Thomson Reuters Mid - BMR Advisors

MID-MARKET M&A REVIEW 

FINANCIAL ADVISORS 

Full Year 2010

M&A Rankings For Small-Cap Deals Valued Up To US$50m Are Also Available 

Full Year 2010 

DEALS VALUED UP TO US$500 MILLION 

MID-MARKET M&A REVIEW 

Mid-Market Deals Intelligence 

Worldwide Mid-Market M&A up to US$500m by Rank Value Range 

Worldwide announced Mid-Market M&A deals valued up to $500 million totaled US$699.9 billion in 

2010 – a 29.5% increase over 2009. 

Estimated global fees generated from completed Mid-Market M&A activity reached US$16.8 billion for 

the year, according to Thomson Reuters and Freeman Consulting. 

The Americas region (by target domicile) led the market, with US$265.3 billion of announced deal 

activity – a 37.9% market share, representing a gain of 4.6 percentage points. 

Rank Value (US$b) 

$300 

$250 

$200 

$150 

$100 

$50 

12,000 

10,000 

8,000 

6,000 

4,000 

2,000 

# of Deals 

The EMEA region (by target domicile) led the market in number of deals announced, with nearly 14,700 

deals for the year, or 36.6% of the over 40,000 deals announced worldwide. 

The Financials sector comprised 15.4% of announced value, followed by Energy & Power at 13.5%, 

and Materials which represented just under 13% of the total market. 

$0 

1Q07 

2Q07 

3Q07 

4Q07 

1Q08 

2Q08 

3Q08 

4Q08 

US$200 - 500m US$100 - 200m US$50 - 100m US$0 - 50m # of Deals 

1Q09 

2Q09 

3Q09 

4Q09 

1Q10 

2Q10 

3Q10 

4Q10 

- 

Announced Mid-Market M M&A by Target Nation Up To US$500m 

Region/Nation 

1/1/2010 - 12/31/2010 1/1/2009 - 12/31/2009 % Change 

Rank Value # of Rank Value # of 

in Rank 

US$m Deals 

US$m Deals 

Value 

Worldwide 699,894.5 40,185 540,310.7 38,889 29.5 ▲ 

Americas 265,292.9 11,714 179,967.9 11,539 47.4 ▲ 

United States of America 182,800.6 7,581 119,059.3 7,660 53.5 ▲ 

Canada 39,970.6 2,269 28,334.4 2,364 41.1 ▲ 

Brazil 

18,448.2 556 15,664.0 406 17.8 ▲ 

Chile 4,508.8 188 3,936.3 172 14.5 ▲ 

Argentina 

2,807.4 168 1,303.2 137 115.4 ▲ 

Peru 2,783.1 166 1,309.4 114 112.5 ▲ 

Mexico 2,501.1 252 2,688.7 183 -7.0 ▼ 

Europe 174,801.2 14,698 138,064.9 13,654 26.6 ▲ 

United Kingdom 42,724.8 2,272 30,747.9 2,124 39.0 ▲ 

France 18,647.4 1,342 10,989.8 1,129 69.7 ▲ 

Spain 16,201.4 904 11,319.7 805 43.1 ▲ 

Italy 11,821.2 632 12,205.5 707 -3.1 ▼ 

Germany 

11,768.1 1,280 12,368.2 1,240 -4.9 ▼ 

Russian Federation 8,748.2 3,266 8,178.2 3,004 7.0 ▲ 

Sweden 

8,035.2 768 4,091.6 611 96.4 ▲ 

Norway 

6,889.7 459 5,717.5 357 20.5 ▲ 

Netherlands 6,144.9 495 5,410.1 510 13.6 ▲ 

Switzerland 5,032.6 359 4,205.6 438 19.7 ▲ 

Turkey 4,716.7 199 2,937.7 160 60.6 ▲ 

Africa/Middle East/Central Asia 26,915.7 1,127 20,625.4 989 30.5 ▲ 

South Africa 7,384.3 292 5,957.1 295 24.0 ▲ 

Israel 2,481.9 72 3,587.2 81 -30.8 ▼ 

Asia-Pacific (ex Central Asia) 

China 

Australia 

201,439.1 

75,812.9 

30,949.1 

10,500 

3,133 

1,807 

165,414.0 

54,491.7 

22,351.3 

10,260 

2,669 

1,761 

21.8 ▲ 

39.1 ▲ 

38.5 ▲ 

Hong Kong 

21,352.6 667 21,770.8 783 -1.9 ▼ 

South Korea 

18,242.5 885 19,879.2 1,138 -8.2 ▼ 

India 

13,541.8 1,033 12,228.7 1,125 10.7 ▲ 

Singapore 9,512.5 429 5,975.1 375 59.2 ▲ 

Malaysia 

8,809.3 670 4,736.4 749 86.0 ▲ 

Indonesia 6,777.0 547 6,803.1 421 -0.4 ▼ 

Philippines 4,268.7 146 4,436.3 152 -3.8 ▼ 

Japan 

31,445.6 2,146 36,238.5 2,447 -13.2 ▼ 

Worldwide Mid-Market M&A up to US$500m by Target Industry 

4.8%3.0% 15.4% 

Financials 2.6% Energy and Power 

5.1% 

Materials 

Real Estate 

5.3% 

Industrials 

High Technology 

13.5% 

6.2% 

Healthcare 

Media and Entertainment 

Consumer Products and Services 

Consumer Staples 

8.6% 

12.9% 

Retail 

Telecommunications 

9.7% 

Government and Agencies 

12.9% 

Worldwide Mid-Market M&A up to US$500m by Target Nation Region January 1 - December 31 

2010 

2009 

2008 

2007 

2006 

$0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 


Africa/Middle East Americas Asia-Pacific Europe Japan 

https://www.thomsonone.com

Full Year 2010 │ Mid-Market M&A Up To US$500m │ Financial Advisors 

Worldwide Mid-Market Rankings (MM1) 

MM1 - Undisclosed Values & Values up to US$500m 

Jan 1 2010 - Dec 31 2010 

# of Deals per Advisor 

Rank Value per Advisor (US$m) 

Imputed Fees (US$m) † 

2010 2009 # of Change in 

Rank Value 

2010 Rank Value Advisor 2010 ** Fee 

Financial Advisor 

Rank Rank Deals # of Deals 

US$m 

Rank Change (%) Fees Rank Exp (%) 

KPMG 

1 1 285 -22 ▼ 

13,651.1 

11 45.9 ▲ 41.6 45 71.4 

PricewaterhouseCoopers 

Deloitte 

Morgan Stanley 

Rothschild 

Lazard 

Goldman Sachs & Co 

Credit Suisse 

Ernst & Young LLP 

UBS 

JP Morgan 

Deutsche Bank AG 

Houlihan Lokey 

Nomura 

Bank of America Merrill Lynch 

Macquarie Group 

Citi RBC Capital Markets 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 18 

2 

11 

5 

3 

8 

6* 

6* 

9 

10 

4 

12 

13 

15* 

18 

19 

17 21 

267 

249 

217 

206 

203 

192 

184 

182 

181 

166 

152 

144 

130 

126 

116 

114 103 

9 

84 

28 

2 

17 

5 

-3 

5 

6 

-28 

-2 

-6 

-6 

5 

12 

-14 8 

▲ 

▲ 

▲ 

▲ 

▲ 

▲ 

▼ 

▲ 

▲ 

▼ 

▼ 

▼ 

▼ 

▲ 

▲ 

▼ 

▲ 

7,675.8 

7,598.2 

28,095.7 

17,792.9 

20,080.2 

28,157.6 

24,115.0 

6,180.7 

24,891.3 

25,296.8 

24,294.5 

8,274.4 

12,119.1 

16,933.4 

12,762.9 

15,675.7 10,143.6143 19 

20 

2 

8 

7 

1 

6 

24 

4 

3 

5 

18 

13 

9 

12 

10 

14 

-13.1 ▼ 

87.1 ▲ 

22.3 ▲ 

35.5 ▲ 

83.8 ▲ 

12.0 ▲ 

17.6 ▲ 

12.5 ▲ 

28.3 ▲ 

-6.5 ▼ 

60.7 ▲ 

26.4 ▲ 

-3.4 ▼ 

28.2 ▲ 

37.4 ▲ 

-8.8 ▼ 29.7 

▲ 

18.1 

41.1 

421.7 

421.4 

442.7 

531.2 

335.6 

22.5 

296.8 

365.2 

269.9 

216.9 

125.2 

259.4 

129.2 

224.9 

154.3 

84 

46 

3 

4 

2 

1 

6 

75 

7 

5 

8 

11 

16 

9 

15 

10 

13 

94.3 

96.7 

29.4 

57.7 

51.4 

27.0 

32.4 

80.4 

35.0 

26.8 

33.9 

74.4 

44.8 

29.0 

65.8 

30.9 

50.9 

Mizuho Financial Group 19 15* 102 -34 ▼ 

4,959.0 27 -29.6 ▼ 69.3 24 51.3 

Sumitomo Mitsui Finl Grp Inc 20 47* 99 

66 ▲ 

4,169.5 31 237.8 ▲ 43.2 43 79.4 

IMAP 21* 14 97 

-47 ▼ 

1,347.5 81 -7.2 ▼ 49.3 34 100.0 

Jefferies & Co Inc 21* 24 97 22 ▲ 9,687.0 

15 72.5 ▲ 198.1 12 61.0 

BNP Paribas SA 23* 20 94 

-4 ▼ 9,197.6 16 -10.0 ▼ 105.5 17 42.3 

M&A International 23* 22 94 

1 ▲ 

1,487.7 

73 -12.8 ▼ 39.6 49 99.5 

BDO International 25 28* 86 

19 ▲ 

1,002.5 

102 154.3 ▲ 47.5 37 100.0 

Lincoln International 26 33* 77 

26 ▲ 

1,494.3 

71 47.4 ▲ 62.9 25 87.8 

Barclays Capital 27 41* 66 

19 ▲ 

8,376.5 

17 17.0 ▲ 134.6 14 18.5 

Keefe Bruyette & Woods Inc 

28 78* 65 

47 ▲ 

2,158.8 

55 75.4 ▲ 43.8 39 85.9 

DC Advisory Partners 29 33* 62 

11 ▲ 

2,872.0 

44 162.4 ▲ 54.3 30 83.3 

Clairfield Partners 30 60 60 

34 ▲ 

731.9 

122 703.4 ▲ 30.2 58 76.1 

ING 

31* 27 53 

-15 ▼ 

1,274.2 

86 -57.2 ▼ 36.5 52* 71.9 

Daiwa Securities Group Inc 31* 23 53 

-36 ▼ 

2,262.3 

53 -60.0 ▼ 41.7 44 51.1 

Grant Thornton LLP 

33* 30 52 

-10 ▼ 

642.3 

141 -36.1 ▼ 2.6 296* 76.5 

HSBC Holdings PLC 33* 32 52 

-5 ▼ 

6,534.7 23 54.5 ▲ 70.7 23 38.7 

Mediobanca 35* 54* 50 

21 ▲ 

3,190.4 

40 -18.8 ▼ 39.8 47* 47.8 

UniCredit Group 

35* 43 50 

4 ▲ 3,407.0 36 -6.4 ▼ 53.4 31 70.8 

Global M&A 

37* 25 49 

-24 ▼ 

478.3 169 -60.5 ▼ 29.2 60 100.0 

BMO Capital Markets 37* 33* 49 

-2 ▼ 

7,108.3 21 21.6 ▲ 84.8 19 52.7 

CIMB Group Sdn Bhd 39* 26 48 

-21 ▼ 

2,971.7 

43 9.7 ▲ 26.2 67* 60.8 

William Blair & Co 39* 47* 48 

15 ▲ 

2,368.7 

52 99.1 ▲ 59.5 27 87.1 

TD Securities Inc 41 47* 46 

13 ▲ 

6,786.7 

22 233.8 ▲ 78.5 20 57.8 

Greenhill & Co, LLC 42* 56* 44 

16 ▲ 

5,723.8 

25 108.4 ▲ 73.7 21 34.5 

Moelis & Co 42* 41* 44 

-3 ▼ 

3,185.1 

41 6.8 ▲ 101.0 18 53.6 

Raymond James Financial Inc 44 66* 43 20 ▲ 

3,250.0 

39 139.4 ▲ 48.8 36 89.7 

Banco BTG Pactual SA 45 278* 41 

37 ▲ 

4,846.1 

28 360.1 ▲ 36.5 52* 53.4 

Somerley Ltd 46* 37* 40 

-10 ▼ 

2,216.7 

54 25.8 ▲ 15.2 91* 51.7 

Santander 46* 73* 40 

20 ▲ 

2,731.8 

46 31.3 ▲ 28.4 61 29.0 

CIBC World Markets Inc 

48* 50* 39 

7 ▲ 

5,317.0 

26 45.4 ▲ 73.5 22 39.5 

Credit Agricole CIB 48* 61* 39 14 ▲ 3,409.8 35 49.1 ▲ 27.6 63* 37.8 

RBS 50* 31 38 

-21 ▼ 3,394.9 

38 19.2 ▲ 38.5 50 25.9 

Mitsubishi UFJ Financial Group 50* 28* 38 -29 ▼ 371.9 214 371.9 ▲ 20.2 82 36.4 

GCA Savvian Group Corp 50* 37* 38 -12 ▼ 3,164.0 42 3164.0 ▲ 39.8 47* 100.0 

Industry Total 40,185 1296 ▲ 

699,894.5 

29.5 ▲ 16,781.7 

57.1 

*tie 

Source: Thomson Reuters/Freeman Consulting 

** Fee exposure indicates each firm's mid-market fees from deals valued at up to US$500m as a percentage of its overall M&A fees 

† Imputed Fees shown are based on completed deal activity, whereas deal count & rank values are compiled based on announced deal activity. 



Mid-Market M&A Matrix 

Mid-Market Exit Multiple Heatmap 

Year To Date Average Rank Value/EBITDA - Up to 50x* 

Mid-Market Premium Heatmap 

Year To Date Average Premium To 4 Week Stock Price - Up to 100%* 

14.7 

13.9 

7.9 

18.9 

25.2 

17.6 

2010 up 

North South 

Mid East Asia 

2010 up 

North South 

Mid East Asia 

World 

Europe 

Japan 

World 

Europe 

2010 down 

2009 America America 

& Africa Pacific 

2010 down 

2009 

America America 

& Africa Pacific 

Japan 

Consumer Products and Services 12.9 

8.4 

11.8 

Consumer Products and Services 20.4 

- 

21.0 32.5 18.1 

11.5 14.5 13.3 22.7 11.1 12.4 11.9 20.3 13.7 11.0 

8.5 

20.7 27.0 26.7 

- 

29.4 

-0.7 17.8 21.4 18.4 

Consumer Staples 10.2 9.7 

11.0 

10.7 5.6 


20.6 

23.1 

- 

39.5 

9.7 

6.4 

5.7 12.4 

12.8 

6.8 

29.2 

22.6 

Energy and Power 12.6 15.1 5.9 12.8 8.3 

11.8 11.5 13.5 

Energy and Power 

15.6 

25.0 27.9 6.3 

18.9 12.9 17.8 36.3 - 

7.4 

21.4 

0.2 

10.7 12.6 19.8 11.1 7.0 

8.2 7.4 11.5 12.0 

15.8 11.7 39.8 50.1 18.5 11.4 

4.2 13.8 19.3 

Healthcare 11.7 10.1 

- 

14.5 9.0 

7.8 

Financials 

16.4 

9.3 15.2 9.0 

6.8 

11.7 10.7 

- 

12.6 

4.6 14.6 13.5 

3.7 

13.6 30.8 13.3 

1.2 18.4 17.3 10.9 15.7 

11.1 14.5 9.5 

9.9 

8.8 

10.9 

11.3 

9.2 

19.6 22.5 27.4 11.3 - 

26.6 

7.7 

High Technology 12.0 14.6 10.0 12.5 

11.7 

Healthcare 

25.2 36.1 - 

19.1 28.0 19.8 9.6 

10.8 

9.4 

12.6 

7.9 

1.8 

21.2 

Industrials 10.3 9.1 

8.3 15.9 9.4 

10.3 13.3 6.4 11.8 6.3 


16.7 

21.2 31.0 31.6 

5.1 16.6 

17.3 25.2 38.9 11.7 18.0 

13.1 

Materials 11.2 11.0 6.9 15.8 8.8 10.9 6.8 

Industrials 13.3 24.9 - 

18.9 -7.4 8.6 15.6 

10.0 

9.8 

- 

11.5 

5.9 

16.3 21.6 

Media and Entertainment 11.4 11.5 1.7 12.3 

9.7 11.3 5.4 12.4 9.7 

Materials 20.7 

19.9 23.9 25.1 16.7 11.9 

23.4 

14.7 12.1 10.3 

19.2 

10.8 14.7 13.9 14.6 

8.3 

9.1 

9.4 

19.8 37.7 

5.4 23.5 25.5 12.9 22.3 

Real Estate 20.7 30.0 7.7 28.0 

18.3 17.0 

Media and Entertainment 17.8 41.8 17.0 

14.5 

Retail 10.6 

12.11 

17.0 

10.1 

- 

11.0 16.9 

10.7 

- 

10.0 

14.3 

8.9 

11.4 

Real Estate 14.2 

15.6 17.8 18.6 -12.1 17.5 19.5 

20.7 13.4 12.9 

15.0 

21.22 

6.7 

17 1.7 

14.6 14.5 12.6 22.3 42.8 12.8 

8.3 

17.6 31.6 - 

27.8 46.9 - 

10.1 16.3 13.7 

Telecommunications 9.5 11.4 

10.2 

Average Industry Total 11.8 12.8 

11.1 

9.4 

- 

9.0 

5.6 13.0 6.1 

9.2 

5.4 

12.7 

11.3 11.4 11.3 11.2 10.2 9.8 11.8 

12.5 

11.5 

9.3 

9.6 

Retail 14.8 

15.4 15.4 9.5 

18.8 

Telecommunications 18.1 43.3 - 

Average Industry Total 18.1 27.9 18.8 31.4 

23.9 12.6 10.1 18.7 

-5.4 27.8 - 

5.0 

25.2 

- 

4.2 17.9 19.6 

19.4 16.4 15.3 14.2 

* Using the Valuation Heatmap you can analyse the average rank value to EBITDA and average premium to 4 week bid premium for each region against twelve macro industries for the M&A mid-market. The data refers to the year-to-date for figures in colour, red indicating a decline 

and green an increase, compared to the figures for year-to-date last year (ytdly) which are in black. 

12.3 

9.4 

9.9 

14.4 

7.3 

21.7 

- 

10.2 

-0.7 

14.7 31.7 11.0 

15.9 17.0 17.8 



US Target Mid-Market Rankings (MM2) 

MM2 - Undisclosed Values & Values up to US$500m Jan 1 2010 - Dec 31 2010 

# of Deals per Advisor Rank Value per Advisor (US$m) Imputed Fees (US$m) † 


Rank Value 




US$m 

Rank Change (%) Fees Rank Exp. (%) 



Jefferies & Co Inc 

1 

2 

3 

1 

3 

8* 

111 

88 

72 

-3 

19 

27 

▼ 

▲ 

▲ 

6,590.9 

12,557.4 

7,419.9 

10 

1 

7 

22.4 ▲ 

14.0 ▲ 

120.4 ▲ 

177.6 

256.9 

155.1 

3 

1 

5 

77.0 

22.5 

56.9 

Lazard 

4 2 70 

-8 ▼ 

7,408.0 

8 82.6 ▲ 184.9 2 53.2 

Bank of America Merrill Lynch 5 7 65 

18 ▲ 

9,963.5 

3 93.5 ▲ 145.6 7 24.5 

Morgan Stanley 6 6 61 12 ▲ 

9,725.2 4 34.0 ▲ 147.2 6 21.9 

Keefe Bruyette & Woods Inc 

7 27* 60 

42 ▲ 1,830.1 

25 48.7 ▲ 38.5 24 84.2 

JP Morgan 8 4 55 

-3 ▼ 

10,307.8 2 25.7 ▲ 164.1 4 23.1 

UBS 9 8* 54 

9 ▲ 

8,147.9 

5 57.3 ▲ 96.7 10 31.5 

RBC Capital Markets 10 12 50 

10 ▲ 

4,881.8 

12 94.6 ▲ 84.9 13 68.2 

Credit Suisse 11 5 46 

-8 ▼ 

7,695.0 

6 11.6 ▲ 108.6 8 24.9 

Citi 

12* 11 39 

-3 ▼ 

6,942.4 

9 33.6 ▲ 100.5 9 28.3 

Moelis & Co 12* 8* 39 

-6 ▼ 

2,685.2 

19 -9.6 ▼ 81.1 14 61.8 

William Blair & Co 14* 19 36 7 ▲ 

2,006.9 

23 138.3 ▲ 50.9 16 85.1 

Sandler O'Neill Partners 

14* 20 36 

9 ▲ 

2,685.0 

20 140.4 ▲ 34.5 29 82.1 

Raymond James Financial Inc 16* 26 34 

15 ▲ 

2,490.1 

21 91.4 ▲ 37.0 26 86.9 

Macquarie Group 16* 27* 34 

16 ▲ 

4,717.6 13 197.3 ▲ 50.0 18 91.7 

PNC Financial Services Group 18* 42* 33 

22 ▲ 

1,390.9 28 40.9 ▲ 35.9 27 80.7 

Barclays Capital 18* 17 

33 

1 ▲ 

3,044.4 

4 

15 -40.8 

▼ 

91.6 

11 

17.3 

Lincoln International 20 21 31 

7 ▲ 

858.4 

38 -3.0 ▼ 24.0 33 73.4 

Deutsche Bank AG 21 18 30 

0 - 5,944.1 

11 29.3 ▲ 87.6 12 26.6 

Stifel Financial Corp 

22 14 29 

-5 ▼ 

3,021.4 

16 45.9 ▲ 50.3 17 69.1 

Robert W Baird & Co Inc 

23 66* 27 

22 ▲ 

1,270.2 

29 96.8 ▲ 42.0 22 75.7 

Tudor Pickering & Co LLC 

24 56* 26 

19 ▲ 

3,743.4 14 106.2 ▲ 43.6 19 41.1 

Rothschild 

25 13 23 

-12 ▼ 1,666.2 

26 -26.1 ▼ 66.3 15 64.2 

Wells Fargo & Co 26* 22* 21 

-1 ▼ 2,790.6 

17 -11.3 ▼ 35.0 28 63.3 

Generational Equity 26* 22* 21 

-1 ▼ 

118.3 

112 54.4 ▲ 4.0 83 100.0 

Cain Brothers Co. 28 49* 20 

12 ▲ 

591.4 

51 5698.0 ▲ 11.8 42* 70.2 

Piper Jaffray Cos 

29* 29 19 

2 ▲ 

616.8 

50 -60.9 ▼ 28.3 30* 59.2 

Blackstone Group LP 29* 42* 19 

8 ▲ 

1,890.1 

24 410.8 ▲ 42.8 20 31.8 

Signal Hill Capital Group LLC 31 33 18 

3 ▲ 

648.9 

47 -32.9 ▼ 19.3 35 75.7 

BMO Capital Markets 32 30* 17 

1 ▲ 

534.7 

54 -34.2 ▼ 19.2 36 41.7 

Pagemill Partners LLC 

33 49* 16 8 ▲ 

91.9 

128 -1.6 ▼ 9.4 46 100.0 

Greenhill & Co, LLC 34* 42* 15 4 ▲ 

2,326.3 

22 65.1 ▲ 37.5 25 33.3 

Evercore Partners 

34* 30* 15 

-1 ▼ 

2,691.0 

18 40.2 ▲ 41.9 23 29.5 

IMAP 34* 15* 15 -18 ▼ 443.9 

60 -49.6 ▼ 7.6 51* 100.0 

McGladrey Capital Markets 34* 46* 15 

5 ▲ 

240.0 

84* 260.9 ▲ 6.0 61 100.0 

Jordan Edmiston Group 38* 36* 14 

1 ▲ 

67.0 

140 -17.4 ▼ 8.8 48 100.0 

Deloitte 38* 56* 14 

7 ▲ 

588.9 

52 210.1 ▲ 1.0 169* 100.0 

GCA Savvian Group Corp 

40* 59* 13 

7 ▲ - 

35 - - 18.5 37 100.0 

Needham & Co LLC 40* 39* 13 

1 ▲ 

745.1 

42 54.2 ▲ 14.5 39 100.0 

Sagent Advisors Inc 42* 66* 12 

7 ▲ 

527.0 

55 -4.2 ▼ 12.1 41 37.1 

BB&T Corp 

42* 59* 12 

6 ▲ 478.1 

58 570.5 ▲ 8.9 47 100.0 

M&A International 

42* 42* 12 

1 ▲ 

78.8 

137 -62.7 ▼ 4.8 69* 100.0 

KPMG 45* 24* 11 

-10 ▼ 

326.5 

73 -75.4 ▼ 2.7 96* 87.1 

Imperial Credit Industries Inc 45* 66* 11 

6 ▲ 

642.7 48 320.6 ▲ 11.0 44 100.0 

Oppenheimer Holdings Inc 45* 39* 11 

-1 ▼ 

1,625.1 

27 627.8 ▲ 25.2 32 77.8 

Duff and Phelps 48 15* 10 -23 ▼ 666.1 44 -62.6 ▼ 10.7 45 100.0 

KeyBanc Capital Markets Inc 

49* 34* 9 

-5 ▼ 

624.4 49 154.0 ▲ 14.2 40 100.0 

Gleacher & Co Inc 

49* 102* 9 7 ▲ 

937.9 

34 

- - 16.0 38 98.8 

Industry Total 

7,581 -79 ▼ 

183,099.8 

53.8 ▲ 5,624.2 

49.4 

*tie 


US Mid-Market M&A up to US$500m by Rank Value Range 


$80 

$70 

$60 

$50 

$40 

$30 

$20 

$10 

$0 

3,000 

2,500 

2,000 

1,500 

1,000 

500 

- 

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 


US Mid-Market M&A up to US$500m by Target Industry 

2.6% 2.4% Energy and Power 

17.7% 

5.5% 


Financials 

6.5% 

Healthcare 

Real Estate 

6.6% 

Industrials 

15.0% 

Materials 


7.6% 


Retail 


10.8% 

12.3% 



10.8% 

# of Deals 





Latin America Involvement Mid-Market Rankings (MM17) 


Jan 1 2010 - Dec 31 2010 

Latin America Mid-Market M&A up to US$500m by Rank Value Range 





2010 

Rank 

2009 

Rank 

# of 

Deals 

Change in 

# of Deals 

Rank Value 

US$m 

2010 

Rank 

Rank Value 

Change (%) 

Advisor 

Fees 

2010 

Rank 

** Fee 

Exp. (%) 

Banco BTG Pactual SA 

1 18* 41 

37 ▲ 

4,846.1 

1 360.1 ▲ 36.5 2 53.4 

Santander 2 7* 28 

14 ▲ 

2,311.5 

4 45.7 ▲ 18.6 8 23.9 

Credit Suisse 

Itau Unibanco 

3 

4 

3* 

3* 

25 

22 

9 

6 

▲ 

▲ 

3,462.1 

2,020.0 

2 

5 

25.7 ▲ 

1.7 ▲ 

32.8 

25.2 

3 

4 

23.5 

41.4 

BR Partners 

5 - 

21 

21 ▲ 

993.6 

8 

- - 22.2 5 89.9 

JP Morgan 

6 1 

17 

-11 ▼ 

2,878.2 

3 -6.9 ▼ 40.9 1 36.2 

Banco Bradesco SA 

7 9 

14 

1 ▲ 669.5 

16 -78.9 ▼ 21.3 7 60.3 

Bank of America Merrill Lynch 8 11* 13 

5 ▲ 

1,365.1 

7 -20.3 ▼ 13.9 12 35.7 

Lazard 

9 18* 12 

8 ▲ 575.4 21 485.4 ▲ 12.1 13 64.7 

Global M&A 

10* 15* 11 

6 ▲ 

30.0 

64 -92.2 ▼ 6.7 16 100.0 


10* 15* 11 

6 ▲ 1,418.5 

6 59.5 ▲ 15.1 11 41.6 

Rothschild 

12* 7* 10 

-4 ▼ 

566.7 

22 -72.1 ▼ 17.1 10 26.0 

Morgan Stanley 12* 2 

10 

-10 ▼ 

920.5 

10 -64.5 ▼ 9.1 14 22.0 

UBS 

14 10 

9 

0 - 841.1 

12 71.5 ▲ 18.5 9 45.9 


15* 18* 7 

3 ▲ 

531.2 

24 15.2 ▲ 4.0 26 6.9 

BNP Paribas SA 15* 6 

7 

-8 ▼ 

843.0 

11 -55.5 ▼ 21.6 6 64.3 

Patria Investimentos 17* 24* 6 

3 ▲ 

592.3 

20 169.8 ▲ 6.3 17* 65.6 

Banco Standard De Investimento 17* - 

6 

6 ▲ 

0.0 

77* 

- - 3.6 28 30.5 

M&A International 17* 24* 6 3 ▲ 

363.33 

34 

871.4 

▲ 29 2.9 

33 

100.00 

KPMG 

20* 15* 5 

0 - 

648.7 

19 63.8 ▲ .5 77* 100.0 

BBVA 20* 43* 5 

4 ▲ 

650.0 

18 10056.3 ▲ .1 83* 2.7 

Estater Gestao e Financas 20* 14 

5 

-2 ▼ 

450.8 

31 -29.7 ▼ 6.3 17* 14.1 

IMAP 

20* 11* 5 

-3 ▼ 111.1 

45 17.7 ▲ 3.1 31* 100.0 


3 ▲ 

684.7 

15 1269.4 ▲ 1.7 44* 100.0 

HSBC Holdings PLC 20* 18* 5 

1 ▲ 

787.0 

14 745.3 ▲ 5.0 21* 49.5 

Houlihan Lokey 26* 18* 4 

0 - 

257.1 39 -1.1 ▼ 3.2 30 100.0 

INFUPA SA 26* 27* 4 

2 ▲ 

26.8 67 - - 1.2 54* 100.0 

Credit Agricole CIB 

26* 27* 4 

2 ▲ 

259.6 

38 -35.7 ▼ 4.1 25 25.6 

Caixa Geral de Depositos 26* - 

4 

4 ▲ 

281.3 37 - - 1.9 40* 16.0 

Banco Espirito Santo SA 26* 27* 4 

2 ▲ 

88.5 

51 

- - 3.5 29 35.4 

Mediobanca 31* - 3 

3 ▲ 

465.6 

30 - - - 

- 

- 

Greenhill & Co, LLC 31* - 3 

3 ▲ 

370.0 

33 

- - 2.0 39 100.0 

Larrain Vial SA 31* - 3 

3 ▲ 151.0 44 

- - 2.6 35 100.0 

PricewaterhouseCoopers 31* 11* 3 

-5 ▼ 

515.4 

25 312.3 ▲ .2 81* 100.0 

Citi 31* 3* 3 

-13 ▼ 

296.0 36 -87.2 ▼ 8.8 15 22.6 

Singular Partners 31* - 3 3 ▲ 

71.3 

52* 

- - 1.8 42* 41.9 


$16 

$14 

$12 

$10 

$8 

$6 

600 

500 

400 

$4 

100 

$2 

$0 

- 



Latin America Mid-Market M&A up to US$500m by Target Industry 

1.7% 1.5% 

2.5% 

3.9% 

Materials 

4.7% 

23.0% 



4.8% 

Industrials 

300 

200 

# of Deals 

6.8% 

Financials 

Real Estate 

11.1% 

16.9% 



Healthcare 


Industry Total 1,786 349 ▲ 40,010.2 

27.1 ▲ 892.0 

*tie 


47.5 

11.1% 

12.1% 


Retail 





European Involvement Mid-Market Rankings (MM3) 


Jan 1 2010 - Dec 31 2010 

European Mid-Market M&A up to US$500m by Rank Value Range 


Rank Value per Advisor 


2010 2009 # of Change in Rank Value Rank Value 2010 Rank Value Advisor 2010 ** Fee 


Rank Rank Deals # of Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%) 

KPMG 1 1 181 

0 - 8,649.8 6,681.1 9 88.4 ▲ 24.1 35 87.0 

Rothschild 2 2 159 

15 ▲ 14,417.5 10,862.7 1 88.3 ▲ 327.5 1 58.8 

Deloitte 

3 10 137 

53 ▲ 3,987.2 3,028.4 16 132.7 ▲ 28.7 28 96.3 

Lazard 4 4 134 

25 ▲ 13,511.6 10,338.5 2 109.1 ▲ 268.8 2 57.3 

PricewaterhouseCoopers 5 3 133 

-5 ▼ 3,793.9 2,880.0 17 -5.8 ▼ 7.5 81 94.9 

Morgan Stanley 6 11 96 

15 ▲ 10,932.9 8,309.0 7 15.4 ▲ 175.5 4 32.1 

Credit Suisse 

7 8 

94 

-1 ▼ 11,314.1 8,647.0 6 17.3 ▲ 169.4 5 35.4 

UBS 


8 

9 

6 

5 

87 

85 

-12 

-19 

▼ 

▼ 

11,702.1 

2,432.6 

8,833.9 

1,813.8 

4 

26 

29.7 ▲ 

-26.1 ▼ 

130.6 

7.4 

7 

82 

36.7 

66.7 

JP Morgan 10 7 

84 

-13 ▼ 12,965.2 9,868.5 3 30.8 ▲ 154.6 6 32.2 


11* 12 75 

-3 ▼ 11,355.6 8,661.9 5 78.4 ▲ 129.5 8 40.2 

BNP Paribas SA 

11* 14 75 

1 ▲ 7,230.5 5,459.7 10 -5.4 ▼ 76.3 11 40.9 

BDO International 

11* 15 75 

14 ▲ 852.6 629.7 55 140.3 ▲ 42.6 20 100.0 

IMAP 


14 

15 

9 

13 

68 

67 

-20 

-8 

▼ 

▼ 

474.2 

9,751.5 

363.9 

7,432.3 

82 

8 

34.0 ▲ 

0.0 ▼ 

33.8 

211.5 

24 

3 

100.0 

28.8 

DC Advisory Partners 16 20 61 

10 ▲ 2,871.0 2,181.7 21 162.3 ▲ 54.2 12 83.1 

Mediobanca 17* 32* 50 

21 ▲ 3,190.4 2,409.4 19 -18.8 ▼ 39.8 22 47.8 


17* 22 50 

4 ▲ 3,407.0 2,602.7 18 -6.4 ▼ 53.4 13 70.8 

Lincoln International 

19* 34 49 

21 ▲ 583.3 447.3 70 351.5 ▲ 39.4 23 100.0 

M&A International 19* 18* 

49 

-4 

▼ 

449.0 338.6 

86 -31.4 

▼ 26.22 

30 

100.00 


21* 18* 47 

-6 ▼ 396.4 293.7 108 -53.6 ▼ 2.2 195* 73.3 

ING 21* 16 47 

-11 ▼ 533.0 413.1 73 -70.3 ▼ 28.9 27 67.2 

Clairfield Partners 

23 39* 46 

28 ▲ 177.3 136.1 162 157.0 ▲ 23.7 38 71.6 

Nomura 24 32* 44 

15 ▲ 4,424.0 3,349.1 13 108.6 ▲ 42.1 21 62.8 

Citi 

25 24 41 

0 - 5,514.6 4,214.2 11 0.2 ▲ 84.3 9 33.3 

Global M&A 

26* 17 38 

-19 ▼ 432.3 327.7 93 -36.6 ▼ 22.8 39 100.0 


26* 39* 38 20 ▲ 2,503.0 1,862.6 24 173.7 ▲ 25.3 33 79.3 


28 36 37 

13 ▲ 3,018.2 2,313.1 20 32.1 ▲ 25.9 31 36.3 

HSBC Holdings PLC 29 27 36 

1 ▲ 4,456.4 3,408.5 12 88.2 ▲ 44.3 18 43.8 

Bank of America Merrill Lynch 30 26 33 

-5 ▼ 4,045.7 3,006.3 15 -7.9 ▼ 78.5 10 32.5 

Baker Tilly International 

31 28 30 

-4 ▼ 57.9 43.9 233 -59.3 ▼ 14.5 49 100.0 

SEB Enskilda 

32 30* 29 -1 ▼ 1,919.4 1,488.5 30 -47.5 ▼ 53.2 14 75.6 


33* 25 28 

-11 ▼ 2,017.8 1,531.1 29 49.2 ▲ 47.1 16* 67.9 

RBS 

33* 23 28 

-15 ▼ 2,737.6 2,096.1 22 41.0 ▲ 23.9 36 20.0 

Hawkpoint Partners 

33* 35 28 1 ▲ 1,472.9 1,106.4 39 -22.0 ▼ 31.8 25 72.3 

Translink International Group 33* - 28 28 ▲ 15.6 12.1 312* 

- - - 

- 

- 

Banco Espirito Santo SA 

33* 37* 28 8 ▲ 1,489.4 1,144.2 38 44.3 ▲ 19.5 41 59.5 

Barclays Capital 

38* 45* 26 

12 ▲ 4,276.7 3,218.4 14 235.4 ▲ 47.1 16* 22.5 

Jefferies & Co Inc 38* 30* 26 -4 ▼ 2,215.3 1,659.0 28 -13.0 ▼ 47.3 15 56.5 

MK Finance SA 40 37* 25 5 ▲ 25.0 19.3 283* 316.7 ▲ 12.6 57 100.0 

Intesa SanPaolo 41* 29 24 

-8 ▼ 2,658.8 2,020.8 23 -16.7 ▼ 43.5 19 83.3 


11 ▲ 2,254.8 1,738.8 27 50.9 ▲ 18.9 42* 45.5 

Societe Generale 

43 41* 22 5 ▲ 1,245.3 961.1 43 -27.8 - 29.5 26 31.0 

Carnegie 44* 61* 20 

10 ▲ 1,610.9 1,266.3 36 165.9 ▲ 17.3 47 52.6 

Altium Capital Limited 

44* 61* 20 

10 ▲ 735.2 562.5 59 4.8 ▲ 14.7 48 61.8 

Globalscope 44* 61* 20 10 ▲ 21.1 16.0 293* -11.0 ▼ 12.2 59* 100.0 

Danske Markets 

47* 51* 19 

7 ▲ 716.2 527.2 60 11.8 ▲ 13.7 52 70.6 

KBC Group NV 47* 55* 19 

8 ▲ 990.8 740.6 51 85.8 ▲ 14.0 51 82.4 

Rabobank NV 49 21 18 -30 ▼ 486.8 367.4 81 109.2 ▲ 8.4 72 45.9 

Lexicon Partners 50* 51* 17 

5 ▲ 771.9 583.1 58 41.7 ▲ 12.2 59* 45.5 

ABG Sundal Collier 50* 55* 17 6 ▲ 461.4 366.4 84 131.9 ▲ 9.8 66* 42.2 

Industry Total 16,788 1184 ▲ 238,073.3 181,084.0 

28.0 ▲ 6,622.8 

57.9 

*tie 



$120 

$100 

$80 

$60 

$40 

4,600 

4,400 

4,200 

4,000 

3,800 

$20 

3,600 

$0 

3,400 



European Mid-Market M&A up to US$500m by Target Industry 

3.5% 2.1% Financials 

5.5% 

15.3% 

Real Estate 

5.6% 


Materials 

6.2% 

Industrials 

13.9% 


6.3% 


Healthcare 

6.4% 



13.7% 

Retail 

9.5% 


11.9% 

# of Deals 





UK Involvement Mid-Market Rankings (MM4) 


Jan 1 2010 - Dec 31 2010 

UK Mid-Market M&A up to US$500m by Rank Value Range 






Rank Rank Deals # of Deals US$m GBP m Rank Change (%) Fees Rank Exp. (%) 

Rothschild 

KPMG 

1 

2 

2 

4* 

71 

53 

26 

15 

▲ 

▲ 

8,330.2 

2,786.9 

5,438.7 

1,793.1 

1 

9 

213.9 ▲ 

341.5 ▲ 

158.0 

6.0 

1 

43 

67.0 

78.9 

Deloitte 

3 6 

47 

10 ▲ 1,769.2 1,159.2 16 95.7 ▲ 8.1 33* 91.0 

Lazard 

4 8* 45 

12 ▲ 5,097.2 3,313.4 4 198.8 ▲ 103.2 2 57.1 



5 

6 

3 

12 

44 

41 

1 

11 

▲ 

▲ 

295.9 

777.5 

190.4 

500.5 

73 

33 

-60.9 ▼ 

153.0 ▲ 

2.1 

25.2 

111* 

13 

72.4 

100.0 


JP Morgan 

7 

8 

1 

11 

40 

39 

-9 

8 

▼ 

▲ 

2,310.0 

5,239.6 

1,500.7 

3,397.7 

11 

3 

128.3 ▲ 

74.9 ▲ 

4.3 

53.8 

57* 

7 

91.5 

23.3 

UBS 9 4* 37 

-1 ▼ 5,621.0 3,655.3 2 87.7 ▲ 60.0 5 34.8 

Morgan Stanley 10 18* 35 

18 ▲ 4,789.4 3,120.6 5 134.3 ▲ 60.8 4 33.6 


11 7 

32 

-4 ▼ 1,518.1 971.7 23 49.9 ▲ 3.3 74* 84.6 

Goldman Sachs & Co 12 13 31 

5 ▲ 3,958.0 2,590.0 6 2.6 ▲ 91.7 3 37.7 

Baker Tilly International 13 8* 30 

-3 ▼ 57.9 37.4 143 -59.3 ▼ 14.5 20* 100.0 

Credit Suisse 

14 10 28 

-4 ▼ 3,714.2 2,415.5 7 17.5 ▲ 54.5 6 30.7 

HSBC Holdings PLC 

15 18* 26 

9 ▲ 2,446.1 1,605.2 10 76.9 ▲ 31.4 10 63.2 


16 37* 25 

18 ▲ 1,621.0 1,042.5 19 273.4 ▲ 10.8 29 61.7 

DC Advisory Partners 

17 23 23 

10 ▲ 2,072.6 1,331.2 12 229.1 ▲ 27.0 12 82.6 

Hawkpoint Partners 

18 15* 22 

3 ▲ 1,393.3 896.1 24 10.5 ▲ 20.4 17* 62.6 

IMAP 19 14 19 

-3 ▼ 325.8 211.3 62 19.3 ▲ 9.4 30 100.0 

Barclays Capital 20* 43* 18 

12 

▲ 

3,166.0 2,035.2 

2 

8 

298.99 

▲ 

28.9 

11 

28.1 

Nomura 20* 24* 18 

6 ▲ 1,542.4 1,010.7 21 346.4 ▲ 14.5 20* 56.9 


22* 43* 16 

10 ▲ 1,049.6 693.3 27 63.4 ▲ 12.5 23 32.7 

Brewin Dolphin 

22* 86* 16 

14 ▲ 459.1 305.8 47 264.7 ▲ 8.1 33* 100.0 

RBS 

24* 15* 15 

-4 ▼ 1,528.8 974.6 22 25.5 ▲ 16.7 19 23.3 

Lexicon Partners 24* 24* 15 

3 ▲ 771.9 497.9 35 41.7 ▲ 11.4 27 66.3 

Citi 

24* 24* 15 

3 ▲ 1,955.4 1,260.9 14 72.8 ▲ 24.7 14 26.2 

Zeus Capital Ltd 27* 53* 14 

10 ▲ 52.4 34.1 147 0.4 ▲ 3.3 74* 100.0 


27* 21* 14 

0 - 1,236.6 812.0 25 1.3 ▲ 23.2 15 62.7 

Investec 

29* 37* 13 

6 ▲ 493.2 315.9 45 197.5 ▲ 5.5 45 41.7 

Deutsche Bank AG 29* 15* 13 

-6 ▼ 1,987.3 1,284.9 13 -32.6 ▼ 35.1 8 36.7 

M&A International 29* 20 13 -3 ▼ 262.0 170.4 79 27.7 ▲ 7.7 36 100.0 

Greenhill & Co, LLC 32* 70* 12 9 ▲ 1,557.6 1,015.4 20 644.2 ▲ 21.0 16 52.9 

Lincoln International 32* 124* 12 

11 ▲ 505.4 331.8 43 - - 7.2 37* 100.0 


-3 ▼ 1,028.6 657.6 28 55.4 ▲ 13.3 22 48.2 

Altium Capital Limited 34* 47* 11 

6 ▲ 588.5 381.8 39 11.5 ▲ 7.2 37* 44.2 

Numis 34* 47* 11 6 ▲ 118.8 76.7 108 -75.2 ▼ 2.3 102* 100.0 

KBC Group NV 34* 32* 11 2 ▲ 869.7 569.1 30 78.7 ▲ 11.0 28 78.0 

Bank of America Merrill Lynch 38 28* 10 0 - 1,808.1 1,173.5 15 57.4 ▲ 34.1 9 33.4 

Standard Chartered PLC 39* 32* 9 0 - 606.8 396.4 37 12.0 ▲ 4.2 60* 6.9 

RBC Capital Markets 39* 36 9 1 ▲ 1,621.1 1,047.2 18 62.5 ▲ 6.2 41* 13.7 

Cenkos Securities PLC 39* 53* 9 5 ▲ 310.5 205.1 66 22.9 ▲ 6.2 41* 100.0 

Jones Lang LaSalle Inc 42* 28* 8 -2 ▼ 1,736.6 1,132.0 17 -3.4 ▼ 20.4 17* 73.1 

Daniel Stewart 42* 124* 8 7 ▲ 281.1 191.8 78 5756.3 ▲ .4 223* 100.0 

Secure Trust Banking Group PLC 42* 53* 8 4 ▲ 224.0 145.2 84 825.6 ▲ 4.1 63* 100.0 

Savills PLC 42* 86* 8 6 ▲ 527.7 349.2 41 136.4 ▲ 3.5 71* 100.0 

Moseley Securities Corporation 42* 70* 8 5 ▲ 1,178.7 771.3 26 73.0 ▲ 11.5 26 66.9 


$45 

1,600 

$40 

1,400 

$35 

1,200 

$30 

1,000 

$25 

800 

$20 

600 

$15 

400 

$10 

$5 

200 

$0 

- 



UK Mid-Market M&A up to US$500m by Target Industry 

3.7% 

3.9% 

16.6% 

Real Estate 

4.7% 

Financials 


6.6% 

Materials 


12.7% 

7.0% 


Industrials 


7.1% 


12.5% 

Healthcare 

# of Deals 


3,657 

329 ▲ 

86,576.9 

56,127.0 

49.6 ▲ 2,276.0 

57.0 

11.2% 

Retail 

*tie 




11.9% 




French Involvement Mid-Market Rankings (MM5) 


Jan 1 2010 - Dec 31 2010 

French Mid-Market M&A up to US$500m by Rank Value Range 

# of Deals per Advisor Rank Value per Advisor Imputed Fees (US$m) † 



Rank Rank Deals # of Deals US$m Euro mil Rank Change (%) Fees Rank Exp. (%) 

BNP Paribas SA 1 2 48 

10 ▲ 4,871.3 3,690.3 1 29.7 ▲ 39.4 4 39.6 

Rothschild 2 1 

46 

1 ▲ 2,654.8 1,979.3 3 34.7 ▲ 87.2 1 49.9 

Lazard 

3 3 42 12 ▲ 3,828.0 2,837.6 2 113.1 ▲ 74.2 2 63.4 


17 ▲ 421.1 333.1 17 -34.7 ▼ 1.4 69* 100.0 


4* 6* 28 

9 ▲ 1,982.9 1,530.4 6 24.7 ▲ 25.2 7 39.9 

MK Finance SA 6 6* 25 

6 ▲ 25.0 19.3 72* 316.7 ▲ 12.6 12 100.0 

UBS 

7 5 22 

2 ▲ 2,229.3 1,670.6 5 6.5 ▲ 19.5 11 43.7 


8* 10* 20 

7 ▲ 2,343.6 1,769.1 4 88.4 ▲ 29.5 5 56.0 

JP Morgan 

8* 13* 20 

8 ▲ 1,827.0 1,413.5 7 17.6 ▲ 23.0 8* 25.6 

Societe Generale 10 10* 18 

5 ▲ 1,032.5 795.6 10 -26.9 ▼ 25.4 6 41.5 

Credit Suisse 

11* 15* 14 

3 ▲ 1,817.1 1,404.1 8 99.9 ▲ 53.1 3 52.9 


11* 4 

14 -7 ▼ 34.1 26.0 67 -92.6 ▼ 7.5 18 82.4 


13* 15* 13 

2 ▲ 287.5 211.9 29 -37.5 ▼ .5 135* 29.4 


13* 18* 13 

4 ▲ 32.3 23.7 68 750.0 ▲ 8.5 16 100.0 


13* 30* 13 

7 ▲ 0.0 0.0 101* - - 7.2 19 100.0 

Macquarie Group 16 48* 12 

10 ▲ 125.4 87.0 45 -51.3 ▼ 4.2 25 100.0 

KPMG 17* 10* 11 

-2 ▼ 344.9 259.0 24 15.9 ▲ 1.5 64* 100.0 

Morgan Stanley 17* 8 

11 

-7 ▼ 1,247.5 950.7 

9 1.8 ▲ 23.0 8* 24.9 

Global M&A 

19* 9 

9 

-5 ▼ 0.0 0.0 101* - - 5.4 22* 100.0 

Financiere Cambon 19* 18* 

9 

0 - 76.2 58.9 

55 -20.0 0 

▼ 24 2.4 

45* 

100.00 

Hawkpoint Partners 21 34* 8 

3 ▲ 0.0 0.0 101* - - 7.0 20 43.2 

Mediobanca 

22* 40* 7 

3 ▲ 405.4 309.8 22 -56.6 ▼ 1.3 71* 54.2 

Gruppo Banca Leonardo 22* 43* 7 

4 ▲ 586.9 460.0 12 38.0 ▲ 4.1 26* 31.1 

Nomura 22* 34* 7 

2 ▲ 342.3 276.5 26 -66.4 ▼ 5.4 22* 38.8 

Bryan Garnier & Co 25* 26* 6 

-1 ▼ 29.8 23.9 70 -74.3 ▼ 1.5 64* 100.0 

Natixis 

25* 18* 6 -3 ▼ 0.3 

0.3 97* -99.9 ▼ 3.1 38* 100.0 

IMAP 

25* 13* 6 

-6 ▼ 5.4 4.0 

92 

- - 3.2 36* 100.0 


25* 22* 6 

-2 ▼ 342.8 247.1 25 -53.5 ▼ 11.9 13 100.0 


25* 30* 6 

0 - 790.2 612.4 11 -29.6 ▼ 21.0 10 21.9 


30* 18* 5 

-4 ▼ 135.9 100.0 42 -53.4 ▼ 5.5 21 100.0 

Grant Thornton LLP 30* 30* 5 -1 ▼ 13.1 9.2 

87 718.8 ▲ .1 153* 100.0 

goetzpartners Corp Finance 30* 64* 5 

4 ▲ 0.0 0.0 101* - - 3.0 40 100.0 

Rabobank NV 30* 34* 5 

0 - 145.1 112.1 41 -37.6 ▼ 2.8 42* 100.0 


-2 ▼ 442.8 346.9 16 15.8 ▲ 8.3 17 26.2 

M&A International 30* 30* 5 

-1 ▼ 13.3 10.8 86 13.7 ▲ 2.1 54 100.0 

RBS 36* 22* 4 

-4 ▼ 340.3 278.8 27 1833.5 ▲ 3.4 33 9.2 

ING 36* 43* 4 1 ▲ 77.8 63.8 53 92.6 ▲ 1.0 88* 100.0 

Arjil Groupe Altium 36* 64* 4 

3 ▲ 10.0 7.4 

88 -93.6 ▼ 4.1 26* 100.0 


0 - 0.0 0.0 101* 

- - .8 93* 100.0 

Banque Degroof 36* 64* 4 

3 ▲ 1.1 0.9 

95 - - 1.2 74* 100.0 


$16 

$14 

$12 

$10 

$8 

$6 

700 

600 

500 

400 

300 

200 

$4 

$2 

100 

$0 

- 



French Mid-Market M&A up to US$500m by Target Industry 

4.1% 

Real Estate 

5.2% 

15.7% 

Financials 

6.8% 


Materials 

7.7% 


13.2% 

Healthcare 

# of Deals 

Industrials 

8.1% 



10.9% 

Retail 


27.2 ▲ 

1,018.2 

52.4 

8.2% 


*tie 


8.6% 

10.5% 






German Involvement Mid-Market Rankings (MM6) 


Jan 1 2010 - Dec 31 2010 

German Mid-Market M&A up to US$500m by Rank Value Range 






Rank Rank Deals # of Deals Euro mil Euro mil Rank Change (%) Fees Rank Exp. (%) 

Lincoln International 1 9 

27 

9 ▲ 244.5 179.1 31 95.0 ▲ 25.8 5* 100.0 

Ernst & Young LLP 2 4 22 

-3 ▼ 650.4 485.6 10 -23.1 ▼ 1.7 60* 50.0 

KPMG 3 2 

21 

-9 ▼ 929.1 710.3 

6 115.8 ▲ 6.2 19 100.0 


-6 ▼ 50.2 36.7 51 -97.0 ▼ .7 82 100.0 


-16 ▼ 2,215.7 1,623.4 1 8.5 ▲ 52.3 1 51.5 

Rothschild 6 5 18 -6 ▼ 935.5 694.1 

5 70.0 ▲ 40.9 2 74.8 

Lazard 7* 8 16 -3 ▼ 662.6 497.0 

9 -27.8 ▼ 36.9 4 48.9 

Deloitte 7* 14 16 6 ▲ 164.2 121.7 36 -18.8 ▼ 2.0 51* 100.0 

Morgan Stanley 9 7 15 -6 ▼ 1,711.9 1,288.6 3 9.6 ▲ 37.1 3 39.9 

Goldman Sachs & Co 10 6 13 -9 ▼ 1,642.2 1,249.6 4 111.5 ▲ 25.8 5* 13.4 

UniCredit Group 11 13 12 

1 ▲ 602.2 459.1 11 2.2 ▲ 10.4 10* 45.2 

goetzpartners Corp Finance 12* 20* 11 4 ▲ 7.6 6.0 

69 -92.4 ▼ 4.2 28* 100.0 

JP Morgan 

12* 10* 11 

-5 ▼ 1,776.2 1,331.0 2 136.3 ▲ 25.5 7 33.5 


2 ▲ 25.5 20.0 61 -79.5 ▼ 5.0 24* 100.0 

Concentro Management AG 15* 37* 10 7 ▲ 0.0 0.0 76* - - 6.0 21* 100.0 

Metzler Corporate Finance 15* 37* 10 

7 ▲ 45.3 33.0 54 - - 6.3 18 100.0 

DC Advisory Partners 15* 10* 10 

-6 ▼ 21.9 16.0 62 -85.3 ▼ 7.2 15 100.0 

Clairfield Partners 18* 31* 9 

5 ▲ 0.0 0.0 76* 

- - 4.0 30 100.0 

Credit Suisse 18* 25* 9 

3 ▲ 292.3 219.4 27 -64.1 ▼ 14.1 8 35.1 

Commerzbank AG 18* 15* 9 

0 - 00 0.0 00 0.0 

76* - - 42 4.2 

28* 

24.6 

WestLB AG 21* 53* 8 

6 ▲ 42.9 31.2 55 

- - 3.8 31 100.0 

Corporate Finance Partners CFP 21* 15* 8 

-1 ▼ 272.6 209.5 29 273.9 ▲ 3.7 32 100.0 


23* - 7 

7 ▲ 13.7 10.4 64* - - 2.4 44* 100.0 

Global M&A 23* 37* 7 

4 ▲ 85.1 61.0 46 

- - 6.1 20 100.0 

BDO International 23* 28* 7 

2 ▲ 13.5 10.8 66 20.5 ▲ 3.6 33 100.0 

Globalscope 

23* - 7 

7 ▲ 0.0 

0.0 76* - - 6.0 21* 100.0 

Allert & Co GmbH 23* 31* 7 

3 ▲ 0.0 

0.0 76* 

- - 4.8 27 100.0 

Nomura 28* 31* 6 2 ▲ 506.2 386.5 15 178.9 ▲ 9.3 12 63.7 

Citi 

28* 37* 6 3 ▲ 47.4 36.5 53 

- - 7.0 16 44.6 

BNP Paribas SA 30* 37* 5 2 ▲ 89.1 70.2 44 -68.6 ▼ 2.2 47* 13.2 

UBS 30* 12 5 -10 ▼ 245.0 188.6 30 -68.8 ▼ 10.4 10* 28.5 

IMAP 30* 15* 5 -4 ▼ 42.3 31.5 56 

- - 2.8 41 100.0 

Livingstone Partners 30* 70* 5 

4 ▲ 4.0 

3.0 

71 

- - 2.5 43 100.0 

Bank of America Merrill Lynch 30* 25* 5 -1 ▼ 757.2 534.1 

8 42.7 ▲ 11.4 9 18.8 

Sigma Corporate Finance GmbH 30* 53* 5 3 ▲ 0.0 

0.0 76* - - 3.0 37* 100.0 

IKB Deutsche Industriebank 30* 70* 5 4 ▲ 0.0 0.0 76* 

- - 3.0 37* 100.0 

Joh Berenberg Gossler & Co 

37* 28* 4 -1 ▼ 377.4 290.1 24 212.7 ▲ 3.1 35* 100.0 

Gruppo Banca Leonardo 37* 53* 4 2 ▲ 507.7 390.0 14 19.4 ▲ 1.9 55 100.0 

Jones Lang LaSalle Inc 37* 70* 4 3 ▲ 581.6 433.3 12 207.4 ▲ 9.0 13 62.5 

Mummert & Company 37* 25* 4 -2 ▼ 0.0 

0.0 76* - - 1.2 65* 100.0 

Ferber & Co GmbH 37* 37* 4 1 ▲ 9.8 7.0 68 - - .8 75* 100.0 

equinet AG 37* 53* 4 2 ▲ 40.7 30.5 57 37.5 ▲ 2.7 42 100.0 

Jefferies & Co Inc 37* 19 4 -4 ▼ 556.9 416.1 13 515.4 ▲ 8.5 14 100.0 


$18 

$16 

$14 

$12 

$10 

$8 

$6 

$4 

$2 

$0 

800 

700 

600 

500 

400 

300 

200 

100 

- 



German Mid-Market M&A up to US$500m by Target Industry 

2.7% 

Real Estate 

4.4% 

Industrials 

5.9% 

Healthcare 

34.1% 

Materials 


8.5% 

Financials 


# of Deals 

8.5% 


Retail 



*tie 


1,944 12 ▲ 

24,112.7 18,680.7 

7.3 ▲ 

802.7 

54.1 

8.9% 

9.0% 

13.5% 







Italian Involvement Mid-Market Rankings (MM7) 


Jan 1 2010 - Dec 31 2010 

Italian Mid-Market M&A up to US$500m by Rank Value Range 







Mediobanca 1 2 

43 

15 ▲ 2,665.1 2,009.7 1 -29.9 ▼ 39.1 2 53.4 

Intesa SanPaolo 

2 1 

24 

-8 ▼ 2,658.8 2,020.8 2 -16.7 ▼ 43.5 1 83.3 

UniCredit Group 3 5 

22 2 ▲ 1,934.2 1,506.2 3 3.3 ▲ 18.6 6 78.5 

Lazard 4 7 

21 

5 ▲ 1,171.1 924.4 

5 -34.5 ▼ 35.6 3 82.0 

Rothschild 

5 4 

17 -5 ▼ 1,920.2 1,444.5 4 184.4 ▲ 31.3 4 79.8 

KPMG 6* 3 

15 

-10 ▼ 965.5 743.3 

7 -2.2 ▼ 4.9 12 100.0 

Deloitte 

6* 10* 15 

9 ▲ 149.2 116.6 26 -52.5 ▼ 1.5 26* 88.2 

BNP Paribas SA 8 6 

12 

-5 ▼ 626.3 477.2 13 -71.4 ▼ 4.1 14 61.2 

Morgan Stanley 9 9 

11 

4 ▲ 708.9 525.8 10 -47.9 ▼ 21.1 5 50.5 


10 14* 10 

6 ▲ 101.3 72.8 32 -54.5 ▼ .6 42* 100.0 

Credit Suisse 

11 14* 7 

3 ▲ 1,008.9 782.2 

6 97.8 ▲ 6.7 9 54.0 

JP Morgan 

12 12* 6 1 ▲ 907.1 677.6 

8 11.1 ▲ 5.9 11 67.0 


13* 8 

5 

-3 ▼ 57.1 44.6 33 -85.1 ▼ 2.3 16 100.0 


-1 ▼ 676.9 505.9 11 72.1 ▲ 4.2 13 28.2 

Sin&rgetica Srl 


13* 

13* 

- 

- 

5 

5 

5 

5 

▲ 

▲ 

10.9 

20.7 

8.0 

15.5 

46 

42 

- 

- 

- 

- 

.1 

1.7 

69* 

23 

100.0 

100.0 

Citi 

13* 23* 5 

3 ▲ 635.3 466.3 12 -19.6 ▼ 9.1 8 41.7 


13* 23* 5 

3 ▲ 7.8 6.3 

48 

- - 2.0 17* 100.0 

Gruppo Banca Leonardo 

19* - 

4 

4 ▲ 428.3 325.0 17 - - 1.4 30 51.9 

Nomura 

19* 

23* 

4 

2 ▲ 

223.4 176.5 

22 -50.0 

0 

▼ 20 2.0 

17* 

60.66 

Vitale & Associati SpA 

19* 12* 4 

-1 ▼ 186.8 145.3 23 4.9 ▲ 1.2 33* 100.0 


2 ▲ 287.0 229.4 19 -23.9 ▼ 1.0 37 15.4 


23* 37* 3 

2 ▲ 36.4 27.5 39 - - 2.7 15 93.1 

BBVA 23* 37* 3 2 ▲ 57.0 42.4 34 

- - .9 38* 100.0 

Fineurop SpA 

23* 17* 3 

0 - 0.0 0.0 54* - - 1.2 33* 100.0 


23* - 

3 

3 ▲ 0.5 0.3 

53 

- - 1.2 33* 100.0 

Klecha & Co 23* 37* 3 

2 ▲ 53.9 39.0 36 

- - 1.3 31* 100.0 

Goldman Sachs & Co 23* 23* 3 1 ▲ 709.7 534.1 

9 117.0 ▲ 16.6 7 38.8 

Banco Espirito Santo SA 23* 37* 3 

2 ▲ 43.2 32.0 37 

- - 1.5 26* 25.0 

Centrobanca 

30* - 

2 

2 ▲ 1.2 

1.0 

52 

- - .6 42* 100.0 

UBS 

30* 17* 2 

-1 ▼ 186.3 134.2 24 -45.7 ▼ .6 42* 16.7 

ORIX M&A Solutions Corp 30* - 2 2 ▲ 0.0 0.0 54* - - .2 67* 100.0 

Cofito 

30* - 

2 

2 ▲ 380.6 290.0 18 

- - .6 42* 100.0 

Global M&A 

30* 14* 2 

-2 ▼ 13.6 10.0 44 -85.4 ▼ .9 38* 100.0 

DGPA & CO 30* - 2 2 ▲ 102.1 75.1 31 - - .1 69* 100.0 

Macquarie Group 30* 37* 2 1 ▲ 444.9 327.6 16 722.4 ▲ 1.9 21 100.0 

Itau Unibanco 30* - 2 2 ▲ 148.4 120.6 27* - - 1.6 24* 100.0 

Banco BTG Pactual SA 30* - 2 2 ▲ 148.4 120.6 27* - - 1.6 24* 100.0 

Jefferies & Co Inc 30* - 2 2 ▲ 0.0 0.0 54* - - 2.0 17* 100.0 


30* 23* 2 

0 - 587.5 440.0 14 1607.8 ▲ 1.3 31* 100.0 


$12 

$10 

$8 

$6 

350 

300 

250 

$4 

100 

$2 

50 

$0 

- 



Italian Mid-Market M&A up to US$500m by Target Industry 

3.5% 

Financials 

4.6% 

25.2% 


5.8% 

Industrials 

Healthcare 

6.6% 


200 

150 

# of Deals 

Real Estate 

7.0% 

Materials 



834 

-82 ▼ 15,779.7 11,948.6 

-9.5 ▼ 

503.6 

71.4 

11.1% 

18.7% 


Retail 


*tie 




13.2% 




Spanish Involvement Mid-Market Rankings (MM8) 


Jan 1 2010 - Dec 31 2010 

Spanish Mid-Market M&A up to US$500m by Rank Value Range 







KPMG 

Deloitte 

1 

2 

1 

3 

28 

27 

-4 

15 

▼ 

▲ 

2,782.4 

1,567.4 

2,205.6 

1,183.7 

3 

7 

81.2 ▲ 

277.3 ▲ 

2.6 

16.0 

29* 

5 

76.5 

98.2 

Santander 

3 7* 19 

10 ▲ 1,111.9 861.0 

9 42.8 ▲ 14.2 7 58.9 

BBVA 

Banco Espirito Santo SA 

4* 

4* 

13* 

30* 

15 

15 

9 

13 

▲ 

▲ 

1,624.0 

1,122.3 

1,232.7 

864.9 

6 

8 

278.5 ▲ 

139.0 ▲ 

12.4 

11.9 

9 

11 

100.0 

47.2 

Lazard 

6 16* 13 

8 ▲ 3,234.7 2,542.1 1 410.8 ▲ 25.7 1 89.5 

Rothschild 

7* 11* 9 

2 ▲ 227.8 180.0 23 -68.3 ▼ 17.9 2* 67.3 


7* 7* 9 

0 - 330.3 250.0 18 958.7 ▲ 7.0 17 57.4 

JP Morgan 

7* 11* 9 

2 ▲ 2,897.0 2,272.2 2 134.9 ▲ 17.3 4 46.0 


10* 16* 8 

3 ▲ 2,476.1 1,977.1 4 370.5 ▲ 10.6 13 35.3 


10* 13* 8 

2 ▲ 901.5 676.4 11 69.9 ▲ 17.9 2* 31.2 

Mediobanca 

12* 30* 7 

5 ▲ 768.0 576.0 13 620.5 ▲ 5.8 20 24.7 

Socios Financieros SA 

12* 21* 7 

3 ▲ 72.5 57.6 37 

- - 4.0 25 70.2 

GBS Finanzas SA 

Ambers & Co 

UBS 

Nomura 

14* 

14* 

14* 

14* 

21* 

7* 

7* 

30* 

6 

6 

6 

6 

2 

-3 

-3 

4 

▲ 

▼ 

▼ 

▲ 

130.4 

20.7 

1,724.7 

749.1 

100.0 

15.0 

1,334.9 

553.7 

33 

45 

5 

14 

226.0 ▲ 

283.3 ▲ 

-9.4 ▼ 

448.4 ▲ 

5.0 

3.0 

13.7 

2.4 

21 

27 

8 

32* 

100.0 

100.0 

29.9 

100.0 

Cushman & Wakefield Inc 

Citi 

14* 

14* 

41* 

13* 

6 

6 

5 

0 

▲ 

- 

666.3 

942.5 

509.5 

741.9 

15 

10 

1206.5 ▲ 

-39.9 ▼ 

8.5 

14.7 

16 

6 

100.0 

30.8 

Credit Suisse 

14* 

21* 6 

2 ▲ 

831.2 

636.0 

12 

130.4 

▲ 93 9.3 14* 

24.22 

Moseley Securities Corporation 21* - 

5 

5 ▲ 512.2 397.0 16 - - 6.1 19 51.7 

Eurohold SL 

21* 6 5 

-5 ▼ 182.1 135.0 29 843.5 ▲ 4.2 23 100.0 


23* 30* 4 

2 ▲ 117.4 92.0 34 

- - .1 73* 20.0 


23* - 

4 

4 ▲ 0.0 0.0 54* - - 2.4 32* 100.0 

ING 23* 30* 4 

2 ▲ 0.0 0.0 54* 

- - 1.8 35* 100.0 

Norgestion 

23* 21* 4 

0 - 0.0 

0.0 54* 

- - 1.8 35* 100.0 

Arcano 

23* 41* 4 

3 ▲ 27.9 23.0 43 -79.6 ▼ 1.8 35* 100.0 

PricewaterhouseCoopers 28* 2 

3 

-15 ▼ 37.7 29.4 41 -74.2 ▼ .2 70* 100.0 

IREA Corporate Finance 

28* - 

3 

3 ▲ 0.0 0.0 54* - - 2.6 29* 100.0 

REIM Partners Ltd 28* - 

3 

3 ▲ 229.7 175.5 21 

- - 1.9 34 100.0 

Caixa Geral de Depositos 

28* 41* 3 2 ▲ 166.7 129.9 30 - - 2.6 29* 25.2 

Ahorro Corporacion Financiera 32* 21* 2 

-2 ▼ 0.0 0.0 54* - - 2.8 28 100.0 


32* - 

2 

2 ▲ 12.9 10.0 48* 

- - 6.2 18 100.0 


32* 41* 2 

1 ▲ 323.4 225.2 19 - - .0 75* 0.0 

Catella AB 32* - 2 2 ▲ 244.4 182.5 20 - - 4.1 24 100.0 

Metzler Corporate Finance 32* - 2 2 ▲ 0.0 0.0 54* - - .6 48* 100.0 

Berenson & Co LLP 32* - 

2 

2 ▲ 0.0 0.0 54* 

- - 1.2 42* 18.2 

N+1 32* 16* 2 -3 ▼ 0.0 0.0 54* - - 1.2 42* 100.0 

Bank of America Merrill Lynch 32* 26* 2 -1 ▼ 190.2 150.0 27* -44.7 ▼ 9.3 14* 46.3 

Plenium Partners 32* - 2 2 ▲ 209.6 150.0 24 - - 4.3 22 100.0 

Goldman Sachs & Co 32* 16* 2 -3 ▼ 92.1 70.0 36 -90.8 ▼ 11.5 12 34.7 


$10 

$9 

$8 

$7 

$6 

$5 

$4 

$3 

$2 

$1 

$0 



Spanish Mid-Market M&A up to US$500m by Target Industry 

1.7% 1.2% 3.3% 2.6% 


19.8% 

3.3% 

Real Estate 

4.9% 

Financials 

Industrials 

5.2% 


Materials 

7.8% 


350 

300 

250 

200 

150 

100 

50 

- 

# of Deals 

19.6% 

Healthcare 

11.0% 


Retail 


1,132 

136 

▲ 

23,390.8 17,890.4 44.0 ▲ 527.9 

49.8 


*tie 


19.6% 






Nordic Involvement Mid-Market Rankings (MM9) 


Jan 1 2010 - Dec 31 2010 

Nordic Mid-Market M&A up to US$500m by Rank Value Range 








1 3 36 

16 ▲ 1,054.4 809.8 

6 36.8 ▲ 1.1 64* 100.0 

SEB Enskilda 2 1* 28 

1 ▲ 1,890.1 1,465.3 1 -48.0 ▼ 52.4 1 75.3 

KPMG 

3 12* 23 

12 ▲ 510.3 406.3 23 105.4 ▲ 2.3 51 67.6 

Translink International Group 4 - 

21 21 ▲ 9.3 7.1 

89 - - .0 115* 

- 

Carnegie 5* 15* 20 10 ▲ 1,610.9 1,266.3 2 165.9 ▲ 17.3 5 52.6 

IMAP 5* 1* 20 -7 ▼ 32.7 24.5 78 -48.3 ▼ 9.8 14* 100.0 

Ernst & Young LLP 7* 4 19 

0 - 309.4 231.4 33 112.8 ▲ .6 77* 100.0 

Danske Markets 7* 11 19 

7 ▲ 716.2 527.2 12 11.8 ▲ 13.7 6 70.6 

ABG Sundal Collier 9 12* 17 

6 ▲ 461.4 366.4 24 131.9 ▲ 9.8 14* 42.2 


12 ▲ 527.8 410.8 21 2045.5 ▲ 4.6 31 100.0 

Handelsbanken Capital Markets 10* 22* 16 

9 ▲ 1,184.5 921.9 

4 1092.8 ▲ 13.1 8 100.0 

Lazard 

12* 22* 12 

5 ▲ 843.1 658.9 10 14.9 ▲ 21.3 3 53.1 

FIH Partners AS 

12* 19 12 

3 ▲ 1,185.2 897.9 

3 99.8 ▲ 13.3 7 87.5 

Nordea 14* 6* 11 

-3 ▼ 882.2 699.7 

7 34.7 ▲ 12.7 9 80.9 

Evli Bank Plc 14* 15* 11 

1 ▲ 84.7 69.1 56 -53.9 ▼ 5.5 27 100.0 

Rothschild 16 15* 10 0 - 1,081.1 799.5 

5 107.1 ▲ 21.8 2 51.9 

First Securities ASA 17* 20* 9 1 ▲ 434.4 349.4 26 202.9 ▲ 7.9 17 68.7 

Access Partners 17* 20* 9 

1 ▲ 124.2 92.0 53 -63.1 ▼ 6.2 25 100.0 

Morgan Stanley 19* 6* 

8 

-6 ▼ 567.9 426.6 18 -76.7 ▼ 20.9 4 29.3 

Catella AB 

19* 6* 8 

-6 

▼ 

565.7 417.6 19 

640.44 

▲ 99 9.9 

13 

100.00 

Keystone Advisers 21* 24* 7 

1 ▲ 4.1 3.1 

90 -38.8 ▼ 3.3 43 100.0 

Hedelius & Berthelius AB 

21* - 7 

7 ▲ 0.0 0.0 99* - - 4.2 34* 100.0 


21* 24* 7 

1 ▲ 41.1 29.5 71 45.2 ▲ 4.4 33 100.0 

Nomura 

24* 47* 6 

4 ▲ 849.6 681.2 

9 

- - 9.5 16 100.0 

Pareto Securities 24* 29* 6 

1 ▲ 535.8 416.8 20 50.7 ▲ 7.4 19* 100.0 

HQ Bank AB 

24* 47* 6 

4 ▲ 291.8 231.8 34 - - 2.4 46* 100.0 

Arctic Securities ASA 24* 15* 6 

-4 ▼ 614.4 459.3 15 -23.5 ▼ 2.4 46* 100.0 


3 ▲ 204.7 153.1 43 

- - 12.2 10 39.7 

Lenner & Partners 28* 47* 5 

3 ▲ 569.7 455.7 17 121.2 ▲ 7.0 21 100.0 

Leimdorfer AB 28* 47* 5 

3 ▲ 382.2 280.8 28 127.0 ▲ 5.7 26 100.0 

Global M&A 28* 9* 5 

-8 ▼ 146.2 109.0 51 -18.0 ▼ 3.5 39* 100.0 

Swedbank 28* 12* 5 

-6 ▼ 204.1 156.3 44 11.6 ▲ 5.4 28* 100.0 

Citi 28* 47* 5 

3 ▲ 518.7 377.0 22 1200.0 ▲ 4.5 32 23.8 

Jefferies & Co Inc 28* 34* 5 

1 ▲ 631.9 471.7 14 193.4 ▲ 6.9 22 100.0 

RBS 35* 29* 4 -1 ▼ 67.3 49.1 61 -72.9 ▼ 3.8 38 100.0 

UBS 

35* 9* 4 

-9 ▼ 396.5 311.1 27 -57.7 ▼ 10.1 12 32.0 

KBC Group NV 

35* - 

4 

4 ▲ 81.7 59.7 57 - - 1.6 57* 100.0 


35* 70* 4 3 ▲ 869.6 648.6 

8 1027.9 ▲ .7 76 100.0 

Pangea Property Partners AB 35* - 4 4 ▲ 0.0 0.0 99* - - .6 77* 100.0 

BDO International 35* - 4 4 ▲ 1.5 1.1 

96 - - 1.8 56 100.0 

HSBC Holdings PLC 35* - 4 4 ▲ 676.0 518.3 13 - - 6.5 23 100.0 


$16 

$14 

$12 

$10 

$8 

$6 

800 

700 

600 


$4 

200 

$2 

100 

$0 

- 



Nordic Mid-Market M&A up to US$500m by Target Industry 

3.7% 

17.4% 

3.0% 2.9% 

5.7% 

Real Estate 

Industrials 

6.7% 

Financials 

Materials 

12.6% 


6.9% 


500 

400 

300 

# of Deals 

8.1% 


Healthcare 

12.4% 



*tie 


2,325 

368 ▲ 30,295.2 23,115.2 

42.4 ▲ 

849.0 

67.5 

8.8% 

11.7% 


Retail 





Benelux Involvement Mid-Market Rankings (MM10) 

MM10 - Undisclosed Values & Values up to US$500m Jan 1 2010 - Dec 31 2010 







KPMG 

ING 

1 

2 

1 

3 

55 

39 

1 

-2 

▲ 

▼ 

2,530.6 

380.9 

1,930.7 

299.7 

2 

27 

171.8 ▲ 

-51.1 ▼ 

5.7 

19.0 

29 

10 

81.4 

65.1 

Deloitte 3 5 

36 

15 ▲ 588.4 453.7 16 2.3 ▲ 6.9 24 100.0 


4 4 31 

5 ▲ 898.4 706.1 14 191.9 ▲ .8 78* 100.0 

UBS 

5 31* 26 

21 ▲ 2,326.4 1,756.0 3 254.0 ▲ 24.4 7 36.1 


6* 16* 19 

8 ▲ 2,552.8 1,971.2 1 51.4 ▲ 44.7 1 42.9 


6* 15 19 

7 ▲ 75.1 55.0 76 

- - 10.8 14* 100.0 

Lazard 

8* 12* 18 

4 ▲ 1,115.9 840.2 12 -8.6 ▼ 25.7 4* 56.4 

Clairfield Partners 8* 36* 18 

14 ▲ 81.1 63.0 73 

- - 8.8 18 48.4 

Credit Suisse 

10 14 17 

4 ▲ 1,942.1 1,499.2 6 -3.3 ▼ 23.1 9 36.3 


11* 7 

16 

-1 ▼ 1,288.5 971.9 

8 -26.4 ▼ 10.8 14* 36.7 

Rabobank NV 

11* 2 

16 

-26 ▼ 419.5 319.1 22 

- - 7.3 22* 42.4 

JP Morgan 11* 12* 16 

2 ▲ 2,009.5 1,564.5 5 37.0 ▲ 32.5 2 31.4 

Rothschild 

14* 6 

15 

-3 ▼ 1,015.0 760.7 13 -32.8 ▼ 25.2 6 35.1 

BlueMind Corporate Finance 

14* 8* 15 

-1 ▼ 54.3 40.5 78 524.1 ▲ 7.7 21 100.0 

Deutsche Bank AG 16* 22* 13 6 ▲ 2,204.8 1,656.9 4 374.5 ▲ 25.7 4* 32.1 

Citi 

16* 31* 13 

8 ▲ 1,148.3 891.7 11 118.0 ▲ 23.4 8 36.7 

Banque Degroof 

18* 26* 11 

5 ▲ 68.4 53.3 77 -79.9 ▼ 3.7 38* 100.0 


18* 19* 11 

3 ▲ 86.6 63.6 71 

- - 5.8 28 100.0 

RBS 

20* 8* 9 

-7 

▼ 1,167.8167 911.11 

10 

289.4 

▲ 28 2.8 

50* 97 9.7 

NIBC NV 

20* 26* 9 

3 ▲ 127.1 100.5 61 -48.5 ▼ 9.0 17 100.0 

Goldman Sachs & Co 20* 11 

9 

-6 ▼ 1,218.7 924.5 

9 -38.9 ▼ 30.3 3 29.8 


23 39* 8 

5 ▲ 322.8 243.3 33 

- - 5.0 31* 100.0 

Ernst & Young LLP 24* 16* 7 

-4 ▼ 13.8 10.9 91 -97.0 ▼ .1 116* 4.0 

KBC Group NV 

24* 46* 7 

5 ▲ 482.4 354.4 20 930.8 ▲ 7.8 20 100.0 

Globalscope 

24* 31* 7 

2 ▲ 0.0 0.0 99* 

- - 4.2 34* 100.0 

PhiDelphi Corporate Finance BV 27* 19* 6 

-2 ▼ 0.0 

0.0 99* 

- - 3.8 37 100.0 

IMAP 

27* 22* 6 

-1 ▼ 0.0 

0.0 99* 

- - 2.4 56* 100.0 


27* 36* 6 

2 ▲ 347.1 258.7 29 

- - 14.3 13 100.0 

Nomura 

27* 39* 6 

3 ▲ 354.2 267.5 28 490.3 ▲ 1.7 64* 24.3 

Gruppo Banca Leonardo 

31* 46* 5 

3 ▲ 581.0 447.0 17 6816.7 ▲ 6.7 25 46.2 


31* 26* 5 

-1 ▼ 1,338.8 1,013.6 7 178.2 ▲ 15.5 11 28.6 


31* 65* 5 4 ▲ 174.1 127.0 50 17.6 ▲ 14.6 12 42.6 

Mediobanca 

34* 31* 4 

-1 ▼ 155.3 117.8 53 -84.7 ▼ 8.5 19 100.0 

Translink International Group 

34* - 4 

4 ▲ 0.0 0.0 99* 

- - .0 123* 

- 

RBC Capital Markets 

34* - 

4 

4 ▲ 776.8 578.2 15 - - .8 78* 4.3 

First Dutch Capital BV 

34* 39* 4 

1 ▲ 0.0 0.0 99* 

- - 2.4 56* 100.0 

Global M&A 34* 31* 4 

-1 ▼ 110.7 83.5 65* - - 3.2 42* 100.0 

Nielen Schuman BV 34* 39* 4 

1 ▲ 0.0 0.0 99* 

- - 2.4 56* 100.0 

Macquarie Group 34* 26* 4 -2 ▼ 183.7 138.3 48 14.8 ▲ 7.3 22* 100.0 

Quore Capital 

34* 46* 4 

2 ▲ 0.0 0.0 99* 

- - 3.0 47* 100.0 


34* 36* 4 0 - 199.2 146.6 46 -67.2 ▼ 3.2 42* 100.0 

Benelux Mid-Market M&A up to US$500m by Rank Value Range 


$16 

$14 

$12 

$10 

$8 

600 

500 

400 

300 

$6 

200 

$4 

100 

$2 

$0 

- 



Benelux Mid-Market M&A up to US$500m by Target Industry 


3.5% 

20.4% 

Real Estate 

3.9% 

Materials 

6.0% 


Industrials 

6.5% 



14.3% 

7.9% 

Healthcare 

Retail 

# of Deals 



32.7 ▲ 849.7 

52.1 

*tie 


9.4% 

9.6% 

12.9% 







Eastern Europe Involvement Mid-Market Rankings (MM16) 


Jan 1 2010 - Dec 31 2010 

Eastern European Mid-Market M&A up to US$500m by Rank Value Range 







UniCredit Group 1 1 

20 

1 ▲ 1,307.0 965.2 

3 -23.1 ▼ 27.0 3 100.0 

Morgan Stanley 2 5* 15 

2 ▲ 1,690.3 1,268.5 1 262.9 ▲ 18.4 6 62.8 

KPMG 3* 13 13 

5 ▲ 247.8 188.5 21 -2.1 ▼ .6 60* 100.0 

JP Morgan 3* 5* 13 

0 - 1,628.8 1,260.4 2 27.5 ▲ 13.3 8 36.1 

IMAP 

5* 4 

12 

-2 ▼ 52.7 39.3 43 201.1 ▲ 6.4 17 100.0 


5* 10* 12 

3 ▲ 1,054.0 816.4 

5 -25.2 ▼ 31.6 1 77.1 

Rothschild 

5* 2* 12 

-4 ▼ 524.8 382.1 13 -62.7 ▼ 26.7 4 70.3 

Raiffeisen Zentralbank 

Credit Suisse 

5* 

9 

9 

2* 

12 

10 

2 

-6 

▲ 

▼ 

1,029.2 

919.1 

767.1 

674.2 

6 

7 

-19.0 ▼ 

62.8 ▲ 

24.2 

10.0 

5 

11 

86.1 

37.7 


10* 8 

9 

-2 ▼ 1,110.6 842.3 

4 295.7 ▲ 12.9 9 100.0 


10* 26* 9 

6 ▲ 647.2 502.6 10 984.1 ▲ 6.9 15 37.7 

Patria Finance 

12* 26* 8 

5 ▲ 0.0 0.0 63* 

- - 4.8 22* 100.0 


12* 10* 8 

-1 ▼ 0.0 0.0 63* 

- - 1.2 48* 100.0 

Standard Unlu 12* 26* 8 

5 ▲ 247.3 197.4 22 1.8 ▲ 11.0 10 100.0 

ING 

15* 7 

7 

-5 ▼ 125.0 97.9 32 -85.4 ▼ 5.1 19 63.8 

Global M&A 15* 26* 7 

4 ▲ 139.1 107.9 29 1831.9 ▲ 3.6 28 100.0 

VTB Capital 

15* 55* 7 

6 ▲ 406.3 323.5 16 

- - 27.8 2 100.0 


15* 14* 7 0 - 84.9 61.8 36* -85.1 ▼ 1.5 44* 100.0 

Bank of America Merrill Lynch 19* 41* 6 

4 ▲ 385.4 293.6 18 304.0 ▲ 3.2 30 100.0 

M&A International 19* 

24* 

6 

2 

▲ 

28.9 

23.1 

45 -88.1 

▼ 23 2.3 

35* 

100.00 


-1 ▼ 673.9 537.0 

9 2628.3 ▲ 8.9 13 100.0 

Lexicon Partners 21* - 

5 

5 ▲ 0.0 

0.0 63* - - - 

- 

- 

Holon Sp zoo 

21* 55* 5 

4 ▲ 17.7 13.4 50 36.2 ▲ .4 76 100.0 


21* 55* 5 

4 ▲ 0.0 

0.0 63* 

- - 2.4 33* 100.0 

Evli Bank Plc 

21* 26* 5 

2 ▲ 0.0 0.0 63* - - 1.8 40* 100.0 

Deloitte 

21* 26* 5 

2 ▲ 5.5 

4.4 

56 -75.0 ▼ .3 77 100.0 

Gazprombank 27* 14* 4 

-3 ▼ 275.5 210.8 19 -38.8 ▼ 4.9 20* 23.9 

Nomura 27* 26* 4 

1 ▲ 566.8 417.7 12 13.3 ▲ 9.2 12 100.0 

Lazard 27* 18* 4 

-2 ▼ 689.5 531.4 

8 116.1 ▲ 17.8 7 59.5 

VCP Capital Partners 27* 18* 4 

-2 ▼ 139.0 104.1 30 -1.9 ▼ 4.9 20* 100.0 

Xenon Capital Partners 

27* - 4 

4 ▲ 0.0 0.0 63* 

- - 1.0 52* 100.0 

Turkiye Is Bankasi AS 32* 10* 3 -6 ▼ 213.0 160.0 23 -22.5 ▼ 6.7 16 100.0 

Ernst & Young LLP 32* 14* 3 -4 ▼ 0.0 

0.0 63* - - .1 81* 100.0 

UBS 32* 41* 3 1 ▲ 4.8 

3.6 57* -99.0 ▼ 4.0 25* 36.7 

PDF Corporate Finance 32* 41* 3 

1 ▲ 0.0 

0.0 63* 

- - 1.8 40* 100.0 

Lincoln International 32* 41* 3 

1 ▲ 0.0 

0.0 63* 

- - 1.2 48* 100.0 

Renaissance Capital Group 

32* 26* 3 0 - 103.0 75.7 35 -82.9 ▼ 4.0 25* 37.0 

Macquarie Group 32* - 3 

3 ▲ 60.0 45.4 41 

- - - 

- 

- 

Saski Partners Sp zoo 32* 26* 3 

0 - 160.0 124.2 25 - - 1.2 48* 100.0 

DC Advisory Partners 32* 41* 3 1 ▲ 434.1 340.0 15 902.5 ▲ 3.9 27 100.0 


$16 

$14 

$12 

$10 

$8 

$6 

1,600 

1,400 

1,200 

1,000 

$4 

400 

$2 

200 

$0 

- 



Eastern European Mid-Market M&A up to US$500m by Target Industry 

3.4% 

17.6% 

3.0% 2.9% Energy and Power 

3.7% 

Financials 

5.1% 

Materials 

Industrials 

6.4% 

Real Estate 


15.5% 


7.2% 


800 

600 

# of Deals 

Healthcare 

9.3% 



0.8 ▲ 815.0 

76.1 

15.5% 

Retail 

*tie 


10.4% 






Hochinma Involvement Mid-Market Rankings (MM13) 


Jan 1 2010 - Dec 31 2010 

Hochima Mid-Market M&A up to US$500m by Rank Value Range 





2010 

Rank 

2009 

Rank 

# of 

Deals 

Change in 

# of Deals 

Rank Value 

US$m 

2010 

Rank 

Rank Value 

Change (%) 

Advisor 

Fees 

2010 

Rank 

** Fee 

Exp. (%) 

CIMB Group Sdn Bhd 

1 1 

42 

-15 ▼ 

2,402.4 

8 4.4 ▲ 21.6 10 56.4 

Somerley Ltd 2 3* 39 

-10 ▼ 

2,213.1 

10 25.6 ▲ 14.6 13 50.9 


3 6 

36 

6 ▲ 1,436.8 

17 221.9 ▲ 2.5 71* 89.3 

AMMB Holdings Bhd 

4 22* 34 

19 ▲ 

1,189.3 

23 9.0 ▲ 10.2 19 100.0 

Credit Suisse 

5 15* 32 

15 ▲ 

3,516.5 3 140.8 ▲ 32.7 5 70.6 

UBS 6 7 

28 

-1 ▼ 

3,892.3 2 -0.9 ▼ 40.4 4 43.6 

Guangdong Securities 7* 2 

27 

-23 ▼ 

1,127.2 

26 -47.2 ▼ 9.0 20 100.0 

Morgan Stanley 7* 5 27 

-7 ▼ 

3,355.0 

4 -22.0 ▼ 48.8 2 41.1 

Access Capital Ltd 9 10 25 

3 ▲ 

680.0 

45 -42.3 ▼ 5.8 36* 100.0 


3 ▲ 

3,195.9 

5 6.2 ▲ 26.1 9 29.7 

Goldman Sachs & Co 11 22* 23 

8 ▲ 6,360.7 

1 148.7 ▲ 65.7 1 68.9 

Rothschild 

12* 13* 22 

4 ▲ 

2,500.1 

7 120.2 ▲ 29.0 6 62.0 


5 ▲ 437.7 

69 26.1 ▲ 6.6 31 97.1 

KPMG 14* 9 

21 -3 ▼ 

1,302.6 

21 139.1 ▲ 1.7 89* 73.9 

China International Capital Co 

14* 92* 21 

18 ▲ 

1,377.4 

18 67.3 ▲ 2.5 71* 10.0 

PricewaterhouseCoopers 14* 12 21 

2 ▲ 

1,075.7 

27 -10.7 ▼ 2.3 77* 100.0 

Deloitte 17 15* 20 

3 ▲ 928.9 

32 53.0 ▲ 2.9 67* 100.0 

Kotak Mahindra Bank Ltd 18 29* 19 

5 ▲ 

1,315.6 

20 -3.1 ▼ 5.3 41 100.0 

OSK Holdings Bhd 19* 18* 18 

2 ▲ 

375.4 

78 21.4 ▲ 3.8 56* 100.0 

BNP Paribas SA 19* 18* 

18 

2 ▲ 2,048.0 0 12 23.7 

▲ 

28.1 

7 

38.4 

Citi 19* 22* 18 

3 ▲ 

1,539.0 16 -39.1 ▼ 27.0 8 50.8 

BMR Advisors 22* 18* 17 

1 ▲ 

50.8 163 -94.3 ▼ 2.4 76 100.0 

RHB 22* 29* 17 3 ▲ 

947.1 

29 39.2 ▲ 8.6 22* 46.2 

Malayan Banking Bhd 

22* 57* 17 

10 ▲ 

702.3 

41 157.8 ▲ 2.6 69* 100.0 

Huatai Securities 

25* 68* 15 

9 ▲ 1,231.2 

22 100.8 ▲ .3 159* 100.0 

Optima Capital Ltd 

25* 3* 15 

-34 ▼ 

647.3 50 -78.5 ▼ 13.8 14* 100.0 

JP Morgan 27 42* 14 

4 ▲ 2,781.2 6 11.6 ▲ 40.9 3 58.3 

Ample Capital Limited 

28 32* 13 0 - 487.9 

61 -6.4 ▼ 2.3 77* 100.0 

Piper Jaffray Cos 29* 68* 12 6 ▲ 

758.0 38 137.8 ▲ 6.9 29 100.0 

Wallbanck Brothers Sec (HK) 29* 38* 12 

1 ▲ 

417.6 73 81.1 ▲ 1.1 106* 100.0 

ICICI Bank Ltd 

29* 49* 12 

4 ▲ 

372.5 79 -31.5 ▼ 4.6 48 100.0 

Enam Securities 

29* 34* 12 

0 - 

459.5 66 16.2 ▲ 5.6 38 68.3 


29* 42* 12 

2 ▲ 

1,735.6 

14 60.5 ▲ 13.8 14* 44.4 

Standard Chartered PLC 

34* 34* 11 

-1 ▼ 

2,157.3 11 83.8 ▲ 13.2 16 44.9 

Religare Enterprises Ltd 

34* 92* 11 

8 ▲ 897.0 33 315.3 ▲ 3.6 59* 17.6 


34* 38* 11 

0 - 2,319.9 9 234.8 ▲ 15.8 12 39.3 


7 ▲ 

840.2 

34 1102.0 ▲ 10.7 18 100.0 

Nomura 

37* 57* 10 

3 ▲ 

1,644.7 15 241.6 ▲ 12.6 17 27.3 

CITIC 

37* 22* 10 

-5 ▼ 1,740.3 13 72.7 ▲ 4.7 46* 30.1 

Ambit Corporate Finance 37* 92* 10 

7 ▲ 

552.5 57 49.4 ▲ 4.4 50* 100.0 

Taifook Securities Group Ltd 41* 22* 9 -6 ▼ 690.0 

43 8.3 ▲ 5.4 40 100.0 

GF Securities 41* 18* 9 -7 ▼ 1,164.8 24 235.3 ▲ .5 138* 55.6 

DBS Group Holdings 

41* 22* 9 -6 ▼ 360.9 

81 -59.1 ▼ 7.7 26 53.5 

Lazard 

41* 80* 9 5 ▲ 

1,134.4 

25 162.7 ▲ 6.7 30 36.6 

Mitsubishi UFJ Financial Group 41* 115* 9 

7 ▲ 102.0 140 787.0 ▲ 3.2 63* 100.0 

Bank of America Merrill Lynch 41* 22* 9 -6 ▼ 714.8 40 -43.4 ▼ 16.8 11 38.4 


$45 

$40 

$35 

$30 

$25 

$20 

$15 

$10 

$5 

$0 

2,000 

1,800 

1,600 

1,400 

1,200 

1,000 

800 

600 

400 

200 

- 



Hochima Mid-Market M&A up to US$500m by Target Industry 

3.3% 2.3%2.1% Financials 

3.5% 

21.0% 

Materials 

3.8% 

Industrials 

5.1% 

Real Estate 


5.2% 



7.9% 


20.1% 

Healthcare 

# of Deals 


Industry Total 6,476 381 

▲ 

145,466.0 

31.6 ▲ 

1,717.0 66.2 

12.8% 

Retail 

*tie 


12.8% 






Hong Kong Involvement Mid-Market Rankings (MM12) 


Jan 1 2010 - Dec 31 2010 

Hong Kong Mid-Market M&A up to US$500m by Rank Value Range 





Rank Value 




US$m 


Somerley Ltd 

1 3 

35 

-3 ▼ 

1,994.4 

3 15.1 ▲ 14.0 6 61.4 

Guangdong Securities 2 2 

27 

-18 ▼ 

1,127.2 8 -45.9 ▼ 9.0 12 100.0 

Access Capital Ltd 

3 6 

23 

2 ▲ 

639.2 

18 -30.0 ▼ 5.6 18 100.0 

M&A International 4 7* 16 

3 ▲ 

258.3 41 7.6 ▲ 4.0 27 97.6 

CIMB Group Sdn Bhd 5* 4 

15 

-22 ▼ 

403.1 

29 -73.4 ▼ 5.2 21 96.3 

Morgan Stanley 5* 7* 15 

2 ▲ 

2,591.9 1 57.1 ▲ 27.9 1 61.5 

Ample Capital Limited 7* 10* 13 

3 ▲ 

487.9 

24 -5.6 ▼ 2.3 41 100.0 

Optima Capital Ltd 

7* 1 13 

-35 ▼ 

589.7 

21 -80.4 ▼ 13.8 7 100.0 

UBS 

Wallbanck Brothers Sec (HK) 

9* 

9* 

9 

14* 

12 

12 

1 

3 

▲ 

▲ 

1,968.8 

417.6 

4 

26 

-5.1 ▼ 

120.3 ▲ 

19.0 

1.1 

5 

51* 

65.7 

100.0 


11 26* 11 

5 ▲ 

1,718.0 

5 61.3 ▲ 9.3 11 44.5 

Taifook Securities Group Ltd 12* 10* 9 

-1 ▼ 

690.0 

14 8.3 ▲ 5.4 19* 100.0 

Rothschild 12* 38* 9 

5 ▲ 

1,327.9 

6 283.7 ▲ 20.6 4 100.0 

Piper Jaffray Cos 12* 38* 9 

5 ▲ 

579.6 

22 94.8 ▲ 3.7 28* 100.0 

Goldman Sachs & Co 12* 17* 9 1 ▲ 

2,378.9 

2 36.4 ▲ 27.8 2 87.4 

BNP Paribas SA 16* 10* 8 

-2 ▼ 

905.3 

10 8.6 ▲ 12.6 8 30.2 

Mitsubishi UFJ Financial Group 16* - 

8 

8 ▲ 

93.2 

63 

- - 2.9 36 100.0 

Veda Capital Ltd 16* 5 

8 

-16 ▼ 

154.0 

52 -69.9 ▼ 3.4 32* 100.0 

Citi 16* 46* 8 

5 ▲ 

590.7 

20 100.4 ▲ 9.4 10 100.0 

Credit Suisse 16* 38* 

8 

4 ▲ 

381.7 

31 52 5.2 

▲ 69 6.9 

15 

100.00 


3 ▲ 

414.4 

27 1.2 ▲ 1.1 51* 100.0 

Kingston Corporate Finance Ltd 21* 14* 6 

-3 ▼ 

216.7 

45 -42.7 ▼ 1.3 49* 100.0 


21* 38* 6 

2 ▲ 

562.5 23 5.2 ▲ 10.6 9 100.0 


1 ▲ 

1,293.5 7 -22.8 ▼ 23.7 3 80.3 

First Shanghai Capital Ltd 

25* 38* 5 

1 ▲ 

240.3 

42 803.4 ▲ 2.1 46 100.0 

Yu Ming Investment Management 25* 33* 5 

0 - 

457.3 

25 181.6 ▲ 5.0 22* 100.0 

Nomura 

25* 53* 5 

3 ▲ 

817.7 

12 914.5 ▲ 5.4 19* 44.6 

Asian Capital (Corp Fin) Ltd 

25* 17* 5 

-3 ▼ 633.1 

19 48.1 ▲ 2.2 42* 100.0 

Platinum Securities Co Ltd 

29* 46* 4 

1 ▲ 

211.3 

47 -24.3 ▼ .4 69* 100.0 

China Merchants Securities Co 29* 14* 4 

-5 ▼ 

296.8 

38 63.8 ▲ - 

- 

- 

Standard Chartered PLC 29* 33* 4 

-1 ▼ 1,041.9 9 19.6 ▲ 6.4 16 61.0 

INCU Corporate Finance Ltd 

29* 17* 4 

-4 ▼ 

20.1 87 -81.3 ▼ 1.5 47* 100.0 

KBC Group NV 29* 26* 4 

-2 ▼ 

356.3 

32 -35.4 ▼ - 

- 

- 

Cinda Intl Capital Ltd 

29* 22* 4 

-3 ▼ 

301.6 

37 209.7 ▲ 3.0 35 100.0 

Goldin Financial Holdings Ltd 

29* - 

4 

4 ▲ 

65.8 72 

- - .1 86* 100.0 


29* 26* 4 

-2 ▼ 

876.0 

11 62.5 ▲ 7.0 14 35.4 

Oriental Patron Asia Ltd 37* 46* 3 

0 - 

143.6 53 -58.1 ▼ 5.0 22* 100.0 

KPMG 

37* 26* 3 

-3 ▼ 

124.8 

59 -54.4 ▼ .0 95* 

- 

China Construction Bank 37* - 

3 

3 ▲ 

6.0 

99 

- - .3 73* 100.0 

Lexicon Partners 37* - 3 3 ▲ 404.6 28 - - 3.6 30* 100.0 

Partners Capital International 37* 10* 3 

-7 ▼ 

128.4 

57 126.1 ▲ .3 73* 100.0 

Grand Vinco Capital Ltd 37* 17* 3 

-5 ▼ 

266.2 40 139.8 ▲ 2.5 37* 100.0 

Hercules Capital Ltd 37* 65* 3 2 ▲ 0.0 104* - - - - - 

Bridge Partners Capital Ltd 37* 46* 3 0 - 8.3 95 -90.8 ▼ .1 86* 100.0 

Daiwa Securities Group Inc 37* - 3 3 ▲ 331.0 35 - - 4.1 26 100.0 

Anglo Chinese Corp Finance 37* 22* 3 -4 ▼ 111.3 62 -76.2 ▼ 3.4 32* 50.0 


*tie 


1,372 

-32 

▼ 

44,233.3 

16.3 ▲ 

713.5 

78.2 


$18 

$16 

$14 

$12 

$10 

$8 

500 

450 

400 

350 

300 

250 

200 

$6 

150 

$4 

100 

$2 

50 

$0 

- 



Hong Kong Mid-Market M&A up to US$500m by Target Industry 


3.1% 

Real Estate 

4.4% 

Materials 

5.1% 

35.2% 

Industrials 



7.5% 


Healthcare 

Retail 

10.0% 



14.0% 

12.3% 


# of Deals 





Australia/New Zealand Involvement Mid-Market Rankings (MM11) 


Jan 1 2010 - Dec 31 2010 

Australia/New Zealand Mid-Market M&A up to US$500m by Rank Value Range 





Rank Value 




US$m 


PricewaterhouseCoopers 1 3* 36 

2 ▲ 1,029.3 

12 163.0 ▲ 1.3 56* 100.0 

Macquarie Group 2 1 

32 

-13 ▼ 

2,905.3 

3 -25.3 ▼ 35.3 3 43.2 

Goldman Sachs & Co 3 3* 30 

-4 ▼ 

3,608.8 

1 31.2 ▲ 52.2 1 36.7 

Deloitte 4 5 26 

-3 ▼ 

171.1 

42 -35.6 ▼ 1.7 45* 100.0 

UBS 

5 7 

25 

6 ▲ 

3,557.1 

2 195.4 ▲ 42.5 2 35.1 

KPMG 6 2 

24 

-14 ▼ 824.5 18 101.6 ▲ 1.7 45* 100.0 

Ernst & Young LLP 7 8* 20 

2 ▲ 

899.5 14 274.8 ▲ 2.1 41 87.5 

Credit Suisse 8 11* 14 

3 ▲ 1,958.9 

4 186.3 ▲ 28.7 4 43.2 

Rothschild 

9 13* 13 

3 ▲ 

1,515.3 

7 256.0 ▲ 19.9 5* 50.1 

Greenhill & Co, LLC 10 11* 12 

1 ▲ 1,186.5 

11 14.6 ▲ 12.0 12 32.6 

Gresham Partners 11* 8* 11 

-7 ▼ 

919.0 

13 -34.1 ▼ 8.3 14 34.6 

Deutsche Bank AG 11* 6 

11 -12 ▼ 1,647.0 

5 -32.0 ▼ 16.9 9 42.6 


2 ▲ 

1,231.9 10 -32.0 ▼ 18.1 7 45.1 

RBC Capital Markets 14* 21* 9 4 ▲ 

1,395.4 8 1618.5 ▲ 6.7 16 100.0 

Morgan Stanley 14* 15* 9 

1 ▲ 

1,639.6 

6 62.8 ▲ 12.9 10 22.4 

Lazard 16* 20 

7 1 ▲ 

893.9 15 103.9 ▲ 5.5 19 15.0 

Azure Capital 

16* 15* 7 

-1 ▼ 403.7 

28 -59.9 ▼ 8.2 15 100.0 

First NZ Capital 

18* 34* 6 4 ▲ 

302.6 

32 156.9 ▲ 4.0 27* 100.0 

Bank of America Merrill Lynch 18* 34* 6 

4 ▲ 

839.8 

17 27.8 ▲ 17.0 8 40.9 

Clairfield Partners 20* 57* 

5 

4 

▲ 

00 0.0 

103* 

- 

- 16 1.6 49* 

100.00 

Grant Samuel 20* 10 

5 

-8 ▼ 

465.8 

23 -67.5 ▼ 5.2 20* 94.5 

Citi 

20* 15* 5 

-3 ▼ 

1,308.8 

9 13.1 ▲ 19.9 5* 42.2 

Investec 

23* 57* 4 

3 ▲ 

571.7 

20 1242.0 ▲ .2 90* 100.0 

Wilson HTM 

23* 27* 4 

1 ▲ 

218.8 

38 547.3 ▲ 3.3 31* 100.0 

Euroz Securities Ltd 23* - 

4 

4 ▲ 

84.1 

59 

- - 1.2 58* 100.0 

Nomura 23* - 

4 4 ▲ 

878.1 16 

- - 6.5 17 100.0 

Greenstone Partners 23* 24* 4 

0 - 

97.6 

53 95.2 ▲ 2.3 38* 100.0 

Miles Pty Ltd 

23* 57* 4 

3 ▲ 

45.7 

71 

- - 1.5 51* 100.0 


23* 57* 4 

3 ▲ 

77.3 

61 

- - 1.5 51* 100.0 

Fort Street Advisers 23* - 

4 4 ▲ 

414.9 26 

- - 4.1 26 47.1 

ANZ Banking Group 

31* - 

3 

3 ▲ 

415.8 25 - - 3.3 31* 26.6 

RBS 31* 13* 3 

-7 ▼ 

147.7 

46 -33.1 ▼ 3.6 29* 43.9 

EC Hambro Rabben 

31* - 

3 

3 ▲ 

13.5 

89 

- - .3 87* 100.0 

Grant Thornton LLP 31* 24* 3 

-1 ▼ 

21.4 

81 -76.0 ▼ .1 102* 100.0 

Hartleys Ltd 31* 34* 3 

1 ▲ 

185.0 

41 243.9 ▲ 2.3 38* 100.0 

Gryphon Partners 31* 19 

3 

-4 ▼ 

350.9 

29 -57.1 ▼ 4.0 27* 37.7 

Cameron Partners Ltd 31* 21* 3 

-2 ▼ 152.4 

45 1273.0 ▲ 1.9 42* 59.4 

Argonaut Ltd 31* 27* 3 

0 - 

113.5 48 2.8 ▲ 1.5 51* 100.0 

Rabobank NV 31* - 3 

3 ▲ 

488.5 

22 - - .5 79* 100.0 


*tie 


2,466 

65 

▲ 

45,071.4 40.0 ▲ 940.1 

60.6 


$25 

1,000 

900 

$20 

800 

700 

$15 

$10 

5.4% 

6.0% 

6.2% 

6.8% 

33.8% 

12.5% 

6.9% 

8.8% 

600 

500 

400 

300 

$5 

200 

100 

$0 

- 



Australian/New Zealand Mid-Market M&A up to US$500m by Target Industry 

3.2% 

Materials 

4.4% 

Real Estate 

4.4% 


# of Deals 


Industrials 

Financials 



Healthcare 


Retail 







Singapore Involvement Mid-Market Rankings (MM14) 


Jan 1 2010 - Dec 31 2010 

Singapore Mid-Market M&A up to US$500m by Rank Value Range 





Rank Value 




US$m 


CIMB Group Sdn Bhd 

1 1 

17 

0 - 

1,317.2 2 286.2 ▲ 9.9 5 60.7 

Credit Suisse 

2 5* 16 11 ▲ 

1,274.1 

3 76.4 ▲ 23.4 1 83.6 

KPMG 

3* 3* 

9 3 ▲ 

265.1 

22 -5.4 ▼ .2 46* 100.0 


3* 5* 

9 4 ▲ 

245.4 

26 826.0 ▲ 3.0 16 100.0 


5* 10* 8 

5 ▲ 

449.7 

12 2820.1 ▲ 1.8 22 100.0 

DMG & Partners Securities Pte 5* 10* 8 

5 ▲ 

264.8 

23 1.7 ▲ 4.6 11 100.0 

Kim Eng Holdings Ltd 7* 27* 7 

6 ▲ 

220.8 29 746.0 ▲ .6 36* 100.0 

Goldman Sachs & Co 7* 10* 7 4 ▲ 

1,111.2 

4 401.4 ▲ 14.8 3 41.5 

AMMB Holdings Bhd 9* 27* 6 5 ▲ 

104.0 41 -1.4 ▼ 1.3 29 100.0 

DBS Group Holdings 9* 2 

6 

-9 ▼ 

817.6 

5 -44.8 ▼ 8.1 6 54.4 



9* 

9* 

3* 

5* 

6 

6 

0 

1 

- 

▲ 

437.8 

1,434.5 

13 

1 

21.1 ▲ 

285.7 ▲ 

.2 

17.1 

46* 

2 

100.0 

57.6 

Deloitte 

9* 10* 6 

3 ▲ 513.6 

11 95.1 ▲ 1.5 25* 100.0 


14* 5* 

5 0 - 

793.4 

6 206.5 ▲ 2.6 18 47.3 

Malayan Banking Bhd 14* - 5 

5 ▲ 

66.7 46 

- - - 

- 

- 


4 ▲ 741.9 7 36995.0 ▲ 7.3 7 100.0 

Nomura 

17* - 4 

4 ▲ 

340.9 

18 - - 3.9 13* 100.0 

Collins Stewart Tullett 17* 10* 4 1 ▲ 

179.8 

34 1753.6 ▲ .1 51* 100.0 

Asian Corporate Advisors Pte 17* 27* 4 

3 ▲ 621.5 

8 

- - .3 42* 100.0 


-1 

▼ 

305.4 20 -28.5 ▼ 10.6 

4 

49.5 

Lazard 21* - 

3 

3 ▲ 

308.2 

19 

- - 1.1 31 24.4 

Mizuho Financial Group 

21* - 

3 

3 ▲ 

115.0 39 

- - 1.7 23* 100.0 

UBS 21* 10* 3 

0 - 

239.9 

27 178.6 ▲ 4.1 12 27.3 

Citi 21* 27* 3 

2 ▲ 

538.9 

9 

- - 3.9 13* 100.0 

Daiwa Securities Group Inc 21* - 3 

3 ▲ 

12.5 

56* - - .6 36* 100.0 

ANZ Banking Group 

26* 19* 2 

0 - 433.9 

14 57.5 ▲ 5.3 9 37.1 

RBS 

26* 27* 2 

1 ▲ 

44.6 

48 -47.3 ▼ .8 33 20.0 

Rothschild 

26* 27* 2 

1 ▲ 

189.8 

32 556.7 ▲ 1.5 25* 100.0 

Standard Chartered PLC 26* 10* 2 

-1 ▼ 

519.1 

10 217.1 ▲ 5.0 10 50.0 


26* 19* 2 

0 - 

283.9 

21 -32.3 ▼ 2.0 20 100.0 

Bohai Securities Co Ltd 26* - 2 2 ▲ 112.7 40 - - - - - 

Janney Montgomery Scott LLC 26* - 

2 

2 ▲ 

420.0 

15 - - 3.1 15 100.0 

SAC Capital Private Ltd 26* - 2 

2 ▲ 

219.5 

30 

- - - 

- 

- 

Westcomb Financial Group Ltd 26* 27* 2 1 ▲ 174.6 35 309.9 ▲ .9 32 100.0 

NRA Capital Pte Ltd 26* 27* 2 1 ▲ 64.1 47 1543.6 ▲ 1.2 30 100.0 

GCA Savvian Group Corp 26* 27* 2 1 ▲ 12.5 56* - - .4 40* 100.0 

Sumitomo Mitsui Finl Grp Inc 26* - 2 2 ▲ 22.3 52 - - .3 42* 100.0 

Religare Enterprises Ltd 26* - 2 2 ▲ 184.6 33 - - .6 36* 3.4 

Bank of America Merrill Lynch 26* 19* 2 0 - 368.2 16 

- - 5.7 8 46.3 

Hong Leong Financial Group Bhd 26* - 2 2 ▲ 

351.1 

17 

- - 1.7 23* 100.0 

Anglo Chinese Corp Finance 26* - 2 

2 ▲ 121.6 

38 - - 1.4 27* 100.0 


$10 

$9 

$8 

$7 

$6 

$5 

$4 

300 

250 

200 

100 

$3 

$2 

50 

$1 

$0 

- 



Singapore Mid-Market M&A up to US$500m by Target Industry 

3.9% 2.8% Real Estate 

4.1% 

19.7% 

Financials 

5.5% 


Industrials 

5.5% 


Materials 

7.8% 

Healthcare 

18.4% 


150 

# of Deals 

9.0% 

Retail 


Industry Total 944 173 ▲ 21,912.2 

92.2 ▲ 367.9 

*tie 


72.4 

10.8% 

12.0% 







Japanese Involvement Mid-Market Rankings (MM15) 


Jan 1 2010 - Dec 31 2010 

Japanese Mid-Market M&A up to US$500m by Rank Value Range 





Rank Value 




US$m 


Mizuho Financial Group 1 1 100 -32 ▼ 4,642.5 

3 -29.5 ▼ 67.0 2 50.5 

Sumitomo Mitsui Finl Grp Inc 

Nomura 

2 

3 

6* 

2 

99 

98 

66 

-12 

▲ 

▼ 

4,169.5 

7,870.3 

4 

1 

237.8 ▲ 

-21.9 ▼ 

43.2 

89.1 

4 

1 

79.4 

50.2 

Daiwa Securities Group Inc 

Deloitte 

4 

5 

3 

10 

50 

43 

-38 

18 

▼ 

▲ 

1,875.5 

1,767.2 

7 

8 

-65.2 ▼ 

96.5 ▲ 

37.5 

3.2 

5 

43* 

48.4 

91.4 

Mitsubishi UFJ Morgan Stanley 

6 - 41 

- - 

5,919.5 

2 

- - 59.4 3 

- 

Frontier Management Inc 7 8 

33 

3 ▲ 

749.2 19 352.7 ▲ 14.5 14 100.0 

KPMG 

8 6* 31 -2 ▼ 

1,591.7 

10 -0.8 ▼ 16.8 13 59.4 

Mitsubishi UFJ Financial Group 9 4 29 

-35 ▼ 

269.9 42 -91.9 ▼ 17.2 12 32.8 

GCA Savvian Group Corp 10 5 

28 

-18 ▼ 

2,621.7 5 60.3 ▲ 25.6 7* 100.0 


-7 ▼ 1,144.1 13 -57.5 ▼ 3.7 37* 88.1 

Deutsche Bank AG 12 16* 18 

6 ▲ 

1,551.8 

11 49.8 ▲ 25.6 7* 52.0 

Plutus Consulting Co Ltd 13 20* 17 

7 ▲ 

421.5 

33 928.0 ▲ 3.4 39* 100.0 

Development Bank of Japan Inc 14 32* 16 10 ▲ 299.8 37 1348.3 ▲ .2 126* 100.0 

Ernst & Young LLP 15* 13 15 

-1 ▼ 

689.9 

21 -43.3 ▼ 5.1 25* 100.0 


15* 11 15 

-8 ▼ 2,526.9 

6 162.9 ▲ 18.5 10 33.0 

Citi 17 12 13 

-9 ▼ 

1,311.5 12 -49.2 ▼ 19.0 9 34.8 

es Networks Co Ltd 

18* 25* 12 

4 ▲ 436.9 29 55.8 ▲ 4.8 27* 100.0 

ORIX M&A Solutions Corp 

18* 19 12 

1 ▲ 101.9 

61 -66.7 ▼ 4.5 29* 100.0 


20 25* 11 

3 

▲ 

1,625.7 9 99 9.9 

▲ 

31.0 

6 

39.4 


0 - 

835.4 

16 -46.2 ▼ 18.0 11 20.0 

AGS Consulting Co Ltd 22 20* 9 

-1 ▼ 

129.0 56 -76.8 ▼ 4.5 29* 100.0 

AER Corp 23* 16* 8 

-4 ▼ 

51.1 72 149.3 ▲ 2.3 55* 100.0 

TFP Consulting Group Co Ltd 23* 42* 8 

4 ▲ 

429.4 

31 1659.8 ▲ 1.1 72* 100.0 

Barclays Capital 25* 45* 7 

4 ▲ 727.0 

20 -20.6 ▼ 11.4 17 100.0 

Ichiyoshi Securities Co Ltd 25* 78* 7 6 ▲ 9.2 112 253.8 ▲ .1 146* 100.0 

ABeam M&A Consulting Ltd 25* 14 

7 

-7 ▼ 

818.9 17 21.3 ▲ 10.6 18 43.6 

Growin Partners Inc 25* 45* 7 4 ▲ 

49.8 

73 29.0 ▲ 1.1 72* 100.0 

Mirai Consulting Inc 25* 25* 7 

-1 ▼ 58.1 69 -45.3 ▼ 1.1 72* 100.0 


0 - 299.7 38 116.9 ▲ 2.4 53* 100.0 

Rothschild 30* 42* 6 

2 ▲ 

1,092.2 14 807.9 ▲ 3.8 35* 26.8 

RBC Capital Markets 30* - 

6 

6 ▲ 

771.6 18 - - 8.8 21 100.0 

Credit Suisse 30* 16* 6 -6 ▼ 

1,085.9 

15 73.9 ▲ 11.6 16 62.4 

SN Corporate Advisory 30* 36* 6 

1 ▲ 

225.7 46 1691.3 ▲ 2.8 50 100.0 

IMAP 30* 30* 6 

-1 ▼ 

51.2 

71 -57.5 ▼ 2.4 53* 100.0 

Greenhill & Co, LLC 36* 53* 5 

3 ▲ 596.2 22 480.5 ▲ 5.1 25* 63.8 


36* 53* 5 

3 ▲ 

500.2 25 71.4 ▲ 8.0 22 76.9 

Lazard 

36* 20* 5 

-5 ▼ 

349.5 35 -27.5 ▼ 12.8 15 50.6 

UBS 36* 15 

5 

-8 ▼ 

475.5 

28 -68.2 ▼ 5.5 24 15.2 

Global M&A 36* 45* 5 

2 ▲ 

16.0 103 -83.3 ▼ 4.1 33* 100.0 

Capital Strategy Consulting 36* 53* 5 

3 ▲ 

76.8 

64 241.3 ▲ .4 107* 100.0 

Sakurabashi Professional 36* - 

5 

5 ▲ 20.9 91 - - .4 107* 100.0 

Sharaku Corp Inc 36* 36* 

5 

0 - 

571.9 

24 -1.2 ▼ 4.5 29* 100.0 

ReEx Accounting Firm 44* - 

4 4 ▲ 

10.3 

108 - - .1 146* 100.0 


1 ▲ 

483.9 27 9.4 ▲ 3.7 37* 100.0 

Industry Total 2,756 -117 ▼ 

46,989.4 3.4 ▲ 

*tie 


1,182.9 

63.7 


$20 

$18 

$16 

$14 

$12 

$10 

$8 

900 

800 

700 

600 

300 

$6 

200 

$4 

$2 

100 

$0 

- 



Japanese Mid-Market M&A up to US$500m by Target Industry 

3.7% 3.2% Real Estate 

4.3% 

18.2% 

Financials 

5.1% 



5.6% 

Industrials 

Materials 

6.4% 


15.5% 


Retail 

7.7% 

Healthcare 



8.5% 

11.7% 


10.0% 

500 

400 

# of Deals 





Chinese Involvement Mid-Market Rankings (MM20) 

MM20 - Undisclosed Values & Values up to US$500m Jan 1 2010 - Dec 31 2010 Chinese Mid-Market M&A up to US$500m by Rank Value Range 


2010 2009 # of Change in Rank Value 2010 Rank Value Advisor 2010 ** Fee 

Financial Advisor Rank Rank Deals # of Deals US$m Rank Change (%) Fees Rank Exp. (%) 

China International Capital Co 1* 52* 19 16 ▲ 974.7 10 19.5 ▲ .1 87* 0.4 

Credit Suisse 1* 10* 19 7 ▲ 3,011.8 1 2022.5 ▲ 17.6 3 56.2 

Deutsche Bank AG 3 7* 16 2 ▲ 1,671.2 11 191.9 ▲ 16.1 5 50.0 

Huatai Securities 4 26* 15 9 ▲ 1,231.2 81 1236.8 ▲ .3 68* 100.0 

Somerley Ltd 5* 1 13 -17 ▼ 582.6 57 -69.5 ▼ 7.9 10 55.2 

PricewaterhouseCoopers 5* 19* 13 5 ▲ 714.7 126 17.3 ▲ .7 44* 100.0 

KPMG 7 13* 12 3 ▲ 973.3 72* 176.7 ▲ .7 44* 100.0 

Citi 8 23* 11 4 ▲ 859.5 2 38.6 ▲ 11.7 6 48.0 

BNP Paribas SA 9* 38* 10 

6 ▲ 465.0 72* 1622.2 ▲ 10.5 7 37.4 

CITIC 9* 6 10 -5 ▼ 1,740.3 83 363.7 ▲ 4.7 17 30.1 

CIMB Group Sdn Bhd 9* 3 10 -13 ▼ 658.0 18 -12.9 ▼ 1.3 36 100.0 

GF Securities 12* 13* 9 0 - 1,164.8 13 360.9 ▲ .4 59* 50.0 

Goldman Sachs & Co 12* 19* 9 1 ▲ 2,463.0 - 10516.4 ▲ 26.4 1 68.6 

China Merchants Securities Co 14* 5 8 -8 ▼ 794.3 21 - - .1 87* 100.0 

Access Capital Ltd 14* 26* 8 2 ▲ 420.9 - - - .5 54* 100.0 

Guotai Junan Securities 14* 10* 8 -4 ▼ 0.0 - - - .1 87* 25.0 

Optima Capital Ltd 14* 19* 8 0 - 267.6 5 -34.2 ▼ 3.0 25 100.0 

Anglo Chinese Corp Finance 14* 13* 8 -1 ▼ 468.3 125 313.3 ▲ 8.0 9 70.2 

Morgan Stanley 19* 2 7 -17 ▼ 847.7 - 134.8 ▲ 19.1 2 38.4 

China Securities Co Ltd 19* 26* 7 1 ▲ 461.9 9 - - .1 87* 100.00 

Qilu Securities Co Ltd 19* 91* 7 6 ▲ 725.8 138* 54.4 ▲ - - - 

Houlihan Lokey 22* 91* 6 5 ▲ 562.6 68 - - 6.7 12 100.0 

Haitong Securities 22* 9 6 -7 ▼ 530.0 8 -49.4 ▼ .5 54* 62.5 

Everbright Securities Co 22* 52* 6 3 ▲ 613.6 12 -30.8 ▼ - - - 

UBS 22* 13* 6 -3 ▼ 1,085.8 74* 158.7 ▲ 8.9 8 78.1 

Santander 22* - 6 6 ▲ 0.0 138* - - 3.6 22* 40.4 

Bank of America Merrill Lynch 22* 52* 6 3 ▲ 608.9 44* 83.8 ▲ 6.6 13 61.1 

Banco Standard De Investimento 22* - 6 6 ▲ 0.0 30* - - 3.6 22* 40.4 

Guangdong Securities 29* 4 5 -12 ▼ 247.1 70 -66.8 ▼ - - - 

Orient Securities Co Ltd 29* 13* 5 -4 ▼ 401.9 29 43.3 ▲ .7 44* 50.0 

Nomura 29* 33* 5 0 - 1,325.0 - -15.6 ▼ 7.7 11 62.6 

Liberum Capital 29* 91* 5 4 ▲ 18.3 - -96.4 ▼ .1 87* 100.0 

M&A International 29* 38* 5 1 ▲ 90.5 53 1292.3 ▲ .4 59* 80.0 

Pingan Securities Co Ltd 34* 23* 4 -3 ▼ 206.9 0 279.6 ▲ .2 74* 100.0 

Rothschild 34* 13* 4 -5 ▼ 464.0 - -0.1 ▼ 4.0 19 21.9 

Mizuho Financial Group 34* 33* 4 -1 ▼ 115.1 - -63.2 ▼ .9 38* 100.0 

China Galaxy Securities Co 34* 52* 4 1 ▲ 0.0 - - - .3 68* 100.0 

Minsheng Securities 34* 33* 4 -1 ▼ 458.1 - 2610.7 ▲ .4 59* 100.0 

Ample Capital Limited 34* 23* 4 -3 ▼ 16.2 24 - - .1 87* 100.0 

Bank of China Ltd 34* 52* 4 1 ▲ 434.2 - - - .9 38* 100.0 

Southwest Securities Co Ltd 34* 7* 4 -10 ▼ 620.0 28 - - - - - 

Industry Total 3,502 514 ▲ 89,866.5 35.2 ▲ 605.0 63.8 

*tie 



$30 

$25 

$20 

$15 

1,200 

1,000 

800 

$10 

400 

$5 

200 

$0 

- 



Chinese Mid-Market M&A up to US$500m by Target Industry 

0.6% 

3.3% 2.1% Materials 

3.6% 

21.6% 

Financials 

3.9% 

Real Estate 

5.0% 

Industrials 


5.2% 




7.7% 

16.7% 


Healthcare 

Retail 

14.8% 



15.0% 

600 

# of Deals 





Indian Involvement Mid-Market Rankings (MM21) 

MM21 - Undisclosed Values & Values up to US$500m Jan 1 2010 - Dec 31 2010 Indian Mid-Market M&A up to US$500m by Rank Value Range 


2010 2009 # of Change in Rank Value 2010 Rank Value Advisor 2010 ** Fee 

Financial Advisor Rank Rank Deals # of Deals US$m Rank Change (%) Fees Rank Exp. (%) 

Ernst & Young LLP 1 1 33 6 ▲ 1,208.7 5 297.5 ▲ 1.8 36* 85.7 

Kotak Mahindra Bank Ltd 2 3 19 5 ▲ 1,315.6 2 29.9 ▲ 5.3 13 100.0 

Deloitte 3 6* 18 8 ▲ 471.1 22 -43.9 ▼ 1.9 34* 100.0 

BMR Advisors 4 2 17 1 ▲ 50.8 58 -83.1 ▼ 2.4 30 100.0 

Enam Securities 5* 4 12 0 - 459.5 24 24.3 ▲ 5.6 12 68.3 

ICICI Bank Ltd 5* 10* 12 4 ▲ 372.5 27 209.1 ▲ 4.6 15 100.0 

Rothschild 7* 25* 11 8 ▲ 1,214.8 4 358.8 ▲ 6.0 11 63.2 

Religare Enterprises Ltd 7* 25* 11 8 ▲ 897.0 9 332.7 ▲ 3.6 22 56.3 

Ambit Corporate Finance 9 25* 10 7 ▲ 552.5 18* 246.6 ▲ 4.4 18* 100.0 

Morgan Stanley 10 20* 8 4 ▲ 552.5 18* 794.0 ▲ 9.1 5 25.4 

KPMG 11* 6* 7 -3 ▼ 793.3 13 2860.1 ▲ 1.0 49* 100.0 

UBS 11* 8* 7 -2 ▼ 1,189.0 6 - - 12.1 2 24.2 

PricewaterhouseCoopers 13* 13 6 -1 ▼ 120.6 42 - - .2 75* 100.0 

Edelweiss Capital 13* 20* 6 2 ▲ 621.0 16 -21.4 ▼ 8.8 6* 100.0 

Singhi Advisors Ltd 13* 20* 6 2 ▲ 142.3 40 -75.9 ▼ 2.5 29 17.9 

JM Financial Group 16* 10* 5 -3 ▼ 351.0 29 116900.0 ▲ 4.7 14 100.0 

Standard Chartered PLC 16* 14* 5 -1 ▼ 803.3 12 309.0 ▲ 6.7 9 41.4 

Lazard 16* 31* 5 3 ▲ 817.4 11 6336.2 ▲ 4.5 16* 28.0 

Clairfield Partners 16* 14* 5 -1 ▼ 193.8 37 1227.4 ▲ 1.0 49* 100.0 

Macquarie Group 16* 25* 5 2 ▲ 1,136.0136 7 2402.22 ▲ 32 3.2 26 52.55 

Jefferies & Co Inc 16* 36* 5 4 ▲ 1,218.4 3 703.2 ▲ 6.4 10 100.0 

Goldman Sachs & Co 16* 20* 5 1 ▲ 1,418.0 1 - - 16.7 1 74.6 

JP Morgan 16* 36* 5 4 ▲ 917.7 8 1212.9 ▲ 8.8 6* 100.0 

Houlihan Lokey 24* 31* 4 2 ▲ 277.5 33 68.4 ▲ 4.0 20 100.0 

Barclays Capital 24* 31* 4 2 ▲ 828.3 10 162.4 ▲ 8.6 8 35.8 

Challenge Consultancy Services 24* 36* 4 3 ▲ 8.9 74 641.7 ▲ .4 68* 100.0 

HSBC Holdings PLC 24* 36* 4 3 ▲ 619.2 17 -22.7 ▼ 4.4 18* 35.5 

State Bank of India 28* 18* 3 -2 ▼ 182.1 38 378.0 ▲ 2.6 28 100.0 

Grant Thornton LLP 28* 36* 3 2 ▲ 197.2 36 - - .5 65* 100.0 

VC Corporate Advisors Pvt Ltd 28* 36* 3 2 ▲ 0.1 84* - - .0 88* - 

Citi 28* 14* 3 -3 ▼ 519.8 20 - - 9.5 3 41.3 

BDO International 28* - 3 3 ▲ 0.0 86* - - 1.8 36* 100.0 

Daiwa Securities Group Inc 28* - 3 3 ▲ 129.2 41 - - 1.5 41 100.0 

Credit Suisse 28* 25* 3 0 - 343.5 30 656.6 ▲ 9.3 4 100.0 

M&A International 28* 36* 3 2 ▲ 65.1 52 - - 2.1 33 100.0 

Industry Total 1,314 11 ▲ 22,178.6 57.4 ▲ 438.6 61.7 

*tie 



$8 

$7 

$6 

$5 

$4 

450 

400 

350 

300 

$3 

150 

$2 

100 

$1 

50 

$0 

- 



Indian Mid-Market M&A up to US$500m by Target Industry 

1.0% 

3.2% 

4.1% 

Materials 

4.1% 

20.2% 

Financials 


4.8% 

Industrials 


6.9% 

Healthcare 


6.9% 

14.3% 

Real Estate 



7.9% 


Retail 

14.0% 


12.7% 

250 

200 

# of Deals 





Ranking Criteria Summary 

If you would like to participate in the submission 

process, receive quarterly press releases, or have 

questions about league table criteria please 

contact: 

Americas 

Audrey Brown 

Tel: +1 646 223 8414 

E-mail: audrey.brown@thomsonreuters.com 

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Benedikt Schueller 

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E-mail: benedikt.schueller@thomsonreuters.com 

Asia-Pacific 

Jason Pacannuayan 

Tel: +632 858 7262 

E-mail: jason.pacannuayan@thomsonreuters.com 

- Announced league tables include all deals that were announced between January 1, 2009 and December 31, 2010 and of which Thomson Reuters was made aware. All current data and 

previous year's data is as of 12:00pm EST on January 10, 2011. 

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

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

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

announcement of terms. 

- 

Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion of the 

transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the transaction 

agreed to or, in the absence of an agreement, the value of the highest offer. 

Japan - 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. 

Catherina Guinto-Roldan 

Tel: +813 5218 6591 

E-mail: catherina.guinto@thomsonreuters.com 

- 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. 

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