mergermarket m&a trend report: 2013 title

Mergermarket 2013 Trend Report 1 www.mergermarket.com

Title

Total M&A value and volumeQuarterly M&A growth comparison

Mergermarket M&A Trend Report: 2013


Published January 2014

Including League Tables of Legal Advisors

http://www.mergermarket.com


Contents

Global overview

Global legal advisor league tables

Global private equity: Buyouts overview, top deals and league tables

Global private equity: Exits overview, top deals and league tables

Global deal size and Mid-market analysis

Global consideration and Multiples & premiums analysis

Press contacts:

EMEA: Flora Wilke T: +44 207 010 6348

Americas: Chrissy Carney T: +1 646 378 3118

Asia-Pacific: Flora Wilke T: +44 207 010 6348

Deal submission contacts:

EMEA: Nancy Honsinger T: +44 207 010 6227

CEE: Zaynab Dost T: +44 207010 6129

Americas: Raquel Mozzer T: +1 212 574 7866

Asia-Pacific: Miran Lim Tel: +852 2158 9709

Japan: Sophie Kim T: +81 3 3597 2055

Europe: OverviewEurope: Legal advisor league tables

US: OverviewAmericas: Legal advisor league tables

Asia-Pacific (excl. Japan): OverviewAsia-Pacific (excl. Japan): Legal advisor league tables

Japan: OverviewJapan: Legal advisor league tables

Emerging markets: Overview

CriteriaWhat Mergermarket can do for you

Africa & Middle East: OverviewAfrica & Middle East: Legal advisor league tables

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Global: Regional league table analysis

1. Davis Polk & Wardwell 2. Wachtell, Lipton, Rosen & Katz3. Simpson Thacher & Bartlett4. Weil Gotshal & Manges 5. Latham & Watkins

US$ 317.6bnUS$ 303.4bnUS$ 297.2bnUS$ 282.5bnUS$ 271.9bn

103.6%

1. Wachtell, Lipton, Rosen & Katz 2. Davis Polk & Wardwell 3. Simpson Thacher & Bartlett

US 3.8% (US$ 893.1bn)US$ 302.9bnUS$ 285.7bnUS$ 281bn

1. De Brauw Blackstone Westbroek 2. Davis Polk & Wardwell 3. Simpson Thacher & Bartlett

Europe 12% (US$ 631.3bn)US$ 215.2bnUS$ 190.5bnUS$ 175.8bn

1. Herbert Smith Freehills2. King & Wood Mallesons 3. Linklaters

Asia-Pacific 15% (US$ 403.4bn)US$ 57.9bnUS$ 49.2bnUS$ 44.6bnGlobal 3.2% (US$ 2,215.1bn)

49.3%116.2%19.9%

27.7%




Global: Overview of 2013 • After Q4 halted a third quarterly increase during 2013, global M&A valued at US$ 2,215.1bn was down 3.2% from 2012 (US$ 2,288.8bn)

• Davis Polk & Wardwell jumped from 14th position in 2012 (US$ 155.7bn) to lead the legal advisor league table by value (US$ 317.6bn), up 103.9%

3,668.7

2,408.2

1,710.5

2,089.6

2,251.2 2,288.8 2,215.1

810.1

591.6

419.2 459.4

613.3

460.5 448.0

1,276.7

677.2

396.0 429.2

580.9

560.5 542.9

849

681.7

326.3

492.6

587.7

516.9 653.7

732.9

457.7

569.0

708.4

469.3 750.9 570.5

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• M&A confidence was building every quarter throughout 2013 and climaxed in September, when total deal values surpassed 2012’s like-for-like period for the first time. But Q4’s 12.7% drop to US$ 570.5bn-worth of deals from Q3 (US$ 653.7bn) slashed hopes for an uptick rather than another flat year

• This year will end as the third static year for deal value, down 3.2% at US$ 2,215.1bn compared to US$ 2,288.8bn in 2012. 2013 has been the slowest year since 2010 (US$ 2,089.6bn). Mega-deals totalling US$ 397.9bn, Verizon’s US$ 124.1bn deal value, a US recovery and the lowest number of lapsed bids on record, have failed to spur on significant growth

• Despite the lackluster Q4, H2’s deals valued at US$ 1,224.2bn overtook H1 (US$ 990.8bn) by 23.6% after a pre-Christmas dash to announce deals

• The 105 lapsed deals in 2013 was the lowest level on Mergermarket record (since 2001). The US$ 22.7bn bid for KPN by Americal Movil in 2013 was the fifth largest lapsed bid since 2009 and the highest valued in 2013 and yet the total value of lapsed deals in 2013 (US$ 83.9bn) was the lowest in over a decade (2002 valued at US$ 79.7bn)


• Cross-border deal value increased every quarter during 2013 with Q4 peaking at US$ 229.8bn, up 12.6% from Q3 (US$ 204.1bn). As a result, the share of cross-border deals to global M&A in Q4 increased to 40.3%, up from the 35.5% in Q4 2012 (US$ 266.5bn)

• Despite the quarterly increases, the total value of cross-border deals through 2013 was down 11.5% with deals valued at US$ 774.4bn compared to 2012’s cross-border deals valued at US$ 875.2bn

• Europe continued to take the majority share of all cross-border deals with US$ 338.6bn-worth of transactions having a 43.7% share compared to deals valued at US$ 359.4bn in 2012 taking a 41.1% share. Asia-Pacific also increased its share to global cross-border M&A with US$ 136.1bn-worth of deals taking a 17.6% share compared to US$ 135.5bn-worth of cross-border deals having a 15.5% share in 2012

• Stressing the preference for US domestic M&A was the 26.3% decline by value for cross-border deals involving North American targets in 2013 (US$ 192.8bn) compared to 2012 (US$ 261.6bn). Attention on Central and South American targets dropped 34.7% to US$ 48.5bn compared to US$ 74.3bn in 2012

Global: Industry and Cross-border analysis

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Global M&A Value

Cross-Border Value

Global Number of Deals

Cross-Border Number of Deals

• The TMT sector was the backbone for large-cap M&A throughout 2013 and saw deals valued at US$ 510.1bn, up 54.1% compared to 2012 (US$ 331.1bn). As a result the share it had to global M&A increased to 23% from just 14.5% last year

• Technology M&A during 2013 saw its highest value in six years at US$ 166.2bn (2007 valued at US$ 164.8bn). Media M&A saw deals valued at US$ 92.1bn, marking the third annual increase in value. Telecommunications M&A in 2013 reached the highest value in seven years (2006 valued at US$ 265.8bn) with deals valued at US$ 245bn

• The Financial Services sector, confronted with the ongoing prospect for regulatory chang-es, has declined every year since 2007, ending 2013 with deals valued at US$ 231.1bn. The sector saw the second highest decline compared to its peak year, down 60.3% compared to 2007 (US$ 582.8bn). The only other decline larger than this was in Leisure M&A which decreased 72.9% from its peak in 2006 (US$ 130.5bn) to US$ 35.4bn in 2013

4.3%

12.0%

25.4%

12.4%

12.6%

1.9%

7.9%

3.9%

14.5%

2.5% 2.7%

4.3%

10.9%

19.3%

10.4%

10.0% 1.6%

8.0%

6.2%

23.0%

2.9% 3.3%

Business Services: US$ 95.1bn (US$ 99.5bn)

Consumer: US$ 242.4bn (US$ 273.5bn)

Energy, Mining & Utilities: US$ 427bn (US$ 580.7bn)

Financial Services: US$ 231.1bn (US$ 282.8bn)

Industrials & Chemicals: US$ 222.4bn (US$ 289.3bn)

Leisure: US$ 35.4bn (US$ 42.4bn)

Pharma, Medical & Biotech: US$ 178bn (US$ 180.8bn)

Real Estate: US$ 136.8bn (US$ 90bn)

TMT: US$ 510.1bn (US$ 331.1bn)

Transport: US$ 64.3bn (US$ 56.8bn)

Other: US$ 72.6bn (US$ 61.8bn)

2012

2013

Global cross-border analysis2013 vs. (2012) value and market share comparison




Global: Top deals

Announced

DateBidder Company

Bidder

Legal AdvisorsTarget Company

Target/Seller

Legal AdvisorsSeller Company

Deal

Value

(US$bn)

02-Sep-13 Verizon Communications Inc Debevoise & Plimpton; Jones Day; Macfarlanes; Wachtell,

Lipton, Rosen & Katz; Advising FA: Davis Polk & Wardwell; Weil

Gotshal & Manges

Verizon Wireless Inc

(45% Stake)

Advising seller: De Brauw Blackstone Westbroek; Simpson

Thacher & Bartlett; Slaughter and May

Vodafone Group Plc 124,100

14-Feb-13 Berkshire Hathaway Inc; and 3G Capital Partners

Egorov, Puginsky, Afanasiev & Partners; Freshfields Bruckhaus

Deringer; Kirkland & Ellis; Munger Tolles & Olson

HJ Heinz Company Davis Polk & Wardwell; Wachtell, Lipton, Rosen &

Katz; Advising FA: O'Melveny & Myers; Sullivan & Cromwell;

Willkie Farr & Gallagher

27,362

16-Dec-13 AerCap Holdings NV Cravath, Swaine & Moore; Freshfields Bruckhaus Deringer;

NautaDutilh

International Lease Finance Corporation

Advising seller: A&L Goodbody; De Brauw Blackstone

Westbroek; Debevoise & Plimpton

American International Group Inc

26,432

06-Feb-13 Liberty Global Plc Hogan Lovells International; Ropes & Gray; Shearman &

Sterling; Advising FA: Latham & Watkins; O'Melveny & Myers

Virgin Media Inc Fried Frank Harris Shriver & Jacobson; Milbank Tweed

Hadley & McCloy; Advising FA: Cravath, Swaine & Moore

24,983

9-Aug-13* America Movil SAB de CV Cleary Gottlieb Steen & Hamilton; Clifford Chance;

Robles Miaja Abogados

Koninklijke KPN NV

(70.23% Stake)

Allen & Overy 22,686

05-Feb-13 Silver Lake Partners LP; and Michael Dell (Private investor)

Blake, Cassels & Graydon; Clifford Chance; Fangda

Partners; Maples & Calder; Simpson Thacher & Bartlett;

Slaughter and May; Wachtell, Lipton, Rosen & Katz; Advising

FA: White & Case

Dell Inc Alston & Bird; Debevoise & Plimpton; Hogan Lovells

International; Advisng FA: Davis Polk & Wardwell; Latham &

Watkins; Weil Gotshal & Manges

20,169

28-Jul-13 Publicis Groupe SA Darrois Villey Maillot Brochier; Egorov, Puginsky, Afanasiev &

Partners; NautaDutilh; Slaughter and May; Wachtell, Lipton,

Rosen & Katz

Omnicom Group Inc De Brauw Blackstone Westbroek; Latham & Watkins;

Advising FA: Jones Day

19,369

20-Dec-13 Brookfield Property Partners LP Appleby Brookfield Office Properties Inc (50.7% Stake)

Davies Ward Phillips & Vineberg 17,276

12-Feb-13 Comcast Corporation Davis Polk & Wardwell; Freshfields Bruckhaus Deringer;


NBCUniversal Media LLC (49% Stake)

Advising seller: Weil Gotshal & Manges

General Electric Company 16,700

15-Apr-13 Thermo Fisher Scientific Inc Blake, Cassels & Graydon; Russell McVeagh; Slaughter and May; Wachtell, Lipton, Rosen & Katz; WilmerHale; Advising FA:

Latham & Watkins

Life Technologies Corp Cravath, Swaine & Moore; Norton Rose Fulbright; Advising FA: Fried Frank Harris Shriver &

Jacobson

15,008



Global: Legal advisor league tablesLeague table of legal advisors to M&A by value: Global including regional comparisons

Ranking Global 2013 Global 2012

2012 2013 Company Name Value (US$m)

Deal Count

Value (US$m)

% Val. Change

Europe Rank 2013

US Rank 2013

Asia Rank 2013

Japan Rank 2013

A&ME Rank 2013

14 1 Davis Polk & Wardwell 317,576 112 155,727 103.9% 2 2 13 13 668 2 Wachtell, Lipton, Rosen & Katz 303,392 68 203,156 49.3% 7 1 66 66 31

16 3 Simpson Thacher & Bartlett 297,212 141 137,450 116.2% 3 3 19 19 176 4 Weil Gotshal & Manges 282,515 180 235,708 19.9% 9 4 42 42 137 5 Latham & Watkins 271,914 319 213,008 27.7% 14 5 26 26 3

19 6 Jones Day 229,610 238 120,122 91.1% 4 6 17 17 2256 7 De Brauw Blackstone Westbroek 224,563 59 36,193 520.5% 1 9 271 271 6524 8 Slaughter and May 218,368 59 76,091 187% 5 8 16 16 393 9 Freshfields Bruckhaus Deringer 207,863 229 262,058 -20.7% 8 16 8 8 51 10 Skadden Arps Slate Meagher & Flom 205,827 196 329,671 -37.6% 17 11 4 4 18

36 11 Debevoise & Plimpton 199,375 51 59,525 234.9% 6 7 129 129 -9 12 Sullivan & Cromwell 177,864 94 198,622 -10.5% 21 10 20 20 -

11 13 White & Case 168,317 221 169,471 -0.7% 18 14 30 30 4

5 14 Linklaters 149,577 238 247,470 -39.6% 11 42 3 3 110 15 Cravath, Swaine & Moore 144,230 54 182,673 -21% 16 13 59 59 -

League table of legal advisors to M&A by deal count: Global including regional comparisons

Ranking Global 2013 Global 2012


Deal Count

Deal Count

Count Change

Europe Rank 2013

US Rank 2013

Asia Rank 2013

Japan Rank 2013

A&ME Rank 2013

1 1 DLA Piper 31,304 385 378 7 1 4 3 3 93 2 Latham & Watkins 271,914 319 307 12 9 2 29 29 134 3 Kirkland & Ellis 133,897 296 292 4 15 1 42 42 265 4 Baker & McKenzie 66,834 248 278 -30 7 17 2 2 172 5 Jones Day 229,610 238 310 -72 13 3 28 28 21

6 6 Linklaters 149,577 238 263 -25 3 37 8 8 108 7 Freshfields Bruckhaus Deringer 207,863 229 235 -6 2 33 19 19 117 8 Allen & Overy 128,789 223 250 -27 5 26 9 9 4

12 9 White & Case 168,317 221 201 20 8 8 36 36 129 10 Clifford Chance 133,655 212 227 -15 6 41 16 16 8

10 11 Skadden Arps Slate Meagher & Flom 205,827 196 212 -16 26 5 14 14 4215 12 King & Wood Mallesons 58,556 184 171 13 11 62 1 1 2714 13 CMS 26,885 181 174 7 4 64 64 64 2913 14 Weil Gotshal & Manges 282,515 180 188 -8 12 6 70 70 3011 15 Norton Rose Fulbright 48,319 178 206 -28 18 22 12 12 5



Global: Private equity buyouts

• The total value of buyouts during 2013 stood at US$ 271.1bn, a modest 0.4% increase by value compared to 2012 (US$ 270.0bn). This can, in part, be credited to the US’s mega-deals in the Consumer and Technology sectors during H1 2013

• Buyout deals contributed 12.2% to global M&A activity (US$ 2.2tn), up from 11.8% in 2012 but lower than in 2011 (13.1%)

• Unable to maintain the mega-deal momentum set in H1 2013, there were no buyout deals valued above US$ 5bn in the final quarter of the year, leaving the US$ 27.4bn acqui-sition of H.J. Heinz by Berkshire Hathaway and 3G Capital Partners as the highest valued deal of 2013

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Private equity buyouts - geography breakdown

• Global buyouts during 2013 (US$ 271.1bn) were flat against 2012 (US$ 270bn) after two quarterly decreases and no mega-deals during Q4 (US$ 58.8bn)

• Kirkland &Ellis topped the legal advisor league table for buyouts by value and volume after advising on 103 deals worth US$ 57.3bn

Debt/EBITDA and Debt-to-total funding

• Q4 buyout activity increased in all regions compared to Q3 with Asia-Pacific (excl. Japan) witnessing the highest increase by 18% (US$ 9.8bn). The US (US$ 24.4bn) saw a mod-est increase of 3.4% (Q3 2013 valued at US$ 23.6bn) as companies held on to post-crisis record amounts of cash. The US did however remain the most active region in 2013 (US$ 132.7bn) with deal values up 2.4% from 2012 (US$ 129.6bn) and seven out of the top 10 deals involving US-based firms

• A buyers’ market in terms of debt availability was demonstrated by debt/EBITDA ratios reaching 6.2x, up from 5x in 2012. Meanwhile the average buyout leverage ratio has re-mained at the same level as in 2012 at 61.2%

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Europe US Asia-Pacific ex Japan Rest of the World Buyouts (% of Total M&A)



Global: Private equity top buyouts and league tables

Announced Date

Bidder CompanyBidder


Target/Seller Legal Advisor

Seller CompanyDeal Value

(US$bn)

14-Feb-13 Berkshire Hathaway; and 3G Capital Partners



H J Heinz Company Davis Polk & Wardwell; Wachtell, Lipton, Rosen & Katz; Advising FA:

O'Melveny & Myers; Sullivan & Cromwell; Willkie Farr & Gallagher

27.4


Blake, Cassels & Graydon; Clifford Chance; Fangda Partners; Maples & Calder; Simpson Thacher & Bartlett;

Wachtell, Lipton, Rosen & Katz; Slaughter and May; Advising FA:

White & Case; Advising Microsoft Corporation: Sullivan & Cromwell

Dell Inc Alston & Bird; Debevoise & Plimpton; Hogan Lovells; Advising FA: Davis Polk & Wardwell; Latham & Watkins; Weil Gotshal & Manges

20.2

06-May-13 Bain Capital LLC; GIC Special Investments Pte Ltd; Golden Gate

Capital; and Insight Venture Partners

Arthur Cox; Conyers Dill & Pearman; Kirkland & Ellis; Loyens & Loeff;

Sidley Austin; Skadden Arps Slate Meagher & Flom; Willkie Farr &

Gallagher

BMC Software Inc Paul Weiss Rifkind Wharton & Garrison; Wachtell, Lipton, Rosen & Katz; Adising FA: Davis Polk &

Wardwell; Weil Gotshal & Manges

6.5

09-Sep-13 Canada Pension Plan Investment Board; and Ares Management LLC

Latham & Watkins; Proskauer Rose; Torys

Neiman Marcus Group Inc Cleary Gottlieb Steen & Hamilton TPG Capital LP; Warburg Pincus LLC; and Leonard Green & Partners LP

6.0

12-Apr-13 NSW Ports Consortium Herbert Smith Freehills Port Botany Advising seller: Minter Ellison Government of New South Wales 4.5

Rank HouseValue

(US$bn)Deal

Count

1 The Carlyle Group 3.1 25

2 Kohlberg Kravis Roberts & Co 14.9 24

3 TPG Capital 3.6 19

4 Bain Capital 10.5 16

5 Blackstone Group 4.9 16

Top five most active firms for number of buyouts



Global: Legal advisor league tables to buyoutsLeague Table of legal advisors to private equity buyouts by value: Global

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

6 1 Kirkland & Ellis 57,314 103 17,822 221.6%4 2 Simpson Thacher & Bartlett 49,417 44 20,452 141.6%5 3 Freshfields Bruckhaus Deringer 38,507 24 19,194 100.6%

10 4 Clifford Chance 28,178 39 12,132 132.3%- 5 Munger Tolles & Olson 27,362 2 - -

327 6 Egorov, Puginsky, Afanasiev & Partners 27,362 1 - -47 7 White & Case 26,414 20 2,642 899.8%1 8 Latham & Watkins 23,510 53 38,550 -39%

18 9 Wachtell, Lipton, Rosen & Katz 21,126 5 8,414 151%45 10 Fangda Partners 20,570 5 2,887 612.5%

212 11 Maples & Calder 20,419 3 74 27,493%44 12 Slaughter and May 20,316 2 2,914 597.2%35 13 Blake, Cassels & Graydon 20,176 8 3,672 449.5%7 14 Linklaters 12,356 42 15,576 -20.7%

26 15 Kim & Chang 10,372 22 4915 111%17 16 Torys 9,432 6 8,897 6%2 17 Weil Gotshal & Manges 8,244 43 20,690 -60.2%

29 18 Skadden Arps Slate Meagher & Flom 7,921 27 4,582 72.9%93 19 Herbert Smith Freehills 7,915 16 1,255 530.7%68 20 Conyers Dill & Pearman 7,689 5 1,790 329.6%

League Table of legal advisors to private equity buyouts by deal count: Global

Ranking 2013 2012


Value (US$m)

Deal Count

Count Change

1 1 Kirkland & Ellis 57,314 103 110 -72 2 Latham & Watkins 23,510 53 59 -68 3 Simpson Thacher & Bartlett 49,417 44 33 113 4 Weil Gotshal & Manges 8,244 43 44 -1

10 5 Linklaters 12,356 42 33 94 6 Clifford Chance 28,178 39 40 -16 7 DLA Piper 2,211 37 38 -15 8 King & Wood Mallesons 4,585 30 38 -8

15 9 Skadden Arps Slate Meagher & Flom 7,921 27 23 414 10 Allen & Overy 5,869 26 23 37 11 Jones Day 2,310 25 37 -129 12 Freshfields Bruckhaus Deringer 38,507 24 33 -9

27 13 Kim & Chang 10,372 22 13 923 14 Willkie Farr & Gallagher 4,032 22 16 612 15 Paul Hastings 1,421 22 24 -211 16 Ropes & Gray 3,147 21 27 -631 17 Goodwin Procter 2,536 21 13 820 18 CMS 1,660 21 18 3

19 19 White & Case 26,414 20 18 217 20 Baker & McKenzie 1,547 19 19 -

* Based on the target geography only and the advisor advising the buy-side only



Global: Private equity exits

from US$ 378.6m in 2012

• Asia-Pacific (excluding Japan) was the only region to experience a higher level of exits in 2013 compared to last year with a buoyant 62.7% increase at US$ 28.8bn (2012 valued at US$ 17.7bn). China saw a record value and number of exits during 2013 which made up 40% of Asia’s exits. China’s US$ 11.5bn-worth of transactions more than doubled its previ-ous peak in 2009 (US$ 4.3bn)

• The largest exit in 2013 was Warburg Pincus’ sale of Bausch & Lomb to Valeant Pharma-ceuticals for US$ 8.7bn. Exits from the Pharma, Medical & Biotech sector decreased by value for the second year to US$ 33.3bn, down 15.9% compared to 2012 (US$ 39.6bn)

• A slowdown for Secondary Buyouts (SBO’s) in Q4 contributed to 2013’s exit activity (US$ 270.8bn) witnessing a second annual decline by value

• Kirkland & Ellis also led the legal advisor league table for exits in 2013 after the firm advised on 68 exits valued at US$ 28.9bn

• The total value of private equity backed exits in 2013 was US$ 270.8bn. The 9.1% decrease from 2012 (US$ 298.0bn) resulted in the weakest annual value since 2010 (US$ 249.9bn)

• Q4 2013 saw 458 exits worth US$ 87.7bn, 18% higher than the previous quarter (US$ 74.3bn) and up 20.6% compared to Q4 2012 (US$ 72.7bn)

• The value of Secondary Buyouts (SBOs) in 2013 reversed three annual increases. Deal value stood at US$ 79.8bn, down 7.6% from 2012 (US$ 86.4bn). The market share of SBOs to total exits witnessed a marginal increase to 29.5% compared to 29% last year

• Trade Sale exits also decreased from US$ 211.6bn in 2012 to US$ 191.0bn in 2013. The 9.7% drop was the second successive annual decline. A vicious circle has appeared for trade sales - private equity firms refrain from sales at lower rates than their original buy-out price but strategic players avoid having to pay high values. This was emphasised by a decline in the average deal size for trade sales with 2013’s average at US$ 321.0m, down

2008 5.6%

94.4%

2011 13.5%

86.5%

2013: China 40.0%

2013: Rest of Asia 60.0%

Trade Sales vs Secondary Buyouts (SBOs)

China’s growing share to Asia’s exits over five years0%

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Global: Private equity top exits

Announced Date


Legal AdvisorTarget Company



(US$bn)

27-May-13 Valeant Pharmaceuticals International Inc

Arthur Cox; Osler, Hoskin & Harcourt; Skadden Arps Slate

Meagher & Flom

Bausch & Lomb Incorporated Cleary Gottlieb Steen & Hamilton; Stikeman Elliott

Warburg Pincus LLC 8.7

09-Dec-13 Sysco Corporation Arnall Golden & Gregory; Wachtell, Lipton, Rosen & Katz; Advising FA: Cravath, Swaine & Moore; Weil Gotshal & Manges

US Foods Inc Debevoise & Plimpton; Simpson Thacher & Bartlett; White &

Case

Kohlberg Kravis Roberts & Co LP; and Clayton, Dubilier & Rice LLC

8.2

20-Nov-13 Devon Energy Corporation Skadden Arps Slate Meagher & Flom; Advising FA: Sullivan &

Cromwell

GeoSouthern Energy Corporation

(Eagle Ford Assets)

Simpson Thacher & Bartlett Blackstone Group LP; and GeoSouthern Energy

Corporation

6.0

09-Sep-13 Canada Pension Plan Investment Board; and Ares Management

LLC

Latham & Watkins; Proskauer Rose; Torys

Neiman Marcus Group Inc Cleary Gottlieb Steen & Hamilton

TPG Capital LP; Warburg Pincus LLC; and Leonard Green &

Partners LP

6.0

19-Jun-13 BC Partners Limited Davis Polk & Wardwell; Freshfields Bruckhaus Deringer

Springer Science + Business Media Deutschland GmbH

Clifford Chance; Cravath, Swaine & Moore; Loyens &

Loeff; Advising seller: Hengeler Mueller; P+P Poellath +

Partners; Simmons & Simmons

EQT Partners AB; and GIC Special Investments Pte Ltd

4.4



Average deal size and Mid-market analysis • Q4’s three mega-deals (US$ 54.5bn) resulted in the lowest value for mega-deals since Q4 2011 (US$ 47.8bn), and a 4.2% decline in 2013’s average deal size

• The 27.1% share of mid-market M&A towards global M&A was the third highest percentage for any year on Mergermarket record (since 2001)

• In 2013, mid-market M&A totaled US$ 606.3bn, representing a 3.3% decrease compared to 2012 (US$ 626.9bn)

• Fluctuating mid-market M&A value per quarter was evident even throughout the credit crisis. One constant since Q3 2009 however, is the share of global M&A which has remained above 20%. Q4’s total value (US$ 186.2bn) represents the second highest share in any quarter on Mergermarket record (since 2001) with 32.6% of global M&A, up from 24.5% in Q3 (US$ 160.4bn)

• Asia-Pacific (exc. Japan) was the only region to see an increase in 2013 with US$ 141.9bn-worth of deals, up 42.9% compared to last year (US$ 99.3bn). Mid-market M&A in Europe saw each quarter valued around US$ 40bn until Q4’s US$ 47.6bn - the year has finished with a total value of US$ 167.6bn - a 7.1% decrease compared to 2012 (US$ 180.4bn). In the US, investors shied away from mid-cap deals in 2013 (US$ 210.1bn), down 11.6% compared to 2012 (US$ 237.6bn)

• The global average deal size during 2013 reversed two annual increases, down 4.2% to US$ 311.5m compared to the 2012 average of U$ 325.1m

• With three mega-deals (above US$ 10bn) announced in Q4, the quarter’s average deal size declined 18.4% to US$ 293.2m from US$ 359.5m in Q3

• Asia-Pacific (excl. Japan) witnessed its only mega-deal in Q4 but saw the fourth consecu-tive quarterly increase in average deal size in the region. At US$ 211.9m, Q4 was up 6.3% compared to Q3 (US$ 199.3m). Along with this growth pattern, 2013’s total average of US$ 192.9m was up 2% compared to last year’s average of US$ 189.1m

• A 71.4% (US$ 284.2bn) share of the total value of mega-deals in 2013 (US$ 397.9bn) came from ten deals (US$ 284.2bn) targeting US companies. As a result, the US achieved its highest average deal size on Mergermarket record (since 2001) at US$ 526.6m, up 1.9% from the previous high in 2009 (US$ 516.7m)

173.5 227.0

265.5

327.5

192.8

97.8

186.7 210.3 180.4 167.6

165.8

178.6

230.8

283.1

123.0

86.5

194.1 165.3 237.6

210.1 30.9

62.2

80.8

104.8

70.9

96.1

100.3 111.3 99.3 141.9

42.8

67.2

104.8

127.2

80.2

69.7

92.1 103.1 109.6

86.7

0%

5%

10%

15%

20%

25%

30%

0

100

200

300

400

500

600

700

800

900

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

% o

f Glo

bal M

&A

Valu

e of

Dea

ls (U

S$bn

)

% of Global M&A Europe US Asia-Pacific (exc. Japan) Rest of the World

Mid-market analysis (US$ 501m - US$ 2bn) Quarterly average deal size breakdown

321.2 266.4

382.1 302.4

357.4 288.2 282.6

466.5

301.6

299.3

248.3 295.2

304.9 308.1

333.6

360.3 228.4 286.9

338.0 313.1

359.5

277.3

339.5 332.3 360.5

265.4 384.5 293.2

0

200

400

600

800

1,000

1,200

1,400

1,600

2007 2008 2009 2010 2011 2012 2013

Valu

e (U

S$m

)

Q1 Q2 Q3 Q4

351.2

312.5 307.6 301.5 313.2 325.1 311.5



Consideration and Multiples & premiums analysis

• The global average EBITDA multiple fell for the third year down to 12.9x, the lowest since 2003 (10.6x) and down from 13.3x in 2012

• North America was the only region to see an increased average EBITDA multiple. North America finished the year at 12.6x, an increase following 2012’s dip to 12.1x as large-cap deals returned to the fore

• The TMT sector was one of the dominant industries in 2013 and as a result commanded one of the highest average EBITDA multiples at 15.1x, up from 13.2x in 2012. Average premiums in this sector rose slightly to 34% compared to 33.1% in 2012

• Equity-only consideration increasingly used for cross-border transactions in 2013 (US$ 49.1bn), up 101.7% compared to 2012 (US$ 24.3bn)

• The global average EBIDTA Exit multiple (12.9x) and premium percentage (19.2%) decreased for the third year in a row

0

5

10

15

20

25

30

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

EBIT

DA

Mul

tiple

(x) -

Ave

rage

Global Europe North America Asia-Pacific (excl. Japan) Japan

Multiples & Premiums Consideration value-market share breakdown for cross-border deals since 2009

• The value of cross-border deals paid for with some form of equity increased during 2013: US$ 49.1bn-worth of cross-border deals were funded by equity-only, an increase of 101.7% from 2012 (US$ 24.3bn)

• At 15%, the share of cross-border deals with a consideration mix of both cash and equity hit the highest level since 2007 (16.3%). The year saw US$ 93.7bn-worth of cross-border deals funded this way, up 86.5% compared to 2012 (US$ 50.3bn)

• However, global M&A deals with an equity-only consideration declined for a second year to US$ 241.9bn, down 21.6% from 2012 (US$ 308.5bn). Additionally, as a percentage of global M&A funding, deals paid for with equity constituted a mere 14.8% - marking a fifth consecutive drop and the lowest on Mergermarket record (2001)

• Until the final quarter of 2013, cash was very much the consideration of choice for investors looking to snap up US companies. Cash only deals witnessed consecutive value increases through the first three quarters, before taking a dip in Q4 to US$ 107.7bn - a 5.2% decline compared to Q3 (US$ 113.6bn). Meanwhile, deals funded by a mix of cash and equity were up 135.9% to US$ 71.3bn in Q4 compared to US$ 30.2bn in Q3

Regional EBITDA multilpe analysis

9.4%

2009 84.6%

6%

10.7%

2010 68.2%

9.1%

8.7%

2011 69.5%

6.4%

6.9%

2012 72.7%

3.3% 15.0%

2013 70.1%

7.8%

Cash & Equity Only Cash only Equity only




Europe: Overview of 2013 • The value of European M&A during 2013 (US$ 631.3bn) dropped for the second year to the lowest value since 2009 (US$ 466.8bn)

• De Brauw Blackstone Westbroek jumped from 28th position in 2012 (US$ 30.9bn) and topped the legal advisor league table with deals valued at US$ 215.2bn

1,519.7

1,003.7

466.8

638.7

725.2 717.8

631.3

265.4 295.2

121.6 127.3

183.7 171.4 134.7

583.3

204.1

78.1 114.6

241.6

185.9 196.3

384.7

287.3

79

154.9

165.2

110.9 149.4

286.3

217.1

188.1

241.9

134.7 249.6

150.9

0

200

400

600

800

1,000

1,200

1,400

1,600

2007 2008 2009 2010 2011 2012 2013

Valu

e of

Dea

ls (U

S$bn

)

Annual M&A Value Q4 M&A value Q3 M&A value Q2 M&A Value Q1 M&A Value

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

0

200

400

600

800

1,000

1,200

1,400

1,600

2007 2008 2009 2010 2011 2012 2013

Valu

e of

Dea

ls (U

S$bn

)

M&A Value

Number of Deals

Num

ber o

f Dea

ls

• Deals valued at US$ 631.6bn dropped 12% from 2012 (US$ 717.8bn) and represented a second annual decline. The final quarter of 2013 (US$ 150.9bn) led to the year not having one quarter above US$ 200bn for the first time since 2009

• Deal value in Q4 was on par with Q3 (US$ 149.4bn) but dropped 39.5% compared to Q4 2012 (US$ 249.6bn)

• The 28.5% share that European M&A contributed to global M&A was slightly below 2012 (31.4%). However, the eurozone countries saw several high profile deals such as those in Italy’s luxury fashion sector (e.g. Loro Piana) which resulted in their share to global M&A increasing to 15.5% from 14.2% last year

• The largest deal in Q4 2013 was the tenth largest European targeted deal of the whole year. Celesio was acquired by McKesson Corporation for US$ 7.6bn in October. Activ-ist hedge fund Elliott is expected to use its stake in Celesio to push for a “bid bump in squeeze-out negotiations,” according to Mergermarket intelligence



Europe: Industry and Cross-border analysis

• Inbound and outbound activity rebounded in Q3 from a lull in Q2 and Q4 continued the upward trajectory. Inbound deals valued at US$ 48.8bn in Q4 increased 8.2% from Q3 (US$ 45.1bn). The overall deal value though was down 15.4% from 2012 (US$ 218.4bn) at US$ 184.7bn. Inbound deal value for 2013 was the lowest value since 2010 (US$ 136.2bn)

• North American companies with the firepower to target large-cap deals remain loyal investors in Europe. The 68.7% share of all inbound deals from North America during 2013 came from deals valued at US$ 127bn, down 10.9% from the US$ 127.1bn in 2012 but with an increased share compared to 65.3% in 2012

• Succumbed by a continued eurozone crisis that still holds back deal making opportunities, 2013’s outbound deal value fell 17.5% to US$ 142.7bn compared to 2012 (US$ 173.1bn). It was the lowest value since 2009 (US$ 122bn). However, Q4’s deal value leapt 75.2% compared to Q4 2012 (US$ 36.5bn) and 73% compared to Q3 2013 (US$ 37bn)

• Every region except from Asia-Pacific (excl. Japan) aimed for European targets less in 2013 than in 2012. But for Asia-Pacific (excl. Japan), deal value increased 14.8% to US$ 25.6bn compared to US$ 22.3bn in 2012

0

200

400

600

800

1,000

1,200

0

100

200

300

400

500

600

700

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Num

ber o

f Dea

ls

Valu

e of

Dea

ls (U

S$bn

)

Outbound M&A Value

Inbound M&A Value

Inbound Number of Deals

Outbound Number of Deals

• During 2013, four out of 11 sectors increased their values compared to 2012. TMT had the largest increase at 97% with deals valued at US$ 132.2bn versus US$ 67.1bn last year. The 20.9% market share the sector had during 2013 drastically increased compared to last year’s 9.3% with the Virgin Media deal (US$ 25bn) contributing 18.9% to the value

• The two other thriving sectors were Leisure (US$ 13.8bn vs. US$ 7.4bn) and Pharma, Medical & Biotech (US$ 50.6bn vs. US$ 33.7bn), up 86.5% and 50.1%, respectively

• The Energy, Mining & Utilities (US$ 117.5bn) sector experienced the biggest decline by value out of all sectors, down 45.7%. The sector represented 18.6% of Europe’s M&A compared to 2012’s (US$ 216.5bn) 30.2% share. However, three mega-deals in 2012, including Glencore/Xstrata and two acquisitions involving TNK-BP Holdings, skewed the true representation - without these deals, 2013’s value would be down by just 1.1%

4.6%

10.6%

30.2%

15.4%

14.0%

1.0%

4.7%

3.7%

9.3%

3.7% 2.8%

4.6%

9.4%

18.6%

14.2%

11.1%

2.2%

8.0%

3.8%

20.9%

3.7% 3.4%

Business Services: US$ 29bn (US$ 32.9bn)


Energy, Mining & Utilities: US$ 117.5bn (US$ 216.5bn)




Pharma, Medical & Biotech: US$ 50.6bn (US$ 33.7bn)

Real Estate: US$ 23.8bn (US$ 26.3bn)

TMT: US$ 132.2bn (US$ 67.1bn)


Other: US$ 21.7bn (US$ 20bn)

2012

2013

European cross-border analysis2013 vs. (2012) value and market share comparison



Europe: Top deals

Announced Date



Target/Seller Legal Advisors


(US$bn)

06-Feb-13 Liberty Global Plc Hogan Lovells International; Ropes & Gray; Shearman &

Sterling; Advising FA: Latham & Watkins; O'Melveny & Myers

Virgin Media Inc Fried Frank Harris Shriver & Jacobson; Milbank Tweed

Hadley & McCloy; Advising FA: Cravath, Swaine & Moore

25

9-Aug-13* America Movil SAB de CV Cleary Gottlieb Steen & Hamilton; Clifford Chance;

Robles Miaja Abogados

Koninklijke KPN NV (70.23% Stake)

Allen & Overy 22.7

08-Apr-13 Russian Grids OAO Federal Grid Company of Unified Energy System OAO (79.64%

Stake)

The Federal Agency for State Property Management

14.4

21-Jun-13 Hellenic Financial Stability Fund National Bank of Greece SA (84.4% Stake)

Freshfields Bruckhaus Deringer 11.4

24-Jun-13 Vodafone Group Plc Linklaters Kabel Deutschland Holding AG (76.57% Stake)

Hengeler Mueller; Advising FA: Gleiss Lutz

11.3

23-Jul-13 Telefonica Deutschland Holding AG

CMS; De Brauw Blackstone Westbroek; McDermott Will &

Emery; Milbank Tweed Hadley & McCloy; Advsing FA: Shearman

& Sterling

E-Plus Mobilfunk GmbH & Co KG Advising seller: Allen & Overy Koninklijke KPN NV 11.3

28-Jun-13 Hellenic Financial Stability Fund Piraeus Bank SA (81.01% Stake) 9.1

12-Apr-13 Joh A Benckiser SE McDermott Will & Emery; Oppenhoff & Partner; Simpson

Thacher & Bartlett; Skadden Arps Slate Meagher & Flom;

Stibbe

DE Master Blenders 1753 NV (84.95% Stake)

Allen & Overy; De Brauw Blackstone Westbroek; Advising

FA: Cleary Gottlieb Steen & Hamilton

8.6

20-May-13 Actavis Inc Latham & Watkins; Matheson; Skadden Arps Slate Meagher & Flom; Advising FA: Fried Frank

Harris Shriver & Jacobson

Warner Chilcott Plc Arthur Cox; Davis Polk & Wardwell; White & Case;

Advising FA: A&L Goodbody; Cleary Gottlieb Steen &

Hamilton

8.4

18-Apr-13* Royalty Pharma Akin Gump Strauss Hauer & Feld; Davis Polk & Wardwell; Loyens & Loeff; Matheson;

Advising FA: Ashurst; Mason Hayes & Curran

Elan Corporation Plc A&L Goodbody; Cadwalader, Wickersham & Taft

7.8

* : lapsed/withdrawn bid



Europe: Legal advisor league tablesLeague table of legal advisors to M&A by value: Europe

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

28 1 De Brauw Blackstone Westbroek 215,208 57 30,883 596.8%25 2 Davis Polk & Wardwell 190,405 46 43,275 340%16 3 Simpson Thacher & Bartlett 175,758 43 52,348 235.7%24 4 Jones Day 174,039 94 44,157 294.1%14 5 Slaughter and May 172,525 51 58,900 192.9%79 6 Debevoise & Plimpton 158,834 22 11,715 1,256%15 7 Wachtell, Lipton, Rosen & Katz 157,894 7 52,485 200.8%2 8 Freshfields Bruckhaus Deringer 156,015 199 226,106 -31%6 9 Weil Gotshal & Manges 147,850 95 117,050 26.3%

169 10 Macfarlanes 132,995 31 3,539 3,658%1 11 Linklaters 120,641 197 226,570 -46.8%3 12 Clifford Chance 99,902 170 220,336 -54.7%8 13 Allen & Overy 96,959 172 95,788 1.2%

12 14 Latham & Watkins 95,909 110 75,531 27%4 15 Cleary Gottlieb Steen & Hamilton 71,282 49 172,131 -58.6%9 16 Cravath, Swaine & Moore 69,616 15 92,989 -25.1%5 17 Skadden Arps Slate Meagher & Flom 66,742 55 132,895 -49.8%7 18 White & Case 60,283 126 97,484 -38.2%

87 19 NautaDutilh 59,010 42 10,306 472.6%17 20 Shearman & Sterling 56,983 52 51,266 11.2%

League table of legal advisors to M&A by deal count: Europe

Ranking 2013 2012


Deal Count

Deal Count

Count Change

2 1 DLA Piper 15,388 230 216 143 2 Freshfields Bruckhaus Deringer 156,015 199 209 -101 3 Linklaters 120,641 197 232 -356 4 CMS 24,542 176 173 34 5 Allen & Overy 96,959 172 195 -235 6 Clifford Chance 99,902 170 188 -187 7 Baker & McKenzie 38,840 151 153 -28 8 White & Case 60,283 126 116 10

31 9 Latham & Watkins 95,909 110 100 1011 10 Hogan Lovells International 43,848 102 102 -13 11 King & Wood Mallesons 17,911 100 90 1021 12 Weil Gotshal & Manges 147,850 95 67 289 13 Jones Day 174,039 94 112 -18

10 14 Eversheds 4,213 84 103 -1930 15 Kirkland & Ellis 41,905 78 55 2324 16 Herbert Smith Freehills 32,827 71 66 514 17 Ashurst 28,254 70 86 -1615 18 Norton Rose Fulbright 9,847 70 84 -14

17 19 Loyens & Loeff 32,969 68 76 -820 20 Pinsent Masons 3,534 61 69 -8



Europe: Legal advisor league tables to buyoutsLeague table of legal advisors to private equity buyouts by value: Europe

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

2 1 Linklaters 11,965 38 13,000 -8%1 2 Freshfields Bruckhaus Deringer 10,586 20 16,041 -34%9 3 Kirkland & Ellis 10,538 20 6,043 74.4%4 4 Latham & Watkins 9,670 22 9,685 -6 5 Clifford Chance 6,624 29 7,013 -6%

56 6 PwC legal 5,255 7 879 497.8%46 7 Hengeler Mueller 5,121 3 1,160 341.5%5 8 Allen & Overy 4,521 17 8,471 -46.6%- 9 Davis Polk & Wardwell 4,423 1 - -8 10 Weil Gotshal & Manges 4,357 23 6,589 -33.9%

27 11 Simpson Thacher & Bartlett 4,127 4 2,022 104.1%141 12 Cleary Gottlieb Steen & Hamilton 3,836 7 41 9,256.1%36 13 White & Case 2,945 10 1,351 118%- 14 Stikeman Elliott 2,531 2 - -7 15 Sullivan & Cromwell 2,358 3 6,647 -64.5%

49 16 Ashurst 2,265 9 1,016 123%243 17 Kinstellar 2,051 2 - -95 18 Chiomenti Studio Legale 1,930 5 293 558.7%- 19 Morrison & Foerster 1,929 1 - -

59 20 DLA Piper 1,842 19 761 142%

League table of legal advisors to private equity buyouts by deal count: Europe

Ranking 2013 2012


Deal Count

Deal Count

Count Change

4 1 Linklaters 11,965 38 26 122 2 Clifford Chance 6,624 29 28 11 3 King & Wood Mallesons 1,310 25 33 -89 4 Weil Gotshal & Manges 4,357 23 16 75 5 Latham & Watkins 9,670 22 19 33 6 Freshfields Bruckhaus Deringer 10,586 20 27 -7

13 7 Kirkland & Ellis 10,538 20 12 88 8 DLA Piper 1,842 19 17 27 9 CMS 1,660 19 17 26 10 Allen & Overy 4,521 17 17 -

26 11 Travers Smith 902 16 8 812 12 Eversheds 478 12 13 -118 13 Pinsent Masons 305 12 10 261 14 Gateley 220 11 5 614 15 Baker & McKenzie 209 11 11 -22 16 White & Case 2,945 10 9 162 17 Willkie Farr & Gallagher 534 10 5 556 18 Herbert Smith Freehills 311 10 5 510 19 Ashurst 2,265 9 15 -620 20 Hannes Snellman 862 9 9 -




Europe: Legal advisor league tables League table of legal advisors to M&A by value: UK

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

10 1 Simpson Thacher & Bartlett 143,905 22 29,251 392%19 2 Jones Day 138,408 29 15,296 804.9%46 3 Davis Polk & Wardwell 137,877 15 6,422 2,046.9%12 4 Slaughter and May 137,801 35 25,524 439.9%2 5 Weil Gotshal & Manges 134,060 27 76,492 75.3%

81 6 Macfarlanes 132,995 31 3,539 3,658%147 7 De Brauw Blackstone Westbroek 128,105 9 1,100 11,545%14 8 Wachtell, Lipton, Rosen & Katz 128,050 3 22,619 466.1%74 9 Debevoise & Plimpton 127,293 9 4,132 2,980.7%5 10 Freshfields Bruckhaus Deringer 45,041 71 66,618 -32.4%1 11 Linklaters 44,826 81 104,815 -57.2%8 12 Latham & Watkins 37,571 36 35,797 5%7 13 Cravath, Swaine & Moore 34,581 5 36,953 -6.4%

13 14 Shearman & Sterling 34,026 17 24,446 39.2%30 15 Hogan Lovells International 31,786 41 12,102 162.7%

League table of legal advisors to M&A by deal count: UK

Ranking 2013 2012


Deal Count

Deal Count

Count Change

1 1 DLA Piper 9,048 98 109 -112 2 Linklaters 44,826 81 97 -163 3 Freshfields Bruckhaus Deringer 45,041 71 78 -74 4 Eversheds 3,941 64 72 -85 5 Clifford Chance 31,197 59 70 -116 6 Pinsent Masons 3,304 57 69 -127 7 Allen & Overy 23,964 56 68 -12

17 8 King & Wood Mallesons 10,617 51 38 1311 9 Travers Smith 9,239 51 43 828 10 Kirkland & Ellis 26,949 45 26 1910 11 CMS 5,703 44 47 -316 12 Hogan Lovells International 31,786 41 39 222 13 Squire Sanders 1,568 40 32 818 14 Osborne Clarke 1,930 38 37 19 15 Norton Rose Fulbright 5,504 37 47 -10

League table of legal advisors to M&A by value: Ireland

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

1 1 A&L Goodbody 22,628 26 27,567 -17.9%8 2 Matheson 20,119 22 13,433 49.8%

10 3 Davis Polk & Wardwell 19,727 5 12,105 63%- 4 Skadden Arps Slate Meagher & Flom 12,569 4 - -

37 5 Fried Frank Harris Shriver & Jacobson 11,690 2 505 2,215%2 6 Arthur Cox 10,746 16 18,595 -42.2%

30 7 Cadwalader, Wickersham & Taft 10,154 5 695 1,361%- 8 White & Case 9,337 3 - -9 9= Cleary Gottlieb Steen & Hamilton 8,428 1 12,635 -33%

12 9= Latham & Watkins 8,428 1 11,940 -29.4%47 11 Mason Hayes & Curran 7,870 7 103 7,540.8%- 12 Loyens & Loeff 7,856 2 - -- 13= Akin Gump Strauss Hauer & Feld 7,828 1 - -

89 13= Ashurst 7,828 1 - -35 15 Sullivan & Cromwell 6,806 2 550 1,137.5%

League table of legal advisors to M&A by deal count: Ireland

Ranking 2013 2012


Deal Count

Deal Count

Count Change

2 1 William Fry 742 27 22 51 2 A&L Goodbody 22,628 26 25 14 3 Matheson 20,119 22 15 73 4 Arthur Cox 10,746 16 18 -2

11 5 Maples & Calder 147 9 6 312 6 Allen & Overy 501 8 4 47 7 Mason Hayes & Curran 7,870 7 10 -38 8= Eversheds 54 7 9 -25 8= McCann FitzGerald 54 7 11 -4

22 10 Davis Polk & Wardwell 19,727 5 2 346 11 Cadwalader, Wickersham & Taft 10,154 5 1 445 12 Baker & McKenzie 1,299 5 1 49 13 Linklaters 761 5 8 -3- 14 Skadden Arps Slate Meagher & Flom 12,569 4 - -

58 15 Hogan Lovells International 885 4 1 3



Europe: Legal advisor league tables League table of legal advisors to M&A by value: Germany

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

2 1 Hengeler Mueller 43,369 38 46,103 -5.9%8 2 Linklaters 41,536 39 21,990 88.9%1 3 Freshfields Bruckhaus Deringer 40,296 65 55847 -27.8%

18 4 Gleiss Lutz 21,521 32 9,078 137.1%6 5 Allen & Overy 21,015 32 23,861 -11.9%

10 6 Sullivan & Cromwell 18,300 9 13,374 36.8%13 7 Shearman & Sterling 15,468 10 11404 35.6%51 8 De Brauw Blackstone Westbroek 15,422 6 2,493 518.6%3 9 Clifford Chance 15,352 37 27,549 -44.3%7 10 CMS 13,423 74 23,611 -43.1%

29 11 Davis Polk & Wardwell 13,295 5 5,688 133.7%49 12 Milbank Tweed Hadley & McCloy 12,831 16 2,972 331.7%42 13 McDermott Will & Emery 11,898 7 3,739 218.2%20 14 P+P Poellath + Partners 11,254 23 8,591 31%14 15 Noerr 9,971 35 11,329 -12%

League table of legal advisors to M&A by deal count: Germany

Ranking 2013 2012


Deal Count

Deal Count

Count Change

2 1 CMS 13,423 74 74 01 2 Freshfields Bruckhaus Deringer 40,296 65 74 -95 3 Linklaters 41,536 39 37 23 4 Hengeler Mueller 43,369 38 53 -154 5 Clifford Chance 15,352 37 53 -166 6 Noerr 9,971 35 36 -1

15 7 Gleiss Lutz 21,521 32 25 79 8 Allen & Overy 21,015 32 33 -1

14 9 DLA Piper 892 30 26 411 10 White & Case 5,465 29 29 -10 11 Hogan Lovells International 4,184 27 30 -38 12 Baker & McKenzie 6,360 26 34 -8

16 13 Luther 1,283 26 23 318 14 King & Wood Mallesons 1,921 24 20 47 15 P+P Poellath + Partners 11,254 23 36 -13

League table of legal advisors to M&A by value: Germanic

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

3 1 Linklaters 44,754 45 94,352 -52.6%1 2 Freshfields Bruckhaus Deringer 44,681 79 111,743 -60%6 3 Hengeler Mueller 43,369 38 46,103 -6%9 4 Allen & Overy 32,479 49 31,799 2.1%

80 5 De Brauw Blackstone Westbroek 24,393 8 2,583 844.4%39 6 Gleiss Lutz 21,521 32 9,547 125.4%69 7 McDermott Will & Emery 20,521 8 3,797 440.5%20 8 Sullivan & Cromwell 18,834 13 15,894 18.5%13 9 CMS 16,617 82 24,214 -31.4%2 10 Clifford Chance 16,275 44 96243 -83.1%

14 11 Shearman & Sterling 15,468 14 19,012 -18.6%10 12 Skadden Arps Slate Meagher & Flom 14,712 18 30,167 -51.2%18 13 Davis Polk & Wardwell 13,607 8 17,066 -20.3%72 14 Milbank Tweed Hadley & McCloy 12,831 16 3,244 295.5%17 15 Cleary Gottlieb Steen & Hamilton 12,408 9 17,169 -27.7%

League table of legal advisors to M&A by deal count: Germanic

Ranking 2013 2012


Deal Count

Deal Count

Count Change

2 1 CMS 16,617 82 82 -1 2 Freshfields Bruckhaus Deringer 44,681 79 96 -177 3 Allen & Overy 32,479 49 44 56 4 Linklaters 44,754 45 51 -63 5 Clifford Chance 16,275 44 62 -184 6 Baker & McKenzie 10,082 44 61 -178 7 DLA Piper 932 42 38 45 8 Hengeler Mueller 43,369 38 54 -16

10 9 Noerr 10,684 37 36 19 10 White & Case 6,167 34 36 -2

17 11 Gleiss Lutz 21,521 32 27 516 12 King & Wood Mallesons 4,032 31 27 415 13 Latham & Watkins 8,941 28 28 -13 14 Hogan Lovells International 4,184 28 33 -514 15 Jones Day 4,562 26 33 -7



Europe: Legal advisor league tables League table of legal advisors to M&A by value: Benelux

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

6 1 De Brauw Blackstone Westbroek 63,278 46 22,123 186%5 2 Allen & Overy 57,459 56 30,024 91.4%1 3 Freshfields Bruckhaus Deringer 43,883 36 46,738 -6.1%3 4 Clifford Chance 43,178 30 39,307 9.8%

15 5 Cleary Gottlieb Steen & Hamilton 42,315 13 18,879 124.1%21 6 NautaDutilh 33,028 33 7,816 322.6%9 7 Cravath, Swaine & Moore 28,126 2 21,551 30.5%

51 8 Debevoise & Plimpton 26,993 4 2,660 915%- 9 A&L Goodbody 26,598 2 - -- 10 Robles Miaja Abogados 22,686 1 - -4 11 Skadden Arps Slate Meagher & Flom 21,055 11 36,473 -42.3%

19 12 Linklaters 20,745 36 9,264 123.9%49 13 McDermott Will & Emery 19,919 2 2,810 608.9%22 14 Shearman & Sterling 16,565 16 7337 125.8%25 15 Baker & McKenzie 14,733 26 6,700 119.9%

League table of legal advisors to M&A by deal count: Benelux

Ranking 2013 2012


Deal Count

Deal Count

Count Change

1 1 Allen & Overy 57,459 56 73 -172 2 Loyens & Loeff 9,570 50 57 -73 3 De Brauw Blackstone Westbroek 63,278 46 55 -94 4 DLA Piper 1,795 39 41 -25 5 Freshfields Bruckhaus Deringer 43,883 36 39 -38 6 Linklaters 20,745 36 32 46 7 NautaDutilh 33,028 33 36 -3

12 8 Clifford Chance 43,178 30 23 77 9 Stibbe 11,072 30 35 -59 10 Baker & McKenzie 14,733 26 31 -5

10 11 Houthoff Buruma 525 24 30 -620 12 White & Case 12,787 21 13 811 13 CMS 13,038 19 24 -523 14 Shearman & Sterling 16,565 16 11 516 15 AKD lawyers & civil law notaries 89 16 15 1

League table of legal advisors to M&A by value: France

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

13 1 Latham & Watkins 35,847 31 6,197 478.5%47 2 Wachtell, Lipton, Rosen & Katz 29,393 3 1,699 1,630%11 3 Jones Day 25,468 19 7,993 218.6%6 4 Darrois Villey Maillot Brochier 24,338 19 9,978 143.9%- 5 Slaughter and May 24,228 6 - -

41 6 NautaDutilh 21,891 5 2,172 907.9%4 7 Freshfields Bruckhaus Deringer 21,221 21 13,966 51.9%8 8 De Brauw Blackstone Westbroek 20,740 7 8,964 131.4%

50 9 Egorov, Puginsky, Afanasiev & Partners 19,369 1 1,429 1,255.4%10 10 Bredin Prat 15,986 23 8,353 91.4%

129 11 Gibson Dunn & Crutcher 15,445 10 247 6,153%12 12 Sullivan & Cromwell 13,179 7 6,915 90.6%23 13 Skadden Arps Slate Meagher & Flom 11,290 7 3,374 234.6%2 14 Cleary Gottlieb Steen & Hamilton 11,071 16 25,927 -57.3%3 15 Linklaters 10,518 34 16,074 -34.6%

League table of legal advisors to M&A by deal count: France

Ranking 2013 2012


Deal Count

Deal Count

Count Change

4 1 Gide Loyrette Nouel 3,337 36 31 55 2 CMS 1,740 36 31 52 3 Linklaters 10,518 34 32 28 4 Latham & Watkins 35,847 31 27 4

15 5 Weil Gotshal & Manges 4,295 29 18 116 6 King & Wood Mallesons 4,257 29 30 -1

11 7 DLA Piper 3,889 29 22 718 8 Paul Hastings 4,531 26 18 810 9 Allen & Overy 3,900 26 25 11 10 Clifford Chance 7,786 25 32 -77 11 De Pardieu Brocas Maffei 3,956 25 30 -5

16 12 Bredin Prat 15,986 23 18 520 13 White & Case 4,009 22 16 619 14 Fidal 512 22 17 512 15 Freshfields Bruckhaus Deringer 21,221 21 21 -



Europe: Legal advisor league tables League table of legal advisors to M&A by value: Iberia

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

4 1 Clifford Chance 18,059 27 11,825 52.7%3 2 Linklaters 15,834 21 13,348 18.6%6 3 Freshfields Bruckhaus Deringer 14,762 19 9,912 48.9%2 4 Garrigues 13,276 35 13,969 -5%

28 5 KPMG Abogados 10,828 25 2,651 308.4%1 6 Uria Menendez 8,156 48 22,848 -64%

160 7 Miranda & Amado Abogados 7,216 2 - -165 8 Skadden Arps Slate Meagher & Flom 5,997 3 - -31 9 Cleary Gottlieb Steen & Hamilton 5,957 4 2,100 184%5 10 Cuatrecasas, Goncalves Pereira 5,545 55 10,365 -46.5%

30 11 Baker & McKenzie 4,910 15 2,117 131.9%20 12 Sullivan & Cromwell 4,434 5 3,734 18.7%21 13 Hogan Lovells International 4,049 10 3,686 9.8%29 14 Ashurst 3,777 9 2,190 72.5%- 15 Alston & Bird 3,738 2 - -

League table of legal advisors to M&A by deal count: Iberia

Ranking 2013 2012


Deal Count

Deal Count

Count Change

2 1 Cuatrecasas, Goncalves Pereira 5,545 55 49 63 2 Uria Menendez 8,156 48 43 51 3 Garrigues 13,276 35 49 -149 4 Clifford Chance 18,059 27 15 125 5 KPMG Abogados 10,828 25 18 7

14 6 Gomez-Acebo & Pombo Abogados 1,522 22 9 134 7 Linklaters 15,834 21 29 -88 8 DLA Piper 2,504 20 16 46 9 Freshfields Bruckhaus Deringer 14,762 19 17 27 10 Deloitte Legal 2,020 19 16 3

10 11 Baker & McKenzie 4,910 15 14 121 12 PLMJ - Sociedade de Advogados 1,670 11 5 615 13 Hogan Lovells International 4,049 10 8 212 14 Allen & Overy 2,549 10 10 -11 15 Ashurst 3,777 9 11 -2

League table of legal advisors to M&A by value: Spain

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

3 1 Clifford Chance 18,059 27 11,825 52.7%6 2 Linklaters 15,807 19 6,430 145.8%4 3 Freshfields Bruckhaus Deringer 14,762 19 9,912 48.9%2 4 Garrigues 13,180 34 13,969 -5.6%

17 5 KPMG Abogados 10,828 25 2,651 308.4%1 6 Uria Menendez 7,940 44 18,652 -57.4%

140 7 Miranda & Amado Abogados 7,216 2 - -143 8 Skadden Arps Slate Meagher & Flom 5,997 3 - -20 9 Cleary Gottlieb Steen & Hamilton 5,957 4 2,100 184%5 10 Cuatrecasas, Goncalves Pereira 5,417 51 7,445 -27.2%

19 11 Baker & McKenzie 4,910 15 2,117 131.9%10 12 Sullivan & Cromwell 4,434 5 3,734 18.7%11 13 Hogan Lovells International 4,049 10 3,686 9.8%18 14 Ashurst 3,777 9 2,190 72.5%- 15 Alston & Bird 3,738 2 - -

League table of legal advisors to M&A by deal count: Spain

Ranking 2013 2012


Deal Count

Deal Count

Count Change

3 1 Cuatrecasas, Goncalves Pereira 5,417 51 41 102 2 Uria Menendez 7,940 44 41 31 3 Garrigues 13,180 34 49 -159 4 Clifford Chance 18,059 27 15 125 5 KPMG Abogados 10,828 25 18 7

15 6 Gomez-Acebo & Pombo Abogados 1,495 21 8 138 7 DLA Piper 2,504 20 16 44 8 Linklaters 15,807 19 23 -46 9 Freshfields Bruckhaus Deringer 14,762 19 17 27 10 Deloitte Legal 2,020 19 16 3

10 11 Baker & McKenzie 4,910 15 14 113 12 Hogan Lovells International 4,049 10 8 212 13 Allen & Overy 2,549 10 9 111 14 Ashurst 3,777 9 11 -214 15 Jones Day 2,137 8 8 -



Europe: Legal advisor league tables League table of legal advisors to M&A by value: Italy

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

4 1 Bonelli Erede Pappalardo 14,943 18 12,406 20.4%2 2 Chiomenti Studio Legale 14,364 36 23,754 -39.5%1 3 Gianni, Origoni, Grippo, Cappelli & Partners 9,382 24 24,038 -61%

17 4 Linklaters 8,188 9 2,672 206.4%3 5 Freshfields Bruckhaus Deringer 7,796 15 15,452 -49.5%5 6 d'Urso Gatti e Bianchi - Studio Legale Associato 6,672 18 12,240 -45.5%- 7 Slaughter and May 6,331 2 - -

16 8 White & Case 5,389 6 2,961 82%8 9 Jones Day 5,240 4 6,885 -23.9%

30 10 De Brauw Blackstone Westbroek 5,181 2 1,451 257%20 11 Legance – Avvocati Associati 5,133 10 2,544 101.8%10 12 Skadden Arps Slate Meagher & Flom 5,034 4 6,300 -20.1%18 13 Latham & Watkins 4,894 14 2609 87.6%6 14 Clifford Chance 4,830 17 8,913 -45.8%

43 15 Simpson Thacher & Bartlett 4,538 3 908 399.8%

League table of legal advisors to M&A by deal count: Italy

Ranking 2013 2012


Deal Count

Deal Count

Count Change

1 1 Chiomenti Studio Legale 14,364 36 42 -62 2 Gianni, Origoni, Grippo, Cappelli & Partners 9,382 24 27 -34 3 NCTM Studio Legale Associato 1,080 21 24 -35 4 Bonelli Erede Pappalardo 14,943 18 23 -53 5 d'Urso Gatti e Bianchi - Studio Legale Associato 6,672 18 25 -79 6 Clifford Chance 4,830 17 12 5

11 7 Freshfields Bruckhaus Deringer 7,796 15 10 513 8 Latham & Watkins 4,894 14 9 5- 9 Gattai Minoli & Partners 2,409 13 - -8 10 DLA Piper 855 13 14 -16 11 Studio Pedersoli e Associati 1,021 12 18 -6

14 12 Legance – Avvocati Associati 5,133 10 9 115 13 Baker & McKenzie 3,825 10 9 110 14 BLF Studio Legale 301 10 11 -17 15 Linklaters 8,188 9 16 -7

League table of legal advisors to M&A by value: Nordic

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

25 1 Roschier 18,071 31 5,126 252.5%7 2 White & Case 17,458 23 8,930 95.5%

11 3 Hannes Snellman 17,230 48 7,979 116%46 4 Davis Polk & Wardwell 15,990 9 2,200 626.8%4 5 Freshfields Bruckhaus Deringer 12,611 12 11,262 12%

35 6 Mannheimer Swartling 11,985 48 3,519 240.6%8 7 Skadden Arps Slate Meagher & Flom 11,966 7 8,925 34.1%9 8 Wiersholm 10,271 39 8,317 23.5%1 9 Clifford Chance 10,262 16 15,637 -34.4%

31 10 Schjodt 9,584 57 4088 134.4%61 11 Simpson Thacher & Bartlett 7,311 2 1,016 619.6%

132 12 Covington & Burling 7,214 2 95 7,493.7%- 13 Cravath, Swaine & Moore 6,869 2 - -

57 14 Avance Attorneys 6,487 19 1,295 400.9%23 15 BA-HR 5,748 39 5,649 1.8%

League table of legal advisors to M&A by deal count: Nordic

Ranking 2013 2012


Deal Count

Deal Count

Count Change

3 1 Schjodt 9,584 57 63 -61 2 Bech-Bruun 1,942 52 67 -155 3 Vinge 3,321 51 55 -47 4 Hannes Snellman 17,230 48 50 -22 5 Mannheimer Swartling 11,985 48 64 -166 6 Wiersholm 10,271 39 53 -14

15 7 BA-HR 5,748 39 31 813 8 Gorrissen Federspiel 2,019 38 35 39 9 Plesner 3,169 37 42 -54 10 Kromann Reumert 3,338 36 56 -20

14 11 Accura 3,202 34 35 -18 12 Thommessen 5,050 33 46 -13

12 13 Wikborg Rein & Co 3,586 33 36 -311 14 Roschier 18,071 31 38 -718 15 Selmer 1,567 29 22 7



Europe: Legal advisor league tables League table of legal advisors to M&A by value: Sweden

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

18 1 Mannheimer Swartling 11,303 46 3,296 242.9%26 2 Davis Polk & Wardwell 10,761 5 2,200 389.1%5 3 Clifford Chance 6,555 7 6,255 4.8%2 4 Freshfields Bruckhaus Deringer 5,281 5 7,683 -31.3%

22 5 Gernandt & Danielsson 4,756 18 2,710 75.5%- 6= Cravath, Swaine & Moore 4,423 1 - -

94 6= Loyens & Loeff 4,423 1 33 13,303%62 8 NautaDutilh 4,324 3 217 1,892.6%15 9 White & Case 4,313 10 3,645 18.3%16 10 Roschier 4,178 16 3,345 24.9%65 11 Hengeler Mueller 3,758 3 164 2,191.5%13 12 Hannes Snellman 3,667 22 3,785 -3.1%24 13 P+P Poellath + Partners 3,627 2 2,289 58.5%

128 14 De Brauw Blackstone Westbroek 3,456 3 - -1 15 Vinge 3,321 49 8,283 -59.9%

League table of legal advisors to M&A by deal count: Sweden

Ranking 2013 2012


Deal Count

Deal Count

Count Change

2 1 Vinge 3,321 49 53 -41 2 Mannheimer Swartling 11,303 46 59 -133 3 Advokatfirman Lindahl 979 25 38 -134 4 Hannes Snellman 3,667 22 25 -38 5 Gernandt & Danielsson 4,756 18 16 27 6 Roschier 4,178 16 17 -16 7 Delphi 1,210 16 22 -6

35 8 MAQS Law Firm 87 16 5 119 9 Cederquist 1,044 15 16 -15 10 Wistrand 47 14 22 -8

12 11 Setterwalls 560 13 12 111 12 White & Case 4,313 10 14 -419 13 Schjodt 1,813 10 10 -10 14 Linklaters 1,771 10 15 -521 15 Baker & McKenzie 92 8 9 -1

League table of legal advisors to M&A by value: Denmark

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

2 1 Kromann Reumert 3,338 35 6,623 -49.6%3 2 Accura 3,202 31 6,548 -51.1%5 3 Plesner 2,806 36 3,582 -22%

18 4 Linklaters 2,131 7 390 446.4%- 5 Sullivan & Cromwell 2,041 2 - -1 6 Gorrissen Federspiel 2,019 37 7,061 -71.4%8 7 Davis Polk & Wardwell 2,004 1 2,200 -8.9%- 8 BA-HR 1,811 2 - -4 9 Bech-Bruun 1,804 50 4,310 -58.1%

22 10 Mannheimer Swartling 1,418 5 366 287.4%- 11 Latham & Watkins 1,399 4 - -

36 12 Hannes Snellman 1,330 18 123 981.3%39 13 Bruun & Hjejle 1,077 25 113 853.1%25 14 King & Wood Mallesons 933 2 280 233.2%61 15 Lett Advokatfirma 897 4 8 11,113%

League table of legal advisors to M&A by deal count: Denmark

Ranking 2013 2012


Deal Count

Deal Count

Count Change

1 1 Bech-Bruun 1,804 50 63 -135 2 Gorrissen Federspiel 2,019 37 33 43 3 Plesner 2,806 36 41 -52 4 Kromann Reumert 3,338 35 55 -204 5 Accura 3,202 31 35 -47 6 Ronne & Lundgren 325 26 15 118 7 Bruun & Hjejle 1,077 25 13 126 8 Moalem Weitemeyer Bendtsen 52 23 16 7

12 9 Hannes Snellman 1,330 18 5 1386 10 Delacour 21 8 1 721 11 Linklaters 2,131 7 3 452 12 Baker & McKenzie 140 6 1 59 13 Mannheimer Swartling 1,418 5 7 -2

26 14 Thommessen 447 5 3 217 15 Vinge 38 5 4 1



Europe: Legal advisor league tables League table of legal advisors to M&A by value: Norway

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

2 1 Wiersholm 10,120 36 7,270 39.2%8 2 Schjodt 9,221 54 3,229 185.6%

29 3 Freshfields Bruckhaus Deringer 5,383 3 460 1,070.2%1 4 Thommessen 5,050 33 8,979 -43.8%9 5 BA-HR 3,823 36 2,012 90%3 6 Wikborg Rein & Co 3,586 32 4,885 -26.6%

99 7 Clifford Chance 3,324 5 - -- 8= Abdullah Chan 2,900 1 - -- 8= Davis Polk & Wardwell 2,900 1 - -

100 10 CMS 2,650 2 - -- 11= Cravath, Swaine & Moore 2,446 1 - -- 11= Dentons 2,446 1 - -- 11= Skadden Arps Slate Meagher & Flom 2,446 1 - -- 11= Sullivan & Cromwell 2,446 1 - -4 15 Selmer 1,487 28 3,986 -62.7%

League table of legal advisors to M&A by deal count: Norway

Ranking 2013 2012


Deal Count

Deal Count

Count Change

1 1 Schjodt 9,221 54 62 -82 2 Wiersholm 10,120 36 50 -145 3 BA-HR 3,823 36 27 93 4 Thommessen 5,050 33 45 -124 5 Wikborg Rein & Co 3,586 32 35 -36 6 Selmer 1,487 28 21 78 7 Arntzen de Besche 728 16 9 7

13 8 Advokatfirmaet Haavind 490 12 4 810 9 Vinge 164 10 8 27 10 Mannheimer Swartling 314 8 10 -2

12 11 DLA Piper 509 7 5 223 12 Kromann Reumert 992 6 3 399 13 Clifford Chance 3,324 5 1 49 14 Roschier 131 5 8 -3

17 15 Accura 700 4 4 -

League table of legal advisors to M&A by value: Finland

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

1 1 Hannes Snellman 14,598 23 4,956 194.6%10 2 Roschier 14,006 16 2,003 599.3%3 3 White & Case 12,505 11 3,958 216%8 4 Skadden Arps Slate Meagher & Flom 9,065 3 3,119 190.6%- 5= Covington & Burling 7,177 1 - -- 5= Simpson Thacher & Bartlett 7,177 1 - -

11 7 Avance Attorneys 6,487 18 1,295 400.9%32 8 Waselius & Wist 4,160 6 47 8,751.1%33 9 Ashurst 3,634 3 42 8,552.4%- 10= De Brauw Blackstone Westbroek 2,219 1 - -

23 10= Houthoff Buruma 2,219 1 108 1,954.6%- 10= Shearman & Sterling 2,219 1 - -- 10= Slaughter and May 2,219 1 - -- 14 Morrison & Foerster 1,897 2 - -7 15 Hengeler Mueller 1,724 3 3,171 -45.6%

League table of legal advisors to M&A by deal count: Finland

Ranking 2013 2012


Deal Count

Deal Count

Count Change

1 1 Hannes Snellman 14,598 23 31 -87 2 Avance Attorneys 6,487 18 10 84 3 Krogerus 1,139 17 16 13 4 Roschier 14,006 16 25 -92 5 Castren & Snellman 150 14 25 -115 6 Attorneys at law Borenius 607 13 12 16 7 Bird & Bird 367 13 11 29 8 White & Case 12,505 11 5 6

14 9 Waselius & Wist 4,160 6 4 28 10 Dittmar & Indrenius 306 6 10 -4

70 11 Selmer 395 5 1 416 12 Advokatfirman Lindahl 822 4 4 -74 13 Wiersholm 161 4 1 323 14 Skadden Arps Slate Meagher & Flom 9,065 3 2 128 15 Ashurst 3,634 3 2 1



Europe: Legal advisor league tables League table of legal advisors to M&A by value: CEE

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

5 1 White & Case 22,304 35 40,282 -44.6%4 2 Linklaters 11,573 16 43,351 -73.3%

10 3 Freshfields Bruckhaus Deringer 10,932 17 6,021 81.6%6 4 Skadden Arps Slate Meagher & Flom 10,906 13 37,732 -71.1%

22 5 Baker & McKenzie 9,058 13 2,311 292%12 6 Clifford Chance 7,793 21 4,327 80.1%30 7 Herbert Smith Freehills 7,528 13 1,729 335.4%56 8 Greenberg Traurig 6,700 11 206 3,152.4%- 9 Zulficar & Partners 6,403 1 - -8 10 Akin Gump Strauss Hauer & Feld 5,554 4 14,731 -62%

112 11 BBH, advokatni kancelar 5,123 3 - -25 12 Dentons 5,066 16 2,082 143.3%11 13 Allen & Overy 4,882 19 5,945 -18%7 14 Conyers Dill & Pearman 3,802 3 28,000 -86.4%

125 15 De Brauw Blackstone Westbroek 3,736 5 - -

League table of legal advisors to M&A by deal count: CEE

Ranking 2013 2012


Deal Count

Deal Count

Count Change

2 1 CMS 2,787 36 27 91 2 White & Case 22,304 35 35 -7 3 Clifford Chance 7,793 21 22 -19 4 Weil Gotshal & Manges 1,528 20 16 48 5 DLA Piper 717 20 18 23 6 Allen & Overy 4,882 19 25 -6

14 7 Freshfields Bruckhaus Deringer 10,932 17 12 55 8 Linklaters 11,573 16 23 -7

10 9 Dentons 5,066 16 16 -12 10 LAWIN 181 14 14 -15 11 Skadden Arps Slate Meagher & Flom 10,906 13 11 26 12 Baker & McKenzie 9,058 13 23 -10

28 13 Herbert Smith Freehills 7,528 13 6 753 14 Greenberg Traurig 6,700 11 2 917 15 Hogan Lovells International 3,117 11 10 1

League table of legal advisors to M&A by value: Russia

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

5 1 White & Case 16,564 16 39,233 -57.8%4 2 Linklaters 8,818 7 42,203 -79.1%

20 3 Herbert Smith Freehills 7,403 12 1,729 328.2%- 4 Zulficar & Partners 6,403 1 - -6 5 Skadden Arps Slate Meagher & Flom 5,888 10 37,732 -84.4%

68 6 Akin Gump Strauss Hauer & Feld 5,554 4 14,731 -62.3%16 7 Freshfields Bruckhaus Deringer 4,769 8 1,918 148.6%30 8 Allen & Overy 4,425 3 606 630.2%21 9 Dentons 4,370 9 1,711 155.4%7 10 Conyers Dill & Pearman 3,802 3 28,000 -86.4%

22 11 Baker & McKenzie 3,687 4 1,548 138.2%- 12= Davis Polk & Wardwell 3,550 2 - -- 12= Mannheimer Swartling 3,550 2 - -- 14 NautaDutilh 3,550 1 - -1 15 Cleary Gottlieb Steen & Hamilton 3,545 4 70,165 -94.9%

League table of legal advisors to M&A by deal count: Russia

Ranking 2013 2012


Deal Count

Deal Count

Count Change

1 1 White & Case 16,564 16 19 -313 2 Herbert Smith Freehills 7,403 12 6 64 3 Skadden Arps Slate Meagher & Flom 5,888 10 11 -16 4 Dentons 4,370 9 9 -

11 5 Freshfields Bruckhaus Deringer 4,769 8 7 13 6 Linklaters 8,818 7 11 -4

31 7 CMS 407 7 2 58 8 Hogan Lovells International 2,094 6 8 -27 9 DLA Piper 560 6 8 -2

10 10 Clifford Chance 2,853 5 8 -349 11 Jones Day 1,425 5 1 45 12 Akin Gump Strauss Hauer & Feld 5,554 4 9 -5

14 13 Baker & McKenzie 3,687 4 6 -22 14 Cleary Gottlieb Steen & Hamilton 3,545 4 15 -11

17 15 Latham & Watkins 121 4 5 -1



Europe: Legal advisor league tables League table of legal advisors to M&A by value: Poland

Ranking 2013 2012


Deal Count

Value (US$bn)

% Val. Change

25 1 Greenberg Traurig 6,700 11 206 3,152.4%2 2 Weil Gotshal & Manges 1,268 16 3,017 -58%

29 3 K&L Gates 1,203 5 34 3,438%- 4 Slaughter and May 911 3 - -

43 5= Delphi 903 2 - -- 5= Gernandt & Danielsson 903 2 - -

12 7 Linklaters 704 5 995 -29.2%21 8 Dentons 686 4 371 84.9%13 9 Clifford Chance 628 9 866 -27.5%4 10 CMS 626 15 1,786 -64.9%1 11 Allen & Overy 370 7 3,534 -89.5%- 12 Burnet Duckworth & Palmer 333 2 - -- 13 Locke Lord 327 1 - -

24 14 Noerr 251 4 208 20.7%- 15 McCarthy Tetrault 224 1 - -

League table of legal advisors to M&A by deal count: Poland

Ranking 2013 2012


Deal Count

Deal Count

Count Change

2 1 Weil Gotshal & Manges 1,268 16 11 54 2 CMS 626 15 9 6

29 3 Greenberg Traurig 6,700 11 1 103 4 Clifford Chance 628 9 11 -21 5 Allen & Overy 370 7 11 -4

33 6 K&L Gates 1,203 5 1 45 7 Linklaters 704 5 6 -1

12 8 White & Case 11 5 3 27 9 Dentons 686 4 6 -2

28 10 Noerr 251 4 1 3- 11 Gessel, Koziorowski 85 4 - -- 12 Slaughter and May 911 3 - -

43 13= Delphi 903 2 1 1- 13= Gernandt & Danielsson 903 2 - -- 15 Burnet Duckworth & Palmer 333 2 - -

League table of legal advisors to M&A by value: Turkey

Ranking 2013 2012


Deal Count

Value (US$bn)

% Val. Change

4 1 White & Case 1,288 8 4,850 -73.4%- 2 Allen & Overy 1,286 6 - -

10 3 YukselKarkinKucuk Law Firm 1,126 16 2,647 -57%19 4 Ismen Gunalcin 702 2 300 134%2 5 Linklaters 670 3 8,152 -91.8%

31 6 Baker & McKenzie 621 15 75 728%22 7 Somay Hukuk Burosu 473 2 251 88.4%- 8 Anderson Mori & Tomotsune 460 1 - -8 9 Taboglu & Demirhan 434 7 3,797 -88.6%

42 10= Dechert 425 1 7 5,971.4%28 10= Norton Rose Fulbright 425 1 122 248.4%32 12 Kolcuoglu & Demirkan Attorneys at Law 360 6 52 592.3%- 13 Slaughter and May 360 1 - -

15 14 Pekin & Pekin 318 5 943 -66.3%- 15= Bowman Gilfillan Africa Group 313 3 - -- 15= Tabacks 313 3 - -

League table of legal advisors to M&A by deal count: Turkey

Ranking 2013 2012


Deal Count

Deal Count

Count Change

1 1 YukselKarkinKucuk Law Firm 1,126 16 13 39 2 Baker & McKenzie 621 15 6 93 3 White & Case 1,288 8 8 -

16 4 Taboglu & Demirhan 434 7 2 57 5 Herguner Bilgen Ozeke 162 7 6 1- 6 Allen & Overy 1,286 6 - -

22 7 Kolcuoglu & Demirkan Attorneys at Law 360 6 2 48 8 Pekin & Pekin 318 5 6 -1

12 9 Paksoy & Co 144 5 4 12 10 Pekin & Bayar Law Firm 5 5 9 -4- 11 Gide Loyrette Nouel 104 4 - -5 12 Balcioglu & Selcuk Avukatlik Burosu - 4 7 -34 13 Linklaters 670 3 7 -4- 14= Bowman Gilfillan Africa Group 313 3 - -- 14= Tabacks 313 3 - -




US: Overview of 2013 • Despite a volatile year for US M&A, the 2013 total of US$ 893.1bn represented a 3.8% increase compared to 2012 (US$ 860.1bn)

• Wachtell, Lipton, Rosen & Katz topped the legal advisor league table by value with US$ 302.9bn-worth of mandates, up 50.3% from 2012 (US$ 201.5bn)

1,345.8

752.4

687.9 720.6

823.3 860.1

893.1

361.1

145.4

198.9

146.4

247.5

126.6

178.8

500.8

266.2 186.2

178.4

185.5

188.2 168.4

255.4

263.2

98.0 153.0

207.3

233.0

324.8

228.5

77.6

204.8 242.8

183.0 312.3

221.1

0

200

400

600

800

1,000

1,200

1,400

1,600

2007 2008 2009 2010 2011 2012 2013

Valu

e of

Dea

ls (U

S$bn

)

Annual M&A Value Q4 M&A Value Q3 M&A Value Q2 M&A Value Q1 M&A Value

0

1,000

2,000

3,000

4,000

5,000

6,000

0

200

400

600

800

1,000

1,200

1,400

1,600

2007 2008 2009 2010 2011 2012 2013

Valu

e of

Dea

ls (U

S$bn

)

M&A Value

Number of Deals

Num

ber o

f Dea

ls

• 2013’s US$ 893.1bn-worth of deals has led to the fourth year of increased value for US-targeted M&A. The 3.8% increase from 2012 resulted in the highest annual value since 2007’s US$ 1.3tn

• At the same time, if not for the US$ 124.1bn Verizon Wireless deal, US M&A in 2013 would have seen the lowest deal value since 2010 (US$ 720.6bn) at US$ 769bn. This would have represented a 10.6% decline compared to 2012

• Expectations for 2013 were high amid further economic recovery and a seemingly healthy M&A pipeline. However, despite being the driver of global M&A, US M&A has been noth-ing short of a roller coaster ride. Beginning the year with strong momentum (Q1 2013 valued at US$ 178.8bn), the US experienced a downturn in Q2 (US$ 168.4bn), only to double in deal value by Q3 (US$ 324.8bn) and drop again in the last quarter of the year (US$ 221.1bn)

• With the government shutdown in October, Q4 2013 saw a 31.9% decline from Q3. It also dropped 29.2% by deal value from Q4 2012 (US$ 312.3bn) which was reflected in the global trend



4.5%

11.1%

19.6%

8.9%

11.7% 3.1%

14.4%

5.3%

19.6%

1.0%

1.0%

4.7%

10.6%

15.4%

7.6%

8.1% 1.1% 10.8%

5.1%

33.4%

1.4% 1.7%






Leisure: US$ 10bn (US$ 26.4bn)



TMT: US$ 298.1bn (US$ 169.1bn)



2012

2013

US: Industry and Cross-border analysis

• As the US economy stabilises, local companies are increasingly looking inward for acquisition opportunities: the value of domestic deals in 2013 (US$ 728.2bn) increased 9.1% from 2012 (US$ 667.7bn). As a result, this was the most active year for domestic deals since 2007 (US$ 976.3bn)

• The preference for domestic M&A can also be seen in the lack of growth for outbound activity during 2013 (US$ 176.1bn) which declined 6% from 2012 (US$ 187.3bn). Q4’s US$ 42.9bn declined 13.5% compared to Q3 (US$ 49.6bn) and up by 32.9% compared to Q4 2012 (US$ 63.9bn)

• Amid improving economic conditions, the nature of the US investor abroad is changing as well. In 2013, 80% of US outbound deal value came from a corporate buyer (versus a US-based financial sponsor), the highest proportion since 2008 (84.4%) and the second-highest since 2001 (93.7%)

• Consequently, riskier investments in the emerging markets appear to be traded for stable alternatives at home. US investments into the BRICs in 2013 (US$ 11.1bn, 122 deals) have declined for two consecutive years and saw the lowest deal count since 2009 (110 deals)

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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

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Outbound M&A Value

Inbound M&A Value



• Mega-deals in the TMT sector were the highlight of 2013. As a result, the sector was the dominant industry by both value and count with 775 deals worth US$ 298.1bn, a 76.3% increase in deal value compared to 2012 (US$ 169.1bn). Despite three of the top five deals being TMT focused, the sector’s average deal size of US$ 805.8m was only the second highest behind Real Estate (US$ 1.7bn)

• Q4’s largest deal was in the Financial Services sector and saw the acquisition of International Lease Finance by AerCap Holdings for US$ 26.4bn. Nonetheless, the sector still experienced a 10.4% year-on-year decrease in value (US$ 68.3bn in 2013 compared to US$ 76.2bn in 2012)

• In part due to the US’s shale revolution, the share of inbound Energy, Mining & Utilities deals has decreased each year since 2011, with 2013 (US$ 15.4bn) representing only 11.2% of the total value (US$ 137.5bn). The share of domestic deals in the sector wit-nessed consecutive increases with 2013 (US$ 122.1bn) accounting for 88.8% of the total

US cross-border analysis2013 vs. (2012) value and market share comparison



US: Top deals

Announced Date





(US$bn)

02-Sep-13 Verizon Communications Inc Debevoise & Plimpton; Jones Day; Macfarlanes; Wachtell,

Lipton, Rosen & Katz; Advising FA: Davis Polk & Wardwell; Weil

Gotshal & Manges

Verizon Wireless Inc

(45% Stake)

Advising seller: De Brauw Blackstone Westbroek; Simpson

Thacher & Bartlett; Slaughter and May

Vodafone Group Plc 124.1

14-Feb-13 Berkshire Hathaway Inc; and 3G Capital



H.J. Heinz Company Davis Polk & Wardwell; Wachtell, Lipton, Rosen &

Katz; Advising FA: O'Melveny & Myers; Sullivan & Cromwell;


27.4

16-Dec-13 AerCap Holdings NV Cravath, Swaine & Moore; Freshfields Bruckhaus Deringer;

NautaDutilh

International Lease Finance Corporation

Advising seller: A&L Goodbody; De Brauw Blackstone

Westbroek; Debevoise & Plimpton

American International Group Inc

26.4


Blake, Cassels & Graydon; Clifford Chance; Fangda

Partners; Maples & Calder; Simpson Thacher & Bartlett;

Slaughter and May; Wachtell, Lipton, Rosen & Katz; Advising

FA: White & Case

Dell Inc Alston & Bird; Debevoise & Plimpton; Hogan Lovells

International; Advisng FA: Davis Polk & Wardwell; Latham &

Watkins; Weil Gotshal & Manges

20.2

28-Jul-13 Publicis Groupe SA Darrois Villey Maillot Brochier; Egorov, Puginsky, Afanasiev &

Partners; NautaDutilh; Slaughter and May; Wachtell, Lipton,

Rosen & Katz

Omnicom Group Inc De Brauw Blackstone Westbroek; Latham & Watkins;

Advising FA: Jones Day

19.4

12-Feb-13 Comcast Corporation Davis Polk & Wardwell; Freshfields Bruckhaus Deringer;


NBCUniversal Media LLC (49% Stake)


General Electric Company 16.7

15-Apr-13 Thermo Fisher Scientific Inc Blake, Cassels & Graydon; Russell McVeagh; Slaughter and May; Wachtell, Lipton, Rosen & Katz; WilmerHale; Advising FA:

Latham & Watkins

Life Technologies Corp Cravath, Swaine & Moore; Norton Rose Fulbright; Advisnig FA: Fried Frank Harris Shriver &

Jacobson

15.0

22-May-13 Pfizer Inc (Shareholders) Zoetis Inc

(80.2% Stake)

Advising seller: Lee and Li Attorneys at Law; Ropes & Gray; Skadden Arps Slate Meagher & Flom; Advisng FA: Davis Polk &

Wardwell

Pfizer Inc 12.4

06-Aug-13 Spectra Energy Partners LP Andrews Kurth; Richards Layton & Finger; Advising FA: Baker

Botts

Spectra Energy Corp (US transmission, storage and

liquids assets)

Advising seller: Bracewell & Giuliani; Vinson & Elkins;

Advising FA: Latham & Watkins

Spectra Energy Corp 12.3

29-May-13 MidAmerican Energy Holdings Company

Gibson Dunn & Crutcher NV Energy Inc Hogan Lovells International; Sidley Austin; Woodburn and Wedge; Advising FA: Simpson

Thacher & Bartlett

10.4



Americas: Legal advisor league tablesLeague table of legal advisors to M&A by value: Americas

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

2 1 Wachtell, Lipton, Rosen & Katz 302,941 67 202,720 49.4%6 2 Davis Polk & Wardwell 288,795 89 149,595 93.1%9 3 Simpson Thacher & Bartlett 282,559 132 125,840 124.5%4 4 Weil Gotshal & Manges 272,357 129 155,952 74.6%3 5 Latham & Watkins 247,050 264 169,718 45.6%

15 6 Jones Day 213,020 194 107,998 97.2%30 7 Debevoise & Plimpton 198,479 47 52,935 274.9%29 8 Slaughter and May 188,816 13 53,352 253.9%55 9 De Brauw Blackstone Westbroek 187,617 20 27,025 594.2%5 10 Sullivan & Cromwell 162,361 82 150,184 8.1%1 11 Skadden Arps Slate Meagher & Flom 159,796 147 271,415 -41.1%

19 12 White & Case 137,061 123 84,329 62.5%12 13 Cravath, Swaine & Moore 133,740 48 116,509 14.8%

405 14 Macfarlanes 131,474 14 458 28,606%10 15 Kirkland & Ellis 124,157 275 122,444 1.4%18 16 Freshfields Bruckhaus Deringer 102,967 72 88,254 16.7%35 17 Fried Frank Harris Shriver & Jacobson 90,577 55 45,944 97.1%41 18 O'Melveny & Myers 81,197 111 40,481 100.6%8 19 Cleary Gottlieb Steen & Hamilton 80,506 61 142,742 -43.6%

28 20 Vinson & Elkins 76,928 83 56,316 36.6%

League table of legal advisors to M&A by deal count: Americas

Ranking 2013 2012


Deal Count

Deal Count

Count Change

1 1 Kirkland & Ellis 124,157 275 276 -13 2 Latham & Watkins 247,050 264 248 162 3 Jones Day 213,020 194 263 -694 4 DLA Piper 19,682 190 220 -305 5 Skadden Arps Slate Meagher & Flom 159,796 147 174 -27

11 6 Simpson Thacher & Bartlett 282,559 132 107 256 7 Weil Gotshal & Manges 272,357 129 148 -19

10 8 White & Case 137,061 123 108 1512 9 Stikeman Elliott 42,155 120 107 1328 10 O'Melveny & Myers 81,197 111 83 288 11 Baker & McKenzie 31,399 102 131 -297 12 Norton Rose Fulbright 32,927 99 134 -35

19 13 Shearman & Sterling 69,040 94 89 59 14 Blake, Cassels & Graydon 56,616 93 119 -26

13 15 Morgan Lewis & Bockius 10,435 93 106 -1317 16 Davis Polk & Wardwell 288,795 89 92 -334 17 Wilson Sonsini Goodrich & Rosati 16,200 85 75 1016 18 Vinson & Elkins 76,928 83 95 -12

22 19 Hogan Lovells International 76,549 83 86 -314 20 Sullivan & Cromwell 162,361 82 105 -23



Americas: Legal advisor league tablesLeague table of legal advisors to M&A by value: US

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

2 1 Wachtell, Lipton, Rosen & Katz 302,941 67 201,527 50.3%

6 2 Davis Polk & Wardwell 285,746 83 128,678 122.1%8 3 Simpson Thacher & Bartlett 280,966 125 117,513 139.1%4 4 Weil Gotshal & Manges 271,308 126 146,670 85%3 5 Latham & Watkins 244,619 257 168,022 45.6%

11 6 Jones Day 207,404 186 99,256 109%28 7 Debevoise & Plimpton 194,272 41 48,964 296.8%45 8 Slaughter and May 188,816 13 28,372 565.5%60 9 De Brauw Blackstone Westbroek 187,617 19 21,076 790.2%9 10 Sullivan & Cromwell 157,979 75 115,479 36.8%1 11 Skadden Arps Slate Meagher & Flom 154,401 141 236,789 -34.8%

358 12 Macfarlanes 131,474 14 413 31,734%12 13 Cravath, Swaine & Moore 131,073 46 96,238 36.2%17 14 White & Case 130,965 115 75,949 72.4%7 15 Kirkland & Ellis 123,642 272 122,148 1.2%

21 16 Freshfields Bruckhaus Deringer 97,905 56 57,705 69.7%29 17 Fried Frank Harris Shriver & Jacobson 90,494 54 45,795 97.6%34 18 O'Melveny & Myers 80,929 110 40,481 99.9%35 19 Hogan Lovells International 74,833 76 39,922 87.4%23 20 Vinson & Elkins 74,193 81 55,773 33%

League table of legal advisors to M&A by deal count: US

Ranking 2013 2012


Deal Count

Deal Count

Count Change

1 1 Kirkland & Ellis 123,642 272 273 -13 2 Latham & Watkins 244,619 257 243 142 3 Jones Day 207,404 186 251 -654 4 DLA Piper 16,557 182 211 -295 5 Skadden Arps Slate Meagher & Flom 154,401 141 152 -116 6 Weil Gotshal & Manges 271,308 126 143 -17

10 7 Simpson Thacher & Bartlett 280,966 125 101 2411 8 White & Case 130,965 115 97 1817 9 O'Melveny & Myers 80,929 110 83 278 10 Morgan Lewis & Bockius 10,319 91 104 -13

26 11 Shearman & Sterling 65,534 84 76 827 12 Wilson Sonsini Goodrich & Rosati 15,932 84 75 916 13 Davis Polk & Wardwell 285,746 83 86 -313 14 Vinson & Elkins 74,193 81 93 -1215 15 Goodwin Procter 32,447 80 92 -1222 16 Gibson Dunn & Crutcher 71,470 79 79 -7 17 Baker & McKenzie 26,383 79 113 -34

12 18 Paul Hastings 26,586 77 95 -18

25 19 Hogan Lovells International 74,833 76 78 -214 20 Sullivan & Cromwell 157,979 75 92 -17



Americas: Legal advisor league tables to buyoutsLeague Table of legal advisors to private equity buyouts by value: US

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

4 1 Kirkland & Ellis 45,841 78 11,151 311.1%3 2 Simpson Thacher & Bartlett 41,288 28 17,259 139.2%- 3 Munger Tolles & Olson 27,362 2 - -- 4= Egorov, Puginsky, Afanasiev & Partners 27,362 1 - -

54 4= Freshfields Bruckhaus Deringer 27,362 1 502 5,350.6%44 6 White & Case 23,469 9 1,084 2,065%10 7 Wachtell, Lipton, Rosen & Katz 21,126 5 8,414 151.1%51 8 Blake, Cassels & Graydon 20,169 2 875 2,205%29 9= Clifford Chance 20,169 1 2,202 815.9%

123 9= Fangda Partners 20,169 1 - -- 9= Maples & Calder 20,169 1 - -- 9= Slaughter and May 20,169 1 - -1 13 Latham & Watkins 13,405 28 28751 -53.4%

11 14 Torys 7,400 3 6,579 12.5%49 15 Proskauer Rose 6,754 5 975 592.7%- 16= Arthur Cox 6,535 1 - -- 16= Conyers Dill & Pearman 6,535 1 - -- 18 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 4,400 1 - -

38 19 Skadden Arps Slate Meagher & Flom 3,941 12 1,328 196.8%5 20 Willkie Farr & Gallagher 3,333 11 10,905 -69.4%

League Table of legal advisors to private equity buyouts by deal count: US

Ranking 2013 20122012 2013 Company Name Value

(US$m)Deal

CountDeal

CountCount

Change1 1 Kirkland & Ellis 45,841 78 93 -154 2 Simpson Thacher & Bartlett 41,288 28 24 42 3 Latham & Watkins 13,405 28 38 -105 4 Weil Gotshal & Manges 2,689 18 21 -3

16 5 Goodwin Procter 2,208 18 10 86 6 Ropes & Gray 2,568 17 20 -33 7 Jones Day 1,097 17 28 -118 8 DLA Piper 249 14 17 -3

17 9 Skadden Arps Slate Meagher & Flom 3,941 12 10 210 10 Paul Weiss Rifkind Wharton & Garrison 879 12 14 -214 11 Willkie Farr & Gallagher 3,333 11 10 19 12 Paul Hastings 895 11 15 -4

23 13 White & Case 23,469 9 7 212 14 Vinson & Elkins 844 9 12 -315 15 Morgan Lewis & Bockius 410 9 10 -17 16 McDermott Will & Emery 172 9 17 -8

20 17 Fried Frank Harris Shriver & Jacobson 2,952 7 8 -118 18 Winston & Strawn 2,209 7 9 -231 19 Akin Gump Strauss Hauer & Feld 1,095 7 5 226 20 Gibson Dunn & Crutcher 900 7 6 1




Americas: Legal advisor league tables League table of legal advisors to M&A by value: Canada

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

3 1 Osler, Hoskin & Harcourt 38,703 75 41,626 -7.0%18 2 Davies Ward Phillips & Vineberg 38,225 29 14,234 168.5%1 3 Stikeman Elliott 37,668 107 51,462 -26.8%5 4 Torys 33,757 43 31,391 7.5%2 5 Blake, Cassels & Graydon 20,655 82 48,933 -57.8%

21 6 Skadden Arps Slate Meagher & Flom 18,014 15 11,242 60.2%12 7 Cleary Gottlieb Steen & Hamilton 17,312 6 19,472 -11.1%- 8 Appleby 17,276 1 - -

27 9 Borden Ladner Gervais 16,660 28 7,729 115.6%30 10 Latham & Watkins 15,201 13 6,384 138.1%37 11 White & Case 11,854 9 4,557 160%4 12 McCarthy Tetrault 11,790 45 33,997 -65.3%

215 13 Arthur Cox 10,439 2 - -24 14 Ashurst 9,650 7 8,809 9.5%13 15 Sullivan & Cromwell 9,511 7 19,082 -50.2%

League table of legal advisors to M&A by deal count: Canada

Ranking 2013 2012


Deal Count

Deal Count

Count Change

1 1 Stikeman Elliott 37,668 107 95 122 2 Blake, Cassels & Graydon 20,655 82 93 -115 3 Osler, Hoskin & Harcourt 38,703 75 54 214 4 Gowling Lafleur Henderson 4,618 50 55 -53 5 McCarthy Tetrault 11,790 45 58 -138 6 Torys 33,757 43 35 86 7 Norton Rose Fulbright 7,534 35 41 -67 8 Fasken Martineau Dumoulin 8,379 30 40 -10

10 9 Davies Ward Phillips & Vineberg 38,225 29 27 29 10 Borden Ladner Gervais 16,660 28 32 -4

16 11 Heenan Blaikie 1,689 26 22 413 12 Goodmans 5,707 23 26 -312 13 Cassels Brock & Blackwell 8,328 22 26 -411 14 Bennett Jones 2,943 21 26 -517 15 Skadden Arps Slate Meagher & Flom 18,014 15 21 -6

League table of legal advisors to M&A by value: Central & South America

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

20 1 Cleary Gottlieb Steen & Hamilton 29,562 9 11,152 165.1%3 2 Clifford Chance 23,462 6 30,129 -22.1%- 3 Robles Miaja Abogados 23,386 2 - -

26 4 Allen & Overy 22,709 3 7,455 204.6%6 5 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 14,286 44 20,945 -31.8%1 6 Sullivan & Cromwell 9,580 8 33,346 -71%

28 7 Barbosa, Mussnich & Aragao 8,614 28 5,957 45%21 8 Jones Day 8,601 16 10,985 -22%17 9 Linklaters 7,923 12 13,044 -39.3%2 10 Skadden Arps Slate Meagher & Flom 7,617 5 31,146 -75.5%

14 11 Lefosse Advogados 7,047 16 14,645 -51.9%25 12 Baker & McKenzie 6,963 22 7,773 -10.4%15 13 Pinheiro Neto Advogados 6,957 33 14,489 -52%24 14 Souza, Cescon, Barrieu & Flesch Advogados 6,778 23 8,467 -19.9%40 15 Davis Polk & Wardwell 5,172 11 3660 41.3%

League table of legal advisors to M&A by deal count: Central & South America

Ranking 2013 2012


Deal Count

Deal Count

Count Change

3 1 Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 14,286 44 33 112 2 Pinheiro Neto Advogados 6,957 33 42 -94 3 Barbosa, Mussnich & Aragao 8,614 28 32 -41 4 Machado Meyer Sendacz e Opice 4,160 28 48 -209 5 Veirano Advogados 3,683 26 18 85 6 Souza, Cescon, Barrieu & Flesch Advogados 6,778 23 29 -66 7 Baker & McKenzie 6,963 22 24 -28 8 Tozzini Freire Teixeira e Silva Advogados 4,056 22 20 2

10 9 Jones Day 8,601 16 17 -17 10 Lefosse Advogados 7,047 16 21 -5

17 11 Rodrigo Elias & Medrano 2,132 16 15 1- 12 Stocche, Forbes, Padis, Filizzola e Clapis Advogados 4,131 13 - -

12 13 Linklaters 7,923 12 16 -414 14 White & Case 3,769 12 15 -320 15 Demarest 958 12 14 -2



Americas: Legal advisor league tables League table of legal advisors to M&A by value: US Mid-West

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

23 1 Kirkland & Ellis 55,967 86 35,348 58.3%22 3 Sullivan & Cromwell 54,606 19 35,425 54.1%2 4 Wachtell, Lipton, Rosen & Katz 43,768 17 95,384 -54%

21 5 Davis Polk & Wardwell 42,420 17 35,466 19.6%8 6 Simpson Thacher & Bartlett 38,720 21 45,088 -14.1%

11 7 Willkie Farr & Gallagher 33,885 13 41,989 -19.3%60 8 Freshfields Bruckhaus Deringer 30,358 6 6,247 386%33 9 O'Melveny & Myers 29,809 13 13,016 129%- 10 Munger Tolles & Olson 29,412 3 - -- 11 Egorov, Puginsky, Afanasiev & Partners 27,362 1 - -1 12 Skadden Arps Slate Meagher & Flom 24,883 37 103,293 -75.9%

12 13 Latham & Watkins 23,023 50 41,117 -44%41 14 Gibson Dunn & Crutcher 21,333 20 11,174 90.9%13 15 Jones Day 15,470 43 38,806 -60.1%31 2 Sidley Austin 15,111 22 14,985 1%

League table of legal advisors to M&A by deal count: US Mid-West

Ranking 2013 2012


Deal Count

Deal Count

Count Change

2 1 Kirkland & Ellis 55,967 86 99 -133 2 Latham & Watkins 23,023 50 58 -81 3 Jones Day 15,470 43 99 -564 4 DLA Piper 4,260 40 54 -148 5 Skadden Arps Slate Meagher & Flom 24,883 37 34 3

24 6 Foley & Lardner 3,630 28 18 1018 7 White & Case 12,148 25 23 216 8 Dorsey & Whitney 2,923 23 24 -16 9 Sidley Austin 15,111 22 35 -13

17 10 Simpson Thacher & Bartlett 38,720 21 23 -246 11 Goodwin Procter 2,846 21 12 925 12 Bryan Cave 1,591 21 17 429 13 Gibson Dunn & Crutcher 21,333 20 16 49 14 Baker & McKenzie 8,442 20 32 -12

22 15 Ropes & Gray 7,355 20 20 -

League table of legal advisors to M&A by value: US South

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

1 1 Latham & Watkins 88,296 100 77,389 14.1%2 2 Weil Gotshal & Manges 85,052 46 69,683 22.1%

19 3 Simpson Thacher & Bartlett 71,901 51 28,500 152.3%16 4 White & Case 71,513 48 35,771 99.9%9 5 Vinson & Elkins 71,265 73 51,428 38.6%3 6 Wachtell, Lipton, Rosen & Katz 62,650 33 68,582 -8.6%7 7 Bracewell & Giuliani 49,333 39 52,117 -5.3%

13 8 Alston & Bird 42,793 36 37,547 14%8 9 Skadden Arps Slate Meagher & Flom 41,624 41 51,641 -19.4%

15 10 Baker Botts 41,160 30 36,020 14.3%4 11 Davis Polk & Wardwell 41,123 20 62,079 -33.8%

17 12 Debevoise & Plimpton 36,081 14 33,459 7.8%6 13 Kirkland & Ellis 35,939 117 52,779 -31.9%

20 14 Hogan Lovells International 29,737 33 27,316 8.9%39 15 Clifford Chance 29,633 17 11,847 150.1%

League table of legal advisors to M&A by deal count: US South

Ranking 2013 2012


Deal Count

Deal Count

Count Change

1 1 Kirkland & Ellis 35,939 117 121 -43 2 Latham & Watkins 88,296 100 94 65 3 DLA Piper 9,278 82 82 -2 4 Jones Day 26,089 74 95 -214 5 Vinson & Elkins 71,265 73 84 -11

18 6 Simpson Thacher & Bartlett 71,901 51 34 1712 7 White & Case 71,513 48 41 76 8 Weil Gotshal & Manges 85,052 46 58 -12

15 9 Morgan Lewis & Bockius 5,075 45 36 97 10 Norton Rose Fulbright 7,583 43 58 -158 11 Skadden Arps Slate Meagher & Flom 41,624 41 51 -10

30 12 Akin Gump Strauss Hauer & Feld 16,527 41 29 1220 13 Bracewell & Giuliani 49,333 39 32 713 14 Alston & Bird 42,793 36 36 -10 15 Greenberg Traurig 14,401 35 43 -8



Americas: Legal advisor league tables League table of legal advisors to M&A by value: US West

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

2 1 Latham & Watkins 127,726 134 78,124 63.5%40 2 Cravath, Swaine & Moore 91,287 17 6,835 1,235.6%11 3 Sullivan & Cromwell 71,500 25 29,789 140%24 4 Fried Frank Harris Shriver & Jacobson 57,758 16 14,529 297.5%13 5 Wachtell, Lipton, Rosen & Katz 57,518 18 27,211 111.4%5 6 Simpson Thacher & Bartlett 53,234 36 48,330 10.1%

10 7 Gibson Dunn & Crutcher 50,427 53 31,221 61.5%9 8 Shearman & Sterling 46,098 26 38,492 19.8%3 9 Skadden Arps Slate Meagher & Flom 42,714 45 68,118 -37.3%

21 10 O'Melveny & Myers 41,626 76 15,813 163%6 11 Kirkland & Ellis 39,496 105 44,081 -10.4%1 12 Weil Gotshal & Manges 37,951 46 80,787 -53%

12 13 Hogan Lovells International 37,095 25 29,067 27.6%19 14 Freshfields Bruckhaus Deringer 36,475 12 17,113 113.1%52 15 De Brauw Blackstone Westbroek 35,162 3 5,403 550.8%

League table of legal advisors to M&A by deal count: US West

Ranking 2013 2012


Deal Count

Deal Count

Count Change

1 1 Latham & Watkins 127,726 134 118 162 2 Kirkland & Ellis 39,496 105 116 -113 3 DLA Piper 9,594 86 92 -68 4 O'Melveny & Myers 41,626 76 53 235 5 Wilson Sonsini Goodrich & Rosati 14,293 68 63 5

12 6 Fenwick & West 9,043 63 49 144 7 Jones Day 22,923 59 78 -19

13 8 Gibson Dunn & Crutcher 50,427 53 48 510 9 Weil Gotshal & Manges 37,951 46 51 -56 10 Skadden Arps Slate Meagher & Flom 42,714 45 61 -167 11 Morrison & Foerster 15,958 43 54 -11

20 12 White & Case 34,141 42 34 811 13 Paul Hastings 10,142 40 51 -1114 14 Goodwin Procter 25,027 39 44 -546 15 Orrick Herrington & Sutcliffe 2,850 38 16 22

League table of legal advisors to M&A by value: US North East

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

5 1 Wachtell, Lipton, Rosen & Katz 265,041 40 64,152 313.1%11 2 Davis Polk & Wardwell 253,369 55 43,549 481.8%3 3 Weil Gotshal & Manges 217,817 75 82,481 164.1%4 4 Simpson Thacher & Bartlett 205,851 78 69,703 195.3%

45 5 Slaughter and May 188,574 11 12,211 1,444.3%13 6 Debevoise & Plimpton 187,998 29 34,870 439.1%75 7 De Brauw Blackstone Westbroek 176,139 12 4,787 3,579.5%10 8 Jones Day 167,544 91 45,466 268.5%

256 9 Macfarlanes 130,992 11 317 41,222%2 10 Latham & Watkins 105,299 111 85,852 22.7%1 11 Skadden Arps Slate Meagher & Flom 95,786 74 90,212 6.2%

23 12 Freshfields Bruckhaus Deringer 84,058 34 22,882 267.4%9 13 Sullivan & Cromwell 80,640 38 48,391 66.6%6 14 Kirkland & Ellis 75,971 154 60,946 24.7%8 15 White & Case 73,179 49 48,863 49.8%

League table of legal advisors to M&A by deal count: US North East

Ranking 2013 2012


Deal Count

Deal Count

Count Change

1 1 Kirkland & Ellis 75,971 154 149 52 2 Latham & Watkins 105,299 111 121 -103 3 Jones Day 167,544 91 118 -276 4 Simpson Thacher & Bartlett 205,851 78 73 54 5 Weil Gotshal & Manges 217,817 75 94 -195 6 Skadden Arps Slate Meagher & Flom 95,786 74 75 -18 7 Goodwin Procter 8,973 61 65 -47 8 DLA Piper 5,163 60 67 -7

17 9 Davis Polk & Wardwell 253,369 55 40 159 10 Morgan Lewis & Bockius 6,654 51 62 -11

14 11 White & Case 73,179 49 47 239 12 Willkie Farr & Gallagher 62,665 48 27 2111 13 Ropes & Gray 26,263 43 53 -1025 14 O'Melveny & Myers 33,618 42 33 915 15 Dechert 9,560 41 42 -1




Asia-Pacific (excl. Japan): Overview of 2013 • Asia-Pacific (excl. Japan) saw the highest value on Mergermarket record in 2013 (US$ 403.4bn), up 15% from 2012 (US$ 350.9bn)

• Herbert Smith Freehills over took Allen & Overy (now in ninth place) to lead the legal advisor league table in 2013 with deals valued at US$ 57.9bn

342.9 347.6

294.3

362.8 356.6

350.9

403.4

85.1 74.7

45.7

66.3

89.7 81.8

72.1

90.5

126.0

76.8

71.2

79.4 80.5

103.0

75.4 56.7

65.9

92.5

113.7

103.5

107.6

91.9 90.2

105.9

132.8 73.8

85.1

120.7

0

50

100

150

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• Asia-Pacific’s (excl. Japan) reached the highest value for M&A on Mergermarket record (since 2001) in 2013 with deals valued at US$ 403.4bn, up 15% from 2012(US$ 350.9bn)

• Amid a global slowdown during Q4, Asia-Pacific (excl. Japan) fared better than other regions as it was the only region to increase its Q4 value (US$ 120.7bn) compared to Q4 2012 (US$ 85.1bn), up 41.8%. It also saw the highest increase from Q3, up 12.2% from Q3’s two year high of US$ 107.6bn

• Mid-market M&A reached the highest annual total on Mergermarket record (since 2001). Deals totalled US$ 141.9bn were up 42.9% by value compared to 2012 (US$ 99.3bn) and contributed the highest share (23.4%) to the total mid-market value since 2009 (27.4%)

• The largest transaction in Q4 was the announcement of the region’s only mega-deal this year. Westfield’s US$ 10.8bn merger of its Australia and New Zealand assets with Westfield REIT to create Scentre Group had a 10% higher deal value than the top deal during Q1-Q3 (a US$ 9.8bn joint venture between Taikang Asset Management Company and Beijing Guolian Energy Industry Investment Fund)



Asia-Pacific (excl. Japan): Industry and Cross-border analysis

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Outbound M&A Value

Inbound M&A Value



• Outbound activity was valued between US$ 16bn - US$ 19bn every quarter in 2013 apart from Q2’s US$ 26.5bn. With consistent deal values, the year ended with deals valued at US$ 80.2bn, a slight decrease of 2.4% from 2012 (US$ 82.2bn)

• Africa and Middle East saw an 163.4% worth of value from Asia-Pacific (excl. Japan) with deals valued at US$ 18.8bn compared to US$ 7.1bn last year. As a result the annual total of outbound deals into the region accounted for 23.4% of total outbound investment, a considerable increase from 8.7% in 2012. This is likely to continue as the region looks into more energy resources.

• Inbound M&A also failed to make a significant difference compared to 2012 with deals val-ued at US$ 69.4bn yet it still registered a 3% increase from US$ 67.4bn last year. Inbound investment from every region remained on par with the values seen last year

• Consumer deals were most active in Asia’s outbound transactions with deals valued at US$ 12.3bn more than doubling the value in 2012 (US$ 4.1bn) with eight extra deals. Meanwhile, inbound investment into the sector during 2013 declined 36.4% to US$ 11bn compared to US$ 17.3bn last year

• Asia-Pacific (excl. Japan) saw the majority of its sectors increase by both deal value and number of deals, the opposite trend seen in most other regions

• The largest increase by both deal value and deal count was the Real Estate sector, up 219.1% by value to US$ 36.7bn compared to US$ 11.5bn in 2012 and up 49.4% by deal count with 121 deals versus 81 last year

• Energy, Mining & Utilities M&A remained the most active sector during 2013 with deals worth US$ 93.9bn, up 43.4% by value from 2012 (US$ 65.5bn) and increasing its market share to 23.3% compared to 18.7% last year

• As the region’s Pharma, Medical & Biotech companies battle it out to be the market leader (particularly in China), the sector saw the second highest increase by deal count (after Real Estate), up 27.5% with 195 deals compared to 153 deals last year. The sector also saw a 32% increase by value with deals valued at US$ 16.5bn versus US$ 12.5bn in 2012

3.6%

14.0%

18.7%

15.6% 16.8%

1.5% 3.6%

3.3%

15.1%

4.1% 3.8%

3.0%

10.6%

23.3%

12.8% 13.8%

1.9%

4.1%

9.1%

11.0%

5.1% 5.2%


Consumer: US$ 42.7bn (US$ 49bn)



Industrials & Chemicals: US$ 55.7bn (US$ 59bn)




TMT: US$ 44.5bn (US$ 53.1bn)



2012

2013

Asia-Pacific (excl. Japan) cross-border analysis2013 vs. (2012) value and market share comparison



Asia-Pacific (excl. Japan): Top deals

Announced Date





(US$bn)

04-Dec-13 Scentre Group Westfield Retail Trust Ashurst; Herbert Smith Freehills; Advising seller: Skadden Arps

Slate Meagher & Flom

Westfield Group 10.8

14-Jun-13 Taikang Asset Management Company; and Beijing Guolian

Energy Industry Investment Fund

PetroChina United Pipelines Company Limited

(50% Stake)

Advising seller: King & Wood Mallesons

PetroChina Company Limited 9.9

10-May-13* China Resources Power Holdings Co Ltd

Fangda Partners; Advising FA: Norton Rose Fulbright

China Resources Gas Group Limited

Herbert Smith Freehills; Slaughter and May

7

31-May-13 SM Prime Holdings Inc SM Land Inc SM Investments Corporation; and SY Family

6.7

23-Apr-13 CP ALL Plc Baker & McKenzie Siam Makro Public Co Ltd (96.09%)

Advising seller: Clifford Chance SHV Holdings NV 6.2

02-Jul-13 Mitsubishi UFJ Financial Group Inc

Allen & Overy; Nishimura & Asahi; Sullivan & Cromwell

Bank of Ayudhya Public Company Limited

(72.01% Stake)

Baker & McKenzie; Advising seller: King & Wood Mallesons;

Thanathip & Partners

GE Capital Corporation 5.5

07-Sep-13 China National Petroleum Corporation

Vinson & Elkins Kashagan Oil Project (8.33% Stake)

ConocoPhillips Company 5.4

05-Feb-13 Guangxi Guiguan Electric Power Co Ltd

Capital Law & Partners LongTan Hydropower Development Co Ltd

(85% Stake)

Guangxi Investment Group Co Ltd; China Datang Corporation;

and Guizhou Industrial Investment Co Ltd

4.9

01-Apr-13 Midea Group Co Ltd JiaYuan Law Firm GD Midea Holding Co Ltd (58.83% Stake)

Zhong Xin Xie Cheng Law Firm 4.9

12-Apr-13 NSW Ports Consortium Herbert Smith Freehills Port Botany Advising seller: Minter Ellison Government of New South Wales

4.5

* : lapsed/ withdrawn bid



Asia-Pacific (excl. Japan): Legal advisor league tablesLeague table of legal advisors to M&A by value: Asia-Pacific (excl. Japan)

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

3 1 Herbert Smith Freehills 57,891 72 46,487 24.5%4 2 King & Wood Mallesons 49,169 102 30,854 59.4%6 3 Linklaters 44,591 60 28,802 54.8%5 4 Skadden Arps Slate Meagher & Flom 39,569 45 29,170 35.6%8 5 Baker & McKenzie 30,101 88 28,073 7.2%

27 6 Clifford Chance 26,189 41 17,387 51%35 7 Kim & Chang 23,655 64 11,440 106.8%2 8 Freshfields Bruckhaus Deringer 23,060 36 48,274 -52.2%1 9 Allen & Overy 22,822 55 55,692 -59%

31 10 Allens 22,291 63 15,172 46.9%29 11 Fangda Partners 22,181 30 15,748 40.8%24 12 Ashurst 21,855 54 18,331 19.2%15 13 Davis Polk & Wardwell 19,985 19 23,485 -14.9%58 14 Minter Ellison 15,571 61 5,610 177.6%26 15 Norton Rose Fulbright 15,158 50 17,840 -15%32 16 Slaughter and May 14,982 16 13,412 11.7%43 17 Jones Day 14,872 24 9,227 61.2%68 18 Paul Hastings 14,634 13 3,970 268.6%44 19 Simpson Thacher & Bartlett 13,786 15 8,773 57.1%14 20 Sullivan & Cromwell 13,568 11 23,750 -42.9%

League table of legal advisors to M&A by deal count: Asia-Pacific (excl. Japan)

Ranking 2013 2012


Deal Count

Deal Count

Count Change

2 1 King & Wood Mallesons 49,169 102 86 161 2 Baker & McKenzie 30,101 88 90 -2

12 3 DLA Piper 4,251 76 46 303 4 Herbert Smith Freehills 57,891 72 84 -124 5 Kim & Chang 23,655 64 63 19 6 Allens 22,291 63 47 167 7 Minter Ellison 15,571 61 54 7

16 8 Linklaters 44,591 60 40 205 9 Allen & Overy 22,822 55 58 -3

10 10 Ashurst 21,855 54 46 834 11 Shin & Kim 9,419 52 23 296 12 Norton Rose Fulbright 15,158 50 58 -8

25 13 AZB & Partners 3,370 46 31 1524 14 Skadden Arps Slate Meagher & Flom 39,569 45 31 1421 15 Bae Kim & Lee 12,128 44 38 68 16 Clifford Chance 26,189 41 47 -6

13 17 Amarchand & Mangaldas & Suresh A Shroff & Co 9,965 38 45 -719 18 Clayton Utz 3,935 38 39 -1

22 19 Freshfields Bruckhaus Deringer 23,060 36 33 314 20 Lee & Ko 9,282 35 45 -10



Asia-Pacific (excl. Japan): Legal advisor league tables to buyoutsLeague Table of legal advisors to private equity buyouts by value: Asia-Pacific (excl. Japan)

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

5 1 Kim & Chang 9,272 20 2,766 235.2%27 2 Herbert Smith Freehills 6,585 5 813 710%8 3 King & Wood Mallesons 3,275 4 2,077 57.7%

30 4 Cleary Gottlieb Steen & Hamilton 2,751 5 622 342.3%16 5 Skadden Arps Slate Meagher & Flom 2,196 8 1,327 65.5%37 6 Bae Kim & Lee 1,612 5 280 475.7%- 7 Torys 1,527 1 - -

34 8 Baker & McKenzie 1,338 4 305 338.7%- 9 Debevoise & Plimpton 1,277 2 - -

10 10 Conyers Dill & Pearman 1,154 4 1,790 -35.5%44 11 Simpson Thacher & Bartlett 1,058 5 147 619.7%7 12 Davis Polk & Wardwell 913 3 2,104 -56.6%

29 13 Allen & Overy 766 6 636 20.4%41 14 Shin & Kim 626 5 236 165%1 16 Paul Weiss Rifkind Wharton & Garrison 578 2 3,833 -84.9%

28 17 Clifford Chance 560 5 801 -30.1%20 18 Freshfields Bruckhaus Deringer 559 3 1,083 -48.4%14 19 Gilbert + Tobin 433 4 1,692 -74.4%4 20 Ropes & Gray 431 2 2,868 -85%

49 15 Allen & Gledhill 622 3 105 492.4%

League Table of legal advisors to private equity buyouts by deal count: Asia-Pacific (excl. Japan)

Ranking 2013 2012


Deal Count

Deal Count

Count Change

2 1 Kim & Chang 9,272 20 10 107 2 Skadden Arps Slate Meagher & Flom 2,196 8 6 29 3 AZB & Partners 325 8 6 2

27 4 Allen & Overy 766 6 3 313 5 O'Melveny & Myers 331 6 5 18 6 Herbert Smith Freehills 6,585 5 6 -1

32 7 Cleary Gottlieb Steen & Hamilton 2,751 5 2 312 8 Bae Kim & Lee 1,612 5 5 -36 9 Simpson Thacher & Bartlett 1,058 5 2 353 10 Shin & Kim 626 5 1 417 11 Clifford Chance 560 5 4 116 12 Amarchand & Mangaldas & Suresh A Shroff & Co 282 5 4 13 13 Minter Ellison 95 5 9 -4

14 14 King & Wood Mallesons 3,275 4 4 -51 15 Baker & McKenzie 1,338 4 1 331 16 Conyers Dill & Pearman 1,154 4 2 24 17 Gilbert + Tobin 433 4 8 -4

60 18 Johnson Winter & Slattery 420 4 1 31 19 Fangda Partners 401 4 10 -6

23 20 Nishith Desai Associates 73 4 4 -




Asia-Pacific (excl. Japan): Legal advisor league tables League table of legal advisors to M&A by value: Asia (Excl. Japan & Australasia)

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

4 1 Linklaters 42,549 49 28,368 50%22 2 King & Wood Mallesons 34,250 47 19,575 75%3 3 Herbert Smith Freehills 28,644 26 30,581 -6.3%7 4 Skadden Arps Slate Meagher & Flom 27,060 40 27,115 -0.2%

25 5 Clifford Chance 25,459 35 16,657 53%11 6 Baker & McKenzie 25,085 58 23,760 5.6%33 7 Kim & Chang 23,655 64 11,440 106.8%2 8 Freshfields Bruckhaus Deringer 22,257 35 48,274 -53.9%

27 9 Fangda Partners 22,181 30 15,748 40.8%13 10 Davis Polk & Wardwell 19,985 19 23,340 -14.4%1 11 Allen & Overy 19,959 42 50,089 -60.2%

29 12 Norton Rose Fulbright 14,670 24 13,355 9.8%31 13 Slaughter and May 13,912 13 13,141 5.9%14 14 Sullivan & Cromwell 13,568 11 23,286 -41.7%63 15 Paul Hastings 13,439 12 3,970 238.5%

League table of legal advisors to M&A by deal count: Asia (Excl. Japan & Australasia)

Ranking 2013 2012


Deal Count

Deal Count

Count Change

2 1 Kim & Chang 23,655 64 63 11 2 Baker & McKenzie 25,085 58 63 -5

23 3 Shin & Kim 9,419 52 23 2913 4 Linklaters 42,549 49 35 146 5 King & Wood Mallesons 34,250 47 40 7

15 6 AZB & Partners 3,370 46 31 1510 7 Bae Kim & Lee 11,595 44 38 612 8 Allen & Overy 19,959 42 35 717 9 Skadden Arps Slate Meagher & Flom 27,060 40 28 123 10 Amarchand & Mangaldas & Suresh A Shroff & Co 9,965 38 45 -77 11 Clifford Chance 25,459 35 40 -5

14 12 Freshfields Bruckhaus Deringer 22,257 35 32 34 13 Lee & Ko 9,282 35 45 -10

24 14 DLA Piper 3,153 34 23 1111 15 Allen & Gledhill 8,466 33 37 -4

League table of legal advisors to M&A by value: Australasia

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

1 1 Herbert Smith Freehills 36,666 58 21,777 68.4%2 2 Allens 22,291 63 14,953 49.1%4 3 Ashurst 19,072 45 11,351 68%3 4 King & Wood Mallesons 18,729 65 13,823 35.5%7 5 Minter Ellison 15,463 59 5,610 175.6%

22 6 Skadden Arps Slate Meagher & Flom 12,509 5 2,055 508.7%12 7 Corrs Chambers Westgarth 8,384 32 4,203 99.5%6 8 Gilbert + Tobin 8,017 31 9,891 -19%9 9 Linklaters 7,142 16 4,915 45.3%

11 10 Baker & McKenzie 6,352 38 4,686 35.6%40 11 Russell McVeagh 4,270 12 793 438%21 12 Johnson Winter & Slattery 4,252 22 2,082 104.2%5 13 Clayton Utz 3,935 38 10,731 -63.3%

45 14 Allen & Gledhill 3,877 5 686 465.2%8 15 Allen & Overy 3,691 16 5,603 -34.1%

League table of legal advisors to M&A by deal count: Australasia

Ranking 2013 2012


Deal Count

Deal Count

Count Change

2 1 King & Wood Mallesons 18,729 65 56 95 2 Allens 22,291 63 41 223 3 Minter Ellison 15,463 59 54 51 4 Herbert Smith Freehills 36,666 58 62 -4

11 5 DLA Piper 1,293 47 24 237 6 Ashurst 19,072 45 37 89 7 Baker & McKenzie 6,352 38 33 56 8 Clayton Utz 3,935 38 38 -

10 9 Corrs Chambers Westgarth 8,384 32 32 -8 10 Norton Rose Fulbright 1,347 32 35 -34 11 Gilbert + Tobin 8,017 31 46 -15

22 12 Johnson Winter & Slattery 4,252 22 10 1217 13 Chapman Tripp 3,469 20 15 521 14 Linklaters 7,142 16 10 612 15 Allen & Overy 3,691 16 23 -7



Asia-Pacific (excl. Japan): Legal advisor league tables League table of legal advisors to M&A by value: Greater China

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

14 1 King & Wood Mallesons 32,167 45 18,241 76.3%4 2 Linklaters 25,343 31 23,004 10%

16 3 Fangda Partners 22,181 30 15,748 40.8%18 4 Skadden Arps Slate Meagher & Flom 18,669 31 14,802 26.1%10 5 Herbert Smith Freehills 16,976 10 20,792 -18.4%35 6 Vinson & Elkins 12,931 4 5,281 145%34 7 Slaughter and May 10,917 9 5,345 104%37 8 Norton Rose Fulbright 10,442 10 4,612 126.4%50 9 JiaYuan Law Firm 9,303 10 2,425 283.6%48 10 Paul Hastings 9,150 6 2,671 242.6%31 11 Simpson Thacher & Bartlett 8,469 6 6,768 25.1%1 12 Freshfields Bruckhaus Deringer 8,172 19 46,363 -82.4%5 13 Davis Polk & Wardwell 7,468 11 22,983 -67.5%

26 14 Grandall Law Firm 7,356 23 8,077 -8.9%- 15 Troutman Sanders 7,254 3 - -

League table of legal advisors to M&A by deal count: Greater China

Ranking 2013 2012


Deal Count

Deal Count

Count Change

1 1 King & Wood Mallesons 32,167 45 32 138 2 Linklaters 25,343 31 21 107 3 Skadden Arps Slate Meagher & Flom 18,669 31 22 93 4 Fangda Partners 22,181 30 26 4

31 5 Zhong Lun Law Firm 7,082 27 8 192 6 Baker & McKenzie 6,843 27 27 -9 7 Grandall Law Firm 7,356 23 21 2

10 8 O'Melveny & Myers 2,216 21 19 25 9 Freshfields Bruckhaus Deringer 8,172 19 25 -6

27 10 Grandway Law Offices 6,507 17 9 84 11 Clifford Chance 6,387 17 26 -96 12 Jingtian & Gongcheng 4,843 16 23 -7

26 13 DLA Piper 1,277 16 10 623 14 Jun He Law Offices 4,762 15 11 433 15 Shearman & Sterling 4,687 14 8 6

League table of legal advisors to M&A by value: IndiaRanking 2013 2012


Deal Count

Value (US$m)

% Val. Change

1 1 Amarchand & Mangaldas & Suresh A Shroff & Co 9,965 36 20,430 -51.2%25 2 Simmons & Simmons 5,115 2 1,000 412%16 3 Jones Day 4,009 4 1,151 248.3%46 4 Davis Polk & Wardwell 3,886 4 332 1,070.5%39 5 Linklaters 3,648 3 394 825.9%

133 6 Talwar Thakore & Associates 3,601 5 - -6 7 Slaughter and May 3,350 5 4,886 -31.4%

89 8 White & Case 3,333 5 36 9,158.3%7 9 AZB & Partners 3,305 45 4,855 -32%- 10 PLMJ - Sociedade de Advogados 2,475 1 - -- 11 Bowman Gilfillan Africa Group 2,436 2 - -- 12 Homburger 2,433 1 - -- 13= CMS 2,331 1 - -- 13= Sullivan & Cromwell 2,331 1 - -

10 15 Khaitan & Co 2,246 27 3,595 -37.5%

League table of legal advisors to M&A by deal count: India

Ranking 2013 2012


Deal Count

Deal Count

Count Change

4 1 AZB & Partners 3,305 45 30 151 2 Amarchand & Mangaldas & Suresh A Shroff & Co 9,965 36 44 -83 3 Khaitan & Co 2,246 27 37 -102 4 Desai & Diwanji 617 24 40 -165 5 Trilegal 697 22 20 27 6 J Sagar Associates 693 17 15 2

16 7 DLA Piper 1,573 13 6 710 8 Tatva Legal 219 13 11 211 9 Nishith Desai Associates 115 8 9 -19 10 Rajani, Singhania & Partners 298 7 11 -46 11 DSK Legal 1,674 6 16 -10

17 12 Luthra & Luthra Law Offices 325 6 5 1133 13 Talwar Thakore & Associates 3,601 5 1 428 14 Slaughter and May 3,350 5 3 294 15 White & Case 3,333 5 1 4



Asia-Pacific (excl. Japan): Legal advisor league tables League table of legal advisors to M&A by value: South East Asia

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

6 1 Baker & McKenzie 18,081 31 15,867 14%14 2 Clifford Chance 12,762 18 7,406 72.3%7 3 Linklaters 9,394 16 15,070 -37.7%5 4 Allen & Overy 9,218 26 20,604 -55.3%

71 5 Davis Polk & Wardwell 8,731 4 325 2,586%1 6 Allen & Gledhill 8,466 33 27,572 -69.3%

124 7 Nishimura & Asahi 7,323 2 42 17,336%11 8 Freshfields Bruckhaus Deringer 7,290 12 13,043 -44%9 9 Latham & Watkins 7,155 4 14,214 -50%

27 10 Skadden Arps Slate Meagher & Flom 6,708 6 1,838 265%24 11 Herbert Smith Freehills 6,205 12 2,143 189.5%45 12 Sullivan & Cromwell 5,695 2 752 657.3%23 13 Shearman & Sterling 5,663 3 2,298 146.4%3 14 Stamford Law Corporation 4,804 16 23,959 -79.9%

73 15 Minter Ellison 3,739 3 316 1,083.2%

League table of legal advisors to M&A by deal count: South East Asia

Ranking 2013 2012


Deal Count

Deal Count

Count Change

2 1 Allen & Gledhill 8,466 33 37 -41 2 Baker & McKenzie 18,081 31 39 -85 3 Allen & Overy 9,218 26 15 113 4 WongPartnership 2,991 20 37 -17

10 5 Clifford Chance 12,762 18 11 78 6 Linklaters 9,394 16 11 54 7 Stamford Law Corporation 4,804 16 18 -2

12 8 Rajah & Tann 2,887 15 11 420 9 Freshfields Bruckhaus Deringer 7,290 12 6 67 10 Herbert Smith Freehills 6,205 12 13 -1

11 11 Norton Rose Fulbright 2,516 12 11 16 12 Shook Lin & Bok Singapore 1,185 10 14 -4

47 13 Mah-Kamariyah & Philip Koh 538 9 3 629 14 Skadden Arps Slate Meagher & Flom 6,708 6 4 246 15 Simpson Thacher & Bartlett 3,613 6 3 3

League table of legal advisors to M&A by value: South Korea

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

1 1 Kim & Chang 23,591 63 11,440 106.2%2 2 Bae Kim & Lee 11,595 44 11,142 4.1%6 3 Shin & Kim 9,419 51 3,806 147.5%4 4 Lee & Ko 9,282 35 6,050 53.4%3 5 Yulchon 5,092 16 7,727 -34%

13 6 Paul Hastings 4,289 5 784 447.1%- 7 Cleary Gottlieb Steen & Hamilton 3,577 6 - -- 8 Wachtell, Lipton, Rosen & Katz 2,635 2 - -

35 9 Barun Law 1,694 2 139 1,118.7%30 10 Allen & Overy 1,667 2 200 733.5%18 11 Wilson Sonsini Goodrich & Rosati 1,505 1 467 222.3%12 12 Hankyul Law Firm 1,481 7 940 57.6%- 13= Norton Rose Fulbright 1,100 1 - -- 13= Osler, Hoskin & Harcourt 1,100 1 - -- 13= Shearman & Sterling 1,100 1 - -

League table of legal advisors to M&A by deal count: South Korea

Ranking 2013 2012


Deal Count

Deal Count

Count Change

1 1 Kim & Chang 23,591 63 63 -4 2 Shin & Kim 9,419 51 23 283 3 Bae Kim & Lee 11,595 44 38 62 4 Lee & Ko 9,282 35 42 -75 5 Yulchon 5,092 16 20 -48 6 Yoon & Yang 406 13 8 57 7 Kim, Choi & Lim 606 8 10 -29 8 Hankyul Law Firm 1,481 7 6 1- 9 Cleary Gottlieb Steen & Hamilton 3,577 6 - -

13 10 Paul Hastings 4,289 5 3 2- 11 O'Melveny & Myers 158 5 - -

17 12 Skadden Arps Slate Meagher & Flom 598 4 2 210 13 Hyun Attorneys At Law 250 4 5 -111 14 Linklaters 276 3 3 -6 15 Jipyong Jisung 44 3 12 -9




Japan: Overview of 2013 • Infrastructure M&A in Japan more than doubled in value to US$ 7.8bn from the same time last year as restructuring for the 2020 Olympic games begins

• Nishimura & Asahi moved up 14 positions to lead the legal advisor league table with 65 mandates valued at US$ 36.1bn

88.1

55.8

78.4

61.2

83.2

71.4

42.9

26.1

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10.6

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14.9

8.1

18.0

10.8

14.0

7.3

17.2

26.3

15.3

11.9

15.5

24.1

33.2

32.7

13.9

13.0

32.1

12.2

29.7

6.8

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16.3

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• Japan’s M&A value declined for the second straight year in 2013 with deals valued at US$ 42.9bn down 39.9% from the same period in 2012 (US$ 71.4bn). It was the lowest valued year in almost a decade (2004 was valued at US$ 39.2bn)

• The source of the decline was Q4’s US$ 6.5bn-worth of deals being the lowest valued quarter since Q3 2004 (US$ 6.5bn). The US$ 10bn+ tally during Q2 and Q3 signalled confidence in the country until the final quarter dropped 60.1% compared to Q4 2012 (US$ 16.3bn) and 50% from Q3 2013 (US$ 13bn)

• Continued resilience to invest in large-cap deals since Shinzo Abe came to power was demonstrated by an increase in only the less risky small-cap deals. The 390 deals under US$ 250m totalled US$ 11.7bn during 2013, up slightly from the 331 deals valued at US$ 9.8bn in the same bracket during 2012

• Japan Cablenet, a cable operator that focuses on local broadcasting, was acquired for US$ 1.1bn by Japan’s largest cable TV operator, Jupiter Telecommunications. This was the largest deal in Q4 and saw one shareholder command higher values than 2010’s offer price and labelled an original offer “grossly unfair”



Japan: Industry and Cross-border analysis

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• The climb in value can be attributed to the US-based Applied Materials acquisition of Tokyo Electron for US$ 8.7bn in Q3 which contributed 68% to the total value of inbound transactions

• If the Tokyo Electron deal was excluded from the total deal value, there were only 33 inbound transactions worth US$ 4.1bn, representing a sizeable 58.6% drop compared to 2012’s total of US$ 9.9bn. It would also have resulted in the lowest total value of inbound deals since 2006 (US$ 2.7bn)

• Subdued inbound deals during Q2 (US$ 0.4bn) and Q4 (US$ 1.1bn) were responsible for the annual decline. Q4 was down 89.7% compared to Q3 (US$ 10.3bn) and if the Tokyo Electron deal was excluded from Q3’s total, Q4 would still represent a 31.3% decrease

• Outbound deal value saw a quarter-on-quarter recovery during 2013 ending Q3 with US$ 21.6bn-worth of deals. The climb in deal value ceased in Q4 though with a 39.4% decline from Q3 to US$ 13.1bn. The total value of outbound deals during 2013 was US$ 47.4bn, down 58.8% from 2012 (US$ 115.2bn)

• Japan’s Infrastructure M&A (Real Estate, Construction and Transportation) during 2013 more than doubled by value compared to 2012, up 95% to US$ 7.8bn from US$ 4bn. These Infrastructure sub-sectors made up half of the sectors to increase deal values compared to 2012 (the other were Business Services, Leisure and Pharma, Medical & Biotech)

• The highest value increase in any of the Infrastructure related sub-sectors was in Construction M&A, due to the third largest deal of the year targeting Hajime Construction for US$ 2.1bn in June. The 16 domestic Construction deals during the year were valued at US$ 3.1bn, up 138.5% compared to 2012’s US$ 1.3bn. The sector has steadily increased in value since 2011 (US$ 0.3bn)

• The market share of TMT M&A during 2013 (US$ 12.8bn) increased to 29.8% from 26.5% during 2012 (US$ 18.9bn). This was due to Technology M&A, valued at US$ 11.3bn, making up 88.3% of the total value. After three years of inclining deal value, Technology M&A in Japan has reached the highest value on Mergermarket record (since 2001) at US$ 11.3bn, up 6.6% from its previous peak in 2012 (US$ 10.6bn)

3.2% 1.8%

12.2%

24.8%

5.9% 19.4%

1.8% 0.6% 3.6%

26.5%

5.6%

7.2%

13.3%

8.4%

4.7%

12.1% 3.3% 4.7%

10.7%

29.8%

0.2%

Agriculture: US$ 0bn (US$ -bn)


Construction: US$ 3.1bn (US$ 1.3bn)



Financial Services: US$ 2bn (US$ 4.2bn)





TMT: US$ 12.8bn (US$ 18.9bn)

2012

2013

Japanese cross-border analysis2013 vs. (2012) value and market share comparison



Japan: Top deals

Announced Date





(US$bn)

24-Sep-13 Applied Materials Inc De Brauw Blackstone Westbroek; Mori Hamada & Matsumoto; Weil Gotshal &

Manges; Advising FA: Simpson Thacher & Bartlett

Tokyo Electron Limited Jones Day; Nishimura & Asahi; Advising FA: Latham & Watkins

8.7

11-Jun-13 Hitachi Ltd and Mitsubishi Heavy Industries Ltd (Joint venture)

Mitsubishi Heavy Industries Ltd (Thermal power generation systems business); and Hitachi Ltd (Thermal power generation

systems business)

Advising seller:Herbert Smith Freehills; Hogan Lovells

International; Mori Hamada & Matsumoto; Nishimura & Asahi;

Noerr; Werksmans

Hitachi Ltd; and Mitsubishi Heavy Industries Ltd

3.3

27-Jun-13 Iida Home Max Co Ltd Nishimura & Asahi Hajime Construction Co Ltd Ryoju Corporation 2.1

26-Apr-13 Nippon Steel Trading Co Ltd Nishimura & Asahi Sumikin Bussan Corporation Mori Hamada & Matsumoto 1.4

27-Sep-13 Kohlberg Kravis Roberts & Co LP Nishimura & Asahi; Simpson Thacher & Bartlett

Panasonic Healthcare Co Ltd

(80% Stake)

Advising seller:Nagashima Ohno & Tsunematsu; Advising FA:

Shearman & Sterling

Panasonic Corporation 1.3

27-Jun-13 Iida Home Max Co Ltd Nishimura & Asahi Arnest One Corp 1.3

19-Nov-13 Jupiter Telecommunications Co Ltd

Nagashima Ohno & Tsunematsu Japan Cablenet Limited Advising seller:Nishimura & Asahi

KDDI Corporation 1.1

13-Feb-13 Hitachi Metals Ltd Mori Hamada & Matsumoto Hitachi Cable Ltd Nagashima Ohno & Tsunematsu 0.9

25-Mar-13 Temp Holdings Co Ltd Mori Hamada & Matsumoto Intelligence Holdings Ltd Advising seller: Nagashima Ohno & Tsunematsu; Simpson Thacher

& Bartlett

Kohlberg Kravis Roberts & Co LP 0.7

26-Apr-13 Marubeni Corporation Nishimura & Asahi MX Mobiling TMI Associates; Advising FA: Mori Hamada & Matsumoto

NEC Corporation 0.7



Japan: Legal advisor league tablesLeague table of legal advisors to M&A by value: Japan

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

15 1 Nishimura & Asahi 36,053 65 29,228 23.4%1 2 Mori Hamada & Matsumoto 26,112 69 83,327 -68.7%

29 3 Simpson Thacher & Bartlett 15,382 8 6,640 131.7%130 4 Weil Gotshal & Manges 14,726 6 194 7,490.7%105 5 De Brauw Blackstone Westbroek 12,717 4 410 3,001.7%

2 6 Nagashima Ohno & Tsunematsu 11,639 54 53,465 -78.2%57 7 Allen & Overy 10,908 12 1,594 584.3%28 8 Linklaters 10,894 15 7,520 45%42 9 Latham & Watkins 10,573 12 2,573 310.9%23 10 Baker & McKenzie 10,402 30 12,011 -13.4%25 11 Jones Day 10,124 10 9,004 12.4%17 12 Clifford Chance 7,059 13 18,900 -62.7%19 13 Sullivan & Cromwell 7,023 6 14,226 -50.6%82 14 Herbert Smith Freehills 5,805 10 847 585.4%16 15 Anderson Mori & Tomotsune 5,611 45 28,210 -80.1%

League table of legal advisors to M&A by deal count: Japan

Ranking 2013 2012


Deal Count

Deal Count

Count Change

1 1 Mori Hamada & Matsumoto 26,112 69 77 -82 2 Nishimura & Asahi 36,053 65 52 133 3 Nagashima Ohno & Tsunematsu 11,639 54 49 54 4 Anderson Mori & Tomotsune 5,611 45 29 165 5 Baker & McKenzie 10,402 30 21 96 6 TMI Associates 2,231 19 20 -18 7 Freshfields Bruckhaus Deringer 4,818 18 15 3

10 8 Morrison & Foerster 4,797 16 14 216 9 Linklaters 10,894 15 10 512 10 Clifford Chance 7,059 13 13 -11 11 White & Case 5,599 13 14 -117 12 Skadden Arps Slate Meagher & Flom 4,459 13 9 420 13 Allen & Overy 10,908 12 8 430 14 Latham & Watkins 10,573 12 5 722 15 Oh-Ebashi LPC & Partners 1,268 11 7 4



Quarterly M&A growth comparison Total M&A comparing the top three emerging market countries in 2013 by value

Africa & Middle East: Overview of 2013 • M&A targeting Africa & the Middle East in 2013 (US$ 64.2bn) increased over a quarter compared to 2012 to the highest level in six years

• Linklaters replaced Allen & Overy from 2012 to lead in the legal advisor league table by value with 17 deals valued at US$ 15bn

87.1

50.6

32.5

54.3

45.5

50.6

64.2

19.9

13.1

5.3

25.3

19.8

8.8

12.7

12.6

12.9

4.0

8.0

6.6

13.4

21.5

20.0

10.0

15.4

8.2

12.1

9.8

14.6

34.6

14.6

7.8

12.8

7.0

18.6

15.4

0

10

20

30

40

50

60

70

80

90

100

2007 2008 2009 2010 2011 2012 2013

Valu

e of

Dea

ls (U

S$bn

)


0

100

200

300

400

500

600

0

10

20

30

40

50

60

70

80

90

100

2007 2008 2009 2010 2011 2012 2013

Valu

e of

Dea

ls (U

S$bn

)

M&A Value

Number of Deals

Num

ber o

f Dea

ls

• The total value of 2013’s M&A in the Middle East & Africa was US$ 64.2bn, up 26.9% compared to 2012 (US$ 50.6bn). It marked the second annual increase and the highest value in six years (2007 valued at US$ 87.1bn)

• For the first time since 2007 every quarter during 2013 posted values above US$ 12bn. Q4’s US$ 15.4bn-worth of deals was marginally above Q3 (US$ 14.6bn), up 5.5%. Compared to Q4 2012 (US$ 18.6bn) though, Q4’s deal value was down 17.2%

• The highest valued deal for the region during 2013 was the acquisition of Dubai Aluminum Company and Emirates Aluminum by Emirates Global Aluminum for US$ 7.5bn

• The largest deal in Q4 was the second highest valued deal of the year and was responsible for a boost in value in the TMT sector. Emirates Telecommunications Corporation acquired a 53% stake in Maroc Telecom for US$ 6.1bn in the third largest deal in the combined region on record (since 2001)



Africa & Middle East Industry and Cross-border analysis

0

200

400

600

800

1,000

1,200

0

50

100

150

200

250

300

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Num

ber o

f Dea

ls

Valu

e of

Dea

ls (U

S$bn

)

Outbound M&A Value

Inbound M&A Value



• Opportunities that companies in the region offer were swept up by oforeign companies in 2013 that reached the highest level since 2007 (US$ 42.9bn). Inbound deal value at US$ 36.4bn was up by 58.3% compared to 2012’s value (US$ 23bn)

• Over 47.3% of the total inbound deal value came from Asia targeting Energy, Mining & Utility companies with deals valued at US$ 17.1bn

• Total deal value of outbound deals in 2013 (US$ 17.1bn) was up 7.5% compared to 2012 (US$ 15.9bn). Outbound deal value in Q4 valued at US$ 6.2bn reached the highest value for any quarter in over two years (Q2 2011 valued at US$ 11.2bn)

• TMT companies in the region are being more active in their domestic M&A but also outbound. Outbound deals were value at US$ 5.9bn, up over three times the value in 2012 (US$ 1.4bn) to the highest value since 2008 (US$ 8.1bn)

• Asia’s TMT sector was targeted for outbound deals in 2013 with seven deals valued at US$ 1.9bn being the highest number of deals on Mergermarket record (since 2001)

• The attraction to the region’s Energy, Mining & Utilities companies reached a record level in 2013 with deals valued at US$ 23.1bn marking the fifth consecutive year to increase deal values, up 26.2% compared to 2012 (US$ 18.3bn)

• Over a third (39%) of the total value into the region’s Energy, Mining & Utilities sector came from China (US$ 9bn), the highest level of investment China has invested into the region’s sector. It also boosted Asia’s total investment (US$ 17.2bn) by 168.8% over 2012 (US$ 6.4bn) to the highest value on Mergermarket record (since 2001)

• TMT M&A in 2013, a sector under consolidation globally, had the third highest share of deals targeting the regions by value with deals valued at US$ 10.7bn, down 2.7% from 2012 (US$ 11bn). The domestic share of this value reached US$ 7.1bn, the second annual increase and up 39.2% from 2012 to the highest since 2009 (US$ 14.2bn)

1.6% 8.5%

36.2%

22.1%

3.4% 0.8% 2.4%

21.7%

0.8%

2.4%

0.6% 4.7%

35.9%

5.0% 18.5%

0.2%

6.8%

4.7%

16.6%

0.2% 6.8%


Consumer: US$ 3bn (US$ 4.3bn)






Real Estate: US$ 3bn (US$ 0.1bn)

TMT: US$ 10.7bn (US$ 11bn)



2012

2013

Africa & the Middle East cross-border analysis2013 vs. (2012) value and market share comparison



Africa & Middle East: Top deals

Announced Date





(US$bn)

03-Jun-13 Emirates Global Aluminium Dubai Aluminium Company Limited; and Emirates

Aluminium

Advising sellers: Allen & Overy; Latham & Watkins; Linklaters

Mubadala Development Company PJSC; and Investment

Corporation of Dubai

7,500

31-Mar-13* Altimo Zulficar & Partners Orascom Telecom Holding SAE White & Case; Advising seller: Skadden Arps Slate Meagher &

Flom

VimpelCom Ltd 6,403

05-Nov-13 Emirates Telecommunications Corporation

Freshfields Bruckhaus Deringer Maroc Telecom (53% Stake)

Advising seller: Gibson Dunn & Crutcher

Vivendi SA 6,100

14-Mar-13 China National Petroleum Corporation

Gianni, Origoni, Grippo, Cappelli & Partners; Herbert Smith

Freehills

Eni East Africa Spa (28.57% Stake)

Advising seller: Linklaters Eni SpA 4,210

29-Aug-13 Sinopec International Petroleum Exploration and Production

Corporation

Vinson & Elkins Apache Corporation (Egypt oil and gas business)

(33% Stake)


Apache Corporation 3,100

25-Aug-13 ONGC Videsh Limited Simmons & Simmons Rovuma Offshore Area 1 Block (10% Stake)

Anadarko Petroleum Corporation

2,640

25-Jun-13 ONGC Videsh Limited; and Oil India Limited

Kochhar & Co; PLMJ - Sociedade de Advogados; Simmons &

Simmons

Rovuma Offshore Area 1 Block (10% Stake)

Advising seller: Amarchand & Mangaldas & Suresh A Shroff

& Co

Videocon Mauritius Energy Limited

2,475

18-Jan-13 Abraaj Capital Holdings Limited; and the Sawiris Family

Sarie-Eldin & Partners; Advising FA: Jones Day

Orascom Construction Industries SAE (25% Stake)

Allen & Overy 2,210

01-May-13 Berkshire Hathaway Inc Munger Tolles & Olson IMC International Metalworking Companies BV

(20% Stake)

Wachtell, Lipton, Rosen & Katz Wertheimer family 2,050

21-Jan-13 Aldar Properties PJSC Allen & Overy Sorouh Real Estate PJSC Clifford Chance 2,030

* : lapsed/withdrawn bid



Africa & Middle East: Legal advisor league tablesLeague table of legal advisors to M&A by value: Africa & Middle East

Ranking 2013 2012


Deal Count

Value (US$m)

% Val. Change

4 1 Linklaters 15,027 17 6,200 142.4%1 2 Allen & Overy 13,316 25 8,362 59.2%

37 3 Latham & Watkins 9,459 13 1,251 656.1%97 4 White & Case 9,408 14 223 4,118.8%2 5 Freshfields Bruckhaus Deringer 9,068 17 7,960 13.9%

31 6 Gibson Dunn & Crutcher 7,854 13 1,832 328.7%3 7 Clifford Chance 7,750 19 7,263 6.7%- 8 Zulficar & Partners 6,403 1 - -

14 9 Vinson & Elkins 6,320 7 2,792 126.4%61 10 Simmons & Simmons 5,115 3 575 789.6%79 11 Herbert Smith Freehills 4,276 5 345 1,139.4%- 12 Gianni, Origoni, Grippo, Cappelli & Partners 4,210 1 - -

42 13 Weil Gotshal & Manges 4,021 4 1,024 292.7%106 14 Amarchand & Mangaldas & Suresh A Shroff & Co 3,679 4 167 2,103%80 15 Hogan Lovells International 3,673 8 340 980.3%5 16 Edward Nathan Sonnenbergs 3,562 33 5,707 -37.6%

66 17 Simpson Thacher & Bartlett 3,545 4 540 556.5%16 18 Skadden Arps Slate Meagher & Flom 3,467 3 2,571 34.9%67 19 Bowman Gilfillan Africa Group 3,406 33 504 575.8%7 20 Cleary Gottlieb Steen & Hamilton 3,223 5 3,789 -14.9%

League table of legal advisors to M&A by deal count: Africa & Middle East

Ranking 2013 2012


Deal Count

Deal Count

Count Change

1 1 Edward Nathan Sonnenbergs 3,562 33 29 49 2 Bowman Gilfillan Africa Group 3,406 33 15 183 3 DLA Cliffe Dekker Hofmeyr 1,658 26 24 22 4 Allen & Overy 13,316 25 26 -18 5 Norton Rose Fulbright 2,056 21 15 6

10 6 Webber Wentzel 3,104 20 14 615 7 Werksmans 1,802 20 9 116 8 Clifford Chance 7,750 19 16 3

19 9 DLA Piper 1,882 19 7 125 10 Linklaters 15,027 17 19 -24 11 Freshfields Bruckhaus Deringer 9,068 17 21 -4

67 12 White & Case 9,408 14 2 1216 13 Latham & Watkins 9,459 13 9 413 14 Gibson Dunn & Crutcher 7,854 13 11 27 15 Herzog, Fox and Neeman 1,507 13 16 -3

12 16 Meitar Liquornik Geva Leshem Tal & Co 2,433 10 11 -111 17 Baker & McKenzie 998 9 14 -530 18 Hogan Lovells International 3,673 8 5 3

23 19 Ashurst 1,040 8 6 240 20 Vinson & Elkins 6,320 7 3 4



Quarterly M&A growth comparison Total M&A comparing the top three emerging market countries in 2013 by value

Emerging Markets: Overview of 2013 • Investors shun emerging market M&A during 2013 and avoid volatility, deal value during 2013 dropped 6.7% to US$ 488.7bn compared to 2012 (US$ 524bn)

451.7

387.9

329.3

501.6

483.2

524.0

488.7

86.9

104.7

57.1

129.4 142.3

103.4 91.2

124.3 110.6

85.9

91.9

108.4 138.1

127.5

89.8

49.1

75.7

100.9

138.0

84.3

130.1

150.7

123.5

110.7

179.4 94.6

198.2

139.9

0

100

200

300

400

500

600

2007 2008 2009 2010 2011 2012 2013

Val

ue o

f Dea

ls (U

S$b

n)

Annual Q4 M&A Value Q3 M&A Value Q2 M&A Value Q1 M&A Value

34.0

71.8

52.2

80.2 85.7

51.3

43.1

67.8 101.2 124.1

97.3 108.4 137.2

154.7

110.0

49.2

25.2

74.6 76.0

110.3

73.1

0

500

1,000

1,500

2,000

2,500

3,000

3,500

0

100

200

300

400

500

600

2007 2008 2009 2010 2011 2012 2013

Valu

e of

Dea

ls (U

S$bn

)

Other EM M&A Brazil M&A China M&A Russia M&A Number of deals

Num

ber o

f Dea

ls

• During the height of the financial crisis, investors sought alternative opportunities in the emerging markets. Following a low of US$ 329.3bn in 2009, annual M&A values in the region have been at pre-crisis levels (2007 US$ 451.7bn), topping US$ 450bn every year since. With a total value of US$ 488.7bn, 2013 continues the trend however, dropping 6.7% compared to 2012 (US$ 524bn)

• The M&A slow down can largely be attributed to continued economic recovery in the US and Europe, which in turn has lead to a shift in investor focus from emerging markets to more ‘domestic’ deal making. M&A deal value came to US$ 139.9bn during Q4, up 7.5% from Q3 (US$ 130.1bn), but down 29.4% compared to Q4 2012 (US$ 198.2bn)

• BRIC M&A during 2013 totalled US$ 314.7bn, 6.7% lower than 2012 (US$ 337.4bn). China led the activity (US$ 162bn) with a 33.2% market share, double Russia’s proportion (US$ 84bn, 17.2%) and ahead of Brazil (US$ 47.9bn, 9.8%) and India (US$ 20.7bn, 4.2%)



Emerging Markets: Industry and Cross-border analysis

0

200

400

600

800

1,000

1,200

0

50

100

150

200

250

300

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Num

ber o

f Dea

ls

Valu

e of

Dea

ls (U

S$bn

)

Outbound M&A Value

Inbound M&A Value



• Inbound activity saw an 18.8% decline in 2013 with deals valued at US$ 122.2bn compared to US$ 150.4bn in 2012. The last time the region saw a lower inbound deal value was in 2009 (US$ 70.8bn), underlining the role of the risk averse investor

• The slowdown for targeting the BRICS has benefited less traditional emerging markets. For example, the Czech Republic’s US$ 7.4bn-worth of inbound deals in 2013 was up 64.4% compared to 2012 (US$ 4.5bn). Attention on smaller markets affected the average deal size for inbound deals (US$ 212.5m) resulting in the lowest average since 2009 (US$ 152.6m)

• Cautious about currency valuations (e.g. India), political unrest (e.g. Thailand) and regulations (e.g. China), outbound value in Q4 (US$ 19.1bn) represented the second quarterly decline - down 12.8% from Q3 (US$ 21.9bn). However, Q4 was up 7.3% compared to Q4 2012 (US$ 17.8bn)

• Total outbound activity in 2013 dropped 27.6% compared to 2012 (US$ 125.5bn), with deals valued at US$ 90.9bn being the lowest annual total since 2009 (US$ 63.2bn)

• Energy, Mining & Utilities continued to dominate M&A deal activity in the emerging markets with US$ 131.8bn-worth of deals and a stable 27% market share (30.8% in 2012). Deal value was down 18.2% compared to 2012 (US$ 161.1bn)

• The Real Estate sector (124 deals valued at US$ 26.8bn) was one of five sectors to increase by both deal value and number of deals compared to 2012, up the most by value and deal count at 208% and 45.9% respectively (US$ 8.7bn and 85 deals in 2012)

• TMT was another sector to register an increase in both value and number of deals. Maroc Telecom was the subject of the largest deal in the region during Q4 and also the fourth largest deal targeting Africa on Mergermarket record (since 2001). The company was ac-quired for US$ 6.1bn by United Emirates Communications, helping to raise the total value in the sector to US$ 66.9bn and 14.9% above last year’s total of US$ 58.2bn

3.3%

12.5%

30.8%

14.8%

13.1%

0.8% 3.5% 1.7%

11.1%

4.6% 3.9%

3.6%

11.2%

27.0%

10.8%

13.0%

1.5%

3.9%

5.5%

13.7%

4.4% 5.5%









TMT: US$ 66.9bn (US$ 58.2bn)



2012

2013

Emerging Markets cross-border analysis2013 vs. (2012) value and market share comparison



Emerging Markets: Top deals

Announced Date





(US$bn)

08-Apr-13 Russian Grids OAO Federal Grid Company of Unified Energy System OAO

(79.64% Stake)

The Federal Agency for State Property Management

14.4

14-Jun-13 Taikang Asset Management Company; and Beijing Guolian

Energy Industry Investment Fund

PetroChina United Pipelines Company Limited

(50% Stake)

Advising seller: King & Wood Mallesons

PetroChina Company Limited 9.8

31-May-13 SM Prime Holdings Inc SM Land Inc SM Investments Corporation; and SY Family

6.7

31-Mar-13* Altimo Zulficar & Partners Orascom Telecom Holding SAE White & Case; Advising seller: Skadden Arps Slate Meagher &

Flom

VimpelCom Ltd 6.4

23-Apr-13 CP ALL Plc Baker & McKenzie Siam Makro Public Co Ltd (96.09% Stake)

Advising seller: Clifford Chance SHV Holdings NV 6.2

5-Nov-13 Emirates Telecommunications Corporation

Freshfields Bruckhaus Deringer Maroc Telecom (53% Stake)

Advising seller: Gibson Dunn & Crutcher

Vivendi SA 6.1

2-Jul-13 Mitsubishi UFJ Financial Group Inc

Allen & Overy; Nishimura & Asahi; Sullivan & Cromwell

Bank of Ayudhya Public Company Limited

(72.01% Stake)

Baker & McKenzie; Advising seller: King & Wood

Mallesons; Thanathip & Partners

GE Capital Corporation 5.5

5-Feb-13 Guangxi Guiguan Electric Power Co Ltd

Capital Law & Partners LongTan Hydropower Development Co Ltd (85% Stake)

Guangxi Investment Group Co Ltd; China Datang Corporation;

and Guizhou Industrial Investment (Group) Co Ltd

4.9

1-Apr-13 Midea Group Co Ltd JiaYuan Law Firm GD Midea Holding Co Ltd (58.83% Stake)

Zhong Xin Xie Cheng Law Firm 4.9

14-Nov-13 Cyfrowy Polsat SA Greenberg Traurig Polkomtel Sp z oo (83.77% Stake)

Karswell Limited; Sensor Overseas Limited; and Argumenol Investment

Company Limited

4.9



Criteria

All data is based on transactions over US$ 5m and is based on the Mergermarket’s M&A deals database. Deals with undisclosed deal values are included where the target’s turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if the value is greater than US$ 100m. Click here for the full deal criteria

M&A trends and top deals: correct as of 8:30am, 07-Jan-2014 Based on the dominant geography or dominant sector of the target according to Mergermarket’s deals database. The trend graphs are based on transactions announced in the given time periods. Top deals include lapsed and withdrawn bids

Legal advisor league tables: correct as of 8:30am, 07-Jan-2014 Based on the dominant geography of any of the target, bidder or seller according to Mergermarket’s deal database. Buyout league tables to legal advisors are based on the target, bidder or seller geography and the advisor advising the buy-side only and include lapsed or withdrawn bids. Dates are between 1-Jan to 18-Dec for 2013 and 2012 comparison

Industry consolidations: TMT: consolidated sectors of Technology, Media & Telecommunications OTHER in Global, Europe, US & Asia-Pacific sections: consolidated sectors of Leisure, Defence, Agriculture, and Construction OTHER in the Emerging Markets section: consolidated sectors of Leisure, Real Estate, and Transport

Cross-Border: Inbound: deals where the dominant geography of the target is X and the dominant geography of the bidder is outside X Outbound: deals where the dominant geography of the target is outside X and the dominant geography of the bidder is X

Small-cap: deals valued under US$ 500m Mid-market: deals valued between US$ 501m - US$ 2bn Large-cap: deals valued between US$ 201bn - US$ 9.9bn Mega-deal: deals above the value of US$ 10bn Average deal size: excludes non-disclosed value deals Emerging markets: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey

Dates: Q4 2013 / Q4 2012: 01-Oct-13 to 31-Dec-13 / 01-Oct 12 to 31-Dec-12 2013 / 2012: 01-Jan-13 to 31-Dec-13 / 01-Jan-12 to 31-Dec-12

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Our customizable Private Equity Search facility provides you with extensive analyses of more than 1,000 of the world’s biggest private equity firms. Analyse specific PE firms in terms of current portfolio, historical exits, potential investments, firm profile, historical advisor and investment relationships, as well as rival bidders to monitor competitors and stay on top of your market.

Because we are always up-to-speed on which advisers are working on which deals, our detailed ‘Who’s who in M&A’ league tables have become an industry standard among investment professionals. Tailor-build individual or house league tables to analyze firm performance and enhance your marketing strategy, competitor analysis or pitch book efforts.

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Mergermarket is a business development tool designed specifically for the M&A sector, providing proprietary news, intelligence and analysis on corporate strategy before that strategy becomes public knowledge.

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