GLOBAL M&A MARKET REVIEW LEGAL RANKINGS

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1 GLOBAL M&A MARKET REVIEW LEGAL INGS Q1

2 Q1 GLOBAL M&A LEGAL ADVISORY INGS CONTENTS 1. Introduction 2. Global M&A Heat Map 3. Global M&A Regional Review 4. Global M&A League Tables 6. Americas M&A Regional Review 7. Americas M&A League Tables 9. EMEA M&A Regional Review 10. EMEA M&A League Tables 14. APAC M&A Regional Review 15. APAC M&A League Tables 20. Disclaimer The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equityswaps, joint ventures, private placements of common equity and convertible securities, and the cash injection component of recapitalization according to Bloomberg standards. 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 our Bloomberg Brief newsletter provides 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. On the web, visit: Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone North America Nageen Qasim nqasim1@bloomberg.net EMEA Madeeha Ahmad mchaudhry13@bloomberg.net Asia Pacific Sayaka Sakashita ssakashita@bloomberg.net General M&A queries may be submitted to: m-a@bloomberg.net, malondon@bloomberg.net, maasia@bloomberg.net Bloomberg Finance L.P.All rights reserved 1

3 Global M&A Heat Map North America USD 589.3B 1. Skadden Arps Slate Meagher & Flom LLP 27.5% 2. Paul Weiss Rifkind Wharton & Garrison 19.8% 3. Cravath Swaine & Moore LLP 18.8% Western Europe USD 284.0B 1. Kirkland & Ellis LLP 13.2% 2. Freshfields Bruckhaus Deringer LLP 11.2% 3. Skadden Arps Slate Meagher & Flom LLP 10.8% Eastern Europe USD 18.2B 1. White & Case LLP 23.4% 2. Latham & Watkins LLP 18.9% 3. Skadden Arps Slate Meagher & Flom LLP 13.5% Latin America USD 43.7B 1. White & Case LLP 35.3% 2. Cleary Gottlieb Steen & Hamilton LLP 33.6% 3.Souza Cescon Barrieu & Flesch Advogados 33.3% Middle East & Africa USD 27.4B 1. Linklaters LLP 20.3% 2. Stibbe N.V. 19.7% 3. Kirkland & Ellis LLP 19.7% Asia Pacific USD 297.5B 1. Morrison & Foerster LLP 7.2% 2. Norton Rose Fulbright LLP 6.5% 3.Sullivan & Cromwell LLP 6.2% Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1Q. 2

4 Global M&A Regional Review Global M&A activity reached $937.6 billion in 1Q, representing an increase of 24.9% compared to the same period last year. Private equity transactions reached a 1Q volume of $215.7 billion, accounting for 23.1% of the global volume for the period. GIC Pte Ltd, Canada Pension Plan Investment Board, and Blackstone Group's pending acquisition of Thomson Reuters Corp's financial data unit for $17.0 billion was the largest announced private equity deal of the quarter. M&A deals targeting the technology sector increased 149.8% in volume year on year to $91.3 billion. Fujifilm Holdings Corp's pending acquisition of a majority stake in Xerox Corp for $10.32 billion was the largest deal in this sector. Global M&A: Highlights of Q1 Summary Date Target Acquirer Seller Total Value (Mln.) Industry Global M&A: Premium Breakdown Global M&A: Industry Breakdown Amount (Bln.) % of Total Number of deals 10,368 Express Scripts Holding Consumer Non-cyclical $ % 69.5% 3/8/ Cigna Corp - $68,375.7 Volume (Bln.) $937.6 Co Financial $ % 18.3% Avg Deal Size (Mln.) $90.4 Brookfield Property Technology $ % 149.6% 3/27/ GGP Inc - $27,760.8 Partners LP Consumer Cyclical $ % 1.1% Top Adviser Dr Pepper Snapple Group Keurig Green Industrial $ % 4.6% 1/29/ - $23,167.7 Skadden Arps Slate Meagher & Flom LLP Inc Mountain Inc Energy $ % -44.3% Financial data Thomson Number of deals 46 Communications $ % 32.9% 1/29/ unit/thomson Reuters Multiple Acquirers Reuters $17,000.0 Volume (Bln.) $169.3 Corp Corp Basic Materials $ % 144.3% Avg Deal Size (Bln.) $3.7 Utilities $ % 36.1% 3/5/ XL Group Ltd AXA SA - $15,200.6 Diversified $ % -69.6% 45% 3% 1% 8% 16% 27% 0-10% 10-25% 25-50% 50-75% % 100%+ % YoY Change Global M&A Review Q1 Global M&A: Quarterly Volume $1,000 6,000 $800 5,000 $600 4,000 3,000 $400 2,000 $200 1,000 $ Q Q Q Q1 Q1 Q1 Volume $(Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). Global M&A: Deal Type Breakdown Deal Type Amount (Bln.) % Change Deal Count % Change Volume Company Takeover $ % 41.7% Cross Border $ % 0.3% Private Equity $ % 12.0% Asset sale $ % 2.8% Tender Offer $ % -19.6% Venture Capital $ % 90.3% Spin-off $ % 129.1% Minority purchase $ % 41.8% Majority purchase $ % 9.6% 3

5 Global Announced Deals (By Volume) 01/01/ - 03/31/ Global Announced Deals (By Deal Count) 01/01/ - 03/31/ Skadden Arps Slate Meagher & Flom LLP , Jones Day , Paul Weiss Rifkind Wharton & Garrison LLP , Kirkland & Ellis LLP , Cravath Swaine & Moore LLP , Latham & Watkins LLP , Sullivan & Cromwell LLP , McGuireWoods LLP , Wachtell Lipton Rosen & Katz , Goodwin Procter LLP , Simpson Thacher & Bartlett LLP , Baker & McKenzie LLP , Weil Gotshal & Manges LLP , Allen & Overy LLP , Kirkland & Ellis LLP , Skadden Arps Slate Meagher & Flom LLP , Davis Polk & Wardwell LLP , Blake Cassels & Graydon LLP , Holland & Knight LLP , Davis Polk & Wardwell LLP , White & Case LLP , Sullivan & Cromwell LLP , Latham & Watkins LLP , Morgan Lewis & Bockius LLP , Torys LLP , Hogan Lovells US LLP , Debevoise & Plimpton LLP , Simpson Thacher & Bartlett LLP , Cleary Gottlieb Steen & Hamilton LLP , Weil Gotshal & Manges LLP , Clifford Chance LLP , Herbert Smith Freehills LLP , Morgan Lewis & Bockius LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Goodwin Procter LLP , AZB & Partners , Freshfields Bruckhaus Deringer LLP , Clifford Chance LLP , Slaughter and May , DLA Piper LLP , TOTAL 937,570 10, ,153 TOTAL 937,570 10, ,153 Global Announced Deals- Principals (By Volume) 01/01/ - 03/31/ Global Announced Deals- Principals (By Deal Count) 01/01/ - 03/31/ Skadden Arps Slate Meagher & Flom LLP , Jones Day , Paul Weiss Rifkind Wharton & Garrison LLP , Kirkland & Ellis LLP , Wachtell Lipton Rosen & Katz , Latham & Watkins LLP , Simpson Thacher & Bartlett LLP , McGuireWoods LLP , Weil Gotshal & Manges LLP , Goodwin Procter LLP , Holland & Knight LLP , Allen & Overy LLP , Sullivan & Cromwell LLP , Baker & McKenzie LLP , Kirkland & Ellis LLP , Skadden Arps Slate Meagher & Flom LLP , Torys LLP , Blake Cassels & Graydon LLP , Clifford Chance LLP , Morgan Lewis & Bockius LLP , Latham & Watkins LLP , Hogan Lovells US LLP , Morgan Lewis & Bockius LLP , Weil Gotshal & Manges LLP , Cravath Swaine & Moore LLP , Simpson Thacher & Bartlett LLP , Goodwin Procter LLP , AZB & Partners , Freshfields Bruckhaus Deringer LLP , Herbert Smith Freehills LLP , Cleary Gottlieb Steen & Hamilton LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Debevoise & Plimpton LLP , Clifford Chance LLP , Davis Polk & Wardwell LLP , CMS , Slaughter and May , Freshfields Bruckhaus Deringer LLP , Vinson & Elkins LLP , DLA Piper LLP , TOTAL 707,708 2, ,668 TOTAL 707,708 2, ,668 4

6 Cross Border Announced Deals (By Volume) 01/01/ - 03/31/ Global Private Equity Deals (By Volume) 01/01/ - 03/31/ Weil Gotshal & Manges LLP , Simpson Thacher & Bartlett LLP , Sullivan & Cromwell LLP , Kirkland & Ellis LLP , Simpson Thacher & Bartlett LLP , Latham & Watkins LLP , Torys LLP , Weil Gotshal & Manges LLP , Kirkland & Ellis LLP , Torys LLP , Goodwin Procter LLP , Wachtell Lipton Rosen & Katz , Latham & Watkins LLP , Osler Hoskin & Harcourt LLP , Skadden Arps Slate Meagher & Flom LLP , Norton Rose Fulbright LLP , Debevoise & Plimpton LLP , DLA Piper LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Baker & McKenzie LLP , Cravath Swaine & Moore LLP , Kromann Reumert , Freshfields Bruckhaus Deringer LLP , Clifford Chance LLP , Herbert Smith Freehills LLP , Debevoise & Plimpton LLP , Slaughter and May , Freshfields Bruckhaus Deringer LLP , Osler Hoskin & Harcourt LLP , Davis Polk & Wardwell LLP , Cleary Gottlieb Steen & Hamilton LLP , Linklaters LLP , Norton Rose Fulbright LLP , Sullivan & Cromwell LLP , Davis Polk & Wardwell LLP , Uria Menendez Abogados SLP , Willkie Farr & Gallagher LLP , White & Case LLP , Clifford Chance LLP , Vinson & Elkins LLP , TOTAL 397,368 3, ,037 TOTAL 215,725 3, ,523 5

7 Americas M&A Regional Review In 1Q, M&A activity in the Americas increased by 49.0% to $517.1 billion compared to the same period last year. The Americas continued to be the most sought after region accounting for 55.1% of the global volume. The consumer non-cyclical industry was the most targeted in the Americas during 1Q, experiencing an increase of 136.0% in volume year-over-year. The pending acquisition of Express Scripts Holding Co by Cigna Corp for $68.4 billion was the largest announced deal both in the sector and globally. Morgan Stanley and Skadden Arps Slate Meagher & Flom LLP ranked as the top Financial and Legal Adviser in 1Q for the region with a market share of 42.0% & 29.3% respectively. Americas M&A: Highlights of Q1 Country Total Value Summary Date Target Acquirer Seller (Mln.) Industry Americas M&A: Country Breakdown United States $ % 57.9% Canada $ % -46.0% Brazil $ % 18.4% Bermuda $ % % Chile $ % 326.1% British Virgin Islands $ % -54.2% Colombia $ % % Mexico $ % -72.8% Amount (Bln.) % of Total Number of deals 4,456 Consumer Non-cyclical $ % 134.8% 3/8/ Express Scripts Holding Co Cigna Corp - $68,375.7 Volume (Bln.) $517.1 Financial $ % 76.0% Avg Deal Size (Mln.) $116.0 Brookfield Property Technology $ % 175.7% 3/27/ GGP Inc - $27,760.8 Partners LP Energy $ % -51.9% Top Adviser Industrial $ % 52.1% 1/29/ Dr Pepper Snapple Group Inc Keurig Green Mountain Inc - $23,167.7 Skadden Arps Slate Meagher & Flom LLP Utilities $ % 26.1% Thomson Number of deals 38 Financial data unit/thomson Basic Materials $ % 427.3% 1/29/ Multiple Acquirers Reuters $17,000.0 Volume (Bln.) $151.7 Reuters Corp Corp Consumer Cyclical $ % -28.2% Avg Deal Size (Bln.) $4.0 Communications $ % 15.0% 3/5/ XL Group Ltd AXA SA - $15,200.6 Diversified $ % 211.2% Amount (Bln.) % of Total Americas M&A: Industry Breakdown % YoY Change % YoY Change Global M&A Review Q1 Americas M&A: Quarterly Volume $1, $ $ $ $ $ Q Q Q Q1 Q1 Q1 Volume $(Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). Deal Type Americas M&A: Deal Type Breakdown Amount (Bln.) % Change Deal Count % Change Volume Company Takeover $ % 75.3% Cross Border $ % 4.6% Private Equity $ % 7.2% Asset sale $ % -14.3% Tender Offer $ % -17.5% Venture Capital $ % 53.9% Spin-off $ % 292.9% Minority purchase $ % 104.6% Majority purchase $ % 200.7% 6

8 US Announced Deals (By Volume) 01/01/ - 03/31/ US Announced Deals (By Deal Count) 01/01/ - 03/31/ Skadden Arps Slate Meagher & Flom LLP , Kirkland & Ellis LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Jones Day , Wachtell Lipton Rosen & Katz , Latham & Watkins LLP , Cravath Swaine & Moore LLP , McGuireWoods LLP , Sullivan & Cromwell LLP , Goodwin Procter LLP , Simpson Thacher & Bartlett LLP , Morgan Lewis & Bockius LLP , Weil Gotshal & Manges LLP , Simpson Thacher & Bartlett LLP , Holland & Knight LLP , Skadden Arps Slate Meagher & Flom LLP , Davis Polk & Wardwell LLP , Davis Polk & Wardwell LLP , Latham & Watkins LLP , Weil Gotshal & Manges LLP , Kirkland & Ellis LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Torys LLP , Sullivan & Cromwell LLP , White & Case LLP , DLA Piper LLP , Morgan Lewis & Bockius LLP , Cooley LLP , Debevoise & Plimpton LLP , Hogan Lovells US LLP , Goodwin Procter LLP , Sidley Austin LLP , Clifford Chance LLP , Fenwick & West LLP , Vinson & Elkins LLP , Gibson Dunn & Crutcher LLP , Osler Hoskin & Harcourt LLP , Vinson & Elkins LLP , Mayer Brown LLP , Greenberg Traurig LLP , TOTAL 552,465 4, ,666 TOTAL 552,465 4, ,666 US Announced Deals- Principals (By Volume) 01/01/ - 03/31/ US Announced Deals- Principals (By Deal Count) 01/01/ - 03/31/ Skadden Arps Slate Meagher & Flom LLP , Kirkland & Ellis LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Jones Day , Wachtell Lipton Rosen & Katz , Latham & Watkins LLP , Weil Gotshal & Manges LLP , McGuireWoods LLP , Simpson Thacher & Bartlett LLP , Goodwin Procter LLP , Holland & Knight LLP , Morgan Lewis & Bockius LLP , Sullivan & Cromwell LLP , Skadden Arps Slate Meagher & Flom LLP , Torys LLP , Weil Gotshal & Manges LLP , Morgan Lewis & Bockius LLP , Simpson Thacher & Bartlett LLP , Kirkland & Ellis LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Latham & Watkins LLP , DLA Piper LLP , Goodwin Procter LLP , Davis Polk & Wardwell LLP , Clifford Chance LLP , Hogan Lovells US LLP , Vinson & Elkins LLP , Cooley LLP , Davis Polk & Wardwell LLP , Sidley Austin LLP , Mayer Brown LLP , Fenwick & West LLP , Osler Hoskin & Harcourt LLP , Sullivan & Cromwell LLP , Wilson Sonsini Goodrich & Rosati PC , Vinson & Elkins LLP , Cravath Swaine & Moore LLP , Gibson Dunn & Crutcher LLP , Norton Rose Fulbright LLP , Greenberg Traurig LLP , TOTAL 461,612 1, ,259 TOTAL 461,612 1, ,259 7

9 Canada Announced Deals (By Volume) 01/01/ - 03/31/ Canada Announced Deals (By Deal Count) 01/01/ - 03/31/ Torys LLP , Blake Cassels & Graydon LLP , Osler Hoskin & Harcourt LLP , Miller Thomson LLP Weil Gotshal & Manges LLP , Stikeman Elliott LLP , Norton Rose Fulbright LLP , Osler Hoskin & Harcourt LLP , Simpson Thacher & Bartlett LLP , Torys LLP , Wachtell Lipton Rosen & Katz , Gowling WLG Canada LLP Sullivan & Cromwell LLP , Norton Rose Fulbright LLP , Blake Cassels & Graydon LLP , Davies Ward Phillips & Vineberg LLP , Vinson & Elkins LLP , McCarthy Tetrault LLP Herbert Smith Freehills LLP , Orrick Herrington & Sutcliffe LLP Goodmans LLP , Cassels Brock & Blackwell LLP Burnet Duckworth & Palmer LLP , Fasken Martineau DuMoulin LLP Stikeman Elliott LLP , Sullivan & Cromwell LLP , Davies Ward Phillips & Vineberg LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Latham & Watkins LLP , Latham & Watkins LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Skadden Arps Slate Meagher & Flom LLP Baker & McKenzie LLP , Jones Day Debevoise & Plimpton LLP , Dorsey & Whitney LLP Fenwick & West LLP Morgan Lewis & Bockius LLP Morrison & Foerster LLP Weil Gotshal & Manges LLP , TOTAL 61, ,872 TOTAL 61, ,872 Brazil Announced Deals (By Volume) 01/01/ - 03/31/ Brazil Announced Deals (By Deal Count) 01/01/ - 03/31/ Souza Cescon Barrieu & Flesch Advogados , Mattos Filho Veiga Filho Marrey Jr e Quiroga , Mattos Filho Veiga Filho Marrey Jr e Quiroga , Pinheiro Neto Advogados Tozzini Freire Teixeira E Silva , Souza Cescon Barrieu & Flesch Advogados , White & Case LLP , Barbosa Mussnich & Aragao Cleary Gottlieb Steen & Hamilton LLP , Veirano Advogados Simpson Thacher & Bartlett LLP Machado Meyer Sendacz e Opice Advogados Covington & Burling LLP Tozzini Freire Teixeira E Silva , Akin Gump Strauss Hauer & Feld LLP Lefosse Advogados Pinheiro Neto Advogados Simpson Thacher & Bartlett LLP Dechert LLP Demarest Advogados Veirano Advogados Stocche Forbes Padis Filizzola e Clapis King & Spalding LLP White & Case LLP , Machado Meyer Sendacz e Opice Advogados Cleary Gottlieb Steen & Hamilton LLP , Demarest Advogados Covington & Burling LLP Goodwin Procter LLP Akin Gump Strauss Hauer & Feld LLP K&L Gates LLP Dechert LLP Campbells King & Spalding LLP McGuireWoods LLP Goodwin Procter LLP Barbosa Mussnich & Aragao K&L Gates LLP Lefosse Advogados Campbells TOTAL 17, ,986 TOTAL 17, ,986 8

10 EMEA M&A Regional Review M&A deals involving EMEA-based targets reached a voume of $223.0 billion in 1Q, representing a decrease from the same period last year. Deal activity targeting the communications sector increased 516.5% year-on-year to $31.8 billion. The sector s growth is mainly attributed to the pending private equity buyout of TDC A/S for $10.0 billion. This is the largest deal targeting the sector globally. The divestiture of Novartis AG's consumer health business to GlaxoSmithKline Plc for $13.0 billion was the largest deal targeting the region globallly. Country Total Summary Date Target Acquirer Seller Value Industry United Kingdom $ % 0.6% Germany $ % 100.8% Switzerland $ % -35.5% Netherlands $ % 249.1% Spain $ % 57.6% France $ % -54.2% Italy $ % -74.0% Finland $ % -50.8% Amount (Bln.) % of Total Number of deals 2,625 Consumer healthcare Financial $ % -20.7% 3/27/ GlaxoSmithKline PLC Novartis AG $13,000.0 Volume (Bln.) $223.0 business/novartis AG Consumer Non-cyclical $ % -14.2% Avg Deal Size (Mln.) $84.9 Specialty chemicals Communications $ % 516.5% 3/27/ Multiple Acquirers Akzo Nobel NV $12,538.1 business/akzo Nobel NV Consumer Cyclical $ % -18.4% Kirkland & Ellis LLP Number of deals Volume (Bln.) Top Adviser EMEA M&A Highlights of Q1 1/17/ GKN PLC Melrose Industries PLC - % YoY Change Basic Materials $ % 278.9% Industrial $ % -39.4% 15 Energy $ % -47.5% 2/12/ TDC A/S Multiple Acquirers - $10,049.3 $37.5 Utilities $ % 86.8% Avg Deal Size (Bln.) $2.5 1/30/ UBM PLC Informa PLC - $6,024.0 Technology $ % 153.6% Diversified $ % -58.3% $11,541.4 EMEA M&A: Country Breakdown Amount (Bln.) % of Total EMEA M&A: Industry Breakdown % YoY Change Global M&A Review Q1 EMEA M&A: Quarterly Volume $ $ $ $ $ $ Q Q Q Q1 Q1 Q1 Volume $(Bln.) Deal Count Quarterly Volume represents any involvement (target, seller, or acquirer). Deal Type EMEA M&A: Deal Type Breakdown Amount (Bln.) % Change Deal Count % Change Volume Company Takeover $ % 5.4% Cross Border $ % -0.7% Private Equity $ % 25.7% Asset sale $ % 22.0% Tender Offer $ % -20.8% Venture Capital $ % 79.6% Spin-off $ % 97.4% Minority purchase $ % 0.0% Majority purchase $ % -45.2% 9

11 Europe Announced Deals (By Volume) 01/01/ - 03/31/ Europe Announced Deals (By Deal Count) 01/01/ - 03/31/ Kirkland & Ellis LLP , Jones Day , Freshfields Bruckhaus Deringer LLP , Allen & Overy LLP , Skadden Arps Slate Meagher & Flom LLP , CMS , Debevoise & Plimpton LLP , Clifford Chance LLP , Slaughter and May , Baker & McKenzie LLP , Latham & Watkins LLP , Freshfields Bruckhaus Deringer LLP , Cravath Swaine & Moore LLP , Hogan Lovells US LLP , Weil Gotshal & Manges LLP , Latham & Watkins LLP , Linklaters LLP , Ellex Clifford Chance LLP , Linklaters LLP , Cleary Gottlieb Steen & Hamilton LLP , White & Case LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Orrick Herrington & Sutcliffe LLP , Willkie Farr & Gallagher LLP , Dentons Herbert Smith Freehills LLP , Kirkland & Ellis LLP , Shearman & Sterling LLP , Goodwin Procter LLP , Kromann Reumert , Cuatrecasas Goncalves Pereira SLP , Simpson Thacher & Bartlett LLP , Houthoff Buruma AZB & Partners , Noerr LLP , Baker & McKenzie LLP , Shearman & Sterling LLP , CMS , Loyens & Loeff NV TOTAL 291,187 3, ,435 TOTAL 291,187 3, ,435 Europe Announced Deals- Principals (By Volume) 01/01/ - 03/31/ Europe Announced Deals- Principals (By Deal Count) 01/01/ - 03/31/ Freshfields Bruckhaus Deringer LLP , Jones Day , Skadden Arps Slate Meagher & Flom LLP , Allen & Overy LLP , Kirkland & Ellis LLP , CMS , Slaughter and May , Clifford Chance LLP , Cravath Swaine & Moore LLP , Freshfields Bruckhaus Deringer LLP , Linklaters LLP , Baker & McKenzie LLP , Clifford Chance LLP , Hogan Lovells US LLP , Latham & Watkins LLP , Ellex Weil Gotshal & Manges LLP , Linklaters LLP , Debevoise & Plimpton LLP , Latham & Watkins LLP , Paul Weiss Rifkind Wharton & Garrison LLP , White & Case LLP , Shearman & Sterling LLP , Orrick Herrington & Sutcliffe LLP , Kromann Reumert , Dentons Simpson Thacher & Bartlett LLP , Goodwin Procter LLP , AZB & Partners , Kirkland & Ellis LLP , CMS , Cuatrecasas Goncalves Pereira SLP , Jones Day , Houthoff Buruma Davis Polk & Wardwell LLP , Noerr LLP , Allen & Overy LLP , Shearman & Sterling LLP , Goodwin Procter LLP , Loyens & Loeff NV TOTAL 230, ,929 TOTAL 230, ,929 10

12 UK Announced Deals (By Volume) 01/01/ - 03/31/ UK Announced Deals (By Deal Count) 01/01/ - 03/31/ Slaughter and May , CMS , Freshfields Bruckhaus Deringer LLP , Allen & Overy LLP , Clifford Chance LLP , Freshfields Bruckhaus Deringer LLP , Herbert Smith Freehills LLP , Jones Day Skadden Arps Slate Meagher & Flom LLP , Squire Patton Boggs US LLP Kirkland & Ellis LLP , Baker & McKenzie LLP Simpson Thacher & Bartlett LLP , Slaughter and May , AZB & Partners , Kirkland & Ellis LLP , Weil Gotshal & Manges LLP , Clifford Chance LLP , Latham & Watkins LLP , Latham & Watkins LLP , Linklaters LLP , Herbert Smith Freehills LLP , Allen & Overy LLP , Ashurst LLP , Ashurst LLP , Hogan Lovells US LLP , Cravath Swaine & Moore LLP , Orrick Herrington & Sutcliffe LLP Uria Menendez Abogados SLP , Dentons Hogan Lovells US LLP , White & Case LLP Ogier , Weil Gotshal & Manges LLP , Mourant Ozzannes , Morgan Lewis & Bockius LLP Macfarlanes LLP , Linklaters LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Macfarlanes LLP , TOTAL 113,454 1, ,371 TOTAL 113,454 1, ,371 Germany Announced Deals (By Deal Count) 01/01/ - 03/31/ France Announced Deals (By Deal Count) 01/01/ - 03/31/ Noerr LLP , Jones Day Freshfields Bruckhaus Deringer LLP , Bredin Prat , CMS Clifford Chance LLP Allen & Overy LLP , Baker & McKenzie LLP Jones Day , Weil Gotshal & Manges LLP , Clifford Chance LLP Goodwin Procter LLP , Hengeler Mueller Allen & Overy LLP , Hogan Lovells US LLP Hogan Lovells US LLP Dentons Willkie Farr & Gallagher LLP , Luther Rechtsanwaltsgesellschaft mbh Linklaters LLP , Shearman & Sterling LLP Shearman & Sterling LLP , White & Case LLP CMS , Fenwick & West LLP , Orrick Herrington & Sutcliffe LLP , Morrison & Foerster LLP , Debevoise & Plimpton LLP , Baker & McKenzie LLP Paul Weiss Rifkind Wharton & Garrison LLP , Orrick Herrington & Sutcliffe LLP Latham & Watkins LLP , P+P Pollath + Partners Rechtsanwalte Und Dechert LLP Milbank Tweed Hadley & McCloy LLP Morgan Lewis & Bockius LLP Willkie Farr & Gallagher LLP , Arsene Taxand GSK Stockmann + Kollegen LPA-CGR Avocats TOTAL 31, ,172 TOTAL 59, ,479 11

13 Italy Announced Deals (By Deal Count) 01/01/ - 03/31/ Benelux Announced Deals (By Deal Count) 01/01/ - 03/31/ NCTM Studio Legale Associato Houthoff Buruma Chiomenti Studio Legale Allen & Overy LLP Legance Avvocati Associati Loyens & Loeff NV Latham & Watkins LLP , Stibbe BV Clifford Chance LLP Freshfields Bruckhaus Deringer LLP , Shearman & Sterling LLP , Clifford Chance LLP , Gattai Minoli Agostinelli & Partners De Brauw Blackstone Westbroek NV Jones Day Jones Day Baker & McKenzie LLP Willkie Farr & Gallagher LLP Bredin Prat , Goodwin Procter LLP , Cuatrecasas Goncalves Pereira SLP NautaDutilh NV , Hogan Lovells US LLP Baker & McKenzie LLP McDermott Will & Emery LLP Inc Shearman & Sterling LLP , Orrick Herrington & Sutcliffe LLP Linklaters LLP , Dentons Latham & Watkins LLP , White & Case LLP Kirkland & Ellis LLP , Bonelli Erede Pappalardo , White & Case LLP , Slaughter and May , Dechert LLP Cravath Swaine & Moore LLP , Hogan Lovells US LLP Sullivan & Cromwell LLP , CMS TOTAL 13, ,512 TOTAL 48, ,330 Iberia Announced Deals (By Deal Count) 01/01/ - 03/31/ Nordic Announced Deals (By Deal Count) 01/01/ - 03/31/ Cuatrecasas Goncalves Pereira SLP , Advokatfirman Vinge KB , Perez-Llorca , White & Case LLP , Uria Menendez Abogados SLP , Hannes Snellman Advokatbyra Ab/FI Rousaud Costas Duran Slp Thommessen Krefting Greve Lund Clifford Chance LLP , Baker & McKenzie LLP , Garrigues Abogados Linklaters LLP , Baker & McKenzie LLP Ellex Linklaters LLP , Latham & Watkins LLP , Allen & Overy LLP , Allen & Overy LLP Dechert LLP Sullivan & Cromwell LLP , Dentons Houthoff Buruma Hogan Lovells US LLP Ashurst LLP Jones Day Skadden Arps Slate Meagher & Flom LLP Skadden Arps Slate Meagher & Flom LLP Kromann Reumert , Mattos Filho Veiga Filho Marrey Jr e Quiroga , Shearman & Sterling LLP , Davis Polk & Wardwell LLP , Davis Polk & Wardwell LLP Kirkland & Ellis LLP , Advokatfirman Cederquist AB White & Case LLP Plesner Svane Gronborg PriceWaterhouseCoopers Legal Jones Day DLA Piper LLP Cravath Swaine & Moore LLP TOTAL 18, ,101 TOTAL 33, ,102 12

14 Eastern Europe Announced Deals (By Deal Count) 01/01/ - 03/31/ Ellex Dentons COBALT Baker & McKenzie LLP White & Case LLP , Hogan Lovells US LLP SORAINEN Linklaters LLP Houthoff Buruma Sullivan & Cromwell LLP Hannes Snellman Advokatbyra Ab/FI Clifford Chance LLP CMS Noerr LLP Latham & Watkins LLP , Skadden Arps Slate Meagher & Flom LLP , Freshfields Bruckhaus Deringer LLP , Fangda Partners Weil Gotshal & Manges LLP Balcioglu Selcuk Akman Keki Avukatlik Ort TOTAL 18, ,299 13

15 APAC M&A Regional Review M&A activity targeting the APAC region in 1Q experienced a 9.8% increase to $196.1 billion compared to the same period last year. Deals exceeding $1.0 billion in value increased by 12.5% to 27 deals. The value of deals targeting Chinese companies or assets in China accounted for 46.3% of the total deal volume. The financial and consumer cyclical sectors were the most targeted industries, accounting for 45.2% of the region's overall volume. The largest deal of the quarter in the region was the merger of Fujifilm Holdings Corp's subsidiary Fuji Xerox Co with Xerox Corp of the United States for $6.1 billion. Deals with private equity involvement increased 4.0% year-on-year to $36.1 billion. The largest private equity deal was the $2.5 billion financing for Jingdong Express Group Corp from investors including Hillhouse Capital and Tencent Holdings. Summary Date Target Acquirer Seller Number of deals 3,276 Volume (Bln.) $196.1 Avg Deal Size (Mln.) $59.8 Top Adviser King & Wood Mallesons Number of deals 18 Volume (Bln.) $12.9 Avg Deal Size (Bln.) $0.7 APAC M&A: Highlights of Q1 1/29/ 3/2/ Snowy Hydro Ltd 1/22/ Dalian Wanda Commercial Management Group Beijing New Energy Automobile Co Commonwealth of Australia Chengdu Qian Feng Electronics Co Ltd State of New South Wales Australia,State of Victoria Australia Total Value 1/31/ Fuji Xerox Co Ltd Fuji Xerox Co Ltd FUJIFILM Holdings Corp $6,135.7 Multiple Acquirers - $5,364.0 $4, $4, /31/ Joy City Property Ltd COFCO Property Group Co Ltd COFCO Corp $4,454.8 $600 $400 $200 APAC M&A: Quarterly Volume $0 0 Volume $(Bln.) Deal Count Australia/NZ M&A: Quarterly Volume Greater China M&A: Quarterly Volume $ $ $ $0 0 Volume $(Bln.) Deal Count $300 $ $ Global M&A Review Q1 APAC Industry Breakdown 6% 5% 3% 0% 27% 7% 11% 16% 12% 13% APAC M&A: Breakdown Financial Consumer Cyclical Consumer Non-cyclical Industrial Technology Communications Energy Basic Materials Utilities Diversified Deal Type Amount (Bln.) % Change Deal Count % YoY Change Company Takeover $ % 0.2% Cross Border $ % -8.2% Private Equity $ % 3.3% Asset sale $ % 22.1% Tender Offer $ % -20.6% Venture Capital $ % 160.2% Spin-off $ % -79.1% Minority purchase $ % 31.9% Majority purchase $ % -4.2% $0 $80 $60 $40 $20 $0 Volume $(Bln.) Deal Count Japan M&A: Quarterly Volume Volume $(Bln.) Deal Count Graphs represent any regional involvement (target, seller, or acquirer)

16 APAC Ex Japan Announced Deals (By Volume) 01/01/ - 03/31/ APAC Ex Japan Announced Deals (By Deal Count) 01/01/ - 03/31/ Norton Rose Fulbright LLP , AZB & Partners , Kirkland & Ellis LLP , Herbert Smith Freehills LLP , Simpson Thacher & Bartlett LLP , Jones Day , Weil Gotshal & Manges LLP , Khaitan & Co , Osler Hoskin & Harcourt LLP , Kim & Chang , Wachtell Lipton Rosen & Katz , King & Wood Mallesons , Torys LLP , Shin & Kim , Latham & Watkins LLP , J Sagar Associates King & Wood Mallesons , Allens , Baker & McKenzie LLP , Cyril Amarchand Mangaldas , DLA Piper LLP , Baker & McKenzie LLP , Kromann Reumert , Shardul Amarchand Mangaldas & Co , AZB & Partners , Fangda Partners , Herbert Smith Freehills LLP , Latham & Watkins LLP , Linklaters LLP , Gilbert + Tobin , JunHe LLP , Minter Ellison Allens , Goodwin Procter LLP , Shin & Kim , Yulchon LLC CMS , Trilegal Shardul Amarchand Mangaldas & Co , Freshfields Bruckhaus Deringer LLP , TOTAL 253,253 3, ,051 TOTAL 253,253 3, ,051 APAC Private Equity Announced Deals (By Volume) 01/01/ - 03/31/ Kirkland & Ellis LLP , Weil Gotshal & Manges LLP , Simpson Thacher & Bartlett LLP , Wachtell Lipton Rosen & Katz , Torys LLP , Osler Hoskin & Harcourt LLP , Norton Rose Fulbright LLP , Latham & Watkins LLP , Baker & McKenzie LLP , DLA Piper LLP , Kromann Reumert , Stibbe BV , Linklaters LLP , CMS , Fangda Partners , Freshfields Bruckhaus Deringer LLP , Morrison & Foerster LLP , Jones Day , Orrick Herrington & Sutcliffe LLP , Paul Hastings LLP , TOTAL 103, ,554 15

17 AU & NZ Announced Deals (By Volume) 01/01/ - 03/31/ AU & NZ Announced Deals (By Deal Count) 01/01/ - 03/31/ Baker & McKenzie LLP , Herbert Smith Freehills LLP , DLA Piper LLP , Allens , Kromann Reumert , King & Wood Mallesons , King & Wood Mallesons , Gilbert + Tobin , Herbert Smith Freehills LLP , Minter Ellison Allens , Ashurst LLP , Clifford Chance LLP , Baker & McKenzie LLP , Ashurst LLP , Corrs Chambers Westgarth Norton Rose Fulbright LLP , Jones Day Gilbert + Tobin , Norton Rose Fulbright LLP , Clayton Utz , Blake Cassels & Graydon LLP , Watson Mangioni , Bell Gully Davis Polk & Wardwell LLP , HWL Ebsworth Lawyers Blake Cassels & Graydon LLP , Goodwin Procter LLP Latham & Watkins LLP , DLA Piper LLP , Linklaters LLP Clifford Chance LLP , Morrison & Foerster LLP Clayton Utz , Cravath Swaine & Moore LLP Linklaters LLP Pacific Equity Partners Pty Ltd Kirkland & Ellis LLP Corrs Chambers Westgarth Allen & Overy LLP TOTAL 36, ,399 TOTAL 36, ,399 Japan Announced Deals (By Volume) 01/01/ - 03/31/ Japan Announced Deals (By Deal Count) 01/01/ - 03/31/ Morrison & Foerster LLP , Nagashima Ohno & Tsunematsu , Davis Polk & Wardwell LLP , Nishimura & Asahi , Paul Weiss Rifkind Wharton & Garrison LLP , Anderson Mori & Tomotsune , Sullivan & Cromwell LLP , Mori Hamada & Matsumoto , Freshfields Bruckhaus Deringer LLP , Jones Day , Nishimura & Asahi , Morrison & Foerster LLP , Mori Hamada & Matsumoto , Freshfields Bruckhaus Deringer LLP , Nagashima Ohno & Tsunematsu , Herbert Smith Freehills LLP Anderson Mori & Tomotsune , Hibiya-Nakata Skadden Arps Slate Meagher & Flom LLP , Davis Polk & Wardwell LLP , Haiwen & Partners , Sullivan & Cromwell LLP , JunHe LLP , DLA Piper LLP Jones Day , TMI Associates Clifford Chance LLP , McGuireWoods LLP Willkie Farr & Gallagher LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Herbert Smith Freehills LLP Skadden Arps Slate Meagher & Flom LLP , Fenwick & West LLP Haiwen & Partners , Carey Olsen LLP JunHe LLP , Hibiya-Nakata Clifford Chance LLP , Norton Rose Fulbright LLP Carey Olsen LLP TOTAL 54, ,159 TOTAL 54, ,159 16

18 South Korea Announced Deals (By Volume) 01/01/ - 03/31/ South Korea Announced Deals (By Deal Count) 01/01/ - 03/31/ Shin & Kim , Kim & Chang , Kim & Chang , Shin & Kim , Lee & Ko , Yulchon LLC Bae Kim & Lee , Lee & Ko , Latham & Watkins LLP , Bae Kim & Lee , Yulchon LLC JIPYONG Baker & McKenzie LLP Yoon & Yang LLC Dechert LLP Kim Choi & Lim Shearman & Sterling LLP Latham & Watkins LLP , Yoon & Yang LLC Baker & McKenzie LLP JIPYONG Dechert LLP Freshfields Bruckhaus Deringer LLP Shearman & Sterling LLP Kim Choi & Lim Freshfields Bruckhaus Deringer LLP Fangda Partners Fangda Partners TMI Associates TMI Associates Allen & Overy LLP Allen & Overy LLP Herbert Smith Freehills LLP Herbert Smith Freehills LLP Ashurst LLP Ashurst LLP Hibiya-Nakata Hibiya-Nakata Shibata Suzuki & Nakada Shibata Suzuki & Nakada TOTAL 21, ,730 TOTAL 21, ,730 China Announced Deals (By Volume) 01/01/ - 03/31/ China Announced Deals (By Deal Count) 01/01/ - 03/31/ JunHe LLP , Fangda Partners , King & Wood Mallesons , King & Wood Mallesons , Fangda Partners , Grandall Law Firm Grandfield Law Offices , Latham & Watkins LLP , Haiwen & Partners , JunHe LLP , Paul Hastings LLP , Haiwen & Partners , Orrick Herrington & Sutcliffe LLP , Paul Hastings LLP , Cleary Gottlieb Steen & Hamilton LLP , Jia Yuan Law Firm , Jia Yuan Law Firm , Allbright Law Offices , Latham & Watkins LLP , Sidley Austin LLP Freshfields Bruckhaus Deringer LLP , Grandfield Law Offices , Allbright Law Offices , Orrick Herrington & Sutcliffe LLP , Zhong Lun Law Firm , Freshfields Bruckhaus Deringer LLP , Herbert Smith Freehills LLP , Herbert Smith Freehills LLP , Linklaters LLP , Linklaters LLP , Uria Menendez Abogados SLP , Baker & McKenzie LLP WongPartnership LLP , Paul Weiss Rifkind Wharton & Garrison LLP Anjie Law Firm Shardul Amarchand Mangaldas & Co Sidley Austin LLP Gibson Dunn & Crutcher LLP White & Case LLP AZB & Partners TOTAL 107,674 1, ,334 TOTAL 107,674 1, ,334 17