GLOBAL M&A MARKET REVIEW - Bloomberg Finance L.P. · 2016-05-18 · provide a global perspective...

GLOBAL M&A MARKET REVIEW LEGAL RANKINGS 1st 3Q 2015

CONTENTS

1. Introduction2. Global M&A Heat Map3. Global M&A Regional Review4. Global M&A League Tables6. Americas M&A Regional Review7. Americas M&A League Tables9. EMEA M&A Regional Review10. EMEA M&A League Tables14. APAC M&A Regional Review15. APAC M&A League Tables20. Disclaimer

DATA SUBMISSIONS AND QUERIES

Contact Phone Email North America Rachel Campanelli +1-646-324-4657 [email protected]

EMEA Madeeha Ahmad +44-20-3525-3754 [email protected]

Asia Pacific Parker Leung +852-2977-6108 [email protected]

General M&A queries may be submitted to: [email protected], [email protected], [email protected]

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 recapitalization 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 our Bloomberg Brief newsletter provides 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. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/.

Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service.

1st 3Q 2015

GLOBAL M&A LEGAL ADVISORY RANKINGS

©2015 Bloomberg Finance L.P. All rights reserved. 1

mailto:[email protected]



http://www.bloomberg.com/professional/solutions/investment-banking/

Scale in USD Bln. 0 - 57

58 - 9596 - 190

191 - 380381 - 570571 - 950

951 - 1,4251,426 - 1,7101,711 - 1,900

1,901 -

Global M&A Heat Map

Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1st 3Q2015.

North America USD 1.9T 1. Skadden Arps Meagher & Flom LLP 26.2%2. Davis Polk & Wardwell LLP 25.1% 3. Sullivan & Cromwell LLP 22.9%

Western Europe USD 776.2B 1. Freshfields Bruckhaus Deringer LLP 25.6% 2. Slaughter & May 18.2% 3. De Brauw Blackstone Westbroek NV 17.4%

Latin America & Caribbean USD 94.7B 1. Skadden Arps Meagher & Flom LLP 8.8%2. Clifford Chance LLP 8.0% 3. Lefosse Advogados 7.0%

Middle East & Africa USD 118.0B 1. Kirkland & Ellis LLP 37.9% 2. Weil Gotshal & Manges LLP 35.4%3. Latham & Watkins LLP 34.8%

Asia Pacific USD 947.6B 1. Skadden Arps Meagher & Flom LLP 13.7%2. Freshfields Bruckhaus Deringer LLP 13.0%3. Herbert Smith Freehills LLP 9.9%

Eastern Europe USD 47.2B 1. Norton Rose Fulbright LLP 13.8%2. Herbert Smith Freehills LLP 12.4%3. Dentons 9.4%

Glo

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3Q

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2

DateTotal Value

(Mln.)Amount

(Bln.) % of Total% YoY

Change

Number of deals 27,737 Consumer Non-cyclical $654.3 22.1% 25.5%

Volume (Bln.) $2,935 Financial $571.4 19.3% 21.7%

Avg Deal Size (Mln.) $106 Energy $361.6 12.2% 17.1%

Communications $358.9 12.1% -0.9%

Industrial $317.5 10.7% 34.0%

Skadden Arps Meagher & Flom LLP Consumer Cyclical $215.5 7.3% -16.6%

Number of deals 231 Technology $204.5 6.9% 80.4%

Volume (Bln.) $576.5 Basic Materials $114.0 3.9% -8.5%

Avg Deal Size (Bln.) $2.5 Utilities $83.6 2.8% 6.8%

Diversified $76.4 2.6% 292.5%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $1,947.3 12.0% 41.6%

Cross Border $1,144.7 22.3% 9.1%

Private Equity $577.1 25.5% 8.5%

Asset Sale $489.1 4.2% -0.9%

Tender Offer $228.9 -7.9% 4.6%

Venture Capital $88.8 30.6% 63.2%

Spin-off $43.9 -3.8% -75.2%

Minority Purchase $269.2 25.9% 18.9%

Majority Purchase $145.6 11.7% -23.4%

Quarterly Volume represents any involvement (target, seller, or acquirer).

Global M&A Regional Review

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2015Global M&A: Premium Breakdown

Global M&A: Highlights of 1st 3Q 2015 Global M&A: Industry Breakdown

Summary Target Acquirer Seller Industry

4/8/2015 BG Group PLC Royal Dutch Shell PLC - $79,308.5

Top Adviser9/28/2015 Williams Cos Inc/The Energy Transfer Equity LP -

5/26/2015 Time Warner Cable IncCharter Communications

Inc- $79,249.7

$58,093.3

3/25/2015 Kraft Foods Group Inc Kraft Heinz Foods Co - $55,422.9

Global M&A: Quarterly Volume Global M&A: Deal Type Breakdown

Deal Type

7/24/2015 Cigna Corp Anthem Inc - $50,382.3

0

2,000

4,000

6,000

8,000

10,000

12,000

$0

$200

$400

$600

$800

$1,000

$1,200

2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3

Volume (Bln.) Deal Count

20%

32%

39%

8%

0% 1%0-10%

10-25%

25-50%

50-75%

75-100%

100%+

• Global deal volume is on target to reach a record high this year, showing a similar trend to deal volume in2007 which attained over $4.0T at year end. Volume reached $2.9T in the first 3Q2015 with deal count up14.1% compared to the same period last year.

• Venture capital investments increased significantly with deal count YTD equating to 93.4% of all venturecapital investments for full year 2014. A competitor to Uber Technologies Inc, Didi Kuaidi, completed thelargest round of financing on record at $3.0B.

• Skadden Arps Slate Meagher & Flom LLP was the frontrunner in the legal advisory rankings based onvolume replacing Cleary Gottlieb Steen & Hamilton LLP who led the legal rankings in the same period lastyear. Jones Day remains the number one legal adviser in deal count for the tenth consecutive year.

3

Global Announced Deals (By Volume) 01/01/2015 - 09/30/2015 Global Announced Deals (By Deal Count) 01/01/2015 - 09/30/2015

Skadden Arps Slate Meagher & Flom LLP 1 19.7 576,475 231 2 13.1 6.6 Jones Day 1 5.3 155,314 349 1 9.8 -4.5Cravath Swaine & Moore LLP 2 17.2 503,085 66 19 5.8 11.4 Kirkland & Ellis LLP 2 9.7 283,200 280 3 7.4 2.3Davis Polk & Wardwell LLP 3 16.6 486,133 147 10 9.0 7.6 Skadden Arps Slate Meagher & Flom LLP 3 19.7 576,475 231 9 13.1 6.6Sullivan & Cromwell LLP 4 16.1 472,440 115 3 13.0 3.1 Latham & Watkins LLP 4 14.0 411,022 214 2 9.2 4.8Latham & Watkins LLP 5 14.0 411,022 214 9 9.2 4.8 White & Case LLP 5 12.7 373,201 186 13 8.3 4.4Wachtell Lipton Rosen & Katz 6 13.2 386,194 89 7 10.2 3.0 Clifford Chance LLP 6 3.0 88,370 173 10 4.4 -1.4White & Case LLP 7 12.7 373,201 186 11 8.3 4.4 Baker & McKenzie LLP 7 2.3 67,941 169 5 4.7 -2.4Freshfields Bruckhaus Deringer LLP 8 11.0 321,220 137 6 10.8 0.1 Linklaters LLP 8 4.4 130,315 161 6 6.2 -1.7Gibson Dunn & Crutcher LLP 9 10.5 306,626 95 32 2.9 7.6 Weil Gotshal & Manges LLP 9 7.8 228,675 157 7 12.3 -4.6Kirkland & Ellis LLP 10 9.7 283,200 280 14 7.4 2.3 DLA Piper LLP 10 3.6 105,592 151 11 1.3 2.3Simpson Thacher & Bartlett LLP 11 9.0 264,497 107 5 11.6 -2.6 Allen & Overy LLP 11 3.4 99,472 149 4 8.0 -4.6Paul Weiss Rifkind Wharton & Garrison LLP 12 8.5 249,313 109 25 3.7 4.8 Davis Polk & Wardwell LLP 12 16.6 486,133 147 25 9.0 7.6Fried Frank Harris Shriver & Jacobson LLP 13 8.2 240,173 59 26 3.1 5.1 Freshfields Bruckhaus Deringer LLP 13 11.0 321,220 137 8 10.8 0.1Weil Gotshal & Manges LLP 14 7.8 228,675 157 4 12.3 -4.6 Stikeman Elliott LLP 13 5.4 158,401 137 25 6.2 -0.8Shearman & Sterling LLP 15 6.5 191,611 88 12 8.2 -1.7 CMS Legal Services EEIG 15 0.1 2,502 134 12 0.4 -0.3King & Wood Mallesons 16 6.3 185,097 95 42 2.0 4.3 Norton Rose Fulbright LLP 16 2.0 57,391 132 19 2.2 -0.2Allens 17 6.2 182,133 56 45 1.9 4.3 Morgan Lewis & Bockius LLP 17 2.4 70,984 130 21 1.6 0.8Stikeman Elliott LLP 18 5.4 158,401 137 16 6.2 -0.8 Sullivan & Cromwell LLP 18 16.1 472,440 115 35 13.0 3.1Jones Day 19 5.3 155,314 349 8 9.8 -4.5 Hogan Lovells 19 2.2 65,327 114 14 2.3 -0.1Cleary Gottlieb Steen & Hamilton LLP 20 5.0 147,311 55 1 13.7 -8.6 Fenwick & West LLP 20 0.6 16,089 113 18 1.5 -0.9TOTAL 2,934,042 27,740 TOTAL 2,934,042 27,740

Global Announced Deals- Principals (By Volume) 01/01/2015 - 09/30/2015 Global Announced Deals- Principals (By Deal Count) 01/01/2015 - 09/30/2015

Skadden Arps Slate Meagher & Flom LLP 1 20.7 494,025 207 2 13.0 7.8 Jones Day 1 6.5 153,709 342 1 9.7 -3.3Cravath Swaine & Moore LLP 2 17.8 424,314 48 19 5.0 12.8 Kirkland & Ellis LLP 2 11.6 275,484 274 3 6.2 5.3Wachtell Lipton Rosen & Katz 3 15.4 367,058 86 3 12.6 2.8 Skadden Arps Slate Meagher & Flom LLP 3 20.7 494,025 207 12 13.0 7.8Latham & Watkins LLP 4 13.9 329,870 199 6 9.9 4.0 Latham & Watkins LLP 4 13.9 329,870 199 2 9.9 4.0Sullivan & Cromwell LLP 5 13.4 320,026 75 9 8.4 5.1 Clifford Chance LLP 5 3.7 87,704 172 9 5.3 -1.6Freshfields Bruckhaus Deringer LLP 6 13.3 316,818 133 5 10.3 3.1 Baker & McKenzie LLP 6 2.8 67,631 167 5 5.7 -2.9Kirkland & Ellis LLP 7 11.6 275,484 274 15 6.2 5.3 Linklaters LLP 7 5.4 127,864 160 6 7.0 -1.6Davis Polk & Wardwell LLP 8 8.5 201,945 101 29 3.2 5.3 Weil Gotshal & Manges LLP 8 7.3 173,068 149 8 14.1 -6.8King & Wood Mallesons 9 7.8 184,783 94 39 2.5 5.3 DLA Piper LLP 8 0.7 15,942 149 10 1.6 -0.9Allens 10 7.6 181,969 55 41 2.3 5.3 Allen & Overy LLP 10 4.2 98,742 147 4 9.8 -5.6Weil Gotshal & Manges LLP 11 7.3 173,068 149 1 14.1 -6.8 Stikeman Elliott LLP 11 6.6 157,515 135 23 7.5 -0.9Simpson Thacher & Bartlett LLP 12 7.0 166,694 92 4 11.7 -4.7 White & Case LLP 12 4.8 113,244 134 19 2.9 1.8Stikeman Elliott LLP 13 6.6 157,515 135 11 7.5 -0.9 CMS Legal Services EEIG 12 0.1 2,502 134 11 0.4 -0.3Paul Weiss Rifkind Wharton & Garrison LLP 14 6.5 155,645 103 26 3.3 3.2 Freshfields Bruckhaus Deringer LLP 14 13.3 316,818 133 7 10.3 3.1Jones Day 15 6.5 153,709 342 8 9.7 -3.3 Norton Rose Fulbright LLP 15 2.1 49,962 130 17 2.7 -0.6Slaughter & May 16 6.1 144,603 56 14 6.4 -0.3 Morgan Lewis & Bockius LLP 16 2.0 48,549 128 20 2.0 0.1Gibson Dunn & Crutcher LLP 17 5.9 140,849 71 44 2.2 3.7 Fenwick & West LLP 17 0.7 16,089 113 15 1.8 -1.1De Brauw Blackstone Westbroek NV 18 5.7 135,119 43 89 0.8 4.9 Hogan Lovells 18 2.7 64,651 112 13 2.8 -0.1Linklaters LLP 19 5.4 127,864 160 13 7.0 -1.6 Nagashima Ohno & Tsunematsu 19 1.1 25,735 106 29 0.5 0.6Sidley Austin LLP 20 5.0 118,224 68 25 3.4 1.6 Squire Patton Boggs US LLP 20 0.2 3,931 105 37 0.4 -0.3TOTAL 2,381,977 6,946 TOTAL 2,381,977 6,946

2,483,154

2,012,464 2,012,464

FIRMFIRM

2015 2014MKT SHR CHANGE

FIRM

RANKMKT SHR

(%) VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

2,483,154

2014MKT SHR CHANGE RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

2015 2014MKT SHR CHANGE FIRM

2015MKT SHR

(%) VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

2015 2014MKT SHR CHANGE RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

4

Cross Border Announced Deals (By Volume) 01/01/2015 - 09/30/2015 Global Private Equity Deals (By Volume) 01/01/2015 - 09/30/2015

Freshfields Bruckhaus Deringer LLP 1 18.9 216,540 102 1 17.4 1.6 Davis Polk & Wardwell LLP 1 12.5 72,275 40 11 7.9 4.7Sullivan & Cromwell LLP 2 18.5 211,618 45 8 10.3 8.2 Kirkland & Ellis LLP 2 12.1 69,526 178 4 12.2 -0.2Skadden Arps Slate Meagher & Flom LLP 3 15.2 173,393 99 3 13.8 1.4 Skadden Arps Slate Meagher & Flom LLP 3 11.6 67,006 52 5 10.2 1.4Cravath Swaine & Moore LLP 4 13.5 154,752 26 16 6.5 7.0 Simpson Thacher & Bartlett LLP 4 10.7 61,900 57 3 13.6 -2.8Latham & Watkins LLP 5 13.2 150,658 95 20 6.0 7.2 Sullivan & Cromwell LLP 5 9.4 54,313 29 22 4.0 5.4Slaughter & May 6 12.4 142,309 47 14 6.7 5.8 Torys LLP 6 8.7 50,229 21 43 1.6 7.1Davis Polk & Wardwell LLP 7 11.5 131,886 57 10 8.7 2.8 Weil Gotshal & Manges LLP 7 8.2 47,201 85 2 13.9 -5.7King & Wood Mallesons 8 10.4 118,788 47 57 1.8 8.6 Sidley Austin LLP 8 7.7 44,375 27 52 1.2 6.5De Brauw Blackstone Westbroek NV 9 10.3 118,312 31 68 1.4 8.9 Clifford Chance LLP 9 7.3 41,847 79 14 6.6 0.7Ashurst LLP 10 10.3 117,857 62 55 1.9 8.4 Latham & Watkins LLP 10 6.5 37,585 84 1 16.3 -9.8Allens 11 8.8 100,305 38 30 4.1 4.7 Ropes & Gray LLP 11 6.3 36,608 49 17 5.0 1.3Simpson Thacher & Bartlett LLP 12 8.7 100,100 48 6 11.8 -3.1 Freshfields Bruckhaus Deringer LLP 12 5.5 31,575 52 7 10.1 -4.6Debevoise & Plimpton LLP 13 8.1 92,201 34 17 6.3 1.8 Hogan Lovells 13 5.4 31,201 40 58 1.0 4.4Lee & Ko 14 7.9 90,041 17 100 0.5 7.4 Cleary Gottlieb Steen & Hamilton LLP 14 5.4 31,034 18 6 10.1 -4.8Allen & Overy LLP 15 7.8 88,902 126 2 16.5 -8.7 Jones Day 15 5.2 30,152 136 27 3.2 2.0Linklaters LLP 16 7.3 83,956 139 5 12.8 -5.5 Morgan Lewis & Bockius LLP 16 5.0 28,785 49 86 0.5 4.5Weil Gotshal & Manges LLP 17 7.3 83,147 80 26 5.0 2.2 Allen & Overy LLP 17 4.8 27,425 53 13 6.8 -2.0Kirkland & Ellis LLP 18 7.1 80,867 86 18 6.3 0.8 King & Wood Mallesons 18 4.7 27,015 20 31 2.7 2.0Herbert Smith Freehills LLP 19 6.6 75,090 75 13 6.9 -0.3 Fried Frank Harris Shriver & Jacobson LLP 19 4.5 26,080 27 55 1.1 3.5White & Case LLP 20 6.5 74,726 111 22 5.7 0.8 White & Case LLP 20 4.4 25,638 69 9 8.3 -3.9TOTAL 1,144,802 10,241 TOTAL 577,155 7,7681,049,678 531,874

FIRM


2015 2014VOLUME USD

(Mln)MKT SHR CHANGE RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

DEAL COUNT RANK

MKT SHR (%)

5

Country

United States $1,502.9 93.2% 23.8%

Canada $47.8 3.0% -44.8%

Brazil $22.7 1.4% -51.1%

Bermuda $8.1 0.5% 70.6%

Mexico $7.9 0.5% -53.1%

British Virgin Islands $7.3 0.5% 60.7%

Chile $5.1 0.3% -52.0%

Colombia $0.3 0.0% -91.2%

DateTotal Value

(Mln.)Amount


Change

Number of deals 12,238 Consumer Non-cyclical $488.4 30.2% 35.5%

Volume (Bln.) $1,613.0 Financial $269.8 16.7% 44.0%

Avg Deal Size (Mln.) $131.8 Communications $200.8 12.4% -8.7%

Energy $194.2 12.0% -13.4%

Technology $145.2 9.0% 81.0%

Davis Polk & Wardwell LLP Industrial $141.3 8.8% 75.0%

Number of deals 110 Consumer Cyclical $81.0 5.0% -36.4%

Volume (Bln.) $444.0 Utilities $45.9 2.8% -12.4%

Avg Deal Size (Bln.) $4.0 Basic Materials $43.9 2.7% -35.6%

Diversified $4.5 0.3% -45.8%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $1,171.7 6.7% 36.7%

Cross Border $415.1 19.4% 5.1%

Private Equity $319.3 20.3% 11.8%

Asset Sale $290.1 -4.3% 7.0%

Tender Offer $123.8 0.0% 92.8%


Spin-off $19.5 -12.5% -87.5%


Majority Purchase $17.9 16.4% -42.9%


Americas M&A Regional Review

Glob

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Revi

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1st 3

Q20

15Americas M&A: Country BreakdownAmount


Change

Americas M&A: Highlights of 1st 3Q 2015 Americas M&A: Industry Breakdown


5/26/2015 Time Warner Cable IncCharter Communications

Inc- $79,249.7

Top Adviser3/25/2015 Kraft Foods Group Inc Kraft Heinz Foods Co -

9/28/2015 Williams Cos Inc/The Energy Transfer Equity LP - $58,093.3

$55,422.9

7/24/2015 Cigna Corp Anthem Inc - $50,382.3

Americas M&A: Quarterly Volume Americas M&A: Deal Type Breakdown

Deal Type

7/27/2015 Generic drug businessTeva Pharmaceutical

Industries LtdAllergan plc $40,500.0

0

1,000

2,000

3,000

4,000

5,000

6,000

$0

$200

$400

$600

$800

$1,000

2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3


• The Americas continued to be the most targeted region, accounting for 55.0% of volume YTD. The USwas responsible for 93.2% of deals for the region, up 23.8% in volume from the same period last year.

• US deals within the technology sector experienced the largest percentage change with an increase of96.8%, bolstered by the sale of SunGard Data Systems Inc to Fidelity National Information Services Incfor $9.1 billion announced in the third quarter.

• Anthem Inc’s $50.4 billion announced acquisition of Cigna Corp and Aetna Inc’s announced acquisitionof Humana Inc for $28.9 billion dominated the high activity represented in the consumer, non-cyclicalsector. Once completed, the health insurers consolidation will increase the companies’ scale andsignificance amid regulatory changes in the health-care industry.

6

US Announced Deals (By Volume) 01/01/2015 - 09/30/2015 US Announced Deals (By Deal Count) 01/01/2015 - 09/30/2015

Skadden Arps Slate Meagher & Flom LLP 1 27.2 486,591 179 3 18.3 8.9 Kirkland & Ellis LLP 1 15.5 277,108 261 2 11.8 3.7Davis Polk & Wardwell LLP 2 26.3 470,746 122 9 12.1 14.2 Jones Day 2 7.8 139,233 252 1 15.3 -7.5Sullivan & Cromwell LLP 3 23.7 424,989 97 4 18.1 5.6 Skadden Arps Slate Meagher & Flom LLP 3 27.2 486,591 179 5 18.3 8.9Cravath Swaine & Moore LLP 4 22.8 408,483 62 14 9.4 13.5 Latham & Watkins LLP 4 20.9 373,770 175 3 14.3 6.6Latham & Watkins LLP 5 20.9 373,770 175 8 14.3 6.6 Weil Gotshal & Manges LLP 5 12.3 219,326 124 4 19.6 -7.3White & Case LLP 6 20.2 361,537 120 10 11.9 8.3 Davis Polk & Wardwell LLP 6 26.3 470,746 122 13 12.1 14.2Wachtell Lipton Rosen & Katz 7 20.1 360,265 84 5 16.0 4.1 White & Case LLP 7 20.2 361,537 120 14 11.9 8.3Gibson Dunn & Crutcher LLP 8 17.0 304,051 86 29 4.4 12.6 Fenwick & West LLP 8 0.8 14,790 112 6 2.3 -1.5Kirkland & Ellis LLP 9 15.5 277,108 261 11 11.8 3.7 Morgan Lewis & Bockius LLP 9 3.3 59,667 111 10 2.3 1.0Simpson Thacher & Bartlett LLP 10 13.6 244,093 93 6 15.6 -2.0 Cooley LLP 10 1.0 16,961 103 15 0.9 0.1Paul Weiss Rifkind Wharton & Garrison LLP 11 13.4 240,207 96 20 5.6 7.8 Sullivan & Cromwell LLP 11 23.7 424,989 97 22 18.1 5.6Fried Frank Harris Shriver & Jacobson LLP 12 12.8 228,480 53 27 4.7 8.1 Wilson Sonsini Goodrich & Rosati PC 11 4.5 80,516 97 8 1.4 3.1Weil Gotshal & Manges LLP 13 12.3 219,326 124 1 19.6 -7.3 Paul Weiss Rifkind Wharton & Garrison LLP 13 13.4 240,207 96 11 5.6 7.8Shearman & Sterling LLP 14 9.7 174,434 62 12 10.4 -0.7 Simpson Thacher & Bartlett LLP 14 13.6 244,093 93 9 15.6 -2.0Jones Day 15 7.8 139,233 252 7 15.3 -7.5 DLA Piper LLP 15 5.6 100,108 89 15 1.4 4.2Cleary Gottlieb Steen & Hamilton LLP 16 7.4 132,690 43 2 19.5 -12.1 Gibson Dunn & Crutcher LLP 16 17.0 304,051 86 17 4.4 12.6Debevoise & Plimpton LLP 17 7.3 131,374 65 13 10.1 -2.8 O'Melveny & Myers LLP 17 2.2 39,436 85 7 3.6 -1.4Sidley Austin LLP 18 7.1 127,805 70 23 5.0 2.2 Wachtell Lipton Rosen & Katz 18 20.1 360,265 84 25 16.0 4.1Davies Ward Phillips & Vineberg LLP 19 6.0 107,984 29 38 2.7 3.3 Stikeman Elliott LLP 19 4.8 86,172 73 28 7.2 -2.4Freshfields Bruckhaus Deringer LLP 20 5.7 101,836 49 16 7.1 -1.4 Sidley Austin LLP 20 7.1 127,805 70 20 5.0 2.2TOTAL 1,790,628 13,039 TOTAL 1,790,628 13,039

US Announced Deals- Principals (By Volume) 01/01/2015 - 09/30/2015 US Announced Deals- Principals (By Deal Count) 01/01/2015 - 09/30/2015

Skadden Arps Slate Meagher & Flom LLP 1 25.4 405,562 157 3 18.1 7.2 Kirkland & Ellis LLP 1 16.9 269,392 255 2 9.6 7.3Wachtell Lipton Rosen & Katz 2 22.1 352,799 82 2 18.7 3.4 Jones Day 2 8.6 137,837 247 1 14.1 -5.4Cravath Swaine & Moore LLP 3 20.8 332,221 45 11 7.6 13.2 Latham & Watkins LLP 3 19.7 314,200 163 3 14.3 5.3Latham & Watkins LLP 4 19.7 314,200 163 5 14.3 5.3 Skadden Arps Slate Meagher & Flom LLP 4 25.4 405,562 157 6 18.1 7.2Sullivan & Cromwell LLP 5 18.0 288,144 62 7 12.2 5.9 Weil Gotshal & Manges LLP 5 10.3 164,301 117 4 21.4 -11.1Kirkland & Ellis LLP 6 16.9 269,392 255 8 9.6 7.3 Fenwick & West LLP 6 0.9 14,790 112 5 2.7 -1.8Davis Polk & Wardwell LLP 7 12.2 194,708 84 41 2.4 9.8 Morgan Lewis & Bockius LLP 7 2.3 37,231 109 9 2.7 -0.4Weil Gotshal & Manges LLP 8 10.3 164,301 117 1 21.4 -11.1 Cooley LLP 8 1.1 16,961 103 13 1.0 0.1Paul Weiss Rifkind Wharton & Garrison LLP 9 9.2 146,539 90 22 4.7 4.5 Wilson Sonsini Goodrich & Rosati PC 9 5.0 80,516 97 7 1.6 3.4Simpson Thacher & Bartlett LLP 10 9.2 146,291 78 4 15.0 -5.8 Paul Weiss Rifkind Wharton & Garrison LLP 10 9.2 146,539 90 11 4.7 4.5Gibson Dunn & Crutcher LLP 11 8.7 139,802 64 34 3.0 5.8 DLA Piper LLP 11 0.7 10,459 87 13 1.7 -1.0Jones Day 12 8.6 137,837 247 6 14.1 -5.4 Davis Polk & Wardwell LLP 12 12.2 194,708 84 37 2.4 9.8Sidley Austin LLP 13 7.2 115,125 66 21 5.2 2.0 Wachtell Lipton Rosen & Katz 13 22.1 352,799 82 20 18.7 3.4Davies Ward Phillips & Vineberg LLP 14 6.8 107,984 28 32 3.1 3.6 Simpson Thacher & Bartlett LLP 14 9.2 146,291 78 10 15.0 -5.8White & Case LLP 15 6.6 105,620 70 40 2.4 4.2 Stikeman Elliott LLP 15 5.3 85,393 72 25 8.4 -3.1Freshfields Bruckhaus Deringer LLP 16 6.4 101,658 48 23 4.7 1.7 O'Melveny & Myers LLP 16 1.3 20,868 71 8 3.1 -1.8McCarthy Tetrault LLP 17 5.5 88,286 44 91 0.5 5.0 White & Case LLP 17 6.6 105,620 70 28 2.4 4.2Stikeman Elliott LLP 18 5.3 85,393 72 9 8.4 -3.1 King & Spalding LLP 17 1.1 17,438 70 55 1.4 -0.3King & Wood Mallesons 19 5.2 82,967 29 128 0.2 5.0 Paul Hastings LLP 17 0.8 12,728 70 55 0.2 0.6Wilson Sonsini Goodrich & Rosati PC 20 5.0 80,516 97 53 1.6 3.4 Ropes & Gray LLP 20 4.9 78,704 68 19 2.4 2.5TOTAL 1,598,655 3,490 TOTAL 1,598,655 3,490 1,282,015 1,282,015

1,496,385 1,496,385

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

MKT SHR CHANGE RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) FIRM


2015 2014

7

Canada Announced Deals (By Volume) 01/01/2015 - 09/30/2015 Canada Announced Deals (By Deal Count) 01/01/2015 - 09/30/2015

Torys LLP 1 26.9 47,338 33 8 15.3 11.6 Stikeman Elliott LLP 1 9.3 16,435 110 2 19.7 -10.4Osler Hoskin & Harcourt LLP 2 22.4 39,336 66 1 29.0 -6.6 McCarthy Tetrault LLP 2 19.0 33,481 80 1 16.8 2.3McCarthy Tetrault LLP 3 19.0 33,481 80 6 16.8 2.3 Osler Hoskin & Harcourt LLP 3 22.4 39,336 66 5 29.0 -6.6Davis Polk & Wardwell LLP 4 19.0 33,338 8 45 1.3 17.7 Gowling Lafleur Henderson LLP 4 2.7 4,663 60 3 3.4 -0.7Sullivan & Cromwell LLP 5 18.6 32,713 11 14 8.2 10.4 Blake Cassels & Graydon LLP 5 14.7 25,933 55 4 19.2 -4.4Blake Cassels & Graydon LLP 6 14.7 25,933 55 3 19.2 -4.4 Davies Ward Phillips & Vineberg LLP 6 11.3 19,798 44 10 16.3 -5.0Shearman & Sterling LLP 7 12.8 22,586 6 38 1.9 10.9 Borden Ladner Gervais LLP 7 2.1 3,736 34 9 3.0 -0.8White & Case LLP 8 11.6 20,334 9 13 9.4 2.2 Torys LLP 8 26.9 47,338 33 7 15.3 11.6Davies Ward Phillips & Vineberg LLP 9 11.3 19,798 44 7 16.3 -5.0 Norton Rose Fulbright LLP 9 5.0 8,862 32 6 14.8 -9.8Skadden Arps Slate Meagher & Flom LLP 10 10.3 18,158 8 5 17.6 -7.3 Fasken Martineau DuMoulin LLP 10 4.5 7,841 26 8 2.2 2.3Clifford Chance LLP 11 10.1 17,739 8 42 1.4 8.7 Cassels Brock & Blackwell LLP 11 3.1 5,415 25 13 0.9 2.2Stikeman Elliott LLP 12 9.3 16,435 110 2 19.7 -10.4 Kirkland & Ellis LLP 12 2.7 4,660 20 17 10.5 -7.9Cleary Gottlieb Steen & Hamilton LLP 13 8.8 15,524 4 34 2.2 6.7 Bennett Jones LLP 12 1.9 3,255 20 19 3.0 -1.1Sidley Austin LLP 14 8.1 14,314 6 74 0.3 7.9 Weil Gotshal & Manges LLP 14 6.4 11,218 18 25 1.4 5.0Herbert Smith Freehills LLP 15 8.1 14,167 8 51 0.9 7.1 Dentons 15 3.5 6,168 16 11 3.6 -0.1Debevoise & Plimpton LLP 16 7.5 13,196 7 41 1.6 6.0 McMillan LLP 15 1.2 2,115 16 48 0.1 1.1Cadwalader Wickersham & Taft LLP 17 6.8 12,000 1 - - 6.8 Goodmans LLP 17 0.8 1,426 15 13 4.6 -3.8Simpson Thacher & Bartlett LLP 18 6.6 11,597 6 18 5.2 1.4 Paul Weiss Rifkind Wharton & Garrison LLP 18 5.8 10,161 14 16 17.8 -12.0Freshfields Bruckhaus Deringer LLP 19 6.5 11,399 5 22 3.6 2.9 Morgan Lewis & Bockius LLP 19 1.6 2,827 13 33 0.8 0.8Weil Gotshal & Manges LLP 20 6.4 11,218 18 43 1.4 5.0 Sullivan & Cromwell LLP 20 18.6 32,713 11 28 8.2 10.4TOTAL 175,888 2,192 TOTAL 175,888 2,192

Brazil Announced Deals (By Volume) 01/01/2015 - 09/30/2015 Brazil Announced Deals (By Deal Count) 01/01/2015 - 09/30/2015

Lefosse Advogados 1 21.6 6,663 7 19 3.4 18.3 Pinheiro Neto Advogados 1 5.0 1,527 34 2 32.9 -28.0Skadden Arps Slate Meagher & Flom LLP 2 19.1 5,894 5 8 13.2 6.0 Mattos Filho Veiga Filho Marrey Jr e Quiroga Advoga 2 15.6 4,802 31 1 19.5 -4.0Freshfields Bruckhaus Deringer LLP 3 18.8 5,787 2 50 0.0 18.7 Souza Cescon Barrieu & Flesch Advogados 3 8.7 2,673 25 6 13.6 -4.9Clifford Chance LLP 4 16.9 5,205 2 46 0.1 16.8 Barbosa Mussnich & Aragao 4 8.1 2,491 22 9 19.3 -11.2Mattos Filho Veiga Filho Marrey Jr e Quiroga Advoga 5 15.6 4,802 31 4 19.5 -4.0 Demarest Advogados 5 0.3 87 20 8 6.3 -6.0Shearman & Sterling LLP 6 14.5 4,454 2 37 0.9 13.5 Machado Meyer Sendacz e Opice Advogados 6 2.2 678 19 3 25.7 -23.5Torys LLP 7 13.9 4,280 1 - - 13.9 Veirano Advogados 7 4.5 1,394 17 7 1.6 3.0Souza Cescon Barrieu & Flesch Advogados 8 8.7 2,673 25 7 13.6 -4.9 Tozzini Freire Teixeira E Silva 8 2.9 892 13 4 9.3 -6.4Barbosa Mussnich & Aragao 9 8.1 2,491 22 5 19.3 -11.2 Azevedo Sette Advogados 9 - - 9 13 0.7 -0.7Pinheiro Neto Advogados 10 5.0 1,527 34 1 32.9 -28.0 Lefosse Advogados 10 21.6 6,663 7 17 3.4 18.3Veirano Advogados 11 4.5 1,394 17 35 1.6 3.0 Skadden Arps Slate Meagher & Flom LLP 11 19.1 5,894 5 13 13.2 6.0Cassels Brock & Blackwell LLP 12 2.9 900 1 - - 2.9 Stocche Forbes Padis Filizzola e Clapis Advogados 11 0.7 205 5 4 2.2 -1.6Tozzini Freire Teixeira E Silva 13 2.9 892 13 9 9.3 -6.4 Lobo & Rizzo Advogados 13 0.7 213 4 10 2.3 -1.6White & Case LLP 14 2.7 839 1 18 4.2 -1.4 Allen & Overy LLP 14 0.4 131 3 33 18.7 -18.3Wachtell Lipton Rosen & Katz 14 2.7 839 1 15 4.2 -1.5 Freshfields Bruckhaus Deringer LLP 15 18.8 5,787 2 23 0.0 18.7Machado Meyer Sendacz e Opice Advogados 16 2.2 678 19 3 25.7 -23.5 Clifford Chance LLP 15 16.9 5,205 2 33 0.1 16.8Kirkland & Ellis LLP 17 2.0 602 1 23 2.3 -0.4 Shearman & Sterling LLP 15 14.5 4,454 2 23 0.9 13.5Pinheiro Guimaraes Advogados 18 1.0 300 2 - - 1.0 Pinheiro Guimaraes Advogados 15 1.0 300 2 - - 1.0Simpson Thacher & Bartlett LLP 19 0.8 250 1 13 5.1 -4.3 Baker & McKenzie LLP 15 0.8 250 2 23 0.1 0.8Baker & McKenzie LLP 20 0.8 250 2 48 0.1 0.8 Anderson Mori & Tomotsune 15 0.6 198 2 - - 0.6TOTAL 30,805 350 TOTAL 30,805 35054,899

155,182 155,182

2014MKT SHR CHANGE FIRM


DEAL COUNT RANK

MKT SHR (%)

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) FIRM

2015

FIRM

2015

RANKMKT SHR

(%) VOLUME USD

(Mln)DEAL

COUNT RANK


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

54,899

8

Country

United Kingdom $251.7 40.0% 74.2%

Germany $70.3 11.2% 2.7%

France $49.8 7.9% -58.4%

Italy $37.4 5.9% 33.1%

Netherlands $33.1 5.3% 7.9%

Spain $32.7 5.2% -18.1%

Switzerland $20.6 3.3% -26.6%

Finland $11.4 1.8% -2.4%

DateTotal Value (USD Mln.)

Amount (Bln.) % of Total

% YoY Change

Number of deals 7,273 Financial $141.0 22.1% 3.7%

Volume (Bln.) $630 Energy $106.6 16.7% 196.0%

Avg Deal Size (Mln.) $86.6 Consumer Non-cyclical $91.6 14.4% 2.0%

Industrial $80.5 12.6% -20.0%

Communications $78.8 12.4% -22.8%

Freshfields Bruckhaus Deringer LLP Consumer Cyclical $66.9 10.5% -22.3%

Number of deals 101 Basic Materials $23.9 3.8% 8.6%

Volume (Bln.) $194.2 Technology $19.7 3.1% 20.4%

Avg Deal Size (Bln.) $1.9 Utilities $14.9 2.3% 15.4%

Diversified $13.2 2.1% 161.9%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $402.8 19.7% 32.3%

Cross Border $520.5 21.2% 11.8%


Asset Sale $126.8 21.1% -15.3%

Tender Offer $76.1 -29.3% -33.7%


Spin-off $2.9 -35.0% -57.2%

Minority Purchase $44.4 8.0% -12.1%

$41.7 -4.3% -55.2%

EMEA M&A Review

Glob

al M

&A

Revi

ew |

1st

3Q

2015EMEA M&A: Country Breakdown

Amount (Bln.) % of Total

% YoY Change

EMEA M&A Highlights of 1st 3Q 2015 EMEA M&A: Industry Breakdown


4/8/2015 BG Group PLC Royal Dutch Shell PLC - $79,308.5

Top Adviser4/15/2015 Alcatel-Lucent Nokia OYJ -

3/24/2015 Telefonica UK Ltd Hutchison Whampoa Ltd Telefonica SA $15,125.1

$11,669.9

8/6/2015Coca-Cola Erfrischungsgetraenke AG,Coca Cola Iberian Partners SA

Coca-Cola Enterprises Inc - $11,494.6

6/24/2015 Delhaize Group Koninklijke Ahold NV - $11,473.4

EMEA M&A: Quarterly Volume EMEA M&A: Deal Type Breakdown

Deal Type

Majority Purchase


0

1,000

2,000

3,000

4,000

$0

$100

$200

$300

$400

2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3


• At $629.8B, or a 3.9% increase from the first 3Q2014, EMEA maintained only marginal growth over the previous year, compared to 13.5% growth from the same period 2013 to 2014.

• 3Q2015 saw the third largest joint venture in EMEA’s history with the formation of Hutchison 3G Italy Investments Sarl created between VimpelCom Ltd and CK Hutchison Holdings Ltd.

• Historically low energy prices helped contribute to the 80.5% increase in energy asset sales for the first 3Q2015.

• The average premium for EMEA targets in deals over $1.0B in 3Q2015 was 7.5%, the lowest quarterly premium in five years.

• Cross border transactions represented 82.6% of the total volume, against 77.0% in 3Q2014 and 62.1% in 2013.

9

Europe Announced Deals (By Volume) 01/01/2015 - 09/30/2015 Europe Announced Deals (By Deal Count) 01/01/2015 - 09/30/2015

Freshfields Bruckhaus Deringer LLP 1 24.6 198,647 107 2 20.0 4.6 Jones Day 1 4.0 32,172 154 5 6.2 -2.2Slaughter & May 2 17.6 141,604 52 12 7.8 9.7 Linklaters LLP 2 10.7 86,133 152 3 13.2 -2.5De Brauw Blackstone Westbroek NV 3 16.8 135,119 42 58 1.8 15.0 Clifford Chance LLP 3 7.5 60,512 149 6 10.3 -2.8Cravath Swaine & Moore LLP 4 16.6 134,294 17 23 5.2 11.5 CMS Legal Services EEIG 4 0.3 2,497 132 2 0.8 -0.5Skadden Arps Slate Meagher & Flom LLP 5 14.0 112,706 66 5 12.8 1.2 Allen & Overy LLP 5 9.9 79,675 123 1 22.3 -12.4Ashurst LLP 6 13.8 111,551 55 66 1.3 12.5 Freshfields Bruckhaus Deringer LLP 6 24.6 198,647 107 4 20.0 4.6Sullivan & Cromwell LLP 7 12.3 99,319 26 7 12.2 0.2 White & Case LLP 7 7.8 62,667 97 11 2.8 5.0King & Wood Mallesons 8 11.2 90,330 20 121 0.3 11.0 Baker & McKenzie LLP 8 1.7 13,891 86 7 7.0 -5.3Lee & Ko 9 10.9 87,675 5 191 0.0 10.8 Latham & Watkins LLP 9 7.8 63,177 80 8 5.5 2.3Linklaters LLP 10 10.7 86,133 152 4 13.2 -2.5 Squire Patton Boggs US LLP 10 0.3 2,516 73 17 0.4 -0.1Simpson Thacher & Bartlett LLP 11 10.3 83,417 33 6 12.4 -2.1 DLA Piper LLP 11 1.0 7,815 71 10 2.6 -1.6Allens 12 10.2 82,066 16 37 3.0 7.2 Skadden Arps Slate Meagher & Flom LLP 12 14.0 112,706 66 16 12.8 1.2Allen & Overy LLP 13 9.9 79,675 123 1 22.3 -12.4 Weil Gotshal & Manges LLP 13 2.6 20,689 65 12 5.8 -3.3Davis Polk & Wardwell LLP 14 9.5 76,552 42 9 9.6 -0.1 Hogan Lovells 14 2.4 19,703 64 9 3.8 -1.3Latham & Watkins LLP 15 7.8 63,177 80 22 5.5 2.3 Dentons 15 0.6 4,676 59 19 4.0 -3.4White & Case LLP 16 7.8 62,667 97 42 2.8 5.0 Travers Smith 16 2.8 22,157 58 50 0.8 1.9Clifford Chance LLP 17 7.5 60,512 149 8 10.3 -2.8 Cuatrecasas Goncalves Pereira 17 0.5 3,975 56 50 0.5 0.0Herbert Smith Freehills LLP 18 6.1 49,194 51 19 5.9 0.2 Ashurst LLP 18 13.8 111,551 55 47 1.3 12.5Cleary Gottlieb Steen & Hamilton LLP 19 5.4 43,166 21 10 9.6 -4.3 Slaughter & May 19 17.6 141,604 52 28 7.8 9.7Shearman & Sterling LLP 20 5.1 41,055 30 11 9.2 -4.1 Herbert Smith Freehills LLP 20 6.1 49,194 51 13 5.9 0.2TOTAL 806,885 8,578 TOTAL 806,885 8,578

Europe Announced Deals- Principals (By Volume) 01/01/2015 - 09/30/2015 Europe Announced Deals- Principals (By Deal Count) 01/01/2015 - 09/30/2015

Freshfields Bruckhaus Deringer LLP 1 30.2 196,290 105 2 22.4 7.8 Jones Day 1 5.0 32,172 153 4 7.7 -2.7Slaughter & May 2 21.8 141,604 52 8 9.6 12.2 Linklaters LLP 2 12.9 83,682 151 3 15.3 -2.5De Brauw Blackstone Westbroek NV 3 20.8 135,119 42 55 2.2 18.6 Clifford Chance LLP 3 9.2 59,845 148 6 12.3 -3.1Cravath Swaine & Moore LLP 4 15.1 97,782 9 27 4.6 10.5 CMS Legal Services EEIG 4 0.4 2,497 132 2 1.0 -0.6Skadden Arps Slate Meagher & Flom LLP 5 15.0 97,501 61 7 11.1 3.9 Allen & Overy LLP 5 12.2 78,945 121 1 27.1 -14.9King & Wood Mallesons 6 13.9 90,330 20 118 0.3 13.6 Freshfields Bruckhaus Deringer LLP 6 30.2 196,290 105 4 22.4 7.8Lee & Ko 7 13.5 87,675 5 190 0.0 13.5 White & Case LLP 7 3.2 21,053 87 11 3.3 -0.1Linklaters LLP 8 12.9 83,682 151 4 15.3 -2.5 Baker & McKenzie LLP 8 2.1 13,891 86 7 8.6 -6.4Allens 9 12.6 81,902 15 34 3.7 8.9 Latham & Watkins LLP 9 6.3 41,086 75 8 6.0 0.3Allen & Overy LLP 10 12.2 78,945 121 1 27.1 -14.9 Squire Patton Boggs US LLP 10 0.4 2,516 73 16 0.5 -0.1Sullivan & Cromwell LLP 11 9.7 63,158 17 13 7.8 1.9 DLA Piper LLP 11 1.2 7,815 71 10 3.2 -1.9Clifford Chance LLP 12 9.2 59,845 148 6 12.3 -3.1 Weil Gotshal & Manges LLP 12 3.2 20,689 65 12 7.2 -4.0Simpson Thacher & Bartlett LLP 13 8.4 54,250 29 5 13.1 -4.7 Hogan Lovells 13 3.0 19,703 64 9 4.6 -1.6Herbert Smith Freehills LLP 14 7.6 49,194 51 16 6.6 0.9 Skadden Arps Slate Meagher & Flom LLP 14 15.0 97,501 61 22 11.1 3.9Latham & Watkins LLP 15 6.3 41,086 75 20 6.0 0.3 Dentons 15 0.7 4,676 59 18 4.9 -4.2Davis Polk & Wardwell LLP 16 5.5 35,605 30 21 5.8 -0.3 Travers Smith 16 3.4 22,157 58 51 1.0 2.4Hengeler Mueller 17 5.2 33,610 48 23 5.1 0.1 Cuatrecasas Goncalves Pereira 17 0.6 3,975 56 48 0.6 0.0Jones Day 18 5.0 32,172 153 14 7.7 -2.7 Slaughter & May 18 21.8 141,604 52 26 9.6 12.2Cleary Gottlieb Steen & Hamilton LLP 19 4.9 31,727 16 19 6.2 -1.4 Herbert Smith Freehills LLP 19 7.6 49,194 51 14 6.6 0.9Ashurst LLP 20 4.8 30,974 50 66 1.7 3.1 Ashurst LLP 20 4.8 30,974 50 45 1.7 3.1TOTAL 649,748 2,733 TOTAL 649,748 2,733 712,748 712,748

878,417 878,417

MKT SHR CHANGE


MKT SHR (%)

FIRM

2015 2014

RANK

RANKMKT SHR

(%) VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) RANKMKT SHR

(%)


2015VOLUME USD

(Mln)DEAL

COUNT

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) FIRM

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

10

UK Announced Deals (By Volume) 01/01/2015 - 09/30/2015 UK Announced Deals (By Deal Count) 01/01/2015 - 09/30/2015

Freshfields Bruckhaus Deringer LLP 1 41.7 150,682 66 1 22.2 19.5 Linklaters LLP 1 11.5 41,391 70 1 11.1 0.4Slaughter & May 2 32.8 118,585 41 7 10.5 22.3 Clifford Chance LLP 2 12.1 43,723 67 8 8.7 3.4Ashurst LLP 3 25.6 92,480 32 58 1.0 24.6 Freshfields Bruckhaus Deringer LLP 3 41.7 150,682 66 3 22.2 19.5Lee & Ko 4 24.3 87,674 3 155 - 24.3 Squire Patton Boggs US LLP 4 0.7 2,489 61 13 0.4 0.3Cravath Swaine & Moore LLP 5 24.0 86,523 6 20 6.2 17.8 Jones Day 5 3.8 13,668 59 3 3.7 0.0De Brauw Blackstone Westbroek NV 6 23.5 84,766 7 65 0.7 22.8 Travers Smith 6 6.1 22,152 57 21 1.2 4.9Allens 7 22.5 81,076 11 17 7.4 15.0 Allen & Overy LLP 7 4.9 17,766 50 2 22.0 -17.0King & Wood Mallesons 8 22.3 80,416 10 90 0.2 22.1 Slaughter & May 8 32.8 118,585 41 15 10.5 22.3Clifford Chance LLP 9 12.1 43,723 67 11 8.7 3.4 White & Case LLP 9 4.4 15,732 40 18 2.0 2.4Linklaters LLP 10 11.5 41,391 70 6 11.1 0.4 CMS Legal Services EEIG 10 0.4 1,418 39 5 1.6 -1.2Herbert Smith Freehills LLP 11 9.7 34,844 34 3 14.0 -4.3 DLA Piper LLP 11 1.5 5,328 35 6 4.4 -3.0Skadden Arps Slate Meagher & Flom LLP 12 8.0 28,715 28 8 9.7 -1.8 Herbert Smith Freehills LLP 12 9.7 34,844 34 10 14.0 -4.3Travers Smith 13 6.1 22,152 57 55 1.2 4.9 Hogan Lovells 13 3.3 11,903 33 7 3.5 -0.2Torys LLP 14 5.4 19,442 9 53 1.3 4.1 Ashurst LLP 14 25.6 92,480 32 30 1.0 24.6Simpson Thacher & Bartlett LLP 15 5.3 18,963 17 4 13.8 -8.5 Skadden Arps Slate Meagher & Flom LLP 15 8.0 28,715 28 24 9.7 -1.8Allen & Overy LLP 16 4.9 17,766 50 2 22.0 -17.0 Latham & Watkins LLP 15 2.7 9,753 28 11 4.5 -1.8Davis Polk & Wardwell LLP 17 4.6 16,610 18 5 12.6 -8.0 Weil Gotshal & Manges LLP 17 2.1 7,629 26 23 4.9 -2.8White & Case LLP 18 4.4 15,732 40 46 2.0 2.4 Macfarlanes LLP 18 1.6 5,809 25 16 2.0 -0.4Sullivan & Cromwell LLP 19 3.8 13,798 10 26 4.5 -0.7 Norton Rose Fulbright LLP 18 1.4 5,167 25 20 3.1 -1.7Jones Day 20 3.8 13,668 59 32 3.7 0.0 Olswang 20 0.3 1,234 22 8 1.0 -0.7TOTAL 361,133 3,455 TOTAL 361,133 3,455

Germany Announced Deals (By Deal Count) 01/01/2015 - 09/30/2015 France Announced Deals (By Deal Count) 01/01/2015 - 09/30/2015

CMS Legal Services EEIG 1 0.6 613 51 3 0.8 -0.2 Jones Day 1 2.5 2,586 39 2 4.7 -2.3Hengeler Mueller 2 27.2 30,391 43 6 20.3 6.9 Latham & Watkins LLP 2 21.0 21,967 32 5 6.7 14.3Clifford Chance LLP 3 9.8 10,976 38 2 21.2 -11.4 Clifford Chance LLP 3 5.3 5,508 28 1 12.4 -7.2Noerr LLP 4 4.2 4,740 36 4 3.0 1.3 CMS Legal Services EEIG 4 0.2 204 27 6 1.1 -0.9Jones Day 5 8.3 9,227 32 10 13.0 -4.7 Dechert LLP 5 0.6 602 24 11 0.3 0.3Linklaters LLP 5 5.4 6,010 32 5 11.8 -6.4 Bredin Prat 6 9.2 9,603 23 7 34.7 -25.5Freshfields Bruckhaus Deringer LLP 7 13.8 15,408 30 1 19.6 -5.8 Mayer Brown LLP 7 1.5 1,530 21 13 14.0 -12.5Luther Rechtsanwaltsgesellschaft mbH 8 - 4 24 83 - - Linklaters LLP 8 10.3 10,811 19 9 21.3 -11.0Allen & Overy LLP 9 15.1 16,937 20 7 26.1 -10.9 Allen & Overy LLP 8 6.0 6,252 19 2 41.9 -35.9Latham & Watkins LLP 10 1.0 1,097 18 7 12.9 -11.9 De Pardieu Brocas Maffei 10 2.3 2,392 18 18 1.3 1.0White & Case LLP 11 13.3 14,868 16 13 1.8 11.5 Baker & McKenzie LLP 11 0.2 195 17 20 0.2 0.0Hogan Lovells 12 3.5 3,962 15 10 1.3 2.2 Dentons 12 1.5 1,525 16 15 0.4 1.0DLA Piper LLP 13 1.2 1,345 14 17 0.4 0.8 Weil Gotshal & Manges LLP 13 5.5 5,753 15 2 14.7 -9.2Baker & McKenzie LLP 13 0.6 657 14 9 8.6 -8.0 White & Case LLP 13 1.5 1,578 15 10 2.3 -0.8Norton Rose Fulbright LLP 15 0.3 371 13 40 0.1 0.2 Skadden Arps Slate Meagher & Flom LLP 15 20.9 21,880 14 23 11.7 9.2Ashurst LLP 16 16.4 18,338 12 20 0.6 15.8 DLA Piper LLP 16 0.7 680 13 30 1.0 -0.4Weil Gotshal & Manges LLP 17 2.0 2,246 10 20 1.7 0.3 Paul Hastings LLP 17 0.2 175 12 23 1.2 -1.1Taylor Wessing 18 0.2 165 9 83 - 0.2 Loyens & Loeff NV 18 3.2 3,369 11 23 5.5 -2.2Loyens & Loeff NV 19 4.6 5,102 8 61 0.8 3.8 Ashurst LLP 19 2.9 3,025 10 23 0.6 2.3Kirkland & Ellis LLP 19 3.5 3,861 8 29 1.7 1.8 Hogan Lovells 19 2.7 2,870 10 11 10.7 -7.9TOTAL 111,904 1,383 TOTAL 104,553 1,187 187,969 174,089

322,593 322,593

MKT SHR CHANGE

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK


MKT SHR (%)

VOLUME USD (Mln)FIRM

DEAL COUNT RANK

MKT SHR (%) FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

FIRM


2015 2014

RANKMKT SHR

(%) VOLUME USD

(Mln)DEAL

COUNTMKT SHR

(%) RANK

11

Italy Announced Deals (By Deal Count) 01/01/2015 - 09/30/2015 Benelux Announced Deals (By Deal Count) 01/01/2015 - 09/30/2015

NCTM Studio Legale Associato 1 0.7 361 25 1 0.3 0.4 Allen & Overy LLP 1 18.6 40,330 46 1 40.9 -22.3Legance Studio Legale Associato 2 4.9 2,649 18 2 0.2 4.7 Loyens & Loeff NV 2 3.8 8,193 43 3 20.9 -17.1Linklaters LLP 3 22.5 12,185 15 4 5.9 16.7 De Brauw Blackstone Westbroek NV 3 62.3 135,119 40 5 12.5 49.8Jones Day 4 8.4 4,527 9 7 13.5 -5.1 Houthoff Buruma 4 9.1 19,723 28 5 1.6 7.5Latham & Watkins LLP 5 22.9 12,405 7 13 - 22.9 CMS Legal Services EEIG 4 0.0 96 28 2 0.3 -0.3Gianni Origoni Grippo Capelli Partners 5 2.2 1,200 7 - - 2.2 Linklaters LLP 6 7.3 15,895 27 4 7.9 -0.6Baker & McKenzie LLP 5 0.4 239 7 7 2.0 -1.5 Clifford Chance LLP 7 2.9 6,238 25 7 14.2 -11.3White & Case LLP 8 0.3 152 6 9 0.4 -0.2 NautaDutilh NV 8 2.8 6,015 21 13 10.4 -7.6CMS Legal Services EEIG 8 - 2 6 16 - - Stibbe BV 9 1.6 3,547 19 10 17.6 -16.0Slaughter & May 10 5.4 2,931 5 - - 5.4 Baker & McKenzie LLP 10 2.2 4,841 17 7 1.0 1.3Cleary Gottlieb Steen & Hamilton LLP 10 3.8 2,060 5 9 5.9 -2.1 Jones Day 10 0.4 804 17 11 1.2 -0.9Ashurst LLP 10 1.4 739 5 37 12.3 -10.9 White & Case LLP 12 8.3 17,980 16 16 3.2 5.1Freshfields Bruckhaus Deringer LLP 13 32.1 17,375 4 9 1.8 30.3 Freshfields Bruckhaus Deringer LLP 13 47.0 102,016 15 12 30.7 16.3Allen & Overy LLP 13 16.0 8,659 4 3 31.0 -15.0 DLA Piper LLP 14 0.1 118 14 7 0.1 -0.1Davis Polk & Wardwell LLP 13 15.8 8,548 4 37 8.3 7.5 Skadden Arps Slate Meagher & Flom LLP 15 11.5 25,048 12 22 8.1 3.4Skadden Arps Slate Meagher & Flom LLP 13 12.2 6,605 4 16 11.5 0.7 Weil Gotshal & Manges LLP 16 1.6 3,383 11 20 1.9 -0.3Bonelli Erede Pappalardo 13 9.1 4,920 4 16 1.8 7.3 Simpson Thacher & Bartlett LLP 17 27.4 59,522 10 22 15.6 11.9Kirkland & Ellis LLP 13 1.5 806 4 37 - 1.5 Kirkland & Ellis LLP 18 0.4 960 9 18 3.2 -2.8Clifford Chance LLP 13 0.8 411 4 4 23.5 -22.7 Hengeler Mueller 19 0.7 1,498 8 38 0.1 0.6Norton Rose Fulbright LLP 13 0.1 43 4 23 - 0.1 Norton Rose Fulbright LLP 19 0.1 247 8 26 0.2 -0.1TOTAL 54,124 478 TOTAL 216,966 995

Iberia Announced Deals (By Deal Count) 01/01/2015 - 09/30/2015 Nordic Announced Deals (By Deal Count) 01/01/2015 - 09/30/2015

Cuatrecasas Goncalves Pereira 1 5.5 3,761 52 2 5.8 -0.3 Advokatfirman Vinge KB 1 12.7 8,180 32 3 13.1 -0.4Perez-Llorca 2 18.0 12,302 24 6 1.2 16.8 Mannheimer Swartling Advokatbyra AB 2 15.7 10,129 30 1 16.8 -1.1Clifford Chance LLP 2 2.6 1,760 24 3 24.2 -21.6 Hannes Snellman Advokatbyra Ab/FI 3 1.9 1,246 29 2 12.4 -10.5Uria Menendez Abogados SLP 4 17.9 12,232 22 1 26.2 -8.3 Roschier Asianajotoimisto Oy 4 26.9 17,305 22 3 20.2 6.7Linklaters LLP 5 34.1 23,263 20 7 9.3 24.8 Advokatfirmaet Thommessen AS 5 5.3 3,387 21 5 6.6 -1.3Gomez-Acebo & Pombo Abogados SLP 6 0.6 420 17 8 0.2 0.4 Advokatfirmaet Schjodt AS 5 4.3 2,795 21 7 6.9 -2.6Freshfields Bruckhaus Deringer LLP 7 33.8 23,076 14 5 34.8 -1.0 Linklaters LLP 7 1.5 945 20 11 17.1 -15.6Allen & Overy LLP 8 22.6 15,446 13 8 6.5 16.1 White & Case LLP 8 8.8 5,654 17 5 5.9 2.9Jones Day 9 0.4 247 12 13 7.8 -7.4 Clifford Chance LLP 9 8.1 5,201 11 17 13.1 -5.0Ashurst LLP 10 17.9 12,215 9 20 0.9 17.0 Allen & Overy LLP 9 1.8 1,149 11 13 3.6 -1.9Baker & McKenzie LLP 11 0.2 122 8 12 11.0 -10.8 Skadden Arps Slate Meagher & Flom LLP 11 30.6 19,717 10 47 - 30.6White & Case LLP 12 28.7 19,596 7 20 - 28.7 Baker & McKenzie LLP 11 0.3 197 10 9 2.3 -2.0Hogan Lovells 12 1.2 843 7 11 2.5 -1.3 Jones Day 13 1.1 679 9 13 3.9 -2.9Rousaud Costas Duran Slp 12 - 3 7 20 - - Ellex 14 0.6 415 8 75 - 0.6DLA Piper LLP 15 0.6 378 6 10 22.2 -21.7 Weil Gotshal & Manges LLP 14 0.3 161 8 47 0.1 0.1Slaughter & May 16 17.1 11,669 5 36 1.1 16.0 Attorneys COBALT AS 14 0.2 135 8 13 0.1 0.1Latham & Watkins LLP 16 6.8 4,649 5 14 1.0 5.8 Freshfields Bruckhaus Deringer LLP 17 10.0 6,447 7 13 4.9 5.1CMS Legal Services EEIG 16 - - 5 14 0.2 -0.2 SORAINEN 17 0.2 126 7 12 - 0.2Skadden Arps Slate Meagher & Flom LLP 19 18.1 12,360 4 36 5.7 12.4 CMS Legal Services EEIG 17 0.1 35 7 10 0.2 -0.1Davis Polk & Wardwell LLP 19 6.1 4,167 4 20 6.1 0.0 Latham & Watkins LLP 20 18.4 11,862 6 17 2.7 15.7TOTAL 68,256 508 TOTAL 64,414 1,177

108,428 52,514

87,101 61,257

FIRM


2015 2014

RANKMKT SHR

(%) VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) RANKMKT SHR

(%) VOLUME USD

(Mln)

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

MKT SHR CHANGE

DEAL COUNT RANK

MKT SHR (%)

12

Eastern Europe Announced Deals (By Deal Count) 01/01/2015 - 09/30/2015

Dentons 1 9.5 4,463 33 4 18.7 -9.2CMS Legal Services EEIG 2 2.2 1,049 31 3 0.8 1.4White & Case LLP 3 2.3 1,064 22 8 8.8 -6.5Ellex 3 0.0 13 22 - - 0.0SORAINEN 5 0.3 145 21 2 1.5 -1.2Weil Gotshal & Manges LLP 6 7.9 3,735 17 11 4.6 3.3Attorneys COBALT AS 6 0.4 166 17 1 2.1 -1.8Linklaters LLP 8 1.9 882 15 8 17.5 -15.7Baker & McKenzie LLP 8 1.5 698 15 7 2.2 -0.7Clifford Chance LLP 10 6.9 3,265 11 10 4.9 2.0Allen & Overy LLP 11 1.1 524 9 6 2.1 -1.0Norton Rose Fulbright LLP 12 13.8 6,510 8 24 0.2 13.6Jones Day 12 0.7 344 8 24 2.4 -1.7Squire Patton Boggs US LLP 14 0.2 115 7 13 1.4 -1.1Herbert Smith Freehills LLP 15 12.4 5,848 6 13 1.9 10.5Loyens & Loeff NV 16 6.8 3,198 5 37 - 6.8Balcioglu Selcuk Akman Keki Avukatlik Ortakligi 16 1.3 589 5 24 0.6 0.6Herguner Bilgen Ozeke 18 1.3 589 4 15 0.3 0.9King & Spalding LLP 19 2.4 1,151 3 37 - 2.4Paul Weiss Rifkind Wharton & Garrison LLP 19 1.8 868 3 - - 1.8TOTAL 47,240 773 46,597

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

13

DateTotal Value (USD Mln.)

Number of deals 8,004

Volume (Bln.) $702.8

Avg Deal Size (Mln.) $87.8

Allens

Number of deals 45

Volume (Bln.) $82.9

Avg Deal Size (Bln.) $1.8

Deal TypeAmount

(Bln.)% Change

Deal Count% YoY

Change

Company Takeover $388.3 14.8% 80.2%

Cross Border $222.3 28.6% 17.4%


Asset Sale $71.8 6.6% -0.7%

Tender Offer $29.0 5.4% -27.5%


Spin-off $21.6 41.2% 45.1%


Majority Purchase $84.8 20.6% 29.8%

Graphs represent any regional involvement (target, seller, or acquirer).

$26,731.5

APAC M&A Regional Review

Glob

al M

&A

Revi

ew |

1st

3Q

2015APAC M&A: Quarterly Volume

Australia/NZ M&A: Quarterly Volume

APAC M&A: Highlights of 1st 3Q 2015

Summary Target Acquirer Seller

1/9/2015 Hutchison Whampoa Ltd CK Hutchison Holdings Ltd - $41,705.3

Top Adviser3/24/2015

China Overseas Land & Investment Ltd

China State Construction Engineering Corp Ltd

-

4/20/2015 SK Holdings Co Ltd/Old SK Holdings Co Ltd -

Greater China M&A: Quarterly Volume

9/8/2015 Oil Search Ltd Woodside Petroleum Ltd - $10,957.1

$11,199.8

Japan M&A: Quarterly Volume

5/26/2015 Samsung C&T Corp/Old Samsung C&T Corp - $10,938.2

APAC M&A: Breakdown

24%

13%

11% 11% 10%

8%

8%

7% 5% 3%

APAC Industry Breakdown Financial

Industrial

Communications

Consumer Non-cyclical

Consumer Cyclical

Energy

Diversified

Basic Materials

Technology

Utilities

01,0002,0003,0004,000

$0$100$200$300$400


0

200

400

600

$0

$20

$40

$60

$80


0

500

1,000

1,500

2,000

$0

$50

$100

$150

$200


0

200

400

600

800

$0

$50

$100


• M&A activity targeting the APAC region for the first 3Q2015 increased 48.2% to $702.8B compared tothe same period last year.

• The Greater China region witnessed the highest deal volume in terms of any party involvement in APACYTD, accounting for 54.9% of the APAC deal volume, up from 49.7% YoY.

• The top deal in APAC in the third quarter, Oil Search Ltd’s announced takeover by Woodside PetroleumLtd for $11.0B, was also the largest merger in the Australian oil and gas industry on record.

• Outbound APAC activity saw a 101.8% increase to $232.1B from last year, with 52.5% of the investmentmade to North America.

14

APAC Ex Japan Announced Deals (By Volume) 01/01/2015 - 09/30/2015 APAC Ex Japan Announced Deals (By Deal Count) 01/01/2015 - 09/30/2015

Skadden Arps Slate Meagher & Flom LLP 1 13.4 113,649 44 12 3.8 9.6 King & Wood Mallesons 1 6.4 54,525 78 2 9.1 -2.7Freshfields Bruckhaus Deringer LLP 2 13.4 113,016 32 1 9.7 3.7 AZB & Partners 1 0.9 7,672 78 7 1.9 -1.0Herbert Smith Freehills LLP 3 10.9 92,325 59 4 8.5 2.4 Baker & McKenzie LLP 3 2.0 16,969 64 4 4.2 -2.2Allens 4 10.1 85,067 49 8 4.7 5.4 Kim & Chang 4 5.7 48,155 63 1 5.3 0.4Linklaters LLP 5 8.5 71,991 29 2 9.2 -0.7 Herbert Smith Freehills LLP 5 10.9 92,325 59 3 8.5 2.4Latham & Watkins LLP 6 6.5 55,226 21 58 0.8 5.8 Lee & Ko 6 2.8 23,468 52 5 2.6 0.2King & Wood Mallesons 7 6.4 54,525 78 3 9.1 -2.7 Allens 7 10.1 85,067 49 9 4.7 5.4Sullivan & Cromwell LLP 8 6.2 52,380 14 9 4.2 2.0 Norton Rose Fulbright LLP 8 3.4 28,424 46 22 1.0 2.4Davis Polk & Wardwell LLP 9 6.2 52,072 26 16 3.0 3.2 Skadden Arps Slate Meagher & Flom LLP 9 13.4 113,649 44 20 3.8 9.6Kim & Chang 10 5.7 48,155 63 7 5.3 0.4 Shin & Kim 10 0.8 6,427 42 18 1.5 -0.8WongPartnership LLP 11 5.5 46,894 33 14 3.6 2.0 Khaitan & Co 10 0.6 4,913 42 16 0.4 0.2Stikeman Elliott LLP 12 5.1 43,437 9 28 2.2 2.9 J Sagar Associates 12 0.2 1,812 41 21 0.3 -0.1Allen & Gledhill 13 4.9 41,738 30 5 5.8 -0.8 Minter Ellison 13 2.1 17,323 40 12 2.4 -0.4Morrison & Foerster LLP 14 4.6 38,808 16 49 0.9 3.6 Grandall Legal Group 13 1.9 15,913 40 30 1.1 0.8Bae Kim & Lee 15 4.5 37,957 36 26 2.3 2.1 Clifford Chance LLP 15 1.0 8,485 37 18 3.9 -2.9Paul Weiss Rifkind Wharton & Garrison LLP 16 4.1 34,710 11 61 0.7 3.4 Bae Kim & Lee 16 4.5 37,957 36 13 2.3 2.1Fried Frank Harris Shriver & Jacobson LLP 17 3.5 29,806 1 131 0.1 3.4 Ashurst LLP 16 3.2 26,717 36 8 2.6 0.6Allen & Overy LLP 18 3.4 28,669 35 42 1.1 2.3 Allen & Overy LLP 18 3.4 28,669 35 6 1.1 2.3Norton Rose Fulbright LLP 19 3.4 28,424 46 48 1.0 2.4 WongPartnership LLP 19 5.5 46,894 33 17 3.6 2.0Ashurst LLP 20 3.2 26,717 36 18 2.6 0.6 Freshfields Bruckhaus Deringer LLP 20 13.4 113,016 32 24 9.7 3.7TOTAL 846,790 8,137 TOTAL 846,790 8,137

APAC Private Equity Announced Deals (By Volume) 01/01/2015 - 09/30/2015

King & Wood Mallesons 1 14.2 23,377 14 4 11.5 2.7Herbert Smith Freehills LLP 2 14.0 23,035 11 7 8.5 5.5Skadden Arps Slate Meagher & Flom LLP 3 13.7 22,564 9 10 7.3 6.4Kirkland & Ellis LLP 4 11.9 19,670 16 17 4.9 7.1Freshfields Bruckhaus Deringer LLP 5 11.9 19,661 11 3 17.3 -5.4Allen & Overy LLP 6 9.1 15,011 6 64 0.7 8.4Ropes & Gray LLP 7 8.9 14,672 11 32 1.8 7.1Torys LLP 8 8.4 13,866 2 99 0.1 8.3Weil Gotshal & Manges LLP 9 7.9 12,938 11 18 4.4 3.5Allens 10 7.6 12,481 5 15 5.3 2.2Davis Polk & Wardwell LLP 11 7.0 11,589 9 14 5.7 1.3Slaughter & May 12 6.8 11,138 6 - - 6.8Alston & Bird LLP 13 6.7 10,967 3 - - 6.7Osler Hoskin & Harcourt LLP 14 6.6 10,792 4 68 0.6 5.9Latham & Watkins LLP 15 6.4 10,525 11 21 3.3 3.1Baker & McKenzie LLP 16 6.0 9,882 14 44 1.3 4.7Fenwick & West LLP 17 5.8 9,530 9 26 2.4 3.4Simpson Thacher & Bartlett LLP 18 5.7 9,454 6 6 8.8 -3.0Covington & Burling LLP 19 5.5 9,020 3 120 0.0 5.5Yulchon LLC 20 5.1 8,360 5 61 0.8 4.3TOTAL 164,869 1,685 124,854

535,539 535,539

FIRM


2015 2014MKT SHR CHANGE RANK RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

15

AU & NZ Announced Deals (By Volume) 01/01/2015 - 09/30/2015 AU & NZ Announced Deals (By Deal Count) 01/01/2015 - 09/30/2015

Herbert Smith Freehills LLP 1 55.1 59,221 48 1 38.2 16.8 Herbert Smith Freehills LLP 1 55.1 59,221 48 1 38.2 16.8Allens 2 40.2 43,244 47 3 25.1 15.1 Allens 2 40.2 43,244 47 4 25.1 15.1King & Wood Mallesons 3 32.4 34,894 39 2 26.6 5.8 King & Wood Mallesons 3 32.4 34,894 39 1 26.6 5.8Ashurst LLP 4 18.5 19,912 30 8 10.5 8.0 Minter Ellison 4 16.1 17,295 38 5 12.9 3.2Minter Ellison 5 16.1 17,295 38 6 12.9 3.2 Norton Rose Fulbright LLP 5 4.4 4,679 32 9 4.2 0.1Weil Gotshal & Manges LLP 6 12.7 13,682 3 61 0.4 12.4 Ashurst LLP 6 18.5 19,912 30 3 10.5 8.0Torys LLP 7 8.9 9,586 1 94 - 8.9 Gilbert + Tobin 7 3.1 3,348 26 8 20.2 -17.1Osler Hoskin & Harcourt LLP 7 8.9 9,586 1 - - 8.9 Corrs Chambers Westgarth 8 2.8 3,033 19 11 4.4 -1.5Cravath Swaine & Moore LLP 9 7.9 8,518 2 - - 7.9 Baker & McKenzie LLP 8 0.5 517 19 6 10.8 -10.3Blake Cassels & Graydon LLP 10 7.8 8,393 4 33 1.4 6.4 HWL Ebsworth Lawyers 10 6.2 6,685 18 19 0.1 6.2Bell Gully 11 7.2 7,781 10 15 5.0 2.2 DLA Piper LLP 11 0.3 340 14 7 1.0 -0.7Clayton Utz 12 6.7 7,170 4 9 10.0 -3.3 Allen & Overy LLP 12 1.6 1,732 11 10 2.6 -1.0White & Case LLP 13 6.4 6,900 2 11 7.0 -0.6 Bell Gully 13 7.2 7,781 10 14 5.0 2.2HWL Ebsworth Lawyers 14 6.2 6,685 18 82 0.1 6.2 Clifford Chance LLP 14 3.0 3,178 6 15 4.6 -1.6Nishimura & Asahi 15 5.8 6,271 2 - - 5.8 Kirkland & Ellis LLP 15 5.7 6,078 5 52 0.2 5.5Kirkland & Ellis LLP 16 5.7 6,078 5 75 0.2 5.5 Skadden Arps Slate Meagher & Flom LLP 15 3.7 3,946 5 19 5.1 -1.5Norton Rose Fulbright LLP 17 4.4 4,679 32 21 4.2 0.1 Squire Patton Boggs US LLP 15 - 0 5 26 0.0 0.0Hogan Lovells 18 3.9 4,222 2 50 0.7 3.2 Blake Cassels & Graydon LLP 18 7.8 8,393 4 26 1.4 6.4Simpson Thacher & Bartlett LLP 19 3.9 4,200 1 - - 3.9 Clayton Utz 18 6.7 7,170 4 13 10.0 -3.3Sullivan & Cromwell LLP 19 3.9 4,200 1 10 8.0 -4.1 McCarthy Tetrault LLP 18 1.5 1,591 4 26 2.2 -0.8TOTAL 107,579 1,321 TOTAL 107,579 1,321

Japan Announced Deals (By Volume) 01/01/2015 - 09/30/2015 Japan Announced Deals (By Deal Count) 01/01/2015 - 09/30/2015

Mori Hamada & Matsumoto 1 18.6 24,621 102 5 19.4 -0.8 Nagashima Ohno & Tsunematsu 1 10.0 13,235 104 2 12.2 -2.3Freshfields Bruckhaus Deringer LLP 2 15.6 20,715 12 28 1.7 13.9 Mori Hamada & Matsumoto 2 18.6 24,621 102 1 19.4 -0.8Skadden Arps Slate Meagher & Flom LLP 3 12.1 16,055 11 23 2.1 10.0 Nishimura & Asahi 3 11.6 15,331 61 3 29.0 -17.4Simpson Thacher & Bartlett LLP 4 11.6 15,351 4 14 3.0 8.6 Anderson Mori & Tomotsune 3 6.2 8,269 61 4 3.3 3.0Nishimura & Asahi 5 11.6 15,331 61 1 29.0 -17.4 Oh-Ebashi LPC & Partners 5 0.3 420 22 5 2.5 -2.2Sullivan & Cromwell LLP 6 11.2 14,832 9 70 0.2 11.0 Baker & McKenzie LLP 6 4.3 5,738 18 12 7.2 -2.9Nagashima Ohno & Tsunematsu 7 10.0 13,235 104 7 12.2 -2.3 Morrison & Foerster LLP 7 3.2 4,284 15 10 1.9 1.3Debevoise & Plimpton LLP 8 7.3 9,665 5 9 6.7 0.6 Freshfields Bruckhaus Deringer LLP 8 15.6 20,715 12 6 1.7 13.9Linklaters LLP 9 7.1 9,398 7 15 2.6 4.5 Herbert Smith Freehills LLP 8 6.0 8,009 12 16 0.3 5.8Jones Day 10 6.3 8,339 9 26 1.9 4.4 Skadden Arps Slate Meagher & Flom LLP 10 12.1 16,055 11 16 2.1 10.0Anderson Mori & Tomotsune 11 6.2 8,269 61 13 3.3 3.0 Clifford Chance LLP 11 3.5 4,685 10 30 2.3 1.2Herbert Smith Freehills LLP 12 6.0 8,009 12 61 0.3 5.8 Sullivan & Cromwell LLP 12 11.2 14,832 9 46 0.2 11.0Willkie Farr & Gallagher LLP 13 5.7 7,595 3 9 6.7 -1.0 Jones Day 12 6.3 8,339 9 7 1.9 4.4Travers Smith 14 4.9 6,492 4 - - 4.9 White & Case LLP 14 0.4 495 8 16 20.3 -19.9Clayton Utz 15 4.7 6,271 1 - - 4.7 Linklaters LLP 15 7.1 9,398 7 10 2.6 4.5Ashurst LLP 16 4.5 5,928 4 19 2.3 2.1 Squire Patton Boggs US LLP 15 0.1 141 7 21 - 0.1Baker & McKenzie LLP 17 4.3 5,738 18 8 7.2 -2.9 Shearman & Sterling LLP 17 2.6 3,471 6 8 4.6 -2.0Clifford Chance LLP 18 3.5 4,685 10 18 2.3 1.2 Kim & Chang 17 1.0 1,369 6 8 0.3 0.8Morrison & Foerster LLP 19 3.2 4,284 15 25 1.9 1.3 AZB & Partners 17 0.9 1,231 6 30 0.2 0.7Cleary Gottlieb Steen & Hamilton LLP 20 3.2 4,235 3 6 18.9 -15.7 Allen & Overy LLP 17 0.9 1,230 6 12 1.0 -0.1TOTAL 132,556 1,995 TOTAL 132,556 1,995

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

82,283 82,283

99,716 99,716

16

South Korea Announced Deals (By Volume) 01/01/2015 - 09/30/2015 South Korea Announced Deals (By Deal Count) 01/01/2015 - 09/30/2015

Kim & Chang 1 56.1 48,129 61 1 38.3 17.8 Kim & Chang 1 56.1 48,129 61 1 38.3 17.8Bae Kim & Lee 2 44.3 37,957 36 3 17.0 27.2 Lee & Ko 2 27.4 23,468 52 2 18.7 8.7Lee & Ko 3 27.4 23,468 52 2 18.7 8.7 Shin & Kim 3 7.5 6,427 42 4 11.0 -3.6Herbert Smith Freehills LLP 4 19.9 17,058 2 38 0.0 19.9 Bae Kim & Lee 4 44.3 37,957 36 3 17.0 27.2Yulchon LLC 5 15.4 13,237 29 4 11.3 4.1 Yulchon LLC 5 15.4 13,237 29 5 11.3 4.1Wachtell Lipton Rosen & Katz 6 12.9 11,080 2 32 0.0 12.9 Yoon & Yang LLC 6 1.3 1,102 15 6 1.5 -0.2WongPartnership LLP 7 12.8 10,938 1 41 - 12.8 Dechert LLP 7 1.3 1,111 6 25 3.3 -2.0Gilbert + Tobin 7 12.8 10,938 1 - - 12.8 JIPYONG 7 0.8 699 6 7 0.3 0.5Paul Hastings LLP 9 9.4 8,030 5 20 0.5 8.9 Paul Hastings LLP 9 9.4 8,030 5 17 0.5 8.9Cleary Gottlieb Steen & Hamilton LLP 10 8.0 6,875 2 30 0.1 8.0 Clifford Chance LLP 10 1.0 870 4 8 0.8 0.3Shin & Kim 11 7.5 6,427 42 5 11.0 -3.6 Herbert Smith Freehills LLP 11 19.9 17,058 2 10 0.0 19.9Freshfields Bruckhaus Deringer LLP 12 7.1 6,120 1 7 7.9 -0.7 Wachtell Lipton Rosen & Katz 11 12.9 11,080 2 25 0.0 12.9Ropes & Gray LLP 12 7.1 6,120 1 - - 7.1 Cleary Gottlieb Steen & Hamilton LLP 11 8.0 6,875 2 17 0.1 8.0Slaughter & May 12 7.1 6,120 1 - - 7.1 White & Case LLP 11 0.6 545 2 25 2.7 -2.0Schulte Roth & Zabel LLP 15 1.4 1,200 1 - - 1.4 Weil Gotshal & Manges LLP 11 0.4 360 2 17 - 0.4Greenberg Traurig LLP 15 1.4 1,200 1 - - 1.4 Mori Hamada & Matsumoto 11 0.1 115 2 25 0.0 0.1Dechert LLP 17 1.3 1,111 6 11 3.3 -2.0 WongPartnership LLP 17 12.8 10,938 1 25 - 12.8Yoon & Yang LLC 18 1.3 1,102 15 14 1.5 -0.2 Gilbert + Tobin 17 12.8 10,938 1 - - 12.8Morrison & Foerster LLP 19 1.2 1,000 1 - - 1.2 Freshfields Bruckhaus Deringer LLP 17 7.1 6,120 1 17 7.9 -0.7Clifford Chance LLP 20 1.0 870 4 18 0.8 0.3 Ropes & Gray LLP 17 7.1 6,120 1 - - 7.1TOTAL 85,774 945 TOTAL 85,774 945

China Announced Deals (By Volume) 01/01/2015 - 09/30/2015 China Announced Deals (By Deal Count) 01/01/2015 - 09/30/2015

Freshfields Bruckhaus Deringer LLP 1 6.8 27,060 16 3 9.5 -2.7 King & Wood Mallesons 1 5.1 20,331 40 1 9.9 -4.8Skadden Arps Slate Meagher & Flom LLP 2 6.4 25,425 32 6 5.6 0.8 Grandall Legal Group 1 4.0 15,913 40 4 2.4 1.7King & Wood Mallesons 3 5.1 20,331 40 2 9.9 -4.8 Skadden Arps Slate Meagher & Flom LLP 3 6.4 25,425 32 3 5.6 0.8Norton Rose Fulbright LLP 4 4.5 17,986 10 88 0.2 4.3 Grandfield Law Offices 4 1.9 7,362 24 96 0.2 1.6Sullivan & Cromwell LLP 5 4.0 15,933 10 7 4.7 -0.7 Zhong Lun Law Firm 5 2.1 8,252 23 5 3.3 -1.3Grandall Legal Group 6 4.0 15,913 40 19 2.4 1.7 Davis Polk & Wardwell LLP 6 3.6 14,449 18 7 3.2 0.4Davis Polk & Wardwell LLP 7 3.6 14,449 18 13 3.2 0.4 Tian Yuan Law Firm 7 2.7 10,670 17 23 1.8 0.9Kirkland & Ellis LLP 8 3.6 14,143 14 20 2.3 1.2 Freshfields Bruckhaus Deringer LLP 8 6.8 27,060 16 8 9.5 -2.7Jingtian & Gongcheng Attorneys at Law 9 3.1 12,336 13 123 0.0 3.1 Kirkland & Ellis LLP 9 3.6 14,143 14 11 2.3 1.2Latham & Watkins LLP 10 3.0 12,071 9 44 0.7 2.3 Jingtian & Gongcheng Attorneys at Law 10 3.1 12,336 13 69 0.0 3.1Linklaters LLP 11 2.8 11,203 6 4 7.7 -4.9 Beijing DeHeng Law Office 10 1.1 4,487 13 19 1.1 0.1Jun He Law Offices 12 2.7 10,912 7 43 0.8 2.0 Beijing Dacheng Law Offices 10 0.5 1,814 13 27 0.4 0.1Tian Yuan Law Firm 13 2.7 10,670 17 23 1.8 0.9 O'Melveny & Myers LLP 13 1.9 7,363 11 2 1.6 0.2Mori Hamada & Matsumoto 14 2.6 10,356 4 158 - 2.6 Allbright Law Offices 13 1.3 5,292 11 37 0.5 0.8Weil Gotshal & Manges LLP 15 2.3 9,208 7 16 2.9 -0.6 Beijing Kang Da Law Firm 13 0.6 2,260 11 34 0.1 0.4Zhong Lun Law Firm 16 2.1 8,252 23 10 3.3 -1.3 Baker & McKenzie LLP 13 0.5 1,784 11 6 3.9 -3.5Simpson Thacher & Bartlett LLP 17 2.0 7,921 7 25 1.5 0.5 Norton Rose Fulbright LLP 17 4.5 17,986 10 53 0.2 4.3O'Melveny & Myers LLP 18 1.9 7,363 11 24 1.6 0.2 Sullivan & Cromwell LLP 17 4.0 15,933 10 27 4.7 -0.7Grandfield Law Offices 19 1.9 7,362 24 87 0.2 1.6 Shearman & Sterling LLP 17 1.3 5,146 10 34 1.0 0.3Shu Jin Law Firm 20 1.8 7,277 7 78 0.3 1.6 White & Case LLP 17 0.7 2,742 10 69 3.3 -2.6TOTAL 397,692 2,859 TOTAL 397,692 2,859238,249

73,670 73,670

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

238,249

17

Hong Kong Announced Deals (By Volume) 01/01/2015 - 09/30/2015 Hong Kong Announced Deals (By Deal Count) 01/01/2015 - 09/30/2015

Freshfields Bruckhaus Deringer LLP 1 48.1 77,606 11 2 19.9 28.2 Baker & McKenzie LLP 1 1.4 2,233 15 1 11.5 -10.1Linklaters LLP 2 35.7 57,651 9 1 24.8 11.0 Freshfields Bruckhaus Deringer LLP 2 48.1 77,606 11 2 19.9 28.2Skadden Arps Slate Meagher & Flom LLP 3 34.1 54,990 6 15 4.3 29.8 Linklaters LLP 3 35.7 57,651 9 3 24.8 11.0Stikeman Elliott LLP 4 26.2 42,321 3 19 3.7 22.6 Reed Smith LLP 3 0.5 744 9 6 1.9 -1.4Allens 5 25.9 41,705 1 67 0.2 25.7 Clifford Chance LLP 5 0.6 1,035 8 11 10.4 -9.8Herbert Smith Freehills LLP 6 9.4 15,133 2 17 4.0 5.4 AZB & Partners 6 0.5 864 7 44 3.9 -3.4Allen & Overy LLP 7 9.2 14,837 5 54 0.6 8.6 Skadden Arps Slate Meagher & Flom LLP 7 34.1 54,990 6 9 4.3 29.8Kirkland & Ellis LLP 8 5.8 9,405 5 12 5.7 0.2 Shearman & Sterling LLP 7 3.8 6,115 6 20 1.2 2.6Shearman & Sterling LLP 9 3.8 6,115 6 37 1.2 2.6 Norton Rose Fulbright LLP 7 3.6 5,842 6 20 0.5 3.2Norton Rose Fulbright LLP 10 3.6 5,842 6 59 0.5 3.2 King & Wood Mallesons 7 1.2 1,996 6 6 2.2 -1.0Slaughter & May 11 3.2 5,145 4 14 4.6 -1.5 Allen & Overy LLP 11 9.2 14,837 5 3 0.6 8.6Conyers Dill & Pearman 12 2.7 4,379 2 41 1.0 1.7 Kirkland & Ellis LLP 11 5.8 9,405 5 23 5.7 0.2Torys LLP 13 2.7 4,280 1 - - 2.7 DLA Piper LLP 11 0.3 456 5 14 0.7 -0.4Travers Smith 14 2.4 3,788 2 88 - 2.4 Ashurst LLP 11 0.3 395 5 17 2.7 -2.5Alston & Bird LLP 15 2.1 3,378 3 - - 2.1 Slaughter & May 15 3.2 5,145 4 32 4.6 -1.5Weil Gotshal & Manges LLP 16 2.1 3,327 4 13 5.4 -3.4 Weil Gotshal & Manges LLP 15 2.1 3,327 4 5 5.4 -3.4Sullivan & Cromwell LLP 17 1.9 3,071 3 4 12.8 -10.9 Lee & Li 15 0.1 160 4 44 0.0 0.1Davis Polk & Wardwell LLP 18 1.9 3,000 3 21 3.2 -1.4 WongPartnership LLP 15 0.1 135 4 11 1.8 -1.7Walkers Global Holdings Ltd 19 1.8 2,967 1 - - 1.8 Jones Day 15 0.1 133 4 44 1.0 -1.0Fangda Partners 19 1.8 2,967 1 - - 1.8 Simpson Thacher & Bartlett LLP 15 0.1 98 4 32 5.9 -5.8TOTAL 161,365 1,085 TOTAL 161,365 1,085

Taiwan Announced Deals (By Volume) 01/01/2015 - 09/30/2015 Taiwan Announced Deals (By Deal Count) 01/01/2015 - 09/30/2015

Baker & McKenzie LLP 1 24.0 3,682 9 2 27.5 -3.5 Lee & Li 1 4.6 704 12 1 30.6 -26.0Jones Day 2 17.4 2,673 7 3 26.5 -9.1 Baker & McKenzie LLP 2 24.0 3,682 9 3 27.5 -3.5LCS & Partners 3 16.0 2,457 6 10 3.8 12.3 Jones Day 3 17.4 2,673 7 4 26.5 -9.1Davis Polk & Wardwell LLP 4 7.0 1,073 2 - - 7.0 LCS & Partners 4 16.0 2,457 6 1 3.8 12.3Simpson Thacher & Bartlett LLP 4 7.0 1,073 1 5 10.4 -3.4 PriceWaterhouseCoopers Legal 5 6.8 1,048 5 6 3.1 3.7PriceWaterhouseCoopers Legal 6 6.8 1,048 5 12 3.1 3.7 Chen & Lin 5 1.7 255 5 5 4.7 -3.0Lee & Li 7 4.6 704 12 1 30.6 -26.0 Lexcel Partners Attorney-at-Law 7 1.3 200 4 6 6.3 -5.0Trilegal 8 3.3 500 1 - - 3.3 Nishimura & Asahi 8 1.9 286 3 16 - 1.9Morrison & Foerster LLP 8 3.3 500 2 18 0.6 2.6 Davis Polk & Wardwell LLP 9 7.0 1,073 2 - - 7.0AZB & Partners 8 3.3 500 1 - - 3.3 Morrison & Foerster LLP 9 3.3 500 2 16 0.6 2.6Shook Lin & Bok LLP 11 2.7 411 1 - - 2.7 Wilson Sonsini Goodrich & Rosati PC 9 1.0 150 2 - - 1.0Alston & Bird LLP 11 2.7 411 1 - - 2.7 Morgan Lewis & Bockius LLP 9 0.8 118 2 - - 0.8Norton Rose Fulbright LLP 11 2.7 411 1 - - 2.7 Dechert LLP 9 0.2 25 2 16 20.7 -20.6Allen & Gledhill 11 2.7 411 1 - - 2.7 Yulchon LLC 9 0.1 14 2 - - 0.1Nishimura & Asahi 15 1.9 286 3 27 - 1.9 Simpson Thacher & Bartlett LLP 15 7.0 1,073 1 8 10.4 -3.4Allen & Overy LLP 16 1.8 279 1 28 - 1.8 Trilegal 15 3.3 500 1 - - 3.3Chen & Lin 17 1.7 255 5 7 4.7 -3.0 AZB & Partners 15 3.3 500 1 - - 3.3Sullivan & Cromwell LLP 18 1.5 236 1 - - 1.5 Shook Lin & Bok LLP 15 2.7 411 1 - - 2.7Lexcel Partners Attorney-at-Law 19 1.3 200 4 6 6.3 -5.0 Alston & Bird LLP 15 2.7 411 1 - - 2.7Bae Kim & Lee 20 1.3 200 1 13 2.2 -0.9 Norton Rose Fulbright LLP 15 2.7 411 1 - - 2.7TOTAL 15,350 177 TOTAL 15,350 17711,583 11,583

104,780 104,780

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) FIRM


18

South East Asia Announced Deals (By Volume) 01/01/2015 - 09/30/2015 South East Asia Announced Deals (By Deal Count) 01/01/2015 - 09/30/2015

Skadden Arps Slate Meagher & Flom LLP 1 31.6 42,985 5 22 2.7 28.9 Allen & Gledhill 1 30.7 41,738 30 1 23.6 7.1Allen & Gledhill 2 30.7 41,738 30 1 23.6 7.1 WongPartnership LLP 2 26.3 35,720 27 2 16.5 9.8Latham & Watkins LLP 3 28.3 38,487 5 34 1.2 27.1 Baker & McKenzie LLP 3 8.0 10,868 25 3 3.4 4.6WongPartnership LLP 4 26.3 35,720 27 3 16.5 9.8 Shook Lin & Bok LLP 4 2.7 3,622 15 12 1.1 1.6Morrison & Foerster LLP 5 25.6 34,856 3 17 3.1 22.5 Allen & Overy LLP 5 6.5 8,888 13 5 2.5 4.1Davis Polk & Wardwell LLP 6 24.1 32,806 2 15 3.3 20.9 AZB & Partners 5 1.1 1,549 13 15 0.4 0.8Sullivan & Cromwell LLP 7 24.1 32,773 2 19 2.8 21.3 Clifford Chance LLP 7 1.1 1,469 12 7 8.0 -7.0Paul Weiss Rifkind Wharton & Garrison LLP 8 23.0 31,306 2 41 0.9 22.1 Mori Hamada & Matsumoto 8 7.7 10,488 11 13 3.2 4.5Fried Frank Harris Shriver & Jacobson LLP 9 21.9 29,806 1 96 - 21.9 Morgan Lewis & Bockius LLP 9 3.4 4,583 8 - - 3.4Freshfields Bruckhaus Deringer LLP 10 18.4 25,023 7 2 18.1 0.3 Khaitan & Co 9 0.7 970 8 15 1.1 -0.4Ropes & Gray LLP 11 10.4 14,138 4 33 1.2 9.2 Jones Day 9 0.6 752 8 27 1.3 -0.8Alston & Bird LLP 12 8.4 11,378 3 - - 8.4 Freshfields Bruckhaus Deringer LLP 12 18.4 25,023 7 15 18.1 0.3Baker & McKenzie LLP 13 8.0 10,868 25 13 3.4 4.6 Linklaters LLP 12 1.0 1,331 7 5 9.6 -8.6Mori Hamada & Matsumoto 14 7.7 10,488 11 16 3.2 4.5 Rajah & Tann 14 0.7 989 6 9 1.8 -1.1Allen & Overy LLP 15 6.5 8,888 13 25 2.5 4.1 King & Wood Mallesons 14 0.6 871 6 13 4.1 -3.5Fenwick & West LLP 16 6.5 8,810 3 91 - 6.5 Skadden Arps Slate Meagher & Flom LLP 16 31.6 42,985 5 20 2.7 28.9Covington & Burling LLP 17 5.9 8,000 1 - - 5.9 Latham & Watkins LLP 16 28.3 38,487 5 23 1.2 27.1Sidley Austin LLP 17 5.9 8,000 1 28 1.9 4.0 Slaughter & May 16 5.0 6,792 5 50 4.7 0.3Paul Hastings LLP 19 5.0 6,806 3 - - 5.0 White & Case LLP 16 3.5 4,722 5 27 0.2 3.3Slaughter & May 20 5.0 6,792 5 9 4.7 0.3 Amarchand Mangaldas & Suresh A Shroff & Co 16 0.5 661 5 20 2.2 -1.7TOTAL 136,005 1,521 TOTAL 136,005 1,521

India Announced Deals (By Volume) 01/01/2015 - 09/30/2015 India Announced Deals (By Deal Count) 01/01/2015 - 09/30/2015

AZB & Partners 1 13.6 7,624 77 12 13.6 -0.1 AZB & Partners 1 13.6 7,624 77 1 13.6 -0.1Khaitan & Co 2 8.6 4,854 40 14 7.5 1.2 J Sagar Associates 2 3.2 1,812 41 4 6.0 -2.8Latham & Watkins LLP 3 5.4 3,030 2 17 3.4 2.0 Khaitan & Co 3 8.6 4,854 40 3 7.5 1.2Amarchand Mangaldas & Suresh A Shroff & Co 4 5.2 2,919 14 1 36.9 -31.7 Cyril Amarchand Mangaldas 4 4.4 2,481 20 - - 4.4Cyril Amarchand Mangaldas 5 4.4 2,481 20 - - 4.4 Luthra & Luthra Law Offices LLP 5 2.3 1,304 16 5 19.2 -16.8Sullivan & Cromwell LLP 6 4.3 2,441 2 7 13.7 -9.3 Amarchand Mangaldas & Suresh A Shroff & Co 6 5.2 2,919 14 2 36.9 -31.7Davis Polk & Wardwell LLP 6 4.3 2,441 3 2 24.6 -20.3 Trilegal 7 1.4 789 11 31 1.1 0.3Ashurst LLP 8 4.1 2,325 2 - - 4.1 S&R Associates 8 0.8 431 9 7 16.2 -15.5White & Case LLP 9 3.8 2,150 3 28 0.3 3.5 Linklaters LLP 9 2.0 1,138 5 8 2.7 -0.7Andrews Kurth LLP 9 3.8 2,150 1 - - 3.8 Herbert Smith Freehills LLP 9 0.7 375 5 6 6.1 -5.5Vinson & Elkins LLP 9 3.8 2,150 1 - - 3.8 Baker & McKenzie LLP 9 0.2 116 5 31 0.1 0.1J Sagar Associates 12 3.2 1,812 41 16 6.0 -2.8 Morrison & Foerster LLP 12 1.2 694 4 31 - 1.2Luthra & Luthra Law Offices LLP 13 2.3 1,304 16 3 19.2 -16.8 Kirkland & Ellis LLP 12 1.0 566 4 17 0.3 0.7Weil Gotshal & Manges LLP 14 2.0 1,138 1 7 13.7 -11.7 Squire Patton Boggs US LLP 12 0.1 59 4 31 0.0 0.1Linklaters LLP 14 2.0 1,138 5 19 2.7 -0.7 Davis Polk & Wardwell LLP 15 4.3 2,441 3 11 24.6 -20.3Trilegal 16 1.4 789 11 23 1.1 0.3 White & Case LLP 15 3.8 2,150 3 17 0.3 3.5Nishith Desai Associates 17 1.4 787 2 52 - 1.4 WongPartnership LLP 15 1.0 587 3 - - 1.0Crawford Bayley & Co 18 1.3 750 2 7 13.7 -12.4 King & Spalding LLP 15 1.0 582 3 - - 1.0Covington & Burling LLP 18 1.3 750 1 - - 1.3 Fenwick & West LLP 15 0.4 235 3 31 - 0.4Cravath Swaine & Moore LLP 18 1.3 750 1 - - 1.3 Nishimura & Asahi 15 0.0 25 3 - - 0.0TOTAL 56,240 1,255 TOTAL 56,240 1,255

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

30,135 30,135

105,953 105,953

19

Bloomberg League Criteria

Announced Global League Tables are based upon announced total values, unless otherwise stated in the title. Non-US dollar values are converted to US dollars at the time of announcement.

Credit will be given to transactions in which Bloomberg classifies as mergers, acquisitions, divestitures, self-tenders, or spin-offs.

Regional and industry League Tables will be based on the country of risk and industry of the ultimate publicly traded parent of a privately held company where applicable.

Advisors to any member of an investor group, consortium, or joint venture are eligible for full credit.

Advisory fees hold no weight over advisory credit.

General Database Criteria

A transaction is considered to have been announced upon the release of terms offered by the acquirer, and acknowledgement of the offer by the target company.

Deals that are considered to be in proposed status will not be granted credit.

Full versions of Bloomberg’s League Tables Standards & Guidelines can be accessed on Bloomberg Professional:

{LPHP MA:0:1 2841628<GO>}.

Bloomberg L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. Bloomberg L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Bloomberg Professional Service.

20

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