Merger Market: Legal Advisers H1 2011

mergermarket League Tables of Legal Advisers to Global M&A for H1 2011 July 7 2011, for immediate release
PRESS CONTACTS EMEA: Flora Wilke

ora.wilke@mergermarket.com Tel: +44 207 059 6348
press release
Asia-Pacic: Michel Chau
michel.chau@mergermarket.com Tel: +852 2158 9706
www.mergermarket.com
Americas: Dara Silverstein

dara.silverstein@mergermarket.com Tel: +1 646 378 3118
mergermarket League Tables of Legal Advisers to Global M&A for H1 2011

CONTENTS:
2 mergermarket League Tables of Legal Advisers to Global M&A for H1 2011
Global M&A up 30.5% from H1 2010 Global M&A for the rst half of 2011 totalled US$ 1,185.1bn, up 30.5% from the same period in 2010 (US$ 907.8bn). Deal count was down by 0.5% at 5,813 announced deals compared to 5,843 for H1 2010. H1 2011 was the busiest H1 period since H1 2008 which closed at US$ 1,266.1bn. US M&A down in Q2 2011 after a strong Q1; H1 2011 remains strong nevertheless Despite a strong start to the year, US M&A dipped in Q2 to US$ 189.7bn, a 35.6% decrease compared to Q1 2011 (US$ 294.4bn), though a 6.3% increase on Q2 2010 (US$ 178.5bn). Even with the Q2 dip, US activity for the rst half of the year reached US$ 484.1bn, which is its highest since H1 2007 (US$ 844.5bn) and a 49.6% increase on the same period in 2010 (US$ 323.5bn). Sullivan & Cromwell tops the legal advisors table by value Sullivan & Cromwell has moved up three places from its H1 2010 ranking to take the lead of the global M&A legal advisory tables by total deal value. The rm worked on two of the three largest deals announced in the rst half of 2011. It is the rst time since H1 2007 that Sullivan & Cromwell tops the H1 rankings. Only ve of the top 20 rms were non-US based. Private equity buyouts strongest since H1 2008 Through the rst six months of the year global private equity-backed buyout activity continued to build on momentum gained during 2010. H1 saw a total of US$ 135.7bn, a 60.4% increase on the same period in 2010 (US$ 84.6bn), and the strongest H1 since the rst half of 2008 (US$ 165.5bn). Q2 2011 saw US$ 74.3bn-worth of buyouts, 21.1% higher than Q1 2011 (US$ 61.3bn). Buyout activity in both Q1 and Q2 2011 was up on the corresponding quarters last year, 87.2% compared to Q1 2011 (US$ 32.8bn in Q1 2010) and 43.4% compared to Q2 2011 (US$ 51.8bn in Q2 2010). H1 2011: the lowest period for insolvency-related deals since H1 2006 With the announcement of 168 insolvency deals, totaling US$ 7.1bn, (down 69.1% from H1 2010 with US$ 23bn), the value of insolvency deals continues to trend downwards - H1 2011 recorded the lowest amount of insolvency-related deals since the rst half of 2006 (US$ 6bn). The second quarter, with 82 insolvency deals valued at US$ 4.1bn, saw the lowest Q2 value since Q2 2008 (US$ 3.2bn). Mega deals up 45.4% from H1 2010 Mega-deals (over US$ 10bn) accounted for a total of 17% of the value of global M&A announced in H1 2011, with US$ 201.2bn-worth of deals announced, up 45.4% from H1 2010 (US$ 138.4bn). European M&A stands at US$ 392.9bn, an increase of 58% compared to H1 2010 (US$ 248.7bn) and the busiest H1 period since H1 2008 (US$ 499bn). Q2 saw US$ 213.8bn-worth of deals, a 19.4% increase compared to Q1 2011 (US$ 179.1bn). Asia-Paci c M&A stands at US$ 164.9bn, up 7.5% compared to H1 2010 (US$ 153.4bn) and is the busiest H1 period since H1 2008 (US$ 199.7bn). Q2 activity is down 17.7%, from US$ 90.5bn to US$ 74.4bn in Q1 2011.
3 6 7 9 11 12 13
Global M&A Overview - Mid-Market - Private Equity - Emerging Markets - Premia and Multiples Analysis - Deal Type/Deal Value Breakdown - Consideration Structure/ Insolvency 14 - Demerger 15 - Global M&A Overview 17- European M&A Overview 20- US M&A Overview 38 Asia -Paci c (ex.Japan) M&A Overview 47- Africa & Middle East M&A Overview 50 Criteria/About mergermarket
PRESS CONTACTS: EMEA: Flora Wilke

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

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

michel.chau@mergermarket.com Tel: +852 2158 9706
Press Release: mergermarket League Tables of Legal Advisers to Global M&A for H1 2011
Global M&A Overview

Global M&A for the first half of 2011 totalled US$ 1,185.1bn, up 30.5% from the same period in 2010 (US$ 907.8bn). Deal count was down by 0.5% at 5,813 announced deals compared to 5,843 for H1 2010. H1 2011 was the busiest H1 period since H1 2008 which closed at US$ 1,266.1bn. US$ 541bn-worth of deals were announced globally in the second quarter of 2011 compared to US$ 448.9bn in Q2 2010, a 20.5% increase and the highest Q2 total since Q2 2008 (US$ 676.5bn). However, Q2 activity was down 16% from Q1 2011 (US$ 644bn). This is the third year running to have seen less activity in Q2 than in Q1. The largest deal so far this year is Deutsche Telecoms US$ 39bn disposal of T-Mobile USA to AT&T, the largest corporate deal since ExxonMobils US$ 40.6bn acquisition of XTO Energy in December 2009. Johnson & Johnsons US$ 21.2bn offer to acquire Swiss-based Synthes GmbH is Q2s largest announced deal. The three largest deals in Q1 amounted to US$ 79.7bn compared to the three largest in Q2 which added up to US$ 46bn. Cross-border M&A saw the busiest H1 since 2008. Cross-border deals (by individual countries) announced in the first half of 2011 added up to US$ 468.1bn, a 53.3% increase since H1 2010, which saw US$ 305.3bn-worth by country. The first half of 2011 saw cross-border deals between individual countries accounting for 38.2% of global M&A activity, the highest proportion for a first half since 2008 (when it accounted for 44.7%). Sullivan & Cromwell has moved up three places to its H1 2010 ranking to take lead of the global M&A legal advisory tables by total deal value. Sullivan & Cromwell worked on two of the three largest deals announced in the first half of 2011. It is the first time since H1 2007 that the firm tops the H1 rankings. Only five of the top 20 firms were non-US based. Latham & Watkins was the most active legal firm by deal count, moving up from its third ranking in H1 2010.
Global M&A Deal Size Breakdown - Deal Value
4,000
1,400 1,300 1,300 1,200 1,100 1,000 900 RoW M&A Asia-Pacific ex Jp M&A US M&A European M&A Volume
Global M&A Activity - Quarterly

4,500 4,250 4,000 3,750 3,500 3,250
Value of Deals ($bn)
3,000 2,750 2,500 2,250
700 600 500 400 300 200 100 0
2,000 1,750 1,500 1,250 1,000 750 500 250 0
3,500
1,200 1,100
Value of Deals (US$bn)
3,000
1,000
2,500
900 800 700 600 500 400 300
2,000
1,500
1,000
500
200 100
0 2003 2004 $0m - $500m 2005 2006 $501m - $2,000m 2007 $2,001 - $10,000m 2008 2009 2010 H1 2011
mega deals (over $10,001bn)
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Global Cross Border M&A Analysis - Deal Value

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

H1 2011 Sector Energy, Mining & Utilities Industrials & Chemicals Financial Services Pharma, Medical & Biotech Consumer Telecommunications Technology Real Estate Business Services Media Transport Leisure Construction Defence Agriculture Total Value ($bn) 277.2 203.6 139.1 99.8 91.4 89.2 75.2 52.8 52.0 27.1 26.8 25.6 18.1 3.6 3.5 1,185.1 market share 23.4% 17.2% 11.7% 8.4% 7.7% 7.5% 6.3% 4.5% 4.4% 2.3% 2.3% 2.2% 1.5% 0.3% 0.3% Deal count 554 1,142 507 457 750 71 629 80 757 163 185 224 219 18 57 5,813 Value ($bn) 211.8 92.4 97.2 89.5 82.6 118.6 35.7 32.2 51.9 20.4 31.8 18.6 13.9 4.9 6.3 907.8 H1 2010 market share 23.3% 10.2% 10.7% 9.9% 9.1% 13.1% 3.9% 3.5% 5.7% 2.2% 3.5% 2.0% 1.5% 0.5% 0.7% Deal count 630 1,029 583 443 708 97 621 135 690 179 175 199 250 32 72 5,843 change Value (%) 30.9% 120.3% 43.2% 11.5% 10.6% -24.7% 110.5% 64.0% 0.2% 33.1% -15.8% 37.7% 30.1% -27.2% -43.5% 30.5% Deal count -76 113 -76 14 42 -26 8 -55 67 -16 10 25 -31 -14 -15 -30
Mix of Announced Deals by Geographic Region H1 2011 - Value

South & Central Asia 2.1% Australasia 2.7% Japan 1.4% North Asia 6.9% Central & Eastern Europe 5.2% North America 44.7% Northern Europe 3.2% South East Asia 2.2% Africa & Middle East 1.8%
Mix of Announced Deals by Geographic Region H1 2011 - Volume

South & Central Asia 2.1% Australasia 3.8% Japan 2.9% North Asia 8.4% North America 32.2% South East Asia 2.6% Africa & Middle East 2.4%
Central & Eastern Europe 4.7%
Southern Europe 6.9%
Northern Europe 5.9% Central & South America 4.7%
Southern Europe 6.2% Western Europe 24.0%
Western Europe 17.8% Central & South America 5.0%
Global M&A Overview: Top Deals

Activity Table of Global M&A for H1 2011
Announced Date 20-Mar-11 Bidder Company AT&T Inc Bidder Legal Adviser Simpson Thacher & Bartlett (Advising Greenhill & Co; JPMorgan); Sullivan & Cromwell Target Company T-Mobile USA Inc Target/Seller Legal Adviser Advising seller: Cleary Gottlieb Steen & Hamilton; Fried Frank Harris Shriver & Jacobson (Advising Deutsche Bank); Shearman & Sterling (Advising Credit Suisse); Wachtell, Lipton, Rosen & Katz; Wiley Rein Baker Botts (Advising Lazard); Hunton & Williams; Latham & Watkins (Advising Barclays Capital); Skadden Arps Slate Meagher & Flom Blake, Cassels & Graydon; Dewey & LeBoeuf (Advising Credit Suisse); Homburger; Shearman & Sterling Seller Company Deutsche Telekom AG Deal Value (US$m) 39,000
10-Jan-11
Duke Energy Corporation
Dewey & LeBoeuf (Advising JPMorgan); Greenberg Traurig (Advising Bank of America Merrill Lynch); Skadden Arps Slate Meagher & Flom; Wachtell, Lipton, Rosen & Katz Cravath Swaine & Moore; Linklaters; Pestalozzi Lachenal Patry; Stikeman Elliott; Sullivan & Cromwell (Advising Goldman Sachs); Weil Gotshal & Manges Davis Polk & Wardwell (Advising JPMorgan); Wachtell, Lipton, Rosen & Katz Latham & Watkins (Advising UBS Investment Bank); Loeb & Loeb
Progress Energy Inc
25,825
27-Apr-11
Johnson & Johnson
Synthes GmbH
21,191
31-Jan-11
AMB Property Corporation
ProLogis
Greenberg Traurig; Mayer Brown; Proskauer Rose (Advising Morgan Stanley) Simpson Thacher & Bartlett; Advising seller: Cravath Swaine & Moore; Fried Frank Harris Shriver & Jacobson; McDermott Will & Emery Advising seller: Baker Botts Fresh elds Bruckhaus Deringer; White & Case Darrois Villey Maillot Brochier; Herbert Smith/Gleiss Lutz/Stibbe; Milbank Tweed Hadley & McCloy ; Wachtell, Lipton, Rosen & Katz Advising seller: Cuatrecasas, Goncalves Pereira; Fresh elds Bruckhaus Deringer (Advising Goldman Sachs); Uria Menendez Cleary Gottlieb Steen & Hamilton; Covington & Burling (Advising Perella Weinberg Partners); Darrois Villey Maillot Brochier; Herbert Smith/Gleiss Lutz/Stibbe; Milbank Tweed Hadley & McCloy; Wachtell, Lipton, Rosen & Katz 5 la Caixa Cargill Inc
14,833
18-Jan-11
Cargill Inc (Shareholders)
The Mosaic Company (40% Stake)
14,808
13-Jan-11 19-May-11
Marathon Oil Corporation (Shareholders) Takeda Pharmaceutical Company Ltd Allen & Overy (Advising Sumitomo Mitsui Banking Corporation); CMS; Edwards Angell Palmer & Dodge Dewey & LeBoeuf (Advising Bank of America Merrill Lynch); Shearman & Sterling ; Sullivan & Cromwell Cli ord Chance
Marathon Petroleum Corporation Nycomed International Management GmbH (Excluding US business) NYSE Euronext
Marathon Oil Corporation DLJ Merchant Banking Partners; Coller Capital Lyd; Nordic Capital; and Avista Capital Partners
14,667 13,740
02-May-11*
The Nasdaq OMX Group Inc; and Intercontinental Exchange Inc
13,182
25-Feb-11
Criteria CaixaCorp SA
la Caixa (banking business)
13,024
15-Feb-11
Deutsche Boerse AG
Cravath Swaine & Moore; Davis Polk & Wardwell (Advising Deutsche Bank); De Brauw Blackstone Westbroek (Advising JPMorgan); Hengeler Mueller (Advising JPMorgan); Linklaters; Simpson Thacher & Bartlett (Advising JPMorgan)
NYSE Euronext
12,267
* Lapsed deal Press Release: mergermarket League Tables of Legal Advisers to Global M&A for H1 2011 www.mergermarket.com
Global M&A Overview: Mid-market M&A Activity

Global mid-market M&A saw the announcement of US$ 402.9bn-worth of deals in H1 2011, a 14.2% increase on the same period in
2010 (US$ 352.8bn), and the highest H1 total since H1 2008 (US$ 403.3bn).
Global Mid-Market M&A Activity - Quarterly
The total value of mid-market M&A activity in Q2 2011 was US$ 216.3bn, up 15.9% from Q1 2011 (US$ 186.6bn). It was the highest quarterly total since Q4 2010, which saw US$ 248.5bn-worth of deals.
350
Value ($bn) % of Global M&A
50% 45% 40%
300
All regions saw increases in H1 2011 when compared to the same period in 2010. The US accounted for mid-market deals valued at US$ 121.5bn, 14.3% more than H1 2010 (US$ 106.3bn). The Asia-Paci c region registered an increase of 17.3% with US$ 76.4bn-worth
250
35% 30% 25%
a total value of US$ 12.5bn so far this year, 60.3% greater than in H1 2010 (US$ 7.8bn). Energy, Mining & Utilities was the most active sector in the global mid-market for H1 2011, accounting for 22.1% of total mid-market activity. Foreign majors and independents continue to look at partnering with US companies to enter the shale plays, but deals may be delayed until oil prices stabilize. The Utilities and Energy sectors continue to consolidate with lots of talk and few deals, but each deal has been a mid-market mover, such as Buckeye Partners acquisition of 33 re ned petroleum products terminals and 992 miles of pipelines of BP Products North America in a deal worth US$ 165m, and the listed Australia-based coal and energy company, Linc Energys, acquisition of 14 oil elds from ERG Resources, the US based oil and gas exploration and production company, for a total consideration of US$ 236m. The Leisure sector saw the biggest increase in mid-market activity with H1 2011 seeing US$ 13.7bn-worth of deals, 81% higher than the same period in 2010 (US$ 7.6bn). The Telecommunications sector on the other hand su ered from the biggest drop, to US$ 9.8bnworth of deals, a 72% decrease compared to H1 2010 (US$ 34.8bn). Latham & Watkins topped the mid-market legal adviser league tables by both value and deal count. The rm advised on 51 deals worth US$ 32.6bn, seeing an increase of 60.1% in terms of total value since H1 2010 when it ranked seventh.
200
150
20% 15% 10%
100
50 5% 0 0%
Global Mid-Market Legal Adviser League Tables H1 2011: Value

Ranking H1 2011 1 2 3 4 5 6 7 8 9 10 H1 2010 7 6 2 1 15 3 4 11 9 10 Company Name Latham & Watkins Sullivan & Cromwell Simpson Thacher & Bartlett Skadden Arps Slate Meagher & Flom Cli ord Chance Linklaters Fresh elds Bruckhaus Deringer Davis Polk & Wardwell Weil Gotshal & Manges Kirkland & Ellis H1 2011 Value (US$bn) 32.6 28.2 28.1 26.7 26.4 26.1 23.3 23.0 22.6 20.3 Deal Count 51 29 39 37 33 37 34 29 29 26 H1 2010 Value (US$bn) 20.4 20.7 29.4 32.6 13.3 24.4 23.0 15.6 18.7 16.8 % Val. Change 60.1% 36.1% -4.6% -18.0% 98.8% 7.0% 1.5% 47.6% 20.5% 20.5%
Industrials & Chemicals 16.4% Consumer 9.2% Financial Services 13.5%
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Mid Market M&A Industry Breakdown H1 2011 - Value

Pharma, Medical & Biotech 6.5% Technology 8.1%
Business Services 6.7% Media 2.9% Transport 2.6% Real Estate 2.8% Leisure 3.5% Telecommunications 2.3% Construction 1.6% Defence 0.8% Energy, Mining & Utilities 22.6% Agriculture 0.4%
% of Global M&A
of mid-market deals in H1 2011, compared to US$ 63.2bn in H1 2010. Japan witnessed the biggest increase in mid-market M&A with
Global M&A Overview: Private Equity Buyouts

The growth of private equity-backed buyouts is continuing last years momentum, with H1 2011 seeing buyouts valuing a total of US$ 135.7bn. This is 60.4% higher than H1 2010 (US$ 84.6bn), and the strongest rst half-year since H1 2008 (US$ 165.5bn). This momentum is re ected not only in total value but also in the proportion of global M&A activity accounted for by buyouts: 11.4% so far this year, up from 9.3% in H1 2010, and again the highest H1 percentage since H1 2008, when buyouts accounted for 13.1% of global M&A. Q2 2011 saw US$ 74.3bn-worth of buyouts, a 21.1% increase on Q1 2011 (US$ 61.3bn). Buyout activity in both Q1 and Q2 2011 was
400 RoW Buyouts (Value) US Buyouts (Value) Europe Buyouts (Value) Buyouts (% of Total M&A) 35%
Global Private Equity Buyout Activity - Quarterly
350
30%
300
higher than in the equivalent quarters in 2010, by 87.2% in the case of Q1 2011 (US$ 32.8bn in Q1 2010) and 43.4% for Q2 2011 (US$ 51.8bn in Q2 2010). On leveraged buyouts (US$ 200m+ and excluding buy-ins), private equity rms have raised, on average, debt nancing of 5.7x EBITDA so far this year, slightly down from 6x for the year 2010. Meanwhile, debt nancing on LBOs reached an average of 56.6% of total funding per deal in H1 2011, down from 56.9% in the full year of 2010, and the lowest since 2009 (49.1%). H1 2011 saw the announcement of 73 buyout deals valued at over US$ 500m, 11 of which were over US$ 2bn, compared to 45 deals over US$ 500m in H1 2010, with only three of them over US$ 2bn.
250 20% 200 15% 150 10% 100 5%
50
0%
made 11 buyouts with a total value of US$ 3.5bn in H1 2011. Simpson Thacher & Bartlett is top legal adviser to buyouts by deal value, booking 18 deals totaling US$ 20.8bn in H1 2011, retaining the top position it held in the same period last year. Meanwhile, Kirkland & Ellis advised the most buyout deals in H1 2011, booking 35 deals worth in total US$ 12.8bn, also retains the top position from H1 2010.
7
The Carlyle Group 2010s top ranked private equity rm by total deal count remains the most active private equity rm, having
Global Debt Financing Ratios Trend (US$200m+ buyouts, excluding buy-ins)

Debt/EBITDA Multiple (x) Debt/Total Funding (%) 6 60% 70%
Top 10 Global private equity rms H1 2011 - buyouts by deal count

Ranking 1 2 3 4 5 6 7 8 9 10 Company Name The Carlyle Group HIG Capital Sun Capital Partners Kohlberg Kravis Roberts & Co EQT Partners Altor Equity Partners Lloyds TSB Development Capital The Riverside Company Advent International TA Associates Value (US$m) 3,474 342 286 4,022 2,406 408 295 2,840 804 Deal Count 11 10 8 7 7 7 7 7 6 6
0 2003 2004 2005 2006 2007 2008 2009 1
50%
40%
30%
20%
10%
0% 2010 H1 2011
Debt/Total Funding (%)
Debt/EBITDA (x)
Percentage of Global M&A
25%
Global M&A Overview: Private Equity Exits

Private equity exits via secondary buyouts (SBO) and trade sales in H1 2011 were up 54.5% from H1 2010, with a total value of US$ 146bn compared to H1 2010s US$ 94.5bn. This is the strongest H1 performance since H1 2007 which saw US$ 230.3bn. Q2 2011 recorded US$ 88.7bn-worth of exits, the highest quarter since Q2 2007 (US$ 136.8bn), and up 54.8% from Q1 2011 (US$ 57.3bn).
150 140
Trade Sales vs SBO Exit Activity - Quarterly

Trade Sales (Value) SBOs (Value) SBOs (% of total exits) Trade Sales (% of total exits) 100% 90% 80% 70% 100 90 80 50% 70 60 50 30% 40 30 20% 10% 10 0 0% 40% 60%
SBOs made up 24.6% of all exits in Q2 2011 (US$ 21.8bn), up from 16.6% in Q1 2011 (US$ 9.5bn) but it was the lowest Q2 since Q2 2009 (9.2% or US$ 1.7bn). Correspondingly, trade sales activity in Q2 2011 reached its highest Q2 value since Q2 2009, at 75.4%
130 120 110
of all exits. Private equity rms have exited their holdings at an average enterprise valuation of 10.2x EBITDA in 2011, down from 12.1x in 2010 (full year) and the lowest on mergermarket record (since 2001). In spite of that, the median deal value for PE exits reached US$ 174.5m in Q2 2011, the highest quarterly median on mergermarket record (since 2001). Meanwhile, the amount paid for acquiring PE rms portfolio companies reached US$ 528.1m per deal on average, the highest quarterly average since Q3 2001 (US$563.3m). The Carlyle Group has sold the most portfolio holdings for the year to date with ten exits totaling US$ 3.1bn, retaining its 2010 top position in the private equity tables. Latham & Watkins advised on the most private equity exits by deal count in H1 2011, up two places from the same period last year, with 23 deals worth in total US$ 11.8bn. By deal value, Fresh elds Bruckhaus Deringer topped the table by booking US$ 26.4bn from 12 private equity exits, up four places from H1 2010.
20
Top 10 Global private equity rms H1 2011 - exits by deal count

Ranking 1 2 3 4 5 6 7 8 9 10 Company Name The Carlyle Group Barclays Private Equity MBO Partenaires 3i Group Blackstone Group Intel Capital Penta Investments PAI Partners Bain Capital HBM BioVentures Value (US$m) 3,079 5,113 109 350 7,159 282 4,198 1,078 656 Deal Count 11 8 8 6 6 6 4 4 4
Value of Deals (US$m)
500 600 Average (US$m) Median (US$m)
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Global M&A Overview: Emerging Markets

The emerging markets have seen M&A activity with a total value of US$ 240.4bn so far this year, up 1.3% from H1 2010 (US$ 237.4bn), and the highest H1 ever recorded by mergermarket (since 2001). M&A in the second quarter of 2011 added up to US$ 97.4bn, an 8.3% decrease from the US$ 106.2bn-worth of M&A seen in the same period in 2010. The total value of emerging markets deals announced has been decreasing since Q4 2010 (US$ 179.3bn), with Q1 2011 seeing a 20.2% drop to US$ 143bn and a further decrease of 31.9% in Q2 2011 to US$ 97.4bn. This is an overall decrease in M&A activity of 45.7% for the nine-month period. BRIC country M&A has decreased by 35.2% in Q2 2011 (US$ 57.4bn) relative to Q1 2011 (US$ 88.6bn). Emerging markets accounted for 20.4% of global M&A activity in the rst half of the year, less than the 26.2% they accounted for in H1 2010. BRIC countries saw a total of US$ 146bn-worth of M&A, 60.7% of overall emerging markets activity and the strongest H1 performance since H1 2009 (US$ 106.6bn) when they accounted for 74.7%. Inbound cross-border activity in the rst half of 2011 added up to US$ 110.3bn, the biggest rst half of a year for emerging markets on mergermarket records. Outbound cross-border activity amounted to US$ 48.1bn, down 32.2% from its H1 2010 value of US$ 71bn. Linklaters ranked rst in the legal adviser league table for emerging markets M&A with a total value of US$ 33.9bn, up four places from H1 2010. Emerging market buyout activity, valued at US$ 13.2bn, has contributed 9.7% of global buyout activity so far this year, which is the lowest annual market share since 2007 (4.8%). Buyouts represent 5.5% of total emerging market M&A activity so far this year, the highest annual market share since 2009 (7.1%).
Emerging Markets Inbound/Outbound M&A
75 70 65 60 55 Inbound Value ($bn) Outbound Value ($bn) Inbound Volume Outbound Volume 275 250
35
Emerging Markets M&A Activity Trend

300 Other EM (Value) BRIC (Value) EM M&A as % of Global M&A 250 30% 35%
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03 03 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 r3 r4 r1 r2 Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt Qt
Emerging Markets Buyout Activity Trend

350 325 300
40 45 Value (US$bn) % of Global BO (Value) % of EM M&A (Value) 16.0% 18.0% 20.0%
50 45 40
14.0% 30
Volume of Deals
225 200 175
Value ($bn)
12.0% 25 10.0% 20 8.0% 15 6.0% 10
35 30 25 20 15 10 5 0 150 125 100 75 50 25 0
4.0%
2.0%
Q 03 tr2 Q 03 tr3 Q 03 tr4 Q 03 tr1 Q 04 tr2 Q 04 tr3 Q 04 tr4 Q 04 tr1 Q 05 tr2 Q 05 tr3 Q 05 tr4 Q 05 tr1 Q 06 tr2 Q 06 tr3 Q 06 tr4 Q 06 tr1 Q 07 tr2 Q 07 tr3 Q 07 tr4 Q 07 tr1 Q 08 tr2 Q 08 tr3 Q 08 tr4 Q 08 tr1 Q 09 tr2 Q 09 tr3 Q 09 tr4 Q 09 tr1 Q 10 tr2 Q 10 tr3 Q 10 tr4 Q 10 tr1 Q 11 tr2 11
0 2003 2004 2005 2006 2007 2008 2009 2010 H1 2011
0.0%
tr1
Percentage (%)
% of Global M&A
Global M&A Overview: Top Emerging Markets Deals

Activity Table of Emerging Markets M&A for H1 2011
Announced Date 17-Jun-11 21-Feb-11 Bidder Company KazakhGold Group Limited BP Plc Bidder Country Kazakhstan United Kingdom Target Company OJSC Polyus Gold Reliance Industries Limited (23 oil and gas production sharing contracts) (30% Stake) TAM SA Polkomtel SA Target Country Russia India Reliance Industries Limited India Seller Company Seller Country Deal Value (US$m) 10,390 7,200
19-Jan-11 30-Jun-11
LAN Airlines SA Spartan Capital Holdings Sp zoo
Chile Poland
Brazil Poland Vodafone Group Plc; KGHM Polska Miedz SA; Weglokoks SA; PGE Polska Grupa Energetyczna SA; and Polski Koncern Naftowy ORLEN SA Poland
7,189 6,560
25-Mar-11 15-Feb-11
Telecomunicacoes de Sao Paulo SA Shinsegae Co Ltd (Shareholders)
Brazil South Korea
Vivo Participacoes SA (33.38% Stake) E-Mart
Brazil South Korea Shinsegae Co Ltd South Korea
6,277 6,222
7-Feb-11
Banco Santander SA
Spain
Bank Zachodni WBK SA (BZ WBK)
Poland
Allied Irish Banks plc
Ireland (Republic)
5,828
25-Feb-11
PTT Chemical Public Company Limited Vodafone Group Plc
Thailand
PTT Aromatics and Re ning Public Company Ltd Vodafone Essar Limited (33% Stake)
Thailand
5,704
31-Mar-11
United Kingdom
India
Essar Group
India
5,000
25-Jan-11
Portugal Telecom SGPS SA
Portugal
Telemar Participacoes SA (25.28% Stake)
Brazil
4,963
10
Global M&A Overview: Premia and Multiples Analysis

The average premium (one day before) paid globally on M&A deals this year dropped to 20.5%, continuing a steady annual decrease since 2008 (when it was 32.3%) and reaching its lowest level since 2007 (when it was 15.9%).
20 25
EBITDA Multiple Analysis - Average

Global Europe North America Asia-Pacific (excl. Japan) Japan
European premia, currently averaging 17.2% for the year to date, are at their highest since 2008 when they
EBITDA Multiple (x) - Average
averaged 22.9% for the full year. Meanwhile premia for North American companies, at 28.5%, are at their lowest since 2007 when they were 25.1%. The average EBITDA multiple across global M&A for 2011 to date is 11.7x, down from 14.1x in 2010 and the lowest since 2003 which saw 10.9x. In the second quarter, the average EBITDA multiple across global M&A is up from 11.7x in Q1 2011 to 12x in Q2 2011. In the Asia-Paci c region, the average EBITDA multiple is down to 13.1x from 15.9x in 2010, again the lowest since 2003 (which was 9.6x). The North American EBITDA multiple in 2011 is 12.2x, down from 16.9x in 2010.
15
10
The Energy, Mining & Utilities sector has the highest average EBITDA multiple at 16.8x so far this year, replacing last years leading sector Pharma, Medical & Biotech which saw 16.2x.
2005
2006
2007
2008
2009
2010
H1 2011
Premium Analysis - Average

60% Global Europe North America 50% Asia-Pacific (excl. Japan) Japan 40%
Premiums %
30%
20%
10%
0% 2005 2006 2007 2008 2009 2010 H1 2011
11
Global M&A Overview: Deal Type / Deal Value Breakdown

Deal Type
M&A Deal Type - Deal Value
The total value of public M&A deals announced globally in the rst half of this year was US$ 489.6bn, up 51.9% over the same period in 2010 (US$ 322.4bn). With the inclusion of lapsed deals, hostile o ers announced in H1 added up to US$ 36.5bn, an increase of 192.2% by total deal value compared to the same period last year (US$ 12.5bn). 14 hostile deals were announced in H1, down from 18 in the same period last year. Hostile deals accounted for 4.5 % of aggregate public M&A by value, more than double the proportion represented by hostile deals in the same period in 2010 (when they accounted for 3.9%). For comparison, hostile deals accounted for 10.6% of aggregate public M&A deal value in the full year 2010; 11.6% in 2009 and 22.1% in 2008 Having started o on a relatively friendly note in Q1 (during which only two unsolicited deals were hostile) 2011 has seen an increase in hostile deals which make up 11 of the 28 unsolicited o ers announced in the year to date 2011. By value, hostile o ers currently represent 70.3% of all unsolicited o ers, and are on track to match an eight-year average of 74.4%. In Canada, two hostile mining deals with a combined value of approximately US$ 11bn lapsed this year. In April, Equinox Minerals received an unsolicited proposal to be acquired by Hong Kong-based Minmetals for US$ 6.4bn, underscoring heightened interest in Canadas mining resources from foreign investors. Later that month, Barrick Gold trumped the o er with a recommended US$ 7.7bn cash bid, Minmetals withdrew accordingly, and in the reverse role, Equinox dropped its unsolicited bid to acquire rival Lundin Mining instead, for US$ 4.6bn. Canada based Osler, Hoskin & Harcourt advised Equinox in all three transactions.
100%
90%
80%
43.6% 60.7% 56.1% 50.6%
48.7% 54.9% 61.3% 66.4% 60.3%
Share of total Global M&A - Deal Values
70%
60% 8.6% 6.6% 40% 1.4% 6.1% 1.7% 6.0% 4.1% 10.1% 2.4% 2.7% 2.4% 0.5% 10.9% 5.0% 1.7% 4.2% 46.3% 20% 31.9% 10% 36.2% 38.7% 37.7% 31.7% 33.2% 36.1% 27.7% 0.7% 3.0%
50%
30%
0% 2003 2004 2005 2006 Hostile 2007 2008 Contested 2009 2010 H1 2011
Recommended
Non-public M&A
Global M&A Deal Size Breakdown - % by Deal Value

100% 90% 80% 70% 60% 50% 27.3% 40% 30% 20% 30.5% 10% 0% 2003 2004 $0m - $500m 2005 2006 2007 2008 2009 2010 H1 2011 $501m - $2,000m $2,001 - $10,000m mega deals (over $10,001bn) 28.1% 23.6% 17.3% 20.4% 23.4% 22.4% 23.8% 21.5% 24.5% 22.1% 20.8% 22.9% 19.3% 20.5% 28.3% 25.5% 29.8% 27.2% 29.9% 27.9% 27.4% 32.7% 36.9% 13.9% 21.9% 24.6% 34.7% 26.8% 29.4% 29.7% 16.1% 17.0%
Deal Value Breakdown

Mega-deals (over US$ 10bn) accounted for a total of 17% of the value of global M&A announced in H1 2011, with US$ 201.2bn-worth of deals announced, up 45.4% from H1 2010 (US$ 138.4bn). Deals valued between US$ 2bn and US$ 10bn accounted for 30.2%, with a total value of US$ 435.3bn, up 59% from H1 2010 (US$ 273.7bn). Globally, H1 2011 saw the announcement of 12 mega-deals, comprised of seven US and ve European deals, compared to eight for the same time period in 2010. Total deals valued at over US$ 2bn represented 46.6% of overall deal value in Q2 2011 (US$ 250.3bn) compared to 60%% in Q1 2011 (US$ 386.2bn). In the US, mega-deals accounted for 27.4% of total deal value with US$ 131.8bn, 78.3% up from H1 2010 (US$ 73.9m).
27.5% 24.6%
12
Global M&A Overview: Consideration Structure / Insolvency

Consideration Structure
H1 2011 saw the announcement of US$ 162.6bn-worth of cash and equity deals, 81.5% higher than the same period in 2010 (US$ 89.6bn). US$ 596.5bn-worth of cash-only deals were announced, 22% more than in the same period in 2010 (US$ 488.9bn). Equity-only deals increased by 15.1% in H1 2011, amounting to US$ 224.1bn, compared with US$ 194.7bn in H1 2010. Globally, the proportion of transactions paid with cash and equity increased, accounting for 16.5% in value and 7.7% in volume of total M&A deals in H1 2011, compared to 11.6% in value and 6.7% in volume in H1 2010. The largest cash and equity deal in H1 2011 was the acquisition of T-Mobile USA Inc by AT&T Inc. for US$ 39bn, announced in March. Regionally, transactions with a cash and equity consideration in Europe increased most signi cantly, with a total value of US$ 37.1bn, an increase of 252.9% compared to the same period last year.
10% 80% 17.8% 70% 60% 50% 40% 66.8% 30% 20% 54.3% 57.0% 58.0% 56.9% 70.2% 64.4% 55.3% 60.7% 29.0% 27.3% 18.6% 19.2% 23.5% % cash & equity deals % equity only deals % cash only deals 100% 6.8% 90% 18.4% 24.4% 14.1% 22.7% 23.0% 22.4% 22.8% 15.4% 13.3% 21.2% 16.5%
Global consideration breakdown - Deal Value
Equity-only is the preferred structure for cross-border deals so far in 2011 US$ 37.7bn-worth of deals for the year to date, which is the highest H1 value of equity-only cross-border deals after H1 2007 (which saw US$ 47.6bnworth of equity-only deals).
% of Global M&A
0% 2003 2004 2005 2006 2007 2008 2009 2010 H1 2011
Insolvency
With the announcement of 168 insolvency deals totaling US$ 7.1bn so far this year (down 69.1% from H1 2010 with US$ 23bn), the value of insolvency deals has continued to go down, and H1 2011 was the lowest rst half
50 60 Value ($bn) Volume
Quarterly Insolvency Deals - Global

200
175
since H1 2006 (US$ 6bn). The second quarter, with 82 insolvency deals valued at US$ 4.1bn, saw the lowest Q2 value since Q2 2008 (US$ 3.2bn).
40
150
North America and Europe saw the most signi cant drop in both value and number of deals in H1 when compared with H1 2010. The total value of North American insolvency deals has gone down from US$ 18.6bn in H1 2010 to US$ 5.6bn so far this year (69.9% drop), and European insolvency deal value from US$ 2.2bn to US$ 891m (59.7% drop).
30
100
75 20 50 10
The Technology sector saw the highest value of insolvency deals in H1 2011, with three deals worth US$ 2.8bn. The bankruptcy of DBSD North America for US$ 1.4bn has been 2011s largest insolvency case so far this year.
Q
0
25
13
tr1 0 tr2 3 Q 03 tr3 Q 03 tr4 Q 03 tr1 Q 04 tr2 Q 04 tr3 Q 04 tr4 Q 04 tr1 Q 05 tr2 Q 05 tr3 Q 05 tr4 Q 05 tr1 Q 06 tr2 Q 06 tr3 Q 06 tr4 Q 06 tr1 Q 07 tr2 Q 07 tr3 Q 07 tr4 Q 07 tr1 Q 08 tr2 Q 08 tr3 Q 08 tr4 Q 08 tr1 Q 09 tr2 Q 09 tr3 Q 09 tr4 Q 09 tr1 Q 10 tr2 Q 10 tr3 Q 10 tr4 Q 10 tr1 Q 11 tr2 11
Number of deals
125
Global M&A Overview: Demerger

Global demerger activity in H1 2011 added up to US$ 48.7bn, up 197.8% from H1 2010 (US$ 16.4bn), and the highest half-year since H1 2008 (US$ 176.3bn). 17 demergers were announced globally in H1 2011, ve of which have yet to be valued. At a regional level, the US dominated with seven transactions in the rst half of the year, adding up to US$ 33.4bn higher than the total value for the whole of each of the two preceding years. Asia-Paci c saw US$ 11.5bn-worth
Value of Deals ($m) Number of Deals
300,000 RoW Value ($m) Asia-Pacific Value ($m) Europe Value ($m) N.America Value ($m) Deal Count 60
Global Demerger Activity Trend
250,000
50
of demergers in the rst half of the year, the highest value on mergermarket record. Europe, on the other hand, saw only six demergers with a total value of US$ 3.8bn. Cravath Swaine & Moore topped the league table of legal advisers on demergers, by deal value, in H1 2011, having advised on two demergers with a total value of US$ 16.9bn. Simpson Thacher & Bartlett was the most active legal adviser by deal count, having advised on three demergers worth US$ 14.8bn in total.
200,000
40
150,000
30
100,000
20
50,000
10
0 2004 2005 2006 2007 2008 2009 2010 H1 2011
14
Global M&A Overview: League Tables of Legal Advisers

League Table of LegalAdvisers to Global M&A: Value
Ranking H1 2010 4 2 7 15 6 5 1 8 17 11 9 3 10 25 16 39 26 55 23 41 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Sullivan & Cromwell Simpson Thacher & Bartlett Wachtell, Lipton, Rosen & Katz Linklaters Latham & Watkins Fresh elds Bruckhaus Deringer Skadden Arps Slate Meagher & Flom Dewey & LeBoeuf Shearman & Sterling Allen & Overy Cravath Swaine & Moore Cleary Gottlieb Steen & Hamilton Weil Gotshal & Manges Fried Frank Harris Shriver & Jacobson Davis Polk & Wardwell Cli ord Chance Jones Day Greenberg Traurig Baker Botts Kirkland & Ellis H1 2011 Value (US$m) 207,973 180,797 153,010 152,071 148,508 132,290 128,260 126,978 116,195 113,685 109,865 98,023 94,394 86,570 83,341 68,781 61,145 60,303 58,765 49,090 Deal Count 77 80 38 127 138 120 97 59 59 114 30 51 80 27 61 110 127 50 25 86 H1 2010 Value (US$m) 143,642 150,632 109,415 72,063 112,089 121,359 171,505 107,714 64,034 83,294 102,733 149,981 91,478 40,508 71,132 25,983 40,311 16,053 43,740 24,876 % Value Change 44.8% 20.0% 39.8% 111.0% 32.5% 9.0% -25.2% 17.9% 81.5% 36.5% 6.9% -34.6% 3.2% 113.7% 17.2% 164.7% 51.7% 275.6% 34.4% 97.3% 10 8 11 12 13 18 30 19 22 16 31 10 11 12 13 14 15 16 17 18 19 20
League Table of Legal Advisers to Global M&A: Volume

Ranking H1 2010 3 5 2 1 7 4 14 6 9 H1 2011 1 2 3 4 5 6 7 8 9 Company Name Latham & Watkins Linklaters Jones Day DLA Piper Fresh elds Bruckhaus Deringer Allen & Overy Cli ord Chance Baker & McKenzie Skadden Arps Slate Meagher & Flom Hogan Lovells Kirkland & Ellis CMS Simpson Thacher & Bartlett Weil Gotshal & Manges Sullivan & Cromwell Davis Polk & Wardwell Dewey & LeBoeuf Shearman & Sterling White & Case Wilson Sonsini Goodrich & Rosati H1 2011 Value (US$m) 148,508 152,071 61,145 29,924 132,290 113,685 68,781 44,431 128,260 26,495 49,090 26,444 180,797 94,394 207,973 83,341 126,978 116,195 31,286 16,548 Deal Count 138 127 127 123 120 114 110 103 97 88 86 85 80 80 77 61 59 59 56 56 H1 2010 Deal Count 126 117 136 179 103 120 74 107 94 94 101 91 76 75 64 43 63 59 71 42 Count Change 12 10 -9 -56 17 -6 36 -4 3 -6 -15 -6 4 5 13 18 -4 0 -15 14
15
Global M&A Overview: League Tables of Legal Advisers

League Table of Legal Advisers to Global Buyouts*: Value
Ranking H1 2010 1 3 87 9 31 11 12 2 16 57 42 53 69 8 150 14 75 13 105 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Simpson Thacher & Bartlett Kirkland & Ellis Gilbert + Tobin Cadwalader, Wickersham & Taft Weil Gotshal & Manges Debevoise & Plimpton Cleary Gottlieb Steen & Hamilton Cli ord Chance Latham & Watkins Linklaters Vinge Jones Day Davis Polk & Wardwell Dickson Minto Herbert Smith/Gleiss Lutz/Stibbe Wiersholm Paul Weiss Rifkind Wharton & Garrison Desai & Diwanji Willkie Farr & Gallagher Torys H1 2011 Value (US$m) 20,765 12,837 10,375 9,400 8,227 7,958 7,455 6,473 5,605 5,296 5,197 5,050 4,961 4,767 4,250 4,201 3,732 3,601 3,417 3,248 Deal Count 18 35 4 1 23 7 6 19 19 15 6 19 7 7 3 7 7 4 7 4 H1 2010 Value (US$m) 12,419 5,112 291 3,459 1,283 2,865 2,839 6,568 2,459 524 992 674 441 3,815 45 2,758 380 2,779 168 % Value Change 67.2% 151.1% 3,465% 137.8% 520.3% 160.2% 128.0% -14.7% 115.4% 891.8% 409.1% 636.1% 981.0% 11.4% 9,235% 35.3% 46 847.6% 23.0% 1,833% 22 23 14 17 18 19 20 41 18 7 2 17 10 11 12 13 14 15 16
League Table of Legal Advisers to Global Buyouts*: Volume

Ranking H1 2010 1 6 8 3 4 5 20 11 29 15 H1 2011 1 2 3 4 5 6 7 8 9 10 Company Name Kirkland & Ellis Weil Gotshal & Manges Cli ord Chance Latham & Watkins Jones Day Simpson Thacher & Bartlett CMS Linklaters Baker & McKenzie Fresh elds Bruckhaus Deringer Goodwin Procter SJ Berwin Allen & Overy DLA Piper Travers Smith Skadden Arps Slate Meagher & Flom McDermott Will & Emery Shearman & Sterling Morgan Lewis & Bockius Ropes & Gray H1 2011 Value (US$m) 12,837 8,227 6,473 5,605 5,050 20,765 555 5,296 1,585 2,967 1,790 264 1,528 1,010 512 2,019 1,865 904 981 516 Deal Count 35 23 19 19 19 18 17 15 15 14 13 13 12 12 10 9 9 9 8 8 H1 2010 Deal Count 38 19 16 25 22 19 11 13 6 11 5 11 17 32 11 13 4 8 8 11 Count Change -3 4 3 -6 -3 -1 6 2 9 3 8 2 -5 -20 -1 -4 5 1 0 -3
*Based on the target geography only and the advisor advising the buy-side only.
16
European M&A Overview

Despite falls in the other major regions, M&A in Europe remained strong with the second quarter seeing the announcement of US$ 213.8bn-worth of deals, a 19.4% increase compared to Q1 2011 (US$ 179.1bn). It is the rst year since 2007 to see more activity in Q2 than in Q1. Q2 2011 also saw the second highest M&A total value since Q4 2008 (US$ 215.9bn), after Q4 2010 (US$ 239.9bn). It was also up 76.1% compared to Q2 2010 (US$ 121.4bn). Seven of Europes ten largest deals in 2011 were announced in Q2. M&A in Europe in the rst half of 2011 reached US$ 392.9bn, an increase of 58% compared to H1 2010 (US$ 248.7bn) and the busiest H1 period since H1 2008 (US$ 499bn). Europe accounted for 33.2% of global M&A announced in H1 2011, up from 27.4% for the same period last year. The UK continued to account for the highest proportion of M&A in the region, with US$ 59.6bn-worth of deals representing a 15.2% market share. However, this was the lowest European market share on mergermarket records (since 1998). Activity in Spain and Italy added up to US$ 47.2bn and US$ 26.4bn respectively in H1, big jumps up from the US$ 14.6bn and US$8.6bn-worth of deals announced in H1 2010. Denmark, Poland, Belgium, Sweden and Turkey have also seen signi cant increases in total deal value whilst M&A activity in the Greece, Ireland, Austria and Portugal is down by 40.7%, 57.3%, 80% and 96.7% respectively when compared to H1 2010. Inbound cross-border investment into Europe in H1 2011 totalled US$ 166.2bn, a 187.6% increase on H1 2010 (US$ 57.8bn) and the highest rst half-year since H1 2008 (US$ 201.2bn). European outbound cross-border deals amounted to US$ 83.5bn a 1% increase since H1 2010 (US$ 82.7bn). Linklaters climbed ten places from its H1 2010 position to top the legal advisory league tables for European M&A in H1 this year. The rms previous H1 top ranking was in 2008. The rm was also the most active law rm by deal count.
European Inbound/Outbound M&A
European Private Equity Buyout Activity - Quarterly
150
130 120 110 100 90 Value ($bn) Volume 400 375 350 325 300
European M&A Activity - Quarterly

600 550 500 450 400 350 300 250 200 150 100 50 0 Value ($bn) Volume 1,800 1,700 1,600 1,500 1,400 1,300 1,200 1,100 1,000 900 800 700 600 500 400 300 200 100 0
Inbound Value ($bn) Outbound Value ($bn) Inbound Volume Outbound Volume
300 275 250 225 200 175 150
140 130 120 110 100
275
Volume of Deals
80 70 60 50 40 30 20 10 0
250 225 200 175 150 125 100 75 50 25 0
90 80 70 60 50 40 30
125 100 75 50
20 10 0 25 0
17
Volume of Deals
Volume of Deals
European M&A Overview : Industry and Geography Breakdown

H1 2011 Sector Energy, Mining & Utilities Industrials & Chemicals Financial Services Pharma, Medical & Biotech Consumer Telecommunications Technology Business Services Real Estate Leisure Transport Media Construction Agriculture Defence Total Value ($bn) 78.9 68.1 52.7 50.9 46.6 28.7 16.9 13.8 8.9 8.3 7.1 5.8 5.1 0.5 0.5 392.9 market share 20.1% 17.3% 13.4% 13.0% 11.9% 7.3% 4.3% 3.5% 2.3% 2.1% 1.8% 1.5% 1.3% 0.1% 0.1% Deal count 172 534 172 145 359 34 197 341 23 111 88 72 103 21 4 2,376 Value ($bn) 35.9 36.7 28.0 39.8 24.2 21.2 5.8 18.0 9.6 4.1 13.9 4.7 4.5 1.5 0.8 248.7 H1 2010 market share 14.4% 14.7% 11.3% 16.0% 9.7% 8.5% 2.3% 7.2% 3.9% 1.6% 5.6% 1.9% 1.8% 0.6% 0.3% Deal count 183 465 203 165 352 44 175 278 48 84 83 83 109 24 11 2,307 change Value (%) 119.9% 85.7% 88.3% 27.8% 92.3% 35.6% 189.4% -23.4% -7.3% 103.8% -49.0% 24.7% 13.0% -65.9% -32.9% 58.0% Deal count -11 69 -31 -20 7 -10 22 63 -25 27 5 -11 -6 -3 -7 69
Mix of Announced European Deals by Geographic Region H1 2011 - Value

South Eastern Europe 2.5% Central & Eastern Europe 15.2% UK & Ireland 15.8%
Mix of Announced European Deals by Geographic Region H1 2011 - Volume

South Eastern Europe 4.1% Other 0.2%
Central & Eastern Europe 10.7%
UK & Ireland 21.3%
Nordic 9.7% Germanic 20.0%
Nordic 14.5%
Benelux 7.3% Benelux 8.9%
Germanic 16.5%
Iberia 12.1% Italy 6.7%
France 10.6%
Iberia 6.3%
Italy 5.6%
France 11.9%
18
European M&A Overview:

Activity Table of European M&A for H1 2011
Announced Date 27-Apr-11 Bidder Company Johnson & Johnson Bidder Legal Adviser
Top Deals
Target Company Synthes GmbH Target/Seller Legal Adviser Blake, Cassels & Graydon; Dewey & LeBoeuf (Advising Credit Suisse); Homburger; Shearman & Sterling Seller Company Deal Value (US$m) 21,191
Cravath Swaine & Moore; Linklaters; Pestalozzi Lachenal Patry; Stikeman Elliott; Sullivan & Cromwell (Advising Goldman Sachs); Weil Gotshal & Manges Allen & Overy (Advising Sumitomo Mitsui Banking Corporation); CMS; Edwards Angell Palmer & Dodge Cli ord Chance
19-May-11
Takeda Pharmaceutical Company Ltd
Nycomed International Management GmbH (Excluding US business)
Fresh elds Bruckhaus Deringer; White & Case
DLJ Merchant Banking Partners; Coller Capital Lyd; Nordic Capital; and Avista Capital Partners la Caixa
13,740
25-Feb-11
Criteria CaixaCorp SA
la Caixa (banking business)
Advising seller: Cuatrecasas, Goncalves Pereira; Fresh elds Bruckhaus Deringer (Advising Goldman Sachs); Uria Menendez Advising seller: Linklaters
13,024
3-Apr-11
Vivendi SA
Allen & Overy; Bird & Bird
SFR SA (44% Stake)
Vodafone Group Plc
11,032
17-Jun-11
KazakhGold Group Limited
OJSC Polyus Gold
10,390
10-May-11
Microsoft Corporation
Covington & Burling; Simpson Thacher & Bartlett
Skype Global Sarl
Sullivan & Cromwell; Advising seller: Skadden Arps Slate Meagher & Flom; Torys Fresh elds Bruckhaus Deringer
Silver Lake Partners; Canada Pension Plan Investment Board; ebay International AG; Andreessen Horowitz; and Joltid Limited
9,044
14-Jan-11*
BP Plc
Linklaters
OJSC Rosneft Oil Company (9.5% Stake)
7,910
9-May-11
Volkswagen AG
Allen & Overy (Advising Rothschild); Cli ord Chance; Fresh elds Bruckhaus Deringer; Latham & Watkins (Advising Credit Suisse); Linklaters; Stikeman Elliott Linklaters
MAN SE (26% Stake)
Hengeler Mueller; Sullivan & Cromwell (Advising Barclays Capital; Goldman Sachs) Advising seller: Fresh elds Bruckhaus Deringer Total SA
7,651
16-Feb-11
International Petroleum Investment Company
Compania Espanola de Petroleos SA (52.94% Stake)
7,645
30-Jun-11
Spartan Capital Holdings Sp zoo
Dewey & LeBoeuf; White & Case (Advising Credit Agricole CIB; Deutsche Bank; PKO BP; Royal Bank of Scotland Group; SG)
Polkomtel SA
Advising seller: Allen & Overy; Cli ord Chance; Gide Loyrette Nouel; K&L Gates
Vodafone Group Plc; KGHM Polska Miedz SA; Weglokoks SA; PGE Polska Grupa Energetyczna SA; and Polski Koncern Naftowy ORLEN SA
6,560
* Lapsed deal Press Release: mergermarket League Tables of Legal Advisers to Global M&A for H1 2011 19 www.mergermarket.com
European M&A Overview: League Tables of Legal Advisers

League Table of Legal Advisers to European M&A: Value
Ranking H1 2010 11 2 1 30 7 6 16 5 23 27 4 19 9 121 31 8 56 18 3 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Linklaters Fresh elds Bruckhaus Deringer Sullivan & Cromwell Shearman & Sterling Simpson Thacher & Bartlett Allen & Overy Wachtell, Lipton, Rosen & Katz Cleary Gottlieb Steen & Hamilton Cli ord Chance Fried Frank Harris Shriver & Jacobson Cravath Swaine & Moore Dewey & LeBoeuf Wiley Rein Weil Gotshal & Manges Hengeler Mueller Uria Menendez Herbert Smith/Gleiss Lutz/Stibbe Stikeman Elliott Latham & Watkins Skadden Arps Slate Meagher & Flom H1 2011 Value (US$m) 141,233 124,823 114,489 76,171 75,274 74,099 70,971 67,639 58,074 49,009 45,958 42,594 39,000 37,622 36,017 34,115 33,726 33,186 32,923 28,919 Deal Count 109 109 27 14 19 88 9 22 88 7 10 18 1 37 27 20 45 11 52 35 H1 2010 Value (US$m) 49,857 88,698 93,308 13,622 63,302 64,595 36,454 65,408 24,016 15,574 75,684 27,950 54,988 1,890 13,440 59,895 6,804 29,560 83,286 % Value Change 183.3% 40.7% 22.7% 459.2% 18.9% 14.7% 94.7% 3.4% 141.8% 214.7% -39.3% 52.4% -31.6% 1,805.7% 153.8% -43.7% 387.7% 11.4% -65.3% 13 17 20 32 27 26 15 16 17 18 19 20
League Table of Legal Advisers to European M&A: Volume

Ranking H1 2010 2 5 1 6 4 3 8 9 10 12 7 11 16 14 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Company Name Linklaters Fresh elds Bruckhaus Deringer Allen & Overy Cli ord Chance CMS DLA Piper Hogan Lovells Baker & McKenzie Latham & Watkins Herbert Smith/Gleiss Lutz/ Stibbe Jones Day White & Case Weil Gotshal & Manges Skadden Arps Slate Meagher & Flom SJ Berwin Loyens & Loe Eversheds Pinsent Masons Ashurst Slaughter and May H1 2011 Value (US$m) 141,233 124,823 74,099 58,074 26,444 19,569 11,376 22,347 32,923 33,726 10,313 24,966 37,622 28,919 9,518 19,769 12,423 2,399 16,931 15,139 Deal Count 109 109 88 88 85 71 58 53 52 45 44 42 37 35 33 32 32 31 30 29 H1 2010 Deal Count 97 79 102 61 89 96 54 54 51 45 56 49 36 38 39 35 32 23 27 27 Count Change 12 30 -14 27 -4 -25 4 -1 1 0 -12 -7 1 -3 -6 -3 0 8 3 2
20

League Table of Legal Advisers to European Buyouts*: Value
Ranking H1 2010 30 3 41 5 83 55 17 6 4 40 29 2 45 39 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Vinge Cli ord Chance Dickson Minto Linklaters Wiersholm Kirkland & Ellis Willkie Farr & Gallagher Torys Freshfields Bruckhaus Deringer Giliberti Pappalettera Triscornia e Associati Weil Gotshal & Manges Cleary Gottlieb Steen & Hamilton Studio Tributario Associato Facchini Rossi Scarioni Cederquist Herbert Smith/Gleiss Lutz/Stibbe Studio Legale de Gregorio Latham & Watkins Shepherd & Wedderburn Garrigues Gianni, Origoni, Grippo & Partners H1 2011 Value (US$m) 5,197 5,078 4,767 4,642 4,201 4,159 3,386 3,248 2,967 2,635 2,463 2,451 2,007 1,898 1,875 1,492 1,394 1,363 1,282 1,255 Deal Count 6 13 7 14 7 8 4 1 13 2 9 2 1 3 2 1 5 1 1 2 H1 2010 Value (US$m) 524 2,789 441 2,435 45 215 1,194 2,098 2,436 445 626 3,793 322 462 % Value Change 891.8% 82.1% 981.0% 90.6% 9,236% 1,834% 183.6% 41.4% 1.1% 450.8% 199.5% 9 7 6 1 47 28 16 52 33 15 31 14 25 3 38 5 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
League Table of LegalAdvisers to European Buyouts:* Volume

Ranking H1 2010 8 4 2 10 H1 2011 1 2 3 4 Company Name CMS Linklaters Cli ord Chance Fresh elds Bruckhaus Deringer SJ Berwin Travers Smith Weil Gotshal & Manges Allen & Overy Baker & McKenzie Kirkland & Ellis Eversheds Dickson Minto Wiersholm Olswang Pinsent Masons Vinge Ashurst DLA Piper Roschier Latham & Watkins H1 2011 Value (US$m) 555 4,642 5,078 2,967 264 512 2,463 994 321 4,159 498 4,767 4,201 59 14 5,197 945 108 80 1,394 Deal Count 17 14 13 13 13 10 9 9 9 8 8 7 7 7 7 6 6 6 6 5 H1 2010 Deal Count 11 12 14 9 10 11 11 16 2 4 6 2 4 6 4 6 4 14 3 11 Count Change 6 2 -1 4 3 -1 -2 -7 7 4 2 5 3 1 3 0 2 -8 3 -6
21

Legal Advisers to UK M&A: Value
Ranking H1 2010 12 14 2 3 1 23 104 51 4 139 132 13 5 41 24 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Linklaters Allen & Overy Fresh elds Bruckhaus Deringer Slaughter and May Herbert Smith/Gleiss Lutz/Stibbe Shearman & Sterling Baker Botts Baker & McKenzie Simpson Thacher & Bartlett Bird & Bird Fried Frank Harris Shriver & Jacobson Cli ord Chance Sullivan & Cromwell Wachtell, Lipton, Rosen & Katz Ashurst H1 2011 Value (US$m) 49,591 43,619 38,538 15,139 14,937 11,730 11,535 11,370 11,078 11,037 10,009 9,754 9,590 9,568 8,812 Deal Count 40 34 37 28 20 5 2 19 10 3 4 29 5 3 15 H1 2010 Value (US$m) 21,934 10,049 56,430 53,425 56,434 5,425 446 2,361 47,712 214 231 15,315 47,504 3,009 5,373 % Value Change 126.1% 334.1% -31.7% -71.7% -73.5% 116.2% 2,486.3% 381.6% -76.8% 5,057.5% 4,232.9% -36.3% -79.8% 218.0% 64.0%
Legal Advisers to UK M&A: Volume

Ranking H1 2010 2 1 4 3 12 7 9 11 5 23 14 16 15 19 20 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Linklaters DLA Piper Fresh elds Bruckhaus Deringer Allen & Overy Pinsent Masons Cli ord Chance Eversheds Slaughter and May CMS Osborne Clarke Hogan Lovells SJ Berwin Weil Gotshal & Manges Jones Day Herbert Smith/Gleiss Lutz/Stibbe H1 2011 Value (US$m) 49,591 6,940 38,538 43,619 2,399 9,754 1,646 15,139 1,030 690 7,653 6,341 6,257 4,879 14,937 Deal Count 40 38 37 34 31 29 29 28 27 23 22 22 21 21 20 H1 2010 Deal Count 44 62 35 37 22 28 24 22 34 15 20 19 19 17 16 Count Change -4 -24 2 -3 9 1 5 6 -7 8 2 3 2 4 4
Legal Advisers to French M&A: Value

Ranking H1 2010 1 21 18 4 75 12 30 20 27 16 45 10 22 142 34 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Linklaters Fresh elds Bruckhaus Deringer Allen & Overy Bredin Prat Bird & Bird Gide Loyrette Nouel Bonelli Erede Pappalardo Baker & McKenzie Loyens & Loe Orrick Herrington & Sutcli e Sullivan & Cromwell Skadden Arps Slate Meagher & Flom Latham & Watkins d'Urso Gatti e Bianchi - Studio Legale Associato Willkie Farr & Gallagher H1 2011 Value (US$m) 41,655 29,873 24,882 19,257 11,032 9,114 8,517 8,300 8,135 7,047 6,732 6,690 6,132 5,832 5,779 Deal Count 24 15 15 13 2 12 7 9 4 3 4 9 15 4 10 H1 2010 Value (US$m) 19,672 2,748 4,404 9,547 210 6,994 1,896 3,902 1,986 4,965 980 8,551 2,661 10 1,449 % Value Change 111.7% 987.1% 465.0% 101.7% 5,153.3% 30.3% 349.2% 112.7% 309.6% 41.9% 586.9% -21.8% 130.4% 58,220.0% 298.8%
Legal Advisers to French M&A: Volume

Ranking H1 2010 1 9 18 21 15 26 8 4 2 11 25 16 6 12 27 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Linklaters Fresh elds Bruckhaus Deringer Allen & Overy Latham & Watkins Cli ord Chance Mayer Brown Bredin Prat De Pardieu Brocas Ma ei Gide Loyrette Nouel Jones Day Paul Hastings Janofsky & Walker Willkie Farr & Gallagher Hogan Lovells Baker & McKenzie Skadden Arps Slate Meagher & Flom H1 2011 Value (US$m) 41,655 29,873 24,882 6,132 5,398 2,734 19,257 748 9,114 3,611 1,557 5,779 2,008 8,300 6,690 Deal Count 24 15 15 15 15 14 13 13 12 11 11 10 10 9 9 H1 2010 Deal Count 25 13 8 7 9 7 14 17 19 12 7 9 15 10 6 Count Change -1 2 7 8 6 7 -1 -4 -7 -1 4 1 -5 -1 3
22

Legal Advisers to German M&A: Value
Ranking H1 2010 8 42 1 5 12 23 32 2 13 22 43 146 21 H1 2011 1 2 3 4 5 6= 6= 8 9 10 11 12 13 14 15 Company Name Simpson Thacher & Bartlett Cleary Gottlieb Steen & Hamilton Wachtell, Lipton, Rosen & Katz Sullivan & Cromwell Shearman & Sterling Fried Frank Harris Shriver & Jacobson Wiley Rein Hengeler Mueller Linklaters Fresh elds Bruckhaus Deringer Cravath Swaine & Moore Cli ord Chance Latham & Watkins Milbank Tweed Hadley & McCloy Herbert Smith/Gleiss Lutz/Stibbe H1 2011 Value (US$m) 52,957 51,267 51,267 49,532 39,000 39,000 39,000 34,252 25,405 17,156 16,762 16,515 15,434 14,202 12,853 Deal Count 4 3 2 5 2 1 1 23 19 37 2 22 10 3 7 H1 2010 Value (US$m) 7,625 345 18,439 8,597 6,760 1,800 750 18,175 6,760 3,615 310 3,854 % Value Change 594.5% 14,760.0% 168.6% 353.6% 476.9% 1,802.9% 3,287.3% -5.6% 148.0% 356.8% 4,878.7% 233.5%
Legal Advisers to German M&A: Volume

Ranking H1 2010 1 2 5 4 6 3 19 13 12 26 11 16 9 7 21 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Fresh elds Bruckhaus Deringer CMS Hengeler Mueller Cli ord Chance Linklaters Noerr P+P Poellath + Partners White & Case Allen & Overy Luther Latham & Watkins SJ Berwin Herbert Smith/Gleiss Lutz/Stibbe Hogan Lovells Ashurst H1 2011 Value (US$m) 17,156 3,627 34,252 16,515 25,405 3,365 5,819 3,786 12,812 42 15,434 95 12,853 1,572 1,218 Deal Count 37 36 23 22 19 17 14 14 13 12 10 9 7 7 7 H1 2010 Deal Count 27 25 13 14 13 23 5 8 10 4 11 8 12 13 5 Count Change 10 11 10 8 6 -6 9 6 3 8 -1 1 -5 -6 2
Legal Advisers to Germanic M&A: Value

Ranking H1 2010 1 15 13 31 9 46 20 3 33 10 25 6 38 H1 2011 1 2 3 4 5 6 7= 7= 9 10 11 12 13 14 15 Company Name Sullivan & Cromwell Shearman & Sterling Simpson Thacher & Bartlett Cleary Gottlieb Steen & Hamilton Wachtell, Lipton, Rosen & Katz Linklaters Fried Frank Harris Shriver & Jacobson Wiley Rein Cravath Swaine & Moore Hengeler Mueller Fresh elds Bruckhaus Deringer Stikeman Elliott Homburger Weil Gotshal & Manges Pestalozzi Lachenal Patry H1 2011 Value (US$m) 70,723 60,191 53,257 51,963 51,267 50,320 39,000 39,000 38,255 34,252 33,912 28,877 24,687 22,176 21,943 Deal Count 7 3 5 4 2 22 1 1 4 23 42 3 5 4 4 H1 2010 Value (US$m) 44,189 9,214 9,719 2,045 25,750 952 6,760 37,110 1,800 19,664 4,933 30,103 1,270 % Value Change 60.0% 553.3% 448.0% 2,441.0% 99.1% 5,185.7% 476.9% 3.1% 1,802.9% 72.5% 485.4% -18.0% 1,646.1% -
Legal Advisers to Germanic M&A: Volume

Ranking H1 2010 1 2 H1 2011 1 2 Company Name Fresh elds Bruckhaus Deringer CMS Cli ord Chance Hengeler Mueller Linklaters Allen & Overy Noerr White & Case P+P Poellath + Partners Hogan Lovells Luther Latham & Watkins Baker & McKenzie Lenz & Staehelin SJ Berwin H1 2011 Value (US$m) 33,912 18,635 16,851 34,252 50,320 12,983 3,365 17,526 5,819 2,545 42 15,434 1,606 1,733 95 Deal Count 42 41 24 23 22 18 17 15 14 12 12 11 11 9 9 H1 2010 Deal Count 29 28 15 13 19 14 24 9 6 16 4 14 17 10 9 Count Change 13 13 9 10 3 4 -7 6 8 -4 8 -3 -6 -1 0
8
14 4 10 3 16 27 6 40 12 5 15 18
3
4 5 6 7 8 9 10 11 12 13 14 15
23

Legal Advisers to Benelux M&A: Value
Ranking H1 2010 1 13 3 18 5 73 146 17 61 2 21 H1 2011 1 2 3 4 5 6 7 8 9= 9= 11 12 13= 13= 15 Company Name Sullivan & Cromwell Loyens & Loe Linklaters Fresh elds Bruckhaus Deringer NautaDutilh Simpson Thacher & Bartlett Dechert Covington & Burling Mayer Brown Wachtell, Lipton, Rosen & Katz Bredin Prat Allen & Overy Gide Loyrette Nouel Orrick Herrington & Sutcli e Cli ord Chance H1 2011 Value (US$m) 19,123 17,866 14,994 13,231 12,290 11,707 9,524 9,044 9,000 9,000 6,605 6,532 6,446 6,446 5,891 Deal Count 7 28 23 11 22 4 4 1 1 1 2 34 2 2 17 H1 2010 Value (US$m) 12,367 3,434 10,616 2,913 7,709 99 3,009 158 11,967 1,984 % Value Change 44.5% 336.6% 24.6% 321.9% 51.9% 9,520.2% 199.1% 4,080.4% -45.4% 196.9%
Legal Advisers to Benelux M&A: Volume

Ranking H1 2010 1 2 4 3 11 8 7 9 5 6 14 18 16 12 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Allen & Overy Loyens & Loe Linklaters NautaDutilh Cli ord Chance DLA Piper De Brauw Blackstone Westbroek Houtho Buruma CMS Herbert Smith/Gleiss Lutz/Stibbe Hogan Lovells Fresh elds Bruckhaus Deringer Latham & Watkins Van Doorne Sullivan & Cromwell H1 2011 Value (US$m) 6,532 17,866 14,994 12,290 5,891 2,692 1,662 1,206 3,266 2,482 468 13,231 2,637 38 19,123 Deal Count 34 28 23 22 17 17 17 17 15 13 12 11 8 8 7 H1 2010 Deal Count 38 24 18 20 9 14 14 10 18 15 8 6 7 9 Count Change -4 4 5 2 8 3 3 7 -3 -2 4 5 1 -1 -
Legal Advisers to Italian M&A: Value

Ranking H1 2010 2 3 14 39 11 5 7 22 33 79 29 9 23 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Bonelli Erede Pappalardo Chiomenti Studio Legale d'Urso Gatti e Bianchi - Studio Legale Associato Bredin Prat Fresh elds Bruckhaus Deringer Gianni, Origoni, Grippo & Partners Legance Studio Legale Associato Sullivan & Cromwell Allen & Overy Allens Arthur Robinson Giliberti Pappalettera Triscornia e Associati Willkie Farr & Gallagher Latham & Watkins Cleary Gottlieb Steen & Hamilton Dewey & LeBoeuf H1 2011 Value (US$m) 9,904 7,335 6,814 6,434 6,228 6,004 5,672 5,605 5,449 4,700 3,948 3,775 3,482 3,152 2,760 Deal Count 11 15 11 3 8 15 6 3 3 1 7 3 8 4 4 H1 2010 Value (US$m) 2,022 1,959 593 54 715 1,319 1,252 333 75 248 1,006 311 % Value Change 389.8% 274.4% 1,049.1% 11,814.8% 771.0% 355.2% 353.0% 1,536.3% 5,164.0% 1,304.0% 213.3% 787.5%
Legal Advisers to Italian M&A: Volume

Ranking H12010 1 3 4 2 17 10 12 16 15 5 6 19 49 8 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Chiomenti Studio Legale Gianni, Origoni, Grippo & Partners Bonelli Erede Pappalardo d'Urso Gatti e Bianchi - Studio Legale Associato Fresh elds Bruckhaus Deringer Latham & Watkins NCTM Studio Legale Associato Giliberti Pappalettera Triscornia e Associati Studio Pedersoli e Associati Legance Studio Legale Associato Cli ord Chance Linklaters Hogan Lovells Simmons & Simmons Cleary Gottlieb Steen & Hamilton H1 2011 Value (US$m) 7,335 6,004 9,904 6,814 6,228 3,482 488 3,948 1,702 5,672 2,190 652 305 83 3,152 Deal Count 15 15 11 11 8 8 8 7 7 6 6 6 6 6 4 H1 2010 Deal Count 16 10 7 14 3 5 5 4 4 7 6 3 1 5 Count Change -1 5 4 -3 5 3 3 3 3 -1 0 3 5 -1
24

Legal Advisers to Iberian M&A: Value
Ranking H1 2010 1 38 5 13 45 2 97 44 31 32 4 59 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Uria Menendez Fresh elds Bruckhaus Deringer Cli ord Chance Cuatrecasas, Goncalves Pereira Linklaters Garrigues Souza, Cescon, Barrieu & Flesch Advogados DLA Piper KPMG Abogados Latham & Watkins Sullivan & Cromwell Weil Gotshal & Manges Barbosa, Mussnich & Aragao Arthur Cox Eskenazi Pernidji Advogados H1 2011 Value (US$m) 33,930 33,566 20,979 18,106 16,219 11,255 8,472 6,826 6,592 5,872 5,850 5,828 5,392 5,362 4,963 Deal Count 20 17 11 21 14 13 3 6 8 7 1 1 3 1 1 H1 2010 Value (US$m) 12,595 1,199 5,830 4,504 373 8,588 395 1,424 1,249 6,194 71 % Value Change 169.4% 2,699.5% 259.8% 302.0% 4,248.3% 31.1% 1,628.1% 362.9% 370.1% -5.6% 7,494.4% -
Legal Advisers to Iberian M&A: Volume

Ranking H1 2010 1 3 9 17 2 12 6 21 11 7 10 24 28 8 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Cuatrecasas, Goncalves Pereira Uria Menendez Fresh elds Bruckhaus Deringer Linklaters Garrigues Cli ord Chance Deloitte Legal KPMG Abogados Latham & Watkins CMS Gomez-Acebo & Pombo Abogados DLA Piper Baker & McKenzie Herbert Smith/Gleiss Lutz/Stibbe Allen & Overy H1 2011 Value (US$m) 18,106 33,930 33,566 16,219 11,255 20,979 452 6,592 5,872 4,372 836 6,826 3,995 1,473 2,922 Deal Count 21 20 17 14 13 11 9 8 7 7 7 6 6 5 4 H1 2010 Deal Count 30 20 6 4 22 5 10 3 6 9 6 3 2 6 Count Change -9 0 11 10 -9 6 -2 4 1 -2 0 3 3 -2
Legal Advisers to Spanish M&A: Value

Ranking H1 2010 1 32 5 13 39 37 27 2 28 4 41 31 66 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Uria Menendez Fresh elds Bruckhaus Deringer Cli ord Chance Cuatrecasas, Goncalves Pereira Linklaters DLA Piper KPMG Abogados Garrigues Latham & Watkins Sullivan & Cromwell Weil Gotshal & Manges Arthur Cox CMS Bredin Prat Baker & McKenzie H1 2011 Value (US$m) 33,930 33,566 20,979 18,099 16,219 6,826 6,592 6,292 5,872 5,850 5,828 5,362 4,372 4,320 3,995 Deal Count 20 17 11 20 12 6 8 12 7 1 1 1 7 3 6 H1 2010 Value (US$m) 11,585 1,121 5,830 4,456 373 395 1,424 8,588 1,249 6,194 245 1,228 % Value Change 192.9% 2,894.3% 259.8% 306.2% 4,248.3% 1,628.1% 362.9% -26.7% 370.1% -5.6% 1,684.5% 251.8% -
Legal Advisers to Spanish M&A: Volume

Ranking H1 2010 3 1 10 13 2 8 5 15 11 6 7 18 8 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 15 Company Name Uria Menendez Cuatrecasas, Goncalves Pereira Fresh elds Bruckhaus Deringer Linklaters Garrigues Clifford Chance Deloitte Legal KPMG Abogados Latham & Watkins CMS Gomez-Acebo & Pombo Abogados DLA Piper Baker & McKenzie Allen & Overy H1 2011 Value (US$m) 33,930 18,099 33,566 16,219 6,292 20,979 452 6,592 5,872 4,372 836 6,826 3,995 2,922 Deal Count 20 20 17 12 12 11 9 8 7 7 7 6 6 4 H1 2010 Deal Count 18 26 5 4 21 5 10 3 5 9 6 3 6 Count Change 2 -6 12 8 -9 6 -2 4 2 -2 0 3 -2
25

Legal Advisers to Nordic M&A: Value
Ranking H1 2010 2 19 28 128 32 35 36 74 9 79 13 1 58 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Fresh elds Bruckhaus Deringer White & Case CMS Edwards Angell Palmer & Dodge Cravath Swaine & Moore Skadden Arps Slate Meagher & Flom Cli ord Chance Kromann Reumert Ashurst Wiersholm Eversheds Linklaters Thommessen Plesner Carter Ledyard & Milburn H1 2011 Value (US$m) 22,318 18,363 13,740 13,740 10,994 10,832 9,404 9,380 7,567 7,468 6,657 6,585 6,578 6,569 6,312 Deal Count 8 14 2 1 3 7 7 8 6 21 4 13 19 8 1 H1 2010 Value (US$m) 11,413 1,744 1,014 822 637 624 132 4,170 107 2,869 12,424 199 % Value Change 95.5% 952.9% 1,255.0% 1,217.8% 1,376.3% 1,403.2% 5,632.6% 79.1% 6,121.5% 129.5% -47.1% 3,201.0% -
Legal Advisers to Nordic M&A: Volume

Ranking H1 2010 2 1 4 9 3 14 10 5 8 19 11 7 34 12 21 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Vinge Mannheimer Swartling Schjodt Roschier Wiersholm Accura Thommessen Wikborg Rein & Co Hannes Snellman White & Case Linklaters Selmer Setterwalls Bruun & Hjejle Gorrissen Federspiel H1 2011 Value (US$m) 6,051 3,076 581 3,216 7,468 1,584 6,578 386 3,314 18,363 6,585 2,736 3,633 1,497 445 Deal Count 29 29 25 22 21 20 19 18 16 14 13 13 11 11 11 H1 2010 Deal Count 30 32 22 15 23 12 14 17 16 10 14 16 5 14 10 Count Change -1 -3 3 7 -2 8 5 1 0 4 -1 -3 6 -3 1
Legal Advisers to Swedish M&A: Value

Ranking H1 2010 8 15 67 38 3 4 47 9 84 H1 2011 1 2 3= 3= 5 6 7 8 9= 9= 9= 12 13 14 15 Company Name Fresh elds Bruckhaus Deringer White & Case CMS Edwards Angell Palmer & Dodge Cli ord Chance Linklaters Vinge P+P Poellath + Partners Cravath Swaine & Moore Hengeler Mueller Ropes & Gray Setterwalls Hogan Lovells WilmerHale Kirkland & Ellis H1 2011 Value (US$m) 22,022 17,801 13,740 13,740 7,625 6,475 6,051 4,495 4,495 4,495 4,495 3,588 3,541 3,535 3,268 Deal Count 5 10 1 1 4 10 29 2 1 1 1 10 3 1 1 H1 2010 Value (US$m) 1,856 912 23 200 2,721 2,510 111 1,800 % Value Change 1,086.5% 1,851.9% 59,639.1% 3,712.5% 138.0% 141.1% 3,132.4% 96.7% -
Legal Advisers to Swedish M&A: Volume

Ranking H1 2010 1 2 12 7 4 14 6 5 3 15 17 20 10 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Vinge Mannheimer Swartling Roschier White & Case Linklaters Setterwalls Wistrand Hannes Snellman Cederquist Lindahl Wiersholm MAQS Law Firm Advokat rman Torngren Magnell Fresh elds Bruckhaus Deringer Delphi H1 2011 Value (US$m) 6,051 2,976 3,179 17,801 6,475 3,588 120 2,130 2,077 329 236 86 21 22,022 690 Deal Count 29 28 11 10 10 10 10 9 9 9 8 7 6 5 5 H1 2010 Deal Count 30 28 5 7 12 5 10 11 17 5 4 3 6 Count Change -1 0 6 3 -2 5 -1 -2 -8 3 2 2 -1
26

Legal Advisers to CEE M&A: Value
Ranking H1 2010 4 33 28 20 40 7 43 11 19 6 5 1 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Linklaters Fresh elds Bruckhaus Deringer DLA Piper Dewey & LeBoeuf Weil Gotshal & Manges Uria Menendez KPMG Abogados Arthur Cox Cli ord Chance Baker & McKenzie Allen & Overy CMS White & Case Egorov, Puginsky, Afanasiev & Partners Skadden Arps Slate Meagher & Flom H1 2011 Value (US$m) 19,783 16,568 9,640 8,430 6,655 6,032 5,828 5,362 4,294 4,200 3,942 3,536 2,716 2,143 2,069 Deal Count 13 12 6 5 8 2 1 1 13 6 6 13 9 3 2 H1 2010 Value (US$m) 8,741 300 373 641 289 2,060 215 985 891 2,140 6,600 25,018 % Value Change 126.3% 5,422.7% 2,484.5% 1,215.1% 2,202.8% 108.4% 1,853.5% 300.2% 296.9% 26.9% -67.5% -91.7%
Legal Advisers to CEE M&A: Volume

Ranking H1 2010 4 6 2 11 5 18 12 24 38 16 8 1 14 10 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Linklaters Cli ord Chance CMS Fresh elds Bruckhaus Deringer White & Case Raidla Lejins & Norcous Weil Gotshal & Manges LAWIN Wolf Theiss Hogan Lovells DLA Piper Baker & McKenzie Allen & Overy Dewey & LeBoeuf Havel, Holasek & Partners H1 2011 Value (US$m) 19,783 4,294 3,536 16,568 2,716 598 6,655 89 1,096 9,640 4,200 3,942 8,430 125 Deal Count 13 13 13 12 9 9 8 8 8 7 6 6 6 5 5 H1 2010 Deal Count 10 8 12 5 10 4 5 3 2 4 8 14 4 6 Count Change 3 5 1 7 -1 5 3 5 5 2 -2 -8 1 -1
Legal Advisers to Russian M&A: Value

Ranking H1 2010 4 21 44 46 5 1 18 6 2 30 31 38 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Linklaters Fresh elds Bruckhaus Deringer Baker & McKenzie DLA Piper Egorov, Puginsky, Afanasiev & Partners Skadden Arps Slate Meagher & Flom Jones Day White & Case Debevoise & Plimpton Cadwalader, Wickersham & Taft Hogan Lovells Morgan Lewis & Bockius PwC legal Dewey & LeBoeuf Herbert Smith/Gleiss Lutz/Stibbe H1 2011 Value (US$m) 14,835 8,530 4,200 2,651 2,143 2,069 1,812 1,469 1,294 1,192 1,096 1,072 947 890 863 Deal Count 7 8 2 1 3 2 2 5 3 1 5 1 2 2 3 H1 2010 Value (US$m) 8,302 300 6,600 25,018 500 1,612 10,238 132 102 20 % Value Change 78.7% 2,743.3% -67.5% -91.7% 262.4% -8.9% -87.4% 730.3% 772.5% 4,215.0%
Legal Advisers to Russian M&A: Volume

Ranking H1 2010 8 2 3 14 7 16 5 12 15 1 26 35 10 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Fresh elds Bruckhaus Deringer Linklaters White & Case Hogan Lovells Akin Gump Strauss Hauer & Feld Egorov, Puginsky, Afanasiev & Partners Debevoise & Plimpton Herbert Smith/Gleiss Lutz/Stibbe CMS Baker & McKenzie Skadden Arps Slate Meagher & Flom Jones Day PwC legal Dewey & LeBoeuf Cli ord Chance H1 2011 Value (US$m) 8,530 14,835 1,469 1,096 713 2,143 1,294 863 609 4,200 2,069 1,812 947 890 394 Deal Count 8 7 5 5 4 3 3 3 3 2 2 2 2 2 2 H1 2010 Deal Count 3 6 6 2 3 1 4 2 2 11 1 1 2 Count Change 5 1 -1 3 0 2 -1 1 0 -9 1 1 0
27

Legal Advisers to Irish M&A: Value
Ranking H1 2010 3 13 9 17 20 16 8 10 H1 2011 1 2 3 4= 4= 4= 4= 8 9= 9= 9= 9= 13 14 15 Company Name Arthur Cox Fresh elds Bruckhaus Deringer A&L Goodbody DLA Piper KPMG Abogados Uria Menendez Weil Gotshal & Manges Linklaters Cahill Gordon & Reindel Cleary Gottlieb Steen & Hamilton Dechert Gibson Dunn & Crutcher McCann FitzGerald William Fry Mason Hayes & Curran H1 2011 Value (US$m) 11,462 11,075 6,336 5,828 5,828 5,828 5,828 4,100 960 960 960 960 789 426 339 Deal Count 10 4 14 1 1 1 1 2 1 1 1 1 11 11 5 H1 2010 Value (US$m) 3,311 892 1,541 699 293 738 1,988 1,227 % Value Change 246.2% 1,141.6% 311.2% 486.6% 227.6% 6.9% -78.6% -72.4%
Legal Advisers to Irish M&A: Volume

Ranking H1 2010 4 8 3 2 1 6 12 14 15 H1 2011 1 2 3 4 5 6 7 8 9 10 11= 11= 13= 13= 13= 13= Company Name A&L Goodbody McCann FitzGerald William Fry Arthur Cox Matheson Ormsby Prentice Mason Hayes & Curran Fresh elds Bruckhaus Deringer Linklaters Herbert Smith/Gleiss Lutz/Stibbe Eugene F Collins Roschier Simmons & Simmons DLA Piper KPMG Abogados Uria Menendez Weil Gotshal & Manges H1 2011 Value (US$m) 6,336 789 426 11,462 182 339 11,075 4,100 94 12 5,828 5,828 5,828 5,828 Deal Count 14 11 11 10 6 5 4 2 2 2 2 2 1 1 1 1 H1 2010 Deal Count 7 3 10 16 17 4 2 2 2 Count Change 7 8 1 -6 -11 1 2 0 0 -
28
US M&A Overview
Despite a strong start to the year, US M&A dipped in Q2 to US$ 189.7bn, a 35.6% decrease compared to Q1 2011 (US$ 294.4bn), though a 6.3% increase on Q2 2010 (US$ 178.5bn). Even with the Q2 dip, US activity for the rst half of the year reached US$ 484.1bn, which is its highest since H1 2007 (US$ 844.5bn) and a 49.6% increase on the same period in 2010 (US$ 323.5bn).
450 500 Value ($bn) Volume
US M&A Activity - Quarterly

1,300 1,200 1,100
The US contributed 40.9% of global M&A in the rst half of 2011, compared to 35.6% for the same period last year.
400 1,000 350 900
Six of the ten largest deals announced globally in the rst half of the year have been US-based, and there have been 14 deals announced in the US so far this year with a valuation over US$ 8bn, compared to six in the rst half last year. US inbound cross-border deals added up to US$ 87.7bn in H1 2011 an increase of 15.7% since H1 2010 (US$ 75.8bn). US outbound cross-border total value amounted to US$ 132bn, the highest H1 since 2008 (US$ 171.8bn). Sullivan & Cromwell moved three places up from last years H1 ranking to take top spot on the legal advisory league tables for US M&A by deal value. The rms last top H1 ranking for US M&A was in 2007. Latham & Watkins also moved up three places to top the legal advisory league tables for US M&A by deal count. Pinheiro Neto Advogados topped both the deal value and deal count legal advisory league tables for Central and South American M&A.
US Private Equity Buyout Activity - Quarterly
220 200 180 220 200 180
300 250
700 600 200 150 100 200 50 0 100 0 500 400 300
US Inbound/Outbound M&A
280
260 240
140 130 120 110
Value ($bn) Volume
Inbound Value ($bn) Outbound Value ($bn) Inbound Volume Outbound Volume
300 275 250 225
160
100 90 80 70 60 50 40
120 100 80 60 40
160 140 120 100 80
Volume of Deals
140
175 150 125 100 75
30
60 40
20 10 0
50 25 0
20 0
20 0
29
Volume of Deals
200
Volume of Deals
800
US M&A Overview: Industry and Geography Breakdown

H1 2011 Sector Energy, Mining & Utilities Industrials & Chemicals Technology Financial Services Pharma, Medical & Biotech Telecommunications Real Estate Business Services Consumer Leisure Media Transport Construction Defence Agriculture Total Value ($bn) 118.5 87.6 45.3 44.0 40.0 39.5 33.6 28.6 16.6 9.8 9.6 5.0 3.0 3.0 0.0 484.1 market share 24.5% 18.1% 9.4% 9.1% 8.3% 8.2% 6.9% 5.9% 3.4% 2.0% 2.0% 1.0% 0.6% 0.6% 0.0% Deal count 133 276 253 176 201 12 14 228 162 56 48 32 43 9 6 1,649 Value ($bn) 102.5 19.7 21.5 26.2 37.5 25.2 8.0 28.7 31.5 7.9 1.9 6.7 1.9 4.1 0.2 323.5 H1 2010 market share 31.7% 6.1% 6.7% 8.1% 11.6% 7.8% 2.5% 8.9% 9.7% 2.4% 0.6% 2.1% 0.6% 1.3% 0.1% Deal count 151 238 279 196 167 14 14 248 146 58 57 23 56 19 7 1,673 change Value (%) 15.6% 344.7% 110.6% 68.0% 6.7% 56.9% 319.0% -0.4% -47.2% 24.2% 408.3% -26.2% 56.9% -28.2% -73.6% 49.6% Deal count -18 38 -26 -20 34 -2 0 -20 16 -2 -9 9 -13 -10 -1 -24
Mix of Announced Americas Deals by Geographic Region H1 2011 - Value
Mix of Announced Americas Deals by Geographic Region H1 2011 - Volume
Central & South America 10.1% US (North East) 17.4% Canada 7.3%
Central & South America 12.8% US (North East) 18.3%
Canada 9.4%
US (Mid West) 17.0% US (West) 22.7% US (West) 20.8%
US (Mid West) 13.9%
US (South) 25.5%
US (South) 24.7%
30
US M&A Overview: Top Deals

Activity Table of US M&A for H1 2011
Announced Date 20-Mar-11 Bidder Company AT&T Inc Bidder Legal Adviser Simpson Thacher & Bartlett (Advising Greenhill & Co; JPMorgan); Sullivan & Cromwell Target Company T-Mobile USA Inc Target/Seller Legal Adviser Advising seller: Cleary Gottlieb Steen & Hamilton; Fried Frank Harris Shriver & Jacobson (Advising Deutsche Bank); Shearman & Sterling (Advising Credit Suisse); Wachtell, Lipton, Rosen & Katz; Wiley Rein Baker Botts (Advising Lazard); Hunton & Williams; Latham & Watkins (Advising Barclays Capital); Skadden Arps Slate Meagher & Flom Seller Company Deutsche Telekom AG Deal Value (US$m) 39,000
10-Jan-11
Duke Energy Corporation
Dewey & LeBoeuf (Advising JPMorgan); Greenberg Traurig (Advising Bank of America Merrill Lynch); Skadden Arps Slate Meagher & Flom; Wachtell, Lipton, Rosen & Katz Davis Polk & Wardwell (Advising JPMorgan); Wachtell, Lipton, Rosen & Katz Latham & Watkins (Advising UBS Investment Bank); Loeb & Loeb
Progress Energy Inc
25,825
31-Jan-11
AMB Property Corporation
ProLogis
Greenberg Traurig; Mayer Brown; Proskauer Rose (Advising Morgan Stanley) Simpson Thacher & Bartlett; Advising seller: Cravath Swaine & Moore; Fried Frank Harris Shriver & Jacobson; McDermott Will & Emery Advising seller: Baker Botts Darrois Villey Maillot Brochier; Herbert Smith/ Gleiss Lutz/Stibbe; Milbank Tweed Hadley & McCloy ; Wachtell, Lipton, Rosen & Katz Cleary Gottlieb Steen & Hamilton; Covington & Burling (Advising Perella Weinberg Partners); Darrois Villey Maillot Brochier; Herbert Smith/Gleiss Lutz/Stibbe; Milbank Tweed Hadley & McCloy; Wachtell, Lipton, Rosen & Katz Hogan Lovells; Kirkland & Ellis; Sullivan & Cromwell (Advising Goldman Sachs) Cargill Inc
14,833
18-Jan-11
Cargill Inc (Shareholders)
The Mosaic Company (40% Stake)
14,808
13-Jan-11 02-May-11*
Marathon Oil Corporation (Shareholders) The Nasdaq OMX Group Inc; and Intercontinental Exchange Inc Deutsche Boerse AG Dewey & LeBoeuf (Advising Bank of America Merrill Lynch); Shearman & Sterling ; Sullivan & Cromwell Cravath Swaine & Moore; Davis Polk & Wardwell (Advising Deutsche Bank); De Brauw Blackstone Westbroek (Advising JPMorgan); Hengeler Mueller (Advising JPMorgan); Linklaters; Simpson Thacher & Bartlett (Advising JPMorgan) Latham & Watkins (Advising JPMorgan); Simpson Thacher & Bartlett (Advising Barclays Capital); Skadden Arps Slate Meagher & Flom; Weil Gotshal & Manges (Advising Evercore Partners) Cadwalader, Wickersham & Taft (Advising Deutsche Bank; Wells Fargo Securities); Gilbert + Tobin; Simpson Thacher & Bartlett Allen & Overy; Munger Tolles & Olson
Marathon Petroleum Corporation NYSE Euronext
Marathon Oil Corporation
14,667 13,182
15-Feb-11
NYSE Euronext
12,267
28-Apr-11
Exelon Corporation
Constellation Energy Group Inc
10,410
1-Mar-11
Blackstone Group Holdings LLC
Centro Properties Group (US operations)
Clayton Utz; Weil Gotshal & Manges; Advising seller: Allens Arthur Robinson; Freehills; Skadden Arps Slate Meagher & Flom Dewey & LeBoeuf (Advising Citigroup); Jones Day; Weil Gotshal & Manges (Advising Evercore Partners)
Centro Properties Group
9,400
14-Mar-11
Berkshire Hathaway Inc
The Lubrizol Corporation
9,368
* Lapsed deal Press Release: mergermarket League Tables of Legal Advisers to Global M&A for H1 2011 31 www.mergermarket.com
Americas: League Tables of Legal Advisers

League Table of Legal Advisers to Americas M&A: Value
Ranking H1 2010 6 1 9 5 3 4 13 10 2 21 7 12 31 44 19 26 24 14 39 438 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Sullivan & Cromwell Simpson Thacher & Bartlett Wachtell, Lipton, Rosen & Katz Latham & Watkins Skadden Arps Slate Meagher & Flom Dewey & LeBoeuf Shearman & Sterling Cravath Swaine & Moore Cleary Gottlieb Steen & Hamilton Fried Frank Harris Shriver & Jacobson Weil Gotshal & Manges Davis Polk & Wardwell Linklaters Greenberg Traurig Baker Botts Allen & Overy Jones Day Blake, Cassels & Graydon Kirkland & Ellis Wiley Rein H1 2011 Value (US$m) 188,186 172,937 153,010 129,850 117,788 116,960 113,225 107,070 91,388 86,256 82,989 76,596 64,980 59,835 58,505 56,306 55,721 48,727 47,909 39,134 Deal Count 67 72 38 109 79 50 48 27 43 25 58 52 35 46 24 38 98 50 80 3 H1 2010 Value (US$m) 97,888 146,133 83,665 104,312 116,254 105,321 57,193 74,259 136,065 40,508 86,195 64,551 23,538 15,826 43,740 29,279 36,896 52,412 19,943 59 % Value Change 92.2% 18.3% 82.9% 24.5% 1.3% 6 11.1% 98.0% 44.2% -32.8% 112.9% 26 -3.7% 18.7% 176.1% 278.1% 33.8% 92.3% 51.0% -7.0% 140.2% 10 14 13 17 19 20 12 7 18 25 46 17 11 12 13 14 15 16 17 9 2 8 15 21 5 6 7 8 9 10
League Table of Legal Advisers to Americas M&A: Volume

Ranking H1 2010 4 1 3 5 H1 2011 1 2 3 4 Company Name Latham & Watkins Jones Day Kirkland & Ellis Skadden Arps Slate Meagher & Flom Simpson Thacher & Bartlett Sullivan & Cromwell DLA Piper Weil Gotshal & Manges Hogan Lovells Wilson Sonsini Goodrich & Rosati Davis Polk & Wardwell Dewey & LeBoeuf Blake, Cassels & Graydon Shearman & Sterling Goodwin Procter Greenberg Traurig Cleary Gottlieb Steen & Hamilton Gibson Dunn & Crutcher Morgan Lewis & Bockius Stikeman Elliott H1 2011 Value (US$m) 129,850 55,721 47,909 117,788 172,937 188,186 11,664 82,989 23,667 15,909 76,596 116,960 48,727 113,225 5,660 59,835 91,388 28,780 11,767 29,130 Deal Count 109 98 80 79 72 67 67 58 55 55 52 50 50 48 48 46 43 43 42 41 H1 2010 Deal Count 97 105 98 73 71 53 101 58 48 42 34 48 61 43 35 27 45 50 48 48 Count Change 12 -7 -18 6 1 14 -34 0 7 13 18 2 -11 5 13 19 -2 -7 -6 -7
32

League Table of Legal Advisers to US Buyouts*: Value
Ranking H1 2010 1 25 2 9 26 35 8 37 23 11 6 5 28 49 39 59 H1 2011 1 2= 2= 4 5 6 7 8 9 10 11 12 13= 13= 15 16 17 18 19 20 Company Name Simpson Thacher & Bartlett Cadwalader, Wickersham & Taft Gilbert + Tobin Debevoise & Plimpton Kirkland & Ellis Cleary Gottlieb Steen & Hamilton Jones Day Davis Polk & Wardwell Latham & Watkins Wachtell, Lipton, Rosen & Katz Weil Gotshal & Manges Paul Weiss Rifkind Wharton & Garrison Desai & Diwanji Herbert Smith/Gleiss Lutz/Stibbe Fried Frank Harris Shriver & Jacobson McDermott Will & Emery Goodwin Procter Schulte Roth & Zabel Commercial Law Group Mayer Brown H1 2011 Value (US$m) 15,358 9,400 9,400 7,958 7,816 4,690 4,564 3,785 3,775 2,625 2,615 2,467 2,375 2,375 1,833 1,832 1,790 1,732 1,500 1,050 Deal Count 12 1 1 6 25 3 12 2 12 3 9 5 1 1 6 8 13 3 1 2 H1 2010 Value (US$m) 7,604 761 4,837 2,300 726 249 2,650 230 968 2,143 3,189 3,299 554 50 168 16 % Value Change 102.0% 946% 61.6% 103.9% 528.7% 1,420% 42.5% 1,041% 170.1% 15.1% -25.5% -44.4% 230.7% 3,480% 931.0% 6,462% 11 5 9 65 66 29 38 22 13 47 21 10 11 12 13 14 15 16 17 18 19 20
League Table of Legal Advisers to US Buyouts*: Volume

Ranking H1 2010 1 23 3 6 2 12 16 20 4 H1 2011 1 2 3 4 5 6 7 8 9 Company Name Kirkland & Ellis Goodwin Procter Simpson Thacher & Bartlett Jones Day Latham & Watkins Weil Gotshal & Manges McDermott Will & Emery Debevoise & Plimpton Fried Frank Harris Shriver & Jacobson Morgan Lewis & Bockius Ropes & Gray Paul Weiss Rifkind Wharton & Garrison Vinson & Elkins Hogan Lovells Cleary Gottlieb Steen & Hamilton Wachtell, Lipton, Rosen & Katz Schulte Roth & Zabel DLA Piper King & Spalding Sullivan & Cromwell H1 2011 Value (US$m) 7,816 1,790 15,358 4,564 3,775 2,615 1,832 7,958 1,833 958 40 2,467 134 14 4,690 2,625 1,732 532 500 457 Deal Count 25 13 12 12 12 9 8 6 6 6 6 5 4 4 3 3 3 3 3 3 H1 2010 Deal Count 32 3 10 9 11 6 4 3 9 6 9 7 1 1 2 2 3 6 2 3 Count Change -7 10 2 3 1 3 4 3 -3 0 -3 -2 3 3 1 1 0 -3 1 0
33

League Table of Legal Advisers to US M&A: Value
Ranking H1 2010 4 1 7 3 10 2 13 8 5 20 6 12 41 17 29 23 32 40 376 49 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Sullivan & Cromwell Simpson Thacher & Bartlett Wachtell, Lipton, Rosen & Katz Latham & Watkins Dewey & LeBoeuf Skadden Arps Slate Meagher & Flom Shearman & Sterling Cravath Swaine & Moore Cleary Gottlieb Steen & Hamilton Fried Frank Harris Shriver & Jacobson Weil Gotshal & Manges Davis Polk & Wardwell Greenberg Traurig Baker Botts Linklaters Jones Day Kirkland & Ellis Allen & Overy Wiley Rein Mayer Brown H1 2011 Value (US$m) 173,613 169,470 153,010 127,472 116,960 108,346 106,629 99,686 90,084 84,156 76,454 73,280 59,805 58,505 57,087 55,706 47,909 39,352 39,134 33,345 Deal Count 65 69 38 104 50 75 42 26 39 24 55 46 45 24 28 93 80 30 3 28 H1 2010 Deal Count 97,298 138,551 83,665 99,412 70,010 110,754 54,420 73,909 92,544 39,023 84,483 64,551 15,826 43,740 21,617 36,858 19,943 16,286 59 9,732 242.6% Count Change 78.4% 22.3% 82.9% 28.2% 67.1% -2.2% 95.9% 34.9% -2.7% 115.7% -9.5% 13.5% 277.9% 33.8% 164.1% 51.1% 140.2% 141.6% 24 48 19 20 6 3 8 7 16 12 13 21 22 39 14 10 9 17 5 6 7 8 9 10 11 12 13 14 15 16 17 18
League Table of Legal Advisers to US M&A: Volume

Ranking H1 2010 4 1 2 5 H1 2011 1 2 3 4 Company Name Latham & Watkins Jones Day Kirkland & Ellis Skadden Arps Slate Meagher & Flom Simpson Thacher & Bartlett DLA Piper Sullivan & Cromwell Weil Gotshal & Manges Wilson Sonsini Goodrich & Rosati Hogan Lovells Dewey & LeBoeuf Goodwin Procter Davis Polk & Wardwell Greenberg Traurig Shearman & Sterling Morgan Lewis & Bockius Gibson Dunn & Crutcher Cleary Gottlieb Steen & Hamilton Wachtell, Lipton, Rosen & Katz McDermott Will & Emery H1 2011 Value (US$m) 127,472 55,706 47,909 108,346 169,470 11,643 173,613 76,454 15,909 22,599 116,960 5,644 73,280 59,805 106,629 11,357 27,923 90,084 153,010 26,843 Deal Count 104 93 80 75 69 66 65 55 55 52 50 47 46 45 42 41 40 39 38 36 H1 2010 Deal Count 94 99 98 67 66 97 50 54 41 44 43 35 34 26 41 47 49 39 33 23 Count Change 10 -6 -18 8 3 -31 15 1 14 8 7 12 12 19 1 -6 -9 0 5 13
34

Legal Advisers to Canadian M&A: Value
Ranking H1 2010 2 1 13 54 4 3 7 5 11 17 28 45 97 15 6 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15= 15= Company Name Blake, Cassels & Graydon Osler, Hoskin & Harcourt Torys Allen & Overy Norton Rose Davies Ward Phillips & Vineberg Sullivan & Cromwell McCarthy Tetrault Goodmans Cassels Brock & Blackwell Fraser Milner Casgrain Weil Gotshal & Manges Clayton Utz Stikeman Elliott Cravath Swaine & Moore Mallesons Stephen Jaques H1 2011 Value (US$m) 25,116 22,073 19,182 15,793 14,345 13,809 12,888 11,218 10,460 9,570 8,746 8,239 7,796 7,700 7,384 7,384 Deal Count 39 24 13 4 12 13 4 31 11 8 9 4 2 36 1 1 H1 2010 Value (US$m) 15,340 18,215 4,074 401 7,732 9,037 5,671 7,665 4,195 3,106 1,556 556 122 3,801 6,709 % Value Change 63.7% 21.2% 370.8% 3,838% 85.5% 52.8% 127.3% 46.4% 149.3% 208.1% 462.1% 1,382% 6,290% 102.6% 10.1% -
Legal Advisers to Canadian M&A: Volume

Ranking H1 2010 2 1 4 3 8 9 7 5 6 11 15 137 10 18 13 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Blake, Cassels & Graydon Stikeman Elliott McCarthy Tetrault Osler, Hoskin & Harcourt Burnet Duckworth & Palmer Torys Davies Ward Phillips & Vineberg Norton Rose Fasken Martineau Goodmans Bennett Jones Miller Thomson Borden Ladner Gervais Fraser Milner Casgrain Cassels Brock & Blackwell H1 2011 Value (US$m) 25,116 7,700 11,218 22,073 2,269 19,182 13,809 14,345 2,522 10,460 1,129 5,445 1,586 8,746 9,570 Deal Count 39 36 31 24 15 13 13 12 12 11 11 10 10 9 8 H1 2010 Deal Count 42 44 27 36 18 18 18 25 20 13 10 1 14 8 10 Count Change -3 -8 4 -12 -3 -5 -5 -13 -8 -2 1 9 -4 1 -2
Legal Advisers to Central & South American M&A: Value

Ranking H1 2010 24 83 32 26 23 9 17 100 63 20 8 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Pinheiro Neto Advogados Sullivan & Cromwell Cli ord Chance Machado Meyer Sendacz e Opice Souza, Cescon, Barrieu & Flesch Advogados Skadden Arps Slate Meagher & Flom Barbosa, Mussnich & Aragao Garrigues Cariola Diez Perez-Cotapos Abogados Claro y Cia Turci Advogados Associados Latham & Watkins Eskenazi Pernidji Advogados Simpson Thacher & Bartlett Schmidt Valois Miranda Ferreira Agel Advogados H1 2011 Value (US$m) 21,532 16,524 13,635 11,817 10,509 9,605 9,302 9,192 7,577 7,311 7,189 5,622 4,963 4,432 2,925 Deal Count 19 8 12 11 11 5 12 3 3 3 1 8 1 5 1 H1 2010 Value (US$m) 4,463 340 3,090 4,187 4,591 9,192 5,517 185 753 4,900 9,495 % Value Change 382.5% 4,760% 341.3% 182.2% 128.9% 4.5% 68.6% 3,996% 870.9% 14.7% -53.3% -
Legal Advisers to Central & South American M&A: Volume

Ranking H1 2010 3 2 22 7 4 15 16 33 10 5 1 32 25 17 9 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Pinheiro Neto Advogados Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados Cli ord Chance Barbosa, Mussnich & Aragao Machado Meyer Sendacz e Opice Souza, Cescon, Barrieu & Flesch Advogados Sullivan & Cromwell Latham & Watkins Cleary Gottlieb Steen & Hamilton Baker & McKenzie Tozzini Freire Teixeira e Silva Advogados Davis Polk & Wardwell Rodrigo Elias & Medrano Gomez-Pinzon Zuleta Estudio Muniz, Ramirez, PerezTaiman & Olaya Abogados H1 2011 Value (US$m) 21,532 2,235 13,635 9,302 11,817 10,509 16,524 5,622 2,529 1,695 982 2,818 903 583 524 Deal Count 19 19 12 12 11 11 8 8 8 8 8 7 7 7 7 H1 2010 Deal Count 11 12 4 9 11 6 6 3 8 10 13 3 4 6 9 Count Change 8 7 8 3 0 5 2 5 0 -2 -5 4 3 1 -2
35

Legal Advisers to US (North East) M&A: Value
Ranking H1 2010 12 1 2 6 43 3 10 11 4 19 7 25 8 38 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Dewey & LeBoeuf Simpson Thacher & Bartlett Sullivan & Cromwell Cravath Swaine & Moore Linklaters Weil Gotshal & Manges Skadden Arps Slate Meagher & Flom Latham & Watkins Cleary Gottlieb Steen & Hamilton Shearman & Sterling Davis Polk & Wardwell Blake, Cassels & Graydon Debevoise & Plimpton Homburger Kirkland & Ellis H1 2011 Value (US$m) 64,779 64,349 61,663 53,709 51,348 46,192 37,584 36,731 36,646 35,802 34,776 25,739 25,576 23,835 23,364 Deal Count 22 44 35 16 21 33 34 47 26 20 26 14 18 2 43 H1 2010 Value (US$m) 37,492 98,087 79,710 57,271 5,243 71,968 39,752 38,846 65,833 19,694 56,145 14,995 42,289 6,534 % Value Change 72.8% -34.4% -22.6% -6.2% 879.4% -35.8% -5.5% -5.4% -44.3% 81.8% -38.1% 71.7% -39.5% 257.6%
Legal Advisers to US (North East) M&A: Volume

Ranking H1 2010 2 4 1 3 11 8 7 5 32 33 12 10 13 15 45 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Latham & Watkins Simpson Thacher & Bartlett Kirkland & Ellis Jones Day Goodwin Procter Sullivan & Cromwell Skadden Arps Slate Meagher & Flom Weil Gotshal & Manges Hogan Lovells Cleary Gottlieb Steen & Hamilton Davis Polk & Wardwell Morgan Lewis & Bockius Ropes & Gray Dewey & LeBoeuf Linklaters H1 2011 Value (US$m) 36,731 64,349 23,364 17,666 5,200 61,663 37,584 46,192 9,925 36,646 34,776 5,156 6,270 64,779 51,348 Deal Count 47 44 43 37 36 35 34 33 28 26 26 24 23 22 21 H1 2010 Deal Count 43 40 45 43 23 28 30 38 15 14 22 23 20 19 10 Count Change 4 4 -2 -6 13 7 4 -5 13 12 4 1 3 3 11
Legal Advisers to US (Mid-West) M&A: Value

Ranking H1 2010 9 1 2 13 61 6 16 11 5 14 23 3 59 51 258 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Simpson Thacher & Bartlett Latham & Watkins Skadden Arps Slate Meagher & Flom Weil Gotshal & Manges McDermott Will & Emery Cravath Swaine & Moore Fried Frank Harris Shriver & Jacobson Kirkland & Ellis Dewey & LeBoeuf Jones Day Davis Polk & Wardwell Sullivan & Cromwell Wachtell, Lipton, Rosen & Katz Baker Botts Loeb & Loeb H1 2011 Value (US$m) 51,851 43,871 35,717 26,554 25,394 24,636 23,686 21,391 21,011 20,805 19,978 19,741 19,480 14,772 14,710 Deal Count 13 28 18 12 15 6 4 24 21 32 11 11 8 3 3 H1 2010 Value (US$m) 11,236 23,761 21,195 10,113 1,335 13,878 8,247 10,772 14,680 10,056 4,598 16,839 1,592 1,726 % Value Change 361.5% 84.6% 68.5% 162.6% 1,802% 77.5% 187.2% 98.6% 43.1% 106.9% 334.5% 17.2% 1,124% 755.9% -
Legal Advisers to US (Mid-West) M&A: Volume

Ranking H1 2010 2 5 1 25 3 12 24 40 23 21 6 4 16 33 8 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Jones Day Latham & Watkins Kirkland & Ellis Dewey & LeBoeuf Skadden Arps Slate Meagher & Flom McDermott Will & Emery Dorsey & Whitney Paul Hastings Janofsky & Walker Bryan Cave Simpson Thacher & Bartlett Mayer Brown Sidley Austin Weil Gotshal & Manges Davis Polk & Wardwell Sullivan & Cromwell H1 2011 Value (US$m) 20,805 43,871 21,391 21,011 35,717 25,394 462 3,028 2,079 51,851 1,890 1,285 26,554 19,978 19,741 Deal Count 32 28 24 21 18 15 15 14 14 13 13 13 12 11 11 H1 2010 Deal Count 21 18 41 8 20 14 9 6 9 9 18 20 11 7 16 Count Change 11 10 -17 13 -2 1 6 8 5 4 -5 -7 1 4 -5
36

Legal Advisers to US (South) M&A: Value
Ranking H1 2010 16 1 4 2 13 8 3 6 23 7 201 40 11 63 22 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Sullivan & Cromwell Wachtell, Lipton, Rosen & Katz Latham & Watkins Simpson Thacher & Bartlett Shearman & Sterling Cleary Gottlieb Steen & Hamilton Skadden Arps Slate Meagher & Flom Baker Botts Fried Frank Harris Shriver & Jacobson Dewey & LeBoeuf Wiley Rein Greenberg Traurig Weil Gotshal & Manges Hunton & Williams Jones Day H1 2011 Value (US$m) 121,238 108,863 76,196 69,747 69,386 56,027 55,343 54,936 53,056 39,205 39,024 30,119 29,223 25,908 25,542 Deal Count 31 21 43 27 17 14 26 20 11 15 2 20 24 4 30 H1 2010 Value (US$m) 22,705 66,572 47,796 65,153 27,122 37,994 55,026 43,740 19,339 39,842 59 6,702 29,801 1,847 19,836 % Value Change 434.0% 63.5% 59.4% 7.1% 155.8% 47.5% 0.6% 25.6% 174.3% -1.6% 66,042% 349.4% -1.9% 1,302.7% 28.8%
Legal Advisers to US (South) M&A: Volume

Ranking H1 2010 4 22 1 2 3 6 9 8 5 17 13 7 10 27 91 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Latham & Watkins Sullivan & Cromwell Kirkland & Ellis Jones Day DLA Piper Simpson Thacher & Bartlett Vinson & Elkins Skadden Arps Slate Meagher & Flom Fulbright and Jaworski Weil Gotshal & Manges Wachtell, Lipton, Rosen & Katz Hogan Lovells Baker Botts Greenberg Traurig Cli ord Chance H1 2011 Value (US$m) 76,196 121,238 21,094 25,542 5,550 69,747 14,887 55,343 2,429 29,223 108,863 14,745 54,936 30,119 9,687 Deal Count 43 31 31 30 29 27 27 26 25 24 21 21 20 20 18 H1 2010 Deal Count 30 14 40 38 35 29 22 25 30 16 19 29 22 13 3 Count Change 13 17 -9 -8 -6 -2 5 1 -5 8 2 -8 -2 7 15
Legal Advisers to US (West) M&A: Value

Ranking H1 2010 6 4 10 3 14 35 164 2 23 27 1 11 34 28 12 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Wachtell, Lipton, Rosen & Katz Simpson Thacher & Bartlett Sullivan & Cromwell Shearman & Sterling Cleary Gottlieb Steen & Hamilton Fried Frank Harris Shriver & Jacobson Wiley Rein Latham & Watkins Davis Polk & Wardwell Greenberg Traurig Skadden Arps Slate Meagher & Flom Jones Day Proskauer Rose Mayer Brown Dewey & LeBoeuf H1 2011 Value (US$m) 70,928 67,335 62,432 51,651 49,414 41,720 39,000 36,418 31,584 26,950 19,210 18,881 15,425 14,833 14,691 Deal Count 11 18 19 18 14 9 1 47 16 21 21 34 4 2 17 H1 2010 Value (US$m) 25,023 32,408 17,581 35,473 7,641 2,786 59 37,831 4,582 3,815 40,683 13,715 2,818 3,639 11,097 % Value Change 183.5% 107.8% 255.1% 45.6% 546.7% 1,397% 66,002% -3.7% 589.3% 606.4% -52.8% 37.7% 447.4% 307.6% 32.4%
Legal Advisers to US (West) M&A: Volume

Ranking H1 2010 1 4 3 2 5 6 7 41 11 13 18 12 9 16 10 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Latham & Watkins Wilson Sonsini Goodrich & Rosati Jones Day DLA Piper Kirkland & Ellis Fenwick & West Gibson Dunn & Crutcher Greenberg Traurig Skadden Arps Slate Meagher & Flom Sullivan & Cromwell Simpson Thacher & Bartlett Shearman & Sterling Morrison & Foerster Dewey & LeBoeuf O'Melveny & Myers H1 2011 Value (US$m) 36,418 7,839 18,881 5,471 11,028 4,999 13,490 26,950 19,210 62,432 67,335 51,651 8,461 14,691 5,662 Deal Count 47 45 34 33 30 27 24 21 21 19 18 18 18 17 17 H1 2010 Deal Count 47 37 37 44 33 33 26 6 18 17 14 18 22 15 22 Count Change 0 8 -3 -11 -3 -6 -2 15 3 2 4 0 -4 2 -5
37
Asia-Paci c (ex. Japan) M&A Overview

M&A in the Asia-Paci c (excluding Japan) region saw a signi cant slowdown in the second quarter of 2011. With US$ 74.4bn-worth of deals announced in Q2, the quarter was down 17.7% compared to Q1 2011 (US$ 90.5bn) and was also down 14.3% compared to Q2 2010 (US$ 86.9bn). It is the lowest quarter since Q1 2010 (US$ 66.5bn). Notwithstanding this, total activity for H1 2011 stood at US$ 164.9bn, up 7.5% compared to H1 2010 (US$ 153.4bn) and the highest H1 total since H1 2008 (US$ 199.7bn). The region accounted for 13.9% of global M&A in H1 2011, down from 16.9% in H1 2010. This was the lowest half-year proportion of global activity since H2 2008, when AsiaPaci c accounted for 12.8%. The downturn in Q2 was partly due to a loss of appetite from companies in mainland China. Only one of the top ten deals announced in Asia-Paci c in H1 involved a Chinese bidder, whereas there were four in the same period last year. Chinese bidders have been signi cantly less active in M&A so far this year, with the total value of deals announced by Chinese companies (US$ 46.3bn) currently 17% less than at the same point last year. By target nation, China was the most active M&A market in the region in the rst half of the year, accounting for 27% of M&A in the Asia-Paci c region with US$ 49bn-worth of deals, a total which is 22.5% higher than the total value in H1 2010 (US$ 40bn). South Korea saw an increase from US$ 13.1bn of announced deals in H1 2010 to US$ 19.8bn in 2011, and Australia a 26.1% increase from US$ 23.5bn in H1 2010 to US$ 29.7bn in 2011. Activity in Japan was down from US$ 21.1bn in H1 2010 to US$ 16.5bn in 2011. Freehills topped the legal advisor league table for Asia-Paci c (excluding Japan) M&A in H1 2011 by deal value, moving up 14 places to its H1 2010 ranking. It is the rst H1 period Freehills tops by deal value since 2007. Baker & McKenzie was the most active rm by deal count.
Asia-Pacific Private Equity Buyout Activity - Quarterly (excluding Japan)
20 18 16 14 Value ($bn) Volume
Asia-Pacific M&A Activity - Quarterly (excluding Japan)

170 160 150 140 130 120 550 500 450 400 350 300 250 200 150 100 50 0 Value ($bn) Volume 700 650 600
110 100 90 80 70 60 50 40 30 20 10 0
75 70
65 60 55
Asia-Pacific (excl. Japan) Inbound/Outbound M&A

60 55 50 45 Inbound Value ($bn) Outbound Value ($bn) Inbound Volume Outbound Volume 175
150
50 12 10 35 8 6 20 4 2 5 0 0 15 10 30 25 45 40
125
Volume of Deals
35 30 25 20
100
75
50 15 10 5 0 0 25
38
Volume of Deals
40
Volume of Deals
Asia-Paci c M&A Overview: Industry and Geography Breakdown

H1 2011 Sector Industrials & Chemicals Energy, Mining & Utilities Financial Services Consumer Media Construction Technology Telecommunications Leisure Pharma, Medical & Biotech Real Estate Business Services Transport Agriculture Defence Total Value ($bn) 33.1 26.2 24.1 17.5 10.6 9.0 8.7 8.7 5.7 5.6 5.2 5.0 4.3 1.3 0.0 164.9 market share 20.0% 15.9% 14.6% 10.6% 6.4% 5.5% 5.3% 5.3% 3.5% 3.4% 3.1% 3.0% 2.6% 0.8% 0.0% Deal count 202 107 85 120 22 45 102 13 37 65 28 99 44 15 0 984 Value ($bn) 20.0 29.5 22.2 12.8 3.5 6.2 4.8 21.5 2.1 9.8 8.2 2.8 8.4 1.6 0.0 153.4 H1 2010 market share 13.0% 19.2% 14.5% 8.4% 2.3% 4.0% 3.1% 14.0% 1.4% 6.4% 5.4% 1.8% 5.5% 1.0% 0.0% Deal count 195 120 98 108 21 57 92 25 30 65 51 82 52 27 1 1,024 change Value (%) 65.2% -11.2% 8.4% 36.1% 202.4% 46.2% 83.3% -59.5% 166.8% -42.4% -37.3% 80.8% -49.0% -15.2% 7.5% Deal count 7 -13 -13 12 1 -12 10 -12 7 0 -23 17 -12 -1 -40
Mix of Announced Asia-Pacific Deals by Geographic Region H1 2011 - Value
Mix of Announced Asia-Pacific Deals by Geographic Region H1 2011 - Volume
Other 11.9% Indonesia 2.5% Malaysia 2.4% Singapore 3.5% Hong Kong 3.8% China 27.0%
Indonesia 2.3% Malaysia 2.5% Singapore 4.1% Hong Kong 4.1%
Other 9.0% China 25.1%
India 10.0% India 12.6% Australia 16.9% South Korea 11.4% Japan 14.5%
Australia 16.3% South Korea 10.9%
Japan 9.1%
39
Asia-Paci c M&A Overview: Top Deals

Activity Table of Asia-Paci c (ex. Japan) M&A for H1 2011
Announced Date 21-Feb-11 Bidder Company BP Plc Bidder Legal Adviser Linklaters; Talwar Thakore & Associates Target Company Reliance Industries Limited (23 oil and gas production sharing contracts) (30% Stake) E-Mart Target/Seller Legal Adviser Advising seller: Allen & Overy; AZB & Partners; Vinson & Elkins Seller Company Reliance Industries Limited Deal Value (US$m) 7,200
15-Feb-11
Shinsegae Co Ltd (Shareholders)
Lee & Ko
Shinsegae Co Ltd
6,222
25-Feb-11
PTT Chemical Public Company Limited
Allen & Overy; Baker & McKenzie
PTT Aromatics and Re ning Public Company Ltd
Norton Rose
5,704
31-Mar-11
Vodafone Group Plc
Vodafone Essar Limited (33% Stake)
Herbert Smith/Gleiss Lutz/Stibbe
Essar Group
5,000
8-Mar-11
Hyundai Motor Corporation; Kia Motors Corporation; and Hyundai Mobis Ltd
Kim & Chang
Hyundai Engineering & Construction Co (34.88% Stake)
Advising sellers: Bae Kim & Lee; Lee & Ko
Hyundai Securities; Hana Bank; Korea Exchange Bank ; Kookmin Bank; Citibank Korea Inc; Woori Bank; National Agricultural Cooperative Federation; Shinhan Bank; and Korea Finance Corporation Shanghai Automotive Industry Corporation (Group)
4,443
6-Apr-11
SAIC Motor Corporation Limited
SAIC Group (independent auto components assets); SAIC Group (auto service and trading business); and SAIC Group (new energy auto business) Allens Arthur Robinson Seven Media Group Advising sellers: Baker & McKenzie; Clayton Utz; Freehills
4,365
21-Feb-11
West Australian Newspapers Holdings Limited
Kohlberg Kravis Roberts & Co; and Seven Group Holdings Limited
4,123
15-Apr-11 26-May-11
Tabcorp Holdings Limited (Shareholders) FOXTEL Cable Television Pty Limited Allens Arthur Robinson; Gilbert + Tobin; Minter Ellison
Echo Entertainment Group Limited Austar United Communications Limited Ping An Insurance (Group) Company of China Ltd (3.44% Stake)
Advising seller: Allens Arthur Robinson Allen & Overy; Blake Dawson; Freehills DLA Piper; Jun He Law O ces
TABCorp Holdings Limited
3,163 2,744
14-Mar-11
Chow Tai Fook Nominee Limited
2,497
40
Asia-Paci c M&A Overview: League Tables of Legal Advisers

League Table of Legal Advisers to Asia-Paci c (ex. Japan) M&A: Value
Ranking H1 2010 15 17 12 7 19 14 18 3 59 34 35 16 75 1 29 11 22 2 64 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Freehills Allen & Overy Allens Arthur Robinson Simpson Thacher & Bartlett Baker & McKenzie Linklaters Skadden Arps Slate Meagher & Flom Freshfields Bruckhaus Deringer Lee & Ko Gilbert + Tobin Clayton Utz AZB & Partners Vinson & Elkins Herbert Smith/Gleiss Lutz/Stibbe Kim & Chang Cadwalader, Wickersham & Taft Davis Polk & Wardwell Talwar Thakore & Associates Debevoise & Plimpton Shearman & Sterling H1 2011 Value (US$m) 25,373 25,121 21,671 20,225 20,030 19,525 16,028 13,716 13,601 12,431 11,641 11,045 10,820 10,201 9,462 9,400 8,449 7,851 7,842 7,770 Deal Count 35 24 19 11 43 19 15 17 22 12 20 20 4 9 25 1 10 3 5 12 H1 2010 Value (US$m) 17,611 16,403 27,013 38,667 15,062 21,751 16,162 45,755 2,333 5,264 5,006 16,547 1,431 54,067 6,071 31,288 10,724 46,160 1,939 % Value Change 44.1% 53.1% -19.8% -47.7% 33.0% -10.2% -0.8% -70.0% 483.0% 136.2% 132.5% -33.3% 656.1% -81.1% 55.9% -73.0% -26.8% -83.0% 300.7%
League Table of Legal Advisers to Asia-Paci c (ex. Japan) M&A: Volume

Ranking H1 2010 2 4 12 5 7 14 21 20 11 13 23 18 16 3 15 17 34 9 1 6 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Baker & McKenzie Freehills Minter Ellison Mallesons Stephen Jaques Kim & Chang Allen & Overy Lee & Ko Blake Dawson Cli ord Chance Desai & Diwanji Shin & Kim Allen & Gledhill Clayton Utz AZB & Partners Allens Arthur Robinson Linklaters Bae Kim & Lee Jones Day DLA Piper Fresh elds Bruckhaus Deringer H1 2011 Value (US$m) 20,030 25,373 7,607 4,021 9,462 25,121 13,601 7,110 3,773 1,992 1,906 6,326 11,641 11,045 21,671 19,525 5,244 5,102 4,519 13,716 Deal Count 43 35 32 27 25 24 22 22 22 22 22 21 20 20 19 19 19 19 18 17 H1 2010 Deal Count 41 30 22 28 26 21 16 16 22 22 15 17 19 37 20 18 9 26 42 26 Count Change 2 5 10 -1 -1 3 6 6 0 0 7 4 1 -17 -1 1 10 -7 -24 -9
41

League Table of Legal Advisers to Asia-Paci c (ex. Japan) Buyouts*: Value
Ranking H1 2010 14 5 2 9 16 12 1 30 28 8 6 13 23 7 45 41 42 44 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Simpson Thacher & Bartlett AZB & Partners Baker & McKenzie Desai & Diwanji Paul Weiss Rifkind Wharton & Garrison Gilbert + Tobin Allen & Gledhill Weil Gotshal & Manges Kirkland & Ellis J Sagar Associates Skadden Arps Slate Meagher & Flom WongPartnership Linklaters Shin & Kim Davis Polk & Wardwell Cli ord Chance Minter Ellison Allen & Overy Freehills Allens Arthur Robinson H1 2011 Value (US$m) 1,926 1,647 1,264 1,226 1,065 975 881 869 862 853 793 781 654 614 577 550 548 534 518 477 Deal Count 3 2 3 3 1 3 4 3 2 1 2 2 1 4 2 4 6 3 3 2 H1 2010 Value (US$m) 190 469 652 380 115 291 1,202 50 60 425 451 280 75 425 24 17 % Value Change 913.7% 251.2% 93.9% 222.6% 826.1% 235.1% -26.7% 1,638% 1,337% 100.7% 75.8% 178.9% 718.7% 35.8% 2,125% 2,947% -
League Table of Legal Advisers to Asia-Paci c (ex. Japan) Buyouts*: Volume

Ranking H1 2010 8 26 45 12 4 5 20 30 41 42 1 15 2 29 10 6 17 44 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Minter Ellison Allen & Gledhill Shin & Kim Cli ord Chance Lee & Ko Simpson Thacher & Bartlett Baker & McKenzie Desai & Diwanji Gilbert + Tobin Weil Gotshal & Manges Allen & Overy Freehills DLA Piper Trilegal AZB & Partners Kirkland & Ellis Skadden Arps Slate Meagher & Flom WongPartnership Davis Polk & Wardwell Allens Arthur Robinson H1 2011 Value (US$m) 548 881 614 550 97 1,926 1,264 1,226 975 869 534 518 370 40 1,647 862 793 781 577 477 Deal Count 6 4 4 4 4 3 3 3 3 3 3 3 3 3 2 2 2 2 2 2 H1 2010 Deal Count 2 1 1 2 3 3 1 1 1 1 12 2 11 1 2 3 1 1 Count Change 2 3 3 1 0 0 2 2 2 2 -9 1 -9 1 0 -1 1 1
42

Legal Advisers to Asia (ex. Japan) M&A: Value
Ranking H1 2010 12 14 16 49 13 65 22 3 18 1 6 151 15 181 23 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Linklaters Allen & Overy Baker & McKenzie Lee & Ko AZB & Partners Vinson & Elkins Kim & Chang Fresh elds Bruckhaus Deringer Talwar Thakore & Associates Herbert Smith/Gleiss Lutz/Stibbe Norton Rose Freehills Skadden Arps Slate Meagher & Flom Davies Ward Phillips & Vineberg Allen & Gledhill H1 2011 Value (US$m) 19,525 17,494 14,828 13,601 11,045 10,820 9,462 9,384 7,851 7,843 7,334 6,933 6,589 6,410 6,326 Deal Count 18 13 23 22 20 4 25 16 3 6 4 5 12 2 21 H1 2010 Value (US$m) 20,343 16,191 13,975 2,333 16,547 1,431 6,071 45,755 10,724 54,067 38,376 161 15,882 82 5,988 % Value Change -4.0% 8.0% 6.1% 483.0% -33.3% 656.1% 55.9% -79.5% -26.8% -85.5% -80.9% 4,206% -58.5% 7,717% 5.6%
Legal Advisers to Asia (ex. Japan) M&A: Volume

Ranking H1 2010 3 2 11 7 14 10 1 24 12 16 5 27 8 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 Company Name Kim & Chang Baker & McKenzie Lee & Ko Desai & Diwanji Shin & Kim Allen & Gledhill AZB & Partners Bae Kim & Lee Linklaters Cli ord Chance Fresh elds Bruckhaus Deringer Khaitan & Co Jones Day H1 2011 Value (US$m) 9,462 14,828 13,601 1,992 1,906 6,326 11,045 5,244 19,525 3,526 9,384 3,734 4,484 Deal Count 25 23 22 22 22 21 20 19 18 17 16 16 14 H1 2010 Deal Count 26 33 16 22 15 17 37 9 15 13 25 8 20 Count Change -1 -10 6 0 7 4 -17 10 3 4 -9 8 -6
9
6
14
15
Allen & Overy

DLA Piper
17,494
4,342
13
13
18
25
-5
-12
Legal Advisers to Greater China M&A: Value

Ranking H1 2010 13 15 92 133 1 19 48 4 54 100 9 96 44 24 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Linklaters Baker & McKenzie Freehills Davies Ward Phillips & Vineberg Fresh elds Bruckhaus Deringer Skadden Arps Slate Meagher & Flom Lee and Li Attorneys at Law Simpson Thacher & Bartlett DLA Piper Tsar & Tsai Law Firm Sullivan & Cromwell Jun He Law O ces Cli ord Chance Allen & Overy Allen & Gledhill H1 2011 Value (US$m) 7,951 7,472 6,596 6,410 6,166 5,941 4,622 4,323 3,754 3,379 2,965 2,942 2,938 2,854 2,813 Deal Count 7 12 3 2 10 10 6 4 8 4 4 3 10 6 6 H1 2010 Value (US$m) 7,960 6,181 124 34 45,410 4,413 995 38,477 589 94 35,500 110 1,211 3,142 % Value Change -0.1% 20.9% 5,219.4% 18,753% -86.4% 34.6% 364.5% -88.8% 537.4% 3,495% -91.6% 2,575% 142.6% -9.2% -
Legal Advisers to Greater China M&A: Volume

Ranking H1 2010 3 2 9 15 4 1 12 7 13 27 21 11 26 19 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Baker & McKenzie Fresh elds Bruckhaus Deringer Skadden Arps Slate Meagher & Flom Cli ord Chance Jones Day DLA Piper Fangda Partners Linklaters Slaughter and May Latham & Watkins Lee and Li Attorneys at Law Allen & Overy Allen & Gledhill Shearman & Sterling Davis Polk & Wardwell H1 2011 Value (US$m) 7,472 6,166 5,941 2,938 965 3,754 2,371 7,951 2,055 2,052 4,622 2,854 2,813 1,779 1,687 Deal Count 12 10 10 10 10 8 8 7 7 7 6 6 6 6 6 H1 2010 Deal Count 17 21 8 7 16 23 8 8 7 4 5 8 4 5 Count Change -5 -11 2 3 -6 -15 0 -1 0 3 1 -2 2 1
43

Legal Advisers to Australasian M&A: Value
Ranking H1 2010 1 3 9 10 28 38 12 4 14 H12011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Allens Arthur Robinson Freehills Simpson Thacher & Bartlett Gilbert + Tobin Clayton Utz Skadden Arps Slate Meagher & Flom Cadwalader, Wickersham & Taft Allen & Overy Minter Ellison Blake Dawson Cravath Swaine & Moore Baker & McKenzie Debevoise & Plimpton Blake, Cassels & Graydon Wachtell, Lipton, Rosen & Katz H1 2011 Value (US$m) 21,671 18,963 14,450 12,431 11,641 9,439 9,400 7,837 7,607 6,602 6,411 6,232 5,682 5,619 4,750 Deal Count 19 34 4 12 20 3 1 12 32 21 2 24 3 3 2 H1 2010 Value (US$m) 27,013 17,611 5,264 4,905 280 212 2,565 10,829 1,087 % Value Change -19.8% 7.7% 136.2% 137.3% 3,271% 3,5967% 196.6% -39.0% 473.3% -
Legal Advisers to Australasian M&A: Volume

Ranking H1 2010 1 3 9 2 8 5 4 7 12 26 10 14 11 17 13 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Freehills Minter Ellison Baker & McKenzie Mallesons Stephen Jaques Blake Dawson Clayton Utz Allens Arthur Robinson Norton Rose Gilbert + Tobin Allen & Overy Corrs Chambers Westgarth McCullough Robertson Cli ord Chance Jones Day Chapman Tripp H1 2011 Value (US$m) 18,963 7,607 6,232 3,551 6,602 11,641 21,671 368 12,431 7,837 3,961 782 511 621 248 Deal Count 34 32 24 22 21 20 19 13 12 12 12 10 7 6 6 H1 2010 Deal Count 30 22 9 26 16 18 20 17 8 3 9 7 9 6 7 Count Change 4 10 15 -4 5 2 -1 -4 4 9 3 3 -2 0 -1
Legal Advisers to Japanese M&A: Value

Ranking H1 2010 10 112 9 2 13 5 3 34 1 90 8 4 39 35 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15= 15= Company Name Fresh elds Bruckhaus Deringer White & Case CMS Edwards Angell Palmer & Dodge Morrison & Foerster Skadden Arps Slate Meagher & Flom Simpson Thacher & Bartlett Nishimura & Asahi Nagashima Ohno & Tsunematsu Allen & Gledhill Mori Hamada & Matsumoto Allen & Overy Latham & Watkins Shearman & Sterling O'Melveny & Myers WongPartnership H1 2011 Value (US$m) 14,678 14,177 13,826 13,740 10,887 10,121 8,082 7,978 7,844 5,659 5,367 5,143 5,055 4,846 4,250 4,250 Deal Count 7 3 2 1 12 9 9 15 24 3 22 8 2 7 1 1 H1 2010 Value (US$m) 3,596 3,973 9,290 2,391 6,389 8,234 253 12,638 16 4,269 7,343 235 253 % Value Change 308.2% 174.0% 8.9% 238.0% 24.9% -4.7% 2,137% -57.5% 32,044% 18.4% -34.0% 1,709% 1,579.8%
Legal Advisers to Japanese M&A: Volume

Ranking H1 2010 2 1 3 7 6 4 9 17 28 11 8 13 42 26 5 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Nagashima Ohno & Tsunematsu Mori Hamada & Matsumoto Nishimura & Asahi Morrison & Foerster Anderson Mori & Tomotsune Baker & McKenzie Skadden Arps Slate Meagher & Flom Simpson Thacher & Bartlett Allen & Overy Fresh elds Bruckhaus Deringer Shearman & Sterling Davis Polk & Wardwell Cli ord Chance Jones Day TMI Associates H1 2011 Value (US$m) 7,844 5,367 7,978 10,887 3,914 2,329 10,121 8,082 5,143 14,678 4,846 2,652 892 460 251 Deal Count 24 22 15 12 12 12 9 9 8 7 7 6 6 6 6 H1 2010 Deal Count 20 45 19 9 12 14 7 4 3 6 8 5 2 3 13 Count Change 4 -23 -4 3 0 -2 2 5 5 1 -1 1 4 3 -7
44

Legal Advisers to Indian M&A: Value
Ranking H1 2010 1 5 3 2 22 6 12 43 8 48 21 46 50 H1 2011 1 2 3 4= 4= 6 7 8 9 10 11 12 13 14 15 Company Name AZB & Partners Talwar Thakore & Associates Linklaters Allen & Overy Vinson & Elkins Herbert Smith/Gleiss Lutz/Stibbe Khaitan & Co J Sagar Associates Amarchand & Mangaldas & Suresh A Shro & Co Kirkland & Ellis Desai & Diwanji Ashurst Simpson Thacher & Bartlett Hogan Lovells S&R Associates H1 2011 Value (US$m) 11,045 7,851 7,833 7,200 7,200 5,000 3,734 2,625 2,469 2,411 1,992 1,553 1,293 1,235 1,226 Deal Count 20 3 3 1 1 1 16 5 5 3 22 2 2 2 2 H1 2010 Value (US$m) 16,547 10,724 12,158 12,578 815 10,700 2,902 217 4,693 164 910 190 155 % Value Change -33.3% -26.8% -35.6% -42.8% 783.4% -53.3% 28.7% 1,109.7% -47.4% 1,371% 118.9% 580.5% 691.0% 99 5 14 12 25 29 98 24 7 8 9 10 11 12 13 14 15
Legal Advisers to Indian M&A: Volume

Ranking H1 2010 2 1 6 4 10 3 H1 2011 1 2 3 4 5 6 Company Name Desai & Diwanji AZB & Partners Khaitan & Co Trilegal J Sagar Associates Amarchand & Mangaldas & Suresh A Shro & Co P. H. Bathiya & Associates Tatva Legal Talwar Thakore & Associates Linklaters Kirkland & Ellis ALMT Legal Majmudar & Co Ashurst Simpson Thacher & Bartlett H1 2011 Value (US$m) 1,992 11,045 3,734 434 2,625 2,469 168 127 7,851 7,833 2,411 127 68 1,553 1,293 Deal Count 22 20 16 6 5 5 4 4 3 3 3 3 3 2 2 H1 2010 Deal Count 22 37 8 9 4 15 1 9 2 3 2 2 1 2 Count Change 0 -17 8 -3 1 -10 3 -5 1 0 1 1 2 0
Legal Advisers to South East Asian M&A: Value

Ranking H1 2011 Value (US$m) 7,356 6,343 5,704 5,544 5,000 3,865 3,500 3,017 2,932 2,805 2,380 2,255 1,741 1,741 1,703 H1 2010 Value (US$m) 3,741 562 132 5,988 628 208 5,965 2,888 590 1,409 % Value Change 96.6% 1,029% 4,222% -7.4% 515.4% 1,583% -49.4% -2.9% 303.4% 20.9%
Legal Advisers to South East Asian M&A: Volume

Ranking H1 2010 2 1 3 12 11 6 8 4 5 27 17 21 31 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Allen & Gledhill WongPartnership Baker & McKenzie Linklaters Shook Lin & Bok Singapore Cli ord Chance Allen & Overy Stamford Law Fresh elds Bruckhaus Deringer Rajah & Tann Shearman & Sterling Jones Day Davis Polk & Wardwell Kadir, Andri & Partners Lee & Lee H1 2011 Value (US$m) 5,544 3,017 7,356 3,865 2,805 978 6,343 1,703 2,932 1,052 502 3,500 2,380 1,019 922 Deal Count 18 12 11 7 7 7 6 6 5 5 4 2 2 2 2 H1 2010 Deal Count 17 26 13 4 4 6 6 11 6 2 3 2 1 Count Change 1 -14 -2 3 3 1 0 -5 -1 2 -1 0 1 -
H1 2010 3 27 48 1 24 41 2 5 25 11
H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13= 13= 15
Company Name Baker & McKenzie Allen & Overy Norton Rose Allen & Gledhill Thompson & Knight Linklaters Jones Day WongPartnership Fresh elds Bruckhaus Deringer Shook Lin & Bok Singapore Davis Polk & Wardwell SJ Berwin Sullivan & Cromwell SyCip Salazar Hernandez & Gatmaitan Stamford Law
Deal Count 11 6 1 18 1 7 2 12 5 7 2 1 1 1 6
45

Legal Advisers to South Korean M&A: Value
Ranking H1 2010 3 1 6 2 20 4 5 H1 2011 1 2 3 4 5 6 7 8 9= 9= 9= 9= 13 14 15 Company Name Lee & Ko Kim & Chang Bae Kim & Lee Akin Gump Strauss Hauer & Feld Shin & Kim McDermott Will & Emery Paul Hastings Janofsky & Walker Vinson & Elkins Allen & Overy Arthur Cox Mason Hayes & Curran Wilson Sonsini Goodrich & Rosati Chadbourne & Parke Yulchon Yoon & Yang H1 2011 Value (US$m) 13,601 9,382 5,244 1,970 1,906 1,770 1,660 1,550 1,375 1,375 1,375 1,375 1,255 818 525 Deal Count 22 24 19 2 22 2 2 1 1 1 1 1 1 11 8 H1 2010 Value (US$m) 2,333 6,071 701 4,467 123 1,675 767 % Value Change 483.0% 54.5% 648.1% -57.3% 1,249.6% -51.2% -31.6%
Legal Advisers to South Korean M&A: Volume

Ranking H1 2010 1 2 3 5 6 4 21 24 32 37 7 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Kim & Chang Lee & Ko Shin & Kim Bae Kim & Lee Yulchon Yoon & Yang Akin Gump Strauss Hauer & Feld McDermott Will & Emery Paul Hastings Janofsky & Walker Fresh elds Bruckhaus Deringer Hankyul Law Firm Cli ord Chance Jipyong & Jisung Attorneys at Law DLA Piper Kim, Choi & Lim H1 2011 Value (US$m) 9,382 13,601 1,906 5,244 818 525 1,970 1,770 1,660 440 288 235 114 60 48 Deal Count 24 22 22 19 11 8 2 2 2 2 2 2 2 2 2 H1 2010 Deal Count 24 16 15 8 7 9 1 1 1 1 6 Count Change 0 6 7 11 4 -1 1 1 1 1 -4
46
Africa & Middle East M&A Overview

M&A in Africa and the Middle East totalled US$ 21.7bn in H1 2011, down 29.7% compared to H1 2010 (US$ 30.9bn) the lowest H1 period since H1 2009. Activity in Q2 closed at US$ 8.4bn, down 36.4% to Q1 2011 (US$ 13.3bn) but up 54.7% to Q2 2010 (US$ 5.4bn). As in the rst quarter of the year, Fresh elds Bruckhaus Deringer continued to lead the legal advisory league table by deal value, moving up seven positions from its H1 2010 ranking. The rm last led the H1 deal value ranking in 2009. Werksmans was the most active rm by deal count, topping the league table by deal count for the rst time since H1 2008.
Africa & Middle East M&A Activity - Quarterly
120 Value ($bn) Volume 100 120 110 150 140 130
80
100 90 80
60 70 60 40 50 40 30 20 20 10 0 0
H1 2011 Sector Energy, Mining & Utilities Industrials & Chemicals Real Estate Consumer Pharma, Medical & Biotech Financial Services Technology Business Services Construction Telecommunications Leisure Defence Transport Agriculture Media Total Value ($bn) 7.0 4.6 3.3 2.2 1.3 1.3 1.1 0.5 0.2 0.1 0.1 0.1 0.0 0.0 0.0 21.7 market share 32.4% 21.1% 15.0% 10.3% 5.8% 5.8% 5.0% 2.4% 0.8% 0.5% 0.4% 0.3% 0.1% 0.1% 0.0% Deal count 20 23 6 20 14 14 14 15 6 3 2 2 4 1 0 144 Value ($bn) 5.3 1.6 2.0 1.1 0.4 4.0 0.5 0.1 0.5 11.0 3.1 0.0 1.0 0.1 0.0 30.9
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H1 2010 market share 17.2% 5.2% 6.4% 3.5% 1.2% 12.9% 1.7% 0.4% 1.8% 35.6% 10.2% 0.2% 3.1% 0.5% 0.1% Deal count 27 24 9 20 8 24 16 12 8 5 5 1 5 3 2 169
change Value (%) 32.6% 187.6% 64.5% 104.8% 238.6% -68.4% 103.9% 292.3% -68.1% -99.0% -97.1% 44.7% -98.5% -91.2% -100.0% -29.7% Deal count -1 -1 0 0 6 0 -2 3 -2 -2 -2 1 0 -2 -2 -25
Volume of Deals
Africa & Middle East M&A Overview: Top Deals

Activity Table of Africa & Middle East M&A for H1 2011
Announced Date 11-Jan-11 Bidder Company China National Chemical Corporation Bidder Legal Advisor GKH Law O ces; Simpson Thacher & Bartlett Target Company Makhteshim Agan Industries Limited (60% Stake) Target/Seller Legal Advisor Goldfarb, Levy, Eran, Meiri & Co; Herzog, Fox and Neeman; Kirkland & Ellis Werksmans London & Regional Properties Ltd; and Istithmar World Capital Seller Company Deal Value (US$m) 2,508
14-Feb-11
Growthpoint Properties Ltd; and Public Investment Corporation Ltd Conoil Plc
DLA Cli e Dekker Hofmeyer; Glyn Marais
V&A Waterfront Holdings Ltd
1,341
25-May-11
Oil Mining Lease 30 (45% Stake)
The Shell Petroleum Development Company of Nigeria Limited; Elf Petroleum Nigeria Limited; and Nigerian Agip Oil Company Limited DLA Cli e Dekker Hofmeyer
1,250
8-Apr-11
Vale SA
Fasken Martineau; Webber Wentzel
Metorex Limited
1,164
25-Jan-11
Capital Property Fund
Java Capital
Pangbourne Properties Ltd
1,156
29-Jan-11
Centurion Investment Company
NMC Healthcare LLC (40% Stake)
1,089
19-Feb-11
Vitol Holding BV; Helios Investment Partners LLP
Cli ord Chance; De Brauw Blackstone Westbroek; Skadden Arps Slate Meagher & Flom Herbert Smith/Gleiss Lutz/Stibbe
Royal Dutch Shell plc (Downstream Businesses In Africa) (80% Stake)
Advising seller: Allen & Overy
Royal Dutch Shell plc
1,000
6-Jan-11
OMV AG
Pioneer Natural Resources Tunisia Limited; and Pioneer Natural Resources Anaguid Ltd Zimbabwe Iron and Steel Company (Minerals Operations) (80% Stake); and Zimbabwe Iron and Steel Company (Steel Operations) (60% Stake) Tarkwa and Damang Gold Mines (18.9% Stake)
Advising seller: Vinson & Elkins
Pioneer Natural Resources Company Inc Zimbabwe Iron and Steel Company
800
9-Mar-11
Essar Group
AZB & Partners; Deneys Reitz; Kantor & Immerman Legal Practitioners ; Madun Gujadhur Chambers
750
15-Apr-11
Gold Fields Limited
Edward Nathan Sonnenbergs; Linklaters; McCarthy Tetrault
IAMGOLD Corporation
667
48
Africa & Middle East: League Tables of Legal Advisers

League Table of Legal Advisers to Africa & Middle East M&A: Value
Ranking H1 2010 8 3 18 12 20 28 2 73 31 24 87 7 15 19 H1 2011 1 2 3 4 5= 5= 7 8 9 10 11 12 13 14 15 16 17= 17= 19 20 Company Name Fresh elds Bruckhaus Deringer Linklaters Skadden Arps Slate Meagher & Flom Kirkland & Ellis Dewey & LeBoeuf Fried Frank Harris Shriver & Jacobson DLA Cli e Dekker Hofmeyer Allen & Overy Goldfarb, Levy, Eran, Meiri & Co Werksmans Uria Menendez Simpson Thacher & Bartlett Herzog, Fox and Neeman Edward Nathan Sonnenbergs GKH Law O ces Webber Wentzel Gide Loyrette Nouel Loyens & Loe Fasken Martineau Java Capital H1 2011 Value (US$m) 11,580 9,757 9,137 6,702 6,485 6,485 6,031 4,652 2,943 2,850 2,828 2,808 2,690 2,621 2,508 2,256 1,653 1,653 1,164 1,156 Deal Count 5 8 4 4 2 2 9 5 2 11 1 2 8 10 1 6 1 1 1 1 H1 2010 Value (US$m) 5,614 13,585 2,457 4,933 2,151 1,269 14,026 32 866 1,488 17 6,815 4,662 2,221 -61.5% -51.6% -25.6% % Value Change 106.3% -28.2% 271.9% 35.9% 201.5% 375.3% -66.8% 9,096.9% 229.1% 88.7% 10 17 18 36 77 81 13 14 15 16 17 18 19 20
League Table of Legal Advisers to Africa & Middle East M&A: Volume
Ranking H1 2010 5 7 2 3 89 1 11 4 20 45 41 H1 2011 1 2 3 4 5 6 7 8 9 10 11 12 Company Name Werksmans Edward Nathan Sonnenbergs DLA Cli e Dekker Hofmeyer Linklaters Herzog, Fox and Neeman Webber Wentzel Fresh elds Bruckhaus Deringer Allen & Overy DLA Piper Skadden Arps Slate Meagher & Flom Kirkland & Ellis Wilson Sonsini Goodrich & Rosati AZB & Partners Cli ord Chance Gibson Dunn & Crutcher Freehills Glyn Marais Clyde & Co Fluxmans Hogan Lovells H1 2011 Value (US$m) 2,850 2,621 6,031 9,757 2,690 2,256 11,580 4,652 792 9,137 6,702 297 1,025 864 748 726 715 505 504 468 Deal Count 11 10 9 8 8 6 5 5 5 4 4 4 3 3 3 3 3 3 3 3 H1 2010 Deal Count 9 7 11 10 1 11 5 9 3 1 1 5 4 3 2 1 1 Count Change 2 3 -2 -2 7 -5 0 -4 2 3 3 -2 -1 0 1 2 2
49
Criteria
The global H1 2011 house league tables are based on announced transactions over US$5m in the period from 1 January 2011 to 30 June 2011. Deals with undisclosed deal values are included where the targets turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$ 100m. Activities excluded from the league tables include property transactions and restructurings where the ultimate shareholders interests are not changed. League tables are based on the dominant geography of the target, bidder or seller. The trend graphs and pie charts are based on the dominant industry and/or dominant geography of the target and include announced transactions over US$ 5m in the given time period. Deals with undisclosed deal values are included where the targets turnover exceeds US$ 10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$ 100m. Activities excluded from the graphs and charts include property transactions and restructurings where the ultimate shareholders interests are not changed. The top deals tables are based on announced transactions between 1 January 2011 and 30 June 2011 and are based on dominant geography of the target only. All data excludes minority stake deals (10% - 30%) where dominant target geography is Asia-Paci c and the deal value is less than US$ 100m. Unless stated otherwise, all data includes lapsed and withdrawn bids. All data correct as of 7 July 2011. Germanic: Nordic: Benelux: Iberia: CEE: Germany, Austria and Switzerland Denmark, Sweden, Finland, Norway, Faroe Islands, Greenland and Iceland Belgium, the Netherlands and Luxembourg Portugal and Spain Armenia, Azerbaijan, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Hungary, Latvia, Lithuania, Macedonia, Moldova, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Ukraine llinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Wisconsin Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont Alabama, Arkansas, Delaware, District of Columbia, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, West Virginia Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming China, Hong Kong, Macau, Taiwan Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, Vietnam
US (Mid-West): US (North East): US (South): US (West): Greater China: South East Asia:
Criteria: http://www.mergermarket.com/pdf/deal_criteria.pdf
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About mergermarket
mergermarket is a mergers & acquisitions (M&A) intelligence service. mergermarket is part of The Mergermarket Group which has over 450 employees worldwide and regional head o ces in New York, London and Hong Kong. In any market, the life blood of advisers is deal ow. mergermarket is unique in the provision of origination intelligence to the investment banking, legal, private equity, acquisition nance, public relations (PR) and corporate markets. With an unrivalled network of analysts covering M&A in the Americas, Europe, Middle-East, Africa and Asia-Paci c, 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, pro les 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 rms to assist in their origination process.
Contact: Europe: Flora Wilke ora.wilke@mergermarket.com Tel: +44 207 059 6348 Americas: Dara Silverstein dara.silverstein@mergermarket.com Tel: +1 646 378 3118 Asia-Paci c: Michel Chau michel.chau@mergermarket.com Tel: +852 2158 9706
51

Merger Market: Legal Advisers H1 2011

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Merger Market: Legal Advisers H1 2011

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mergermarket League Tables of Legal Advisers to Global M&A for H1 2011 July 7 2011, for immediate release

PRESS CONTACTS EMEA: Flora Wilke

Americas: Dara Silverstein

mergermarket League Tables of Legal Advisers to Global M&A for H1 2011

PRESS CONTACTS: EMEA: Flora Wilke

Americas: Dara Silverstein

Asia-Paci c: Michel Chau

Global M&A Overview

Global M&A Activity - Quarterly

Value of Deals ($bn)

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

700 600 500 400 300 200 100 0

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

Value of Deals (US$bn)

Value of Deals ($bn)

900 800 700 600 500 400 300

mega deals (over $10,001bn)

Global Cross Border M&A Analysis - Deal Value

Global M&A Overview: Industry and Geography Breakdown

Mix of Announced Deals by Geographic Region H1 2011 - Value

Mix of Announced Deals by Geographic Region H1 2011 - Volume

Central & Eastern Europe 4.7%

Southern Europe 6.9%

Northern Europe 5.9% Central & South America 4.7%

Southern Europe 6.2% Western Europe 24.0%

Western Europe 17.8% Central & South America 5.0%

Global M&A Overview: Top Deals

Duke Energy Corporation

Progress Energy Inc

Johnson & Johnson

AMB Property Corporation

Cargill Inc (Shareholders)

The Mosaic Company (40% Stake)

The Nasdaq OMX Group Inc; and Intercontinental Exchange Inc

la Caixa (banking business)

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

Value ($bn) % of Global M&A

50% 45% 40%

35% 30% 25%

20% 15% 10%

Global Mid-Market Legal Adviser League Tables H1 2011: Value

Mid Market M&A Industry Breakdown H1 2011 - Value

Global M&A Overview: Private Equity Buyouts

Global Private Equity Buyout Activity - Quarterly

250 20% 200 15% 150 10% 100 5%

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

Top 10 Global private equity rms H1 2011 - buyouts by deal count

Debt/Total Funding (%)

Percentage of Global M&A

Global M&A Overview: Private Equity Exits

Trade Sales vs SBO Exit Activity - Quarterly

130 120 110

Top 10 Global private equity rms H1 2011 - exits by deal count

Global PE Exit Trend Average & Median Deal Value

Percentage of Total Exits (excl. IPOs)

Global M&A Overview: Emerging Markets

Emerging Markets M&A Activity Trend

Value of Deals ($bn)

200 20% 150 15% 100 10%

Emerging Markets Buyout Activity Trend

Value of Deals ($bn)

225 200 175

12.0% 25 10.0% 20 8.0% 15 6.0% 10