GLOBAL M&A MARKET REVIEW - Bloomberg Finance L.P. › professional › sites › 4 › Bloomberg-Gl… · 1/11/2016 Baxalta Inc: Shire PLC - $35,563.4. Top Adviser. 9/6/2016. Spectra

GLOBALM&AMARKET REVIEWLEGAL RANKINGS1st 3Q 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 North America Meaghan Burke +1-646-324-1537 [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.

1st 3Q2016

GLOBAL M&A LEGAL ADVISORY RANKINGS

©2016 Bloomberg Finance L.P. All rights reserved.

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 -

Global M&A Heat Map

Deal volume and adviser market share for any regional involvement (target, seller, or acquirer) for 1st 3Q2016.

Eastern EuropeUSD 29.9B1. Skadden Arps Meagher & Flom LLP 11.0%2. Weil Gotshal & Manges LLP 7.0%3. White & Case LLP 5.0%

Asia PacificUSD 917.1B1. Davis Polk & Wardell LLP 12.1%2. White & Case LLP 11.5%3. Cleary Gottlieb Steen & Hamilton LLP 9.4%

Western EuropeUSD 718.5B1. Cravath Swaine & Moore LLP 24.1%2. White & Case LLP 21.7%3. Freshfields Bruckhaus Deringer LLP 17.0%

Latin America & CaribbeanUSD 97.0B1. Matttos Filho Veiga Filho Marrey Quiroga 10.7%2. Pinheiro Neto Advogados 10.4%3. Baker & McKenzie LLP 10.3%

Middle East & AfricaUSD 91.8B1. Freshfields Bruckhaus Deringer LLP 19.7%2. Clifford Chance LLP 18.1%3. Allen & Overy LLP 7.8%

North AmericaUSD 1,412.3B1. Sullivan & Cromwell LLP Su 22.7%2. Wachtell Lipton Rosen & Katz 22.1%3. White & Case LLP 19.8%

2

DateTotal Value

(Mln.)Amount

(Bln.) % of Total% YoY

Change

Number of deals 28,769 Financial $496.5 20.3% -11.8%

Volume (Bln.) $2,398.1 Consumer Non-cyclical $398.9 16.4% -37.3%

Avg Deal Size (Mln.) $83.4 Consumer Cyclical $268.8 11.0% 28.9%

Technology $249.0 10.2% 25.7%

Basic Materials $245.6 10.1% 123.9%

White & Case LLP Industrial $240.9 9.9% -23.5%

Number of deals 196 Communications $201.7 8.3% -41.0%

Volume (Bln.) $379.6 Energy $194.1 8.0% -30.0%

Avg Deal Size (Bln.) $1.9 Utilities $113.1 4.6% 57.6%

Diversified $31.2 1.3% -54.6%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $1,538.7 0.3% -13.4%

Cross Border $1,046.1 1.0% -3.4%

Private Equity $520.2 -3.0% -12.8%

Asset Sale $381.5 2.3% -17.3%

Tender Offer $211.9 3.7% 24.2%

Venture Capital $93.6 -4.9% 0.8%

Spin-off $44.2 -8.5% -19.5%

Minority Purchase $261.9 1.0% -1.0%

Majority Purchase $152.6 -2.4% -6.5%

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

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

Deal Type

7/18/2016 ARM Holdings PLC SoftBank Group Corp - $30,124.6

$46,311.7

$42,818.3

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

Top Adviser9/6/2016 Spectra Energy Corp Enbridge Inc -

2/3/2016 Syngenta AGChina National Chemical

Corp-

Global M&A Regional Review

Glo

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2016Global M&A: Premium Breakdown

Global M&A: Highlights of 1st 3Q2016 Global M&A: Industry Breakdown

Summary Target Acquirer Seller Industry

5/18/2016 Monsanto Co Bayer AG - $65,695.7

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 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Q3

Volume $(Bln.) Deal Count

18%

30%42%

7%

2% 1%0-10%

10-25%

25-50%

50-75%

75-100%

100%+

• Global M&A deal volume reached $2.4 trillion in the first 3Q2016, representing a 14.0% decrease compared to the same period last year. Deals involving targets based in the United States accounted for $1.11 billion of the global activity, representing a 20.1% decrease from the same period last year.

• Despite a decrease in deal activity in the first 3Q2016, companies paid a median of 11.3 times their targets’ EBITDA, making 2016 the most expensive year for deal making on record. Transactions targeting the technology sector were the priciest, hosting an average TV/EBITDA of 14.6.

• Transactions involving companies based in Canada increased 30.9% by volume from the same period last year to $254.0 billion. Enbridge Inc’s announced acquisition of Spectra Energy Corp for $42.8 billion was the largest deal for the region and energy sector this year.

3

Global Announced Deals (By Volume) 01/01/2016 - 09/30/2016 Global Announced Deals (By Deal Count) 01/01/2016 - 09/30/2016

White & Case LLP 1 15.8 379,570 196 6 11.3 4.5 Jones Day 1 7.5 180,650 352 1 5.4 2.1Sullivan & Cromwell LLP 2 13.9 333,643 108 2 16.8 -2.9 Kirkland & Ellis LLP 2 7.5 178,879 293 2 10.1 -2.6Wachtell Lipton Rosen & Katz 3 13.1 313,700 70 7 10.1 3.0 Latham & Watkins LLP 3 7.3 175,986 278 3 14.0 -6.6Davis Polk & Wardwell LLP 4 12.4 297,852 116 3 16.2 -3.8 Baker & McKenzie LLP 4 1.9 44,531 237 4 2.6 -0.8Skadden Arps Slate Meagher & Flom LLP 5 11.7 279,494 160 1 19.5 -7.8 White & Case LLP 5 15.8 379,570 196 6 11.3 4.5Cravath Swaine & Moore LLP 6 11.5 274,457 59 5 13.7 -2.3 DLA Piper LLP 6 1.2 27,529 179 11 3.9 -2.8Simpson Thacher & Bartlett LLP 7 10.4 250,253 106 10 9.9 0.5 CMS 7 0.2 5,544 169 7 0.6 -0.4Cleary Gottlieb Steen & Hamilton LLP 8 10.3 247,633 79 20 5.4 5.0 Allen & Overy LLP 8 4.7 112,184 168 9 4.9 -0.2Jones Day 9 7.5 180,650 352 19 5.4 2.1 Skadden Arps Slate Meagher & Flom LLP 9 11.7 279,494 160 5 19.5 -7.8Kirkland & Ellis LLP 10 7.5 178,879 293 8 10.1 -2.6 Hogan Lovells US LLP 9 2.2 52,567 160 10 2.6 -0.4Latham & Watkins LLP 11 7.3 175,986 278 4 14.0 -6.6 Linklaters LLP 11 2.9 70,265 151 12 4.7 -1.8Osler Hoskin & Harcourt LLP 12 6.8 162,581 75 36 3.1 3.7 Clifford Chance LLP 12 1.7 40,769 148 8 3.9 -2.2Shearman & Sterling LLP 13 6.8 162,076 106 27 4.7 2.1 Freshfields Bruckhaus Deringer LLP 13 6.2 148,242 145 17 10.0 -3.8Paul Weiss Rifkind Wharton & Garrison LLP 14 6.3 150,970 96 14 6.9 -0.6 Morgan Lewis & Bockius LLP 14 1.4 34,492 138 18 2.5 -1.1Freshfields Bruckhaus Deringer LLP 15 6.2 148,242 145 9 10.0 -3.8 Weil Gotshal & Manges LLP 15 5.0 120,388 132 13 8.3 -3.3Stikeman Elliott LLP 16 5.8 139,472 118 16 6.1 -0.3 Sidley Austin LLP 16 2.0 48,131 121 35 4.9 -2.9Morrison & Foerster LLP 17 5.7 136,842 62 42 2.5 3.2 Norton Rose Fulbright LLP 17 1.7 41,302 120 15 2.0 -0.3Weil Gotshal & Manges LLP 18 5.0 120,388 132 13 8.3 -3.3 Stikeman Elliott LLP 18 5.8 139,472 118 14 6.1 -0.3Gibson Dunn & Crutcher LLP 19 5.0 118,819 104 11 8.8 -3.8 Davis Polk & Wardwell LLP 19 12.4 297,852 116 16 16.2 -3.8Allen & Overy LLP 20 4.7 112,184 168 24 4.9 -0.2 King & Wood Mallesons 20 3.6 86,686 110 33 6.8 -3.2TOTAL 2,397,611 28,772 TOTAL 2,397,611 28,772

Global Announced Deals- Principals (By Volume) 01/01/2016 - 09/30/2016 Global Announced Deals- Principals (By Deal Count) 01/01/2016 - 09/30/2016

Wachtell Lipton Rosen & Katz 1 16.8 303,501 66 6 11.8 4.9 Jones Day 1 9.9 179,565 350 1 6.6 3.4Simpson Thacher & Bartlett LLP 2 11.8 213,491 97 13 7.1 4.7 Kirkland & Ellis LLP 2 8.1 146,800 285 2 12.2 -4.1Skadden Arps Slate Meagher & Flom LLP 3 11.6 210,144 150 1 20.4 -8.8 Latham & Watkins LLP 3 8.6 156,401 265 3 13.4 -4.8Davis Polk & Wardwell LLP 4 11.2 202,517 92 8 8.9 2.3 Baker & McKenzie LLP 4 2.5 44,531 237 4 3.2 -0.7Sullivan & Cromwell LLP 5 10.0 181,622 73 3 13.8 -3.7 DLA Piper LLP 5 1.3 23,375 178 10 0.8 0.5Jones Day 6 9.9 179,565 350 15 6.6 3.4 CMS 6 0.3 5,544 169 6 0.8 -0.5Latham & Watkins LLP 7 8.6 156,401 265 4 13.4 -4.8 Allen & Overy LLP 7 6.2 112,184 168 8 5.9 0.3Osler Hoskin & Harcourt LLP 8 8.2 149,200 71 36 3.0 5.3 Hogan Lovells US LLP 8 2.9 52,567 159 9 3.1 -0.2Freshfields Bruckhaus Deringer LLP 9 8.1 146,841 143 7 11.7 -3.6 White & Case LLP 9 5.2 93,995 155 12 4.9 0.3Kirkland & Ellis LLP 10 8.1 146,800 285 5 12.2 -4.1 Skadden Arps Slate Meagher & Flom LLP 10 11.6 210,144 150 5 20.4 -8.8Paul Weiss Rifkind Wharton & Garrison LLP 11 8.0 144,375 93 14 6.9 1.1 Linklaters LLP 11 3.2 57,588 147 11 5.7 -2.5Stikeman Elliott LLP 12 7.7 139,472 118 11 7.4 0.3 Clifford Chance LLP 11 1.5 27,327 147 7 4.8 -3.3Weil Gotshal & Manges LLP 13 6.6 119,185 130 10 7.6 -1.1 Freshfields Bruckhaus Deringer LLP 13 8.1 146,841 143 16 11.7 -3.6Allen & Overy LLP 14 6.2 112,184 168 18 5.9 0.3 Morgan Lewis & Bockius LLP 14 1.9 34,058 136 17 2.3 -0.5Cleary Gottlieb Steen & Hamilton LLP 15 6.0 107,923 65 39 2.4 3.6 Weil Gotshal & Manges LLP 15 6.6 119,185 130 14 7.6 -1.1Cravath Swaine & Moore LLP 16 5.4 97,806 33 2 14.0 -8.6 Sidley Austin LLP 16 2.4 42,809 119 34 5.4 -3.1White & Case LLP 17 5.2 93,995 155 22 4.9 0.3 Norton Rose Fulbright LLP 16 2.2 40,339 119 15 2.4 -0.2Gibson Dunn & Crutcher LLP 18 4.9 88,428 98 29 3.7 1.2 Stikeman Elliott LLP 18 7.7 139,472 118 13 7.4 0.3Wilson Sonsini Goodrich & Rosati PC 19 4.8 87,684 100 28 4.0 0.8 King & Wood Mallesons 19 4.8 86,686 110 29 8.3 -3.5King & Wood Mallesons 20 4.8 86,686 110 9 8.3 -3.5 Dentons 19 0.7 12,238 110 18 0.6 0.1TOTAL 1,810,282 7,197 TOTAL 1,810,282 7,197

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

(%)

2,763,722 2,763,722

2,266,284 2,266,284

FIRM

4

Cross Border Announced Deals (By Volume) 01/01/2016 - 09/30/2016 Global Private Equity Deals (By Volume) 01/01/2016 - 09/30/2016

White & Case LLP 1 22.8 237,964 124 21 6.4 16.4 Latham & Watkins LLP 1 11.5 59,822 128 6 11.4 0.1Cravath Swaine & Moore LLP 2 16.9 177,084 19 6 13.0 4.0 Kirkland & Ellis LLP 2 10.8 55,988 200 4 12.0 -1.2Wachtell Lipton Rosen & Katz 3 14.5 151,092 26 47 2.1 12.4 Simpson Thacher & Bartlett LLP 3 10.7 55,724 63 1 15.7 -5.0Sullivan & Cromwell LLP 4 14.2 148,038 41 1 18.5 -4.4 Skadden Arps Slate Meagher & Flom LLP 4 9.3 48,177 52 3 12.1 -2.8Skadden Arps Slate Meagher & Flom LLP 5 13.6 141,706 73 4 14.9 -1.4 Freshfields Bruckhaus Deringer LLP 5 8.5 44,109 65 19 5.0 3.5Simpson Thacher & Bartlett LLP 6 12.0 124,991 64 11 10.3 1.7 Paul Weiss Rifkind Wharton & Garrison LLP 6 7.1 36,959 50 26 4.3 2.8Morrison & Foerster LLP 7 11.6 121,640 37 30 3.8 7.8 Weil Gotshal & Manges LLP 7 5.7 29,585 75 8 8.0 -2.3Davis Polk & Wardwell LLP 8 11.5 119,674 51 7 11.3 0.1 Sullivan & Cromwell LLP 8 5.6 29,256 28 5 12.0 -6.4Freshfields Bruckhaus Deringer LLP 9 10.1 105,858 109 2 18.0 -7.9 Osler Hoskin & Harcourt LLP 9 5.6 28,872 17 87 0.6 4.9Cleary Gottlieb Steen & Hamilton LLP 10 9.8 102,802 43 24 5.0 4.8 Davis Polk & Wardwell LLP 10 5.2 26,792 33 2 12.3 -7.1Stikeman Elliott LLP 11 9.6 100,562 67 20 7.2 2.4 Jones Day 11 4.9 25,305 155 18 5.1 -0.2Allen & Overy LLP 12 9.0 93,756 123 15 8.0 1.0 O'Melveny & Myers LLP 12 4.8 24,757 40 27 4.3 0.5Osler Hoskin & Harcourt LLP 13 8.9 92,746 36 40 2.7 6.1 Allens 13 4.7 24,570 13 81 0.7 4.0Shearman & Sterling LLP 14 8.7 90,689 52 29 4.5 4.2 Herbert Smith Freehills LLP 14 4.4 23,111 30 38 2.8 1.7Paul Weiss Rifkind Wharton & Garrison LLP 15 8.1 84,730 32 22 5.9 2.2 Wilson Sonsini Goodrich & Rosati PC 15 4.2 21,597 41 24 4.6 -0.4Jones Day 16 7.7 80,074 175 35 3.6 4.0 King & Wood Mallesons 16 4.1 21,172 28 23 4.7 -0.6Slaughter and May 17 7.4 76,999 23 5 13.4 -6.0 White & Case LLP 17 3.9 20,071 64 31 3.8 0.1Herbert Smith Freehills LLP 18 7.2 75,419 68 26 4.9 2.3 Fenwick & West LLP 18 3.5 18,384 46 50 2.0 1.6Anderson Mori & Tomotsune 19 7.1 74,536 15 118 0.4 6.8 Allen & Overy LLP 19 3.3 17,336 70 22 4.8 -1.4Kirkland & Ellis LLP 20 6.9 71,905 94 18 7.5 -0.7 Wachtell Lipton Rosen & Katz 20 3.1 16,280 15 46 2.3 0.8TOTAL 1,045,633 10,714 TOTAL 520,149 8,125

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 (%)

1,082,710 596,602

5

Country

United States $1,117.6 88.6% -19.7%

Canada $78.8 6.2% 64.5%

Brazil $23.7 1.9% 5.4%

Chile $14.5 1.2% 169.1%

Mexico $7.8 0.6% -33.6%

Colombia $5.8 0.5% 1361.1%

British Virgin Islands $5.7 0.5% 47.7%

Bermuda $0.6 0.0% -89.8%

DateTotal Value

(Mln.)Amount


Change

Number of deals 12,440 Consumer Non-cyclical $258.8 20.4% -43.8%

Volume (Bln.) $1,261.2 Financial $183.7 14.5% -30.0%

Avg Deal Size (Mln.) $101.4 Energy $147.4 11.6% 16.9%

Technology $146.3 11.5% 3.0%


Sullivan & Cromwell LLP Consumer Cyclical $132.3 10.4% 81.1%


Volume (Bln.) $312.9 Utilities $88.4 7.0% 133.5%

Avg Deal Size (Bln.) $3.7 Industrial $67.7 5.3% -51.7%

Diversified $2.8 0.2% -23.5%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $911.2 1.5% -13.4%

Cross Border $502.3 5.0% 29.1%

Private Equity $290.1 -5.0% -14.7%

Asset Sale $210.3 6.6% -25.2%

Tender Offer $70.3 -8.7% -21.5%

Venture Capital $42.2 -11.4% -17.0%

Spin-off $18.4 -34.4% -30.1%

Minority Purchase $82.9 -6.7% -18.7%

Majority Purchase $31.0 -9.5% 47.2%


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

Deal Type

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

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

Bayer AG - $65,695.7

Top Adviser1/11/2016 Baxalta Inc Shire PLC -

9/6/2016 Spectra Energy Corp Enbridge Inc - $42,818.3

$35,563.4

Americas M&A Regional Review

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Amount (Bln.) % of Total

% YoY Change

Americas M&A: Highlights of 1st 3Q2016 Americas M&A: Industry Breakdown


5/18/2016 Monsanto Co

0

1000

2000

3000

4000

5000

6000

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

2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Q3


• The Americas continued to be the most targeted region for M&A activity, accounting for 52.6% of the global deal volume in the first 3Q2106. Despite a relatively stagnant summer of deal making, volume for the quarter reached $438.9 billion.

• Cross border transactions represented 46.9% of the region’s total volume in the first 3Q2016. Foreign consumer, non-cyclical and technology companies were the most targeted by acquirers based in the Americas, contributing 20.7% and 20.5% to the total deal count, respectively.

• Companies based in the Americas received the most venture capital financing in the first 3Q2016, with $42.2 billion in total funding. Airbnb Inc’s $850 million Series F round of financing was the largest venture capital deal announced this quarter.

• Sullivan & Cromwell LLP was the top adviser for the first 3Q2016 with $312.9 billion in volume for the region.

6

US Announced Deals (By Volume) 01/01/2016 - 09/30/2016 US Announced Deals (By Deal Count) 01/01/2016 - 09/30/2016

Sullivan & Cromwell LLP 1 24.0 316,691 92 3 25.7 -1.7 Kirkland & Ellis LLP 1 13.4 177,072 280 1 16.3 -2.8Wachtell Lipton Rosen & Katz 2 23.7 312,184 67 8 15.2 8.5 Jones Day 2 11.1 145,796 261 2 7.8 3.2White & Case LLP 3 21.1 278,432 103 5 17.8 3.4 Latham & Watkins LLP 3 10.1 133,185 219 3 20.9 -10.8Skadden Arps Slate Meagher & Flom LLP 4 19.3 254,665 138 1 27.3 -7.9 DLA Piper LLP 4 1.4 18,128 145 8 6.2 -4.8Cravath Swaine & Moore LLP 5 17.3 227,591 56 6 17.1 0.1 Skadden Arps Slate Meagher & Flom LLP 5 19.3 254,665 138 4 27.3 -7.9Davis Polk & Wardwell LLP 6 15.2 199,868 93 2 26.0 -10.8 Morgan Lewis & Bockius LLP 6 2.5 32,781 124 10 3.5 -1.0Simpson Thacher & Bartlett LLP 7 14.8 194,764 95 9 15.2 -0.4 Sidley Austin LLP 7 3.4 45,359 109 15 7.9 -4.5Kirkland & Ellis LLP 8 13.4 177,072 280 7 16.3 -2.8 Weil Gotshal & Manges LLP 8 8.8 115,596 108 6 13.2 -4.4Cleary Gottlieb Steen & Hamilton LLP 9 12.5 164,629 54 17 7.6 4.9 White & Case LLP 9 21.1 278,432 103 5 17.8 3.4Jones Day 10 11.1 145,796 261 16 7.8 3.2 Wilson Sonsini Goodrich & Rosati PC 10 6.6 86,990 99 14 5.3 1.3Latham & Watkins LLP 11 10.1 133,185 219 4 20.9 -10.8 Hogan Lovells US LLP 11 3.5 45,690 98 9 3.5 0.0Shearman & Sterling LLP 12 9.7 127,142 67 18 6.9 2.7 Simpson Thacher & Bartlett LLP 12 14.8 194,764 95 18 15.2 -0.4Paul Weiss Rifkind Wharton & Garrison LLP 13 9.4 123,650 87 13 10.9 -1.5 Goodwin Procter LLP 12 3.0 39,907 95 41 2.0 1.0Gibson Dunn & Crutcher LLP 14 8.9 117,615 89 10 14.5 -5.5 Davis Polk & Wardwell LLP 14 15.2 199,868 93 7 26.0 -10.8Weil Gotshal & Manges LLP 15 8.8 115,596 108 12 13.2 -4.4 Sullivan & Cromwell LLP 15 24.0 316,691 92 16 25.7 -1.7Stikeman Elliott LLP 16 8.2 108,337 59 21 5.7 2.5 McGuireWoods LLP 16 1.0 13,686 91 90 0.0 1.0Debevoise & Plimpton LLP 17 7.8 102,707 47 14 9.1 -1.3 Cooley LLP 17 3.3 43,264 90 11 0.8 2.5Morrison & Foerster LLP 18 7.3 96,203 53 29 4.0 3.4 Gibson Dunn & Crutcher LLP 18 8.9 117,615 89 21 14.5 -5.5Allen & Overy LLP 19 7.3 96,019 50 26 4.8 2.5 Paul Weiss Rifkind Wharton & Garrison LLP 19 9.4 123,650 87 13 10.9 -1.5Wilson Sonsini Goodrich & Rosati PC 20 6.6 86,990 99 23 5.3 1.3 Ropes & Gray LLP 20 5.2 68,583 72 23 5.4 -0.2TOTAL 1,317,114 13,102 TOTAL 1,317,114 13,102

US Announced Deals- Principals (By Volume) 01/01/2016 - 09/30/2016 US Announced Deals- Principals (By Deal Count) 01/01/2016 - 09/30/2016

Wachtell Lipton Rosen & Katz 1 26.8 302,637 64 5 17.0 9.8 Kirkland & Ellis LLP 1 12.9 145,379 273 1 18.0 -5.1Skadden Arps Slate Meagher & Flom LLP 2 18.1 203,973 130 1 25.5 -7.4 Jones Day 2 12.8 144,711 259 2 8.7 4.2Sullivan & Cromwell LLP 3 14.6 164,915 58 2 19.5 -4.9 Latham & Watkins LLP 3 11.5 129,293 210 3 19.3 -7.9Simpson Thacher & Bartlett LLP 4 14.0 158,002 86 10 9.5 4.5 DLA Piper LLP 4 1.2 13,974 144 6 0.8 0.4Kirkland & Ellis LLP 5 12.9 145,379 273 4 18.0 -5.1 Skadden Arps Slate Meagher & Flom LLP 5 18.1 203,973 130 4 25.5 -7.4Jones Day 6 12.8 144,711 259 11 8.7 4.2 Morgan Lewis & Bockius LLP 6 2.9 32,347 122 8 2.8 0.1Latham & Watkins LLP 7 11.5 129,293 210 3 19.3 -7.9 Sidley Austin LLP 7 3.5 40,038 107 14 8.0 -4.4Paul Weiss Rifkind Wharton & Garrison LLP 8 10.4 117,055 84 9 9.9 0.5 Weil Gotshal & Manges LLP 8 10.1 114,394 106 5 11.0 -0.9Weil Gotshal & Manges LLP 9 10.1 114,394 106 8 11.0 -0.9 Wilson Sonsini Goodrich & Rosati PC 9 7.7 86,990 99 11 6.0 1.7Stikeman Elliott LLP 10 9.6 108,337 59 15 6.3 3.3 Hogan Lovells US LLP 10 4.1 45,690 98 7 3.9 0.2Davis Polk & Wardwell LLP 11 9.6 107,863 71 7 13.1 -3.5 Goodwin Procter LLP 11 3.0 33,714 93 41 0.9 2.1Cleary Gottlieb Steen & Hamilton LLP 12 9.0 102,042 44 39 2.9 6.2 Cooley LLP 12 2.5 28,658 87 8 0.9 1.6Cravath Swaine & Moore LLP 13 8.7 97,806 33 6 15.2 -6.5 Simpson Thacher & Bartlett LLP 13 14.0 158,002 86 22 9.5 4.5Allen & Overy LLP 14 8.5 96,019 50 21 5.3 3.2 McGuireWoods LLP 13 0.9 10,153 86 93 0.0 0.9Gibson Dunn & Crutcher LLP 15 7.7 87,225 83 19 5.6 2.2 Paul Weiss Rifkind Wharton & Garrison LLP 15 10.4 117,055 84 12 9.9 0.5Wilson Sonsini Goodrich & Rosati PC 16 7.7 86,990 99 17 6.0 1.7 Gibson Dunn & Crutcher LLP 16 7.7 87,225 83 28 5.6 2.2Debevoise & Plimpton LLP 17 7.2 81,612 36 22 5.0 2.3 Davis Polk & Wardwell LLP 17 9.6 107,863 71 17 13.1 -3.5Osler Hoskin & Harcourt LLP 18 6.4 72,270 31 28 3.9 2.5 Ropes & Gray LLP 17 6.1 68,494 71 18 6.0 0.1White & Case LLP 19 6.4 71,803 69 14 6.8 -0.4 Paul Hastings LLP 17 0.8 9,249 71 24 1.2 -0.4Ropes & Gray LLP 20 6.1 68,494 71 16 6.0 0.1 White & Case LLP 20 6.4 71,803 69 15 6.8 -0.4TOTAL 1,129,427 3,542 TOTAL 1,129,427 3,542

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 (%)

1,486,719 1,486,719

1,659,245 1,659,245

7

Canada Announced Deals (By Volume) 01/01/2016 - 09/30/2016 Canada Announced Deals (By Deal Count) 01/01/2016 - 09/30/2016

Skadden Arps Slate Meagher & Flom LLP 1 36.8 93,543 16 26 7.4 29.5 Stikeman Elliott LLP 1 24.4 61,871 105 1 9.8 14.5White & Case LLP 2 29.5 74,880 14 16 10.6 18.9 Miller Thomson LLP 2 0.1 261 71 25 0.2 -0.1Osler Hoskin & Harcourt LLP 3 26.8 67,939 60 3 21.0 5.8 Blake Cassels & Graydon LLP 3 22.3 56,486 67 5 14.2 8.0Stikeman Elliott LLP 4 24.4 61,871 105 17 9.8 14.5 Osler Hoskin & Harcourt LLP 4 26.8 67,939 60 3 21.0 5.8Sullivan & Cromwell LLP 5 23.4 59,327 9 1 26.0 -2.6 McCarthy Tetrault LLP 4 21.1 53,672 60 2 18.2 3.0Blake Cassels & Graydon LLP 6 22.3 56,486 67 10 14.2 8.0 Davies Ward Phillips & Vineberg LLP 6 20.2 51,253 36 6 11.7 8.5McCarthy Tetrault LLP 7 21.1 53,672 60 5 18.2 3.0 Gowling WLG International Ltd 7 0.8 2,049 33 114 - 0.8Wachtell Lipton Rosen & Katz 8 20.5 51,916 4 49 3.1 17.3 Kirkland & Ellis LLP 8 6.2 15,655 24 13 2.4 3.8Davies Ward Phillips & Vineberg LLP 9 20.2 51,253 36 12 11.7 8.5 Bennett Jones LLP 9 9.9 25,182 22 11 3.1 6.9Alston & Bird LLP 10 18.2 46,229 6 174 - 18.2 Borden Ladner Gervais LLP 9 1.3 3,341 22 8 1.9 -0.6Goodmans LLP 11 18.2 46,134 19 69 0.9 17.3 Jones Day 11 16.4 41,669 20 21 3.6 12.8O'Melveny & Myers LLP 12 18.2 46,131 5 104 0.2 18.0 Fasken Martineau DuMoulin LLP 11 1.1 2,837 20 7 4.1 -3.0Jones Day 13 16.4 41,669 20 42 3.6 12.8 Cassels Brock & Blackwell LLP 11 1.0 2,590 20 11 2.6 -1.6Simpson Thacher & Bartlett LLP 14 15.9 40,239 12 8 15.2 0.6 Goodmans LLP 14 18.2 46,134 19 18 0.9 17.3Latham & Watkins LLP 15 12.1 30,783 12 13 11.4 0.8 Skadden Arps Slate Meagher & Flom LLP 15 36.8 93,543 16 31 7.4 29.5Bennett Jones LLP 16 9.9 25,182 22 50 3.1 6.9 Dentons 15 1.9 4,877 16 13 3.2 -1.3Allens 17 9.4 23,910 7 61 1.5 8.0 Norton Rose Fulbright LLP 17 8.9 22,583 15 10 5.0 3.9Paul Weiss Rifkind Wharton & Garrison LLP 18 9.2 23,227 11 27 7.2 2.0 Torys LLP 17 3.0 7,649 15 8 22.1 -19.1Norton Rose Fulbright LLP 19 8.9 22,583 15 32 5.0 3.9 White & Case LLP 19 29.5 74,880 14 26 10.6 18.9Herbert Smith Freehills LLP 20 7.7 19,568 7 25 7.5 0.2 Sidley Austin LLP 19 3.4 8,661 14 26 7.7 -4.2TOTAL 253,915 2,240 TOTAL 253,915 2,240

Brazil Announced Deals (By Volume) 01/01/2016 - 09/30/2016 Brazil Announced Deals (By Deal Count) 01/01/2016 - 09/30/2016

Mattos Filho Veiga Filho Marrey Jr e Quiroga Advoga 1 45.6 12,799 36 1 28.8 16.8 Mattos Filho Veiga Filho Marrey Jr e Quiroga Advoga 1 45.6 12,799 36 2 28.8 16.8Pinheiro Neto Advogados 2 36.2 10,170 28 6 8.3 27.9 Pinheiro Neto Advogados 2 36.2 10,170 28 1 8.3 27.9Demarest Advogados 3 12.4 3,474 12 14 3.0 9.4 Tozzini Freire Teixeira E Silva 3 7.1 1,990 19 7 2.3 4.8Baker & McKenzie LLP 4 7.7 2,156 5 20 1.2 6.5 Machado Meyer Sendacz e Opice Advogados 4 2.6 740 18 5 4.1 -1.5Veirano Advogados 5 7.5 2,097 10 17 2.4 5.1 Souza Cescon Barrieu & Flesch Advogados 5 2.8 788 15 4 10.0 -7.2Tozzini Freire Teixeira E Silva 6 7.1 1,990 19 19 2.3 4.8 Demarest Advogados 6 12.4 3,474 12 6 3.0 9.4Sullivan & Cromwell LLP 7 6.5 1,815 1 30 0.5 5.9 Veirano Advogados 7 7.5 2,097 10 8 2.4 5.1Davis Polk & Wardwell LLP 8 5.6 1,582 2 7 6.0 -0.4 Barbosa Mussnich & Aragao 7 4.1 1,146 10 3 11.2 -7.1Stocche Forbes Padis Filizzola e Clapis Advogados 9 5.4 1,506 8 26 0.8 4.6 Stocche Forbes Padis Filizzola e Clapis Advogados 9 5.4 1,506 8 12 0.8 4.6King & Wood Mallesons 10 5.3 1,500 1 - - 5.3 Azevedo Sette Advogados 10 0.1 32 6 9 - 0.1Llinks Law Office 10 5.3 1,500 1 - - 5.3 Baker & McKenzie LLP 11 7.7 2,156 5 14 1.2 6.5Osler Hoskin & Harcourt LLP 10 5.3 1,500 1 - - 5.3 Lefosse Advogados 12 0.6 169 4 10 26.2 -25.6White & Case LLP 13 4.5 1,250 1 15 2.9 1.6 Lobo & Rizzo Advogados 12 0.5 143 4 10 0.9 -0.4Vinson & Elkins LLP 13 4.5 1,250 1 - - 4.5 Allen & Overy LLP 14 0.3 72 3 14 0.5 -0.3Barbosa Mussnich & Aragao 15 4.1 1,146 10 4 11.2 -7.1 Skadden Arps Slate Meagher & Flom LLP 14 0.1 15 3 13 5.9 -5.8Linklaters LLP 16 3.6 1,017 2 33 0.3 3.3 Davis Polk & Wardwell LLP 16 5.6 1,582 2 14 6.0 -0.4Bracewell LLP 16 3.6 1,017 1 - - 3.6 Linklaters LLP 16 3.6 1,017 2 18 0.3 3.3Souza Cescon Barrieu & Flesch Advogados 18 2.8 788 15 5 10.0 -7.2 Mayer Brown LLP 16 1.8 494 2 26 0.9 0.9Machado Meyer Sendacz e Opice Advogados 19 2.6 740 18 10 4.1 -1.5 Cleary Gottlieb Steen & Hamilton LLP 16 0.7 198 2 - - 0.7Wachtell Lipton Rosen & Katz 20 2.0 566 1 15 2.9 -0.9 Blake Cassels & Graydon LLP 16 0.4 114 2 26 0.9 -0.5TOTAL 28,100 316 TOTAL 28,100 316


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

26,148

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

26,148

194,045 194,045

2015MKT SHR CHANGE FIRM

2016 2015MKT SHR CHANGE

DEAL COUNT RANK

MKT SHR (%)

8

Country

United Kingdom $128.0 25.6% -44.7%

Switzerland $60.5 12.1% 212.9%

France $50.4 10.1% 1.8%

Germany $41.6 8.3% -30.7%

Spain $32.9 6.6% -1.6%

Italy $29.5 5.9% -24.8%

Netherlands $19.3 3.9% -25.7%

Finland $13.1 2.6% 56.4%

DateTotal Value

(Mln.)Amount


Change

Number of deals 7,743 Financial $133.6 26.6% -1.9%

Volume (Bln.) $500.8 Consumer Non-cyclical $68.7 13.7% -21.3%

Avg Deal Size (Mln.) $64.7 Technology $62.2 12.4% 192.8%

Industrial $60.6 12.0% -26.8%


Freshfields Bruckhaus Deringer LLP Consumer Cyclical $52.8 10.5% -11.5%


Volume (Bln.) $117.4 Energy $22.7 4.5% -78.7%

Avg Deal Size (Bln.) $1.1 Utilities $13.4 2.7% -11.4%

Diversified $6.5 1.3% 0.6%

Amount (Bln.)

% Change Deal Count

% Change Volume

Company Takeover $304.6 -1.5% -18.6%

Cross Border $352.6 -0.3% -27.6%

Private Equity $125.1 -1.1% -20.3%

Asset Sale $91.7 -6.4% -13.9%

Tender Offer $110.7 15.0% 72.6%

Venture Capital $10.1 9.8% -17.7%

Spin-off $11.6 141.7% 306.0%

Minority Purchase $50.3 3.3% 8.1%

$33.8 -1.0% -28.6%

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

Deal Type

Majority Purchase


$13,809.8

7/3/2016 First Gulf Bank PJSCNational Bank of Abu

Dhabi PJSC- $13,441.9

2/10/2016 Meda AB Mylan NV - $9,974.8

China National Chemical Corp

- $46,311.7

Top Adviser2/23/2016 London Stock Exchange Group PLC Deutsche Boerse AG -

7/18/2016 ARM Holdings PLC SoftBank Group Corp - $30,124.6

EMEA M&A Regional Review

Glob

al M

&A

Revi

ew |

1st

3Q

2016EMEA M&A: Country Breakdown

Amount (Bln.) % of Total

% YoY Change

EMEA M&A Highlights of 1st 3Q2016 EMEA M&A: Industry Breakdown


2/3/2016 Syngenta AG

0

1000

2000

3000

4000

$0

$100

$200

$300

$400

$500

2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Q3


• Deal activity for EMEA-based targets reached $500.8 billion in the first 3Q2016, a 18.1% decrease from the same period last year. The United Kingdom continued to be the most targeted country in the region despite a 44.7% decrease in deal volume.

• Transactions involving EMEA-based targets exceeding $1.0 billion in value decreased 24.2% by deal count to 81 deals in the first 3Q2016. Financial companies were the most sought-after, accounting for 23.5% of the region’s total mega-deal volume.

• The region’s private equity activity decreased 14.2% from the same period last year, reaching $207.6 billion in transactions in the first 3Q2016. The $4.4 billion consortium bid for Playtika Ltd from Caesars Interactive Entertainment Inc was the region’s largest private equity buyout for the period.

9

Europe Announced Deals (By Volume) 01/01/2016 - 09/30/2016 Europe Announced Deals (By Deal Count) 01/01/2016 - 09/30/2016

Cravath Swaine & Moore LLP 1 23.7 173,864 12 4 15.7 7.9 Jones Day 1 7.8 57,087 168 4 3.9 3.9White & Case LLP 2 21.3 156,901 116 17 7.4 13.9 CMS 2 0.6 4,451 166 1 2.3 -1.7Freshfields Bruckhaus Deringer LLP 3 16.6 122,039 121 1 23.9 -7.3 Baker & McKenzie LLP 3 3.3 24,199 152 6 2.1 1.2Morrison & Foerster LLP 4 14.7 108,219 13 107 0.4 14.3 Linklaters LLP 4 6.3 46,505 139 3 11.2 -4.9Davis Polk & Wardwell LLP 5 13.6 100,188 29 16 8.2 5.5 Allen & Overy LLP 5 12.3 90,307 132 5 10.2 2.1Wachtell Lipton Rosen & Katz 6 13.0 95,648 17 36 2.8 10.3 Clifford Chance LLP 6 2.7 20,092 126 2 10.0 -7.3Cleary Gottlieb Steen & Hamilton LLP 7 13.0 95,185 41 18 5.8 7.1 Freshfields Bruckhaus Deringer LLP 7 16.6 122,039 121 9 23.9 -7.3Allen & Overy LLP 8 12.3 90,307 132 14 10.2 2.1 White & Case LLP 8 21.3 156,901 116 7 7.4 13.9Shearman & Sterling LLP 9 11.8 86,719 45 20 4.9 6.9 Latham & Watkins LLP 9 6.0 43,779 99 10 11.2 -5.3Sullivan & Cromwell LLP 10 11.4 84,052 27 8 11.8 -0.4 Cuatrecasas Goncalves Pereira SLP 10 0.4 3,120 80 13 0.8 -0.4Slaughter and May 11 10.6 78,208 20 2 19.0 -8.3 Hogan Lovells US LLP 11 1.4 10,260 79 8 3.0 -1.6Anderson Mori & Tomotsune 12 10.1 74,433 6 50 2.1 8.1 Dentons 12 0.3 2,402 78 11 0.8 -0.5Paul Weiss Rifkind Wharton & Garrison LLP 13 10.1 74,329 15 30 3.4 6.8 Kirkland & Ellis LLP 13 8.2 60,094 66 25 2.5 5.7Debevoise & Plimpton LLP 14 9.6 70,438 15 22 4.2 5.3 Ashurst LLP 14 2.3 16,651 56 19 14.5 -12.2Stikeman Elliott LLP 15 9.5 69,510 19 25 3.7 5.7 Loyens & Loeff NV 15 1.4 9,994 52 25 1.4 -Kirkland & Ellis LLP 16 8.2 60,094 66 39 2.5 5.7 DLA Piper LLP 15 1.3 9,596 52 15 1.0 0.3Simpson Thacher & Bartlett LLP 17 8.0 59,077 32 12 10.8 -2.7 Hengeler Mueller 17 1.8 12,994 50 21 3.4 -1.7Jones Day 18 7.8 57,087 168 23 3.9 3.9 Uria Menendez Abogados SLP 18 1.5 10,778 49 24 1.9 -0.4Herbert Smith Freehills LLP 19 7.1 52,234 44 21 4.7 2.4 Noerr LLP 19 0.4 2,730 47 28 0.8 -0.4Fangda Partners 20 6.7 49,363 12 208 0.0 6.7 Shearman & Sterling LLP 20 11.8 86,719 45 33 4.9 6.9TOTAL 735,221 9,081 TOTAL 735,221 9,081

Europe Announced Deals- Principals (By Volume) 01/01/2016 - 09/30/2016 Europe Announced Deals- Principals (By Deal Count) 01/01/2016 - 09/30/2016

Freshfields Bruckhaus Deringer LLP 1 20.4 120,637 119 1 28.5 -8.1 Jones Day 1 9.7 57,087 168 4 4.7 5.0Wachtell Lipton Rosen & Katz 2 16.0 94,631 15 59 1.5 14.5 CMS 2 0.8 4,451 166 1 2.8 -2.0Davis Polk & Wardwell LLP 3 15.9 94,012 24 20 4.6 11.4 Baker & McKenzie LLP 3 4.1 24,199 152 6 2.6 1.5Allen & Overy LLP 4 15.3 90,307 132 10 12.2 3.1 Linklaters LLP 4 6.8 40,349 137 3 13.2 -6.4Slaughter and May 5 13.2 78,208 20 2 22.9 -9.7 Allen & Overy LLP 5 15.3 90,307 132 5 12.2 3.1Anderson Mori & Tomotsune 6 12.6 74,433 6 48 2.5 10.1 Clifford Chance LLP 6 3.4 20,092 126 2 12.0 -8.6Sullivan & Cromwell LLP 7 12.3 72,997 23 13 8.5 3.8 Freshfields Bruckhaus Deringer LLP 7 20.4 120,637 119 9 28.5 -8.1Paul Weiss Rifkind Wharton & Garrison LLP 8 12.3 72,979 14 27 4.1 8.3 White & Case LLP 8 6.0 35,436 104 7 2.7 3.3Stikeman Elliott LLP 9 11.8 69,510 19 22 4.5 7.3 Latham & Watkins LLP 9 4.7 27,736 93 10 10.0 -5.3Debevoise & Plimpton LLP 10 11.5 67,855 13 17 4.8 6.7 Cuatrecasas Goncalves Pereira SLP 10 0.5 3,120 80 13 1.0 -0.5Simpson Thacher & Bartlett LLP 11 10.0 58,847 31 14 8.4 1.6 Hogan Lovells US LLP 11 1.7 10,260 78 8 3.6 -1.8Kirkland & Ellis LLP 12 9.9 58,503 64 36 3.0 6.9 Dentons 11 0.4 2,402 78 11 0.9 -0.5Jones Day 13 9.7 57,087 168 19 4.7 5.0 Kirkland & Ellis LLP 13 9.9 58,503 64 25 3.0 6.9Fangda Partners 14 8.4 49,363 12 208 0.1 8.3 Ashurst LLP 14 1.1 6,480 53 20 4.7 -3.6Osler Hoskin & Harcourt LLP 15 8.3 49,091 10 64 1.3 7.0 DLA Piper LLP 15 1.6 9,596 52 15 1.3 0.4Cravath Swaine & Moore LLP 16 8.3 48,953 7 5 14.4 -6.1 Loyens & Loeff NV 16 1.5 8,620 51 25 1.6 -0.2Baer & Karrer AG 17 8.2 48,238 2 118 0.4 7.8 Hengeler Mueller 17 2.2 12,994 50 20 4.2 -2.0Skadden Arps Slate Meagher & Flom LLP 18 7.5 44,453 44 7 13.7 -6.2 Uria Menendez Abogados SLP 18 1.8 10,778 49 24 2.3 -0.5Ropes & Gray LLP 19 7.3 43,105 16 16 4.8 2.5 Noerr LLP 19 0.5 2,730 47 28 0.9 -0.5Linklaters LLP 20 6.8 40,349 137 8 13.2 -6.4 Skadden Arps Slate Meagher & Flom LLP 20 7.5 44,453 44 16 13.7 -6.2TOTAL 591,409 2,928 TOTAL 591,409 2,928

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

762,046 762,046

630,776 630,776

10

UK Announced Deals (By Volume) 01/01/2016 - 09/30/2016 UK Announced Deals (By Deal Count) 01/01/2016 - 09/30/2016

Freshfields Bruckhaus Deringer LLP 1 42.9 93,432 58 1 37.4 5.5 Freshfields Bruckhaus Deringer LLP 1 42.9 93,432 58 5 37.4 5.5Herbert Smith Freehills LLP 2 21.5 46,893 23 23 5.4 16.2 Jones Day 2 2.2 4,875 57 6 3.6 -1.4Davis Polk & Wardwell LLP 3 19.7 42,930 11 27 4.6 15.1 Linklaters LLP 3 10.2 22,280 49 3 8.4 1.8White & Case LLP 4 17.6 38,273 30 32 3.0 14.6 Clifford Chance LLP 4 2.9 6,259 46 1 12.9 -10.0Cleary Gottlieb Steen & Hamilton LLP 5 17.4 37,919 6 31 3.4 14.0 CMS 4 1.0 2,060 46 2 1.3 -0.4Slaughter and May 6 15.6 33,987 15 2 33.5 -17.9 Allen & Overy LLP 6 6.5 14,238 39 8 5.7 0.8Morrison & Foerster LLP 7 14.4 31,348 5 77 0.6 13.8 Travers Smith 6 5.5 11,961 39 6 6.2 -0.8Mori Hamada & Matsumoto 8 14.0 30,569 5 144 0.1 14.0 Latham & Watkins LLP 8 10.6 23,081 33 18 8.6 2.0Anderson Mori & Tomotsune 9 13.8 30,125 1 188 - 13.8 Baker & McKenzie LLP 9 3.7 8,051 32 22 1.7 2.0Latham & Watkins LLP 10 10.6 23,081 33 12 8.6 2.0 Dentons 9 0.7 1,558 32 19 0.4 0.4Linklaters LLP 11 10.2 22,280 49 14 8.4 1.8 Squire Patton Boggs US LLP 9 0.3 741 32 4 0.8 -0.4Allens 12 6.7 14,650 6 7 22.5 -15.8 Kirkland & Ellis LLP 12 6.6 14,475 31 23 1.5 5.1Kirkland & Ellis LLP 13 6.6 14,475 31 48 1.5 5.1 White & Case LLP 13 17.6 38,273 30 9 3.0 14.6Wachtell Lipton Rosen & Katz 14 6.6 14,352 7 188 - 6.6 Olswang 14 0.1 156 28 13 0.4 -0.3Allen & Overy LLP 15 6.5 14,238 39 21 5.7 0.8 Ashurst LLP 15 5.7 12,415 27 14 25.3 -19.6Ashurst LLP 16 5.7 12,415 27 5 25.3 -19.6 Macfarlanes LLP 15 4.7 10,240 27 20 1.9 2.8Weil Gotshal & Manges LLP 17 5.7 12,321 16 38 2.3 3.4 Hogan Lovells US LLP 17 3.3 7,160 24 9 3.7 -0.4Skadden Arps Slate Meagher & Flom LLP 18 5.5 11,968 16 11 8.9 -3.4 Herbert Smith Freehills LLP 18 21.5 46,893 23 14 5.4 16.2Travers Smith 19 5.5 11,961 39 19 6.2 -0.8 Shearman & Sterling LLP 19 5.3 11,526 22 30 7.7 -2.4Shearman & Sterling LLP 20 5.3 11,526 22 15 7.7 -2.4 DLA Piper LLP 20 2.9 6,260 20 12 1.5 1.4TOTAL 217,903 3,554 TOTAL 217,903 3,554

Germany Announced Deals (By Deal Count) 01/01/2016 - 09/30/2016 France Announced Deals (By Deal Count) 01/01/2016 - 09/30/2016

CMS 1 1.1 1,849 52 1 1.0 0.1 Jones Day 1 0.8 1,006 46 2 2.7 -1.8Hengeler Mueller 2 5.6 9,804 44 2 21.5 -15.8 Linklaters LLP 2 9.6 11,450 41 10 15.1 -5.5Noerr LLP 3 0.8 1,455 39 4 4.1 -3.3 CMS 2 0.8 936 41 1 0.4 0.4Freshfields Bruckhaus Deringer LLP 4 19.6 34,268 37 6 13.6 6.1 Latham & Watkins LLP 4 7.6 9,102 31 3 25.1 -17.5Clifford Chance LLP 5 5.7 9,869 35 3 23.3 -17.6 Allen & Overy LLP 5 2.1 2,567 29 7 8.3 -6.2White & Case LLP 6 4.0 7,007 33 9 15.1 -11.1 Clifford Chance LLP 6 2.1 2,522 27 5 5.6 -3.5Linklaters LLP 7 9.6 16,807 31 5 5.0 4.6 Hogan Lovells US LLP 7 0.6 686 22 13 3.3 -2.8Jones Day 8 4.7 8,283 30 6 6.5 -1.8 Mayer Brown LLP 8 2.8 3,323 21 8 6.7 -3.9Baker & McKenzie LLP 9 1.8 3,089 26 13 0.9 0.9 Baker & McKenzie LLP 8 2.3 2,750 21 5 0.5 1.8Luther Rechtsanwaltsgesellschaft mbH 10 1.0 1,784 25 9 - 1.0 Cleary Gottlieb Steen & Hamilton LLP 10 4.6 5,543 19 25 8.3 -3.6Latham & Watkins LLP 11 9.6 16,759 24 8 1.2 8.4 De Pardieu Brocas Maffei 11 1.9 2,230 18 14 2.4 -0.6Allen & Overy LLP 12 39.2 68,519 21 12 16.1 23.2 Bredin Prat 12 17.1 20,425 17 8 9.6 7.4Hogan Lovells US LLP 13 0.2 388 20 11 4.0 -3.8 Dentons 13 0.4 512 16 11 1.9 -1.5Dentons 14 0.1 215 19 16 0.7 -0.6 Dechert LLP 14 10.6 12,667 14 4 0.9 9.7Mayer Brown LLP 15 1.0 1,713 14 27 0.1 0.9 White & Case LLP 14 8.9 10,611 14 12 2.1 6.8DLA Piper LLP 16 3.8 6,579 13 14 1.3 2.5 Willkie Farr & Gallagher LLP 14 0.5 603 14 18 1.3 -0.8Shearman & Sterling LLP 17 40.2 70,139 12 27 5.6 34.6 Paul Hastings LLP 17 3.0 3,543 13 15 3.7 -0.7Skadden Arps Slate Meagher & Flom LLP 18 4.5 7,767 10 30 16.5 -12.0 Freshfields Bruckhaus Deringer LLP 18 2.5 2,939 12 26 12.4 -9.9McDermott Will & Emery LLP Inc 18 2.4 4,241 10 53 0.9 1.5 Herbert Smith Freehills LLP 19 4.2 4,978 11 20 0.7 3.4Ashurst LLP 18 0.2 313 10 16 17.2 -17.0 Hengeler Mueller 20 4.3 5,096 10 22 0.0 4.2TOTAL 174,610 1,453 TOTAL 119,813 1,268

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 (%)

97,928 106,886

360,690 360,690

MKT SHR CHANGE

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

11

Italy Announced Deals (By Deal Count) 01/01/2016 - 09/30/2016 Benelux Announced Deals (By Deal Count) 01/01/2016 - 09/30/2016

NCTM Studio Legale Associato 1 1.0 396 41 1 0.5 0.5 Allen & Overy LLP 1 14.0 8,316 58 1 16.7 -2.8Chiomenti Studio Legale 2 9.6 3,745 29 24 - 9.6 Loyens & Loeff NV 2 6.9 4,130 40 3 3.9 3.1Gattai Minoli Agostinelli & Partners 3 2.8 1,100 23 24 0.3 2.5 Houthoff Buruma 3 6.6 3,944 35 5 9.4 -2.7Jones Day 4 18.2 7,070 17 6 6.0 12.2 NautaDutilh NV 4 6.7 3,979 33 9 2.9 3.8Baker & McKenzie LLP 5 2.9 1,139 13 4 0.9 2.0 Freshfields Bruckhaus Deringer LLP 5 13.4 7,993 28 13 48.4 -34.9Legance Studio Legale Associato 6 4.0 1,564 12 2 3.9 0.1 Linklaters LLP 6 8.6 5,106 26 7 8.2 0.4White & Case LLP 6 3.6 1,391 12 7 1.1 2.4 Baker & McKenzie LLP 6 4.3 2,563 26 8 2.6 1.8Hogan Lovells US LLP 8 3.9 1,510 11 14 0.2 3.7 CMS 6 0.6 376 26 2 5.6 -4.9CMS 9 0.1 56 10 10 - 0.1 Clifford Chance LLP 9 8.5 5,079 24 6 4.7 3.9Ashurst LLP 10 0.8 308 9 10 1.0 -0.2 Stibbe BV 10 2.8 1,650 22 11 0.4 2.4Latham & Watkins LLP 11 5.9 2,273 7 4 38.4 -32.6 De Brauw Blackstone Westbroek NV 11 23.3 13,829 21 4 64.9 -41.7Clifford Chance LLP 11 4.7 1,834 7 7 1.9 2.8 Jones Day 11 6.1 3,605 21 11 0.4 5.7Cleary Gottlieb Steen & Hamilton LLP 11 3.8 1,456 7 10 12.1 -8.4 White & Case LLP 13 6.3 3,757 19 10 8.7 -2.4Freshfields Bruckhaus Deringer LLP 11 3.1 1,216 7 18 21.4 -18.3 Hogan Lovells US LLP 14 5.0 2,970 11 14 1.8 3.2Linklaters LLP 11 0.3 121 7 3 14.5 -14.2 Dentons 15 0.5 274 10 18 0.8 -0.3Gianni Origoni Grippo Capelli Partners 16 2.7 1,048 5 7 1.8 0.9 Mayer Brown LLP 16 4.8 2,855 8 27 10.9 -6.1Allen & Overy LLP 16 2.5 977 5 14 13.4 -10.9 Cuatrecasas Goncalves Pereira SLP 16 1.1 648 8 23 0.0 1.1King & Wood Mallesons 16 0.1 24 5 52 - 0.1 Cleary Gottlieb Steen & Hamilton LLP 18 0.9 556 7 30 0.5 0.5Shearman & Sterling LLP 16 - 1 5 10 23.6 -23.6 Norton Rose Fulbright LLP 18 0.4 237 7 18 0.2 0.2DLA Piper LLP 20 3.5 1,359 4 24 0.1 3.4 Latham & Watkins LLP 18 0.1 40 7 17 17.6 -17.6TOTAL 38,870 556 TOTAL 59,484 1,066

Iberia Announced Deals (By Deal Count) 01/01/2016 - 09/30/2016 Nordic Announced Deals (By Deal Count) 01/01/2016 - 09/30/2016

Cuatrecasas Goncalves Pereira SLP 1 4.7 2,147 74 1 11.3 -6.6 Advokatfirman Vinge KB 1 15.7 12,139 24 1 13.7 2.0Uria Menendez Abogados SLP 2 19.2 8,752 44 2 25.9 -6.7 White & Case LLP 2 29.8 22,999 21 7 2.4 27.5Perez-Llorca 3 12.4 5,646 27 4 23.9 -11.5 Baker & McKenzie LLP 3 1.9 1,474 20 10 0.8 1.1Clifford Chance LLP 4 3.6 1,660 26 3 26.2 -22.5 Roschier Advokatbyra AB 4 2.4 1,886 19 26 4.7 -2.2Rousaud Costas Duran Slp 5 0.1 42 17 9 0.0 0.1 Mannheimer Swartling Advokatbyra AB 5 2.7 2,097 18 2 16.9 -14.2Linklaters LLP 6 5.4 2,481 16 7 14.6 -9.2 CMS 6 0.9 683 17 16 0.1 0.8CMS 7 2.2 997 13 17 0.0 2.2 Hannes Snellman Advokatbyra Ab/FI 7 14.4 11,070 14 3 2.1 12.2Baker & McKenzie LLP 8 15.7 7,135 12 5 1.0 14.7 Kirkland & Ellis LLP 8 4.1 3,197 11 29 2.5 1.6Latham & Watkins LLP 9 4.2 1,916 10 16 11.3 -7.1 Allen & Overy LLP 8 2.6 2,004 11 11 2.3 0.3Hogan Lovells US LLP 9 1.0 441 10 15 0.9 0.1 Freshfields Bruckhaus Deringer LLP 10 4.7 3,610 10 22 10.8 -6.1Freshfields Bruckhaus Deringer LLP 11 32.2 14,668 9 10 14.6 17.6 Linklaters LLP 10 2.7 2,094 10 5 13.2 -10.5Gomez-Acebo & Pombo Abogados SLP 11 0.3 128 9 7 1.7 -1.5 Latham & Watkins LLP 12 8.0 6,145 9 19 19.5 -11.5Ashurst LLP 13 5.8 2,645 8 13 22.4 -16.6 Ashurst LLP 12 0.4 329 9 29 1.4 -1.0King & Wood Mallesons 13 1.9 861 8 43 3.1 -1.2 Clifford Chance LLP 14 4.1 3,132 8 9 8.2 -4.2Jones Day 13 0.2 79 8 10 0.5 -0.3 Advokatfirmaet Thommessen AS 14 2.8 2,189 8 5 5.7 -2.8Allen & Overy LLP 16 2.4 1,097 7 10 28.3 -25.9 Simpson Thacher & Bartlett LLP 16 3.7 2,874 7 75 6.8 -3.1Garrigues Abogados 16 0.1 42 7 6 1.7 -1.6 Jones Day 16 2.2 1,665 7 13 1.1 1.0Herbert Smith Freehills LLP 18 0.9 393 5 43 4.7 -3.8 Dentons 16 0.3 193 7 22 0.2 0.0Araoz & Rueda 18 0.2 70 5 - - 0.2 Weil Gotshal & Manges LLP 19 1.8 1,381 6 13 1.2 0.6J&A Garrigues SLP 20 0.2 85 4 - - 0.2 SORAINEN 19 0.0 27 6 19 0.3 -0.3TOTAL 45,590 570 TOTAL 77,127 1,334

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

211,057 75,619

59,916 54,587

12

Eastern Europe Announced Deals (By Deal Count) 01/01/2016 - 09/30/2016

CMS 1 0.4 106 27 2 2.3 -1.9Baker & McKenzie LLP 2 3.6 1,049 23 4 1.5 2.1Dentons 2 2.2 651 23 1 10.3 -8.1White & Case LLP 4 5.1 1,509 22 3 6.5 -1.3Ellex 4 0.1 33 22 5 0.0 0.1Allen & Overy LLP 6 3.8 1,116 17 9 2.0 1.8Linklaters LLP 6 1.7 505 17 9 1.9 -0.2Attorneys COBALT AS 8 0.1 28 15 7 0.4 -0.3SORAINEN 9 0.6 175 13 6 0.5 0.1Weil Gotshal & Manges LLP 10 7.1 2,095 12 7 6.6 0.6Noerr LLP 11 2.4 694 9 23 1.7 0.7Clifford Chance LLP 12 1.1 318 8 12 6.9 -5.9Hogan Lovells US LLP 12 0.9 264 8 11 1.9 -1.0Norton Rose Fulbright LLP 14 1.1 323 7 18 13.8 -12.7Freshfields Bruckhaus Deringer LLP 14 0.7 194 7 30 0.1 0.5Jones Day 14 0.0 9 7 14 0.7 -0.7Balcioglu Selcuk Akman Keki Avukatlik Ortakligi 14 - - 7 14 1.3 -1.3Greenberg Traurig LLP 18 1.8 517 6 45 - 1.8Herbert Smith Freehills LLP 18 0.6 171 6 14 15.0 -14.4Latham & Watkins LLP 20 1.9 550 4 23 5.1 -3.2TOTAL 29,461 739

FIRM


MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

47,042

13

DateTotal Value

(Mln.)

Number of deals 8,549

Volume (Bln.) $642.0

Avg Deal Size (Mln.) $75.1

King & Wood Mallesons

Number of deals 75

Volume (Bln.) $68.5

Avg Deal Size (Bln.) $0.9

Deal TypeAmount

(Bln.)% Change

Deal Count% YoY

Change

Company Takeover $326.5 -0.5% -10.3%

Cross Border $196.9 1.9% -9.8%

Private Equity $108.2 -0.5% 8.4%

Asset Sale $80.0 3.5% 9.0%

Tender Offer $30.9 2.5% 83.8%

Venture Capital $41.3 -3.0% 38.8%

Spin-off $14.2 2.0% -44.8%

Minority Purchase $131.4 10.0% 13.2%

Majority Purchase $89.3 0.3% -4.7%

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

Japan M&A: Quarterly Volume

8/11/2016 Aditya Birla Nuvo Ltd Grasim Industries Ltd - $7,929.8

APAC M&A: Breakdown

Greater China M&A: Quarterly Volume

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

$9,868.1Top Adviser

5/24/2016 RHB Bank Bhd (Shareholders) -

9/22/2016Wuhan Iron & Steel Co

LtdBaoshan Iron & Steel Co

Ltd- $10,432.9

APAC M&A Regional Review

Glob

al M

&A

Revi

ew |

1st

3Q

2016APAC M&A: Quarterly Volume

Australia/NZ M&A: Quarterly Volume

APAC M&A: Highlights of 1st 3Q2016

Summary Target Acquirer Seller

9/5/2016 CNPC Capital Co LtdJinan Diesel Engine Co

LtdChina National Petroleum

Corp$14,480.3

27%

17%

13%11%

10%

8%

6%3% 3%

2%

APAC Industry Breakdown Financial

Industrial

Consumer Cyclical

Consumer Non-cyclical

Communications

Basic Materials

Technology

Energy

Diversified

Utilities

0

2000

4000

6000

$0

$200

$400

$600


0

200

400

600

$0

$20

$40

$60


0

500

1000

1500

2000

$0

$100

$200

$300


0

500

1000

$0

$50

$100


• M&A activity targeting the APAC region for the first 3Q2016 decreased 6.6% to $641.9 billion compared to the same period last year. The decline was largely attributable to a 5.4% decrease in Greater China’s inbound activity to $351.7 billion.

• Cross border deals drove the momentum for deal activity in the APAC region, accounting for 49.7% ofthe total volume in the first 3Q2016. Outbound activity in the Greater China region hit a new high of$203.0 billion, representing a 142.8% increase from the same period last year.

• Softbank Group Corp’s announced acquisition of ARM Holdings PLC was both the largest acquisitioninvolving an APAC country in 3Q2016 and the largest cross border takeover of a European company by aJapanese company to date.

14

APAC Ex Japan Announced Deals (By Volume) 01/01/2016 - 09/30/2016 APAC Ex Japan Announced Deals (By Deal Count) 01/01/2016 - 09/30/2016

Fangda Partners 1 10.5 83,715 56 24 3.2 7.4 King & Wood Mallesons 1 10.4 82,525 92 2 6.9 3.5King & Wood Mallesons 2 10.4 82,525 92 8 6.9 3.5 AZB & Partners 2 2.3 17,918 82 1 1.2 1.1Davis Polk & Wardwell LLP 3 9.9 79,071 29 9 6.8 3.1 Kim & Chang 3 1.4 11,222 70 4 11.8 -10.4Simpson Thacher & Bartlett LLP 4 9.4 74,653 30 20 3.8 5.6 Baker & McKenzie LLP 4 2.1 16,309 64 3 2.1 0.0White & Case LLP 5 9.0 71,897 37 29 2.5 6.5 Khaitan & Co 4 1.5 11,611 64 8 0.6 0.9Osler Hoskin & Harcourt LLP 6 8.2 64,939 10 223 - 8.2 Herbert Smith Freehills LLP 6 3.9 30,811 63 5 7.2 -3.3Cleary Gottlieb Steen & Hamilton LLP 7 7.1 56,448 15 31 2.2 4.9 Norton Rose Fulbright LLP 7 1.6 12,516 58 6 3.0 -1.5Baer & Karrer AG 8 6.1 48,238 2 - - 6.1 Fangda Partners 8 10.5 83,715 56 80 3.2 7.4Cravath Swaine & Moore LLP 9 6.0 47,530 4 39 1.8 4.2 Lee & Ko 9 1.1 8,814 45 7 2.9 -1.8Herbert Smith Freehills LLP 10 3.9 30,811 63 7 7.2 -3.3 Jones Day 10 2.4 19,310 39 29 0.4 2.0Skadden Arps Slate Meagher & Flom LLP 11 3.4 26,792 29 1 14.4 -11.0 Shin & Kim 10 0.9 7,263 39 12 1.5 -0.6Allens 12 3.2 25,070 35 4 8.1 -5.0 Yulchon LLC 12 1.7 13,226 38 23 1.7 -Freshfields Bruckhaus Deringer LLP 13 2.5 19,829 28 3 11.8 -9.3 Allen & Overy LLP 12 1.7 13,182 38 12 3.8 -2.2Jones Day 14 2.4 19,310 39 85 0.4 2.0 White & Case LLP 14 9.0 71,897 37 25 2.5 6.5Linklaters LLP 15 2.4 19,174 32 6 7.3 -4.8 Latham & Watkins LLP 14 2.3 18,525 37 29 8.0 -5.6Cyril Amarchand Mangaldas 16 2.4 18,751 27 96 0.3 2.1 WongPartnership LLP 16 1.6 12,999 36 28 5.8 -4.2Latham & Watkins LLP 17 2.3 18,525 37 5 8.0 -5.6 Bae Kim & Lee 16 0.6 4,983 36 14 4.7 -4.1Fenwick & West LLP 18 2.3 18,167 10 53 1.2 1.1 Allens 18 3.2 25,070 35 10 8.1 -5.0Morrison & Foerster LLP 19 2.3 17,993 12 15 4.8 -2.6 Gilbert + Tobin 18 1.7 13,323 35 25 1.7 -0.1AZB & Partners 20 2.3 17,918 82 51 1.2 1.1 Ashurst LLP 20 1.2 9,277 34 18 3.4 -2.3TOTAL 795,803 8,604 TOTAL 795,803 8,604

APAC Private Equity Announced Deals (By Volume) 01/01/2016 - 09/30/2016

Simpson Thacher & Bartlett LLP 1 11.5 21,330 25 4 13.2 -1.7Allens 2 11.3 20,946 10 47 2.3 8.9Herbert Smith Freehills LLP 3 11.1 20,741 20 8 9.0 2.2Skadden Arps Slate Meagher & Flom LLP 4 10.9 20,363 12 1 15.8 -4.8King & Wood Mallesons 5 9.5 17,690 18 2 14.8 -5.3Latham & Watkins LLP 6 7.5 14,004 17 5 12.0 -4.4Osler Hoskin & Harcourt LLP 7 6.8 12,738 4 74 0.7 6.1Gilbert + Tobin 8 6.5 12,063 14 89 0.4 6.1Jones Day 9 6.4 11,875 16 86 0.5 5.9Stikeman Elliott LLP 10 5.3 9,877 6 82 0.5 4.8Allen & Overy LLP 11 5.0 9,371 16 10 8.5 -3.4Fenwick & West LLP 12 5.0 9,338 8 26 5.0 -Fangda Partners 13 4.7 8,760 25 7 10.1 -5.4AZB & Partners 14 4.0 7,438 36 36 4.0 0.0Kim & Chang 15 3.8 7,009 29 17 6.8 -3.1O'Melveny & Myers LLP 16 3.4 6,365 14 28 4.8 -1.4Freshfields Bruckhaus Deringer LLP 17 3.2 5,862 12 6 10.9 -7.8Jingtian & Gongcheng 18 3.1 5,818 13 15 7.0 -3.8Wilson Sonsini Goodrich & Rosati PC 19 2.9 5,472 9 9 8.7 -5.7Shin & Kim 20 2.9 5,469 11 23 5.2 -2.3TOTAL 186,215 1,905

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 (%)

161,884

802,687 802,687

15

AU & NZ Announced Deals (By Volume) 01/01/2016 - 09/30/2016 AU & NZ Announced Deals (By Deal Count) 01/01/2016 - 09/30/2016

Herbert Smith Freehills LLP 1 36.1 24,059 44 1 43.3 -7.2 Herbert Smith Freehills LLP 1 36.1 24,059 44 1 43.3 -7.2Allens 2 32.2 21,504 33 3 26.2 6.1 King & Wood Mallesons 2 28.4 18,918 42 4 28.9 -0.5King & Wood Mallesons 3 28.4 18,918 42 2 28.9 -0.5 Gilbert + Tobin 3 20.0 13,323 35 6 3.4 16.6Gilbert + Tobin 4 20.0 13,323 35 24 3.4 16.6 Allens 4 32.2 21,504 33 2 26.2 6.1Osler Hoskin & Harcourt LLP 5 18.4 12,270 3 73 - 18.4 Norton Rose Fulbright LLP 5 3.4 2,249 30 4 7.7 -4.4Jones Day 6 16.2 10,813 13 82 - 16.2 Minter Ellison 6 7.6 5,094 26 3 20.5 -12.8Stikeman Elliott LLP 7 14.2 9,452 2 36 0.8 13.4 Ashurst LLP 7 4.0 2,653 25 6 22.2 -18.3Minter Ellison 8 7.6 5,094 26 5 20.5 -12.8 HWL Ebsworth Lawyers 7 0.9 617 25 8 7.5 -6.5Bell Gully 9 5.8 3,849 16 7 10.7 -4.9 Baker & McKenzie LLP 9 4.4 2,952 21 9 0.6 3.9Baker & McKenzie LLP 10 4.4 2,952 21 39 0.6 3.9 Bell Gully 10 5.8 3,849 16 12 10.7 -4.9Ashurst LLP 11 4.0 2,653 25 4 22.2 -18.3 Jones Day 11 16.2 10,813 13 36 - 16.2Buddle Findlay 12 3.6 2,413 1 - - 3.6 K&L Gates LLP 12 0.4 270 12 15 1.5 -1.1Norton Rose Fulbright LLP 13 3.4 2,249 30 11 7.7 -4.4 Corrs Chambers Westgarth 12 0.3 210 12 10 3.3 -3.0Paul Hastings LLP 14 3.1 2,077 3 - - 3.1 DLA Piper LLP 14 2.5 1,658 10 11 0.4 2.1DLA Piper LLP 15 2.5 1,658 10 45 0.4 2.1 Allen & Overy LLP 15 2.3 1,511 9 13 4.0 -1.7Sullivan & Cromwell LLP 16 2.5 1,657 2 17 4.7 -2.2 Clifford Chance LLP 16 0.1 49 7 14 3.6 -3.5Allen & Overy LLP 17 2.3 1,511 9 22 4.0 -1.7 Simpson Thacher & Bartlett LLP 17 1.1 758 5 53 4.7 -3.6Jia Yuan Law Firm 18 2.0 1,344 1 - - 2.0 Linklaters LLP 18 1.4 929 4 19 1.1 0.3Kirkland & Ellis LLP 19 1.6 1,093 3 15 6.8 -5.2 Freshfields Bruckhaus Deringer LLP 18 1.1 761 4 36 1.0 0.2Conyers Dill & Pearman Ltd 20 1.6 1,084 2 - - 1.6 Clayton Utz 18 0.2 141 4 19 8.0 -7.8TOTAL 66,718 1,334 TOTAL 66,718 1,334

Japan Announced Deals (By Volume) 01/01/2016 - 09/30/2016 Japan Announced Deals (By Deal Count) 01/01/2016 - 09/30/2016

Mori Hamada & Matsumoto 1 36.9 60,989 108 1 20.8 16.1 Mori Hamada & Matsumoto 1 36.9 60,989 108 1 20.8 16.1Anderson Mori & Tomotsune 2 28.2 46,681 75 10 7.9 20.3 Nagashima Ohno & Tsunematsu 2 9.9 16,396 104 2 11.2 -1.3Morrison & Foerster LLP 3 26.1 43,259 19 23 2.4 23.8 Anderson Mori & Tomotsune 3 28.2 46,681 75 3 7.9 20.3White & Case LLP 4 25.7 42,566 10 29 1.5 24.3 Nishimura & Asahi 4 15.6 25,879 72 4 12.7 3.0Slaughter and May 5 23.5 38,841 4 - - 23.5 Morrison & Foerster LLP 5 26.1 43,259 19 9 2.4 23.8Freshfields Bruckhaus Deringer LLP 6 20.7 34,183 6 2 15.6 5.1 Baker & McKenzie LLP 6 7.2 11,878 15 5 4.6 2.6Davis Polk & Wardwell LLP 7 19.5 32,325 3 33 1.3 18.3 Latham & Watkins LLP 7 4.7 7,843 12 19 2.3 2.5Herbert Smith Freehills LLP 8 18.6 30,720 8 12 7.2 11.4 Hogan Lovells US LLP 7 3.7 6,165 12 50 - 3.7Cleary Gottlieb Steen & Hamilton LLP 9 18.2 30,125 3 19 3.2 15.0 Allen & Overy LLP 9 2.6 4,276 11 19 0.9 1.7Nishimura & Asahi 10 15.6 25,879 72 5 12.7 3.0 Jones Day 9 1.9 3,123 11 11 9.3 -7.4Nagashima Ohno & Tsunematsu 11 9.9 16,396 104 8 11.2 -1.3 Kim & Chang 9 0.9 1,414 11 16 1.8 -1.0Shearman & Sterling LLP 12 7.3 12,009 10 21 2.6 4.7 White & Case LLP 12 25.7 42,566 10 7 1.5 24.3Baker & McKenzie LLP 13 7.2 11,878 15 17 4.6 2.6 Shearman & Sterling LLP 12 7.3 12,009 10 19 2.6 4.7Covington & Burling LLP 14 7.0 11,602 2 47 0.8 6.3 Simpson Thacher & Bartlett LLP 12 6.3 10,396 10 25 12.8 -6.5Simpson Thacher & Bartlett LLP 15 6.3 10,396 10 4 12.8 -6.5 AZB & Partners 15 2.7 4,489 9 15 2.1 0.6Sullivan & Cromwell LLP 16 5.9 9,726 7 7 11.3 -5.4 Herbert Smith Freehills LLP 16 18.6 30,720 8 9 7.2 11.4Fenwick & West LLP 17 5.2 8,600 4 59 0.3 4.9 Ashurst LLP 16 2.7 4,456 8 19 4.4 -1.8Hannes Snellman Advokatbyra Ab/FI 17 5.2 8,600 1 118 - 5.2 Oh-Ebashi LPC & Partners 16 0.2 326 8 6 0.3 -0.1Blake Cassels & Graydon LLP 19 4.9 8,068 2 51 0.6 4.2 Sullivan & Cromwell LLP 19 5.9 9,726 7 14 11.3 -5.4Latham & Watkins LLP 20 4.7 7,843 12 24 2.3 2.5 Paul Weiss Rifkind Wharton & Garrison LLP 19 3.2 5,221 7 92 - 3.2TOTAL 165,465 2,319 TOTAL 165,465 2,319133,056 133,056

89,576 89,576

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 - 09/30/2016 South Korea Announced Deals (By Deal Count) 01/01/2016 - 09/30/2016

Kim & Chang 1 20.5 10,215 66 1 64.6 -44.1 Kim & Chang 1 20.5 10,215 66 1 64.6 -44.1Lee & Ko 2 17.7 8,801 44 3 23.1 -5.4 Lee & Ko 2 17.7 8,801 44 2 23.1 -5.4Yulchon LLC 3 15.3 7,626 37 5 13.1 2.3 Shin & Kim 3 14.4 7,184 38 3 12.2 2.2Shin & Kim 4 14.4 7,184 38 6 12.2 2.2 Yulchon LLC 4 15.3 7,626 37 5 13.1 2.3Bae Kim & Lee 5 10.0 4,983 36 2 37.7 -27.7 Bae Kim & Lee 5 10.0 4,983 36 4 37.7 -27.7Cleary Gottlieb Steen & Hamilton LLP 6 3.2 1,597 2 12 6.8 -3.6 Yoon & Yang LLC 6 1.4 694 13 6 0.5 0.9Skadden Arps Slate Meagher & Flom LLP 7 3.0 1,476 4 23 1.5 1.5 JIPYONG 7 0.3 153 5 8 0.7 -0.4Pinheiro Neto Advogados 8 2.1 1,050 1 - - 2.1 Skadden Arps Slate Meagher & Flom LLP 8 3.0 1,476 4 12 1.5 1.5Paul Weiss Rifkind Wharton & Garrison LLP 8 2.1 1,050 1 18 2.3 -0.2 Kim Chang & Lee 8 0.4 193 4 - - 0.4Davies Ward Phillips & Vineberg LLP 8 2.1 1,050 1 - - 2.1 Kim Choi & Lim 10 0.2 109 3 - - 0.2White & Case LLP 11 1.6 812 2 30 0.5 1.1 Cleary Gottlieb Steen & Hamilton LLP 11 3.2 1,597 2 12 6.8 -3.6Yoon & Yang LLC 12 1.4 694 13 31 0.5 0.9 White & Case LLP 11 1.6 812 2 12 0.5 1.1Kirkland & Ellis LLP 13 1.4 689 1 32 0.4 1.0 Goodwin Procter LLP 11 0.5 230 2 - - 0.5Linklaters LLP 14 1.1 547 1 48 - 1.1 Weil Gotshal & Manges LLP 11 0.5 230 2 12 0.4 0.1Mayer Brown LLP 15 0.7 354 1 40 0.1 0.6 O'Melveny & Myers LLP 11 0.2 88 2 - - 0.2Goodwin Procter LLP 16 0.5 230 2 - - 0.5 Herbert Smith Freehills LLP 11 0.2 85 2 12 16.9 -16.7Weil Gotshal & Manges LLP 16 0.5 230 2 32 0.4 0.1 K&L Gates LLP 11 0.1 54 2 22 - 0.1Morgan Lewis & Bockius LLP 16 0.5 230 1 - - 0.5 Wilson Sonsini Goodrich & Rosati PC 11 - - 2 22 0.1 -0.1Gibson Dunn & Crutcher LLP 16 0.5 230 1 - - 0.5 Stikeman Elliott LLP 11 - - 2 22 0.2 -0.2Simpson Thacher & Bartlett LLP 16 0.5 230 1 21 2.3 -1.9 Pinheiro Neto Advogados 20 2.1 1,050 1 - - 2.1TOTAL 49,843 1,228 TOTAL 49,843 1,228

China Announced Deals (By Volume) 01/01/2016 - 09/30/2016 China Announced Deals (By Deal Count) 01/01/2016 - 09/30/2016

Fangda Partners 1 16.2 83,562 53 4 6.6 9.6 Fangda Partners 1 16.2 83,562 53 26 6.6 9.6King & Wood Mallesons 2 14.3 73,561 53 2 7.8 6.5 King & Wood Mallesons 1 14.3 73,561 53 2 7.8 6.5Davis Polk & Wardwell LLP 3 13.5 69,359 20 14 3.5 10.0 Grandall Law Firm 3 1.7 8,800 33 1 4.5 -2.8Simpson Thacher & Bartlett LLP 4 12.9 66,295 14 9 4.8 8.1 Zhong Lun Law Firm 4 2.0 10,491 26 7 2.1 0.0White & Case LLP 5 12.8 65,793 11 32 1.3 11.5 Tian Yuan Law Firm 5 1.5 7,576 23 9 2.4 -0.9Osler Hoskin & Harcourt LLP 6 11.6 59,868 4 172 0.0 11.6 Jingtian & Gongcheng 6 1.2 6,213 22 4 9.6 -8.4Cleary Gottlieb Steen & Hamilton LLP 7 10.5 54,249 11 21 2.3 8.3 Davis Polk & Wardwell LLP 7 13.5 69,359 20 8 3.5 10.0Baer & Karrer AG 8 9.4 48,238 2 - - 9.4 Skadden Arps Slate Meagher & Flom LLP 8 4.7 24,006 18 3 7.3 -2.7Cravath Swaine & Moore LLP 9 9.2 47,420 3 35 1.2 8.0 Grandfield Law Offices 8 1.1 5,601 18 5 1.5 -0.4Skadden Arps Slate Meagher & Flom LLP 10 4.7 24,006 18 3 7.3 -2.7 Allbright Law Offices 8 0.9 4,591 18 26 1.2 -0.3Morrison & Foerster LLP 11 3.4 17,605 6 44 0.9 2.6 Latham & Watkins LLP 11 2.3 12,041 17 26 5.4 -3.1Freshfields Bruckhaus Deringer LLP 12 3.2 16,413 15 5 6.5 -3.4 Norton Rose Fulbright LLP 12 2.2 11,088 16 21 4.5 -2.3Jia Yuan Law Firm 13 3.2 16,308 13 26 1.8 1.4 Freshfields Bruckhaus Deringer LLP 13 3.2 16,413 15 11 6.5 -3.4Herbert Smith Freehills LLP 14 2.9 14,967 14 43 0.9 2.0 Simpson Thacher & Bartlett LLP 14 12.9 66,295 14 31 4.8 8.1Fenwick & West LLP 15 2.9 14,659 7 64 0.4 2.4 Herbert Smith Freehills LLP 14 2.9 14,967 14 40 0.9 2.0Latham & Watkins LLP 16 2.3 12,041 17 7 5.4 -3.1 Clifford Chance LLP 14 1.4 7,217 14 17 1.2 0.3Sullivan & Cromwell LLP 17 2.3 11,912 9 16 3.1 -0.8 Jia Yuan Law Firm 17 3.2 16,308 13 51 1.8 1.4Jones Day 18 2.3 11,666 12 80 0.3 2.0 Baker & McKenzie LLP 17 0.3 1,396 13 15 0.6 -0.4Hannes Snellman Advokatbyra Ab/FI 19 2.3 11,584 4 - - 2.3 Jones Day 19 2.3 11,666 12 26 0.3 2.0Covington & Burling LLP 20 2.2 11,250 2 - - 2.2 White & Case LLP 20 12.8 65,793 11 15 1.3 11.5TOTAL 514,856 2,799 TOTAL 514,856 2,799 382,853

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 (%)

382,853

100,885 100,885

17

Hong Kong Announced Deals (By Volume) 01/01/2016 - 09/30/2016 Hong Kong Announced Deals (By Deal Count) 01/01/2016 - 09/30/2016

Allen & Overy LLP 1 9.7 8,449 5 7 11.8 -2.1 Baker & McKenzie LLP 1 1.7 1,469 12 1 1.8 -0.1Latham & Watkins LLP 2 9.4 8,234 7 14 8.5 0.9 Fangda Partners 2 2.6 2,265 9 39 9.9 -7.3Morrison & Foerster LLP 3 5.7 5,018 3 55 0.1 5.6 Kim & Chang 3 0.8 725 8 39 0.3 0.5Wachtell Lipton Rosen & Katz 4 5.0 4,404 3 - - 5.0 Latham & Watkins LLP 4 9.4 8,234 7 14 8.5 0.9Fenwick & West LLP 5 5.0 4,400 1 - - 5.0 Norton Rose Fulbright LLP 4 2.7 2,396 7 8 0.4 2.3King & Wood Mallesons 6 5.0 4,374 5 11 8.9 -3.9 Paul Hastings LLP 6 2.5 2,211 6 20 0.4 2.1Wilson Sonsini Goodrich & Rosati PC 7 4.6 4,007 3 8 10.1 -5.6 Linklaters LLP 6 2.3 2,008 6 2 33.2 -30.9Cleary Gottlieb Steen & Hamilton LLP 8 4.6 3,991 2 39 0.4 4.1 Bae Kim & Lee 6 1.8 1,558 6 63 0.0 1.8Weil Gotshal & Manges LLP 9 4.5 3,917 4 21 2.6 1.9 Kirkland & Ellis LLP 6 1.0 831 6 8 8.6 -7.7O'Melveny & Myers LLP 10 4.4 3,835 2 22 2.5 1.9 Allen & Overy LLP 10 9.7 8,449 5 3 11.8 -2.1Skadden Arps Slate Meagher & Flom LLP 11 4.1 3,594 4 2 42.1 -38.0 King & Wood Mallesons 10 5.0 4,374 5 11 8.9 -3.9Allens 12 4.1 3,550 1 5 32.0 -27.9 Shearman & Sterling LLP 10 1.8 1,602 5 14 0.6 1.3AZB & Partners 12 4.1 3,550 1 31 0.7 3.4 Sidley Austin LLP 10 1.6 1,396 5 63 0.4 1.2Simpson Thacher & Bartlett LLP 14 2.9 2,495 3 15 8.3 -5.5 Weil Gotshal & Manges LLP 14 4.5 3,917 4 14 2.6 1.9Blake Cassels & Graydon LLP 15 2.8 2,408 3 36 0.5 2.3 Skadden Arps Slate Meagher & Flom LLP 14 4.1 3,594 4 11 42.1 -38.0Norton Rose Fulbright LLP 16 2.7 2,396 7 43 0.4 2.3 Shin & Kim 14 2.1 1,844 4 63 0.0 2.1Fangda Partners 17 2.6 2,265 9 10 9.9 -7.3 Davis Polk & Wardwell LLP 14 1.9 1,692 4 30 0.4 1.5Paul Hastings LLP 18 2.5 2,211 6 46 0.4 2.1 White & Case LLP 14 1.2 1,084 4 30 0.1 1.2Paul Weiss Rifkind Wharton & Garrison LLP 19 2.3 2,035 2 28 1.4 0.9 Jones Day 14 1.2 1,039 4 14 0.5 0.7Linklaters LLP 20 2.3 2,008 6 3 33.2 -30.9 Herbert Smith Freehills LLP 14 0.9 809 4 63 - 0.9TOTAL 87,487 1,100 TOTAL 87,487 1,100

Taiwan Announced Deals (By Volume) 01/01/2016 - 09/30/2016 Taiwan Announced Deals (By Deal Count) 01/01/2016 - 09/30/2016

Baker & McKenzie LLP 1 37.1 8,415 2 1 24.8 12.3 Lee & Li 1 15.5 3,509 10 1 20.6 -5.1Nishimura & Asahi 1 37.1 8,415 4 18 1.8 35.3 Chen & Lin 2 1.3 300 5 5 1.6 -0.3Jones Day 3 27.0 6,117 3 8 10.1 16.9 Nishimura & Asahi 3 37.1 8,415 4 8 1.8 35.3Davis Polk & Wardwell LLP 4 17.7 4,009 4 2 21.5 -3.8 Davis Polk & Wardwell LLP 3 17.7 4,009 4 10 21.5 -3.8Lee & Li 5 15.5 3,509 10 3 20.6 -5.1 Lexcel Partners Attorney-at-Law 3 0.9 213 4 5 16.0 -15.1Shearman & Sterling LLP 6 14.8 3,363 1 20 1.7 13.2 Jones Day 6 27.0 6,117 3 5 10.1 16.9Simpson Thacher & Bartlett LLP 6 14.8 3,363 1 10 6.7 8.1 LCS & Partners 6 3.1 696 3 4 14.8 -11.7De Brauw Blackstone Westbroek NV 8 12.2 2,754 1 - - 12.2 Baker & McKenzie LLP 8 37.1 8,415 2 2 24.8 12.3Allen & Gledhill LLP 8 12.2 2,754 1 14 2.6 9.6 White & Case LLP 8 3.1 699 2 - - 3.1White & Case LLP 10 3.1 699 2 - - 3.1 Sidley Austin LLP 8 1.6 371 2 - - 1.6LCS & Partners 11 3.1 696 3 6 14.8 -11.7 PriceWaterhouseCoopers Legal 8 0.4 83 2 2 6.7 -6.4WongPartnership LLP 12 2.8 642 1 - - 2.8 Mori Hamada & Matsumoto 8 0.0 8 2 - - 0.0Rajah & Tann 12 2.8 642 1 31 0.1 2.7 Shearman & Sterling LLP 13 14.8 3,363 1 15 1.7 13.2Bryan Cave LLP 12 2.8 642 1 - - 2.8 Simpson Thacher & Bartlett LLP 13 14.8 3,363 1 15 6.7 8.1Tian Yuan Law Firm 15 2.6 598 1 - - 2.6 De Brauw Blackstone Westbroek NV 13 12.2 2,754 1 - - 12.2Sidley Austin LLP 16 1.6 371 2 - - 1.6 Allen & Gledhill LLP 13 12.2 2,754 1 15 2.6 9.6Wachtell Lipton Rosen & Katz 17 1.5 340 1 - - 1.5 WongPartnership LLP 13 2.8 642 1 - - 2.8Chen & Lin 18 1.3 300 5 21 1.6 -0.3 Rajah & Tann 13 2.8 642 1 15 0.1 2.7Conyers Dill & Pearman Ltd 19 1.1 246 1 - - 1.1 Bryan Cave LLP 13 2.8 642 1 - - 2.8Cooley LLP 19 1.1 246 1 - - 1.1 Tian Yuan Law Firm 13 2.6 598 1 - - 2.6TOTAL 22,671 179 TOTAL 22,671 179

FIRM



MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%) RANK

MKT SHR (%)

VOLUME USD (Mln)

DEAL COUNT RANK

MKT SHR (%)

15,958 15,958

130,550 130,550

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 - 09/30/2016 South East Asia Announced Deals (By Deal Count) 01/01/2016 - 09/30/2016

Osler Hoskin & Harcourt LLP 1 10.9 12,978 5 - - 10.9 WongPartnership LLP 1 10.2 12,174 34 3 27.2 -17.0King & Wood Mallesons 2 10.8 12,838 6 50 0.9 9.9 Allen & Gledhill LLP 2 3.5 4,209 29 1 32.0 -28.5Herbert Smith Freehills LLP 3 10.6 12,600 13 29 4.7 5.9 Baker & McKenzie LLP 3 2.2 2,630 22 2 7.5 -5.3WongPartnership LLP 4 10.2 12,174 34 5 27.2 -17.0 Rajah & Tann 4 1.3 1,513 15 9 0.8 0.5Jones Day 5 8.9 10,552 9 58 0.6 8.3 Allen & Overy LLP 5 2.4 2,894 14 4 6.1 -3.7Gilbert + Tobin 6 8.8 10,493 3 - - 8.8 Herbert Smith Freehills LLP 6 10.6 12,600 13 25 4.7 5.9Stikeman Elliott LLP 7 8.3 9,873 2 106 - 8.3 White & Case LLP 7 2.9 3,459 12 15 3.9 -1.0Allens 8 7.9 9,423 2 54 0.7 7.3 AZB & Partners 7 1.2 1,418 12 5 1.4 -0.2Linklaters LLP 9 7.0 8,366 10 52 0.8 6.2 Hogan Lovells US LLP 9 1.2 1,415 11 19 4.8 -3.6Mattos Filho Veiga Filho Marrey Jr e Quiroga Advoga 10 4.4 5,200 1 - - 4.4 Linklaters LLP 10 7.0 8,366 10 15 0.8 6.2Pinheiro Neto Advogados 10 4.4 5,200 1 - - 4.4 Latham & Watkins LLP 10 2.3 2,725 10 9 29.2 -26.9Skadden Arps Slate Meagher & Flom LLP 12 4.0 4,715 3 1 33.0 -29.1 Mori Hamada & Matsumoto 10 0.7 851 10 8 8.0 -7.3Sidley Austin LLP 13 3.9 4,669 7 19 5.4 -1.5 Jones Day 13 8.9 10,552 9 9 0.6 8.3NautaDutilh NV 14 3.8 4,492 2 55 0.6 3.1 Simpson Thacher & Bartlett LLP 13 3.5 4,214 9 39 3.2 0.4Ashurst LLP 15 3.7 4,374 7 31 4.6 -0.9 Morgan Lewis & Bockius LLP 13 1.4 1,640 9 9 3.5 -2.1Simpson Thacher & Bartlett LLP 16 3.5 4,214 9 36 3.2 0.4 Khaitan & Co 13 0.9 1,082 9 9 0.8 0.1Allen & Gledhill LLP 17 3.5 4,209 29 2 32.0 -28.5 Nagashima Ohno & Tsunematsu 13 0.6 749 9 32 0.3 0.4White & Case LLP 18 2.9 3,459 12 32 3.9 -1.0 Sidley Austin LLP 18 3.9 4,669 7 53 5.4 -1.5Gibson Dunn & Crutcher LLP 19 2.9 3,400 3 63 0.4 2.4 Ashurst LLP 18 3.7 4,374 7 22 4.6 -0.9Fenwick & West LLP 20 2.8 3,300 1 18 5.6 -2.9 Clifford Chance LLP 18 0.6 699 7 7 1.5 -0.9TOTAL 119,056 1,718 TOTAL 119,056 1,718

India Announced Deals (By Volume) 01/01/2016 - 09/30/2016 India Announced Deals (By Deal Count) 01/01/2016 - 09/30/2016

Cyril Amarchand Mangaldas 1 36.7 18,650 26 7 4.3 32.3 AZB & Partners 1 27.8 14,138 80 1 16.3 11.5AZB & Partners 2 27.8 14,138 80 1 16.3 11.5 Khaitan & Co 2 21.3 10,821 62 2 8.7 12.6Khaitan & Co 3 21.3 10,821 62 3 8.7 12.6 J Sagar Associates 3 2.1 1,065 29 3 3.6 -1.5Shardul Amarchand Mangaldas & Co 4 9.0 4,601 27 2 9.0 0.0 Shardul Amarchand Mangaldas & Co 4 9.0 4,601 27 4 9.0 0.0S&R Associates 5 6.5 3,280 7 16 2.6 3.9 Trilegal 4 2.0 1,040 27 6 3.2 -1.1Majmudar & Co 6 6.2 3,152 4 83 - 6.2 Cyril Amarchand Mangaldas 6 36.7 18,650 26 5 4.3 32.3Davis Polk & Wardwell LLP 7 6.2 3,138 1 8 4.2 1.9 Krishnamurthy & Co 7 0.8 409 20 52 - 0.8Simpson Thacher & Bartlett LLP 8 4.8 2,440 2 37 0.5 4.3 HSA Advocates 8 0.5 275 16 14 0.2 0.3Freshfields Bruckhaus Deringer LLP 9 3.8 1,919 5 23 1.2 2.6 Veritas Legal 9 1.7 886 14 10 1.2 0.6Troutman Sanders LLP 10 2.5 1,261 1 - - 2.5 Economic Laws Practice 10 0.4 218 11 10 0.0 0.4Stibbe BV 11 2.3 1,179 1 83 - 2.3 S&R Associates 11 6.5 3,280 7 9 2.6 3.9De Brauw Blackstone Westbroek NV 11 2.3 1,179 1 83 - 2.3 White & Case LLP 11 1.9 960 7 17 4.4 -2.5Paul Weiss Rifkind Wharton & Garrison LLP 11 2.3 1,179 3 - - 2.3 Latham & Watkins LLP 11 1.4 698 7 21 5.5 -4.2Nishimura & Asahi 11 2.3 1,179 1 66 0.1 2.3 Shearman & Sterling LLP 11 0.7 331 7 21 0.5 0.2J Sagar Associates 15 2.1 1,065 29 13 3.6 -1.5 Luthra & Luthra Law Offices LLP 15 0.2 100 6 7 2.3 -2.1Trilegal 16 2.0 1,040 27 15 3.2 -1.1 Freshfields Bruckhaus Deringer LLP 16 3.8 1,919 5 21 1.2 2.6White & Case LLP 17 1.9 960 7 6 4.4 -2.5 Jones Day 16 0.2 81 5 52 0.1 0.1Veritas Legal 18 1.7 886 14 24 1.2 0.6 Clove Legal 16 0.0 9 5 52 0.1 0.0Kirkland & Ellis LLP 19 1.6 810 4 28 1.0 0.6 Majmudar & Co 19 6.2 3,152 4 21 - 6.2Allen & Gledhill LLP 20 1.5 777 2 49 0.2 1.3 Kirkland & Ellis LLP 19 1.6 810 4 17 1.0 0.6TOTAL 50,884 1,370 TOTAL 50,884 1,37055,254 55,254

131,460 131,460

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

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GLOBAL M&A MARKET REVIEW - Bloomberg Finance L.P. › professional › sites › 4 › Bloomberg-Gl… · 1/11/2016 Baxalta Inc: Shire PLC - $35,563.4. Top Adviser. 9/6/2016. Spectra