Glma

GLOBAL FINANCIAL ADVISORY
MERGERS & ACQUISITIONS RANKINGS Q3 2011
10/01/2011
Bloomberg
Bloomberg 2011 1st 3 Qtrs
Table of Contents
Mergers & Acquisitions Financial Advisory Rankings
1 . Introduction
2. Global Market Commentary
The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables
8. Global M&A Activity

9. M&A League Tables By Industry
rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity-swaps, joint ventures,
represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors.The
private placements of common equity and convertible securities, and the cash injection component of
10. Global Announced Deals

11. Cross Border Announced Deals
recapitalizations according to Bloomberg standards.
12. Global Private Equity Announced Deals

39. Disclaimer
Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a
global perspective and local insight into unique deal structures in various markets through a network of over 800
financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table
rankings are a leading benchmark for legal and financial advisory performance, and DealSpace & DealBrief
newsletters provide summary highlights of weekly M&A activity and top deal trends.
Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table
results. Type MA <GO> 96 <GO> 82 <GO> to view live rankings.
For data submissions or queries, please contact:

Contact
Phone
Fax
Email
North America
Pratik M. Patel
+1-212-617-8705
+1-646-268-6061
ppatel28@bloomberg.net
EMEA
Liga Eglite
+44-20-7073-3891
+44-20-7392-6672
leglite@bloomberg.net
Asia Pacific
Hyejin Cho
+82-2-3702-1627
+82-2-3704-1827
hcho18@bloomberg.net
+55-11-4502-1880
fpedreira2@bloomberg.net
LATAM
Fernanda Pedreira
+55-11-4502-1830
General M&A queries may be submitted to: m-a@bloomberg.net
For 24 hour global customer support call
+1 212 318 2000
+44 20 7330 7500
+65 6212 1000
+81 3 3201 8900
or press the HELP key twice on the BLOOMBERG PROFESSIONAL(R) service.
MA <GO>
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1
Global Review
Bloomberg
Regional Deal Activity
Global M&A activity in the 3rd quarter dropped by more than 12% compared to the same period last year.
U.S.
U S based
b d firms
fi
dominated
d i t d on the
th buyside,
b
id accounting
ti for
f 40% off allll global
l b l M&A volume.
l
Japanese firms announced acquisitions worth more than $53 billion, including Nippon Steels $22.5 billion
allstock takeover of Sumitomo Metal Industries. This represents a yearoveryear increase in excess of 60%
and the highest quarterly volume since the 1st quarter of 2005.
3rd quarter dealmaking in Western Europe dropped by more than 26% compared to the same period last
year, the sharpest decline since the 1st quarter of 2010, reflecting sovereign debt concern in the region.
TotalVolumebyIndustry(Q32011)
Diversified
1%
Consumer,
Noncyclical
21%
Utilities
5%
Financial
15%
Technology
6%
I d t Sector
Industry
S t Deal
D l Activity
A ti it
Acquisitions by private equity firms this year have exceeded $144 billion in total deal volume, the 4th
largest total of all time. The $5.7 billion leveraged buyout of Kinetic Concepts by a consortium led by Apax
Partners and two Canadian pension funds is the largest private equity takeover announced since 2008.
Takeovers in the Aerospace/Defense industry this quarter reached an alltime high, with total volume
exceeding $20 billion, topped by the largest transaction of all time in this industry: United Technologies $18
billion cash bid for Goodrich.
Average premiums in the wireless equipment industry jumped to more than 72%,
72% the highest since the 3rd
quarter of 2002. The alltime largest announced deal in this sector, Googles allcash buyout of Motorola
Mobility Holdings for $9.8 billion, had an announced premium of 73%.
Consumer,Cyclical
8%
Industrial
14%
Energy
13%
Communications
9%
BasicMaterials
Basic
Materials
11%
HeatMap:Q32011VolumebyRegion
North America
45%
Asia Pacific
24%
Western Europe
19%
South/Central America
7%
Eastern Europe
4%
Middle East/Africa
1%
*AllQ32011numbersasofSeptember30,2011.
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Global Review
Bloomberg
NotableHighlights
While global deal count increased by 11%,

11% overall deal volume decreased by 12% compared to the 3rd quarter of 2010.
2010 All regions experienced a decrease in M&A
volume except for the Asia Pacific area, which saw a modest increase of 4% yearoveryear. Volume in the Europe, Middle East & Africa region dropped by 30%.
Total M&A deal volume for the year is $1.78 trillion compared to $1.54 trillion during the same period last year, representing a 15% increase.
GlobalM&AQuarterlyVolume
Volume
DealCount
9000
1600000
4500
1400000
4000
DealCount
1000000
6000
5000
800000
4000
600000
3000
2008Q3
2009Q3
2010Q3
500000
2500
400000
2000
300000
200000
1000
100000
500
0
2007Q3
600000
1500
200000
2006Q3
700000
3000
400000
2011Q3
0
2006Q3
Volume
900000
DealCount
3500
800000
3500
2008Q3
2009Q3
2010Q3
2011Q3
Volume
250000
DealCount
3000
200000
700000
2000
400000
1500
300000
1000
DealCoun
nt
500000
2500
150000
2000
1500
100000
1000
200000
500
100000
0
2006Q3
2007Q3
2008Q3
2009Q3
2010Q3
2011Q3
TotalVolume(USDMln)
600000
2500
TotalVolume(USDMln)
3000
DealCoun
nt
2007Q3
APAC M&A Quarterly Volume

APACM&AQuarterlyVolume
EMEA M&A Quarterly Volume

EMEAM&AQuarterlyVolume
4000
800000
DealCount
3500
2000
1000
Volume
TotalVolume(USDMln
n)
1200000
7000
TotalVolume(USDMln
n)
8000
DealCount
10000
AmericasM&AQuarterlyVolume
50000
500
0
2006Q3
2007Q3
2008Q3
2009Q3
2010Q3
2011Q3
*AllTotalValuefiguresinUSDmillions.
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Global Review
Bloomberg
NotableHighlights
Over 97% of all M&A transactions occurred in the midmarket range (below $500 million in size) while 5 deals soared into the megadeal category (more than $10
billion in size), which is nearly twice as many as compared to the same period last year.
Cash was the dominant form of payment, accounting for 69.29% of M&A volume this quarter, while 11.06% percent of all volume was comprised of allstock
payments, a drop of more than 38% compared to the 3rd quarter of 2010. For public deals, median total value to EBITDA multiples increased by 26.94% from 2010.
Q32011GlobalM&AAggregateStatistics
Public Target Multiples
T t lA
Total
Assets
t
Revenue
Stockholder Eqty
Book Value
Market Cap
Enterprise Value
Net Income + Deprec
EBIT
Net Income
Cashflow from Ops.
EBITDA
Income B/F XO
Free Cashflow
# Deals
444
412
419
418
374
363
373
277
281
256
259
240
196
Min - Max
.00
00 - 772
772.87
87
.00 - 3683.35
.00 - 4075.26
.00 - 4075.26
.00 - 23.29
.00 - 154.17
.02
02 - 4870.41
4870 41
.01 - 1349.17
.01 - 2857.14
.01 - 1585.74
.01 - 1267.55
.01 - 2040.76
.01 - 1856.72
Median
0 97
0.97
1.45
2.01
2.05
1.22
1.2
13 08
13.08
13.76
19.21
12.74
10.27
18.58
18.29
Deal Type Sum m ary

C
Company
T
Takeover
k
Cross Border
Asset sale
Minority purchase
Private Equity
Additional Stake Purchase
Venture Capital
Majority purchase
Joint Venture
Private Placement
Tender Offer
Leveraged Buyout
Spin-off
# Deals
2726
2661
1488
1704
1503
977
1023
538
313
153
123
160
57
Volum e
332 28B
332.28B
227.42B
90.97B
57.58B
74.35B
83.00B
11 71B
11.71B
23.38B
1.00B
20.28B
71.25B
23.17B
192.63M
Percent
64 5
64.5
44.15
17.66
11.18
14.43
16.11
2 27
2.27
4.54
0.19
3.94
13.83
4.5
0.04
Paym ent Type Sum m ary

Cash
Undisclosed
Stock
Cash & Stock
Cash or Stock
Cash, Stock & Debt
Debt
# Deals
4379
1640
240
202
15
9
13
Volum e
350.78B
21.49B
55.97B
56.54B
15.38B
596.04M
3.3B
Percent
69.3
4.3
11.1
11.2
3.0
0.1
0.7
Prem ium s Paid

0-10%
25.01-50%
10.01-25%
50.01-75%
>100%
# Deals
3992
79
59
32
16
Volum e
145.62B
89.15B
46.37B
45.73B
2.43B
Percent
43.9
26.9
14.0
13.8
0.7
Deal Size Breakdow n

0-500M
1000.01-5000M
500.01-1000M
5000.01-10,000M
> 10,000M
# Deals
6742
73
91
6
5
Volum e
168B
135.74B
66.57B
44.82B
100B
Percent
97.5
1.1
1.3
0.1
0.1
Current Status
Completed
Pending
Terminated
# Deals
4021
2896
19
Volum e
116.10B
399.03B
27.45B
Percent
21.4
73.5
5.1
Current Prem ium

0-10%
10.01-25%
# Deals
6862
23
Volum e
472.76B
40.17B
Percent
91.8
7.8
MA <GO>
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Global Review
Bloomberg
AmericasNotableHighlights
A
AnnounceDate
D t
7/21/2011
9/21/2011
7/15/2011
8/18/2011
8/15/2011
7/20/2011
8/1/2011
7/13/2011
7/11/2011
7/25/2011
S
Summary
NumberofDea l s
3846
Vol ume
313.23B
Avera geDea l Si ze
166.70M
Avera gePremi um
31.37%
MostAcquisitiveCompany
q rer
Googl
g eInc
Acqui
NumberofDea l s
20
Vol ume
9.88B
Avera geDea l Si ze
494.13M
T
TargetName
tN
MedcoHealthSolutionsInc
GoodrichCorp
PetrohawkEnergyCorp
AutonomyCorpPLC
MotorolaMobilityHoldingsInc
NalcoHoldingCo
Telefonos de Mexico SAB de CV
TelefonosdeMexicoSABdeCV
KineticConceptsInc
MacArthurCoalLtd
LatinAmericanBusinesses
A
AcquirerName
i
N
ExpressScriptsInc
UnitedTechnologiesCorp
BHPBillitonLtd
HewlettPackardCo
GoogleInc
EcolabInc
America Movil SAB de CV
AmericaMovilSABdeCV
ApaxPartnersLLP/CPPIB/PSPIB
PEAMCoalPtyLtd
GrupodeInversionesSuramerica
COUNTRY
INDUSTRY
TOP ACQUIRERS
TOPACQUIRERS
TOP ACQUIRERS
TOPACQUIRERS
PharmacyServices
$35.10
PrivateEquity
Aerospace/DefenseEquip
Di
DiversifiedMinerals
ifi d Mi
l
InvestmentCompanies
TotalValue(mil.)
T
t l V l ( il )
$34,321.6
$17,975.1
$14,887.1
$10,296.1
$9,812.5
$8,042.5
$6 455 9
$6,455.9
$5,727.5
$3,887.4
$3,758.5
$31.90
$18.31
$
$15.42
U.S.
$203.58
Canada
$25.52
Australia
$16.29
UK
U.K.
$16 29
$16.29
China
$11.53
TOPTARGETS
$8.12
TOPTARGETS
PharmacyServices
$34.55
Oil C
OilCompExplor&Prodtn
E l &P d
$
$23.60
Aerospace/DefenseEquip
$19.74
BuildingResidential/Comm
$11.10
WirelessEquipment
$11.08
$ $5 $10 $15 $20 $25 $30 $35 $40
U.S.
$210.99
UK
U.K.
$19 27
$19.27
Canada
$18.25
Brazil
$14.91
Mexico
$7.72
$
TotalVolume(USDBln)
$50
$100
$150
$200
$250
TotalVolume(USDBln)
MA <GO>
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Global Review
Bloomberg
EMEANotableHighlights
S
Summary
NumberofDea l s
2241
Vol ume
177.77B
Avera geDea l Si ze
163.24M
Avera gePremi um
20.38%
Acqui rer
rer
Index Ventures
IndexVentures
NumberofDea l s
10
Vol ume
388.90M
Avera geDea l Si ze
38.89M
A
AnnounceDate
D t
8/18/2011
7/11/2011
7/1/2011
7/13/2011
9/13/2011
7/11/2011
7/25/2011
8/10/2011
8/15/2011
9/12/2011
T
TargetName
tN
AutonomyCorpPLC
NorthumbrianWaterGroupPLC
AlliedIrishBanksPLC
KineticConceptsInc
MMCNorilskNickelOJSC
MacArthurCoalLtd
ING L i A
INGLatinAmericaBusinesses
i B i
Exploration&ProductionDivision
AkerDrillingASA
CharterInternationalPLC
A
AcquirerName
i N
HewlettPackardCo
UKWater2011Ltd
NationalPensionsReserveFund
ApaxPartnersLLP/CPPIB/PSPIB
Shareholders
PEAMCoalPtyLtd
G
GrupoInversionesSuramericana
I
i
S
i
ChinaInvestmentCorp
TransoceanLtd/Switzerland
ColfaxCorp
TTotalValue(mil.)
t l V l ( il )
$10,296.1
$7,527.5
$7,255.5
$5,727.5
$4,500.0
$3,887.4
$3 758 5
$3,758.5
$3,263.7
$3,118.1
$2,666.0
COUNTRY
INDUSTRY
TOP ACQUIRERS
TOPACQUIRERS
TOP ACQUIRERS
TOPACQUIRERS
InvestmentCompanies
$32.18
PrivateEquity
$20.92
RealEstateOper/Development
$11.08
Computers
$10 30
$10.30
InvestMgmnt/AdvisServ
$7.70
TOPTARGETS
U.S.
$42.41
U.K.
$29.59
France
$10.01
Russia
$9 69
$9.69
Canada
$9.53
TOPTARGETS
EnterpriseSoftware/Serv
$10.33
U.K.
Commer Banks NonUS

CommerBanksNonUS
$10 13
$10.13
US
U.S.
OilCompExplor&Prodtn
$8.43
Water
$7.61
ElectricDistribution
$6.46
$
$
$
$5
$
$10
$
$15
$
$20
$
$25
$
$30
$
$35
$38.89
$
$30.04
France
$16.76
Russia
$8.88
Ireland
$7.53
$
$10
$20
$30
$40
$50
TotalVolume(USDBln)
TotalVolume(USDBln)
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Global Review
Bloomberg
APACNotableHighlights
S
Summary
NumberofDeal s
2338
Volume
185.05B
AverageDeal Si ze
112.43M
AveragePremi um
22.13%
Acqui rer
rer
Japan Retai lFundInv.
JapanRetai
l Fund Inv
NumberofDeal s
8
Volume
422.72M
AverageDeal Si ze
52.84M
AnnounceDate
A
D t
9/22/2011
7/15/2011
7/11/2011
7/11/2011
8/10/2011
8/9/2011
8/17/2011
7/22/2011
8/31/2011
8/2/2011
T
TargetName
tN
SumitomoMetalindustries
PetrohawkEnergyCorp
NorthumbrianWaterGroupPLC
MacArthurCoalLtd
Exploration&Productiondivision
AREITSPortfolio
Sh h D
ShenzhenDevelopmnetBankCo
l
B kC
ConnectEastGroup
JapanDisplayKK
AleadriSchinniParticipacoes
A
AcquirerName
i N
NipponSteelCorp
BHPBillitonLtd
UKWater2011Ltd
PEAMCoalPtyLtd
ChinaInvestmentCorp
Creditors
Pi A I
PingAnInsuranceGroupCo
G
C
CP2Ltd
InnovationNetworkCorpJapan
KirinHoldingsCoLtd
TTotalValue(mil.)
t l V l ( il )
$22,521.0
$14,887.1
$7,527.5
$3,887.4
$3,263.7
$3,146.5
$2 739 9
$2,739.9
$2,658.4
$2,613.7
$2,525.1
COUNTRY
INDUSTRY
TOP ACQUIRERS
TOPACQUIRERS
TOP ACQUIRERS
TOPACQUIRERS
SteelProducers
$31.02
InvestmentCompanies
$26.88
DiversifiedMinerals
$17.25
Real Estate Oper/Development

$53.02
China
$39.73
Australia
$30.96
Hong Kong
HongKong
$14 25
$14.25
CommerBanksNonUS
Japan
$15 19
$15.19
U.S.
$9.42
TOPTARGETS
$10.46
TOPTARGETS
SteelProducers
$23.32
Oil C
OilCompExplor&Production
E l &P d ti
$22 26
$22.26
Japan
China
$9.13
Australia
Coal
$8.59
U.S.
Water
$7.61
$
$5 $10 $15 $20 $25 $30 $35
$38.59
$28.30
$24.86
$23.80
U.K.
$9.91
$
TotalVolume(USDBln)
$10
$20
$30
$40
$50
$60
TotalVolume(USDBln)
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Bloomberg
Global M&A Activity
Regional Breakdown by Target Region/Country
Regional Breakdown by Target Region/Country

- 9/30/11
1/1/11
2011
FIRM
Americas
2010
VOLUME
DEAL
VOLUME
DEAL
USD (Mln)
COUNT
USD (Mln)
COUNT
$880,772
9,191
$810,947
7,749
8.61%
Latin America
$103,149
701
$191,203
651
-46.05%
North America
$791,120
8,565
$670,633
7,185
17.97%
$69,584
1,133
$63,449
979
9.67%
$702,793
7,294
$553,168
6,072
27.05%
$515,520
4,942
$388,165
4,820
32.81%
Eastern Europe
$70,327
560
$43,599
545
61.30%
Western Europe
$418,682
3,893
$308,625
3,800
35.66%
UK
$99,189
1,308
$100,457
1,371
-1.26%
Germany
$43,406
592
$24,912
433
74.24%
France
$78,617
558
$29,839
464
163.47%
$308,344
5,246
$266,030
5,069
15.91%
$80,021
695
$51,621
683
55.02%
$3,348
62
$2,246
72
49.08%
China
$84,815
2,137
$88,196
2,010
-3.83%
Hong Kong
$20,854
386
$21,987
352
-5.15%
South East Asia
$52,617
763
$42,567
797
23.61%
India
$23,152
478
$31,798
486
-27.19%
Canada
United States
EMEA
Asia-Pacific ex-Japan
Australia
New Zealand
Japan
$78,596
1,002
$66,406
1,194
18.36%
Global
$1,784,534
20,478
$1,537,837
18,898
16.04%
*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.
Asia-Pacific
ex-Japan
VOLUME
CHANGE
17.29%
Americas
49.39%
EMEA
28.91%
Japan
4.41%
QUARTERLY VOLUME
USD (Mln)
/ #Deals
$1,000,000
10,000
$800,000
8,000
$600,000
6,000
$400,000
4,000
$200,000
2,000
MA <GO>
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Q
3
Q
1
Q
4
Q
2
11
20
11
11
20
Q
2
Q
1
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
3
10
20
20
10
20
10
20
10
20
09
20
09
20
09
20
09
08
20
Q
2
08
20
08
20
08
20
07
LEAG <GO>
20
20
MA <GO>
Q
1
0
Q
4
$0
LEAG <GO>
8
Bloomberg
M&A League Tables by Industry
Global Announced Deals - Consumer, Non-cyclical
01/01/11
Global Announced Deals - Financial
- 09/30/11
2011
RANK
FIRM
MKT
SHARE
01/01/11
VOLUME
USD (Mln)
DEAL
COUNT
- 09/30/11
2011
RANK
FIRM
MKT
SHARE
VOLUME
USD (Mln)
DEAL
COUNT
JP Morgan
34.7
103,472
58
JP Morgan
27.6
80,899
48
Goldman Sachs & Co
31.9
95,214
42
Morgan Stanley
20.3
59,505
31
Credit Suisse Group AG
29.6
88,339
31
Goldman Sachs & Co
15.5
45,500
43
Citigroup Inc
19.3
57,519
33
Deutsche Bank AG
13.3
39,120
28
Morgan Stanley
19.0
56,698
49
Citigroup Inc
8.4
24,562
21
Lazard Ltd
16.6
49,544
32
Lazard Ltd
8.2
24,063
14
Bank of America Merrill Lynch
14.0
41,590
39
Barclays Capital Group
8.0
23,591
13
Deutsche Bank AG
12.5
37,395
16
7.5
22,069
24
Foros LLC
11.9
35,367
7.3
21,357
19
10
9.8
UBS AG
10
7.1
Moelis & Co
29,356
TOTAL
$298,185
3,841
- 09/30/11
01/01/11
2011
RANK
FIRM
22
2,738
Global Announced Deals - Energy
Global Announced Deals - Communications

01/01/11
20,934
$293,650
TOTAL
MKT
SHARE
VOLUME
USD (Mln)
DEAL
COUNT
- 09/30/11
2011
RANK
FIRM
MKT
SHARE
VOLUME
USD (Mln)
DEAL
COUNT
33.3
73,902
17
Morgan Stanley
22.8
46,669
19
Deutsche Bank AG
30.9
68,565
14
Goldman Sachs & Co
22.5
46,048
25
Citigroup Inc
29.3
65,053
18.9
38,611
12
15.5
31,641
17
JP Morgan
28.7
63,713
19
Citigroup Inc
Morgan Stanley
27.6
61,269
23
JP Morgan
12.8
26,230
30
22.0
48,736
11
UBS AG
12.7
25,978
16
Goldman Sachs & Co
20.6
45,576
29
Scotia Capital Inc
11.5
23,404
Rothschild
20.1
44,496
17
11.3
23,131
19
Evercore Partners Inc
18.8
41,672
7.4
15,016
17
10
18.5
10
6.2

TOTAL
MA <GO>
LEAG <GO>
41,061
$221,710
MA <GO>
25
Jefferies Group Inc

TOTAL
2,673
LMX <GO>
MA <GO>
12,749
$204,306
14
1,408
LEAG <GO>
9
Bloomberg
M&A Financial Advisory League Tables
Global Announced Deals

Ranked by Volume
252,501
182
12.1
2.1
Deutsche Bank AG
13.1
234,529
137
11.9
1.2
13.0
231,382
109
18.6
(5.6)
Lazard Ltd
10.8
192,026
151
11
8.8
2.0
UBS AG
10
8.1
144,021
142
11.7
(3.6)
Rothschild
11
6.9
123,836
168
10
9.5
(2.6)
12
5.3
95,319
44
17
3.6
1.7
HSBC Bank PLC
13
4.5
79,883
75
15
5.0
(0.5)
Nomura Holdings Inc
14
4.4
77,683
135
13
6.1
(1.7)
BNP Paribas SA
15
3.5
63,252
79
12
7.1
(3.6)
Societe Generale SA
16
3.3
58,853
59
14
5.6
(2.3)
Moelis & Co
17
3.0
53,961
41
45
0.8
2.2
Greenhill & Co Inc
18
3.0
53,847
19
23
2.2
0.8
RBC Capital Markets
19
2.9
52,038
97
21
2.9
20
2.4
20
3.0
(0.6)
Perella Weinberg Partners LP

TOTAL
42,075
16
$1,784,534
20,478
$1,000,000
10,000
$800,000
8,000
$600,000
6,000
$400,000
4,000
$200,000
2,000
$0
0
Q
3
14.2
Q
2
/ #Deals
Q
1
USD (Mln)
11
3.5
20
11.7
Q
4
11
147
20
270,478
Q
3
15.2
11
20
Citigroup Inc
QUARTERLY VOLUME
Q
2
1.4
10
17.5
20
Q
1
184
10
337,917
20
18.9
Q
4
10
20
Q
3
2.5
20.6
10
20.4
20
244
Q
2
240
368,045
09
408,558
20.6
09
22.9
20
Morgan Stanley
20
Goldman Sachs & Co
Q
4
Q
1
7.3
09
16.7
20
Q
3
241
09
427,846
20
24.0
Q
2
08
JP Morgan
20
CHANGE
Q
1
SHARE
08
COUNT
20
USD (Mln)
SHARE
Q
4
SHARE
MKT
MKT
RANK
08
DEAL
08
VOLUME
07
FIRM
MKT
20
RANK
2010
20
2011
20
1/1/11 - 9/30/11
$1,537,837
*Total Volume represents all announced transactions in US$ millions.
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
10
Bloomberg
Cross Border Announced Deals

Ranked by Volume
SHARE
CHANGE
10.5
4.4
11.5
99,360
56
14.5
(3.0)
11.1
96,501
94
14.6
(3.5)
Rothschild
8.4
72,524
127
10
11.0
(2.6)
UBS AG
10
7.9
68,174
77
16.4
(8.5)
Lazard Ltd
11
7.4
64,281
79
13
8.6
(1.2)
HSBC Bank PLC
12
7.2
62,079
56
15
7.2
BNP Paribas SA
13
6.2
54,156
55
11.4
(5.2)
14
5.8
49,993
13
22
3.0
2.8
Greenhill & Co Inc
15
5.6
48,535
14
28
2.1
3.5
Nomura Holdings Inc
16
5.1
44,159
53
14
7.3
(2.2)
Moelis & Co
17
4.9
42,035
15
48
0.8
4.1
Societe Generale SA
18
4.7
41,023
33
12
8.8
(4.1)
RBC Capital Markets
19
4.2
36,725
38
20
3.8
0.4
20
4.0
19
4.0
TOTAL
34,836
27
$867,310
7,838
$500,000
3,500
3,000
$400,000
2,500
$300,000
2,000
1,500
$200,000
1,000
$100,000
500
$0
0
Q
3
11
Q
2
84
Q
1
129,610
11
14.9
20
/ #Deals
Q
4
Citigroup Inc
USD (Mln)
11
2.4
20
17.7
Q
3
11
109
20
174,088
Q
2
20.1
10
20
QUARTERLY VOLUME
Q
1
6.2
10
14.7
20
Q
4
89
10
181,316
20
20.9
Q
3
10
Deutsche Bank AG
20
(1.3)
Q
2
5.1
22.6
09
21.2
09
131
20
138
185,119
20
228,013
21.3
Q
4
Q
1
26.3
09
Morgan Stanley
20
JP Morgan
Royal Bank of Scotland Group PLC
3.2
Q
3
23.5
09
20
133
Q
2
231,798
08
26.7
20
Q
1
Goldman Sachs & Co
08
COUNT
SHARE
20
USD (Mln)
MKT
MKT
Q
4
SHARE
RANK
08
DEAL
08
VOLUME
07
FIRM
MKT
20
RANK
2010
20
2011
20
1/1/11 - 9/30/11
$741,123
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
11
Bloomberg
Global Private Equity Announced Deals

Ranked by Volume
1/1/11 - 9/30/11
2011
RANK
FIRM
2010
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
MKT
MKT
SHARE
SHARE
CHANGE
JP Morgan
22.5
67,860
54
17.2
5.3
Goldman Sachs & Co
22.4
67,718
50
22.6
(0.2)
Morgan Stanley
18.5
55,861
69
22.0
(3.5)
17.6
53,110
54
20.0
(2.4)
Deutsche Bank AG
14.8
44,701
24
12.8
2.0
14.7
44,446
43
19.1
(4.4)
QUARTERLY VOLUME
USD (Mln)
/ #Deals
$160,000
1,600
$140,000
1,400
14.7
44,266
35
21.4
(6.7)
UBS AG
14.1
42,545
45
18.6
(4.5)
$120,000
1,200
1,000
12.5
37,772
27
14
3.4
9.1
$100,000
Citigroup Inc
10
12.0
36,401
37
12.1
(0.1)
$80,000
800
Lazard Ltd
11
8.8
26,568
47
11
8.4
0.4
$60,000
600
Moelis & Co
12
8.7
26,264
16
15
3.0
5.7
$40,000
400
Rothschild
13
7.1
21,562
45
12
7.0
0.1
$20,000
200
HSBC Bank PLC
14
5.5
16,488
21
23
2.2
3.3
$0
RBC Capital Markets
15
4.8
14,434
25
10
9.0
(4.2)
Societe Generale SA
16
4.7
14,289
21
22
2.3
2.4
Deloitte Touche Tohmatsu
17
4.0
12,216
10
62
0.4
3.6
Flagstaff Partners Pty Ltd
18
4.0
12,058
4.0
Jefferies Group Inc
19
4.0
12,028
34
18
2.4
1.6
20
3.6
57
0.4
3.2
Wells Fargo & Co

TOTAL
10,769
$302,246
3,776
Q
3
Q
1
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
2
Q
2
11
20
11
20
11
20
10
20
10
20
10
20
10
20
09
09
20
20
Q
3
Q
2
Q
1
Q
4
Q
1
09
20
09
20
08
20
08
20
08
08
20
07
Q
4
0
20
20
Nomura Holdings Inc
$196,755
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
12
Bloomberg
United States Announced Deals

Any Involvement
79
25.7
(8.3)
17.3
164,785
121
16.3
1.0
Deutsche Bank AG
15.5
148,097
70
15.0
0.5
Lazard Ltd
13.5
128,300
77
11.8
1.7
UBS AG
10
10.8
102,904
81
14.1
(3.3)
11
9.6
91,113
37
11
7.5
2.1
Greenhill & Co Inc
12
4.9
46,938
20
2.7
2.2
13
4.3
41,197
13
12
6.6
(2.3)
Moelis & Co
14
3.7
35,438
34
29
1.3
2.4
Foros LLC
15
3.7
35,367
47
0.5
3.2
Qatalyst Partners LLC
16
3.6
34,060
38
0.7
2.9
Rothschild
17
3.3
31,633
49
22
2.1
1.2
Centerview Partners LLP
18
3.3
31,629
10
24
2.0
1.3
Jefferies Group Inc
19
3.2
30,283
80
17
3.7
(0.5)
20
2.9
25
1.6
1.3
Nomura Holdings Inc

TOTAL
27,961
20
$953,594
9,314
$600,000
3,500
3,000
$500,000
2,500
$400,000
2,000
$300,000
1,500
$200,000
1,000
$100,000
500
$0
0
Q
3
165,822
Q
2
17.4
Q
1
/ #Deals
11
USD (Mln)
20
9.7
Q
4
11.2
11
10
20
80
Q
3
198,879
11
20.9
20
Q
2
Citigroup Inc
QUARTERLY VOLUME
10
(1.6)
20
25.4
Q
1
10
128
20
227,105
Q
4
23.8
10
20
Morgan Stanley
Q
3
4.5
10
(4.0)
21.7
20
32.5
Q
2
98
09
156
250,255
09
271,322
26.2
20
28.5
20
Q
4
Q
1
Goldman Sachs & Co
09
13.3
20
21.2
Q
3
09
146
20
328,642
Q
2
34.5
08
20
CHANGE
Q
1
SHARE
08
COUNT
SHARE
20
USD (Mln)
MKT
MKT
Q
4
SHARE
RANK
08
DEAL
08
JP Morgan
VOLUME
07
FIRM
MKT
20
RANK
2010
20
2011
20
1/1/11 - 9/30/11
$693,092
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
13
Bloomberg
United States Announced Deals

Target or Seller
1/1/11 - 9/30/11
2011
RANK
FIRM
2010
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
108
21.8
206,317
75
23.1
3.6
204,036
120
34.7
(8.3)
25.8
199,184
97
26.9
(1.1)
22.7
175,787
63
10
11.3
11.4
18.2
140,306
65
28.0
(9.8)
16.2
125,494
99
16.7
(0.5)
Deutsche Bank AG
16.2
125,043
53
14.9
1.3
Lazard Ltd
15.0
115,720
58
12.1
2.9
$250,000
1,600
10
11.7
90,514
36
11
8.3
3.4
$200,000
UBS AG
11
10.2
79,176
66
14.2
(4.0)
1,200
$150,000
Greenhill & Co Inc
12
5.8
44,670
21
2.6
3.2
$100,000
Foros LLC
13
4.6
35,367
45
0.5
4.1
$50,000
Moelis & Co
14
4.5
35,109
27
26
1.4
3.1
$0
15
4.0
31,159
23
2.2
1.8
16
4.0
30,496
11
12
7.6
(3.6)
Jefferies Group Inc
17
3.6
27,941
66
18
4.0
(0.4)
Qatalyst Partners LLC
18
3.1
23,764
37
0.8
2.3
Nomura Holdings Inc
19
2.7
20,856
10
25
1.5
1.2
20
2.7
28
1.3
1.4
Scotia Capital Inc

TOTAL
20,773
$772,934
7,636
USD (Mln)
/ #Deals
$450,000
2,800
$400,000
2,400
$350,000
2,000
$300,000
800
400
Q
3
Q
1
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
2
Q
2
11
20
11
20
11
20
10
20
10
20
10
20
10
20
09
09
20
20
Q
3
Q
4
Q
1
09
20
09
20
08
Q
2
0
20
Citigroup Inc
QUARTERLY VOLUME
Q
1
08
Morgan Stanley
20
26.4
Q
4
26.7
08
Goldman Sachs & Co
13.4
08
CHANGE
07
271,654
SHARE
20
35.2
SHARE
20
MKT
MKT
20
JP Morgan
RANK
$606,209
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
14
Bloomberg
Canada Announced Deals

Target or Seller
12,515
12
6.4
7.7
$80,000
Goldman Sachs & Co
14.1
12,493
9.6
4.5
Scotia Capital Inc
10.3
9,129
14
18.5
(8.2)
$60,000
Europlay Capital Advisors LLC
9.6
8,500
9.6
$50,000
GMP Securities LP
10
9.1
8,075
10
13.1
(4.0)
$40,000
Lazard Ltd
11
8.8
7,835
43
0.3
8.5
$30,000
National Bank Financial Inc
12
7.1
6,280
14
19
3.9
3.2
$20,000
Canaccord Genuity Corp
13
5.8
5,103
13
20
3.8
2.0
$10,000
Morgan Stanley
14
4.1
3,667
16.3
(12.2)
UBS AG
15
3.5
3,074
21
3.3
0.2
16
3.0
2,646
10
8.7
(5.7)
Greenhill & Co Inc
17
2.9
2,600
HSBC Bank PLC
18
2.1
1,814
40
0.3
1.8
Macquarie Group Ltd
19
1.9
1,687
17
4.5
(2.6)
20
1.7
16
4.6
(2.9)
FirstEnergy Capital Corp

TOTAL
1,476
$88,598
1,242
500
$70,000
400
300
200
100
20
07
Q
4
$0
Q
3
14.1
Q
2
/ #Deals
Q
1
USD (Mln)
11
(6.0)
20
20.7
Q
4
11
17
20
13,032
Q
3
14.7
11
20
TD Securities Inc
QUARTERLY VOLUME
Q
2
(5.4)
10
20.7
20
Q
1
40
10
13,541
20
15.3
Q
4
10
RBC Capital Markets
20
(8.3)
Q
3
16.0
26.1
10
6.0
20
13
21
Q
2
15,789
09
19,483
09
17.8
20
22.0
20
CIBC
(1.9)
Q
4
Q
1
JP Morgan
27.6
09
20
32
Q
3
22,804
09
25.7
20
CHANGE
Q
2
BMO Capital Markets Corp
SHARE
08
COUNT
SHARE
20
USD (Mln)
MKT
MKT
Q
1
SHARE
RANK
08
DEAL
20
VOLUME
08
FIRM
MKT
08
RANK
2010
20
2011
20
1/1/11 - 9/30/11
2.9
$73,665
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
15
Bloomberg
Latin America Announced Deals

Any Involvement
17,752
22.9
(6.6)
Banco Santander SA
13.9
15,199
19
19.4
(5.5)
Citigroup Inc
12.7
13,882
16
22.8
(10.1)
Goldman Sachs & Co
11.6
12,686
17
15
5.4
6.2
10
10.2
11,124
14
13.1
(2.9)
Morgan Stanley
JP Morgan
11
9.1
9,973
22
12.3
(3.2)
Banco Bradesco BBI SA
12
8.8
9,553
17
19
3.2
5.6
HSBC Bank PLC
13
7.8
8,543
24
1.4
6.4
UBS AG
14
6.0
6,568
10
8.2
(2.2)
Deutsche Bank AG
15
5.7
6,234
13
6.3
(0.6)
Lazard Ltd
16
5.6
6,146
48
0.1
5.5
Banco Espirito Santo de Investimento SA
17
2.6
2,858
14
6.0
(3.4)
Estructura Partners
18
2.0
2,200
2.0
Nomura Holdings Inc
19
2.0
2,174
2.0
20
1.9
1.9
Mediobanca SpA
TOTAL
2,022
$109,155
763
$100,000
320
280
$80,000
240
200
$60,000
160
$40,000
120
80
$20,000
40
$0
0
Q
3
16.3
Q
2
/ #Deals
Q
1
USD (Mln)
11
(6.9)
20
28.5
Q
4
11
20
23,560
Q
3
21.6
11
20
Rothschild
QUARTERLY VOLUME
Q
2
12.2
10
10.9
20
Q
1
10
25,197
20
23.1
Q
4
10
20
12.8
Q
3
(5.1)
12.7
10
35.1
20
18
Q
2
30
27,788
09
32,751
25.5
09
30.0
20
Banco BTG Pactual SA
20
Q
4
Q
1
31.5
09
0.6
20
31
Q
3
31
09
34,981
20
32.1
Q
2
08
Itau Unibanco Holding SA
20
CHANGE
Q
1
SHARE
08
COUNT
SHARE
20
USD (Mln)
MKT
MKT
Q
4
SHARE
RANK
08
DEAL
08
VOLUME
07
FIRM
MKT
20
RANK
2010
20
2011
20
1/1/11 - 9/30/11
$201,319
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
16
Bloomberg
Brazil Announced Deals

Any Involvement
44.6
33,666
23
29
1.0
43.6
38.5
29,120
19
19.9
18.6
Banco BTG Pactual SA
36.8
27,788
18
19.4
17.4
30.3
22,890
10
9.9
20.4
Rothschild
29.8
22,544
38.1
(8.3)
23.1
17,427
33.4
(10.3)
Banco Santander SA
17.1
12,936
10
12
8.1
9.0
$60,000
Goldman Sachs & Co
15.1
11,371
10
23
1.7
13.4
$50,000
12.6
9,553
17
16
4.9
7.7
$40,000
Lazard Ltd
10
8.1
6,128
53
0.0
8.1
Deutsche Bank AG
11
7.9
5,996
15
6.0
1.9
QUARTERLY VOLUME
USD (Mln)
12
7.7
5,803
26
1.5
6.2
Citigroup Inc
13
7.6
5,741
17
4.1
3.5
$10,000
JP Morgan
14
4.8
3,607
15.6
(10.8)
Morgan Stanley
15
4.2
3,178
15.3
(11.1)
16
3.8
2,858
11
9.3
(5.5)
Mediobanca SpA
17
2.7
2,022
UBS AG
18
2.6
1,950
12.5
Banco Votorantim SA
19
2.1
1,580
20
1.6
11.4
1,238
$75,574
451
120
$30,000
HSBC Bank PLC
TOTAL
200
160
$20,000
Caixa Banco de Investimento SA
/ #Deals
$70,000
80
40
Q
3
Q
1
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
2
Q
2
11
20
11
20
11
20
10
20
10
20
10
20
10
20
09
09
20
20
Q
4
Q
1
09
20
09
07
20
Q
3
0
Q
4
$0
20
CHANGE
Q
2
SHARE
08
COUNT
SHARE
20
USD (Mln)
MKT
MKT
Q
1
SHARE
RANK
08
DEAL
20
VOLUME
08
FIRM
MKT
08
RANK
2010
20
2011
20
1/1/11 - 9/30/11
2.7
(9.9)
2.1
(9.8)
$131,067
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
17
Bloomberg
Europe Announced Deals

Any Involvement
14.8
3.9
12.6
91,961
49
11
14.0
(1.4)
Rothschild
11.5
83,961
138
14.5
(3.0)
9.9
71,920
71
10
14.1
(4.2)
Lazard Ltd
10
9.8
71,261
89
13
10.8
(1.0)
HSBC Bank PLC
11
9.2
66,871
50
14
8.9
0.3
BNP Paribas SA
12
8.4
61,088
68
18.3
(9.9)
Societe Generale SA
13
8.1
58,853
59
15.0
(6.9)
UBS AG
14
7.4
53,736
64
12
11.5
(4.1)
15
6.9
50,086
14
21
4.3
2.6
Greenhill & Co Inc
16
6.0
43,654
11
40
1.1
4.9
Nomura Holdings Inc
17
4.9
35,866
29
15
8.1
(3.2)
Credit Agricole Corporate & Investment Bank
18
4.3
31,568
28
18
5.8
(1.5)
19
4.1
29,849
26
16
7.8
(3.7)
20
4.0
46
0.8
3.2
Moelis & Co
TOTAL
29,426
$727,712
6,120
$500,000
3,500
3,000
$400,000
2,500
$300,000
2,000
1,500
$200,000
1,000
$100,000
500
$0
0
Q
3
65
Q
2
136,051
Q
1
18.7
11
/ #Deals
20
Citigroup Inc
USD (Mln)
Q
4
5.9
11
16.3
20
Q
3
70
11
161,336
20
22.2
Q
2
10
Deutsche Bank AG
QUARTERLY VOLUME
20
1.7
Q
1
22.1
10
20
88
Q
4
173,100
10
23.8
20
Q
3
10
(0.3)
20
5.3
25.5
Q
2
20.9
09
112
09
90
183,410
20
190,644
20
25.2
Q
4
Q
1
26.2
09
Morgan Stanley
20
Goldman Sachs & Co
5.4
Q
3
23.5
09
20
111
Q
2
210,306
08
28.9
20
CHANGE
Q
1
JP Morgan
SHARE
08
COUNT
SHARE
20
USD (Mln)
MKT
MKT
Q
4
SHARE
RANK
08
DEAL
08
VOLUME
07
FIRM
MKT
20
RANK
2010
20
2011
20
1/1/11 - 9/30/11
$575,904
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
18
Bloomberg
Europe Announced Deals

Target or Seller
Citigroup Inc
18.5
110,352
48
11
14.3
4.2
14.3
85,032
37
16.4
(2.1)
USD (Mln)
$400,000
2,800
$350,000
2,400
Rothschild
13.6
80,959
128
16.0
(2.4)
$300,000
HSBC Bank PLC
10.9
64,732
45
14
11.2
(0.3)
$250,000
Lazard Ltd
10
10.7
63,584
80
13
11.6
(0.9)
$200,000
11
10.4
62,168
53
16.4
(6.0)
$150,000
BNP Paribas SA
12
8.5
50,662
62
19.2
(10.7)
$100,000
Societe Generale SA
13
8.3
49,321
58
10
15.2
(6.9)
$50,000
UBS AG
14
8.0
47,580
54
12
13.4
(5.4)
$0
15
7.9
47,168
37
1.1
6.8
Greenhill & Co Inc
16
7.3
43,494
33
1.3
6.0
Nomura Holdings Inc
17
6.0
35,834
27
16
9.9
(3.9)
18
4.9
29,391
24
18
7.6
(2.7)
ING Groep NV
19
3.8
22,748
13
45
0.6
3.2
20
2.8
15
10.4
(7.6)

TOTAL
16,369
22
$595,507
4,798
/ #Deals
2,000
1,600
1,200
800
400
20
07
Q
4
0
Q
3
(3.2)
Q
2
25.8
Q
1
11
82
20
134,538
Q
4
22.6
11
20
Morgan Stanley
QUARTERLY VOLUME
Q
3
7.4
11
15.6
20
Q
2
57
10
136,739
20
23.0
Q
1
10
Deutsche Bank AG
20
6.0
Q
4
6.0
17.8
10
18.9
20
66
Q
3
63
141,687
10
148,070
23.8
20
24.9
Q
2
Goldman Sachs & Co
09
09
6.1
20
22.8
20
Q
4
Q
1
92
09
171,935
20
28.9
Q
3
09
JP Morgan
20
CHANGE
Q
2
SHARE
08
COUNT
SHARE
20
USD (Mln)
MKT
MKT
Q
1
SHARE
RANK
08
DEAL
20
VOLUME
08
FIRM
MKT
08
RANK
2010
20
2011
20
1/1/11 - 9/30/11
$431,594
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
19
Bloomberg
United Kingdom Announced Deals

Any Involvement
43,894
25
16.4
0.4
16.1
42,023
28
18.8
(2.7)
16.1
42,013
21
16.9
(0.8)
HSBC Bank PLC
12.2
31,855
22
11
14.1
(1.9)
10
12.1
31,677
24
10
14.7
(2.6)
UBS AG
11
11.8
30,801
26
15
11.9
(0.1)
Moelis & Co
12
10.5
27,271
51
0.5
10.0
Nomura Holdings Inc
13
9.0
23,560
11
12
14.1
(5.1)
Lazard Ltd
14
8.9
23,106
31
13
13.2
(4.3)
15
7.6
19,718
18
11.0
(3.4)
Societe Generale SA
16
6.9
17,933
13
14
13.1
(6.2)
BNP Paribas SA
17
4.8
12,600
11
19.0
(14.2)
RBC Capital Markets
18
4.8
12,597
12
19
7.0
(2.2)
Gresham Partners Ltd
19
4.8
12,523
4.8
20
4.6
4.6
UniCredit SpA
TOTAL
11,974
$261,054
2,231
$240,000
1,200
$200,000
1,000
$160,000
800
$120,000
600
$80,000
400
$40,000
200
$0
0
Q
3
16.8
Q
2
/ #Deals
Q
1
Citigroup Inc
USD (Mln)
11
(6.2)
20
24.0
Q
4
11
68
20
46,517
Q
3
17.8
11
20
Rothschild
QUARTERLY VOLUME
Q
2
(8.1)
10
26.4
20
Q
1
38
10
47,820
20
18.3
Q
4
10
Morgan Stanley
20
6.0
Q
3
(5.0)
18.2
10
36.5
20
26
Q
2
49
63,234
09
82,270
24.2
09
31.5
20
Deutsche Bank AG
20
JP Morgan
Q
4
Q
1
10.6
09
25.9
20
Q
3
43
09
95,259
20
36.5
Q
2
08
Goldman Sachs & Co
20
CHANGE
Q
1
SHARE
08
COUNT
SHARE
20
USD (Mln)
MKT
MKT
Q
4
SHARE
RANK
08
DEAL
08
VOLUME
07
FIRM
MKT
20
RANK
2010
20
2011
20
1/1/11 - 9/30/11
$231,002
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
20
Bloomberg
Germany Announced Deals

Any Involvement
Greenhill & Co Inc
32.1
39,714
57
0.0
32.1
USD (Mln)
$80,000
31.5
39,000
20
2.3
29.2
Goldman Sachs & Co
25.2
31,201
10
40.3
(15.1)
$60,000
16.0
19,857
10
10
8.9
7.1
$50,000
Rothschild
10
13.7
16,983
24
15
6.1
7.6
$40,000
11
13.4
16,633
10
22.8
(9.4)
$30,000
Societe Generale SA
12
9.6
11,924
19
2.8
6.8
$20,000
Lazard Ltd
13
9.6
11,869
13
22.5
(12.9)
$10,000
BNP Paribas SA
14
8.9
11,028
13
7.8
1.1
15
7.7
9,532
11.3
(3.6)
16
4.4
5,425
12
8.2
(3.8)
UniCredit SpA
17
4.4
5,383
35
0.1
4.3
Berenberg Bank
18
4.3
5,284
18
3.3
1.0
Banque Privee Edmond de Rothschild SA
19
4.0
4,913
4.0
20
2.6
30
0.3
2.3
TOTAL
3,256
$123,881
946
500
$70,000
RBC Capital Markets
/ #Deals
400
300
200
100
20
07
Q
4
$0
Q
3
40.2
Q
2
5.7
Q
1
16
11
13
20
56,844
Q
4
45.9
11
20
Morgan Stanley
QUARTERLY VOLUME
Q
3
47.9
11
4.5
20
17
Q
2
10
10
64,937
20
52.4
Q
1
10
Citigroup Inc
20
36.5
Q
4
27.5
17.0
10
26.1
20
14
Q
3
23
66,225
10
66,402
53.5
20
53.6
Q
2
JP Morgan
09
Deutsche Bank AG
09
42.5
20
15.4
20
Q
4
Q
1
13
09
71,729
20
57.9
Q
3
09
20
CHANGE
Q
2
SHARE
08
COUNT
SHARE
20
USD (Mln)
MKT
MKT
Q
1
SHARE
RANK
08
DEAL
20
VOLUME
08
FIRM
MKT
08
RANK
2010
20
2011
20
1/1/11 - 9/30/11
$59,996
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
21
Bloomberg
France Announced Deals

Any Involvement
BNP Paribas SA
27.7
39,044
42
56.4
(28.7)
Societe Generale SA
27.5
38,785
40
49.2
(21.7)
Morgan Stanley
26.3
37,051
27
43.3
(17.0)
HSBC Bank PLC
26.2
36,869
24
10
22.6
3.6
Lazard Ltd
26.1
36,816
33
15
12.1
14.0
24.0
33,846
13
14
14.8
9.2
23.8
33,563
21
23.2
0.6
Rothschild
21.9
30,801
42
34.1
(12.2)
17.5
24,623
25
17
8.4
9.1
Deutsche Bank AG
10
15.7
22,064
12
13
15.7
$40,000
JP Morgan
11
13.2
18,579
13
44.3
(31.1)
$30,000
Citigroup Inc
12
12.9
18,172
11
18
7.1
5.8
$20,000
Goldman Sachs & Co
13
8.9
12,526
14
41.1
(32.2)
$10,000
14
6.6
9,311
14
50
0.1
6.5
Nomura Holdings Inc
15
6.2
8,788
10
24.3
(18.1)
UBS AG
16
4.5
6,402
28
0.9
3.6
Blackstone Group LP
17
3.0
4,288
23.0
(20.0)
Hawkpoint Partners Ltd
18
2.6
3,680
21
2.3
0.3
Messier Maris et Associes
18
2.6
3,680
2.6
20
1.9
26
1.1
0.8
CIBC
TOTAL
2,684
$140,869
982
QUARTERLY VOLUME
USD (Mln)
/ #Deals
$90,000
400
$80,000
350
$70,000
300
$60,000
250
$50,000
200
150
100
50
Q
3
Q
1
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
2
Q
2
11
20
11
20
11
20
10
20
10
20
10
20
10
20
09
09
20
20
Q
4
Q
1
09
20
09
07
20
Q
3
0
Q
4
$0
20
CHANGE
Q
2
SHARE
08
COUNT
SHARE
20
USD (Mln)
MKT
MKT
Q
1
SHARE
RANK
08
DEAL
20
VOLUME
08
FIRM
MKT
08
RANK
2010
20
2011
20
1/1/11 - 9/30/11
$118,638
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
22
Bloomberg
Italy Announced Deals

Any Involvement
SHARE
CHANGE
25.3
8,135
(16.6)
Rothschild
23.9
7,699
20
12
8.4
15.5
22.9
7,369
45.0
(22.1)
Societe Generale SA
18.3
5,890
39.0
(20.7)
15.9
5,135
15.9
HSBC Bank PLC
15.3
4,938
15.3
Lazard Ltd
13.8
4,431
10
16.2
(2.4)
Morgan Stanley
12.9
4,154
11
8.4
4.5
$35,000
Mediobanca SpA
12.3
3,955
17
10
9.7
2.6
$30,000
QUARTERLY VOLUME
USD (Mln)
$40,000
Goldman Sachs & Co
10
11.8
3,815
13
4.3
7.5
BNP Paribas SA
11
9.7
3,134
43.1
(33.4)
$20,000
UBS AG
12
6.2
1,982
13
6.1
1,963
39.0
14
3.9
1,268
3.9
KPMG Corporate Finance LLC
15
3.6
1,164
15
2.7
0.9
Leonardo & Co
16
3.6
1,161
Citigroup Inc
17
3.0
958
40.7
Nomura Holdings Inc
18
2.5
812
14
4.0
(1.5)
19
2.5
803
39.0
(36.5)
20
2.4
21
1.3
1.1
Banco Bilbao Vizcaya Argentaria SA

TOTAL
772
$32,212
305
160
120
80
$15,000
$10,000
40
$5,000
Q
3
Q
1
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
2
Q
2
11
20
11
20
11
20
10
20
10
20
10
20
10
20
09
09
20
20
Q
4
Q
1
09
20
09
20
07
Q
3
0
Q
4
$0
20
6.2
200
$45,000
$25,000
(32.9)
/ #Deals
$50,000
Q
2
41.9
08
COUNT
SHARE
20
USD (Mln)
MKT
MKT
Q
1
SHARE
RANK
08
DEAL
20
VOLUME
08
FIRM
MKT
08
RANK
2010
20
2011
20
1/1/11 - 9/30/11
3.6
(37.7)
$33,823
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
23
Bloomberg
Benelux Announced Deals

Any Involvement
14
15.1
(0.3)
BNP Paribas SA
14.5
13,790
16
35.8
(21.3)
ING Groep NV
14.0
13,328
10
27
2.0
12.0
UBS AG
12.6
11,968
11
11
21.3
(8.7)
Citigroup Inc
10
12.1
11,529
10
15
15.0
(2.9)
11
9.6
9,109
71
0.0
9.6
12
8.9
8,500
8.9
13
8.3
7,932
12
17.2
(8.9)
HSBC Bank PLC
14
7.4
7,073
36.3
(28.9)
Lazard Ltd
15
7.4
6,992
26
2.4
5.0
RBC Capital Markets
16
4.6
4,364
25
2.7
1.9
Blackstone Group LP
17
4.5
4,277
25.0
(20.5)
Rothschild
18
4.3
4,051
14
36.1
(31.8)
Jefferies Group Inc
19
3.2
3,080
22
4.8
(1.6)
20
2.5
66
0.0
2.5
Kempen & Co NV
TOTAL
2,413
$95,087
700
$120,000
450
400
$100,000
350
$80,000
300
250
$60,000
200
$40,000
150
100
$20,000
50
$0
0
Q
3
14,097
Q
2
14.8
Q
1
/ #Deals
11
USD (Mln)
20
(12.1)
Q
4
28.1
11
20
Q
3
15,183
11
16.0
20
Q
2
Goldman Sachs & Co
QUARTERLY VOLUME
10
11.8
20
5.1
Q
1
21
10
11
20
16,037
Q
4
16.9
10
20
Deutsche Bank AG
Q
3
3.3
10
(19.7)
15.2
20
48.3
13
Q
2
14
09
15
09
17,602
20
27,163
18.5
20
28.6
Q
4
Q
1
09
Morgan Stanley
20
(6.9)
Q
3
39.7
09
20
18
Q
2
31,211
08
32.8
20
CHANGE
Q
1
JP Morgan
SHARE
08
COUNT
SHARE
20
USD (Mln)
MKT
MKT
Q
4
SHARE
RANK
08
DEAL
08
VOLUME
07
FIRM
MKT
20
RANK
2010
20
2011
20
1/1/11 - 9/30/11
$102,911
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
24
Bloomberg
Iberia Announced Deals

Any Involvement
SHARE
CHANGE
Goldman Sachs & Co
25.6
11,194
24
4.0
21.6
Citigroup Inc
17.8
7,781
11
11.9
5.9
Banco Santander SA
16.9
7,394
19.1
(2.2)
Morgan Stanley
16.5
7,200
34.9
(18.4)
JP Morgan
14.8
6,486
15
8.7
6.1
Lazard Ltd
14.0
6,147
19
5.2
8.8
11.0
4,825
25.2
(14.2)
Societe Generale SA
10.9
4,779
12
18.7
(7.8)
10.7
4,701
28.5
(17.8)
UBS AG
10
9.8
4,285
18.3
(8.5)
Nomura Holdings Inc
11
9.7
4,242
12
11.8
(2.1)
12
9.2
4,040
200
$30,000
160
120
$20,000
Q
3
(4.0)
Q
2
6.8
Q
1
18
11
2.8
20
20
Q
4
(2.2)
11
3.5
5.1
20
0.5
20
Q
3
35
11
1,260
20
1,765
2.9
Q
2
4.0
19
10
18
Mediobanca SpA
20
Q
1
10
20
Q
4
2,412
10
5.5
20
17
Q
3
10
(2.3)
20
2.0
8.8
Q
2
4.5
14
09
22
09
2,827
20
2,842
6.5
20
6.5
16
Q
4
Q
1
15
BNP Paribas SA
0
09
HSBC Bank PLC
40
$0
20
(14.6)
Q
3
(4.4)
21.8
09
13.2
80
$10,000
20
10
10
14
240
$40,000
Q
2
3,151
298
280
$50,000
08
3,851
7.2
1,243
320
20
8.8
14
$43,773
/ #Deals
$60,000
Q
1
13
TOTAL
USD (Mln)
9.2
Banco Bilbao Vizcaya Argentaria SA
QUARTERLY VOLUME
08
COUNT
SHARE
20
USD (Mln)
MKT
MKT
Q
4
SHARE
RANK
08
DEAL
08
VOLUME
07
FIRM
MKT
20
RANK
2010
20
2011
20
1/1/11 - 9/30/11
5.5
$72,264
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
25
Bloomberg
Nordic Announced Deals

Any Involvement
12
22.0
(5.5)
Moelis & Co
15.8
15,888
68
0.0
15.8
11.5
11,600
20
3.7
7.8
Nordea Bank AB
8.9
8,941
25
2.8
6.1
10
8.5
8,500
8.5
Lazard Ltd
11
7.6
7,656
10
7.2
0.4
12
7.2
7,223
61
0.1
7.1
13
4.7
4,710
12
7.1
(2.4)
ING Groep NV
14
4.6
4,597
Mizuho Financial Group Inc
15
4.5
4,519
56
0.1
4.4
Rothschild
16
4.2
4,188
14
6.2
(2.0)
UBS AG
17
4.0
4,042
17.4
(13.4)
18
3.8
3,775
41
0.4
3.4
RBC Capital Markets
19
3.6
3,637
30
1.6
2.0
20
3.3
20.0
(16.7)
Citigroup Inc
TOTAL
3,318
$100,650
792
4.6
$60,000
450
400
$50,000
350
$40,000
300
250
$30,000
200
$20,000
150
100
$10,000
50
$0
0
Q
3
16,613
Q
2
16.5
Q
1
/ #Deals
11
Morgan Stanley
USD (Mln)
20
13.2
Q
4
3.9
11
19
20
Q
3
17,175
11
17.1
20
Q
2
Nomura Holdings Inc
QUARTERLY VOLUME
10
7.8
20
12.3
Q
1
10
20
20,211
Q
4
20.1
10
20
Q
3
17.2
10
27.6
13.0
20
11.6
Q
2
09
13
30,392
09
39,399
30.2
20
39.2
20
Deutsche Bank AG
Q
4
Q
1
JP Morgan
09
29.3
20
17.0
Q
3
09
12
20
46,569
Q
2
46.3
08
20
CHANGE
Q
1
SHARE
08
COUNT
SHARE
20
USD (Mln)
MKT
MKT
Q
4
SHARE
RANK
08
DEAL
08
Goldman Sachs & Co
VOLUME
07
FIRM
MKT
20
RANK
2010
20
2011
20
1/1/11 - 9/30/11
$49,744
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
26
Bloomberg
Africa/Middle East Announced Deals

Any Involvement
2011
SHARE
USD (Mln)
COUNT
22.0
14,135
RANK
MKT
MKT
SHARE
SHARE
CHANGE
15.5
6.5
Goldman Sachs & Co
20.8
13,343
15
13.8
7.0
14.1
9,058
19
2.8
11.3
Deutsche Bank AG
11.5
7,396
12
12.1
(0.6)
Morgan Stanley
11.4
7,304
22.4
(11.0)
Citigroup Inc
11.3
7,226
18
4.5
6.8
JP Morgan
8.6
5,501
14
14
6.3
RBC Capital Markets
5.8
3,709
36
BNP Paribas SA
5.7
3,627
Standard Chartered PLC
10
5.2
3,323
Banco Santander SA
11
4.9
3,147
QUARTERLY VOLUME
USD (Mln)
400
2.3
$60,000
350
0.1
5.7
$50,000
14.5
(8.8)
$40,000
17.0
(11.8)
200
$30,000
150
Standard Bank of South Africa Ltd
12
4.2
2,673
27
0.4
3.8
RHB
13
3.0
1,946
3.0
$10,000
13
3.0
1,946
13
7.0
(4.0)
Lazard Ltd
15
2.4
1,527
14.2
(11.8)
One Capital
16
2.2
1,407
50
0.0
2.2
Investec PLC
17
2.1
1,330
2.1
Greenhill & Co Inc
18
2.1
1,321
20
2.3
(0.2)
AIFAS Inc
19
1.5
934
71
0.0
1.5
19
1.5
62
0.0
1.5
TOTAL
934
$64,154
762
100
50
Q
3
Q
1
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
2
Q
2
11
20
11
20
11
20
10
20
10
20
10
20
10
20
09
09
20
20
Q
3
Q
2
Q
4
Q
1
09
20
09
20
08
20
07
20
Q
1
0
Q
4
$0
08
4.9
300
250
$20,000
Daiwa Securities Group Inc
/ #Deals
$70,000
20
DEAL
08
VOLUME
08
FIRM
MKT
20
RANK
2010
20
1/1/11 - 9/30/11
$77,979
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
27
Bloomberg
Eastern Europe Announced Deals

Any Involvement
10,716
11
6.7
6.4
12.9
10,564
13
11.5
1.4
$80,000
11.6
9,478
34
0.3
11.3
Morgan Stanley
10.0
8,190
14
31.9
(21.9)
$50,000
10
9.3
7,569
10
11.8
(2.5)
$40,000
Nomura Holdings Inc
11
8.6
7,072
15.9
(7.3)
$30,000
Societe Generale SA
12
8.3
6,765
8.3
$20,000
Trigon Dom Maklerski SA
13
8.1
6,599
8.1
$10,000
Citigroup Inc
14
7.7
6,278
22
0.8
6.9
$0
15
6.9
5,671
19
2.5
4.4
16
6.7
5,452
6.7
UBS AG
17
6.6
5,362
13
4.6
2.0
Xenon Capital Partners
18
4.3
3,550
Lazard Ltd
19
3.4
2,737
12
5.0
20
3.2
TOTAL
2,649
$81,808
662
500
400
300
200
100
0
20
07
Q
4
ING Groep NV
$60,000
Alfa Bank OJSC
600
$70,000
Q
3
13.1
Q
2
/ #Deals
Q
1
UniCredit SpA
USD (Mln)
11
12.6
20
0.7
Q
4
23
11
20
10,836
Q
3
13.3
11
20
QUARTERLY VOLUME
Q
2
13.4
10
0.2
20
37
Q
1
10
11,120
20
13.6
Q
4
10
HSBC Bank PLC
20
3.8
Q
3
(1.5)
10.5
10
16.8
10
20
Q
2
09
11,680
09
12,548
14.3
20
15.3
20
16.2
Q
4
Q
1
Goldman Sachs & Co
1.2
09
Deutsche Bank AG
JP Morgan
21
20
15
Q
3
14,258
09
17.4
20
CHANGE
Q
2
Rothschild
SHARE
08
COUNT
SHARE
20
USD (Mln)
MKT
MKT
Q
1
SHARE
RANK
08
DEAL
20
VOLUME
08
FIRM
MKT
08
RANK
2010
20
2011
20
1/1/11 - 9/30/11
4.3
(1.6)
3.2
$46,949
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
28
Bloomberg
Asia Pacific Ex-Japan Announced Deals

Any Involvement
1/1/11 - 9/30/11
2011
RANK
FIRM
2010
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
MKT
MKT
SHARE
SHARE
CHANGE
Goldman Sachs & Co
17.8
74,994
59
11.1
6.7
Morgan Stanley
13.1
54,937
44
13.0
0.1
JP Morgan
12.2
51,164
47
6.5
5.7
8.8
36,961
20
9.8
(1.0)
UBS AG
8.1
34,226
39
11.9
(3.8)
Moelis & Co
6.4
27,073
50
0.6
5.8
QUARTERLY VOLUME
USD (Mln)
/ #Deals
$320,000
3,200
$280,000
2,800
Deutsche Bank AG
6.2
25,880
29
9.5
(3.3)
6.0
25,218
37
8.9
(2.9)
$240,000
2,400
2,000
6.0
25,118
37
15
5.4
0.6
$200,000
10
6.0
25,039
34
11.6
(5.6)
$160,000
1,600
HSBC Bank PLC
11
5.3
22,468
26
12
6.0
(0.7)
$120,000
1,200
Scotia Capital Inc
12
5.3
22,311
117
0.1
5.2
$80,000
800
13
5.0
20,906
13
10
6.4
(1.4)
$40,000
400
RBC Capital Markets
14
4.9
20,629
31
1.5
3.4
Lazard Ltd
15
4.3
18,043
17
17
4.0
0.3
16
3.9
16,220
3.9
Nomura Holdings Inc
17
3.6
15,048
38
20
2.9
0.7
18
3.3
13,777
38
1.0
2.3
Macquarie Group Ltd
19
2.9
12,157
32
13
5.9
(3.0)
20
2.5
32
1.3
1.2
CIBC
TOTAL
10,562
$420,484
6,047
Q
3
Q
1
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
2
Q
2
11
20
11
20
11
20
10
20
10
20
10
20
10
20
09
09
20
20
Q
3
Q
2
Q
4
Q
1
09
20
09
20
08
20
08
20
08
08
20
20
07
Q
1
0
Q
4
$0
20
Citigroup Inc
$369,811
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
29
Bloomberg
Asia Pacific Ex-Japan Announced Deals

Target or Seller
19,513
31
6.1
(0.1)
5.3
17,494
26
6.7
(1.4)
5.3
17,481
10
14
4.1
1.2
5.0
16,220
5.0
10
4.5
14,766
26
7.7
(3.2)
Deutsche Bank AG
11
4.5
14,703
23
11
5.4
(0.9)
Lazard Ltd
12
4.5
14,687
13
23
1.8
2.7
13
4.2
13,777
29
1.3
2.9
RBC Capital Markets
14
4.0
13,102
41
0.9
3.1
15
3.8
12,288
11
5.8
(2.0)
Macquarie Group Ltd
16
3.7
12,157
31
15
3.8
(0.1)
Nomura Holdings Inc
17
3.5
11,396
31
16
3.4
0.1
China International Capital Corp Ltd
18
2.9
9,460
15
7.4
(4.5)
Wells Fargo & Co
19
2.9
9,400
2.9
20
2.5
30
1.3
1.2
CIBC
TOTAL
8,151
$327,598
5,371
$240,000
2,800
2,400
$200,000
2,000
$160,000
1,600
$120,000
1,200
$80,000
800
$40,000
400
$0
0
Q
3
6.0
Q
2
/ #Deals
Q
1
Citigroup Inc
USD (Mln)
11
7.0
20
0.7
Q
4
45
11
20
25,073
Q
3
7.7
11
20
Moelis & Co
QUARTERLY VOLUME
Q
2
(1.1)
10
10.0
20
Q
1
31
10
29,263
20
8.9
Q
4
10
UBS AG
20
5.7
Q
3
4.3
6.5
10
11.1
20
35
Q
2
38
39,876
09
50,478
12.2
09
15.4
20
JP Morgan
20
Morgan Stanley
Q
4
Q
1
2.4
09
14.3
20
Q
3
48
09
54,740
20
16.7
Q
2
08
Goldman Sachs & Co
20
CHANGE
Q
1
SHARE
08
COUNT
SHARE
20
USD (Mln)
MKT
MKT
Q
4
SHARE
RANK
08
DEAL
08
VOLUME
07
FIRM
MKT
20
RANK
2010
20
2011
20
1/1/11 - 9/30/11
$275,227
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
30
Bloomberg
Japan Announced Deals

Any Involvement
34,738
17
13.0
12.3
Sumitomo Mitsui Financial Group Inc
24.0
32,991
77
17
3.7
20.3
Mizuho Financial Group Inc
21.0
28,891
51
12
4.6
16.4
Daiwa Securities Group Inc
18.6
25,519
40
19.0
(0.4)
10
15.5
21,355
15
31
0.4
15.1
Moelis & Co
11
10.0
13,733
47
0.1
9.9
Deloitte Touche Tohmatsu
12
9.1
12,529
22
13
4.2
4.9
Lazard Ltd
13
6.1
8,363
15
4.0
2.1
UBS AG
14
4.2
5,745
15.0
(10.8)
Citigroup Inc
15
3.6
4,889
10
6.9
(3.3)
GCA Savvian Group Corp
16
2.7
3,698
31
23
1.8
0.9
17
2.6
3,552
28
24
1.3
1.3
Ernst & Young
18
2.4
3,337
18
26
0.9
1.5
Sangyo Sosei Advisory Inc
19
2.0
2,768
20
3.4
(1.4)
20
1.9
38
0.2
1.7

TOTAL
2,625
$137,452
1,604
$60,000
700
600
$50,000
500
$40,000
400
$30,000
300
$20,000
200
$10,000
100
$0
0
Q
3
25.3
Q
2
/ #Deals
Q
1
USD (Mln)
11
10.9
20
17.0
Q
4
11
43
20
38,311
Q
3
27.9
11
20
Morgan Stanley
QUARTERLY VOLUME
Q
2
2.8
10
29.2
20
Q
1
12
10
43,933
20
32.0
Q
4
10
JP Morgan
20
25.1
Q
3
(10.5)
7.9
10
44.3
20
14
Q
2
88
45,325
09
46,476
33.0
09
33.8
20
Deutsche Bank AG
20
Nomura Holdings Inc
Q
4
Q
1
29.1
09
10.3
20
Q
3
17
09
54,123
20
39.4
Q
2
08
Goldman Sachs & Co
20
CHANGE
Q
1
SHARE
08
COUNT
SHARE
20
USD (Mln)
MKT
MKT
Q
4
SHARE
RANK
08
DEAL
08
VOLUME
07
FIRM
MKT
20
RANK
2010
20
2011
20
1/1/11 - 9/30/11
$90,081
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
31
Bloomberg
China Announced Deals

Any Involvement
4.1
5,176
10
8.3
(4.2)
Deutsche Bank AG
4.1
5,169
6.2
(2.1)
USD (Mln)
$80,000
4.0
5,019
84
0.1
3.9
Rothschild
3.9
4,985
10
4.3
(0.4)
$50,000
BNP Paribas SA
10
3.3
4,227
17
2.1
1.2
$40,000
11
3.2
4,015
35
0.6
2.6
$30,000
Nomura Holdings Inc
12
3.1
3,880
10
14
2.2
0.9
$20,000
China Securities Co Ltd
13
2.8
3,602
12
30
0.7
2.1
$10,000
Lazard Ltd
14
2.7
3,393
2.7
$0
Blackstone Group LP
15
2.6
3,264
16
2.1
0.5
CITIC Securities Co Ltd
16
2.5
3,197
6.3
(3.8)
Citigroup Inc
17
2.5
3,123
11
4.4
(1.9)
18
1.9
2,454
50
0.3
1.6
CIBC
19
1.8
2,278
1.8
19
1.8
105
0.0
1.8
2,278
$126,928
2,460
1,000
800
600
400
200
0
20
07
Q
4
TOTAL
1,200
$70,000
$60,000
Canaccord Genuity Corp
/ #Deals
Q
3
(4.2)
Q
2
8.8
Q
1
11
10
20
5,843
Q
4
4.6
11
20
UBS AG
QUARTERLY VOLUME
Q
3
(0.1)
11
5.3
20
Q
2
10
6,650
20
5.2
Q
1
10
Morgan Stanley
20
0.5
Q
4
(8.7)
6.2
10
16.6
20
12
Q
3
16
8,523
10
9,968
6.7
20
7.9
Q
2
JP Morgan
09
09
0.5
20
7.5
20
Q
4
Q
1
15
09
10,201
20
8.0
Q
3
09
Goldman Sachs & Co
20
CHANGE
Q
2
SHARE
08
COUNT
SHARE
20
USD (Mln)
MKT
MKT
Q
1
SHARE
RANK
08
DEAL
20
VOLUME
08
FIRM
MKT
08
RANK
2010
20
2011
20
1/1/11 - 9/30/11
$125,772
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
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Bloomberg
Hong Kong Announced Deals

Any Involvement
3,803
11
14
2.9
4.3
7.1
3,745
18
2.0
5.1
Rothschild
5.0
2,621
28
0.9
4.1
5.0
2,604
5.0
Somerley Ltd
10
4.0
2,121
5.6
(1.6)
UBS AG
11
3.6
1,908
10
3.2
0.4
Nomura Holdings Inc
12
2.8
1,477
16
2.4
0.4
13
2.6
1,349
19
1.9
0.7
BNP Paribas SA
14
2.4
1,252
20.3
(17.9)
Guotai Junan Securities Co Ltd
15
2.2
1,162
2.2
16
1.2
636
1.2
17
1.1
570
1.1
Kingston Securities
18
1.1
560
23
1.8
(0.7)
Morgan Stanley
19
0.9
477
6.2
(5.3)
20
0.9
41
0.3
0.6
Macquarie Group Ltd

TOTAL
463
$52,533
717
$60,000
500
450
$50,000
400
350
$40,000
300
$30,000
250
200
$20,000
150
100
$10,000
50
$0
0
Q
3
7.2
Q
2
/ #Deals
Q
1
JP Morgan
USD (Mln)
11
9.6
20
0.2
Q
4
46
11
20
5,120
Q
3
9.8
11
20
Citigroup Inc
QUARTERLY VOLUME
Q
2
4.5
10
6.3
20
Q
1
10
5,679
20
10.8
Q
4
10
Goldman Sachs & Co
20
13.8
Q
3
12.3
0.5
10
3.1
36
20
12
Q
2
7,527
09
8,091
14.3
09
15.4
20
RBC Capital Markets
20
HSBC Bank PLC
Q
4
Q
1
(1.4)
09
20.0
20
Q
3
09
9,752
20
18.6
Q
2
08
Deutsche Bank AG
20
CHANGE
Q
1
SHARE
08
COUNT
SHARE
20
USD (Mln)
MKT
MKT
Q
4
SHARE
RANK
08
DEAL
08
VOLUME
07
FIRM
MKT
20
RANK
2010
20
2011
20
1/1/11 - 9/30/11
$46,727
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
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Bloomberg
Taiwan Announced Deals

Any Involvement
SHARE
CHANGE
10.9
(7.5)
3.1
494
3.1
Lazard Ltd
2.8
457
11
1.1
1.7
Maybank
2.5
404
2.5
Nomura Holdings Inc
10
2.5
404
2.5
TC Capital Advisory Ltd
10
2.5
404
2.5
12
1.9
300
6.8
13
1.2
196
UBS AG
13
1.2
196
3.7
Deutsche Bank AG
15
0.9
150
0.9
16
0.6
99
0.6
Yuanta Financial Holding Co Ltd
17
0.6
90
0.6
ING Groep NV
18
0.4
72
0.4
CIMB
19
0.3
56
0.3
20
0.1
0.1
TOTAL
21
$16,205
220
$6,056
(4.9)
1.2
(2.5)
$20,000
140
120
$16,000
100
$12,000
80
60
$8,000
40
$4,000
20
$0
0
Q
3
Q
2
Q
1
544
11
3.4
20
/ #Deals
Q
4
Yuanta Securities Co Ltd
USD (Mln)
11
3.0
20
1.9
Q
3
11
20
788
Q
2
4.9
10
20
JP Morgan
QUARTERLY VOLUME
Q
1
11.8
10
20
Q
4
10
1,905
20
11.8
Q
3
10
Goldman Sachs & Co
20
17.0
Q
2
8.9
09
17.4
09
20
2,748
20
4,258
17.0
Q
4
Q
1
26.3
09
Citigroup Inc
20
Morgan Stanley
China Renaissance Partners
15.9
Q
3
15.0
09
20
Q
2
5,007
08
30.9
20
Q
1
Grand Cathay Securities
08
COUNT
SHARE
20
USD (Mln)
MKT
MKT
Q
4
SHARE
RANK
08
DEAL
08
VOLUME
07
FIRM
MKT
20
RANK
2010
20
2011
20
1/1/11 - 9/30/11
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
34
Bloomberg
South Korea Announced Deals

Any Involvement
22.1
(10.3)
11.6
4,436
23.1
(11.5)
Nomura Holdings Inc
10.4
3,954
10
6.2
4.2
5.7
2,160
19
2.0
3.7
Allen & Co Inc
10
3.6
1,375
3.6
11
3.2
1,225
3.2
Guotai Junan Securities Co Ltd
12
3.1
1,162
3.1
13
3.1
1,162
12
14.2
(11.1)
Ernst & Young
14
2.5
961
10
16
2.5
Deutsche Bank AG
15
1.7
650
21
1.3
0.4
15
1.7
650
HSBC Bank PLC
17
1.7
638
11
4.5
(2.8)
UBS AG
18
1.1
420
18
2.1
(1.0)
Phatra Securities PCL
19
1.1
409
1.1
20
1.0
1.0
Scotia Capital Inc

TOTAL
396
$38,118
685
$24,000
350
300
$20,000
250
$16,000
200
$12,000
150
$8,000
100
$4,000
50
$0
0
Q
3
4,480
Q
2
11.8
Q
1
/ #Deals
11
Morgan Stanley
USD (Mln)
20
5.7
Q
4
8.1
11
20
Q
3
5,249
11
13.8
20
Q
2
Goldman Sachs & Co
QUARTERLY VOLUME
10
14.7
20
1.0
Q
1
23
10
20
5,984
Q
4
15.7
10
20
Citigroup Inc
Q
3
5.7
10
17.1
11.0
20
0.8
Q
2
24
09
09
6,370
20
6,830
16.7
20
17.9
Q
4
Q
1
Woori Investment & Securities Co Ltd
09
Samsung Securities Co Ltd
20
19.4
Q
3
0.5
09
25
20
Q
2
7,589
08
19.9
20
CHANGE
Q
1
Korea Development Bank
SHARE
08
COUNT
SHARE
20
USD (Mln)
MKT
MKT
Q
4
SHARE
RANK
08
DEAL
08
VOLUME
07
FIRM
MKT
20
RANK
2010
20
2011
20
1/1/11 - 9/30/11
1.7
$32,270
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
35
Bloomberg
Australia & New Zealand Announced Deals

Any Involvement
1/1/11 - 9/30/11
2011
RANK
FIRM
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
MKT
MKT
SHARE
SHARE
CHANGE
32.6
42,551
26
21.0
11.6
JP Morgan
28.6
37,299
17
14
5.3
23.3
22.7
29,643
15
5.1
17.6
Morgan Stanley
19.6
25,631
10
8.7
10.9
Moelis & Co
19.2
25,073
23
2.3
16.9
UBS AG
16.5
21,563
20
21.7
(5.2)
Scotia Capital Inc
15.0
19,637
15.0
12.4
16,220
12.4
11.9
15,571
32
0.6
11.3
$100,000
400
10
10.6
13,777
18
4.2
6.4
$80,000
Lazard Ltd
11
9.9
12,973
16.4
(6.5)
300
$60,000
RBC Capital Markets
12
9.1
11,878
21
2.8
6.3
$40,000
Macquarie Group Ltd
13
9.1
11,818
28
18.7
(9.6)
$20,000
Deutsche Bank AG
14
7.9
10,340
10
8.2
(0.3)
$0
15
7.6
9,891
13.2
(5.6)
Wells Fargo & Co
16
7.2
9,400
17
6.8
8,848
12
16.5
(9.7)
CIBC
18
6.2
8,151
17
4.3
1.9
TD Securities Inc
19
6.0
7,811
22
2.6
3.4
20
3.7
3.7
O'Sullivan Partners Advisory Pty Ltd

TOTAL
4,791
$130,534
1,039
QUARTERLY VOLUME
USD (Mln)
/ #Deals
$180,000
700
$160,000
600
$140,000
500
$120,000
200
100
Q
3
Q
1
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
2
Q
2
11
20
11
20
11
20
10
20
10
20
10
20
10
20
09
09
20
20
Q
3
Q
2
Q
1
Q
4
Q
1
09
20
09
20
08
20
08
20
08
08
20
07
Q
4
0
20
20
Goldman Sachs & Co
2010
7.2
$84,051
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
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Bloomberg
India Announced Deals

Any Involvement
1/1/11 - 9/30/11
2011
RANK
FIRM
2010
MKT
VOLUME
DEAL
SHARE
USD (Mln)
COUNT
RANK
MKT
MKT
SHARE
SHARE
CHANGE
Morgan Stanley
27.6
9,202
40.5
(12.9)
Goldman Sachs & Co
22.2
7,402
14
13.4
8.8
17.4
5,794
33.4
(16.0)
11.3
3,780
30.7
(19.4)
HSBC Bank PLC
11.0
3,676
21.2
(10.2)
8.5
2,837
12
14.0
(5.5)
Nomura Holdings Inc
7.6
2,540
19
5.0
SBI Capital Markets Ltd
6.7
2,228
Ernst & Young
6.5
2,155
16
27
Avendus Capital Pvt Ltd
10
6.3
2,114
16
Rothschild
11
6.0
1,989
12
4.7
13
Citigroup Inc
QUARTERLY VOLUME
USD (Mln)
/ #Deals
$28,000
350
2.6
$24,000
300
19.0
(12.3)
$20,000
250
1.8
4.7
$16,000
200
55
0.1
6.2
13
13.7
(7.7)
$12,000
150
1,580
17
10.9
(6.2)
$8,000
100
4.7
1,555
36.4
(31.7)
$4,000
50
14
4.3
1,441
19.4
(15.1)
$0
UBS AG
15
4.3
1,426
21.8
(17.5)
Australia & New Zealand Banking Group Ltd
16
4.3
1,425
Ambit Corp Finance
17
4.2
1,386
20
4.3
Jefferies Group Inc
18
4.0
1,348
28
1.8
2.2
JP Morgan
19
3.7
1,225
16
11.7
(8.0)
20
3.7
RBC Capital Markets

TOTAL
1,224
$33,337
627
Q
3
Q
1
Q
4
Q
3
Q
2
Q
1
Q
4
Q
3
Q
2
Q
2
11
20
11
20
11
20
10
20
10
20
10
20
10
20
09
09
20
20
Q
3
Q
2
Q
1
Q
4
Q
1
09
20
09
20
08
20
08
20
08
08
20
20
20
07
Q
4
4.3
(0.1)
3.7
$56,903
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
37
Bloomberg
South East Asia Announced Deals

Any Involvement
SHARE
CHANGE
1.7
Maybank
8.6
6,254
25
10.5
(1.9)
CIMB
7.9
5,752
31
20.1
(12.2)
Kasikornbank PCL
7.6
5,515
7.6
Finansa Securities Ltd
10
7.6
5,506
7.6
Morgan Stanley
11
6.5
4,716
10
10.7
(4.2)
RHB
12
6.1
4,412
13.1
(7.0)
JP Morgan
13
5.7
4,107
10
8.0
(2.3)
Nomura Holdings Inc
14
5.1
3,701
11
6.7
(1.6)
DBS Group Holdings Ltd
15
4.7
3,379
15
21
3.7
1.0
16
4.3
3,109
12
6.7
(2.4)
17
3.9
2,804
13.6
(9.7)
ING Groep NV
18
3.6
2,587
39
0.6
3.0
19
3.2
2,332
3.2
20
3.1
29
1.0
2.1
2,261
$72,581
1,010
$60,000
600
$50,000
500
$40,000
400
$30,000
300
$20,000
200
$10,000
100
$0
0
Q
3
7.1
Q
2
10
Q
1
10
11
6,411
20
8.8
Q
4
/ #Deals
11
USD (Mln)
20
4.8
Q
3
4.7
11
15
20
Q
2
6,898
10
9.5
20
Q
1
Phatra Securities PCL
QUARTERLY VOLUME
10
20
10.4
Q
4
10
20
7,540
Q
3
10.4
10
20
Goldman Sachs & Co
Q
2
(3.0)
09
5.7
13.6
09
5.0
20
13
20
7,673
Q
4
Q
1
7,782
10.6
09
10.7
20
UBS AG
TOTAL
10.4
Q
3
Danatama Makmur PT
3.8
09
20
20
12
Q
2
10,270
08
14.2
20
Q
1
Citigroup Inc
08
COUNT
SHARE
20
USD (Mln)
MKT
MKT
Q
4
SHARE
RANK
08
DEAL
08
VOLUME
07
FIRM
MKT
20
RANK
2010
20
2011
20
1/1/11 - 9/30/11
$67,389
MA <GO>
LEAG <GO>
MA <GO>
LMX <GO>
MA <GO>
LEAG <GO>
38
Bloomberg
For data submissions or queries,
please contact:
Pratik M. Patel
10/01/2011
Bloomberg 2011 1st 3 Qtrs

Mergers & Acquisitions Financial Advisory Rankings
North America
+1-212-617-8705
Bloomberg M&A league tables represent transactions that are either pending or completed, and for which Bloomberg
+1-646-268-6061
has been notified.
ppatel28@bloomberg.net
Liga Eglite
EMEA
Bloomberg M&A league tables include mergers, acquisitions, divestitures, self-tenders, spinoffs, debt-for-equity swaps,
+44-20-7073-3891
private placements of common equity and convertible securities, and purchases of convertible securities and cash
+44-20-7392-6672
injection components of recapitalizations according to Bloomberg standards. Excludes open market transactions. All
leglite@bloomberg.net
deals except additional stake purchases are subjected to a minimum threshold of 5% equity or USD 50 million total
value. League table credit is based on announced total value of a deal.
Hyejin Cho
Asia Pacific
+82-2-3702-1627
Bloomberg LP and its suppliers believe the information herein was obtained from reliable sources, but they do not
+82-2-3704-1827
guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or
hcho18@bloomberg.net
sale of securities or commodities.
Fernanda Pedreira
LATAM
+55-11-4502-1830
+55-11-4502-1880
fpedreira2@bloomberg.net
For 24 hour global customer support call
+1 212 318 2000
+44 20 7330 7500
+65 6212 1000
+81 3 3201 8900
or press the HELP key twice on the BLOOMBERG PROFESSIONAL(R) service.
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GLOBAL FINANCIAL ADVISORY

MERGERS & ACQUISITIONS RANKINGS Q3 2011

Bloomberg 2011 1st 3 Qtrs

Mergers & Acquisitions Financial Advisory Rankings

8. Global M&A Activity

10. Global Announced Deals

recapitalizations according to Bloomberg standards.

12. Global Private Equity Announced Deals

For data submissions or queries, please contact:

For 24 hour global customer support call

+1 212 318 2000

+44 20 7330 7500

+65 6212 1000

+81 3 3201 8900

or press the HELP key twice on the BLOOMBERG PROFESSIONAL(R) service.

While global deal count increased by 11%,

APAC M&A Quarterly Volume

EMEA M&A Quarterly Volume

Deal Type Sum m ary

Paym ent Type Sum m ary

Prem ium s Paid

Deal Size Breakdow n

Current Prem ium

Commer Banks NonUS

Real Estate Oper/Development

$5 $10 $15 $20 $25 $30 $35

Regional Breakdown by Target Region/Country

Regional Breakdown by Target Region/Country

South East Asia

Global Announced Deals - Financial

Goldman Sachs & Co

Credit Suisse Group AG

Goldman Sachs & Co

Bank of America Merrill Lynch

Barclays Capital Group

Bank of America Merrill Lynch

Credit Suisse Group AG

Global Announced Deals - Energy

Global Announced Deals - Communications

Credit Suisse Group AG

Goldman Sachs & Co

Barclays Capital Group

Barclays Capital Group

Goldman Sachs & Co

Scotia Capital Inc

Credit Suisse Group AG

Evercore Partners Inc

Bank of America Merrill Lynch

Bank of America Merrill Lynch

Jefferies Group Inc

Global Announced Deals

Barclays Capital Group

Evercore Partners Inc

HSBC Bank PLC

Nomura Holdings Inc

Greenhill & Co Inc

RBC Capital Markets

Perella Weinberg Partners LP

Bank of America Merrill Lynch

Credit Suisse Group AG

Goldman Sachs & Co

Cross Border Announced Deals