Merger Market: Legal Advisers To M&A For Q1-Q3 2011

press release
mergermarket League Tables of Legal Advisers to M&A for Q1-Q3 2011 October 6 2011, for immediate release
PRESS CONTACTS EMEA: Flora Wilke
ora.wilke@mergermarket.com Tel: +44 207 059 6348
Americas: Dara Silverstein

dara.silverstein@mergermarket.com Tel: +1 646 378 3118
Asia-Pacic: Michel Chau

michel.chau@mergermarket.com Tel: +852 2158 9706
www.mergermarket.com
mergermarket League Tables of Legal Advisers to M&A for Q1-Q3 2011

CONTENTS:
2 mergermarket League Tables of Legal Advisers to M&A for Q1-Q3 2011
Global M&A up 21.8% in Q1-Q3 2011 Global M&A for the first three quarters of 2011 totalled US$ 1,723bn, up 21.8% from the same period in 2010 (US$ 1,414.4bn). US$ 513.9bn-worth of deals were announced globally in the third quarter of 2011, down 9.3% from Q2 2011 (US$ 566.3bn). Sullivan & Cromwell top the deal value league table Sullivan & Cromwell have moved up one position from last years rankings to top the global M&A legal advisory tables by total deal value for the year to September. The firm has worked on five of the ten largest deals announced so far in 2011. A good year for US M&A, though weakening as the year progresses US M&A appears to be on its way to having the strongest year in a while, with US$ 680bn-worth of M&A already announced, a 43% increase on the same period last year. The year-to-date total is already 95% of the full-year total for 2010, although, in common with the global trend, momentum has fallen off as the year goes on: following a strong start to 2011 with US$ 293.6bn-worth deals in Q1, activity dropped by over 33% in the following two quarters, with totals of US$ 191.7bn and US$ 194.8bn in Q2 and Q3 respectively. Emerging Market M&A down for three consecutive quarters The total value of emerging markets deals announced has decreased continually for three quarters in a row since Q4 2010 (US$ 179.3bn): by 23.8% to Q1 2011s US$ 136.7bn, then by another 19.6% to Q2s US$ 109.9bn, and in the last quarter it dropped by 3.6% to US$ 105.9bn. This was an overall decrease in M&A activity of 40.9% since Q4 2010. Private equity buyouts strongest since Q1-Q3 2008 The first nine months of 2011 saw US$ 219.9bn-worth of buyout transactions globally, up 41.5% from the same period last year (US$ 155.5bn), and the strongest Q1-Q3 period since 2008 (US$ 224.7bn). The continuing growth in buyout activity was also reflected in the proportion of global M&A activity accounted for by buyouts: 12.8% in Q1-Q3 2011, up from 11% for the same period last year, and the highest first-nine-month proportion since 2007. Equity-only M&A deals stagnated, dropping slightly by 1.4% The total value of equity-only deals in the first three quarters of this year was 1.4% lower than in the same period last year, amounting to US$ 292.7bn by the end of September 2011, compared to US$ 296.8bn in Q1-Q3 2010. Globally, the proportion of transactions paid with only equity decreased, with such deals accounting for 20.6% of total deal value in the first nine months of 2011, compared to 24.9% for the same period last year. Industrials & Chemicals top sector in Q3 The Industrials & Chemicals sector saw US$ 298.5bn-worth of deals in the first three quarters of 2011, 69.2% up from the total value seen in the same period last year (US$ 176.5bn in Q1-Q3 2010). It is this sector which dominated the third quarter, with US$ 101bn-worth of deals (up by 16% compared to Q2 2011s US$ 87.1bn). The Energy, Mining & Utilities sector remained top for the first three quarters of the year. European M&A in Q1-Q3 2011 totalled US$ 540.2bn, an increase of 27.3% compared to Q1-Q3 2010 (US$ 424.2bn). Q3 saw US$ 130.1bnworth of deals, a 43.4% drop from Q2 2011 (US$ 229.9bn). Asia-Pacific M&A in Q1-Q3 2011 totalled US$ 257bn, up 5.5% from Q1-Q3 2010 (US$ 243.5bn). Q3 activity was up 18.8%, from US$ 78bn in Q2 2011 to US$ 92.6bn.
3 6 7 9 10 11 12
Global M&A Overview - Mid-Market - Private Equity - Emerging Markets - Premia and Multiples Analysis - Deal Type/Deal Value Breakdown - Consideration Structure/ Insolvency 13 - Demerger 14 Global M&A Overview 16 European M&A Overview 28 US M&A Overview 37 Asia -Pacific (ex.Japan) M&A Overview 46 Africa & Middle East M&A Overview 49 Criteria/About mergermarket
PRESS CONTACTS: EMEA: Flora Wilke

flora.wilke@mergermarket.com Tel: +44 207 059 6348
Americas: Dara Silverstein

dara.silverstein@mergermarket.com Tel: +1 646 378 3118
Asia-Pacific: Michel Chau

michel.chau@mergermarket.com Tel: +852 2158 9706
Press Release: mergermarket League Tables of Legal Advisers to M&A for Q1-Q3 2011
Global M&A Overview

Global M&A for the first three quarters of 2011 totalled US$ 1,723bn, up 21.8% from the same period in 2010 (US$ 1,414.4bn), making it the busiest Q1-Q3 period since 2008 when the same period saw US$ 1,949.4bn-worth of deals. 9,019 deals were announced in the year to September, 1.1% more than Q1-Q3 2010. Activity was, however, down for the third consecutive quarter in Q3, with US$ 513.9bn-worth of deals announced globally in the third quarter of 2011, down 9.3% from Q2 2011 (US$ 566.3bn) which in turn was down 11.9% from Q1 2011 (US$ 642.9bn). 2011 third quarter activity was up though from Q3 2010 (US$ 506.9bn), a 1.4% increase, and was the highest Q3 total since Q3 2008 (US$ 682.8bn). The largest deal of the year to date was Deutsche Telecoms US$ 39bn disposal of T-Mobile USA to AT&T, the largest corporate deal since ExxonMobils US$ 40.6bn acquisition of XTO Energy in December 2009. Express Scripts US$ 33.4bn offer to acquire US-based Medco Health Solutions was Q3s largest announced deal. Cross-border M&A has had the busiest Q1-Q3 period since 2008, in spite of a slowdown in M&A during the last quarter. Cross-border deals (by individual countries) announced in the last nine months added up to US$ 690.8bn and regional cross-border deals were up to US$ 483.2bn, increases of 31% and 40.4% respectively since Q1-Q3 2010, which saw US$ 527.5bn-worth by country and US$ 344.2bn-worth by region. The first three quarters of 2011 saw cross-border deals between individual countries accounting for 40.1% of global M&A activity, the highest proportion for a year-to-September since 2008 when Q1-Q3 cross-border activity totalling US$ 895.8bn accounted for 46% of global M&A. The Energy, Mining & Utilities sector saw the highest total value of deals in the year-to-September, with deals totalling US$ 395.7bn, up 7.9% from the same period last year (US$ 366.7bn), and accounting for 23% of all global deals in the first three quarters of this year. Industrials & Chemicals dominated the third quarter, with US$ 101bn-worth of deals (up by 16% compared to Q2 2011s US$ 87.1bn). Sullivan & Cromwell moved up one position from last years rankings to top the global M&A legal advisory tables by total deal value for the year to September. Sullivan & Cromwell has worked on five of the ten largest deals announced so far in 2011.The top ten firms in the global M&A legal advisory tables saw an average increase of 40.5% in the total value of deals worked on for Q1-Q3 2011 compared to the same period in 2010. 14 of the top 20 ranking law firms were US-based and five were UK-based. Blake, Cassels & Graydon, based in Canada and ranked 19th, was the only non US/UK firm in the top 20 ranking.
Global M&A Deal Size Breakdown - Deal Value
4,000 1,400 1,300 3,500 1,200 1,100
Global M&A Activity - Quarterly

1,300 RoW M&A 1,200 1,100 1,000 900 Asia-Pacific ex Jp M&A US M&A European M&A Volume 4,500 4,250 4,000 3,750 3,500 3,250
Value of Deals ($bn)
3,000 2,750 2,500 2,250
700 600 500 400 300 200 100 0
2,000 1,750 1,500 1,250 1,000 750 500 250 0
Value of Deals (US$bn)
3,000 1,000
2,500
900 800 700 600 500 400 300
2,000
1,500
1,000
500
200 100 2004 2005 $0m - $500m 2006 $501m - $2,000m 2007 2008 $2,001 - $10,000m 2009 2010 Q1-Q3 2011 0
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Global Cross Border M&A Analysis - Value

Global Cross Border (regions) Global M&A Global Cross Border (individual countries)
Volume of Deals
800
Global M&A Overview: Industry and Geography Breakdown

Q1 - Q3 2011 Sector Energy, Mining & Utilities Industrials & Chemicals Financial Services Pharma, Medical & Biotech Consumer Telecommunications Technology Business Services Real Estate Transport Media Leisure Construction Agriculture Defence Total Value ($bn) 395.7 298.5 208.7 160.9 142.5 126.0 112.9 76.3 66.5 38.5 33.5 31.2 23.2 5.1 3.7 1,723.0 Market share 23.0% 17.3% 12.1% 9.3% 8.3% 7.3% 6.6% 4.4% 3.9% 2.2% 1.9% 1.8% 1.3% 0.3% 0.2% Deal count 828 1,791 790 720 1,198 111 969 1,145 145 277 277 315 326 100 27 9,019 Value ($bn) 366.7 176.5 151.7 114.5 120.5 139.4 66.6 91.9 39.4 51.9 27.3 31.5 20.4 10.9 5.4 1,414 Q1 - Q3 2010 Market share 25.9% 12.5% 10.7% 8.1% 8.5% 9.9% 4.7% 6.5% 2.8% 3.7% 1.9% 2.2% 1.4% 0.8% 0.4% Deal count 959 1,573 904 669 1,101 147 935 1,094 195 260 280 298 359 108 42 8,924 change Value (%) 7.9% 69.2% 37.5% 40.5% 18.3% -9.6% 69.6% -17.0% 68.9% -25.9% 22.4% -0.9% 13.3% -53.4% -31.0% 21.8% Deal count -131 218 -114 51 97 -36 34 51 -50 17 -3 17 -33 -8 -15 95
Mix of Announced Deals by Geographic Region Q1-Q3 2011 - Value

South & Central Asia 1.7% Australasia 3.8% Japan 2.9% North Asia 7.0% North America 43.5% South East Asia 2.4% Africa & Middle East 1.7%
Mix of Announced Deals by Geographic Region Q1-Q3 2011 - Volume

South & Central Asia 2.2% Australasia 3.8% Japan 2.8% North Asia 8.2% South East Asia 2.7% Africa & Middle East 2.3%
North America 31.9%
Central & Eastern Europe 4.6% Northern Europe 3.0% Southern Europe 5.9%
Central & Eastern Europe 4.8%
Northern Europe 5.6%
Southern Europe 6.2%
Central & South America 4.9%
Western Europe 17.9% Central & South America 5.6%
Western Europe 24.8%
Global M&A Overview: Top Deals

Activity Table of Global M&A for Q1-Q3 2011
Announced Date 20-Mar-11 Bidder Company AT&T Inc Bidder Legal Adviser Simpson Thacher & Bartlett (Advising Greenhill & Co; JPMorgan); Sullivan & Cromwell Target Company T-Mobile USA Inc Target/Seller Legal Adviser Advising seller: Cleary Gottlieb Steen & Hamilton; Fried Frank Harris Shriver & Jacobson (Advising Deutsche Bank); Shearman & Sterling (Advising Credit Suisse); Wachtell, Lipton, Rosen & Katz; Wiley Rein Simpson Thacher & Bartlett (Advising JPMorgan); Sullivan & Cromwell; Wachtell, Lipton, Rosen & Katz (Advising Lazard) Seller Company Deutsche Telekom AG Deal Value (US$m) 39,000
21-Jul-11
Express Scripts Inc
Cravath Swaine & Moore (Advising Citigroup; Credit Suisse); Dewey & LeBoeuf (Advising Credit Suisse); Gibson Dunn & Crutcher (Advising Citigroup); Skadden Arps Slate Meagher & Flom Dewey & LeBoeuf (Advising JPMorgan); Greenberg Traurig (Advising Bank of America Merrill Lynch); Skadden Arps Slate Meagher & Flom; Wachtell, Lipton, Rosen & Katz Nishimura & Asahi; Sullivan & Cromwell Cravath Swaine & Moore; Linklaters; Pestalozzi Lachenal Patry; Stikeman Elliott; Sullivan & Cromwell (Advising Goldman Sachs); Weil Gotshal & Manges Cravath Swaine & Moore (Advising Bank of America Merrill Lynch; HSBC; JPMorgan); Crowell & Moring; Simpson Thacher & Bartlett (Advising JPMorgan); Wachtell, Lipton, Rosen & Katz Davis Polk & Wardwell (Advising JPMorgan); Wachtell, Lipton, Rosen & Katz Latham & Watkins (Advising UBS Investment Bank); Loeb & Loeb
Medco Health Solutions Inc
33,430
10-Jan-11
Duke Energy Corporation
Progress Energy Inc
Baker Botts (Advising Lazard); Hunton & Williams; Latham & Watkins (Advising Barclays Capital); Skadden Arps Slate Meagher & Flom Nagashima Ohno & Tsunematsu; Shearman & Sterling; Simpson Thacher & Bartlett Blake, Cassels & Graydon; Dewey & LeBoeuf (Advising Credit Suisse); Freshfields Bruckhaus Deringer; Homburger; Shearman & Sterling Dewey & LeBoeuf (Advising Citigroup); Jones Day
25,825
22-Sep-11
Nippon Steel Corporation
Sumitomo Metal Industries Ltd (90.6% Stake) Synthes GmbH
22,474
27-Apr-11
Johnson & Johnson
21,191
21-Sep-11
United Technologies Corporation
Goodrich Corporation
17,861
31-Jan-11
AMB Property Corporation
ProLogis
Greenberg Traurig; Mayer Brown; Proskauer Rose (Advising Morgan Stanley) Simpson Thacher & Bartlett; Advising seller: Cravath Swaine & Moore; Fried Frank Harris Shriver & Jacobson; McDermott Will & Emery Latham & Watkins (Advising Goldman Sachs); Simpson Thacher & Bartlett Advising seller: Baker Botts Marathon Oil Corporation Cargill Inc
14,833
18-Jan-11
Cargill Inc (Shareholders)
The Mosaic Company (40% Stake)
14,808
14-Jul-11 13-Jan-11
BHP Billiton Ltd Marathon Oil Corporation (Shareholders)
Morgan Lewis & Bockius; Sullivan & Cromwell
Petrohawk Energy Corporation Marathon Petroleum Corporation
14,760 14,667
* Lapsed deal Press Release: mergermarket League Tables of Legal Advisers to M&A for Q1-Q3 2011 5 www.mergermarket.com
Global M&A Overview: Mid-market M&A Activity

The global mid-market saw the announcement of US$ 186.9bn-worth of M&A deals in Q3 2011, bringing the total for Q1-Q3 2011 to US$ 600bn. Q3 2011s total was just 0.1% greater than the same period last year (US$ 186.8bn in Q3 2010), and 16.8% less than the previous quarter this year (US$ 224.8bn in Q2 2011). Europe, Africa & the Middle East, and Japan all saw more mid-market M&A in Q3 2011 than in the same period in 2010. Europe saw the announcement of mid-market deals worth US$ 59.2bn, 22% more than Q3 2010 (US$ 48.5bn). Mid-market M&A in Africa & Middle East region doubled, with US$ 5.8bn-worth of deals in Q3 2011, compared to US$ 2.9bn in Q3 2010. Japan
250 350 Value ($bn) % of Global M&A 300 40% 35% 30% 200 25% 150 20% 15% 10%
Global Mid-Market M&A Activity - Quarterly

50% 45%
(US$ 1.8bn). The US saw the largest decrease in Q3 mid-market activity, with US$ 58.1bn-worth of deals, 25.4% less than in Q3 2010 (US$ 77.9bn). Energy, Mining & Utilities was the most active sector in the global mid-market in the third quarter, accounting for 23.3% of all mid-market activity. The Industrials & Chemicals sector saw the biggest increase in mid-market activity with US$ 97.7bn-worth of deals during Q1Q3, 53% higher than the same period in 2010 (US$ 64bn). The Agriculture sector saw the biggest drop with US$ 2.3bn-worth of deals, 67% lower than in the same period in 2010 (US$ 6.9bn). Latham & Watkins topped the mid-market legal adviser league tables with US$ 41.6bn-worth of deals, up four spots from its ranking a year ago. Linklaters was also up four spots from its ranking last year, taking second place in the table with US$ 40.9bn-worth of deals.
100
50 5% 0 0%
Global Mid-Market Legal Adviser League Tables Q1-Q3 2011: Value

Ranking Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 Q1-Q3 2010 5 6 1 12 2 3 10 16 4 8 Company Name Latham & Watkins Linklaters Skadden Arps Slate Meagher & Flom Clifford Chance Freshfields Bruckhaus Deringer Simpson Thacher & Bartlett Weil Gotshal & Manges Allen & Overy Davis Polk & Wardwell Sullivan & Cromwell Q1-Q3 2011 Value (US$bn) 41.6 40.9 40.6 38.8 38.5 37.0 34.7 33.2 31.4 31.0 Deal Count 68 58 60 52 55 50 43 49 41 33 Q1-Q3 2010 Value (US$bn) 35.3 33.2 49.6 24.5 40.7 40.6 26.5 19.0 38.6 30.1 % Val. Change 16.0% 20.3% -21.1% 53.8% -9.4% -13.9% 30.8% 69.4% -19.5% -0.2%
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Mid Market M&A Industry Breakdown Q1-Q3 2011 - Value

Pharma, Medical & Biotech 6.8% Financial Services 12.9% Technology 7.7% Business Services 6.6% Consumer 9.5% Media 2.5% Transport 3.0% Real Estate 4.0% Leisure 2.8% Industrials & Chemicals 16.3% Telecommunications 2.4% Construction 1.4% Agriculture 0.4% Defence 0.5%
Energy, Mining & Utilities 23.3%
% of Global M&A
witnessed the biggest increase in mid-market M&A with a total value of US$ 5.3bn in Q3 2011, 191.4% greater than in Q3 2010
Global M&A Overview: Private Equity Buyouts

The first nine months of 2011 saw US$ 219.9bn-worth of buyout transactions globally, up 41.5% from the same period last year (US$ 155.5bn), and the strongest Q1-Q3 period since 2008 (US$ 224.7bn). The continuing growth in buyout activity was also reflected in the proportion of global M&A activity accounted for by buyouts: 12.8% in Q1-Q3 2011, up from 11% for the same period last year, and the highest first-nine-month proportion since 2007, when buyouts accounted for 23.9% of global M&A.
400
Global Private Equity Buyout Activity - Quarterly

35%
Rest of the World (Value) Asia-Pacific ex Japan (Value) US (Value) Europe (Value) Buyouts (% of Total M&A)
250 20% 200 15% 150 10% 100
On leveraged buyouts (US$ 200m+ and excluding buy-ins), private equity firms raised, on average, debt financing of 5.6x EBITDA in Q1-Q3 2011, slightly up from 5.5x for the year 2010. Meanwhile, debt financing on LBOs reached an average of 54.7% of total funding per deal in the first nine months of 2011, down from 58.8% in the full year of 2010, and the lowest since 2009 (53.1%). Europes sovereign debt crisis has been the main cause of the slow-down in the European private equity market, causing deals to be postponed or pulled altogether in recent weeks. Banks have become increasingly reluctant to hand out debt, unless on expensive terms. Examples include the US$ 1.2bn sale of All3media by Permira, and Schneider Electrics US$ 1.4bn sale of its US division, both attracting private equity interest but the former was cancelled and the latter delayed. Globally, the activity in large-cap buyouts has grown, with the five largest buyouts in Q1-Q3 2011 totalling US$ 31.8bn, a 63.7% increase from the total value of the top five deals in the same period in 2010 (US$ 19.5bn). While the average size of each of the top five deals in the first three quarters of 2010 was US$ 3.9bn, in 2011 so far it is US$ 6.4bn per deal. The Carlyle Group was the most active private equity firm, having made 20 buyouts with a total value of US$ 4.1bn in Q1-Q3 2011. Simpson Thacher & Bartlett was top of the legal adviser to private equity firms table by deal value, with 29 deals with a total value of US$ 36.1bn in Q1-Q3 2011. Both companies retained these top spots from Q1-Q3 2010.
50
5%
0%
Top 10 Global private equity firms Q1-Q3 2011 - buyouts by deal count
Ranking 1 2 3 4 5 6 7 8 9 10 Company Name The Carlyle Group HIG Capital Sun Capital Partners Blackstone Group Bridgepoint Capital The Riverside Company AXA Private Equity Advent International Lloyds TSB Development Capital Kohlberg Kravis Roberts & Co Value (US$m) 4,130 342 379 16,965 3,889 6,588 2,560 316 8,583 Deal Count 20 15 13 11 11 11 10 9 9 8
Debt/EBITDA (x)
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Global Debt Financing Ratios Trend (US$200m+ buyouts, excluding buy-ins)

Debt/EBITDA Multiple (x) Debt/Total Funding (%) 6 70% 80%
60% 5 50% 4 40% 3 30% 2 20%
10%
0 2004 2005 2006 2007 2008 2009 2010 Q1-Q3 2011
0%
Debt/Total Funding (%)
Percentage of Global M&A
Q3 2011 saw US$ 76.7bn-worth of buyouts globally, up 7.9% from Q3 2010 (US$ 71.1bn), though down 4.7% from Q2 2011 (US$ 80.5bn). This relatively insignificant drop, globally, from Q2 to Q3 this year masks some much larger regional differences, with a strong Q3 2011 in Asia-Pacific propping up weaker numbers in Europe and the US. While Asia-Pacific saw US$ 17.1bn-worth of buyouts, up 185% from Q2 2011 and the strongest quarter since Q1 2007 (US$ 19.2bn), in Europe and the US buyout activity was down by 21.2% and 24.5% respectively from Q2 2011.
350
30%
300
25%
Global M&A Overview: Private Equity Exits

Private equity exits via secondary buyouts (SBO) and trade sales in Q1-Q3 2011 totalled US$ 217.8bn, up 47.3% from the same period last year (US$ 147.9bn). This was the strongest first-nine-month performance since Q1-Q3 2007 which saw US$ 314.3bn. Q3 2011 saw US$ 64.5bn-worth of exits, down 31% from Q2 2011 (US$ 93.5bn), but still 21% higher than the total for exits in Q3 2010 (US$ 53.3bn) and the strongest third quarter since Q3 2007 (US$ 75.9bn). There has been a steady growth in secondary buyout exits this year, with such deals accounting for 34% of all exits in Q3 2011, up from 17.2% and 24.9% in Q1 and Q2 2011 respectively, and the highest Q3 proportion since 2007 when they accounted for 42.4%. Private equity firms exited their holdings at an average enterprise valuation of 11.8x EBITDA in Q1-Q3 2011, slightly down from 12.2x in 2010 (full year) and the lowest since 2004 (10.8x). The median deal value for PE exits in Q3 2011 was US$ 135.5m, the highest Q3 median on mergermarket record (since 2001). Meanwhile, the amount paid for PE firms portfolio companies averaged US$ 336.2m per deal in Q3 2011, down from Q2 2011 (US$ 493.6m per deal), despite being the highest Q3 average since Q3 2001 (US$ 563.3m per deal). The Carlyle Group sold the most portfolio holdings in Q1-Q3 2011, with 17 exits valued at US$ 11bn, retaining its 2010 top position in the private equity tables. Latham & Watkins advised on the most private equity exits in the first nine months of 2011, climbing two places from the same period last year, with 35 deals worth in total US$ 18bn.
Q
150 140 130 120 110 Trade Sales (Value) SBOs (Value) SBOs (% of total exits) Trade Sales (% of total exits)
Trade Sales vs SBO Exit Activity - Quarterly

100% 90% 80% 70% 100 90 80 50% 70 60 50 30% 40 30 20 10% 10 0 0% 20% 40% 60%
Top 10 Global private equity firms Q1-Q3 2011 - exits by deal count
600
Ranking 1 2 3 4 5 6 7 8 9 10
Company Name The Carlyle Group Barclays Private Equity Intel Capital Blackstone Group 3i Group MBO Partenaires New Enterprise Associates Bain Capital AXA Private Equity AtriA Capital Partenaires
Value (US$m) 10,984 6,999 295 8,163 383 109 26 3,904 3,762 669
Deal Count 17 11 10
400 500
8 8 8 7 7 7
Deal Value (US$m)
300
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100
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Global PE Exit Trend Average & Median Deal Value

Average (US$m) Median (US$m)
Percentage of Total Exits (excl. IPOs)
Global M&A Overview: Emerging Markets

The emerging markets saw M&A activity with a total value of US$ 352.4bn in the first nine months of 2011, a 3.6% increase over the total for Q1-Q3 2010 (US$ 340.3bn). This was the highest Q1-Q3 on mergermarket record (since 2001). Emerging market M&A in the third quarter of 2011 added up to US$ 105.9bn, a 2.9% increase on the US$ 102.9bn-worth of M&A seen in the same period in 2010. However, the total value of emerging markets deals announced has decreased continually for three quarters in a row since Q4 2010 (US$ 179.3bn): by 23.8% to Q1 2011s US$ 136.7bn, then by another 19.6% to Q2s US$ 109.9bn, and in the last quarter it dropped by 3.6% to US$ 105.9bn. This was an overall decrease in M&A activity of 40.9% since Q4 2010. BRIC M&A activity increased by 3.3% in Q3 2011 (US$ 71.5bn) compared to Q2 2011 (US$ 69.2bn). Emerging markets accounted for 20.5% of global M&A activity in Q1-Q3 2011, less than the 24.1% they accounted for in Q1-Q3 2010. On a quarterly basis, emerging markets accounted for 20.6% of global M&A in Q3 2011, recuperating from two consecutive quarterly falls. After Q4 2010s 25.2%, the market share declined to 21.3% and 19.4% in Q1 and Q2 2011 respectively. BRIC countries saw a total of US$ 221.1bn-worth of M&A in Q1-Q3 2011, representing 62.7% of overall emerging markets activity, up by 12.6% from the same period last year (US$ 196.3bn). Inbound cross-border activity in the first three quarters of 2011 added up to US$ 149.2bn, the biggest Q1-Q3 for emerging markets on mergermarket record (since 2001). Outbound cross-border activity amounted to US$ 73.5bn, down 19.4% from its Q1-Q3 2010 value of US$ 90.8bn and the lowest since 2009 (US$ 46.3bn). The average deal size for inbound emerging market M&A in the first nine months of 2011 was US$ 277.8m, which is higher than any annual average deal size on mergermarket record (since 2001). Allen & Overy ranked first in the legal adviser league table for emerging markets M&A with a total value of US$ 39.2bn, up two places from Q1-Q3 2010. Emerging market buyout activity, valued at US$ 28.2bn, represented 12.8% of global buyout activity in Q1-Q3 2011, up from 11.5% in the full year 2010, and the highest annual proportion since 2009 (19.1%). Buyouts represented 8% of total emerging market M&A activity in Q1-Q3 2011, the highest annual proportion since 2007 (9%).
Emerging Markets Inbound/Outbound M&A
80 Inbound Value ($bn) Outbound Value ($bn) 70 Inbound Volume Outbound Volume 60 250 300
40 % of Global BO (Value) % of EM M&A (Value) 35 20%
Emerging Markets M&A Activity Trend

300 Other EM (Value) BRIC (Value) EM M&A as % of Global M&A 250 30% 35%
25%
200 20% 150 15% 100 10%
50
5%
0%
04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 r3 Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt
Emerging Markets Buyout Activity Trend

350
45 25%
Value (US$bn)
Volume of Deals
Value (US$bn)
200 40 150 30 100 20
15% 25
20 10% 15
10
10
50
5
5%
0 2004 2005 2006 2007 2008 2009 2010 Q1-Q3 2011
0%
tr1
Percentage (%)
50
30
% of Global M&A
Global M&A Overview: Premiums and Multiples Analysis

The average premium (one day before) paid globally on M&A deals in the first three quarters of the year increased to 23.4%, up from 22% in 2010 and reached its highest since 2009 (when it was 25.5%). European premiums, averaging 20.4% in the first three quarters, reached their highest since 2008 (when they averaged 22.9% for the full year). Meanwhile premiums for North American companies, at 32.4%, were higher than the 32.7% seen in the same period in 2010, though still well below 2009s 42.4%. In the Asia-Pacific region, Japanese premiums averaged at 29.5%, at their highest since 2008 when they were 41.2%. Meanwhile, Q3 2011 saw a 25.2% global average premium paid on M&A deals valued at US$ 500m or more. This was the third consecutive quarterly increase, with the average premium already having increased from 14.8% in Q4 2010 to 14.9% in Q1 2011 and 17.3% in Q2 2011. The upward trend was driven by Europe, where the average premium rose from 7.9% in Q4 2010 to 11.1% and 12.7% in Q1 and Q2 2011 respectively, and 31.5% for Q3 2011. North America, on the other hand, after a near-stagnation between Q4 2010 and Q2 2011, with the average premium paid hovering between 21.2% and 22%, saw a 27% average for Q3 2011. The average EBITDA multiple across global M&A for the first nine months of 2011 was 12.7x, down from 15x in 2010 (full-year average) and the lowest since 2009 which saw 12.6x. At a quarterly level, the global average EBITDA multiple was up from 12.3x in Q2 2011 to 14.9x in Q3 2011.
Premium Analysis - Average
0 2004 2005 2006 2007 2008 2009 2010 Q1-Q3 2011 25 30
EBITDA Multiple Analysis - Average

Global Europe North America Asia-Pacific (excl. Japan) Japan
EBITDA Multiple (x) - Average
20
15
10
In the Asia-Pacific region, the average EBITDA multiple was down to 14.2x from 17x in 2010, the lowest since 2004 (which was 10.4x). The North American EBITDA multiple in 2011 was 14.1x, down from 17x in 2010.
60%
Global Europe North America Asia-Pacific (excl. Japan)
50%
Japan
The Pharmaceutical, Medical, and Biotechnology sector had the highest average EBITDA multiple at 18.6x in the first three quarters of 2011, replacing 2010s leading sector Technology, Media & Telecom which saw 17.6x.
Premiums %
40%
30%
20%
10%
0% 2004 2005 2006 2007 2008 2009 2010 Q1-Q3 2011
10
Global M&A Overview: Deal Type / Deal Value Breakdown

Deal Type
100%
M&A Deal Type - Deal Value
The total value of public M&A deals announced globally during Q1-Q3 2011 was US$ 738.5bn, up 34.1% over the same period in 2010 (US$ 550.7bn). Fewer hostile offers have been announced in 2011 so far than in the same period last year, and their overall value has decreased by 22%. While the first three quarters of this year have seen 26 hostile deals valued at US$ 47.6bn, 2010 had seen 29 deals valued US$ 61.1bn by the end of Q3. In Q1-Q3 this year, hostile offers accounted for 6.5% of all public M&A deals by value, down 4.6% from the same period last year. Since 2004, hostile offers have accounted for an average of 12.8% of public M&A deals by value. So far 2011 is one of the least hostile periods in the past seven years, with only 2007 seeing hostile deals accounting for a lower proportion of public deals (4.3%). Hostile offers have also accounted for 65.1% of global unsolicited offers by value, with 20 deals valued at US$ 41bn so far this year. The proportion of unsolicited offers that have been hostile this year is down 9.9% compared to the same period last year, when 23 hostile deals valued at US$ 57.3bn represented 75% of unsolicited offers.
90%
80% 48.1%
41.9% 54.5%
46.1%
49.6% 56.5% 66.9% 58.5%
Share of total Global M&A - Deal Values
70%
60% 8.6% 50% 1.7% 6.0% 6.6% 4.1% 10.1% 2.4% 2.7%
2.4% 10.9% 0.5% 5.0% 1.2% 0.8% 2.7% 4.2%
40%
30% 48.8% 20% 37.7% 41.2% 39.4% 37.1% 38.0%
38.0% 27.7%
10%
0% 2004 2005 Recommended 2006 2007 Hostile 2008 Contested 2009 2010 Non-public M&A Q1-Q3 2011
Deal Value Breakdown

Mega-deals (over US$ 10bn) accounted for 18.9% of the value of global M&A announced in Q1-Q3 2011, with a total of US$ 325.4bn, up 71.9% from Q1-Q3 2010 (US$ 189.3bn). 19 mega-deals were announced (compared to ten in the same period last year), of which ten were US deals, six were European deals and two were Asian deals. Deals valued between US$ 2bn and US$ 10bn account for 33.4% of global M&A so far this year, with a total value of US$ 575.5bn, up 23.7% from Q1-Q3 2010 (US$ 465.1bn). In Q3 2011, mega-deals (over US$ 10bn) comprised 24.2% of overall global M&A activity, compared to 11.8% of total deal value in the previous quarter. Deals valued between US$ 2bn and US$ 10bn in Q3 2011 added up US$ 136.6bn, accounting for 27.6% of total Q3 deal value, compared to 34.2% in Q2 2011 (US$ 192.9bn). The average deal size in Asia-Pacific (excluding Japan) of US$ 257m in Q3 2011 was the highest for the region since Q4 2008 (US$ 262m). .
100% 90% 80% 70% 25.5% 60% 50% 40% 30% 20% 28.1% 10% 0% 2004 $0m - $500m 2005 23.6% 24.5% 22.1% 29.8%
Global M&A Deal Size Breakdown - % by Deal Value
16.1% 21.9% 24.6% 34.7% 26.8% 29.4% 29.7%
18.9%
32.7% 33.4% 29.9% 27.2% 27.9% 27.4%
27.5% 22.9% 20.8% 19.3% 20.5%
25.2%
17.3%
20.4%
23.4%
22.4%
23.8%
22.5%
2006 $501m - $2,000m
2007
2008 $2,001 - $10,000m
2009
2010
Q1-Q3 2011
mega deals (over $10,001bn)
11
Global M&A Overview: Consideration Structure / Insolvency

Consideration Structure
The total value of equity-only deals in the first three quarters of this year was 1.4% lower than in the same period last year, amounting to US$ 292.7bn by the end of September 2011, compared to US$ 296.8bn in Q1-Q3 2010. US$ 906.4bn-worth of cash-only deals had been announced by the end of September 2011, 16.8% more than in the same period in 2010 (US$ 775.8bn). Globally, the proportion of transactions paid with only equity decreased, with such deals accounting for 20.6% of total deal value in the first nine months of 2011, compared to 24.9% for the same period last year. This was the lowest proportion since 2007, which saw equity-only deals accounting for 17.8% of all deals. In Q3 2011, equity-only transactions accounted for 14%, compared to 15% in Q2 2011 and 31% in Q1 2011. The largest equity-only deal in Q1-Q3 2011 was the acquisition of Progress Energy Inc by Duke Energy Corporation for US$ 25.8bn, while the largest equity-only deal in Q3 2011 was Nippon Steel Corporations acquisition of Sumitomo Metal Industries for US$ 22.5bn. In North America, equity-only deals accounted for 4% of total deal value in Q3 2011 compared with 15% in Q2 2011 and 38% in Q1 2011. In Europe, equity-only deals accounted for 5% in Q3 2011 compared with 8% in Q2 2011 and 17% in Q1 2011. Cash-only was the preferred structure for cross-border deals in Q3 2011, with cash-only deals accounting for approximately 87% of the value of all the deals announced in Q3 2011, compared with 70% in Q1 2011 and 69% in Q2 2011.
% cash & equity deals % equity only deals % cash only deals 100% 6.8% 14.1% 90% 24.4% 22.7% 23.0% 17.8% 70% 18.6% 29.0% 19.2% 23.5% 22.5% 20.6% 15.4% 21.2% 13.3% 15.8%
Global consideration breakdown - Value
80%
% of Global M&A
60%
50%
40% 66.8% 30% 57.0% 58.2% 56.9% 70.2% 64.3% 55.4% 63.7%
20%
10%
0% 2004 2005 2006 2007 2008 2009 2010 Q1-Q3 2011
Insolvency
With Q3 2011 seeing the announcement of 88 insolvency deals totalling US$ 4.7bn, the value of insolvency deals continued its gradual increase for the third consecutive quarter since Q4 2010 (US$ 2.9bn), with Q3 2011 seeing
50 60 Value ($bn) Volume
Quarterly Insolvency Deals - Global

200
175
increases of 17.5% and 56.7% compared to Q2 2011 (US$ 4bn) and Q1 2011 (US$ 3bn) respectively. However,
150
the third quarter still saw the announcement of insolvency deals adding up to less than half of the total value of
40
30
100
In Q3 2011, the total value of European insolvency deals (US$ 2.5bn) was higher than the North American total (US$ 0.6bn) for the first time since Q1 2008. The value of North American insolvency deals was down 88% from Q3 2010 (US$ 5.0bn) and 78.6% from Q2 2011 (US$ 2.8bn), while European insolvency deal value was over 12 times the total for Q3 2010 (US$ 0.2bn) and more than double the total for Q2 2011 (US$ 1.2bn). The Consumer sector saw the highest value of insolvency deals in Q3 2011, with 23 deals worth US$ 3.1bn. The
75 20 50 10 25
12
tr1 Q 04 tr2 Q 04 tr3 Q 04 tr4 Q 04 tr1 Q 05 tr2 Q 05 tr3 Q 05 tr4 Q 05 tr1 Q 06 tr2 Q 06 tr3 Q 06 tr4 Q 06 tr1 Q 07 tr2 Q 07 tr3 Q 07 tr4 Q 07 tr1 Q 08 tr2 Q 08 tr3 Q 08 tr4 Q 08 tr1 Q 09 tr2 Q 09 tr3 Q 09 tr4 Q 09 tr1 Q 10 tr2 Q 10 tr3 Q 10 tr4 Q 10 tr1 Q 11 tr2 Q 11 tr3 11
bankruptcy of Nueva Rumasa SA for US$ 2bn was the largest insolvency case in the third quarter of 2011.
Number of deals
insolvency deals in the same quarter last year (53% down from US$ 10bn in Q3 2010).
125
Global M&A Overview: Demerger

Global demerger activity in Q1-Q3 2011 added up to US$ 52.3bn, accounting for 3.1% of global M&A activity
Global Demerger Activity Trend
(the highest proportion since 2008), and up 15.5% from the same period last year (US$ 45.3bn). Although only 29 demergers were announced in Q1-Q3 2011 (with 13 yet to be valued), the pipeline for expected demergers includes big conglomerates like McGraw-Hill, Tyco International, ITT Corp and Kraft Foods, all of which have decided to split themselves up. At a regional level, the US has dominated so far this year with 11 transactions in Q1-Q3 2011, adding up to almost US$ 33.4bn. This amount is higher than the total value for the whole of the two preceding years (US$ 21.2bn in 2009-2010) and accounted for 4.9% of the total value of US deals in Q1-Q3 2011, with two spin-offs making the top ten global deals list. Europe saw US$ 6bn-worth of demergers in Q1-Q3 2011, the lowest value on mergermarket record (since 2001) Cravath Swaine & Moore topped the league table of legal advisers on demergers by value in Q1-Q3 2011, having advised on two deals worth US$ 16.9bn. Simpson Thacher & Bartlett took first position in the volume table in Q1Q3 2011, having advised on four deals valued at US$ 14.8bn.
0 2004 2005 2006 2007 2008 2009 2010 Q1-Q3 2011 250 300 RoW Value (US$bn) Asia-Pacific Value (US$bn) Europe Value (US$bn) N.America Value (US$bn) % of Global M&A in value 8% 7% 6% 150 5% 4% 100 3% 2% 50 1% 0% 10% 9%
13
% of Global M&A
200
Global M&A Overview: League Tables of Legal Advisers

League Table of LegalAdvisers to Global M&A: Value
Ranking Q1-Q3 2010 2 5 16 1 12 4 19 6 9 11 14 3 17 15 24 21 22 28 7 34 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Sullivan & Cromwell Simpson Thacher & Bartlett Wachtell, Lipton, Rosen & Katz Skadden Arps Slate Meagher & Flom Dewey & LeBoeuf Freshfields Bruckhaus Deringer Shearman & Sterling Latham & Watkins Linklaters Cravath Swaine & Moore Allen & Overy Cleary Gottlieb Steen & Hamilton Weil Gotshal & Manges Davis Polk & Wardwell Gibson Dunn & Crutcher Jones Day Clifford Chance Fried Frank Harris Shriver & Jacobson Blake, Cassels & Graydon Baker & McKenzie Q1-Q3 2011 Value (US$m) 317,221 295,450 225,539 218,277 208,716 193,974 190,354 187,971 179,480 161,924 156,778 142,536 114,253 109,504 96,180 93,724 89,915 89,713 70,621 66,476 Deal Count 102 113 55 152 92 173 98 209 188 46 174 87 121 91 72 207 178 39 72 151 Q1-Q3 2010 Value (US$m) 228,198 204,981 113,756 269,994 119,995 210,946 97,943 163,326 132,276 123,043 116,205 214,395 108,731 114,873 65,119 87,815 77,403 52,445 140,701 42,006 % Val. Change 39.0% 44.1% 98.3% -19.2% 73.9% -8.1% 94.4% 15.1% 35.7% 31.6% 34.9% -33.5% 5.1% -4.7% 47.7% 6.7% 16.2% 71.1% -49.8% 58.3%
League Table of Legal Advisers to Global M&A: Volume

Ranking Q1-Q3 2010 1 2 3 5 12 8 6 9 4 7 10 11 14 15 13 16 24 18 29 19 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name DLA Piper Latham & Watkins Jones Day Linklaters Clifford Chance Allen & Overy Freshfields Bruckhaus Deringer Skadden Arps Slate Meagher & Flom Baker & McKenzie Kirkland & Ellis Hogan Lovells CMS Weil Gotshal & Manges Simpson Thacher & Bartlett Sullivan & Cromwell White & Case Shearman & Sterling Dewey & LeBoeuf Davis Polk & Wardwell Cleary Gottlieb Steen & Hamilton Q1-Q3 2011 Value (US$m) 36,147 187,971 93,724 179,480 89,915 156,778 193,974 218,277 66,476 66,459 60,483 29,125 114,253 295,450 317,221 51,312 190,354 208,716 109,504 142,536 Deal Count 214 209 207 188 178 174 173 152 151 151 143 123 121 113 102 100 98 92 91 87 Q1-Q3 2010 Deal Count 264 199 191 179 129 162 174 156 186 170 136 136 120 114 120 108 86 96 74 94 Deal Count Change -50 10 16 9 49 12 -1 -4 -35 -19 7 -13 1 -1 -18 -8 12 -4 17 -7
14
Global M&A Overview: League Tables of Legal Advisers

League Table of Legal Advisers to Global Buyouts*: Value
Ranking Q1-Q3 2010 1 3 7 8 2 5 96 22 12 4 102 6 11 58 9 78 153 10 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Simpson Thacher & Bartlett Kirkland & Ellis Weil Gotshal & Manges Clifford Chance Latham & Watkins Cleary Gottlieb Steen & Hamilton Torys Gilbert + Tobin Debevoise & Plimpton Cadwalader, Wickersham & Taft Freshfields Bruckhaus Deringer Dickson Minto Linklaters Ropes & Gray Jones Day Herbert Smith/Gleiss Lutz/Stibbe Davis Polk & Wardwell Epstein Becker & Green Andrews Kurth Skadden Arps Slate Meagher & Flom Q1-Q3 2011 Value (US$m) 36,149 20,366 19,788 13,653 11,566 10,876 10,814 10,528 9,593 9,400 8,508 7,434 7,387 7,210 6,928 6,486 5,792 5,663 5,663 5,660 Deal Count 29 64 39 28 36 11 7 6 10 1 22 9 22 17 31 7 12 2 1 15 Q1-Q3 2010 Value (US$m) 25,215 16,592 9,495 8,354 18,696 9,768 468 2,641 4,480 13,801 441 9,596 5,142 1,092 6,967 674 152 5,940 % Value Change 43.4% 22.7% 108.4% 63.4% -38.1% 11.3% 2,210.7% 298.6% 114.1% -38.4% 1,585.7% -23.0% 40.2% 534.4% -6.9% 759.3% 3,625.7% -4.7%
League Table of Legal Advisers to Global Buyouts*: Volume

Ranking Q1-Q3 2010 1 4 3 6 7 5 16 8 9 10 2 25 17 12 35 11 14 30 19 26 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Kirkland & Ellis Weil Gotshal & Manges Latham & Watkins Jones Day Simpson Thacher & Bartlett Clifford Chance CMS Freshfields Bruckhaus Deringer Linklaters Allen & Overy DLA Piper Baker & McKenzie Ropes & Gray SJ Berwin Goodwin Procter Skadden Arps Slate Meagher & Flom Paul Weiss Rifkind Wharton & Garrison Morgan Lewis & Bockius Hogan Lovells Shearman & Sterling Q1-Q3 2011 Value (US$m) 20,366 19,788 11,566 6,928 36,149 13,653 782 8,508 7,387 3,009 1,049 2,259 7,210 1,259 1,892 5,660 3,953 1,373 724 1,636 Deal Count 64 39 36 31 29 28 23 22 22 21 20 18 17 17 16 15 15 15 15 13 Q1-Q3 2010 Deal Count 66 33 41 31 27 31 17 26 25 21 43 12 16 20 9 20 17 10 14 11 Count Change -2 6 -5 0 2 -3 6 -4 -3 0 -23 6 1 -3 7 -5 -2 5 1 2
*Based on the target geography only and the advisor advising the buy-side only.
15
European M&A Overview

Europe saw a significant drop in M&A deals in Q3 2011 compared to the previous two quarters of the year. Q3 saw US$ 130.1bn-worth of deals announced, 43.4% and 27.8% lower than Q2 2011 (US$ 229.9bn) and Q1 2011 (US$ 180.2bn) respectively. Q3 2011 was also lower than Q3 2010 (US$ 174.8bn) by 25.6%, with the lowest quarterly total M&A value since Q2 2010 (US$ 122bn). Despite the overall decline in European M&A activity in Q3 2011, Austria, Belgium, Ireland and the UK managed to show increases in activity, compared to Q2 2011, of 70% (to US$ 1.4bn), 391.1% (to US$ 5.7bn), 874.5% (to US$ 15bn) and 73.8% (to US$ 38bn) respectively. European M&A in the first nine months of 2011 totalled US$ 540.2bn, a 27.3% increase in comparison to the same period last year (US$ 424.2bn). Northern Europe as well as many of the Western European countries have had a better year for M&A so far in 2011 compared to 2010, with the Nordic countries seeing an 87.1% increase to US$ 51.1bn-worth of deals. France, Germany, Ireland and Spain saw similar jumps of 58.5% (to US$ 59.4bn), 51.4% (US$ 46.3bn), 153.7% (to US$ 17.3bn) and 124.2% (US$ 57bn) respectively. Activity in Greece for the first three quarters of 2011 increased by 7.5% to US$ 3bn compared to the same period in 2010, whereas activity in Italy and Portugal was down by 15.8% (to US$ 30.7bn) and 94% (to US$ 253m) respectively. European inbound cross-border investment amounted to US$ 219.7bn in Q1-Q3 2011, a 127.7% increase on Q1-Q3 2010 (US$ 96.5bn) and the highest Q1-Q3 period since 2008 (US$ 236.5bn). European outbound cross-border deals added up to US$ 131.9bn just over their Q1-Q3 2010 value (US$ 129.6bn). Having worked on seven of the ten largest deals in Europe for the year to September, Freshfields Bruckhaus Deringer continued to keep its top ranking in the European M&A legal advisory table by total deal value. Linklaters jumped five places to second position by advising on five of the ten largest European deals.
European Inbound/Outbound M&A
European Private Equity Buyout Activity - Quarterly
150
130 120 110 325 100 90 300 Value ($bn) Volume 400 375 350
European M&A Activity - Quarterly

600 550 500 450 400 350 300 250 200 150 100 50 0 Value ($bn) Volume 1,800 1,700 1,600 1,500 1,400 1,300 1,200 1,100 1,000 900 800 700 600 500 400 300 200 100 0
tr1
Inbound Value ($bn) Outbound Value ($bn) Inbound Volume Outbound Volume
300 275 250 225 200 175 150
140 130 120 110
275
100 90 80 70 60 50 40 30
70 60 50 40 30 20
225 200 175 150 125 100 75 50
Volume of Deals
80
250
125 100 75 50
20 10 0 25 0
10 0
25 0
16
tr1
Volume of Deals
Volume of Deals
European M&A Overview : Industry and Geography Breakdown

Q1 - Q3 2011 Sector Energy, Mining & Utilities Industrials & Chemicals Financial Services Consumer Pharma, Medical & Biotech Telecommunications Technology Business Services Real Estate Leisure Transport Media Construction Agriculture Defence Total Value ($bn) 118.8 95.2 76.2 57.3 54.8 33.1 30.3 19.9 14.4 12.2 10.1 8.4 7.8 1.3 0.6 540.2 Market share 22.0% 17.6% 14.1% 10.6% 10.1% 6.1% 5.6% 3.7% 2.7% 2.3% 1.9% 1.6% 1.4% 0.2% 0.1% Deal count 275 818 275 584 230 49 295 522 51 154 132 134 160 35 7 3,721 Value ($bn) 99.7 78.1 44.9 38.4 43.1 25.7 14.7 25.9 10.3 9.6 19.0 5.4 6.2 2.3 0.9 424.2 Q1 - Q3 2010 Market share 23.5% 18.4% 10.6% 9.0% 10.2% 6.1% 3.5% 6.1% 2.4% 2.3% 4.5% 1.3% 1.5% 0.5% 0.2% Deal count 283 693 332 550 239 65 269 445 68 130 115 123 166 36 12 3,526 change Value (%) 19.1% 21.8% 69.9% 49.2% 27.1% 28.5% 105.8% -23.3% 39.2% 27.1% -46.7% 54.5% 26.8% -44.0% -36.5% 27.3% Deal count -8 125 -57 34 -9 -16 26 77 -17 24 17 11 -6 -1 -5 195
Mix of Announced European Deals by Geographic Region Q1-Q3 2011 - Value

South Eastern Europe 2.7% UK & Ireland 21.5%
Mix of Announced European Deals by Geographic Region Q1-Q3 2011 - Volume

South Eastern Europe 3.8% Central & Eastern Europe 10.7% Other 0.1% UK & Ireland 21.5%
Central & Eastern Europe 14.4%
Nordic 9.5%
Nordic 13.5%
Benelux 7.5%
Germanic 17.1%
Germanic 16.5% Benelux 9.3%
Iberia 10.6% Italy 5.7% France 11.0%
Iberia 6.2% Italy 5.8% France 12.7%
17
European M&A Overview:

Activity Table of European M&A for Q1-Q3 2011
Announced Date 27-Apr-11 Bidder Company Johnson & Johnson Bidder Legal Adviser
Top Deals
Target Company Synthes GmbH Target/Seller Legal Adviser Blake, Cassels & Graydon; Dewey & LeBoeuf (Advising Credit Suisse); Freshfields Bruckhaus Deringer; Homburger; Shearman & Sterling Freshfields Bruckhaus Deringer; White & Case DLJ Merchant Banking Partners; Coller Capital Lyd; Nordic Capital; and Avista Capital Partners la Caixa Seller Company Deal Value (US$m) 21,191
Cravath Swaine & Moore; Linklaters; Pestalozzi Lachenal Patry; Stikeman Elliott; Sullivan & Cromwell (Advising Goldman Sachs); Weil Gotshal & Manges Allen & Overy (Advising Sumitomo Mitsui Banking); Bech-Bruun; CMS; Edwards Wildman Palmer Clifford Chance
19-May-11
Takeda Pharmaceutical Company Ltd
Nycomed International Management GmbH (Excluding US business)
13,740
25-Feb-11
Criteria CaixaCorp SA
la Caixa (banking business)
Advising seller: Cuatrecasas, Goncalves Pereira; Freshfields Bruckhaus Deringer (Advising Goldman Sachs); Uria Menendez Advising seller: Linklaters
13,024
3-Apr-11
Vivendi SA
Allen & Overy; Bird & Bird
SFR SA (44% Stake)
Vodafone Group Plc
11,032
17-Jun-11
KazakhGold Group Limited
Debevoise & Plimpton; Mourant Ozannes Freshfields Bruckhaus Deringer; Gibson Dunn & Crutcher; Linklaters (Advising Barclays Capital; Perella Weinberg Partners); Shearman & Sterling (Advising Perella Weinberg Partners); Skadden Arps Slate Meagher & Flom Blake, Cassels & Graydon; Covington & Burling; Simpson Thacher & Bartlett Linklaters
OJSC Polyus Gold
10,390
18-Aug-11
Hewlett-Packard Company
Autonomy Corporation Plc
Morgan Lewis & Bockius; Morrison & Foerster (Advising Qatalyst Group); Slaughter and May; White & Case (Advising Qatalyst Group)
10,255
10-May-11
Microsoft Corporation
Skype Global Sarl
Sullivan & Cromwell; Advising seller: Skadden Arps Slate Meagher & Flom; Torys Freshfields Bruckhaus Deringer
Silver Lake Partners; Canada Pension Plan Investment Board; ebay International AG; Andreessen Horowitz; and Joltid Limited
9,044
14-Jan-11*
BP Plc
OJSC Rosneft Oil Company (9.5% Stake) Northumbrian Water Group Plc
7,910
2-Aug-11
Cheung Kong Infrastructure Holdings Limited
Ashurst (Advising HSBC; RBC Capital Markets); Freshfields Bruckhaus Deringer; Mills & Reeve Allen & Overy (Advising Rothschild); Clifford Chance; Freshfields Bruckhaus Deringer; Latham & Watkins (Advising Credit Suisse); Linklaters; Stikeman Elliott
Allen & Overy; Hogan Lovells
7,786
9-May-11
Volkswagen AG
MAN SE (26% Stake)
Hengeler Mueller; Sullivan & Cromwell (Advising Barclays Capital; Goldman Sachs)
7,651
European M&A Overview: League Tables of Legal Advisers

League Table of Legal Advisers to European M&A: Value
Ranking Q1-Q3 2010 1 7 3 8 38 11 5 23 13 14 2 9 15 42 28 26 6 4 69 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Freshfields Bruckhaus Deringer Linklaters Sullivan & Cromwell Allen & Overy Shearman & Sterling Simpson Thacher & Bartlett Cleary Gottlieb Steen & Hamilton Wachtell, Lipton, Rosen & Katz Clifford Chance Weil Gotshal & Manges Skadden Arps Slate Meagher & Flom Cravath Swaine & Moore Latham & Watkins Fried Frank Harris Shriver & Jacobson White & Case Dewey & LeBoeuf Herbert Smith/Gleiss Lutz/Stibbe Slaughter and May Wiley Rein Hengeler Mueller Q1-Q3 2011 Value (US$m) 184,739 164,900 131,239 109,173 100,977 85,305 77,567 76,256 75,254 52,608 52,238 50,780 50,001 49,930 44,046 43,790 41,862 41,393 39,000 38,038 Deal Count 158 161 36 135 30 29 45 15 144 63 50 14 84 10 80 30 70 49 1 34 Q1-Q3 2010 Value (US$m) 168,695 102,579 131,570 94,434 20,110 81,119 112,035 36,754 74,260 60,297 145,382 89,575 57,387 15,574 28,611 31,078 104,617 125,000 8,619 % Value Change 9.4% 60.8% -0.3% 15.6% 402.1% 5.2% -30.8% 107.5% 1.3% -12.8% -64.1% -43.3% -12.9% 220.6% 53.9% 40.9% -60.0% -66.9% 341.3%
League Table of Legal Advisers to European M&A: Volume

Ranking Q1-Q3 2010 1 2 6 4 3 5 12 9 7 10 11 8 23 15 14 26 16 13 18 29 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Linklaters Freshfields Bruckhaus Deringer Clifford Chance Allen & Overy DLA Piper CMS Hogan Lovells Latham & Watkins Baker & McKenzie White & Case Jones Day Herbert Smith/Gleiss Lutz/Stibbe Eversheds Weil Gotshal & Manges Loyens & Loeff Mayer Brown SJ Berwin Skadden Arps Slate Meagher & Flom Slaughter and May Ashurst Q1-Q3 2011 Value (US$m) 164,900 184,739 75,254 109,173 21,855 29,125 37,738 50,001 29,788 44,046 15,441 41,862 16,094 52,608 21,411 19,692 12,913 52,238 41,393 30,840 Deal Count 161 158 144 135 126 121 91 84 83 80 80 70 67 63 57 51 51 50 49 46 Q1-Q3 2010 Deal Count 154 141 109 140 141 132 73 77 99 77 75 83 48 55 56 42 55 56 53 41 Count Change 7 17 35 -5 -15 -11 18 7 -16 3 5 -13 19 8 1 9 -4 -6 -4 5
19

League Table of Legal Advisers to European Buyouts*: Value
Ranking Q1-Q3 2010 3 1 64 4 20 48 15 9 25 18 6 2 32 5 148 28 129 86 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Clifford Chance Freshfields Bruckhaus Deringer Dickson Minto Linklaters Cleary Gottlieb Steen & Hamilton Vinge Torys Ashurst Kirkland & Ellis Wiersholm Herbert Smith/Gleiss Lutz/Stibbe Weil Gotshal & Manges Latham & Watkins Willkie Farr & Gallagher Simpson Thacher & Bartlett Giliberti Pappalettera Triscornia e Associati Lindahl Allen & Overy Bech-Bruun Jones Day Q1-Q3 2011 Value (US$m) 8,620 8,508 7,434 6,733 5,657 5,620 4,961 4,647 4,274 4,201 3,970 3,918 3,664 3,386 2,927 2,635 2,596 2,399 2,091 2,062 Deal Count 20 21 9 21 5 8 2 11 11 9 5 17 13 7 4 2 1 17 2 10 Q1-Q3 2010 Value (US$m) 7,934 12,458 441 7,222 1,962 702 2,334 3,018 1,502 1,993 5,708 9,607 1,194 5,965 7 1,262 25 162 % Value Change 8.6% -31.7% 1,585.7% -6.8% 188.3% 700.6% 99.1% 41.6% 179.7% 99.2% -31.4% -61.9% 183.6% -50.9% -
League Table of LegalAdvisers to European Buyouts:* Volume

Ranking Q1-Q3 2010 9 3 2 1 7 5 6 8 10 23 22 34 4 36 18 20 17 11 84 32 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name CMS Freshfields Bruckhaus Deringer Linklaters Clifford Chance Weil Gotshal & Manges Allen & Overy SJ Berwin Latham & Watkins Travers Smith Ashurst Kirkland & Ellis Baker & McKenzie DLA Piper Jones Day Mayer Brown Loyens & Loeff Eversheds White & Case Dickson Minto Wiersholm Q1-Q3 2011 Value (US$m) 782 8,508 6,733 8,620 3,918 2,399 1,259 3,664 899 4,647 4,274 992 234 2,062 723 710 538 350 7,434 4,201 Deal Count 22 21 21 20 17 17 17 13 13 11 11 11 11 10 10 10 10 10 9 9 Q1-Q3 2010 Deal Count 13 20 22 23 16 19 17 16 12 7 7 6 19 5 8 8 8 10 2 6 Count Change 9 1 -1 -3 1 -2 0 -3 1 4 4 5 -8 5 2 2 2 0 7 3
20

Legal Advisers to UK M&A: Value
Ranking Q1-Q3 2010 2 19 6 1 26 30 3 10 41 7 8 32 13 168 33 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Freshfields Bruckhaus Deringer Allen & Overy Linklaters Slaughter and May Hogan Lovells Shearman & Sterling Herbert Smith/Gleiss Lutz/Stibbe Skadden Arps Slate Meagher & Flom Morgan Lewis & Bockius Simpson Thacher & Bartlett Sullivan & Cromwell Ashurst Weil Gotshal & Manges Allens Arthur Robinson Kirkland & Ellis Q1-Q3 2011 Value (US$m) 66,047 64,564 62,995 36,655 30,953 22,769 20,651 20,167 19,699 18,939 18,862 18,614 17,273 16,125 15,719 Deal Count 52 56 57 42 37 10 31 16 20 14 10 21 35 7 26 Q1-Q3 2010 Value (US$m) 113,353 37,675 66,952 121,598 13,751 9,122 97,868 51,212 6,814 63,324 58,803 8,376 45,322 324 8,046 % Value Change -41.7% 71.4% -5.9% -69.9% 125.1% 149.6% -78.9% -60.6% 189.1% -70.1% -67.9% 122.2% -61.9% 4,876.9% 95.4% Q1-Q3 2010 1 2 4 9 3 6 7 13 14 18 5 19 11 21 15
Legal Advisers to UK M&A: Volume

Ranking Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name DLA Piper Linklaters Allen & Overy Eversheds Freshfields Bruckhaus Deringer Clifford Chance Slaughter and May Pinsent Masons Hogan Lovells Weil Gotshal & Manges CMS Jones Day Herbert Smith/Gleiss Lutz/Stibbe SJ Berwin Olswang Q1-Q3 2011 Value (US$m) 8,424 62,995 64,564 5,199 66,047 14,326 36,655 2,966 30,953 17,273 2,238 5,952 20,651 6,401 1,911 Deal Count 67 57 56 56 52 49 42 42 37 35 35 32 31 29 29 Q1-Q3 2010 Deal Count 87 68 53 39 59 50 45 32 30 26 52 25 34 22 29 Count Change -20 -11 3 17 -7 -1 -3 10 7 9 -17 7 -3 7 0
Legal Advisers to French M&A: Value

Ranking Q1-Q3 2010 1 4 2 20 26 3 8 94 16 21 36 34 28 22 25 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Linklaters Freshfields Bruckhaus Deringer Bredin Prat Allen & Overy Latham & Watkins Clifford Chance Cleary Gottlieb Steen & Hamilton Bird & Bird Gide Loyrette Nouel Baker & McKenzie Bonelli Erede Pappalardo Loyens & Loeff Sullivan & Cromwell Orrick Herrington & Sutcliffe Shearman & Sterling Q1-Q3 2011 Value (US$m) 44,202 32,704 25,246 25,030 16,448 12,622 11,299 11,073 10,131 8,640 8,517 8,171 8,095 7,520 7,128 Deal Count 31 22 23 18 23 26 18 3 21 11 8 10 5 13 9 Q1-Q3 2010 Value (US$m) 49,413 31,079 39,024 5,243 3,839 31,668 12,863 210 8,078 4,989 1,915 1,986 2,773 4,978 4,302 % Value Change -10.5% 5.2% -35.3% 377.4% 328.4% -60.1% -12.2% 5,172.9% 25.4% 73.2% 344.8% 311.4% 191.9% 51.1% 65.7%
Legal Advisers to French M&A: Volume

Ranking Q1-Q3 2010 1 11 21 7 19 8 2 4 15 14 3 10 5 6 22 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Linklaters Clifford Chance Mayer Brown Bredin Prat Latham & Watkins Freshfields Bruckhaus Deringer Gide Loyrette Nouel SJ Berwin Allen & Overy Cleary Gottlieb Steen & Hamilton De Pardieu Brocas Maffei Hogan Lovells White & Case CMS Willkie Farr & Gallagher Q1-Q3 2011 Value (US$m) 44,202 12,622 5,095 25,246 16,448 32,704 10,131 5,165 25,030 11,299 1,015 3,406 2,448 1,820 6,666 Deal Count 31 26 26 23 23 22 21 19 18 18 18 17 17 16 15 Q1-Q3 2010 Deal Count 37 18 11 21 13 21 30 23 14 14 26 20 22 22 10 Count Change -6 8 15 2 10 1 -9 -4 4 4 -8 -3 -5 -6 5
21

Legal Advisers to German M&A: Value
Ranking Q1-Q3 2010 10 25 2 5 14 7 24 6 1 15 48 17 16 Q1-Q3 2011 1 2 3 4 5 6= 6= 8 9 10 11 12 13 14 15 Company Name Simpson Thacher & Bartlett Cleary Gottlieb Steen & Hamilton Wachtell, Lipton, Rosen & Katz Sullivan & Cromwell Shearman & Sterling Fried Frank Harris Shriver & Jacobson Wiley Rein Hengeler Mueller Linklaters Clifford Chance Freshfields Bruckhaus Deringer Cravath Swaine & Moore Latham & Watkins Herbert Smith/Gleiss Lutz/Stibbe Allen & Overy Q1-Q3 2011 Value (US$m) 53,967 51,859 51,267 49,532 39,000 39,000 39,000 36,273 27,886 20,400 19,746 16,762 16,481 15,697 14,474 Deal Count 6 7 2 6 8 1 1 29 30 39 54 2 18 15 19 Q1-Q3 2010 Value (US$m) 7,705 1,745 18,482 9,595 6,760 8,529 2,371 8,842 24,446 6,760 493 5,821 6,032 % Value Change 600.4% 2,871.9% 168.0% 306.5% 476.9% 325.3% 1,076.1% 130.7% -19.2% 148.0% 3,243.0% 169.7% 140.0% Q1-Q3 2010 1 2 5 7 6 18 3 14 12 11 16 4 13 9 8
Legal Advisers to German M&A: Volume

Ranking Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Freshfields Bruckhaus Deringer CMS Clifford Chance Linklaters Hengeler Mueller P+P Poellath + Partners Noerr White & Case Allen & Overy Latham & Watkins Luther Herbert Smith/Gleiss Lutz/Stibbe DLA Piper Hogan Lovells Jones Day Q1-Q3 2011 Value (US$m) 19,746 3,849 20,400 27,886 36,273 7,378 3,530 4,156 14,474 16,481 1,052 15,697 283 3,070 1,519 Deal Count 54 52 39 30 29 24 22 21 19 18 17 15 15 13 11 Q1-Q3 2010 Deal Count 44 42 21 20 21 9 32 13 14 15 11 22 14 17 17 Count Change 10 10 18 10 8 15 -10 8 5 3 6 -7 1 -4 -6
Legal Advisers to Germanic M&A: Value

Ranking Q1-Q3 2010 1 15 7 13 34 31 9 3 23 17 28 5 49 Q1-Q3 2011 1 2 3 4 5 6 7 8 9= 9= 11 12 13 14 15 Company Name Sullivan & Cromwell Shearman & Sterling Freshfields Bruckhaus Deringer Simpson Thacher & Bartlett Linklaters Cleary Gottlieb Steen & Hamilton Wachtell, Lipton, Rosen & Katz Cravath Swaine & Moore Fried Frank Harris Shriver & Jacobson Wiley Rein Hengeler Mueller Stikeman Elliott Homburger Weil Gotshal & Manges Pestalozzi Lachenal Patry Q1-Q3 2011 Value (US$m) 72,985 62,447 58,589 55,869 54,706 52,555 52,224 39,727 39,000 39,000 36,273 29,593 27,306 22,210 22,026 Deal Count 9 11 64 9 36 9 4 5 1 1 29 6 10 6 4 Q1-Q3 2010 Value (US$m) 44,657 10,562 28,071 13,105 2,573 3,459 26,050 37,110 6,760 8,529 4,933 33,999 1,270 % Value Change 63.4% 491.2% 108.7% 326.3% 2,026.2% 1,419.4% 100.5% 7.1% 476.9% 325.3% 499.9% -19.7% 1,648.8% -
Legal Advisers to Germanic M&A: Volume

Ranking Q1-Q3 2010 1 2 Q1-Q3 2011 1 2 Company Name Freshfields Bruckhaus Deringer CMS Clifford Chance Linklaters Hengeler Mueller Allen & Overy P+P Poellath + Partners White & Case Latham & Watkins Baker & McKenzie Noerr Hogan Lovells DLA Piper Herbert Smith/Gleiss Lutz/Stibbe Luther Q1-Q3 2011 Value (US$m) 58,589 18,857 20,736 54,706 36,273 14,645 9,678 19,641 19,181 4,762 3,530 4,361 897 16,297 1,052 Dea l Count 64 59 41 36 29 25 25 24 23 22 22 21 20 18 17 Q1-Q3 2010 Deal Count 49 45 23 27 21 20 10 15 20 29 33 21 21 24 12 Count Change 15 14 18 9 8 5 15 9 3 -7 -11 0 -1 -6 5
7
5 8 12 24 15 13 4 3 11 10 6 20
3
4 5 6 7 8 9 10 11 12 13 14 15
22

Legal Advisers to Benelux M&A: Value
Ranking Q1-Q3 2010 37 1 8 3 15 7 11 97 127 4 209 23 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14= 14= Company Name Sullivan & Cromwell Freshfields Bruckhaus Deringer Loyens & Loeff Linklaters NautaDutilh Allen & Overy Simpson Thacher & Bartlett Dechert Mayer Brown Clifford Chance Blake, Cassels & Graydon Covington & Burling Squire, Sanders & Dempsey Morrison & Foerster Wachtell, Lipton, Rosen & Katz Q1-Q3 2011 Value (US$m) 22,976 20,084 18,928 18,641 13,090 11,743 11,707 10,230 9,820 9,627 9,117 9,044 9,000 9,000 9,000 Deal Count 9 25 49 37 36 52 4 5 6 31 2 1 3 1 1 Q1-Q3 2010 Value (US$m) 1,262 41,367 13,091 31,339 5,253 13,361 7,709 99 20 30,386 3,009 % Value Change 1,720.6% -51.8% 44.6% -40.5% 149.2% -12.1% 51.9% 10,233.3% 49,000.0% -68.3% 199.1% Q1-Q3 2010 1 2 4 3 10 6 12 5 9 11 7 15 8 22 16
Legal Advisers to Benelux M&A: Volume

Ranking Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Allen & Overy Loyens & Loeff Linklaters NautaDutilh Clifford Chance DLA Piper Freshfields Bruckhaus Deringer Herbert Smith/Gleiss Lutz/Stibbe De Brauw Blackstone Westbroek Houthoff Buruma CMS Hogan Lovells Baker & McKenzie Jones Day Cleary Gottlieb Steen & Hamilton Q1-Q3 2011 Value (US$m) 11,743 18,928 18,641 13,090 9,627 3,036 20,084 5,986 2,569 2,498 3,475 1,895 3,577 1,223 5,948 Deal Count 52 49 37 36 31 26 25 24 23 21 18 15 14 12 11 Q1-Q3 2010 Deal Count 53 43 29 32 18 28 13 28 21 17 26 12 22 8 10 Count Change -1 6 8 4 13 -2 12 -4 2 4 -8 3 -8 4 1
Legal Advisers to Italian M&A: Value

Ranking Q1-Q3 2010 4 5 18 3 21 59 1 7 30 12 52 13 47 112 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11= 11= 13 14 15 Company Name Bonelli Erede Pappalardo Chiomenti Studio Legale d'Urso Gatti e Bianchi - Studio Legale Associato Sullivan & Cromwell Freshfields Bruckhaus Deringer Bredin Prat Legance Studio Legale Associato Gianni, Origoni, Grippo & Partners Allen & Overy Clifford Chance Allens Arthur Robinson Shearman & Sterling Cleary Gottlieb Steen & Hamilton Giliberti Pappalettera Triscornia e Associati Willkie Farr & Gallagher Q1-Q3 2011 Value (US$m) 10,031 9,274 7,499 6,968 6,794 6,434 6,365 6,071 5,449 5,446 4,700 4,700 4,346 3,948 3,775 Deal Count 15 28 18 3 9 3 8 23 4 12 1 1 8 7 3 Q1-Q3 2010 Value (US$m) 3,407 2,397 989 23,539 803 54 25,117 1,805 396 1,349 86 1,320 99 % Value Change 194.4% 286.9% 658.2% -70.4% 746.1% 11,814.8% -74.7% 236.3% 1,276.0% 303.7% 5,365.1% 229.2% 3,887.9% -
Legal Advisers to Italian M&A: Volume

Ranking Q1-Q3 2010 1 4 2 3 5 19 9 10 24 8 13 25 22 16 6 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Chiomenti Studio Legale Gianni, Origoni, Grippo & Partners d'Urso Gatti e Bianchi - Studio Legale Associato Bonelli Erede Pappalardo Studio Pedersoli e Associati Clifford Chance NCTM Studio Legale Associato Latham & Watkins Freshfields Bruckhaus Deringer Legance Studio Legale Associato Cleary Gottlieb Steen & Hamilton Hogan Lovells Orrick Herrington & Sutcliffe Giliberti Pappalettera Triscornia e Associati Linklaters Q1-Q3 2011 Value (US$m) 9,274 6,071 7,499 10,031 1,895 5,446 518 3,544 6,794 6,365 4,346 312 253 3,948 1,613 Deal Count 28 23 18 15 13 12 12 11 9 8 8 8 8 7 7 Q1-Q3 2010 Deal Count 24 14 19 14 13 5 10 9 4 10 6 4 5 6 12 Count Change 4 9 -1 1 0 7 2 2 5 -2 2 4 3 1 -5
23

Legal Advisers to Iberian M&A: Value
Ranking Q1-Q3 2010 4 2 9 3 19 1 43 11 50 6 16 72 34 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Freshfields Bruckhaus Deringer Uria Menendez Clifford Chance Cuatrecasas, Goncalves Pereira Linklaters Garrigues Latham & Watkins Souza, Cescon, Barrieu & Flesch Advogados DLA Piper KPMG Abogados Sullivan & Cromwell Weil Gotshal & Manges Barbosa, Mussnich & Aragao Arthur Cox Bredin Prat Q1-Q3 2011 Value (US$m) 36,039 35,351 24,506 19,958 16,219 13,865 13,517 8,472 6,842 6,746 5,850 5,828 5,395 5,362 5,193 Deal Count 19 27 18 28 17 27 8 3 11 12 1 2 4 1 3 Q1-Q3 2010 Value (US$m) 14,823 27,458 10,881 17,488 5,568 31,407 1,249 9,746 603 13,378 6,194 71 2,238 % Value Change 143.1% 28.7% 125.2% 14.1% 191.3% -55.9% 982.2% -13.1% 1,034.7% -49.6% -5.6% 7,498.6% 132.0% Q1-Q3 2010 1 2 3 6 9 10 4 8 11 12 5 29 15 17 47
Legal Advisers to Iberian M&A: Volume

Ranking Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Cuatrecasas, Goncalves Pereira Uria Menendez Garrigues Freshfields Bruckhaus Deringer Clifford Chance Linklaters KPMG Abogados Gomez-Acebo & Pombo Abogados DLA Piper CMS Deloitte Legal Latham & Watkins Baker & McKenzie Herbert Smith/Gleiss Lutz/Stibbe Jones Day Q1-Q3 2011 Value (US$m) 19,958 35,351 13,865 36,039 24,506 16,219 6,746 906 6,842 4,714 452 13,517 3,995 2,558 181 Deal Count 28 27 27 19 18 17 12 12 11 10 9 8 7 7 7 Q1-Q3 2010 Deal Count 49 42 41 17 12 12 21 13 10 8 21 3 7 5 2 Count Change -21 -15 -14 2 6 5 -9 -1 1 2 -12 5 0 2 5
Legal Advisers to Spanish M&A: Value

Ranking Q1-Q3 2010 4 2 8 3 19 39 1 45 6 16 42 50 20 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Freshfields Bruckhaus Deringer Uria Menendez Clifford Chance Cuatrecasas, Goncalves Pereira Linklaters Latham & Watkins Garrigues DLA Piper KPMG Abogados Sullivan & Cromwell Weil Gotshal & Manges Arthur Cox Bredin Prat CMS Allen & Overy Q1-Q3 2011 Value (US$m) 36,039 35,351 24,506 19,944 16,219 13,517 8,902 6,842 6,746 5,850 5,828 5,362 5,193 4,714 4,085 Deal Count 19 27 18 26 15 8 26 11 12 1 2 1 3 10 5 Q1-Q3 2010 Value (US$m) 14,745 26,448 10,881 17,413 5,568 1,249 31,407 603 13,378 6,194 1,228 378 5,153 % Value Change 144.4% 33.7% 125.2% 14.5% 191.3% 982.2% -71.7% 1,034.7% -49.6% -5.6% 322.9% 1,147.1% -20.7%
Legal Advisers to Spanish M&A: Volume

Ranking Q1-Q3 2010 3 1 2 6 8 9 4 7 10 11 5 22 15 16 37 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Uria Menendez Cuatrecasas, Goncalves Pereira Garrigues Freshfields Bruckhaus Deringer Clifford Chance Linklaters KPMG Abogados Gomez-Acebo & Pombo Abogados DLA Piper CMS Deloitte Legal Latham & Watkins Baker & McKenzie Herbert Smith/Gleiss Lutz/Stibbe Jones Day Q1-Q3 2011 Value (US$m) 35,351 19,944 8,902 36,039 24,506 16,219 6,746 906 6,842 4,714 452 13,517 3,995 2,558 181 Deal Count 27 26 26 19 18 15 12 12 11 10 9 8 7 7 7 Q1-Q3 2010 Deal Count 39 43 40 16 12 12 21 13 10 7 21 3 6 5 2 Count Change -12 -17 -14 3 6 3 -9 -1 1 3 -12 5 1 2 5
24

Legal Advisers to Nordic M&A: Value
Ranking Q1-Q3 2010 2 19 30 45 21 168 40 34 52 1 8 31 15 6 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Freshfields Bruckhaus Deringer White & Case Bech-Bruun CMS Edwards Wildman Palmer Skadden Arps Slate Meagher & Flom Cravath Swaine & Moore Ashurst Kromann Reumert Clifford Chance Thommessen Wiersholm Plesner Vinge Linklaters Q1-Q3 2011 Value (US$m) 24,147 20,682 14,819 13,840 13,740 11,580 10,994 10,894 9,940 9,404 7,794 7,555 7,445 7,374 7,048 Deal Count 11 24 16 4 1 9 3 8 13 8 25 27 17 42 17 Q1-Q3 2010 Value (US$m) 12,600 2,795 1,507 1,039 2,675 1,074 1,287 922 14,393 6,684 1,478 4,171 8,801 % Value Change 91.6% 640.0% 883.3% 1,232.1% 332.9% 914.3% 672.3% 920.0% -45.8% 13.0% 403.7% 76.8% -19.9% Q1-Q3 2010 1 2 12 3 7 11 4 8 19 5 17 13 9 10 6
Legal Advisers to Nordic M&A: Volume

Ranking Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Mannheimer Swartling Vinge Hannes Snellman Schjodt Wikborg Rein & Co Roschier Wiersholm Thommessen White & Case Lindahl Cederquist Accura Selmer Plesner Linklaters Q1-Q3 2011 Value (US$m) 6,050 7,374 6,060 1,795 4,197 3,395 7,555 7,794 20,682 3,499 2,221 1,603 2,827 7,445 7,048 Deal Count 44 42 34 34 28 28 27 25 24 23 21 21 19 17 17 Q1-Q3 2010 Deal Count 52 48 20 32 24 21 31 23 15 27 17 20 23 22 25 Count Change -8 -6 14 2 4 7 -4 2 9 -4 4 1 -4 -5 -8
Legal Advisers to Swedish M&A: Value

Ranking Q1-Q3 2010 6 12 45 78 48 4 2 1 105 50 Q1-Q3 2011 1 2 3 4= 4= 6 7 8 9 10 11 12= 12= 14 15 Company Name Freshfields Bruckhaus Deringer White & Case Bech-Bruun CMS Edwards Wildman Palmer Clifford Chance Vinge Linklaters Mannheimer Swartling Ropes & Gray P+P Poellath + Partners Cravath Swaine & Moore Hengeler Mueller Kirkland & Ellis Setterwalls Q1-Q3 2011 Value (US$m) 22,389 20,072 13,740 13,740 13,740 7,625 7,374 6,938 5,950 4,677 4,495 4,495 4,495 3,707 3,588 Deal Count 6 18 3 1 1 4 41 14 43 2 2 1 1 2 15 Q1-Q3 2010 Value (US$m) 2,809 1,894 233 48 200 4,143 6,706 7,885 193 % Value Change 697.0% 959.8% 5,797.0% 28,525.0% 3,712.5% 78.0% 3.5% -24.5% 1,759.1%
Legal Advisers to Swedish M&A: Volume

Ranking Q1-Q3 2010 2 1 3 5 9 8 7 13 4 10 6 108 15 12 16 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Mannheimer Swartling Vinge Lindahl Cederquist White & Case Hannes Snellman Setterwalls Wistrand Linklaters Roschier Gernandt & Danielsson MAQS Law Firm Wiersholm Delphi Freshfields Bruckhaus Deringer Q1-Q3 2011 Value (US$m) 5,950 7,374 3,499 2,221 20,072 2,354 3,588 120 6,938 3,204 1,474 226 310 690 22,389 Deal Count 43 41 23 20 18 18 15 15 14 13 13 12 11 9 6 Q1-Q3 2010 Deal Count 46 47 26 16 11 11 14 8 22 9 15 1 7 8 6 Count Change -3 -6 -3 4 7 7 1 7 -8 4 -2 11 4 1 0
25

Legal Advisers to CEE M&A: Value
Ranking Q1-Q3 2010 2 7 3 16 4 28 24 27 55 6 51 9 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Linklaters Freshfields Bruckhaus Deringer Debevoise & Plimpton Allen & Overy Mourant Ozannes DLA Piper Dewey & LeBoeuf Weil Gotshal & Manges Uria Menendez KPMG Abogados Arthur Cox White & Case Baker & McKenzie Akin Gump Strauss Hauer & Feld Clifford Chance Q1-Q3 2011 Value (US$m) 19,480 18,461 12,137 11,785 10,390 9,662 8,811 8,262 6,032 5,828 5,362 5,113 5,110 4,652 4,463 Deal Count 17 18 4 10 1 12 8 11 2 1 1 21 10 9 18 Q1-Q3 2010 Value (US$m) 11,492 3,051 10,538 1,023 10,238 563 841 564 190 3,435 248 2,070 % Value Change 69.5% 505.1% 15.2% 1,052.0% 1.5% 1,616.2% 947.7% 1,364.9% 2,967.4% 48.9% 1,960.5% 115.6% Q1-Q3 2010 1 4 10 8 3 22 46 13 11 2 7 20 14
Legal Advisers to CEE M&A: Volume

Ranking Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name White & Case CMS Freshfields Bruckhaus Deringer Clifford Chance Linklaters Raidla Lejins & Norcous Hogan Lovells DLA Piper Weil Gotshal & Manges LAWIN Allen & Overy Baker & McKenzie Wolf Theiss Akin Gump Strauss Hauer & Feld Havel, Holasek & Partners Q1-Q3 2011 Value (US$m) 5,113 3,921 18,461 4,463 19,480 616 1,167 9,662 8,262 224 11,785 5,110 115 4,652 183 Deal Count 21 21 18 18 17 14 13 12 11 11 10 10 10 9 9 Q1-Q3 2010 Deal Count 19 14 9 10 15 5 2 7 9 18 11 5 7 Count Change 2 7 9 8 2 9 11 5 2 -8 -1 5 2
Legal Advisers to Russian M&A: Value

Ranking Q1-Q3 2010 4 2 6 3 46 53 1 55 7 5 9 21 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Linklaters Debevoise & Plimpton Freshfields Bruckhaus Deringer Mourant Ozannes Allen & Overy Akin Gump Strauss Hauer & Feld Baker & McKenzie Skadden Arps Slate Meagher & Flom DLA Piper White & Case Egorov, Puginsky, Afanasiev & Partners Cleary Gottlieb Steen & Hamilton Jones Day SJ Berwin Morgan Lewis & Bockius Q1-Q3 2011 Value (US$m) 14,288 12,137 10,423 10,390 7,956 4,652 4,200 2,894 2,673 2,356 2,143 1,886 1,812 1,200 1,196 Deal Count 8 4 14 1 3 9 3 3 4 10 3 4 3 1 3 Q1-Q3 2010 Value (US$m) 8,302 10,238 2,760 10,238 15 25,517 2,000 6,600 1,281 500 % Value Change 72.1% 18.5% 277.6% 1.5% 52,940.0% -88.7% 17.8% -67.5% 47.2% 262.4% -
Legal Advisers to Russian M&A: Volume

Ranking Q1-Q3 2010 6 2 3 21 25 55 5 18 4 49 23 1 9 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Freshfields Bruckhaus Deringer White & Case Akin Gump Strauss Hauer & Feld Linklaters Hogan Lovells Debevoise & Plimpton DLA Piper Cleary Gottlieb Steen & Hamilton Dewey & LeBoeuf PwC legal Herbert Smith/Gleiss Lutz/Stibbe Allen & Overy Baker & McKenzie Skadden Arps Slate Meagher & Flom Egorov, Puginsky, Afanasiev & Partners Q1-Q3 2011 Value (US$m) 10,423 2,356 4,652 14,288 1,167 12,137 2,673 1,886 1,057 1,046 863 7,956 4,200 2,894 2,143 Deal Count 14 10 9 8 7 4 4 4 4 4 4 3 3 3 3 Q1-Q3 2010 Deal Count 5 8 7 2 1 1 6 2 7 1 2 13 3 Count Change 9 2 1 5 3 3 -2 2 -3 2 1 -10 0
26

Legal Advisers to Irish M&A: Value
Ranking Q1-Q3 2010 3 7 4 9 41 6 8 23 16 2 1 39 55 Q1-Q3 2011 1 2 3 4 5= 5= 5= 8 9 10= 10= 10= 13 14 15 Company Name Arthur Cox Freshfields Bruckhaus Deringer A&L Goodbody Weil Gotshal & Manges DLA Piper KPMG Abogados Uria Menendez Linklaters Slaughter and May Cravath Swaine & Moore Shearman & Sterling Skadden Arps Slate Meagher & Flom William Fry Allen & Overy Jones Day Q1-Q3 2011 Value (US$m) 23,938 11,075 10,315 5,897 5,828 5,828 5,828 4,100 2,421 2,421 2,421 2,421 1,998 1,860 1,701 Deal Count 21 4 20 2 1 1 1 2 2 1 1 1 15 5 2 Q1-Q3 2010 Value (US$m) 6,124 3,376 4,433 2,783 190 3,467 2,820 640 2,294 6,494 6,997 229 51 % Value Change 290.9% 228.1% 132.7% 109.4% 2,967.4% 18.3% -14.1% 278.3% 5.5% -62.7% -71.4% 712.2% 3,235.3% Q1-Q3 2010 1 4 3 2 9 6 13 8 57 22 15 7 18 16
Legal Advisers to Irish M&A: Volume

Ranking Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Arthur Cox A&L Goodbody William Fry Matheson Ormsby Prentice McCann FitzGerald Mason Hayes & Curran Allen & Overy Freshfields Bruckhaus Deringer ByrneWallace Herbert Smith/Gleiss Lutz/Stibbe Eversheds Weil Gotshal & Manges Linklaters Slaughter and May Jones Day Q1-Q3 2011 Value (US$m) 23,938 10,315 1,998 557 1,309 339 1,860 11,075 520 237 36 5,897 4,100 2,421 1,701 Deal Count 21 20 15 13 11 8 5 4 3 3 3 2 2 2 2 Q1-Q3 2010 Deal Count 27 12 18 26 4 6 3 4 1 2 3 4 2 3 Count Change -6 8 -3 -13 7 2 2 0 2 1 0 -2 0 -1
27
US M&A Overview
Following a strong start to 2011 with US$ 293.5bn-worth of announced deals in the first quarter, US M&A activity dropped by over 33% in the following two quarters with Q2 closing at US$ 191.7bn and Q3 at US$ 194.8bn. As a proportion of global M&A, however, US activity was holding its own, making up 38% of Q3 global M&A values (US$ 513.9bn) compared to 34% in Q2 and 45.7% in Q1. US M&A appears to be on its way to having the strongest year since the dizzying heights of 2007 (US$ 1,328bn). The first three quarters of 2011 saw the announcement of US$ 680bn-worth of M&A in the US, 43% higher than the same period in 2010. Even with the - usually busy - fourth quarter still to come, this figure already represents 95%, 99%, and 91% of full year values in 2010, 2009, and 2008 respectively (US$ 715.5bn, US$ 687bn, US$ 748.3bn). The same is true for US buyout activity, with US$ 88.9bn-worth of private equity backed transactions announced in Q1-Q3 2011 (US$ 26.2bn in Q3), a 30.4% increase on the same period last year (US$ 68.2bn). US inbound cross-border deals add up to US$ 129.8bn for the last nine months - an increase of 18.4% since Q1-Q3 2010 (US$ 109.6bn). US outbound cross-border total value was US$ 182.1bn, the highest Q1-Q3 period since 2008 (US$ 202.3bn). US deals also dominate the list of top deals announced globally; with the top three deals so far this year all targeting US-based companies led by AT&Ts US$ 39bn bid for T-Mobile USA. In total, eight of the top ten deals are US-based and each has a value in excess of US$ 14bn. Non-traditional M&A has also made a comeback in the form of spin-offs. This year has so far seen the announcement of 11 spin-offs more than in the whole of the previous two years combined (nine spin-offs in 2009-2010). Of these, only four have been priced but their combined value is already US$ 33.4bn (4.9% of the total value of US deals to date) with two spin-offs making the top ten global deals list. This trend is set to continue with a very healthy pipeline, including McGraw-Hill which is splitting into McGraw-Hill Markets and McGrawHill Education, Tyco which recently announced a plan to split the company into three, and murmurs of a possible Netflix separation following a move to separate the companys streaming and DVD services. Simpson Thacher & Bartlett tops the US legal advisory M&A league tables with US$ 258.2bn-worth of deals, maintaining its rank from the same period in 2010. With a total value of US$ 224bn, Wachtell, Lipton, Rosen & Katz has climbed seven places, compared to the same period last year, to finish third after three quarters. The firm has seen a 155% increase in the aggregate value of deals the firm advised on in 2010 (US$ 88bn).
US Private Equity Buyout Activity - Quarterly
220 200 180 220 160 200 180 Value ($bn) Volume 280 260 240
140 130 120 110 225 Inbound Value ($bn) Outbound Value ($bn) Inbound Volume Outbound Volume 250
US M&A Activity - Quarterly

500 450 400 1,000 350 900 Value ($bn) Volume 1,300 1,200 1,100
300 250
700 600 200 150 100 200 50 0 100 0 500 400 300
tr1
US Inbound/Outbound M&A
300 275
100 90 80 70 60 50 40 75 30 20 10 0 50 25 0
Volume of Deals
140 120 100 80 60 40
175 150 125 100
160 140 120 100 80 60 40
20 0
20 0
tr1
28
tr1
Volume of Deals
200
Volume of Deals
800
US M&A Overview: Industry and Geography Breakdown

Q1 - Q3 2011 Sector Energy, Mining & Utilities Industrials & Chemicals Pharma, Medical & Biotech Technology Financial Services Telecommunications Business Services Real Estate Consumer Media Leisure Transport Construction Defence Agriculture Total Value ($bn) 159.5 118.7 94.0 63.4 56.2 55.4 42.3 34.5 21.5 12.1 10.2 5.4 3.5 3.1 0.1 680.0 Market share 23.4% 17.5% 13.8% 9.3% 8.3% 8.1% 6.2% 5.1% 3.2% 1.8% 1.5% 0.8% 0.5% 0.4% 0.0% Deal count 192 440 320 399 275 25 346 20 240 77 73 46 60 14 9 2,536 Value ($bn) 139.1 38.5 53.5 40.2 37.7 27.7 47.3 10.4 45.5 3.5 14.4 9.0 3.9 4.4 0.2 475.4 Q1 - Q3 2010 Market share 29.3% 8.1% 11.3% 8.5% 7.9% 5.8% 10.0% 2.2% 9.6% 0.7% 3.0% 1.9% 0.8% 0.9% 0.0% Deal count 243 384 273 421 311 28 384 29 225 79 92 39 79 26 10 2,623 change Value (%) 14.7% 208.3% 75.7% 57.8% 48.9% 99.9% -10.5% 232.2% -52.8% 243.6% -28.9% -39.5% -9.3% -30.2% -61.6% 43.1% Deal count -51 56 47 -22 -36 -3 -38 -9 15 -2 -19 7 -19 -12 -1 -87
Mix of Announced Americas Deals by Geographic Region Q1-Q3 2011 - Value
Mix of Announced Americas Deals by Geographic Region Q1-Q3 2011 - Volume
Central & South America 11.5%
Central & South America 13.3% US (North East) 19.9%
US (North East) 17.5%
Canada 7.7%
Canada 9.4%
US (Mid West) 13.9% US (West) 18.5% US (Mid West) 15.7% US (West) 21.7%
US (South) 26.7%
US (South) 24.3%
29
US M&A Overview: Top Deals

Activity Table of US M&A for Q1-Q3 2011
Announced Date 20-Mar-11 Bidder Company AT&T Inc Bidder Legal Adviser Simpson Thacher & Bartlett (Advising Greenhill & Co; JPMorgan); Sullivan & Cromwell Target Company T-Mobile USA Inc Target/Seller Legal Adviser Advising seller: Cleary Gottlieb Steen & Hamilton; Fried Frank Harris Shriver & Jacobson (Advising Deutsche Bank); Shearman & Sterling (Advising Credit Suisse); Wachtell, Lipton, Rosen & Katz; Wiley Rein Simpson Thacher & Bartlett (Advising JPMorgan); Sullivan & Cromwell; Wachtell, Lipton, Rosen & Katz (Advising Lazard) Seller Company Deutsche Telekom AG Deal Value (US$m) 39,000
21-Jul-11
Express Scripts Inc
Cravath Swaine & Moore (Advising Citigroup; Credit Suisse); Dewey & LeBoeuf (Advising Credit Suisse); Gibson Dunn & Crutcher (Advising Citigroup); Skadden Arps Slate Meagher & Flom Dewey & LeBoeuf (Advising JPMorgan); Greenberg Traurig (Advising Bank of America Merrill Lynch); Skadden Arps Slate Meagher & Flom; Wachtell, Lipton, Rosen & Katz Cravath Swaine & Moore (Advising Bank of America Merrill Lynch; HSBC; JPMorgan); Crowell & Moring; Simpson Thacher & Bartlett (Advising JPMorgan); Wachtell, Lipton, Rosen & Katz Davis Polk & Wardwell (Advising JPMorgan); Wachtell, Lipton, Rosen & Katz Latham & Watkins (Advising UBS Investment Bank); Loeb & Loeb Morgan Lewis & Bockius; Sullivan & Cromwell
Medco Health Solutions Inc
33,430
10-Jan-11
Duke Energy Corporation
Progress Energy Inc
Baker Botts (Advising Lazard); Hunton & Williams; Latham & Watkins (Advising Barclays Capital); Skadden Arps Slate Meagher & Flom
25,825
21-Sep-11
United Technologies Corporation
Goodrich Corporation
Dewey & LeBoeuf (Advising Citigroup); Jones Day
17,861
31-Jan-11
AMB Property Corporation
ProLogis
Greenberg Traurig; Mayer Brown; Proskauer Rose (Advising Morgan Stanley) Simpson Thacher & Bartlett; Advising seller: Cravath Swaine & Moore; Fried Frank Harris Shriver & Jacobson; McDermott Will & Emery Latham & Watkins (Advising Goldman Sachs); Simpson Thacher & Bartlett Advising seller: Baker Botts Marathon Oil Corporation Cargill Inc
14,833
18-Jan-11
Cargill Inc (Shareholders)
The Mosaic Company (40% Stake)
14,808
14-Jul-11
BHP Billiton Ltd
Petrohawk Energy Corporation
14,760
13-Jan-11
Marathon Oil Corporation (Shareholders) The Nasdaq OMX Group Inc; Intercontinental Exchange Inc Deutsche Boerse AG Dewey & LeBoeuf (Advising Bank of America Merrill Lynch); Shearman & Sterling ; Sullivan & Cromwell Cravath Swaine & Moore; Davis Polk & Wardwell (Advising Deutsche Bank); De Brauw Blackstone Westbroek (Advising JPMorgan); Hengeler Mueller (Advising JPMorgan); Linklaters; Simpson Thacher & Bartlett (Advising JPMorgan)
Marathon Petroleum Corporation
14,667
02-May-11*
NYSE Euronext
Darrois Villey Maillot Brochier; Herbert Smith/ Gleiss Lutz/Stibbe; Milbank Tweed Hadley & McCloy; Wachtell, Lipton, Rosen & Katz Cleary Gottlieb Steen & Hamilton; Covington & Burling (Advising Perella Weinberg Partners); Darrois Villey Maillot Brochier; Herbert Smith/Gleiss Lutz/Stibbe; Milbank Tweed Hadley & McCloy; Wachtell, Lipton, Rosen & Katz
13,182
15-Feb-11
NYSE Euronext
12,267
Americas: League Tables of Legal Advisers

League Table of Legal Advisers to Americas M&A: Value
Ranking Q1-Q3 2010 5 3 14 1 6 12 18 4 2 11 10 19 21 16 30 8 7 34 29 42 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Sullivan & Cromwell Simpson Thacher & Bartlett Wachtell, Lipton, Rosen & Katz Skadden Arps Slate Meagher & Flom Dewey & LeBoeuf Cravath Swaine & Moore Shearman & Sterling Latham & Watkins Cleary Gottlieb Steen & Hamilton Davis Polk & Wardwell Weil Gotshal & Manges Gibson Dunn & Crutcher Fried Frank Harris Shriver & Jacobson Jones Day Linklaters Freshfields Bruckhaus Deringer Blake, Cassels & Graydon Allen & Overy Kirkland & Ellis Greenberg Traurig Q1-Q3 2011 Value (US$m) 267,767 261,649 224,973 205,327 198,192 159,129 155,777 155,542 127,733 101,109 98,085 92,249 89,141 86,842 79,460 77,287 70,478 69,054 64,581 63,645 Deal Count 84 101 54 127 77 43 70 160 59 78 82 64 36 153 54 56 71 64 141 55 Q1-Q3 2010 Value (US$m) 139,705 187,551 88,006 209,143 116,683 94,569 68,544 142,416 195,475 98,721 103,058 64,493 52,445 84,071 39,416 107,616 113,605 31,883 42,861 23,886 % Value Change 91.7% 39.5% 155.6% -1.8% 69.9% 68.3% 127.3% 9.2% -34.7% 2.4% -4.8% 43.0% 70.0% 3.3% 101.6% -28.2% -38.0% 116.6% 50.7% 166.5%
League Table of Legal Advisers to Americas M&A: Volume

Ranking Q1-Q3 2010 2 3 1 5 4 6 15 7 8 22 20 13 11 23 25 12 9 10 24 16 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Latham & Watkins Jones Day Kirkland & Ellis Skadden Arps Slate Meagher & Flom DLA Piper Simpson Thacher & Bartlett Hogan Lovells Sullivan & Cromwell Weil Gotshal & Manges Davis Polk & Wardwell Wilson Sonsini Goodrich & Rosati Dewey & LeBoeuf Blake, Cassels & Graydon Shearman & Sterling Goodwin Procter K&L Gates Baker & McKenzie Gibson Dunn & Crutcher Allen & Overy Morgan Lewis & Bockius Q1-Q3 2011 Value (US$m) 155,542 86,842 64,581 205,327 16,770 261,649 34,952 267,767 98,085 101,109 22,564 198,192 70,478 155,777 6,887 6,715 39,414 92,249 69,054 46,760 Deal Count 160 153 141 127 112 101 89 84 82 78 78 77 71 70 70 68 66 64 64 64 Q1-Q3 2010 Deal Count 160 154 166 127 141 105 76 103 94 60 63 76 81 58 58 80 90 85 58 72 Count Change 0 -1 -25 0 -29 -4 13 -19 -12 18 15 1 -10 12 12 -12 -24 -21 6 -8
31

League Table of Legal Advisers to US M&A: Value
Ranking Q1-Q3 2010 1 4 10 12 2 3 11 13 5 7 15 6 18 24 9 27 23 42 19 45 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Simpson Thacher & Bartlett Sullivan & Cromwell Wachtell, Lipton, Rosen & Katz Dewey & LeBoeuf Skadden Arps Slate Meagher & Flom Latham & Watkins Cravath Swaine & Moore Shearman & Sterling Cleary Gottlieb Steen & Hamilton Davis Polk & Wardwell Gibson Dunn & Crutcher Weil Gotshal & Manges Fried Frank Harris Shriver & Jacobson Jones Day Freshfields Bruckhaus Deringer Linklaters Kirkland & Ellis Greenberg Traurig Baker Botts Allen & Overy Q1-Q3 2011 Value (US$m) 258,191 249,341 224,016 198,192 193,719 152,844 151,745 142,425 124,086 97,793 91,392 91,030 87,041 83,795 68,972 67,962 64,581 63,615 59,646 46,520 Deal Count 98 80 52 77 118 154 42 60 51 72 60 78 35 143 46 40 141 54 28 52 Q1-Q3 2010 Deal Count 179,969 132,477 88,006 81,372 151,629 132,584 84,473 64,878 106,637 98,721 56,801 101,001 50,960 42,125 89,202 36,796 42,516 20,577 50,258 18,446 Count Change 43.5% 88.2% 154.5% 143.6% 27.8% 15.3% 79.6% 119.5% 16.4% -0.9% 60.9% -9.9% 70.8% 98.9% -22.7% 84.7% 51.9% 209.2% 18.7% 152.2%
League Table of Legal Advisers to US M&A: Volume

Ranking Q1-Q3 2010 2 3 1 5 4 6 13 7 8 12 15 17 18 10 14 20 9 34 11 40 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Latham & Watkins Jones Day Kirkland & Ellis Skadden Arps Slate Meagher & Flom DLA Piper Simpson Thacher & Bartlett Hogan Lovells Sullivan & Cromwell Weil Gotshal & Manges Dewey & LeBoeuf Wilson Sonsini Goodrich & Rosati Davis Polk & Wardwell Goodwin Procter K&L Gates Morgan Lewis & Bockius Shearman & Sterling Gibson Dunn & Crutcher Greenberg Traurig Baker & McKenzie Wachtell, Lipton, Rosen & Katz Q1-Q3 2011 Value (US$m) 152,844 83,795 64,581 193,719 16,749 258,191 33,734 249,341 91,030 198,192 22,549 97,793 6,871 6,715 46,350 142,425 91,392 63,615 35,449 224,016 Deal Count 154 143 141 118 111 98 85 80 78 77 77 72 69 68 63 60 60 54 53 52 Q1-Q3 2010 Deal Count 152 147 165 117 136 100 70 96 89 71 62 59 58 79 70 55 84 43 74 40 Count Change 2 -4 -24 1 -25 -2 15 -16 -11 6 15 13 11 -11 -7 5 -24 11 -21 12
Press Release: mergermarket League Tables of Legal Advisers to M&A Q1-Q3 2011
32

League Table of Legal Advisers to US Buyouts*: Value
Ranking Q1-Q3 2010 1 2 12 7 3 50 38 10 4 29 46 11 32 9 13 5 Q1-Q3 2011 1 2 3 4= 4= 6 7 8 9 10 11 12 13 14 15 16 17 18 19= 19= 19= Company Name Simpson Thacher & Bartlett Kirkland & Ellis Weil Gotshal & Manges Cadwalader, Wickersham & Taft Gilbert + Tobin Debevoise & Plimpton Latham & Watkins Epstein Becker & Green Andrews Kurth Torys Ropes & Gray Cleary Gottlieb Steen & Hamilton Jones Day Davis Polk & Wardwell Skadden Arps Slate Meagher & Flom Wachtell, Lipton, Rosen & Katz Fried Frank Harris Shriver & Jacobson Paul Weiss Rifkind Wharton & Garrison Desai & Diwanji Gianni, Origoni, Grippo & Partners Herbert Smith/Gleiss Lutz/Stibbe Q1-Q3 2011 Value (US$m) 28,233 15,230 12,021 9,400 9,400 8,493 7,466 5,663 5,663 5,663 4,920 4,750 4,662 4,616 3,255 2,625 2,473 2,467 2,375 2,375 2,375 Deal Count 18 51 16 1 1 7 21 2 1 1 11 4 17 7 6 4 8 10 1 1 1 Q1-Q3 2010 Value (US$m) 18,531 13,180 2,981 3,958 8,804 152 468 3,095 7,208 826 249 3,093 735 3,839 2,143 4,974 % Value Change 52.4% 15.6% 303.3% 114.6% -15.2% 3,625.7% 1,110.0% 59.0% -34.1% 464.4% 1,753.8% 5.2% 257.1% -35.6% 15.1% -52.3% 6 18 11 24 20 7 19 59 12 30 28 10 11 12 13 14 15 16 17 18 19 20
League Table of Legal Advisers to US Buyouts*: Volume

Ranking Q1-Q3 2010 1 2 3 4 8 16 5 13 10 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 Company Name Kirkland & Ellis Latham & Watkins Simpson Thacher & Bartlett Jones Day Weil Gotshal & Manges Goodwin Procter Ropes & Gray Morgan Lewis & Bockius Paul Weiss Rifkind Wharton & Garrison Fried Frank Harris Shriver & Jacobson McDermott Will & Emery Debevoise & Plimpton Davis Polk & Wardwell Hogan Lovells Skadden Arps Slate Meagher & Flom Paul Hastings King & Spalding DLA Piper Cleary Gottlieb Steen & Hamilton Wachtell, Lipton, Rosen & Katz Q1-Q3 2011 Value (US$m) 15,230 7,466 28,233 4,662 12,021 1,892 4,920 1,214 2,467 2,473 1,832 8,493 4,616 85 3,255 42 802 532 4,750 2,625 Deal Count 51 21 18 17 16 16 11 11 10 8 8 7 7 7 6 6 5 5 4 4 Q1-Q3 2010 Deal Count 54 19 17 16 12 7 13 7 11 12 6 9 5 5 12 6 2 9 3 4 Count Change -3 2 1 1 4 9 -2 4 -1 -4 2 -2 2 2 -6 0 3 -4 1 0
33

Legal Advisers to Canadian M&A: Value
Ranking Q1-Q3 2010 1 13 9 62 12 18 11 10 21 17 2 14 27 39 48 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Blake, Cassels & Graydon Torys Osler, Hoskin & Harcourt Allen & Overy Davies Ward Phillips & Vineberg Norton Rose Sullivan & Cromwell McCarthy Tetrault Cassels Brock & Blackwell Goodmans Stikeman Elliott Fraser Milner Casgrain Freehills Clayton Utz Weil Gotshal & Manges Q1-Q3 2011 Value (US$m) 34,184 28,138 23,438 18,026 16,994 14,367 12,888 12,255 11,828 11,625 10,540 9,854 9,211 9,107 9,092 Deal Count 55 24 38 6 28 14 5 43 11 16 54 13 5 3 8 Q1-Q3 2010 Value (US$m) 68,309 9,271 29,464 820 10,035 7,832 15,434 19,145 6,467 7,938 58,702 8,550 5,007 2,847 1,426 % Value Change -50.0% 203.5% -20.5% 2,098.3% 69.3% 83.4% -16.5% -36.0% 82.9% 46.4% -82.0% 15.3% 84.0% 219.9% 537.6%
Legal Advisers to Canadian M&A: Volume

Ranking Q1-Q3 2010 2 1 4 3 8 18 7 12 11 10 9 5 6 14 91 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Blake, Cassels & Graydon Stikeman Elliott McCarthy Tetrault Osler, Hoskin & Harcourt Davies Ward Phillips & Vineberg Gowling Lafleur Henderson Torys Bennett Jones Borden Ladner Gervais Goodmans Burnet Duckworth & Palmer Fasken Martineau Norton Rose Fraser Milner Casgrain Miller Thomson Q1-Q3 2011 Value (US$m) 34,184 10,540 12,255 23,438 16,994 8,440 28,138 5,037 2,160 11,625 2,622 3,942 14,367 9,854 5,604 Deal Count 55 54 43 38 28 25 24 20 17 16 16 15 14 13 12 Q1-Q3 2010 Deal Count 58 69 42 55 25 12 26 18 18 21 22 30 29 14 2 Count Change -3 -15 1 -17 3 13 -2 2 -1 -5 -6 -15 -15 -1 10
Legal Advisers to Central & South American M&A: Value

Ranking Q1-Q3 2010 28 71 7 27 42 179 5 6 18 104 32 82 25 36 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Pinheiro Neto Advogados Sullivan & Cromwell Machado Meyer Sendacz e Opice Barbosa, Mussnich & Aragao Clifford Chance Bulhoes Pedreira, Bulhoes Carvalho, Piva, Rosman e Souza Leao Advogados Skadden Arps Slate Meagher & Flom Souza, Cescon, Barrieu & Flesch Advogados Garrigues Cariola Diez Perez-Cotapos Abogados Shearman & Sterling Claro y Cia Turci Advogados Associados Latham & Watkins Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados Q1-Q3 2011 Value (US$m) 23,758 20,377 15,663 14,700 14,429 13,488 11,452 10,532 9,192 7,932 7,808 7,311 7,189 5,942 5,876 Deal Count 35 10 24 22 14 2 9 14 3 5 6 3 1 9 25 Q1-Q3 2010 Value (US$m) 6,097 1,356 15,622 6,154 3,090 19,498 16,064 9,746 398 4,950 753 6,960 4,022 % Value Change 289.7% 1,402.7% 0.3% 138.9% 367.0% -41.3% -34.4% -5.7% 1,893.0% 57.7% 870.9% -14.6% 46.1%
Legal Advisers to Central & South American M&A: Volume

Ranking Q1-Q3 2010 28 36 7 27 9 30 42 6 110 12 78 1 69 136 90 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Pinheiro Neto Advogados Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados Machado Meyer Sendacz e Opice Barbosa, Mussnich & Aragao Tozzini FreireTeixeira e Silva Advogados Baker & McKenzie Clifford Chance Souza, Cescon, Barrieu & Flesch Advogados Rodrigo Elias & Medrano Demarest e Almeida Estudio Muniz, Ramirez, Perez-Taiman & Olaya Abogados Cleary Gottlieb Steen & Hamilton Prieto & Carrizosa Brigard & Urrutia Lobo & de Rizzo Advogados Q1-Q3 2011 Value (US$m) 23,758 5,876 15,663 14,700 4,728 4,840 14,429 10,532 5,395 937 753 4,717 4,502 2,637 462 Deal Count 35 25 24 22 20 16 14 14 13 13 13 11 11 11 11 Q1-Q3 2010 Deal Count 18 21 20 15 17 19 6 15 7 17 12 11 9 2 2 Count Change 17 4 4 7 3 -3 8 -1 6 -4 1 0 2 9 9
34

Legal Advisers to US (North East) M&A: Value
Ranking Q1-Q3 2010 1 12 2 6 9 17 3 18 28 4 21 7 5 31 8 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Simpson Thacher & Bartlett Dewey & LeBoeuf Sullivan & Cromwell Cravath Swaine & Moore Skadden Arps Slate Meagher & Flom Wachtell, Lipton, Rosen & Katz Weil Gotshal & Manges Gibson Dunn & Crutcher Linklaters Cleary Gottlieb Steen & Hamilton Shearman & Sterling Latham & Watkins Davis Polk & Wardwell Jones Day Freshfields Bruckhaus Deringer Q1-Q3 2011 Value (US$m) 132,207 126,184 103,698 93,479 88,174 75,139 54,170 51,965 51,478 45,772 45,718 42,170 42,125 40,075 39,234 Deal Count 68 30 42 28 53 21 51 22 25 28 29 69 39 63 25 Q1-Q3 2010 Value (US$m) 118,529 42,836 104,727 60,844 52,311 29,722 84,286 26,906 15,450 74,609 21,694 60,699 68,790 13,713 60,281 % Value Change 11.5% 194.6% -1.0% 53.6% 68.6% 152.8% -35.7% 93.1% 233.2% -38.7% 110.7% -30.5% -38.8% 192.2% -34.9%
Legal Advisers to US (North East) M&A: Volume

Ranking Q1-Q3 2010 1 2 3 5 7 4 9 6 23 14 21 11 12 20 13 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Kirkland & Ellis Latham & Watkins Simpson Thacher & Bartlett Jones Day Skadden Arps Slate Meagher & Flom Weil Gotshal & Manges Goodwin Procter Sullivan & Cromwell Hogan Lovells Davis Polk & Wardwell Paul Weiss Rifkind Wharton & Garrison Morgan Lewis & Bockius Ropes & Gray K&L Gates Dewey & LeBoeuf Q1-Q3 2011 Value (US$m) 30,008 42,170 132,207 40,075 88,174 54,170 6,052 103,698 16,082 42,125 18,533 8,634 13,751 5,505 126,184 Deal Count 71 69 68 63 53 51 49 42 42 39 35 34 32 32 30 Q1-Q3 2010 Deal Count 82 76 62 60 53 60 40 57 26 31 27 36 35 27 33 Count Change -11 -7 6 3 0 -9 9 -15 16 8 8 -2 -3 5 -3
Legal Advisers to US (Mid-West) M&A: Value

Ranking Q1-Q3 2010 12 2 5 3 36 6 15 1 8 13 14 11 70 21 23 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Simpson Thacher & Bartlett Skadden Arps Slate Meagher & Flom Dewey & LeBoeuf Cravath Swaine & Moore Wachtell, Lipton, Rosen & Katz Sullivan & Cromwell Gibson Dunn & Crutcher Latham & Watkins Davis Polk & Wardwell Weil Gotshal & Manges Jones Day Kirkland & Ellis McDermott Will & Emery Fried Frank Harris Shriver & Jacobson Cleary Gottlieb Steen & Hamilton Q1-Q3 2011 Value (US$m) 86,681 81,379 67,799 67,020 61,860 61,754 48,976 45,769 32,009 30,419 26,893 26,578 25,667 25,071 19,557 Deal Count 19 35 25 10 13 14 12 36 16 20 49 52 18 9 10 Q1-Q3 2010 Value (US$m) 14,075 30,451 19,469 21,419 4,393 19,264 12,636 33,012 17,642 13,361 12,782 14,271 1,503 8,672 7,698 % Value Change 515.9% 167.2% 248.2% 212.9% 1,308.1% 220.6% 287.6% 38.6% 81.4% 127.7% 110.4% 86.2% 1,607.7% 189.1% 154.1%
Legal Advisers to US (Mid-West) M&A: Volume

Ranking Q1-Q3 2010 1 2 5 3 6 15 7 28 8 12 23 14 11 19 27 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Kirkland & Ellis Jones Day Latham & Watkins Skadden Arps Slate Meagher & Flom Sidley Austin Dewey & LeBoeuf Mayer Brown Baker & Hostetler DLA Piper Weil Gotshal & Manges Simpson Thacher & Bartlett Dorsey & Whitney McDermott Will & Emery Paul Hastings Bryan Cave Q1-Q3 2011 Value (US$m) 26,578 26,893 45,769 81,379 2,578 67,799 5,089 2,142 2,042 30,419 86,681 462 25,667 3,283 2,695 Deal Count 52 49 36 35 26 25 21 21 21 20 19 19 18 18 18 Q1-Q3 2010 Deal Count 68 39 29 35 26 15 26 12 26 18 14 17 19 15 12 Count Change -16 10 7 0 0 10 -5 9 -5 2 5 2 -1 3 6
35

Legal Advisers to US (South) M&A: Value
Ranking Q1-Q3 2010 8 3 1 5 9 17 2 7 6 16 22 239 11 43 62 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Sullivan & Cromwell Wachtell, Lipton, Rosen & Katz Simpson Thacher & Bartlett Latham & Watkins Cleary Gottlieb Steen & Hamilton Shearman & Sterling Skadden Arps Slate Meagher & Flom Dewey & LeBoeuf Baker Botts Fried Frank Harris Shriver & Jacobson Jones Day Wiley Rein Weil Gotshal & Manges Greenberg Traurig Morgan Lewis & Bockius Q1-Q3 2011 Value (US$m) 149,923 136,010 116,023 97,370 76,800 74,454 70,353 64,042 55,207 55,109 45,279 39,024 37,254 33,607 29,936 Deal Count 36 26 39 64 21 22 40 26 22 17 47 2 29 26 31 Q1-Q3 2010 Value (US$m) 44,860 70,108 90,546 56,107 44,506 29,314 73,282 46,917 47,692 29,602 22,686 59 38,747 8,939 3,303 % Value Change 234.2% 94.0% 28.1% 73.5% 72.6% 154.0% -4.0% 36.5% 15.8% 86.2% 99.6% 66,042.4% -3.9% 276.0% 806.3% Q1-Q3 2010 4 1 3 2 10 5 6 11 8 7 14 16 37 31 20
Legal Advisers to US (South) M&A: Volume

Ranking Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Latham & Watkins Kirkland & Ellis DLA Piper Jones Day Vinson & Elkins Skadden Arps Slate Meagher & Flom Simpson Thacher & Bartlett Sullivan & Cromwell Hogan Lovells Fulbright and Jaworski Morgan Lewis & Bockius Weil Gotshal & Manges Davis Polk & Wardwell King & Spalding Wachtell, Lipton, Rosen & Katz Q1-Q3 2011 Value (US$m) 97,370 29,929 7,647 45,279 28,400 70,353 116,023 149,923 20,547 5,426 29,936 37,254 20,015 19,666 136,010 Deal Count 64 49 49 47 42 40 39 36 36 34 31 29 28 28 26 Q1-Q3 2010 Deal Count 46 70 54 59 35 45 42 34 39 41 30 28 15 17 22 Count Change 18 -21 -5 -12 7 -5 -3 2 -3 -7 1 1 13 11 4
Legal Advisers to US (West) M&A: Value

Ranking Q1-Q3 2010 7 3 4 10 16 25 38 2 220 1 17 15 27 12 35 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Wachtell, Lipton, Rosen & Katz Simpson Thacher & Bartlett Shearman & Sterling Sullivan & Cromwell Cleary Gottlieb Steen & Hamilton Davis Polk & Wardwell Fried Frank Harris Shriver & Jacobson Latham & Watkins Wiley Rein Skadden Arps Slate Meagher & Flom Gibson Dunn & Crutcher Dewey & LeBoeuf Greenberg Traurig Jones Day Freshfields Bruckhaus Deringer Q1-Q3 2011 Value (US$m) 79,915 71,494 68,407 63,080 62,643 46,994 42,382 40,125 39,000 35,166 34,942 28,075 27,024 20,990 19,027 Deal Count 14 24 25 23 18 22 13 73 1 35 40 29 22 47 6 Q1-Q3 2010 Value (US$m) 26,028 39,330 38,627 21,321 12,885 6,018 3,179 41,903 59 52,036 11,214 12,891 5,585 14,058 3,650 % Value Change 207.0% 81.8% 77.1% 195.9% 386.2% 680.9% 1,233.2% -4.2% 66,001.7% -32.4% 211.6% 117.8% 383.9% 49.3% 421.3%
Legal Advisers to US (West) M&A: Volume

Ranking Q1-Q3 2010 1 4 3 2 5 7 6 8 10 16 12 14 15 11 21 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Latham & Watkins Wilson Sonsini Goodrich & Rosati Kirkland & Ellis DLA Piper Jones Day Fenwick & West Gibson Dunn & Crutcher Skadden Arps Slate Meagher & Flom Cooley Dewey & LeBoeuf K&L Gates Goodwin Procter Shearman & Sterling O'Melveny & Myers Hogan Lovells Q1-Q3 2011 Value (US$m) 40,125 13,294 13,527 7,486 20,990 5,664 34,942 35,166 2,972 28,075 1,341 2,734 68,407 7,877 3,573 Deal Count 73 61 54 54 47 44 40 35 35 29 28 27 25 25 25 Q1-Q3 2010 Deal Count 77 58 59 62 54 46 50 34 34 26 32 27 26 33 23 Count Change -4 3 -5 -8 -7 -2 -10 1 1 3 -4 0 -1 -8 2
36
Asia-Pacific (ex. Japan) M&A Overview

M&A activity in Asia-Pacific (excluding Japan) saw a slight recovery last quarter, with 448 deals worth US$ 92.6bn announced, an increase of 18.8% from the second quarter of the year when US$ 78bn-worth of deals were announced, and on a par with the same period in 2010 (US$ 90.7bn). US$ 257bn-worth of deals were announced in the region in the first three quarters of 2011, up 5.5% from US$ 243.5bn for the same period in 2010 and the busiest nine-month period since 2008 (US$ 256.6bn) and the second busiest on mergermarket record (2001). Asia-Pacific accounted for 14.9% of total global deal value, down from 17.2% in 2010. Activity in Q3 2011 was driven by large increases in India (up from US$ 3.7bn in Q2 to US$ 8.3bn), and Australia (up from US$ 18.2bn in Q2 to US$ 31.7bn), despite drops in China (down 2.4% at US$ 27.9bn) and South Korea (down 38% at US$ 4.4bn). For the year to September, an overall increase in activity was seen in New Zealand (US$ 4.2bn, up from US$ 1bn in 2010), Taiwan (US$ 5.5bn, up from US$ 3.6bn), China (US$ 78.4bn, up from US$ 60.4bn) and Australia (US$ 61.8bn, up from US$ 48.6bn). Activity in Singapore and India fell by 14.4% and 41.5% respectively compared to the same period in 2010. Private equity buyout activity picked up significantly in the third quarter of 2011. US$ 17.1bn-worth of deals were announced, the highest quarterly figure since the first quarter of 2007 and 32.6% higher than Q1 and Q2 2011 combined (US$ 12.9bn). Asia-Pacific inbound cross-border deals for the last three quarters totaled US$ 79.7bn a 27.7% increase since Q1-Q3 2010 (US$ 62.4bn). Outbound cross-border deals from the region amounted to US$ 88bn. In both directions these have been the highest first-nine-month totals for the region on mergermarket record. Allen & Overy has come back to the top spot in the legal advisory league table for Asia-Pacific (excluding Japan) M&A in 2011. Allen & Overy has been involved in three of the years ten largest deals in the region, including SABMillers US$ 12.9bn-acquisition of Fosters, the largest deal of the year so far. Australian Allens Arthur Robinson, in second place overall, was the top local law firm in the Asia-Pacific league tables.
Asia-Pacific Private Equity Buyout Activity - Quarterly (excluding Japan)
20 18 65 16 14 50 60 55
50 45 125
Asia-Pacific M&A Activity - Quarterly (excluding Japan)

170 160 150 140 130 120 550 500 450 400 350 80 70 60 50 40 30 20 10 0 100 50 0 300 250 200 150 Value ($bn) Volume 700 650 600
110 100 90
tr1
Asia-Pacific (excl. Japan) Inbound/Outbound M&A

75 70
60 55 Inbound Value ($bn) Outbound Value ($bn) Inbound Volume Outbound Volume 175
Value ($bn) Volume
150
40 35 30 25 20 50 15 10 5 0 0 75 100
12 10
45 40 35
8 6
30 25 20
4 2
15 10 5
Volume of Deals
25
tr1
37
Volume of Deals
Volume of Deals
Asia-Pacific M&A Overview: Industry and Geography Breakdown

Q1 - Q3 2011 Sector Energy, Mining & Utilities Financial Services Consumer Industrials & Chemicals Technology Media Construction Telecommunications Transport Business Services Real Estate Pharma, Medical & Biotech Leisure Agriculture Defence Total Value ($bn) 46.7 42.1 41.8 41.1 11.9 11.8 10.9 10.0 10.0 7.6 7.5 6.9 6.8 1.9 0.0 257.0 Market share 18.2% 16.4% 16.3% 16.0% 4.6% 4.6% 4.2% 3.9% 3.9% 3.0% 2.9% 2.7% 2.7% 0.7% 0.0% Deal count 173 129 192 313 162 38 66 17 65 141 43 95 59 26 1 1,520 Value ($bn) 62.1 31.1 17.7 32.2 6.8 4.8 7.4 21.8 15.2 9.3 12.3 14.6 2.9 5.2 0.0 243.5 Q1 - Q3 2010 Market share 25.5% 12.8% 7.3% 13.2% 2.8% 2.0% 3.1% 9.0% 6.2% 3.8% 5.0% 6.0% 1.2% 2.1% 0.0% Deal count 186 145 179 305 134 48 75 32 72 132 73 92 40 39 1 1,553 change Value (%) -24.8% 35.5% 136.0% 27.5% 74.3% 143.6% 46.2% -54.1% -34.3% -18.7% -39.0% -52.8% 132.5% -63.4% 5.5% Deal count -13 -16 13 8 28 -10 -9 -15 -7 9 -30 3 19 -13 -33
Mix of Announced Asia-Pacific Deals by Geographic Region Q1-Q3 2011 - Value
Mix of Announced Asia-Pacific Deals by Geographic Region Q1-Q3 2011 - Volume

Other 9.2% China 24.7%
Indonesia 2.1% Malaysia 3.9% Singapore 2.9% Hong Kong 3.7%
Other 8.5% China 25.5%
Indonesia 2.8% Malaysia 3.1% Singapore 3.8% Hong Kong 4.2%
India 8.7% India 10.2%
South Korea 8.1%
Australia 20.1%
Australia 16.8% South Korea 10.9%
Japan 16.3%
Japan 14.3%
38
Asia-Pacific M&A Overview: Top Deals

Activity Table of Asia-Pacific (ex. Japan) M&A for Q1-Q3 2011
Announced Date 17-Aug-11 29-Aug-11 Bidder Company SABMiller Plc Temasek Holdings Pte Ltd; Government of Singapore Investment Corporation Pte Ltd.; and CITIC Securities Co Ltd BP Plc Bidder Legal Adviser Allen & Overy; Hogan Lovells Clifford Chance; Weil Gotshal & Manges Target Company Foster's Group Limited China Construction Bank Corporation (5.44% Stake) Target/Seller Legal Adviser Allens Arthur Robinson; Corrs Chambers Westgarth Advising seller: Cleary Gottlieb Steen & Hamilton Bank of America Corporation Seller Company Deal Value (US$m) 12,925 8,288
21-Feb-11
Linklaters; Talwar Thakore & Associates
Reliance Industries Limited (23 oil and gas production sharing contracts) (30% Stake) E-Mart
Advising seller: Allen & Overy; AZB & Partners; Vinson & Elkins
Reliance Industries Limited
7,200
15-Feb-11
Shinsegae Co Ltd (Shareholders)
Lee & Ko
Shinsegae Co Ltd
6,222
25-Feb-11
PTT Chemical Public Company Limited
Allen & Overy; Baker & McKenzie
PTT Aromatics and Refining Public Company Ltd
Norton Rose
5,704
1-Jul-11
Vodafone Group Plc
Conyers Dill & Pearman; S&R Associates; Slaughter and May
Vodafone Essar Limited (33% Stake)
Advising seller: Herbert Smith/Gleiss Lutz/Stibbe
Essar Group
5,460
8-Mar-11
Hyundai Motor Corporation; Kia Motors Corporation; and Hyundai Mobis Ltd
Kim & Chang
Hyundai Engineering & Construction Co (34.88% Stake)
Advising sellers: Bae Kim & Lee; Lee & Ko
Hyundai Securities; Hana Bank; Korea Exchange Bank ; Kookmin Bank; Citibank Korea Inc; Woori Bank; National Agricultural Cooperative Federation; Shinhan Bank; and Korea Finance Corporation Shanghai Automotive Industry Corporation (Group)
4,443
6-Apr-11
SAIC Motor Corporation Limited
SAIC Group (independent auto components assets); SAIC Group (auto service and trading business); and SAIC Group (new energy auto business) Allens Arthur Robinson Seven Media Group Advising seller: Baker & McKenzie; Clayton Utz; Freehills; Simpson Thacher & Bartlett Corrs Chambers Westgarth
4,365
21-Feb-11
West Australian Newspapers Holdings Limited ArcelorMittal; and Peabody Energy Corporation
Kohlberg Kravis Roberts & Co; and Seven Group Holdings Limited
4,123
11-Jul-11
Dechert; Freehills; Henry Davis York (Advising Bank of America Merrill Lynch; UBS Investment Bank); Mallesons Stephen Jaques
Macarthur Coal Limited (83.8% Stake)
3,851
39
Asia-Pacific M&A Overview: League Tables of Legal Advisers

League Table of Legal Advisers to Asia-Pacific (ex. Japan) M&A: Value
Ranking Q1-Q3 2010 11 15 8 14 16 2 19 56 55 5 390 21 37 3 18 82 30 1 25 179 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Allen & Overy Allens Arthur Robinson Simpson Thacher & Bartlett Freehills Linklaters Freshfields Bruckhaus Deringer Baker & McKenzie Hogan Lovells Corrs Chambers Westgarth Sullivan & Cromwell Morgan Lewis & Bockius Latham & Watkins Clayton Utz Debevoise & Plimpton Skadden Arps Slate Meagher & Flom Lee & Ko Gilbert + Tobin Herbert Smith/Gleiss Lutz/Stibbe Blake Dawson Ashurst Q1-Q3 2011 Value (US$m) 49,446 40,887 37,410 34,249 26,631 26,106 24,598 23,917 22,294 20,896 19,883 19,804 18,469 18,232 17,265 15,957 14,745 14,137 12,415 11,189 Deal Count 46 42 16 53 36 26 53 10 20 10 4 16 34 7 22 36 21 11 38 10 Q1-Q3 2010 Value (US$m) 37,620 30,518 39,446 33,812 29,953 63,151 19,653 4,294 4,377 47,468 14,803 7,858 54,305 24,828 2,520 10,178 64,740 11,919 353 % Value Change 31.4% 34.0% -5.2% 1.3% -11.1% -58.7% 25.2% 457.0% 409.3% -56.0% 33.8% 135.0% -66.4% -30.5% 533.2% 44.9% -78.2% 4.2% 3,069.7%
League Table of Legal Advisers to Asia-Pacific (ex. Japan) M&A: Volume

Ranking Q1-Q3 2010 3 1 5 15 6 16 12 20 14 22 10 18 11 17 2 21 7 13 26 8 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Freehills Baker & McKenzie Minter Ellison Allen & Overy Mallesons Stephen Jaques Allens Arthur Robinson Kim & Chang Blake Dawson Linklaters Lee & Ko Clifford Chance Clayton Utz Desai & Diwanji Allen & Gledhill DLA Piper Shin & Kim Norton Rose Jones Day Bae Kim & Lee Freshfields Bruckhaus Deringer Q1-Q3 2011 Value (US$m) 34,249 24,598 8,909 49,446 10,359 40,887 10,618 12,415 26,631 15,957 9,313 18,469 2,571 9,500 4,699 5,166 8,205 6,623 5,505 26,106 Deal Count 53 53 48 46 45 42 40 38 36 36 36 34 33 31 31 30 29 28 27 26 Q1-Q3 2010 Deal Count 51 67 45 28 43 28 34 25 29 24 35 27 35 28 60 24 41 30 19 37 Count Change 2 -14 3 18 2 14 6 13 7 12 1 7 -2 3 -29 6 -12 -2 8 -11
40

League Table of Legal Advisers to Asia-Pacific (ex. Japan) Buyouts*: Value
Ranking
Q1-Q3 2010 Q1-Q3 2011 Q1-Q3 2011 Q1-Q3 2010
League Table of Legal Advisers to Asia-Pacific (ex. Japan) Buyouts*: Volume

Ranking % Value Change 802.2% 1,104.7% 241.0% 95.9% 3,161.0% 94.3% 228.7% 325.2% -57.3% 764.6% -26.1% -18.6% 118.8% 100.7% 21.8% 26 8 19 20
Q1-Q3 2010 Q1-Q3 2011 Q1-Q3 2011 Q1-Q3 2010
Company Name Clifford Chance Johnson Winter & Slattery Simpson Thacher & Bartlett Kadir, Andri & Partners AZB & Partners Weil Gotshal & Manges Clayton Utz Corrs Chambers Westgarth Baker & McKenzie Desai & Diwanji Ropes & Gray Paul Weiss Rifkind Wharton & Garrison Gilbert + Tobin Fangda Partners Qiao & Associates Allen & Gledhill Freehills Kirkland & Ellis J Sagar Associates Skadden Arps Slate Meagher & Flom
Value (US$m) 3,338 2,658 2,289 1,930 1,647 1,569 1,392 1,337 1,267 1,249 1,249 1,182 1,128 1,124 1,049 983 970 862 853 793
Deal Count 5 1 5 1 2 4 3 4 4 6 1 3 5 3 1 6 5 2 1 2
Value (US$m) 370 190 483 801 41 652 380 278 2,641 130 1,330 1,192 394 425 651
Company Name Minter Ellison Desai & Diwanji Allen & Gledhill Trilegal Clifford Chance Simpson Thacher & Bartlett Gilbert + Tobin Freehills Lee & Ko Weil Gotshal & Manges Corrs Chambers Westgarth Baker & McKenzie Shin & Kim Allen & Overy Khaitan & Co DLA Piper Clayton Utz Paul Weiss Rifkind Wharton & Garrison Fangda Partners Jones Day
Value (US$m) 586 1,249 983 182 3,338 2,289 1,128 970 107 1,569 1,337 1,267 614 610 289 283 1,392 1,182 1,124 189
Deal Count 8 6 6 6 5 5 5 5 5 4 4 4 4 4 4 4 3 3 3 3
Deal Count 2 4 3 2 4 2 2 3 1 3 2 3 2 2 1 14 3 2 4
Count Change 6 2 3 4 1 3 3 2 4 1 2 1 2 2 3 -10 0 1 -1
20 27 12 8 46 9 19 23 1 29 5 6 18 17 10
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
25 6 10 29 7 24 18 11 48 12 30 13 27 23 55 2 15
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
41

Legal Advisers to Asia (ex. Japan) M&A: Value
Ranking Q1-Q3 2010 14 8 2 16 62 3 1 13 156 82 46 20 23 6 26 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Linklaters Allen & Overy Freshfields Bruckhaus Deringer Baker & McKenzie Lee & Ko Debevoise & Plimpton Herbert Smith/Gleiss Lutz/Stibbe AZB & Partners Ashurst Vinson & Elkins Hogan Lovells Kim & Chang Mourant Ozannes Cleary Gottlieb Steen & Hamilton Allen & Gledhill Q1-Q3 2011 Value (US$m) 26,294 26,139 20,061 19,348 15,957 12,550 11,779 11,167 11,107 11,085 10,992 10,618 10,390 9,928 9,500 Deal Count 34 27 24 31 36 4 8 24 9 4 9 40 1 7 31 Q1-Q3 2010 Value (US$m) 25,675 37,349 57,229 16,778 2,520 48,500 64,740 29,763 353 1,501 4,014 13,473 10,238 42,074 8,929 % Value Change 2.4% -30.0% -64.9% 15.3% 533.2% -74.1% -81.8% -62.5% 3,046.5% 638.5% 173.8% -21.2% 1.5% -76.4% 6.4%
Legal Advisers to Asia (ex. Japan) M&A: Volume

Ranking Q1-Q3 2010 7 12 10 5 2 8 11 14 9 18 6 1 36 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 Company Name Kim & Chang Lee & Ko Linklaters Desai & Diwanji Baker & McKenzie Allen & Gledhill Shin & Kim Clifford Chance Allen & Overy Bae Kim & Lee Freshfields Bruckhaus Deringer AZB & Partners Khaitan & Co Q1-Q3 2011 Value (US$m) 10,618 15,957 26,294 2,571 19,348 9,500 5,166 8,843 26,139 5,505 20,061 11,167 3,913 Deal Count 40 36 34 33 31 31 30 28 27 27 24 24 23 Q1-Q3 2010 Deal Count 34 24 24 35 50 28 24 22 24 19 34 50 11 Count Change 6 12 10 -2 -19 3 6 6 3 8 -10 -26 12
4
15
14
15
WongPartnership
Jones Day
5,763
5,572
21
21
36
22
-15
-1
Legal Advisers to Greater China M&A: Value

Ranking Q1-Q3 2010 2 15 16 26 3 89 14 63 50 161 18 1 13 36 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Freshfields Bruckhaus Deringer Linklaters Baker & McKenzie Hogan Lovells Cleary Gottlieb Steen & Hamilton Ashurst Allen & Overy Mills & Reeve Freehills Clifford Chance Davies Ward Phillips & Vineberg Skadden Arps Slate Meagher & Flom Herbert Smith/Gleiss Lutz/Stibbe Haiwen & Partners Mayer Brown Q1-Q3 2011 Value (US$m) 15,669 11,542 10,045 9,497 9,495 8,874 8,488 7,908 7,907 7,786 7,721 6,844 5,280 5,158 5,125 Deal Count 14 17 17 5 5 4 13 2 5 20 3 13 5 7 5 Q1-Q3 2010 Value (US$m) 47,707 9,463 6,945 3,818 41,119 337 12,203 670 1,426 34 6,796 52,700 13,535 2,213 0.7% -90.0% -61.9% 131.6% % Value Change -67.2% 22.0% 44.6% 148.7% -76.9% 2,533.2% -30.4% 1,080.1% 446.0%
Legal Advisers to Greater China M&A: Volume

Ranking Q1-Q3 2010 15 10 4 5 2 12 8 19 1 11 29 13 41 36 42 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Clifford Chance Linklaters Baker & McKenzie Jones Day Freshfields Bruckhaus Deringer Allen & Overy Skadden Arps Slate Meagher & Flom Lee and Li Attorneys at Law DLA Piper Fangda Partners Latham & Watkins Slaughter and May Mallesons Stephen Jaques K&L Gates Allen & Gledhill Q1-Q3 2011 Value (US$m) 7,786 11,542 10,045 2,053 15,669 8,488 6,844 5,101 3,882 3,514 4,166 3,070 1,410 882 4,527 Deal Count 20 17 17 17 14 13 13 12 12 12 9 9 9 9 8 Q1-Q3 2010 Deal Count 10 12 26 17 30 11 13 8 32 12 5 10 3 4 3 Count Change 10 5 -9 0 -16 2 0 4 -20 0 4 -1 6 5 5
42

Legal Advisers to Australasian M&A: Value
Ranking Q1-Q3 2010 3 53 2 58 21 10 56 6 8 57 5 1 13 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Allens Arthur Robinson Simpson Thacher & Bartlett Freehills Allen & Overy Corrs Chambers Westgarth Morgan Lewis & Bockius Clayton Utz Latham & Watkins Sullivan & Cromwell Gilbert + Tobin Hogan Lovells Blake Dawson Mallesons Stephen Jaques Skadden Arps Slate Meagher & Flom Cadwalader, Wickersham & Taft Q1-Q3 2011 Value (US$m) 40,887 31,272 26,078 23,827 22,294 19,510 17,015 15,330 15,310 14,745 12,925 11,907 9,882 9,439 9,400 Deal Count 42 6 50 21 20 2 32 3 3 21 1 37 39 6 1 Q1-Q3 2010 Value (US$m) 30,518 337 33,812 271 4,377 7,757 280 11,667 10,178 280 11,919 37,610 6,445 % Value Change 34.0% 9,179.5% -22.9% 8,692.3% 409.3% 119.4% 5,375.0% 31.2% 44.9% 4,516.1% -0.1% -73.7% 46.5% Q1-Q3 2010 1 2 4 3 6 5 10 30 11 9 7 13 12 14 15
Legal Advisers to Australasian M&A: Volume

Ranking Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Freehills Minter Ellison Allens Arthur Robinson Mallesons Stephen Jaques Blake Dawson Clayton Utz Baker & McKenzie Allen & Overy Gilbert + Tobin Corrs Chambers Westgarth Norton Rose McCullough Robertson Clifford Chance Chapman Tripp Johnson Winter & Slattery Q1-Q3 2011 Value (US$m) 26,078 8,909 40,887 9,882 11,907 17,015 6,827 23,827 14,745 22,294 504 839 970 3,704 6,443 Deal Count 50 48 42 39 37 32 28 21 21 20 19 14 12 11 10 Q1-Q3 2010 Deal Count 51 45 28 40 25 26 19 4 18 19 24 13 13 12 10 Count Change -1 3 14 -1 12 6 9 17 3 1 -5 1 -1 -1 0
Legal Advisers to Japanese M&A: Value

Ranking Q1-Q3 2010 5 1 3 6 4 18 147 11 9 17 2 29 Q1-Q3 2011 1 2 3 4 5 6 7 8 9= 9= 11 12 13 14 15 Company Name Nishimura & Asahi Nagashima Ohno & Tsunematsu Shearman & Sterling Simpson Thacher & Bartlett Sullivan & Cromwell Freshfields Bruckhaus Deringer White & Case CMS Bech-Bruun Edwards Wildman Palmer Morrison & Foerster Skadden Arps Slate Meagher & Flom Allen & Overy Mori Hamada & Matsumoto Allen & Gledhill Q1-Q3 2011 Value (US$m) 36,785 35,301 32,102 31,711 26,436 15,866 14,177 13,865 13,740 13,740 11,593 10,121 8,228 6,991 6,029 Deal Count 34 34 15 11 7 11 3 3 1 1 16 9 9 34 5 Q1-Q3 2010 Value (US$m) 16,111 35,228 22,411 15,858 20,264 3,672 5,883 9,644 3,838 33,091 1,227 % Value Change 128.3% 0.2% 43.2% 100.0% 30.5% 332.1% 97.1% 4.9% 114.4% -78.9% 391.4%
Legal Advisers to Japanese M&A: Volume

Ranking Q1-Q3 2010 3 2 1 5 7 8 6 4 16 13 37 20 11 18 9 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Nishimura & Asahi Nagashima Ohno & Tsunematsu Mori Hamada & Matsumoto Anderson Mori & Tomotsune Morrison & Foerster Shearman & Sterling TMI Associates Baker & McKenzie Simpson Thacher & Bartlett Freshfields Bruckhaus Deringer Clifford Chance Jones Day Skadden Arps Slate Meagher & Flom Allen & Overy Davis Polk & Wardwell Q1-Q3 2011 Value (US$m) 36,785 35,301 6,991 4,903 11,593 32,102 3,445 2,368 31,711 15,866 1,724 960 10,121 8,228 4,583 Deal Count 34 34 34 29 16 15 15 13 11 11 11 11 9 9 8 Q1-Q3 2010 Deal Count 30 32 62 16 13 12 14 18 6 9 3 5 10 5 11 Count Change 4 2 -28 13 3 3 1 -5 5 2 8 6 -1 4 -3
43

Legal Advisers to Indian M&A: Value
Ranking Q1-Q3 2010 1 3 2 5 28 8 6 11 17 43 21 55 19 Q1-Q3 2011 1 2 3 4 5 6 7 8= 8= 10 11 12 13 14 15 Company Name AZB & Partners Linklaters Allen & Overy Talwar Thakore & Associates Vinson & Elkins S&R Associates Herbert Smith/Gleiss Lutz/Stibbe Conyers Dill & Pearman Slaughter and May Amarchand & Mangaldas & Suresh A Shroff & Co Khaitan & Co J Sagar Associates Desai & Diwanji Kirkland & Ellis Wadia Ghandy & Co Q1-Q3 2011 Value (US$m) 11,167 9,039 8,693 7,901 7,200 7,150 6,239 5,460 5,460 3,994 3,913 3,305 2,571 2,411 1,846 Deal Count 24 7 3 6 1 7 2 1 1 15 23 10 33 3 3 Q1-Q3 2010 Value (US$m) 29,763 12,158 21,770 10,724 815 9,332 10,700 6,268 3,214 324 1,447 164 1,801 % Value Change -62.5% -25.7% -60.1% -26.3% 783.4% -23.4% -41.7% -36.3% 21.7% 920.1% 77.7% 1,370.1% 2.5% 9 5 11 12 15 16 7 4 39 18 10 5 6 7 8 9 10 11 12 13 14 15 Q1-Q3 2010 2 1 6 3
Legal Advisers to Indian M&A: Volume

Ranking Q1-Q3 2011 1 2 3 4 Company Name Desai & Diwanji AZB & Partners Khaitan & Co Amarchand & Mangaldas & Suresh A Shroff & Co J Sagar Associates Trilegal Linklaters S&R Associates DSK Legal Talwar Thakore & Associates Nishith Desai Associates Tatva Legal P. H. Bathiya & Associates ALMT Legal DLA Piper Q1-Q3 2011 Value (US$m) 2,571 11,167 3,913 3,994 3,305 611 9,039 7,150 273 7,901 592 189 168 165 52 Deal Count 33 24 23 15 10 10 7 7 7 6 6 6 4 4 4 Q1-Q3 2010 Deal Count 35 50 11 21 5 11 4 4 4 3 8 13 2 3 5 Count Change -2 -26 12 -6 5 -1 3 3 3 3 -2 -7 2 1 -1
Legal Advisers to South East Asian M&A: Value

Ranking Q1-Q3 2010 3 39 1 34 10 5 86 2 38 12 75 116 11 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Q1-Q3 2011 Value (US$m) 9,303 7,631 6,818 5,837 5,826 5,182 5,000 3,670 3,605 3,500 3,359 3,088 2,976 2,678 2,496 Deal Count 14 10 26 9 6 5 1 7 18 2 12 5 2 2 9 Q1-Q3 2010 Value (US$m) 5,780 562 8,347 696 3,250 4,084 60 6,971 568 2,887 95 3,023 % Value Change 61.0% 1,257.8% -18.3% 738.6% 79.3% 26.9% 6,016.7% -48.3% 516.2% 16.3% 3,150.5% -17.4%
Legal Advisers to South East Asian M&A: Volume

Ranking Q1-Q3 2010 2 1 3 12 10 14 4 5 86 8 6 24 75 36 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Allen & Gledhill WongPartnership Baker & McKenzie Shook Lin & Bok Singapore Allen & Overy Linklaters Clifford Chance Stamford Law Freshfields Bruckhaus Deringer Norton Rose Lee & Lee Rajah & Tann Kadir, Andri & Partners Mayer Brown Shearman & Sterling Q1-Q3 2011 Value (US$m) 6,818 3,605 9,303 3,359 7,631 5,837 2,496 1,933 3,670 5,826 1,936 1,215 5,182 3,088 1,070 Deal Count 26 18 14 12 10 9 9 8 7 6 6 6 5 5 5 Q1-Q3 2010 Deal Count 27 36 21 5 7 5 13 13 1 8 10 2 1 2 Count Change -1 -18 -7 7 3 4 -4 -5 6 -2 -4 3 4 3
Company Name Baker & McKenzie Allen & Overy Allen & Gledhill Linklaters Norton Rose Kadir, Andri & Partners Thompson & Knight Freshfields Bruckhaus Deringer WongPartnership Jones Day Shook Lin & Bok Singapore Mayer Brown Paul Hastings Rahmat Lim & Partners Clifford Chance
44

Legal Advisers to South Korean M&A: Value
Ranking Q1-Q3 2010 11 1 7 2 5 21 8 50 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11= 11= 11= 14 15 Company Name Lee & Ko Kim & Chang Bae Kim & Lee Shin & Kim Yulchon Akin Gump Strauss Hauer & Feld McDermott Will & Emery Paul Hastings Allen & Overy Vinson & Elkins Arthur Cox Mason Hayes & Curran Wilson Sonsini Goodrich & Rosati Chadbourne & Parke Jipyong & Jisung Attorneys at Law Q1-Q3 2011 Value (US$m) 15,957 10,538 5,599 5,166 2,115 1,983 1,770 1,660 1,605 1,550 1,375 1,375 1,375 1,255 557 Deal Count 36 39 28 30 14 2 2 2 2 1 1 1 1 1 9 Q1-Q3 2010 Value (US$m) 2,520 13,473 3,481 8,198 3,558 509 2,905 70 % Value Change 533.2% -21.8% 60.8% -37.0% -40.6% 226.1% -44.8% 2,114.3% Q1-Q3 2010 1 3 2 4 6 5 7 11 21 47 24 35
Legal Advisers to South Korean M&A: Volume

Ranking Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Kim & Chang Lee & Ko Shin & Kim Bae Kim & Lee Yulchon Jipyong & Jisung Attorneys at Law Yoon & Yang Kim, Choi & Lim Akin Gump Strauss Hauer & Feld McDermott Will & Emery Paul Hastings Allen & Overy Freshfields Bruckhaus Deringer Cleary Gottlieb Steen & Hamilton Blake, Cassels & Graydon Q1-Q3 2011 Value (US$m) 10,538 15,957 5,166 5,599 2,115 557 525 97 1,983 1,770 1,660 1,605 453 433 297 Deal Count 39 36 30 28 14 9 9 5 2 2 2 2 2 2 2 Q1-Q3 2010 Deal Count 32 24 24 17 12 13 9 3 1 1 1 1 Count Change 7 12 6 11 2 -4 -4 -1 1 1 1 1
45
Africa & Middle East M&A Overview

M&A activity in Africa and the Middle East totalled US$ 7.8bn in Q3 2011, slightly up by 1.3% compared to Q3 2010 (US$ 7.7bn) as well as Q2 2011. The last quarter seemed to mark a recovery in quarterly activity after Q2 saw a 48.7% drop from Q1 (US$ 15bn). Deal activity for the year to September closed at US$ 30.5bn, a decrease of 21% compared to the same period in 2010 (US$ 38.6bn).
Africa & Middle East M&A Activity - Quarterly

120 Value ($bn) Volume 100 120 110 150 140 130
90 80 60 70 60 40 50 40 30 20 20 10 0 0
Q1 - Q3 2011 Sector Energy, Mining & Utilities Industrials & Chemicals Consumer Real Estate Technology Financial Services Pharma, Medical & Biotech Business Services Construction Telecommunications Transport Leisure Defence Agriculture Media Total Value ($bn) 10.2 6.3 4.1 3.9 1.9 1.6 1.3 0.7 0.2 0.1 0.1 0.1 0.1 0.0 0.0 30.5 Market share 33.5% 20.5% 13.5% 12.7% 6.3% 5.1% 4.2% 2.2% 0.6% 0.4% 0.4% 0.3% 0.2% 0.0% 0.0% Deal count 30 37 36 6 22 23 16 18 7 4 6 5 2 1 0 213 Value ($bn) 6.2 2.0 1.5 2.0 0.8 5.3 0.4 3.2 0.7 11.9 1.0 3.2 0.1 0.2 0.0 38.6
46
tr1
Q1 - Q3 2010 Market share 16.2% 5.3% 3.9% 5.2% 2.0% 13.7% 1.1% 8.3% 1.7% 30.9% 2.5% 8.2% 0.3% 0.5% 0.1% Deal count 37 37 23 10 24 32 12 19 10 7 5 7 3 5 2 233
change Value (%) 64.0% 207.0% 171.9% 94.4% 143.9% -70.4% 194.9% -78.6% -74.1% -98.9% -87.4% -97.0% -48.9% -92.6% -100.0% -20.8% Deal count -7 0 13 -4 -2 -9 4 -1 -3 -3 1 -2 -1 -4 -2 -20
Volume of Deals
Freshfields Bruckhaus Deringer topped the legal advisory league table by deal value in Q1-Q3 2011, moving up seven positions from its Q1 to Q3 2010 ranking.
80
100
Africa & Middle East M&A Overview: Top Deals

Activity Table of Africa & Middle East M&A for Q1-Q3 2011
Announced Date 11-Jan-11 Bidder Company China National Chemical Corporation Bidder Legal Advisor GKH Law Offices; Simpson Thacher & Bartlett Target Company Makhteshim Agan Industries Limited (60% Stake) Target/Seller Legal Advisor Goldfarb, Levy, Eran, Meiri & Co; Herzog, Fox and Neeman; Kirkland & Ellis Norton Rose Seller Company Deal Value (US$m) 2,508
25-Jan-11
Capital Property Fund
Java Capital
Pangbourne Properties Ltd
1,770
5-Jul-11
Jinchuan Group International Resources Co Ltd
Allen & Overy; Edward Nathan Sonnenbergs
Metorex Limited
DLA Cliffe Dekker Hofmeyer
1,393
14-Feb-11
Growthpoint Properties Ltd; and Public Investment Corporation Ltd
DLA Cliffe Dekker Hofmeyer; Glyn Marais
V&A Waterfront Holdings Ltd
Werksmans
London & Regional Properties Ltd; and Istithmar World Capital
1,341
26-Sep-11
Tronox Incorporated
Blake Dawson; Bowman Gilfillan; Cravath Swaine & Moore (Advising Moelis & Company); Kirkland & Ellis; Werksmans
Namakwa Sands and KZN Sands mines and smelters (74% Stake); and Tiwest Joint Venture (50% Stake) Oil Mining Lease 30 (45% Stake)
Advising seller: Freehills; Norton Rose; Orrick Herrington & Sutcliffe
Exxaro Resources Limited
1,301
25-May-11
Conoil Plc
The Shell Petroleum Development Company of Nigeria Limited; Elf Petroleum Nigeria Limited; and Nigerian Agip Oil Company Limited DLA Cliffe Dekker Hofmeyer
1,250
08-Apr-11*
Vale SA
Fasken Martineau; Webber Wentzel
Metorex Limited
1,164
8-Feb-11 29-Jan-11
Mvelaphanda Resources Limited (shareholders) Centurion Investment Company
Northam Platinum Ltd (50.4% Stake) NMC Healthcare LLC (40% Stake)
Werksmans; Advising seller: Bowman Gilfillan
Mvelaphanda Resources Limited
1,129 1,089
19-Feb-11
Vitol Holding BV; Helios Investment Partners LLP
Anjarwalla & Khanna Advocates; Clifford Chance; De Brauw Blackstone Westbroek; Skadden Arps Slate Meagher & Flom
Royal Dutch Shell plc (Downstream Businesses In Africa) (80% Stake)
Advising seller: Allen & Overy
Royal Dutch Shell plc
1,000
* Lapsed deal
47
Africa & Middle East: League Tables of Legal Advisers

League Table of Legal Advisers to Africa & Middle East M&A: Value
Ranking Q1-Q3 2010 9 2 22 13 33 16 20 1 31 7 44 61 30 97 26 66 8 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Freshfields Bruckhaus Deringer Linklaters Skadden Arps Slate Meagher & Flom Kirkland & Ellis DLA Cliffe Dekker Hofmeyr Latham & Watkins Dewey & LeBoeuf Fried Frank Harris Shriver & Jacobson Allen & Overy Werksmans Edward Nathan Sonnenbergs Norton Rose Herzog, Fox and Neeman Bowman Gilfillan Goldfarb, Levy, Eran, Meiri & Co Uria Menendez GKH Law Offices Simpson Thacher & Bartlett Baker & McKenzie Webber Wentzel Q1-Q3 2011 Value (US$m) 12,977 11,602 9,523 8,389 8,216 7,686 6,754 6,485 6,310 5,800 4,128 3,938 3,246 3,070 2,943 2,828 2,824 2,808 2,593 2,505 Deal Count 9 10 5 7 19 3 5 2 7 20 12 8 14 11 2 1 5 2 3 11 Q1-Q3 2010 Value (US$m) 6,264 16,632 2,457 4,933 1,471 3,009 2,693 16,848 1,672 9,637 668 263 1,739 32 2,138 200 8,265 % Value Change 107.2% -30.2% 287.6% 70.1% 458.5% 155.4% 150.8% -62.5% 246.9% -57.2% 489.5% 1,134.2% 76.5% 9,096.9% 31.3% 1,196.5% -69.7% 33 20
League Table of Legal Advisers to Africa & Middle East M&A: Volume
Ranking Q1-Q3 2010 5 2 27 6 7 1 3 11 9 21 53 4 14 57 12 16 109 Q1-Q3 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Company Name Werksmans DLA Cliffe Dekker Hofmeyr Herzog, Fox and Neeman Edward Nathan Sonnenbergs Bowman Gilfillan Webber Wentzel Linklaters Freshfields Bruckhaus Deringer Norton Rose Clifford Chance Kirkland & Ellis Allen & Overy DLA Piper Skadden Arps Slate Meagher & Flom Dewey & LeBoeuf GKH Law Offices Gibson Dunn & Crutcher Hogan Lovells Wilson Sonsini Goodrich & Rosati Freehills Q1-Q3 2011 Value (US$m) 5,800 8,216 3,246 4,128 3,070 2,505 11,602 12,977 3,938 2,114 8,389 6,310 792 9,523 6,754 2,824 1,248 468 337 2,027 Deal Count 20 19 14 12 11 11 10 9 8 8 7 7 6 5 5 5 5 5 5 4 Q1-Q3 2010 Deal Count 10 14 3 9 9 14 12 6 8 4 1 10 6 1 6 5 1 2 Count Change 10 5 11 3 2 -3 -2 3 0 4 6 -3 0 4 -1 0 4 2
48
Criteria
The global Q1-Q3 2011 house league tables are based on announced transactions over US$5m in the period from 1 January 2011 to 30 September 2011. Deals with undisclosed deal values are included where the targets turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$ 100m. Activities excluded from the league tables include property transactions and restructurings where the ultimate shareholders interests are not changed. League tables are based on the dominant geography of the target, bidder or seller. The trend graphs and pie charts are based on the dominant industry and/or dominant geography of the target and include announced transactions over US$ 5m in the given time period. Deals with undisclosed deal values are included where the targets turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$ 100m. Activities excluded from the graphs and charts include property transactions and restructurings where the ultimate shareholders interests are not changed. The top deals tables are based on announced transactions between 1 January 2011 and 30 September 2011 and are based on dominant geography of the target only. All data excludes minority stake deals (10% - 30%) where dominant target geography is Asia-Pacific and the deal value is less than US$ 100m. Unless stated otherwise, all data includes lapsed and withdrawn bids. All data correct as of 6 October 2011. Germanic: Nordic: Benelux: Iberia: CEE: Germany, Austria and Switzerland Denmark, Sweden, Finland, Norway, Faroe Islands, Greenland and Iceland Belgium, the Netherlands and Luxembourg Portugal and Spain Armenia, Azerbaijan, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Hungary, Latvia, Lithuania, Macedonia, Moldova, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Ukraine llinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Wisconsin Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont Alabama, Arkansas, Delaware, District of Columbia, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, West Virginia Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming China, Hong Kong, Macau, Taiwan Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, Vietnam
US (Mid-West): US (North East): US (South): US (West): Greater China: South East Asia:
Criteria: http://www.mergermarket.com/pdf/deal_criteria.pdf
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About mergermarket
mergermarket is a mergers & acquisitions (M&A) intelligence service. mergermarket is part of The Mergermarket Group which has over 450 employees worldwide and regional head offices in New York, London and Hong Kong. In any market, the life blood of advisers is deal flow. mergermarket is unique in the provision of origination intelligence to the investment banking, legal, private equity, acquisition finance, public relations (PR) and corporate markets. With an unrivalled network of analysts covering M&A in the Americas, Europe, Middle-East, Africa and Asia-Pacific, mergermarket generates proprietary intelligence and delivers it together with daily aggregated content, on its mergermarket.com platform and by real-time email alerts to subscribers. This wealth of intelligence, together with a series of deal databases, individual and house league tables, profiles and editorial have proven time and time again that this product can and does generate real revenues for clients. This is apparent when you see that mergermarket is used by over 1500 of the worlds foremost advisory firms to assist in their origination process.
Contact: Europe: Flora Wilke flora.wilke@mergermarket.com Tel: +44 207 059 6348 Americas: Dara Silverstein dara.silverstein@mergermarket.com Tel: +1 646 378 3118 Asia-Pacific: Michel Chau michel.chau@mergermarket.com Tel: +852 2158 9706
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Merger Market: Legal Advisers To M&A For Q1-Q3 2011

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Merger Market: Legal Advisers To M&A For Q1-Q3 2011

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press release

Americas: Dara Silverstein

Asia-Pacic: Michel Chau

mergermarket League Tables of Legal Advisers to M&A for Q1-Q3 2011

PRESS CONTACTS: EMEA: Flora Wilke

Americas: Dara Silverstein

Asia-Pacific: Michel Chau

Global M&A Overview

Global M&A Activity - Quarterly

Value of Deals ($bn)

3,000 2,750 2,500 2,250

700 600 500 400 300 200 100 0

2,000 1,750 1,500 1,250 1,000 750 500 250 0

Value of Deals (US$bn)

Value of Deals ($bn)

900 800 700 600 500 400 300

mega deals (over $10,001bn)

Global Cross Border M&A Analysis - Value

Global M&A Overview: Industry and Geography Breakdown

Mix of Announced Deals by Geographic Region Q1-Q3 2011 - Value

Mix of Announced Deals by Geographic Region Q1-Q3 2011 - Volume

North America 31.9%

Central & Eastern Europe 4.8%

Northern Europe 5.6%

Southern Europe 6.2%

Central & South America 4.9%

Western Europe 17.9% Central & South America 5.6%

Western Europe 24.8%

Global M&A Overview: Top Deals

Express Scripts Inc

Medco Health Solutions Inc

Duke Energy Corporation

Progress Energy Inc

Nippon Steel Corporation

Sumitomo Metal Industries Ltd (90.6% Stake) Synthes GmbH

Johnson & Johnson

United Technologies Corporation

AMB Property Corporation

Cargill Inc (Shareholders)

The Mosaic Company (40% Stake)

BHP Billiton Ltd Marathon Oil Corporation (Shareholders)

Morgan Lewis & Bockius; Sullivan & Cromwell

Petrohawk Energy Corporation Marathon Petroleum Corporation

Global M&A Overview: Mid-market M&A Activity

Global Mid-Market M&A Activity - Quarterly

Global Mid-Market Legal Adviser League Tables Q1-Q3 2011: Value

Mid Market M&A Industry Breakdown Q1-Q3 2011 - Value

Energy, Mining & Utilities 23.3%

Global M&A Overview: Private Equity Buyouts

Global Private Equity Buyout Activity - Quarterly

250 20% 200 15% 150 10% 100

Global Debt Financing Ratios Trend (US$200m+ buyouts, excluding buy-ins)

60% 5 50% 4 40% 3 30% 2 20%

0 2004 2005 2006 2007 2008 2009 2010 Q1-Q3 2011

Debt/Total Funding (%)

Percentage of Global M&A

Value of Deals ($bn)

Global M&A Overview: Private Equity Exits

Trade Sales vs SBO Exit Activity - Quarterly

Deal Value (US$m)

Global PE Exit Trend Average & Median Deal Value

Percentage of Total Exits (excl. IPOs)