Global and regional M&A: Q1-Q Including league tables of legal advisors

Transcription

1 Including of legal advisors Global Europe US C & S America Asia-Pacific Japan Africa & Middle East M&A League tables PE Criteria

2 Regional M&A comparison $1.5tn 47.5% $797.4bn 24.6% $62.6bn 1.9% 1.9% 46.6% $658.8bn 20.3% $83.8bn 2.6% $88.3bn 2.7% Global M&A $3.2tn, -18.1% vs Cross-border $1.3tn 7.9% Energy, Mining & Utilities $608.5bn 5.5% * The % value on the map indicates market share in global M&A US $1.5tn, -22.9% vs Inbound $450.5bn 1.5% Outbound $264.9bn 12.1% Energy, $337.2bn 64.3% Mining & Utilities C & S America $83.8bn, +8.7% vs Inbound $54.5bn 46.3% Outbound $10.7bn 58.3% Energy, Mining & Utilities $43.2bn 79.7% Europe $797.4bn, -10.3% vs Inbound $410.7bn 35.6% Outbound $273.9bn 3.0% Industrials $159bn 45.2% & Chemicals Africa & Middle East $88.3bn, +93.4% vs Inbound $72.5bn 89.2% Outbound $36.3bn 53.0% Consumer $22.1bn 15x Asia-Pacific (excl. Japan) $658.8bn, -25.5% vs Inbound $89.9bn 10.0% Outbound $255.8bn 82.6% Technology $96.8bn 5.7% Japan $62.6bn, +2.3% vs Inbound $10.2bn 16.5% Outbound $92.1bn 5.2% Industrials $20.7bn 111.7% & Chemicals 2

3 Global Global dealmakers were forced to navigate a sea of during 2016, as the populist vote swept across the global political stage. Despite a series of political shockwaves, global M&A activity (17,369 deals, US$ 3.2tn) managed to reach its third highest deal value since 2007 (US$ 3.7tn), despite value dropping 18.1% compared to 2015 (18,039 deals, US$ 4.0tn), with 670 fewer deals announced. The outlook for 2017 remains uncertain, with Brexit negotiations, the nature of president-elect Donald Trump s presidency, as well as the upcoming French and German elections, all under question. The US continued to be the most sought after location for M&A deals by both deal value and count, with 2016 activity (4,951 deals, US$ 1.5tn) reaching its second highest annual value on Mergermarket record (since 2001). This was despite deal value dropping 22.9% compared to a record 2015 (5,298 deals, US$ 1.9tn), with 347 fewer deals announced. A surge of activity in the Energy, Mining & Utilities sector boosted activity, with US$ 337.4bn deals across 439 transactions representing an all-time high value within the sector. Donald Trump s surprise electoral victory in November brings with it an uncertain future for US M&A, with the President-elect pledging to clamp down on high profile acquisitions such as the AT&T/Time Warner deal announced in October. In the face of an uncertain future, M&A activity accelerated in the run up to the election, with mega-deals such as AT&T/Time Warner (US$ 105.1bn), Level 3/CenturyLink (US$ 34.5bn) and General Electric/ Baker Hughes (US$ 31.6bn) all announced in the month prior to the election. Arguably the most prominent trend of the year was China s seemingly unquenchable appetite for overseas acquisitions. Chinese dealmakers engaged in 258 transactions worth US$ 185.3bn during 2016, 3.8x higher than 2015 s previous record value (US$ 49.1bn, 177 deals), with 81 more deals. However, a recent to legislation, whereby the Chinese government will scrutinise overseas transactions over US$ 2bn in an effort to reduce capital outflows that are draining foreign ex reserves and depreciating the renminbi, suggests dealmaking will likely become more muted in the coming year. Quarterly M&A activity Q1 Q2 Q3 Q4 of deals (US$bn) 2016: $3.24tn , Total 3,669.1 Total 2,416.1 Q1-Q vs. Q1-Q % Third highest annual value since 2007 (US$ 3.7tn) Total 1,714.9 Total 2,100.6 H vs. H % Up by value compared to H1 2016, yet 14.6% down compared to H Total 2,281.5 Total 2,311.4 Mega-deals 38 deals $904.7bn -39.4% Drop in value from a record 57 mega-deals worth $1.5tn in Sector breakdown 2016 vs 2015 Energy, Mining & Utilities otech Industrials & Chemicals Technology Financial Services Pharma, Medical & Biotech Consumer Business Services Other ,037.3 s $577.1bn $608.5bn $471.8bn $520.1bn $412.2bn $410.2bn $488.1bn $314.3bn $392.4bn $273.7bn $510.4bn $222.4bn $237.6bn $199.9bn $867.0bn $691.0bn ,201.2 dical & Bi Total 2,237.2 Total 3,237.9 Total 3,956.4 Total 3,240.1 Market share 14.6% 18.8% 11.9% 16.1% 10.4% 12.7% 12.3% 9.7% 9.9% 8.4% 12.9% 6.9% 6.0% 6.2% 21.9% 21.3% Top performing sectors Energy, Mining & Utilities $608.5bn (1,453 deals) Industrials & Chemicals $520.1bn (3,273 deals) Technology $410.2bn (2,258 deals) Misc. China outbound (excl. As-Pac) $185.3bn October $457.7bn (1,418 deals) US M&A $1.5tn (4,951 deals) 5.5% 10.2% -0.5% 3.8x % Second highest value since 2007 ($715.3bn) Highest annual value on record (since 2001), despite two consecutive decreases in deal count Second highest annual value on Mergermarket record following 2015 ($412.2bn) Highest annual deal value on Mergermarket record following three consecutive increases Highest monthly deal value since May 2007 ($546.7bn), with six deals valued over $10bn Down compared to record 2015, yet still the second highest annual deal value on record 3

4 Global Top deals value (US$bn) Ann. date Bidder company Bidder country Target company Target country Target sector Oct AT&T Inc USA Time Warner Inc USA Sep Bayer AG Germany Monsanto Company USA Nov Sunuco Logistics Partners LP USA Energy Transfer Partners LP USA Oct Qualcomm Inc USA NXP Semiconductors NV Netherlands Feb Sector key China National Chemical Corporation China Syngenta Switzerland Media Industrials & Chemicals Energy, Mining & Utilities Telecommunications League table by value Rank Company name Regional ranking comparison (US$bn) (US$bn) % Fangda Partners % = - 4 Europe US Asia- Pacific (excl. Japan) Japan Africa & Middle East 1 9 White & Case % Sullivan & Cromwell % Davis Polk & Wardwell % Cravath, Swaine & Moore % Skadden Arps Slate Meagher & Wachtell, Lipton, Rosen & Katz C&S America , % % Weil Gotshal & Manges % Freshfields Bruckhaus Deringer % Cleary Gottlieb Steen & Hamilton % Shearman & Sterling % Simpson Thacher & Bartlett % Jones Day % Latham & Watkins % % Allen & Overy % Kirkland & Ellis % Herbert Smith Freehills % Clifford Chance % Linklaters %

5 Europe European M&A seems to have suffered due to the wave of political uncertainty sweeping through the continent in 2016, with 6,756 deals worth US$ 797.4bn down 10.3% by value compared to 2015 (6,763 deals, US$ 888.7bn), marking a second consecutive annual decrease in value. Despite this dip in activity, Q4 marked a high in dealmaking, with US$ 252.5bn-worth of deals representing the strongest quarter of the year, bolstered by mega-deals such as NXP/Qualcomm (US$ 45.9bn) and Fox/Sky Plc (US$ 22.4bn). Despite a lull in targeted activity, inbound M&A into Europe reached an all-time high value in 2016, with 1,280 deals worth US$ 410.7bn announced, up 35.6% by value compared to 2015 (US$ 302.9bn, 1,303 deals) to reach its highest total on Mergermarket record (since 2001). There were a record 11 deals valued over US$ 10bn announced, with deals such as Softbank/ARM, Syngenta/ ChemChina and Tyco/Johnson Controls resulting in the average deal size (US$ 650.8m) reaching its highest on record. December's Italian referendum was the latest political event to cast uncertainty over future M&A activity. Italian dealmakers will not want the recent rush of dealmaking to lose momentum, having registered 505 deals worth US$ 54.7bn in the highest annual deal count on record. Yet according to Mergermarket intelligence, investors could decide to postpone deals until the political limbo clears, as economic reforms that were expected to cast a positive influence over the markets could come to a standstill now that Renzi s government is no longer in power. German M&A has remained resilient against the tide of sweeping across Europe, with 846 deals worth US$ 80.4bn increasing 27.7% by value compared to 2015 (819 deals, US$ 63.0bn), whilst accounting for 27 more deals. making targeting the Industrials and Chemicals sector continued to drive activity, with 285 deals worth US$ 27.8bn up 39.6% by value compared to 2015 (256 deals, US$ 19.9bn). According to Mergermarket intelligence this will likely continue into 2017 as German corporates take on the Industry 4.0 challenge, a government-backed initiative to unite technology with the manufacturing industry. Quarterly M&A activity Q1 Q2 Q3 Q4 of deals (US$bn) 2016: $797.4bn Total 1,536.7 Total 1,004.8 Total Total vs % of global M&A 10.3% 24.6% Second consecutive year-to-date value decrease, while deal count remained on par Up from 22.5% in 2015, the lowest YTD share on record (since 2001) Total Total Q vs. Q % Highest quarterly deal value in 2016, yet with lowest deal count Sector breakdown 2016 vs 2015 Industrials & Chemicals Technology Financial Services Energy, Mining & Utilities Pharma, Medical & Biotech Business Services Consumer Other $109.7bn $159.2bn $70.3bn $120.5bn $93.3bn $110.8bn $142.4bn $101.3bn $33.0bn $56.6bn $37.8bn $46.6bn $204.0bn $45.4bn $198.3bn $157.0bn Total Total Total Total Market share 12.3% 20.0% 7.9% 15.1% 10.5% 13.9% 16.0% 12.7% 3.7% 7.1% 4.3% 5.8% 23.0% 5.7% 22.3% 19.7% Inbound activity Europe inbound $410.7bn (1,280 deals) H vs. H Average deal size Regional overview Germany $80.4bn (846 deals) Italy $54.7bn (505 deals) UK $187.7bn (1,379 deals) 35.6% 40.5% $650.8m 27.7% +44 deals 54.8% Up compared to 2015, and highest annual value on record Q4 ($160.1bn) recorded the highest quarterly deal value on record Highest annual deal size on record, up from $416.1m in 2015 Up in value compared to 2015 Highest deal count on Mergermarket record Down compared to a record 2015, but up compared to 2014 ($158.1bn) and 2013 ($121bn) 5

6 Europe Top deals value (US$bn) Ann. date Bidder company Bidder country Target company Target country Target sector Seller company Oct Qualcomm Incorporated US NXP Semiconductors NV Netherlands Feb China National Chemical Corporation China Syngenta AG Switzerland Jul Softbank Group Corp. Japan ARM Holdings (98.55% Stake) UK Dec Twenty-First Century Fox Inc US Sky Plc (60.9% Stake) UK Jul Sacam Mutualisation France Credit Agricole - Regional Banks (25% Stake) France Credit Agricole SA Sector key Telecommunications Industrials & Chemicals Media Financial Services League table by value Rank Company name % 1 4 Freshfields Bruckhaus Deringer 269, , % 2 10 White & Case 247, , % 3 1 Cravath, Swaine & Moore 224, , % 4 19 Allen & Overy 224, , % 5 13 Linklaters 209, , % 6 2 Clifford Chance 197, , % 7 15 Davis Polk & Wardwell 192, , % 8 6 Sullivan & Cromwell 167, , % 9 3 Cleary Gottlieb Steen & Hamilton 164, , % , , % Shearman & Sterling 139, , % , , % 13 8 Wachtell, Lipton, Rosen & Katz 112, , % Morrison & Foerster 106, ,177 1,953% Slaughter and May 103, , % Simpson Thacher & Bartlett 102, , % Jones Day 99, , % Herbert Smith Freehills 90, , % 19 9 Weil Gotshal & Manges 83, , % Debevoise & Plimpton 82, , % 6

7 US 2016 was fraught with geopolitical uncertainty. For US dealmaking, H1 saw increased regulations from the Obama administration, whilst H2 was dominated by the election of Donald Trump. The latter's campaign, wildly favoured by the populist wave sweeping much of the world, called for deeper scrutiny of deals with foreign buyers. Trump also vowed to block the AT&T/Time Warner (US$ 105.0bn) mega-deal once in office. However, US M&A remained undampened, despite everything, finishing the year with US$ 1.5tn, its secondhighest value on Mergermarket record (since 2001). Much of 2016's US M&A was due to soaring inbound activity, with US companies sold to foreign entities for a record US$ 450.5bn, a 1.5% rise from 2015's previous peak of US$ 444.0bn. The influx of overseas cash scooping up US businesses, particularly from China, sparked national security concerns and the attention of the Committee on Foreign Investment in the US (CFIUS). Inbound deals with Chinese companies reached a peak of US$ 63.6bn, a 5.3x rise over 2015 s US$ 11.9bn, with CFIUS blocking three transactions worth US$ 6.6bn announced during Meanwhile, Canada proved to be the dark horse as the US s top bidder, paying US$ 110.6bn the most it has ever spent in the US, 61.5% (US$ 68bn) of which was for power and utilities assets. Canada's investments boosted Energy, Mining & Utilities (EMU) to top sector, capturing 23.0% of national market share and rising 64.3% to US$ 337.4bn, a Mergermarket high for the sector. Driving EMU was the Energy sub-sector, accounting for 90.3% of sector value with US$ 304.9bn. Media also saw a record high, up 220.6% to US$ 133.2bn over 2015, 78.9% of which was due to the AT&T/Time Warner deal. Despite strong M&A activity in the last few years, prospects for US dealmaking in 2017 remain cloudy following Trump s threats on the campaign trail of protectionism and trade agreement revisions. At the same time, the inevitable evolution of certain industries caused by disruptive new technologies may still lead many firms to consolidate or seek innovative add-ons to ensure future competitiveness. Thus, the unpredictability of 2016 may well continue into 2017, with a Trump presidency rendering the new year a wild card. Quarterly M&A activity Q1 Q2 Q3 Q4 of deals (US$bn) Q1-Q4 2016: $1.5tn Total 1,328.0 Total Total Total Q1-Q vs. Q1-Q H vs. H % 51.3% Second-highest value on Mergermarket record (since 2001) after 2015 Second-highest half-year (US$ 880.7bn) on record after H ($1.1tn) Total Total Q1-Q share in global M&A 45.2% Third-highest share after 2001 (49.6%) and 2015 (48.0%) Total Cross-border activity Total 1, Total 1,897.6 Total 1,464.0 US inbound $450.5bn (952 deals) 1.5% Highest inbound value and deal count on record Sector breakdown 2016 vs 2015 Energy, Mining & Utilities Industrials & Chemicals Pharma, Medical & Biotech Technology Media Business Services Consumer Other $205.4bn $337.4bn $238.2bn $206.6bn $298.4bn $176.7bn $229.9bn $176.7bn $41.5bn $133.2bn $157.3bn $115.2bn $181.8bn $86.3bn $545.0bn $231.9bn Consumer Market share 10.8% 23.0% 12.6% 14.1% 15.7% 12.1% 12.1% 12.1% 2.2% 9.1% 8.3% 7.9% 9.6% 5.9% 28.7% 15.8% US outbound $264.9bn (1,201 deals) Canadian inbound $110.6bn (150 deals) Energy, Mining & Utilities Q1-Q vs. Q1-Q Share in US M&A Sunoco Logistics Partners/Energy Transfer Partners 12.1% 32.7% 64.3% 23.1% $51.4bn Second-highest value on record after 2014 ($307.4bn) Highest value on record and second-highest deal count after 2015 (185) Highest US EMU value on record ($337.4bn) Over 2x 2015 s share (10.8%) and on par with 2014 (23.2%) Second-largest US EMU deal after 2014 s Kinder Morgan Inc/Kinder Morgan Energy Partners (88.6% stake) ($58.8bn) 7

8 US Top deals value (US$bn) Ann. date Bidder company Bidder country Target company Target sector Oct AT&T Inc USA Time Warner Inc Sep Bayer AG Germany Monsanto Company Nov Sunuco Logistics Partners LP USA Energy Transfer Partners LP Sep Enbridge Inc Canada Spectra Energy Corp Jan Shire Plc Ireland Baxalta Inc Sector key Media Industrials & Chemicals Energy, Mining & Utilities Pharma, Medical & Biotech League table by value Rank Company name % 1 9 Sullivan & Cromwell 542, , % 2 5 White & Case 499, , % 3 3 Cravath, Swaine & Moore 380, , % 4 4 Wachtell, Lipton, Rosen & Katz 379, , % 5 11 Davis Polk & Wardwell 362, , % , , % 7 6 Weil Gotshal & Manges 334, , % 8 18 Jones Day 266, , % 9 22 Shearman & Sterling 255, , % , , % Simpson Thacher & Bartlett 243, , % Kirkland & Ellis 240, , % 13 2 Latham & Watkins 230, , % 14 7 Cleary Gottlieb Steen & Hamilton 189, , % Allen & Overy 184, , % Herbert Smith Freehills 142, , % Gibson Dunn & Crutcher 140, , % Freshfields Bruckhaus Deringer 139, , % Wilson Sonsini Goodrich & Rosati 128, , % Fried Frank Harris Shriver & Jacobson 126, , % 8

9 Central & South America Central & South America ended the year with a modest recovery by value from last year, up 8.7% to US$ 83.8bn with 519 deals from 2015's US$ 77.1bn with 600, despite 81 fewer transactions. Brazil, its dominant economy with a 62.9% regional market share, accounted for much of the increase, rising 5.5x in Q3 to US$ 27.6bn from US$ 5bn in Q2 following president Dilma Rousseff s impeachment. No other country in the region passed US$ 6bn in any quarter of the year. By Q4, as Rousseff s successor, Michel Temer, faced corruption charges, deal count remained stable to the previous quarter at 69 deals, yet saw a value decrease of 51.4% to US$ 13.4bn due to fewer large deals being announced. Contributing to the region s woes has been the continued downturn in the oil market, Central & South America s prime commodity. However, low oil prices have also led to industry consolidations, helping Energy, Mining & Utilities (EMU) finish the year with 83 deals worth US$ 43.2bn, a 79.7% increase in deal value and a rise in count of eight over 2015's 75 deals worth US$ 24.1bn. The largest transaction was State Grid Corporation of China's US$ 12.1bn bid for Brazil's CPFL Energia, which accounted for 28% of EMU's value. Chinese deals in the region reached a Mergermarket record (since 2001) by deal value and count US$ 15.9bn with eight deals, a value 11.1x that of 2015's US$ 1.4bn with six deals. Chinese bids may see a slowdown in 2017, however, due to the government's crackdown on capital leaving the country. Canada also showed interest in Central & South America's assets, particularly in EMU, setting a record of US$ 12.3bn for inbound values. This was 14.3x that of 2015's US$ 862m, though deal count (19) did not break 2012 s high of 23. With so much uncertainty over the US s next political moves, including the future of NAFTA under a Trump presidency, the region's M&A may continue to be affected by its important northern neighbour. However, government attempts to stabilize economies via negotiating favorable trade deals with Asia and Europe could provide some positive outlooks in Quarterly M&A activity Q1 Q2 Q3 Q4 of deals (US$bn) Q1-Q4 2016: $83.8bn Total 83.8 Total Q1-Q vs. Q1-Q % Rise in value to US$ 83.8bn despite second-largest drop of 81 deals since 2009 s fall of 122 deals Total 74.5 Total Q vs. Q % Lowest Q4 since 2009 ($18.0bn) $9,212m $5,475m 19.9 Sector breakdown 2016 vs 2015 Energy, Mining & Utilities Consumer Industrials & Chemicals Business Services Financial Services Transport Construction Other $24,045m $43,198m $14,531m $10,375m $5,939m $8,479m $2,374m $5,507m $16,256m $4,808m $2,729m $3,228m $1,970m $2,726m Total Total Total 87.0 Total Total 77.1 Total 83.8 Market share 31.2% 51.6% 18.9% 12.4% 7.7% 10.1% 3.1% 6.6% 12.0% 6.5% 3.5% 3.9% 2.6% 3.3% 21.1% 5.7% Share in Americas M&A Top targets Brazil $52.7bn (255 deals) Chile $10.1bn (48 deals) Colombia $6.7bn (30 deals) Top sectors EMU $43.2bn (83 deals) Consumer $10.4bn (84 deals) Industrials & Chemicals $8.5bn (71 deals) 5.1% 63.9% -42.4% 141.1% 79.7% -28.6% 42.8% Up from 2015 s 3.7% Top country for C&S American M&A since 2007 (US$ 33.6bn, 221 deals) More than 2/5 value drop despite one more deal than 2015 (47) Largest value increase since 2005 s 1,385.6% (US$ 10.3bn, 27 deals) Third-highest value on Mergermarket record (since 2001) after 2014 ($50.6bn) and 2010 Lowest H1 ($2.8bn) since 2006 ($2.3bn) increase despite 24 fewer deals than 2015 (95) 9

10 Central & South America Top deals value (US$bn) Ann. date Bidder company Bidder country Target company Target country Target sector Seller company Sep State Grid Corporation of China China CPFL Energia SA Brazil A consortium led by Camargo Correa SA Sep A consortium led by Brookfield Infrastructure Partners LP Canada Nova Transportadora do Sudeste SA (90% Stake) Brazil Petroleo Brasileiro SA Jan Brookfield Renewable Energy Partners LP Canada Isagen SA (57.61% Stake) Colombia Government of Colombia May El Puerto de Liverpool SAB de CV Mexico Ripley Corp SA Chile Inversiones R Matriz Limitada Dec The Mosaic Company US Vale Fertilizantes SA Brazil Vale SA Sector key Energy, MIning, Utilities Consumer Industrials & Chemicals League table by value Rank Company name % 1 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 19, , % 2 30 Sullivan & Cromwell 13, , % 3 48 Veirano Advogados 13, , % 4 9 Pinheiro Neto Advogados 11, , % 5 6 Linklaters 11, , % 6 23 Baker & McKenzie 10, , % Torys 9, ,642% 8 4 Philippi Prietocarrizosa, Ferrero DU & Uria 7, , % 9 3 7, , % Barbosa, Mussnich & Aragao 7, , % Ontier 6, Gomez-Pinzon Zuleta Abogados 5, , % 13 - Appleby 4, Machado Meyer Sendacz e Opice 4, , % Carey y Cia 4, , % 10

11 Asia-Pacific (excl. Japan) The Asia-Pacific (excl. Japan) region saw a slower pace of dealmaking compared to a record 2015, with yearly activity (US$ 658.8bn, 3,675 deals) representing a 25.5% decline in value compared to the previous year (US$ 883.7bn, 3,812 deals), yet still achieving its second highest annual value and deal count on Mergermarket record (since 2001). With the Chinese economy continuing to experience turmoil and Western countries undergoing transformative political, the outlook for Asian M&A remains uncertain. China s acquisitive streak abroad has been a headline trend during 2016, with 372 deals worth US$ 206.6bn representing the highest annual outbound deal value on record, up 118.7% compared to 2015 s previous high (312 deals, US$ 94.4bn). However, in a bid to reduce capital flight, the Chinese government recently took a U-turn in financial policy, pledging to crackdown on costly outbound deals over US$ 2bn. This move is likely to result in more modest deals in 2017, although the appetite for investment remains. In turn, this potential reduction of outbound activity may cause a resurgence in China s domestic M&A. During 2016, 1,431 deals valued at US$ 337.7bn took place between Chinese companies, decreasing 21.6% by value compared to 2015 (1,490 deals, US$ 430.7bn), with 59 fewer deals announced. Yet the Chinese government s changing stance as to where it would prefer its corporates to invest could look to re-address the current imbalance between domestic and outbound activity. India has been a bright spot for Asian M&A activity during 2016, with 388 deals worth US$ 64.5bn up 90.5% by value compared to 2015 (421 deals, US$ 33.9bn) to reach its highest annual total on record. According to Mergermarket intelligence, the Indian chemicals industry is expected to see an increased number of deals in 2017 on the back of a relative slowdown in Chinese manufacturing sector and growing appetite of multinationals to expand their presence in the country. The main areas of interest are speciality chemicals, aroma chemicals, agro chemicals, flavour and fragrances, and niche chemicals. Quarterly M&A activity Q1 Q2 Q3 Q4 of deals (US$bn) 2016: $658.8bn Sector breakdown 2016 vs 2015 Technology Industrials & Chemicals Energy, Mining & Utilities Financial Services Transport Consumer Real Estate Other $102.7bn $96.8bn $99.2bn $94.6bn $142.9bn $86.8bn $97.4bn $85.9bn $54.2bn $51.9bn $91.1bn $40.5bn $87.6bn $35.4bn $208.6bn $167.0bn Total Total Total Total Total Total Total Total Total Total Market share 11.6% 14.7% 11.2% 14.4% 16.2% 13.2% 11.0% 13.0% 6.1% 7.9% 10.3% 6.1% 9.9% 5.4% 23.6% 25.3% vs Share of global deal value H vs. H Chinese activity Outbound $206.6bn (372 deals) Domestic $337.7bn (1,431 deals) China % of As-Pac M&A H vs. H Inbound M&A $30.8bn (176 deals) 25.5% India activity Total M&A $64.5bn (388 deals) 20.3% 16.5% 118.7% 21.6% 56.4% 156.5% 90.5% 153.1% 62.3% Second highest annual value on Mergermarket record (since 2001) Down from record 22.3% in 2015, and second highest share on record Up by value compared to H1 ($304.3bn), yet the lowest H2 value ($354.5bn) since 2013 ($233.4bn) Overtaking all annual values and deal counts on record Down compared to 2015, yet still the second highest on record following 2015 ($430.7bn) Highest share on record, up from 53.4% in 2015 Highest annual value and second highest volume on record Highest half year value on record ($46.2bn) Up compared to 2015, and highest annual value on record 11

12 Asia-Pacific (excl. Japan) Top deals value (US$bn) Ann. date Bidder company Bidder country Target company Target country Target sector Seller company Oct Industry Funds Management Pty Ltd; and AustralianSuper Australia Ausgrid (50.4% Stake) Australia Government of New South Wales Sep Jinan Diesel Engine Co Ltd China China Petroleum Capital Co Ltd China China National Petroleum Corporation Sep Yum! Brands Inc (Shareholders) USA Yum China Holdings Inc (95% Stake) China Yum! Brands Inc Mar Consortium for Asciano led by CPPIB, GIP Canada Asciano Limited Australia Sep Baoshan Iron & Steel Co Ltd China Wuhan Iron and Steel Company Limited China - Sector key Energy, Mining & Utilities Financial Services Leisure Transport Industrials & Chemicals League table by value Rank Company name % 1 6 King & Wood Mallesons 158, , % 2 9 Davis Polk & Wardwell 96, , % 3 15 Fangda Partners 91, , % 4 33 Simpson Thacher & Bartlett 87, , % 5 54 White & Case 77, , % 6 20 Clifford Chance 77, , % 7 5 Herbert Smith Freehills 65, , % 8 25 Cleary Gottlieb Steen & Hamilton 61, , % 9 1 Freshfields Bruckhaus Deringer 56, , % Cravath, Swaine & Moore 56, , % Haiwen & Partners 52, , % , , % Baer & Karrer 48, Gleiss Lutz 48, ,217,300% Homburger 47, ,272 3,657% 16 - Wolf Theiss 47, Bowmans 46, ,798% Baker & McKenzie 44, , % 19 3 Linklaters 42, , % Allens 41, , % 12

13 Japan Domestic deals continued to dominate Japanese dealmaking as companies looked to improve profitability amid a stuttering economy and ageing population. Overall M&A activity targeting Japan edged ahead 2.3% by value to US$ 62.6bn (432 deals) from US$ 61.3bn (408 deals) in 2015, with 83.8% (US$ 52.5bn, 388 deals) stemming from domestic activity. The average value of Japanese M&A activity in 2016, which stood at US$ 249.5m, was the highest since 2012 (US$ 303.9m). Larger valued deals are likely to continue into 2017 as the government looks to back greater consolidation where there is an oversupply of companies. Softbank s US$ 30.2bn acquisition of UK-based ARM was the largest outbound investment recorded by a Japanese bidder in However, this constituted 32.7% of total outbound activity by value (US$ 92.1bn, 309 deals) and disregarding this transaction, deal value was down by 29.3% on 2015 s figure (US$ 87.6bn, 306 deals). Japanese companies are likely to continue to be acquisitive into 2017 despite global political uncertainties. As a result of the aforementioned Softbank transaction, deals targeting Europe in 2016 (US$ 52.2bn, 107 deals) represented 56.7% of total outbound activity, up from 25.7% in 2015 (US$ 22.5bn, 90 deals). As trust in private equity in the country grows, buyouts have soared during 2016 as Japanese managers looked to streamline operations and pursue divestures. In 2016 Japan has seen the highest amount of buyouts (53 deals) since 2007 (60 deals) and the highest value (US$7.7bn) since 2012 (US$ 8.9bn). Q4 saw the second largest buyout of a Japanese firm on Mergermarket record when KKR acquired auto component manufacturer Calsonic for US$ 4.4bn. As a result, deal value for Q (US$ 6.1bn, 13 deals) was the highest quarter since Q (US$ 7.2bn, 23 deals). Industrials & Chemicals was the most targeted sector by value during With 96 deals worth US$ 20.7bn representing 33.0% of total M&A, deal activity in the sector increased by 111.7% on 2015 s figure (US$ 9.8bn, 87 deals). Tech, as a result of Softbank's acquisition of ARM, was the most targeted sector for outbound activity by value (US$ 35.7bn, 34 deals), with Industrials and Chemicals the most by deal count (US$ 17.4bn, 99 deals). Quarterly M&A activity Q1 Q2 Q3 Q4 of deals (US$bn) 2016: $62.6bn Total 88.2 Total vs % Highest annual value since 2012 ($70.5bn) Total 78.5 Total 61.4 Percentage of domestic deal value 83.8% $52.5bn, 388 deals, highest share since 2013 (86.9%) Total Sector breakdown 2016 vs 2015 Industrials & Chemicals Consumer Pharma, Medical & Biotech Energy, Mining & Utilities Technology Real Estate Transport Other $9,759m $20,657m $13,042m $8,100m $2,935m $7,328m $1,739m $6,764m $2,611m $5,473m $6,376m $4,940m $526m $2,779m $24,239m $6,579m Total 70.5 Total 35.4 Total 32.2 Total 61.3 Total 62.6 Market share 15.9% 33.0% 21.3% 12.9% 4.8% 11.7% 2.8% 10.8% 4.3% 8.7% 10.4% 7.9% 0.9% 4.4% 39.6% 10.5% Industrials & Chemicals $20.7bn (96 deals) Outbound activity Outbound $92.1bn (309 deals) Targeting Europe $52.2bn (107 deals) Softbank - ARM $30.2bn Private equity buyouts Buyout value $7.7bn KKR - Calsonic $4.3bn Buyout volume 53 deals 111.7% 5.2% 132.3% 32.7% 198.5% 55.5% 15 Highest value since 2011($30.4bn), and second highest on record Second highest annual value on record following 2012 ($115.6bn) Highest annual value and deal count on record Percentage of total Japanese outbound activity Up from $2.6bn in 2015, and highest annual value since 2012 ($ 8.9bn) Percentage of total buyout value in 2016 The highest buyout deal count since 2007 (60 deals) 13

14 Japan Top deals value Ann. date Bidder company Bidder country Target company Target sector Seller company 6, Aug JX Holdings Inc Japan TonenGeneral Sekiyu K.K. 5, Mar Canon Inc Japan Toshiba Medical Systems Corporation Toshiba Corporation 4, Nov Kohkberg Kravis Roberts & Co LP USA Calsonic Kansei Corporation 3, Jan Toyota Motor Corporation Japan Daihatsu Motor Company Ltd (48.8% Stake) 3, Sep Coca-Cola West Co Ltd Japan Coca-Cola East Japan Co Ltd Sector key Energy, Mining & Utilities Pharma, Medical & Biotech Industrials & Chemicals Consumer League table by value Rank Company name % 1 1 Mori Hamada & Matsumoto 80, , % 2 17 Anderson Mori & Tomotsune 54, , % 3 5 Freshfields Bruckhaus Deringer 50, , % 4 14 Morrison & Foerster 47, , % 5 25 White & Case 46, , % 6 - Slaughter and May 39, Davis Polk & Wardwell 38, , % 8 4 Nagashima Ohno & Tsunematsu 30, , % 9 12 Herbert Smith Freehills 30, , % Cleary Gottlieb Steen & Hamilton 30, , % 11 3 Nishimura & Asahi 28, , % Shearman & Sterling 20, , % 13 8 Simpson Thacher & Bartlett 20, , % Hogan Lovells International 13, Allen & Overy 12, , % 14

15 Africa & Middle East High price-tags on deals helped push Middle East & Africa s (MEA) 2016 deal value (US$ 88.3bn, 402 deals) to its highest value on Mergermarket record (since 2001), eclipsing 2007 s US$ 88.2bn (473 deals). Total yearly value stood 93.4% higher than 2015 (US$ 45.7bn, 472 deals) and 2016 also saw the highest average transaction value (US$ 338.3m) on Mergermarket record, over double 2015 s equivalent figure of US$ 158.0m. With 194 deals worth US$ 48.9bn announced, inbound activity into the region reached its highest level on Mergermarket record, a 218.7% increase compared to 2015 s value of US$ 15.3bn (221 deals). China was the most active investor into the region, with US$ 15.5bn (15 deals) representing a 16.9x increase on the equivalent 2015 figure (US$ 917m, ten deals). Israel was the most targeted country in terms of inbound investment, with 56 deals worth US$ 16.3bn recorded in 2016 marking a 298.2% increase compared to 2015 (US$ 4.1bn, 62 deals). Overall MEA outbound activity from the region in 2016 (US$ 36.3bn, 150) was down by 53.0% by value compared to 2015 s record figure (US$ 77.3bn, 149 deals). With companies looking to expand out of a slowing domestic market, South Africa recorded a 27.2% increase on 2015 (US$ 8.8bn, 26 deals) as a result of larger deals, such as Steinhoff s US$ 3.8bn acquisition of US-based Mattress firm. The country was the most active acquirer of assets outside the region, with 38 deals valued at US$ 11.2bn representing a 30.8% share of total outbound activity. As a result of changing consumer habits, particularly in the food and drink industry, the Consumer sector (US$ 22.1bn, 64 deals) saw a 15x increase on 2015 (US$ 1.5bn, 66 deals), and was the most targeted industry by both value and deal count. Financial Services was the second most targeted sector by value (US$ 18.6, 44 deals), largely due to the US$ 14.8bn deal between the National Bank of Abu Dhabi and First Gulf Bank, the largest Financial Services deal into MEA on Mergermarket record. Quarterly M&A activity Q1 Q2 Q3 Q4 of deals (US$bn) 2016: $88.3bn Total 88.2 Total vs % Highest annual value on Mergemarket record Total 32.9 Total 54.4 H vs. H % Third consecutive half year increase, and highest half year value since Total 45.3 Total 52.6 Average deal value $338.3m Highest value on record, pushed up by the $14.8bn First Gulf Bank/National Bank of Abu Dhabi deal $4,504m $8,182m $3,895m $7,701m $19,973m $10,197m 34.9 Sector breakdown 2016 vs 2015 Consumer Financial Services Energy, Mining & Utilities Industrials & Chemicals Technology Transport Real Estate Other $,1,473m $22,075m $2,926m $18,635m $11,739m $1,194m $11,418m $166m $5,799m $987m $4,302m 19.1 Total 63.2 Total 60.7 Total 45.7 Total 88.3 Market share 3.2% 25.0% 6.4% 21.1% 25.7% 12.9% 9.9% 9.3% 8.5% 8.7% 0.4% 6.6% 2.2% 4.9% 43.7% 11.5% Cross-border activity South Africa outbound $11.2bn (38 deals) MEA inbound $48.9bn (194 deals) Israel inbound M&A $16.3bn (56 deals) Financial Services $18.6bn (44 deals) Consumer $22.1bn (64 deals) Energy, Mining & Utilities $11.4bn (47 deals) 27.2% 218.7% 298.2% Sector breakdown 6.4x 15x 6.4x 2.7% Highest annual value and deal count on record Highest inbound value on record Highest value on record due to the Playtika ($4.5bn) and ADAMA ($3.9bn) transactions Due to the $14.8bn deal between National Bank of Abu Dhabi and First Gulf Bank Highest annual value and third highest deal count on record Third consecutive annual value decrease, and lowest deal count since 2005 (46) 15

16 Africa & Middle East Top deals value Ann. date Bidder company Bidder country Target company Target country Target sector Seller company 14, Jul National Bank of Abu Dhabi PJSC United Arab Emirates First Gulf Bank United Arab Emirates 5, Apr Bidvest Group Limited (Shareholders) South Africa Bid Corporation Limited South Africa Bidvest Group Limited 5, Jun Hapag-Lloyd AG Germany United Arab Shipping Company (S.A.G.) Kuwait Government of Qatar; and Public Investment Fund 4, Jul Chongqing New Century Cruise Co Ltd China Playtika Ltd Israel Caesars Entertainment Corporation 3, Sep Hubei Sanonda Co Ltd China ADAMA Agricultural Solutions Ltd Israel China National Agrochemical Corporation Sector key Financial Services Consumer Transport Technology Industrials & Chemicals League table by value Rank Company name % 1 23 Allen & Overy 37, , % 2 24 Clifford Chance 31, , % 3 19 Freshfields Bruckhaus Deringer 24, , % 4 13 Linklaters 24, , % 5 22 White & Case 22, , % 6 14 Cliffe Dekker Hofmeyr 12, , % 7 28 Shearman & Sterling 10, , % 8 17 ENSafrica 10, , % 9 5 Cleary Gottlieb Steen & Hamilton 9, , % 10 6 Weil Gotshal & Manges 7, , % 11 3 Kirkland & Ellis 7, , % Simpson Thacher & Bartlett 7, , % Grandall Law Firm 6, , % 14 - Wachtell, Lipton, Rosen & Katz 5, Latham & Watkins 5, , % Bowmans 5, , % Fenwick & West 4, ,895% Yigal Arnon & Co 4, , % , , % Herbert Smith Freehills 4, , % 16

17 Global Global by deal value Global by deal count 1 9 White & Case 665, % 2 5 Sullivan & Cromwell 575, % 3 10 Davis Polk & Wardwell 472, % 4 2 Cravath, Swaine & Moore 438, % , % 6 3 Wachtell, Lipton, Rosen & Katz 380, % 7 8 Weil Gotshal & Manges 365, % 8 7 Freshfields Bruckhaus Deringer 337, % 9 6 Cleary Gottlieb Steen & Hamilton 326, % Shearman & Sterling 309, % Simpson Thacher & Bartlett 307, % Jones Day 301, % 13 4 Latham & Watkins 288, % , % Allen & Overy 269, % 1 1 DLA Piper 126, Kirkland & Ellis 256, Latham & Watkins 288, Jones Day 301, White & Case 665, Baker & McKenzie 134, Allen & Overy 269, Weil Gotshal & Manges 365, Clifford Chance 222, CMS 27, Freshfields Bruckhaus Deringer 337, Linklaters 222, , Hogan Lovells International 66, King & Wood Mallesons 163,

18 Europe Europe by deal value Europe by deal count 1 4 Freshfields Bruckhaus Deringer 269, % 2 10 White & Case 247, % 3 1 Cravath, Swaine & Moore 224, % 4 19 Allen & Overy 224, % 5 13 Linklaters 209, % 6 2 Clifford Chance 197, % 7 15 Davis Polk & Wardwell 192, % 8 6 Sullivan & Cromwell 167, % 9 3 Cleary Gottlieb Steen & Hamilton 164, % , % Shearman & Sterling 139, % , % 13 8 Wachtell, Lipton, Rosen & Katz 112, % Morrison & Foerster 106, % Slaughter and May 103, % Simpson Thacher & Bartlett 102, % Jones Day 99, % Herbert Smith Freehills 90, % 19 9 Weil Gotshal & Manges 83, % Debevoise & Plimpton 82, % 1 1 DLA Piper 75, CMS 26, Allen & Overy 224, Linklaters 209, White & Case 247, Clifford Chance 197, Baker & McKenzie 55, Freshfields Bruckhaus Deringer 269, Jones Day 99, Eversheds 24, Latham & Watkins 75, Hogan Lovells International 29, Weil Gotshal & Manges 83, Dentons 16, Pinsent Masons 10, Squire Patton Boggs 2, PwC legal 6, Orrick Herrington & Sutcliffe 7, Norton Rose Fulbright 13, Kirkland & Ellis 80,

19 Europe UK by deal value UK by deal count 1 1 Freshfields Bruckhaus Deringer 112, % 2 30 White & Case 80, % 3 9 Herbert Smith Freehills 71, % 4 15 Allen & Overy 54, % 5 5 Davis Polk & Wardwell 52, % 6 3 Linklaters 51, % 7 4 Clifford Chance 46, % 8 10 Slaughter and May 46, % 9 39 Weil Gotshal & Manges 45, % 10 6 Cleary Gottlieb Steen & Hamilton 44, % , % Morrison & Foerster 31, ,516% Latham & Watkins 30, % Mori Hamada & Matsumoto 30, ,967% Anderson Mori & Tomotsune 30, ,307% 1 1 DLA Piper 22, Pinsent Masons 8, Clifford Chance 46, Freshfields Bruckhaus Deringer 112, Eversheds 19, Squire Patton Boggs 2, Travers Smith 22, CMS 19, Linklaters 51, Allen & Overy 54, White & Case 80, Addleshaw Goddard 2, Latham & Watkins 30, Macfarlanes 13, Osborne Clarke 2, Ireland by deal value Ireland by deal count 1 1 Arthur Cox 55, % 2 8 Cravath, Swaine & Moore 38, % 3 28 Fried Frank Harris Shriver & Jacobson 38, % 4 20 Kirkland & Ellis 37, % 5 19 Davis Polk & Wardwell 37, % 6 27 Ropes & Gray 37, % 7 25 Matheson 36, % 8 17 Freshfields Bruckhaus Deringer 35, % 9 13 White & Case 35, % Jones Day 35, ,134% Slaughter and May 35, % 12 7 A&L Goodbody 26, % Wachtell, Lipton, Rosen & Katz 24, % , % Simpson Thacher & Bartlett 19, % 1 2 A&L Goodbody 26, Matheson 36, Arthur Cox 55, William Fry 2, Eversheds 2, Mason Hayes & Curran Pinsent Masons ByrneWallace Kirkland & Ellis 37, McCann FitzGerald 2, Baker & McKenzie Squire Patton Boggs , Maples and Calder 2, Beauchamps Solicitors

20 Europe Germanic by deal value Germanic by deal count 1 1 Clifford Chance 135, % 2 53 Cravath, Swaine & Moore 115, % 3 14 Linklaters 110, % 4 3 Freshfields Bruckhaus Deringer 89, % 5 20 Allen & Overy 84, % 6 23 White & Case 83, % 7 2 Sullivan & Cromwell 79, % 8 22 Shearman & Sterling 72, % Debevoise & Plimpton 66, ,436% 10 7 Wachtell, Lipton, Rosen & Katz 64, % , ,994% Morrison & Foerster 64, ,146% WilmerHale 64, ,807% Stikeman Elliott 63, % Luthra & Luthra Law Offices 63, ,014% 1 1 CMS 5, Freshfields Bruckhaus Deringer 89, White & Case 83, Baker & McKenzie 12, Hengeler Mueller 31, Clifford Chance 135, Allen & Overy 84, DLA Piper 8, Linklaters 110, Latham & Watkins 32, Gleiss Lutz 57, Noerr 3, Hogan Lovells International 4, Jones Day 8, Orrick Herrington & Sutcliffe Germany by deal value Germany by deal count 1 9 Linklaters 104, % 2 2 Clifford Chance 86, % 3 1 Freshfields Bruckhaus Deringer 81, % 4 11 Allen & Overy 79, % 5 4 Sullivan & Cromwell 75, % Cravath, Swaine & Moore 68, ,722% 7 20 Shearman & Sterling 68, % Debevoise & Plimpton 66, ,111% Wachtell, Lipton, Rosen & Katz 64, ,731% Morrison & Foerster 64, ,146% , ,978% WilmerHale 64, ,975% Stikeman Elliott 63, % 14 - Luthra & Luthra Law Offices 63, Franceschini e Miranda Advogados 63, CMS 5, Hengeler Mueller 30, Freshfields Bruckhaus Deringer 81, White & Case 31, Clifford Chance 86, Gleiss Lutz 11, Noerr 3, Allen & Overy 79, DLA Piper 7, Latham & Watkins 27, Linklaters 104, Jones Day 7, Hogan Lovells International 1, Luther 2, Heuking Kuhn Luer Wojtek

21 Europe France by deal value France by deal count 1 8 Darrois Villey Maillot Brochier 45, % 2 5 Cleary Gottlieb Steen & Hamilton 32, % 3 9 Linklaters 31, % 4 6 Bredin Prat 27, % 5 3 Weil Gotshal & Manges 26, % 6 35 Freshfields Bruckhaus Deringer 23, % 7 - Brandford-Griffith 21, , % 9 1 Latham & Watkins 15, % Dechert 13, ,996% 11 - Talwar Thakore & Associates 12, Wachtell, Lipton, Rosen & Katz 12, % Cravath, Swaine & Moore 12, ,602% Sullivan & Cromwell 8, % Baker & McKenzie 8, % 1 1 Gide Loyrette Nouel 5, Linklaters 31, Weil Gotshal & Manges 26, CMS De Pardieu Brocas Maffei 8, DLA Piper 1, Allen & Overy 8, Fidal Paul Hastings 4, Jones Day 4, Bredin Prat 27, Latham & Watkins 15, Clifford Chance 6, Orrick Herrington & Sutcliffe Hogan Lovells International 5, Benelux by deal value Benelux by deal count 1 9 Allen & Overy 71, % 2 4 De Brauw Blackstone Westbroek 65, % , % 4 3 Sullivan & Cromwell 52, % 5 36 Shearman & Sterling 51, % 6 8 Davis Polk & Wardwell 50, % 7 69 Jones Day 50, ,211% 8 63 DLA Piper 49, ,565% , ,058% 10 1 Cravath, Swaine & Moore 47, % 11 2 Freshfields Bruckhaus Deringer 30, % NautaDutilh 12, % Hogan Lovells International 11, % Loyens & Loeff 10, % Slaughter and May 8, % 1 1 Allen & Overy 71, Loyens & Loeff 10, NautaDutilh 12, Stibbe 5, DLA Piper 49, Freshfields Bruckhaus Deringer 30, Houthoff Buruma 6, Baker & McKenzie 4, CMS 1, Clifford Chance 5, De Brauw Blackstone Westbroek 65, Jones Day 50, Linklaters 6, White & Case 5, De Breij Evers Boon

22 Europe Iberia by deal value Iberia by deal count 1 2 Freshfields Bruckhaus Deringer 29, % 2 1 Linklaters 20, % 3 3 Uria Menendez 20, % 4 7 Garrigues 19, % 5 6 Allen & Overy 11, % 6 13 Deloitte Legal 10, % 7 23 Latham & Watkins 9, % 8 35 DLA Piper 7, % 9 5 Baker & McKenzie 7, % Cuatrecasas 7, % Ontier 6, Hengeler Mueller 6, % Clifford Chance 5, % Perez-Llorca 5, % PwC legal 3, % 1 1 Cuatrecasas 7, Garrigues 19, Uria Menendez 20, PwC legal 3, Deloitte Legal 10, Linklaters 20, Clifford Chance 5, Perez-Llorca 5, Allen & Overy 11, Baker & McKenzie 7, CMS 3, King & Wood Mallesons 1, KPMG Abogados 1, Freshfields Bruckhaus Deringer 29, DLA Piper 7, Spain by deal value Spain by deal count 1 2 Freshfields Bruckhaus Deringer 28, % 2 4 Uria Menendez 19, % 3 1 Linklaters 19, % 4 7 Garrigues 19, % 5 6 Allen & Overy 11, % 6 13 Deloitte Legal 10, % 7 22 Latham & Watkins 9, % 8 34 DLA Piper 7, % 9 5 Baker & McKenzie 7, % Ontier 6, Cuatrecasas 6, % Hengeler Mueller 6, % Clifford Chance 5, % Perez-Llorca 5, % PwC legal 3, % 1 1 Cuatrecasas 6, Garrigues 19, Uria Menendez 19, PwC legal 3, Deloitte Legal 10, Clifford Chance 5, Linklaters 19, Perez-Llorca 5, Allen & Overy 11, Baker & McKenzie 7, King & Wood Mallesons 1, CMS 2, KPMG Abogados 1, DLA Piper 7, Gomez-Acebo & Pombo Abogados

23 Europe Italy by deal value Italy by deal count 1 1 Gianni, Origoni, Grippo, Cappelli & Partners 16, % 2 29 Gatti Pavesi Bianchi 16, % 3 6 Cleary Gottlieb Steen & Hamilton 13, % 4 7 Chiomenti 13, % 5 19 Studio Legale Lombardi Molinari Segni 8, % 6 8 BonelliErede 8, % 7 9 Clifford Chance 7, % Wolf Theiss 4, ,505% 9 4 Pedersoli Studio Legale 4, % 10 5 Freshfields Bruckhaus Deringer 4, % Baker & McKenzie 4, % Orrick Herrington & Sutcliffe 4, % 13 - Studio Marchetti 4, Veil Jourde 3, % Weil Gotshal & Manges 3, % 1 1 Gianni, Origoni, Grippo, Cappelli & Partners 16, Chiomenti 13, Nctm Studio Legale 3, Pedersoli Studio Legale 4, Gatti Pavesi Bianchi 16, BonelliErede 8, Gattai Minoli Agostinelli & Partners 3, Legance Avvocati Associati 3, DLA Piper 2, Studio Legale Lombardi Molinari Segni 8, Linklaters 1, White & Case 2, Orrick Herrington & Sutcliffe 4, Freshfields Bruckhaus Deringer 4, Clifford Chance 7, Nordics by deal value Nordics by deal count 1 13 White & Case 25, % 2 5 Vinge 25, % 3 12 Mannheimer Swartling 20, % 4 26 Hannes Snellman 15, % 5 28 Thommessen 11, % Cleary Gottlieb Steen & Hamilton 11, ,987% 7 14 Avance Attorneys 11, % 8 17 Linklaters 10, % NautaDutilh 10, ,268% Stibbe 10, ,563% Morgan Lewis & Bockius 9, ,743% 12= - Cadwalader, Wickersham & Taft 9, = 38 Cravath, Swaine & Moore 9, % 14 - Covington & Burling 8, Anderson Mori & Tomotsune 8, Vinge 25, Mannheimer Swartling 20, Bech-Brn 2, Schjodt 4, Kromann Reumert 7, Plesner 6, Thommessen 11, DLA Piper 3, LETT Law Firm 1, Wikborg Rein & Co 2, Gorrissen Federspiel 4, Hannes Snellman 15, Wiersholm 3, BA-HR 3, Selmer 1,

24 Europe Denmark by deal value Denmark by deal count 1 2 Kromann Reumert 4, % 2 3 Accura 4, % 3 1 Gorrissen Federspiel 3, % 4 27 Horten Law Firm 2, % 5 8 Bech-Brn 2, % 6 18 Brn & Hjejle 2, % 7 4 Plesner 1, % 8 36 DLA Piper 1, ,142% , % Lundgrens 1, % Shearman & Sterling 1, Vinge 1, % LETT Law Firm 1, % 14= 9 Latham & Watkins 1, % 14= 34 Weil Gotshal & Manges 1, % 1 1 Bech-Brn 2, Kromann Reumert 4, Plesner 1, LETT Law Firm 1, Gorrissen Federspiel 3, Accura 4, Brn & Hjejle 2, Lundgrens 1, Moalem Weitemeyer Bendtsen Delacour Horten Law Firm 2, Vinge 1, Mannheimer Swartling 1, Selmer Hannes Snellman Norway by deal value Norway by deal count 1 2 Thommessen 10, % 2 31 Mannheimer Swartling 5, ,490% 3 21 Vinge 5, % 4 76 Hannes Snellman 4, Linklaters 4, % 6 19 Schjodt 4, % 7 5 Wiersholm 3, % 8 1 BA-HR 3, % 9 8 Wikborg Rein & Co 2, % Selmer 1, % 11 6 Michelet & Co 1, % 12 84= Fangda Partners 1, Norton Rose Fulbright 1, % Simonsen Vogt Wiig 1, % 15 84= Setterwalls 1, Schjodt 4, Thommessen 10, Wikborg Rein & Co 2, BA-HR 3, Wiersholm 3, Selmer 1, CLP Simonsen Vogt Wiig 1, Advokatfirmaet Haavind Grette Kluge Advokatfirma Mannheimer Swartling 5, Vinge 5, Aabo-Evensen & Co DLA Piper

25 Europe Sweden by deal value Sweden by deal count 1 1 Vinge 23, % 2 2 Mannheimer Swartling 19, % 3 17 White & Case 13, % Cleary Gottlieb Steen & Hamilton 10, ,040% NautaDutilh 10, ,268% 6 3 Linklaters 10, % 7= 72 Morgan Lewis & Bockius 9, ,743% 7= 167 Stibbe 9, = - Cadwalader, Wickersham & Taft 9, = 31 Cravath, Swaine & Moore 9, % Clifford Chance 7, % 12 4 Latham & Watkins 7, % Kromann Reumert 6, ,122% 14 9 Freshfields Bruckhaus Deringer 6, % Plesner 6, % 1 2 Vinge 23, Mannheimer Swartling 19, Advokatfirman Lindahl DLA Piper Hannes Snellman 5, Wistrand Roschier 5, Setterwalls 1, White & Case 13, Delphi 1, Bech-Brn Gernandt & Danielsson 4, Baker & McKenzie 1, Plesner 6, Advokatfirman Torngren Magnell Finland by deal value Finland by deal count 1 15 White & Case 12, % 2 11 Avance Attorneys 11, % 3 22 Hannes Snellman 11, % 4 - Covington & Burling 8, Fenwick & West 8, = - Anderson Mori & Tomotsune 8, = 26 Morrison & Foerster 8, % 6= - Slaughter and May 8, Roschier 3, % Fried Frank Harris Shriver & , % Jacobson , % Castren & Snellman 1, % 13 - Bryan Cave 1, Kirkland & Ellis 1, ,632% Borenius Attorneys % 1 3 Castren & Snellman 1, Hannes Snellman 11, Borenius Attorneys Krogerus Avance Attorneys 11, Roschier 3, Eversheds White & Case 12, DLA Piper Bird & Bird Dittmar & Indrenius SORAINEN Merilampi Attorneys KallioLaw Asianajotoimisto Ellex

26 Europe Turkey by deal value Turkey by deal count 1 30 Paksoy Attorneys at Law 1, % 2 5 White & Case % 3 2 Verdi Law Firm % 4= - Kim & Chang = - Kirkland & Ellis = - Shin & Kim = 19 Dechert % 7= 1 Yegin Ciftci Attorney Partnership (YCAP) % 9 23 Erdem & Erdem Law Office % DLA Piper % Allen & Overy % Clifford Chance % 13 9 Balcioglu Selcuk Akman Keki % Kolcuoglu Demirkan Kocakli Attorneys at Law % 15 - Aksan Hukuk Burosu Baker & McKenzie Paksoy Attorneys at Law 1, White & Case Balcioglu Selcuk Akman Keki Kolcuoglu Demirkan Kocakli Attorneys at Law Allen & Overy Caliskan Kizilyel Toker Linklaters Verdi Law Firm Erdem & Erdem Law Office DLA Piper Clifford Chance Freshfields Bruckhaus Deringer Djingov, Gouginski, Kyutchukov & Velichkov Pekin & Bayar Law Firm CEE by deal value CEE by deal count 1 4 White & Case 26, % 2 72 Freshfields Bruckhaus Deringer 24, ,903% 3 5 Linklaters 22, % 4 8 Allen & Overy 15, % 5= - AZB & Partners 12, = - Cyril Amarchand Mangaldas 12, Hogan Lovells International 7, ,156% 8 - Talwar Thakore & Associates 7, Cleary Gottlieb Steen & Hamilton 6, % 10 1 Herbert Smith Freehills 6, % 11 9 Dentons 6, % 12 6 Clifford Chance 5, % 13 7 Weil Gotshal & Manges 4, % DLA Piper 3, % 15 2 Norton Rose Fulbright 3, % 1 1 White & Case 26, CMS Dentons 6, Allen & Overy 15, Baker & McKenzie 1, Ellex Schoenherr Rechtsanwaelte SORAINEN Clifford Chance 5, Weil Gotshal & Manges 4, Wolf Theiss Linklaters 22, Hogan Lovells International 7, Herbert Smith Freehills 6, Eversheds

27 Europe Poland by deal value Poland by deal count 1 1 Clifford Chance 5, % 2 2 Weil Gotshal & Manges 4, % 3 10 Allen & Overy 4, % 4 78 DLA Piper 3, White & Case 2, % 6 8 Dentons 1, % 7 44 Gide Loyrette Nouel ,332% 8 12 Greenberg Traurig % 9 9 Soltysinski Kawecki & Szlezak % 10 - Radzikowski, Szubielska i Wspolnicy = 18= NautaDutilh % 11= 18= Uria Menendez % 13 - Cliffe Dekker Hofmeyr Dechert Linklaters % 1 2 Weil Gotshal & Manges 4, Clifford Chance 5, White & Case 2, Allen & Overy 4, Dentons 1, Domanski Zakrzewski Palinka (DZP) CMS Baker & McKenzie Soltysinski Kawecki & Szlezak Greenberg Traurig Wolf Theiss DJBW Gessel, Koziorowski Linklaters WKB Wiercinski, Kwiecinski, Baehr Russia by deal value Russia by deal count 1 4 Linklaters 21, % 2 6 White & Case 18, % 3 34 Freshfields Bruckhaus Deringer 13, ,792% 4= - AZB & Partners 12, = - Cyril Amarchand Mangaldas 12, Talwar Thakore & Associates 7, Cleary Gottlieb Steen & Hamilton 6, % 8 1 Herbert Smith Freehills 6, % 9 2 Norton Rose Fulbright 3, % 10 - Slaughter and May 3, , % Dentons 1, % 13 - Latham & Watkins 1, Shardul Amarchand Mangaldas & Co % Akin Gump Strauss Hauer & Feld % 1 2 White & Case 18, Herbert Smith Freehills 6, Goltsblat BLP Linklaters 21, Dentons 1, Norton Rose Fulbright 3, Cleary Gottlieb Steen & Hamilton 6, Hogan Lovells International Freshfields Bruckhaus Deringer 13, Baker & McKenzie ALRUD Talwar Thakore & Associates 7, , Akin Gump Strauss Hauer & Feld Baker Botts

28 Americas Americas by deal value Americas by deal count 1 9 Sullivan & Cromwell 555, % 2 5 White & Case 502, % 3 3 Cravath, Swaine & Moore 381, % 4 4 Wachtell, Lipton, Rosen & Katz 380, % , % 6 11 Davis Polk & Wardwell 370, % 7 6 Weil Gotshal & Manges 335, % 8 19 Jones Day 286, % 9 22 Shearman & Sterling 286, % , % 11 2 Latham & Watkins 250, % Simpson Thacher & Bartlett 243, % Kirkland & Ellis 240, % 14 7 Cleary Gottlieb Steen & Hamilton 190, % Allen & Overy 187, % 1 1 Kirkland & Ellis 240, Jones Day 286, Latham & Watkins 250, DLA Piper 100, , Weil Gotshal & Manges 335, Morgan Lewis & Bockius 32, White & Case 502, , Sidley Austin 69, Ropes & Gray 101, Davis Polk & Wardwell 370, Simpson Thacher & Bartlett 243, Baker & McKenzie 98, Stikeman Elliott 146, US by deal value Rank Company name Q1-Q US by deal count 1 9 Sullivan & Cromwell 542, % 2 5 White & Case 499, % 3 3 Cravath, Swaine & Moore 380, % 4 4 Wachtell, Lipton, Rosen & Katz 379, % 5 11 Davis Polk & Wardwell 362, % , % 7 6 Weil Gotshal & Manges 334, % 8 18 Jones Day 266, % 9 22 Shearman & Sterling 255, % , % Simpson Thacher & Bartlett 243, % Kirkland & Ellis 240, % 13 2 Latham & Watkins 230, % 14 7 Cleary Gottlieb Steen & Hamilton 189, % Allen & Overy 184, % 1 1 Kirkland & Ellis 240, Latham & Watkins 230, Jones Day 266, DLA Piper 98, Weil Gotshal & Manges 334, , Morgan Lewis & Bockius 32, White & Case 499, , Ropes & Gray 101, Sidley Austin 68, Simpson Thacher & Bartlett 243, Davis Polk & Wardwell 362, Goodwin Procter 30, O'Melveny & Myers 80,

29 Americas US North East by deal value US North East by deal count 1 5 White & Case 277, % 2 10 Sullivan & Cromwell 204, % 3 6 Cravath, Swaine & Moore 199, % 4 4 Weil Gotshal & Manges 193, % 5 65 Herbert Smith Freehills 129, % 6 12 Simpson Thacher & Bartlett 117, % 7 3 Latham & Watkins 109, % , % 9 11 Kirkland & Ellis 96, % 10 2 Wachtell, Lipton, Rosen & Katz 79, % Vinson & Elkins 77, ,145% Davis Polk & Wardwell 72, % Jones Day 66, % 14 8 Cleary Gottlieb Steen & Hamilton 61, % Richards Layton & Finger 57, % 1 1 Kirkland & Ellis 96, Latham & Watkins 109, Jones Day 66, Weil Gotshal & Manges 193, DLA Piper 12, Morgan Lewis & Bockius 13, , , Ropes & Gray 55, Simpson Thacher & Bartlett 117, White & Case 277, Goodwin Procter 10, Davis Polk & Wardwell 72, Cooley 34, Sullivan & Cromwell 204, US Mid West by deal value US Mid West by deal count 1 21 Wachtell, Lipton, Rosen & Katz 151, % 2 12 Sullivan & Cromwell 147, % 3 1 Cravath, Swaine & Moore 121, % 4 6 Davis Polk & Wardwell 120, % 5 10 Kirkland & Ellis 94, % 6 7 White & Case 91, % 7 18 Jones Day 88, % 8 28 Shearman & Sterling 88, % 9 57 Allen & Overy 83, % Stikeman Elliott 74, % , % Debevoise & Plimpton 68, % Luthra & Luthra Law Offices 67, ,592% , % Clifford Chance 64, % 1 1 Kirkland & Ellis 94, Jones Day 88, DLA Piper 5, Latham & Watkins 29, Sidley Austin 23, , Weil Gotshal & Manges 31, Morgan Lewis & Bockius 6, Honigman Miller Schwartz & 9 9 1, Cohn , Ropes & Gray 44, McDermott Will & Emery 1, Davis Polk & Wardwell 120, Sullivan & Cromwell 147, White & Case 91,

30 Americas US South by deal value US South by deal count 1 9 White & Case 296, % 2 10 Sullivan & Cromwell 279, % 3 5 Weil Gotshal & Manges 193, % 4 3 Cravath, Swaine & Moore 152, % 5 8 Wachtell, Lipton, Rosen & Katz 119, % 6 12 Latham & Watkins 111, % , % 8 90 Herbert Smith Freehills 108, ,228% 9 29 Vinson & Elkins 98, % Kirkland & Ellis 98, % 11 2 Simpson Thacher & Bartlett 97, % Jones Day 97, % 13 4 Cleary Gottlieb Steen & Hamilton 95, % Shearman & Sterling 91, % Davis Polk & Wardwell 90, % 1 1 Kirkland & Ellis 98, DLA Piper 32, Latham & Watkins 111, Jones Day 97, Vinson & Elkins 98, White & Case 296, Weil Gotshal & Manges 193, King & Spalding 16, Morgan Lewis & Bockius 13, Norton Rose Fulbright 7, Hogan Lovells International 27, Ropes & Gray 18, , Sidley Austin 30, Locke Lord 14, US West by deal value US West by deal count 1 3 Davis Polk & Wardwell 174, % , % , % 4 4 Wachtell, Lipton, Rosen & Katz 123, % 5 5 Sullivan & Cromwell 119, % 6 25 Jones Day 118, % 7 6 Cravath, Swaine & Moore 111, % 8 14 Weil Gotshal & Manges 110, % 9 2 Latham & Watkins 96, % 10 8 Wilson Sonsini Goodrich & Rosati 86, % DLA Piper 80, % Shearman & Sterling 77, % White & Case 74, % Cleary Gottlieb Steen & Hamilton 70, % Kirkland & Ellis 70, % 1 1 Kirkland & Ellis 70, Latham & Watkins 96, Wilson Sonsini Goodrich & Rosati 86, O'Melveny & Myers 15, DLA Piper 80, , Weil Gotshal & Manges 110, Cooley 40, Fenwick & West 25, Orrick Herrington & Sutcliffe 7, Jones Day 118, Gibson Dunn & Crutcher 58, Morgan Lewis & Bockius 18, Goodwin Procter 17, Davis Polk & Wardwell 174,

31 Americas Canada by deal value Canada by deal count , % 2 14 White & Case 71, % 3 1 Osler, Hoskin & Harcourt 67, % 4 2 McCarthy Tetrault 64, % 5 6 Blake, Cassels & Graydon 56, % 6 3 Sullivan & Cromwell 55, % 7 10 Stikeman Elliott 54, % 8 17 Davies Ward Phillips & Vineberg 53, % 9 43 Wachtell, Lipton, Rosen & Katz 51, % Goodmans 47, ,405% 11 5 Torys 42, % Alston & Bird 41, ,775% O'Melveny & Myers 41, ,117% Simpson Thacher & Bartlett 39, ,224% Latham & Watkins 36, ,376% 1 1 Stikeman Elliott 54, Blake, Cassels & Graydon 56, McCarthy Tetrault 64, Osler, Hoskin & Harcourt 67, Norton Rose Fulbright 26, Davies Ward Phillips & Vineberg 53, Torys 42, Bennett Jones 26, Miller Thomson Gowling WLG 2, DLA Piper 2, Fasken Martineau Dumoulin 4, Kirkland & Ellis 15, Goodmans 47, Dentons 5, C&S America by deal value C&S America by deal count 1 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 19, % 2 30 Sullivan & Cromwell 13, % 3 48 Veirano Advogados 13, % 4 9 Pinheiro Neto Advogados 11, % 5 6 Linklaters 11, % 6 23 Baker & McKenzie 10, % Torys 9, ,642% Philippi Prietocarrizosa, Ferrero 8 4 7, % DU & Uria 9 3 7, % Barbosa, Mussnich & Aragao 7, % Ontier 6, Gomez-Pinzon Zuleta Abogados 5, % 13 - Appleby 4, Machado Meyer Sendacz e Opice 4, % Carey y Cia 4, % 1 2 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 19, Pinheiro Neto Advogados 11, Souza, Cescon, Barrieu & Flesch Advogados 2, Machado Meyer Sendacz e Opice 4, Tozzini Freire Teixeira e Silva Advogados 4, Baker & McKenzie 10, Veirano Advogados 13, Barbosa, Mussnich & Aragao 7, Philippi Prietocarrizosa, Ferrero DU & Uria 7, Demarest 3, , Rodrigo Elias & Medrano 2, Creel, Garcia-Cuellar, Aiza y Enriquez 2, Brigard & Urrutia 1, Lobo & de Rizzo Advogados 3,

32 Asia-Pacific Asia-Pacific(excl. Japan) by deal value Asia-Pacific(excl. Japan) by deal count 1 6 King & Wood Mallesons 158, % 2 9 Davis Polk & Wardwell 96, % 3 15 Fangda Partners 91, % 4 33 Simpson Thacher & Bartlett 87, % 5 54 White & Case 77, % 6 20 Clifford Chance 77, % 7 5 Herbert Smith Freehills 65, % 8 25 Cleary Gottlieb Steen & Hamilton 61, % 9 1 Freshfields Bruckhaus Deringer 56, % Cravath, Swaine & Moore 56, % Haiwen & Partners 52, % , % Baer & Karrer 48, Gleiss Lutz 48, ,173,00% Homburger 47, ,657% 16 - Wolf Theiss 47, Bowmans 46, ,798% Baker & McKenzie 44, % 19 3 Linklaters 42, % Allens 41, % 1 1 King & Wood Mallesons 158, Herbert Smith Freehills 65, Grandall Law Firm 37, Kim & Chang 23, Zhong Lun Law Firm 25, Baker & McKenzie 44, DLA Piper 8, MinterEllison 15, AZB & Partners 30, Cyril Amarchand Mangaldas 40, Gilbert + Tobin 24, Khaitan & Co 24, Clifford Chance 77, Norton Rose Fulbright 16, Linklaters 42, Haiwen & Partners 52, Allen & Overy 18, Shin & Kim 13, Lee & Ko 22, White & Case 77,

33 Asia-Pacific Asia (excl. Australasia & Japan) by deal value Asia (excl. Australasia & Japan) by deal count 1 12 King & Wood Mallesons 130, % 2 7 Davis Polk & Wardwell 96, % 3 15 Fangda Partners 91, % 4 31 Simpson Thacher & Bartlett 87, % 5 46 White & Case 76, % 6 24 Clifford Chance 61, % 7 33 Cleary Gottlieb Steen & Hamilton 60, % 8 47 Cravath, Swaine & Moore 56, % 9 1 Freshfields Bruckhaus Deringer 55, % Haiwen & Partners 52, % Gleiss Lutz 48, ,217,300% Baer & Karrer 48, Homburger 47, ,657% , % 15 - Wolf Theiss 47, King & Wood Mallesons 130, Grandall Law Firm 37, Kim & Chang 23, Zhong Lun Law Firm 25, AZB & Partners 30, Cyril Amarchand Mangaldas 40, Khaitan & Co 24, Haiwen & Partners 52, Shin & Kim 13, Lee & Ko 22, Baker & McKenzie 18, Linklaters 26, Shardul Amarchand Mangaldas & Co 10, White & Case 76, Clifford Chance 61, Australasia by deal value Australasia by deal count 1 1 Herbert Smith Freehills 44, % 2 3 Allens 41, % 3 2 King & Wood Mallesons 31, % 4 8 Baker & McKenzie 26, % 5 4 Gilbert + Tobin 24, % 6 5 Ashurst 19, % 7 46 Osler, Hoskin & Harcourt 18, ,319% 8 - Linklaters 18, Clifford Chance 15, % 10 6 MinterEllison 15, % CMS 14, % Eversheds 14, ,724% Torys 11, % Chapman Tripp 10, % 15 7 Clayton Utz 9, % 1 1 Herbert Smith Freehills 44, King & Wood Mallesons 31, MinterEllison 15, Gilbert + Tobin 24, Allens 41, Ashurst 19, Norton Rose Fulbright 1, DLA Piper 2, Baker & McKenzie 26, Clayton Utz 9, HWL Ebsworth Lawyers 1, Corrs Chambers Westgarth 1, K&L Gates Chapman Tripp 10, McCullough Robertson

34 Asia-Pacific Greater China by deal value Greater China by deal count 1 8 King & Wood Mallesons 130, % 2 9 Fangda Partners 90, % 3 12 Davis Polk & Wardwell 89, % 4 20 Simpson Thacher & Bartlett 85, % 5 61 White & Case 68, ,520% 6 21 Clifford Chance 60, % 7 29 Cleary Gottlieb Steen & Hamilton 57, % 8 11 Haiwen & Partners 52, % 9= 386 Baer & Karrer 47, = 118 Homburger 47, ,923% Gleiss Lutz 47, ,194,425% Cravath, Swaine & Moore 46, % 13 - Wolf Theiss 46, Bowmans 45, , % 1 2 King & Wood Mallesons 130, Grandall Law Firm 37, Zhong Lun Law Firm 25, Haiwen & Partners 52, Fangda Partners 90, Tian Yuan Law Firm 16, Grandway Law Offices 8, JiaYuan Law Offices 20, Davis Polk & Wardwell 89, , Baker & McKenzie 16, Beijing Dentons Law Offices 14, Latham & Watkins 13, DLA Piper 4, Simpson Thacher & Bartlett 85, India by deal value India by deal count 1 4 Cyril Amarchand Mangaldas 40, % 2 1 AZB & Partners 30, % 3 2 Khaitan & Co 16, % 4 21 Freshfields Bruckhaus Deringer 15, ,039% 5 3 Shardul Amarchand Mangaldas & Co 10, % Slaughter and May 8, ,405% 7 6 J Sagar Associates 8, % 8 14 Linklaters 7, % 9 16 Talwar Thakore & Associates 7, % Herbert Smith Freehills 6, % Kirkland & Ellis 6, % S&R Associates 4, % Vaish Associates 3, % Latham & Watkins 3, % 15 8 Davis Polk & Wardwell 3, % 1 1 AZB & Partners 30, Cyril Amarchand Mangaldas 40, Khaitan & Co 16, Shardul Amarchand Mangaldas & Co 10, Trilegal 2, J Sagar Associates 8, HSA Advocates Bathiya Legal Veritas Legal 1, Luthra & Luthra Law Offices 2, Desai & Diwanji BMR Legal Nishith Desai Associates 2, Shearman & Sterling 2, IndusLaw 1,

35 Asia-Pacific South Korea by deal value South Korea by deal count 1 1 Kim & Chang 22, % 2 3 Lee & Ko 22, % 3 6 Shin & Kim 13, % 4 11 Paul Hastings 8, % 5= - Cravath, Swaine & Moore 8, = 7 Wachtell, Lipton, Rosen & Katz 8, % 8 2 Bae Kim & Lee 7, % 9 4 Yulchon 6, % Yoon & Yang 2, % 11 8 Cleary Gottlieb Steen & Hamilton 2, % 12 - KIEHYUN 1, Dechert 1, % 14= 65 Mori Hamada & Matsumoto 1, ,764% 14= - Nagashima Ohno & Tsunematsu 1, = 26 Shearman & Sterling 1, % 1 1 Kim & Chang 22, Shin & Kim 13, Lee & Ko 22, Bae Kim & Lee 7, Yulchon 6, Yoon & Yang 2, JIPYONG Hankyul Law Firm KIEHYUN 1, Kim, Choi & Lim Paul Hastings 8, Barun Law Dechert 1, , Ropes & Gray Japan by deal value Japan by deal count 1 1 Mori Hamada & Matsumoto 80, % 2 17 Anderson Mori & Tomotsune 54, % 3 5 Freshfields Bruckhaus Deringer 50, % 4 14 Morrison & Foerster 47, % 5 25 White & Case 46, % 6 - Slaughter and May 39, Davis Polk & Wardwell 38, % 8 4 Nagashima Ohno & Tsunematsu 30, % 9 12 Herbert Smith Freehills 30, % Cleary Gottlieb Steen & Hamilton 30, % 11 3 Nishimura & Asahi 28, % Shearman & Sterling 20, % 13 8 Simpson Thacher & Bartlett 20, % Hogan Lovells International 13, Allen & Overy 12, % 1 1 Mori Hamada & Matsumoto 80, Nishimura & Asahi 28, Anderson Mori & Tomotsune 54, Nagashima Ohno & Tsunematsu 30, Morrison & Foerster 47, Baker & McKenzie 5, Shearman & Sterling 20, White & Case 46, Latham & Watkins 8, TMI Associates 7, Jones Day 10, Allen & Overy 12, Freshfields Bruckhaus Deringer 50, Simpson Thacher & Bartlett 20, Hibiya-Nakata

36 Asia-Pacific South East Asia by deal value South East Asia by deal count 1 18 Linklaters 9, % 2 2 WongPartnership 8, % 3 23 Herbert Smith Freehills 8, % 4 1 Allen & Gledhill 8, % 5 - Darrois Villey Maillot Brochier 7, Latham & Watkins 7, % 7 5 6, % 8 13 White & Case 6, % Wilson Sonsini Goodrich & Rosati 6, ,667% Kirkland & Ellis 5, % Allen & Overy 5, % Sidley Austin 5, % 13 6 Davis Polk & Wardwell 3, % Freshfields Bruckhaus Deringer 2, % Weerawong, Chinnavat & Peangpanor 2, % 1 2 Allen & Gledhill 8, WongPartnership 8, Linklaters 9, Allen & Overy 5, Herbert Smith Freehills 8, Baker & McKenzie 2, White & Case 6, Morgan Lewis & Bockius 2, Clifford Chance 1, Latham & Watkins 7, Rajah & Tann 2, DLA Piper 1, Jones Day 1, Hogan Lovells International 2, Drew & Napier 2,

37 Africa & Middle East Africa & Middle East by deal value Africa & Middle East by deal count 1 23 Allen & Overy 37, % 2 24 Clifford Chance 31, % 3 19 Freshfields Bruckhaus Deringer 24, % 4 13 Linklaters 24, % 5 22 White & Case 22, % 6 14 Cliffe Dekker Hofmeyr 12, % 7 28 Shearman & Sterling 10, % 8 17 ENSafrica 10, % 9 5 Cleary Gottlieb Steen & Hamilton 9, % 10 6 Weil Gotshal & Manges 7, % 11 3 Kirkland & Ellis 7, % Simpson Thacher & Bartlett 7, % Grandall Law Firm 6, % 14 - Wachtell, Lipton, Rosen & Katz 5, Latham & Watkins 5, % 1 4 Bowmans 5, Webber Wentzel 3, Clifford Chance 31, Cliffe Dekker Hofmeyr 12, Allen & Overy 37, Linklaters 24, Freshfields Bruckhaus Deringer 24, Meitar Liquornik Geva Leshem Tal 3, White & Case 22, ENSafrica 10, Norton Rose Fulbright 2, Werksmans 2, Baker & McKenzie 1, Herzog, Fox and Neeman 1, Gibson Dunn & Crutcher 2,

38 Private equity Global (buyouts+exits) by deal value Global (buyouts+exits) by deal count 1 1 Kirkland & Ellis 106, % 2 2 Latham & Watkins 65, % 3 3 Simpson Thacher & Bartlett 62, % 4 6 Freshfields Bruckhaus Deringer 46, % 5 5 Clifford Chance 42, % 6 7 Ropes & Gray 35, % , % , % 9 34 Herbert Smith Freehills 25, % 10 4 Weil Gotshal & Manges 24, % Allen & Overy 24, % Davis Polk & Wardwell 23, % Cravath, Swaine & Moore 22, % White & Case 22, % DLA Piper 19, % 1 1 Kirkland & Ellis 106, Latham & Watkins 65, DLA Piper 19, Weil Gotshal & Manges 24, Jones Day 14, Allen & Overy 24, White & Case 22, Clifford Chance 42, Ropes & Gray 35, Simpson Thacher & Bartlett 62, Freshfields Bruckhaus Deringer 46, , Goodwin Procter 13, McDermott Will & Emery 2, Linklaters 10, *Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Global US (buyouts+exits) by deal value US (buyouts+exits) by deal count 1 1 Kirkland & Ellis 91, % 2 3 Latham & Watkins 41, % 3 2 Simpson Thacher & Bartlett 36, % 4 4 Ropes & Gray 32, % , % , % 7 61 Cravath, Swaine & Moore 20, ,007% 8 11 Vinson & Elkins 17, % 9 44 O'Melveny & Myers 15, % Davis Polk & Wardwell 15, % Fried Frank Harris Shriver & Jacobson 13, % Stikeman Elliott 12, % 13 5 Wilson Sonsini Goodrich & Rosati 12, % Jones Day 11, % Sullivan & Cromwell 11, % 1 1 Kirkland & Ellis 91, Latham & Watkins 41, DLA Piper 6, Ropes & Gray 32, Jones Day 11, , Weil Gotshal & Manges 6, Goodwin Procter 8, Cooley 9, Morgan Lewis & Bockius 8, McDermott Will & Emery 1, Sidley Austin 10, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian 3, Simpson Thacher & Bartlett 36, Wilson Sonsini Goodrich & Rosati 12, *Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being US 38

39 Private equity Europe (buyouts+exits) by deal value Europe (buyouts+exits) by deal count 1 2 Freshfields Bruckhaus Deringer 39, % 2 1 Clifford Chance 36, % 3 6 Latham & Watkins 22, % 4 15 Baker & McKenzie 18, % 5 10 CMS 17, % 6 7 Allen & Overy 16, % 7 4 Weil Gotshal & Manges 14, % 8 8 Simpson Thacher & Bartlett 14, % 9 24 DLA Piper 12, % Hengeler Mueller 12, % Garrigues 11, % White & Case 11, % 13 - Mourant Ozannes 10, Macfarlanes 10, % Kirkland & Ellis 10, % 1 4 Allen & Overy 16, DLA Piper 12, Clifford Chance 36, Latham & Watkins 22, Freshfields Bruckhaus Deringer 39, Linklaters 8, Weil Gotshal & Manges 14, CMS 17, White & Case 11, Travers Smith 4, King & Wood Mallesons 5, Jones Day 1, Eversheds 1, Willkie Farr & Gallagher 4, Pinsent Masons 4, *Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Europe Asia-Pac (buyouts+exits) by deal value Asia-Pac (buyouts+exits) by deal count 1 6 Herbert Smith Freehills 23, % 2 - Ashurst 13, Davis Polk & Wardwell 8, % 4 68 Han Kun Law Offices 7, ,427% 5 5 Haiwen & Partners 6, % 6 49 Simpson Thacher & Bartlett 5, % 7 21 Allen & Overy 5, % 8 18 Cyril Amarchand Mangaldas 4, % 9 24 Shin & Kim 3, % Clifford Chance 3, % Slaughter and May 3, % Kim & Chang 2, % MinterEllison 2, % Bae Kim & Lee 2, % WongPartnership 2, % 1 3 Kim & Chang 2, AZB & Partners 2, Cyril Amarchand Mangaldas 4, Herbert Smith Freehills 23, Trilegal 1, Haiwen & Partners 6, Gilbert + Tobin 1, MinterEllison 2, King & Wood Mallesons 1, Shardul Amarchand Mangaldas & Co 1, Simpson Thacher & Bartlett 5, Shin & Kim 3, Bae Kim & Lee 2, Khaitan & Co Allen & Overy 5, *Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being Asia-Pacific (excl. Japan) 39

40 Private equity Global buyouts by deal value Global buyouts by deal count 1 1 Kirkland & Ellis 42, % 2 3 Latham & Watkins 41, % 3 5 Simpson Thacher & Bartlett 31, % 4 4 Clifford Chance 28, % 5 9 Freshfields Bruckhaus Deringer 24, % 6 23 Herbert Smith Freehills 24, % , % 8 40 Ashurst 15, % 9 29 Baker & McKenzie 15, % CMS 15, % 11 6 Ropes & Gray 14, % O'Melveny & Myers 14, % 13 7 White & Case 13, % Stikeman Elliott 13, % Torys 12, % 1 1 Kirkland & Ellis 42, Latham & Watkins 41, DLA Piper 3, Weil Gotshal & Manges 10, Jones Day 2, Allen & Overy 7, Ropes & Gray 14, White & Case 13, Freshfields Bruckhaus Deringer 24, Simpson Thacher & Bartlett 31, Clifford Chance 28, Linklaters 7, King & Wood Mallesons 8, , Willkie Farr & Gallagher 3, *Based on advisors to bidder on buyout deals with the target dominant geography being Global US buyouts by deal value US buyouts by deal count 1 4 Kirkland & Ellis 35, % 2 2 Latham & Watkins 20, % , % 4 49 O'Melveny & Myers 14, ,668% 5 1 Ropes & Gray 13, % 6 3 Simpson Thacher & Bartlett 12, % 7 44 Stikeman Elliott 12, % , % 9 18 Davis Polk & Wardwell 8, % 10 8 White & Case 8, % Sidley Austin 6, % 12 9 Vinson & Elkins 5, % Wachtell, Lipton, Rosen & Katz 5, ,452% Morgan Lewis & Bockius 5, % 15 6 Weil Gotshal & Manges 5, % 1 1 Kirkland & Ellis 35, Latham & Watkins 20, Weil Gotshal & Manges 5, Jones Day 1, Ropes & Gray 13, DLA Piper , Simpson Thacher & Bartlett 12, McDermott Will & Emery Sidley Austin 6, Paul Hastings Morgan Lewis & Bockius 5, Goodwin Procter O'Melveny & Myers 14, Locke Lord *Based on advisors to bidder on buyout deals with the target dominant geography being US 40

41 Private equity Europe buyouts by deal value Europe buyouts by deal count 1 1 Clifford Chance 24, % 2 5 Latham & Watkins 19, % 3 2 Freshfields Bruckhaus Deringer 19, % 4 7 CMS 15, % 5 79 Baker & McKenzie 14, ,373% 6 12 Simpson Thacher & Bartlett 10, % 7 3 Linklaters 5, % 8 9 Allen & Overy 5, % 9 68 Deloitte Legal 5, % Hengeler Mueller 4, ,931% White & Case 4, % Garrigues 4, % Torys 3, % Kirkland & Ellis 3, % Baer & Karrer 3, ,074% 1 4 Allen & Overy 5, DLA Piper 2, Latham & Watkins 19, Linklaters 5, Clifford Chance 24, Freshfields Bruckhaus Deringer 19, Weil Gotshal & Manges 2, White & Case 4, King & Wood Mallesons 3, CMS 15, Eversheds Jones Day Willkie Farr & Gallagher 2, Kirkland & Ellis 3, Vinge 3, *Based on advisors to bidder on buyout deals with the target dominant geography being Europe Asia-Pac buyouts by deal value Asia-Pac buyouts by deal count 1 7 Herbert Smith Freehills 23, % 2 - Ashurst 13, Haiwen & Partners 5, % 4 36 Simpson Thacher & Bartlett 3, % 5 32 Slaughter and May 3, % 6 48 Clifford Chance 3, % 7 20 Shin & Kim 2, % 8 10 Kim & Chang 2, % 9 52 MinterEllison 2, % Weil Gotshal & Manges 2, % 11 2 Kirkland & Ellis 2, % Allens 2, % 13 - Torys 1, Allen & Overy 1, % Drew & Napier 1, % 1 2 Kim & Chang 2, Cyril Amarchand Mangaldas 1, Haiwen & Partners 5, AZB & Partners Trilegal Shardul Amarchand Mangaldas & Co 1, Herbert Smith Freehills 23, King & Wood Mallesons 1, Yulchon 1, Gilbert + Tobin Khaitan & Co Simpson Thacher & Bartlett 3, Allen & Overy 1, Fangda Partners 1, Bae Kim & Lee *Based on advisors to bidder on buyout deals with the target dominant geography being Asia-Pacific (excl. Japan) 41

42 Private equity Global exits by deal value Global exits by deal count 1 1 Kirkland & Ellis 64, % 2 2 Simpson Thacher & Bartlett 30, % 3 3 Latham & Watkins 24, % 4 15 Cravath, Swaine & Moore 22, % 5 8 Freshfields Bruckhaus Deringer 22, % , % 7 9 Ropes & Gray 20, % 8 27 DLA Piper 16, % 9 18 Allen & Overy 16, % Davis Polk & Wardwell 14, % Fried Frank Harris Shriver & Jacobson 14, % 12 7 Clifford Chance 13, % 13 6 Weil Gotshal & Manges 13, % Jones Day 12, % Sullivan & Cromwell 11, % 1 1 Kirkland & Ellis 64, Latham & Watkins 24, DLA Piper 16, Orrick Herrington & Sutcliffe 4, Cooley 10, Jones Day 12, Weil Gotshal & Manges 13, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian 3, Allen & Overy 16, Goodwin Procter 11, Clifford Chance 13, White & Case 8, Wilson Sonsini Goodrich & Rosati 10, , McDermott Will & Emery 2, *Based on advisors to target/seller on exit deals with the target dominant geography being Global US exits by deal value US exits by deal count 1 1 Kirkland & Ellis 56, % 2 2 Simpson Thacher & Bartlett 23, % 3 4 Latham & Watkins 21, % 4 57 Cravath, Swaine & Moore 20, ,047% 5 7 Ropes & Gray 19, % , % 7 19 Fried Frank Harris Shriver & Jacobson 11, % 8 35 Vinson & Elkins 11, % 9 10 Sullivan & Cromwell 10, % 10 3 Wilson Sonsini Goodrich & Rosati 10, % Jones Day 9, % WilmerHale 9, ,867% Cooley 8, % Goodwin Procter 7, % , % 1 1 Kirkland & Ellis 56, Latham & Watkins 21, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian 3, Cooley 8, DLA Piper 6, Goodwin Procter 7, Wilson Sonsini Goodrich & Rosati 10, Orrick Herrington & Sutcliffe 3, Fenwick & West 4, , Ropes & Gray 19, Morgan Lewis & Bockius 3, Jones Day 9, , Sidley Austin 4, *Based on advisors to target/seller on exit deals with the target dominant geography being US 42

43 Private equity Europe exits by deal value Europe exits by deal count 1 2 Freshfields Bruckhaus Deringer 19, % 2 4 Weil Gotshal & Manges 12, % 3 1 Clifford Chance 11, % 4 6 Allen & Overy 11, % 5 14 Macfarlanes 10, % 6 18 DLA Piper 9, % 7 - Mourant Ozannes 7, Garrigues 7, % 9 15 Hengeler Mueller 7, % 10 9 Kirkland & Ellis 6, % White & Case 6, % P+P Poellath + Partners 6, % Mannheimer Swartling 5, % Slaughter and May 4, % Thommessen 4, % 1 4 Allen & Overy 11, DLA Piper 9, Travers Smith 4, Clifford Chance 11, CMS 2, Weil Gotshal & Manges 12, White & Case 6, Freshfields Bruckhaus Deringer 19, Pinsent Masons 3, Latham & Watkins 3, Mayer Brown 2, Linklaters 2, Orrick Herrington & Sutcliffe 1, Jones Day P+P Poellath + Partners 6, *Based on advisors to target/seller on exit deals with the target dominant geography being Europe Asia-Pac exits by deal value Asia-Pac exits by deal count 1 25 Davis Polk & Wardwell 8, ,281.7% 2 40 Han Kun Law Offices 7, ,427% 3 24 Allen & Overy 3, % 4 2 Cyril Amarchand Mangaldas 2, % 5 16 WongPartnership 1, % 6 6 Bae Kim & Lee 1, % 7 50 Simpson Thacher & Bartlett 1, % 8 7 AZB & Partners 1, % 9 35 Shin & Kim 1, % Trilegal 1, % Gilbert + Tobin 1, % 12 - Dentons 1, , % 14 - Yoon & Yang = - Baer & Karrer AZB & Partners 1, Herbert Smith Freehills Kim & Chang MinterEllison Cyril Amarchand Mangaldas 2, Shin & Kim 1, Bae Kim & Lee 1, Simpson Thacher & Bartlett 1, Trilegal 1, Gilbert + Tobin 1, Clifford Chance Veritas Legal Jones Day Davis Polk & Wardwell 8, Han Kun Law Offices 7, = - Wolf Theiss *Based on advisors to target/seller on exit deals with the target dominant geography being Asia-Pacific (excl. Japan) 43