GLOBAL LEGAL ADVISORY MERGERS & ACQUISITIONS RANKINGS H1 2013

Transcription

1 GLOBAL LEGAL ADVISORY MERGERS & ACQUISITIONS INGS H1 2013

2 Table of Contents 1. Introduction 2. Global Market Commentary 3. Notable Highlights I 4. Notable Highlights II 5. Americas Notable Highlights 6. EMEA Notable Highlights 7. APAC Notable Highlights 8. Global M&A Activity 9. Global Announced Deals I 10. Global Announced Deals II 11. Global Announced Deals Counsel to Principals I 12. Global Announced Deals Counsel to Principals II 13. Cross Border Announced Deals 14. Global Private Equity Announced Deals 15. United States Announced Deals I 16. United States Announced Deals II 17. US Announced Deals Counsel to Principals I 18. US Announced Deals Counsel to Principals II 19. Canada Announced Deals I 20. Canada Announced Deals II 21. Brazil Announced Deals 22. Europe Announced Deals I 23. Europe Announced Deals II 24. Europe Announced Deals - Counsel to Principals I 25. Europe Announced Deals - Counsel to Principals II 26. United Kingdom Announced Deals I 27. United Kingdom Announced Deals II 28. Germany Announced Deals 29. France Announced Deals 30. Italy Announced Deals 31. Benelux Announced Deals 32. Iberia Announced Deals 33. Nordic Announced Deals 34. Eastern Europe Announced Deals 35. Asia Pacific Ex-Japan Announced Deals I 36. Asia Pacific Ex-Japan Announced Deals II 37. Australia & New Zealand Announced Deals 38. Japan Announced Deals 39. China Announced Deals 40. Hong Kong Announced Deals 41. South Korea Announced Deals 42. India Announced Deals 43. South East Asia Announced Deals Bloomberg st Half 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 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and DealSpace & DealBrief newsletters provide summary highlights of weekly M&A activity and top deal trends. Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table results. Type MA <GO> 96 <GO> 42 <GO> to view live rankings. For data submissions or queries, please contact: Contact Phone Fax North America Mariana Trindade mtrindade1@bloomberg.net EMEA Inesa Smigola ismigola@bloomberg.net Asia Pacific Devanshi Desai dparekh10@bloomberg.net LATAM Fernando Simon fsimon5@bloomberg.net General M&A queries may be submitted to: m-a@bloomberg.net For 24 hour global customer support call or press the HELP key twice on the BLOOMBERG PROFESSIONAL(R) service. 07/02/2013 1

3 Regional Deal Activity Firms in the US contributed 44% of the total volume, exceeding the aggregate volume from non-us firms by nearly a third. This was attributable in part to the $16 billion mega-acquisition of Life Technologies Corp by Thermo Fischer Scientific, the largest deal of the quarter. China was the second most active region in terms of deal-making with 275 deals collectively worth $47.72 billion. The late-quarter joint venture announced by PetroChina Co Ltd for Taikang Asset Management Co Ltd was the region's largest deal worth nearly $10 billion. UK firms spent close to $40 billion on 463 acquisitions, a 17% increase year-over-year in total value. In Asia, Japanese firms announced 468 worth $22.13 billion, representing a 49% drop from the same period last year. Industry Sector Deal Activity Consumer Non-Cyclical was for the second quarter in a row the most targeted industry both in terms of deal value and deal count, with 1,245 deals totalling nearly $120 billion and constituting 24% of overall volume. This tops the highest deal volume in the first quarter $96 billion in the Financial sector by 15%. Biomendical companies were the most popular targets. The average deal premium across industries for the quarter was 26%, with buyers paying the most in the Diversified and Consumer Cyclical sectors (63% and 37% respectively). In the Utilities industry, Berkshire Hathaway completed the third largest deal of the quarter with the purchase of NV Energy Inc. on May 29th. What would have been the largest, the $38 billion bid for Sprint Nextel by DISH Network Corp, was terminated on June 16th. Top buyers were once again private equity (PE) and venture capital (VC) firms, even though strategic buyers out-bought financial buyers. Kleiner Perkins Caufield was the busiest firm, with 18 deals totalling $363 million. The total number of PE deals fell by 20% compared to the same period last year, with average premiums falling from 26% to 15%. In the Investment Banking industry, announced deals declined approximately 25% in the second quarter, despite CEO confidence and cash levels above the 4% long-term average (Bloomberg Industries). Global Review Total Volume by Industry: 2013 Financial 22% Consumer Non-cyclical 24% Communications 9% Industrial 10% Diversified 0% Technology 4% Utilities 6% Basic Materials 4% Consumer, Cyclical 10% Energy 11% Heat Map: 2013 Volume by Region North America (39%) 39% Asia Pacific (24%) 24% Western Europe (19%) 19% Latin America & Caribbean (11%) 11% Eastern Europe (4%) 4% Middle East & Africa (4%) 4% * All 2013 numbers as of June 30, MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB <GO> 2

4 Global M&A Quarterly Volume Notable Highlights Global Review Global M&A volume increased by 3% to $489 billion from last quarter but decreased by 10% from the same period last year. The trend in deal count is similarly negative, falling from 6,727 deals in the second quarter of 2012 to 5,956 in June. Deal making activity was highest in North America & Latin America, where 3,389 deals made up 56% of the total global volume. M&A deal activity in Asia Pacific also fell by 14% following a four-year low in the first quarter. In the EMEA region, deal volume fell to $186.4 billion, down 5% compared to the first quarter. Americas M&A Quarterly Volume 9000 Volume Deal Count Volume Deal Count Deal Count Total Volume (USD Mln) Deal Count e Total Volume (USD Mln) EMEA M&A Quarterly Volume Volume Deal Count APAC M&A Quarterly Volume Volume Deal Count Deal Count Total Volume (USD Mln) Deal Count Total Volume (USD Mln) *All Total Value figures in USD millions. * All 2013 numbers as of June 30, 2013 MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB <GO> 3

5 Global Review Notable Highlights The majority of deal making occurred in the mid-market range (below $500 million), with only four mega-deals (over $10 billion) being brokered. Cash continued to be the preferred payment method, used in 79% of transactions. Only 4% of buyers used a hybrid of cash & stock payment, representing a drop of over 60% compared to the same period last year. Announced premiums fell this quarter, with only 3% of deals producing a premium of between 50-75% compared to about 4% in the second quarter of last year Global M&A Aggregate Statistics Public Target Multiples # Deals Min - Max Median Deal Type Summary # Deals Volume Percent Total Assets Company Takeover B Revenue Cross Border B Stockholder Eqty Asset sale B Book Value Minority purchase B 9.26 Market Cap Private Equity B Enterprise Value Additional Stake Purchase B 9.46 Net Income + Deprec Venture Capital B 2.08 EBIT Majority purchase B 6.87 Net Income Joint Venture B 2.13 Cashflow from Ops Private Placement B 1.44 EBITDA Tender Offer B Income B/F XO Leveraged Buyout B 6.09 Free Cashflow Spin-off B 0.9 Payment Type Summary # Deals Volume Percent Premiums Paid # Deals Volume Percent Cash B % B Stock B % B Cash & Stock B % B Cash & Debt B % B 3.27 Cash or Stock M 0.1 >100% M 0.17 Debt M 0.1 Undisclosed B 3.7 Current Status # Deals Volume Percent Pending B Deal Size Breakdown # Deals Volume Percent Completed B M B 97.0 Terminated B M B M B 1.2 Current Premium # Deals Volume Percent ,000M B % B > 10,000M B % B 1.38 MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB <GO> 4

6 Summary Number of Deals 3389 Volume B Average Deal Size M Average Premium 26.65% Most Acquisitive Company Acquirer Kleiner Perkins Caufield Number of Deals 18 Volume M Average Deal Size 20.17M TOP ACQUIRERS INDUSTRY Americas Notable Highlights TOP ACQUIRERS COUNTRY Global Review Announce Date Target Name Acquirer Name Total Value (mil.) 15/04/2013 Life Technologies Corp Thermo Fisher Scientific Inc $15, /05/2013 NV Energy Inc Berkshire Hathaw ay Inc $10, /04/2013 RPI portfolio asset Credit Suisse Group,Lone Star Funds $8, /05/2013 Bausch & Lomb Inc Valeant Pharmaceuticals Int $8, /05/2013 Warner Chilcott PLC Actavis Inc $7, /05/2013 Smithfield Foods Inc Shuanghui International $6, /05/2013 BMC Softw are Inc Bain Capital,GIC,Golden Gate,Insight Venture $6, /06/2013 Canada Safew ay Ltd Empire Co Ltd $5, /05/2013 Portfolio of US Residential MBS Goldman Sachs,Unnamed Buyer $5, /06/2013 Vanguard Health Systems Inc Tenet Healthcare Corp $4,126.8 Private Equity $28.20 U.S. $ Investment Companies $23.08 Canada $26.50 Instruments-Scientific $15.91 Brazil $13.75 Diversified Financial Services $14.69 U.K. $12.18 Medical-Drugs $13.67 China $11.75 TOP TARGETS TOP TARGETS Medical-Biomedical/Gene $17.83 U.S. $ Real Estate Oper/Development $12.50 Canada $14.45 Electric-Integrated $10.45 Brazil $13.49 Food-Meat Products $9.78 Belgium $8.85 Oil Comp-Explor&Prodtn $9.67 U.K. $7.31 $- $5 $10 $15 $20 $25 $30 $- $50 $100 $150 $200 $250. * All 2013 numbers as of June 30, 2013 Total Volume (USD Bln) Total Volume (USD Bln) MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB <GO> 5

7 Summary Number of Deals 2008 Volume B Average Deal Size M Average Premium 31.51% Most Acquisitive Company Acquirer Index Ventures Number of Deals 11 Volume M Average Deal Size 30.04M TOP ACQUIRERS INDUSTRY EMEA Notable Highlights TOP ACQUIRERS COUNTRY Global Review Announce Date Target Name Acquirer Name Total Value (mil.) 24/06/2013 Kabel Deutschland Holding AG Vodafone Group PLC $13, /04/2013 DE Master Blenders 1753 NV Joh A Benckiser SE $10, /04/2013 RPI portfolio asset Credit Suisse,Lone Star Funds $8, /06/2013 Eurobank Ergasias SA Hellenic Financial Stability Fund $7, /06/2013 Dubai Aluminium Co Ltd Emirates Aluminium Co Ltd $7, /04/2013 Hindustan Unilever Ltd Unilever NV $5, /04/2013 Port Kembla,Port Botany AustralianS.,Cbus,Hesta,Host,Ind,Taw reed $5, /05/2013 Portfolio of US Residential MBS Goldman Sachs,Unnamed Buyer $5, /06/2013 Springer Science+Business BC Partners Holdings Ltd $4, /04/2013 Siam Makro PCL CP ALL PCL $4,082.8 Private Equity $23.29 U.K. $39.89 Investment Companies $20.73 U.S. $34.35 Diversified Operations $17.07 Switzerland $16.14 Diversified Financial Services $14.80 U.A.E. $13.89 Cellular Telecom $13.53 Austria $11.64 TOP TARGETS TOP TARGETS Cable/Satellite TV $13.48 Germany $26.02 Coffee $10.08 U.S. $20.40 Investment Companies $9.55 Netherlands $18.01 Commer Banks Non-US $9.32 U.K. $16.80 Metal Processors&Fabrica $7.50 France $11.31 $- $5 $10 $15 $20 $25 $- $10 $20 $30 $40 $50. * All 2013 numbers as of June 30, 2013 Total Volume (USD Bln) Total Volume (USD Bln) MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB <GO> 6

8 Summary Number of Deals 1867 Volume B Average Deal Size M Average Premium 21.32% Most Acquisitive Company Acquirer Mits ui & Co Ltd Number of Deals 9 Volume 1.52B Average Deal Size M TOP ACQUIRERS INDUSTRY APAC Notable Highlights TOP ACQUIRERS COUNTRY Global Review Announce Date Target Name Acquirer Name Total Value (mil.) 14/06/2013 Taikang Asset Mgmt Co Ltd PetroChina Co Ltd $9, /05/2013 SM Land Inc SM Prime Holdings Inc $7, /05/2013 China Resources Gas Group Ltd China Resources Pow er Hldgs Co Ltd $7, /05/2013 Smithfield Foods Inc Shuanghui International Hldgs Ltd $6, /04/2013 Hindustan Unilever Ltd Unilever NV $5, /04/2013 Port Kembla,Port Botany AustralianS.,Cbus,Hesta,Host,Ind,Taw reed $5, /06/2013 Springer Sci+Bus Media GmbH BC Partners Holdings Ltd $4, /04/2013 Siam Makro PCL CP ALL PCL $4, /06/2013 Thermal pw r syst business Mitsubishi Heavy Industries Ltd $3, /04/2013 Transport et Infs Gaz Fr SA Electricite de France,Gov of Sing Inv.,Snam $3, Investment Companies $24.29 China $47.72 Invest Mgmnt/Advis Serv $16.09 Japan $21.08 Diversified Operations $15.43 Australia $13.24 Real Estate Mgmnt/Services $14.56 Hong Kong $9.66 Oil Comp-Integrated $13.51 Philippines $9.34 TOP TARGETS TOP TARGETS Real Estate Oper/Development $12.88 China $39.12 Pipelines $10.21 Australia $16.98 Real Estate Mgmnt/Services $9.98 Japan $14.83 Gas-Distribution $7.07 U.S. $13.56 Food-Meat Products $6.99 Phillipines $9.38 $- $5 $10 $15 $20 $25 $30 $- $10 $20 $30 $40 $50 $60. * All 2013 numbers as of June 30, 2013 Total Volume (USD Bln) Total Volume (USD Bln) MA <GO> LEAG <GO> NI DEALSPACE <GO> MARB <GO> 7

9 Global M&A Activity Regional Breakdown by Target Region/Country Regional Breakdown by Target Region/Country 1/1/13-6/30/ VOLUME DEAL VOLUME USD (Mln) COUNT USD (Mln) DEAL COUNT VOLUME Asia-Pacific ex-japan 17.74% Americas $469,744 5,829 $466,202 6, % Latin America North America Canada United States $37, $438,674 5,511 $36, $65, $420,628 5,858 $59, % 4.29% % Americas 48.60% $395,183 4,688 $340,872 4, % EMEA $295,799 3,229 $315,705 3, % EMEA 30.60% Eastern Europe Western Europe UK $37, $226,111 2,368 $58, $36, $250,837 2,686 $115, % -9.86% % Japan 3.06% Germany $38, $25, % France $15, $16, % Asia-Pacific ex-japan $171,447 2,587 $191,768 2, % Australia $24, $27, % New Zealand $1, $ % China $65, $72,221 1, % Hong Kong $8, $7, % South East Asia $32, $32, % India $12, $22, % Japan $29, $46, % Global $969,698 12,539 $1,023,490 13, % 8

10 Global Announced Deals Ranked by Volume 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Davis Polk & Wardwell , Wachtell Lipton Rosen & Katz , Latham & Watkins LLP , Simpson Thacher & Bartlett LLP , Skadden Arps Slate Meagher & Flom LLP , (5.9) Sullivan & Cromwell LLP , Blake Cassels & Graydon LLP , Stikeman Elliott LLP , Weil Gotshal & Manges LLP , (0.2) Allen & Overy LLP , Linklaters LLP , (5.0) Willkie Farr & Gallagher LLP , Fried Frank Harris Shriver & Jacobson LLP , Kirkland & Ellis LLP , (0.2) White & Case LLP , O'Melveny & Myers LLP , Cravath Swaine & Moore LLP , Freshfields Bruckhaus Deringer LLP , (7.2) Jones Day LP , (0.5) Clifford Chance LLP , (4.6) TOTAL $969,698 12,539 $1,023,490 9

11 Global Announced Deals Ranked by Deal Count 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Jones Day LP , (0.5) Kirkland & Ellis LLP , (0.2) DLA Piper LLP , (1.9) Allen & Overy LLP , Baker & McKenzie LLP , (2.3) Linklaters LLP , (5.0) Latham & Watkins LLP , Freshfields Bruckhaus Deringer LLP , (7.2) Skadden Arps Slate Meagher & Flom LLP , (5.9) Clifford Chance LLP , (4.6) White & Case LLP , Hogan Lovells , Nagashima Ohno & Tsunematsu , (2.1) CMS , Weil Gotshal & Manges LLP , (0.2) Blake Cassels & Graydon LLP , Stikeman Elliott LLP , Shearman & Sterling LLP , Herbert Smith Freehills LLP , Mori Hamada & Matsumoto , (1.5) TOTAL $969,698 12,539 $1,023,490 *Tables based on deal count, then volume. Market share based on deal volume. 10

12 Global Announced Deals - Counsel to Principals Ranked by Volume 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Wachtell Lipton Rosen & Katz , Davis Polk & Wardwell , Blake Cassels & Graydon LLP , Skadden Arps Slate Meagher & Flom LLP , (3.0) Stikeman Elliott LLP , Linklaters LLP , (4.7) Allen & Overy LLP , Kirkland & Ellis LLP , Simpson Thacher & Bartlett LLP , Latham & Watkins LLP , (0.7) Freshfields Bruckhaus Deringer LLP , (7.0) Weil Gotshal & Manges LLP , (2.3) Clifford Chance LLP , (0.4) Hogan Lovells , Sullivan & Cromwell LLP , (0.9) Cravath Swaine & Moore LLP , Willkie Farr & Gallagher LLP , Jones Day LP , (1.2) Shearman & Sterling LLP , Anderson Mori & Tomotsune , TOTAL $969,698 12,539 $1,023,490 11

13 Global Announced Deals - Counsel to Principals Ranked by Deal Count 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Jones Day LP , (1.2) DLA Piper LLP , (1.9) Allen & Overy LLP , Kirkland & Ellis LLP , Baker & McKenzie LLP , (2.2) Linklaters LLP , (4.7) Latham & Watkins LLP , (0.7) Freshfields Bruckhaus Deringer LLP , (7.0) Skadden Arps Slate Meagher & Flom LLP , (3.0) Clifford Chance LLP , (0.4) Nagashima Ohno & Tsunematsu , (2.1) CMS , Hogan Lovells , Stikeman Elliott LLP , Blake Cassels & Graydon LLP , Weil Gotshal & Manges LLP , (2.3) Herbert Smith Freehills LLP , White & Case LLP , (0.9) Shearman & Sterling LLP , Mori Hamada & Matsumoto , (0.3) TOTAL $969,698 12,539 $1,023,490 *Tables based on deal count, then volume. Market share based on deal volume. 12

14 Cross Border Announced Deals Ranked by Volume 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Linklaters LLP , (8.9) Allen & Overy LLP , Skadden Arps Slate Meagher & Flom LLP , (5.6) Freshfields Bruckhaus Deringer LLP , (12.6) Latham & Watkins LLP , Cravath Swaine & Moore LLP , Shearman & Sterling LLP , Simpson Thacher & Bartlett LLP , Jones Day LP , Sullivan & Cromwell LLP , (4.1) Clifford Chance LLP , (11.6) Stikeman Elliott LLP , De Brauw Blackstone Westbroek NV , Ropes & Gray LLP , Fried Frank Harris Shriver & Jacobson LLP , White & Case LLP , (2.0) Baker & McKenzie LLP , (3.0) O'Melveny & Myers LLP , Davis Polk & Wardwell , Hengeler Mueller , TOTAL $398,894 4,266 $498,811 13

15 Global Private Equity Announced Deals Ranked by Volume 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Davis Polk & Wardwell , Wachtell Lipton Rosen & Katz , Stikeman Elliott LLP , Blake Cassels & Graydon LLP , Kirkland & Ellis LLP , Willkie Farr & Gallagher LLP , Sullivan & Cromwell LLP , Weil Gotshal & Manges LLP , (5.5) Simpson Thacher & Bartlett LLP , O'Melveny & Myers LLP , Munger Tolles & Olson , Anderson Mori & Tomotsune , Clifford Chance LLP , White & Case LLP , Debevoise & Plimpton LLP , Hogan Lovells , Skadden Arps Slate Meagher & Flom LLP , (3.0) Alston & Bird LLP , Cleary Gottlieb Steen & Hamilton LLP , Linklaters LLP , TOTAL $181,852 2,605 $229,599 14

16 United States Announced Deals Any Involvement, Ranked by Volume 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Davis Polk & Wardwell , Wachtell Lipton Rosen & Katz , Latham & Watkins LLP , Simpson Thacher & Bartlett LLP , Sullivan & Cromwell LLP , Blake Cassels & Graydon LLP , Weil Gotshal & Manges LLP , Willkie Farr & Gallagher LLP , Stikeman Elliott LLP , Skadden Arps Slate Meagher & Flom LLP , (6.9) Fried Frank Harris Shriver & Jacobson LLP , Kirkland & Ellis LLP , (2.2) O'Melveny & Myers LLP , Cravath Swaine & Moore LLP , White & Case LLP , Hogan Lovells , Shearman & Sterling LLP , Munger Tolles & Olson , Jones Day LP , (2.9) Ropes & Gray LLP , TOTAL $495,714 5,979 $452,376 15

17 United States Announced Deals Any Involvement, Ranked by Deal Count 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Jones Day LP , (2.9) Kirkland & Ellis LLP , (2.2) Latham & Watkins LLP , DLA Piper LLP , (4.1) Skadden Arps Slate Meagher & Flom LLP , (6.9) Weil Gotshal & Manges LLP , White & Case LLP , Simpson Thacher & Bartlett LLP , Morgan Lewis & Bockius LLP , (1.2) O'Melveny & Myers LLP , Wilson Sonsini Goodrich & Rosati PC , (0.7) Hogan Lovells , Davis Polk & Wardwell , Shearman & Sterling LLP , Sullivan & Cromwell LLP , Vinson & Elkins LLP , (2.9) Allen & Overy LLP , (2.5) Paul Weiss Rifkind Wharton & Garrison LLP , (4.5) Gibson Dunn & Crutcher LLP , (1.7) Baker & McKenzie LLP , (4.3) TOTAL $495,714 5,979 $452,376 *Tables based on deal count, then volume. Market share based on deal volume. 16

18 US Announced Deals - Counsel to Principals Any Involvement, Ranked by Volume 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Wachtell Lipton Rosen & Katz , Blake Cassels & Graydon LLP , Davis Polk & Wardwell , Stikeman Elliott LLP , Skadden Arps Slate Meagher & Flom LLP , (4.6) Kirkland & Ellis LLP , Latham & Watkins LLP , Weil Gotshal & Manges LLP , (3.5) Simpson Thacher & Bartlett LLP , (3.3) Hogan Lovells , Sullivan & Cromwell LLP , Willkie Farr & Gallagher LLP , Munger Tolles & Olson , Ropes & Gray LLP , Cravath Swaine & Moore LLP , Anderson Mori & Tomotsune , Fried Frank Harris Shriver & Jacobson LLP , Shearman & Sterling LLP , Debevoise & Plimpton LLP , Jones Day LP , (3.7) TOTAL $495,714 5,979 $452,376 17

19 US Announced Deals - Counsel to Principals Any Involvement, Ranked by Deal Count 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Jones Day LP , (3.7) Kirkland & Ellis LLP , Latham & Watkins LLP , DLA Piper LLP , (4.1) Skadden Arps Slate Meagher & Flom LLP , (4.6) Weil Gotshal & Manges LLP , (3.5) Morgan Lewis & Bockius LLP , (1.2) Simpson Thacher & Bartlett LLP , (3.3) Wilson Sonsini Goodrich & Rosati PC , (0.4) Hogan Lovells , O'Melveny & Myers LLP , (0.6) Shearman & Sterling LLP , Vinson & Elkins LLP , (3.5) Allen & Overy LLP , (2.5) Paul Weiss Rifkind Wharton & Garrison LLP , (3.8) Baker & McKenzie LLP , (4.2) Stikeman Elliott LLP , White & Case LLP , (2.1) Davis Polk & Wardwell , Sullivan & Cromwell LLP , TOTAL $495,714 5,979 $452,376 *Tables based on deal count, then volume. Market share based on deal volume. 18

20 Canada Announced Deals Any Involvement, Ranked by Volume 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Stikeman Elliott LLP , Blake Cassels & Graydon LLP , (3.2) Osler Hoskin & Harcourt LLP , (1.4) Cassels Brock & Blackwell LLP , McCarthy Tetrault LLP , (11.0) Torys LLP , (1.2) Latham & Watkins LLP , Sullivan & Cromwell LLP , (2.4) Paul Weiss Rifkind Wharton & Garrison LLP , Baker & McKenzie LLP , Goodmans LLP , (2.3) White & Case LLP , Skadden Arps Slate Meagher & Flom LLP , Linklaters LLP , (8.1) Norton Rose Fulbright LLP , (14.5) Ashurst LLP , (4.7) Allen & Overy LLP , Herbert Smith Freehills LLP , Cravath Swaine & Moore LLP , Gowling Lafleur Henderson LLP , (0.5) TOTAL $73,854 1,100 $96,956 19

21 Canada Announced Deals Any Involvement, Ranked by Deal Count 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Blake Cassels & Graydon LLP , (3.2) Stikeman Elliott LLP , Gowling Lafleur Henderson LLP , (0.5) Osler Hoskin & Harcourt LLP , (1.4) McCarthy Tetrault LLP , (11.0) Cassels Brock & Blackwell LLP , Torys LLP , (1.2) Borden Ladner Gervais LLP , (0.5) Davies Ward Phillips & Vineberg LLP , (8.4) Goodmans LLP , (2.3) Heenan Blaikie LLP (0.7) Norton Rose Fulbright LLP , (14.5) Fasken Martineau DuMoulin LLP , (14.2) Baker & McKenzie LLP , Jones Day LP , (0.4) Latham & Watkins LLP , Skadden Arps Slate Meagher & Flom LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Allen & Overy LLP , Herbert Smith Freehills LLP , TOTAL $73,854 1,100 $96,956 *Tables based on deal count, then volume. Market share based on deal volume. 20

22 Brazil Announced Deals Any Involvement, Ranked by Volume 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Barbosa Mussnich & Aragao , Mattos Filho Veiga Filho Marrey Jr , (8.1) Lefosse Advogados , Stikeman Elliott LLP , Cassels Brock & Blackwell LLP , Cleary Gottlieb Steen & Hamilton LLP , Herbert Smith Freehills LLP Tozzini Freire Teixeira E Silva (0.7) Linklaters LLP Simpson Thacher & Bartlett LLP (15.2) Stocche Forbes Padis Filizzola e Clapis Advogados Pinheiro Neto Advogados (18.3) Souza Cescon Barrieu & Flesch Advogados (30.7) Veirano Advogados Azevedo Sette Advogados (0.6) Demarest Advogados Machado Meyer Sendacz e Opice Advogados (6.9) Paul Weiss Rifkind Wharton & Garrison LLP Ulhoa Canto Rezende e Guerra Advogados (5.2) Baker & McKenzie LLP (16.9) TOTAL $24, $38,571 21

23 Europe Announced Deals Any Involvement, Ranked by Volume 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Linklaters LLP , (13.2) Allen & Overy LLP , Freshfields Bruckhaus Deringer LLP , (13.1) De Brauw Blackstone Westbroek NV , Cravath Swaine & Moore LLP , Shearman & Sterling LLP , Clifford Chance LLP , (14.5) Latham & Watkins LLP , (0.2) Hengeler Mueller , Ropes & Gray LLP , Jones Day LP , Fried Frank Harris Shriver & Jacobson LLP , Baker & McKenzie LLP , (1.5) Skadden Arps Slate Meagher & Flom LLP , (9.3) O'Melveny & Myers LLP , Milbank Tweed Hadley & McCloy LLP , Davis Polk & Wardwell , Simpson Thacher & Bartlett LLP , (2.1) White & Case LLP , (2.0) Sullivan & Cromwell LLP , (6.7) TOTAL $359,507 3,869 $420,647 22

24 Europe Announced Deals Any Involvement, Ranked by Deal Count 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Allen & Overy LLP , Linklaters LLP , (13.2) Jones Day LP , Freshfields Bruckhaus Deringer LLP , (13.1) CMS , DLA Piper LLP , (3.4) Clifford Chance LLP , (14.5) Baker & McKenzie LLP , (1.5) White & Case LLP , (2.0) Hogan Lovells , (1.3) Olswang , Kirkland & Ellis LLP , (5.9) Weil Gotshal & Manges LLP , (8.4) Latham & Watkins LLP , (0.2) Advokatfirman Vinge KB , De Brauw Blackstone Westbroek NV , Herbert Smith Freehills LLP , Eversheds LLP (2.1) Mayer Brown LLP , (1.5) Shearman & Sterling LLP , TOTAL $359,507 3,869 $420,647 *Tables based on deal count, then volume. Market share based on deal volume. 23

25 Europe Announced Deals - Counsel to Principals Any Involvement, Ranked by Volume 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Linklaters LLP , (12.6) Allen & Overy LLP , Freshfields Bruckhaus Deringer LLP , (12.7) De Brauw Blackstone Westbroek NV , Shearman & Sterling LLP , Hengeler Mueller , Ropes & Gray LLP , Clifford Chance LLP , (4.3) Fried Frank Harris Shriver & Jacobson LLP , Baker & McKenzie LLP , (1.5) Skadden Arps Slate Meagher & Flom LLP , (9.0) Milbank Tweed Hadley & McCloy LLP , White & Case LLP , (1.9) Simpson Thacher & Bartlett LLP , (2.7) Sullivan & Cromwell LLP , (4.5) Herbert Smith Freehills LLP , Davis Polk & Wardwell , Jones Day LP , (0.9) Sarie-Eldin & Partners , Stibbe , TOTAL $359,507 3,869 $420,647 24

26 Europe Announced Deals - Counsel to Principals Any Involvement, Ranked by Deal Count 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Allen & Overy LLP , Linklaters LLP , (12.6) Jones Day LP , (0.9) Freshfields Bruckhaus Deringer LLP , (12.7) CMS , DLA Piper LLP , (3.4) Baker & McKenzie LLP , (1.5) Clifford Chance LLP , (4.3) White & Case LLP , (1.9) Hogan Lovells , (1.3) Olswang , Kirkland & Ellis LLP , (1.9) Weil Gotshal & Manges LLP , (7.9) Latham & Watkins LLP , (5.0) Advokatfirman Vinge KB , De Brauw Blackstone Westbroek NV , Herbert Smith Freehills LLP , Eversheds LLP (2.1) Mayer Brown LLP , (1.5) Mannheimer Swartling Advokatbyra AB , TOTAL $359,507 3,869 $420,647 *Tables based on deal count, then volume. Market share based on deal volume. 25

27 United Kingdom Announced Deals Any Involvement, Ranked by Volume 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Cravath Swaine & Moore LLP , Latham & Watkins LLP , Shearman & Sterling LLP , Linklaters LLP , (17.6) Ropes & Gray LLP , Fried Frank Harris Shriver & Jacobson LLP , Milbank Tweed Hadley & McCloy LLP , O'Melveny & Myers LLP , Hengeler Mueller , Freshfields Bruckhaus Deringer LLP , (20.3) Clifford Chance LLP , (19.6) Herbert Smith Freehills LLP , Allen & Overy LLP , (9.3) Davis Polk & Wardwell , Kirkland & Ellis LLP , (2.0) Slaughter & May , (1.8) Mayer Brown LLP , Hogan Lovells , Weil Gotshal & Manges LLP , (14.3) White & Case LLP , TOTAL $117,178 1,355 $190,837 26

28 United Kingdom Announced Deals Any Involvement, Ranked by Deal Count 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Linklaters LLP , (17.6) DLA Piper LLP , (0.5) Jones Day LP , (0.5) Freshfields Bruckhaus Deringer LLP , (20.3) Allen & Overy LLP , (9.3) Olswang Hogan Lovells , Eversheds LLP (2.6) Clifford Chance LLP , (19.6) Kirkland & Ellis LLP , (2.0) CMS , Herbert Smith Freehills LLP , Weil Gotshal & Manges LLP , (14.3) Slaughter & May , (1.8) Latham & Watkins LLP , White & Case LLP , Ashurst LLP , (0.4) Minter Ellison , (23.2) Baker & McKenzie LLP , Mayer Brown LLP , TOTAL $117,178 1,355 $190,837 *Tables based on deal count, then volume. Market share based on deal volume. 27

29 Germany Announced Deals Any Involvement, Ranked by Deal Count 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT CMS Freshfields Bruckhaus Deringer LLP , (9.3) Jones Day LP , (5.2) Clifford Chance LLP , (2.9) Allen & Overy LLP , (18.1) Hengeler Mueller , Noerr LLP , Linklaters LLP , White & Case LLP , (4.4) DLA Piper LLP , Baker & McKenzie LLP , (4.1) Kirkland & Ellis LLP Willkie Farr & Gallagher LLP , Olswang (0.2) Hogan Lovells (17.9) Latham & Watkins LLP , Weil Gotshal & Manges LLP (8.4) Dentons US LLP Houthoff Buruma Norton Rose Fulbright LLP (1.4) TOTAL $55, $42,027 *Tables based on deal count, then volume. Market share based on deal volume. 28

30 France Announced Deals Any Involvement, Ranked by Deal Count 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Jones Day LP , De Pardieu Brocas Maffei , Linklaters LLP (15.8) Freshfields Bruckhaus Deringer LLP , Baker & McKenzie LLP , Allen & Overy LLP , (11.1) CMS , Bredin Prat , Mayer Brown LLP (0.1) Shearman & Sterling LLP , Latham & Watkins LLP , (11.8) Clifford Chance LLP , DLA Piper LLP , Cleary Gottlieb Steen & Hamilton LLP , (3.2) Veil Jourde , Debevoise & Plimpton LLP , White & Case LLP , Willkie Farr & Gallagher LLP , Hogan Lovells (0.5) Ashurst LLP (2.4) TOTAL $34, $60,821 *Tables based on deal count, then volume. Market share based on deal volume. 29

31 Italy Announced Deals Any Involvement, Ranked by Deal Count 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Chiomenti Studio Legale , Freshfields Bruckhaus Deringer LLP , (8.5) Clifford Chance LLP (6.7) Allen & Overy LLP (0.7) CMS , Cleary Gottlieb Steen & Hamilton LLP Ashurst LLP (2.6) Bonelli Erede Pappalardo , Linklaters LLP , (11.5) Skadden Arps Slate Meagher & Flom LLP , De Brauw Blackstone Westbroek NV , Jones Day LP , Shearman & Sterling LLP Hogan Lovells Herbert Smith Freehills LLP , Sullivan & Cromwell LLP , (3.4) Latham & Watkins LLP (6.3) Lombardi Molinari e Associati Cuatrecasas Goncalves Pereira Portolano Cavallo Studio Legale TOTAL $30, $18,243 *Tables based on deal count, then volume. Market share based on deal volume. 30

32 Benelux Announced Deals Any Involvement, Ranked by Deal Count 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Allen & Overy LLP , De Brauw Blackstone Westbroek NV , DLA Piper LLP (1.2) Linklaters LLP , Houthoff Buruma (2.5) Freshfields Bruckhaus Deringer LLP , (24.9) CMS , Loyens & Loeff NV , Baker & McKenzie LLP , Jones Day LP , Clifford Chance LLP , Davis Polk & Wardwell , Shearman & Sterling LLP , White & Case LLP , (2.9) De Pardieu Brocas Maffei NautaDutilh NV (2.3) Skadden Arps Slate Meagher & Flom LLP , (10.8) Bredin Prat , Mayer Brown LLP , (0.3) Herbert Smith/Gleiss Lutz/Stibbe TOTAL $89, $64,245 *Tables based on deal count, then volume. Market share based on deal volume. 31

33 Iberia Announced Deals Any Involvement, Ranked by Deal Count 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Uria Menendez Abogados SLP , (20.4) Gomez-Acebo & Pombo Abogados SLP Cuatrecasas Goncalves Pereira , Garrigues Abogados Linklaters LLP , Clifford Chance LLP , Freshfields Bruckhaus Deringer LLP , DLA Piper LLP , Baker & McKenzie LLP (25.2) Jones Day LP Hogan Lovells CMS Sullivan & Cromwell LLP , Perez-Llorca Bredin Prat Cleary Gottlieb Steen & Hamilton LLP Paul Weiss Rifkind Wharton & Garrison LLP Khaitan & Co Allen & Overy LLP (21.8) Olswang TOTAL $20, $28,051 *Tables based on deal count, then volume. Market share based on deal volume. 32

34 Nordic Announced Deals Any Involvement, Ranked by Deal Count 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Advokatfirman Vinge KB , Mannheimer Swartling Advokatbyra AB , Hannes Snellman Advokatbyra Ab , (9.4) Advokatfirmaet Thommessen AS , Baker & McKenzie LLP , (1.6) Roschier Attorneys Ltd , (2.9) Linklaters LLP , (13.9) White & Case LLP , Advokatfirmaet Schjodt AS (0.5) Latham & Watkins LLP (13.6) LAWIN Allen & Overy LLP (3.9) CMS Davis Polk & Wardwell , Clifford Chance LLP , (11.1) Jones Day LP DLA Piper LLP Paul Weiss Rifkind Wharton & Garrison LLP Freshfields Bruckhaus Deringer LLP , (7.8) Weil Gotshal & Manges LLP , TOTAL $32, $45,649 *Tables based on deal count, then volume. Market share based on deal volume. 33

35 Eastern Europe Announced Deals Any Involvement, Ranked by Deal Count 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Allen & Overy LLP , (1.0) Clifford Chance LLP , CMS , White & Case LLP , Dentons US LLP , SORAINEN , LAWIN Raidla Lejins & Norcous , Baker & McKenzie LLP , Weil Gotshal & Manges LLP (0.2) Linklaters LLP , (4.9) Freshfields Bruckhaus Deringer LLP , Hogan Lovells (0.7) Noerr LLP Kinstellar (8.6) De Brauw Blackstone Westbroek NV , Herbert Smith Freehills LLP , Stikeman Elliott LLP , Dechert LLP Skadden Arps Slate Meagher & Flom LLP (15.2) TOTAL $49, $41,483 *Tables based on deal count, then volume. Market share based on deal volume. 34

36 Asia Pacific Ex-Japan Announced Deals Any Involvement, Ranked by Volume 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Herbert Smith Freehills LLP , Baker & McKenzie LLP , (0.2) Clifford Chance LLP , Davis Polk & Wardwell , Freshfields Bruckhaus Deringer LLP , (1.8) Paul Hastings LLP , Skadden Arps Slate Meagher & Flom LLP , (5.9) Allen & Overy LLP , (2.1) Simpson Thacher & Bartlett LLP , Linklaters LLP , (0.3) Sullivan & Cromwell LLP , Jones Day LP , Troutman Sanders LLP , Kim & Chang , (1.7) McGuireWoods LLP , King & Wood Mallesons , Shin & Kim , White & Case LLP , (0.8) Lee & Ko , (0.4) Cravath Swaine & Moore LLP , TOTAL $227,625 3,106 $250,574 35

37 Asia Pacific Ex-Japan Announced Deals Any Involvement, Ranked by Deal Count 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Baker & McKenzie LLP , (0.2) Kim & Chang , (1.7) Herbert Smith Freehills LLP , King & Wood Mallesons , Shin & Kim , Bae Kim & Lee , Lee & Ko , (0.4) Minter Ellison , WongPartnership LLP , (2.3) Linklaters LLP , (0.3) Allen & Gledhill , (1.8) AZB & Partners (1.1) Allen & Overy LLP , (2.1) Allens , (1.3) Clayton Utz (0.5) Ashurst LLP , (4.0) Freshfields Bruckhaus Deringer LLP , (1.8) DLA Piper LLP , Khaitan & Co (0.4) Clifford Chance LLP , TOTAL $227,625 3,106 $250,574 *Tables based on deal count, then volume. Market share based on deal volume. 36

38 Australia & New Zealand Announced Deals Any Involvement, Ranked by Deal Count 1/1/13-6/30/ VOLUME DEAL USD (Mln) COUNT Herbert Smith Freehills LLP , King & Wood Mallesons , Minter Ellison , Clayton Utz (2.0) Allens , (4.0) Ashurst LLP , (4.5) Baker & McKenzie LLP , (1.8) Gilbert + Tobin (5.8) Corrs Chambers Westgarth , DLA Piper LLP HopgoodGanim (1.1) Linklaters LLP , (1.9) Allen & Overy LLP (9.1) Skadden Arps Slate Meagher & Flom LLP (5.6) Clifford Chance LLP (5.0) Norton Rose Fulbright LLP (4.7) Blake Cassels & Graydon LLP Allen & Gledhill , Squire Sanders & Dempsey LLP , Stikeman Elliott LLP TOTAL $31, $45,115 *Tables based on deal count, then volume. Market share based on deal volume. 37