.4 .5 0.5 0.6 ▼ .5 0.5 0.6 ▼ .4 0.3 0.3 ▲ 0.3 ▲ .4 0.3 2.1 2.0 2.0 ▲ 105 0 100 0 105.0 100.0

Jan 1 – Mar 28 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 0.9 -7 ▼ 3 3 0.9 0 4 1.2 0 ▼ 1 0.3 -3 1 0.3 0 ▼ 1 0.3 -1 0 1 0.3 1.2 +1 ▲ 4 0.3 ▼ -5 1 0 2.4 8 0.3 0 1 ▲ 1.2 +4 4 2 0 0.6 5 ▲ 1.5 +3 0.3 +1 ▲ 1 1 0.3 -2 ▼ -1 2 0.6 ▼ 1 0.3 +1 ▲ 1 0.3 +1 ▲ ▲ 2 0.6 +1 ▲ 1 0.3 +1 0 1 0.3 ▲ 3 0.9 +1 0.3 +1 ▲ 1 0.6 +2 ▲ 2 -132 340 -28.0% ▼ -19.4% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 3.1 4.2 ▼ 6.7 4.2 9.0 1.1 ▼ 6.6 3.0 4.0 ▼ 3.4 1.6 0.0 1.9 0.9 0.6 ▲ 3.4 1.6 0.8 ▲ 3.9 1.8 1.3 ▲ 22.2 10.2 9.8 ▲ 7.3 3.4 7.8 ▼ 0.7 1.5 0.4 ▲ 6.6 1.1 ▲ 3.0 6.4 2.9 2.9 ▲ 6.7 3.1 2.5 ▲ 2.1 ▲ 6.6 3.1 1.0 ▲ 2.1 1.0 0.2 ▼ .3 0.1 0.1 ▼ 1.4 0.6 0.5 ▲ 1.1 0.5 0.5 ▲ 1.1 0.5 1.2 ▲ 3.1 1.4 2.5 1.2 ▲ 1.2 1.3 0.6 0.4 ▼ 6.5 3.0 2.6 ▲ 2.0 0.9 0.9 ▲ 3.4 1.6 1.6 ▲ 100.0 217.1 -27.5% ▼ -52.6% ▼

* tie

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EMEA Rankings Any Italian Involvement Announced (AD36)

Financial Advisor Deutsche Bank Goldman Sachs & Co Intesa SanPaolo UniCredit Rothschild Mediobanca JP Morgan Banca Agricola Mantovana RBS Barclays PricewaterhouseCoopers BNP Paribas SA Credit Suisse Leonardo & Co Lazard Eidos Partners HSBC Holdings PLC Citi Yapi Kredi Yatirim Menkul Morgan Stanley Natixis Macquarie Group Banco BTG Pactual SA Global M&A Lincoln International Industry Total

Jan 1 – Mar 28

Rank Value per Advisor (US$m) Market Rank Value Market 2013 2012 Rank Rank Sh (%) Share Ch. US$m 1 2 3 4 5 6 7 8* 8* 8* 8* 8* 8* 8* 15 16* 16* 18 19 20 21 22 23 24* 24*

37* 23* 1 12 5 2 20 33* 37* 30* 11 19 4 16 10 6* 27* 35 -

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

9,863.6 7,539.8 6,348.6 5,330.2 4,859.7 4,438.3 4,162.2 4,097.7 4,097.7 4,097.7 4,097.7 4,097.7 4,097.7 4,097.7 2,354.6 1,490.2 1,490.2 979.3 874.2 791.8 760.7 305.8 297.1 52.5 52.5 17 000 8 17,000.8

58.0 44.4 37.3 31.4 28.6 26.1 24.5 24.1 24.1 24.1 24.1 24.1 24.1 24.1 13.9 8.8 8.8 5.8 5.1 4.7 4.5 1.8 1.8 0.3 0.3 100 0 100.0

58.0 ▲ 42.0 ▲ 15.5 ▲ 22.8 ▲ 17.8 ▲ 8.6 ▲ 19.8 ▲ 24.1 ▲ 24.1 ▲ 24.1 ▲ 23.7 ▲ 24.1 ▲ 23.3 ▲ 14.4 ▲ 7.4 ▲ 8.8 ▲ -2.1 ▼ -1.3 ▼ 5.1 ▲ -5.5 ▼ 4.5 ▲ -8.7 ▼ -0.6 ▼ 0.0 0.3 ▲

137.2% ▲ -14.0% ▼

Any Nordic Involvement Announced (AD37)

Financial Advisor Rothschild Handelsbanken Capital Markets Morgan Stanley Goldman Sachs & Co VTB Capital Nordea SEB Enskilda Erneholm & Haskel AB Pangea Property Partners AB TD Securities Inc Nomura CITIC BNP Paribas SA Ernst & Young LLP Swedbank Barclays Santander JP Morgan Deloitte PricewaterhouseCoopers Leimdorfer AB Carnegie Millington Advisory Partners FIH Partners AS DC Advisory Industry Total

Rank Value per Advisor (US$m) Market Market Rank Value 2013 2012 US$m Sh (%) Share Ch. Rank Rank 4,680.7 21.7 1 3 -9.0 ▼ 11.2 ▲ 2 21.1 18 4,537.6 -1.7 ▼ 5 20.4 3 4,405.5 3,972.9 4 5.6 ▲ 18.4 11 5 16.5 ▲ 3,550.0 16.5 2 16.1 -15.5 ▼ 6 3,476.8 1.3 ▲ 7 1,298.9 6.0 21 5.7 ▲ 1,228.2 8 57* 5.7 2.8 ▲ 9 603.5 57* 2.8 10 567.5 2.6 ▲ 2.6 13* 471.3 -9.9 ▼ 11* 2.2 11* 2.2 2.2 ▲ 471.3 13 435.0 29* 2.0 0.9 ▲ 14 410.5 1.9 32 1.0 ▲ 1.7 ▲ 1.7 360.5 15 347.7 1.6 17 -10.4 ▼ 16 1.5 1.5 ▲ 17 321.3 4 300.0 1.4 -28.6 ▼ 18 57* 19 1.3 ▲ 269.6 1.3 20 1.0 51 203.8 0.9 ▲ 21 0.9 0.9 ▲ 202.7 0.8 28 22 180.3 -0.5 ▼ 161.1 0.8 ▲ 23 0.8 -4.2 ▼ 20 137.4 24 0.6 0.6 128.0 0.6 ▲ 25 21,548.4 100.0

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

7.3% ▲ -27.1% ▼

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 7 ▲ 5.7 +5 5 4.1 +4 ▲ 6 -1 4.9 ▼ 7 5.7 +4 ▲ 5 4.1 0 4 3.3 -2 ▼ 4.9 +5 ▲ 6 ▲ 1 0.8 +1 1 0.8 +1 ▲ 3 2.4 +3 ▲ ▲ 2 1.6 +1 2.4 +2 3 ▲ 0.8 1 ▼ -1 0.8 1 -4 ▼ 4.1 +2 5 ▲ 1 0.8 +1 ▲ 0.8 -1 ▼ 1 2.4 -1 3 ▼ ▲ 2 1.6 +2 ▼ 2 -5 1.6 1 0.8 +1 ▲ 0.8 1 0 0 1 0.8 0.8 -1 ▼ 1 2 1.6 +2 ▲ 123 20 -20

Any Italian Involvement Completed (AF43)

Financial Advisor Intesa SanPaolo BNP Paribas SA Lazard Deutsche Bank Eidos Partners HSBC Holdings PLC UniCredit Rothschild Nomura Credit Suisse Standard Chartered PLC JP Morgan Banco BTG Pactual SA Citi Mediobanca AZ Capital Yuanta Financial Hldg Co Ltd Electa SpA Goldman Sachs & Co Societe Generale Altium Capital Limited Industry Total

Jan 1 – Mar 28

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 1 2 3 4* 4* 4* 7 8 9 10 11* 11* 13 14 15 16 17 18* 18* 18* 21

1 4 2 8* 10* 21 10* 8* 6 12* 7 3 -

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

2,670.5 1,993.5 1,777.9 1,490.2 1,490.2 1,490.2 1,478.2 1,122.7 870.8 695.5 637.8 637.8 297.1 283.9 230.4 134.5 42.2 40.6 40.6 40.6 11.7 4,657.6

57.3 42.8 38.2 32.0 32.0 32.0 31.7 24.1 18.7 14.9 13.7 13.7 6.4 6.1 5.0 2.9 0.9 0.9 0.9 0.9 0.3 100.0

23.6 20.4 6.2 21.5 32.0 32.0 21.4 23.4 8.4 4.4 13.7 2.5 6.4 -1.3 -5.9 2.9 0.9 0.9 0.9 -23.3 0.3

▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▼ ▲ ▲ ▲ ▲ ▼ ▲

53.0% ▲ -77.5% ▼

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 5.9 +1 5 ▲ 7.1 +4 ▲ 6 6 7.1 +3 ▲ 1.2 1 0 1 1.2 +1 ▲ 1.2 +1 ▲ 1 ▲ 4 4.7 +1 2.4 0 2 5 ▲ 5.9 +4 2 0 2.4 ▲ 1.2 +1 1 1.2 0 1 1.2 +1 ▲ 1 ▲ 2 2.4 +1 3 3.5 -1 ▼ 1.2 +1 1 ▲ 2 2.4 +2 ▲ 1.2 +1 1 ▲ 1.2 +1 ▲ 1 -1 1 ▼ 1.2 1 1.2 +1 ▲ -25 85 -22.7% ▼ -27.4% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 5.4 2.1 ▼ 6.3 16.2 9.8 ▲ 13.9 6.7 7.8 8.3 ▼ 2.1 2.4 2.5 ▼ 2.1 2.4 2.4 ▲ 2.0 2.3 2.3 ▲ 7.1 ▲ 9.7 11.2 8.1 8.8 ▲ 9.4 4.6 4.5 ▲ 4.0 2.1 2.5 5.0 ▼ 3.4 ▲ 3.4 2.9 3.4 4.1 ▼ 2.9 0.0 .0 0.0 2.4 0.9 ▲ 2.1 2.5 ▼ 2.2 1.9 2.2 1.9 2.2 ▲ 0.6 ▲ 0.6 .5 0.8 0.8 ▲ .7 .4 0.4 0.4 ▲ .4 0.4 4.6 ▼ 0.3 0.3 ▲ .2 86.2 100.0 25.8% ▲ -42.9% ▼

-14.0% ▼ -32.4% ▼

Jan 1 – Mar 28 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 3 0.7 0 ▼ 0.9 -1 4 3 0.7 +1 ▲ 0 2 0.4 1 0.2 +1 ▲ -4 ▼ 6 1.3 ▼ 3 -4 0.7 0.2 0 1 ▲ 2 0.4 +1 1 ▲ 0.2 +1 1 0 0.2 ▲ 1 0.2 +1 1 0.2 0 -1 4 ▼ 0.9 2 ▲ 0.4 +2 1 0 0.2 1 0.2 +1 ▲ 0.2 -5 ▼ 1 3 ▲ 0.7 +1 1.6 7 -1 ▼ 0.2 +1 ▲ 1 3 0.7 -1 ▼ 0.2 +1 ▲ 1 0.2 -1 ▼ 1 0.7 +3 ▲ 3 -170 445 -27.6% ▼ -27.4% ▼

Any Nordic Involvement Completed (AF44)

Financial Advisor Handelsbanken Capital Markets Nordea Goldman Sachs & Co Morgan Stanley Deutsche Bank Pangea Property Partners AB Catella AB TD Securities Inc Evercore Partners Sterne Agee & Leach Inc SEB Enskilda Arctic Securities ASA FIH Partners AS PricewaterhouseCoopers Leimdorfer AB Ernst & Young LLP UBS Millington Advisory Partners DNB ASA DC Advisory BNP Paribas SA Alpha Corporate Finance Lincoln International Valence Group HLP Corporate Finance Oy Industry Total

Rank Value per Advisor (US$m) Market Rank Value Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 1 19.6 ▲ 20 3,237.3 26.7 24.9 ▲ 36 3,129.2 2 25.8 23 3 19.3 ▲ 3,129.1 25.8 3 4* 7.5 -14.0 ▼ 913.1 4* 913.1 7.5 -25.9 ▼ 1 6 737.2 6.1 ▲ 6.1 7 61* 5.8 5.8 ▲ 701.2 8 675.6 5.6 ▲ 5.6 -8.1 ▼ 8 571.4 9 4.7 10 463.3 3.8 ▲ 3.8 11 4 -17.0 ▼ 249.3 2.1 12 35 241.0 2.0 1.0 ▲ 43 223.3 13 1.8 1.3 ▲ 14 56 1.8 211.6 1.8 ▲ 202.7 1.7 15 1.7 ▲ 191.8 -0.1 ▼ 16 32 1.6 9 -11.1 ▼ 170.0 1.4 17 18 1.3 161.1 1.3 ▲ 19 25 132.7 1.1 -3.9 ▼ 37 1.1 0.3 ▲ 20 128.0 1.0 0.4 ▲ 21 40* 126.3 22 0.9 0.9 ▲ 108.1 0.9 ▲ 23* 0.9 61* 108.0 23* 108.0 0.9 ▲ 0.9 55 0.7 25 85.9 0.7 ▲ 12,125.5 100.0

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

-64.6% ▼ -33.5% ▼

Jan 1 – Mar 28 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 3 0.8 -4 ▼ 3 -4 ▼ 0.8 1 0.3 -2 ▼ -4 1 0.3 ▼ 2 0.6 -4 ▼ 2 0.6 +2 ▲ 0.3 1 0 2 0.6 +2 ▲ 2 0 0.6 1 ▲ 0.3 +1 ▼ 4 1.1 -8 2 ▼ 0.6 -4 ▲ 3 0.8 +2 8 2.3 +2 ▲ 1 ▲ 0.3 +1 ▼ -2 2 0.6 0.3 1 ▼ -4 ▲ 0.3 +1 1 2 0.6 -3 ▼ 3 0.8 +2 ▲ ▲ 2 0.6 +1 0.3 +1 ▲ 1 1 0.3 0 0.3 +1 1 ▲ 0.8 +1 3 ▲ -146 354 -29.2% ▼ -23.5% ▼

Imputed Fees (US$m) Market Advisor Market Fees Sh (%) Share Ch. 0.2 ▲ 6.8 3.2 5.1 0.9 ▲ 2.4 13.4 4.2 ▲ 6.3 7.3 3.4 0.6 ▼ 16.9 7.9 1.4 ▲ 5.0 2.3 2.3 ▲ 8.5 3.9 ▲ 4.0 4.0 ▲ 8.6 4.0 3.2 6.7 0.2 ▲ 2.9 1.4 ▲ 1.4 3.9 1.8 3.9 ▼ 1.5 3.2 0.4 ▲ 3.9 1.8 1.2 ▲ 1.2 0.5 0.3 ▲ 2.6 1.2 1.2 ▲ 0.3 .6 0.1 ▲ 2.0 4.7 ▼ 0.9 .0 0.0 0.0 0.7 ▼ 1.1 2.4 2.9 0.8 ▲ 1.3 3.9 1.8 1.4 ▲ 0.4 .9 0.4 ▲ 1.7 0.8 0.7 ▲ 2.1 1.0 1.0 ▲ 0.9 2.0 0.7 ▲ 213.5 100.0 -47.2% ▼ -35.8% ▼

* tie

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EMEA Rankings Any Benelux Inv Announced (AD40)

Financial Advisor Goldman Sachs & Co Morgan Stanley JP Morgan Barclays Bank of America Merrill Lynch Citi Lazard Rabobank NV Nordea Handelsbanken Capital Markets Houlihan Lokey Leonardo & Co CI Capital Investment Banking Allen & Co Inc Deutsche Bank BNP Paribas SA PricewaterhouseCoopers Rothschild RBC Capital Markets Credit Suisse Wells Fargo & Co Banco Bradesco SA UBS Macquarie Group Jefferies & Co Inc Industry Total

Jan 1 – Mar 28

Rank Value per Advisor (US$m) Market Rank Value Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 1 2 3 4 5 6 7 8 9* 9* 11* 11* 13* 13* 15 16 17 18 19 20 21 22 23 24 25

8 4 12 3 9 13* 2 37 28 52* 10 1 35 6 13* 11 -

19,409.2 12,995.7 9,424.2 6,587.8 4,600.0 4,184.0 3,600.0 3,567.1 3,129.1 3,129.1 2,590.4 2,590.4 2,184.0 2,184.0 1,786.8 1,700.0 1,537.5 1,383.2 1,344.8 924.0 720.0 703.8 640.5 620.1 305.0 44 477 6 44,477.6

43.6 29.2 21.2 14.8 10.3 9.4 8.1 8.0 7.0 7.0 5.8 5.8 4.9 4.9 4.0 3.8 3.5 3.1 3.0 2.1 1.6 1.6 1.4 1.4 0.7 100 0 100.0

31.4 -10.9 14.4 -27.0 -1.2 3.4 -36.2 7.4 7.0 7.0 3.9 5.8 4.9 4.9 -5.8 -47.3 2.8 -32.1 3.0 -3.9 1.6 1.6 -5.6 1.4 0.7

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 9 2.9 +2 ▲ 2.0 6 ▼ -2 6 ▼ -3 2.0 0 5 1.6 2 0.7 -7 ▼ 1.0 -3 3 ▼ 0.7 -7 2 ▼ 7 2.3 -6 ▼ 1 ▲ 0.3 +1 0.3 +1 1 ▲ 2 0.7 ▼ -1 0.7 2 0 0.3 +1 1 ▲ 1 0.3 +1 ▲ 4 1.3 -4 ▼ 3 1.0 -2 ▼ 2.6 ▼ 8 -1 7 2.3 +3 ▲ 2 0.7 +2 ▲ 1.3 +2 ▲ 4 ▲ 1 0.3 +1 ▲ 0.3 +1 1 1.3 4 -2 ▼ ▲ 0.7 +2 2 0.3 +1 ▲ 1 306 309 -309

▲ ▼ ▲ ▼ ▼ ▲ ▼ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▼ ▲ ▼ ▲ ▼ ▲ ▲ ▼ ▲ ▲

21.3% ▲ 30.7% ▲

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

Any Benelux Involvement Completed (AF47)

Financial Advisor Goldman Sachs & Co Morgan Stanley JP Morgan UBS Bank of America Merrill Lynch Credit Suisse Citi Barclays Deutsche Bank Nordea Handelsbanken Capital Markets Lazard RBS HSBC Holdings PLC ING Santander BNP Paribas SA Rabobank NV Jefferies & Co Inc Leonardo & Co Evercore Partners Wells Fargo & Co KBC Group NV Sterne Agee & Leach Inc Credit Agricole CIB Industry Total

-30.9% ▼ -26.8% ▼

Jan 1 – Mar 28

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 1 2 3 4 5 6 7 8 9 10* 10* 12 13 14 15 16 17* 17* 19 20 21 22 23 24 25

12 1 3 11 10 7 9 4 5 21* 8 48* 14* 2 20 46 37 30 -

15,299.8 12,487.9 9,078.1 5,366.0 4,619.2 4,396.2 4,387.5 3,238.6 3,146.0 3,129.1 3,129.1 2,550.0 2,325.6 2,140.0 1,563.5 1,425.2 1,402.0 1,402.0 1,163.0 1,023.7 915.9 720.0 476.0 463.3 452.6 31 077 5 31,077.5

49.2 40.2 29.2 17.3 14.9 14.2 14.1 10.4 10.1 10.1 10.1 8.2 7.5 6.9 5.0 4.6 4.5 4.5 3.7 3.3 3.0 2.3 1.5 1.5 1.5 100 0 100.0

39.9 -6.3 -11.4 7.0 4.5 -2.4 0.5 -30.1 -28.1 10.1 6.3 -5.8 7.5 -1.7 -35.7 4.6 -0.7 4.4 3.7 2.4 3.0 2.3 0.2 1.5 1.5

▲ ▼ ▼ ▲ ▲ ▼ ▲ ▼ ▼ ▲ ▲ ▼ ▲ ▼ ▼ ▲ ▼ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲

22.2% ▲ 17.2% ▲

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

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 3.6 +4 ▲ 9 -1 ▼ 7 2.8 -1 ▼ 5 2.0 9 ▲ 3.6 +2 0.8 -3 2 ▼ 0 5 2.0 ▼ 3 -2 1.2 ▲ 2.4 +2 6 -1 ▼ 3 1.2 1 0.4 +1 ▲ 0 0.4 1 -5 ▼ 0.8 2 ▲ 5 2.0 +4 2 0.8 0 0 2.8 7 ▲ 0.4 +1 1 -3 1 0.4 ▼ -8 4 1.6 ▼ ▲ 3 1.2 +3 0.8 2 0 ▲ 0.8 +2 2 1 0.4 +1 ▲ 1 0.4 0 ▲ 1 0.4 +1 2 ▲ 0.8 +2 249 251 -251 -33.6% ▼ -24.1% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 9.3 4.5 ▲ 37.3 5.5 ▲ 58.6 14.7 2.1 ▼ 3.2 12.8 32.8 4.9 ▲ 8.2 16.2 1.5 ▲ 4.0 0.9 ▲ 4.5 18.0 16.5 4.1 2.1 ▲ 5.7 2.8 ▲ 22.8 3.2 2.5 ▼ 0.8 1.2 ▲ 4.6 1.2 0.0 1.2 4.6 1.1 ▼ 3.4 13.8 1.7 1.0 ▲ 6.9 0.9 ▲ 9.8 2.4 2.2 8.9 0.9 ▼ 1.8 0.5 0.5 ▲ 0.5 2.1 ▼ 2.0 0.9 1.2 ▼ 3.5 10.4 2.6 2.6 ▲ .7 0.3 ▼ 0.2 1.9 7.5 1.9 ▲ 2.2 2.2 ▲ 8.7 1.2 4.7 0.6 ▲ 0.7 2.9 0.7 ▲ 4.6 1.1 1.1 ▲ 400 2 100 0 400.2 100.0 17.2% ▲ 2.3% ▲

* tie

EMEA Inv. Announced M&A Target Sector by Value ($bil) $6.1

$5.5

$5.4

$3.5

Jan 1 – Mar 28 2013

$30.4

Quarterly EMEA Cross Border Volume $1,000

`

$11.8

Inbound (US$b)

Outbound (US$b)

2,500

Number of deals

$900 2,000

$800

$14.6 $30.3

$700

$22.0 $18.8

1,500

$600 $500

# of Deals

$16.5

Rank Value (US$b)

$16.1

1,000

$400 $300

Energy and Power

Financials

Industrials

Materials

Healthcare

Consumer Staples

Real Estate

Telecommunications

High Technology

Media and Entertainment

Retail

Consumer Products and Services

$100 0

$0 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1

Government and Agencies

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500

$200

2004

14

2005

2006

2007

2008

2009

2010

2011

2012

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First Quarter 2013 | Mergers & Acquisitions | Financial Advisors

Asia Pacific (ex-Japan) M&A Asian M&A Down 14% I Fees Up 25% I Australian M&A Drops 45% Asia Pacific (ex-Japan) Deals Intelligence

Asia (ex-Japan) Involvement Announced Advisors by Target Industry Rank Val US$m

In the first three months of 2013, M&A activity with Asian involvement reached US$81.1 billion, a 13.6% decrease from US$89.3 billion recorded in the same period last year. Companies in the Industrials sector were the most targeted with US$16.2 billion from 310 deals. The Energy & Power sector followed, with US$11.8 billion, while Financials remained the third most sought after sector, with US$11.5 billion.

Industrials AMMB Holdings Bhd CIMB Group Sdn Bhd Caitong Securities Co Ltd Energy and Power Tudor Pickering & Co LLC Bank of America Merrill Lynch China International Capital Co Financials CITIC Minsheng Securities Co Ltd Zheshang Securities Co Ltd Materials RBC Capital Markets Morgan Stanley Goldman Sachs & Co Real Estate Somerley Ltd RHB Jones Lang LaSalle Inc

Fees earned for the region were estimated at US$695.8 million, an increase from the volume recorded in the first quarter of 2012, according to Thomson Reuters/Freeman Consulting. The top earner was Goldman Sachs & Co, with US$77.9 million, followed by Citi, with US$58.4 million. UBS earned US$36.9 million. China cross border activity amounted to US$18.9 billion, a 68.8% increase from the US$11.2 billion recorded in the comparable period in last year. Outbound investment volume reached US$12.9 billion, a 57% increase from the US$8.2 billion in the first quarter of 2012. Australian M&A activity decreased nearly 50% to US$10.6 billion from US$20.4 billion in the first quarter of 2012, representing the slowest start since 1Q 2004. Australia cross border activity totalled US$7.7 billion: inbound investments into the Consumer Staples sector led the market, with a 30% share, while outbound activity amounted to US$1.4 billion.

China Cross Border Announced M&A

Rank

1 2 3

17.6 17.5 8.7

1 2 3*

15.8 14.4 10.7

1 2 3

24.0 4.5 3.6

1* 1* 1*

10.4 10.4 10.4

1 2 3

7.6 3.8 2.9

No. Deals

310 2 1 1 132 2 1 1 236 1 2 1 264 1 1 1 162 1 4 1

Asian Completed M&A by Region - Imputed Fees Outbound (US$b)

$50

100%

$0.5

Inbound (US$b)

North Asia

South Asia

Southeast Asia

Australasia

$0.4

% of Cross Border is Outbound 80%

$30

60%

$20

40%

$10

$0.4 Imputed Fees (US$b)

$40

% Outbound

Rank Value (US$b)

16,214.7 2,845.3 2,844.3 1,409.6 11,814.2 1,870.0 1,700.0 1,268.1 11,464.0 2,747.4 516.6 417.6 10,697.7 1,108.7 1,108.7 1,108.7 7,998.5 611.0 303.8 229.0

Jan 1 - Mar 28 2013 Mkt. Share

$0.3 $0.3 $0.2 $0.2 $0.1

20%

$0.1 $0.0

1Q13

4Q12

3Q12

2Q12

4Q11

1Q12

3Q11

2Q11

1Q11

4Q10

3Q10

2Q10

1Q10

4Q09

3Q09

2Q09

1Q09

4Q08

3Q08

2Q08

1Q08

4Q07

0% 3Q07

$0

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Top Ten Any Asia (ex-Japan) Involvement Announced Deals Rank Date 3/13/2013 1/31/2013 2/5/2013 1/27/2013 2/27/2013 1/28/2013 1/30/2013 2/22/2013 3/18/2013 3/5/2013

Date Effective Pending Pending Pending Pending Pending Pending Pending 2/22/2013 Pending Pending

Target (% Sought/Acquired) ENI East Africa SpA (28.6%) MISC Bhd (37.3%) Longtan Hydropower Dvlp Co Ltd (85%) Dongfen Motor-Comm Vehicle&Bus (100%) Agila Specialties Pvt Ltd (100%) Korea Exchange Bank (40%) Pioneer Natural Resources-Ast (40%) Grand Wailea Resort Hotel & (100%) Shanxi Fenxi Taiyue Coal Ind (77%) WISCO Mining Co Ltd (100%)

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

Jan 1 - Mar 28 2013 Acquiror PetroChina Co Ltd PETRONAS Guangxi Guiguan Elec Power Co Dongfeng Motor Group Co Ltd Mylan Inc Hana Financial Group Inc Sinochem Petroleum USA LLC GIC Shanxi Meijin Energy Co Ltd Wuhan Iron&Steel Co Ltd

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Acquiror / Target Nation China / Mozambique Malaysia / Malaysia China / China China / China United States / India South Korea / South Korea United States / United States Singapore / United States China / China China / China

15

Rank Value (US$m) 4,210.0 2,844.3 2,747.4 1,883.0 1,850.0 1,756.8 1,700.0 1,502.0 1,409.6 1,282.0

Target Macro / Mid Industry Energy and Power / Oil & Gas Industrials / Transportation & Infrastructure Financials / Other Financials Industrials / Automobiles & Components Healthcare / Pharmaceuticals Financials / Banks Energy and Power / Oil & Gas Media and Entertainment / Hotels and Lodging Industrials / Machinery Materials / Metals & Mining

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First Quarter 2013 | Mergers & Acquisitions | Financial Advisors

Asia (ex-Japan) Rankings Any Asia (ex-Japan) Inv Announced (AD25)

Financial Advisor CITIC Morgan Stanley Bank of America Merrill Lynch CIMB Group Sdn Bhd AMMB Holdings Bhd Goldman Sachs & Co Rothschild Somerley Ltd JP Morgan Tudor Pickering & Co LLC Jefferies & Co Inc Barclays UBS Lazard Citi Caitong Securities Co Ltd HSBC Holdings PLC China International Capital Co China Fortune Securities Co Deutsche Bank RBC Capital Markets Houlihan Lokey Macquarie Group Nomura Minsheng Securities Co Ltd Industry Total

Jan 1 – Mar 28

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18* 18* 20 21 22 23 24 25

18 2 11 20 58 1 6 17 4 53* 8 14 56 7 5 49 15 29 83 61 -

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

5,203.2 4,538.3 2,898.2 2,850.0 2,845.3 2,575.6 2,265.1 2,110.7 1,954.1 1,870.0 1,850.0 1,813.3 1,791.9 1,652.0 1,429.9 1,409.6 1,362.3 1,268.1 1,268.1 1,215.6 1,108.7 893.6 869.9 869.1 758.3 81 112 2 81,112.2

6.4 5.6 3.6 3.5 3.5 3.2 2.8 2.6 2.4 2.3 2.3 2.2 2.2 2.0 1.8 1.7 1.7 1.6 1.6 1.5 1.4 1.1 1.1 1.1 0.9 100 0 100.0

4.4 -7.4 -1.3 2.2 3.1 -9.9 -3.7 -0.1 -8.2 2.3 1.9 -4.0 -1.9 1.6 -4.5 1.7 -7.0 1.1 1.6 -2.6 1.4 0.1 1.0 0.8 0.9

▲ ▼ ▼ ▲ ▲ ▼ ▼ ▼ ▼ ▲ ▲ ▼ ▼ ▲ ▼ ▲ ▼ ▲ ▲ ▼ ▲ ▲ ▲ ▲ ▲

-13.6% ▼ -37.0% ▼

Any Australian Involvement Announced (AD24)

Financial Advisor Macquarie Group Goldman Sachs & Co KPMG Investec Nomura Citi ANZ Banking Group Flagstaff Partners Pty Ltd Deutsche Bank HSBC Holdings PLC Ernst & Young LLP Credit Suisse Gresham Partners Barclays Standard Chartered PLC Rivington Street Corporate Fort Street Advisers Lazard UBS Greenhill & Co, LLC Lincoln Crowne & Co Pty Ltd Moelis & Co Morgan Stanley Pitt Capital Partners M&A Partners Pty Ltd Industry Total

Rank Value per Advisor (US$m) Market Rank Value Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 16.6 ▲ 17.0 1 30 1,805.9 1,360.1 12.8 8.8 ▲ 2 5 970.7 29 9.1 3 8.7 ▲ 904.1 4* 8.5 18 7.6 ▲ 4* 904.1 8.5 8.5 ▲ 588.8 -11.8 ▼ 6 2 5.5 7* 468.4 4.4 4.4 ▲ 7* 468.4 4.4 ▲ 4.4 9* 22 463.0 4.4 3.7 ▲ 463.0 9* 8 2.2 ▲ 4.4 11 4.0 4.0 ▲ 39* 423.0 -2.7 ▼ 12 4 2.8 294.4 1.0 ▲ 289.3 11 2.7 13 2.6 ▲ 276.1 14 2.6 188.2 1.8 ▲ 1.8 15 172.7 1.6 1.6 ▲ 16 157.4 1.5 1.5 ▲ 17* 157.4 1.5 17* 17 0.5 ▲ 114.8 1.1 19 -0.7 ▼ 10 103.5 20 15 1.0 0.3 ▼ 21 59.3 0.6 0.6 ▲ 20 22 -0.3 ▼ 57.8 0.5 48.5 0.5 -6 ▼ 23 3 13.2 0.1 0.1 ▲ 24 0.1 0.1 ▲ 25 10.6 10,635.4 100.0

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

-45.4% ▼ -60.4% ▼

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▼ 5 0.3 -1 9 -7 ▼ 0.5 0.2 3 0 4 0.2 -5 ▼ 2 0.1 -12 ▼ ▼ 12 0.6 -4 14 ▲ 0.7 +10 ▲ 11 0.6 +9 5 0.3 -7 ▼ 2 0.1 +2 ▲ 2 0.1 +1 ▲ 3 0.2 -6 ▼ ▼ -1 7 0.4 7 ▲ 0.4 +4 0.4 ▼ -6 8 5 ▲ 0.3 +5 9 0.5 -3 ▼ 1 0.1 0 1 0.1 +1 ▲ 13 0.7 +6 ▲ 1 0.1 +1 ▲ 0.1 -3 ▼ 2 3 0.2 +2 ▲ ▲ 4 0.2 +1 6 0.3 +6 ▲ 1 911 135 1,911 -135 -6.6% ▼ -22.4% ▼

Jan 1 – Mar 28 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 5 1.3 +2 ▲ 1.6 +3 6 ▲ 3 ▼ -3 0.8 0 1 0.3 1 0.3 +1 ▲ 3 0.8 +1 ▲ 1 0.3 +1 ▲ 0.3 +1 ▲ 1 2 0.5 +1 ▲ 2 0 0.5 ▲ 0.8 +2 3 0.3 1 ▼ -2 -2 2 ▼ 0.5 0.3 +1 ▲ 1 0.3 +1 ▲ 1 ▲ 0.3 +1 1 ▲ 1 0.3 +1 0.3 -3 ▼ 1 0.3 -3 ▼ 1 0.3 1 0 1 ▲ 0.3 +1 1 0.3 0 2 ▼ -1 0.5 ▲ 0.3 +1 1 ▲ 0.5 +2 2 371 -20 -5.1% ▼ -27.5% ▼

Any Asia (ex-Japan) Involvement Completed (AF32)

Financial Advisor Goldman Sachs & Co Citi HSBC Holdings PLC RBC Capital Markets BMO Capital Markets JP Morgan Morgan Stanley Ondra Partners DBS Group Holdings United Overseas Bank Ltd Credit Suisse UBS Bank of America Merrill Lynch Deutsche Bank Lazard Malayan Banking Bhd RHB CITIC M and A Securities Sdn Berhad Rothschild BNP Paribas SA CIMB Group Sdn Bhd AMMB Holdings Bhd PricewaterhouseCoopers Somerley Ltd Industry Total

Jan 1 – Mar 28

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

4 14 18 36 34* 1 15 72 5 2 3 12 47 19 45 44 32 33 26 90 27 59

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

33,136.3 22,710.9 18,798.1 17,858.7 17,711.1 11,326.5 10,188.1 9,385.9 7,212.5 6,926.5 4,268.4 3,316.3 3,195.8 2,765.7 2,109.2 1,666.9 1,592.5 1,570.4 1,547.9 1,496.7 1,368.4 1,353.2 1,322.2 1,305.1 1,096.9 82 669 7 82,669.7

40.1 27.5 22.7 21.6 21.4 13.7 12.3 11.4 8.7 8.4 5.2 4.0 3.9 3.4 2.6 2.0 1.9 1.9 1.9 1.8 1.7 1.6 1.6 1.6 1.3 100 0 100.0

29.1 22.7 18.6 20.1 19.9 0.0 8.0 11.4 8.5 8.4 -5.6 -7.3 -7.3 -1.8 1.6 -1.8 0.8 0.8 +2 0.2 0.2 -0.8 1.5 -0.8 0.7

▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▼ ▼ ▼ ▲ ▼ ▲ ▲ ▲ ▲ ▲ ▼ ▲ ▼ ▲

2.26% ▲ -19.1% ▼

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals -2 ▼ 17 1.6 11 1.0 +5 ▲ 8 0.8 +3 ▲ 3 0.3 +2 ▲ 2 0.2 +1 ▲ 6 0.6 -3 ▼ 6 0.6 +2 ▲ 1 0.1 +1 ▲ 3 0.3 0 2 0.2 +2 ▲ 11 1.0 +4 ▲ 6 0.6 -2 ▼ 5 0.5 -1 ▼ 0.8 -2 8 ▼ 10 0.9 +6 ▲ 4 0.4 -6 ▼ 8 0.8 +2 ▲ 2 0.2 -1 ▼ 0.1 +1 ▲ 1 4 0.4 +1 ▲ 3 0.3 -1 ▼ 5 0.5 -9 ▼ 2 0.2 -1 ▼ 15 1.4 -22 ▼ 7 0.7 +4 ▲ 1 059 1 314 1,059 -1,314 -19.4% ▼ -22.9% ▼

24.5% ▲ -5.4% ▼

Any Australian Involvement Completed (AF31)

Financial Advisor Macquarie Group Credit Suisse Rothschild Goldman Sachs & Co Moelis & Co Haywood Securities Ltd. BMO Capital Markets Canaccord Genuity KPMG Investec Nomura Grant Samuel Bank of America Merrill Lynch RBC Capital Markets Lazard Greenhill & Co, LLC Barclays Deutsche Bank Ernst & Young LLP Fort Street Advisers Gresham Partners PricewaterhouseCoopers Azure Capital UBS RBS Morgans Ltd Industry Total

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 1 2 4,951.3 40.3 -1.4 ▼ 2 25 4,177.5 32.8 ▲ 34.0 3 10 22.7 16.5 ▲ 2,786.5 1 21.4 -22.5 ▼ 2,631.2 4 23 5 2,411.4 19.6 17.9 ▲ 8.8 ▲ 6* 1,078.8 8.8 13* 1,078.8 8.8 6* 3.8 ▲ 6* 8.8 ▲ 8.8 1,078.8 29 6.9 ▲ 9 970.7 7.9 7.0 ▲ 10* 39 904.1 7.4 904.1 7.4 10* 26 6.2 ▲ 6.1 ▲ 12 834.2 33* 6.8 680.0 5.5 -4.5 ▼ 13 6 -2.2 ▼ 443.3 3.6 14 11 -31.6 ▼ 3 15 385.8 3.1 374.1 2.0 ▲ 16 31* 3.0 2.7 1.7 ▲ 31* 335.1 17 299.2 2.4 18 8 -5.2 ▼ 1.6 19 17 191.8 -1.8 ▼ 20 9 1.3 -6.0 ▼ 157.4 129.3 21 -31.6 ▼ 5 1.1 1.0 0.6 ▲ 22* 40 121.3 1.0 16 -3.1 ▼ 22* 121.3 0.9 -33.8 ▼ 24 114.8 4 0.8 25 101.3 0.8 ▲ 12,286.2 100.0

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

-49.4% ▼ -39.5% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 77.9 11.2 5.0 ▲ 58.4 8.4 5.8 ▲ 16.9 2.4 1.2 ▲ 31.1 4.5 4.0 ▲ 26.5 3.8 3.1 ▲ 25.3 3.6 0.0 22.0 3.2 1.5 ▲ 10.1 1.5 1.5 ▲ 4.6 0.7 0.3 ▲ 2.8 0.4 0.4 ▲ 26.0 3.7 2.9 ▼ 36.9 5.3 1.6 ▲ 24.1 0.1 ▲ 3.5 16.8 2.0 ▼ 2.4 15.2 2.2 0.7 ▲ 4.7 0.7 2.0 ▼ 7.5 1.1 +1 ▲ 1.1 0.2 0.2 ▼ 4.8 0.7 0.7 ▲ 9.6 1.4 0.3 ▲ 3.9 0.6 1.3 ▼ 10.1 1.5 0.3 ▼ 3.9 0.6 0.4 ▲ 3.5 0.3 ▼ 0.5 1.4 0.2 0 695 8 100 0 695.8 100.0

Jan 1 – Mar 28 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 4.2 +5 12 ▲ 7 2.5 +5 ▲ 5 1.8 +2 ▲ 4 -4 ▼ 1.4 ▲ 3 1.1 +2 2 0.7 +2 ▲ 1 0.4 0 0.4 +1 1 ▲ ▼ -4 3 1.1 0 1 0.4 0 1 0.4 5 1.8 +4 ▲ 2 0.7 -1 ▼ 1 0.4 -2 ▼ 3 0 1.1 1.1 +2 ▲ 3 2 0.7 +1 ▲ ▼ 2 0.7 -2 0.7 -3 ▼ 2 0.4 -1 1 ▼ 2 0.7 0 -1 2 0.7 ▼ 1 0.4 ▼ -1 ▼ 2 0.7 -3 2 ▲ 0.7 +2 -37 285 -11.5% ▼ -19.9% ▼

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 28.5 13.6 4.9 ▲ 18.2 7.4 ▲ 8.7 1.0 ▲ 6.5 3.1 4.8 4.2 ▼ 10.1 6.5 3.1 2.7 ▲ 3.2 1.5 1.5 ▲ 2.7 1.3 0.0 10.0 4.8 4.8 ▲ 0.3 0.1 ▼ .6 6.7 3.2 2.9 ▲ 0.6 ▲ 1.1 2.3 4.2 1.6 ▲ 2.0 0.7 ▼ 6.9 3.3 3.7 0.7 ▲ 1.8 2.5 ▼ 4.6 2.2 1.3 ▲ 4.7 2.2 1.0 ▲ 3.8 1.8 2.6 ▼ 1.9 3.9 .6 0.1 ▲ 0.3 0.9 ▲ 2.7 1.3 1.8 0.9 2.3 ▼ 0.1 .3 0.1 ▼ 0.4 .8 0.8 ▼ 6.4 2.4 ▼ 3.0 0.7 +1 ▲ 1.5 100.0 209.3 -28.6% ▼ -28.7% ▼

* tie

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Asia (ex-Japan) Rankings Asia (ex-Japan) Buyside Financial Sponsor Activity

Any New Zealand Inv Announced (AD39)

Q4 Volume (US$b) $50

30% Q3 Volume (US$b) Q2 Volume (US$b)

$9.7

$40

Q1 Volume (US$b)

$35

% of Asia (ex-Japan) Volume YTD

$3.9

$13.6

$11.6 $4.2

$25

$4.3 $20

$5.5 $9.7

$15

$4.3

$9.5

$5.5

$5.6

10% $6.0

$9.1

$9.8 $10

$3.4 $3.1 $0.8 $3.5

$6.5

$9.4

$14.0

2005

2006

$8.8

$7.6 $3.8 2007

5%

$15.1

$9.9

$8.2

$4.5

$1.5

$0 2004

15%

$13.8 $8.8 $5.6

2008

2009

0% 2010

2011

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 1 74.5 74.5 ▲ 477.7 2 64.3 64.3 ▲ 412.6 3 65.1 10.2 ▲ 10.2 4 8.2 ▲ 52.7 8.2 5 1.5 4 9.6 -3.7 ▼ 641.6 100.0

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 6.5 +2 ▲ 2 3.2 +1 ▲ 1 3.2 +1 1 ▲ 3.2 +1 ▲ 1 2 0 6.5 31 -9

20%

$12.9

$30

$5

25%

2012

2013

Any Asian (ex-Japan) Involvement Announced M&A by Target Industry ($bil)

% of Asia (ex-Japan) Volume

Rank Value (US$b)

$45

Financial Advisor UBS Macquarie Group Goldman Sachs & Co Simmons Corporate Finance Ltd PricewaterhouseCoopers Industry Total

Jan 1 – Mar 28

-22.5% ▼ -53.7% ▼

-32.1% ▼ -70.5% ▼

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

Any New Zealand Involvement Completed (AF46)

Jan 1 – Mar 28 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 3.6 +1 ▲ 1 3.6 +1 ▲ 1 3.6 +1 ▲ 1 1 3.6 +1 ▲ 10.7 +2 ▲ 3 28 0

Rank Value per Advisor (US$m) Market Rank Value Market 2013 2012 US$m Sh (%) Share Ch. Rank Rank 31.1 ▲ 31.1 116.8 1* 116.8 31.1 31.1 ▲ 1* 44.8 11.9 ▲ 3 11.9 4 +11 ▲ 42.4 11.3 2.6 +3 ▲ 5 8* 9.6 375.9 100.0

Financial Advisor Deutsche Bank Grant Samuel Adelaide Equity Partners Ltd Greenhill & Co, LLC PricewaterhouseCoopers Industry Total

-40.8% ▼ 86 9% ▼ -86.9%

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

Imputed Fees (US$m) Market Advisor Market Fees Sh (%) Share Ch. 6.6 ▲ .9 6.6 6.6 6.6 ▲ .9 5.7 5.7 ▲ .7 5.4 ▲ .7 5.4 1.1 ▲ 1.8 .2 12.9 100.0 -13.4% ▼ 73 0% ▼ -73.0%

0.0% 44 0% ▼ -44.0%

Australian Cross Border Announced M&A $40

100%

Outbound (US$b) Inbound (US$b) % of Cross Border is Outbound

10% 12%

80% 9%

$30 7%

4% 4% 17%

2%

2%

3%

60%

$20

40%

Outbound

5%

Rank Value (US$b)

15%

$10 20%

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0%

17

1Q13

4Q12

3Q12

2Q12

1Q12

4Q11

3Q11

2Q11

$0 1Q11

Telecommunications

Government and Agencies

4Q10

Consumer Products and Services

3Q10

Retail

Media and Entertainment

2Q10

Consumer Staples

High Technology

1Q10

Real Estate

Healthcare

4Q09

Materials

3Q09

Financials

2Q09

Energy and Power

1Q09

Industrials

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First Quarter 2013 | Mergers & Acquisitions | Financial Advisors

Japan M&A Japanese M&A Lowest in Eleven Years | Cross border Activity Drops 59% | Domestic M&A Rises 7.9% Japan Deals Intelligence

Japanese Involvement Announced M&A - Top Advisors by Target Industry Rank Val US$m

The first three months of 2013 saw M&A activity with Japanese Involvement at US$23 billion, a 37.5% decrease from the same period in 2012 and the slowest first quarter volume in the last 11 years. By number of deals, M&A activity recorded a total of 632 deals, down by 22.3% from last year. After a record-breaking year in 2012, announced Japanese cross border activity totaled US$9.4 billion, a 58.9% decrease compared to the first three months of 2012 and the lowest Japanese cross border volume since 2009. Japanese inbound M&A volume declined by 69.4%, recording a total of US$2.3 billion, and outbound activity dropped by 53.8%, with US$7.1 billion worth of deals. Announced Japanese domestic activity slightly increased, recording a total of 464 deals worth US$13.4 billion, a 7.9% increase compared to the first quarter of 2012. Sumitomo Mitsui Trust Holdings‘ US$2.1 billion repurchase from RCC was the largest domestic deal during the period. Completed fees earned for the quarter were estimated to be US$341.7 million, down 17.1% from the US$412.1 million recorded during the same period last year, according to Thomson Reuters/Freeman Consulting. On average, EBITDA multiples for Japanese Targets during the first three months of 2013 decreased from the 13.7x averaged during the first quarter of 2012, falling to an average of 12.1x. Telecommunications commanded the highest average multiple—at 16.3x.

Rank

8,726.1 395.1 395.1 188.8 5,286.1 2,590.4 2,590.4 2,590.4 2,590.4 2,590.4 2,590.4 1,816.6 775.5 501.7 120.1 1,451.1 681.9 509.2 326.3 1,266.5 533.7 533.7

Real Estate Mizuho Financial Group Nomura Mitsubishi UFJ Morgan Stanley Financials Barclays Goldman Sachs & Co Leonardo & Co Morgan Stanley Houlihan Lokey JP Morgan Industrials Mitsubishi UFJ Morgan Stanley Nomura Mizuho Financial Group High Technology Mizuho Financial Group Nomura Credit Suisse Energy and Power Citi Nomura

Mkt. Share

1* 1* 3

4.5 4.5 2.2

1* 1* 1* 1* 1* 1*

49.0 49.0 49.0 49.0 49.0 49.0

1 2 3

42.7 27.6 6.6

1 2 3

47.0 35.1 22.5

1* 1*

42.1 42.1

Jan 1 - Mar 28 2013 No. Deals

45 1 1 2 35 1 1 1 1 1 1 100 3 6 8 113 12 6 3 20 1 1

* tie

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

# of Deals

$175 $42.2

$50.5

Inbound

Outbound

Domestic

Inbound

Outbound

40.0

700

35.0

600

$57.7

$125

$31.6

$48.5

$28.6 $30.2

$38.3 $18.9

$22.4

$28.7

$42.4

$47.6

1,500

$50.3 $31.3

$18.1 $51.8

$50 $27.6

2,000

$50.1

$38.8

$100

30.0

$42.4

$45.9

$37.2

$43.0

1,000

Rank Value (US$b)

$51.9

2,500

# of Deals

Rank Value (US$b)

Domestic

3,000

$150

$75

3,500 Thousands

$200

Any Japanese Involvement by Market

$19.2 $71.1 $50.4

$27.0

$34.0

$26.9

$23.2

400 20.0 300 15.0 200

10.0

$21.6

$25

500

25.0 # of Deals

Any Japanese Involvement Announced M&A

500 $35.1

$38.8

$36.9

100

5.0

$23.0 0

$0 2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

.0 1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

Top Ten Japanese Involvement Announced Deals Rank Date 2/19/2013 3/8/2013 2/28/2013 1/18/2013 3/26/2013 1/7/2013 3/5/2013 2/4/2013 3/27/2013 2/13/2013

Date Effective Pending 3/11/2013 2/28/2013 3/15/2013 Pending Pending Pending 2/4/2013 Intended 2/13/2013

Target (% Sought/Acquired) Robeco Groep NV (90%) Sumitomo Mitsui Trust Holdings (11.25%) Sony Corp-Sony City Osaki (100%) Sony Corp-US Headquarters Bldg (100%) Intelligence Holdings Ltd (100%) Mitsui Fudosan-Ppty Portfolio (100%) Panasonic-Assets (100%) East Surrey Holdings Ltd (100%) Daiei Inc (75.1%) Maynilad Water Services Inc (20%)

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

Jan 1 - Mar 28 2013 Acquiror ORIX Corp Sumitomo Mitsui Trust Holdings Investor Group 550 Madison Fifth LLC Temp Holdings Co Ltd Nippon Building Fund Inc Investor Group Investor Group AEON Co Ltd Marubeni Corp

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Acquiror / Target Nation Japan / Netherlands Japan / Japan Japan / Japan United States / United States Japan / Japan Japan / Japan Japan / Japan Japan / United Kingdom Japan / Japan Japan / Philippines

Rank Value (US$m) 2,590.4 2,077.9 1,199.7 1,100.0 719.7 570.4 543.8 533.7 427.3 400.0

Target Macro / Mid Industry Financials / Asset Management Financials / Banks Real Estate / Non Residential Real Estate / Non Residential Consumer Products and Services / Employment Services Real Estate / Non Residential Real Estate / Non Residential Energy and Power / Water and Waste Management Retail / Food & Beverage Retailing Energy and Power / Water and Waste Management

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First Quarter 2013 | Mergers & Acquisitions | Financial Advisors

Japan Rankings Any Japanese Involvement Announced (AD19)

Financial Advisor Mitsubishi UFJ Morgan Stanley Nomura JP Morgan Goldman Sachs & Co Barclays Houlihan Lokey Leonardo & Co Mizuho Financial Group Sumitomo Mitsui Finl Grp Inc Bank of America Merrill Lynch Citi KPMG Frontier Management Inc Credit Suisse GCA Savvian Group Corp Daiwa Securities Group Inc Deloitte William Blair & Co Plutus Consulting Co Ltd PricewaterhouseCoopers Lincoln International Yamada Consulting Group Co Ltd Rippledot Capital Advisers Pte Mita Securities Deutsche Bank Trustees Advisory Industry Total

Jan 1 -Mar 28

Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 3 4,461.1 5.0 ▲ 19.4 1 3,517.8 2 1 15.3 -15.6 ▼ 2 2,910.6 3 12.6 -2.8 ▼ 5.2 ▲ 2,649.2 12 11.5 4 -0.2 ▼ 5* 4 2,590.4 11.2 10.2 ▲ 2,590.4 11.2 5* 24 11.2 ▲ 11.2 5* 2,590.4 1.2 ▲ 2,097.3 8 8 9.1 9 10 -1.0 ▼ 1,292.7 5.6 843.7 10 1.1 ▲ 16 3.7 533.7 2.3 11 -5.7 ▼ 5 0.5 ▲ 19 12 428.2 1.9 1.6 ▲ 13 79* 366.3 1.6 0.9 ▲ 1.4 14 34 326.3 -1.5 ▼ 17 231.7 15 1.0 -5.5 ▼ 0.9 16 11 215.2 0.8 0.2 ▲ 31 177.1 17 18 175.0 0.8 0.8 ▲ 19 20 146.7 0.6 -0.7 ▼ 20 18 138.4 0.6 -1.4 ▼ 21 79* 120.0 0.5 0.5 ▲ 35 113.3 0.5 22 0.0 23 90.0 0.4 0.4 ▲ 69* 24 65.5 0.3 0.3 ▲ 50 0 02 09 ▼ 25* 22 50.0 0.2 -0.9 25* 50.0 0.2 0.2 ▲ 23,039.9 100.0

Industry % Change from Same Period Last Year Industry % Change from Last Quarter * tie

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 2.4 -2 ▼ 15 4.0 -25 ▼ 25 3 -1 ▼ 0.5 0.3 -8 ▼ 2 0.2 ▼ -2 1 1 0.2 0 1 0.2 +1 ▲ 42 6.6 +7 ▲ ▼ 3.2 -17 20 0.6 +1 ▲ 4 0.2 -4 ▼ 1 1.3 8 -1 ▼ 18 2.8 +12 ▲ 4 0.6 +2 ▲ 0.6 -5 ▼ 4 1.9 -5 12 ▼ 11 0 1.7 ▲ 2 0.3 +2 ▼ 7 1.1 -2 9 1.4 +2 ▲ 1 0.2 -4 ▼ -1 ▼ 3 0.5 0.3 +2 2 ▲ 0.3 +1 2 ▲ 03 8 2 0.3 -8 ▼ 1 0.2 +1 ▲ 632 -181 -22.3% ▼ -12.5% ▼

-37.5% ▼ -60.1% ▼

Any Japanese Involvement Completed (AF23) Rank Value per Advisor (US$m) Rank Value Market Market 2013 2012 Rank Rank US$m Sh (%) Share Ch. 1 9,466.2 4.4 ▲ 4 30.5 2 3 7,939.4 25.6 2.5 ▲ 7,605.8 3 7 24.5 17.8 ▲ 4 15 20.3 16.3 ▲ 6,299.4 2 6,015.5 19.4 -6.1 ▼ 5 27* 16.9 6 16.1 ▲ 5,223.2 14.6 ▲ 7 45 4,574.6 14.8 61 4,515.9 14.6 14.6 ▲ 8 4,353.7 12.8 ▲ 23 14.1 9 -9.3 ▼ 9.4 2,904.4 10 4 11 9 2,901.4 9.4 3.4 ▲ 5 2,458.5 7.9 -1.4 ▼ 12 42 1,917.1 6.2 5.9 ▲ 13 14 5.5 -0.6 ▼ 1,693.3 8 33 1,663.9 5.4 4.9 ▲ 15 16 1,591.9 5.1 0.8 ▲ 14 3.2 1.0 ▲ 17 987.4 18 18 20 932.5 3.0 1.3 ▲ 2.6 2.6 ▲ 19 810.2 20 1.4 ▲ 1.4 438.1 21* 426.9 1.4 1.4 ▲ 21* 1.4 ▲ 426.9 1.4 19 23* 340.7 -0.7 ▼ 1.1 340.7 1.1 1.1 ▲ 23* 318 9 10 10 ▲ 25* 318.9 1.0 1.0 25* 318.9 1.0 1.0 ▲ 30,991.7 100.0

Financial Advisor Mitsubishi UFJ Morgan Stanley Goldman Sachs & Co Mizuho Financial Group JP Morgan Nomura UBS Plutus Consulting Co Ltd Sangyo Sosei Advisory Inc Greenhill & Co, LLC Bank of America Merrill Lynch Sumitomo Mitsui Finl Grp Inc Daiwa Securities Group Inc Moelis & Co Deutsche Bank KPMG GCA Savvian Group Corp Credit Suisse Citi LA Consulting Trustees Advisory CIBC World Markets Inc BMO Capital Markets TC Capital HSBC Holdings PLC RBS ABN AMRO Bank Industry Total

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

Japanese Involvement Announced M&A Target Industry by Value

Jan 1 -Mar 28

-2.1% ▼ -43.9% ▼

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 15 ▼ 4.0 -1 ▼ 1.9 7 -9 32 -2 ▼ 8.5 4 1.1 +2 ▲ 29 7.7 -20 ▼ 3 0.8 +1 ▲ 7 1.9 +2 ▲ 1 0.3 0 2 0.5 0 6 1.6 +4 ▲ 21 5.6 -22 ▼ 13 3.5 -5 ▼ 1 0 0.3 1.3 +1 ▲ 5 7 ▲ 1.9 +3 7 1.9 -8 ▼ 3 0.8 +1 ▲ 2 -2 0.5 ▼ 0.3 +1 ▲ 1 ▲ 2 0.5 +2 1 0.3 +1 ▲ 1 0.3 +1 ▲ 0.3 1 0 1 0.3 +1 ▲ 0 3 +1 1 0.3 ▲ 1 0.3 +1 ▲ 375 -232

Imputed Fees (US$m) Advisor Market Market Fees Sh (%) Share Ch. 42.0 12.3 5.1 ▲ 7.9 ▼ 5.0 17.2 26.6 7.8 3.0 ▲ 1.1 ▲ 16.6 4.9 33.9 9.9 1.7 ▼ 9.8 2.9 1.8 ▲ 9.0 2.7 2.5 ▲ 1.8 6.0 1.8 ▲ 3.3 11.4 2.0 ▲ 16.0 4.7 1.6 ▼ 3.8 0.6 ▲ 12.9 9.6 2.0 ▼ 2.8 1.9 0.6 0.1 ▲ 16.8 3.5 ▲ 4.9 0.4 1.4 0.3 ▲ 10.2 3.0 0.9 ▲ 1.3 ▲ 9.1 2.7 6.5 0.1 ▲ 1.9 0.9 3.1 0.9 ▲ 1.3 1.3 ▲ 4.5 1.8 ▲ 6.0 1.8 2.0 0.6 0.6 ▲ 0.5 ▲ 1.7 0.5 1.0 ▲ 3.4 1.0 11 03 03 ▲ 1.1 0.3 0.3 1.1 0.3 0.3 ▲ 341.7 100.0

-38.2% ▼ -17.0% ▼

-17.1% ▼ -30.3% ▼

Japanese Target Completed M&A Fees $1,200

4Q

$1,000

3Q

$247.1

2Q

1Q

3000

YTD Number of Deals

2500

$306.9

22.9%

37.9%

5.4% 4.8% 2.9%

4.2%

$274.6 $600

$219.1

$213.0

$303.0

$175.9

$185.3

$400

$312.9

$199.1

$129.4 $307.2

$225.3

$165.8

$282.6

1000 $170.4

$157.9

0.0% 0.7%1.6%

$216.0

$188.4 $178.8 $314.8

Financials High Technology Consumer Products and Services Consumer Staples Healthcare Telecommunications

1500 $251.0

$287.0

$200

Real Estate Industrials Energy and Power Retail Materials Media and Entertainment

2000

$248.5

$226.3

$159.8

$172.4

2004

2005

$233.7

500 $271.3

$267.7

$221.6

$136.6

$202.2 $215.5 0

$0 2006

2007

2008

2009

2010

2011

2012

2013

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Number of Deals

5.5%

Imputeed Fees (US$mil)

6.3%

$234.2

$213.2

$326.1

$800

7.9%

First Quarter 2013 | Mergers & Acquisitions | Financial Advisors

Fairness Opinion Rankings † Worldwide Announced Fairness Opinion

Jan 1 – Mar 28

Based on Number of Transactions

Fairness Opinion Provider Morgan Stanley Minsheng Securities Co Ltd Southwest Securities Co Ltd JP Morgan Evercore Partners Caitong Securities Co Ltd Somerley Ltd Stifel Financial Corp BMO Capital Markets Bank of America Merrill Lynch Canaccord Genuity Guangdong Securities China Merchants Bank TD Securities Inc GMP Capital Corp Deloitte Keefe Bruyette & Woods Inc Goldman Sachs & Co Stephens Inc Sandler O'Neill Partners Industry Total

-5.3% ▼ -44.2% ▼

Any EMEA Inv Announced Fairness Opinion

Rank Value (US$m) Rank Value Market US$m Sh (%) 4,396.2 2.6 758.3 0.5 367.5 0.2 27.9 46,418.7 31,378.8 18.9 1,409.6 0.8 0.5 837.9 245.6 0.1 736.8 0.4 17.8 29,626.7 1,605.8 1.0 0.0 24.0 .0 0.0 574.4 0.3 1,778.6 1.1 0.0 17.2 245.2 0.1 2,207.6 1.3 829.7 0.5 475.2 0.3 100.0 166,135.9 11.7% ▲ -23.0% ▼

Jan 1 – Mar 28

Based on Number of Transactions

Fairness Opinion Provider China Merchants Bank KPMG PricewaterhouseCoopers Deloitte Rothschild Evercore Partners Deutsche Bank Barclays BNP Paribas SA GMP Capital Corp Credit Suisse Ross Glanville and Associates Detroyat Associes SA Goldman Sachs & Co BDO Needham & Co LLC Handelsbanken Capital Markets Canaccord Genuity UniCredit Morgan Stanley Industry Total

Jan 1 – Mar 28

Fairness Opinion Provider JP Morgan Morgan Stanley Evercore Partners Stifel Financial Corp BMO Capital Markets Bank of America Merrill Lynch Canaccord Genuity TD Securities Inc GMP Capital Corp Keefe Bruyette & Woods Inc Goldman Sachs & Co Stephens Inc Sandler O'Neill Partners Haywood Securities Ltd. Greenhill & Co, LLC Centerview Partners LLC Moelis & Co Macquarie Group Evans & Evans Inc Duff and Phelps Deloitte Industry Total

# of Deals per Advisor # of Market Change in 2013 2012 Deals Sh (%) # of Deals Rank Rank 1 1* 6 7.4 +2 ▲ 2 20* 5 6.2 +4 ▲ 3* 5* 4 4.9 +1 ▲ 3* 20* ▲ 4 4.9 +3 0 4.9 3* 1* 4 20* 4.9 +3 3* ▲ 4 3* 4.9 +2 ▲ 15* 4 3 8* -1 ▼ 1* 3.7 8* 20* 3 3.7 ▲ +2 8* 3 3.7 +3 ▲ 8* 5* 3 3.7 0 8* 3 ▲ 3.7 +3 5* 3.7 0 8* 3 +2 ▲ 14* 2 2.5 2.5 0 14* 15* 2 2.5 +2 14* 2 ▲ 2.5 2 -1 ▼ 14* 5* +2 2.5 2 ▲ 14* 2 14* 20* 2.5 +1 ▲ 5* 2 2.5 -1 14* ▼ 14* 20* 2 2.5 ▲ +1 +12 81

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

17.4% ▲ -50.3% ▼

Any Asia Pacific Inv Announced Fairness Opinion

Rank Value (US$m) Rank Value Market US$m Sh (%) 46,418.7 32.3 4,127.4 2.9 30,734.9 21.4 245.6 0.2 736.8 0.5 29,626.7 20.6 1,605.8 1.1 0.4 574.4 1,778.6 1.2 245.2 0.2 1.5 2,207.6 829.7 0.6 0.3 475.2 0.1 91.2 4,786.1 3.3 28,191.5 19.6 21.9 31,561.7 1,416.4 1.0 12.2 0.0 595.0 0.4 12.0 0.0 100.0 143,797.8

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

-58.7% ▼ -66.7% ▼

Rank Value (US$m) Rank Value Market US$m Sh (%) .0 0.0 .0 0.0 4,121.2 30.9 0.1 17.2 1,001.3 7.5 644.0 4.8 4,097.7 30.7 4,097.7 30.7 4,097.7 30.7 1,347.3 10.1 4,097.7 30.7 .2 0.0 4,476.1 33.6 79.8 0.6 2.7 0.0 23.2 0.2 9.2 1,228.2 1,347.3 10.1 4,097.7 30.7 389.2 2.9 100.0 13,250.5

Fairness Opinion Provider Minsheng Securities Co Ltd Southwest Securities Co Ltd Caitong Securities Co Ltd Somerley Ltd China Merchants Bank Guangdong Securities Guotai Junan Securities Huatai United Securities Co China Securities Co Ltd Northeast Securities Co Ltd CITIC Industry Total

Jan 1 – Mar 28

Fairness Opinion Provider JP Morgan Evercore Partners Stifel Financial Corp Morgan Stanley Bank of America Merrill Lynch BMO Capital Markets Keefe Bruyette & Woods Inc Goldman Sachs & Co Stephens Inc Sandler O'Neill Partners Greenhill & Co, LLC Moelis & Co Centerview Partners LLC Macquarie Group Duff and Phelps Industry Total

# of Deals per Advisor # of Market Change in 2013 2012 Rank Rank Deals Sh (%) # of Deals +3 1 2* 6 9.5 ▲ 2* 2* 4 6.4 +1 ▲ 2* 14* 4 6.4 +3 ▲ 2* 14* 4 6.4 +3 ▲ 2* 14* ▲ 4 6.4 +3 4.8 6* 3 +3 ▲ 4.8 3 +3 6* ▲ 6* 11* 3 4.8 +1 ▲ 3 4.8 6* +3 ▲ 6* 2* 3 4.8 0 11* 11* 2 3.2 0 2* 3.2 -1 ▼ 11* 2 11* +2 ▲ 3.2 2 11* ▲ 2 3.2 +2 11* 2* -1 2 3.2 ▼ +15 63

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

31.3% ▲ -53.7% ▼

Any Japan Inv Announced Fairness Opinion

225.5% ▲ 18.6% ▲

Jan 1 – Mar 28

-1.8% ▼ -11.5% ▼

Rank Value (US$m) Rank Value Market US$m Sh (%) 758.3 6.2 367.5 3.0 11.5 1,409.6 837.9 6.9 .0 0.0 24.0 0.2 521.0 4.3 160.6 1.3 532.0 4.4 0.6 69.9 29.2 3,570.7 100.0 12,227.1

Fairness Opinion Provider Plutus Consulting Co Ltd Morgan Stanley Trustees Advisory Nomura Industry Total

# of Deals per Advisor # of Market Change in 2013 2012 Deals Sh (%) # of Deals Rank Rank ▲ 1 2 50.0 +2 2* 2* 1 25.0 0 2* 1 25.0 +1 ▲ 2* 1 1 25.0 -1 ▼ 4 0

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

0.0% -63.6% ▼

-8.4% ▼ 46.5% ▲

-85.7% ▼ -84.4% ▼

* tie Fairness Opinion rankings include fairness opinions provided as a standalone mandate as well as fairness opinions provided as part of a broader advisory mandate.

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Rank Value (US$m) Rank Value Market US$m Sh (%) 33.0 46,418.7 21.9 30,734.9 0.2 245.6 2.7 3,738.2 29,626.7 21.1 421.7 0.3 245.2 0.2 2,207.6 1.6 829.7 0.6 475.2 0.3 3.4 4,786.1 31,561.7 22.4 28,191.5 20.1 1.0 1,416.4 595.0 0.4 140,599.9 100.0

Based on Number of Transactions

# of Deals per Advisor # of Market Change in 2013 2012 Deals Sh (%) # of Deals Rank Rank 1* 11.1 6 +6 ▲ 5 ▲ 1* 6 11.1 +3 3 5 +5 9.3 ▲ 7.4 +4 4 4 ▲ 5.6 5* 3 +3 ▲ 5* 5.6 3 +3 ▲ 7* 6* 2 3.7 0 7* 6* 2 3.7 0 7* 12* 2 3.7 +1 ▲ 7* 2 3.7 +2 ▲ 7* -3 ▼ 1* 2 3.7 54 -1

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

Jan 1 – Mar 28

102.5% ▲ 7.9% ▲

Based on Number of Transactions # of Deals per Advisor # of Market Change in 2013 2012 Deals Sh (%) # of Deals Rank Rank +2 2 ▲ 1* 10.5 2 1* 1 10.5 -9 ▼ 10.5 2 +2 1* ▲ 10.5 1* 2 +2 ▲ 2 10.5 1* 4* -1 ▼ 5.3 14* 6* 1 0 6* 2* 1 5.3 -3 ▼ 6* 14* 1 5.3 0 ▲ 1 5.3 6* +1 +1 6* 1 5.3 ▲ 6* 7* 1 -1 ▼ 5.3 6* 1 5.3 +1 ▲ 1 6* 5.3 +1 ▲ 6* 7* 1 ▼ 5.3 -1 6* 7* 1 5.3 -1 ▼ 6* 5.3 1 +1 ▲ 5.3 6* 1 +1 ▲ 6* 14* 1 5.3 0 6* 1 5.3 +1 ▲ 6* 14* 1 5.3 0 18 -28

Any US Inv Announced Fairness Opinion Based on Number of Transactions

Based on Number of Transactions

# of Deals per Advisor # of Market Change in 2013 2012 Deals Sh (%) # of Deals Rank Rank 1* 16* 6 4.2 +3 ▲ 1* +6 ▲ 6 4.2 4.2 +3 ▲ 1* 16* 6 6 4.2 1* 2 -1 ▼ 5* 5 3.5 +2 16* ▲ 5 5* 3.5 +5 ▲ 7* 2.8 4 ▲ +4 7* 39* +3 ▲ 4 2.8 7* 6* 4 2.8 0 7* 16* 4 +1 2.8 ▲ 7* 4 2.8 26* +2 ▲ 12* 3 2.1 +3 ▲ 12* 3 2.1 +3 ▲ 3 2.1 12* 6* -1 ▼ 3 +2 ▲ 12* 39* 2.1 12* 3 2.1 ▲ 26* +1 3 12* 2.1 +3 ▲ 12* 6* 3 2.1 -1 ▼ 12* 3 2.1 +3 ▲ 12* 16* 3 2.1 0 144 -8

Industry y % Change g from Same Period Last Year Industry % Change from Last Quarter

Any Americas Inv Announced Fairness Opinion

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Rank Value (US$m) Rank Value Market US$m Sh (%) 8.8 30.9 268.9 76.9 50.0 14.3 268.9 76.9 349.8 100.0 -95.3% ▼ -98.8% ▼

First Quarter 2013 | Mergers & Acquisitions | Financial Advisors

Ranking Criteria Summary - Announced league tables include all deals that were announced between January 1, 2012 and March 28th, 2013 and of which Thomson Reuters was made aware. All current data

If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact:

and previous year's data is as of 5:00pm EDT on March 28th, 2013.

-

Americas Robert Levine Tel: +1 646 223 5682 E-mail: [email protected] EMEA Serkan Tecimer Tel: +44 (0) 20 7542 3566 E-mail: [email protected] Asia-Pacific Kelvin Bian Tel: +852 3761 1852 E-mail: [email protected]

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

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

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

time of announcement of terms.

-

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

-

Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. Any involvement league tables also include the nation of the seller and seller ultimate parent on privately negotiated stake purchases

-

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

-

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 underwriter or 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 are allocated to syndicated members.

-

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

Japan Akemi Mamiya Tel: +813 6441 1158 E-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 for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. © 2013 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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