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MERGERS & ACQUISITIONS REVIEW LEGAL ADVISORS - Thomson Reuters

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  • 1. MERGERS & ACQUISITIONS REVIEW LEGAL ADVISORS First Quarter 2014 REUTERS / Paulo Whitaker
  • 2. 8 First Quarter 2014 | Mergers & Acquisitions | Legal Advisors M&A Legal Advisory Review Table of Contents 9 13 Any Asian (ex-Japan) Involvement Announced (AE31) Any Asian (ex-Japan) Involvement Completed (AG32) 13 Global M&A 18 10 Japan M&A5 Mergers & Acquisitions Criteria Summary 6 16 Any Benelux Involvement Completed (AG47) Global Deals Intelligence Scorecard: Worldwide Announced M&A Scorecard: Worldwide Completed M&A Top Fifteen Worldwide Announced Deals US Target Announced (AE2) Any US Involvement Completed (AG34) Americas M&A Worldwide Completed (AG1) Americas Deals Intelligence Any US Involvement Announced (AE33) https://www.thomsonone.com Japan Deals Intelligence 19 18 Regional Contacts Any Canadian Involvement Completed (AG35) Any US Public Involvement Completed Criteria Summary 18 16 17 Top Ten US Announced Deals 10 Top Ten Japanese Involvement Announced Deals 11 15 6 6 13 14 15 Any European Involvement Completed (AG40) Any UK Involvement Announced (AE40) 10 14Any UK Involvement Completed (AG41) Any French Involvement Announced (AE41) Any Italian Involvement Announced (AE44) 12 10Any French Involvement Completed (AG42) Any Spanish Involvement Announced (AE42) Worldwide Announced (AE1) 3 US Target Completed (AG2) Any Canadian Involvement Announced (AE34) 6 Asia Pacific (ex-Japan) M&A Asia Pacific (ex-Japan) Deals Intelligence Top Ten Any Asia (ex-Japan) Involvement Announced Deals 12 Any German Involvement Completed (AG44) 2 11 EMEA M&A Any European Involvement Announced (AE39) European Deals Intelligence 1 2 1 7 Any Nordic Involvement Completed (AG46) 12 Any Nordic Involvement Announced (AE45) Any Benelux Involvement Announced (AE46) 3 8 7 7 5 5 2 9 Top Ten European Involvement Announced Deals 12 Any Italian Involvement Completed (AG45) Any Japanese Involvement Completed (AG52) 8 Any Spanish Involvement Completed (AG43) 11 Any German Involvement Announced (AE43) 11 Any Australia or NZ Involvement Announced (AE27) Any Australia or New Zealand Involvement Completed (AG28) 9 9 17 Thomson Reuters Soultions for the Deal Making Community 14 14Any Asia Pacific (ex-Japan) Involvement Announced (AE30) 16 Any Japanese Involvement Announced (AE51) Any Asia Pacific (ex-Japan) Involvement Completed (AG31)
  • 3. *tie Worldwide Cross Border Activity WORLDWIDE M&A UP 36% NET OF COMPETING BIDS; NUMBER OF DEALS FALLS TO DECADE LOW - The value of worldwide M&A totalled US$756.1 billion during the first quarter of 2014, a 52% increase from comparable 2013 levels. Net of the competing bids for US-based Time Warner Cable and France’s SFR, worldwide M&A has increased 36% compared to first quarter 2013, marking the best annual start for worldwide deal making since 2011. Just over 8,200 worldwide deals were announced during the first quarter of 2014, a 10% decline from a year ago and the slowest opening period for M&A, by number of deals, since 2004. CROSS BORDER UP 86%; EMERGING MARKETS ACCOUNT FOR 17% OF M&A – Cross Border M&A activity totalled US$245.2 billion during the first quarter of 2014, accounting for 32% of overall M&A volume and up 86% compared to first quarter 2013. Accounting for 17% of worldwide announced activity, M&A involving companies located in the emerging markets totalled US$125.6 billion during first quarter 2014, a 5% decrease from 2013. TRIPLE-DIGIT PERCENTAGE GAINS IN MEDIA, HEALTHCARE, TECH DRIVE M&A - The media and entertainment sector was most active during the first quarter of 2014, commanding 21% of announced M&A, while the real estate and energy and power sectors each accounted for 10%. Net of competing bids, media, healthcare, technology and consumer products led all sectors by growth rate with triple-digit percentage increases over 2013. The first quarter marks the strongest opening period for worldwide media and technology M&A since 2000. Consumer staples deal making was the only sector to register a deficit compared to first quarter 2013, down 30%. BUYSIDE PRIVATE EQUITY M&A UP 21% COMPARED TO 2013 –Worldwide private equity-backed buyouts and portfolio company acquisitions totalled US$139.1 billion during the first quarter of 2014. Private equity deal making in the high tech, telecommunications and energy sectors accounted for 51% of the activity during the first quarter, up from 29% during 2013. Accounting for 18% of worldwide M&A during the first quarter 2014, private equity-backed M&A increased 21% compared to first quarter 2013 levels. Global Deals Intelligence 6 12 8,237 -162* 0.2 -26 18 ▲2.2 ▼ Cravath, Swaine & Moore 24 756,093.4 52.3% ▲ 252*12.2 Industry % Change from Same Period Last Year 100.0 Franklin Firm LLP 25 Industry Total - 16,287.8 27 ▼ 17,452.8 18,527.7 2.3 ▼-3.4 Linklaters 22 34 Allen & Overy 2323 21,643.7 2.720,247.1 28 -3.6 ▼ 2.5 47 -1.9 30*20 3.0 2.9 2.2 ▲ ▲ 41 ▼ - 0.2 30* ▼ 7* 0.5 -3.5 ▼ 4.3 0.5 0.2 20 18 -8 -20 0.2 19* 53* 30* 20 0.3 ▼ ▲▲25,905.0 3.1 -6.6 2.9 Mayer Brown LLP 20 80 21,576.0 32 0.237* Hogan Lovells 21 10 20,790.0 2.8 15 First Quarter 2014 LEGAL ADVISORS MERGERS & ACQUISITIONS REVIEW Worldwide Deal Making Up 36% Net of Competing Bids; Number of Deals at Decade Low l Best Start for Telecom, Media Since 2000 l Skadden Top Advisor 0.8 0.3 ▼ 1 ▼ 0.2 ▲ -6 ▲ 17 ▲ 0.3 ▼ -38 3 ▼ ▼ -4 0.4 0.6 ▼ ▼ -16 0.2 0 26 -1.0 7.9 -6.5 5.0 41 ▲ 14 19 0.4 -10.2% ▼ 1 -938 ▲ Nishimura & Asahi 2.9 2.9 0.0 2.0 ▲ 89 -7.1 -9.1 38,028.6 14 Latham & Watkins 10 Paul, Weiss 7 9 11 41 ▼59,681.2 ▼ ▼ 7* 36 -17 0.2 ▼▲2.7 -45 0.1122* ▼ 2 -9 64 -1019*26 ▼ ▲3 15 25* 46* 11.1 10.0 66,176.6 12 ▲ 2 -2.1 0.253* ▲ 8.3 3.8 ▼ -1.9 ▲ 8.9 0.3 4 14 22 -3.5 ▼ ▲ 4 6Wachtell Lipton Rosen & Katz ▼10 0.8 1335 2 ▲ 0 - 0.6 ▲ 69 2 0.4 -1140 0.4 0.5 16 Market 11 Change in White & Case LLP 123,685.1 16.4 ▲ 3 5 6 3.8 ▲ Legal Advisor 153,039.8Skadden 1 2014 Rank Simpson Thacher & Bartlett 2013 Rank Rank Value 4920.2 8.5 36 Market 11.4 Market 2 13 0 12 103,152.9 106,325.0 12 Davis Polk & Wardwell - 114,284.8 15.1 14.1 83,992.7 1 3 95,436.1 47 13.6 Sullivan & Cromwell Sidley Austin LLP 5.6Kirkland & Ellis 5 Willkie Farr & Gallagher 8 20 75,671.6 12.6 9 4 24 3.3 Freshfields Bruckhaus Deringer 2 Fried Frank Harris Shriver & Jacobson Weil Gotshal & Manges 101 7 Cleary Gottlieb Steen & Hamilton 16 96 17 Arthur Cox 8.8 62,899.0 3.4 4.0 13 32,374.7 15 18 168 25,093.8 22,337.8 30,472.5 23,711.518 # of Deals # of Deals per Advisor Sh (%)RankDeals ▲ -19.6% # of Clifford Chance ▼ Worldwide Announced (AE1) 19 Industry % Change from Last Quarter 12.6% US$m Sh (%) Jan 1 – Mar 31 Rank Value per Advisor (US$m) Share Ch. Fenwick & West LLP ▲ ▼ Worldwide Announced Buyside Financial Sponsor Activity https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables $73.7 $154.2 $201.8 $78.3 $16.3 $61.1 $114.6 $139.1 $109.9 $191.9 $319.7 $82.7 $24.7 $86.2 $68.4 $79.6 $73.6 $160.6 $161.8 $55.7 $36.6 $73.9 $69.7 $89.9 $79.1 $96.9 $281.0 $101.1 $35.7 $51.6 $86.0 $104.4 $120.2 $112.6 13.2% 21.8% 19.0% 8.8% 6.5% 10.4% 12.9% 13.3% 16.0% 18.4% 0% 5% 10% 15% 20% 25% $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 %ofGlobalM&A RankValue(US$b) Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) % of YTD Global M&A $145.5 $281.0 $406.1 $258.1 $113.4 $175.1 $234.2 $171.4 $131.8 $245.2 $241.2 $273.3 $642.8 $364.0 $112.3 $202.2 $246.3 $270.7 $166.9 $262.9 $254.4 $371.7 $326.3 $149.2 $271.1 $204.0 $203.2 $210.2 $406.2 $430.9 $154.3 $167.9 $263.0 $200.5 $259.1 $241.9 33.6% 33.6% 44.8% 38.3% 27.2% 37.5% 35.1% 35.5% 31.2% 32.4% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 %ofGlobalM&A RankValue(US$b) Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) % of YTD Global M&A 1
  • 4. Western Europe South East Asia Worldwide Announced M&A by Target Industry 1/1/2013 - 3/31/2013 ▼ Rank Val US$m North Africa Europe 11,205.6 -20.2 68 -18.6 17 No. Deals 276,458.7 65.0 50.7 Canada ▲ -73.2 -1.6 38 -39.1 -47.3 27 28.8 41.6 -91.316 96 33.3 ▲ 397 92,687.6 ▲ 59.3 2,120 ▼ ▼ 3,318.6 -27.4 ▼ -1.3 ▼ 192,194.5 517.4 364 ▼ 224.5 Australasia 647 61.3 7,214.6 121,723.1 25.1 284 -55.9 -76.8 2,759.0 -54.8 2,231.9 22 Chile 6,888.5Africa/Middle East 3920 -59.6 3,450.8 Middle East 1,761.2 243 2,767 ▼ 11,793.5 14 3,991.5 199 ▲ ▼ 544 62 160 North Africa 80 1,838.9 5,016.5 Chile 3,250.6 2,368.5 10,293.3 Retail / Food & Beverage Retailing ▼ Energy and Power / Oil & Gas Telecommunications / Telecommunications Services Real Estate / Other Real Estate High Technology / Internet Software & Services Industrials / Automobiles & Components Target Macro / Mid Industry United States North America 58.1 226 Central America ▲ 1,860 ▼ 18 ▲28.2 ▲ 10,048.0 -33.2 ▲ ▲ 11,788.4 272 South America 330 ▼149 24,336.3 322,868.4 26 223,922.9 36,526.4 14.6 2,190 -4.9 1,778 2,050 2,576.9 ▲9.6 ▼-33.4 44.2 200 105 ▲ 357.0 14 2,447 260,449.3 2,891.0 1,330.1 28 333,705.1 347,204.7 Caribbean Worldwide 31.1Americas 19 5,898 7,186548,301.4 2,246 539,511.8 604 27,231.1 1,955 74,404.0 2,700 5,498.4 102 ▼ 288.6 Middle East ▼ Africa/Middle East Brazil -21.6 ▼ -81.9 ▼ 2,791.4 ▲ 72,731.0 273 ▼ ▲ ▲ ▼ ▲ France / France Anheuser-Busch Inbev Vodafone Holdings Europe SLU Telecommunications / Telecommunications Services ▲ ▲ ▲ Scorecard: Worldwide Completed M&A 1/1/2014 - 3/31/2014 189 13,222.5 87 4,357.9 142 23 379 119 15,251.5 Asia-Pacific South America 422 261 18,251.7 Asia-Pacific 124,256.3 Papua New Guinea 67.0 9,640.4 Australasia 2,164 225,579.0 -61.4 244,721.9 62.7 2,519 4637 2,097 2,543 52.3 3,648.1 -71.5 ▼ ▲ ▲ 265.0 53.6 362,472.5 Mexico 24 9,175 709.6 2,868 8,237 496,479.4 8,438.8 62 ▼ ▲ 5,936.3 ▲ 19,142.9 -4.7 ▼ 57.4 No. Deals 1/1/2014 - 3/31/2014 1/1/2013 - 3/31/2013 Rank Val US$mTarget Region/Nation % Change in Rank Value Rank Val US$m No. Deals Americas Worldwide Target Region/Nation Rank Val US$m 756,093.4 % Change in Rank Value Scorecard: Worldwide Announced M&A 2,589.8Caribbean 26 First Quarter 2014 | Mergers & Acquisitions | Legal Advisors Mergers & Acquisitions No. Deals 410,200.1 2,802 267,092.7 ▼ North America Central America Mexico 2,401.8 385,287.8 2,290.2 46 367,036.1United States 19,920.8 150.811,970.6 99Brazil 4,773.2 Canada Sub-Saharan Africa 1,7332,406 91.6 73,993.9 ▼ 8,125.6 11,108.9 Europe57.9 165,418.6 2,504.0Sub-Saharan Africa 13,147.7 481 3,711.6 122 8,422.7 ▲3,242 357 79 Western Europe 181,085.6 2,096 435France 87,141.6 2,214 Eastern Europe 62,481.2 France Eastern Europe836 ▲94,492.0 ▲ ▲ -59.2 424 9,139.7Germany 766.0 14,745.6▼-1.8 246 19,744.9United Kingdom 32,413.1 United Kingdom 24,631.3 424 10,872.9 25,092.8 599 334 75.1Germany 19,033.3 312 ▲2,219 5,973.3 126.1 ▼58,783.1 401 2,642.0 981 74,990.1 1,394 17,345.3 278 10,512.9 Australia 15,242.3 239 ▲ ▲12,797.820,390.0 200 306 272 3New Zealand 1,155.8 32 872.5 ▲32.536 16,920.8 2 194 327 43.5Australia 176 116.03,354.0 11,792.3 ▲121.9 -50.3▲ 13,003.66,457.7 292 7147 10,787.1 Singapore 12,376.1 79 2,917.3 Singapore324.290 17,773.5 2,270.6 21Indonesia 1,946.2 16.733 ▲ 51,459.2 1,115 ▼ 87 2,389.7 335 8,010.9 21,239.6 -49.2 36,914.5 446 South East Asia 24,676.264.8 589475 147 -5.7 740 ▲ North Asia 37.9 Malaysia 2,252.8 ▼ North Asia 84,828.2 1,136 China 50,325.9 712 36,490.3 23,395.1 ▼-52.1243 ▲ South Korea 1738,008.7 11,213.9▲ China 341 294 -2.5206 4,421.0 South Korea 20,338.8 262 9,252.6 119.8 South Asia 4,309.4 ▼ 7,903.5 160 South Asia 2,929.9 112 4,038.2 207 379 275.9 ▲ ▲ Japan25.2 19,321.1 297 5 479.3Central Asia 898.3 11 239.0 Japan 22,553.9 537 18,008.1 19Central Asia 562 21,140.7 128.7 -73.1 ▼ -8.6 Media and Entertainment / Cable Jan 1 - Mar 31 2014 Media and Entertainment / Cable Healthcare / Pharmaceuticals Consumer Staples / Food and Beverage Media and Entertainment / Cable Consumer Products and Services / Other Consumer Products Telecommunications / Telecommunications Services 9,161.6Germany / Sweden 7,099.1 8,235.3 16,287.8 France / France 15,693.3 10,854.2 19,467.7 France / France Bouygues Telecom SASFR (100%) Actavis PLC 2/19/2014 3/6/2014 Pending Pending WhatsApp Inc (100%) 1/13/2014 2/18/2014 Pending Pending United States / United States Forest Laboratories Inc (100%) Acquiror / Target Nation Time Warner Cable Inc (100%) Comcast Corp Numericable Group SA Rank Value (US$m)Rank Date Date Effective Target (% Sought/Acquired) Acquiror United States / United StatesTime Warner Cable Inc (100%) Pending Charter Communications Inc 70,677.1 62,576.6 United States / United States 2/13/2014 23,980.2 Ireland-Rep / United States 23,286.3 Facebook Inc 1/27/2014 Ziggo NV (71.6%) Suntory Holdings Ltd Liberty Global PLC Pending Pending Beam Inc (100%)1/13/2014 Pending 10,025.1 3/6/2014 2/21/2014 China / China Japan / United States United Kingdom / Netherlands Shanghai Jinfeng Investment Co Spain / Spain AB Acquisition LLC United States / United States L'Oreal SA RWE Dea AG (100%) 3/18/2014 Pending Scania AB (37.4%) Pending Greenland Holding Group Co Ltd (100%) 3/16/2014 3/17/2014 Pending 9,199.4 L'Oreal SA United Kingdom / Germany 2/11/2014 Grupo Corporativo ONO SA (100%) 3/11/2014 Pending SFR 5,800.0 Volkswagen AG L1 Energy Oriental Brewery Co Ltd (100%) Intended Consumer Staples / Food and BeveragePending Belgium / South Korea1/20/2014 Pending Safeway Inc (100%) Top Fifteen Worldwide Announced Deals https://www.thomsonone.comVisit http://dmi.thomsonreuters.com to view archives and order custom League Tables 21% 10% 10% 9% 9% 9% 7% 7% 5% 5% 4% 4% Media and Entertainment Real Estate Energy and Power High Technology Industrials Telecommunications Financials Healthcare Materials Consumer Staples Retail Consumer Products and Services Government and Agencies 2
  • 5. †Note: Industry Totals include multiple bids for the same target. 1.0 0.0 15.0 -11.0 -4.0 -1.0 14.0 Industry Total 774,491.5 100.0 †Created in response to market demand following the 2013 Legal League Table Criteria Review, our annual forum for determining and responding to the evolving concerns and demands of our Leagal contributors. For more information on our Legal League Table Criteria, or for information on how you can participate in our annual Criteria Reviews, please refer to the contact information at the end of this Release. Industry % Change from Last Quarter 13.8% ▲ 13.8% ▲ 0.2 -6.2 -1,055 Industry % Change from Same Period Last Year 35.7% ▲ 35.7% ▲ ▲Franklin Firm LLP 25 - 16,287.8 2.1 2.1 ▲ 1 56* ▼ 12 13 0.4 ▲Cravath, Swaine & Moore 24 29 17,452.8 2.3 -2.6 12.0 ▼ 47 21 0.3 ▼-26.0Allen & Overy 23 25 18,527.7 2.4 -2.9 ▼ 28 - - ▼-38.0Linklaters 22 35 20,247.1 2.6 -1.4 ▼ 32 34* 0.2 ▼-19.0Hogan Lovells 21 5 20,790.0 2.7 -10.2 ▲ 18 8 0.6 ▲18.0Mayer Brown LLP 20 86 21,576.0 2.8 2 ▲ 20 19 0.4 ▲20.0Nishimura & Asahi 19 93 21,643.7 2.8 2.2 ▲ 20 4 0.8 ▲20.0Fenwick & West LLP 18 178 22,337.8 2.9 2.8 ▼ 41 6 0.7 ▼-21.0Clifford Chance 17 21 23,711.5 3.1 -2.7 ▲ 5 68* 0.2 ▲5.0Arthur Cox 16 100 25,093.8 3.2 2.7 ▲ 26 7 0.7 ▲17.0Sidley Austin LLP 15 106 25,905.0 3.3 2.9 ▲ 14 65* 0.2 ▲14.0Cleary Gottlieb Steen & Hamilton 14 41 30,472.5 3.9 0.8 ▼ 21 12 0.5 ▼-8.0Sullivan & Cromwell 13 8 34,069.0 4.4 -6.8 ▼ 19 5 0.8 ▲19.0Fried Frank Harris Shriver & Jacobson 12 26 38,028.6 4.9 -0.4 ▼ 41 89* 0.1 ▼-17.0Freshfields Bruckhaus Deringer 11 7 59,681.2 7.7 -4.8 ▼ 64 54* 0.2 ▼-1.0Latham & Watkins 10 3 62,899.0 8.1 -7.3 ▲ 15 71* 0.1 ▲15.0Willkie Farr & Gallagher 9 13 75,671.6 9.8 0.4 ▼ 27 1 1.0 ▼-14.0Weil Gotshal & Manges 8 2 81,113.3 10.5 -6.6 ▲ 22 15* 0.4 ▲2.0Paul, Weiss 7 51 83,992.7 10.8 8.8 Wachtell Lipton Rosen & Katz 6 4 95,436.1 12.3 -2.2 ▲ 70 11 0.5 ▼ ▼ 14 3 0.8 ▲ 0.4 ▼ Kirkland & Ellis 5 6 104,847.3 13.5 0.8 106,325.0 13.7 -8.5 ▼ 35 17 ▲ 40 14 0.4 ▼ 0.2 Davis Polk & Wardwell 4 1 White & Case LLP 3 11 114,284.8 14.8 4.9 7.4 ▲ 36 43* 0.2 ▲ 16 154,734.2 20.0 12 - Simpson Thacher & Bartlett 2 14 123,685.1 16.0 Legal Advisor US$m Sh (%) 1 Share Ch. Deals Rank 2014 Rank 2013 Rank Rank Value Market Market # of WW Announced Incl. Withdrawn (AE71)† Jan 1 – Mar 31 Rank Value per Advisor (US$m) # of Deals per Advisor https://www.thomsonone.com ▼ ▼ -1.6% 539,511.8 -17.9% ▲ ▼ ▼ 0.2 ▼ ▼ 46 ▲22 56* ▼ ▲2 ▲ -2.6 ▼ 3 30.4 27.3 26 12▲ 20.6 0 28.7 ▲ 15 7.5 Macfarlanes 414* 27.2 12.2 ▲ 41 6 73* 26 ▼10 -4 ▼ 11 Cravath, Swaine & Moore Blake Cassels & Graydon 18 31,706.8 5.9 24.2 16 ▲24.2 24.8133,737.7 ▲ 8.4 13 47 ▲46,281.2 Market 7.0 21.5 31.2 13.6 ▲ 16 16* 0.5 -6 0.2 ▼ -1 ▼-23 -17 -8 ▼ ▼ Simpson Thacher & Bartlett 0.640* 38 ▼ Sh (%)Rank Jan 1 – Mar 31 ▼ - ▼ ▼ ▲ 11 0.6 20* Change in -14 0.7 # of Deals per Advisor 18 0.3 First Quarter 2014 | Mergers & Acquisitions | Legal Advisors 0.2 0.6 -1 56* 3 35 Market # of Deals 28.0 44* Debevoise & Plimpton Allens Jones Day De Brauw Blackstone Westbroek 33 136,284.3 Change in Sh (%) 9 11 29 8.6 8 12 57 137,237.0 164,245.2 30.6165,048.4 Hogan Lovells 135,010.1 37,862.910 15 45,354.4 Fried Frank Harris Shriver & Jacobson 130,352.2 Latham & Watkins 15 5.4 7.5 14 7.0 Freshfields Bruckhaus Deringer 29,330.5 Skadden 6 17 17 154,991.2 320 # of Deals 18 21,689.7 0.724,999.627 40,511.3 27,712.6 5.1 4.7 Kirkland & Ellis Linklaters White & Case LLP 9 Slaughter & May 4Baker & McKenzie 6 Torys Clifford Chance ▲ -3.5 -0.8 5 ▼ ▼ 25 0.6 8 20 23 90* -1.2 4.0 -1,288 -0.4 12Sullivan & Cromwell 1921,619.2 ▼ ▼24 24 ▼ 100.0 21,474.1 56* 5,898 ▼ Worldwide Completed (AG1) - Based on Number of Deals ▲ - 2013 Rank 2014 Rank Market 22.6 0.7 -0.8 ▲ # of Deals Market Share Ch. # -19.1% Sh (%) 25.4 4.6 -5.6 -4.7 ▼ - ▼ ▼ ▲ ▲ 50 0.4 ▼52▼ -9 0.1 0.5 160* 8 0.8 3 0.2 838 0.94 27 18* 45 1 12 ▼ ▼ ▲ 0.1 0.4 1.5 30 ▲ 89 90* -4.7 -1.8 0.6 ▼ 5 13 50* -5.6 9*37 ▼ -7 -12 40 7 -35 27 18*▼ 0.5 -15 31 -5.3 0.7 -11.9 15▼ 0.5 4.0 2.4 4.6 ▲ ▲ 4.1 4.0 Industry Total Industry % Change from Same Period Last Year Osler Hoskin & Harcourt LLP 23.3 ▲ 22.6 25.0 25.3 25.4 21.3 ▲25.3 23.9 5 52 10 4 13 146,784.1 136,634.937 7 Davis Polk & Wardwell Simpson Thacher & Bartlett Legal Advisor Weil Gotshal & Manges Wachtell Lipton Rosen & Katz Rank Value per Advisor (US$m) Value US$m 1 31.3 2013 Rank Sh (%) Share Ch. Worldwide Completed (AG1) 36▲16.3 2014 Rank Market 5 168,590.7 22 Worldwide Rankings # ofRank 21 34 21,920.0 2 9* 1.1 0.3 -11 10 ▼Industry % Change from Last Quarter -7.5% Rank Value 0.2 -2 0.1 Of Deals Sh (%) Worldwide Announced (AE1) - Based on Number of Deals Jan 1 – Mar 31 Market Jan 1 – Mar 31 # of Deals per Advisor Rank Value per Advisor (US$m) Deals -20 -6 ▼ 371.4 25,122.2 9 168,103.6 Change in Legal Advisor # of Deals per Advisor Rank Value per Advisor (US$m) 66 33* -3 -7 Market Market Legal Advisor Of DealsShare (%) # of Deals 2014 Rank 2013 Rank # Market 1 97 RankUS$m Share Ch.Sh (%) Change in Rank Value Market 103,152.9Kirkland & Ellis 2 5 69 1.2 -6 ▼Jones Day 1 1 ▲ 62,899.0 0.8 13.6 9,439.7 - - 0 - 10 8.3 ▼ 5 ▲ Latham & Watkins 3 7 64 0.8 ▼ -DLA Piper LLP 4 2 57 - Skadden 5 13* 49 0.7 -31 ▼ 18,527.7 0.6 20.2 13,962.7 - - 0 - 153,039.8 Allen & Overy 6 4 47 0.6 -26 23 2.5 ▼ 1 ▲11.4 -3.6 ▼ ▼Clifford Chance 7* 8* 41 -3.5 Freshfields Bruckhaus Deringer 7* 10 41 0.5 -20 ▼ 10,961.9 0.5 7.9 23,711.5 17 3.1 -17 ▼ 59,681.2 Baker & McKenzie 7* 3 41 0.5 -43 35 1.5 ▼ 11 ▼-6.5 -2.6 ▼ ▲White & Case LLP 10 12 40 3.8 CMS 11 8* 38 0.5 -11 ▲ 123,685.1 0.5 - 114,284.8 3 15.1 -23 ▼ 572.0 Simpson Thacher & Bartlett 12 39* 36 0.4 16 2 16.4 ▲ - -- 8.5 ▲ ▼Davis Polk & Wardwell 13 20* 35 -4 Mori Hamada & Matsumoto 14 17 33 0.4 2 ▼ 20,790.0 0.4 - 106,325.0 4 14.1 -5 ▼ 5,984.4 Hogan Lovells 15 15 32 0.4 -16 21 2.8 ▼ - -- -7.1 ▲ -Lee & Ko 16 59* 30 - Cooley LLP 17 67* 29 0.4 14 ▼ 20,247.1 0.4 - 6,781.7 - - 14 ▲ 2,137.5 Linklaters 18 6 28 0.3 -38 22 2.7 ▼ - -- -1.9 ▲ ▲Sidley Austin LLP 19* 117* 26 2.9 Morgan Lewis & Bockius 19* 20* 26 0.3 17 ▼ 66,176.6 0.3 - 25,905.0 15 3.4 -7 ▼ 6,929.6 Weil Gotshal & Manges 19* 18 26 0.3 -10 9 8.8 ▼ - -- -1.9 ▼ ▲Ashurst 22* 24 25 7,861.8 48 1.0 Bryan Cave LLP 22* 44* 25 0.3 -5 0.3 6 Kim & Chang 24 49* 24 0.3 6 ▼ - ▲ 2,108.1 - -- - -0.3 -13 - ▲ 9,017.3 -▼ 44 1.2 756,093.4Industry Total 8,237 -938 Stikeman Elliott 25* 19 22 5,203.4 12.6% Industry % Change from Same Period Last Year -10.2% ▼ 52.3% ▲ 100.0▼ 1.5 -14 ▼ 137,237.0Jones Day 1 1 89 40,511.3 US$m Rank 7 21 - - 24,999.6 ▼ 12,067.6 0.9 -9 1.1 -18 1.1 -2 ▼Kirkland & Ellis 2 4 66 ▼ DLA Piper LLP 3 2 62 Latham & Watkins 4 7 52 12.2 ▲6 27.20.7 -23Baker & McKenzie 6 6 41 ▼ 45,354.45Skadden 7 12* 40 ▼ 146,784.1 8.411 45 ▼ 27,712.6 ▲ 19 5.1 ▲ 165,048.48 -5.3 ▼ 18 28.0 White & Case LLP 0.7 -7 17 5.9 140.8 -6 3 30.6 21,920.0 Freshfields Bruckhaus Deringer 9* 10 37 0.6 -15 ▼ 31,706.8 Weil Gotshal & Manges 11 17 36 Clifford Chance 9* 8 37 0.6 -1 16.3 ▲ 22 4.1 ▼ 168,590.7 0.6 -20 52 1.6 1.4 ▲ 1 31.3 ▲ 20,710.4 Allen & Overy 12 3 34 0.6 -36 ▼ 8,797.5 Herbert Smith Freehills 13* 14 32 Shearman & Sterling LLP 13* 40* 32 0.5 -13 -1.9 ▼ 26 3.8 ▼ 17,366.3 0.5 12 -11.9 ▼20 4.7 -5.0 ▼ 31 3.2 ▼ 1,821.0 Linklaters 15 5 31 0.5 -35 ▼ 25,122.2 Hogan Lovells 16* 12* 30 CMS 16* 9 30 0.5 -17 21.3 ▲ - - ▼ 136,284.3 0.5 -23 7.0 ▲13 8.6 - - 9 25.3 ▼ 29,330.5 Fried Frank Harris Shriver & Jacobson 18* 51* 27 0.5 10 ▲ 46,281.2 Davis Polk & Wardwell 20* 22* 26 Blake Cassels & Graydon 18* 15 27 0.4 0 20.6 ▲ 18 5.4 - 164,245.2 0.5 -12 - -- - -1.8 ▼ 4 30.4 ▼ 9,355.4 Morgan Lewis & Bockius 20* 26* 26 0.4 1 ▲ 2,757.3 Stikeman Elliott 22* 26* 24 0.4 -1 ▲ 7,930.5Sidley Austin LLP 22* 101* 24 -2.8 ▼ - -0.4 14 - - 49 1.7 -- -0.4 -5 ▼ 12,161.9 - -Nagashima Ohno & Tsunematsu 25* 22* 23 0.4 Mayer Brown LLP 22* 20* 24 Mori Hamada & Matsumoto 25* 16 23 - -17.9% -1,288Industry Total 5,898 -3 ▼ ▼▼ 7,788.1 - - 100.0▼ 539,511.8 ▼ ▲ *tie Industry % Change from Last Quarter -19.1% Industry % Change from Same Period Last Year ▼ - Skadden -7.5% -1.6% 5.6 -9.1 Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables Industry % Change from Last Quarter -19.6% ▼ Shearman & Sterling LLP 25* 34* 22 0.3 0 - ▼- 12,141.3 32 1.6 -5.5 - - Paul, Weiss 25* 49* 22 0.3 4 ▲ 83,992.7 0.4 7 11.1 8.9 ▲ --15 ▼ 9,797.9 - 3
  • 6. https://www.thomsonone.com 36.1 - 33.3 * Using the valuations matrix you can analyze the average rank value to EBITDA and average premium to 4 week stock price prior to announcement by nation/region, which is indicated in the top row and broken down by target macro industries. * The data given refers to the time period 01/01/2013 - 3/31/2014 and all spinoffs, splitoffs, open market repurchases, exchange offers and equity carveouts are excluded. * The figures in red indicate a decline, while green indicates an increase, compared to the figures from the same time period last year listed in black. * Additionally, for Rank Value/EBITDA the data is capped at 50x and for average premium to 4 week stock price prior to announcement is capped at 100%. 22.6 38.8 24.4 22.4 7.6-19.5 26.5 - 30.4 34.5 26.3 - 27.6 3.2 41.2 24.1 12.3 30.4 33.3 27.4 9.6 21.8 11.2 36.4 22.7 18.223.4 21.4 34.4 - 33.9 23.3 23.410.1 31.426.128.1 28.5 50.3 - 34.4 - 26.8 - 10.1 26.2 - 27.4 29.8 - Average Industry Total 26.1 36.5 34.127.8 - Telecommunications 33.6 30.9 27.4 31.8 21.6- 9.3- 22.1 - 10.0- 26.130.030.4 - Retail 22.5 30.4 34.2 Real Estate 23.6 27.9 3.9 24.4 50.9 23.0 26.3- 21.144.8 - 25.6 23.3 28 23.3 28 -Media and Entertainment 22.8 26.7 39.9 31.2 51.9 31.2 34.1 30.0 31.8 30.018.2 35.7 - 26.7Materials 33.0 29.6 32.2 27.6 37.5 - 56.1 35.3 25.7 32.9 55.9 20.0 25.6 27.5 - - 17.9 30.1 28.0 23.0 25.3 13.6 32.6 Industrials 21.1 25.4 35.7 20.8 17.2 Healthcare 24.7 40.5 37.9 72.6 9.5 High Technology 25.5 28.6 24.8 33.9 24.7 36.4 16.2 17.8 - 24.6 - - 16.2 31.6 23.4 23.412.5 20.3 20.6 - 28.642.9 12.5 20.330.424.6 54.6 57.5 31.5 46.4 40.8 34.9 43.0 19.3 - 35.931.3 2641.3 Financials 30.9 34.7 33.4 27.0 22.1 16.2 33.6 -19 40.4 55.1 34.7 32.4 8 32.2 17.6 45.425.4 34.7 8 - - 11.6 19 - 22.1 54.9 34.8 Energy and Power 30.9 25.0 37.4 41.5 - Consumer Staples 28.2 21.0 33.326.7 24.0 33.8 5.3 28.2 17.0 6.643.3 54.9 - - 11.4 13.6 2013 World Americas UK Asia ex. Japan Consumer Products and Services 18.1 18.1 21.5 22.3 Average Industry Total 12.8x USA Canada 12.7x 11.7x EMEA Europe Japan 2014 UP 2014 DOWN 6.0x 11.5x 12.7x11.7x 7.4x 18.9x 13.9x12.8x - 11.7x 12.2x 10.6x 12.2x14.2x 11.6x 7.3x11.4x 6.8x 4.9x 15.3x 13.9x- 6.0x - - 18.0x 13.9x 12.6x 15.3x 10.7x 11.2x 10.8x16.6x - - - 4.9x 10.8x Telecommunications 14.0x 11.2x9.5x - -- - 20.5x 6.2x Retail 12.2x 12.7x 10.7x - 19.1x 11.0x 12.7x 13.4x 12.7x 15.4x 8.4x - 13.0x 18.4x 22.3x - 11.0x 13.0x 13.4x Real Estate 18.9x 17.2x 16.3x 21.1x 1.0x Media and Entertainment 9.0x 10.6x 13.0x 12.0x - 16.5x 18.6x 19.3x 3.6x -11.5x 13.0x 8.9x - 22.6x 12.1x 8.6x 12.9x 12.1x 10.2x 12.6x 11.7x5.8x 8.6x - -Materials 12.1x 10.2x 16.7x 12.1x 12.9x 12.1x 11.7x 8.5x 12.0x6.9x 11.0x 8.5x 9.9x 18.2x 14.6x 14.2x 9.7x 5.8x 8.3x Industrials 10.7x 9.8x 11.0x 8.2x 9.8x 19.0x 14.5x 9.3x -21.9x 11.2x14.2x High Technology 13.7x 10.1x 19.0x 12.9x 11.5x8.7x6.4x - 11.6x 12.7x 22.8x 8.7x 22.8x 8.8x- 22.8x 12.0x 12.7x 5.7x23.2x 12.9x 5.1x 9.4x 8.8x 10.3x 10.3x 5.1x 5.2x Healthcare 19.8x 16.7x 20.1x 8.8x 25.2x 21.9x 9.3x 14.7x - -15.7x 5.2x - 3.1x 10.7x 11.8x15.7x 13.8x 11.7x 4.8 4.8x Energy and Power 10.2x 9.7x 5.9x 11.8x Consumer Staples 11.7x 11.2x 12.7x 14.6x- 11.7x 14.6x10.7x 15.0x 8.4x - 12.2x- 7.4x12.2x 13.1x 5.7x -10.0x 10.0x 11.6x 28.9x 13.0x 28.9x 26.8x10.7x3.6x 7.4x - 29.0x 11.7x 15.9x Consumer Products and Services Canada EMEA EuropeUSA JapanAsia ex. Japan First Quarter 2014 | Mergers & Acquisitions | Legal Advisors Worldwide M&A Matrix World Americas 2014 UP 2014 DOWN 2013 UK Exit Multiple Matrix - Year to Date Average Rank Value / EBITDA Jan 1 – Mar 31 Bid Premium Matrix - Year to Date Average Premium to 4 Week Stock Price Jan 1 – Mar 31 Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables 4
  • 7. Telecommunications Media Energy & Power Industrials Real Estate Financials Healthcare Materials High Technology Paul, Weiss Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables 21,093.3 42.0 16.4 7,302.0 Ropes & Gray 1,230.0 15,645.2 3,500.011* 3 22.7 13.43 2,432.3 2,432.3 24,790.7 2,432.3 Fenwick & West LLP 51 Hogan Lovells 242 1,150.0 Simpson Thacher & BartlettAlston & Bird 2 1* 21,747.2 Osler Hoskin & Harcourt LLP 3,298.2 14.3 53.8 2 43.3 Net of the competing bids for Time Warner Cable, Americas volume increased 30% over totals reached last year, accruing US$457.7 billion in activity, from 3,358 announced deals. US Targeted M&A also posted significant gains, rising 35% (net of competing bids for TWC) over announced M&A during the first three months of 2013. Driven by 2,164 deals, US-targeted volume including both offers for Time Warner Cable accrued a total of US$367 billion during the first quarter of 2014. The Media & Entertainment sector dominated the US market for the first three months of 2014, with deal volume totaling US$140.6 billion, a 38.3% market share. High Technology placed second, accruing US$50.2 billion for a 13.7% share. Healthcare trailed closely behind, with US$46.1billion and a 12.6% share of the market. Accumulating US$35.7 billion in transaction value, announced Canadian Involvement activity rose by 20% over the totals reached in the same period last year. Completed Canadian Involvement however, fell to US$34.04 billion from 393 deals, a 26% decrease from completed activity during the first quarter of 2013. Buoyed by extremely high multiples in several sectors, US targets enjoyed the highest average exit multiples worldwide during the first quarter of 2014. Average Healthcare multiples rose to 25.2x from 8.8x in the first quarter of 2013. Average High Tech multiples rose to 23.2x from 12.9x, and average Materials multiples rose to 18.2x from the 9.0x averaged during the same period last year. Weil Gotshal & Manges 122.7 (US$m) 23,148.0 38,219.0Skadden No. Deals 2 62.9 80.0 16,564.7 Shearman & Sterling LLP 46,115.5 50,190.0 12 3,103.1 29,017.2 5 Share Mkt. Mkt. (US$m) Rank Share Rank Val Skadden Latham & Watkins 202 21.1 2 10,717.3 1 White & Case LLP 36,904.7 13 Skadden 5,601.5 3 1* 134 Vinson & Elkins LLP 3 2 3Willkie Farr & Gallagher White & Case LLP 73,250.4 4Willkie Farr & Gallagher 4 44.1 71,077.1 255 3,239.5 Skadden Jan 1 - Mar 31 2014 251 Paul, Weiss 1 https://www.thomsonone.com LBOs as a Percentage of US Targeted Announced M&A Top Ten US Announced Deals 12.4 146 384 2 22.7 50.5 50.6 1 Greenberg Traurig 3 3 2 52.1 4 356.41 43 39.6 55.8 88,726.9 3 2Kirkland & Ellis 2 Davis Polk & Wardwell 2 2 9,953.9 3 35,255.0 2,128.0 8,816.3 1 140,610.7 Fried Frank Harris Shriver & Jacobson 19.6 6,194.0 11.6 28.0 28.2 15 159 6 No. Deals 21.4 1 178 1 30.2 5,297.3 Rank Val 71,052.9 3 Sullivan & Cromwell Consumer Products & Services 5,660.21 Rank Healthcare / Healthcare Equipment & Supplies Americas M&A Up 30% From Q1 2013 | Media & Entertainment Volume Drives US Activity | Canadian Activity Rises 20% Americas M&A Americas Deals Intelligence Jan 1 - Mar 31 2014 1 5 First Quarter 2014 | Mergers & Acquisitions | Legal Advisors 24.2 10 Latham & Watkins 18,771.3 Target Macro / Mid Industry 62,576.6 4,150.0 Cravath, Swaine & Moore 1/6/2014 Materials / Paper & Forest Products United States / United States1/16/2014 Pending AB Acquisition LLC United States / United States3/6/2014 Acquiror / Target Nation Rank Value (US$m) 2/13/2014 Pending Rank Date Date Effective Target (% Sought/Acquired) Acquiror Time Warner Cable Inc (100%) Comcast Corp 1/13/2014 United States / United States Healthcare / Pharmaceuticals Pending United States / United States 19,467.7WhatsApp Inc (100%) 2/18/2014 23,286.3 2/19/2014 15,693.3 Pending Media and Entertainment / Cable Pending Forest Laboratories Inc (100%) Actavis PLC Ireland-Rep / United States 9,199.4 Japan / United States Safeway Inc (100%) United States / United States Pending Time Warner Cable Inc (100%) Media and Entertainment / Cable Charter Communications Inc 70,677.1 Consumer Staples / Food and Beverage High Technology / Internet Software & Services 1/1/2014 1/21/2014 Chrysler Group LLC (41.46%) Facebook Inc Healthcare / Healthcare Providers & Services (HMOs) Retail / Food & Beverage Retailing 1/13/2014 Pending Beam Inc (100%) Suntory Holdings Ltd 2/20/2014 Pending Emeritus Corp (100%) Brookdale Senior Living Inc United States / United States 5,373.2 NewPage Holdings Inc (100%) Verso Paper Corp United States / United States 4,332.9 Fiat North America LLC Industrials / Automobiles & Components Jan 1 - Mar 31 2014US Target Announced M&A Target Industry by Value Ortho-Clinical Diagnostics Inc (100%) The Carlyle Group LP US Announced Advisors by Target Industry United States / United States 4,350.0 Pending 3,201.7 31 Skadden 2,910.0 1* 90.9 1 Weil Gotshal & Manges 2,910.0 1* 90.9 1 Cleary Gottlieb Steen & Hamilton 2,910.0 1* 90.9 1 Hogan Lovells 2,432.3 1* 22.7 1 38.3% 13.7% 12.6% 6.3% 5.1% 5.1% 4.5% 4.3% 3.6% 2.9%2.7% 0.9%0.0% Media and Entertainment High Technology Healthcare Energy and Power Consumer Staples Industrials Financials Materials Retail Real Estate Consumer Products and Services Telecommunications Government and Agencies 0% 5% 10% 15% 20% 25% 30% 35% $0 $100 $200 $300 $400 $500 $600 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 %ofUSM&A RankValue(US$b) Non-LBO LBO LBO as % of US M&A 5
  • 8. 73* 0.1 ▲2.2 ▲ 6 44* 0.3 1 ▼ Osler Hoskin & Harcourt LLP 25 105 8,314.4 2.3 24 36 9,749.4 2.7 2-3.8 ▼ -7 Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com White & Case LLP 16 100.0 Industry % Change from Last Quarter ▼0.8 19.1% ▲ ▲ 25 44.2% ▼ ▼ -1 37* 16*-0.815,393.2 154.8 -75* 0.14.9 4.6 ▲ 2 0 WilmerHale 22 82* 16,821.1 Kim & Chang 23 79 15,791.1 2 ▲ 1 ▲46* 0.4 54* 0.35.5 4.4 ▲ 5 ▲ 75.2 5.0 Paul, Weiss 20 15 18,736.2 Norton Rose Fulbright 21 49 17,657.5 -2 ▼ 2 ▲24* 0.7 33* 0.55.9 3.7 ▲ 9 ▼ 135.8 -0.6 Blake Cassels & Graydon 18 24 21,546.8 Sullivan & Cromwell 19 34 19,037.3 2 ▲ 3 ▲37* 0.5 1 3.06.9 -0.6 ▼ 53 ▲ 86.7 3.6 Skadden 16 14 32,767.9 Kirkland & Ellis 17 13 22,350.5 6 ▲ -1 ▼4 1.6 28* 0.610.5 9.5 ▲ 11 ▲ 2810.2 3.4 Latham & Watkins 14 7 37,214.4 Cravath, Swaine & Moore 15 53 33,950.3 ▲ -5 ▼3 2.0 8* 1.222 ▼ 3511.5 -3.0 913 25 43,687.2 13.5 10.6 ▲ 12 - 130,298.3 ▲ 140.4 40.4 1 ▲ 1 ▲100* 0.1 75* 0.141* 130,498.3 40.4 39.0 ▲ 2 10 31* 130,913.3 ▲ 240.6 38.4 -5 ▼ 1 ▲75* 0.1 37* 0.5 0.3 40.7 32.2 ▲ 8 ▲ 4140.8 36.0 6 42.8 11.8 1 ▲ -12 ▼2 2.3 49* 0 - -3 ▼ ▲ 15 9 0.5 4 - 150,689.2 ▲ 46.3 46.746.7 31.3149,384.2 5 162,028.9 4 14 ▲ 4 ▲58* 0.2 ▲ 14 ▲ 24 Simpson Thacher & Bartlett 3 30 157,497.2 Weil Gotshal & Manges 48.8 2 # of Deals # of RankDeals Change in Sh (%) Market 2646.4 5 1.5 27.3 ▲ 322,868.4Industry Total Hogan Lovells 9 9 131,525.1 ▼20* 6*50.2 21.4 0.8 33* 16* ▲ 6 39 133,373.7 2 138,277.9 41.3 22 15,560.824 1.4 ▲ 8 8 -4.8 6 -16.9% 1,778 18 131,638.0 39.7 ▲ 367,036.1 100.0 Jones Day Debevoise & Plimpton 7 ▼ 1 1 De Brauw Blackstone Westbroek 11 Baker & McKenzie 67 Allens Macfarlanes Fried Frank Harris Shriver & Jacobson 0.5▼ ▼ -10 ▲Industry % Change from Same Period Last Year 62.7% Industry Total Industry % Change from Last Quarter 49.1% ▲ -20.344* 2,164 -9.7 ▲ 12 6 22* -0.5 ▼ 62*3 -11.1 Debevoise & Plimpton 23 18 9,782.9 ▲▼ 11 24* 0.5 2.7 Dechert 22 40 10,104.9 2.8 Schulte Roth & Zabel LLP 20 52 11,377.6 ▼ Shearman & Sterling LLP 21 13 10,899.3 3.0 0.1 -3 0.6 ▲ 1.0 Nishimura & Asahi 18 - 15,693.4 14,126.9 3.9 -16.1 4.3 3.1 34* ▼Sullivan & Cromwell 19 10 4.3 1 97*▲ 8 ▼4.3 ▼0.5 24* -511 -7.6 ▼ 11 0.1 1 0.5 ▲ ▼ ▲ -1 30.8 24* ▲ 17 14* 6.7 73* Hogan Lovells 17 9 14 5.9 Cravath, Swaine & Moore 16 24,598.9 6.7 Fenwick & West LLP -15.6 17,038.222 4.6 15,896.8 ▲10.1 5.8 ▲ 114 21,750.7 2 - Sidley Austin LLP 13 60 24,640.6 ▲16 0 24 6 0.8 ▲ 8 2 Cleary Gottlieb Steen & Hamilton 12 43 25,073.2 6.8 36,860.4 ▼55,147.0 15.0 10.0 -2.5 5.86.7 14*17 4.0 Willkie Farr & Gallagher 8 75,671.6 ▲Fried Frank Harris Shriver & Jacobson 11 16 -5 40 14*5 19 ▲19.8 Latham & Watkins 9 3 57,458.4 15.7 -16.0 11 25.4 -9.86 1 90,176.4 36* 9 24* -4 Wachtell Lipton Rosen & Katz 5 2 93,231.2 98,138.8 20* 4 2013 Rank US$m Rank 6.0 6.0 139* 0.4 15 0.5 19 Sh (%) ▲ 428 Market 34 # of Deals per Advisor ▼ Jan 1 – Mar 31 Rank Value 7 50 104,793.2 2014 Rank 30.126 110,406.2 3 4 Sh (%) Simpson Thacher & Bartlett White & Case LLP ▼ 58 Legal AdvisorLegal Advisor 139,120.3 8.3 ▲ ▼ ▼ Market 18.1 ▲ 11 15 10.8 18 13-6.8 10 24.6 23 1 2 28.610 ▲ 22.2 15 Baker Botts LLP -7.7 Paul, Weiss 20.6 *tie Arthur Cox 81,464.2 140 14 39 Freshfields Bruckhaus Deringer 15 Sullivan & Cromwell 17 115 Dechert Weil Gotshal & Manges Davis Polk & Wardwell Arthur Cox 13 11 12 Skadden Kirkland & Ellis Cleary Gottlieb Steen & Hamilton 14.4 22 -13.3 Weil Gotshal & Manges Sidley Austin LLP Fried Frank Harris Shriver & Jacobson 9 3 38,028.6 ▲ 13.2 1 ▲ 4 0.2 10 29 -3 ▼35.9 ▼ -13 ▲ 2.658 71* -234.78 31.6 ▲ 132,463.7 28.011 35.6 35.9 ▲ 0.8▼ ▲ 1 35.2 71* 19* ▲ 4 28 8* 1.113 17Hogan Lovells Fried Frank Harris Shriver & Jacobson 37 35.1 ▲ ▼ 26.7 ▲ ▲ Share Ch. 37.9 ▼ Rank Value per Advisor (US$m) ▲ US Target Announced (AE2) 0.7 47 15* 19 -6.8 ▼ 3 0.7 ▼ 47* 7 ▲ 11 133,504.1De Brauw Blackstone Westbroek -7 Jones Day ▲ 133,449.719 133,891.0 0.340.8 ▲ ▼▲ -6 9 46* ▲ 19 3 40.8193 6 559* 36.0 33.9▲ 29.57 10* 0.4 37.9 6 33 11.2 4 140,706.0 ▼18 0.8 -10 2 14* ▲ 0.8-3 -1189.6 2.4 ▼ 0.5 42.2 Slaughter & May 67 ▼ ▲ Wachtell Lipton Rosen & Katz 5 2 Kirkland & Ellis 4 -5.5 24.711 22.4 103,040.4 -15.1 1 90,439.4 75,671.6 -0.4 55,147.0 25,092.4 18.2 6.7 60,021.3 -3.2 -9.8 1.8 Paul, Weiss 7 10 5 Willkie Farr & Gallagher 45 Latham & Watkins ▲ 28 -1 ▼7 1.2 1.6 22536 24.2 45.2168,103.6 35 162,874.3 164,943.5 105,951.5 -4 ▼ 1.2 15 ▲ Simpson Thacher & Bartlett 23*1Wachtell Lipton Rosen & Katz 10 ▲ Simpson Thacher & Bartlett Davis Polk & Wardwell Davis Polk & Wardwell 4 1.4 White & Case LLP 3 Skadden 3Weil Gotshal & Manges Sh (%)Sh (%) Share Ch. 5 ▲ 2 9.2 44.4 1 12 ▲21.2 29.0 138 33 1 23 93,231.2 142,216.6 34.1 25.4 7.8 -515* 120,764.6 ▲ 6 0.4 2 156,964.7 Baker & McKenzie 5 -11 ▼▲ 0.7 81,616.2 Debevoise & Plimpton Allens -10 18.3 -9.0 ▲ 29* 12* 0.7 17,038.2 6 17 ▼ 36* 13 ▼ 24 8 20 ▲ 6.0 11 20 ▼ ▼ 3.8 4.1 -13.83.8 -2 19 1.5 40 ▼ 0.9 11 14 15 15* Slaughter & May Skadden 16 19,972.3 24,029.0 Value US$m 1 22,946.7 44 35,292.9 10 44,675.6 35.1130,298.3 0.0143* Kim & Chang ▼ ▲ Latham & Watkins ▲ Paul, Weiss # of Deals ▼ Blake Cassels & Graydon 5 -7 Kirkland & Ellis -67 1.1 12* 0.8 24* 40* 3 0.4 2.7 ▼ 3.2% 17 0 0.6 0.8 11 # of ▲ Deals Legal Advisor ▲ 0 Market 1 ▲ ▲ Rank Sh (%) # of Deals 2014 Rank Deals Rank Market 22 151,522.0 Market 9.6 ▲ 43.8 42.4 Sh (%) Share Ch. 2.5 3.8 ▼ 18▼ 18 19 ▲ 1 5 0.0 0 19.6 1.3 17 14 0.7 24* ▼ Change in ▼ ▲ -6.7 5.1 -14.9 5.2 5.4 9.1 -1 0.5 1 5 -10 4 22* 7* Rank Value per Advisor (US$m) 20 7 14,445.3 US$m 21.7 17.1 ▲ ▲ 21,355.5 ▲ 0.1 25,073.2 8 8* 14 5.422,337.8 25 Shearman & Sterling LLP 23 14 11,107.3 Fenwick & West LLP Nishimura & Asahi 6 Cravath, Swaine & Moore 16 3 # ofMarket -3 0.9 17 2 ▼ -1.7 21 19 199* 15,693.4 65 Macfarlanes 12 216* Market 210 25,808.4 1.7 Market 6.2 Rank Value US$m Rank Value per Advisor (US$m) # of Deals per Advisor Change in # of Deals 2014 Rank 2013 Rank Rank Value Legal Advisor 2013 Rank # of Deals per Advisor 130,913.3 9.5 0 19 ▼ 9.3 -1 15 0.7 12.0 10 ▲26 ▼ ▼ ▼ - 0.233.3 35,572.212 20▼ 9 ▲ 48* 0.3 175* 6 10.1 33 3 Any US Involvement Announced (AE33) Jan 1 – Mar 31 Any US Involvement Completed (AG34) Jan 1 – Mar 31 First Quarter 2014 | Mergers & Acquisitions | Legal Advisors ▲ 2.8 -4.3 -121.8 6 37,535.0 12* -7 0.5128.2 ▲ 4 2.1 ▲ 1 02.8 6 ▲-11 ▼ Cravath, Swaine & Moore 16 34* Hogan Lovells 18 9 15,965.0 0.7 -6.5 -1.2 ▼ 63 - Sullivan & Cromwell 02.5 ▲ 15 0.7 0.25.4 5.1 0.5 ▼18,888.2 - ▼▲ 23*6.2 -6 23*-0.4 11 37* 21 53 12,745.7 3.1 3.5 21Schulte Roth & Zabel LLP 2 ▲59* 0.3 1 ▲0.715▼ 8 6 15 23*Osler Hoskin & Harcourt LLP 22 63 11,559.3 58* 0.2 ▼4.8 ▲17,959.0 4.8 4.5 17,853.6 -22.7 2.8 55* 0.33.8 ▲ -3.9 15 4.8 102 ▼45* 0.3 -4 ▼ Freshfields Bruckhaus Deringer 22 -30.7 24 42 10,461.4 ▼ 15 ▼22* 0.6 2 ▲ 54 17,682.5 7 0.6 ▲ 23 16,931.1 Norton Rose Fulbright 3 ▲4.6 4.4 ▲ 8 51* 0.4 1 14* 0.8 WilmerHale 24 113 16,613.7 -7 ▼-7 ▼ ▼ 19White & Case LLP 25 4.5 -0.6 Industry Total 2.5 17Baker Botts LLP 25 36 10,445.3 3 75* 0.1 Industry % Change from Same Period Last Year 60.0% ▲ Industry % Change from Last Quarter 33.9% ▲ 416,909.1 1.6 ▼ 21 0.718 1.0 8.9 26.1 # of ▲ Deals Wachtell Lipton Rosen & Katz 1 ▲0.5 - 1.9 -9 0.5 0Proskauer Rose LLP 1.1 ▲ -13.8% ▼ -82 -4.4% ▼ Industry % Change from Same Period Last Year 100.0 -189 -7.7% ▼ -15.9% ▼ - Industry Total 11.6% Americas Rankings ▼ 371,742.6 166,203.6 8.8 Davis Polk & Wardwell 5▼ Share Ch. ▲ -4 100.0 US Target Completed (AG2) # of Deals per AdvisorRank Value per Advisor (US$m) -2.4% ▼ 2,742 0.8▲51.5 2,272 Market Jan 1 – Mar 31 Sh (%) Rank Market ▲ 39.3% Market Change in Industry % Change from Last Quarter 2014 Rank 2013 Rank Industry % Change from Same Period Last Year -15.6% ▼ 6
  • 9. *tie -3.0 ▲ 911.1 - - - 26.1 1,477.5 2 20* 0.5 1 Rank 10.8 Market ▲ 0.5 -1 58.0 1 37.9 26.740.0 Jones Day 2.3 -5.0 # of Deals per Advisor 2 2 49.0 2.7 -83 98,138.81 0.3 100.0 Share ChDeals Industry Total 30* ▼ 30* 900.0 2.6 0.5 ▲ ▲ -1 1 0.3 -1 ▼ 9* 900.0 2.6 -35.8 ▼ 1 22* Covington & Burling 24* 6 1,165.0 - 1,462.1 1,097.7 Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables Weil Gotshal & Manges 24* -35.4 ▼3.4 Legal Advisor 1.8 1 https://www.thomsonone.com 30* 30* 1 0 1 0.3 -17.4% Industry % Change from Last Quarter Industry % Change from Same Period Last Year 1.1 ▼ ▲ -22.3% -12.1% ▼ ▲ 1 319,297.4 5 18.4% 16,821.1 Industry % Change from Same Period Last Year 53.3% 39334,039.5 Industry % Change from Last Quarter 0.8 -26.0% ▼ -21.7%-21.1% ▲ ▼ ▼ Kirkland & Ellis▼ 38* Cleary Gottlieb Steen & Hamilton ▼ 29* ▲ 0 0.2 3.1 22* 1,165.0 8*3 - ▲ Davis Polk & Wardwell 13.4 -35.9 29* ▼ ▼5 1.8 30* -10.3 ▲ 728 1,292.0 1 ▲ Fasken Martineau DuMoulin LLP ▲ 14* 3.8 1.5 321 ▲ ▲4.2 4.2 3.9 3.929* Eversheds 17* - 1,342.6▲ -30* 0.31,342.6 ▲ 13.9 3.81Sutherland Asbill & Brennan LLP 17* 5.0 ▲A&L Goodbody 17* - 1,342.6 0.3 13.9 30* 29* ▼1 ▲ 1 1 ▲ ▲ Gibson Dunn & Crutcher 17* 60 ▲Cravath, Swaine & Moore 17* - 1,342.6 ▲ 30*3.9 3.9 0.3 6 2.34.1 1.3 ▼ 1 -4.4 -1 4.1 -1.6 5 1▼ 13 1 29* 0.2 ▲16 17 ▼McCarthy Tetrault 9 ▲ -1 4 ▼ 1 29* 2 1 0.2 1▲ 2 ▲Shearman & Sterling LLP 14 - 1,457.6 ▲4.34.3 20* 0.5 ▲Norton Rose Fulbright 13 49 2,039.1 ▲ 7 8* 1.85.7 -3 ▼Skadden 12 14 2,308.8 20* 0.5-4.2 ▼ ▲Drew & Napier 10* - 3,044.8 ▲ 1 30* 10.3 21 29* -1 8.914* 6.8- 3 ▲ 8.91.9 ▼ ▼ 8.9 ▼ 29* -50.7 ▼King & Wood Mallesons 10* 63 3,044.8 ▲ -18.9 1 30* 0.3 McCarthy Tetrault 7.3 8 14* 1.09.3 2Cassels Brock & Blackwell LLP 9.0 ▲Deloitte 9 - 3,046.2 20* 0.5 2▲9.0 4 ▲Ashurst 8 - 3,172.1 ▲ 49.3 0.9 9.6 0 -Herbert Smith Freehills 7 4 3,260.0▼ 2 5.1▼ 20-46.4 -30.0 ▼ 3 17* 0.8 9* 0.7▲ -1311.9 ▼Blake Cassels & Graydon 6 1 4,047.2 1 ▲Stikeman Elliott 5 3 4,071.4 ▼ 2112.0 5.3 12 1.5 Torys 13.7 -11.6 14 ▼ -13.7 1 -3 ▼Borden Ladner Gervais LLP 4 16 13,615.9 40.0 32.0 ▲ 6 8* Gowling Lafleur Henderson LLP 4,893.4 130 10.7 ▲ 20 2 3.4 ▲Davies Ward Phillips & Vineberg LLP 3 47 16,426.4 8* 1.847.8 -3 ▼ -7 ▼ ▲ 748.3 ▲ 72 53.4 36.03 12▲ Torys 4 3.855.4 -0.4 ▼▼ ▼2 18,858.3Osler Hoskin & Harcourt LLP 1 415 -5 2014 Rank Osler Hoskin & Harcourt LLP 1 1 6,212.5 17.4 11 -121.9 RankShare Ch. Deals 2013 Rank Market Change in Jan 1 – Mar 31 DealsLegal Advisor Sh (%) # of Deals # of Change in2014 Rank # of Deals per AdvisorRank Value per Advisor (US$m) RankUS$m Market Market Legal AdvisorShare Ch.Sh (%) 5 7* -13.0 22 ▼ ▲ Industry Total 43*▲ 3 -1 0.2 0 0.2 0.3 1 0.2 1 2 0.2 6.0▼-1 15 1,402.9 1,395.71 Jones Day 15▼ 18* -2 3.9 ▲ 1 ▲ Deals ▲ 29* 907 -7 2.9 0.7 543* 7 31* -163* 0.3 0.6 ▲ 5 29* 14,759.0 17,682.5 37* 1.816 ▼ -6 ▼ -3 ▼ ▲ -3 -56 ▲ Gibson Dunn & Crutcher 25 19 14,068.0 4.4 0.2 5.0 46 4.6 5.5 5.0 5.3 3 ▼ 7 -5.3 1 Freshfields Bruckhaus Deringer White & Case LLP 23 Paul, Weiss 19 24 20 16,080.4 - 17,699.0 11 22,253.6 102 Skadden 13 9.1 152,280.6 16 Blake Cassels & Graydon 18 21,989.4 6.9 20.0% ▲ Linklaters 23* US$m 4 160,714.3 35,691.5 Kirkland & Ellis 17 ▼ 0.6 6 ▼ 12 18,736.2 # of Deals per Advisor Market ▲ ▼ -4 0.2 -7 0.2 ▼ -39.6 Any Canadian Involvement Completed (AG35) # of Rank Value per Advisor (US$m) 3.6 -1 Jan 1 – Mar 31 # of DealsSh (%)Sh (%) 0.9 ▼ 18,183.1 -11 0.2 1,489.0 2.3621 ▼ # of 1.7 Change in 29* -1 Rank 0.5 # of Deals 1 Sh (%) # of Deals per Advisor Jan 1 – Mar 31 4.1 3.1 4.1 ▲ 1 Rank Value per Advisor (US$m) 3.1 1.4 ▼ ▼ Market ▲ - Weil Gotshal & Manges Rank Market Market Value US$m ▼ ▲ ▲ - First Quarter 2014 | Mergers & Acquisitions | Legal Advisors Americas Rankings ▲ ▼ 4,546.1 US$m US Target Announced (AE2) - Based on Number of Deals Jan 1 – Mar 31 Slaughter & May 15 14 Davis Polk & Wardwell Simpson Thacher & Bartlett Baker & McKenzie Hogan Lovells 11* Jones Day 9 28 5 6 10 29,001.7 11* 29 162 7 32 150,604.2 151,522.0 Freshfields Bruckhaus Deringer Neal Gerber & Eisenberg Wachtell Lipton Rosen & Katz 1 Davis Polk & Wardwell 10* 138,246.3 3 6 7.5 6.1 2,183.4 2,183.4 2,183.4 2014 Rank 20 3.79.2 -12.3 7.22,555.4 168,103.6 1,097.7 Sh (%) MarketRank Value -1.1% 1,097.7 2,555.4 Industry % Change from Last Quarter 3 Rank Value Industry % Change from Same Period Last Year Industry Total Skadden 5 33 Norton Rose Fulbright Stikeman Elliott 2013 Rank 5 3 18 13.5 7.2 5.0 3,291.9 ▲ De Brauw Blackstone Westbroek Debevoise & Plimpton Macfarlanes 1.5 43.3 19 Kaye, Scholer LLP 63* 21 ▲ ▼ ▼ -1 5 47.5 4 5 Market 0.2 29* 29* 1.2 -10 -8 0.5 1 2 ▼ 9* ▼ 7* 1 0.2 4 Kim & Chang -1.0 18 1.0 7 5.9 ▼ ▲ -1.3 5.5 WilmerHale 22 14 -2 Norton Rose Fulbright 21 -0.7 4.3 ▼ ▼ 2.5 5.5 1 588 26 10 -2 1.2 6 0 -1 11* 6 0.8 2.7 1* 31* ▲ -18 5 0 3 0.3 -2 15* 13.7 15.6 Any Canadian Involvement Announced (AE34) 1,800.0 12* - - 4,822.8 7 2 4 5,578.8 3,053.2 Bennett Jones 2 2,183.4 2,662.5 4,873.4 Burnet Duckworth & Palmer 2,594.6 6 9 Davies Ward Phillips & Vineberg LLP 7 74* 1,820.1 1,500.0- 34* 38* 1,800.0 - Weil Gotshal & Manges 47.7 2 23* 13.6 Legal Advisor 10* Mayer Brown LLP Sullivan & Cromwell Paul, Weiss 5.0 4.2 1,800.0Vinson & Elkins LLP 17* 69* 8 5.1 5.0 5.0 41* 2013 Rank 40.8 41.7 47.2 23* ▼ 5 8 ▼ 7 ▲ ▼ 6.1 5.8 ▲ 7.2 1 21 4 8.6 6 41.8 40.3 -19.0 Market -19.5 3.9 ▲ 6.1 ▲ 2.5 -10.8 3.2 ▲ 4.9 ▲ 6.1 Davis, Graham & Stubbs 17* - 6.1 White & Case LLP 12* 12* Gilbert + Tobin ▲ ▲ 2.0 1 15 -15.6% 9* 37* ▼ 0.7 1.2 2.9 133,504.1 3 1 3 0.4 63* 7 50.3 132,351.1 52.7 33.5 1* 47.5 4 ▲ ▲ ▲ 41.5 ▲ 13*10 39 132,335.7 15 ▲ 40.8 26 51* 106* 39.4 36.9 15* 45.2 11 Fried Frank Harris Shriver & Jacobson 13 ▲ 40.8 38.4 10.2 ▲130,298.3Allens 10.1 39.8 37 34,904.1 1.1 23 42,742.7 8 ▲ 41.5 10.9 9.2 ▲ 18 2 1 12 10 ▲ 13.4 ▲ 76* 0.2 ▼ -14 ▲419* 1.5 6 1.3 0.1 Latham & Watkins Cravath, Swaine & Moore - 130,298.3 8 16 133,203.7 41* 32,129.8 ▲1.2 23 19* ▲ 8 24 ▲ 2.5 Fried Frank Harris Shriver & Jacobson▼ 100.0 4* 7.0 Share Ch. 3.1 ▲ Any US Public Involvement Completed King & Wood Mallesons 12* 31 100.0 6.8 ▲ ▲ 1.4 10.2 31.3 -8.7% 11 14 0.2 ▼ ▲ Market Rank Value per Advisor (US$m) 2014 Rank 2013 Rank Sh (%) Change in Rank Value Sh (%) ▼1.9 -9.0 ▼ 57,458.4 - - -▼ - Skadden 4 5 34.0 9 15.7Latham & Watkins 3 3 40* 24.0 - 40.0 ▲1.6 5.0 ▲ 139,120.3 -16 5.8 - -1.3 14.0 ▲ 13 6.7 1.1 5.0 ▲ -Cooley LLP 5 24* 27.0 Sidley Austin LLP 6 24* 23.0 - ▲1.1 16.0 ▲ 24,640.6 - --Bryan Cave LLP 7* 15 23.0 2 30.1 2,008.1 Simpson Thacher & Bartlett 7* 18.1 ▲1.1 10.0 ▲ 110,406.2 - -1.0 -13.0 ▼ 909.7 Morgan Lewis & Bockius 9* 7* 22.0 - -DLA Piper LLP 9* 4 22.0 - - - -1.0 0.0 - 5,547.5 -9.8 ▼1.0 0.0 - 90,176.4 Vinson & Elkins LLP 12* 13* 18.0 6 24.6Davis Polk & Wardwell 11 10 21.0 28 1.6 -7.1 ▼0.8 -1.0 ▼ 5,813.0 19.8 ▲0.8 5.0 ▲ 81,464.2 Fenwick & West LLP 14* 21* 17.0 7 22.2Paul, Weiss 12* 24* 18.0 15 5.9 26.1 ▲0.8 3.0 ▲ 21,750.7 -0.8 2.0 ▲ 36,860.4 11 10.014* 20 17.0 15.0 26.1 - 14* 7* 17.0 ▲0.8 -5.0 ▼ 55,147.0 10 - -0.7 5.0 ▲ 1,356.0 White & Case LLP 18 21* 15.0 - -King & Spalding 17 28* 16.0 8.9 ▲0.7 1.0 ▲ 104,793.2 3 28.6 -11.4 ▼0.7 -3.0 ▼ 7,813.6 Bracewell & Giuliani 20* 31* 13.0 26 2.1Ropes & Gray 19 16* 14.0 20* -3 ▼0.6 3.0 ▲ 1,367.2 53 0.4 12.0Shearman & Sterling LLP -6.8 ▼0.6 -10.0 ▼ 93,231.2 5 25.4 - - 6 13.0 ▼0.6 1.0 ▲ 10,899.3 21 12.0 Winston & Strawn 24* 40* 11.0 -0.6 -5.0 ▼ 888.1 Industry % Change from Same Period Last Year 62.7% ▲ -11.1 367,036.1+67 Akin, Gump, Strauss, Hauer & Feld ▲Industry % Change from Last Quarter -13.8% ▼ 49.1% # of 3.2% ▲ # of Deals Wachtell Lipton Rosen & Katz - Industry Total 2,164 3.022* 28* 22 2.8Dechert 24* 31* 11.0 22* 16* -0.5 ▼0.5 1.0 ▲ 10,104.9 7
  • 10. *tie EMEA Involvement Announced Advisors by Target Industry Jan 1 - Mar 31 2014 1 Freshfields Bruckhaus Deringer De Pardieu Brocas Maffei 8,039.4 3 Hannes Snellman 3 4,597.7 27,181.7 7,730.5 Announced M&A activity with EMEA involvement totaled US$271.8 billion in the first quarter 2014, up 53.1% compared to the US$177.6 billion reached for the same period last year. Net competing bids for SFR, EMEA mergers are up by 33% compared to the same period last year. Telecommunications was the highest valued sector of this first quarter 2014, with 44 deals grossing a combined US$52.6 billion. Industrials accrued US$31.6 billion, and Healthcare totaled US$30.6 billion worth of activity. Additionally financial sponsors were more active this year compared to 2012 and 2013. EMEA-targeted buyside financial sponsor activity reached US$41.4 billion only in the first quarter, up from US$25.1 billion reported last year and the highest first quarter total since 2008. The largest deal in this category was the US$3.1 billion offer for Danish electronic payments provider Nets Holdings in March. Acquirors listed on the Euronext Paris stock exchange were EMEA's most acquisitive companies this year, with a combined total of US$50.1 billion in offers. The largest deals are the competing bids for SFR worth US$18.1 billion and US$16.3 billion. Davis Polk & Wardwell 2 11,154.8 7,156.1Linklaters 1 113,594.6 19.5 2 36,193.4 1* 13,511.6 37.3 28.5 3 22 16.9 23 28.4 Liberty Global PLC United Kingdom / Netherlands Top Ten EMEA Involvement Announced Deals Acquiror / Target Nation Target Macro / Mid Industry 2/18/2014 Forest Laboratories Inc (100%) 236 23,286.3 Real Estate 32,008.1 EMEA Targeted Financial Sponsor Investments (Buyside Sponsor Activity) 14,433.2 1,616.6 Financials Primary Stock Exch. Listing of Most Acquisitive EMEA Companies - Top 10 (US$ bil) 24.9 3,679.7 2 14.9 1 Osler Hoskin & Harcourt LLP Castren & Snellman 4,579.2 Telecommunications / Telecommunications Services 3 Media and Entertainment / Cable Telecommunications / Telecommunications Services 2 376 22.2 6.5 17.9 16.9 Bouygues Telecom SA France / France Vodafone Holdings Europe SLUGrupo Corporativo ONO SA (100%) Belgium / South Korea Finland / Finland SFR (100%)3/6/2014 Pending SFR L'Oreal SA Financials / Banks https://www.thomsonone.com OP-Pohjola Group Central Coop Consumer Products and Services / Other Consumer Products Energy and Power / Oil & Gas 8,235.3 Consumer Staples / Food and Beverage5,800.0 3/16/2014 Numericable Group SA L1 Energy 9,161.6 United Kingdom / Germany L'Oreal SA France / France 7,099.1 Anheuser-Busch Inbev 4,579.2 Volkswagen AG Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables 2/21/2014 RWE Dea AG (100%) 3/17/2014 Pending 3/11/2014 1/27/2014 Spain / Spain 10,025.1 Actavis PLC Ziggo NV (71.6%)Pending Pending Scania AB (37.4%) Pending Pending Pending EMEA Deals Intelligence Ireland-Rep / United States Healthcare / Pharmaceuticals 2/6/2014 2/11/2014 Intended Pohjola Pankki Oyj (62.8%) 5 Share 184 4 2 Rank 1 Rank Val US$m 57,097.5 1* 28.5 65 No. Deals First Quarter 2014 | Mergers & Acquisitions | Legal Advisors EMEA M&A Clifford Chance Hengeler Mueller Franklin Firm LLP 16,287.8 Sullivan & Cromwell Mkt. 1 EMEA Announced M&A Increases 33% | Telecommunications Highest Valued Sector | Financial Sponsor Activity Rises Noerr LLP Energy and Power 32,290.8 Mayer Brown LLP Telecommunications 16,287.8 3 534 37.6 2 23,980.2 Industrials Rank Value (US$m)Acquiror 10,854.2 France / France 16,287.8 Rank Date Date Effective Target (% Sought/Acquired) 1/20/2014 Pending Oriental Brewery Co Ltd (100%)Pending Industrials / Automobiles & ComponentsGermany / Sweden Jan 1 – Mar 31 2014 Telecommunications / Telecommunications Services $26.7 $25.6 $16.1 $13.6 $11.7 $7.1 $4.6 $1.8 $1.4 $1.2 Frankfurt London Nasdaq Euronext Brussels OMX Stockholm Swiss Stock Exchange OMX Copenhagen Zurich $33.4 $76.4 $73.9 $27.1 $4.0 $15.5 $21.9 $18.5 $25.1 $44.8 $61.2 $45.5 $86.9 $44.4 $9.1 $16.3 $37.9 $20.1 $34.1 $37.1 $60.3 $54.2 $27.8 $14.6 $37.1 $23.1 $18.8 $21.9 $46.0 $90.9 $56.2 $24.9 $18.7 $25.1 $21.6 $24.0 $35.8 17.6% 19.7% 16.3% 10.2% 7.5% 13.1% 13.9% 9.6% 18.2% 22.5% 0% 5% 10% 15% 20% 25% $0 $50 $100 $150 $200 $250 $300 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 %ofEMEA RankValue(US$b) Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) % of YTD EMEA M&A 8
  • 11. *tie Allen & Overy 25 https://www.thomsonone.com 4,084.5 ▼-10 ▼ 5* 4,713.8 100.0169,113.7Industry Total 189.1% 100.0 -19.4% -13.6% ▼ Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables 746 ▲ -179 3 ▼ 0.9 0.5 1.8 -6 72,786.9 ▲ Lee & Ko 22* Covington & Burling -11 ▲ ▲ A&L Goodbody 22* Cravath, Swaine & Moore 9* Jones Day ▲ Herbert Smith Freehills 19 1 2,441.9 ▲ ▼ 119* ▲ ▼ Blake Cassels & Graydon 3 ▲ Simpson Thacher & Bartlett -2.8 ▼ 3.7 3.4 -19.8 4 20 2.6 ▲ 2 3.8 ▼ -249 -8Clifford Chance 1.2 1.4 10* 8▲ 1.9 7-3.2 ▼ 2.4 0.6 2.1 2.1 ▲ 2 4,325.0 ▲ 0.1 901 4 ▲0.3 -02.5 ▲ 2.7 ▲ 1 66* 2.6 0.2 0.2 1 2 35*▲ 66* 2 -1 ▼ 2 - 1 2 0.3 1 ▲ 2 -41.4 -2 1 -55 18* 0.335* 35* 20*2.2 2.70.5 2.6 0.4 5028* 4,325.0 4,636.5 ▼ ▼419 ▲ 2.8 2.820 2.3 0.3 0.5 2.720 6 15 2.9 20* 54* 1 -13.017 2,131.5 2.92.9 6 18 0.1 26 2,675.4 46 1 1.0 ▲ 4 -0.2 ▼ ▼ 1.0 35*2 0.9 -25.2 -1.6 5 ▲ -10.3 9 ▼ 2 - ▼ - 0▼ 1.7 3.515 1740 2,777.5 3.9 4.5 3.8 3,271.2 ▲ -0.336* 0 Latham & Watkins 15 2,804.0 Noerr LLP 14 3.5 ▲ ▲ 00.32 13 Fried Frank Harris Shriver & Jacobson 3.3 6,017.9 3.9 ▼▼ 9 4 -10 -91.5 3 ▼2.2 9.8Hengeler Mueller 12 Hogan Lovells 13 23 4,254.7 119* 7,099.1 10▼ 6.7-7 11,265.42.8 ▲ 7 ▲ 19.8 54* 5.9 -3 ▼ 10*Allens 0.1 12* 0.9 Freshfields Bruckhaus Deringer Wachtell Lipton Rosen & Katz 130,298.3 1 66*10* 1.1 -0 60 16 3 0 0.2 0.266* 73.4 1 -266* 77.0 - ▼77.1 77.1 ▲ 76.8 ▲ 0.2 ▼13.3 54* 2.2 14.9 ▲ 214.0 13.4 ▲ 36* 228* ▲ 8 11 0.3 1 -1103▲ 77.1130,352.2 ▼ 0.1 0 - 2.6 1 ▲ 114.9 ▲ 14.8 13.0 ▲ 19 2 1 ▲ 9 Linklaters 6* - ▲77.4 1.48 5*0.1 51NautaDutilh 14.9 13.1 ▲ 14.9 14.9 15.9 ▲ 0.7 De Brauw Blackstone Westbroek 2 15.8 130,836.6▲ ▲1 77.5 77.5 ▲ Hogan Lovells 7 4.1 ▲ 3* ▼ 1 Weil Gotshal & Manges-12 135*-1 8 ▲ 1 1 14 54* 0.1 54* ▼0.520* 3Jones Day8* -7 1.9 -1 55.4 1.2 5▼ 131,903.9 135*4 ▼▲ 21 132,119.7 78.0 78.1Simpson Thacher & Bartlett 9 ▲ 4 132,312.3 -914.8 ▼ 3.9 ▲78.2 75.8 ▲ 17 2.9 Slaughter & May 80.6 80.6 ▲ 4▼ 133,098.6 Davis Polk & Wardwell 12 78.7 ▼ 4 ▲ 6 ▲ 2 - 13*72.4 0.7 12,812.7 17.6 1.28*▲ 9 Sh ($) 28.8 ▲ 14 Deals 136,311.93* 11.9 -5 Legal Advisor Change in Sh ($) Value US$m# of Deals 2013 Rank Market 40.0% # of Share Ch.Sh ($) Rank Market Market Rank2014 Rank Jan 1 - Mar 31 # of Deals per Advisor # of Deals per Advisor -18.4% Jan 1 - Mar 31 -14.3%▲ ▼▼ 23.4% 263,615.4 -586 ▲ Industry % Change from Last Quarter Industry % Change from Same Period Last Year Industry Total ▼ ▲ 325 6 267,002.5 122 7,812.1 ▲2.8 3.0 2,562 ▼ -20.6% 100.0 28-6.7 ▲ 7 45* -664 ▼-271.1 0.2 Cleary Gottlieb Steen & Hamilton ▼3.0 -27.0 ▼ 7 -338* 0.3 -14.2 ▼ 8,067.5 10 225* 0.3 -1 ▼ 23 8,538.9Latham & Watkins 3.2 1.6 ▲ 25 ▲8* 1.0 12▼ Shearman & Sterling LLP 6 -3.69,472.5 0 -3 -1 ▲20Blake Cassels & Graydon 30 ▲ 28* 0.4 72 16* 53* 19 1 0.2 23 Hengeler Mueller▼ 0.4 ▼ 53.7 4.0 -438* -5 ▼9,769.2 7 56* 0.2 3.410,679.7 7 ▲ 0.5 5 ▲ 12,248.318 4.6 -12.6 ▼ ▲4.7 ▼ 720* 0.4▲ 11 ▼1.0 17 3*30 1.2 ▼ 0.7 -196 9.4 -30.2 -19▼ ▼ 8* -2 1.1 25 4.5 -17.7 1 29 -2 ▲ ▼ -4 ▼ 2 0.1 29,768.2 15,688.4 -4.1 130,352.2 ▲8.2 13 ▼ 0.1 -13▼ 1.230 3* 3▲ 88* 2 111* ▼ 47.0 21,943.8 5.9 1.3 ▲ 48.8 25,117.2 48.8 11.2 5 1018 De Brauw Blackstone Westbroek Jones Day 12 7 Debevoise & Plimpton 6 Slaughter & May 1 13.3 2 2 Davis Polk & Wardwell ▲ -17 0.3 -4 0.4 ▲ ▼ 140,607.1 Market Baker & McKenzie Simpson Thacher & Bartlett 1.0 20 32 # of ▼ 156,203.3 # of Deals Change in Any European Involvement Completed (AG40) 1.0 46.0 52.7 3 Change in # of Deals per AdvisorRank Value per Advisor (US$m) Sh ($) Share Ch. ▲ Market 7 # of DealsDeals 29 Market Jan 1 - Mar 31 Rank 2013 Rank Value US$mSh ($) EMEA Rankings Jan 1 - Mar 31 Legal Advisor Share Ch. Rank Value # of Deals per Advisor 2014 Rank Sh ($) Rank Value per Advisor (US$m) ▲ ▲ 56.7 52.3 58.5 Legal Advisor 1 37.6 51.6 51.4 12 Rank Simpson Thacher & Bartlett Market Deals Market # of First Quarter 2014 | Mergers & Acquisitions | Legal Advisors Market Rank 50,928.5 19.3 US$m Freshfields Bruckhaus Deringer Any European Involvement Announced (AE39) 2013 Rank Slaughter & May 0.3 9 34 26 3.9 ▲ 50.0 90 13 ▼ 4 -3 26 ▲ 49.3 47.718 137,038.4 Sh ($) 20*11 Weil Gotshal & Manges 133,053.3 4 49.4 49.4131,931.4 137,678.9 137,162.8 2014 Rank 271* 9 2510 ▲ Wachtell Lipton Rosen & Katz 19 133,537.7 12 11 16 Allens Macfarlanes Hogan Lovells Fried Frank Harris Shriver & Jacobson▼ ▲ Linklaters White & Case LLP 9 17 104 15 14 Skadden - ▼ Clifford Chance ▼ Freshfields Bruckhaus Deringer 22 ▼ 24 26 14 Industry % Change from Same Period Last Year ▲ 8,035.5Linklaters Kirkland & Ellis 92* 16 ▲ 4.8 5,512.1 36.8% 3,228.6 Bredin Prat 21 14 4,905.4 17 3.6 Shearman & Sterling LLP 4,668.6 2.6 0.8 1.1 ▼0.1 0.2 0.0 ▲ -17 113* 1 -27 0.3 1 1.2 -529* -1 0.1 6 20* 33 ▼ 0.420* 11 25* 6 -2 ▲15.9 8.7 4.1 2 12.5 12.9 13.7 ▲ 11 10 2.9 ▼ ▲ 5.2 ▲ ▲9.3 9.8 -1.9 2 7 -1.9 ▼ 4 ▼ ▲ ▲3.7 42* 5 68* 7 ▲ 9.7 ▲ 7.8 ▲ 9.5 9.3 16.2 6 -4.8 -8.6 7.3 96.3 0.2 0.2 0.27 13 0.2 85 75 11,481.5 109 4.1 1 24 10 61* 36 4 4 5 31* 6* 89 Stibbe 10,854.2 5 9,687.2 Loyens & Loeff 72.3% 25 64 73* 2 Allen & Overy 9 5 36,068.3 Linklaters Latham & Watkins Fried Frank Harris Shriver & Jacobson 25,854.1 35,058.7 Sullivan & Cromwell 5 17 20 DLA Piper LLP 10 11 18 Mayer Brown LLP Allen & Overy Franklin Firm LLP 2 9 3 12 14 6 3 6 794 137 41,779.2 ▲ 24.5% ▲ ▼ 19,130.8 89 34,049.0 51.3 13 18 Industry % Change from Last Quarter ▲ 36* Baker & McKenzie 5 54* 36* ▲ Macfarlanes Allen & Overy 67 13 131,131.1 7,990.6 12,509.4 ▲ Skadden 21 ▲ ▲ 1 Any UK Involvement Completed (AG41) 24 Morrison & Foerster 2.9 Rank Value per Advisor (US$m) 0.1 53* -353* 0.2 -12 -2 82* 1.1 3 35 17 42* 12 6 113* 4 42* 6 ▲ 2* 160* 10 -15.6% 3,171 ▲ ▼ 38▼ ▲ 7.3 6.2- 15,419.6 -0.3 13,047.6 ▼ 19,342.1 66 -1.8 0.9 13 5.6 11,923.4 63 16,287.8 15 19 16,354.3 6.2 10,894.915 14,801.0 5.0 5.9 24 11,854.2 1.5 ▲4.0 Wachtell Lipton Rosen & Katz 5.6 14 ▲ 7.5 -Roschier Weil Gotshal & Manges Clifford Chance 8 25,093.8 4.5 16.5 Arthur Cox 7 4.1 4.5 10,406.9 4.1 10,854.2 16.111,745.1 US$m 37,357.8 51.3 3.1 2.1% 1,524.9 24 10,854.2 -4.0 2.1 1.7 1,504.1 1,607.9 2.2 10,776.2 Garrigues 23 2 Garrigues 22 9 Lee & Ko Sullivan & Cromwell 21 16 Weil Gotshal & Manges 6* Cleary Gottlieb Steen & Hamilton DLA Piper LLP Industry % Change from Last Quarter Davis Polk & Wardwell Sidley Austin LLP Industry % Change from Same Period Last Year 2014 Rank 10,186.5 2,760.8 1,624.8 22 3 8 - 25 17 31 Rank Value per Advisor (US$m) 100.0 23 21 10,071.7 3.8 10,676.4 NautaDutilh Kim & Chang Freshfields Bruckhaus Deringer 1.229 Legal Advisor ▲57.1% Industry % Change from Last Quarter Mannheimer Swartling Advokatbyra Stibbe 13 24 10,854.2 Rank Value 2.2 4.0 2.0 ▲ Industry Total 3 2013 Rank 95 Any UK Involvement Announced (AE40) 11,990.1Clifford Chance Industry Total Norton Rose Fulbright Bredin Prat Industry % Change from Same Period Last Year 12* 4 Davis Polk & Wardwell Loyens & Loeff 8,054.3 16 8.1 5 4 19,774.7 ▲ 8 -21 ▲ 0.7 44 256* 24,598.9 18 11 21,429.9 36* 0.1 0.3 ▼ 4 111* 1 8▲ 2 ▲ 49.8 ▲ ▼ ▼ ▲ -2 ▼ -1 -3 ▼ ▼ 8 ▼ 6 ▲ -9 0.4 0.5 15 0.5 0.9 -9 0.3 -1710 16* 13 35* 0.1 38* 88* 24 42 1.6 0.3 8 10* 130,578.9 130,298.3 77.2 1 5,602.7 Change in ▼ Market ▼ 6 # of 3 ▼-10 1.3 11 46.2 49.2 41.6 Market 0.948.8 Market ▲ ▲ ▲ 131,610.9 49.1 47.1 131,198.3 11 3 14 1 8 ▲ 7 22131,868.8 Slaughter & May 1,229.0 20* Debevoise & Plimpton 11 7White & Case LLP 18* 135* 77.1 3.3 130,298.3 -3 0.7 ▼-29.7% 1.0 13* 4 -4 23* 0.5 Rank -3 1.0 Deals Sh ($) 5 23* 13*6 2 ▼ # of Deals ▼ 590 13*6 35* 1 -16.3% ▼ -57.8 4 ▲ ▲ -10.6 ▼ ▲ 76.9 ▲77.1 Share Ch. 0.3 13 78.1 ▲ 73.7 1.0 23* 1 9
  • 12. *tie ▼ 6 7* 1.2 -1 ▼Allen & Overy 25* 7 198.6 1.2 -12.3 ▲ 1 55* 0.2 0 - 28* 0.4 2 ▲ Blake Cassels & Graydon 25* 114* 371.9 0.5 0.5 McCarthy Tetrault 25* - 371.9 0.5 0.5 ▲ 2 Covington & Burling 22 4* Jan 1 - Mar 31 20* -4 3* 1 1 2 2 ▲ 1 ▲ ▲ ▲ Legal Advisor Change inMarket # of Deals Rank Value2013 Rank Market Market Sh ($) # of Deals per Advisor EMEA Rankings Jan 1 - Mar 31 0.8▲ 25* 0.8 34* Sh ($) 0.250* 17,128.8 Legal Advisor 24.8 11* 1 5 Sh ($) # of Deals per Advisor 0.250* ▲ ▲ 50* ▲ 1 1.27* 0.2 1 6 0.4 7* 1.2 11* 0 1.8 50* 25* 0 -1 - 0.2 ▼ ▼ ▲1 -0 ▲ - ▼ ▲1 Mayer Brown LLP 1 ▲ -5 323.3 11* Change in 0.5 Market2014 Rank US$m - # of Deals 0 Sh ($) 0.8▼ 25.4 2Linklaters 1Bredin Prat # of 4 Market Value US$m 41.4 RankDeals 6,729.9 Share Ch. ▲ Share Ch. # of Deals Rank ▲ 7.929.6 ▲ ▲ 12.6 3 28.64,636.55*Freshfields Bruckhaus Deringer 4,806.5Franklin Firm LLP 1.3 23.62 Bredin Prat 10.2- 55*1 4 2.9 23.6 ▲ 1 16,287.8 14.6 -40.0 ▼10,071.7 De Pardieu Brocas Maffei 1 ▲2,018.5 8 77 2.7 3 58 Shearman & Sterling LLP6 0 3*-1.1 28.64,636.5 Paul Hastings -00.250*1▲28.6 10.7114*5 11*4▲2.61,781.5 2.6 ▲ 28.64,636.5-3* 28.6A&L Goodbody 20 ▲Blake Cassels & Graydon▼-50.7▼ 11*4 Orrick Herrington & Sutcliffe LLP 6Clifford Chance 57 1,563.1 00.5▲ 2.3 -1.4 20*3 26.628.64,636.525*3* 0.520*8 1.51,035.2 114*7 2.12.11,439.4 Herbert Smith Freehills 68▼-1.5 3 24* 0 Latham & Watkins ▲ 18.9 9 19.619.6 1.3 BDGS Associes- Stikeman Elliott 18.9 - -00.425*2▲ ▲0.4 2 Skadden 0.7 881.7 - 1018 211.41.3 5410 6 White & Case LLP 0.4 0▲ 2 15.62,533.1 12.4▲ 15.115.12,454.0Herbert Smith Freehills- 9 Heuking Kuehn Lueer Wojtek ▼-20.250*128*736.1 104101.1 ▲ - ▲1.1- ▲1.114.18 De Pardieu Brocas Maffei 6 719.7 ▲1.0 ▲ ▲1.0 0.255*BDGS Associes 11 1.1732.0 55* Slaughter & May 1 2719.7 - 0.2 1 Cleary Gottlieb Steen & Hamilton▲ 12* 1 0.4 228* 12* ▲1.0 ▲ 1613 12 13.32,152.3 13.313.42,177.4 DLA Piper LLP 9▲9.2Latham & Watkins -5 4 1 660.6 114 -50.811*- Mayer Brown LLP6* ▼ 18 0.4 Houthoff Buruma Cravath, Swaine & Moore ▲5.79.11,483.200.255* 115* - 6.9 14 ▲ 645.4 ▲0.9 ▲ 55*1 15 6.928*52 ▼2 1,119.11.0656.1 0.6 Shook Lin & Bok LLP ▼-10.250*1d'Urso Gatti e Associati ▲5.4-16 6.91,119.110.2 27*15*▲0.9 Debevoise & Plimpton 10.2 6.91,119.1121*15*Stibbe▲17 55*1▲0.90.9644.5 55*Ropes & Gray -00.250*1▲6.9- - ▲ 1 1,119.1 - 18 10.20.9608.9 6.9 1▲ 15*Hamelink & Van den Tooren NV 6.9- ▼ 2 Mijares Angoitia Cortes y Fuentes SC0.7 05▼-2.1 -1.6 Cooley LLP - 0.6 ▲0.6 ▲10.250*6.9 55* 20* -1 6.9▲1 ▼ 20* -13.4 0.4 Gide Loyrette Nouel 19 Shearman & Sterling LLP 5 498.5 400.0 23 28* DLA Piper LLP ▲ 0.2 0.2 9 6.9 1 50*0.2 ▲ 6.9 ▲ Greenberg Traurig 1 6.9 ▲ 50* 15* 6.9 -1.3 ▲3.8 659.6 ▲ 12 611.4 22 4.1 ▼11* Ropes & Gray 1,119.115*1 2 Davies Ward Phillips & Vineberg LLP 1 - ▲16 400.0 Uria Menendez 20* 23 44 399.3 11▼-4.10.615 382.7 2.02* 230.520* Weil Gotshal & Manges 24-3 ▼ 1▲0.5371.925* 98 0.5 ▼-10.2 100.0 1.2Sayenko Kharenko LLC 25* ▼ ▼-24.9%Industry % Change from Same Period Last Year -13560 -2.3% 12* 2.0 7 2* 6.6113 4 3.6 3.1 # of Deals 16,240.4 Market -8.6% Change in Any Spanish Involvement Completed (AG43) ▼ ▼ Market 6 6 Sh ($) RankDeals # ofMarket Share Ch.Sh ($) Jan 1 - Mar 31 # of Deals per Advisor Rank Value per Advisor (US$m) -6.0% -0.8% Jan 1 - Mar 31 ▼ -49.0%Industry % Change from Last Quarter # of Deals Rank Value US$m 2013 Rank 2014 RankLegal Advisor -2 2014 Rank Market US$m Sh ($) MarketRank Value # of Deals 10,676.4 - 46.7 6▲0 Clifford Chance▼ 2 5,073.5 28 ▲43.47 ▲24.53* Freshfields Bruckhaus Deringer 34.4 46.76,888.7 17 ▲33.7 1.112*4,992.2-2 33.9 ▲-3 2 8 ▲2 0 33.9Skadden▼ ▲54.53* 59.2 10.512*▲ 1 3 15.5 Proskauer Rose LLP 1.1 ▲12* 2 Baker & McKenzie 2▲14.85 - 1.5 - 12*4 -2 ▲ 6* 82,931.7 19.9 14.8 ▲ 2,175.0 1▲ ▲ 14.714.7 ▲10.617*Stikeman Elliott-0.410 11.11,875.3 ▲6.3 ▼ 14.7 6.3 1,060.1 0 Walkers- ▼ 0.56.3 1 ▲1 ▲10.617* -00.617* 14.714.7 6.614.7 1▲12* 1 ▲ Cleary Gottlieb Steen & Hamilton Conyers Dill & Pearman0.5 12* 0.5 1▲6.36.3 2.4 3.8 1▲ ▲2.4 1▲397.1 1 6* 2,169.0 8.41 0.5 Blake Cassels & Graydon 0.617*14.7- 14.7 1 1 11 ▲1▲12* Uria Menendez0.5 ▲3-0.8 -53.6 - ▲0.7 12* 13.5▲1117.0 0.7 106.4 1 3 12*0.6 0.6 7 2* -01.79* -00.617* 01.1 113.0 ▼-11.80.7 24 -7*▼ Osborne Clarke▼ 12* 8.1 ▲14 4.811.4 3 21.5 - Allen & Overy 10.5 ▲ 14Linklaters 12* 9* -4.2 0 15Jones Day 643.73 4.4 1,675.0 1,554.8 ▲1 ▲ 0.6 1 0.6 0.5 1 12* ▲ 0.423* ▲0.6 102.2 3.6 0.5 526.32▼ ▲22.38 7▼ ▼ ▼-63.95*10* -4.2Garrigues1 8161.0 ▲ ▼ 2 1 1.0 0.5 ▲ 10* ▲10.617*1 ▲ 17* ▲402.6 10.6 3.4 1 500.0 2.7 ▲3.4 295.6 17 Deloitte12* 0.5 Dechert▲ ▼ 1 12* 9* 4* ▼ - 1 1 6 0.5 3.1 -4 0.6 0.9 -0▲ ▲ 1.1 ▲11.73 ▲1 12* 17*1.5 1.2 ▲ 1 2 ▼ 196 -6 ▲ ▲ -5 ▲ 227.9 1.621*20- 1 112* 2.0 ▼ DLA Piper LLP 1.5 ▼ -6 ▲ 14,745.8 178 4 2.7 ▲1 ▼ Industry Total - 0.8 ▼ 214.8 -31.4% ▼ https://www.thomsonone.com 100.0 117.0 -2.7% Industry % Change from Last Quarter 21.7% -14.0% - 70.8 0.5 1 - 21Norton Rose Fulbright 18 12* Industry % Change from Same Period Last Year - 2,169.0 3,187.2 2,169.0 1 11 7 6* 6* 63 2013 Rank 2014 Rank 5* 6* Rank Value per Advisor (US$m) 15▼ 6 4* 1▲ 1▲ 89 491 ▲ - 14.7 0.2 1,119.1 Rank 17* 2,291.9 Any French Involvement Completed (AG42) 50*3.8 20* 1 3 1,990.2 - 1 68.4 330.0 2 Industry Total Sidley Austin LLP 15* 121* - 1619 Market 7* 4* 55* Rank -2 1.0 -8.6 Rank Value per Advisor (US$m) First Quarter 2014 | Mergers & Acquisitions | Legal Advisors 0.7 3,065.4 1 -30.6Willkie Farr & Gallagher 59.763.1 24Jones Day ▼ Industry % Change from Last Quarter Stikeman Elliott Industry Total 68,958.3 14 2013 Rank 2 90.7% 10,927.5111 3 ▲ ▲ Any Spanish Involvement Announced (AE42) Clifford Chance 21 61.9 ▲ ▲ Freshfields Bruckhaus Deringer Herbert Smith Freehills 7* Uria Menendez 59.2- 1,060.1 Weil Gotshal & Manges 5 -6.5 0.1 Jones Day Paul, Weiss Baker & McKenzie 7* -0.4 - -0.2 9 -4.8 22 - 0.3 0.1 Morrison & Foerster Gomez Acebo & Pombo 21.9 6.4 13 6.0 19 20 21 - Kirkland & Ellis 13 14* 12 11Covington & Burling 10 Cuatrecasas Goncalves Pereira 30* 17 Ashurst 7* Bredin Prat Allens 6 Legal Advisor Industry % Change from Same Period Last Year 0.4 ▲ 0.0 0.0 Rank Value per Advisor (US$m) 0.0 ▼-26.1% Change in Market Sh ($) 1,119.1 11.4 11.2 16,930.7 -22.8% 17.5% -3.0% ▼ 16 Garrigues 4 60.6DLA Piper LLP 64.5 400.0 4 0.6 ▼-4.0 Any French Involvement Announced (AE41) 0.6 3 0.9 0.6 1.0 -0.1 100.0 Industry % Change from Last Quarter 14* 100.0 59.8 1 2,169.0 2,169.0 - 1,675.0 2.0 ▲ - 2.0 53.6 ▲290.8% 198.6 Industry Total Industry % Change from Same Period Last Year ▲ Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables # of Deals per Advisor 0.6 1 2 ▲ ▲ -46 1 50* 0.2 1 11*4 0.6 ▼ 4 0.8 4 1.2 ▲ -7.3 ▼ 10 ▲0.5 PwC Legal LLP Perez Llorca Marimon Abogados SLP 17 18 63.0 0.4 50.9 30* 12 10,482.9 - 10,253.0 102.2- 1,060.1- 24.3 10,025.1 Share Ch. 3 17* 0 - ▼ 2 5.6 -1 ▼ 17* Cuatrecasas Goncalves Pereira 23 1 113.0 0.8 -38.4 Hogan Lovells 24 0.6 1 ▲ PwC Legal LLP 25 21* 63.0 0.4 0.0 9* 1.7 1 ▲ 10
  • 13. *tie ▲ 3 18* 0.7 3 ▲Drew & Napier 25* - 494.7 1.5 1.5 ▲ 9 5* 2.0 6 ▲Ashurst 25* 50 494.7 1.5 1.5 0.91 -8.6 ▲ 2 6.8 ▼ 6.8 5 04.21* - 0.9 15* 2 0.3 # of Deals per Advisor 39* 10 11* # of -20.7 6.5 6 Jan 1 - Mar 31 EMEA Rankings 20.3 ▲10.8 21.4 18* 7* 18* 2.1 1 ▲ 28.6 -3 -2 ▲10.9 ▲ 1 1.70 1 - 2.5 2,570.0 10.8 Clifford Chance 23.2 ▲ Nagashima Ohno & Tsunematsu ▲ 8.6 18.8 16.7 16.7 Sh ($) -0 -18.8% ▼ 3 5* 2 ▼ 1 ▼ 7.3 10.8 6 1 4.2 3 8.6 ▼ 18*1 4-12.4 2 ▼ ▲ ▲ ▼ 1 0 ▲ ▲ ▲ # of Deals 1 Change in 6 38.8 1* Skadden 4* Rank Value per Advisor (US$m) Value US$m 5,089.6 16.7 ▼ ▲ 18* -1 2 ▲ 2.5 -1 ▲ 3.6 ▲ ▼ 0.915* 0.9 Deals 4 Rank 0.9 ▼ ▲ -15.4 3* 18* ▲ 0.6 9.4 ▲ Market Jan 1 - Mar 31 37.6% 1 0.9 1 4,350.0 -13.8% 5* ▼ 7* 845.4 White & Case LLP 7*Hengeler Mueller Hannes Snellman 2* 1,165.4 4 10 16* 8 0.6 4* 1 4 16* 1 Jan 1 - Mar 31 3 Market 3 4.5 3 31.8 -18.3 ▲ 6* 1 ▲ -10.5 298.7 1,724.9 3 1.8 12* 930.7 - 1 2* 1,724.9 ▼ 2,940.0 4,114.7 - 36*6 - ▼ 3.4 ▼-7 13* ▲ 3* ▲ -4 - Rank Value per Advisor (US$m) 4,350.0 7* 2.1 Industry % Change from Same Period Last Year -9.1 ▼ 1,550.0 3.7 7* 5* # of Deals per Advisor ▼ -81 ▲ # of Any Italian Involvement Completed (AG45) Gianni Origoni Grippo Cappelli & Partners 0 18* 1 ▲ ▲ 1 0.9 1 0.9 0.9 ▲ 18*▼ 18* 18* 1 18* 1 ▲ ▼ ▲ 0.9 -4 68.8 1▲112.2 18* 68.3 1.71.5 1 181.0 0.9 0.9 1 7* 1.72 ▲ 0.9 1.1 18* 16 ▼ 1.1 1 140.1 140.1 112.2 20* - - -0.1 ▼ 168 -0.6▲ ▲ 68.8 0.4 0.3 POGGI&ASSOCIATI 50.0 ▼ ▲ 0.2 3.0% 100.0 Industry % Change from Same Period Last Year ▲3.1% 16* - Industry % Change from Last Quarter Skadden 0.6 ▼1.2 - 11 820.3 - 261.4 32* 22 14 32* 12* 16* 352.0 Baker & McKenzie 12 Luther Rechtsanwaltsgesellschaft mbH Freshfields Bruckhaus Deringer 7 Bonelli Erede e Pappalardo - 8* 8* 16* 4 2,758.2 10 2 705.4 293.4 562.1 13 2,886.9 6.6 1.4 1,212.9 1.9 6.6 15.0 1,212.9 Shearman & Sterling LLP 0.8 0.8140.1 140.1- Gattai Minoli & Partners Cleary Gottlieb Steen & Hamilton 15Clifford Chance ▼ ▼ 6* 2 ▲ Linklaters Kim & Chang Jipyong Jisung 18 0.6 0.3 1 0.4 21* 4.5 1.9 1.6 3.13.1 5* 32.723 24 28* ▲0.2 30.8 18,334.3 32* Gianni Origoni Grippo Cappelli & Partners -Eversheds 19* 32* NCTM 19* Industry Total Studio Legale Riolo Calderaro Crisostomo e Assoc 50.0Paul Hastings -7.6%Industry % Change from Last Quarter 9 18* DLA Piper LLP Kim & Chang Jipyong Jisung Freshfields Bruckhaus Deringer 2* 58* 24* 8 11 3.6865.0 3 1,140.2 882.5 5 11 2 18* 115 12* 2* 58*24* 13* 18* 58* Gibson Dunn & Crutcher Advokatfirmaet Wiersholm AS 49 9* Weil Gotshal & Manges 12* -5 0.232* Wikborg Rein & Co 14 Legal Advisor 2.1 6.5 1,129.8 486.3 De Brauw Blackstone Westbroek 2013 Rank Morrison & Foerster ▼-3 Davis Polk & Wardwell ▲ 23 ▲1 10 0.6 Watson Farley & Williams 16.8 Eversheds 2221* - ▲ 32* 0.3 0.3 Hogan Lovells 2* 6 15.5 d'Urso Gatti e Associati 0.4 -47.1 68.8 Davis Polk & Wardwell Sullivan & Cromwell - Chiomenti Studio Legal 5 -Simpson Thacher & Bartlett Industry Total Morgan Lewis & Bockius Clifford Chance 17 - 23.7 25.3 ▲ 3.9 -36.2 -6.8 -15.8 ▼ ▲ 23.7 6.6 0.6 -11 ▲ 12* Chiomenti Studio Legal▲ 1 6* 4.2 1 ▲ ▲ 1 ▼ 7 10* 0.6 16* ▼ 22 1▲ 2 16* 016* 0.6 6.6 16* 5 Sh ($) -3.6% 15.8 454 # of Deals per Advisor 23.7 ▲ ▲ ▲ 1 Rank # of DealsSh ($) ▲ 0.6 -1 1.6 1.5Allen & Gledhill 25* 11 Jones Day 8 Heuking Kuehn Lueer Wojtek 19 526.5 744.9 23* - 23* 3 1.8Hogan Lovells ▼ 1 2013 RankLegal Advisor 23.7 25.3 23.7 3 32* 4,638.0 - 3,072.3 4,350.0 1 3 0.8 ▲ 1 0.8 Deals 4,350.0 ▲ 0.6 1 4* 1▼ 23.7 US$m 3 Change in 4.8 0 34.9 16* 4 101.3 4,350.0 26* 2* 2* Baker & McKenzie 34.9 2014 Rank ▲ ▲ Share Ch. ▲ 16* ▼ - 0.6 1 1.8 2.4 ▲0.6 2.4 1 0.7 ▼ 1.1 ▼ 1.8 -4 Allen & Overy 0.7 15* -58 ▲ Fried Frank Harris Shriver & Jacobson Milbank Tweed Hadley & McCloy 18* Industry Total 18* 58* -3.9 7 20* 39* 4.8 1,550.0 2,603.9 3,959.854 ▲ 6.5 -2 2,570.0 12 -9 0 11 31* 329.3 ▲ 1 1 1.2 -6 1 10* 16* 39* ▲2 -00.339* 1 -21.77* 0.9 18* 0.9 3.4 1 1.7 118* 7* 5* 23 - 12 - 0.4 -23.0 1 16* ▼ 20*Fried Frank Harris Shriver & Jacobson▲ Industry % Change from Last Quarter Studio Legale Riolo Calderaro Crisostomo e Assoc https://www.thomsonone.com 10.9 -20118 Gattai Minoli & Partners Hogan Lovells - - Bonelli Erede e Pappalardo 850.9 6.3 0.6 - 3.0 Cooley LLP ▼ Weil Gotshal & Manges 23.6 7.5 -5.0 6.8 845.4 845.4 6.8 13.8 13.8 6.8 4,350.0 -7.3 ▲ Simpson Thacher & Bartlett -Sullivan & Cromwell 5 - 36* Skadden 355.56,920.3 23.6 Davis Polk & Wardwell Sh ($) 13.8 33.0 1.8 ▲ Industry % Change from Same Period Last Year 494.7 68.0% Rank Value per Advisor (US$m) Any Italian Involvement Announced (AE44) Rank Value 100.0Industry Total ▲3 ▼-11.3%▲ 1.5 33,835.8 Market # of ▼-17.3% Jan 1 - Mar 31 349 4.1% ▲ 23,775.3 ▲Industry % Change from Last Quarter 3- Sh ($)Value US$m 2014 Rank Share Ch. ▲ Rank2013 Rank ▲ ▲ Market 1 Market 100.0 Legal Advisor Market ▲▲ 22 3 23 1.6 0.4 226*2 - 1.8 1.6526.5 1.6 -41.77*486.3 ▲ -Chiomenti Studio Legal 606.422 32* 36 1.852* 612.320* 1.4 20 0 Latham & Watkins 21 ▼ 1 Noerr LLP ▲ White & Case LLP -31.77* ▼0.6 -3 ▲Shearman & Sterling LLP -00.232*612.320* 1.8 4.8 ▼-10.339*1▼ 52.0▼ 2.2 Sullivan & Cromwell 4 -10.6-5.5 -3.7 ▼ 749.137 14▲ 17 1,129.8 1.818 2.2 3.3 -8.6 ▲10.620* 7.31,724.9 20.93 Luther Rechtsanwaltsgesellschaft mbH ▼-42.05* White & Case LLP 92.7 3 18* 58*16 2,036.3▲ ▼ Hannes Snellman 17 Shearman & Sterling LLP 0.7 Latham & Watkins ▲41.312* 1,236.727 3.716 12* 1,910.210 5.7 6 1313*-0.3 ▼ ▼-10.339*▲ 1 ▲10.3▲12*Blake Cassels & Graydon ▼-20.232*▲1,910.246 5.7 12*Squire Sanders LLP ▼-10.232*52* 5.71,910.2 5.6 ▲ 1 Cravath, Swaine & Moore - 5.7 13*Selmer1 13* -00.6▲ 12,570.0 ▲10.339* 20*5.5 2 - 11.0 10.8 Thompson Hine LLP ▲10.232*- 1,910.2 5.75.712* Clifford Chance 11 3.11*31 ▲6.1 5.42,054.4 14 ▼3 -10.915*9* 3,959.8 ▲16.316.7 7 9*Mori Hamada & Matsumoto 1-2.6 0.3▲16.6Allen & Overy ▲22.24106.310 ▼2,126.8 0 3,959.8 1▲ 39* ▲10.3 - Noerr LLP 17 8▲3,762.3 7.911.1 7* 9 ▼-41.88* 39*- ▲4,815.0 Linklaters -01.32 6.67,123.87 ▲21.1 -8 ▲7,099.1 21.0 ▼-72.649▲ ▲51.7 Hengeler Mueller -01.88*8,039.41 ▲1.4 ▼ 6 -6Nishimura & Asahi23.8 5,509.8 27.1 ▲ 20*2 20.2 - ▲20.6 20* 8 ▲10.3 ▲20.61 6,952.0 Roschier 27.1- 27.19,161.63* - 1 3.2 1.4 Market Hengeler Mueller0 Rank 36.5 ▲19.6 3* - ▲0.2▲ 9 4 15* 0.2 4 Rank Value -5 Market 13,518.7 ▲29.6 5 1 2.93 6 Change in ▼ 2014 Rank 1 2014 Rank 35.9 27.1 12 2 1 32* 2013 Rank Sh ($) 21.0 1 4 ▲ 8* ▼-20.9 0.2 1 ▼-4 32* 8 20.3 7 10.8 55.5 ▲ 34.9 29.2 ▲29.2 23.2 6,952.0 56.9 Any German Involvement Completed (AG44) 29.2 ▲ ▲ ▲ 3* Mannheimer Swartling Advokatbyra 9,171.2- 23.313* 5* 0.9 Market First Quarter 2014 | Mergers & Acquisitions | Legal Advisors ▲ -12 30.4 3 9,161.6 12,154.6 4* 1 ▲ 127.1 58* Linklaters 27.1 Rank Value per Advisor (US$m) Market Deals Any German Involvement Announced (AE43) Sh ($) Change in 1 US$m Market 132*27.19,161.6 Freshfields Bruckhaus Deringer # of DealsShare Ch. # of Davis Polk & Wardwell Legal Advisor 0.2 Slaughter & May 1 ▼-13.4% 16*1 - 12 2.0 8,676.9 Freshfields Bruckhaus Deringer 12,469.7 0 0.6 ▲ ▼-10.1 Rank 34.9 13.8 -5.2 2.4 9,227.1 6* 5 1 50.0 Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables 0.6 6.8 Sullivan & Cromwell # of Deals per Advisor 3 ▼ ▲ Share Ch. 1125.4 29.2 1 ▲ -7.1 # of DealsSh ($)Rank 0.9 2.6 0.6 1.1 Deals 2 34.9 ▲ 1 ▼ ▲ 2▲ ▲ 33.0 1 ▼-14.5% 1 3▼ ▼ ▲ ▼ ▲ ▼ Industry % Change from Same Period Last Year ▲ 23.7% ▲ 1 Paul Hastings 36* ▲ -22.4%-40.9% 1 100.0 Market 5 -5.5 ▼ 2 10* 1.2 0 - 1 16* - Allen & Overy 25 17 18.9 0.1 50.0 1 18* 0.9 1 18* 0.9 0- 0.4 0.424* 24* 0.4 0.4 ▲ 11
  • 14. *tie *tie -0.6 4,328.7 4,516.8 7,586.9 ▲ 1,605.6 281 35* First Quarter 2014 | Mergers & Acquisitions | Legal Advisors 1,190.2 1,605.6 11.0 11.0 Greenberg Traurig Industry Total https://www.thomsonone.com 1 19* 6.7 11.0 1,964.4 1,964.4 23.2 ▼ 1,964.4 18.94,325.0 3,506.6 ▲ Share Ch. 16.3 6 Industry Total 22 100.0 - 0.2 Jones Day Herbert Smith Freehills 20* 19 2.1 2.1 ▲ Skadden -1.7 Morrison & Foerster -13.0% Watson Farley & Williams 20* 1.4 Industry % Change from Same Period Last Year Any Benelux Involvement Announced (AE46) 13* 17* ▼ -29.8% - - -16.0%Industry % Change from Last Quarter ▼ ▼ 38,991.3 Macfarlanes 24* 69* 25* Demarest E Almeida 1,000.0 Allen & Overy Clifford Chance Ashurst 43* 9 Argo BCVBA Sullivan & Cromwell 12 14 Rank Value per Advisor (US$m) 2 38.2 7,136.1 20.3 18.3 ▼ 5 Market 27.8 ▲ 15.4 ▲ 10* ▲ 2,717.4 Rank 44.1% Simpson Thacher & Bartlett Kim & Chang 33* ▲ 5,800.0 4.8 Value US$m 3 18.5 4 2 0.7 0 23.20.7 24 9 7,931.96 55* 3 940.3 10* 8 EMEA Rankings Change in 0.3 0 Share Ch. Market 16.2 2,602.5 24,733.3 3 Industry % Change from Same Period Last Year BA-HR Blake Cassels & Graydon ▲ 1 1 ▼ 4 ▼ 1 5,984.2 5,800.0 13* - 15* Industry % Change from Last Quarter Mannheimer Swartling Advokatbyra Latham & Watkins Kirkland & Ellis 35* ▲ -19.0 -23.4% Weil Gotshal & Manges 53*18* ▲ 1 1 -46.3% 12 -2 - 1,964.415*28* 0.4 28* ▲ ▼ ▼-2 0.4 111.0 ▲ ▼ -86 1,964.4 Dentons▲ Hinckley Allen & Snyder LLP 33* -15*0.4 25 11.0 16 - 28* ▼ 2 6.72,602.5 ▲ 0.4 6.7 11.3 3.6 12.2 1 6.1 13 12.1 - 0.4 3.6 Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables ▲ 6 ▲ ▼ 11.0 White & Case LLP Osler Hoskin & Harcourt LLP ▼ -23.9% ▼ 17,850.8 ▼ 100.0 -33.3% -43.8% 1 11.0 16.216.2 16.3 15.5 ▲ 11.0 11.0 ▲ ▲ 12.8 13.2 Sh ($) ▲ ▲ ▲ ▲ 6.6 -41.9 -5 7.0 30* 30* 4* 15.4 10.2 6 22.0 Sh ($)Rank 0.6 -0.330*18.1 4 ▲ 2▲ 3 ▲ ▲ 0.3 12* 41.3 0.3 0.9 0.617* 8* 0 30* 30* 22.4 34.734.7 4.8 7.0 15.4 ▲ ▲ 7.0 ▲5.9 ▼15.2 29.4 ▲ 18.2 ▲ 25.3 ▼-25.9 ▼ 1 ▲ 42.4 320 63.4 ▼ 6 9 1.912*4 1* 2.85* 2 ▲0.5 ▲ ▲ ▼ ▼-1 3 ▲2 ▲ -6 0.533* -8 ▲1 ▼ 1 11.0 -3▲ 4 33*1 1 1 0 ▲ 10.5 1.9 -134 ▲ ▼ - ▲ ▲ 1 1 0.5 0.5 0.9 - 0.5 0.9 ▲ 33* 33* 12* ▲ 1 1 18* 4 ▲ 1.9436.7 ▼ 100.0 261.9 5* ▲ 33* 33* ▲10.5 1 ▲1 15* ▲ -108216 0.5 -1 33* ▼2.8 ▲ Norton Rose Fulbright 15*Hill Smith King & Wood 1,964.415* Gibson Dunn & Crutcher 11.0 11.0 15* 10.1 15* ▲ ▲ - -12.6 -2.0 19.819.8 1 - 10.7 11.0 10.1 11.0 0.5 11.0 - - 0 33* 1 1 0.5 0 1 0.5 0.5 33* 33* 0.5 1,964.461* 33* 45 33* 11.0 0 1 Gilbert + Tobin 1,964.4- 1,964.416 ▲ 3 28* -1.23,947.0 13* 2,602.5 11,854.2 10.1 20.3 -1.6 12.9 1.4 832.8 14* 526.5 69* ▲ 2.5 1 0.4 0.4 1 ▼ ▲ 12.6 980.0 832.8 1.1 ▼ -4 ▲2.1 ▼ 2.5 ▲2.5 4* 1 -42.9 17* 1,000.0 1 28*1▲ 2.6 De Brauw Blackstone Westbroek 4.21,625.3 7 2.6Souza, Cescon, Barrieu & Flesch Advogados 61* 15* 12.6 28*▲ Borden Ladner Gervais LLP 15*Goodwin Procter LLP-6 12.22,173.00.7 12.1 11.0 2,162.9 1,964.4 14▼ 0.4 6.7 28* 18* K&L Gates 6.7 - -1 ▼ -1 - 10 0.7 3 Cleary Gottlieb Steen & Hamilton 0.4 2,285.0-1 ▼ 12 ▼-2 Latham & Watkins -Stocche Forbes Advogados 29 10* 13.22,346.8 33* 2,346.85* 13.2 - Davis Polk & Wardwell 10*0 ▲ 33*1 14.9 28* 18*14.9 ▲5.4 ▼-10.1 1 2 2.39*2,659.3 5▲1.4 6.514.9119 -19.912* Linklaters 8▼-91.4 Allen & Overy 12* 3 Linklaters ▼-11.414*32Hengeler Mueller 5* -11 Slaughter & May 7,625.6 - 7 18* ▲ 14* 19.639 - Shearman & Sterling LLP 7 2,896.7 6 ▲ 1.1 - 3,239.3 4,137.4 ▲ 1De Brauw Blackstone Westbroek 0 5 3 ▼-102.39*524.74,412.8 3.0 ▲4 NautaDutilh 10,854.2 Loyens & Loeff 4* 4* 7 37 1* 4.3 Freshfields Bruckhaus Deringer▲3 - 27.810,854.2 2 18*26.0 Simpson Thacher & Bartlett 3 28.3 12 1211,028.4 ▲7.2 2 -15.8 4.31* -2 ▼ 27* Skadden Souza, Cescon, Barrieu & Flesch Advogados-5 2.1 25.3 52 ▼ 42.5 4,519.9 5,767.9 32.3 -3 1 6.8 6 ▼ Clifford Chance 2013 Rank 2014 Rank# of Deals ▼-4 Change in Legal Advisor Stibbe 2030.4 2.17* 6 1Freshfields Bruckhaus Deringer ▲ 64 63.4 Sh ($)Legal Advisor Share Ch. Market# of Sh ($)US$m Rank Value Deals Market 100.0 Jan 1 - Mar 31 # of Deals per Advisor 2013 Rank 2014 Rank Rank Market Industry % Change from Last Quarter Industry Total 38,299.5 112.0%Industry % Change from Same Period Last Year ▲ ▲ 29.6% -20.1% Industry % Change from Same Period Last Year Industry % Change from Last Quarter▼ -90 -16.9% Industry Total ▼ 68.7% 0 235.511 22,841.8 ▲ 0.519* 25Kromann Reumert 442 2*111.0 980.0 2.5 1.21.2▲2.6 1 25Hengeler Mueller - 24 -2▲2.5 2.6Argo BCVBA ▲ ▼ 17*2 0.6 20 ▲76.313.13.1 35* 1 ▲ 23 Gleiss Lutz 0 53* 20* -Fried Frank Harris Shriver & Jacobson 1,167.8 ▲ 1 0.2 0.519*2.43.1 2▲ 20* 3.1 20 1,100.053*- 221,167.820* 37* Sidley Austin LLP ▲10.235*1▲1,167.8 3.1- -00.3 0.3 Dittmar & Indrenius ▼-10.713*1720* ▼-20.330*7.01,605.6 6.7 1▲393▲1,167.8 13.5 3.1 18*0.7 CMS ▲10.330* Fangda Partners -18*Maples & Calder 1 1,605.6 Bruun & Hjejle I/S -00.235*33* 1,344.819 ▲2.5 1Allen & Overy ▼-20.519*18 2,126.823 -7.0 17* ▲20.912* ▲7.0 0 Cleary Gottlieb Steen & Hamilton2.85.6 4 5.6 23.7 ▲ 3▲5.97.21,642.217Freshfields Bruckhaus Deringer ▲10.911*2,147.81317 2,488.1- 3,103.0 16 ▲ 6.77.61,724.9250.2 ▼-11.38*15Linklaters 55* 11.3 4▲ 6.5 0.5 ▲19* 2,570.022 1 35* 16▲6.5 8.18.1 14*Selmer2▲ 1 Hannes Snellman 1 Kirkland & Ellis -00.235*▲29* 6.58.23,151.311* ▲1.911.32,570.0 11 514*Advokatfirmaet Wiersholm AS ▼-100.617*13Wikborg Rein & Co 11.4 3.4 ▼30* 11*Travers Smith -00.235*1▲3,151.333* 7.28.2 1▲ 2,603.96 2▲ 11*Accura Advokataktieselskab ▲10.519*3,151.333* 8.2 - 8.2 2▲7.2 12 53* Torys 1111* 3,166.1- BA-HR ▲10.235*1▲3,151.3 8.2 3,727.753*8.38.3 Waselius and Wist LLP 10Hengeler Mueller 3,698.4 ▲1 ▼-20.617* 10Bech-Bruun ▲20.519*2▲ - ▲1 2▲ ▲10.31Lee & Ko9Advokatfirmaet Wiersholm AS ▼-10.519*3,354.8 18.9 1▲▼-11.4 18.925* 4,325.0-7.08.8 18.97* ▼ 4,716.3 2▲ 4,325.028*7*Covington & Burling 10 6* 55* 12.3 White & Case LLP 3,898.14 -11.410.2 Castren & Snellman 7 8 6Gorrissen & Federspiel ▲11.846,325.936 8▲ 6Skadden16.5 19* 012.3 -0.5 7*Freshfields Bruckhaus Deringer ▲19.019.0 -5 511.520.4 15.7 - 23.9 Hannes Snellman ▼-31.657▲7,795.89 30.912*▲ 3 Sullivan & Cromwell ▲10.235* ▼ 4White & Case LLP 5,108.4373* 1▲9,161.6- 38.7 38.7 23.9 6 2 -2.7 3 27.1- - 6,192.4 ▲ 2 ▲ ▲30.9 0.6 12* 1 ▲30.230.2 ▲-0.9 7,933.4 6,895.0 Davis Polk & Wardwell 1▲9,161.63 1.83* 23.9 Share Ch. Mannheimer Swartling Advokatbyra Roschier 1 - # of Deals 414,801.0 11,923.4 31.1 -1 4 Fried Frank Harris Shriver & Jacobson Cravath, Swaine & Moore 2 0.2 53.9 Davis Polk & Wardwell▲ 17 2014 Rank ▼ Deals ▲ Market 11* Rank Sh ($) 1 Market Legal Advisor Rank Value per Advisor (US$m) Value US$mLegal Advisor Sh ($)US$m 2014 Rank 2013 Rank Market # ofRank Value Market Any Nordic Involvement Announced (AE45) Change in 2013 Rank Rank Value per Advisor (US$m) Any Nordic Involvement Completed (AG46) Sh ($) # of Deals per Advisor # of Deals Market Deals 17* Jan 1 - Mar 31 Rank # of # of Deals per AdvisorRank Value per Advisor (US$m) Any Benelux Involvement Completed (AG47) Market Jan 1 - Mar 31 # of Deals per Advisor 2 - ▲11.94* ▲ Market Change in ▲27.1 2 0 217* ▲ 3 2 9 Deals 4.21* 30* 1 ▲2 ▲ 19* 11.414* 4.2 4 Sh ($)Rank Jan 1 - Mar 31 # of Deals 2 2 ▲3 -29.5% ▼ -2.1% ▼ 3 # of Cleary Gottlieb Steen & Hamilton 23 10 352.0 0.9 -18.4 ▼ 1 28* 0.8 0.7 1 293.5 0.8 0.8 ▲ 01 28* - ▲ 2 18*Addleshaw Goddard 24* 69* 293.5 0.8 0.4 12
  • 15. Consumer Staples Healthcare 18.8 1 Simpson Thacher & Bartlett 5,800.0 2* 47.1 1Nishimura & Asahi 1,012.0 3* 7.0 5 Davis Polk & Wardwell Hong Kong / Hong Kong 3,463.9 Materials / Containers & Packaging 2,781.8 Vaish & Associates 1,637.8 1* 14.4 1 Real Estate / Other Real EstateChina / China Singapore / China Hong Kong / United States Real Estate / Other Real Estate Consumer Staples / Agriculture & Livestock Telecommunications / Telecommunications Equipment Trilegal China Cross Border Announced M&A 10,048.0 Retail / Other Retailing Belgium / South Korea 5,800.0 1,637.8 1,360.4DLA Piper LLP Hairun Law Firm St James Holdings Ltd AZB & Partners Allen & Overy 1,360.4 Real Estate King & Wood Mallesons Allen & Gledhill 10,048.0 Financials Herbert Smith Freehills 10,339.3 1,637.8 785.2 New World China Land Ltd (31.4%) Hong Kong / China 2,620.4 Perennial RE Hldg-Asts (100%) 25.7 * tie 2 Industrials / Transportation & InfrastructureInvestor Group 2,357.5 Singapore / Singapore Iowa China Offshore Holdings (34%) Easywin Enterprises Corp Ltd Real Estate / Other Real Estate Pending Cheil Industries Inc (100%) Greenland Holding Group Co Ltd (100%) Consumer Staples / Food and Beverage Real Estate / Other Real Estate 3/13/2014 Intended Shanghai Jinfeng Investment Co 1/20/2014 Olam International Ltd (52.9%) 1/9/2014 3/14/2014 AS Watson Holdings Ltd (25%) Breedens Investments Pte Ltd Motorola Mobility Holdings Inc (100%) 6.71 160 3,000.9 Fangda Partners 13.2 7.6 74.2 2.9 2 2 15.1 1 2* 74.2 Cleary Gottlieb Steen & Hamilton2,910.0 Target (% Sought/Acquired) Rank Value (US$m) Target Macro / Mid Industry 851.5 3 199.9 Materials 3,923.9 Announced M&A activity with Asian involvement in the first quarter of 2014 grossed at US$127.3 billion in value, a 52.2% increase over the US$83.6 billion recorded in the same period last year. China remains the most targeted nation in the region with a 39.5% share from 712 deals. Companies in the Real Estate sector were the most targeted, with US$29.2 billion accumulated from 160 deals. This is the strongest start to a year for Real Estate driven by Greenland Holdings’ plans to list on the Shanghai Stock Exchange through a reverse merger (valued at US$10.05 billion) with Shanghai Jinfeng Investments. The Materials and High Technology sector followed, with US$14.5 billion and US$13.6 billion, respectively. China cross-border activity accrued US$22.0 billion, a slight increase from the US$21.8 billion accumulated in the same period last year. Outbound investment volume recorded US$8.8 billion, a 40% decrease from the US$14.6 billion in the first quarter of 2013. Australian announced M&A activity increased by 91%, reaching US$21.6 billion as compared to the US$11.3 billion accumulated in the same period of 2013. Australia cross border activity totalled US$12.4 billion; inbound investments into the Energy and Power sector led the market, with a 70% share, while outbound activity amounted to US$3.7 billion. 2* Acquiror 1 1 14.4 Sullivan & Cromwell 5,800.0 102 1 1Freshfields Bruckhaus Deringer 47.6 2* 127 1 1 203 14.4 1 2 5,862.2 2 1* (US$m) 1* Share Industrials Morrison & Foerster Stamford Law Corp 5,800.0 Share 3,717.6 2,444.3 1 2,357.5 3* Rank 47.1 1 Mkt. 1 WongPartnership LLP Kim & Chang 14.4 2,357.5 3* Asia Pacific (ex-Japan) Deals Intelligence Rank Val (US$m) Rank 4,398.8 14,535.0 13.21* 3 1,403.9 29,170.4 No. Deals No. Deals Mkt.Rank Val 147.1 233 12,311.1 2 Pending3/14/2014 Pending 3/18/2014 1/9/2014 34.5 Fangda Partners Date EffectiveRank Date 1/29/2014 Anheuser-Busch Inbev Mayon Investments Pte Ltd 3/31/2014 3/21/2014 Oriental Brewery Co Ltd (100%) Lenovo Group Ltd Shareholders Pending Pending Pending Pending Frasers Centrepoint Ltd (100%) Samsung SDI Co Ltd Singapore / Hong Kong Singapore / Singapore South Korea / South Korea 5,667.0 2Bae Kim & Lee 3,729.7 1 1* Skadden 2 1 Nagashima Ohno & Tsunematsu 2,910.0 2,369.9 Acquiror / Target Nation 4,398.8 2 9.7 4Herbert Smith Freehills 3* 7.0 Pending https://www.thomsonone.com First Quarter 2014 | Mergers & Acquisitions | Legal Advisors Asia Pacific (ex-Japan) M&A Asian M&A Rises 52% I US$22 bil of Cross Border Activity I Australian M&A Up 91% Any Asian (Ex-Japan) Announced M&A by Target Industry Top Ten Asia Pacific (ex-Japan) Announced Deals Jan 1 - Mar 31 2014 Jan 1 - Mar 31 2014 296 2 2* 18.8 3 29.7 19.5 2/18/2014 1 Any Asian (Ex-Japan) Involvement Advisors by Target Industry Jan 1 - Mar 31 2014 12,511.9 1,012.0 5.7 1 3 Hairun Law Firm 172.3 Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables 31 3,274.2 1 83.4 2 Telecommunications 1Weil Gotshal & Manges 2,910.0 Energy & Power 11,378.8 144 1*1,637.8 0% 20% 40% 60% 80% 100% $0 $10 $20 $30 $40 $50 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 %Outbound RankValue(US$b) Outbound (US$b) Inbound (US$b) % of Cross Border is Outbound 14% 14% 12% 12% 11% 10% 10% 5% 4% 3%3%2% 0% Real Estate Consumer Staples Industrials High Technology Energy and Power Materials Financials Consumer Products and Services Telecommunications Media and Entertainment Healthcare Retail Government and Agencies 13
  • 16. ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ Amarchand Mangaldas 9 -5 ▼ ▲ 2,755.6 ▲ 9 Rank Value US$m Change in 0.5 2 0.2 2014 RankLegal Advisor Simpson Thacher & Bartlett # of Deals per Advisor Market Change in# ofMarketMarket Rank Value per Advisor (US$m) Market Market2013 Rank US$m First Quarter 2014 | Mergers & Acquisitions | Legal Advisors # of Deals per Advisor ▲ Legal Advisor Kim & Chang ▲6,146.5 Sullivan & Cromwell ▼ 6 1.2 4.2 0.7 Sh (%) Market2014 Rank 15,227.7 44 8.3 12.017 4 Rank # ofRank Value Sh (%) 72 7.1 9,017.3 ▲ ▲ 67 5,222.1 3 4.8 4 36* 6,154.8 5.0 * tie Freshfields Bruckhaus Deringer 1 4 Skadden 6 9 Allen & Gledhill 8 27 Cleary Gottlieb Steen & Hamilton 9 Clifford Chance 7 48 6,387.6 5,272.9 5 Simpson Thacher & Bartlett 3 9,031.4 Rank Value per Advisor (US$m) 8,577.613* Allen & Gledhill # of DealsShare Ch. 0.4 2013 Rank ▼ # of Deals ▼ 8.8 ▼ 2 Sh (%) Share Ch. 6.3 5 15* -150 Any Asian (ex-Japan) Involvement Completed (AG32) - Deals 7.1 ▲ 6.9 25*▲ 2.3 24 4.1 20* ▲ 9 7* 1 14.79.4 36*-1.0 ▲ 7 0.2 ▲Herbert Smith Freehills 2 6 5,252.5 13 29.0 -10.0 5*4 -15 1.0▼ Deals Rank 1.9 ▲ 0.5 Sh (%) King & Wood Mallesons 2 1 10,533.3 9 ▲Simmons & Simmons 3 - 5,115.0 ▲ 247*8.8 0.20.3 1.32 5 ▲10 4 ▲ ▲1.2 -Kim & Chang 4 21 4,153.5 7.1 1 2.321 0 -1 ▼Shin & Kim 5 25 4,075.5 7.0 1.1 2 ▲Minter Ellison 6 85 3,771.2 21*6.4 3.9 4▲▲ 3 10 ▲ -10.3▲ 3Allens 3 0.4▲ 46.5 0.9 ▲ 8 6.2 ▲ 87 7 30* 8* 5.135 3,696.0 1.1 0.34.8 ▼Bae Kim & Lee 8 22 3,607.24.1 2.0 13* 0.4 -564 5,176.3 5* 1.0 2 -16▲ ▲ 7 -16 52* 0.1 1 ▲ 4.7 2.3Baker & McKenzie 10 27 ▼ 4.1 3.8 4.8 3.131 2,808.9 ▼8* 0.9 11Bae Kim & Lee 11 7 4,925.5 Davis Polk & Wardwell 10 ▲51 2,746.4 4.7 4.0 3▲ 4.1 3.8 -4 ▼ 13* 0.4 3.9 -0.8 4 3 ▲ ▼ 15 30* 0.3 13 Slaughter & May 12 2 3.2 -1.4 0.8 0.4▲ 44.4 3.5▲ 2,536.8 21*42 Morrison & Foerster 13 8 4,020.8 1 1.5Lee & Ko 12 ▼ 29 20* 0.3 5 ▲137* 3,871.2 3.0 3.0 ▲ 6 ▲Wachtell Lipton Rosen & Katz 13 - 2,300.0 47* 0.2▲ 2 2 3.8 3.8 ▲ 12 4.0 4.0 -2 ▼ Fangda Partners 14 129* 2,186.3 7 ▲2 1.32.5 -5.1 10* 0.4▼ 8Herbert Smith Freehills 14 2 3,141.3 Weil Gotshal & Manges 15 36 2,910.0 1.1 68* 0.1▲ 1 -3-1 ▼ 3 ▼Clifford Chance 15 28 2,008.0 3.4 1.1 30* 0.3▲ 3.3 3.03 ▲ Paul Hastings 16 67 1,900.0 ▲ 1 0 -63* 0.1Latham & Watkins 16 71 2,699.0 2.0 1.1 2.1 1.9 20* 0.3▲ 6 Stamford Law Corp 17 41 2,512.9 45* 0.2 Davis Polk & Wardwell 17 5 1,870.9 3.2 -15.8 -2 ▼21* 0.4 ▼ 3 ▼ 4▲ 3 -1 ▼ WongPartnership LLP 18 26 2,500.2 2.0 -0.2 -5 ▼ 2 ▲Cleary Gottlieb Steen & Hamilton 18 8* 1,786.3 30* 0.33.1 -15.5 ▲ 14 36* 0.2▼ 4 5 0.7 1 ▲Jones Day 19 89 1,780.3 8* 0.9▲ 8AZB & Partners 19 52 2,383.2 -6 ▼1.9 1.3 3.1 3.0 ▼ 3 -3 ▼ Kramer Levin Naftalis & Frankel 201.9 -0.5Hogan Lovells 20 20 2,359.9 3 ▲ 45* 0.2 ▲ 3 ▲ 1 1 ▲ 2.7 2.7 - 1,675.0 - 1,576.3 2.9 2.9 63* 0.1 30* 0.31.8 1.6 Lee and Li 21▲ 1 0 -68* 0.1Cravath, Swaine & Moore 21 82 2,312.1 10* 0.4Allen & Overy 22 47 2,117.0 1.7 1.0 ▲ 8 Sullivan & Cromwell 22 11 ▲ -3 ▼ 50 1,501.7 2.6 1.9 0 -▲ 1 63* 0.1 -1 ▼Osler Hoskin & Harcourt LLP 23 8* 1,432.5 63* 0.1▼ 1 1.5 -0.9 2.5 -16.13 1.1▼ 201.6 -0.7 Jones Day 24 19 1,851.7 Fangda Partners 23 21 2,070.9 2 ▲Ropes & Gray 24 37 1,361.3 30* 0.31.2▼ 7 13* 0.4 ▲ 30 - 2.3 Zhong Lun Law Firm 25 39 1,805.7 -11.4 0.4 7 -1711,910 ▼▲ MarketRank 127,310.1 Any Asia Pacific (ex-Japan) Involvement Completed (AG31) # of Deals per Advisor -36.2% ▼ Jan 1 – Mar 31 ▼1,298.0 21* 0.4-9.6 4 -132.2 Change in 13* 0.4 Industry % Change from Same Period Last Year 52.2% Jan 1 – Mar 31 Industry Total 100.0 Any Asia Pacific (ex-Japan) Involvement Announced (AE30) Industry % Change from Same Period Last Year▲ -8.2% Linklaters 25 14 Industry Total # of -38.5% Industry % Change from Last Quarter -10.7% ▼ Deals 2013 Rank Rank Value per Advisor (US$m) # of Deals per Advisor Sh (%) -25.6% -25.5% Market Market Market Industry % Change from Last Quarter-24.5% Rank Value per Advisor (US$m) ▼ - # of DealsShare Ch.Value US$m Market Change in# of Rank Market 15,227.7 16.4 Sh (%)Legal Advisor US$m Deals 2014 Rank 2013 RankLegal Advisor 21* # of DealsRank Sh (%) Freshfields Bruckhaus Deringer 1 18 0 Sh (%) 2014 Rank ▼▲ Rank Value Share Ch. 0.511 10.4 8.0 ▼ 0.3 -26 7 -7 ▼Herbert Smith Freehills 1 3 12,534.1 1 2.0 11.2 23 -0.4 -2.2 King & Wood Mallesons 2 1 13,425.9 9.2 -1.0 ▲ 10 -17 ▼Allen & Gledhill 2 13 8,577.6 23* 0.4 3 ▼ 5 Simpson Thacher & Bartlett 3 81 9,031.4 6.2 6.0 ▼ 33 16 -1 ▼Minter Ellison 3 62 6,597.7 8.6 8.0 4 1.4 6.2 0.3 ▲ 5 32* 0.2 4 ▲ 1.0Kim & Chang 4 3 9,017.3 8.3 6.4▲ 24 Allens 3.8 4* 6,336.6 ▲ 11 -101.1▲ 13 7* Simmons & Simmons 6 ▼ 2 1.1 9 ▲ -4 ▼ 7.26 ▲ 25 5,536.6 ▲ 10 ▲ 10 11* 0.5 11* 0.5 Clifford Chance 5 King & Wood Mallesons 556 8,769.2 6.0 5.4 Skadden 6 9 8,757.3 6.0 2.6 ▲ 21 ▲ 2- 5,115.0 6.7 6.72 ▲ 2 ▲ 2 1.8 -1 ▼ 54* 0.2 Herbert Smith Freehills 7 5.4 0.14.8 -3.7 ▼ 14 -23 ▼ Ashurst 8 30 6,859.9 4* 0.7▲ 154.7 3.0 2 6,989.9 Kim & Chang 7 22 4,153.56* 0.6 ▲ 105.3 2.60 - 27 4,075.5 Baker & McKenzie 9 -1 ▼10 0.9Shin & Kim 8 4* 1.1▲ 13 2 ▲ 32* 0.2 4 ▲ 53* 0.1 -8 ▼5.2 2.84.7 4.0 30 3,999.1▲ 5 -3 ▼Ashurst 10 32 3,918.2 ▲ 115.1 3.2Cleary Gottlieb Steen & Hamilton 10 54 6,795.5Sullivan & Cromwell 9 76 6,122.1 -16 ▼ ▲ 3 7* 1.0 -5 ▼ Bae Kim & Lee 11 13* 0.7▲ 84.7 0.1 4.2 3.9 23 3,607.2 Davis Polk & Wardwell 12 28 5,272.9 21* 0.3Allen & Gledhill 11 ▲ 73.6 1.7 -2 ▼Drew & Napier 12 95 3,053.5 54* 0.2▲ 221* 0.3 3 ▲73 5,176.3 3.6 3.3 ▲ 7 4.0 3.1 ▲ 1 4.0 3.8 2 ▲ Torys 13* 48 3,044.8 -1 ▼79* 0.13.4 2.5 18* 0.4▲ 8Gilbert + Tobin 13 49 4,963.3 Bae Kim & Lee 14 7 4,925.5 3.4 -0.9 4* 0.7▼ 15 1 ▲Deloitte 13* - 3,044.8 4.0 4.0-4 ▼ 79* 0.1▲ 1 4.0 -13.313 ▲ Stikeman Elliott 15 5 3,022.9 ▼ 3 -1 ▼39* 0.32.8 -1.3Lee & Ko 15 8 4,020.8 Allens 16 44 3,956.4 2.7 1.7 15* 0.4▲ 9 1 1.3▼ 29 -16 ▼Amarchand Mangaldas 16 35 2,808.9 3.7 2.2-3 ▼ 13* 0.7▲ 8 3.05 ▲ Simpson Thacher & Bartlett 17 60 2,746.4 ▲ 3 2 ▲39* 0.3155* 3,871.2 2.6 0.5 2.7 2.7 29* 0.3▲ 6 Hogan Lovells 18 20 3,792.4 Morrison & Foerster 17 White & Case LLP 18 19 2,637.3 3.5 -3.5 -1 ▼31* 0.4 ▲ 4 ▼ 4 31* 0.4-2 ▼ 44* 0.2▲ 4 -2 Weil Gotshal & Manges 19 42 2,910.0 77* 0.12.0 0.9 ▲ 1 ▲ 8 3 ▲Slaughter & May 19 53 2,536.8 3.3 2.5 -14 ▼9 0.6 1 ▲Gilbert + Tobin 20 26 2,522.5Baker & McKenzie 20 2.0 -1.3 ▼ 12 ▲ 7 21* 0.3 10 2,875.6 128 2,802.0 1.9 1.9 3 ▲ Latham & Watkins 22 80 2,699.0 Paul, Weiss 21 1.9 1.7 ▲ 4 ▲ 44* 0.2 0.2 6Fangda Partners 22 ▲ ▲ 7 ▲ 2 ▲3.0 3.0 1.12.9 54* 122.9 WongPartnership LLP 24 27 1.7 0.9 ▲3 53* 11*9 5 2Wachtell Lipton Rosen & Katz 0.1 -1 240.2 ▲ 5 -4 Jones Day 0.8 ▼-22.6 ▲ 31 2,008.0 32 2,389.6 0.1 Stamford Law Corp 23 51 2,512.9 2,500.2 1.7 -0.3 ▲ -28.3% 5925 100.0 ▼ 2 Industry % Change from Same Period Last Year -27.6% -21.0% 32* ▼ -26.0% 2.3 -4▲ ▼ ▲54* 2.5 1▲ 23* 0.4 Industry % Change from Same Period Last Year 58.3% ▲ -10.8% Industry % Change from Last Quarter ▼ 653 1.6 ▼ 2,201 3 Industry Total 145,810.9 13Allen & Overy 25 76,460.6-557 Sullivan & Cromwell Industry % Change from Last Quarter 0.6 2.5 Clifford Chance 2,186.3 91 1,932.3 8 100.0 1.9 3.3 149* -31.2% 0.1 3.6 Any Asian (ex-Japan) Involvement Announced (AE31) Jan 1 – Mar 31 Jan 1 – Mar 31 1,909.7 ▼ 2,300.0 0.5 0.2 ▼ 1,145 329 - 100.0 23 21 ▼ 58,288.3 https://www.thomsonone.com 1 13* -26.5%▼ Industry Total 935 0.7 Asia (Ex-Japan) Rankings Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables 14
  • 17. ▼ ▼ ▼ ▲ 3 13* 0.9 3 ▲Drew & Napier 25* - 494.7 2.3 2.3 ▼-27.8%-6.3% Australian Cross Border Announced M&A Asia (ex-Japan) Buyside Financial Sponsor Activity Industry % Change from Last Quarter * tie Industry % Change from Last Quarter ▼ -31.0% ▼ - 1.1 -8.8 247 Industry % Change from Same Period Last Year 51.7% ▲ -33.4% 22,853.7Industry Total 1,539 1 -17.1 ▼ 1.0 100.0 23* 25 24Creel, Garcia-Cuellar y Muggenburg 349 -52.7% -22.1%▲78.7% ▲ 1.1250.0 10.4 ▲10.423*1 Industry Total 1,462 ▲ 223.2 21,688.0 Lander & Rogers Lawyers585.0 ▲22 100.0 - 494.7 2.3 2.3 794.8- 3.73.7 - - 2▲1.31 297.05622Kirkland & Ellis ▲10.814*1.3Guantao Law Firm ▲10.324* 1.81.8 18*Willkie Farr & Gallagher ▲10.324*1▲ 319.121 53- ▲900.0 900.0 4.2 00.423*1▲ 1▲ 19Clayton Utz - 407.920Sullivan & Cromwell 428.19 ▲10.423* Simpson Grierson 18* 4.2 1.31.4 - Ropes & Gray ▲10.324*- 4.24.2 1 ▲1 900.0 4.24.2 4.24.2 1 ▲1 5▼ ▼-42.07* 0.423* 1.918*Dechert ▲10.324*▲- 1▲1▲ 2.32.30.324* 529.2-18Maddocks 17Sullivan & Cromwell 4.34.3 18*Cleary Gottlieb Steen & Hamilton 900.0- 933.3- 585.03417King & Spalding2▲ 0.618* 0.423*1▲ 0.814*2▲ 16Chapman Tripp ▼-21.48*1,019.722 3.34.7 ▲1▲2 ▲1 1.82.6 2.72.7 2▲ 5▲ 15*Drinker Biddle & Reath LLP 15*Latham & Watkins 15Linklaters ▼-20.618*1,020.015 0.34.7 ▼-5 615.0- 0.423*615.0- ▲12.72.7 1▲ 14Hogan Lovells ▲10.324* 1,265.72514Baker & McKenzie 2.07*5▲2.45.51,432.5- 6.66.6 9▼-7.48.3 1▲ 13Allen & Overy▼-172.6213Minter Ellison 1,789.72 4▲1,489.046 6.26.5 ▼-11.69* ▲10.423*1▲2,454.0- 10.710.711*Burnet Duckworth & Palmer ▲10.324*1▲ 12White & Case LLP2,183.4- 10.110.1 1▲ 11Gilbert + Tobin-00.324*9.110.111*Davies Ward Phillips & Vineberg LLP 2,183.424* ▲13.26 3▲ 8▼2,522.51 -11.511.0 -01.211*3,022.919▼-70.618*2▲10Norton Rose Fulbright 2,220.535 10.810.8 9.910.2 7.813.210Stikeman Elliott ▲10.423*1▲7*Drew & Napier9Paul, Weiss ▲20.618*2,335.4- 2▲ 13.313.3 3,044.8- 13.313.3 3,044.8-8Baker & McKenzie ▼-22.062,524.05 2.311.6 ▲10.423*7*Deloitte 1▲7▲ 13.313.31▲ Torys▼-10.3 1▲ ▲10.423* Clifford Chance 3,044.8- 11.212.1 10.712.07Skadden 7*24*2,602.523 2,622.727 ▲1▲3 16.0Allen & Gledhill 3,657.359* 8.317.15AshurstKing & Wood Mallesons ▼-152.33*-5.913.32,892.715 ▲ ▲ 6 4▲ 1.210* ▼ 16.06 -84.53* ▼-1 2 11 0.814* 4.58 5 3,918.210 4King & Wood Mallesons 5,500.9Herbert Smith Freehills 6▲3,848.63 4.44 14.527.76,336.67 11▲9.624.1 ▲ 11 22.9 ▼-271.7717.8 15.8 2.33*8▲ 3* ▼-4 2Minter Ellison8▲ 3Allens Gilbert + Tobin 8 10.5Allens 18.2 2 11 4,963.3 3 3,949.5 ▲6,597.723 48.8 19▲1 35.44.3 6 24.928.92.3 ▲2 Rank Value US$m 2013 Rank Sh (%) Share Ch. 11,158.7 Market ▲▲23.9 Legal Advisor 1 9 1 2014 Rank 31.66,859.9 Market https://www.thomsonone.com Australia & New Zealand Rankings First Quarter 2014 | Mergers & Acquisitions | Legal Advisors Rank Value per Advisor (US$m) 1Ashurst Herbert Smith Freehills15 -10 ▼ ▼7.71 ▼ -8 3* ▼ -1 # of DealsSh (%)RankShare Ch. ▼-44.5 6.52 RankDeals 2013 RankLegal Advisor# of DealsSh (%) Market Rank Any Australia or New Zealand Involvement Announced (AE27) Jan 1 – Mar 31 # of Deals per Advisor 2014 Rank Rank Value per Advisor (US$m) # of Change in Sh (%)Value US$m Any Australia or New Zealand Involvement Completed (AG28) Market# ofMarket Market Allen & Gledhill 2.4 1 2▲ Industry % Change from Same Period Last Year 23 24 25* King & Spalding Stephen Blanks & Associates 3 24* 18* 13* 2 14* ▲1.0 -23 0.8 # of Deals per Advisor 2 168.8 Change in Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables 0.3 0.6 1 2 3 ▲ Corrs Chambers Westgarth ▲ ▲ Jan 1 – Mar 31 ▲ Deals 525.4 2.7 2.4 2.7 0.9 0.7▲ 3* 16 $6.5 $8.4 $3.8 $13.9 $1.5 $14.7 $9.9 $6.0 $23.7 $3.2 $3.3 $9.6 $5.5 $10.0 $10.2 $8.3 $9.0 $19.7 $5.6 $9.9 $4.5 $5.7 $9.1 $12.8 $14.7 $18.2 $5.2 $5.5 $11.7 $4.4 $5.9 $18.0 $9.8 $5.4 $13.6 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% $0 $10 $20 $30 $40 $50 $60 $70 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 %ofAsia(ex-Japan)Volume RankValue(US$b) Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) % of WW FS Volume YTD 0% 20% 40% 60% 80% 100% $0 $10 $20 $30 $40 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Outbound RankValue(US$b) Outbound (US$b) Inbound (US$b) % of Cross Border is Outbound 15
  • 18. *tie Skadden 363.4 2 15.6 1 Nishimura & Asahi 357.1 3 15.3 1 Anderson Mori & Tomotsune 68.0 3* 2.1 1 Mayer Brown LLP 68.0 3* 2.1 1 15,693.4 1* 97.9 1 Nagashima Ohno & Tsunematsu 794.0 3 8.3 9 Cleary Gottlieb Steen & Hamilton 15,693.4 Schulte Roth & Zabel LLP 1,368.1 1,368.1 Sidley Austin LLP 15,693.4 White & Case LLP 15,693.4 1* 1,162.0 3 Nishimura & Asahi 15,693.4 97.9 1 Kirkland & Ellis Nakamura, Tsunoda & Matsumoto Retail Mori Hamada & Matsumoto Mori Hamada & Matsumoto Media and Entertainment https://www.thomsonone.com 1*Clifford Chance 4 192.6 35.9 10.1 1 11* 8.7 Jan 1 - Mar 31 2014 2 70 13.9 14.4 Mori Hamada & Matsumoto 68.0 7.5 1,559.2 1 Japanese Involvement Announced M&A Target Industry by Value Linklaters Japan / Japan Nipsea International Ltd 3,174.2 1* Shearman & Sterling LLP Any Japanese involvement announced M&A volume during the first quarter of 2014 recorded US$44.7 billion, a 74.5% increase compared to the first quarter of 2013. This surge came despite a 3.9% decrease in the number of deals, and was the lowest first quarter deal count since 2004. Consumer Staples topped the Japanese market, accumulating US$16 billion in value, a significant increase from the US$958.8 million posted last year. This total marked both the largest first quarter volume on record and the largest quarterly volume since the fourth quarter of 2006. This value was primarily driven by Suntory Holdings’ $15.7 billion acquisition of Beam, a US-based producer of liquor. Japanese outbound activity for the first three months of 2014 recorded the highest first quarter volume on record. Worth US$20.9 billion, this marked a 178.6% increase compared to the first quarter of 2013 and a 31.5% increase compared to 2012’s US$15.3 billion, the previous record holder for the largest first quarter outbound volume. Outbound activity accounted for about 47% of the Japanese market’s M&A activity during the first quarter of 2014. Any Japanese involvement completed M&A volume reached US$32.3 billion from 391 deals. 2 601,779.1 165.5 192.6 8.7 Hogan Lovells Mori Hamada & Matsumoto Japan / Japan Nishimura & Asahi Morgan Lewis & Bockius Consumer Products and Services 13.9 35.9 AZB & Partners Financials Mori Hamada & Matsumoto Khaitan & Co 1 247.5 2* 1 14.6 2 256.4 247.5 Simpson Thacher & Bartlett 2,331.6 12* 3 1 72.8 4 169.8 1,135.8 Japan M&A Japanese M&A Up 75% | Consumer Staples At Record Volume | Outbound Activity Highest First Quarter Volume 97.9 First Quarter 2014 | Mergers & Acquisitions | Legal Advisors 1 Acquiror / Target Nation Rakuten Inc3/11/2014 2 1* 97.3 61 7 1,121.3 1 1.9 1 Mori Hamada & Matsumoto 1 Nagashima Ohno & Tsunematsu 71.9 1 97.9 72 1* 1* 1 1 2 28.4 1 3 34.7 (US$m) 1* 9,600.8 14.3 1,236.4 14.3 3,568.7 No. Deals Rank Val (US$m) 1 22.6 45 525.8 Rank Mkt. Rank No. Deals 47 Share Japan Deals Intelligence 16,038.1Consumer Staples Rank Val Any Japanese Involvement Advisors by Target Industry Mkt. Share Pending Materials / Chemicals Japan / Cyprus Real Estate / Non Residential Consumer Products and Services / Other Consumer Products Kokusai Kogyo Co Ltd (55%) 1 261.5 1* Acquiror 15,693.3 Telecommunications 1 2,208.2Industrials Nishimura & Asahi 7 Hong Kong / Japan 1* 1.4 2 3/27/2014 3/27/2014 Japan / Japan Japan / Japan Real Estate 2/12/2014 50.9 Rank Value (US$m) 2/7/2014 Nakano Ekimae Kaihatsu- (100%) 2/7/2014 1 1,012.0 Anderson Mori & Tomotsune Real Estate / Real Estate Management & Development 1/13/2014 Pending Telecommunications / Telecommunications Services 2/14/2014 Jan 1 - Mar 31 2014 Pending Beam Inc (100%) Mori Hamada & Matsumoto 96 Nagashima Ohno & Tsunematsu 1 54 97.9 Rank Date Date Effective Japan / United States eAccess Ltd (99.7%) Top Ten Japanese Involvement Announced Deals Target (% Sought/Acquired) 3/27/2014 High Technology 2,800.1 Nintendo Co Ltd Nippon Paint Co Ltd Anderson Mori & Tomotsune 21.7 1 2* 96.8 Retail / Food & Beverage Retailing 3 1/29/2014 Nippon Paint(Singapore)Co Pte (11%) 1/31/2014 2/3/2014 Pending Izumiya Co Ltd (100%) Nintendo Co Ltd (7.43%) Nippon Paint Co Ltd (18.7%) Pending 2/3/2014 124 97.3 3* Japan / Singapore Viber Media Ltd (100%) Pending Nishimura & Asahi Tokyo Prime Stage-Otemachi (30%) 3,263.5 3,174.2 2/4/2014 2* 13.7 Jan 1 - Mar 31 2014 1 Umegae Chuo Legal Profession Corp 13.7 3 2 2.1 1 37.2 2 5.8 Nishimura & Asahi 8 37.2 3 11,040.3 30 1 3.9 1,042.9 1,805.3 905.0 3* 32.3 1 Healthcare 37.0 Japan / Japan Japan / Japan 1,737.8 Consumer Staples / Food and Beverage High Technology / Software Real Estate / Non Residential Suntory Holdings Ltd Yahoo Japan Corp Investor Group Mizuho Bank Ltd H2O Retailing Corp Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables Materials / Chemicals 1,101.5 Nagashima Ohno & Tsunematsu 905.0 1,368.1 Materials 1 1,021.8 Kokusai Kogyo Holdings 1,012.0 White & Case LLP 905.0 3* 32.3 1,118.6 .4 Any Japanese Involvement Announced M&A Target Macro / Mid Industry 3,174.2 35.9% 21.5% 8.0% 7.3% 6.3% 5.2% 4.9% 4.0% 3.5%2.6% 0.3% Consumer Staples Real Estate Materials Telecommunications High Technology Financials Industrials Consumer Products and Services Retail Media and Entertainment Healthcare Energy and Power $71.3 $26.9 $50.5 $34.0 $23.5 $35.1 $38.8 $37.0 $25.6 $44.7 $38.3 $51.8 $31.1 $37.2 $21.6 $19.2 $45.9 $40.1 $32.8 $31.5 $22.5 $28.7 $47.6 $42.4 $50.3 $50.1 $42.4 $39.3 $42.3 $48.5 $51.9 $28.6 $38.8 $30.2 $50.5 $59.2 $38.1 0 500 1,000 1,500 2,000 2,500 3,000 3,500 $0 $25 $50 $75 $100 $125 $150 $175 $200 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 #ofDeals RankValue(US$b) Q4 Volume (US$b) Q3 Volume (US$b) Q2 Volume (US$b) Q1 Volume (US$b) # of Deals 1Q 16
  • 19. Rank Value per Advisor (US$m) *tie ▼ 6,414.8 Nishimura & Asahi Rank Value US$m 11,019.2 Japan M&A 2 Nagashima Ohno & Tsunematsu Linklaters 0.48 1 20* 0.1 2 ▲ Weil Gotshal & Manges 5 3 1 Mori Hamada & Matsumoto 6 ▲ - ▲ First Quarter 2014 | Mergers & Acquisitions | Legal Advisors ▲ 1 20* 1 0.3 0.8 0.5 12* 3* ▲1 1.85 17* 0.5 7 8.6 1 -15 10.8 1 ▲ ▲ 3 10.2 ▼ ▲0.335* ▲5 0.8 2 3 ▲ ▲ 1.0 ▲ -1 3 2 17* 1 ▲ ▲ 1 ▼ -10.8 ▼-10.2 ▼ 3▼ 5.5 8.7 20 4.8 3.0 - 1,368.1 1,368.1 1,260.0 1,260.0 15* - 41 19* 2,794.5 0.1 ▼ 26 19* - K&L Gates 17* Cleary Gottlieb Steen & Hamilton - 9* 0.3 -5 13 7 Morrison & Foerster 2.5 100.0 3.1 -21.6% 1 ▲ ▼ 10* 3.3 ▲ 0.5 13 4 1 ▲ ▲ ▼ 2.3 -9.8 35* 3.9 ▲ 14.2 6* 35* 2 2 17* 1 1 35* 6 2 35* 12* ▲ ▲ 0.335* ▲ ▲ 0.3 1 ▲ 0.3 -3 ▼-2 -108 0 - 1 ▼ ▼ Shin & Kim0.0 - 1 20* Industry % Change from Last Quarter 44,711.7 74.5% ▲ ▼ 0.3 35* 0.3 -2 1 0.5 -2 1 35* 17* 391 11.5 0.5 17* Industry % Change from Same Period Last Year ▲ -14.4% ▼ 100.0 690 -3.9% Jan1 – Mar 31Any Japanese Involvement by Market 17.4% Industry % Change from Last Quarter Visit http://dmi.thomsonreuters.com to view archives and order custom League Tables https://www.thomsonone.com -18.0% ▼ 0.1 0 -28 Industry Total 32,289.2 ▼ ▼ 1.925 Skadden 24 - 71* 1.9 -0.8 598.5 0 Bae Kim & Lee 23- ▲1▲ 0.11 0.1 -0.2 0.1 ▼ 2 - 20* 23 34 41.8 Midosuji Legal Profession Corp 24 0.1 Kitahama Partners - 37.2 Bae Kim & Lee 22 23 44.3 Kim & Chang0.1 -0.8 ▼ 0.11 ▼ 37 ▲ 1 20* 0.1 1 -220* ▲Mayer Brown LLP 21 - 68.0 0.2 110.2 ▼ 0.30.2 00.1 ▲ 2 13.9 3.9 ▲ 20 48 86.4 9* 19 -1 0.1 Shearman & Sterling LLP 65* 160.5 19* -0.4 0.4 ▲ 1 ▲17* 35 192.6 Sato Sogo Law Office ▼20* 0.1 0 - 0.3 Schulte Roth & Zabel LLP0.4 ▼ 1 ▲ 1 20* 0.1 0.2 Clifford Chance 17* 67* 192.6 20*0.40.4 Hogan Lovells 4.8Kim & Chang ▲ 616 42 3195.2 0.4 4.2 4.2Morgan Lewis & Bockius 17* --1 0.3-17.7 11,550.0▲ ▲ 2 9* 0.3 0.9 0Khaitan & Co 14* 58* 247.5 0.6 ▲ -2 ▼2.7 ▲ 12* 1,550.0 0.6 -9.5 0.1 -9.514▼ - 1 0 5.3- 1,769.4 1,715.0AZB & Partners 8*7* 247.5 20*14* Anderson Mori & Tomotsune 20* 0.11.2 ▼ 0.8 -4.4 1 20* -1 13 11Skadden 0.1▼ 12 363.4 -11.7 Anderson Mori & Tomotsune ▼11 Linklaters 5 ▼ Simpson Thacher & Bartlett 1 ▼ 1.7 11 10 0-8.1 - 1.6-13.5 4 2 Noerr LLP 10.23 771.0 -4 3,277.3 3,277.3Herbert Smith Freehills 10* 7* 905.0 3.1 2.0 3.1 ▼ 1,368.1 3.1 3.1 111,368.1 20* 0.1 12.4 ▲ 8 Hogan Lovells Amarchand Mangaldas 7 10.3 9.2 10.8 2 3.0 50 10.6 8* 11.0▼ 16.21 ▼ ▼ -3.8Shearman & Sterling LLP -533 4.8 12.4 - 5.5 6 ▲ ▲ 1 0.1 1 ▲ ▲ 0.8 23▼ 1* ▼ ▲ 1.56* ▲1 4 71* 12*▲ 3 6 ▲ 4 ▼5.91* -35.9 ▲ 67* 15,693.4 35.1 ▲ 1.6 -6.224.100.1 3 35.1 35.1 Sh (%) 20* 1 20* 1 35.1 1 Sh (%) Market 5 21 -11-10.5 ▼ 35.1 0.6 ▲ # of 2.9 3 2 Change in Sh (%) 2014 Rank 3 # of Deals Market 3,321.6 15,693.4 525.8 ▲ 20 34.1 ▲ 5,984.4 -8.5 ▲ Market # of DealsDeals ▼ Rank -113.3 Sh (%) ▲ 13 3* 35.115,693.4 7.4 US$m 21,643.7 48.4 13.4 3 23 Rank Jan1 – Mar 31 # of # of Deals per Advisor Deals 4 Market Share Ch. Rank Value 67* 37.116,598.4 37.1 35.5 - Morgan Lewis & Bockius 8* - Sidley Austin LLP 3* - - Mori Hamada & Matsumoto 6 57 Rank Value per Advisor (US$m) 1 Nagashima Ohno & Tsunematsu 7 Schulte Roth & Zabel LLP Legal Advisor Kirkland & Ellis 8* 3* -2.3% -5.1% Sullivan & Cromwell 15* 4 1,260.0 1,040.2 ▼ 25 Industry Total Jan1 – Mar 31 2013 Rank Change in Nakamura, Tsunoda & Matsumoto 2 2 ▲ 30.3 Nishimura & Asahi 1 Cleary Gottlieb Steen & Hamilton 3* White & Case LLP 2014 Rank Market Legal Advisor Market # of Deals per Advisor 35 Gibson Dunn & Crutcher Any Japanese Involvement Announced (AE51) Share Ch. 1 White & Case LLP ▼ 3.2 3.9 3.9 4.2 7,788.1 0.1 - Simpson Thacher & Bartlett 12 Industry % Change from Same Period Last Year 35.9 3,987.0 3,535.5 3,477.3 3,316.0 Clifford Chance 952.5 1,003.6 10.2 2013 Rank 5 9 33 22 10* Any Japanese Involvement Completed (AG52) 5,219.8 16.2 19.9 -15.39,797.9 0 100 200 300 400 500 600 700 0 5 10 15 20 25 30 35 40 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 #ofDeals RankValue(US$b) Domestic Inbound Outbound Outbound Inbound Domestic 17
  • 20. - - - - - - - https://www.thomsonone.com Financial and legal advisors receive full credit for each deal on which they provide financial or legal advisory services, unless they represent minority sellers or advise on only a portion of the transaction or Thomson Reuters has not been made aware of their participation in that transaction. For pending transactions, advisors to targets of multiple bids receive credit for the transaction agreed to or, in the absence of an agreement, the value of the highest offer. Japan Catherina Guinto-Roldan Tel: +813 6441 1142 Any Involvement league tables include deals where the target, acquiror, or either ultimate parent are domiciled (nation of headquarters) in the specified region or nation. League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction. Robert Levine A tender/merger transaction is considered to be effective at the time of consummation of the merger or the date on which it is declared wholly unconditional. Tel: +1 646 223 5682 E-mail: redina.doda@thomsonreuters.com Deals with undisclosed dollar values are rank eligible but with no corresponding Rank Value. Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of announcement of terms. E-mail: robert.levine@thomsonreuters.com EMEA Tel: +44 (0) 20 7542 3558 First Quarter 2014 | Mergers & Acquisitions | Legal Advisors Ranking Criteria Summary Redina Doda If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact: Asia-Pacific Kelvin Bian Americas Announced league tables include all deals that were announced between January 1, 2013 and March 31, 2014 and of which Thomson Reuters was made aware. All current data and previous year's data is as of 5:00pm EDT on March 31, 2014. League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders, minority stake purchases and debt restructurings. E-mail: catherina.guintoroldan@thomsonreuters.com Tel: +852 3761 1852 E-mail: kelvin.bian@thomsonreuters.com While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. © 2014 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party. 18
  • 21. © 2014 Thomson Reuters. 1006243 03/14. Thomson Reuters and the Kinesis logo are trademarks of Thomson Reuters. FOR INFORMATION PROFESSIONALS SDC Platinum is the world’s foremost financial transactions database, covering new issues, M&A, syndicated loans, private equity, project finance, poison pills, and more. Solution for: • Market Analysis & Trends (Geography, Sector, Asset Class, Deal Type, Deal Size, etc.) • Deal Origination (Debt Maturity Analysis, Company Lifecycle including Private Equity) • Pitch Creation (Firm Credentials, Representative Acquirors) • M&A Targeting (Active Strategic/Sponsor Acquirors, Target Company Screener) • Negotiation (T&C Benchmarking) FOR INVESTMENT BANKERS Thomson Reuters Eikon is the most intuitive and comprehensive way of staying informed. With natural-language search, you can quickly find global information, news, charts and analytics. Company and industry views provide top-level summaries, and then detailed information is just a click away. Identify new opportunities and gain deep understanding of markets, industries, companies and events. Thomson Reuters Eikon also includes an Add-In for Microsoft® Office to help you increase your efficiency. From screening and targeting to comparables analysis, building league tables, valuing a company and developing a client pitch book, you can do all this without leaving Microsoft Office. Search and autosuggest features in Excel make model-building easier. Solution for: • Managing Client Relationships • Deal Origination • New Issues Pre-Marketing/Roadshows • Financial Modeling • Customized League Tables • Simple Deals screening • Valuation analysis and comparable deal screening • On-brand pitch book creation FOR STRATEGY AND PLANNING TEAMS Thomson Reuters Deals Business Intelligence enables you to slice and dice our renowned Deals and Fees data to create ad hoc reports, analyze market trends, benchmark your performance and identify opportunities – all within a tool built into your workflow in Excel®, saving you valuable time and giving you a competitive edge. Solution for: • Conducting market analysis and identifying trends • Benchmarking your performance and monitoring competitors • Targeting clients by wallet size and banking relationship • Allocating resources more effectively by evaluating and analyzing lost deals Send us a sales enquiry at: financial.thomsonreuters.com/sales Read more about our products at: financial.thomsonreuters.com/products To purchase individual Thomson Reuters Deals or League Table reports, please contact our Thomson Reuters On Demand group: Web: http://financial.thomsonreuters.com/ondemand Email: trondemand@thomsonreuters.com Access unique analysis for free anytime using Thomson Reuters Deals Intelligence website and receive regular updates, delivered direct to your inbox. Go to: dmi.thomsonreuters.com/dealsintelligence Thomson Reuters Solutions for the Deal Making Community 19