Global and regional M&A: H Including league tables of legal advisors

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1 Global and regional M&A: 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 * The % value on the map indicates market share in global M&A $656.4bn 44% $481.9bn 32.3% $14.4bn 1.9% 1% 46.6% $272.9bn 18.3% $25.2bn 1.7% $38.4bn 2.6% Below is a breakdown of each region s cross-border activity, together with the top sector Global M&A $1.492tn, 8.4% vs. Cross-border $703.8bn 27.8% Energy, Mining & Utilities $267.9bn 51.9% US $602.6bn, 2.4% vs. Inbound $213bn 27.4% Outbound $199.7bn 101.5% Consumer $141.6bn 5.3x C & S America $25.2bn, -3.6% vs. Inbound $12.7bn -17.3% Outbound $5.1bn -34% Consumer $6.3bn 124.8% Europe $481.9bn, 30.1% vs. Inbound $211.1bn 14.4% Outbound $150.7bn 99.8% Industrials & $87.7bn -19.2% Chemicals Africa & Middle East $38.4bn, 12.7% vs. Inbound $32bn 36% Outbound $33.9bn 258.2% Industrials $19.5bn 48x & Chemicals Asia-Pacific (excl. Japan) $272.9bn, -7% vs. Inbound $38bn 5.7% Outbound $55.7bn 58.1% Energy, Mining & Utilities $45bn 89.7% Japan $14.4bn, -53.5% vs. Inbound $5.6bn 57.9% Outbound $33bn 95.2% Industrials $4bn 58.5% & Chemicals Global and regional M&A: 2

3 Global Global M&A in the first half of has seen a 8.4% increase by value despite 1,117 fewer deals on the same period last year. recorded US$ 1.49tn across 8,052 deals, compared to US$ 1.38tn with 9,169 deals. Companies have been looking at future-proofing in the wake of rapid s to technology and politics to keep ahead of rivals. There have been 17 megadeals (> US$ 10bn) announced since the beginning of the year, versus 14 such deals in. As faith in the market continues to grow, European M&A has surged ahead, securing a 32.3% share of the global value. Both the US (US$ 602.6bn, 2,446 deals) and Asia Pacific (exc. Japan) (US$ 272.9bn, 1,585 deals) saw there share drop to 40.4% and 18.3% from 42.8% and 21.3% respectively. Following political uncertainty across the continent earlier in the year, European activity rose by 28.7% in Q2 to US$ 271.2bn (1,450 deals) compared to Q1 (US$ 210.7bn, 1,641 deals). With 3,091 announcements in, dealmakers generated a substantial US$ 481.9bn-worth of deals in Europe representing a 30.1% increase on the same point in (US$ 370.5bn 3,732 deals). As companies look to pursue their strategies of restructuring, increase efficiency and upgrade technology, the Energy, Mining & Utilities sector has been the most targeted industry globally by value with US$ 267.9bn across 662 deals. This represents a 51.9% growth over the equivalent period in, which saw US$ 176.3bn (723 deals). An increase in larger deals, with 55 transactions above US$ 1bn announced in compared to 31 in, formed the main reason for such lift, partially fuelled by some stabilisation of the oil prices. With an abundance of dry powder at hand, private equity has had a stellar year. Buyouts are up 26.7% by value to US$ 240bn (1,420 deals) on this time last year and exits up 19.4% to US$ 253.5bn (1,106 deals), following announcements such as LogiCor (US$ 13.8bn) and Pharmaceutical Product Development (US$ 9bn). The second quarter has been particularly strong with the highest quarterly buyout value (US$ 153.3bn) since Q (US$ 362.9bn) and the highest exit value (US$ 166.1bn) on Mergermarket record (since 2001). Quarterly M&A activity of deals (US$ bn) Sector Breakdown vs Q4 Q3 Q2 Q1 : $1.492tn vs. Q2 vs. Q1 Number of megadeals (> US$ 10bn) Regional Breakdown Europe Q2 $271.2bn (1,450 deals) US Q2 $290.6bn (1,130 deals) 8.4% 0.9% 17 vs. Q % vs. Q % Up in value; quarterly deal count (3,788) drops below 4,000 for the first time since Q (3,713) Lowest quarterly value since Q1 (US$ 622.9bn) Worth US$ 375.2bn. Three more than in Highest figure (US$ 481.9bn) in Europe since 2014 Lowest Q2 value in the US since 2013 (US$ 176bn) of deals (US$ bn) APac (exc. Japan) Q2 $134.8bn (771 deals) Most active sectors EMU $267.9bn (662 deals) Consumer $253.1bn (894 deals) vs. Q % vs % vs % Lowest quarterly value since Q (US$ 114bn) 38% decrease compared to H2 (US$ 432.3bn, 831 deals) As a result of six megadeals (> US$ 10bn) this year 50 0 EMU Consumer Industrials PMB Financial Tech Business Other & Chemicals Services Services Industrials & Chemicals $210bn (1,542 deals) vs % Lowest half-year value since 2015 (US$ 161bn) Global and regional M&A: 3

4 Global Top deals value (US$bn) Ann. date Bidder company Bidder country Target company Target country Target sector Jan British American Tobacco Plc United Kingdom Reynolds American Inc (57.83% Stake) USA Jun Praxair Inc USA Linde AG Germany May Atlantia SpA Italy Abertis Infraestructuras SA Spain Jan Johnson & Johnson USA Actelion Pharmaceuticals Ltd Switzerland Jan Essilor International SA France Luxottica Group SpA Italy Sector key Industrials & Chemicals Pharma, Medical, Biotech Consumer Construction League table by value Rank Company name Regional ranking comparison % Europe US Asia- Pacific 1 8 Cravath, Swaine & Moore 242, , % Skadden Arps Slate Meagher & 239, , % Davis Polk & Wardwell 234, , % Kirkland & Ellis 209, , % Cleary Gottlieb Steen & Hamilton 199, , % Simpson Thacher & Bartlett 178, , % Freshfields Bruckhaus Deringer 165, , % Sullivan & Cromwell 162, , % Latham & Watkins 154, , % Blake, Cassels & Graydon 136, , % Weil Gotshal & Manges 135, , % Jones Day 134, , % Wachtell, Lipton, Rosen & Katz 124, , % Linklaters 117, , % White & Case 116, , % , , % Herbert Smith Freehills 86, , % Shearman & Sterling 85, , % Gibson Dunn & Crutcher 81, , % Clifford Chance 78, , % Japan Africa & Middle East Global and regional M&A: 4

5 Europe European M&A in has mirrored the global trend, with this year s value up 30.1% to US$ 481.9bn (3,091 deals), despite 641 fewer deals compared to the same period last year when 3,732 deals worth US$ 370.5bn were announced. Confidence appears to be growing in the European market following the elections in France and the Netherlands, where populist candidates were beaten. The second quarter of the year has been particularly active, with Q2 s value (US$ 271.2bn) 28.7% higher than in Q1 (US$ 210.7bn). The region now represents 32.3% of global M&A value, which stands at US$ 1.49tn, up from a 26.9% share at this point in. The fewer but larger deals trend seen in particularly in Q2 has been one of the main causes of the value increase. Europe has received seven megadeals (> US$ 10bn) year-to-date, including four deals above US$ 20bn. This compares to just four megadeals in the first half of, which included the US$ 45.9bn takeover of Syngenta by ChemChina. Four of the top five deals globally in targeted Europe, two of which were announced in Q2. Inbound investment has been a key driver of activity in with 593 deals worth US$ 211.1bn announced so far this year the highest year-to-date value on Mergermarket record (since 2001) and 43.8% of total European M&A. Activity from outside Europe has grown 14.4% by value with 34 deals valued at over US$ 1bn each. Following the introduction of regulations on capital flight, Chinese investment into Europe has fallen to US$ 25.6bn (59 deals), a 65.7% drop in value compared to the same period last year (86 deals, US$ 74.8bn). With 342 deals worth US$ 146bn, the US has been the most active investor, accounting for a 69.2% of inbound activity by value. Industrials & Chemicals once again led the way in Europe as it became the most targeted sector by both value and deal count. However, despite the tie-up between Praxair and Linde (US$ 45.5bn), the largest European deal across all sectors in, the industry stands 19.2% behind last year s value of US$ 108.6bn. With 648 deals worth US$ 87.7bn announced in, the sector represents 18.2% of the region s total value. Quarterly M&A activity Q4 Q3 Q2 Q1 : $481.9bn vs. Q2 vs. Q1 Average deal size vs % vs. Q % $453m Due to seven megadeals (> US$ 10bn) compared to four in Following the takeovers of Linde (US$ 45.5bn) and Abertis (US$ 33.2bn) Highest European average deal value on Mergermarket record (since 2001) European Inbound Activity Sector Breakdown vs Overall $211.1bn (593 deals) From China $25.6bn (59 deals) vs % vs % Highest year-to-date figure on Mergermarket record, eclipsing 2008 s US$ 199.2bn The second highest year-to-date value and deal count on record 150 From USA $146bn (342 deals) vs % Highest deal value since 2008 (US$ 152.2bn) of deals (US$ bn) Sectors Industrials & Chemicals $87.7bn (648 deals) Consumer $80.5bn (397 deals) vs % vs x Third highest YTD value behind 2006 (US$ 109.5bn) and (US$ 108.6bn) Following three megadeals in 30 EMU $53.3bn (176 deals) vs % As a result of 17 deals worth over US$ 1bn in the sector 0 Industrials & Chemicals Consumer EMU PMB Financial Services Business Services Tech Other Global and regional M&A: 5

6 Europe Top deals value (US$bn) Ann. date Bidder company Bidder country Target company Target country Target sector Seller company Jun Praxair Inc USA Linde AG Germany May Atlantia SpA Italy Abertis Infraestructuras SA Spain Jan Johnson & Johnson USA Actelion Pharmaceuticals Ltd Switzerland Jan Essilor International SA France Luxottica Group SpA Italy Feb Svenska Cellulosa Aktiebolaget SCA (Shareholders) Sweden Essity Aktiebolag (publ) Sweden Svenska Cellulosa Aktiebolaget SCA Sector key Chemicals Pharma, Medical, Biotech Construction Consumer League table by value Rank Company name % 1 4 Cravath, Swaine & Moore 193, , % 2 3 Davis Polk & Wardwell 175, , % 3 2 Freshfields Bruckhaus Deringer 153, , % 4 16 Kirkland & Ellis 117, , % 5 7 Linklaters 112, , % 6 5 Cleary Gottlieb Steen & Hamilton 110, , % 7 23 Jones Day 104, , % , , % 9 8 Simpson Thacher & Bartlett 89, , % Blake, Cassels & Graydon 88, , % Weil Gotshal & Manges 83, , % Latham & Watkins 82, , % Sullivan & Cromwell 81, , % Herbert Smith Freehills 74, , % 15 6 Clifford Chance 69, , % Bredin Prat 64, , % 17 9 Slaughter and May 62, , % 18 - Moore & Van Allen 60, Hengeler Mueller 58, , % Gleiss Lutz 55, , % Global and regional M&A: 6

7 US Structural s around the globe have begun to break down and reshape not only traditional political identities but also longstanding industries, brought on by the ever-growing prevalence of technology in our daily lives. Despite geopolitical uncertainty, the US economy has remained strong, with low inflation, a steady jobs rate, and two interest rate raises in. US M&A in the first half of the year reached US$ 602.6bn with 2,446 deals, an uptick in value of 2.4% from (US$ 588.5bn, 2,677 deals) and fall in deal count of 231. With more activity expected in the pipeline, what has given dealmakers pause is the increasing unpredictability of the administration s policy agenda as well as its political future. The top deal of Q2 was Becton, Dickinson and Company s US$ 23.6bn bid for C.R. Bard, which drove up Pharma, Medical & Biotech (PMB) value by 31.4%. This was not enough, however, for PMB to regain its crown as top sector, which this year went to Consumer. The latter reached a record US$ 141.6bn, up 427.1% in value over the same period last year. In the spotlight was Amazon s US$ 13.5bn June bid for Whole Foods. Though not the largest deal in the sector by far, it is widely expected to have massive implications for Retail, blurring the lines between Consumer and Technology. By deal count it was Technology which finished with the most deals 447 worth US$ 43.5bn. Of total deal count, Software was responsible for 74.5% of Technology's overall activity, whilst accounting for 61.6% of the sector's total value, with deals spanning the cloud computing, cybersecurity, fintech, and autonomous vehicle spaces. With its burgeoning imprint on such long-standing sectors as Financial Services, Industrials, and Medical, the number of Tech deals is only expected to increase. Geopolitical concerns also had an effect on cross-border activity. With Brexit negotiations underway, UK bids for US companies reached US$ 91.1bn, their largest half-year values on Mergermarket record since 1999 (US$ 122.5bn, 53 deals) and 18.3x the total value in (US$ 5bn, 72 deals). In fact, the UK s inbound M&A investment accounted for 42.8% of all US inbound activity for, which in turn also hit a record high of US$ 213bn, representing an increase of 27.4% in value over (US$ 167.2bn, 486 deals). Quarterly M&A activity of deals (US$ bn) Sector Breakdown vs of deals (US$ bn) Global and regional M&A: EMU Consumer Industrials PMB Financial Tech Business Other & Chemicals Servies Services 7 Q4 Q3 Q2 Q1 : $602.6bn vs. Share in Global M&A Amazon/ Whole Foods US$ 13.5bn Cross-border activity US inbound US$ 213bn (468 deals) US inbound from the UK US$ 91.1bn (73 deals) US inbound from China US$ 6.3bn (34 deals) Top sectors Consumer US$ 141.6bn (225 deals) EMU US$ 119.6bn (192 deals) PMB US$ 98.8bn (244 deals) 2.4% 40.4% EBITDA multiple 9.9x vs % vs x vs % vs % vs % vs % 23.8% above 10-year average value (US$ 486.6bn) On par with 10-year average share (38.8%) Largest grocery deal in the past decade Highest inbound value on record Highest half-year value since 1999 (US$ 122.5bn, 53 deals) Second-lowest value since 2011 (US$ 1.1bn, nine deals) Highest half-year value on record Highest value after 2011 (US$ 133.6bn, 152 deals) Lowest value since 2013 (US$ 52.5bn, 181 deals)

8 US Top deals value (US$bn) Ann. date Bidder company Bidder country Target company Target sector Jan British American Tobacco Plc United Kingdom Reynolds American Inc (57.83% Stake) Apr Becton Dickinson and Company USA CR Bard Inc Feb Reckitt Benckiser Group Plc United Kingdom Mead Johnson & Company Feb ONEOK Inc USA ONEOK Partners LP (60% Stake) Jun Amazon.com Inc USA Whole Foods Market Inc Sector key Consumer Pharma, Medical & Biotech Energy, Mining & Utilities League table by value Rank Company name % , , % 2 13 Cravath, Swaine & Moore 204, , % 3 6 Kirkland & Ellis 197, , % 4 2 Davis Polk & Wardwell 183, , % 5 4 Simpson Thacher & Bartlett 175, , % 6 3 Sullivan & Cromwell 147, , % 7 11 Latham & Watkins 135, , % 8 14 Weil Gotshal & Manges 126, , % 9 10 Wachtell, Lipton, Rosen & Katz 122, , % Freshfields Bruckhaus Deringer 119, , % 11 8 Cleary Gottlieb Steen & Hamilton 116, , % 12 7 Jones Day 96, , % 13 1 White & Case 92, , % Blake, Cassels & Graydon 92, , % Linklaters 85, , % , , % 17 9 Gibson Dunn & Crutcher 80, , % Shearman & Sterling 71, , % Willkie Farr & Gallagher 70, , % Herbert Smith Freehills 68, , % Global and regional M&A: 8

9 Central & South America Central and South America's dealmaking activity fell 3.6% in value in to US$ 25.2bn with 256 deals compared to (US$ 26.1bn, 260 deals), with this year marking its second-lowest value since 2005 (US$ 17.7bn, 137 deals). Total deal value was also 47.9% below the 10-year average of US$ 48.3bn. Riddled with persistent corruption scandals and political unrest, the region has been struggling to recover from the economic downturn caused by a fall in oil prices several years ago. The top deal in the second quarter was Brazil s Itau Unibanco s US$ 2bn acquisition of a 49.9% stake in domestic Financial Services company XP Investimentos CCTVM in May. The seventh-largest deal overall in the sector over the last five years, the transaction is an exit for one US private equity firm and two based in Brazil. XP is one of the largest firms in Brazil, with offices across the country and around the globe, and has also filed an IPO which is expected to take place later this year. Its relative success and growing global presence is one of the few bright spots emerging from the region despite domestic troubles. Brazil was the main driver for M&A activity in the region, finishing with US$ 13.8bn and 134 deals, a rise in value of 20.2% over (US$ 11.5bn. 118 deals) though a 66.7% fall in value from H2 (US$ 41.4bn, 163 deals) before corruption allegations had engulfed President Michel Temer. Mexico, the region s second-most dominant economy, continued to make an incremental comeback in the first half of the year with US$ 5.1bn and 29 deals, up 25.6% from H2 (US$ 4.1bn, 49 deals) and up 106.6% from (US$ 2.5bn, 43 deals), which in turn had seen a 75.6% fall in value from 2015 (US$ 10.1bn, 45 deals). Inbound M&A fell 17.3% in by value to US$ 12.7bn with 135 deals, the second-lowest for a first half year since 2009 (US$ 6bn, 78 deals). However, this year has seen some multinationals divesting regional operations, partly due to political and economic instability. Japan's Kirin sold its Brazil business to Dutch giant Heineken for US$ 1.1bn, with the latter planning to consolidate with its existing Brazilian operations. Germany's ThyssenKrupp also offloaded its Brazilian subsidiary to Argentinian steel products firm Ternium for US$ 1.6bn. With Central and South America's ongoing woes, more divestments could be on the way. Quarterly M&A activity Sector Breakdown vs Q4 Q3 Q2 Q1 : $25.2bn vs. Q2 vs. Q2 Share in Global M&A Top countries Brazil US$ 13.8bn (134 deals) Mexico US$ 5.1bn (29 deals) Argentina US$ 1.9bn (21deals) 3.6% 5.6% 1.7% vs % vs % vs % value is 47.9% below the 10-year average (US$ 48.3bn) Second-lowest Q2 value since 2005 (US$ 10bn, 74 deals) Second-lowest share in half a decade after 2015 (1.3%) Third-lowest value since 2005 (US$ 3.2bn) Second-lowest value in half a decade after (US$ 2.5bn) Third-highest value in half a decade of deals (US$ bn) Top sectors Consumer US$ 6.3bn (40 deals) EMU US$ 5.4bn (47 deals) vs % vs % First as top sector since 2013 (US$ 10.9bn, 51 deals) Second-lowest since 2005 (US$ 2.6bn, 19 deals) 2 0 EMU Consumer Industrials PMB Financial Tech Business Other & Chemicals Servies Services Industrials & Chemicals US$ 3.2bn (39 deals) vs % 6.1% above five-year average (US$ 3bn) Global and regional M&A: 9

10 Central & South America Top deals value Ann. date Bidder company Bidder country Target company Target country Target sector Seller company 2, Feb AC Bebidas S de RL de CV Mexico Arca Continental SAB de CV (Beverage businesses in Mexico, Argentina, Peru, Ecuador); and Coca-Cola Southwest Beverages LLC Mexico Arca Continental SAB de CV; and Coca-Cola Refreshments USA Inc 1, May Itaú Unibanco Holding SA Brazil XP Investimentos CCTVM SA (49.9% Stake) Brazil General Atlantic LLC; Dyna III Fundo de Investimento em Participacoes; and XP Controle Participacoes SA 1, Feb Ternium SA Argentina Thyssenkrupp Companhia Siderurgica do Atlantico Ltda Brazil ThyssenKrupp AG 1, Feb Heineken NV Netherlands Brasil Kirin Holdings SA Brazil Kirin Holdings Company Limited 1, Jun Magenta Infraestructura SL Spain OHL Mexico SAB de CV (41.99% Stake) Mexico Sector key Consumer Financial Services Industrials Construction League table by value Rank Company name % 1 9 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 3, , % 2 1 Linklaters 3, , % 3 75 Weil Gotshal & Manges 3, % 4 53 Tozzini Freire Teixeira e Silva Advogados 2, % 5 18 Cuatrecasas 2, , % 6 - King & Spalding 2, Lobo de Rizzo Advogados 2, , % 8 84 Galicia Abogados 2, % 9 19 Davis Polk & Wardwell 2, , % Vieira Rezende Advogados 2, Sidley Austin 2, = 27 Cravath, Swaine & Moore 2, , % 12= - Dechert 2, Barbosa, Mussnich & Aragao 1, , % Machado Meyer Sendacz e Opice 1, % Pinheiro Neto Advogados 1, , % 17 2 Baker & McKenzie 1, , % Freshfields Bruckhaus Deringer 1, , % 19 - Mitrani, Caballero, Rosso Alba, Francia, Ojam & Ruiz Moreno Abogados 1, Stocche Forbes Advogados 1, % Global and regional M&A: 10

11 Asia-Pacific (excl. Japan) Asia-Pacific (ex. Japan) recorded 1,585 deals valued at US$ 272.9bn in the first half of. This represents a 7% decrease by deal value compared to the same period last year (US$ 293.5bn, 1,724 deals). China, which accounted for 49.1% of Asian deals, experienced a drop of 23.8% by value with only US$ 134bn across 675 deals announced, contrasting with s US$ 175.9bnworth of deals (774 transactions) when the country contributed a 59.9% share of the region s M&A. The Energy, Mining & Utilities (EMU) sector, representing 16.5% market share by value in, was the most active sector in the region with US$ 45bn-worth of deals across 136 transactions. Australia outperformed all other countries in Asia by value with over 50.4% of EMU dealmaking in the region, totalling 31 transactions worth US$ 22.6bn. Three of the top five EMU deals in Asia featured Australian targets, including the acquisition of a 50.4% stake in Endeavour Energy for US$ 5.6bn in May. In comparison to, Asia-Pacific s outbound deal value decreased by 58.1% to only US$ 55.7bn across 268 deals. Tightened outbound M&A control imposed by Chinese regulators have dampened the deal flow from China (112 deals, US$ 35.5bn), with a significant impact on large ticket deals. The country alone saw 27 fewer deals into Europe in the first half of, with deal value dropping by 65.7% to US$ 25.6bn across 59 deals, contrasting s record US$ 74.8bn across 86 deals, when the US$ 45.9bn ChemChina - Syngenta deal was announced. With regulations restricting capital outflow, China has seen a shift back towards domestic activity with deals between Chinese bidders and targets comprising eight of the top 20 deals in the region. The largest of these saw a consortium of 11 investors acquire a 14.74% stake in Hengda Real Estate Group for US$ 5.8bn, the fourth biggest deal in Asia Pacific so far this year. Domestic deals accounted for 69% of Chinese dealmaking, compared to 56.3% in the first half of. Quarterly M&A activity of deals (US$ bn) Sector Breakdown vs of deals (US$ bn) EMU Industrials Tech Real Estate Financial Consumer Business Other & Chemicals Services Services Q4 Q3 Q2 Q1 : $272.9bn vs. Share of global deal value Number of deals over US$ 1bn Chinese Activity China $134bn (675 deals) % of Asia Pacific activity by value Real Estate $26.1bn (33 deals) Industrials & Chemicals $41.9bn (328 deals) Technology $34.2bn (217 deals) 7% Sector Breakdown EMU $45bn (136 deals) 18.3% 47 vs % 49.1% vs % vs % vs % vs % Lowest half-year value since H (US$ 233.2bn) Down from 21.3% in, and lowest YTD share since 2013 (17.5%) In comparison to 59 in Lowest half-year value since 2014 (US$ 125.7bn) Down from 59.9% in the first half of As a result of six deals worth over US$ 1bn Driven by three of the largest five deals in the region in Despite 42 fewer deals compared to (370 deals, US$ 39.7bn) Lowest half-year since H (US$ 22.5bn, 211 deals) Global and regional M&A: 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 Mar Idea Cellular Limited India Vodafone India Limited India Vodafone Group Plc Jan Consortium led by Cheung Kong Property Hong Kong Duet Group Australia Feb Saudi Arabian Oil Co Saudi Arabia Refinery & Petrochemical Integrated Development (RAPID) project (50% Stake) Malaysia Petroliam Nasional Berhad Jun Investor group led by Maanshan Maowen Technology Industrial Park Co Ltd China Hengda Real Estate Group Co Ltd (14.74% Stake) China May Investor group led by Macquarie Infrastructure and Real Assets Australia Endeavour Energy (50.4% Stake) Australia Government of New South Wales Sector key Energy, Mining & Utilities TMT Real Estate League table by value Rank Company name % 1 1 King & Wood Mallesons 29, , % 2 6 Clifford Chance 21, , % 3 4 Fangda Partners 21, , % 4 16 Allens 20, , % 5 5 Simpson Thacher & Bartlett 18, , % 6 28 Slaughter and May 18, , % 7 93 Shardul Amarchand Mangaldas & Co 16, , % 8 51 AZB & Partners 16, , % 9 17 Herbert Smith Freehills 14, , % Freshfields Bruckhaus Deringer 14, , % Baker & McKenzie 14, , % Loyens & Loeff 13, , % Kirkland & Ellis 13, , % S&R Associates 13, % Vaish Associates 12, , % Kim & Chang 12, , % Bharucha & Partners 12, % Sidley Austin 12, , % Stikeman Elliott 11, , % , , % Global and regional M&A: 12

13 Japan In the first half-year of Japan s M&A activity, at US$ 14.4bn, reached its lowest year-to-date figure in a decade, accounting for a value drop of 53.5% compared to (US$ 30.9bn). This fall was mainly caused by a 64% value decrease on the top five deals in (US$ 6.2bn) versus (US$ 17.1bn). However, deal count (213 deals) showed continued strength securing the same amount of deals seen in. The Industrial & Chemicals (I&C) sector, the most active sector by deal count in (51 deals), saw its value plummet by 58.5% to US$ 4bn in comparison to (US$ 9.7bn, 43 deals). I&C accounted for a market share of 28.1% by value driven by Kohlberg Kravis Roberts & Co s acquisition of Hitachi Koki Co for US$ 1.3bn. Japan s outbound dealmaking jumped 95.2% by value so far this year (US$ 33m, 145 deals) compared to (US$ 16.9bn, 138 deals). count hit its second highest point in, and was only nine deals short of the record in 2015 (154 deals). Looking forward to the second half year, companies remain interested in overseas acquisitions. Daichi Sankyo Healthcare has been seeking companies in the eye drop industry while Mitsui Chemicals is willing to spend over US$ 3bn on overseas expansion, according to Mergermarket intelligence. Private Equity buyouts have reached US$ 3.3bn across 19 deals to record their highest first six months since 2011 (US$ 4.3bn). Despite deal count shrinking compared to (US$ 791m, 26 deals), total deal value increased by 4.2x following two investments worth over US$ 1bn each by KKR. The first half of was also a strong period for Japan s private equity exits with 20 deals worth US$ 3.2bn announced, the highest year-to-date count since 2013 (25 deals). Total exit value saw a 424.5% growth from (US$ 620m, 14 deals), the second highest figure on Mergermarket record (since 2001) behind 2011 (US$ 12bn, 12 deals). Quarterly M&A activity Sector Breakdown vs Q4 Q3 Q2 Q1 : $14.4bn vs. Japan Q2 US$ 5.5bn (94 deals) Average deal value PE Buyouts US$ 3.3bn (19 deals) Buyouts over US$ 250m 53.5% vs. Q % US$ 120m vs x 4 Compared to US$ 30.9bn (213 deals) in Lowest quarterly value since Q (US$ 5bn, 93 deals) Lowest value since 2002 (US$ 104m) Highest value since 2011 (19 deals, US$ 4.3bn) Compared to 1 in the first six months of 10 8 Bus. Services 5 deals (US$ 10m) vs Most targeted sector by PE firms this year by deal count of deals (US$ bn) 6 4 Sector Breakdown Industrials & Chemicals $4bn (51deals) Leisure $2.4bn (12 deals) vs % 16.4% In comparison to US$ 9.7bn across 43 deals in Share of total Japanese M&A 2 0 Industrials & Chemicals Leisure Tech Real Estate Construction Consumer Financial Other Services Technology $2.1bn (26 deals) vs % Compared to 30 deals worth US$ 4.2bn in Global and regional M&A: 13

14 Japan Top deals value Ann. date Bidder company Bidder country Target company 2, Feb NBCUniversal Media LLC USA USJ Co Ltd (49% Stake) Target sector Seller company GS Capital Partners; MBK Partners Inc; Owl Creek Asset Management LP; Glenn Gumpel (Private Investor); and MBG Holdings Limited Liability Co 1, Jan Kohlberg Kravis Roberts & Co LP USA Hitachi Koki Co Ltd 1, Apr Kohlberg Kravis Roberts & Co LP USA Hitachi Kokusai Electric Inc (48.33% Stake) Apr Panasonic Corporation Japan Feb U-Next Co Ltd Japan PanaHome Corporation (45.82% Stake) Usen Corporation (65.33% Stake) Sector key Leisure Industrials TMT Construction League table by value Rank Company name 1 4 Morrison & Foerster 19, , % 2 12 Simpson Thacher & Bartlett 11, , % % , % 4= 29 8, , % 4= - Willkie Farr & Gallagher 8, Sullivan & Cromwell 8, , % 7 39 Davis Polk & Wardwell 7, , % 8 81 Jones Day 6, % 9 65 Fangda Partners 5, % Shearman & Sterling 5, , % 11 1 Mori Hamada & Matsumoto 5, , % 12 2 Nishimura & Asahi 5, , % 13= - Cleary Gottlieb Steen & Hamilton 4, = - Fried Frank Harris Shriver & Jacobson 4, Debevoise & Plimpton 4, Weil Gotshal & Manges 3, = - Akin Gump Strauss Hauer & Feld 3, = - Vinson & Elkins 3, Kirkland & Ellis 3, % 20 - Cravath, Swaine & Moore 3, Global and regional M&A: 14

15 Africa & Middle East In the opening six months of, M&A activity in the Middle East & Africa (MEA) has seen a mixed start, with 173 deals worth US$ 38.4bn announced. While the region stands 12.7% ahead of s value (228 deals, US$ 34bn), activity in Q2 (68 deals, US$ 8.2bn) dropped 72.7% by value in comparison to Q1 (105 deals, US$ 30.1bn). Only one of the region s top 5 deals in was announced in Q2: South-Africa-based Vodacom Group s US$ 2.6bn acquisition of a 34.94% stake in Safaricom. The aforementioned deal between Vodacom Group and Kenya-based Safaricom became the largest announcement in the telecommunications sector in the Middle East & Africa since 2014 when Algerian firm FNI acquired 51% of Orascome Telecom Algerie for US$ 2.6bn. The acquisition of a 34.94% stake in Safaricom also became the largest deal in Kenya on Mergermarket record (since 2001), leaving the country s total activity so far this year at US$ 2.9bn (13 deals). MEA outbound M&A has soared to US$ 33.9bn (72 deals), behind the record half-year figure of US$ 54.7bn (76 deals) in 2007 and nearly four times higher than (US$ 9.5bn). The Middle East has been the main driver of outbound activity outside the region this year with 50 deals worth US$ 32.3bn, around 5x the equivalent value of (56 deals, US$ 6.4bn). UAE-based firms conducted the two largest outbound deals with the acquisitions of US-based Pharmaceutical Product Development (US$ 9.1bn) and Irish firm AWAS Aviation Capital (US$ 7.5bn) by ADIA/GIC Private Limited and Dubai Aerospace Enterprise respectively. The Energy, Mining & Utilities sector has enjoyed a strong first half of in MEA and has been the most targeted sector by deal count. has seen four deals valued at over US$ 500m, two more than in, including Exxon s US$ 2.8bn acquisition of a 25% stake in the Rovuma Area 4 gas field the largest deal so far this year. The sector remains second by value in the region, following the US$ 15bn takeover of Israel-based Mobileye in the Industrials & Chemicals sector. Quarterly M&A activity of deals (US$ bn) of deals (US$ bn) Sector Breakdown vs Industrials & Chemicals EMU Financial Telecoms Tech PMB Business Other Services Services Q4 Q3 Q2 Q1 : $38.4bn vs. % of global M&A Average deal value US inbound $4bn (8 deals) EMU US$ 7.6bn (29 deals) Middle East: $25.4bn Investment outside MEA Q2 - $32.3bn (50 deals) Outbound deals over US$ 1bn 2.6% Africa: $13bn vs. vs. vs % US$ 322m vs % vs x vs x vs % vs. Q1 16 5x 5 Highest year-to-date value on Mergermarket record (since 2001) Up from 2.5% in. Highest year-to-date figure since 2013 (3.4%) Highest average in MEA on Mergermarket record count (94 deals) dips under 100 in a half-year for the first time since 2012 has already surpassed the annual figure (US$ 3.6bn) Highest year-to-date value since 2013 (US$ 11.1bn, 26 deals) Highest value on Mergermarket record Already surpassed s full year value ($23.7bn, 99 deals) Worth US$ 28.5bn. Compared to two during (US$ 14.8bn) Global and regional M&A: 15

16 Africa & Middle East Top deals value Ann. date Bidder company Bidder country Target company Target country Target sector Seller company 14, Mar Intel Corporation USA Mobileye NV Israel 2, Mar Exxon Mobil Corporation USA Eni S.p.A. (Rovuma Area 4 gas field) (25% Stake) Mozambique Eni SpA 2, May Vodacom Group Limited South Africa Safaricom Limited (34.94% Stake) Kenya Vodafone Group Plc 2, Feb Tronox Limited USA The National Titanium Dioxide Company Ltd (Titanium dioxide business) Saudi Arabia The National Titanium Dioxide Company Ltd 1, Feb Group of Jordanian and Arab investors led by Sabih El-Masry Jordan Arab Bank Group (19.83% Stake) Jordan Saudi Oger Limited Sector key Industrials Energy, Mining & Utilities TMT Chemicals Financial Services League table by value Rank Company name % 1 3 White & Case 26, , % 2 - Milbank Tweed Hadley & McCloy 22, Latham & Watkins 19, % , , % 5 34 Sullivan & Cromwell 15, , % Morrison & Foerster 15, % 7 - Yigal Arnon & Co 15, Houthoff Buruma 14, Simpson Thacher & Bartlett 9, Shearman & Sterling 8, , % 11 6 Freshfields Bruckhaus Deringer 7, , % Linklaters 4, , % 13 - Baker Botts 3, Allen & Overy 3, , % Webber Wentzel 3, , % 16 1 Clifford Chance 3, , % 17 5 ENSafrica 3, , % 18 - BonelliErede 2, Kirkland & Ellis 2, , % 20= 158 Cravath, Swaine & Moore 2, = 187 Willkie Farr & Gallagher 2, Global and regional M&A: 16

17 Global Global by deal value Rank Company name Global by deal count Rank Company name 1 8 Cravath, Swaine & Moore 242, % , % 3 2 Davis Polk & Wardwell 234, % 4 9 Kirkland & Ellis 209, % 5 5 Cleary Gottlieb Steen & Hamilton 199, % 6 3 Simpson Thacher & Bartlett 178, % 7 6 Freshfields Bruckhaus Deringer 165, % 8 4 Sullivan & Cromwell 162, % 9 12 Latham & Watkins 154, % Blake, Cassels & Graydon 136, % Weil Gotshal & Manges 135, % Jones Day 134, % Wachtell, Lipton, Rosen & Katz 124, % Linklaters 117, % 15 1 White & Case 116, % , % Herbert Smith Freehills 86, % Shearman & Sterling 85, % Gibson Dunn & Crutcher 81, % Clifford Chance 78, % 1 4 Kirkland & Ellis 209, DLA Piper 53, Latham & Watkins 154, Jones Day 134, White & Case 116, Baker & McKenzie 33, Weil Gotshal & Manges 135, Clifford Chance 78, Goodwin Procter 13, , CMS 34, Hogan Lovells International 34, Allen & Overy 45, Linklaters 117, Morgan Lewis & Bockius 15, Orrick Herrington & Sutcliffe 22, , Simpson Thacher & Bartlett 178, McDermott Will & Emery 18, Sullivan & Cromwell 162, Global and regional M&A: 17

18 Europe Europe by deal value Rank Company name Europe by deal count Rank Company name 1 4 Cravath, Swaine & Moore 193, % 2 3 Davis Polk & Wardwell 175, % 3 2 Freshfields Bruckhaus Deringer 153, % 4 16 Kirkland & Ellis 117, % 5 7 Linklaters 112, % 6 5 Cleary Gottlieb Steen & Hamilton 110, % 7 23 Jones Day 104, % , % 9 8 Simpson Thacher & Bartlett 89, % Blake, Cassels & Graydon 88, % Weil Gotshal & Manges 83, % Latham & Watkins 82, % Sullivan & Cromwell 81, % Herbert Smith Freehills 74, % 15 6 Clifford Chance 69, % Bredin Prat 64, % 17 9 Slaughter and May 62, % 18 - Moore & Van Allen 60, Hengeler Mueller 58, % Gleiss Lutz 55, % 1 1 DLA Piper 46, CMS 34, Linklaters 112, Clifford Chance 69, White & Case 52, Baker & McKenzie 14, Allen & Overy 39, Latham & Watkins 82, Freshfields Bruckhaus Deringer 153, Jones Day 104, Orrick Herrington & Sutcliffe 13, Hogan Lovells International 7, Eversheds Sutherland 2, Weil Gotshal & Manges 83, Goodwin Procter 8, Kirkland & Ellis 117, Cuatrecasas 4, Herbert Smith Freehills 74, Vinge 20, Squire Patton Boggs 3, Global and regional M&A: 18

19 Europe UK by deal value Rank Company name UK by deal count Rank Company name 1 13 Kirkland & Ellis 92, % 2 31 Simpson Thacher & Bartlett 81, % 3 6 Davis Polk & Wardwell 80, % 4 4 Herbert Smith Freehills 71, % , % 6 11 Weil Gotshal & Manges 65, % 7 52 Cravath, Swaine & Moore 64, % Jones Day 63, % 9 - Moore & Van Allen 60, Freshfields Bruckhaus Deringer 46, % 11 5 Clifford Chance 45, % Slaughter and May 31, % 13 2 Linklaters 31, % Cleary Gottlieb Steen & Hamilton 18, % 15 3 Latham & Watkins 18, % 1 1 DLA Piper 6, Latham & Watkins 18, CMS 3, Linklaters 31, Squire Patton Boggs 2, Gateley White & Case 14, Pinsent Masons 3, Travers Smith 3, Eversheds Sutherland 1, Freshfields Bruckhaus Deringer 46, Clifford Chance 45, Addleshaw Goddard Jones Day 63, Allen & Overy 13, Ireland by deal value Rank Company name Ireland by deal count Rank Company name 1 25 Latham & Watkins 9, % 2= 6 Freshfields Bruckhaus Deringer 7, % 2= 90 Milbank Tweed Hadley & McCloy 7, Arthur Cox 2, % 5 19 Cooley 2, % 6 - Weil Gotshal & Manges 2, Debevoise & Plimpton 2, William Fry % 9 61 McCann FitzGerald % A&L Goodbody % 11 - DLA Piper Paul Hastings % Allen & Overy % 14 7 Matheson % 15= - Arntzen de Besche Arthur Cox 2, William Fry A&L Goodbody McCann FitzGerald Eversheds Sutherland Matheson DLA Piper Cooley 2, Paul Hastings Allen & Overy Hogan Lovells International Mason Hayes & Curran ByrneWallace Latham & Watkins 9, Weil Gotshal & Manges 2, = - Schjodt Global and regional M&A: 19

20 Europe DACH by deal value Rank Company name DACH by deal count Rank Company name 1 3 Freshfields Bruckhaus Deringer 96, % 2 7 Cravath, Swaine & Moore 79, % 3 15 Linklaters 60, % 4 19 Hengeler Mueller 58, % 5 4 Gleiss Lutz 54, % 6 16 Latham & Watkins 51, % 7 46 Sullivan & Cromwell 49, % 8 86 Willkie Farr & Gallagher 46, % 9 45 Blake, Cassels & Graydon 45, % William Fry 45, = - Alston & Bird 45, = 76 Arthur Cox 45, % 11= 11 Davis Polk & Wardwell 45, % 14 6 Homburger 43, % Niederer Kraft & Frey 31, % 1 1 CMS 4, Clifford Chance 16, Hengeler Mueller 58, Gleiss Lutz 54, Latham & Watkins 51, Walder Wyss 2, Freshfields Bruckhaus Deringer 96, Baker & McKenzie 1, White & Case 17, Milbank Tweed Hadley & McCloy 1, Linklaters 60, Hogan Lovells International 4, Noerr Allen & Overy 8, Heuking Kuhn Luer Wojtek 1, Germany by deal value Rank Company name Germany by deal count Rank Company name 1 1 Freshfields Bruckhaus Deringer 65, % 2 2 Linklaters 58, % 3 8 Hengeler Mueller 56, % 4 12 Gleiss Lutz 54, % 5 25 Cravath, Swaine & Moore 50, % 6 31 Sullivan & Cromwell 49, % 7 4 Latham & Watkins 49, % Blake, Cassels & Graydon 45, % Willkie Farr & Gallagher 45, % 10= - Alston & Bird 45, = - Arthur Cox 45, = 99 Davis Polk & Wardwell 45, % 10= - William Fry 45, Clifford Chance 15, % Kirkland & Ellis 12, % 1 1 CMS 3, Clifford Chance 15, Hengeler Mueller 56, Gleiss Lutz 54, Milbank Tweed Hadley & McCloy 1, Noerr Freshfields Bruckhaus Deringer 65, Latham & Watkins 49, Heuking Kuhn Luer Wojtek 1, Taylor Wessing McDermott Will & Emery White & Case 5, DLA Piper Linklaters 58, Hogan Lovells International 3, Global and regional M&A: 20

21 Europe France by deal value Rank Company name France by deal count Rank Company name 1 8 Bredin Prat 64, % 2 11 Cleary Gottlieb Steen & Hamilton 43, % 3 39 Jones Day 38, % 4 - Cravath, Swaine & Moore 34, Blake, Cassels & Graydon 34, Darrois Villey Maillot Brochier 28, % 7 52 Chiomenti 26, % 8 50 CMS 25, % 9 46 BonelliErede 25, % Davis Polk & Wardwell 16, % 11 1 Linklaters 13, % Orrick Herrington & Sutcliffe 12, % BDGS Associes 11, % 14 2 Weil Gotshal & Manges 11, % Allen & Overy 9, % 1 16 Orrick Herrington & Sutcliffe 12, Goodwin Procter 3, Linklaters 13, DLA Piper 3, Latham & Watkins 4, Bredin Prat 64, Jones Day 38, Allen & Overy 9, Gide Loyrette Nouel 1, Lamartine Conseil Weil Gotshal & Manges 11, Clifford Chance 5, CMS 25, Darrois Villey Maillot Brochier 28, Hogan Lovells International Benelux by deal value Rank Company name Benelux by deal count Rank Company name 1 63 Sullivan & Cromwell 19, % , % 3 42 Cravath, Swaine & Moore 14, % 4 - McCarthy Tetrault 11, De Brauw Blackstone Westbroek 10, % Wachtell, Lipton, Rosen & Katz 10, % 7 9 Stibbe 9, % 8 3 NautaDutilh 8, % 9 97 Latham & Watkins 7, % 10 2 Allen & Overy 7, % McDermott Will & Emery 7, Blake, Cassels & Graydon 7, White & Case 5, % Baker Botts 4, % Clifford Chance 4, % 1 1 Allen & Overy 7, Houthoff Buruma 1, Stibbe 9, DLA Piper 1, De Breij Evers Boon NautaDutilh 8, Loyens & Loeff 4, Van Doorne Simmons & Simmons De Brauw Blackstone Westbroek 10, Linklaters Lexence Clifford Chance 4, Baker & McKenzie 3, Freshfields Bruckhaus Deringer 2, Global and regional M&A: 21

22 Europe Iberia by deal value Rank Company name Iberia by deal count Rank Company name 1 20 DLA Piper 34, % Cleary Gottlieb Steen & Hamilton 33, Legance Avvocati Associati 33, = - Davis Polk & Wardwell 33, = 123 Gianni, Origoni, Grippo, Cappelli & Partners 33, BonelliErede 10, % 7 1 Linklaters 8, % 8 2 Uria Menendez 6, % 9 19 King & Wood Mallesons 4, % 10 9 Cuatrecasas 4, % 11 - White & Case 4, KPMG Abogados 4, % Clifford Chance 4, % 14 8 Garrigues 4, % 15 3 Freshfields Bruckhaus Deringer 4, % 1 2 Cuatrecasas 4, Uria Menendez 6, Garrigues 4, Linklaters 8, Deloitte Legal 1, Clifford Chance 4, Gomez-Acebo & Pombo Abogados DLA Piper 34, KPMG Abogados 4, CMS 2, Baker & McKenzie Perez-Llorca 1, King & Wood Mallesons 4, Freshfields Bruckhaus Deringer 4, Allen & Overy 2, Spain by deal value Rank Company name Spain by deal count Rank Company name 1 20 DLA Piper 33, % Cleary Gottlieb Steen & Hamilton 33, = - Davis Polk & Wardwell 33, = 115 Gianni, Origoni, Grippo, Cappelli & Partners 33, = - Legance Avvocati Associati 33, BonelliErede 10, % 7 1 Linklaters 8, % 8 2 Uria Menendez 6, % 9 19 King & Wood Mallesons 4, % 10 9 Cuatrecasas 4, % 11 - White & Case 4, KPMG Abogados 4, % Clifford Chance 4, % 14 3 Freshfields Bruckhaus Deringer 4, % 15 8 Garrigues 3, % 1 2 Cuatrecasas 4, Uria Menendez 6, Garrigues 3, Deloitte Legal 1, Clifford Chance 4, Gomez-Acebo & Pombo Abogados KPMG Abogados 4, Linklaters 8, Baker & McKenzie DLA Piper 33, CMS 2, Perez-Llorca 1, King & Wood Mallesons 4, Freshfields Bruckhaus Deringer 4, Allen & Overy 1, Global and regional M&A: 22

23 Europe Italy by deal value Rank Company name Italy by deal count Rank Company name 1 4 Cleary Gottlieb Steen & Hamilton 62, % 2 6 BonelliErede 43, % 3 3 Gianni, Origoni, Grippo, Cappelli & Partners 37, % 4 34 DLA Piper 33, % 5 17 Legance Avvocati Associati 33, % 6 - Davis Polk & Wardwell 33, Chiomenti 27, % 8 - Blake, Cassels & Graydon 25, Jones Day 25, % CMS 25, % 11= 110 Bredin Prat 25, % 11= - Cravath, Swaine & Moore 25, Linklaters 5, % , % 15 9 Freshfields Bruckhaus Deringer 3, % 1 1 Gianni, Origoni, Grippo, Cappelli & Partners 37, BonelliErede 43, Chiomenti 27, Nctm Studio Legale Orrick Herrington & Sutcliffe Pedersoli Studio Legale 1, Legance Avvocati Associati 33, Gatti Pavesi Bianchi 1, Cleary Gottlieb Steen & Hamilton 62, Linklaters 5, Dentons Simmons & Simmons Gattai Minoli Agostinelli & Partners PwC legal Latham & Watkins 2, Nordics by deal value Rank Company name Nordics by deal count Rank Company name 1 3 Mannheimer Swartling 21, % 2 2 Vinge 20, % 3 37 Freshfields Bruckhaus Deringer 12, % 4 1 White & Case 11, % 5 30 BA-HR 8, % , % 7 34 Schjodt 7, % 8 72 Wiersholm 7, % 9 57 Simpson Thacher & Bartlett 6, % Allen & Overy 6, % Roschier 5, % Castren & Snellman 5, % Ropes & Gray 5, % Hengeler Mueller 4, Clifford Chance 4, % 1 1 DLA Piper Vinge 20, BA-HR 8, Mannheimer Swartling 21, Kromann Reumert 2, Bech-Brn 1, Accura 1, Roschier 5, Schjodt 7, Wiersholm 7, Selmer 2, Plesner 1, Hannes Snellman 1, Gorrissen Federspiel White & Case 11, Global and regional M&A: 23

24 Europe Denmark by deal value Rank Company name Denmark by deal count Rank Company name 1 31 Freshfields Bruckhaus Deringer 6, % 2 16 Clifford Chance 4, % 3 72 Hengeler Mueller 3, Kromann Reumert 2, % 5 57 Allen & Overy 2, Bech-Brn 1, % 7 22 Plesner 1, % 8 36 Moalem Weitemeyer Bendtsen 1, % 9= - Kvale 1, = - Slaughter and May 1, = 11 Thommessen 1, % 12 1 Accura 1, % 13= - Faegre Baker Daniels = 10 Weil Gotshal & Manges % 15 3 Gorrissen Federspiel % Norway by deal value Rank Company name 1 2 Kromann Reumert 2, Bech-Brn 1, Accura 1, Plesner 1, Gorrissen Federspiel DLA Piper Moalem Weitemeyer Bendtsen 1, Lundgrens Horten Law Firm Brn & Hjejle Freshfields Bruckhaus Deringer 6, Baker & McKenzie Clifford Chance 4, Allen & Overy 2, = 33 Hogan Lovells International = 18 Lund Elmer Sandager Advokatpartnerselskab Norway by deal count Rank Company name 1 13 Wiersholm 7, % 2 2 BA-HR 7, % 3 3 Schjodt 6, % 4 77 White & Case 5, = 52 Freshfields Bruckhaus Deringer 5, = - Ropes & Gray 5, = - Simpson Thacher & Bartlett 5, = - 5, Wikborg Rein & Co 3, % 10 7 Michelet & Co 2, % Selmer 2, % CLP 1, % Roschier 1, % Arntzen de Besche % Advokatfirmaet Haavind % 1 6 BA-HR 7, Wiersholm 7, Schjodt 6, Selmer 2, Wikborg Rein & Co 3, CLP 1, Arntzen de Besche Advokatfirmaet Haavind Thommessen Simonsen Vogt Wiig Kluge Advokatfirma Aabo-Evensen & Co DLA Piper Advokatfirmaet Steenstrup Stordrange Vinge Global and regional M&A: 24

25 Europe Sweden by deal value Rank Company name Sweden by deal count Rank Company name 1 2 Mannheimer Swartling 21, % 2 1 Vinge 20, % 3 78 Baker & McKenzie 3, % 4 20 Allen & Overy 3, % 5-3, = - Laurius Advocaten 3, = 7 Stibbe 3, % 8 30 Roschier 2, % 9 26 Freshfields Bruckhaus Deringer 1, % Advokatfirman Lindahl 1, % , % Dittmar & Indrenius 1, % SORAINEN 1, White & Case 1, % 15 - Paul Hastings 1, Vinge 20, Mannheimer Swartling 21, DLA Piper Wistrand Advokatfirman Lindahl 1, Roschier 2, Hannes Snellman Baker & McKenzie 3, White & Case 1, Hamilton Advokatbyra Gernandt & Danielsson Cederquist Setterwalls Bird & Bird MAQS Advokatbyra Finland by deal value Rank Company name Finland by deal count Rank Company name 1 2 White & Case 4, % 2 15 Castren & Snellman 4, % 3 9 Roschier 3, % 4 84 Selmer 1, = - BA-HR 1, = - CLP 1, = 50 Wiersholm 1, % 8 3 Hannes Snellman 1, % 9 24 Borenius Attorneys % Dittmar & Indrenius % Clifford Chance % Freshfields Bruckhaus Deringer % 13 1 Avance Attorneys % Krogerus % Mannheimer Swartling Castren & Snellman 4, Roschier 3, Krogerus Hannes Snellman 1, Borenius Attorneys Eversheds Sutherland Dittmar & Indrenius Bird & Bird Procope & Hornborg Law Offices Avance Attorneys DLA Piper Selmer 1, EY (law) White & Case 4, = - BA-HR 1, = - CLP 1, = 30 Wiersholm 1, Global and regional M&A: 25

26 Europe Turkey by deal value Rank Company name Turkey by deal count Rank Company name 1 12 Kolcuoglu Demirkan Kocakli Attorneys at Law 1, % 2 14 Balcioglu Selcuk Akman Keki 1, % 3= - Cerha Hempel Spiegelfeld Hlawati 1, = - Hengeler Mueller 1, White & Case 1, Paksoy Attorneys at Law % 7 13 Baker & McKenzie % 8 - Cigdemtekin Dora Cakirca Aranci Akol Avukatlik Burosu Verdi Law Firm % 11 - Herbert Smith Freehills Caliskan Kizilyel Toker Moral Law Firm Yazici Law Offices = - Gide Loyrette Nouel = - Latham & Watkins CEE by deal value Rank Company name 1 8 White & Case 1, Baker & McKenzie Kolcuoglu Demirkan Kocakli Attorneys at Law 1, Balcioglu Selcuk Akman Keki 1, Akol Avukatlik Burosu Paksoy Attorneys at Law Caliskan Kizilyel Toker Moral Law Firm = - Cerha Hempel Spiegelfeld Hlawati 1, = - Hengeler Mueller 1, Cigdemtekin Dora Cakirca Aranci Verdi Law Firm Herbert Smith Freehills Yazici Law Offices = - Gide Loyrette Nouel = - Latham & Watkins CEE by deal count Rank Company name 1 30 CMS 4, % 2 19 White & Case 3, % 3 5 Latham & Watkins 2, % 4 3 Weil Gotshal & Manges 1, % 5 7 Greenberg Traurig 1, % 6 25 Travers Smith 1, % 7 1 Norton Rose Fulbright % 8 35 Herbert Smith Freehills % 9 - Debevoise & Plimpton Clifford Chance % 11 8 Baker & McKenzie % 12 4 Dentons % 13 - Slaughter and May Sidley Austin Bright & Hues CMS 4, White & Case 3, COBALT Clifford Chance Wolf Theiss Baker & McKenzie Ellex Schoenherr Rechtsanwaelte Weil Gotshal & Manges 1, Herbert Smith Freehills SORAINEN DLA Piper TGS Baltic Havel, Holasek & Partners Dentons Global and regional M&A: 26

27 Europe Poland by deal value Rank Company name Poland by deal count Rank Company name 1 20 White & Case 2, % 2 19 CMS 1, % 3 1 Weil Gotshal & Manges 1, % 4 2 Greenberg Traurig 1, % 5 14 Travers Smith 1, % 6 10 Dentons % 7 11 Wolf Theiss % 8= - Andreas Neocleous & Co = - Dechert Clifford Chance % Hogan Lovells International % Soltysinski Kawecki & Szlezak % Domanski Zakrzewski Palinka (DZP) % 14 - Mrowiec Fialek i Wspolnicy China Commercial Law Firm CMS 1, Weil Gotshal & Manges 1, White & Case 2, Clifford Chance Baker & McKenzie Gessel, Koziorowski Schoenherr Rechtsanwaelte Dentons Wolf Theiss Domanski Zakrzewski Palinka (DZP) Greenberg Traurig 1, Hogan Lovells International Soltysinski Kawecki & Szlezak Mrowiec Fialek i Wspolnicy DLA Piper Russia by deal value Rank Company name Russia by deal count Rank Company name 1 3 Latham & Watkins 2, % 2 - CMS 1, Herbert Smith Freehills % 4= - Debevoise & Plimpton = 1 Norton Rose Fulbright % 6 8 White & Case % 7 - Bright & Hues Clifford Chance Morgan Lewis & Bockius % 10 - Roschier DLA Piper Avellum Partners % 14 - Hannes Snellman Fangda Partners Herbert Smith Freehills DLA Piper Latham & Watkins 2, CMS 1, White & Case Morgan Lewis & Bockius Goltsblat BLP Chadbourne & Parke = - Debevoise & Plimpton = 3 Norton Rose Fulbright Bright & Hues Clifford Chance Roschier Avellum Partners Global and regional M&A: 27

28 Americas Americas by deal value Rank Company name Americas by deal count Rank Company name , % 2 13 Cravath, Swaine & Moore 204, % 3 6 Kirkland & Ellis 198, % 4 2 Davis Polk & Wardwell 186, % 5 4 Simpson Thacher & Bartlett 176, % 6 3 Sullivan & Cromwell 147, % 7 11 Latham & Watkins 137, % 8 14 Weil Gotshal & Manges 128, % 9 10 Wachtell, Lipton, Rosen & Katz 122, % Freshfields Bruckhaus Deringer 121, % 11 8 Cleary Gottlieb Steen & Hamilton 116, % Blake, Cassels & Graydon 100, % 13 7 Jones Day 96, % 14 1 White & Case 93, % Linklaters 90, % 1 2 Kirkland & Ellis 198, Latham & Watkins 137, Jones Day 96, DLA Piper 15, , Weil Gotshal & Manges 128, Morgan Lewis & Bockius 14, , Goodwin Procter 12, White & Case 93, Simpson Thacher & Bartlett 176, Blake, Cassels & Graydon 100, Hogan Lovells International 24, Baker & McKenzie 24, Sullivan & Cromwell 147, US by deal value Rank Company name US by deal count Rank Company name , % 2 13 Cravath, Swaine & Moore 204, % 3 6 Kirkland & Ellis 197, % 4 2 Davis Polk & Wardwell 183, % 5 4 Simpson Thacher & Bartlett 175, % 6 3 Sullivan & Cromwell 147, % 7 11 Latham & Watkins 135, % 8 14 Weil Gotshal & Manges 126, % 9 10 Wachtell, Lipton, Rosen & Katz 122, % Freshfields Bruckhaus Deringer 119, % 11 8 Cleary Gottlieb Steen & Hamilton 116, % 12 7 Jones Day 96, % 13 1 White & Case 92, % Blake, Cassels & Graydon 92, % Linklaters 85, % 1 1 Kirkland & Ellis 197, Latham & Watkins 135, Jones Day 96, DLA Piper 14, Weil Gotshal & Manges 126, , Morgan Lewis & Bockius 13, Goodwin Procter 10, , White & Case 92, Simpson Thacher & Bartlett 175, Hogan Lovells International 24, Sullivan & Cromwell 147, Davis Polk & Wardwell 183, Cooley 7, Global and regional M&A: 28

29 Americas US North East by deal value Rank Company name US North East by deal count Rank Company name 1 7 Cravath, Swaine & Moore 106, % 2 16 Freshfields Bruckhaus Deringer 91, % 3 18 Wachtell, Lipton, Rosen & Katz 87, % 4 9 Davis Polk & Wardwell 82, % 5 2 Sullivan & Cromwell 77, % , % 7 13 Latham & Watkins 73, % 8 8 Kirkland & Ellis 71, % 9 4 Simpson Thacher & Bartlett 67, % Willkie Farr & Gallagher 62, % Blake, Cassels & Graydon 61, % Linklaters 56, % Gleiss Lutz 52, % Alston & Bird 49, % Weil Gotshal & Manges 49, % 1 2 Kirkland & Ellis 71, Latham & Watkins 73, Jones Day 23, Weil Gotshal & Manges 49, , , Simpson Thacher & Bartlett 67, Goodwin Procter 9, DLA Piper 8, White & Case 46, Morgan Lewis & Bockius 10, Willkie Farr & Gallagher 62, Davis Polk & Wardwell 82, Sidley Austin 14, Ropes & Gray 15, US Mid West by deal value Rank Company name US Mid West by deal count Rank Company name 1 4 Kirkland & Ellis 47, % , % 3 10 Cleary Gottlieb Steen & Hamilton 34, % 4 2 Davis Polk & Wardwell 29, % Linklaters 25, Cravath, Swaine & Moore 25, % 7 6 Sullivan & Cromwell 24, % 8 3 White & Case 24, % 9 16 Freshfields Bruckhaus Deringer 22, % Clifford Chance 19, % Weil Gotshal & Manges 19, % , % Debevoise & Plimpton 17, % Fried Frank Harris Shriver & Jacobson 16, % 15 1 Jones Day 16, % 1 1 Kirkland & Ellis 47, Jones Day 16, , Latham & Watkins 15, DLA Piper 1, McDermott Will & Emery 7, Goodwin Procter Weil Gotshal & Manges 19, Sidley Austin 15, White & Case 24, , Honigman Miller Schwartz & Cohn Gibson Dunn & Crutcher 13, Sullivan & Cromwell 24, Paul Hastings 1, Global and regional M&A: 29

30 Americas US South by deal value Rank Company name US South by deal count Rank Company name , % 2 3 Simpson Thacher & Bartlett 120, % 3 6 Kirkland & Ellis 117, % 4 5 Weil Gotshal & Manges 92, % 5 12 Davis Polk & Wardwell 91, % 6 18 Cravath, Swaine & Moore 84, % 7 21 Jones Day 71, % 8 10 Cleary Gottlieb Steen & Hamilton 65, % 9 83 Herbert Smith Freehills 62, % Moore & Van Allen 60, Latham & Watkins 60, % 12 7 Shearman & Sterling 52, % 13 2 Sullivan & Cromwell 52, % , % Vinson & Elkins 41, % 1 1 Kirkland & Ellis 117, Latham & Watkins 60, DLA Piper 3, Jones Day 71, Weil Gotshal & Manges 92, Vinson & Elkins 41, , , White & Case 37, Morgan Lewis & Bockius 6, King & Spalding 24, Hogan Lovells International 16, Simpson Thacher & Bartlett 120, McDermott Will & Emery 9, Sullivan & Cromwell 52, US West by deal value Rank Company name US West by deal count Rank Company name 1 2 Latham & Watkins 54, % , % 3 3 Sullivan & Cromwell 45, % 4 5 Simpson Thacher & Bartlett 28, % 5 8 Gibson Dunn & Crutcher 25, % 6 12 Kirkland & Ellis 23, % 7 20 Cleary Gottlieb Steen & Hamilton 22, % 8 4 White & Case 22, % 9 21 Wachtell, Lipton, Rosen & Katz 21, % Blake, Cassels & Graydon 19, % Paul Hastings 18, % Fried Frank Harris Shriver & Jacobson 18, % Morrison & Foerster 18, % 14 1 Davis Polk & Wardwell 18, % , % 1 2 Kirkland & Ellis 23, Latham & Watkins 54, Morgan Lewis & Bockius 1, Goodwin Procter 2, , Cooley 6, DLA Piper 5, Jones Day 2, Hogan Lovells International 11, Morrison & Foerster 18, Weil Gotshal & Manges 15, , O'Melveny & Myers 8, Orrick Herrington & Sutcliffe 4, Sidley Austin 3, Global and regional M&A: 30

31 Americas Canada by deal value Rank Company name Canada by deal count Rank Company name 1 1 Osler, Hoskin & Harcourt 33, % 2 3 Blake, Cassels & Graydon 29, % , % , % 5 9 Stikeman Elliott 21, % 6 10 McCarthy Tetrault 18, % 7 95 Cravath, Swaine & Moore 17, % 8 8 Bennett Jones 15, % 9 - King & Spalding 15, Kirkland & Ellis 14, % Vinson & Elkins 13, % Cleary Gottlieb Steen & Hamilton 10, % Norton Rose Fulbright 9, % Bracewell 8, % Shearman & Sterling 8, % 1 1 Blake, Cassels & Graydon 29, Osler, Hoskin & Harcourt 33, Stikeman Elliott 21, McCarthy Tetrault 18, Borden Ladner Gervais 2, Norton Rose Fulbright 9, Davies Ward Phillips & Vineberg 4, , Torys 5, Goodmans 8, Gowling WLG Kirkland & Ellis 14, Fasken Martineau Dumoulin 3, Bennett Jones 15, Hogan Lovells International 3, C&S America by deal value Rank Company name C&S America by deal count Rank Company name 1 9 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 3, % 2 1 Linklaters 3, % 3 75 Weil Gotshal & Manges 3, % 4 53 Tozzini Freire Teixeira e Silva Advogados 2, % 5 18 Cuatrecasas 2, % 6 - King & Spalding 2, Lobo de Rizzo Advogados 2, % 8 84 Galicia Abogados 2, % 9 19 Davis Polk & Wardwell 2, % Vieira Rezende Advogados 2, Sidley Austin 2, = 27 Cravath, Swaine & Moore 2, % 12= - Dechert 2, Barbosa, Mussnich & Aragao 1, % Machado Meyer Sendacz e Opice 1, % 1 3 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 3, Machado Meyer Sendacz e Opice 1, Pinheiro Neto Advogados 1, Baker & McKenzie 1, Tozzini Freire Teixeira e Silva Advogados 2, Demarest 1, Lobo de Rizzo Advogados 2, Philippi Prietocarrizosa, Ferrero DU & Uria Stocche Forbes Advogados 1, Lefosse Advogados Jones Day Gomez-Pinzon Zuleta Abogados Barbosa, Mussnich & Aragao 1, Clifford Chance Garrigues Global and regional M&A: 31

32 Asia-Pacific Asia-Pacific(excl. Japan) by deal value Rank Company name Asia-Pacific(excl. Japan) by deal count Rank Company name 1 1 King & Wood Mallesons 29, % 2 6 Clifford Chance 21, % 3 4 Fangda Partners 21, % 4 16 Allens 20, % 5 5 Simpson Thacher & Bartlett 18, % 6 28 Slaughter and May 18, % 7 93 Shardul Amarchand Mangaldas & Co 16, % 8 51 AZB & Partners 16, % 9 17 Herbert Smith Freehills 14, % Freshfields Bruckhaus Deringer 14, % Baker & McKenzie 14, % Loyens & Loeff 13, % Kirkland & Ellis 13, % S&R Associates 13, % Vaish Associates 12, % Kim & Chang 12, % Bharucha & Partners 12, % Sidley Austin 12, % Stikeman Elliott 11, % , % 1 1 King & Wood Mallesons 29, Herbert Smith Freehills 14, Kim & Chang 12, Baker & McKenzie 14, AZB & Partners 16, Lee & Ko 6, Clifford Chance 21, MinterEllison 4, Grandall Law Firm 10, Cyril Amarchand Mangaldas 2, Bae Kim & Lee 2, Zhong Lun Law Firm 8, Shin & Kim 3, Allen & Overy 11, Gilbert + Tobin 9, Norton Rose Fulbright 5, Latham & Watkins 5, Fangda Partners 21, Thomson Geer Kirkland & Ellis 13, *Based on advisors to bidder on buyout deals only with the target domininant geography being Asia-Pacific (excl. Japan) Global and regional M&A: 32

33 Asia-Pacific Asia (excl. Australasia & Japan) by deal value Rank Company name Asia (excl. Australasia & Japan) by deal count Rank Company name 1 1 King & Wood Mallesons 24, % 2 4 Fangda Partners 21, % 3 6 Clifford Chance 21, % 4 5 Simpson Thacher & Bartlett 18, % 5 83 Shardul Amarchand Mangaldas & Co 16, % 6 44 AZB & Partners 16, % 7 22 Slaughter and May 15, % 8 18 Freshfields Bruckhaus Deringer 14, % 9 80 Loyens & Loeff 13, % S&R Associates 13, % Kirkland & Ellis 13, % Vaish Associates 12, % Kim & Chang 12, % Bharucha & Partners 12, % Sidley Austin 12, % 1 3 Kim & Chang 12, King & Wood Mallesons 24, AZB & Partners 16, Lee & Ko 6, Grandall Law Firm 10, Cyril Amarchand Mangaldas 2, Bae Kim & Lee 2, Clifford Chance 21, Zhong Lun Law Firm 8, Baker & McKenzie 8, Shin & Kim 3, Fangda Partners 21, Latham & Watkins 5, Khaitan & Co Trilegal 3, Australasia by deal value Rank Company name Australasia by deal count Rank Company name 1 2 Allens 20, % 2 1 King & Wood Mallesons 15, % 3 5 Herbert Smith Freehills 11, % 4 30 Freshfields Bruckhaus Deringer 9, % 5 22 Allen & Overy 9, % 6 9 Stikeman Elliott 9, % 7 3 Gilbert + Tobin 9, % 8 6 Baker & McKenzie 8, % 9 15 Ashurst 7, % MinterEllison 3, % Linklaters 3, % 12 - Slaughter and May 2, Clifford Chance 2, % 14 - Ropes & Gray 1, DLA Piper 1, % 1 3 Herbert Smith Freehills 11, King & Wood Mallesons 15, MinterEllison 3, Gilbert + Tobin 9, Thomson Geer Allens 20, Ashurst 7, Corrs Chambers Westgarth 1, Baker & McKenzie 8, Norton Rose Fulbright Allen & Overy 9, Talbot Sayer Lawyers Chapman Tripp Bell Gully Clayton Utz Global and regional M&A: 33

34 Asia-Pacific Greater China by deal value Rank Company name Greater China by deal count Rank Company name 1 1 King & Wood Mallesons 24, % 2 4 Fangda Partners 21, % 3 6 Clifford Chance 20, % 4 5 Simpson Thacher & Bartlett 16, % Loyens & Loeff 13, % 6 40 Kirkland & Ellis 13, % 7 39 Sidley Austin 12, % 8 79 Stikeman Elliott 11, % , % Freshfields Bruckhaus Deringer 11, % Grandall Law Firm 10, % Allens 9, Zhong Lun Law Firm 8, % Baker & McKenzie 7, % 15 7 Cleary Gottlieb Steen & Hamilton 7, % 1 1 King & Wood Mallesons 24, Grandall Law Firm 10, Zhong Lun Law Firm 8, Fangda Partners 21, Clifford Chance 20, AllBright Law Offices 6, Latham & Watkins 4, Kirkland & Ellis 13, Sidley Austin 12, Grandway Law Offices 3, Baker & McKenzie 7, JiaYuan Law Offices 2, DLA Piper 2, , Beijing Dentons Law Offices 4, India by deal value Rank Company name India by deal count Rank Company name 1 4 Shardul Amarchand Mangaldas & Co 16, % 2 1 AZB & Partners 16, % 3 62 S&R Associates 13, % 4 3 Vaish Associates 12, % 5 30 Slaughter and May 12, % 6 49 Bharucha & Partners 12, % 7 10 Trilegal 2, % 8 2 Cyril Amarchand Mangaldas 2, % 9 21 Nishith Desai Associates 1, % 10= - Drinker Biddle & Reath 1, = - Mayer Brown 1, Morrison & Foerster 1, Desai & Diwanji 1, % PDS Legal 1, % 15 - Davis Polk & Wardwell 1, AZB & Partners 16, Cyril Amarchand Mangaldas 2, Khaitan & Co Shardul Amarchand Mangaldas & Co 16, Trilegal 2, J Sagar Associates DSK Legal Desai & Diwanji 1, Nishith Desai Associates 1, HSA Advocates S&R Associates 13, PDS Legal 1, Luthra & Luthra Law Offices Goodwin Procter Bathiya Legal Global and regional M&A: 34

35 Asia-Pacific South Korea by deal value Rank Company name South Korea by deal count Rank Company name 1 1 Kim & Chang 12, % 2 2 Lee & Ko 6, % 3 4 Shin & Kim 3, % 4 5 Bae Kim & Lee 2, % 5 - Morgan Lewis & Bockius 1, = - Cleary Gottlieb Steen & Hamilton 1, = - Sullivan & Cromwell 1, JIPYONG 1, % 9 3 Yulchon 1, % Ropes & Gray 1, % 11 - Cooley Clifford Chance = - O'Melveny & Myers = - Wachtell, Lipton, Rosen & Katz White & Case % 1 1 Kim & Chang 12, Lee & Ko 6, Bae Kim & Lee 2, Shin & Kim 3, Yulchon 1, Ropes & Gray 1, Yoon & Yang JIPYONG 1, Kim, Choi & Lim White & Case Hankyul Law Firm Morgan Lewis & Bockius 1, Cooley Nishimura & Asahi Allen & Overy Japan by deal value Rank Company name Japan by deal count Rank Company name 1 4 Morrison & Foerster 19, % 2 12 Simpson Thacher & Bartlett 11, % , % 4= 29 8, % 4= - Willkie Farr & Gallagher 8, Sullivan & Cromwell 8, % 7 39 Davis Polk & Wardwell 7, % 8 81 Jones Day 6, % 9 65 Fangda Partners 5, % Shearman & Sterling 5, % 11 1 Mori Hamada & Matsumoto 5, % 12 2 Nishimura & Asahi 5, % 13= - Cleary Gottlieb Steen & Hamilton 4, = - Fried Frank Harris Shriver & Jacobson 4, Debevoise & Plimpton 4, Nishimura & Asahi 5, Mori Hamada & Matsumoto 5, Nagashima Ohno & Tsunematsu 3, Anderson Mori & Tomotsune Morrison & Foerster 19, Allen & Overy 3, Jones Day 6, Latham & Watkins 2, Baker & McKenzie Simpson Thacher & Bartlett 11, Shearman & Sterling 5, , Davis Polk & Wardwell 7, Clifford Chance 2, White & Case 1, Global and regional M&A: 35

36 Asia-Pacific South East Asia by deal value Rank Company name South East Asia by deal count Rank Company name 1 4 White & Case 8, % Shearman & Sterling 7, % 3 31 Baker & McKenzie 2, % 4 18 WongPartnership 2, % Simpson Thacher & Bartlett 2, Freshfields Bruckhaus Deringer 2, % 7 1 Linklaters 2, % 8 30 TSMP Law Corporation 1, % 9 74 Kirkland & Ellis 1, % 10 - Baer & Karrer 1, Walder Wyss 1, Noerr 1, % 13= 65 Ropes & Gray % 13= - Uria Menendez Clifford Chance % 1 10 Baker & McKenzie 2, Freshfields Bruckhaus Deringer 2, Clifford Chance Allen & Gledhill Allen & Overy Rajah & Tann WongPartnership 2, Simpson Thacher & Bartlett 2, Herbert Smith Freehills White & Case 8, Shearman & Sterling 7, Latham & Watkins Morgan Lewis & Bockius Linklaters 2, Kirkland & Ellis 1, Global and regional M&A: 36

37 Africa & Middle East Africa & Middle East by deal value Rank Company name Africa & Middle East by deal count Rank Company name 1 3 White & Case 26, % 2 - Milbank Tweed Hadley & McCloy 22, Latham & Watkins 19, % , % 5 34 Sullivan & Cromwell 15, % Morrison & Foerster 15, % 7 - Yigal Arnon & Co 15, Houthoff Buruma 14, Simpson Thacher & Bartlett 9, Shearman & Sterling 8, % 11 6 Freshfields Bruckhaus Deringer 7, % Linklaters 4, % 13 - Baker Botts 3, Allen & Overy 3, % Webber Wentzel 3, % 16 1 Clifford Chance 3, % 17 5 ENSafrica 3, % 18 - BonelliErede 2, Kirkland & Ellis 2, % 20= 158 Cravath, Swaine & Moore 2, Webber Wentzel 3, Herzog, Fox and Neeman Bowmans 1, Allen & Overy 3, Latham & Watkins 19, ENSafrica 3, White & Case 26, Shearman & Sterling 8, Baker & McKenzie 1, Cliffe Dekker Hofmeyr Herbert Smith Freehills 1, Meitar Liquornik Geva Leshem Tal 1, Yigal Arnon & Co 15, Linklaters 4, Werksmans Anjarwalla & Khanna Advocates Clifford Chance 3, DLA Piper 1, Davis Polk & Wardwell 1, King & Wood Mallesons = 187 Willkie Farr & Gallagher 2, Global and regional M&A: 37

38 Private equity Global (buyouts+exits) by deal value Rank Company name Global (buyouts+exits) by deal count Rank Company name 1 1 Kirkland & Ellis 75, % 2 3 Simpson Thacher & Bartlett 56, % 3 2 Latham & Watkins 47, % 4 22 Weil Gotshal & Manges 38, % , % , % 7 7 White & Case 24, % Cleary Gottlieb Steen & Hamilton 21, % 9 5 Freshfields Bruckhaus Deringer 19, % Ropes & Gray 15, % Gibson Dunn & Crutcher 15, % Loyens & Loeff 14, % 13 9 Clifford Chance 12, % 14 8 Davis Polk & Wardwell 12, % Debevoise & Plimpton 12, % 1 1 Kirkland & Ellis 75, Latham & Watkins 47, DLA Piper 7, Goodwin Procter 5, Weil Gotshal & Manges 38, Simpson Thacher & Bartlett 56, White & Case 24, , Ropes & Gray 15, Jones Day 1, Clifford Chance 12, Willkie Farr & Gallagher 5, Linklaters 11, Hogan Lovells International 9, McDermott Will & Emery 7, *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 Rank Company name Rank Company name 1 1 Kirkland & Ellis 49, % 2 2 Latham & Watkins 30, % 3 48 Weil Gotshal & Manges 26, % 4 6 Simpson Thacher & Bartlett 25, % , % , % 7 22 Gibson Dunn & Crutcher 14, % Cleary Gottlieb Steen & Hamilton 13, % 9 8 Davis Polk & Wardwell 11, % 10 7 O'Melveny & Myers 9, % Debevoise & Plimpton 9, % Sidley Austin 8, % McDermott Will & Emery 7, % Cravath, Swaine & Moore 7, % Covington & Burling 6, % 1 1 Kirkland & Ellis 49, Latham & Watkins 30, Weil Gotshal & Manges 26, Goodwin Procter 2, , DLA Piper 1, Simpson Thacher & Bartlett 25, Morgan Lewis & Bockius 6, Jones Day 1, McDermott Will & Emery 7, Gibson Dunn & Crutcher 14, Cooley 1, , White & Case 5, Ropes & Gray 3, *Based on advisors to bidder on buyout deals AND advisors to target/seller on exit deals with the target dominant geography being US Global and regional M&A: 38

39 Private equity Europe (buyouts+exits) by deal value Rank Company name Europe (buyouts+exits) by deal count Rank Company name 1 7 Simpson Thacher & Bartlett 25, % 2 1 Freshfields Bruckhaus Deringer 18, % 3 11 White & Case 18, % 4 53 Loyens & Loeff 14, % 5 5 Kirkland & Ellis 13, % , % 7 3 Latham & Watkins 13, % 8 2 Clifford Chance 12, % 9 4 Linklaters 11, % Weil Gotshal & Manges 9, % Ropes & Gray 8, % Milbank Tweed Hadley & McCloy 8, % Allen & Overy 7, % De Brauw Blackstone Westbroek 7, % Sullivan & Cromwell 7, % 1 1 DLA Piper 5, Latham & Watkins 13, Linklaters 11, CMS 3, White & Case 18, Clifford Chance 12, Goodwin Procter 3, Weil Gotshal & Manges 9, Freshfields Bruckhaus Deringer 18, Allen & Overy 7, Mayer Brown 1, Willkie Farr & Gallagher 1, Cuatrecasas 1, Orrick Herrington & Sutcliffe Macfarlanes 6, *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 Rank Company name Asia-Pac (buyouts+exits) by deal count Rank Company name 1 2 Kirkland & Ellis 7, % 2 - Cleary Gottlieb Steen & Hamilton 6, Kim & Chang 5, % 4 31 Morrison & Foerster 5, % 5 19 Ashurst 4, % 6 - Herbert Smith Freehills 4, Fangda Partners 2, % 8 63 Hogan Lovells International 2, % 9 41 Ropes & Gray 2, % King & Wood Mallesons 2, % Weil Gotshal & Manges 1, % Shardul Amarchand Mangaldas & Co 1, % 13 - Sullivan & Cromwell 1, Walkers Global 1, Simpson Thacher & Bartlett 1, % 1 1 Kim & Chang 5, AZB & Partners 1, Khaitan & Co Herbert Smith Freehills 4, King & Wood Mallesons 2, Cyril Amarchand Mangaldas Kirkland & Ellis 7, Ropes & Gray 2, Trilegal 1, Gilbert + Tobin 1, Bae Kim & Lee Lee & Ko 1, Baker & McKenzie Talbot Sayer Lawyers Weil Gotshal & Manges 1, *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) Global and regional M&A: 39

40 Private equity Global buyouts by deal value Rank Company name Global buyouts by deal count Rank Company name 1 1 Kirkland & Ellis 57, % 2 9 Simpson Thacher & Bartlett 21, % 3 4 White & Case 16, % , % 5 15 Ropes & Gray 12, % 6 5 Latham & Watkins 12, % 7 23 Weil Gotshal & Manges 11, % 8 11 Clifford Chance 11, % 9 3 Freshfields Bruckhaus Deringer 10, % , % Linklaters 9, % Cleary Gottlieb Steen & Hamilton 7, % McDermott Will & Emery 7, % Gilbert + Tobin 6, % Hogan Lovells International 6, % 1 1 Kirkland & Ellis 57, Latham & Watkins 12, DLA Piper 4, Weil Gotshal & Manges 11, Simpson Thacher & Bartlett 21, Goodwin Procter White & Case 16, Ropes & Gray 12, Clifford Chance 11, , Jones Day McDermott Will & Emery 7, Morgan Lewis & Bockius 6, Willkie Farr & Gallagher 1, Linklaters 9, *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 Rank Company name Rank Company name 1 2 Kirkland & Ellis 31, % 2 9 Simpson Thacher & Bartlett 11, % 3 1 9, % 4 5 8, % 5 61 McDermott Will & Emery 7, % 6 22 Morgan Lewis & Bockius 6, % 7 8 Latham & Watkins 5, % 8 10 Wachtell, Lipton, Rosen & Katz 5, % 9 3 O'Melveny & Myers 4, % Weil Gotshal & Manges 4, % 11= - Accura 3, = - Homburger 3, = 24 McCann FitzGerald 3, % Ropes & Gray 2, % 15 4 Stikeman Elliott 2, % 1 1 Kirkland & Ellis 31, Latham & Watkins 5, , Morgan Lewis & Bockius 6, Simpson Thacher & Bartlett 11, McDermott Will & Emery 7, DLA Piper Weil Gotshal & Manges 4, Ropes & Gray 2, White & Case 1, Jones Day Goodwin Procter , Katten Muchin Rosenman Willkie Farr & Gallagher *Based on advisors to bidder on buyout deals with the target dominant geography being US Global and regional M&A: 40

41 Private equity Europe buyouts by deal value Rank Company name Europe buyouts by deal count Rank Company name 1 22 White & Case 13, % 2 47 Kirkland & Ellis 13, % 3 4 Clifford Chance 11, % 4 1 Freshfields Bruckhaus Deringer 10, % 5 3 Linklaters 9, % 6 87 Ropes & Gray 6, % 7 15 Simpson Thacher & Bartlett 6, % , Weil Gotshal & Manges 5, % Schjodt 5, Macfarlanes 5, % Gilbert + Tobin 5, DLA Piper 4, % 14 - Davies Ward Phillips & Vineberg 4, Latham & Watkins 3, % 1 1 DLA Piper 4, Latham & Watkins 3, Linklaters 9, Clifford Chance 11, Goodwin Procter White & Case 13, Weil Gotshal & Manges 5, Cuatrecasas 1, Kirkland & Ellis 13, Freshfields Bruckhaus Deringer 10, Orrick Herrington & Sutcliffe Shearman & Sterling 3, Dentons 1, Lamartine Conseil Allen & Overy 2, *Based on advisors to bidder on buyout deals with the target dominant geography being Europe Asia-Pac buyouts by deal value Rank Company name Asia-Pac buyouts by deal count Rank Company name 1 2 Kirkland & Ellis 7, % 2 - Cleary Gottlieb Steen & Hamilton 6, Morrison & Foerster 5, Kim & Chang 3, % 5 47 Fangda Partners 2, % 6 81 Hogan Lovells International 2, Ropes & Gray 2, % 8 10 Weil Gotshal & Manges 1, % 9 16 Ashurst 1, % Shardul Amarchand Mangaldas & Co 1, % 11 - Walkers Global 1, Herbert Smith Freehills 1, Simpson Thacher & Bartlett 1, % King & Wood Mallesons 1, % Gilbert + Tobin 1, % 1 3 Kim & Chang 3, Khaitan & Co King & Wood Mallesons 1, Ropes & Gray 2, Cyril Amarchand Mangaldas Herbert Smith Freehills 1, Gilbert + Tobin 1, AZB & Partners Kirkland & Ellis 7, Weil Gotshal & Manges 1, Trilegal Shin & Kim O'Melveny & Myers Bae Kim & Lee DSK Legal *Based on advisors to bidder on buyout deals with the target dominant geography being Asia-Pacific (excl. Japan) Global and regional M&A: 41

42 Private equity Global exits by deal value Rank Company name Global exits by deal count Rank Company name 1 2 Latham & Watkins 35, % 2 3 Simpson Thacher & Bartlett 34, % 3 24 Weil Gotshal & Manges 26, % 4 1 Kirkland & Ellis 18, % , % 6 25 Gibson Dunn & Crutcher 14, % , % 8 78 Loyens & Loeff 13, % 9 98 Cleary Gottlieb Steen & Hamilton 13, % 10 8 Sullivan & Cromwell 9, % Davis Polk & Wardwell 9, % Debevoise & Plimpton 9, % Sidley Austin 8, % Freshfields Bruckhaus Deringer 8, % White & Case 8, % 1 1 Kirkland & Ellis 18, Latham & Watkins 35, Goodwin Procter 4, DLA Piper 2, Weil Gotshal & Manges 26, CMS 2, , Gibson Dunn & Crutcher 14, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian 2, Cooley 1, White & Case 8, Hogan Lovells International 3, Simpson Thacher & Bartlett 34, Osler, Hoskin & Harcourt 2, Sidley Austin 8, *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 Rank Company name Rank Company name 1 2 Latham & Watkins 25, % 2 80 Weil Gotshal & Manges 22, % 3 1 Kirkland & Ellis 17, % 4 5 Simpson Thacher & Bartlett 14, % , % 6 23 Gibson Dunn & Crutcher 14, % Cleary Gottlieb Steen & Hamilton 12, Davis Polk & Wardwell 9, % 9 29 Sidley Austin 7, % Cravath, Swaine & Moore 7, % , % Debevoise & Plimpton 6, % Covington & Burling 6, % Shearman & Sterling 4, % 15 6 Wilson Sonsini Goodrich & Rosati 4, % 1 1 Kirkland & Ellis 17, Goodwin Procter 2, Latham & Watkins 25, Weil Gotshal & Manges 22, Gibson Dunn & Crutcher 14, , Gunderson Dettmer Stough 7 5 2, Villeneuve Franklin & Hachigian 8 12 DLA Piper 1, Cooley Jones Day Simpson Thacher & Bartlett 14, Davis Polk & Wardwell 9, , Paul Hastings 1, Choate Hall & Stewart *Based on advisors to target/seller on exit deals with the target dominant geography being US Global and regional M&A: 42

43 Private equity Europe exits by deal value Rank Company name Europe exits by deal count Rank Company name 1 6 Simpson Thacher & Bartlett 19, % 2 47 Loyens & Loeff 13, % 3 12 Latham & Watkins 9, % 4 8 Freshfields Bruckhaus Deringer 7, % 5 14 Milbank Tweed Hadley & McCloy 7, % 6 50 De Brauw Blackstone Westbroek 7, % 7= 45 7, % 7= 100 Sullivan & Cromwell 7, % Darrois Villey Maillot Brochier 6, Wiersholm 5, Allen & Overy 5, % 12 9 White & Case 4, % Weil Gotshal & Manges 3, % 14 7 Baker & McKenzie 3, % 15 - Laurius Advocaten 3, CMS 2, DLA Piper Latham & Watkins 9, Linklaters 2, White & Case 4, Allen & Overy 5, Mayer Brown 1, Macfarlanes 1, Freshfields Bruckhaus Deringer 7, Travers Smith 1, Osborne Clarke Weil Gotshal & Manges 3, Goodwin Procter 2, Clifford Chance 1, Van Doorne *Based on advisors to target/seller on exit deals with the target dominant geography being Europe Asia-Pac exits by deal value Rank Company name Asia-Pac exits by deal count Rank Company name 1 5 Herbert Smith Freehills 3, % 2 - Ashurst 3, Sullivan & Cromwell 1, Kim & Chang 1, % 5 9 King & Wood Mallesons % 6 - Grandall Law Firm Lee & Ko AZB & Partners % 9 - Latham & Watkins Yulchon Baker & McKenzie Trilegal % 1 2 AZB & Partners Herbert Smith Freehills 3, Lee & Ko Trilegal Allen & Gledhill Cyril Amarchand Mangaldas Kim & Chang 1, King & Wood Mallesons Baker & McKenzie Khaitan & Co Bae Kim & Lee Kirkland & Ellis Clifford Chance Ashurst 3, Shardul Amarchand Mangaldas & Co % 14 - Sullivan & Cromwell 1, = - Han Yi Law Offices Grandall Law Firm = *Based on advisors to target/seller on exit deals with the target dominant geography being Asia-Pacific (excl. Japan) Global and regional M&A: 43