GLOBAL LEGAL ADVISORY MERGERS & ACQUISITIONS RANKINGS 2012 global ma legal lt.pdf · MERGERS &...

GLOBAL LEGAL ADVISORY MERGERS & ACQUISITIONS RANKINGS 2012

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1

.1 Introduction

Table of Contents

.2 Global Market Commentary

.11 Global M&A Activity

.12 Global Announced Deals

.13 Global Announced Deals

.16 Cross Border Announced Deals

.17 Global Private Equity Announced Deals

. 47 Disclaimer

Bloomberg 2012 Annual

EmailFaxPhoneContact

+1-212-617-3692 [email protected]+1-917-369-3965Mariana TrindadeNorth America

[email protected]+44-20-7392-6672+44-20-3216-4552Chong-Kul ParkEMEA

[email protected]+61-2-9770-8561+61-2-9777-8661Devanshi DesaiAsia Pacific

LATAM [email protected]+55-11-3048-4669+55-11-3048-4619Fernando Simon

The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables

represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors.The

rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity-swaps, joint ventures,

private placements of common equity and convertible securities, and the cash injection component of

recapitalizations according to Bloomberg standards.

Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a

global perspective and local insight into unique deal structures in various markets through a network of over 800

financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table

rankings are a leading benchmark for legal and financial advisory performance, and DealSpace & DealBrief

newsletters provide summary highlights of weekly M&A activity and top deal trends.

Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table

results. Type MA <GO> 96 <GO> 82 <GO> to view live rankings.

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Mergers & Acquisitions Legal Advisory Rankings

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Total Volume by Industry (2012 YTD)

* All 2012 YTD numbers as of December 31, 2012.

2

Heat Map: 2012 YTD Volume by Region

Regional Deal Activity Aggregate deal volume of announced global M&A transactions decreased by 7.85% from $2.23 trillion this year compared to $2.42 trillion volume in 2011. The purchase of companies located in Americas accounted for over 48.87% of global deal volume in 2012, followed by EMEA with roughly 28.70% and APAC with 22.27%. Deal volume in the Americas, however, showed the biggest decrease for all the regions in the last 12 months, with a 11.04% decrease, moving from $1.54 trillion in 2011 to $1.37 trillion in 2012. For EMEA, deal volume increased by more than 69.69% this quarter with $301.40 billion worth of deals, up from $177.62 billion in Q4 2011. Russia accounted for over 23.90% of the market share for in EMEA with the largest deal being Rosneft’s $54.38 billion purchase of TNK-BP Ltd.

Industry Sector Deal Activity The most targeted industries by volume in 2012 were in the Oil Exploration & Production, Real Estate Operations & Development and Cellular Telecom with a combined deal volume of $333.84 billion, up by 86.58% from a combined deal volume of $178.93 billion in 2011 for those industries. About 17.87% of oil and gas deals were takeover of Canadian firms; CNOOC’s $17.43 billion buyout of Nexen Inc announced in July was the largest deal announced in this industry for Canada. Over 71.45% of the global announced private equity exits this year stemmed from North America, including KKR’s $6.60 billion divestment of Alliance Boots to Walgreen Co.

Diversified2%

Technology4%

Utilities4%

Basic Materials8%

Consumer, Cyclical10%Industrial

11%

Comm.12%

Energy15%

Consumer, Non-cyclical

16%

Financial18%

North America 44%

Asia Pacific 22%

Western Europe 21%

Latin America & Carib 5%

Eastern Europe 5%

Middle East & Africa 3%



Global M&A Quarterly Volume

Notable Highlights

Dea

l Cou

nt

3

EMEA M&A Quarterly Volume

Americas M&A Quarterly Volume

APAC M&A Quarterly Volume

Total Volume (U

SD M

ln)

* All Total Value figures in USD millions. * All 2012 YTD numbers as of December 31, 2012.

Dea

l Cou

nt

Total Volume (U

SD M

ln) D

eal C

ount

Total Volume (U

SD M

ln) D

eal C

ount

Total Volume (U

SD M

ln)

Global deal activity this quarter was 34% higher compared to the same quarter last year with $719 billion in deal volume versus $537 billion. The deal volume this quarter was the highest since the third quarter of 2008. This quarter all regions experienced an increase in deal volume compared to Q4 last year. The EMEA region experienced the highest increase in deal volume (70%), followed by the APAC (38%). Deal count decreased 12% in the EMEA region while rising 5% and 4% in the Americas and in APAC respectively.



Notable Highlights

4 To access this search via the Bloomberg Terminal, type MA S 5 <GO> then 22 <GO>

More than 97% of all M&A transactions fell into the mid-market range (below $500 million in size), while 14 deals reached the mega-deal category (over $10 billion in size) versus 20 deals in 2011. Cross Border deals accounted for 50.67% of M&A volume versus 42.97% during the same period in 2011. Cash continued to be the preferred method of payment, accounting for 73.43% of M&A deals announced in 2012. On average, target multiples were 21% lower as compared to last year with the stockholder equity and book value multiples showing the most significant decline at 26% and 25% respectively. 2012 YTD Global M&A Aggregate Statistics

Public Target Mult iples # Deals Min - Max Median Deal Type Sum m ary # Deals Volum e PercentTotal Assets 2225 .00 - 1547.68 0.71 Company Takeover 11110 1.23T 55.23Stockholder Eqty 2096 .00 - 4246.61 1.43 Cross Border 9867 1.13T 50.59Book Value 2079 .00 - 4246.61 1.49 Asset sale 5790 433.8B 19.48Revenue 2033 .00 - 1835.99 1.03 Minority purchase 6667 281.41B 12.64Market Cap 1878 .00 - 843.44 1.17 Private Equity 5954 410.24B 18.42Enterprise Value 1750 .00 - 154.86 1.06 Additional Stake Purchase 4095 426.44B 19.15Net Income + Deprec 1490 .00 - 4817.46 10.61 Venture Capital 3633 35.66B 1.60EBIT 1348 .00 - 4141.05 11.10 Majority purchase 2095 222.63B 10.00Net Income 1307 .00 - 4378.32 15.64 Joint Venture 993 11.06B 0.50EBITDA 1238 .00 - 3334.20 7.04 Leveraged Buyout 697 114.84B 5.16Cashflow from Ops. 1271 .00 - 3900.81 8.92 Private Placement 621 49.79B 2.24Income B/F XO 1164 .00 - 4378.32 15.17 Tender Offer 453 195.05B 8.76Free Cashflow 915 .00 - 4966.86 18.03 Spin-off 201 37.63B 1.69

Paym ent Type Sum m ary # Deals Volum e Percent Prem ium s Paid # Deals Volum e PercentCash 16603 1.59T 73.43 0-10% 823 124.42B 11.73Undisclosed 7588 89.95B 4.15 10.01-25% 218 172.3B 16.24Stock 993 171.93B 7.94 25.01-50% 298 223.11B 21.03Cash & Stock 570 225.87B 10.43 50.01-75% 125 68.72B 6.48Cash & Debt 72 12.47B 0.58 >100% 49 15.18B 1.43Cash or Stock 51 62.26B 2.87Debt 66 6.9B 0.32 Cur rent Status # Deals Volum e Percent

Completed 18980 1.18T 51.05Deal Size Breakdow n # Deals Volum e Percent Pending 8320 1.05T 45.610-500M 26486 667.67B 97.02 Terminated 205 76.88B 3.34500.01-1000M 385 268.12B 1.411000.01-5000M 381 771.43B 1.40 Cur rent Prem ium # Deals Volum e Percent5000.01-10,000M 34 227.81B 0.12 0-10% 27133 2.19T 98.13> 10,000M 14 291.95B 0.05 10.01-25% 87 20.98B 0.94



2012 Global M&A Volume by Target Region 2012 Top Industry Breakdown

Tota

l Vol

ume

(USD

Mln

)

Deal Count

Notable Highlights Companies in the oil exploration and production sector were the most targeted industry by volume in 2012, most of which is attributed to CNOOC’s takeover of Nexen Inc valued at about $17 billion and Freeport-McMoRan’s December announcement to buy Plains Exploration & Production as well as McMoRan Exploration Co. The number of mega deals (above $5 billion) has decreased from 60 in 2011 to 50 this year, primarily attributed to transactions in the cellular telecom industry. Japan is still the 2nd most acquisitive country this year as takeover activity by Japanese firms reached a new record high with more than $186 billion in deal volume.

Avg. D

eal Size (USD

Mln)

5

2012 Heat Maps

Financial $80,348 $74,670 $84,081 $166,144

Consumer, Non-cyclical $54,133 $118,655 $80,137 $88,089$68,349Energy $68,887 $50,303 $65,611 $153,683

Industrial $60,172 $62,043 $52,324 $63,722

Communications $39,045 $50,190 $55,470 $113,421

Consumer, Cyclical $42,462 $61,809 $59,970 $66,595$6 ,809Basic Materials $93,797 $22,806 $36,174 $28,692

Utilities $23,392 $48,767 $12,695 $12,999

Technology $19,917 $22,933 $25,152 $22,160

Diversified $3,990 $25,092 $5,427 $3,549Q1 Q2 Q3 Q4

Mega Deals (> $5Bln) $136,631 $107,862 $66,838 $209,565

Large-Cap Deals($1Bln-$5Bln) $140,346 $196,784 $189,072 $243,510

Mid-Cap Deals ($250Mln-$1Bln) $107,646 $122,396 $119,831 $146,980

Small-Cap Deals (< $250Mln) $101,979 $106,762 $96,994 $117,884Q1 Q2 Q3 Q4

Cross Border $236,934 $271,980 $226,984 $390,789

Public Co Takeover $165,144 $138,831 $142,114 $141,677

Asset Sale $82,767 $78,161 $110,684 $162,141

Private Equity $91,655 $133,259 $96,779 $89,340

Minority Purchase $54,255 $94,216 $49,902 $84,023

Spin-off $10,092 $10,733 $1,991 $3,732

Reverse Merger $1,384 $1,832 $2,725 $34,485Q1 Q2 Q3 Q4

44%

5%

21%

5%

3%

22% North America

Latin America & Caribbean

Western Europe

Eastern Europe

Middle East & Africa

Asia Pacific

$196

$118$311

$125$131

$0

$100,000

$200,000

$300,000

$400,000

$500,000

0 1,000 2,000 3,000 4,000 5,000 6,000

Financial

Consumer, Non-cyclical

Energy

Industrial

Communications



Value in USD

Mln

2012 APAC Capital Flows

2012 Global Capital Flows 2012 Americas Capital Flows

2012 EMEA Capital Flows

Notable Highlights The potential risk of a recession in the UK hasn’t deterred M&A activity of foreign buyers investing in UK companies. Capital Inflow into the UK increased 50.2% from 2011. However, capital outflow decreased 23.6% from 2011. APAC was the most acquisitive region with a slight uptick from 2011, led by Japan's increased interest in cross-border M&A activity. The country's outflow volume grew 21.7% compared to 2011.

Value in USD

Mln

Value in USD

Mln

Value in USD

Mln

6

$196,463

$206,215

$169,686

$192,014

$6,259

$197,106

$24,254

$263,531

$228,884

$212,050

$206,408

$25,912

$73,501

$65,554

0% 20% 40% 60% 80% 100%

Americas

N. America

EMEA

W. Europe

E. Europe

AsiaPac

Latin America

Outflows Inflows

$196,463

$206,215

$24,254

$192,745

$73,436

$8,856

$8,245

$263,531

$228,884

$65,554

$219,154

$62,668

$24,181

$27,757

0% 20% 40% 60% 80% 100%

Americas

N. America

Latin America

US

Canada

Brazil

Mexico

Outflows Inflows

$197,106

$106,719

$70,268

$13,115

$107,116

$21,942

$14,886

$73,501

$63,172

$31,788

$40,348

$13,904

$23,772

$11,249

0% 20% 40% 60% 80% 100%

AsiaPac

Asia (ex-Japan)

HK/China

Aus/NZ

Japan

Singapore

India

Outflows Inflows

$169,686

$6,259

$192,014

$22,304

$82,950

$32,183

$7,378

$9,985

$212,050

$25,912

$206,408

$21,148

$148,438

$38,485

$20,329

$16,427

0% 20% 40% 60% 80% 100%

EMEA

E. Europe

W. Europe

ME and Africa

UK

Germany

France

Russia

Outflows Inflows



Fourth-Quarter M&A Surge Spurs Optimism After 2012 Deals Decline

By Aaron Kirchfeld and Serena Saitto

(Dec. 27) -- Global mergers and acquisitions rose to the highest level in four years this quarter, as a surge in U.S. deals provided ground for optimism and salvaged what had been the worst year for takeovers since the financial crisis. Companies worldwide have announced $691.9 billion in purchases in the final three months of the year, the most since the third quarter of 2008, according to data compiled by Bloomberg. While transactions for all of 2012 shrank about 10 percent to $2.19 trillion, the same level as 2010, about $86 billion of telecommunications deals, including Softbank Corp.’s planned purchase of a stake in Sprint Nextel Corp., gave the end of the year a boost. Chief executive officers sitting on more than $3.5 trillion in cash held off on deals for most of 2012 as Europe slid into recession, developing economies such as China cooled and $600 billion in possible spending cuts and tax increases threatened U.S. growth.

The three biggest acquisitions of the year besides Glencore-Xstrata were all announced this quarter, while Intercontinental Exchange Inc.’s $8.2 billion purchase of NYSE Euronext led $77 billion in transactions announced during last week alone, the data show. At the end of the third quarter, the pace of deals was set to result in the worst year since 2009. Telecommunications deals have dominated the recovery this quarter, as Tokyo-based Softbank agreed to pay about $20 billion for 70 percent of Sprint and Deutsche Telekom AG’s T-Mobile USA unit agreed to a $29 billion combination with MetroPCS Communications Inc. Takeovers by Asian companies in the fourth quarter rose to their highest level in more than a year, helped by Softbank’s Sprint purchase. The deal was the biggest publicly announced outbound purchase by a Japanese company on record and marks the most acquisitive quarter for Japanese firms in a decade, according to data compiled by Bloomberg.

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

•Solutia and Eastman Chemical •Ann Date: 1/27/12 •Total Value: $4.50 billion

7

•Xstrata and Glencore •Ann Date: 2/07/12 •Total Value: $46.6 billion

•Sunoco Inc and Energy Transfer •Ann Date: 4/30/12 •Total Value: $6.78 billion

• Grupo Modelo and Anheuser Busch •Ann Date: 6/29/12 •Total Value: $17.23 billion

•Coventry Health Care and Aetna •Ann Date: 8/20/12 •Total Value: $5.59 billion

• Sprint Nextel and SoftBank (70%) •Ann Date: 10/15/12 •Total Value: $37.83 billion

•Viterra Inc and Glencore •Ann Date: 3/20/12 •Total Value: $7.49 billion

•Cooper Industries and Eaton Corp •Ann Date: 5/21/12 •Total Value: $12.84 billion

•Nexen Inc and CNOOC Ltd •Ann Date: 7/23/12 •Total Value: $17.43 billion

•Fraser Neave and Thai Beverage •Ann Date: 9/13/12 •Total Value: $9.19 billion

A Year in Review: Key M&A Transactions

©2012 Bloomberg Finance L.P. All rights reserved.

•NYSE Euronext and Intercontinental •Ann Date: 12/20/12 •Total Value: $8.16 billion

•Ralcorp Holdings and ConAgra Foods •Ann Date: 11/27/12 •Total Value: $6.65 billion



‘ * All 2012 YTD numbers as of December 31, 2012.

INDUSTRY

Americas Notable Highlights

8

COUNTRY

Total Volume (USD Bln) Total Volume (USD Bln)

TOP TARGETS TOP TARGETS

TOP ACQUIRERS TOP ACQUIRERS

Number of Deals 15387Volume 1.37TAverage Deal Size 184.38MAverage Premium 38.96%

Acquirer New Enterprise AssociatesNumber of Deals 86Volume 1.76BAverage Deal Size 20.41M

Summary

Most Acquisitive Company

Announce Date Target Name Acquirer Name Total Value (mil.) 10/15/2012 Sprint Nextel Corp Softbank Corp $37,833.910/3/2012 T-Mobile USA Inc MetroPCS Communications Inc $32,775.910/22/2012 TNK-BP Ltd Rosneft OAO $28,000.07/23/2012 Nexen Inc CNOOC Ltd $17,431.76/29/2012 Grupo Modelo SAB de CV Anheuser-Busch InBev NV $17,231.311/26/2012 Archstone Enterprise LP Equity Residential, AvalonBay Communities $16,094.05/21/2012 Cooper Industries PLC Eaton Corp PLC $12,846.14/23/2012 Pfizer Nutrition Nestle SA $11,850.01/20/2012 Archstone Enterprise LP Lehman Brothers Holdings Inc $11,805.612/5/2012 Plains Exploration & Production Co Freeport-McMoRan Copper & Gold Inc $10,172.9

$38.12

$41.05

$49.35

$75.64

$127.64

$41.08

$51.49

$71.03

$79.58

$132.67

$- $30 $60 $90 $120 $150

Oil Comp-Integrated

Bldg-Residential/Commer

Real Estate Oper/Development

Cellular Telecom

Oil Comp-Explor&Prodtn

Cellular Telecom

Oil Comp-Integrated

Investment Companies


Private Equity

$29.44

$50.91

$55.80

$126.22

$849.75

$46.84

$51.40

$81.31

$139.95

$854.02

$- $200 $400 $600 $800 $1,000

Russia

Brazil

U.K.

Canada

U.S.

China

U.K.

Japan

Canada

U.S.



. * All 2012 YTD numbers as of December 31, 2012.

INDUSTRY

EMEA Notable Highlights

9

COUNTRY


TOP TARGETS

TOP ACQUIRERS TOP ACQUIRERS

TOP TARGETS

Number of Deals 8604Volume 940.87BAverage Deal Size 226.50MAverage Premium 25.23%

Acquirer Index VenturesNumber of Deals 50Volume 836.29MAverage Deal Size 16.73M

Summary


Announce Date Target Name Acquirer Name Total Value (mil.) 2/7/2012 Xstrata PLC Glencore International PLC $46,672.010/3/2012 T-Mobile USA Inc MetroPCS Communications Inc $32,775.910/22/2012 TNK-BP Ltd Rosneft OAO $28,000.010/22/2012 TNK-BP Ltd Rosneft OAO $26,379.86/29/2012 Grupo Modelo SAB de CV Anheuser-Busch InBev NV $17,231.34/23/2012 Pfizer Nutrition Nestle SA $11,850.01/20/2012 Archstone Enterprise LP Lehman Brothers Holdings Inc $11,805.63/29/2012 International Power PLC GDF Suez $10,171.012/5/2012 Ping An Insurance Group Co of China Ltd Charoen Pokphand Group Co Ltd $9,385.26/7/2012 Consolidated Infrastructure Shareholders $8,866.9

$31.58

$35.18

$45.58

$49.64

$65.86

$45.81

$59.31

$59.74

$66.24

$71.81

$- $20 $40 $60 $80

Commer Banks Non-US

Real Estate …

Cellular Telecom

Diversified Minerals

Oil Comp-Integrated

Cellular Telecom


Metal-Diversified

Private Equity

Oil Comp-Integrated

$37.68

$59.84

$95.42

$178.36

$183.58

$58.09

$86.35

$92.78

$119.09

$223.84

$- $50 $100 $150 $200 $250

Netherlands

Germany

Russia

U.S.

U.K.

Germany

Switzerland

Russia

U.K.

U.S.



. * All 2012 YTD numbers as of December 31, 2012. .

TOP ACQUIRERS

INDUSTRY

APAC Notable Highlights

10

COUNTRY


TOP TARGETS

TOP ACQUIRERS

TOP TARGETS

Number of Deals 9268Volume 715.79BAverage Deal Size 109.13MAverage Premium 24.12%

Acquirer Daio Paper CorpNumber of Deals 49Volume 609.16MAverage Deal Size 12.43M

Summary


$17.57

$20.57

$41.71

$45.80

$54.79

$35.95

$36.85

$43.29

$46.59

$83.85

$- $20 $40 $60 $80 $100

Bldg-Residential/Commer

Diversified Operations

Cellular Telecom




Private Equity

Diversified Operations

Telephone-Integrated


$47.28

$57.80

$91.55

$100.94

$134.00

$44.13

$51.34

$51.54

$165.00

$184.88

$- $50 $100 $150 $200

Singapore

Australia

Japan

U.S.

China

Singapore

U.S.

South Korea

China

Japan

Announce Date Target Name Acquirer Name Total Value (mil.) 10/15/2012 Sprint Nextel Corp Softbank Corp $37,833.97/23/2012 Nexen Inc CNOOC Ltd $17,431.711/15/2012 Fraser and Neave Ltd Overseas Union Ent Ltd, Orange Circle Inv Ltd $12,685.012/5/2012 Ping An Insurance Group Co of China Ltd Charoen Pokphand Group Co Ltd $9,385.29/13/2012 Fraser and Neave Ltd Thai Beverage PCL $9,191.65/21/2012 Tokyo Electric Power Co Inc Nuclear Damage Comp Facilitation Corp $8,572.96/13/2012 State Grid Energy Development Co Ltd Shenhua Group Corp Ltd $8,127.02/24/2012 EP Energy Global LLC Apollo, KNOC, Riverstone, Access, Unnamed Buyer $7,150.05/21/2012 Alibaba Group Holding Ltd Alibaba Group Holding Ltd $7,100.02/25/2012 Sterlite Industries India Ltd Sesa Goa Ltd $6,853.6

Bloomberg

49.05%Americas

18.20%

Asia-Pacific

ex-Japan

28.63%EMEA

4.11%Japan

Regional Breakdown by Target Region/Country

11

MA <GO> LEAG <GO>MA <GO>LMX <GO>MA <GO>LEAG <GO>

- 20112012

Global M&A Activity

1/1/12 12/31/12

CHANGEREGION

VOLUME DEAL

COUNT

Regional Breakdown by Target Region/Country

USD (Mln)

VOLUME

USD (Mln)

DEAL

COUNT

VOLUME

Americas 12,931 -11.59%$1,091,450 $1,234,524 12,748

1,018 -16.92%$110,680 $133,225 1,092 Latin America

12,017 -9.86%$1,009,995 $1,120,530 11,759 North America

1,543 22.94%$126,219 $102,668 1,507 Canada

10,295 -14.30%$849,366 $991,142 10,059 United States

EMEA 6,349 -5.16%$637,099 $671,749 7,065

751 28.07%$114,599 $89,480 904 Eastern Europe

5,009 -13.52%$467,644 $540,733 5,457 Western Europe

1,836 41.10%$183,540 $130,074 1,815 UK

719 20.70%$59,836 $49,573 836 Germany

494 -65.57%$32,922 $95,627 751 France

Asia-Pacific ex-Japan 6,244 0.37%$404,861 $403,361 7,055

847 -42.51%$57,797 $100,528 962 Australia

126 -0.22%$4,378 $4,388 94 New Zealand

2,348 16.42%$133,996 $115,100 2,761 China

350 -37.89%$18,802 $30,272 493 Hong Kong

965 48.56%$97,497 $65,627 1,039 South East Asia

689 22.00%$33,199 $27,213 702 India

Japan 1,597 -11.89%$91,554 $103,905 1,432

*Includes Mergers, Acquisitions, Divestitures, Self-tenders and Spinoffs. Excludes Open Market Transactions.

$2,227,021 27,291 $2,415,646 28,435 -7.81%Global

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- 20112012

Global Announced Deals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE

Ranked by Volume

MKT

SHARE

USD (Mln)

M&A Legal Advisory League Tables

Skadden Arps Slate Meagher & Flom LLP 241 1 0.1 294,514 13.2 13.1 3

Linklaters LLP 231 2 3.1 210,298 9.4 6.3 10

Freshfields Bruckhaus Deringer LLP 203 3 1.3 204,663 9.2 7.9 7

Weil Gotshal & Manges LLP 179 4 2.1 183,686 8.3 6.2 11

Sullivan & Cromwell LLP 134 5 (5.5) 176,835 7.9 13.4 2

Wachtell Lipton Rosen & Katz 67 6 (6.6) 165,637 7.4 14.0 1

Shearman & Sterling LLP 129 7 (0.5) 161,739 7.3 7.8 8

Latham & Watkins LLP 280 8 (3.0) 156,961 7.1 10.1 5

Simpson Thacher & Bartlett LLP 145 9 (5.6) 152,513 6.9 12.5 4

Cravath Swaine & Moore LLP 57 10 (0.5) 149,985 6.7 7.2 9

Cleary Gottlieb Steen & Hamilton LLP 49 11 2.5 140,083 6.3 3.8 18

Davis Polk & Wardwell 100 12 1.0 138,651 6.2 5.2 14

Clifford Chance LLP 206 13 3.7 132,061 5.9 2.2 36

White & Case LLP 143 14 3.7 128,221 5.8 2.1 38

Kirkland & Ellis LLP 279 15 2.5 123,744 5.6 3.1 21

Morrison & Foerster LLP 99 16 3.5 115,016 5.2 1.7 48

Blake Cassels & Graydon LLP 159 17 1.1 114,086 5.1 4.0 17

Jones Day 418 18 (0.5) 103,639 4.7 5.2 15

Mori Hamada & Matsumoto 146 19 1.9 98,176 4.4 2.5 30

Allen & Overy LLP 229 20 (1.7) 94,375 4.2 5.9 12


$2,227,021 27,291 $2,415,646

*Total Volume represents all announced transactions in US$ millions.

TOTAL

Bloomberg

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

13


- 20112012

Global Announced Deals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE

Ranked by Deal Count

MKT

SHARE

USD (Mln)


Jones Day 418 1 (0.5) 103,639 4.7 5.2 1

DLA Piper LLP 281 2 0.1 43,936 2.0 1.9 2




Linklaters LLP 231 6 3.1 210,298 9.4 6.3 7

Allen & Overy LLP 229 7 (1.7) 94,375 4.2 5.9 10

Baker & McKenzie LLP 228 8 0.3 69,234 3.1 2.8 12




Nagashima Ohno & Tsunematsu 163 12 (0.1) 46,875 2.1 2.2 25




White & Case LLP 143 16 3.7 128,221 5.8 2.1 28

CMS 142 17 (0.7) 14,153 0.6 1.3 5

Hogan Lovells 140 18 (0.9) 51,441 2.3 3.2 9

Kim & Chang 138 19 0.3 21,080 1.0 0.7 22



$2,227,021 27,291 $2,415,646


*Tables based on deal count, then volume. Market share based on deal volume.

TOTAL

Bloomberg

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

14


- 20112012

Global Announced Deals - Counsel to Principals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE

Ranked by Volume

MKT

SHARE

USD (Mln)


Skadden Arps Slate Meagher & Flom LLP 222 1 (0.2) 249,365 11.2 11.4 2

Linklaters LLP 223 2 4.2 207,005 9.3 5.1 7




Latham & Watkins LLP 264 6 0.8 129,204 5.8 5.0 8







Jones Day 410 13 (0.4) 95,565 4.3 4.7 11

Allen & Overy LLP 226 14 (1.1) 91,873 4.1 5.2 6


White & Case LLP 110 16 2.3 88,883 4.0 1.7 41

McCarthy Tetrault LLP 68 17 1.7 88,449 4.0 2.3 29


Mattos Filho Veiga Filho Marrey Jr e Quiroga Advogados 51 19 3.1 82,001 3.7 0.6 82

Bennett Jones LLP 25 20 3.6 81,619 3.7 0.1 153


$2,227,021 27,291 $2,415,646


TOTAL

Bloomberg

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

15


- 20112012

Global Announced Deals - Counsel to Principals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE

Ranked by Deal Count

MKT

SHARE

USD (Mln)


Jones Day 410 1 (0.4) 95,565 4.3 4.7 1

DLA Piper LLP 281 2 0.1 43,936 2.0 1.9 2



Allen & Overy LLP 226 5 (1.1) 91,873 4.1 5.2 10


Linklaters LLP 223 7 4.2 207,005 9.3 5.1 7








CMS 142 15 (0.7) 14,153 0.6 1.3 5

Hogan Lovells 139 16 (0.9) 51,395 2.3 3.2 9

Kim & Chang 138 17 0.3 21,080 1.0 0.7 19

Stikeman Elliott LLP 130 18 0.8 71,633 3.2 2.4 31

Mayer Brown LLP 124 19 (0.8) 26,767 1.2 2.0 16



$2,227,021 27,291 $2,415,646



TOTAL

Bloomberg

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

0

400

800

1,200

1,600

2,000

2,400

2,800

3,200

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

16


- 20112012

Cross Border Announced Deals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE

Ranked by Volume

MKT

SHARE

USD (Mln)



Linklaters LLP 183 2 6.4 189,598 16.8 10.4 3



Cravath Swaine & Moore LLP 25 5 5.9 127,823 11.3 5.4 11





Allen & Overy LLP 178 10 (2.4) 84,540 7.5 9.9 4


White & Case LLP 86 12 2.6 77,128 6.8 4.2 20

Blake Cassels & Graydon LLP 100 13 (0.4) 73,986 6.6 7.0 9




Wachtell Lipton Rosen & Katz 19 17 2.2 65,241 5.8 3.6 24


Minter Ellison 30 19 2.3 59,050 5.2 2.9 32

Gibson Dunn & Crutcher LLP 37 20 3.2 58,957 5.2 2.0 44


$1,127,011 9,866 $1,041,888


TOTAL

Bloomberg

$0

$40,000

$80,000

$120,000

$160,000

$200,000

0

400

800

1,200

1,600

2,000

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

17


- 20112012

Global Private Equity Announced Deals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE

Ranked by Volume

MKT

SHARE

USD (Mln)








Freshfields Bruckhaus Deringer LLP 44 7 (5.6) 31,351 7.6 13.2 2

Sullivan & Cromwell LLP 34 8 0.3 31,141 7.6 7.3 7


Linklaters LLP 64 10 3.1 30,672 7.5 4.4 22

Jones Day 142 11 1.0 28,876 7.0 6.0 13

Shearman & Sterling LLP 27 12 0.7 27,564 6.7 6.0 10


Paul Weiss Rifkind Wharton & Garrison LLP 45 14 0.8 26,520 6.5 5.7 14

Debevoise & Plimpton LLP 41 15 (0.6) 25,758 6.3 6.9 9

Allen & Overy LLP 44 16 1.2 25,577 6.2 5.0 17


Fried Frank Harris Shriver & Jacobson LLP 24 18 3.3 22,792 5.6 2.3 44

Osler Hoskin & Harcourt LLP 23 19 3.6 19,830 4.8 1.2 65



$410,236 5,954 $514,626


TOTAL

Bloomberg

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

18


- 20112012

United States Announced Deals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE

Any Involvement, Ranked by Volume

MKT

SHARE

USD (Mln)











Cravath Swaine & Moore LLP 50 10 (2.6) 104,123 9.3 11.9 7

White & Case LLP 82 11 5.6 97,326 8.7 3.1 33

Gibson Dunn & Crutcher LLP 99 12 (1.8) 85,234 7.6 9.4 10

Jones Day 324 13 (1.1) 83,506 7.5 8.6 11







Fulbright & Jaworski LLP 55 20 3.9 46,866 4.2 0.3 109


$1,119,621 12,985 $1,308,090


TOTAL

Bloomberg

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

19


- 20112012

United States Announced Deals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE

Any Involvement, Ranked by Deal Count

MKT

SHARE

USD (Mln)


Jones Day 324 1 (1.1) 83,506 7.5 8.6 1



DLA Piper LLP 181 4 0.8 33,428 3.0 2.2 4




Wilson Sonsini Goodrich & Rosati PC 112 8 - 17,335 1.6 1.6 7

Gibson Dunn & Crutcher LLP 99 9 (1.8) 85,234 7.6 9.4 10


Vinson & Elkins LLP 98 10 (1.1) 46,544 4.2 5.3 21

Baker & McKenzie LLP 96 12 (0.2) 33,244 3.0 3.2 24



Hogan Lovells 86 15 (0.9) 33,969 3.0 3.9 8

Fenwick & West LLP 86 15 2.3 33,315 3.0 0.7 22

Mayer Brown LLP 86 15 (0.9) 24,148 2.2 3.1 18



Paul Hastings LLP 85 18 0.2 11,661 1.0 0.8 28


$1,119,621 12,985 $1,308,090



TOTAL

Bloomberg

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

20


- 20112012

US Announced Deals - Counsel to Principals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE


MKT

SHARE

USD (Mln)








Jones Day 318 7 (0.4) 82,277 7.4 7.8 7






White & Case LLP 51 13 2.9 58,214 5.2 2.3 35



Fulbright & Jaworski LLP 55 16 3.9 46,866 4.2 0.3 107


Akin Gump Strauss Hauer & Feld LLP 33 18 2.4 45,689 4.1 1.7 43

Vinson & Elkins LLP 96 19 1.6 45,680 4.1 2.5 31

Allen & Overy LLP 70 20 0.7 43,746 3.9 3.2 25


$1,119,621 12,985 $1,308,090


TOTAL

Bloomberg

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

21


- 20112012

US Announced Deals - Counsel to Principals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE


MKT

SHARE

USD (Mln)


Jones Day 318 1 (0.4) 82,277 7.4 7.8 1



DLA Piper LLP 181 4 0.8 33,428 3.0 2.2 4



Wilson Sonsini Goodrich & Rosati PC 110 7 (0.2) 16,046 1.4 1.6 7





Fenwick & West LLP 86 11 2.3 33,315 3.0 0.7 18

Hogan Lovells 85 13 (0.8) 33,923 3.0 3.8 8

Paul Hastings LLP 85 13 0.4 11,661 1.0 0.6 26

Mayer Brown LLP 84 15 (0.9) 24,085 2.2 3.1 13

Morgan Lewis & Bockius LLP 82 16 (3.1) 22,174 2.0 5.1 10




Dechert LLP 75 20 (3.9) 10,596 1.0 4.9 20


$1,119,621 12,985 $1,308,090



TOTAL

Bloomberg

$0

$20,000

$40,000

$60,000

$80,000

$100,000

0

100

200

300

400

500

600

700

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

22


- 20112012

Canada Announced Deals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE


MKT

SHARE

USD (Mln)





Torys LLP 44 4 (0.3) 38,464 17.7 18.0 2

McCarthy Tetrault LLP 57 5 (0.3) 32,011 14.8 15.1 5

Norton Rose LLP 34 6 (0.2) 26,285 12.1 12.3 7

Burnet Duckworth & Palmer LLP 6 7 10.7 24,613 11.4 0.7 63




Fasken Martineau DuMoulin LLP 41 11 5.0 18,982 8.8 3.8 26

Herbert Smith Freehills LLP 9 12 5.1 18,845 8.7 3.6 30




Richard A Shaw Professional Corp 1 15 8.0 17,432 8.0 - -

Davies Ward Phillips & Vineberg LLP 31 17 (3.3) 16,321 7.5 10.8 10

Linklaters LLP 12 18 6.7 16,052 7.4 0.7 62




$216,869 2,366 $182,794


TOTAL

Bloomberg

$0

$20,000

$40,000

$60,000

$80,000

$100,000

0

100

200

300

400

500

600

700

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

23


- 20112012

Canada Announced Deals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE


MKT

SHARE

USD (Mln)



Gowling Lafleur Henderson LLP 115 2 (1.7) 6,521 3.0 4.7 6



McCarthy Tetrault LLP 57 5 (0.3) 32,011 14.8 15.1 2

Torys LLP 44 6 (0.3) 38,464 17.7 18.0 8

Fasken Martineau DuMoulin LLP 41 7 5.0 18,982 8.8 3.8 7

Norton Rose LLP 34 8 (0.2) 26,285 12.1 12.3 8

Borden Ladner Gervais LLP 32 9 (2.1) 6,721 3.1 5.2 10

Davies Ward Phillips & Vineberg LLP 31 10 (3.3) 16,321 7.5 10.8 4

Cassels Brock & Blackwell LLP 31 10 (3.2) 5,492 2.5 5.7 11

Goodmans LLP 25 12 (3.0) 10,719 4.9 7.9 12



Weil Gotshal & Manges LLP 22 14 (3.8) 12,903 6.0 9.8 18

Fraser Milner Casgrain LLP 22 14 (0.8) 3,238 1.5 2.3 17

Heenan Blaikie LLP 19 17 (2.1) 1,851 0.9 3.0 33

McMillan LLP 17 18 0.9 3,224 1.5 0.6 39


Dorsey & Whitney LLP 15 19 1.6 8,414 3.9 2.3 13


$216,869 2,366 $182,794



TOTAL

Bloomberg

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

0

40

80

120

160

200

240

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

24


- 20112012

Brazil Announced Deals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE


MKT

SHARE

USD (Mln)



Pinheiro Neto Advogados 46 2 11.9 15,206 24.1 12.2 4

Souza Cescon Barrieu & Flesch Advogados 26 3 13.8 13,184 20.9 7.1 8


Simpson Thacher & Bartlett LLP 5 5 12.0 9,200 14.6 2.6 16


Lefosse Advogados 21 7 5.9 8,872 14.0 8.1 6

Jones Day 6 8 10.5 6,845 10.8 0.3 47

Uria Menendez Abogados SLP 4 9 9.7 6,209 9.8 0.1 52


Barbosa Mussnich & Aragao 41 11 (29.6) 4,124 6.5 36.1 1

Tozzini Freire Teixeira E Silva 27 12 (2.2) 3,091 4.9 7.1 7

Machado Meyer Sendacz e Opice Advogados 39 13 (15.4) 3,038 4.8 20.2 2

Davis Polk & Wardwell 4 14 (2.0) 2,871 4.5 6.5 9

Linklaters LLP 7 15 3.7 2,826 4.5 0.8 36

Ulhoa Canto Rezende e Guerra Advogados 8 16 3.7 2,307 3.7 - -


Hogan Lovells 1 18 2.6 1,660 2.6 - -

Torys LLP 2 19 2.3 1,450 2.3 - -

Morrison & Foerster LLP 1 19 2.3 1,450 2.3 - -


$63,198 658 $100,736


TOTAL

Bloomberg

$0

$40,000

$80,000

$120,000

$160,000

$200,000

$240,000

$280,000

$320,000

0

400

800

1,200

1,600

2,000

2,400

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

25


- 20112012

Europe Announced Deals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE


MKT

SHARE

USD (Mln)


Linklaters LLP 204 1 7.5 201,359 22.6 15.1 2









Allen & Overy LLP 178 10 (2.6) 74,457 8.4 11.0 4

White & Case LLP 71 11 3.1 72,803 8.2 5.1 13

Bennett Jones LLP 9 12 8.2 72,733 8.2 - -





Minter Ellison 14 17 3.7 58,057 6.5 2.8 32



Slaughter & May 47 20 (0.6) 39,796 4.5 5.1 14


$891,731 7,944 $874,516


TOTAL

Bloomberg

$0

$40,000

$80,000

$120,000

$160,000

$200,000

$240,000

$280,000

$320,000

0

400

800

1,200

1,600

2,000

2,400

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

26


- 20112012

Europe Announced Deals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE


MKT

SHARE

USD (Mln)


Linklaters LLP 204 1 7.5 201,359 22.6 15.1 3

Allen & Overy LLP 178 2 (2.6) 74,457 8.4 11.0 6



Jones Day 154 5 0.5 34,373 3.9 3.4 4

CMS 139 6 (2.0) 13,873 1.6 3.6 1

DLA Piper LLP 138 7 0.4 30,368 3.4 3.0 5




White & Case LLP 71 11 3.1 72,803 8.2 5.1 10

Hogan Lovells 69 12 (2.5) 24,766 2.8 5.3 9

Mayer Brown LLP 65 13 (0.5) 17,636 2.0 2.5 13

Ashurst LLP 57 14 (2.8) 16,442 1.8 4.6 19




Hengeler Mueller 50 17 - 29,412 3.3 3.3 25

Slaughter & May 47 19 (0.6) 39,796 4.5 5.1 18

Olswang 47 19 (0.1) 1,992 0.2 0.3 22


$891,731 7,944 $874,516



TOTAL

Bloomberg

$0

$40,000

$80,000

$120,000

$160,000

$200,000

$240,000

$280,000

$320,000

0

400

800

1,200

1,600

2,000

2,400

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

27


- 20112012

Europe Announced Deals - Counsel to Principals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE


MKT

SHARE

USD (Mln)


Linklaters LLP 196 1 10.3 198,065 22.2 11.9 2





Allen & Overy LLP 178 6 (1.3) 74,457 8.4 9.7 3


White & Case LLP 69 8 4.2 71,988 8.1 3.9 17





Minter Ellison 14 13 3.7 58,057 6.5 2.8 30





Akin Gump Strauss Hauer & Feld LLP 10 18 2.7 36,619 4.1 1.4 55

Slaughter & May 45 19 (0.9) 36,353 4.1 5.0 11



$891,731 7,944 $874,516


TOTAL

Bloomberg

$0

$40,000

$80,000

$120,000

$160,000

$200,000

$240,000

$280,000

$320,000

0

400

800

1,200

1,600

2,000

2,400

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

28


- 20112012

Europe Announced Deals - Counsel to Principals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE


MKT

SHARE

USD (Mln)


Linklaters LLP 196 1 10.3 198,065 22.2 11.9 3

Allen & Overy LLP 178 2 (1.3) 74,457 8.4 9.7 6



Jones Day 153 5 0.9 34,373 3.9 3.0 4

CMS 139 6 (2.0) 13,873 1.6 3.6 1

DLA Piper LLP 138 7 0.4 30,368 3.4 3.0 5




White & Case LLP 69 11 4.2 71,988 8.1 3.9 10

Hogan Lovells 69 11 (2.5) 24,766 2.8 5.3 8

Mayer Brown LLP 65 13 (0.5) 17,636 2.0 2.5 12

Ashurst LLP 55 14 (1.5) 15,724 1.8 3.3 19



Hengeler Mueller 50 17 0.3 29,412 3.3 3.0 22


Olswang 47 18 (0.1) 1,992 0.2 0.3 20

Slaughter & May 45 20 (0.9) 36,353 4.1 5.0 18


$891,731 7,944 $874,516



TOTAL

Bloomberg

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

0

200

400

600

800

1,000

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

29


- 20112012

United Kingdom Announced Deals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE


MKT

SHARE

USD (Mln)


Linklaters LLP 98 1 16.4 130,723 34.9 18.5 2




Minter Ellison 10 5 8.3 50,543 13.5 5.2 20






Allen & Overy LLP 60 11 (6.5) 34,402 9.2 15.7 3







Slaughter & May 44 18 (4.4) 21,754 5.8 10.2 6




$374,138 3,031 $330,889


TOTAL

Bloomberg

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

0

200

400

600

800

1,000

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

30


- 20112012

United Kingdom Announced Deals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE


MKT

SHARE

USD (Mln)


Linklaters LLP 98 1 16.4 130,723 34.9 18.5 2

DLA Piper LLP 79 2 (2.2) 12,186 3.3 5.5 1



Allen & Overy LLP 60 5 (6.5) 34,402 9.2 15.7 7

Jones Day 59 6 (1.3) 9,182 2.5 3.8 5

Slaughter & May 44 7 (4.4) 21,754 5.8 10.2 8

Olswang 43 8 - 1,992 0.5 0.5 9

CMS 40 9 (4.8) 4,673 1.3 6.1 2


Mayer Brown LLP 33 11 (1.2) 4,440 1.2 2.4 15

Ashurst LLP 32 12 (5.5) 6,682 1.8 7.3 18



Hogan Lovells 27 15 (9.8) 5,904 1.6 11.4 6


Norton Rose LLP 26 16 (0.7) 8,429 2.3 3.0 14

Eversheds LLP 22 18 1.1 11,155 3.0 1.9 16


Squire Sanders & Dempsey LLP 20 20 (0.2) 164 0.0 0.2 86


$374,138 3,031 $330,889



TOTAL

Bloomberg

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

0

50

100

150

200

250

300

350

400

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

31


- 20112012

Germany Announced Deals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE


MKT

SHARE

USD (Mln)



CMS 63 2 2.1 9,098 6.8 4.7 1

Clifford Chance LLP 57 3 - 12,049 9.0 9.0 7

Hengeler Mueller 44 4 (10.5) 27,509 20.6 31.1 4

Jones Day 38 5 (0.2) 7,096 5.3 5.5 3

Linklaters LLP 36 6 (8.9) 18,381 13.8 22.7 4

Allen & Overy LLP 33 7 (18.7) 15,033 11.3 30.0 9



Hogan Lovells 19 10 10.7 17,010 12.8 2.1 13

DLA Piper LLP 17 11 (0.2) 2,268 1.7 1.9 8

White & Case LLP 13 12 6.8 12,891 9.7 2.9 10


Ashurst LLP 11 14 (8.0) 375 0.3 8.3 12


Eversheds LLP 10 15 (5.1) 284 0.2 5.3 30

Dechert LLP 10 15 0.1 125 0.1 0.0 33

Kim & Chang 9 18 0.2 940 0.7 0.5 17

Willkie Farr & Gallagher LLP 8 19 2.9 4,577 3.4 0.5 21



$133,463 1,235 $92,345



TOTAL

Bloomberg

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

0

50

100

150

200

250

300

350

400

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

32


- 20112012

France Announced Deals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE


MKT

SHARE

USD (Mln)


Jones Day 37 1 2.2 7,059 6.8 4.6 1

Clifford Chance LLP 30 2 (4.3) 6,545 6.3 10.6 6

Allen & Overy LLP 26 3 1.4 15,666 15.0 13.6 10

Linklaters LLP 23 4 (19.4) 13,304 12.8 32.2 2



Mayer Brown LLP 22 7 (3.1) 1,115 1.1 4.2 7


Bredin Prat 19 8 (10.1) 7,629 7.3 17.4 3

De Pardieu Brocas Maffei 19 8 (1.3) 665 0.6 1.9 4

CMS 19 8 (1.3) 0 0.0 1.3 5


Paul Hastings LLP 14 13 (1.6) 240 0.2 1.8 13


Dechert LLP 12 14 0.9 1,695 1.6 0.7 24

DLA Piper LLP 12 14 0.4 1,501 1.4 1.0 24

White & Case LLP 10 17 (1.8) 646 0.6 2.4 11

Hogan Lovells 9 18 - 1,324 1.3 1.3 13


Cleary Gottlieb Steen & Hamilton LLP 7 20 - 5,565 5.3 5.3 24


$104,349 1,017 $174,843



TOTAL

Bloomberg

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

0

20

40

60

80

100

120

140

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

33


- 20112012

Italy Announced Deals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE


MKT

SHARE

USD (Mln)


Chiomenti Studio Legale 30 1 (8.6) 1,607 4.3 12.9 1

Linklaters LLP 10 2 4.9 4,750 12.7 7.8 5

Jones Day 10 2 0.5 1,361 3.6 3.1 7

Portolano Cavallo Studio Legale 10 2 - 14 0.0 0.0 26


Bonelli Erede Pappalardo 8 6 (25.1) 2,202 5.9 31.0 2

DLA Piper LLP 7 7 3.4 1,324 3.5 0.1 9

Allen & Overy LLP 7 7 1.5 574 1.5 0.0 15

CMS 7 7 - 21 0.1 0.1 4



White & Case LLP 5 11 3.8 1,428 3.8 - -

La Torre Morgese Cesaro Rio 5 11 0.2 55 0.2 - -


Dewey & LeBoeuf LLP 4 14 (5.9) 7 0.0 5.9 9

Bird & Bird Services Ltd 4 14 - 2 0.0 - -


Paul Hastings LLP 3 17 (5.7) 678 1.8 7.5 18

Ashurst LLP 3 17 (2.8) 491 1.3 4.1 18

Uria Menendez Abogados SLP 3 17 0.4 134 0.4 0.0 37


$37,500 383 $38,135



TOTAL

Bloomberg

$0

$10,000

$20,000

$30,000

$40,000

$50,000

0

40

80

120

160

200

240

280

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

34


- 20112012

Benelux Announced Deals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE


MKT

SHARE

USD (Mln)


Allen & Overy LLP 66 1 4.7 25,042 18.6 13.9 2

Linklaters LLP 35 2 (5.6) 16,081 11.9 17.5 1


Houthoff Buruma 23 4 0.9 1,946 1.4 0.5 8

CMS 23 4 (3.5) 108 0.1 3.6 5

De Brauw Blackstone Westbroek NV 22 6 5.9 9,016 6.7 0.8 12

DLA Piper LLP 20 7 (0.9) 1,194 0.9 1.8 4



Jones Day 15 10 0.3 2,754 2.0 1.7 8

Hogan Lovells 15 10 (4.3) 1,743 1.3 5.6 8


NautaDutilh NV 14 12 (13.8) 3,176 2.4 16.2 6







White & Case LLP 7 18 2.6 4,374 3.2 0.6 19


$134,883 931 $117,472



TOTAL

Bloomberg

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

0

20

40

60

80

100

120

140

160

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

35


- 20112012

Iberia Announced Deals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE


MKT

SHARE

USD (Mln)


Uria Menendez Abogados SLP 28 1 8.7 11,206 20.1 11.4 1

DLA Piper LLP 15 2 0.3 678 1.2 0.9 5

Linklaters LLP 14 3 3.9 12,035 21.6 17.7 2

Allen & Overy LLP 10 4 5.8 6,271 11.3 5.5 9



Jones Day 9 5 0.2 224 0.4 0.2 7


Cuatrecasas Goncalves Pereira 8 8 (4.8) 714 1.3 6.1 3

Gomez-Acebo & Pombo Abogados SLP 6 10 (1.0) 277 0.5 1.5 4


Ashurst LLP 4 11 1.2 657 1.2 0.0 24

CMS 4 11 (0.7) 0 0.0 0.7 10

Latham & Watkins LLP 4 11 (5.0) 0 0.0 5.0 11

Hogan Lovells 3 15 3.3 1,820 3.3 0.0 11

Bird & Bird Services Ltd 3 15 1.3 703 1.3 - -

Amarchand Mangaldas & Suresh A Shroff & Co 3 15 0.1 70 0.1 - -

Khaitan & Co 2 18 - 0 0.0 0.0 38

Wilson Sonsini Goodrich & Rosati PC 2 18 - 0 0.0 - -

Pinheiro Neto Advogados 1 20 6.4 5,431 9.7 3.3 18


$55,744 341 $80,939



TOTAL

Bloomberg

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

0

50

100

150

200

250

300

350

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

36


- 20112012

Nordic Announced Deals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE


MKT

SHARE

USD (Mln)


Advokatfirmaet Schjodt AS 25 1 (0.1) 905 1.1 1.2 6

Hannes Snellman Advokatbyra Ab/FI 24 2 6.0 6,545 8.0 2.0 4

Advokatfirman Vinge KB 22 3 0.2 4,747 5.8 5.6 1

Mannheimer Swartling Advokatbyra AB 22 3 0.4 933 1.1 0.7 9

Linklaters LLP 21 5 9.3 14,020 17.0 7.7 3



Allen & Overy LLP 19 7 (3.2) 2,688 3.3 6.5 9

Advokatfirmaet Thommessen AS 19 7 2.7 2,216 2.7 - -

Roschier Attorneys Ltd 17 10 4.2 3,504 4.3 0.1 22

SORAINEN 17 10 (0.1) 280 0.3 0.4 7

White & Case LLP 16 12 (11.4) 5,673 6.9 18.3 1

Ashurst LLP 11 13 (9.9) 1,757 2.1 12.0 9

LAWIN 11 13 0.3 310 0.4 0.1 15


Hengeler Mueller 8 16 0.5 3,708 4.5 4.0 30

Bird & Bird Services Ltd 8 16 (1.5) 47 0.1 1.6 44



Jones Day 6 18 3.6 4,578 5.6 2.0 8


$82,349 1,048 $125,382



TOTAL

Bloomberg

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

0

40

80

120

160

200

240

280

320

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

37


- 20112012

Eastern Europe Announced Deals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE


MKT

SHARE

USD (Mln)


CMS 27 1 (3.4) 200 0.2 3.6 1

Allen & Overy LLP 25 2 0.5 3,404 2.8 2.3 17

Linklaters LLP 22 3 20.9 35,895 29.1 8.2 5


White & Case LLP 20 5 24.8 34,111 27.6 2.8 6

SORAINEN 18 6 - 176 0.1 0.1 2


LAWIN 14 8 (1.3) 11 0.0 1.3 7

Kinstellar/Romania 11 9 2.9 3,547 2.9 0.0 42

DLA Piper LLP 11 9 (5.1) 3,384 2.7 7.8 8

Salans & Associes SCP 10 11 0.3 888 0.7 0.4 9

YukselKarkinKucuk Attorney Partnership 10 11 (1.4) 300 0.2 1.6 28

Baker & McKenzie LLP 9 13 (4.4) 996 0.8 5.2 12

Hogan Lovells 8 14 (1.1) 1,163 0.9 2.0 11

Akin Gump Strauss Hauer & Feld LLP 7 15 (2.7) 2,956 2.4 5.1 13

Freshfields Bruckhaus Deringer LLP 7 15 (14.1) 638 0.5 14.6 3



Debevoise & Plimpton LLP 6 17 (12.2) 853 0.7 12.9 19

Raidla Lejins & Norcous 5 20 (0.6) 17 0.0 0.6 4


$123,409 878 $108,476



TOTAL

Bloomberg

$0

$40,000

$80,000

$120,000

$160,000

$200,000

$240,000

$280,000

0

400

800

1,200

1,600

2,000

2,400

2,800

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

38


- 20112012

Asia Pacific Ex-Japan Announced Deals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE


MKT

SHARE

USD (Mln)




Herbert Smith Freehills LLP 71 3 (0.4) 35,604 6.7 7.1 3




Linklaters LLP 45 7 0.8 27,642 5.2 4.4 14

Allen & Overy LLP 59 8 (3.5) 27,525 5.2 8.7 1

WongPartnership LLP 66 9 3.2 26,969 5.1 1.9 35


Shook Lin & Bok LLP 30 11 3.9 26,504 5.0 1.1 47



Stamford Law Corp 31 14 4.3 22,759 4.3 0.0 177





Kim & Chang 132 19 0.4 18,603 3.5 3.1 24



$531,583 7,338 $544,762


TOTAL

Bloomberg

$0

$40,000

$80,000

$120,000

$160,000

$200,000

$240,000

$280,000

0

400

800

1,200

1,600

2,000

2,400

2,800

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

39


- 20112012

Asia Pacific Ex-Japan Announced Deals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE


MKT

SHARE

USD (Mln)


Kim & Chang 132 1 0.4 18,603 3.5 3.1 1


Lee & Ko 89 3 (1.6) 10,177 1.9 3.5 2


King & Wood Mallesons 70 5 (6.1) 13,216 2.5 8.6 5


Allen & Gledhill 60 7 0.2 16,444 3.1 2.9 8

Allen & Overy LLP 59 8 (3.5) 27,525 5.2 8.7 16

Amarchand Mangaldas & Suresh A Shroff & Co 59 8 0.5 7,190 1.4 0.9 33

Minter Ellison 59 8 (4.7) 4,262 0.8 5.5 3


AZB & Partners 50 12 (1.1) 6,568 1.2 2.3 6

Shin & Kim 50 12 (1.2) 5,988 1.1 2.3 9

Bae Kim & Lee 49 14 (0.6) 5,573 1.1 1.7 11

Allens 48 15 (2.0) 11,275 2.1 4.1 33

Khaitan & Co 46 16 (0.2) 2,471 0.5 0.7 14

Linklaters LLP 45 17 0.8 27,642 5.2 4.4 18


Jones Day 43 18 (0.5) 9,861 1.9 2.4 12

DLA Piper LLP 42 20 (1.3) 2,268 0.4 1.7 13


$531,583 7,338 $544,762



TOTAL

Bloomberg

$0

$20,000

$40,000

$60,000

$80,000

$100,000

0

50

100

150

200

250

300

350

400

450

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

40


- 20112012

Australia & New Zealand Announced Deals

1/1/12 12/31/12

CHANGEFIRM

RANK MKT

SHARE

VOLUME DEAL

COUNT

RANK MKT

SHARE


MKT

SHARE

USD (Mln)


Minter Ellison 59 1 (12.4) 4,262 4.8 17.2 1



Allens 44 4 (1.8) 11,163 12.6 14.4 12


Clayton Utz 36 6 (15.0) 6,575 7.4 22.4 4

Gilbert + Tobin 33 7 5.2 15,530 17.5 12.3 9

Corrs Chambers Westgarth 32 8 (12.2) 5,074 5.7 17.9 5

Allen & Overy LLP 26 9 (10.9) 5,510 6.2 17.1 13

Norton Rose LLP 24 10 (2.8) 2,551 2.9 5.7 11

DLA Piper LLP 24 10 1.7 1,587 1.8 0.1 15

Bell Gully 21 12 (8.3) 2,313 2.6 10.9 9

Ashurst LLP 19 13 (0.2) 5,504 6.2 6.4 8

HopgoodGanim 16 14 0.5 738 0.8 0.3 18


Jones Day 10 16 (3.6) 209 0.2 3.8 14

Linklaters LLP 9 17 7.2 7,525 8.5 1.3 25


Kirkland & Ellis LLP 7 19 (0.3) 1,009 1.1 1.4 18

Stikeman Elliott LLP 7 19 - 920 1.0 1.0 47


$88,700 1,333 $154,886



TOTAL

Bloomberg

$0

$20,000

$40,000

$60,000

$80,000

$100,000

0

100

200

300

400

500

600

700

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

41


- 20112012

Japan Announced Deals

1/1/12 12/31/12

CHANGEFIRM

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USD (Mln)




Nishimura & Asahi 119 3 5.5 43,659 21.1 15.6 3

Anderson Mori & Tomotsune 41 4 (0.5) 28,280 13.7 14.2 4


Kim & Chang 28 6 1.0 3,563 1.7 0.7 9





Oh-Ebashi LPC & Partners 21 8 (4.5) 5,002 2.4 6.9 43

Jones Day 19 12 0.9 10,948 5.3 4.4 6

White & Case LLP 17 13 (4.2) 6,069 2.9 7.1 30

Lee & Ko 17 13 0.3 577 0.3 0.0 20




Davis Polk & Wardwell 11 17 (3.0) 7,031 3.4 6.4 15

Allen & Overy LLP 11 17 (4.3) 3,966 1.9 6.2 8

Linklaters LLP 10 20 (1.0) 5,193 2.5 3.5 13


$207,122 2,470 $200,092



TOTAL

Bloomberg

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

0

200

400

600

800

1,000

1,200

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

42


- 20112012

China Announced Deals

1/1/12 12/31/12

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USD (Mln)















Linklaters LLP 15 14 2.3 12,599 6.5 4.2 4



Simpson Thacher & Bartlett LLP 7 17 3.5 8,201 4.3 0.8 50

O'Melveny & Myers LLP 12 18 3.3 8,088 4.2 0.9 43

Jingtian & Gongcheng Attorneys at Law 15 19 3.8 7,389 3.8 0.0 156

White & Case LLP 6 20 2.4 7,292 3.8 1.4 28


$192,665 2,708 $177,084


TOTAL

Bloomberg

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

0

50

100

150

200

250

300

350

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

43


- 20112012

Hong Kong Announced Deals

1/1/12 12/31/12

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Allen & Overy LLP 12 1 14.1 8,476 17.6 3.5 18



Linklaters LLP 7 4 8.0 5,746 11.9 3.9 15


CMS 2 6 5.9 3,034 6.3 0.4 51

Jones Day 6 7 (0.6) 2,937 6.1 6.7 4


Debevoise & Plimpton LLP 4 9 4.7 2,262 4.7 - -

Weil Gotshal & Manges LLP 3 10 (2.9) 1,363 2.8 5.7 6

Kim & Chang 3 11 2.6 1,285 2.7 0.1 66

White & Case LLP 3 12 2.0 1,079 2.2 0.2 59

Yoon & Yang 1 13 2.2 1,068 2.2 - -

Bell Gully 1 14 0.5 1,039 2.2 1.7 27

Norton Rose LLP 4 15 (2.8) 845 1.8 4.6 13

Shearman & Sterling LLP 4 16 (2.2) 741 1.5 3.7 17

Skadden Arps Slate Meagher & Flom LLP 3 17 0.8 721 1.5 0.7 39

Andrews Kurth LLP 1 18 1.3 638 1.3 - -

McCarthy Tetrault LLP 1 18 1.3 638 1.3 0.0 81

Sullivan & Cromwell LLP 2 20 (0.3) 594 1.2 1.5 32


$48,236 730 $72,352


TOTAL

Bloomberg

$0

$4,000

$8,000

$12,000

$16,000

$20,000

$24,000

0

50

100

150

200

250

300

350

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

44


- 20112012

South Korea Announced Deals

1/1/12 12/31/12

CHANGEFIRM

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USD (Mln)


Kim & Chang 132 1 1.7 18,603 33.3 31.6 1

Lee & Ko 87 2 (17.4) 10,109 18.1 35.5 2

Shin & Kim 50 3 (12.3) 5,988 10.7 23.0 3

Bae Kim & Lee 48 4 (7.7) 5,557 10.0 17.7 4

Yulchon LLC 30 5 1.9 4,366 7.8 5.9 5

Yoon & Yang 19 6 3.0 2,275 4.1 1.1 6

HYUN Law 4 7 0.2 117 0.2 - -

Nagashima Ohno & Tsunematsu 4 7 - 14 0.0 - -

Weil Gotshal & Manges LLP 3 9 15.4 8,618 15.4 - -


Herbert Smith Freehills LLP 3 9 3.3 1,864 3.3 - -

Linklaters LLP 3 9 2.4 1,747 3.1 0.7 8

Mori Hamada & Matsumoto 3 9 0.2 133 0.2 - -

King & Wood Mallesons 3 9 0.1 60 0.1 - -

WongPartnership LLP 3 9 (0.3) 16 0.0 0.3 11

O'Melveny & Myers LLP 2 16 13.2 7,399 13.2 - -

Morgan Lewis & Bockius LLP 2 16 12.8 7,150 12.8 - -


Willkie Farr & Gallagher LLP 2 16 12.5 7,150 12.8 0.3 19

Wilson Sonsini Goodrich & Rosati PC 2 16 (1.8) 450 0.8 2.6 19


$55,861 869 $53,338



TOTAL

Bloomberg

$0

$4,000

$8,000

$12,000

$16,000

$20,000

$24,000

$28,000

0

40

80

120

160

200

240

280

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

45


- 20112012

India Announced Deals

1/1/12 12/31/12

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Amarchand Mangaldas & Suresh A Shroff & Co 58 1 2.0 6,935 13.9 11.9 3

AZB & Partners 49 2 (18.0) 6,568 13.2 31.2 1

Khaitan & Co 42 3 (5.8) 1,725 3.5 9.3 2

Trilegal 23 4 1.3 660 1.3 - -



Jones Day 7 6 2.6 1,856 3.7 1.1 6

Allen & Overy LLP 5 8 (6.4) 6,142 12.3 18.7 19

Davis Polk & Wardwell 5 8 4.2 2,116 4.2 - -


Baker & McKenzie LLP 5 8 2.0 974 2.0 0.0 36

Clifford Chance LLP 5 8 (0.3) 353 0.7 1.0 10

WongPartnership LLP 5 8 (0.8) 193 0.4 1.2 16

Linklaters LLP 4 14 (17.9) 844 1.7 19.6 4

Gibson Dunn & Crutcher LLP 4 14 (0.9) 272 0.5 1.4 36



Slaughter & May 3 16 5.4 2,675 5.4 0.0 36


Mayer Brown LLP 3 16 2.0 1,045 2.1 0.1 36


$49,890 845 $40,436



TOTAL

Bloomberg

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

0

100

200

300

400

500

2009

Q1

2009

Q2

2009

Q3

2009

Q4

2010

Q1

2010

Q2

2010

Q3

2010

Q4

2011

Q1

2011

Q2

2011

Q3

2011

Q4

2012

Q1

2012

Q2

2012

Q3

2012

Q4

/

QUARTERLY VOLUME

USD (Mln) #Deals

46


- 20112012

South East Asia Announced Deals

1/1/12 12/31/12

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Allen & Gledhill 55 2 (3.5) 15,362 10.9 14.4 2


Stamford Law Corp 26 4 15.9 22,639 16.1 0.2 25

Shook Lin & Bok LLP 25 5 14.0 26,043 18.5 4.5 4

Rajah & Tann 17 6 0.1 4,213 3.0 2.9 5

Allen & Overy LLP 15 7 (2.3) 8,297 5.9 8.2 6

Linklaters LLP 13 8 4.3 12,376 8.8 4.5 7




Drew & Napier LLC 9 12 8.5 12,867 9.1 0.6 10


Jones Day 9 12 (3.7) 896 0.6 4.3 8

Allens 9 12 0.2 358 0.3 0.1 58


Kim & Chang 8 16 0.5 1,171 0.8 0.3 19

Norton Rose LLP 7 18 (1.9) 5,584 4.0 5.9 10


White & Case LLP 7 18 0.5 817 0.6 0.1 19


$140,917 1,332 $97,420



TOTAL

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01/02/2013

Bloomberg M&A league tables represent transactions that are either pending or completed, and for which Bloomberg

has been notified.

Bloomberg M&A league tables include mergers, acquisitions, divestitures, self-tenders, spinoffs, debt-for-equity swaps,

private placements of common equity and convertible securities, and purchases of convertible securities and cash

injection components of recapitalizations according to Bloomberg standards. Excludes open market transactions. All

deals except additional stake purchases are subjected to a minimum threshold of 5% equity or USD 50 million total

value. League table credit is based on announced total value of a deal.

Bloomberg LP and its suppliers believe the information herein was obtained from reliable sources, but they do not

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