Global and regional M&A: 2014 Including league tables of legal advisors

Transcription

1 Including of legal advisors Global Europe US Asia-Pacific Japan Africa & Middle East Emerging Markets League Tables Criteria & contacts

2 Regional M&A comparison $901.4 bn 40.5% $1,409.4 bn 56.6% $29.3 bn -33.5% Global M&A $591.6 bn 43.4% Total $3,230bn 47.7% Cross-border $1,399.7bn 82.6% Energy, $632.5bn 39.0% Mining & Utilities $132.2 bn 49.5% $57.9 bn -9.3% US Europe Asia-Pacific (excl. Japan) Inbound $373.5bn 158.5% Outbound $290.1bn 65.9% TMT $302.2bn 6.1% Inbound $320.6bn 68.6% Outbound $365.8bn 190% TMT $168.2bn 24.0% Inbound $83.5bn 15.8% Outbound $89.6bn 4.4% Energy, $96.1bn 12.4% Mining & Utilities Central & South America Africa & Middle East Japan Inbound $82.1bn 114.4% Outbound $24.7bn 298.7% Energy $50bn 131% Mining & Utilities Inbound $14.6bn 58.9% Outbound $26.2bn 73.7% TMT $12.3bn 12.5% Inbound $6.3bn 52.9% Outbound $53.2bn 9.4% Industrials $5.9bn 13.1% & Chemicals * The % value on the map indicates the total value from last year 2

3 Global overview Sellers bask in US$ 3,230bn-worth of global M&A activity, only 11.8% less than 2007 A record value for private equity exits, the average price tag at an all time high, and soaring cross-border deal-making, proved 2014 to be a seller s market. The year ended with US$ 3,230bn-worth of deals, 44.7% above 2013 s total (US$ 2,232.5bn), and down just 11.8% from the last highest annual total in 2007 (US$ 3,660.4bn). The Consumer sector (US$ 80.9bn) was particularly active with regard to private equity exits, reaching the highest value and deal on record. Trade buyers swooped in for Consumer companies and took an 89.6% proportion of the sector s total exits with 182 deals worth US$ 72.5bn, 154.3% higher than the last peak in There was an abundance of cross-border deal making overall in 2014, demonstrated by the highest deal record and the second highest value. The 5,501 deals worth US$ 1,399.7bn increased 82.6% by value compared to 2013 with 630 more announcements. Global M&A value hit a post-crisis high at the end of Q and continued to climb towards the third highest annual total on Mergermarket record (since 2001). This came in spite of a reversal of quarterly increases from Q to Q2 2014, after which totals fell quarter-on-quarter with Q4 dropping 7.5% from Q3 to US$ 787.8bn. Energy, Mining & Utilities was the leading sector by value with 1,638 deals totaling US$ 632.5bn, up 47.5% from TMT continued an upswing from 2013, seeing over 400 more announcements and an 18.9% increase by value reaching US$ 604.2bn. However, it was Pharma, Medical & Biotech activity that stole the limelight in The size of cross-border transactions played a role in the deal value increase. The average deal size for cross-border deals jumped to US$ 453.9m, up from US$ 291.4m in 2013 and above the 2007 peak (US$ 437.7m) saw private equity firms choosing to dispose of assets they had been holding onto, resulting in the year seeing record exits by both value at US$ 489.3bn (which soared to 21.4% above 2007's peak) and number of deals (2,054). Trade buyers led with a record 1,484 transactions worth US$ 367bn. The 271 more deals than in 2013 resulted in a 82.3% higher deal value than 2013's US$ 201.3bn. The Pharma, Medical & Biotech sector aced for 52.3% of the total value of lapsed deals during the year (US$ 224.1bn), but the resurgence in the sector still amounted to 1,215 deals reaching an all time high value at US$ 379.5bn during Tax inversions and a global trend towards cross-border M&A resulted in deals in the industry between different ries acing for a majority share of total deal value at 67.7% with US$ 257bn-worth of deals. The inflated deal size was in part due to the sudden attention to US companies from Europe. The total value of deals involving European companies targeting the US hit the highest on record at US$ 259.7bn with 421 announcements. For example, German corporations made three of their largest ever US-based acquisitions during 2014, with all three valued over US$ 12.7bn. Quarterly M&A activity of deals (US$bn) Q1 Q2 Q3 Q4 Sector breakdown in 2014 vs 2013 Private equity buyout and exit activity , Total 2, Total 1, Total 2, Total 2, Total 2,303.0 Total 2, Total 3,660.4 Total 3,230.0 Energy, Mining & Utilities TMT Pharma, Medical& Biotech Industrial & Chemicals Consumer Financial Services % % 10.6% 11.8% 10.7% 10.5% 10.5% 10.7% 7.0% 19.2% 22.8% 18.7% of deals (US$bn) ,500 3,000 2,500 2,000 1,500 1, Business Services % 5.4% Buyout value Buyout deal Exit value Exit deal Other % 16.4% * % indicates market share 3

4 Global overview League table by value Ranking Company name complexity competing bids and possibly the size of deals, could be an explanation for the longer period taken to complete a deal. The average time taken in 2014 was 96 days, the longest time period on record after five annual increases. Skadden Arps Slate Meagher & Flom regained op ranking in the legal advisor league table by value after losing it in The firm worked on 50 more mandates than in The top four advisors all improved on their 2013 ranking with the largest jump coming from Cleary Gottlieb Steen & Hamilton. After advising on half of the top ten global deals during 2014, Cleary Gottlieb Steen & Hamilton moved up from 22nd place in 2013 to second with 128 deals valued at US$ 538.6bn. % 1 7 Skadden Arps Slate Meagher & Flom 593, , % 2 22 Cleary Gottlieb Steen & Hamilton 538, , % 3 14 Sullivan & Cromwell 530, , % 4 9 Freshfields Bruckhaus Deringer 435, , % 5 4 Weil Gotshal & Manges 416, , % 6 5 Latham & Watkins 409, , % 7 15 White & Case 401, , % 8 3 Simpson Thacher & Bartlett 392, , % 9 1 Davis Polk & Wardwell 381, , % 10 2 Wachtell, Lipton, Rosen & Katz 377, , % 11 6 Jones Day 278, , % Top deals value (US$bn) Ann. date Bidder company Bidder ry Target company Target ry Target sector Seller company Linklaters 269, , % Blake, Cassels & Graydon 237, , % Kirkland & Ellis 225, , % Clifford Chance 222, , % Slaughter and May 220, , % Feb-14 Comcast Corporation Time Warner Cable Inc Paul Weiss Rifkind Wharton & Garrison 216, , % Cravath, Swaine & Moore 209, , % Shearman & Sterling 195, , % May-14 AT&T Inc DIRECTV Baker Botts 191, , % Nov-14 Actavis plc Allergan Inc Aug-14 Kinder Morgan Inc Kinder Morgan Energy Partners LP (88.6% Stake) Jun-14 Medtronic Inc Covidien Plc 4

5 Europe overview Europe's M&A makes a sudden rebound to a post-crisis high with deals worth US$ 901.4bn After a rather subdued 2013, European M&A activity rebounded strongly in 2014, climbing to a post-crisis high at US$ 901.4bn. This was a 40.5% increase from 2013 (US$ 641.4bn), making it the highest value since 2008 when it stood at US$ 1,003.8bn. Volume was up by a modest 4.8% between 2013 and 2014 (5,816 versus 6,094). There was a sense of confidence in global boardrooms during 2014 and this filtered through to European targets where the average price paid for a company was US$ 365.4m, the highest in seven years. On a quarter-by-quarter basis, 2014 s M&A activity got off to a slow start in Q1 with deals valued at US$ 176.5bn, peaking at US$ 312.9bn in Q2, and seeing a decline thereafter to US$ 202.2bn in Q3, and a slight increase in Q4 with US$ 209.9bn-worth of deals. Some eurozone ries showed signs of recovery. In Spain for example, the US$ 57.2bn-worth of deals increased 77.1% from The ry has a strong pipeline for 2015, although the second half could be more complicated as attention will turn to the national general election. Private equity exits stood at US$ 165.5bn, a 94.5% surge on 2013 and the highest figure since The average price paid for an exit exceeded even the peak years at US$ 492.7m. Consumer (US$ 37.9bn) and Industrials & Chemicals (US$ 29.2bn) saw the highest values. The ongoing consolidation of Europe s Telecommunication industry saw M&A in the TMT sector worth US$ 168.2bn ac for the highest share of Europe s value, with domestic transactions acing for most of it (US$ 120.2bn). One of the trends currently shaping the sector is the convergence towards the quad model, with operators bundling together internet, TV, landline and mobile services. The Pharma, Medical & Biotech sector was the second most active in 2014 with US$ 114.9bn-worth of deals reaching the highest on Mergermarket record after a 162.3% jump from Europe s 1,184 inbound deals totaled US$ 320.6bn and reached a record high by both deal value and deal during 2014 (since 2001). The proportion of total M&A aced for by inbound activity climbed to a 35.6% peak. Most of the inbound investment came from US-based companies which aced for 60.7% or US$ 194.6bn-worth of inbound deals. This was a 80.6% increase from 2013 and also 8.5% above the previous high in 2008 (US$ 179.3bn). Mirroring the inbound deal flow, 71% of total outbound M&A was also directed towards the United States (US$ 259.7bn), the highest value on Mergermarket record (2001). As a result, after one of the lowest years for European outbound M&A in 2013, outbound activity surged to its highest level since 2007 during 2014 with US$ 365.8bn-worth of deals, up 190% from the previous year. Quarterly M&A activity of deals (US$bn) Q1 Q2 Q3 Q4 Sector breakdown in 2014 vs 2013 Cross-border analysis Inbound and outbound (value of deals US$bn) Total 1, Total Total Total Total Total Total Total 1,519.8 TMT Pharma, Medical & Biotech Energy, Mining & Utilities Consumer Industrial & Chemicals Financial Services Real Estate % % 6.8% 9.6% 11.4% 12.8% 19.5% 11.6% 11.0% 10.6% 15.1% 8.0% 8.0% 21.1% deals 990 deals deals 873 deals deals 540 deals deals 757 deals deals 837 deals deals 813 deals deals deals deals 847 deals Other % 19.4% * % indicates market share

6 Europe overview League table by value Ranking Company name Further underlining the strong inbound trend, the top three transactions involving non-european bidders targeting European companies all originating from the US Medtronic s acquisition of Covidien (Ireland) for US$ 45.9bn; Walgreen s purchase of the remaining 55% stake in Alliance Boots (Switzerland) for US$ 23.8bn; and General Electric s acquisition of Alstom s Thermal & Renewable Power and Grid business (France) for US$ 12.3bn. France was the target ry for two of the top five deals in the region, demonstrating the growth in size of French deals during As a result, for the first time on record, France was the most active ry in 2014 with US$ 161.4bn-worth of deals, the highest value since 2007 (US$ 204.1bn) and a 327.5% surge on 2013 (US$ 37.7bn). The UK was previously the most targeted ry in Europe until 2014 even though its M&A value increased by 28.7% to US$ 154.5bn compared to Tax inversion deals boosted total Pharma, Medical & Biotech values as individual price tags climbed, with two deals above US$ 10bn (against none in 2013), the acquisition of Covidien and the sale of Glaxo Smith Kline s oncology business. In total, there were ten deals above US$ 10bn (against six in 2013). Pharma also played a pivotal role in cross-border deal flow, amounting to close to a quarter of total inbound (US$ 74.1bn) and 37.4% of outbound (US$ 136.7bn). The top six legal advisors all achieved a higher ranking in 2014 compared to Freshfields Bruckhaus Deringer led the league table by value with 201 deals worth US$ 343.3bn even though it had four less mandates. After advising on three of the top ten global deals in 2014, Blake, Cassels & Graydon moved into the top 20 from 122nd place in 2013 with deals worth US$ 151.8bn. Top deals value (US$bn) Ann. date Bidder company Bidder ry Target company Jun-14 Medtronic Inc Covidien Plc Apr-14 Holcim Ltd Lafarge SA Target ry Target sector Seller company % 1 8 Freshfields Bruckhaus Deringer 354, , % 2 18 Cleary Gottlieb Steen & Hamilton 301, , % 3 17 Skadden Arps Slate Meagher & Flom 264, , % 4 24 Sullivan & Cromwell 248, , % 5 16 Latham & Watkins 236, , % 6 13 Linklaters 219, ,556 71% 7 5 Slaughter and May 213, , % 8 10 Wachtell, Lipton, Rosen & Katz 210, , % 9 14 Clifford Chance 183, , % Allen & Overy 176, , % 11 2 Davis Polk & Wardwell 153, , % Weil Gotshal & Manges 152, , % Blake, Cassels & Graydon 151, ,936 3,757% Arthur Cox 144, ,794 1,235% 15 4 Simpson Thacher & Bartlett 133, , % Stikeman Elliott 132, ,022 1,001% Matheson 126, , % Herbert Smith Freehills 126, , % Loyens & Loeff 119, , % Fried Frank Harris Shriver & Jacobson 119, , % Aug-14 Walgreen Company Alliance Boots GmbH (55% Stake) AB Acquisitions Holdings Limited Jun-14 Altice SA SFR SA Vivendi SA Apr-14 Novartis AG GlaxoSmithKline Plc (Oncology division) GlaxoSmithKline Plc 6

7 US overview Record high US M&A worth US$ 1,409.4bn led by transatlantic drive and booming deal A surge from Europe toward US targets, record high deal valuations and exit levels, and a deal nearing 2007 s peak led US M&A activity to reach a record high last year. Total deal value soared 56.6% from US$ 900.1bn in 2013 to US$ 1,409.4bn in 2014, while total deal rose 21.5% from 3,937 transactions to 4,782. Energy, Mining & Utilities M&A more than doubled in value compared to 2013 with 107 more announcements. The US$ 318.1bn-worth of deals came despite only two deals making it into the top ten deals of the year: the re-structuring of Kinder Morgan, valued at US$ 58.8bn, and Halliburton s US$ 38bn acquisition of Baker Hughes. Foreign investors flocked towards US targets with a record number of deals (820) that hit the highest value on record at US$ 373.5bn, surpassing even pre-crisis levels. Most of the rebound was due to interest coming from European buyers which took a 69.5% share of total inbound activity (US$ 259.7bn). US firms commanded some of the highest deal valuations globally, with average deal values increasing 30.15% in the past year, reaching a record high of US$ 616.3m in Premiums paid jumped to 29% in 2014, from 26% in 2013, with an EBITDA multiple of 14.5x. Dominated by a burst of Technology activity, the most notable increase by deal came in the TMT sector (1,022 deals worth US$ 302.2bn). The 787 Technology deals eclipsed every other year by deal and value at US$ 122.4bn, up 29.3% from 2013 (US$ 94.7bn). Inbound M&A from Europe more than tripled compared to 2013 (US$ 69.9bn), to US$ 259.7bn in The US was a prime Industrials & Chemicals target for German buyers with more than double the number of deals compared to 2013, and total values surpassing the previous high of US$ 7.1bn (2006) by a colossal 442.3% at US$ 38.5bn. US private equity exits reached an all-time high in 2014 with 958 deals valued at US$ 262.1bn, up 70.6% by value compared to 2013 (US$ 153.6bn on 735 deals). Along with a general rise in Technology transactions, the past year saw an upswing in exits in the space, reaching the highest deal and value on record: 292 deals worth US$ 49.6bn, more than double 2013's value (US$ 24.7bn). In the Pharma, Medical & Biotech sector, the US$ 42.3bn worth of exits in 2014 was 56.1% higher than the previous peak in 2007 (US$ 27.1bn). Spurred on by inexpensive natural gas used as a raw material for chemicals, plastics, and packaging as well as for powering manufacturing across all industries, plus a favorable financing market, the Industrials & Chemicals sector saw a revival in 2014 with 826 deals worth US$ 145.9bn, up 85.3% from last year (US$ 78.8bn) and recovering the drop seen from 2012 to More activity is expected within the auto industry, with asset disposals resulting from increased consumer demand for alternative fuel and safety technologies. Although not quite at the same rate as inbound deals, outbound M&A also saw an increase to the highest value and deal on record, up 65.9% from 2013 (US$ 174.9bn) at US$ 290.1bn. Tax inversions in the Pharma, Medical & Biotech sector were a strong driver as the number of deals exceeded 100 for the first time and saw a total value of US$ 75.4bn eclipse the last peak in 2011 of US$ 35.9bn. Quarterly M&A activity of deals (US$bn) Total Total Total Total Total Total Q1 Q2 Q3 Q4 Total 1,337.1 Total 1,409.4 Sector breakdown in 2014 vs 2013 Energy, Mining & Utilities TMT Pharma, Medical & Biotech Consumer Industrial & Chemicals Business Services Financial Services Other % 6.1% 7.9% 4.6% 11.1% 9.3% 8.8% 9.7% 15.5% 11% 10.4% 7.5% 16.5% 22.6% 31.7% 21.4% * % indicates market share Cross-border analysis Inbound and outbound (value of deals US$bn) deals 1,019 deals deals 902 deals deals 612 deals deals 959 deals deals 1,081 deals deals 1,096 deals deals ,125 deals deals 1,279 deals 7

8 US overview League table by value Ranking Company name The majority of the US s top ten deals were inbound, highlighting the attraction to invest in the ry through T. There were 223 more inbound transactions compared to 2013 which led to a 158.5% surge in deal value at US$ 373.5bn, making 2014 the highest value for inbound M&A. Of the top 10 US deals, two are in the Pharma, Medical & Biotech sector: the US$ 63.2bn Actavis acquisition of Allergan and Actavis earlier US$ 23.1bn acquisition of Forest Laboratories. Other top Pharma, Medical & Biotech deals include the US$ 14.2bn Bayer AG acquisition of Merck & Co. s consumer care business, the US$ 13.4bn Zimmer Holdings acquisition of Biomet, and the US$ 11.9bn Bector, Dickinson and Company acquisition of the CareFusion Corporation. Up from 11th position in 2013, Skadden Arps Slate Meagher & Flom topped the legal advisor league table by value with 61 more announcements ammounting to US$ 520.2bn, up 206.5% compared to % 1 11 Skadden Arps Slate Meagher & Flom 520, , % 2 12 Sullivan & Cromwell 450, , % 3 26 Cleary Gottlieb Steen & Hamilton 429, , % 4 4 Weil Gotshal & Manges 391, , % 5 2 Simpson Thacher & Bartlett 355, , % 6 1 Wachtell, Lipton, Rosen & Katz 354, , % 7 5 Latham & Watkins 352, , % 8 14 White & Case 331, , % 9 3 Davis Polk & Wardwell 322, , % 10 6 Jones Day 265, , % Kirkland & Ellis 214, , % Top deals value (US$bn) Ann. date Bidder company Bidder ry Target company Target ry Target sector Seller company Cravath, Swaine & Moore 205, , % Baker Botts 187, , % Paul Weiss Rifkind Wharton & Garrison 187, , % Fried Frank Harris Shriver & Jacobson 174, , % Richards Layton & Finger 162, , % Feb-14 Comcast Corporation Time Warner Cable Inc Shearman & Sterling 159, , % 18 8 Debevoise & Plimpton 149, , % Stikeman Elliott 148, , % May-14 AT&T Inc DIRECTV Blake, Cassels & Graydon 147, , % Nov-14 Actavis plc Allergan Inc Aug-14 Kinder Morgan Inc Kinder Morgan Energy Partners LP (88.6% Stake) Nov-14 Halliburton Company Baker Hughes Incorporated 8

9 Asia-Pacific overview (excl. Japan) M&A value spiked at US$ 591.6bn with private equity peaking and higher valued inbound deals With 3,250 deals worth US$ 591.6bn, both the number of transactions and their total value reached the highest level on Mergermarket record in 2014, up 43.4% from 2013 s previous historic high (US$ 412.4bn). u Private equity activity was another growth base in 2014, which saw records in buyouts and exits in terms of both value and volume of deals. A record US$ 68.8bn was invested by private equity firms, up 62.4% on Exits totaled US$ 35.4bn with 185 deals, up 21.1% on 2013 s previous record value (US$ 29.2bn from 138 deals). The ongoing growth in the region s Consumer sector saw 324 deals valued at US$ 55.2bn, an increase of 28.1% by value from The industry saw a record value and deal of inbound deals with 79 transactions worth US$ 18.7bn. u u Inbound investment into the region increased for the second consecutive year, making Asia-Pacific targets a steady driver of the overall surge in M&A. As in the previous two years, the bulk of this investment came from European and American buyers, particularly the former, who spent a total of US$ 34.6bn in 2014, up 28.6% on The price paid for Asian targets by European bidders increased to US$ 254.7m during 2014, up from US$ 192.4m in Six deals from Western Europe were above US$ 1bn, with the largest seeing Belgiumbased Anheuser-Busch InBev acquire Oriental Brewery for US$ 6.2bn. A draw to the region from foreign investors could be the EBITDA valuation at 16.6x, much lower compared to the previous ten years' average of 18.9x. The Technology and Media sectors saw a strong level of private equity exit activity during Technology exits had seen a steady rise but saw a dramatic increase in 2014, up to 33 exits worth US$ 3bn from just seven in Since Media exits started in 2005, the level of activity has increased with 2014 seeing 10 deals worth US$ 4.5bn from five deals worth US$ 331m in A total of 399 Technology deals amounted to US$ 53.7bn, 46.9% higher than the US$ 36.5bn from 248 deals in 2013, with tinterest from foreign bidders peaking in 2014 (91 deals worth US$ 9.2bn). A huge jump in buyouts in the sector saw 77 deals at US$ 11.7bn, compared to the 38 in 2013 valued at US$ 9.4bn. The 427 outbound deals (US$ 89.6bn) was the highest number on record by deal. However, a tendency to lean toward smaller investments continued with single digit growth year-on-year for the past two years, running at just above 4%. During the last three years, there has been a shift in the sectors of outbound targets. Outbound M&A has moved away from the Energy, Mining & Utilities sector - down 64.3% to US$ 24.6bn in 2014 from US$ 68.9bn in and towards other sectors including Technology, Leisure and Transportation, all of which have had a dramatic upsurge in 2014 with some of the highest levels on record. Quarterly M&A activity of deals (US$bn) Q1 Q2 Q3 Q4 Sector breakdown in 2014 vs 2013 Cross-border analysis Inbound and outbound (value of deals US$bn) Total Total Total Total Total Energy, Mining & Utilities Industrial & Chemicals TMT Financial Services % % 12.7% 12.0% 9.6% 20.7% 13.9% 13.1% Total Total Total Consumer Transport Real Estate % % 10.5% 9.3% 6.7% 11.4% 555 deals 372 deals 515 deals 295 deals 376 deals deals deals 316 deals 563 deals 341 deals 560 deals 337 deals 591 deals 349 deals 591 deals 427 deals Other % 24.9% * % indicates market share

10 Asia-Pacific overview (excl. Japan) League table by value Ranking Company name The average price paid for a company based in Asia-Pacific (excl. Japan) reached the second highest level on record at US$ 214m during 2014, versus US$ 190.8m in There were larger deals announced throughout 2014 which influenced the average price, for example five mega-deals (above US$ 10bn) were announced in the region which accumulated a record level for this deal size bracket at US$ 93.8bn. South Korean companies were the target in two of the top ten deals which boosted the ry s annual total up to the highest on record at US$ 73.5bn. Furthermore, the value came from the highest ever deal with 334 transactions, up from 280 in A strong deal flow is also expected for 2015 particularly in the TMT sector with investment in South Korea s mobile industry being a good testing ground for future investment in Southeast Asia, and also in the advertising digitalisation where emerging market ries are expected to contribute to 62% of additional ad spend between the years 2013 and 2016, according to research by Publicis. % 1 7 Freshfields Bruckhaus Deringer 89, , % 2 2 King & Wood Mallesons 62, , % 3 12 Kim & Chang 56, , % 4 22 JiaYuan Law Offices 54, , % 5 3 Linklaters 54, , % Haiwen & Partners 47, ,375 1,902% Freshfields Bruckhaus Deringer jumped six positions to lead the legal advisor league table by value with 37 mandates accumulating US$ 89.9bn-worth of deals. The firm last led the rankings in A big mover was Morrison & Foerster and Haiwen & Partners both entered into the top 20 rankings after being positioned above 50 in Clifford Chance 44, , % 8 1 Herbert Smith Freehills 41, , % 9 38 Allen & Gledhill 36, , % Allens 33, , % Simpson Thacher & Bartlett 26, , % Top deals Morrison & Foerster 25, , % Lee & Ko 25, , % value (US$bn) Ann. date Bidder company Bidder ry Target company Target ry Target sector Seller company 14 4 Skadden Arps Slate Meagher & Flom 24, , % Fangda Partners 24, , % Sullivan & Cromwell 20, , % Apr-14 CITIC Pacific Limited CITIC Limited CITIC Group Corporation Minter Ellison 19, , % Davis Polk & Wardwell 19, , % Sep-14 Investor group Sep-14 Hanjin Kal Corp Sinopec Marketing Co Ltd (29.99% Stake) Korean Air Lines Company Limited (51.13% Stake) Bae Kim & Lee 17, , % White & Case 17, , % Dec-14 CSR Corporation China CNR Corporation Mar-14 Shanghai Jinfeng Investment Co Ltd Shanghai Greenland (Group) Co Ltd An investor group led by Shanghai Gelinlan Investment Management Ltd 10

11 Japan overview Record low annual value at US$ 29.3bn despite a boost in private equity activity The picture of M&A in Japan during 2014 was in stark contrast to the global picture, and the rest of the Asia-Pacific region. Whereas the core regions saw a boom in M&A and record peaks, Japan saw record lows. In the second lowest annual total on record, the 376 Japanese M&A deals announced in 2014 added up to US$ 29.3bn, 33.5% down on the previous year (US$ 44.1bn) and the third consecutive annual decrease with a downward drift averaging 28.9% per year since In line with the Asia-Pacific-wide boost in private equity activity, Japan saw a strong level of buyouts and exits in Japan s 36 buyouts during 2014 were worth US$ 5.5bn, 39% higher than 2013 s value (US$ 4bn). The eight Consumer buyouts doubled from 2013 (four) and reached a value not seen since 2007 at US$ 892m. Even though there was a large 52.9% drop in the value of inbound investment which hit a post-crisis low, there were actually 13 more announcements in 2014 compared to With 46 deals in 2014, signs are that investors could be starting to show more interest in the ry albeit at a lower price range. The average deal size was another historic low at US$ 134.4m, brought down by the scarcity of deals above US$ 500m. The 13 deals above US$ 500m during 2014 amounted to US$ 13.8bn, the lowest in 12 years. For only the second year on record, 2014 saw every quarter post a total deal value below US$ 10bn. The final quarter registered US$ 7.4bn-worth of deals, up 7.6% from Q (US$ 6.9bn) and by 0.6% compared to Q (US$ 7.3bn). The value of private equity exits hit a three-year high as it increased 33.6% above 2013 with deals valued at US$ 6.3bn. With nine exits, the Business Services sector was most active by deal with a total of US$ 1.6bn making it the only sector to register deals above US$ 1bn. The Industrial & Chemicals sector overtook TMT as the most active in 2014, with deals worth US$ 5.9bn. The sector increased 13.1% on 2013 and aced for 20.1% of total value, up from 11.8% in A large part of this was due to the largest deal this year: Mitsubishi Chemical Holdings Corporation s US$ 3bn acquisition of Taiyo Nippon Sanso Corporation aced for over half of the total value. Outbound M&A exceeded 2013 with 242 transactions worth US$ 53.2bn (versus US$ 48.7bn), though with 13 fewer deals. The year had seen solid quarterly activity above US$ 10bn but the quarter-onquarter drop throughout the year ended with Q4 seeing a 4.2% lower deal value than Q3 at US$ 10.3bn. The Consumer sector is one area where outbound activity increased, with 33 deals valued at US$ 19.8bn being over eight times the value compared to 2013 (US$ 2.4bn) and with eleven more deals. This was the highest number of deals on record and the highest value since 2006 (US$ 20.1bn). Quarterly M&A activity of deals (US$bn) Q1 Q2 Q3 Q4 Sector breakdown in 2014 vs 2013 Cross-border analysis Inbound and outbound (value of deals US$bn) Total Total 88.2 Industrials & Chemicals Consumer % 11.8% 20.1% 12.7% Total Total Total Total Total 70.5 Total 44.1 TMT Financial Services Business Services Transport Real Estate Other % % % 6.6% 4.6% 5.6% 9.6% % 13.5% 11.2% 23.3% 30.0% * % indicates market share deals 121 deals 33 deals deals deals 125 deals deals 151 deals 39 deals 205 deals 48 deals 254 deals 33 deals 255 deals 46 deals 242 deals

12 Japan overview League table by value Ranking Company name The overall drop in Japan's activity was also evident in domestic activity. The value of domestic deals dropped for the third consecutive year in 2014 to US$ 23bn, down 25.1% from The value represented the third lowest on record after 2001 (US$ 2bn) and 2002 (US$ 8.4bn). In terms of deal, the 330 domestic deals fared well considering post-2007 levels but still saw 69 fewer transactions than Nishimura & Asahi retained its leading position by deal value even though 20 fewer mandates led to a 25.1% lower deal value at US$ 30.5bn. % 1 1 Nishimura & Asahi 30, , % 2 17 White & Case 20, , % 3 2 Mori Hamada & Matsumoto 17, , % 4 96 Sidley Austin 16, ,475% 5 28 Kirkland & Ellis 16, , % 6 25 Cleary Gottlieb Steen & Hamilton 15, , % 7 12 Baker & McKenzie 8, , % 8 20 Shearman & Sterling 7, , % 9 5 Skadden Arps Slate Meagher & Flom 6, , % Anderson Mori & Tomotsune 6, , % 11 7 Nagashima Ohno & Tsunematsu 6, , % Top deals Debevoise & Plimpton 5, , % 13 - Willkie Farr & Gallagher 5, value (US$bn) Ann. date Bidder company Bidder ry Target company Target ry Target sector Seller company 14 - Greenberg Traurig 5, Latham & Watkins 4, , % May-14 Mitsubishi Chemical Holdings Corporation Taiyo Nippon Sanso Corporation (23.6% Stake) Aug-14 Blackstone Real Estate Partners Asia General Electric Company (residential property business) General Electric Company Jan-14 Kokusai Kogyo Holdings Co Ltd Kokusai Kogyo Co Ltd (55% Stake) Cerberus Capital Management LP Jan-14 H2O Retailing Corporation Izumiya Co Ltd Apr-14 Orix Life Insurance Corporation Hartford Life Insurance KK Hartford Life Inc 12

13 Africa & Middle East overview Private equity and a Q4 surge failed to boost the annual total at US$ 57.9bn, down 9.3% on 2013 Africa & Middle East (MEA) M&A activity in 2014 dropped 9.4% below the post-crisis high seen in 2013 (US$ 63.9bn)to US$ 57.9bn. Despite the decrease, 2014 still represented the fourth highest annual value on Mergermarket record (2001). Quarterly values fluctuated throughout the year, but ended on a high note in Q4 with a 158.6% increase to US$ 22.5bn from US$ 8.7bn in Q3 - acing for 38.9% of the total. According to Mergermarket intelligence, private equity deal sizes have been creeping up as houses are raising more substantial funds and are looking to conduct larger deals. It was common a few years ago for some funds to go as low as US$ 20m-US$ 30m, now funds are indicating to us a minimum size of USD 50m." Total inbound activity declined in 2014 compared to the previous four years with deals valued at US$ 14.6bn decreasing 58.9% from 2013 (US$ 35.6bn). Asian companies were the main investors with 40 deals worth US$ 5.8bn acing for 40% of the total, a 70% decline by value as China pulled away from big ticket energy deals. A sudden rush for large deals during Q4 saw four transactions each valued in excess of US$ 2bn, acing for 23.7% of 2014's total value. The final dash for larger deals was in stark contrast to deal sizes throughout the rest of the year, underlined by the average price paid dropping 15.9% to US$ 202.6m from US$ 241m in Private equity activity was a key deal driver in 2014, acing for 10.5% of total M&A, up from just 4.2% in 2013 and the second highest proportion on record. The value of buyouts more than doubled from US$ 2.7bn in 2013 to US$ 6.1bn in The year saw the most exits within a single year on record at 38 deals worth US$ 5.5bn, up 48.3% by value compared to US$ 3.7bn on 29 deals in This will come as a welcome boost for those investors yet to register any returns from investments in Africa, as well as those looking to invest dry powder. The TMT sector saw 74 transactions in 2014 with a total value of US$ 12.3bn, acing for 21.2% of the region's total and representing a 12.5% increase by value. The region s Technology space was a highlight and saw the most deals on record with 44 transactions worth US$ 3.8bn, up from just 24 in A drop in inbound investments resulted in the Energy, Mining & Utilities sector being knocked from the top position in The 59 deals targeting the sector totaled US$ 11.1bn, representing a 19.2% market share this marked a 52.2% drop by value and 14 fewer deals than 2013 (73 deals worth US$ 23.2bn). Inbound investments in the sector were down 84.1% to just US$ 3.3bn from US$ 20.7bn in Outbound activity in 2014 witnessed a 73.5% increase in total value to US$ 26.2bn from US$ 15.1bn in European targets represented the largest portion of MEA investments with 77 deals worth US$ 8.8bn acing for 33.5% of total outbound value. MEA companies honed in on Italy with a record 11 deals worth US$ 2.1b, with the ry s Consumer and Industrials & Chemicals companies the primary targets. The allure of flourishing new African markets with less competition is causing a number of South African corporates to cast their lines further afield to other African ries, especially in the face of difficult conditions at home. The most common deals in 2015 are expected to be intraregional, outbound from family businesses, and an increase in inbound activity from strategic players. Quarterly M&A activity of deals (US$bn) Q1 Q2 Q3 Q4 Sector breakdown in 2014 vs 2013 Cross-border analysis Inbound and outbound (value of deals US$bn) Total Total 87.2 TMT Energy, Mining & Utilities % % 19.2% 36.4% Total Total Total Total Total Total 57.9 Real Estate Consumer Financial Services Construction Industrials & Chemicals % 4.0% 5.3% 8.3% 4.7% 5.2% 4.0% 18.4% 16.9% 19.3% deals 151 deals deals 144 deals 94 deals deals 129 deals deals deals deals deals deals deals deals deals 145 deals Other % 6.9% * % indicates market share

14 Africa & Middle East overview League table by value Ranking Company name The highest valued deal saw a 92.34% stake in South Africa s retailer network Pepkor Limited acquired by Steinhoff International Holdings for US$ 5.7bn which was also the second largest deal for the ry on record. The Consumer industry was fruitful in 2014 with six more deals than in 2013 contributing to the value rocketing to the highest annual total on record, up 270.1% on Linklaters remained the lead legal advisor in the region with 20 deals worth US$ 18bn, up 19.9% from A total of ten firms made their way into the top 20 rankings, having not been there in 2013, including Akin Gump Strauss Hauer & Feld which hadn't advised on any deals in the region during 2013 but gained six mandates worth US$ 3.2bn in % 1 1 Linklaters 18, , % 2 5 Freshfields Bruckhaus Deringer 12, , % 3 7 Clifford Chance 11, , % 4 32 DLA Cliffe Dekker Hofmeyr 9, , % 5 31 Werksmans 8, , % 6 3 White & Case 7, , % 7 2 Allen & Overy 7, , % 8 21 Webber Wentzel 6, , % 9 6 Gibson Dunn & Crutcher 6, , % ENSafrica 6, , % 11 - Girard Hayward Inc 5, Top deals value (US$bn) Ann. date Nov-14 Bidder company Steinhoff International Holdings Ltd Bidder ry Target company Pepkor Limited (92.34% Stake) Target ry Target sector Seller company Christo Wiese (Private Investor); and Brait Mauritius Limited Nov-14 DP World Limited Economic Zones World Ports & Free Zones World Shearman & Sterling 5, % Herbert Smith Freehills 3, , % Herzog, Fox and Neeman 3, , % Blake, Cassels & Graydon 3, ,889% 16 4 Latham & Watkins 3, , % Akin Gump Strauss Hauer & Feld 3, Jones Day 3, , % Bowman Gilfillan Africa Group 3, , % Norton Rose Fulbright 2, , % Apr-14 Fonds National d'investissement Orascom Telecom Algerie SPA (51% Stake) Global Telecom Holding SAE Oct-14 A consortium led by Taleveras Group Oil Mining License 29 and associated pipeline in Nigeria (30% Stake) Royal Dutch Shell Plc Jun-14 Labregah Real Estate Company QSC Barwa Commercial Avenue Company LLC (95% Stake) Barwa Real Estate Company QSC 14

15 Emerging Markets overview M&A peaked with US$ 646.5bn-worth with a boost from Latin American activity Despite political hostilities in Russia as well as a drawing back from investment in African ries; China s dash for domestic deals and higher price tags demanded by Western European and Latin American companies boosted 2014 deal activity in the Emerging Markets. Total M&A value increased by 26.5% to US$ 646.5bn, from US$ 511.2bn in 2013, representing the highest annual value on Mergermarket record. China s domestic activity helped boost overall values for the ry to the highest value on record. With deal activity surpassing the 1,000 deal mark for the first time (1,119 deals) total values peaked at US$ 227bn, up 55.3% from US$ 146.2bn in Overall, domestic deals aced for 74.7% of total activity in the region - while Chinese targets aced for half of the top ten Emerging Market deals. The share of inbound M&A values to total M&A increased to 32.1% during 2014, from 24.7% in representing the largest contribution since 2008 (36.4%). A total of US$ 207.5bn-worth of foreign investment was up 64.7% from US$ 126bn in 2013, evidenced by activity in the TMT sector which saw over a third of its value come from foreign bidders marked the first year that every single quarter registered more than US$ 100bn-worth of deals. The year got off to a modest start with Q1 registering a total value of US$ 112.1bn. The the middle part of the year saw things heating up, with Q2 (US$190.2bn) and Q3 (US$175.7bn) representing the second and fourth highest quarterly deal values on record. Things cooled off in Q4 (US$168.5bn) with values dipping 4.1% compared to Q3. The average price paid for companies based in Emerging Markets increased slightly to US$ 237.3m from US$ 218m with six mega- deals (over US$ 10bn) announced in the region in 2014, compared to only one in In Chile alone there were three deals valued over $3bn in 2014, where there had been none in Political tensions in Russia affected M&A activity in the region, with US$ 42.2bn-worth of deals in 2014 representing a 52.1% decline compared to 2013 (US$ 88.1bn). Despite these numbers, there remains cautious optimism for 2015 deal activity, with dealmakers telling Mergermarket that Russia remains a fundamentally attractive market and a pipeline of suspended deals could spark a healthy recovery in the first half of 2015 if the geopolitical standoff with the West eases." Emerging Market companies have also been seeking opportunities outside of domestic markets with the value of outbound investments reaching the second highest total on record at US$ 120.2bn, a 36% increase compared to 2013 (US$ 88.4bn). The majority of this increase was the expansion of investments into Europe, with the region acing for 46.3% of total outbound values in 2014 (US$55.6bn). Leading this expansion were Chinese buyers, which aced for the highest share of emerging Asia investing in Europe with US$ 20.8bnworth of deals (76.2%). Chinese companies focused their investments on Italy (11 deals, US$ 3.5bn), Germany (24 deals, US$ 2.6bn) and Iberia (five deals, US$ 2.2bn) registering the highest deal on record for all three target locations. Quarterly M&A activity of deals (US$bn) Q1 Q2 Q3 Q Total Total Total Total Total Total Total Total Sector breakdown in 2014 vs 2013 Energy, Mining & Utilities TMT Industrial & Chemicals Financial Services Consumer Transport Real Estate % 5.9% 6.5% 5.4% 10.9% 9.5% 11.1% 8.4% 12.9% 15.2% 12.9% 15.9% 25.4% 20.6% Cross-border analysis Inbound and outbound (value of deals US$bn) ,027 deals 414 deals deals 388 deals deals 284 deals deals 402 deals deals 431 deals deals 454 deals deals deals deals 545 deals Other % 21.4% * % indicates market share

16 Emerging Markets overview League table by value Ranking Company name Energy, Mining & Utilities went up only by 2.9% compared to 2013 but remained the most targeted in the Emerging Market ries with US$ 133.4bn-worth of deals and a market share of 20.6%. The acquisition of Chilean Energy company Enersis by Italian Enel Energy Europe for US$ 10.2bn was the highest valued Energy, Mining & Utilities deal in the region and the sixth highest deal. While the numbers are still relatively low, this is expected to as financial investors are showing interest, said Norton Rose Global Head of Energy Simon Currie, mostly in South East Asian ries. Emerging markets in the Americas saw the highest inbound investment total on record, with Chilean companies acing for over a third of the total.the total inbound value into the Americas reached US$ 78.1bn, with Chilean targets making up US$ 28.1bn of the value. Chile's total US$ 31.3bn-worth of deals (inbound and domestic) reached the highest on record and saw a 305.6% increase from 2013, reversing the downward trend of the last three years. % 1 8 Freshfields Bruckhaus Deringer 85, , % 2 1 Linklaters 64, , % 3 14 Kim & Chang 55, , % 4 2 Clifford Chance 55, , % 5 20 JiaYuan Law Offices 54, , % 6 9 White & Case 53, , % 7 13 Davis Polk & Wardwell 44, , % Haiwen & Partners 42, ,375 1,693% 9 27 Barbosa, Mussnich & Aragao 36, , % Simpson Thacher & Bartlett 31, , % 11 4 Skadden Arps Slate Meagher & Flom 30, , % Top deals Sullivan & Cromwell 29, , % 13 7 King & Wood Mallesons 28, , % value (US$bn) Ann. date Bidder company Bidder ry Target company Target ry Target sector Seller company Uria Menendez 28, ,162% Lee & Ko 25, , % Fangda Partners 22, , % Apr-14 CITIC Pacific Limited CITIC Limited CITIC Group Corporation Sep-14 Investor group Sinopec Marketing Co Ltd (29.99% Stake) Pinheiro Neto Advogados 21, , % 18 3 Allen & Overy 21, , % Morrison & Foerster 20, , % Bae Kim & Lee 17, , % Sep-14 Hanjin Kal Corp Korean Air Lines Company Limited (51.13% Stake) Dec-14 CSR Corporation China CNR Corporation Mar-14 Shanghai Jinfeng Investment Co Ltd Shanghai Greenland (Group) Co Ltd An investor group led by Shanghai Gelinlan Investment Management Ltd 16

17 Global Global by value Ranking Company name % 1 7 Skadden Arps Slate Meagher & Flom 593, , % 2 22 Cleary Gottlieb Steen & Hamilton 538, , % 3 14 Sullivan & Cromwell 530, , % 4 9 Freshfields Bruckhaus Deringer 435, , % 5 4 Weil Gotshal & Manges 416, , % 6 5 Latham & Watkins 409, , % 7 15 White & Case 401, , % 8 3 Simpson Thacher & Bartlett 392, , % 9 1 Davis Polk & Wardwell 381, , % 10 2 Wachtell, Lipton, Rosen & Katz 377, , % 11 6 Jones Day 278, , % Linklaters 269, , % Blake, Cassels & Graydon 237, , % Kirkland & Ellis 225, , % Clifford Chance 222, , % Slaughter and May 220, , % Paul Weiss Rifkind Wharton & Garrison 216, , % Cravath, Swaine & Moore 209, , % Shearman & Sterling 195, , % Baker Botts 191, , % Global by deal Ranking Company name 1 1 DLA Piper 56, Latham & Watkins 409, Kirkland & Ellis 225, Jones Day 278, Baker & McKenzie 112, Clifford Chance 222, White & Case 401, Linklaters 269, Skadden Arps Slate Meagher & Flom 593, Weil Gotshal & Manges 416, Freshfields Bruckhaus Deringer 435, Allen & Overy 184, Norton Rose Fulbright 81, O'Melveny & Myers 72, King & Wood Mallesons 70, CMS 12, Herbert Smith Freehills 173, Hogan Lovells International 73, Simpson Thacher & Bartlett 392, Paul Weiss Rifkind Wharton & Garrison 216,

18 Global Global *buyouts by value Ranking Company name % 1 1 Kirkland & Ellis 44, , % 2 8 Latham & Watkins 38, , % 3 2 Simpson Thacher & Bartlett 34, , % 4 4 Clifford Chance 27, , % 5 15 Weil Gotshal & Manges 26, , % 6 3 Freshfields Bruckhaus Deringer 24, , % 7 32 Stikeman Elliott 17, , % 8 14 Linklaters 16, , % 9 7 White & Case 15, ,451-42% Cleary Gottlieb Steen & Hamilton 13, , % Hannes Snellman 9, % Herbert Smith Freehills 9, , % Ropes & Gray 9, , % Wilson Sonsini Goodrich & Rosati 8, ,127.9% Accura 8, ,020.8% * Based on advising buy side only Global *buyouts by deal Ranking Company name 1 1 Kirkland & Ellis 44, Latham & Watkins 38, Weil Gotshal & Manges 26, O'Melveny & Myers 2, Freshfields Bruckhaus Deringer 24, Clifford Chance 27, DLA Piper 4, Linklaters 16, Simpson Thacher & Bartlett 34, Jones Day 3, King & Wood Mallesons 7, Ropes & Gray 9, White & Case 15, Allen & Overy 4, Shearman & Sterling 7,

19 Europe Europe by value Ranking Company name % 1 8 Freshfields Bruckhaus Deringer 354, , % 2 18 Cleary Gottlieb Steen & Hamilton 301, , % 3 17 Skadden Arps Slate Meagher & Flom 264, , % 4 24 Sullivan & Cromwell 248, , % 5 16 Latham & Watkins 236, , % 6 13 Linklaters 219, ,556 71% 7 5 Slaughter and May 213, , % 8 10 Wachtell, Lipton, Rosen & Katz 210, , % 9 14 Clifford Chance 183, , % Allen & Overy 176, , % 11 2 Davis Polk & Wardwell 153, , % Weil Gotshal & Manges 152, , % Blake, Cassels & Graydon 151, ,936 3,757.1% Arthur Cox 144, ,794 1,235.3% 15 4 Simpson Thacher & Bartlett 133, , % Europe by deal Ranking Company name 1 1 DLA Piper 35, Linklaters 219, Clifford Chance 183, CMS 12, Freshfields Bruckhaus Deringer 354, Allen & Overy 176, Baker & McKenzie 58, White & Case 85, Latham & Watkins 236, Jones Day 66, Hogan Lovells International 45, King & Wood Mallesons 17, Weil Gotshal & Manges 152, Herbert Smith Freehills 126, Mannheimer Swartling 28, European *buyouts by value Ranking Company name % 1 1 Linklaters 15, , % 2 3 Freshfields Bruckhaus Deringer 14, , % 3 24 White & Case 13, , % 4 4 Latham & Watkins 12, ,358 55% 5 5 Clifford Chance 11, ,830 65% 6 9 Weil Gotshal & Manges 9, , % 7 2 Kirkland & Ellis 8, , % 8 12 Cleary Gottlieb Steen & Hamilton 8, , % 9 39 Hannes Snellman 7, % Simpson Thacher & Bartlett 7, , % Wiersholm 7, % Accura 5, ,511.3% Baer & Karrer 4, ,086.9% Minter Ellison 4, Veirano Advogados 4, * Based on advising buy side only European *buyouts by deal Ranking Company name 1 1 Linklaters 15, Latham & Watkins 12, Freshfields Bruckhaus Deringer 14, King & Wood Mallesons 3, Clifford Chance 11, DLA Piper 4, White & Case 13, Allen & Overy 4, CMS 1, Pinsent Masons 1, Weil Gotshal & Manges 9, Kirkland & Ellis 8, Ashurst 3, Osborne Clarke Shearman & Sterling 2,

20 Europe UK by value Ranking Company name % 1 12 Freshfields Bruckhaus Deringer 107, , % 2 13 Linklaters 94, , % 3 20 Allen & Overy 67, , % 4 4 Slaughter and May 61, , % 5 25 Herbert Smith Freehills 58, , % 6 15 Clifford Chance 48, , % 7 2 Simpson Thacher & Bartlett 43, , % 8 51 Skadden Arps Slate Meagher & Flom 39, , % 9 14 Latham & Watkins 32, , % 10 1 Hogan Lovells International 30, , % Norton Rose Fulbright 30, , % Kirkland & Ellis 28, , % Shearman & Sterling 27, , % Hengeler Mueller 27, , % Cleary Gottlieb Steen & Hamilton 27, , % UK by deal Ranking Company name 1 1 DLA Piper 21, Linklaters 94, Freshfields Bruckhaus Deringer 107, Pinsent Masons 6, CMS 7, Clifford Chance 48, Allen & Overy 67, Jones Day 17, Eversheds 5, Osborne Clarke 4, Travers Smith 11, Latham & Watkins 32, Squire Patton Boggs 2, Slaughter and May 61, Hogan Lovells International 30, Ireland by value Ranking Company name % 1 10 Latham & Watkins 147, ,428 1,646.9% 2 6 Arthur Cox 144, ,776 1,237.2% 3 - Wachtell, Lipton, Rosen & Katz 138, Skadden Arps Slate Meagher & Flom 137, , % 5 2 Matheson 120, , % 6 9 Cleary Gottlieb Steen & Hamilton 109, ,428 1,200.3% 7 - Stikeman Elliott 109, Sullivan & Cromwell 103, ,806 1,414.6% 9 21 Slaughter and May 100, ,307 2,934% 10 5 Fried Frank Harris Shriver & Jacobson 89, , % Loyens & Loeff 88, ,856 1,029.3% Richards Layton & Finger 87, ,239.7% Weil Gotshal & Manges 86, ,729% Ropes & Gray 66, ,149 1,498.5% 15 - Covington & Burling 63, Ireland by deal Ranking Company name 1 4 Arthur Cox 144, A&L Goodbody 61, William Fry 31, Matheson 120, McCann FitzGerald 3, Mason Hayes & Curran 1, Skadden Arps Slate Meagher & Flom 137, Latham & Watkins 147, Simpson Thacher & Bartlett 32, Davis Polk & Wardwell 58, Kirkland & Ellis 3, Freshfields Bruckhaus Deringer 51, Baker & McKenzie Wachtell, Lipton, Rosen & Katz 138, Loyens & Loeff 88,

21 Europe Germany by value Ranking Company name % 1 5 Sullivan & Cromwell 69, , % 2 3 Freshfields Bruckhaus Deringer 63, , % 3 7 Clifford Chance 53, % 4 1 Hengeler Mueller 50, , % 5 16 Latham & Watkins 41, , % 6 2 Linklaters 39, , % 7 9 Gleiss Lutz 38, % 8 60 Cleary Gottlieb Steen & Hamilton 28, ,841.5% 9 - Debevoise & Plimpton 26, Skadden Arps Slate Meagher & Flom 24, , % Jones Day 23, , % Simpson Thacher & Bartlett 18, ,084 1,640.9% 13 4 Allen & Overy 18, , % Fried Frank Harris Shriver & Jacobson 16, ,860.3% Sidley Austin 16, ,633.0% Germany by deal Ranking Company name 1 1 CMS 2, Freshfields Bruckhaus Deringer 63, Clifford Chance 53, Hengeler Mueller 50, Latham & Watkins 41, Gleiss Lutz 38, Noerr 4, Linklaters 39, Baker & McKenzie 15, Luther 1, Jones Day 23, Allen & Overy 18, White & Case 4, Hogan Lovells International 4, DLA Piper 1, Germanic by value Ranking Company name % 1 1 Freshfields Bruckhaus Deringer 133, , % 2 14 Cleary Gottlieb Steen & Hamilton 115, , % 3 2 Linklaters 114, , % 4 7 Sullivan & Cromwell 81, , % Blake, Cassels & Graydon 75, ,885% 6 51 Baer & Karrer 74, ,518 2,849.4% 7 20 Latham & Watkins 60, , % 8 9 Clifford Chance 58, , % 9 3 Hengeler Mueller 56, , % Homburger 55, % Skadden Arps Slate Meagher & Flom 55, , % 12 - Debevoise & Plimpton 55, Allen & Overy 50, , % Davis Polk & Wardwell 45, , % Baker & McKenzie 45, , % Germanic by deal Ranking Company name 1 1 CMS 3, Freshfields Bruckhaus Deringer 133, Latham & Watkins 60, Baker & McKenzie 45, Clifford Chance 58, Hengeler Mueller 56, Linklaters 114, DLA Piper 4, Gleiss Lutz 40, Noerr 4, Allen & Overy 50, White & Case 14, Jones Day 31, Luther 1, Hogan Lovells International 29,

22 Europe France by value Ranking Company name % 1 14 Cleary Gottlieb Steen & Hamilton 97, , % 2 7 Freshfields Bruckhaus Deringer 89, , % 3 10 Bredin Prat 82, , % 4 15 Linklaters 53, , % 5 28 Allen & Overy 52, ,242 1,144.1% 6 58 Cabinet Bompoint 49, ,407 3,438.8% 7 - Homburger 47, Clifford Chance 45, , % Baer & Karrer 42, ,103.2% Amarchand & Mangaldas & Suresh A Shroff & Co 40, ,386% 11 - Levy & Salomao 40, McCarthy Tetrault 40, ,247.7% Blake, Cassels & Graydon 39, ,790.7% AZB & Partners 39, ,976.2% 15 4 Darrois Villey Maillot Brochier 37, , % France by deal Ranking Company name 1 4 Weil Gotshal & Manges 35, Clifford Chance 45, De Pardieu Brocas Maffei 8, Latham & Watkins 13, Gide Loyrette Nouel 12, King & Wood Mallesons 4, CMS 2, Bredin Prat 82, Linklaters 53, DLA Piper 3, Freshfields Bruckhaus Deringer 89, White & Case 9, Allen & Overy 52, Cleary Gottlieb Steen & Hamilton 97, Paul Hastings 3, Benelux by value Ranking Company name % 1 3 Freshfields Bruckhaus Deringer 82, , % 2 2 Allen & Overy 62, , % 3 32 Sullivan & Cromwell 43, , % 4 61 Ropes & Gray 41, ,435 2,775.0% 5 49 Franklin Societe d'avocats 37, ,006 1,770.6% 6 41 Bredin Prat 37, ,889 1,182.6% 7 5 Cleary Gottlieb Steen & Hamilton 35, , % Mayer Brown 33, ,945% 9 4 Clifford Chance 29, , % Loyens & Loeff 25, , % Bird & Bird 23, Cotty Vivant Marchisio & Lauzeral 23, Luther 23, = - August & Debouzy 23, = - Cabinet Bompoint 23, = - Nabarro & Hinge 23, = 348 Veil Jourde 23, Benelux by deal Ranking Company name 1 2 Loyens & Loeff 25, Allen & Overy 62, DLA Piper 3, De Brauw Blackstone Westbroek 22, Stibbe 20, Houthoff Buruma 3, Linklaters 13, Clifford Chance 29, NautaDutilh 16, Baker & McKenzie 3, CMS Freshfields Bruckhaus Deringer 82, De Breij Evers Boon 1, White & Case 4, Lexence

23 Europe Spain by value Ranking Company name % 1 3 Freshfields Bruckhaus Deringer 55, , % 2 1 Clifford Chance 42, , % 3 5 Uria Menendez 38, , % 4 4 KPMG Abogados 32, , % 5 2 Linklaters 28, , % 6 79 Norton Rose Fulbright 18, ,341.4% 7 7 Cuatrecasas, Goncalves Pereira 17, , % 8 10 Skadden Arps Slate Meagher & Flom 16, , % 9 17 Allen & Overy 16, , % Pinheiro Neto Advogados 14, DLA Piper 14, , % 12 8 Garrigues 14, , % Davis Polk & Wardwell 13, , % Sullivan & Cromwell 13, , % Slaughter and May 13, , % Spain by deal Ranking Company name 1 1 Cuatrecasas, Goncalves Pereira 17, Uria Menendez 38, Garrigues 14, Clifford Chance 42, DLA Piper 14, Freshfields Bruckhaus Deringer 55, KPMG Abogados 32, Baker & McKenzie 3, PwC legal 1, Linklaters 28, Deloitte Legal 4, Gomez-Acebo & Pombo Abogados Perez-Llorca 3, Allen & Overy 16, Hogan Lovells International 1, Iberia by value Ranking Company name % 1 3 Freshfields Bruckhaus Deringer 55, , % 2 5 Uria Menendez 48, , % 3 1 Clifford Chance 43, , % 4 4 KPMG Abogados 32, , % 5 2 Linklaters 30, , % 6 8 Garrigues 26, , % 7 7 Cuatrecasas, Goncalves Pereira 25, , % Barbosa, Mussnich & Aragao 24, ,650% White & Case 19, ,765% Norton Rose Fulbright 18, ,845.2% Allen & Overy 16, , % Skadden Arps Slate Meagher & Flom 16, , % DLA Piper 16, , % Pinheiro Neto Advogados 15, Davis Polk & Wardwell 13, , % Iberia by deal Ranking Company name 1 1 Cuatrecasas, Goncalves Pereira 25, Uria Menendez 48, Garrigues 26, Clifford Chance 43, DLA Piper 16, Linklaters 30, Freshfields Bruckhaus Deringer 55, KPMG Abogados 32, Baker & McKenzie 3, PwC legal 1, Deloitte Legal 4, Gomez-Acebo & Pombo Abogados Allen & Overy 16, Perez-Llorca 3, Hogan Lovells International 1,

24 Europe Italy by value Ranking Company name % 1 15 Clifford Chance 21, , % 2 6 Linklaters 17, , % 3 17 Cleary Gottlieb Steen & Hamilton 15, , % 4 1 Bonelli Erede Pappalardo 14, , % 5 9 White & Case 11, , % 6 33 Covington & Burling 11, , % 7= 53 A&L Goodbody 11, ,162% 7= - ByrneWallace 11, = - Cadwalader, Wickersham & Taft 11, = - Procopio Cory Hargreaves & Savitch 11, Uria Menendez 10, , % Allen & Overy 10, ,751.0% Cuatrecasas, Goncalves Pereira 10, ,756.0% 14 2 Chiomenti Studio Legale 10, , % Studio Legale Lombardi Molinari Segni 9, ,301.7% Denmark by value Ranking Company name % 1 4 Bech-Brn 8, , % 2 5 Gorrissen Federspiel 8, , % 3 7 Linklaters 6, , % 4 13 Brn & Hjejle 5, , % 5 1 Kromann Reumert 5, , % 6 21 Roschier 4, % 7 - Weil Gotshal & Manges 3, Accura 3, , % 9 12 Hannes Snellman 2, , % Kirkland & Ellis 2, % 11= 9 BA-HR 2, , % 11= 46 Travers Smith 2, ,398.3% 11= 22 Wiersholm 2, % 14 3 Plesner 2, , % Wikborg Rein & Co 2, Italy by deal Ranking Company name 1 1 Chiomenti Studio Legale 10, Gianni, Origoni, Grippo, Cappelli & Partners 8, NCTM Studio Legale Associato 1, DLA Piper 1, Bonelli Erede Pappalardo 14, Studio Pedersoli e Associati 2, d'urso Gatti e Bianchi - Studio Legale Associato 6, Gattai Minoli Agostinelli & Partners 1, Clifford Chance 21, Legance Avvocati Associati 6, White & Case 11, Allen & Overy 10, Linklaters 17, Hogan Lovells International 1, Latham & Watkins 2, Denmark by deal Ranking Company name 1 1 Bech-Brn 8, Kromann Reumert 5, Plesner 2, Gorrissen Federspiel 8, Accura 3, Brn & Hjejle 5, Ronne & Lundgren 1, Moalem Weitemeyer Bendtsen 1, LETT Law Firm 1, Linklaters 6, Mannheimer Swartling Delacour Roschier 4, Schjodt Hannes Snellman 2,

25 Europe Finland by value Ranking Company name % 1 1 Hannes Snellman 9, , % 2 2 Roschier 7, , % 3 46 Castren & Snellman 6, ,116% 4 27 Mannheimer Swartling 4, % 5 3 White & Case 3, , % 6 16 Morrison & Foerster 2, , % Vinge 2, Attorneys at law Borenius 2, % 9 9 Avance Attorneys 1, , % Gleiss Lutz 1, % 11= - Latham & Watkins 1, = - Lenz & Staehelin 1, = - Schoenherr Rechtsanwaelte 1, Freshfields Bruckhaus Deringer 1, , % Krogerus 1, , % Finland by deal Ranking Company name 1 1 Hannes Snellman 9, Roschier 7, Attorneys at law Borenius 2, Castren & Snellman 6, Krogerus 1, Bird & Bird Avance Attorneys 1, White & Case 3, Dittmar & Indrenius Freshfields Bruckhaus Deringer 1, Waselius & Wist Vinge 2, KallioLaw Asianajotoimisto Mannheimer Swartling 4, Fenwick & West Norway by value Ranking Company name % 1 6 BA-HR 15, , % 2 4 Thommessen 12, , % 3 2 Schjodt 11, , % 4 7 Wikborg Rein & Co 8, , % 5 1 Wiersholm 8, , % 6 30 White & Case 7, ,072.0% 7 25 Linklaters 6, % 8 16 Selmer 5, , % 9 5 Clifford Chance 5, % Arntzen de Besche 4, % Vinge 4, ,615.9% Dentons 4, ,446 78% Mannheimer Swartling 3, ,072.5% Simpson Thacher & Bartlett 3, ,508.2% 15 3 Freshfields Bruckhaus Deringer 3, , % Norway by deal Ranking Company name 1 1 Schjodt 11, Wiersholm 8, Thommessen 12, Wikborg Rein & Co 8, BA-HR 15, Selmer 5, Kluge Advokatfirma Arntzen de Besche 4, Advokatfirmaet Simonsen Vogt Wiig Advokatfirmaet Haavind Vinge 4, Mannheimer Swartling 3, Roschier DLA Piper White & Case 7,

26 Europe Sweden by value Ranking Company name % 1 1 Mannheimer Swartling 24, , % 2 11 Vinge 23, , % 3 24 Linklaters 15, , % 4 6 Roschier 13, , % 5 2 Davis Polk & Wardwell 12, , % 6 3 Clifford Chance 9, , % 7 - Sullivan & Cromwell 9, Hammarskiold & Co 9, White & Case 7, , % Latham & Watkins 5, , % 11 4 Gernandt & Danielsson 5, , % Wiersholm 4, % Advokatfirman Lindahl 4, , % Gorrissen Federspiel 4, % Accura 3, ,773.7% Sweden by deal Ranking Company name 1 2 Vinge 23, Mannheimer Swartling 24, Advokatfirman Lindahl 4, Hannes Snellman 1, Gernandt & Danielsson 5, Wistrand White & Case 7, Roschier 13, Delphi Cederquist Schjodt 3, Bech-Brn Baker & McKenzie Wiersholm 4, Linklaters 15, Nordics by value Ranking Company name % 1 7 Mannheimer Swartling 26, , % 2 27 Vinge 24, , % 3 34 Linklaters 23, , % 4 4 Roschier 20, , % 5 16 BA-HR 18, , % 6 6 Clifford Chance 14, , % 7 1 Hannes Snellman 13, , % 8 3 White & Case 12, , % 9 5 Davis Polk & Wardwell 12, , % Gorrissen Federspiel 12, % 11 9 Wiersholm 12, , % Schjodt 12, , % Thommessen 12, , % Sullivan & Cromwell 9, , % Hammarskiold & Co 9, Nordics by deal Ranking Company name 1 4 Mannheimer Swartling 26, Vinge 24, Schjodt 12, Bech-Brn 8, Wiersholm 12, Hannes Snellman 13, Kromann Reumert 5, Roschier 20, Gorrissen Federspiel 12, Thommessen 12, Plesner 2, Advokatfirman Lindahl 5, BA-HR 18, Wikborg Rein & Co 8, Accura 6,

27 Europe Turkey by value Ranking Company name % 1 3 YukselKarkinKucuk Law Firm 5, , % 2 1 White & Case 4, , % 3 6 Linklaters 3, % 4= 21 Freshfields Bruckhaus Deringer 3, ,168.3% 4= - Richards Layton & Finger 3, = - Taylor Wessing 3, = - Garrigues 2, = - KPMG Abogados 2, = 28 Verdi Ve Yazici 2, ,612.5% 10 2 Allen & Overy 1, % 11 - Simpson Thacher & Bartlett Pekin & Bayar Law Firm ,700.0% 13 - Dickson Minto Yegin Ciftci Attorney Partnership Ismen Gunalcin % Turkey by deal Ranking Company name 1 1 YukselKarkinKucuk Law Firm 5, Baker & McKenzie Herguner Bilgen Ozeke White & Case 4, Yegin Ciftci Attorney Partnership Balcioglu Selcuk Akman Keki Attorney Partnership Allen & Overy 1, Pekin & Bayar Law Firm Paksoy Attorneys at Law Pekin & Pekin Gen & Temizer Ozer Linklaters 3, Cakmak Ortak Avukat Burosu Clifford Chance Schoenherr Rechtsanwaelte CEE by value Ranking Company name % 1 1 White & Case 14, , % 2 6 Clifford Chance 5, , % 3 3 Skadden Arps Slate Meagher & Flom 4, , % 4 7 Herbert Smith Freehills 4, , % 5 10 Akin Gump Strauss Hauer & Feld 3, , % 6 12 Dentons 2, , % 7 4 Freshfields Bruckhaus Deringer 2, , % 8 34 Weil Gotshal & Manges 2, , % 9 5 Baker & McKenzie 2, , % BBH, advokatni kancelar 1, % 11 2 Linklaters 1, ,902-89% 12 - Barrett & McNagny 1, Slaughter and May 1, ,755-46% DLA Piper 1, % De Brauw Blackstone Westbroek 1, , % CEE by deal Ranking Company name 1 2 White & Case 14, CMS Clifford Chance 5, SORAINEN Allen & Overy Weil Gotshal & Manges 2, Schoenherr Rechtsanwaelte DLA Piper 1, LAWIN Herbert Smith Freehills 4, Raidla Lejins & Norcous Dentons 2, Baker & McKenzie 2, Linklaters 1, Squire Patton Boggs

28 Europe Poland by value Ranking Company name % 1 39 White & Case 2, ,063.6% 2 2 Weil Gotshal & Manges , % 3 9 Clifford Chance % 4 11 Allen & Overy % 5 7 Linklaters % 6 4 Slaughter and May % 7= - LAWIN = 42 SORAINEN ,816.7% 9 - Baker & McKenzie = - Krogerus = - Kromann Reumert Schoenherr Rechtsanwaelte % 13 8 Dentons % 14 - Kancelaria Krassowski Gorrissen Federspiel Russia by value Ranking Company name % 1 1 White & Case 9, , % 2 3 Skadden Arps Slate Meagher & Flom 4, , % 3 4 Herbert Smith Freehills 4, , % 4 8 Akin Gump Strauss Hauer & Feld 3, , % 5 5 Freshfields Bruckhaus Deringer 2, , % 6 - Barrett & McNagny 1, DLA Piper 1, % 8 30 Baker Botts 1, % 9 17 Clifford Chance 1, , % 10 2 Linklaters 1, , % 11 - Studio Legale Pavesi Gitti Verzoni 1, Hogan Lovells International 1, , % 13 - Weil Gotshal & Manges = 38 ALRUD % 14= - Slaughter and May = - Wiersholm Poland by deal Ranking Company name 1 4 Clifford Chance CMS Weil Gotshal & Manges Wardynski and Partners White & Case 2, Linklaters Dentons Domanski Zakrzewski Palinka Kancelaria Krassowski Slaughter and May Baker & McKenzie Allen & Overy = - LAWIN = 45 SORAINEN Schoenherr Rechtsanwaelte Russia by deal Ranking Company name 1 1 White & Case 9, Herbert Smith Freehills 4, Skadden Arps Slate Meagher & Flom 4, Akin Gump Strauss Hauer & Feld 3, DLA Piper 1, Clifford Chance 1, Squire Patton Boggs Freshfields Bruckhaus Deringer 2, Chadbourne & Parke Hogan Lovells International 1, Dentons Allen & Overy Morgan Lewis & Bockius Noerr Baker Botts 1,

29 Americas Americas by value Ranking Company name % 1 11 Skadden Arps Slate Meagher & Flom 554, , % 2 12 Sullivan & Cromwell 477, , % 3 21 Cleary Gottlieb Steen & Hamilton 433, , % 4 4 Weil Gotshal & Manges 391, , % 5 1 Wachtell, Lipton, Rosen & Katz 374, , % 6 2 Simpson Thacher & Bartlett 370, , % 7 14 White & Case 359, , % 8 5 Latham & Watkins 357, , % 9 3 Davis Polk & Wardwell 344, , % 10 6 Jones Day 267, , % Kirkland & Ellis 215, , % Paul Weiss Rifkind Wharton & Garrison 211, , % Cravath, Swaine & Moore 206, , % Baker Botts 189, , % Blake, Cassels & Graydon 181, , % Fried Frank Harris Shriver & Jacobson 178, , % Freshfields Bruckhaus Deringer 173, , % 18 9 Slaughter and May 171, , % Stikeman Elliott 168, , % Shearman & Sterling 164, , % Americas by deal Ranking Company name 1 1 Kirkland & Ellis 215, Latham & Watkins 357, Jones Day 267, DLA Piper 37, Skadden Arps Slate Meagher & Flom 554, Weil Gotshal & Manges 391, O'Melveny & Myers 66, White & Case 359, Norton Rose Fulbright 53, Baker & McKenzie 80, Simpson Thacher & Bartlett 370, Stikeman Elliott 168, Paul Weiss Rifkind Wharton & Garrison 211, Morgan Lewis & Bockius 35, Cooley 19, McCarthy Tetrault 25, Goodwin Procter 21, Wilson Sonsini Goodrich & Rosati 36, Ropes & Gray 139, Davis Polk & Wardwell 344,

30 Americas US by value Ranking Company name % 1 11 Skadden Arps Slate Meagher & Flom 520, , % 2 12 Sullivan & Cromwell 450, , % 3 26 Cleary Gottlieb Steen & Hamilton 429, , % 4 4 Weil Gotshal & Manges 391, , % 5 2 Simpson Thacher & Bartlett 355, , % 6 1 Wachtell, Lipton, Rosen & Katz 354, , % 7 5 Latham & Watkins 352, , % 8 14 White & Case 331, , % 9 3 Davis Polk & Wardwell 322, , % 10 6 Jones Day 265, , % Kirkland & Ellis 214, , % Cravath, Swaine & Moore 205, , % Baker Botts 187, , % Paul Weiss Rifkind Wharton & Garrison 187, , % Fried Frank Harris Shriver & Jacobson 174, , % Richards Layton & Finger 162, , % Shearman & Sterling 159, , % 18 8 Debevoise & Plimpton 149, , % Stikeman Elliott 148, , % Blake, Cassels & Graydon 147, , % US by deal Ranking Company name 1 1 Kirkland & Ellis 214, Latham & Watkins 352, Jones Day 265, DLA Piper 37, Skadden Arps Slate Meagher & Flom 520, Weil Gotshal & Manges 391, O'Melveny & Myers 65, White & Case 331, Simpson Thacher & Bartlett 355, Paul Weiss Rifkind Wharton & Garrison 187, Baker & McKenzie 77, Cooley 19, Morgan Lewis & Bockius 35, Goodwin Procter 21, Wilson Sonsini Goodrich & Rosati 36, Ropes & Gray 139, Fenwick & West 36, Vinson & Elkins 87, Davis Polk & Wardwell 322, Sullivan & Cromwell 450,

31 Americas US *buyouts by value Ranking Company name % 1 1 Kirkland & Ellis 34, , % 2 2 Simpson Thacher & Bartlett 22, , % 3 13 Latham & Watkins 20, , % 4 94 Stikeman Elliott 15, ,153% 5 18 Weil Gotshal & Manges 9, , % 6 28 Ropes & Gray 8, , % 7 17 Conyers Dill & Pearman 7, , % 8 58 Wilson Sonsini Goodrich & Rosati 7, ,518.9% 9 34 Debevoise & Plimpton 5, , % Osler, Hoskin & Harcourt 5, , % Fried Frank Harris Shriver & Jacobson 4, , % Cleary Gottlieb Steen & Hamilton 4, % King & Spalding 4, ,274.0% Paul Weiss Rifkind Wharton & Garrison 4, % Shearman & Sterling 4, ,203.4% * Based on advising buy side only Canada by value Ranking Company name % 1 6 Skadden Arps Slate Meagher & Flom 95, , % 2 5 Blake, Cassels & Graydon 93, , % 3 2 Osler, Hoskin & Harcourt 90, , % 4 15 Sullivan & Cromwell 76, , % 5 17 Paul Weiss Rifkind Wharton & Garrison 45, , % 6 19 Norton Rose Fulbright 39, , % 7 4 Davies Ward Phillips & Vineberg 33, , % 8 3 Stikeman Elliott 33, ,688-12% 9 1 Torys 27, , % Kirkland & Ellis 25, , % Wachtell, Lipton, Rosen & Katz 25, , % 12 9 Latham & Watkins 25, , % Cravath, Swaine & Moore 25, , % McCarthy Tetrault 23, , % 15 - Slaughter and May 21, US *buyouts by deal Ranking Company name 1 1 Kirkland & Ellis 34, Latham & Watkins 20, O'Melveny & Myers Weil Gotshal & Manges 9, Jones Day 1, Ropes & Gray 8, Simpson Thacher & Bartlett 22, Goodwin Procter 3, Morgan Lewis & Bockius Paul Weiss Rifkind Wharton & Garrison 4, Winston & Strawn Fried Frank Harris Shriver & Jacobson 4, Vinson & Elkins 3, DLA Piper McDermott Will & Emery Canada by deal Ranking Company name 1 1 Stikeman Elliott 33, McCarthy Tetrault 23, Blake, Cassels & Graydon 93, Gowling Lafleur Henderson 9, Norton Rose Fulbright 39, Osler, Hoskin & Harcourt 90, Torys 27, Davies Ward Phillips & Vineberg 33, Borden Ladner Gervais 4, Fasken Martineau Dumoulin 5, Goodmans 15, Bennett Jones 21, Cassels Brock & Blackwell 7, Dentons 6, Paul Weiss Rifkind Wharton & Garrison 45,

32 Americas US North East by value Ranking Company name % 1 12 Skadden Arps Slate Meagher & Flom 205, , % 2 4 Simpson Thacher & Bartlett 192, , % 3 20 White & Case 138, , % 4 2 Davis Polk & Wardwell 134, , % 5 60 Paul Weiss Rifkind Wharton & Garrison 128, ,055 1,319.9% 6 13 Latham & Watkins 109, , % 7 3 Weil Gotshal & Manges 99, , % 8 18 Willkie Farr & Gallagher 97, , % 9 1 Wachtell, Lipton, Rosen & Katz 93, , % Fried Frank Harris Shriver & Jacobson 85, , % Kirkland & Ellis 76, , % Cleary Gottlieb Steen & Hamilton 75, , % Sullivan & Cromwell 73, , % Cravath, Swaine & Moore 58, , % Richards Layton & Finger 50, ,410 3,461.0% US North East by deal Ranking Company name 1 1 Kirkland & Ellis 76, Jones Day 47, Latham & Watkins 109, Weil Gotshal & Manges 99, Skadden Arps Slate Meagher & Flom 205, Paul Weiss Rifkind Wharton & Garrison 128, Simpson Thacher & Bartlett 192, DLA Piper 21, Goodwin Procter 5, Ropes & Gray 40, White & Case 138, O'Melveny & Myers 40, Davis Polk & Wardwell 134, Morgan Lewis & Bockius 26, Sullivan & Cromwell 73, US Mid West by value Ranking Company name % 1 11 Skadden Arps Slate Meagher & Flom 217, , % 2 2 Sullivan & Cromwell 144, , % 3 4 Davis Polk & Wardwell 129, , % 4 22 Cleary Gottlieb Steen & Hamilton 127, ,978 1,315.4% Slaughter and May 106, ,978% 6 3 Wachtell, Lipton, Rosen & Katz 99, , % 7 1 Kirkland & Ellis 76, , % 8 12 Latham & Watkins 73, , % 9 7 Freshfields Bruckhaus Deringer 67, , % Davies Ward Phillips & Vineberg 62, ,520% Blake, Cassels & Graydon 61, ,636.7% White & Case 58, , % Ashurst 58, ,180.8% Herbert Smith Freehills 57, ,209 4,680.1% 15 5 Simpson Thacher & Bartlett 56, ,258 56% US Mid West by deal Ranking Company name 1 1 Kirkland & Ellis 76, Jones Day 28, DLA Piper 7, Skadden Arps Slate Meagher & Flom 217, Latham & Watkins 73, Sidley Austin 44, Baker & McKenzie 19, White & Case 58, Weil Gotshal & Manges 41, Paul Weiss Rifkind Wharton & Garrison 37, Foley & Lardner 12, McDermott Will & Emery 6, Morgan Lewis & Bockius 3, Winston & Strawn 13, Cooley 3,

33 Americas US South by value Ranking Company name % 1 18 Sullivan & Cromwell 210, , % 2 2 Weil Gotshal & Manges 204, , % 3 17 Jones Day 196, , % 4 22 Cleary Gottlieb Steen & Hamilton 195, , % 5 4 White & Case 178, , % 6 10 Baker Botts 167, , % 7 5 Simpson Thacher & Bartlett 132, , % 8 11 Davis Polk & Wardwell 119, , % 9 6 Wachtell, Lipton, Rosen & Katz 118, , % Kirkland & Ellis 111, , % 11 1 Latham & Watkins 103, , % Shearman & Sterling 99, , % 13 9 Skadden Arps Slate Meagher & Flom 99, , % 14 7 Bracewell & Giuliani 95, , % Debevoise & Plimpton 89, , % US West by value Ranking Company name % 1 13 Weil Gotshal & Manges 176, , % 2 1 Latham & Watkins 176, , % 3 64 Cleary Gottlieb Steen & Hamilton 154, ,567 2,258.5% 4 3 Sullivan & Cromwell 141, , % 5 8 Skadden Arps Slate Meagher & Flom 124, , % 6 6 Wachtell, Lipton, Rosen & Katz 119, , % 7 10 Shearman & Sterling 114, , % 8 7 Simpson Thacher & Bartlett 110, , % 9 24 Jones Day 97, , % Richards Layton & Finger 87, ,597% 11 5 Fried Frank Harris Shriver & Jacobson 84, , % 12 2 Cravath, Swaine & Moore 83, , % Ropes & Gray 77, , % Stikeman Elliott 73, , % Debevoise & Plimpton 73, , % US South by deal Ranking Company name 1 1 Kirkland & Ellis 111, Latham & Watkins 103, Jones Day 196, DLA Piper 15, Vinson & Elkins 86, Weil Gotshal & Manges 204, Skadden Arps Slate Meagher & Flom 99, White & Case 178, Norton Rose Fulbright 8, Baker Botts 167, Morgan Lewis & Bockius 12, Davis Polk & Wardwell 119, Greenberg Traurig 22, Akin Gump Strauss Hauer & Feld 27, Wachtell, Lipton, Rosen & Katz 118, US West by deal Ranking Company name 1 1 Latham & Watkins 176, O'Melveny & Myers 25, Kirkland & Ellis 45, Fenwick & West 36, Wilson Sonsini Goodrich & Rosati 32, Cooley 13, DLA Piper 4, Jones Day 97, Skadden Arps Slate Meagher & Flom 124, Weil Gotshal & Manges 176, Goodwin Procter 15, Ropes & Gray 77, Gibson Dunn & Crutcher 27, Morgan Lewis & Bockius 5, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian 2,

34 Americas Central & South America by value Ranking Company name % 1 8 Barbosa, Mussnich & Aragao 36, , % Uria Menendez 33, ,270.9% 3 18 White & Case 31, , % 4 2 Clifford Chance 27, , % 5 17 Davis Polk & Wardwell 24, , % 6 13 Pinheiro Neto Advogados 21, , % 7 11 Linklaters 21, , % 8 30 Freshfields Bruckhaus Deringer 18, , % 9 14 Souza, Cescon, Barrieu & Flesch Advogados 15, , % Simpson Thacher & Bartlett 15, , % Machado Meyer Sendacz e Opice 15, , % 12 6 Sullivan & Cromwell 14, , % Claro y Cia 13, , % 14 5 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 12, , % Garrigues 12, ,389.0% Central & South America by deal Ranking Company name 1 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 12, Machado Meyer Sendacz e Opice 15, Pinheiro Neto Advogados 21, Barbosa, Mussnich & Aragao 36, Souza, Cescon, Barrieu & Flesch Advogados 15, Stocche Forbes Advogados White & Case 31, Tozzini Freire Teixeira e Silva Advogados 5, Demarest 4, Baker & McKenzie 6, Veirano Advogados Linklaters 21, Creel, Garcia-Cuellar, Aiza y Enriquez 7, Jones Day 1, Davis Polk & Wardwell 24,

35 Asia-Pacific Asia-Pacific (excl. Japan) by value Ranking Company name % 1 7 Freshfields Bruckhaus Deringer 89, , % 2 2 King & Wood Mallesons 62, , % 3 12 Kim & Chang 56, , % 4 22 JiaYuan Law Offices 54, , % 5 3 Linklaters 54, , % Haiwen & Partners 47, ,375 1,902% 7 6 Clifford Chance 44, , % 8 1 Herbert Smith Freehills 41, , % 9 38 Allen & Gledhill 36, , % Allens 33, , % Simpson Thacher & Bartlett 26, , % Morrison & Foerster 25, , % Lee & Ko 25, , % 14 4 Skadden Arps Slate Meagher & Flom 24, , % Fangda Partners 24, , % Sullivan & Cromwell 20, , % Minter Ellison 19, , % Davis Polk & Wardwell 19, , % Bae Kim & Lee 17, , % White & Case 17, , % Asia-Pacific (excl. Japan) by deal Ranking Company name 1 1 King & Wood Mallesons 62, Herbert Smith Freehills 41, Kim & Chang 56, Baker & McKenzie 13, Clifford Chance 44, Lee & Ko 25, O'Melveny & Myers 11, DLA Piper 11, Grandall Law Firm 16, Linklaters 54, Fangda Partners 24, Allens 33, Minter Ellison 19, Ashurst 15, Zhong Lun Law Firm 12, Norton Rose Fulbright 7, Bae Kim & Lee 17, Allen & Overy 9, AZB & Partners 7, Amarchand & Mangaldas & Suresh A Shroff & Co 14,

36 Asia-Pacific Asia-Pacific (excl. Japan) *buyouts by value Ranking Company name % 1 21 Clifford Chance 14, ,571.4% 2 2 Herbert Smith Freehills 7, , % 3 22 Freshfields Bruckhaus Deringer 7, ,221.6% 4 1 Kim & Chang 6, , % 5 55 Weil Gotshal & Manges 5, ,140.4% 6 35 Latham & Watkins 5, ,493.7% 7 3 King & Wood Mallesons 4, , % 8 15 Fangda Partners 4, % 9= - Han Kun Law Offices 4, = - Marval, O'Farrell & Mairal 4, Allen & Gledhill 3, % 12 - Stamford Law Corporation 3, Simpson Thacher & Bartlett 3, % Lee & Ko 2, ,567% 15 - Vinge 2, * Based on advising buy side only Asia-Pacific (excl. Japan) *buyouts by deal Ranking Company name 1 11 Fangda Partners 4, O'Melveny & Myers 1, Kim & Chang 6, AZB & Partners Clifford Chance 14, Weil Gotshal & Manges 5, Herbert Smith Freehills 7, Amarchand & Mangaldas & Suresh A Shroff & Co Freshfields Bruckhaus Deringer 7, King & Wood Mallesons 4, Simpson Thacher & Bartlett 3, Davis Polk & Wardwell 1, Paul Hastings Baker & McKenzie 1, Linklaters 1,

37 Asia-Pacific Asia-Pacific (excl. Japan,Australasia) by value Ranking Company name % 1 6 Freshfields Bruckhaus Deringer 84, , % 2 10 Kim & Chang 56, , % 3 18 JiaYuan Law Offices 54, , % 4 95 Haiwen & Partners 47, ,375 1,901.9% 5 1 Linklaters 38, ,247-16% 6 32 Allen & Gledhill 36, , % 7 2 King & Wood Mallesons 34, , % 8 4 Clifford Chance 34, , % 9 21 Simpson Thacher & Bartlett 25, , % Lee & Ko 25, , % Morrison & Foerster 25, , % 12 9 Fangda Partners 22, , % 13 5 Skadden Arps Slate Meagher & Flom 21, , % Davis Polk & Wardwell 19, , % Bae Kim & Lee 17, , % 16 3 Herbert Smith Freehills 16, , % Grandall Law Firm 16, , % Weil Gotshal & Manges 16, , % Sullivan & Cromwell 15, , % Amarchand & Mangaldas & Suresh A Shroff & Co 14, , % Asia-Pacific (excl. Japan,Australasia) by deal Ranking Company name 1 2 Kim & Chang 56, Lee & Ko 25, King & Wood Mallesons 34, O'Melveny & Myers 11, Clifford Chance 34, Baker & McKenzie 8, Grandall Law Firm 16, Fangda Partners 22, Zhong Lun Law Firm 12, Bae Kim & Lee 17, Linklaters 38, DLA Piper 10, AZB & Partners 7, Amarchand & Mangaldas & Suresh A Shroff & Co 14, Shin & Kim 8, Herbert Smith Freehills 16, J Sagar Associates 2, Allen & Gledhill 36, WongPartnership 12, Yulchon 5,

38 Asia-Pacific Australasia by value Ranking Company name % 1 2 King & Wood Mallesons 34, , % 2 3 Allens 32, , % 3 1 Herbert Smith Freehills 28, , % 4 5 Minter Ellison 19, , % 5 9 Linklaters 15, , % 6 31 Clifford Chance 13, , % 7 7 Gilbert + Tobin 12, , % 8 4 Ashurst 11, ,785-41% 9= 36 Dentons 7, , % 9= - Estudio Grau 7, = - Rodrigo Elias & Medrano 7, = 20 White & Case 7, , % 13 8 Corrs Chambers Westgarth 6, , % Baker & McKenzie 6, , % 15 - Sullivan & Cromwell 6, Greater China by value Ranking Company name % 1 16 Freshfields Bruckhaus Deringer 71, , % 2 7 JiaYuan Law Offices 54, , % 3 57 Haiwen & Partners 47, ,375 1,901.9% 4 2 Linklaters 32, , % 5 1 King & Wood Mallesons 29, , % 6 3 Fangda Partners 22, ,539 2% 7 23 Clifford Chance 20, , % 8 49 Morrison & Foerster 19, , % 9 13 Grandall Law Firm 16, , % Allen & Gledhill 16, , % 11 6 Jingtian & Gongcheng 14, , % Davis Polk & Wardwell 13, , % 13 4 Skadden Arps Slate Meagher & Flom 13, , % Zhong Lun Law Firm 12, , % Jun He Law Offices 11, , % Australasia by deal Ranking Company name 1 1 Herbert Smith Freehills 28, King & Wood Mallesons 34, Allens 32, Minter Ellison 19, Ashurst 11, Gilbert + Tobin 12, Norton Rose Fulbright 6, Baker & McKenzie 6, DLA Piper Johnson Winter & Slattery 5, Corrs Chambers Westgarth 6, K&L Gates 1, Chapman Tripp 3, Clayton Utz 3, Allen & Overy 2, Greater China by deal Ranking Company name 1 6 Grandall Law Firm 16, King & Wood Mallesons 29, Fangda Partners 22, O'Melveny & Myers 8, Zhong Lun Law Firm 12, Baker & McKenzie 5, JiaYuan Law Offices 54, Clifford Chance 20, DLA Piper 9, Skadden Arps Slate Meagher & Flom 13, Jun He Law Offices 11, Freshfields Bruckhaus Deringer 71, Linklaters 32, AllBright Law Offices 6, Grandway Law Offices 3,

39 Asia-Pacific India by value Ranking Company name % 1 1 Amarchand & Mangaldas & Suresh A Shroff & Co 14, , % 2 4 AZB & Partners 7, ,853 62% 3 7 Davis Polk & Wardwell 6, , % 4 49 Luthra & Luthra Law Offices 5, ,362.6% 5 27 S&R Associates 4, , % 6 10 White & Case 4, , % 7 55 Shearman & Sterling 4, ,483.1% 8 15 Sullivan & Cromwell 4, , % 9 - P. H. Bathiya & Associates 4, M/s. Crawford Bayley & Co 3, Weil Gotshal & Manges 3, = 18 Platinum Partners 3, , % 12= 9 Slaughter and May 3, , % Vaish Associates 2, % J Sagar Associates 2, , % South East Asia by value Ranking Company name % 1 6 Allen & Gledhill 29, , % 2 8 Freshfields Bruckhaus Deringer 16, , % 3 2 Clifford Chance 16, , % 4 16 Simpson Thacher & Bartlett 10, , % 5 3 Linklaters 9, ,684-2% 6 20 WongPartnership 8, , % 7 11 Herbert Smith Freehills 8, , % 8 15 Stamford Law Corporation 7, ,285 46% 9 9 Latham & Watkins 6, ,221-5% 10 - Morrison & Foerster 6, Kirkland & Ellis 5, Drew & Napier 5, ,179.3% Ashurst 5, , % Slaughter and May 5, % 15 - Haiwen & Partners 5, India by deal Ranking Company name 1 1 AZB & Partners 7, Amarchand & Mangaldas & Suresh A Shroff & Co 14, J Sagar Associates 2, Desai & Diwanji 1, Khaitan & Co 1, Trilegal 1, Luthra & Luthra Law Offices 5, P. H. Bathiya & Associates 4, DSK Legal Davis Polk & Wardwell 6, Herbert Smith Freehills 2, Krishnamurthy & Co Economic Laws Practice (ELP) DLA Piper BMR Legal South East Asia by deal Ranking Company name 1 4 WongPartnership 8, Allen & Gledhill 29, Baker & McKenzie 3, Clifford Chance 16, Stamford Law Corporation 7, Herbert Smith Freehills 8, Allen & Overy 4, Linklaters 9, O'Melveny & Myers 2, Drew & Napier 5, Rajah & Tann 2, King & Wood Mallesons 5, Mori Hamada & Matsumoto 1, Latham & Watkins 6, Jones Day 1,

40 Asia-Pacific South Korea by value Ranking Company name % 1 1 Kim & Chang 55, , % 2 3 Lee & Ko 25, , % 3 2 Bae Kim & Lee 17, , % 4 4 Shin & Kim 8, , % 5 72 Simpson Thacher & Bartlett 8, ,686% 6 33 Sullivan & Cromwell 6, ,236.8% 7 - Freshfields Bruckhaus Deringer 6, Yulchon 5, , % 9= 45 Gibson Dunn & Crutcher 3, ,528.1% 9= 18 Skadden Arps Slate Meagher & Flom 3, % Linklaters 3, ,106.2% Clifford Chance 2, % 13 - Weil Gotshal & Manges 2, Jones Day 2, ,047.1% 15= 53 Dechert 2, ,383.3% 15= 61 Lee and Li Attorneys at Law 2, ,316.7% Japan Asia by value Ranking Company name % 1 1 Nishimura & Asahi 30, , % 2 17 White & Case 20, , % 3 2 Mori Hamada & Matsumoto 17, , % 4 96 Sidley Austin 16, ,474.8% 5 28 Kirkland & Ellis 16, , % 6 25 Cleary Gottlieb Steen & Hamilton 15, , % 7 12 Baker & McKenzie 8, , % 8 20 Shearman & Sterling 7, , % 9 5 Skadden Arps Slate Meagher & Flom 6, , % Anderson Mori & Tomotsune 6, , % 11 7 Nagashima Ohno & Tsunematsu 6, , % Debevoise & Plimpton 5, , % 13 - Willkie Farr & Gallagher 5, Greenberg Traurig 5, Latham & Watkins 4, , % South Korea by deal Ranking Company name 1 1 Kim & Chang 55, Lee & Ko 25, Bae Kim & Lee 17, Shin & Kim 8, Yulchon 5, Yoon & Yang 2, Kim, Choi & Lim 1, JIPYONG 1, Clifford Chance 2, Hankyul Law Firm Linklaters 3, Paul Hastings 1, Hyun Attorneys At Law Sullivan & Cromwell 6, Weil Gotshal & Manges 2, Japan Asia by deal Ranking Company name 1 1 Mori Hamada & Matsumoto 17, Nishimura & Asahi 30, Nagashima Ohno & Tsunematsu 6, Anderson Mori & Tomotsune 6, Baker & McKenzie 8, Oh-Ebashi LPC & Partners 1, Morrison & Foerster 3, TMI Associates 2, Jones Day 2, White & Case 20, Shearman & Sterling 7, Skadden Arps Slate Meagher & Flom 6, Freshfields Bruckhaus Deringer 1, Clifford Chance 3, Linklaters 2,

41 Africa & Middle East Africa & Middle East by value Ranking Company name % 1 1 Linklaters 18, , % 2 5 Freshfields Bruckhaus Deringer 12, , % 3 7 Clifford Chance 11, , % 4 32 DLA Cliffe Dekker Hofmeyr 9, , % 5 31 Werksmans 8, , % 6 3 White & Case 7, , % 7 2 Allen & Overy 7, , % 8 21 Webber Wentzel 6, , % 9 6 Gibson Dunn & Crutcher 6, , % ENSafrica 6, , % 11 - Girard Hayward Inc 5, Shearman & Sterling 5, % Herbert Smith Freehills 3, , % Herzog, Fox and Neeman 3, , % Blake, Cassels & Graydon 3, ,885.5% 16 4 Latham & Watkins 3, , % Akin Gump Strauss Hauer & Feld 3, Jones Day 3, , % Bowman Gilfillan Africa Group 3, , % Norton Rose Fulbright 2, , % Africa & Middle East by deal Ranking Company name 1 4 DLA Cliffe Dekker Hofmeyr 9, Clifford Chance 11, ENSafrica 6, Allen & Overy 7, Webber Wentzel 6, Bowman Gilfillan Africa Group 3, Freshfields Bruckhaus Deringer 12, DLA Piper 2, Linklaters 18, Baker & McKenzie 1, Norton Rose Fulbright 2, Latham & Watkins 3, Werksmans 8, White & Case 7, Herzog, Fox and Neeman 3, Jones Day 3, Gibson Dunn & Crutcher 6, Hogan Lovells International Meitar Liquornik Geva Leshem Tal & Co Yigal Arnon & Co