Mergermarket LA MA Round-UpforH12012

press release
mergermarket M&A Round-up for H1 2012 5 July 2012, for immediate release
PRESS CONTACTS EMEA: Flora Wilke flora.wilke@mergermarket.com Tel: +44 207 059 6348 Americas: Dara Silverstein dara.silverestein@mergermarket.com Tel: +1 646 3783118 Asia-Pacific: Andrew Powell andrew.powell@mergermarket.com Tel: +852 2158 9710
www.mergermarket.com
mergermarket M&A Round-up for H1 2012

CONTENTS:
2 mergermarket M&A Round-Up 3 Global M&A Overview
7 - Mid-Market 8 - Private Equity Buyouts 9 - Private Equity Exits 10 - Emerging Markets 11 - Premia / Multiples Analysis 12 - Deal Type/ Deal Value Breakdown 13 - Consideration Structure Insolvency 14 - Global League Table of Legal Advisers
Global M&A in H1 2012 falls 21.6% compared to same period last year Q2 2012 total of US$ 494.9bn, reverses five consecutive quarterly declines Third-lowest first-half total since H1 2004
Clifford Chance tops global legal advisory league table by deal value for H1 2012 Clifford Chance beats Freshfields Bruckhaus Deringer to top spot in legal financial advisers league table by deal value Skadden Arps Slate Meagher & Flom takes top spot in Asia-Pacific
mergermarket Heat Charts show TMT to be most popular companies for sale sector globally Industrials & Chemicals tops Asia-Pacific Heat Chart Germanic countries in Europe see similar popularity for Industrials & Chemicals
Asia-Pacific half-year M&A down 15.1% on H1 2011 Second quarter total of US$ 71.1bn, up 3% on Q1 2012 Asian investment into Europe experiences third consecutive quarterly decline
16 - European M&A Overview 29 - US M&A Overview 39 - Asia-Pacific M&A Overview (ex. Japan) 49 - Africa & MIddle East M&A Overview 53 - Criteria/ About mergermarket
European M&A in the first half of 2012 down 15.7% on H1 2011 Region accounts for 38.3% of global M&A by total value in H1 2012 Construction sector sees biggest percentage increase in half-year value
US H1 2012 M&A activity lowest half-year total since 2003
MEDIA CONTACTS:
EMEA: Flora Wilke flora.wilke@mergermarket.com +44 207 059 6349 Americas: Dara Silverstein dara.silverstein@mergermarket.com +1 646 378 3118 Asia-Pacific: Andrew Powell andrew.powell@mergermarket.com +852 2158 9710
Half-year M&A totals US$ 258.7bn, down 40.1% on H1 2011 Financial Services sees big decline while Consumer deals surge
Private equity buyouts in H1 2012 down by over a fifth on same period last year PE-backed buyouts total US$ 113.8bn for H1 2012, down 22.4% on H1 2011 Asian buyouts slump to lowest quarterly total since Q2 2010
Private equity exits down 30% on H1 2011 SBOs up 85.2% quarter-on-quarter US exit premiums at second-highest level in eight years
Energy, Mining & Utilities increases dominant market share in H1 2012 Business Services, Construction, Consumer and Agriculture only four sectors globally to see increases in value Construction sector in Europe sees major jump
2
Press Release: mergermarket M&A Round-up for H1 2012
Global M&A Overview

Q2 2012 global M&A at US$ 494.9bn, bucks trend of five consecutive quarterly declines H1 2012 total of US$ 929.4bn, down 21.6% on H1 2011 Clifford Chance claims top spot in H1 2012 global legal advisers league table by deal value
Global M&A Activity - Quarterly
1,300 1,200 1,100 1,000 900 RoW M&A Asia-Pacif ic ex Jp M&A US M&A European M&A Volume 4,500 4,250 4,000 3,750 3,500 3,250 3,000 2,500 2,250 2,000 1,750 1,500 1,250 1,000 750 500 250 0 2,750
Value of Deals (US$bn)
The H1 2012 total of US$ 929.4bn, however, was a decline of 21.6% on H1 2011 (US$ 1,185.1bn). The lower first half figure was also the third-lowest first half total since H1 2004 (US$ 826bn). Q2 2012s total matched this; the third-lowest quarterly total since Q2 2010 (US$ 428.6bn). On current form, full year 2012 is set to be the second-lowest yearly total since 2004 (US$ 1,685.4bn). Europe, plagued by the continuing uncertainty surrounding its debt crisis, managed to match all other regions in posting a quarter-on-quarter increase. Q2 2012 M&A on the continent totalled US$ 183.7bn, up 6.6% on Q1 2012 (US$ 172.4bn). This also ensured that Europe made up the largest share of global M&A of any region; it accounted for 38.3% of total deal value in the first half of 2012. The US, although posting a quarter-on-quarter increase of 27.9%, registered the worst half-year performance drop, with H1 2012 M&A coming in at US$ 258.7bn, down 40.1% on the first half of last year (US$ 431.5bn). Japanese M&A, meanwhile, looked robust. It registered increases across all comparisons; M&A was up 40% in Q2 2012 compared to Q2 2011, up 101.4% in Q2 2012 compared to the previous quarter and up 28% in H1 2012 compared to H1 2011.
700 600 500 400 300 200 100 0
Global Cross Border M&A Analysis - Value

1,400 1,300 1,200 1,100 1,000 Global Cross Border (regions) Global M&A Global Cross Border (individual countries)
Value of Deals ($bn)
Asia-Pacific (ex Japan) reversed two consecutive quarterly declines, with a Q2 2012 total of US$ 71.1bn up 3% on Q1 2012 (US$ 68.3bn). The H1 2012 figure of US$ 140.1bn, though, was a 15.1% decline on H1 2011 (US$ 165bn). Clifford Chance claimed the H1 2012 global legal advisers mantle, by deal value, after climbing 16 places from its H1 2011 finish. Jones Day won the day by claiming top spot for the deal volume crown.
900 800 700 600 500 400 300 200 100 0
1 0 Q 4 2 0 Q 4 3 0 Q 4 4 0 Q 4 1 0 Q 5 2 0 Q 5 3 0 Q 5 4 0 Q 5 1 0 Q 6 2 0 Q 6 3 0 Q 6 4 0 Q 6 1 0 Q 7 2 0 Q 7 3 0 Q 7 4 0 Q 7 1 0 Q 8 2 0 Q 8 3 0 Q 8 4 0 Q 8 1 0 Q 9 2 0 Q 9 3 0 Q 9 4 0 Q 9 1 1 Q 0 2 1 Q 0 3 1 Q 0 4 1 Q 0 1 1 Q 1 2 1 Q 1 3 1 Q 1 4 1 Q 1 1 1 Q 2 2 12
Volume of Deals
The freefall in global M&A was temporarily halted in Q2 2012. Registering US$ 494.9bn in deals, Q2 2012 was up 13.9% on Q1 2012 (US$ 434.6bn), reversing a seemingly terminal decline that had seen five previous quarters of consecutive falls in the global total.
800
Global M&A Heat Chart

Sector TMT Energy, Mining & Utilities Industrials & Chemicals Pharma, Medical & Biotech Consumer Business Services Financial Services Leisure Transportation Construction Defence Real Estate Agriculture Government Other Total Americas 1,369 1,015 499 670 577 472 423 226 135 87 77 76 37 35 4 5,702 Asia 734 644 1,205 339 594 288 382 205 171 180 2 198 134 7 35 5,118 Europe 618 433 658 279 694 298 296 223 214 158 18 91 50 4 4 4,038 Middle East 73 26 29 33 20 10 34 18 22 10 1 10 4 0 3 293 Africa 14 73 18 5 18 10 47 4 10 13 1 10 9 1 7 233 Total 2,808 2,191 2,409 1,326 1,903 1,078 1,182 676 552 448 99 385 234 47 46 15,384
2012 Google - Map data 2012 Google
TMT tops mergermarkets own global heat chart as most popular companies for sale sector, with tech companies in the US contributing heavily Energy, Mining & Utilities still attracting interest as it claims second place globally, favourable valuations possibly driven by falling oil prices combined with burgeoning interest in shale gas reserves Industrials & Chemicals still the most popular sector in Asia as consolidation looks to improve economies of scale in order to compete with bigger global names
Hot 1,200 1,000 600
Warm 400 250 150
Cold 70 20 0
Note: The Intelligence Heat Chart are based on companies for sale tracked by mergermarket in the respective regions between 16 December 2011 and 15 June 2012. Opportunities are captured according to the dominant geography and sector of the potential target company. mergermarkets Heat Chart of predicted deal flow is based on the intelligence collected in our database relating to companies rumoured to be for sale, or officially up for sale in the respective regions. It is therefore indicative of areas that are likely to be active in the months to come. The intelligence comes from a range of sources, including press reports, company statements and our own team of journalists gathering proprietary intelligence from M&A across the regions. The data does not differentiate between small and large transactions, nor between deals that could happen in the short or long-term.
Global M&A Overview: Industry and Geography Breakdown

H1 2012
Sector Energy, Mining & Utilities Consumer Industrials & Chemicals Financial Services Pharma, Medical & Biotech Technology Business Services Telecommunications Real Estate Construction Transport Leisure Media Agriculture Defence Total Value (US$bn) 257.9 110.0 108.3 96.7 69.5 68.6 63.8 30.9 30.9 25.0 21.6 20.8 16.9 10.1 0.3 931 Market share 27.7% 11.8% 11.6% 10.4% 7.47% 7.4% 6.8% 3.3% 3.3% 2.7% 2.3% 2.2% 1.8% 1.1% 0.03% Deal count 512 729 1,150 470 395 620 616 62 124 187 176 186 184 56 16 5,483 Value (US$bn) 300.8 93.0 202.6 130.7 104.2 77.1 51.6 47.4 66.9 18.7 27.1 25.7 28.2 4.5 5.8 1,184
H1 2011
Market share 25.4% 7.9% 17.1% 11.0% 8.8% 6.5% 4.4% 4.0% 5.6% 1.6% 2.3% 2.2% 2.4% 0.4% 0.5% Deal count 627 878 1,292 583 539 731 871 83 106 260 222 252 194 82 21 6,741 Value (%) -14.3% 18.3% -46.6% -26.0% -33.2% -11.0% 23.6% -34.9% -53.9% 33.3% -20.2% -18.9% -39.9% 123.3% -94.6% -21.4%
Change
Deal Count -115 -149 -142 -113 -144 -111 -255 -21 18 -73 -46 -66 -10 -26 -5 -1,258
Mix of Announced Deals by Geographic Region H1 2012 - Value

South & Central Asia 2.2% Australasia 2.6% Japan 4.1% North America 34.3% South East Asia 2.6% Af rica & Middle East 2.3%
Mix of Announced Deals by Geographic Region H1 2012 - Volume

South & Central Asia 2.3% Australasia 3.2% Japan 3.3% North America 32.9% South East Asia 2.6% Af rica & Middle East 2.6%
North Asia 8.0%
North Asia 7.5%
Central & Eastern Europe 3.6% Northern Europe 3.7%
Central & Eastern Europe 4.3%
Northern Europe 5.4% Southern Europe 6.3% Central & South America 5.0% Southern Europe 5.4% Central & South America 5.4%
Western Europe 25.3%
Western Europe 25.1%
Global Top Deals for H1 2012

Top 10 Announced Deals for H1 2012
Announced Date 07-Feb-12 Bidder Company Glencore International plc Bidder Legal Advisor Clifford Chance (Advising Citigroup; Credit Suisse; Morgan Stanley); Linklaters Clifford Chance; Freshfields Bruckhaus Deringer; Mijares, Angoitia, Cortes y Fuentes; Skadden Arps Slate Meagher & Flom; Sullivan & Cromwell Nishimura & Asahi Target Company Xstrata Plc (65.92% Stake) Target/Seller Legal Adivsor Freshfields Bruckhaus Deringer; King & Wood Mallesons Cravath Swaine & Moore; Creel, Garcia-Cuellar, Aiza y Enriquez; Greenberg Traurig (Advising Morgan Stanley) Nagashima Ohno & Tsunematsu Seller Company Deal Value (US$) 53,465
29-Jun-12
Anheuser-Busch InBev NV
Grupo Modelo SAB de CV
17,790
21-May-12
Nuclear Damage Compensation Facilitation Corporation Eaton Corporation
Tokyo Electric Power Co Inc (54.69% Stake) Cooper Industries Plc
12,600
21-May-12
A&L Goodbody; Davis Polk & Wardwell (Advising Citigroup; Morgan Stanley); Kinstellar; Matheson Ormsby Prentice; McCann FitzGerald (Advising Citigroup; Morgan Stanley); Simpson Thacher & Bartlett A&L Goodbody; King & Wood Mallesons; Mayer Brown
Arthur Cox; Blake, Cassels & Graydon; Cleary Gottlieb Steen & Hamilton (Advising Goldman Sachs); Wachtell, Lipton, Rosen & Katz
11,940
23-Apr-12
Nestle SA
Pfizer Nutrition
Baker & McKenzie; Clifford Chance; DLA Cliffe Dekker Hofmeyr; DLA Piper; Kirkland & Ellis (Advising Centerview Partners); Skadden Arps Slate Meagher & Flom Clifford Chance
Pfizer Inc
11,850
16-Apr-12
GDF Suez SA
Linklaters; Weil Gotshal & Manges
International Power Plc (30.23% Stake) Sterlite Industries (India) Limited
10,867
25-Feb-12
Sesa Goa Limited
Luthra & Luthra Law Offices (Advising Citigroup)
Amarchand & Mangaldas & Suresh A Shroff & Co; Skadden Arps Slate Meagher & Flom (Advising Bank of America Merrill Lynch)
10,289
06-May-12
Electricite de France SA
Clifford Chance; Jones Day; Paul Weiss Rifkind Wharton & Garrison Bennett Jones; Curtis, MalletPrevost, Colt & Mosle; King & Wood Mallesons; Linklaters; McCarthy Tetrault Baker & McKenzie; Shook Lin & Bok Singapore (Advising Credit Suisse; Morgan Stanley); WongPartnership
Edison International SpA
7,582
20-Mar-12
Glencore International plc
Viterra Inc
Ashurst; Fasken Martineau Dumoulin; Sidley Austin ; Stikeman Elliott; Torys Allen & Gledhill; Makes & Partners
7,347
02-Apr-12
DBS Group Holdings Ltd
PT Bank Danamon Indonesia Tbk
7,338
Global M&A Overview: Mid-market M&A Activity (US$ 250m to US$ 2bn)
Global mid-market deals total US$ 370.1bn for H1 2012, down 11.9% on H1 2011 But all major regions see increase on previous quarter Sullivan & Cromwell tops legal advisers table with US$ 33.6bn in deals
Global Mid-Market M&A Activity - Quarterly
RoW M&A
350
Asia-Pacific ex Jp Mid-Market M&A US Mid-Market M&A European Mid-Market M&A % of Global M&A
50.0% 45.0% 40.0%
300
200
Nearly all regions saw an increase in mid-market M&A in Q2 2012 compared with the previous quarter, with the exception of Emerging Markets and Central & Southern America, which saw US$ 37.5bn and US$ 13bn worth of deals in Q2 2012, a 13.4% and 3% decrease, respectively, compared to Q1 2012 (US$ 42.5bn and US$ 13.4bn). All regions with the exception of the US saw a lower total value of mid-market M&A for H1 2012 than in the same period last year. Energy, Mining & Utilities was the most active sector in the global mid-market in H1 2012, accounting for 25.3% of all mid-market activity. The Real Estate sector saw the biggest increase in mid-market activity with US$ 24.6bn-worth of deals announced in H1 2012, 34% higher than in H1 2011 (US$ 18.4bn). The Industrials & Chemicals sector showed a significant decline in H1 2012 with US$ 38.4bn in deals, down 40% from US$ 64.5bn in H1 2011. Sullivan & Cromwell topped the mid-market legal advisers league table with US$ 33.6bnworth of deals.
25.0% 150 20.0% 15.0% 10.0% 50 5.0% 0 0.0%
100
Mid-Market M&A Industry Breakdown H1 2012 - Value

Technology 8.5% Consumer 9.5%
Pharma, Medical & Biotech 7.7% Real Estate 6.7% Business Services 5.7%
Industrials & Chemicals 10.4%
Telecom 4.1% Leisure 3.8% Transport 3.0% Media 2.1% Construction 1.8% Energy, Mining & Utilities 25.3% Agriculture 0.4%
Financial Services 11.2%
% of Global M&A
The global mid-market saw the announcement of US$ 201.9bn-worth of M&A activity in Q2 2012, bringing the total deal value for the year to US$ 370.1bn. The second quarters total was 20% higher than Q1 2012 (US$ 168.2bn). The total value of mid-market M&A in H1 2012 decreased by 11.9% compared to H1 2011.
250
35.0% 30.0%
Global M&A Overview: Private Equity Buyouts

Global buyouts in H1 2012 total US$ 113.8bn, down by over a fifth on H1 2011 Global total reverses quarterly slide but Asia-Pacific witnesses third quarterly decline on the trot
Global Private Equity Buyout Activity - Quarterly
400 Rest of the World (Value) Asia-Pacific ex Japan (Value) 350 US (Value) Europe (Value) Buyouts (% of Total M&A) 30% 35%
250 20% 200 15% 150 10%
Asia-Pacific (ex Japan) saw its Q2 2012 buyouts total just US$ 3.9bn, the lowest quarterly figure since Q2 2010 (US$ 2.7bn) and the third consecutive quarter of decline from Q3 2011. Average buyout leverage ratio for H1 2012 was 58.2% which is up from the 55.5% seen for the whole of 2011. This was the third-highest level since 2007s high of 67.6%. Debt financing-to-EBITDA in the first half of 2012 was 5.3x, the second-lowest level in eight years (2009s 5.1x being the lowest). Linklaters topped the legal advisory tables for deal value (US$ 11.1bn) while Kirkland & Ellis topped the volume table (40) for the first half of 2012.
100
50
5%
0%
0 Q 4 2 0 Q 4 3 0 Q 4 4 0 Q 4 1 0 Q 5 2 0 Q 5 3 0 Q 5 4 0 Q 5 1 0 Q 6 2 0 Q 6 3 0 Q 6 4 0 Q 6 1 0 Q 7 2 0 Q 7 3 0 Q 7 4 0 Q 7 1 0 Q 8 2 0 Q 8 3 0 Q 8 4 0 Q 8 1 0 Q 9 2 0 Q 9 3 0 Q 9 4 0 Q 9 1 1 Q 0 2 1 Q 0 3 1 Q 0 4 1 Q 0 1 1 Q 1 2 1 Q 1 3 1 Q 1 4 1 Q 1 1 1 Q 2 2 12
Global Debt Financing Ratios Trend (US$200m+ buyouts, excluding buy-ins)
Debt/EBITDA Multiple (x) Debt/Total Funding (%)
80%
Top 10 Global private equity firms H1 2012 - buyouts

Ranking 1 2 3 4 5 6 7 8 9 10 Company Name The Riverside Company CVC Capital Partners Vista Equity Partners Warburg Pincus Lloyds TSB Development Capital Blackstone Group Bain Capital Oaktree Capital Group Wynnchurch Capital Arsenal Capital Partners Value (US$m) 4,174 2,501 1,438 333 5,600 2,499 346 169 161 Deal Count 8 6 6 6 6 5 5 5 5 5
Debt/EBITDA (x)
70%
60%
50% 4 40% 3 30% 2
20%
10%
0 2004 2005 2006 2007 2008 2009 2010 2011 H1 2012
0%
Debt/Total Funding (%)
Percentage of Global M&A
Global private equity buyouts for H1 2012, valued at US$ 113.8bn, accounted for 12.2% of total M&A activity in H1 2012 (US$ 929.4bn) and was down 22.4% on the same period in 2011 (US$ 146.7bn). A total of 900 buyouts exceeded the 634 exits in H1 2012, though, which appears to confirm reports of investors holding onto their assets due to market volatility, in particular within the euro zone.
300
25%
Global M&A Overview: Private Equity Exits

Global H1 2012 exits total US$ 119.7bn, down 30% on H1 2011 US exit premiums in H1 2012 at second-highest level in eight years Secondary Buyouts for Q2 2012 at US$ 20bn, up 85.2% on previous quarter
Trade Sales vs SBO Exit Activity - Quarterly
150 140 130 120 110 Trade Sales (Value) SBOs (Value) SBOs (% of total exits) Trade Sales (% of total exits) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
100 90 80 70 60 50 40 30 20 10 0
So far it looks as though Europe will have a higher EBIDTA upon exiting compared to the US, for the sixth year in a row. At 11.8x, Europes multiples in H1 2012 were 25.5% higher than the USs 9.4x. Exit premiums continued to be the highest in the US at 63.7% whereas Europe went the other way, falling to 13.1% from a 2011 figure of 30%. The USs exit premiums for H1 2012 were at their second-highest level stretching back to 2004. Globally, premiums stood at 24.8% in the first half of the year; down slightly from the 2011 full-year total of 32.8%. The Consumers sector was one of the most active in the exits field in H1 2012, accounting for two of the top five deals.
Top 10 Global private equity firms H1 2012 - exits

Ranking 1 2 3 4 5 6 7 8 9 10 Company Name 3i Group Intel Capital Sun Capital Partners The Carlyle Group Benchmark Capital Battery Ventures Draper Fisher Jurvetson Atlas Venture TA Associates American Capital Value (US$m) 750 690 98 5,940 1,619 830 1,711 1,565 738 144 Deal Count 7 7 7 6 6 6 5 5 5 5
80%
70%
60%
50%
Premium %
40%
30%
20%
10%
0% 2004 2005 2006 2007 2008 2009 2010 2011 H1 2012
1 0 Q 4 2 0 Q 4 3 0 Q 4 4 0 Q 4 1 0 Q 5 2 0 Q 5 3 0 Q 5 4 0 Q 5 1 0 Q 6 2 0 Q 6 3 0 Q 6 4 0 Q 6 1 0 Q 7 2 0 Q 7 3 0 Q 7 4 0 Q 7 1 0 Q 8 2 0 Q 8 3 0 Q 8 4 0 Q 8 1 0 Q 9 2 0 Q 9 3 0 Q 9 4 0 Q 9 1 1 Q 0 2 1 Q 0 3 1 Q 0 4 1 Q 0 1 1 Q 1 2 1 Q 1 3 1 Q 1 4 1 Q 1 1 1 Q 2 2 12
Exit Premium Analysis - Average

Global Europe US
Percentage of Total Exits (excl. IPOs)
The H1 2012 total of US$ 119.7bn for private equity exits was down 30% on H1 2011 (US$ 170.9bn). SBOs, though, did experience an 85.2% increase in deal value, up from US$ 10.8bn in Q1 2012, to US$ 20bn in Q2 2012.
Global M&A Overview: Emerging Markets

Emerging Markets see deals down 15.8% to US$ 208.2bn compared to H1 2011 BRICs witness second lowest quarterly total since Q1 2010 Europe receives nearly half of outbound investment in H1 2012, up 87.1% on H1 2011
Emerging Markets M&A Activity Trend
200 180 160 140 120 100 80 60 40 10% 15% Other EM (Value) BRIC (Value) EM M&A as % of Global M&A 25% 30%
Emerging Markets M&A saw a Q2 2012 total of US$ 117.2bn, which was an 8.3% increase compared to Q2 2011 (US$ 108.5bn). Meanwhile, Emerging Markets saw H1 2012 M&A activity worth US$ 208.2bn, down 15.8% from the same period in 2011 (US$ 247.4bn).
Q2 2012 saw BRIC M&A slide to US$ 56.7bn, its second lowest point since Q1 2010 (US$ 51bn). The loss in value can also be seen in quarterly and half-year comparisons. BRIC M&A activity was down 19.6% from US$ 70.5bn in Q2 2011. In addition, H1 2012s total of US$ 123.5bn accounted for an 18.7% decline compared to H1 2011 (US$ 151.8bn). Other Emerging Markets M&A accounted for US$ 60.5bn of the Q2 2012 total. These countries experienced a 59.3% increase from Q2 2011 (US$ 38bn). However, other Emerging Markets matched the BRICs for their drop in half-year activity; H1 2012s US$ 84.7bn was an 11.3% decline compared to H1 2011 (US$ 95.6bn). Emerging Markets accounted for 23.7% of global M&A activity in Q2 2012, up from the 18.8% they accounted for in the same period in 2011. Inbound cross-border activity into Emerging Markets in Q2 2012 totalled US$ 59.4bn, 57.7% up from Q2 2011 (US$ 37.7bn). Emerging Markets saw a 16% decrease in inbound investment from H1 2011 (US$ 97.8bn) to US$ 82.2bn in the first half of 2012, while Europe ploughed the most investment into Emerging Markets out of any region; US$ 38.7bn, or 47% of total global value. Outbound M&A activity from Emerging Market countries in Q2 2012 accounted for US$ 32.2bn, showing an increase of 63.8% from US$ 19.7bn in the same period of last year. H1 2012 also saw a 53.9% increase to US$ 70bn in outbound investment from emerging countries, compared to the same period last year (US$ 45.5bn). Europe remained the top destination for Emerging Market buyers, accounting for US$ 28.5bn of deals in H1 2012, which represented an impressive 87.1% jump compared to H1 2011 (US$ 15.2bn). H1 2012 saw Europes share of inbound investment fall in Emerging Market countries by 18.1%, to US$ 38.7bn from H1 2011s US$ 47.2bn. Asia-Pacific (ex Japan)s investment declined by 21.2%, falling from H1 2011s US$ 25bn to H2 2012s US$ 19.7bn.
5%
20 0 0%
Emerging Markets Buyout Activity Trend

60 Value (US$bn) % of Global BO (Value) % of EM M&A (Value) 50 20.0% 25.0%
40
Value (US$bn)
15.0% 30 10.0% 20
10
5.0%
2004
2005
2006
2007
2008
2009
2010
2011
H1 2012
0.0%
10
Percentage (%)
% of Global M&A
The value of deals in Emerging Markets bounced back from the past two quarters, which witnessed consecutive declines.
20%
Global M&A Overview: Premia and Multiples Analysis

Average global premiums for H1 2012 at 28.8%, up from 16.9% for 2011 North America premiums highest of any region, third-highest since 2004 European multiples dip below double figures for first time in over eight years Decrease in overall global H1 2012 EBITDA to 11.4x, lowest in eight years
EBITDA Multiple Analysis - Average
30 Global Europe North America 25 Asia-Pacific (excl. Japan) Japan
North American premiums for H1 2012 were at 40.2%, up from 37.6% in 2011. Meanwhile, European premiums stood at 20.8% in H1 2012, down slightly from 21.6% in 2011. Targets in Asia-Pacific (ex Japan) had H1 2012 average premiums of 28.6%, higher than 2011 (21.9%) and the highest since 2004. The average EBITDA multiple across global M&A was 11.4x in the first half of 2012, down from 14.6x in 2011 and the lowest level seen in eight years. In Europe, the average EBITDA multiple was 9.6x, down from 12.4x in 2011, and the first time Europes multiples have dipped below double figures in over eight years. North America continued on a downward trend; from 17.1x in 2010 to 13.7x in 2011 and to 12.9x in H1 2012. Asia-Pacific (ex Japan) also saw a significant decrease in EBIDTA multiples from 2011 to 2012, with H1 2012 EBITDA coming in at 12.5x, down from 13.8x in 2011 and the lowest since 2004 (10.8x). Japan has also seen its average EBITDA multiple decline to 8.9x in H1 2012, down from 9.8x in 2011.
EBITDA Multiple (x) - Average
Average premiums (one day before) of global M&A deals in the first half of 2012 was 28.8%, an increase from 2011 (16.9%) and 2010 (22.3%).
20
15
10
0 2004 2005 2006 2007 2008 2009 2010 2011 H1 2012
Premium Analysis - Average

60% Global Europe North America Asia-Pacific (excl. Japan) Japan
50%
40%
Premiums %
30%
20%
10%
0% 2004 2005 2006 2007 2008 2009 2010 2011 H1 2012
11
Global M&A Overview: Deal Type/ Deal Value Breakdown

Deal Type

M&A Deal Type - Deal Value
100% 90% 80% 40.5%
H1 2012 global M&A offers total US$ 390.6bn, down 27.7% on H1 2011 On course to be lowest yearly total since 2009
Share of total Global M&A - Deal Values
For the first half of 2012, global M&A offers stood at US$ 390.6bn, a significant decline compared to global M&A offers for H1 2011 (US$ 540.4bn). There was also a drop evident quarter-on-quarter with US$ 192.7bn in offers during Q2 2012, down from US$ 197.9bn for Q1 2012. Recommended offers for H1 2012 totalled US$ 369.2bn, contested offers stood at US$ 25.9bn while unsolicited offers for this same period were valued at US$ 20.8bn. Hostile bids for the first half of 2012 totalled US$ 21.1bn, which emphasised another period of decline when comparing it to H1 2011 (US$ 34.6bn). Behind Roches hostile bid for Illumina (US$ 6.8bn), the second-largest hostile bid to date was America Movil SAB de CV offer to acquire a 23.2% Stake in Koninklijke KPN NV for US$ 3.5bn.
70% 60%
54.5%
48.1%
46.1%
50.6%
56.6%
61.1%
58.3%
58.4%
8.8% 50% 40% 30% 20% 10% 0% 41.2% 1.7% 6.0% 6.6% 4.1% 10.4%
2.4% 2.7%
2.4% 10.9% 0.5% 5.0% 1.3% 4.2% 0.8% 2.6%
1.0% 2.4%
48.8% 40.3% 36.1% 37.9% 33.5% 38.3% 38.2%
37.7%
2004
2005
2006
Recommended
2007
Hostile
2008
2009
Contested
2010
Non-public M&A
2011
H1 2012
Deal Value Mega-deals account for 12.3% of H1 2012 global M&A with total of US$ 111.0bn Global quarterly total deal size comes in at US$ 468.5bn, third-lowest quarterly total since Q2 2010
100% 90% 80% 70% 25.5% 60% 50% 30.0% 21.9%
Global M&A Deal Size Breakdown - % by Deal Value
15.4% 24.5% 32.0% 26.8% 29.4% 29.6%
15.2%
12.3%
Mega-deals (over US$ 10bn) in Q2 2012 accounted for 10.1% of the value of global M&A deals announced, the lowest proportion in eight years. Mega-deals in H1 2012 had an aggregate value of US $ 111.0bn, down 19.8% on H1 2011 (US $138.4bn). In Q2 2012, deals valued between US$ 501m-1.99bn accounted for 31.3% of total deal value, the highest proportion for the deal size range on mergermarket record (since 2001). European deals valued at US$ 2bn-10bn added up to US$ 127.4bn, representing 36.4% of all European M&A deals announced in H1 2012, also the second-highest proportion for the deal size range on mergermarket record. The global total deal size for Q2 2012 was US$ 468.5bn, the third-lowest quarterly total since Q2 2010 (US$ 428.6bn).
Press Release: mergermarket M&A Round-up for H1 2012 12
32.5% 29.8%
33.9%
33.1%
27.0%
27.9%
27.5%
40% 30% 20%
24.5% 22.0% 20.8% 23.0% 19.3% 20.6%
27.6%
26.2%
29.4%
28.0% 10% 0%
23.5%
20.1%
20.4%
23.4%
22.4%
24.5%
24.8%
25.2%
2004
2005 $0m - $500m
2006
2007
2008
2009
2010
2011
H1 2012
$501m - $2,000m
$2,001 - $10,000m
mega deals (over $10,001m)
Global M&A Overview: Consideration Structure / Insolvency

Consideration structure All-cash deals in H1 2012 total US$ 463.5bn, down a third on H1 2011 Cash-only still the favoured option; accounts for 70% of total deal value in H1 2012
% cash only deals % equity only deals % cash & equity deals 100% 90% 80% 70% 60% 50% 40% 67.9% 30% 20% 10% 0% 59.6% 59.7% 60.0% 71.2% 58.9% 68.4% 70.0% 70.0% 25.9% 18.1% 18.6% 14.1% 22.4% 21.7% 14.5% 22.7% 17.6% 22.2% 20.2%
Global Consideration Breakdown - Value

6.1% 18.9%
11.4%
11.6%
13.2%
Cash-only deals increased its already-dominant share in deal consideration structures in H1 2012, accounting for 70% of total deal value for the period, compared to 71.5% in H1 2011. This proportion was the second highest since 2008 (71.2%).
% of Global M&A
18.4%
16.8%
Meanwhile, the total value of equity-only deals in H1 2012 was US$ 111.1bn, 44.9% lower than H1 2011 (US$ 201.8bn). Deals with a cash and equity consideration in H1 2012 amounted to US$ 87.6bn, 28% lower than in H1 2011 (US$ 121.6bn). In Q2 2012, cash & equity deals accounted for 18.8% of total deal value, an increase from the sub15% level in each of the previous five quarters. Conversely, the total proportion of M&A accounted for by equity-only deals plummeted to 5.5% from 22.2% in Q2 2012, representing the second-lowest level seen during the past six quarters.
Insolvency
2004
2005
2006
2007
2008
2009
2010
2011
H1 2012
H1 2012 global insolvency deals total US$ 9.3bn, up 43% on H1 2011 Insolvencies hit second-lowest quarterly total since Q4 2007
60 Value (US$bn) Volume
Quarterly Insolvency Deals - Global

200
Global insolvency deals in H1 2012 showed a solid 43% increase totalling US$ 9.3bn, compared to H1 2011s US$ 6.5bn. Yet the second quarter had a steep 54.7% drop, from US$ 6.4bn in Q1 2012, to US$ 2.9bn. Europe had the lions share of insolvency deals in Q2 2012 (US$ 2.5bn), mainly due to Giuseppe Rotellis US$ 1bn acquisition of insolvent Italian hospital Ospedale San Raffaele. European insolvencies tripled in value from US$ 1.3bn in H1 2011, to US$ 5.9bn in H1 2012, representing a 353% increase. US insolvency deals experienced a 92% fall from US$ 2.7bn in Q2 2011 to US$ 0.2bn in Q2 2012. The US downward trajectory was evident in the 46.6% drop from US$ 4.5bn in H1 2011 to US$ 2.4bn in the first half of this year. Q2 2012 marked the second-lowest quarterly value in global insolvencies since Q4 2007 (US$ 0.8bn).
175 50 150 40
30
100
75 20 50 10 25
13
Number of deals
125
Global: League Tables of Legal Advisers

League Tables of Legal Advisers to Global M&A: Value
Ranking H1 H1 2011 2012 17 5 7 3 1 82 4 21 10 18 13 11 2 6 14 16 24 22 39 33 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Clifford Chance Freshfields Bruckhaus Deringer Skadden Arps Slate Meagher & Flom Linklaters Sullivan & Cromwell King & Wood Mallesons Latham & Watkins Kirkland & Ellis Allen & Overy Jones Day Weil Gotshal & Manges Cleary Gottlieb Steen & Hamilton Simpson Thacher & Bartlett Wachtell, Lipton, Rosen & Katz Davis Polk & Wardwell Blake, Cassels & Graydon White & Case Baker & McKenzie Gibson Dunn & Crutcher Vinson & Elkins H1 2012 Value Deal (US$m) Count 162,169 141,694 132,388 118,176 84,464 81,998 62,780 61,896 61,706 59,622 58,751 55,433 53,478 49,453 47,428 40,074 39,712 38,426 35,423 33,651 103 85 91 111 63 39 109 104 89 124 73 50 44 22 44 56 70 95 41 49 H1 2011 Value % Val. (US$m) Change 73,855 161,783 142,405 167,978 212,672 13,291 163,700 53,371 126,073 64,286 101,131 115,262 190,783 156,351 95,592 75,180 46,688 51,133 29,748 32,481 119.6% -12.4% -7.0% -29.6% -60.3% 516.9% -61.6% 16.0% -51.1% -7.3% -41.9% -51.9% -72.0% -68.4% -50.4% -46.7% -14.9% -24.9% 19.1% 3.6%
League Tables of Legal Advisers to Global M&A: Volume

Ranking H1 H1 2011 2012 4 2 3 1 9 7 5 10 8 6 13 12 16 15 11 26 25 22 59 29 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Jones Day DLA Piper Linklaters Latham & Watkins Kirkland & Ellis Clifford Chance Baker & McKenzie Skadden Arps Slate Meagher & Flom Allen & Overy Freshfields Bruckhaus Deringer Weil Gotshal & Manges Hogan Lovells White & Case Sullivan & Cromwell CMS Blake, Cassels & Graydon Mayer Brown Cleary Gottlieb Steen & Hamilton Vinson & Elkins Morgan Lewis & Bockius H1 2012 Value Deal (US$m) Count 59,622 27,462 118,176 62,780 61,896 162,169 38,426 132,388 61,706 141,694 58,751 22,666 39,712 84,464 3,383 40,074 17,803 55,433 33,651 3,463 124 118 111 109 104 103 95 91 89 85 73 71 70 63 60 56 51 50 49 48 H1 2011 Deal Count Count Change 147 160 147 162 127 137 144 118 127 142 96 101 77 85 113 59 60 65 36 55 -23 -42 -36 -53 -23 -34 -49 -27 -38 -57 -23 -30 -7 -22 -53 -3 -9 -15 13 -7
14
Global: League Tables of Legal Advisers

League Tables of Legal Advisers to Global Buyouts*: Value
Ranking H1 H1 2011 2012 11 24 9 21 1 100 5 7 14 2 29 45 8 13 16 10 1 2 3 4 5 6 7 8 9 10 11 12 13= 13= 13= 16 17 18 19 20 Company Name Linklaters Willkie Farr & Gallagher Weil Gotshal & Manges Paul Weiss Rifkind Wharton & Garrison Simpson Thacher & Bartlett Vinson & Elkins Latham & Watkins Debevoise & Plimpton Freshfields Bruckhaus Deringer Kirkland & Ellis Sullivan & Cromwell Allen & Overy Campos Ferreira, Sa Carneiro e Asociados Morais Leitao Galvao Teles Soares Da Silva & Associados Vieira de Almeida & Associados Davis Polk & Wardwell Clifford Chance Jones Day Cleary Gottlieb Steen & Hamilton BAHR H1 2012 Value Deal (US$m) Count 11,529 10,666 10,109 9,624 9,287 8,862 8,473 8,275 7,628 7,396 7,236 5,973 5,599 5,599 5,599 4,098 3,343 3,160 3,000 2,834 17 9 20 12 12 8 21 5 11 40 8 9 1 1 1 6 18 15 2 3 H1 2011 Value % Val. (US$m) Change 7,076 3,571 8,620 3,853 20,801 468 10,121 9,069 5,294 13,418 2,870 1,545 8,847 6,348 5,152 7,822 62.9% 198.7% 17.3% 149.8% -55.4% 1,794% -16.3% -8.8% 44.1% -44.9% 152.1% 286.6% -53.7% -47.3% -38.7% -61.6% -
League Tables of Legal Advisers to Global Buyouts*: Volume

Ranking H1 H1 2011 2012 1 3 2 5 8 4 12 20 7 10 21 18 25 38 16 59 39 28 47 51 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Kirkland & Ellis Latham & Watkins Weil Gotshal & Manges Clifford Chance Linklaters Jones Day SJ Berwin Paul Weiss Rifkind Wharton & Garrison Simpson Thacher & Bartlett Freshfields Bruckhaus Deringer Skadden Arps Slate Meagher & Flom DLA Piper McDermott Will & Emery Willkie Farr & Gallagher Allen & Overy Vinson & Elkins Sullivan & Cromwell White & Case Mayer Brown Paul Hastings H1 2012 Value Deal (US$m) Count 7,396 8,473 10,109 3,343 11,529 3,160 689 9,624 9,287 7,628 1,046 409 288 10,666 5,973 8,862 7,236 2,090 1,530 419 40 21 20 18 17 15 13 12 12 11 11 10 10 9 9 8 8 8 8 8 H1 2011 Deal Count Count Change 59 24 27 20 17 23 16 10 18 16 10 12 9 7 13 5 7 9 6 6 -19 -3 -7 -2 0 -8 -3 2 -6 -5 1 -2 1 2 -4 3 1 -1 2 2
* Based on the target geography only and the advisor advising the buy-side only.
15
European M&A Overview

European H1 2012 M&A totals US$ 356.1bn, down 15.7% on H1 2011 Region accounts for 38.3% of global deal value for H1 2012 Clifford Chance tops H1 2012 European legal advisers league table by deal value
European M&A Activity - Quarterly
600 550 500 450 400 350 300 250 200 150 100 50 0 Value (US$bn) Volume 1,800 1,700 1,600 1,500 1,400 1,300 1,200 1,000 900 800 700 600 500 400 300 200 100 0 1,100
European deals in the first half of 2012 were worth US$ 356.1bn, reflecting a 15.7% drop from the same period in 2011 (US$ 422.3bn).
European deals in Q2 2012 totalled US$ 183.7bn, down 23.6% compared to the same period in 2011 (US$ 240.5bn) but up 6.6% from Q1 2012 (US$ 172.4bn). The second quarter of this year was the third-highest quarterly total since Q4 2009 (US$ 187.8bn), although 2012 is on course for a lower total as 2011 finished with US$ 721.9bn in deals. Energy, Mining & Utilities accounted for nearly a third of total deal value in H1 2012, with over US$ 110bn in first half M&A, no doubt in part to the Glencore-Xstrata mega-deal. Deals in the Construction sector also got a much-needed boost with total deal value in H1 2012 at US$ 18.1bn, up 218% on H1 2011 (US$ 5.7bn). Of all global M&A, European deals made up a hefty 38.3% of total deal value for the first half of 2012, driving the theory that Europe offers buyers value. Clifford Chance claimed top spot in the H1 2012 M&A legal advisers league table by deal value, while the honours went to Linklaters by deal volume.
European Private Equity Buyout Activity - Quarterly
140 Value (US$bn) 120 Volume 400 350 100 300 450
European Inbound/Outbound M&A

150 140 130 120 110 100 Inbound Value ($bn) Outbound Value ($bn) Inbound Volume Outbound Volume 250 225 200 175 150 125 100 75 50 25 0 300 275
Volume of Deals
80
250 200 150
90 80 70 60 50 40 30
60
40 100 20 50 0
20 10
16
Volume of Deals
Volume of Deals
European M&A Overview: Industry and Geography Breakdown

H1 2012
Sector Energy, Mining & Utilities Financial Services Industrials & Chemicals Consumer Pharma, Medical & Biotech Construction Technology Telecommunications Transport Real Estate Business Services Media Leisure Agriculture Defence Total Value (US$bn) 113.4 43.3 39.8 33.7 25.2 18.1 16.4 15.5 14.7 11.8 11.6 6.1 5.6 0.7 0.1 356.1 Market share 31.9% 12.2% 11.2% 9.5% 7.1% 5.1% 4.6% 4.3% 4.1% 3.3% 3.3% 1.7% 1.6% 0.2% 0.03% Deal Count 137 164 526 359 128 83 210 30 78 47 262 82 68 25 5 2,204 Value (US$bn) 87.8 57.8 75.2 47.8 51.4 5.7 16.9 29.3 6.5 12.0 14.8 6.1 8.9 1.0 0.5 421.8
H1 2011
Market share 20.8% 13.7% 17.8% 11.3% 12.2% 1.3% 4.0% 6.9% 1.5% 2.9% 3.5% 1.4% 2.1% 0.2% 0.1% Deal Count 220 207 595 429 173 123 233 40 106 41 392 88 125 28 4 2,804 Value (%) 29.3% -25.1% -47.1% -29.5% -51.0% 218.0% -3.1% -47.1% 124.8% -2.1% -22.0% 1.4% -37.1% -25.6% -78.4% -15.6%
Change
Deal Count -83 -43 -69 -70 -45 -40 -23 -10 -28 6 -130 -6 -57 -3 1 -867
Mix of Announced European Deals by Geographic Region H1 2012 - Value

South Eastern Europe 2.3% Central & Eastern Europe 9.2% Other 0.06% UK & Ireland 25.7% Nordic 9.5%
Mix of Announced European Deals by Geographic Region H1 2012 - Volume

South Eastern Europe 3.0% Central & Eastern Europe 10.0% Other 0.3%
UK & Ireland 24.6%
Nordic 13.5% Benelux 6.6%
Iberia 5.9%
Benelux 9.1%
Germanic 17.8%
Italy 8.0% France 2.9%
Germanic 29.8%
Iberia 5.2% Italy 5.6% France 11.0%
17
European M&A Overview: Top Deals

Announced Date 07-Feb-12 Bidder Company Glencore International plc Bidder Legal Advisor Clifford Chance (Advising Citigroup;Credit Suisse;Morgan Stanley); Linklaters A&L Goodbody; Davis Polk & Wardwell (Advising Citigroup;Morgan Stanley); Kinstellar; Matheson Ormsby Prentice; McCann FitzGerald (Advising Citigroup;Morgan Stanley); Simpson Thacher & Bartlett Linklaters; Weil Gotshal & Manges Target Company Xstrata Plc (65.92% Stake) Target/Seller Legal Adivsor Freshfields Bruckhaus Deringer; King & Wood Mallesons Arthur Cox; Blake, Cassels & Graydon; Cleary Gottlieb Steen & Hamilton (Advising Goldman Sachs); Wachtell, Lipton, Rosen & Katz Seller Company Deal Value (US$) 53,465
21-May-12
Eaton Corporation
Cooper Industries Plc
11,940
16-Apr-12
GDF Suez SA
International Power Plc (30.23% Stake) Edison International SpA
Clifford Chance
10,867
06-May-12
Electricite de France SA
Clifford Chance; Jones Day; Paul Weiss Rifkind Wharton & Garrison A&L Goodbody; Milbank Tweed Hadley & McCloy; Nagashima Ohno & Tsunematsu Freshfields Bruckhaus Deringer
7,582
17-Jan-12
Sumitomo Mitsui Financial Group Inc United Parcel Service Inc
RBS Aviation Capital Limited
Clifford Chance; McCann FitzGerald Allen & Overy; Clifford Chance (Advising Lazard); Stibbe; Sullivan & Cromwell (Advising Goldman Sachs) Clifford Chance; Darrois Villey Maillot Brochier; Simpson Thacher & Bartlett
Royal Bank of Scotland Group Plc
7,300
19-Mar-12
TNT Express NV
6,843
19-Jun-12
Walgreen Company
Allen & Overy; Cleary Gottlieb Steen & Hamilton (Advising Goldman Sachs); Davis Polk & Wardwell (Advising Bank of America Merrill Lynch); Gibson Dunn & Crutcher (Advising Lazard); Wachtell, Lipton, Rosen & Katz Latham & Watkins; Loyens & Loeff Allen & Overy; Campos Ferreira, Sa Carneiro e Asociados; Linklaters; Morais Leitao
Alliance Boots GmbH (45% Stake)
6,690
25-Apr-12
Watson Pharmaceuticals Inc
Actavis Group hf
Clifford Chance (Advising Deutsche Bank); Kinstellar; Linklaters; Shearman & Sterling; Servulo Correia & Associados
5,806
30-Mar-12
Tagus Holdings
Brisa-Auto Estradas de Portugal SA (50.43% Stake) Bankia SA (45.5% Stake)
5,599
27-Jun-12
Fondo de Reestructuracion Ordenada Bancaria
5,559
18
Europe M&A Heat Chart

Sector Germanic Italy UK & Ireland Nordics France Benelux Iberia Russia Greece, Cyprus & Turkey 40 39 21 14 19 22 12 18 23 7 8 4 4 231 CEE (excl. Russia) 35 37 21 9 31 17 10 11 16 3 9 14 0 214 Total Industrials & Chemicals Consumer TMT Pharma, Medical & Biotech Energy, Mining & Utilities Financial Services Business Services Leisure Transportation Real Estate Construction Agriculture Defence Total 146 118 102 67 56 37 35 25 27 20 18 5 0 656 376 84 106 36 24 28 31 13 22 15 9 7 1 68 83 102 49 80 60 67 59 18 14 18 3 11 632 54 52 64 41 47 17 41 12 28 2 13 2 0 373 304 65 66 60 19 15 12 32 6 9 4 16 25 27 46 12 17 18 29 7 17 8 9 1 0 216 24 28 44 11 22 14 17 26 10 2 18 0 0 216 30 42 41 5 39 22 12 12 18 7 10 9 2 249 571 598 537 251 354 250 268 198 181 76 126 39 17 3,467
Industrials & Chemicals see most companies for sale in Germanic countries, a sign that European expertise and industrial know-how are still very much sought-after TMT the hottest sector in Russia, with online retailers aiming to emulate Amazon among a number of firms looking to receive greater funding Consumer proving popular in the UK as its reputation for creating reliable brands continues to attract Asian buyers
Hot 140 100 80
Warm 60 40 20
Cold 10 5 0
19
Europe: League Tables of Legal Advisers

League Tables of Legal Advisers to European M&A: Value
Ranking H1 H1 2011 2012 9 1 2 177 21 4 8 3 44 74 30 6 14 7 90 36 18 11 23 12 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Clifford Chance Freshfields Bruckhaus Deringer Linklaters King & Wood Mallesons Skadden Arps Slate Meagher & Flom Allen & Overy Cleary Gottlieb Steen & Hamilton Sullivan & Cromwell Kirkland & Ellis A&L Goodbody Davis Polk & Wardwell Simpson Thacher & Bartlett Weil Gotshal & Manges Wachtell, Lipton, Rosen & Katz Gibson Dunn & Crutcher DLA Piper Hengeler Mueller Blake, Cassels & Graydon Baker & McKenzie Cravath Swaine & Moore H1 2012 Value Deal (US$m) Count 155,603 124,961 113,781 73,402 71,947 56,056 46,130 43,828 32,764 32,503 31,323 30,459 24,017 23,763 23,709 22,355 21,872 21,769 20,959 18,985 89 76 98 6 33 68 30 18 18 12 14 14 26 7 13 61 28 18 51 6 H1 2011 Value % Val. (US$m) Change 62,447 152,468 146,210 1,024 32,596 84,559 69,510 118,649 14,510 7,322 21,974 75,433 42,873 72,133 5,191 20,136 39,062 48,852 28,592 45,958 149.2% -18.0% -22.2% 7,068% 120.7% -33.7% -33.6% -63.1% 125.8% 343.9% 42.5% -59.6% -44.0% -67.1% 356.7% 11.0% -44.0% -55.4% -26.7% -58.7%
League Tables of Legal Advisers to European M&A: Volume

Ranking H1 H1 2011 2012 2 4 1 5 6 3 7 8 10 11 13 9 18 21 29 17 26 25 22 15 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Linklaters Clifford Chance Freshfields Bruckhaus Deringer Allen & Overy DLA Piper CMS Baker & McKenzie Hogan Lovells White & Case Jones Day Eversheds Latham & Watkins Skadden Arps Slate Meagher & Flom Pinsent Masons Cleary Gottlieb Steen & Hamilton SJ Berwin Mannheimer Swartling Hengeler Mueller Mayer Brown Loyens & Loeff H1 2012 Value Deal (US$m) Count 113,781 155,603 124,961 56,056 22,355 2,833 20,959 15,120 18,976 17,134 11,614 15,399 71,947 3,169 46,130 1,840 1,019 21,872 14,141 12,979 98 89 76 68 61 59 51 48 45 43 37 34 33 32 30 29 29 28 28 28 H1 2011 Deal Count Count Change 126 112 129 99 93 113 84 66 59 56 52 62 41 42 29 43 33 33 36 47 -28 -23 -51 -31 -32 -54 -33 -18 -14 -13 -15 -28 -8 -2 1 -4 -5 -8 -19
20

League Tables of Legal Advisers to European Buyouts*: Value
Ranking H1 H1 2011 2012 2 3 31 45 8 41 80 9 4 1 2 3= 3= 3= 6 7 8 9 10 11 12 13 14 15= Company Name Linklaters Freshfields Bruckhaus Deringer Campos Ferreira, Sa Carneiro e Asociados Morais Leitao Galvao Teles Soares Da Silva & Associados Vieira de Almeida & Associados Allen & Overy Sullivan & Cromwell Kirkland & Ellis BAHR Slaughter and May Bech-Bruun Roschier Ropes & Gray Vinge Baker & McKenzie; P+P Poellath + Partmers H1 2012 Value Deal (US$m) Count 11,076 6,510 5,599 5,599 5,599 5,378 4,524 3,751 2,834 2,640 2,628 2,398 2,308 2,255 2,249 15 7 1 1 1 5 2 6 3 2 5 2 2 6 2 H1 2011 Value % Val. (US$m) Change 6,271 5,294 1,011 649 4,159 654 171 3744 5,197 76.6% 23.0% 431.9% 597.1% -9.8% 303.7% 1,302% -38.4% -56.6% -
League Tables of Legal Advisers to European Buyouts*: Volume

Ranking H1 H1 2011 2012 2 3 5 14 4 18 13 11 6 25 19 24 10 26 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Linklaters SJ Berwin Clifford Chance Latham & Watkins Freshfields Bruckhaus Deringer Olswang Kirkland & Ellis Vinge Weil Gotshal & Manges White & Case Pinsent Masons Macfarlanes Allen & Overy Bech-Bruun DLA Piper H1 2012 Value Deal (US$m) Count 11,076 689 1,576 1,586 6,510 573 3,751 2,255 1,837 1,073 50 31 5,378 2,628 379 15 13 12 9 7 7 6 6 6 6 6 6 5 5 5 H1 2011 Deal Count Count Change 16 16 14 8 15 8 8 8 12 6 8 6 10 6 -1 -3 -2 1 -8 -1 -2 -2 -6 0 -2 0 -5 -1
21

Legal Advisers to UK M&A: Value
Ranking H1 H1 2011 2012 9 3 2 1 12 6 10 15 48 28 4 14 88 35 29 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Clifford Chance Freshfields Bruckhaus Deringer Allen & Overy Linklaters Weil Gotshal & Manges Sullivan & Cromwell Simpson Thacher & Bartlett Kirkland & Ellis Skadden Arps Slate Meagher & Flom Cleary Gottlieb Steen & Hamilton Slaughter and May Wachtell, Lipton, Rosen & Katz Gibson Dunn & Crutcher Travers Smith A&L Goodbody H1 2012 Value Deal (US$m) Count 41,065 29,346 24,667 23,911 20,313 17,169 15,840 15,356 15,141 13,554 11,301 10,467 10,312 9,304 8,018 37 34 27 45 13 12 9 12 14 6 17 4 6 22 6 H1 2011 Value % Val. (US$m) Change 11,357 41,749 44,520 54,672 10,977 11,937 11,068 10,249 2,491 5,130 16,493 10,730 1,021 4,236 5,127 261.6% -29.7% -44.6% -56.3% 85.1% 43.8% 43.1% 49.8% 507.8% 164.2% -31.5% -2.5% 910.0% 119.6% 56.4%
Legal Advisers to UK M&A: Volume

Ranking H1 H1 2011 2012 1 7 3 5 4 2 6 20 25 18 15 12 8 9 29 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Linklaters Clifford Chance Freshfields Bruckhaus Deringer Pinsent Masons Eversheds DLA Piper Allen & Overy Olswang Macfarlanes Travers Smith Hogan Lovells SJ Berwin CMS Slaughter and May Mayer Brown H1 2012 Value Deal (US$m) Count 23,911 41,065 29,346 3,169 7,853 7,797 24,667 1,206 2,547 9,304 7,102 1,549 1,300 11,301 1,642 45 37 34 32 29 29 27 26 24 22 22 18 18 17 17 H1 2011 Deal Count Count Change 49 37 42 38 39 46 37 18 14 22 24 26 35 31 12 -4 0 -8 -6 -10 -17 -10 8 10 0 -2 -8 -17 -14 5
Legal Advisers to French M&A: Value

Ranking H1 H1 2011 2012 15 1 70 18 27 60 80 4 40 19 8 178 94 34 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Clifford Chance Linklaters Weil Gotshal & Manges Cleary Gottlieb Steen & Hamilton Jones Day
Paul Weiss Rifkind Wharton & Garrison
Legal Advisers to French M&A: Volume

H1 2012 Value Deal (US$m) Count 16,455 12,379 11,553 7,821 3,742 3,555 3,281 3,118 2,989 2,065 2,023 1,932 1,900 1,900 1,572 14 14 9 7 12 2 5 6 11 3 3 1 2 1 5 H1 2011 Value % Val. (US$m) Change 7,363 44,164 727 6,444 3,746 921 553 21,192 2,008 6,057 8,724 319 2,861 123.5% -72.0% 1,489% 21.4% -0.1% 286.0% 493.3% -85.3% 48.9% -65.9% -76.8% 495.6% -45.1%
22
Ranking H1 H1 2011 2012 2 1 15 9 20 3 11 23 6 14 10 13 12 19 38 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Company Name Clifford Chance Linklaters Jones Day De Pardieu Brocas Maffei Hogan Lovells Gide Loyrette Nouel SJ Berwin Weil Gotshal & Manges Latham & Watkins Baker & McKenzie CMS White & Case Paul Hastings Cleary Gottlieb Steen & Hamilton Fidal
H1 2012 Value Deal (US$m) Count 16,455 12,379 3,742 526 2,989 429 211 11,553 1,240 494 802 7,821 686 14 14 12 12 11 10 10 9 9 9 9 8 8 7 7
H1 2011 Deal Count Count Change 23 26 12 15 10 20 13 9 17 12 14 13 13 10 5 -9 -12 0 -3 1 -10 -3 0 -8 -3 -5 -5 -5 -3 2
Dechert Bredin Prat Hogan Lovells d'Urso Gatti e Bianchi - Studio Legale Associato Loyens & Loeff Simmons & Simmons Proskauer Rose Simpson Thacher & Bartlett Darrois Villey Maillot Brochier

Legal Advisers to German M&A: Value
Ranking H1 H1 2011 2012 8 11 18 30 38 9 12 14 15 39 20 67 143 55 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Hengeler Mueller Freshfields Bruckhaus Deringer Allen & Overy Noerr Hogan Lovells Linklaters Clifford Chance White & Case Latham & Watkins Taylor Wessing Davis Polk & Wardwell Jones Day Gibson Dunn & Crutcher Gunderson Dettmer Stough; Villeneuve Franklin & Hachigian Baker & McKenzie H1 2012 Value Deal (US$m) Count 21,099 18,816 16,637 7,620 6,622 6,604 6,426 5,323 5,211 4,940 4,771 4,494 4,311 4,311 4,111 25 25 11 17 17 8 17 10 8 6 2 8 2 1 9 H1 2011 Value % Val. (US$m) Change 37,143 19,228 12812 3,376 1,560 26,444 17363 16,634 15,525 1,426 12,267 287 645 -43.2% -2.1% 29.9% 125.7% 324.5% -75.0% -63.0% -68.0% -66.4% 246.4% -61.1% 1,466% 537.4%
Legal Advisers to German M&A: Volume

Ranking H1 H1 2011 2012 2 4 1 6 15 3 9 7 8 50 16 5 11 20 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name CMS Hengeler Mueller Freshfields Bruckhaus Deringer Noerr Hogan Lovells Clifford Chance Allen & Overy White & Case P+P Poellath + Partners Heuking Kuhn Luer Wojtek Baker & McKenzie Gleiss Lutz Linklaters Latham & Watkins Jones Day H1 2012 Value Deal (US$m) Count 1,197 21,099 18,816 7,620 6,622 6,426 16,637 5,323 3,020 817 4,111 2,325 6,604 5,211 4,494 28 25 25 17 17 17 11 10 10 10 9 9 8 8 8 H1 2011 Deal Count Count Change 41 28 44 18 9 30 15 16 16 3 9 22 12 7 -13 -3 -19 -1 8 -13 -4 -6 -6 7 0 -14 -4 1
Legal Advisers to Germanic M&A: Value

Ranking H1 H1 2011 2012 22 3 73 6 29 36 11 37 45 51 31 23 82 168 1 2 3 4 5 6 7 8 9 10 11 12 13 14= 14= Company Name Clifford Chance Freshfields Bruckhaus Deringer King & Wood Mallesons Linklaters Allen & Overy Skadden Arps Slate Meagher & Flom Hengeler Mueller Baker & McKenzie Gibson Dunn & Crutcher Kirkland & Ellis Davis Polk & Wardwell Mayer Brown DLA Piper A&L Goodbody DLA Cliffe Dekker Hofmeyr H1 2012 Value Deal (US$m) Count 79,958 74,759 72,662 70,051 24,615 23,071 21,099 18,027 17,847 16,391 15,791 12,180 12,069 11,850 11,850 23 36 3 14 15 9 25 23 5 4 6 5 11 1 1 H1 2011 Value % Val. (US$m) Change 17,699 57,476 783 51,359 13,068 6,945 37,143 6,175 3,192 2121 12,267 16,233 498 28 351.8% 30.1% 9,180% 36.4% 88.4% 232.2% -43.2% 191.9% 459.1% 672.8% 28.7% -25.0% 2,323%
42,221%
Legal Advisers to Germanic M&A: Volume

Ranking H1 H1 2011 2012 1 2 4 3 6 8 12 7 5 11 20 9 10 77 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Freshfields Bruckhaus Deringer CMS Hengeler Mueller Clifford Chance Baker & McKenzie Noerr Hogan Lovells Allen & Overy Linklaters Walder Wyss DLA Piper Jones Day White & Case P+P Poellath + Partners Heuking Kuhn Luer Wojtek H1 2012 Value Deal (US$m) Count 74,759 1,678 21,099 79,958 18,027 7,620 6,622 24,615 70,051 149 12,069 8,288 5,323 3,020 817 36 31 25 23 23 17 17 15 14 12 11 11 11 10 10 H1 2011 Deal Count Count Change 53 49 28 32 22 19 15 20 26 17 10 17 17 3 -17 -18 -3 -9 1 -2 2 -5 -12 -6 1 -6 -7 7
23

Legal Advisers to Benelux M&A: Value
Ranking H1 H1 2011 2012 18 4 1 20 21 14 105 24 19 3 63 35 6 1 2 3 4 5 6 7 8= 8= 10 11 12 13 14 15 Company Name Clifford Chance Freshfields Bruckhaus Deringer Sullivan & Cromwell Skadden Arps Slate Meagher & Flom Greenberg Traurig Allen & Overy Cravath Swaine & Moore Creel, Garcia-Cuellar, Aiza y Enriquez Mijares, Angoitia, Cortes y Fuentes De Brauw Blackstone Westbroek Cleary Gottlieb Steen & Hamilton Linklaters White & Case Hengeler Mueller Simpson Thacher & Bartlett H1 2012 Value Deal (US$m) Count 29,726 29,035 24,633 22,798 18,112 17,858 17,790 17,790 17,790 7,315 6,277 4,687 4,606 4,579 3,589 11 13 2 5 2 23 2 1 1 19 7 14 8 4 3 H1 2011 Value % Val. (US$m) Change 6,259 14,099 19,123 4,365 3,343 6,736 100 2,821 4,741 15,377 430 977 11,707 374.9% 105.9% 28.8% 422.3% 441.8% 165.1% 17,690% 159.3% 32.4% -69.5% 971.2% 368.7% -69.3%
Legal Advisers to Benelux M&A: Volume

Ranking H1 H1 2011 2012 2 1 7 3 4 9 11 47 5 8 6 20 39 23 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Allen & Overy Loyens & Loeff De Brauw Blackstone Westbroek Stibbe NautaDutilh Linklaters Houthoff Buruma Freshfields Bruckhaus Deringer AKD Prinsen Van Wijmen Clifford Chance DLA Piper CMS Eubelius White & Case Lexence H1 2012 Value Deal (US$m) Count 17,858 2,387 7,315 3,529 1,308 4,687 1,201 29,035 29 29,726 509 351 255 4,606 23 21 19 17 16 14 14 13 12 11 10 10 10 8 8 H1 2011 Deal Count Count Change 40 40 22 34 28 19 15 3 22 20 22 7 3 6 -17 -19 -3 -18 -14 -5 -2 9 -11 -10 -12 3 5 2
Legal Advisers to Italian M&A: Value

Ranking H1 H1 2011 2012 3 8 17 116 33 1 2 16 87 47 30 71 6 1 2 3 4 5 6 7 8 9 10 11 12 13 14= 14= Company Name d'Urso Gatti e Bianchi - Studio Legale Associato Gianni, Origoni, Grippo, Cappelli & Partners Clifford Chance Paul Weiss Rifkind Wharton & Garrison NCTM Studio Legale Associato Bonelli Erede Pappalardo Chiomenti Studio Legale Cleary Gottlieb Steen & Hamilton Jones Day White & Case Skadden Arps Slate Meagher & Flom Linklaters Pirola Pennuto Zei & Associati Epstein Rosenblum Maoz Freshfields Bruckhaus Deringer H1 2012 Value Deal (US$m) Count 9,655 7,528 5,831 5,658 5,032 4,859 4,589 4,298 4,110 1,572 1,445 1,348 1,248 1,098 1,098 11 10 7 4 8 10 15 3 4 2 2 5 5 1 1 H1 2011 Value % Val. (US$m) Change 7,051 6,174 2,895 575 9,917 9,633 3,153 13 270 653 97 6,241 36.9% 21.9% 101.4% 775.1% -51.0% -52.4% 36.3% 31,515% 435.2% 106.4% 1,187% -82.4%
24
Legal Advisers to Italian M&A: Volume

Ranking H1 H1 2011 2012 1 3 2 4 5 9 6 7 16 28 116 49 51 19 22 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Chiomenti Studio Legale d'Urso Gatti e Bianchi - Studio Legale Associato Gianni, Origoni, Grippo, Cappelli & Partners Bonelli Erede Pappalardo NCTM Studio Legale Associato Clifford Chance Latham & Watkins Studio Pedersoli e Associati Linklaters Pirola Pennuto Zei & Associati Paul Weiss Rifkind Wharton & Garrison Jones Day BLF Studio Legale Dewey & LeBoeuf Allen & Overy H1 2012 Value Deal (US$m) Count 4,589 9,655 7,528 4,859 5,032 5,831 700 441 1,348 1,248 5,658 4,110 688 618 503 15 11 10 10 8 7 6 6 5 5 4 4 4 4 4 H1 2011 Deal Count Count Change 22 13 17 11 10 8 9 9 5 3 1 2 2 4 3 -7 -2 -7 -1 -2 -1 -3 -3 0 2 3 2 2 0 1

Legal Advisers to Iberian M&A: Value
Ranking H1 H1 2011 2012 5 1 86 73 82 13 19 23 2 3 22 40 1 2 3 4 5 6= 6= 8= 8= 10 11 12 13 14 15 Company Name Linklaters Uria Menendez Morais Leitao Galvao Teles Soares Da Silva & Associados PLMJ - Sociedade de Advogados Servulo Correia & Associados Campos Ferreira, Sa Carneiro e Asociados Vieira de Almeida & Associados Bredin Prat Pinheiro Neto Advogados Allen & Overy Freshfields Bruckhaus Deringer Clifford Chance Sullivan & Cromwell Ramon & Cajal Broseta Abogados H1 2012 Value Deal (US$m) Count 8,065 7,512 6,384 5,699 5,662 5,599 5,599 5,427 5,427 3,551 2,040 1,757 1,413 1,311 1,247 16 11 3 2 2 1 1 1 1 3 5 6 1 2 1 H1 2011 Value % Val. (US$m) Change 16,223 37,126 29 6 5,193 3,509 2,859 36,447 21,852 2,925 354 -50.3% -79.8% 19,552% 93,217% 4.5% 54.7% 24.2% -94.4% -92.0% -51.7% 270.3% -
Legal Advisers to Iberian M&A: Volume

Ranking H1 H1 2011 2012 5 2 1 3 12 11 7 4 23 6 39 22 8 29 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Linklaters Cuatrecasas, Goncalves Pereira Uria Menendez Garrigues Baker & McKenzie DLA Piper Clifford Chance Freshfields Bruckhaus Deringer Ashurst KPMG Abogados S.L. Morais Leitao Galvao Teles Soares Da Silva & Associados Allen & Overy Gomez-Acebo & Pombo Abogados Bird & Bird Jones Day H1 2012 Value Deal (US$m) Count 8,065 921 7,512 317 1,189 98 1,757 2,040 532 470 6,384 3,551 272 237 209 16 12 11 10 8 8 6 5 4 4 3 3 3 3 3 H1 2011 Deal Count Count Change 15 23 26 22 8 8 11 19 3 12 2 3 11 3 1 -11 -15 -12 0 0 -5 -14 1 -8 1 0 -8 0
Legal Advisers to Spanish M&A: Value

Ranking H1 H1 2011 2012 2 1 3 20 39 14 5 6 46 4 63 1 2 3 4 5 6 7 8 9 10 11 12 13= 13= 13= Company Name Freshfields Bruckhaus Deringer Uria Menendez Clifford Chance Sullivan & Cromwell Ramon & Cajal Broseta Abogados Baker & McKenzie Linklaters Latham & Watkins Azevedo Sette Advogados Santana Ferraz Farias Mannino Espirito Santo Cuatrecasas, Goncalves Pereira Blake, Cassels & Graydon Husch Blackwell Orrick Herrington & Sutcliffe H1 2012 Value Deal (US$m) Count 2,040 2,025 1,493 1,413 1,311 1,247 1,189 1,114 1,018 964 942 921 888 888 888 5 9 5 1 2 1 8 12 2 2 1 12 1 1 1 H1 2011 Value % Val. (US$m) Change 36,447 37,126 21,852 2,925 354 4,036 16,223 13,285 256 18,806 84 -94.4% -94.5% -93.2% -51.7% 270.3% -70.5% -93.1% -92.3% 276.6% -95.1% 957.1%
25
Legal Advisers to Spanish M&A: Volume

Ranking H1 H1 2011 2012 5 2 3 1 12 11 4 7 20 6 26 22 8 54 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Linklaters Cuatrecasas, Goncalves Pereira Garrigues Uria Menendez Baker & McKenzie DLA Piper Freshfields Bruckhaus Deringer Clifford Chance Ashurst KPMG Abogados Bird & Bird Jones Day Ramon & Cajal Latham & Watkins Azevedo Sette Advogados H1 2012 Value Deal (US$m) Count 1,114 921 317 2,025 1,189 98 2,040 1,493 532 470 237 209 1,311 1,018 964 12 12 10 9 8 8 5 5 4 4 3 3 2 2 2 H1 2011 Deal Count Count Change 13 22 21 25 8 8 19 11 3 12 3 3 10 1 -1 -10 -11 -16 0 0 -14 -6 1 -8 0 -1 -8 1

Legal Advisers to Nordic M&A: Value
Ranking H1 H1 2011 2012 12 1 17 10 3 109 16 35 18 13 11 4 45 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Clifford Chance Freshfields Bruckhaus Deringer Linklaters Skadden Arps Slate Meagher & Flom White & Case Latham & Watkins Loyens & Loeff Vinge Kinstellar Shearman & Sterling Eversheds Advokatfirmaet Wiersholm Kromann Reumert Bech-Bruun Allen & Overy H1 2012 Value Deal (US$m) Count 14,479 10,543 9,600 8,925 6,746 6,275 5,835 5,819 5,806 5,806 5,800 5,585 5,543 5,476 4,842 10 9 10 3 9 4 3 26 3 1 7 23 19 26 7 H1 2011 Value % Val. (US$m) Change 9,404 23,780 6,827 10,833 18,730 100 6,860 2,653 6,781 7,877 9,546 14,099 1,751 54.0% -55.7% 40.6% -17.6% -64.0% 6,175% -15.2% 118.8% -14.5% -29.1% -41.9% -61.2% 176.5%
Legal Advisers to Nordic M&A: Volume

Ranking H1 H1 2011 2012 2 1 23 3 4 11 10 9 6 17 5 42 19 7 20 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Mannheimer Swartling Vinge Bech-Bruun Schjodt Advokatfirmaet Wiersholm Plesner Wikborg Rein & Co Kromann Reumert Roschier Lindahl Hannes Snellman Castren & Snellman BAHR Accura Wistrand H1 2012 Value Deal (US$m) Count 1,002 5,819 5,476 2,519 5,585 2,234 1,896 5,543 4,044 232 4,580 3,909 3,887 3,001 451 27 26 26 25 23 23 20 19 16 14 13 13 12 12 12 H1 2011 Deal Count Count Change 33 38 10 29 26 19 21 21 26 14 26 6 13 25 13 -6 -12 16 -4 -3 4 -1 -2 -10 0 -13 7 -1 -13 -1
Legal Advisers to Swedish M&A: Value

Ranking H1 H1 2011 2012 1 10 9 4 45 19 2 71 20 44 34 58 12 8 38 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Freshfields Bruckhaus Deringer Vinge Clifford Chance Bech-Bruun Kromann Reumert Kirkland & Ellis White & Case BAHR Roschier Accura Gernandt & Danielsson Baker & McKenzie P+P Poellath + Partners Ropes & Gray Cleary Gottlieb Steen & Hamilton H1 2012 Value Deal (US$m) Count 6,964 5,819 5,279 3,694 3,353 3,257 3,008 2,834 2,817 2,816 2,546 2,264 2,249 2,249 2,200 4 25 7 5 6 2 7 2 9 6 5 5 2 1 1 H1 2011 Value % Val. (US$m) Change 22,022 6,860 7,625 13,740 865 3,268 18,151 85 3,179 878 1,355 209 4,634 7,763 1,131 -68.4% -15.2% -30.8% -73.1% 287.6% -0.3% -83.4% 3,234% -11.4% 220.7% 87.9% 983.3% -51.5% -71.0% 94.5%
Legal Advisers to Swedish M&A: Volume

Ranking H1 H1 2011 2012 2 1 3 9 7 13 22 6 10 11 32 25 4 5 27 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Mannheimer Swartling Vinge Lindahl Wistrand Roschier Delphi Clifford Chance White & Case Cederquist Linklaters Kromann Reumert Accura Setterwalls Hannes Snellman Bech-Bruun H1 2012 Value Deal (US$m) Count 1,002 5,819 232 451 2,817 156 5,279 3,008 1,863 1,349 3,353 2,816 1,575 936 3,694 27 25 13 12 9 9 7 7 7 7 6 6 6 6 5 H1 2011 Deal Count Count Change 32 37 14 12 12 8 4 12 11 10 3 4 13 13 3 -5 -12 -1 0 -3 1 3 -5 -4 -3 3 2 -7 -7 2
26

Legal Advisers to CEE M&A: Value
Ranking H1 H1 2011 2012 17 8 18 13 1 2 6 66 3 30 27 1 2 3 4 5 6 7 8= 8= 10 11 12 13 14 15 Company Name White & Case Weil Gotshal & Manges Skadden Arps Slate Meagher & Flom Akin Gump Strauss Hauer & Feld Linklaters Freshfields Bruckhaus Deringer DLA Piper Kirkland & Ellis McCarthy Tetrault Taboglu & Demirhan Allen & Overy Cleary Gottlieb Steen & Hamilton Hogan Lovells YukselKarkinKucuk Law Firm Herguner Bilgen Ozeke H1 2012 Value Deal (US$m) Count 7,642 6,551 5,251 4,336 4,213 4,073 4,004 3,533 3,533 3,525 3,263 2,351 2,261 1,900 1,900 10 5 5 2 9 3 6 1 1 1 7 4 3 2 1 H1 2011 Value % Val. (US$m) Change 3,049 6,918 2,578 4,039 20,266 16,675 9,640 46 13,253 673 1,096 150.6% -5.3% 103.7% 7.4% -79.2% -75.6% -58.5% 7,580% -75.4% 249.3% 106.3% -
Legal Advisers to CEE M&A: Volume

Ranking H1 H1 2011 2012 4 2 3 12 1 8 10 6 13 24 16 28 7 26 41 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name White & Case Linklaters Clifford Chance Allen & Overy CMS DLA Piper LAWIN Raidla Lejins & Norcous Weil Gotshal & Manges Skadden Arps Slate Meagher & Flom SORAINEN Schoenherr Rechtsanwaelte Baker & McKenzie Cleary Gottlieb Steen & Hamilton Kinstellar H1 2012 Value Deal (US$m) Count 7,642 4,213 642 3,263 264 4,004 714 205 6,551 5,251 205 28 2,351 33 10 9 8 7 7 6 6 6 5 5 5 5 5 4 4 H1 2011 Deal Count Count Change 16 16 16 8 17 11 10 13 8 3 7 3 12 3 2 -6 -7 -8 -1 -10 -5 -4 -7 -3 2 -2 2 -7 1 2
Legal Advisers to Russian M&A: Value

Ranking H1 H1 2011 2012 12 10 7 1 9 19 15 2 50 5 55 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name White & Case Skadden Arps Slate Meagher & Flom Akin Gump Strauss Hauer & Feld Linklaters Taboglu & Demirhan DLA Piper Cleary Gottlieb Steen & Hamilton Hogan Lovells YukselKarkinKucuk Law Firm Herguner Bilgen Ozeke Liniya Prava Debevoise & Plimpton LAWIN Freshfields Bruckhaus Deringer SALANS H1 2012 Value Deal (US$m) Count 7,642 5,251 4,336 3,736 3,525 2,620 2,351 2,261 1,900 1,900 1,774 902 714 540 463 8 5 2 4 1 4 4 3 2 1 2 3 2 1 2 H1 2011 Value % Val. (US$m) Change 1,537 2,069 4,039 15,288 2,651 673 1,096 12,137 8,598 397.2% 153.8% 7.4% -75.6% -1.2% 249.3% 106.3% -92.6% -93.7% -
Legal Advisers to Russian M&A: Volume

Ranking H1 H1 2011 2012 4 16 2 12 14 6 7 15 3 50 55 21 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name White & Case Skadden Arps Slate Meagher & Flom Linklaters DLA Piper Cleary Gottlieb Steen & Hamilton Hogan Lovells Debevoise & Plimpton Clifford Chance Akin Gump Strauss Hauer & Feld YukselKarkinKucuk Law Firm Liniya Prava LAWIN SALANS Gide Loyrette Nouel Hannes Snellman H1 2012 Value Deal (US$m) Count 7,642 5,251 3,736 2,620 2,351 2,261 902 370 4,336 1,900 1,774 714 463 75 8 5 4 4 4 3 3 3 2 2 2 2 2 2 2 H1 2011 Deal Count Count Change 6 2 8 3 3 5 4 3 7 1 1 2 2 3 -4 1 1 -2 -1 0 -5 1 1 0
27

Legal Advisers to Irish M&A: Value
Ranking H1 H1 2011 2012 3 2 10 19 49 13 51 8 1 2 3 4 5= 5= 5= 5= 5= 10 11 12= 12= 14 15= Company Name A&L Goodbody Arthur Cox Cleary Gottlieb Steen & Hamilton Matheson Ormsby Prentice Blake, Cassels & Graydon Davis Polk & Wardwell Kinstellar Simpson Thacher & Bartlett Wachtell, Lipton, Rosen & Katz McCann FitzGerald Clifford Chance Milbank Tweed Hadley & McCloy Nagashima Ohno & Tsunematsu Linklaters Baker & McKenzie; Cooley; K&L Gates H1 2012 Value Deal (US$m) Count 20,653 13,457 12,635 12,493 11,940 11,940 11,940 11,940 11,940 7,357 7,307 7,300 7,300 738 700 11 9 2 6 1 1 1 1 1 4 2 1 1 3 1 H1 2011 Value % Val. (US$m) Change 6,222 9,882 960 223 789 4,100 231.9% 36.2% 1,216% 5,502% 832.4% -82.0% -
Legal Advisers to Irish M&A: Volume

Ranking H1 H1 2011 2012 1 2 5 6 4 10 8 22 51 13 3 1 2 3 4 5 6 7 8 9 10 11 12 13 14= Company Name A&L Goodbody Arthur Cox Matheson Ormsby Prentice Mason Hayes & Curran McCann FitzGerald Maples & Calder Linklaters Eversheds Cleary Gottlieb Steen & Hamilton Clifford Chance Pinsent Masons William Fry SALANS Blake, Cassels & Graydon; Davis Polk & Wardwell; Kinstellar; Simpson Thacher & Bartlett; Wachtell, Lipton, Rosen & Katz H1 2012 Value Deal (US$m) Count 20,653 13,457 12,493 51 7,357 738 7 12,635 7,307 50 33 11,940 11 9 6 6 4 4 3 3 2 2 2 2 2 1 H1 2011 Deal Count Count Change 13 11 7 5 10 2 4 1 1 2 11 1 -2 -2 -1 1 -6 1 -1 1 1 0 -9 0
28
US M&A Overview
H1 2012 US M&A totals US$ 258.7bn, down 40.1% on H1 2011 Lowest half-year total since H1 2003 Skadden Arps Slate Meagher & Flom tops H1 2012 US legal advisers tables
500 Value (US$bn) Volume 450 400 350
US M&A Activity - Quarterly

1,300 1,200 1,100 1,000 900
US M&A, although dire with a Q2 2012 total of US$ 145.2bn, was still up 27.9% on Q1 2012 (US$ 113.5bn). Combined, H1 2012s total of US$ 258.7bn was down sharply by 40.1% on H1 2011 (US$ 431.5bn), making it the worst half-year since 2003 (US$ 169.9bn). Q2 2012 was the second-lowest quarterly total since Q3 2009 (US$ 98bn). The US accounted for 27.8% of aggregate global deal activity in H1 2012, down from the 36.4% share it boasted of in H1 2011. Energy, Mining & Utilities was the most active sector with US$ 59.7bn in deals, accounting for 23.1% of US M&A in H1 2012. The Consumer sector saw a welcome 139.9% increase in deal value from H1 2011 to post a H1 2012 total of US$ 35.7bn. Not surprisingly, Financial Services, constricted by multiple PR disasters and the regulatory burden of the Dodd-Frank Act, saw its H1 2012 deal value drop 45.7%; from US$ 28.7bn in H1 2011 to US$ 15.6bn in the first half of this year. Skadden Arps Slate Meagher & Flom finished top of the H1 2012 US legal advisory table by deal value while Kirkland & Ellis comes in second, up an impressive 16 spots from H1 2011.
300 250 200 150 100 50 0
700 600 500 400 300 200 100 0
US Private Equity Buyout Activity - Quarterly

140 130 120 110
US Inbound/Outbound M&A
Inbound Value ($bn) Outbound Value ($bn) Inbound Volume Outbound Volume 325 300 275 250 225 200 175 150 125 100 75 50 25 0
200 150 150 100 100
100 90 80 70 60 50 40
Volume of Deals
50
30
50
20 10
29
Volume of Deals
Volume of Deals
800
Americas Heat Chart

Sector USA Canada Brazil South America (excl Brazil) 36 7 81 33 6 20 24 13 0 17 5 10 0 369 258 233 24 6 23 Central America North America (excl USA & Canada) 1 0 9 4 1 1 10 2 0 2 0 0 0 30 Total TMT Pharma, Medical & Biotech Energy, Mining & Utilities Consumer Business Services Industrials & Chemicals Financial Services Leisure Defence Transportation Real Estate Construction Government Total 1,190 610 472 416 405 371 321 173 75 55 46 35 32 4,222 18 4 5 3 586 70 23 342 34 25 40 10 8 43 17 88 62 27 39 29 11 2 19 15 14 29 13 23 28 8 28 29 19 1,369 670 1,015 577 472 499 423 226 77 135 76 87 35 5,698
TMT hottest sector in the US, nearly doubling Pharma, Medical & Biotech, as tech craze shows no signs of slowing Energy, Mining & Utilities dominate Canadian deal landscape with Albertas tar oil sands still attracting a raft of foreign interest Consumer places second in Brazil, still a bright spark as growth falters while the countrys Energy, Mining & Utilities sector shows renewed promise as the top sector
Hot 1,000 600 400
Warm 300 75 40
Cold 20 10 0
30
US M&A Overview: Industry and Geography Breakdown

H1 2012
Sector Energy, Mining & Utilities Pharma, Medical & Biotech Consumer Technology Industrials & Chemicals Business Services Financial Services Leisure Real Estate Telecommunications Media Transport Construction Agriculture Defence Total Value (US$bn) 59.7 35.8 35.7 30.3 28.5 19.3 15.6 12.6 8.6 5.2 3.8 2.1 1.0 0.3 0.2 258.7 Market share 23.1% 13.8% 13.8% 11.7% 11.0% 7.5% 6.0% 4.9% 3.3% 2.0% 1.5% 0.8% 0.4% 0.1% 0.1% Deal Count 139 167 171 276 286 163 143 58 17 9 57 32 36 6 11 1,571 Value (US$bn) 132.2 41.5 14.9 46.6 79.0 25.4 28.7 9.1 33.8 0.5 9.8 1.5 3.3 0.1 5.2 431.5
H1 2011
Market share 30.6% 9.6% 3.5% 10.8% 18.3% 5.9% 6.6% 2.1% 7.8% 0.1% 2.26% 0.4% 0.8% 0.02% 1.2% Deal Count 145 238 185 291 317 260 196 65 17 14 55 36 53 9 11 1,892 Value (%) -54.9% -13.9% 139.9% -35.0% -63.9% -23.8% -45.7% 38.4% -74.5% 919.4% -61.1% 39.8% -69.2% 245.7% -96.1% -40.1%
Change
Deal Count -6 -71 -14 -15 -31 -97 -53 -7 0 -5 2 -4 -17 -3 0 -321
Mix of Announced Americas Deals by Geographic Region H1 2012 - Value
Mix of Announced Americas Deals by Geographic Region H1 2012 - Volume
Central & South America 12.8%
US (North East) 17.5%
Central & South America 14.3%
US (North East) 17.3%
Canada 14.7%
Canada 10.3%
US (Mid West) 15.0%
US (Mid West) 13.6%
US (West) 17.1%
US (West) 20.5%
US (South) 22.8%
US (South) 24.1%
31
US M&A Overview: Top Deals

Announced Date 23-Apr-12 Bidder Company Nestle SA Bidder Legal Advisor A&L Goodbody; King & Wood Mallesons; Mayer Brown Target Company Pfizer Nutrition Target/Seller Legal Adivsor Baker & McKenzie; Clifford Chance ; DLA Cliffe Dekker Hofmeyr; DLA Piper; Kirkland & Ellis (Advising Centerview Partners); Skadden Arps Slate Meagher & Flom Bracewell & Giuliani ; Locke, Lord, Bissell & Liddell ; Weil Gotshal & Manges Alston & Bird (Advising Credit Suisse); Wachtell, Lipton, Rosen & Katz Dewey & LeBoeuf ; Skadden Arps Slate Meagher & Flom (Advising Goldman Sachs) Latham & Watkins (Advising Goldman Sachs); Skadden Arps Slate Meagher & Flom Jones Day; Paul Weiss Rifkind Wharton & Garrison Cravath Swaine & Moore ; Skadden Arps Slate Meagher & Flom (Advising Deutsche Bank AG;Greenhill & Co Inc) Kirkland & Ellis ; Skadden Arps Slate Meagher & Flom (Advising Deutsche Bank; Moelis & Company); Sullivan & Cromwell (Advising The Valence Group) Munger Tolles & Olson General Atlantic LLC; Soros Fund Management LLC; and Ospraie Management LLC Seller Company Pfizer Inc Deal Value (US$) 11,850
24-Feb-12
Apollo Global Management, LLC; Riverstone Holdings LLC; Access Industries; and Korea National Oil Corporation Energy Transfer Partners LP
Debevoise & Plimpton; Kim & Chang; Paul Weiss Rifkind Wharton & Garrison; Vinson & Elkins; Willkie Farr & Gallagher Bingham McCutchen; Latham & Watkins; Vinson & Elkins; White & Case (Advising Wells Fargo Securities) Davis Polk & Wardwell; Gibson Dunn & Crutcher (Advising Citigroup); Shearman & Sterling (Advising Greenhill & Co) Kirkland & Ellis
EP Energy Corporation
El Paso Corporation
7,150
30-Apr-12
Sunoco Inc
6,959
25-Jan-12
Roche Holding Ltd
Illumina Inc
6,846
29-Jun-12
Bristol-Myers Squibb Company
Amylin Pharmaceuticals Inc
6,349
29-May-12
Marubeni Corporation
Blake, Cassels & Graydon; Skadden Arps Slate Meagher & Flom Freshfields Bruckhaus Deringer (Advising Goldman Sachs); Homburger; McDermott Will & Emery; Simpson Thacher & Bartlett Davis Polk & Wardwell (Advising Barclays; Citigroup); Jones Day
Gavilon LLC
5,300
28-Mar-12
Tyco Flow Control
Pentair Inc
5,230
27-Jan-12
Eastman Chemical Company
Solutia Inc
4,600
20-May-12
DaVita Inc
Morrison & Foerster; Sheppard Mullin Richter & Hampton Allen & Overy ; Davis Polk & Wardwell (Advising JPMorgan); Hengeler Mueller (Advising Deutsche Bank AG;JPMorgan); Jones Day
HealthCare Partners LLC
4,418
22-May-12
SAP AG
Ariba Inc
Gibson Dunn & Crutcher (Advising Morgan Stanley); Gunderson Dettmer Stough Villeneuve Franklin & Hachigian; Hogan Lovells
4,311
32
Americas: League Tables of Legal Advisers

League Table of Legal Advisers to Americas M&A: Value
Ranking H1 H1 2011 2012 5 1 28 20 15 4 2 19 3 12 10 9 16 29 35 17 8 14 34 26 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Skadden Arps Slate Meagher & Flom Sullivan & Cromwell Clifford Chance Kirkland & Ellis Freshfields Bruckhaus Deringer Latham & Watkins Simpson Thacher & Bartlett Jones Day Wachtell, Lipton, Rosen & Katz Davis Polk & Wardwell Weil Gotshal & Manges Cleary Gottlieb Steen & Hamilton Blake, Cassels & Graydon Gibson Dunn & Crutcher Vinson & Elkins Allen & Overy Cravath Swaine & Moore Greenberg Traurig White & Case Stikeman Elliott H1 2012 Value Deal (US$m) Count 112,127 76,642 63,743 58,587 54,191 50,169 49,681 49,484 49,453 46,915 42,376 42,326 36,609 35,201 33,651 29,830 28,333 28,183 26,954 25,670 76 57 31 100 32 92 40 108 22 39 57 33 52 32 49 31 17 38 40 44 H1 2011 Value % Val. (US$m) Change 125,104 188,773 28,689 49,541 61,942 133,718 180,861 58,224 156,351 83,965 89,044 106,762 61,440 28,312 25,269 60,338 107,070 63,253 25,471 29,699 -10.4% -59.4% 122.2% 18.3% -12.5% -62.5% -72.5% -15.0% -68.4% -44.1% -52.4% -60.4% -40.4% 24.3% 33.2% -50.6% -73.5% -55.4% 5.8% -13.6%
League Table of Legal Advisers to Americas M&A: Volume

Ranking H1 H1 2011 2012 3 2 1 5 4 7 8 13 41 23 14 19 9 6 54 43 12 24 37 63 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Jones Day Kirkland & Ellis Latham & Watkins DLA Piper Skadden Arps Slate Meagher & Flom Sullivan & Cromwell Weil Gotshal & Manges Blake, Cassels & Graydon Vinson & Elkins Morgan Lewis & Bockius Baker & McKenzie Stikeman Elliott Wilson Sonsini Goodrich & Rosati Simpson Thacher & Bartlett White & Case Morrison & Foerster Davis Polk & Wardwell Greenberg Traurig Mayer Brown Gowling Lafleur Henderson H1 2012 Value Deal (US$m) Count 49,484 58,587 50,169 20,785 112,127 76,642 42,376 36,609 33,651 3,424 22,638 25,670 7,430 49,681 26,954 13,237 46,915 28,183 16,875 3,816 108 100 92 79 76 57 57 52 49 47 45 44 44 40 40 40 39 38 37 37 H1 2011 Deal Count Count Change 109 119 127 83 91 71 69 58 33 46 56 50 66 80 25 32 58 45 35 22 -1 -19 -35 -4 -15 -14 -12 -6 16 1 -11 -6 -22 -40 15 8 -19 -7 2 15
33

League Tables of Legal Advisers to US M&A: Value
Ranking H1 H1 2011 2012 6 18 2 4 1 3 12 11 16 41 8 25 29 17 32 136 21 5 7 20 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Skadden Arps Slate Meagher & Flom Kirkland & Ellis Sullivan & Cromwell Latham & Watkins Simpson Thacher & Bartlett Wachtell, Lipton, Rosen & Katz Davis Polk & Wardwell Weil Gotshal & Manges Jones Day Clifford Chance Cleary Gottlieb Steen & Hamilton Gibson Dunn & Crutcher Vinson & Elkins Freshfields Bruckhaus Deringer White & Case A&L Goodbody Allen & Overy Dewey & LeBoeuf Shearman & Sterling Blake, Cassels & Graydon H1 2012 Value Deal (US$m) Count 87,076 58,587 51,034 50,169 49,681 48,510 43,955 41,908 41,161 41,061 36,341 35,201 33,651 30,587 24,641 24,490 24,454 22,151 20,780 20,662 63 100 51 91 40 21 36 55 102 24 28 32 49 29 36 5 25 21 24 28 H1 2011 Value % Val. (US$m) Change 114,219 49,541 174,200 131,714 177,403 156,351 74,885 82,509 56,109 20,833 104,675 27,968 25,269 55,340 24,284 2,361 42,799 123,062 112,378 45,837 -23.8% 18.3% -70.7% -61.9% -72.0% -69.0% -41.3% -49.2% -26.6% 97.1% -65.3% 25.9% 33.2% -44.7% 1.5% 937.3% -42.9% -82.0% -81.5% -54.9%
League Tables of Legal Advisers to US M&A: Volume

Ranking H1 H1 2011 2012 3 2 1 5 4 8 7 37 18 9 6 39 21 12 56 35 19 11 17 40 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Jones Day Kirkland & Ellis Latham & Watkins DLA Piper Skadden Arps Slate Meagher & Flom Weil Gotshal & Manges Sullivan & Cromwell Vinson & Elkins Morgan Lewis & Bockius Wilson Sonsini Goodrich & Rosati Simpson Thacher & Bartlett Morrison & Foerster Baker & McKenzie Davis Polk & Wardwell White & Case Mayer Brown Greenberg Traurig Hogan Lovells Gibson Dunn & Crutcher Paul Weiss Rifkind Wharton & Garrison H1 2012 Value Deal (US$m) Count 41,161 58,587 50,169 20,265 87,076 41,908 51,034 33,651 3,424 7,430 49,681 13,237 19,567 43,955 24,641 16,569 9,873 13,994 35,201 16,645 102 100 91 75 63 55 51 49 46 44 40 40 39 36 36 36 35 34 32 32 H1 2011 Deal Count Count Change 101 119 120 83 83 66 68 33 45 65 77 31 43 52 22 33 44 57 45 31 1 -19 -29 -8 -20 -11 -17 16 1 -21 -37 9 -4 -16 14 3 -9 -23 -13 1
34

League Tables of Legal Advisers to US Buyouts*: Value
Ranking H1 H1 2011 2012 50 56 5 12 11 1 6 9 7 8 22 34 78 71 23 10 47 68 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Willkie Farr & Gallagher Vinson & Elkins Debevoise & Plimpton Paul Weiss Rifkind Wharton & Garrison Weil Gotshal & Manges Simpson Thacher & Bartlett Latham & Watkins Davis Polk & Wardwell Kirkland & Ellis Jones Day Cleary Gottlieb Steen & Hamilton Sullivan & Cromwell Alston & Bird Akin Gump Strauss Hauer & Feld Greenberg Traurig Mayer Brown Wachtell, Lipton, Rosen & Katz Barnes & Thornburg Kim & Chang White & Case H1 2012 Value Deal (US$m) Count 10,621 8,862 8,275 7,581 7,508 7,342 6,887 4,066 3,645 3,160 3,000 2,712 2,128 1,449 1,400 1,224 1,166 1,165 1,073 1,017 7 8 4 7 8 9 12 4 34 15 2 5 2 3 1 3 2 1 1 2 H1 2011 Value % Val. (US$m) Change 154 134 8,124 2,467 2,615 15403 6815 4,125 6,612 4,564 1250 457 22 1,050 2,625 205 32 6,797% 6,513% 1.9% 207.3% 187.1% -52.3% 1.1% -1.4% -44.9% -30.8% 140.0% 493.4% 6,486% 16.6% -55.6% 423.4% 3,078%
League Tables of Legal Advisers to US Buyouts*: Volume

Ranking H1 H1 2011 2012 1 5 3 4 9 18 6 39 12 38 23 26 30 14 22 10 11 7 87 75 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Kirkland & Ellis Jones Day Latham & Watkins Simpson Thacher & Bartlett McDermott Will & Emery Vinson & Elkins Weil Gotshal & Manges Willkie Farr & Gallagher Paul Weiss Rifkind Wharton & Garrison Skadden Arps Slate Meagher & Flom Sullivan & Cromwell Dechert Paul Hastings Morgan Lewis & Bockius DLA Piper Debevoise & Plimpton Davis Polk & Wardwell Ropes & Gray Bracewell & Giuliani Akin Gump Strauss Hauer & Feld H1 2012 Value Deal (US$m) Count 3,645 3,160 6,887 7,342 275 8,862 7,508 10,621 7,581 766 2,712 510 250 100 30 8,275 4,066 152 31 1,449 34 15 12 9 9 8 8 7 7 6 5 5 5 5 5 4 4 4 4 3 H1 2011 Deal Count Count Change 45 12 14 12 8 4 10 2 6 2 3 3 3 6 3 6 6 9 1 1 -11 3 -2 -3 1 4 -2 5 1 4 2 2 2 -1 2 -2 -2 -5 3 2
35

Legal Advisers to Canadian M&A: Value
Ranking H1 H1 2011 2012 13 2 8 45 6 31 30 16 17 1 7 61 3 5 34 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Stikeman Elliott Blake, Cassels & Graydon McCarthy Tetrault Bennett Jones Norton Rose Fasken Martineau Dumoulin Burnet Duckworth & Palmer King & Wood Mallesons Linklaters Osler, Hoskin & Harcourt Sullivan & Cromwell Sidley Austin Torys Davies Ward Phillips & Vineberg Ashurst H1 2012 Value Deal (US$m) Count 20,464 19,080 18,058 16,504 14,360 12,765 11,995 10,650 9,332 9,000 8,761 8,272 8,065 7,841 7,623 40 45 26 11 21 24 13 4 7 24 7 4 9 11 3 H1 2011 Value % Val. (US$m) Change 8,225 25,319 11,642 1,237 14,626 3,838 3,962 7,384 7,077 25,622 13,353 664 17,878 14,655 3,321 148.8% -24.6% 55.1% 1,234% -1.8% 232.6% 202.8% 44.2% 31.9% -64.9% -34.4% 1,146% -54.9% -46.5% 129.5%
Legal Advisers to Canadian M&A: Volume

Ranking H1 H1 2011 2012 2 1 6 3 7 4 9 8 16 11 5 21 10 12 23 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Blake, Cassels & Graydon Stikeman Elliott Gowling Lafleur Henderson McCarthy Tetrault Fasken Martineau Dumoulin Osler, Hoskin & Harcourt Norton Rose Burnet Duckworth & Palmer Fraser Milner Casgrain Bennett Jones Davies Ward Phillips & Vineberg Skadden Arps Slate Meagher & Flom Torys Borden Ladner Gervais Weil Gotshal & Manges H1 2012 Value Deal (US$m) Count 19,080 20,464 3,783 18,058 12,765 9,000 14,360 11,995 1,657 16,504 7,841 2,681 8,065 2,551 1,844 45 40 35 26 24 24 21 13 12 11 11 11 9 9 9 H1 2011 Deal Count Count Change 42 45 21 37 21 34 18 19 9 16 21 7 17 14 6 3 -5 14 -11 3 -10 3 -6 3 -5 -10 4 -8 -5 3
Legal Advisers to Central & South American M&A: Value

Ranking H1 H1 2011 2012 6 3 4 40 126 130 20 1 139 16 27 1 2 3 4 5 6 7= 7= 9 10 11 12 13 14= 14= Company Name Skadden Arps Slate Meagher & Flom Clifford Chance Sullivan & Cromwell Freshfields Bruckhaus Deringer Greenberg Traurig Mijares, Angoitia, Cortes y Fuentes Cravath Swaine & Moore Creel, Garcia-Cuellar, Aiza y Enriquez Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados Pinheiro Neto Advogados Jones Day Cleary Gottlieb Steen & Hamilton Uria Menendez Bredin Prat PLMJ - Sociedade de Advogados H1 2012 Value Deal (US$m) Count 23,471 22,646 20,672 20,444 18,310 17,790 17,790 17,790 12,730 7,510 7,463 5,822 5,571 5,427 5,427 7 6 5 2 4 2 1 1 14 23 8 5 3 1 1 H1 2011 Value % Val. (US$m) Change 11,049 13,674 13,599 836 30 28 2,235 21,959 15 3,312 1,414 112.4% 65.6% 52.0% 2,345%
60,933% 63,436% -
Legal Advisers to Central & South American M&A: Volume

Ranking H1 H1 2011 2012 2 1 4 3 6 15 7 20 31 141 22 14 19 25 13
36
Company Name Machado Meyer Sendacz e Opice Pinheiro Neto Advogados Souza, Cescon, Barrieu & Flesch Advogados Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados Barbosa, Mussnich & Aragao Gomez-Pinzon Zuleta
Tozzini Freire Teixeira e Silva Advogados
H1 2012 Value Deal (US$m) Count 5,285 7,510 3,357 12,730 2,680 1,055 859 1,099 7,463 2,792 378 23,471 3,546 1,222 861 27 23 17 14 14 11 11 10 8 8 8 7 7 7 7
H1 2011 Deal Count Count Change 20 25 16 20 13 8 13 7 4 1 6 8 7 5 9 7 -2 1 -6 1 3 -2 3 4 7 2 -1 0 2 -2
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
469.6% -65.8%
49,653%
75.8% 294.0% -
Estudio Muniz, Ramirez, PerezTaiman & Olaya Abogados Jones Day Linklaters Veirano Advogados Skadden Arps Slate Meagher & Flom Lefosse Advogados Azevedo Sette Advogados Lobo & de Rizzo Advogados

Legal Advisers to US (North East) M&A: Value
Ranking H1 H1 2011 2012 8 12 17 5 1 83 4 22 54 70 27 23 38 43 45 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Skadden Arps Slate Meagher & Flom Latham & Watkins Kirkland & Ellis Weil Gotshal & Manges Simpson Thacher & Bartlett Vinson & Elkins Sullivan & Cromwell Jones Day Clifford Chance DLA Piper Mayer Brown White & Case Willkie Farr & Gallagher Paul Weiss Rifkind Wharton & Garrison Baker & McKenzie H1 2012 Value Deal (US$m) Count 46,344 33,431 33,075 29,349 26,203 23,031 19,951 18,476 17,027 14,331 14,214 13,682 13,148 13,023 12,536 37 49 58 41 29 21 25 50 13 24 15 18 15 23 10 H1 2011 Value % Val. (US$m) Change 41,165 30,394 22,606 54,716 75,410 2,408 55,618 21,013 5,201 3,452 16,910 19,705 10,765 9,299 7,994 12.6% 10.0% 46.3% -46.4% -65.3% 856.4% -64.1% -12.1% 227.4% 315.2% -15.9% -30.6% 22.1% 40.0% 56.8%
Legal Advisers to US (North East) M&A: Volume

Ranking H1 H1 2011 2012 1 4 3 5 7 2 14 8 19 17 55 11 34 22 26 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Kirkland & Ellis Jones Day Latham & Watkins Weil Gotshal & Manges Skadden Arps Slate Meagher & Flom Simpson Thacher & Bartlett Morgan Lewis & Bockius Sullivan & Cromwell DLA Piper Paul Weiss Rifkind Wharton & Garrison Vinson & Elkins Ropes & Gray White & Case Freshfields Bruckhaus Deringer Debevoise & Plimpton H1 2012 Value Deal (US$m) Count 33,075 18,476 33,431 29,349 46,344 26,203 1,847 19,951 14,331 13,023 23,031 5,808 13,682 12,238 12,262 58 50 49 41 37 29 28 25 24 23 21 19 18 18 17 H1 2011 Deal Count Count Change 24 16 22 21 14 15 20 8 3 15 11 15 10 3 14 34 34 27 20 23 14 8 17 21 8 10 4 8 15 3
Legal Advisers to US (Mid-West) M&A: Value

Ranking H1 H1 2011 2012 1 13 19 3 27 11 9 149 150 10 12 2 8 1 2 3 4 5 6 7 8 9= 9= 9= 12 13 14 15 Company Name Simpson Thacher & Bartlett Wachtell, Lipton, Rosen & Katz Cleary Gottlieb Steen & Hamilton Skadden Arps Slate Meagher & Flom Blake, Cassels & Graydon Jones Day Davis Polk & Wardwell Kinstellar A&L Goodbody Arthur Cox Matheson Ormsby Prentice Kirkland & Ellis Sullivan & Cromwell Latham & Watkins Fried Frank Harris Shriver & Jacobson H1 2012 Value Deal (US$m) Count 35,105 22,779 22,357 21,858 19,018 19,000 18,741 12,220 11,940 11,940 11,940 11,387 10,479 9,730 8,843 13 6 6 17 12 42 7 2 1 1 1 35 15 21 8 H1 2011 Value % Val. (US$m) Change 51,851 19,480 11,073 35,717 6,129 20,959 22,740 83 83 22,312 19,741 43,871 23,686 -32.3% 16.9% 101.9% -38.8% 210.3% -9.3% -17.6% 14,286% 14,286% -49.0% -46.9% -77.8% -62.7%
Legal Advisers to US (Mid-West) M&A: Volume

Ranking H1 H1 2011 2012 2 1 3 14 6 13 16 11 7 5 52 10 34 9 45 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Jones Day Kirkland & Ellis Latham & Watkins DLA Piper Skadden Arps Slate Meagher & Flom Mayer Brown Sullivan & Cromwell Weil Gotshal & Manges McDermott Will & Emery Sidley Austin Morgan Lewis & Bockius Simpson Thacher & Bartlett Blake, Cassels & Graydon Paul Hastings Paul Weiss Rifkind Wharton & Garrison H1 2012 Value Deal (US$m) Count 19,000 11,387 9,730 860 21,858 2,266 10,479 8,474 5,570 6,054 1,166 35,105 19,018 702 4,278 42 35 21 21 17 16 15 15 15 14 14 13 12 11 10 H1 2011 Deal Count Count Change 33 39 29 13 19 14 11 14 17 20 5 14 7 16 6 9 -4 -8 8 -2 2 4 1 -2 -6 9 -1 5 -5 4
37

Legal Advisers to US (South) M&A: Value
Ranking H1 H1 2011 2012 16 1 17 15 60 3 26 9 13 2 80 7 40 28 19 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Vinson & Elkins Sullivan & Cromwell Kirkland & Ellis Jones Day Bracewell & Giuliani Latham & Watkins Alston & Bird Fried Frank Harris Shriver & Jacobson Weil Gotshal & Manges Wachtell, Lipton, Rosen & Katz Paul Weiss Rifkind Wharton & Garrison Skadden Arps Slate Meagher & Flom Debevoise & Plimpton Locke, Lord, Bissell & Liddell Gibson Dunn & Crutcher H1 2012 Value Deal (US$m) Count 30,753 26,198 19,865 16,934 16,558 15,808 15,328 14,292 13,038 12,973 12,639 11,142 10,223 9,673 9,235 45 20 50 40 21 27 16 10 17 9 15 17 9 7 10 H1 2011 Value % Val. (US$m) Change 24,274 119,363 21,855 25,761 3,598 77,703 12,805 53,056 29,397 111,069 1,879 55,787 7,014 10,510 17,096 26.7% -78.1% -9.1% -34.3% 360.2% -79.7% 19.7% -73.1% -55.6% -88.3% 572.6% -80.0% 45.8% -8.0% -46.0%
Legal Advisers to US (South) M&A: Volume

Ranking H1 H1 2011 2012 2 8 5 3 1 18 10 39 6 16 15 35 11 7 23 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Kirkland & Ellis Vinson & Elkins Jones Day DLA Piper Latham & Watkins Baker Botts Fulbright and Jaworski Bracewell & Giuliani Sullivan & Cromwell Morgan Lewis & Bockius Greenberg Traurig Baker & McKenzie Weil Gotshal & Manges Skadden Arps Slate Meagher & Flom Alston & Bird H1 2012 Value Deal (US$m) Count 19,865 30,753 16,934 5,522 15,808 7,639 4,999 16,558 26,198 1,416 5,052 1,231 13,038 11,142 15,328 50 45 40 32 27 24 23 21 20 19 18 18 17 17 16 H1 2011 Deal Count Count Change 50 30 33 34 51 20 29 12 31 21 21 13 27 30 18 0 15 7 -2 -24 4 -6 9 -11 -2 -3 5 -10 -13 -2
Legal Advisers to US (West) M&A: Value

Ranking H1 H1 2011 2012 11 8 21 17 4 30 9 3 37 16 12 35 91 31 22 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Skadden Arps Slate Meagher & Flom Latham & Watkins Kirkland & Ellis Gibson Dunn & Crutcher Shearman & Sterling Weil Gotshal & Manges Davis Polk & Wardwell Sullivan & Cromwell Fenwick & West Dewey & LeBoeuf Jones Day White & Case Munger Tolles & Olson Freshfields Bruckhaus Deringer Morrison & Foerster H1 2012 Value Deal (US$m) Count 45,633 25,957 23,278 19,842 18,597 17,171 17,089 16,725 15,451 13,932 13,531 11,664 11,531 10,633 10,584 31 46 42 20 14 15 19 19 27 9 30 13 3 3 29 H1 2011 Value % Val. (US$m) Change 21,754 34,237 10,220 13,535 51,628 7,971 28,940 62,980 5,011 14,393 18,811 5,346 546 7,799 9,601 109.8% -24.2% 127.8% 46.6% -64.0% 115.4% -41.0% -73.4% 208.3% -3% -28.1% 118.2% 2,011.9% 36.3% 10.2%
Legal Advisers to US (West) M&A: Volume

Ranking H1 H1 2011 2012 1 4 2 9 5 10 3 6 7 21 12 26 28 18 24 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Latham & Watkins Kirkland & Ellis Wilson Sonsini Goodrich & Rosati Skadden Arps Slate Meagher & Flom Jones Day Morrison & Foerster DLA Piper Fenwick & West Gibson Dunn & Crutcher Davis Polk & Wardwell Sullivan & Cromwell Paul Hastings Morgan Lewis & Bockius Weil Gotshal & Manges Cleary Gottlieb Steen & Hamilton H1 2012 Value Deal (US$m) Count 25,957 23,278 7,114 45,633 13,531 10,584 2,969 15,451 19,842 17,089 16,725 2,702 1,638 17,171 8,343 46 42 38 31 30 29 28 27 20 19 19 19 17 15 15 H1 2011 Deal Count Count Change 54 40 50 23 36 22 42 32 30 16 20 14 13 18 14 -8 2 -12 8 -6 7 -14 -5 -10 3 -1 5 4 -3 1
38
Asia-Pacific (ex. Japan) M&A Overview

Asia-Pacific M&A for H1 2012 registers US$ 140.1bn in deals, down 15.1% on H1 2011 Asian investment into Europe down for third consecutive quarter Skadden Arps Slate Meagher & Flom tops legal advisers table for H1 2012
Asia-Pacific M&A Activity - Quarterly (excluding Japan)
170 160 Value (US$bn) Volume 700 650 600 550 500
100 90 80 70 60 50 40 30 20 10 0
400 350 300 250 200 150 100 50 0
Fortunes varied across the region but most headed south. Australia, hit by falling commodity prices, recorded US$ 23.2bn in H1 2012 M&A, a 22.3% fall from H1 2011 (US$ 29.9bn). This was the biggest year-on-year decline of any country in the region. Asian investment (including Japan) into Europe, an oft-cited M&A trend recently, actually fell in Q2 2012; at US$ 13.3bn this was 9.1% down on Q1 2012 (US$ 14.6bn). Although H1 2012 M&A into Europe was at US$ 27.9bn, down 31% on H1 2011 (US$ 40.5bn), this was still the third-highest half-year total in eight years. Skadden Arps Slate Meagher & Flom topped the Asia-Pacific legal advisers table by deal value, up from its H1 2011 finish of seventh.
Asia-Pacific Private Equity Buyout Activity - Quarterly (excluding Japan)
Asia-Pacific (excl. Japan) Inbound/Outbound M&A

60 55 50 45 Inbound Value ($bn) Outbound Value ($bn) Inbound Volume Outbound Volume 150 175
70
125
15
Volume of Deals
50
35 30 25 20
100
40 10
30
75
20 5 10
15 10 5
50
25
39
Volume of Deals
40
Volume of Deals
Asia-Pacific M&A for the first half of 2012 saw total deal value come in at US$ 140.1bn, 15.1% off H1 2011s total (US$ 165bn). Asia-Pacifics Q2 2012 total deal value of US$ 71.1bn was up 3% on Q1 2012 (US$ 68.3bn), as it just about bucked a trend of two consecutive quarters of decline that started back in Q3 2011. But this didnt stop it from being the regions second-lowest quarterly total since Q2 2010 (US$ 71bn).
150 140 130 120 110
450
Asia-Pacific (ex. Japan) M&A Overview: Top Deals

Announced Date 25-Feb-12 Bidder Company Sesa Goa Limited Bidder Legal Advisor Luthra & Luthra Law Offices (Advising Citigroup) Baker & McKenzie; Shook Lin & Bok Singapore (Advising Credit Suisse;Morgan Stanley); WongPartnership Fangda Partners; Fenwick & West; Freshfields Bruckhaus Deringer; Wachtell, Lipton, Rosen & Katz Target Company Sterlite Industries (India) Limited Target/Seller Legal Adivsor Amarchand & Mangaldas & Suresh A Shroff & Co; Skadden Arps Slate Meagher & Flom Allen & Gledhill; Makes & Partners Seller Company Deal Value (US$) 10,289
02-Apr-12
DBS Group Holdings Ltd
PT Bank Danamon Indonesia Tbk
7,338
20-May-12
Alibaba Group Holding Ltd
Alibaba Group Holding Ltd (20% Stake)
Yahoo! Inc
7,100
06-Mar-12
China Tobacco Corporation ; PICC Asset Management Company Limited; Beijing Infrastructure Investment Co. Ltd.; and Shanghai Zheng Yang International Trade Co Ltd Beijing Shougang Co Ltd Grandway Law Offices
Industrial Bank Co. Ltd. (16.1% Stake)
Advising seller: Munger Tolles & Olson; O'Melveny & Myers (Advising UBS Investment Bank); Skadden Arps Slate Meagher & Flom; Weil Gotshal & Manges; White & Case (Advising Allen & Company) Shougang Group Corporation
4,181
18-May-12
Hebei Shougang Qian'an Iron and Steel Co Ltd Baoshan Iron & Steel Co., Ltd. (Stainless Steel Business Unit) Advising seller:Jingtian & Gongcheng Advising seller: Latham & Watkins
4,180
29-Feb-12
Shanghai Baosteel Stainless Steel Co. Ltd. Marubeni Corporation; POSCO; and STX Corporation Co., Ltd MediaTek Inc Freehills; Jipyong Jisung
Baoshan Iron & Steel Co Ltd
4,073
30-Mar-12
Roy Hill Holdings Pty Ltd. (30% Stake) MStar Semiconductor Inc (100% Stake) Tanjong Energy Holdings Sdn Bhd
Hancock Prospecting Pty Ltd
3,655
22-Jun-12
Jones Day
Lee and Li Attorneys at Law
2,950
07-Mar-12
1Malaysia Development
Tanjong Public Limited Company
2,816
29-Feb-12
Baosteel Special Steel Co Ltd
Baoyin Special Steel Pipe Co Ltd (58.5% Stake); Baoshan Iron & Steel Co., Ltd. (Special
Advising seller: Jingtian & Gongcheng
Baoshan Iron & Steel Co., Ltd.
2,697
40
Asia-Pacific M&A Heat Chart

Sector Greater China Australasia South East Asia South Asia North Asia (excl. Greater China) 99 85 46 31 19 49 7 25 18 14 3 16 0 705 635 526 415 7 1 253 1 1 23 Japan Central Asia Total Industrials & Chemicals TMT Consumer Energy, Mining & Utilities Pharma, Medical & Biotech Financial Services Real Estate Construction Business Services Leisure Agriculture Transportation Government Total 857 392 302 208 183 124 102 91 90 85 74 52 5 2,566 41 87 69 224 51 40 24 12 61 31 25 18 64 64 52 109 20 108 51 25 32 34 27 43 82 80 72 52 45 43 7 23 58 23 5 34 60 27 52 11 20 14 7 4 29 18 1 13 1 4 2 1,205 735 594 648 339 382 198 180 288 205 134 171 7 5,123
Industrials & Chemicals still the top sector in Greater China, over double that of TMT, and a sign that the worlds factory doesnt show any signs of giving up that moniker lightly Financial Services in Southeast Asia comes in second-most popular as overseas interest picks up; especially in providing wider services to the unbanked masses in countries such as Indonesia and the Philippines Japanese Consumer sector sees renewed life in companies for sale figure, as does Greater China where it comes in third evidence of the potential spending power of over one billion people
Hot 500 300 200
Warm 100 60 40
Cold 20 10 0
41
Asia-Pacific M&A Overview: Industry and Geography Breakdown

H1 2012
Sector Energy, Mining & Utilities Financial Services Industrials & Chemicals Technology Business Services Pharma, Medical & Biotech Consumer Real Estate Construction Telecommunications Leisure Transport Media Agriculture Defence Total Value (US$bn) 40.9 23.5 22.8 17.3 7.5 5.5 5.4 4.6 3.3 3.3 2.1 2.0 1.5 0.4 140.1 Market share 29.2% 16.8% 16.3% 12.4% 5.3% 3.9% 3.8% 3.3% 2.4% 2.4% 1.5% 1.4% 1.1% 0.3% Deal Count 109 75 185 76 93 53 72 33 42 11 30 45 23 12 859 Value (US$bn) 22.8 25.4 34.5 9.2 6.3 7.1 18.6 4.7 9.1 3.9 5.6 5.0 11.0 1.8 165.0
H1 2011
Market share 13.8% 15.4% 20.9% 5.6% 3.8% 4.3% 11.2% 2.9% 5.5% 2.4% 3.4% 0.03% 6.7% 1.1% Deal Count 103 97 240 121 113 69 137 25 50 15 38 50 26 18 1,102 Value (%) 79.4% -7.4% -33.9% 88.2% 19.1% -22.6% -71.0% -3.0% -63.6% -15.6% -63.6% -15.6% -86.0% -77.5% -15.1%
Change
Deal Count -22 -55 -45 -20 -16 -65 8 -8 -4 -8 -3 -6 -243
Mix of Announced Asia-Pacific Deals by Geographic Region H1 2012 - Value

Vietnam 0.8%
Mix of Announced Asia-Pacific Deals by Geographic Region H1 2012- Volume

Other 11.8% China 24.6%
Indonesia 5.8%
Other 6.9%
Vietnam 1.0% China 28.8% Indonesia 3.0%
South Korea 4.9%
Hong Kong 4.3%
South Korea 9.5%
Malaysia 3.7%
Hong Kong 4.4% Malaysia 2.2% India 10.8% Japan 17.6%
India 11.5%
Japan 20.8%
Australia 13.2%
Australia 14.5%
42
Asia-Pacific: League Tables of Legal Advisers

League Table of Legal Advisers to Asia-Pacific (ex. Japan) M&A: Value
Ranking H1 H1 2011 2012 7 9 6 57 30 94 4 266 1 37 83 211 63 60 55 32 296 23 129 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20= Company Name Skadden Arps Slate Meagher & Flom Freshfields Bruckhaus Deringer Baker & McKenzie Amarchand & Mangaldas & Suresh A Shroff & Co Weil Gotshal & Manges Jingtian & Gongcheng Linklaters Luthra & Luthra Law Offices Freehills King & Wood Mallesons White & Case Makes & Partners Fangda Partners Shook Lin & Bok Singapore WongPartnership Clifford Chance Fenwick & West Norton Rose O'Melveny & Myers Munger Tolles & Olson; Wachtell, Lipton, Rosen & Katz H1 2012 Value Deal (US$m) Count 20,359 13,960 13,614 13,408 12,741 12,415 10,482 10,404 9,933 9,231 9,024 8,716 8,646 8,468 8,338 7,690 7,421 7,274 7,266 7,100 11 9 30 20 13 13 18 5 25 35 9 3 5 8 12 24 2 15 3 1 H1 2011 Value % Val. (US$m) Change 19,337 15,972 21,952 3,005 6,363 1,341 23,021 57 25,978 5,380 1,915 170 2,767 2,873 3,151 6,132 22 8,029 727 5.3% -12.6% -38.0% 346.2% 100.2% 825.8% -54.5% 18,153% -61.8% 71.6% 371.2% 5,027% 212.5% 194.7% 164.6% 25.4%
-33,632%
League Table of Legal Advisers to Asia-Pacific (ex. Japan) M&A: Volume

Ranking H1 H1 2011 2012 4 1 3 7 6 12 32 24 16 23 2 10 20 17 8 11 39 131 27 18 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name King & Wood Mallesons Baker & McKenzie Freehills Clifford Chance Kim & Chang Allen & Overy Amarchand & Mangaldas & Suresh A Shroff & Co Gilbert + Tobin Linklaters Khaitan & Co Minter Ellison Lee & Ko Norton Rose AZB & Partners Desai & Diwanji Allen & Gledhill Weil Gotshal & Manges Jingtian & Gongcheng WongPartnership Bae Kim & Lee H1 2012 Value Deal (US$m) Count 9,231 13,614 9,933 7,690 3,879 6,828 13,408 6,276 10,482 821 1,792 1,587 7,274 2,605 509 6,844 12,741 12,415 8,338 2,463 35 30 25 24 23 21 20 19 18 18 17 17 15 15 15 14 13 13 12 12 H1 2011 Deal Count Count Change 36 51 37 29 30 25 12 17 23 18 45 26 21 23 28 26 9 2 14 23 -1 -21 -12 -5 -7 -4 8 2 -5 0 -28 -9 -8 -13 -12 4 11 -2 -11
-9.4% 899.4% -
43

League Tables of Legal Advisers to Asia-Pacific (ex. Japan) Buyouts*: Value
Ranking H1 H1 2011 2012 5 15 57 6 33 16 17 16 17 3 37 2 12 7 1 2 3 4 5 6= 6= 8 9 10 11 12 13 14 15 Company Name Paul Weiss Rifkind Wharton & Garrison Minter Ellison King & Wood Mallesons Gilbert + Tobin Simpson Grierson Hankyul Law Firm Yulchon Clifford Chance Allen & Overy Wilson Sonsini Goodrich & Rosati Baker & McKenzie DSK Legal AZB & Partners Skadden Arps Slate Meagher & Flom Weil Gotshal & Manges H1 2012 Value Deal (US$m) Count 2,043 1,396 1,203 1,185 1,021 819 819 751 545 345 305 250 220 176 165 3 3 3 4 1 1 1 3 2 2 1 2 3 3 3 H1 2011 Value % Val. (US$m) Change 1,082 588 1052 210 550 12 534 1,267 123 1661 793 1,020 88.8% 137.4% 12.6% 386.2% 36.5% 9,684% 2.1% -75.9% 103.3% -86.8% -77.8% -83.8%
League Tables of Legal Advisers to Asia-Pacific (ex. Japan) Buyouts*: Volume

Ranking H1 H1 2011 2012 2 22 1 57 6 10 23 13 44 16 20 7 33 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Gilbert + Tobin Paul Weiss Rifkind Wharton & Garrison Minter Ellison King & Wood Mallesons Clifford Chance AZB & Partners Skadden Arps Slate Meagher & Flom Weil Gotshal & Manges Nishith Desai Associates Allen & Overy Wilson Sonsini Goodrich & Rosati DSK Legal Wadia Ghandy & Co Allen & Gledhill WongPartnership H1 2012 Value Deal (US$m) Count 1,185 2,043 1,396 1,203 751 220 176 165 34 545 345 250 124 105 98 4 3 3 3 3 3 3 3 3 2 2 2 2 2 2 H1 2011 Deal Count Count Change 5 2 9 1 4 3 2 3 1 3 3 4 1 -1 1 -6 2 -1 0 1 0 2 -1 -1 -2 1
44

Legal Advisers to Asia (ex. Japan) M&A: Value
Ranking H1 H1 2011 2012 11 8 36 64 77 3 231 184 42 39 35 63 251 19 108 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Skadden Arps Slate Meagher & Flom Freshfields Bruckhaus Deringer Amarchand & Mangaldas & Suresh A Shroff & Co Weil Gotshal & Manges Jingtian & Gongcheng Baker & McKenzie Luthra & Luthra Law Offices Makes & Partners Fangda Partners Shook Lin & Bok Singapore WongPartnership White & Case Fenwick & West Clifford Chance O'Melveny & Myers H1 2012 Value Deal (US$m) Count 19,359 13,960 13,408 12,741 12,415 11,423 10,404 8,716 8,646 8,468 8,338 8,024 7,421 7,151 7,100 10 8 20 12 13 21 5 3 5 8 11 8 2 20 2 H1 2011 Value % Val. (US$m) Change 8,703 10,445 3,005 1,907 1,341 16,723 57 170 2,767 2,873 3,151 1,915 22 5,661 727 122.4% 33.7% 346.2% 568.1% 825.8% -31.7% 18,153% 5,027% 212.5% 194.7% 164.6% 319.0%
33,632%
Legal Advisers to Asia (ex. Japan) M&A: Volume

Ranking H1 H1 2011 2012 2 1 22 8 13 4 3 10 7 5 104 47 16 9 18 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Kim & Chang Baker & McKenzie Amarchand & Mangaldas & Suresh A Shroff & Co Clifford Chance Khaitan & Co Lee & Ko Desai & Diwanji Linklaters AZB & Partners Allen & Gledhill Jingtian & Gongcheng Weil Gotshal & Manges Allen & Overy Bae Kim & Lee King & Wood Mallesons H1 2012 Value Deal (US$m) Count 3,879 11,423 13,408 7,151 821 1,587 609 6,673 2,605 6,844 12,415 12,741 3,993 2,463 2,158 23 21 20 20 18 17 16 15 15 14 13 12 12 12 12 H1 2011 Deal Count Count Change 30 30 12 23 18 26 28 22 23 26 2 6 14 23 14 -7 -9 8 -3 0 -9 -12 -7 -8 -12 11 6 -2 -11 -2
26.3% 876.6%
Legal Advisers to Greater China M&A: Value

Ranking H1 H1 2011 2012 4 41 47 2 20 44 68 71 11 1 43 8 1 2 3 4 5 6 7 8= 8= 8= 11 12 13 14 15 Company Name Freshfields Bruckhaus Deringer Jingtian & Gongcheng Weil Gotshal & Manges Skadden Arps Slate Meagher & Flom Fangda Partners White & Case O'Melveny & Myers Fenwick & West Munger Tolles & Olson Wachtell, Lipton, Rosen & Katz Clifford Chance Linklaters Jones Day Lee and Li Attorneys at Law Grandway Law Offices H1 2012 Value Deal (US$m) Count 13,289 12,415 11,596 9,070 8,646 7,208 7,100 7,100 7,100 7,100 6,726 6,234 5,081 4,962 4,180 6 13 8 8 5 5 2 1 1 1 15 10 3 5 1 H1 2011 Value % Val. (US$m) Change 6,899 1,341 1,153 7,587 2,767 1,221 633 570 4,104 8,262 1,289 4,492 92.6% 825.8% 905.7% 19.5% 212.5% 490.3% 1,022% 1,146% 63.9% -24.5% 294.2% 10.5% -
Legal Advisers to Greater China M&A: Volume

Ranking H1 H1 2011 2012 3 58 8 1 6 36 5 10 16 2 4 21 14 32 38 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Clifford Chance Jingtian & Gongcheng Linklaters Baker & McKenzie King & Wood Mallesons Weil Gotshal & Manges Skadden Arps Slate Meagher & Flom Allen & Overy Mayer Brown Freshfields Bruckhaus Deringer Fangda Partners White & Case Lee and Li Attorneys at Law Grandall Legal Group Sidley Austin H1 2012 Value Deal (US$m) Count 6,726 12,415 6,234 3,022 1,405 11,596 9,070 2,750 903 13,289 8,646 7,208 4,962 792 716 15 13 10 10 9 8 8 7 7 6 5 5 5 5 5 H1 2011 Deal Count Count Change 14 2 10 14 11 4 12 8 7 14 13 6 7 4 4 1 11 0 -4 -2 4 -4 -1 0 -8 -8 -1 -2 1 1
45

Legal Advisers to Australasian M&A: Value
Ranking H1 H1 2011 2012 2 31 4 1 117 65 5 10 12 30 47 9 13 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Freehills King & Wood Mallesons Gilbert + Tobin Allens Arthur Robinson Linklaters Latham & Watkins Clayton Utz Hengeler Mueller Allen & Overy Baker & McKenzie Jipyong Jisung Corrs Chambers Westgarth Norton Rose Minter Ellison Ashurst H1 2012 Value Deal (US$m) Count 9,933 7,239 6,276 5,819 3,977 3,731 3,724 3,696 2,835 2,539 2,437 2,357 2,054 1,792 1,787 25 26 19 8 5 2 12 1 9 14 1 11 10 17 8 H1 2011 Value % Val. (US$m) Change 19,568 3,738 12,711 23,626 156 11,868 7,922 6,392 3,961 379 8,172 6,335 -49.2% 93.7% -50.6% -75.4% 2,292% -68.6% -64.2% -60.3% -40.5% 442.0% -78.1% -71.8%
Legal Advisers to Australasian M&A: Volume

Ranking H1 H1 2011 2012 5 2 8 1 4 7 10 9 11 13 3 6 12 117 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name King & Wood Mallesons Freehills Gilbert + Tobin Minter Ellison Baker & McKenzie Clayton Utz Corrs Chambers Westgarth Norton Rose Allen & Overy Chapman Tripp Allens Arthur Robinson Ashurst McCullough Robertson Linklaters Hogan Lovells H1 2012 Value Deal (US$m) Count 7,239 9,933 6,276 1,792 2,539 3,724 2,357 2,054 2,835 627 5,819 1,787 69 3,977 1,173 26 25 19 17 14 12 11 10 9 9 8 8 8 5 4 H1 2011 Deal Count Count Change 26 36 17 44 26 18 13 14 12 8 27 23 11 1 0 -11 2 -27 -12 -6 -2 -4 -3 1 -19 -15 -3 4 -
Legal Advisers to Japanese M&A: Value

Ranking H1 H1 2011 2012 1 11 41 14 32 10 49 7 51 9 68 1 2 3 4 5= 5= 5= 8 9 10 11 12 13 14 15 Company Name Nagashima Ohno & Tsunematsu Nishimura & Asahi Clifford Chance Mori Hamada & Matsumoto A&L Goodbody McCann FitzGerald Milbank Tweed Hadley & McCloy Skadden Arps Slate Meagher & Flom Jones Day Blake, Cassels & Graydon Hogan Lovells Burnet Duckworth & Palmer Bennett Jones Morrison & Foerster Paul Weiss Rifkind Wharton & Garrison H1 2012 Value Deal (US$m) Count 32,574 19,118 8,396 7,928 7,300 7,300 7,300 6,536 6,503 5,300 4,790 3,517 3,344 2,727 2,567 24 20 5 31 1 1 1 4 7 1 5 2 2 6 3 H1 2011 Value % Val. (US$m) Change 19,467 9,271 1,092 5,705 1,524 10,718 831 13,740 748 12,042 261 67.3% 106.2% 668.9% 39.0% 379.0% -39% 682.6% -61.4% 540.4% -77.4% 883.5%
Legal Advisers to Japanese M&A: Volume

Ranking H1 H1 2011 2012 4 1 3 6 10 2 5 14 20 9 40 23 12 7 42 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Mori Hamada & Matsumoto Nagashima Ohno & Tsunematsu Nishimura & Asahi Baker & McKenzie Jones Day Anderson Mori & Tomotsune Morrison & Foerster TMI Associates White & Case Clifford Chance Hogan Lovells Linklaters Freshfields Bruckhaus Deringer Skadden Arps Slate Meagher & Flom Lee & Ko H1 2012 Value Deal (US$m) Count 7,928 32,574 19,118 999 6,503 1,041 2,727 1,319 933 8,396 4,790 2,061 1,516 6,536 260 31 24 20 8 7 7 6 6 6 5 5 5 5 4 4 H1 2011 Deal Count Count Change 21 28 21 15 9 22 15 7 3 9 2 3 7 10 2 10 -4 -1 -7 -2 -15 -9 -1 3 -4 3 2 -2 -6 2
46

Legal Advisers to Indian M&A: Value
Ranking H1 H1 2011 2012 7 52 1 63 32 41 17 6 51 15 9 33 1 2 3 4 5 6 7 8 9 10 11 12 13 14= 14= Company Name Amarchand & Mangaldas & Suresh A Shroff & Co Luthra & Luthra Law Offices Skadden Arps Slate Meagher & Flom AZB & Partners Jones Day DSK Legal Latham & Watkins Paul Weiss Rifkind Wharton & Garrison Khaitan & Co Weil Gotshal & Manges S&R Associates Mintz Levin Cohn Ferris Glovsky & Popeo Desai & Diwanji Freshfields Bruckhaus Deringer Platinum Partners H1 2012 Value Deal (US$m) Count 13,266 10,404 10,289 2,605 1,323 1,047 921 905 821 740 694 635 609 530 530 19 5 1 15 3 7 1 3 17 3 3 1 16 1 1 H1 2011 Value % Val. (US$m) Change 3,005 57 11,235 19 273 150 1,213 3,745 59 1,247 2,649 260 341.5% 18,153% -76.8% 6,863% 283.5% 514.0% -25.4% -78.1% 1,154% -44.3% -77.0% 103.8% -
Legal Advisers to Indian M&A: Volume

Ranking H1 H1 2011 2012 4 3 1 2 6 59 5 7 14 10 32 38 58 9 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Amarchand & Mangaldas & Suresh A Shroff & Co Khaitan & Co Desai & Diwanji AZB & Partners DSK Legal Krishnamurthy and Co Luthra & Luthra Law Offices J Sagar Associates Trilegal Tatva Legal Nishith Desai Associates Jones Day Paul Weiss Rifkind Wharton & Garrison Weil Gotshal & Manges S&R Associates H1 2012 Value Deal (US$m) Count 13,266 821 609 2,605 1,047 33 10,404 337 319 21 59 1,323 905 740 694 19 17 16 15 7 7 5 5 5 5 4 3 3 3 3 H1 2011 Deal Count Count Change 12 18 28 23 7 1 7 6 4 4 2 1 1 4 7 -1 -12 -8 0 4 -2 -1 1 0 1 2 2 -1
Legal Advisers to South East Asian M&A: Value

Ranking H1 H1 2011 2012 57 1 12 8 2 5 24 4 22 86 15 1 2 3 4 5 6 7 8 9 10 11= 11= 13 14 15 Company Name Makes & Partners Baker & McKenzie Shook Lin & Bok Singapore WongPartnership Allen & Gledhill Norton Rose Burnet Duckworth & Palmer Linklaters Clifford Chance Slaughter and May Lawrence Graham Simmons & Simmons Latham & Watkins Stamford Law Corporation Bracewell & Giuliani H1 2012 Value Deal (US$m) Count 8,716 8,407 8,126 7,937 6,844 5,254 5,055 2,823 2,396 1,920 1,769 1,769 1,499 1,289 1,263 3 12 6 9 14 4 1 6 4 3 1 1 3 4 2 H1 2011 Value % Val. (US$m) Change 170 9,313 2,805 3,151 7,036 5,821 1,121 6,565 1,447 22 1,871 5,027% -9.7% 189.7% 151.9% -2.7% -9.7% 350.9% -57.0% 65.6% 6,714% -31.1% 47
Legal Advisers to South East Asian M&A: Volume

Ranking H1 H1 2011 2012 1 2 3 7 4 10 15 6 5 55 62 87 8 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Company Name Allen & Gledhill Baker & McKenzie WongPartnership Shook Lin & Bok Singapore Linklaters Rajah & Tann Norton Rose Clifford Chance Stamford Law Corporation Loyens & Loeff Makes & Partners Slaughter and May Latham & Watkins Allen & Overy White & Case H1 2012 Value Deal (US$m) Count 6,844 8,407 7,937 8,126 2,823 594 5,254 2,396 1,289 980 8,716 1,920 1,499 1,057 816 14 12 9 6 6 6 4 4 4 4 3 3 3 3 3 H1 2011 Deal Count Count Change 24 15 14 7 10 5 3 8 9 1 1 1 5 -8 -3 -5 -1 -2 1 1 -4 -5 3 2 2 -2 -

Legal Advisers to South Korean M&A: Value
Ranking H1 H1 2011 2012 2 5 27 3 1 25 4 39 9 22 1 2 3 4 5 6 7 8 9 10 11= 11= 13 14= 14= Company Name Kim & Chang Freehills Latham & Watkins Yulchon Jipyong Jisung Bae Kim & Lee Lee & Ko Hankyul Law Firm Shin & Kim Weil Gotshal & Manges DLA Piper Vinson & Elkins Yoon & Yang Morrison & Foerster Sullivan & Cromwell H1 2012 Value Deal (US$m) Count 3,879 3,655 3,655 3,473 2,887 2,463 1,587 832 572 460 308 308 276 253 253 23 1 1 8 5 12 17 2 5 2 1 1 3 1 1 H1 2011 Value % Val. (US$m) Change 8,719 2,095 230 5,507 14,032 288 4,513 60 1,550 415 -55.5% 65.8% 1,155% -55.3% -88.7% 188.9% -87.3% 413.3% -80.1% -33.5% -
Legal Advisers to South Korean M&A: Volume

Ranking H1 H1 2011 2012 1 2 4 5 6 3 7 25 8 13 18 16 1 2 3 4 5 6 7 8 9 10 11 12 13= 13= 15 Company Name Kim & Chang Lee & Ko Bae Kim & Lee Yulchon Jipyong Jisung Shin & Kim Yoon & Yang Hyun Attorneys At Law Kim, Choi & Lim Hankyul Law Firm Weil Gotshal & Manges Allen & Overy Freehills Latham & Watkins DLA Piper H1 2012 Value Deal (US$m) Count 3,879 1,587 2,463 3,473 2,887 572 276 66 56 832 460 200 3,655 3,655 308 23 17 12 8 5 5 3 3 3 2 2 2 1 1 1 H1 2011 Deal Count Count Change 29 26 23 13 8 25 7 1 4 2 1 2 -6 -9 -11 -5 -3 -20 -4 2 -1 0 1 -1
48
Africa & Middle East M&A Overview

H1 2012 total of US$ 22.1bn, down 16% on H1 2011 Total deal value rises for second consecutive quarter Allen & Overy tops H1 2012 legal advisers table by deal value
Africa & Middle East M&A Activity - Quarterly
40 Value (US$bn) Volume 150 140 130 120 30 110 100 90 80 70 60 50 10 40 30 5 20 10 0 0
While global M&A activity continued to drop, Africa & Middle East activity rose for the second consecutive quarter. However, Africa & ME figures in the first half of the year were slightly disappointing when compared to H1 2011. The region saw US$ 22.1bn-worth of deals announced in H1 2012, down 16% on H1 2011 (US$ 26.3bn). By quarter though, the picture is brighter. M&A activity continued to rise; Q2 2012 (US$ 13.5bn) was the second consecutive quarterly increase from Q4 2011 (US$ 6.8bn) and was also up 58.2% on Q1 2012 (US$ 8.6bn). Allen & Overy took the honours in the H1 2012 legal advisers table by deal value while Edward Nathan Sonnenbergs claimed top spot by volume.
35
20
15
H1 2012
Sector Telecommunications Financial Services Energy, Mining & Utilities Consumer Technology Industrials & Chemicals Pharma, Medical & Biotech Business Services Construction Media Transport Agriculture Leisure Defence Real Estate Total
H1 2011
Deal count 7 26 19 20 9 13 6 17 6 7 5 3 4 0 0 142 Value (US$bn) 1.2 1.3 9.3 2.3 1.2 1.9 3.80 1.0 0.2 0.2 0.01 0.01 0.1 0.1 3.82 26.3
49
Change
Deal count 4 19 25 25 17 21 18 15 9 1 6 1 3 3 7 174 Value (%) 428.6% 310.8% -67.7% 5.1% 8.4% -42.0% -80.9% -28.1% 179.2% 52.6% 1,657.1% 246.2% -85.6% -16.4% Deal Count 3 7 -6 -5 -8 -8 -12 2 -3 6 -1 2 1 -3 -7 -32
Value (US$bn) 6.3 5.4 3.0 2.4 1.26 1.1 0.7 0.7 0.6 0.3 0.2 0.05 0.01 22.0
Market share 28.7% 24.3% 13.7% 11.0% 5.71% 4.9% 3.3% 3.3% 2.5% 1.3% 1.1% 0.2% 0.1% -
Market share 4.5% 5.0% 35.4% 8.7% 4.4% 7.1% 14.4% 3.8% 0.7% 0.7% 0.1% 0.0% 0.3% 0.3% 14.5%
Volume of Deals
25
Africa & Middle East M&A Overview: Top Deals

Announced Date 12-Apr-12 Bidder Company France Telecom SA Bidder Legal Advisor Dechert Target Company Egyptian Company for Mobile Services (63.64% Stake) Boubyan Bank of Kuwait Target/Seller Legal Adivsor Cleary Gottlieb Steen & Hamilton Seller Company Orascom Telecom Media and Technology Holding SAE Deal Value (US$) 3,281
19-Jun-12
National Bank of Kuwait SAK
2,071
05-Jun-12
Hutchison Whampoa Limited; and Li Ka Shing Foundation Limited Eurasian Natural Resources Corporation Plc
Herzog, Fox and Neeman
Scailex Corporation Ltd (75% Stake) First Quantum Minerals (Kolwezi Tailings project, Frontier and Lonshi mines and related exploration interests) Migdal Insurance and Financial Holdings Ltd (69.1% Stake) Damas International Limited Fasken Martineau Dumoulin
Suny Electronic Inc Ltd
1,392
05-Jan-12
Jones Day
First Quantum Minerals Limited
1,250
07-Mar-12
Shlomo Eliahu (private investor)
Yigal Arnon & Co
Epstein Rosenblum Maoz; Freshfields Bruckhaus Deringer; Rosenram
Assicurazioni Generali SpA
1,098
28-Mar-12
Mannai Corporation QSC
Clifford Chance; Freshfields Bruckhaus Deringer (Advising EFG-Hermes Holding)
991
05-Jun-12
Qatar Telecom (QTel) QSC
Asia Cell Telecommunication Company Ltd (19% Stake) Clifford Chance HSBC Bank Middle East Limited (Oman based operations) (49% Stake) Centrale Laitiere (37.8% Stake) SNR Denton
MerchantBridge & Co Ltd
931
18-Apr-12
Oman International Bank
HSBC Bank Middle East Limited
733
27-Jun-12
Danone SA
Darrois Villey Maillot Brochier; Fidal Fischer Behar Chen & Co; Latham & Watkins; McLaughlin & Stern; Richards Layton & Finger
Bird & Bird
Societe Nationale D'Investissement SA
686
16-Apr-12
Stratasys Inc
Objet Limited
Cooley; Meitar Liquornik Geva & Leshem Brandwein
630
50
Africa & Middle East M&A Heat Chart

Sector Middle East Central & Southern Africa (excl. South Africa) TMT Pharma, Medical & Biotech Energy, Mining & Utilities Consumer Industrials & Chemicals Financial Services Leisure Real Estate Transportation Business Services Construction Other Agriculture Total 56 27 13 16 16 8 11 8 6 5 5 3 1 176 6 1 36 7 5 30 2 4 5 4 6 1 6 113 1 2 24 6 6 9 1 6 1 4 5 0 0 66 7 2 13 5 7 8 1 0 4 2 2 0 3 54 70 32 86 34 34 55 15 18 16 15 18 4 10 409 2012 Google - Map data 2012 Google South Africa Northern & West Africa Total
Energy, Mining & Utilities secures most companies for sale title in Africa & Middle East M&A as shale gas discoveries and a wealth of minerals helps drive investor interest TMT the top sector in Middle East where the internet and social media are starting to flourish Financial Services comes in third overall, investors start to see potential of the regions vast potential in the sector
Hot 50 30 20
Warm 15 10 8
Cold 6 4 0
51
Africa & Middle East: League Tables of Legal Advisers

League Table of Legal Advisers to Africa & Middle East M&A: Value
Ranking H1 H1 2011 2012 9 56 1 2 5 29 46 16 12 38 24 110 71 17 1 2 3 4 5 6 7 8 9= 9= 9= 9= 13 14 15 16 17 18 19 20 Company Name Allen & Overy Dechert Cleary Gottlieb Steen & Hamilton Linklaters Freshfields Bruckhaus Deringer Dewey & LeBoeuf Sullivan & Cromwell Shearman & Sterling Davis Polk & Wardwell Lefosse Advogados Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados Souza, Cescon, Barrieu & Flesch Advogados Herzog, Fox and Neeman Clifford Chance Meitar Liquornik Geva & Leshem Brandwein Fasken Martineau Dumoulin Weil Gotshal & Manges Jones Day Yigal Arnon & Co Edward Nathan Sonnenbergs H1 2012 Value Deal (US$m) Count 3,529 3,501 3,281 3,049 2,926 2,485 2,273 2,027 2,000 2,000 2,000 2,000 1,878 1,848 1,814 1,806 1,756 1,750 1,528 1,488 11 3 1 7 7 3 1 4 1 1 1 1 9 5 6 4 4 3 2 12 H1 2011 Value % Val. (US$m) Change 4,652 504 12,620 12,160 6,724 1,504 736 2,690 2,914 831 1,831 20 252 2,621 -24.1% 551.0% -75.8% -75.9% -63.0% 51.1% 175.4% -30.2% -36.6% 118.3% -1.4% 8,680% 506.3% -43.2%
League Table of Legal Advisers to Africa & Middle East M&A: Volume
Ranking H1 H1 2011 2012 6 12 7 5 8 4 11 9 43 37 55 2 53 24 31 3 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Company Name Edward Nathan Sonnenbergs Allen & Overy Herzog, Fox and Neeman Linklaters Freshfields Bruckhaus Deringer Bowman Gilfillan Meitar Liquornik Geva & Leshem Brandwein Clifford Chance Shearman & Sterling Fasken Martineau Dumoulin Weil Gotshal & Manges Werksmans Mayer Brown Dechert Dewey & LeBoeuf Jones Day Ashurst Webber Wentzel Stikeman Elliott DLA Cliffe Dekker Hofmeyr H1 2012 Value Deal (US$m) Count 1,488 3,529 1,878 3,049 2,926 313 1,814 1,848 2,027 1,806 1,756 541 499 3,501 2,485 1,750 1,070 564 511 420 12 11 9 7 7 7 6 5 4 4 4 4 4 3 3 3 3 3 3 3 H1 2011 Deal Count Count Change 10 5 8 10 6 11 6 6 2 2 2 16 2 3 3 11 18 2 6 1 -3 1 -4 0 -1 2 2 2 -12 2 0 0 -8 -15
52
Criteria
All data is based on transactions over US$5m announced between 1 January 2012 and 30 June 2012, unless stated otherwise. Deals with undisclosed deal values are included where the targets turnover exceeds US$10m. Deals where the stake acquired is less than 30% will only be included if their value is greater than US$100m. Activities excluded from the league tables include property transactions and restructurings where the ultimate shareholders interests are not changed. The M&A activity table and league tables are based on the dominant geography of any of the target, bidder or seller. The overall trend graph and pie charts are based on the dominant geography of the target only. The cross-border trend graph and pie charts are based on the dominant geography of the target and the bidder. All sector breakdowns are based on the dominant sector of the target only. The trend graphs are based on transactions announced in the given time periods. For this report, inbound refers to deals where the dominant geography of the target is X and the dominant geography of the bidder is outside X; outbound refers to deals where the dominant geography of the target is outside X and the dominant geography of the bidder is X. All data correct as of 2 July 2012. Criteria: http://www.mergermarket.com/pdf/deal_criteria.pdf About mergermarket mergermarket is a mergers & acquisitions (M&A) intelligence service. mergermarket is part of The Mergermarket Group which has over 450 employees worldwide and regional head offices in New York, London and Hong Kong. In any market, the life blood of advisors is deal flow. mergermarket is unique in the provision of origination intelligence to the investment banking, legal, private equity, acquisition finance, public relations (PR) and corporate markets. With an unrivalled network of analysts covering M&A in the Americas, Europe, Middle-East, Africa and Asia-Pacific, mergermarket generates proprietary intelligence and delivers it together with daily aggregated content, on its mergermarket. com platform and by real-time email alerts to subscribers. This wealth of intelligence, together with a series of deal databases, individual and house league tables, profiles and editorial have proven time and time again that this product can and does generate real revenues for clients. This is apparent when you see that mergermarket is used by over 1500 of the worlds foremost advisory firms to assist in their origination process.
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Press Release: mergermarket M&A Round-up for H1 2012 53

Mergermarket LA MA Round-UpforH12012

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Mergermarket LA MA Round-UpforH12012

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mergermarket M&A Round-up for H1 2012

US H1 2012 M&A activity lowest half-year total since 2003

Press Release: mergermarket M&A Round-up for H1 2012

Global M&A Overview

Value of Deals (US$bn)

700 600 500 400 300 200 100 0

Global Cross Border M&A Analysis - Value

Value of Deals ($bn)

900 800 700 600 500 400 300 200 100 0

Press Release: mergermarket M&A Round-up for H1 2012

Global M&A Heat Chart

Hot 1,200 1,000 600

Warm 400 250 150

Press Release: mergermarket M&A Round-up for H1 2012

Global M&A Overview: Industry and Geography Breakdown

Mix of Announced Deals by Geographic Region H1 2012 - Value

Mix of Announced Deals by Geographic Region H1 2012 - Volume

North Asia 8.0%

North Asia 7.5%

Central & Eastern Europe 3.6% Northern Europe 3.7%

Central & Eastern Europe 4.3%

Western Europe 25.3%

Western Europe 25.1%

Press Release: mergermarket M&A Round-up for H1 2012

Global Top Deals for H1 2012

Grupo Modelo SAB de CV

Nuclear Damage Compensation Facilitation Corporation Eaton Corporation

Tokyo Electric Power Co Inc (54.69% Stake) Cooper Industries Plc

Linklaters; Weil Gotshal & Manges

International Power Plc (30.23% Stake) Sterlite Industries (India) Limited

Sesa Goa Limited

Luthra & Luthra Law Offices (Advising Citigroup)

Edison International SpA

Glencore International plc

DBS Group Holdings Ltd

PT Bank Danamon Indonesia Tbk

Press Release: mergermarket M&A Round-up for H1 2012

50.0% 45.0% 40.0%

Value of Deals (US$bn)

25.0% 150 20.0% 15.0% 10.0% 50 5.0% 0 0.0%

Mid-Market M&A Industry Breakdown H1 2012 - Value

Industrials & Chemicals 10.4%

Financial Services 11.2%

Press Release: mergermarket M&A Round-up for H1 2012

Global M&A Overview: Private Equity Buyouts

250 20% 200 15% 150 10%

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

Debt/EBITDA Multiple (x) Debt/Total Funding (%)

Top 10 Global private equity firms H1 2012 - buyouts

50% 4 40% 3 30% 2

0 2004 2005 2006 2007 2008 2009 2010 2011 H1 2012

Press Release: mergermarket M&A Round-up for H1 2012

Debt/Total Funding (%)

Percentage of Global M&A

Value of Deals (US$bn)

Global M&A Overview: Private Equity Exits

Top 10 Global private equity firms H1 2012 - exits

0% 2004 2005 2006 2007 2008 2009 2010 2011 H1 2012

Press Release: mergermarket M&A Round-up for H1 2012

Exit Premium Analysis - Average

Percentage of Total Exits (excl. IPOs)

Value of Deals (US$bn)

Global M&A Overview: Emerging Markets