MID-MARKET LEGAL M&A REVIEW

Transcription

1 MidMarket M&A Legal Rankings For Deals Valued Up To US$00m, US$m, and US$500m Are Also Available Friday, January 8, 200 DEALS VALUED UP TO US$50 MILLION MIDMARKET LEGAL M&A REVIEW MidMarket Deals Intelligence MidMarket M&A valued up to US$50 million totaled US$0. billion during 9, a 2% decrease from last year Worldwide MidMarket M&A up to US$50m by Target Nation Region January December was the most targeted sector in the MidMarket worldwide, making up of the market with 5,0 deals worth US$7 billion. $0 $20 $40 $60 $80 $00 $20 $40 $60 $80 Africa/Middle East Americas AsiaPacific Europe Japan Announced MidMarket M&A by Target Nation Up To US$50m Region/Nation //9 2//9 Rank Val US$m Deals //8 2//8 Rank Val US$m Deals % Change in Rank Value Worldwide 0,06.9 5,408 9,48.2 6, Americas United States of America Canada Brazil 2, ,92.5 7,2.9, ,59 6,97 2, , , ,7.7 2,799.7,62 8,249, Chile Argentina Europe , , , , United Kingdom 5,272.,90 0,26.4 2, France 2,8.4,042 2,06.2,00. Italy 2,0.7 66, Germany,599., 2,7.5, Spain, , Norway Sweden Russian Federation Poland Netherlands, , ,07.6,505.0,77.5,049.0, , Africa/Middle East 2, , South Africa , Israel AsiaPacific 45, ,482 48, , China 6,026. 2,46 7, , South Korea 6,68.6,050 6, Australia 6,504.8,67 6,658.2, Hong Kong India 5, , ,027 5,09.4 4, Malaysia, , Japan 7, ,25 7,77.6 2,6 2.4 $45 $40 $5 $0 $25 $20 $5 $0 $5 $0 Worldwide MidMarket M&A up to US$50m 0,000 9,500 9,000 8,500 8,000 7,500 US$0 0m US$0 20m US$20 0m US$0 40m US$40 50m Worldwide MidMarket M&A up to US$50m 4% 2% 2% 2% % Government and Agencies of 2

2 January 8, 200 MidMarket M&A Up To US$50m s MidMarket M&A Heatmap MidMarket Exit Multiple Heatmap Year To Date Average /EBITDA Up to 50x* MidMarket Premium Heatmap Year To Date Average Premium To 4 Week Stock Price Up to 00%* 9.2 North South Mid East Asia World Europe Japan 9 8 America America & Africa Pacific Average Industry Total Average Industry Total * Using the Valuation Heatmap you can analyse the average rank value to EBITDA and average premium to 4 week bid premium for each region against twelve macro industries for the M&A midmarket. The data refers to the yeartodate for figures in colour, red indicating a decline and green an increase, compared to the figures for yeartodate last year (ytdly) which are in black World North America South America Europe Mid East & Africa Asia Pacific Japan $90,000 $80,000 $70,000 Worldwide MidMarket M&A up to US$50m ,000 8,000 6,000 (US$m) $60,000 $50,000 $40,000 $0,000 $20,000 4,000 2,000 0,000 8,000 6,000 4,000 $0,000 2,000 $0 H 2H H 2H H 2H H 2H H 2H H 2H H 2H H 2H H 2H H 2H US$ 0 0 mil US$ 0 to 20 mil US$ 20 to 0 mil US$ 0 to 40 mil US$ 40 to 50 mil 2 of 2

3 January 8, 200 # MidMarket M&A Up To US$50m # s Worldwide MidMarket Legal Rankings (MML0a) MML0a Undisclosed Values & Values up to US$50m MML0a Undisclosed Values & Values up to US$50m //9 2//9 //9 2//9 Mkt Change Mkt Change US$m Rank Share Deals in Rank Deals Rank Share US$m in Rank Jones Day, Jones Day ,289.5 Baker & McKenzie CMS Latham & Watkins DLA Piper DLA Piper Baker & McKenzie Mori Hamada & Matsumoto Latham & Watkins Allen & Overy Dorsey & Whitney LLP Skadden Allen & Overy Blake Cassels & Graydon Squire Sanders & Dempsey LLP Kirkland & Ellis Linklaters Morrison & Foerster Freshfields Bruckhaus Deringer 0* 98.0 Fasken Martineau DuMoulin LLP Hughes Hubbard & Reed 0* Clayton Utz White & Case LLP Linklaters K&L Gates Wilson Sonsini Goodrich & Rosati Bryan Cave LLP Shearman & Sterling LLP Wilson Sonsini Goodrich & Rosati Osler Hoskin & Harcourt LLP Osler Hoskin & Harcourt LLP Squire Sanders & Dempsey LLP Paul Hastings Janofsky & Walker Hughes Hubbard & Reed Fasken Martineau DuMoulin LLP Minter Ellison Clayton Utz 68 9* Allens Arthur Robinson Kirkland & Ellis 68 9* Davis Polk & Wardwell Clifford Chance 67 2* 5. Freehills Herbert Smith/Gleiss Lutz/Stibbe 67 2* 25 Stikeman Elliott Mori Hamada & Matsumoto 67 2* 76.9 Anderson Mori & Tomotsune Blake Cassels & Graydon CMS Skadden Mallesons Stephen Jaques Nishimura & Asahi 60 26* Cooley Godward Kronish LLP Weil Gotshal & Manges 60 26* 22. Freshfields Bruckhaus Deringer Minter Ellison 60 26* McCarthy Tetrault Freehills 59 29* TMI Associates Morgan Lewis & Bockius 59 29* 5.5 Hogan & Hartson Mallesons Stephen Jaques 56 * 99.7 Nagashima Ohno & Tsunematsu McCarthy Tetrault 56 * 90.5 K&L Gates Lovells LLP 5 * Bryan Cave LLP O'Melveny & Myers 5 * 8.7 Dewey & LeBoeuf LLP Morrison & Foerster 5 * AZB & Partners Hogan & Hartson 52 6* 7. Blake Dawson Allens Arthur Robinson 52 6* O'Melveny & Myers Cuatrecasas Goncalves Pereira Morgan Lewis & Bockius Shearman & Sterling LLP Clifford Chance Mayer Brown LLP 48 40* Sidley Austin LLP Gibson Dunn & Crutcher 48 40* Slaughter & May Dechert Torys Stikeman Elliott 45 4* Dorsey & Whitney LLP Cleary Gottlieb Steen & Hamilton 45 4* Deacons Blake Dawson 44 45* WilmerHale Orrick Herrington & Sutcliffe LLP 44 45* Cleary Gottlieb Steen & Hamilton TMI Associates 4 47* Lovells LLP Eversheds 4 47* Gibson Dunn & Crutcher Simpson Thacher & Bartlett Nishimura & Asahi Cooley Godward Kronish LLP Subtotal with 0, ,726 Subtotal with 5, ,007.8 Industry Total 0, ,427 Industry Total 5, ,48.7 of 2

4 January 8, 200 # MidMarket M&A Up To US$50m # s US Target MidMarket Legal Rankings (MML02a) MML02a Undisclosed Values & Values up to US$50m MML02a Undisclosed Values & Values up to US$50m //9 2//9 //9 2//9 Mkt Change Mkt Change US$m Rank Share Deals in Rank Deals Rank Share US$m in Rank Jones Day Jones Day Kirkland & Ellis Dorsey & Whitney LLP Latham & Watkins Squire Sanders & Dempsey LLP Wilson Sonsini Goodrich & Rosati Hughes Hubbard & Reed Skadden K&L Gates 7 5* Hughes Hubbard & Reed * 2. 0 Bryan Cave LLP 7 5* Squire Sanders & Dempsey LLP * 2. 2 Wilson Sonsini Goodrich & Rosati 69 7* Cooley Godward Kronish LLP Latham & Watkins 69 7*.0 5 Bryan Cave LLP DLA Piper 6 9* Morrison & Foerster Kirkland & Ellis 6 9* K&L Gates Paul Hastings Janofsky & Walker 42 * DLA Piper Morgan Lewis & Bockius 42 * Davis Polk & Wardwell Cooley Godward Kronish LLP O'Melveny & Myers O'Melveny & Myers Dewey & LeBoeuf LLP Weil Gotshal & Manges Sidley Austin LLP Skadden Hogan & Hartson Simpson Thacher & Bartlett WilmerHale Sidley Austin LLP Goodwin Procter LLP Greenberg Traurig Baker & McKenzie Fenwick & West LLP 20* McDermott Will & Emery Morrison & Foerster 20* Dechert Gibson Dunn & Crutcher Fenwick & West LLP Hogan & Hartson Shearman & Sterling LLP Baker & McKenzie Gibson Dunn & Crutcher Alston & Bird Subtotal with 9, ,84 Subtotal with, ,254.0 Industry Total 2, ,924 Industry Total 6, ,92.5 US MidMarket M&A up to US$50m US MidMarket M&A up to US$50m $2 $0 $8 $6 $4 $2 $0 US$0 0m US$0 20m US$20 0m US$0 40m US$40 50m,000 2,500 2,000,500, % % 2% 2% 2% Government and Agencies 4 of 2

5 January 8, 200 # MidMarket M&A Up To US$50m # s Latin America Involvement MidMarket Legal Rankings (MML7a) MML7a Undisclosed Values & Values up to US$50m MML7a Undisclosed Values & Values up to US$50m //9 2//9 //9 2//9 Mkt Change Mkt Change US$m Rank Share Deals in Rank Deals Rank Share US$m in Rank Pinheiro Neto Advogados Pinheiro Neto Advogados Mattos Filho Veiga Filho Marrey Jr Mattos Filho Veiga Filho Marrey Jr Souza Cescon Tozzini Freire Teixeira e Silva Pinheiro Guimaraes Souza Cescon Simpson Thacher & Bartlett Levy & Salomao Advogados Tozzini Freire Teixeira e Silva Demarest E Almeida 8 6* Machado Meyer Sendacz & Opice Machado Meyer Sendacz & Opice 8 6* Linklaters Barbosa Mussnich & Aragao 7 8* Blake Cassels & Graydon Azevedo Sette Avogados 7 8* Azevedo Sette Avogados Jones Day 5 0* Thommessen Krefting Greve Lund AS Skadden 5 0* Dewey & LeBoeuf LLP *. 4 Baker & McKenzie 5 0* 4.0 Kramer Levin Naftalis & Frankel *. 5 Kramer Levin Naftalis & Frankel 5 0* 44.5 Davies Ward Phillips & Vineberg Dewey & LeBoeuf LLP 4 4* 44.5 DLA Piper Pinheiro Guimaraes 4 4* 85.6 Baker & McKenzie Latham & Watkins 4 4* Buchanan Ingersoll & Rooney *.0 Simpson Thacher & Bartlett 4 4* 8. Osler Hoskin & Harcourt LLP *.0 Arnold & Porter 4 4*.4 Garrigues Fasken Martineau DuMoulin LLP 9* 2.5 Greenberg Traurig Linklaters 9* 68. Davis Polk & Wardwell Davies Ward Phillips & Vineberg 9* 44.2 Wiersholm Mellbye & Bech DA Paul Hastings Janofsky & Walker 9* Demarest E Almeida Debevoise & Plimpton 9* Fraser Milner Casgrain Thommessen Krefting Greve Lund AS 9* 47.0 Fasken Martineau DuMoulin LLP Hogan & Hartson 9* Subtotal with, King & Spalding 9* Industry Total 4,74.9 0,288 Blake Cassels & Graydon 9* 5.2 Subtotal with ,7.6 Industry Total, ,74.9 $2.0 $.8 $.6 $.4 $.2 $.0 $0.8 $0.6 $ $ $ Latin American MidMarket M&A up to US$50m US$0 0m US$0 20m US$20 0m US$0 40m US$40 50m Latin American MidMarket M&A up to US$50m 2% 2%2% % % 2% 5 of 2

6 January 8, 200 # MidMarket M&A Up To US$50m # s European Involvement MidMarket Legal Rankings (MML0a) MML0a Undisclosed Values & Values up to US$50m MML0a Undisclosed Values & Values up to US$50m //9 2//9 //9 2//9 Mkt Change Mkt Change US$m EUR mil Rank Share Deals in Rank Deals Rank Share US$m EUR mil in Rank Allen & Overy CMS Jones Day Allen & Overy CMS Jones Day Linklaters Linklaters Baker & McKenzie Freshfields Bruckhaus Deringer 9 5* DLA Piper Baker & McKenzie 9 5* Latham & Watkins DLA Piper Slaughter & May White & Case LLP Norton Rose Latham & Watkins Berwin Leighton Paisner Herbert Smith/Gleiss Lutz/Stibbe Herbert Smith/Gleiss Lutz/Stibbe Clifford Chance Freshfields Bruckhaus Deringer Cuatrecasas Goncalves Pereira Cleary Gottlieb Steen & Hamilton Lovells LLP Lovells LLP Eversheds Skadden Garrigues 7 5* Shearman & Sterling LLP Advokatfirman Vinge 7 5* Clayton Utz Hammonds Nabarro Hengeler Mueller Advokatfirman Vinge Gianni, Origoni, Grippo & Partners Eversheds Cleary Gottlieb Steen & Hamilton Gianni, Origoni, Grippo & Partners Noerr Stiefenhofer Lutz Cuatrecasas Goncalves Pereira Hannes Snellman Wikborg Rein & Co Gernandt & Danielsson 27 2* Garrigues Simmons & Simmons 27 2* Hogan & Hartson Uria Menendez 27 2* Subtotal with,06. 7, ,697 Subtotal with 2, ,06. 7,909.0 Industry Total 28,05. 20, ,044 Industry Total 4, ,05. 20,202.7 European MidMarket M&A up to US$50m European MidMarket M&A up to US$50m $6 $4 $2 $0 $8 $6 $4 $2 $0 4,00 4,000,900,800,700,600,500,,00,,00,000 % % 2% US$0 0m US$0 20m US$20 0m US$0 40m US$40 50m 6 of 2

7 January 8, 200 # MidMarket M&A Up To US$50m # s UK Involvement MidMarket Legal Rankings (MML04a) MML04a Undisclosed Values & Values up to US$50m MML04a Undisclosed Values & Values up to US$50m //9 2//9 //9 2//9 Mkt Change Mkt Change US$m GBP mil Rank Share Deals in Rank Deals Rank Share US$m GBP mil in Rank Slaughter & May CMS Jones Day DLA Piper DLA Piper Jones Day 9 * CMS Eversheds 9 * Baker & McKenzie Allen & Overy Eversheds Hammonds Allen & Overy Freshfields Bruckhaus Deringer Nabarro Linklaters 22 8* Berwin Leighton Paisner Hammonds Baker & McKenzie Slaughter & May * Clayton Utz Latham & Watkins Lovells LLP Pinsent Masons Norton Rose Halliwells LLP Freshfields Bruckhaus Deringer Clifford Chance 4 4* Clifford Chance Osborne Clarke 4 4* Pinsent Masons Lovells LLP Latham & Watkins Fasken Martineau DuMoulin LLP 7* Linklaters Fasken Martineau DuMoulin LLP Berwin Leighton Paisner Clayton Utz 7* 7* Cleary Gottlieb Steen & Hamilton Nabarro 0 20* Herbert Smith/Gleiss Lutz/Stibbe Maclay Murray & Spens 0 20* K&L Gates Halliwells LLP AZB & Partners Osborne Clarke White & Case LLP K&L Gates Mayer Brown LLP Allens Arthur Robinson * 2* 2* 2* Subtotal with 4,9.5 2, Subtotal with ,9.5 2,69.5 Industry Total 9,42. 5, ,986 Industry Total 2, ,42. 5,974.0 UK MidMarket M&A up to US$50m UK MidMarket M&A up to US$50m $7 $6 $5 $4 $ $2 $ $0,,, % 2% US$0 0m US$0 20m US$20 0m US$0 40m US$40 50m 7 of 2

8 January 8, 200 # MidMarket M&A Up To US$50m # s French Involvement MidMarket Legal Rankings (MML05a) MML05a Undisclosed Values & Values up to US$50m MML05a Undisclosed Values & Values up to US$50m //9 2//9 //9 2//9 Mkt Change Mkt Change US$m EUR mil Rank Share Deals in Rank Deals Rank Share US$m EUR mil in Rank Jones Day CMS De Pardieu Brocas Maffei Jones Day Morgan Lewis & Bockius Linklaters 24 * Landwell De Pardieu Brocas Maffei 24 * CMS Gide Loyrette Nouel Shearman & Sterling LLP Latham & Watkins Aramis Landwell Hogan & Hartson Paul Hastings Janofsky & Walker 8* Proskauer Rose LLP Baker & McKenzie 8* Akin, Gump, Strauss, Hauer & Feld Ayache, Salama & Associes 2 0* Gide Loyrette Nouel Orrick Herrington & Sutcliffe LLP 2 0* Herbert Smith/Gleiss Lutz/Stibbe White & Case LLP 2 0* BEITEN BURKHARDT *.4 Lovells LLP * NCTM *.4 Taylor Wessing LLP * Schultze & Braun GmbH *.4 Reinhart Marville Torre 0 5* Uria Menendez Morgan Lewis & Bockius 0 5* Linklaters Allen & Overy 0 5* Morgan & Morgan Clifford Chance 9 8* DLA Piper *. 5 Jeantet & Associes 9 8* 0.6 Skadden *. Bredin Prat 9 8* 0.6 Homburger Veil Jourde 9 8* Orrick Herrington & Sutcliffe LLP Mayer Brown LLP 9 8* Bird & Bird Ashurst 8 2* Latham & Watkins Weil Gotshal & Manges 8 2* Fraser Milner Casgrain *.2 McCarthy Tetrault *.2 4 Subtotal with ,754.9,257.8 Subtotal with,754.9, Industry Total,59 0,58.9 2,566.4 Industry Total,58.9 2, ,59 French MidMarket M&A up to US$50m French MidMarket M&A up to US$50m $.8 $.6 $.4 $.2 $.0 $0.8 $0.6 $ $ $ % US$0 0m US$0 20m US$20 0m US$0 40m US$40 50m 8 of 2

9 January 8, 200 # MidMarket M&A Up To US$50m # s German Involvement MidMarket Legal Rankings (MML06a) MML06a Undisclosed Values & Values up to US$50m MML06a Undisclosed Values & Values up to US$50m //9 2//9 //9 2//9 Mkt Change Mkt Change US$m EUR mil Rank Share Deals in Rank Deals Rank Share US$m EUR mil in Rank CMS CMS Freshfields Bruckhaus Deringer Freshfields Bruckhaus Deringer Allen & Overy Latham & Watkins Skadden * Hengeler Mueller Thommessen Krefting Greve Lund AS * Schadbach Rechtsanwaelte Hengeler Mueller Linklaters Latham & Watkins Noerr Stiefenhofer Lutz BEITEN BURKHARDT *.7 5 Clifford Chance 2 8* NCTM *.7 Lovells LLP 2 8* Schultze & Braun GmbH *.7 2 Herbert Smith/Gleiss Lutz/Stibbe 20 0* Shearman & Sterling LLP White & Case LLP 20 0* Garrigues Allen & Overy 20 0* Clifford Chance 4.0 *.6 2 Baker & McKenzie BechBruun 4.0 *.6 2 Jones Day Mannheimer Swartling Advokatbyra DLA Piper Bird & Bird *.5 2 Shearman & Sterling LLP 6* Hogan & Hartson *.5 5 Luther Rechtsanwaltsgesellschaft 6* Arendt and Medernach *.5 Cleary Gottlieb Steen & Hamilton Weil Gotshal & Manges *.5 4 Wolf Theiss Rechtsanwaelte Sullivan & Cromwell *.5 2 Skadden 7 20* Jones Day Morgan Lewis & Bockius 7 20* Cleary Gottlieb Steen & Hamilton Orrick Herrington & Sutcliffe LLP Baker & McKenzie NautaDutilh Morgan Lewis & Bockius Subtotal with, Subtotal with 542.9, Industry Total 2,777.6, ,698 Industry Total, ,777.6,978.9 German MidMarket M&A up to US$50m German MidMarket M&A up to US$50m $.6 $.4 $.2 $.0 $0.8 $0.6 $ $ $ US$0 0m US$0 20m US$20 0m US$0 40m US$40 50m % % % 9 of 2

10 January 8, 200 # MidMarket M&A Up To US$50m # s Italian Involvement MidMarket Legal Rankings (MML07a) MML07a Undisclosed Values & Values up to US$50m MML07a Undisclosed Values & Values up to US$50m //9 2//9 //9 2//9 Mkt Change Mkt Change US$m EUR mil Rank Share Deals in Rank Deals Rank Share US$m EUR mil in Rank Gianni, Origoni, Grippo & Partners Gianni, Origoni, Grippo & Partners Chiomenti Studio Legal Chiomenti Studio Legal NCTM Bonelli Erede e Pappalardo Norton Rose NCTM Legance Studio Legale Associato CMS White & Case LLP Allen & Overy Simmons & Simmons Legance Studio Legale Associato 8 7* BEITEN BURKHARDT *.8 Cleary Gottlieb Steen & Hamilton 8 7* Schultze & Braun GmbH *.8 Studio Pedersoli e Associati 7 9* Studio Pedersoli e Associati d'urso Gatti e Associati 7 9* Bird & Bird *.5 Clifford Chance 6 * 0.8 Arendt and Medernach *.5 Cuatrecasas Goncalves Pereira 6 * 0.8 Weil Gotshal & Manges *.5 Orrick Herrington & Sutcliffe LLP 6 * Bonelli Erede e Pappalardo White & Case LLP 5 4* Jones Day Latham & Watkins 5 4* Cleary Gottlieb Steen & Hamilton Jones Day 4 6* Baker & McKenzie Lovells LLP 4 6* 0.5 Labruna Mazziotti Segni Baker & McKenzie 4 6* Carnelutti Studio Legale Associato Linklaters 4 6* 0.5 Herbert Smith/Gleiss Lutz/Stibbe * 0.7 Simmons & Simmons 20* Halliwells LLP * 0.7 Carnelutti Studio Legale Associato 20* Allen & Overy * Shearman & Sterling LLP 20* Minter Ellison Labruna Mazziotti Segni 20* Latham & Watkins Morgan Lewis & Bockius 20* Wilson Sonsini Goodrich & Rosati Norton Rose 20* Subtotal with Uria Menendez 20* Industry Total 2,72., Willkie Farr & Gallagher 20* Subtotal with Industry Total ,72.,94. Italian MidMarket M&A up to US$50m Italian MidMarket M&A up to US$50m $.4 $.2 $.0 $0.8 $0.6 $ $ $ % 2% US$0 0m US$0 20m US$20 0m US$0 40m US$40 50m 0 of 2

11 January 8, 200 # MidMarket M&A Up To US$50m # s Spanish Involvement MidMarket Legal Rankings (MML08a) MML08a Undisclosed Values & Values up to US$50m MML08a Undisclosed Values & Values up to US$50m //9 2//9 //9 2//9 Mkt Change Mkt Change US$m EUR mil Rank Share Deals in Rank Deals Rank Share US$m EUR mil in Rank Garrigues Cuatrecasas Goncalves Pereira Cuatrecasas Goncalves Pereira Garrigues Uria Menendez Uria Menendez KPMG KPMG Jones Day Gomez Acebo & Pombo Perez Llorca Linklaters 7 6* Raposo Bernardo & Associados SA Allen & Overy 7 6* Gomez Acebo & Pombo CMS 7 6* Simpson Thacher & Bartlett Simmons & Simmons 6 9* Davis Polk & Wardwell Freshfields Bruckhaus Deringer 6 9* Morgan Lewis & Bockius Jones Day 6 9* Corrs Chambers Westgarth Baker & McKenzie 6 9* Blake Cassels & Graydon Latham & Watkins 6 9* 0.7 Freshfields Bruckhaus Deringer Araoz y Rueda 5 4* Araoz y Rueda Perez Llorca 5 4* Baker & McKenzie Raposo Bernardo & Associados SA 5 4* Guerrero, Olivos, Novoa y Errazuriz Landwell 4 7* 0.5 Allen & Overy DLA Piper 4 7* Clifford Chance Clifford Chance 9* DLA Piper Lovells LLP 9* Paul Hastings Janofsky & Walker Orrick Herrington & Sutcliffe LLP 9* Advokatfirman Vinge Bredin Prat 2 22* Houthoff Buruma * 0.5 Gianni, Origoni, Grippo & Partners 2 22*.9.5 Van Till advocaten * 0.5 Bufete Perez de la Cruz SC 2 22* Blauw Tekstra Uding advocaten * 0.5 Subtotal with Industry Total 74.0, , Subtotal with Industry Total , ,299. Spanish MidMarket M&A up to US$50m Spanish MidMarket M&A up to US$50m $.4 $.2 $.0 $0.8 $0.6 $ $ $ %2% % US$0 0m US$0 20m US$20 0m US$0 40m US$40 50m of 2

12 January 8, 200 # MidMarket M&A Up To US$50m # s Nordic Involvement MidMarket Legal Rankings (MML09a) MML09a Undisclosed Values & Values up to US$50m MML09a Undisclosed Values & Values up to US$50m //9 2//9 //9 2//9 Advokatfirman Vinge Wikborg Rein & Co US$m EUR mil Rank 2 Mkt Share Deals 7 0 Change in Rank Advokatfirman Vinge Hannes Snellman Deals 7 28 Rank 2 Mkt Share 2..6 US$m EUR mil Change in Rank Wiersholm Mellbye & Bech DA Thommessen Krefting Greve Lund AS Gernandt & Danielsson Gorrissen & Federspiel Hannes Snellman Mannheimer Swartling Advokatbyra BechBruun Allen & Overy Mannheimer Swartling Advokatbyra Wiersholm Mellbye & Bech DA White & Case LLP Advokatfirmaet Selmer DA * 5* 7 8* Gorrissen & Federspiel Jones Day Linklaters Castren & Snellman Linklaters Thommessen Krefting Greve Lund AS * 0* 0* Gernandt & Danielsson Kromann Reumert Skadden Roschier * Advokatfirmaet Selmer DA Allen & Overy * Clayton Utz Wikborg Rein & Co Perez Llorca BechBruun Roschier Kromann Reumert Clifford Chance Tozzini Freire Teixeira e Silva Baker & McKenzie Krogerus Attorneys Ltd * 9* 9* Freshfields Bruckhaus Deringer Jones Day Baker & McKenzie Advokatfirman Cederquist Krogerus Attorneys Ltd Plesner * 7* 7* 7* Landwell Bugge ArentzHansen & Rasmussen Hengeler Mueller Subtotal with Industry Total , , ,27.2 2, ,747 Subtotal with Industry Total 58, , ,87.9,27.2 2,98.9 Nordic MidMarket M&A up to US$50m Nordic MidMarket M&A up to US$50m $2.5 $2.0 $.5 $.0 $0.5 $ % % 4% 4% 4% US$0 0m US$0 20m US$20 0m US$0 40m US$40 50m % 2 of 2

13 January 8, 200 # MidMarket M&A Up To US$50m # s Benelux Involvement MidMarket Legal Rankings (MML0a) MML0a Undisclosed Values & Values up to US$50m MML0a Undisclosed Values & Values up to US$50m //9 2//9 //9 2//9 Mkt Change Mkt Change US$m EUR mil Rank Share Deals in Rank Deals Rank Share US$m EUR mil in Rank Allen & Overy Allens Arthur Robinson Linklaters Allen & Overy Herbert Smith/Gleiss Lutz/Stibbe CMS Herbert Smith/Gleiss Lutz/Stibbe Linklaters Freehills NautaDutilh 6 5* De Pardieu Brocas Maffei Baker & McKenzie 6 5* Cleary Gottlieb Steen & Hamilton DLA Piper Jones Day Houthoff Buruma Baker & McKenzie De Brauw Blackstone Westbroek Berwin Leighton Paisner Clifford Chance Hengeler Mueller Loyens & Loeff NautaDutilh Freshfields Bruckhaus Deringer 8 2* 0.6 Blake Cassels & Graydon White & Case LLP 8 2* 0.6 Gernandt & Danielsson Hengeler Mueller 8 2* Wikborg Rein & Co Cleary Gottlieb Steen & Hamilton 7 5* DLA Piper Simmons & Simmons 7 5* Simmons & Simmons Jones Day 7 5* Dechert Dechert 6 8* Binder Groesswang Holland van Gijzen 6 8* Houthoff Buruma * 0.9 Blake Cassels & Graydon 6 8* Gianni, Origoni, Grippo & Partners * 0.9 Jeantet & Associes 5 2* Skadden Bonelli Erede e Pappalardo 5 2* 4. Bryan Cave LLP Freehills 5 2* Minter Ellison Lovells LLP 5 2* Sullivan & Cromwell Latham & Watkins 5 2* Subtotal with, Sullivan & Cromwell 5 2* Industry Total 2,99. 2, ,282 Subtotal with 7 29., Industry Total, ,99. 2,089.2 Benelux MidMarket M&A up to US$50m Benelux MidMarket M&A up to US$50m $.4 $.2 $.0 $0.8 $0.6 $ $ $ US$0 0m US$0 20m US$20 0m US$0 40m US$40 50m %% 2% of 2

14 January 8, 200 # MidMarket M&A Up To US$50m # s Eastern Europe Involvement MidMarket Legal Rankings (MML6a) MML6a Undisclosed Values & Values up to US$50m MML6a Undisclosed Values & Values up to US$50m //9 2//9 //9 2//9 White & Case LLP Havel & Holasek sro Linklaters US$m EUR mil Rank 2 Mkt Share Deals Change in Rank CMS White & Case LLP Baker & McKenzie Deals Rank 2 Mkt Share US$m EUR mil Change in Rank CMS Allen & Overy Allen & Overy Havel & Holasek sro Krogerus Attorneys Ltd Latham & Watkins Cleary Gottlieb Steen & Hamilton Musat & Asociatii Dewey & LeBoeuf LLP Hogan & Hartson Grynhoff Wozny Malinski Freshfields Bruckhaus Deringer Linklaters Pekin & Bayar Wolf Theiss Rechtsanwaelte Weil Gotshal & Manges * 7* 9* 9* Vinson & Elkins LLP Shearman & Sterling LLP Latham & Watkins Wolf Theiss Rechtsanwaelte Noerr Stiefenhofer Lutz Debevoise & Plimpton Cleary Gottlieb Steen & Hamilton Herbert Smith/Gleiss Lutz/Stibbe * 2* 4* 4* Domanski Zakrzewski Palinka spk Macleod Dixon Squire Sanders & Dempsey LLP King & Spalding Lovells LLP Schoenherr Attorney's at Law Domanski Zakrzewski Palinka spk Clifford Chance * 4* 4* 9* Torys Gide Loyrette Nouel Dewey & LeBoeuf LLP Hogan & Hartson 4 4 9* 9* Weil Gotshal & Manges Squire Sanders & Dempsey LLP 4 9* Kromann Reumert * Musat & Asociatii 2* Norton Rose * 2 DLA Piper 2* 0. Baker & McKenzie Sayenko Kharenko LLC 2* 0. Subtotal with Esin Law Firm 2* Industry Total, , ,099 Gide Loyrette Nouel 2* Subtotal with Industry Total 4,099 0, ,9.2 $2.5 $2.0 $.5 $.0 $0.5 $ Eastern European MidMarket M&A up to US$50m US$0 0m US$0 20m US$20 0m US$0 40m US$40 50m,, Eastern European MidMarket M&A up to US$50m 2% % 4% 4 of 2

15 January 8, 200 # MidMarket M&A Up To US$50m # s Hochinma Involvement MidMarket Legal Rankings (MMLa) MMLa Undisclosed Values & Values up to US$50m MMLa Undisclosed Values & Values up to US$50m //9 2//9 //9 2//9 Mkt Change Mkt Change US$m Rank Share Deals in Rank Deals Rank Share US$m in Rank AZB & Partners AZB & Partners Minter Ellison Baker & McKenzie Freshfields Bruckhaus Deringer Khaitan & Co Linklaters Freshfields Bruckhaus Deringer Khaitan & Co Minter Ellison Baker & McKenzie Jones Day Clifford Chance Linklaters Shook Lin & Bok LLP Grandall Legal Group Stamford Law Corp Paul Hastings Janofsky & Walker Grandall Legal Group Herbert Smith/Gleiss Lutz/Stibbe 9 0. Davis Polk & Wardwell Trend Associates 8 * Clayton Utz Allen & Gledhill 8 * Latham & Watkins Mayer Brown LLP 8 * Morrison & Foerster Clifford Chance 7 4* WongPartnership LLP Mallesons Stephen Jaques 7 4* Jones Day Jia Yuan Law Firm 7 4* 0. Allen & Gledhill DLA Piper 7 4* Gibson Dunn & Crutcher Clayton Utz 7 4* Freehills WongPartnership LLP 7 4* Rajah & Tann Allen & Overy 7 4* Simpson Grierson Stamford Law Corp 6 2* Haiwen & Partners O'Melveny & Myers 6 2* C & S Law Firm Amarchand & Mangaldas & Suresh A Shroff 6 2* O'Melveny & Myers White & Case LLP 6 2* Shearman & Sterling LLP 5 25* 5 Allens Arthur Robinson 5 25* 5 Subtotal with 7.2,5.5 Subtotal with, Industry Total 5, ,726.7 Industry Total 28, ,56 $2 $0 $8 $6 $4 $2 $0 Hochinma MidMarket M&A up to US$50m US$0 0m US$0 20m US$20 0m US$0 40m US$40 50m,800,600,,, Hochinma MidMarket M&A up to US$50m 4% % 2% 4% 2% % 5 of 2

16 January 8, 200 # MidMarket M&A Up To US$50m # s Hong Kong Involvement MidMarket Legal Rankings (MML2a) MML2a Undisclosed Values & Values up to US$50m MML2a Undisclosed Values & Values up to US$50m //9 2//9 //9 2//9 Mkt Change Mkt Change US$m Rank Share Deals in Rank Deals Rank Share US$m in Rank Linklaters Jones Day Baker & McKenzie 0 2. Baker & McKenzie 2* Clifford Chance 97.. Minter Ellison 2* Minter Ellison Freshfields Bruckhaus Deringer Freshfields Bruckhaus Deringer Trend Associates 8 5* Jones Day Linklaters 8 5* WongPartnership LLP Herbert Smith/Gleiss Lutz/Stibbe 5 7*. Shook Lin & Bok LLP Mallesons Stephen Jaques 5 7* O'Melveny & Myers Allen & Gledhill 5 7* 24.2 Slaughter & May Paul Hastings Janofsky & Walker 5 7*.8 Mori Hamada & Matsumoto 4 Clayton Utz 5 7*.0 Trend Associates O'Melveny & Myers Clayton Utz.0 5 Clifford Chance * 97. Mallesons Stephen Jaques 4 5 Mayer Brown LLP * 4.7 Freehills 5 Allen & Overy * 6. C & S Law Firm Slaughter & May 2 6* 45. CMS Simmons & Simmons 2 6* 7.5 Hopgood Ganim CMS 2 6* 27.9 Stamford Law Corp K&L Gates 2 6* 2 Allen & Gledhill Oppenhoff & Partner Rechtsanwaelte 2 6* K&L Gates Allens Arthur Robinson 2 6* 0.9 Davis Polk & Wardwell * Shook Lin & Bok LLP 2 6* 59.4 Morrison & Foerster * WongPartnership LLP 2 6* 6. Stikeman Elliott * Stikeman Elliott 24* Bennett Jones * Subtotal with, Subtotal with 2,058.7 Industry Total 9,072. 0,24 Industry Total,24 0 9,072. Hong Kong MidMarket M&A up to US$50m Hong Kong MidMarket M&A up to US$50m $4.0 $.5 $.0 $2.5 $2.0 $.5 $.0 $0.5 $ % 2%2% 2 US$0 0m US$0 20m US$20 0m US$0 40m US$40 50m 4% 6 of 2

17 January 8, 200 # MidMarket M&A Up To US$50m # s Australia/New Zealand Involvement MidMarket Legal Rankings (MMLa) MMLa Undisclosed Values & Values up to US$50m MMLa Undisclosed Values & Values up to US$50m //9 2//9 //9 2//9 Mkt Change Mkt Change US$m Rank Share Deals in Rank Deals Rank Share US$m in Rank Clayton Utz Clayton Utz Freehills Freehills 57 2* Minter Ellison Minter Ellison 57 2* Allens Arthur Robinson Mallesons Stephen Jaques Mallesons Stephen Jaques Allens Arthur Robinson Blake Dawson Blake Dawson Baker & McKenzie Deacons Deacons Baker & McKenzie DLA Piper DLA Piper Simpson Grierson Bell Gully Corrs Chambers Westgarth Cochrane Lishman 2 * Bell Gully Gilbert + Tobin 2 * Gilbert + Tobin Corrs Chambers Westgarth Cochrane Lishman Simpson Grierson 9 4* 74.5 Blakiston & Crabb Chapman Tripp Sheffield Young 9 4* 69.5 Middletons Lawyers Steinepreis Paganin Johnson Winter & Slattery Freshfields Bruckhaus Deringer 7 7* 9. Steinepreis Paganin McCullough Robertson 7 7* 68.6 Chapman Tripp Sheffield Young Fasken Martineau DuMoulin LLP 4 9* 47.9 Herbert Geer & Rundle Skadden 4 9* 5.5 McCullough Robertson Rockwell Bates 4 9* 5.8 Clifford Chance McCarthy Tetrault 4 9* 6.2 Blake Cassels & Graydon Latham & Watkins 4 9* 27.5 Skadden Osler Hoskin & Harcourt LLP 4 9* 40.8 Fasken Martineau DuMoulin LLP Davies Ward Phillips & Vineberg 4 9* 2.5 Subtotal with, Subtotal with ,802.8 Industry Total 8, ,2 Industry Total 2,2 0 8,82.7 $4.0 $.5 $.0 $2.5 $2.0 $.5 $.0 $0.5 $ Australia/New Zealand MidMarket M&A up to US$50m US$0 0m US$0 20m US$20 0m US$0 40m US$40 50m Australia/New Zealand MidMarket M&A up to US$50m 4% 4% % 2% 2% Government and Agencies 7 of 2

18 January 8, 200 # MidMarket M&A Up To US$50m # s Singapore Involvement MidMarket Legal Rankings (MML4a) MML4a Undisclosed Values & Values up to US$50m MML4a Undisclosed Values & Values up to US$50m //9 2//9 Mkt Change US$m Rank Share Deals in Rank Deals Rank Stamford Law Corp Allen & Gledhill 2 Allen & Gledhill WongPartnership LLP 4 2 WongPartnership LLP Stamford Law Corp Shook Lin & Bok LLP Shook Lin & Bok LLP 8 4 Rajah & Tann 4.7 5*.4 2 Clifford Chance 6 5 Gibson Dunn & Crutcher 4.7 5*.4 Baker & McKenzie 5 6 Freshfields Bruckhaus Deringer Freshfields Bruckhaus Deringer 4 7 TMI Associates Gibson Dunn & Crutcher 8* AZB & Partners * 0.7 Allens Arthur Robinson 8* Dhir & Dhir Associates * 0.7 Drew & Napier 8* Clifford Chance 6. * Latham & Watkins 8* DLA Piper 6. * 0.5 Rajah & Tann 2 2* Minter Ellison 6. * Herbert Smith/Gleiss Lutz/Stibbe 2 2* David Lim & Partners. 4 Davies Ward Phillips & Vineberg 2 2* Freehills.0 5 Harry Elias & Partners 2 2* Linklaters Linklaters 2 2* Drew & Napier 7 Clayton Utz 2 2* Harry Elias & Partners Minter Ellison 2 2* Allen & Overy Allen & Overy 2 2* Baker & McKenzie White & Case LLP 2 2* Davies Ward Phillips & Vineberg 2.0 2* 0. 2 Heenan Blaikie 2.0 2* 0. //9 2//9 Mkt Change Share US$m in Rank Subtotal with Industry Total 2, Subtotal with Industry Total ,995. Singapore MidMarket M&A up to US$50m Singapore MidMarket M&A up to US$50m $.4 $.2 $.0 $0.8 $0.6 $ $ $ % % 2% 2% % % US$0 0m US$0 20m US$20 0m US$0 40m US$40 50m 2% 8 of 2

19 January 8, 200 # MidMarket M&A Up To US$50m # s Japanese Involvement MidMarket Legal Rankings (MML5a) MML5a Undisclosed Values & Values up to US$50m MML5a Undisclosed Values & Values up to US$50m //9 2//9 //9 2//9 Mkt Change Mkt Change US$m Rank Share Deals in Rank Deals Rank Share US$m in Rank Mori Hamada & Matsumoto Mori Hamada & Matsumoto Anderson Mori & Tomotsune Nishimura & Asahi TMI Associates TMI Associates Nagashima Ohno & Tsunematsu Nagashima Ohno & Tsunematsu Morrison & Foerster Anderson Mori & Tomotsune Nishimura & Asahi Morrison & Foerster Shearman & Sterling LLP Allen & Overy DLA Piper Jones Day Baker & McKenzie Paul Hastings Janofsky & Walker OhEbashi LPC & Partners Baker & McKenzie Jones Day DLA Piper 6 * 87.4 Hibiya Park Law Office Morgan Lewis & Bockius 6 * Clayton Utz O'Melveny & Myers 6 * 5.8 Kitamura & Hiraga Shearman & Sterling LLP 5 4* 9.5 Ushijima & Partners CMS 5 4* Cooley Godward Kronish LLP * 0.5 OhEbashi LPC & Partners 5 4* 66.9 Squire Sanders & Dempsey LLP * 0.5 City Yuwa Partners 4 7* 5.8 Hironaka Sogo Horitsu Jimusho 44. 8* 0.5 Clayton Utz 4 7* 48.5 T Hasegawa & Co Law Offices 44. 8* 0.5 Orrick Herrington & Sutcliffe LLP 4 7* 9.5 Homburger Paul, Weiss 4 7* Harbor International Law Office 9.9 2* 2 Sullivan & Cromwell 4 7* Kumagai & Tanaka 9.9 2* 2 Davis Polk & Wardwell 9.0 2* Miyakezaka Sogo Law Offices 9.0 2* 2 Paul Hastings Janofsky & Walker * 0 Blake Dawson * 2 Subtotal with ,877. Subtotal with 2, Industry Total 2,6 0 9,.4 Industry Total 9,.4 0 2,6 Japanese MidMarket M&A up to US$50m Japanese MidMarket M&A up to US$50m $4.0 $.5 $.0 $2.5 $2.0 $.5 $.0 $0.5 $ US$0 0m US$0 20m US$20 0m US$0 40m US$40 50m % % % Government and Agencies 9 of 2

20 January 8, 200 # MidMarket M&A Up To US$50m # s Ranking Criteria Summary If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact: Americas Audrey Brown Tel: audrey.brown@thomsonreuters.com Europe, Middle East & Africa Benedikt Schueller Tel: +44 (0) benedikt.schueller@thomsonreuters.com AsiaPacific Jason Pacannuayan Tel: jason.pacannuayan@thomsonreuters.com Announced league tables include all deals that were announced between January, 8 and December, 9 and of which Thomson Reuters was made aware. All current data and previous year's data is as of 2:00pm EST on January 7, 9. League tables include rank eligible mergers, acquisitions, repurchases, spinoffs, selftenders, minority stake purchases and debt restructurings. A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional. Deals with undisclosed dollar values are rank eligible but with no corresponding. NonUS dollar denominated transactions are converted to the US dollar equivalent at the time of announcement of terms. Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the transaction agreed to or, in the absence of an agreement, the value of the highest offer. Japan Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. Tomomi Terahara Tel: tomomi.terahara@thomsonreuters.com League tables, commentary, and charts citing announced activity are based on and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. is defined as the earliest public announcement of when a value can be applied to a transaction. While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. 9 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party. 20 of 2

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