GLOBAL M&A MARKET REVIEW LEGAL RANKINGS

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1 GLOBAL M&A MARKET REVIEW LEGAL INGS 1Q

2 1Q 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. 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 Ee Wen Tay etay26@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

North America USD 435.3B 1.Simpson Thacher & Bartlett 36.7% 2.Kirkland & Ellis 35.5% 3.Wachtell Lipton Rosen & Katz 32.8% Latin America USD 12.8B 1.Jones Day 27.9% 2.Latham & Watkins LLP 17.9% 3.

3 North America USD 435.3B 1.Simpson Thacher & Bartlett 36.7% 2.Kirkland & Ellis 35.5% 3.Wachtell Lipton Rosen & Katz 32.8% Latin America USD 12.8B 1.Jones Day 27.9% 2.Latham & Watkins LLP 17.9% 3.Davis Polk & Wardwell 12.8% Western Europe USD 105.6B 1.Slaughter and May 21.3% 2.Linklaters LLP 16.3% 3.Freshfields Bruckhaus Deringer 15.7% Middle East and Africa USD 30.1B 1.Latham & Watkins LLP 29.3% 2.Jones Day 21.4% 3.Sullivan & Cromwell 21.0% Eastern Europe USD 3.9B 1.White & Case LLP 36.9% 2.Linklaters LLP 17.7% 3.Sorainen 13.7% Asia Pacific USD 30.1B 1.Simpson Thacher & Bartlett 10.9% 2.Weil Gotshal & Manges LLP 10.8% 3.Kirkland & Ellis 10.6% 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: Premium Breakdown Global merger and acquisition activity reached $734.3 billion in 1Q, representing a decrease of 23.9% compared to the same period last year. Private equity transactions reached a 1Q volume of $181.2 billion, accounting for 24.6% of the global volume for the period. Ultimate Software Group Inc's pending acquisition for $10.3 billion by a consortium of venture capital firms was the largest announced private equity deal of the quarter M&A deals targeting the technology sector increased by 24.6% in volume year on year to $92.5 billion. Fiserv Inc's pending acquisition of First Data Corp for $38.2 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: Industry Breakdown Amount (Bln.) % of Total Number of deals 8,954 Bristol-Myers Squibb Consumer Non-cyclical $ % -7.6% 1/3/ Celgene Corp - $88,848.2 Volume (Bln.) $733.4 Co Financial $ % -18.8% Fidelity National Avg Deal Size (Mln.) $81.9 Technology $ % 19.4% 3/18/ Worldpay Inc Information Services - $40,966.9 Inc Industrial $ % -30.0% Top Adviser Communications $ % -31.2% 1/16/ First Data Corp Fiserv Inc - $38,170.7 Simpson Thacher & Bartlett LLP Consumer Cyclical $ % -49.2% Number of deals 35 Energy $ % -47.5% 2/7/ SunTrust Banks Inc BB&T Corp - $27,894.9 Volume (Bln.) $160.7 Basic Materials $ % -23.7% Avg Deal Size (Bln.) $4.6 General Utilities $ % -94.2% 2/25/ BioPharma Business/GE Danaher Corp $21,400.0 Electric Co Diversified $ % -43.0% 36% 1% 1% 0-10% 19% 18% 25% 10-25% 25-50% 50-75% % 100%+ % YoY Change Global M&A Review Q1 Global M&A: Quarterly Volume $1,400 14,000 $1,200 12,000 $1,000 10,000 $800 8,000 $600 6,000 $400 4,000 $200 2,000 $ 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 $ % -13.5% Cross Border $ % -37.0% Private Equity $ % -23.3% Asset sale $ % -31.1% Tender Offer $ % -50.5% Venture Capital $ % -6.4% Spin-off $ % -83.4% Minority purchase $ % -24.9% Majority purchase $ % -40.3% 3

5 Global Announced Deals (By Volume) 01/01/ - 03/21/ Global Announced Deals (By Deal Count) 01/01/ - 03/21/ Simpson Thacher & Bartlett LLP , Kirkland & Ellis LLP , Kirkland & Ellis LLP , Jones Day , Davis Polk & Wardwell LLP , Latham & Watkins LLP , Wachtell Lipton Rosen & Katz , McGuireWoods LLP Jones Day , DLA Piper LLP , Sullivan & Cromwell LLP , CMS , Mayer Brown LLP , Weil Gotshal & Manges LLP , Skadden Arps Slate Meagher & Flom LLP , Skadden Arps Slate Meagher & Flom LLP , Fried Frank Harris Shriver & Jacobson LLP , Goodwin Procter LLP , Latham & Watkins LLP , Baker & McKenzie LLP , Cleary Gottlieb Steen & Hamilton LLP , Hogan Lovells US LLP , Willkie Farr & Gallagher LLP , Simpson Thacher & Bartlett LLP , Weil Gotshal & Manges LLP , Morgan Lewis & Bockius LLP , O'Melveny & Myers LLP , Dentons , Paul Weiss Rifkind Wharton & Garrison LLP , Linklaters LLP , Clifford Chance LLP , Gowling WLG Cravath Swaine & Moore LLP , Cooley LLP , Slaughter and May , White & Case LLP , King & Wood Mallesons , Willkie Farr & Gallagher LLP , White & Case LLP , O'Melveny & Myers LLP , TOTAL 733,470 8, ,452 TOTAL 733,470 8, ,452 Global Announced Deals- Principals (By Volume) 01/01/ - 03/21/ Global Announced Deals- Principals (By Deal Count) 01/01/ - 03/21/ Kirkland & Ellis LLP , Kirkland & Ellis LLP , Wachtell Lipton Rosen & Katz , Jones Day , Jones Day , Latham & Watkins LLP , Mayer Brown LLP , McGuireWoods LLP Sullivan & Cromwell LLP , DLA Piper LLP , Simpson Thacher & Bartlett LLP , CMS , Latham & Watkins LLP , Weil Gotshal & Manges LLP , Skadden Arps Slate Meagher & Flom LLP , Goodwin Procter LLP , Willkie Farr & Gallagher LLP , Baker & McKenzie LLP , Weil Gotshal & Manges LLP , Skadden Arps Slate Meagher & Flom LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Hogan Lovells US LLP , Clifford Chance LLP , Simpson Thacher & Bartlett LLP , Slaughter and May , Morgan Lewis & Bockius LLP , King & Wood Mallesons , Dentons , Goodwin Procter LLP , Gowling WLG Cleary Gottlieb Steen & Hamilton LLP , Linklaters LLP , White & Case LLP , Cooley LLP , Freshfields Bruckhaus Deringer LLP , Willkie Farr & Gallagher LLP , Osler Hoskin & Harcourt LLP , Orrick Herrington & Sutcliffe LLP , Allen & Overy LLP , Paul Weiss Rifkind Wharton & Garrison LLP , TOTAL 531,050 1, ,410 TOTAL 531,050 1, ,410 4

6 Cross Border Announced Deals (By Volume) 01/01/ - 03/21/ Global Private Equity Deals (By Volume) 01/01/ - 03/21/ Skadden Arps Slate Meagher & Flom LLP , Simpson Thacher & Bartlett LLP , Cleary Gottlieb Steen & Hamilton LLP , Sullivan & Cromwell LLP , Weil Gotshal & Manges LLP , Kirkland & Ellis LLP , Simpson Thacher & Bartlett LLP , Weil Gotshal & Manges LLP , Kirkland & Ellis LLP , Skadden Arps Slate Meagher & Flom LLP , King & Wood Mallesons , Latham & Watkins LLP , Goodwin Procter LLP , Goodwin Procter LLP , White & Case LLP , Stroock & Stroock & Lavan LLP , Osler Hoskin & Harcourt LLP , Linklaters LLP , Wachtell Lipton Rosen & Katz , Vinson & Elkins LLP , Slaughter and May , Slaughter and May , Sullivan & Cromwell LLP , Freshfields Bruckhaus Deringer LLP , Cassels Brock & Blackwell LLP , O'Melveny & Myers LLP , Neal Gerber & Eisenberg LLP , Davis Polk & Wardwell LLP , Goodmans LLP , Allen & Overy LLP , Shearman & Sterling LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Stroock & Stroock & Lavan LLP , Jones Day , Freshfields Bruckhaus Deringer LLP , Mayer Brown LLP , Davis Polk & Wardwell LLP , Cooley LLP , Baker & McKenzie LLP , Sidley Austin LLP , TOTAL 235,677 3, ,665 TOTAL 180,686 2, ,452 5

7 Americas M&A Regional Review In 1Q, M&A activity in the Americas decreased by 8.5% to $453.2 billion compared to the same period last year. The Americas continued to be the most sought after region accounting for 61.7% of the global volume. The consumer non-cyclical industry experienced a 25.2% increase in deal volume during 1Q. The pending acquisition of Celgene Corp by Bristol-Myers Squibb Co for $88.8 billion was the largest announced deal both in the sector and globally. JP Morgan and Simpson Thacher & Bartlett ranked as the top Financial and Legal Adviser in 1Q for the region with a market share of 38.9% & 34.4% respectively. Americas M&A: Highlights of Q1 Country Total Value Summary Date Target Acquirer Seller (Mln.) Industry Americas M&A: Country Breakdown United States $ % -5.6% Canada $ % 21.8% Brazil $ % -84.6% British Virgin Islands $ % 87.5% Mexico $ % 373.4% Chile $ % 188.1% Bermuda $ % -94.0% Colombia $ % 46.5% Amount (Bln.) % of Total Number of deals 4,022 Consumer Non-cyclical $ % 23.6% 1/3/ Celgene Corp Bristol-Myers Squibb Co - $88,848.2 Volume (Bln.) $451.5 Financial $ % -11.1% Avg Deal Size (Mln.) $112.2 Fidelity National Technology $ % 25.9% 3/18/ Worldpay Inc - $40,966.9 Information Services Inc Basic Materials $ % -5.5% Top Adviser Energy $ % -62.6% 1/16/ First Data Corp Fiserv Inc - $38,170.7 Simpson Thacher & Bartlett LLP Communications $ % -6.1% Number of deals 30 Consumer Cyclical $ % -31.0% 2/7/ SunTrust Banks Inc BB&T Corp - $27,894.9 Volume (Bln.) $156.0 Industrial $ % -50.0% Avg Deal Size (Bln.) $5.2 General Utilities $ % -95.8% 2/25/ BioPharma Business/GE Danaher Corp $21,400.0 Electric Co Diversified $ % -98.3% Amount (Bln.) % of Total Americas M&A: Industry Breakdown % YoY Change % YoY Change Global M&A Review Q1 Americas M&A: Quarterly Volume $1,000 7,000 $800 6,000 5,000 $600 4,000 $400 3,000 2,000 $200 1,000 $ 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 $ % -1.7% Cross Border $ % -23.2% Private Equity $ % -14.0% Asset sale $ % -11.7% Tender Offer $ % -34.2% Venture Capital $ % 16.3% Spin-off $ % -90.5% Minority purchase $ % -10.9% Majority purchase $ % -12.7% 6

8 US Announced Deals (By Volume) 01/01/ - 03/21/ US Announced Deals (By Deal Count) 01/01/ - 03/21/ Simpson Thacher & Bartlett LLP , Kirkland & Ellis LLP , Kirkland & Ellis LLP , Jones Day , Wachtell Lipton Rosen & Katz , Latham & Watkins LLP , Davis Polk & Wardwell LLP , McGuireWoods LLP Jones Day , Skadden Arps Slate Meagher & Flom LLP , Sullivan & Cromwell LLP , Morgan Lewis & Bockius LLP , Mayer Brown LLP , Weil Gotshal & Manges LLP , Skadden Arps Slate Meagher & Flom LLP , DLA Piper LLP Fried Frank Harris Shriver & Jacobson LLP , Simpson Thacher & Bartlett LLP , Latham & Watkins LLP , Goodwin Procter LLP , Cleary Gottlieb Steen & Hamilton LLP , Cooley LLP , Willkie Farr & Gallagher LLP , O'Melveny & Myers LLP , O'Melveny & Myers LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Weil Gotshal & Manges LLP , Hogan Lovells US LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Willkie Farr & Gallagher LLP , Cravath Swaine & Moore LLP , Sullivan & Cromwell LLP , Clifford Chance LLP , Gibson Dunn & Crutcher LLP , Slaughter and May , Davis Polk & Wardwell LLP , Goodwin Procter LLP , Vinson & Elkins LLP , White & Case LLP , McDermott Will & Emery LLP Inc , TOTAL 493,189 4, ,090 TOTAL 493,189 4, ,090 US Announced Deals- Principals (By Volume) 01/01/ - 03/21/ US Announced Deals- Principals (By Deal Count) 01/01/ - 03/21/ Kirkland & Ellis LLP , Kirkland & Ellis LLP , Wachtell Lipton Rosen & Katz , Jones Day , Jones Day , Latham & Watkins LLP , Mayer Brown LLP , McGuireWoods LLP Sullivan & Cromwell LLP , Morgan Lewis & Bockius LLP , Simpson Thacher & Bartlett LLP , DLA Piper LLP Skadden Arps Slate Meagher & Flom LLP , Skadden Arps Slate Meagher & Flom LLP , Latham & Watkins LLP , Weil Gotshal & Manges LLP , Willkie Farr & Gallagher LLP , Simpson Thacher & Bartlett LLP , Weil Gotshal & Manges LLP , Goodwin Procter LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Paul Weiss Rifkind Wharton & Garrison LLP , Clifford Chance LLP , Cooley LLP , Slaughter and May , Hogan Lovells US LLP , Goodwin Procter LLP , Willkie Farr & Gallagher LLP , White & Case LLP , O'Melveny & Myers LLP , Osler Hoskin & Harcourt LLP , Gibson Dunn & Crutcher LLP , Freshfields Bruckhaus Deringer LLP , Vinson & Elkins LLP , King & Wood Mallesons , McDermott Will & Emery LLP Inc , Cassels Brock & Blackwell LLP , Ropes & Gray LLP , Neal Gerber & Eisenberg LLP , Orrick Herrington & Sutcliffe LLP TOTAL 419, ,445 TOTAL 419, ,445 7

9 Canada Announced Deals (By Volume) 01/01/ - 03/21/ Canada Announced Deals (By Deal Count) 01/01/ - 03/21/ King & Wood Mallesons , Gowling WLG Simpson Thacher & Bartlett LLP , Blake Cassels & Graydon LLP , Osler Hoskin & Harcourt LLP , Osler Hoskin & Harcourt LLP , Weil Gotshal & Manges LLP , Norton Rose Fulbright LLP , Skadden Arps Slate Meagher & Flom LLP , Stikeman Elliott LLP , Cleary Gottlieb Steen & Hamilton LLP , Torys LLP , Cassels Brock & Blackwell LLP , McCarthy Tetrault LLP , Goodmans LLP , Kirkland & Ellis LLP , White & Case LLP , Simpson Thacher & Bartlett LLP , Wachtell Lipton Rosen & Katz , Skadden Arps Slate Meagher & Flom LLP , Neal Gerber & Eisenberg LLP , Cassels Brock & Blackwell LLP , Sullivan & Cromwell LLP , King & Wood Mallesons , Goodwin Procter LLP , Weil Gotshal & Manges LLP , Kirkland & Ellis LLP , Goodwin Procter LLP , Stroock & Stroock & Lavan LLP , Bennett Jones LLP Torys LLP , Dentons Mayer Brown LLP , Cleary Gottlieb Steen & Hamilton LLP , Munger Tolles & Olson LLP , Davies Ward Phillips & Vineberg LLP , Herbert Smith Freehills LLP , AZB & Partners , Stikeman Elliott LLP , Willkie Farr & Gallagher LLP , TOTAL 65, ,795 TOTAL 65, ,795 Brazil Announced Deals (By Volume) 01/01/ - 03/21/ Brazil Announced Deals (By Deal Count) 01/01/ - 03/21/ Jones Day , Veirano Advogados Cleary Gottlieb Steen & Hamilton LLP Mattos Filho Veiga Filho Marrey Jr e Quiroga Linklaters LLP Pinheiro Neto Advogados Shearman & Sterling LLP Barbosa Mussnich & Aragao Mattos Filho Veiga Filho Marrey Jr e Quiroga Souza Cescon Barrieu & Flesch Advogados Allen & Overy LLP Lefosse Advogados Clifford Chance LLP Vieira Rezende Barbosa e Guerreiro Advoga Pinheiro Neto Advogados Jones Day , Barbosa Mussnich & Aragao Shearman & Sterling LLP Souza Cescon Barrieu & Flesch Advogados Baker & McKenzie LLP Veirano Advogados Azevedo Sette Advogados Proskauer Rose LLP Machado Meyer Sendacz e Opice Advogados Duane Morris LLP Cleary Gottlieb Steen & Hamilton LLP Debevoise & Plimpton LLP Linklaters LLP Baker & McKenzie LLP Allen & Overy LLP Lefosse Advogados Clifford Chance LLP Azevedo Sette Advogados Proskauer Rose LLP Demarest Advogados Duane Morris LLP Milbank Tweed Hadley & McCloy LLP Debevoise & Plimpton LLP Chediak Advogados Demarest Advogados TOTAL 4, ,300 TOTAL 4, ,300 8

10 EMEA M&A Regional Review M&A deals involving EMEA-based targets reached a volume of $139.0 billion in 1Q, representing a 45.7% decline in deal volume compared to the same period last year. Deal activity targeting the technology sector increased 158.7% year-on-year to $16.8 billion. The sector s growth can be mainly attributed to the pending acquisition of Mellanox Technologies Ltd for $6.3 billion. This was the second-largest deal targeting the sector globally. The announced acquisition of Scout24 AG by Hellman & Friedman LLC and the Blackstone Group LP for $5.7 billion was the largest deal targeting the region globally. EMEA M&A Highlights of Q1 Country Total Summary Date Target Acquirer Seller Value Industry EMEA M&A: Country Breakdown United Kingdom $ % -32.5% Germany $ % -68.6% France $ % -5.5% Spain $ % -58.6% Italy $ % -35.2% Netherlands $ % -72.8% Switzerland $ % -84.0% Finland $ % 167.7% Amount (Bln.) % of Total Number of deals 2,365 Financial $ % -31.1% 2/15/ Scout24 AG Multiple Acquirers - $6,475.1 Volume (Bln.) $138.7 Industrial $ % -5.7% Avg Deal Size (Mln.) $58.6 Communications $ % -35.7% 3/11/ Mellanox Technologies Ltd NVIDIA Corp - $6,339.7 Technology $ % 143.8% Top Adviser Abu Dhabi Energy $ % -2.5% 1/27/ Abu Dhabi Oil Refining Co Multiple Acquirers $5,800.0 Latham & Watkins LLP National Oil Co Consumer Non-cyclical $ % -74.7% Number of deals 25 Consumer Cyclical $ % -63.4% 3/8/ RPC Group PLC Berry Global Group Inc - $5,763.5 Volume (Bln.) $20.5 Basic Materials $ % -74.2% Avg Deal Size (Bln.) $0.8 Apollo Global Utilities $ % -97.9% 1/23/ RPC Group PLC - $5,739.3 Management LLC Diversified $ % 21.4% Amount (Bln.) % of Total EMEA M&A: Industry Breakdown % YoY Change % YoY Change Global M&A Review Q1 EMEA M&A: Quarterly Volume $500 5,000 $400 4,000 $300 3,000 $200 2,000 $100 1,000 $ 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 $ % -40.6% Cross Border $ % -55.1% Private Equity $ % -36.5% Asset sale $ % -61.5% Tender Offer $ % -69.8% Venture Capital $ % 37.3% Spin-off $ % -52.1% Minority purchase $ % -2.9% Majority purchase $ % -78.7% 9

11 Europe Announced Deals (By Volume) 01/01/ - 03/21/ Europe Announced Deals (By Deal Count) 01/01/ - 03/21/ Slaughter and May , CMS , Linklaters LLP , Linklaters LLP , Freshfields Bruckhaus Deringer LLP , Jones Day , Latham & Watkins LLP , Latham & Watkins LLP , Skadden Arps Slate Meagher & Flom LLP , Kirkland & Ellis LLP , Davis Polk & Wardwell LLP , Baker & McKenzie LLP , Shearman & Sterling LLP , Dentons Cleary Gottlieb Steen & Hamilton LLP , Hogan Lovells US LLP , Sullivan & Cromwell LLP , Noerr LLP Allen & Overy LLP , Freshfields Bruckhaus Deringer LLP , Kirkland & Ellis LLP , DLA Piper LLP Paul Weiss Rifkind Wharton & Garrison LLP , Clifford Chance LLP , Homburger AG , Allen & Overy LLP , NautaDutilh NV , Slaughter and May , Goodwin Procter LLP , Uria Menendez Abogados SLP O'Melveny & Myers LLP , Weil Gotshal & Manges LLP , Bryan Cave Leighton Paisner LLP/US , Cuatrecasas Weil Gotshal & Manges LLP , Skadden Arps Slate Meagher & Flom LLP , CMS , Cleary Gottlieb Steen & Hamilton LLP , White & Case LLP , Goodwin Procter LLP , TOTAL 163,379 2, ,586 TOTAL 163,379 2, ,586 Europe Announced Deals- Principals (By Volume) 01/01/ - 03/21/ Europe Announced Deals- Principals (By Deal Count) 01/01/ - 03/21/ Slaughter and May , CMS , Freshfields Bruckhaus Deringer LLP , Linklaters LLP , Skadden Arps Slate Meagher & Flom LLP , Jones Day , Latham & Watkins LLP , Latham & Watkins LLP , Linklaters LLP , Baker & McKenzie LLP , Cleary Gottlieb Steen & Hamilton LLP , Kirkland & Ellis LLP , Sullivan & Cromwell LLP , Dentons Allen & Overy LLP , Noerr LLP Paul Weiss Rifkind Wharton & Garrison LLP , Freshfields Bruckhaus Deringer LLP , Homburger AG , Hogan Lovells US LLP , Shearman & Sterling LLP , DLA Piper LLP NautaDutilh NV , Clifford Chance LLP , Goodwin Procter LLP , Allen & Overy LLP , O'Melveny & Myers LLP , Slaughter and May , Bryan Cave Leighton Paisner LLP/US , Uria Menendez Abogados SLP Davis Polk & Wardwell LLP , Weil Gotshal & Manges LLP , Weil Gotshal & Manges LLP , Cuatrecasas CMS , Skadden Arps Slate Meagher & Flom LLP , Baker & McKenzie LLP , Cleary Gottlieb Steen & Hamilton LLP , Pillsbury Winthrop Shaw Pittman LLP , Goodwin Procter LLP , TOTAL 105, ,621 TOTAL 105, ,621 10

12 UK Announced Deals (By Volume) 01/01/ - 03/21/ UK Announced Deals (By Deal Count) 01/01/ - 03/21/ Slaughter and May , CMS , Freshfields Bruckhaus Deringer LLP , Slaughter and May , Paul Weiss Rifkind Wharton & Garrison LLP , Linklaters LLP , Sullivan & Cromwell LLP , DLA Piper LLP Shearman & Sterling LLP , Kirkland & Ellis LLP , Homburger AG , Freshfields Bruckhaus Deringer LLP , NautaDutilh NV , Baker & McKenzie LLP , Davis Polk & Wardwell LLP , Hogan Lovells US LLP Bryan Cave Leighton Paisner LLP/US , Latham & Watkins LLP O'Melveny & Myers LLP , Jones Day Linklaters LLP , Herbert Smith Freehills LLP CMS , Squire Patton Boggs US LLP Baker & McKenzie LLP , Ashurst LLP , Ashurst LLP , Allen & Overy LLP , Weil Gotshal & Manges LLP , Dentons Kirkland & Ellis LLP , Travers Smith Skadden Arps Slate Meagher & Flom LLP , Clifford Chance LLP Allen & Overy LLP , Gowling WLG Brown Rudnick LLP , Norton Rose Fulbright LLP Hogan Lovells US LLP Shearman & Sterling LLP , TOTAL 60,256 1, ,393 TOTAL 60,256 1, ,393 Germany Announced Deals (By Deal Count) 01/01/ - 03/21/ France Announced Deals (By Deal Count) 01/01/ - 03/21/ CMS Jones Day Noerr LLP Hogan Lovells US LLP Luther Rechtsanwaltsgesellschaft mbh Weil Gotshal & Manges LLP , Hengeler Mueller Latham & Watkins LLP Freshfields Bruckhaus Deringer LLP , CMS Latham & Watkins LLP , Linklaters LLP Jones Day Mayer Brown LLP Dentons De Pardieu Brocas Maffei Clifford Chance LLP , Baker & McKenzie LLP , Linklaters LLP , Cleary Gottlieb Steen & Hamilton LLP Gleiss Lutz Hootz Hirsch Partnerschaftsgese Kirkland & Ellis LLP Baker & McKenzie LLP Paul Weiss Rifkind Wharton & Garrison LLP Hannes Snellman Advokatbyra Ab/FI Orrick Herrington & Sutcliffe LLP DLA Piper LLP Greenberg Traurig LLP Khaitan & Co Dentons Orrick Herrington & Sutcliffe LLP McDermott Will & Emery LLP Inc Mayer Brown LLP Goodwin Procter LLP , Greenberg Traurig LLP Skadden Arps Slate Meagher & Flom LLP , Willkie Farr & Gallagher LLP Allen & Overy LLP O'Melveny & Myers LLP Cuatrecasas TOTAL 21, ,135 TOTAL 20, ,743 11

13 Italy Announced Deals (By Deal Count) 01/01/ - 03/21/ Benelux Announced Deals (By Deal Count) 01/01/ - 03/21/ NCTM Studio Legale Associato Loyens & Loeff NV Chiomenti Studio Legale , Stibbe BV , Orrick Herrington & Sutcliffe LLP Jones Day Legance Avvocati Associati Clifford Chance LLP Dentons NautaDutilh NV Linklaters LLP , Kirkland & Ellis LLP CMS Baker & McKenzie LLP Cleary Gottlieb Steen & Hamilton LLP , Dentons Jones Day Houthoff Buruma Allen & Overy LLP Luther Rechtsanwaltsgesellschaft mbh PriceWaterhouseCoopers Legal Hengeler Mueller Dechert LLP CMS Uria Menendez Abogados SLP Latham & Watkins LLP , Santamarina y Steta Linklaters LLP , Noerr LLP De Brauw Blackstone Westbroek NV , Gianni Origoni Grippo Capelli Partners Allen & Overy LLP Morgan Lewis & Bockius LLP Noerr LLP Gibson Dunn & Crutcher LLP Pinsent Masons LLP Stibbe BV Skadden Arps Slate Meagher & Flom LLP , Baker & McKenzie LLP Sullivan & Cromwell LLP , TOTAL 14, ,829 TOTAL 19, ,577 Iberia Announced Deals (By Deal Count) 01/01/ - 03/21/ Nordic Announced Deals (By Deal Count) 01/01/ - 03/21/ Uria Menendez Abogados SLP Hannes Snellman Advokatbyra Ab/FI Cuatrecasas Kirkland & Ellis LLP Perez-Llorca Noerr LLP Latham & Watkins LLP , Baker & McKenzie LLP , Herbert Smith Freehills LLP White & Case LLP , Linklaters LLP Skadden Arps Slate Meagher & Flom LLP Hogan Lovells US LLP CMS Garrigues Abogados Morgan Lewis & Bockius LLP Davis Polk & Wardwell LLP , Fenwick & West LLP White & Case LLP Luther Rechtsanwaltsgesellschaft mbh Cleary Gottlieb Steen & Hamilton LLP Clifford Chance LLP DLA Piper LLP Advokatfirman Vinge KB Jones Day Advokatfirmaet Thommessen AS Anderson Mori & Tomotsune Gowling WLG Clifford Chance LLP Hogan Lovells US LLP SRS O'Melveny & Myers LLP Baker & McKenzie LLP Ashurst LLP Greenberg Traurig LLP Paul Weiss Rifkind Wharton & Garrison LLP McMillan LLP Orrick Herrington & Sutcliffe LLP Luther Rechtsanwaltsgesellschaft mbh Linklaters LLP TOTAL 7, ,333 TOTAL 12, ,741 12

14 Eastern Europe Announced Deals (By Deal Count) 01/01/ - 03/21/ CMS Ellex Baker & McKenzie LLP Dentons Weil Gotshal & Manges LLP COBALT Linklaters LLP Noerr LLP White & Case LLP , SORAINEN Cleary Gottlieb Steen & Hamilton LLP Freshfields Bruckhaus Deringer LLP Wolf Theiss Rechtsanwalte GmbH Clifford Chance LLP Hengeler Mueller Hannes Snellman Advokatbyra Ab/FI Allen & Overy LLP Paul Weiss Rifkind Wharton & Garrison LLP J Sagar Associates Kim & Chang TOTAL 9, ,416 13

15 APAC M&A Regional Review M&A activity targeting the APAC region for 1Q experienced a 32.5% decrease to $145.0 billion compared to the same period last year. Deals exceeding $1.0 billion in value decreased by 27.2% to 24 deals in the region. The value of deals targeting Chinese companies or assets accounted for 40.4% of the total deal volume in the region. The financial sector was the most targeted industry, accounting for 36.7% of the region's overall volume. The largest transaction of the quarter in the region was the company takeover of Ascendas Pte Ltd and Singbridge Pte Ltd by CapitaLand Ltd for $7.82 billion. Private equity deals decreased by 20.4% year-on-year to $29.1 billion. The largest private equity transaction was the $2.46 billion investment by Brookfield Asset Management Inc in East West Pipeline Ltd's pipeline business. Summary Date Target Acquirer Seller Number of deals 2,558 Volume (Bln.) $146.1 Avg Deal Size (Mln.) $57.1 Top Adviser WongPartnership LLP Number of deals 10 Volume (Bln.) $10.4 Avg Deal Size (Bln.) $1.0 APAC M&A: Highlights of Q1 1/14/ Multiple Targets CapitaLand Ltd 1/23/ 1/31/ Healthscope Ltd 1/2/ Beijing Easyhome Furnishing New Retail Chain Store Jiangyin Xingcheng Special Steel Works Co Ltd Wuhan Zhongshang Commercial Group Co Ltd Brookfield Business Partners LP Daye Special Steel Co Ltd Ascendas-Singbridge Pte Ltd Total Value - $5,904.2 $4, /7/ GRUH Finance Ltd Bandhan Bank Ltd - $3, $7,824.2 Multiple Sellers $3,057.3 $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 6,000 4,000 2,000 $ $ $40 $ $0 0 Volume $(Bln.) Deal Count $ $ $ $0 0 Global M&A Review Q1 APAC Industry Breakdown 5% 1% 0% 5% 7% 36% 9% 12% 12% 13% APAC M&A: Breakdown Financial Consumer Non-cyclical Consumer Cyclical Industrial Basic Materials Technology Energy Communications Utilities Diversified Deal Type Amount (Bln.) % Change % YoY Change Company Takeover $ % -20.9% Cross Border $ % -20.1% Private Equity $ % -20.8% Asset sale $ % -8.4% Tender Offer $ % -17.6% Venture Capital $ % -44.4% Spin-off $ % % Minority purchase $ % -45.9% Majority purchase $ % -3.9% $150 $100 $50 $0 Volume $(Bln.) Deal Count Japan M&A: Quarterly Volume Volume $(Bln.) Deal Count Graphs represent any regional involvement (target, seller, or acquirer). 0 14

16 APAC Ex Japan Announced Deals (By Volume) 01/01/ - 03/21/ APAC Ex Japan Announced Deals (By Deal Count) 01/01/ - 03/21/ Simpson Thacher & Bartlett LLP , AZB & Partners , Weil Gotshal & Manges LLP , King & Wood Mallesons , Kirkland & Ellis LLP , Kim & Chang , Goodwin Procter LLP , Baker & McKenzie LLP , WongPartnership LLP , Khaitan & Co Sullivan & Cromwell LLP , Corrs Chambers Westgarth Stroock & Stroock & Lavan LLP , Shin & Kim , Allen & Gledhill LLP , Gilbert + Tobin , AZB & Partners , Fangda Partners , King & Wood Mallesons , WongPartnership LLP , Herbert Smith Freehills LLP , DLA Piper LLP Kim & Chang , Bae Kim & Lee , Baker & McKenzie LLP , Ashurst LLP , Sidley Austin LLP , Nishimura & Asahi , Shin & Kim , Lee & Ko , Bae Kim & Lee , Allen & Gledhill LLP , Ashurst LLP , Herbert Smith Freehills LLP , Baker Botts LLP , Allens , Vinson & Elkins LLP , Jones Day , Shardul Amarchand Mangaldas & Co , Cyril Amarchand Mangaldas TOTAL 174,270 2, ,467 TOTAL 174,270 2, ,467 APAC Private Equity Announced Deals (By Volume) 01/01/ - 03/21/ Weil Gotshal & Manges LLP , Simpson Thacher & Bartlett LLP , Kirkland & Ellis LLP , Goodwin Procter LLP , Sullivan & Cromwell LLP , Stroock & Stroock & Lavan LLP , AZB & Partners , Morrison & Foerster LLP , Sidley Austin LLP , Baker Botts LLP , Vinson & Elkins LLP , Latham & Watkins LLP , Shin & Kim , Stibbe BV , Linklaters LLP , Allens , Ashurst LLP , Gilbert + Tobin , Lee & Ko , Cooley LLP , TOTAL 61, ,504 15

17 AU & NZ Announced Deals (By Volume) 01/01/ - 03/21/ AU & NZ Announced Deals (By Deal Count) 01/01/ - 03/21/ Herbert Smith Freehills LLP , King & Wood Mallesons , King & Wood Mallesons , Corrs Chambers Westgarth Ashurst LLP , Gilbert + Tobin , Gilbert + Tobin , Ashurst LLP , Allens , Allens , Stibbe BV , DLA Piper LLP Linklaters LLP , Herbert Smith Freehills LLP , Latham & Watkins LLP , Minter Ellison Borden Ladner Gervais LLP Dentons Johnson Winter & Slattery Wilson Sonsini Goodrich & Rosati PC Nishimura & Asahi Chapman Tripp Willkie Farr & Gallagher LLP Johnson Winter & Slattery Loyens & Loeff NV Loyens & Loeff NV Minter Ellison Kim & Chang DLA Piper LLP Proskauer Rose LLP Clayton Utz Norton Rose Fulbright LLP Kim & Chang Baker & McKenzie LLP Greenwoods & Herbert Smith Freehills Pty L Jones Day Orrick Herrington & Sutcliffe LLP Stibbe BV , Clifford Chance LLP Linklaters LLP , TOTAL 18, ,907 TOTAL 18, ,907 Japan Announced Deals (By Volume) 01/01/ - 03/21/ Japan Announced Deals (By Deal Count) 01/01/ - 03/21/ Nishimura & Asahi , Nishimura & Asahi , Morrison & Foerster LLP , Mori Hamada & Matsumoto , Mori Hamada & Matsumoto , Nagashima Ohno & Tsunematsu , WongPartnership LLP , Anderson Mori & Tomotsune Herbert Smith Freehills LLP , Baker & McKenzie LLP , Allen & Gledhill LLP , Morrison & Foerster LLP , Baker & McKenzie LLP , Herbert Smith Freehills LLP , Nagashima Ohno & Tsunematsu , WongPartnership LLP , Cooley LLP , Allen & Gledhill LLP , Simmons & Simmons LLP , Cooley LLP , Willkie Farr & Gallagher LLP , Ashurst LLP Eversheds Sutherland , Hogan Lovells US LLP Davis Polk & Wardwell LLP , Simmons & Simmons LLP , De Brauw Blackstone Westbroek NV , Davis Polk & Wardwell LLP , AZB & Partners AZB & Partners Anderson Mori & Tomotsune White & Case LLP Orrick Herrington & Sutcliffe LLP Jones Day Cleary Gottlieb Steen & Hamilton LLP Freshfields Bruckhaus Deringer LLP White & Case LLP Latham & Watkins LLP Jones Day Sato Sogo TOTAL 34, ,915 TOTAL 34, ,915 16

18 South Korea Announced Deals (By Volume) 01/01/ - 03/21/ South Korea Announced Deals (By Deal Count) 01/01/ - 03/21/ Kim & Chang , Kim & Chang , Shin & Kim , Shin & Kim , Bae Kim & Lee , Bae Kim & Lee , Lee & Ko , Lee & Ko , Yulchon LLC , Yoon & Yang LLC Baker & McKenzie LLP Yulchon LLC , Simpson Thacher & Bartlett LLP Baker & McKenzie LLP J Sagar Associates Kim Choi & Lim Clifford Chance LLP Simpson Thacher & Bartlett LLP Latham & Watkins LLP J Sagar Associates Yoon & Yang LLC Clifford Chance LLP TSMP Law Corp Latham & Watkins LLP Allen & Gledhill LLP TSMP Law Corp Kim Choi & Lim Allen & Gledhill LLP Seum Seum Anderson Mori & Tomotsune Anderson Mori & Tomotsune Linklaters LLP Linklaters LLP Hogan Lovells US LLP Hogan Lovells US LLP TOTAL 18, ,317 TOTAL 18, ,317 China Announced Deals (By Volume) 01/01/ - 03/21/ China Announced Deals (By Deal Count) 01/01/ - 03/21/ King & Wood Mallesons , Fangda Partners , Zhong Lun Law Firm , Allbright Law Offices , Commerce & Finance Law Office , Grandall Law Firm Slaughter and May , King & Wood Mallesons , Morrison & Foerster LLP , Slaughter and May , Allbright Law Offices , Noerr LLP Baker & McKenzie LLP , Zhong Lun Law Firm , AZB & Partners , Baker & McKenzie LLP , Davis Polk & Wardwell LLP , AZB & Partners , Fangda Partners , Simpson Thacher & Bartlett LLP Paul Weiss Rifkind Wharton & Garrison LLP Jia Yuan Law Firm Simpson Thacher & Bartlett LLP DLA Piper LLP Noerr LLP Skadden Arps Slate Meagher & Flom LLP White & Case LLP Clifford Chance LLP Skadden Arps Slate Meagher & Flom LLP Jones Day C&T Partners CMS Grandall Law Firm Commerce & Finance Law Office , Haiwen & Partners Morrison & Foerster LLP , Shook Lin & Bok LLP Davis Polk & Wardwell LLP , Clifford Chance LLP Paul Weiss Rifkind Wharton & Garrison LLP TOTAL 74, ,740 TOTAL 74, ,740 17

GLOBAL M&A MARKET REVIEW LEGAL RANKINGS. 1 st 3Q

GLOBAL M&A MARKET REVIEW LEGAL INGS 1 st 3Q 1 1 st 3Q 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