GLOBAL M&A MARKET REVIEW · 2016-07-01 · • Deals targeting the basic materials space increased...

GLOBAL M&A MARKET REVIEW LEGAL RANKINGS 1H 2016

CONTENTS

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

DATA SUBMISSIONS AND QUERIES

Contact Phone Email Global

North America

Rachel Campanelli

Meaghan Burke

+1-646-324-4657

+1-646-324-1537

[email protected]

[email protected]

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

Asia Pacific Ee Wen Tay +65-6231-3404 [email protected]

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

The Bloomberg M&A Advisory League Tables are the definitive publication of M&A advisory rankings. The tables represent the top financial and legal advisors across a broad array of deal types, regions, and industry sectors. The rankings data is comprised of mergers, acquisitions, divestitures, spin-offs, debt-for-equity-swaps, joint ventures, private placements of common equity and convertible securities, and the cash injection component of recapitalization according to Bloomberg standards.

Bloomberg M&A delivers real-time coverage of the M&A market from nine countries around the world. We provide a global perspective and local insight into unique deal structures in various markets through a network of over 800 financial and legal advisory firms, ensuring an accurate reflection of key market trends. Our quarterly league table rankings are a leading benchmark for legal and financial advisory performance, and our Bloomberg Brief newsletter provides summary highlights of weekly M&A activity and top deal trends.

Visit {NI LEAG CRL <GO>} to download copies of the final release and a full range of market specific league table results. On the web, visit: http://www.bloomberg.com/professional/solutions/investment-banking/.

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

1H 2016

GLOBAL M&A LEGAL ADVISORY RANKINGS

©2016 Bloomberg Finance L.P. All rights r eserved.

mailto:[email protected]



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

Scale in USD Bln.0 - 18

19 - 4647 - 92

93 - 138139 - 230231 - 368369 - 552553 - 782783 - 828

829 -

Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1H 2016.

Eastern Europe USD 23.8B 1. Skadden Arps Meagher & Flom LLP 13.9%2. Weil Gotshal & Manges LLP 8.5% 3. Studio Legale Pedersoli e Associati 5.0%

Asia Pacific USD 612.2B 1. White & Case LLP 12.2% 2. Simpson Thacher & Bartlett LLP 11.7%3. Fangda Partners 11.2%

Western Europe USD 483.2B 1. Cravath Swaine & Moore LLP 32.9%2. White & Case LLP 24.0% 3. Allen & Overy LLPllen 16.0%

Latin America & Caribbean USD 65.6B 1. Skadden Arps Meagher & Flom LLP 7.1%2. O'Melveny & Myers LLP 5.5% 3. Pinheiro Neto Advogados 5.2%

Middle East & Africa USD 45.5B 1. Skadden Arps Slate Meagher & Flom LLP 10.0%2. King & Wood Mallesons 7.7% 3. Osler Hoskin & Harcourt LLP 6.9%

North America USD 920.3B 1. Sullivan & Cromwell LLP 25.3% 2. White & Case LLP 23.2% 3. Wachtell Lipton Rosen & Katz 19.9%

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Global M&A Heat Map

2

DateTotal Value

(Mln.)Amount

(Bln.) % of Total% YoY

Change

Number of deals 18,868 Financial $323.7 20.3% -10.3%

Volume (Bln.) $1,568.9 Consumer Non-cyclical $287.2 18.0% -18.8%

Avg Deal Size (Mln.) $83.2 Consumer Cyclical $192.8 12.1% 38.2%

Basic Materials $173.8 10.9% 189.0%

Communications $154.9 9.7% -34.7%

White & Case LLP Industrial $147.5 9.3% -16.8%

Number of deals 138 Technology $123.5 7.8% -15.0%

Volume (Bln.) $277.7 Energy $93.1 5.8% -56.2%

Avg Deal Size (Bln.) $2.0 Utilities $76.7 4.8% 105.8%

Diversified $19.6 1.2% -68.8%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $1,004.9 1.8% -12.6%

Cross Border $691.5 2.2% -2.2%

Private Equity $335.9 2.5% -8.5%

Asset Sale $239.7 0.7% -10.0%

Tender Offer $199.8 -6.2% 48.5%

Venture Capital $70.3 -1.0% 28.6%

Spin-off $26.5 -10.6% -43.1%

Minority Purchase $171.9 4.0% 0.0%

Majority Purchase $104.3 -6.7% -1.9%

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

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

Deal Type

1/25/2016 Johnson Controls Inc Tyco International Plc - $28,667.3

$46,311.7

$35,563.4

4/28/2016 St Jude Medical Inc Abbott Laboratories - $30,108.2

Top Adviser1/11/2016 Baxalta Inc Shire PLC -

2/3/2016 Syngenta AGChina National Chemical

Corp-

Global M&A Regional Review

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Global M&A: Premium Breakdown

Global M&A: Highlights of 1H 2016 Global M&A: Industry Breakdown

Summary Target Acquirer Seller Industry

5/18/2016 Monsanto Co Bayer AG - $61,697.8

0

2,000

4,000

6,000

8,000

10,000

12,000

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2

Volume (Bln.) Deal Count

16%

27% 49%

4% 3% 1%

0-10%

10-25%

25-50%

50-75%

75-100%

100%+

• Global M&A volume at $1.6 trillion in 1H2016, declined 11.5% compared to the same period last year. Volume for European-based targets decreased 26.5%, the most substantial decrease across all regions.

• Due to heightened regulatory scrutiny, government oversight and financial uncertainty, almost 100 deals were terminated in 1H2016, the largest number of failed deals since the financial crisis in 2007.

• Deals targeting the basic materials space increased 195.7% from the same period last year. Bayer AG’s $61.7 billion unsolicited offer for Monsanto Co contributed to 35.5% of the industry’s volume.

• Venture capital investments increased 29.3% compared to 1H2015 with Zhejiang Ant Small & Micro Financial Services Group Co’s series B financing round for $4.5 billion representing the largest financing round on record.

3

Global Announced Deals (By Volume) 01/01/2016 - 06/30/2016 Global Announced Deals (By Deal Count) 01/01/2016 - 06/30/2016

White & Case LLP 1 17.7 277,737 138 8 9.5 8.2 Jones Day 1 7.0 110,330 234 1 2.9 4.1Sullivan & Cromwell LLP 2 15.5 242,758 74 2 16.5 -1.0 Latham & Watkins LLP 2 7.0 110,434 181 2 14.9 -7.8Davis Polk & Wardwell LLP 3 13.7 214,551 77 3 16.2 -2.6 Kirkland & Ellis LLP 3 7.3 113,716 155 3 9.4 -2.1Cravath Swaine & Moore LLP 4 12.9 201,709 36 6 11.9 0.9 White & Case LLP 4 17.7 277,737 138 5 9.5 8.2Simpson Thacher & Bartlett LLP 5 12.6 197,870 66 13 8.4 4.3 Baker & McKenzie LLP 5 1.4 22,241 124 5 3.6 -2.2Wachtell Lipton Rosen & Katz 6 11.8 185,330 45 7 10.4 1.5 CMS Legal Services EEIG 6 0.2 3,810 114 8 0.9 -0.7Skadden Arps Slate Meagher & Flom LLP 7 10.8 169,854 104 1 20.2 -9.3 Allen & Overy LLP 7 5.8 90,328 113 7 3.6 2.2Cleary Gottlieb Steen & Hamilton LLP 8 10.2 160,111 42 26 4.3 5.9 Hogan Lovells US LLP 8 3.1 48,316 110 10 2.6 0.5Osler Hoskin & Harcourt LLP 9 8.9 139,208 51 40 2.8 6.1 DLA Piper LLP 8 0.9 13,469 110 12 4.3 -3.4Kirkland & Ellis LLP 10 7.3 113,716 155 10 9.4 -2.1 Morgan Lewis & Bockius LLP 10 1.8 27,594 105 20 1.3 0.5Latham & Watkins LLP 11 7.0 110,434 181 4 14.9 -7.8 Skadden Arps Slate Meagher & Flom LLP 11 10.8 169,854 104 4 20.2 -9.3Jones Day 12 7.0 110,330 234 38 2.9 4.1 Linklaters LLP 12 3.1 48,123 94 10 6.4 -3.4Stikeman Elliott LLP 13 6.6 103,474 72 23 5.1 1.5 Weil Gotshal & Manges LLP 13 5.3 83,416 91 13 6.5 -1.2Gibson Dunn & Crutcher LLP 14 6.3 99,461 69 27 4.3 2.0 Clifford Chance LLP 13 1.3 21,076 91 9 3.4 -2.1Allen & Overy LLP 15 5.8 90,328 113 34 3.6 2.2 Freshfields Bruckhaus Deringer LLP 15 3.6 56,735 82 15 13.1 -9.5Weil Gotshal & Manges LLP 16 5.3 83,416 91 16 6.5 -1.2 Davis Polk & Wardwell LLP 16 13.7 214,551 77 16 16.2 -2.6Fangda Partners 17 4.4 68,695 38 73 0.9 3.5 Goodwin Procter LLP 16 1.8 27,892 77 76 1.8 0.0Freshfields Bruckhaus Deringer LLP 18 3.6 56,735 82 5 13.1 -9.5 Norton Rose Fulbright LLP 16 1.1 17,358 77 17 2.7 -1.6Wilson Sonsini Goodrich & Rosati PC 19 3.5 54,957 65 24 4.9 -1.4 Sullivan & Cromwell LLP 19 15.5 242,758 74 28 16.5 -1.0Anderson Mori & Tomotsune 20 3.3 51,612 58 63 1.1 2.2 King & Wood Mallesons 19 3.0 47,428 74 26 9.4 -6.4TOTAL 1,568,941 18,868 TOTAL 1,568,941 18,868

Global Announced Deals- Principals (By Volume) 01/01/2016 - 06/30/2016 Global Announced Deals- Principals (By Deal Count) 01/01/2016 - 06/30/2016

Wachtell Lipton Rosen & Katz 1 15.9 185,008 44 6 11.9 4.0 Jones Day 1 9.4 109,970 233 1 3.4 6.0Simpson Thacher & Bartlett LLP 2 14.5 168,491 59 22 5.5 9.0 Latham & Watkins LLP 2 7.9 92,376 171 3 12.8 -4.9Davis Polk & Wardwell LLP 3 12.1 140,417 62 13 7.7 4.3 Kirkland & Ellis LLP 3 7.8 90,499 152 2 11.5 -3.7Osler Hoskin & Harcourt LLP 4 10.7 125,050 47 47 2.1 8.6 Baker & McKenzie LLP 4 1.9 22,241 124 5 4.4 -2.5Skadden Arps Slate Meagher & Flom LLP 5 10.2 119,162 96 1 22.5 -12.2 CMS Legal Services EEIG 5 0.3 3,810 114 7 1.1 -0.8Sullivan & Cromwell LLP 6 10.1 117,309 51 3 13.2 -3.1 Allen & Overy LLP 6 7.8 90,328 113 6 4.3 3.4Jones Day 7 9.4 109,970 233 30 3.4 6.0 Hogan Lovells US LLP 7 4.2 48,316 110 10 3.1 1.0Stikeman Elliott LLP 8 8.9 103,474 72 19 6.2 2.7 DLA Piper LLP 7 1.2 13,469 110 11 1.0 0.2Latham & Watkins LLP 9 7.9 92,376 171 4 12.8 -4.9 White & Case LLP 9 7.2 83,821 109 13 3.5 3.8Kirkland & Ellis LLP 10 7.8 90,499 152 8 11.5 -3.7 Morgan Lewis & Bockius LLP 10 2.3 27,160 103 19 1.6 0.8Allen & Overy LLP 11 7.8 90,328 113 25 4.3 3.4 Skadden Arps Slate Meagher & Flom LLP 11 10.2 119,162 96 4 22.5 -12.2White & Case LLP 12 7.2 83,821 109 29 3.5 3.8 Linklaters LLP 12 3.8 44,716 93 9 7.9 -4.1Weil Gotshal & Manges LLP 13 6.9 80,844 88 15 7.7 -0.8 Clifford Chance LLP 13 1.8 21,076 91 8 4.2 -2.4Gibson Dunn & Crutcher LLP 14 5.9 69,226 64 31 3.4 2.6 Weil Gotshal & Manges LLP 14 6.9 80,844 88 12 7.7 -0.8Cravath Swaine & Moore LLP 15 5.9 69,220 23 5 12.7 -6.8 Freshfields Bruckhaus Deringer LLP 15 4.9 56,513 81 15 15.9 -11.0Fangda Partners 16 5.9 68,695 38 68 1.1 4.9 Goodwin Procter LLP 16 1.9 21,700 75 75 0.9 1.0Cleary Gottlieb Steen & Hamilton LLP 17 5.1 59,341 33 49 1.9 3.2 Norton Rose Fulbright LLP 16 1.5 16,902 75 16 3.1 -1.7Freshfields Bruckhaus Deringer LLP 18 4.9 56,513 81 2 15.9 -11.0 King & Wood Mallesons 18 4.1 47,428 74 26 11.6 -7.5Wilson Sonsini Goodrich & Rosati PC 19 4.7 54,957 65 20 6.0 -1.3 Stikeman Elliott LLP 19 8.9 103,474 72 14 6.2 2.7Anderson Mori & Tomotsune 20 4.4 51,612 58 57 1.4 3.1 Mori Hamada & Matsumoto 19 2.3 26,416 72 17 1.6 0.7TOTAL 1,164,663 4,454 TOTAL 1,164,663 4,454

2016 2015MKT SHR CHANGE RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

2015MKT SHR CHANGE RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

2016 2015MKT SHR CHANGE FIRM

2016MKT SHR

(%) VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

FIRM

2016 2015MKT SHR CHANGE

FIRM

RANKMKT SHR

(%) VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%)

1,772,031 1,772,031

1,440,555 1,440,555

FIRM

4

Cross Border Announced Deals (By Volume) 01/01/2016 - 06/30/2016 Global Private Equity Deals (By Volume) 01/01/2016 - 06/30/2016

Cravath Swaine & Moore LLP 1 23.1 159,434 11 5 16.1 6.9 Skadden Arps Slate Meagher & Flom LLP 1 13.0 43,665 36 2 13.3 -0.4White & Case LLP 2 22.4 155,094 89 24 4.8 17.6 Simpson Thacher & Bartlett LLP 2 11.2 37,713 41 4 11.0 0.2Simpson Thacher & Bartlett LLP 3 15.4 106,540 42 14 8.3 7.1 Kirkland & Ellis LLP 3 9.4 31,727 103 3 11.8 -2.4Sullivan & Cromwell LLP 4 13.4 92,450 27 9 13.4 -0.1 Latham & Watkins LLP 4 8.1 27,080 77 6 9.5 -1.5Osler Hoskin & Harcourt LLP 5 13.1 90,335 24 73 0.9 12.2 Osler Hoskin & Harcourt LLP 5 7.8 26,118 11 81 0.7 7.1Stikeman Elliott LLP 6 12.5 86,196 40 28 4.5 8.0 Sullivan & Cromwell LLP 6 6.9 23,019 20 8 8.4 -1.6Wachtell Lipton Rosen & Katz 7 12.1 83,386 15 36 2.8 9.3 Paul Weiss Rifkind Wharton & Garrison LLP 7 6.5 21,834 33 23 4.1 2.4Allen & Overy LLP 8 11.6 80,153 84 16 7.5 4.1 Jones Day 8 6.4 21,370 108 25 4.0 2.4Skadden Arps Slate Meagher & Flom LLP 9 11.1 76,843 48 4 16.3 -5.2 O'Melveny & Myers LLP 9 5.8 19,320 26 17 5.3 0.4Davis Polk & Wardwell LLP 10 11.0 76,147 33 11 11.8 -0.8 King & Wood Mallesons 10 5.3 17,843 22 11 7.4 -2.1Jones Day 11 9.8 68,028 112 37 2.6 7.2 Davis Polk & Wardwell LLP 11 5.0 16,929 24 1 13.5 -8.5Fangda Partners 12 9.2 63,608 25 48 1.8 7.4 Freshfields Bruckhaus Deringer LLP 12 4.9 16,455 39 16 5.4 -0.5Cleary Gottlieb Steen & Hamilton LLP 13 8.9 61,561 22 31 4.1 4.8 Herbert Smith Freehills LLP 13 4.6 15,497 21 44 2.2 2.4Kirkland & Ellis LLP 14 8.5 58,537 54 29 4.5 4.0 Wilson Sonsini Goodrich & Rosati PC 14 4.3 14,456 26 12 7.0 -2.7Baer & Karrer AG 15 7.0 48,052 2 304 - 7.0 Weil Gotshal & Manges LLP 15 4.3 14,298 50 5 9.9 -5.6Slaughter and May 16 6.7 46,165 14 2 16.6 -9.9 White & Case LLP 16 4.1 13,823 41 24 4.0 0.1Freshfields Bruckhaus Deringer LLP 17 6.5 44,667 59 1 22.6 -16.1 Morris Nichols Arsht & Tunnell LLP 17 4.1 13,638 2 - - 4.1Anderson Mori & Tomotsune 18 6.4 44,411 12 218 0.0 6.4 Allens 18 3.9 13,143 9 86 0.6 3.3Latham & Watkins LLP 19 6.4 44,314 76 6 15.5 -9.1 Cahill Gordon & Reindel LLP 19 3.7 12,304 1 87 0.6 3.1Ropes & Gray LLP 20 5.7 39,363 10 34 3.0 2.7 Davies Ward Phillips & Vineberg LLP 19 3.7 12,304 4 18 5.3 -1.6TOTAL 691,612 7,020 TOTAL 336,140 5,407

FIRM


2016 2015VOLUME USD

(Mln)MKT SHR CHANGE RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

DEAL COUNT RANK

MKT SHR (%)

707,283 367,290

5

Country

United States $739.1 90.0% -7.4%

Canada $42.1 5.1% 24.0%

Chile $14.5 1.8% 312.1%

Brazil $8.7 1.1% -26.4%

Colombia $5.6 0.7% 1394.2%

Mexico $3.9 0.5% -55.6%

British Virgin Islands $2.7 0.3% -25.2%

Bermuda $0.0 0.0% -98.9%

DateTotal Value

(Mln.)Amount


Change

Number of deals 8,346 Consumer Non-cyclical $192.0 23.3% -21.3%

Volume (Bln.) $820.9 Financial $125.1 15.2% -25.0%

Avg Deal Size (Mln.) $98.4 Basic Materials $97.8 11.9% 372.6%

Consumer Cyclical $93.8 11.4% 106.4%

Communications $80.7 9.8% -39.0%

Sullivan & Cromwell LLP Technology $70.0 8.5% -32.9%

Number of deals 58 Energy $61.8 7.5% -20.3%

Volume (Bln.) $227.5 Utilities $60.7 7.4% 426.3%

Avg Deal Size (Bln.) $3.9 Industrial $42.0 5.1% -35.6%

Diversified $1.5 0.2% -15.0%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $616.3 4.5% 1.8%

Cross Border $322.3 7.0% 55.6%


Asset Sale $120.6 8.8% -19.7%

Tender Offer $87.6 -26.5% 15.4%

Venture Capital $31.2 -9.6% -9.4%

Spin-off $6.4 -30.9% -66.5%

Minority Purchase $51.3 -3.2% -26.6%

Majority Purchase $17.5 -17.3% 5.9%


Americas M&A Regional Review

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Americas M&A: Country BreakdownAmount


Change

Americas M&A: Highlights of 1H 2016 Americas M&A: Industry Breakdown


5/18/2016 Monsanto Co Bayer AG - $61,697.8

Top Adviser4/28/2016 St Jude Medical Inc Abbott Laboratories -

1/11/2016 Baxalta Inc Shire PLC - $35,563.4

$30,108.2

1/25/2016 Johnson Controls Inc Tyco International Plc - $28,667.3

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

Deal Type

6/13/2016 LinkedIn Corp Microsoft Corp - $24,379.9

0

1,000

2,000

3,000

4,000

5,000

6,000

$0$100$200$300$400$500$600$700$800

2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2


• Deal activity based in the Americas reached a volume of $964.2 billion in 1H2016, representing a 10.2% decrease compared to the same period last year. The US contributed 89.8% to the region’s total, and continues to be the most targeted country in M&A transactions.

• Private equity activity in 1H2016 for Americas-based targets decreased 6.1% from the same period last year to $187.6 billion. US-based targets were the most sought after for private equity buyouts with $56.3 billion in transactions. Apollo Global Management LLC’s purchase of The ADT Corp was the largest buyout for the period.

• Microsoft Corp’s announced acquisition of LinkedIn Corp for $24.4 billion was the largest deal within the technology sector this year. The deal hosts a TV/EBITDA of 84.4x, the most expensive multiple for any takeover valued over $5 billion seen this year.

6

US Announced Deals (By Volume) 01/01/2016 - 06/30/2016 US Announced Deals (By Deal Count) 01/01/2016 - 06/30/2016

Sullivan & Cromwell LLP 1 26.9 232,601 63 3 26.8 0.1 Jones Day 1 11.4 98,812 177 1 4.1 7.3White & Case LLP 2 24.6 213,109 75 6 16.4 8.2 Kirkland & Ellis LLP 2 13.0 112,483 147 2 16.6 -3.6Wachtell Lipton Rosen & Katz 3 21.1 182,893 43 7 16.0 5.1 Latham & Watkins LLP 3 10.2 88,543 146 3 23.2 -12.9Skadden Arps Slate Meagher & Flom LLP 4 18.7 161,604 92 1 28.7 -10.0 Morgan Lewis & Bockius LLP 4 3.0 26,067 95 12 1.2 1.9Davis Polk & Wardwell LLP 5 18.1 156,636 64 2 28.0 -9.9 Skadden Arps Slate Meagher & Flom LLP 5 18.7 161,604 92 4 28.7 -10.0Cravath Swaine & Moore LLP 6 17.7 153,500 33 11 12.2 5.6 DLA Piper LLP 6 1.4 11,803 90 11 7.3 -6.0Simpson Thacher & Bartlett LLP 7 16.4 142,139 57 9 13.8 2.6 Goodwin Procter LLP 7 3.2 27,812 76 49 3.3 -0.1Kirkland & Ellis LLP 8 13.0 112,483 147 5 16.6 -3.6 White & Case LLP 8 24.6 213,109 75 5 16.4 8.2Cleary Gottlieb Steen & Hamilton LLP 9 12.9 111,586 33 20 6.9 6.0 Weil Gotshal & Manges LLP 9 9.2 79,519 72 6 11.4 -2.3Jones Day 10 11.4 98,812 177 32 4.1 7.3 Hogan Lovells US LLP 10 5.0 43,468 70 7 4.2 0.9Gibson Dunn & Crutcher LLP 11 11.3 97,907 60 15 7.6 3.7 Davis Polk & Wardwell LLP 11 18.1 156,636 64 10 28.0 -9.9Stikeman Elliott LLP 12 10.9 93,963 33 51 2.1 8.8 Wilson Sonsini Goodrich & Rosati PC 11 6.3 54,263 64 9 8.6 -2.3Latham & Watkins LLP 13 10.2 88,543 146 4 23.2 -12.9 Sidley Austin LLP 11 3.0 26,079 64 27 4.8 -1.8Osler Hoskin & Harcourt LLP 14 9.3 80,164 23 34 4.0 5.3 Sullivan & Cromwell LLP 14 26.9 232,601 63 18 26.8 0.1Weil Gotshal & Manges LLP 15 9.2 79,519 72 12 11.4 -2.3 Paul Weiss Rifkind Wharton & Garrison LLP 15 4.1 35,053 62 14 13.8 -9.8Allen & Overy LLP 16 8.6 74,809 30 50 2.2 6.5 Gibson Dunn & Crutcher LLP 16 11.3 97,907 60 25 7.6 3.7Wilson Sonsini Goodrich & Rosati PC 17 6.3 54,263 64 14 8.6 -2.3 Simpson Thacher & Bartlett LLP 17 16.4 142,139 57 20 13.8 2.6Ropes & Gray LLP 18 5.6 48,741 32 22 5.7 -0.1 Cooley LLP 17 1.7 14,604 57 13 0.8 0.9Fried Frank Harris Shriver & Jacobson LLP 19 5.2 44,925 35 8 15.5 -10.4 O'Melveny & Myers LLP 19 3.0 25,561 44 16 2.8 0.2Morris Nichols Arsht & Tunnell LLP 20 5.1 44,056 9 - - 5.1 Wachtell Lipton Rosen & Katz 20 21.1 182,893 43 20 16.0 5.1TOTAL 865,839 8,809 TOTAL 865,839 8,809

US Announced Deals- Principals (By Volume) 01/01/2016 - 06/30/2016 US Announced Deals- Principals (By Deal Count) 01/01/2016 - 06/30/2016

Wachtell Lipton Rosen & Katz 1 24.6 182,570 42 5 18.0 6.6 Jones Day 1 13.3 98,451 176 1 4.4 8.9Simpson Thacher & Bartlett LLP 2 15.2 112,759 50 14 7.6 7.7 Kirkland & Ellis LLP 2 12.0 89,266 144 2 18.7 -6.6Skadden Arps Slate Meagher & Flom LLP 3 15.0 110,912 84 1 28.4 -13.5 Latham & Watkins LLP 3 11.6 86,179 139 3 19.3 -7.7Sullivan & Cromwell LLP 4 14.5 107,398 41 2 20.2 -5.7 Morgan Lewis & Bockius LLP 4 3.5 25,633 93 9 1.3 2.2Jones Day 5 13.3 98,451 176 27 4.4 8.9 DLA Piper LLP 5 1.6 11,803 90 9 1.1 0.5Stikeman Elliott LLP 6 12.7 93,963 33 46 2.2 10.5 Skadden Arps Slate Meagher & Flom LLP 6 15.0 110,912 84 4 28.4 -13.5Kirkland & Ellis LLP 7 12.0 89,266 144 4 18.7 -6.6 Goodwin Procter LLP 7 2.9 21,620 74 46 1.4 1.5Latham & Watkins LLP 8 11.6 86,179 139 3 19.3 -7.7 Hogan Lovells US LLP 8 5.9 43,468 70 6 4.7 1.2Davis Polk & Wardwell LLP 9 11.1 82,501 49 7 12.2 -1.1 Weil Gotshal & Manges LLP 9 10.4 76,947 69 5 12.4 -2.1Weil Gotshal & Manges LLP 10 10.4 76,947 69 6 12.4 -2.1 Wilson Sonsini Goodrich & Rosati PC 10 7.3 54,263 64 8 9.6 -2.3Allen & Overy LLP 11 10.1 74,809 30 44 2.4 7.7 Sidley Austin LLP 11 2.9 21,428 63 25 3.9 -1.0Cravath Swaine & Moore LLP 12 9.3 69,220 23 10 10.5 -1.2 Paul Weiss Rifkind Wharton & Garrison LLP 12 4.5 33,353 60 14 12.0 -7.5Osler Hoskin & Harcourt LLP 13 9.2 68,462 21 36 3.0 6.3 Cooley LLP 13 2.0 14,604 57 11 0.9 1.1Gibson Dunn & Crutcher LLP 14 9.1 67,673 55 16 5.5 3.6 Gibson Dunn & Crutcher LLP 14 9.1 67,673 55 25 5.5 3.6White & Case LLP 15 8.9 65,702 49 19 5.3 3.5 Simpson Thacher & Bartlett LLP 15 15.2 112,759 50 25 7.6 7.7Cleary Gottlieb Steen & Hamilton LLP 16 7.7 57,128 25 37 3.0 4.7 Davis Polk & Wardwell LLP 16 11.1 82,501 49 21 12.2 -1.1Wilson Sonsini Goodrich & Rosati PC 17 7.3 54,263 64 11 9.6 -2.3 White & Case LLP 16 8.9 65,702 49 12 5.3 3.5Ropes & Gray LLP 18 6.6 48,741 32 15 6.4 0.2 O'Melveny & Myers LLP 18 3.4 24,976 43 21 1.8 1.6Morris Nichols Arsht & Tunnell LLP 19 5.9 44,056 9 - - 5.9 Paul Hastings LLP 18 0.8 6,223 43 17 1.4 -0.6Hogan Lovells US LLP 20 5.9 43,468 70 23 4.7 1.2 Wachtell Lipton Rosen & Katz 20 24.6 182,570 42 17 18.0 6.6TOTAL 741,472 2,230 TOTAL 741,472 2,230

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

868,940 868,940

977,268 977,268

7

Canada Announced Deals (By Volume) 01/01/2016 - 06/30/2016 Canada Announced Deals (By Deal Count) 01/01/2016 - 06/30/2016

Osler Hoskin & Harcourt LLP 1 31.5 42,289 37 3 14.8 16.7 Stikeman Elliott LLP 1 22.5 30,141 64 1 9.5 12.9Simpson Thacher & Bartlett LLP 2 27.4 36,757 8 64 0.8 26.6 Blake Cassels & Graydon LLP 2 25.4 34,084 47 5 12.1 13.3Blake Cassels & Graydon LLP 3 25.4 34,084 47 5 12.1 13.3 Miller Thomson LLP 3 0.2 209 43 32 0.2 -0.1Skadden Arps Slate Meagher & Flom LLP 4 22.9 30,809 8 31 4.2 18.8 Osler Hoskin & Harcourt LLP 4 31.5 42,289 37 2 14.8 16.7Stikeman Elliott LLP 5 22.5 30,141 64 12 9.5 12.9 McCarthy Tetrault LLP 5 5.7 7,701 30 3 20.1 -14.4White & Case LLP 6 21.9 29,403 10 15 8.2 13.7 Davies Ward Phillips & Vineberg LLP 6 19.0 25,463 18 6 13.7 5.3Davies Ward Phillips & Vineberg LLP 7 19.0 25,463 18 4 13.7 5.3 Bennett Jones LLP 7 17.8 23,902 17 11 3.8 14.0Bennett Jones LLP 8 17.8 23,902 17 33 3.8 14.0 Borden Ladner Gervais LLP 8 2.1 2,854 16 9 2.1 0.0Jones Day 9 17.4 23,371 12 43 2.3 15.1 Fasken Martineau DuMoulin LLP 8 1.6 2,174 16 8 3.2 -1.6Mayer Brown LLP 10 11.8 15,859 2 39 2.6 9.2 Torys LLP 10 5.7 7,643 15 7 32.7 -27.0Sullivan & Cromwell LLP 11 9.8 13,179 7 16 8.2 1.7 Dentons 11 3.6 4,820 13 17 5.0 -1.4Allens 12 9.3 12,537 4 44 2.2 7.2 Jones Day 12 17.4 23,371 12 21 2.3 15.1King & Wood Mallesons 13 9.2 12,316 4 18 7.4 1.8 Gowling WLG International Ltd 13 0.3 382 11 - - 0.3Kirkland & Ellis LLP 14 9.2 12,313 10 46 1.9 7.2 White & Case LLP 14 21.9 29,403 10 32 8.2 13.7Herbert Smith Freehills LLP 15 9.1 12,244 6 19 6.6 2.5 Kirkland & Ellis LLP 14 9.2 12,313 10 20 1.9 7.2Weil Gotshal & Manges LLP 16 8.8 11,814 7 13 9.3 -0.5 Norton Rose Fulbright LLP 14 3.0 4,021 10 10 7.7 -4.7Latham & Watkins LLP 17 6.4 8,536 7 37 2.9 3.4 Morgan Lewis & Bockius LLP 14 0.1 170 10 21 1.6 -1.5Locke Lord LLP PAC 18 5.8 7,815 1 - - 5.8 Sidley Austin LLP 18 4.8 6,388 9 30 10.3 -5.5McCarthy Tetrault LLP 19 5.7 7,701 30 2 20.1 -14.4 Simpson Thacher & Bartlett LLP 19 27.4 36,757 8 38 0.8 26.6Torys LLP 20 5.7 7,643 15 1 32.7 -27.0 Skadden Arps Slate Meagher & Flom LLP 19 22.9 30,809 8 46 4.2 18.8TOTAL 134,279 1,423 TOTAL 134,279 1,423

Brazil Announced Deals (By Volume) 01/01/2016 - 06/30/2016 Brazil Announced Deals (By Deal Count) 01/01/2016 - 06/30/2016

Pinheiro Neto Advogados 1 26.7 3,434 18 7 7.3 19.4 Pinheiro Neto Advogados 1 26.7 3,434 18 1 7.3 19.4Baker & McKenzie LLP 2 14.3 1,839 3 16 1.4 12.9 Tozzini Freire Teixeira E Silva 2 1.9 237 15 6 2.4 -0.5Osler Hoskin & Harcourt LLP 3 11.7 1,500 1 - - 11.7 Mattos Filho Veiga Filho Marrey Jr e Quiroga Advoga 3 5.6 719 11 2 29.0 -23.4King & Wood Mallesons 3 11.7 1,500 1 - - 11.7 Barbosa Mussnich & Aragao 4 8.9 1,146 9 3 13.6 -4.7Skadden Arps Slate Meagher & Flom LLP 5 10.5 1,343 2 3 27.9 -17.5 Souza Cescon Barrieu & Flesch Advogados 4 4.4 559 9 4 3.1 1.2Cravath Swaine & Moore LLP 5 10.5 1,343 1 - - 10.5 Machado Meyer Sendacz e Opice Advogados 6 0.6 79 7 5 2.4 -1.8Barbosa Mussnich & Aragao 7 8.9 1,146 9 6 13.6 -4.7 Veirano Advogados 7 2.0 257 6 8 1.1 0.9Davis Polk & Wardwell LLP 8 7.9 1,012 1 - - 7.9 Lefosse Advogados 8 1.3 169 4 12 3.3 -2.0Bracewell LLP 8 7.9 1,012 1 - - 7.9 Stocche Forbes Padis Filizzola e Clapis Advogados 8 0.1 13 4 14 0.4 -0.3Mattos Filho Veiga Filho Marrey Jr e Quiroga Advoga 10 5.6 719 11 2 29.0 -23.4 Baker & McKenzie LLP 10 14.3 1,839 3 14 1.4 12.9Souza Cescon Barrieu & Flesch Advogados 11 4.4 559 9 12 3.1 1.2 Allen & Overy LLP 10 0.6 72 3 12 0.7 -0.2Mayer Brown LLP 12 3.8 494 2 18 1.3 2.6 Azevedo Sette Advogados 10 0.3 32 3 9 - 0.3Chadbourne & Parke LLP 13 3.8 490 1 - - 3.8 Lobo & Rizzo Advogados 10 0.0 4 3 10 1.3 -1.3Sidley Austin LLP 14 3.5 450 1 24 0.6 3.0 Skadden Arps Slate Meagher & Flom LLP 14 10.5 1,343 2 11 27.9 -17.5JunHe LLP 15 2.3 290 1 - - 2.3 Mayer Brown LLP 14 3.8 494 2 23 1.3 2.6Veirano Advogados 16 2.0 257 6 20 1.1 0.9 Cleary Gottlieb Steen & Hamilton LLP 14 1.5 198 2 - - 1.5Tozzini Freire Teixeira E Silva 17 1.9 237 15 14 2.4 -0.5 Demarest Advogados 14 1.3 169 2 6 3.4 -2.1Cleary Gottlieb Steen & Hamilton LLP 18 1.5 198 2 - - 1.5 Blake Cassels & Graydon LLP 14 0.9 114 2 23 1.3 -0.4Bredin Prat 19 1.5 195 1 32 0.1 1.4 Jones Day 14 - - 2 14 1.0 -1.0Lefosse Advogados 20 1.3 169 4 11 3.3 -2.0 Cuatrecasas Goncalves Pereira SLP 14 - - 2 - - -TOTAL 12,851 200 TOTAL 12,851 200


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

18,120

FIRM

2016

RANKMKT SHR

(%) VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) RANKMKT SHR

(%) VOLUME USD

(Mln)

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) FIRM

2016

18,120

122,233 122,233

2015MKT SHR CHANGE FIRM

2016 2015MKT SHR CHANGE

DEAL COUNT RANK

MKT SHR (%)

8

Country

United Kingdom $67.7 21.5% -65.5%

Switzerland $57.2 18.1% 279.0%

France $30.4 9.7% -20.9%

Germany $29.5 9.4% -1.0%

Spain $19.0 6.0% 39.2%

Italy $13.7 4.4% -44.3%

Finland $12.8 4.1% 58.2%

Netherlands $12.8 4.0% -11.6%

DateTotal Value

(Mln.)Amount


Change

Number of deals 5,060 Financial $78.0 24.6% -5.0%

Volume (Bln.) $315.3 Basic Materials $54.6 17.2% 831.6%

Avg Deal Size (Mln.) $62.3 Consumer Non-cyclical $50.6 15.9% 0.5%

Industrial $36.1 11.4% -34.3%

Consumer Cyclical $28.7 9.1% -33.9%

White & Case LLP Technology $23.0 7.2% 53.7%

Number of deals 74 Communications $19.0 6.0% -67.6%

Volume (Bln.) $79.7 Energy $16.0 5.1% -83.1%

Avg Deal Size (Bln.) $1.0 Utilities $6.1 1.9% -42.6%

Diversified $5.0 1.6% -19.5%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $183.0 -0.3% -34.5%

Cross Border $229.9 1.4% -35.7%


Asset Sale $64.0 -8.4% -7.7%

Tender Offer $94.7 16.2% 91.5%

Venture Capital $7.3 14.9% -4.9%

Spin-off $10.1 122.2% 252.8%

Minority Purchase $26.4 7.8% -9.3%

$24.8 -1.6% -30.5%

EMEA M&A Regional Review

Glob

al M

&A

Revi

ew |

1H

2016

EMEA M&A: Country BreakdownAmount


Change

EMEA M&A Highlights of 1H 2016 EMEA M&A: Industry Breakdown


2/3/2016 Syngenta AGChina National Chemical

Corp- $46,311.7

Top Adviser2/10/2016 Meda AB Mylan NV -

2/23/2016 London Stock Exchange Group PLC Deutsche Boerse AG - $13,809.8

$9,896.8

6/21/2016 Supercell Oy Tencent Holdings Ltd Multiple Sellers $8,600.0

3/4/2016Fomento de Construcciones y

Contratas SAInmobiliaria Carso SA de

CV- $8,337.9

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

Deal Type

Majority Purchase


0

1,000

2,000

3,000

4,000

$0

$100

$200

$300

$400

$500

2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2


• Deal volume for EMEA-based targets decreased to $315.3 billion in 1H2016, down 25.2% from $421.3 billion in 1H2015. Deal count increased marginally to 5,060 deals.

• United Kingdom, France, and Germany remained EMEA’s most acquisitive regions by volume. Deal volume from these countries increased 85.4% to $226.4 billion, representing 59.7% of the region’s acquisitions. In 1H2015, the same countries accounted for $122.0 billion in acquisitions, about half of the volume seen in 1H2016.

• Deals involving EMEA-based parties exceeding $1.0 billion in value accounted for 65.5% of total deal volume in 1H2016. The majority of announced premiums for these deals resided in the range of 30.0% and 40.0%.

9

Europe Announced Deals (By Volume) 01/01/2016 - 06/30/2016 Europe Announced Deals (By Deal Count) 01/01/2016 - 06/30/2016

Cravath Swaine & Moore LLP 1 32.0 158,782 8 4 19.3 12.7 CMS Legal Services EEIG 1 0.7 3,643 112 1 3.2 -2.4White & Case LLP 2 23.4 116,077 78 17 6.9 16.5 Jones Day 2 9.3 46,011 108 5 2.5 6.8Allen & Overy LLP 3 15.6 77,612 94 13 9.8 5.9 Allen & Overy LLP 3 15.6 77,612 94 2 9.8 5.9Wachtell Lipton Rosen & Katz 4 14.8 73,469 11 27 3.7 11.1 Linklaters LLP 4 6.6 32,718 87 4 13.5 -6.9Sullivan & Cromwell LLP 5 14.5 72,061 16 14 9.3 5.2 White & Case LLP 5 23.4 116,077 78 7 6.9 16.5Stikeman Elliott LLP 6 12.9 63,990 11 21 5.2 7.7 Clifford Chance LLP 6 2.9 14,603 76 3 7.8 -4.8Davis Polk & Wardwell LLP 7 12.5 61,838 19 12 10.4 2.1 Baker & McKenzie LLP 7 1.9 9,319 75 6 5.7 -3.8Cleary Gottlieb Steen & Hamilton LLP 8 11.4 56,670 23 26 3.7 7.7 Freshfields Bruckhaus Deringer LLP 8 9.6 47,835 66 9 28.9 -19.2Simpson Thacher & Bartlett LLP 9 10.3 51,200 21 15 8.7 1.6 Latham & Watkins LLP 9 6.6 32,699 64 8 11.9 -5.4Fangda Partners 10 10.2 50,590 11 208 0.0 10.2 Hogan Lovells US LLP 10 1.1 5,257 53 10 2.3 -1.3Osler Hoskin & Harcourt LLP 11 9.9 49,091 5 67 0.9 9.0 Dentons 11 0.4 1,948 51 14 0.6 -0.2Baer & Karrer AG 12 9.7 48,052 2 263 - 9.7 Cuatrecasas Goncalves Pereira SLP 12 0.4 1,886 47 11 0.3 0.1Freshfields Bruckhaus Deringer LLP 13 9.6 47,835 66 1 28.9 -19.2 Kirkland & Ellis LLP 13 8.7 43,253 38 35 2.2 6.5Slaughter and May 14 9.6 47,615 14 2 22.6 -13.0 Skadden Arps Slate Meagher & Flom LLP 14 5.7 28,126 36 16 13.7 -8.1Jones Day 15 9.3 46,011 108 35 2.5 6.8 Ashurst LLP 15 0.9 4,396 33 19 18.4 -17.5Anderson Mori & Tomotsune 16 8.9 44,163 3 33 3.1 5.8 Hengeler Mueller 16 1.9 9,479 32 26 1.0 1.0Kirkland & Ellis LLP 17 8.7 43,253 38 41 2.2 6.5 Noerr LLP 16 0.4 1,764 32 27 0.8 -0.5Ropes & Gray LLP 18 7.8 38,633 8 28 3.5 4.3 Loyens & Loeff NV 18 0.4 2,182 31 21 1.1 -0.7Linklaters LLP 19 6.6 32,718 87 10 13.5 -6.9 Norton Rose Fulbright LLP 18 0.3 1,342 31 17 1.2 -0.9Latham & Watkins LLP 20 6.6 32,699 64 11 11.9 -5.4 Weil Gotshal & Manges LLP 20 1.8 8,871 29 13 2.3 -0.5TOTAL 496,486 5,919 TOTAL 496,486 5,919

Europe Announced Deals- Principals (By Volume) 01/01/2016 - 06/30/2016 Europe Announced Deals- Principals (By Deal Count) 01/01/2016 - 06/30/2016

Allen & Overy LLP 1 19.8 77,612 94 10 11.6 8.2 CMS Legal Services EEIG 1 0.9 3,643 112 1 3.8 -2.9Wachtell Lipton Rosen & Katz 2 18.7 73,469 11 48 1.7 17.1 Jones Day 2 11.7 46,011 108 5 3.0 8.7Sullivan & Cromwell LLP 3 17.0 66,439 14 18 5.7 11.2 Allen & Overy LLP 3 19.8 77,612 94 2 11.6 8.2Stikeman Elliott LLP 4 16.3 63,990 11 17 6.3 10.0 Linklaters LLP 4 7.5 29,310 86 4 16.3 -8.8Davis Polk & Wardwell LLP 5 14.4 56,513 16 20 5.0 9.4 Clifford Chance LLP 5 3.7 14,603 76 3 9.4 -5.7Simpson Thacher & Bartlett LLP 6 13.0 50,970 20 13 9.3 3.7 Baker & McKenzie LLP 6 2.4 9,319 75 6 6.9 -4.5Fangda Partners 7 12.9 50,590 11 208 0.0 12.9 White & Case LLP 7 7.2 28,398 70 7 2.1 5.2Osler Hoskin & Harcourt LLP 8 12.5 49,091 5 62 1.1 11.5 Freshfields Bruckhaus Deringer LLP 8 12.1 47,613 65 9 34.3 -22.2Cravath Swaine & Moore LLP 9 12.5 48,875 4 4 21.3 -8.8 Latham & Watkins LLP 9 4.3 16,655 60 7 9.5 -5.3Baer & Karrer AG 10 12.3 48,052 2 263 - 12.3 Hogan Lovells US LLP 10 1.3 5,257 53 10 2.8 -1.5Slaughter and May 11 12.1 47,615 14 2 27.3 -15.2 Dentons 11 0.5 1,948 51 14 0.8 -0.3Freshfields Bruckhaus Deringer LLP 12 12.1 47,613 65 1 34.3 -22.2 Cuatrecasas Goncalves Pereira SLP 12 0.5 1,886 47 11 0.4 0.1Jones Day 13 11.7 46,011 108 29 3.0 8.7 Kirkland & Ellis LLP 13 11.0 43,253 38 34 2.7 8.3Anderson Mori & Tomotsune 14 11.3 44,163 3 27 3.7 7.6 Skadden Arps Slate Meagher & Flom LLP 14 7.2 28,126 36 16 14.2 -7.0Kirkland & Ellis LLP 15 11.0 43,253 38 34 2.7 8.3 Hengeler Mueller 15 2.4 9,479 32 26 1.2 1.3Ropes & Gray LLP 16 9.9 38,633 8 50 1.5 8.4 Noerr LLP 15 0.5 1,764 32 27 1.0 -0.5Linklaters LLP 17 7.5 29,310 86 8 16.3 -8.8 Ashurst LLP 17 0.8 2,998 31 25 3.4 -2.7White & Case LLP 18 7.2 28,398 70 39 2.1 5.2 Loyens & Loeff NV 17 0.6 2,182 31 20 1.4 -0.8Skadden Arps Slate Meagher & Flom LLP 19 7.2 28,126 36 9 14.2 -7.0 Weil Gotshal & Manges LLP 19 2.3 8,871 29 13 2.8 -0.6Allens 20 4.8 18,846 12 6 19.0 -14.2 Norton Rose Fulbright LLP 19 0.2 886 29 17 1.0 -0.7TOTAL 392,069 1,830 TOTAL 392,069 1,830

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) FIRM

RANKMKT SHR

(%) VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) RANKMKT SHR

(%)


2016VOLUME USD

(Mln)DEAL

COUNT

MKT SHR CHANGE


MKT SHR (%)

FIRM

2016 2015

RANK

515,667 515,667

426,702 426,702

10

UK Announced Deals (By Volume) 01/01/2016 - 06/30/2016 UK Announced Deals (By Deal Count) 01/01/2016 - 06/30/2016

Freshfields Bruckhaus Deringer LLP 1 30.8 34,810 38 1 48.3 -17.5 CMS Legal Services EEIG 1 1.5 1,648 41 2 1.5 0.0Latham & Watkins LLP 2 16.0 18,075 24 19 3.9 12.1 Freshfields Bruckhaus Deringer LLP 2 30.8 34,810 38 5 48.3 -17.5Linklaters LLP 3 15.1 17,053 35 9 11.8 3.3 Linklaters LLP 3 15.1 17,053 35 3 11.8 3.3Herbert Smith Freehills LLP 4 14.6 16,492 17 12 8.1 6.5 Clifford Chance LLP 4 3.4 3,809 34 1 11.2 -7.8Allens 5 13.0 14,654 6 4 31.1 -18.2 Jones Day 4 2.0 2,312 34 7 1.5 0.5Skadden Arps Slate Meagher & Flom LLP 6 8.2 9,226 13 11 8.5 -0.3 Allen & Overy LLP 6 7.3 8,237 25 4 6.8 0.5Davis Polk & Wardwell LLP 7 7.7 8,730 7 15 5.8 1.9 Travers Smith 6 1.7 1,888 25 8 4.4 -2.7Allen & Overy LLP 8 7.3 8,237 25 14 6.8 0.5 Latham & Watkins LLP 8 16.0 18,075 24 13 3.9 12.1Baker & McKenzie LLP 9 5.7 6,402 16 13 7.9 -2.2 Squire Patton Boggs US LLP 8 0.4 473 24 6 0.5 -0.1Shearman & Sterling LLP 10 5.7 6,392 8 20 3.7 1.9 Dentons 10 1.1 1,266 21 17 0.5 0.7White & Case LLP 11 5.0 5,606 19 21 3.3 1.6 White & Case LLP 11 5.0 5,606 19 9 3.3 1.6Hogan Lovells US LLP 12 3.8 4,308 14 18 4.3 -0.5 Kirkland & Ellis LLP 12 1.0 1,137 18 24 1.9 -0.9Clifford Chance LLP 13 3.4 3,809 34 10 11.2 -7.8 Herbert Smith Freehills LLP 13 14.6 16,492 17 16 8.1 6.5Slaughter and May 14 3.1 3,452 11 2 41.5 -38.4 Ashurst LLP 13 2.2 2,482 17 14 34.0 -31.8Cleary Gottlieb Steen & Hamilton LLP 15 3.0 3,345 3 45 1.1 1.8 Macfarlanes LLP 13 1.3 1,444 17 20 2.1 -0.8Perez-Llorca 16 2.8 3,149 7 107 0.1 2.7 Baker & McKenzie LLP 16 5.7 6,402 16 22 7.9 -2.2Stocche Forbes Padis Filizzola e Clapis Advogados 17 2.7 3,100 1 - - 2.7 Olswang 17 0.1 113 15 14 0.5 -0.4Axinn Veltrop & Harkrider LLP 17 2.7 3,100 1 22 3.3 -0.6 Hogan Lovells US LLP 18 3.8 4,308 14 10 4.3 -0.5Sullivan & Cromwell LLP 19 2.5 2,767 8 26 2.5 0.0 Willkie Farr & Gallagher LLP 18 0.8 875 14 31 0.0 0.7Osler Hoskin & Harcourt LLP 20 2.4 2,710 2 48 1.1 1.3 Skadden Arps Slate Meagher & Flom LLP 20 8.2 9,226 13 20 8.5 -0.3TOTAL 113,102 2,298 TOTAL 113,102 2,298

Germany Announced Deals (By Deal Count) 01/01/2016 - 06/30/2016 France Announced Deals (By Deal Count) 01/01/2016 - 06/30/2016

CMS Legal Services EEIG 1 1.4 1,857 34 1 1.8 -0.4 Jones Day 1 1.2 859 34 3 0.9 0.3Noerr LLP 2 0.6 732 27 5 8.9 -8.4 Linklaters LLP 2 13.2 9,370 28 9 16.9 -3.8Hengeler Mueller 3 4.0 5,339 26 2 9.5 -5.5 CMS Legal Services EEIG 3 - - 26 1 0.1 -0.1White & Case LLP 4 4.4 5,818 22 13 4.4 - Allen & Overy LLP 4 2.5 1,784 21 7 7.2 -4.7Freshfields Bruckhaus Deringer LLP 5 16.6 22,001 20 4 9.2 7.4 Latham & Watkins LLP 5 11.7 8,302 20 2 32.7 -21.0Allen & Overy LLP 6 48.7 64,517 18 8 11.6 37.1 De Pardieu Brocas Maffei 6 2.7 1,896 15 27 - 2.7Linklaters LLP 6 11.8 15,637 18 9 5.0 6.8 Hogan Lovells US LLP 6 0.5 324 15 14 0.2 0.3Clifford Chance LLP 6 5.9 7,842 18 2 15.3 -9.3 Clifford Chance LLP 8 1.3 896 14 4 7.2 -5.9Jones Day 6 2.0 2,706 18 7 5.0 -2.9 Dentons 8 0.7 512 14 12 2.1 -1.4Hogan Lovells US LLP 10 0.3 344 14 11 0.6 -0.3 Bredin Prat 10 7.8 5,582 13 8 11.0 -3.2Latham & Watkins LLP 11 12.1 15,962 13 6 1.8 10.3 Baker & McKenzie LLP 11 1.0 710 12 5 0.2 0.9Baker & McKenzie LLP 12 0.2 215 10 12 0.5 -0.4 Willkie Farr & Gallagher LLP 11 0.9 603 12 17 0.6 0.2Luther Menold Rechtsanwaltsgesellschaft mbH 12 0.1 150 10 - - 0.1 White & Case LLP 13 14.8 10,558 10 14 0.7 14.1McDermott Will & Emery 14 3.2 4,241 9 42 0.5 2.7 Mayer Brown LLP 13 0.4 273 10 9 7.3 -7.0Dentons 14 0.1 61 9 17 0.7 -0.6 Freshfields Bruckhaus Deringer LLP 15 3.7 2,641 9 42 11.5 -7.8Mayer Brown LLP 16 1.3 1,713 8 29 0.3 1.0 Cleary Gottlieb Steen & Hamilton LLP 15 3.3 2,327 9 23 7.8 -4.6Luther Rechtsanwaltsgesellschaft mbH 16 1.2 1,617 8 9 - 1.2 Skadden Arps Slate Meagher & Flom LLP 17 5.0 3,587 8 14 25.8 -20.8Sullivan & Cromwell LLP 18 47.9 63,419 6 - - 47.9 Noerr LLP 17 0.8 542 8 32 - 0.8Milbank Tweed Hadley & McCloy LLP 18 1.3 1,662 6 32 1.0 0.3 King & Wood Mallesons 17 0.3 242 8 53 - 0.3Paul Hastings LLP 18 0.5 615 6 64 - 0.5 Dechert LLP 20 0.3 215 7 6 0.8 -0.5TOTAL 132,379 943 TOTAL 71,269 832

MKT SHR (%) RANKFIRM


2016 2015

RANKMKT SHR

(%) VOLUME USD

(Mln)DEAL

COUNT

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)


MKT SHR (%)

VOLUME USD (Mln)FIRM

DEAL COUNT RANK

MKT SHR (%)

71,930 46,224

258,622 258,622

MKT SHR CHANGE

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

11

Italy Announced Deals (By Deal Count) 01/01/2016 - 06/30/2016 Benelux Announced Deals (By Deal Count) 01/01/2016 - 06/30/2016

NCTM Studio Legale Associato 1 1.4 275 25 1 0.5 0.8 Allen & Overy LLP 1 15.4 5,778 40 1 16.4 -1.0Gattai Minoli & Partners 2 4.3 865 12 18 0.6 3.7 Loyens & Loeff NV 2 5.8 2,182 25 3 2.5 3.3Jones Day 3 7.5 1,518 11 4 6.9 0.6 Houthoff Buruma 3 8.7 3,250 19 5 12.9 -4.2Legance Studio Legale Associato 4 1.9 389 9 2 7.5 -5.6 NautaDutilh NV 3 6.3 2,358 19 9 3.3 3.0Hogan Lovells US LLP 5 0.5 94 8 14 0.4 0.0 Stibbe BV 3 4.4 1,640 19 12 0.5 3.9Baker & McKenzie LLP 6 10.6 2,140 7 6 0.6 10.0 CMS Legal Services EEIG 6 1.0 359 16 2 7.7 -6.7Clifford Chance LLP 7 8.2 1,657 6 6 1.1 7.1 Linklaters LLP 7 1.8 690 15 7 9.8 -8.0White & Case LLP 7 1.9 388 6 10 0.3 1.7 Baker & McKenzie LLP 8 2.2 808 14 8 3.3 -1.1Freshfields Bruckhaus Deringer LLP 9 4.5 907 5 21 18.3 -13.8 Clifford Chance LLP 9 9.4 3,505 12 6 3.4 6.0Skadden Arps Slate Meagher & Flom LLP 10 6.9 1,390 4 14 20.6 -13.7 White & Case LLP 9 3.6 1,340 12 11 11.0 -7.4Ashurst LLP 10 0.6 130 4 21 1.8 -1.2 Freshfields Bruckhaus Deringer LLP 11 14.2 5,317 11 13 54.1 -39.9CMS Legal Services EEIG 10 0.3 55 4 10 - 0.3 De Brauw Blackstone Westbroek NV 12 21.9 8,204 10 3 74.4 -52.5King & Wood Mallesons 10 0.1 24 4 37 - 0.1 Jones Day 12 7.4 2,762 10 13 0.0 7.3Latham & Watkins LLP 14 5.5 1,113 3 4 29.0 -23.5 Hogan Lovells US LLP 14 7.8 2,928 7 18 0.3 7.5DLA Piper LLP 14 4.0 800 3 37 0.1 3.9 Norton Rose Fulbright LLP 14 1.3 489 7 20 0.1 1.3Houthoff Buruma 14 2.8 569 3 - - 2.8 Dentons 14 0.2 89 7 20 1.1 -0.8Allen & Overy LLP 14 0.8 169 3 18 3.9 -3.1 Latham & Watkins LLP 17 0.1 40 6 13 11.9 -11.7Linklaters LLP 14 0.3 67 3 3 25.0 -24.7 Mayer Brown LLP 18 0.9 353 5 20 3.4 -2.4Dentons 14 - - 3 37 - - Cuatrecasas Goncalves Pereira SLP 18 0.3 107 5 20 0.0 0.3Weil Gotshal & Manges LLP 20 6.5 1,307 2 21 6.5 -0.1 Sullivan & Cromwell LLP 20 2.8 1,060 4 34 10.7 -7.8TOTAL 20,231 361 TOTAL 37,459 676

Iberia Announced Deals (By Deal Count) 01/01/2016 - 06/30/2016 Nordic Announced Deals (By Deal Count) 01/01/2016 - 06/30/2016

Cuatrecasas Goncalves Pereira SLP 1 7.1 1,886 45 1 3.3 3.8 Advokatfirman Vinge KB 1 21.0 12,017 20 3 21.4 -0.4Uria Menendez Abogados SLP 2 14.7 3,915 25 2 1.5 13.2 Mannheimer Swartling Advokatbyra AB 2 2.2 1,269 16 2 26.5 -24.3Clifford Chance LLP 3 5.2 1,374 20 5 2.7 2.5 White & Case LLP 3 33.5 19,200 15 6 3.4 30.0Perez-Llorca 4 2.5 658 13 3 1.4 1.1 CMS Legal Services EEIG 4 1.2 683 14 15 0.1 1.1Linklaters LLP 5 9.3 2,481 11 3 46.8 -37.5 Allen & Overy LLP 5 3.2 1,848 10 9 3.6 -0.4CMS Legal Services EEIG 5 3.8 997 11 24 - 3.8 Baker & McKenzie LLP 5 0.2 116 10 10 0.5 -0.3Rousaud Costas Duran Slp 7 0.1 38 9 9 - 0.1 Hannes Snellman Advokatbyra Ab/FI 7 16.2 9,306 9 4 3.0 13.3Latham & Watkins LLP 8 7.1 1,884 8 16 10.5 -3.4 Advokatfirmaet Thommessen AS 8 4.7 2,676 8 8 4.4 0.3Ashurst LLP 9 4.0 1,071 7 12 1.4 2.6 Kirkland & Ellis LLP 9 3.6 2,081 7 50 - 3.6King & Wood Mallesons 10 3.1 824 6 35 3.8 -0.7 Roschier Advokatbyra AB 9 0.9 540 7 - - 0.9Hogan Lovells US LLP 10 0.6 159 6 13 0.6 0.0 Dentons 9 0.3 193 7 23 - 0.3Jones Day 10 0.2 47 6 10 0.6 -0.4 Clifford Chance LLP 12 5.5 3,132 6 21 0.9 4.5Allen & Overy LLP 13 4.1 1,097 5 7 8.8 -4.7 Freshfields Bruckhaus Deringer LLP 12 2.5 1,435 6 19 6.2 -3.7Gomez-Acebo & Pombo Abogados SLP 13 0.2 53 5 7 1.5 -1.3 Weil Gotshal & Manges LLP 12 2.4 1,381 6 13 0.4 2.0Garrigues Abogados 13 0.0 9 5 6 1.6 -1.6 Ellex 12 0.0 22 6 15 1.5 -1.5Baker & McKenzie LLP 16 0.1 33 4 13 34.4 -34.3 Jones Day 16 2.9 1,665 5 11 1.8 1.1Freshfields Bruckhaus Deringer LLP 17 7.1 1,884 3 10 44.2 -37.1 Ashurst LLP 16 0.0 25 5 23 0.7 -0.6Herbert Smith Freehills LLP 17 1.5 393 3 24 39.2 -37.8 Latham & Watkins LLP 18 5.5 3,165 4 15 31.5 -26.0Khaitan & Co 17 0.0 7 3 24 0.1 -0.1 Mayer Brown LLP 18 3.1 1,760 4 - - 3.1Watson Farley & Williams LLP 20 0.7 194 2 - - 0.7 Shearman & Sterling LLP 18 2.2 1,275 4 23 - 2.2TOTAL 26,576 355 TOTAL 57,347 901

MKT SHR CHANGE

DEAL COUNT RANK

MKT SHR (%)

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

RANKMKT SHR

(%) VOLUME USD

(Mln)DEAL

COUNT RANKMKT SHR

(%) RANKMKT SHR

(%) VOLUME USD

(Mln)FIRM


2016 2015

151,083 38,761

38,229 45,034

12

Eastern Europe Announced Deals (By Deal Count) 01/01/2016 - 06/30/2016

Ellex 1 0.1 33 22 2 0.1 0.1Dentons 2 1.7 408 16 5 10.2 -8.5CMS Legal Services EEIG 2 0.4 91 16 1 1.6 -1.2White & Case LLP 4 1.9 454 15 5 6.1 -4.2Baker & McKenzie LLP 5 1.3 306 14 2 3.0 -1.7Allen & Overy LLP 6 2.0 484 12 8 3.8 -1.7Weil Gotshal & Manges LLP 7 8.5 2,014 11 8 9.9 -1.4Linklaters LLP 8 0.5 113 9 12 0.3 0.2Noerr LLP 9 0.0 10 8 26 3.5 -3.4Hogan Lovells US LLP 10 1.1 264 7 15 0.2 0.9Attorneys COBALT AS 10 0.1 28 7 7 0.8 -0.7Norton Rose Fulbright LLP 12 1.4 323 6 20 3.2 -1.9SORAINEN 12 0.1 33 6 2 0.9 -0.8Balcioglu Selcuk Akman Keki Avukatlik Ortakligi 14 - - 5 12 2.6 -2.6Squire Patton Boggs US LLP 15 0.8 184 4 12 0.5 0.3Clifford Chance LLP 16 1.2 281 3 10 12.8 -11.6Travers Smith 16 1.1 270 3 30 - 1.1Freshfields Bruckhaus Deringer LLP 16 0.2 48 3 30 - 0.2Jones Day 16 - - 3 18 1.3 -1.3Skadden Arps Slate Meagher & Flom LLP 20 13.9 3,300 2 30 0.8 13.1TOTAL 23,709 487

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

23,126

13

DateTotal Value

(Mln.)

Number of deals 5,427

Volume (Bln.) $434.6

Avg Deal Size (Mln.) $80.1

King & Wood Mallesons LLP

Number of deals 51

Volume (Bln.) $32.8

Avg Deal Size (Bln.) $0.6

Deal TypeAmount

(Bln.)% Change

Deal Count% YoY

Change

Company Takeover $207.2 -1.6% -23.7%

Cross Border $141.7 2.1% -5.8%

Private Equity $74.6 8.4% 15.7%

Asset Sale $54.7 -5.4% 18.5%

Tender Offer $17.5 -9.2% 90.6%

Venture Capital $31.9 8.1% 153.2%

Spin-off $10.0 -5.6% -59.2%

Minority Purchase $94.9 11.5% 30.3%

Majority Purchase $63.8 -4.9% 17.1%

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

Japan M&A: Quarterly Volume

6/19/2016Shenzhen Metro Qianhai

Intl Dvlpt Co LtdChina Vanke Co Ltd

Shenzhen Metro Group Co Ltd

$6,926.3

APAC M&A: Breakdown

Greater China M&A: Quarterly Volume

5/23/2016 SF Holdings Group Co LtdMaanshan Dingtai Rare Earth&New Material Co

Ltd- $7,499.8

$7,526.3Top Adviser

3/30/2016 Sharp Corp/Japan Multiple Acquirers -

3/15/2016 Asciano Ltd Multiple Acquirers - $9,405.8

APAC M&A Regional Review

Glob

al M

&A

Revi

ew |

1H

2016

APAC M&A: Quarterly Volume

Australia/NZ M&A: Quarterly Volume

APAC M&A: Highlights of 1H 2016

Summary Target Acquirer Seller

5/24/2016 RHB Bank Bhd (Shareholders) RHB Capital Bhd $9,868.1

27%

16%

15%

12%

10%

7%

5% 3% 3% 2%

APAC Industry Breakdown Financial

Industrial

Consumer Cyclical

Communications

Consumer Non-cyclical

Technology

Basic Materials

Energy

Diversified

Utilities

0

2,000

4,000

6,000

$0

$200

$400

$600


0

200

400

600

$0

$20

$40

$60


0

500

1,000

1,500

2,000

$0

$100

$200

$300


0

500

1,000

$0

$50

$100


• In 1H2016, M&A volume involving APAC-based parties decreased marginally by 3.4% YoY to $612.2 billion despite a 4.0% increase in deal count. Greater China continued to dominate the region’s transaction activity, accounting for 65.7% of the total deal volume.

• Outbound M&A activity from APAC in 1H2016 increased by 10.8% YoY to $150.1 billion. Europe emerged as the most targeted region for APAC acquirers, accounting for 53.0% of deal volume from outbound activity, a 51.3% increase from the same period last year. China National Chemical Corp’s takeover of Syngenta AG for $46.3 billion contributed to 58.2% of this figure.

• Blackrock Inc’s sale of Asia Square Tower 1 to Qatar Investment Authority for $2.5 billion was the largest asset sale on record in Singapore, despite falling rental prices.

14

APAC Ex Japan Announced Deals (By Volume) 01/01/2016 - 06/30/2016 APAC Ex Japan Announced Deals (By Deal Count) 01/01/2016 - 06/30/2016

Simpson Thacher & Bartlett LLP 1 13.0 71,651 24 23 3.7 9.3 King & Wood Mallesons 1 8.4 46,604 61 1 8.3 0.1White & Case LLP 2 12.8 70,659 29 36 2.1 10.7 Kim & Chang 2 1.7 9,480 50 5 13.3 -11.6Fangda Partners 3 12.4 68,695 38 30 2.7 9.8 AZB & Partners 3 0.9 5,190 49 2 0.9 0.1Davis Polk & Wardwell LLP 4 12.1 66,972 19 10 7.9 4.2 Herbert Smith Freehills LLP 4 4.4 24,406 45 4 11.0 -6.6Osler Hoskin & Harcourt LLP 5 12.0 66,453 9 226 - 12.0 Khaitan & Co 5 0.2 953 39 7 0.7 -0.6Cleary Gottlieb Steen & Hamilton LLP 6 9.7 53,490 5 39 1.8 7.9 Fangda Partners 6 12.4 68,695 38 91 2.7 9.8Baer & Karrer AG 7 8.7 48,052 2 - - 8.7 Baker & McKenzie LLP 7 2.1 11,695 32 3 3.3 -1.2Cravath Swaine & Moore LLP 8 8.6 47,420 3 41 1.6 7.0 Norton Rose Fulbright LLP 7 2.0 10,904 32 10 4.0 -2.0King & Wood Mallesons 9 8.4 46,604 61 8 8.3 0.1 Shin & Kim 9 1.3 7,008 30 17 0.7 0.6Skadden Arps Slate Meagher & Flom LLP 10 4.6 25,310 15 1 18.6 -14.0 White & Case LLP 10 12.8 70,659 29 25 2.1 10.7Herbert Smith Freehills LLP 11 4.4 24,406 45 5 11.0 -6.6 Jones Day 11 3.5 19,376 27 31 0.3 3.2Jones Day 12 3.5 19,376 27 90 0.3 3.2 Grandall Law Firm 12 1.5 8,531 26 15 2.2 -0.7Allens 13 2.7 14,664 23 6 10.1 -7.5 Simpson Thacher & Bartlett LLP 13 13.0 71,651 24 33 3.7 9.3Jia Yuan Law Firm 14 2.4 13,300 11 111 0.2 2.2 Lee & Ko 13 1.2 6,400 24 6 2.8 -1.7Freshfields Bruckhaus Deringer LLP 15 2.4 13,221 16 2 15.4 -13.1 Allens 15 2.7 14,664 23 12 10.1 -7.5Morrison & Foerster LLP 16 2.4 12,997 8 16 5.7 -3.4 Allen & Overy LLP 15 0.7 3,955 23 10 2.6 -1.8Baker & McKenzie LLP 17 2.1 11,695 32 25 3.3 -1.2 Tian Yuan Law Firm 17 0.8 4,306 20 51 0.7 0.1Hannes Snellman Advokatbyra Ab/FI 18 2.1 11,584 4 208 - 2.1 Yulchon LLC 17 0.8 4,124 20 27 1.1 -0.3Stikeman Elliott LLP 19 2.1 11,329 9 12 7.5 -5.5 Davis Polk & Wardwell LLP 19 12.1 66,972 19 30 7.9 4.2Covington & Burling LLP 20 2.0 11,266 4 120 0.2 1.9 Latham & Watkins LLP 19 0.9 5,203 19 28 9.8 -8.8TOTAL 552,439 5,494 TOTAL 552,439 5,494

APAC Private Equity Announced Deals (By Volume) 01/01/2016 - 06/30/2016

Skadden Arps Slate Meagher & Flom LLP 1 16.4 20,215 9 3 18.3 -2.0Simpson Thacher & Bartlett LLP 2 15.0 18,484 20 4 17.4 -2.5King & Wood Mallesons 3 14.3 17,661 13 1 23.9 -9.6Herbert Smith Freehills LLP 4 10.6 13,127 12 14 7.6 3.0Osler Hoskin & Harcourt LLP 5 9.9 12,270 3 57 1.2 8.8Jones Day 6 9.6 11,875 13 95 0.1 9.5Allens 7 8.1 10,018 7 43 1.9 6.2Stikeman Elliott LLP 8 8.0 9,882 5 84 0.3 7.7Fangda Partners 9 7.7 9,466 22 7 13.2 -5.5Kim & Chang 10 5.6 6,971 23 22 4.9 0.8O'Melveny & Myers LLP 11 5.0 6,197 12 27 4.1 1.0Shin & Kim 12 4.2 5,153 9 47 1.6 2.5Weil Gotshal & Manges LLP 13 3.5 4,347 9 12 9.6 -6.1Wilson Sonsini Goodrich & Rosati PC 14 3.4 4,165 7 6 14.1 -10.7Cleary Gottlieb Steen & Hamilton LLP 15 3.2 3,991 2 46 1.8 1.5De Brauw Blackstone Westbroek NV 16 3.2 3,929 2 - - 3.2Latham & Watkins LLP 17 2.9 3,621 6 8 11.9 -9.0Wachtell Lipton Rosen & Katz 18 2.9 3,616 2 - - 2.9Sullivan & Cromwell LLP 19 2.9 3,560 2 15 7.4 -4.5Paul Weiss Rifkind Wharton & Garrison LLP 20 2.4 2,944 6 45 1.9 0.5TOTAL 123,606 1,234

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

FIRM


2016 2015MKT SHR CHANGE RANK RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

98,539

567,416 567,416

15

AU & NZ Announced Deals (By Volume) 01/01/2016 - 06/30/2016 AU & NZ Announced Deals (By Deal Count) 01/01/2016 - 06/30/2016

Herbert Smith Freehills LLP 1 40.1 17,984 31 1 49.4 -9.4 Herbert Smith Freehills LLP 1 40.1 17,984 31 1 49.4 -9.4King & Wood Mallesons 2 36.2 16,244 26 2 34.4 1.8 King & Wood Mallesons 2 36.2 16,244 26 3 34.4 1.8Allens 3 32.6 14,647 22 4 21.7 10.9 Allens 3 32.6 14,647 22 3 21.7 10.9Osler Hoskin & Harcourt LLP 4 32.1 14,410 4 60 0.0 32.1 Minter Ellison 4 7.4 3,338 15 2 21.5 -14.1Jones Day 5 23.9 10,725 9 - - 23.9 Norton Rose Fulbright LLP 4 0.6 282 15 5 7.1 -6.4Stikeman Elliott LLP 6 21.1 9,452 2 40 0.4 20.7 Ashurst LLP 6 4.3 1,936 14 7 24.4 -20.1Bell Gully 7 8.1 3,643 12 9 10.2 -2.1 Gilbert + Tobin 7 5.0 2,228 13 5 1.9 3.1Minter Ellison 8 7.4 3,338 15 5 21.5 -14.1 Bell Gully 8 8.1 3,643 12 13 10.2 -2.1Linklaters LLP 9 6.8 3,068 4 30 1.4 5.4 HWL Ebsworth Lawyers 9 0.8 376 11 8 9.0 -8.1McCarthy Tetrault LLP 10 5.9 2,626 3 26 2.6 3.2 Baker & McKenzie LLP 10 2.4 1,064 10 8 0.6 1.7Buddle Findlay 11 5.4 2,413 1 - - 5.4 Jones Day 11 23.9 10,725 9 - - 23.9Gilbert + Tobin 12 5.0 2,228 13 28 1.9 3.1 Allen & Overy LLP 12 3.3 1,481 6 11 4.9 -1.6Wachtell Lipton Rosen & Katz 13 4.8 2,140 1 66 - 4.8 Osler Hoskin & Harcourt LLP 13 32.1 14,410 4 40 0.0 32.1Ashurst LLP 14 4.3 1,936 14 3 24.4 -20.1 Linklaters LLP 13 6.8 3,068 4 15 1.4 5.4Sullivan & Cromwell LLP 15 3.7 1,657 2 17 5.8 -2.1 DLA Piper LLP 13 2.0 874 4 11 0.5 1.5Allen & Overy LLP 16 3.3 1,481 6 21 4.9 -1.6 Corrs Chambers Westgarth 13 0.3 114 4 10 3.2 -3.0Kirkland & Ellis LLP 17 2.4 1,093 3 14 8.4 -6.0 K&L Gates LLP 13 0.2 75 4 14 1.9 -1.7Baker & McKenzie LLP 18 2.4 1,064 10 34 0.6 1.7 McCarthy Tetrault LLP 18 5.9 2,626 3 18 2.6 3.2DLA Piper LLP 19 2.0 874 4 38 0.5 1.5 Kirkland & Ellis LLP 18 2.4 1,093 3 15 8.4 -6.0Conyers Dill & Pearman 20 1.7 755 1 - - 1.7 Paul Hastings LLP 18 1.1 480 3 - - 1.1TOTAL 44,889 819 TOTAL 44,889 819

Japan Announced Deals (By Volume) 01/01/2016 - 06/30/2016 Japan Announced Deals (By Deal Count) 01/01/2016 - 06/30/2016

Mori Hamada & Matsumoto 1 27.4 26,416 72 1 24.2 3.2 Mori Hamada & Matsumoto 1 27.4 26,416 72 1 24.2 3.2Nishimura & Asahi 2 23.3 22,510 42 3 13.5 9.8 Nagashima Ohno & Tsunematsu 2 7.6 7,296 70 2 11.6 -4.0Anderson Mori & Tomotsune 3 16.6 16,049 57 16 4.5 12.2 Anderson Mori & Tomotsune 3 16.6 16,049 57 3 4.5 12.2White & Case LLP 4 12.9 12,441 9 40 1.0 11.9 Nishimura & Asahi 4 23.3 22,510 42 4 13.5 9.8Morrison & Foerster LLP 5 9.2 8,888 6 21 2.8 6.4 White & Case LLP 5 12.9 12,441 9 8 1.0 11.9Sullivan & Cromwell LLP 6 9.1 8,726 6 6 9.3 -0.3 AZB & Partners 5 4.7 4,489 9 21 1.9 2.8Slaughter and May 7 9.0 8,717 2 - - 9.0 Kim & Chang 5 1.5 1,395 9 12 2.6 -1.1Baker & McKenzie LLP 8 8.9 8,610 7 45 0.8 8.1 Simpson Thacher & Bartlett LLP 8 7.6 7,329 8 25 12.7 -5.1Fenwick & West LLP 9 8.9 8,600 4 50 0.4 8.5 Allen & Overy LLP 8 3.9 3,726 8 15 1.3 2.5Hannes Snellman Advokatbyra Ab/FI 9 8.9 8,600 1 105 - 8.9 Baker & McKenzie LLP 10 8.9 8,610 7 6 0.8 8.1Covington & Burling LLP 9 8.9 8,600 1 38 1.1 7.8 Hogan Lovells US LLP 10 6.3 6,114 7 37 - 6.3Blake Cassels & Graydon LLP 12 8.4 8,068 2 43 0.9 7.5 Jones Day 10 0.1 120 7 10 7.9 -7.8Simpson Thacher & Bartlett LLP 13 7.6 7,329 8 4 12.7 -5.1 Morrison & Foerster LLP 13 9.2 8,888 6 7 2.8 6.4Nagashima Ohno & Tsunematsu 14 7.6 7,296 70 5 11.6 -4.0 Sullivan & Cromwell LLP 13 9.1 8,726 6 12 9.3 -0.3Hogan Lovells US LLP 15 6.3 6,114 7 105 - 6.3 Paul Weiss Rifkind Wharton & Garrison LLP 15 4.7 4,527 5 80 - 4.7Latham & Watkins LLP 16 5.9 5,679 4 20 3.2 2.7 Shearman & Sterling LLP 15 4.1 3,928 5 15 3.8 0.3Paul Weiss Rifkind Wharton & Garrison LLP 17 4.7 4,527 5 105 - 4.7 O'Melveny & Myers LLP 15 3.2 3,107 5 52 0.3 2.9Fangda Partners 18 4.7 4,500 1 - - 4.7 Oh-Ebashi LPC & Partners 15 0.3 326 5 5 0.4 -0.1AZB & Partners 19 4.7 4,489 9 25 1.9 2.8 Herbert Smith Freehills LLP 15 0.3 319 5 10 8.4 -8.0Shearman & Sterling LLP 20 4.1 3,928 5 18 3.8 0.3 Ashurst LLP 15 0.0 42 5 25 6.4 -6.4TOTAL 96,449 1,519 TOTAL 96,449 1,51992,172 92,172

72,289 72,289

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

16

South Korea Announced Deals (By Volume) 01/01/2016 - 06/30/2016 South Korea Announced Deals (By Deal Count) 01/01/2016 - 06/30/2016

Kim & Chang 1 25.5 8,473 48 1 67.0 -41.5 Kim & Chang 1 25.5 8,473 48 1 67.0 -41.5Shin & Kim 2 20.8 6,929 29 9 5.4 15.4 Shin & Kim 2 20.8 6,929 29 4 5.4 15.4Lee & Ko 3 19.3 6,400 24 3 23.5 -4.2 Lee & Ko 3 19.3 6,400 24 2 23.5 -4.2Yulchon LLC 4 12.4 4,124 20 8 8.7 3.7 Yulchon LLC 4 12.4 4,124 20 5 8.7 3.7Bae Kim & Lee 5 9.9 3,288 19 2 45.4 -35.6 Bae Kim & Lee 5 9.9 3,288 19 3 45.4 -35.6Kirkland & Ellis LLP 6 2.1 689 1 19 0.5 1.5 Yoon & Yang LLC 6 2.0 654 8 6 0.6 1.3Yoon & Yang LLC 7 2.0 654 8 18 0.6 1.3 Goodwin Procter LLP 7 0.7 230 2 - - 0.7White & Case LLP 8 1.6 547 1 32 0.0 1.6 Weil Gotshal & Manges LLP 7 0.7 230 2 11 0.5 0.2Linklaters LLP 8 1.6 547 1 34 - 1.6 Herbert Smith Freehills LLP 7 0.3 85 2 13 16.1 -15.9Cleary Gottlieb Steen & Hamilton LLP 8 1.6 547 1 16 1.1 0.5 Kirkland & Ellis LLP 10 2.1 689 1 13 0.5 1.5Mayer Brown LLP 11 1.1 354 1 27 0.1 0.9 White & Case LLP 10 1.6 547 1 13 0.0 1.6Goodwin Procter LLP 12 0.7 230 2 - - 0.7 Linklaters LLP 10 1.6 547 1 13 - 1.6Weil Gotshal & Manges LLP 12 0.7 230 2 19 0.5 0.2 Cleary Gottlieb Steen & Hamilton LLP 10 1.6 547 1 13 1.1 0.5Morgan Lewis & Bockius LLP 12 0.7 230 1 - - 0.7 Mayer Brown LLP 10 1.1 354 1 13 0.1 0.9Gibson Dunn & Crutcher LLP 12 0.7 230 1 - - 0.7 Morgan Lewis & Bockius LLP 10 0.7 230 1 - - 0.7Simpson Thacher & Bartlett LLP 12 0.7 230 1 15 1.2 -0.5 Gibson Dunn & Crutcher LLP 10 0.7 230 1 - - 0.7Herbert Smith Freehills LLP 17 0.3 85 2 4 16.1 -15.9 Simpson Thacher & Bartlett LLP 10 0.7 230 1 13 1.2 -0.5Latham & Watkins LLP 18 0.2 66 1 - - 0.2 Latham & Watkins LLP 10 0.2 66 1 - - 0.2DLA Piper LLP 19 0.2 54 1 - - 0.2 DLA Piper LLP 10 0.2 54 1 - - 0.2Dechert LLP 20 - 0 1 21 0.4 -0.4 Dechert LLP 10 - 0 1 7 0.4 -0.4TOTAL 33,240 744 TOTAL 33,240 744

China Announced Deals (By Volume) 01/01/2016 - 06/30/2016 China Announced Deals (By Deal Count) 01/01/2016 - 06/30/2016

Fangda Partners 1 18.1 68,695 37 10 6.2 11.9 Fangda Partners 1 18.1 68,695 37 36 6.2 11.9White & Case LLP 2 17.4 65,743 9 35 1.1 16.3 King & Wood Mallesons 2 10.4 39,529 35 1 9.4 1.0Simpson Thacher & Bartlett LLP 3 17.1 64,573 12 11 6.2 10.9 Grandall Law Firm 3 2.3 8,531 26 1 5.3 -3.0Davis Polk & Wardwell LLP 4 16.6 63,001 14 17 3.6 13.0 Tian Yuan Law Firm 4 1.1 4,306 20 9 1.6 -0.5Osler Hoskin & Harcourt LLP 5 15.8 59,868 4 159 - 15.8 Davis Polk & Wardwell LLP 5 16.6 63,001 14 7 3.6 13.0Cleary Gottlieb Steen & Hamilton LLP 6 14.0 52,943 4 19 3.0 11.0 Grandfield Law Offices 5 1.3 5,027 14 8 0.9 0.4Baer & Karrer AG 7 12.7 48,052 2 - - 12.7 Simpson Thacher & Bartlett LLP 7 17.1 64,573 12 15 6.2 10.9Cravath Swaine & Moore LLP 8 12.5 47,420 3 - - 12.5 Herbert Smith Freehills LLP 7 3.9 14,792 12 55 0.5 3.5King & Wood Mallesons 9 10.4 39,529 35 3 9.4 1.0 Norton Rose Fulbright LLP 7 2.8 10,556 12 19 7.0 -4.3Skadden Arps Slate Meagher & Flom LLP 10 6.3 23,910 11 1 10.5 -4.2 Skadden Arps Slate Meagher & Flom LLP 10 6.3 23,910 11 3 10.5 -4.2Herbert Smith Freehills LLP 11 3.9 14,792 12 62 0.5 3.5 Jia Yuan Law Firm 10 3.5 13,300 11 73 0.4 3.1Jia Yuan Law Firm 12 3.5 13,300 11 64 0.4 3.1 Clifford Chance LLP 10 1.7 6,508 11 29 0.8 0.9Morrison & Foerster LLP 13 3.4 12,749 4 54 0.6 2.7 Zhong Lun Law Firm 10 1.4 5,285 11 5 2.7 -1.3Freshfields Bruckhaus Deringer LLP 14 3.1 11,828 7 5 8.5 -5.4 Allbright Law Offices 10 0.9 3,466 11 25 1.6 -0.7Jones Day 15 3.1 11,588 8 87 0.2 2.9 White & Case LLP 15 17.4 65,743 9 15 1.1 16.3Hannes Snellman Advokatbyra Ab/FI 16 3.1 11,584 4 - - 3.1 Jones Day 16 3.1 11,588 8 36 0.2 2.9Covington & Burling LLP 17 3.0 11,250 2 - - 3.0 Weil Gotshal & Manges LLP 16 2.7 10,196 8 45 1.3 1.4Norton Rose Fulbright LLP 18 2.8 10,556 12 6 7.0 -4.3 Sullivan & Cromwell LLP 16 2.7 10,097 8 19 3.1 -0.5Weil Gotshal & Manges LLP 19 2.7 10,196 8 30 1.3 1.4 O'Melveny & Myers LLP 16 1.6 6,019 8 9 2.0 -0.4Sullivan & Cromwell LLP 20 2.7 10,097 8 18 3.1 -0.5 Paul Hastings LLP 16 1.2 4,409 8 29 0.8 0.4TOTAL 378,812 1,842 TOTAL 378,812 1,842 242,528

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

242,528

67,819 67,819

17

Hong Kong Announced Deals (By Volume) 01/01/2016 - 06/30/2016 Hong Kong Announced Deals (By Deal Count) 01/01/2016 - 06/30/2016

King & Wood Mallesons 1 7.8 4,214 5 12 9.6 -1.8 Baker & McKenzie LLP 1 2.3 1,260 8 1 13.5 -11.2Wilson Sonsini Goodrich & Rosati PC 2 7.4 4,007 3 9 11.2 -3.8 King & Wood Mallesons 2 7.8 4,214 5 8 9.6 -1.8Cleary Gottlieb Steen & Hamilton LLP 3 7.4 3,991 2 35 0.5 6.9 Fangda Partners 2 3.1 1,697 5 30 10.9 -7.8Wachtell Lipton Rosen & Katz 4 7.3 3,944 2 - - 7.3 Kim & Chang 2 1.2 672 5 30 0.3 0.9Weil Gotshal & Manges LLP 5 7.2 3,917 4 25 2.8 4.4 Weil Gotshal & Manges LLP 5 7.2 3,917 4 14 2.8 4.4O'Melveny & Myers LLP 6 7.1 3,835 2 26 2.8 4.3 Linklaters LLP 5 3.4 1,844 4 2 49.2 -45.8Skadden Arps Slate Meagher & Flom LLP 7 6.3 3,444 3 2 50.4 -44.0 Kirkland & Ellis LLP 5 1.4 737 4 11 9.0 -7.6Paul Weiss Rifkind Wharton & Garrison LLP 8 3.8 2,035 2 31 1.5 2.2 Wilson Sonsini Goodrich & Rosati PC 8 7.4 4,007 3 14 11.2 -3.8Simpson Thacher & Bartlett LLP 8 3.8 2,035 2 13 9.2 -5.5 Skadden Arps Slate Meagher & Flom LLP 8 6.3 3,444 3 5 50.4 -44.0Stikeman Elliott LLP 10 3.4 1,868 3 4 35.3 -31.9 Stikeman Elliott LLP 8 3.4 1,868 3 30 35.3 -31.9Linklaters LLP 11 3.4 1,844 4 3 49.2 -45.8 Paul Hastings LLP 8 3.2 1,727 3 50 0.1 3.1Blake Cassels & Graydon LLP 12 3.3 1,808 2 - - 3.3 Shearman & Sterling LLP 8 2.9 1,554 3 8 4.2 -1.4Paul Hastings LLP 13 3.2 1,727 3 60 0.1 3.1 Jones Day 8 1.9 1,029 3 20 0.0 1.9Fangda Partners 14 3.1 1,697 5 11 10.9 -7.8 Minter Ellison 8 1.6 844 3 20 0.0 1.5Shearman & Sterling LLP 15 2.9 1,554 3 20 4.2 -1.4 White & Case LLP 8 1.5 819 3 30 0.0 1.5Shin & Kim 16 2.9 1,548 2 - - 2.9 Yulchon LLC 8 1.1 602 3 - - 1.1Bae Kim & Lee 17 2.7 1,475 2 75 0.0 2.7 Latham & Watkins LLP 8 0.3 178 3 14 8.9 -8.6Davis Polk & Wardwell LLP 18 2.5 1,379 2 41 0.4 2.1 Cleary Gottlieb Steen & Hamilton LLP 18 7.4 3,991 2 50 0.5 6.9Torys LLP 19 2.5 1,340 1 22 3.6 -1.2 Wachtell Lipton Rosen & Katz 18 7.3 3,944 2 - - 7.3Osler Hoskin & Harcourt LLP 19 2.5 1,340 1 - - 2.5 O'Melveny & Myers LLP 18 7.1 3,835 2 30 2.8 4.3TOTAL 54,332 723 TOTAL 54,332 723

Taiwan Announced Deals (By Volume) 01/01/2016 - 06/30/2016 Taiwan Announced Deals (By Deal Count) 01/01/2016 - 06/30/2016

Baker & McKenzie LLP 1 40.1 8,415 2 9 3.3 36.8 Lee & Li 1 1.9 392 5 1 5.1 -3.2Nishimura & Asahi 1 40.1 8,415 4 19 0.7 39.4 Nishimura & Asahi 2 40.1 8,415 4 8 0.7 39.4Jones Day 3 30.3 6,359 2 3 5.9 24.3 Davis Polk & Wardwell LLP 3 18.6 3,911 3 - - 18.6Davis Polk & Wardwell LLP 4 18.6 3,911 3 - - 18.6 Baker & McKenzie LLP 4 40.1 8,415 2 6 3.3 36.8Simpson Thacher & Bartlett LLP 5 17.2 3,605 1 - - 17.2 Jones Day 4 30.3 6,359 2 4 5.9 24.3De Brauw Blackstone Westbroek NV 6 13.1 2,754 1 - - 13.1 Chen & Lin 4 0.8 161 2 4 2.8 -2.0Tian Yuan Law Firm 7 2.9 598 1 - - 2.9 Lexcel Partners Attorney-at-Law 4 0.1 13 2 6 2.2 -2.2Lee & Li 8 1.9 392 5 4 5.1 -3.2 Mori Hamada & Matsumoto 4 0.0 8 2 - - 0.0Conyers Dill & Pearman 9 1.2 246 1 - - 1.2 Simpson Thacher & Bartlett LLP 9 17.2 3,605 1 - - 17.2Cooley LLP 9 1.2 246 1 - - 1.2 De Brauw Blackstone Westbroek NV 9 13.1 2,754 1 - - 13.1K&L Gates LLP 9 1.2 246 1 - - 1.2 Tian Yuan Law Firm 9 2.9 598 1 - - 2.9Johnson & Partners 9 1.2 246 1 - - 1.2 Conyers Dill & Pearman 9 1.2 246 1 - - 1.2Sullivan & Cromwell LLP 9 1.2 246 1 12 2.6 -1.4 Cooley LLP 9 1.2 246 1 - - 1.2Appleby 9 1.2 246 1 - - 1.2 K&L Gates LLP 9 1.2 246 1 - - 1.2Morgan Lewis & Bockius LLP 15 1.1 226 1 17 1.3 -0.2 Johnson & Partners 9 1.2 246 1 - - 1.2Bennett Jones LLP 16 0.9 196 1 - - 0.9 Sullivan & Cromwell LLP 9 1.2 246 1 12 2.6 -1.4Sidley Austin LLP 16 0.9 196 1 - - 0.9 Appleby 9 1.2 246 1 - - 1.2Gowling WLG International Ltd 16 0.9 196 1 - - 0.9 Morgan Lewis & Bockius LLP 9 1.1 226 1 8 1.3 -0.2Akin Gump Strauss Hauer & Feld LLP 16 0.9 196 1 - - 0.9 Bennett Jones LLP 9 0.9 196 1 - - 0.9King & Wood Mallesons 20 0.9 190 1 - - 0.9 Sidley Austin LLP 9 0.9 196 1 - - 0.9TOTAL 21,006 124 TOTAL 21,006 124

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

9,050 9,050

118,152 118,152

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

18

South East Asia Announced Deals (By Volume) 01/01/2016 - 06/30/2016 South East Asia Announced Deals (By Deal Count) 01/01/2016 - 06/30/2016

Osler Hoskin & Harcourt LLP 1 18.5 14,650 5 - - 18.5 Allen & Gledhill LLP 1 2.5 1,982 15 1 41.4 -38.8Herbert Smith Freehills LLP 2 18.5 14,639 13 85 - 18.5 Herbert Smith Freehills LLP 2 18.5 14,639 13 33 - 18.5King & Wood Mallesons 3 15.9 12,570 6 29 1.1 14.8 WongPartnership LLP 2 8.1 6,409 13 3 38.7 -30.6Allens 4 14.6 11,562 3 61 0.2 14.5 White & Case LLP 4 4.4 3,459 11 23 0.1 4.3Jones Day 5 13.3 10,542 8 34 0.9 12.5 Rajah & Tann 4 1.7 1,349 11 12 0.2 1.5Stikeman Elliott LLP 6 12.5 9,873 2 85 - 12.5 Allen & Overy LLP 6 2.9 2,266 10 4 1.6 1.2Linklaters LLP 7 8.8 6,957 6 50 0.4 8.4 AZB & Partners 6 1.0 757 10 6 1.1 -0.2WongPartnership LLP 8 8.1 6,409 13 3 38.7 -30.6 Baker & McKenzie LLP 8 0.6 497 9 2 2.6 -2.0Skadden Arps Slate Meagher & Flom LLP 9 5.9 4,700 2 1 42.8 -36.9 Jones Day 9 13.3 10,542 8 8 0.9 12.5NautaDutilh NV 10 5.7 4,492 2 85 - 5.7 Hogan Lovells US LLP 9 1.0 799 8 33 - 1.0White & Case LLP 11 4.4 3,459 11 70 0.1 4.3 Simpson Thacher & Bartlett LLP 11 4.2 3,314 7 33 0.1 4.1Simpson Thacher & Bartlett LLP 12 4.2 3,314 7 65 0.1 4.1 Khaitan & Co 11 0.6 469 7 12 0.8 -0.3Minter Ellison 13 3.2 2,508 3 51 0.4 2.8 King & Wood Mallesons 13 15.9 12,570 6 8 1.1 14.8Allen & Overy LLP 14 2.9 2,266 10 27 1.6 1.2 Linklaters LLP 13 8.8 6,957 6 8 0.4 8.4McCarthy Tetrault LLP 15 2.7 2,140 1 - - 2.7 Nagashima Ohno & Tsunematsu 13 0.4 317 6 23 0.1 0.3Wachtell Lipton Rosen & Katz 15 2.7 2,140 1 69 0.1 2.6 Shook Lin & Bok LLP 13 0.4 274 6 5 4.0 -3.6Fangda Partners 17 2.5 1,993 4 21 3.4 -0.8 Osler Hoskin & Harcourt LLP 17 18.5 14,650 5 - - 18.5Allen & Gledhill LLP 18 2.5 1,982 15 2 41.4 -38.8 Mori Hamada & Matsumoto 17 1.0 778 5 7 11.8 -10.9Shearman & Sterling LLP 19 2.3 1,815 4 14 4.8 -2.5 Fangda Partners 19 2.5 1,993 4 58 3.4 -0.8Paul Weiss Rifkind Wharton & Garrison LLP 20 1.9 1,535 1 6 35.3 -33.4 Shearman & Sterling LLP 19 2.3 1,815 4 33 4.8 -2.5TOTAL 79,091 1,118 TOTAL 79,091 1,118

India Announced Deals (By Volume) 01/01/2016 - 06/30/2016 India Announced Deals (By Deal Count) 01/01/2016 - 06/30/2016

AZB & Partners 1 20.7 4,960 48 1 11.9 8.9 AZB & Partners 1 20.7 4,960 48 1 11.9 8.9Cyril Amarchand Mangaldas 2 19.0 4,539 11 30 0.6 18.4 Khaitan & Co 2 4.0 953 39 2 10.3 -6.3Stibbe BV 3 4.9 1,179 1 66 - 4.9 J Sagar Associates 3 4.1 985 18 3 2.6 1.5De Brauw Blackstone Westbroek NV 3 4.9 1,179 1 66 - 4.9 Shardul Amarchand Mangaldas & Co 3 4.0 949 18 4 4.6 -0.6Paul Weiss Rifkind Wharton & Garrison LLP 3 4.9 1,179 3 - - 4.9 Trilegal 5 0.9 217 16 10 1.1 -0.2Simpson Thacher & Bartlett LLP 3 4.9 1,179 1 34 0.3 4.7 Cyril Amarchand Mangaldas 6 19.0 4,539 11 7 0.6 18.4Nishimura & Asahi 3 4.9 1,179 1 51 0.1 4.9 Veritas Legal 7 2.9 698 8 - - 2.9J Sagar Associates 8 4.1 985 18 14 2.6 1.5 Economic Laws Practice 7 0.3 75 8 9 0.1 0.3White & Case LLP 9 4.0 960 5 7 5.3 -1.3 Shearman & Sterling LLP 9 1.4 325 6 - - 1.4Khaitan & Co 10 4.0 953 39 2 10.3 -6.3 Latham & Watkins LLP 9 0.8 180 6 36 5.3 -4.6Shardul Amarchand Mangaldas & Co 11 4.0 949 18 11 4.6 -0.6 Luthra & Luthra Law Offices LLP 9 0.4 100 6 6 2.6 -2.2Kirkland & Ellis LLP 12 3.4 810 3 22 1.4 2.0 White & Case LLP 12 4.0 960 5 16 5.3 -1.3Veritas Legal 13 2.9 698 8 - - 2.9 S&R Associates 12 0.5 111 5 7 2.5 -2.0Freshfields Bruckhaus Deringer LLP 14 2.2 519 4 21 1.6 0.5 Freshfields Bruckhaus Deringer LLP 14 2.2 519 4 16 1.6 0.5Hughes Hubbard & Reed LLP 15 1.9 460 1 63 0.0 1.9 Clove Legal 14 0.0 9 4 - - 0.0Allen & Gledhill LLP 16 1.8 434 1 37 0.2 1.6 Paul Weiss Rifkind Wharton & Garrison LLP 16 4.9 1,179 3 - - 4.9Shearman & Sterling LLP 17 1.4 325 6 - - 1.4 Kirkland & Ellis LLP 16 3.4 810 3 16 1.4 2.0Krishnamurthy & Co 18 1.3 300 1 - - 1.3 Morgan Lewis & Bockius LLP 16 1.0 240 3 22 0.3 0.7Slaughter and May 18 1.3 300 1 38 0.2 1.1 Jones Day 16 0.3 81 3 - - 0.3Morgan Lewis & Bockius LLP 20 1.0 240 3 33 0.3 0.7 Cuatrecasas Goncalves Pereira SLP 16 0.0 7 3 36 0.1 -0.1TOTAL 23,915 890 TOTAL 23,915 89040,360 40,360

88,627 88,627

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

19

Bloomberg League Criteria

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

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

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

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

Advisory fees hold no weight over advisory credit.

General Database Criteria

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

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

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

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

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

20

GLOBAL M&A MARKET REVIEW · 2016-07-01 · • Deals targeting the basic materials space increased...

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