GLOBAL MERGERS & ACQUISITIONS REVIEW · Compared to the third quarter of 2012, the value of announced mergers & acquisitions increased 53% during the fourth quarter of 2012. EMERGING

GLOBAL MERGERS & ACQUISITIONS REVIEWLEGAL ADVISORS

Full Year 2012

Thomson Reuters Soultions for the DealMaking Community

14

14Any Asia Pacific (ex-Japan) Involvement Announced (AE30)

16

Any Japanese Involvement Announced (AE51)

17

Any Asia Pacific (ex-Japan) Involvement Completed (AG31)

Any Japanese Involvement Completed (AG52)

8

Any Spanish Involvement Completed (AG43)

11

Any German Involvement Announced (AE43)

11

Any Australia or NZ Involvement Announced (AE27)

Any Australia or New Zealand Involvement Completed (AG28)

9

9

8

7

7

5

5

2

9

Top Ten European Involvement Announced Deals

1

2

1

7

Any Nordic Involvement Completed (AG46) 12

Any Nordic Involvement Announced (AE45)

Any Benelux Involvement Announced (AE46)

3

Asia Pacific (ex-Japan) M&A

Asia Pacific (ex-Japan) Deals Intelligence

Top Ten Any Asia (ex-Japan) Involvement Announced Deals

12

Any German Involvement Completed (AG44)

2

11

EMEA M&A

Any European Involvement Announced (AE39)

European Deals Intelligence

12

Any Italian Involvement Completed (AG45)

Any Italian Involvement Announced (AE44)

12

10Any French Involvement Completed (AG42)

Any Spanish Involvement Announced (AE42)

Worldwide Announced (AE1)

13

14

15

Any European Involvement Completed (AG40)

Any UK Involvement Announced (AE40)

10

3

14Any UK Involvement Completed (AG41)

Any French Involvement Announced (AE41)

US Target Completed (AG2)

Any Canadian Involvement Announced (AE34)

6

17

Top Ten US Announced Deals

10

Top Ten Japanese Involvement Announced Deals

11

15

https://www.thomsonone.com

Japan Deals Intelligence

19

18

Regional Contacts

Any Canadian Involvement Completed (AG35)

Any US Public Involvement Completed

Criteria Summary

18

16

Global Deals Intelligence

Scorecard: Worldwide Announced M&A

Scorecard: Worldwide Completed M&A

Top Fifteen Worldwide Announced Deals

US Target Announced (AE2)

Any US Involvement Completed (AG34)

Americas M&A

Worldwide Completed (AG1)

Americas Deals Intelligence

Any US Involvement Announced (AE33)

6

6

18

10 Japan M&A5

Mergers & Acquisitions Criteria Summary

6

16

Any Benelux Involvement Completed (AG47)

8

Full Year 2012 | Mergers & Acquisitions | Legal Advisors

M&A Legal Advisory Review

Table of Contents

9

13

Any Asian (ex-Japan) Involvement Announced (AE31)

Any Asian (ex-Japan) Involvement Completed (AG32)

13

Global M&A

WORLDWIDE M&A UP 2%, SPINOFFS & DIVESTITURES ACCOUNT FOR 47% OF M&A - Bolstered by recordlevels of spinoff and divestiture activity, the value of worldwide M&A totalled US$2.6 trillion during full year 2012, a2% increase from comparable 2011 levels. Worldwide spinoffs and divestitures, which totalled US$1.2 trillion for fullyear 2012, accounted for 47% of overall M&A activity this year, the highest annual percentage since records beganin 1980. Compared to the third quarter of 2012, the value of announced mergers & acquisitions increased 53%during the fourth quarter of 2012.

EMERGING MARKETS ACCOUNT FOR 28% OF M&A; CROSS BORDER UP 6% Accounting for over one-quarter of worldwide announced merger activity, M&A involving companies located in the emerging markets totalledUS$723.0 billion during full year 2012, a 9% increase from 2011. Cross Border M&A activity totalled US$944.1billion during full year 2012, accounting for 36% of overall M&A volume and up 6% compared to full year 2011.Cross border M&A was driven by the energy & power, industrials, and consumer staples sectors, which comprised42% of cross-border deal volume during 2012.

RESOURCES, REAL ESTATE, FINANCIALS LEAD ACTIVITY - The energy & power sector was most activeduring full year 2012, commanding 18% of announced M&A, while the financials and real estate sectors accountedfor 13% and 11% of M&A activity, respectively. Consumer staples and retail deal making led all sectors as togrowth rate, up 71% and 38%, respectively, during full year 2012, while materials and high technology registereddeclines of 22% and 18% over full year 2011.

BUYSIDE PRIVATE EQUITY M&A FLAT COMPARED TO 2011 Worldwide private equity-backed M&A activitytotalled US$321.4 billion during full year 2012. Private equity deal making in the energy & power, industrials andfinancial sectors accounted for 40% of activity during full year 2012. Accounting for 12% of worldwide M&A during2012, private equity-backed M&A was flat compared to 2011 levels.

Global Deals Intelligence

Full Year 2012

LEGAL ADVISORS

MERGERS & ACQUISITIONS REVIEWSpinoffs & Divestitures Push Worldwide M&A Up 2% to US$2.6 trillion l Cross Border M&A Up 6%

Worldwide Announced Financial Sponsor Activity

Worldwide Cross Border Volume


9.6%

10.6%

13.4%12.9%

21.0% 18.6%

8.4%

6.0%

9.9%

12.7%12.4%

0%

5%

10%

15%

20%

25%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

%ofG

lobalM

&A

Rank

Valu

e(U

S$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of YTD Global M&A

29.2% 26.7%

31.7%33.7% 33.5%

45.0%

37.3%

27.0%

37.2%

35.0% 36.5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

%ofG

lobalM

&A

Rank

Valu

e(U

S$b)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of YTD Global M&A

1

Western Europe

South East Asia

Worldwide Announced M&A by Target Industry

1/1/2011 - 12/312011

31,8492,424,490.49,667

72,312.4

Rank Val

US$m

No.

Deals

1,144,683.7-60.3

19512,496.0

-5.8

6.8

334

-20.4

3,809

-12.5

1,145

-27.6

275

-42.6

-16.3 84,739.2Canada

146

1,313

613,855.3

Target Macro / Mid Industry

-64.79.4

1,088

North Africa

Europe 785,109.2

8,909.2

1,499

-30.2

Australasia -42.6

9,432

47,495.2-8.4

1,139

17.9374.9

15,744.237.7

1,876.1

Chile65,423.4Africa/Middle East

223192

45.7

14,416.5

Middle East 21,986.21,267

Chile

13,241

41,994.2

7911,941.8

728

1,451South America 1,003

703,460.6333771

North Africa

50214,362.0

Consumer Staples / Food and Beverage

Energy and Power / Oil & Gas

Real Estate / Residential

Retail / Other Retailing


Telecommunications / Wireless

21,361.5

-8.1

77

401

-43.2

1,120

-65.8

106,481.5

7,381

37,956.2

-1.0

170 -22.1

898,363.596,309.4

10.6

8,93414329,885.0

490

-73.3

-19.5

United StatesNorth America

Central America

-1.8

129

1,553102,867.8882,129.9

18110,618.8

984,997.76,9468,397

-15.82,040,637.3

4,966.5 8610,400

994,672.9

31,033.2Caribbean

Worldwide-5.2Americas

126

28,449

134,004.5

711,763.23,544 110,824.5

9,384 444,318.9

58,210.0

4943,281.9

Middle East 13,437.0

11,185.0Africa/Middle East

Brazil

2,207

6,162 -26.0

135,108.9

821

12.5

-31.5-49.4

-5.2


1,918

7341,439 109,758.1

New Zealand

Europe

106

16,03613,382

551 15,091.4 462

1,189

Asia-PacificAsia-Pacific 438,206.2

8,119 980,220.8

222.91,075,760.7

-4.610,730

2429

8,55510,037

1.7

7,993.2-2.2

-10.4-1.7 1,085,322.3

Mexico

121

42,074

12,651.912,800

37,923 2,545,300.0

36,738.8 319470.4

95,539.9 46.6

-0.1

Scorecard: Worldwide Completed M&A

1/1/2012 - 12/31/2012No.

Deals

1/1/2012 - 12/31/2012 1/1/2011 - 12/312011Rank Val

US$mTarget Region/Nation

% Change

in Rank

Value

Rank Val

US$m

No.

Deals

AmericasWorldwide

Target Region/Nation

Rank Val

US$m

2,588,907.3

% Change

in Rank

Value

Scorecard: Worldwide Announced M&A

11,341.5Caribbean 160


Mergers & Acquisitions

No.

Deals

1,214,223.8 11,883 1,234,909.5

South America2,1751,591

North America

Central AmericaPanama

35,942.9

1,075,091.71,518.8

286

935,064.4United States

91,847.7-21.657,042.2 720Brazil 72,781.5

Canada 140,027.4

123

10.3Sub-Saharan Africa

8,20211,427 6.8 444,383.0

14,615.0

143,476.6748,964.320,940.5Sub-Saharan Africa

68,297.6 2,827

25,040.2 531 21,239.1

2,073

320

Western Europe 641,632.6 9,8382,395United Kingdom

512,680.6 11,029Eastern Europe

134,350.6

Germany

Eastern Europe4,609600,938.7

29.5

2,49668,004.7Spain

0.359,529.394.3 657

116,564.8United Kingdom 123,754.8Spain 129,606.5 766

27,981.866,713.9 1,026

440-1.4

221.3Switzerland 89,905.5 34410,212

50,567.4 -6.0297,582.8

1,118 53,785.95,479 402,160.6

119,310.2Australasia 73,473.2 1,645 127,927.7

Australia 67,821.0 1,444135,788.278,000.8 1,224 1,229

1,329 -43.8AustraliaNew Zealand 4,741.9 178 8,556.9 -44.6154 6,383.75,209.9

129,046.1 1,087119

72,563.5132

103,668.3 1,856 70,962.5 2,320 South East Asia 52,280.0 61,774.246.147.814,392.721,278.4

-18.41,582

Singapore 49,950.1 363 17,057.4 Malaysia192.8 429-15.4

350Singapore 15,859.4 9.5300481 18,325.4 17,366.5 249610 20.1

North Asia 232,341.3 4,957 217,478.5 5,481 154,336.66.8 2,6682,410Malaysia 22,015.5

1,359167,850.3

1,3433,694North Asia

12.3China 157,359.1 3,419 140,157.1 98,363.6South Korea 87442,737.0

83,259.3China -15.4

912 2.8926 27,950.2South Korea 42,800.4 1,002 45,550.8 -6.0

South Asia 28,723.446,751.2 756

South Asia 12,965.4 656 36,748.0 683

1,3182.1

Japan-19.5 103,057.5 1,50339 1,613.3Central Asia 9,487.9 62 9,288.8

Japan 85,944.7 2,006 106,813.249Central Asia

1,887 90,725.710,660.4 560.8

13.6

Materials / Metals & Mining

Jan 1 - Dec 31 2012

Healthcare / Pharmaceuticals


Financials / BanksEnergy and Power / Oil & Gas

Financials / Banks

Telecommunications / Telecommunications Services20,140.0

18,047.3

12/10/2012

36,088.7Russian Fed / Russian Fed

United States / United States

TNK-BP Ltd (50%) 28,000.0

Rank Value (US$m)Rank Date Date Effective Target (% Sought/Acquired) Acquiror

Switzerland / SwitzerlandXstrata PLC (65.9%)Pending

Acquiror / Target Nation

10/22/2012

9/17/2012Pending

Pending

10/1/2012Glencore International PLC

NK Rosneft'

Walgreen Co

66,416.82/7/2012

10/22/2012 Pending

45,803.1

Russian Fed / Russian Fed

Abbott Laboratories-Research (100%) Shareholders

TNK-BP Ltd (50%)

Kraft Foods Inc-N Amer Grocery (100%)NK Rosneft'Shareholders

26,469.2Spain / Spain 25,686.0

United States / United States

12/21/2012 Pending Bankia SA-Bad RE Assets (100%) SAREB

4/12/20125/25/2012

4/30/2012 ConocoPhillips-Refining ,Mktg (100%)FROBShareholders

23,785.7

10/15/2012 Pending Sprint Nextel Corp (70%)

6/27/2012 Banco Financiero y de Ahorros (100%)

United States / Switzerland21,657.1

Spain / SpainUnited States / United States

20,093.4

Canada / CanadaSpain / SpainChina / China

17,665.617,805.3

6/29/20128/22/201212/26/2012

Pending Nexen Inc (100%)

6/19/2012 Intended

China Telecom Corp-3G Assets (100%)Pending

Alliance Boots GmbH (55%)

7/23/2012FROB

Japan / United StatesAnheuser-Busch Inbev Belgium / MexicoSoftBank Corp

Pending

PendingGrupo Modelo SAB de CV (49.7%)

17,204.3

China Telecom Corp Ltd

CNOOC Canada Holding Ltd12/5/2012

Bankia SA (%)Pending

Energy and Power / Oil & GasPlains Expl & Prodn Co (100%) Freeport-McMoRan Copper & Gold United States / United States

Top Fifteen Worldwide Announced Deals


18%

13%

11%

10% 9%

8%

8%

6%

5%

5%4%

3%

Energy and PowerFinancialsReal EstateMaterialsIndustrialsConsumer StaplesHealthcareHigh TechnologyTelecommunicationsMedia and EntertainmentRetail

2


32

29

115 -826 0.3

37,918

-15.8%

2,040,637.3

-10.7%

1.0

0.3 27 37

22

-14

11

4

2.5

0.9

160

-67

12.0

1.5

65

262

4.0

19

1.3

48Cravath, Swaine & Moore 13

8.9

11.8

-30

2.5

124

-

Gibson Dunn & Crutcher 24

2,588,907.3

1.7%

91*423.0

Industry % Change from Same Period Last Year

100.0

Mattos Filho Veiga Filho Marrey Jr 25

Industry Total

112 78,449.0

18 79,436.1

94,392.9

3.1 -1.1

King & Wood Mallesons 22 23

Morrison & Foerster 4423 106

0.93.9101,569.7 110

1.83.7

162

70

4.7 1.1121,397.8

3.3118,939.4

4.1 396

0.338

1

55*

395

-1.8

31

16

8

17

15

Gibson Dunn & Crutcher

Allen & Overy 18

-1.6

14

4

0.4

12

22*

28

0.5

286

6.8138,748.7

6.5

0.3

112

4.898,748.7

0.3 -23

0.7

1.9

6.1

0.8

0.4

120,552.3-1.3

3.1

-0.2

134,636.6

5.7128

13 14

Jones Day 21 13 106,083.0

Paul, Weiss 20 50 107,639.6

1.6

4.8

13.8 1.3 133

21

21

75* 0.2

-39

0.4

-38

-75

-14

8

0.4

57

Change in

Sh (%)Rank

-15

0.5

# of Deals per Advisor

-92

0.6

-1

30


0.9

0.7 -29

6

# of Deals

-46

244,784.5

13.5275,179.93 2

-62

0.3

0.6

Shearman & Sterling LLP-37

0.4

-93

9

30

Linklaters

Jones Day-24

8

12

11

161,952.3

Cleary Gottlieb Steen & Hamilton

4

144,905.7

11 16

Freshfields Bruckhaus Deringer

Dewey & LeBoeuf LLP

144,653.0

100,170.019

42

115,443.2

Clifford Chance

131,758.7

5.9

Kirkland & Ellis 15

10

111,954.1

4.8

5.5

14

4.9

Davis Polk & Wardwell

98,493.9

0.3 -14

30

3220

81,498.1

2.684,801.049

4.0

97,246.0 4.8

4.6

Mori Hamada & Matsumoto

Vinson & Elkins LLP

Baker & McKenzie 9

White & Case LLP

-61

Blake Cassels & Graydon

25

0.5

154

72

23

-3,395

3.2 36Bracewell & Giuliani

7877,599.3

109

24

100.0

76,128.3 99*

28,454

Worldwide Completed (AG1) - Based on Number of Deals

-

3.4

2011Rank

#

# of Deals per Advisor Rank Value per Advisor (US$m)

Market

-1.2

Market Market

Share Ch.

-

-0.2%

Sh (%)

5.7

-

0.1

3.4

-11

269 39

0.3

0.7

72*

97

1.3

0.4

23120

1.03

196 9

381

10

241

0.2

0.2

0.7

47

186

34*

-5.3

-3.5

0.3

1

105 26*

-1.2

34*97

-114

-55

249 5

0

217 7 0.8

-35

0.2 -33

94

-0.9 0.9

1.9 37 0.3

13

2.7

3.7

3.8

1.6

4.2

37

10

9

178

0.0

6.8 3.1

6.6

278

-9.9%

Industry Total


-12

-4,156

McCarthy Tetrault

McCarthy Tetrault

4.2

4.6

0.1

2.6

58

2 8

Shearman & Sterling LLP 14

Cleary Gottlieb Steen & Hamilton 10

Simpson Thacher & Bartlett 7

9

11

7.9

53

176,871.7

-

6

73

1.8

171,513.0 0.1

-2.4 -52254 0.77

-8

-2.6

-2.4

7.1

7.8

7.9

2.97.1

0.3

Latham & Watkins

Weil Gotshal & Manges 6 12

241,071.45 5

10

51

94

-52

180,641.2

10

39

231

4 9

159,096.63

7

134

18

19 -12

2.4 0.511

7.1

-8.8

7.9

7.4

3.0

Wachtell Lipton Rosen & Katz

-4.5 0.4 -22

Sullivan & Cromwell

0.8

46*

0.8

5283

3

9 0.6

290

-28

0.6

-180

0.8

0.2

243

Legal Advisor

Market

3

Change in


256,738.9 9.9

3 4 -0.5

Legal Advisor

346,991.8Skadden 1

2012Rank


2011Rank

Rank Value

23413.4

2.2

-7 Skadden

Simpson Thacher & Bartlett

5 239,224.0

239,520.2

8

255,319.3 9.9

9.3

203,851.2

6Linklaters 4

6 14 205,389.7Weil Gotshal & Manges

2

9.2

185,620.4

12

-1.0Latham & Watkins 5

Sullivan & Cromwell 8 1 192,713.4

17

20

12

Baker & McKenzie

15

Cravath, Swaine & Moore

Clifford Chance 7.2

184,398.0

18 21

5.2

5.8

13

125,349.0 4.8

24

Allen & Overy 16 11

17

159,064.3

15


149,194.2

White & Case LLP

124,389.5

189

146

Rank Value per Advisor (US$m)

# of Deals Value US$m


Sh (%)

MarketMarket

1

# of

15.5

2011RankRankDeals

Market

Worldwide Announced (AE1) Worldwide Completed (AG1)

# ofRank

Sh (%) Share Ch.


Worldwide Rankings

5.3

US$m Sh (%)2012Rank

Market

61.8 316,412.6 200

Share Ch.

Kirkland & Ellis

19

281,372.212


21

17 84,077.3

17*

144.1

0.5

0.3

230.1

41

0.5

Industry % Change from Last Quarter 53.4% 5.7%

Worldwide Announced (AE1) - Based on Number of Deals

-0.9

26

-56

Market

Industry % Change from Last Quarter 19.6%

Rank ValueMarket

-62

Market

Deals

152-0.9

93,620.5

7


141

46

25

-18

Legal Advisor Of DealsShare (%) # of Deals2012Rank

2011Rank

#

RankUS$m Share Ch.Sh (%)

Change in Rank Value Market

1.0 -61.0Jones Day 1 1 396

44,280DLA Piper 2 2 358

239,224

0.9 - -

106,083 21 4.1 -1.8

-65.0

Latham & Watkins 3 4 290 0.8 -46.0 5 9.2 -1.0

- -

0.8 31.0Kirkland & Ellis 4 10 286

239,520Linklaters 5 5 283

176,872

0.8 9.3 0.8

124,390 17 4.8 1.9

-28.0

Baker & McKenzie 6 3 278 0.7 -93.0 11 6.8 3.1

4

0.7 -52.0Allen & Overy 7 6 254

256,739Freshfields Bruckhaus Deringer 8 7 243

346,992

0.6 9.9 2.2

125,349 16 4.8 -2.4

-62.0

Skadden 9 11 234 0.6 -7.0 1 13.4 1.8

2

0.6 -52.0Clifford Chance 10 8* 231

205,390Weil Gotshal & Manges 11 22* 189

134,637

0.5 7.9 2.4

185,620 9 7.2 3.0

51.0

White & Case LLP 12 18* 178 0.5 30.0 15 5.2 3.1

6

0.4 -29.0 -Hogan Lovells 13 12 167

121,398Blake Cassels & Graydon 14 25* 162

13,407

0.4 4.7 1.1

52,986 - - -

30.0

CMS 15 8* 150 0.4 -133.0 - - - -

18

0.4 68.0 -Gowling Lafleur Henderson LLP 16* 59* 149

38,526Ashurst 16* 13 149

203,851

0.4 1.5 -2.9

7,832 - - -

-44.0

Simpson Thacher & Bartlett 18 14 146 0.4 -22.0 7 7.9 -4.5

45

0.4 -12.0Sullivan & Cromwell 19 20 134

27,067Mayer Brown LLP 20* 15 132

16,581

0.4 - -

192,713 8 7.4 -8.8

-23.0

Paul Hastings 20* 21 132 0.4 -7.0 - - - -

- -

-Mori Hamada & Matsumoto 22* 25* 128 71,850 27 2.8 -0.2

Shearman & Sterling LLP 22* 16* 128

0.3 -4.0

0.3 -24.0

Norton Rose 24 16* 124 0.3 -28.0

149,194 14 5.8 -1.6

--

32,992

-

- - - -

Herbert Smith Freehills LLP 25 28* 122 32,569 -0.3 -8.0100.02,588,907Industry Total 37,918 -4,156


Industry % Change from Same Period Last Year -9.9% 1.7%

DLA Piper 2 2 337

Change in

Legal Advisor Of Deals Sh (%) # of Deals2012Rank

1.3 -56.0 115,443Jones Day 1 1 381

US$m Rank

14

-

15 5.51.0 39.0

5 11.8241,071

1.2 -52.0

4 262

37,107

111,954

0.9 -67.0

5 3 249

Kirkland & Ellis 3 10 269

Latham & Watkins 4

Baker & McKenzie

1.5

19 4.897,246

159,097

0.9 -114.0

-2.68 7.80.9 -39.0Linklaters 6 5 241

Skadden 8 11 200

98,494Allen & Overy 7 7 217

0.7 -29.0 5.3

18 4.8

316,413

0.8 -55.0

-0.213 5.9

-3.5

1 15.5

161,952

Clifford Chance 9 8 196 0.7 -62.0 120,552

Weil Gotshal & Manges 11 23 160

Freshfields Bruckhaus Deringer 10 6 186

0.6 30.0 2.5

7 7.9

180,641

0.7 -92.0

- -- -

-2.4

6 8.9

81,498

Hogan Lovells 12 12 156 0.6 -26.0 57,020

Blake Cassels & Graydon 14 26 152

White & Case LLP 13 24 154

0.5 26.0 -0.9

23 4.0

84,077

0.5 25.0

- -- -

1.6

22 4.1

10,591

CMS 15 9 147 0.5 -98.0 16,751

Mori Hamada & Matsumoto 17* 42 141

Gowling Lafleur Henderson LLP 16 63* 143

0.5 41.0 2.6

- -

84,801

0.5 70.0

-1.338 2.8

- -

21 4.2

281,372

Ashurst 17* 13 141 0.5 -24.0 56,894

Paul Hastings 20 25 132

Simpson Thacher & Bartlett 19 14 133

0.5 4.0 - -

2 13.8

15,875

0.5 -30.0

0.310 7.1

1.3

- -

45,185

Shearman & Sterling LLP 21 17 124 0.4 -14.0 144,653

Herbert Smith Freehills LLP 22 37* 121 0.4 14.0

275,180Sullivan & Cromwell 23 19* 120

- -

3 13.50.4 -15.0 1.3

- -

-- -0.4 -20.0 31,166 -Mayer Brown LLP 24 16 119

-Norton Rose 25 18 114 0.4 -

-10.7%

-3,395Industry Total 28,454-23.0 40,960 - -

100.02,040,637


Industry % Change from Last Quarter -0.2% 19.6%

-15.8%

3


29

24.3

25.1

* Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries.* The data given refers to the time period 01/01/2012 - 12/31/2012 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded.* The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black.* Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%.

23.8

35.7

29.4

20

8.46024.7

32.1 25.6

40.2

31.8

58.4

25.1

31.3

28.4

27.7

29.6 31.8

18.9 49.2

39.7

14.5

35.125.4

30.3

35

13.4

27.7

36.0

36.1 61.216.1

33.532.228.4 36.7 34.3

60.0

39.3

58.8

28.0

- 16.4

32.7Average Industry Total 31.2 39.3 34.731.0

31.5

Telecommunications 37.6

32.8 31.5

38.9

52.4 53.3 61.1

40.1

- 26.8

19.5 33.428.5 29.028.5

14.3 44.5 48.244.5 29.727.429.0 15.4

Retail 33.1 28.3 36.3

Real Estate 30.8

40.7

45.7

31.9 29.5

31.2 32.825.6

18.722.1 36.7 38.7

49.6 14.2 46.1 14.2 45.0Media and Entertainment 33.2 21.1 37.4 36.2 33.5 42.5

31 24.0 24.3 25.729.1 38.6

16.2

47.3Materials 33.8 28.9 39.1

25.5

20.1 41.1 19.6 27.4

40

30.0

42.2 28.4

23.3 40.1 58.3 63.3 20.1

27.3

37.4 23.3

38.6 41.1 28.2

Industrials 24.8 30.4 30.9 31.6 33.5

Healthcare 32.0 36.3

38.2

33.2 59.9

High Technology 33.6 32.3 44.8 38.5 46.5 40

27.9 29.4 34.7

40.1

31.1 21.5 28.1 13.6

30.0 3027.2 37.7 22.8 34.9 21.540.5 26.2 4151.841.7 39.9 39.8

29.4

33.7 32.9

45.8 51.6

24.9

39.5 23.526.8 26.444.5Financials 31.9 31.4 42.6

26.8 29.9 29.8 42.1 37.934.6

43.1 38.4 24.2

25.5

30.2

27.7 21 35.425.4

24.1 29.3 33.8 33.8 18.5

35.1 27.2

38.1 40

44.8

Energy and Power 29.6 31.7 37.8 35.4 24.3

Consumer Staples

57.8

39.3 66.128.2

34.5

44.9

33.0 57.8 35.2 38.738.1 40.7 47.3 47.3 23.3 30

2011World Americas UK Asia ex. Japan

Consumer Products and Services 32.2 35.0 35.7 30.7

Average Industry Total 11.6x

USA Canada

12.5x 9.3x

EMEA Europe Japan2012 UP

2012 DOWN

10.9x

12.2x 12.5x11.8x 9.3x 11.4x 12.9x10.6x

7.7x

12.2x 12.2x 13.8x 10.4x11.6x 12.2x 11.7x13.8x

5.9x

13.1x 14.6x

12.6x6.1x 6.4x 6.3x 6.3x 11.6x 12.6x 4.8

14.6x 9.4x

10.9x

12.9x11.2x

-

11.9x 11.9x 13.1x 11.2x

Telecommunications 9.6x 12.5x10.9x 11.7x -9.6x

15.8x 16.2x

11.1x

Retail 11.1x 11.2x 11.5x 17.2x 12.5x

12.6x

11.6x

13.5x

11.6x

8.3x 11.1x

11.7x 11.4x

20.7x 17.3x 15.8x

12.6x 11.5x 13.5x

Real Estate 18.3x 18.8x 21.5x 24.7x 19.5x

Media and Entertainment

11.9x 6.1x

11.7x 10.3x

17.6x 25.1x 20.7x 18.8x

12.9x 10.8x10.8x 11.7x 9.1x

18.3x 18.8x

11.7x

9.2x 11.4x

14.8x 10.8x

8.9x 13.1x8.2x 8.7x 7.3x 7.3xMaterials 10.3x 11.9x 10.2x

7.6x 11.4x

12.0x 13.1x

11.7x 10.2x11.7x 9.4x 11.9x

14.0x 10.3x

8.9x 8.4x

15.2x 7.9x 11.9x

Industrials 10.5x 11.7x 10.9x 14.3x 10.5x

15.7x 13.0x

15.1x 12.0x11.3x

12.2x9.8x

High Technology 11.9x 13.1x 14.7x 16.0x 7.1x12.0x10.8x 10.4x 10.0x 13.1x

12.0x

12.0x

12.0x 8.0x15.8x 16.0x

10.3x 14.9x 11.4x11.9x 13.1x

15.0x 12.2x

12.9x 11.8x 11.8x

11.4x 11.1x

Healthcare 14.3x 12.9x 14.6x 12.2x 14.3x 12.7x 12.9x

11.1x 11.0x 12.3x10.1x 9.2x 4.8x 6.8x 10.8x 12.3x10.2x

10.7x 12.8x 5.0 12.8x

Energy and Power 11.4x 11.1x 12.7x 12.2x

Consumer Staples 12.0x 11.5x 11.2x 10.5x8.6x 10.3x 11.5x10.1x 11.5x 7.3x 9.8x 13.4x6.2x

12.7x9.8x 11.4x 9.3x 14.8x13.1 13.1x 7.3x 11.4x 7.5x 10.5x9.8x 11.4x 6.2x 7.0x 13.3x

12.0x

USA

5.9x14.8xConsumer Products and Services

JapanAsia ex. JapanCanada EMEA Europe


Worldwide M&A Matrix

World Americas2012 UP

2012 DOWN 2011UK

Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA

Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price

4

Energy & Power Industrials

Healthcare Materials

High Technology

Financials Real Estate

Consumer Staples Media

Overall M&A activity with US involvement decreased 3.8% from 2011, reaching US$1.2 trillion. The number of US-involvedM&A transactions decreased by 5.5%, dropping from 11,517 to 10,882 announced deals. Exclusive of the over $140 billionof value attributed to spinoffs executed in 2012 (including 4 of the top 10 overall deals in the year), US-involved M&A activitydeclined 11.9% over the course of 2012.

Despite a 13.1% decrease in the number of announced M&A deals with Canadian involvement and an 8.7% decrease inthe number of completed M&A deals with Canadian involvement, the value of both announced and completed M&A activityin Canada involvement surpassed 2011 totals by 38.7% and 12%, respectively.

The Energy & Power sector led the US market, with deal volume totaling US$173.4 billion, a 18.5% market share and a32% decrease compared to last year. Healthcare placed second, with US$154.4 billion, a 16.5% share. By deal count,High Technology was the most prolific sector, with 1,553 transactions.

On average, EBITDA multiples for Americas Targets during 2012 decreased to 12.2x from the 13.8x reported in 2011.From an industry perspective, among US target transactions, average industry multiples ranged from 9.6x forTelecommunications to 18.0x for Real Estate targets.

Baker & McKenzie

Simpson Thacher & Bartlett 8,957.7

LBOs as a Percentage of US Targeted Announced M&A

Baker & McKenzie

3


Sullivan & Cromwell

Morrison & Foerster

29,048.3 132,325.6

22,223.4

A&L Goodbody

11

18,349.9


Skadden


Weil Gotshal & Manges

Latham & Watkins

Bracewell & Giuliani

(US$m)

37,617.1

Jones Day3

Top Ten US Announced Deals Jan 1 - Dec 31 2012

2

220.4

9,523.2

14,294.3

Latham & Watkins

Kirkland & Ellis

36.0

29

3

14.9

33.126,697.9

Latham & Watkins

80,679.8

65,615.9

17

163 17.4

67,909.8 12

1,554

Allen & Overy

Mkt.

(US$m) Rank Share

Rank Val

56,727.6

68,089.5

154,403.9 44,468.1

9,772.1

2

20.9

Kirkland & Ellis

3

566.0

1575.4

14.5

2

43.2

47,938.7

24.9

Latham & Watkins

2 44.0

24.9

50,633.7 2

18.9

15

3

2

8

2 22.1

Weil Gotshal & Manges 13,787.1


1

5

566

3

19.3

1125.8

21

7

586

6

23.2

976

840

14

5,370.3

12,852.4

Latham & Watkins

38.9221

21.73

15.6

50.0

29.4

26.02

34,498.6

74,222.8

18,461.1

1

12,481.2

40

12

83,025.9

19

805

36

16

857 477

1

3

14,031.1 43

28.9

1

2

11

Davis Polk & Wardwell 13,712.6 1

16.8

Minter Ellison

27.6

7,732.0

37

10,679.5 3


Consumer Products & Services

Skadden

3

10,305.6 2

No.

Deals

50,915.3

30.6 2

Rank Val


Financials / Brokerage

No.

Deals

56.1

90,314.3

Rank

1

US Announced Advisors by Target Industry Jan 1 -Dec 31 2012

253.1

4

66,691.8

777,257.8 1

2

32.7

Share

Mkt.


Overall US M&A Decreases 4%; Falls 12% Exclusive of Spinoff Value | Canadian Activity Up 36%

Americas M&A

173,401.9

Simpson Thacher & Bartlett1

668

10,191.3

16,936.1

10,570.8

Kirkland & Ellis

286

9/28/2012


Consumer Products and Services / Professional ServicesUnited States / United States12/20/2012

Americas Deals Intelligence

Target Macro / Mid IndustryRank Date Date Effective Target (% Sought/Acquired) Acquiror Acquiror / Target Nation Rank Value (US$m)66,416.8

9/17/2012Healthcare / Pharmaceuticals

Shareholders United States / United States 36,088.7Energy and Power / Oil & Gas

Consumer Staples / Food and Beverage12/10/2012 Pending Abbott Laboratories-Research (100%) Shareholders United States / United States

10/1/2012 Kraft Foods Inc-N Amer Grocery (100%)

Energy and Power / Oil & GasTelecommunications / Telecommunications Services

4/12/2012 4/30/2012 ConocoPhillips-Refining ,Mktg (100%) Shareholders United States / United States 21,657.110/15/2012 Pending

Archstone Enterprise LP (100%)

SoftBank Corp Japan / United States 20,140.0Sprint Nextel Corp (70%)

Investor Group United States / United States 16,306.1Consumer Staples / Food and Beverage

Real Estate / REITs12/5/2012 Pending Plains Expl & Prodn Co (100%) Freeport-McMoRan Copper & Gold United States / United States 17,204.3

11/26/2012 Pending

Real Estate / REITs4/23/2012 11/30/2012 Pfizer Nutrition (100%) Nestle SA Switzerland / United States 11,850.0

1/23/2012 1/23/2012 Archstone-Smith Trust (26.5%) Lehman Brothers Holdings Inc United States / United States 11,810.09/28/2012 Tyco International Ltd-ADT (100%) Shareholders United States / United States 10,570.8Pending NYSE Euronext (100%) IntercontinentalExchange Inc

Jan 1 - Dec 31 2012US Target Announced M&A Target Industry by Value

20%

16.5%

9.7%

8.9%8.6%

7.9%

7.0%

7%

5%4.8%

3%3.5%0.0%

Energy and Power Healthcare Consumer StaplesReal Estate Financials IndustrialsHigh Technology Media and Entertainment TelecommunicationsMaterials Consumer Products and Services RetailGovernment and Agencies

0%

5%

10%

15%

20%

25%

30%

35%

40%

$0

$100

$200

$300

$400

$500

$600

$700

LBO Non-LBO LBO as % of US M&A

5

33*

100.0

14882,129.9Industry Total


38 39* 0.5 -2

19.9%Industry % Change from Last Quarter

25

-1.8%

Fried Frank Harris Shriver & Jacobson 51,339.0 0.7475.8 -2.3

5.8 3.5 45

6

36*

36* 0.76.0 4.1 45 3

A&L Goodbody 22 36 53,164.1

Dechert 23 53 52,949.4

2

-176* 0.1

57* 0.26.3 1.6 15

86.0 3.2

Baker Botts LLP 20 16 56,618.9

Freshfields Bruckhaus Deringer 21 22 55,173.2

-2

333* 0.7

63* 0.26.5 2.3 13

476.4 0.8

Greenberg Traurig 18 21 57,620.2

Linklaters 19 25 57,078.2

8

-1223* 0.9

32 0.76.9 2.5 48

596.5 1.8

Shearman & Sterling LLP 16 8 63,464.0

Baker & McKenzie 17 24 61,074.0

-20

-723* 0.9

23* 0.97.3 -14.0 59

597.2 -4.5

Cleary Gottlieb Steen & Hamilton 14 27 73,555.1

Davis Polk & Wardwell 15 2 64,044.3

22

-939* 0.6

43 0.58.6 7.3 33

388.3 4.2

Jones Day 12 6 81,642.6

Bracewell & Giuliani 13 59 75,689.3

5

0 -1 3.3

12* 1.29.7 5.0 80

2309.3 -5.9

Gibson Dunn & Crutcher 10 10 86,148.9

Vinson & Elkins LLP 11 20 85,372.2

51

-810* 1.2

2 3.310.6 6.4 228

819.8 -0.9

11 123,267.7

Kirkland & Ellis 9 26 93,755.7

33

-641 0.5

6 1.4

3714.0 3.9

15.1 3.9 96

2

-4313 137,114.6

170

32 0.5

133,574.4

7.6

44

3

15.5 6.8

2.5

7 1.3

4 3 198,893.1

21.8

2.322.6 78

-8

814* 1.1

Simpson Thacher & Bartlett 3 1 214,000.8


24.3

2 4 214,302.8 0.8

92-2.9

118

55

# of Deals

# of

RankDeals

Change in

Sh (%)

1.7

24.3 4.7 -1

1 5 249,690.0 28.3 11.6 -135

28

191,904.3

47 51,544.4-1

-13

2

7

Sullivan & Cromwell

2442

8,114

Dewey & LeBoeuf LLP 6


Weil Gotshal & Manges 7

37 0.5

9

8

-441

Industry % Change from Last Quarter

Industry Total 100.0

Industry % Change from Same Period Last Year -4.6%

14Cleary Gottlieb Steen & Hamilton 25

26.2%

39,626.9935,064.4

40,053.5 -

-40.184*4.3 4.1McCarthy Tetrault 23 121 40,375.4

4.3 0.0Debevoise & Plimpton 24 24

85

6

9*

-1.9 49 35*

0.6 3

Fried Frank Harris Shriver & Jacobson 22 17 41,869.6 4.5 0.6

9*85

Gibson Dunn & Crutcher 21 12 42,572.1 4.6

1.1 8

1.1

48 37

Vinson & Elkins LLP 20 13 44,052.1 4.7 -3.4

Alston & Bird 19 22 45,241.9 4.8 0.2

A&L Goodbody 18 110 51,428.9

20* 4768

5.5 5.2 6 84*

59,529.7 5.66.4

1.0

-50.8

0.1 -2

0.8

16 32 60,976.3 6.5 383.8

3 131*

77 17

63 26*

213*Musat & Asociatii - 66,416.8 7.1

White & Case LLP 17 74

14

7.0

Morrison & Foerster

10.0

-3.1Shearman & Sterling LLP 15 11 65,033.0

1

Minter Ellison 13 292* 66,811.8 7.2 7.2 0.0 -1

820*

3.0 7

68Paul, Weiss 12 47 71,143.7 7.6

1242Jones Day 11 9

3

38

12*

72,935.1 7.8 -3.5

Sullivan & Cromwell 10 1 82,187.7 8.8

2

39* 0.5 -7

35

Cravath, Swaine & Moore 9 8 91,583.7 9.8

2.9

-3.5

Kirkland & Ellis 8 18 94,177.8

Davis Polk & Wardwell 0.9

10.1 4.2

7 7 104,983.9 11.2

6

10.8

73 18

0.3

50 33*

6 10 106,139.3 11.4

Baker & McKenzie 5 33


125,797.5 13.5

Simpson Thacher & Bartlett 4 3

2

Skadden 190,477.8

6

130,231.1

29

-10

-11

Market

0.8

US Target Announced (AE2)

10

Rank Value

Sh (%) Sh (%) Share Ch.

Market Change in

-724*202,623.7

1.65

41*

23

98

-16

-11

87

Value US$m

Skadden

2011Rank


Sh (%)


2012Rank

2011Rank US$m RankLegal Advisor

Latham & Watkins 3

1

2

21.7Wachtell Lipton Rosen & Katz

141,427.7

20.44

6.6

0.9

15.1

Market

81

5.7

Share Ch.

-3.3

-4.7

-1.2

233

12

0.8

8

Paul, Weiss 14



Jones Day 13

11

50

119,606.8 9.9 4.5 2

-2.394,968.7 7.8

8.9

-61

10.2 442.8261

47

5.4

109,714.6

-82.9 44 0.5

2

8

6.2

100,547.6 4.92310 9.3 -230.6

8 20 0.913

54

7.2 -2.8

16*

192

-11.0

6.4

97


Kirkland & Ellis


116,504.6 -15.5

-4.0

0.9

0.4

97

-5

12.2

139,314.6 36 5013.0

9.6

272 130,812.6Cravath, Swaine & Moore

-8

2.5 34

289

0.47

1.3

-814*

14.5 6123

87

1391

334.7

Dewey & LeBoeuf LLP

156,271.8

0.8

131,405.7 7.4

147

127,312.0 10.5

10610.9

-2.4

9-13

3 -16

6

21.4 8.26

8 1.0

3 2.3

50

14.7

1.019.8 2.6

209-2.1 2.1

1.4 Sullivan & Cromwell

232

Weil Gotshal & Manges 5 11

Latham & Watkins 4

3.0

5

12.9

178,340.7

156,568.0

7

1.2

-0.2

4.8

5.5

5.2

2.16.0

73,941.5

87,329.6

Sullivan & Cromwell

29

Shearman & Sterling LLP

9 1

Davis Polk & Wardwell 7

10 9

Kirkland & Ellis

182,352.4 15.1 -6.6 -152 114 -277 1.2

0.7 -233*61161

Skadden

7.2

1 237,565.9

2 243,431.1

3

10.0

22.6

54

2 4 227,441.7 5

253,406.7 20.9 75

18.8 -0.8


5

-28

1.5 -11 Wachtell Lipton Rosen & Katz

Sh (%)Sh (%) Share Ch.

Skadden

Latham & Watkins

Baker & McKenzie

27* 0.7

Simpson Thacher & Bartlett 3 1.2 Simpson Thacher & Bartlett -1.8

25.8277,269.71

20 -8

1 3 -0.1

8

-3

7

90,799.7

4.0

-4.3

80

43 0.5 -16

44

4


11

10

11

16*

5

1

3

1.0-0.7 88

6

18

12*

13.9

-3.8

-21.2

Baker Botts LLP 21

-3

7.1

-4.8

4.2 -2.6

Change in

Sh (%) Share Ch. Deals Rank Sh (%) # of Deals # of DealsDeals Rank

Market # of Market2012Rank

59,358.6

Legal Advisor

213,372.6

6

41 66,301.6


14

Vinson & Elkins LLP 14

# of Deals

22.1

Market Market

74,148.2

229,901.2

12 7 8.591,205.0 3.21293

8.2

10,882

14

79,737.4

Market

-2.1

91

# of


2.8

US$m

94,371.9 7.8

7.3

Freshfields Bruckhaus Deringer 15

Jones Day

Change in

0.2

1.1

46

54

Market

16

10

88,960.7

2011Rank

Rank

Value US$m


2012Rank

2011Rank

Rank Value

Legal Advisor


95,257.1

7.5

-4

127

10

15Freshfields Bruckhaus Deringer


-4

87,942.5

7.9

-14

144 1.6

11

85,202.415

20

70

21* 0.8

-7

86

305

Any US Involvement Announced (AE33) Any US Involvement Completed (AG34)


1

87

-2.48.4

27* 59 0.6

-6

21.0

3515 78,011.0

26

75

4.8

-7

91

14*

0.7 0.6

16*

12 76,128.3

75-10.32 80,263.73.1

Bracewell & Giuliani

74,418.9 0.8

17


Gibson Dunn & Crutcher 17 0.46.1

6.1 -2437 Davis Polk & Wardwell 16 22*

-11

5.6Morrison & Foerster

7.1 6.1 34 52* 22

19

33*6.9Allen & Overy 18 26 73,123.9 0.773 Linklaters

19 33 67,914.4 2.6

18 0.7

3.6

64,877.9

0.8 43 A&L Goodbody

-16-0.5 61

Minter Ellison 20 113 67,504.7 Baker & McKenzie 20 97

6.2

6.0

0.2 -11

80.9

14 79*

21 - 66,416.8 5.5

5.6

1

0.1

1

83*

343 0.5

-161.1

32A&L Goodbody 22 90 64,789.4

338* 0.0Musat & Asociatii 22

14 1.631 57,819.4 5.4

505.5 0.9

-74.1

5.4

31 0.72.2

83* 0.1 -7 Greenberg Traurig 22 -180.763

Debevoise & Plimpton 23 24 49,158.3 36 54,806.8

McCarthy Tetrault 24 73 47,953.1

39 0.6 3 Allen & Overy

4.0 3.0

5.160

64 54,609.80.2

23

5.1 1.8 74 25 0.8

64

21

36* 0.6


53,009.2 7-17 57Dechert 25 4.9 2.5

Industry Total

3.9 47Clifford Chance 25 36 47,111.1 62 38 0.6



100.01,211,374.6

0.8

113

2.43

1.4

1,076,135.7

7*

22

11.1%

65

130

2012Rank

# of

Deals

US Target Completed (AG2)

# of Deals per AdvisorRank Value per Advisor (US$m)


0.7 2Alston & Bird

6,951

0.8

1.2 -7

46

0.6

1.0

1

9

Legal Advisor

*tie

19.6%

-633

-6.5%

9.9%

-5.2%

16.5%


-430

-5.8%

100.0

16.9%

Market

Industry Total-635 9,175

Americas Rankings

Market

Industry % Change from Same Period Last Year-5.5%

Rank Market

-8.5%

Latham & Watkins 5

6

*tie


65,033.0 15 7.0 -3.1Shearman & Sterling LLP 26* 25 63 0.8 -5

1.8

133

0.1

0.4

2.2 65

8,661.3

72* 0

5

0

-8.9%


1.1

12.0%

-7

8.9%

Any US Public Involvement Completed(Published in Collaboration with Westlaw Business)

-12.2%



2,147174,835.7


0.9

0.2

-2

0.8

-205

-8.7%

7.8%69.3%

Gowling Lafleur Henderson LLP 24 27 1 6.2

-7.4

9

11*

32*86

0.9 -141.2

-1

6 9,676.1

9,158.2127 5.1 -2.6

Borden Ladner Gervais LLP

0.3

13*

-5.1

22 9,262.1

5.08,754.3


-26

34*

23 10 8,911.4

255.3 2.934

5

Sidley Austin LLP

-

30* 5.3 4.9 421

Wachtell Lipton Rosen & Katz 20 21 10,049.0

780 9,272.4

2

11,031.3 156.3 4.9

5.0 2.7 5.8 1.947*

0.8 917

20 0.7

Linklaters 18 68 5.5 Weil Gotshal & Manges 18 40 11,376.1

0.2 Skadden 19 47King & Wood Mallesons 19 54 11,963.0 4.6 7

5 43* 0.2

7

6.8 5.2

6.5 4.7 18*

20* 0.5

163.9

14 -Fried Frank Harris Shriver & Jacobson 17 41 11,821.4

-0.9 4

6.8 5.9 8 432* 0.416 56

Goodmans 15 12,014.8 9 1.36.915 19 17,324.0 6 1.5

1

1 99* 1

44

0.0 1 7Linklaters 14 45 12,085.0 5.46.9 34* 0.3

Paul, Weiss 13 16 12,937.1 11 25 0.52.2

7.8

7.4-3

2Burnet Duckworth & Palmer 12 33 13,705.4 13* 1.25.4

Latham & Watkins 11 31 14,714.9 14 21 70.7

256 41*

-3 5.9

1.5 -20

Cleary Gottlieb Steen & Hamilton 11 72 18,774.1

9.9 0.321,556.9 Davies Ward Phillips & Vineberg LLP 10 8 16,359.3 27 10* 1.3

Paul, Weiss

10.2

8 22* 0.6

25Bennett Jones 9 22 16,993.6 13* 1.2 -6

6Sullivan & Cromwell 8 7 17,898.9 1310.2 0.7

5Fasken Martineau DuMoulin LLP 7 14 18,794.8 47 6 2.2

92

5.3Norton Rose 7 25,714.8 11.85 -1.1 1.3

1.3

14.3

-1Stikeman Elliott 6 6 21,585.4 3 4.3McCarthy Tetrault 6 4 28,530.3 -2.413.1 5 2.1

9Norton Rose 5 5 27,242.8 4115.6 1.9

5 3.3

Torys

15.5 12.3 14*4

-3.4 7

-14McCarthy Tetrault 4 4 27,978.3 16.0 1.6 70

8

Stikeman Elliott 42,741.4 257 7.9 90 3 3.1 Blake Cassels & Graydon 3 2 31,920.9 2 5.6-3.0

-2

-9 12118.3

39275 4 18.3 -0.94 3Torys

84.42 3.518.4 -3.2

Sh (%)

1 32,247.2Osler Hoskin & Harcourt LLP 1 476127 26

Market Change in2012Rank

Blake Cassels & Graydon 1 1 50,552.2 23.2

# of DealsSh (%)Sh (%)Sh (%) # of Deals Legal Advisor RankShare Ch. Deals2011Rank

Any Canadian Involvement Announced (AE34)

DealsLegal Advisor

# of Change in2012Rank

2011Rank Share Ch.

20.3%

Rank Value per Advisor (US$m) # of Deals per AdvisorRank Value per Advisor (US$m)

US$m

Market Market

0.6

22

Industry Total

73*

42*

873,289.510

5.8

20

13,109.4

4.1


14*

30*

Rank

0.3

0.8

9 10.8

0

7

12.4

11,963.0

-8 9.7

9.4

3

25

51,754.9

Deals

65

4.5

4,185

-11

38

0.5

35* 0.8

5.0 4.2 4 0.250* -1

4.2

24 27 51,474.3 -11

-1251,540.3 22

57

5.9

100.0

McCarthy Tetrault 25 69 45,814.0 5.3

-128 1.6

48*

26*

5

26*

Greenberg Traurig

Dechert 23


0.9

5.9

33

44

20

16

A&L Goodbody

18*

Industry % Change from Same Period Last Year 38.7%

8.0

202,657.3

4

Ashurst 23

Goodmans 24

US$m

228,537.1

217,671.5

10.4%

47 65,151.6

20 61,272.3 7.0

7.4

7.5

15

31*

10 73* -4

2 64,716.7

35

45

2.3

Market

Any Canadian Involvement Completed (AG35)

# of

0.2

1


-5

36*

Sh (%)

2.6

23

0.3

8,882.3

Rank Value


4.2 4.1

-4

0

-14

4

7

0.1

9

-

32,039.3

7 72,935.1

0.7

Rank Market Market

Value US$m

28

8.4

Market

3.0

3

Industry Total

9

-438

King & Wood Mallesons

Paul Hastings 25

0.7 7

0.5

2

0.8

0.9

-33

0.2

2012Rank

6.8

Linklaters 17 13

4


3

6

66,981.1

1

5 6

Sh (%)

Market

11.2

5

23.2

Rank Value

8,179.3 -0.3

27Burnet Duckworth & Palmer

Sullivan & Cromwell

-0.1

255,919.6

26.2

3.1

14

Latham & Watkins

69,853.4


Dewey & LeBoeuf LLP

Jones Day 1 1 242

US Target Announced (AE2) - Based on Number of Deals

Sh (%)

6.721 58,059.1

Alston & Bird

-12.8

18

Baker & McKenzie

Baker Botts LLP 21

22

-10

1.4

4.7

-0.6

1.1

-26

38

-13

5

-45

64 1.5

3.0

1.3

30

3.8

3.1

70

-23

-9

6

42*

2.3

Change in

2

Market

0.3

30*

26

8

61.411*57

Rank # of Deals

355

Fasken Martineau DuMoulin LLP


Skadden

Fried Frank Harris Shriver & Jacobson

25

13

21Sidley Austin LLP

Davies Ward Phillips & Vineberg LLP

10,690.7

Industry Total

21

2011Rank

Skadden

Sullivan & Cromwell

Legal Advisor

10 8

Bennett Jones

Latham & Watkins 17 23

1

25


14

Osler Hoskin & Harcourt LLP 2 2

9 22,288.3

33,627.7

31,099.7

48,355.5

3

22.2 0.6

9

15,326.3

10,951.036

29

76

14,829.8

3

7.0

3.1

5.5

8.3 7.4

-

202,573.9

23

38

-3

79*

1.2

7

5

0.2

24,247.9

8.1

11.1

19.6

8.1

20

18,025.6

1310 118,566.8

12 128,691.5

8.1

Cleary Gottlieb Steen & Hamilton 9 26

14.7 5.4

4.9

61

10

22*

6.8 -

17.6%

98

6.0

8.4 4.9

2

8.0

20

# of

9

3.4

4.9 4.5 9

0.1

79*

11

Gibson Dunn & Crutcher 10 9 93,298.9


12 18,190.7

74


6.0

93,706.6

10.7

2.5

6.1

-0.8

9.9

13.6

15.7

39

100.0

29.3

8.3

Market

30

11

-8

0.9

9

21*

7

10.7

14*

1.0

1.8

136,644.6

23.2

198,340.6

3 1.7

0.7

22.7

-2.3

42

56

9.6

25

5

4.7

1.2

3.2

Vinson & Elkins LLP 12 24 83,754.3

17*48-3.1

Kirkland & Ellis

-31


14 8 78,867.9

15 7.4

9.0 -3.2 132

-12

10 1.4

19

0.6

60

86

27*

1

2

1.3

2.1

64

9.4

Bracewell & Giuliani 0.6

Jones Day

29 86,127.2

8

16

75,319.8 8.6

100.0

45

7.7

5.9

26

19

Wachtell Lipton Rosen & Katz 2

Richard A Shaw Professional Corp 17,665.6


Share Ch.

2,905

3.8

10

0.3

7.7

8.7

-13.1%

130

-26


Americas Rankings

8.6

13

17Weil Gotshal & Manges

Kirkland & Ellis


Legal Advisor Deals Sh (%) US$m Rank

61

Market

-3.57.8

2 2 233 2.9 35 894,177.8

11

-3.32.4 22 141,427.7

10.1 4.2

DLA Piper 4 5 152

3 15.1Latham & Watkins 3 3 192

- - - -1.9 23 31,089.8

-1.21.6 -3 190,477.8

Weil Gotshal & Manges 6 26* 113

2 20.4Skadden 5 4 130

6 11.4 0.31.4 46 106,139.3

- -1.2 -27 11,396.6

Simpson Thacher & Bartlett 7* 8 97

- -Wilson Sonsini Goodrich & Rosati 7* 6 97

4 13.9 -11.01.2 -7 130,231.1

-4.81.1 -13 42,572.1

Vinson & Elkins LLP 9* 16 85

21 4.6Gibson Dunn & Crutcher 9* 10 85

20 4.7 -3.41.1 8 44,052.1

- -1.0 -34 2,981.7

Morgan Lewis & Bockius 12* 11 81

- -Dorsey & Whitney LLP 11 7 83

36 2.4 -3.41.0 -12 22,089.7

-21.21.0 3 82,187.7

Bryan Cave LLP 14 9 80

10 8.8Sullivan & Cromwell 12* 15 81

- - - -1.0 -19 6,735.9

- -1.0 -7 6,763.7

Paul Hastings 15* 14 79

- -K&L Gates 15* 13 79

- - -1.0 -5 13,343.1 -

3.81.0 38 60,976.3

Davis Polk & Wardwell 18 20* 73

16 6.5Morrison & Foerster 17 48 77

-3.80.9 1 104,983.9 7 11.2

- -0.9 -1 5,131.8

Paul, Weiss 20* 30 68

- -Fenwick & West LLP 19 23* 69

5.70.8 8 71,143.7 12 7.6

5.60.8 47 59,529.7 17 6.4White & Case LLP 20* 58 68

0.8 -7 21,373.5Hogan Lovells 22 18 67

-0.8 -1 10,572.3 - -

0.8 -5 21,564.9 0.12.324* 23* 65

0.8

Sidley Austin LLP

Ropes & Gray 23 26* 66


38 2.3 -0.7

-5.2%

-7.0

8,114.0

37

24* 20* 1 21.7 -565 202624


2012Rank

2011Rank # of Deals Share Ch

Change in Rank Value# of Market


Industry Total


935,064-441

Cooley LLP 26* 31 63 0.8 5 16,628.7 - - - -

-

7

EMEA Financial Sponsor Investments

EMEA Involvement Announced Advisors by Target Industry Jan 1 - Dec 31 2012

1,947

33

55


36,829.0

45,803.1 Materials / Metals & MiningAcquiror / Target Nation Target Macro / Mid Industry

20,140.8

14


Date Effective Target (% Sought/Acquired) Acquiror

Top Ten EMEA Involvement Announced Deals


EMEA M&A

EMEA Announced M&A rises at 13% | Energy & Power Most Active Sector | Linklaters in First Place

358,997.0

Rank Date

Energy and Power

60,935.2 30.8

Financials

Rank Value (US$m)

Skadden


Linklaters 82,926.4


Linklaters

21,693.8

Industrials 131,806.8


9

6

Mkt.

196,942.1

Rank Val US$m

198,000.9

1 41.9

No. Deals

4,932.4 2 3.8

29.8

Share

1,010

Jones Day 4,436.4 3

White & Case LLP

117,921.2

13,450.1 1

21,361.5 Retail / Other RetailingUnited States / Switzerland

Russian Fed / Russian Fed

EMEA Deals Intelligence

Russian Fed / Russian Fed Energy and Power / Oil & Gas

25,686.0

Alliance Boots GmbH (55%)6/29/2012 Pending

3/29/20125/21/2012

26,469.2

International Power PLC (40.93%)6/29/2012Bankia SA (%)

11/30/2012

12/26/2012

12,240.3


TNK-BP Ltd (50%)

FROB

NK Rosneft'Bankia SA-Bad RE Assets (100%)

Cooper Industries PLC (100%)

Pending

Electrabel SA

Pending6/27/2012

Pending

10/22/2012

6/19/2012 Intended5/25/2012

Pending10/22/201212/21/2012

Consumer Staples / Food and BeverageFinancials / Banks

20,093.4

Energy and Power / Power12,855.9

Belgium / Mexico17,805.3

Anheuser-Busch InbevWalgreen Co

Industrials / Other IndustrialsEaton Corp

2/7/2012 Pending

TNK-BP Ltd (50%)

Grupo Modelo SAB de CV (49.7%)Spain / Spain

Xstrata PLC (65.9%) Glencore International PLC Switzerland / Switzerland

Banco Financiero y de Ahorros (100%) FROBReal Estate / Residential

Belgium / United KingdomUnited States / Ireland-Rep

Financials / BanksSpain / Spain

27.9

11.0

Rank

32

1,475

Primary Stock Exchange Listing of Most Acquisitive EMEA Companies - Top 10 (US$ bil)

1

Shearman & Sterling LLP 21,101.6 2

2

3

Garrigues

2


12

25,217.5 12.8

2,875

28,000.0

Real Estate 130,868.5

43

SAREBSpain / Spain

9

23,785.7

27,414.7 1 13.9

16.0

NK Rosneft'

10.3 21

615.33

20

1,464

15

1

10

Announced M&A activity with EMEA involvement totalled US$1.145 trillion in 2012, rising 13% from the full year2011 totals. Fourth quarter 2012 deal value was more than double the totals recorded in the third quarter.

Energy and Power finished 2012 as the most active sector, with 1,475 deals grossing a combined US$198 billion,just edging out Financials which accrued US$196.9 billion. Industrials finished third, with US$131.8 billion worth ofactivity.

EMEA Targeted buyside financial sponsor activity reached only US$87.3 billion, falling short of the US$99.1 billionreported last year. However, fourth quarter totals in 2012 reached US$32.7 billion, accounting for the most activityin a single quarter since the second quarter of 2011. Although 2012 totals lagged behind those seen in 2011, themarket largely held onto annual volume levels regained after the 2009 trough.

Acquirors on the London exchange were EMEA's most acquisitve companies in 2012, with 479 deals accountingfor a combined total of US$99.1 billion in offers. The US$46 billion Xstrata / Glencore transaction from the firstquarter accounted for a significant portion of this M&A activity.

182 45.6

Freshfields Bruckhaus Deringer 54,360.0 46.1

3.4

Materials

Linklaters 47,848.9 3 40.6

Clifford Chance 53,813.2

11.9%

7.3%

16.0%16.7%

19.2%

15.4%

9.3%

6.9%

12.4%

13.0%

10.3%

0%

5%

10%

15%

20%

25%

$0

$50

$100

$150

$200

$250

$300

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of YTD EMEA M&A

$0.0

$0.0

$0.0

$99.1

$67.5

$31.0

$25.9

$21.2

$12.1 $9.1

London

Russian Trading System

Euronext Brussels

Frankfurt

New York

Zurich

Euronext Paris

8

*tie

-10

7,510.0

Share Ch.

1.3

32

9

7

Rank

Market

1.8

4.0

25

-13.8%

# of Deals

3,206

41*9

Deals

1.9

Sh ($)

0.5

4.5

1.8

-8.0%

8.6

Kirkland & Ellis

21,563.4

62

83*

3

0.7-6.8

0.4

12

18

54

Market

6

18

# of

0.4

83


Sullivan & Cromwell

-4.8

Change in

17

6

17,413.0

9,664.0

33

6.1

7 9


100.0

1.8

45,194.4 6.0

-6.5%

-351.71

64

3*

0.1

19

82*

162

33

-86

-24

1.2

15 0.5

1.3

-27

1.3

-50

3

-53

-9

-71

0.2

9

46*

89

Market

162

3*

6.4 0.3

54*

-6

9

6*

22*

0.7

0.2

McCarthy Tetrault

16

6

27 91,391.7

34

4

24 80,630.2

90*8.3

67*

-1175.9

15Wachtell Lipton Rosen & Katz


38,907.3

78,080.4


Ashurst


Any UK Involvment Announced (AE40)


100.0

Linklaters

14

13

Baker & McKenzie

Jones Day


24 -0.6


46

Industry Total

5

3.8

-15.8

-0.1

11Simpson Thacher & Bartlett

Bennett Jones

163Mattos Filho Veiga Filho Marrey Jr

142

55,327.8

41,486.9

25

39,498.414


Industry Total

Fried Frank Harris Shriver & Jacobson 25

14 66,759.9

Rank Value

1

4

5

Jones Day

22

4

Mattos Filho Veiga Filho Marrey Jr

7 16

22

8,547.9


3


10,095.0

59,514.1 5.5

3.6

2.5

2.5 -1.2

2.36.8

90,310.9

Allen & Overy

0.9

-0.7

65,537.6

2.9

5.1

42,805.1

6.0

55,601.9

48,182.4

Skadden


8

Kirkland & Ellis

98,582.1

Sullivan & Cromwell

6


0.1

3.3

6.5


5.3

0.0

Latham & Watkins 7

95

44

4.1

7.2

73,740.8

71,198.2

149

White & Case LLP 9*

24*

34*

75*

28

60*

6

48

870* 0.2

49

37

28*

48*

-2

1

-15

-2

159*

0.3

0.3

30

Slaughter & May

Clifford Chance

-6

-35

4

5Latham & Watkins

Hogan Lovells

4

13

24,421.6

8

Skadden

26

58*

10

7*

8

Latham & Watkins 47,341.0

10White & Case LLP

13

18

-6.13 69,527.3 9.2

131.8%

66,769.1

46

12

16

26

4.7

5.0

3.9

4.4

54

17

20

23

21

2 2

9

12

31

201,667.1

Slaughter & May

132,298.7

9

5

169,547.9

4


3 5

8

3

10

11

67


23

Legal Advisor2012Rank

2011Rank

30

10

28

108,663.7

9

-15.5%

Market

5.1

15,638

3

95 9*

205 1.3

2.7

2.5

150

51

-4.1

7.4

10.0

9.0

8.4

205.06.1

53

5.7

6.2

67

7.1

-4.1

5.5

157,305.7

18.5 1.7

24

0.5

12.1

15.5

78

1.32

192

13

228,782.4 21.0 4.2

0.1

22

-60

1.24*

0.3 -26

-43

0.5

0.6

1.0

2

1.0 -61

16*

-5

-4

16 -2

-6

0.6

-9

0.3

-27

0.4

0.3

0.2


-28.7%

3.4Blake Cassels & Graydon

13,411.2 5.4

10,279.9

Herbert Smith Freehills LLP

Ashurst

7.919,822.3

4.110,108.6

5.8

4.1

15,530.6

5.4

11,126.7

13,392.9

16

4

21

3.2

Skadden

Slaughter & May

Clifford Chance

69

19

Sullivan & Cromwell

-

0.1

14

9

12


15

64,326.8

48,713.2

4-1

6

-25

-56

3.7

46,355.7

1.6

6.3

6.448,610.6

18

19

-10

Change in


Garrigues


0.1

28*

26

48

Any European Involvment Completed (AG40) Jan 1 - Dec 31

8.5

Linklaters 1

Share Ch.

Market # of


EMEA Rankings

Legal Advisor Share Ch.2012Rank

Any European Involvement Announced (AE39)

Rank

Jan 1 - Dec 31

Market


Rank

-20


Market

210

5157

Rank

216

5 2.1

Sh ($)

Freshfields Bruckhaus Deringer 2 -4.6

-7.7

14.5

1.0

13.6

9.7

103,090.6

73,227.7

Sh ($) # of DealsDeals2012Rank

Market2011Rank Value US$mLegal Advisor

1

# of Deals

109,835.2253


Deals2011Rank

MarketMarket Change in

US$m Sh ($)Sh ($)

Rank Value # of

1.61

8

Clifford Chance

14.42 109,297.3


7


3

Linklaters

6

1

14.4

1

45

7

23


Allen & Overy 5

20

34

9


17 22

11Jones Day

15Weil Gotshal & Manges


14

150 6 1.2

0.229 56*

47

43,834.0

5.9

39,148.1

0.5

46

5.8 2.7

44,355.3

-18

-22

-200.4

-5

5.1 -2.7 -14

5.2 2.9 -17

38,458.4 0.417*55

1466 0.5

5.0 -0.3 41 -931* 0.3

4.8 0.2 25 64* 0.2 -7

0.2 -14 35,910.363

37,459.61616

36,335.8

51,565.8

Kirkland & Ellis

5

0.8 16

54,013.3

-19

18 4.7 3.3 47 0.422* -4

-1360*

32,847.1

0.0 28A&L Goodbody

304.3

0.94.7 34,255.4

-3.1

29

23

220* 19

20Simpson Thacher & Bartlett

4.3 -2.1 -70136 8

4.5

10

21

22

Baker & McKenzie 12

42-11

10.2

0.3

32,309.7 1.1

32,287.1Hengeler Mueller 4.3 1.7 45 26* 0.4 -8

31,196.31964* 0.2 -10 23Blake Cassels & Graydon 4.1 -0.7 48

-

1121 0.4

24

McCarthy Tetrault

0.0

3.6

85

110

24

3.126,866.6

30,286.3 10*

71*

-2,498

-210.7

0.2

-16.4%

4.0

12,730Industry Total

-325 233.6

12.6%

22.4%

-28.6%

1,091,698.9

98.1%

-2,878



757,189.4

Any UK Involvment Completed (AG41)Jan 1 - Dec 31

# of Deals per Advisor # of Deals per Advisor

1.4%

Jan 1 - Dec 31

-5.4%

# of

Share Ch.Sh ($) Rank

Market Rank2012RankLegal Advisor

Change in

Sh ($) Value US$m# of Deals2011Rank

Market

1 115,698.7 33.6

US$m Sh ($)

12.0 109

Deals

47,940.92

15.8 44,464.1

Freshfields Bruckhaus Deringer15 1

2

2.9 19.2 -4.9 60 4 -24

7217.8 3.623.4 0.722* 726 6Skadden 2 12 80,602.8

-1012.0 17.3 -14.1 90 2.82 -3

3 -17

2.3 7

1

27,602.2

3

-7.7

43,153.2

0.1 4

2.13 4

0.337*

5

17.2

19.4 Linklaters 3

Allen & Overy

11

10.0

11.1

270* 57,077.3

59,304.3

Weil Gotshal & Manges 23 24,887.1

82

0.816.6

-1.2

4.5 21*

1.8557

55,461.4

0.2

31 -3

5

50*

16.6 83*

Cravath, Swaine & Moore 6 76 55,514.9


16.1 15.2 8 -20

1816.1 10.1 0.8

9.8 -4.7 41

-822,796.0 9.1 -2.1 0.413 29*

Clifford Chance 8 11 41,849.7 12.2 4.3 4

11 37*

78

-8

2.0

0.3

6

10.4 0.2Shearman & Sterling LLP 9 10 35,860.8

White & Case LLP 10 18 34,928.0

-317 26*

0.9 -1717*

10.2 194.5 26

76 5

10

2.0

0.5 -4

11Allen & Overy 11 2 28,638.6 Hogan Lovells 178.3 4-10.8

5.4 -225 21*

-7.5

0.8

30

30King & Wood Mallesons

7.0

6.2 -0.8 31

52

15*

-1

1.0

0.341*

-8

-6.3 0.428*

-6.8 6*46

16

1.2 McCarthy Tetrault 66 5.5

-2

-11

12 14,381.6

13,846.4

7.2Sullivan & Cromwell 12

Slaughter & May 13 7 22,650.4

6 24,905.8

6.6 7 54*

24

-60.2

1457-8

-272.7

0.9

1.038 19,023.4

5

0.624

4.3

5.5 3.1 24

Latham & Watkins 15 17,961.1

Kirkland & Ellis 14

2.4

DLA Piper 16 15 14,667.0

5.2 -17

103

34

-11

0.315

19


-4.6 10

4.5

39*

-9.2

39 9

14*

-50.4

4

-1.4

0.3

34*12

1.3

17

0.27

3.9

18

1.0

22 13,174.3 58*

40 13,289.2 2.0 12

-12.8

Jones Day


32

-0.8

-4.2

10,425.3 -2.8

10,741.2 1.5

Hogan Lovells 19 13 11,789.0

DLA Piper -1.92013

3.9

0.3

3819 1.5

-25963.920

-141.56

8,444.50.8

0.8

18

13 29* 0

-1040 8*

47

27

7

37 1.0 -23 -1.4 0.6 -2

1

8,328.3

1 3.0

2.5

22

0.2 56

-0.4

-531.8 40 8* 1.3

1.9

25

23 9,302.9 2.7 -1.7

-9

8,104.1

0.224 -1.2 5

3.0 60.0 -

3.0

-278

0

24 -0

-

77*

Fried Frank Harris Shriver & Jacobson 0.262*

Cleary Gottlieb Steen & Hamilton-2.5

-2Blake Cassels & Graydon 20 47 3.1

16*3.0 32

33*

Baker & McKenzie 21 17


Herbert Smith Freehills LLP

3.8

3.4

35

7,571.3

Eversheds 23

White & Case LLP

Arnold & Porter

25

-12

-221

-181.2

0.1

8,650.4

3.4% -5.5%

2.3%

343,907.5 100.0 100.0249,770.6Industry Total3,830

9,719.5


3.3


9

*tie

224* 0.1 1Stevens & Bolton 25* - 1,917.5 2.1 2.1

46


16

0.1

-100.2

0.5

-2

-239

2

3

152*

1,911

6 -4


9

1.63.0

2,523.6 111*

1

17*

1

717.0 16

4

0.8- 1,301.5

1,943.7

-1.0

1,301.5

8

2

Market

Sh ($)

3,162.420

736.3

0.5

6,898.2 -19.5

0.1

2.1

25

2,140

2.3

14*

100.0

-15.62.4

3

Deloitte

1,301.5

23

44

0.524 717.031

0.5

0.8

1

708.8

100.0


82*

16

Slaughter & May

Uria Menendez

4

20*


Cuatrecasas Goncalves Pereira

12

69.1%

-2.5%

1,016

14

Industry Total

Bird & Bird154,048.0

1.4

1

-22.1%

55

Change in

1170.0%

4

7


2

Sullivan & Cromwell 7

1Garrigues

Legal Advisor

Jones Day

Linklaters

Industry Total

8

5

11

10

Hogan Lovells

Lefosse Advogados

9

Covington & Burling

13

14*

DLA Piper

Souza, Cescon, Barrieu & Flesch Advogados

Debevoise & Plimpton

Haynes & Boone


Kirkland & Ellis

20*


-

24*

82*Herbert Smith Freehills LLP

17

18*

McGrigors LLP

20*

18*

-

2

Allen & Overy

Clifford Chance

6

7

Baker & McKenzie

17*

13


3,475.510

4.5

-22.5

19.2

4.9

2.95

2.7

-0.1

1.8

-4.7

2.1

4

2011Rank


Share Ch.

6.8

2.1

5.6

Market

Linklaters

8* -7

3,234.4

1,959.6

Rank

147*

2,614.0

16*

7,853.0

74

0.5

3,733.4

0.4

0.8

4

29,548.5

1,974.0


3

93,097.2

2,102.2

1.7

0.3

17

0.4

-2

0.138* -1

18*

-289 Industry Total

Debevoise & Plimpton

1,346.0-

-

43

-161.7

111*3.5

5

3

33

Rank

Value US$m

Any French Involvment Completed (AG42)

34

1,486.3 -0.1

4

3.765

Legal Advisor

3.7 9

- 1,676.5

8

7

6

39

6,942.2

13 8

9 1,858.9

7,853.6

656.6



-5

1.9-0.4

-17.7%

0.9

-10.7%

Industry Total

68

417*

Deloitte

1,432.9

1

-0

15*

0.2

0.138*

0.5

2

21

1

-27.8%

1,403.0

0.9

1,225.0

24

1.0736.3

1,301.5

6

Kirkland & Ellis 1.8

21*

1.7

37*

-

Slaughter & May

3 0.6

-185

0

858

61

100.076,875.0

1

423 21*

25 0.5

6

Ashurst

1.0

1.61.6-

0.5 23Herbert Smith Freehills LLP

38* 10.1

38* Posse, Herrera & Ruiz1 -00.1

0.2

1

2

0.138*

27*1.61,225.0

1,301.5

21*

1.7

Dechert

18*McGrigors LLP

1.6-

-

-1.40.8

1818* -20.138*1,346.0 11 -3.01.738*0.90.9

1

1.70.1

0.1

18* -0.21,301.5 -10.1-2

1.8

11,346.0 38*-3.4 1

1,425.2

0.9

38* 10.138*1

38*

1.0 1.82616*

0.9

19 1.9

10.10.9 1

1,346.0 -20.138*5

-32.55

115

1.0

-1.9Souza, Cescon, Barrieu & Flesch Advogados1,533.0

1,600.0 1.0 1

-4

1.8

-2.5

- 0.1 1

-

1.0

0.138*

1,600.0

1


-8.0

-11.9

1

15DLA Piper

1.1 1.91.1

1,413.3

0.1 Allen & Overy

1.81.0 -10.138*14

-30.913*

-1.6

-01.11222 1,858.9 -1.31.2

38*1,676.5

1

1

38*

Jones Day5 15* 3512-1 1.9

26 -0.7 24* 2.2-1

0.5

1,943.7 1.3 11

10

10.138*2.2 1

-8.5 13*

Lefosse Advogados0.22

0.8 1,727.7Perez Llorca 70.913*2.386* 2.3 8

2,005.8

1.3 81,951.3

11-24.41.3

-4.6

0.22.4

0.82.5

11 -20


Hogan Lovells1.1

-5

-10.227*2

-4

15 -71.67*142.6 -2.8

2,029.1 1.3

3,013.3 2 Baker & McKenzie

14

0.32.0 3

-0.423 2.03,086.3

-1.2

-16.54.7 32.843,622.0

146,831.8 8.9

6.85,236.2

24

2.1 24

4-1

4.62 -12


39-0.15 12

7*

-5.6 -233.6337

21 -17.9

Cuatrecasas Goncalves Pereira

33

-14

-4

11.2Clifford Chance

-111.6

1.410*8,592.5-9 -10.433 12

1Garrigues

15.7

46.035,353.0

1 -20.6

-147.21

-103.93

29.2 62-25

Uria Menendez 2 12,089.1

5

2

2012Rank

Market

US$m Sh ($)

MarketRank Value # of

Deals

7,614.9

Share Ch.Sh ($)

Market

# of Deals

Rank

Value US$m2011Rank

2012Rank

Any Spanish Involvment Announced (AE42)

-46.4%

59.5%


-12.8%

Jan 1 - Dec 31


-0.2%

-8.3%

Jan 1 - Dec 31

-11.1%

Change in# of

Any Spanish Involvment Completed (AG43)

Market

# of Deals

88,544.9

Market

1

15

Sh ($) RankDeals

21*

5.4

39 2

0.9129

55

3.8

1.5

100.0


-60.8%Industry % Change from Same Period Last Year

1

-0.82.932

-314

-10.1Simmons & Simmons 22.11,917.525* 151 2.1 25

0.725*

230.1147*

De Brauw Blackstone Westbroek 24

Bonelli Erede e Pappalardo

24Dechert 151.82.1105 1,938.3 -3

Osler Hoskin & Harcourt LLP 38 1,985.4

Zaki Hashem & Partners

22

23 -

114*

Davis Polk & Wardwell 3,141.021-1

2 Tozzini Freire Teixeira e Silva

-2

48

Gide Loyrette Nouel -4.7

2.8

3,113.818

3,095.6

22 3.5

1.9

Ashurst

-4

2.7 46* 0.4

0.5

3

3.6 8

35*0.2

37Vinson & Elkins LLP 19

Hengeler Mueller 131*

3,065.0

2,512.8

74

91*

20 5

3.6421

2.6 0.3

Simpson Thacher & Bartlett 57* 2.3 1.1

10.535*0.80.1

51*7

Blake Cassels & Graydon3.3 0114*2.5 -

20*2.8 1718

19

Hogan Lovells48 19 3,265.018 -20.93.43,134.8 18*Hogan Lovells

-20.631*11-0.75117 91*42.23.63,321.9 -10.2 4.13,663.02817Shearman & Sterling LLP

16 4.33,791.410.1 19164.4 Sullivan & Cromwell


-60.362*6PLMJ Internacional SGPS SA -3.1-

15 4.8147*46 2 4,238.34.54,166.0 2.6 415 12 -6.1

4,075.7 4.4 224*1

0.1 Simpson Thacher & Bartlett

Latham & Watkins -7.94.94,329.8-91.2 8144.614 -71.49Allen & Overy8

De Brauw Blackstone Westbroek

192.6Willkie Farr & Gallagher

-4

274,319.2 13*25

2913

12

6.96,086.7

1.527 7.06,165.612

0

1.8 -193

13 42*81.6

-2.4

0.4

0.8 -24 Gianni Origoni Grippo Cappelli & Partners

Sullivan & Cromwell

11 6.66,179.3 20

Jones Day

18

385,405.5

22

-130.535*9

5,219.8

5.8

-

9

-13.42 4.77.835

Darrois Villey Maillot Brochier

11

6,361.4 210Freshfields Bruckhaus Deringer-1132 -18.78.17,210.0


-171.116*206410

4 Paul, Weiss

1.5

8.27,280.6 7.8

Allen & Overy -10.3

6,520.1

268

89*91.77.0

-81.410*26

1.1 -25

3.1

9

-14.88.9

-8.8

Bredin Prat

Baker & McKenzie 8.9

3

Bredin Prat

-1936-5.4

16

7

-33

Gide Loyrette Nouel

0.823*8 7.77,182.8

67 -4.18.98,276.5 723*16

11.714.512,863.9386


6Darrois Villey Maillot Brochier

5

8,423.8

-120.8

9.1 3.014 Jones Day-90.630*12

9,876.2 14.713,035.4205 7.5King & Wood Mallesons10.6

3.3

-41.4135 7*304.5

14,267.4

16.814,869.9

Baker & McKenzie

31.116*207Weil Gotshal & Manges1 -2 40.1King & Wood Mallesons

8

12,856.0 224*

16*22

11.9

3

44

1.63

4 13.8

19.5

34

18,168.8

15.3 13.0

19,071.1

19.116,947.317Cleary Gottlieb Steen & Hamilton

Clifford Chance

1.0

0.82


-19.321.5

2011Rank

2012Rank

3 10.0

1-21

2.3 26,352.51 4-12 Clifford Chance

2Linklaters

Share Ch.

# of

Deals Rank

535

49-7.0 1

Sh ($) Legal Advisor

Change inMarket

# of Deals

Market

8.3

# of

35

Market

Sh ($)

1.829.8

RankDeals

-10

Share Ch.

4

2.41

Jan 1 - Dec 31Any French Involvement Announced (AE41)

# of Deals

-14Linklaters 1

Change in

Sh ($)

0.2

3

-2

23

-4

1.0

111*

15

0.9

-20.290*

-11

-72.22

-1

0.290*

21

18*

9

-6

3

-3

0.2111*

0.8

1

Sh ($)


Jan 1 - Dec 31

EMEA Rankings

Rank Value2011Rank



2012Rank US$m

Market

Legal Advisor

Market

19.818,443.3

3

42


10

*tie

-13

6

Market

-28.4%-43.7%

-41.7%

-189 46,842.2

613.0 2

1.5

1.3

2

31*

1.4

2.1

0.8

-12.0

1

23

4

# of DealsSh ($)RankShare Ch.

51-6.3


33.0

Hengeler Mueller

Any German Involvement Announced (AE43)

Allen & Overy


-21.4%

9

Rank


Change in

20,997.9

4.9

3

1

28

30

5

3.7

4

1

7

3

Rank

2.7

# of Deals Deals

2

Value US$mShare Ch.US$m

Market


Legal Advisor Sh ($)

Market

1.6

EMEA Rankings

-65

Any Italian Involvment Completed (AG45)

43

22,193.4

44,039.0

White & Case LLP

Rank Value2011Rank Legal Advisor

0.8

# of

55

Deals

1

3.1


6Clifford Chance

2

8.3 77

34.3


20*

36.4

32,128.5

-11.6

-8

-12

-42.6365Hengeler Mueller 36,118.51

2012Rank

1

2012Rank

38.0

31.2

2

Sh ($) Sh ($)

-383.1

Market Change in

19.2

19


# of

-15

Market

34,059.3

1.4

11,602.9

3 Clifford Chance-3

4 2.4

4

49

4.0

4 -7.4

-7.1

34 9

Linklaters 16.33

14.116,340.45

18,861.8 -21.012.4

22.4 2.54

8.4

41

7.112.311,516.35 21.313

-101.612.26 46Allen & Overy11.8 11,428.1Hogan Lovells 31.31213,621.736 269.5

16

74

52.253640

9 11.4

19 7

9.3 8CMS

11.610,809.6Jones Day

CMS -173.62238 10,773.6 4.9

White & Case LLP -50.927 7.613,502.37 11.7

-73.91

9 10.330*Sullivan & Cromwell 7 710,397.8 -4.09.0 -142.163

8,198.515 1

10,448.6 35

Jones Day 31.86*376.710 7,818.017 10Davis Polk & Wardwell 30.5 0.21.5

4 10.239*11 7,532.7 2.80.251*- 6.5 6.57,554.7

22 7,532.7 1.16.512

Gibson Dunn & Crutcher 11

12 7,421.3 34*7.5 5Cravath, Swaine & Moore 30.251*

6.47.1

20.3

46 Slaughter & May

7.1

-10.239*13

5.7 14Baker & McKenzie13 6,602.3-2.1

13Blake Cassels & Graydon 40.335*111 6.47,421.3 6.4

0.4

14Skadden -20.620*6,646.513

14 1015-5.4 -3.7

11.8

-10

16

15 5,728.510 4.9

-3.3

Shearman & Sterling LLP 10.718*

5,621.724 4.9 370.7 0.12316 5,852.6

-40.6

Baker & McKenzie 91.86*

P+P Pollath + Partners

64*

24*

-

30.818

6.05,619.6

3.4

Skadden836

4.2

4.5

10.5

1.7

Davis Polk & Wardwell 8 4,787.9

12

4,918.153

17 5,259.8

4.1 Willkie Farr & Gallagher 49 3.6-7.8

18

3 00.1

4.64,327.2 110*4.6 1 10.1

-60.427*7

Willkie Farr & Gallagher -30.330*4,718.2 3.820 4.177* 20*

-4

Greenberg Traurig

57

10.172*

-2

83*23.9- 20.13.9

8

Greenberg Traurig Gibson Dunn & Crutcher

Weil Gotshal & Manges0.4Cleary Gottlieb Steen & Hamilton

4,527.722

26*

0.2

2.542 4,588.121

60

4.0

3.24,397.1 3.8 4.323

139*


22

-25 27

10.172*

-00.172*

4.024*Castren & Snellman 139*5 3.5 1.4 -12


2011RankSh ($)

-14.1%

Rank

# of

24

-1Hannes Snellman

100.0 1,644

83*93,563.6

1

Market

3711

Sh ($)Value US$mLegal Advisor

MarketRank

-2.1

Rank Value Market


4,065.1

39.0%


0.6

Chiomenti Studio Legal 6.4

Sh ($)

11.0

11.2

Chiomenti Studio Legal -1019.315,447.9

14.6

Gianni Origoni Grippo Cappelli & Partners

Clifford Chance

17.7

8,039.4

25.52

3 -

10

16.6

Origoni & Partners

3Cleary Gottlieb Steen & Hamilton

5 16

4

15

-14.317.2

6

1,069.2

4.0 3.1

14.6

7.8 -12.4

14 -

4.8

Torys

White & Case LLP

13 4

1.8 Linklaters

3

-14

0.2 -

2.4

Sullivan & Cromwell

-2

100.0

19* -2

-61.8

-201506

9

0.4

43.0%

1

1

-12.5

1.1

1

55*

31*

-2

53.03

0.4

1

15*

43

17

0.2

27

27*

0.1

53*

Rank

61*

0.2

1

0.5

-1

-5

0

61*

61*

0.3

39*

2

7

2

# of

Deals

-0

2012Rank Share Ch.

-341

Jan 1 - Dec 31

64

0.183*

Change in

Any Italian Involvment Announced (AE44)

Deals2012Rank Share Ch.

1.3 -6

0.3

0.5

2.8

-1

16

-

4,916.7

12

1

11

16

# of Deals

4

6

2.6%

3

19*

-202

2

7

2.1

4

25

Skadden

Legal Advisor

93*

6,180.7

8,305.8

US$m

12.1

8.0

4 14,847.6

-5.2%

2011Rank

23

Squire Sanders & Dempsey LLP

1

Sh ($)

Paul Hastings

19

Market

15.3

27.4

Bonelli Erede e Pappalardo 25115,917.6 100.0

-13.7

10

4

15*

1

1030

9*

6*

2,079


10.9 28*

2

1.1

3

38*

01

61*

13

2.1 2

0.2

1

128*

38*

3

17*5

-4.3

0.3 1

61*1

12.1

61*

4,094.0

11.4

3.0

1,150.2

3.5

15.3

9.7

4

2

0.3Grimaldi e Associati 552.53525


19

-



20Cuatrecasas Goncalves Pereira


-

Industry Total

5

4

2


3

6

Industry Total

Latham & Watkins

20

Gianni Origoni Grippo Cappelli & Partners

669.9Debevoise & Plimpton 750.0 Legance Studio Legale Associato23*

77*

5

19


9.1

Studio Pedersoli e Associati 2222 51*

1

Origoni & Partners


Linklaters

Cravath, Swaine & Moore 26

-19

9

2011Rank

Hogan Lovells

4

5.1

4,718.2


3,734.9 4.0

93*

P+P Pollath + Partners


Jones Day

Willkie Farr & Gallagher

779.6

7,775.6

1.5

2.315

2.2

-

11,950.0

11

1.4

577*

8,305.8


-0.94,065.1

2

-

18

16

24

23


23* 93*

Paul Hastings

100.0

25

1.4 1.1

750.0

78.5%

54,209.8

1.4

657.7 1.2

-25.2%

1.4

45


850.0McCarthy Tetrault 20

21

779.6Cuatrecasas Goncalves Pereira

796.0Studio Pedersoli e Associati

19 1,045.6

1.6


-

24 1.5

1.9

-0.7

1.6

3.2 1.0

-1.9

1

5 0

0.2

-11.0

4.2

-27.64.6

5.1

38*

-28.3

2.0

2.2

1.02.4

4.2

6,581.6

2.2

6

17*

2,253.6

2,475.7

2.2

1,173.6

2.11,150.2

1,159.516 93*

De Brauw Blackstone Westbroek

Pinheiro Neto Advogados


17* 2.1

- 1.9

33

8

-

1,165.4

29

Linklaters

8

3

44

11

White & Case LLP

Sullivan & Cromwell

7

23

9

4,359.1

Legance Studio Legale Associato

1,744.6

2,739.9

10

Latham & Watkins

Torys 13

15




DLA Piper 12

7

14

65

13

1,302.4

17*

1,174.2

12*

3*

1.0

Paul Hastings

Pinheiro Neto Advogados

0.2

0.2

0.9 Debevoise & Plimpton

-0.7

-21.9%

673

0.7 2

Industry Total

1.0

2

0.2

-00.2

2

1

0.4


2.0

991.793*

21

21

1.7

1.8

17 2.1

5

0.4

13*

55* -

750.0

53*

0.2

0

55*

7*

31*

1

2

1.2 -2

1.2

695.5


2

55*

0

1.2

1

0.2

55*

13*

-9.8%

9

17.7

87

6,618.8

951.3

850.0

1

3,734.9

13

93*


McCarthy Tetrault

0.5

3*

Market

4

Jan 1 - Dec 31

2

42*

-11

Market

2

2 3.41,820.1 8 -31.2

-12.5

12

2,253.6

Paul, Weiss

3,646.6

3,890.9

10

37


1,045.6

-

31

-

5,833.4

4.4%

-1.7

1.3

-26.2

1.6

1.4

1.8

1,877.4

-


-2.1

0.819*

4.0

27*7*

5,833.4

Market Change in

6

-18

31*

0.6

2

18

6.8

19

16 4,785.4

6,397.9

-347

13*

4.6 4.6

4

4,294.8

3

-9

# of Deals

Jan 1 - Dec 31

4,327.2

17

38

8.8

Any German Involvment Completed (AG44)

10,626.2

-13.211.2

0.5

0.4

12.5

12.5

2

9.4

5.0

4.6

19*

12.3

8.3

6,859.3

0.8

3

-5

19*

27* 13

2

0.6

1.2

-2.9

4.6

7.9

8.1

-11

Jan 1 - Dec 31

-6.9%


7.3

4.6

20.42

-17.4%

7*

10*

72*

-41.47

31*

0.6

2.4

3

28*

-15

-1

6.3

21*10

13

6 29*

8

3.5

3.6

2

9

2

1.8

Industry Total

24*

13

1.6


9*26

29

21

64

-222.6513

1,174.2

1,325.6

2.3

1

2.5

0.7 6

12.2

1

0.21

4.8 4

-25.32.8

2.5

11

*tie

-22

-11.5%

8.0%

16

-29

Sh ($)Rank

Jan 1 - Dec 31

# of Deals

14

12

Market

5

-

-9

26*

00.718*

2.64*

-16

9

6

36

Deals

3.03

2*

5

21*

1.49*24

162.52*

# of Deals per AdvisorRank Value per Advisor (US$m)

Any Benelux Involvment Completed (AG47)

# ofMarket Change in2011Rank

1

Share Ch.

Market # of

Any Nordic Involvement Announced (AE45)


Jan 1 - Dec 31 Any Nordic Involvment Completed (AG46) Jan 1 - Dec 31


RankMarket

Sh ($)


# of Deals

Market

Deals

MarketRank Value Change in# ofMarket Market2011Rank Value US$mLegal Advisor Sh ($)US$m

2012Rank

7.1


Sh ($)

1Freshfields Bruckhaus Deringer813*

Rank Legal Advisor

-19

2012RankDeals

Advokatfirmaet Thommessen AS

Clifford Chance 2

Share Ch.


Clifford Chance 1 7

# of Deals

1813,008.9

2212,839.3 16.5

Advokatfirman Vinge 499,803.75 2.13 12.6

5.914.4

20.8 14,188.6

81.0

10.3

2

10.9

0.7

16*

10*

16.7

2 5.7

3 13.640

12 11,083.0

10,452.32.2

9,847.038

31.8730

436,495.924 3.48.3 4Advokatfirmaet Wiersholm AS

6,423.49

4Latham & Watkins -60.245*4

8,946.5485Advokatfirmaet Thommessen AS 51.8440

7,922.335 6316.410.3

-100.820

38 4

-0.38.2

5.0

5

6Hannes Snellman8.2

3 52.5 2.0 7Kromann Reumert

6Kirkland & Ellis -10.245*6,398.1

17 8.0

Blake Cassels & Graydon 6,052.1158* 7.87.8

Advokatfirmaet Wiersholm AS 7

8

6,232.0 44

7,085.91358Herbert Smith Freehills LLP

7

50.331*

-1.110

40.332*9.29.2 5

6,425.410 8.499Linklaters -31.010*5,570.4 -1.07.1

-9

22 -122.543Mannheimer Swartling Advokatbyra

46

6

10Eversheds -10.621*13

-1

-00.428*3612 5,405.1 6.9

6,280.196.77.0


10

11

5,494.891

Hannes Snellman -201.67

Advokatfirman Vinge

19

-0.4

215.9 12

37

Sullivan & Cromwell

11

12Castren & Snellman 51.0124,672.4108 6.0

4,187.249 3.25.4

5

5,507.670 12

32*

13Jones Day -40.328*7 -20.721*13Eversheds 7.2 6.2

14 2.97.15,444.0 59 3114Slaughter & MayHengeler Mueller 30.42725 0.45.03,898.4

4.8

-3.94.9 15Gernandt & Danielsson54

2 Allen & Overy

-5

4.8

2.41 5,280.434

2 67* 16

-21.49*15Mannheimer Swartling Advokatbyra 8 6.9 24

3,749.4-

3,851.4

16 -6.46.75,114.140.1

17Castren & SnellmanSkadden -60.152*3,734.96 -5.74.8 3

-

17 236.26.24,737.7125 121.411

-1.95.84,430.3 7Kromann Reumert -340.717*18 3,498.3 4.51 -9.1

Advokatfirmaet Haavind Vislie DA 10.167*158* 4.519 4.5 10.332*

Latham & Watkins

2

0

6419Cleary Gottlieb Steen & Hamilton

151816

4.5 204.5

3,485.1

Dewey & LeBoeuf LLP 81*13,474.520 30.245*5.24,002.0 4.5 4

-00.3

0.1

Davies Ward Phillips & Vineberg LLP 10.1103*-

Herbert Smith Freehills LLP 10.152*33,370.8 4.333 21Hengeler Mueller21 1.0 28

3,749.4-223,299.722 20 0.717*-0.94.2 16Allen & Overy -2

24

23 16Roschier 3,289.3 10 0.5-1.54.2 25* -19 -70.254*23 5

434 2.0

34.9

-0.13,031.2

3.625Gernandt & Danielsson

30 24

28-2.5 -00.1107*14.51.39 25*Advokatfirmaet Haavind Vislie DA

2,221 100.0 -2221,701

-7 3,474.5153*

15.4%



-412

-15.6%

Industry Total


Industry Total 78,023.1

-29.9%Industry % Change from Same Period Last Year

274.4%

Deals

100.0

Jan 1 - Dec 31


2011Rank

2012Rank Rank

Market

803 27.4

Sh ($)Legal Advisor

Market# of

Sh ($)US$m

Rank Value

# of Deals

Clifford Chance 1024.8

5.31

20

1Allen & Overy 1


Rank

Linklaters

2011Rank

2012Rank Value US$m

169*322.0 Wachtell Lipton Rosen & Katz4

1.717.6

-14

25

Change in

Legal Advisor

15.415.4

1 28.9

19,679.7

20,448.0

0.718*

-27 210

22.042,356.7

3 22.3

40

1042,934.6

-3.7

93

4 2.7

Clifford Chance0.6

Allen & Overy-22

Sullivan & Cromwell 38,174.2


5

4 2

4 3.8

8 -255.016113.817,570.44

16,858.519.8

12

-9.4


-49 22*

11.4

6

8*23

12.65

13.23

16,085.5

16

0.6

0.8

1.014*

Sullivan & Cromwell 7 14,518.6

7


6Wachtell Lipton Rosen & Katz

35,005.1

28

7 -1

22*

18.2

Skadden

-70.431*512 18 0.3

14,312.2831.112 De Brauw Blackstone Westbroek16

4

34

16.9 20945* 0.3

17.6 5.7

9.7 -1 NautaDutilh 2.64*13,087.8 322.1

Skadden115.0 29*

2*16.5

7.6 6

3.1 12,856.047-14.1 -23 29King & Wood Mallesons 10

27

0.9

1

0.4

114*1

11 9.812,523.513

20.1

Dechert

28

75* 11,971.30 - 12Morrison & Foerster

12.4

144

14.6

45*

75* Gibson Dunn & Crutcher

14.6

14.6

0.4

16

13

61 7.6

31*

0.3

8.811,276.3

33

15

-110.9

29* Simpson Thacher & Bartlett

0.2

-3

3.1De Brauw Blackstone Westbroek 11.622,355.8 47

11.38517 21,842.8

21,811.0

Loyens & Loeff

15

48.1

59*3

49

1411.3 143.5

511.1 1911.0 Bar & Karrer-

24 6.7

10.4

10.4

0.53.5

12,856.0

-

0.5

20,093.5 0.1

59*

75* 0.12

123*

20,118.2

-3

1 1

6

3

1 0.1

-353

35*

0.9

6

123*

25*7

0.1

28,027.0

14.6 2

31,720.5

18.7 9

8.8

10,871.6

9,572.5

34

23,895.9

14.528,027.0

12*

5.2

1

-36

-2

Slaughter & May

9,127.752

9,162.116

40*

0.5

7,519.32

7 18


0

1

4

1.9

1

23

0.1

00.3

0.1

8*

5.3

7.0

-

0.3

2.5

7.2

1

-7.6

4.5

9.211.7

-6.7

6.9

114*


17Mayer Brown LLP

8,964.2 26*

5.9

-3131,215

0.3

0

20 -27.2

4

-8.1

-1.212

40*

114*

-1

8.5

20.7

40* 0.3

16

47.5

12

-1

-0

11

1.0

0.3

0.56

5.7

3

4

20*8

6

0.1

0.5

0

-13

-7

7.2

3

-

-1

-4

-

15

2

14*

55*

1.9

-1

0.340*

3.1

7.1

-4.1

4.9

9.4

10.1

32

3.7

11.2

1.5

4.9

4.7

-29.3%

57.0%

Sh ($)

Market

36,885.1

76,749.6

3,734.9

4,223.4

7.35,623.8

3,898.4 5.1 0.8

66*

32*

12.8

4.318.5

4.9

4.0

0.3

1

-71.8

0.3

2.7

Sh ($)Rank

5

16

-2.2

Share Ch.

-2.0

9.57,259.6

9.4

16*

0.9

2.9

4.47.9

8.2

6,052.1

Change in

2

00.9

1

5.5

32*

27

40*

6,131.5

4

1.8

0.4

14

5.2

4.7

-6.3%

127,520.7 100.0

-20.5%-30.4%Industry % Change from Same Period Last Year


140

93

23

6,050.0

0.2

4.5

10.3

16.0

2.5

6,665.5

-4.7

-8.4

21,322.9

18

13

79

13*

9,253.5

2

28,797.9

123*

3,587.8

47,802.0

8,801.5

3.5

4.6

6,665.5

32,637.9

15.2

24

White & Case LLP 25

McCann Fitzgerald

0 Gorrissen & Federspiel-

1

21*


1

5

21*

1

0.2

-19.1%

Roschier

37*

10.4

12.4

Skadden


44 28,027.0

52,824.2

10

8

EMEA Rankings

Any Benelux Involvment Announced (AE46)

Linklaters

19

6

35,953.9

9

Market

Share Ch.

2,825.815

33,855.5

12.8


2

-0.13.9

6.3

24Sullivan & Cromwell


Darrois Villey Maillot Brochier

McCann Fitzgerald -

9Gibson Dunn & Crutcher

Simpson Thacher & Bartlett 11

12* 133

Alston & Bird

Creel, Garcia Cuella, Aiza y Enriquez 21

19


14

130

166*


Stibbe

100.0

Bar & Karrer 12*

18


Greenberg Traurig

-

4.3


20

Industry Total

166*

Drew & Napier 24*

22

10.4

24*

3.53.5

6,788.6

6,788.6

-28.2%

23

-5.0%Industry % Change from Last Quarter


27.0%

4.8

192,674.7

6

5

1

2

0.1

0.3

2*

1,499


-45.9%

26*

-

41

23

Industry Total


2

McCarthy Tetrault

Darrois Villey Maillot Brochier 5.2

4.8

4.7


6,042.7 -1.5

12

Industrials

Consumer Staples

Healthcare

Canada / Canada 17,665.6

9,219.3

India / Kazakhstan

Sullivan & Cromwell

Real Estate


Baker & McKenzie

Allen & Gledhill

Arthur Cox


2

Stamford Law Corp

5,691.6

China / China 18,047.3

Burnet Duckworth & Palmer


Telecommunications / Wireless

82,019.8

25,745.9

Financials


Linklaters

Baker & McKenzie

63,580.2

Energy & Power

83.5

Osler Hoskin & Harcourt LLP

Telecommunications

China Cross Border Announced M&A

Z&T Law Firm

4.4


1

9.4

63.6

4.0

8.5


China / ChinaIndustrials / Automobiles & Components

Energy and Power / Oil & GasEnergy and Power / Oil & Gas

Financials / Banks

5,865.5

Singapore / Indonesia

12/12/2012

Fraser & Neave Ltd (69.6%)

China Telecom Corp-3G Assets (100%)

Investor Group Financials / InsuranceConsumer Staples / Food and Beverage

11/26/2012 Pending

China Telecom Corp Ltd7/23/2012

Progress Energy Resources Corp (100%)

Pending

6/28/2012

1

460

6,090.6

2

13,350.5

AZB & Partners

8.21,098.0

1,136.7

Date Effective Target (% Sought/Acquired) Rank Value (US$m) Target Macro / Mid Industry

1,648.8

Acquiror

3 7.731,022.8

1

199

2

3

11

Grandall Law Firm

Allen & Gledhill

669

7

WongPartnership LLP

4.9

1

2,868.9

41,528.3

3

2,013.7 1

2

1

11.0

8.2

14,098.2 6

2


24.5

2

22.8

5

131.4 3

2

14,145.0

28.7 Debevoise & Plimpton

1

5.6


2

2,894.4 3

Rank

8.2

7.4

Mkt.

1

Share992

3

Rank Val

8.69

4,230.0

4,737.6

64,143.7

5,261.2

(US$m)

No.

Deals

Asia Pacific (ex-Japan) Deals Intelligence

Rank Val(US$m)

Mkt.No.

DealsShare

2 20.4

11,483.5 Latham & Watkins

Amarchand Mangaldas

Rank

18.1

Skadden

2

5,481.3

1,429

57,755.7

15

10

Materials

4

3

637

24.3

2

9/1/20129/1/20129/18/2012

8/22/2012

12/5/2012

616

38.1

5

Rank Date

5/20/2012

CNOOC Canada Holding LtdOUE Baytown Pte Ltd

TCC Assets Ltd9/13/2012

12,491.0Singapore / Singapore

24.419,460.5

11/15/2012Nexen Inc (100%)

Pending

Pending Fraser & Neave Ltd (100%)

M&A activity with Asian involvement in 2012 increased 16.7% over 2011, to US$488.9 billion, from the US$420.2billion recorded last year.

Deals in the Energy & Power sector registered the highest value in 2012, accruing US$82 billion in activity from 637deals. The Materials sector reached US$64.1 billion in value, from a market-leading deal count of 1,429. Activity inthe Financials sector amounted to US$63.6 billion from 992 deals.

China outbound activity in the fourth quarter of 2012 decreased by 15.2% compared to the fourth quarter last year,reaching US$18.1 billion. Despite being behind 2011 totals at the end of the third quarter, China cross borderactivity for full-year 2012 reached US$96.7 billion, just surpassing the US$91 billion in activity recorded last year.

Australian M&A activity amounted to US$88 billion, a 50% decline from the US$173 billion grossed in 2011.Australian cross border activity totaled US$46.6 billion in 2012, falling far short of the US$88.9 billion accrued lastyear. Foreign companies invested US$11.2 billion in the Australian Materials sector, representing 28.6% of inboundvolume.

25,557.4

18,715.6

1

Pending

Pending

1,811.0

15,438.6

1

12,948.4

23,531.1

3

3

30,595.3

2

DBS Group Holdings Ltd 4,970.5

Canada / Canada

7,100.0

5,000.0


NCOC BV (8.4%) ONGC Videsh Ltd

Alibaba Group Holding Ltd

Petronas Carigali Canada Ltd

Alibaba Group Holding Ltd (20%)

Thailand / China

Hankook Tire Co Ltd-Tire Bus (100%) Shareholders South Korea / South Korea

British Virgin / SingaporeConsumer Products and Services / Professional Services

Ping An Insurance(Group)Co (15.6%) 9,385.9

Pending


Asia Pacific (ex-Japan) M&A

Asian M&A Recovers I Fees Earned Drop 29% I Australian M&A Value Halved

Bank Danamon Tbk PT (67.4%)


4/2/2012

51,911.4 1,348

5

3

Jan 1 - Dec 31 2012Any Asian (Ex-Japan) Involvement Announced M&A by Target Industry

Top Ten Asia Pacific (ex-Japan) Announced Deals Jan 1 - Dec 31 2012

Any Asian (Ex-Japan) Involvement Advisors by Target Industry Jan 1 - Dec 31 2012

7

4

4,698.9

3

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

$50 Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

16.8%

13.1%

13.0%

11.8%10.6%

8.5%

7.2%

6.3%

4.8%3.1%2.7%1.9%

0.1%Energy and Power Materials

Financials Consumer Staples

Industrials Real Estate

High Technology Telecommunications

Media and Entertainment Consumer Products and Services

Healthcare Retail

Government and Agencies

13

Sh (%) Share Ch.

Market

# of Deals per Advisor # of Deals per Advisor

Change in

Sh (%)

# ofMarketMarketMarket

Value US$m

Rank2011Rank

2012RankLegal Advisor

# of Change in


Market Market

4.6

Bae Kim & Lee 9

3

-6

Norton Rose

0.0

2.7

2012Rank

55,529.8

0.6


-1

Legal Advisor


5.7

23

3


5.0

Rank Value

Sh (%) Share Ch.US$m

* tie

25,745.973Burnet Duckworth & Palmer 5

Baker & McKenzie 9

Osler Hoskin & Harcourt LLP 7 102 23,531.1

7.1

5.5

11.48

2011Rank

21,922.911* Freshfields Bruckhaus Deringer

# of Deals

54 6

Sh (%)

38 12*1

26

0.8

5.6

4.8

3.6

3 22,832.0

3.8

Sullivan & Cromwell 3 15 27,464.6

-13

10

33

14 1

RankDeals

457.1

0.241*

0.5

5.5 Linklaters 2 1 21,876.8 42 -37.1 -3.5 9*

-2

# of DealsDeals Rank

-0.7 0.8

Paul, Weiss 2 116 27,953.0

Skadden 3 16 17,060.8

26,287.2

-4

5.4

2.7 54* 0.1

13

-618*

20 -40.2

2.4 0.5

Latham & Watkins 4 12 16,642.3 5.4 25* 0.4

-16Allen & Overy 5 2 16,141.5 5.2 0.6323

1.2

94*

43*

WongPartnership LLP 6 19 24,279.2

5.3

7Weil Gotshal & Manges 6 48 14,965.4 36*3.8

1

0.3154.9

-4.1 14

-5

4.5 94* 0.0 -91.783Kim & Chang 7 1

2 1.6

54

4.3 77

-0.5

4.8 1.4 15 0.436

8 14,022.94.8

Lee & Ko 8 6 13,300.4Skadden 8 11 23,523.0 -2.5

-351 21,041.2 4 1.2

72 0

12,344.1

-28

3 0.84.7 -1.3 4.1 1.018 12,745.7 -5 1.1-27

4.0 -3.4Baker & McKenzie 10 4

Allen & Overy 11 2 20,812.8

Linklaters 10

-811 10,643.7 3.5 -0.7 19

58414.3 -3.6

-14

13 0.5

9

34 29* 0.4

-5 Herbert Smith Freehills LLP 12 70

114.3 -2.0

4.0 2.7 0.4223.4 2.7

16* 0.4

10,594.1 22

Blake Cassels & Graydon 13

33 19,754.1 54* 0.1Cleary Gottlieb Steen & Hamilton 12 10

894* 0.0 -12 King & Wood Mallesons 13 13 10,526.7 8 0.94320 19,408.4 4.0 1.8 3

3.3 -1.1 46

3.4 -0.2

4 Allen & Gledhill 14 10 10,223.9 -206* 0.93.9 3.2 59* 0.18Stikeman Elliott 14 62 18,855.4

Morrison & Foerster 15 43 18,548.7 2.7 65* 0.17 7-8 29Fangda Partners 15 39 10,071.4 3.3 1.9 16 0.6

3.1 3.014 Jingtian & Gongcheng 16 147 9,670.7 19 1529* 0.4Stamford Law Corp 16 185 17,935.5

3.6 3.6

3.7 3.7 32 0.219

Richard A Shaw Professional Corp 17 - 17,665.6 170* 0.0 Sullivan & Cromwell 17 33 9,428.2 3.1 1.5 -249* 0.2

31

101 1

Weil Gotshal & Manges 18 54 17,580.4 3.6 2.8 11 -29Shin & Kim 18 14 8,612.2 15 0.62.8 -0.8

24

33 0.218

25* 0.3 3Slaughter & May 19 28 8,588.4 38* 0.314Latham & Watkins 19 13 15,900.0 -53.3 0.3 2.8 1.1

47 -26 White & Case LLP 203.0 -1.0Allen & Gledhill 20 9 14,542.6

0 -

10 0.5

11

19 4

2.7 2.5

32 8,416.3

127 8,161.9

2.7 1.1 29* 0.4

46* 0.22.9 0.8 Paul, Weiss 2137 -614 0.4Clifford Chance 21 21 14,368.4

20 0.3Fangda Partners 22 26 13,594.3 2.8 1.2 29 Vinson & Elkins LLP 22

31

-2 7 7,957.7 2.6 -3.4 -44 89* 0.1

1Fenwick & West LLP 23 191 7,816.0 89* 0.14

2.3 0.8

2.5 2.57 0.6532.3 1.1

Shook Lin & Bok LLP 24 29 11,271.7

Amarchand Mangaldas 23 36 11,389.5

-13Clifford Chance 24 20 7,726.8 20 0.5-0.220 31 0.2 25-14 2.5

Simpson Thacher & Bartlett 25 61 9,930.7 12.0 1.2 17

8,738

MarketRank

488,863.2

Any Asia Pacific (ex-Japan) Involvement Completed (AG31)


7.1%

7,550.5 60* 0.22.1 8 -82.5

Change in

34* 0.2


Industry Total 100.0

Any Asia Pacific (ex-Japan) Involvement Announced (AE30)

Industry % Change from Same Period Last Year-10.4%

O'Melveny & Myers 25 102

Industry Total

# of

-14.3%

Industry % Change from Last Quarter -3.2%

Deals2011Rank

Rank Value per Advisor (US$m) # of Deals per Advisor

Sh (%)

-12.2%

0.5%

Market Market Market

Industry % Change from Last Quarter9.0%


# of DealsShare Ch.Value US$m

Market Change in# of

Rank

Market

55,529.8 9.7

Sh (%)Legal Advisor US$m Deals2012Rank

2011RankLegal Advisor

18

# of DealsRank Sh (%)

Freshfields Bruckhaus Deringer 1 16 -4

Sh (%)2012Rank

Rank Value

Share Ch.

0.216

9.9 5.5 0.4

3

46 -9King & Wood Mallesons 1 5 37,246.4 1* 1.4

8.1

89

-3.9

-0.9

Paul, Weiss 2 143 30,378.3 5.4 5.3 49* -10Herbert Smith Freehills LLP 2 1 30,895.7 1* 1.4

8

89

Skadden 3 12 29,258.1 5.2 -0.5

3

63 -7Allen & Overy 3 2 24,803.8 6.5 -4.7

4

1.0

5.0 -1.2

42 22 0.4 -1

1.0Sullivan & Cromwell 4 9 27,749.6 6.5 -4.611 Ashurst

0.2 27

24,778.7 62

-120.530

9

Linklaters 6

61* 0.1 -8 -24

5.8-36 14 22,285.8

14

103 1 1.0

53* 0.1

Baker & McKenzie 5 Skadden 58 27,628.5 4.9 -2.1

Davis Polk & Wardwell 6 32 26,432.2 4.7 2.6

39

458 22,170.6 5.8 -2.2-14 -8

20 0.6 -10

15 0.7

Osler Hoskin & Harcourt LLP 7 5.7 -0.94.7 3.1 9 1

Burnet Duckworth & Palmer 8 97 25,745.9 113* 0.034.6 4.2

37 26,198.6 Freshfields Bruckhaus Deringer 7 13 22,010.469* 0.1

365.7 1.31 20 21,885.8

Allens 9

522 0.6Gilbert + Tobin 8

10 0.957

-25

13 0.5 -4

11* 0.5

-205.6 -3.84.4 2.7 6 21,297.556

-50Baker & McKenzie 10 7 17,754.9 884.6 -3.9Allen & Overy 10

35 24,564.2WongPartnership LLP 9

3 23,841.8

-31

57 3 1.4

-31 Clayton Utz 11 16* 0.7444.6 -6.2

4.3 -5.3

4 17,658.3

Linklaters 12

2 23,045.8 3 0.8Herbert Smith Freehills LLP 11 864.1 -6.0

-3Latham & Watkins 12 9 17,121.7 32 0.42421 0.4 -1010 21,376.0 3.8 -2.3 44

4.2 -2.7 44

4.5 -3.5

-12 Norton Rose 13 10 16,018.5 -1616* 0.73.8 2.0 76* 0.17Blake Cassels & Graydon 13 33 21,229.4

Cleary Gottlieb Steen & Hamilton 14 24 19,754.1 3.5 0.4 64* 0.110 5Weil Gotshal & Manges 14 35 14,965.4 3.9 2.1-6 45 0.316

3.7 0.3-15 Kim & Chang 15 26 14,022.9 83 -94 1.33.4 -5.1King & Wood Mallesons 15 4 19,167.5

Stikeman Elliott 16 81 18,998.3 3.4 2.9 61* 0.111

2 0.998

-7Corrs Chambers Westgarth 16 16 13,348.6 3.5 -1.64 24* 0.533

3.5 -1.1-7 Lee & Ko 17 19 13,300.4 77 -285 1.246 18,556.8

3.2 1.9

3.3 2.1 69* 0.19

Weil Gotshal & Manges 18 44 18,168.7

Morrison & Foerster 17

Bae Kim & Lee 18 33 12,745.7 3.3 1.2 0 -12 0.9

71

54

6* 1.119 14

37* 0.220

Stamford Law Corp 19 224 17,935.5 40* 0.23.2 3.2 -33Minter Ellison 19 15 11,964.8 3.1 -2.4

-21Clifford Chance 20 23 10,938.0 2.9 -0.6 34 23 0.51 1201* 0.0- 17,665.6Richard A Shaw Professional Corp 20 3.2 3.2

70 -29

3.1 0.7 45 19* 0.4

1 17,659.9 3.2 -7.2

Clifford Chance 22 29 17,177.1

Ashurst 21

-11

8 0.7 0.2

13*Allen & Gledhill 22

13Sullivan & Cromwell 21

29 10,223.9 -20

-32.8 -3.9

0.72.7 -0.2 46

52*

Allen & Gledhill 24 25

2.9 -4.1Latham & Watkins 23 7 15,976.0 Fangda Partners 23 61 10,071.4 28 0.5 72926 32* 0.3 -8

0.32.42.524

-5.9

38Jingtian & Gongcheng 15172 9,670.7-0.3

80Allens 25 5 13,808.9

0.548

0.82.5

14,827.6 2.6

4

-25 19

0.3217 2.5 1.3

4,971


-28.3%

51

1.7


2.6

35*

Industry Total 560,824.8



10,697.3

11

4.4%

-7.9%

10,494

17

383,960.3

100.0

White & Case LLP 25

100.0

4*

14.8%

Any Asian (ex-Japan) Involvement Completed (AG32)Any Asian (ex-Japan) Involvement Announced (AE31)

9,570.3

12

Asia (Ex-Japan) RankingsFull Year 2012 | Mergers & Acquisitions | Legal Advisors

6,259

-4.0%

Industry Total

307,771.6


100.0

14

-13.8%

Australian Cross Border Announced M&A Asia (ex-Japan) Buyside Financial Sponsor Activity


* tie

Industry % Change from Last Quarter 55.3% -17.5%

-2.3

1,468

Industry % Change from Same Period Last Year -52.3% -4.4%

4

2.3

2.5

100.0

30*

93,884.1Industry Total

5323

26

25

24Osler Hoskin & Harcourt LLP

2,035

40.1%

2.72,497.7

-20.3

20.423*62.0

Industry Total

2,338.4

91,860.6

Mayer Brown LLP

22

100.0

6 1,370.9 1.5 -15.9

1,918.313 -10.22.1

-

144*

42.77 2,514.65522Stikeman Elliott -00.330*2.0Johnson Winter & Slattery -90.321*

2.92.9

21DLA Piper 82.0641 2,583.321 122*76

2,203.0

2,164.3 2.1 20.238*3

1

19Jipyong Jisung

- 2,739.720Baker Botts LLP

3,309.1-

10.173*

Orrick Herrington & Sutcliffe LLP

20

2.4 2.82.8

Bell Gully -31.212*29 -0.72.4 25

5

2,425.3

2.72.7

2.62.6 2

-9

2 20.146*

0.818

3.53.519Paul, Weiss 20.148*-

116 -1.93.50.328* 3,321.12218Clifford Chance

17Blake Cassels & Graydon 1.82.7

18White & Case LLP 2,456.0144*

2,513.856 3,661.86917McCullough Robertson5 0.332*

1.51322

1.41420

16Osler Hoskin & Harcourt LLP 20.328*2,667.524 -1.72.9

-4-0

-7

3.53.9

0.83.9

37

6

15Latham & Watkins

16Bell Gully

15Corrs Chambers Westgarth -61.89*2,732.38 -13.63.0

6

3,689.528

0.423*3,788.69 2-10.44.0 6

14Clifford Chance -70.519 4,111.19614Kirkland & Ellis 0.520*84.34.42,918.627 -0.13.2

25-12.73.4

10

13Cravath, Swaine & Moore-151.212*13Allen & Overy 3,134.49 34,351.320 -2.74.6 -00.238*

-60.330*45,225.017 -4.05.612Jipyong Jisung 10.174*1 12Skadden3,309.1- 3.63.6

3 11Norton Rose-30.239*-11.83.711Latham & Watkins 3,385.110 -52.310*

40

336,886.413 -5.27.3

-172.777,941.914-51.8113610Norton Rose 4,180.620

-10.66.0

-2.04.6 -3.48.510Baker & McKenzie

32.310*339Allen & Overy9Minter Ellison -343.625,509.37 73

-3.111.8

8,767.710 -5.09.3

11,035.488Skadden -40.328*5,735.116 -4.16.2 -344.728Minter Ellison 696

0.514.239 Corrs Chambers Westgarth-181.9 33 -52.310*

Clayton Utz

13,348.611

-14.37.6

-4.76.37Baker & McKenzie 775,748.014

6,955.45 -30-46 -10.418.86Clayton Utz 17,658.32

-3.022.45AllensAshurst -252.75-13.413.212,099.925

436 37 1.89*

51 4

52.58*

-2355

15

20,984.13

4Gilbert + Tobin 21,885.8Gilbert + Tobin 3812,839.911 0.14

71 0.725.323,792.34

3611.523.3

Ashurst

14.8

71.9814.0

-7.5

3.5313,334.5

4

1

2Herbert Smith Freehills LLP70

3


3 -11.6Allens 14.5

2 4 13,586.8

3

77

-13

3.4 -14 27,500.81

32.1 62-35 8.43.7 5

-3.229.3

Rank Value

US$m2011Rank Sh (%) Share Ch.

30,116.2

Market

-10.0

Legal Advisor

1 1 1

2012Rank

20.518,831.1

Market


Australia & New Zealand RankingsFull Year 2012 | Mergers & Acquisitions | Legal Advisors


1Herbert Smith Freehills LLP King & Wood Mallesons75

2.9

4

4.23

-21

6

3.5

# of DealsSh (%)RankShare Ch.

-213.4

5.31


2012Rank

Market

Sh (%)Value US$mRankDeals2011Rank


Legal Advisor# of DealsSh (%)

Market Rank # ofMarket

Any Australia or New Zealand Involvement Announced (AE27)

# of Change in

Any Australia or New Zealand Involvement Completed (AG28)

Market

4.1%-50.5%Industry % Change from Same Period Last Year

23

24

25

Middletons Lawyers



1,671.6

1,524.9

1.8

1.7

1.8

1.7

7

7

2

21*

21*

48*

0.3

0.3

0.1 2.4

7

6

-7 Simpson Grierson 14 16 1.0


98 2,277.8

50

Deals

Change in

5

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

%o

fAsi

a(e

x-Ja

pa

n)

Vo

lum

e

Ra

nk

Va

lue

(US

$b

)

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

% of Asia (ex-Japan) Volume YTD

0%

20%

40%

60%

80%

100%

$0

$10

$20

$30

$40

1Q

08

2Q

08

3Q

08

4Q

08

1Q

09

2Q

09

3Q

09

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

Ou

tbo

un

d

Ra

nk

Va

lue

(US

$b

)

Outbound (US$b)

Inbound (US$b)

% of Cross Border is Outbound

15

Media and Entertainment

Healthcare



AcquirorSoftBank CorpNDFMarubeni CorpTerra Firma Capital PartnersTonenGeneral Sekiyu KKSoftBank CorpDentsu IncDaikin Industries LtdInvestor GroupDainippon Sumitomo Pharma Co


3* 29.7 12,630.0Mintz Levin Cohn Ferris Glovsky & Popeo

4,311.23,700.02,707.2

Blake Cassels & Graydon 4,962.4

2* 33.1 1

*tie

10/24/2012 Intended8/29/2012

Any Japanese Involvement Announced M&A

Rank Value (US$m)20,140.012,612.0

Goodman Global Group Inc (100%)


Nagashima Ohno & Tsunematsu


7/12/2012

Sprint Nextel Corp (70%)

Paul, Weiss 5,600.0

9,954.1

Pending10/1/2012Pending

Japan / JapaneAccess Ltd (100%)

11/1/2012

2

2/29/2012 4/25/2012Jupiter Telecommunications (28.6%)

Japan / United States

40.4

5/9/2012

Consumer Staples

33.1

7/31/2012

11/19/2012

2656.4

Jan 1 - Dec 31 2012

Telecommunications / Telecommunications Services

506

33.1

1

2*

21,091.8

White & Case LLP


Japan / United StatesTEPCO (75.73%)

10/15/2012

15

1

17,590.9

5,192.5

United Kingdom / United KingdomJapan / United States

6/1/2012 Exxon Mobil (99%)

PendingDate Effective

3


Industrials

High Technology

16,943.0

Top Ten Japanese Involvement Announced Deals

Skadden

Jones Day

6,846.2

Telecommunications

Boston Biomedical Inc (100%) Healthcare / Biotechnology2,630.0Japan / United States

Aegis Group PLC (86.4%)

Annington Homes Ltd (100%)Gavilon Group LLC (100%)


Japan / United Kingdom


Japan / Japan

Japan / Japan

Rank Date

2*

5/29/2012 Pending12/14/2012

1/29/2012

5,600.0

15,600.0

Real Estate / ResidentialEnergy and Power / Oil & Gas

High Technology / Internet Software & Services

5,089.04,965.9

27

11,889.5

Morrison & Foerster 10,148.0

Japan Deals Intelligence

Nishimura & Asahi

30,805.9Energy and Power

17,709.3

US$m

Any Japanese Involvement Advisors by Target Industry

Mkt.

917.0

Rank

2

3,571.85 23.3

120

23,281.4

Real Estate

Share (US$m)No. Deals

101

Mkt.

Rank Share

US$m

No. Deals

3 2,604.2

9

291

Nishimura & Asahi



21.4

3

1

Materials 15,338.3

14,903.0

1

1


Skadden

(US$m)

Mori Hamada & Matsumoto 3

21,225.0

57.5

26

2

2*

17,577.9

12,742.7

94.9

57.1

20,470.2 96.4

20,140.0

1

2*

Financials

20,140.0 1


2* 94.9 1


Dewey & LeBoeuf LLP

1

1 29.5

47.2

94.9

23

16

2,830.0

3*

226

3

232

440

2162.1

3

2 48.1

3

17,376.6

5,600.0

Target (% Sought/Acquired)

14

5


Japan M&A

Japanese Announced M&A Down 1.3% | Outbound Deals Volume Reach Record High

4,962.4

41.4

Media and Entertainment / Broadcasting

Media and Entertainment / Advertising & MarketingIndustrials / Other Industrials

2,630.0 129.7

8,843.4

Cooley LLP

Target Macro / Mid Industry

Energy and Power / PowerConsumer Staples / Agriculture & Livestock

4,973.6

Linklaters

3* 41.7 2

34.6

41.8

3*

3,060.0

13,985.6

2


2,673.2

1,608.3Sullivan & Cromwell

11,888.1

1,618.6

2 14.0

11.6

2

5,228.9 1Freshfields Bruckhaus Deringer

3 11.21,674.1

2,081.3

35.1


187

8

91

2

2

20,140.0 2* 94.9 1

Japanese Involvement Announced M&A Target Industry by Value Jan 1 - Dec 31 2012

In 2012, announced M&A activity with Japanese involvement reached US$182.7 billion, a 1.3% decrease from theUS$185 billion of value recorded in 2011.

In spite of the slight annual decline, the fourth quarter of 2012 recorded the highest quarterly announced volume forJapanese deals since 2000, with deal value reaching US$60 billion.

acquisition of a 70% interest in Sprint Nextel worth $20.1 billion was largest Japanese announcedand cross-border transaction, as well as the eighth largest Japanese involvement deal in history.

Japanese outbound M&A reached a record high in 2012, with 679 deals accruing $85.9 billion, a 23.4% increase invalue compared to 2011. US target transactions accounted for approximately 64% of the total value. Three US-target acquisition of Sprint Nextel, acquisition of Gavilon Group, and Daikin

On average, acquirors paid 10.3x EBITDA for Japanese targets in 2012, representing a decline of 2.5 "turns" from2011 averages. Average bid premia (to 4-week prior stock price) for Japanese targets increased 0.8 percetage

4,435.9

4,515.9

Potter Anderson & Corroon

5

2

1

32.0

Jan 1 - Dec 31 2012

2

129

11.5

19.1

Jones Day

25.2 2

41.7

25,181.8 2 29.5 3

Japan / Japan

2*

2*

Polsinelli Shughart PC

Morrison & Foerster

Paul, Weiss

20,140.0

20,140.0

20,140.0


94.9 1

94.9 1

Foulston, Siefkin, Powers & Elkouri (KS)20,140.0 2* 94.9 1

16.9%

11.6%

11.5%

9.6% 9.3%

8.4%

8.2%

7.7%

6.5%

4.8%3.3%

2.2%

Energy and Power Telecommunications High Technology

Industrials Consumer Staples Materials

Real Estate Financials Media and Entertainment

Healthcare Retail Consumer Products and Services 0

500

1,000

1,500

2,000

2,500

3,000

3,500

$0

$25

$50

$75

$100

$125

$150

$175

$200

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q4 Volume (US$b)

Q3 Volume (US$b)

Q2 Volume (US$b)

Q1 Volume (US$b)

# of Deals

16


Japan Rankings



Sh (%) Sh (%)

8.6

2011Rank

Any Japanese Involvement Completed (AG52)

Share Ch.

1


Value US$m

66,026.7

61,936.2

59,026.7

Legal Advisor

Any Japanese Involvement Announced (AE51)

Sh (%) # of Deals

MarketRankChange in Market Market2012Rank


Deals Legal Advisor

Change in

36.7


2.8

2011Rank

11.0

Japense Outbound M&A Target Nation Region


5

-

5,054.4

Industry Total

25

103

13.1%

Nishimura & Asahi

Slaughter & May

14

Paul, Weiss

Potter Anderson & Corroon (DE)

6

41


77

Anderson Mori & Tomotsune 7 7

Skadden 5

Polsinelli Shughart PC 9 -

Cravath, Swaine & Moore 8 33*

Mori Hamada & Matsumoto 1

Nishimura & Asahi 3

Nagashima Ohno & Tsunematsu 2


2

Market

Share Ch.

Rank Value

127

Rank

# of


Sh (%)

16.029,309.7

13.2

US$m

71,767.5 39.3

15.4

24,060.5

9.0

11.1

11.0

# of DealsDeals Rank

396.8

11.1

2.8

-6.5

17.7 9.632,371.0

14,562.0

4.5

5.0

28,149.7 15.2

1138

# of

4.6 2 16.31

2012Rank

1 45,251.7 24.8 -6.4

3 40,454.4 22.1

16

00.812

5.12

-154.3387

25.0 1710.2

21.535.0

23.4

-

12.4

42,162.3

39,504.6 448

1

4

9 34,796.2

13

0.620.6 13

-2.7

14.7

7 29* 0.3

16.7

15*

4 1.4

8.6 918 0.7 Anderson Mori & Tomotsune

6 -6

9.3

2 -312.9

0.330*

82* 0.1 1

2.7Simpson Thacher & Bartlett

13.6

299

28,186.8

22,877.98


Clayton Utz

7

46

39

20,990.0 11.5 10.1

22 82*

2

-27

20,200.0

- 20,140.0

10*

-6.2Allen & Overy 10 8 9,967.0

Foulston, Siefkin, Powers & Elkouri (KS)

0.617110* 111.0

5

- 20,140.0 1 22Skadden 111

12Blake Cassels & Graydon

13 5Simpson Thacher & Bartlett 0.3

11.0 105*

6 Lee and Li 12

21*

4

Morrison & Foerster

Sullivan & Cromwell

33* 0.28.0

7.9 -11.7

12

14,372.9

0.2

10

-7.4

7.0 -9.2 0.4 -5.714

9

5.1

9,189.5

Latham & Watkins

6

24.0

8

Jones Day 15 49 9,518.6 5.2

18*14 6 12,842.7

-217 10* 0.6

11 -3

Davis Polk & Wardwell 16 4 18* 0.5-9.5 107,933.58 0.8

4.3 -5.2Clifford Chance 17 115

4.7Freshfields Bruckhaus Deringer 2116 10 49,419.0 5.2 -4.5

72.7

Baker & McKenzie 17 26 9,198.6 5

Allen & Gledhill4.7 3511

36

18*

1.3

18* 0.4

-120.4

19 15 8,568.2

-21.5

-14.7 0.4 11

0.63.8 -0.3 17


Davis Polk & Wardwell WongPartnership LLP 19 52 0.363.7 3.26,208.7 30*

1.527Clifford Chance

3.7

3.520 16 6,960.8 10*

3.0 0.11 102*Linklaters 21 27 6,720.1 1.5

17 40

13 16 0.5 -3

7White & Case LLP 22 71 6,450.6 3.3TMI Associates3.5 3.3 22

23 56 5,550.2

Hogan Lovells 24 3.0

Ashurst

91 5,490.5 0.39

3.0 2.5

2.9

15 -

21*

5 Ashurst 23-

6

-

117

12 -6.4

2.8

Industry Total

5,171.6

4,650.7

-14.6%

0.1 0 2.825

Hogan Lovells 24

Industry % Change from Last Quarter5.3%

-1.3% 4.4%

41.4%

100.0


182,703.5 2,780


2

2,029

21.3

209

0

3

0.2

5 1.5

7

-2

-

-2

2

3

0.5

0.7

*Tie

Blake Cassels & Graydon1.8 3 59* 47*

6

10 18*

31

30*

3

0 -

-3

-2

15 13

50.3

-3

-10.6

67*

1

12

0.1

5

36*

26*

36*4.2

6

7

2.3

26* 0.3

19

5.9

15*

1.4

0.3

3.3

2.3

100.0

3.9

3.3

11.5%

2710* 0.6

0.0

105* 0.0

-5 13 7

9,499.0

O'Melveny & Myers 67

3

0.1

43

21

Baker & McKenzie

18

64

4.915

41

20

3.1

10,079.6

8,538.0

8,276.2

7,315.2

6,572.2

5,916.2

9,442.8

5.4

5.6

28

13

5.6

6.0

5.6

0.3

0.9

Market

30 6 1.1

1 -2 Mori Hamada & Matsumoto

21

6


22 Nagashima Ohno & Tsunematsu

-2

-233.6

Market

5

2

99 3

3.9109

5

3

5,563.7

5,516.1

39.1

168,833.6

5,625.5

0.3

2.2

0

50

100

150

200

250

300

350

400

0

10

20

30

40

50

60

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Ra

nk

Va

lue

(US

$b

)

#o

fD

ea

ls

Americas

Europe

Asia Pacific

Americas Number of Deals

Europe Number of Deals

Asia Pacific Number of Deals

17

-

-

-

-

-

-

-


Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portionof the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for

the transaction agreed to or, in the absence of an agreement, the value of the highest offer.

JapanAkemi MamiyaTel: +813 6441 1158

Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation.

League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, andunconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.

Robert Levine

A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional.

Tel: +1 646 223 5682

E-mail: [email protected] with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at thetime of announcement of terms.

E-mail: [email protected]

EMEA

Tel: +44 (0) 20 7542 3566


Ranking Criteria Summary

Serkan Tecimer

If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria pleasecontact:

Asia-PacificJason Pacannuayan

Americas

Announced league tables include all deals that were announced between January 1, 2011 and December 31, 2012 and of which Thomson Reuters was made aware. All current dataand previous year's data is as of 5:00pm EST on December 31, 2012.

League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings.

E-mail: [email protected]

Tel: +632 858 7262E-mail: [email protected]

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable forany errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as tothe accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transactionor trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying orselling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

© 2012 Thomson Reuters. All rights reserved.

Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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GLOBAL MERGERS & ACQUISITIONS REVIEW · Compared to the third quarter of 2012, the value of announced mergers & acquisitions increased 53% during the fourth quarter of 2012. EMERGING