GLOBAL LEGAL ADVISORY MERGERS & ACQUISITIONS RANKINGS 2012

Transcription

1 GLOBAL LEGAL ADVISORY MERGERS & ACQUISITIONS INGS 212

2 Table of Contents 1. Introduction 2. Global Market Commentary 11. Global M&A Activity 12. Global Announced Deals 13. Global Announced Deals 16. Cross Border Announced Deals 17. Global Private Equity Announced Deals 47. Disclaimer Bloomberg 212 Annual Mergers & Acquisitions Legal Advisory Rankings 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-equity-swaps, joint ventures, private placements of common equity and convertible securities, and the cash injection component of recapitalizations 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 8 financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and DealSpace & DealBrief newsletters provide summary highlights of weekly M&A activity and top deal trends. 1/2/213 Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table results. Type 96 <GO> 82 <GO> to view live rankings. For data submissions or queries, please contact: Contact Phone Fax North America EMEA Asia Pacific Mariana Trindade Chong-Kul Park Devanshi Desai LATAM Fernando Simon General M&A queries may be submitted to: m-a@bloomberg.net mtrindade1@bloomberg.net cpark83@bloomberg.net dparekh1@bloomberg.net fsimon5@bloomberg.net For 24 hour global customer support call or press the HELP key twice on the BLOOMBERG PROFESSIONAL(R) service. 1

3 Regional Deal Activity Aggregate deal volume of announced global M&A transactions decreased by 7.85% from $2.23 trillion this year compared to $2.42 trillion volume in 211. The purchase of companies located in Americas accounted for over 48.87% of global deal volume in 212, followed by EMEA with roughly 28.7% and APAC with 22.27%. Deal volume in the Americas, however, showed the biggest decrease for all the regions in the last 12 months, with a 11.4% decrease, moving from $1.54 trillion in 211 to $1.37 trillion in 212. For EMEA, deal volume increased by more than 69.69% this quarter with $31.4 billion worth of deals, up from $ billion in Q Russia accounted for over 23.9% of the market share for in EMEA with the largest deal being Rosneft s $54.38 billion purchase of TNK-BP Ltd. Industry Sector Deal Activity The most targeted industries by volume in 212 were in the Oil Exploration & Production, Real Estate Operations & Development and Cellular Telecom with a combined deal volume of $ billion, up by 86.58% from a combined deal volume of $ billion in 211 for those industries. About 17.87% of oil and gas deals were takeover of Canadian firms; CNOOC s $17.43 billion buyout of Nexen Inc announced in July was the largest deal announced in this industry for Canada. Over 71.45% of the global announced private equity exits this year stemmed from North America, including KKR s $6.6 billion divestment of Alliance Boots to Walgreen Co. Heat Map: 212 YTD Volume by Region Global Review Total Volume by Industry (212 YTD) Consumer, Noncyclical 16% Energy 15% Comm. 12% Financial 18% Industrial 11% Diversified 2% Technology 4% Utilities 4% Consumer, Cyclical 1% Basic Materials 8% North America 44% Asia Pacific 22% Western Europe 21% Latin America & Carib 5% Eastern Europe 5% Middle East & Africa 3% * All 212 YTD numbers as of December 31, 212. NI SPACE <GO> MARB<GO> 2

4 Global M&A Quarterly Volume Notable Highlights Global Review Global deal activity this quarter was 34% higher compared to the same quarter last year with $719 billion in deal volume versus $537 billion. The deal volume this quarter was the highest since the third quarter of 28. This quarter all regions experienced an increase in deal volume compared to Q4 last year. The EMEA region experienced the highest increase in deal volume (7%), followed by the APAC (38%). Deal count decreased 12% in the EMEA region while rising 5% and 4% in the Americas and in APAC respectively. Americas M&A Quarterly Volume Deal Count Total Volume (USD Mln) Deal Count Total Volume (USD Mln) EMEA M&A Quarterly Volume APAC M&A Quarterly Volume Deal Count Total Volume (USD Mln) Deal Count Total Volume (USD Mln) * All Total Value figures in USD millions. * All 212 YTD numbers as of December 31, 212. NI SPACE <GO> MARB<GO> 3

5 Global Review Notable Highlights More than 97% of all M&A transactions fell into the mid-market range (below $5 million in size), while 14 deals reached the mega-deal category (over $1 billion in size) versus 2 deals in 211. Cross Border deals accounted for 5.67% of M&A volume versus 42.97% during the same period in 211. Cash continued to be the preferred method of payment, accounting for 73.43% of M&A deals announced in 212. On average, target multiples were 21% lower as compared to last year with the stockholder equity and book value multiples showing the most significant decline at 26% and 25% respectively. 212 YTD Global M&A Aggregate Statistics Public Target Multiples # Deals Min - Max Median Deal Type Summary # Deals Volume Percent Total Assets Company Takeover T Stockholder Eqty Cross Border T 5.59 Book Value Asset sale B Revenue Minority purchase B Market Cap Private Equity B Enterprise Value Additional Stake Purchase B Net Income + Deprec Venture Capital B 1.6 EBIT Majority purchase B 1. Net Income Joint Venture B.5 EBITDA Leveraged Buyout B 5.16 Cashflow from Ops Private Placement B 2.24 Income B/F XO Tender Offer B 8.76 Free Cashflow Spin-off B 1.69 Payment Type Summary # Deals Volume Percent Pr em ium s Paid # Deals Volume Percent Cash T % B Undisclosed B % B Stock B % B 21.3 Cash & Stock B % B 6.48 Cash & Debt B.58 >1% B 1.43 Cash or Stock B 2.87 Debt B.32 Current Status # Deals Volume Percent Completed T 51.5 Deal Size Breakdown # Deals Volume Percent Pending T M B 97.2 Terminated B M B M B 1.4 Current Premium # Deals Volume Percent 5.1-1,M B.12-1% T > 1,M B % B.94 NI SPACE <GO> MARB<GO> To access this search via the Bloomberg Terminal, type MA S 5 <GO> then 22 <GO> 4

6 Global Review Notable Highlights Companies in the oil exploration and production sector were the most targeted industry by volume in 212, most of which is attributed to CNOOC s takeover of Nexen Inc valued at about $17 billion and Freeport-McMoRan s December announcement to buy Plains Exploration & Production as well as McMoRan Exploration Co. The number of mega deals (above $5 billion) has decreased from 6 in 211 to 5 this year, primarily attributed to transactions in the cellular telecom industry. Japan is still the 2 nd most acquisitive country this year as takeover activity by Japanese firms reached a new record high with more than $186 billion in deal volume. 212 Global M&A Volume by Target Region 212 Top Industry Breakdown $5, 3% 5% 22% North America Latin America & Caribbean 44% Western Europe Eastern Europe Middle East & Africa Asia Pacific 21% 5% Total Volume (USD Mln) $4, $3, $2, $1, $311 $196 $131 $125 $118 Financial Consumer, Non-cyclical Energy Industrial Communications Avg. Deal Size (USD Mln) 212 Heat Maps 1, 2, 3, 4, 5, 6, Deal Count Financial $8,348 $74,67 $84,81 $166,144 Consumer, Non-cyclical $54,133 $68,349 $118,655 $8,137 $88,89 Energy $68,887 $5,33 $65,611 $153,683 Industrial $6,172 $62,43 $52,324 $63,722 Communications $39,45 $5,19 $55,47 $113,421 Consumer, Cyclical $42,462 $61,89 $59,97 $66,595 Basic Materials $93,797 $22,86 $36,174 $28,692 Utilities $23,392 $48,767 $12,695 $12,999 Technology $19,917 $22,933 $25,152 $22,16 Diversified $3,99 $25,92 $5,427 $3,549 Q1 Q2 Q3 Q4 Mega Deals (> $5Bln) $136,631 $17,862 $66,838 $29,565 Large-Cap Deals($1Bln-$5Bln) $14,346 $196,784 $189,72 $243,51 Mid-Cap Deals ($25Mln-$1Bln) $17,646 $122,396 $119,831 $146,98 Small-Cap Deals (< $25Mln) $11,979 $16,762 $96,994 $117,884 Q1 Q2 Q3 Q4 Cross Border $236,934 $271,98 $226,984 $39,789 Public Co Takeover $165,144 $138,831 $142,114 $141,677 Asset Sale $82,767 $78,161 $11,684 $162,141 Private Equity $91,655 $133,259 $96,779 $89,34 Minority Purchase $54,255 $94,216 $49,92 $84,23 Spin-off $1,92 $1,733 $1,991 $3,732 Reverse Merger $1,384 $1,832 $2,725 $34,485 Q1 Q2 Q3 Q4 NI SPACE <GO> MARB<GO> 5

7 Global Review Notable Highlights The potential risk of a recession in the UK hasn t deterred M&A activity of foreign buyers investing in UK companies. Capital Inflow into the UK increased 5.2% from 211. However, capital outflow decreased 23.6% from 211. APAC was the most acquisitive region with a slight uptick from 211, led by Japan's increased interest in cross-border M&A activity. The country's outflow volume grew 21.7% compared to Global Capital Flows 212 Americas Capital Flows Outflows Inflows Outflows Inflows Latin America $24,254 $65,554 Mexico $8,245 $27,757 AsiaPac $197,16 $73,51 Brazil $8,856 $24,181 E. Europe $6,259 $25,912 W. Europe $192,14 $26,48 EMEA $169,686 $212,5 N. America $26,215 $228,884 Americas $196,463 $263,531 % 2% 4% 6% 8% 1% 212 APAC Capital Flows Outflows Inflows India $14,886 $11,249 Singapore $21,942 $23,772 Japan $17,116 $13,94 Aus/NZ $13,115 $4,348 HK/China $7,268 $31,788 Asia (ex-japan) $16,719 $63,172 AsiaPac $197,16 $73,51 Value in USD Mln Value in USD Mln Canada $73,436 $62,668 US $192,745 $219,154 Latin America $24,254 $65,554 N. America $26,215 $228,884 Americas $196,463 $263,531 % 2% 4% 6% 8% 1% 212 EMEA Capital Flows Outflows Inflows Russia $9,985 $16,427 France $7,378 $2,329 Germany $32,183 $38,485 UK $82,95 $148,438 ME and Africa $22,34 $21,148 W. Europe $192,14 $26,48 E. Europe $6,259 $25,912 EMEA $169,686 $212,5 Value in USD Mln Value in USD Mln % 2% 4% 6% 8% 1% % 2% 4% 6% 8% 1% NI SPACE <GO> MARB<GO> 6

8 Global Review Fourth-Quarter M&A Surge Spurs Optimism After 212 Deals Decline By Aaron Kirchfeld and Serena Saitto (Dec. 27) -- Global mergers and acquisitions rose to the highest level in four years this quarter, as a surge in U.S. deals provided ground for optimism and salvaged what had been the worst year for takeovers since the financial crisis. Companies worldwide have announced $691.9 billion in purchases in the final three months of the year, the most since the third quarter of 28, according to data compiled by Bloomberg. While transactions for all of 212 shrank about 1 percent to $2.19 trillion, the same level as 21, about $86 billion of telecommunications deals, including Softbank Corp. s planned purchase of a stake in Sprint Nextel Corp., gave the end of the year a boost. Chief executive officers sitting on more than $3.5 trillion in cash held off on deals for most of 212 as Europe slid into recession, developing economies such as China cooled and $6 billion in possible spending cuts and tax increases threatened U.S. growth. The three biggest acquisitions of the year besides Glencore-Xstrata were all announced this quarter, while Intercontinental Exchange Inc. s $8.2 billion purchase of NYSE Euronext led $77 billion in transactions announced during last week alone, the data show. At the end of the third quarter, the pace of deals was set to result in the worst year since 29. Telecommunications deals have dominated the recovery this quarter, as Tokyo-based Softbank agreed to pay about $2 billion for 7 percent of Sprint and Deutsche Telekom AG s T-Mobile USA unit agreed to a $29 billion combination with MetroPCS Communications Inc. Takeovers by Asian companies in the fourth quarter rose to their highest level in more than a year, helped by Softbank s Sprint purchase. The deal was the biggest publicly announced outbound purchase by a Japanese company on record and marks the most acquisitive quarter for Japanese firms in a decade, according to data compiled by Bloomberg. A Year in Review: Key M&A Transactions Xstrata and Glencore Ann Date: 2/7/12 Total Value: $46.6 billion Sunoco Inc and Energy Transfer Ann Date: 4/3/12 Total Value: $6.78 billion Grupo Modelo and Anheuser Busch Ann Date: 6/29/12 Total Value: $17.23 billion Coventry Health Care and Aetna Ann Date: 8/2/12 Total Value: $5.59 billion Sprint Nextel and SoftBank (7%) Ann Date: 1/15/12 Total Value: $37.83 billion NYSE Euronext and Intercontinental Ann Date: 12/2/12 Total Value: $8.16 billion Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Solutia and Eastman Chemical Ann Date: 1/27/12 Total Value: $4.5 billion Viterra Inc and Glencore Ann Date: 3/2/12 Total Value: $7.49 billion Cooper Industries and Eaton Corp Ann Date: 5/21/12 Total Value: $12.84 billion Nexen Inc and CNOOC Ltd Ann Date: 7/23/12 Total Value: $17.43 billion Fraser Neave and Thai Beverage Ann Date: 9/13/12 Total Value: $9.19 billion Ralcorp Holdings and ConAgra Foods Ann Date: 11/27/12 Total Value: $6.65 billion NI SPACE <GO> MARB<GO> Bloomberg Finance L.P. All rights reserved.

9 Summary Number of Deals Volume 1.37T Average Deal Size M Average Premium 38.96% Most Acquisitive Company Acquirer New Enterprise Associates Number of Deals 86 Volume 1.76B Average Deal Size 2.41M TOP ACQUIRERS INDUSTRY Americas Notable Highlights TOP ACQUIRERS RY Global Review Announce Date Target Name Acquirer Name Total Value (mil.) 1/15/212 Sprint Nextel Corp Softbank Corp $37, /3/212 T-Mobile USA Inc MetroPCS Communications Inc $32, /22/212 TNK-BP Ltd Rosneft OAO $28,. 7/23/212 Nexen Inc CNOOC Ltd $17, /29/212 Grupo Modelo SAB de CV Anheuser-Busch InBev NV $17, /26/212 Archstone Enterprise LP Equity Residential, AvalonBay Communities $16,94. 5/21/212 Cooper Industries PLC Eaton Corp PLC $12, /23/212 Pfizer Nutrition Nestle SA $11,85. 1/2/212 Archstone Enterprise LP Lehman Brothers Holdings Inc $11, /5/212 Plains Exploration & Production Co Freeport-McMoRan Copper & Gold Inc $1,172.9 Private Equity $ U.S. $854.2 Oil Comp-Explor&Prodtn $79.58 Canada $ Investment Companies $71.3 Japan $81.31 Oil Comp-Integrated $51.49 U.K. $51.4 Cellular Telecom $41.8 China $46.84 TOP TARGETS TOP TARGETS Oil Comp-Explor&Prodtn $ U.S. $ Cellular Telecom $75.64 Canada $ Real Estate Oper/Development $49.35 U.K. $55.8 Bldg-Residential/Commer $41.5 Brazil $5.91 Oil Comp-Integrated $38.12 Russia $29.44 * All 212 YTD numbers as of December 31, 212. $- $3 $6 $9 $12 $15 Total Volume (USD Bln) $- $2 $4 $6 $8 $1, Total Volume (USD Bln) NI SPACE <GO> MARB<GO> 8

10 Summary Number of Deals 864 Volume 94.87B Average Deal Size 226.5M Average Premium 25.23% Most Acquisitive Company Acquirer Index Ventures Number of Deals 5 Volume M Average Deal Size 16.73M INDUSTRY EMEA Notable Highlights RY Global Review Announce Date Target Name Acquirer Name Total Value (mil.) 2/7/212 Xstrata PLC Glencore International PLC $46,672. 1/3/212 T-Mobile USA Inc MetroPCS Communications Inc $32, /22/212 TNK-BP Ltd Rosneft OAO $28,. 1/22/212 TNK-BP Ltd Rosneft OAO $26, /29/212 Grupo Modelo SAB de CV Anheuser-Busch InBev NV $17, /23/212 Pfizer Nutrition Nestle SA $11,85. 1/2/212 Archstone Enterprise LP Lehman Brothers Holdings Inc $11,85.6 3/29/212 International Power PLC GDF Suez $1, /5/212 Ping An Insurance Group Co of China Ltd Charoen Pokphand Group Co Ltd $9, /7/212 Consolidated Infrastructure Shareholders $8,866.9 TOP ACQUIRERS TOP ACQUIRERS Oil Comp-Integrated $71.81 U.S. $ Private Equity $66.24 U.K. $119.9 Metal-Diversified $59.74 Russia $92.78 Investment Companies $59.31 Switzerland $86.35 Cellular Telecom $45.81 Germany $58.9 TOP TARGETS TOP TARGETS Oil Comp-Integrated $65.86 U.K. $ Diversified Minerals $49.64 U.S. $ Cellular Telecom $45.58 Russia $95.42 Real Estate $35.18 Germany $59.84 Commer Banks Non-US $31.58 Netherlands $37.68 $- $2 $4 $6 $8 $- $5 $1 $15 $2 $25. * All 212 YTD numbers as of December 31, 212. Total Volume (USD Bln) Total Volume (USD Bln) NI SPACE <GO> MARB<GO> 9

11 Summary Number of Deals 9268 Volume B Average Deal Size 19.13M Average Premium 24.12% Most Acquisitive Company Acquirer Daio Paper Corp Number of Deals 49 Volume 69.16M Average Deal Size 12.43M TOP ACQUIRERS INDUSTRY APAC Notable Highlights TOP ACQUIRERS RY Global Review Announce Date Target Name Acquirer Name Total Value (mil.) 1/15/212 Sprint Nextel Corp Softbank Corp $37, /23/212 Nexen Inc CNOOC Ltd $17, /15/212 Fraser and Neave Ltd Overseas Union Ent Ltd, Orange Circle Inv Ltd $12, /5/212 Ping An Insurance Group Co of China Ltd Charoen Pokphand Group Co Ltd $9, /13/212 Fraser and Neave Ltd Thai Beverage PCL $9, /21/212 Tokyo Electric Power Co Inc Nuclear Damage Comp Facilitation Corp $8, /13/212 State Grid Energy Development Co Ltd Shenhua Group Corp Ltd $8,127. 2/24/212 EP Energy Global LLC Apollo, KNOC, Riverstone, Access, Unnamed Buyer $7,15. 5/21/212 Alibaba Group Holding Ltd Alibaba Group Holding Ltd $7,1. 2/25/212 Sterlite Industries India Ltd Sesa Goa Ltd $6,853.6 Investment Companies $83.85 Japan $ Telephone-Integrated $46.59 China $165. Diversified Operations $43.29 South Korea $51.54 Private Equity $36.85 U.S. $51.34 Real Estate Oper/Development $35.95 Singapore $44.13 TOP TARGETS TOP TARGETS Oil Comp-Explor&Prodtn $54.79 China $134. Real Estate Oper/Development $45.8 U.S. $1.94 Cellular Telecom $41.71 Japan $91.55 Diversified Operations $2.57 Australia $57.8 Bldg-Residential/Commer $17.57 Singapore $47.28 $- $2 $4 $6 $8 $1 Total Volume (USD Bln). * All 212 YTD numbers as of December 31, $- $5 $1 $15 $2 Total Volume (USD Bln) NI SPACE <GO> MARB<GO> 1

12 Global M&A Activity Regional Breakdown by Target Region/Country Regional Breakdown by Target Region/Country REGION Asia-Pacific ex-japan 18.2% Americas $1,91,45 12,931 $1,234,524 12, % Latin America North America Canada $11,68 1,18 $133,225 1, % $1,9,995 12,17 $1,12,53 11, % $126,219 1,543 $12,668 1, % Americas 49.5% United States $849,366 1,295 $991,142 1, % EMEA $637,99 6,349 $671,749 7, % EMEA 28.63% Eastern Europe Western Europe UK $114, $89, % $467,644 5,9 $54,733 5, % $183,54 1,836 $13,74 1, % Japan 4.11% Germany $59, $49, % France $32, $95, % Asia-Pacific ex-japan $44,861 6,244 $43,361 7,55.37% Australia $57, $1, % / #Deals New Zealand $4, $4, % $8, 8, China $133,996 2,348 $115,1 2, % $7, 7, Hong Kong South East Asia India $18,82 35 $3, % $97, $65,627 1, % $33, $27, % Japan $91,554 1,597 $13,95 1, % Global $2,227,21 27,291 $2,415,646 28, % $6, $5, $4, $3, $2, 6, 5, 4, 3, 2, $1, 1, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q2 11

13 Global Announced Deals Ranked by Volume Skadden Arps Slate Meagher & Flom LLP , Linklaters LLP , Freshfields Bruckhaus Deringer LLP , Weil Gotshal & Manges LLP , Sullivan & Cromwell LLP , (5.5) Wachtell Lipton Rosen & Katz , (6.6) Shearman & Sterling LLP , (.5) Latham & Watkins LLP , (3.) Simpson Thacher & Bartlett LLP , (5.6) Cravath Swaine & Moore LLP , (.5) Cleary Gottlieb Steen & Hamilton LLP , Davis Polk & Wardwell , Clifford Chance LLP , White & Case LLP , Kirkland & Ellis LLP , Morrison & Foerster LLP , Blake Cassels & Graydon LLP , Jones Day , (.5) Mori Hamada & Matsumoto , Allen & Overy LLP , (1.7) $2,227,21 27,291 $2,415,646 / #Deals $8, $7, $6, $5, $4, $3, $2, $1, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q2 8, 7, 6, 5, 4, 3, 2, 1, 12

14 Global Announced Deals Ranked by Deal Count Jones Day , (.5) DLA Piper LLP , Latham & Watkins LLP , (3.) Kirkland & Ellis LLP , Skadden Arps Slate Meagher & Flom LLP , Linklaters LLP , Allen & Overy LLP , (1.7) Baker & McKenzie LLP , Clifford Chance LLP , Freshfields Bruckhaus Deringer LLP , Weil Gotshal & Manges LLP , Nagashima Ohno & Tsunematsu , (.1) Blake Cassels & Graydon LLP , Mori Hamada & Matsumoto , Simpson Thacher & Bartlett LLP , (5.6) White & Case LLP , CMS , (.7) Hogan Lovells , (.9) Kim & Chang , Sullivan & Cromwell LLP , (5.5) $2,227,21 27,291 $2,415,646 *Tables based on deal count, then volume. Market share based on deal volume. / #Deals $8, $7, $6, $5, $4, $3, $2, $1, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q2 8, 7, 6, 5, 4, 3, 2, 1, 13

15 Global Announced Deals - Counsel to Principals Ranked by Volume Skadden Arps Slate Meagher & Flom LLP , (.2) Linklaters LLP , Freshfields Bruckhaus Deringer LLP , Wachtell Lipton Rosen & Katz , (5.) Weil Gotshal & Manges LLP , Latham & Watkins LLP , Sullivan & Cromwell LLP , (1.9) Cleary Gottlieb Steen & Hamilton LLP , Simpson Thacher & Bartlett LLP , (1.3) Blake Cassels & Graydon LLP , Davis Polk & Wardwell , Morrison & Foerster LLP , Jones Day , (.4) Allen & Overy LLP , (1.1) Kirkland & Ellis LLP , White & Case LLP , McCarthy Tetrault LLP , Mori Hamada & Matsumoto , Mattos Filho Veiga Filho Marrey Jr e Quiroga Advogado , Bennett Jones LLP , $2,227,21 27,291 $2,415,646 / #Deals $8, $7, $6, $5, $4, $3, $2, $1, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q2 8, 7, 6, 5, 4, 3, 2, 1, 14

16 Global Announced Deals - Counsel to Principals Ranked by Deal Count Jones Day , (.4) DLA Piper LLP , Kirkland & Ellis LLP , Latham & Watkins LLP , Allen & Overy LLP , (1.1) Baker & McKenzie LLP , Linklaters LLP , Skadden Arps Slate Meagher & Flom LLP , (.2) Freshfields Bruckhaus Deringer LLP , Clifford Chance LLP , Weil Gotshal & Manges LLP , Nagashima Ohno & Tsunematsu , (.1) Blake Cassels & Graydon LLP , Mori Hamada & Matsumoto , CMS , (.7) Hogan Lovells , (.9) Kim & Chang , Stikeman Elliott LLP , Mayer Brown LLP , (.8) Simpson Thacher & Bartlett LLP , (1.3) $2,227,21 27,291 $2,415,646 *Tables based on deal count, then volume. Market share based on deal volume. / #Deals $8, $7, $6, $5, $4, $3, $2, $1, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q2 8, 7, 6, 5, 4, 3, 2, 1, 15

17 Cross Border Announced Deals Ranked by Volume Skadden Arps Slate Meagher & Flom LLP , Linklaters LLP , Freshfields Bruckhaus Deringer LLP , Cleary Gottlieb Steen & Hamilton LLP , Cravath Swaine & Moore LLP , Clifford Chance LLP , Sullivan & Cromwell LLP , (2.5) Shearman & Sterling LLP , (.2) Weil Gotshal & Manges LLP , Allen & Overy LLP , (2.4) Bennett Jones LLP , White & Case LLP , Blake Cassels & Graydon LLP , (.4) McCarthy Tetrault LLP , Morrison & Foerster LLP , Latham & Watkins LLP , (1.6) Wachtell Lipton Rosen & Katz , Mattos Filho Veiga Filho Marrey Jr e Quiroga Advogado , Minter Ellison , Gibson Dunn & Crutcher LLP , $1,127,11 9,866 $1,41,888 / #Deals $4, $35, $3, $25, $2, $15, $1, $5, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q2 3,2 2,8 2,4 2, 1,6 1,

18 Global Private Equity Announced Deals Ranked by Volume Weil Gotshal & Manges LLP , Simpson Thacher & Bartlett LLP , (1.9) Skadden Arps Slate Meagher & Flom LLP , Kirkland & Ellis LLP , Latham & Watkins LLP , Davis Polk & Wardwell , Freshfields Bruckhaus Deringer LLP , (5.6) Sullivan & Cromwell LLP , Gibson Dunn & Crutcher LLP , Linklaters LLP , Jones Day , Shearman & Sterling LLP , Clifford Chance LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Debevoise & Plimpton LLP , (.6) Allen & Overy LLP , Wachtell Lipton Rosen & Katz , Fried Frank Harris Shriver & Jacobson LLP , Osler Hoskin & Harcourt LLP , Stikeman Elliott LLP , $41,236 5,954 $514,626 / #Deals $2, $16, $12, $8, $4, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q2 2, 1,6 1,

19 United States Announced Deals Any Involvement, Ranked by Volume Skadden Arps Slate Meagher & Flom LLP , (.4) Weil Gotshal & Manges LLP , Wachtell Lipton Rosen & Katz , (11.2) Simpson Thacher & Bartlett LLP , (8.2) Latham & Watkins LLP , (4.3) Kirkland & Ellis LLP , Davis Polk & Wardwell , Shearman & Sterling LLP , (.2) Sullivan & Cromwell LLP , (9.2) Cravath Swaine & Moore LLP , (2.6) White & Case LLP , Gibson Dunn & Crutcher LLP , (1.8) Jones Day , (1.1) Morrison & Foerster LLP , Cleary Gottlieb Steen & Hamilton LLP , Freshfields Bruckhaus Deringer LLP , (3.4) Paul Weiss Rifkind Wharton & Garrison LLP , Mori Hamada & Matsumoto , Fried Frank Harris Shriver & Jacobson LLP , Fulbright & Jaworski LLP , $1,119,621 12,985 $1,38,9 / #Deals $45, $4, $35, $3, $25, $2, $15, $1, $5, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q2 3,5 3, 2,5 2, 1,5 1, 5 18

20 United States Announced Deals Any Involvement, Ranked by Deal Count Jones Day , (1.1) Kirkland & Ellis LLP , Latham & Watkins LLP , (4.3) DLA Piper LLP , Skadden Arps Slate Meagher & Flom LLP , (.4) Weil Gotshal & Manges LLP , Simpson Thacher & Bartlett LLP , (8.2) Wilson Sonsini Goodrich & Rosati PC , Gibson Dunn & Crutcher LLP , (1.8) Sullivan & Cromwell LLP , (9.2) Vinson & Elkins LLP , (1.1) Baker & McKenzie LLP , (.2) Shearman & Sterling LLP , (.2) Davis Polk & Wardwell , Hogan Lovells , (.9) Fenwick & West LLP , Mayer Brown LLP , (.9) Morrison & Foerster LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Paul Hastings LLP , $1,119,621 12,985 $1,38,9 *Tables based on deal count, then volume. Market share based on deal volume. / #Deals $45, $4, $35, $3, $25, $2, $15, $1, $5, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q2 3,5 3, 2,5 2, 1,5 1, 5 19

21 US Announced Deals - Counsel to Principals Any Involvement, Ranked by Volume Skadden Arps Slate Meagher & Flom LLP , (1.5) Wachtell Lipton Rosen & Katz , (8.1) Weil Gotshal & Manges LLP , Simpson Thacher & Bartlett LLP , (1.6) Latham & Watkins LLP , Kirkland & Ellis LLP , Jones Day , (.4) Morrison & Foerster LLP , Cleary Gottlieb Steen & Hamilton LLP , Davis Polk & Wardwell , Sullivan & Cromwell LLP , (3.9) Gibson Dunn & Crutcher LLP , White & Case LLP , Freshfields Bruckhaus Deringer LLP , (3.4) Mori Hamada & Matsumoto , Fulbright & Jaworski LLP , Blake Cassels & Graydon LLP , (.8) Akin Gump Strauss Hauer & Feld LLP , Vinson & Elkins LLP , Allen & Overy LLP , $1,119,621 12,985 $1,38,9 / #Deals $45, $4, $35, $3, $25, $2, $15, $1, $5, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q2 3,5 3, 2,5 2, 1,5 1, 5 2

22 US Announced Deals - Counsel to Principals Any Involvement, Ranked by Deal Count Jones Day , (.4) Kirkland & Ellis LLP , Latham & Watkins LLP , DLA Piper LLP , Skadden Arps Slate Meagher & Flom LLP , (1.5) Weil Gotshal & Manges LLP , Wilson Sonsini Goodrich & Rosati PC , (.2) Simpson Thacher & Bartlett LLP , (1.6) Vinson & Elkins LLP , Baker & McKenzie LLP , (.3) Gibson Dunn & Crutcher LLP , Fenwick & West LLP , Hogan Lovells , (.8) Paul Hastings LLP , Mayer Brown LLP , (.9) Morgan Lewis & Bockius LLP , (3.1) Paul Weiss Rifkind Wharton & Garrison LLP , Morrison & Foerster LLP , Sullivan & Cromwell LLP , (3.9) Dechert LLP , (3.9) $1,119,621 12,985 $1,38,9 *Tables based on deal count, then volume. Market share based on deal volume. / #Deals $45, $4, $35, $3, $25, $2, $15, $1, $5, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q2 3,5 3, 2,5 2, 1,5 1, 5 21

23 Canada Announced Deals Any Involvement, Ranked by Volume Blake Cassels & Graydon LLP , (5.1) Stikeman Elliott LLP , Osler Hoskin & Harcourt LLP , Torys LLP , (.3) McCarthy Tetrault LLP , (.3) Norton Rose LLP , (.2) Burnet Duckworth & Palmer LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Sullivan & Cromwell LLP , (5.7) Morrison & Foerster LLP , Fasken Martineau DuMoulin LLP , Herbert Smith Freehills LLP , Davis Polk & Wardwell , Bennett Jones LLP , Cleary Gottlieb Steen & Hamilton LLP , Richard A Shaw Professional Corp , Davies Ward Phillips & Vineberg LLP , (3.3) Linklaters LLP , Latham & Watkins LLP , Skadden Arps Slate Meagher & Flom LLP , (5.9) $216,869 2,366 $182,794 / #Deals $1, $8, $6, $4, $2, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q

24 Canada Announced Deals Any Involvement, Ranked by Deal Count Blake Cassels & Graydon LLP , (5.1) Gowling Lafleur Henderson LLP , (1.7) Stikeman Elliott LLP , Osler Hoskin & Harcourt LLP , McCarthy Tetrault LLP , (.3) Torys LLP , (.3) Fasken Martineau DuMoulin LLP , Norton Rose LLP , (.2) Borden Ladner Gervais LLP , (2.1) Davies Ward Phillips & Vineberg LLP , (3.3) Cassels Brock & Blackwell LLP , (3.2) Goodmans LLP , (3.) Bennett Jones LLP , Skadden Arps Slate Meagher & Flom LLP , (5.9) Weil Gotshal & Manges LLP , (3.8) Fraser Milner Casgrain LLP , (.8) Heenan Blaikie LLP , (2.1) McMillan LLP , Sullivan & Cromwell LLP , (5.7) Dorsey & Whitney LLP , $216,869 2,366 $182,794 *Tables based on deal count, then volume. Market share based on deal volume. / #Deals $1, $8, $6, $4, $2, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q

25 Brazil Announced Deals Any Involvement, Ranked by Volume Mattos Filho Veiga Filho Marrey Jr e Quiroga Advogado , Pinheiro Neto Advogados , Souza Cescon Barrieu & Flesch Advogados , Skadden Arps Slate Meagher & Flom LLP , Simpson Thacher & Bartlett LLP , Shearman & Sterling LLP , Lefosse Advogados , Jones Day , Uria Menendez Abogados SLP , Sullivan & Cromwell LLP , Barbosa Mussnich & Aragao , (29.6) Tozzini Freire Teixeira E Silva , (2.2) Machado Meyer Sendacz e Opice Advogados , (15.4) Davis Polk & Wardwell , (2.) Linklaters LLP , Ulhoa Canto Rezende e Guerra Advogados , Freshfields Bruckhaus Deringer LLP , Hogan Lovells , Torys LLP , Morrison & Foerster LLP , $63, $1,736 / #Deals $7, $6, $5, $4, $3, $2, $1, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q

26 Europe Announced Deals Any Involvement, Ranked by Volume Linklaters LLP , Freshfields Bruckhaus Deringer LLP , Skadden Arps Slate Meagher & Flom LLP , Clifford Chance LLP , Cleary Gottlieb Steen & Hamilton LLP , Shearman & Sterling LLP , Cravath Swaine & Moore LLP , Weil Gotshal & Manges LLP , Sullivan & Cromwell LLP , (2.9) Allen & Overy LLP , (2.6) White & Case LLP , Bennett Jones LLP , McCarthy Tetrault LLP , Latham & Watkins LLP , (.1) Wachtell Lipton Rosen & Katz , Mattos Filho Veiga Filho Marrey Jr e Quiroga Advogado , Minter Ellison , Gibson Dunn & Crutcher LLP , Kirkland & Ellis LLP , Slaughter & May , (.6) $891,731 7,944 $874,516 / #Deals $32, $28, $24, $2, $16, $12, $8, $4, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q2 2,4 2, 1,6 1,

27 Europe Announced Deals Any Involvement, Ranked by Deal Count Linklaters LLP , Allen & Overy LLP , (2.6) Freshfields Bruckhaus Deringer LLP , Clifford Chance LLP , Jones Day , CMS , (2.) DLA Piper LLP , Baker & McKenzie LLP , Latham & Watkins LLP , (.1) Skadden Arps Slate Meagher & Flom LLP , White & Case LLP , Hogan Lovells , (2.5) Mayer Brown LLP , (.5) Ashurst LLP , (2.8) Weil Gotshal & Manges LLP , Blake Cassels & Graydon LLP , (2.4) Kirkland & Ellis LLP , Hengeler Mueller , Slaughter & May , (.6) Olswang , (.1) $891,731 7,944 $874,516 *Tables based on deal count, then volume. Market share based on deal volume. / #Deals $32, $28, $24, $2, $16, $12, $8, $4, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q2 2,4 2, 1,6 1,

28 Europe Announced Deals - Counsel to Principals Any Involvement, Ranked by Volume Linklaters LLP , Freshfields Bruckhaus Deringer LLP , Skadden Arps Slate Meagher & Flom LLP , Cleary Gottlieb Steen & Hamilton LLP , Weil Gotshal & Manges LLP , Allen & Overy LLP , (1.3) Bennett Jones LLP , White & Case LLP , McCarthy Tetrault LLP , Clifford Chance LLP , Wachtell Lipton Rosen & Katz , Mattos Filho Veiga Filho Marrey Jr e Quiroga Advogado , Minter Ellison , Sullivan & Cromwell LLP , Latham & Watkins LLP , Baker & McKenzie LLP , Gibson Dunn & Crutcher LLP , Akin Gump Strauss Hauer & Feld LLP , Slaughter & May , (.9) Blake Cassels & Graydon LLP , (2.4) $891,731 7,944 $874,516 / #Deals $32, $28, $24, $2, $16, $12, $8, $4, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q2 2,4 2, 1,6 1,

29 Europe Announced Deals - Counsel to Principals Any Involvement, Ranked by Deal Count Linklaters LLP , Allen & Overy LLP , (1.3) Freshfields Bruckhaus Deringer LLP , Clifford Chance LLP , Jones Day , CMS , (2.) DLA Piper LLP , Baker & McKenzie LLP , Latham & Watkins LLP , Skadden Arps Slate Meagher & Flom LLP , White & Case LLP , Hogan Lovells , (2.5) Mayer Brown LLP , (.5) Ashurst LLP , (1.5) Weil Gotshal & Manges LLP , Blake Cassels & Graydon LLP , (2.4) Hengeler Mueller , Kirkland & Ellis LLP , Olswang , (.1) Slaughter & May , (.9) $891,731 7,944 $874,516 *Tables based on deal count, then volume. Market share based on deal volume. / #Deals $32, $28, $24, $2, $16, $12, $8, $4, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q2 2,4 2, 1,6 1,

30 United Kingdom Announced Deals Any Involvement, Ranked by Volume Linklaters LLP , Freshfields Bruckhaus Deringer LLP , Clifford Chance LLP , McCarthy Tetrault LLP , Minter Ellison , Bennett Jones LLP , Latham & Watkins LLP , Shearman & Sterling LLP , Weil Gotshal & Manges LLP , Cleary Gottlieb Steen & Hamilton LLP , Allen & Overy LLP , (6.5) Sullivan & Cromwell LLP , (.7) Simpson Thacher & Bartlett LLP , (.5) Mattos Filho Veiga Filho Marrey Jr e Quiroga Advogado , Cravath Swaine & Moore LLP , Skadden Arps Slate Meagher & Flom LLP , (.3) Wachtell Lipton Rosen & Katz , Slaughter & May , (4.4) Kirkland & Ellis LLP , Fried Frank Harris Shriver & Jacobson LLP , $374,138 3,31 $33,889 / #Deals $14, $12, $1, $8, $6, $4, $2, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q2 1,

31 United Kingdom Announced Deals Any Involvement, Ranked by Deal Count Linklaters LLP , DLA Piper LLP , (2.2) Clifford Chance LLP , Freshfields Bruckhaus Deringer LLP , Allen & Overy LLP , (6.5) Jones Day , (1.3) Slaughter & May , (4.4) Olswang 8.5 1, CMS , (4.8) Latham & Watkins LLP , Mayer Brown LLP , (1.2) Ashurst LLP , (5.5) Weil Gotshal & Manges LLP , Baker & McKenzie LLP , (1.5) Hogan Lovells , (9.8) Kirkland & Ellis LLP , Norton Rose LLP , (.7) Eversheds LLP , Skadden Arps Slate Meagher & Flom LLP , (.3) Squire Sanders & Dempsey LLP (.2) $374,138 3,31 $33,889 *Tables based on deal count, then volume. Market share based on deal volume. / #Deals $14, $12, $1, $8, $6, $4, $2, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q2 1,

32 Germany Announced Deals Any Involvement, Ranked by Deal Count Freshfields Bruckhaus Deringer LLP , (8.2) CMS , Clifford Chance LLP , Hengeler Mueller , (1.5) Jones Day , (.2) Linklaters LLP , (8.9) Allen & Overy LLP , (18.7) Latham & Watkins LLP , (12.9) Baker & McKenzie LLP , Hogan Lovells , DLA Piper LLP , (.2) White & Case LLP , Shearman & Sterling LLP , Ashurst LLP (8.) Skadden Arps Slate Meagher & Flom LLP , (4.2) Eversheds LLP (5.1) Dechert LLP Kim & Chang Willkie Farr & Gallagher LLP , Sullivan & Cromwell LLP , (8.5) $133,463 1,235 $92,345 *Tables based on deal count, then volume. Market share based on deal volume. / #Deals $8, $7, $6, $5, $4, $3, $2, $1, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q

33 France Announced Deals Any Involvement, Ranked by Deal Count Jones Day , Clifford Chance LLP , (4.3) Allen & Overy LLP , Linklaters LLP , (19.4) Latham & Watkins LLP , Baker & McKenzie LLP , (.2) Mayer Brown LLP , (3.1) Weil Gotshal & Manges LLP , Bredin Prat , (1.1) De Pardieu Brocas Maffei (1.3) CMS (1.3) Freshfields Bruckhaus Deringer LLP , (4.1) Paul Hastings LLP (1.6) Skadden Arps Slate Meagher & Flom LLP , (3.8) Dechert LLP , DLA Piper LLP , White & Case LLP (1.8) Hogan Lovells , Kirkland & Ellis LLP , Cleary Gottlieb Steen & Hamilton LLP , $14,349 1,17 $174,843 *Tables based on deal count, then volume. Market share based on deal volume. / #Deals $8, $7, $6, $5, $4, $3, $2, $1, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q

34 Italy Announced Deals Any Involvement, Ranked by Deal Count Chiomenti Studio Legale , (8.6) Linklaters LLP , Jones Day , Portolano Cavallo Studio Legale Clifford Chance LLP , (3.2) Bonelli Erede Pappalardo , (25.1) DLA Piper LLP , Allen & Overy LLP CMS Freshfields Bruckhaus Deringer LLP , (5.1) Shearman & Sterling LLP , White & Case LLP , La Torre Morgese Cesaro Rio Skadden Arps Slate Meagher & Flom LLP , Dewey & LeBoeuf LLP (5.9) Bird & Bird Services Ltd Latham & Watkins LLP , (18.4) Paul Hastings LLP (5.7) Ashurst LLP (2.8) Uria Menendez Abogados SLP $37,5 383 $38,135 *Tables based on deal count, then volume. Market share based on deal volume. / #Deals $35, $3, $25, $2, $15, $1, $5, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q

35 Benelux Announced Deals Any Involvement, Ranked by Deal Count Allen & Overy LLP , Linklaters LLP , (5.6) Freshfields Bruckhaus Deringer LLP , Houthoff Buruma , CMS (3.5) De Brauw Blackstone Westbroek NV , DLA Piper LLP 7.9 1, (.9) Baker & McKenzie LLP , Clifford Chance LLP , Jones Day , Hogan Lovells , (4.3) Blake Cassels & Graydon LLP , NautaDutilh NV , (13.8) Skadden Arps Slate Meagher & Flom LLP , Kirkland & Ellis LLP , Shearman & Sterling LLP , (1.2) Latham & Watkins LLP , (.7) Sullivan & Cromwell LLP , Weil Gotshal & Manges LLP , White & Case LLP , $134, $117,472 *Tables based on deal count, then volume. Market share based on deal volume. / #Deals $5, $4, $3, $2, $1, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q

36 Iberia Announced Deals Any Involvement, Ranked by Deal Count Uria Menendez Abogados SLP , DLA Piper LLP Linklaters LLP , Allen & Overy LLP , Freshfields Bruckhaus Deringer LLP , (8.5) Baker & McKenzie LLP , Jones Day Clifford Chance LLP , (9.7) Cuatrecasas Goncalves Pereira (4.8) Gomez-Acebo & Pombo Abogados SLP (1.) Sullivan & Cromwell LLP , Ashurst LLP CMS (.7) Latham & Watkins LLP (5.) Hogan Lovells , Bird & Bird Services Ltd Amarchand Mangaldas & Suresh A Shroff & Co Khaitan & Co Wilson Sonsini Goodrich & Rosati PC Pinheiro Neto Advogados , $55, $8,939 *Tables based on deal count, then volume. Market share based on deal volume. / #Deals $35, $3, $25, $2, $15, $1, $5, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q

37 Nordic Announced Deals Any Involvement, Ranked by Deal Count Advokatfirmaet Schjodt AS (.1) Hannes Snellman Advokatbyra Ab/FI , Advokatfirman Vinge KB , Mannheimer Swartling Advokatbyra AB Linklaters LLP , Freshfields Bruckhaus Deringer LLP , (6.8) Clifford Chance LLP , Allen & Overy LLP , (3.2) Advokatfirmaet Thommessen AS , Roschier Attorneys Ltd , SORAINEN (.1) White & Case LLP , (11.4) Ashurst LLP , (9.9) LAWIN Baker & McKenzie LLP , Hengeler Mueller , Bird & Bird Services Ltd (1.5) Skadden Arps Slate Meagher & Flom LLP , (.4) Blake Cassels & Graydon LLP , (14.2) Jones Day , $82,349 1,48 $125,382 *Tables based on deal count, then volume. Market share based on deal volume. / #Deals $6, $5, $4, $3, $2, $1, 29 Q3 211 Q1 211 Q2 211 Q3 212 Q1 212 Q