Mergermarket Q32013 LegalAdvisorM&ATrendReport

Mergermarket Q1 - Q3 M&A Trend Report
Including League Tables of Legal Advisors
October 2013
Spotlight
Mergermarket Q1-Q3 2013 Report
www.mergermarket.com
Contents
Global overview Global legal advisor league tables Global private equity: Buyouts overview and league tables Global private equity: Exits overview Global deal size and Mid-market analysis Global consideration and Multiples & premiums analysis Europe: Overview Europe: Financial Advisor League Tables US: Overview US: Financial Advisor League Tables Asia-Pacific (excl. Japan): Overview Asia-Pacific (excl. Japan): Financial Advisor League Tables Japan: Overview Japan: Financial Advisor League Tables Africa & Middle East: Overview Africa & Middle East: Financial Advisor League Tables Criteria What can Mergermarket do for you
P3-5 P6 P7-9 P 10 - 11 P 12 P 13 P 14 - 16 P 17 - 27 P 28 - 30 P 31 - 36 P 37 - 39 P 40 - 44 P 45 - 47 P 48 P 49 - 51 P 52 P 53 P 54
Press Contacts:
EMEA: Flora Wilke Flora.Wilke@mergermarket.com Tel: +44 207 010 6348 Americas: Chrissy Carney Chrissy.Carney@mergermarket.com Tel: +1 646 378 3118 Asia-Pacific: Jessica Chan Jessica.Chan@mergermarket.com Tel: +852 2158 9706
Deal Submission Contacts:

EMEA: Nancy Honsinger Nancy.Honsinger@mergermarket.com Tel: +44 207 010 6227 Americas: Richard Myers Richard.Myers@mergermarket.com Tel: +1 212 500 1393 Asia-Pacific: Fidelia Liu Fidelia.Liu@mergermarket.com Tel: +852 2158 9723
Global: Overview of Q1 - Q3 2013

For the first time in 2013, Q1 Q3 Global M&A was up compared to the same period in 2012 at US$ 1,606.7bn versus US$ 1,522.8bn (5.5% increase) Davis Polk & Wardwell (US$ 281.4bn) jumped nine places to lead the legal advisor league table by value from tenth position in Q1 Q3 2012
Quarterly M&A Growth Comparison

4,000 Annual M&A Value Q3 M&A value
3,668.4
1,400 1,200
Quarterly M&A Trend Breakdown

4,500 4,000
Q2 M&A Value
Q1 M&A Value
3,500 1,000 3,000
3,500
Value of Deals (US$bn)
2,500
3,000
600
2,000
849
1,500 400 1,000 200
2,500
500
2,407.6 2,250.9 2,089.2 2,273.1

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0
2,000
1,276.7 683.2 1,710.3

587.7
European M&A
US M&A
Asia-Pacific (excl. Japan M&A)
RoW M&A
Number of Deals
1,606.7 502.5
643.8
1,500 492.6 677.1

1,000
Global M&A in Q1 Q3 was valued at US$ 1,606.7bn which represented a 5.5% increase compared to Q1 Q3 2012 (US$ 1,522.8bn). Global M&A has increased gradually for the last three years and 2013 is on target to continue the trend and potentially see the highest total since 2008 (US$ 2,407.6bn) Growing boardroom confidence has been reflected in consistent quarterly increases in M&A value during 2013. Q3 (US$ 643.8bn) was up 22.7% on Q2 (US$ 524.6bn) and 46.9% higher than Q1 (US$ 438.3bn)
326.4 429.4
580.8 558.9 524.6
809.8
395.9
500
589.9 419.3 459.3
613.2 461.4 438.3
Q3 2013 also rebounded 28.1% from Q3 2012 (US$ 502.5bn) thanks to post-summer deal announcements in September (US$ 285.4bn), the highest valued month so far this year (previous highest month was December valued at US$ 286.3bn) Both the US and Europe registered deal values in Q1 Q3 2013 that were above Q1 Q3 2012 the US (US$ 654.5bn) accounted for a 40.7% market share of global M&A followed by Europe (US$ 478.7bn) with 29.8%
3 www.mergermarket.com
2007
2008
2009
2010
2011
2012
2013
Number of Deals
800
Global: Industry and Cross-Border Analysis

Q1 - Q3 2013 vs (Q1 - Q3 2012) Value and Market Share Comparison
Business Services: US$ 65.7bn (US$ 78.2bn)
Global Cross-Border Analysis

Q1 Q3 2013s cross-border deals were valued at US$ 559.4bn, a 7.9% decrease compared to Q1 Q3 2012 (US$ 607.2bn) despite gaining traction each quarter. Q3 (US$ 224.2bn) was the most active quarter during Q1 Q3 2013, up 21.7% on Q2 (US$ 184.2bn), and up 8.4% on Q3 2012 (US$ 206.8bn) With US domestic deals accounting for half of the highest valued deals so far this year, cross-border deals accounted for a little less towards global M&A in Q1 Q3 2013 compared to Q1 Q3 2012, a 34.8% market share was slightly behind the 41.2% seen last year Total deal value for transatlantic deals during Q1 Q3 2013 (US$ 312.3bn) was 11.5% higher than during Q1 Q3 2012 (US$ 280.2bn) and featured in four of the top ten crossborder deals. Q3 (US$ 204.1bn) was the highest valued quarter for transatlantic deals since Q2 2007 (US$ 232.8bn) Europe was the most targeted region for cross-border activity between countries with deals valued at US$ 100bn which was a 44.6% market share. North America followed with a 22.3% market share for cross-border deals valued at US$ 50bn
1,400 Global M&A Value Cross-Border Value Global Number of Deals 1,200 Cross-Border Number of Deals 4,000 4,500
Consumer: US$ 193.9bn (US$ 205.7bn)
3.1%
3.3%
4.1% 12.1%
Energy, Mining & Utilities: US$ 297.8bn (US$ 390.2bn)
Q1 - Q3 2013
Financial Services: US$ 144.7bn (US$ 163.4bn)
3.0% 5.1% 2.5%

13.5%
Industrials & Chemicals: US$ 141.6bn (US$ 207.3bn)
27.7%
3.6%
Q1 - Q3 2012
13.5%
Leisure: US$ 26.4bn (US$ 34.2bn)
6.5% 2.2%
25.6% 13.6%
18.5%
Pharma, Medical & Biotech: US$ 126.1bn (US$ 99.5bn)
Real Estate: US$ 63.4bn (US$ 54.6bn)
3.9%
TMT: US$ 445.6bn (US$ 205.9bn)
10.7%
9.0%
7.8% 1.6%
Transport: US$ 49.2bn (US$ 38.1bn)
8.8%
Other: US$ 52.3bn (US$ 45.9bn)

1,000
3,500
800
2,500
The TMT sector accounted for 27.7% of total deal values in Q1 Q3 2013 with the largest deal on record (Verizon/Vodafone valued at US$ 124.1bn) adding 27.9% to TMT M&A. The deal further contributed to heavy consolidation in the sector, with seven of the top deals in Q1 Q3 2013 featuring TMT companies as targets. Even with the exclusion of the Verizon deal, TMT would still have been the sector with the largest increase at 56.1% Of the other three sectors showing increased value on Q1 Q3 2012, Pharma, Medical & Biotech (US$ 126.1bn) and Transport (US$ 49.2bn) were the only two showing increases in all three major regions. Globally, both sectors were up 26.7% and 29.1%, respectively. TMT has not picked up in Asia-Pacific and Real Estate M&A is yet to recover in the US
Mergermarket Q1-Q3 2013 Report 4
600
2,000
1,500 400 1,000
200
500
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Number of Deals
This year will be remembered as the year of the TMT sector (US$ 445.6bn), with deal totals at a six-year high (since 2007, valued at US$ 502.1bn), 40.5% higher than the total value in 2012 (US$ 317.1bn). The sector increased 116.4% on Q1 Q3 2012 (US$ 205.9bn)
3,000
Global: Top 10 Deals

Announced Date 02-Sep-13 Bidder Company Verizon Communications Inc Bidder Legal Advisor Jones Day; Macfarlanes; Wachtell, Lipton, Rosen & Katz; Advising FA: Davis Polk & Wardwell; Debevoise & Plimpton; Weil Gotshal & Manges Freshfields Bruckhaus Deringer; Kirkland & Ellis; Munger Tolles & Olson Hogan Lovells; Ropes & Gray; Shearman & Sterling; Advising FA: Latham & Watkins; O'Melveny & Myers Cleary Gottlieb Steen & Hamilton; Clifford Chance; Robles Miaja Abogados Blake, Cassels & Graydon; Clifford Chance; Fangda Partners; Maples & Calder; Simpson Thacher & Bartlett;Wachtell, Lipton, Rosen & Katz; Advising FA: Sullivan & Cromwell; White & Case Darrois Villey Maillot Brochier; NautaDutilh; Wachtell, Lipton, Rosen & Katz Davis Polk & Wardwell; Freshfields Bruckhaus Deringer; Willkie Farr & Gallagher Target Company Verizon Wireless Inc (45% Stake) Target/Seller Legal Advisor Advising seller: De Brauw Blackstone Westbroek; Simpson Thacher & Bartlett; Slaughter and May Davis Polk & Wardwell; Wachtell, Lipton, Rosen & Katz; Advising FA: O'Melveny & Myers; Sullivan & Cromwell; Willkie Farr & Gallagher Fried Frank Harris Shriver & Jacobson; Milbank Tweed Hadley & McCloy; Advising FA: Cravath, Swaine & Moore Allen & Overy Deal Seller Company Vodafone Group Plc Value (US$m) 124,100
14-Feb-13
Berkshire Hathaway Inc; and 3G Capital Partners
H.J. Heinz Company
27,362
06-Feb-13
Liberty Global Inc
Virgin Media Inc
24,983
09-Aug-13
America Movil SAB de CV Silver Lake Partners LP; and Michael Dell (private investor)
Koninklijke KPN NV (70.23% Stake) Dell Inc
22,686
05-Feb-13
Alston & Bird; Debevoise & Plimpton; Hogan Lovells; Advisng FA: Davis Polk & Wardwell; Latham & Watkins; Weil Gotshal & Manges
20,169
28-Jul-13
Publicis Groupe SA
Omnicom Group Inc
De Brauw Blackstone Westbroek; Latham & Watkins; Advising FA: Jones Day Advising seller: Weil Gotshal & Manges General Electric Company
19,369
12-Feb-13
Comcast Corporation
NBCUniversal Media LLC (49% Stake)
16,700
15-Apr-13
Thermo Fisher Scientific Inc
Blake, Cassels & Graydon; Russell McVeagh; Slaughter and May; Wachtell, Lipton, Rosen & Katz; WilmerHale; Advising FA: Latham & Watkins
Life Technologies Corp
Cravath, Swaine & Moore; Norton Rose Fulbright; Advisnig FA: Fried Frank Harris Shriver & Jacobson
15,008
08-Apr-13 24-Jun-13
Russian Grids OAO Vodafone Group Plc Linklaters
Federal Grid Company of Unified Energy System OAO (79.64% Stake) Kabel Deutschland Holding AG Hengeler Mueller
The Federal Agency for State Property Management
14,375 13,678
Global: Legal Advisor League Tables

League Table of Legal Advisors to M&A by Value: Global
Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Global

Q1 - Q3 2012
Value (US$m) % Val. Change
Q1 - Q3 2013
Company Name Value (US$m) Deal Count
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
Deal Count Count Change
2012
Q1-Q3
2013
2012
Q1-Q3
2013
10 16 11 12 5 14 63 21 2 3 218 6 1 8 9 4 15 20 7 28
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Davis Polk & Wardwell Wachtell, Lipton, Rosen & Katz Simpson Thacher & Bartlett Weil Gotshal & Manges Latham & Watkins Jones Day De Brauw Blackstone Westbroek Slaughter and May Skadden Arps Slate Meagher & Flom Freshfields Bruckhaus Deringer Macfarlanes Sullivan & Cromwell Clifford Chance White & Case Allen & Overy Linklaters Kirkland & Ellis Cravath, Swaine & Moore Cleary Gottlieb Steen & Hamilton Hogan Lovells
281,376 270,581 247 ,426 241,502 230,240 221,111 193,350 166,394 144,243 131,671 130,410 126,137 110,989 110,005 109,850 104,244 100,982 86,605 83,934 78,751
83 52 83 109 196 169 46 41 133 147 20 61 148 142 157 158 190 32 65 111
109,004 92,527 105,221 102,224 147 ,872 95,370 20,983 56,781 218,957 205,679 3,096 127 ,286 233,164 117 ,915 113,434 165,249 93,283 74,866 126,312 49,056
158.1% 192.4% 135.1% 136.2% 55.7% 131.8% 821.5% 193.0% -34.1% -36.0% 4,112% -0.9% -52.4% -6.7% -3.2% -36.9% 8.3% 15.7% -33.6% 60.5%
1 3 4 2 5 6 7 8 10 12 9 14 11 15 13 40 28 24 23 17
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
DLA Piper Latham & Watkins Kirkland & Ellis Jones Day Baker & McKenzie Linklaters Allen & Overy Clifford Chance Freshfields Bruckhaus Deringer White & Case Skadden Arps Slate Meagher & Flom CMS Norton Rose Fulbright Hogan Lovells Weil Gotshal & Manges O'Melveny & Myers Davis Polk & Wardwell Simpson Thacher & Bartlett Shearman & Sterling Herbert Smith Freehills
20,381 230,240 100,982 221,111 41,674 104,244 109,850 110,989 131,671 110,005 144,243 21,160 38,933 78,751 241,502 75,492 281,376 247 ,426 72,767 51,836
247 196 190 169 160 158 157 148 147 142 133 123 113 111 109 88 83 83 81 80
261 218 211 223 202 180 177 163 150 144 151 121 149 119 129 62 80 87 88 99
-14 -22 -21 -54 -42 -22 -20 -15 -3 -2 -18 2 -36 -8 -20 26 3 -4 -7 -19
Global Private Equity: Buyouts Overview

Q3 marked the second quarterly decrease by value but Q1 Q3 2013 (US$ 215.8bn) buyout activity exceeded Q1 Q3 2012 (US$ 193.4bn), up 11.6% Kirkland and Ellis topped the legal advisor league tables by value and volume with 68 deals values at US$ 49.2bn
Private Equity Buyouts - Geography Breakdown

900 800 25% 700 600 500 15% 400 300 200 5% 100 0 0% 10% 20% 30%
Corporations appetite to utilize cheap debt manifested itself in an average leverage ratio of 61.8% (for buyouts valued above US$ 200m), a post-financial-crisis high (2007 was 67.6%) Optimism surrounding the Technology sector was exemplified by the US$ 8.2bn management-led buyout of Activision Blizzard from Vivendi, the largest buyout this quarter. Technology buyouts worth US$ 45.4bn in Q1 Q3 2013 have surpassed all previous yearly totals on Mergermarket record (since 2001) Canadian Pension Plan Investment Board tied up with Ares Management to acquire the Neiman Marcus Group for US$ 6bn, a vote of confidence in the prospects of luxury retailers amid the USs mounting economic recovery
Percentage of Global M&A
Debt/EBITDA and Debt-to-total funding

7 Debt/EBITDA (x) Debt-to-total funding 6 70% 80%
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Europe (Value)
US (Value)
Asia-Pacific ex Japan (Value)
Rest of the World (Value)
Buyouts (% of Total M&A)
Total buyout values through Q1 Q3 2013 (US$ 215.8bn) were up 11.6% compared Q1 Q3 2012 (US$ 193.4bn) despite two quarterly decreases in value Global private equity buyout value dropped for the second straight quarter in Q3 to US$ 59.6bn, down 9.2% compared to Q2 (US$ 65.6bn). Q3 2013 became the weakest quarter by value in 18 months (Q1 2012 valued at US$ 54.3bn) The sole bright spot for buyout activity in Q3 came in the US, which was the only region to see an increase in activity compared to Q2 2013 with a 39.2% increase to US$ 29.1bn from US$ 20.9bn. This strength mirrors aggregate M&A value in the country, total M&A and buyout value in the US are on course for a fourth successive yearly increase since the collapse of Lehman Brothers
Debt/EBITDA Multiple (x)
50% 4 40% 3 30% 2
20%
10%
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
0%
Debt/Total Funding (%)
60%
Global Private Equity: Top Buyout Deals

Announced Date 14-Feb-13 Bidder Company Berkshire Hathaway; and 3G Capital Partners Bidder Legal Advisor Freshfields Bruckhaus Deringer; Kirkland & Ellis; Munger Tolles & Olson Target Company H.J. Heinz Company Target/Seller Legal Advisor Wachtell Lipton Rosen & Katz; Davis Polk & Wardwell; Advisng FA: O'Melveny & Myers; Sullivan & Cromwell; Willkie Farr & Gallagher Deal Seller Company Value (US$m) 27,362
05-Feb-13
Silver Lake Partners LP; and Michael Dell (private investor)
Wachtell Lipton, Rosen & Katz; Blake Cassels & Graydon; Clifford Chance; Fangda Partners; Maples & Calder; Simpson Thacher & Bartlett; Advising FA: Sullivan & Cromwell; White & Case Latham & Watkins; Sullivan & Cromwell
Dell Inc
Debevoise & Plimpton; Hogan Lovells; Alston & Bird; Advising FA: Davis Polk & Wardwell; Latham & Watkins; Weil Gotshal & Manges Skadden Arps Slate Meagher & Flom; Wachtell, Lipton, Rosen & Katz; Gibson Dunn & Crutcher; Advising FA: Kirkland & Ellis Paul Weiss Rifkind Wharton & Garrison; Wachtell, Lipton Rosen & Katz; Advising FA: Weil Gotshal & Manges; Davis Polk & Wardwell Cleary Gottlieb Steen & Hamilton TPG Capital LP; Warburg Pincus LLC; and Leonard Green & Partners LP Vivendi SA
20,169
25-Jul-13
Activision Blizzard Inc; Bobby Kotick (private investor); and Brian Kelly (private investor) Bain Capital LLC; GIC Special Investments Pte Ltd; Golden Gate Capital; and Insight Venture Partners Canada Pension Plan Investment Board; and Ares Management LLC
Activision Blizzard Inc (53.75% Stake)
8,169
06-May-13
Arthur Cox; Kirkland & Ellis; Loyens & Loeff; Sidley Austin; Skadden Arps Slate Meagher & Flom; Willkie Farr & Gallagher Latham & Watkins; Proskauer Rose; Torys
BMC Software Inc
6,535
09-Sep-13
Neiman Marcus Group Inc
6,000
Global: Legal Advisor League Tables to Buyouts

League Table of Legal Advisors to Private Equity Buyouts by Value: Global
Ranking
Q1-Q3
League Table of Legal Advisors to Private Equity Buyouts by Volume: Global

Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
7 3 5 12 36 1 14 37 59 16 6 13 83 28 373 163 11 92
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Kirkland & Ellis Simpson Thacher & Bartlett Freshfields Bruckhaus Deringer Munger Tolles & Olson Clifford Chance White & Case Latham & Watkins Wachtell, Lipton, Rosen & Katz Fangda Partners Maples & Calder Blake, Cassels & Graydon Sullivan & Cromwell Linklaters Torys Herbert Smith Freehills Kim & Chang Proskauer Rose Arthur Cox Davis Polk & Wardwell PwC legal
49,209 37 ,641 36,833 27 ,362 26,741 26,126 24,323 20,980 20,458 20,419 20,169 9,521 8,092 7 ,905 7 ,718 6,728 6,587 6,535 5,280 5,255
68 24 18 2 29 18 33 4 3 2 4 3 32 5 11 16 4 2 5 8
11,624 16,541 13,755 8,034 2,605 25,397 7 ,784 2,580 1,504 7 ,236 13,377 7 ,797 963 4,420 111 8,823 799
323.3% 127 .6% 167 .8% 232.8% 902.9% -4.2% 169.5% 693% 1,241% 31.6% -39.5% 1.4% 701.5% 52.2% 5,787% -40.2% 557 .7%
1 2 7 5 9 6 3 20 8 10 17 12 4 33 23 43 16 22 13 15
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Kirkland & Ellis Latham & Watkins Linklaters Clifford Chance DLA Piper Simpson Thacher & Bartlett Weil Gotshal & Manges Allen & Overy SJ Berwin Freshfields Bruckhaus Deringer White & Case Ropes & Gray Jones Day Kim & Chang Willkie Farr & Gallagher Goodwin Procter Skadden Arps Slate Meagher & Flom CMS Paul Hastings Baker & McKenzie
49,209 24,323 8,092 26,741 1,974 37 ,641 4,316 3,355 943 36,833 26,126 3,620 1,674 6,728 3,331 736 3,899 331 680 358
68 33 32 29 29 24 23 19 19 18 18 18 17 16 16 16 15 14 13 13
21 14 5 10 17 34 14 10 21 11 9 2 7 10 7 8 14 7 9 15
1 4 12 6 -1 -18 1 4 -7 2 3 9 3 0 2 1 -6 1 -1 -8
Global Private Equity: Exits Overview

Modest exit activity in Q3 (US$ 69.8bn) puts 2013 on target to hit a four year low with Q1 Q3 (US$ 177.8bn) value down 20.6% on Q1 Q3 2012 (US$ 223.8bn)
Trade Sales vs Secondary Buyouts (SBOs)

450 400 350 300 250 200 150 100 50 0 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
Percentage of Total Exits (excl. IPOs)
All five highest-valued exits so far this year have been Secondary Buyouts (SBOs), thanks to resurgent US and European equity markets. Nevertheless, SBOs dropped 6.1% in value from Q2 2013 (US$ 26.1bn) to US$ 24.5bn in Q3 2013. In Q1 Q3 2013, SBO activity was down 9.2% at US$ 58.3bn, compared to US$ 64.2bn in Q1 Q3 2012 Trade Sale exits so far this year (US$ 119.5bn) were down 25.1% by value from this time last year (US$ 159.6bn). Their market share of all private equity exits was 67.2%, the lowest proportion since 2007 (55.9%), suggesting corporations reluctance to deploy their substantial cash reserves to snap up peers: Trade Sale exits in Q3 decreased 1.7% to US$ 45.3bn from US$ 46.1bn in Q2 2013 Exits from Technology companies, which has historically been ripe with exits, declined 32.4% in value from Q1 - Q3 2012 (US$ 31.5bn) to US$ 21.3bn in Q1 Q3 2013 even though the sector has been commanding high valuations in global M&A
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Exit Geography Breakdown
SBOs (Value)
Trade Sales (Value)
Trade Sales (% of total exits)
SBOs (% of total exits)
North America 50.9%
Exits in Q1 Q3 2013 (US$ 177.8bn) were down 20.6% on Q1 Q3 2012 (US$ 223.8bn), leaving 2013 positioned to reach the lowest annual value and volume since 2009 (US$ 92.7bn, 800 exits) Exits in Q3 2013 stood at US$ 69.8bn, a decrease of 3.3% from Q2 2013 (US$ 72.2bn) and down 4.1% compared to Q3 2012 (US$ 72.8bn) The slowdown in activity comes as no surprise, as for the previous six years quarter-onquarter comparisons show that Q3 registered a drop compared to Q2 on every occasion. What is surprising however is the fact that over the last two years, Q4 has shown lower activity levels than Q3. Should this trend continue, then 2013s decline is even more likely
Central & South America 0.3%

South & Central Asia 1.2% South East Asia 1.5% Japan 1.6% Africa & Middle East 1.7% Australasia 1.7%
North Asia 6.3%
Europe 34.8%
Global Private Equity: Top Buyout Deals

Announced Date 27-May-13 Bidder Company Valeant Pharmaceuticals International Inc Bidder Legal Advisor Osler Hoskin & Harcourt; Skadden Arps Slate Meagher & Flom Target Company Bausch & Lomb Incorporated Target/Seller Legal Advisor Cleary Gottlieb Steen & Hamilton; Stikeman Elliott Deal Seller Company Warburg Pincus LLC Value (US$m) 8,700
09-Sep-13
Canada Pension Plan Investment Board; and Ares Management LLC
Latham & Watkins; Proskauer Rose; Torys
Neiman Marcus Group Inc
Cleary Gottlieb Steen & Hamilton
TPG Capital LP; Warburg Pincus LLC; and Leonard Green & Partners LP
6,000
19-Jun-13
BC Partners Limited
Davis Polk & Wardwell; Freshfields Bruckhaus Deringer
Springer Science + Business Media Deutschland GmbH
Clifford Chance; Cravath Swaine & Moore; Hengeler Mueller; P+P Poellath + Partners; Simmons & Simmons Kirkland & Ellis
EQT Partners AB; and GIC Special Investments Pte Ltd
4,423
05-Aug-13
Hellman & Friedman LLC
Mattos Filho Veiga Filho Marrey Jr e Quiroga Advogados; Simpson Thacher & Bartlett; Torys Gibson Dunn & Crutcher; Advising FA: White & Case
Hub International Limited
Apax Partners LLP; and Morgan Stanley Principal Investments Inc Blackstone Group LP
4,400
24-Jun-13
Tenet Healthcare Corporation
Vanguard Health Systems
Davis Polk & Wardwell; Skadden Arps Slate Meagher & Flom
4,101
Global: Deal Size and Mid-Market Analysis

The average global deal size in Q1 - Q3 2013 hit the highest value since 2007 (US$ 351.3m) at US$ 334m following Q3s six year high Q3 was the highest valued quarter this year (US$ 146.4bn) but failed to haul Q1 - Q3 value (US$ 398.7bn) above Q1 Q3 2012 (US$ 431.8bn)
Quarterly Average Deal Size Breakdown

1,600
Mid-Market Analysis (US$ 501m - US$ 2bn)

Q1 Q3 2013 mid-market deals were valued at US$ 398.7bn, down 7.7% compared to Q1 Q3 2012 (US$ 431.8bn). Global mid-market M&A in Q3 (US$ 146.4bn) was the highest valued quarter this year, accounting for 22.7% of global M&A in Q3 (US$ 643.8bn), the lowest contribution since Q4 2009 (21.7%). The value in Q3 represented a small increase on Q2s US$ 127bn-worth of mid-market deals, up 15.3%. The quarterly rise can be attributed to an increase in mid-market activity in both the US and Asia-Pacific (excl. Japan): Q3 mid-market M&A in the US was valued at US$ 49.5bn, up 20.4% from Q2 (US$ 41.1bn). A lack of large-cap deals combined with lower currency valuations in Asia-Pacific (exc Japan) resulted in mid-market M&A witnessing a 64.3% increase in Q3 (US$ 38.6bn) from Q2 (US$ 23.5bn). Q3 2013 was also higher than Q3 2012 (US$ 25.9bn) by 49% and resulted in an overall Q1 Q3 value of US$ 95.8bn, up 40% on Q1 Q3 2012 (US$ 68.4bn)
1,400
277.5 339.9 333.6 361.7 228.2 299.5 302.0 248.8 332.6 361.3 268.4 387.3
1,200
Value (US$m)
1,000
338.0 287.2 295.2 306.1
403.6
800
466.6
600
305.9
312.1
400
200
321.4
382.1
265.7
302.9
358.2
289.5
285.7
900 30%
2007
2008
2009
2010
2011
2012
2013
800
127.2
25%
Q1
Q2
Q3
Q4
700
500
67.2 42.8 30.9 165.8 62.2 178.6
230.8
400
79.4
70.9 327.5 69.7 96.1 86.5 97.8
101.2 194.1
111.3 165.3
98.9 237.6 59.5 95.8 131.3 182.2 112.2
15%
The average deal size in Q1 Q3 2013 (US$ 334m) was the highest average since 2007 (US$ 351.3m) following Q3s increased mega-deal and mid-market value The 16 mega-deals in 2013 had a combined deal value of US$ 368.4bn, 44.1% higher than in Q1-Q3 2012 (US$ 255.6bn). The six mega-deals announced in Q3 (US$ 202bn) represented a 161.7% increase on Q2 (US$ 77.2bn), and an increase of 142.8% on Q3 2012 (US$ 83.2bn). It was the highest valued quarter for mega-deals since Q1 2009 (US$ 209.8bn) and accounted for the largest share of global M&A in any quarter since Q1 2009 (US$ 209.8bn, 50.1%) at 31.4%
300
200
227.0 173.5
267.3
122.2 192.8
10%
186.7
210.3
5%
100
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
0%
% of Global M&A
Europe
US
Asia-Pacific (exc. Japan)
Rest of the World
% of Global M&A
The global average deal size in Q3 hit the highest quarterly value since Q2 2007 (US$ 466.6m) at US$ 403.6m. Even without Verizons US$ 124.1bn mega-deal, Q3 would still have seen an increase in average deal size to US$ 326m, up compared to both Q2 2013 (US$ 312.1m), as well as Q3 2012 (US$ 306.1m)
104.8
600
104.8 283.1 92.1 101.9 110.1

20%
80.8
Global: Consideration and Multiples & Premiums Analysis

Cash and equity funding was the only source of funding to increase compared to Q1 Q3 2012 with deals valued at US$ 157.6bn, up 17.7% Global average EBIDTA Exit multiple (12.5x) lowest on Mergermarket record and average premium (19.3%) at lowest since 2007
Consideration Value-Market Share Breakdown Since 2009

Cash & Equity Only Cash only Equity only
Multiples & Premiums

Fuelled by downward trends in Europe, Asia-Pacific (excl. Japan), and Japan, global average EBITDA exit multiples fell to the lowest on Mergermarket record (since 2001), 12.5x in 2013 from 13.2x in 2012. North America was the only region to see an increase in average EBITDA multiples to 12.9x in Q1 Q3 2013, up from 12.2x in 2012 TMT deals, the pivot for large-cap M&A this year, saw its global EBITDA multiples increase to 19x, up from 14.4x in 2012 the highest since the 2007 peak of 20.1x. Meanwhile, at 29.2%, the average premium in the sector is down compared to 2012s 34.3% Global M&A targeting the Pharma, Medical & Biotech sector is 26.7% up by value compared to last year and yet the sector holds a valuation at 14x along with a 20.3% premium, both lower than in 2012 (17.7x and 30.1%, respectively) Global average premiums to date (19.3%) are at their lowest point since 2007 (15.8%)
30
16.3% 15.1% 18.9% 20.3%
13.6%
12.2%
11.6% 11.5%
22.2% 18.9%
2009 58.9% 2010 68.2% 2011 69.5% 2012 72.7% Q1 - Q3 2013 70.1%
Only deals funded by a mix of cash and equity increased in total value at US$ 157.6bn, up 17.7% compared to this time last year (US$ 133.9bn) The total value of cash-only funded deals was down 14.7% compared to Q1 Q3 2012 (US$ 953.6bn) at US$ 813.3bn. At only 58.1% of the value for the whole of 2012 (US$ 1,400.5bn), 2013 is poised to bring a halt to three consecutive years of increased growth in the value of cash-only deals The surge in TMT deals during Q1 Q3 2013 saw some changes in the funding choices in this sector compared to Q1 Q3 2012. The total value of Equity-only transactions was more than eight times the value seen in Q1 Q3 2012, up 818.5% to US$ 49.6bn from US$ 5.4bn. Deals funded with a mix of both cash and equity also increased, up 71.4% to US$ 40.1bn from US$ 23.4bn. Cash-only deals were more or less level with Q1 Q3 2012 with deals valued at US$ 150.5bn compared to US$ 142.6bn last year Five years on from the credit crisis and the Real Estate sector saw US$ 28bn-worth of equity-only deals through Q1 Q3 2013. This was over four times (up 359%) the annual total for equity- funded deals in the sector during the whole of 2012 (US$ 6.1bn), but down 49.5% from the peak seen in 2011 (US$ 55.5bn)
25
EBITDA Multiple (x) - Average
20
15
10
2004
2005
2006 Global
2007 Europe
2008
2009
2010
2011
2012 Japan
2013
North America
Asia-Pacific (excl. Japan)
Europe: Overview of Q1 - Q3 2013

European M&A in Q1 Q3 (US$ 478.7bn) was up 2.4% from Q1 Q3 2012 (US$ 467.5bn) despite Q3s (US$ 156.3bn) slow down from Q2 (US$ 193.6bn) De Brauw Blackstone Westbroek (US$ 184.4bn) topped the legal advisor league table by value from 44th position in Q1 Q3 2012 (US$ 15.7bn)

1,600 1,519.7 Annual M&A Value Q3 M&A value Q2 M&A Value
Q1 M&A Value
600 700

M&A Value Number of Deals 2,000 1,800 1,600 500 1,400 1,200 1,000 300 800 600 400 100 200 0 0
1,400
1,200
384.7
200
1,000
1,005.2
800
583.3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
288.8
725.3 638.9
711.9
600
165.2
Q1 Q3 European M&A was valued at US$ 478.7bn which represents a 2.4% increase on Q1 Q3 2012 (US$ 467.5bn). The region is on target to match 2012s total (US$ 711.9bn). Should the 2013 total also surpass US$ 725.3bn (2011 values), it would mark the highest annual total in five years (2008 valued at US$ 1,005.2bn)
478.7 156.3
466.6 204.1
400
110.5 154.9 241.7 185.9
Unable to maintain the mega-deal momentum set in Q2 (US$ 193.6bn), M&A in Q3 fell 19.3% to US$ 156.3bn. This does however still represent a significant 41.5% increase compared to Q3 2012 (US$ 110.5bn) Eurozone M&A values in Q1 Q3 2013 (US$ 284.5bn) were 30.1% higher than Q1 Q3 2012 (US$ 218.7bn), with Q3 Eurozone deal values (US$ 101.1bn) up 49.3% compared to Q3 2012 (US$ 67.7bn) The UK & Ireland (US$ 108.2bn) were Europes biggest M&A market, contributing 22.2% to the total deal value on the back of the TMT and Financial Services top deals, followed by the Germanic countries with a 17.9% share for US$ 85.6bn-worth of deals
265.4 200
295.2
193.6
79
114.8 78.1 121.6 127.5 183.7 171.1

128.8
2007
2008
2009
2010
2011
2012
2013
Number of Deals
400
Europe: Industry and Cross-Border Analysis

European Cross-Border Analysis

Total cross-border (inbound and outbound) M&A value in Q3 (US$ 101.1bn) saw a recovery compared to both Q2 (US$ 54.5bn) and Q1 (US$ 74.3bn), making it the highest valued quarter in 15 months (Q2 2012 valued at US$ 138.7bn). While this shift in momentum is encouraging for the rest of 2013, the Q1 Q3 2013 total of US$ 230bn was 24.6% lower than Q1-Q3 2012 (US$ 305.1bn) Inbound deal value in Q3 (US$ 64.5bn) witnessed a 68% increase on Q2 values (US$ 38.4bn) and a 24% increase on Q1 (US$ 52bn), making it the highest valued quarter in over a year (Q2 2012 valued at US$ 79.8bn)
Consumer: US$ 44.4bn (US$ 52bn)
4.3%
3.3%
4.2% 9.3%
Q1 - Q3 2013
3.6% 11.7%
25.5%
3.2% 5.0% 11.1%
Q1 - Q3 2012
17.7%
3.4% 5.2%
1.3%
However, Q1 Q3 total inbound activity (US$ 154.9bn) was down 7.9% from Q1 Q3 2012 (US$ 168.2bn) due to Q2s (US$ 38.4bn) three year low (Q2 2010 valued at US$ 20.3bn) Outbound deals in Q3 (US$ 36.7bn) revived for the first time in 2013, up 128% compared to Q2 (US$ 16.1bn) and up 65.3% from Q1 (US$ 22.2bn). Despite the increase, total Q1 Q3 2013 outbound value (US$ 75.1bn) was down 45.1% compared to Q1 Q3 2012 (US$ 136.9bn)
250 300
26.4%
15.0%
3.9% 7.0%
14.1%
TMT: US$ 121.9bn (US$ 54.7bn)
13.9% 2.2%
Outbound M&A Value Inbound M&A Value Inbound Number of Deals
Transport: US$ 20.8bn (US$ 17bn)
8.9%
Outbound Number of Deals
Other: US$ 15.6bn (US$ 15bn)
200
250
150
150
Europe contributed to just over a quarter (27.4%) of global TMT deals (US$ 445.6bn). The significance of the sector in Europe is emphasised by the fact that even if the four TMT deals from Europes ten largest were removed, the sector would amount to US$ 49.3bn and still take the third highest market share after Energy, Mining and Utilities (US$ 84.8bn, 17.7%) and Financial Services (US$ 66.5bn, 13.9%) Although Q1 Q3 2013 deals in the Industrials & Chemicals sector (US$ 42.5bn) recorded the highest number of deals in Europe (836), deal value took the steepest fall compared to Q1 Q3 2012 (US$ 70.1bn), down 39.4% due to the absence of mega-deals
100 100
50
50
Number of Deals
Q1 Q3 2013 deals in the TMT sector (US$ 121.9bn) rose by 122.9% compared to Q1 Q3 2012 (US$ 54.7bn), giving the sector a dominant 25.5% market share with half of the regions top deals taking place in the sector. Europes top deal in Q3 was America Movils US$ 22.7bn offer to acquire the remaining 70.2% stake in Koninklijke KPN
200
Europe: Top 10 Deals

Announced Date 06-Feb-13 Bidder Company Liberty Global Plc Bidder Legal Advisor Hogan Lovells; Ropes & Gray; Shearman & Sterling; Advising FA: Latham & Watkins; O'Melveny & Myers Cleary Gottlieb Steen & Hamilton; Clifford Chance; Robles Miaja Abogados Target Company Virgin Media Inc Target/Seller Legal Advisor Fried Frank Harris Shriver & Jacobson; Milbank Tweed Hadley & McCloy; Advising FA: Cravath, Swaine & Moore Allen & Overy Deal Seller Company Value (US$m) 24,983
09-Aug-13
America Movil SAB de CV
Koninklijke KPN NV (70.23% Stake)
22,686
08-Apr-13
Russian Grids OAO
Federal Grid Company of Unified Energy System OAO (79.64% Stake) Linklaters Kabel Deutschland Holding AG National Bank of Greece SA (84.4% Stake) CMS; De Brauw Blackstone Westbroek; McDermott Will & Emery; Milbank Tweed Hadley & McCloy; Advsing FA: Shearman & Sterling E-Plus Mobilfunk GmbH & Co KG Advising Seller: Allen & Overy Hengeler Mueller
The Federal Agency for State Property Management
14,375
24-Jun-13
Vodafone Group Plc
13,678
21-Jun-13 23-Jul-13
Hellenic Financial Stability Fund Telefonica Deutschland Holding AG
11,403 Koninklijke KPN NV 11,296
28-Jun-13
Hellenic Financial Stability Fund Joh A Benckiser SE Oppenhoff & Partner; Simpson Thacher & Bartlett; Skadden Arps Slate Meagher & Flom; Stibbe
Piraeus Bank SA (81.01% Stake) DE Master Blenders 1753 NV (84.95% Stake) Allen & Overy; De Brauw Blackstone Westbroek
9,119
12-Apr-13
8,623
20-May-13
Actavis Inc
Latham & Watkins; Matheson; Skadden Arps Slate Meagher & Flom; Advising FA: Fried Frank Harris Shriver & Jacobson Akin Gump Strauss Hauer & Feld; Davis Polk & Wardwell; Loyens & Loeff; Matheson; Advising FA: Ashurst; Mason Hayes & Curran
Warner Chilcott Plc
Arthur Cox; Davis Polk & Wardwell; White & Case; Advising FA: A&L Goodbody; Cleary Gottlieb Steen & Hamilton A&L Goodbody; Cadwalader, Wickersham & Taft
8,428
18-Apr-13
Royalty Pharma
Elan Corporation Plc
7,828
Europe: Legal Advisor League Tables

League Table of Legal Advisors to M&A by Value: Europe
Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Europe

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
44 25 18 16 17 11 13 151 3 2 6 10 1 22 4 5 9 46 8 40
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
De Brauw Blackstone Westbroek Jones Day Davis Polk & Wardwell Simpson Thacher & Bartlett Wachtell, Lipton, Rosen & Katz Slaughter and May Weil Gotshal & Manges Macfarlanes Linklaters Freshfields Bruckhaus Deringer Allen & Overy Latham & Watkins Clifford Chance Shearman & Sterling Skadden Arps Slate Meagher & Flom Cleary Gottlieb Steen & Hamilton Sullivan & Cromwell Milbank Tweed Hadley & McCloy White & Case Fried Frank Harris Shriver & Jacobson
183,995 169,422 168,916 166,057 157 ,443 142,459 140,974 130,410 85,499 83,033 81,019 80,870 80,245 52,375 50,875 48,285 38,902 38,426 38,267 37 ,959
44 69 32 25 6 36 51 20 129 129 120 66 119 34 39 30 26 14 71 10
15,673 32,716 41,025 44,887 41,763 53,040 51,071 3,096 153,291 174,348 74,676 57 ,473 194,297 36,661 89,715 82,532 58,631 14,745 62,878 17 ,583
1,074% 417 .9% 311.7% 269.9% 277 .0% 169% 176.0% 4,112% -44.2% -52.4% 8.5% 40.7% -58.7% 42.9% -43.3% -41.5% -33.6% 160.6% -39.1% 115.9%
2 1 5 6 3 4 7 11 8 10 12 9 18 25 34 13 17 15 36 16
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
DLA Piper Linklaters Freshfields Bruckhaus Deringer CMS Allen & Overy Clifford Chance Baker & McKenzie Hogan Lovells White & Case Jones Day Latham & Watkins Eversheds SJ Berwin Weil Gotshal & Manges Kirkland & Ellis Ashurst Loyens & Loeff Pinsent Masons De Brauw Blackstone Westbroek Norton Rose Fulbright
9,515 85,499 83,033 21,160 81,019 80,245 26,184 35,150 38,267 169,422 80,870 2,893 6,281 140,974 28,416 17 ,887 24,011 2,760 183,995 5,421
143 129 129 121 120 119 97 77 71 69 66 61 52 51 51 50 47 47 44 44
149 163 131 120 136 131 111 75 88 84 71 85 54 43 36 64 55 60 35 56
-15 29 -13 -40 -3 3 4 -21 -12 23 0 11 3 3 -14 -35 -13 3 10 4
Europe: Legal Advisor League Tables to Buyouts

League Table of Legal Advisors to Private Equity Buyouts by Value: Europe
Ranking
Q1-Q3
League Table of Legal Advisors to Private Equity Buyouts by Volume: Europe

Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
1 10 2 24 47 8 37 126 4 29 3 21 32
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Freshfields Bruckhaus Deringer Kirkland & Ellis Linklaters Latham & Watkins PwC legal Clifford Chance Hengeler Mueller Davis Polk & Wardwell Gernandt & Danielsson Allen & Overy White & Case Weil Gotshal & Manges Hannes Snellman Kinstellar Simpson Thacher & Bartlett
8,912 8,702 7 ,606 5,456 5,255 5,187 4,574 4,423 3,109 2,700 2,657 2,563 2,077 2,051 2,022
14 14 28 15 7 21 2 1 4 14 9 12 9 1 3
12,187 3,246 11,884 1,586 799 5,217 995 28 6,142 1,314 6,589 2038 1,141
-26.9% 168.1% -36.0% 244.0% 557 .7% -0.6% 359.7% 11,004% -56.0% 102.2% -61.1% 1.9% 77 .2%
2 3 1 5 8 4 14 13 7 6 46 12 24 18 17
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Linklaters Clifford Chance SJ Berwin Latham & Watkins DLA Piper Freshfields Bruckhaus Deringer Kirkland & Ellis Allen & Overy Weil Gotshal & Manges CMS Travers Smith Eversheds Pinsent Masons White & Case Hannes Snellman
7 ,606 5,187 943 5,456 1,796 8,912 8,702 2,700 2,563 331 550 478 181 2,657 2,077
28 21 18 15 15 14 14 14 12 12 10 10 10 9 9
20 18 23 13 12 16 8 9 12 13 4 10 7 8 8
8 3 -5 2 3 -2 6 5 0 -1 6 0 3 1 1
Europe: Legal Advisor League Tables by Country

League Table of Legal Advisors to M&A by Value: UK
Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: UK

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
7 21 12 50 4 71 10 128 2 3 13 8 158 25 23
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Simpson Thacher & Bartlett Jones Day Slaughter and May Davis Polk & Wardwell Weil Gotshal & Manges Macfarlanes Wachtell, Lipton, Rosen & Katz De Brauw Blackstone Westbroek Linklaters Freshfields Bruckhaus Deringer Shearman & Sterling Latham & Watkins Cravath, Swaine & Moore Hogan Lovells Fried Frank Harris Shriver & Jacobson
138,905 137 ,278 135,984 134,241 132,832 130,410 128,050 127 ,620 36,916 34,546 32,276 31,519 29,986 28,796 27 ,831
14 21 27 12 17 20 3 7 51 46 11 23 3 32 7
28,152 13,010 19,922 4,959 40,126 3,096 20,918 1,100 48,147 40,412 19,416 27 ,630 554 11,799 12,323
393.4% 955.2% 582.6% 2,607% 231.0% 4,112% 512.2% 11,502% -23.3% -14.5% 66.2% 14.1% 5,313% 144.1% 125.8%
1 2 3 5 6 4 12 8 14 7 22 20 9 17 29
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
DLA Piper Linklaters Eversheds Freshfields Bruckhaus Deringer Clifford Chance Pinsent Masons Travers Smith CMS Hogan Lovells Allen & Overy Baker & McKenzie Squire Sanders Olswang Slaughter and May Kirkland & Ellis
6,396 36,916 2,793 34,546 23,998 2,530 7 ,193 3,627 28,796 13,986 4,781 881 1,584 135,984 16,705
62 51 49 46 43 43 40 35 32 31 29 29 28 27 27
75 67 60 53 51 60 32 37 30 50 25 26 37 28 19
-13 -16 -11 -7 -8 -17 8 -2 2 -19 4 3 -9 -1 8
League Table of Legal Advisors to M&A by Value: Ireland

Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Ireland

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
1 7 12 6 24 8 33 10 49 77 29
1 2 3 4 5 6 7= 7= 7= 7= 11 12= 12= 12= 15
A&L Goodbody Matheson Davis Polk & Wardwell Arthur Cox Cadwalader, Wickersham & Taft White & Case Cleary Gottlieb Steen & Hamilton Fried Frank Harris Shriver & Jacobson Latham & Watkins Skadden Arps Slate Meagher & Flom Mason Hayes & Curran Akin Gump Strauss Hauer & Feld Ashurst Loyens & Loeff Sullivan & Cromwell
21,705 19,335 16,465 10,377 10,154 8,458 8,428 8,428 8,428 8,428 7 ,870 7 ,828 7 ,828 7 ,828 6,806
14 15 4 10 5 2 1 1 1 1 6 1 1 1 2
27 ,567 13,354 11,940 13,475 695 12,635 340 11,940 39 550
-21.3% 44.8% 37 .9% -23% 1,361% -33.3% 2,379% -29% 20,080% 1,138%
4 1 2 3 12 5 7 38 9 6 30 40 87 10 36
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Matheson A&L Goodbody William Fry Arthur Cox Allen & Overy McCann FitzGerald Mason Hayes & Curran Cadwalader, Wickersham & Taft Maples & Calder Eversheds Davis Polk & Wardwell Herbert Smith Freehills Freshfields Bruckhaus Deringer DLA Piper Baker & McKenzie
19,335 21,705 286 10,377 501 54 7 ,870 10,154 37 28 16,465 1,864 1,113 51 45
15 14 12 10 8 7 6 5 5 5 4 3 3 3 3
11 23 14 12 4 10 8 1 6 8 1 1 1 5 1
4 -9 -2 -2 4 -3 -2 4 -1 -3 3 2 2 -2 2

League Table of Legal Advisors to M&A by Value: Germany
Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Germany

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
2 1 9 7 103 30 65 8 4 33 15 10 20 12 19
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Hengeler Mueller Freshfields Bruckhaus Deringer Linklaters Allen & Overy De Brauw Blackstone Westbroek Shearman & Sterling Milbank Tweed Hadley & McCloy CMS Clifford Chance McDermott Will & Emery P+P Poellath + Partners Noerr Sullivan & Cromwell Latham & Watkins Cravath, Swaine & Moore
36,511 28,496 28,383 17 ,799 15,422 14,626 12,752 12,679 11,806 11,526 10,947 9,058 6,557 5,724 5,523
22 44 26 21 6 5 9 47 30 3 19 22 3 15 2
40,007 41,454 10,214 18,906 279 3,332 898 16,550 22,783 2,810 5,451 8,285 4,654 7 ,855 5,044
-8.7% -31.3% 177 .9% -5.9% 5,428% 339.0% 1,320% -23.4% -48.2% 310.2% 100.8% 9.3% 40.9% -27 .1% 9.5%
1 2 4 8 3 5 14 12 16 6 13 7 9 21 10
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
CMS Freshfields Bruckhaus Deringer Clifford Chance Linklaters Hengeler Mueller Noerr DLA Piper Allen & Overy Gleiss Lutz P+P Poellath + Partners White & Case Baker & McKenzie Hogan Lovells SJ Berwin Latham & Watkins
12,679 28,496 11,806 28,383 36,511 9,058 507 17 ,799 1,451 10,947 5,291 4,373 1,370 610 5,724
47 44 30 26 22 22 22 21 20 19 18 18 18 17 15
47 46 34 23 40 30 18 20 14 25 18 23 22 11 21
0 -2 -4 3 -18 -8 4 1 6 -6 0 -5 -4 6 -6
League Table of Legal Advisors to M&A by Value: Germanic

Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Germanic

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
6 1 3 10 142 13 29 82 2 61 47 9 27 34 192
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Hengeler Mueller Freshfields Bruckhaus Deringer Linklaters Allen & Overy De Brauw Blackstone Westbroek CMS Shearman & Sterling Milbank Tweed Hadley & McCloy Clifford Chance McDermott Will & Emery P+P Poellath + Partners Skadden Arps Slate Meagher & Flom Simpson Thacher & Bartlett Noerr Oppenhoff & Partner
36,511 32,143 30,971 27 ,334 24,393 15,525 14,626 12,752 12,020 11,526 10,947 10,450 9,875 9,771 9,092
22 54 30 32 8 52 7 9 34 3 19 13 5 24 5
40,007 96,945 82,250 26,761 279 17 ,088 10,178 1,170 91,387 2868 5,451 28,116 10,809 8,285 63
-8.7% -66.8% -62% 2.1% 8,643% -9.1% 43.7% 989.9% -86.8% 301.9% 100.8% -62.8% -8.6% 17 .9% 14,332%
1 2 5 8 6 3 9 7 4 14 10 13 19 11 12
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Freshfields Bruckhaus Deringer CMS Clifford Chance Allen & Overy Linklaters Baker & McKenzie DLA Piper Noerr Hengeler Mueller Latham & Watkins Jones Day White & Case Gleiss Lutz P+P Poellath + Partners Hogan Lovells
32,143 15,525 12,020 27 ,334 30,971 7 ,592 527 9,771 36,511 5,924 4,432 5,344 1,451 10,947 1,370
54 52 34 32 30 30 28 24 22 22 22 20 20 19 19
62 53 40 28 34 43 26 30 41 22 25 23 15 25 24
-8 -1 -6 4 -4 -13 2 -6 -19 0 -3 -3 5 -6 -5

League Table of Legal Advisors to M&A by Value: Benelux
Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Benelux

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
5 3 14 17 20 2 21 51 71 30 38 46 18
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Allen & Overy Clifford Chance De Brauw Blackstone Westbroek Cleary Gottlieb Steen & Hamilton Robles Miaja Abogados Linklaters Skadden Arps Slate Meagher & Flom Shearman & Sterling Baker & McKenzie CMS White & Case Simpson Thacher & Bartlett Milbank Tweed Hadley & McCloy McDermott Will & Emery Stibbe
54,173 36,360 32,550 28,183 22,686 17 ,051 16,792 14,198 14,172 12,554 12,455 11,610 11,312 11,296 11,072
44 19 34 6 1 26 7 11 14 10 14 3 2 1 25
23,969 32,946 15,673 8,613 7 ,604 33,926 7 ,366 1,747 700 4,935 3,841 2810 7 ,858
126.0% 10.4% 107 .7% 227 .2% 124.2% -50.5% 93% 711.2% 1,693% 152.4% 202.3% 302.0% 40.9%
1 2 3 5 8 4 12 7 9 6 14 10 16 18 11
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Allen & Overy Loyens & Loeff De Brauw Blackstone Westbroek DLA Piper Linklaters Stibbe Clifford Chance Houthoff Buruma Freshfields Bruckhaus Deringer NautaDutilh AKD lawyers & civil law notaries Baker & McKenzie White & Case Shearman & Sterling CMS
54,173 6,252 32,550 399 17 ,051 11,072 36,360 309 7 ,876 1,864 89 14,172 12,455 14,198 12,554
44 35 34 31 26 25 19 19 18 17 16 14 14 11 10
50 42 35 29 22 31 14 24 20 24 13 20 11 10 19
-6 -7 -1 2 4 -6 5 -5 -2 -7 3 -6 3 1 -9
League Table of Legal Advisors to M&A by Value: France

Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: France

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
8 57 7 6 30 5 98 11 15 32 3 96 170 2
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Latham & Watkins Wachtell, Lipton, Rosen & Katz Darrois Villey Maillot Brochier Jones Day NautaDutilh De Brauw Blackstone Westbroek Freshfields Bruckhaus Deringer Gibson Dunn & Crutcher Bredin Prat Sullivan & Cromwell Skadden Arps Slate Meagher & Flom Linklaters Shearman & Sterling Kirkland & Ellis Clifford Chance
33,038 29,393 24,202 23,625 21,891 20,740 18,880 15,304 15,213 12,917 11,172 10,066 9,336 8,637 7 ,148
19 3 16 15 5 7 15 8 17 6 6 27 12 4 19
5,628 568 7 ,060 7 ,278 1,550 9,004 247 4,335 3,189 1,270 15,483 257 10 19,815
487 .0% 5,075% 242.8% 224.6% 1,238.1% 109.7% 6,096% 250.9% 305.0% 779.7% -35.0% 3,533% 86,270% -63.9%
1 2 8 6 9 3 48 11 17 4 25 21 5 19 7
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Linklaters CMS Gide Loyrette Nouel Latham & Watkins Clifford Chance SJ Berwin PwC legal DLA Piper Bredin Prat De Pardieu Brocas Maffei Darrois Villey Maillot Brochier Fidal Jones Day Freshfields Bruckhaus Deringer Baker & McKenzie
10,066 1,713 1,879 33,038 7 ,148 3,587 5,515 2,362 15,213 4,008 24,202 514 23,625 18,880 3,498
27 26 20 19 19 19 18 18 17 17 16 16 15 15 15
24 24 19 19 18 23 4 17 13 23 8 10 20 12 19
3 2 1 0 1 -4 14 1 4 -6 8 6 -5 3 -4

League Table of Legal Advisors to M&A by Value: Iberia
Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Iberia

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
2 4 36 6 23 1 24 10 136 43 3 44 39 41 -
1 2 3 4 5 6 7 8 9 10 11 12= 12= 12= 12= 12=
Linklaters Clifford Chance KPMG Abogados Freshfields Bruckhaus Deringer Sullivan & Cromwell Uria Menendez Ashurst Cuatrecasas, Goncalves Pereira Skadden Arps Slate Meagher & Flom Cleary Gottlieb Steen & Hamilton Garrigues Davis Polk & Wardwell Morales & Besa Perez, Bustamante & Ponce Prieto & Cia Willkie Farr & Gallagher
8,976 8,634 8,241 7 ,218 4,438 3,759 3,525 2,891 2,660 2,516 2,355 2,000 2,000 2,000 2,000 2,000
12 14 16 12 5 30 8 33 2 3 22 1 1 1 1 1
12,322 10,210 569 7 ,374 1,413 14,414 1,386 5,687 500 11,092 500 540 540 -
-27 .2% -15.4% 1,348% -2.1% 214.1% -74% 154% -49.2% 403.2% -78.8% 300.0% 270.4% 270.4% -
2 3 1 9 21 8 4 11 10 14 7 17 15 13 6
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Cuatrecasas, Goncalves Pereira Uria Menendez Garrigues KPMG Abogados Gomez-Acebo & Pombo Abogados Clifford Chance Linklaters Freshfields Bruckhaus Deringer Ashurst Hogan Lovells DLA Piper PLMJ - Sociedade de Advogados Jones Day Allen & Overy Baker & McKenzie
2,891 3,759 2,355 8,241 866 8,634 8,976 7 ,218 3,525 1,819 1,709 52 998 845 814
33 30 22 16 16 14 12 12 8 8 8 7 6 6 6
31 25 33 10 4 11 23 8 9 6 12 4 6 6 13
2 5 -11 6 12 3 -11 4 -1 2 -4 3 0 0 -7
League Table of Legal Advisors to M&A by Value: Spain

Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Spain

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
5 3 26 4 14 2 15 6 116 32
1 2 3 4 5 6 7 8 9 10
Linklaters Clifford Chance KPMG Abogados Freshfields Bruckhaus Deringer Sullivan & Cromwell Uria Menendez Ashurst Cuatrecasas, Goncalves Pereira Skadden Arps Slate Meagher & Flom Cleary Gottlieb Steen & Hamilton
8,949 8,634 8,241 7 ,218 4,438 3,636 3,525 2,763 2,660 2,516
10 14 16 12 5 28 8 30 2 3
5,432 10,210 569 7 ,374 1,413 10,218 1,386 4,354 500
64.7% -15.4% 1,348% -2.1% 214.1% -64.4% 154.3% -36.5% 403.2%
2 3 1 9 23 8 11 4 10 12
1 2 3 4 5 6 7 8 9 10
Cuatrecasas, Goncalves Pereira Uria Menendez Garrigues KPMG Abogados Gomez-Acebo & Pombo Abogados Clifford Chance Freshfields Bruckhaus Deringer Linklaters Ashurst Hogan Lovells
2,763 3,636 2,259 8,241 839 8,634 7 ,218 8,949 3,525 1,819
30 28 21 16 15 14 12 10 8 8
27 23 33 10 3 11 8 18 9 6
3 5 -12 6 12 3 4 -8 -1 2

League Table of Legal Advisors to M&A by Value: Italy
Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Italy

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
4 2 1 13 3 5 9 26 0 24 6 92 59
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Bonelli Erede Pappalardo Chiomenti Studio Legale

Gianni, Origoni, Grippo, Cappelli & Partners
Linklaters
d'Urso Gatti e Bianchi - Studio Legale Associato
Freshfields Bruckhaus Deringer De Brauw Blackstone Westbroek Jones Day Latham & Watkins Herbert Smith Freehills Legance Studio Legale Associato Clifford Chance Studio Legale Carbonetti Studio Labruna Mazziotti Segni Simpson Thacher & Bartlett
11,460 10,732 10,703 8,176 6,506 6,072 5,181 4,903 4,820 4,210 4,168 4,151 3,983 3,863 3,781
14 22 14 7 16 14 2 3 6 2 6 14 3 6 2
10,406 14,564 17 ,696 2,555 11,914 9,404 5,342 1,049 1,093 7 ,778 34 213
10.1% -26.3% -39.5% 220.0% -45.4% -35.4% -8.2% 359.5% 281.3% -46.6% 11,262% 1,675%
1 3 5 2 12 8 4 7 6 19 18 22 14 13 33
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Chiomenti Studio Legale

dUrso Gatti e Bianchi - Studio Legale Associato
Bonelli Erede Pappalardo

Gianni, Origoni, Grippo, Cappelli & Partners
Freshfields Bruckhaus Deringer Clifford Chance NCTM Studio Legale Associato Studio Pedersoli e Associati Linklaters CMS BLF Studio Legale Orrick Herrington & Sutcliffe Latham & Watkins Legance Studio Legale Associato Studio Labruna Mazziotti Segni
10,732 6,506 11,460 10,703 6,072 4,151 449 406 8,176 436 201 39 4,820 4,168 3,863
22 16 14 14 14 14 12 10 7 7 7 7 6 6 6
33 18 16 19 7 9 17 11 13 6 6 5 7 7 3
-11 -2 -2 -5 7 5 -5 -1 -6 1 1 2 -1 -1 3
League Table of Legal Advisors to M&A by Value: Nordic

Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Nordic

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
18 42 13 35 1 3 5 70 107 9 58 32 8 34 -
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Roschier Davis Polk & Wardwell Hannes Snellman Mannheimer Swartling Clifford Chance Freshfields Bruckhaus Deringer Skadden Arps Slate Meagher & Flom Simpson Thacher & Bartlett Covington & Burling Wiersholm De Brauw Blackstone Westbroek Schjodt Thommessen Gernandt & Danielsson Cravath, Swaine & Moore
14,342 13,986 13,240 10,137 9,925 8,375 7 ,796 7 ,311 7 ,214 6,661 5,675 5,266 4,940 4,756 4,423
24 8 34 33 9 7 3 2 2 29 5 42 27 13 1
4,446 2,200 5,911 2,700 15,455 10,997 8,925 321 95 6824 606 3,011 7 ,062 2,710 -
222.6% 535.7% 124% 275.4% -35.8% -23.8% -12.6% -2.4% 836.5% 74.9% -30.0% 75.5% -
3 6 1 7 2 5 4 14 11 9 13 12 42 10 8
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Schjodt Vinge Bech-Bruun Hannes Snellman Mannheimer Swartling Kromann Reumert Wiersholm Accura Thommessen Plesner Wikborg Rein & Co Roschier Bruun & Hjejle Advokatfirman Lindahl Gorrissen Federspiel
5,266 2,405 878 13,240 10,137 2,907 6,661 1,727 4,940 1,060 687 14,342 824 963 543
42 40 38 34 33 30 29 28 27 25 25 24 22 20 20
42 37 52 34 45 39 39 25 29 30 28 29 7 30 31
0 3 -14 0 -12 -9 -10 3 -2 -5 -3 -5 15 -10 -11

League Table of Legal Advisors to M&A by Value: Sweden
Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Sweden

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
19 14 2 1 13 83 11 7 17 56 111 22 4
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Davis Polk & Wardwell Mannheimer Swartling Clifford Chance Freshfields Bruckhaus Deringer Gernandt & Danielsson Cravath, Swaine & Moore NautaDutilh Roschier White & Case P+P Poellath + Partners Hengeler Mueller De Brauw Blackstone Westbroek Hannes Snellman Weil Gotshal & Manges Vinge
10,761 10,033 6,544 5,130 4,756 4,423 4,324 4,040 3,913 3,627 3,627 3,456 2,973 2,659 2,405
5 32 5 4 13 1 2 13 8 2 1 3 17 3 38
2,200 2,574 6,255 7 ,418 2,710 33 3,009 3,499 2,289 164 1,993 3,872
389.1% 289.8% 4.6% -30.8% 75.5% 13,003% 34.3% 11.8% 58.5% 2,112% 49.2% -37 .9%
2 1 3 5 7 8 6 9 45 4 11 10 16 27 17
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Vinge Mannheimer Swartling Advokatfirman Lindahl Hannes Snellman Gernandt & Danielsson Roschier Delphi Cederquist MAQS Law Firm Wistrand Setterwalls White & Case Schjodt Thommessen Advokatfirman Torngren Magnell
2,405 10,033 874 2,973 4,756 4,040 1,162 1,027 26 7 467 3,913 1,783 1,097 312
38 32 18 17 13 13 13 13 12 10 9 8 7 7 7
36 43 28 19 15 13 17 13 3 20 11 12 8 6 8
2 -11 -10 -2 -2 0 -4 0 9 -10 -2 -4 -1 1 -1
League Table of Legal Advisors to M&A by Value: Denmark

Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Denmark

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
1 22 4 42 23 34 36 3 26 5 -
1 2 3 4 5 6 7 8 9 10 11 12 13 14= 14= 14=
Kromann Reumert Linklaters Accura Latham & Watkins Hannes Snellman Kirkland & Ellis Mannheimer Swartling Bruun & Hjejle Advokatfirman Lindahl Sivenius, Suvanto & Co Bech-Bruun Wiersholm Plesner Chongqing Tianyuan Law Firm Jun He Law Offices Shanghai K-insight Law Firm
2,907 1,758 1,727 1,399 1,330 877 840 824 805 769 764 700 697 600 600 600
29 5 26 4 14 3 4 22 2 1 37 2 24 1 1 1
5,698 275 3,548 18 269 79 53 4,203 188 3,024 -
-49.0% 539.3% -51% 7 ,289% 212.3% 943.0% 1,419% -81.8% 272.3% -77 .0% -
1 2 5 4 8 3 7 6 28 44 36 9 35 -
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Bech-Bruun Kromann Reumert Accura Plesner Bruun & Hjejle Gorrissen Federspiel Ronne & Lundgren Moalem Weitemeyer Bendtsen Hannes Snellman Linklaters Vinge Latham & Watkins Mannheimer Swartling Thommessen Avance Attorneys
764 2,907 1,727 697 824 543 325 34 1,330 1,758 38 1,399 840 447 14
37 29 26 24 22 19 19 16 14 5 5 4 4 4 4
48 38 25 29 7 29 11 12 2 1 2 6 2 -
-11 -9 1 -5 15 -10 8 4 12 4 3 -2 2 -

League Table of Legal Advisors to M&A by Value: Norway
Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Norway

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
2 1 6 14 79 9 86 92 49 30
1 2 3 4 5 6= 6= 8 9 10 11 12 13 14= 15= 15=
Wiersholm Thommessen Schjodt Freshfields Bruckhaus Deringer Clifford Chance Abdullah Chan Davis Polk & Wardwell CMS BA-HR Kirkland & Ellis Kromann Reumert Schoenherr Rechtsanwaelte Dechert Accura Latham & Watkins Linklaters
6,661 4,940 4,903 3,245 3,221 2,900 2,900 2,650 1,888 1,076 992 934 934 700 700 700
29 27 40 2 2 1 1 2 18 1 6 2 1 4 1 1
5,777 6,262 2,152 460 1294 31 172
15.3% -21.1% 127 .8% 605.4% 45.9% 2,158% 307 .0%
1 2 3 4 5 6 8 9 86 10 11 30 14 95 -
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Schjodt Wiersholm Thommessen Wikborg Rein & Co BA-HR Selmer Arntzen de Besche Vinge Kromann Reumert Mannheimer Swartling Advokatfirmaet Haavind Accura DLA Piper Weil Gotshal & Manges Pinsent Masons
4,903 6,661 4,940 687 1,888 565 672 39 992 189 57 700 458 387 216
40 29 27 24 18 17 12 7 6 6 5 4 3 3 3
41 37 28 27 18 13 7 7 1 5 4 2 4 1 -
-1 -8 -1 -3 0 4 5 0 5 1 1 2 -1 2 -
League Table of Legal Advisors to M&A by Value: Finland

Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Finland

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
1 10 6 11 31 47 13 -
1 2 3 4= 4= 6= 6= 6= 6= 10 11 12= 12= 14 15
Hannes Snellman Roschier Skadden Arps Slate Meagher & Flom Covington & Burling Simpson Thacher & Bartlett De Brauw Blackstone Westbroek Houthoff Buruma Shearman & Sterling Slaughter and May Avance Attorneys Advokatfirman Lindahl Mannheimer Swartling Sivenius, Suvanto & Co Krogerus Accura
11,286 10,415 7 ,341 7 ,177 7 ,177 2,219 2,219 2,219 2,219 1,057 822 769 769 619 576
15 13 2 1 1 1 1 1 1 13 4 1 1 7 1
4,680 1,659 3,119 1145 9 243 -
141.2% 527 .8% 135% -7 .7% 9,033% 154.7% -
2 1 8 5 7 3 4 6 13 23 9 17 -
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Hannes Snellman Roschier Avance Attorneys Bird & Bird Attorneys at law Borenius Castren & Snellman Krogerus Dittmar & Indrenius Advokatfirman Lindahl Waselius & Wist Gleiss Lutz White & Case Schjodt Skadden Arps Slate Meagher & Flom Davis Polk & Wardwell
11,286 10,415 1,057 367 493 119 619 306 822 462 241 100 16 7 ,341 325
15 13 13 10 9 9 7 5 4 4 3 3 3 2 2
19 20 7 10 8 17 10 8 3 2 4 2 -
-4 -7 6 0 1 -8 -3 -3 1 2 -1 0 -

League Table of Legal Advisors to M&A by Value: CEE
Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: CEE

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
1 3 8 2 7 20 16 28 6 30 -
1 2 3 4 5 6 7 8 9 10 11 12 13= 13= 15
White & Case Linklaters Zulficar & Partners Freshfields Bruckhaus Deringer Skadden Arps Slate Meagher & Flom Allen & Overy Baker & McKenzie Clifford Chance Dentons Akin Gump Strauss Hauer & Feld Herbert Smith Freehills Mannheimer Swartling Davis Polk & Wardwell NautaDutilh De Brauw Blackstone Westbroek
20,187 7 ,473 6,403 6,240 5,275 4,825 4,758 4,399 3,939 3,830 3,782 3,550 3,550 3,550 3,520
21 10 1 10 8 16 8 16 5 3 5 2 1 1 3
10,792 6,276 4,799 7 ,084 4,960 1,719 2,061 871 4,966 760 -
87 .1% 19.1% 30.0% -25.5% -2.7% 176.8% 113.4% 352.2% -23% 398% -
4 1 2 3 16 5 12 18 13 7 14 6 15 36 10
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
CMS White & Case Allen & Overy Clifford Chance Raidla Lejins & Norcous Linklaters Freshfields Bruckhaus Deringer Weil Gotshal & Manges Wolf Theiss DLA Piper Skadden Arps Slate Meagher & Flom Baker & McKenzie Hogan Lovells Tark Grunte Sutkiene LAWIN
1,255 20,187 4,825 4,399 1,155 7 ,473 6,240 391 154 67 5,275 4,758 2,611 1,142 159
27 21 16 16 11 10 10 9 9 9 8 8 8 8 8
16 23 20 17 8 15 9 7 9 12 8 14 8 3 11
11 -2 -4 -1 3 -5 1 2 0 -3 0 -6 0 5 -3
League Table of Legal Advisors to M&A by Value: Russia

Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Russia

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
1 3 22 5 24 18 2 21 63 15 8
1 2 3 4 5 6 7 8 9 10= 10= 12 13 14 15
White & Case Zulficar & Partners Linklaters Allen & Overy Akin Gump Strauss Hauer & Feld Dentons Herbert Smith Freehills Skadden Arps Slate Meagher & Flom Mannheimer Swartling Davis Polk & Wardwell NautaDutilh Freshfields Bruckhaus Deringer Morgan Lewis & Bockius Clifford Chance Hogan Lovells
14,578 6,403 5,416 4,425 3,830 3,740 3,657 3,594 3,550 3,550 3,550 3,414 2,946 2,800 2,094
11 1 5 3 3 3 4 6 2 1 1 3 2 3 6
10,361 5,626 606 4,966 500 760 7 ,084 666 1,195 3,673
40.7% -3.7% 630.2% -22.9% 648.0% 381.2% -49.3% 412.6% 134.3% -43.0%
1 35 2 4 5 15 8 6 9 13 7 3 41 16 -
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
White & Case CMS Skadden Arps Slate Meagher & Flom Hogan Lovells Linklaters Herbert Smith Freehills Allen & Overy Akin Gump Strauss Hauer & Feld Dentons Freshfields Bruckhaus Deringer Clifford Chance Cleary Gottlieb Steen & Hamilton Jones Day Latham & Watkins Wolf Theiss
14,578 407 3,594 2,094 5,416 3,657 4,425 3,830 3,740 3,414 2,800 1,765 1,387 71 5
11 7 6 6 5 4 3 3 3 3 3 3 3 3 3
13 1 8 7 6 3 6 6 6 4 6 7 1 3 -
-2 6 -2 -1 -1 1 -3 -3 -3 -1 -3 -4 2 0 -

League Table of Legal Advisors to M&A by Value: Poland
Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Poland

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
26 6 11 1 23 10 2 -
1= 1= 3 4= 4= 6 7 8 9 10 11 12= 12= 12= 12=
K&L Gates Slaughter and May Greenberg Traurig Delphi Gernandt & Danielsson Clifford Chance CMS Allen & Overy Gide Loyrette Nouel Dentons Weil Gotshal & Manges Burnet Duckworth & Palmer Osler, Hoskin & Harcourt Stikeman Elliott Torys
911 911 903 903 903 624 444 370 199 199 131 109 109 109 109
3 3 4 2 2 8 9 5 2 1 7 1 1 1 1
866 357 3,328 371 2,191 -
-27 .9% 24.4% -88.9% -46.4% -94.0% -
3 2 4 1 26 10 19 8 5
1 2 3 4 5 6= 6= 8 9= 9= 11 12 13 14 15
CMS Clifford Chance Weil Gotshal & Manges Allen & Overy Greenberg Traurig K&L Gates Slaughter and May Gessel, Koziorowski Delphi Gernandt & Danielsson Gide Loyrette Nouel Noerr White & Case Linklaters Dentons
444 624 131 370 903 911 911 8 903 903 199 35 11 6 199
9 8 7 5 4 3 3 3 2 2 2 2 2 2 1
7 9 6 9 1 3 1 3 6
2 -1 1 -4 1 -1 1 -1 -5
League Table of Legal Advisors to M&A by Value: Turkey

Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Turkey

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
7 31 2 33 11 17 21 1 30 4 42
1 2 3 4 5 6 7 8= 8= 10 11 12= 12= 14 15
Allen & Overy YukselKarkinKucuk Law Firm Ismen Gunalcin Linklaters Clifford Chance Paksoy & Co Somay Hukuk Burosu Dechert Norton Rose Fulbright Baker & McKenzie White & Case Freshfields Bruckhaus Deringer Kinstellar ACS Hukuk Burosu Schoenherr Rechtsanwaelte
1,177 975 702 670 622 600 473 425 425 280 254 252 252 166 144
4 10 2 3 3 5 2 1 1 10 3 1 1 1 3
2,440 4,028 1,169 251 46 4,643 3,779 -
-60.0% -83.4% -48.7% 88.4% 508.7% -94.5% -93.3% -
1 6 11 5 7 33 3 42 13 10 25 4 19
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
YukselKarkinKucuk Law Firm Baker & McKenzie Paksoy & Co Allen & Overy Balcioglu & Selcuk Avukatlik Burosu Linklaters Clifford Chance White & Case Schoenherr Rechtsanwaelte Gide Loyrette Nouel Taboglu & Demirhan Herguner Bilgen Ozeke
Kolcuoglu & Demirkan Attorneys at Law
Pekin & Pekin Ismen Gunalcin
975 280 600 1,177 670 622 254 144 104 91 54 53 40 702
10 10 5 4 4 3 3 3 3 3 3 3 3 3 2
10 4 3 5 3 1 7 1 2 3 1 5 2
0 6 2 -1 0 2 -4 2 1 0 2 -2 0
US: Overview of Q1 - Q3 2013

On the 5th anniversary of the financial crisis, US M&A continues its comeback: Q3 2013 was the most active summer quarter by value on Mergermarket record Wachtell, Lipton, Rosen & Katz moved up into first position in the legal advisor league table by value during Q1 Q3 2013 with deals valued at US$ 270.6bn

1,600 Annual M&A Value Q3 M&A Value Q2 M&A Value
Q1 M&A Value
500 600

M&A Value Number of Deals 1,200 1,400
1,400
1,345.8
1,000 400
1,200
300 600 200 400
255.4
1,000
100
200
800
500.8 751.4
687.9
823.1
851.2
720.4 654.5 207.3

311.4
263.2 600
220.7
98.0 400 361.1 266.2 186.2
H1 2013 was marked by the rise of mega-deals, a trend which peaked in Q3 with the announcement of a 45% stake acquisition in Verizon Wireless by Verizon Communications for US$ 124.1bn, the largest US-based deal on Mergermarket record (since 2001). The transaction constituted 39.9% of Q3s deal value (US$ 311.4bn) and 19% of the Q1 Q3 total (US$ 654.5bn) The Verizon deal led to a Q3 valued at US$ 311.4bn, the most active third quarter onMergermarket record (since 2001), representing a remarkable 87.7% jump from Q2 (US$ 165.9bn), and a 41.1% increase on Q3 2012 (US$ 220.7bn)
153.0 185.3 165.9
178.3 200 144.5 247.5

198.9
187.9
146.3
177.2 126.5
As a result, M&A in Q1 Q3 2013 increased 22.3% from the first three quarters of 2012 (US$ 535.1bn). Excluding Verizon from the Q1 Q3 deal value would put the first three quarters only 0.9% behind Q1 Q3 2012 and would equal US$ 530.4bn Additional positive news came by way of the average deal size of US-based transactions, which has seen a steady increase since 2010 (US$ 401.8m) and hit a record high (since 2001) this year at US$ 579.3m
2007
2008
2009
2010
2011
2012
2013
Number of Deals
800
US: Industry and Cross-Border Analysis

US Cross-Border Analysis
Domestic deals have been the focus of US M&A in 2013. By deal count, 88% of all US deals over US$ 2bn (US$ 429.8bn, 50 deals) were domestic transactions. In comparison, domestic deals constituted 75.4% of the large-cap volume this time in 2012 (US$ 266.2bn, 57 deals) and only 67.6% during the same period in 2007s peak (US$ 722.5bn, 108 deals) Foreign investments into the US were down 21.6% by deal value in Q1 Q3 2013 (US$ 93.2bn) from Q1 Q3 2012 (US$ 118.9bn). However, an upward quarter-on-quarter trend was apparent with foreign investments in Q2 2013 (US$ 32.3bn) up 86.7% from Q1 (US$ 17.3bn), while Q3 value (US$ 43.6bn) was up 35% from Q2 (US$ 32.3bn) US acquisitions abroad picked up again in Q3 (US$ 47.7bn) after a dip in Q2 2013 (US$ 31.7bn). A share of 53.1% of the investments was aimed at European targets (US$ 25.4bn). When compared with Q1 Q3 2012 (US$ 123.1bn), outbound investments in Q1 Q3 2013 (US$ 133.9bn) increased slightly, up 8.8%
1.1%
1.7%
4.5% 10.9%
Q1 - Q3 2013
0.9% 1.3% 5.7%

15.0%
Industrials & Chemicals: US$ 46bn (US$ 65.9bn)
4.7% 40.5%
Q1 - Q3 2012
13.8%
13.6%
11.4%
22.5%
4.0%
Real Estate: US$ 21bn (US$ 24.9bn)
4.9%
12.3% 8.4% 1.1% 3.2% 11.5%
200 Outbound M&A Value Inbound M&A Value Inbound Number of Deals Outbound Number of Deals 160 250 300 350
7.0%
TMT: US$ 264.9bn (US$ 80.1bn)
180
120
200
100 150
Energy, Mining and Utilities M&A in Q1 Q3 2013 (US$ 88.9bn) decreased by 26.2% compared to Q1 Q3 2012 (US$ 120.5bn). The sector will likely finish the year with the lowest value in four years (2009 valued at US$ 92.3bn) with Energy deals being one explanation due to bid-ask issues between buyers and sellers due to oil prices, according to Mergermarket intelligence Pharma, Medical and Biotech M&A in Q1 Q3 (US$ 75.2bn) was up 23.1% from Q1 Q3 2012 (US$ 61.1bn). The sector sees firms drug pipelines recovering after fears of impending patent cliffs but feel less pressure to execute mega-deals
80
60
100
40 50 20
Number of Deals
Assisted by high valuations, TMT deals in Q1 Q3 2013 claimed a 40.5% market share by value (US$ 264.9bn), already 69.8% above 2012s full year value (US$ 156bn). The average deal size for the TMT sector reached US$ 1.1bn in Q1 Q3 2013, the highest since 2001 and double the previous record of US$ 462.3m in Q1 - Q3 2006
140
US: Top 10 Deals

Announced Date 02-Sep-13 Bidder Company Verizon Communications Inc Bidder Legal Advisor Jones Day; Macfarlanes; Wachtell, Lipton, Rosen & Katz; Advising FA: Davis Polk & Wardwell; Debevoise & Plimpton; Weil Gotshal & Manges Freshfields Bruckhaus Deringer; Kirkland & Ellis; Munger Tolles & Olson Blake, Cassels & Graydon; Clifford Chance; Fangda Partners; Maples & Calder; Simpson Thacher & Bartlett;Wachtell, Lipton, Rosen & Katz; Advising FA: Sullivan & Cromwell; White & Case Darrois Villey Maillot Brochier; NautaDutilh; Wachtell, Lipton, Rosen & Katz Davis Polk & Wardwell; Freshfields Bruckhaus Deringer; Willkie Farr & Gallagher Blake, Cassels & Graydon; Russell McVeagh; Slaughter and May; Wachtell, Lipton, Rosen & Katz; WilmerHale; Advsing FA: Latham & Watkins Target Company Verizon Wireless Inc (45% Stake) Target/Seller Legal Advisor Advising seller: De Brauw Blackstone Westbroek; Simpson Thacher & Bartlett; Slaughter and May Davis Polk & Wardwell; Wachtell, Lipton, Rosen & Katz; Advising FA: O'Melveny & Myers; Sullivan & Cromwell; Willkie Farr & Gallagher Alston & Bird; Debevoise & Plimpton; Hogan Lovells; Advisng FA: Davis Polk & Wardwell; Latham & Watkins; Weil Gotshal & Manges Deal Seller Company Vodafone Group Plc Value (US$m) 124,100
14-Feb-13
Berkshire Hathaway Inc; and 3G Capital Partners
HJ Heinz Company
27,362
05-Feb-13
Silver Lake Partners LP; and Michael Dell (private investor)
Dell Inc
20,169
28-Jul-13
Publicis Groupe SA
Omnicom Group Inc
De Brauw Blackstone Westbroek; Latham & Watkins; Advising FA: Jones Day Advising seller: Weil Gotshal & Manges Cravath, Swaine & Moore; Norton Rose Fulbright; Advising FA: Fried Frank Harris Shriver & Jacobson (Advising Deutsche Bank); Lee and Li Attorneys at Law; Ropes & Gray; Skadden Arps Slate Meagher & Flom; Advisng FA: Davis Polk & Wardwell Advising seller: Bracewell & Giuliani; Vinson & Elkins; Advising FA: Latham & Watkins Pfizer Inc General Electric Company
19,369
12-Feb-13 15-Apr-13
Comcast Corporation Thermo Fisher Scientific Inc
NBCUniversal Media LLC (49% Stake) Life Technologies Corp
16,700 15,008
22-May-13
Pfizer Inc (Shareholders)
Zoetis Inc (80.2% Stake)
12,375
06-Aug-13
Spectra Energy Partners LP
Andrews Kurth; Richards Layton & Finger; Advising FA: Baker Botts
Spectra Energy Corp (US transmission, storage and liquids assets) NV Energy Inc
Spectra Energy Corp
12,328
29-May-13
MidAmerican Energy Holdings Company DISH Network Corporation
Gibson Dunn & Crutcher
Hogan Lovells; Sidley Austin; Woodburn and Wedge; Advising FA: Simpson Thacher & Bartlett Davis Polk & Wardwell; Gibson Dunn & Crutcher; Kirkland & Ellis; Richards Layton & Finger; Simpson Thacher & Bartlett; Advising FA: Dechert;Weil Gotshal & Manges
10,363
29-May-13*
Sullivan & Cromwell
Clearwire Corporation
10,101
Americas: Legal Advisor League Tables

League Table of Legal Advisors to M&A by Value: Americas
Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Americas

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
7 3 12 5 2 11 59 26 379 1 6 9 17 14 38 8 48 29 4 40
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Wachtell, Lipton, Rosen & Katz Davis Polk & Wardwell Weil Gotshal & Manges Simpson Thacher & Bartlett Latham & Watkins Jones Day De Brauw Blackstone Westbroek Slaughter and May Macfarlanes Skadden Arps Slate Meagher & Flom Sullivan & Cromwell Kirkland & Ellis White & Case Cravath, Swaine & Moore O'Melveny & Myers Cleary Gottlieb Steen & Hamilton Hogan Lovells Fried Frank Harris Shriver & Jacobson Clifford Chance Willkie Farr & Gallagher
270,581 257 ,747 235,347 233,995 208,572 205,691 156,404 144,450 129,777 123,165 116,268 92,591 87 ,721 81,411 75,158 72,761 69,230 66,190 65,960 64,557
52 66 83 76 163 141 12 7 10 104 55 178 87 29 83 47 61 34 44 49
92,527 105,791 84,574 101,059 111,892 85,313 15,986 40,953 351 193,652 98,555 89,877 66,733 74,426 27 ,925 90,682 20,342 35,793 102,512 25,276
192.4% 143.6% 178.3% 131.5% 86.4% 141.1% 878.4% 252.7% 36,874% -36.4% 18.0% 3.0% 31.5% 9.4% 169.1% -19.8% 240.3% 84.9% -35.7% 155.4%
1 3 2 4 5 15 6 35 10 12 16 11 9 22 7 24 13 17 45 8
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Kirkland & Ellis Latham & Watkins Jones Day DLA Piper Skadden Arps Slate Meagher & Flom White & Case Weil Gotshal & Manges O'Melveny & Myers Simpson Thacher & Bartlett Blake, Cassels & Graydon Davis Polk & Wardwell Stikeman Elliott Morgan Lewis & Bockius Hogan Lovells Norton Rose Fulbright Wilson Sonsini Goodrich & Rosati Vinson & Elkins Shearman & Sterling Osler, Hoskin & Harcourt Baker & McKenzie
92,591 208,572 205,691 11,473 123,165 87 ,721 235,347 75,158 233,995 52,435 257 ,747 31,661 6,751 69,230 25,757 10,446 51,043 49,289 34,560 19,138
178 163 141 130 104 87 83 83 76 68 66 65 62 61 61 61 60 60 59 57
201 174 189 157 123 74 105 52 82 78 72 80 86 64 99 61 76 67 43 95
-23 -11 -48 -27 -19 13 -22 31 -6 -10 -6 -15 -24 -3 -38 0 -16 -7 16 -38
Americas: Legal Advisor League Tables

League Table of Legal Advisors to M&A by Value: US
Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: US

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
4 6 7 3 2 8 50 44 324 1 10 5 13 14 28 43 21 29 45 17
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Wachtell, Lipton, Rosen & Katz Davis Polk & Wardwell Weil Gotshal & Manges Simpson Thacher & Bartlett Latham & Watkins Jones Day De Brauw Blackstone Westbroek Slaughter and May Macfarlanes Skadden Arps Slate Meagher & Flom Sullivan & Cromwell Kirkland & Ellis White & Case Cravath, Swaine & Moore O'Melveny & Myers Hogan Lovells Fried Frank Harris Shriver & Jacobson Willkie Farr & Gallagher Ropes & Gray Freshfields Bruckhaus Deringer
270,581 256,750 234,651 232,749 207 ,703 202,497 156,404 144,450 129,777 121,159 112,700 92,244 85,317 81,411 74,890 67 ,527 66,107 64,557 56,893 55,539
52 64 81 73 159 136 11 7 10 100 51 176 82 29 82 55 33 49 51 35
91,334 85,131 80,296 94,608 110,792 78,622 15,380 15,973 306 160,623 66,054 89,581 58,927 54,155 27 ,925 16,254 35,644 25,276 15,959 46,616
196.3% 201.6% 192.2% 146.0% 87 .5% 157 .6%

916.9%
804.3% 42,31 1% -24.6% 70.6% 3.0% 44.8% 50.3% 168.2% 315.4% 85.5% 155.4% 256.5% 19.1%
1 3 2 4 5 14 28 6 9 12 7 19 10 25 21 23 35 13 24 38
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Kirkland & Ellis Latham & Watkins Jones Day DLA Piper Skadden Arps Slate Meagher & Flom White & Case O'Melveny & Myers Weil Gotshal & Manges Simpson Thacher & Bartlett Davis Polk & Wardwell Morgan Lewis & Bockius Wilson Sonsini Goodrich & Rosati Vinson & Elkins Gibson Dunn & Crutcher Hogan Lovells Shearman & Sterling Wachtell, Lipton, Rosen & Katz Sullivan & Cromwell Ropes & Gray Willkie Farr & Gallagher
92,244 207 ,703 202,497 10,226 121,159 85,317 74,890 234,651 232,749 256,750 6,635 10,178 50,908 55,124 67 ,527 47 ,469 270,581 112,700 56,893 64,557
176 159 136 126 100 82 82 81 73 64 61 60 59 56 55 53 52 51 51 49
199 171 180 150 103 66 52 101 78 67 84 61 74 54 57 56 45 66 56 42
-23 -12 -44 -24 -3 16 30 -20 -5 -3 -23 -1 -15 2 -2 -3 7 -15 -5 7
US: Legal Advisor League Tables to Buyouts

League Table of Financial Advisors to Private Equity Buyouts by Value: US
Ranking
Q1-Q3
League Table of Financial Advisors to Private Equity Buyouts by Volume: US

Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
8 3 34 9 87 82 110 1 20 11 123
1 2 3 4 5 6 7= 7= 7= 7= 11 12 13 14 15
Kirkland & Ellis Simpson Thacher & Bartlett Munger Tolles & Olson Freshfields Bruckhaus Deringer White & Case Wachtell, Lipton, Rosen & Katz Blake, Cassels & Graydon Clifford Chance Fangda Partners Maples & Calder Latham & Watkins Sullivan & Cromwell Torys Arthur Cox Proskauer Rose
40,188 32,687 27 ,362 27 ,362 23,469 20,980 20,169 20,169 20,169 20,169 18,548 8,169 7 ,400 6,535 6,365
52 14 2 1 9 4 1 1 1 1 17 2 3 1 3
8,000 14,331 1,084 7 ,784 8 25 23,771 2,712 6,579 -
402.4% 128.1% 2,065% 169.5%

252,013%
80,576% -22.0% 201.2% 12.5% -
1 2 8 4 25 3 15 5 26 7 11 13 18 23 12
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Kirkland & Ellis Latham & Watkins Ropes & Gray Simpson Thacher & Bartlett Goodwin Procter Jones Day DLA Piper Weil Gotshal & Manges White & Case Vinson & Elkins Paul Weiss Rifkind Wharton & Garrison Willkie Farr & Gallagher Skadden Arps Slate Meagher & Flom O'Melveny & Myers Paul Hastings
40,188 18,548 3,033 32,687 408 1,097 58 1,655 23,469 1,050 796 2,752 2,368 1,107 235
52 17 15 14 13 12 12 10 9 8 8 7 7 6 6
68 27 12 19 5 22 8 17 5 12 10 9 7 5 10
-16 -10 3 -5 8 -10 4 -7 4 -4 -2 -2 0 1 -4
US: Legal Advisor League Tables by Country

League Table of Legal Advisors to M&A by Value: Canada
Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Canada

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
3 1 15 2 9 32 43 25 19 6 27 14 17 4 -
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Osler, Hoskin & Harcourt Stikeman Elliott Torys Blake, Cassels & Graydon Cleary Gottlieb Steen & Hamilton Skadden Arps Slate Meagher & Flom Borden Ladner Gervais Latham & Watkins Davies Ward Phillips & Vineberg McCarthy Tetrault Cassels Brock & Blackwell Fasken Martineau Dumoulin Sullivan & Cromwell Paul Weiss Rifkind Wharton & Garrison Proskauer Rose
32,410 30,328 28,465 17 ,056 16,147 15,613 15,396 14,722 13,879 9,746 8,112 8,041 7 ,990 7 ,277 6,000
56 61 33 60 5 12 20 10 16 31 17 22 4 10 2
29,746 44,146 16,791 40,487 19,472 4,637 3,205 5,982 11,347 20,617 5,062 17 ,622 13,492 23,857 -
9.0% -31.3% 69.5% -57 .9% -17 .1% 236.7% 380.4% 146% 22.3% -52.7% 60% -54.4% -40.8% -69.5% -
1 2 5 3 8 4 7 9 15 13 6 12 14 17 11
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Stikeman Elliott Blake, Cassels & Graydon Osler, Hoskin & Harcourt Gowling Lafleur Henderson Torys McCarthy Tetrault Fasken Martineau Dumoulin Borden Ladner Gervais Heenan Blaikie Cassels Brock & Blackwell Norton Rose Fulbright Davies Ward Phillips & Vineberg Goodmans Skadden Arps Slate Meagher & Flom Bennett Jones
30,328 17 ,056 32,410 2,180 28,465 9,746 8,041 15,396 1,242 8,112 4,592 13,879 4,878 15,613 2,262
61 60 56 36 33 31 22 20 19 17 17 16 14 12 12
72 62 38 45 22 39 35 22 16 18 35 19 16 14 19
-11 -2 18 -9 11 -8 -13 -2 3 -1 -18 -3 -2 -2 -7
League Table of Legal Advisors to M&A by Value: US North East

Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: US North East

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
10 8 5 3 7 111 97 239 2 1 28 6 4 11 19
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Davis Polk & Wardwell Wachtell, Lipton, Rosen & Katz Weil Gotshal & Manges Simpson Thacher & Bartlett Jones Day De Brauw Blackstone Westbroek Slaughter and May Macfarlanes Latham & Watkins Skadden Arps Slate Meagher & Flom Willkie Farr & Gallagher White & Case Kirkland & Ellis Sullivan & Cromwell Freshfields Bruckhaus Deringer
244,865 236,879 190,452 168,022 164,928 147 ,674 144,208 129,777 93,203 72,854 58,554 56,628 55,880 54,924 50,382
47 29 45 37 64 7 6 8 62 52 34 38 102 24 21
31,296 41,481 47 ,567 58,522 41,910 1,510 1,972 210 62,982 71,929 14,383 44,808 51,116 30,459 16,388
682.4% 471.1% 300.4% 187 .1% 293.5% 9,680% 7 ,212.8% 61,699% 48.0% 1.3% 307 .1% 26.4% 9.3% 80.3% 207 .4%
1 3 2 6 13 4 7 12 5 8 23 9 43 39 10
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Kirkland & Ellis Jones Day Latham & Watkins Skadden Arps Slate Meagher & Flom Davis Polk & Wardwell Weil Gotshal & Manges DLA Piper White & Case Simpson Thacher & Bartlett Morgan Lewis & Bockius Willkie Farr & Gallagher Goodwin Procter O'Melveny & Myers Wachtell, Lipton, Rosen & Katz Ropes & Gray
55,880 164,928 93,203 72,854 244,865 190,452 4,596 56,628 168,022 4,229 58,554 5,225 31,622 236,879 22,667
102 64 62 52 47 45 43 38 37 36 34 33 30 29 29
115 88 91 54 33 70 51 36 57 49 25 43 19 19 38
-13 -24 -29 -2 14 -25 -8 2 -20 -13 9 -10 11 10 -9

League Table of Legal Advisors to M&A by Value: US Mid-West
Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: US Mid-West

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
11 25 6 10 2 56 36 16 1 26 5 18 9 48
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Kirkland & Ellis Sullivan & Cromwell Wachtell, Lipton, Rosen & Katz Davis Polk & Wardwell Simpson Thacher & Bartlett Willkie Farr & Gallagher Freshfields Bruckhaus Deringer Munger Tolles & Olson O'Melveny & Myers Skadden Arps Slate Meagher & Flom Gibson Dunn & Crutcher Latham & Watkins Sidley Austin Jones Day Greenberg Traurig
45,995 45,093 40,757 40,580 33,115 32,386 30,306 29,412 29,187 21,617 21,209 19,576 13,860 13,799 12,013
53 14 12 15 15 10 4 3 11 26 16 26 19 29 10
19,859 11,626 32,683 25,936 36,276 4,070 6,247 13,016 55,727 10,192 32,728 12,648 28,365 5,095
131.6% 287 .9% 25% 56.5% -8.7% 695.7% 385.1% 124.2% -61.2% 108.1% -40.2% 9.6% -51.4% 136%
1 2 3 9 4 6 30 20 37 22 14 24 16 21 31
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Kirkland & Ellis Jones Day DLA Piper Skadden Arps Slate Meagher & Flom Latham & Watkins Sidley Austin White & Case Foley & Lardner Gibson Dunn & Crutcher Davis Polk & Wardwell Simpson Thacher & Bartlett Ropes & Gray Sullivan & Cromwell Dorsey & Whitney Hogan Lovells
45,995 13,799 2,253 21,617 19,576 13,860 10,652 3,132 21,209 40,580 33,115 5,058 45,093 1,701 11,945
53 29 29 26 26 19 19 19 16 15 15 15 14 14 13
70 69 41 23 39 24 12 14 10 13 18 13 17 14 12
-17 -40 -12 3 -13 -5 7 5 6 2 -3 2 -3 0 1
League Table of Legal Advisors to M&A by Value: US South

Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: US South

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
3 12 2 6 13 14 10 16 1 5 35 122 11 29 4
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Latham & Watkins Weil Gotshal & Manges Vinson & Elkins Wachtell, Lipton, Rosen & Katz White & Case Simpson Thacher & Bartlett Davis Polk & Wardwell Alston & Bird Bracewell & Giuliani Skadden Arps Slate Meagher & Flom Hogan Lovells Fangda Partners Debevoise & Plimpton Clifford Chance Kirkland & Ellis
74,724 66,685 50,208 50,187 47 ,163 45,802 38,568 36,403 35,780 28,572 28,272 27 ,885 27 ,324 26,966 26,472
65 27 51 25 31 29 14 23 25 25 24 4 10 11 74
40,389 26,472 42,756 33,728 25,112 22,370 28,951 19,016 49,285 37 ,809 8,541 600 27 ,854 10,596 39,041
85.0% 151.9% 17 .4% 48.8% 87 .8% 104.7% 33.2% 91.4% -27 .4% -24.4% 231.0% 4,548% -1.9% 154.5% -32.2%
1 3 5 4 2 40 15 16 11 7 29 6 24 18 12
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Kirkland & Ellis Latham & Watkins DLA Piper Jones Day Vinson & Elkins Akin Gump Strauss Hauer & Feld White & Case Simpson Thacher & Bartlett Morgan Lewis & Bockius Weil Gotshal & Manges Andrews Kurth Norton Rose Fulbright Wachtell, Lipton, Rosen & Katz Bracewell & Giuliani Skadden Arps Slate Meagher & Flom
26,472 74,724 5,390 24,815 50,208 14,207 47 ,163 45,802 2,140 66,685 20,264 4,255 50,187 35,780 28,572
74 65 56 55 51 33 31 29 28 27 26 26 25 25 25
95 65 58 65 66 16 26 26 32 41 20 45 22 25 31
-21 0 -2 -10 -15 17 5 3 -4 -14 6 -19 3 0 -6

League Table of Legal Advisors to M&A by Value: US West
Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: US West

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
5 81 11 24 21 2 8 25 29 1 7 54 6 150 3
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Latham & Watkins Cravath, Swaine & Moore Sullivan & Cromwell Fried Frank Harris Shriver & Jacobson Wachtell, Lipton, Rosen & Katz Simpson Thacher & Bartlett Gibson Dunn & Crutcher O'Melveny & Myers Hogan Lovells Skadden Arps Slate Meagher & Flom Shearman & Sterling Ropes & Gray Kirkland & Ellis Milbank Tweed Hadley & McCloy Weil Gotshal & Manges
103,537 57 ,935 48,207 43,506 42,799 41,322 37 ,997 37 ,438 36,449 35,536 35,024 32,755 30,015 26,472 25,435
87 12 19 9 15 25 40 56 19 37 17 20 75 9 35
33,710 2,123 19,750 10,738 11,416 36,706 27 ,109 10,635 8,858 53,551 31,557 3,620 33,479 430 35,414
207 .1% 2,630% 144.1% 305.2% 274.9% 12.6% 40.2% 252.0% 311.5% -34% 11.0% 804.8% -10.3% 6,056% -28.2%
1 2 3 13 5 4 12 6 16 10 8 25 20 18 14
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Latham & Watkins Kirkland & Ellis DLA Piper O'Melveny & Myers Wilson Sonsini Goodrich & Rosati Jones Day Gibson Dunn & Crutcher Skadden Arps Slate Meagher & Flom Weil Gotshal & Manges Fenwick & West Cooley White & Case Simpson Thacher & Bartlett Goodwin Procter Morgan Lewis & Bockius
103,537 30,015 6,075 37 ,438 9,966 21,538 37 ,997 35,536 25,435 5,086 4,810 13,225 41,322 16,738 1,362
87 75 63 56 52 46 40 37 35 35 33 30 25 23 23
82 81 58 34 52 56 34 45 28 37 39 21 22 28 32
5 -6 5 22 0 -10 6 -8 7 -2 -6 9 3 -5 -9
League Table of Legal Advisors to M&A by Value: Central & South America
Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Central & South America
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
17 25 2 13 4 28 22 18 19 1 32 21 20 103
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Cleary Gottlieb Steen & Hamilton Allen & Overy Clifford Chance Robles Miaja Abogados Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados Sullivan & Cromwell Barbosa, Mussnich & Aragao Jones Day Lefosse Advogados Pinheiro Neto Advogados Skadden Arps Slate Meagher & Flom Baker & McKenzie Linklaters
Souza, Cescon, Barrieu & Flesch Advogados
28,511 22,709 22,686 22,686 12,149 9,446 7 ,597 6,568 6,389 5,263 5,017 4,722 4,697 3,455 3,444
7 3 2 1 33 8 18 15 9 24 4 13 7 14 4
8,813 4,834 29,131 19,402 25,322 4,189 6,404 8,189 7 ,783 30,386 3,768 6,547 7 ,469 652
223.5% 369.8% -22% -37 .4% -63% 81% 3% -22.0% -32.4% -83.5% 25.3% -28.3% -53.7% 428.2%
4 2 5 9 1 18 3 7 23 8 6 17 10 20 24
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados Pinheiro Neto Advogados Barbosa, Mussnich & Aragao Veirano Advogados Machado Meyer Sendacz e Opice Jones Day
Souza, Cescon, Barrieu & Flesch Advogados
12,149 5,263 7 ,597 3,254 3,081 6,568 3,455 3,004 1,981 4,722 6,389 3,415 260 128 9,446
33 24 18 17 17 15 14 14 14 13 9 9 9 9 8
24 34 24 15 45 11 25 17 10 15 17 11 14 11 9
9 -10 -6 2 -28 4 -11 -3 4 -2 -8 -2 -5 -2 -1
Tozzini Freire Teixeira e Silva Advogados Rodrigo Elias & Medrano Baker & McKenzie Lefosse Advogados White & Case Azevedo Sette Advogados
EstudioMuniz,Ramirez,Perez-T aiman&OlayaAbogados
Prieto & Cia
Sullivan & Cromwell
Asia-Pacific (excl. Japan): Overview of Q1 - Q3 2013

M&A activity has increased every quarter in 2013 with Q3 M&A (US$ 96.9bn) marking the highest quarter in a year (Q3 2012 valued at US$ 102.1bn) Herbert Smith Freehills kept its number one position in the legal advisor league table by value for mandates worth US$ 34.7bn

400 Annual M&A Value
Q3 M&A Value
160

M&A Value Number of Deals 140 700 800
Q2 M&A Value 362.4 350 342.8

347.6
356.5
Q1 M&A Value 348.8

120 600
100
500
294.3
300
80
400
60
300
113.7
102.1 259.7
250
75.4
56.7
96.9
40
200
20
100
92.5
0
200
126.0
65.9
90.5 150
71.1
79.4
Asia-Pacific (excl. Japan) witnessed US$ 259.7bn-worth of deals during Q1 Q3 2013, down just 1.7% by value compared with Q1 Q3 2012 (US$ 264.3bn)
79.8
92.0
76.7
100
2013 M&A activity is on target to match the 2012 full year total of US$ 348.8bn, which would put an end to a trend of consecutive years of reduced M&A levels in the region which began in 2010 (US$ 362.4bn) Total deal value in Q3 was US$ 96.9bn, up 5.3% from the previous quarter (US$ 92bn) but down 5.1% compared to Q3 last year (US$ 102.1bn). One explanation for the dip was due to a lower value of large-cap (US$ 2bn US$ 10bn) deals in the region that reduced from US$ 32.5bn in Q2 2013 to US$ 23.9bn in Q3 The top deals saw most transactions valued at US$ 5bn or below there were only three top deals in Q3 versus six in Q2, the largest of which was the US$ 5.7bn acquisition of Thailands Bank of Ayudhya by Japan-based Mitsubishi UFJ Financial Group
85.1 74.7 50 45.8 66.3
89.7
82.4 70.7
2007
2008
2009
2010
2011
2012
2013
Number of Deals
Asia-Pacific (excl. Japan): Industry and Cross-Border Analysis

Asia-Pacific (excl. Japan) Cross-Border Analysis

The value of inbound deals into Asia-Pacific (excl. Japan) plunged 36.8% to US$ 18.4bn in Q3 2013 from US$ 29.1bn in Q3 2012 but marked the second quarterly increase in 2013, up 9.5% from Q2 (US$ 16.8bn)
Consumer: US$ 37.4bn (US$ 35bn)
6.8%
3.0% 14.4%
5.2% 3.4% 4.4% 13.2%
Q1 - Q3 2013
The Q1 Q3 value (US$ 48.8bn) for inbound deals is on par with the same time in 2012 (US$ 50bn) Outbound deal values in Q1 Q3 2013 (US$ 65.7bn) dipped just 2.2% compared to Q1 Q3 2012 (US$ 67.2bn), but represent the slowest nine months for outbound M&A activity since 2009 (US$ 21bn)
3.5%
11.9% 17.1%
Q1 - Q3 2012
4.2%
2.6% 3.4% 1.4% 20.6% 25.6%

18.6%
3.9% 2.3%
Q3s (US$ 18.3bn-worth) reversed Q2s (US$ 29.7bn) increase from Q1 (US$ 17.8bn). The deal value for outbound deals in Q3 was down 38.4% compared to Q2 (US$ 29.7bn) and 42.8% lower than Q3 2012 (US$ 32bn)
Real Estate: US$ 10.8bn (US$ 7bn)
11.8%
TMT: US$ 30.9bn (US$ 45.1bn)
12.7% 10.0%
100 Outbound M&A Value Inbound M&A Value Inbound Number of Deals Outbound Number of Deals 80 140 160 180
Other: US$ 17.7bn (US$ 9bn)
90
60 100 50 80 40 60
The Consumer sector was the second most active sector so far this year and took 14.4% of the total value. The sector recorded deals worth US$ 37.4bn, up 6.9% from the same period a year earlier (US$ 35bn) The TMT sector on the other hand, a sector experiencing heightened activity by value in all other major regions, saw a year-on-year drop of 31.5% in terms of deal value to US$ 30.9bn (232 deals) from US$ 45.1bn
30
20
40
10
20
Number of Deals
Energy, Mining & Utilities continued to be the most active sector for the first nine months in the Asia Pacific (excl. Japan) region, with deals worth US$ 66.6bn, up 22.4% from Q1 Q3 2012 and with a 25.6% market share compared to 20.6% last year
70
120
Asia-Pacific (excl. Japan): Top 10 Deals

Announced Date 14-Jun-13 Bidder Company Taikang Asset Management Company; and Beijing Guolian Energy Industry Investment Fund China Resources Power Holdings Co Ltd Fangda Partners; Advising FA: Norton Rose Fulbright Bidder Legal Advisor Target Company PetroChina United Pipelines Company Limited (50% Stake) China Resources Gas Group Limited Target/Seller Legal Advisor Advising seller: King & Wood Mallesons Deal Seller Company PetroChina Company Limited Value (US$m) 9,786
10-May-13
Herbert Smith Freehills; Slaughter and May
7,009
30-Sep-13
JG Summit Holdings Inc
Manila Electric Company
San Miguel Corporation
6,344
23-Apr-13
CP ALL Plc
Baker & McKenzie; Advsiing FA: Allen & Overy Allen & Overy; Nishimura & Asahi; Sullivan & Cromwell Vinson & Elkins
Siam Makro Public Co Ltd (96.09%) Bank of Ayudhya Public Company Limited (75% Stake) Kashagan Oil Project (8.33% Stake)
Advising seller: Clifford Chance
SHV Holdings NV
6,208
02-Jul-13 07-Sep-13
Mitsubishi UFJ Financial Group Inc China National Petroleum Corporation
Baker & McKenzie; Advising seller: King & Wood Mallesons; Thanathip & Partners
GE Capital Corporation ConocoPhillips Company
5,731 5,000
05-Feb-13
Guangxi Guiguan Electric Power Co Ltd Midea Group Co Ltd
Capital Law & Partners
LongTan Hydropower Development Co Ltd (85% Stake) GD Midea Holding Co Ltd (58.83% Stake) Zhong Xin Xie Cheng Law Firm
Guangxi Investment Group Co Ltd; China Datang Corporation;
4,941
01-Apr-13
JiaYuan Law Firm
4,923
12-Apr-13
NSW Ports Consortium
Herbert Smith Freehills; Advising FA: King & Wood Mallesons
Port Botany
Advising seller: Minter Ellison
Government of New South Wales
4,529
27-Sep-13
Beijing Zhongchuang Telecom Test Company Ltd
Beijing Chang An Law Firm
Beijing Xinwei Telecom Technology Inc (96.53% Stake)
Consortium led by Wang Jing (private investor)
4,396
Asia-Pacific (excl. Japan): Legal Advisor League Tables

League Table of Legal Advisors to M&A by Value: Asia-Pacific (excl. Japan)
Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Asia-Pacific (excl. Japan)

Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
1 9 23 19 29 2 30 3 7 36 25 14 38 46 21 69 58 28 68 24
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Herbert Smith Freehills King & Wood Mallesons Linklaters Baker & McKenzie Clifford Chance Allen & Overy Fangda Partners Freshfields Bruckhaus Deringer Skadden Arps Slate Meagher & Flom Jones Day Norton Rose Fulbright Davis Polk & Wardwell Kim & Chang Slaughter and May Sullivan & Cromwell Simpson Thacher & Bartlett Vinson & Elkins Allens Paul Hastings
Amarchand & Mangaldas & Suresh A Shroff & Co
34,727 34,641 29,019 22,631 22,016 19,378 18,490 17 ,565 16,078 13,576 12,646 12,456 12,210 11,068 10,924 10,738 10,464 10,232 9,787 9,673
44 67 40 63 25 40 17 20 27 15 28 13 39 9 7 9 4 42 7 32
41,296 22,995 16,099 18,708 12,146 32,910 11,841 29,221 25,369 8,919 15,272 21,057 8,221 6,904 18,169 2,576 3,775 12,816 2,680 15,850
-15.9% 50.6% 80.3% 21.0% 81.3% -41% 56.2% -39.9% -36.6% 52.2% -17 .2% -40.8% 48.5% 60.3% -39.9% 316.8% 177 .2% -20.2% 265.2% -39.0%
3 2 19 1 8 13 15 5 4 10 14 31 23 20 6 24 11 16 21 17
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
King & Wood Mallesons Baker & McKenzie DLA Piper Herbert Smith Freehills Minter Ellison Allens Linklaters Allen & Overy Kim & Chang Ashurst
Shin & Kim AZB & Partners Bae Kim & Lee Norton Rose Fulbright Skadden Arps Slate Meagher & Flom Clifford Chance Clayton Utz Allen & Gledhill Khaitan & Co
34,641 22,631 2,881 34,727 8,360 10,232 29,019 19,378 12,210 5,941 9,673 5,263 2,039 7 ,709 12,646 16,078 22,016 3,078 3,675 1,920
67 63 49 44 43 42 40 40 39 37 32 31 30 29 28 27 25 25 24 22
60 64 29 64 37 35 31 42 45 36 33 18 24 28 42 22 36 31 27 31
7 -1 20 -20 6 7 9 -2 -6 1 -1 13 6 1 -14 5 -11 -6 -3 -9
Asia-Pacific (excl. Japan): Legal Advisor League Tables to Buyouts

League Table of Legal Advisors to Private Equity Buyouts by Value: Asia-Pacific (excl. Japan)
Ranking
Q1-Q3
League Table of Legal Advisors to Private Equity Buyouts by Volume: Asia-Pacific (excl. Japan)
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
15 1 17 31 20 18 65 27 16 12 36 5
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Herbert Smith Freehills Kim & Chang Cleary Gottlieb Steen & Hamilton Bae Kim & Lee Skadden Arps Slate Meagher & Flom Debevoise & Plimpton Allen & Overy Gunderson Dettmer Stough Villeneuve Franklin & Hachigian Conyers Dill & Pearman Shin & Kim Clifford Chance Freshfields Bruckhaus Deringer Ropes & Gray Davis Polk & Wardwell Gilbert + Tobin
6,585 5,628 2,253 1,529 1,318 1,277 655 654 648 577 560 559 439 436 433
5 14 4 4 5 2 4 1 3 4 3 3 2 1 3
813 2,671 600 144 376 545 236 801 1,004 107 1,661
710.0% 110.7% 275.5% 961.8% 250.5% 20.2% 144.5% -30.1% -56.3% 307% -73.9%
1 18 11 3 38 29 19 42 6 23 65 10 4 47
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Kim & Chang Herbert Smith Freehills Skadden Arps Slate Meagher & Flom Minter Ellison Cleary Gottlieb Steen & Hamilton Bae Kim & Lee Allen & Overy Shin & Kim O'Melveny & Myers Tatva Legal Conyers Dill & Pearman Clifford Chance Freshfields Bruckhaus Deringer Gilbert + Tobin Johnson Winter & Slattery
5,628 6,585 1,318 116 2,253 1,529 655 577 95 31 648 560 559 433 347
14 5 5 5 4 4 4 4 4 4 3 3 3 3 3
7 3 4 7 1 2 3 1 5 3 1 4 7 1
7 2 1 -2 3 2 1 3 -1 1 2 -1 -4 2
Asia-Pacific (excl.Japan): Legal Advisor League Tables by Country

League Table of Legal Advisors to M&A by Value: Asia (Excl. Japan & Australasia)
Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Asia (Excl. Japan &Australasia)
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
23 21 3 29 24 2 27 1 7 13 26 35 33 19 44
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
King & Wood Mallesons Linklaters Herbert Smith Freehills Clifford Chance Baker & McKenzie Allen & Overy Fangda Partners Freshfields Bruckhaus Deringer Skadden Arps Slate Meagher & Flom Davis Polk & Wardwell Norton Rose Fulbright Kim & Chang Jones Day Sullivan & Cromwell Slaughter and May
30,725 28,165 24,405 21,794 19,538 19,145 18,490 16,762 15,921 12,456 12,365 12,210 12,121 10,924 9,998
35 35 18 21 39 30 17 19 24 13 11 39 10 7 7
15,339 15,885 26,211 11,436 15,084 27 ,506 11,841 29,221 23,385 20,912 12,450 8,221 8,823 17 ,705 6,633
100.3% 77 .3% -6.9% 90.6% 30% -30.4% 56.2% -42.6% -31.9% -40.4% -0.7% 48.5% 37 .4% -38.3% 50.7%
1 2 7 10 5 22 13 14 11 38 18 12 8 3 6
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Baker & McKenzie Kim & Chang King & Wood Mallesons Linklaters
Shin & Kim Allen & Overy AZB & Partners Bae Kim & Lee DLA Piper Skadden Arps Slate Meagher & Flom Allen & Gledhill Khaitan & Co Desai & Diwanji Clifford Chance
19,538 12,210 30,725 28,165 9,673 5,263 19,145 2,039 7 ,709 2,157 15,921 3,537 1,920 569 21,794
39 39 35 35 32 31 30 30 29 25 24 23 22 22 21
45 45 30 28 33 18 25 24 28 11 20 26 30 37 31
-6 -6 5 7 -1 13 5 6 1 14 4 -3 -8 -15 -10
League Table of Legal Advisors to M&A by Value: Australasia

Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Australasia

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
1 2 8 5 11 3 4 10 12 6 24 61 84 81
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Herbert Smith Freehills Allens Minter Ellison King & Wood Mallesons Corrs Chambers Westgarth Gilbert + Tobin Ashurst Baker & McKenzie Cravath, Swaine & Moore Linklaters Clayton Utz Squire Sanders Thomsons Lawyers Jones Day WongPartnership
13,670 10,232 8,360 7 ,522 6,005 5,721 4,437 3,865 3,493 3,098 3,078 1,500 1,462 1,455 1,427
33 42 42 40 21 16 31 29 1 10 25 1 10 5 2
20,629 12,597 4,377 8,350 3,937 9,752 8,733 3,972 3,412 7 ,506 1,406 218 96 103
-33.7% -18.8% 91.0% -9.9% 52.5% -41.3% -49.2% -3% -9.2% -59% 6.7% 570.6% 1,416% 1,284%
6 3 4 1 7 8 11 5 9 10 2 16 12 19 22
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Allens Minter Ellison King & Wood Mallesons Herbert Smith Freehills Ashurst Baker & McKenzie DLA Piper Clayton Utz Corrs Chambers Westgarth Norton Rose Fulbright Gilbert + Tobin Chapman Tripp Allen & Overy Simpson Grierson Linklaters
10,232 8,360 7 ,522 13,670 4,437 3,865 733 3,078 6,005 955 5,721 1,408 1,033 1,072 3,098
42 42 40 33 31 29 26 25 21 19 16 13 12 11 10
30 37 36 48 28 24 18 31 24 24 39 12 17 7 6
12 5 4 -15 3 5 8 -6 -3 -5 -23 1 -5 4 4

League Table of Legal Advisors to M&A by Value: Greater China
Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Greater China

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
14 17 6 19 16 32 38 40 42 31 77 23 5
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
King & Wood Mallesons Fangda Partners Herbert Smith Freehills Linklaters Skadden Arps Slate Meagher & Flom Norton Rose Fulbright Vinson & Elkins JiaYuan Law Firm Paul Hastings Slaughter and May Simpson Thacher & Bartlett Troutman Sanders McGuireWoods Grandall Legal Group Davis Polk & Wardwell
28,558 18,490 14,058 13,846 12,941 10,042 9,931 9,303 8,443 8,398 7 ,602 7 ,221 6,949 6,635 5,644
33 17 8 22 18 5 3 10 4 5 4 2 1 17 7
14,571 11,841 20,742 11,246 12,061 4,144 2,508 2,425 1,976 4,262 673 7 ,417 20,855
96.0% 56% -32.2% 23.1% 7 .3% 142% 296% 283.6% 327 .3% 97 .0% 1,030% -10.5% -73%
1 6 7 49 5 8 4 11 20 37 41 34 19 9 3
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
King & Wood Mallesons Linklaters Skadden Arps Slate Meagher & Flom Zhong Lun Law Firm Fangda Partners Grandall Legal Group Baker & McKenzie O'Melveny & Myers Jun He Law Offices DLA Piper JiaYuan Law Firm Shearman & Sterling Herbert Smith Freehills Freshfields Bruckhaus Deringer Clifford Chance
28,558 13,846 12,941 5,457 18,490 6,635 3,654 1,431 4,392 820 9,303 3,703 14,058 5,448 4,446
33 22 18 18 17 17 17 14 13 11 10 9 8 8 8
25 17 16 4 18 15 20 12 9 6 5 6 9 13 21
8 5 2 14 -1 2 -3 2 4 5 5 3 -1 -5 -13
League Table of Legal Advisors to M&A by Value: India

Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: India

Q1 - Q3 2012
Q1 - Q3 2013
Company Name Amarchand & Mangaldas & Suresh A Shroff & Co Value (US$m) Deal Count
Ranking
Q1-Q3
Q1 - Q3 2013
Company Name Amarchand & Mangaldas & Suresh A Shroff & Co Value (US$m) Deal Count
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
1 15 17 70 35 69 6 5 16 -
1 2 3 4 5 6 7 8 9 10= 10= 12 13 14 15
Simmons & Simmons Jones Day Davis Polk & Wardwell Talwar Thakore & Associates Linklaters White & Case PLMJ - Sociedade de Advogados Homburger Bowman Gilfillan Sullivan & Cromwell AZB & Partners Khaitan & Co Herbert Smith Freehills Platinum Partners
9,673 5,115 4,009 3,592 3,571 3,549 2,868 2,475 2,433 2,331 2,331 2,039 1,920 1,740 1,622
30 2 4 3 4 2 3 1 1 1 1 30 22 3 2
15,708 1,000 922 32 349 36 2,866 3,112 940 -
-38.4% 412% 334.8% 11,125% 916.9% 7 ,867% -28.9% -38.3% 85.1% -
2 4 3 1 7 6 43 9 29 21 15 44 11
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
AZB & Partners Khaitan & Co Desai & Diwanji Trilegal J Sagar Associates DLA Piper Tatva Legal MNK Law Offices Jones Day Talwar Thakore & Associates S&R Associates Wadia Ghandy & Co HSA Advocates Rajani Associates
9,673 2,039 1,920 569 687 529 1,319 108 82 4,009 3,571 1,325 359 107 67
30 30 22 22 14 13 11 11 5 4 4 4 4 4 4
32 23 29 36 12 12 2 9 2 3 5 2 8
-2 7 -7 -14 2 1 9 2 2 1 -1 2 -4

League Table of Legal Advisors to M&A by Value: South East Asia
Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: South East Asia

Q1 - Q3 2012 Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
Value (US$m)
% Val. Change
2012
Q1-Q3
2013
7 17 13 94 16 4 23 2 41 100 1
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Baker & McKenzie Clifford Chance Allen & Overy Nishimura & Asahi Sullivan & Cromwell Linklaters Stamford Law Corporation Freshfields Bruckhaus Deringer Allen & Gledhill Zul Rafique & Partners Davis Polk & Wardwell Wiersholm Adnan Sundra & Low Abdullah Chan WongPartnership
15,696 10,427 8,846 7 ,572 5,731 4,904 4,388 4,215 3,537 3,445 3,220 2,989 2,974 2,900 2,587
22 11 17 2 1 12 13 6 23 3 2 2 1 1 14
10,047 3,936 5,785 42 4,604 20,437 1,481 25,306 506 25 25,606
56.2% 164.9% 52.9% 17 ,929% 6.5% -78.5% 185% -86% 580.8% 12,780% -89.9%
2 3 5 1 6 9 11 12 10 4 36 21 33 8
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Allen & Gledhill Baker & McKenzie Allen & Overy WongPartnership Stamford Law Corporation Linklaters Clifford Chance Rajah & Tann Herbert Smith Freehills Shook Lin & Bok Singapore Mah-Kamariyah & Philip Koh Freshfields Bruckhaus Deringer Drew & Napier Simpson Thacher & Bartlett Norton Rose Fulbright
3,537 15,696 8,846 2,587 4,388 4,904 10,427 2,309 2,333 1,130 333 4,215 315 1,736 675
23 22 17 14 13 12 11 10 8 7 7 6 6 4 4
26 26 10 26 9 8 7 7 8 10 2 5 3 8
-3 -4 7 -12 4 4 4 3 0 -3 4 1 1 -4
League Table of Legal Advisors to M&A by Value: South Korea

Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: South Korea

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
2 1 4 9 33 28 12 3 -
1 2 3 4 5 6 7 8 9 10= 10= 10=
Kim & Chang Bae Kim & Lee Lee & Ko Shin & Kim Cleary Gottlieb Steen & Hamilton Barun Law Allen & Overy Hankyul Law Firm Yulchon Norton Rose Fulbright Osler, Hoskin & Harcourt Shearman & Sterling
12,146 7 ,709 7 ,517 5,263 1,868 1,694 1,667 1,481 1,111 1,100 1,100 1,100
38 29 21 30 3 2 2 7 7 1 1 1
8,221 10,215 5,340 1,583 139 200 920 6,786 -
47 .7% -24.5% 40.8% 232.5% 1,119% 733.5% 61.0% -83.6% -
1 4 3 2 8 10 5 15 -
1 2 3 4 5 6 7 8 9 10
Kim & Chang Shin & Kim Bae Kim & Lee Lee & Ko Yoon & Yang Hankyul Law Firm Yulchon Skadden Arps Slate Meagher & Flom O'Melveny & Myers Cleary Gottlieb Steen & Hamilton
12,146 5,263 7 ,709 7 ,517 351 1,481 1,111 598 68 1,868
38 30 29 21 12 7 7 4 4 3
45 18 28 33 6 4 16 2 -
-7 12 1 -12 6 3 -9 2 -
Japan: Overview of Q1 - Q3 2013

Real Estates 84% growth from last year is a sign for more upbeat inbound M&A to come Nishimura & Asahi topped the legal advisor league table by value for deals worth US$ 34bn, up from third position in Q1 - Q3 2012 (US$ 26.4bn)

100 Annual M&A Value Q3 Value Q2 M&A Value 90 88.2 83.2 80 78.4
Q1 M&A Value
45 40

M&A Value Number of Deals 140 160
35
120
30
25 80 20 60 15
70 61.3
71.3
10
40
60 11.9 50
55.8
32.7
20
33.2 24.1
13.9
18.0 40
15.5 26.2
36.0
12.9 30 26.1 20 17.3 10 13.9 10.6

14.9
Japans Q3 M&A value (US$ 12.9bn) was set for a 10-year low until US-based Applied Materials acquired Tokyo Electron limited for US$ 8.7bn in the final week of the quarter. The largest US-Japan transaction on Mergermarket record (since 2001) made up almost a quarter (24.2%) of Q1 Q3 2013 total value (US$ 36bn) The Tokyo Electron deal added 67.4% towards Japanese M&A in Q3 but it did not manage to prevent a quarterly decline following a solid Q2 (US$ 15.1bn) leaving Q3s US$ 12.9bn down 14.6%. Q3 2013 also decreased compared to Q3 2012 (US$ 13.9bn), down 7.2%
10.8 14.0 7.3
17.2
15.1
11.8 8.0
The late turn around in Q3 could be a sign of better things to come in 2013 but as it stands, Q1 Q3 deal value totaled US$ 36bn, down 34.6% compared to Q1 Q3 2012 (US$ 55bn). This marked a third year of declines for Japanese M&A during the Q1 Q3 period
2007
2008
2009
2010
2011
2012
2013
Number of Deals
100
Japan: Industry and Cross-Border Analysis

Japanese Cross-Border Analysis

Inbound M&A in Q3 totaled US$ 10.3bn and was the highest valued quarter since Q1 2007 (US$ 11.5bn). The hike in value came after US-based Applied Materials acquired Tokyo Electron for US$ 8.7bn in the final week of Q3 which contributed 84.5% to Q3s total inbound value. US bidders approaching Japanese targets hit a post-crisis high at US$ 10.8bn during Q1 Q3 2013, double 2012s annual total of US$ 5.4bn Total inbound M&A through Q1 Q3 2013 (US$ 11.7bn) marked 2013 as the highest valued year since 2007s peak (US$ 24.5bn). Prior to the Tokyo Electron acquisition, 2013 was likely to be the lowest value on Mergermarket record (since 2001). The deal, combined with the recovery in Real Estate M&A, signals hope for 2014 inbound deal activity Outbound M&A activity continued on an upward trajectory in Q3, registering a second consecutive quarterly increase at US$ 21.1bn, up 189% compared to Q2 2013 (US$ 7.3bn) the highest quarterly increase in three years (Q2 to Q3 2010 increased 199.8% from US$ 3.6bn to US$ 10.7bn)
Construction: US$ 3.1bn (US$ 1.1bn)
0.3% 3.6% 8.5%
Q1 - Q3 2013
2.0%
31.4% 4.5% 0.7% 2.4%
13.5%
4.2%
Financial Services: US$ 1bn (US$ 3.2bn)
Q1 - Q3 2012
12.2%
12.4%
Industrials & Chemicals: US$ 4bn (US$ 12.4bn)
22.5%
9.6% 32.2% 2.8%
5.8%
12.7% 11.0% 4.7%

60 Outbound M&A Value Inbound M&A Value Inbound Number of Deals 80
TMT: US$ 11.4bn (US$ 7.4bn)
3.0%
Transport: US$ 0.1bn (US$ 0bn)
50
70
30
40
Contributing 89.1% to overall Real Estate values were three of the top deals executed by Iida Home Max for a combined value of US$ 4.1bn which affected this sectors value The US$ 8.7bn Tokyo Electron deal pushed the TMT sector up 54.1% in value to US$ 11.4bn from US$ 7.4bn in Q1 Q3 2012. According to Mergermarket intelligence, a solid deal pipeline indicates that further growth in Japans TMT is very likely, especially after the largest cross-border deal into Japan was announced in the final week of Q3 domestic restructuring by large Technology corporates such as Panasonic and Sony but also Telecommunications and Media consumer companies seeking foreign targets could add to Japans TMT M&A
30 20 20
10
10
Number of Deals
Real Estate targeted M&A was one of only four sectors to increase M&A value in Q1 Q3 2013, up 84% to US$ 4.6bn from US$ 2.5bn in Q1 Q3 2012. A boost in Real Estate investment signals and uplift in inbound investment is around the corner followed by private equity investment up to two years later, according to Mergermarket intelligence
60 40 50
Japan: Top 10 Deals

Announced Date 24-Sep-13 Bidder Company Applied Materials Inc Bidder Legal Advisor De Brauw Blackstone Westbroek; Mori Hamada & Matsumoto; Weil Gotshal & Manges; Advising FA: Simpson Thacher & Bartlett Target Company Tokyo Electron Limited Target/Seller Legal Advisor Jones Day; Nishimura & Asahi; Advising FA: Latham & Watkins Deal Seller Company Value (US$m) 8,730
11-Jun-13
Hitachi Ltd and Mitsubishi Heavy Industries Ltd joint venture
Mitsubishi Heavy Industries Ltd (Thermal power generation systems business); and Hitachi Ltd (Thermal power generation systems business) Nishimura & Asahi Hajime Construction Co Ltd
Advising seller: Herbert Smith Freehills; Hogan Lovells; Mori Hamada & Matsumoto; Nishimura & Asahi; Noerr
Hitachi Ltd; and Mitsubishi Heavy Industries Ltd
3,308
27-Jun-13
Iida Home Max Co Ltd
Ryoju Corporation
2,072
26-Apr-13
Nippon Steel Trading Co Ltd Kohlberg Kravis Roberts & Co LP Iida Home Max Co Ltd
Nishimura & Asahi
Sumikin Bussan Corporation Panasonic Healthcare Co Ltd (80% Stake) Arnest One Corp
Mori Hamada & Matsumoto
1,432
27-Sep-13 27-Jun-13
Nishimura & Asahi; Simpson Thacher & Bartlett Nishimura & Asahi
Advising seller: Nagashima Ohno & Tsunematsu
Panasonic Corporation
1,346 1,296
13-Feb-13
Hitachi Metals Ltd
Hitachi Cable Ltd
Nagashima Ohno & Tsunematsu
863
25-Mar-13
Temp Holdings Co Ltd
Intelligence Holdings Ltd
Advising seller: Nagashima Ohno & Tsunematsu; Simpson Thacher & Bartlett
Kohlberg Kravis Roberts & Co LP
721
26-Apr-13
Marubeni Corporation
Nishimura & Asahi
MX Mobiling
TMI Associates; Advising FA: Mori Hamada & Matsumoto
NEC Corporation
709
27-Jun-13
Iida Home Max Co Ltd
Nishimura & Asahi
Touei Housing Corporation
Bamboo Field
686
Japan: Legal Advisor League Tables by Country

League Table of Legal Advisors to M&A by Value: Japan
Ranking
Q1-Q3
League Table of legal Advisors to M&A by Volume: Japan

Q1 - Q3 2012
Q1 - Q3 2013
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
3 2 18 108 85 88 13 17 40 12 1 5 15 72 4
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Nishimura & Asahi Mori Hamada & Matsumoto Simpson Thacher & Bartlett Weil Gotshal & Manges De Brauw Blackstone Westbroek Allen & Overy Jones Day Linklaters Latham & Watkins Baker & McKenzie Nagashima Ohno & Tsunematsu Clifford Chance Sullivan & Cromwell Herbert Smith Freehills Anderson Mori & Tomotsune
34,039 23,504 14,807 13,941 12,717 11,127 9,869 9,719 9,517 7 ,612 6,765 6,194 6,124 5,079 4,068
50 46 7 5 4 10 6 9 6 21 41 8 3 5 24
26,441 37 ,023 6,350 194 410 384 8,752 6,433 1,775 9,077 47 ,125 17 ,065 7 ,266 731 18,680
28.7% -36.5% 133.2% 7 ,086% 3,002% 2,798% 12.8% 51% 436.2% -16.1% -85.6% -63.7% -15.7% 594.8% -78.2%
2 1 3 5 4 6 22 38 20 11 16 13 14 31 8
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Nishimura & Asahi Mori Hamada & Matsumoto Nagashima Ohno & Tsunematsu Anderson Mori & Tomotsune Baker & McKenzie TMI Associates Oh-Ebashi LPC & Partners Allen & Overy Skadden Arps Slate Meagher & Flom Freshfields Bruckhaus Deringer Linklaters Clifford Chance Shearman & Sterling Simpson Thacher & Bartlett Morrison & Foerster
34,039 23,504 6,765 4,068 7 ,612 1,565 1,270 11,127 2,501 2,132 9,719 6,194 1,685 14,807 1,645
50 46 41 24 21 16 11 10 10 10 9 8 8 7 7
42 62 38 16 17 14 5 3 5 9 7 8 8 3 10
8 -16 3 8 4 2 6 7 5 1 2 0 0 4 -3
Africa & Middle East: Overview of Q1 - Q3 2013

Q1 - Q3 deal value (US$ 51.6bn) mirrors 2012s annual total (US 51.6bn) making 2013 the second year to see increased deal value Linklaters jumped from seventh position in Q1 - Q3 2012 (US$ 2.7bn) to top the legal advisor league table in Q1 - Q3 2013 (US$ 13.6bn)

100 Annual M&A Value Q3 M&A Value Q2 M&A Value 90
Q1 M&A Value
40 35

M&A Value Number of Deals 140 160
87.1
30
120
25
100
20
80
70
15
60
10
40
60 54.3 50
20.0
20
50.4
45.4
51.6
51.6 19.1
40 32.5 9.9 30
12.6
8.2 12.1 8.0 19.8
Africa & Middle East targeted M&A through Q1 Q3 2013 was valued at US$ 51.6bn and has already matched 2012s annual total (US$ 51.6bn). Only nine months in the books and this year will mark the second annual increase by deal value Q3s deal value (US$ 19.1bn) was up 99% compared to Q3 2012 (US$ 9.6bn) and just 3.5% down on Q2 2013s US$ 19.8bn-worth of deals. 2013 is the first year since the regions peak in 2007 (US$ 87.1bn) to see every quarter post total values above US$ 10bn The Middle East made up 42.8% of the total value in Q1 Q3 2013 with deals valued at US$ 22.1bn already a quarter (25.6%) above 2012s annual total (US$ 17.6bn). African M&A constituted US$ 29.5bn-worth of deals just 9.8% away from matching 2012s annual total (US$ 32.7bn). Africas Q1 Q3 2013 value was three quarters higher than the value seen in Q1 Q3 2012 (US$ 16.9bn) at 74.6% United Arab Emirates (US$ 11.2bn) registered the highest total value in the region, followed by Mozambique (US$ 9.4bn)
2013
9.6 6.6 13.4
12.8 20
19.9
15.4
25.3
19.7
10
13.1
4.0 8.8
12.7
5.3 0 2007 2008 2009 2010 2011 2012
Number of Deals
80
Africa & Middle East: Industry and Cross-Border Analysis

Africa & Middle East Cross-Border Analysis

Although total cross-border (inbound and outbound) M&A value in Q3 (US$ 12bn) fell 14.9% from Q2 (US$ 14.1bn), which was the strongest quarter since Q2 2011 (US$ 14.3), it was a 55.8% increase from Q3 2012 (US$ 7.7bn) Inbound deal value in Q3 (US$ 10.7bn) witnessed a 9.2% increase on Q2 values (US$ 9.8bn) and a 21.6% increase on Q1 (US$ 8.8bn), making it the highest valued quarter in over three years (Q1 2010 valued at US$ 14.3bn) The tendency to avoid investing outside of Africa & Middle East has continued in 2013. Outbound activity through Q1 Q3 (US$ 8.5bn) was down 33.1% from Q1 Q3 2012 (US$ 12.7bn) due to Q3s (US$ 1.3bn) 69.8% decline from Q2 (US$ 4.3bn) Q3s outbound deal value was the lowest valued quarter since Q2 2009 (US$ 0.6bn) which could result in 2013s total outbound deal value ending at the lowest level in nearly a decade (2004 was valued at US$ 6.1bn)
0.2%
Energy, Mining & Utilities: US$ 17bn (US$ 8.5bn)
7.0%
0.4% 4.5%
1.7%
Q1 - Q3 2013
12.3%
1.0% 2.2%
Financial Services: US$ 2.5bn (US$ 6bn)
18.4% 27.5%
Q1 - Q3 2012
32.9%
4.3%
Pharma, Medical & Biotech: US$ 2.9bn (US$ 1bn)
26.9% 0.1% 3.2% 0.9% 5.1%

19.0%
5.6%
0.2%
TMT: US$ 9.5bn (US$ 8.7bn)
4.8% 21.7%
40 Outbound M&A Value Inbound M&A Value 35 Inbound Number of Deals 60

30
50
20
30
Total M&A deal value in the Real Estate sector (US$ 2.2bn) was predominantly attributed to the US$ 2bn merger between Abu Dhabi developers Aldar Properties and Sorouh Real Estate The regions biggest deal, the US$ 7.5bn merger of Dubai Aluminium and Emirates Aluminium, gave the Industrials and Chemicals sector (US$ 11.2bn) a 21.7% market share and resulted in the sector posting its highest deal value on Mergermarket record (since 2001)
15 20 10 10 5
Number of Deals
The Energy, Mining and Utilities sector (US$ 17bn) has doubled its total deal value from 2012 (US$ 8.5bn), giving it a dominant 32.9% market share, up from 26.9% the same time last year. The majority of this investment has been into Africas dominant Energy sector which has already hit a fourth annual increase in 2013 with deals valued at US$ 14.9bn, taking an 87.6% share of this total activity.
40 25
Africa & Middle East: Top 10 Deals

Announced Date 03-Jun-13 Bidder Company Emirates Global Aluminium Bidder Legal Advisor Target Company Dubai Aluminium Company Limited; and Emirates Aluminium Zulficar & Partners Orascom Telecom Holding SAE Target/Seller Legal Advisor Advising sellers: Allen & Overy; Latham & Watkins; Linklaters Deal Seller Company Mubadala Development Company PJSC; and Investment Corporation of Dubai VimpelCom Ltd Value (US$m) 7,500
31-Mar-13*
Altimo
White & Case; Advising seller: Skadden Arps Slate Meagher & Flom
6,403
23-Jul-13
Emirates Telecommunications Corporation
Freshfields Bruckhaus Deringer
Maroc Telecom (53% Stake)
Advising Seller: Gibson Dunn & Crutcher
Vivendi SA
5,959
14-Mar-13
China National Petroleum Corporation Sinopec International Petroleum Exploration and Production Corporation ONGC Videsh Limited
Gianni, Origoni, Grippo, Cappelli & Partners; Herbert Smith Freehills Vinson & Elkins
Eni East Africa Spa (28.57% Stake) Apache Corporation (Egypt oil and gas business) (33% Stake) Rovuma Offshore Area 1 Block (10% Stake)
Advising seller: Linklaters
Eni SpA
4,210
29-Aug-13
Advising seller: Weil Gotshal & Manges
Apache Corporation
3,100
25-Aug-13
Simmons & Simmons
Anadarko Petroleum Corporation
2,640
25-Jun-13
ONGC Videsh Limited; and Oil India Limited Abraaj Capital Holdings Limited; and the Sawiris Family
Kochhar & Co; PLMJ - Sociedade de Advogados; Simmons & Simmons Sarie-Eldin & Partners; Advising FA: Jones Day
Rovuma Offshore Area 1 Block (10% Stake) Orascom Construction Industries SAE (25% Stake)
Advising seller: Amarchand & Mangaldas & Suresh A Shroff & Co Allen & Overy
Videocon Mauritius Energy Limited
2,475
18-Jan-13
2,210
01-May-13
Berkshire Hathaway Inc
Munger Tolles & Olson
IMC International Metalworking Companies BV (20% Stake) Sorouh Real Estate PJSC
Wachtell, Lipton, Rosen & Katz
Wertheimer family
2,050
21-Jan-13
Aldar Properties PJSC
Allen & Overy
Clifford Chance
2,030
Africa & Middle East: Legal Advisor League Tables

League Table of Legal Advisors to M&A by Value: Africa & Middle East
Ranking
Q1-Q3
League Table of Legal Advisors to M&A by Volume: Africa & Middle East
Ranking
Q1-Q3
Q1 - Q3 2013
Q1 - Q3 2012
Q1 - Q3 2013
Q1 - Q3 2012
2012
Q1-Q3
2013
2012
Q1-Q3
2013
7 2 41 111 1 34 9 78 72 33 119 10 3 77 12 5 64 35
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Linklaters Allen & Overy Latham & Watkins White & Case Freshfields Bruckhaus Deringer Gibson Dunn & Crutcher Zulficar & Partners Clifford Chance Simmons & Simmons Herbert Smith Freehills Gianni, Origoni, Grippo, Cappelli & Partners Weil Gotshal & Manges
Skadden Arps Slate Meagher & Flom Cleary Gottlieb Steen & Hamilton Vinson & Elkins Jones Day Edward Nathan Sonnenbergs PLMJ - Sociedade de Advogados Webber Wentzel
13,632 13,244 9,409 9,303 8,897 6,779 6,403 5,117 5,115 4,276 4,210 4,021 3,479 3,467 3,223 3,178 2,570 2,518 2,475 2,265
13 20 10 12 15 10 1 13 3 3 1 4 3 3 4 4 3 22 1 15
2,725 4,040 852 123 6,109 1,019 2,509 291 345 1,024 93 2,506 3,749 292 2,381 3,482 383 1,016
400.3% 227 .8% 1,004% 7 ,463% 45.6% 565.3% 103.9% 1,658% 292.7% 3,641% 38.3% -14.0% 988.4% 7 .9% -27 .7% 546.2% 122.9%
2 1 10 4 8 9 5 6 125 31 3 20 15 7 14 23 13 29 32 54
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Edward Nathan Sonnenbergs Allen & Overy Norton Rose Fulbright Freshfields Bruckhaus Deringer Webber Wentzel Bowman Gilfillan Linklaters Clifford Chance White & Case DLA Piper DLA Cliffe Dekker Hofmeyr Latham & Watkins Gibson Dunn & Crutcher Herzog, Fox and Neeman Werksmans Ashurst Meitar Liquornik Geva Leshem Tal & Co Weil Gotshal & Manges Cleary Gottlieb Steen & Hamilton Vinson & Elkins
2,518 13,244 1,861 8,897 2,265 1,899 13,632 5,117 9,303 1,838 230 9,409 6,779 1,231 379 847 461 4,021 3,223 3,178
22 20 16 15 15 15 13 13 12 12 11 10 10 10 8 6 6 4 4 4
18 18 10 13 11 11 12 12 1 4 16 6 7 11 7 5 8 4 3 2
4 2 6 2 4 4 1 1 11 8 -5 4 3 -1 1 1 -2 0 1 2
Criteria
All data is based on transactions over US$ 5m and is based on the Mergermarket M&A deals database. 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 the 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 M&A Trends and Top Deals: based on the dominant geography or dominant sector of the target according to Mergermarkets deals database. The trend graphs are based on transactions announced in the given time periods. The top deals tables include lapsed and withdrawn bids Legal Advisor League Tables: based on the dominant geography of any of the target, bidder or seller according to Mergermarkets deal database. Buyout league tables to legal advisors are based on the target geography only and the adviser advising the buy-side only. League tables include lapsed and withdrawn bids Dates Q3 2013 / Q3 2012: 01-Jul-13 to 30 Sep-13 / 01-Jul-12 to 30-Sep-12 Q1 - Q3 2013 / 2013 to-date / year to-date: 01-Jan-13 to 30-Sep-2013 Industry consolidations: TMT: consolidated sectors of Technology, Media & Tellecommunications OTHER in Global, Europe, US & Asia-Pacific sections: consolidated sectors of Leisure, Defence, Agriculture, and Construction OTHER in the Emerging Markets section: consolidated sectors of Leisure, Real Estate, and Transport Cross-Border Inbound: deals where the dominant geography of the target is X and the dominant geography of the bidder is outside X Outbound: deals where the dominant geography of the target is outside X and the dominant geography of the bidder is X Mega-deal: deals above the value of US$ 10bn Mid-Market: deals valued between US$ 501m - US$ 2bn Small-cap: deals valued under US$ 500m Average deal size: excludes non-disclosed value deals All data correct as of 1st October 2013 All league tables are correct as of 2nd October 2013 Deal Criteria
About mergermarket Mergermarket is a mergers & acquisitions (M&A) intelligence service. Mergermarket is part of The Mergermarket Group which has nearly 1000 employees worldwide and regional head offices in New York, London and Hong Kong. In any market, the life blood of advisors 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.
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Mergermarket Q32013 LegalAdvisorM&ATrendReport

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Mergermarket Q1 - Q3 M&A Trend Report

Including League Tables of Legal Advisors

Mergermarket Q1-Q3 2013 Report

Deal Submission Contacts:

Mergermarket Q1-Q3 2013 Report

Global: Overview of Q1 - Q3 2013

Quarterly M&A Growth Comparison

Quarterly M&A Trend Breakdown

3,500 1,000 3,000

1,500 400 1,000 200

Value of Deals (US$bn)

2,407.6 2,250.9 2,089.2 2,273.1

1,276.7 683.2 1,710.3

Asia-Pacific (excl. Japan M&A)

1,500 492.6 677.1

580.8 558.9 524.6

589.9 419.3 459.3

613.2 461.4 438.3

Mergermarket Q1-Q3 2013 Report

Global: Industry and Cross-Border Analysis

Global Cross-Border Analysis

Consumer: US$ 193.9bn (US$ 205.7bn)

Energy, Mining & Utilities: US$ 297.8bn (US$ 390.2bn)

Financial Services: US$ 144.7bn (US$ 163.4bn)

3.0% 5.1% 2.5%

Industrials & Chemicals: US$ 141.6bn (US$ 207.3bn)

Leisure: US$ 26.4bn (US$ 34.2bn)

Pharma, Medical & Biotech: US$ 126.1bn (US$ 99.5bn)

Real Estate: US$ 63.4bn (US$ 54.6bn)

Transport: US$ 49.2bn (US$ 38.1bn)

Other: US$ 52.3bn (US$ 45.9bn)

Value of Deals (US$bn)

1,500 400 1,000

Global: Top 10 Deals

Berkshire Hathaway Inc; and 3G Capital Partners

H.J. Heinz Company

Liberty Global Inc

Virgin Media Inc

Koninklijke KPN NV (70.23% Stake) Dell Inc

Omnicom Group Inc

NBCUniversal Media LLC (49% Stake)

Thermo Fisher Scientific Inc

Life Technologies Corp

Russian Grids OAO Vodafone Group Plc Linklaters

The Federal Agency for State Property Management

Mergermarket Q1-Q3 2013 Report

Global: Legal Advisor League Tables

League Table of Legal Advisors to M&A by Volume: Global

Mergermarket Q1-Q3 2013 Report

Global Private Equity: Buyouts Overview

Private Equity Buyouts - Geography Breakdown

Percentage of Global M&A

Value of Deals (US$bn)

Debt/EBITDA and Debt-to-total funding

Asia-Pacific ex Japan (Value)

Rest of the World (Value)

Buyouts (% of Total M&A)

Debt/EBITDA Multiple (x)

50% 4 40% 3 30% 2

Mergermarket Q1-Q3 2013 Report

Debt/Total Funding (%)

Global Private Equity: Top Buyout Deals