1Q11 MA Financial Advisory Review

MERGERS & ACQUISITIONS REVIEW
FINANCIAL ADVISORS
First Quarter 2011
1
First Quarter 2011 | 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 Japan M&A 18
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
Americas M&A 6 Any Spanish Involvement Completed (AF41) 12

Fairness Opinion Rankings 20
Americas Deals Intelligence 6 Any German Involvement Announced (AD35) 12
Worldwide Announced Fairness Opinion 20
Top Ten US Announced Deals 6 Any German Involvement Completed (AF42) 12
Any Americas Announced Fairness Opinion 20
Any Americas Involvement Announced (AD49) 7 Any Italian Involvement Announced (AD36) 13
Any USAnnounced Fairness Opinion 20
Any Americas Involvement Completed (AF55) 7 Any Italian Involvement Completed (AF43) 13
Any EMEA Announced Fairness Opinion 20
US Target Announced (AD2) 7 Any Nordic Involvement Announced (AD37) 13
Any Asia Pacific Announced Fairness Opinion 20
US Target Completed (AF2) 7 Any Nordic Involvement Completed (AF44) 13
Any Japanese Announced Fairness Opinion 20
Any US Involvement Announced (AD41) 8 Any Benelux Involvement Announced (AD40) 14
Any US Involvement Completed (AF48) 8 Any Benelux Involvement Completed (AF47) 14 Criteria Summary 21
Any Canadian Involvement Announced (AD42) 8 Asia Pacific (ex-Japan) M&A 15 Mergers & Acquisitions Criteria Summary 21
Any Canadian Involvement Completed (AF49) 8 Asia Pacific (ex-Japan) Deals Intelligence 15 Regional Contacts 21
EMEA M&A 9 Top Ten Any Asia (ex-Japan) Involvement Announced Deals 15
Thomson ONE for Investment Banking 22
European Deals Intelligence 9 Any Asia (ex-Japan) Involvement Announced (AD25) 16

About Thomson Reuters 22
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
https://www.thomsonone.com
2
First Quarter 2011
FINANCIAL ADVISORS
MERGERS & ACQUISITIONS REVIEW

Worldwide M&A Up 55% to US$800 billion l Emerging Markets Drive 25% of M&A l Morgan Stanley Tops Rankings l Estimated Advisory Fees Up 1%
Global Deals Intelligence Worldwide Completed M&A by Region - Imputed Fees
WORLDWIDE M&A UP 55%, STRONGEST QUARTER SINCE Q2’08 - The value of worldwide M&A totaled
US$799.8 billion during the first quarter of 2011, a 54.7% increase from comparable 2010 levels and the strongest $7 Americas
quarter for worldwide M&A since the second quarter of 2008. By number of deals, M&A activity fell 4.9% compared
Emea
to last year with just over 9,600 announced deals. First quarter M&A activity was driven by deals over US$5 billion,
which totaled US$331.5 billion and accounted for 41.2% of quarterly activity, more than double activity seen during Asia Pacific (ex Central Asia)
the first quarter of 2010. $6
Japan
EMERGING MARKETS ACCOUNT FOR 25% OF M&A – Accounting for one-quarter of worldwide announced
merger activity, M&A involving companies located in the emerging markets totaled US$196.3 billion during first $5
quarter 2011, a 3.5% increase over 2010. Cross Border M&A activity totaled US$269.9 billion during the first
quarter of 2011, accounting for 33.7% of overall M&A volume, on par with last year at this time. Cross border M&A
Imputed Fees (US$b)

was driven by the energy & power, materials, and financials sectors, which comprised just over half of announced
cross border deal volume this quarter. $4
COMPLETED ADVISORY FEES UP 1% - According to estimates from Thomson Reuters/Freeman Consulting,

M&A advisory fees from completed transactions totaled US$6.8 billion during the first quarter of 2011, a 1.4%
increase from the comparable period in 2010. Deal activity in the Americas accounted for 47% of the worldwide fee $3
pool, while Europe, Middle East and Africa accounted for 34%. Asia Pacific and Japan contributed 14% and 5%,
respectively.
RESOURCES, FINANCIALS LEAD ACTIVITY - The Energy and Power sector was most active during the first $2
quarter of 2011, commanding 19.2% of announced M&A, while the Financials and Materials sectors accounted for
18% and 12.2% of M&A activity, respectively. The consumer staples and telecommunications sectors were the
only groups to experience a year-over-year percentage decline, down 17.3% and 5.4% respectively, over the first
$1
quarter of 2010.”
PRIVATE EQUITY M&A UP 84% OVER 2010 – Bolstered by the Blackstone Group’s acquisition of the US property
portfolio of Australia’s Centro Properties – the biggest announced buyout since 2007 - worldwide private equity- $0
backed M&A activity totaled US$51.4 billion during the first quarter. Accounting for 6.4% of worldwide announced 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11
M&A during first quarter 2011, private equity-backed M&A increased 83.4% compared to first quarter 2010.
Worldwide Cross Border Volume Worldwide Announced Financial Sponsor Activity

$2,000 Q4 Volume (US$b) Q3 Volume (US$b) 50% $900 25%
Q2 Volume (US$b) Q1 Volume (US$b)
Q4 Volume (US$b) 21.8%
$1,800
% of YTD Global M&A 45%
44.0% $800
Q3 Volume (US$b)
37.4%
$1,600 40% Q2 Volume (US$b) 20%
37.6% $700 19.3%
33.8% Q1 Volume (US$b)
34.3% 33.7%
$1,400 32.4% 35%
32.7% % of YTD Global M&A
31.8% $600
29.2%
Rank Value (US$b)
Rank Value (US$b)
$1,200 27.3% 30% 15%

% of Global M&A
% of Global M&A
26.6% 13.6%
$500 12.9%
$1,000 25%
11.0%
$400 9.6%
8.3%
$800 20% 9.2% 10%
$300
$600 15% 5.5% 6.4%
5.9%
$200
$400 10% 5%
3.4%
$200 5% $100
$0 0% $0 0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
1
Mergers & Acquisitions
Scorecard: Worldwide Announced M&A Scorecard: Worldwide Completed M&A Worldwide Announced M&A by Target Industry
1/1/2011 - 3/31/2011 1/1/2010 - 3/31/2010 % Change 1/1/2011 - 3/31/2011 1/1/2010 - 3/31/2010 % Change
Rank Val No. Rank Val No. in Rank Rank Val No. Rank Val No. in Rank 3% 3%
Target Region/Nation US$m Deals US$m Deals Value Target Region/Nation US$m Deals US$m Deals Value 5% 19%
Worldwide 799,766.7 9,613 516,959.3 10,104 54.7 ▲ Worldwide 576,798.2 6,685 413,199.1 7,944 39.6 ▲
5%
Americas 450,710.4 2,931 265,599.0 3,079 69.7 ▲ Americas 277,202.9 2,195 191,363.6 2,446 44.9 ▲
Caribbean 1,751.9 48 4,759.4 55 -63.2 ▼ Caribbean 3,428.0 30 1,097.2 33 212.4 ▲
Central America 15,893.8 96 42,490.2 61 -62.6 ▼ Central America 11,522.3 48 1,842.2 40 525.5 ▲ 5%
Mexico 15,732.3 72 40,945.0 50 -61.6 ▼ Mexico 11,365.0 37 400.9 30 2,734.9 ▲
North America 408,230.1 2,452 183,538.6 2,638 122.4 ▲ North America 238,823.9 1,909 174,572.6 2,161 36.8 ▲
United States 374,752.7 1,906 168,504.3 2,016 122.4 ▲ United States 220,272.7 1,567 161,005.9 1,761 36.8 ▲
Canada 33,477.4 546 15,034.3 622 122.7 ▲ Canada 18,551.2 342 13,566.7 400 36.7 ▲ 6%
South America 24,834.7 335 34,810.7 325 -28.7 ▼ South America 23,428.8 208 13,851.6 212 69.1 ▲
Brazil 17,642.9 124 20,394.9 136 -13.5 ▼ Brazil 16,898.4 75 6,803.3 86 148.4 ▲
Chile 3,535.5 51 4,566.6 40 -22.6 ▼ Chile 2,783.0 29 140.2 28 1,885.0 ▲
Africa/Middle East 12,942.1 242 32,442.4 305 -60.1 ▼ Africa/Middle East 8,756.5 133 14,457.1 181 -39.4 ▼ 18%
Middle East 5,401.4 108 7,735.8 110 -30.2 ▼ Middle East 2,058.4 66 4,230.0 73 -51.3 ▼ 7%
North Africa 996.0 18 4,701.2 43 -78.8 ▼ North Africa 2,131.0 11 6,742.7 29 -68.4 ▼
Sub-Saharan Africa 5,654.4 99 19,954.2 142 -71.7 ▼ Sub-Saharan Africa 3,976.1 44 2,683.4 70 48.2 ▲
Europe 207,892.2 3,516 107,915.9 3,558 92.6 ▲ Europe 174,265.0 2,804 105,655.2 3,111 64.9 ▲
Eastern Europe 39,749.4 1,004 5,921.1 1,047 571.3 ▲ Eastern Europe 38,291.7 798 8,203.8 874 366.8 ▲
Western Europe 168,142.8 2,512 101,994.8 2,511 64.9 ▲ Western Europe 135,973.3 2,006 97,451.4 2,237 39.5 ▲ 8%
United Kingdom 47,053.1 573 22,360.7 618 110.4 ▲ United Kingdom 25,947.7 46 8,382.9 44 209.5 ▲
Spain 28,739.7 160 3,231.5 121 789.4 ▲ Germany 25,588.9 461 20,577.4 559 24.4 ▲
12%
France 23,972.9 212 6,916.9 221 246.6 ▲ France 22,950.9 144 2,782.7 95 724.8 ▲ 9%
Asia-Pacific 108 352 4
108,352.4 2 423
2,423 90 465 8
90,465.8 2 514
2,514 19 8
19.8 ▲ Asia-Pacific 86 684 2
86,684.2 1 288
1,288 78 001 3
78,001.3 1 624
1,624 11 1
11.1 ▲
Australasia 24,270.7 343 15,715.4 485 54.4 ▲ Australasia 34,975.5 267 9,333.5 390 274.7 ▲
Australia 17,778.3 304 13,601.9 432 30.7 ▲ Australia 34,532.5 238 8,751.3 346 294.6 ▲ Energy and Power Financials
Papua New Guinea 6,480.4 36 1,795.5 47 260.9 ▲ New Zealand 335.0 1 31.3 3 970.3 ▲
Materials Industrials
South East Asia 18,932.1 599 15,533.8 547 21.9 ▲ South East Asia 11,115.5 400 9,254.2 377 20.1 ▲
Indonesia 7,792.1 89 2,819.9 80 176.3 ▲ Singapore 3,362.8 87 1,100.8 54 205.5 ▲ Real Estate Telecommunications
Malaysia 4,948.4 111 3,508.1 88 41.1 ▲ Thailand 2,313.3 52 315.5 59 633.2 ▲
Healthcare Consumer Staples
North Asia 49,698.5 1,251 48,798.3 1,117 1.8 ▲ North Asia 32,693.7 470 55,514.5 616 -41.1 ▼
China 30,538.9 827 29,761.0 707 2.6 ▲ China 17,338.3 203 21,071.9 292 -17.7 ▼ High Technology Media and Entertainment
Hong Kong 10,974.2 231 8,957.8 176 22.5 ▲ Hong Kong 11,236.8 181 12,193.9 171 -7.8 ▼
South Asia 15,451.1 230 10,418.3 365 48.3 ▲ South Asia 7,899.5 151 3,899.1 241 102.6 ▲
Retail Consumer Products and Services
Central Asia 890.4 17 51.2 10 1,639.1 ▲ Central Asia 591.0 12 801.1 9 -26.2 ▼ Government and Agencies
Japan 19,869.6 501 20,536.2 648 -3.2 ▼ Japan 29,889.7 265 23,721.8 582 26.0 ▲
Top Fifteen Worldwide Announced Deals Jan 1 2011 – March 31 2011

Rank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m) Target Macro / Mid Industry
1/14/2011 1/14/2011 AIG (%) Preferred Shareholders Unknown / United States 58,977.2 Financials / Insurance
3/20/2011 Pending T-Mobile USA Inc (100%) AT&T Inc United States / United States 39,000.0 Telecommunications / Wireless
1/10/2011 Pending Progress Energy Inc (100%) Duke Energy Corp United States / United States 26,015.3 Energy and Power / Power
1/3/2011 1/3/2011 Fiat SpA-Auto Business (100%) Shareholders Italy / Italy 18,489.7 Industrials / Automobiles & Components
1/31/2011 Pending ProLogis (100%) AMB Property Corp United States / United States 15,156.0 Real Estate / REITs
1/18/2011 Pending Cargill Inc (40.1%) Cargill Inc United States / United States 14,851.6 Consumer Staples / Food and Beverage
2/15/2011 Pending NYSE Euronext Inc (100%) Deutsche Boerse AG Germany / United States 10,154.9 Financials / Brokerage
3/1/2011 Pending Centro Properties Group-US (100%) BRE Retail Holdings Inc United States / United States 9,400.0 Real Estate / Other Real Estate
3/14/2011 Pending Lubrizol Corp (100%) Berkshire Hathaway Inc United States / United States 9,249.1 Materials / Chemicals
2/21/2011 Pending Reliance Industries Ltd-23 Oil (30%) BP PLC United Kingdom / India 9,000.0 Energy and Power / Oil & Gas
1/18/2011 Pending The Mosaic Co (24%) Creditors United States / United States 8,877.8 Materials / Chemicals
2/7/2011 Pending Pride International Inc (100%) Ensco PLC United Kingdom / United States 8,685.1 Energy and Power / Oil & Gas
1/29/2011 Pending Massey Energy Co (100%) Alpha Natural Resources Inc United States / United States 8,033.6 Materials / Metals & Mining
1/14/2011 Pending NK Rosneft (9.5%) BP PLC United Kingdom / Russian Fed 7,869.0 Energy and Power / Oil & Gas
1/6/2011 1/6/2011 Minera Frisco SAB de CV (100%) Shareholders Mexico / Mexico 7,677.1 Materials / Metals & Mining
2
Worldwide Rankings
Worldwide Announced (AD1) Jan 1 2011 – March 31 2011 Worldwide Completed (AF1) Jan 1 2011 – March 31 2011
Rank Value per Advisor (US$m) # of Deals per Advisor Rank Value per Advisor (US$m) # of Deals per Advisor Imputed Fees (US$m)
2011 2010 Rank Value Market Market # of Market Change in 2011 2010 Rank Value Market Market # of Market Change in Advisor Market Market
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh ($) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
Morgan Stanley 1 4 214,604.7 26.8 10.7 ▲ 81 0.8 +4 ▲ Morgan Stanley 1 2 229,515.3 39.8 24.3 ▲ 84 1.3 +7 ▲ 461.8 6.8 1.4 ▲
JP Morgan 2 9 194,670.3 24.3 14.0 ▲ 77 0.8 +22 ▲ Citi 2 4 158,076.8 27.4 13.4 ▲ 41 0.6 +1 ▲ 168.2 2.5 0.4 ▼
Citi 3 3 187,175.5 23.4 3.1 ▲ 60 0.6 +10 ▲ Goldman Sachs & Co 3 1 157,842.5 27.4 3.8 ▲ 74 1.1 +1 ▲ 316.3 4.7 2.0 ▼
Goldman Sachs & Co 4 1 173,788.6 21.7 -3.5 ▼ 91 0.9 +18 ▲ Bank of America Merrill Lynch 4 8 129,302.6 22.4 13.8 ▲ 58 0.9 +23 ▲ 263.0 3.9 1.8 ▲
Bank of America Merrill Lynch 5 8 155,478.3 19.4 8.1 ▲ 78 0.8 +33 ▲ JP Morgan 5 3 119,817.7 20.8 5.8 ▲ 52 0.8 -15 ▼ 286.7 4.2 0.4 ▼
Credit Suisse 6 2 148,332.2 18.6 -3.2 ▼ 68 0.7 +1 ▲ Rothschild 6 12 112,438.1 19.5 14.4 ▲ 51 0.8 -9 ▼ 178.2 2.6 0.1 ▲
Deutsche Bank AG 7 6 128,185.4 16.0 1.6 ▲ 72 0.7 +11 ▲ UBS 7 10 94,808.0 16.4 9.4 ▲ 57 0.9 +2 ▲ 224.3 3.3 0.6 ▲
Evercore Partners 8 34 115,027.7 14.4 13.2 ▲ 9 0.1 +2 ▲ Barclays Capital 8 7 68,000.9 11.8 0.7 ▲ 26 0.4 +1 ▲ 181.6 2.7 0.8 ▲
Lazard 9 10 91,897.9 11.5 1.7 ▲ 39 0.4 -26 ▼ Evercore Partners 9 5 63,297.1 11.0 -1.4 ▼ 5 0.1 -2 ▼ 38.1 0.6 0.1 ▼
Barclays Capital 10 5 90,748.6 11.4 -4.2 ▼ 28 0.3 -6 ▼ Deutsche Bank AG 10 6 60,812.4 10.5 -1.5 ▼ 61 0.9 +10 ▲ 200.4 3.0 0.2 ▼
Rothschild 11 12 89,803.1 11.2 3.8 ▲ 54 0.6 -19 ▼ Credit Suisse 11 9 58,734.3 10.2 2.0 ▲ 54 0.8 -4 ▼ 230.6 3.4 0.6 ▲
UBS 12 7 76,765.9 9.6 -2.0 ▼ 59 0.6 -13 ▼ Nomura 12 15 58,439.4 10.1 7.1 ▲ 46 0.7 +4 ▲ 103.8 1.5 0.3 ▲
Greenhill & Co, LLC 13 15 40,653.4 5.1 0.0 ▲ 6 0.1 -5 ▼ Societe Generale 13 55 39,345.4 6.8 6.4 ▲ 15 0.2 +12 ▲ 51.9 0.8 0.7 ▲
UniCredit 14 141 25,085.8 3.1 3.0 ▲ 9 0.1 +2 ▲ HSBC Holdings PLC 14 17 36,901.2 6.4 3.4 ▲ 11 0.2 -8 ▼ 39.6 0.6 0.2 ▼
Societe Generale 15 36 20,998.1 2.6 1.5 ▲ 16 0.2 +11 ▲ BNP Paribas SA 15 22 30,255.9 5.3 3.0 ▲ 19 0.3 -10 ▼ 56.2 0.8 0.2 ▼
Intesa SanPaolo 16 197 20,311.4 2.5 2.5 ▲ 7 0.1 +4 ▲ Blackstone Group LP 16 16 26,605.9 4.6 1.6 ▲ 8 0.1 +1 ▲ 32.4 0.5 0.3 ▼
Perella Weinberg Partners LP 17 30 19,026.3 2.4 0.7 ▲ 9 0.1 +2 ▲ Lazard 17 11 25,717.6 4.5 -1.3 ▼ 38 0.6 -18 ▼ 124.8 1.9 0.6 ▼
Jefferies & Co Inc 18 37 18,780.7 2.4 1.4 ▲ 37 0.4 +8 ▲ Banque Degroof 18 367* 25,070.6 4.4 4.4 ▲ 4 0.1 +3 ▲ 9.1 0.1 0.1 ▲
RBC Capital Markets 19 26 17,994.8 2.3 0.5 ▲ 23 0.2 -12 ▼ Ondra Partners 19 - 25,056.3 4.3 4.1 ▲ 1 0.0 +1 ▲ 7.6 0.1 0.1 ▲
Credit Agricole CIB 20 33 15,219.1 1.9 0.5 ▲ 11 0.1 +5 ▲ Macquarie Group 20 39 23,637.4 4.1 3.2 ▲ 25 0.4 -6 ▼ 93.5 1.4 0.8 ▲
Wells Fargo & Co 21 111 15 096 8
15,096.8 19
1.9 18 ▲
1.8 9 0 1 +3
0.1 ▲ Intesa SanPaolo 21 89 21 684 6
21,684.6 38
3.8 36 ▲
3.6 11 0 2 +6
0.2 ▲ 14 1
14.1 02
0.2 01 ▲
0.1
BNP Paribas SA 22 14 14,488.0 1.8 -3.5 ▼ 14 0.1 -29 ▼ Centerview Partners LLC 22 13 21,520.8 3.7 -0.9 ▼ 5 0.1 -1 ▼ 35.4 0.5 0.0 -
Santander 23 13 14,476.2 1.8 -4.6 ▼ 13 0.1 -1 ▼ UniCredit 23 21 19,370.6 3.4 1.1 ▲ 10 0.1 -2 ▼ 19.4 0.3 0.1 ▼
Nomura 24 18 14,097.1 1.8 -1.9 ▼ 41 0.4 -3 ▼ Perella Weinberg Partners LP 24 20 14,810.9 2.6 0.0 ▲ 11 0.2 +6 ▲ 39.5 0.6 0.3 ▲
Moelis & Co 25 54 14,095.0 1.8 1.4 ▲ 13 0.1 +3 ▲ Sumitomo Mitsui Finl Grp Inc 25 84 12,763.3 2.2 2.0 ▲ 20 0.3 +5 ▲ 24.8 0.4 0.3 ▲
Industry Total 799,766.7 100.0 9,613 -491 Industry Total 576,798.2 100.0 6,685 -1,259 6,761.9 100.0
Industry % Change from Same Period Last Year 54.7% ▲ -4.9% ▼ Industry % Change from Same Period Last Year 39.6% ▲ -15.8% ▼ 1.4% ▲
Industry % Change from Last Quarter 6.3% ▲ -17.3% ▼ Industry % Change from Last Quarter 7.0% ▲ -20.0% ▼ -26.3% ▼
* tie
Top Worldwide Announced M&A Advisors by Target Industry Top Worldwide Announced M&A Advisors by Transaction Size (AD1) Jan 1 2011 - Mar 31 2011
Rank Val Mkt. No.
US$m Rank Share Deals $250 AIG/Preferred Shareholders
Energy and Power 153,232.6 763
Barclays Capital 48,502.7 1 31.7 12 T-Mobile/AT&T
Bank of America Merrill Lynch 45,501.8 2 29.7 15
JP Morgan 41,232.6 3 26.9 15 Progress Energy/Duke Energy
Financials 143,663.0 1,129 $200
Fiat SpA/Shareholders
Morgan Stanley 87,027.1 1 60.6 14
Bank of America Merrill Lynch 73,714.8 2 51.3 12 Other Top 15 Deals
Citi 68,323.2 3 47.6 9
All Other Transactions
Rank Value (US$b)
Materials 97,222.0 1,416 $150

UBS 19,280.3 1 19.8 8
Citi 18,254.1 2 18.8 5
JP Morgan 16,410.9 3 16.9 11
Industrials 74,632.9 1,345
$100
Goldman Sachs & Co 35,290.9 1 47.3 9
Citi 23,523.1 2 31.5 7
UBS 23,201.3 3 31.1 5
Real Estate 65,350.8 499
JP Morgan 31,819.2 1 48.7 4 $50
Lazard 16,663.2 2 25.5 5
Morgan Stanley 16,269.7 3 24.9 6
$0
Morgan JP Morgan Citi Goldman Bank of Credit Suisse Deutsche Evercore Lazard Barclays
Stanley Sachs & Co America Bank AG Partners Capital
Merrill Lynch
3
Worldwide M&A Matrix
Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA

2011 UP World Americas USA Canada EMEA Europe UK Asia ex. Japan Japan
2011 DOWN 2010
Consumer Products and Services 12.5x 11.4x 12.1x 13.1x 12.5x 11.4x - 5.8x 13.0x 11.4x 13.1x 11.5x 9.3x 10.2x 12.3x 11.9x 11.8x 11.9x
Consumer Staples 10.1x 10.7x 11.0x 11.6x 10.1x 10.7x 9.0x 3.2x 10.9x 10.7x 11.0x 7.4x 7.2x 7.6x 9.9x 11.0x 5.3x 11.0x
Energy and Power 12.2x 9.5x 13.0x 6.4x 12.2x 9.5x 13.5x 6.0x 11.1x 9.5x 11.2x 11.6x 12.4x 18.4x 12.5x 12.9x 11.4x 12.9x
Healthcare 12.3x 11.2x 11.3x 9.8x 12.3x 11.2x 3.8x 0.6x 14.8x 11.2x 15.1x 12.6x 6.9x 12.9x 16.6x 13.2x 7.8x 13.2x
High Technology 12.1x 10.8x 14.5x 13.8x 12.1x 10.8x 12.1x 11.8x 11.6x 10.8x 12.0x 9.8x 12.5x 10.6x 11.6x 11.6x 11.4x 11.6x
Industrials 10.5x 10.5x 10.6x 8.1x 10.5x 10.5x 6.1x 7.6x 9.9x 10.5x 9.8x 10.3x 8.2x 12.1x 12.5x 12.2x 6.0x 12.2x
Materials 11.5x 10.8x 11.7x 14.4x 11.5x 10.8x 15.6x 12.5x 13.0x 10.8x 14.2x 14.0x 24.7x 12.7x 11.0x 9.7x 7.3x 9.7x
Media and Entertainment 10.7x 10.1x 9.4x 10.7x 10.7x 10.1x 4.3x 6.0x 11.1x 10.1x 11.0x 9.5x 8.0x 8.0x 12.4x 11.5x 8.5x 11.5x
Real Estate 20.6x 15.3x 24.5x 15.8x 20.6x 15.3x 19.2x 11.6x 26.2x 15.3x 27.5x 19.5x 27.7x 15.9x 15.9x 12.9x 17.1x 12.9x
Retail 10.8x 11.6x 13.5x 12.4x 10.8x 11.6x 8.9x 11.9x 10.8x 11.6x 10.6x 9.6x 13.4x 10.2x 13.1x 15.1x 8.6x 15.1x
Telecommunications 8.2x 9.5x 10.2x 8.7x 8.2x 9.5x - 5.7x 6.8x 9.5x 7.0x 8.4x 11.5x 20.6x 10.2x 11.2x 9.3x 11.2x
Average Industry Total 11.7x 10.9x 12.4x 11.1x 11.7x 10.9x 13.0x 8.6x 11.9x 10.9x 12.0x 10.9x 11.8x 11.4x 12.1x 11.6x 9.3x 11.6x
Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price
2011 UP World Americas USA Canada EMEA Europe UK Asia ex. Japan Japan
2011 DOWN 2010
Consumer Products and Services 32.6 33.9 40.1 29.4 40.1 29.8 - 27.4 33.3 31.1 33.3 31.5 - - 22.7 31.4 32.1 38.2
Consumer Staples 28.0 28.3 27.6 43.2 25.8 47.1 1.0 - 26.1 25.4 26.1 25.8 89.2 44.1 19.4 19.1 52.7 31.1
Energy and Power 25.0 37.0 29.0 39.2 29.2 32.9 33.7 41.8 24.2 30.9 23.7 30.9 37.1 34.1 14.7 36.3 1.9 41.9
Financials 29.7 23.6 45.0 21.2 44.9 20.4 31.2 30 23.6 25.1 25.1 24.6 40.7 25.6 21.7 20.2 26.6 31.2
Healthcare 35.1 30.9 40.6 32.8 41.3 33.1 25.1 31.3 34.6 22.9 35.0 22.9 63.4 26.6 23.5 29.9 19.3 21.7
High Technology 26.7 32.2 35.8 41.5 36.7 42.4 34.4 41.6 22.7 26.8 21.4 26.1 29.5 27.7 24.3 27.3 22.5 35.3
Industrials 24.9 31.0 38.1 46.0 36.0 50.1 31.9 53.9 26.0 29.4 26.0 28.8 39.8 25.1 19.4 18 25.9 40.4
Materials 31.2 35.2 35.2 39.2 40.1 49.7 34.3 38.3 28.5 21.1 30.1 21.8 33.6 41.2 21.8 23.4 32.3 56.3
Media and Entertainment 26.9 29.6 36.6 33.0 40.1 24.6 13.0 23.3 24.3 42.5 22.7 42.5 37.2 29.9 25.5 15.9 24.1 36.7
Real Estate 24.9 30.7 30.8 32.6 21.8 38.2 33.8 23.7 28.4 26.3 31.4 27 33.6 32.9 19.3 30.6 24.2 24
Retail 28.8 33.1 25.1 22.3 30.9 29.4 3.4 11.7 36.4 35 38.3 35 31.2 43.4 13.1 37.1 37.8 35.9
Telecommunications 31.2 30.5 40.1 37.1 49.4 40.2 33.4 50 14.4 29.3 14.4 30.4 18.8 25 26.4 22.5 47.8 32.7
Average Industry Total 28.9 31.5 35.8 35.0 37.9 33.0 33.2 38.8 26.6 27.9 27.0 28 38.0 30.7 21.2 24.4 30.2 36.4
*Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by
target macro industries. The data given refers to the time period 01/01/2011 - 03/31/2011. 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%. All spinoffs, splitoffs, open market repurchases,
exchange offers and equity carveouts are excluded.
4
Worldwide Announced Rankings* - A Decade in Review

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
0 0
1 1 Morgan Stanley
2 2 JP Morgan
3 3 Citi
4 4 Goldman Sachs & Co

Rank
5 5 Bank of America Merrill Lynch
6 6 Credit Suisse
7 7 Deutsche Bank AG
8 8 Evercore Partners
9 9 Lazard
10 10 Barclays Capital
*League Table positions reflect consolidation within the banking sector

5
Americas M&A
US M&A Increases 117% | US Leveraged Buyout Volume Down Sequentially | Financials Sector Gains Lead
Americas Deals Intelligence LBOs as a Percentage of US Targeted Announced M&A
M&A activity with US involvement during the first quarter of 2011 increased 117.3% compared to the same period last $700 40%
year, reaching US$451.5 billion. By number of deals, US M&A activity is down 2.8% compared to the first quarter of 2010, LBO Non-LBO LBO as % of US M&A
with 2,600 announced deals. $600 35%
According to Thomson Reuters/Freeman Consulting, total estimated fees generated from completed Americas 30%
$500
involvement M&A reached $3.9 billion in the first three months of 2011, representing a 2.9% increase over the same
Rank Value (US$b)

period last year. 25%
$400
% of US M&A
The Financials sector led the market, with deal volume totalling US$80.4 billion, a 21.5% share of US M&A activity during 20%
the first quarter of 2011 and a 219.2% increase compared to last year. Energy & Power placed second, with US$58.7 $300
billion. High Technology led the market in number of deals, with 346 transactions. 15%
$200
US-targeted LBO activity reversed course in the first quarter, only capturing 6.1% of total US-targeted M&A activity 10%
(compared to 15% last quarter), with $22.7 billion of value (fourth-quarter 2010: $33.1 billion). Notable buyout
$100
transactions included the US$9.4 billion acquisition of Centro Properties Group US Assets by Blackstone Group and the 5%
US$3.8 billion acquisition of Smiths Medical by Apax Partners.
$0 0%
1Q02
2Q02
3Q02
4Q02
1Q03
2Q03
3Q03
4Q03
1Q04
2Q04
3Q04
4Q04
1Q05
2Q05
3Q05
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
M&A activity with Canadian involvement during the first quarter of 2011 increased by 83.8% compared to the same period
last year, to US$50.2 billion, although deal count decreased by 6.6%.
Top 10 US Announced M&A Advisors by Target Industry (AD2) Jan 1 2011 – March 31 2011 US Announced Advisors by Target Industry
Rank Val Mkt. No.
(US$m) Rank Share Deals
100% Financials 80,432.7 206
90% Bank of America Merrill Lynch 61,186.4 2 76.1 5
Evercore Partners 60,006.7 3 74.6 2
80%
% Volume Composition
70% Barclays Capital 34,793.6 1 59.2 8

Bank of America Merrill Lynch 27,873.3 2 47.5 3
60%
JP Morgan 27,270.3 3 46.4 5
50% Healthcare 43,120.9 214
Goldman Sachs & Co 19,457.2 1 45.1 8
40%
30% Deutsche Bank AG 9,104.1 3 21.1 3
Telecommunications 42,652.1 38
20%
Deutsche Bank AG 40,881.1 1 95.9 2
10% Evercore Partners 39,000.0 2* 91.4 1
Greenhill & Co, LLC 39,000.0 2* 91.4 1
0%
Morgan Stanley 39,000.0 2* 91.4 1
Morgan Stanley JP Morgan Citi Evercore Partners Bank of America Credit Suisse Deutsche Bank Lazard Rothschild Goldman Sachs & Citi 39,000.0 2* 91.4 1
Merrill Lynch AG Co Credit Suisse 39,000.0 2* 91.4 1
Telecommunications Retail Real Estate Media and Entertainment JP Morgan 39,000.0 2* 91.4 2
Materials Industrials High Technology Healthcare
Government and Agencies Financials Energy and Power Consumer Staples
Consumer Products and Services
Top Ten US Announced Deals Jan 1 2011 – March 31 2011

1/14/2011 1/14/2011 AIG (%) Preferred Shareholders Unknown / United States 58,977.2 Financials / Insurance
1/10/2011 Pending Progress Energy Inc (100%) Duke Energy Corp United States / United States 26,015.3 Energy and Power / Power
1/31/2011 Pending ProLogis (100%) AMB Property Corp United States / United States 15,156.0 Real Estate / REITs
1/18/2011 Pending Cargill Inc (40.1%) Cargill Inc United States / United States 14,851.6 Consumer Staples / Food and Beverage
3/1/2011 Pending Centro Properties Group-US (100%) BRE Retail Holdings Inc United States / United States 9,400.0 Real Estate / Other Real Estate
3/14/2011 Pending Lubrizol Corp (100%) Berkshire Hathaway Inc United States / United States 9,249.1 Materials / Chemicals
1/18/2011 Pending The Mosaic Co (24%) Creditors United States / United States 8,877.8 Materials / Chemicals
6
Americas Rankings
Any Americas Involvement Announced (AD49) Jan 1 2011 – March 31 2011 Any Americas Involvement Completed (AF55) Jan 1 2011 – March 31 2011
Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Financial Advisor Rank Rank US$m Sh (%) Share Ch. Deals Sh (%) # of Deals Fees Sh (%) Share Ch.
JP Morgan 2 10 174,501.2 33.8 23.1 ▲ 53 1.5 +21 ▲ Bank of America Merrill Lynch 2 8 111,898.0 34.8 20.3 ▲ 43 1.6 +14 ▲ 197.8 5.0 1.8 ▲
Citi 3 1 153,120.3 29.6 0.0 ▲ 41 1.1 +11 ▲ Citi 3 2 111,682.1 34.8 10.4 ▲ 26 1.0 -3 ▼ 111.0 2.8 1.5 ▼
Bank of America Merrill Lynch 4 7 129,414.4 25.1 9.3 ▲ 55 1.5 +20 ▲ Goldman Sachs & Co 4 1 80,938.8 25.2 -6.1 ▼ 48 1.8 +7 ▲ 234.0 5.9 1.7 ▼
Evercore Partners 5 33 112,378.5 21.8 20.4 ▲ 8 0.2 +2 ▲ JP Morgan 5 4 74,794.3 23.3 2.8 ▲ 30 1.1 -16 ▼ 195.6 5.0 1.0 ▼
Credit Suisse 6 2 104,801.9 20.3 -8.3 ▼ 42 1.2 -1 ▼ Rothschild 6 11 68,015.2 21.2 14.3 ▲ 19 0.7 -7 ▼ 77.5 2.0 0.4 ▼
Goldman Sachs & Co 7 3 104,627.7 20.3 -7.2 ▼ 64 1.8 +21 ▲ Evercore Partners 7 3 63,297.1 19.7 -2.6 ▼ 5 0.2 -2 ▼ 38.1 1.0 0.2 ▼
Deutsche Bank AG 8 5 103,026.3 19.9 2.4 ▲ 40 1.1 +9 ▲ Barclays Capital 8 7 47,239.2 14.7 -0.3 ▼ 23 0.9 +8 ▲ 162.4 4.1 1.2 ▲
Lazard 9 11 81,600.8 15.8 7.1 ▲ 22 0.6 -11 ▼ UBS 9 12 42,692.0 13.3 6.5 ▲ 27 1.0 +1 ▲ 118.0 3.0 0.5 ▲
Rothschild 10 15 75,370.6 14.6 9.2 ▲ 19 0.5 -9 ▼ Credit Suisse 10 9 24,520.1 7.6 -2.8 ▼ 34 1.3 -3 ▼ 150.0 3.8 0.2 ▲
Barclays Capital 11 4 72,259.0 14.0 -6.1 ▼ 26 0.7 +3 ▲ Centerview Partners LLC 11 10 21,214.9 6.6 -1.7 ▼ 4 0.1 -2 ▼ 33.7 0.9 0.1 ▲
UBS 12 9 43,629.0 8.4 -2.6 ▼ 38 1.1 +9 ▲ Deutsche Bank AG 12 6 16,061.3 5.0 -10.3 ▼ 27 1.0 +3 ▲ 86.8 2.2 1.1 ▼
Greenhill & Co, LLC 13 16 39,549.0 7.7 2.9 ▲ 3 0.1 -6 ▼ Perella Weinberg Partners LP 13 16 14,810.9 4.6 -0.1 ▼ 11 0.4 +7 ▲ 39.5 1.0 0.4 ▲
Perella Weinberg Partners LP 14 23 18,767.0 3.6 0.9 ▲ 8 0.2 +3 ▲ Jefferies & Co Inc 14 23 7,565.5 2.4 0.6 ▲ 29 1.1 +14 ▲ 89.1 2.3 0.9 ▲
RBC Capital Markets 15 20 17,792.2 3.4 0.4 ▲ 22 0.6 -5 ▼ Itau Unibanco 15 29 6,965.9 2.2 0.8 ▲ 10 0.4 +3 ▲ 27.9 0.7 0.2 ▲
Jefferies & Co Inc 16 26 17,229.7 3.3 1.6 ▲ 31 0.9 +7 ▲ Banco BTG Pactual SA 16 41 6,001.0 1.9 1.3 ▲ 8 0.3 +6 ▲ 22.6 0.6 0.5 ▲
Wells Fargo & Co 17 65 15,096.8 2.9 2.7 ▲ 9 0.2 +3 ▲ Nomura 17 17 5,804.8 1.8 -1.2 ▼ 8 0.3 +1 ▲ 16.5 0.4 0.2 ▼
Societe Generale 18 150 12,146.1 2.4 2.4 ▲ 5 0.1 +4 ▲ Societe Generale 18 35 5,618.7 1.8 1.0 ▲ 4 0.1 +2 ▲ 21.5 0.5 0.3 ▲
Moelis & Co 19 41 12,095.0 2.3 1.5 ▲ 11 0.3 +1 ▲ Allen & Co Inc 19 43 4,892.3 1.5 0.9 ▲ 4 0.1 +2 ▲ 27.2 0.7 0.6 ▲
BMO Capital Markets 20 36 11,683.5 2.3 1.2 ▲ 15 0.4 +4 ▲ Caixa Geral de Depositos 20 46 4,747.5 1.5 1.0 ▲ 4 0.1 +2 ▲ 8.9 0.2 0.1 ▲
Santander 21 8 11,102.5 2.2 -8.9 ▼ 9 0.2 -2 ▼ BMO Capital Markets 21 27 3,999.1 1.3 -0.2 ▼ 16 0.6 +2 ▲ 47.4 1.2 0.2 ▲
BNP Paribas SA 22 35 10,550.2 2.0 0.9 ▲ 4 0.1 -5 ▼ BBVA 22 171 3,851.5 1.2 1.2 ▲ 2 0.1 +1 ▲ 8.5 0.2 0.2 ▲
Flagstaff Partners Pty Ltd 23 185* 9,400.0 1.8 1.8 ▲ 1 0.0 0 - Banco Espirito Santo SA 23 - 3,786.2 1.2 1.2 ▲ 4 0.1 +4 ▲ 8.4 0.2 0.2 ▲
Centerview Partners LLC 24 25 9,096.4 1.8 -0.9 ▼ 3 0.1 -2 ▼ Scotiabank-Bank of Nova Scotia 24 22 3,554.1 1.1 -0.7 ▼ 10 0.4 +3 ▲ 18.1 0.5 0.2 ▼
RBS 25 39 8,011.7 1.6 0.8 ▲ 11 0.3 +7 ▲ TD Securities Inc 25 21 3,358.8 1.1 -1.0 ▼ 5 0.2 -7 ▼ 9.0 0.2 0.9 ▼
Industry Total 516 653 4 100.0
516,653.4 100 0 3 612
3,612 -118
118 Industry Total 321 209 7 100.0
321,209.7 100 0 2 672
2,672 -303
303 3 946 7 100.0
3,946.7 100 0
Industry % Change from Last Quarter 42.7% ▲ -10.7% ▼ Industry % Change from Last Quarter -1.4% ▼ -16.6% ▼ -33.1% ▼
US Target Announced (AD2) Jan 1 2011 – March 31 2011 US Target Completed (AF2) Jan 1 2011 – March 31 2011
Citi 3 3 136,998.0 36.6 11.2 ▲ 21 1.1 +4 ▲ Citi 3 3 98,254.6 44.6 16.9 ▲ 14 0.9 -4 ▼ 80.4 3.5 1.3 ▼
Evercore Partners 4 24 112,378.5 30.0 27.5 ▲ 8 0.4 +2 ▲ Goldman Sachs & Co 4 1 66,885.7 30.4 -9.2 ▼ 24 1.5 -6 ▼ 145.9 6.3 3.7 ▼
Bank of America Merrill Lynch 5 5 103,306.9 27.6 7.8 ▲ 33 1.7 +11 ▲ Evercore Partners 5 2 61,897.1 28.1 -3.7 ▼ 3 0.2 -4 ▼ 25.4 1.1 0.9 ▼
Credit Suisse 6 7 87,683.8 23.4 5.0 ▲ 25 1.3 +10 ▲ Rothschild 6 22 60,127.2 27.3 26.3 ▲ 4 0.3 -6 ▼ 32.4 1.4 0.1 ▼
Deutsche Bank AG 7 6 85,419.7 22.8 4.1 ▲ 25 1.3 +15 ▲ JP Morgan 7 4 56,457.7 25.6 4.8 ▲ 17 1.1 -4 ▼ 129.8 5.6 0.6 ▼
Lazard 8 9 73,903.9 19.7 6.0 ▲ 13 0.7 -8 ▼ Barclays Capital 8 6 38,187.2 17.3 1.7 ▲ 14 0.9 +1 ▲ 124.1 5.3 2.3 ▲
Rothschild 9 26 70,592.2 18.8 17.2 ▲ 9 0.5 0 - UBS 9 15 35,393.8 16.1 12.3 ▲ 14 0.9 +8 ▲ 77.1 3.3 1.6 ▲
Goldman Sachs & Co 10 1 69,510.3 18.6 -25.3 ▼ 35 1.8 +7 ▲ Centerview Partners LLC 10 9 16,645.5 7.6 -4.3 ▼ 3 0.2 -2 ▼ 22.9 1.0 0.3 ▼
Barclays Capital 11 2 55,091.8 14.7 -17.9 ▼ 19 1.0 +1 ▲ Credit Suisse 11 14 16,437.4 7.5 1.3 ▲ 19 1.2 +5 ▲ 95.6 4.1 0.9 ▲
Greenhill & Co, LLC 12 14 39,549.0 10.6 3.0 ▲ 3 0.2 -1 ▼ Perella Weinberg Partners LP 12 13 10,010.9 4.5 -2.2 ▼ 9 0.6 +5 ▲ 33.3 1.4 0.5 ▲
UBS 13 8 39,279.4 10.5 -6.7 ▼ 25 1.3 +11 ▲ Deutsche Bank AG 13 7 8,501.7 3.9 -8.9 ▼ 14 0.9 +2 ▲ 52.3 2.3 1.7 ▼
Wells Fargo & Co 15 41 15,096.8 4.0 3.7 ▲ 8 0.4 +2 ▲ Allen & Co Inc 15 23 4,692.3 2.1 1.3 ▲ 3 0.2 +1 ▲ 25.8 1.1 0.9 ▲
Moelis & Co 16 27 12,095.0 3.2 1.9 ▲ 10 0.5 0 - Societe Generale 16 - 3,800.0 1.7 1.7 ▲ 1 0.1 +1 ▲ 11.8 0.5 0.5 ▲
Jefferies & Co Inc 17 23 10,507.1 2.8 0.1 ▲ 23 1.2 +3 ▲ Tudor Pickering & Co LLC 17 11 2,147.0 1.0 -6.3 ▼ 2 0.1 -2 ▼ 8.2 0.4 0.1 ▼
BNP Paribas SA 18* 65 10,154.9 2.7 2.6 ▲ 1 0.1 0 - RBC Capital Markets 18 35 1,601.4 0.7 0.3 ▲ 7 0.4 -6 ▼ 20.2 0.9 0.1 ▲
Societe Generale 18* - 10,154.9 2.7 2.7 ▲ 2 0.1 +2 ▲ Blackstone Group LP 19 10 1,549.6 0.7 -6.8 ▼ 4 0.3 -2 ▼ 18.8 0.8 1.4 ▼
Flagstaff Partners Pty Ltd 20 101* 9,400.0 2.5 2.5 ▲ 1 0.1 0 - Lazard 20 12 1,386.9 0.6 -6.5 ▼ 3 0.2 -19 ▼ 15.6 0.7 1.9 ▼
Centerview Partners LLC 21 19 7,720.8 2.1 -2.6 ▼ 2 0.1 -2 ▼ Simmons & Co International 21 - 1,344.2 0.6 0.6 ▲ 6 0.4 +6 ▲ 11.3 0.5 0.5 ▲
RBC Capital Markets 22 25 5,865.3 1.6 -0.1 ▼ 11 0.6 -6 ▼ William Blair & Co 22 26 1,235.2 0.6 -0.1 ▼ 10 0.6 -4 ▼ 16.8 0.7 0.4 ▼
Qatalyst Partners 23 - 3,222.8 0.9 0.9 ▲ 2 0.1 +2 ▲ Raymond James Financial Inc 23 39 1,066.1 0.5 0.2 ▲ 7 0.4 0 - 18.1 0.8 0.4 ▲
Mizuho Financial Group 24 - 2,625.0 0.7 0.7 ▲ 3 0.2 +3 ▲ Wells Fargo & Co 24 33 1,014.0 0.5 0.1 ▲ 6 0.4 +2 ▲ 15.1 0.7 0.6 ▲
Peter J. Solomon Co Ltd 25 33 2,203.5 0.6 -0.1 ▼ 1 0.1 0 - Moelis & Co 25 20 972.9 0.4 -0.8 ▼ 6 0.4 -5 ▼ 8.7 0.4 0.5 ▼
Industry Total 374,752.7 100.0 1,906 -110 Industry Total 220,272.7 100.0 1,567 -194 2,325.5 100.0
Industry % Change from Same Period Last Year 122.4% ▲ -5.5% ▼ Industry % Change from Same Period Last Year 36.8% ▲ -11.0% ▼ -1.3% ▼
* tie
7
Americas Rankings
Any US Involvement Announced (AD41) Jan 1 2011 – March 31 2011 Any US Involvement Completed (AF48) Jan 1 2011 – March 31 2011
Citi 3 3 149,686.1 33.2 10.4 ▲ 32 1.2 +6 ▲ Citi 3 2 104,732.0 39.2 11.8 ▲ 18 0.9 -11 ▼ 88.7 2.8 2.3 ▼
Bank of America Merrill Lynch 4 7 124,241.4 27.5 9.0 ▲ 52 2.0 +24 ▲ Goldman Sachs & Co 4 1 74,956.5 28.0 -6.9 ▼ 36 1.7 -2 ▼ 201.9 6.4 2.4 ▼
Evercore Partners 5 27 112,378.5 24.9 22.9 ▲ 8 0.3 +2 ▲ JP Morgan 5 4 72,641.3 27.2 6.9 ▲ 28 1.4 -9 ▼ 191.9 6.0 0.5 ▼
Deutsche Bank AG 6 4 101,076.3 22.4 0.1 ▲ 39 1.5 +12 ▲ Evercore Partners 6 3 63,297.1 23.7 -1.3 ▼ 5 0.2 -2 ▼ 38.1 1.2 0.3 ▼
Credit Suisse 7 5 98,207.1 21.8 1.1 ▲ 35 1.3 +2 ▲ Rothschild 7 13 61,670.3 23.1 16.4 ▲ 10 0.5 -13 ▼ 53.8 1.7 1.0 ▼
Goldman Sachs & Co 8 1 88,065.7 19.5 -18.3 ▼ 51 2.0 +14 ▲ Barclays Capital 8 6 45,489.2 17.0 1.0 ▲ 22 1.1 +8 ▲ 152.6 4.8 1.5 ▲
Lazard 9 9 76,070.7 16.9 4.5 ▲ 19 0.7 -10 ▼ UBS 9 11 38,845.1 14.5 7.3 ▲ 22 1.1 +2 ▲ 105.5 3.3 0.8 ▲
Rothschild 10 22 75,364.4 16.7 13.3 ▲ 17 0.7 -4 ▼ Centerview Partners LLC 10 10 21,214.9 7.9 -1.4 ▼ 4 0.2 -2 ▼ 33.7 1.1 0.1 ▲
Barclays Capital 11 2 63,629.6 14.1 -14.8 ▼ 24 0.9 +1 ▲ Credit Suisse 11 9 18,970.5 7.1 -2.4 ▼ 24 1.2 -5 ▼ 110.4 3.5 0.5 ▼
UBS 12 8 43,479.0 9.6 -5.4 ▼ 36 1.4 +13 ▲ Perella Weinberg Partners LP 12 16 14,810.9 5.5 0.2 ▲ 11 0.5 +7 ▲ 39.5 1.2 0.5 ▲
Greenhill & Co, LLC 13 13 39,549.0 8.8 2.2 ▲ 3 0.1 -5 ▼ Deutsche Bank AG 13 8 12,945.6 4.8 -10.0 ▼ 23 1.1 +4 ▲ 77.5 2.4 1.2 ▼
Wells Fargo & Co 15 52 15,096.8 3.3 3.1 ▲ 9 0.3 +3 ▲ Nomura 15 17 5,804.8 2.2 -1.2 ▼ 8 0.4 +2 ▲ 16.5 0.5 0.3 ▼
Societe Generale 16 119 12,146.1 2.7 2.7 ▲ 5 0.2 +4 ▲ Allen & Co Inc 16 32 4,892.3 1.8 1.2 ▲ 4 0.2 +2 ▲ 27.2 0.9 0.7 ▲
Moelis & Co 17 30 12,095.0 2.7 1.6 ▲ 11 0.4 +1 ▲ Societe Generale 17 26 4,856.8 1.8 0.9 ▲ 3 0.1 +1 ▲ 21.3 0.7 0.5 ▲
Jefferies & Co Inc 18 24 10,708.6 2.4 -0.1 ▼ 26 1.0 +2 ▲ BBVA 18 - 3,831.5 1.4 1.4 ▲ 1 0.0 +1 ▲ 8.2 0.3 0.3 ▲
BNP Paribas SA 19 93 10,478.1 2.3 2.3 ▲ 3 0.1 0 - Lazard 19 12 2,946.4 1.1 -5.8 ▼ 9 0.4 -18 ▼ 36.6 1.2 0.9 ▼
Flagstaff Partners Pty Ltd 20 136* 9,400.0 2.1 2.1 ▲ 1 0.0 0 - BMO Capital Markets 20 45 2,295.8 0.9 0.6 ▲ 10 0.5 +5 ▲ 33.2 1.1 0.8 ▲
Centerview Partners LLC 21 20 9,096.4 2.0 -1.8 ▼ 3 0.1 -2 ▼ RBC Capital Markets 21 29 2,204.1 0.8 0.0 ▲ 11 0.5 -6 ▼ 25.3 0.8 0.0 -
RBC Capital Markets 22 23 7,912.5 1.8 -1.1 ▼ 15 0.6 -3 ▼ HSBC Holdings PLC 22 28 2,165.6 0.8 0.0 ▲ 4 0.2 -2 ▼ 12.0 0.4 0.1 ▲
RBS 23 29 7,807.5 1.7 0.5 ▲ 10 0.4 +6 ▲ Tudor Pickering & Co LLC 23 15 2,147.0 0.8 -4.9 ▼ 2 0.1 -2 ▼ 8.2 0.3 0.1 ▼
BMO Capital Markets 24 136* 7,287.9 1.6 1.6 ▲ 10 0.4 +8 ▲ Blackstone Group LP 24 14 1,549.6 0.6 -5.4 ▼ 4 0.2 -3 ▼ 18.8 0.6 1.0 ▼
Nordea 25 - 6,173.9 1.4 1.4 ▲ 1 0.0 +1 ▲ William Blair & Co 25 35 1,344.4 0.5 -0.1 ▼ 12 0.6 -3 ▼ 19.5 0.6 0.2 ▼
Industry Total 451 514 9 100.0
451,514.9 100 0 2 600
2,600 -76
76 Industry Total 267 475 8 100.0
267,475.8 100 0 2 069
2,069 -241
241 3 180 7 100.0
3,180.7 100 0
Industry % Change from Same Period Last Year 117.3% ▲ -2.8% ▼ Industry % Change from Same Period Last Year 30.7% ▲ -10.4% ▼ -0.4% ▼
Any Canadian Involvement Announced (AD42) Jan 1 2011 – March 31 2011 Any Canadian Involvement Completed (AF49) Jan 1 2011 – March 31 2011
Goldman Sachs & Co 1 1 13,135.1 26.2 6.8 ▲ 4 0.5 +1 ▲ Goldman Sachs & Co 1 6 4,807.0 18.4 8.7 ▲ 4 0.1 -1 ▼ 25.4 4.3 0.5 ▲
RBC Capital Markets 2 9 11,927.0 23.8 12.8 ▲ 11 1.3 -1 ▼ Scotiabank-Bank of Nova Scotia 2 5 3,537.4 13.6 2.8 ▲ 9 0.1 +4 ▲ 17.7 3.0 0.6 ▲
BMO Capital Markets 3 8 11,683.5 23.3 11.6 ▲ 14 1.6 +5 ▲ TD Securities Inc 3 1 3,358.8 12.9 -10.7 ▼ 5 0.1 -7 ▼ 9.0 1.5 5.8 ▼
Barclays Capital 4 7 8,629.4 17.2 5.2 ▲ 2 0.2 +1 ▲ BMO Capital Markets 4 3 3,012.0 11.6 -4.1 ▼ 14 0.2 +3 ▲ 36.9 6.2 0.6 ▲
Bank of America Merrill Lynch 5 11 8,596.5 17.1 10.2 ▲ 5 0.6 +3 ▲ GMP Capital Corp 5 11 2,535.5 9.7 3.1 ▲ 4 0.1 -10 ▼ 6.1 1.0 2.3 ▼
TD Securities Inc 6 2 6,980.2 13.9 -2.4 ▼ 8 0.9 -6 ▼ Morgan Stanley 6 8 2,389.0 9.2 0.3 ▲ 3 0.0 0 - 17.5 2.9 1.2 ▲
Jefferies & Co Inc 7 - 6,716.3 13.4 13.4 ▲ 4 0.5 +4 ▲ Dundee Securities Corporation 7 39 1,805.4 6.9 6.7 ▲ 1 0.0 0 - .0 0.0 0.1 ▼
Deutsche Bank AG 8 - 6,118.6 12.2 12.2 ▲ 5 0.6 +5 ▲ CIBC World Markets Inc 8 2 1,524.3 5.9 -13.3 ▼ 7 0.1 -8 ▼ 14.6 2.5 4.0 ▼
Credit Suisse 9 21 6,042.9 12.0 10.6 ▲ 5 0.6 +2 ▲ Credit Suisse 9 23 1,397.6 5.4 3.2 ▲ 2 0.0 0 - 5.3 0.9 0.1 ▼
Scotiabank-Bank of Nova Scotia 10 12 5,387.9 10.7 3.9 ▲ 3 0.3 -3 ▼ Canaccord Genuity 10 19 1,334.4 5.1 1.4 ▲ 5 0.1 -1 ▼ 9.7 1.6 0.6 ▼
Morgan Stanley 11 14 5,041.2 10.0 5.8 ▲ 3 0.3 -2 ▼ Jefferies & Co Inc 11 13* 1,301.7 5.0 0.7 ▲ 4 0.1 +2 ▲ 9.9 1.7 1.0 ▲
Haywood Securities Ltd. 12 32 4,720.2 9.4 8.8 ▲ 2 0.2 -5 ▼ Paradigm Capital Inc 12 30 1,182.2 4.5 3.6 ▲ 3 0.0 0 - 10.1 1.7 1.6 ▲
JP Morgan 13 66* 4,695.2 9.4 9.4 ▲ 4 0.5 +3 ▲ Lazard 13 13* 1,120.3 4.3 0.0 ▲ 2 0.0 -1 ▼ 9.1 1.5 0.5 ▲
Carnegie 14 - 4,686.3 9.3 9.3 ▲ 1 0.1 +1 ▲ Societe Generale 14 - 1,056.8 4.1 4.1 ▲ 1 0.0 +1 ▲ 7.5 1.3 1.3 ▲
National Bank Financial Inc 15 34 1,071.7 2.1 1.7 ▲ 6 0.7 +3 ▲ UBS 15 15 996.7 3.8 -0.3 ▼ 3 0.0 -5 ▼ 7.8 1.3 2.0 ▼
Lazard 16* 66* 1,056.8 2.1 2.1 ▲ 1 0.1 0 - RBC Capital Markets 16 4 834.1 3.2 -10.1 ▼ 8 0.1 -5 ▼ 14.7 2.5 2.6 ▼
Societe Generale 16* - 1,056.8 2.1 2.1 ▲ 1 0.1 +1 ▲ National Bank Financial Inc 17 34 817.3 3.1 2.6 ▲ 4 0.1 +1 ▲ 11.7 2.0 1.8 ▲
CIBC World Markets Inc 18 3 907.0 1.8 -14.0 ▼ 2 0.2 -13 ▼ Bank of America Merrill Lynch 18 9 788.8 3.0 -4.5 ▼ 4 0.1 +1 ▲ 13.9 2.3 0.4 ▲
Raymond James Financial Inc 19 66* 567.6 1.1 1.1 ▲ 4 0.5 +3 ▲ Macquarie Group 19 12 606.2 2.3 -2.4 ▼ 4 0.1 -1 ▼ 5.8 1.0 0.3 ▼
Cormark Securities Inc 20 20 505.0 1.0 -0.5 ▼ 2 0.2 -2 ▼ Cormark Securities Inc 20 21 575.6 2.2 -1.1 ▼ 3 0.0 -1 ▼ 7.4 1.3 0.6 ▲
Canaccord Genuity 21 17 464.2 0.9 -2.0 ▼ 4 0.5 -4 ▼ Deutsche Bank AG 21 16* 558.3 2.1 -1.7 ▼ 4 0.1 +3 ▲ 6.0 1.0 0.3 ▲
GMP Capital Corp 22 13 436.6 0.9 -5.5 ▼ 3 0.3 -7 ▼ BNP Paribas SA 22 - 492.5 1.9 1.9 ▲ 1 0.0 +1 ▲ 2.3 0.4 0.4 ▲
Macquarie Group 23 10 433.0 0.9 -7.8 ▼ 5 0.6 -3 ▼ Blair Franklin Capital Part 23 20 412.4 1.6 -1.8 ▼ 3 0.0 +1 ▲ 4.7 0.8 0.3 ▲
FirstEnergy Capital Corp 24 36 413.2 0.8 0.5 ▲ 6 0.7 +4 ▲ PricewaterhouseCoopers 24 46 289.0 1.1 1.0 ▲ 2 0.0 -2 ▼ .6 0.1 0.1 ▲
Wellington West Capital Inc 25* 42 386.1 0.8 0.6 ▲ 1 0.1 0 - Stonecap Securities Inc 25* - 275.4 1.1 1.1 ▲ 1 0.0 +1 ▲ .4 0.1 0.1 ▲
Industry Total 50,195.1 100.0 861 -61 Industry Total 26,070.7 100.0 528 -50 593.4 100.0
Industry % Change from Last Quarter -14.9% ▼ -11.1% ▼ Industry % Change from Last Quarter -45.5% ▼ -13.3% ▼ -33.8% ▼
* tie
8
EMEA M&A
EMEA Announced M&A Up 68% While Fees from Completed M&A Up 6% | Energy and Power Most Active Sector | Goldman Sachs in First Place
EMEA Deals Intelligence EMEA Financial Sponsor Investments
$350 Q4 Volume (US$b) 94.4% 100%

Announced M&A with EMEA involvement totalled US$337.4 billion during the first three months of 2011, a 67.8% increase Q3 Volume (US$b)
compared to the same period last year and the most active first quarter since 2008. EMEA fee volumes on deals completed 90%
$300 Q2 Volume (US$b)
79.4%
so far in 2011 reached US$3.1 billion, a 6% increase compared to last year, according to estimates from Thomson Q1 Volume (US$b) 74.7% 75.1% 80%
Reuters/Freeman Consulting. % of Q1 EMEA M&A
$250 70%
Rank Value (US$b)

61.7%
Energy & Power was the most active sector with 336 deals worth a combined US$87.2 billion. Activity in the sector was 58.6%
% of EMEA
54.6% 60%
driven by BP’s US$9 billion deal with India's Reliance Industries and US$7.9 deal with Rosneft, the largest and third largest $200
first quarter deals within the sector, respectively. 50%

$150
34.6% 40%
Buyside financial sponsor activity showed a marginal improvement in EMEA, reaching US$14.9 billion compared to the 30.5%
US$11.8 billion in the first quarter of 2010. However, the larger increase in strategic M&A within the region has resulted in $100 22.7% 30%
buyside financial sponsor volume contributing just 6.7% of overall M&A activity.
14.6% 20%
$50
6.7%
The largest EMEA transaction announced so far this year was AT&T's US$39 billion acquisition of Deutsche Telekom's T- 10%
Mobile USA division. $0 0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Quarterly EMEA Cross Border Volume EMEA Involvement Announced Advisors by Target Industry
Mkt
Mkt.
$1 000 000
$1,000,000 Inbound (US$m) Outbound (US$m) Number of deals 2 500
2,500 Rank Val US$m Rank Share No. Deals
$900,000 Goldman Sachs & Co 37,121.5 1 42.6 11
Citi 19,045.0 2 21.8 8
$800,000 2,000 Credit Suisse 18,133.0 3 20.8 7
Financials 54,223.4 508
$700,000 Morgan Stanley 23,146.4 1 42.7 8
Rank Value (US$m)
Credit Suisse 18,654.5 2 34.4 7

$600,000 1,500 JP Morgan 18,631.3 3 34.4 6
# of Deals
Telecommunications 48,732.4 91
$500,000 Greenhill & Co, LLC 39,000.0 2* 80.0 1
Morgan Stanley 39,000.0 2* 80.0 1
$400,000 1,000 Credit Suisse 39,000.0 2* 80.0 1
Industrials 41,654.1 731
$300,000 Goldman Sachs & Co 24,029.2 1 57.7 5
UniCredit 22,939.3 2 55.1 3
$200,000 500 Credit Suisse 21,087.8 3 50.6 7
Materials 23,069.6 424
$100,000 Goldman Sachs & Co 8,598.4 1 37.3 3
$0 0 Deutsche Bank AG 6,189.8 3 26.8 4
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1
2002 2003 2004 2005 2006 2007 2008 2009 2010 '11
Top Ten EMEA Involvement Announced Deals Jan 1 2011 – March 31 2011
1/3/2011 1/3/2011 Fiat SpA-Auto Business (100%) Shareholders Italy / Italy 18,489.7 Industrials / Automobiles & Components
1/14/2011 Pending NK Rosneft (9.5%) BP PLC United Kingdom / Russian Fed 7,869.0 Energy and Power / Oil & Gas
2/16/2011 Pending CEPSA (52.9%) IPIC Utd Arab Em / Spain 7,432.8 Energy and Power / Oil & Gas
3/1/2011 Pending Central Networks PLC (100%) PPL Corp United States / United Kingdom 6,505.2 Energy and Power / Power
1/9/2011 Pending Danisco A/S (100%) Denmark Holding ApS Denmark / Denmark 6,173.9 Consumer Staples / Food and Beverage
3/10/2011 3/10/2011 Anglo & Overseas PLC (100%) EP Global Opportunities Trust United Kingdom / United Kingdom 5,700.8 Financials / Asset Management
9
EMEA Rankings
Any EMEA Involvement Announced (AD47) Jan 1 2011 – March 31 2011 Any EMEA Involvement Completed (AF53) Jan 1 2011 – March 31 2011
Goldman Sachs & Co 1 1 109,277.2 32.4 10.8 ▲ 43 0.4 +18 ▲ Goldman Sachs & Co 1 2 79,312.0 32.6 12.8 ▲ 36 1.1 +10 ▲ 142.2 4.6 2.0 ▼
Credit Suisse 2 2 105,291.8 31.2 11.3 ▲ 34 0.4 -1 ▼ Morgan Stanley 2 1 76,731.2 31.5 9.3 ▲ 37 1.1 -10 ▼ 180.2 5.8 0.9 ▼
Deutsche Bank AG 3 6 97,021.0 28.8 12.8 ▲ 40 0.4 +2 ▲ Citi 3 10 55,134.8 22.6 14.5 ▲ 18 0.5 +9 ▲ 88.4 2.8 1.4 ▲
JP Morgan 4 4 96,871.9 28.7 9.9 ▲ 43 0.4 +7 ▲ UBS 4 7 55,016.6 22.6 11.0 ▲ 33 1.0 +2 ▲ 144.6 4.6 1.4 ▲
Citi 5 8 92,425.3 27.4 12.7 ▲ 26 0.3 +3 ▲ JP Morgan 5 4 51,528.3 21.2 8.2 ▲ 27 0.8 -10 ▼ 142.6 4.6 0.4 ▲
Morgan Stanley 6 3 90,766.5 26.9 7.5 ▲ 37 0.4 +1 ▲ Deutsche Bank AG 6 3 50,413.9 20.7 2.6 ▲ 36 1.1 +7 ▲ 127.0 4.1 0.6 ▲
Evercore Partners 7 42 45,466.2 13.5 12.4 ▲ 4 0.0 +3 ▲ Rothschild 7 6 47,115.7 19.3 6.7 ▲ 36 1.1 -15 ▼ 120.7 3.9 0.7 ▼
Bank of America Merrill Lynch 8 13 42,467.1 12.6 5.1 ▲ 38 0.4 +26 ▲ Societe Generale 8 29 39,345.4 16.2 15.0 ▲ 15 0.4 +12 ▲ 51.9 1.7 1.4 ▲
Greenhill & Co, LLC 9 14 40,104.4 11.9 5.1 ▲ 4 0.0 -1 ▼ HSBC Holdings PLC 9 11 36,841.2 15.1 8.2 ▲ 10 0.3 -4 ▼ 38.8 1.3 0.1 ▼
UBS 10 11 33,643.2 10.0 -1.6 ▼ 28 0.3 -14 ▼ Credit Suisse 10 9 34,689.6 14.2 5.4 ▲ 22 0.7 -4 ▼ 87.0 2.8 0.6 ▲
Barclays Capital 11 12 33,195.6 9.8 -1.2 ▼ 11 0.1 -1 ▼ Nomura 11 14 33,787.6 13.9 8.9 ▲ 12 0.4 -5 ▼ 44.8 1.4 0.2 ▲
UniCredit 12 90 25,085.8 7.4 7.3 ▲ 9 0.1 +2 ▲ BNP Paribas SA 12 13 30,183.8 12.4 6.8 ▲ 18 0.5 -5 ▼ 55.3 1.8 0.3 ▼
Societe Generale 13 25 20,998.1 6.2 3.3 ▲ 16 0.2 +11 ▲ Barclays Capital 13 5 27,021.8 11.1 -1.6 ▼ 9 0.3 -4 ▼ 50.3 1.6 0.4 ▼
Intesa SanPaolo 14 111 20,311.4 6.0 5.9 ▲ 7 0.1 +4 ▲ Bank of America Merrill Lynch 14 18 25,437.2 10.4 7.3 ▲ 27 0.8 +19 ▲ 86.7 2.8 1.7 ▲
Rothschild 15 5 20,047.9 5.9 -11.3 ▼ 43 0.4 -18 ▼ Banque Degroof 15 189* 25,070.6 10.3 10.3 ▲ 4 0.1 +3 ▲ 9.1 0.3 0.3 ▲
Lazard 16 7 17,626.8 5.2 -10.3 ▼ 21 0.2 -24 ▼ Ondra Partners 16* - 25,056.3 10.3 10.3 ▲ 1 0.0 +1 ▲ 7.6 0.2 0.2 ▲
Credit Agricole CIB 17 22 15,219.1 4.5 0.9 ▲ 11 0.1 +5 ▲ Blackstone Group LP 16* 19 25,056.3 10.3 7.7 ▲ 5 0.1 +3 ▲ 22.2 0.7 0.0 -
BNP Paribas SA 18 9 14,415.9 4.3 -9.3 ▼ 13 0.1 -25 ▼ Intesa SanPaolo 18 53 21,684.6 8.9 8.4 ▲ 11 0.3 +6 ▲ 14.1 0.5 0.2 ▲
Santander 19 53 13,461.2 4.0 3.4 ▲ 8 0.1 +1 ▲ UniCredit 19 12 19,370.6 8.0 1.8 ▲ 10 0.3 -2 ▼ 19.4 0.6 0.3 ▼
RBS 20 17 12,128.3 3.6 -1.0 ▼ 20 0.2 +12 ▲ Lazard 20 8 18,050.9 7.4 -2.8 ▼ 29 0.9 -7 ▼ 93.2 3.0 1.3 ▼
Perella Weinberg Partners LP 21 18 10,541.6 3.1 -1.0 ▼ 4 0.0 0 - Macquarie Group 21 92 15,104.2 6.2 6.1 ▲ 9 0.3 +4 ▲ 34.4 1.1 0.9 ▲
HSBC Holdings PLC 22 10 9,570.5 2.8 -9.4 ▼ 12 0.1 -2 ▼ Credit Agricole CIB 22 34 7,454.4 3.1 2.1 ▲ 13 0.4 +8 ▲ 25.1 0.8 0.6 ▲
Hawkpoint Partners 23 82 8,957.2 2.7 2.5 ▲ 7 0.1 +3 ▲ Santander 23 52 6,563.0 2.7 2.2 ▲ 5 0.1 -1 ▼ 13.3 0.4 0.2 ▲
Lambert Energy Advisory Ltd 24 - 7,869.0 2.3 2.3 ▲ 1 0.0 +1 ▲ KPMG 24 17 6,520.2 2.7 -0.9 ▼ 25 0.7 -21 ▼ 2.3 0.1 0.1 ▼
Nordea 25 202* 6,385.7 1.9 1.9 ▲ 3 0.0 +2 ▲ VTB Capital 25 189* 6,459.8 2.7 2.7 ▲ 5 0.1 +4 ▲ 21.4 0.7 0.7 ▲
Industry Total 337 361 3
337,361.3 100 0
100.0 4 295
4,295 -93
93 Industry Total 243 686 5
243,686.5 100 0
100.0 3 335
3,335 -406
406 3 114 5
3,114.5 100 0
100.0
Any European Involvement Announced (AD21) Jan 1 2011 – March 31 2011 Any European Involvement Completed (AF3) Jan 1 2011 – March 31 2011
Goldman Sachs & Co 1 1 108,195.5 33.1 8.9 ▲ 42 1.0 +20 ▲ Goldman Sachs & Co 1 2 77,075.3 33.2 12.4 ▲ 34 1.1 +10 ▲ 135.5 4.6 2.2 ▼
Credit Suisse 2 2 105,291.8 32.3 9.0 ▲ 33 0.8 -2 ▼ Morgan Stanley 2 1 74,494.5 32.1 8.5 ▲ 35 1.1 -11 ▼ 171.0 5.8 1.2 ▼
Deutsche Bank AG 3 7 97,021.0 29.7 13.5 ▲ 39 1.0 +8 ▲ Citi 3 10 53,385.2 23.0 14.4 ▲ 16 0.5 +7 ▲ 81.3 2.8 1.3 ▲
JP Morgan 4 3 96,292.5 29.5 8.4 ▲ 39 1.0 +4 ▲ UBS 4 7 52,337.0 22.5 10.2 ▲ 31 1.0 0 - 137.7 4.7 1.3 ▲
Citi 5 5 90,314.5 27.7 10.7 ▲ 22 0.5 +2 ▲ JP Morgan 5 5 51,087.2 22.0 8.5 ▲ 24 0.7 -10 ▼ 134.5 4.5 0.4 ▲
Morgan Stanley 6 8 89,371.8 27.4 11.8 ▲ 35 0.9 +1 ▲ Rothschild 6 6 47,115.7 20.3 6.9 ▲ 36 1.1 -15 ▼ 120.7 4.1 0.8 ▼
Evercore Partners 7 39 45,466.2 13.9 12.6 ▲ 4 0.1 +3 ▲ Deutsche Bank AG 7 3 44,592.6 19.2 0.2 ▲ 31 1.0 +3 ▲ 102.4 3.5 0.1 ▼
Bank of America Merrill Lynch 8 10 42,467.1 13.0 4.3 ▲ 37 0.9 +25 ▲ Societe Generale 8 29 39,345.4 16.9 15.6 ▲ 15 0.5 +12 ▲ 51.9 1.8 1.5 ▲
Greenhill & Co, LLC 9 11 40,104.4 12.3 4.3 ▲ 4 0.1 -1 ▼ HSBC Holdings PLC 9 11 35,361.7 15.2 7.8 ▲ 9 0.3 -5 ▼ 33.6 1.1 0.4 ▼
UBS 10 12 33,473.2 10.3 2.9 ▲ 27 0.7 -14 ▼ Credit Suisse 10 9 34,689.6 14.9 5.5 ▲ 21 0.7 -5 ▼ 85.0 2.9 0.6 ▲
Barclays Capital 11 14 33,195.6 10.2 3.5 ▲ 11 0.3 0 - Nomura 11 14 33,787.6 14.5 9.1 ▲ 12 0.4 -5 ▼ 44.8 1.5 0.2 ▲
UniCredit 12 79 25,085.8 7.7 7.5 ▲ 9 0.2 +2 ▲ BNP Paribas SA 12 13 30,183.8 13.0 7.1 ▲ 18 0.6 -5 ▼ 55.3 1.9 0.3 ▼
Societe Generale 13 23 20,998.1 6.4 3.0 ▲ 16 0.4 +11 ▲ Barclays Capital 13 4 27,021.8 11.6 -1.9 ▼ 9 0.3 -4 ▼ 50.3 1.7 0.4 ▼
Intesa SanPaolo 14 100 20,311.4 6.2 6.1 ▲ 7 0.2 +4 ▲ Bank of America Merrill Lynch 14 18 25,266.1 10.9 7.6 ▲ 26 0.8 +18 ▲ 84.3 2.9 1.7 ▲
Rothschild 15 4 20,047.9 6.1 -14.1 ▼ 43 1.1 -18 ▼ Banque Degroof 15 181* 25,070.6 10.8 10.8 ▲ 4 0.1 +3 ▲ 9.1 0.3 0.3 ▲
Lazard 16 6 17,626.8 5.4 -11.2 ▼ 21 0.5 -22 ▼ Ondra Partners 16* - 25,056.3 10.8 10.8 ▲ 1 0.0 +1 ▲ 7.6 0.3 0.3 ▲
BNP Paribas SA 17 9 14,415.9 4.4 -5.3 ▼ 13 0.3 -23 ▼ Blackstone Group LP 16* 19 25,056.3 10.8 8.1 ▲ 5 0.2 +3 ▲ 22.2 0.8 0.1 ▲
Credit Agricole CIB 18 19 14,268.9 4.4 0.1 ▲ 10 0.2 +4 ▲ Intesa SanPaolo 18 52 21,684.6 9.3 8.7 ▲ 11 0.3 +6 ▲ 14.1 0.5 0.2 ▲
Santander 19 47 13,461.2 4.1 3.4 ▲ 8 0.2 +1 ▲ UniCredit 19 12 19,370.6 8.3 1.8 ▲ 10 0.3 -2 ▼ 19.4 0.7 0.2 ▼
RBS 20 15 12,128.3 3.7 -1.7 ▼ 20 0.5 +12 ▲ Lazard 20 8 16,047.5 6.9 -3.9 ▼ 27 0.8 -8 ▼ 84.4 2.9 0.9 ▼
Perella Weinberg Partners LP 21 17 10,541.6 3.2 -1.4 ▼ 4 0.1 +1 ▲ Macquarie Group 21 105 15,104.2 6.5 6.4 ▲ 9 0.3 +5 ▲ 34.4 1.2 1.1 ▲
HSBC Holdings PLC 22 13 9,570.5 2.9 -4.3 ▼ 12 0.3 0 - Credit Agricole CIB 22 33 7,454.4 3.2 2.1 ▲ 13 0.4 +8 ▲ 25.1 0.9 0.7 ▲
Hawkpoint Partners 23 72 8,957.2 2.7 2.5 ▲ 7 0.2 +3 ▲ Santander 23 51 6,563.0 2.8 2.2 ▲ 5 0.2 -1 ▼ 13.3 0.5 0.3 ▲
Lambert Energy Advisory Ltd 24 - 7,869.0 2.4 2.4 ▲ 1 0.0 +1 ▲ KPMG 24 17 6,520.2 2.8 -0.6 ▼ 24 0.7 -19 ▼ 2.2 0.1 0.1 ▼
Nordea 25 179* 6,385.7 2.0 2.0 ▲ 3 0.1 +2 ▲ VTB Capital 25 181* 6,459.8 2.8 2.8 ▲ 5 0.2 +4 ▲ 21.4 0.7 0.7 ▲
Industry Total 326,450.7 100.0 4,068 -25 Industry Total 232,456.5 100.0 3,208 -355 2,960.6 100.0
* tie 10
EMEA Rankings
Any UK Involvement Announced (AD32) Jan 1 2011 – March 31 2011 Any UK Involvement Completed (AF39) Jan 1 2011 – March 31 2011
Goldman Sachs & Co 1 8 37,171.2 34.1 21.4 ▲ 19 2.1 +14 ▲ Goldman Sachs & Co 1 7 38,571.8 50.0 39.1 ▲ 18 0.3 +9 ▲ 76.4 8.2 2.2 ▲
Deutsche Bank AG 2 3 19,624.6 18.0 -1.6 ▼ 11 1.2 +5 ▲ Morgan Stanley 2 5 33,361.7 43.3 27.3 ▲ 11 0.2 -3 ▼ 43.1 4.6 1.4 ▼
Morgan Stanley 3 4 19,556.2 17.9 -0.8 ▼ 13 1.4 +2 ▲ Rothschild 3 3 31,709.5 41.1 21.1 ▲ 14 0.2 -6 ▼ 63.8 6.9 0.9 ▲
JP Morgan 4 1 18,573.5 17.0 -17.5 ▼ 18 2.0 +5 ▲ JP Morgan 4 1 30,190.3 39.2 15.8 ▲ 7 0.1 -2 ▼ 40.5 4.4 0.9 ▲
Citi 5 6 16,736.3 15.3 -1.1 ▼ 10 1.1 +3 ▲ HSBC Holdings PLC 5 9 25,910.9 33.6 23.5 ▲ 4 0.1 -5 ▼ 16.3 1.8 1.0 ▼
Rothschild 6 2 15,063.9 13.8 -7.3 ▼ 27 3.0 +2 ▲ Nomura 6 15 25,290.5 32.8 27.9 ▲ 3 0.0 -5 ▼ 20.1 2.2 0.1 ▼
Credit Suisse 7 9 14,312.5 13.1 1.5 ▲ 10 1.1 +1 ▲ BNP Paribas SA 7 6 25,126.1 32.6 19.5 ▲ 4 0.1 -4 ▼ 13.2 1.4 1.1 ▼
Bank of America Merrill Lynch 8 10 12,857.7 11.8 1.8 ▲ 8 0.9 +5 ▲ Societe Generale 8 - 25,074.2 32.5 32.5 ▲ 3 0.0 +3 ▲ 3.5 0.4 0.4 ▲
Barclays Capital 9 5 12,279.3 11.3 -6.5 ▼ 5 0.5 -3 ▼ Ondra Partners 9* - 25,056.3 32.5 32.5 ▲ 1 0.0 +1 ▲ 7.6 0.8 0.8 ▲
UBS 10 12 9,358.3 8.6 0.9 ▲ 12 1.3 -2 ▼ Blackstone Group LP 9* 33* 25,056.3 32.5 31.6 ▲ 3 0.0 +2 ▲ 13.5 1.5 1.4 ▲
Lambert Energy Advisory Ltd 11 - 7,869.0 7.2 7.2 ▲ 1 0.1 +1 ▲ Banque Degroof 9* - 25,056.3 32.5 32.5 ▲ 1 0.0 +1 ▲ 7.6 0.8 0.8 ▲
Hawkpoint Partners 12 41 5,757.2 5.3 4.6 ▲ 5 0.5 +2 ▲ Citi 12 32 13,246.9 17.2 16.3 ▲ 6 0.1 +4 ▲ 16.5 1.8 1.1 ▲
Evercore Partners 13 20 5,274.2 4.8 0.7 ▲ 2 0.2 +1 ▲ UBS 13 4 5,786.8 7.5 -8.8 ▼ 14 0.2 -3 ▼ 41.4 4.5 0.6 ▼
Lazard 14 17 5,174.4 4.7 -0.2 ▼ 7 0.8 -7 ▼ Hawkpoint Partners 14 30 5,730.6 7.4 6.3 ▲ 5 0.1 +2 ▲ 7.6 0.8 0.3 ▲
UniCredit 15 96* 4,414.8 4.1 4.1 ▲ 1 0.1 0 - Credit Suisse 15 10 4,196.8 5.4 -1.1 ▼ 5 0.1 0 - 20.1 2.2 1.0 ▲
HSBC Holdings PLC 16 18 4,134.3 3.8 -1.0 ▼ 6 0.7 -1 ▼ Bank of America Merrill Lynch 16 19 3,996.5 5.2 2.1 ▲ 7 0.1 +4 ▲ 25.2 2.7 1.7 ▲
RBS 17 14 3,459.8 3.2 -3.2 ▼ 7 0.8 +3 ▲ Shore Capital Group 17* 63 3,593.7 4.7 4.5 ▲ 1 0.0 -1 ▼ 15.6 1.7 1.5 ▲
RBC Capital Markets 18 15 3,398.8 3.1 -2.9 ▼ 2 0.2 -2 ▼ Lexicon Partners 17* 33* 3,593.7 4.7 3.8 ▲ 1 0.0 -1 ▼ 17.4 1.9 1.8 ▲
BMO Capital Markets 19 - 3,196.3 2.9 2.9 ▲ 1 0.1 +1 ▲ Deutsche Bank AG 19 60 3,053.7 4.0 3.8 ▲ 5 0.1 0 - 10.8 1.2 0.6 ▼
Mizuho Financial Group 20 - 2,625.0 2.4 2.4 ▲ 1 0.1 +1 ▲ DnB NOR BANK ASA 20 - 2,479.2 3.2 3.2 ▲ 1 0.0 +1 ▲ 4.8 0.5 0.5 ▲
Commerzbank AG 21 - 1,752.5 1.6 1.6 ▲ 3 0.3 +3 ▲ VTB Capital 21 - 2,144.1 2.8 2.8 ▲ 2 0.0 +2 ▲ 5.8 0.6 0.6 ▲
Nomura 22 21 1,672.8 1.5 -1.9 ▼ 2 0.2 -9 ▼ Barclays Capital 22 2 2,043.1 2.7 -19.2 ▼ 4 0.1 -3 ▼ 17.3 1.9 0.1 ▲
Gleacher & Co Inc 23 13 1,308.0 1.2 -5.6 ▼ 1 0.1 -1 ▼ Lazard 23 12 1,229.7 1.6 -4.7 ▼ 8 0.1 -1 ▼ 18.3 2.0 0.8 ▼
Strand Hanson Ltd 24 - 1,256.4 1.2 1.2 ▲ 2 0.2 +2 ▲ RMB Holdings Ltd 24 - 877.9 1.1 1.1 ▲ 2 0.0 +2 ▲ 4.7 0.5 0.5 ▲
Golden Prospect PLC 25* - 1,255.7 1.2 1.2 ▲ 1 0.1 +1 ▲ RBS 25 11 871.9 1.1 -5.3 ▼ 5 0.1 0 - 3.1 0.3 0.8 ▼
109,075.3 100 0
100.0 911 -49
77,116.1 100 0
100.0 725 97
-97 929 6
929.6 100 0
100.0
Any French Involvement Announced (AD33) Jan 1 2011 – March 31 2011 Any French Involvement Completed (AF40) Jan 1 2011 – March 31 2011
* tie 2011 2010 Rank Value Market Market # of Market Change in 2011 2010 Rank Value Market Market # of Market Change in Advisor Market Market
Credit Agricole CIB 1 9 9,334.8 27.5 0.9 ▲ 9 1.8 +4 ▲ Morgan Stanley 1 1 35,210.6 51.6 18.9 ▲ 8 1.9 -1 ▼ 53.2 7.8 5.9 ▼
Goldman Sachs & Co 2 4 9,068.1 26.7 -5.5 ▼ 7 1.4 +2 ▲ HSBC Holdings PLC 2 4 34,113.0 50.0 27.8 ▲ 5 1.2 +3 ▲ 24.4 3.6 0.9 ▲
Credit Suisse 3 8 8,784.1 25.9 -1.1 ▼ 5 1.0 -1 ▼ Societe Generale 3 9 33,649.3 49.3 41.5 ▲ 13 3.1 +10 ▲ 42.1 6.2 4.6 ▲
Morgan Stanley 4 7 6,509.9 19.2 -9.7 ▼ 5 1.0 +1 ▲ Goldman Sachs & Co 4 3 31,071.8 45.6 22.4 ▲ 6 1.4 -1 ▼ 25.5 3.8 6.3 ▼
Rothschild 5 3 5,876.6 17.3 -16.4 ▼ 10 2.0 -5 ▼ BNP Paribas SA 5 8 29,691.3 43.5 35.5 ▲ 13 3.1 +3 ▲ 33.8 5.0 0.6 ▼
Bank of America Merrill Lynch 6 10 5,313.0 15.7 -10.7 ▼ 6 1.2 +3 ▲ JP Morgan 6 6 29,221.2 42.8 31.9 ▲ 6 1.4 -1 ▼ 34.1 5.0 0.7 ▲
Lazard 7 2 3,780.6 11.2 -23.6 ▼ 7 1.4 -16 ▼ Rothschild 7 10 29,177.5 42.8 37.5 ▲ 9 2.2 -6 ▼ 31.9 4.7 3.3 ▼
Hawkpoint Partners 8 57* 3,200.0 9.4 9.4 ▲ 2 0.4 +1 ▲ Nomura 8 18 26,707.5 39.2 36.9 ▲ 4 1.0 +3 ▲ 28.6 4.2 3.3 ▲
Evercore Partners 9* - 2,649.2 7.8 7.8 ▲ 1 0.2 +1 ▲ Ondra Partners 9* - 25,056.3 36.7 36.7 ▲ 1 0.2 +1 ▲ 7.6 1.1 1.1 ▲
UBS 9* 13 2,649.2 7.8 -1.8 ▼ 6 1.2 -16 ▼ Blackstone Group LP 9* - 25,056.3 36.7 36.7 ▲ 1 0.2 +1 ▲ 7.6 1.1 1.1 ▲
Deutsche Bank AG 11 5 2,419.0 7.1 -24.5 ▼ 3 0.6 -7 ▼ Banque Degroof 9* 49* 25,056.3 36.7 36.7 ▲ 1 0.2 0 - 7.6 1.1 1.0 ▲
HSBC Holdings PLC 12 12 2,207.9 6.5 -16.2 ▼ 5 1.0 +3 ▲ Deutsche Bank AG 12 11 16,236.2 23.8 19.2 ▲ 11 2.7 +8 ▲ 35.3 5.2 3.6 ▲
Citi 13 21 2,150.5 6.3 2.9 ▲ 2 0.4 0 - UBS 13 5 14,840.2 21.8 5.0 ▲ 5 1.2 -1 ▼ 38.5 5.7 2.3 ▲
Barclays Capital 14 31* 2,125.0 6.3 5.7 ▲ 2 0.4 +1 ▲ Macquarie Group 14 29 13,098.3 19.2 18.7 ▲ 3 0.7 +1 ▲ 22.4 3.3 3.0 ▲
Societe Generale 15 11 1,937.4 5.7 -17.1 ▼ 11 2.2 +7 ▲ Citi 15 20 6,868.4 10.1 8.5 ▲ 4 1.0 +3 ▲ 22.8 3.4 2.4 ▲
RBS 16 22* 1,681.0 5.0 1.6 ▲ 7 1.4 +6 ▲ Greenhill & Co, LLC 16 - 6,041.2 8.9 8.9 ▲ 2 0.5 +2 ▲ 14.5 2.1 2.1 ▲
Standard Bank Group Ltd 17 - 1,653.4 4.9 4.9 ▲ 1 0.2 +1 ▲ Lazard 17 2 5,032.2 7.4 -25.3 ▼ 8 1.9 -4 ▼ 25.2 3.7 5.3 ▼
JP Morgan 18 6 1,325.2 3.9 -26.0 ▼ 4 0.8 -4 ▼ Barclays Capital 18 24* 4,093.1 6.0 5.3 ▲ 3 0.7 +2 ▲ 28.2 4.2 3.6 ▲
Nomura 19* 57* 1,039.8 3.1 3.1 ▲ 3 0.6 0 - RBS 19 49* 2,842.3 4.2 4.2 ▲ 2 0.5 0 - 3.5 0.5 0.2 ▲
BDO International 19* - 1,039.8 3.1 3.1 ▲ 1 0.2 +1 ▲ Credit Suisse 20 19 2,761.9 4.1 1.8 ▲ 2 0.5 -1 ▼ 7.2 1.1 1.1 ▼
Scotiabank-Bank of Nova Scotia 21 - 614.6 1.8 1.8 ▲ 1 0.2 +1 ▲ Wagram Corporate Finance 21 49* 2,261.0 3.3 3.3 ▲ 2 0.5 0 - 1.2 0.2 0.1 ▼
Deloitte 22 57* 505.7 1.5 1.5 ▲ 4 0.8 +3 ▲ Credit Agricole CIB 22 15* 1,758.4 2.6 -1.4 ▼ 11 2.7 +8 ▲ 13.2 2.0 1.1 ▲
Santander 23 24* 497.0 1.5 -0.7 ▼ 1 0.2 0 - Standard Bank Group Ltd 23* - 1,653.4 2.4 2.4 ▲ 1 0.2 +1 ▲ 1.9 0.3 0.3 ▲
BNP Paribas SA 24 1 400.6 1.2 -38.9 ▼ 7 1.4 -17 ▼ Bank of America Merrill Lynch 23* - 1,653.4 2.4 2.4 ▲ 1 0.2 +1 ▲ 1.9 0.3 0.3 ▲
Commerzbank AG 25 - 340.0 1.0 1.0 ▲ 1 0.2 +1 ▲ Gruppo Banca Leonardo 25 49* 1,236.1 1.8 1.8 ▲ 4 1.0 +3 ▲ 7.2 1.1 1.0 ▲
Industry % Change from Last Quarter -22.6% ▼ -13.4% ▼ Industry % Change from Last Quarter 124.8% ▲ -13.0% ▼ 27.5% ▲
* tie
11
EMEA Rankings
Any Spanish Involvement Announced (AD34) Jan 1 2011 – March 31 2011 Any Spanish Involvement Completed (AF41) Jan 1 2011 – March 31 2011
Goldman Sachs & Co 1 - 19,307.8 51.8 51.8 ▲ 6 2.3 +6 ▲ Morgan Stanley 1 2 13,746.2 72.3 46.6 ▲ 6 3.0 0 - 32.0 12.7 0.6 ▼
Santander 2 23 13,461.2 36.1 35.4 ▲ 7 2.6 +2 ▲ Bank of America Merrill Lynch 2 - 7,821.2 41.1 41.1 ▲ 4 2.0 +4 ▲ 17.3 6.9 6.9 ▲
Citi 3 7 10,234.0 27.5 18.3 ▲ 6 2.3 +4 ▲ Santander 3 22 6,211.9 32.7 31.7 ▲ 3 1.5 -1 ▼ 9.4 3.7 2.2 ▲
JP Morgan 4 5 8,721.3 23.4 11.7 ▲ 7 2.6 +4 ▲ BBVA 4 - 6,114.6 32.1 32.1 ▲ 5 2.5 +5 ▲ 11.4 4.5 4.5 ▲
Morgan Stanley 5 10 7,156.0 19.2 11.7 ▲ 5 1.9 +2 ▲ Deutsche Bank AG 5 1 5,836.0 30.7 4.5 ▲ 3 1.5 -1 ▼ 10.9 4.3 3.0 ▼
Bank of America Merrill Lynch 6 6 5,926.8 15.9 5.0 ▲ 3 1.1 +1 ▲ KPMG 6 7 5,807.6 30.5 21.3 ▲ 4 2.0 +1 ▲ 1.2 0.5 0.0 -
Lazard 7 15 5,617.6 15.1 11.4 ▲ 4 1.5 +2 ▲ Allied Irish Banks PLC 7* - 5,629.4 29.6 29.6 ▲ 1 0.5 +1 ▲ 8.0 3.2 3.2 ▲
Credit Suisse 8 14 4,304.2 11.6 7.3 ▲ 4 1.5 +1 ▲ Nomura 7* 29* 5,629.4 29.6 29.6 ▲ 1 0.5 0 - 5.4 2.1 1.8 ▲
Societe Generale 9 - 4,119.3 11.1 11.1 ▲ 4 1.5 +4 ▲ JP Morgan 9 8 4,749.8 25.0 16.0 ▲ 3 1.5 +1 ▲ 24.0 9.5 8.3 ▲
HSBC Holdings PLC 10 2 3,554.8 9.5 -13.4 ▼ 1 0.4 -1 ▼ Societe Generale 10 - 1,827.5 9.6 9.6 ▲ 3 1.5 +3 ▲ 11.9 4.7 4.7 ▲
Itau Unibanco 11 - 2,896.9 7.8 7.8 ▲ 1 0.4 +1 ▲ UBS 11 29* 1,493.1 7.9 7.9 ▲ 2 1.0 +1 ▲ 6.4 2.5 1.5 ▲
UBS 12 33 2,755.6 7.4 7.3 ▲ 3 1.1 +2 ▲ Citi 12 17 1,414.9 7.4 5.7 ▲ 2 1.0 +1 ▲ 13.9 5.5 4.0 ▲
Deloitte 13 34* 1,941.3 5.2 5.2 ▲ 6 2.3 +4 ▲ Credit Suisse 13 21 1,199.6 6.3 5.1 ▲ 5 2.5 +4 ▲ 7.6 3.0 1.7 ▲
Deutsche Bank AG 14 11 1,466.4 3.9 -2.8 ▼ 5 1.9 +4 ▲ Mediobanca 14* - 761.9 4.0 4.0 ▲ 1 0.5 +1 ▲ .2 0.1 0.1 ▲
KPMG 15 1 1,410.8 3.8 -24.4 ▼ 4 1.5 0 - Credit Agricole CIB 14* 11 761.9 4.0 -4.2 ▼ 2 1.0 +1 ▲ 2.9 1.2 0.2 ▼
Nomura 16 34* 1,204.1 3.2 3.2 ▲ 2 0.8 +1 ▲ Deloitte 16 29* 497.0 2.6 2.6 ▲ 3 1.5 +1 ▲ .6 0.2 0.1 ▲
Caixa Geral de Depositos 17 - 611.2 1.6 1.6 ▲ 1 0.4 +1 ▲ RBS 17 - 402.9 2.1 2.1 ▲ 2 1.0 +2 ▲ .6 0.2 0.2 ▲
RBS 18 - 402.9 1.1 1.1 ▲ 2 0.8 +2 ▲ DC Advisory Partners 18 3 385.6 2.0 -12.8 ▼ 2 1.0 -2 ▼ 4.5 1.8 1.3 ▼
Savills PLC 19* - 324.0 0.9 0.9 ▲ 1 0.4 +1 ▲ Lazard 19* 5 300.4 1.6 -10.6 ▼ 3 1.5 -1 ▼ 6.1 2.4 0.4 ▲
Eastdil Equities 19* - 324.0 0.9 0.9 ▲ 1 0.4 +1 ▲ Goldman Sachs & Co 19* 18 300.4 1.6 -0.1 ▼ 2 1.0 +1 ▲ 2.4 0.9 0.5 ▼
Socios Financieros SA 21 29 268.1 0.7 0.5 ▲ 3 1.1 0 - Banco Espirito Santo SA 21 14* 34.9 0.2 -1.6 ▼ 2 1.0 +1 ▲ 1.3 0.5 1.5 ▼
BBVA 22 24 217.7 0.6 0.0 ▲ 4 1.5 +1 ▲
Kempen and Co NV 23* - 86.3 0.2 0.2 ▲ 1 0.4 +1 ▲
Piper Jaffray Cos 23* - 86.3 0.2 0.2 ▲ 1 0.4 +1 ▲
DC Advisory Partners 25* 12 36.6 0.1 -6.6 ▼ 1 0.4 -2 ▼
37,252.2 100 0
100.0 266 -5
19,024.3 100 0
100.0 202 -38
38 252 4
252.4 100 0
100.0
Any German Involvement Announced (AD35) Jan 1 2011 – March 31 2011 Any German Involvement Completed (AF42) Jan 1 2011 – March 31 2011
JP Morgan 1 11 62,494.0 80.6 76.6 ▲ 7 1.3 +2 ▲ Morgan Stanley 1 2 13,458.5 50.6 23.4 ▲ 8 1.8 -3 ▼ 70.0 13.8 2.2 ▲
Deutsche Bank AG 2 9 60,448.4 78.0 73.1 ▲ 11 2.0 +2 ▲ Deutsche Bank AG 2 3 10,876.5 40.9 15.9 ▲ 11 2.4 -4 ▼ 29.9 5.9 3.6 ▼
Credit Suisse 3 6 55,923.4 72.2 66.5 ▲ 7 1.3 0 - Lazard 3 14 8,385.7 31.5 29.5 ▲ 10 2.2 +7 ▲ 37.6 7.4 3.5 ▲
Morgan Stanley 4 10 51,493.7 66.4 61.9 ▲ 8 1.5 +2 ▲ HSBC Holdings PLC 4 - 7,234.4 27.2 27.2 ▲ 4 0.9 +4 ▲ 19.2 3.8 3.8 ▲
Greenhill & Co, LLC 5 37* 39,104.4 50.5 50.5 ▲ 3 0.6 +2 ▲ Goldman Sachs & Co 5 1 5,988.8 22.5 -37.0 ▼ 8 1.8 +1 ▲ 37.4 7.4 12.5 ▼
Evercore Partners 6* - 39,000.0 50.3 50.3 ▲ 1 0.2 +1 ▲ Citi 6 39* 5,946.1 22.3 22.3 ▲ 3 0.7 +1 ▲ 9.1 1.8 0.9 ▲
Citi 6* 7* 39,000.0 50.3 45.3 ▲ 1 0.2 -2 ▼ Rothschild 7 16 5,737.0 21.6 20.7 ▲ 5 1.1 -3 ▼ 15.8 3.1 1.2 ▼
Goldman Sachs & Co 8 1 19,504.5 25.2 -27.7 ▼ 4 0.7 0 - UBS 8 4* 5,202.0 19.6 -3.8 ▼ 5 1.1 0 - 16.1 3.2 2.0 ▼
Societe Generale 9 - 10,302.6 13.3 13.3 ▲ 2 0.4 +2 ▲ JP Morgan 9 13 2,621.0 9.9 7.0 ▲ 4 0.9 -1 ▼ 16.4 3.2 0.0 -
BNP Paribas SA 10* - 10,154.9 13.1 13.1 ▲ 1 0.2 +1 ▲ Evercore Partners 10 - 1,400.0 5.3 5.3 ▲ 1 0.2 +1 ▲ 10.7 2.1 2.1 ▲
Perella Weinberg Partners LP 10* 2* 10,154.9 13.1 -17.7 ▼ 1 0.2 0 - Bank of America Merrill Lynch 11 - 1,291.2 4.9 4.9 ▲ 4 0.9 +4 ▲ 13.9 2.8 2.8 ▲
Bank of America Merrill Lynch 12 - 7,152.9 9.2 9.2 ▲ 3 0.6 +3 ▲ RBS 12* 10* 953.1 3.6 -0.9 ▼ 3 0.7 +2 ▲ 3.2 0.6 0.6 ▼
Barclays Capital 13 - 6,505.2 8.4 8.4 ▲ 1 0.2 +1 ▲ Gresham Partners 12* - 953.1 3.6 3.6 ▲ 1 0.2 +1 ▲ 2.0 0.4 0.4 ▲
RBS 14 4* 4,495.0 5.8 -16.3 ▼ 7 1.3 +6 ▲ Macquarie Group 12* 39* 953.1 3.6 3.6 ▲ 3 0.7 +2 ▲ 5.7 1.1 0.7 ▲
Rothschild 15* 15 4,414.8 5.7 3.7 ▲ 7 1.3 +1 ▲ Nomura 15 6* 847.3 3.2 -11.0 ▼ 3 0.7 +2 ▲ 10.4 2.1 0.9 ▲
Lazard 15* 14 4,414.8 5.7 50.3 ▲ 2 0.4 -1 ▼ BNP Paribas SA 16 39* 731.5 2.8 2.8 ▲ 3 0.7 +2 ▲ 7.0 1.4 0.5 ▲
UniCredit 15* - 4,414.8 5.7 45.3 ▲ 2 0.4 +2 ▲ Credit Suisse 17 6* 469.9 1.8 -12.4 ▼ 3 0.7 -1 ▼ 5.7 1.1 1.4 ▼
Georgieff Capital Advisors 18 - 2,338.8 3.0 -27.7 ▼ 2 0.4 +2 ▲ National Bank Financial Inc 18* - 420.3 1.6 1.6 ▲ 1 0.2 +1 ▲ 5.2 1.0 1.0 ▲
TD Securities Inc 19 - 470.0 0.6 13.3 ▲ 1 0.2 +1 ▲ GMP Capital Corp 18* - 420.3 1.6 1.6 ▲ 1 0.2 +1 ▲ .1 0.0 0.0 -
CB Richard Ellis Group Inc 20 - 342.0 0.4 13.1 ▲ 1 0.2 +1 ▲ Cofito 20* - 380.6 1.4 1.4 ▲ 1 0.2 +1 ▲ 1.0 0.2 0.2 ▲
Lincoln International 21* 33 220.3 0.3 -17.7 ▼ 1 0.2 -4 ▼ Gruppo Banca Leonardo 20* - 380.6 1.4 1.4 ▲ 1 0.2 +1 ▲ 1.0 0.2 0.2 ▲
Mummert & Company 21* - 220.3 0.3 9.2 ▲ 4 0.7 +4 ▲ UniCredit 20* 4* 380.6 1.4 -22.0 ▼ 3 0.7 +1 ▲ 3.6 0.7 2.0 ▼
Commerzbank AG 23 4* 197.9 0.3 8.4 ▲ 2 0.4 +1 ▲ Intesa SanPaolo 20* - 380.6 1.4 1.4 ▲ 1 0.2 +1 ▲ 2.1 0.4 0.4 ▲
Jones Lang LaSalle Inc 24 21* 150.8 0.2 -16.3 ▼ 1 0.2 0 - CB Richard Ellis Group Inc 24 - 342.0 1.3 1.3 ▲ 1 0.2 +1 ▲ 3.6 0.7 0.7 ▲
@VISORY partners 25 37* 143.5 0.2 3.7 ▲ 3 0.6 +2 ▲ Perella Weinberg Partners LP 25 - 283.0 1.1 1.1 ▲ 1 0.2 +1 ▲ 2.0 0.4 0.4 ▲
Industry Total 77,500.2 100.0 537 +22 Industry Total 26,612.4 100.0 457 -45 507.7 100.0
Industry % Change from Same Period Last Year 247.5% ▲ 4.3% ▲ Industry % Change from Same Period Last Year -27.2% ▼ -9.0% ▼ 10.8% ▲
Industry % Change from Last Quarter 170.0% ▲ -6.9% ▼ Industry % Change from Last Quarter 50.7% ▲ 2.2% ▲ 42.6% ▲
* tie
12
EMEA Rankings
Any Italian Involvement Announced (AD36) Jan 1 2011 – March 31 2011 Any Italian Involvement Completed (AF43) Jan 1 2011 – March 31 2011
Credit Suisse 1 - 23,968.9 78.9 78.9 ▲ 3 1.4 +3 ▲ Intesa SanPaolo 1 5 21,684.6 84.0 67.2 ▲ 11 5.9 +6 ▲ 14.1 6.5 0.4 ▲
UniCredit 2 15 20,636.3 67.9 66.7 ▲ 6 2.7 +5 ▲ Goldman Sachs & Co 2 7* 20,137.2 78.0 71.2 ▲ 2 1.1 +1 ▲ 6.7 3.1 0.7 ▲
Intesa SanPaolo 3 8 20,311.4 66.9 63.7 ▲ 7 3.2 +4 ▲ UniCredit 3 11 19,314.0 74.9 70.3 ▲ 6 3.2 +3 ▲ 15.5 7.1 4.2 ▲
UBS 4* 19 18,489.7 60.9 60.2 ▲ 1 0.5 0 - UBS 4 15 18,649.3 72.3 71.0 ▲ 2 1.1 +1 ▲ 7.1 3.3 2.9 ▲
Goldman Sachs & Co 4* 6 18,489.7 60.9 55.9 ▲ 1 0.5 0 - Barclays Capital 5* 2* 18,489.7 71.7 43.8 ▲ 1 0.5 0 - 4.8 2.2 2.0 ▲
Citi 4* 25* 18,489.7 60.9 60.9 ▲ 1 0.5 0 - Credit Suisse 5* - 18,489.7 71.7 71.7 ▲ 1 0.5 +1 ▲ 4.8 2.2 2.2 ▲
Barclays Capital 4* 25* 18,489.7 60.9 60.9 ▲ 1 0.5 0 - Citi 5* - 18,489.7 71.7 71.7 ▲ 1 0.5 +1 ▲ 4.8 2.2 2.2 ▲
Credit Agricole CIB 8 - 5,479.2 18.0 18.0 ▲ 2 0.9 +2 ▲ Mediobanca 8 10 3,145.8 12.2 7.4 ▲ 10 5.3 +8 ▲ 12.9 6.0 2.7 ▲
Bank of America Merrill Lynch 9 22 2,114.7 7.0 6.7 ▲ 2 0.9 +1 ▲ Gruppo Banca Leonardo 9 - 2,939.7 11.4 11.4 ▲ 5 2.7 +5 ▲ 5.3 2.5 2.5 ▲
Lazard 10 2 1,805.9 6.0 -8.6 ▼ 3 1.4 -1 ▼ Lazard 10 6 2,370.9 9.2 -1.7 ▼ 4 2.1 -1 ▼ 16.1 7.5 0.1 ▼
BNP Paribas SA 11 9 1,714.4 5.6 2.9 ▲ 2 0.9 -3 ▼ Deutsche Bank AG 11 2* 1,998.4 7.7 -20.2 ▼ 6 3.2 +4 ▲ 11.9 5.5 0.6 ▲
Societe Generale 12 - 1,056.8 3.5 3.5 ▲ 1 0.5 +1 ▲ JP Morgan 12 - 1,647.5 6.4 6.4 ▲ 2 1.1 +2 ▲ 8.4 3.9 3.9 ▲
Deutsche Bank AG 13 - 939.8 3.1 3.1 ▲ 3 1.4 +3 ▲ Societe Generale 13 - 1,056.8 4.1 4.1 ▲ 1 0.5 +1 ▲ 12.4 5.7 5.7 ▲
Raiffeisen Zentralbank 14 25* 749.1 2.5 2.5 ▲ 1 0.5 0 - Morgan Stanley 14* 1 911.7 3.5 -27.2 ▼ 2 1.1 0 - 3.1 1.4 6.9 ▼
Rothschild 15 3 522.3 1.7 -12.5 ▼ 4 1.8 -2 ▼ Credit Agricole CIB 14* - 911.7 3.5 3.5 ▲ 2 1.1 +2 ▲ 5.4 2.5 2.5 ▲
Mediobanca 16 1 428.3 1.4 -18.2 ▼ 4 1.8 -6 ▼ Rothschild 16 13 609.6 2.4 0.4 ▲ 3 1.6 0 - 8.7 4.0 0.6 ▼
JP Morgan 17 - 229.0 0.8 0.8 ▲ 1 0.5 +1 ▲ Bank of America Merrill Lynch 17 - 400.3 1.6 1.6 ▲ 1 0.5 +1 ▲ 4.0 1.8 1.8 ▲
Deloitte 18 25* 119.5 0.4 0.4 ▲ 4 1.8 +1 ▲ Cofito 18* - 380.6 1.5 1.5 ▲ 1 0.5 +1 ▲ 1.0 0.4 0.4 ▲
Jones Lang LaSalle Inc 19 25* 94.7 0.3 0.3 ▲ 1 0.5 0 - HSBC Holdings PLC 18* - 380.6 1.5 1.5 ▲ 1 0.5 +1 ▲ 1.0 0.4 0.4 ▲
Fineurop SpA 20 25* 72.1 0.2 0.2 ▲ 1 0.5 0 - BDO International 20 - 159.6 0.6 0.6 ▲ 1 0.5 +1 ▲ 2.1 1.0 1.0 ▲
BBVA 21 17* 28.0 0.1 -0.9 ▼ 1 0.5 -1 ▼ Deloitte 21 26* 119.5 0.5 0.5 ▲ 4 2.1 +3 ▲ .4 0.2 0.1 ▲
KPMG 22 5 14.0 0.1 -7.4 ▼ 2 0.9 -2 ▼ Jones Lang LaSalle Inc 22 26* 94.7 0.4 0.4 ▲ 1 0.5 0 - 1.6 0.7 0.4 ▲
State Bank of India 23 - 6.5 0.0 0.0 ▲ 1 0.5 +1 ▲ PricewaterhouseCoopers 23 12 94.2 0.4 -2.0 ▼ 1 0.5 -3 ▼ .3 0.1 0.2 ▼
PKF Italia SpA 24 - .6 0.0 0.0 ▲ 1 0.5 +1 ▲ Banca Popolare di Milano 24 - 73.1 0.3 0.3 ▲ 1 0.5 +1 ▲ .3 0.1 0.1 ▲
Fineurop SpA 25 26* 72.1 0.3 0.3 ▲ 1 0.5 0 - 1.7 0.8 0.4 ▲
25,802.6 100 0
100.0 187 +50 216 3
216.3 100 0
100.0
Industry Total 30,376.2 100.0 220 +49
Industry % Change from Same Period Last Year 436.9% ▲ 36.5% ▲ 50.2% ▲
Industry % Change from Same Period Last Year 705.4% ▲ 28.7% ▲ Industry % Change from Last Quarter 89.4% ▲ -15.8% ▼ -9.2% ▼
Industry % Change from Last Quarter -13.5% ▼ -18.2% ▼
Any Nordic Involvement Announced (AD37) Jan 1 2011 – March 31 2011 Any Nordic Involvement Completed (AF44) Jan 1 2011 – March 31 2011
Deutsche Bank AG 1 4 11,124.2 42.9 29.4 ▲ 4 0.7 +2 ▲ Citi 1 39* 7,427.4 33.6 33.4 ▲ 2 0.5 +1 ▲ 16.4 4.6 4.4 ▲
JP Morgan 2 5 10,823.0 41.7 30.1 ▲ 4 0.7 +3 ▲ Credit Suisse 2 4 3,295.2 14.9 -17.4 ▼ 2 0.5 -1 ▼ 15.4 4.3 1.4 ▲
Goldman Sachs & Co 3 12* 10,668.9 41.1 34.8 ▲ 3 0.5 +2 ▲ Rothschild 3 29 2,795.9 12.6 11.5 ▲ 3 0.8 0 - 24.5 6.9 5.5 ▲
RBS 4 46* 6,769.6 26.1 26.1 ▲ 3 0.5 +2 ▲ Deutsche Bank AG 4 15 2,669.2 12.1 6.3 ▲ 2 0.5 0 - 7.9 2.2 1.4 ▼
Nordea 5 46* 6,385.7 24.6 24.6 ▲ 3 0.5 +2 ▲ DnB NOR BANK ASA 5 17 2,479.2 11.2 6.7 ▲ 2 0.5 +1 ▲ 5.4 1.5 0.5 ▲
Bank of America Merrill Lynch 6 32 2,882.3 11.1 10.6 ▲ 4 0.7 +3 ▲ UBS 6 2* 1,859.4 8.4 -24.6 ▼ 4 1.0 +2 ▲ 12.4 3.5 1.4 ▲
Moelis & Co 7 - 2,000.0 7.7 7.7 ▲ 1 0.2 +1 ▲ SEB Enskilda 7 7 1,733.2 7.8 -7.3 ▼ 5 1.3 -8 ▼ 19.7 5.6 2.6 ▼
Mizuho Financial Group 8 - 1,870.1 7.2 7.2 ▲ 1 0.2 +1 ▲ Morgan Stanley 8 1 1,575.3 7.1 -37.9 ▼ 2 0.5 -4 ▼ 10.7 3.0 3.5 ▼
Lazard 9 12* 1,162.8 4.5 -1.8 ▼ 2 0.3 +1 ▲ Lazard 9 21 1,435.8 6.5 4.0 ▲ 5 1.3 +3 ▲ 17.3 4.9 3.1 ▲
Societe Generale 10 - 1,056.8 4.1 4.1 ▲ 1 0.2 +1 ▲ FIH Partners AS 10 52* 1,223.1 5.5 5.5 ▲ 3 0.8 +2 ▲ 8.1 2.3 2.1 ▲
SEB Enskilda 11 9 927.4 3.6 -6.0 ▼ 7 1.2 -4 ▼ Nordea 11 52* 1,147.9 5.2 5.2 ▲ 4 1.0 +2 ▲ 11.0 3.1 2.8 ▲
Handelsbanken Capital Markets 12 28 546.9 2.1 1.0 ▲ 3 0.5 0 - Goldman Sachs & Co 12 2* 1,096.6 5.0 -28.0 ▼ 2 0.5 0 - 6.0 1.7 6.3 ▼
Catella AB 13 18 414.1 1.6 -1.8 ▼ 6 1.0 +3 ▲ Swedbank 13 33 1,074.9 4.9 4.3 ▲ 2 0.5 +1 ▲ 3.9 1.1 0.7 ▲
Rabobank NV 14 - 274.6 1.1 1.1 ▲ 1 0.2 +1 ▲ Societe Generale 14 - 1,056.8 4.8 4.8 ▲ 1 0.3 +1 ▲ 7.5 2.1 2.1 ▲
UBS 15 8 223.0 0.9 -8.9 ▼ 3 0.5 +1 ▲ Nomura 15 5 995.7 4.5 -26.8 ▼ 2 0.5 0 - 4.2 1.2 0.4 ▼
PricewaterhouseCoopers 16 29 205.5 0.8 -0.1 ▼ 5 0.8 -5 ▼ Alpha Corporate Finance 16 - 839.1 3.8 3.8 ▲ 2 0.5 +2 ▲ 4.7 1.3 1.3 ▲
RBC Capital Markets 17 - 205.0 0.8 0.8 ▲ 1 0.2 +1 ▲ RBC Capital Markets 17 27* 813.6 3.7 2.4 ▲ 1 0.3 0 - 7.2 2.0 1.1 ▲
ABG Sundal Collier 18 37 143.7 0.6 0.4 ▲ 5 0.8 +3 ▲ Bank of America Merrill Lynch 18 8 795.4 3.6 -4.6 ▼ 2 0.5 0 - 7.7 2.2 0.8 ▼
Danske Markets 19 3 139.0 0.5 -13.7 ▼ 2 0.3 -6 ▼ Catella AB 19 20 414.1 1.9 -0.7 ▼ 5 1.3 +2 ▲ 6.1 1.7 0.1 ▼
Nomura 20* 36 119.2 0.5 0.3 ▲ 1 0.2 0 - PricewaterhouseCoopers 20 23 331.6 1.5 -0.3 ▼ 5 1.3 -3 ▼ .8 0.2 0.1 ▲
M&A International 20* 46* 119.2 0.5 0.5 ▲ 1 0.2 0 - Macquarie Group 21 - 289.0 1.3 1.3 ▲ 2 0.5 +2 ▲ 3.8 1.1 1.1 ▲
First Securities ASA 22 46* 110.4 0.4 0.4 ▲ 3 0.5 +1 ▲ Perella Weinberg Partners LP 22 - 283.0 1.3 1.3 ▲ 1 0.3 +1 ▲ 2.0 0.6 0.6 ▲
Citi 23 1 60.0 0.2 -26.3 ▼ 1 0.2 -3 ▼ DBS Group Holdings 23* - 251.7 1.1 1.1 ▲ 1 0.3 +1 ▲ 1.2 0.3 0.3 ▲
Advium Corporate Finance 24 - 58.0 0.2 0.2 ▲ 1 0.2 +1 ▲ Arctic Securities ASA 23* - 251.7 1.1 1.1 ▲ 1 0.3 +1 ▲ 3.2 0.9 0.9 ▲
Pareto Securities 25 - 54.7 0.2 0.2 ▲ 1 0.2 +1 ▲ JP Morgan 23* 9* 251.7 1.1 -6.7 ▼ 1 0.3 0 - 1.2 0.3 1.3 ▼
Industry Total 25,939.3 100.0 590 +13 Industry Total 22,112.0 100.0 391 -105 354.6 100.0
Industry % Change from Same Period Last Year 100.2% ▲ 2.3% ▲ Industry % Change from Same Period Last Year 32.7% ▲ -21.2% ▼ -5.4% ▼
* tie 13
EMEA Rankings
Any Benelux Involvement Announced (AD40) Jan 1 2011 – March 31 2011 Any Benelux Involvement Completed (AF47) Jan 1 2011 – March 31 2011
ING 1 57* 6,219.4 26.5 26.5 ▲ 10 2.6 +8 ▲ Goldman Sachs & Co 1 13 33,185.0 81.6 75.8 ▲ 6 1.8 +4 ▲ 25.8 5.7 3.3 ▲
Credit Agricole CIB 2 - 5,669.9 24.2 24.2 ▲ 2 0.5 +2 ▲ Societe Generale 2 - 29,990.4 73.7 73.7 ▲ 2 0.6 +2 ▲ 5.8 1.3 1.3 ▲
Goldman Sachs & Co 3 18 5,235.8 22.3 19.1 ▲ 4 1.0 0 - JP Morgan 3 7 27,700.0 68.1 54.3 ▲ 5 1.5 -5 ▼ 36.6 8.1 0.4 ▼
Deutsche Bank AG 4 7 5,227.0 22.3 5.3 ▲ 5 1.3 -2 ▼ BNP Paribas SA 4 23* 26,481.5 65.1 64.2 ▲ 7 2.1 +5 ▲ 24.4 5.4 4.8 ▲
Societe Generale 5 45 4,934.1 21.0 20.8 ▲ 1 0.3 0 - Morgan Stanley 5 2 25,239.2 62.0 25.3 ▲ 3 0.9 -8 ▼ 19.1 4.2 3.6 ▼
Morgan Stanley 6 4 4,502.5 19.2 -4.1 ▼ 6 1.5 -4 ▼ Rothschild 6 3 25,206.2 62.0 27.1 ▲ 7 2.1 +2 ▲ 16.2 3.6 1.5 ▼
Bank of America Merrill Lynch 7 11 3,857.4 16.5 5.8 ▲ 9 2.3 +7 ▲ Nomura 7 51* 25,161.1 61.9 61.9 ▲ 4 1.2 +1 ▲ 22.3 4.9 4.7 ▲
JP Morgan 8 8 3,016.8 12.9 -3.0 ▼ 4 1.0 -3 ▼ Banque Degroof 8 51* 25,070.6 61.6 61.6 ▲ 4 1.2 +3 ▲ 9.1 2.0 1.9 ▲
Santander 9 - 2,666.8 11.4 11.4 ▲ 1 0.3 +1 ▲ HSBC Holdings PLC 9* 36* 25,056.3 61.6 61.3 ▲ 1 0.3 0 - 7.6 1.7 1.5 ▲
BNP Paribas SA 10* 14 2,146.1 9.2 3.1 ▲ 4 1.0 -12 ▼ Ondra Partners 9* - 25,056.3 61.6 61.6 ▲ 1 0.3 +1 ▲ 7.6 1.7 1.7 ▲
Banque Degroof 10* 57* 2,146.1 9.2 9.2 ▲ 1 0.3 -1 ▼ Blackstone Group LP 9* - 25,056.3 61.6 61.6 ▲ 1 0.3 +1 ▲ 7.6 1.7 1.7 ▲
Lazard 12 15 1,643.0 7.0 1.3 ▲ 3 0.8 -10 ▼ Deutsche Bank AG 12 1 6,001.6 14.8 -35.9 ▼ 5 1.5 0 - 15.1 3.3 2.4 ▼
UBS 13 5 1,512.6 6.5 -16.3 ▼ 2 0.5 -23 ▼ ING 13 10 4,981.5 12.3 1.2 ▲ 6 1.8 0 - 9.2 2.0 1.9 ▼
Raiffeisen Zentralbank 14 - 1,293.0 5.5 5.5 ▲ 1 0.3 +1 ▲ Credit Agricole CIB 14 - 4,934.1 12.1 12.1 ▲ 2 0.6 +2 ▲ 5.4 1.2 1.2 ▲
RMB Holdings Ltd 15 - 763.7 3.3 3.3 ▲ 2 0.5 +2 ▲ Intesa SanPaolo 15 - 1,795.4 4.4 4.4 ▲ 3 0.9 +3 ▲ 3.2 0.7 0.7 ▲
Scotiabank-Bank of Nova Scotia 16 - 614.6 2.6 2.6 ▲ 1 0.3 +1 ▲ Lazard 16 14 1,731.5 4.3 0.2 ▲ 2 0.6 -2 ▼ 11.7 2.6 0.2 ▲
RBS 17 23 492.4 2.1 -0.2 ▼ 3 0.8 +1 ▲ Mediobanca 17* 35 1,647.5 4.1 3.7 ▲ 1 0.3 0 - 1.8 0.4 0.4 ▼
Perella Weinberg Partners LP 18 - 331.6 1.4 1.4 ▲ 2 0.5 +2 ▲ Gruppo Banca Leonardo 17* 20 1,647.5 4.1 2.8 ▲ 1 0.3 0 - 1.8 0.4 0.6 ▼
National Bank Financial Inc 19 - 325.2 1.4 1.4 ▲ 1 0.3 +1 ▲ Bank of America Merrill Lynch 19 - 1,298.8 3.2 3.2 ▲ 4 1.2 +4 ▲ 10.4 2.3 2.3 ▲
Barclays Capital 20 10 301.7 1.3 -9.5 ▼ 2 0.5 -1 ▼ Allen & Co Inc 20 - 996.2 2.5 2.5 ▲ 1 0.3 +1 ▲ 9.8 2.2 2.2 ▲
Rabobank NV 21 17 290.4 1.2 -3.0 ▼ 6 1.5 -7 ▼ RBC Capital Markets 21 51* 871.1 2.1 2.1 ▲ 2 0.6 +1 ▲ 3.9 0.9 0.7 ▲
Credit Suisse 22 3 264.8 1.1 -28.7 ▼ 3 0.8 -6 ▼ Jefferies & Co Inc 22 23* 610.8 1.5 0.6 ▲ 3 0.9 +2 ▲ 5.1 1.1 0.8 ▲
Merchant Securities Ltd 23 - 259.2 1.1 1.1 ▲ 1 0.3 +1 ▲ Barclays Capital 23 5 526.3 1.3 -28.7 ▼ 1 0.3 -3 ▼ 1.6 0.4 7.6 ▼
IV Global Securities PCL 24 - 250.0 1.1 1.1 ▲ 1 0.3 +1 ▲ Credit Suisse 24 19 502.8 1.2 -0.4 ▼ 4 1.2 -3 ▼ 9.9 2.2 0.2 ▼
Citi 25 1 219.7 0.9 -39.2 ▼ 2 0.5 -3 ▼ CIBC World Markets Inc 25 - 492.5 1.2 1.2 ▲ 1 0.3 +1 ▲ 6.0 1.3 1.3 ▲
23,455.9 100 0
100.0 392 -185
40,679.3 100 0
100.0 340 -156
156 454 4
454.4 100 0
100.0
Industry % Change from Same Period Last Year -35.9% ▼ -6.4% ▼ Industry % Change from Same Period Last Year 59.9% ▲ -4.5% ▼ 1.9% ▲
Industry % Change from Last Quarter -51.5% ▼ -18.5% ▼ Industry % Change from Last Quarter 67.4% ▲ -6.1% ▼ -1.5% ▼
* tie
Top 10 EMEA Involvement Announced M&A Advisors by Target Industry (AD47) Jan 1 2011 – March 31 2011
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Goldman Sachs & Co Credit Suisse Deutsche Bank AG JP Morgan Citi Morgan Stanley Evercore Partners Bank of America Merrill Greenhill & Co, LLC UBS
Lynch
Consumer Products and Services Consumer Staples Energy and Power Financials Government and Agencies
Healthcare High Technology Industrials Materials Media and Entertainment
Real Estate Retail Telecommunications
14
Asia Pacific (ex-Japan) M&A

Asian M&A Slightly Down I Deal Fees Down 20% I Australian M&A Highest Since 2007
Asia Pacific (ex-Japan) Deals Intelligence Asian Completed M&A by Region - Imputed Fees
The first three months of 2011 saw M&A activity with Asian involvement at US$108 billion, a 0.6% decrease from the North Asia
$0.7
same period last year. However, regional activity declined 40.5% from the record high of US$181.4 billion reached in
the fourth quarter of 2010. South Asia
Southeast Asia
Fees earned for the quarter are estimated at US$779.4 million, down 19.9% from the US$973 million recorded last $0.6
year, according to Thomson Reuters/Freeman Consulting. Credit Suisse was the top earner with US$33.9 million while Australasia
Morgan Stanley ranked second with US$30.8 million. UBS rounded out the top three with US$22.5 million.
$0.5
China cross border activity amounted to US$28.9 billion, an 80% rise from the US$16 billion recorded in the first quarter
of 2010. Outbound volume reached US$17.7 billion, with US$9.2 billion being invested in the Energy & Power sector
Imputed Fees (US$b)

and US$7.1 billion in the Materials industry.
$0.4
M&A activity in Australia totalled US$39.9 billion, more than double the US$16.2 billion recorded last year, and was the
highest first quarter volume since 2007.
$0.3
China Cross Border Announced M&A

$0.2
$50 100%
Outbound (US$b)
$0.1
Inbound (US$b)
% of Cross Border is Outbound

$40 80%
$0.0
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11
Rank Value (US$b)
$30 60%
% Outbound
Asia (ex-Japan) Involvement Announced Advisors by Target Industry
Mkt.
Rank Val US$m Rank Share No. Deals
$20 40% Energy and Power 28,878.9 149
Goldman Sachs & Co 11,900.0 1 41.2 2
Jefferies & Co Inc 7,553.1 3 26.2 4
Financials 17,934.6 317
$10 20% Morgan Stanley 4,039.6 1 22.5 4
China International Capital Co 2,496.3 2 13.9 2
Citi 2,209.1 3 12.3 2
Korea Development Bank 4,454.1 1* 28.6 1
$0 0% Bank of America Merrill Lynch 4,454.1 1* 28.6 1
1Q05
2Q05
3Q05
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
Goldman Sachs & Co 4,454.1 1* 28.6 1
Top Ten Any Asia (ex-Japan) Involvement Announced Deals Jan 1 2011 – March 31 2011
2/25/2011 Pending PTT Aromatics & Refining PCL (100%) PTT Chemical PCL Thailand / Thailand 5,726.6 Energy and Power / Oil & Gas
2/9/2011 Pending EnCana Corp-Cutbank Ridge (50%) PetroChina Intl Invest Co Ltd China / Canada 5,433.1 Energy and Power / Oil & Gas
3/4/2011 Pending Hyundai Engineering & Constr (34.9%) Investor Group South Korea / South Korea 4,454.1 Industrials / Building/Construction & Engineering
3/30/2011 Pending Tullow Oil-Exploration Areas (66%) Investor Group China / Uganda 2,900.0 Energy and Power / Oil & Gas
3/14/2011 Pending Ping An Insurance(Group)Co (3.4%) Jinjun Ltd Hong Kong / China 2,496.3 Financials / Other Financials
1/12/2011 Pending Nan Shan Life Insurance Co Ltd (97.6%) Ruen Chen Invest Hldg Co Ltd Taiwan / Taiwan 2,160.0 Financials / Insurance
1/11/2011 Pending Elkem AS (100%) China Bluestar(Group)Co Ltd China / Norway 2,000.0 Materials / Metals & Mining
3/29/2011 Pending Digitel (87.7%) PLDT Philippines / Philippines 1,965.7 Telecommunications / Telecommunications Services
2/1/2011 2/1/2011 BorsodChem Zrt (58%) Yantai Wanhua Polyurethanes Co China / Hungary 1,700.5 Materials / Chemicals
15
Asia (ex-Japan) Rankings

Any Asia (ex-Japan) Inv Announced (AD25) Jan 1 2011 – March 31 2011 Any Asia (ex-Japan) Involvement Completed (AF32) Jan 1 2011 – March 31 2011
Goldman Sachs & Co 1 2 18,644.1 17.3 0.5 ▲ 9 0.4 -5 ▼ Morgan Stanley 1 1 10,407.4 16.0 -2.6 ▼ 11 0.9 -11 ▼ 30.8 4.0 4.3 ▼
Morgan Stanley 2 1 16,573.6 15.4 -4.3 ▼ 13 0.6 -3 ▼ GF Securities 2* 33 8,961.2 13.8 12.8 ▲ 1 0.1 -6 ▼ .4 0.0 0.0 -
Bank of America Merrill Lynch 3 17 9,346.6 8.7 6.3 ▲ 12 0.5 +5 ▲ China Jianyin Invest Sec 2* - 8,961.2 13.8 13.8 ▲ 1 0.1 +1 ▲ 3.5 0.5 0.5 ▲
Jefferies & Co Inc 4 46 8,773.6 8.1 7.7 ▲ 7 0.3 +3 ▲ Goldman Sachs & Co 4 6 7,229.8 11.1 5.6 ▲ 7 0.6 -5 ▼ 16.2 2.1 1.6 ▼
Kim Eng Holdings Ltd 5 149 5,727.3 5.3 5.3 ▲ 4 0.2 +3 ▲ Citi 5 12 6,600.9 10.1 7.0 ▲ 6 0.5 -1 ▼ 14.4 1.9 0.2 ▼
Trinity Securities Group 6 - 5,726.7 5.3 5.3 ▲ 1 0.0 +1 ▲ Credit Suisse 6 4 5,023.7 7.7 1.1 ▲ 8 0.7 -9 ▼ 33.9 4.4 1.0 ▲
Deutsche Bank AG 7 11 5,547.4 5.1 -1.3 ▼ 11 0.5 +4 ▲ UBS 7 5 3,545.6 5.4 -0.1 ▼ 10 0.9 -6 ▼ 22.5 2.9 1.0 ▼
Barclays Capital 8* 5 5,433.1 5.0 -8.5 ▼ 2 0.1 -5 ▼ China International Capital Co 8 3 3,164.9 4.9 -10.1 ▼ 6 0.5 -4 ▼ 3.5 0.5 0.4 ▼
RBC Capital Markets 8* 59* 5,433.1 5.0 4.8 ▲ 1 0.0 0 - Deutsche Bank AG 9 17 2,976.1 4.6 2.0 ▲ 11 0.9 +6 ▲ 21.7 2.8 1.8 ▲
China International Capital Co 10 9 4,897.2 4.5 -4.1 ▼ 9 0.4 +3 ▲ Nomura 10 7 2,767.8 4.3 0.1 ▲ 3 0.3 -3 ▼ 10.0 1.3 1.3 ▼
Korea Development Bank 11 33 4,454.1 4.1 3.3 ▲ 1 0.0 -2 ▼ JP Morgan 11 8 2,558.8 3.9 0.1 ▲ 5 0.4 -3 ▼ 15.8 2.0 1.4 ▼
Citi 12 10 3,330.1 3.1 -5.1 ▼ 8 0.3 0 - Lazard 12 72* 2,337.0 3.6 3.5 ▲ 4 0.3 +3 ▲ 11.7 1.5 1.4 ▲
RBS 13 18 2,875.0 2.7 0.6 ▲ 3 0.1 -1 ▼ Rothschild 13 51 2,290.8 3.5 3.2 ▲ 8 0.7 +7 ▲ 17.4 2.2 1.8 ▲
UBS 14 3 2,379.5 2.2 -13.7 ▼ 10 0.4 -7 ▼ Deloitte 14 26 2,264.8 3.5 1.9 ▲ 8 0.7 -6 ▼ 2.0 0.3 0.1 ▲
Credit Suisse 15 14 2,346.7 2.2 -1.8 ▼ 9 0.4 -3 ▼ CIMB Group Sdn Bhd 15 25 2,094.0 3.2 1.4 ▲ 13 1.1 -3 ▼ 15.4 2.0 1.1 ▲
ING 16 36 2,079.1 1.9 1.2 ▲ 3 0.1 +1 ▲ Houlihan Lokey 16* 72* 1,700.5 2.6 2.5 ▲ 1 0.1 0 - 2.9 0.4 0.3 ▲
JP Morgan 17 12 2,003.8 1.9 -3.7 ▼ 6 0.3 -1 ▼ Lincoln International 16* 81 1,700.5 2.6 2.5 ▲ 1 0.1 -2 ▼ 2.9 0.4 0.3 ▲
Moelis & Co 18 98 2,000.0 1.9 1.8 ▲ 2 0.1 +1 ▲ Bank of America Merrill Lynch 16* 19 1,700.5 2.6 0.0 ▲ 1 0.1 -4 ▼ 8.7 1.1 0.0 -
Nomura 19 13 1,781.3 1.7 -3.2 ▼ 4 0.2 -1 ▼ DC Advisory Partners 16* 113* 1,700.5 2.6 2.6 ▲ 2 0.2 +1 ▲ 3.5 0.5 0.5 ▲
Houlihan Lokey 20* 48 1,700.5 1.6 1.3 ▲ 1 0.0 -2 ▼ RBS 20 29 1,672.9 2.6 1.3 ▲ 5 0.4 +2 ▲ 9.5 1.2 0.4 ▲
Lincoln International 20* 108 1,700.5 1.6 1.6 ▲ 1 0.0 -2 ▼ Macquarie Group 21 43 1,546.6 2.4 1.9 ▲ 5 0.4 -2 ▼ 14.1 1.8 1.1 ▲
DC Advisory Partners 20* 62 1,700.5 1.6 1.4 ▲ 2 0.1 0 - Woori Invest & Sec Co Ltd 22 - 1,513.3 2.3 2.3 ▲ 5 0.4 +5 ▲ 5.5 0.7 0.7 ▲
Standard Chartered PLC 23 4 1,692.2 1.6 -13.3 ▼ 5 0.2 -6 ▼ HSBC Holdings PLC 23 28 1,491.0 2.3 0.9 ▲ 4 0.3 0 - 5.4 0.7 0.4 ▼
Huatai Securities 24 37 1,651.1 1.5 0.8 ▲ 4 0.2 -1 ▼ Standard Chartered PLC 24 20 1,186.5 1.8 -0.7 ▼ 4 0.3 -1 ▼ 11.7 1.5 0.5 ▼
HSBC Holdings PLC 25 7 1,628.0 1.5 -8.6 ▼ 4 0.2 +2 ▲ AMMB Holdings Bhd 25 52 1,186.4 1.8 1.5 ▲ 3 0.3 +1 ▲ 7.7 1.0 0.7 ▲
107,954.3 100 0
100.0 2 320
2,320 +22 Industry Total 65 136 8
65,136.8 100 0
100.0 1 174
1,174 -242
242 779 4
779.4 100 0
100.0
Industry % Change from Same Period Last Year -0.6% ▼ 1.0% ▲ Industry % Change from Same Period Last Year -16.1% ▼ -17.1% ▼ -19.9% ▼
Any Australian Involvement Announced (AD24) Jan 1 2011 – March 31 2011 Any Australian Involvement Completed (AF31) Jan 1 2011 – March 31 2011
Barclays Capital 1 12* 14,150.0 35.4 33.1 ▲ 2 0.5 +1 ▲ UBS 1 2 24,027.5 62.0 37.7 ▲ 15 4.7 +7 ▲ 68.4 14.8 6.7 ▲
JP Morgan 2 6* 13,541.4 33.9 22.7 ▲ 3 0.7 +1 ▲ Macquarie Group 2 4 21,995.5 56.7 40.8 ▲ 11 3.4 -3 ▼ 64.2 13.8 6.9 ▲
Goldman Sachs & Co 3 2 10,368.7 26.0 -0.6 ▼ 6 1.4 -5 ▼ Deutsche Bank AG 3 18 15,203.8 39.2 37.6 ▲ 8 2.5 +5 ▲ 35.9 7.7 6.4 ▲
UBS 4 1 10,245.6 25.7 -4.8 ▼ 4 0.9 +1 ▲ Goldman Sachs & Co 4 1 10,297.5 26.6 -9.5 ▼ 12 3.8 -5 ▼ 40.2 8.7 4.7 ▼
Deutsche Bank AG 5 25 9,806.9 24.6 23.8 ▲ 4 0.9 +1 ▲ Lazard 5 - 7,033.1 18.1 18.1 ▲ 5 1.6 +5 ▲ 20.5 4.4 4.4 ▲
Flagstaff Partners Pty Ltd 6 - 9,442.8 23.6 23.6 ▲ 3 0.7 +3 ▲ Greenhill & Co, LLC 6 - 6,167.7 15.9 15.9 ▲ 3 0.9 +3 ▲ 12.6 2.7 2.7 ▲
Wells Fargo & Co 7* - 9,400.0 23.5 23.5 ▲ 1 0.2 +1 ▲ Credit Suisse 7 7 4,738.1 12.2 6.9 ▲ 5 1.6 +3 ▲ 19.6 4.2 2.5 ▲
Lazard 7* - 9,400.0 23.5 23.5 ▲ 2 0.5 +2 ▲ Morgan Stanley 8 3 4,141.7 10.7 -5.2 ▼ 8 2.5 +4 ▲ 22.4 4.8 2.1 ▼
Moelis & Co 7* - 9,400.0 23.5 23.5 ▲ 2 0.5 +2 ▲ Rothschild 9 - 3,686.7 9.5 9.5 ▲ 3 0.9 +3 ▲ 7.0 1.5 1.5 ▲
Credit Suisse 10 19 5,443.9 13.6 12.0 ▲ 3 0.7 0 - Moelis & Co 10 - 2,503.0 6.5 6.5 ▲ 1 0.3 +1 ▲ 2.2 0.5 0.5 ▲
Jefferies & Co Inc 11 - 4,750.0 11.9 11.9 ▲ 1 0.2 +1 ▲ Gresham Partners 11 5 1,862.8 4.8 -7.6 ▼ 6 1.9 +1 ▲ 8.4 1.8 2.5 ▼
Haywood Securities Ltd. 12* - 4,686.3 11.7 11.7 ▲ 1 0.2 +1 ▲ Citi 12* 6 1,479.6 3.8 -2.5 ▼ 1 0.3 -2 ▼ 4.1 0.9 2.4 ▼
Carnegie 12* - 4,686.3 11.7 11.7 ▲ 1 0.2 +1 ▲ HSBC Holdings PLC 12* - 1,479.6 3.8 3.8 ▲ 1 0.3 +1 ▲ 5.2 1.1 1.1 ▲
Scotiabank-Bank of Nova Scotia 12* - 4,686.3 11.7 11.7 ▲ 1 0.2 +1 ▲ ANZ Banking Group 14 - 1,019.6 2.6 2.6 ▲ 2 0.6 +2 ▲ 3.7 0.8 0.8 ▲
TD Securities Inc 12* 15* 4,686.3 11.7 9.8 ▲ 1 0.2 0 - BMO Capital Markets 15 - 987.1 2.6 2.6 ▲ 1 0.3 +1 ▲ 8.6 1.9 1.9 ▲
O'Sullivan Partners 16 33 4,301.1 10.8 10.6 ▲ 2 0.5 +1 ▲ RBS 16 27* 953.1 2.5 2.0 ▲ 1 0.3 -2 ▼ 2.0 0.4 0.1 ▼
Citi 17 5 1,503.7 3.8 -15.1 ▼ 2 0.5 +1 ▲ Investec 17 41* 803.4 2.1 2.1 ▲ 1 0.3 0 - 7.5 1.6 1.5 ▲
Bank of America Merrill Lynch 18 - 1,170.7 2.9 2.9 ▲ 4 0.9 +4 ▲ Solon Management Consulting Gm 18 - 763.9 2.0 2.0 ▲ 1 0.3 +1 ▲ 2.6 0.6 0.6 ▲
Macquarie Group 19 10 961.7 2.4 -2.3 ▼ 5 1.2 -4 ▼ Hartleys Ltd 19 36 748.1 1.9 1.8 ▲ 1 0.3 0 - 5.1 1.1 1.0 ▲
ANZ Banking Group 20 - 953.5 2.4 2.4 ▲ 2 0.5 +2 ▲ Standard Chartered PLC 20 - 537.2 1.4 1.4 ▲ 3 0.9 +3 ▲ 5.7 1.2 1.2 ▲
Gresham Partners 21 8 665.1 1.7 -6.0 ▼ 4 0.9 +2 ▲ Cormark Securities Inc 21 - 258.7 0.7 0.7 ▲ 1 0.3 +1 ▲ 2.4 0.5 0.5 ▲
Hartleys Ltd 22 23 494.2 1.2 0.4 ▲ 1 0.2 0 - FirstEnergy Capital Corp 22* - 190.3 0.5 0.5 ▲ 1 0.3 +1 ▲ .9 0.2 0.2 ▲
Morgan Stanley 23 4 463.0 1.2 -18.5 ▼ 1 0.2 -1 ▼ GMP Capital Corp 22* - 190.3 0.5 0.5 ▲ 1 0.3 +1 ▲ .9 0.2 0.2 ▲
Ernst & Young LLP 24 9 343.0 0.9 -6.7 ▼ 2 0.5 -5 ▼ PricewaterhouseCoopers 24 33 120.0 0.3 -0.1 ▼ 5 1.6 +1 ▲ .3 0.1 0.0 -
Rothschild 25 3 250.0 0.6 -19.9 ▼ 1 0.2 -4 ▼ BDO International 25 41* 74.5 0.2 0.2 ▲ 1 0.3 0 - 1.0 0.2 0.1 ▲
* tie
16
Asia (ex-Japan) Rankings

Any New Zealand Inv Announced (AD39) Jan 1 2011 – March 31 2011 Any New Zealand Involvement Completed (AF46) Jan 1 2011 – March 31 2011
Credit Suisse 1 - 1,350.0 16.5 16.5 ▲ 2 4.4 +2 ▲ UBS 1* 8* 796.1 76.0 71.2 ▲ 1 2.9 0 - 5.8 15.7 14.2 ▲
Nomura 2* - 950.0 11.6 11.6 ▲ 1 2.2 +1 ▲ Macquarie Group 1* 1 796.1 76.0 53.5 ▲ 2 5.9 +1 ▲ 7.3 19.7 9.2 ▲
Goldman Sachs & Co 2* - 950.0 11.6 11.6 ▲ 2 4.4 +2 ▲ Gresham Partners 3 - 177.4 16.9 16.9 ▲ 2 5.9 +2 ▲ 1.3 3.6 3.6 ▲
Macquarie Group 4* 2 463.0 5.6 -0.6 ▼ 1 2.2 0 - Deutsche Bank AG 4 - 143.0 13.7 13.7 ▲ 3 8.8 +3 ▲ 6.5 17.7 17.7 ▲
Morgan Stanley 4* - 463.0 5.6 5.6 ▲ 1 2.2 +1 ▲ PricewaterhouseCoopers 5* 8* 30.9 3.0 -1.8 ▼ 3 8.8 -1 ▼ .1 0.1 0.8 ▼
Bank of America Merrill Lynch 6 - 400.0 4.9 4.9 ▲ 1 2.2 +1 ▲ Chapman Holdings Inc 5* - 30.9 3.0 3.0 ▲ 1 2.9 +1 ▲ .2 0.4 0.4 ▲
Gresham Partners 7* - 143.0 1.7 1.7 ▲ 1 2.2 +1 ▲ Andover Corporate Finance 5* - 30.9 3.0 3.0 ▲ 1 2.9 +1 ▲ .2 0.4 0.4 ▲
Deutsche Bank AG 7* 5* 143.0 1.7 1.7 ▲ 2 4.4 +1 ▲ Cameron Partners Ltd 5* - 30.9 3.0 3.0 ▲ 2 5.9 +2 ▲ .5 1.4 1.4 ▲
Deloitte 9 3 61.3 0.8 0.6 ▲ 1 2.2 -7 ▼ Ernst & Young LLP 9 7 10.5 1.0 -4.8 ▼ 1 2.9 -1 ▼ .0 0.1 0.8 ▼
PricewaterhouseCoopers 10 5* 20.3 0.3 0.3 ▲ 3 6.7 0 - Austock Corporate 10 - 9.1 0.9 0.9 ▲ 1 2.9 +1 ▲ .2 0.4 0.4 ▲
Cameron Partners Ltd 11 - .0 0.0 0.0 ▲ 1 2.2 +1 ▲ Freehills Carter Smith Beadle 11* - 4.9 0.5 0.5 ▲ 1 2.9 +1 ▲ .0 0.1 0.1 ▲
Wilson HTM 11* - 4.9 0.5 0.5 ▲ 1 2.9 +1 ▲ .0 0.1 0.1 ▲
Industry % Change from Last Quarter 149.1% ▲ -25.0% ▼ Industry % Change from Last Quarter -84.4% ▼ -19.0% ▼ 28.5% ▲
* tie
Top 10 Asia (ex-Japan) Involvement Announced M&A Advisors by Target Industry (AD25) Jan 1 2011 – March 31 2011
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Goldman Sachs & Co Morgan Stanley Bank of America Merrill Jefferies & Co Inc Kim Eng Holdings Ltd Trinity Securities Group Deutsche Bank AG Barclays Capital RBC Capital Markets China International
Lynch Capital Co
Telecommunications Retail Real Estate Media and Entertainment Materials
Industrials High Technology Healthcare Government and Agencies Financials
Energy and Power Consumer Staples Consumer Products and Services
17
Japan M&A
Japanese M&A Up 6% | High Technology Leads Activity | Outbound Accounts for 85% of Cross Border Activity
Japan Deals Intelligence Any Japanese Involvement Announced M&A
Announced M&A with Japanese involvement during the first quarter of 2011 increased by 5.9% to US$36.7 billion, $200 3,500
Q4 Volume (US$b)
compared to the same period last year. By number of deals, volume decreased by 15.2% to 675 announced deals, the
Q3 Volume (US$b)
lowest number of deals since the first quarter of 2005. $175
Q2 Volume (US$b) 3,000
Q1 Volume (US$b)
$150 # of Deals
High Technology, which saw a 326.1% increase from the same period last year, was the most active industry for the 2,500
Rank Value (US$b)

first quarter of 2011 and totalled US$7.5 billion. It was driven by the top deal: Western Digital Ireland’s US$4.3 billion
acquisition of Viviti Technologies. The sector also saw the largest number of deals among all industries. $125
# of Deals
2,000
$100
Despite volume decreasing by 18.1% from the same period last year, outbound activity accounted for 84.6% of the total 1,500
value of cross border transactions. Healthcare was the most targeted industry for cross border M&A and recorded a $75
total of 36.4% of the first quarter market share. This was mainly driven by Terumo's US$2.6 billion acquisition of US-
1,000
based CaridianBCT. Inbound activity totalled US$2.1 billion, a 54.9% increase from the same period last year. $50
$25 500
Completed M&A with Japanese Involvement recorded a total of US$34 billion, a 3.5% increase from the same period
last year. Estimated fees also decreased by 20.7% to US$397.6 million, according to Thomson Reuters/Freeman
$0 0
Consulting.
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Japanese Involvement Announced M&A - Top Advisors by Target Industry Japanese Completed M&A Imputed Fees Japanese Cross Border Volume
Rank Val Mkt.
180 700
US$m Rank Share No. Deals $20 Inbound (US$b) Outbound (US$b) # of Deals 200
High Technology 7,529.8 119
160
Mitsubishi UFJ Morgan Stanley 6,045.4 1 80.3 4 600
$18 180
Bank of America Merrill Lynch 4,250.3 2* 56.5 1
Goldman Sachs & Co 4,250.3 2* 56.5 2 140 $16 160
Rank Value (US$b)

500
Nomura 4,446.9 1 62.3 9 120 $14 140
Imputed fees (US$m)

Rank Value (US$b)
Mitsubishi UFJ Morgan Stanley 3,554.9 2 49.8 3
# of Deals
Goldman Sachs & Co 2,057.5 3 28.8 1 100
400 $12 120
Real Estate 4,571.5 35
GCA Savvian Group Corp 56.3 1* 1.2 1 $10 100
80
Sumitomo Mitsui Finl Grp Inc 56.3 1* 1.2 1 300
Plutus Consulting Co Ltd 21.9 3 .5 1
$8 80
Healthcare 4,250.8 37 60
Evercore Partners 2,625.0 1* 61.8 1 200
$6 60
Mizuho Financial Group 2,625.0 1* 61.8 1 40
Goldman Sachs & Co 2,625.0 1* 61.8 1
100 $4 40
20
$2 20
0 0
2006 2007 2008 2009 2010 2011 $0 0
1Q 2Q 3Q 4Q 1Q Imputed Fees 1Q00 1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11
Top Ten Japanese Involvement Announced Deals Jan 1 2011 – March 31 2011
3/7/2011 Pending Viviti Technologies Ltd (100%) Western Digital Ireland Ltd Cayman Islands / United States 4,250.3 High Technology / Computers & Peripherals
3/7/2011 Pending CaridianBCT Inc (100%) Terumo Corp Japan / United States 2,625.0 Healthcare / Healthcare Equipment & Supplies
1/31/2011 3/1/2011 Daito Trust Construction Co (31.97%) Daito Trust Construction Co Japan / Japan 2,449.4 Industrials / Building/Construction & Engineering
3/3/2011 Pending CBMM (15%) Investor Group Japan / Brazil 1,950.0 Materials / Metals & Mining
2/24/2011 Pending CSK Corp (100%) Investor Group Japan / Japan 1,510.1 High Technology / IT Consulting & Services
2/3/2011 3/22/2011 CCC (51.81%) MM Holdings Co Ltd Japan / Japan 1,125.1 Media and Entertainment / Motion Pictures / Audio Visual
3/3/2011 Pending Kwik Fit(GB)Ltd (100%) Itochu Europe PLC United Kingdom / United Kingdom 1,039.8 Industrials / Automobiles & Components
2/28/2011 Pending Plexxikon Inc (100%) Daiichi Sankyo Co Ltd Japan / United States 935.0 Healthcare / Pharmaceuticals
3/11/2011 Pending Promise Co Ltd-Building (100%) Investor Group Japan / Japan 880.0 Real Estate / Non Residential
3/8/2011 3/22/2011 Hero Honda Motors Ltd (26%) Hero Investments Pvt Ltd India / India 852.3 Industrials / Automobiles & Components
18
Japan Rankings
Any Japanese Involvement Announced (AD19) Jan 1 2011 – March 31 2011 Any Japanese Involvement Completed (AF23) Jan 1 2011 – March 31 2011
Goldman Sachs & Co 1 9 10,882.8 29.7 19.0 ▲ 6 0.9 +1 ▲ Nomura 1 9 22,104.6 65.1 59.5 ▲ 33 9.1 +3 ▲ 51.0 12.8 8.1 ▲
Mitsubishi UFJ Morgan Stanley 2 11 10,469.8 28.6 - - 17 2.5 - - JP Morgan 2 2 16,462.9 48.5 21.5 ▲ 5 1.4 +1 ▲ 23.7 6.0 1.0 ▼
Nomura 3 1 9,809.6 26.8 -8.0 ▼ 32 4.7 +2 ▲ Citi 3 11 12,826.8 37.8 33.3 ▲ 5 1.4 -1 ▼ 24.9 6.3 3.2 ▲
Bank of America Merrill Lynch 4 3 5,797.0 15.8 -2.2 ▼ 6 0.9 0 - Sumitomo Mitsui Finl Grp Inc 4 14 12,763.3 37.6 34.8 ▲ 20 5.5 +5 ▲ 24.8 6.2 4.7 ▲
Mizuho Financial Group 5 14 5,472.8 14.9 13.1 ▲ 32 4.7 +6 ▲ Mitsubishi UFJ Morgan Stanley 5 6 9,271.8 27.3 - - 15 4.1 - - 35.1 8.8 - -
Sumitomo Mitsui Finl Grp Inc 6 12 4,158.3 11.4 9.0 ▲ 26 3.9 0 - Goldman Sachs & Co 6 7 7,122.5 21.0 11.3 ▲ 4 1.1 -2 ▼ 12.6 3.2 3.3 ▼
Deutsche Bank AG 7 2 3,251.1 8.9 -15.5 ▼ 5 0.7 0 - Barclays Capital 7 - 4,909.4 14.5 14.5 ▲ 4 1.1 +4 ▲ 11.1 2.8 2.8 ▲
Evercore Partners 8 - 2,625.0 7.2 7.2 ▲ 1 0.1 +1 ▲ Bank of America Merrill Lynch 8 10 4,904.9 14.4 8.9 ▲ 3 0.8 +1 ▲ 21.7 5.5 2.8 ▲
GCA Savvian Group Corp 9 15 1,980.0 5.4 4.1 ▲ 11 1.6 +3 ▲ Perella Weinberg Partners LP 9 - 4,800.0 14.1 14.1 ▲ 2 0.6 +2 ▲ 6.2 1.6 1.6 ▲
Itau Unibanco 10 - 1,950.0 5.3 5.3 ▲ 1 0.1 +1 ▲ GCA Savvian Group Corp 10 19 1,969.1 5.8 4.2 ▲ 11 3.0 +4 ▲ 14.4 3.6 2.3 ▲
JP Morgan 11 4 1,684.9 4.6 -10.0 ▼ 4 0.6 -1 ▼ KPMG 11 17 1,728.0 5.1 2.9 ▲ 10 2.8 +4 ▲ 10.8 2.7 1.3 ▲
KPMG 12 13 1,657.3 4.5 2.4 ▲ 7 1.0 -1 ▼ Mizuho Financial Group 12 1 1,395.9 4.1 -23.4 ▼ 24 6.6 -11 ▼ 17.6 4.4 3.9 ▼
Plutus Consulting Co Ltd 13 25 1,169.0 3.2 2.7 ▲ 7 1.0 +2 ▲ Daiwa Securities Group Inc 13 16 1,364.2 4.0 1.8 ▲ 8 2.2 -5 ▼ 8.4 2.1 0.4 ▲
Corporate Directions Inc{CDI} 14 67 1,125.1 3.1 3.1 ▲ 1 0.1 0 - Plutus Consulting Co Ltd 14 39 1,229.3 3.6 3.5 ▲ 5 1.4 +1 ▲ 6.1 1.5 1.3 ▲
Credit Suisse 15 - 1,102.8 3.0 3.0 ▲ 3 0.4 +3 ▲ Corporate Directions Inc{CDI} 15 68* 1,127.1 3.3 3.3 ▲ 2 0.6 +1 ▲ 2.7 0.7 0.7 ▲
BDO International 16 - 1,039.8 2.8 2.8 ▲ 1 0.1 +1 ▲ Deutsche Bank AG 16 8 820.3 2.4 -6.6 ▼ 3 0.8 -3 ▼ 8.4 2.1 2.4 ▼
Masters Trust Inc 17 51 736.3 2.0 2.0 ▲ 1 0.1 0 - Credit Suisse 17 4 437.4 1.3 -13.7 ▼ 3 0.8 +1 ▲ 3.5 0.9 1.0 ▼
HSBC Holdings PLC 18 - 679.6 1.9 1.9 ▲ 1 0.1 +1 ▲ PricewaterhouseCoopers 18 15 392.4 1.2 -1.6 ▼ 5 1.4 -1 ▼ 1.0 0.2 0.1 ▼
Robert W Baird & Co Inc 19 - 586.8 1.6 1.6 ▲ 1 0.1 +1 ▲ TFP Consulting Group Co Ltd 19 - 354.7 1.0 1.0 ▲ 3 0.8 +3 ▲ 2.8 0.7 0.7 ▲
PricewaterhouseCoopers 20 20 552.9 1.5 0.8 ▲ 5 0.7 0 - Deloitte 20 33 319.2 0.9 0.4 ▲ 5 1.4 -5 ▼ 2.3 0.6 0.4 ▲
Numis 21 - 513 7
513.7 14
1.4 14 ▲
1.4 1 0 1 +1
0.1 ▲ Lincoln International 21 - 265 0
265.0 08
0.8 08 ▲
0.8 1 0 3 +1
0.3 ▲ 25
2.5 06
0.6 06 ▲
0.6
Daiwa Securities Group Inc 22 10 487.7 1.3 -4.5 ▼ 14 2.1 0 - Trustees Advisory 22 - 233.2 0.7 0.7 ▲ 3 0.8 +3 ▲ 2.8 0.7 0.7 ▲
Citi 23 5 404.5 1.1 -13.1 ▼ 2 0.3 -4 ▼ Greenhill & Co, LLC 23 - 126.5 0.4 0.4 ▲ 2 0.6 +2 ▲ 3.6 0.9 0.9 ▲
Frontier Management Inc 24 64 356.8 1.0 1.0 ▲ 4 0.6 -5 ▼ PrinceRidge Group LLC 24 - 120.0 0.4 0.4 ▲ 1 0.3 +1 ▲ 2.2 0.6 0.6 ▲
Rothschild 25* - 293.2 0.8 0.8 ▲ 2 0.3 +2 ▲ Houlihan Lokey 25 64 100.5 0.3 0.3 ▲ 1 0.3 0 - 1.3 0.3 0.3 ▲
Stamford Partners Ltd 25* - 293.2 0.8 0.8 ▲ 1 0.1 +1 ▲ Industry Total 33,974.5 100.0 363 -323 397.6 100.0
Industry Total 36,652.4 100.0 675 -121
Industry % Change from Same Period Last Year 3.5% ▲ -47.1% ▼ -20.7% ▼
Industry % Change from Same Period Last Year 5.9% ▲ -15.2% ▼ Industry % Change from Last Quarter -4.9% ▼ -28.0% ▼ -18.8% ▼
Industry % Change from Last Quarter 19.5% ▲ -10.0% ▼
* tie
Top 10 Any Japanese Involvement Announced M&A Advisors by Target Industry (AD19) Jan 1 2011 – March 31 2011
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Goldman Sachs & Co Mitsubishi UFJ Morgan Nomura Bank of America Merrill Mizuho Financial Group Sumitomo Mitsui Finl Grp Deutsche Bank AG Evercore Partners GCA Savvian Group Corp Itau Unibanco
Stanley Lynch Inc
Consumer Products and Services Consumer Staples Energy and Power Financials Government and Agencies Healthcare High Technology Industrials Materials Media and Entertainment Real Estate Retail Telecommunications
19
Fairness Opinion Rankings †
Worldwide Announced Any Americas Announced Any US Announced Fairness

Fairness Opinion Jan 1 2011 – March 31 2011 Fairness Opinion Jan 1 2011 – March 31 2011 Opinion Jan 1 2011 – March 31 2011
Based on Number of Transactions Based on Number of Transactions Based on Number of Transactions
# of Deals per Advisor Rank Value (US$m) # of Deals per Advisor Rank Value (US$m) # of Deals per Advisor Rank Value (US$m)
2011 2010 # of Market Change in Rank Value Market 2011 2010 # of Market Change in Rank Value Market 2011 2010 # of Market Change in Rank Value Market
Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%)
JP Morgan 1 5* 9 6.3 +3 ▲ 46,857.5 37.2 JP Morgan 1 7* 6 7.8 +3 ▲ 43,520.7 46.2 JP Morgan 1 10* 6 9.4 +4 ▲ 43,520.7 49.6
China International Capital Co 2 28* 8 5.6 +6 ▲ 2,400.9 1.9 Moelis & Co 2 - 5 6.5 +5 ▲ 2,020.9 2.1 Moelis & Co 2 - 5 7.8 +5 ▲ 2,020.9 2.3
Morgan Stanley 3 11* 7 4.9 +3 ▲ 26,687.4 21.2 Barclays Capital 3* 19* 4 5.2 +3 ▲ 28,400.2 30.1 Barclays Capital 3* 14* 4 6.3 +3 ▲ 28,400.2 32.3
Credit Suisse 4* 19* 5 3.5 +2 ▲ 8,712.0 6.9 Morgan Stanley 3* 7* 4 5.2 +1 ▲ 25,461.9 27.0 Morgan Stanley 3* 4* 4 6.3 +1 ▲ 25,461.9 29.0
Moelis & Co 4* - 5 3.5 +5 ▲ 2,020.9 1.6 Credit Suisse 3* 19* 4 5.2 +3 ▲ 5,157.2 5.5 Credit Suisse 3* 14* 4 6.3 +3 ▲ 5,157.2 5.9
Barclays Capital 6* 42* 4 2.8 +3 ▲ 28,400.2 22.5 Raymond James Financial Inc 6* - 3 3.9 +3 ▲ 794.0 0.8 UBS 6* 4* 3 4.7 0 ‐ 454.1 0.5
Huatai Securities 6* 8* 4 2.8 -1 ▼ 1,651.1 1.3 UBS 6* 3* 3 3.9 -1 ▼ 454.1 0.5 Goldman Sachs & Co 6* 2 3 4.7 -2 ▼ 10,416.8 11.9
Deutsche Bank AG 6* 5* 4 2.8 -2 ▼ 5,950.3 4.7 RBC Capital Markets 6* 3* 3 3.9 -1 ▼ 1,506.5 1.6 Sandler O'Neill Partners 6* - 3 4.7 +3 ▲ 497.5 0.6
UBS 6* 1 4 2.8 -21 ▼ 624.1 0.5 Goldman Sachs & Co 6* 2 3 3.9 -2 ▼ 10,416.8 11.1 Jefferies & Co Inc 6* 14* 3 4.7 +2 ▲ 491.4 0.6
Nomura 6* 42* 4 2.8 +3 ▲ 2,387.2 1.9 Jefferies & Co Inc 6* 19* 3 3.9 +2 ▲ 491.4 0.5 Bank of America Merrill Lynch 6* - 3 4.7 +3 ▲ 26,520.3 30.2
M&A International 6* 11* 4 2.8 0 ‐ 102.7 0.1 Bank of America Merrill Lynch 6* - 3 3.9 +3 ▲ 26,520.3 28.1 Lazard 11* 14* 2 3.1 +1 ▲ 30,271.7 34.5
GF Securities 12* 28* 3 2.1 +1 ▲ 1,049.1 0.8 Sandler O'Neill Partners 6* - 3 3.9 +3 ▲ 497.5 0.5 RBC Capital Markets 11* 4* 2 3.1 -1 ▼ 1,312.0 1.5
Haitong Securities 12* 42* 3 2.1 +2 ▲ 263.7 0.2 FirstEnergy Capital Corp 13* - 2 2.6 +2 ▲ 135.8 0.1 Deutsche Bank AG 11* 10* 2 3.1 0 ‐ 535.5 0.6
Raymond James Financial Inc 12* - 3 2.1 +3 ▲ 794.0 0.6 Deutsche Bank AG 13* 7* 2 2.6 -1 ▼ 535.5 0.6 Citi 11* - 2 3.1 +2 ▲ 3,898.3 4.4
DBS Group Holdings 12* 28* 3 2.1 +1 ▲ 611.9 0.5 Lazard 13* 19* 2 2.6 +1 ▲ 30,271.7 32.1 Qatalyst Partners 11* - 2 3.1 +2 ▲ 3,222.8 3.7
Lazard 12* 2 3 2.1 -9 ▼ 34,686.4 27.5 Blair Franklin Capital Part 13* 19* 2 2.6 +1 ▲ 959.9 1.0 Keefe Bruyette & Woods Inc 11* - 2 3.1 +2 ▲ 465.8 0.5
RBC Capital Markets 12* 11* 3 2.1 -1 ▼ 1,506.5 1.2 Citi 13* - 2 2.6 +2 ▲ 3,898.3 4.1
Bank of America Merrill Lynch 12* - 3 2.1 +3 ▲ 26,520.3 21.0 Qatalyst Partners 13* - 2 2.6 +2 ▲ 3,222.8 3.4
Goldman Sachs & Co 12* 8* 3 2.1 -2 ▼ 10,416.8 8.3 Keefe Bruyette & Woods Inc 13* - 2 2.6 +2 ▲ 465.8 0.5
Jefferies & Co Inc 12* 42* 3 2.1 +2 ▲ 491.4 0.4 BMO Capital Markets 13* - 2 2.6 +2 ▲ 403.9 0.4
Sandler O'Neill Partners 12* - 3 2.1 +3 ▲ 497.5 0.4
Industry Total 142 -62 126,069.1 100.0 Industry Total 77 -11 94,260.0 100.0 Industry Total 64 +4 87,831.1 100.0
Industry % Change from Same Period Last Year 30.4% ▼ 0.5% ▼ Industry % Change from Same Period Last Year 12.5% ▼ 9.0% ▲ Industry % Change from Same Period Last Year 6.7% ▲ 72.3% ▲
Industry % Change from Last Quarter 44.1% ▼ 35.9% ▼ Industry % Change from Last Quarter 43.8% ▼ 4.9% ▼ Industry % Change from Last Quarter 44.3% ▼ 0.2% ▲
Any EMEA Announced Fairness Any Asia Pacific Announced

Opinion Jan 1 2011 – March 31 2011 Fairness Opinion Jan 1 2011 – March 31 2011
Based on Number of Transactions Based on Number of Transactions
# of Deals per Advisor Rank Value (US$m) # of Deals per Advisor Rank Value (US$m)
2011 2010 # of Market Change in Rank Value Market 2011 2010 # of Market Change in Rank Value Market
Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%) Fairness Opinion Provider Rank Rank Deals Sh (%) # of Deals US$m Sh (%)
JP Morgan 1 5* 4 17.4 +1 ▲ 3,948.0 20.9 China International Capital Co 1 10* 8 17.0 +6 ▲ 2,400.9 13.5
Deutsche Bank AG 2 4 3 13.0 -1 ▼ 5,414.8 28.7 Huatai Securities 2* 2* 4 8.5 -1 ▼ 1,651.1 9.3
Barclays Capital 3* - 1 4.4 +1 ▲ 301.7 1.6 M&A International 2* 18* 4 8.5 +3 ▲ 102.7 0.6
FirstEnergy Capital Corp 3* - 1 4.4 +1 ▲ 72.4 0.4 Haitong Securities 4* 18* 3 6.4 +2 ▲ 263.7 1.5
Lazard 3* 2 1 4.4 -11 ▼ 4,414.8 23.4 DBS Group Holdings 4* 10* 3 6.4 +1 ▲ 611.9 3.4
Numis 3* - 1 4.4 +1 ▲ 513.7 2.7 GF Securities 4* 10* 3 6.4 +1 ▲ 1,049.1 5.9
Blair Franklin Capital Part 3* - 1 4.4 +1 ▲ 761.4 4.0 Somerley Ltd 7* 4* 2 4.3 -2 ▼ 490.6 2.8
Arden Partners Ltd 3* - 1 4.4 +1 ▲ .3 0.0 Hongyuan Securities Co Ltd 7* - 2 4.3 +2 ▲ 371.2 2.1
Credit Suisse 3* 8* 1 4.4 -1 ▼ 3,554.8 18.9 IV Global Securities PCL 7* - 2 4.3 +2 ▲ 250.0 1.4
UniCredit 3* - 1 4.4 +1 ▲ 4,414.8 23.4 CITIC 7* - 2 4.3 +2 ▲ 816.6 4.6
Livingstone Partners 3* - 1 4.4 +1 ▲ 85.3 0.5 Haywood Securities Ltd. 11* - 1 2.1 +1 ▲ 4,686.3 26.3
Moelis & Co 3* - 1 4.4 +1 ▲ 761.4 4.0 Great Wall Securities Co Ltd 11* - 1 2.1 +1 ▲ 212.0 1.2
SEB Enskilda 3* 10* 1 4.4 0 ‐ 546.9 2.9 Scotiabank-Bank of Nova Scotia 11* - 1 2.1 +1 ▲ 4,686.3 26.3
Charles Stanley Group PLC 3* - 1 4.4 +1 ▲ 111.3 0.6 Changjiang Securities 11* - 1 2.1 +1 ▲ 545.4 3.1
IV Global Securities PCL 3* - 1 4.4 +1 ▲ 250.0 1.3 Pingan Securities Co Ltd 11* 18* 1 2.1 0 ‐ .0 0.0
UBS 3* 1 1 4.4 -21 ▼ 170.0 0.9 UBS 11* 18* 1 2.1 0 ‐ 170.0 1.0
Brewin Dolphin 3* - 1 4.4 +1 ▲ 166.6 0.9 Liberum Capital 11* - 1 2.1 +1 ▲ 12.9 0.1
Handelsbanken Capital Markets 3* - 1 4.4 +1 ▲ 546.9 2.9 Ample Capital Limited 11* - 1 2.1 +1 ▲ 85.1 0.5
Banque Degroof 3* - 1 4.4 +1 ▲ 2,146.1 11.4 BMO Capital Markets 11* - 1 2.1 +1 ▲ 93.5 0.5
Duff and Phelps 3* - 1 4.4 +1 ▲ .0 0.0 Asset Pro Management Co Ltd 11* - 1 2.1 +1 ▲ 35.8 0.2
Merchantec Capital(Pty)Ltd 3* - 1 4.4 +1 ▲ 1.4 0.0 Trinity Securities Group 11* - 1 2.1 +1 ▲ 5,726.7 32.1
Nomura 3* - 1 4.4 +1 ▲ 119.2 0.6 Kim Eng Holdings Ltd 11* - 1 2.1 +1 ▲ 5,726.7 32.1
Morgan Stanley 3* 10* 1 4.4 0 ‐ 1,204.1 6.4 CIMB Group Sdn Bhd 11* 4* 1 2.1 -3 ▼ 22.3 0.1
Industry Total 23 -30 18,854.1 100.0 Industry Total 47 -36 17,831.4 100.0
Industry % Change from Same Period Last Year 56.6% ▼ 53.1% ▼ Industry % Change from Same Period Last Year 43.4% ▼ 31.2% ▲
Industry % Change from Last Quarter 61.7% ▼ 74.1% ▼ Industry % Change from Last Quarter 44.0% ▼ 57.0% ▼
* tie
†
Fairnes Opinion rankings include fairness opinions provided as a standalone mandate as well as fairness 20
opinions provided as part of a broader advisory mandate.
Ranking Criteria Summary
- Announced league tables include all deals that were announced between January 1, 2010 and March 31, 2011 and of which Thomson Reuters was made aware. All current data and
If you would like to participate in the submission previous year's data is as of 5:00pm EST on March 31, 2011.
process, receive quarterly press releases, or have
questions about league table criteria please
contact:
- League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.
Americas
Stephen Case
Tel: +1 646 223 8424
E-mail: stephen.case@thomsonreuters.com - 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.
Europe
Victor Eng
Tel: +44 (0) 207 542 9665 - 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
E-mail: victor.eng@thomsonreuters.com time of announcement of terms.
Asia-Pacific
Jason Pacannuayan
Tel: +632 858 7262 - 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
E-mail: jason.pacannuayan@thomsonreuters.com 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.
Japan
Catherina Guinto-Roldan
Tel: +813 5218 6591
E-mail: catherina.guinto@thomsonreuters.com
- 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.
- 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”.
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.
© 2011 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.
21
Thomson ONE for Investment Banking
One Solution. One Framework

Thomson ONE is a revolutionary desktop solution that combines real-time market data and news with authoritative content from industry leading sources. Critical information that About Thomson Reuters
previously needed to be co-ordinated and collected from internal and external sources is now at your finger tips in a remarkably easy-to-use format.
Thomson Reuters is the world’s leading
source of intelligent information for businesses
and professionals. We combine industry
expertise with innovative technology to deliver
critical information to leading decision makers
in the financial, legal, tax and accounting,
Comprehensive Content
scientific, healthcare and media markets,
Thomson ONE Investment Banking offers you quick and easy access to quotes, earnings estimates, financial fundamentals, market moving news, transaction data, corporate filings,
powered by the world’s most trusted news
ownership profiles and research from industry leading sources:
organization.
Thomson I/B/E/S Thomson Investext Thomson SDC

With headquarters in New York and major
Thomson Worldscope Thomson First Call Earnings Data Thomson Extel operations in London and Eagan, Minnesota,
Global real-time and/or delayed market data And many more… Thomson Reuters employs more than 50,000
people in 93 countries. Thomson Reuters
shares are listed on the New York Stock
Exchange (NYSE: TRI) and Toronto Stock
Exchange (TSX: TRI).
Open Framework
Thomson ONE's open framework puts you in control of your workflow. View content sets from disparate databases side by side for over 60,000 domestic and global companies. You For more information, go to
have the flexibility to integrate your own proprietary or other third party information. Simply select the content you’d like to view and designate how and where you want it to be displayed www.thomsonreuters.com.
on your pages.
Thomson Reuters Deals Content is the most

extensive and flexible resource available for
timely M&A and capital markets transactions.
Our leading edge products for the deal-
Unsurpassed Functionality Unmatched Benefits
making community enable you to analyze the
Customize the type of content you want to receive by choosing only data that is current trends in the market and assess the
Receive only relevant information through tailored pages for user workflow.
relevant to your workflow. changing competitive landscape by building
Desktop Delivery—the first fully integrated product for the investment banking your own custom leagues tables and reports.
Design your own layout for a personalized view of content and functional components.
community. Please send an email to
salesinquiry@thomson.com for more
Search across multiple databases simultaneously to receive the most in-depth and up-
Low cost integration - reducing overall market data costs by minimizing infrastructure information.
to-date information available.
overhead and leveraging existing contracts.
View streaming market data allowing you to stay on top of market conditions.
To purchase individual Thomson Reuters Deals or League Table reports, please contact our Thomson Reuters On Demand group:
Web: http://financial.thomsonreuters.com/ondemand
Email: trondemand@thomsonreuters.com
22 Copyright 2011 Thomson Reuters. All rights reserved.

1Q11 MA Financial Advisory Review

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

1Q11 MA Financial Advisory Review

Uploaded by

Copyright:

Available Formats

MERGERS & ACQUISITIONS REVIEW

First Quarter 2011

M&A Financial Advisory Review

Americas M&A 6 Any Spanish Involvement Completed (AF41) 12

European Deals Intelligence 9 Any Asia (ex-Japan) Involvement Announced (AD25) 16

MERGERS & ACQUISITIONS REVIEW

Global Deals Intelligence Worldwide Completed M&A by Region - Imputed Fees

Imputed Fees (US$b)

COMPLETED ADVISORY FEES UP 1% - According to estimates from Thomson Reuters/Freeman Consulting,

Worldwide Cross Border Volume Worldwide Announced Financial Sponsor Activity

Rank Value (US$b)

$1,200 27.3% 30% 15%

Mergers & Acquisitions

Top Fifteen Worldwide Announced Deals Jan 1 2011 – March 31 2011

Materials 97,222.0 1,416 $150

Worldwide M&A Matrix

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

Worldwide Announced Rankings* - A Decade in Review

4 4 Goldman Sachs & Co

5 5 Bank of America Merrill Lynch

*League Table positions reflect consolidation within the banking sector

Americas Deals Intelligence LBOs as a Percentage of US Targeted Announced M&A

with 2,600 announced deals. $600 35%

Rank Value (US$b)

70% Barclays Capital 34,793.6 1 59.2 8

Top Ten US Announced Deals Jan 1 2011 – March 31 2011

EMEA Deals Intelligence EMEA Financial Sponsor Investments

$350 Q4 Volume (US$b) 94.4% 100%

Rank Value (US$b)

first quarter deals within the sector, respectively. 50%

Credit Suisse 18,654.5 2 34.4 7

Asia Pacific (ex-Japan) M&A

Imputed Fees (US$b)

China Cross Border Announced M&A

% of Cross Border is Outbound

Goldman Sachs & Co 4,454.1 1* 28.6 1

Asia (ex-Japan) Rankings

Asia (ex-Japan) Rankings

Telecommunications Retail Real Estate Media and Entertainment Materials

Industrials High Technology Healthcare Government and Agencies Financials

Energy and Power Consumer Staples Consumer Products and Services

Japan Deals Intelligence Any Japanese Involvement Announced M&A

Rank Value (US$b)

Rank Value (US$b)

Imputed fees (US$m)

Mitsubishi UFJ Morgan Stanley 3,554.9 2 49.8 3

2006 2007 2008 2009 2010 2011 $0 0

Fairness Opinion Rankings †

Worldwide Announced Any Americas Announced Any US Announced Fairness

Any EMEA Announced Fairness Any Asia Pacific Announced

Ranking Criteria Summary

© 2011 Thomson Reuters. All rights reserved.

Thomson ONE for Investment Banking

One Solution. One Framework

Thomson I/B/E/S Thomson Investext Thomson SDC

Thomson Reuters Deals Content is the most

22 Copyright 2011 Thomson Reuters. All rights reserved.

You might also like