Texas M&A Roundup Q1-Q3 2012 Summary Overview Texas M&A activity (by target) 100 Total Value 140 Total Volume M&A activity in Texas in Q1-Q3 2012 accounted for 279 deals worth US$ 93.3bn, which represented a 5.3% increase in deal value from Q1-Q3 2011 (265 deals valued at US$ 84.1bn). Q3 2012, which saw 91 deals worth US$ 35.5bn, had a slight decrease in value (4.8%) compared to Q2 2012, with its 108 deals worth US$ 37.3bn. In Q1-Q3 2012, JPMorgan topped the financial advisor league tables by deal value, with 16 deals valued at US$ 53.0bn, while Barclays topped the financial advisor league tables by deal count, with 24 deals valued at US$ 36.0bn The top legal advisor by deal value was Bracewell & Giuliani, with 22 deals valued at US$ 45.8bn. Vinson & Elkins topped the legal advisor league tables by deal count, with 50 deals valued at US$ 32.0bn 90 120 80 JPMorgan Credit Suisse Barclays Goldman Sachs Citigroup Morgan Stanley Jefferies & Company Tudor, Pickering, Holt & Co Bank of America Merrill Lynch RBC Capital Markets Deutsche Bank 11 -52.6% 27 13 Wells Fargo Securities 10,412 9 952% 20 48 14 15 Nomura Holdings Greenhill & Co 7,626 6,374 2 2 309% 2025% Legal Advisor League Tables by Value Q1-Q3 2012 20 89 12 13 56 120 14 15 45,769 32,437 31,975 26,569 21,383 13,388 13,357 12,811 11,370 10,297 9,484 22 26 50 30 9 8 23 9 7 11 7 898% -25.9% 17.6% -7.7% -61.3% 14.5% 95.3% 38721% 113% 33.3% -14.9% 8,555 8,250 8 11 13.9% 1957% 7,814 7,404 7 5 354% 5595% Industry Analysis by Value Q1-Q3 2012 Energy, Mining & Utilities 72.6% Q1-Q3 2011 4 1 7 Rank Q1-Q3 2012 1 2 3 8 9 5 4 5 6 13 3 11 2 12 6 19 16 21 7 8 9 10 11 12 13 14 15 Deal Value ($m) count 36,028 24 24,540 21 45,436 18 House Barclays Goldman Sachs Credit Suisse JPMorgan RBC Capital Markets Jefferies & Company Simmons & Company International Morgan Stanley Tudor, Pickering, Holt & Co Bank of America Merrill Lynch Evercore Partners Citigroup Wells Fargo Securities Houlihan Lokey BMO Capital Markets Count change 11 (7) 6 52,999 12,181 13,625 16 16 12 4 4 (1) 1,809 14,244 13,438 12,352 10,976 16,418 10,412 1,840 5,401 12 11 11 11 11 10 9 9 8 2 (3) 0 (8) 1 (2) 5 1 4 Q1-Q3 2011 Rank Q1-Q3 2012 Deal Value ($m) count House Count change 1 1 Vinson & Elkins 31,975 50 10 7 3 2 8 13 11 10 5 4 2 3 4 5 6 7 8 9 10 Baker Botts Fulbright and Jaworski Latham & Watkins Kirkland & Ellis Bracewell & Giuliani Haynes and Boone Jones Day DLA Piper Andrews Kurth 26,569 7,020 32,437 13,357 45,769 501 2,740 4,571 5,684 30 29 26 23 22 20 18 16 14 13 (2) (5) 6 8 5 3 (7) (11) 9 25 6 11 12 13 Akin Gump Strauss Hauer & Feld Weil Gotshal & Manges Gardere Wynne Sewell 2,826 10,297 8,250 12 11 11 (4) 2 (7) 21 14 Thompson & Knight 4,821 11 1 40 15 Baker & McKenzie 1,157 11 6 Deal Value Breakdown Q1-Q3 2012 Deal Size ($m) 5 - 500m 501m - 1,000m 1,001m - 5,000m 5,000m and over Total Leisure 0.5% TMT 11.3% 0 Legal Advisor League Tables by Deal Count Q1-Q3 2012 Deal % Value Value ($m) count change Bracewell & Giuliani Latham & Watkins Vinson & Elkins Baker Botts Wachtell, Lipton, Rosen & Katz Alston & Bird Kirkland & Ellis White & Case Debevoise & Plimpton Weil Gotshal & Manges Locke Lord Skadden Arps Slate Meagher & Flom Gardere Wynne Sewell Paul Weiss Rifkind Wharton & Garrison Willkie Farr & Gallagher Number of Deals Value of Deals ($bn) 10,976 1 2 3 4 5 6 7 8 9 10 11 40 Financial Advisor League Tables by Deal Count Q1-Q3 2012 Evercore Partners 31 7 10 9 4 13 21 155 26 19 14 30 0 12 House 60 40 20 5 Rank Q1-Q3 Q1-Q3 2011 2012 80 50 10 Deal % Value Value ($m) count change 52,999 16 278% 45,436 18 147% 36,028 24 24.0% 24,540 21 -58.7% 16,418 10 -30.1% 14,244 11 -59.7% 13,625 12 79.4% 13,438 11 202% 12,352 11 -17.9% 12,181 16 202% 11,404 7 -18.9% House 60 20 Financial Advisor League Tables by Value Q1-Q3 2012 Rank Q1-Q3 Q1-Q3 2011 2012 10 1 6 2 3 3 1 4 4 5 2 6 12 7 15 8 8 9 16 10 9 11 100 70 Transportation 0.8% Pharma, Medical & Biotech 0.4% Construction 0.3% Real Estate Change Deal Value ($m) Deal count % Value count 14,656 248 -1.6% 7 11,240 14 39.9% 2 26,620 13 20.2% 5 40,739 4 4.5% 0 93,255 279 10.9% 14 1.5% Industrials & Chemicals 7.6% Financial Services 2.7% Business Services 1.6% Consumer 0.7% www.mergermarket.com 1 Texas M&A Roundup Q1-Q3 2012 Top Announced Deals Q1-Q3 2012 Ann. Date 4-Apr-12 Bidder company Conocophillips Company (shareholders) Deal Value ($m) 20,790 Target Company Phillips 66 Seller Company Buy-side Advisory ConocoPhillips Company Sell-side Advisory FA: Credit Suisse; JPMorgan LA: Bracewell & Giuliani 24-Feb-12 Apollo Global Management; Riverstone Holdings; Access Industries; and Korea National Oil Corporation EP Energy Corporation El Paso Corporation FA: Citigroup; Deutsche Bank; JPMorgan; RBC Capital Markets; Tudor, Pickering, Holt & Co LA: Debevoise & Plimpton; Kim & Chang; Paul Weiss Rifkind Wharton & Garrison; Vinson & Elkins; Willkie Farr & Gallagher FA: Barclays; Evercore Partners LA: Baker Botts; Bracewell & Giuliani; Locke Lord; Weil Gotshal & Manges 7,150 18-Jul-12 BC Partners Limited; and Canada Pension Plan Investment Board Suddenlink Communications GS Capital Partners; Oaktree Capital Group LLC; and Quadrangle Group LLC FA: Credit Suisse LA: Latham & Watkins; Torys; Wachtell, Lipton, Rosen & Katz FA: Goldman Sachs LA: Paul Hastings; Seyfarth Shaw; Fried Frank Harris Shriver & Jacobson 6,579 6-Aug-12 Kinder Morgan Energy Partners LP Kinder Morgan Inc FA: Greenhill & Co LA: Baker Botts FA: Barclays LA: Bracewell & Giuliani 6,220 22-Jul-12 NRG Energy Inc El Paso Natural Gas Company (50% Stake); and Tennessee Gas Pipeline Company LLC GenOn Energy 29-Aug-12 Daikin Industries Ltd Goodman Global Inc Hellman & Friedman LLC FA: Bank of America Merrill Lynch; GCA Savvian Group; Mizuho Financial Group; Morgan Stanley; Nomura Holdings LA: Blake, Cassels & Graydon; Davis Polk & Wardwell; Mori Hamada & Matsumoto FA: Barclays; JPMorgan LA: Simpson Thacher & Bartlett 3,700 12-Sep-12 Royal Dutch Shell Plc; Chevron Corporation; and EnerVest Ltd Chesapeake Energy Corp (Permian Basin assets) Chesapeake Energy Corporation LA: Bracewell & Giuliani; Porter Hedges FA: Goldman Sachs; Jefferies & Company LA: Wachtell, Lipton, Rosen & Katz 3,300 19-Mar-12 Williams Partners LP Caiman Eastern Midstream LLC Caiman Energy LLC FA: Jefferies & Company; UBS Investment Bank LA: Gibson Dunn & Crutcher FA: Barclays; Citigroup LA: Vinson & Elkins 2,500 16-Feb-12 Icahn Enterprises LP CVR Energy Inc (66.35% Stake) LA: Alston & Bird FA: Deutsche Bank; Goldman Sachs LA: Sullivan & Cromwell (Advising FA); Wachtell, Lipton, Rosen & Katz 2,203 15-May-12 Blackstone Group LP Cheniere Energy Partners LP (undisclosed economic interest) LA: Latham & Watkins FA: Credit Suisse LA: Baker Botts 1,500 FA: Credit Suisse; Morgan Stanley FA: JPMorgan LA: Kirkland & Ellis; White & Case LA: Latham & Watkins (Advising (Advising FA) FA); Skadden Arps Slate Meagher & Flom 4,166 Notes All data is based on announced transactions over US$ 5m. Deals with undisclosed deal values are included where the target's turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$ 100m. Activities excluded include property transactions and restructurings where the ultimate shareholders' interests are not changed. M&A Trend: Based on the dominant geography of the target company being Texas. Excludes lapsed and withdrawn bids; League Tables: Based on the dominant geography of the target, bidder or seller company being Texas. The financial advisor tables exclude lapsed and withdrawn bids and the legal advisor tables include lapsed and withdrawn bids. Previous period changes refer to the time period Q1-Q3 2011; Industry Analysis: Based on the dominant geography of the target company being Texas. Industry sectors represent the primary industry sector of the target company only. Excludes lapsed and withdrawn bids; Deal Value Breakdown: Excludes lapsed and withdrawn bids. Previous period changes refer to the time period Q1-Q3 2011. $5m to $500m range includes undisclosed deals; Top Announced Deals: Based on the dominant geography of the target company being Texas. Includes lapsed and withdrawn bids. FA refers to Financial Advisor, LA refers to Legal Advisor, and DP refers to Debt Provider Criteria: http://www.mergermarket.com/pdf/deal_criteria.pdf All data correct as of 17 October 2012 Contacts: PR: Dara Silverstein Dara.Silverstein@mergermarket.com Tel: +1 646 378 3118 Deal Submissions: Richard Myers Richard.Myers@mergermarket.com Tel: +1 212 500 1393 www.mergermarket.com 2